Full text of Commercial and Financial Chronicle : April 27, 1918, Vol. 106, No. 2757

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Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers* Convention Section
SA T U R D A Y , APRIL 27 1918

VOL. 106

© t o r a d e .
PUBLISHED WEEKLY.

1918.

For One Year ................................................................................................ $10 00
For Six Months............................................................................................... 6 00
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S u b s c r i p t io n i n c l u d e s f o l l o w i n g S u p p l e m e n t s —

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29
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00
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W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
Front. Fine nnd Dcpoyster Sts., New Y ork .
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Trcas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.

CLEARING HOUSE RETURNS.

The following table, made up by telegraph, A c., indicates that the total bank
cloarings of all the clearing houses of the United States for the week ending to-day
have been $6,073,348,197, against 56,307,062,063 last week and 56,491,324,318
the corresponding week last year.
Clearings—Returns 5y Telegraph.
Week ending April 27.

Per
Cent.

1918.

1917.

Kansas C ity.------------ ------------------------

52,678,021,773
415,971,892
310,039,554
251,126,696
119,487,682
164,625,220
♦86,000,000
101,800,968
47,509,696
48,966,529
50,857,207

$3,439,211,287
431,388,398
2.84,111,233
200,566,661
115,519,561
119.057,732
76,239,489
73,556,068
45,861,180
34,160,488
35,144,432

— 22.1
— 3.6
+ 0.1
+ 25.2
+ 3.4
+ 38.3
+ 12.8
+ 38.4
+ 3.6
+ 43.3
+ 44.7

Eleven cltie3, 5 days------------ ----------Other cities, 5 days............ - ............... .

54,274,407,217
803,462,287

54,854,816,529
625,437,922

— 11.7
+28.5

Total all cities, 5 days.................. - - -

55,077,869,504
995,478,693

$5,480,254,451
1.011,069,867

— 7.3
— 1.5

Total all cities for week................ .

56,073,348,197

56,491,324,318

* — 6.4

.................... - ............. .

♦Partly estimated.
Tho full details for the week covered by the above will be given next Saturday.
Wo cannot furnish them to-day, cloarings being made up by tho clearing houses
at noon on Saturday, and hence in tho above the last day of tho week lias to lie in
all cases estimated, as we go to press Friday night
Week ending April 20.
Clearings at—
1918.
Now York..........
Philadelphia----Pittsburgh..........
Baltimore_____
Buffalo................
Washington........
Albany............ .
Rochostor..........
Scranton.......... Syracuse _______
Reading_______
Wilmington........
Wilkes-Barre___
Wheeling............
York........ ...........
Tronton_______
Lancaster..........
B rio ................ _.
Binghamton___
Grconsburg........
Chester..............
Altoona..............
M ontclair_____
Total Middle.
Boston................
Providence........
Hartford .......... .
New Haven____
Springfield..........
Portland ............
W orcester______
Fall River_____
New B edford__
Lowell................
Holyoko..............
Bangor................
TotalNewEng.

1917.

Inc. or
Dec.

1916.

1915.

5
$
%
S
S
3,434,318,515 3,309,373,029
+ 1.9 2,673,135,585 2,107,454,071
308,828,806 367,390,350
+0.4 221,135,226 153,594,826
75,990,097
78,752,043 — 3.5
50,449,114
63,181,775
58,018,506
40,771,377 + 34.9
36,730,068
31,722,777
22,983,017
17,993,540 +27.7
15,107,241
11,465,811
10,573,584 + 33.1
14,075,036
8,608,062
7,648,394
5,750,484
5,587,243
+ 2.9
4,822,191
5,439,280
7,728,321
6,873,611 + 12.4
5,480,900
4,403,310
3,100,000
3,467,490 — 1.9
2,992,509
3,055,771
4,730,816
4,622,629
+ 2.3
3,327,764
2,931,540
3,036,783
2,660,301 + 14.1
2,092,769
1,713,948
3,326,562
3,206,626
+ 1.8
2,210,779
2,167,599
2,471,309
1,943,877 +27.2
1,851,884
1,709,871
3,518,496 + 13.6
3,997,920
2,703,545
2,062,115
1,210,340 +22.3
1,480,369
987,601
1,043,200
2,373,551 + 18.3
2,797,995
1,749,854
1,932,430
2,210,687 + 41.0
3,130,100
1,534,248
1,509,842
1,902,049 + 13.6
2,171,073
1,153,122
923,655
1,021,230 — 4.5
909,400
826,800
640,100
917,400 + 11.3
1,021,230
750,000
631,400
1,620,003 — 13.6
1,398,980
934,620
578,517
708,910 + 19.6
847,564
495,842
575,000
461,521
. 478,857
+ 3.7
351,620
398,430
+ 2.4 3,052,334,581 2,399,869,897
4,022,891,740 3,929,151,135
277,613,994
11,426,000
7,993,453
4,908,489
3,700,000
2,600,000
3,688,756
2,141,238
2,013,066
1,214,004
635,241
710,932
318,675,833

241,021,923 + 15.2
10,860,900
+ 5.2
8,651,453 — 7.6
5,000,000 — 1.8
3,954,481 — 6.4
2,455,000
+ 5.9
3,691,447 — 0.1
2,022,876
+ 5.9
1,680,114 + 19.8
1,176,432
+ 5.8
754,640 — 15.8
633,283 + 12.3
281,902,549 + 13.0

188,280,887

10,384,600

7,181,036
3,941,231
4,218,188
1,998,789
3,772,888
1,900,836
1,307,712
966,462
900,000
050,663
225,503,192

154,815,705
7,329,000
0,204,893
3,454,256
2,538,774
1,768,858
2,454,409
1,263,651
999,747
807,699
636,132
342,156
182,625,880

Note.—For Canadian clearings see "Commercial and Miscellaneous News."




NO. 2757
Week ending April 20.

Clearings at—

Terms of Subscription— Payable in Advance

Philadelphia

Electric Railway Section
State and City Section

1917.

Inc. or
Dec.

1916.

1915.

S
515.427,980
38,477,925
65,171,930
62,796,552
24,729,836
13,398,806
10,275,600
11,910,685
5,300,000
5,490,290
3,444,257
2,769,670
1,850,692
1,263,967
1,585,107
3,486,133
785,926
0,281,000
3,351,186
1,198,888
1,160,989
976,462
932,785
999,862
1,138,626
600,000
417,983
895,680
1,137,990
602,585
297,643
151,884

%
+ 3.3
+ 36.9
+ 15.6
+ 6.8
+ 17.7
+ 9.9
+ 8.6
— 1.1
+ 10
— 6.1
+ 24.9
+ 39.2
+ 23.1
+ 8.5
+ 27.1
— 8.6
+ 78.1

S
385,023,522
30,877,100
39,580,111
44,037,851
17,800,000
10,466,617
9,722,900
8,934,874
4,200,000
4.503,408
3,344,834
1,581,141
1,572,427
1,360,889
1,150,348
3,396,120
722,556

5
316,224,731
24,116,250
27,726,769
27,268,255
13,944,848
7,385,348
6,280,600
6,280,991
2.983,523
3,209,205
1,994,307
1,259,611
1,206,188
1,260,616
1,051,386
1,288,988
692,970

C a n to n ...'.____
Bloomington___
Quincy........ .......
Springfield, O . ..
Decatur.............
Mansfield..........
South Bend........
Danville_______
Jacksonville, 111.
L im a __________
Lansing..............
Owensboro____
Ann Arbor..........
Adrian............ .

s
532,281,683
52,675,302
75,317,204
67,076,373
29,108,468
14,723,000
11,160,300
11,778,908
5,400,000
5,155,448
4,302,280
3,855,487
2,177,540
1,370,461
2,015,116
3,188,068
1,400,000
5,064,000
3,200.000
1,559,660
1,408,809
1,056,320
1,087,825
1,240,519
1,273,307
720,000
537,081
993,522
988,009
850,000
310,161
80,000

— 4.5
+ 30.1
+ 21.5
+ 8.2
+ 16.6
+ 24.1
+ 11.9
+ 20.0
+28.5
+ 10.9
— 13.1
+ 41.2
+ 4.3
— 47.3

2,501,336
776,818
865,081
928,103
671,056
760,803
831,802
506,049
302,225
760,064
977,947
340,799
250,000
119,080

2,200,109
775,031
794,662
691,753
456,042
553,356
625,291
484,618
201,034
436,970
525,000
332,242
189,253
58,271

Chicago________
Cincinnati_____
Cleveland_____
Detroit-........... .
Milwaukee____
Indianapolis___
Columbus_____
Toledo . ..............
P eoria _________
Grand Rapids. _
D a y to n ..............
Evansville______
Springfield, III..
Fort Wayne___
Rockford_______
Youngstown___
Lexington..........

Tot. Mid. West

843,955.351

788,310,934

+ 7.1

583,261,862

454,542,218

San Francisco__
Los Angeles____
Seattle........ .......
Portland_______
Salt Lake C ity ..
Spokane________
Tacom a.......... ..
Oakland._______
Sacramento........
San Diego_____
Pasadena............
Stockton _______
Fresno_________
Yakim a________
San Jose..............
Reno . . . _____
Long Beach____
Total Pacific..

106,295,733
29,908,000
39,433,435
23,670,203
12,622,212
8,101,993
4,375,383
6,041,317
3,161,789
1,920,998
1,116,813
2,158,380
1,990,933
709,190
857,925
621,716
1,110,382
244,099,402

90,259,803 + 17.8
31,246,000 — 4.3
22,516,484 + 75.1
18,821,491 + 25.8
13,173,632 — 4.2
6,700,000 + 20.9
2,746,001 + 59.3
5,201,822 + 16.1
2,413,026 + 31.0
2,200,973 — 12.7
1,320,429 — 16.1
1,675,294 + 28.8
1,606,116 + 23.9
682,513
+ 3.9
771,319 + 11.1
551,090 + 12.8
742,847 + 49.5
202,628,840 + 20.5

63,591,137
26,747,436
15,115,391
12,196,721
9,611,140
4,453,373
2,479,365
4,452,705
2,072,GOO
2,425,321
1,600,068
1,262,140
1,156,588
406,347
667,395
400,000
736,689
149,434,476

48,611,054
20,140,131
11,193,062
11,095,223
6,875,502
3,438,407
1,917,930
3,219,134
1,753,623
1,770,320
834,447
1,063,095
947,520
393,992
554,272
290,000
498,112
114,595,824

Kansas City___
Minneapolis___
Omaha------------St. Paul............ .
Denver_________
St. Joseph..........
Dos Moines........
Sioux City..........
Duluth
W ichita..............
Lincoln .............
Davenport_____
Topeka ..............
Cedar Rapids.
Colorado Springs
Pueblo_________
Fargo...... ...........
Waterloo_______
H elena..............
Aberdeen............
Frem ont............
Hastings............
Billings________
Total oth.West

194,404,783
28,635,299
59,691,855
15,570,392
22,192,393
20,618,984
10,350,000
9,436,671
4 9.36,093
8,739,470
4,532,625
2,575,901
3.100,000
1,966,380
831,120
749,913
2,487,212
2,500,000
1,937,261
1,255,768
887,283
551,314
963,170
398,963,890

135,117,988
34,631,256
36,060,437
13,370,255
15,683,040
15,987,588
8,593,323
6,420,979
6,410,023
6,077,660
3,961,758
2,938,714
2,722,292
2,651,696
1,231,9.86
670,089
1,794,132
2,785,305
1,566,294
1,017,899
734,182
513,731
1,015,876
301,425,912

84,261,790
73,023,389
19,328,136
20,667,301
19,905,7991
17,049,866
13,465,017
10,381,793
11,747,600
8,736,807
8,715,129
6,440,198
6,587,205
5,228,546
3,967,569
2,881,636
4,055,722
4,.‘174,100
3,744,663
4,258,386
2,507,446
2,102,411
2,144,035
1,282,983
1,703,354
1,643,598
1,795,248
1,478,186
862,337
685,447
481,693
342,968
1,755,228
1,322,704
2,518,700
2,052,871
1,491,537
967,837
747,546
626,906
322,562
390,000
227,465
252,067
656,670
450,000
195,512,777 164,719,677

161,564,577 135,315,518
St. L o u is..........
New Orelans___
60,119,858
36,377,275
24,208,725
20,382,926
Louisville______
13,000,000
11,587,110
Houston_______
4,500,000
Galveston_____
3,249,085
41,616,935
26,328,360
Richmond_____
14,626,391
11,488,781
Fort Worth........
Atlanta________
45,252,148
26,276,410
11,510,969
11,102,308
Memphis_______
6,700,897
6,071,790
Savannah _____
11,044,171
10,059,455
Nashville______
6,257,432
Norfolk ..............
7,748,083
3,442,304
4,630,490
Birmingham___
5,156,649
3,979,899
Jacksonville___
5,799,246
3,436,573
Chattanooga___
3,079,742
K noxville_____
2,704,553
3,292,341
4,773,146
Little R ock------1,729,382
1,419,391
Mobile................
2,520,742
Augusta________
3,510,067
3,086,100
Charleston._____
2,488,968
10,469,874
6,555,728
Oklahoma..........
1,700,000
1,385,885
M acon............
Austin ................
2,247.795
2,500,423
291,787
230,440
Vicksburg ..........
2,150,343
1,592,789
Muskogco..........
7,984,173
9,937,845
T ulsa...... ...........
524,184
600,000
Jackson ________
17,420,627
12,160,965
D allas............ ..
Total Southern 478,475,847 360,715,808
Total all.......... 6,307,062,063 5,864,132,778
Outside N . Y . 2,872,743.548 2,949,759,749

+ 43.9
— 17.3
+ 65.5
+ 16.4
+ 41.5
+29.0
+ 20.4
+ 47.0
— 22.3
+ 43.8
+ 14.4
+ 7.4
+ 13.9
— 25.8
— 32.5
+ 11.9
+ 38.6
— 10.2
+23.7
+ 23.4
+ 20.9
+ 7.3
— 5.2
+ 32.4

+ 19.4
80,048,948
96,551,088
+ 65.3
18,025,796
17,444,703
+ 18.7
18,828,319
10,185,967
+ 12.2
9,257,577
7,186,011
3,368,543
3,401,712
+ 38.5
+ 58.1
15,249,389
9,883,600
+ 27.3
7,804,432
6,585,247
17,283,252
12,514,547
+ 72.2
6,507,672
6,409,060
+ 3.7
+ 10.4
4,385,832
4,301,767
7,048,685
5,723,677
+ 9.8
+23.8
4,126,854
4,890,880
2,621,121
+ 34.5
2,183,525
+ 29.6
3,643,708
2,790,147
2,476,533
+ 68.8
2,996,956
+ 13.9
2,291,975
1,568,146
1,950,176
+45.0
2,384,287
1,033,183
1,028,147
+ 21.8
2,200,075
+ 39.3
2,105,015
2,629,179
+ 24.0
2,049,451
3,614,336
2,203,033
+ 59.7
3,205.875
2,584,592
+ 22.7
— 10.1
2,100,000
1,556,292
234,114
208,894
+ 26.6
+ 35.0
1,163,432
575,410
1,463,881
+ 24.5
3,768.830
+ 14.5
550,029
405,519
+ 43.3
6,850,611
+ 32.6 250,428,896 193,081,134
+ 7.6 4,450,475,784 3,509,434,624
+ 15.2 1,783,340,199 1,401,979,953

1714

THE CHRONICLE

THE FINANCIAL SITUATION.
Railroad security holders should not close their
eyes to what is going on in the management of their
properties under Government control. One of the
reasons assigned for the taking over by the Govern­
ment of the entire railroad system of the country
was that with the Government operating the roads
they could be run free from considerations such as
necessarily influence the managements of the several
hundred separate properties, each seeking to do
the best for its own particular road or company and
each seeking alone the advantage of such road or
company. Thus, in the interest of the public and
for the efficient prosecution of the war it might be
desirable to deflect traffic from one system to
another or to concentrate special classes of traffic
on some one or two systems. Obviously, with roads
remaining under private control, no individual man­
agement could be depended upon to carry out such
a policy for fear that in the general adjustment
their own property might in some way be the loser.
On the other hand, with the whole body of roads
under a single control, and that control the Govern­
ment itself, the latter could carry out any policy
deemed best, irrespective entirely of the question
whether this system or that suffered, or the reverse,
since with the whole going into a single coffer and
the Government paying a fixed rental, the gains and
losses as between the different lines would necessarily
equalize each other.
Another reason assigned in favor of Government
control, with much confidence, was that concen­
trated control would permit not alone more effi­
cient management but also more economical manage­
ment. This would be rendered possible by elimi­
nating the duplication of all functions, all operations
and all work. A single officer might perform the
work previously distributed among two or more
officers, a single train might answer all the pur­
poses of a previous half dozen, and so on through
all branches and departments of the service and
through all the various ramifications of the rail­
road system.
Of course it was obvious from the first that Gov­
ernment control meant that for the time being the
identity of the different properties would be lost—
that the separate units would be merged together
for the common purpose and the common end, and
that there would be concentrated management as
well as concentrated control. This process is now
going on with startling rapidity and is being carried
to what seems inordinate lengths. No one could
have supposed that the loss of individual responsi­
bility, as far as the separate properties are concerned,
could become so complete as it is now already seen
to be. The Director-General of Railroads, Mr. M cAdoo, is a man of uncommon executive ability and of
resolute will power. He has also certain predilec­
tions to which he is giving free play. And the
result is that the owners of the proper­
ties are confronted by the menace that at the
end of the period of Government control,
when they once more resume possession, they will be
without the necessary distinctive organizations for
their management. In other words, a disintegration
of the personnel of the internal management of the
different properties is in process which threatens to
leave them headless concerns by the time they are
returned to their owners.



[Vol. 106.

In the effort to secure economy of operations and
to save expense to the Government, innumerable
separate offices and agencies are being dispensed
with and those who have performed distinctive per­
sonal functions therewith dropped. This week the
newspapers have been filled with lengthy accounts of
the dismissal of certain classes of railroad men. For
instance, we are told that “ nearly a thousand railroad
traffic, passenger and freight agents in this city will
be thrown out of employment on M ay 1 by the
operation of Director-General M cA doo’s order abol­
ishing 'off the line’ offices all over the United
States. Two hundred offices, branches of railroads
which have no rails into New York City, will close
on that day, and experts who have learned the
business for thirty years, together with their assist­
ants, will have to look elsewhere for employ­
ment.”
On the 9th inst. Mr. M cAdoo also issued in­
structions for the consolidation of all city offices
of railroads and one of the requirements of these
instructions was the discontinuance of “ all off­
line traffic offices.” This means that railroads
remote from New York City, like the Union Pacific
or the Southern Pacific or the Chicago & North
West, can not maintain offices here and expect
to have the cost of the same charged to the Gov­
ernment.
If this particular case stood alone it might not
matter greatly. But this is only part of a general
plan which the Director-General evidently means
to pursue in all directions. Numerous orders is­
sued by him give evidence of his purpose in that
regard. It is his plainly declared intention to dis­
pense with all the higher officials except those who are
directly connected with the operation of the roads.
By general order No. 9, bearing date Feb. 23 1918,
the Director-General required the filing with the
regional director of monthly reports of salaries paid
to all officials receiving from S3,000 to $10,000 a year
and duplicate reports regarding salaries of $10,000
or more, one of the duplicates to go to the DirectorGeneral. In explanation, it was said to be the Di­
rector-General’s purpose gradually to eliminate many
high-salaried positions and to avoid filling vacancies
whenever a road could be operated without them.
A little later it was announced that much pur­
chasing of supplies for the railroads would be
made in common through special committees.
In a circular issued under date of March 18, Mr.
M cAdoo notified the railroads that after April 1
the expenses of maintaining certain New York
offices would not be permitted as a charge against
operating income. In this circular he said the
question had been raised whether the Govern­
ment ought to pay any part of the expense of the
New York offices (including salaries of officers at
New York) of railroad companies, except to the
extent that such expenses are on account of oper­
ating offices properly located at New York; and,
on the same principle, as to whether the Govern­
ment is under any obligation to pay the expenses
of offices of any of the companies in any locality
devoted to financial and corporate matters as dis­
tinguished from matters pertaining to the physical
operation of the railroad properties. The roads
were notified that each carrier claiming that any
such expense should be chargeable against the
Government must present a statement showing the
amount of this expense, [and what amount, if any,

A pr. 27 1918.]

THE CHRONICLE

it was claimed should fairly be charged to the Gov
ernment, and the reasons why the carrier believed
such expense was so chargeable. In any event on
and after April 1 1918 the roads were told such ex­
pense must cease to be charged against operating in­
come except in so far as the same should be expressly
authorized after the facts had been passed upon.
But the most important announcement of all was
contained in an order issued under date of Mar. 30,
in which the Director-General expressed his con­
viction that no salaries or office and traveling ex­
penses of officers should be paid where the services
were not necessary to the operation of the roads.
In this circular he argued that in the past the rail­
road companies, in establishing and maintaining
their staffs of officers, had provided not only for the
actual necessities of operation, but in addition had
provided “ (a) for financial and corporate functions
beyond what is necessarily connected with operation
— for example, functions calling for chairmen of
boards of directors and of executive committees, &c.;
(6) for other activities in which the company may be
lawfully engaged but whose operation is not to be
conducted by the Government; (c) for operating
functions which were natural when railroads were
operated under the competitive system, but which
are unnecessary under existing conditions— for ex­
ample, traffic functions connected with the obtaining
of traffic rather than with the giving of adequate and
convenient information and assistance to the public;
( d ) for officers who have practically retired from
service and whose salaries have been continued be­
cause of their past services rather than because of
their need for current operation; (e) for counsel whose
services have not been needed for the conduct of
ordinary operating activities of the company, but
who, to a large extent, if not entirely, have devoted
themselves to matters of a corporate character; (for
example, many of whom are now devoting them­
selves to the problems in connection with the making
of the contracts with the Government for the use
of the railroads.)”
The circular went on to say that it would “ be
necessary for the Government to make a careful
study to determine the extent to which operating
expenses under Government control should be
relieved of charges for the salaries and office and
traveling expenses of officers not necessary to carry
on operating functions, and this circular is to give
notice that this subject is and will be under considera­
tion, and that in clear cases the Government may
charge hack against the company any amounts
charged into operating expenses on and after April
1 1918 for the salaries and office and traveling ex­
penses of officers who are not required to conduct
railroad operations.”
The situation, then, which confronts the railroads
and their security holders is this: they are to lose
their financial officers and all their higher officials
except those directly engaged in operating, with the
further likelihood that the latter will be replaced by
less capable men at smaller salaries. The financial
and higher executive officials are in a great
many instances those who have guided the destinies
of the roads in recent periods and are to be credited
with most of the success that has attended the man­
agement of the properties. This if it is allowed to
happen will be a grievous loss. M r. M cA doo’s edict
it will be seen is also directed against the legal de­
partments of the roads and their counsel. Beside




1715

this their traffic departments will be non-existent,
their passenger and freight agencies will be abolished
and their purchasing agencies disorganized if not
entirely disrupted. In a word, when after the termi­
nation of Government control the properties are
turned back to their owners the present personal
organization will be gone and the forces scattered.
This means that the properties will be headless and
rudderless concerns.
What is to be done in these circumstances to avoid
the threatened catastrophe, for a catastrophe it cer­
tainly will be ? In the circular last above referred
to, the Director-General indicates the course open
to the security owners. After stating that from
April 1 on he would not be responsible for the salar­
ies of general officers who are not required to con­
duct railroad operations he goes on to say: “ This
policy will not affect the positions of any officers
whom the company itself may desire to continue
to pay out of its own funds, but who are not neces­
sary to railroad operations.” In brief the sal­
aries of these higher officials can be paid out of the
rental received from the Government, and that
certainly should be done.
We do not mean to assert that the Government
will be justified in refusing to include the compensa­
tion of these officials in the ordinary expenses of
the road. On the contrary, as the rental which the'
Government binds itself to pay is based on past net
income, computed after the deduction of the salaries
of these very officials, there is no legal or moral war­
rant for changing the standard. But the railroads
are helpless as against the assertion of Government
power, especially in war times, and if the DirectorGeneral refuses to allow these outlays to be included
in the ordinary expenses in accordance with past
practice, then the boards of directors of the compan­
ies should see to it that in any event the services and
the experience and judgment of the men who will be
so necessary to the skillful management of the prop­
erties with the ending of Government control shall
not be lost to the companies. If it is not possible
to retain the services of freight and passenger agents
and traffic solicitors, at least care should be taken
’that the executive management and the personnel
of the organization is as nearly as possible kept in­
tact. The charge against the rental will be rela­
tively slight and the outlay will be in the nature of
insurance against future damage. Such damage will
be certain to ensue if the premium is not paid. No
picayune policy should be allowed to control at such
a time. The boards of directors should at once take
the necessary steps to that end and the security hold­
ers should not fail to urge them on if they evince the
slightest indication of hesitancy.
That the foreign trade of the United States has
failed thus far to exhibit the decrease in value
expected as a result of the various restrictions im­
posed by the Government on the movement of many
classes of goods, may be to some a cause of surprise.
But to those who have taken the trouble closely to
analyze the returns, the outcome is about as might
have been looked for, all surrounding conditions con­
sidered. There is no question whatever that the
quantitative outflow of goods in March, for instance,
was very much below that for the same period a year
ago. On the other hand, the aggregate value of the
shipments, as officially announced this week, shows
only a very moderate decrease. This situation i«

1716

THE CHRONICLE

explained, of course, by the decidedly higher prices
now ruling for many of the items going to make up
the total. A month ago, in reviewing the February
commerce totals, we pointed out some of the wide
variations in prices, between this year and last year
in the comparisons for that month and the list might
be duplicated and extended for March. Prices are
ruling upon an abnormally high basis. And it is a
question whether added restrictive measures to be
enforced later will not have a further stimulating
effect in that direction.
In the articles for which statements of outflow are
made in advance of the full detailed export returns,
there was a notable increase in value in March over
the period a year ago without any commensurate
augmentation in quantity. A striking instance of
this kind is cotton, the shipments of which were
some 12% less as regards quantity, but covered a
value over 57% greater. Breadstuffs, with a moder­
ate quantitative decrease, exhibit an enhancement in
value of nearly 50% , and the meat and dairy products
gain of 68 million dollars, or 158%, over 1917, finds
explanation in considerable measure in the higher
prices obtained. The mineral oil shipments this
year were practically identical in quantity with those
of a year ago, yet value increased about 72j^ % , and
from a falling off of close to 40% in the number of
pounds of cottonseed oil sent out the return is only
8% smaller. These few available instances will
suffice for illustration.
While our foreign exports for the elapsed portion
of the fiscal year 1917-18 have been of phenomenal
proportions, they nevertheless fall moderately below
the stupendous aggregate for the corresponding
period of 1916-17. The decline, however, is ex­
plained by contraction in the shipments to Europe,
and largely in the Russian figures. On the other
hand, very important gains are exhibited in our
export trade with a number of countries with which
great expansion of commercial relations has been
made possible by the war in Europe. We would
draw attention particularly to the fact that for the
eight months of 1917-18 (March details are not yet
available), the value of the shipments to Cuba at
145 million dollars was three times that of 1914-15,
with the situation for the West Indies as a whole
practically identical. The Mexican and Central
American figures, also, show very important in­
creases, while to South America our exports in the
four-year interval advanced from 52 millions to 222
millions, with the gains strikingly heavy in the out­
flow to Argentina, Brazil and Chile. The Japanese
total, moreover, rose from 27 millions to 181 millions,
and striking gains are indicated in the China, East
India and Oceania aggregates. In the cases cited, as
in others, higher prices have been an important
factor in the development.
The merchandise exports in March 1918 were
$531,043,251, this contrasting with $553,985,689
last year and $410,742,034 in 1916. For the nine
months of the fiscal year 1917-18 the aggregate at
$4,393,526,905 compares with $4,636,979,245 (the
high record for the period), and $2,995,424,760 in
1915-16. The imports of commodities for March
covered a value of $242,197,859, against $270,257,139
in 1917 and $213,589,785 two years ago, while for
the nine months the inflow of merchandise at $2,­
083,513,947 establishes a new high record, and com­
pares with $1,818,069,116 in 1916-17 and $1,504,­
662,718 in 1915-16. The net result of our foreign




[Vol. 106.

trade for March is an export balance of $288,845,394,
against $283,728,560 in 1917 and $197,152,249 in
1916. For the nine months ended March 31 the
excess of exports reaches $2,310,012,958, comparing
with $2,818,910,129 in 1916-17 and $1,490,762,042 in
1915-16.
The gold movement of the month was light in
either direction, the exports at $2,809,359 exceeding
the imports by $896,997, and increasing to $97,833,­
873 the net outflow for the nine months ended
March 31 1918. This compares with an import
balance of $651,108,102 for the period in 1916-17,
of $279,314,902 in 1915-16 and net exports of $69,­
423,224 in 1914-15.
Canada’s foreign trade established new high
records in both imports and exports in the fiscal year
ended March 31 1918, the returns for which have
just been made public. In all the commodity out­
flow reached $1,586,169,792, against $1,151,375,768
in 1916-17 and $741,610,638 in 1915-16, and the im­
ports totaled $962,521,827, against $845,330,303 and
$507,783,361. The export balance for the latest
fiscal year is, consequently, no less than $624,647,945,
against $306,044,865 in 1916-17 and $233,827,277 in
1915-16. The result for 1914-15 was a net excess of
imports of $96,555,484.
Without presenting specific explanation of its
reasons, the British Admiralty on Wednesday an­
nounced the cessation of its weekly return of shipping
losses and the substitution of a monthly report to be
published on the Thursday following the 21st of each
month. This monthly statement will give the gross
tonnage lost and the tonnage sailings to and from
ports in the United Kingdom. The Admiralty this
week furnished the losses of tonnage for the quarter
ended March 1918 as 687,576 gross tons British,
comparing with 911,840 for the corresponding quarter
of 1917, while the total Allied and neutral losses
(including British) were 1,123,510 tons, against
1,619,373 tons. These figures make it evident that
though there has obviously been improvement in
the submarine situation, the losses are still consider­
able. For the quarter ending December the total of
British tonnage destroyed was 782,880 and of all
Allied and neutral 1,272,843 tons; for the three
months ending September the corresponding figures
were 952,938 tons and 1,494,473 tons, and for the
June quarter 1,361,370 tons and 2,236,934 tons.
Another exploit which will add to the many
brilliant achievements in the history of the British
Navy was officially reported by the British Admiralty
on Tuesday. Early on the morning of that day a
naval raid was made on Ostend and Zeebrugge, the
two most important enemy submarine bases. In all,
five old British cruisers which had been filled with
concrete for use in blocking the channels were run
aground, blown up and abandoned by their crews.
Another old cruiser, the Vindictive, working with
two ferry-boats, carried a storming and demolition
party to storm the head of the mole which runs out
from Zeebrugge, the object being to divert attention
from the harbor-blocking operations. The men em­
ployed on the block ships and in the storming and
demolition parties on the Vindictive were bluejackets
and marines picked from a large number of volun­
teers from the Grand Fleet and naval and marine
depots. There was great competition for the under­

Apr . 27 1918.]

THE CHRONICLE

taking and only a small percentage of those who
volunteered could be used. A force of monitors,
together with a large number of very small motor
boats, took part in the operation which was particu­
larly intricate and involved delicate navigation on a
hostile coast without lights and largely under un­
known navigational conditions developed since the
war, with the added danger of mine fields. The
officer who developed the operation was killed. How
really effective has been the result of the British
enterprise is not known. The enemy not unnatur­
ally minimizes it, but observation by airship indicates
that there is a clear break of twenty yards in width
in the Zeebrugge mole at the inner end, and that a
sunken object blocks the greater part of the channel
in the harbor of Ostend. It is, of course, an exceed­
ingly difficult undertaking, especially in the face of
such a concentrated fire as had to be encountered,
to sink ships in any particular point. The Berlin
account of the raid ingeniously takes credit for the
fact that in addition to five British cruisers sunk in
the coast, three destroyers and a number of motor
boats were sunk by the fire of the coast batteries.
Whatever the degree of success of the expedition, it
will be conceded to have been a brilliant one both in
conception and in the exhibition of calm courage with
which it was carried out. The Associated Press says it
learns from a high naval source that the operations
at Zeebrugge were a complete success, with the result
that the Flanders flotilla will now be obliged to resort
to the Ostend route in putting to sea, from which the
British forces can more easily handle the German
ships. The Ostend channel opens like the neck of a
bottle directly upon the North Sea. This channel,
which leads from three large basins and several
smaller ones, is about 2,300 feet long and 250 feet
wide at its narrowest point, expanding to a mouth
490 feet wide. The waterway is kept free from the
shifting sand of the shore by two projecting moles
flanking it east and west, while the town to the west
is protected by a sea wall at the foot of which are the
bathing establishments. If the cruisers sunk were
like those submerged at Zeebrugge, say, 300 feet in
length, and were driven near enough even without
entering the neck of the bottle, they will, it is be­
lieved, constitute a formidable barrier around which
the sand will quickly collect at this season of the year,
both from the coast east and west and from the
natural discharge of the channel carrying the waste
from a dozen towns on its way from Bruges, 13 miles
to the southwest. More or less similar conditions
as concern the danger of sand accumulations exist
at Zeebrugge.
Germany is bringing extreme pressure to bear
upon Holland. It is beginning to appear as though
the latter must decide in the very near future whether
it will join as an active participant on the side of the
Allies or of the enemy. The Dutch newspaper “ Het
Volk” announces that the German Minister to the
Netherlands has left The Hague for Berlin and that
the Dutch Minister to Germany is on his way from
Berlin to The Hague. Authentic details of the Ger­
man demands are not available. Official Washing­
ton seems to regard the present main point of differ­
ence as that of the Dutch observing real neutrality,
the question arising from the insistence of Germany
that Holland shall permit the transit through Dutch
territory of sand and gravel to be used for German
military purposes in Belgium. Holland has ex­




1717

pressed willingness to permit these articles for use for
roadmaking and other non-military purposes in Bel­
gium to pass through Dutch territory, but is credited
with having resisted the efforts on Germany’s part
to obtain assurances that these and other materials
might be used for war purposes. Another point of
difference is understood to be the negotiations be­
tween Holland and the United States regarding our
use of Dutch ships. German cavalry has been
moved to the Dutch line. Speaking on Thursday
in the First Chamber of the Netherlands Parlia­
ment the Dutch Foreign Minister, Jonkheer J. Lou­
don, said that he could not and must not conceal
from the Chamber that the question was a very
serious one. He added that he could not say more
about it. Reports received by cable last evening
indicate a disposition on the part of Berlin to restore
friendly relations with Holland, now that the
Dutch have so clearly demonstrated their determina­
tion not to be bullied. As to the reationing of
Holland a suggestion has been made by our State
Department that it will permit the sailing of
three grain-laden Dutch ships now in our ports
to Holland on condition that three similar vessels
leave Dutch ports for the United States. There
has been much criticism in the Dutch press as
to the genuineness of this offer, charges having
been made that it is a “ Yankee trick” having
for its object the requirements of additional vessels
and that the grain Avould not be forwarded. As a
result of these criticisms, and on the ground that they
represent Dutch sentiment, our State Department
has intimated a probability that the offer may be
withdrawn.
Having taken advantage of the lull in the battle in
France and Flanders to bring up their heavy guns,
the Germans have started on a new drive with the
main object of capturing Amiens. The drive is “a
double one. It began in the Somme and Armentiers
sectors on Wednesday morning. As was to be
expected, the enemy made initial gains and the tide
of battle has fluctuated, first one side and then the
other making gains. Last night’s dispatches indicate
that one of the most terrific and savage encounters
of the war is in progress. The British, having been
forced out of Villers-Bretonneux, at once launched a
violent counter attack and swept the Germans back
almost to the lines they held before the present fight­
ing began. The French were driven out of Hangarden-Santerre. Subsequently, they recaptured the
town and again lost it, but are said to be holding
their positions close by. The Germans have ob­
tained a footing on Mount Kemmel and are reported
to have entirely surrounded French troops located
there, who still are fighting. After eight hours of
fighting on Thursday the Germans storm troops
finally wedged their way between the British and
French flanks on this front and crossed the KemmelYpres road, where the terrific Allied fire held them
up for two hours. Then they turned southward
down the valley to the west of Mount Kemmel, sur­
rounding the French, who,as already noted, still are
fighting on the height. The French also hold Kem­
mel village. Yesterday’s French War Office com­
munique reports violent artillery engagements south
of the Somme and successful French raids at many
points from Picardy to the Swiss frontier, especially
in the regions east of Lassigny between the Miette
and Aisne in the neighborhood of Bezonvaux and

1718

THE CHRONICLE

Eparges and in Lorraine and the Vosges. The
German plans still are believed to aim eventually
at a separation of the Franco-British forces. Wounded
Americans are arriving at hospitals behind the
French lines in the Somme sector, which shows that
General Pershing’s men are bearing their share of
the burden of the great battle. It is reported un­
officially that from four to six German divisions or
between 48,000 and 72,000 men have been held at
the British and French lines near Ypres.
In introducing in the House of Commons on Thurs­
day the estimates for the Ministry of Munitions,
Winston Spencer Churchill claimed that in the five
weeks since the battle in France had opened they
had been passing through the greatest strain regard­
ing supplies of war material that had been known
in the experience of the Ministry. N ot only had
the consumption of munitions of all kinds been
proceeding at the greatest rate but there were also
heavy losses by capture by the enemy. “ We lost,”
the Minister said, “ nearly a thousand guns by shell­
fire or capture; between 4,000 and 5,000 machine
guns have been lost or destroyed, and the quantity
of ammunition, apart from that which has been fired
and that which has been lost in the dumps, amounted
to something between one and three weeks’ total
of manufacture. Other war materials have been
used or lost in a great variety of classes and on a
similar scale, but by the end of last week all the
losses had been made good, and in many cases more
than made good. Vast quantities of small arm
ammunition have been lost or left behind, but,
great as the demand has been, the expenditure
in the last month did not exceed the maximum poten­
tial capacity of the British factories, without touch­
ing enormous reserves which had accumulated
against such a contingency. The wastage of rifles
was very great, but the losses were quite easily and
promptly made good.” M r. Churchill said that
barring unforeseen circumstances the supply of
munitions will “ enable us to carry on a battle at
the supreme pitch of intensity until winter without
compromising our requirements for 1919. This is
despite the fact that 100,000 men were taken from
munition factories for service in the army.” The
speaker added that more airplanes were being made
in a single week than in the whole of 1914; in a single
month more than in the whole of 1915; in three
months more than the whole of 1916 and “ we are
going to make this year several times what we made
last year.
Advices cabled from Moscow declare that the
feeling against the Bolsheviki among the bourgeois
classes in Russia is gradually dying out. The
opposing elements realizing the futility of their
attitude are giving way in one instance after another.
The Academy of Sciences has offered its services to
the Government to investigate the country’s natural
resources and the Council of National Commis­
sioners has accepted the offer and will finance the
work. It will be the special task of the Academy
to stimulate industries in such a way as to
enable the country to utilize its economic power.
The Russian Foreign Minister has made a formal
protest to Germany against the action of German
and Ukrainian troops in crossing into the Crimea,
contending that this is in violation of the peace treaty.
‘This invasion is threatening our Black Sea fleet,”




[Von. 106.

the Minister adds, “ and may lead to encounters
dictated in the interest of the preservation of our
fleet.”
The British budget proposals presented in the
House of Commons on Monday seem to have been,
if anything, below expectations as to the new
burdens to be imposed in the form of taxation. The
fiscal year’s expenditures were officially estimated
at £2,972,000,000, of which no less than £842,050,000
is to be raised by taxation. Of this taxation the old
schedules will provide £774,250,000, while the new
figure out something over £67,000,000. The income
tax maximum was raised to 6s. from 5s. in the pound.
A larger increase appears to have been expected. No
increase was made in the excess profits tax of 80% ,
on the ground that this figure already has a tendency
to curtail enterprise. Introducing the measure,
Bonar Law admitted that it was the largest in the
history of the world. His expectation as to the
assistance given to the Allies by the United States
had, he said, been fulfilled. But despite this assist­
ance, British loans to the Allies in the past year had
amounted to £505,000,000. Meanwhile the United
States had advanced to all the Allies £950,000,000.
“ It is only necessary for us,” said the Chancellor,
“ to lean on the United States to the amount the
other Allies lean on us. In other words, we are self­
supporting.” The Chancellor explained that he had
made certain suggestions to Secretary M cAdoo re­
garding advances to the Allies. These, if adopted,
would lessen the British burden considerably with­
out in any way increasing the total obligation to the
United States. Quoting figures of the revenue for
the last fiscal year (amounting to £707,234,565, which
was a large increase over the year preceding), the
Chancellor conceded that this was very gratifying,
but argued that the real test of the financial position
would come when Great Britain ceased to rely upon
borrowing.
The additional taxation proposed by the new
budget would in the full year be equivalent to 66%
of the ante-bellum revenue from taxation. The
financial strength of the country after three years of
war was, the speaker said, greater than any one
could have imagined, and was amazing testimony to
the financial stability of the nation.
Bonar Law announced further that the issue of tax
free war bonds would cease immediately. It was,
he said, proposed to substitute similar bonds to be
issued at 1 0 1 ) / 2 instead of at par which would give a
slightly lower yield on the basis of a 6% income tax.
The national debt of Great Britain at the end of the
present year would be £7,980,000,000; the total
debt due Great Britain from her allies at the end of
the year would be £1,632,000,000. “ National ac­
counts must be kept in the same way as business
accounts,” added the Chancellor; “ and for the time
being we must make allowance not only for what
is happening in Russia but for the possibility that
at the end of the war we might not be able to rely
upon receiving immediately the interest justly due
us by our allies.” He therefore proposed to take
off half the debt of the allies, as though it were
Great Britain’s own liability at the end of the
next year and likewise the debts due from the
Dominions in full and the obligations of India in
full, making a total of £1,124,060,000. We quote
the speech at length on a subsequent page.

Apr . 27 1918.]

THE CHRONICLE

The reassuring character of the budget has been
one of the sustaining influences in the week’s British
market for securities. The London correspondent
of the “ Journal of Commerce” wires that the only
serious criticism of the proposals is the second stamp
on checks which doubles the tax and will, it is
thought, increase requirements for currency notes
and coin. The Chancellor’s estimates of the yield
do not include the tax on luxuries, the details of which
are to be elaborated by a special committee and will
represent a sort of reserve for contingencies of
Government. The increase in the income tax is
encouraging investors to seek higher yield securities,
such as South American Government bonds. It is
reported that the British Government has ratified
the agreement to buy all of Australia’s surplus zinc
concentrates for ten years after the end of the war.
One effect of the issue price of the 4 % national war
bonds being raised to 101^2 was a spurt in the tax
free 4% war loan (the older issue) to 101%.
The English banks report sales of war bonds for
the week ending April 20 at £16,420,000, which
compares with £17,275,000 for the preceding week.
The aggregate sales to April 20 are given at £655,­
834,000. The post offices record for the week ended
April 13 sales of bonds amounting to £965,000,
bringing their total up to £26,249,000. Sales of
war certificates during the same period totaled
£4,777,000, making the aggregate indebtedness
under this heading £183,143,000.
British revenue returns for the week ending
April 20 were slightly higher, although the week’s
expenses also were increased. There was an expan­
sion in the sales of Treasury bills, and for the first
time in some weeks they exceeded the amount re­
paid. A decline in the Treasury balance was re­
corded, contrasting with an increase of an almost
similar amount last week. It now stands at £16,­
335,000. A week ago the total was £17,676,000.
Expenditures were £67,149,000 (against £27,443,000
for the week ended April 13), while the total outflow
including repayments of Treasury bills and other
items, was £143,649,000, against £100,548,000 last
week. Treasury bills repaid were £72,130,000, com­
paring with £70,720,000 the preceding week. Re­
ceipts from all sources were £142,308,000, in com­
parison with £101,994,000 last week. Of these re­
ceipts, revenues contributed £11,350,000, against
£10,827,000 the week previous. Issues of Treasury
bills equaled £73,658,000; last week’s total was
£68,193,000; war savings certificates totaled £3,­
000,000, compared with £1,700,000, and other debts
incurred £24,236,000, against £70,000 a week ago.
Advances reached £18,000,000, which compares with
£4,500,000 last week. Treasury bills outstanding
now aggregate £948,272,000. This compares with
£946,747,000 in the week preceding.

1719

As a matter of additioanl revenue, France is now
proposing a Government coffee monopoly.
A bill
was presented to the Chamber of Deputies last week
creating a monopoly of the importation of foreign
and colonial coffee dating from July 1 of the present
year. The monopoly will be managed by a service
under the direction of the Ministry of Finance, and
the administration of the monopoly, will, it is planned,
take over the stock held by the importing merchants
who have made the declaration as to stocks and con­
tracts, provided by a decree of two years ago. We
do not understand that this coffee monopoly bill has
yet been finally enacted.
The lengths to wdiich unbridled Socialism can
run is being demonstrated by the condition into
which Russia is rapidly drifting. This unfortunate
country, from the financial standpoint, is facing a
deficit of 3,670,000,000 rubles, according to M .
Gukovsky, the new Minister of Finance, in reporting
to the Central Executive Committee of the Soldiers’
and Workmen’s delegates on Monday of last week,
on the financial conditions of the country. The Rus­
sian railroads, the Minister continued, were carrying
70% less freight while the operation per verst cost
120,000 rubles against 11,600 formerly. The wages
of employees had been increased several hundred
per cent, and the hours reduced, necessitating three
and even four shifts. N o taxes were being collected by the central Government, as local and provincial
district Soviets were levying contributions at will
and using the money for their own purposes. The
new Minister pictured industrial conditions in the
darkest colors. He urged a better administration
scheme, greater co-operation and the reduction of
expenses by decreasing the number of clerks and
officials. He insisted upon the necessity of securing
the co-operation of industrial, financial and other
specialists without whom the efficient organization
of State machinery was impossible.
The chaos which exists in Russian banking circles
is suggested quite clearly, too, by the Amsterdam
correspondent of the “ Evening Post.” Ever since
the executive power in Russia passed into the hands
of the Bolsheviki, the correspondent says, hardly
a day has gone by which has not brought new reports
about drastic measures taken or planned by the
“ Government,” testifying a total neglect of all
experience the world has gathered in the course of
centuries in the sphere of economics and finance.
Besides the annulling of all Government loans, the
plans of seizure of the private banks have drawn the
general attention of the European financial world.
Serious doubt necessarily has arisen as to the pos­
sibility of executing such measures. The British
view of the Russian situation is illustrated by a
remark of Bonar Law in his early-week budget speech.
With reference to the Russian debt, the Chancellor
said he did not believe it should be regarded as a
bad debt because sooner or later, he believed,
there would be an orderly Government there.
Russia’s natural resources were great and could be
exploited only by the aid of capital. Whenever
there was a Government in Russia foreign capital
would be required; then that Government would
realize that such capital could not be obtained unless
previous debts were paid.

The Paris Bourse has been without sensational
feature. German long-range gun bombardment of
the French capital has been going on intermittently,
but appears to have produced no special nervousness.
Analysis up to last Sunday shows that shells had
fallen on seventeen days since March 23, and that
with the figures for two days missing 118 persons
were killed and 230 injured. Press dispatches point
out that Paris was shelled by nine German batteries
Official banking rates at leading European centres
from Jan. 5 to Jan. 27 1871, during which period
continue
to be quoted at 5% in London, Paris.
105 persons were killed and 369 injured.




1720

THE CHRONICLE

[Vol. 10G.

Berlin, Vienna and Copenhagen; 53^% in Italy and war, the amount outstanding was 6,683,184,785
Portugal; 6 % in Petrograd and Norway; 4 }^ % in francs. Comparisons of the various items with the
Switzerland, Holland and Spain. The Swedish statement of last week and corresponding dates in
bank rate is reported by mail to have been lowered 1917 and 1916 are as follows:
from 7 % to 63^% on Jan. 31 1918. No cable
BANK OF FRANCE’S COMPARATIVE STATEMENT.
Changes ------------------------ Status as of------------------------advices of this change were received. In London
for Week April 25 1918. April 26 1917. April 27 1916.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
the private bank rate is now 3 K % for sixty days In Franco------------ Inc. 1,120,875 3,341,754,766 3,294,524,230 4,803,591,452
A b road ................
No change 2,037,108,484 1,947,671,846
..................
and 3 9-16% for ninety days, against 3 9-16% for
T o ta l.................Inc.
1,120,875 5,378,863,250 5,242,196,076 4,803,591,452
both sixty and ninety days last week. Money on S liv er......... ......... Inc.
494,000
256,070,000
256,595,354
358,944,910
Bills discounted..Dec. 44,116,000 1,397,128,000
500,389,654
403,137,389
call in London is still quoted at 2 % % . So far as Advances------------ Dec. 58,218,000 1,050,655,615 1,170,409,044 1,218,093,194
Note circulation..Inc. 101,430,000 20,396,290,000 19,009,852,095 15,277,999,575
42,986,564
we have been able to learn, no reports have been Treasury deposits. Inc. 13,789,000 55,703,000 122,128,980
General deposits..Inc. 100,747,000 3,314,285,000 2.508,787,014 2,091,927,279
received by cable of open market rates at other
European centres.
The Imperial Bank of Germany in its statement for
the week issued as of April 13, shows the following
A nominal gain of £9,033 was shown by the Bank changes: Total coin and bullion increased 673,000
of England in its weekly statement. Total reserves marks; gold increased 50,000 marks; Treasuty notes
were reduced £515,000, there having been an increase declined 61,093,000 marks; notes of other banks in­
in note circulation of £524,000. The proportion of creased 427,000 marks. Bills discounted showed the
reserve to liabilities advanced to 17.74%, compared large reduction of 237,945,000 marks; advances ex­
with 17.71% a week ago and 20.90% last year. panded 272,000 marks; investments were reduced
Thus far this year the highest percentage recorded 4.947.000 marks; other securities decreased 1,602,000
has been 19.71% in the week ending Jan. 10, and the marks; notes in circulation were contracted 189,848,­
lowest 16.30% on Jan. 30. Public deposits de­ 000 marks; while deposits declined 219,585,000
clined £5,121,000. Other deposits, however, were marks. Other liabilities registered an expansion of
increased £1,923,000. Government securities de­ 105.318.000 marks. The Bank’s gold holdings now
clined £1,589,000. Loans (other securities) regis­ stand at 2,407,771,000 marks, which compares with
tered a reduction of £1,108,000. Threadnecdle 2.532.289.000 marks in 1917 and 2,461,000 marks
Street’s stock of gold on hand aggregates £61,006,239, the year preceding.
which compares with £55,247,617 a year ago and
£58,924,183 in 1916. Reserves now stand at £31,­
046,000, against £35,470,527 in 1917 and £43,270,778
the year before. Loans total £104,842,000. This
compares with £114,436,510 and £88,396,596 one
and two years ago, respectively. Clearings through
the London banks for the week were £362,260,000,
against £358,580,000 a week ago and £365,110,000
in the same week of 1917. Our special correspondent
is no longer able to give details by cable of the gold
movement into and out of the Bank for the Bank
week, inasmuch as the Bank has discontinued such
reports. We append a tabular statement of com­
parisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1915.
1914.
April 24.
April 25.
April 26.
April 28.
April 29.
£

£

£

£

£

Circulation............ 48.409,000 38,227,090 34,103,405 34,685,560 28,877,035
Public deposits----- 34,831,000 52,450,017 61,722,384 132,067,216 19,020,326
Other deposits-------140,154,000 117,249,044 85,471,557 87,030,100 43,126,915
Govt, securities----- 56,723,000 37,472,228 33,188,046 51,063,491 11,046,570
Other securities----- 104,842,000 114,436,510 88,396,596 146,693,602 42,463,243
Reserve notes & coin 31,046,000 35,470,527 43,270,778 30,078,829 26,338,387
Coin and bullion— 6) 006,239 55,247,617 58,924,183 55,314,389 36,765,422
Proportion of reservo
to liabilities........
17.74%
20.90%
29.39%
17.87%
42.37%
Bank rate................
5%
5%
5%
5%
3%

The Bank of France in its weekly statement shows
a further gain of 1,120,875 francs in its gold item
this week. The total gold holdings now amount to
5,378,863,250 francs (of which 2,037,108,484 francs
are held abroad). The amount at this time last year
aggregated 5,242,196,076 francs (of which 1,947,­
671,846 francs were held abroad), against 4,803,­
591,452 francs (all in vault) in 1916. General in­
creases in the various items are shown, viz.: Silver
was increased by 494,000 francs; Treasury deposits
by 13,789,000 francs, and general deposits by 100,­
747,000 francs. Bills discounted were reduced 44,­
116,000 francs, while advances fell off 58,218,000
francs. Note circulation was expanded by 164,­
480,000 francs, bringing the total amount outstand­
ing at present up to 26,396,290,000 francs. In 1917
at this time the aggregate was 19,009,852,695 francs
and in 1916 15,277,999,575 francs. On July 30
1914. the Deriod just preceding the outbreak of the




Saturday’s bank statement of New York Clearing
House members, which will be found in more com­
plete form on a later page of this issue, was about
as had been expected. There was an expansion in
loans while reserves were reduced, reflecting in
some degree the operations of the Federal Reserve
Bank. The decrease in the loan item totaled $27,­
197,000.
Net demand deposits declined $17,309,000,
to $3,753,503,000 (Government deposits of $302,­
870,000 deducted). Net time deposits decreased
$1,666,000. Cash in own vaults (members of the
Federal Reserve Bank) showed a small increase, viz.,
$358,000, to $104,741,000 (not counted as reserve).
Reserves in the Federal Reserve Bank of member
banks were reduced $26,655,000, to $515,387,000.
Reserves in own vaults (State banks and trust
companies) were reduced $289,000, to $17,296,000,
although the reserve in other depositories (State
banks and trust companies) increased $251,000, to
$8,217,000. The aggregate reserve was reduced
$26,693,000, thus bringing the total to $540,900,000,
as against $758,638,000 a year ago. Surplus showed
a loss of $24,393,670, there having been a decline
in reserve requirements of $2,299,330; and excess
reserves have shrunk to $41,672,620, on the basis
of only 13% reserves for member banks of the
Federal Reserve system (but not counting $104,741,­
000 cash in vaults held by these banks), and con­
trasts with a total of $120,899,200, the amount on
hand at the corresponding date in 1917, on the basis
then ruling of 18% reserves, including cash in vault.
In local money circles demand loans have been
available in sufficient amounts to meet requirements,
and the rate has not passed the 6% limit, the banking
pool having come forward liberally with funds when­
ever signs of undue urgency became apparent. The
5% deposit required on subscriptions to the Third
Liberty Loan not unnaturally was a source of drain.
It will be recognized that this one item, even if there
should be no oversubscriptions, would amount to

THE CHRONICLE

A pr. 27 1918.]

$150,000,000 on the $3,000,000,000 minimum and
would correspondingly increase in the event of the
subscription rising to $4,000,000,000 or more.
Government financing has likewise assumed the
form of a net demand for funds. In the first place,
most of the $400,000,000 block of certificates of in­
debtedness issued Jan. 22 in anticipation of receipts
from the Third Liberty Loan were redeemed by the
Federal Reserve Bank when they fell due on Monday,
or were exchanged for other certificates of the current
issue. However, the banks were called upon to
pay for the new $500,000,000 issue of certificates of
indebtedness, so that a net expansion of $100,000,000
is to be noted when considering jointly the two
transactions. As to time money a few transactions
have been arranged for ninety and sixty days at
6 % , but otherwise fixed maturities have been with­
out important volume of business.
Referring to money rates in detail, loans on call
have again covered a range for the week of 2 }^ @ 6 % ,
the same as a week ago. On Monday the high was
6 % , with 5% the low and also the renewal rate.
Tuesday there was a drop to 2 x% % for the minimum,
while 5 j^ % was the highest as well as the ruling
figure. Wednesday’s range was 3 % @ 4 % and 4%
for renewals. On Thursday 4 % was still the high
and ruling quotation, and 3% low. Friday the maxi­
mum was not changed from 4 % ; the low was 3 % %
and 4 % the renewal basis. For fixed maturities, as
already noted, a few loans were negotiated at 6%
for sixty and ninety days, but even these were for
limited amounts, and no funds were forthcoming for
longer periods. The market was largely a nominal
affair. All periods from sixty days to six months
are still quoted at 6 % bid. No transactions for
shorter maturities were recorded. A year ago sixtyday funds were quoted at 3 % @ /4 % , ninety days at
4 % , four months at 4 @ 4 % % , five months at 4 % %
and six months at 4 % @ , 4 % % .
Mercantile paper was firm and in slightly better
demand, although owing to the relative lack of highgrade notes, the situation was called quiet. Sixty
and ninety days’ endorsed bills receivable and six
months’ names of choice character continue to be
quoted at 5 % @ Q % , although names not so well
known now require G @ 6 % % , against 6 % a week ago.
Banks’ and bankers’ acceptances again displayed
a fair volume of business, several large local and
out-of-town buyers having been in the market as
buyers. Rates continued without change. Quo­
tations in detail follow:
-------------Spot Delivery------------Delivery
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
Eligible hills of member banks
4
4% @ 4% 4A® 4
Bid
Eligible bills of non-member bks. .4 % @ 4 % , 4'At@4'A 4 A © 4 4 H bid
Ineligible bills------- --------------------- L A ® 4 A L A @ 4 A L'A@ 4A
0
bid

1721

Note 1. Acceptances purchased In open market, minimum rate 4% .
Note 2. Rates for commodity paper have been merged with those tor commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day dis­
count rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.

So far as is known only one transtalantic mail
opportunity was furnished this week. Sterling bills,
therefore, were more or less in neglect, and whatever
movement was shown was in cable transfers. This
was extremely light and changes in rates were incon­
sequential and meaningless. The position being
such an arbitrary one does not merit extended com­
ment.
Dealing with the day-to-day rates, sterling excchange on Saturday, as compared with Friday of
the preceding week, was steady, with demand still
quoted at 4 753-^, cable transfers at 4 76 7-16 and
sixty days at 4 72^g@4 7 2 % . M onday’s market
was a dull affair, very little business being transacted;
demand bills were a shade easier, at 4 7545@
4 7 5 % , although cable transfers ranged at 4 76 7-16
@ 4 763^; sixty days remained at 4 7 2 ^ @ 4 7 2 % ;
the fact that no steamer was scheduled to sail before
the end of the week was a factor in the general dulness. No changes of importance were noted on
Tuesday, and trading was still of small proportions;
a slightly firmer tone developed and demand was a
small fraction higher, at 4 75 7-16@4 7 5 % , though
cable transfers did not get above 4 76 7-16; sixty-day
bills were unchanged at 4 7 2 ^ @ 4 72J^. On Wednes­
day sterling rates were firm; demand covered a
range of 4 7545@4 75523^; cable transfers, however,
remained pegged at 4 76 7-16, and sixty days at
4 7 2 ^ @ 4 7 2 % . Extreme dulness marked Thurs­
day’s operations, and quotations were little better
than nominal, at 4 75 7-16@4 7 5 % for demand,
4 76 7-16 for cable transfers and 4 7 2 ^ @ 4 7 2 % for
sixty days. On Friday trading was essentially of a
holiday character, the exchanges having closed at
mid-day in observance of the day set aside by
President Wilson as Liberty Day; business for the
most part was at a standstill, and rates were not
changed. Closing quotations were 4 7 2 % @ 4 7 2 %
for sixty days, 4 75 7-16 for demand and 4 76 7-16
for cable transfers. Commercial bills, sight, fin­
ished at 4 7 5 % @ 4 7 5 % , sixty days at 4 71^g@
4 7 1 ninety days at 4 70@ 4 7 0 % , documents for
payment (sixty days) at 4 7 1 % @ 4 7 1 % , and sevenday grain bills at 4 7 4 % @ 4 7 4 ^ . Cotton and grain
for payment closed at 4 7 5 % @ 4 7 5 % .




San Francisco. |

Kansas City.

Dallas.

St. Louis.

4

Minneapolis.

Atlanta.

Chicago.

Cleveland.

Richmond.

Philadelphia.
j

Boston.

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal
Very little of moment can be noted in the Conti­
Reserve banks. Prevailing rates for various classes nental exchanges this week beyond a further drop in
of paper at the different Reserve banks arc shown in Italian exchange. Dealings continue on a restricted
the following:
scale, and while a somewhat firmer tone has been the
DISCOUNT HATES OF FEDERAL RESERVE RANKS.
rule, fluctuations were again confined quite generally
within narrow limits, with quotations largely nom­
A
inal in character. The week’s developments in the
CLASSES
o
Ob'
Jn
war
situation, including the daring and brilliant
DISCOUNTS AND LOANS
9
British naval exploit designed to block up the sub­
fe;
marine bases at Zeebrugge and Ostend, appeared to
Discounts—
Within 15days, lacl. member
4'A 4 A 4
4
banks’ collateral notes — 1 4
4
4
create a feeling of confidence which not even the
4
4
4
10 to GO days' maturity.. . IA 4 A 4% 4 A 4% 4 A 4 A 4 A 4 A 4 A 4 A 4 A
61 to 90 days’ m aturity... 4 h 4% 4H 4 'A
4A 5
prospects of a renewed German offensive in the
4A 5
4A
4A
Agricultural and live-stock
5
5
paper over 90 days.......... 5
5
5 'A 5
5 % LA
5 A r>'A 5 'A
West of still more formidable proportions were able
Secured by u . S. certificates
o f indebtedness or Lib­
to
shake. It is only fair to add, however, that in
erty L o a n bonds—•
Within 15 days, Including
some
measure this only serves to illustrate the arbi­
member banks' collat­
4
4
4
4
eral notes............ .......... ■l
4
4
4
4
4
4
4
16 to 90 days’ maturity... 4 'A 4 H 4K 4 'A 4'A 4'A 4 A 4'A 4'A 4 A 4 'i 4'A trary nature of the Government control over foreign
Trade Acceptances—
1 to 60 days' maturity____ 4'A 4'A 4'A 4 'A 4'A 4'A 4'A 4'A 4'A 4'A 4 'A 4'A exchange transactions now being exercised at th
61 to 90 days’ maturity........ 4 'A 4 A 4 A 4'A 4% 4'A 4'A 4'A 4'A 4'A 4 ‘A 4'A
various exchange centres, since neither good nor bad
* Rato of 3 to 4'A% for 1-day discounts In connection with the loan operations
news seems apparently to cause anything more im­
of tho Government.

1722

portant than a mere ripple in quotations. Exchange
on Rome was again the weakest feature, with a
further net decline for the week. No specific reason
was assigned for the weakness beyond a lack of ab­
sorption for the liberal amounts of bills offering.
Francs ruled firm and slightly higher. In the case of
rubles, no change is reported and the quotation con­
tinues deadlocked at previous levels. No transac­
tions are being put through in German and Austrian
exchange, and quotations for reichsmarks and kronen
are not available. The unofficial check rate on
Paris closed at 27.18, against 27.16 a week ago.
In New York sight bills on the French centre fin­
ished at 5 72, against 5 72; cable transfers at 5 70,
against 5 70% ; commercial sight at 5 72% , against
5 72% , and commercial sixty days 5 78% , against
5 78% last week. Lire closed at 8 96% for bankers’
sight bills and 8 95 for cables. A week ago the close
was 8 88% and 8 86, respectively. Rubles continue
to be quoted at 14 for checks and 15 for cables.
Greek exchange has been lowered to 5 13% for
checks, against 5 13, and 5 12% for cables, against
5 11% , the previous quotation.
In the neutral exchanges the trend was still towards
a higher level. Trading, however, was not active.
Following a temporary reaction in the opening trans­
actions, Spanish pesetas once more turned strong and
fractional advances were recorded, though at no time
did the quotation touch the extreme high point of a
week ago. The strength was attributed mainly to
improvement abroad, as no business to speak
of was reported here. Swiss exchange ruled steady
and without essential change. Scandinavian rates
were fairly well maintained. Guilders were firmly
held. Bankers’ sight on Amsterdam finished at
47% , against 47% ; cables at 48, against 47% ;
commercial sight at 47 7-16, against 47 3-16; and
commercial sixty days at 47 5-16, against 47 1-16
on Friday of the preceding week. Swiss exchange
closed at 4 27 for bankers’ sight bills and 4 22 for
cables, as compared with 4 28 and 4 23 a week ago.
Copenhagen checks finished at 30% and cables
31% , against 30% and 31% . Checks on Sweden
closed at 33% and cables at 33% , against 33% and 34,
while checks on Norway finished at 31% and cables
at 31% , against 31% and 31% the week preceding.
Spanish pesetas closed at 27% for checks and 27% for
cables, which compares with 30% and 31% last week.
With regard to South American quotations, the
check rate on Argentina is now quoted at 44.91 and
cables at 45.01, against 44.75 and 44.85. For
Brazil the rate for checks is 25.48 and cables 25.58,
as contrasted with 25.41 and 25.51 last week. The
Chilian rate is 15%, against 15 13-16, with Peru at
55% , against 54% . Far Eastern tates are as fol­
lows: Hong Kong, 76@76.10, against 76@ 76% ;
Shanghai, 107% @108, against 106@107; Yokohama,
51.90@52, against 51.85@52; Manila, 4 9 % @ 5 0 (un­
changed); Singapore, 5 6 % @ 5 6 % (unchanged), and
Bombay, 36% @ 37 (unchanged).
The New York Clearing House banks, in their op­
erations with interior banking institutions, have
gained $2,831,000 net in cash as a result of the cur­
rency movements for the week ending April 26.
Their receipts from the interior have aggregated
$8,349,000, while the shipments have reached $5,­
518,000. Adding the Sub-Treasury and Federal Re­
serve operations and the gold exports, which together
occasioned a loss of $77,816,000, the combined result




[Vol. 106.

THE CHRONICLE

of the flow of money into and out of the New York
banks for the week appears to have been a loss of
$74,985,000, as follows:
Week ending April 26.
Banks’ Interior movement.............. .
Sub Treasury and Federal Reserve
operations and gold oxports--------T o ta l..................................- ......... -

Out of
Banks.

Into
Banks.

Net Change In
Bank Holdings.

SS,349,000

$5,518,000 Gain $2,831,000

51.035,000

128,851,000 Loss 77,816,000

$59,384,000 $134,369,000 Loss $74,9S5,000

The following table indicates the amount of bullion
in the principal European banks:
April 26 1917.

April 25 1918.
Banks of

Gold.

Silver.

Total.

Gold.

Silver.

Total.

£
£
£
£
£
£
55,247,617
61,006,239 55,247,617
England.. 61,006,239
France a . . 133,670,190 10.240.000 143,910,190 131,780,969 10,263,800 142,044,769
841,200 127,456,600
Germany. 120,388,550 6,020,850 126,409,400 126,615,100
Russia * .. 129,650,000 12.375.000 142.025.000 147,954,000 12.165.000 160,119,000
Aus-Hun c 11,008,000 2.289.000 13.297.000 18.300.000 4.460.000 22.760.000
Spain___ 80.568.000 28.128.000 10.8.696.000 54.852.000 29.954.000 84.806.000
Italy........ 34.172.000 3.300.000 37.472.000 34.501.000 2.732.000 37.236.000
571,300 49,784,300
600,000 60.713.000 49.213.000
Nethcrl'ds 60.113.000
600,000 15.980.000
600,000 15.950.000 15.380.000
Nat. Bel. 1) 15.380.000
13.709.000
14.891.000 13.709.000
Switz'land 14.891.000
10.731.000
14.337.000 10.731.000
Sweden . . 14.337.000
132,000 9.253.000
136,000 9.777.000 9.121.000
Denmark. 9.011.000
7.227.000
6.739.000 7.227.000
6.739.000
Norway. .
Tot.week. 691,563,979 63,688,850 755,252,829 674,634,986 61,719,300 736,354,286
Prev. week 6.89,816,611 63,749,700 753,566,311 073,783,812 61,337,020 735,120,832
n Gold holdings of the Bank of France this year uro exclusive of £81,484,340
held abroad.
* No figures reported since October 2!) 1917.
c Figures for 1918 those given by “ British Board of Trade Journal" for Dee. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals,
h August 0 1914 In both years.

NEW INCIDENTS OF THE CAMPAIGN.
At the moment when reports from the Western
battlefront appeared to indicate resumption of the.
German offensive, the present week’s news from two
other directions suggested highly interesting develop­
ments of another sort. The British naval raid on
the German submarine base at Zeebrugge drew at­
tention to what may conceivably be a new chapter
of events in the ocean warfare. The evidence of
strained relations between Holland and Germany
raised a fresh problem regarding Germany’s attitude
toward neutral Europe.
The attack on the German submarine bases was
made last Monday night. The attacking force con­
sisted of the cruiser Vindictive, two auxiliary vessels
and a force of monitors and submarines, under escort
of which, with a heavy “ smoke screen,” five so-called
obsolete British cruisers, filled with concrete, were
brought far into the harbor of Zeebrugge, and blown
up and sunk in the channel through which the Ger­
man vessels pass on the way to the depots of supply.
The attack had a double purpose— to land marines
and sailors on the mole and there engage in a handto-hand attack, and second, while thus diverting
attention from the concrete-laden ships, to make it
possible for them to find their objective points and
block the channel.
This exploit— extremely difficult when it is con­
sidered that the harbor was filled with mines and
watched by search-lights— was carried out with the
greatest gallantry. Exactly what measure of success
was achieved, it is not yet possible to say. But the
attack on the mole was made effectively, the five
cruisers were sunk as nearly as possible at the points
arranged for, and at least one explosive-laden sub­
marine was blown up next to the mole itself. Even
the German report admits that the mole was dam­
aged— which would naturally mean the drifting of
sand in quantity into the protected basin. The
probability is that the facilities of the submarine
headquarters will be crippled for at least a week or
two, and the submarine campaign proportionately
handicapped.
But the real significance of the episode is that it
shows the possibility of striking at submarine bases

A pr. 27 1918.]

THE CHRONICLE

as well as at the submarines themselves. During
many months the wisdom and feasibility of this
program has been vigorously discussed in England,
where two distinctly opposite schools of opinion have
developed— one maintaining that direct attacks on
these “ hornet’s nests” were imperatively called for
by the needs of the situation; the other insisting that
the certainty of loss to the attacking fleet was too
great to justify the experiment. Probably the fact
of large reinforcement of the British navy with Ameri­
can warships, and the known belief of the American
Admiral of the practicability of the undertaking, were
the immediate reasons for making the test.
But that it was made with at least measurable
success almost certainly foreshadows repeated efforts
of the sort. If so, we may have entered on a new
chapter in the naval warfare of the period. N ot the
least important aspect of this week’s exploit is the
enthusiasm which it has revived in England; where,
although recognizing to the full the great work of
the British navy in guarding the seas and enforcing
the blockade of Germany, the people have un­
doubtedly grown restive at the absence of daring
and brilliant achievement of the British navy’s old­
time character, at a time when Germany was reck­
lessly expending man power in pursuit of her mili­
tary objectives on land.
The situation with regard to Holland is surrounded
with much obscurity— chiefly, however, because of
the difficulty of understanding the purposes of the
German Government. The dispute originally arose
from the negotiations of the Dutch Government with
the United States regarding use of the Dutch ships
in the harbors of the Entente countries. When
Holland showed willingness to charter these idle
ships to the Allied Governments, Germany inter­
vened, applying against the proposal pressure which
amounted to an open threat. The Netherlands
Government then receded from its offers to the
Allies, as President Wilson pointed out, when the
ships were seized under international law.
Apparently, Germany was not satisfied with the
protests of the Dutch Government against these
seizures, however legitimate they may have been
under international law, and she therefore proceeded
to apply fresh pressure on Holland in other directions.
One of these demands, which has long been a sub­
ject of controversy, was for the use of Dutch water­
ways to transport sand and gravel from Germany to
the area of war; another was for use of a railway
which for a considerable distance crossed Dutch
territory. Both demands were quite inadmissible
under the law of neutrality, and both have con­
sistently been refused by the Dutch Government.
They now appear, however, to have been renewed
with a more or less veiled threat accompanying
them.
But what then is Germany’s purpose ? It is diffi­
cult to understand how her interests would be served
by forcing Holland into war with her. It is even
more impossible to imagine Holland being driven into
war against the Entente Powers; indeed, that possi­
bility, always extremely remote after the Dutch
people had watched the invasion of Belgium, passed
with the closing of the episode of the Dutch ships.
It is occasionally argued that Germany could over­
run Holland, after declaring war with her, and that,
having occupied her land and coast cities, Germany
would be able to conduct far more easily than before
the transportation of her troops and provisions and her




1723

campaign against England. This might seem obvi­
ous enough, and there is a further conceivable
theoretical argument that Germany, having once
seized Holland, would never give up the prize.
All such reasoning, however, overlooks the very
essential consideration that a new campaign, far
more formidable than that in Belgium during 1914,
would have been forced on the German army. The
Dutch army is mobilized and highly trained, and
though numerically small as compared with the great
belligerents (its number can hardly exceed 500,000),
it could create for Germany military difficulties of a
serious sort. Even conquered, Holland would re­
quire an army of occupation. As to what would be
the moral effect of such action on the other European
neutrals— indeed, as to what effect is likely to have
been produced by the present threats— that would
hardly seem to require discusison. The well-known
Amsterdam newspaper, the “ Handelsblad.” remarked
this week:
“ Germany’s intentions must soon be clear. We
do not believe, as long as Dr. von Kuhlmann must
give his signature, that there is anything to fear for
Holland, but Kuhlmann’s position becomes weaker
as the military gain in power.”
Here is a possible answer to the riddle which makes
difficult any positive opinion on whatever the
German Government says or does. Since the col­
lapse of Russia, it has become daily more manifest
that Germany is now living under a military despot­
ism, or rather under a despotism of military com­
manders. The extent to which the power of the
civil government has been displaced was shown in
the final negotiations at Brest-Litovsk, in the in­
vasion of Russia, and in the suppression of all
further discussion of franchise reform in the German
Reichstag. What plans, what motives or what
purposes might now appeal to this ruling military
cabal, even in the matter of relations with the neu­
trals, no one can surely judge. All that we do know
is what we have learned from Germany’s recent
actions regarding Russia— that international law
and future international relations are allowed the
slightest possible consideration when weighed against
an immediate, even though temporary or imaginary,
military advantage.

T H E R IG H T OF C O N Q U E ST , A F U N D A M E N T A L
FALLACY.
The war is casting into the crucible and forcing a
re-examination of many widely accepted opinions and
principles, and of some so fundamental that they
have been unquestioned. The right of a strong
nation to attack another may be disputed. But,
having conquered, then to take possession of the
conquered country as the reward of victory has been
so universally assumed that refusal to do so would
be regarded as a sign of weakness, and to qusetion
the right would be to be scoffed out of court.
Yet the acceptance of this as a right has from the
beginning of human history been the underlying
cause of practically every war. To-day the claim
involves such preposterous demands as to affect not
only the existence of nations but the continuance of
civilization. It must, therefore, be challenged, and
its refutal, if it can be accomplished, made absolute
and universal. It is the first proposition to be dealt
with by any council assembled to settle the conditions
of peace.

1724

THE CHRONICLE

It turns upon the right of a nation or a State to
exist. That right inheres in the fact that the State
is the gift of God as truly as is the Church; it is the
result of an inherent impulse planted in the heart of
man, which has acted from the beginning and has
to-day reached a development which gains just
recognition. God made man in His own image and
breathed into him His own spirit. That ensured his
progress and unfolding toward a definite result. He
made him male and female; that insured his con­
tinuance in existence, and created the immediate
environment and the intuitive instincts and impulses
which would secure his development.
The immediate result was the family, the initial
unit of the social human structure. This quickly
led to the first external organization, in the clan or
the tribe; and that in turn to the larger organization
of the nation embodying itself in the State. Mean­
while the race appeared, making its contribution to
the form or character of the State. Each in turn,
the family, the clan, the tribe, the State, came into
existence as the result of what was planted in man
at the beginning and is essential to his life.
The value of the State will depend upon its form
and administration. The community or group may
fall at one time under the dominion of one man as
chief, or despot, or absolute monarch, but he has
at once to create some organization to function as a
State. Because the State is essentially “ of the
people, for the people and by the people,” that is,
democratic in its origin and functions, an internal
conflict in course of time will arise, and, though the
controversy may be long, sooner or later, because
the antagonism is inherent, it results in a return to
type, and the monarch disappears, giving place to
some form of popular government.
In its undeveloped form under autocratic govern­
ment the rule of force controls. The monarch,
having the power, enforces his will upon the people,
and, without question, by virtue of possessing the
military strength, proceeds to enforce it where he
wills upon the communities. As this rule of force
has been dominant in human history it has been
taken to be inherent in the State, so that when the
monarch has fallen into a subordinate place and the
rule of the people is re-established in some represen­
tative form, the right of conquest has remained in
the State, and only in our time has come to be ques­
tioned. Even the greatest and oldest republic has
not hesitated to exercise the right at times, and only
very recently has withdrawn from claiming posses­
sion of outside territory because of conquest.
It is easy to see, therefore, that this assumed right
of the conqueror has been the cause of all the great
wars from the beginning of history. It should now
be denied and repudiated by the world at large if
there is to be hope of permanent peace. It has al­
ways been the sustaining principle of autocracy in
its war with democracy. The one who has the power
may win and take; then by possessing he increases
his power, and may, if he retains it, win and take
more.
Out of this has arisen the widely accepted claim
that the State is independent of the moral law. It is
not immoral, because it is unmoral. It owes alle­
giance to no one but itself. It is free always to con­
sider solely its own interests, and to enforce its own
will. It is the greatest and most permanent of
human existences, the only one that is so far irre­
sistible. This granted, the Kaiser and his associates




[Vol. 106.

in the government are justified in turning Germany
into a vast military organization of which the army
is the expression and the Kaiser is the head. Any
restriction of the exercise of this right of conquest in
the line of pity, or mercy, or regard for humanity,
or the rights of others, is weakness. Even the obli­
gations of honor, of truth, of religious conviction, or
of human feeling, may be ruthlessly swept aside to
secure the success or aggrandizement demanded by
the State.
It is interesting at this point to note that for
nearly two thousand years the world has had the
story of Jesus Christ immediately upon receiving the
call to His ministry, led aside for a solitary contest
with the “ God of this world.” The great Tempta­
tion culminated with the offer to Him of all the king­
doms of the world, that is, the gift of the physical
force that would promptly conquer them all. It
was in the line of temptations common to us all, to
pay high for physical well-being and material advan­
tage. First, food, then bodily comfort, last of all
and above all, power as secured by prowess. The
Temptation ended with the rejection of this last.
Then Jesus gave the Tempter his name. “ Get thee
behind me, Satan” ; and “ the devil departed from
him.”
When any king or any State in the proud posses­
sion of conscious power to conquer another State
claims divine support in the attempt, the God he
invokes is the “ God of this world,” who tempted the
Savior and only when finally defeated left Him at
the cross.
Against this enemy embodied in those who claim
that might makes right, the democracy of the world
has to-day to wage relentless war. The Kingdom of
God is at stake, for that is “ not of this world” ; and
civilization, which is the sum of man’s attain­
ments in his long struggle toward his goal, is attacked,
and, if defeated, is sure to be destroyed.
The State as rightly conceived is our defense. It
repudiates utterly the right of acquisition by con­
quest. It is the gift and representative of God;
bound by His commands and created to make it
possible that men shall do His will. The United
States, the representative of this purpose and the
creation of its citizens, has so described its function
in its original constitution, where to-day it stands.
“ The object of civil government is to establish
justice, insure domestic tranquility, provide for the
common defense, promote the general welfare and
secure the blessings of liberty.” In short, to create
and preserve that form of human society in which
it is possible for men to live as God intended them to
live.
To secure the casting out by the nations, as an
utter fallacy, of the doctrine that might, cither in
the man or in the State, makes right, and the rejec­
tion of the purpose to conquer others that their
property may be possessed, and thus to open the
way that peace as the gift of God to “ men of good
will” may be obtained, the nations are united to-day
at any sacrifice or cost to defeat Germany and de­
stroy her power of aggression. The lives that are
dedicated to this cause are offered both to God and
to humanity in a service that is above all.
When this is accomplished it may well be said that
“ it was more stupid than criminal to imagine at the
opening of the twentieth century that a nation has
for its mission the subjection of another people, and,
if they do not submit, to put them to the edge of the

A pr. 27 1918.]

THE CHRONICLE

sword. When they discovered that violence and
falsehood are forces it was sheer stupidity to believe
that these forces dominate men, and that one can
by a blow from the shoulder lift humanity to the
level of Christ and of Cain. Cain was stronger than
Abel, since he killed him; it is, however, the race of
Abel which has civilized the earth. The Pharisees
were stronger than Christ, since they crucified Him.
It is, however, the Galilean who has conquered. It is
He who is to conquer on our fields of battle. The
soldiers of the republic are the soldiers of God, for
God is above all.” That, for to-morrow. To-day
we may say with the young soldier, Rupert Brooke,
giving his life before Gallipoli:

17 2 5

personal earnings. So that if there were no cause
and no soldier at stake the man with a Government
bond which the Government does not tax has a
capital exempt from tribute and convertible into any
use to which he may later desire to put it. He is
heeled, as we commonly say, and can go forward,
when he who has no bond must wait.
We have heard much in the past, in our politicoeconomic discussions of “ bloated bondholders,” and
they have sometimes been held up to scorn and
abuse. It has been argued that the people never
received true values for the “ business” bonds which
they hold— that they were “ conceived in fraud and
born in iniquity,” that industries and agencies out
“ Honor has come back as a King to earth,
of which they issued have received special favors and
And paid his subjects with a royal wage:
immunities— and that because of these things they
And nobleness walks in our ways again,
have served to widen inequalities between individuals
And we have come into our heritage.”
and classes. We have lived long enough to know
The victory is already won in the sacrifice; and the that there was not even a modicum of trush in all
men and the women of the years to come will have this tirade, and that countless concerns could never
the peace.
_____________________
have been launched save by way of bond issues in
excess
of actual values— values, however, that
L O A N I N G TO T H E G O V E R N M E N T .
through growth and operation often now far exceed
Certainly the hour is ripe for pressing home the
oroginal issues. But passing this, and speaking of it
need of the Government for funds to conduct the
only for contrast, we now behold vast bond issues
war. We cannot realize too deeply what now “ hangs
open to all the people, subscribed by great numbers
in the balance.,, But the dollar saved and loaned has
of our citizens, which are the most democratic credits
more uses than one. It is a species of capital that
ever issued under the sun, and which in so far as
will serve in the days to come to rebuild the fallen
their influence, direct and collateral, is concerned,
fortunes of the world, and to give strength to the
serve to place us all on an equality, and to dignify
individual who will wish to expand his business, or
borrowing to its highest, in that it not only wages a
to be independent of the falling scale of wages that
momentous war but feeds and fosters neighboring
most probably will ensue.
and liberty-loving peoples like ourselves.
There are many curious qualities attending credit.
If now, in addition to this, it gives to every man
We look upon the havoc of war and call it waste—
power, commercial and financial, in proportion to
in one aspect almost as complete as if the labor and
his holdings, there can be in the future, as far as
property transformed into munitions by the inter­
these war bonds are concerned, no manipulation of
mediary of money were burned up. And then we
capital by the rich that will not at the same time
turn the picture, and justice, liberty, humanity and
inure to the advantage of the middle classes or “ the
peace are a result that though intangible are the most
poor,” counting those who may hold but a single
beneficial of all, for property has no value in the
hundred dollar bond in this class. It is a condition
world without these, nor has love and life, nor has
that could not obtain in any other way. And the
the legacy, whatever it may be, the present genera­
unifying
power of these huge bond issues, despite
tion bequeaths to another.
all that may be said of the essential waste and want
This is only one phase. Here is another. Every
involved, will serve to harmonize and energize our
credit is also a debt. The money, or wages or
trade relations when war is over. Therefore, whether
capital, or stored-up labor, or actual property,
it be a firm or an individual that enters the period of
turned into a bond, is at the same time treasured up*
renewal and rebirth, the possessor of United States
by the purchaser, to future uses that will return him
bonds as a part of invested capital will not only
power when the call of progress shall come in times
have stabilized and strengthened the business in
of peace. Just what this means, taking these great
hand, but will be known as owner of the most un­
loans as entireties, is harder to understand than when
assailable fo r m of reserve capital existent in the wide
we consider one bond and its owner. All the people
world. And no matter what war does to weaken
in the former case are borrowing from all the bond­
our business structure by its interference and exac­
holders. And when taxes are levied to pay the
tions, firm or individual is husbanding commercial
loans in subsequent years the bondholder will be
standing for the future by investing in these bonds.
required to pay part of the debt of the people at
They are immune from all future economic stress,'
large to himself. But as an individual loaner to all
financial panic, and commercial change. Storms
the people he will at the same time require that all
may beat about them, they may not for a time in
of them set aside part of their earnings to pay him as
peculiar circumstances sell for par, but they are
creditor. He will thus enter the new era more inde­
worth par, and all the business of the country is
pendent than those who must from their then existent
pledged to pay them in gold, dollar for dollar, and if
property and their then earned wages pay into a
the United States does not perish from the earth,
sinking fund to pay him, interest and principal.
all business, all capital and labor, present and
Thus he enters the era of reconstruction, of progress
future, must be adjudged bankrupt before their real
and peace, with a distinct advantage over his fel­
and abiding intrinsic worth can depreciate.
lows. True he must pay and work too, but only a
Heaven knows that patriotic arguments are suffi­
share commensurate to his own property— but those
cient. But the plain business appeal comes down to
who have no income from bonds bought now, pay
common sense. When an opportunity of “ salting”
and have no offset in income not of their immediate
something away which is not only always worth the



THE CHRONICLE

1726

money but which is a means of power and strength
in business in days to come, is offered to every man,
who is there, rich or poor, who can afford to pass it
b y ? And it is almost as sure as fate that the time
will come when the man who does “ not strain a
point” to buy bonds will regret that he did not do so
and will realize that he let a good chance go by.
And when he sees that his friend who did buy can
hold his bonds and their safety in investment and
income and still convert them by credit issued upon
them into going business capital, or individual tem­
porary need, he will still more realize that the bond­
holder” has another advantage over himself who only
owns property or earns wages subject to all the
varying changes of the new times.
T H E M E N A C E OF T H E ZO N E S Y S T E M OF N E W S ­
PAPER POSTAGE.

chargeable thereon . . • tne f ostmaster-^enei ai
may hereafter require publishers to separate or make
up to zones in such a manner as he may direct all mail
matter of the second class when offered for mailing.
When this picking out of the advertising matter
has been somehow accomplished, the postage on that
portion is to be
cents on the first zone , lising,
according to the parcel-post scale of division, to
V / ± cents a pound for the eighth, and these increases
are to be further raised after the next fiscal year.
It is possible to compute, on each issue of a pub­
lication, the ratio of paper surface covered by
advertisements to the total printed surface, and if
this ratio were, say, 15% , then 15% of the total
weight of the edition would bear a special postage
rate, but the edition must also be separated accord­
ing to the distances to be carried, in order to reach
the complete charge. Publishers have already suf­
ficient troubles, and the cost of newsprint paper alone
is enough to menace the business existence of some of
them, being so serious that the Federal Trade Com­
mission has devoted some study and several piopositions towards finding some way of relief for them.
The law seeks to show some favor to the strictly
local journal, as well as to local circulation in all
cases, for no change at all in rates is to apply within
the county of publication.
As we remarked when various propositions to put a
special tax on publishers through their advcitising
and otherwise were tossed to and fro in the Senate
Finance Committee, last summer, it is a bad policy
to burden public instrumentalities and means of
communication. There has never been a time when
publications rendered such service as now; they are
indispensable, and Government would be viitually
crippled without them. They are receiving now
much matter from the Government printing office,
sent in the expectation that it will be printed gratui­
tously as reading, and without the newspapers the
placing of loans would be almost impossible. If alt
this is noticed in Washington it seems to get slight
recognition there, and the law w ould even fi n e 'pub­

There is one portion of the War Revenue Act of
last October which has not yet attracted any public
attention, because it has not yet gone into effect; it is
the portion which advances the postal rates on certain
matter. The increase on letters and postal cards has
been some months in force, and has been accepted
with little complaint, notwithstanding the very good
point might be raised that some reduction in the vast
mass of matter printed and carried at the public cost
would be a better way of favoring the revenue than
putting more burden on first-class matter. The
increase on second-class matter, however, (meaning
regularly-issued newspapers and periodicals which
are entered under that classification according to a
very old law) is a different and a very serious matter.
It takes effect on July 1, when the old rate of one
cent a pound will rise to V y f cents, and on July 1 of
next year to
cents. This rate is on what the
law deems normal or reading matter, and the law
attempts the task of discriminating between reading
and advertising matter and penalizing the latter by
some further increases in rate in cases where it
occupies more than 5 % of the total space of the
publication. This penalizing is, however, waived,
and the increase in rate is only one-half as much, as to
newspapers and periodicals “ maintained by and in
the interest of religious, educational, scientific,
philanthropic, agricultural, labor, or fraternal organ­
izations or associations, not organized for profit and
none of the net income of which inures to the benefit
of any private stockholder or individual.” This
exemption is closely like one which has been in
the income-tax law since 1913, and any reader
who does not recognize its injustice and im­
propriety would hardly be convinced by anything
we could say.
.
A few publications gather their advertisements into
complete sheets or pages, but of the total number in
the country probably 99% print some of them on the
same page or the same leaf with reading m attei.
T o ascertain the weight of each edition when pre­
sented for carrying is simple and speedy, and offers
no room for dispute. But now the weight of the
paper covered by advertising in the “ sandwich” of
which almost all journals consist is to be determined,
and the publisher is to add this pleasant task to his
labors, for says the law:
“ With the first mailing of each issue of each such
publication, the publisher shall file with the post­
master a copy of such issue, together with a statement
containing such information as the PostmasterGeneral may prescribe, for determining the postage



[Vol. 106.

lishers an extra postage rate on the very advertisements
o f the loa n s , p aid fo r by patriotic busin ess m en or by
themselves.
Will this treatment of a
great public instrumentality help Government to
help the soldier in France get over the top?
Nor is there any just reason for any discrimination
against advertisements in general. Certainly none
in the fact that they enable the price of publications
to the public to be lower and their quality to be
better or the quantity of reading matter to be larger;
nor are they to be condemned as furnishing the
publisher some profit, since he must have sustenance
from some source. They cannot be swcepingly con­
demned for their own intrinsic qualities. They are
interesting, educational, helpful; they supply a means
of keeping up and extending the life and movement
of the country, especially when they circulate over
wide distances.
Applied to the carrying of merchandise, the zone
plan is a matter of reason; applied to carrying in­
formation and diffusing intelligence, it is a matter of
unreason. Ours is a country of wide tenitoiy.
Without ample and sure means of intercommuni­
cation, this territory would not have been settled;
without continuance of those means, it cannot thrive.
There are some doubts now whether the country is
all of one mind as to the war— whether, for instance,
the interior does not deem itself less exposed than the

the jou rn a ls

A pr.

27

1 9 1 8 .1

THE CHRONICLE

1737

coast. It is not necessary to justify, dismiss, or even ganized about one year ago, and in three months
to discuss such doubts; they more or less arise, but more the heads of the two bodies were pushed out of
of one thing there can be no doubt: whatever tends office, no adequate accomplishment having been
to divide the country into zones of feeling, of pro­ obtained meanwhile, and differences of opinion con­
vincialism, of local points of view, sows the seeds cerning what kind of ship would be best to build
of disintegration and weakening. There is already having been irreconcilable. There have been more
far too much of jealousies, as shown, in one example, changes in personnel since, and now the selection
by the struggle to get what are called fair shares in of Mr. Schwab is generally hailed as getting the
the allotment of public funds for river and harbor right man and a man who will produce ships rather
improvement and for public buildings. Admittedly, than excuses.
the Congressman represents his district or his State;
Very recently, the country was obliged to admit
what he should represent and should seek to uplift that the shortcomings in the field of aviation are
is the public opinion in his electorate regarding the not less than in the other. After being officially
welfare of the whole country, and not that opinion assured that in this field at least we were doing well
about mere local affairs. Though we never quite and that in production were even ahead of the
reach ideals, we should ever seek them, for other­ schedule, it came out, by insistent questioning in
wise we may cease to have any. Only as we ap­ Congress, that there was really very little to show in
proach this one can we be a united, strong, anc results and that not very much more than a beginning
stable country, nor should we forget that our terri­ in production had been made. One committee
torial size is one source of danger. The great unifying report in the Senate had little to offer except a
force is interchange, comparison and consequent statement of difficulties to be overcome, but the
modification, of views, and we cannot afford to work of life (and emphatically the work in the conduct
imperil this in the least.
of a war) consists largely in overcoming difficulties
This is especially true now, when war is forcing and in refusing to recognize impossibilities. Now
Government into so many untried expansions and comes the announcement that the head of the Signal
towards stresses whose disruptive force cannot be Corps will devote himself to signals, that the head
foreseen, yet cannot certainly be avoided. The of a new division of military aeronautics (a branch
associated newspaper publishers of this city have of study and work which the war has certainly forced
taken up this subject, this week, none too soon, and upon us) will take charge of the operation of military
they justly point out that a wide circulation of many air-craft, and that Mr. John D .R yan becomes director
publications has a broadening and unifying effect of aircraft production. We cannot dispense with
upon public opinion, and, furthermore, to narrow signals, of course, but we need operation of military
the movement of journals of the larger cities will air-craft, and the production of such craft, in right
limit the dissemination of war news at a time when design and in sufficient number, is a precedent to
that is of vital importance to every part of the their service. Again let us hope that the right men
country. The zone circulation of newspapers, they have at last been found.
further say, will permit narrow views and a spirit of
All human progress from the very first has con­
indifference that may hamper enlistments and other sisted mainly in making mistakes, discovering them,
necessary war operations; “ postal zones will make and from their discovery and their consequences
easier the propaganda of the enemy.”
learning how to do better; moreoever, while to err is
Another objection raised is that the postal business human, a sensible man will not make the same mis­
is now so hampered and overloaded that mails dis­ take twice, and make it with his eyes open. There
tribution is far inferior to that in normal times and have been troubles in getting and in transporting
the zone plan would make it worse; there are already materials, and there has been a long and still not
enough weighings of newspaper matter, the publishers :‘ully settled trouble with labor; these we have dis­
say, and to multiply them would increase congestion covered, but also we should have expected to en­
and delay. Therefore, the publishers urge that the counter them. Is it not clear now that the worst
zone provisions at least be suspended by amendment, mistake has been in not picking out the right men,
and there is already a bill in the House postponing in over-hampering those who were picked out, in
them until after the war. An indefinite postpone­ diffusing instead of concentrating power, and in
ment would be still better.
not holding men to a strict accountability for results ?
The error has had another branch, for the staunchest
defender of the President can hardly deny that he
W A R W O R K — S T E P S O N T H E W A Y TO
pushes too far the virtue of standing by his friends.
AC C O M P LISH M E N T .
A virtue overdone becomes a vice, and when he has
Very great allowance must be made for the con­ named a mafi he is too determined to persist that he
dition of unpreparedness in which the country found has the very best for the work. Tennyson spoke
itself upon its entry into the war, and for the mul­ once of that “ fierce light which beats upon a throne
titude of complex and varied things which seemed and blackens every blot,” and it is certain that war
necessary to be done almost simultaneously, one is a test of reputations and that it must be because
apparently depending upon another. Much has its tremendous issues involved compel the least
been accomplished in this task of military and naval toleration for mistakes. In war, men must achieve
creating, and yet it is unwise to underrate our short­ results or go down; excuses and explanations are
comings, which have been most marked in the fields not wanted; he who does not fit his place and has
of naval and aeroplane construction. It is now not made good in it must step aside; history may do
nearly 20 months since enactment of the law creating him justice, if he has been misjudged, but his con­
a Shipping Board; the members of that body were temporaries who are in the struggle cannot stop to
not appointed until more than three months after, deal gently with him. It has been so in all wars,
and they took more than another month in organiz­ and it must be so now. Succeed, or give place to
ing. The Emergency Fleet Corporation was or­ another who may do better.



1738

THE CHRONICLE

[Vol. 106.

no other source. And the exchange of surplus goods
for surplus goods is merely substitution of one kind
of production for another, and does not alter the fact.
If this is true, no people, and no nation, therefore,
can pay its taxes out of the products of another
people without in some way robbing them of a part
of their just returns in an equable trade. Ideally,
then, a government’s interest in foreign trade is con­
fined to its interest in the volume of domestic trade.
When the people produce more than they consume
(and this remains true, though a part of the products
to be consumed consist of substituted foreign goods)
the government can take a larger tithe in taxes for
its needs without unduly burdening the producers.
For may years to come, in every country, a greater
share must be taken, for the future products have
been drawn upon to conduct the war. But the
truth is not to be denied that the war debt of each
nation must be paid out of the production of its
own people, and not out of the production of
another.
In common the nations will owe one hundred, one
hundred and fifty, or possibly two hundred, billions
of dollars of new war debts. The workers of the
world (whether capitalists, or laborers without cap­
ital) must toil in the fields of agriculture, mining,
manufacturing or transporting, to bring into being,
out of the resources of soil, mind and muscle, products
with which to pay their respective Government debts.
But the abstract government does not toil, neither
does it spin. Its sole interest lies in doing nothing
that will interfere with the workers, and therefore
FO R EIG N T R A D E A F T E R T H E W A R .
it should take equably from all alike, and in such
At the Cincinnati convention of manufacturers, manner as will not crippe industries by too heavy
it is clearly brought out that leading foreign nations annual exactions. That is, if it be a democratic
are now preparing for foreign trade after the war, government. If it be other, either autocratic or
and that the United States should prepare likewise. socialistic, it. may in some form take over the toil
This has a good sound. We should. But why is and the product. But this becomes by its very
foreign trade valuable to any nation, and how should nature tribute and not taxation. And here arises a
great obstacle.
a nation conduct such trade?
Governments, differing in the theory and form of
Unless we think clearly, we fall into error and con­
fusion at the very outset. Is it the nation or the rule, obtain their sustenance through taxation, widely
people that is primarily interested in the extension divergent in principles and practice. And from the
of foreign trade? We cannot answer until we define exaction of simple revenue we slip easily into systems
“ foreign trade.” The simplest definition is that it is of tribute and thence through foreign trade into re­
the exchange of surplus products of a people, that prisals. And here the commercial war after the
they do not need, for the surplus products of another war begins. The purpose and nature of foreign
people, which the latter do not need. In its most trade changes. It is looked upon by tyrannical
beneficial form it is barter over the seas. And it is governments as a means of paying huge domestic war
conducted at the least cost to the participants when debts. The natural profit in getting serviceable
a ship carries a full cargo both ways. And the price foreign goods by world-wide trade extension, the profit
of the products is equalized, proportionally to their in better living, becomes a profit in a so-called
intrinsic worth, to any and all peoples, when differ­ “ balance of trade.” By a system of reasoning which
ences can be settled in a common medium of ex­ amounts to an actual delusion, it comes to be believed
change, itself^having the highest stability in value, that this “ balance of trade” is transformed into extra,
such as gold. It is then that we say4h at foreign or unearned, unproduced, resident and permanent
exchange is at par. There are many attending cir­ capital that can be taxed. The “ balance of trade,”
cumstances which affect both products and the or the difference in volume between the goods sold
medium of exchange, but the principle remains. abroad and bought abroad, if paid in money, still
Our late favorable balance in gold has its own advan­ represents production, and must be reinvested in the
tage— but fundamentally our gold thus gained is to country to which it returns, cannot of itself be taxed
until it takes other tangible form, and only then
develop, invest and buy again.
What interest has a concrete organism called takes the place of excess products sent out of the
government in this trade? Manifestly but one— country and no longer subject to a domestic tax.
taxation. All governments are supported and main­ This being true, a government has no direct interest
tained by taxation. And taxation is simply the in a differential balance of trade one way or the other,
taking of a part of production for this purpose. If unless it supplants taxation by tribute— and in this
trade is barter— ultimately, each people pays for the event, with a large favorable “ balance,” robs its
support of its national government, out of its own own people, and not those of other countries. Its
production. There is no other source; there can be sole interest is in the larger production which access

Of the latest selections it might be urged that a
man whose energies have been devoted to mining is
not particularly indicated thereby as fitted to under­
take air-craft production; presumably M r. Ryan
lacks this particular line of experience, nor is Mr.
Schwab a professional builder of ships, at least in
any exclusive way. But certain of the qualities
which have been proved in a man by his achieving
large business success, especially when the work
has been productive rather than trading, mark him
as fit for directing any constructive work. For
instance: vision and foresight; an intuitive judgment
in picking out men for work; ability to get a straight
line to the mark and to bring out of men the best
and most there is in them; a judgment of means as
related to ends; in short, ability to accomplish.
What the country needs is accomplishment. The
men who have proved themselves by accomplishing
some things worthy to be done are the men most
likely to repeat the accomplishment, though in
new and wholly untried fields. Some are naturally
leaders, in any emergency arising. Some have the
indefinable ability to do things and get things done.
They are the men we need and must have. Also, the
worst mistake is to continue in mistake and to shut
our eyes to mistakes made, in a comfortable optimism
that all is going on well or in a weak fear lest we dis­
courage ourselves or allow some admission to reach
the enemy if we take fresh bearings and alter our
course a point or two.




A pr. 27 1918.]

THE CHRONICLE

to foreign marts of exchange induces. If it attempt
to direct control or manage production it exercises
an arbitrary power wholly apart from its original
right of exacting revenue, and may thus pass dis­
criminatory laws which take either the form of sub­
sidies or tariffs.
We develop then three fundamental propositions:
(1) No earthly power can justly pay a war debt
except out of the toil of the people concerned and
pledged. (2) Government has no original right
over production save to take sufficient of the products
to pay for its own sustenance. (3) Since it cannot
take from the production of other peoples without a
system of inequitable exchange, it has absolutely
no interest in a “ balance of trade,” save the secondary
one that when the exchange is equal it gives better
life to the people, a larger volume of production
from their exertions, and thus only a broader base
for taxation. Therefore, its interest in foreign
trade can take but two forms, and these passive.
It is interested in the encouragement of domestic
volume of production, that it may pay its debts by
smaller burdens upon the people, and (note) in the
encouragement of the volume of foreign peoples’
production that they may have the goods of ultimate
payment for the surplus sold to them. Any system,
therefore, of interference or reprisal adopted against
the equability of exchanged goods in labor value
and volume, constitutes commercial war, and is in
the end wasteful and harmful. And until all nations
thall adopt reasonable systems of domestic taxation
(the taking of products in taxes) they cannot lay
down a system of equable exchange of product for
product which alone makes a people rich in better
living.
Certain natural laws are self-evident. Contiguous
peoples must always have a greater international
volume of exchange than widely separated ones.
Soil and climate give predominance to certain crops
or kinds of production, that no people can disregard
without loss to themselves. The lowest level of
exchange values arises from the highest use of natural
peculiar advantages. The tastes of a people, and
the requirements of territorial geography, constitute
elements of production and consumption which no
Government can alter or absolve. And the theory
or form of Government must always give rise to
laws that cannot be equalized while they prevent
harmonization of the world. If all nations were
democracies, trade would and could be more nearly
free than othei^vise. And obstruction always re­
duces production.
We have laid down these considerations broadly.
They arc far from the practical; yet, it is not practical
to ignore them. Questions of imperative detail are
numerous. For one thing, our Government in
allowing “ corporations to combine for foreign
trade,” has taken one step of far-reaching import­
ance— in agreeing to absent itself from direction and
control. It will also have after the war a large
merchant marine, which, if it be given free play,
will thread the seas in search of goods we want,
giving those we do not want or need. And in
proportion as all nations can come to adopt these
fundamental and inescapable principles of trade,
will the world see such a revival of foreign exchange
in all countries as will make possible a domestic
production out of which the huge war debts may be
extinguished rapidly, while the people live bet­
ter.



B U IL D IN G

1729
O PER ATIO N S
OF

F IR ST

QUARTER

1918.

As the year 1918 progresses evidence of marked
inactivity in building operations accumulates. We
have shown, heretofore, how in January construc­
tion work, as represented by the permits issued in
the country as a whole, fell off 32 million dollars,
or over 54% , and that the February decline was
28 millions, or 48.4% . Now we have the returns
for March which show an even greater decrease,
while the returns for the three months combined,
covering the first quarter of the year, give a diminu­
tion of moderately more than one-half. This pro­
digious slump in one of the most important industries
of the United States is, however, and under pre­
vailing conditions, not at all surprising. High
prices, scarcity and even dearth of some materials
and the need that Government requirements should
take precedence of private interests are all con­
tributing factors in the falling off.
Our March compilation covering returns from
170 cities indicates that the expenditures called
for in building operations under the permits issued
is less than half the contemplated outlay for the
period in all years back to and including 1909, well
below the contracted total of 1908, and actually
smaller than for a number of years prior thereto.
In fact, the total is but 840,282,966, against $87,­
585,280 last year, or a decrease of 54.0% , and a
slightly greater decline from 1916 is recorded. The
outcome in Greater New York is very much under
that for the month last year, due most largely to
restricted operations in Manhattan, although shared
in by all boroughs. The current aggregate of
$5,167,668 compares with $14,170,980. Outside
of this city the estimated expenditure reaches
$35,115,298, against $73,414,300, and of the 169
cities, 125 exhibit decreases, with the percentages
in many instances very heavy. Leading cities in
this category are Chicago, Philadelphia, St. Louis,
Boston, San Francisco, Detroit, Los Angeles, Den­
ver, Richmond, Cincinnati, Milwaukee, Kansas
City, Indianapolis, Baltimore and St. Paul. On
the other hand, increases of mentionable size are
comparatively few with such localities are Seattle,
Cleveland, New Orleans, Washington, Newark
and Norfolk included.
It remains, however, _for the results for the first
quarter of 1918 to furnish a most decided and con­
clusive measure of the shrinkage in building opera­
tions due to the various hindering influences, the
total of intended outlay for construction work falling
below that for the like period of any year since we
began the compilation of the returns and most likely
the smallest in two decades. In the New England
section, represented in our compilation by 24 cities,
the total approximate cost of construction work is
only $7,179,259, against $20,493,906, Boston, Hart­
ford, Bridgeport, Springfield, Worcester, Lowell,
Cambridge and Newton being prominent in the mat­
ter of decrease, with the only noteworthy gain at
New Haven. The Middle division (Greater New
York excluded) covers 41 cities and at only seven of
them (Buffalo, Harrisburg, Elizabeth, Lancaster,
Niagara Falls, Wheeling and Williamsport) is a
greater contemplated outlay than a year ago re-

1730

THE CHRONICLE

[Vol. 106.

corded. On the other hand, large declines are re­
ported at such leading points as Philadelphia, Balti­ C O U R S E O F E L E C T R I C R A I L W A Y E A R N I N G S
I N 1917.
more, Rochester, Albany, Jersey City, Washington,
Our
annual
compilation
of the gross and net earn­
Wilmington and Syracuse, so that the aggregate of
ings
of
the
electric
railways
of the United States
all is over 16 million dollars less than for 1917, the
reveals results somewhat different in character from
comparison being between $16,567,222 and $33,­
previous compilations. In the gross the record is
127,314.
the same as in the past and betokens continuous
The Middle West total for the quarter also stands
growth. In the net, however, the presence of high
very much below the record established in 1917,
operating costs is plainly in evidence. In 1914, and
striking decreases being observable at Chicago, Cleve­
again in 1915, the upward course of the gross earnings
land, Detroit, Cincinnati, Milwaukee, Indianapolis,
was interfered with by the fact that these electric
Toledo, Dayton, Akron and Fort Wayne, with
railways had suddenly become subject to a new form
mentionable increases only at Youngstown and Su­ of competition in the appearance of the jitneys.
perior. The aggregate for the 30 cities comprising Even the effect, however, of the jitney (treating the
the group is $25,997,727, against $58,119,619 in entire body of electric railways as a whole, irrespec­
1917. The exhibit made by the South, too, is poor, tive of the conditions in particular localities and on
notwithstanding the great degree of prosperity ex­ particular roads) went no further than to
perienced the last year or two in that section, due in hold check the steady growth which previous
to the extremely high prices ruling for cotton, its had shown could be confidently counted experience
leading staple crop. The proposed expenditures at upon.
34 cities for the quarter of 1918 is but $10,960,318,
After the standstill in revenues in 1914 and 1915
against $16,637,805 in 1917, all but eight points dis­ the upward trend in gross was resumed, and in 1917
playing decreases, with New Orleans, Atlanta, Rich­ was carried still further. The net, on the other
mond, Savannah, Dallas and Shreveport leading in hand, during 1917, it is found, underwent reduction
that respect, and Norfolk, Oklahoma and San An­ because of the great increase in expenses. We have
complete comparative figures for the two years for
tonio prominent for gains.
A more favorable building situation than else­ 298 roads and the total of the gross earnings of these
where is indicated by the reports at hand from the roads in 1917 was $627,105,976 and in 1916 $577,­
Pacific Coast, but even there a marked diminution in 896,415, giving, therefore, an increase in the sub­
activity is shown. We have returns from 15 cities, stantial sum of $49,209,561, or 8.51% . The net
at 7 of which declines appear, and at Los Angeles and earnings for the same roads are $205,674,443 for
San Francisco they are noticeably heavy. Satisfac­ 1917 and $213,466,788 for 1916, thus recording a
tory gains, on the other hand, are in evidence at loss of $7,792,345, or 3.65% . In other words, a
Seattle, Tacoma, Long Beach and Fresno. The gain of $49,209,561 in gross was attended by an
total of all, at $13,751,782, contrasts jvith $19,466,­ augmentation of no less than $57,001,906 in expen­
380 in 1917. In the “ Other Western” group, in­ ses. In these figures we are dealing with the general
cluding 25 cities, construction work at most points totals. In the case of the separate roads the un­
has been characterized by very noticeable inactivity. favorable character of the net is still more strongly
The aggregate of estimated outlay for the three emphasized. For, altogether, out of the*298 roads
months, in fact, reaches only $11,413,298, against included in our detailed statement at the end of this
$20,237,505 a year ago. Davenport stands alone in article, only 39 show a decrease in gross but 190
reporting a very considerable increase in operations. have suffered a decrease in net.
With reference to this detailed statement, which is
Summing up the foregoing details, we have an aggre­
gate contemplated expenditure for the 169 cities out­ very elaborate, it is proper to say that as in the case
side of New York of $85,869,606 for the three months of preceding annual reviews, we have sought to
of 1918, this contrasting with $168,162,529 for the procure returns for the last two calendar years from
like period of 1917 and 162 millions in 1916. Greater all the street and electric railways in the country.
New York’s results are $14,741,099 and $36,529,837 The success attending our efforts can be judged from
and 403^ millions, and finally, for the whole country the tables themselves. Manifestly, any compilation
(170 cities) the contracts entered into for the three dealing with electric railways is made up in consid­
months call for approximate disbursements of $100,­ erable part of street railways, since these latter are
610,700, against $204,692,366 in 1917 and 2 0 2 ^ now practically all operated with electricity as motive
power. And yet the tables include many other elec­
millions in 1916.
A slight revival of building operations in western tric roads, for electric lines connecting various sub­
parts of Canada is to be noted this year, but in the urbs have become quite common, and there are also
main the volume of work in the Dominion is limited numerous electric interurban roads of large magni­
as compared with the pre-war period, and revival of tude.
activity is hardly to be expected until after hostilities
We may repeat what we have said in previous
in Europe have ceased. As regards the exhibit for yearly reviews, that the task of obtaining these fig­
March, reports from 26 cities in the eastern portion ures for the twelve months of the calendar year is
of the country furnish in the aggregate a prospective not altogether easy. Where companies furnish
outlay about three-quarters of a million dollars less monthly returns, it is, of course, not difficult to
than for the month last year; for 11 Western cities make up the figures. But the number of electric
there is a gain of about one-half million, and the railways supplying monthly returns is still exceed­
general result is $2,146,211, against $2,418,441. For ingly meagre— notwithstanding that, with the in­
the three months of 1918 the Eastern total is $3,149,­ crease in the capital invested in these properties, the
304, against $4,869,108, the Western $1,652,647, policy of secrecy in their affairs, which formerly
against $612,496, and the aggregate of all (37 cities)
$4,801,951, against $5,481,604.
I to more enlightened methods.




A pr. 27 1918.]

THE CHRONICLE

Besides the roads which have furnished returns of
both gross and net earnings, 10 other roads have
favored us with comparative figures of gross alone.
Adding these on, the number of roads is increased
to 308, and the total of the gross raised to $632,416,­
356 in 1917, and $582,408,668 in 1916. The in­
crease in this case is $50,007,688, or 8.59% .
ROADS REPORTING GROSS ONLY.
Roads.

1916.

1917.

Increase.

Decrease.

Gross earnings reported below
$
S
3
(298 roads)......... ........................ 627,105,976 577,896,415 50,092,620
292,000
271,107
20,893
Arkansas Valley Internrban R y .. 84,536
85,951
95,699
059,426
36,273
Ironwood & Bessemer R y. & Light
89,752
78,625
11,127
65,449
64,973
476
25,502
21,195
3,963,366 3,369,403
593,963
Michigan Railways______________
111,413
115,019
Missouri & Kansas Interurban Ry
309,328
439,543
130,215
Portsmouth Street UR & Light C o.
132,889
147,427
14,538
Springfield Terminal R y & Pow Co

S
883,059

Total (308 roads).......................... 632,416,350 582,408,668 50,900,105
Net Increase (8 .5 9 % ).------- --------50,007,688

892,417

____

1,415

4,307
3,636
..........

a The poor showing In 1910 was due to the suspension of operations from June 1
to Sept. 2 1910 on account of a strike.

While the 10 roads in the foregoing have fur­
nished only exhibits of the gross, it seems safe enough
in their case to arrive at an approximation of the net
by taking expenses for the two years at the same ra­
tios to gross earnings as are found in the case of the
roads which have furnished reports of both gross
and net— 67.20% in 1917 and 63.06% in 1916.
We make the computation, of course, only in the case
of the total of the whole 10 roads. Obviously, it
would not be safe to apply such an arbitrary rule as
regards any particular road. Adopting that method,
we are able to combine the two classes of roads and
get complete results as to both gross and net, as is
done in the following:
--------------------- gross
■■ -----------------------Net----------------------Calendar
1917.
1910.
Increase.
1917.
1910.
Decrease.
Year—
3
3
3
S
S
3
298 roads.027,105,970 577,890,415 49,209,501 205,074,443 213,400,788 7,792,345
10 roads. 5,310,380
4,512,253
798,127 *1,741,805 *1,000,820 a74,979
308 roads.032,410,350 582,408,008 50,007,088 207,410,248 215,133,014 7,717,300
* For those roads the not Is merely an approximation, no figures having been
furnished by the companies.
a Increase.

It will thus be seen that the aggregate of the net
on the foregoing basis for the whole 308 roads
reaches $207,416,248 in 1917, against $215,133,614
in 1916, a decrease of $7,717,366, or 3.58% .
The totals given all relate, as already stated, to
roads which have favored us with statements for the
calendar year, or whose figures we have been able to
make up for that period of twelve months. In order
to carry the investigation a step further, we have
thought it best, as in previous years, to furnish an
indication of what the totals would amount to if we
took into account the roads whose figures are avail­
able for other periods, and particularly for the fiscal
year ending June 30. In the summary we now fur­
nish we start with the total of gross and net for the
calendar years 1917 and 1916, as given above, and
then add the earnings of all the roads for which we
have returns for the twelve months ending June 30.
The two combined make a very comprehensive ag­
gregate, as follows:
.

------------- Gross------------1917.
1916.

S

S

---------------Net------------- .
1917.
1910.

S

s

For cal. yrs. as abovo (308 roads) 032,416.356 582,408,668 207,416,248 215,133,614
For years end. Juno 30 (28 roads) 37,893,353 30,120,041 13,674,492 13,452,315
Grand total (330 toads)...........670,309,709 618,529,309 221,090,740 228,585,929
Increase........................................ (8.37%) 51,780,400
................ .........
Dccreaso..................................................................................
(3.28%) 7,495,189

The total of the gross earnings (comprising 336
roads) for 1917 is $670,309,709, and for 1916, $618,­
529,309, an increase of $51,780,400, or 8.37% .
Aggregate net earnings are $221,090,740, against
$228,585,929, a decrease of $7,495,189, or 3.28% .



1731

To guard against misleading the reader, we wish to
reiterate what we have said in previous annual re­
views o f the earnings of these electric railways,
namely that this is not an attempt to indicate the
aggregate of the gross and net earnings of all the
street and electric railway undertakings in the United
States. It is simply making use of all the figures
that have been placed at our disposal, or which are
available. Large though the totals in our final sum­
mary are, they fall considerably short of recording
the entire earnings of electric railways in the United
States. The minor roads not represented would not
swell the amount to any great extent, but it happens
that a few large companies are also missing, because
no data concerning their income could be obtained.
Among these many be mentioned the Bay State
Street R y ., the Denver Tramway System, Cincinnati
Traction C o., Fort Wayne & Northern Indiana
Traction Co. and the Wilkes-Barre Railways Co.
Even with these roads and many minor ones missing,
our total of the gross for 1917, it will be observed, is
over $670,000,000, and the total of the net over
$221,000,000.
Of course, many of the electric railways furnish
electricity for lighting and power purposes, besides
being engaged in the railway business, and the earn­
ings from that source form part of their total income.
On the other hand, in a number of cases the earnings
from lighting a#d other sources have been separated
from the street railway income, and the latter alone is
included in our table. This is true, for instance, of
the Public Service Corporation of New Jersey, where
we take simply the results from the operation of the
railway properties; it is also true of the Philadelphia
Company (of Pittsburgh), the Pacific Gas & Electric
C o., the New Orleans Railway & Light C o., the Little
Rock Railway & Electric C o., the Birmingham Rail­
way, Light & Power C o., the Knoxville Railway &
Light C o., the San Joaquin Light & Power Corpora­
tion, The Pine Bluff C o., the Union Railway, Gas
& Electric C o., and some others.
We have been making up these annual compila­
tions continuously for thirteen years now, and to show
how constant and general the increase has been
from year to year and how the totals have been grow­
ing in-magnitude, we furnish the following summary
of the comparative totals of gross and net for each
of the years back to 1905.
GROSS EARNINGS.
Current
Previous
Year.
Period—
Year.
1905 compared with 1904___ ....$306,067,145 $281,608,936
1006
"
•' 1 90 5 ....___ 300.567,453
269,595,551
" 1 00 6 ..... . . . 306,266,315
1907
"
280,139,044
.
.
.
.
351,402,164
M
1907___
1908
“
348,137,240
1909
"
" 1908— .. . . . 374,305,027
345,006,370
•• 1 9 0 9 --.. . . . 435,461,232
405,010,045
1910
'*
1911
"
" 1910___ . . . 455,746,306
428,631,259
1912
"
•• 1911___ . . . 486,225,094
457,146,070
'* 1912----- . . . . 529,997,522
1913
"
500,252,430
" 1913___ . . . . 553,095,464
1914
"
548,296,520
“ 1914___ . . . 567,901,652
1916
M
669,471,260
1916
M
“ 1915___ . . 626,840,449
574,382.899
•' 1916___ . . . 670,309,709
1917
'•
618,529,309

Increase.
$24,458,209
30,971,902
26,127,271
3,264,924
29,298,657
30,451,187
27,115,047
29.079,024
29,745,092
4,798,944
*1,569.608
52,457,550
51,780,400

Per
Cent.
8.68
11.49
9.33
0.94
7.49
■7.51
6.33
6.36
5.94
0.87
0.28
9.13
8.37

Increase.
$12,663,182
12,556,119
4,951,601
1,118,204
19,746,859
10,937,028
10,473,897
14,394,113
11,029,384
*1,126,315
*3,121,230
18,484,877
*7,495,189

Per
Cent.
10.71
11.01
4.09
0.79
14.03
6.54
5.96
8.00
5.70
0.53
1.43
8.56
3.28

* Dccreaso.
NET EARNINGS.
Current
Previous
Period—
Year.
Year.
1905 compared with 1904. . ...$130,884,923 $118,221,741
“ 1005----- . . . 126,580,195
1906
“
114,024,076
" 1906___ . . . 126,002,304
121,050,703
1907
"
1908
“
•• 1907----- . . . 142,262,417
141,144,213
" 1908___ . . . 160,394,765
140,647,906
1909
"
“ 1 9 0 9 - .. . . . 178,037,379
1910
'•
167,100,351
" 1910___ . . . 186,001,439
175,527,542
1911
”
1912
"
" 1911___ . . . 194,309,873
179,915,760
" 1912___ . . . 204,422,429
1913
"
193,393,045
“ 1913___ . . . 211,020,088
1914
M
212,146,403
•* 1914___ . . . 214,319,303
217,440.533
1915
"
“ 1015.. . . . . . 234,402,450
215,917,573
1910
'*
“ 1916___ . . . 221,090,740
1917
"
228,585,929
* Decrease.

THE CHRONICLE

1733

It will be observed that, while in the first year our
final total showed aggregate gross of only $306,067,­
145, the aggregate for 1917 reaches $670,309,709.
The net now is $221,090,740, whereas in 1905 it
was $130,884,923. Of course, to some extent, our
exhibit is more comprehensive now. In the main,
however, the increase is due to the growth of traffic
and revenues in the interval. It will be noted that
each and every one of the thirteen years, except
1915, shows some increase in gross earnings, that
even 1908— the year following the panic— proved no
exception, though the increase then was relatively
small, and that the total of the gain in gross for the
E L E C T R IC R A I L W A Y G R O S S A N D

[V o l . 106

whole thirteen years, taking the aggregate of the
increases for the separate years, amounts to no less
than $364,242,564. In the net earnings, however,
growth has ceased, the augmentation in expenses
and rise in operating cost having caused decreases
in net in three out of the last four years, not­
withstanding the continued expansion in
the
gross.
The following is the detailed statement already
referred to for the last two calendar years, which
shows separately the comparative figures for each
road contributing returns of gross and net in the
two years:

N ET E A R N IN G S F O R C A L E N D A R Y E A R .
N E T.

GROSS.
ROADS.

1917.

1916.

Increase.

$

48,360
529,814
578,174
A lbany Southern R ailroad C o . a _______________________
6,675
76.722
83,397
Albia Light Sc Railway C o _____________________________
12,863,405 j 9 ,188,051 3,675,354
Am erican Railways C o . a ______________________________
168,180
1,260,287
1,428,467
Arkansas Valley Railway, Light Sc Power C o .a ----------4,048
100,191
104,242
Ashtabula R apid Transit C o . b _______________________
4,226
420,708
424,931
A tlantic C oast Eloctric R a ilw a y .b ____________________
351,215
c231,756
A tlantic Shore Railway (K onnobunk, M e .)_ b ------------27,927
27,622
A ttleborough Branch Railroad C o .a ---------------------------116,379
558,436
A uburn & Syracuso Electric R a ilw a y .b ______________
674,815
144,574
774,335
918,909
Augusta-Aiken Railway & Electric C o r p o r a t io n s ----125,509
2,056,362
2,181,871
A urora Elgin & C hicago R a ilro a d .a __________________
269,094
257,363
A ustin Street R a ilw a y .b ______________________________
56,132
829.988
886,120
B angor Railway & Electric C o . a _____________________
20,271
211,691
231,965
B aton R ouge Electric C o . a ___________________________
27.704
494,402
466,698
B enton Harbor-St Joe Railway & Light C o . b ------------58,843
999,886
1,058,729
Berkshire Street R a i l w a y s ___________________________
5,100
80,318
85,418
B iddoford & Saco R a ilro a d .a _________________________
53,503
651,527
705.030
B ingham ton R ailw a y, b _______________________________
73,443
1.982.585
Birmingham R y ., Light & Power C o. (R y . D ep t. o n ly ).b
2,056.028
92,962
88,474
Blue Hill Street R a ilw a y .a _____________________________
442,050
19,818,407 19,376.357
B oston E levated R a ilw a y .b ____________________________
32,492
823,137
855,629
B oston & W orcester Street Rail w a y . b _________________
1,702
122.614
* 124,316
B rockton & Plym outh Stroet R a ilw a y .a _______________
B rooklyn Rapid T ransit—■
65,148
8,705,388
8,770,536
B rooklyn Heights Railroad C o .a _____________________
1,620,858
1,576,134
B rooklyn Queens C ounty & Suburban R a i l r o a d s —
40,186
1,862,805
1,902,991
C on ey Island & B rooklyn R a ilroa d .a ------------------------10,685
77,493
88,178
C on ey Island & Gravesend R a ilw a y .a ----------------------5,021,101
4,985.481
Nassau Eloctric Railroad C o . a _______________________
12,015,097 10,759,593 1,255,504
N ew York C onsolidated R a ilro a d .a _________________
982,147
962,087
South B rooklyn Railway C o . a _______________________
121,401
1,599,872
1,721,273
B uffalo & Lako Erie T raction C o . b _____________________
38,200
402.614
440,814
B uffalo Lockport Sc Rochester R y .b ____________________
2,981
38,230
41,211
B uffalo Sc Williamsville Electric R y . a --------------------------45.093
644,843
689,936
B utte E lectric R a ilw a y .b ______________________________
1,734
40,530
42,264
Calais Street R a ilw a y .a _________________________________
52,891
407,176
460,067
California Stroet C a b le, b ______________________________
494,287
2,289,251
2,783,538
Capital T raction (W a s h in g to n ).b ______________________
132,135
(775,370
1907,505
Carolina Power & Light C o . a __________________________
556
38,098
38,654
Cham bersburg & G ettysburg Electric R a ilw a y .b ______
92,706
326,149
418.855
Charleston (W . Va.) Intorurban R a ilro a d .a ------------------45,952
42,610
Charlottesville & Albem arle B y. (R ailw ay D ep t. on ly )_b
1201719
1,235.623
1,356,342
Chattanooga Railway Sc Light C o .a __________________
152,159
141,089
Chautauqua Traction C o . b ___________________________
43,895
122,124
166,019
Chester Sc Philadelphia R a ilw a y .a _____________________
4.555
333,603
338,158
C hicago & Interurban T raction C o . b _________________
98,152
549,312
C hicago Lake Shoro Sc South Bend R a ilw a y .b ___________
647,464
863,693
791,956
C hicago South Bond & N orthern Indiana R ailroad , b ____
324,997
m35114,633 m34789,636
C hicago Surface L in e s .a ______________________________
20.617
566,675
587,292
C hicago & West Towns R a i l w a y s ____________________
1,364
123,489
124,853
Cincinnati Lawrenceburg Sc Aurora Elec. Street R y . b . .
1,032
88.568
89.600
Cincinnati M ilford Sc Loveland T raction C o .a ___________
18,571
(724 5,653
(7264,224
C itizens’ Traction C o. (Oil C ity . P a .) .b -------------------------72,888
249,196
322.084
C larem ont Railway & Lighting C o . a _____________________
3,280
82,131
85,411
Cleveland Sc Chagrin Falls R ailw a y .a ___________________
5,433
238,410
243.843
Cleveland Sc Eastern T raction C o . a ______________________
16,537
130,190
146,727
Cleveland Sc Erie R a ilw a y .a _____________________________
158.649
154.772
Cleveland Painosvillo & Ashtabula R a ilroa d -b __________
60,717
411,139
501.856
Cleveland Painesville & Eastern R a ilro a d .b ____________
654,571
9,521,555
10,176,126
Cleveland Railway C o m p a n y .b _________________________
70.612
1,337,156
i , 407.768
Cleveland Southwestern & Columbus R a ilw a y .a _________
185.870
182.415
C linton Street R a ilw a y .a ________________________________
18.965
86,038
105,003
Coal Belt Electric R a ilw a y .b ____________________________
34,741
421,380
456.121
Colum bus Dclaw. Sc M arion Elec. C o. (R y . D op t. on ly )_b
214,713
881,353
1,096,066
Colum bus (G a.) Electric C o .a ___________________________
2,859
36,808
39,667
Colum bus M arion Sc Bucyrus R a ilw a y .a ________________
3,081
61,661
64,742
C olum bus N ow A lbany Sc Johnstown T raction C o . b ____
486.787
3,537,399
4,024,186
Colum bus (Ohio) Railway, Power & Light C o .a _________
81,305
78,596
C oncord M aynard Sc Hudson Streot R y . a _____________
109,811
1,096,827
1,206.638
C onestoga Traction C o . b _______________________________
456,728
9,666.434
Connecticut C o m p a n y .a _________________________________ 10,023,162
12,249
240,320
252,569
Connecticut ValloV Street R a ilw a y .a ___________________
10,882
9.258
C onw ay Electric Streot R y .a ____________________________
214,930
2,866,997
3.081.927
Cum berland C ounty Power Sc Light C o . a _______________
130,560
Dallas Railway C o .a ____________________________________ h i . 444.004 Til, 313.444
163,933
158,802
D a y ton C ovington Sc Piqua Traction C o . b ____________
3,335
316.122
319,457
D a yton & T roy Electric R a ilw a y .b _____________________
133,983
1,396,037
1,530,020
Dos M oines C ity Railway C o .a _________________________
D etroit United Railway C o . b ___________________________ 17,427.939 16,036,669 1,391,270
2 , 2 18
116,161
118,379
D ov er Somersworth & Rochester Stroet R a ilw a y .a -----33,992
637,258
603,266
D u bu qu e Electric C o . a __________________________________
219.958
1,424,429
1,644.387
Duluth-Superior T r a c t io n .b _____________________________
71.352
995.183
923,831
Eastern Pennsylvania Railways C o .a __________________
111,760
826,314
938,074
Eastern Texas Electric C o .a ____________________________
664.772
3,027.699
3,692,471
East St Louis & Suburban C o .a ___________ ______________
13,821
442,263
456.084
Elm ira W ater, Light & Railroad C o. (R y . D op t. o n i y ) .b .
172.807
1,110,718
1.283,525
E l Paso Electric C o .a ___________________________________
1 1,891
142,141
154,032
E scanaba Traction C o . a _________________________________
8.929
d l74,207
d l65,278
Evanston R a ilw a y .a ____________________________________
52.501
139,962
192,463
Evansville Suburban & Newburgh R a ilw a y .a __________
121,719
107,516
Fairm ount Park Transportation C o . b __________________
365.168
2,502,142
2,867.310
Federal Light & Traction C o. and subsidiary c o s .a _____
55.607
346,573
402,180
Fitchburg & Leominster Street R a ilw a y .a _____________
21,966
486,704
508.670
F ort Smith Light Sc Traction C o .a ______________________
53,251
53,249
F ort W ayne & Decatur Traction C o . a __________________
10,180
62,066
72,246
Fostoria Sc Fremont R y .a _______________________________
6.901
152.819
159.720
Frankford T a con y & Holmosburg Street R a ilw a y .a ____
10,122
225.518
Fresno Traction C o . a ___________________________________
235.640
5,301
76.114
81,415
Galesburg & ICewanoo Electric T a ilw a y .b _______________
5.318
101.923
107.241
G enova Seneca Falls Sc Auburn R a ilro a d .b _____________
143.283
1.944.839
2,08.3.122
G alveston-H ouston Electric C o . a _______________________
821.330
6,985.709
7,807.039
Georgia Railway Sc Power C o (com bined c o m p a n ie s ).a ..
6.274
1.297.586
Grand Rapids Railway C o .a ____________________________
1,303.860
61,333
521.529
582,862
Hagerstown & Frederick R a ilw a y .b _____________________
165.066
1,021,665
1,186.731
Harrisburg Railways C o . b ______________________________
7.605
236.452
244.057
H artford Sc Springfield Streot R a ilw a y .a ________________
17,641
329,195
346,836
Helena Light & Railway C o .a _________________________
16,736
320,398
343,134
H oughton C ounty T r a c t io n .a ___________________________




Decrease

11,731

4,488

44.724

71,737

3,455

2.709
1.624
"5,131

14.203

1917.
S
125,870
28,650
3,636,687
645,222
22,270
51,224
e33,3l7
9,587
205,564
396,943
606,100
97,712
384,067
112,551
136,575
46,739
22,216
242,925
802,876
def. 14.543
6,271,283
263,786
def.462

1916.
S
142,524
32,706
.73,528,774
564.762
32,720
147,409
59,837
10.786
136,147
357.924
675.494
106,020
3 6 9,111
110.836
154,696
184,918
22,397
244.872
672.202
def 1,539
6,722.235
266.112
13,501

2,908,963
2.836,244
455,610
401,424
541.082
532,724
2 1,239
11,963
1,284,486
1,234,594
4.184,268
4,676,929
330.626
300,373
577.289
546.559
140.301
152,522
2,293
1.134
104,057
109,468
10,179
8,321
163,710
204,466
c l ,250,209 c l , 051.841
(279,879
(327,380
8.396
9,072
162.602
176.202
11,659
10.852
412.179
217.439
39,817
12,542
85,218
99,895
143.394
125,788
181,564
165.407
347,029
220.361
n»12012,937 m l3 0 16,113
189,021
172,119
39.359
25,857
7,741
d ef.9.087
81,662
89,940
76,832
98.948
21,430
16.484
91,938
72.241
23,806
20.612
53.464
21.863
218,151
212.447
2.801.123
2,613,787
469,803
276,177
76.009
70.236
20,396
23.943
158.808
148.837
530,121
675.605
8,168
8,566
12,912
13.772
1,432,275
1,080.257
22.057
4,769
C505.258
C566.181
2,589.448
1,607.648
54,160
49,391
l ,538
def. 586
1,091,510
1,027,881
(279,185
285,603
68.031
43.014
139,822
107,704
459,471
459.404
4,168.149
4,820,867
22,748
17,972
241,684
207,880
509,856
582,116
332,265
314,279
381.891
421.082
1.210,952
1,206.925
C123.212
c l 12.906
452.154
481,755
78,525
70,540
C47.032
C52.862
38.661
63.439
44,448
29.192
864,249
856,846
95.566
87,436
154,179
154,266
3.990
3,772
21.015
29.965
4 1.306
24.033
40,867
32.014
15.406
13,851
3.8.454
27,383
708.732
703.250
3,076.929
2,915,597
469.561
393,684
215.581
224.840
550.597
561,368
42 071
60.231
111,339
124.697
139.939
103,008

Increase.

$
107,913
80,460

69.417
39.019
14.956
1,715

130.674

______
______
492.661
12,218
5,411
40,756
198.368
47,501
676
13.600
14.677

............
22.116

3.517
145.484
398
860
60.926

72.260
39,191
4.027
29.601
5,830
24,778
87
8.950

9,259
10,771
13,358

Decrease.

8
16,654
4,056
_____10,450
96.185
26,520
1,199
69.394
8,308
18,121
138,179
181
1.947
13,004
450,952
2,326
13,963
72,719
54,216
8.358
9,276
49,892
30.253
30.730
1.159
1,858

807
194,740
27,275
17,606
16,157
126,668
1.033,176
16.902
13,502
16,828
8.278
4,946
19,697
3.194
31.601
5,704
247,336
193.626
5.773
9,971
352,018
17,288
981,800
4.769
2,124
63.629
6.118
25,017
32.118
67
652.718
4.776
33,804
17.986
10.300
7.985
15,256
7.403
8,130
218
17,273
8.853
1.555
11.071
5.482
161.332
75,877
18.160
36,931

1733

THE CHRONICLE

A pr. 27 1918.]

NET.

GROSS.
ROADS.

H udson Valley R ailw ay C o . b ------------------------------------------H um boldt Transit C o ________________________________
Illinois Light & Traction C o . b ..........- .......... - .....................
Illinois T raction S y s te m .a ----------- - - -----------------------------Indianapolis & Cincinnati Traction C o a . ---------------------Indianapolis & Louisville Traction Railway . a --------------Indiana Railways & Light C o . b ......... - - - - ...........................
Intcrboro Rapid Transit C o (New Y o r k ). a . - - - -------------International T raction System (B uffalo, N . Y . ) . a ---------Interstate Consolidated Street Railway C o .a
Interurban Railway C o .a ------------------------------Iow a Railway & Light C o .a --------------------------------------------Iow a Southern Utilities C o . a . .
Ithaca T raction C orp ora tion .a
Jackson Light & T raction C o .a --------------------------------------Jacksonville T raction C o . a . - - -----Jamastown Street R a ilw a y .b -----Johnstown Traction C o .a — - - - - Joplin & Pittsburgh Railway C o .b
Kansas C ity C lav C ounty Sc St. Joseph R a ilw a y .a -----Kansas C ity Kaw Valley & Western R a ilw a y .a .-------Kansas Electric Utilities C o. (and controlled c o s .) .a — K eokuk Electric C o . a ------------------K e y West E lectric C o - a - - - - - - - - Kingston Consolidated R ailroa d .b
. . .
K noxville Railway & Light C o. (Railway D ep t. o n l y ) .b .
Lakc Shore Electric Railway (entire sy s te m ).a --------------Lehigh Valley Transit C o .a ............................. - - .......
Lowisburg M ilton Sc W atsontown Passenger R y .a
Lewistown & IteedsvIUe Electric R a ilw a y .a -.......... , v ,
L ittle R ock Railway Sc Elec. C o. (Railway D ept. o n ly ).b
L ong Island Electric R a ilw a y .a --------------------------------------Los Angeles Railway C orp ora tion .a -------------------------------Louisville Railway C o . b -------------------------------------------------M a con Railway & Light C o . a ------------- M adison (Ind .) Light & Railway C o .b
M adison (W is) Railways a --------------- --------- ,
. ___
M anchester T raction, Light Sc Power G o. and sub. c o s .a .
M anhattan Bridge Three-Cent L i n e . a . - - ----------------------M anhattan & Queens Traction C o rp o ra tio n .a -..............M ansfield Public Utility & Service C o .a ....... .....................
M assachusetts Northeastern Street Railway C o . a -------M em phis Street R a ilw a y .a ----------------------------------------------M esaba R a ilw a y .a ----------------- ----------,-----------------------------M iddlesex Sc Boston Streot R a ilw a y .b
M ilford Sc Uxbridge Street Railway a
M ilwaukee Electric Railway & Light C o . a . .......................
M ilford Attleboro Sc W oonsocket Street R a ilw a y .a
M ilwaukee Light, Heat Sc Traction C o . a ................
M ilwaukee Northern R a ilw a y .a ----------------- ----------M obilo Light Sc Railroad C o . a -----------------------------M onongahela Valley Traction C o . a -------------------------------M ontoursville Passenger R a ilw a y .a -----M orris C ounty T raction C o . b --------------M uskogee Electric T raction C o . a ----------Nashville Railway & Light C o . a . . ..........
N ew Bedford & Onset Street R a ilw a y .a ______
N ow Jersey & Penna. Traction C o. (Princeton D l v .) .b .
N cw Orleans R y. Sc Light C o. (Railway D ept. o n l y ) .b .N ow port Nows Sc Ham pton R y , Gas & E lec C o .a
N ew port Sc Providence R a ilw a y .a ________________
N ow York Sc Long Island Traction C o . a -----------N ow York & N orth Shore Traction C o . a -----------N ow York & Queens C ounty R a ilw a y .a ................
N ow Y ork Rail ways . a __________________________________
N ow Y ork & Stam ford R a i l w a y .a ---- ---------- -----------------N ew Y ork State R a ilw a y s.a -----------------------------------------N ew York W estchester & Boston R a ilw a y .a
N orfolk Sc Bristol Street R a ilw a y .a -------------N ortham pton Street K y . b ---------------------- •----■
.
N ortham p. T r. C o. (incl. N or.-E aston & W ash. T r. C o .)a
Northern Electric R y . b ............—
Northern Massachusetts Street Icy .a
Northern Ohio Traction & Light C o . a -------- -------------------Northern Texas Electric C o . a ----------------------------------------Northwestern Ohio Railway & Power C o .b
Oakland Antioch & Eastern Railway b - . Ocoan Electric Railway (Long Island) . a . Ohio Electric Railway C o . b ------ - - - ---------Omaha & Council Bluffs Street R a ilw a y .a -------- -----------Omaha Lincoln & Beatrice l t y . b .
Orango C ounty Traction C o . b . .
Orogon Electric R a i l w a y .b ...—
Ottumwa Railway Sc Light C o .a
Pacific Electric R a ilw a y .a -------- - - - - - - - - - ................
Pacific Gas Sc Electric C o. (Ity. D ep t. o n l y ) .b -------------Paducah Traction & Light C o . a - .................. - - - .................
Peeksklll Lighting & Railroad (R y . D ep t. o n l y ) .a ............
Peninsular R a ilw a y .a ------------- -----------Pennsylvania & N ow Jersey R a ilw a y .a
Pensacola Electric C o . a ------ ----------------Petaluma & Santa Rosa R a ilw a y .b . . .
Philadelphia Sc Easton Electric R y . . — ......... .....................
Philadelphia C om pany— Pittsburgh Railways C o .a -------Beaver Valley Traction C o .a ----------------Pittsburgh Sc Beaver Valley Street R y .a
Philadelphia Railways C o b . — ................
Philadelphia Rapid Transit C o a . . . - - - - - Philadelphia Sc West Chester Traction C o . b .....................
Philadelphia Sc Wostern R a ilw a y .!)- - - - - ...........................
(Tho) Pino Bluff C o. (R y . D ept, only) b . . . . ......... . . .
Pittsburgh Harm ony Butler & Newcastle R a i l w a y .b ...
Plattsburgh Traction C o . b ....... ............ ..........................—
Portland (Ore) Railway, Light & Power C o .a ....................
P ottstow n Sc Phoenixville R a ilw a y .b -----------------------------Poughkeepsie & W appinger Palls R y . a - - - - - - - - - - - - - - .
P ublic Servico R y . (N . J .). incl. Public Service R R . b . .
Puget Sound Traction, Light & Power C o . a ..........- - - - Reading Transit & Light C o. (and affiliated com p a n ies).a
R epublic Railway & Light C o . a ............................................
R hode Island C o . a - - - ------ - — -------- --------------------------R ichm ond Light & Railroad C o .a
...........................
R ockland Thom aston & Camden Street R y . a . . . ..............
Rutland Railway, Light & Power C o .a -------------------------Saginaw-Bay C ity R a i l w a y . a - - - - - - - - - - - - - - - - -------------St Joseph R ailw ay, Light, Iloat & lo w e r C o . a ---------Salt Lake Sc Utah R a ilro a d -a -- - - - - - - - - - - - .......................
Sandusky N orwalk & M ansfield Electric R y . a ------------San Francisco N apa & CaUstoga R a ilw a y .a .- - - - - - —
San Joaquin Light & Power Corp (Railway D ep t o n ly ).a .
San Jose R ailroads.a
Savannah Electric C o m p a n y .a
Schenectady Railway C o m p a n y .a -------Second Avenue (N ew York C i t y ) .a - - - Sliamokln & M t. Carmel Transit C o .b Shawnee- l’ocumsch Traction C o . b .........
Sioux C ity Service C o .a
Slato Belt Electric Stroet R y . a — -------------------------------South Carolina Light, Power & Railways C o . a ------------Southern M ichigan R a ilw a y .b --------------------- - r— r ------Southern New York Power & Railway C orp ora tion .b -----Spokano Sc Inland Empire R a ilro a d .b ---------------------------Springfield Electric R a ilw a y .a ................................................
Springfield Streot Railway C o . a ......... ...............- ...............
Springfield Sc X enia Railway C o m p a n y .a ...........................
Stark Electric R a ilr o a d .b -........... - ....................... .................
Staton Island M idland R a ilw a y .a ---------------------------------Stockton Electric Railroad . a ----------------------------------------Syracuse & Suburban R a ilroa d .a ------------------------------------




1917.

$

703.073
81,643
13,632,517
14,461,408
496.284
185,964
619,954
40,512,136
8,255.279
195.697
760,392
1,806,721
375,019
196,066
325,492
698.123
442,435
802,287
665.944
799,379
221,746
505,370
248,546
146,087
152,079
585,250
1,786,012
12,875,074
60.583
178.101
634,045
251.124
6,148,011
3,281,505
559.053
59,476
296,550
1,590,655
127,535
292.352
284,487
850,823
2,130,116
287.925
1,074.999
315,092
7.968,192
108,984
2,232,388
371,496
518,023
3,046.582
26,418
410,574
185.904
2,458,321
190,604
84,816
4,669,390
1,357,308
132,530
470,199
167,806
1.092.361
12,406,648
394,259
8,460,002
555,414
101,962
226,740
216,215
1.000.
236,423
6,389,609
• 2,582,113
288.102
745.835
158,304
4,379.772
3,395,161
27,786
194,374
1,025,963
365,407
9,267,130
491.021
304,682
61,829
257,178
229,819
350,459
292,452
118,052
13,644,870
426,033
75,790
137.073
29,726,927
582,070
569,064
115,051
812.021
38,878
6,023,510
103.245
207,068
18.683,035
9.454,861
3,122.557
4,889,916
6.000.
447,538
253,458
429,617
589,478
1,520,720
478.926
54,568
245,390
102,731
309,383
968,174
1,447,151
855,600
197,961
5 1,646
962,309
102,808
523,613
234,299
*377,200
1,324.481
98,279
2,497.514
83,735
396.185
346.642
210,802
151,039

1910.
673,998
78,181
12,238,166
12,556,447
457,580
148.411
547.430
38,081,515
7,818,678
188.150
392,765
1,590,864
254,511
196,577
309,723
627,194
387,690
772,219
643,679
715.257
152,959
470,332
240,182
116.372
146,035
563,369
1,618,552
Z2,471,872
63,294
166,268
530,609
245,166
5,864,561
3,078,297
496,717
59,111
300,051
1,486,885
135.115
319.827
259,239
779,026
2,086,468
249,104
1,052,226
278.828
6,961,151
107,905
1,852,072
352,531
504,709
1,582,780
22,307
398,789
163.372
2,383,041
176,498
80,811
4,422,777
1,013,712
89,920
413,987
160,217
1,391,332
12,162,208
357,816
8,256,470
564.654
98.052
229,481
200,070
793870.495
226.257
5,170,442
1,930,321
268,541
620,216
153,965
4,130,485
3,253,327
25,577
178.249
909,770
360,601
8,604,407
442,303
310,962
63.053
275,234
214.496
280,101
273,534
108,658
13,130,628
391,914
59,728
122.431
2 7,279,5i7
541,326
516.980
92,509
714.829
37,884
5,483,110
88,904
204,193
17,575,276
8,107,371
2,621,599
3,987,617
5,811,996
602
400,738
231.432
403,474
601,527
1,374,449
392,347
52,096
212,443
97,397
320.612
826,093
1,329,583
766.250
200.613
49,918
889.655
90,599
433,983
232.980
*339,726
1,370,348
88,099
2,401,954
79,081
350,900
331,428
226,060
144,521

Incre ase.

29,075
3,462
1,394,351
1,904,961
38,698
37,553
72,524
2,430,621
436.601
7.547
367,627
215,857
120,508
15.769
70,929
54.745
30,068
22,265
84,122
68,787
35,038
8,364
29.715
6,044
21,881
167,460
403,202
11,833
103,436
5,958
283,450
203,208
62,336
365
103,770
25,248
71,797
43.648
38,821
22,773
36,264
1,007,041
1,079
380,316
18,965
13,314
1,463,796
4,111
11,785
22,532
75,280
14,106
4,005
246,613
343,596
42,610
56,212
7,589
244,440
36.443
203,532
3,910
16,145
130,298
10,166
1,219,167
651,792
19,561
125.619
4,339
249,287
141,834
2,209
16,125
116,193
4.806
602,663
48,718

15,323
70,358
18,918
9,394
514,242
34,119
16,062
14,642
2,447,410
40,744
52,084
22,542
97.192
994
540.400
14,341
2,875
1,107.759
1,347,490
500.958
902.299
188,606
40.800
22,026
26,143
146,271
86,579
2,472
32,947
5,334
142.081
117,568
89,350
1,728
72,654
12,209
89,630
1,319
37,474
10,180
95,560
4,654
45,285
15,214
14,742
6,518

Decrease

1917.

1916.

$

$

$

511

2,711

3,501
7,580
27,475

298,971

9,240
2,741

6,280
1,224
18,056

12,049

1.l,229

2,652

45,867

199,512
4,179
4,563,544
5,312,232
143,920
84,360
321,451
19,141,224
c2.558.800
17,767
119,638
595,671
109,120
10,264
116,854
228,411
66.182
303,657
222,946
388,264
74,576
174,635
72,762
50,829
55.907
213.046
575.321
1920,428
5.761
14,057
285,555
21.280
1,736,693
1.544.342
202,882
13,749
199,578
625,606
24,680
33.445
28,545
114.270
C732.119
120,343
185.928
48.951
c2.129.454
7,067
C539.654
157,745
150.935
/ 1 ,408,288
def677
142,911
59,038
868,903
29,628
21.607
1,983,027
540,283
47,734
69,657
35.556
def235,456
2,993.660
36.118
2,152.912
def32,513
8.306
48.951
93,012
224,785
39,691
2,047,147
1,136,450
39,523
239,157
54.332
1,478.564
1,056.290
def.5,091
61,194
233.482
142.989
2,490,313
52,203
72,604
def.12,736
20,137
51,279
146,778
73,380
32,425
3,803,809
126,200
10,259
28,776
12,609,388
269,998
274.349
47,764
278.810
10,462
c2.446.917
45.725
33,471
7.715.285
3,600,843
1,134,963
c l ,548,732
826.350
62.814
71,323
141,675
146.076
534.482
152,034
3.806
96,724
19.374
31,917
322,582
372,720
139.914
55,959
»,414
253,628
25,126
193,877
105.247
121,563
155.735
19,482
14,489
20,572
156,476
def5,674
53,459
41.118

201,876
3,870
4,738,748
6,076,650
131,610
56,538
329,372
20,372.036
c2,730.531
21,024
42,740
647.005
80,366
42.743
117.472
203,487
84,137
360.424
228.006
353,246
63,926
187,724
79,326
38,825
56,462
225.958
595,840
1953,761
17.744
’
13.915
220,757
7,900
1,799,398
1,516,717
168,244
19,396
191,108
642.903
def3,841
78.913
60,540
154,080
C779.821
131,537
247,151
58,533
c2,029.828
13,778
C572.847
162,204
176,142
/8 5 7 ,964
1,284
142,676
56.271
929,853
20.643
27,325
1.985,413
419.650
25,233
43,191
45,556
1,540
3,218,426
62,201
2,593,309
def26,739
23.362
81,608
85,043
134,529
12.724
2,239,463
773,243
72,979
±82,961
45.052
1,756,900
1,127,146
311
57,469
174.439
166,573
2,261,823
92.330
97.362
2,064
1,085
55.913
122,764
76,648
24,820
4,359,047
140,140
19,359
30.866
12,163,206
248,967
272,220
32,273
286,657
13,743
c2,444,856
40,876
59.196
7,665,165
2,986,376
1,116,010
c l ,660,210
1,585.764
97,691
72,798
145,066
192.398
594.054
141.580
4,406
70.101
12,119
56.888
272.399
373,619
107,474
72.542
4,813
277,280
23,498
179,742
106,491
112.472
222,519
24,323
327,337
22,736
160,426
18.724
31,818
43,790

In c re a s e .

Decrease.

2,364
309
235,582
12,310
27.822

76,898
28", 754
24,924

35,018
10,650
12,004

142
64,798
13,380
27,625
34,638
8,470
28*521

99,626

175.204

7.921
1,230.812
171,731
3,257
51,334
32*479
618
17*955
56,767
5,060
13,089
6,564
'* * 5 5 5
12,912
20.519
33,333
11,983

62,705
5,647
*1*7",297
45*i468
31.995
39,810
47,702
11,194
61,223
9,582

■*6',m

33,193
4,459
25,207

550,324
235
2,767
8,985
120,633
22,501
26,466

*1*961
60,950
6.718
2,386

10,000

236,996
224.766
26,083
440.397
5,774
15,056
32,657
7,969
90,256
26,967
363*207
56,196
9,280

3,725
59,043
228,490

19,052
24,014
*7* 605

446,182
21,031
2,129
15,491
2,061
4,849
50.120
614.467
18,953

10,454
26,623
7,255
50,183
32,440
4,601
1,628
14,135
9,091

21,641

192,316
33*.456
278.336
70,856
5,402
23,584
40*127
24,758
14,800
*4*634
*3*268
555,238
13,940
9,100
2,090

7,847
3,281
25,725

111,478
759,414
34,877
1,475
3.391
46,322
59.572

***666
24,971
***899
*16*583
2*3*652
*1*244
66*784
4,841
312,848
2.164
3,950
24,398
"2*672

1734

THE CHRONICLE

[Vol. 106,

GROSS.

ROADS.
1917.
T a m p a Electric C o m p a n y .a _____________________________
T orre Hauto Indianapolis & Eastern Traction C o .a ______
T exas Electric R a ilw a y .a _______________________________
T hird A venue System (N ow Y ork C ity )—
B elt Lino Railway C o r p .a _________________________
D ry D ock East B roadw ay & Battery R y . a _________
42d Street M anhattanvillo & St N icholas A v e n u e .a Netv Y ork C ity Interborough R y . a ________________
Southern Boulevard R R . a _________________________
Third Avenuo R y . a _______________________________
U nion R a ilw a y .a ___________________________________
W estchester E lectric R a ilw a y .a ___________________
Yonkers R a ilr o a d .a _________________________________
T oled o Bowling Green & Southern Traction C o . b ______
T oled o Fostoria & Findlay R y . a ________________________
T oled o & Indiana R a ilro a d .a ____________________________
T o led o T raction, Light & Bower C o . a ________________
Trenton Bristol & Philadelphia Streot R ailw a y, b _______
T renton & M ercer C ounty Traction C o m p a n y .a _________
T ro y & N ew England R y . b _____________________________
T w in C ity R apid Transit (M in n ea p olis).b _______________
Union R y ., Gas & E lectric C o. (R ailw ay D ep t. o n ly )_ b _ Union Street R a ilw a y .a __________________________________
U nion Traction C om pany o f In d ia n a .a _________________
Union Traction C o (Santa Cruz, C a l i f).b ________________
United Light & Railways C o (subsidiary co m p a n ie s )-a -U nited Railways C om pany o f St L o u is .a ________________
U nited Railways & E lectric C o . a _______________________
U nitod Traction C om pany (A lb a n y )_b _________________
U tah Light & Traction C o . a _____ _______________________
V alloy R ailw ays__________________________________________
Vicksburg Light & Traction C o .a _______________________
Virginia Railway & Power C o . b ________________________
W ashington Baltim ore & Annapolis E lectric R y . b _____
W ashington Railway & Electric C o .a ___________________
W ashington W ator Power C o m p a n y .a __________________
AVaterloo Cedar Falls & N orthern R a ilw a y .a ......... ...........
W est Chostcr ICennett & W ilm ington Electric R y . a ____
W est Chaster Street R ailw ay C o m p a n y .b ______________
W estchester Street R a ilro a d .a ___________________________
W estern N ew York & Pennsylvania Traction C o . a _____
W estern Ohio R a ilw a y .a _______________________________
W est Penn Railways C o (including subsid iaries).a_____
W a ;t Virginia T rac & E lec C o (and affiliated c o s ) .a _____
W ilkes-Barro & Hazleton R R . (and affiliated c o s .) .b ____
W inona Interurban R a ilw a y .b _________________________
W isconsin Gas & E lectric C o m p a n y .a __________________
W isconsin
Traction, LightHoat& Power C o .a _________
W orcester Consolidated Street Railway C o . a ___________
Y ork Railways C o m p a n y .a ____________________________
Youngstow n & Ohio R iver R a ilro a d .b __________________
Youngstow n & Suburban R ailw ay______________________

1916.

$
1,001,311
7,110,342
2,138,268

$
967,086
6,970,395
1,829,009

677,840
455.616
1,766,080
733,081
218,643
4,117,833
2,910,070
554,914
824,866
486,101
257,099
272,533
n 6 ,175,332
128,132
880,558
29,824
10,207,713
2,024,101
1,155,864
3,066,467
61,025
7,705,269
13,125,560
10,500,837
2,458,848
1,597,315
329.809
198,888
6,051.143
1,500,125
5,492,359
2.833.191
828,524
65,971
191,550
246,023
482,60)
803,814
7,783,531
1,050,951
499,140
224,956
1,510,679
665,741
3,361,616
1,059,863
356,559
217,317

678,447
421,808
1,672,888
632,805
182,956
3,590,943
2,544,253
441,131
564,967
459,959
238,040
260,847
5,653,013
98,647
853,743
34,259
10,214,479
2,040,549
1,084,256
2,789,341
64,018
6,885,779
12,641,294
9,914,051
2,444,058
1,455,081
303,460
187,435
5,933,887
946,202
5,539,405
2,685,024
817,433
67,051
. 174,752
225,734
468,326
749,803
0,365,959
979,656
487,359
224,613
1.143,791
495,447
3,178,494
980,200
332,029
193,423

N E T.

Increase.
$
34.225
139,947
309,259
33,808
93,192
100,276
35,687
526,890
365,817
113,783
259,899
26,142
19,059
11,680
522,319
29,485
26,815

71,608
277,126
819,490
484,266
646,786
14,790
142,234
26,349
11.453
717,256
613,923
148,167
11,091
16,798
20,289
14,275
53,951
1,417,572
71,295
11,781
343
366,888
170,294
183,122
79,663
24,530
23,894

T otal (298 roads) _o............................... ................................ 027,105,976 577,896,415 50,092,620
N et increase or decrease_________________________________
49,209,561
(8 .5 1 % )

Decrease.
S

607

4,435
6,766
16,448
2,993

47,106
1,080

1917.

1916.

S
437,772
2,317,417
990,636

8
439,368
2,586,574
804,871

75,250
34,275
559,610
161,099
67,062
1,445,764
657,340
90,661
175,346
166,180
65,746
44,587
n l , 845,196
38,402
299,258
10,509
3,484,193
710,268
191,106
900,268
13,127
2,658,361
3,071,504
c3 ,685,677
403,653
464,008
153.615
59,268
3,232,944
821,528
c l , 701,095
1,392,327
284,323
10.476
74,735
d ef.80,05i
156,985
159,625
3,106,868
404,830
118,155
27.005
c3 10,246
136,094
699,124
312,854
148,762
70,247

90,732
d of 12,235
535,983
125,902
4,837
1,180,345
403,533
44,966
60,143
206,234
88,233
77,316
1,844,623
31.345
326,157
10,665
3,959,836
920,101
256,531
1,036,910
13,418
2,666,393
3,349,530
c3.855.559
472,387
502.172
148,389
72,108
3,104,906
434,685
c2 ,258,979
1,356,355
392,908
18,910
87,813
dcf.16,059
186,744
264,314
3,058,753
480,130
219,968
47,242
C293.495
168,571
798,630
309,948
155,153
56,934

883,059 205,674,443 213,466,788

Increase.
$
185,765
46,510
23,627
35,197
62,225
265,419
253,807
45,695
115,203

573
7,117

5,226
128,038
386,943
35.972

48,115

16,751

Decrease.
S
1,596
269,157
15,482

40,054
22,487
32,729
26,899
156
475,643
209,833
65,425
130,642
291
8,032
278,026
169,882
68,734
38,164
12,840
557,884
108,585
8,434
13,078
63,392
29,759
104,689
15,300
101,813
20,237
32,477
99,506
57,094
6,391

13,313
7,132,404 14,924,749
7,792,345
(3 .6 5 % )

a A fter deducting taxas. b B eforo deducting taxes, c A fter deducting depreciation, d A fter deducting paym ents to tho city o f Evanston under
franchise agreem ent, e On M a y 1 1917 tho A tlantic Shoro R y . was divided east and west o f York Beach, M o ., tho western end passing to the operating
con trol o f the Portsm outh D over & Y ork St. R y . Tho 1916 figures abovo are for tho entire system : tlioso for 1917 ineludo tho results o f the entire system
t o M a y 1 1917 and tho results o f tho A tlantic Shore R y . as at present constituted for tho remainder o f tho year. / A fter deducting insurance, o E xclud­
ing proceeds o f power sold to subsidiaries and earnings o f subsidiaries, h Present com pany com m enced operation O ct. I 1917. i A fter deducting special
depreciation and accident reserves required by city franchise. ) Including results o f tho Jersey Central T raction C o ., acquired b y the American Railways
during 1917. k Including operations or tho Southern N . Y . Power C o. / F or years ending N o v . 30 1917 and 1910. m For years ending Jan. 31 1918
and 1917. n These figures aro for year ending N o v . 30 1917. o Including one road which did not caro to have its return published

(jy u v v e n t g u c u t s
CONTINUED

am i

-D is c u s s io n s

OFFERING OF BRITISH
BILLS.

TREASURY

J. P . Morgan & C o. this week disposed of tho usual
offering of ninety-day British Treasury bills at the same
rate prevailing for recont offerings, namoly, 6 % . Tho bills
offered this week mature July 22.

ADDITIONAL CREDIT TO BELGIUM.
An additional credit of $3,250,000 was extended to Bel­
gium by tho United States Government yesterday, making
the total credit to Belgium $107,850,000. The total credits
to the Allies established by tho United States since the lat­
ter’s entry into the war aggregate $5 ,288,850,000, appor­
tioned as follows: Great Britain, $2,720,000,000; France,
$1,565,000,000; Italy, $550,000,000; Russia, $325,000,000;
Belgium, $107,850,000; Cuba, $15,000,000; Serbia, $ 6 ,­
000,000.
.
It was stated on April 23 that tho Treasury Department
has under consideration a re-arrangement of Allied credits
by which the United States will lend large amounts more
directly to France, Italy and the other Allies instead of
through Great Britain. Before completing tho plan Secre­
tary M cAdoo will consult with Oscar T . Crosby, the Treas­
ury’s representative on the Interallied Council, which has
supervised the distribution of loans and other economic
dealings between tho Allies. M r . Crosby has boon called
to tho United States for a conference.

GREAT BRITAIN’ S BUDGET LARGEST IN HISTORY
OF WORLD.
Great Britain’s budget presented to tho House of Com­
mons on April 22 by Chancellor of the Exchequer, Andrew
Bonar Law, was described by him as the largest in tho
history of the world. He estimated the expenditures for
the coming year at £2,972 ,19 7,00 0; tho revenues from
present taxes ho announced as £774,250,000, while he figured
that the yield from proposed new taxation would be £ 6 7 ,­
80 0,000, making a total of £842,050,000, and leaving a




balance of £2,130 ,14 7,00 0 to bo covered by borrowing.
Among other things tho Chancellor introduced now taxation
proposals, including plans to increaso the postal rate to tho
United States and Canada, India and tho other Dominions
from a penny to three half penco; tho excess profits tax,
now 8 0 % , would not he said be increased; tho incomo tax
he stated would bo raised from five shillings to six shillings
in the pound; no change he said would bo made in tho tax
on incomes under £500; in the case of tho supertax ho made
known that it is proposed to raise it from 3s. 6d. to 4s. 6d.
in tho pound, and to make it apply to incomes as low as
£ 2 ,5 0 0 instead of £ 3 ,0 0 0 as at present. A now tax on
luxuries, along the lino of tho French method was also an­
nounced by tho Chancellor. Ho likewise stated that tho
issue of tax free 4 % war bonds would ceaso with April 22,
and that it was proposed to substitute similar bonds to bo
issued at 101 Yi., instead of at par, which would givo a
slightly lower yield on the basis of a 6 % incomo tax. W e
givo in details tho account of tho Chancellor’s remarks in
introducing tho budget, as contained in tho pross dispatchos:
T ho Chancellor’s anticipations as to tho assistance given to tho Allies
b y the United States had boon fulfilled) he said. Despite this assistance
tho British loans to tho Allies in tho last year were £.505,000,000. T he
United States had advanced to all tho Allies £950,000,000.
“ It Is only necessary for us,” said tho Chancellor, “ to loan on tho U nited
States to tho am ount the other Allies lean on us. In other words, wo aro
self-supporting.”
Ho said he had been in com m unication with Secretary M cA d o o on tho
subject o f these com plicated loan transactions, and with M r. C rosby head
o f tiro American Financial Mission to Europe, who was on tho point o f re­
turning to Washington to consult his G overnm ent.
" I have mado certain suggestions regarding advances to tho A llies,”
continued the Chancellor, “ which, if adopted, will lesson our burden con­
siderably without in any way increasing tho total obligation to tho United
States.”
Giving tho figures o f tho revenues for tho last fiscal year, which amounted
to £707,23-1,565, a largo increaso over that o f tho preceding year, ho said
that this was very gratifying, but that tho roal test o f tho financial position
would com e whon Britain ceased to rely upon borrowing.
T ho Chancellor expressed tho Governm ent’s appreciation o f tho hearty
co-operation on tho part o f tho Canadian Governm ent in assisting to finance
tho war. lie considered it possiblo that tho alteration o f tho arrangomont
with the United States In tho m ethod o f making advances would result
in loans to the Allies being reduced to £300,000,000 and to tho Dom inions
£50,000.000. H o pointed out how small tho advances to tho Dominions
had been during tho war, showing how great was the desire, not only In
Canada, but in the other Dom inions, to carry on tho war out o f their own
expenditures.
Tho additional taxation proposod, said the Chancellor, would in tho full
year bo equivalent to 6 6% o f the antobollum rovenuo from taxation. Tho

A pr. 27 1918.]

THE CHRONICLE

financial strength o f the country after throe years o f war was greater than
any one could liavo imagined, and was amazing testim ony to the financial
stability o f the nation.
M r. Bonar Law said that Germ any’s daily oxpondituro was £6,250,000—
practically the same as the British— but the German total did not includo
various charges borno b y the gcnoral Governm ent hero. T he total Gor­
m an votos o f credit amounted at tlio present time to £6,200,000,000.
Assuming that the German estimates would bo realized, the total taxation
levied b y the German Governm ent would amount to £365,000,000 as
against £1,044,000,000 in Great Britain. This, lie said, was not enough
to p ay the interest on tho war dobts accum ulated. The German balaqpe
sheet, reckoned on tho samo basis as the British, would, with the interest
on the sinking fund, pensions, and pre-war expenditure, bo £720,000,000
yearly. W ith an additional permanent imperial revenue o f £120,000,000,
it would m ake tho total additional German revenue £185,000,000. This
am ount added to tho pre-war revenue would bring tho total up t o £335,­
000,000, showing a deficit o f '385,000,000.
" I f that were our p osition,” ho added, “ I would say that bankruptcy
was not far distant.”
T he German taxes, the Chancellor said, had been almost exclusively in­
direct, imposed upon com m odities required b y the masses o f tho peoplo and
not upon the incomes o f tho wealthier classes, who controlled tho G overn­
ment and upon whom tho latter was afraid to put extra taxation. M r.
Bonar Law declared that it was the duty o f tho Governm ent to levy as
much taxation as could bo borno b y the nation without, weakening it in tho
con du ct o f the war. The excess profits tax would not be increased, bccauso
if it wero, tho Governm ent would not get m ore m oney, and m ight got less.
H o intended, how ever, to stop tho leakago in that tax.
M r . Bonar Law introduced new taxation schemes with tho proposal to
increase the postal rato within the U nited K ingdom and to the United
Statos, Canada, India and the other dom inions from a penny to three half
ponce, yielding £3,400,000. T he postage on postcards, ho said, would bo
a penny. T h o incom e tax would bo raised from fiv e shillings to six shilling
in tho p ound. T ho stamp d u ty on checks w ould bo raised from a penny
to two-pence, yielding £750,000. T h o increaso incom e tax would yield
£11,000,000. There would bo no change in tho tax on incom es under
£50 0 . There would bo no increase in tho rate on scrvlco pay.
W ith regard to a double incom e tax within tho em pire, ho proposed to
adopt tho principle o f his predecessor, and tho extra shilling w ould not
apply when tho double tax was equal to 6s. Allowances for children would
apply to Incomes up to £800, instead o f £700, as at present.
A ccording to the now taxation, tho supertax would bo 4s. 6d. in thop oun d,
Instead o f 3s. 6 d ., and would begin with incomes amounting to £ 2,500, in­
stead o f £3,000. T ho Chancellor said that farmers Would bo taxed on tho
assumption that their profits wero tw ico their rentals. T ho present law
assumes that a farm er’s incom e is exactly equal to his rontal.
T he spirit duty would be increased from 14s. 9d. a gallon to 30s., bring
ing in £5,500,000 this year. T ho beer duty would bo raised from 25s. to
50s. a barrel, and would bring in £9,700,000 this year. l i e had no doubt
that at tho prices to bo fixed b y tho Food Controller tho trado could bear
tho burden and still m ake a good profit.
T h o tobacco duty would bo raised from 6 shillings 5 pence to 8 shillings
2 pence a pound. T ob a cco was under tho control o f tho T ob a cco C on ­
troller, and the result o f tho increased tax would be that tho retail price
would be fixed at 2 p enco m ore per ounce, not all o f which, how ever, w ould
com e ou t o f the consum er. Under this now scale the im port o f 6,000 tons
o f tobacco would give a revenue o f £5,500,000 this year. There would bo
a small additional duty on m atches, bringing in £600,000.
I ho sugar tax
would bo increased by 11 shillings 8 pence per hundredweight, which would
oring In this year £ 1 2.400,000, and in a full yoar£13,200,000.
T ho Chancellor announced a new tax on luxuries, along tho lino o f the
French m ethod o f taxing these articles, details o f which would bo arranged
b y a special com m ittee. It would bo higher than tho tax in Franco and
would bo 2 pence i i the shilling, to bo collected by stamps.
Tho Chancellor said that the Issue o f tax-freo 4 % war Donds w ould cease
from to-d ay. It was proposed to substitute similar bonds to bo issued at
1 0 1 instead o f at par, which Would give a slightly lower yield on the
basis o f a 6% income tax.
T he national d ebt o f Great Britain at tho end o f the present year, said
M r . Bonar Law, would b o £7,980,000,000; tho total d eb t duo Great Britain
from her Allies at tho end o f tho year would be £1,632,000,000.
W ith reference to tho Russian debt, ho said ho did not beliovo it should
bo regarded as a bad one, because sooner or later there would bo an orderly
Governm ent In Russia. T hat cou ntry’s natural resources wore great, and
could be exploited only b y tho aid o f capital. W henever there was a stable
Governm ent in Russia foreifgn capital would bo required, and that G o v­
ernment would realize that it could not bo obtained unless previous debts
were paid.
"N ational accounts must be kept in tho same way as business a ccou n ts,"
added tho Chancellor, “ and for tho tim e being wo must m ake allowauco not
only for What is happening in Russia but for tho possibility that at tho end
o f tho war wo might not ho able to rely on receiving im m ediately tho in­
terest justly duo us b y all our A llies.”
H o therefore proposed to take o ff half tho d ebt o f the Allies as though
It wero Great B ritain’s liability at tho end o f next year, and also the debts
duo from tho dom inions in full and tho obligation o f India in full, making a
total o f £1,124,000,000.
A ccording to an official statem ent issued b y tho Treasury, under tho now
schedule o f taxation the lax on earned incomes up to £500, remains as b e ­
fore— 2 shillings and 3 penco on a pound. Between £500 and £1,000 it
has been raised to 3 shillings. From £1,000 to £2,500 the tax will bo 5
shillings and 3 pence.

Tho credit moved by the Chancellor on March 7 and

unanimously agreed to by tho House of Commons was
erroneously given as £500,000,000 in our issue of March
9; it should have been £000,000,000.

1735

information as to the amounts paid to the newspapers for
advertising. The statement referred to follows:
A ll expenditures in the w ay o f remuneration to bond dealers and ca n ­
vassers is divided into three classes, first, remuneration to co-operating
bond dealers and brokers; second, com m issions (To canvassers; third, rem u­
neration to banks.
A s to tho first, remuneration to co-operating bond dealers and brokers,
in this loan principle o f co-operation rather than com petition am ong brokers
was adoped in order to organize and cover the whole country as effectively
as possible. For this work practically tho whole organization o f all bond
dealers and brokers was em ployed. T ho arrangement made b y the M inister
o f Financo in reference to the remuneration o f these firms was that at the
close o f tho loan, after consultation with tho D om inion Executive C om m it­
tee and the consideration o f any views or recomm endations put forward
b y them , tho amount to be paid would be based on tho value o f tho service
rendered in connection w ith tho cam paign b y tho several bond dealers
and brokers. Some adjustments m ay yet have to bo m ado, but on April
5 tho total paym ent under this head was approxim ately S750. A dditional
paym ents m ay yet have to be mado to brokers. On the other hand, only
last week S30.000 was refunded b y three o f the principal bond dealing houses
o f T oron to, and a few days ago $2,000 was refunded b y the Chairman o f
tho ch ief com m ittee in Saskatchewan. Possibly further refunds m ay be
mado o f allowances paid to several o f the com m ittees throughout the
Dom inion.
As to commissions to canvassers, I m ay say that local canvassers were
em ployed to solicit subscriptions and were given certain territory or
lists o f prospective subscribers to cov er. Local canvassers were n ot al­
lowed to solicit subscriptions from those w ho had been placed on the
special subscription list, which com posed all prospective subscribers w ho,
under previous loans, had subscribed for bonds, to the amount o f $25,000
or over. That Is, any persons receiving subscriptions from those who
had subscribed for sums o f $25,000 or over in previous loans were to receive
no com m ission thereon. Arrangements for subscriptions from these were
m ado b y tho Special Subscriptions C om m ittee, and no com m issions were
paid upon same.
T ho D om inion Executive C om m ittee was authorized to pay commissions
to local canvassers on the following basis:
(а) In all places having a population o f m ore than 10,000, local canvassers
wero to be paid a com m ission o f A o f 1% upon all subscriptions obtained
b y them.
(б) In places having a population o f less than 10,000 and in rural sections,
canvassers were to bo paid A o f 1 % on all subscriptions obtained
from their respective sections, whether subscribed directly with tho banks,
excluding, o f course, subscriptions from the special list referred to above.
As o f April 5, total disbursements for commissions to canvassers were
$1,140,813 75.
A s to remuneration to banks, a remuneration to chartered banks o f
A o f 1% on the total allotm ent was paid for receiving subscriptions, pay­
ments, delivering interim certificates and definitive bonds, and cashing
coupons during the term o f the loan— that is, during tho 5, 10 or 20-year
loan periods, as tho case m ight be. T he total amount paid to tho banks
for this purpose was $984,395 64. T ho allotm ent o f tho loan reaching
$398,900,000 was 5, 10 and 20-year bonds bearing 5 A % interest. T he
issue was made at par with the privilege o f deferred paym ents. It is esti­
mated that the total expenses will reach approxim ately 1 A % o f tho amount
allotted. Putting the matter in concise form , the expenses o f tho loan up
to date have been as follows:
Organization expenses____________________________________________ $376,000
F or publicity cam paign—
163,000
(a) Through tho Dom inion Publicity C om m ittee--------------------(b) Through Can. Press Association (disbursement to d a te )___
207,000
For remuneration to brokers and bond dealers------------------750,' 00
Commission to canvassers_________________________________ 1,140,000
984,395
Remuneration to banks___________________________________
T o t a l ............................. ........................................................-T ..............83,620,395
In addition to this, there are, o f course, tho departmental expenses for
engraving the bonds, for the staff em ployed, numbering some 700 persons,
in tho Departm ent o f Financo, who have been specially engaged upon this
work since last Decem ber. It is estimated that tho total cost o f the loan,
when finally available, will approxim ate $5,000,000, or about 1 M %
o f tho wliolo loan, which I think Is regarded by everybody as a very satis­
factory rate.
T ho price o f the securities issued was, o f course, par, but b y acceleration
o f paym ents, a slight discount, equal to the rato o f interest which tho bonds
bear, nam ely, 5 A % . was allowed to subscribers. Perhaps I m ay make
that clearer to tho House b y saying that if a subscriber paid liis subscription
in full on Jan. 2, last, he would pay for Ids bonds at the rate o f 99.107;
if ho paid in full on Feb. 1, last, he would pay at the rate o f 99.467; if he
paid on M ar. 1, he would pay at the rate o f 99.722; if ho paid on A pril. 1 ,
ho would pay at the rato o f 99.909, and if ho deferred his paym ent in full
until tho 1st o f M a y , as he m ight d o, he would pay at the rate o f 100% .

U. S. TO FINANCE ALL ALLIES EXCEPT GREAT
■ BRITAIN, WHICH WILL TAKE CARE OF ITSELF.
Reginald M cKenna, former Chancellor of tho British
Exchequer, in the course of the speech of Bonar Law on the
budget, urged that the United States should take over from
Great Britain the burden of financing the Allies, while
Great Britain confined its attention to financing herself.
Tho press dispatches report M r. Bonar Law as interposing to
say that was the kind of arrangement he proposed to adopt.

W H A T THE WAR IS COSTING CANADA.
COST OF FLOATING C AN AD A’ S “ VICTORY LOAN.”
A . K . MaeLoan, Acting Minister of Finance of Canada,
mado public on April 19 a very interesting statement of tho
oxponses incurred in floating Canada’s $150,000,000 “ Victory
Loan” of 1917, which attracted 820,000 subscribers, amount­
ing to $419,000,000. Tho allotment of the loan reached
$398,000,000. M r . MaeLoan, according to “ Tho Financial
Post” of Toronto, went quite fully into the basis on which
brokers, bond doalors, canvassers and tho banks wero paid
for tlioir services and intimated that ho would later supply




Premier Robert Borden during a debate in the House of
Commons at Ottawa on April 22 on this year’s war vote of
$500,000,000, gave figures showing that by the end of the
present fiscal year Canada will have expended approxi­
mately $1,500,000,000 on account of tho war. Concerning
tho above tho “ Journal of Commerce” of this city in its
issuo of April 23 published the following:
T ho Prime Minister produced figures showing that expenditures on war
account to date totals $835,950,019, with sotno very largo items for over­
seas still to com e, while the estimates for the present year involve a further
expenditure o f $516,000,000. Thus, by the end o f tho present fiscal year
tho Canadian Governm ent will have spent on war account something lik

1736

THE CHRONICLE

$1,500,000,000. This, o f courso, does not includo millions o f dollars ex­
pended b y the various provincial governm ents, by the municipalities o f
Canada, the Patriotic Fund, the Canadian R ed Cross Society and other
organizations. N or does it tako into account the contributions m ade b y
private citizens to tho British R ed Cross, the Sccours N ational and such
funds as the Belgian and Serbian R oliof Funds.
Following is the estimated expenditure for m ilitary forces for tho present
fiscal year, based on an enrollment o f 100,000 men in Canada:
T o be spent in Canada, $217,887,500.
T o be spent overseas, $225,162,000.
Expenditures to be made b y other departments will bring tho total war
expenditures this year up to $516,000,000. The principal items in tho othor
departments are as follows:
N ow Registration B oard, $1,000,000.
Departm ent o f Justice, $1,100,000.
M arino and Fisheries (for shipbuilding), $34,735,470N aval Service Departm ent (for naval defense), $19,000,000.
Public W orks Departm ent, due to need for further Buildings, for mili­
tary service, and including cost o f repairs to Governm ent buildings in H ali­
fax, $3,664,000.
T ho G overnm ent expects to require some $180,000,000 to pay 110,000
troops in Canada and 290,000 troops in England and Franco, tho respective
amounts being $50,187,500 and $132,312,500, besides another big Item
o f $115,000,000 to maintain tho troops in France at nine shillings and
four pence each per day. Assigned pay o f overseas troops will amount
to $54,000,000, while separation allowances will total $21,750,000 for men
in Canada and $6,000,000 for men overseas. Rations for 110,000 troops
in Canada at 50 cents per day will cost the Governm ent $20,075,000, and
for 150,000 men in England at 38% cents per day, $21,000,000. The
estim ated cost o f clothing for tho troops in Canada and England is $19,­
080,000; outfit allowance to officers, nursing sisters and warrant officers,
$1,700,000; equipm ent, not including rifles, m achine guns, small arms,
& c., will cost $20,000,000; amm unition is to cost $5,000,000, and machine
guns $2,000,000.
■
M ost o f the ammunition is to com o from tho Lindsay Arsenal; medical
services overseas will cost $2,800,000; ocean transport. $4,612,500; railway
transport, $11,062,500, and veterinary services overseas, $3,000,000.
T he estimate o f $15,675,000 Is for tho railway and ocean transport o f
100.000 men eastward. In other words, tho Governm ent estimates that
transportation will cost an average o f about $150 per man for each o f the
100.000 men to be sent to tho front under tho M ilitary Servico A ct.
Soldiers’ civil re-establishment, $12,000,000.
Premier Borden submitted a memorandum outlining the war expen­
diture o f tho Dom inion since 1914. The m emorandum gavo the expendi­
ture o f each Governm ent departm ent. T ho totals were:
1914-1915
$60,730,476; 1915-1916, $166,197,755; 1916-1917, $306,488,814; 1917 to
April 8 1918, $302,532,974.
T ho principal items were :
M ilitia and Defense— 1914-1915, $53,176,613; 1915-1916, $160,433,416;
1916-1917, $209,291,030; 1917-1918, $279,636,290.
Departm ent o f Justice— 1914-1915, $254,945; 1915-1916, $1,287,693;
1916-1917, $1,248,415, 1917-1918, $1,673,801.
N aval Servico— 1914-1915, $3,096,125, 1915-1916, $3,274,019; 1916­
1917, $3,806,329; 1917-1918, $10,026,030.
In 1916-1917 tho expenditure o f tho M ilitary Hospitals Commission
was $1,378,078; in 1917-1918 it was $9,203,396.

BRITISH GOVERNMENT’ S ANNOUNCEMENT CON­
CERNING COUPONS ON RUSSIAN BONDS.
Tho British Government’s announcement with regard to
the provision made to meet coupons payable in London on
Russian Government bonds (to which wo referred in these
columns March 30) was published as follows in tho London
“ Stock Exchango Weekly Official Intelligence” of that date:
T he Press Bureau issued the following notice on M arch 27 1918:
T ho British Governm ent havo up to M arch 31 1918 provided funds to
meet coupons payable in London on the direct State debt o f Russia and on
securities having the State guarantee o f that cou ntry. T h ey havo taken this
courso hitherto, though under no obligation to do so, but in viow o f the pres­
ent conditions in Russia they can no longer contlnuo this course. The
Chancellor o f tho Exchequer gives notice, thoreforo, that as from April 1
1918 holders o f the securities above specified must no longer look to tho
British Treasury for the provision o f funds to meet interest due to them from
Russia. At the same time he publishes tho following declaration, which
has been agreed upon between the British and French Governm ents and
which will bo published on behalf o f tho French Governm ent in Paris:
“ '" T h e Imperial Russian G overnm ent "at tho timo w h e n i t~entere(Mnto
obligations, was, without d oubt, tho representative o f Russia, and defi­
nitely pledged that country, and this undertaking cannot bo repudiated
b y the authorities, whatever they m ay be, which hold or m ay hold power
in Russia, without the very foundations o f international law being shaken.
“ Otherwise, thero would no longer bo any security in tho relations be­
tween Statos, and it would becom e impossible to entor into any obligation
for a long period if this obligation could be questioned.
“ This would entail tho ruin o f the credit o f States politically as well as
financially. A country would no longer bo aDlo to borrow on normal con­
ditions if lenders should find that their sole guaranty lay in tho maintenance
o f tho constitution in virtue o f which tho borrowing Governm ent, as the
representative o f its country, m ado its request for credit.
^‘N o principle is better established than that b y which a nation is resp on sib lefor tho acts o f its Governm ent, and no change in the Governm ent
can affect tho obligations previously incurred.
“ T he obligations o f Russia continue; they are and will continue to bo
binding upon tho now Stato or group o f States Dy which Russia is or will
be represented.”
__________ ______________________

RUSSIA’S FINANCIA L CONDITION.
In reporting on tho financial condition of Russia to the
Central Executive Committee of the Council of Workm en’s
and Soldier’s Delegates, M . Gukovsky, tho now Minister
of Finance, is said to havo stated that tho semi-annual ex­
penditure would amount to 40,000,000 rubles [so given in
dispatch, but obviously wrong.— E d .]. An Associated
Press dispatch from Moscow under date of April 16 (published
hero April 22) announces this and adds:
T ho incom e, tho now Minister said, w ould amount to about 3,300,000,000,
rubles, with no other sources and loans obtainable. Ho added that before
tho war a third o f the nation’s incom o was derived from tho vodka m onopoly,
which was abolished.
T ho railroads o f the country, M . G ukowsky said, were carrying 7 0% less
freight, whilo tho operation a verst cost 120,000 rubles, against 11,600
form erly. T ho wages o f employees had been increased sovoral hundred




[Vol. 106

per cent, and the hours reduced, necessitating threo and evon four shifts.
H e said that no taxes were being collected b y tho Central G overnm ent, as
local, city and provincial district Soviets wero lovying contributions at wiil
and using the m oneys for their onw purposes.
T ho M inister pictured industrial conditions in the blackest colors, citing
tho Sorm off L ocom otive W orks, which turn out tw o locom otives a day in­
stead o f eighteen as form erly, making tho cost o f ono iocom otivo 600,000
rubies.
H e urged a better administrative schem e, greater co-operation and tho re­
duction o f oxpenses b y decreasing the number o f clerks, officials and officers.
He insisted upon the necessity o f securing the co-operation o f industrial,
financial and other specialists, without whom tho efficient organization o f
Stato machinery was impossible.
M . G u kovsky’s long speoch was received amid dead sllonco and its con ­
clusion w as greeted b y one solitary handclap.

GERMANY REPORTS RECORD SUBSCRIPTIONS TO ITS
EIGHTH WAR LOAN.
Tho subscriptions to the eighth Gorman war loan on
April 20 reached a total of morethan 14,550,000,000 marks
(S3,462,900,000 at normal exchange), according to an
Amsterdam dispatch of April 20, which credited tho figures
to a message from Berlin. The total, it was stated, excluded
amounts from former loans offered for conversion; it was
also said that further small subscriptions remained to be
reported. A t 14,550,000,000 marks tho amount exceeds
the aggregate of tho subscriptions for nay previous loan,
the sixth loan, issued in March and April 1917, with total
subscriptions of 13,120,000,000 marks, having previously
held the record.
Subscriptions to tho loan closed on April 10. Tho amount
was unlimited; choico was givon botween 43^s and 5s, and
the issue price, as in tho sixth and seventh war loans was 98.
W e referred in these columns March 9 to tho proposed
issuance on March 28 of tho eighth war loan. On April 22
Amsterdam advices reported General Ludendorff, in an
advertisement to push the German war loan, as declaring:
T he eighth war loan must prove our will power, which is tho source o f
everything.

On April 10 advices from Amsterdam likewise said:
T he German war loan propaganda is working under full pressure. Tiio
newspapers are filled with short articles, pithy sayings, drawings and
poetical efforts on this subject. President W ilson’s Baltimore speech Is
brought into tho propaganda thus: "President W ilson threatens us with
force to tho utm ost, without stint or limit. W e behove ho means it.
Therefore hasten ye all and subscribe to tho loan.”

W ith regard to tho loan, the Vice-President of tho Reichs­
tag, D r. Hermann Paasche, is reported by Associated Press
dispatches from Amsterdam on April 23 to havo said (accord­
ing to Berlin accounts) with the assembling of that body on
the 22d:
T ho success o f the eighth war loan undoubtedly will help to show our
opponents, as well as neutrals, to what extont a web o f deceit has been
w oven around Germany, and also to reveal to them tho fact that Germ any's
internal strength remains unbroken. W o hopo this victory in tho financial
field will contribute substantially to tho attainment o f our goal as quickly
as possible.

On April 24 the New York “ Times” printod tho following
concerning tho campaign for the loan:
In the course o f tho campaign waged for subscriptions for tho eighth
German war loan, the total o f which was roported to havo roaclied $3,462,­
900,000 on April 20, tho “ Cologne G a zctto" asked Iiindonburg and Ludond o rff to toll its readers why they ought to buy war bonds. H indonburg’s
answer, printed in the Issuo o f M arch 31, a co p y o f which lias just reached
N ow Y ork, was as follows:
“ The deed is the incorporation o f tho will. It demands the putting into
action o f individuality. It is defined by responsibility and conscience. It
alone overcom es obstacles and leads to the goal. T he deed is not found
with the faint-hearted ones and those o f little faith' it is the Germans’
proudest word. T he people’s power o f action must not lag, if we, showing
ourseives worthy o f our forefathers, want to attain the goal and make things
safe for our descendents. T ho eighth war loan calls tho German people
to renewed action .”
T w o days before tho "G a zette” had printed tho following answer from
Ludendorff:
"T h o will is the original sourco o f impelling strength, powerful and de­
cisive. In order to accom plish something great, it has a decisive effect
upon tho condition o f affairs and, in spite o f all opposition, it attains ap­
parently unattainable objects. T ho harder tho task the firmer the will,
l i e whoso will slackens is last. Just now tho hour dem ands a com pelling
will from us again, and the eighth war loan is to dem onstrate it.”

W o also take from the Now York “ Tribune” of April 15
tho following, emanating from its Foreign Pross Bureau,
but obviously based on mail advices and written sovoral weoks
ago, on tho eve of tho announcement of tho now loan:
Georg M unich, financial editor o f the “ Vossischo Zoitung,” writos that
Germany is ready immediately to begin her cam paign for tho eighth Ger­
man war loan, o f tho success o f which he oxprossos his confidence. H o d e­
clares that Germ any’s financial condition is oxcollont at tho present, and as
an illustration discusses tho finances o f tho Imperial German B ank. He
says:
“ T he m onth which we have just entered will bring us 4110 eighth German
war loan. This has been clear for a long timo, and with tills consideration
m any preparations for that groat national task havo been m ado. Capital
and tho m oney market havo had timo and rast to got ready for that; thoy
have dono it to a considerable oxtont. E very bank balanco, ovory savings
bank statement announces this fact. In tho German banks tho doposlts
havo multiplied very greatly during tho last year. T ho Secretary o f tho
Imperial Treasury, Count von Roodorn, in his speoch in the Reichstag on
Fob. 26, placed this incroaso at 5.000,000,000 marks. Also thero is an addi­
tional increaso o f 3,500,000,000 marks in tho savings banks. A nd all took
place in 1917, when German capital brought a total o f 25,750,000.000

Apr . 27 1918.]

THE CHRONICLE

marks for the sixth and seventh war loans. T he sources from which the
m oney for our war loans flows aro Inexhaustible.
‘ ‘In this connection it is interesting to point out tho romarkablo changes
in the condition o f the Imperial Bank. A t tho end o f 1917 the institute had
bills o f exchange to tho amount o f 14.590,000.000 marks. Prom week to
week this amount was decreasing very considerably. T ho Imperial Bank’s
statement o f Feb. 23 showed bills o f exchange only to tho valuo o f 12,356,­
000 000 marks. Thus, in tho course o f tho first seven weeks o f the present
year tho total sum o f bills o f exchango has decreased b y 2,500.000,000
marks. H ow did that happon? C hiefly thanks to tho sale o f Imperial
Treasury bills o f exchango to tho privato banking w orld. In addition,
this readiness to take over tho Treasury notes is not fully explained until wo
rem em ber that, in order to cover its war needs, tho I1,nipiro is continually
issuing notes to the Imperial Bank. These additional notes, together with
tho 2,500,000,000 marks mentioned above, have bono taken up b y tho bank­
ing w orld. Furthermore, the Imperial Bank has largo sums o f foreign
m oney. Its account o f ‘daily duo obligations’ (check accounts) reached on
Feb 23 not loss than 6,069,000.000 marks, in contrast with the 3,935,000,­
000 marks o f last year and o f 1,787,000,000 marks o f tw o years ago.
“ T ho unusual banking conditions which are shown In the balances o f
largo banks at the end o f 1917 seem to bo exactly the contrary to large check
accounts in the Imperial Bank.
“ W herever we m ay turn wo seo overywhoro p roof that tho German capi­
tal and the m oney market aro very well prepared for tho now war loan.
Therefore we cannot doubt its success. This guarantee is strengthened by
the w ay in which the war loan is to be conducted. In spite o f tho large
m oney currency, tho old typo o f 5 % war loans will bo repeated.”
Then tho German writer goes on to show that another reason for the great
success o f tho com ing war loan is the favorable m ilitary situation in which
Germ any is at present, thanks to peace treaties concluded with liussia and
R um ania.

On April 21 Count von Roedorn, Secretary of the Im ­
perial Treasury, speaking on the first reading of tho new
taxation proposals in tho Reichstag is reported to have
stated that 11,000,000,000 of tho 14,500,000,000 marks
subscribed to tho eighth war loan had already beon paid.
Discussing tho taxation policy of tho Govornmont, tho
Count said that during the war tho indirect taxation had
boon considerably lowor than tho direct taxation, and is
quoted as adding:
In tfie forthcom ing reconstruction o f tho Imperial finances that master­
piece, tho Imperial C onstitution, must not bo fundam entally altered. A
fundamental taxation division into direct and indirect taxes w ould bo
premature at present.
W e do not yet know tho amount o f indem nity wo shall win.
Our taxation legislation need not fear com parison with that o f foreign
countries. Groat Britain’s big taxation achievements show neither a new
basis nor an organic reform . American war taxos represent, m erely ran­
dom variation. T ho success o f our loan p olicy is attributable to a con­
scientious covering interest on Imperial loans and to balancing tho oudget^

GERMANY'S NEW TAXATION BILLS.
Germany’s new taxation bills, approved by tho Bundesrat,
were introduced in tho Reichstag on April 17. Tho proposals
include a spirits monopoly and beor and wine taxos. Tho
now taxes, so Amsterdam dispatches on April 18 credited
a Berlin telegram as stating, aro expected to yield a total
of 3,102,000,000 marks and of this 1,000,000,000 marks
($250,000,000) will be obtained by an extension of tho tax
on business turnovers while 850,000,000 marks ($212,500,000)
will bo derivod from the spirits monopoly. It is also stated
that with a viow to preventing evasion, porsons loaving the
country must pay personal taxos for five yoars.

PURCHASE OF UNITED STATES MONEY FOR
GERMANS BY DANISH AGENTS AND IN
HOLLAND AND SWITZERLAND.
The following concerning tho purchaso of United States
money by Danes for Gormans was contained in an Associated
Pross dispatch of April 17 from Christiana:
W holosalo purchaso o f American m oney, m ostly b y Danish agents
working for German principals, has cleared tho local market o f American
coin and bills. T h o dollar rate paid was 380, against tho normal rato
before tho war o f 372 and tho present Official rato o f 315.

1 7 37

lb was also pointed out b y this official that very little Am erican paper
m oney Is circulated abroad. H e said that he could not see any advantage
which Germany could obtain b y such a procedure.
Un ler tho Trading with the E nem y A ct the President has pow er to
prohibit the exportation o f gold and silver. B y a proclam ation he has
delegated to the Secretary o f the Treasury the carrying out o f this feature
o f the law. E xportation o f gold and silver is now p rohibited except b y a
license.
T herefore, in the opinion o f this Treasury official, the reported buying
up o f the little Am erican paper m oney that m ay be in E urope w ould be
nullified so far as the obtaining o f gold and silver from this country repre­
sented b y the paper was concerned. A s far as could be ascertained to ­
night the Governm ent has not been inform ed o f this reported m ove o f
Germany.

Supplementing the above it was also made known in a
Washington special to the “ Times” on April 15 that the
buying of United States money had extended to other
neutral countries. W e quote this dispatch below:
T ho State D epartm ent has been notified b y the American Legations at
T h e H ague, Copenhagen, and Berne that American paper m oney is being
bought up in H olland, Denm ark, and Switzerland. T he reason is a
m ystery to the American diplom atic officers making the reports, but the
suspicion is that tho Am erican m oney is being obtained for the use o f the
German G overnm ent.
T ho attention o f tho T reasury D epartm ent has been called to these
reports, and suitable action has been taken. E xports o f American paper
m oney have been or will be prohibited, and passengers from this country
for Europe will be limited to com paratively small amounts.
T ho diplom atic reports confirm a special cable dispatch from Berne
printed in the N ew Y ork “ T im es” to-day, in which it was said that Ger­
m any was purchasing all the available American paper m oney there.
Germany, it was said in the dispatch, was em ploying every possible agency
to get American m oney out o f Franco, and was using American and allied
paper m oney to maintain the exchange rate on tho mark.
Officials say they aro still m ystified as to the purpose, but some o f them
have a theory that the paper m oney is being used to liquidate orders for
war supplies in Spain, H olland, Switzerland, Denm ark, and other neutral
countries o f Europe. I t was suggested also to-day (tho 15th) that goods
m ight be bought in Latin American countries with American paper m oney
and shipped to Germany through neutral European countries.

THE IT A L IA N GOVERNMENT’ S ACTION TO IMPROVE
THE EXCHANGE POSITION.
W o reprint from the Now York “ Evening Post” of April 20
tho following:
“ On M arch 11,” writes the London ‘ Bankers’ M agazine,’ “ a now insti­
tution com m enced business in Italy under the title of the Instituto N azionale
di C am bio. This institution has beon organized by the Italian G overn­
ment for tho purpose o f controlling business in foreign exchango, and, b y
eliminating tho speculative fa ctor, restoring rates to a level more consistent
with the actual trade position o f the country. T he now institution is
governed b y a com m ittee form ed o f leading Italian bankers and certain
Governm ent officials, while its personnel has been provided b y drafts from
tho foreign exchange departments o f certain o f the banks.
“ Tho Institution has an absolute m onopoly o f all exchango transactions in
tho country, and the power to fix rates. Just prior to tho arrangement
com ing into force, Italian exchango had risen to 40 80 lire to tho pound ■
sterling, but the first quotation fixed b y the com m ittee was 41.134$, and
since that time business has been done in London at under 41.00. ’

ANALYSIS OF AUSTRIA'S FINANCIA L POSITION.^

'

The following from the New York “ Evening Post” of April
20 is printed as special correspondence received by that
paper from Zurich, Switzerland, under date of March 30:
A fter forty m onths’ silence, the Austro-Hungarian Bank is again publish­
ing its reports. But tho Austrian as well as the Hungarian political and
military censors have not allowed tho press to make a careful analysis o f
tho figures published b y tho com m on M inistry o f Finances. The praises
in such Austrian and Hungarian newspapers as have published econom ic
and statistical conclusions concerning the figures, are indicative o f A ustroHungarian press liberty.
As a m atter o f fract, the following figures show the inflation o f notes,
from which tho Hapsburg m onarchy Is suffering. T ho circulation, in
Austrian crowns, was thus at various dates; the third colum n rendering the
amounts into American values:
Crowns.
End of—
$498,000,000
2.490.000. 000
..................... 1913
1.040.000. 000
5.200.000.
000
1914
.....................
1.440.000. 000
. 7,200.000.000
1915
.
2.178.000. 000
10.890.000. 000
1916
3.688.000.
000
18.440.000.
000
1917
------------------

The Pace of Currency Inflation.
This shows that the rate o f increase o f circulation is becom ing faster and
faster. In 1915, ono could believe that tho increase o f the circulation o f
notes was chiefly due to the extension o f territory in Poland and Serbia,
where these notes circulate as well. But in 1917, the m onthly increase o f
14:
circulation was so enormous that it w ould servo b y itself as explanation o f
,
Germ any is purchasing all tho availablo Am erican papor m oney hero, the great rise in prices.
In normal times, the Austro-Hungarian Bank issued notes, o f course,
which sho is im porting at tho rate o f several millions weekly from neutrals.
on gold cover or against discount o f commercial bills. Since the war broke
R ecently tho exchango rate for paper m oney was tho samo as for checks—
435 francs for 8100. Because o f the German dem and tho rato for paper out commercial bills almost disappeared from tho market, but private
people addressed themsolves to the bank for loans on securities. A t tho
m oney has Jumped to 637 francs per 3100.
Germ any is using every possiblo agency to get American m oney out o f end o f 1917. 2 0% o f the circulating notes were Issued against such loans
Franco. Last week an American messenger who had been traveling Weekly on securities. As to the gold cover, it was steadily decreasing. T he gold
between Paris and B em o was caught bringing several thousand dollars cover was 22 9 % at the end o f 1914, 9 .4 % at the end o f 1915, and 1 .6 %
into Switzerland, where ho had beon accustom ed to sell to German agents. at the end o f 1917.
.
T ho Austrian note is now practically nothing m ore than a State issue,
American officials have warned Washington to placo an export prohibition
on paper m oney as tho French have done, because Germ any is using which distinguishes itself from a war-loan scrip only b y the absence o f the
Am erican and Allied paper m oney to m aintain tho exchango rato on tho interest coupons. T he only efficient means o f stopping this watered cir­
culation, with its diminishing buying power, would be the raking-in o f
mark.
Thoro also appeared in tho samo papor tlio following tho superfluous notes b y a high war tax or b y subscriptions to a big war
loan.
Washington dispatch, dated April 14, rolativo to tho Borne
Can the Position be Improved?
But political reasons make it impossible in Austria-Hungary to introduce
advices:
a
sufficiently
high
war
tax, or to get from an opposition m ajority o f the
C om m enting upon tho Berne dispatch reporting that Germ any is buying
up American paper m oney, a Treasury official said to-night that if it wore population sufficient war-loan subscriptions. Consequently the responsible
truo, Germany could not receive gold in return for gold certificates repre­ authorities aro trying to find new m eans— namely, replacing tho banknotes
through Austro-Hungarian bank bonds bearing interest coupons. B y
sented b y papor.

Tho action of the Gormans in seeking to buy up all avail­
able American papor monoy was dealt with as follows in a
special cablo to tho N ew York “ Timos” from Borne on April




1738

THE CHRONICLE

issuing such a substitute, they hope that people who had not sufficient
contidcnco cither in tho Austrian or in tho Hungarian war loan, would bo
ready to buy Austro-Hungarian war loan for investment purposes.
Hut that is a m othod which demands tho confidence o f the citizens in
tho State. T ho Austro-Hungarian population lent to the State against its
will 13 millions in tho form o f banknotes. For three years past, Austria
and Hungary havo offered to their subjects their respective “ debentures.”
I f there existed any inclination to buy investments o f that sort, tho people
would have done so without waiting for this new sort o f Austro-Hungarian
debentures.

NEW YORK SAVINGS BANKS A UTHORIZED TOINVEST
IN BANKERS’ ACCEPTANCES AND BILLS OF
EXCHANGE—OTHER IMPORTANT CHANGES.
Governor W hitm an on April 22 signed the bill passed by
tho 1918 N ew York State Legislature and published in full in
these columns on April 6 (page 1513), amending the savings
bank investment law by adding a new sub-division (N o. 11)
authorizing savings banks in this State to invest in bankers’
acceptances and bills of exchange to the extent of 5 % of
their total deposits. Under the provisions of tho new law tho
acceptances bought must be acceptances of banking insti­
tutions incorporated under tho laws of N ew York or under
the laws of the United States and having their principal plaeo
of businoss in tho Stato of New York. For tho benefit of
our readers we aro reprinting the Act (Chapter 270) herewith:
A N A C I to amend tho banking law , in relation to tho Investm ent o f tho
deposits and guaranty fund o f savings banks in bankers’ acceptances
and bills o f oxchango.
The P eople o f the State o f N ew Y ork, represented in Senate and A ssem bly,
do enact as follows

Section 1. Section 239 o f Chapter 369 o f tho laws o f 1914, entitled "A n
A ct in relation to banking corporations, and individuals, partnerships,
unincorporated associations and corporations under tho supervision o f the
Banking Departm ent, constituting Chapter 2 o f tho consolidated laws,”
as amended b y Chapter 515 o f the laws o f 1915 and Chapter 363 o f tho
laws o f 1916, is hereby amended b y adding at tho end thereof a now sub­
division to road as follows:
1 i . Bankers’ acceptances and bills o f oxchango o f tho kind and maturities
m ade eligiblo b y law for rediscount with Federal Reservo banks, provided
the samo aro accepted b y a bank, national banking association or trust com ­
pany, incorporated under tho laws o f tho Stato o f N ow Y ork or under tho
laws o f tho United States and having its principal place o f business in tho
Stato o f N ow Y ork. N ot m oro than 20% o f tho assets o f any savings bank
less tho amount o f tho availabio fund held pursuant to the provisions o f
Section 251 o f this chapter, shall bo invested in such acceptances. Tho
aggregate am ount o f tho liability o f any bank, national banking association
or trust com pany to any savings bank for acceptances held b y such savings
bank and deposits mado with it shall not exceed 25% o f tho paid-up capital
and surplus o f such bank, national banking association or trust com pany,
and not m ore than 5 % o f tho aggregate amount credited to tho depositors
o f any savings bank shall bo invested in tho acceptances o f or doposited with
a bank, national banking association or trust com pany o f which a trustee
o f such savings bank is a director.
Sec. 2. This A ct shall take effect Immediately.
A pproved April 22 1918.

Shortly after tho bill had become a law tho Emigrant In­
dustrial Savings Bank of this city purchased from tho N a ­
tional City Bank 8100,000 ninoty-day bills at 4 3 -1 6 % dis­
count. In commenting upon tho new law, John C . Pulleyn,
President of the above-mentioned savings bank and who, it
is said, was instrumental in having the law enacted, had tho
following to say:
Savings banks under tho now law will now b e ablo to havo an increased
percentage o f liquid assets and at the samo tim e will establish closer rela­
tions with tho Federal Rescrvo system .
T ho now law means better service to all savings bank depositors, better
security for their funds and greater co-operation on their part with our
Governm ent in its present great task o f winning tho war.

Two other laws, the full text of which was published in
tho “ State and City Department” of our issuo for April 13
(page 1596), were placed upon tho statute books by the 1918
Legislature affecting tho savings bank investment laws of
this State. Tho first of these (Chapter 95, Laws of 1918)
amends subdivision 8 of Section 239 of Chapter 369, Laws of
1914, as amended by Chapter 363, Laws of 1916, in relation
to the investment by savings banks in promissory notes.
This section, which permits the investment by savings banks
in promissory notes when pledged and secured by the assign­
ment of stocks or bonds as enumerated in Sections 1, 2, 3,
4 , 5 and 10 of subdivision 8, has been amended by adding two
now paragraphs so as to include notes secured by savings
bank passbooks and by the assignment of one or moro first
mortgages on real estato situated in the Stato of New York.
The other measure (Chapter 96, Laws of 1918) amends
subdivision 5 of Section 239 of Chapter 369, Laws of 1914,
in relation to investments by savings banks in tho stock
or bonds of certain incorporated cities throughout the
United States. This section has been amended by granting
such institutions much broader authority to invest their
funds in the securities of municipalities in contiguous States.
Formerly the qualifications and limitations for municiplities
in theso States were the samo as for those in other States.
N ow it is provided that they may invest in the stocks or
bonds of any incorporated city, county, village or town,
situated in ono of the States of the United States which ad­
joins the State of New York.




[Vol. 106.

GROWING NUMBER OF TRADE ACCEPTANCE USERS—
COMMITTEES REPRESENTING STATE BANKERS’
ASSOCIATION.
A list of committeemen representing the various bankers’
associations on tho American Trade Acceptance Council
appears in tho “ Journal of the American Bankers’ Associa­
tion” for April.
Jerome Thralls, Assistant Secretary of the American Trade
Acceptance Council, calls attention to tho fact that two big
corporations have already been formed in Now York City
and a third is under way which will deal in trade acceptances,
both foreign and domestic. He adds:
Tho prospects for a wide market for this character o f paper is assured.
Tho number o f users is growing rapidly. T h o latest available statistics
show that about 3,500 firm s, representing practically every lino o f industry
in Am erica, aro using tho trade accoptanco with results that aro entirely
satisfactory.
A conferonco o f prominont bankers will bo hold in N ow Y ork C ity M a y 4
1918 for tho purpose o f considering tho substitution o f tho trado accoptanco
for tho present m ethod in financing the m ovem ent o f cotton.

RESERVE BANKS TO DISCOUNT NOTES GIVEN IN
PAYMENT FOR FARM TRACTORS.
Referenco to tho issuance by tho Federal Reservo Board
of instructions to Federal Reserve banks authorizing tho
accoptanco for rediscount as agricultural papor of notes
given by farmers in payment for farm tractors, was mado in
theso columns April 6, pago 1409. Tho following is tho
Reserve Board’s ruling, announced under dato of March 27,
and appearing in the “ Federal Reservo Bulletin” for April:
The Board has received m any inquiries o f lato as to tho eligibility o f notes
given by farmers in payment o f tractors used b y them in agricultural opera­
tions. Tiie Board has already ruled that notes given for tho purchase prico
o f farm implements which are to bo resold m ay bo discounted as com m ercial
paper, and if tho implements aro not to be resold but are to bo usod for an
agricultural purpose notes given in paym ent m ay bo discounted as agri­
cultural paper. T ho Board has considered tho question whether a tractor
can bo regarded as a farming implement or whether it m ust bo treated as
a permanent fixed investment. W hile it Is expected that tho uso o f a
tractor will bo extended over several soasons, this circumstanco does not
mako necessary tho classification o f a tractor as a fixed investment. Horses
and mules bought for farm work are purchased witli several years’ uso in
view, yet thero can bo no question that a note given b y a farmer in payment
o f a pair o f mules to bo used in farm work, maturing within six months, is
oligiblo as agricultural papor. W here tractors aro used to supplomont tho
work o f horses or mules or aro used altogether instead o f theso animals,
it seems to the Board that notes given b y farmers for tho purchaso prico o f
tractors, and maturing within six months, should bo admitted to discount
as agricultural paper, and you aro requested to adviso your mombor banks
accordingly.
M arch 27 1918.
________________

FEDERAL RESERVE BOARD’S RULING CONCERNING
CATTLE AS READILY MARKETABLE COMMODITY.
The Reservo Board has issued a ruling holding that a
bankers’ acceptance secured by chattel mortgago on cattle is
not eligiblo for Reserve banks. The ruling appears in tho
“ Federal Reserve Bulletin” for April as follows:
An informal ruling o f the Board is published on pago 65, V ol. 2, o f tho
“ Federal Reserve Bulletin” [Fob. 1 1916] to tho effect that it is the vlow
o f tho Board that cattio should bo considered as a readily markotabio
com m odity and that a Federal Itoservo bank m ay consider as eligiblo a
bankers’ acceptance secured by a chattel m ortgago on cattio.
T his has apparently been construed to moan that a national bank m ay
accept drafts if secured at tho time o f acceptance b y a chattel m ortgago on
cattio.
In tho particular instance in which this ruling was m ado tho drafts woro
drawn against a trust com pany which was n ot a m em ber o f tho Federal
Reservo system , and tho question beforo tho Board was whether or not this
bankers’ accoptanco was eligiblo for discount b y a Federal Reservo bank
and not whether a national bank was authorized to accept drafts or b'lls
o f exchango secured by a chattel m ortgago. As tho languago o f tho ruling
is, how ever, suscoptiblo o f this interpretation, tho Board desires to correct
any misapprehension on tho subject and has ruled that drafts or bills o f
oxchango drawn hi dom estic transactions against a national bank cannot,
under authority o f Section 13, bo accepted when socurod b y a chattel m ort­
gage on cattle, but only when accom panied b y shipping docum ents or when
secured b y a warehouse receipt or other similar docum ents convoying or
securing title to readily marketable staples.
W hile cattle m ay be treated as roadily m arkotabio staples, a chattel
m ortgago is not considered a docum ent similar to a warchouso rocoipt since
tho borrower retains tho possession o f tho goods and convoys to tho bank
only tho legal title.
T ho Board having reached tho conclusion that national banks aro n ot
authorized to accept bills secured b y chattel mortgages on cattio, dooms it
advisablo that Federal Reservo banks should consider as ineligible bills
drawn against tho security o f such chattel m ortgages, whother accepted by
m ember or non-mem ber banks.
M arch 29 1918.
______

GOLD TURNED OVER TO CHICAGO FEDERAL RE­
SERVE BANK BY CONTINENTAL & COMMERCIAL
NATIONAL BANK.
On April 13 tho Chicago “ Herald” announced that 8 3 ,­
0 0 0 , 0 0 0 in gold coin and gold certificates had been turned

over to the Chicago Federal Itoservo Bank on tho 12th in st.
by tho Continental & Commercial National Bank. Tho
transfer, it was said, was in accord with tho general purposo
of the bank to strengthen its reservo. It was pointed out
that the amount would provido tho necessary basis for 87-

A pr. 27 1918.]

THE CHRONICLE

500,000 of additional Federal Roserve notes. George M .
Roynolds, President of the Bank, was quoted to the follow­
ing effect:
I f wo had retained the gold in our vaults wo woidd have been contributing
to an entirely unnecessary form o f hoarding. T he gold is perfectly safo in
tho Federal Reserve Rank, where it will also bo useful, and for us to continuo to hold it would have boon not only useless but unpatriotic.
AVo shall conlinuo to turn over to tho Reserve Bank such gold as we
accumulate in substantial amounts. There is no reason wiiy any bank or
any individual in tho United States should hoard gold.

ALLEGED EFFORTS TO DISCREDIT FEDERAL FARM
LOAN SYSTEM.
Tho Foderal Farm Loan Board yesterday issued tho fol­
lowing statement concerning allogod efforts to discredit tho
Farm Loan systom:
A group o f Kansas mortgage bankers, in a further effort to discredit tho
Federal Farm Loan system , has gone to tho trouble and expense o f getting
from abstractors and registers o f deeds particulars as to noarly two thousand
loans m ade In that State b y the Federal Land Bank o f W ichita. This
information includes In eacli caso tho amount o f tho loan, tho assessed
valuation o f land and buildings, tho number o f acres and tho description
o f tho land as to location. This list has been furnished to m embers o f
Congress and to newspapers and periodicals who could bo relied upon to
exploit It.
It indicates that the aggregate o f these loans amounts to 73% o f tho
assessed valuation for purposes o f taxation o f tho properties m ortgaged,
and its pertinence is based upon tho very doubtful assumption that assess­
ments for taxation represent full value. Tho fact is that in Kansas assess­
ments o f farm lands average about two-thirds o f actual values, and that,
while iti some cases they m ay represent a larger proportion, in m any other
cases tlioy represent a much smaller proportion.
Out o f tlds list o f noarly tw o thousand loans a Boston financial weekly
has picked eighteen where tho loan exceeds the assessment, and promises
to parade them In its next issue as “ oxcesslve loans” which make “ sorry sort
o f security for bond s.” AVitli a fine appreciation o f where such lltcraturo
m ay bo expected to find a sym pathetic reception, it Is circularizing banks
and (jankers supposed to bo Interested in selling tiioir own farm loans,
assuring thorn that “ this article is certain to create a profound im pression,”
and that "th o effect o f the articlo cannot help but bo to turn tho attention
o f Eastern investors toward good farm m ortgages.” T ho circular con ­
cludes with a statement o f tho terms upon which oxtra copios m ay bo had
in quantity.
Tho m atter has been called to the attention o f tho Farm Loan Board b y
tiio President o f a bank In N orth D akota, who was the recipient o f one o f
tho circulars, and wrote to tho B oard: “ I f this articlo wero based on con ­
ditions In N orth D akota, It would bo extremely misleading and unjust, for
tho reason that assessed valuations hero are Invariably from 20% to 30%
o f tho actual value, in spito o f tho fact that tho law says that real property
shall bo assessed at Its full value.” As a m atter o f fact, there is scarcely
a State in tho Union where such a statement Would not bo misleading and
unjust, because there aro very few Statos where assessments o f farm lands
approxim ate m arket value. In som o Statos they aro half o f real values,
and In other States a third, while in still other States they aro so irregular
that they constitute no possible criterion o f values. Tho Whole m atter
is o f interest only as showing tho amount o f m oney which private loaning
agencies aro willing to spend in efforts to discredit tho Farm Loan system
and tho unscrupulous uso which they aro willing to m ake o f tho material
that they collect.

Harris, Forbos & Co. havo also issued a statement covoring
much tho same ground as the above and which therefore it is
not necessary to reproduce horo, except as to one point, Avliich
wo quo to lioroAvith:
A s a m atter o f fact, tho Federal Land banks havo a double protection
for tho law requires tw o separate appraisements to bo m ado. T h e first
appraisement is mado b y a com m ittee who b y reason o f their ownership o f
stock in a Farm Loan association becam o part guarantors o f tho paym ent
o f tiio principal and interest o f the loan, and it Is to their interest to seo
that conservative valuations aro placed upon p roperty. A second valua­
tion is mado by an officer appointed b y tho Farm Loan B oard, which is
ono o f tho Bureaus o f tho Treasury Departm ent o f tho United States.
There could bo no m ore conservative or better m ethod o f valuation.

INCREASE

IN DEPOSITS NOTWITHSTANDING
LIBERTY BOND OFFERINGS.

Supplementing tho figures mado public by tho Comp­
troller of tho Curroncy last week (givon in theso columns
on pago 1623) regarding tho exceptionally favorablo posi­
tion of tho national banks to assist in tho financing of tho
Third Liborty Loan tho Fedoral Resorvo Bank of Rich­
mond has issued a circular pointing out tho notoAvorthy in­
crease in doposits of Stato institutions as Avoll as national,
Avliich havo dissipated tho fears that tho taking of Liborty
bonds by tho peoplo AvonId bring about heavy AvithdraAvals
in doposits. Tho circular also alludes to tho groAvth in
savings accounts in Canada and Groat Britain. W o re­
produce it lioroAvith:
April 19 1918.
To the Banking Institutions of the Fifth Federal Reserve District:
Prior to tiio opening o f tiio First Liberty Loan Cam paign, tho fear was
entertained and frequently expressed b y m any bankers, particularly in
tiio smaller banks, that tho peoplo could not absorb tho bonds without
withdrawing dopolts heavily.
AVhat has boon tho result?
T ho Com ptroller In his preliminary report o f tho condition o f tho national
banks on M arch 4 1918 makes tho following statoment:
M arcli 5 1917, total deposits national banks_____________ $12,957,000,000
M arch 4 1918, total doposits national banks_____________ 14,437,589,000
In crea so.......................................................................................... SI .480,589,000




1739

Liberty Bonds Ilcld by National Banks.
T ho total amount o f L iberty bonds held b y tho national
banks on M arch 4 1918 was o n ly _______________________
$433,73S,000
or about 7 % o f the total o f L iberty bonds issued to date,
while tho amount loaned b y national banks on L iberty
299,684,000
bonds on M arch 4 1918 was o n ly_______________________
Experience of State Banks in Virginia and North Carolina.
R eports o f the condition o f State banks in Virginia and N orth Carolina
to D ec. 31 1917 show the following rosults in com pairson with the previous
year:
Virginia.
North Caro.
Increase in resources.................. ........ ..........................-824,026,000 836,434,000
In N orth Carolina deposits increascd-831,000,000
In Virginia deposits increased_______ 18,489,000
Canada.
From July 1914, just prior to tho beginning o f the war, the
savings deposits o f the D om inion were__________________ $663,650,000
On Jan. 1 1918 they were approxim ately................ ................... 1.000,000,000
This growth is attributed to tho increase in the wages o f workers and the
impetus to tho habit o f saving.
Great Britain.
AVitliin approxim ately tho same period, tho deposits o f tho
London banks increased o v e r_____________________________ $1,700,000,000
while all the 34 banks o f England, with their branches, report
■an increase o f deposits in 1917 alone o f a b o u t...................... 1,000,000,000
New York State.
The State Superintendent o f Banks in N ew Y o rk State re­
ports that tho savings banks o f the Stato report the total
am ount to the credit o f savings depositors on Jan. 1 1918
ab« l , t --------------- ------------------------------ ------------- -------------------$33,000,000
greater than on the samo date o f 1917.
M oreover the number o f depositors had increased 42,900.
Tho impression has prevailed in somo quarters that m oney subscribed
for war purposes was being withdrawn from tho interior and piled up in
the banks o f the N orth and East.
Tiio Comptroller’s report for D ec. 31 1917 shows that tho deposits o f
the national banks o f New Y ork , Massachusetts and Pennsylvania de­
creased 3359,000,000 from N ov. 20 1917 to D ec. 31 1917, while tho aggre­
gate deposits o f the national banks in all tho other States increased
$6,395,000.
Fears of Shrinkage of Bank Deposits Should Be Dismissed.
Bankers everywhere should dismiss their fears o f shrinkage o f deposits
during a period o f enormous business expansion. T he tw o cannot go
together.
Confidence in tho new banking machinery has prevented tho only kind
o f deposit slirinkage which would warrant any fear— that is, w ithdraw
and hoarding by panicky depositors.
Encourage Depositors to Buy Liberty Bonds.
Banks should therefore give every possible encouragemont to depositors
o f overy kind, big and little, to buy Liberty bonds. If necessary to borrow
in order to buy, borrowing for any reasonable period should be encouraged,
to bo paid back out o f future incom e, whether from the gathering o f tho har­
vests or tho profits o f manufacture. A ny temjjorary shrinkage o f deposits can
bo taken care o f by borrowing, for which tho most liberal provision will be
m ade. T ho whole country is now working directly in tho interest o f tho
banks b y preaching the habit o f saving. T ho ultimate results will outstrip
in benefit any m ovem ent the banks could undertake for themselves.
R espectfully,
G E O . J. S E A Y , Governor.

AMENDMENTS TO FEDERAL RESERVE ACT PASSED
BY HOUSE.
A bill authorizing national banks to engage in fiduciary
business in competition with trust companies was passed by
tho House on April 24. It is stated that the effect of tho
bill would be to eliminate discrimination where State laAvs
favor Stato institutions. The bill Avould also extend penal
provisions for embezzlement and other offenses against
banks to officers, directors, agents or employees of Federal
Reserve banks; give the Reserve Board discretion in the
grouping of member banks in each district so as to arrange
directorates equitably, and authorize the issue of Federal
Reserve notes in denominations of $500, $1,000 and $10,000.
Tho House also passed on April 24 a bill introduced by
Representative Glass of Virginia, limiting the amount
national banking associations may invest in a bank or office
building and site to not more than its paid-in and unim­
paired capital stock. Other provisions would require direc­
tors of a national bank to qualify Avithin sixty days after
their selection, would authorize the signature of bank officers
to notes of issue to be engraved as well as written, and would
require banking associations going into liquidation to de­
posit Avith the Treasury ninety days instead of six months
money sufficient to meet outstanding circulation.
Favorable report upon an Administration bill introduced
by Senator Shafroth, of Colorado, providing for the guaran­
tee of deposits not exceeding $5,000 in national banks which
may become insolvent was ordered on April 24 by the
Senate Banking and Currency Committee.

BILL PROVIDING FOR MELTING OF SILVER DOLLARS
ENACTED INTO LAW.
Tho so-called Pittman bill, providing for tho melting of
350,000,000 silver dollars into bullion to be used in payment
of foreign trado balances, was signed by President Wilson
on April 24. Tho bill proposes the retirement of silver

1740

THE CHRONICLE

certificates concurrent with the melting of the silver dollars
and for the purohaso of silver at not more than SI an ounce
to replace that meltod, thus virtually fixing the price of
silver. Settlement of trade balances with silvor was de­
termined upon in order to conserve the gold supply. To
supply currency to take the placo of the silver or silver cer­
tificates withdrawn from circulation tho Foderal Rosorve
Board is authorized to issuo Federal Resorvo Bank notes,
based on tho security of Unitod States certificates of in­
debtedness or of United States one-year gold notes.
In tho form in which it was originally introduced in tho
Senate tho bill had proposed that $250,000,000 bo retired
for the purpose, but tho Sonato Committee on Banking and
Curronoy amended it so as to mako tho amount $350,000,000,
and as changed it passed tho Sonato on April 18. Tho
Senato amended the bill by adding a now section (N o. 9)
which stipulates that tho provisions of Title V I I of the
Espionago Act (dealing with exports of prohibited articlos)
and the powers conferred upon tho Prosidont undor subsec­
tion b of Section 5 of tho Trading W ith tho Enemy Act
(dealing with suspension or limiting of the provisions of
tho Act as applied to an ally of enem y), “ shall, in so far as
applicable to tho exportation from or shipment from or tak­
ing out of tho Unitod States of silver coin or silvor bullion, con­
tinue until the not amount of silvor roquirod by Sec. 2 of this
Act shall have boon purchased as therein provided.” Sec­
tion 8 was also amended by tho Sonato through tho striking
out of tho words “ that nothing in this Act shall bo construed
as repealing or restricting tho right of Federal Reserve banks
to issuo Federal Reservo Bank notes undor tho authority
of tho Fodoral Roservo A c t” and making tho section read:
“ that except as herein provided, Fedoral Reservo Bank
notes issued undor authority of this A ct, shall bo subject
to all existing provisions of law relating to Federal Reservo
Bank notes.” Other differences between tho original bill
and tho bill as finally enacted (tho House mado no changes
in it, passing it on April 22 oxaotly as it camo from tho
Senate) aro indicated in Italics in tho text of the now law
which wo give below:
A N A C T T o conservo tho gold supply o f the United States; to permit
the settlement in silver o f trado balances adverso to tho United States;
to provide silver for subsidiary colnago and for com m ercial uso; to
assist foreign governments at war with tho enemies of tho United States;
and for tho above purposes to stabilize tho prico and encourago the
production o f sliver.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled. That tho Secretary o f tho Treasury
Is hereby authorized from timo to time to m olt or break up and to sell as
bullion not in excess o f threo hundred and fifty million standard silver
dollars now or hereafter held in tho Treasury o f tho United States. A ny
silver certificates which m ay bo outstanding against such standard silver
dollars so melted or broken up shall bo retired at tho rate o f $1 faco amount
o f such certificates for each standard silvor dollar so melted or broken
up. Sales o f such bullion shall bo mado at such prices not less than SI per
ounce of silver one thousand fine and upon such terms as shall bo established
from tim o to timo b y tho Secretary o f tho Treasury.
Sec. 2. That upon every such salo o f bullion from timo to tim o tho Sec­
retary o f the Treasury shall im m ediately direct tho D irector o f tho M int
to purchaso in the United States, of the product of mines situated in the United
States and of reduction works so located, an amount o f silver equal to three
hundred and soventy-ono and tw enty-fivo hundredths grains o f pure silver
In respect o f every standard silver dollar so molted or broken up and sold
as bullion.Such purchases shall bo m ado In accordance with tho then
existing regulations o f tho M int and at tho fixed prico o f $1 per ounce o f
silver ono thousand fine, delivered at tho option o f tho D irector o f tho M int
at N ow Y ork , Philadelphia, Denver, or San. Francisco. Such silver so
purchased m ay bo resold for any o f tho purposos hereinafter specified in
Section 3 o f this A ct, under rules and regulations to bo established b y the
Secretary o f tho Treasury, and any excess o f such silver so purchased over
and above tho requirements for such purposos, shall bo coined into stand­
ard silver dollars or held for tho purposo o f such colnago, and silver certifi­
cates shall be issued to the amount of such coinage. T ho net amount of
silvor so purchased, after making allowanco for all resales, shall not exceed
at any ono timo tho amount needed to coin an aggregate number o f standard
sliver dollars equal to tho aggregate number o f standard silvor dollars
theretoforo molted or broken up and sold as bullion undor tho provisions
o f this A ct, but such purchases o f silver shall contlnuo until tho not amount
o f Silver so purchased, after making allowanco for all resales, shall bo
sufficient to coin therefrom an aggrogato number o f standard silver dollars
equal to tho aggregate number o f standard sliver dollars theretoforo so
m elted or broken up and sold as bullion.
Sec. 3. That sales o f silver bullion under authority o f this A ct m ay bo
mado for tho purposo o f conserving tho oxisting stock o f gold in tho United
States, o f facilitating tho sottlemont in silver o f trado balances adverso
to the United States, o f providing silver for subsidiary colnago and for com ­
m ercial uso, and o f assisting foreign governm ents at war with tho enemies
o f tho United States. T ho allocation o f any silver to tho Director o f tho
M int for subsidiary colnago shall, for tho purposes o f this A ct, bo regarded
as a sale or resale.
Sec. 4. T hat tho Secretary o f tho Treasury is authorized, from any
m oneys In tho Treasury not otherwise appropriated, to roimburso tho
Treasurer o f tho United States for tho difference between the nominal or
faco value o f all standard silver dollars so melted or broken up and tho valuo
o f tho sliver bullion, at $1 per ounco o f silver ono thousand fino, resulting
from the m olting or breaking up o f such standard silver dollars.
Sec. 5. That in order to p revent contraction o f tho currency, tho Fod­
eral Roservo banks m ay bo either perm itted or required b y tho Federal
Reservo B oard, at tho request o f tho Secretary o f tho Treasury, to issuo
Federal Roservo Bank notos, in any denom inations (including denomina­
tions o f SI and $2) authorized b y tho Federal Reserve B oard, in an aggro­
gato am ount not exceeding tho am ount o f standard silvor dollars melted




[Vol. 106

or brokon up and sold as bullion undor authority o f this A ct, upon doposit as provided by law with tho Treasurer o f tho United States as se­
curity therefor, o f Unitod States certificates o f indebtedness, or o f United
States one-year gold notos. T ho Secretary o f tho Troastirery m ay, at his
option, extend tho timo o f paym ent o f any maturing Unitod Statos certifi­
cates o f indebtedness deposited as socurity for such Fodoral Reservo bank
notes for any period not exceeding ono year at any ono extension and m ay, at
his option, p ay such certificates o f indebtedness prior to m aturity, whether
or not so extended. T ho deposit o f United States certificates o f indebted­
ness b y Federal Roservo bansk as socurity for Foderal Reservo Bank notes
under authority o f this A ctfsliall bo deemed to constitute an agreomont
on tho part o f tho Federal Roservo bank making such doposlt that tho
Secretary o f tho Treasury m ay so oxtond tho timo o f paym ent o f such
certificates o f indebtedness boyond tho original m aturity dato or beyond
any m aturity dato to which such certificates o f indobtodnoss m ay have
been extended, and that tho Secretary o f tho Troasury m ay pay such
certificates in advance o f m aturity, whether or not so extended.
Sec. 6. T h a t as and when standard silver dollars shall bo coined out of
bullion purchased under authority o f this A ct, tho Federal Reserve banks
shall be required b y tho Federal R eserve Board to rotiro Roservo Bank
notes issued under authority of Section 5 of this Act, if then outstanding, in
an am ount equal to tho am ount o f standard silver dollars so coined, and
tho Secretary o f the Treasury shall pay o ff and cancel any United Statos
certificates o f indebtedness deposited as security for Federal Reserve Bank
notes so retired.
Sec. 7. That the tax on any Federal R oservo Bank notes Issued undor
authority o f this A ct, secured b y tho deposit o f United Statos certificates
o f indebtedness or United States one-yoar gold notos, shall bo so adjusted
that tho not return on such certificates o f indobtodnoss, or such ono-yoar
gold notes, calculated on tho faco valuo thereof, shall bo equal to tho not
return on United States 2 % bonds, used to sccuro Federal Roservo Bank
notes, after deducting tho am ount o f tho tax upon such Federal Reserve
Bank notes so secured.
Sec. 8. T h a t except as herein provided. Federal Roservo Bank notes
issued under authority o f this A ct, shall bo subject to all existing provisions
o f law relating to Federal R eserve Bank notos.
Sec. 9. T h a t tho provisions o f T itle V II o f an A ct approved Juno 15
1917, entitled “ An A ct to punish acts o f interference with tho foreign
relations, tho neutrality, and the foreign com m erce o f tho United Statos,
to punish espionage, and better to enforce tho criminal laws o f the Unitod
States, and for other purposes,” and tho powers conferred upon tho Presi­
dent b y subsection (ft) o f Section 5 o f an A ct approved O ct. 6 1917, known
as tho "T ra d in g with tho Enem y A c t ,” shall, in so far as applicable to tho
exportation from or shipment from or taking out o f tho United States o f
silver coin or silver bullion, continuo until tho not amount o f silver required
b y Section 2 o f this A ct shall liavo been purchased as therein provided.
A pproved April 24 1918.

Commenting on the bill and indicating tho reasons that
evidently prompted many Representatives in voting for the
measure, Congressman McFaddon, during tho brief debate
in tho House on the 22d, said:
M r. Speaker, in tw o minutes I cannot go vory far in a discus­
sion o f this measure.
I d o feci, liowover, that as a member o f the
Banking and Currency C om m itteo som o explanation should bo mado b y
mo as well as b y tho other members o f that com m itteo. T ho facts have
been pretty well stated in connection with this bill. I do not bcliovo thore
Is a m em ber o f this com m itteo hero w ho, under ordinary circum stances,
w ould support this bill or who would support it now except for tho fact
o f tho extromo necessity for this special legislation, as pointed out b y tho
President, the Secretary o f tho Troasury, tho Director o f the M int, and the
G overnor o f tho Federal Reserve Board, all pleading for tho Immediate
passage o f this bill. In connection with this argumont thero is ono point
that has not been covered. I should like to mention that, and it is this,
that this §350.000,000 silver, which is now held b y tho Treasury o f tho
United States, is a trust fund; that silver certificates aro outstanding against
that fund, and they must bo redeemed before this coin can bo released.
Thero aro now about $39,000,000 o f thoso silver certificates hold by tho
Treasury D epartm ent at this tim o, which, when this authority is given,
will perm it the cancellation o f and tho m olting up o f these silvor dollars
held as security for this am ount. I hopo tho Treasury Departm ent, in
tho administration o f this law wlion it is passed, Will bo careful to see that
none o f the trust obligations aro violated in tho handling o f this transaction.
This sacred trust must not bo violated under any circumstances.
In connection with tho Issuanco o f Federal Reservo bank notos, a wholo
lot m ight bo said that cannot now bo said in connection with this debato.
W hon we passed tho Federal Reservo A ct wo practically repudiated tho
bond-secured note-circulation proposition. In this lnstaneo wo aro golno
back to that in practically tho same form b y providing for tho issuo o f
Federal R escrvo notes by tho 12 Federal Reserve banks, secured b y onoyoar tem porary Treasury certificates, which aro nothing, m ore or less. In
this instance, than a double proinlso to pa y on tho part o f tho United States.
W hy not issue United States notos direct and bo honest with tho pcoplo
and not decelvo them ? In supporting this measuro I am rolylng entirely
upon tho representations mado b y tho Administration officials that this
Is o f tho m ost pressing necessity to aid our alllos to wln tho.w ar.j

PROPOSED REDUCTION BY BOSTON STOCK E X ­
CHANGE OF COMMISSIONS ON STOCKS
SELLING UNDER TEN DOLLARS.
Tho Governing Committeo of the Boston Stock Exchange
has approved the proposal to reduco tho commissions on
stocks selling under $10 per share from $12 50 por 100 shares
to $6 25; members liavo, liowover, a specified period in
which to protest before it becomes operative; tho $12 50
rate has applied to all oxcopt mining shares.

BOSTON STOCK EXCHANGE RULING ON LIBERTY
BOND TRADING.
Tho following ruling regarding trading in bonds of the
Third Liberty Loan has boon adoptod by tho Boston Stock
Exchange:
B y direction o f tho Com m itteo o f Arrangomonts trading in tho Third
Liberty Loan 4 K % bonds will not bo perm itted on tho floor o f tho Stock
Exchango during tho period o f subscriptions.

Apr . 27 1918.]

THE CHRONICLE

APPLICATIONS PASSED ON BY CAPITAL ISSUES
COMMITTEE— M UNI Cl PA L SEC URI TIES
PRINCIPAL ISSUES CONSIDERED.
During the week of April 22 tko Capital Issues Committee
disposed of 25 applications aggregating $10,105,000, of
■which $762,000 woro disapproved. Announcement to this
offoct was made by tho committee on April 21 in the follow­
ing statement:
V ery naturally security issues o f municipalities com prlso tho m ajor
portion o f the work o f tho Capital Issues C om m ittee. Capital expenditures
b y municipalities generally m ay bo divided into tho follow ing classes:
1. R oad Improvements.
2. School and public buildings.
3. Sanitary im provem ent including water and sewer plants.
T ho C om m ittee has heretofore announced its policy with respect to its
m ethod o f co-operating with existing Governm ent Dopartm onts and Bureaus
with rcspoct to tho three classos first named. It now announces that Sur­
geon General Blue o f tho United States Public Health Sorvico lias placed
his organization at the disposal o f tho com m ittee for use in connection with
tho consideration o f capital expenditures for sanitary im provem ents. In
his letter to tho com m itteo tho Surgeon General states:
“ I t Is ono o f tho functions and purposes o f this Buroau to collect inform a­
tion o f tills character and it will bo a pleasuro to furnish you with such
inform ation in any specific case which m ay com e beforo the com m itteo.
Considerable inform ation is already available in this office abou t this
m atter and in cases where this has not already been done tho desired data
m ay bo obtained b y sending out a quostionairo which m ay be prepared b y
this Bureau.’ ’
D uring the week just passed, tho com m itteo disapproved o f tw enty-five
applications aggregating $10,105,000 o f which $762,000 woro disapproved.
T ho $9,343,000 approved included $300,000 o f refunding obligations, so
that tho now issue approved aggregated $9,043,000. New issues o f the
corresponding period last year amounted to $14,547,000, so that a com ­
parative saving o f 3 7 % was effected. In addition to this saving, how ever,
postponom ont was secured inform ally o f issues aggregating $5,560,000.

CAPITAL ISSUES COMMITTEE TO PASS ON INDUS­
TRIAL SECURITIES TO M IN IM U M OF $100,000.
A resolution roducing from $500,000 to $100,000 tho mini­
mum of proposod security issues of industrial and public
utility corporations which it will pass upon has been adopted
by tho Capital Issues Committee of tho Federal Resorvo
Board. The resolution roads:
R esolved, that, effective imm ediately, this com m itteo roduco from $500,­
000 and over to $100,000 and over tho minimum o f security issues o f
Industrial and public utility corporations that it will consider.

An announcement made by tho committeo on April 24
regarding its action said:
This action is taken b y tho Com m itteo in furtherance o f its p olicy here­
tofore expressed o f adapting its methods to those prescribed for tho guidance
o f tho Capital Issues C om m ittee created b y tho W ar Financo Corporation
A ct which, in section 203, provides that tho com m itteo m ay consider applica­
tions o f $100,000 and over.
Tho C om m ittee has heretofore observed that $100,000 m inimum only
with respect to municipal issues. Its action to-d ay will tend to roliovo the
embarrassment o f those desiring to issue at this tim e securities tho aggregate
o f which is a bove the minimum prescribed b y the statute and yet below
tho minimum heretofore considered b y the existing com m ittee.

Tlio committee made known its decision to roduce from
$250,000 to $100,00 tho minimum sizo of municipal issues
which it would consider on Fob. 24.

N. Y. DEPARTMENT OF EDUCATION CO-OPERATING
WITH CAPITAL ISSUES COMMITTEE.
Tho Capital Issues Committeo of tho Fedoral Reservo
Board announced on April 23 the rocoipt of a letter from M r.
Thomas E . Finnegan, of tho Now York State Dopartmont
of Education, supporting tho work of the committeo, in
which he said in part:
W o are advising school authorities in all parts o f tho State that no now
construction should bo planned, under existing conditions, excopt in those
cases wliero tho needs aro absolutely Imperative. There are tw o reasons
why localities should not undertake now construction for shcool purposes
If it m ay well bo deferred until a lator period. T ho funds o f tho country
should bo made available to tho fullest extent for financing tho war. N o ­
thing that will divert In any way whatover from this ono purpose should
be done which m ay bo avoided.
T ho cost o f construction is also abnorm ally high and wliero now construc­
tion for school purposes m ay bo deferred until thcro is a better adjustm ent
o f prices, that courso should bo pursued.

AUTHORITY FOR NEW NATIONAL BANK REVOKED
BY COMPTROLLER BECAUSE OF LACK OF
INTEREST IN LIBERTY BONDS.
Tho Comptroller of tho Curroncy, it was mado known on
April 23, has rovokod the authority given for the organiza­
tion of a national bank in tho W ost bocauso of tho lack of
intorost on tho part of tho applicants in Liborty bonds and
tho Rod Cross. Tho statement issuod by tho Treasury
Dopartmont says:
Tlio C om ptroller o f tho Currency recently approved an application for a
charter for a now national bank in a certain W estern State, as thero Was,
apparently, an opening for a bank in tho com m unity in which it was to bo
established and tho applicants seemed to bo men o f responsibility and means
and some prom inenco.
Subsequently doubt aroso as to tho loyalty and patriotism o f tho appli­
cants, and it was ascertained that, although the six applicants for tho charter
Wero reported to bo men o f considerable means— several o f thorn claiming
to bo worth a quarter o f a million dollars or m ore— tho aggregate am ount
o f Liberty bonds o f tho first and second Issues to which tlio six applicants




1741

had subscribed was only $200, several o f tho applicants for the charter
having taken no L iberty bonds a t all, and their aggregate subscriptions
to the R ed Cross had been on ly $149.
T he C om ptroller has to-d ay revoked tho authority given for the organiza­
tion o f this proposed national bank, on the ground that men o f means In
these times who show so little patriotism and so little public spirit in the
m atter o f making subscriptions to L iberty bonds and to the R ed Cross are
unfit to be placed in charge o f any national bank.

RHODE ISLAND LEGISLATURE AMENDS SAVINGS
B AN K LAW .
During the regular session of the Rhode Island Legislature,
which adjourned April 19, an A ct was passed amending
Chapter 1208 of the Public Laws of 1915 by providing that
savings banks m ay deduct from their deposits, for the pur­
pose of taxation, United States Government bonds or other
evidences of indebtedness of the United States, issued on
or after April 1 1918, provided such bonds or other evidences
of indebtedness shall have been held by the savings banks
for a period of six months or more next preceding June 1
in each year. The A ct in full follows, the matter added this
year appearing in italics and the portions eliminated from
the old law being put in black face type and black face
brackets:
A N A C T in amendment o f Section 3 o f Chapter 39 o f tho General Laws,
entitled “ O f tho R evenue o f the State,” as amended b y Chapter 1208
o f the Public Laws, passed at the January session A . D . 1915.
It is enacted by the General Assembly as follows:
Section 1. Section 3 o f Chapter 39 o f the General Laws, entitled " O f
R evenue o f the State,” as amended b y Chapter 1208 o f the Public Laws,
passed at the January session A . D . 1915, is hereby amended so as to read
as follows:
.
Sec. 3. E very savings bank shall annually p ay to tho general treasurer
40 cents on each $100 deposited therewith and on each $100 o f reserved
profits and other profits after deducting therefrom the amount of such de­
posits, reserved profits and other profits invested in bond or other evidences
of indebtedness of the United Stales, issued on or after the first day of April
A . D . 1918, provided such bonds or other evidences of indebtedness shall have
been held by such savings bank for a period of six months or more next pre­
ceding the first day of June in each year, said sums to bo ascertained from
a report to be made b y such savings bank to tho Bank Commissioner on
or before tho fifteenth d ay o f July in each and every year, showing the
total amount [ o n ] of deposits in such savings bank and tho total am ount
o f reserved profits and other profits therein on the last business day [ m l
of June in [ s u c h ] each year, and the total amount of bonds or other evi­
dences of indebtedness of the United States, issued on or after the first day of
April A . D . 1918, held by said savings bank for a period of six months or
more next preceding the last business day of June, and to be paid on or be­
fore the first M on da y in August. The amount of deposits, reserved profits
and other profits of every savings bank invested in bonds or other evidences
of indebtedness of the United States, issued on or after the first day of April
A . D. 1918, and held by such savings bank for a period of six months or more
next preceding the last business day of June in each year shall be exempt from
taxation under the laics of this State.”
Sec. 2. This Act shall take effect upon Us passage and all acts and parts
of acts inconsistent heretoilh are hereby repealed.

Another change made by tho Legislature in the savings
bank law was to add a new clause (Clause X X I I ) allowing
savings banks to borrow money for the purpose or purchasing
bonds or other evidences of indebtedness of the United States
issued on or after April 1 1918, to the extent of 1 0 % of the
amount of the deposits of such savings banks. W e publish
below the full text of this new clause and also of Clause X X I
which has to do with borrowing by savings banks. The
matter appearing in italics in Clause X X I was added this
year:
A N A C T in amendment o f and in addition to Chapter 232 o f the General
Laws, entitled “ O f Investm ents," as amended b y Chapter 687 o f the
Public Laws passed at the January session A . D . 1911, and as other­
wise amended and added to.
It is enacted by the General Assembly as follows:
Section 1. Clause X X I o f Section 1 o f Chapter 232 o f the General Law s,
entitled “ O f Investm ents," .as amended b y Chapter 687 o f tho Public Laws!
passed at the January session 1911, is hereby amended so as to read as
follows:
" Borrowing by Savings Banks.
Clauso X X I . It shall not bo lawful for any savings bank to borrow
m oney for tho purpose o f investing or loaning tho same, but this shall not
bo so construed as to prevent any savings bank from borrowing for the
purposo o f meeting a run or unusual withdrawals b y its depositors, and In
no case shall such borrowing exceed 10% o f tho deposits o f any such savings
bank, and the provisions of ClauseXXII of this section shall constitute a fur­
ther exception to such prohibUion against borrowing. The note or notes given
may be issued either on the general credit of the corporation or on pledge of
securities owned, and shall be made only upon authority granted by vole of
the board of trustees, or of the investment committee if specifically authorized
so to do, and shall contain a reference to the minutes of the meeting at which
the authority to borrow was voted. All such notes shall be executed in the name
of the corporation by its treasurer and shall bear the corporate seal of the cor­
poration, and shall be countersigned by the President or Vice-President and
two members of the investment committee. No general authority to borrow
shall be voted by the trustees or the investment committee, but all borrowings
shall be only upon a specific vole relating to the note to be issued: In event
of such borrowing, such savings bank shall not make any new investment or
loan until the note or notes given are all paid.”
Sec. 2. Section 1 o f said Chapter 232 o f the General Laws, as amended
b y Chapter 687 o f the Public Laws, passed at the January session 1911,
and as otherwise amended and added to . is hereby further amended b y
adding thereto the following clause:
Clause X X I I . It shall be lawful for any savings bank to borrow
m onoy for tho purposo o f purchasing bonds or other evidence o f indebted­
ness o f the United States, issued on or after tho first day o f April 1918,
provided that in no case shall the aggregate amount o f the sum so borrowed
exceed 10% o f the amount o f the deposits o f any such savings bank. T he
note or notes given in paym ent therefor shall bo made only upon authority

1742

THE CHRONICLE

granted b y vote o f tho board o f trustees, or o f the investment com m ittee
if specifically authorized so to d o, and shall contain a reference to tho
minutes o f tho meeting at which the authority to borrow was voted . All
such notes shall be executed in tho name o f tho corporation b y its treasurer,
shall bear the corporate seal o f tho corporation and shall bo countersigned
b y tho President or Vice-President and tw o members o f tho investment
com m ittee. N o general authority to borrow shall bo voted b y tho trus­
tees or tho investment com m ittee, but all borrowing shall bo upon only a
specific v ote relating to tho note to bo issued.
Sec. 3. Tills A ct shall talco effect upon its passago.

WITHDRAWAL OF GOVERNMENT DEPOSITS BY
PHILADELPHIA FEDERAL RESERVE BANK.
According to tho Philadelphia “ Lodger” of April 25 tho
Federal Reserve Bank of Philadelphia will on April 30 with­
draw Government doposits from depositories in tho Phila­
delphia district amounting to nearly $5,000,000. Tho
“ Lodger” says:
T he call is for 5 0% o f amount o f deposits on account o f Treasury cer­
tificates, dated April 10, remaining after call to moot withdrawals to -d a y .
T o -d a y 's call totals $10,000,000.

CLOSING OF SUBSCRIPTIONS TO SIXTH BLOCK OF
TREASURY CERTIFICATES IN ANTICIPATION
OF LIBERTY LOAN.
Subscriptions to the Treasury Certificates of Indebtedness,
for a minimum amount of $500,000,000, dated April 22 and
payable July 18 1918, and issued in anticipation of the Third
Liberty Loan, closed on April 25. It is stated that the
indications are that the issue has been fully subscribed.

SALES OF WAR SAVINGS A N D THRIFT STAMPS
REACH APPROXIMATELY $150,000,000.
A total of $149,361,973 in war savings and thrift stamp
were sold through post offices and Federal Reserve banks
from tho beginning of the campaign in December up to
M arch 30, inclusive, according to figures made public by
the Treasury Department at Washington on April 21.
One-tenth of tho amount has been subscribed by Nebraska,
the total sales in that State having amounted to $1 4,­
34 3,99 2 thus far; during the month of M arch tho sales in
the Stato aggregated $8 ,605,612. U p to April 1 a total
of $12,273,784 war savings and thrift stamps were sold in
Now York, giving that State second place in the list, with
Missouri third with sales of $11,183,305. In Now York
tho sales for tho month of March wore $4 ,415,413, while in
Missouri they were $2,543,869. The following shows tho
totals by States since tho opening of the campaign:
Grade.
Slate.
1 N e b ra sk a ____________
2 D istrict o f C olu m b ia ..
3 M is so u r i_____________
4 K a n s a s ______________
6 O r e g o n _____________
6 W a s h in g ton _________
7 C olora d o_____________
8 In d ia n a ______________
9 M on ta n a _____________
9 D e la w a r e ____________
11 Iow a _________________
12 O hio......... .......................
13 A rizon a ______________
14 South D a k ota _______
15 Texas_________________
15 California (southern).
15 N ev a d a ______________
18 C on n ecticu t__________
19 M in n e s o ta ___________
20 California (northern).
20 O klahom a____________
22 M a in e ________________
23 N ow Hampshire______
24 W y o m in g ____________
25 W iscon sin____________
26 Pennsylvania (c a s t)..
27 I l l i n o i s .. .......................
28 U tah _________________
29 W est Virginia_________
30 New Y o r k ____________
31 Arkansas_____________
32 Idaho_________________
33 V erm on t_____________
33 R hodo Island_____ .'___
35 I’ onnsylva'nia (w e s t )..
36 M assachusetts_______
37 Tennosseo____________
38 Virginia_______________
39 N orth Carolina______
39 N ow Jersoy___________
41 M a ry la n d ____________
42 N ow M ox ico__________
43 K en tu ck y ____________
44 L ou isia n a ____________
45 N orth D a k ota _______
46 F lo r id a _______________
47 M ic h ig a n ____________
48 M ississip p i___________
49 G eorgia _______________
50 A la b a m a _____________
51 South Carolina_______




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

Total Sales
for Campaign
to April 1.
$14,343,991 81
1.378,807 80
11.183,305 09
5,990,624 00
1,925,925 57
3,305,620 00
2,126,409 56
5,910,245 15
937,603 14
465,831 68
4,673,836 46
9,585,358 40
484,070 37
1,103,851 23
7,246,228 90
1,876,010 24
180,089 10
2,081,831 98
3,606,594 07
2,822,072 33
3,530,160 10
1,167,225 11
652,422 26
205,283 35
3,624,421 31
8,106,221 87
8,427,712 13
573,258 54
1,694,514 38
12,273,783 08
1,893,693 44
475,020 24
381,249 75
656,465 19
2,761,812 89
3.467,084 86
1,966,418 48
1,768,508 52
1,881,192 42
2,432,805 37
1,040,840 94
235,216 06
1,553,202 07
1,159,870 51
397,146 80
592,785 17
1,852,076 17
976,925 11
1,015,246 28
721,056 96
342,045 30

.$149,361,972 92

Per
Capita.
$11 06
3 73
3 14
3 11
2 23
2 12
2 09
2 03
1 98
1 98
1 96
1 87
1 83
1 82
1 58
1 58
1 58
1 55
1 54
1 52
1 52
1 48
1 46
1 44
1 42
1 40
1 34
1 28
1 19
1 13
1 06
1 05
1 03
1 03
95
88
84
78
77
77
73
67
63
62
59
57
53
49
35
30
20
$1 41

[Vol. 106

REDEMPTION OF TREASURY CERTIFICATES DUE
APRIL 22 ISSUED I N ANTICIPATION OF TAXES.
It was announced on April 22 that most of tho $400,000,000
block of certificates of indebtedness, issued Jan. 22 in antici­
pation of receipts from tho Third Liberty Loan, woro re­
deemed by Federal Reserve banks when thoy foil duo on the
2 2 nd inst., or were exchanged for other certificates of the
current issue. These aro tho first certificates to fall due
since D ec. 15 last, when receipts from the Second Liberty
Loan wero being received.

ESTIMA TED RECEIPTS FROM INCOME TAX RETURNS.
Announcement was made by Secretary of the Treasury
M cAdoo on April 25 that incomo and excess profits taxes
are now expected to bring about $3,000,000,000 into tho
Treasury in Juno or a half a billion dollars moro than had
been previously estimated. This announcement gave tho
first official information that receipts would exceed previous
estimates of $1,226,000,000 from excess profits and $1 ,200 ,­
000,000 from incomes. Tho taxes are due Juno 15. The
dispatches from Washington state:
D espite the sizo o f tho taxation Incomo, nearly overy dollar will bo spent
b y tho tim e it is collected to m eet tho $1,000,000,000 m onthly excess o f
Governm ent expenses over ordinary receipts and to ro loom tho $2,000,000,­
000 o f certificates o f indebtedness falling duo in Juno— $1,500,000,000 o f
tax certificates and $500,000,000 o f loan certificates.
Governm ent expenditures, particularly for tho arm y and for shipbuilding
Vavo increased recently so that tho m onthly outlay for all purposes is m oro
than $1,200,000,000, o f which $900,000,000 is for direct Governm ent or
War purposos and $300,000,000 Is for loans to tho Allies. Itecoipts from
custom s and ordinary internal rovonuo sources amount to about $200,000,­
000 a m onth, leaving a current deficiency o f $1,000,000,000. M o st o f
this must be covered ultim ately b y Liberty Loans.
Tho war expenditure o f tho United States this m onth has been an averago
o f $40,000,000 a day— $30,000,000 for Governm ent purposos and $10,000,­
000 for Allied loans.

THE THIRD LIBERTY LOAN CAMPAIGN.
Subscriptions of moro than $2,000,000,000 to tho Third
Liberty Loan bonds wero reported last night. Tho day was
marked by colebrations throughout tho country in accord­
ance with the request of President Wilson in proclaiming the
day Liberty D a y , in order that the peoplo might “ assemblo
in their respective communities and liberally pledge anew
their financial support to sustain the nation’s causo.” Tho
subscriptions so far as tho country as a whole is concerned
wero announced as $2,032,990,200, and for tho Now York
Federal Reserve District $504,230,700. On tho 25th, when
the total for all tho districts was announced as $1 ,898,785,­
050, the standing of the various districts was as follows:
District—
Subscription.
.$113,096,150
M in n e a p o lis.........................
$113,096,150
St. L o u is ................
136,170,800
136,176,800
Kansas C ity ...............
110,224,100
C h ica go........................................................................... , 300,770,700
64,934,250
D a lla s .........................................................................
54,934,250
San Francisco................................
144,730,850
144,736,850
B oston ............................................................................. 154,542,400
P h iladelph ia.................................................................. 145,893,750
170,386,000
Cleveland .......................
176,386,600
N ow Y o r k ............................
408,279,850
468,279,850
R ich m o n d ------------------------------------------------------------ 65,694,350
65.694,350
A tla n t a .........................................
28.019,250
28,049,250

Pccent
107
104
84
70
68
68
61
58
58
52
50
31

Official announcement that tho St. Louis District was tho
first to reach its quota was mado on April 24 by tho Treas­
ury W ar Loan Organization in the following telegram to
the St. Louis District Liberty Loan Committee:
W e take pleasure in advising you that on basis o f reports submitted to
Treasury Departm ent b y Federal Roservo Hank in St. Louis, tho Eighth
Federal Reserve D istrict is recognized as being first in tho country to sub­
scribe m oro than its quota o f Third L iberty bonds. It Is needless to sug­
gest that your cam paign bo continued energetically until tho closo o f busi­
ness M a y 4 for purpose o f securing tho largest possiblo over-subscription
and maximum number o f individual subscribers. Congratulations on
results thus far obtained.

On the 21st the Treasury Dopartmont issued a statement
saying:
T ho early stimulation resulting for tho honor flag com petition has now
worn away and the campaign from now on will bo a persistent, system atic
canvass to seo that every individual is given an opportunity to subscribe.
Although tho actual returns to tho Federal Reserve banks show a slight
a d va n la gj over results for tho saino period in tho Second Liborty Loan,
Treasury Departm ent officials aro not over-optim istic. There is a dis­
appointm ent in tho returns from largo cities, where tho paco lias not kept
up with that established during tho Second L iberty L oan. T ho gain has
all boon in tho rural sections, where tho returns havo boon most surprising.
Disappointm ent is expressed over tho apparent inclination o f com m lttoo 3
to stop when thoy havo reached their quota.
One o f tho m ost striking developm ents o f tho present campaign Is tho
prom pt response from States whoso population is largoly rural. All o f tho
States which havo now oxceeded their quotas aro agricultural States. T ho
list includes Iowa, Oregon, Arkansas, K entucky, N orth D akota, M ontana,
Utah and possibly M innesota. Thoso parts o f Indiana and Missouri lying
outsido o f tho largo cities aro over their quotas, but tho largo citios aro bohind. Mississippi Is practically up to its quota.

Apr . 27 1918.]

THE CHRONICLE

In a message to the Liberty Loan committees in the
various Federal Reserve banks on April 24, Secretary of the
Treasury M cAdoo urgently appealed for continued efforts
in tho Liberty Loan drive, even though the quota called for
had been subscribed. His statement follows:
I Icam w ith deop regret that thero is a disposition on tho part o f tho
L iberty L oan Organization in various parts o f tho cou ntry to discontinue
their efforts after they have reached their quota or have oversubscribed
their quota to som e extent.
I requested 53,000,000.000 as the minimum that th o G overnm ent ought
to have, w ith th o hope and expectation that it would bo largely oversub­
scribed and that every Liberty Loan com m ittee would exert itself to
secure tho largest possible oversubscription.
I hopo th o Liberty Loan com m ittee will energetically continue tho
cam paign until its close, in order to securo not only the success o f tho loan
as a wiiolo and th e largest possible oversubscription, but also tho greatest
possiblo num ber o f individual buyers.
W hen A m erica’s sons are now actually fighting on tho battle-fronts in
Prance and will n ot stop fighting until the victory for liberty is w on , no
L iberty Loan com m ittee can stop fighting for an oversubscription for tho
L iberty Loan until the cam paign closes M a y 4. I f wo stop fighting when
wo have reached tho m inimum o f tho L iberty Loan, wo aro not com parably
sustaining our sons in Franco who aro fighting, not for tho m inim um , but
for tho maximum o f A m erica’s rights and world liberty.

Tho actual bonds, 4 l
/i% of tho third issuo, woro placed on
salo at all tho banks and trust companios in tho N ew York
Rosorvo District on April 22. A liolmot won by J. P . M or­
gan on April 22 through a subscription of $50,000 to tho
Liberty bonds was returned by him in ordor that it might
bo again usod to further subscriptions to tho loan. On tho
24th it was bid in by Potor Doolgor, who subscribed for
$100,000 in Liberty bonds to got it. M r . Doolgor turned
it back to tho committee likowiso. Tho trophy was a
Prussian Guard liolmot. talcon from tho field of tho socond
battlo of Ypros. A t tho time it wont to M r . Morgan it was
offorod by Gordon Sherris of tho Canadian “ Black W a tc h ”
on tho stops of tho Sub-Troasury, in W all Stroot, whon ho said
that ho would award it to any man who subscribed to $50,­
0 0 0 of bonds.
A ruling of Diroetor-Genoral of Railroads M cAdoo per­
mitting tho railways to financo subscriptions of their em­
ployees to tho Third Liborty Loan has just boon made public
on April 23 by John Skelton Williams, Director, Division
of Financo and Purcliasos, as follows:
Director-General has no objection to railroads, which aro financing on
terms approved b y Departm ent the subscriptions o f their employees to
Third Liberty Loan, making temporary loans on security o f such bonds
to extent to which they m ay bo advancing m oney upon them , ponding co l­
lection from subscriptions o f tho amount duo thereon.

So far as tho railroads thoinsolvos aro concernod, they aro
not subscribing. In explanation Alfred II. Smith, Pro’sidont
of tho Now York Contral and Rogional Director of Eastorn
Railroads, said:
Realize that tho railroads havo boon taken over b y tho Governm ent.
W ould tho Post O ffice Departm ent subscribe for Liborty bonds? W ould
tho Agricultural D epartm ent? W ould tho N a vy D epartm ent?
As a m atter o f fact some o f tho railroads d o not yot know what their
contract with tho Governm ent is to bo. T ho Governm ent will control
earnings abovo a certain figure. Some o f tho roads aro not making operating
expenses, and somo are looking for loans from tho Governm ent instead o f
being in position to lend to tho G overnm ent. In several instances coal
companios which are subsidiary to railroads havo turned in subscriptions
for themselves.

STOCK EXCHANGE URGES SUBSCRIBERS TO RETAIN
THEIR LIBERTY BONDS.
Tho Now York Stock Exchange has issued tho following
statement pointing out tho obligation resting on subscribers
to Liborty Bonds to hold them:
There has appeared in som o quarters the general misapprehension that
b y subscribing to tho loan ono discharges his p atriotic obligation and is freo
to sell tho bonds subscribed for any tim e thereafter. W o urgo your co ­
operation in com bating such impression b y pointing ou t tho essential
unsoundness o f any such belief. Just as tho G overnm ent requires men for
tho "duration o f tho w ar” it is im portant that overy subscriber should
mako his L iborty Loan for tho “ duration o f tho w ar.” Subscribers should
take all tho bonds they can pay for in cash, and with tho savings in tho
near future. I f this does n ot com o up to their share they should borrow
from their bank in order to take m ore, but whatever am ouut they borrow it
should bo with the positivo Intention to p a y o ff out o f additional savings
and increased earnings. Subscribers then will bo actually enlisting their
funds for tho period o f tho War in th o manner m ost helpful to tho Govern­
m ent.

DESIRABILITY OF LIBERTY BONDS FOR TRUSTEES’
INVESTMENTS.
Tho following statement giving sixteen reasons why tho
bonds of tho Third Liberty Loan aro desirablo investments for
trustees of estates has been prepared by James L . Putnam
and John H . Bogardus, lawyers, at tho instance of the
Liborty Loan Committeo of this city:
1. T he bonds aro freo from all stam p or transfer taxes which aro or m ay
bo Imposed oithcr b y tho United States or b y a State (excopt estate or in­
heritance taxos, Paragraph 10).
2. T ho bonds aro freo from any prosont or future Stato lncom o taxos.




1743

3. T ho bonds aro freo from the normal tax o f 2 % imposed b y the Incom e
T a x L aw .
4. T h o bonds aro freo from the additional normal tax o f 2 % im posed
b y the W ar Incom e T a x L aw .
5. The bonds are free from all normal incom e taxes which m ay be im ­
posed b y the United States in th e future.
6. T ho interest upon S5.000 par value o f bonds belonging to ono person
is not subject to surtaxes on Incom e, excess profits or war profits taxes.
Which now are or hereafter m ay bo im posed b y tho United States.
7. E xcept as stated in Paragraphs 10 and 11 neither th e bonds nor the
interest thereon are subject to any taxes which now are o r hereafter m ay
be imposed b y the United States o r b y the several States.
8. Ronds which aro part o f th e estate o f a deceased person and which he
owned continuously for six m onths before his death will bo received at par
and accrued interest in paym ent o f estate or inheritance taxes which now
aro or hereafter m ay bo imposed b y the U nited States.
9. An investm ent o f net earnings o f corporations in obligations o f the
United States issued after Sept. 1 1917 is not subject to tho Federal tax o f
10% on the net incom e remaining undistributed six m onths after the end
o f the taxable year and not needed in the business.
10. These bonds aro subject to estate and inheritance taxos im posed b y
the U nited States or by a State.
11. T he interest upon the excess over 55,000 o f bonds belonging to a
single individual Is subject to the surtaxes upon incom e in excess o f §20,000
imposed b y the incom e tax law and to the surtaxes upon incom e in excess
o f §5,000 imposed b y th e W ar Incom e T a x Law.
12. Until the expiration o f one year after the end o f the war, the Secre­
tary o f tho Treasury m ay purchase in each twelve m onths period 5 % o f
tho bonds outstanding at tho beginning o f each period at n ot exceeding par
and interest.
13. I f the obligations o f foreign governm ents to the U nited States are
paid before the m aturity o f these bonds, the proceeds m ay bo used to
purchase them at not m ore than par and accrued interest.
14. These bonds are not subject to call for redem ption before m aturity.
15. These bonds are not convertible into future issues.
16. T ho bonds purchased from surplus profits o f the business o f an indi­
vidual, partnership or corporation m ay bo included in invested capital for
the purpose o f com puting the deduction and rate o f taxation under the
Excess P rofits T a x Law in succeeding years.

YESTERDAY, LIBERTY D A Y , CELEBRATED THROUGH­
OUT THE COUNTRY— GOVERNORS’ PROCLAMATIONS.
Yesterday, April 2G, designated as Liberty D ay in a
proclamation issued by President Wilson on April 18,
was generally observed, as a holiday (for part, if not the
whole day), and in accordance with the wishes of the Presi­
dent demonstrations to further develop the Liberty Loan
drive were held throughout the country. On April 22 the
Governors of the various States were asked by Secretary of
tho Treasury M cAdoo to proclaim the day as Liberty D ay
and to make the afternoon a holiday if possible. The follow­
ing was the message telegraphed to the Governors by Secre­
tary M cAdoo:
T h e President b y proclam ation has designated Friday, April 26, as
L iberty D a y and has mado tho afternoon o f that day a holiday fo r all
Federal em ployees throughout the cou ntry whose services can be spared.
T h e success o f the Liberty Loan is so vital to tho nation that it Is tho first
d uty o f overy citizen to support to tho utm ost the financial measures essen­
tial to the effective and successful prosecution o f tho war. T ho obser­
vance o f Liberty D ay b y the people o f each State in the Union will im ­
measurably stimulate tho salo o f U nitod States L iberty bonds the
subscriptions to which will close on M a y 4 1918.
T he co-operation o f tho Governors o f the various States o f the Union is
indispensable to tho proper observance o f L iberty D a y and to tho successful
com pletion o f tho Third L iberty L oan. M a y I n o t bog that you will b y
proclam ation designate April 26 as L iberty D a y within you r State and to
m ake tho afternoon o f that d ay a legal holiday if it is in your pow er to d o
s o ? I f it cannot bo made a legal holiday will you n ot urgo that stores
and all public places bo closed on th e afternoon o f that day and that the
people towns and country districts join in appropriate ceremonies.
I havo requested the organizations co-operating in the Liberty Loan
cam paign to d o everything in their pow er to encourage patriotic dem onstra­
tions on that d ay and to prom ote tho success o f tho Liberty L oan. M a y I
n ot also suggest that in you r proclam ation you request the m ayors and
other local governing authorities to m ake it a special point to co-operate
in their several localities to celebrate L iberty D a y ?

Secretary Daniels on the 22nd abandoned plans for making
Wednesday a special N av y Liberty Loan D ay and instead
arranged for participation in the Liberty D ay celebration,
sending radio messages to all ships, shore stations and naval
camps all over the world, suggesting rallies and the gatherings
of subscriptions Friday. His message said:
I t is earnestly desired that upon that day special efforts bo m ade to rally
to tho support o f tho T hird L iberty Loan all those who aro connected in
any ca p a city w ith the navy.
f
L et us pull together and b y our subscriptions on th a t day indicate to
tho world that wo are solidly behind our C om m ander-in-C hief and that
in neither life nor fortune docs th o navy place any lim it upon its support
o f tho nation’s cause.

Governor Whitman of Now York State issued the following
proclamation on April 23, which while not proclaiming the
day a holiday, called on the people to observe it by pledging
thomselves anew to their country:
T he President o f tho U nitod States has issued a proclam ation, dedicating
F riday, April z6, to tho L iberty Loan, and appointing it L iberty D ay.
l i e has requested the people o f the United States to assemble on that day
to pledge themselves anew to the cause o f our cou ntry, and to prom ote in
overy way the Third Liberty Loan.
N ow , therefore, I, Charles S. W hitm an, G overnor o f the State o f N ew
Y o rk , d o hereby designate F riday, April 26th, as Liberty D a y , in order
that tho people o f this Stato m ay answer the call o f our cou ntry, and o f our
President to further tho cause o f freedom and liberty which this loan
represents-

1744

In Massachusetts it was announced on April 23 b y ^ lo v .
M cC a ll’s Secretary, Henry Long, that the day would not be
a holiday in the sense that business would be suspended, but
that the people would be callod upon for extra offort in
furthering the sale of the Liberty bonds. The following is
his statement as printed in the Boston “ Transcript:”
F riday, April 26. is to be observed in M assachusetts as a day for rodouDllng efforts for th e sale o f L iberty bonds, but is not a holiday in tho
sense that business is to be suspended, and the stores and offices closed.
T h o G overnor’s proclam ation designated Friday, April 26, as Liberty D ay,
but it was n ot to bo considered in any other w ay than to supplement the
proclam ation o f tho President. T h o G overnor has no authority to declaro
a holiday. That pow er rests entirely with the Legislature. T he Governor
had in m ind In issuing tho proclam ation only to call more particularly to
the attention o f the people o f M assachusetts tho desire for an extra effort
on that d a y for the sale o f L iberty bonds, and he did not in any sense
indicate that a general holiday would be declared. T he Governor hopes
that the day will be all that is expected o f it and that the sales o f L iberty
bonds will b e greatly increased.

G ov. Lowden, of Illinois, issued a proclamation in which
he stated that he had not tho power to declaro the day
a legal holiday, but urged that all places of business and all
public places, so far as possible, be closed in the afternoon.

STOCK EXCHANGE CLOSED A T NOON ON LIBERTY
DAY.
The N ow York Stock Exchange closed for half a day yes­
terday in observance of Liberty D ay , the Governing Com­
mittee having adopted on April 24 the following resolution
to this end.
Whereas, T h o President o f tho U nited States has issued a proclamation
appointing Friday, April 26 1918, as L iberty D a y , and excusing tho em­
ployees o f the Federal G overnm ent throughout tho country a t 12 o'clock
noon on that day,
Resolved, T h a t th o N ew Y ork Stock Exchange bo closed at 12 o ’clock
noon on L iberty D a y , April 26 1918.
Resolved, T h a t tho hou for tho delivery o f securities on that day be
advanced from 2:15 o ’clock p . m . to 12 o ’clock m .

The N ow York Cotton, Coffeo and Sugar, and Produce
exchanges also observed the half holiday, and the Phila­
delphia and Boston stock exchanges, Chicago Board of Trade,
N ew Orleans Cotton Exchange and other principal exchanges
of the larger cities followed tho samo procedure.

FARMERS URGED TO RESPOND IN THIRD LIBERTY
LOAN CAMPAIGN.
A letter to the National Farm Loan Associations in tho
First Federal Land Bank District covering the six N ew
England States and N ew York and N ew Jersey, urging
them to make the present Liberty Loan drive their own, has
been sent out by Leonard G . Robinson, President of the
Federal Land Bank of Springfield. Tho letter says in part:
Som e tlm o ago, tho slanderous statem ent was current that the farmers
h a ve n ot done their sharo on tho first tw o L iberty Loans. I cannot believe
It. A nd I d on ’t. T h e Am erican farmer has never failed In his devotion
and p atriotism . Fie never has failed to respond with his services, his
resources, and with his lifo when tho country neo cd them . His patriotism
is clearly reflected In tho great number o f young men from our farms who
volu ntarily answered the call to the colors In our army and navy. It
was shown in the increased food production last year that made it possible
for our men "ov er there” and our Allies to withstand the terrific shocks o f
tho present enem y drivo. A nd it will be shown in his liberal support o f
th e Third Liberty Loan.
I would urge that you r association m ake tho present Liberty Loan drive
its ow n . Call a m eeting o f your members and appoint com m ittees to
canvass not only you r own m em bership, but every farmer in your territory.
M a k e arrangements with your local depository bank to handlo you r sub­
scriptions on easy terms so that every m an, wom an and child in your
district can b ecom e the owner o f one o f these bonds.
I enclose a cop y o f the Flag o f H onor which every subscriber to tho Third
L iberty Loan Is to get. D oubtless you r local bank is supplied with them .
I want every farm er in the district to hit tho bullsoyo. I want you r asso­
ciation, at tho conclusion o f tho drivo on M a y first, to lot us know tho result
o f you r efforts. I want to report to Secretary M cA d oo that tho farmers in
the First Federal Land Bank D istrict have not only done their “ b it” but
their best.
______________________________

NATIONAL ASSOCIATION OF MANUFACTURERS TO
APPLY BANQUET MONEY TO LIBERTY BONDS.
A t a meeting of tho executive committee of tho National
Association of Manufacturers at its general offices in Now
fo r k on April 19, it was voted to apply to the purchaso
of Liberty bonds instead of a banquet on tho third day of
this year’s convention, to bo hold at tho Waldorf-Astoria
H otel, M a y 20, 21 and 22, a sum of money equivalent to
that which has usually been exponded in poaco times on tho
closing featuro of tho convention.

DETAILS OF DELIVERY OF SECOND LIBERTY LOAN
BONDS IN NEW YORK FEDERAL RESERVE
DISTRICT.
W o are enabled to present in full detail the final financial
operations of tho Second Liborty Loan in tho New York
District. Tho Federal Roservo Bank and tho publicity de­
partment of the Liborty Loan Committee have summarized




IVol. 106.

THE CHRONICLE

the final results in tho subjoined tables, which show that the
banks in this district delivered 3,205,578 pieces of coupon
bonds of all denominations, having a par value of $1,075 ,­
098,400, and 55,264 pieces of registered bonds of all denomi­
nations with a par value of $89,268,550, the total amount
allotted being $1 ,164,366,950 for a total of 3,260,8 42 bonds
of both classes.
Tho minimum quota of this district was $900,000,000,
maximum $1 ,500 ,000,000, tho subscriptions received were
$1 ,550,453,000, and the allotment allowed $1,164,366,950
to tho 2,1 78,359, subscribers.
the following table gives the number of registered bonds
of various denominations and their aggregate par value
which have been delivered to subscribers in tho N ew York
district:
Pieces.
10,879
26.266
6,100
9.008
1,040
1,369
101
501

R E G IS T E R E D B O N D S .
Denomination.
Par Value.
$543,950
$50
2,626.600
100
3,050.000
500
9,008,000
1.000
5.200,000
5,000
13.690.000
10,000
5,050.000
50.000
60,100,000
100.000

65,264

$89,268,550

The next table furnishes tho samo details for tho coupon
bonds:
Pieces.
1,627,978
822.005
111.436
613,541
12,788
17,830
3,205.578

CO U PO N B O N D S .
Denomination.
$50
100
500
1,000
5,000
10,000

Par Value.
$81,398,900
82,200,600
55.718.000
613,541.000
63,940 000
178.300.000

$1,075,098,400

A general summary is furnished in tho following:
S U M M A R Y OF S E C O N D L I B E R T Y L O A N IN N E W Y O R K
D IS T R IC T .
Cam paign opened O ct. 1 1917: closed O ct. 27 1917.
Quota: M in im u m ______________________________
$900,009,000 00
M a xim um __________________________ _______ - - - - - - 1,600,000.000 00
Subscriptions received____________________________________ $1,550,453,000 00
A m ount allotted____________________________
1,164,366,950 00
Subscriptions divided as follows:
B a n k s ____ - - - - - - ___ __________________________________ $1,454,329,950 00
37,072,250 00
Individuals----------------------Cash sales:
Banks
68,066,800 00
Individuals_____ - ____________________________________
984,000 00
$1,550,453,000
N um ber o f subscribers_____________ 2,178,359
A llotm ent divided as follows:
B a n k s ..........................................................................................$1,073,072,450
Individuals_________________________
32,243,700
Cash sales:
B a n k s ___- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 58,066,800
Individuals____ - ____ ____ - --------------------------------------984,000

00

00
00
00
00

$1,104,366,950 00
T otal receipts:
Principal - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - — -----$ 1 ,1 6 4 ,3 6 6 ,9 5 0 00
I n t e r e s t----------------------------------------827,640 88
$1,165,194,590 88
Paid as follows:
A d vice o f credit_______________________________________
Certificates o f indebtedness------------------------------------------C a s h .............................................................................................

$860,517,364 33
161,348,000 00
143,329,220 55
$ 1 ,1 65 ,1 9 4 ,5 9 ) 88

Bonds full paid
N ovem ber 15
D ecem ber 15
January
15

as follows:
1 9 1 7 ...................................................................
1917 ...................................................................
1918 ...................................................................

$928,767,850 00
98,458,900 00
137,140,200 00

$1,164,366,950 00
C oupon bon d s___________________________________________ $1,075,098,400 00
Registered b o n d s .__________ _____________________________
89,268,550 00
$1,164,306,950 00

Tho estimated number of subscribers in Greater Now
York is 1,122,115, distributed by boroughs as follows:
M anhattan, 941,765; Kings 140,950; Queens 23,064; Rich­
mond 7,343; and Bronx 8,993.____________

FEDERAL TRADE COMMISSION’ S FINDINGS
WHEAT FLOUR MILLING INQUIRY.

IN

The Federal Trado Commission in a report of its investi­
gation into wheat flour milling and jobbing, mado publio on
April 18, states that a reduction of soveral dollars a barrel in
the price of flour to tho consumor has boon effoctod as a
result of wheat prico fixing and millors’ regulations. Tho
report says:
W hilo the actual p rofit which millors will m ako during tho present crop
year cannot be finally determ ined until tho end o f tho period, it appears
from the inform ation in tho hands o f tho Federal T rado C o m m issio n that
tho regulations havo reduced tho profits o f m ost mills below tlioso mado
during th o year 1916-17.
T his, with tho larger reductions secured b y fixing tho prico o f wheat, has
reduced tho prico o f flour to tho consum or soveral dollars a barrel. W heat
and milling regulations havo kept flour prices fairly stablo in spite o f an
increasing shortago^ duo to heavy shipments abroad.

Apr . 27 1918.]

THE CHRONICLE

1745

The investigation is said to show that millors’ profits sum ption will bo exercised through tho retailors— considered a m uch more
increased from 11 cents a barrel in 1912-13 to 86 cents a satisfactory m ethod than the card system adopted in other countries—
chl3fly to guard against temporary shortages that m ay occur if m oro ves­
barrel in the first half of 1917. Tho report points out, sels are diverted from tho Cuban trade, and at the same tim e to assure a
howovor, that tho presont regulation of millers’ profits at a supply adequate to m eet tho extensive dem and hoped for from home
fixed margin above cost “ has tho inherent weakness of not cannors.
Retail dealers in all States will be provided b y their Federal F ood A d ­
encouraging efficiency in production and of affording un­ ministration with certificates which must be signed b y the consumers b e­
patriotic millers temptation to dishonesty in cost accounting, fore thoy obtain the amount o f sugar needed for hom o canning. Each
certificate has blank spaces for tho name o f the dealer, the signature and
difficult to dotoot or prevent.”
address o f tho consum er, and the am ount needed fo r canning and pre­
Tho Commission, it is announced, roaches the conclusion serving purposes only. T he certificate must be returned within one week
that 7,000 mills in America, producing an avorago of 116,­ after It is signed to the Federal F ood Adm inistrator fo r the State in which
tho purchase is m ade.
0 0 0 , 0 0 0 barrels of flour annually, havo tho capacity to double
In order to build up reserve stocks to take caro o f tho canning dem and,
their output. Tho keen competition which formerly existed jobbers aro now perm itted to hold sugar sufficient to meet their needs for
in tho milling industry, says tho report, has boon restricted 60 instead o f 30 days. W here necessity dem ands. Federal F ood A dm in­
somewhat by abnormal wartime conditions, and various istrators will have authority to allow tho sale o f m ore than 1,000 pounds—
tho present limit— to retailers. T he prescribed limits o f retail sales for
competitive practices have been discontinued voluntarily other than canning purposes will still bo m aintained— not over 5 pounds
to
peoplo living in cities; not m ore than 10 pounds to those living in the
or curtailed by Federal regulations. The Commission also
country.
says:
Comm ercial canners in every State will be allowed to increase immediate

T h o average cost o f production o f a barrel o f flour Increased during tho
crop year o f 1917, duo chiefly to tho wheat price advances, while operating
profits per barrel Increased nearly 1 75 % , and rate o f profit on investment
wont up moro than 100% .
Expenses o f flour distributers and middlemen increased somewhat In
tho first half o f 1917 over the preceding year, while their profits, gross and
net, showed a very largo increase. T h o average net profit per barrol for
several largo car jobbers Increased m oro than 125% , tho average rate o f
p rofit on investment nearly doubling. The averago net profit o f various
sm all-lot jobbers and tho average rate o f p rofit on their investment showed
a similar Increaso.
Regulations for governing tho flour jobbers’ profits are freo from tho
weaknesses Inherent in tho regulations for tho millers, since they fix only
tho gross profits that m ay bo m ade, leaving tho job b er freo to earn what
ho can by efficient operadon.

It is tho opinion of the Commission that maximum prices
on flour might bo established, which would cover tho cost
of wheat and all manufacturing, soiling and general expenses,
and in addition would give the miller a reasonable profit.
“ Maximum prices for different sections, taking into considera­
tion tho cost of whoat and mill operation,” says tho report,
“ would make it profitable to tho millers to oprate moro
efficiently and keep costs down.”

TO RUSH GRAIN TO BELGIUM TO RELIEVE THREAT­
ENED FAMINE.

purchases and gradually to accumulate sufficient sugar to meet full require­
ments o f their 1918 canning operations. T he new regulation which per­
mits canners to carry a season’s supply does n ot, how ever, extend the
latitudo to manufacturers o f less essential foodstuffs.

M A Y M IL K PRICES F IX E D BY FEDERAL M IL K
COMMISSION.
.
Tho milk prices for the month of M a y , fixed by the Federal
M ilk Commission, were announced on April 22. Under tho
now schedule the price of Grade A milk (bottled) delivered by
distributers to consumers is reduced from 16 to 15 cents a
quart, and from 9 to 8 cents a pint; the charge for Grade B
milk delivered by distributers to consumers is lowered from
14 to 13 cents a quart, and from 8 to 7)/£ cents a pint. The
prico to be charged during M a y to consumers by stores for
Grado B milk bottled is 1 2 ^ cents a quart and 7 cents a
pint. The following is the schedule announced:
T ho price to tho producers shall bo $2 46 per 100 pounds o f 3 % m ilk on
the 150-mile zone, subject to the rules and regulations o f the trade, it being
understood that this price covers tho final recoup to the producers o f 12
cents.
Tho price to bo charged b y the distributers for Grade A m ilk delivered to
the consumer shall bo 15 cents per quart.
T ho prico to be charged by the distributers for Grade A m ilk to co n ­
sumers in pints shall be 8 cents per pint.
T ho prico to bo charged by the distributers for G rade B milk delivered to
the consumers shall bo 13 cents per quart and 7 H conts per pint.
T h o price to be charged to stores for Grado B bottled milk shall be 12
cents per quart and 6H cents per pint.
T ho prico to be charged to consumers b y stores for Grado B bottled m ilk
shall bo 12H cents per quart and 7 cents per pint.
Tho price to bo charged to stores for Grade B loose milk shall be 8 cents
per quart.
T ho prico to be charged to consumers by stores fo r Grade B loose m ilk
shall be 10 cents per quart.
T he price o f milk delivered in wholesale lots to hotels and restaurants per
ten-gallon can shall be 9 j4 cents per quart fo r less than ten-gallon lots;
delivered, 10 cents.
N o producer or distributer shall be at liberty to vary from the foregoing
prices, tho same to bo the minimum as well as the m aximum prices.

To roliovo a condition of throatonod famino in Bo'gium and
tho occupied portions of Northern France, tho Unitod
States Government has arrangod to forward with all possible
speed 3,300,000 bushels of whoat to those regions. The
Ship Control Committee of tho Shipping Board has arrangod
to place from 75,000 to 90,000 tons of shipping at the dis­
posal of tho Belgian Relief Commission, and all necessary
priority ordors havo beon issued to speed the loading of the
ships.
Iloports which havo como from tho occup'od parts of those
countries within tho last two weeks have told of threatened
Tlio Now York “ Times” on April 23 stated that it was the
starvation conditions in many regions, and there havo boen
understanding that the distributers were not satisfied with
ropoatod pleas for aid. It was indicated strongly that Ger­
tho prices fixed by the Commission and intended to appeal
many was not providing sufficient food to prevent hungor.
to Washington. D r. W . H . Jordan, Chairman of tho C om ­
Ono of these mossagos read:
Provided all shipments now en route arrive, and supposing an equal dis­ mission, is credited with stating that with the campaign for
tribution botweon all parts o f the cou n try, Belgium and N orthern Prance an increased consumption of milk there should be an accom­
will bo without broad from oxotic grains for tw enty days.
panying reduction in tho price to the consumers, such action,
It is understood that Germany is willing to givo safo con­
ho contends, “ being ultimately beneficial alike to producers
duct to tho vessels employed in ho roliof work and has promand distributers.” The “ Tim es” reports him as saying fur­
sed not to seize foods which aro to bo distributed among the ther:
sufforors. Tho statement has been mado recently that tho
It is not claim ed that the Comm ission has placed the m ilk business on
conditions in Belgium, bocauso of dovelopmonts leading up a highly profitable basis. It may be that there will be little profit during
M a y cither to the farmers or purveyors, but the hardships, if there be hard­
to and following tho soizuro of Dutch shipping by tho United ships. should bo shared b y the tw o parties in Interest. T h e fact that m ilk
States and Groat Britain, woro now moro sorious than at any is sold to consumers at a less price In B uffalo, duo partly at least to a lower
othor timo since tho war started, and that thoy woro giving price to producers, and that tho Chicago prices aro much lower than those
set for N ew Y ork , m ay appear to havo justified a still lower prico to the p ro ­
officials who have boon in chargo of roliof work the deepost ducers in N ew Y ork for M a y.
concern.
B ut such a course would undoubtedly react sharply upon the dairy in­
Associated Press reports from Washington to tho effect dustry and deplete the m ilk-producing capacity for the future, a result
undesirable from every point o f view at a time when food conditions are
that food shipments to tho civilian populations of tho Allies what they are now . It is certainly tho purpose o f the Comm ission to so
would bo suspended for ton days, to facilitate tho work of regulate future prices as to defend so far as it is possible both producers and
Bolgian roliof, woro doniod by officials of tho Fodoral Grain distributers against loss on the business o f a year.
Corporation, according to statomonts contained in tho
COCOA A N D OTHER FOOD REGULATIONS IN
Now York “ Tim es” on April 23.

GREAT BRITAIN.
CERTIFICATE SYSTEM FOR SUGAR TO MEET
CANNERS DEMANDS.
A certificate systom to regulate tho sales of sugar to moot
tho demands of homo and factory cannors is announced by
tho Food Administration, its statement in tho matter, made
publio on April 23, roading as follows:
Distribution o f sugar to moot this sum mer’s canning demands will bo
under a m odified certificate systom , tho United States Pood Administra­
tion announced to-day. This Is dono In order to make sure that homo
cannors m ay obtain sufficient sugar to preserve perishable fruits, and at
tho same timo to place a check upon those who would endeavor to obtain
unreasonable quantities for household consum ption. T ho chock on con ­




Tlireo orders regulating the cocoa trade in Great Britain
have been issued by the Food Controller. The cocoa powder
ordor provides (after April 8) for the making of two grades
of cocoa powder— grado A , which corresponds to the ordinary
propriotary brands, and grade B , which corresponds to the
ordinary loose powder. A t least 4 0 % of the cocoa powder
sold by a manufacturer in any month must be grade B
powdor. Tho maximum wholesale price for grado A powder
is fixed at 2s. 8d. per pound, and for grade B powder at
196s. per cwt. if sold loose or 233s. 4d. per cwt. if sold packed
in cartons. Tho maximum retail price for grado A powder

1746

THE CHRONICLE

[Vol. 106.

is fixed at 3s. 2d. per pound, and for grade B powder at CRITICISM OF BRITISH CONTROL OF FROZEN MEAT
TRADE.
2 s. 2d. per pound if sold loose or 2s. 6d. per pound if sold
In a review of the frozen meat trade in 1917, W . Weddel
packed in cartons. After April 22 no cocoa powder except
grade A powder may be sold at prices exceeding those apple- & C o ., L td ., of London, strongly criticize the control exer­
able to grade B powder. Beginning April 8 no cocoa shell cised by the British Government, which, the firm says, has
or any mixture other than chocolate containing more than hampered instead of increasing production. Prices were
5 % cocoa shell may be sold by retail at a price exceeding fixed on lines which led to premature marketing of stock,
6 d. per pound.
The maximum wholesale price of cocoa increased consumption and a subsequent shortage of meat.
butter beginning M ar. 25, was fixed at Is. Gd. per pound Notwithstanding war time conditions, however, the world’s
when the* sale is by the manufacturer, and at Is. 7d. per exports of chilled and frozen meat have shown a steady
pound otherwise. The retail price after April 2 was fixed increase, and the fleet of refrigerated steamers under the
at 2s. per pound. N o raw cocoa was permitted to be sold British flag has been well maintained. Tho statement of
after April 2 at a price exceeding the fair value, which is to Weddel & Co. was given as follows in the “ Journal of Com­
be ascertained by committees of brokers appointed by the merce” on April 13:
It is unusually difficult to present a commercial roviow o f the frozen
Food Controller of London and Liverpool. The Food Con­
troller has fixed the top price for the best grade of each variety meat trade for 1917 because throughout there was so little freodom o f trad­
of raw cocoa.
Several other announcements in the control of food and
rationing were also made on M a r. 25, among them being the
following:
A flat rate retail price o f Is. a pound fixed for all kinds o f margarino. This
com es into operation in England M ar. 25, and in Scotland on April 15.
Persons wishing to use meat cards for the purchase o f bacon and ham will
be required to register the cards with the retailer from whom they wish to
buy. T he registration will becom o operative on M a y 5.
M erchant seamen, after negotiations with Lord R hondda, have agreed
to a reduction o f 5 0% in the am ount o f meat allowed b y the B oard o f Trade
under the M erchant Shipping A ct.

M A X I M U M PRICES F IXED BY GOVERNMENT FOR
BEEF FOR FIGHTING FORCES.
The following announcement regarding the maximum
prices decided upon for purchases in M a y of beef for the
fighting forces of the United States and the Allies was issued
on April 22 by the A rm y, N av y and Marine Corps.
M T h e A rm y and N a vy and the M arine Corps announce that their m oat
requirem ents for M a y delivery (except upon the P acific Coast) will bo
allotted am ong the packers (unloss lower bids are received) at prices based
on livestock markets, but in no event higher than the following base prices
per 100 pounds:
G ood steers. 500 to 600 pounds, free on board N ew Y ork , frozen and
wrapped, com m ercial trim for export, $24 05.
Same, 600 to 700 pounds, $24 80.
Same, 700 pounds up, $25 55.
N a vy requirem ents, $24 65.
Cow s. 500 to 600 pounds. $21 50.
A rm y b eef o f special weights, with special trim or for special purposes,
Will have proper differentials.
In case the markets go lower and prices are not agreed upon, they will bo
determ ined by the Governm ent, which will ask the advice o f the Federal
Trade Comm ission in cost ascertainment if necessary. T h e Allies will not
b u y at higher levels than the arm y and navy.
The packers will not attem pt to increase price for the dom estic trade
because o f these allotm ents.

It is pointed out that while the Government controls beef
prices only to the extent of saying what it will pay, the pur­
chases under Government direction are so enormous that
the maximum figures now fixed are expected to go far toward
stabilizing prices to the domestic consumer. It is stated
that it is planned to continue alloting Government and
Allied contracts among the packers at prices based upon pre­
vailing live stock markets, provided thoy are not higher than
the stated maximum. In the event that there should bo a
drop in the market, and no agreement on prices has boon
reached in the meantime, the Federal Trade Commission
will bo called on to ascertain costs on which to base new
maximum Government prices.

CONSOLIDATION OF MEAT PURCHASING BUREAUS
OF GOVERNMENT.
Consolidation of all meat purchases for the American
Government and the Allies in a single bureau at Chicago
also was announced by the Food Administration on A pr. 22.
E . L . Roy of the Administration’s Chicago branch will be
commissioned in the army Quartermaster Corps to take
charge of the office. He will be assisted by Gordon Ilateley
of Chicago, in so far as purchases for the Allies are
concerned.

GERMANY A N D ALLIES TO DEVELOP COTTON PRO­
DUCTION I N BULGARIA.
Washington advices of April 19 are authority for the state­
ment that Germany and her allies are undertaking to over­
come their shortage of cotton by developing its production in
Bulgaria. Official dipatches are reported as stating that
the Bulgarian Government has undertaken to place large
blocks of suitable land at the disposal of planters. The
principal cultivation will be done in the lowlands and river
border of the Dobrudja and in the vicinity of Adrianople.




ing In overseas supplies, except in the case o f the curtailed imports from the
R iver Plate. M ore or less com plete control o f all classes o f moat by G ov­
ernment departments was gradually substituted for individual trading.
Production, importation and distribution each went through a process o f
reconstruction by means o f official restrictions; and consum ption, after
many half-hearted attem pts to regulate it b y persuasion, Is about to bo con ­
trolled also.
M ost o f the numerous orders Issued b y the Governm ent to tho farmer
operated in restraint o f his liberty o f action rathor than in the direction o f
encouraging production to the utm ost: and failed to securo tho results hoped
for b y those who Issued them.
Prices were fixed on linos which led to the
premature marketing o f stock . Increased consum ption and a subsequent
shortage o f m eat.
. . .
,
,
,
„ ,
.
“ Alterations and repairs” to the delicately balanced mechanism o f trade
were undertaken In good faith b y men o f undoubted experience in tho various
spheres o f activity in which thoy were engaged boforo tho war; but w ho.
being without full knowledge, som etim es without any knowledge, o f the
inner workings o f the machinery now placed in their hands, and being too
m uch occupied to take tim e to consult the advisory com m ittees which they
had selected to advise them , have, in tho main, evolved chaos out o f order.
Their ultim ate aim is. apparently, to feed the wholo nation on the princi­
ples which govern arm y rationing, Instead o f b y intelligent business methods.
T he old distributing m achinery has boon scrapped, and tho now is not yet
in working order— hence local shortages, inequitable distribution, unde­
sirable queues, and, as a natural result, much discontent.
B y "p rofiteerin g” is presum ably meant making largor net profits than in
peace time- but it has never been clearly defined b y those who. wtien using
tho w ord, ’intend to charge someone with doing something unpatriotic
during w ar tim o.
It m ay bo accepted th a t. Im mediately after the outbroak o f war. there
was considerable "p rofiteerin g” in the sense stated above on tho part o f
Importers and traders. E veryone was then In great uncertainty as to what
should be d one, and everyone, seller and buyer alike, acted on Impulse.
So soon as any rise was established here, producers In Australasia and South
America raised their selling prices and thus diverted war profits to their side
o f the world
W ithin six m onths, how ever, the Imperial Governm ent had
taken com plete control o f Australian and New Zealand exports and had also
secured 80% o f the Argentine output for arm y purposes at quite a m oderate
level o f prices— in both cases at much under what was current in this mar­
ket
From that tim o to this they have retained possession o f three-fourths
o f all im ported m eat. Argentine shippers have certainly m ade handsome
profits on their reduced civilian shipments; but no profit-earning o f any kind
has been possible to im porters o f Australian and Now Zealand moat Tor
nearly three years past. These traders have Indeed been heavily hit,
losing practically the whole o f their business. T h e "p rofiteers" In Aus­
tralasian m eat have been the British Governm ent, who rotain tho profit
on anv surplus supplies not required for the arm y. T he entiro Patagonian
output o f m utton and lamb for 1917 was also taken over by tho Govern­
ment on a similar basis. I f the Governm ent had rovoaled frankly Its own
share in the trade, and if the press had not been so unduly assertive about
an imaginary grievance, the public would never havo becom e so dissatis­
fied as th e y are on this point.
So far as wholesalers and retailers are concerned, tho position Is that, with
greatly curtailed turn over.it is not possible to reduce fixed charges and labor
so as to leave a margin o f net profit corresponding In any degreo with the
advance in prices to the consum er. T h o position Is now really serious for
the whole trado. and complaints aro rifo as to tho hoavy lossos Incurred In
carrying on, m ainly for the sake o f holding together long established con­
nections in the hope that better times will com e soon. Unless larger mar­
gins are allowed in the fixing o f prices by the Food Controller, in order to
cover working oxpenses. the country may bo faced presently w ith greater
difficulty in tho distribution o f its m oat supplies.
N o " fr e e " m arket for imported meats existed during tho greater part o f
the past year. Tho fixing o f maximum prices— b oth wholesale and retajj__tended to m ake distribution largely a m atter o f accountancy in many
cases although tho methods adopted b y tho Governm ent Involve m oro
la bor’ than form erly, not less. Australian and N ew Zealand beef was en­
tirely absent from the m arket, While m utton and lam b from both these
sources wero sold throughout at tho same maximum prices. Patagonian
sheep and lambs also were strictly controlled In prico. T he "fr e o " meats
which were marketed com prised the civilian imports from tho Argentine
R epublic and Uruguay (consisting o f chilled beef, frozon mutton and lamb)
also limited quantities o f United States, Canadian, South African and Bra­
zilian frozen beef, but thoso also wero all subjected to the maximum price
° r o T t h e average, prices wero again higher than in the preceding yoar. not
so m uch becauso supplies wero loss than usual as because consum ption on
the part o f th e classes earning high wages was boyond tho normal. The
average o f quotations over the Whole yoar was 2 4% higher than In 1916,
desptto the action o f successive M inisters o f Food In fixing maximum
prices at levels lower than would havo boon arrived at on a freo market.
These certainly checked the advancing tendency, whatever other less satis­
factory results m ay be ascribed to tho adoption o f that policy.
T he quantities imported o f each description aro not known exactly, but
in aggregato they wero about 550,000 tons (or 3 % m oro than In 1916).
T h e fc o m p a ro w ith 533,811 tons in 1916, 662,925 tons in 1915 and 694,427
t0 Tim world's export output o f frozen and chilled beef, m utton and lamb in
1917 is estimated at 965.000 tons, as against 915.380 tons In 1916, 881,075
tons in 1915 and 800.375 tons in 1914— a steady rate o f expansion which
must be considered very satisfactory under war conditions. From these
yearly totals about 386.000 tons, 381,569 tons. 2 18 .loO tons and 105.948
tons, respectively. wero diverted to markets other than the United K ingdom .

A pr. 27 1918.]

THE CHRONICLE

Despito all tho risks and vicissitudes o f overseas traffic during 1917, tho
fleet o f refrigerated steamers under tho British flag was well maintained,
the total carrying capacity o f the numerous steamers fitted for tho transport
o f frozen and chilled m eat being greater at the end o f the year than It was
at tho beginning. Although 965,000 tons Were shipped from tho w orld ’s
freezing works to tho w orld’s m arkets, as com pared with 915,380 tons In
1916, there was a certain margin o f British refrigerated space to com e and
go upon; and, besides that, there wero tho insulated fleets o f France and
Italy, which are now quite considerable, to augment tho reserve o f carrvin"
power.
B

SPRUCE LUMBER PRICES TO BE PAID BY U. S. GOV­
ERNMENT-CALL FOR LUMBER FOR AIRPLANES.
An agreement as to tho prices which tho Government will
pay for spruce lumber was reached at a conference held on
April 13 between tho W ar Industries Board and representa­
tives of tho spruce industry. Tho prico on random lengths
will, it is stated, rango from $35 to $48 a thousand, and on
lengths from 8 to 20 feet from $40 to $55, according to sizo.
For overy two foot over 20 feet in length an additional charge
of $1 a thousand will bo made. The prices, which are to
remain in effect until July 1, aro based on Boston deliveries.
On April 14 a call for 3,000,000 feet of New England spruce
a month for airplanes was sent out by tho N av y Department.
B y agreement with the army, according to Assistant N aval
Constructor F . M . Smith, tho navy has assumed oxclusivo
control of the dovolopmont of the N ew England spruce,
and steps havo been taken to bring tho output of this material
up to its maximum during tho spring and summer. Ex­
haustive tests by tho Federal Forestry Department have
proved, M r . Smith says, that tho spruce of this district is
equal in strength to tho best spruce grown in tho W est. It
was stated on tho 14th that since Dec. 1 lumber operators
havo been delivering to the N avy Department 1,000,000 feet
a month. W ith tho airplane industry now in a position to
turn out moro machines the N av y Department plans to
troblo its output. The demands of tho navy, it is pointed
out, will not interfere with tho important pulp-making
industry, for tho aviation requirements are so exacting that
only 7 % of tho spruce cut up meets specifications, tho re­
mainder being available for pulp. J’o eliminate wasto and
speed production, the Now England States have been divided
into fifteen districts, with fifteen inspectors to visit tho mills
and pass upon tho product for airplane purposes.

WOOLEN TRADE COMMITTEE NAMED TO CO­
OPERATE IN MAKING ARMY UNIFORMS.
It was announced on April 19 that in view of the largi
demands for woolen uniform cloths mado on the mills of tin
country by the Quartermaster-General, it has becomo neces
sary to appoint a committee to work with tho Quartermaster
General’s office to assist in establishing proper relation;
between tho Quartermaster-General and the cutting trade
Civilian requirements of woolen goods havo been'’ largely
affected by tho heavy purchases of tho Quartermastei
Corps. Tho committee is composed of the following:
H . 1\ Bontios. ch ief o f tho woolen branch o f the Quartermaster’s Corns
Chairman.
1
Eli Strouso. o f Strouso & B ros., B altim ore, and a m om bor o f tho G overn­
m ent’s Clothiers W ar D evice Com m ission.
Govern
n erb ert P . P eabody, President o f the Am erican Association o f W ool and
W orsted M anufacturers.

WOOL GROWERS OUTPUT TO BE TURNED OVER TO
GOVERNMENT AT JULY 1917 PRICES.
A t a conforoneo with tho W ar Industries Board at W ash­
ington on April 25 wool growers aro said to havo agrood
to turn over to tho Govornmont tho ontiro wool output of
the United Statos at prieos basod on tho prico for washed
wool on July 30 last. Tho previous day (April 24) it was
reported that the Govornmont had decided to tako ovor all
tho raw wool now held in warehouses at tho prices prevail­
ing on July 30 last. Tho April 25 dispatches from Wash­
ington said:
In accepting tho G overnm ent’s proposal tho growers avoided having their
product com m andeered. T ho Governm ent will tako all wool produced
and now in warehouses and will distribute what is not required for tho arm y
and navy to dealers fo r civilian needs.
Officials said tho prico assured growers sufficient profit to guarantee
stimulated production. The growers declared themselves well satisfied
T he margin o f p rofit to bo allowed dealers has not been determ ined. The
Governm ent will not interfere with tho normal channels o f trade and
dealers as heretofore will handle tho raw wool from producer to m anufac­
turer. Profiteering will bo eliminated. Under the agreement which Is
voluntary tho Governm ent not only will control tbo ontiro product in tho
United Statos but imports as well. T ho W ar D epartm ent Is now taking
approxim ately 60% o f tho finished wool product from tho mills and about
40% o f tho loom s devoted to Governm ent orders. This will bo Increased
to 6 0 % .

L M ajor Gonoral Goothals, Acting Quartormastor-Goneral
of tho Arm y, is said to havo rocontly sent noticos to all_tho




1747

wool producing centres that 1918 clips should not be disposed
ol within tho next 30 days, during which time the Govern­
ment will determine its exact needs.

TANNERS' COUNCIL APPROVES LEATHER IMPORT
RESTRICTIONS AND FIXING OF PRICES.
Tho Tanners’ Council, representing 9 5 % of the tanning
industry of tho United States, adopted through its board
of directors on April 21, at a meeting at Washington, a reso­
lution approving the Government’s plans to restrict the im­
portations of hides and tanning materials in order to release
tonnago. Tho plan of the W ar Industries Board to fix
prices of hides and leather was also endorsed. Its resolution
on this point says:
In the event that it becom es necessary in tho judgm ent o f the price
fixing com m ittee o f the W ar Industries Board to fix and establish prices
in the leather industry, it is recomm ended that the prices shall be estab­
lished upon as low a basis as is consistent with world' market conditions,
bearing in mind the im portant fact that approxim ately one-half o f the
m oney paid out for leather raw stock leaves our country. T he foregoing
is in direct contrast to facts relating to such products as c o m . wheat, c o t­
ton, beo , steel, & c., and justifies a low basis o f value in tho leather In­
dustry.

W ith regard to tho import restrictions as to hides and
tanning materials the Board’s resolution said:
The directors here aseembled. representing tho Tanners’ Council and the
N ational Association o f Tanners, support whatever curtailm ent o f imports
o f hides, leather and tanning materials is deemed essential by the Shipping
Hoard to provide increased tonnage for the European service.

BOTTLE MAKERS AGREE TO CURTAIL.
I ho United Statos Fuel Administrat on announced on
April 22 that representatives of tho Automatic Bottle M an­
ufacturers’ Association havo voluntarily agreed with the
United States Fuel Administration to curtail their produc­
tion of less essential articles, both in tho interest of fuel con­
servation and to give the utmost possible opportunity fo r
tho m a n u fa c tu re o f g la s s ja r s a n d o th e r fo o d c o n ta in e r s .
I t s a n n o u n c e m e n t says:
Specifically, those bottle manufacturers who are not occupied entirely
with tho m anufacture o f food containers will curtail their total output 1 5 % ,
tho curtailm ent to be effective in tho less essential portion o f their productlon. A very large quantity o f fuel is consum ed in the m anufacture o f
glass .articles, and the effect o f this arrangement will be to concentrate the
manufacture o f bottles upon those which aro necessary for fo o d and m edici­
nal purposes.

MAXIMUM MARGINS ALLOWED CANNERS IN U. S.
Announcement as to the maximum margins between cost
and selling prices which will be allowed licensed canners
was mado yesterday by tho U . S. Food Administration, its
action being based on the views of tho Federal Trade Com ­
mission, which recently completed an inquiry into food costs.
Tho margins, according to tho Food Administration’s an­
nouncement, aro to bo considered merely as guides, in no
way changing existing rules or regulations affecting canners.
Prices exceeding these will bo considered unreasonable under
tho Food Control law. Tho announced maximum margins
per dozen cans are as follows:
C orn, N o . 2, standard, 19 cents.
C orn, N o. 2, extra standard, 22 cents.
C orn. N o. 2, fa n cy, 30 cents.
Peas, average, all sizes. N o. 2. sub-standard. 15 cents.
Peas, average, all sizes, N o . 2, standard. 22 cents.
Peas, average, all sizes. N o . 2. fa n cy, 31 cents.
T om atoes. N o. 2. standard. 18 cents.
T om atoes, N o . 2 H . standard, 22 cents.
T om atoes, N o . 3, standard, 27 cents.
T om atoes, N o . 3. fa n cy, 31 cents.
T om atoes, N o. 10, standard, 90 cents.
T om atoes, N o . 10, fa n cy, $1.

ISSUANCE OF PATENTS AND COPYRIGHTS TO ENE­
MIES STOPPED BY PRESIDENT WILSON.
Under an Executive Order, dated April 11, and made
public April 1G, President Wilson has stopped the issuance of
patents and copyrights to enemies and revoked the authority
vested in the Federal Trade Commission to issue licenses to
Americans for applications for patents in enemy countries.
Tho following is the President’s order:
E X E C U T IV E O R D E R .
B y virtue or tho power and authority vested in me b y “ A n A ct to define
rogulato, and punish trading with the enemy and for other purposes "
approved O ctober 6 1917, I hereby make the following orders and rules
and regulations:
Secretary o f the T re a s u ry .

I. I hereby revoke tho authority and power vested In the Secretary o f
tho Treasury b y Section X I o f the Executive Order o f O ctober 12 1917, to
Issue licenses to send, tako. or transmit out o f the United States any letter
or other writing, book, m ap, plan, or other paper, picture or any telegram,
cablegram , or wireless message, or other form o f com m unication Intended
for or to bo delivered, directly or Indirectly, to an enemy or ally o f enem y,
in any w ay relating to letters patent, or registration o f trade-m ark, print,’
label, or copyright, or to any application therefor; and no such license
shall bo granted until further order.

1748

THE CHRONICLE

[Vol. 106.

In plants which m anufactured com m on building brick exclusively during
Federal Trade Commission.
tho years 1915, 1916 and 1917 manufacturers shall not consum o, burn or
II.
I hereby rovoko the power and authority vested in tho Fodoraluso fuol to m anufacture clay products other than com m on building brick
Trade Com m ission b y Section X V I I o f tho Executive Order o f O ctober 12 without first presenting evidence that the manufacture o f such other clay
1917 to issue licenses to any citizen o f tho United States or any corporation products is in tho interest o f tho United States Governm ent and receiving
organized within the United States, to file or prosecute applications in the from the United States Fuel Administration permission in writing to manu­
cou ntry o f an onom y or ally o f enem y for letters patent or for registration
facture such products.
o f trade-m ark, print, label, or copyright, and to p ay any fees or agonts’ fees
It is ordered that on or before Juno 30 1918 oach manufacturer o f com m on
in connection therewith; or to p ay to any enem y or ally o f enem y any tax, building brick shall report to tho United States Fuel Administration tho
annuity, or fee in relation to patents, trade-marks, prints, labels and co p y ­ number o f com m on building brick manufactured and tho amount and kind
o f fuel consumed during tho period from Jan. 1 1917 to D ec. 31 1917, and
rights; and no such license shall be granted until further order.
tho amount o f stock on hand D ec. 31 1917, and that thereafter semi-annual
W O O D R O W W IL S O N .
reports showing the number o f com m on building brick produced, tho amount
T h e W hite H ouse, April I I 1918.
and kind o f fuel used and tho stock o f brick on hand shall bo mado for the
from Jan. 1 1918 to Juno 30 1918 and from July 1 1918 to D ec. 31
RESTRICTION OF MANUFACTURE OF CLAY PRODUCTS period
1918. T ho report for the first period shall bo made not later than A ug. 1
Regulations, approved by the W ar Industries Board, 1918 and for tho second period not later than Feb. 1 1919.
A n y such m anufacturer violating or refusing to conform to tho abovo
restricting the manufacture of clay products and rearranging regulation will be liablo to the penalty prescribed in tho A ct o f Congress.
and dividing tho manufacturing program of the industry (Fino o f not m oro than $5,000 or b y imprisonment for not m oro than tw o
_
so as to place it on tho basis of war industry were issued by years, or both .)
(Signed) H . A . G A R F IE L D ,
the U . S. Fuel Administration on April 17. Ten orders
United States Fuel Administrator.
were signed by Fuel Administrator Garfield, tho products
Slonncare.— “ Stonowaro” Is construed to cover vitrified and glazed re­
dealt with being arranged in classes and manufacture cur­ ceptacles and containers mado from com m on b u ff burning clays b y any
process whatsoever, excepting stonowaro used in tho chemical industry.
tailed on a percentage basis as follows;
Sewer Pipe, Drain Tile and Flue Linings.— "Sow or plpo, drain tile, and
Restriction. flue linings” are construed to cover all vitrified clay, cem ent, or concrete
Restriction.
Face b rick ______________________ 50% Floor and wall tile______________ 60%
sanitary sewer or culvert plpo, in sizes 42 inches In diam eter or under; all
C om m on b rick_________________ 50% Sanitary waro-------- ---------------------50%
vitrified or non-vitrified clay, cem ent, or concreto drain tile; and all clay,
Paving brick____________________ 50% Hollow tile_____________________ 2 5%
cem ent, or concreto wall coping and fluo lining mado b y any process what­
Terra cotta _____________________ 50% Drain tilo and sewer p ip e---------25%
soever.
R oofin g tile_____________________ 50% Stoneware (except chemical) — 15%
Terra Cotta.— T ho term "terra cotta ” is construed to cover all archi­
tectural terra cotta, whether glazed or unglazed, intended to bo used for
D r. Garfield’s announcement said:
tho interior or exterior construction or decoration o f buildings, m ade b y
Curtailm ent in each case is based on tho averago output o f tho past
any process whatsoever.
three years. It will bo noted that tho percentage o f curtailm ent Is not
Sanitary Ware.— Tho term “ sanitary waro” Is construed to cov er all
equal in all classes o f clay products. These figures have been reached after burned clay wares used In plum bing installations, mado b y any process
careful investigation and represent rates o f production which will bo for
whatsoever.
the best Interests o f tho necessary Governm ent work and in general for tho
Paving Brick or Block.— The term "p av in g briclc or b lo ck ” is construed to
interests o f the manufacturers involved.
cover paving brick or block intended to bo used for the paving o f roadways
T he experience o f tho last year has brought tw o facts clearly to tho front; and streets and other paving purposes, mado b y any process whatsoever.
First, that as far as possiblo tho now war work must bo put Into old factories
Floor and Wall Tile.— T he torm “ floor and Avail tilo" Is construed to
to take the place or less essential production. This m ethod o f producing cover all clay tilo, either glazed or unglazed, intended to bo used in floors
war supplies provents building problem s, housing problems and trans­ or walls, for either utilitarian or decorativo purposes, mado b y any process
portation problems which necessarily follow the setting up o f new plants
whatsoever.
for war production; second, that in addition to this transference it will bo
Holloio Tile.— Tho term “ hollow tilo” Is construed to cover all form s o f
necessary for m any Industries to mako deliberate sacrifices o f a part o f fireproofing or Iio IIoav building block except silo tile, which aro used in
their ordinary business in order that thero m ay bo transportation, men tho erection o f floors, roofs, partitions. Avails, and for other constructional
and materials enough for war production.
purposes, made by any process Avhatsoover.
T he War Industries Board and tho Fuel Administration have boon for
Face Brick.— T he term “ face brick” is construed to cover building brick
several m onths obtaining inform ation which would enablo them to re­ intended to bo used solely for facing purposes, as differentiated from co m ­
organize lesser essential industries, such as building materials, which tax mon building brick made b y any process Avhatsoover.
transportation facilities and fuel supplies to tho largest extent.
Roofing Tile.— T he term “ rooring tilo” Is construed to cover clay tilo,
T ho Bureau o f Standards and experts associated with each industry kavo either glazed or unglazcd. Intonded for uso in the covering o f building roofs,
placed their services at the disposal o f the Governm ent and have aided in
made by any process whatsoever.
reaching conclusions.
In general the minimum basis o f running for the year has been established
JOHN D. RYAN NAM ED TO DIRECT ARM Y AIRCRAFT
in each class o f clay products. This minimum has taken account o f tho
m oro necessary requirements outside o f strictly war activities as well as
PRODUCTION.
the necessities o f the Governm ent. B oyond this, it Is arranged that when­
The appointment of John D . Ryan as Director of Air­
ever tho Governm ent departments certify requirements in any o f tho divi­
sions exceeding the productive capacity o f a givon district on the minimum craft Production for the Arm y was announced by Secretary
basis, such facts will bo certified to tho Fuel Administration and permits
of W ar Baker on April 24. M r . Ryan, who is perhaps
for additional running will bo issued.
T he aim has been to conserve tho largor Interests o f the trado involved. best known as President of tho Anaconda Copper Com pany,
Equal treatment for all plants is provided wherever possiblo. Allow ance, succeeds Howard Coffin as Chairman of tho Aircraft Board,
how ever. Is m ado in the plan for recognizing Individual Instances whero an
the change having been mado with tho ontiro concurrence
abundance o f fuel and abseneft o f congestion m ake it desirable that a largo
proportion o f production be perm itted in a givon district. T ho granting of M r . Coffin, who romains a member of tho Advisory
o f such additional output ha3 been hedged about with safeguards so that Council of National Defense.
Under tho reorganization
general conditions In the different trades will not be seriously affected.
T he full form o f tho order relating to com m on brick is produced in order which has been effected of tho Aviation Section of tho Signal
to show tho goneral requirements o f the Fuel Administration In dealing Corps M ajor-G en. Squiers of tho Signal Corps is relieved
with all o f the clay products. T h o orders relating to tho other products of all connection with aircraft production for the Arm y and
are o f tho same general form and tonor.

The following are the regulations:

will confine his attention to the signal branch. A new
division of the Signal Corps has been created to bo known
as the Division of M ilitary Aeronautics, and which will be
under tho direction of Brigadior-Gon. William L . Kenly.
Tho following is tho announcement of tho W ar Department:

Restricting Fuel Consumption by Manufacturers of Common Building Brick.
T ho term "com m on building b rick” in this regulation shall be construed
to cover all com m on building brick made b y any process whatsoever.
T he term “ m anufacturer” in this regulation shall bo construed to cover
any person, firm , association or corporation engaged in the manufacture
M r . John D . R yan has accepted tho directorship o f aircraft production
o f com m on building brick.
N o manufacturer, as defined abovo, shall at any o f his plants, consum o, for the A rm y.
A reorganization o f tho A viation Section o f tho Signal Corps has been
burn or uso fuel o f any description, including coal, coke, fuel oil, natural
gas or other potroleum products, or uso power derived from any such fuel, also effected o f which tho principal elemonts are as follows:
Gon. Squler, as C hief Signal O fficer, Avill dovoto his attention to tho
for or In connection with the m anufacture o f com m on building brick, as
administration o f signals; a Division o f M ilitary Aeronautics is created,
abovo defined, during the year beginning Jan. 1 1918 and ending D ec. 31
under tho direction o f B rig.-G en. W illiam L . K only. Tho Aircraft Board,
1918 to an am ount in excess o f 50% o f tho averago annual am ount o f fuel
created b y A ct o f Congress, remains an advisory body as it has boon in
consum ed at such plant for or in connection with tho m anufacture o f com ­
tho past, with M r. R yan as its Chairman. This arrangement Is mado
m on building brick during the period from Jan. 1 1915 to D e c. 31 1917,
with tho entire concurrence o f M r. H oward C offin , who remains a m omexcepting—■
_
.
..
,
ber o f the A dvisory Commission o f tho Council o f N ational Defenso and
First. In case such plant was not in existence on Jan. 1 1915, then, and
will render assistance and counsol to tho A ircraft Board and M r. R yan.
in such case, the period during which it has been In existence prior to Jan. 1
T h o Division o f M ilitary Aeronautics Avill havo control o f tho training
1918 shall be used as a basis in arriving at a determination as to the quantity
o f aviators and tho m ilitary uso o f aircraft. T ho exact division o f function
that w ould constitute one-half o f the averago annual production.
in
the matter o f designing and engineering will bo worked out as experience
(a) Upon evidence that the necessities o f the Governm ent In tho particular
determines between tho Division o f M ilitary Aeronautics and tho Division
district in which such manufacturer is located cannot be supplied b y plants
,
,
within practical shipping distance o f the place where the United States o f Production.
This announcement involves no chango o f personnel In tho present
G overnm ent requires such product, unless permission Is granted for such
Equipm ent Division o f tho Signal C orps, o f Avhich W . O . P otter is chief,
excess production, and that on this account It is necessary in tho interest
and which will continue under his direction.
o f tho United States Governm ent that such permit be issued.
W ith regard to the reorganization M r . Coffin is quoted
lb) Upon receipt or certification from tho Fuol Administrator o f the State
in which the plant is located that the material to be m anufactured Is to as saying:
be used in connection with building operations o f urgent public necessity
T ho appointm ent o f a single individual with dofinlto and adequate
and that the fuel used In m anufacturing such material can bo sparod for
power to deal with a!l aspects o f A rm y Aircraft P roduction is a logical and
such purpose.
, ,
.
Second. T h a t whenovor tw o or m ore manufacturers o f com m on building necessary stop.
It is necessary to get away from any question o f a division o f responsi­
brick shall find that a further fuel econom y would result from com bining
bility, either in fact or In tho public m ind. T ho aircraft board romains,
the output o f tw o or m ore plants, then and In such cases It shall bo permis­
as since Its creation in O ctober, an advisory b od y; but undor this now nr
sible, after receiving written permission from the Fuel Adm inistration, for
rangement, tho Chairman o f tho Board becom es also tho supromo e x c c u t lv
the soveral manufacturers to com bine tho aggregate allotm ent o f fuel to
agoncy for proper results, b oth tho power o f execution and tho rospons!
the soveral plants, to be used Jointly for the purposes o f production, tho
bllity must bo concentrated in tho saino hands. T ho m othod o f M r.
m anufactured products o f such com bined plants being distributed to tho
R yan's appointm ent would seom to accom plish this result.
individual manufacturers as m ay bo agreed between them.




A pr. 27 1918.]

THE CHRONICLE

1749

A bill was introduced in the House on April 12 by Repre­
sentative Gould of New York proposing the creation of the
office of Aircraft Administrator at $7,500 a year, a Vice­
Administrator at .$5,000 and four assistants at $4,500.
The Senate M ilitary Committee has recommended that
control of the aviation program be in the hands of one inan.
The Gould bill would take from the Arm y Signal Corps all
authority over aircraft.. Twenty-fivo million dollars is
proposed to be appropriated to give a start to tho aircraft
administration. Representative Gould made the following
statement regarding tho bill:

stand at w ork, soats should b o available and their use perm itted at regular
Intervals.
8. Lifting W eights.— N o wom an should be required to life repeatedly
m ore than tw enty-five pounds in any single load.
9. R eplacem ent o f M en b y W om en .— W hen it is necessary to em ploy
women on work hitherto done b y m en, care should be taken to m ake sure
th a t the task is adapted to the strength o f wom en. T h e standards o f wages
hitherto prevailing for men in the process should not bo lowered where
wom en render equivalent service. T h e hours for wom en engaged in such
processes should, o f course, n ot be longer than those form erly worked b y
m en.
10. Tenem ent H ouse W ork .— N o work shall b e given ou t to be done In
room s used for living purposes or in room s directly connected with living
r o o m
s . _________________________________

T ho present organization, In charge o f what is conceded to be ono o f tho
m ost im portant brandies o f our fighting program, has failed to produco tho
goods. I havo, therefore, introduced this bill outlining a form o f organiza­
tion based on lines that havo proved successful in m anufacturing industries.
T h o scopo is wide and President W ilson would be enabled to select an air­
craft administrator with sufficient assistants to properly supervise and
hasten to com pletion tho production o f aircraft for tho A rm y and N a vy.

ACT M A K IN G WOMEN ALIEN ENEMIES
SUBJECT TO ESPIONAGE ACT.

FEDERAL “ LIGIITLESS NIGIIT ” ORDER RESCINDED.
Tho suspension of tho Federal “ lightless night” order,
from April 25 to Sopt. 1, was announced by U . S. Fuel
Administrator H . A . Garfiold on April 22 in the following
telegram to tho Stato Fuol Administrators:
A t tho urgent request o f tho L iberty Loan C om m ittee I have decided to
suspend operation o f tho lightless night order beginning next Thursday
night. Iiy reason o f the late hour o f lighting, brought about b y tho day­
light saving law, tho lightless night order will remain suspended until
Sopt. 1 next, when it will again becom e effectivo.

The Fodoral “ lightless night” ordor, under which all out­
doors lights, excopt those necessary for tho public safety
wore prohibited on Thursday and Sunday nights had been
in effect since Doc. 16. Tho ordor replaced tho coal con­
servation order effective N o v . 9 which limited tho illumina­
tion of advertising signs to tho period botwoon 7.45 and
11 o’clock p. m. Supplementing the Foderal requirements
Albert II. Wiggin, Now York Stato Fuel Administrator,
had issuod an ordor, which continued in offoct from Jan.
2 to Fob. 25, directing that every night, except Saturday,
bo kept as dark as safety would permit from sundown to
sunriso in every city, town and hamlet in tho Stato.

DAYLIGHT SAVING PLAN INAUGURATED IN
CANADA.
The daylight saving plan went into operation in Canada
on April 14, following tho enactment by the Canadian
Parliament of a law, whereby tho time pieces of the Dominion
are advanced ono hour, the change to continue in effect
until Oct. 31 1918. Tho following proclamation, carrying
tho law into operation, was issued on April 12:

On April 16 President Wilson signed the bill extending
the scope of the Espionage A ct to women and requiring the
registration of women enemy aliens. The bill was passed
by tho House on March 4 and by the Senate on March 29.
W o give below the President’s proclamation carrying the
provisions of tho law into effect, and this embodies the full
text of tho A ct. W o also print Attorney-General Gregory’s
announcement following the enactment of the legislation.

PRESIDENT WILSON’ S PROCLAMATION BRINGING
ENEMY ALIEN WOMEN W IT H IN
SCOPE OF ESPIONAGE ACT.
Following the signing by President Wilson on April 16
of the bill extending the provisions of the Espionage Aot
to women and requiring registration of onemy alien women,
a proclamation was issuod by tho President on April 19 in
accordance therewith declaring women subjects of enemy
countries liable to arrest and internment if they violate the
laws or are regarded as dangerous persons to allow at large.
Tho restrictions apply to females over fourteen years of age
who have not been naturalized by their own or their male
relatives’ declarations of citizenship. German women
must rogistor, as German males have done, with police or
postmasters on some future date to bo determined by A t­
torney-General Gregory. German women are forbidden to
entor barred zonos about water front and warehouses with­
out a special permit after date not yet determined by the
Attorney-General. In lino with President W ilson’s policy
of lonionoy toward male subjects of Austria-Hungary, the
women of this nationality will bo subject only to the general
danger of being interned if they prove dangerous. The
following is the President’s proclamation:

B Y T H E P R E S ID E N T O F T H E U N IT E D S T A T E S O F A M E R I C A ,
A P R O C L A M A T IO N :
Whereas, B y A ct o f Congress, approved tho 16th day o f April 1918,
ontitled, " A n A ct to Am end Section 4067 o f tho Revised Statutes b y ex­
A T T H E G O V E R N M E N T HOUSE A T O T T A W A ,
tending its scope to include w om en,” tho said Section 4067 o f the Revised
Friday, April 12 1918.
Statutes is amended to read as follows:
Present:
W henever there Is a declared war between the U nited States and any
n i S E X C E L L E N C Y T IIE G O V E R N O R G E N E R A L IN C O U N C IL .
foreign nation or Governm ent, or any invasion or predatory incursion
is perpetrated, attem pted, or threatened against tho territory o f tho United
n i s Excellency tho G overnor General in C ouncil, on the recomm endation
o f the M inister o f Trado and C om m erce, is pleased to order and it is hereby States b y any foreign nation or Governm ent, and tho President makes
public proclam ation o f tho event, all natives, citizens, denizens, or subjects
ordered that tho prescribed tim e during which T ho D aylight Saving A ct, o f the hostile nation or G overnm ent, being o f tho age o f fourteen year,
1918, is to bo In forco during tho present year shall bo from tw o o'clock and upward, who shall bo within tho United States and not actually nat­
on the m orning o f Sunday, tho fourteenth day o f A pril, 1918, until two uralized, shall bo liable to bo apprehended, restrained, secured, and re­
o ’clock on tho morning o f Thursday, tho thirty-first day o f O ctober, 1918. m oved, as alien enemies. T he President is authorized, in any such events
b y his proclam ation thereof, or other public a ct., to direct the conduct to
R O D O L P IIE B O U D R E A U ,
bo observed, on tho part o f the United States, toward tho aliens who beClerk of the Privy Council.
com o so liable; tho manner and degree o f tho restraint to which they shall be
subject, and In what cases, and upon what security, their residence shall be
The inauguration of tho daylight saving plan in Canada perm itted, and to provide for the removal o f those w ho, not being per­
to rcsldo within the United States, refuse or neglect to depart
does away with the inconveniences which developed at mitted
therefrom; and to establish any other regulations which are found neces­
tho United States border in tho movomont of trains follow­ sary in tho promises and for tho public safety.
Whereas, B y Sections 4068, 4069, and 4070 o f the R evised Statutes,
ing tho adoption of the daylight saving system in this
further provision is m ade relative to aUon enemies; and
country.
Whereas, A state o f war has heretofore been declared and proclaimed to
oxist botwoen tho United States and tho Imperial German Governm ent
and between tho United States and the Imperial and R oyal A ustro-H un­
STANDARDS FOR WOMEN WORKERS ADOPTED BY garian Governm ent;
WOMEN’ S COMMITTEE OF NATIONAL DEFENSE
Now, therefore, I, W oodrow W ilson, President o f the U nited States
o f America, acting under and b y virtue o f the authority vested in mo b y the
COUNCIL.
Constitution o f tho United States and the said sections o f the Rovised
Tho W om an’s Committeo of the Council of National D e­ Statutos, d o horoby further proclaim and direct that the con du ct to be
fense has recently adopted as its standards for women in in­ observed on tho part o f tho United States toward all natives, citizeas, denlzons or subjects o f Germany or Austria-Hungary o f tho ago o f 14 years
dustry those issued by tho Ordnance Department of the and upward who shall bo within the United States and not actually nat­
A rm y. Tho “ ordnance standards,” as given in a Summary uralized shall bo as follows:
AH such nativos, citizens, denizens, or subjects o f Germany or Austriaof Recommendations to Arsenal Commanders and Other
H ungary are enjoined to proservo the peace toward the U nited States
Employers, provide:
.
and to refrain from crim o against the public safety, and from violating
1. H ours o f Labor.— Existing legal standards should bo rigidly main­ tho laws o f tho United States and o f the States and Territories thereof,
tained, and oven whore tho law perm its a nine or ten hour day, efforts and to refrain from actual hostility or giving inform ation, aid, or com fort
to tho eneinios o f tho United States, and to com ply strictly with the regu­
should bo made to restrict tho work o f women to eight hours.
2. Prohibition o f N ight W ork .— The em ploym ent o f wom en on night lations which aro hereby or which havo been or m ay bo from timo to time
shifts should bo avoided as a necessary p rotection, m orally and physically. promulgated b y tho Prosident; and so long as they shall con du ct themselves
in accordance with law thoy shall be undisturbed in tho peaceful pursuit
3. R est Periods.— N o wom an should bo em ployed for a longer period
than four and a half hours w ithout a break for a m eal, and a recess o f ten o f their lives and occupations and bo accorded the consideration duo to all
peaceful and law-abiding persons, except so far as restrictions m ay be
minutes should bo allowed in tho m iddlo o f each working period.
4. T im e for M eals.— A t least thirty minutes should bo allowed for a necessary for their own protection and for tho safety o f the United States:
m eal, and this tim o should bo lengthened to forty-five minutes or an hour and tow ard such o f said persons as conduct themselves in accordance
with law all citizens o f tho United States aro enjoined to preserve the peace
if working day oxcceds eight hours.
and to treat them with all such friendliness as m ay be com patible with
5. Place for M eals.— M eals should not be eaten in the workroom s.
0.
Saturday H alf-H olidays.— T h o Saturday half-holiday should bo con­loyalty and allegiance to the United States.
A nd all such nativos, citizens, denizens, or subjects o f Germany or
sidered an absoluto essential for women under all conditions.
7.
Soats.— For women w ho sit at their w ork, seats with backs should boAustria-Hungary who fail to con du ct themselves as so enjoined, in addition
to
all other penalties prescribed by law, shall be liable to restraint, or to
provided, unless tho occupation renders this impossible. For wom en who




1750

THE CHRONICLE

give security, or to rem ove and depart from tho U nited States in the m an­
ner prescribed b y Sections 4069 and 4070 o f tho R evised Statutes, and as
prescribed in tho regulations duly prom ulgated b y the President.
It' And, pursuant to tho authority vested in m o, I hereby doclaro and p ro­
claim , as necessary in the premises and for the public safety, that Regula­
tions 1 to 12 inclusive in tho Proclam ation issued b y mo under dato o f
April 6 1917, and Regulations 13 to 20 inclusive in the Proclam ation
issued by m o under date o f N ov . 16 1917, shall bo and they hereby are
extended to and declared applicable to all natives, citizens, denizons or
subjects o f Germany, being females o f tho ago o f fourteen years and up­
wards, who shall be within the United States and not actually naturalized;
provided, that this extension o f Regulation 4 o f tho Proclam ation issued
b y m o under date o f April 6 1917, shall not bccom o effective until such
time as m ay bo fixed and declared b y the Attornoy-Goneral o f tho United
States.
And, pursuant to tho authority vested in m o, I hereby declare and pro­
claim , as necessary in tho premises and for tho public safety, that Regula­
tions 1 to 3, inclusive, in tho Proclam ation issued b y m o under dato o f Dec.
1917, shall bo and they are hereby extended to and declared applicable 11
to all natives, citizens, denizens, o f subjects o f Austria-Hungary, being
females o f the ago o f fourteen years and upwards, who shall bo within the
United States and not actually naturalized.
This Proclamation and tho regulations heroin contained shall oxtond
and apply to all land and water, continental or insular, In any way within
tho jurisdiction o f tho United States.
In witness icliereof I have hereunto set m y hand and caused tho seal o f
the United States to be affixed.
D one in tho District o f Colum bia, this nineteenth day o f A pril, in tho
year o f our Lord one thousand nino hundred and eighteou, and o f tho inde­
pendence o f tho United States the one hundred and forty-socond.
[Seal]
W O O D R O W W IL S O N .
B y tho President.
PR AN K L. POLK,
Acting Secretaru of State.

ALIEN ENEMY WOMEN REQUIRED TO LEAVE
.
WASHINGTON.
A statement relative to the enforcement as to alien enemy
women of the restrictions previously applying to male aliens,
and particularly with regard to the prohibition forbidding
them from entering or residing in tho District of Columbia,
has beon issued by U . S. Attornoy-Ceneral Gregory. Tho
strictures against enemy aliens entering or being found within
tho District wero contained in President W ilson’s proclama­
tion of N o v . 16 1917, published in our issue of N ov . 24.
The following is Attorney-General Gregory’s statement:
The President’s proclam ation o f April 19, relating to alien enemy wom en,
applies to wom en o f German birth and wom en o f Austria-Hungarian na­
tionalities tho same restrictions as were previously enforced as to tho male
aliens o f theso tw o nationalities, respectively. T he operation o f regula­
tion N o . 4, prohibiting German aliens from entering prohibited areas with­
out perm its, will not apply to German wom en until a dato to bo fixed by
tho Attorney-General. Tho ob ject o f this is in order that arrangements
may be mado for wom en to apply for perm its, for careful investigation to
be m ade, permits Issued, & c., before putting the prohibition into effect.
T h e regulation prohibiting German wom en from entering or residing
in the District o f C olum bia takes effect at onco, but German Women tran­
sients will bo given until m idnight M on d a y , April 22, within which to leave
tho District. German w om en w ho have resided in tho D istrict continu­
ously since April 6 1917 will bo given until m idnight, Sunday, M a y 5, with­
in which to leave tho D istrict. A ny German women o f either o f theso classes
foun within tho D istrict after the tim o set for their doparturo will bo sub­
ject to arrest and internment.
Arrangements are already being mado for the registration o f German
alien enemy wom en and further announcement will bo mado within a few
days o f tho dates and manner o f such registration. T ho administrative
machinery to be used by tho Governm ent in this work will bo tho samo al­
ready em ployed for registering male German alien enemies, nam ely, tho
polico in cities o f over 5,000, according to tho Census o f 1910, and p ost­
masters in all other com m unities.

ISSUANCE

OF REVISED ENEMY TRADING LIST BY
WAR TRADE BOARD.

Tho W ar Trade Board issued on April 20 a rovised onemy
trading list, containing moro than 5,000 names, and including
for the first timo onomy firms in neutral countrios of Europo.
Tho list, it is stated, was established in conjunction with
Groat Britain and Franco to unify tho offorts of tho Allies to
koop thoir products from reaching tho enemy. Italy is said
to have occopted tho list in principle. Tho number of firms
listed as enemios in South America has beon, it is statod,
slightly reduced from previous lists, after investigation disolosod that tho claims of many that they wore noutral wore
found justified. It is said, however, that many firms which
probably deserved to bo listed as enomy agonts wore not on
tho list, becauso actual proof of thoir Gorman connections
was lacking. Greece, and Morocco are included in tho
territory covered by tho list. Tho Board’s announcement
says:
T o mlnimizo as far as possible tho Inconveniences caused to American
merchants by tho dislocation o f foreign trade through tho operation o f tho
T radiug-w lth-the-Enem y A ct, tho W ar Trado Board is collecting and
classifying tho names o f non-enom y firms who might bo substituted for
thoso within tho prohibitions o f tho A ct. A considerable amount o f in­
form ation already is available. In cases wlioro tho Board is not prepared
to suggest a substitute firm on request it will inquire o f United States
consuls abroad.

In pointing out that tho list does not contain tho names
of all persons with whom it would bo illegal to trado, tho
Board warns oxportors that tho omission of a firm’s name
from tho list does not justify commorco with it.




[Vol. 106.

WADDITIONSjTO LIST OF RESTRICTED IMPORTS.
^ T h ro u g h additions to the list of restricted imports” aiu
nouncod by tho W ar Trade Board on April 21, it is oxpectod
that there will bo released tonnage to the amount of 157,000
for war purposes. On March 22, when tho original list of
articles barred from entranco to the United States, except
under certain conditions, was announced by the W ar Trade
Board, it was stated that though the restrictions then im­
posed 1,500,000 tons of ship tonnage [would bo diverted
to the carrying of men and munitions to Europo. Tho new
restrictions thus make a total of 1,657,000 tons available
for war use. The largest single item on tho new list is
quobracho wood, used in tanning, the restriction on this
being estimated to save 28,000 tons. Tho wood m ay still
be brought in if carried as deckload or in vessels unfit for
essential imports. Hearings wero held on suggestions to
restrict many of tho commodities, so that businoss mon might
say exactly what effect tho restrictions would havo on in­
dustry. Tho inclusion of many commodities in tho restricted
list, it is stated, does not mean that any appreciable shortago
will result, as the effort has been to include those of which
there is an ample supply on hand, which can bo produced
at home or obtained overland from adjacent countries.
Tho original list was published in our issue of March 30.
Sinco then the W ar Trade Board has announced the re­
moval as of April 12 of rice, cahuni nuts, and watch crystals
from the list. Importers were advised, howover, that, in
view of instructions previously cabled to consuls through­
out the world, that it would bo necessary to furnish United
States consuls abroad with tho numbors of import licenses
for theso articles before such consuls would certify consular
invoices. Tho new restrictions are effective M a y 13. Tho
following is the W ar Trade Board’s announcomont mado
public on tho 21st.:
N o im port licenses for shipments m ade after M a y 13 1918 will bo granted
for articles on this list, except as specifically herein provided. These pro­
visions authorize tho im portation o f tho specified articles only when tho
goods originate in one o f tho countries designated in tho particular provi­
sions covering such article, and do not permit tho importation o f goods
originating in other countries but com ing through such designated countries.
Licenses for tho following articles m ay bo granted only for shipments
com ing from Canada
101. Lim o.
102. T a lc and soapstono.
Licenses for tho following article m ay bo granted only for shipments
com ing from Canada and Newfoundland:
103. Shellfish (does not include crabm oat from Japan).
Licenses for the following articlo m ay bo granted only for sfiipments
com ing from Canada and M exico:
104. M olybdenu m .
Licenses for tho following articlo m ay bo granted only for shipments
com ing from Cuba and W est Indies:
105. T ob a cco leaf.
Licenses for tho following articles m ay bo granted only for shipments
com ing from Canada, M exico, N ewfoundland and Scandinavia:
106. Fish, fresh, cured or preserved.
Licenses for tho following articles will not bo granted for shipments from
European countries, but m ay bo granted for shipments from all other cou n­
tries:
107. Animal oils.
Licenses for tho following articles will bo granted only for shipments
com ing overland or b y lako from Canada, or com ing ovorland from M oxico:
108. A loxlto and boro-carbone.
109. Borax.
110. Cem ent for building purposes.
111. Chloride o f lime.
112. C yanide o f soda.
113. D airy products.
114. Ferromanganese and spiegelclscn.
115. Load.
116. M agneslto.
117. M oat products and preserved m eats.
118. Paraffin.
119. Pum ice.
120. Starch.
121. Stono and manufactures thereof.
Licenses for tho following articles will bo granted only for shipments com ­
ing (a) overland or b y lako from Canada; (b) overland from M oxico; (c) as
return cargo from European countries, and then only when sliippod from a
convenient port and when loaded without undue delay:
122. Argols or wine ices.
123. B ones, hoofs and horns unmanufactured.
124. Baskets o f w ood, bam boo, straw or com positions o f wood.
125. C ork, unmanufactured, and manufactures thereof.
126. E diblo substances not specifically provided for in tho tariff schedules.
127. Eggs, dried, frozen, prepared or preserved and yolks o f eggs.
128. Fans.
129. Fullers earth.
130. Furniture.
131. Furs and manufactures thereof (does not Include fur hats, fur not
on tho skin prepared for hatters’ uso, nor raw sealskins from U ruguay).
132. Glass and glassware (does not includo lenses, opera and fiold glasses,
optical instruments, spectacles, eyeglasses, goggles, surveying instruments,
telescopes, m icroscopes and plates or discs for uso in tho manufacture o f
optical goods).
133. Gluo and glue size.
134. Gluo stock and rawhido cuttings.
135. H air, human, and manufactures tlioreof.
136. Horsehair, artificial, and manufactures tlioreof.
137. Indigo, synthetic.
138. Ivory, animal, and manufactures thereof.

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T H E CHRONICLE

139. Licorice root.
140. M oss and seaweed.
1 41 . Paper and m anufactures thereof (does not include books and other
printed m atter).
142. P aper stock, crude (does not includo w ood p ulp).
143. Straw and grass, unmanufactured, and manufactures thorcof.
144. T ea wasto, siftings or sweepings.
145. Vanila beans.
Licenses for the following article m ay be granted from any country, but
only for shipments com ing as deck cargo or com ing on vessels unfit for
essential imports:
146. Quebracho w ood .
All outstanding licenses to import the above articles from any country
from which, under the above announcem ent, licenses for such article will
not be granted, shall expire and becom e void unless ocean shipment there­
under is m ade on or before M a y 13, 1918.
A lso, all outstanding licenses to im port from European countries articles
covered b y above items numbered 122 to 145, inclusive, and all outstanding
licenses for quebracho w ood shall expire and becom e void unless ocean ship­
ment thereunder is made on or before M a y 13 1918. A s to these new ap­
plications m ay be m ade for shipments after M a y 13 1918.

SHIPS TO HAVE PRIORITY IN STEEL DELIVERIES.

1751

believe it practical for the Government to arrange to send
steel to fabricating plants as far west as Omaha, N e b ., when
the fabricated material must be shipped back to the East
to bo used in ship construction. Other testimony had indi­
cated a belief that this would be practicable.
34

SHIPS COMPLETED AT GREAT LAKE YARDS
ALLOCATED TO TRANS-ATLANTIC TRADE.

The Shipping Board on April 19 made the following
announcement concerning the allocation to the trans-At­
lantic trade of 34 ships completed at the Great Lakes Ship­
yards:
T hirty-fou r new ships aggregating 105 000 tons, com pleted during the
winter and spring at the G reat Lakes yards, have been allocated to the
trans-Atlantic trade. W ith the breaking up o f the ice in the Lakes they
will be sent through the locks. T h e first o f these new ships are due to
m ove in the com ing week.
T h e Bureau o f Operations o f the Shipping Board has been notified that
cargoes are already being put aboard the new ships.
T h o Shipping Board requisitioned these vessels in the early stages o f
their construction. All o f them had been contracted for overseas trade.
T h ey are o f the Frederickstadt type, so-called— the well-known lake type
ship, averaging about 3,100 tons, 261 feet over all, 43.6 feet beam , and 20
feet in depth. N o alterations in them will be required for passage through
tho locks.
Before tho ice season set in the Shipping B oard m oved a total o f 43 ships.
Including 24 o f new construction, from the G reat Lakes to the A tlantic
coast.

Differences between the United States Shipping Board
and the Federal Railroad Administration with regard to
steel deliveries were adjusted at a conference on April 19
between Bernard M . Baruch, Chairman of the W ar Indus­
tries Board, Charles Piez and Charles M . Schwab, repre­
senting the United States Shipping Board and Emergency
Fleet Corporation; John Slekton Williams, of the Railroad CONSTRUCTION END OF U. S. FLEET CORPORATION,
Administration; Judge Edwin M . Parker, Priorities Commis­
UNDER C. M. SCHWAB, AT PHILADELPHIA.
sioner, and J. L . Reploglo, of the Steel Division of the Coun­
Following the announcement on April 19 that the construc­
cil of National Defense. Tho conference, held at the request tion department of the Emergency Fleet Corporation would
of M r. Schwab, grew out of the question as to whether the be moved from Washington to Philadelphia, Charles M .
railroads should be given tho full tonnage asked for. The Schwab, at whose instance the change was decided upon,
Emergency Fleet Corporation has had priority on steel took over on April 20 the nine floors of the Gomery &
rights, and maintained that its requirements were so great Schwartz Building at 140 N orth Broad Street, and opened
that a full allotment should not be given the railroads nor his offices there on M onday of this week. As was made
the priority order changed. It is stated that under the known last week (see “ Chronicle” page 1634), M r . Schwab
agreement reached tho Shipping Board will continue to have on April 16 was appointed Director-General of the Emergency
priority in steel deliveries over all other war industries Fleet Corporation. It is stated that all the administrative
except warship construction, and the Railroad Administra­ and executive departments of the Emergency Fleet Corpora­
tion will get all the steel it requires to build locomotives. tion and Shipping Board will remain in Washington, the
On the other hand, the railroads will change the character branches and bureaus of the construction department,with
of new car construction so as to reduco tho total of 1,250,000 which some 1,500 persons are connected, being transferred
tons of steel plates which tho Administration has demanded to Philadelphia. W ith reference to the change, Chairman
for locomotives and cars. It is said to have been known Edwin N . Hurley of the Shipping Board said:
after the conference that priorities already in effect would
It Is obviously the part o f wisdom to bring the directing m ind and guiding
be maintained and at the same time the railroads would be hand o f the construction program into close and perm anent touch with the
actual work going on in the shipyards. N early 50% o f the w ork now in
able to carry out their locomotive and car building program. progress is wlthbi a short radius o f Philadelphia, and there tho principal
As to the change to be made in car construction, it was inti­ o ffico o f tho Director-General o f the Emergency Fleet Corporation will be
mated that all freight and coal cars in the future might be located , l i e will have am ple quarters, and the heads o f departments,
w ith their clerical staffs, who are identified with the construction work,
of wood, steel being used only for the trucks and frames. will bo transferred from W ashington to Philadelphia.
M r . Schwab desires this, and Is confident it will bring abou t a great
N o announcement as to the exact terms of settlement or
tonnago allotted railroads was forthcoming at the W ar In­ quickening in the progress o f the w ork. It will permit a prom pter solution
o f all practical problems as they arise, and in addition, b y his proxim ity
dustries Board. One feature of tho settlement, it was to tho scone o f actual operations, he can maintain constantly his appeal
learned, however, was that the Railroad Administration for tho greatest degree o f co-operation and effort on the part o f our build­
will bo expected to guarantee 10 0 % car supply for steel and ing forco.
On April 22 tho following announcement was made by the
other materials needed by those given priority in steel in
order to benefit under the arrangement. The order of Shipping Board:
It is the intention o f M r. Charles M . Schwab, the new ly appointed
priority, the New York “ Commercial” of April 20 an­ Director-General o f tho Em ergency F leet C orporation, to establish his
headquarters
in Philadelphia and to surround him self there with depart­
nounced, would be as follows:

1.
Emergency Fleet Corporation; 2, navy; 3, arm y; 4, railroads, form ents o f the Corporation which are considered m ost essential to the p rose­
repairs and locom otive construction, and for car building, supplem enting cution o f his w ork. T ho transfer o f these departments from W ashington
the program w ith w ood; 5, railroads, for rails, if this does not interfere to Philadelphia will be m ade In groups, the construction division being the
first to make tho shift. T his division will be follow ed by th e ones m ost
with the supply for other indtstries.
essential to construction work, and will in turn b e followed b y others.
According to the officials of the W ar Industries Board,
T ho Philadelphia quarters which M r. Schwab has secured contain
tho output of steel plates for all war purposes will bo in­ 220,000 square feet o f o ffice space, which is considerably m ore than these
creased by 20,000 tons per week by July 1 as the result of divisions now occupy here.

additions now being made to tho Steel Corporation’s mills.
In his statement to the stocklioldres of tho Republic Iron
Co. on April 17, John A . Topping, Chairman, said
that he expected that between 5 0 % and 6 0 % of the country’s
steel-making capacity would be engaged steadily on Govern­

& Steel

ment orders.

__ _________________________

STEEL PRODUCTS OBTAINED FROM FRENCH AND
BRITISH BY GENERAL PERSHING.
Recent testimony of Chairman Hurley, of the Shipping
Board, and J. Leonard Replogle, Director of Steel Supplies
for the W ar Industries Board, before tho Senate Commerce
Committee in executive session, made public on April 11,
disclosed that General Pershing has obtained 750,000 tons
of steel products from the French and British Governments
to meet urgent needs in France, with an agreement to replace
the tonnago in plates, projectiles and other forms from tho
United States. American mills now are working to capacity,
the witnesses said, to meet the demands of tho Allied coun­
tries and the requirements of the United States. M r.
Reploglo is said to have told the committee ho did not




As indicating the extent of the shipping industry in Phila­
delphia’s territory, it is pointed out that there aro 211 ship­
ways in tho New York, Delaware and Philadelphia districts,
contracts for 4,364,202 tons of ships have been lot in those
districts. There are 126 ways in the Delaware district
alone; 46 of the 211 ways in the Philadelphia district are for
wooden ships, the others being for steel construction. The
appointment of Walker C . Connor Jr. as Assistat Manager
of the Emergency Fleet Corporation’s Division of Transporta­
tion for the N ew York district, with headquarters at 115
Broadway, was announced on April 19 by Frank C . Joubert,
Manager of the Division.

Congratulations from the British Minister of Munitions
to M r . Schwab, with the latter’s appointment as DirectorGeneral of the Emergency Fleet Corporation were received
in a cablegram as follows on April 22:
To M r. Charles M . Schwab:
I am delighted to learn o f your appointm ent which will enable you to
turn you r wonderful energy and unique experience to an urgent and vital
task. Itemombering our work together at the A dm iralty at th e beginning
o f tho w ar, and tho w ay in which your surm ounted every d iffic u lty and
successfully com pleted every undertaking, I feel c o m p le te confidence
now . All good wishes.
_ W IN S T O N C H U R C H IL L .

1752

SHIPPING BOARD CHARTERS NORWEGIAN SAILING
SHIPS— DEPARTING NEUTRAL VESSELS TO
BE UNDER GOVERNMENT CHARTER.
Announcement was made on M onday that the Shipping
Board had arranged to charter 400,000 tons of Norwegian
sailing ships. These vessels, most of which are on this sido
of the Atlantic, will be used outside the submarine zone, pre­
sumably in the trado between South America and the
United States, and will, it is expected, release about one-third
as much of steam-driven tonnage, which can then be placed
in the trans-Atlantic service. The vessels were secured on
a straight charter basis and will be operated by the Ship­
ping Board. They will continue to fly the Norwegian flag.
A n Associated Press dispatch from Tokio dated April 15
gives details of tho arrangement (referred to in our issue of
April 6, page 1426) by which Japan is to furnish somo sixtysix vessels, aggregating 514,000 tons, for American uso in
the course of the next year. Tho negotiations are declared
to have been completed, and deliveries will begin in April
of this year and continue until June 1919. The ships have
been placed in three categories, as follows:
First— T w en ty-four ships, 150,000 tons, will be chartered through tho
G overnm ent to the United States Shipping Board for a period o f six months.
Deliveries will be made in April and M a y . T he difference between tho inter-Ailied charter rates and tho rates paid b y America— about 18,000,000
yen ($9,000,000)— will bo paid b y tho Japanese G overnm ent.
Second— Fifteen ships, aggregating 130,000 tons, new or partially built,
for which the United States will release one ton o f steel for ono ton o f ship­
ping. T he United States will buy the ships at a price which will vary ac­
cording to delivery, which has been fixed at M a y to Decem ber.
Third— Tw enty-seven ships, o f 234,000 tons, to bo built in Japan botw een January and June o f next year. T he United States is to buy theso
ships, paying $175 per ton and releasing ono ton o f steel for tw o tons o f
shipping. T h o new vessels will average 8,000 tons.

The Japanese ships to be turned over to the Shipping
Board in April and M a y , according to a special dispatch to
the N ew York “ Sun” on M onday, will not be used to bring
Australian wheat to the United States, as had at one timo
been expected, but will be loaded with coal at Nagasaki
and sent to Chile, delivering the coal cargoes in exchange for
nitrates to be brought to this country.
In regard to the Shipping Board chartering neutral vessels
leaving American ports, a special dispatch to tho “ Journal
of Commerce under date of April 22 reported as follows:
T h e Chairman o f the Shipping Board confirm ed the reports recounted In
these dispatches last week that the Board would hereafter charter all neu­
tral vessels leaving American p orts, and that private individuals would no
longer bo perm itted to charter such vessels. T he ships o f tho Emergency
F leet C orporation, however, will bo let out to shipping peoplo to operate
upon a commission basis. T ho rate o f com m ission, hereafter to be fixed.
Will bo based upon tho froight earned b y tho vessel over and above tho char­
ter charge. It will bo known as an operating com m ission.
M r. Hurley m ado it clear that it was n ot tho intention o f tho Shipping
Board to take a charter away from any American citizen should a citizen
now havo a charter upon a neutral vessel.
" W e d o not intend to injure any on e’s business,” ho said.
It is understood, how ever, that all vessels must bo operated in accordance
with the urgencies o f tho present situation, and tho Shipping B oard will
indicate what are the necessities o f each trado.

TWO AMERICAN VESSELS LOST I N
85 MISSING.

WAR ZONE—

Tho destruction of two American cargo steamers in tho war
zone was reported to the W ar Department on April 20, in
both cases with heavy loss of life. The U . S. S. Lake M oor,
in the service of the N av y Department, was torpedoed in
European waters on the night of April 11, with a loss of five
officers and 39 men. Tho cargo ship Florence H . was
blown up by an internal explosion at a French port on the
night of April 17, with a probable loss of 41 members of the
crow.
The announcement of the N av y Department about tho
Lake M oor was as follows:
T he N a vy D epartm ent has been inform ed that tho U . 8. 8. Lake M o o r
has been sunk b y an enemy submarine about m idnight April 11 1918, in
E uropean waters. Full details havo not yet been received from V ice­
Admiral Sims. Out o f a total o f ten officers and fifty -tw o members o f tho
crew , five officers and twelve o f the crew havo been reported as survivors.
Theso havo been landed at an English p o rt.

The loss of tho Florenco II. was announced in a N av y D e­
partment statement, which said:
T h e N a vy Departm ent has received a dispatch from Vice-Adm iral Sims
stating that the American steamship Florenco I I . was blown up in a French
port b y an internal explosion on April 17 about m idnight. First reports in­
dicate that thirty-four o f her crow o f about soventy-five were rescued.
M ost o f the rescues wero m ado b y a United States destroyer, whose work
Admiral Sims describes as “ m ost gallant.”

The Lako M oor was a cargo carrier of 4,500 tons, comman­
deered by tho Shipping Board while building in tho United
States for a foreign company. She was assigned to tho ac­
count of tho N a v y last January and sailed from an Atlantic
port tho latter part of March on her first voyage across the
Atlantic.
Tho Florence H . was built on the Great Lakes for a foreign
concern, and was christened the Souk Ahras. She was com­




[Vol. 106.

T H E CHRONICLE

mandeered by tho Shipping Board before being completed,
was cut in two and taken through tho Welland Canal and
put together again. She was renamed tho Florence I I . in
honor of M rs. Hurley, wife of the Chairman of tho Shipping
Board, and was operated by tho Luckenbaeh Steamship
C o. for the Shipping Board. The vessel carried a civilian
crew of about 52 men and a naval guard of 23 men, and last
sailed from Philadelphia, the daily papers say, March 30 with
a cargo of about 5,000 tons of powder and steel.

SENATE CONFIRMS APPOINTMENT OF F. P. ICEPPEL
AS ASSISTANT SECRETARY OF WAR.
The Senate on April 18 confirmed the appointment of
Frederick P . Keppel as Third Assistant Secrotary of W ar.
M r . Keppel, who is Dean of Columbia University, was
named for the post by President Wilson on April 6, at which
time Edward R . Stottinius was appointed Second Assistant
Secretary of W ar. Tho latter’s appointment was confirmed
by the Senate on April 8.
$1,312,000,000 NAVAL APPROPRIATION BILL PASSED

BY HOUSE.
The N aval Appropriation Bill, carrying total appropria­
tions of approximately $1 ,312,000,000, was passed by the
House on tho 20th, after only two days’ debato. Tho pro­
gram arranged for, it is said, if carriod out by subsequent
Congresses, will place tho American N av y in socond rank
among tho navies of tho world. Tho measure provides for
an increaso in the enlisted personnel of tho navy of 78,000
and in the Marino Corps of 45,000, increasing tho latter to
75,500 men. Two Major-Gonerals of Marines are also pro­
vided for. It is understood that Gonoral Pershing has recom­
mended that tho brigado of inarinos now in Franco bo raised
to a full division— about 27,000 men.
Other items in tho bill provide for $10,295,000 for tho con­
struction and enlargement of hospitals at difforont navy
yards and in many citios, including $1,000,000 for tho build­
ing of an oversoas hospital. Hospital construction and re­
pairs were also provided for as follows:
Chelsea, M ass., $350,000: N ew port, It. I ., $500,000; N ow L ondon,
C onn., $150,000: B rooklyn, $1,400,000: W ard’s Island, N . Y ., $t,250,000;
Pelham, N . Y ., $900,000: Philadelphia N a vy Y a rd , $800,000; Philadel­
phia, $355,000; N orfolk, V a., $1,250,000; H am pton R oads, $500,000:
Charleston, S. C ., $850,000; Paris Island, S. C ., $175,000; Great Lakes,
111., $65,000; Pearl H arbor, H awaii, $150,000; overseas, $1,000,000; con ­
tingent, $600,000.
_

PRODIGIOUS OUTPUT OF WAR MATERIAL IN
UNITED STATES— SAMUEL McROBERTS
PRAISES GENERAL CROZIER.
In an address delivered before a meoting of tho National
Security League in this city on April 13, Col. Samuel
M cRoberts, formerly Vice-Presidont of tho National City
Bank, but now Chief of tho Procurement Division of tho
Ordnance Bureau of tho W ar Department, sot forth some
striking facts in regard to tho progress made in furnishing
arms and munitions foe tho vast armies now being prepared
for overseas service. Incidentally, Col. M cRoberts took
occasion to defend Gon. Crozior, Chief of tho Ordnance
Bureau, against the charges of incompotenco and failure
that have been frequently mado by Congressional and pross
critics, expressing tho opinion that “ Gen. Crozior is tho man
who has mado the largest singlo contribution of any man on
the material side of this war.” Tho following account of
Col. McRoberts’s address'appearedin tho New York “ Sun”
of April 14:
C ol. M cR o b e rts listod theso facts:
1. T ho production o f Springfield rifles lias reached 11,250 a day. T o date
1,050.000 riflos havo been delivered on contracts for 2,500,000 rifles o f tho
m odified Enfield pattern. Thero aro 600,000 Springfield rifles now on
hand. This volum o o f rifle m anufacture Is tho groatost that has over been
carried on in tho w orld, and has resulted in an excess over im m ediato needs,
so that riflo factories aro now being diverted to m achine guns.
2. Contracts havo been lot for $70,000,000 w orth o f shells o f all calibres.
For the artillery 40,000 pieces o f m otorized vehicles aro being produced
at a speed now faster than they can bo'shipped. This item moans an ex­
penditure o f $175,000,000. Powder plants aro turning out 650,000,000
pounds o f explosives. With smokeless pow der being produced b y tw o plants
at tho rate o f 1,300,000 pounds a day.
3. Shortage o f fuel and resultant shortage o f steel have retarded the
delivery o f shells. This is disappointing, but recently tho deliveries
im proved, so that in tho last m onth manufacturers turned ou t 5,000,000
shells.
4. Contracts havo been mado for 1,350,000 autom atic pistols. Deliveries
to date totalled 264,000, and tho production will rapidly overtako tho needs
o f the United States troops.
M
5. Production o f small arms amm unition lias already reached greater
proportions than was ever reached in Franco and England. C ontracts
aro out for 3,250,000,000 rounds. Last m onth production reached 270 ,­
000,000 rounds.
kfiS
6. M achine gun production will not reach tho designated production
until July. T o tho troops 75,000 m achine guns havo already been delivered.
Contracts havo been lot for 300,000 machine guns o f various typ os.J flD lffi-

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T H E CHRONICLE

1753

culties aroso in creating plant capacity for this production, but b y July
“ W hen the war broke ou t In Europe Paris and London were thronged
18.000 machine guns will bo produced m onthly.
with men o f all classes and description, from all parts o f the globe, press­
C ol. M cR ob erts said that the total contracts in tho last year in the ing thoir suggestions upon the Allied Governm ents. N ow you can g o to
Ordnance Departm ent ran a llttlo over $3,000,000,000 in value. Thero Washington and you will find tho hotels full o f business men, but if you
is no justice in tho attacks that have been made on G en. Crozlor, tho ord­ interrogate them you will find that they have boon sent for; that they are
nance chief, he said.
not thero seeking business, and that nothing could havo been accom plished
‘ ‘ I want to say that Gen. Crozlor Is tho man who has made tho largest if it had not been for the prom pt, unreserved and p atriotic dedication on
single contribution o f any man on tho material side o f this w a r,” ho declared.
tho part o f the business o f the cou ntry to the cause o f the war.
‘ ‘Thero is a strong sentiment that the department should bo a civilian organi­
“ N ow from the very beginning a careful study has been m ado o f the raw
zation, headed by business men. I do not believe in the suggestion. There material resources o f the cou ntry, and wo havo progressed to a point where
is no man or board that is humanly able to give thoso tremendous activities the relations o f the maximum requirements fo r the war can be stated in
anything like detailed direction. As a m atter o f fact tho only practical relations to that which the country affords, and it can be definitely stated
system is just what we have.”
that while great efforts still are necessary to convert this matetial to war
C ol. M cR ob erts also made public some interesting sidelights on tho work uses thero is and will be no scarcity o f the material.
o f the Ordnance Departm ent in telling o f the production o f pyrotechnics,
“ W e havo abundance for the entire project and for overy know n need o f
gas and amm onia.
tho war. Tho only element for concern is the question o f tim e and trans­
“ W o have contracted for m ore than $100,000,000 worth o f trench warfare portation.”
m aterial,” ho said.
“ The demand for pyrotechnics is such that wo have had
R overting to tho war causes C ol. M cR ob erts said:
to build an Immense firew orks plant after loading up overy known manufac­
“ T his conflict has been germinating since Frederick the Great w rote his
turer with all tho orders ho would take. In order to got chemical raw instructions to his M inisters, since Bismarck form ulated the principles for
materials wo have been forced to build m any great plants.
tho Germ an Em pire. The German mind has been persistently led to adopt
“ F or tho purposo o f obtaining ammonia and nitratos wo have under ideals and standards that are inimical to Germany and tho rest o f the
construction tw o largo plants costing $35,000,000 each for obtaining these w orld, and this war. if successful, with all its terrible sufferings, is only for
products from tho air. Our only resource at present is tho Chilean field,
tho purpose o f avoiding the inevitable decadence o f the world and sufferings
and wo can supplement It only b y tho electrical process.
longer extended.
"T h o gas plants o f New Y ork C ity will deliver to the Governm ent about
“ W hilo based on principles, this war is in reality a race war. T he idea
3.500.000 gallons o f toluol a year. T hey aro delivering us this virtually that the German people are blindly led b y selfish rulers is untenable and
Without profit to them selves.”
.
__________________ ______________
a fallacious h o p e .”
Explaining tho great work o f ordnanco departm ent. C ol. M cR ob erts said:
“ The departm ent is only ono unit in this great force o f the nation. It is PRESIDENT WILSON OPPOSES CHAMBERLAIN COURT
an im portant unit. Its business is to furnish all the intrsuments for fighting,
MARTIAL BILL.
together with tho incidentals that go for the transportation o f theso instru­
The Chamberlain Bill, providing for tho substitution of
ments and for keeping them in repair.
"T h o smallest unit o f tho arm y that brings into play all tho different military court martial for civil trial in all cases of disloyalty
types o f arms and" field m unitions is that which is called a division. A
or sedition, was unsparingly condemned by President W il­
division o f tho arm y consists o f about 27,000 men and about 950 officers.
I t consists o f tw o brigades, each com posed o f two regiments o f infantry, son in a letter to Senator Overman, read in the Senate on
tw o regiments o f threo inch or seventy-five millimeter field artillery, ono M onday, in which the President characterized the bill as
regiment o f 155 millim eter howitzers, a m achine gun brigade, a tronch
unnecessary, unconstitutional and altogether inconsistent
m ortar division and a separato battalion o f heavy m achine guns.
Existing legisla­
“ Theso inako up tho front line forces and aro supplemented b y a regiment with tho spirit and practice of America.
o f engineers and a battalion from the Signal Corps. Back o f tho lines wo tion, including the Espionage Law, tho Sabotage Law and
havo tho transport trains for tho munitions and field supplies, tho general
arm y hospitals and tho heavy artillery units, and tho special reserve field ar­ the W om an Spy Bill, were declared to bo all that is neces­
It is generally conceded
tillery. For the purposo o f equipping a division it is necessary to mintain sary to cope with the situation.
always on hand in perfect order and ready for instant uso, in round figures,
that the President’s letter will provo a death blow to the
18.000
rifles, 12,000 pistols, 224 heavy machine guns, 768 autom atic rifles
26 anti-aircraft machine guns, 50 75mm. field artillery, 24 155mm. h ow it­ proposod legislation, and Senator Chamberlain himself an­
zers, 12 5 inch mortars, 24 3 inch trench mortars, 12 one pounder guns, nounced that in view of the President’s attitude he would
together with all tho necessary and roservo ammunition and also tho trench not press tho measure, and that further hearings on it would
warfaro munitions, which consist o f bom bs, hand grenades and the rockots
President Wilson’s letter to
and signal lights and other pyrotechnics. In addition the ordnanco de­ be postponed indefinitely.
partment furnishes tho mon in tho field with steel liolmots, bandoliers, Senator Overman road as follows:
haversacks, knives, bolos, canteens and other mess equipment.
The White House, Washington, April 20 1918.
" I t also furnishes tho drop bom bs and tho machine guns for airplanes.
M y Dear Senator: Thank you for your letter o f yesterday. I am heartily
In addition they provido the moans for transporting and carrying this ma­ obliged to you for consulting mo about the C ourt M artial Bill, as perhaps
terial— automobiles and tractors, ammunition trucks and m otorized
I m ay call it for short. I am w holly and unalterably opposed to such
m achino shops for field service, and extensive permanent shops for repair­ legislation, and very much value the opportunity you givo mo to say so.
ing gun carriages, field equipment and for tno rolining o f guns.
I think it is not only unconstitutional, but that in character it would put
“ A t tho outbreak o f the war we had none o f this war material, or at least
us upon the level o f the very people we are fighting and affecting to despise.
tho quantity that we had on hand was negligible, and what was m oro we
It would be altogether inconsistent with the spirit and practice o f Am erica,
had no organization for creating it.
and, in view o f the recent legislation, the Espionage Bilk the Sabotage Bill
“ T he Ordnance Departm ent consisted o f sevonty-nino officers and about
and tho W om an Spy B ill, I think it is unnecessary and uncalled for.
820 enlisted m on, and having boon starved to death practically b y tho
I take tho liberty, m y dear Senator, o f expressing m yself in this em phatic
meagro appropriations o f Congress it was not what you would call a going
way, because m y feeling is very deep about the m atter, as I gather you r
con cern.”
own is.
Spoaking o f how tho department does its w ork. C ol. M cR ob erts said:
It is admirable tho w ay you have been handling theso im portant bills,
“ In tho office o f tho C hief o f Ordnanco is an organization o f m ilitary
and I thank you with all m y heart for standing b y the bill which bears
experts. T hey are mon o f long training for this business, and it is thero
your own name, without any com prom ise o f any kind.
that tho plans o f tho ordnance aro mado up, basod upon their experience
It gives mo the greatest satisfaction to tell you how m uch I have appre­
In actual warfare, and in tho fiold and in tho cam p; inform ation obtained
ciated what you have been doing.
from the General Staff, from tho offico o f tho Secretary o f W ar. from tho
Cordially and sincerely yours,
W O O D R O W W IL S O N .
W ar Coliogo, and m uch m oro im ortantly, from tho E xpedition ary Forces
lion. Lee S. Overman, United States Senate,
In Franco.
“ Theso plans when mado up aro expressed in orders to tho Procurem ent
Tho Chamberlain Bill, the text of which was given in our
D ivision, whero tho contractors aro selected and tho contracts m ado for
issue of last week, page 1632, had been urged by the hoads
the material, or for tho erection o f new plants if tho material cannot bo
of tho Arm y and N avy Intelligence Bureaus and various
otherwise obtained. These contracts aro thon passed to tho Production
Division.
other agencies concerned with tho suppression of sedition on
“ M a n y o f you undoubtedly know C ol. T rip p , tho head o f tho P roduc­
tho ground that the processes of the civil courts were too
tion Division, a man o f long experience in engineeering and manufacturing.
T ho Production Division follows up and gives overy possible aid to tho manu­ slow and uncertain, and that the Department of Justice was
facturer to obtain the deliveries that were contem plated in tho contracts.
too much burdened with other work to devote itself properly
^ “ Tho Inspection D ivision, under C ol. Ruggles, has Inspection officers in
It was also maintained
overy plant engaged in war business throughout tho country who seo that to spy hunting and prosecution.
tho product turned ou t is in accordance with tho specifications o f tho co n ­ that tho right of bail granted in civil trials often resulted in
tract and up to tho requiromonts o f actual warfaro.
dangerous individuals being set at liberty, and that in some
“ T ho organization is necessarily concentrated at W ashington, oxccpt
in tho Production Division and Inspection Division and Financo D epart­ sections it is impossible to get juries to convict in disloyalty
m ent, which havo branch offices in ton o f tho leading contrcs o f tho coun­ cases.
Advocates of tho bill also pointed to the growing
try. T hoy havo in tho inspection and production divisions a personnel
tendency of communities to take the law into their own hands
o f over 10,000 officers and employees, and it will bo much increased as tho
in dealing with disloyalists, and predicted widespread mob
business gets m oro fully under way.
“ Thero is a great deal o f talk that thero should bo a consolidation o f all violence and lynching unless more vigorous methods were
war activities. Theoretically this seems perfectly sound, but when you
used by tho authorities.
consider tho enormous activities o f tho Ordnanco Departm ent, o f tho
On the other hand, various Senators characterized the bill
Quartermaster's Departm ent, o f tho A viation, o f tho Engineers and M ed i­
cal C orps, tho N a vy, to say nothing o f tho industrial needs o f tho country
as a thoroughly dangerous piece of legislation. Senator
and the buying for tho Allies, it becomos apparent that thero is no man or
Brandegeo of Connecticut in offering a resolution on M onday
board that is humanly ablo to givo those tremendous activities anything
to take tho bill out of the hands of tho Military Affairs Com­
liko detailed direction.
“ A s a matter o f fact tho only practical system is just what wo havo. W o
mittee and turn it over to tho Judiciary Committee for an
havo a M inister o f M unitions, and under tho Constitution and under our
form o f Governm ent it is whero it bolongs. It is tho President, and I opinion as to its legality, said:
Such a measure ought never to be tolerated in a civilized cou ntry. I t
havo not much doubt but that it will remain thero.
fcb. “ N ow it has takon a year to co-ordinate tho activities o f theso various violates overy Constitutional guarantee o f tho right o f trial b y ju ry . It
w
ould
revise our whole system o f jurisprudence and change our court
departments. It Is done sim ply by leaving tho various departments in­
dependent in thoir individual activities, and whero thoy continuo to operato system at ono blow . Under this bill a m ilitary escort could walk into a
m an’s library, take him away, try him before court martial, and stand him
through tho direction o f tho council or through tho W ar Industries Board
up against a wall and shoot him for a criticism against the A dm inistration.
acting under tho Council o f National Defense.
b< “ This has boon a slow grow th, but it has boon worked ou t, and tho co n ­ It is dangerous legislation.
flict and com petition is becom ing reduced to a minimum. T ho m ost im ­
Senator Borah of Idaho spoko of newspaper reports of the
portant element and probably tho ono that wo can rofer to with tho greatest lioarings last week before the Military Affairs Committee
satisfaction has been tho attitudo o f businoss toward tho creation o f this

MunitlonsiBoard.




on tho Chamberlain Bill and said:

1754:

TH E CHRONICLE

T o read what witnesses beforo that com m ittee had to say one w ould get
the impression that wliolo com m unities, if n ot entire States, wero fairly
saturated with disloyalty. W hile witnesses wero talking about farmers
being disloyal, thoso farmers were tilling the soil and buying Liborty Loan
bond s. A state o f w ar brings out not only the virtues o f m on, but other
qualities as well. Political Pharisees who com e here, wrapped in tho
Am erican flag, to exploit their own virtues and decry tho efforts o f their
fellow-citizens, aro not voicing the real sentim ent o f the American peoplo.
Assuredly, this bill is Constitutional. Its provision to take away a m an’s
right o f trial b y jury and, instead, turn him over to a court martial is
clearly contrary to our C onstitution.

Senator McKoUar of Tonnessee, a momber of tho Military
Affairs Committee, agreed with tho other Senators as to tho
unconstitutionality of tho bill.
An outgrowth of the introduction of the Chamberlain Bill
was tho resignation under pressure of Assistant AttornoyGeneral Charlos Warren, until recently in charge of the
Bureau of Investigation, or secret service, of tho Depart­
ment of Justice. It was M r . Warren, it develops, who propared the bill subsequently introduced by Senator Chamber­
lain. He also sent a brief to Senator Overman sotting forth
his views as to the right of Congress to subject civilians to
trial by court martial, and appeared before tho Senate Com­
mittee on Military Affairs in behalf of tho bill, criticizing, it is
understood, tho alleged inactivity of the Department of
Justice in proceeding against persons declared to bo disloyal.
All this ho did without consulting his superiors in tho Dopartmont, and it is supposed that his resignation followed in
consequence. A letter from Attornoy-General Gregory to
Representative Gordon of Ohio . discusses M r. Warren’s
actions as follows:

[Vol. 106.

hundred and tw enty-tw o o f these vessels fly tho Am erican flag, with
2,365,000 tons capacity under that flag.
“ W e havo already transferred a scoro o f vessels from our wonderfully
developed Great Lakes shipping, and eleven m ore aro in process o f transfer.
"A b o u t 125,000 tons o f sailing vessels havo recently beon acquired by
charter. M oro than 600,000 tons havo been prom ised b y friendly nations
for this m onth and M a y , a considerable part o f which is availablo for the
European trade, tho remainder for coastwise. W est Indian or transpacific
trade.
“ W o cannot send abundant forces to France because while wo have ships
to transport the soldier himself, wo have not tho ships at this hour to
transport the necessary munitions and supplies to make him a fighting
fa ctor on tho battlefield o f Europe.
T ho first three months o f this year steel vessels o f 450,000 tons were
com m issioned under tho flag. This m onth wo shall add 150,000 tons m ore,
and it Is less than wo expected. There will bo m ounting figures in steel
ship production for M a y , Juno and July until wo reach a quarter o f a million
tons for each o f tho m onths o f August and Septem ber. Thereafter the
increased com pletion mounts still m ore rapidly until the estimated figures
go to 350,000 tons for the remaining m onths o f tho year, or a total o f two
and a quarter million tons.
“ T he Fleet Corporation promises 266 wooden ships this year, with an
aggregato o f 945,000 tons. T w en ty-one wooden hulls havo been launched
so far this m onth, tw enty m oro aro to go into the water ero April is gono,
and tho estimates aro for forty in M a y and sixty in Juno. It is expected
that 491 wooden ships will bo built and placed In sorvico b y July 1919, with
a total o f ono and three-quarter million tons.
“ One is concerned only with speed. W o m ust havo m oro yards. T w o
shifts must bo provided; three can be m ado possiblo. W o aro com m itted
to this war everlastingly. I only know that our task is incom plete until
Germ any is brought to term s.”

VORDS WITHOUT ACTS OR CONSEQUENCES M A Y
VIOLATE ESPIONAGE LAW.

THE

That “ mere verbal statements,” if uttered for a sinister
purpose, are violations of tho Espionage A ct, even though
no injury to the Government results, is tho ossenco of a
decision handed down by Judge Buffington, supported by
Judges McPherson and Woolloy in tho U . S. Circuit Court
of Appeals at Philadelphia, on Tuesday. Tho ruling is
expected to be an important aid to tho Government in its
campaign to suppress seditious propaganda.
The decision of Judge Buffington, according to the Phila­
delphia press, was given in tho caso of Frederick Krafft,
Socialist candidate for Govornor of Now Jersey, a lecturer
and writer and formerly editor of two Socialist newspapers
of New York, who was convicted and sentenced to five years’
imprisonment and fined $1,000 by Judge Warren Davis for
making a seditious speech in Newark, N . J ., in August last.
Ono of tho technical contentions mado by Morris Hillquit,
Socialist candidate for M ayor of Now York, as counsel for
Krafft, was that proof of tho offense of violating tho Espion­
age Law was not completed until thero was ovidence that
insubordination, mutiny, disloyalty or a refusal to do duty
by soldiers or sailors had resulted from his statements.
Referring to tho contentions of Hillquit that tho effoct of
Rrafft’s statements upon men in tho servico must be shown,
before tho conviction could stand, Judgo Buffington said:

Senator W arrenS. Harding, of Ohio, wasoneof the speakers
at the meeting of the National Security League in this city
on April 13, and gavo somo interesting facts in regard to tho
shipping situation in relation to tho war. About 390 ships
under American control or direction are now running be­
tween this country and France, of which 322 are under the
American flag. From tho “ Sun’s” account wo take the
following excerpts of Senator Harding’s remarks:

T o so hold would defeat tho wliolo purposo o f tho Espionago Law. For
tho purpose o f tho statute as a wholo was not to wait and soo if the seed of
insubordination, in this caso sown in August, in Newark, at a later day in
somo cam p sprang into life and brought forth disloyalty, but it was to
prevent tho seed from boing sown initially. M oreover, It is clear that tho
now statuto was to onablo tho civil courts to provont tho sowing o f seeds of
disloyalty, for with tho fruits o f disloyalty to which a misguided soldior
might bo led b y tho disloyal advice, tho military court martial already
provided was sufficient. T ho statuto was not addressed to tho misguided
man who was in tho sorvico, but was manifestly to includo anyone— for
“ w hosoever" is a broad, incluslvo word— who in any way wilfully created,
or attem pted to cause insubordination.

M y Dear Sir: I have just received yours o f tho 19th, in which you state
that you have been inform ed that Senate Bill 4334, introduced by Senator
Chamberlain o f Oregon and now pending beforo tho C om m ittee on M ilitary
Affairs in tho Senate, to subject to trial b y courts-martial persons not in
the army and navy, was prepared in m y office. Y ou ask if I will advise
you whether or not this report is correct.
On April 18 m y attention was called to tho fact that on or about April 8
the Honorable Charles Warren sent to Senator Overman o f N orth Carolina
a brief with tho following title: ‘ ‘W ho A ro Spies? A memorandum o f law on
the power o f Congress to subject civilians to trial b y court-martial under
the C onstitution, b y Charles W arren, Assistant Attorney-General o f tho
U nited S tates,” and that M r. W arren had prepared and given to Senator
Chamberlain tho bill subsequently introduced by Senator Chamberlain
intended to carry out the views set forth in tho brief referred to.
F or m ore than six m onths M r. Warren has had practically no connection
with any o f tho activities o f m y Departm ent which woidd bo affected by
tho legislation advocated b y him . Tho brief and bill wero sent to Senators
Overman and Cham berlain, respectively, without tho consent or knowledge
o f tho Attorney-General. T ho general policies therein urged and sought
to bo enacted into law are exactly contrary to those approved by the
Assistant to the Attorney-General in charge o f tho problems Involved and
b y tho Attorney-General himself.
I entirely disapprove o f tho action talcon b y M r. W arren, and it would
not havo been perm itted if I had known that it was contem plated.
V ery truly yours,
iTHOM AS W . G R E G O R Y.
Hon. William Gordon, Washington, D . C.

HOW
_

"

SHIPBUILDING IS PROGRESSING
UNITED STATES.

IN

" W o have begun a shipping program in the United States which will
place tho flag prom inently on tho paths o f ocean traffic throughout tho
w orld. From tho beginning o f the war to January 1918 tho neutral and
Allied shipping o f tho world had sustained a loss o f 18,000,000 dead weight
tons.
A ppoxim ately 14,000,000 tons havo been replaced, so that a not
loss o f approxim ately 4,000,000 tons has been sustained.
“ I f the submarino warfare is maintained for tho next fifteen m onths at
tho samo rate o f destruction as has been recorded for tho last year and Is
neither extensively enlarged nor m aterially reduced, and If tho production
o f tho British is maintained and we o f America meet 100% o f American
expectations, tho available Allied and neutral shipping will bo restored to
a normal balance in tho m iddlo o f 1919, and tho after-production will
rapidly outstrip destruction.
“ There is m ore than reasonable probability that in concrete and w ood
construction wo m ay far exceed tho program thus far contracted. I f it did
not appear like boasting, which has brought us to keenest disappointment
in some other linos o f war preparation, I should venture tho prediction that
another year o f warfare will witness tho essential paralysis o f tho sub­
marine arm o f rutldessness and frightfulness.”
Then ho tokl o f the great work that is being done in shipbuilding.
“ One concent is building m oro submarino destroyers for tho United
States Governm ent than wero existent in tho world up to 1918,” ho said.
“ As lato as January 1916 American steamships in tho transatlantic trade
numbered only eighty-one, with less than 500,000 tonnage. In 1917, with
tho World aflamo and tho cause o f civilization calling for ships, wo incroasod
our European tonnago approxim ately 200,000 tons.
“ T o-d ay, under tho driving necessities o f tho hour, wo havo 2,762,000
tons in European trado and war servico. W o have scarcely begun.
“ O f tho now tonnago added to tho servico m ost comas from foreign
beginning in our resurrected or newly constructed shipyards. It cost
$1,000,000 to put tho 900,000 tons o f seized enemy vessels in shapo and fit
them for sea.
“ Specifically 390 vessels under our direction are plying between our
ports and E uropo, running _tho'gauntlet o f submarino dangers. ^ T h ree




Judge Buffington further said:
The United States was at war, tho Conscription A ct had boon passed,
which subjected tho men selected to tho orders o f tho military authorities
o f the country. Under such circumstances, a jury could reasonably infor
that a man who undertakes to lead his hearers to adopt his spoken vlows
must, in reason, bo hold to havo intended his words should havo, if followed,
tho effect and consequonees in action which his counsel in words advised.

The conviction of Krafft must bo accepted as being the
sound judgment of a fair jury, says Judge Buffington, who
by its verdict found that a “ matured and experienced public
man advising younger and moro impressionable mon to
insubordination in tho military servico. And we cannot
close our eyes to the fact that such advice if followed by
these young mon, might subject them to court martial and
execution.”
Judge Buffington took occasion to sound a warning to
disloyal persons by incorporating in his opinion advice he
gave to aliens ho naturalized April 0 1916, tho day on which
President Wilson promulgated his country’s declaration of
war against Germany. He said:
W ar is tho dividing lino. W hat was only foolish and unwiso in word and
deed last week in peace, m ay bo treason when war com es. Remem ber when
war com es, no man can servo two masters. As o f old tho messago com es;
“ Chooso ye this day whom ye will servo.”

Under the decision of Judgo Buffington, Krafft will have
to servo the fivo years’ sentonco unloss ho takes an appeal
to the Supremo Court of tho United States and succeeds in
getting a reversal of tho conviction.

A pr. 27 1918.]

TH E CHRONICLE

CHAIRMAN CREEL OF PUBLICITY COMMITTEE
REBUKED BY HOUSE.
Tho growing opposition in Congress to the personality
and methods of Goorgo Creel, Chairman of tho Committee
on Public Information, reached a climax on April 20 whon tho
House refused to receive a roport from Postmaster-General
Burloson becauso it embodied a lottor from M r. Creel con­
taining languago which was declared to bo “ impertinent and
not respectful.” Representative Treadway of Massachu­
setts having chargod that privato mail to soldiers in France
was not being delivered promptly bocause all available
facilities woro boing used to distribute booklets from the Creel
bureau and various Government “ press agont” documents,
tho Postmastor-Goneral was requested to inform tho IIouso
as to tho amount of mail matter dispatched to the American
troops in France by tho Committee on Public Information.
In his reply, after giving figures and saying that pamphlots
on war risk insurance, a spoech or two by Secretary M cAdoo
and sovoral other documents had boon sent overseas by tho
Committee on Public Information, M r . Burleson attachod
the lotter from M r. Creel. Tho lottor, which was denounced
by members as flippant, insolent and a “ gratuitous insult to
the IIouso,” contained this sentonco:
W hon M r. Treadway stated In tho IIouso that ho was “ reliably inform ed
that there has been a very largo amount o f that class o f mail m atter sont
o v e r ,” and " it Is a well-known fact that great quantities o f that class o f m at­
ter havo been placed in their hands overseas,” he m ade an assertion the
absoluto baselessness o f which could havo been ascertained b y a telephone
Inquiry.

Members of tho IIouso immediately took exception to tho
tono of M r . Crool’s reply, and a motion was mado by Reprosontativo Millor to sond back tho report with a demand that
the criticism of M r. Treadway bo eliminated. This motion
boing lost on a tie vote, anothor motion was mado and car­
ried to appoint a committee to roport on tho mattor. The re­
port of this committoo, which was adoptod unanimously by
tho IIouso, sot forth tho following conclusions:
T he languago contained in tho com m unication to tho Postmaster-General
and attributed to tho Chairman o f the Com m ittee on Public Inform ation,
Is, in tho opinion o f tho com m ltteo, impertinont, and not respectful.
In tho languago o f the report o f the Com m ittee on the Judiciary In tho
H alo caso (ono o f tho precedents cite d ), there exists no right in an em ployoo
o f the Governm ent, in answer to specific inquiries, to com m ont on tho de­
bates o f tho body nor to vindicate his conduct, eithor individually or of­
ficially, in any matters not called for in tho inquiries.
W ith theso views, it is tho opinion o f this com m ittoo that tho letter o f tho
Chairman o f tho Com m ltteo on Public Inform ation should not bo received
b y tho IIouso.
Therefore, Unsolved, That tho Clerk o f tho IIouso is hereby directed to
respectfully roturn tho com m unication containing tho samo to tho Post­
mastor-Goneral.

Before citing precedents for tho roturn by tho IIouso of
offending communications, tho roport said:
T ho special com m ltteo appointed b y tho Spoaker on April 11 1918, in
rosponso to a resolution adopted by tho IIouso to inquiro into certain re­
marks alleged to have been included in a letter addressed to tho Postm asterGeneral b y tho Chairman o f tho Com m ittee on Public Inform ation and by
the Postmaster-General transmitted to tho IIouso o f Representatives ort
April 10 1918, which languago so com plained o f is as follows:
"W h en M r. Treadway stated in tho IIouso that ho was 'reliably informed
that thero has boon a very largo amount o f that class o f mall m atter sont
o v e r,’ and ‘it is a well-known fact that groat quantities o f that class o f m at­
ter havo been placed in their hands overseas,’ ho mado assertions tho abso­
lute baselessness o f which could havo been ascertained b y a telephone
inquiry.”
A fter a careful search o f tho precedents, tho com m ittoo finds that tho
IIouso o f Representatives has uniformly refused to roccivo and make a part
o f its records com m unications reflecting upon tho IIouso as a wholo or any
member thereof.

Tlio most recent precedent citod by tho committeo is thus
sot out:
T h e IIouso likewiso refused to receivo a messago o f M r. R oosevelt, then
President o f tho United States, in which thero wero statements calculated
to rcfloct upon members o f Congress, and adopted tho following resolution:
“ R esolved, That tho IIouso in tho oxerciso o f its constitutional preroga­
tives docllnos to consider any com m unication from any sourco which Is not
in its own judgm ent respectful; and bo It further
“ Resolved, That tho special com m ittee and tho C om m ittoo o f tho W holo
IIouso on tho State o f tho Union bo discharged from any consideration o f
so much o f tho President's annual messago as relates to tho Secret Service
and is a bovo set forth; and that tho said portion o f tho messago bo laid on
tho tab lo.”

Othor precedents woro also cited by tho committoo.
Tho Chairman of tho Committee on Public Information
for somo time has boon tho subject of caustic criticism,
both in Congress and out. This criticism has been directed
in part at tho publicity work of tho committeo, on tho ground
of inaccuracy and sonsationalism; but oven moro strongly
at M r. Creol himself. Various articles and editorials written
by him over a year ago wero read into tho “ Record,” and
woro declared to mark him as a man of such extremo and
radical viows as to bo unfit for an important public position.
In particular Creel was criticized for certain statements made
in tho courso of a speech before tho opening meeting of tho
National Conference of American Lecturers, called to
acquaint public speakers with tho facts about tho war, so
that thoy might bo hotter equipped to inform the public.




1755

In the course of this address, in which he defended the war
preparations of the Government, M r . Creel made the state­
ment: “ I shall be glad to m y dying day that thero was no
rush of preparation in this country prior to the day the
President went before Congress.” This statement occurred
in a passage which in full read as follows:
There are one or tw o things that I want to take up w ith som e degree of
particularity. There was a question, when we went to war, o f preparation.
W o had not prepared, and I shall always bo proud, to m y dying d a y, that
thero was no rush o f preparation in this country prior to the d ay the Presi­
dent went before Congress and said: “ W e are driven to accept a state of
war b y the aggressions o f the German G overnm ent.” F or, to have pre­
pared, to havo held out offers o f peace with one hand and attem pted a
conciliation with tho other, and all tho while havo been preparing for war,
would havo been to give tho lie to what we said, nam ely, that wo would
not engage in war unless wo had exhausted every recourse at our com m and.

This statement was immediately made tho basis of bitter
personal attacks on M r . Creel in both the House and Senate,
coupled with demands that he bo removed from his post as
tho head of the Committee on Public Information. Senators
Johnson and Penrose and Representative Longworth took
the lead in the attacks on Creel, and Senator Penrose,
asserting that Creel was “ smeared all over with treason,”
offered the following amendment to the Espionage Bill
then under discussion, which if adopted, it was thought,
would make possible his summary removal:
N o person who has com m itted any ono o f tho offenses described in the
act shall bo eligible for office, and if such person is now holding office
under tho United States ho shall be discharged therefrom upon his guilt
being declared b y the head o f tho department in which he is em ployed.

This amendment, however, which was intended to bo
retroactivo, was subsequently withdrawn in favor of a sub­
stitute offered by Senator Jones of New Moxico, which ap­
plied to future offenses only.

RHODE ISLAND L AW REQUIRING IDLERS TO WORK.
A bill requiring all men in Rhode Island between the ages
of 18 and 50 years “ to be habitually and regularly engaged
in somo lawful, useful and recognized business, profession,
occupation, trade or employment,” at least thirty-six hours
a week until tho termination of the war, was signed by
Governor Beeckman on April 19. The bill was passed by
tho General Assembly, in concurrence, on April 18. Those
failing or refusing to be so employed are to bo deemed guilty
of a misdemeanor, and will be subject to a fine of not more
than 8100 or imprisonment for a term not exceeding three
months or both. The Act stipulates that “ in no caso shall
tho possession by the accused of money, property or income
sufficient to support himself and those regularly dependent
upon him bo a defense to any prosecution under this A c t .”

C AN AD IA N ORDER-IN-COUNCIL COMPELLING
IDLERS TO WORK.
An Order-in-Council issued in Canada under date of April
4 roquiros overy male person in tho Dominion over sixteen
years and under 60 to bo regularly engaged in some useful
occupation. Tho regulations do not apply in tho case of
studonts, thoso temporarily unemployed or those physically
unable to comply with tho requirements of the law. The
Order-in-Council reads as follows:
A T T IIE G O V E R N M E N T HOUSE A T O T T A W A .
Thursday, the 4th Day of April 1918.
Present:
H IS E X C E L L E N C Y T H E G O V E R N O R G E N E R A L IN C O U N C IL .
Whereas iti s necessary to enact such regulations as will utilize to the
best advantage tho human energy o f Canada for purposes essential to the
prosecution o f tho present war;
A nd wlieroas tho need o f men o f military ago to provide reinforcements
for tho Canadian Expeditionary Force, and the equally urgent need for
labor to assist in tho production o f food and other articles essential for war
purposes, necessitate special provisions to tho end that all persons domiciled
in Canada shall, in the absence o f reasonable cause to the contrary, engage
in useful occupations under tho regulations hereinafter sot forth;
A nd whereas tho M inister o f Agriculture Is impressed with tho necessity
o f enacting forthwirth tho regulations hereinafter set forth, which in his
opinion will greatly assist in redering available for the purpose o f produc­
tion labor which otherwise might not bo secured;
A nd whereas tho Minister o f M ilitia and Dofonso also fully concurs in
tho onactniont o f such regulations;
A nd whereas these regulations are not intended to affect any right of
members o f organized labor associations to discontinue their work in the
em ploym ent in which thoy have been engaged when such discontinuance
is occasioned b y differences actually arising between tiio em ployer and the
em ployed. T ho purpose is to prevent persons capable o f useful work from
remaining in idleness at a time when the country m ost urgently requires the
service o f all human energy available.
His Excellency the Governor General in Council, on the recomm endation
o f tho Right H onorable the Prime M inister and under tho powers vested
in His Excellency in Council under tho W ar Measuros A ct, 1914, and under
all other powers His Excellency in Council thereunto enabling, is pleased
to make tho following regulations and the samo are hereby made and
onactod accordingly:
1. E very male person residing in the Dom inion o f Canada shall bo regulargly engaged in some useful occupation.
2. In any proceeding here under it shall be a defense that the person is,
(а) Under sixteen years or over sixty years o f ago.
(б) A bona fide student proceeding with his training for somo useful
occupation.

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[V ol . 106

(c) A bona fide student in actual attendance at som o recognized educa­
tional institution.
(d) Usually em ployed in some useful occupation and tem porarily un­
em ployed owing to differences with his em ployer com m on to similar em ­
ployees with the same em ployer.
(e) Physically unable to com ply with tho provisions o f the law as herein
enacted.
( /) Unable to obtain within reasonable distance any kind o f em ploy­
m ent which he Is physically able to perform at current wages for similar
em ploym ent.
3. A n y person violating tho provisions hereof shall be guilty o f an offenso
and shall be liable on sum mary con viction before a M agistrate to a penalty
not exceeding 5100 and costs, and, in default o f paym ent, to imprisonment
with hard labor for a period not exceeding six m onths in any com m on gaol,
or in any institution or on any farm owned b y a m unicipality or Province
and declared by by-law or Ordcr-ln-Council respectively to bo public institu­
tion or farm for the purpose o f this law shall bo a com m on gaol.
4 . W here tho proceedings in any caso in which a fino is imposed under
the authority hereof are instituted at tho instance o f any m unicipality or
b y any officer o f a m unicipality, tho fino shall bo paid to the Treasurer o f
such m unicipality; and where such proceedings are instituted at the instanco
o f or b y any Provincial officer, such fines shall be paid to tho Provincial
Treasurer; and where such proceedings are Instituted within a m unicipality
b y any other person, tho fine shall be paid in equal portions to the Treasurer
o f tho m unicipality and the Treasurer o f tho Province; and where tho place
in which such proceedings are instituted is not within the boundaries o f
any m unicipality, tho fine shall be paid to the Provincial Treasurer; and
where the proceedings are outsldo tho boundaries o f any P rovinco, tho
fine shall be paid to the R eceiver General o f Canada.
5. Useful occupation and reasonable distance shall be questions o f fact
to be decided by the M agistrate.
6. T ho M agistrate m ay hear and consider other defenses than those
m entioned in section tw o.
7. “ M agistrate," shall include Justice o f tho Peace, and P olice M agistrate
appointed b y Provincial or D om inion authority.
RODOLPHE BOU DREAU .
Clerk of the Pricy Council.

Railroad at Newark Junction, and from there over the Pennsylvania through
the tubes to the T hirty-fourth Street Station.
This rerouting o f tho Baltimore & Ohio trains will tend to utilize them to
capacity, thereby assisting the Pennsylvania between N ew Y ork and
W ashington and affording the public greater facilities.

LIKELIHOOD OF INCREASED WAGES TO RAILROAD
EMPLOYEES AND OPPORTUNITY FOR
INVESTING IN LIBERTY BONDS.

E arly this m orning a naval raid was m ade on Ostend and Zeebrugge
which are being used b y the enem y as destroyer and submarine bases.
Our forces are returning and tho scanty inform ation so far received Is to
the effect that tho raid m et w itli a reasonable measure o f success.
W ith tho exception o f covering ships the forco em ployed consisted o f
auxiliary vessels and six obsolete cruisers. F ive o f these '■reisers filled
with concrete, were used as block-ships, and after being run aground were,
in accordance with orders, blown up and abandoned by tho crews. A
further com m unique will bo issued when reports havo been received from
the ships, which are now returning to th eir bases.
N o report o f casualties has y e t been received.

In a statement made public on April 22 an intimation is
given that railroad employees will receive increased wagos
as a result of tho investigation made by tho Railroad W age
Commission. Tho statement came from Director-General
of Railroads M cAdoo who announced that tho findings of
the Commission would be reviewed by him with the con­
clusion of tho Liberty Loan campaign; his statement
was issued for the purpose of pointing out the opportunity
the railroad employees have of investing in Liberty bonds.
W e print it herewith:

ORDER DISCONTINUING CHECKING OF OPERATING
BILLS BY RAILROADS.
The following order anont the checking of operating bills
by the railroads has been issued by Director-General of
Railroads M cAdoo:
U.

S. R A IL R O A D A D M IN IS T R A T IO N ,
O ffico o f tho Director-General,
Washington, D . C., April 22 1918.
General Order N o . 20:
E ffective at once, technical and arithmetical exam ination and checking
o f all operating bills such as bills for freight and other claims, join t facilities,
car repairs, and other similar bills and all statements o f accounts such as
distribution o f freight and passenger revenues and other similar statements,
rendered b y one carrier subject to Federal control to or against anothor
carrier subject to Federal control, which accrued or which m ay accrue on or
subsequent to Jan. 1 1918, shall be discontinued. T ho carrier rendering
such statements, bills, & c., shall tako the necessary measures to insure the
correctness thereof.
W . G . M cA D O O ,
Director-General of Railroads.

BRITISH NAVAL RAID ON ZEEBRUGGE A N D OSTEND.
A raid against Zeebrugge and Ostond designed to bottle
up these bases of German submarines on tho Belgian coast,
was made by British naval forces on April 23. Tho British
Admiralty’s statement of that date in announcing the raid
said:
„

Sir Eric Geddes, First Lord of tho Admiralty, on tho 23rd
supplemented this report in the House of Commons with
such information as had come to hand of “ this extremely
gallant and hazardous raid,” saying:

I ask tho members to appreciate that m ost o f tho officers and mon from
whom we havo got to get tho inform ation havo been fighting the greater
U . S. R A IL R O A D A D M IN IS T R A T IO N ,
Office o f the Director-General,
part o f the night, and that som o o f them are not yet in.
Washington, April 22 1918.
The raid was undertaken under com m and o f Vice-Adm iral R oger ICoyes,
com m anding at D over. French destroyers co-operated with tho British
Circular N o. 24:
Shortly after possession and control o f tho railroads o f tho United States forces. Six obsolete cruisers, all from tw enty to thirty yoars old , took
were assumed b y the G overnm ent I appointed a Railroad W ago Com m is­ part in the attack.
They were the Brilliant, Sirius, Iphlgenia, Intrepid, Thetis andVindictivo.
sion for tho purpose o f making a thorough investigation o f the wages paid
T he first five o f these were filled with concroto and wore to be sunk In
to all railroad em ployees, whether members o f labor organizations or not.
I announced that if, as a result o f that investigation, an incroaso o f wages tho Channel and entrances to tho tw o ports, if this could possibly bo
was made b y the Director-General such increaso w ould becom e effective m a-aged.
T he V indictive, working w ith tw o ferry b oats, carried storming and
as o f Jan. 1 1918.
T h o task confronting tho Railroad W ago Comm ission was groater in dem olition parties to storm the head o f the m olo which runs out from
magnitude than any task o f a similar character over undertaken. T he Zeebrugge. T ho V indictive was especially fitted for landing storming
parties and was armed specially for tho purpose with flam o-throwors,
Comm ission imm ediately applied itself to tho work with groat energy and
with unremitting labor to a stu dy o f tho largo and com plex questions in­ Stokes’s mortars and that sort o f thing.
T he mon em ployed on tho block ships and in the storming and dem olition
volv ed . In matters o f such m agnitude adequate timo is essential to in­
parties on the Vindictivo were bluejackets and marines picked from a large
telligent consideration and wise conclusions.
T ho Commission has Informed mo that it expects to submit Its report on number o f volunteers from tho Grand Fleot and naval and marine depots.
There was great com petition for tho undertaking, and wo could only use a
m y return to W ashington upon tho conclusion o f tho presont Liberty Loan
cam paign M a y 4. I shall prom ptly review the report o f tho Commission very small proportion o f those who volunteered.
T here were light covering forces belonging to tho D over com m and and
and ronder a decision upon its findings and recom m endations. M ean­
while, no em ployee’s Interest is being hurt or prejudiced becauso whatever Harwich forces under Admiral T yrw hitt covering tho operation in the north.
increases m ay bo granted will havo accumulated In the form o f savings and A forco o f m onitors, together with a largo number o f very small m otorboats,
will not have been spent in tho meantlm o as might otherwise havo been took part in tho operation, which was particularly intricato and had to bo
worked to a tim e table and involved delicate navigation on a hostile coast
the case.
I hope that every railroad em ployeo in the United Statos will lend all w ithout lights and largely under unknown navigational conditions devel­
tho m onoy ho can, consistently with Ills individual circum stances, to his oped since tho war, with tho added danger o f mino fields.
I should like to mention that tho officer who developed tho operation
Governm ent by buying Liberty bonds; they p ay 4 M.% interest per annum
and are the safest investment in tho world— as safo as the m onoy o f the was killed.
T he high developm ent o f scientific use o f fog or smoko was ono o f tho
United States and safer than deposits in banks. In londing your m onoy
to the Governm ent you not only save tho m onoy for yourselves, but you essentials to success. It was m oro fog than sm oko, which, com blnod with
help every gallant American soldier and sailor who is fighting in this war certain wind conditions, was essential to tho success o f tho operation, so
now to save your lives and liberties and to m ake the world safo for de­ as to protect the operation from batteries which might havo Banked it.
T ho plan was, after an intense bom bardm ent o f Zeebrugge by tho moni­
m ocracy.
tors, tho Vindictivo, with auxiliaries, was to run alongsldo the molo and
W . G . M cA D O O ,
attack it with gunfire as they approached. Storming and demolition
Director-General of Railroads.
parties were to bo landed. M eantim e, threo block ships, assisted b y
m otor boats, were to mako for tho ontranco to tho canal, run aground and
BALTIMORE & OHIO PASSENGER TRAINS TO USE bo blown up. T w o old and valueless submarines, filled with explosives,
wero to run against the pile work connecting tho masonry with tho shore,
PENNSYLVANIA TERMINAL I N N E W YORK.
in order to cut o ff tho molo from tho shore.
A t Ostend tho operation was m oro sim plo, but tho difficulties were con­
A n order, effective April 28, under which all passenger
trains on the Baltimore & Ohio R . R ., running between siderably increased b y m ist, rain and low visibility, and tho consequent
absence o f aerial co-operation.
Washington and New York will run from Newark Junction
T ho results thus far are known to bo two block ships were re a ashore and
to the Pennsylvania Terminal at Thirty-fourth Streot, blown up at Ostond. It is too early to say definitely wliothor thoy accom ­
Now York, was issued as follows by Direotor-General plished their ob je ct, but so far as tho officers could see in tho darkness thoy
were slightly o ff tho course. A t Zeebruggo two o f threo block ships attained
M cAdoo on April 22:
their ob jective, being sunk or blown up at tho ontranco o f tho canal. T he
third grounded While passing.
U N IT E D S T A T E S R A IL R O A D A D M IN IS T R A T IO N .
A certain am ount o f damage, tho oxtont at present unknown, was dono
Director-General o f Railroads,
by gunfire and torpedo attack on an onom y destroyer and othor craft
April 22 1918.
Director-General M cA d oo to-d ay Issued the following order effective lying at tho m olo. Coastal m otor boats report having torpedoed an enemy
destroyer which was trying to socapo seaward. Ono o f tho two old sub­
April 28. 12.01 a. m .:
Baltim ore & Ohio trains between W ashington and N ew Y ork will bo marines gained its o b jective and destroyed tho piling approach to tho m olo.
Storming parties from tho V indictivo and tho ferryboats attacked under
transferred and run into tho Pennsylvania Station, at Thirty-fourth Street,
via the following route: R un on the present tracks to Bound B rook, N . J ., an extremely heavy fire and fought w ith tho greatest gallantry, maintain­
then switching over to tho Lehigh Valley, on that road to the Pennsylvania ing their position alongsldo tho m olo for anjhour aml.causing, it is bellevod.




A pr . 27 1918.]

THE CHRONICLE

m uch damage to tho enem y and Inflicting considerable losses. T ho ob je c­
tives for tho storm ing and dem olition parties on the m ole were tho enemy
forces holding it and tho battery upon it. as well as the destroyer and sub­
marine depots and tho largo seaplane base upon it.
A fter re-embarking their landing parties the aforesaid three vessels with­
drew . Tills attack primarily was intended to engage the attention o f the
garrison on tho m olo, thereby allowing the block ships to enter tho harbor.
T ho casualties to tho personnel, as wo had expected in a hazardous ad­
venture o f tho kind, were heavy in proportion to the number o f men en­
gaged. Up to to-day tho British losses reported are one destroyer sunk
b y gunfire and tw o coastal m otor boats and tw o launches missing.
W o have sufficient inform ation to show that tho entranco to tho Bruges
Canal probably was effectively blocked, that material damage was done,
and that the greatest credit is due to all ranks for their gallantry.

An account of tho raid was furnished by Associated Press
dispatches of April 25, which reported ono of its correspond­
ents visiting on that date tho cruiser Vindictive in Dover
Harbor as tho guost of Capt. Alfred F . B . Carpenter, who
commanded her in tho expedition at Zeebruggo. Captain
Carpentor is quoted as saying to tho Associated Pross:
Our chief purposo in tho expedition was to distract tho attention o f tho
batteries while the block ships ran in. especially the battery o f eleven'fnch
guns which occupied a com m anding position at the tip o f tho mole. Our
ship was elaborately prepared for the business o f landing soldiers on the
m olo. which Is stone, forty feet high and fifteen feet above tho V indictive’s
top deck at tho state o f tho tide when tho attack took place.
W o had a special superstructure over the upper deck, and threo long
gangways, or ' ‘ brows’ ’ , which were designed to take tho men up to tho level
o f tho molo as soon as wo got alongside. E xactly according to plan wo
ran alongside tho molo. approaching It on tho port side, where wo wero
equipped with specially built buffers o f w ood two feet wide.
As there was nothing for us to tie up to, wo merely dropped anchor there,
whllo tho Daffodil kept us against tho m olo with her noso against tho
opposite side o f our ship. In tho fairly heavy sea tw o o f our threo gang­
ways wero smashed, but tho third hold, and 500 men swarmed up this onto
tho m olo. This gangway was two feet wide and thirty feet long. The
men who went up it included 300 marines and 150 storming seamen from
tho Vindictivo, and fifty or so from tho D affodil. T hey swarmed up the
steel gangway, carrying hand grenades and Lewis guns. N o Germans
succeeded in approaching tho gangway, but a hard hand-to-hand fight took
place about 200 yards up tho mole toward tho shoro. The Vindictive’s
bow was pointed toward tho shoro, so tho bridge got the full effect o f
enemy firo from tho shore batteries. Ono shell exploded against the
p ilot houso, killing nearly all Its ton occupants. Another burst in the
fighting top, killing a lieutenant and eight men, who were doing excellent
work with tw o pom poms and four machine guns.
T ho battery o f 1 i-inch guns at tho end o f tho molo was only 300 yards
away and It kept trying to roach us. Tho shore batteries also were dili­
gent. Only a few German shells hit our hull, because it was well protected
b y tho wall o f tho m olo. but tho upper structure, m ast, stacks and ventila­
tors showed abovo the wall and wero riddled. A considerable proportion
o f our casualties wero caused b y splinters from these upper works.
M eanwhilo tho Daffodil continued to push us against tho wall as If no
battlo was on, and if sho had failed to d o this none o f tho members o f the
landing party would havo been able to return to tho ship.
T w en ty-five minutes after tho Vindictive had reached tho wall the first
block ship passed In and headed for the canal. T w o others followed in
leisurely fashion while we kept up the fight on the m ole. One o f tho block
Ships stranded outsido o f the canal, but the two others got tw o or threo
hundred yards Inside, wliero they wore successfully sunk across tho en­
trance.
Ono difficulty wo had In preparing this expedition was that we could not
havo open practico o f what wo contem plated doing, for fear tho enemy
m ight got information o f tho plan. Our preparation, therefore, was
limited to a certain amount o f Intensive training at night fighting and
bom bing, while officers wero carefully drilled in dealing with all exigencies
likely to occur. All tho men were tuned up to a high pitch, and it was with
very anxious hearts that wo waited for a suitable timo to strike, knowing
that overy day wo waited thero was a greater chanco o f our secret leaking
out.
Flftoon minutes after the Vindictive arrived alongside the m olo our
submarine exploded under tho viaduct connecting tho molo with tho main­
land. Tho Germans had sent a considerable force to this viaduct as soon as
tho submarine arrived, and tlieso men wero gathered on tho viaduct,
attacking our submersible with machine guns.
When tho explosion
occurred tho viaduct and Germans were blown up together. T ho crow
o f the submarine, consisting o f six men, escaped on board a dinghy to a
m otor launch.
Early In tho righting a German shell knocked out our howitzor, which
had been gotting In somo good shots on a big German seaplane station on
ttio molo half a mile away. This Is the largest seaplano station in Belgium
U nfortunately, our other guns could not be brought to bear effectively
upon It. Tho shell which disabled tho howitzer killed all tho members o f
tho gun crow. M any mon were also killed by a German shell which hit
tho molo closo to our ship and scattered fragments o f steel and stouo
am ong tho marinas assembling on tho deck around tho gangway.
Tho Gorman firo was very hot all tho time we lay alongside the molo
A t times tho German guns reached as high as forty shots per minute. Dur­
ing tho hottest part o f tho fighting I left m y station in tho flame house and
wont ail around the ship to see how things were going. T he spirit o f tho
men was excellent. All they asked was, “ Are we w inning?”
H alf an hour after tho block ships went in, wo received tho signal to with­
draw. T ho Vindictive’s siron was blown, and tho men returned from all
parts o f tho m olo and thronged down tho gangway. W o put o ff after hav­
ing lain alongside Just about an hour. Tho Germans mado no effort to
Interfere with our getaway other than to continuo their heavy firing.

The Berlin War Office gavo out tho following statement on
April 24, announcing that the offorts of tho British N aval
forcos had boon frustrated:
_ On Tuesday morning an enterprise o f British naval forces against our
Flandors bases, con coivcd on a large scalo and planned regardless o f sacri­
fices, was frustrated.
A fter a violont bom bardm ent b y tho enemy at sea small cruisers, escorted
b y numerous destroyers and m otor-boats, under cover o f a thick veil o f
artificial fog, pushed forward near Ostond and Zeebruggo with tho Intention
o f destroying the locks and harbor works.
A ccording to prisoners four companies o f marines were to occupy tho
m ole at Zeebruggo by a cou p do main In order to destroy all structures,
guns and war material thereon and the vessels lying in tho harbor.
Only about forty o f thorn got on tho mole. Theso fell Into our hands,
some alive and somo dead. On tho narrow high wall o f tho molo both
parties fought with tho utm ost fierceness.




1757

O f tho naval forcos which participated in the attack the small cruisers
Virginia, Enterprise and Sirius and tw o others o f similar construction whoso
names aro unknown were sunk close o ff the coast. M oreover three d e ­
stroyers and a considerable number o f torpedo boats and m otor boats were
sunk b y our artillery firo. Only a few men o f the crews could be saved
by us.
B eyond the damage caused to the m ole b y a torpedo hit our harbor works
aro quito undamaged. O f our naval forces only ono torpedo boat suffered
damage o f tho lightest character. Our casualties were small.

London dispatches of April 25 reported that Reuter’s
Amsterdam correspondent had sent the following telegram
received from Berlin regarding the Kaiser’s inspection of the
Zeebruggo damage:
T he Kaiser on Tuesday visited Zeebrugge, tho scene o f tho frustrated
English raid. H e boarded the m ole, where he convinced himself that the
damage caused b y tho blowing up o f tho railway bridge had already been
temporarily repaired and that a final bridging o f the gap could bo made In
a few days. lie also satisfied himself o f the perfectly good condition o f al!
tho structures and installations on tho outer part o f the m ole, which was
tho ob je ct o f tho attack.
Ho then proceeded to the canal lock, where tw o cement-laden cruisers
lie, and at tho scene o f the nocturnal battle obtained again an exact account
from several participant officers.
T ho Kaiser got a captured English captain o f marines, who happened to
bo brought past, to explain the battlo. T he captain adm itted that the
destruction o f the installations on the m ole and the cutting o ff o f our
U-boats from the bases at Zeebrugge and Ostend wero long-prepared enter­
prises and were to be carried out on a big scale.
A surprise attack had boon planned four times, but each time it failed
owing to the vigilance o f the German outpost boats. N o t until M on day
night did the thick mist render the raid possible, without, how ever, ob tain­
ing tho success Intended.

DEVELOPMENTS I N GERMAN DRIVE ON FRENCH
FRONT.
Tho German drive against the British forces on the western
front, begun on March 21, has since continued with greater
or less force, but with the scene of intensest conflict shifted
to Flanders. As indicating the Washington view of the
German onslaught, it was stated on April 15 that hope that
tho force of tho German offensive had largely spent itself
grew as tho British managed to hold fast under repeated
shocks. Whilo on the 16th the capture by the Germans of
tho hoights of tho Wytsehaete (Messines Ridgo) and Bailleul
was announced, Premier David Lloyd George, in expressing
in the House of Commons on April 16 confidence in the out­
come, declared that “ nothing vital” had been lost, and said:
1 he fluctuation between hope and despondency must continuo for some
time yet. Hut I am still full o f confidence.
1 ,hr " JUSt SOen a General wh° has returned from the fron t, and I must
ask the Houso to excuse m y leaving the House Immediately after the speech,
because ho has to lay quest ions bpfore me on which I have to reply to-night!
and I only detained him a few minutes to get his Impressions. He told me
ne had seen Generals who are fighting.
T hat gallant old General. General Plumer— one o f the doughtiest war­
riors this country has— is facing great odds, but he Is quite confident. W e
havo lost territory, but we have lost nothing vital. That Is the view n ot
merely o f our Generals. It is the view o f General Foch, who is equally calm
and equally confident. He was seen also this afternoon b y a distinguished
General who Is now waiting to see me. He Is absolutely confident.
T iioy aro aiming at destroying the British arm y and they feel that If they
can get this arm y out o f the way the path would be clear to victory
T h ey
havo not yot got it out o f tho way.
*
T h ey have Inflicted, I am sorry to say. heavy losses, but nothing to the
losses they sustained. T he French arm y is intact and the American arm y
Is pouring across.
There may be hope and there m ay be despondency, but if we stand to­
gether firm ly and steadfastly, not giving way to fear or panic, prepared to
give and take in all measures— if ail parties in Great Britain, yes. In Great
Britain and Ireland, stand together. Irishmen In Ireland fighting with Irish­
men who aro com ing across the Hood in millions to fight In brigades with
British troops— if we d o ail that we will win through in tho end.

In a special order of the day, Field Marshal Sir Douglas
Haig on April 12 counseled the British forces to stand firm.
“ Thero m ust,” ho said, “ be no retirement; with our backs to
tho wall and believing in the justice of our cause, each one of
us must fight to tho end.” This order, addressed to “ All
Ranks of tho British Arm y in France and Flanders,” said:
Three weeks ago to-day the enem y began his terrific attacks against us
on a fifty-m ile front. His objects are to separate us from the French, to
take tho Channel ports and to destroy the British arm y.
In spite o f throwing, already. 106 divisions into the battle and enduring
the most reckless sacrifice o f human life, he has yet made little progress
toward his goals.
W o owe this to tho determined fighting and seif-ascrifice o f our troops.
W ords fail me to express the admiration which I feel for the splendid r&I
sistanco offered b y all ranks o f our arm y under the m ost trying circum ­
stances.
M any amongst us aro now tired. T o those I would say that victory will
belong to the side which holds out the longest. T ho French array Is m oving
rapidly and in great force to our support. There Is no other course open to
us but to fight it out.
E very position must bo held to the last m an. There must be no retire­
m ent. W ith our backs to tho wall and believing In tho justice o f our cause
each ono o f us must fight to the end. The safety o f our homes and the free­
dom o f mankind depend alike upon the con du ct o f each one o f us at this
critical m om ent.

On April 14 tho cables from Paris reported an official note
as stating that “ tho British and French Governments havo
agreed to confer tho title of Commander-in-Cliief of tho A lhod Armies in France on General Foch.” W e referred in our
issuo of March 30, page 1307, to tho likelihood of Gen. Foch
boing given command of all the Allied forces in tho W est.

THE CHRONICLE

1758
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......

On the same day Premier Lloyd George had the following to
say in announcing that Gen. Foch had been charged by the
Allies to co-ordinate the action of the Allied armies on the
western front:
F or the first few days after the German A rm y had launched upon our
lines an attack unparalleled In Its concentration o f troops and guns, the
situation was extremely critical. Thanks to the Indomitable bravery o f
our troops, w ho gradually stemmed the enem y advance until reinforce­
ments could arrive and our faithful ally could enter into the battle, the situa­
tion Is now Im proved. The struggle, how ever. Is only in Its opening stages,
and no prediction o f its future coures can yet be m ade.
From tho first day the W ar Cabinet has been In constant session and In
com m unication with headquaters and with the French and American G o v ­
ernments. A number o f measures have been taken in concert betweon the
Governm ents to deal with the em ergency.
T he enem y has had the incalculable advantage o f fighting as one arm y.
T o m eet this the Allies have since the battle began taken a m ost im portant
decision. W ith tho cordial co-operation o f the British and French C om m anders-in-Chief, General F och has been charged b y the British, French
and American Governm ents to co-ordinate the action o f the Allied armies on
the western front.
In addition to tho action takon to m eet the imm ediate needs o f the m o­
m ent, it will be necessary to bring into operation certain measures which
have long been in contem plation should a situation such as tho present ariso.
It is clear that, whatever m ay happen in this battle, the country must bo
prepared for further sacrifices to insure final victory . I am certain that the
nation will shrink from no sacrifice which is required to securo this result,
and tho necessary plans are being carefully prepared b y the Governm ent,
and will be announced when Parliament m eets.

G en. Foch in welcoming the Associated Press and other
war correspondents on April 5 was credited with stating
that he hoped they would continue to work for the interests
of the common cause of the Allies as they hitherto had done;
the Associated Press dispatches referred to Gen. Foch as
pointing to a map and saying:
All is going well. L ook a t tho small advances m ade b y the B oche, to
call them b y their real nam e, during the 27th, 28th, 29th and 30th. I t is
now the 4th o f A pril, and it is clearly ovident that tho great tidal w ave o f
the German arm y has been broken on th e shore, evidently because it m et
an obstacle. N ow they are against an em bankment and com pletely
stopped.
T h e future will show the full measure o f our success. W o are going to
try to do better and to get the upper hand o f the B och e. I cannot say
What will happen, but all Is going well.
.

On April 18 the following official note was issued at Paris
reporting President W ilson’s approval of General Foch’s
appointment:
T h e Am erican m ilitary representative in the Supremo W ar Council has
officially inform ed the Governm ent that he has received the following cable­
gram , under date o f April 16:
" I n the nam e o f the R epublic o f the U nited States o f A m erica, the
President approves the nom ination o f General Foch as Com m ander-In-Chief
o f the Allied armies operating F ran ce.”

Coincident with the reports on March 29 of Gen. Foch
being given command of the Allied forces in the W est,
announcement was made (as we have previously stated)
that Gen. Pershing had placed at the disposal of Gen. Foch
the whole resources of the United States Arm y for employ­
ment on the western front.
“ L ’Information quoted Gen.
Pershing as saying:
I com o to say to you that th e American people would hold It a great
honor for our troops were th ey engaged in the present battle. I ask it
o f you , in m y nam e and in th a t o f the American people.
There is at this m om ent no other question than that o f fighting. In ­
fantry, artillery, aviation— all that w o have are yours to dispose o f as you
will
Others are com ing which are as numerous as will bo necessary. 1
have com e to say to you that the American people would b o proud to
be engaged in the greatest b attle in history.

A n official note issued at Paris on March 31, dealing with
the operation of American troops with the French and
British, said:
T h e French G overnm ent has decided to accede to the desire expressed
b y Gen. Pershing In tho name o f the United States Governm ent. Tho
American troops will fight side b y side with the British and French troops
and the Star Spangled Banner will float beside the French and English
flags in the plains o f P icardy.

U . S. Secretary of W ar Baker, who was abroad at the
time, gave out on March 30 a statement at the headquarters
of the American Arm y in France, in which he said:
I am delighted at G en. Pershing’s prom pt and effecitve action in placing
all the American troops and facilities at the disposal o f the Allies in the
present situation. It will m eet with hearty approval In the United States,
where the people desire their expeditionary forces to be o f the utm ost service
in the com m on cause.
I have visited all the American troops in France, samo o f them recently,
and had an opportunity to observo the enthusiasm with which officers
and men received the announcem ent that they would bo used In the present
conflict. One regiment to which the announcem ent was m ade spontane­
ously broke into cheers.

A t London on April 1 an official announcement was
Issued as follows with regard to the bringing of largo forces
of men in the American Arm y to the Allies and the brigading
of divisions with French and British units:
As a result o f com m unications which have passed between the Prime
M inister and President W ilson; o f deliberations betweon Secretary Baker,
who visited London a few days ago, and the Prim e M inister, M r. Balfour,
and Lord D erby , and consultations in Franco, in which General Pershing
and General Bliss participated, im portant decisions have been com e to
b y which large forces o f trained men In tho American A rm y can be brought
to the assistance o f the Allies in the present struggle.
T he Governm ent o f our great W estern A lly is not only sending largo
numbers o f American battalion ■> to Europe during the com ing critical




[Vol. 106.

-------------------------------------------------------------------------

m onths, but has agreed to such of Us regiments as cannot be used in divisions
of their oion being brigaded with French and British units so long as the ne­
cessity lasts.
B y this means troops which are not y e t sufficiently trained to fight as
divisions and arm y crops will form part o f seasoned divisions until such
tim e as they have com pleted their training and General Pershing wishes
to withdraw them in order to build up the American A rm y.
Arrangements for the transportation o f these additional forces are now
being com pleted.
T hroughout these discussions President W ilson has shown tho greatest
anxiety to do everything possible to assist the Allies and has left nothing
undone which could contribute thereto.

A message from President Wilson to tho American Ex­
peditionary Forces in France was conveyed through the
soldiers’ weekly, “ Stars and Stripes,” in its issue publishd
during the first week of April. The message said:
Please con vey to the officers and men o f our expeditionary forces m y
warm est greetings on this, the anniversary o f the entrance o f the United
States into this great war fo r liberty, and say to them that we all have not
only greatly admired and been v ery proud o f the way they have so far
accounted for themselves, but also have tho utm ost confidence that in
every sense they will prove to b o o f the finest m etal o f free m en.

Associated Press dispatches of April 4 from Paris stated
that American forces were occupying a sector on the Mouse
heights, south of Verdun. This announcement, it was
statod, was released for publication, simultaneously with a
statement that the enemy had raided one of tho American
listening posts in this sector following a heavy bombardment.
On April 10, the Associated Press, in a dispatch headed
“ W ith the British Arm y in France,” said:
T he first o f the American fighting troops havo arrived on tho British
fron t, and have been greeted with intense enthusiasm.
T he overseas pioneers were a battalion o f infantry, which came swinging
along the road into a certain sector after an all-night m arch that began on
the anniversary o f A m erica’s declaration o f war.
T ho dusty uniforms and unshaven facos o f tho Americans showod that
they had been long on tho road.

PROGRESS OF THE BATTLE I N FLANDERS AND
FRANCE.
In our issue of March 30 we gave an outlino of the progress
of tho battle on the western front from its oponing up to
March 28. On March 29 the German report stated that
since the beginning of the battle the Gorman forces had taken
70,000 prisoners and 1,100 guns. On March 30 six villages
in the Montdidier sector were reported by the British W ar
Office as having boon captured by tho Germans from tho
French troops— Ayencourt and Le Monchel, south of the
town; M esnil-St. Georges, about two miles to tho west;
Cantigny, Aubvillers and Grivosnos to tho northwest.
Germany in its bulletin of March 30 stated that between the
Somme and the Avre its forcos had driven out the English
and French troops and capturod Beaucourt and Mozioros.
On March 31 tho British W ar Office statement told of the
advance of its line immediately south of the Scarpo to the
east of Feuchy (east of Arras), and the regaining of posses­
sion of the village of Demuin; it also announced the recapture
by the Canadian cavalry and British infantry in conjunc­
tion with the French of Moreuil and the wood to tho north
of that place. It was further stated that the French had
made somo progress from the south of Montdidior to Lassigny, retaking several villages which tlioy lost tho previous
day. Near Serre, seven miles north of Albert, tho British
were said to have advanced their line, taking 230 prisoners
and 40 machine guns. The German Arm y headquarters
stated in its report of March 31 that:
On both sides o f the Luce B rook wo penetrated the forem ost British lines,
which were strengthened by French rogiraonts, and took by storm the vil­
lages o f A bercourt, Hangard and Dom uln, situated In tho valley, and, dospite a m ost violent counterattack, throw tho enem y back on M oreuil and
the w ooded heights to tho north thereof.
Between M oreuil and N oyon wo attacked a now ly brought up French
arm y corps. N orth o f M ontdidier we repulsed tho enem y over tho A vre
and took b y storm the heights situated on the western bank.

The Berlin communication on April 1 announced the cap­
ture by the German troops of the heights north of Moreuil
and the taking possession of Arrachis W ood, northwest by
west of Aubvillers. The number of prisoners brought in
since the beginning of the battle was placed on April 1 at
over 75,000. Field Marshal Haig, commander of the British
forces, on April 2 reported that in the sector between the
Avre and Luce rivers, the British had takon 50 prisoners and
13 machine guns, and in the neighborhood of Hebuternp,
north of Serre, they had captured 73 prisoners and 3 machine
guns. On April 3 Field Marshal Haig reported that the
British had taken possession of Ayette (about 8 miles south­
west of Arras), and that in tho successful operations at
Ayette 192 prisoners had boon taken, including 6 officers;
tho raiding b y Lincolnshire troops of tho enemy’s trenches
northeast of Loos, with the capture of 31 prisoners and a
machine gun, was also among tho events recorded for the
day. The taking possession of the heights southwest of

A pr . 27 1918.]

THE CHRONICLE

Moreuil was the principal announcement in the German W ar
Office bulletin of the 3d. The diminution of tho fighting
in Franco was said by tho German newspapers (according to
Amsterdam cables of the 3d) to bo due to the stormy weather.
The renewal of the German offensive in the area between the
Somme and the Avro rivers and southwest to Grivesnes was
indicated in the British roports of April 4. The statement
said that “ on the French front, immediately on our right,
tho enemy gained ground in tho anglo between the Rivers
Luce and A vro.” Tho Berlin statement announced that
“ during the continuation of our attack south of the Somme,
frosh successes have been won.” The enemy, it asserted,
had vainly endeavored four times during the early morning
and afternoon to recapture heights 'wrested from him south­
west of Moreuil; the attack, it added, broko down with
hoavy losses. Tho French W ar Office announced that tho
French retained Grivesnes, but that the Germans occupied
the villages of Morisel (across tho Avro River from Moreuil)
and Mailly-Rainoval (three miles southwest of Moreuil).
Hoavy attacks by tho Germans north and south of Dernancourt, southwest of Albert and in tho region of M oyennevillo, with tho result that they succeeded in getting a footing
at Dernancourt and southwest of Albert, were roported on
April 5 by Field Marshal Haig, who also stated that “ on tho
samo front our troops carried out a successful attack in tho
neighborhood of Ilebuterno. They took somo 200 prisoners
and a number of machine guns.” Tho Berlin account of the
5th said:
A fter a hard strugglo wo have taken, between tho Sommo and tho Luce
rivers, Hamel and also the wooded districts northeast and southeast o f
Vlllers-Bretonnoux and tho castle (town o f Castol) and M allly, on the west
bank o f tho Avro.
W o attacked yesterday south o f the Sommo and on both sides o f Moreuil
and throw tho onemy out from his strong positions. English and French
reserves advanced against our troops.
A ccording to a com pleted calculation, tho number o f prisoners brought
in by tho arm y o f General von Hutier in the period from M arch 21 to
M arch 29 amounts to 51,218 and tho captured guns to 729. W ith these
captures tho whole booty up to tho present has risen to m oro than 90,000
prisoners and moro than 1,300 guns.

Tho Berlin communication on tho 6th stated that south of
tho Oiso tho enemy’s positions near Amigny (3 H miles east
of Chauny) had been penetrated, and that railway establish­
ments near Amiens had been shelled. Tho statement of the
British W ar Office on April 7 said that by a successful minor
operation carried out by its forces south of tho Sommo it
had improved its position and captured 40 prisoners. It also
said that counter attacks carried out by tho British forces
had resulted in tho re-establishment of their former positions
in Aveluy Wood and in tho capture of over 120 prisoners and
several machine guns. Two attempts by tho enemy to
deliver attacks at Bucquoy (between Arras and Albert) were
repulsed. Tho taking of Pierromande and Folembray was
mado known in tho report of the Berlin Office on the 7th,
which also said:
The troops o f tho arm y o f General Bochin attacked yesterday m orning
enomy positions on tlio southern bank o f tho Oiso, near A m igny. W hile
some o f thorn forced a passage over tho broad and very marshy Oise sector
and took by storm the suburbs o f C hauny, other troops in an attack from
tho cast took strong onemy positions near Am igny and in the northeastern
portion o f C oucy W ood. T hey reached tho lino o f Blchancourt, Autrovillo,
and tho northern border o f Barisls.

Tho number of prisoners taken up to tho 7th on this move­
ment was reported as 1,400.
Tho German report of tho 8th said in part:
In continuation o f our attack on tho southern bank o f tho Oiso wo drove
tho enomy out o f ills strong positions on tho heights east o f C oucy-loCliateau.
On tho southern bank o f tho Oiso our successes o f Saturday forced the
enomy to evacuate parts o f his positions between Blchancourt and Barisis
on tho night o f April 0-7. Yesterday wo continued our attacks, and throw
tho enomy back to tho western bank o f tho A ilotte, after having captured
Pierromande and Folem bray.

On tho 8th tho number of captured prisoners was reported
as having increased to over 2,000.
Heavy attacks by the Germans on tho British and Por­
tuguese linos from La Bassee Canal to tho neighborhood of
Armontieros (a distance of about eleven miles) was an­
nounced in tho British statement of tho 9th. Tho enemy,
according to this statement, succeeded in forcing his way
into tho Allies’ positions in tho neighborhood of Neuvo
Chappello, Fauquissart, and Cardonnerio Farm, and also
succeeded in forcing back tho Portuguese troops in the centre
and tho British troops on tho flanks of tho lino of tho River
Lys, between Estaires and Bac St. M aur.
Richoboucq-St. Vaast (about a milo south of Neuvo
Chapelle) and Lavontio (about two miles southeast of
Nouvo Chapello) woro taken by the Germans, according to
Field-Marshal H aig’s report, which also said that tho British
had held tiioir positions about Givenchy and Fleurbaix.
The Gorman W ar Offico besides announcing that its forces




1759

had penetrated into English and Portuguese positions
north of La Bassee Canal, said that on the southern bank
of the Oise tho Germans had thrown back the enemy across
tho Oise-Aisne Canal between Coucy-le-Chateau and
Brancourt.
The forcing back of the British troops by a new German
attack north of .Armentieres to the W ytschaete, Messines
Ridge and Ploegsteert (about three miles north of Armen­
tieres) was announced in the British bulletin of April 10,
which also said:
South o f Armentieres the enemy succeeded after a prolonged strugglo
in establishing himself on the left bank o f the Lys R iver at certain points
cast o f Estaires labout seven miles southwest o f Armentieresl and in the
neighborhood o f B ac St. M aur [about four miles southwest o f Arm entieres].

Tho British announcement also said that Givenchy had
been recaptured by a successful counterattack by the British
forces, who took 750 prisoners in this area.
Tho Berlin report of the 10th said in part:
Between Armentieres and La Basse Canal, after strong preparation b y
our artillery and mine throwers, we attacked the English and Portuguese
positions. W e took the first enem y lines and captured about 6,000
prisoners and 100 guns.
On tho southern bank o f the Oise wo also throw back the enom y across
tho Oiso-Aisne Canal between Folem bray and Brancourt.

On tho 11th Field Marshall Haig announced that heavy
fighting had taken place at Estaires (seven miles southwest
of Armentieres) and between Estaires and Steenwerck (five
miles west of Armentieres. In this sector he said the enemy
succeeded in pushing back the British line to just north of
these places. It was later announced that the British troops
had been withdrawn from Armentieres, which was full of
gas. h iekl Marshall H aig’s statement of the day also said:
N orth o f Armentieres a determined atack developed this m orning against
our positions in tho neighborhood o f Ploegsteert W ood , and tbe enem y
m ado som o progress. Further north a heavy attack was launched this
m orning against our lines in tho neighborhood o f W ytschaete and H olleboko, but was com pletely repulsed b y the N inth Division with great loss
to tho enemy.

Tho British troops were on April 12, according to Field
Marshal Haig, pushed back slowly in the neighborhood
of tho Bailleul railway, in heavy engagements with the
enomy. Tho onemy was reported to have made slight
progress between the Lawe and Clarence Rivers, and M erville (eleven miles southwest of Armentieres) was reported
as captured by the Germans. The bulletin from the German
headquarters at Berlin on tho 12th stated that “ our victorious
troops aro progressing through the wide Lys plain between
Armentieres and M erville,” and added:
Armentieres has fallen. Encircled on tho north and south b y tho troops
o f General von Berhardt and General von Stetten, and thus deprived o f
its roads to retreat, tho English garrison o f fifty officers and over 3,000
men laid down its arms after a brave resistance. W ith them forty-fiv e
cannon, numerous machine guns, large quantities o f m unitions and clothes,
and other kinds o f rich b ooty fell into our hands.

Tho statement also reported the capture of M erville and
further said:
A ccording to inform ation so far received, the total b o o ty captured in
tho battle o f Armentieres amounts to 20,000 prisoners, including one
English and ono Portuguese General, and more than 200 guns.

The celebration of the Armentieres victory was announced
as follows in Amsterdam cables of April 14:
T he school children o f Berlin, according to the “ T ageblatc,” will have a
holiday to-m orrow to celebrate "th e victory o f Arm entieres.”

The German bulletin on the 13th reported the gaining of
ground “ on the battle front on tho Lys all the w ay;” it told
of successes in the direction of Wulverghem (west of Messines)
and between the railways leading from Armentieres to Bailleul
to Morville. The German forces were also reported to have
roached tho railway leading from Vailleul to Morris (four
miles southwest of Bailleul).
Obstinate fighting about Neuve Egliso by tho enemy to
regain possession of the village was announced in the British
W ar Offico bulletin of April 14. The German report of
tho 14th stated that their forces had gained ground on the
Lys battlefront; that the enemy’s position had been pen­
etrated southwest of Wulverghem and that Nieuwerkerko
(Nouvo Eglise) had been taken after a desperate struggle
with British troops, who counterattacked. The taking of
Merris and Vieux Berquin (southwest of Bailleul) was
announced by the German office.
Continued fighting in the neighborhood of Bailleul and
Wulverghon (a milo and a half northeast of Neuvo Eglise) was
roported by Field Marshal Haig on April 15; after boating
off nurnorous attacks tho British troops woro compelled on
that dato to withdraw a second tirno from tho village of
Nouvo Egliso. Tho Gorman accounts of the day’s encounter
said:
Tlicro were local engagements on tho Lys-W ulverghem battlefield, and
the enem y’s lines northeast o f W ulverghem were taken b y storm .
Southwest o f N euve Egliso, as well as between Bailleul and M erris,
English machine gun nests were cleared and their occupants m ade prisoner.

1760

THE CHRONICLE

E nem y counterattacks, launched from Bailleul and northwest o f Bothune,
broke down with heavy loss.

The capture by the Germans of Wytschaote, at the
northern ond of Messines Ridgo, and Spanbroekmolen (in
the centre of the ridge) was made known in the report of the
British W ar Office on April 16. This report likewise stated
that at Meteren the enemy also succeeded in obtaining a
footing. Advices that Bailleul had also fallen into the
enemy’s hands were contained in the British report. The
Berlin Office in its account of the day’s proceedings said:
Our attacks on the Lys battlefield m et with com plete success. T ho great
mine craters o f the W ytschaeto battle o f 1917 were taken b y a surprise
attack, and the enem y’s positions on both sides o f the village. Counter­
attacks by English com panies com pletely broke dow n.

The advices from the British W ar Office on April 17 stated
that “ intonso bombardments were opened by the enemy on
practically the whole of the Lys battlofront and, from tho
forest of Neippo to Wytschaeto, were followed by infantry
attacks. All these attacks have been repulsed and con­
siderable losses inflicted on the enemy. In counterattacks,
reported in the morning communique, our troops succeeded
in entering the villages of Meteren and Wytschaeto, but, in
the face of continued hostile attacks, were unable to main­
tain their positions there.” It was also announced that:
In consequence o f tho progress m ado b y tho enemy on tho Lys front,
our troops holding our forward positions east o f Ypres have been with­
drawn to a new lino. T he withdrawal was carried out deliberately, with­
out Interference by the enem y. Y esterday afternoon parties o f his troops
advancing over our old positions woro caught b y the fire o f our outposts
and destroyed.

The German report of the 17th announced the occupation
of Passchendeale, tho advanco of its lines noar Becelaere and
Gheluvelt and the taking of Poolcapelle and Langemarck.
The progress of the fighting in France since tho 18th
witnessed the transfer on that date of tho main attack
from tho northern to the southern part of tho Lys battlefront; from Las Bassee Canal at Givenchy to tho Lys River
east of St. Venant a bombardment was reported, followed
by strong hostile attacks, all of which were repulsed by the
British forces; 137,000 men were said to have been engaged
by the enemy in this drive. Attacks by the Germans in
this section continued, but failed of results, the British W ar
Office on April 19 saying:
( T ho fighting at G ivenchy, as on other parts o f this fron t, ended In the
com plete repulse o f the enem y, w h o, at the end o f m ost determined and
costly assaults, was only able to secure a limited footing at one or two
points In our m ore advanced defenses. T h e enem y is known to have
suffered heavy casualties from our artillery fire prior to tho opeinng o f his
attacks, and his losses In the course o f the d a y ’s fighting were equally severe

[Vol. 106

On tho other hand, from Amsterdam on April 22 the
following advices were received by the daily papers relative
to tho battle, giving an apocryphal German version of tho
affair:
A telegram to tho W o lff Bureau, tho sem i-official German news agency,
on Sunday stated that the German attack against tho American positions
on both sides o f Seicheprey, thanks to careful preparation and tho c o ­
operation o f all arm s, was a com ploto success. T h o telegram reads:
"A fte r an effective artillery preparation which caused severe enemy
losses, tho Germans stormed American positions over a front o f two and a
half kilometers (mile and a half) and penetrated to a depth o f tw o kilo­
meters (mile and a quarter).
"Seicheprey was taken by storm and was found full o f American dead.
Bitter hand-to-hand fighting ensued around dugouts, vantage points, and
cellars, whoso occupants were killed almost to tho last man.
“ Sovere hand-to-hand fighting also occurred about dugouts In Bemieres
W ood . Ilero tho American casualties were especially heavy.
“ Dense colum ns o f enemy reinforcements wore discovered north of
Beaum ont and also beyond Bernecourt, and were badly mauled by our
destructive firo. Further back, the German airmen located enemy reserves
lilling up the trenches in Jury W ood and attacked them with machine guns,
while our batteries worked fearful havoc in tho closely filled trenches.
"A fte r dark, when the enem y's defense works and dugouts had been
destroyed and blown up, we ovacuated the position, according to our plans,
and unobserved by the enem y. Our losses were slight while those o f tho
entrained Americans were m ost severe. W o captured fivo officers, one
d octor and 178 men as well as 25 machine guns.”

Field Marshal Haig on April 21 roportod the day as com­
paratively quiet, apart from artillory activity by both sides
on different sectors. There was likowise little to report on
April 22, announcements of the British W ar Office stating
in part that:
N orthwest o f Festubert, under cover o f tho bom bardm ent reported this
evening, tho enemy succeeded in capturing an advanced post, which had
already changed hands several times during tho recent fighting.
As a result o f another successful m inor operation which wo carried out
in tho R obecq sector, we advanced our lino slightly and captured 08 pris­
oners.

The Germans on April 22 reported the capture north of
Albert of 88 British, including 2 officors, and tho taking of
2 2 mine throwers and a few machine guns.
The gaining of ground in the local fighting section east of
Robecq, with tho capturo of 120 prisoners and a number of
machine guns, and the improvement of tho British position
in the neighborhood of Meteren was mado known by Fiold
Marshal Haig on the 23rd. It was also announced on
April 23 that in the region of Aveluy W ood, noar Albert, tho
British had on the 22d advancod their lino 250 yards along
a front of 1,000 yards. Tho roport from Germany’s had tho
following to say on tho 23d:
T he enem y, with strong forces, attem pted to regain ground lost at
A veluy W ood Sunday and also to capture tho railway north o f Arras
[Albert] on both sides o f the B ouzincourt-A vcluy R oad . In repeated
costly assaults ho lost a number o f prisoners.

On April 24 the capture by tho Gormans of Villors-Brotonneux, nine miles southeast of Amiens, after all-day fight­
ing, was announced in Field Marshal Haig’s roport; tho re­
gaining by tho British of a post northwest of Festubert cap­
On tho same date (the 19th) the Gorman report noted that: tured by the enemy on April 22 was also reported. Tho Paris
N orthw est o f Bethuno our infantry m ade a thrust against hostile lines W ar Office on the 24th announced that the Gormans after
north o f La Bassee Canal and captured som e guns. Near Festubert and
G ivenchy fluctuating fighting is taking p lace. W o havo taken over 1,000 a serious of furious assaults had succeeded in gaining a foot­
ing in tho wood north of Hangard. Tho regaining of Vilprisoners.
The advices of the 20th brought news of the concentration lers-Brotonneux by the British and tho taking of 600 prisoners
of 1,200 German troops against the American troops on a by Australian and English troops was announced in Fiold
mile front west of Renneres Forest, northwest of Toul, in Marshal Haig’s report of April 25; in the courso of attacks in
which the enemy succeeded in penetrating tho front line tho neighborhood of Dranoutro, Kemmol and Viorstraato,
trenches and taking tho village of Seicheprey; later in the the report statod that tho Allied troops had been compelled
day tho American troops were reported to have recaptured to withdraw. Tho Gorman roport announced on tho 25th
the village and most of the ground lost. The French W ar tho capture of Hangard. The report also said:
On tho western bank o f the A vre wo advanced our lino to tho heights
Office on April 21 announced that the French lines north of
northwest o f Castei. Throughout tho day tho enem y delivered violent
Seicheprey, where both the Fronch and American troops counter attacks with his reserves, which had boon kept in readiness on tho
had been attacked, had been completely re-established. battlefield, and which cam e hastily forward from tho rear. T hey broko
The capture of 183 Americans, including five officers, and down with sanguinary losses. Bitter engagements lasted throughout
tho night in the captured regions.
25 guns in tho encounter at Seicheprey was reported in the
Over 2,000 prisoners remained in our hands, and four cannon and numer­
official German statement contained in Associated Press ous m achino guns were also taken.
An account of tho wounded Americans at Hangard was
dispatches on April 21. On April 23 Associated Press ad­
vices from Washington had the following to say regarding contained in a Paris dispatch of April 25 as follows:
American soldiers wounded in tho great battlo which Is now boing waged
the casualties at Seicheprey:
Inform ation that tho Americans sustained m ore than 200 casualties and
the Germans suffered betweon 300 and 400 In the recent fighting at Seichep rey, northwest o f T ou l. is understood to be contained In General Pershing’s
first account o f tho battle now in the hands o f the W ar Departm ent.
It was learned last night that General Pershing’s roport had been re­
ceived, but officials declined to make it public or com m ent upon it. Secre­
tary Baker is understood to be awaiting m oro details.

A later dispatch from the same source, dated April 25,
said:
T he number o f Americans killed in the German attack o f April 20 near
Seicheprey was less than a dozen and tho number o f injured was about
twenty. These figures, m ado known to-d ay, appeared to give support to
the German claim that 183 Americans were captured, since it previously
had been adm itted that the Am erican casualties were around 200.

Under date of April 25 a dispatch from tho American
army in France said that further details received at head­
quarters of the engagement around Seicheprey showed that
tho American troops were outnumbered in some instances
eight to one.




are already arriving at the roar. American wounded and sick to tho num­
ber o f 128 havo reached Hospital 25. T hey aro from units engaged In
fighting side by side with tho Fronch and British In stemming tho German
advanco. H ospital 25 is ono o f tho now institutions established behind
the lino as It stood after the Allies stopped tho recent German drive in
P icardy. Few o f the Americans remained at tho hospital very long, being
taken further to the rear.

Last night (April 26) it was announced that tho Germans
had taken possession of Kemmol H ill.
The further shelling of Paris by long-range Gorman
guns continued to bo a fcaturo of tho German attack dur­
ing tho early part of April; after two days’ brief cessa­
tion tho shelling was resumed on April 19. On March 29
75 persons were reported to have been killed and 90
wounded, most of them womon and childron, when a
shell from a long-range gun fell on a church in the region
of Paris, while Good Friday sorvicos wore in progross;
several Now York womon wero among tho victims of the
I Good Friday bombardmont, ono of thorn M r s .E .H .L a n d o n ,

THE CHRONICLE

A pr . 27 1918.]

a niece of ex-President Levi P . M orton; both she and two
daughters were killed. On March 31 it was reportod that
the Gorman long-range'cannon had continued to bombard
the Paris district, one porson being killed and ono injured;
on April 1 tho bombardment of Paris resulted in the death
of four porsons and tho injuring of nine. Other casualties
followed from tho long-range bombardments, tho advices
on April 17’ reporting the killing on tho 16th of 9 women
and 2 men. On April 9 cables from Paris said:
French aviators havo discovered tho location o f the big gun with which
the Germans have been bom barding Paris at long range. Continual
bom bardm ent o f the spot b y French artillery and bom bing by airmen have
m ade the handling o f tho great piece d ifficult. This explains the inter­
m ittent firo o f tho long-range weapon.
T ho piece is mounted at C rcpy-en-Laonnois, near tho road from La Fere
to L aon. (Tho spot is eight miles southeast o f La Fere and abou t seventyfive miles from Paris.)

An Amsterdam dispatch of April 7 said:
P rof. Rauscnberger, an artillerist, M anager o f tho K ru p p w orks and
builder o f tho famous 42-centim eter gun, who planned tho giant long ra ■
gun. according to th e correspondent at Frankfort o f the “ N ieuwo Itotterdamsclio C ou ra n t.” T h o professor witnessed the first bom bardm ent o f
Paris with th e gun.

An earlior dispatch (March 30) from Geneva had tho
following to say regarding the gun:
L ieu t.-G en . von R ohne. a German authority on ordnanco and inspector
o f artillery, gives in a magazino o f which ho is editor additional details
In regard to tho long-distanco German guns With which Paris is being
bom barded. IIo says they are 20 metres (05H feet) long. T ho em pty
shell weighs 150 kilograms (330 pounds), and the charge weighs the samo.
T h o projectile attains a height o f 30 milometres (18.6) miles; and descends
from the sky like a m eteor on its target.
Gonerai von Rohne says it requires about tiiree minutes for tho shell to
reach Its destination. T ho greatest difficulty in tho way o f increasing
tho range was overcom e b y sending tho projectile high enough to reach the
rarlfied air.

the

k a is e r

im pr e sse d

by

the

tremendous

SLAUGHTER.
An Associated Press dispatch from Amsterdam on April
18 roported that tho Kaiser had been deeply affectod by
the appalling slaughter of Gorman troops, and quoted him
as follows:
E m perlor W illiam recently m ade a visit to tho battlefield near Queant,
west o f C am brai, a correspondent o f tho Berlin “ Lokal-Anzeiger” writes:
“ His M a jesty ’s silence was broken only o n ce,” ho says, ’ when he re­
marked to an officer who stood besido him : ‘W hat have I n ot d one to
preserve tho world from these horrors?’ ”

AIR RAIDS NOT FANCIED BY GERMANS
APPLIED TO THEMSELVES.

WHEN

On April 14 an Amsterdam dispatch said:
A Karlsruhe dispatcli to tho “ Frankfurter Zeitung” reports the passage
b y th o Cham ber o f tho Grand D uchy o f Baden o f a resolution requesting
th o Imperial Gorman Governm ent to endeavor to secure a general agree­
m ent for the cessation o f hostile air raids on places outside tho zone o f
m ilitary operations.

Tho following advices on tho subject came from London
on April 17:
A R euter’s dispatch from Amterdam says that, according to advices
from Berlin, during yesterday's sitting o f the Reichstag Herr G eek, Socialist,
suggested making an agreement with tho Allies to cease aerial attacks on
open towns outside tho war zone.
A Governm ent representative replied that no official request hitherto
had com e from tho Allies, but that should It bo received, it w ould bo
examined by the m ilitary authorities.

KAISER DECLARES THAT THOSE WISHING TO DE­
STROY PRUSSIANISM ARE DIGGING
.
THEIR OWN GRAVES. *
Tho following Associated Press dispatch was received from
Amsterdam on April 26:
"T h o peoplo who wish to destroy us are digging their own g ra v es," said
Em peror William, as quoted in an interview by Karl Rosner, which tho
D ussoldorf “ A nzcigor" publishes. Tho E m peror, who was com m enting
on tho large amount subscribed to the now war loan, said furthor:
“ Our victories in tho field and tho victories o f tho German at home
must make those over yonder realizo that wo cannot bo subdued b y arms
and econom ic isolation.”

DISPATCHING OF IT A L IA N TROOPS TO BATTLEFRONT IN FRANCE.
Announcement was made in tho Chamber of Deputies on
April 18 that Italian troops would bo dispatched to tho
battlefront in France. His declaration, which was received
with a storm of applause, said:
Italy, which follows with admiration tho heroic efforts o f tho AngloFronch troops on tho Western front, could not remain absent from tho
battlefields o f France. She wishes to bring to her allies tangiblo p roof o f
solidarity, and very soon the colors o f Italian regiments will fly over tho
fields o f Picardy besido thosd o f tho French, British, American, Belgian
and Portuguese, thus sealing the union which exists between tho Allied
peoples and Governm ents.




1761

NO AMERICAN MARINES AT VLADIVOSTOK— JAPAN
STILL HESITATES.
In a statement issued at Vologda, Ambassador Francis
took occasion to deny that the landing of Japanese and
British marines at Vladivostok was in pursuance of an inter­
national agreement, and said tho move was purely a police
measure taken by the Japanese Admiral on his own responsi­
bility for the protection of life and property. Incidentally,
M r. Francis denied tho report that American marines had
participated in the landing. The Ambassador’s statement
as made public by the State Department on April 16 read
as follows:
T h o American A m bassador, upon being asked what was the position o f
his Governm ent concerning the landing o f Japanese and British marines
a t V ladivostok, said:
“ T ho Soviet G overnm ent and the Soviet press are giving too m uch Im­
portance to the landing o f these marines, which has no political signifi­
cance, but m erely was a police precaution taken b y the Japanese Admiral
on his own responsibility for the protection o f Japanese life and property
in V ladivostok, and the Japanese Adm iral, K a to, so informed the American
A dm iral, K night, and the American C onsul,jC aldw ell, in Vladivostok.
“ M y impressiou is that the landing o f tho British marines was pursuant
to the request o f the British Consul for the protection o f the British con­
sulate and British subjects in V ladivostok, which he anticipated would
possibly be jeopardized b y the unrest that m ight result from the Japanese
landing. T he American Consul did not ask protection from the American
cruiser in tho Vladivostok harbor and consequently no American marines
were landed; this, together with the fact that tho French Consul at Vladi­
vostok made no request for protection from the British, American or
Japanese cruisers in V ladivostok harbor, unquestionably demonstrates
that the landing o f Allied troops is not a concerted action between the
A llies.”

A n Associated Press dispatcli from Washington on April 21,
in reporting that tho Bolshoviki Government had ordered
tho removal to European Russia of tho vast stores of military
matorial at Vladivostok, commented as follows:
W hile recognizing that an attem pt to execute the orders o f the Bolshevik
G overnm ent t o ship the m ilitary supplies at Vladivostok to European
Russia m ight precipitate a con flict between tho Japanese forces in that
Siberian port and the local Soviet troops, officials here to-day expressed
little-concern over this latest developm ent in the situation at Vladivostok.
T ho Siberian railroad is in very poor condition, and because o f this fact it
was believed that unskilled Russian railroad em ployees would be unable to
m ove any portion o f the vast store o f supplies over the several thousand
miles o f railroad that lie between the Pacific port and European Russia.
Officials here also were confident that any attem pt to transport this ma­
terial which involved the suspension o f normal freight and passenger
traffic over the Siberian road would fail because o f tho hostility o f the
population o f interior Siberia, which would thus bo threatened with star­
vation.
An im m ediate connection was seen b y the officials between the announce­
m ent from Harbin o f the order to m ove the war material and press dis­
patches from T ien-tsin that the Japanese and British marines at Vladi­
vostok are to be reinforced because o f increased anti-Japanese dem on­
strations.

In rogard to the proposed Japanese intervention in Siberia
tliero havo beon no further activo developments. Viscount
M otono, tho Japanese Foreign Minister, who is said to have
favored intervention, was reported on the 24th to have
resigned and been succeeded by Baron Gaton. The change,
howovor, is not expected to havo any influence on Japan’s
foreign policy. Press dispatches from Tokio dated March 28
had the following to say in regard to tho Japanese attitude
toward Siberian questions:
T hose in Japan who favor Japanese intervention in Siberia found no
encouragem ent in the words o f Viscount V m ya Uchida form er Ambassa­
dor at W ashington, w ho. on his return her from his post as Ambassador
to Russia, expressed doubt as to the wisdom o f entering Siberia at this
tim e. His conviction was that Bolshevism to-day represents the thought
o f a great m ajority o f the Russian people.
T he addresses o f County Terauchi, the Prim e M inister, and Viscount
M o to n o , tho Foreign M inister, before the D iet yesterday, are interpreted
as indicating that Japan will for the present send no arm y into Siberia.
Although nothing Jias been annuonced officially, the Impression prevails
that Japan has been influenced considerably b y the attitude o f the United
States, which was that o f doubting the practicabi.ity o f Japanese inter­
ven tion .
Viscount U chida declared the Bolshevik influence in Russia was very
extensive, and that since the Bolshevikl have made peace with Germ any
their position has grown stronger in the interior o f Russia. H e added:
“ T he crux o f tho whole problem seems to mo to lie in what Germany will
do with I’ otrograd. I f Petrograd falls into German hands, it is plain that
Russia will lose her access to the sea on the west and bo bound to find an
outlet in tho east. H ow the situation will develop in the future is. indeed,
a grave, menacing question to this cou ntry. I do not see what else wo can
d o now except to reserve the right to interfere with the developm ent o f
such a situation in case it becom es an actual p rob lem .”

VISCOUNT ISIIII, JAPAN'S AMBASSADOR TO U. S.
ON IMPOSSIBILITY OF SENDING JAPANESE
TROOPS TO FRANCE.
The impossibility of sending Japanese troops to France
(a question raised in view of the German drive on the Western
front) has on two occasions within the past week been pointed
out by Viscount Kikujiru Ishii, Japanese Ambassador to the
United States. W ith his arrival at a Pacific port on Apr. 21,
en route to Washington to assume his duties there, Viscount
Ishii was quoted as saying:
From a tactical point o f view it is impossible to send Japanese troops to
Franco. This is the view o f our m ilitary leaders. I am not a m ilitary

1762

THE CHRONICLE

export, but they have told m e this. Scientifically and tactically wo can­
n ot. It is becauso o f the difference in clim ate and food and the language.

On April 22 at San Francisco he was quoted to the following
effect:
O f course I am merely repeating what our m ilitary men have told m e.
I am not a m ilitary man m yself. B ut I am told that it is technically im ­
possible from a m ilitary standpoint to send Japaneso troops to Franco.
T he Japaneso soldier would need Japanese food , and the three weeks
required to send it would ruin our supplies. Our troops would be further
hampered by the difference in language, which w ould prevent tho fullest
co-operation with their allies.

When asked on the 22d if Japan would take militarymeasures to prevent the Bolsheviki from removing stores and
munitions from Vladivostok, the Ambassador said:
All the Allied Powers m ust take steps to prevent those supplies from
falling into the hands o f the Germans, I am not in a position to judge
whether It would be considered a menace for those supplies to bo rem oved
by tho Russians them selves. That would depend entirely on Immediate
circum stances. B ut Japan is ready to act as soon as a com m on danger
exists and as soon as there is a com m on desire on tho part o f tho Allies to
p rotect Allied Interests in Siberia. I t would only bo a m atter o f defense.

Viscount Ishii warned against attempts of enemies to
incite bad feeling between his country and the United States
On the 21st, in indicating that Japan was ready to co-operate
with the United States Viscount Ishii had the following
to say:
True friendship is only proved upon trial, and the great extent o f tho
friendship existing between the peoples o f tho United States and Japan has
n ot been known until now . Japan Is now doing its utm ost to put at the
disposal o f tho United States as much as it can o f merchant marine. T ho
people o f Japan are now ready to co-operate with tho United States in
every w ay possible. W hen I returned from m y mission to this country and
told tho people o f tho spirit o f the rocoptions given mo tho Japanese were
much m oved with admiration.
Regarding the Siberian question, this developed sinco I left ,and I can­
not say just what m oves have been m ade. Japan is not prepared to tako
any hasty step unless urgent. A s soon as it would bo deem ed necessary by
all tho Allied Powers to enter Siberia or take som e measures Japan would
not hesltato to tako necessary steps.
T he United States has supplied vast quantities o f m unitions to Russia.
Japan also has furnished great supplies. This is all now in tho docks at
V ladivostok. All tho Allies must tako steps to keep this from falling into
tho hands o f Germ any. Fortunately there has been no moans o f transport.

GUATEMALA 19771 NATION TO JOIN WAR ON
GERMANY.
Tho National Assembly of Guatemala on April 22 declarod
tho Republic of Guatemala to occupy “ tho same position
toward tho European belligerents as does the United States.”
Guatemala broke diplomatic relations with Gormany in
April 1917. Tho daily papers say that tho action now taken
is apparently intended to constitute a declaration of war
against Germany and Austria-Hungary, with which tho
United States is now at war.
Guatemala is tho nineteenth nation to declaro war on Gor­
many. It has a population of a little ovor two millions,
of whom about 0 0 % aro pure Indians. Tho military forces
are inconsiderable, but tho action taken should simplify tho
work of curbing German propaganda in that part of the world.
Tho most important crop in Guatemala is coffee, and Gor­
mans, it is said, own more than half of tho coffee plantations.

STRAINED RELATIONS BETWEEN HOLLAND A N D
GERMANY.
Relations between Holland and Germany, already strained,
have been rendered still more tonse by a renewal of Ger­
many’s demand for permission to transport sand and gravel
over Dutch canals and railroads through Holland to Bel­
gium. As these materials are presumably to bo used in
a military way— to build and strengthen concreto fortifica­
tions— Holland considers that to grant such permission
would compromise her neutrality. Germany, on tho other
hand, is understood to point to tho seizure of Dutch ship­
ping by tho Allies, and its use in tho war zono, as justifica­
tion for her own demands. The difference in principle,
of course, lies in tho fact that what Germany demands
involves the use not only of Dutch transport materials,
but of Dutch territory, as well, and renders Holland theor­
etically liable to invasion in case tho Allies should seek to
break up tho objectionable traffic. Foreign Minister
Loudon, speaking in the Dutch Parliament on Thursday,
admitted that the situation was “ most grave.” There
have been reports that Germany has delivered to Holland
something in tho nature of an ultimatum with a timo limit,
and German troops are said to bo concentrating on tho
Dutch border.
Tho attitude of Holland toward Germany’s latest de­
mands is explained, perhaps, by tho fact that last N ovem ­
ber Great Britain withdrew cablo facilities from Holland
after tho D utch had agreed to permit tho transit of sand
and gravel through Holland into occupied Belgium. For
more than four months there was an embargo on commercial




[Vol. 106

cables from Holland to overseas countries, including her
colonies, but in February cable facilities woro restored when
it appeared the sand and gravel question was about to be
settled.
Meantime, the negotiations by which tho United States
was to furnish Holland with 100,000 tons of grain, to be
sent forward in Dutch ships now on this side of tho Atlantic
on condition that an equal tonnage of vessels should simul­
taneously leave Holland for America, have not been com­
pleted. The United States has promised not to increase the
sum total of its ship seizures, but refuses to permit vessels
now in active service to go to Holland and there bo in­
terned, either by voluntary action of tho Dutch Govern­
ment or by threats of sinking on tho part of Germany.
The United States Government is sincerely desirous of re­
lieving the shortage of food in Holland, but the attitude of
tho Dutch press has been so hostile, not to say insulting,
in casting doubt on tho sincerity of our offers, and im­
pugning the good faith of President W ilson, that there has
been some talk at Washington that tho offer to expedite
shipments might be withdrawn altogether.
If Holland does not desire to tako advantage of the offer
to expedite the grain, tho original offer to furnish grain still
holds, it is said, but tho timo consumed in sending ships
from Holland to America will delay tho relief which the
United States is ready to grant.
Typical of the Dutch comment is said to bo an editorial
in the “ New Rotterdam Courant,” reported in press cables
as follows:
In tho last few days an official American com m unication has boon re­
ceived to tho effect that three vessels, ovor tw o o f which tho Am erican
Governm ent has no jurisdiction, will bo allowed ultim ately to depart for
H olland on condition o f tho departure o f vcssols o f equal tonnago from
H olland to an American p ort. This apparent friendly concession m ay
really bo a tightening o f tho nooso, if, as has been suggested, it is an attom pt
to mako Holland purchase threo cargoes o f grain with threo conveyors.
This would be a perfidious offer about which disappointm ent could not
bo too strongly expressed. W o havo not a high opinion o f American good
faith, but that official duplicity could go so far as promises m ade in black
and white b y the President o f tho Unitod Statos oponly repudiated, it is
impossible to believe. Such shamelossnoss has not been exceeded in this
war. T he American Governm ent must give an unambiguous guaranteo
that tho President's promises o f M arch 20 will bo respected.

Replying to questions from members of tho First Cham­
ber, Minister Loudon, according to dispatches from Tho
Hague on Thursday, stated that no ship would sail from
Holland before a written guaranteo had been obtained that
there would be no further seizures of vessels. Ho asserted
that ho had gathered from an interview with John W . Gar­
rett, tho American Minister, that the latter supposed that
a -written assurance had already been given. Tho Foreign
Minister continued:
T ho intention was that six ships should constantly remain in tho service,
and I have reason to assumo that tho number will bo extended and that
Germany will put no obstacles in tho w a y. I beliovo it can bo assumed
that tho Allied Governm ents will observe tholr obligations regarding the
rationing o f Holland.
T ho negotiations regarding an econom ic agreement with Germ any are
delayed by difficulties. I am unable to give inform ation at present as to
tho state o f tho negotiations, but they aro not progressing very sm oothly,
principally because Holland would bo unablo to export much m oro than at
present.

Minister Loudon said that ho had a written guaranteo
from Great Britain that ships which had left tho East In­
dies sinco March 23 or might leave in tho futuro would not
bo seized.
Dutch ship owners aro reported to havo held a meeting
at Tho Hague on Thursday to discuss tho sailing of ships
to tho United States to got grain. It is said that tho Nieuw
Amsterdam will sail in a few weeks for Now York to bring
homo tho remaining Dutch sailors now at American ports.

MOVE TO DECLARE WAR ON TURKEY A N D BULGARIA
BLOCKED BY PRESIDENT.
Resolutions introduced in tho Sonato, calling for a declara­
tion of war by tho Unitod States on Turkey and Bulgaria,
were apparently killed on tho 24th, when President Wilson
mado known his opposition to tho procedure. Considera­
tions of diplomacy and safety of Americans in Bulgaria and
Turkey, particularly tho latter, aro understood to bo influ­
encing tho President. Thoro is reason to hopo, it was said,
that both Turkey and Bulgaria may yot drop out as belliger­
ents.
The Administration was reported to havo information
that if it were possiblo Turkey, as well as Bulgaria, would
be glad to tako advantage of an opportunity to break away
from tho Central Powers. M an y Americans also remain in
tho two countries and difficulty has been oneountorod in
inducing Americans in Turkoy connected with religious
missions to leave.

Apb . 27 1918.]

THE CHRONICLE

Senator King of Utah introduced the original war resolu­
tion, which was delayed in the Foreign Relation Com­
mittee. Senator Brandegee of Connecticut on tho 23rd
introduced a resolution calling on tho Committee to take
immediate action on tho King resolution. M r. Brandegee
declared it was an “ outrage” that this country had not
declared war on thoso countries when Bulgarian troops
were fighting against American soldiers in Franco and the
Turks were slaughtering Armenians. Despite that, he
said, the Bulgarian and Turkish diplomats are allowed to
remain in Washington and to enjoy their usual diplomatic
immunities.
Interrupting, Senator Pomerene of Ohio said lie had
recently been informed by a Bulgarian missionary that
Bulgarian troops wero not in France, and that they refused
to go there to fight, in view of their friendship for the United
States.
Senator Knox of Pennsylvania offered a substitute for
the Brandegreo resolution calling upon the President,
“ if not incompatible with public interest,” to inform the
Senate if there wero any reasons against declaring war on
Bulgaria and Turkey. Senator Knox in offering his sub­
stitute resolution said the Foreign Relations Committee
had not acted because some months ago the President told
the country that there wero reasons for not declaring a
state of war. When Senator Swanson of Virginia asserted
both tho Brandegee resolution and tho Knox substitute
reflected on tho Committeo, Senator Knox said:
T his substitute Is entirely a proper one for us to press. I feel tho weight
pressing upon mo— I think every m em ber o f tho Senate feels the Weight—
that wo do not know enough about matters upon which wo are constantly
called hero to a ct. Thero Is a feeling throughout tho country that wo do
not know enough, that wo have not tho facts.

Following a conference with President Wilson on the
Brandegee resolution, Senator King announced that arrange­
ments would be made for the Foreign Relations Committee
to call on tho President.
CARRANZA'S CONGRATULATIONS TO
BELGIAN KING.
According to an Associated Press dispatch from Mexico
City on April 9 President Carranza sent tho following mes­
sage to King Albert, of Belgium, on April 8, on tho occa­
sion of tho King’s birthday:
I have tho honor to express to Y ou r M a jesty, in the name o f tho people
and Governm ent o f M ex ico, m y m ost cordial felicitations on this day upon
which the anniversary o f your birth is com m em orated, and I am pleased
to extend by best wishes for tho peace and liberty o f Belgium , for your
personal happiness, and for that o f your august fam ily.
_________________________________ V . C A R R A N Z A .

STAMP TAX UNDER WAR REVENUE ACT ON
CHECKS A N D DRAFTS.
Tho Treasury Department has mado public tho following
ruling of tho Internal Rovenuo Commissioner explaining
the workings of the stamp tax under tho War Revenue Act
on drafts and checks.
TREASURY DEPARTM ENT,
Office o f Commissioner o f Internal Rovenuo,
Washington, D . C.
To Collectors of Internal Revenue:
Tho stam p tax on drafts and checks imposed b y Schedule A o f T itle
V III o f tho A ct o f O ct. 3 1917, attaches to drafts or checks (1) at tho time
o f delivery, if (2) delivered within tho territorial Jurisdiction o f tho United
States, and (3) expressed to bo payable otherwise than at sight or on de­
m and, but not to drafts or checks not yet delivered, or delivered In a for­
eign cou ntry, or expressed to bo payable at sight or on demand.
Schedule A o f Titlo V III o f tho A ct o f O ct. 3 1917, imposes a tax on:
" 6 . Drafts or checks payablo otherwise than at sight or on dem and.”
B y Section 800 o f the A ct tho tax is payablo in respect o f such drafts and
chocks, or in respect o f tho paper upon which thoy are wirtten, b y any per­
son who makes, signs, or Issues tho samo, or for whoso uso or benefit the
sam o aro mado, signed, or issued. B y Section 802 anyono is guilty o f a
mlsdeaineanor who:
" ( a ) makes, signs, Issues, or accepts, or causes to bo m ado, signed, is­
sued, or accepted any Instrument, docum ent, or paper o f any kind or de­
scription whatsoever without tho full amount o f tax thereon being duly
p a id .”
(1) Tho goncral rule is that a taxablo draft or check becom es subject to
tho tax concurrently with its delivery. In tho case o f a draft tho rulo
means that tho tax attactics, not when it is signed b y tho drawer, or pre­
sented to tho drawee for acceptance, or accepted b y him, but when it is
delivered to tho payee, if drawn to a third person, or negotiated b y tho
drawer, if drawn to ills order, whother such delivery or negotiation takes
placo beforo or after acceptance.
I f a draft was drawn and accepted beforo tho passago o f tho A ct, but not
delivered or negotiated until afterwards, tho tax is payablo. If a draft is
prosonted to tho drawee for acceptance and discount by him , stamps must
first bo affixed by tho drawer, for the acceptance and dolivery aro sim ul­
taneous.
T ho payeo or the indorsee from tho drawer must seo to it that tho drawer,
as the person "w h o makes, signs, or issues” tho draft, pays tho tax beforo
delivery. "A c ce p t” is used in tho penal provision in Section 802 in tho
gonoral sonso or "re cciv o ,” not in the special senso peculiar to drafts. N o
drawee accepting an unstamped undelivered draft would violato tho law;
but if tho draft has already bccom o taxablo because o f a prior delivery, tho
acceptor must bo sure that stamps are affixed.




1763

(2) T ho general rulo Is that a taxable draft or chock becom es subject
to the tax if delivered within the territorial jurisdiction o f the United
States. T ho rulo means that the tax does not attach to a draft drawn
and accepted hero, but delivered abroad, whether beforo or after acceptance,
but does attach to a draft delivered here, whether before or after acceptance,
although drawn and accepted abroad. In general, a draft sent through the
mail is delivered when and where deposited in the mail addressed to the
payee or tho indorsee from the drawer.
I f a draft drawn abroad, on a foreign drawee, with a foreign payeo, passes
through a bank hero in the course o f collection, no tax is payable, unless
it should bo delivered b y an agent o f the drawer to an agent o f the payee
within tho United States. Because o f the constitutional restriction that
no tax or duty shall be laid on articles exported from any State, drafts
with bill o f lading attached covering goods in tho course o f exportation
aro not subject to tho tax.
(3) T ho general rulo is that a draft or check delivered within the United
Statos is subject to tho tax if expressed to bo payable otherwise than at
sight or on dem and.
A ccordingly, an ordinary sight draft with bill o f lading attached is not
taxable, but a draft expressed to be payable at sight “ on arrival o f ca r.’S
or containing a memorandum to hold until arrival o f car, is. A sight
draft, accom panied, by instructions outside tho instrument, as, “ D o not
present until arrival o f ca r,” or some such m emorandum , is not taxable.
A sight draft accepted and paid for the drawee b y the collecting bank,
which holds it and charges interest until the drawee takes it up, is not
taxablo.
A draft m ight bo drawn stating no tim o for paym ent, which would class
it as a sight draft, and be accepted at 90 days, which would change it«
nature. I f negotiated or delivered beforo acceptance tho holder would be
obliged to stam p it on acceptance, in default o f which both he and the
acceptor would bo liable for the statutory penalty.
For tho purposes o f the tax thero is no difference in tho treatm ent o f
ordinary bills o f exchange, trade acceptances, and bankers' acceptances}
as defined b y tho regulations o f the Federal Reserve Board.
D A N IE L C . R O P E R .
Commissioner of Internal'Revenue.
A pproved M arch 26 1918:
W . G . M cA D O O ,
Secretary of the Treasury.

COMPUTING AND ASSESSING OF T A X ON “ SHARES
OF STOCK LOANED. ”
A notice to Stock Exchanges and othors concerned has
been issued by tho Department of Internal Revenue, through
Francis M . Riley, Special Agent of the Department at the
Custom House in New York, relative to the tax form to be
used in computing and assessing the tax “ on shares of stock
loanod” and “ borrowed shares returned.” We give the
notice (issued April 22) herewith:
To the Members of the Various Stock Exchanges and Others ConcernedA form is hereto attached adapted for the uso o f com puting and assessing
tho tax on “ shares o f stock loaned,” and “ borrowed shares returned,” aa
well as for reporting “ borrowed shares” and “ loaned shares returned” for
the consolidated period from D ec. 1 1917 to M arch 31 1918, under the
W ar Revenue A ct o f O ct. 3 1917.
In com puting this tax on "shares loaned” and “ borrowed shares re­
turned,” the entries in the record prescribed in A rticle 8. Regulations 40,
must bo m ado. designating “ shares loaned,” and “ borrowed shares re­
turn ed,” and tho tax upon the same
Ascertain the total amount o f
taxes payablo upon such transactions from D ec. 1 to D ec. 31 1917. inclu­
sive, making proper entry o f said total upon tho final page o f the record
fqr tho month o f December 1917, and affix to said page o f the record and
cancel tho requisite number o f stamps in lieu o f making out the delivery
tickets for each Individual transaction and affixing the stamps to the same.
T ho “ shares borrow ed” and “ loaned shares returned" shall be handled
on tho “ receive" side o f the record in the same manner, only there is, o f
courso no tax on such transactions. T ho months o f January, February
and M arch 1918, are to be handled in similar manner. T he return o f these
taxes on “ loaned shares” and “ borrowed shares returned" for this consoli­
dated period from D ec. 1 1917 to M arch 31 1918, shall include only the
totals for the months entered according as the shares are o f a par value
or without par value, and “ ear-marked” in red ink "shares loaned” or
"borrow ed shares returned,” & c., as the case m ay be.
Under tho decision o f the Attorney-General, dated M arch 23 1918, it
lias been ruled that “ shares loaned" and "borrow ed shares returned" are
taxablo; therefore, in making out the return for the m onth o f April and re­
turns for tho future m onths, these taxable transactions must be handled
in tho samo manner as any other taxable transactions, only enter In red
ink in tho “ car-m arked” columns the number o f “ shares loaned” and the
number o f tho “ borrowed shares returned,” & c. In balancing the return,
note that tho sum o f the “ number o f shares sold o f a par value” and the
"num ber o f shares sold o f no par value” and tho "transfer o f custom er's
accou n t" Is equal to the sum o f tho colum ns under the heading “ settle­
ments or adjustm ents.” This applies both to "d eliv er” as well as to “ re­
ceive” side o f this return.
All persons trading upon exchanges are required b y law to make the
Returns and keep tho R ecord prescribed in Regulations N o . 40, Articles
8 and 9.
Persons “ clearing” transactions done upon the Curb Exchange whether
members o f the Curb or non-mem bers, will render a separate return o f
said Curb transactions.
Y our imm ediate attention to this m ost important m atter is requested.
All persons who have not filed their returns as required by law are hereby
notified o f their delinquency, which subjects all such persons to severe
penalties.
For further inform ation concerning this m atter please a pply to the un­
dersigned. R espectfully,
F R A N C IS M . R IL E Y ,
Special Agent of Internal Revenue.

HEAD OF FAM ILY UNDER INCOME T AX L A W EXEMPTION IN CASE OF MARRIED M A N . ,
Tho following ruling in which it is held that the income
tax exemption applicable to a married person is allowable
only whoro tho wife or husband actually resides with his or
hor partner and also defining the expression “ head of fam­
ily” was issued early this month by tho Commissioner of
Internal Revenue:

1764

THE CHRONICLE

[VoL. 106

TREASURY DEPARTM EN T,
O ffice o f Comm issioner o f Internal Revenue,
Washington. D . C.
To Collectors of Internal Revenue and Others Concerned:
Section 7 o f the incom e tax A ct o f Sept. 8 1916, as amended b y the A ct o f
O ct. 3 1917, provides that for the purpose o f the normal tax only there
shall be allowed as an exem ption in the naturo o f a deduction from tho
am ount o f tho net incom e o f each citizen or resident o f the United States
the sum o f $3,000, plus $1,000 additional, if the person making the return
be a head o f a fam ily or a married man or wom an with a wife or husband
living with him or her, except that only one deduction o f $4,000 shall be
m ade from tho aggregate incom e o f both husband and wife when living to­
gether, and plus $200 additional, if the person making tho return bo the
head o f a fam ily, for each child dependent upon such person if under 18
years o f age or if incapable o f self-support because mentally or physically
d efective.
•
Section 3 o f tho war incom e tax A ct o f O ct. 3 1917, provides that in the
case o f tho tax imposed by the later A ct the exemptions o f $3,000 and $4,000
provided in Section 7 o f tho form er A ct shall be respectively $1,000 and
$ 2 , 000 .
Paragraph 153 o f the incom e tax regulations provides:
“ A head o f a fam ily is a person who actually supports and maintains ono
or m ore individuals who aro closely connected with him b y blood relation­
ship, relationship by marriage, or b y adoption, and whose right to exercise
fam ily control and provide for these dependent individuals is based upon
som e moral or legal obliga tion .”

W o expect on April 6th to begin a campaign for tho sale o f a largo amount
o f Liberty B onds, and it is desirable, therefore, for our people to look
forward to the financial future o f this country with courage and confidence,
which is fully justified by the wealth o f this country and which has been
placed at approxim ately $300,000,000,000. M a n y who desire to evidence
their patriotism by subscribing for Liberty Bonds m ay find It somewhat
difficult to do so unless some provision is made for the paym ent o f tho
incom e and oxcess profit tax on tho installment plan.
Unless, therefore, It is inimicablo to tho best interosts o f the G overn­
m ent, I believe that tho Pomerene Bill or a m odification thereof should be
enacted into law. Possibly tho first paym ent o f l-6th should bo made on
M a y 15th; equal m onthly paym ents thereafter: deferred paym ents to carry
4 % interest.
This measure was presented b y referendum to tho Federal Legislative
Council o f the American Bankers’ Association and received an almost
unanimous endorsement.
I would suggest, if you approvo o f the Pom erene Bill or a m odification
thereof, that your Association adopt resolutions in harmony therewith
and that copies bo sent to Senator Pomerene, Secretary M cA d o o , the Sena­
tors from your State and the Congressmen from your District.
I will appreciate your advising me, care o f tho American Bamkers’
Association, N ow York C ity , o f the action, if any, taken by your Associa­
tion .
Very sincorery yours,
O . A . n T N S C n , President.

A pplying only to citizens and residents o f the United States there is,
accordingly, an Individual exem ption o f $3,000. except that if husband and
■wife live together a joint exemption o f $4,000 under the earlier A ct and
$2,000 under the later A ct is substituted for the several exemptions o f
$3,000 each under tho earlier A ct and $1,000 each under tho later A ct,
and that if the taxpayer bo a head o f a fam ily consisting o f a person or per­
sons other than a wife or husband alone his exem ption is $4,000 under tho
earlier A ct and $2,000 under the later A ct, plus $200 for each dependent
child.
In tho case o f a married man or married wom an the joint exem ption re­
places the individual exemptions only if his wife lives with him or her
husband lives with her. In the absence o f continuous actual residence
together whether or not a man or woman has a wife or husband living with
him or her within the meaning o f tho statute must depend on tho character
o f the separation. I f merely occasionally and temporarily a wife is away
on a visit or a husband is way on business, the joint home being main­
tained. the additional exem ption applies. T ho unavoidable absenco o f a
wife or husnand at a sanatorium or asylum on account o f illness does not
preclude claiming the exem ption. If, how ever, the husband voluntarily
and continuously makes his home at one place and the wife hers at another
they are not living together for the purpose o f the statute, irrespective o f
their personal relations.
A head o f a fam ily is a person who actually supports and maintains ono
or m ore o f the individuals described in Paragraph 153 o f tho regulations
in one household. In ttie absence o f continuous actual residence together
whether or not a person with dependents is a head o f a fam ily within tho
meaning o f the statute must depend on the character o f the separation.
I f a child or other dependent Is away only temporarily at school or on a
visit, the com m on home being still maintained, tho additional exemption
applies. If, however, the dependent continuously makes his home else­
where his benefactor is not the head o f a fam ily, irrespective o f the question
o f support.
Resident aliens claiming exem ption because o f families or wives residing
abroad aro not heads o f families or married men or women with wives or
husbands living with them within tho meaning o f the statute, and they are
In no case entitled to more than their individual exemptions o f $3,000
under the earlier A ct and $1,000 under the later A ct.
D A N IE L C . R O P E R ,
A pproved April 8 1918.
Commissioner of Internal Revenue.
L . S. R O W E ,
Acting Secretary of the Treasury.

The attached copy of expressions from tho Clearing House
Associations of Atlanta, Ga., and Cedar Rapids, Iowa, aro
given as representative of tho responses received:
From the Cedar Rapids Cloaring House Association:

REPLIES TO A. B. A. FROM CLEARING HOUSES CON­
CERNING DEFERRED PAYM ENT OF
INCOME TAXES.
In response to a letter dated March 30th 1918, sent out
by the American Bankers’ Association over tho signature
of President Charles A. Hinsch, somo thirty clearing house
associations have responded thus far, indicating that thoy
aro heartily in favor of the Pomerene Bill— Senate 3963—
or a modification thereof which will provide for deferred
or partial payments of income and excess profit taxes. The
following is the letter in which President Hinsch requested
that if tho bill were approved that the clearing houses convoy
to their representatives in Congress thoir views:
THE

A M E R IC A N B A N K E R S ' A S S O C IA T IO N ,
Five Nassau Street,
New York, March 30th 1918
Dear Sir.— Y ou are doubtless familiar with the provisions o f tho Pom oreno Bill— Senate 3963— providing for the paym ent o f the incom e and
excess profit tax on the installment plan, as follows:
l-6 th on July 15th,
l-6 th each m onth thereafter,
Deferred paym ents carrying interest at 3 % .
T he Governm ent estimated this tax would produce about $2,800,000,000.
It is now believed that the tax will produce in excess o f $5,000,000,000.
I f this"-vast am ount is made duo and payable on any single date, it Is liable
to bring about a contraction in credit that is neither necessary or desirable.
A great m any concerns have invested a largo percentage o f their profits
o f last year in brick, m ortar and m achinery, to increase the production o f
the things needed b y the Governm ent in the prosecution o f the war, and
they are now confronted with the necessity o f paying a large percentage
o f these profits In cash to the Governm ent on June 15th. A t tho same
tim e they find it necessary to carry abnorm ally large stocks o f merchandise,
whicfi at the prices that now obtain, absorb a largo proportion o f their
working capital.
A great m any concerns have already exhausted their bank lines and It is
therefore believed that it would bo wise if this tax could bo paid out o f
current profits, which would bo possible under the installment plan. I
realize that the Governm ent needs tho m oney and must have it. Short­
tim e treasury certificates, how ever, could be sold to mature in harmony
with the several installments provided b y the Pomerene Bill.
•




Paym ent o f incom e tax and oxcess profit tax in ono paym ent liable to
bring about an unnecessary and undesirable contraction o f credit, and will
work a hardship on both corporations and individuals. W o urge passage
o f bill perm itting paym ent o f such taxes in Installments.

From tho Atlanta Clearing House Association:
Whereas, It is generally believed that tho incom e and oxcess profits tax
will produce far more revenue than had been anticipated, and that in
order to provide funds to pay this entire amount upon the date originally
fixed by law a very considerable amount o f m oney would have to be with­
drawn from regular trade purposes;
N ow , Therefore, Be It
R esolved, That this Association does not desiro in any w ay to urgo tho
passage o f any measure that would hinder or delay tho Governm ent in the
prosecution o f tho present war to a speedy and successful term ination: but,
if entirely consistent, bo It
Resolved, T hat the Atlanta Clearing House Association request its
Senators and Representatives to support and urge the passage o f tho
Pomerene Bill— Senate 3963: and bo It further
Resolved. That a cop y o f these resolutions be sent to the n o n . W M . G .
M cA d o o , Senator Pomerene, and our Senators and Representatives.

TREASURY DEPARTMENT'S OPPOSITION TO
DEFERRED INCOME TAX PAYMENTS.
The proposal to make income tax payments in deferred
installments is disapproved by tho Treasury Department,
which, through Secretary M cAdoo, issuod a statement on
April 24 expressing the hopo that tho agitation would cease
and that everyone would co-operate in paying tho taxos
within the time called for. Previously, on April 23, the
Treasury Department made the following announcement:
Thero is no provision o f law under which this department m ay defer,
beyond Juno 15 1918, tho paym ent o f incom e and oxcess profits taxos,
and tho financial requirements o f tho G overnm ent aro such as to mako it
unwise for this department to recommend to Congress at this time tho
enactment o f legislation that will authorize tho department to defer such
paym ents beyond June 15.

Tho statement authorized by Secretary M cAdoo on April
24 said:
T he agitation In favor o f legislation to authorize tho paym ent o f lncomo
and excess profits taxes in deferred installments is doing much harm.
T he W ar Revenue A ct which became a law O ct. 3 1917 authorized pay­
ment o f these taxes to bo made in Installments In advance and authorized
tho Secretary o f the Treasury to issuo Treasury Certificates o f Indebted­
ness acceptable in paym ent o f these taxes.
T he Treasury Department adjusted its plans to this law. Taxpayers
havo to a very large extent done likewise.
Treasury certificates o f indebtedness to tho amount o f nearly $2,000,000,­
000, maturing in June, havo been issued and sold, at least three-fourths o f
which have, it is believed, been purchased by taxpayers and banks in prepa­
ration for these tax paym ents.
T ho minimum amount o f tho T hird Liberty Loan and tho datos for pay­
ment o f the installments upon bond subscriptions wero fixed by tho Treasury
Departm ent with careful regard to tho requirements o f the law for the pay­
ment o f tho Income and excess profits taxos In Juno or soonor. Sovonty-flve
per cent o f tho required installment payments on subscriptions was de­
ferred until July 18 and Aug. 15 after tho tax paym ent.
T he receipts from the Liberty Loan in M a y, after allowing for a liberal
am ount on account o f optional paym ent in full, are not likely to bo more
than is sufficient to meet tho oxcess o f current disbursements over rocolpts
for that m onth together with tho $1,000,000,000 o f Treasury certificates
o f indebtedness which mature In M a y.
Judging from the returns filed to date, tho am ount o f tho incom e and
excess profits taxes payablo In June will not exceed tho am ount o f the G o v­
ernment's current deficiency for tho m onth plus the $2,000,000,000
Treasury certificates then maturing.
T o permit the deferred paym ent o f the Income and excess profits taxes
would necessitate the issuo in June o f Treasury certificates to a prohibited
am ount, and the Treasury Departm ent cannot, therefore, recomm end to
Congress the amendment to tho existing law which requires the prom pt
paym ent o f these taxes in June.
T h e Treasury cannot finance tho requirements o f tho war if only T reas­
ury obligations are to havo definite maturities. T he Juno tax payments
can be m ade, I am certain, without embarrassment or serious inconvenience
to taxpayers, and that thoy should bo paid prom ptly when duo Is o f tho
utm ost importance to tho cou ntry. W e should make up our minds to
pay these taxes when duo and get tho business bohind us. T o defer them
until the fall, when another Liberty Loan will havo to bo issued, will add
now com plications to tho situation.

THE CHRONICLE

A pr. 27 1918.]

I earnestly hope, t h e r e fo r e , that further a g it a t io n m ay ceaso an d that
evoryone will co-operate In tho patriotic determination to d o his duty in
the paym ent o f taxes at the tlrno that duty ought to be perform ed.

Representative Kitchin, Chairman of tho House Ways
and Means Committee, also voiced his opposition to the
proposal on April 24. M r. Kitchin statod that to postpone
collection of taxes past Juno would mako it necessary for
the Government to issue more bonds to moot tho certificates
falling due then. Referring to reports that some busi­
ness concerns with Government contracts would be
seriously hampered financially by being compelled to pay
big taxes in June, he said:
I f a business concern has a Governm ent contract and is really perform ing

a service that is useful to the conduct o f tho war, and if such concern cannot
get relief through its bank, I think in such a case tho W ar Finance C orpora­
tion , when organized, will consider an application from the concern and
give rellof if found necossary.

B

A

N

K

I N

G

A

N

D

F

I N

A

N

C

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L

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W

1765

tions acceptable to Bernard P. Bogy, Charles W . Yates
and William A. Kissam, the three principal creditors of the
firm who were appointed a committee on reorganization
shortly after the firm’s suspension.
Forrest H. Parker, a retired banker and former President
of the New York Produce Exchange, died at his home in
this city, on April 24. M r. Parker, who was 81 years of
age, was a native of Boston. From 1880 to 1882 he was
President of the Produce Exchange and laid the corner­
stone of the present building. In 1883 he founded the New
York Produce Exchange Bank and was its President from
the timo of its formation until he retired in 1915.
The Public Bank of this city opened on Saturday last,
April 20, a new branch in the Bronx, at 3817 Third Avenue,
near Claremont Parkway.

S .

No sales of bank or trust company stocks were made at
the Stock Exchange or at auction this week.
Tho suspension from tho Stock Exchange for a period of
one year of Harold S. Frankenheimer, at Miller & Co.,
120 Broadway, and F. L. Seligsborg, at Sichel & Frank, 10
Wall Street, was announced from tho rostrum of tho Ex­
change on April 25. M r. Frankenheimer has been a member
of tho Exchange since Jan. 12 1911, M r. Seligsborg since
Oct. 7 1897. The two members were suspended under the
resolution which stipulates that “ the giving up by a member
of tho Exchange or firm represented thereon of a name other
than his or their clearing firm on any transactions in stocks
for his own or their own account is an act detrimental to
the interest or welfare of tho Exchange.” The suspended
members, it is said, wore charged with having failed to enter
their own names in certain purchases.
Tho Irving National Bank of this City makes the following
announcement under date of April 25 with reference to the
arrangements it has mado for cashing tho checks of the
American Expeditionary Forces in any town in France.
This bank has just entered into a close reciprocal agreement
with Messrs. Cox & Co. (France), Ltd., Bankers, Paris,
whereby each institution will act as tho principal represen­
tative and correspondent of tho other in its respective coun­
try.
As a result of this now arrangement members of the
American Expeditionary Forces will be provided with
facilities for cashing their personal checks in any town in
France. Messrs. Cox & Co. (Franco), Ltd., are tho official
army bankers for the British Government and. thoroughly
acquainted with the requirements of men on active military
duty. They have an experienced organization and a net­
work of facilities throughout France, including sevoral in
tho war zone.
Tho plan as a whole affords both institutions unusual
opportunities for obtaining first hand information on FrancoAmerican trado conditions and is similar to one recently
effected between tho London Provincial and South Western
Bank, Ltd., London and the Irving National Bank. It is
tho outgrowth of a policy on tho part of tho Irving National
Bank to provide improved American banking facilities in
world commercial centres utilizing established organizations
of leading foreign banks whoso numerous branches keep
them in closo touch and familiar with local conditions. It is
adopted from methods found by European bankers to bo tho
most effective means of co-ordinating trado relations botween
different countries and its bearing upon tho development
of American world trade after the war should bo most
important.

William H. Gregory, connected with the firm of Kountze
Brothers, has been elected a director of the Atlantic National
Bank of this city, and Victor Lersner has been appointed
a member of the executive committee of the bank.
Henry F. Whitney was appointed Assistant Trust Officer
of the Empire Trust Company of this city at a meeting of
the executive committee on April 17.
James E. Miller, Vice-President of the Columbia Trust
C o., this city, was killed in aeroplane action while fighting
over the German lines in France. M r. Miller was a Captain
in tho Aviation Corps. He was thirty-five years of age,
a graduate of Yale in 1904 and a well-known football player.
M r. Miller started his banking career as a clerk with the
uptown office of the old Knickerbocker Trust Co. and
later became Asst. Secretary and afterwards was elected a
Vice-President of the Columbia Trust Go., when the merger
of the Knickerbocker and Columbia was put through.
Three booklets of timely interest have just been added to
the list of publications prepared by the Guaranty Trust Co.
of this city for generaly distribution as a part of its service
to customers and others. “ Laying the Rails for Future
Business” gives in full an address delivered by Vice-President
Francis H. Sisson at the annual meeting of the Chamber of
Commerce of the United States, at Chicago on the 11th
inst. There is also a synopsis of the law under which the
railroads of the country are now being controlled by the
Federal Government. “ Combination in Export Trade
under the Webb Law” gives the text of the measure recently
signed by the President in anticipation of the extension o f
America’s foreign trade. The booklet gives an analysis o f
the law, and points out the variety and character of arrange­
ments permissible to exporters under its provisions. “ War
Loans of tho United States, and The Third Liberty Loan”
contains a history of the war financing of this country, set­
ting forth the comparative financial standing of the United
States in various crises, and the methods by which funds
were raised. Particular emphasis is laid upon the import­
ance of the present loan to the country’s war program.
William Morris Imbrio & Co., 61 Broadway, state that
Danvin R . James, Jr., President of tho American Chicle
Co., is acting Chairman of the Executive Committee of the
National Thrift Bond Corporation during the absence in
Europe of Henry Bruore.

The directors of the Union Trust Co. of Albany, N. Y .,
on April 19 appointed Leo K . Fox Assistant Treasurer and
Charles M . McGarvey Assistant Secretary. M r. Fox has
been in the service of the company for many years. M r.
Tho Stock Exchange firm of Kerr & Co., which suspended McGarvey was connected with the Merchants’ National
January 9, resumed business at its offices at 71 Broadway Bank of Albany before that institution was merged with
and at the Hotel Endicott, 81st Street and Columbus the National Commercial Bank. He will have charge of
Avenue, on April 17. Tho Governors of tho Exchange the trust business of the institution. The directors also
reinstated Louis S. Kerr to membership on April 4. On appointed Henry P. Murray, Auditor, in recognition of
March 21 an ordor was granted by Judgo Mayor permitting his long and faithful services.
tho receiver for tho firm to sell tho stocks and bonds on hand
At a meeting of the directors of tho High Street Bank, of
oxcopt those claimed by customers under tho supervision
of tho committee of creditors. Under the plan of reorganiza­ Providence, R. I., on April 15, Arthur L. Peck was elected
tion assented to by practically all of tho creditors whose a director to fill the vacancy caused by tho resignation of
claims aggregated $680,000, an intial payment of 40% of Arthur E. Austin.
thoir claims was provided for, which may bo drawn out any
Montgomery Rollins, retired banker and financ al writer,
timo after tho reorganization plan became operative.
Tho
plan also calls for a sum of not less than $175,000 to bo died at his home in Boston on April 18. M r. Rollins, who
furnished to Korr & Co. as now capital on torms and condi­ was 51 years of age, was born in Concord, N . H ., and began




1766

THE CHRONICLE

his business caroor in the banking house of E. H. Rollins &
C o., of that city. In 1889 he became a member of the
Boston firm of E. H. Rollins & Sons, with which ho was
identified until 1898 when he organized tho firm of M ont­
gomery Rollins & Co. Four years later he retired from
business and devoted his time to tho writing of financial
treatises.' Ho was tho author of “ Money and Investments,”
“ Municipal and Corporation Bonds,” “ Stocks and Their
Market Places” and “ Law Regulating the Investment of
Bank Funds.” M r. Rollins was a member of tho Now Hamp­
shire State Committee of the Liberty Loan Campaign and
Chairman of the Commission caring for the war dependents
of tho State.
A new banking institution, the Winthrop Trust Co., of
Winthrop (P. O. Boston), Mass., was recently granted a
charter by the State Board of Bank Incorporation. The
company will have a capital and surplus of 8125,000. The
institution is expected to open for business in about three
months.
The Comptroller of tho Currency has issued a "charter
for the State National Bank of Lynn, Mass., capital $200,­
000. Tho application was referred to in our issue of Feb. 23.
The Northern Central Trust Co. of Philadelphia (recently
organized, and mention of which was made in our issue of
Feb. 2) opened its doors for business on April 15 at Broad
Street and Erie Avenue. The building occupied by tho now
bank has been romodeled to suit its needs. Tho capital of
the Northern Central is $200,000. Walter Gabell is Presi­
dent; Charles H. Bridenbaugh, Vice-President, and D . C.
Donat, Secretary and Treasurer.
At the special meeting of the stockholders of the North
Philadelphia Trust Co. of Philadelphia, held on April 10
(referred to in our issue of Feb. 23), the proposal to increase
the capital of the company from $150,000 to $250,000 and
the surplus from $250,000 to $450,000 was ratified. Tho now
stock, amounting to 2,000 shares, is to be offered to stock­
holders of record Feb. 7 last at $150 a share; the present
par value of tho stock is $50 a sharo. One-third of the
proceeds of tho now stock is to be applied to capital and
two-thirds to surplus. Tho North Philadelphia Trust Co.
was founded in 1903 and now has deposits of nearly $3,500,­

000.

[Vol. 106.

Charleston institution which is expected to open for business
about Juno 10. Tho now bank, which will do a day-andnight business, has been organized with a capital of $25,000
and a surplus of $6,250 in shares of $100 each. The selling
price of the stock was $125. S. A. Lewis will be President,
and Samuel E. Bowen and E. T. England, Vice-Presidents.
The directors of the Gorman Bank of Whooling, W . Va.,
on April 11 unanimously decidod to change tho name of the
institution to tho Wheeling Bank & Trust Co. Tho present
capital of tho German Bank is $80,000, with surplus and
profits of $628,009. Tho stockholders aro to meet on M ay 3
to act on the quostion of changing tho namo, and other
matters incident thereto.
Tho question of changing tho namo of the Title Guarantee
& Deposit Co. of Charleston, S. C., to Tho Liberty Bank is
to be decided at a meeting of tho stockholders on M ay 8.
Tho Titlo Guarantee & Deposit Co. has a capital of $50,000
and surplus of $8,000. Tho officers of the company aro:
T . S. Wilbur, President; W . C. Wilbur, Vice-President, and
R . B. Gilchrist, Cashior.
The Citizons Bank & Trust Co., of Now Orleans, the oldest
institution of its kind in the South, mado public announce­
ment on April 7 of its admission to membership in tho Federal
Reserve system. Tho Citizens Bank & Trust Co. was
foundod in 1833 and has since played a proininotit part in
the financial affairs of Louisiana. It has a capital of $400,­
000 and surplus of $100,000, undivided profits of $129,096,
resources aggrogating $6,361,689, and doposits of $5,479,893.
A final payment of 1% will be mado on M ay 15 to the
depositors of tho defunct California Safo Doposit & Trust
Co. of San Francisco which closed its doors on Oct. 31 1907.
Tho depositors (from 12,000 to 13,000 in number) will then
have received 14 1-3% of their deposits. Tho trust creditors
of the insolvent company (numbering about 600) are to
receive a further dividend of from $35,000 to $40,000,
which, when paid, will bring tho total amount returned
to them up to 54 1-3% of their holdings of stock. E. De Los
Magee, the Receiver of tho defunct company, in his report
preparatory to the winding up of its affairs, says:
O f tho S9,250,000 total indebtedness less than $2,000,000 will bo realized
from tho bank's assots and paid back. M oro would havo boon realized
had it been posslblo for tho receiver to havo acted without the advlco and
check o f the depositors, who wero mislod b y schemes to reorganize tho
bank. Had it been posslblo for him to havo sold 40,000 shares o f Western
Pacific Railroad stock when $30 a sharo was offered, much m oro m oney
would have been realized. Later 27,000 o f these shares sold for $900.
Inability to sell the lumber com pany, tho glass fa ctory, coal mining prop­
erty, power com pany, a brick com pany and pottery com pany stock soon
after tho bank’s failure caused a heavy loss as tho properties either d epre­
ciated rapidly in valuo or closed dow n ontirely and wont into bankruptcy.

J. C. McKinnoy, President of the Titusville Trust Co.,
of Titusville, Pa. (tho opening of which was mentioned in
these columns on April 6), announced at a recent directors’
meeting his intontion personally to provido tho necessary
funds for tho construction and equipment of tho company’s
new building now in courso of construction, tho building
The Union Savings Bank of Redlands, Cal., organized in
when completed to be conveyed to tho company froo of any
1904,
has decided to doublo its capital, raising it from
encumbrance, for the bonofit of tho stockholders without
cost to them. In setting out tho reason prompting his act, $50,000 to $100,000. Tho bank has deposits of $962,346.
Mr. McKinney stated that tho Titusville Trust Co., being
THE ENGLISH GOLD AND SILVER MARKETS.
the culmination of a long-chorishod idoa, ho was desirous of
expressing in a substantial manner his just prido in tho insti­
We reprint tho following from tho weekly circular of
tution and his faith in its future. Tho directors voiced their Samuel Montagu & Co. of London, writton under date of
appreciation of his action in a resolution (appropriately Mar. 28 1918:
GOLD.
recording M r.|M cKinnoy’s gonorosity ."j

---- ----- 1

________________

A t a recent meeting of tlie^directors'’ of the^ Park Bank
of Baltimore, John M . Bellamy was elected a director to
fill a vacancy. Mr. Bellamy is Manager of tho General
Chemical Co. and Treasurer of tho Maryland Chemical
Co., also Vice-President of the Rotary Club and is iden­
tified with several important business enterprises of this
city. M r. Bellamy is considered an excellent addition to
tho board of directors.
Gus Reismeyer has been elected President of the Interna­
tional Bank of St. Louis to succeed George A. Meyer, who
resigned to become Chairman of the Board, a new office
created by tho members of the board. M r. Reismeyer,
who is a son-in-law of M r. Meyer and only 34 years of age,
was formerly a director of the Franklin Bank of St. Louis.
The International Bank has a capital of $500,000 and surplus
and profits oL$545,449.
The Secretary of State of>Wost Virginia recently granted
a charter" to the Merchants & Mechanics Bank, .a new




T ho Bank o f England gold reserve against its noto issuo shows a very
slight decrease o f £18,080, as com pared with last week's return. General
Allenby has issued a proclam ation prohibiting tho im port o f gold Into
E gypt oxcopt under liconso.
S IL V E R .
As wo anticipated in our last letter, tho tondency o f tho market has been
very firm , although a slight setback took place after 46d. (the highest
price sinco O ct. 30 last) had been reached on tho 23d Inst. Tho Shanghai
oxchango has not shown equal firmness, tho m ovem ents o f tho prico o f
silver seeming to havo lost to som o oxtont their direct Influence upon It.
Tho Indian currency roturns given below show a further reduction in
tho holding o f silver. T ho holding o f 1,075 lacs is lower than any recorded
since Feb. 19 1906, when It consisted o f 1,060 lacs. A tem porary lessen­
ing o f the holding, how ever, is far less material now that steps aro being
taken to releaso a portion o f tho extrem oly largo stock o f silver hold in the
United States against curroncy. I f tho proposed step is carried ou t, the
equivalent o f about 155,000,000 ounces o f fine sliver (200,000,000 U . S. A .)
will bo at onco available for such purposes .as tho United States o f America
m ay decido. Inasmuch as tho United States o f America has urgent need
o f credits in India for tho purchase o f Indian products, and It has been d e ­
cided to fix tho cost o f supplying rupees In India at 3 4 yi cents per rupee,
there is but littlo doubt that silver will bo supplied b y the United State*}
for Indian colnago as required in ordor to render this arrangement easily
operative.
(In Lacs of Rupees.)
Mar. 7. Mar. 15. Mar. 22.
10,259
10,073
Notes in circulation___________________________ 10,304
Reserve in silver coin and bullion...................
1,271
1,247
1,075
G old coin and bullion in India________________ 2,818
2,797
2,783
Gold out o f India......................................................
67
67
67

A pr. 27 1918.]

THE CHRONICLE

T he stock in B om bay on the 8th inst. consisted o f 1,300 bars. N o fresh
news has com e to hand. The stock In Shanghai on M arch 23 consisted o f
about 29,975,000 ounces in syceo and 13,900,000 dollars, as com pared with
about 29,750.000 ounces in syceo and 13,800,000 dollars on the 18th inst.
Cash quotations for bar silver per ounce standard:
M a r, 2 2 ...............
d .4 5 |Mar. 28 - ....................
d .4 5 .6 4 5
“ 2 3 ______________
46 |Average - .............
...4 5 .6 4 5
“ 2 5 . . .............
46 |Bank rate________________________ 5 %
“ 2 6 .......... ..................... ............ 4 5% |Bar gold, per ounce standard 77s. 9d
“ 27....................... ..................... 4 5% I
N o quotation fixed for forward delivery. T he quotation to-d a y for
cash delivery Is 1 % d . above that fixed a week ago.

17 6 7

B y Messrs. R. L. D ay & C o., Boston:
Shares. Slocks.
$
p er sh.
1 First Nat. Bank, Boston______401%
2 Nat. Shawmut Bank.................. 190
1 Old Colony Trust C o ................. 241%
1 Lyman Mills__________________ 138
25 Lawrence Duck________________94
25 Pacific Mills, ex-dlv___________ 140
11 Great Falls M fg__________ 184-186%
2 Newmarket M fg_______________i l l
54 Arlington Mills___________ 126-126%
25 Saco-Lowell Shops, com., exdlv ...................
140%
10 Draper Corporation.............
110%

Stocks.
$
per sh.
4 Nantasket Beach Steamboat__ 114%
1 Merrimack Chemical, $50 p a r.. 88%
6 Sullivan Machinery, old stock..133
10 Hood Rubber, pref_____________ 98%
5-10 Sullivan Machinery.......... ........13%
5 Rivett Lathe & Grinder...............36%

Shares.

Bonds.

P er cen t.

$3,000 State of Mass., Met. Park
loan 4s, 1923___________ 98
2,000 State of Mass., Sewer Loan
4s, 1923________
97%

M r. Messrs. M illett, Roe & Hagen, Boston:
Shares.
W

e

d a t e

h a v e
o f

a ls o

A p r i l

4

r e c e iv e d

t h is

w e e k

t h e

c ir c u la r

w r it t e n

u n d e r

1 9 1 8 :

GOLD.

Stocks.

$ p er sh .

B onds.

P er cent.

2 Old Colony Trust.........................245
$2,000 New Bedford, City, tax-ex.
10 Merrimack Mfg., pref_________ 140
4s, 1934______
93%
10 Boston Belting Corp., pref., $50
$1,000 New Bedford, City, tax-ex.
each____ _______________ 40-40%
4s, 1935..................................
93%
5 Salmon Falls Mfg., com_________ 68
$1,000 Fall River, City, tax-exempt
4s, 1933________________________ 93%
$10,000 St. Louis, M o., City, 3.65s,
1927__________________________ 92

.

T he Bank o f England gold roservo against its note issue shows an in ­
crease o f £858,750 as com pared with last week’s return. It is reported
from N ew York that 8125,000 in gold havo been engaged for shipment
to M exico, and that a sum o f 81,000,000 in currency has been engaged
B y Messrs. Barnes & Lofland, Philadelphia:
for_shipm on t to C uba. T he description applied to the consignments,
% p ersh .
Bonds.
Percent.
nam ely “ g old ” in the one case and “ currency” in the other, is o ' signhicance. Shares. Stocks.
125 Pitts .-Ohio Coal, $1 each......... 50c. $1,000 Phila. & Garretsford St. Ry.
CURRENCY.
115 Tri-Prong Hair Pin, pref., $10
1st 5s, 1955_________________90
each.................
$50 lot $5,000 Maryland Steel 5s, 1922... 94
"B radstreet’s” reports that “ in default o f adequate silver ircuiation,
115 Tri-Prong Hair Pin, com., $10
81.000 Springfield Water 5s, 1926. 80
the Philippine National Bank has resorted to the issue o f paper, currency,
each........ ............................. $25 lot $1,000 Clev. & Erie Ry. 1st 5s. 1929 21%
in denom inations o f as low as 25 cents, to the am ount o f 8500,000.” It
10 Colonial Trust, $50 each______ 100% $1,000 Clev. & Erie Ry. inc. 5s,
34 Grand Hotel (Ltd.), Yokohama
1929_____________________ $10 lot
is stated that silver m oney will be no longer current in Italy after April 30
100 yen each_______________ 40
next.
$1,000 Wilkes-B. & Hazleton RR.
3% Charter NaW Bank, M edia.. 90
1st & coll, trust 5s, 1951________50
S IL V E R .
100 Derr-Haney Co., pref__________ S90lot$2,000 Montgomery Transit 1st ref.
47 Farmers & Mech. Nat. B ank.. 160%
T he market has remained steady, with a m oderato am ount o f business,
5s, 1946...... .........................-S375 lot.
5 Commonwealth Casualty, $10
$1,000 Wilkes-B. & Scranton RR.
during' the three working days which have^olapsed sinco our last letter.
each_________
16
1st 4%s, 1938_______________ 88
A fter remaining at 4 5 % d . sinco the 26th ult'.Ttho price fell to-d a y to45 % d ".
10 United G a s * Elec., 1st p r e f... 40
$1,000 Luzerne Co. Gas & Elec. 1st
T h e Shanghai exchange has not made any m ovom ent o f im portance. T ho
25 Kolb Bakery, pref______ ______70
ref. & Impt. 5s, 1948_______
85
25 Broad Street B a n k . ________60
55.000 Syracuse Light & Pow. coll,
sliver output o f tho United States o f America for 1917 is estim ated officially
trust 5s, 1954.. . _ __________ 68
7 North Phila. Trust rights_____ 1
to"be 74,244,500 fine ounces, a rod u ctloh 'of 170,302 fine ounces com pared
$1,000 Great Wsetern Pow. 1st 5s,
with” the output o f the preceding year. N o’ fresh Indian currency return
1946_________________
75
has_beon cabled sinco that o f tho 22d_j.ilt.__T ho stock In B om b a y on the
8th o f M arch consisted o f 1,300 bars. N o fresh nows has com e to hand.
C a n a d i a n
B a n k
C l e a r i n g s . — The clearings for the week
T h o stock in Shanghai on M arch 23 consisted o f about 29.975,000 ounces
n syceo and 813,9')),000, as com pared with a b ou t 29,750,000 ounces in ending April 18 at Canadian cities, in comparison with the
flycoo and 813,800,000 on M arch 18. Statistics for tho m onth o f M arch same week in 1917, show a decrease in the aggregate of
are appended:
17.3%.
Highest price for cash..... ................. ......................... .................................... 4 6 d .” “
Lowost price for cash..................................... ...................................... ........ 42 % d .
W eek ending A p r il 18.
Average price for cash-------- ------------------------------------------------------------- 43.619d.
Clearings at—
Inc. or
fS?Cash quotations for bar silver *poT~ounc ~standar''
1918.
1917.
Dec.
1916.
1915.
d .4 5 % lA v cra g o ......... ........................d .4 5 .5 8 3
April 2 ............
April 3 .....................
4 5% IBank r a t e .............................................. - . 5 % Canada—
$
$
$
%
$
April s .........................
-4 5 % |Bar gold, p er oz. standar d - -77s. 9d . Montreal...... ............. ..... 89,295.123 102,897,713 — 13.3 73,141,702 49,550,538
Toronto........................... 66,580,728 85,120,986 — 21.8 47,730,976 35,301,101
|»?No quotation fixed for forward dollvery.
_ _ __ _
_
'
Winnipeg
47,947,794 71,518,849 — 32.9 27,787,733 35,722,195
—'Tho quotation to-d ay for cash dollvery is % d . below that fixed a wook ago. Vancouver.............. .......
9,972,358 8.748,581 + 14.0 5,678,681
4 [8851770
Ottawa.............. .............
6,339,462
6,542,517 — 3.1
5,573,575
5,038,511
Quebec .........................
4,330,335 4,564,711 — 5.1
3,552,467 2,609,568
H alifax...... .....................
4,903,512 3,286,651 +49.2
2,131,607
1,972,049
ENGLISH FINANCIAL MARKETS— PER CABLE.
5,501,924 6,803,935 — 19.1
H amilton_____________
3,220,190 2,632,630
St. John______________
2,075,157 3,082,509 — 32.7
1,721,559
1,539,928
f&The daily closing quotations for securities, &c., at London, London_______________ 2,481,765 2,970,385 — 16.5 1,964,761 1,673,263
Calgary_________ _ . .
7,013,980 7,897,954 — 11.2 3,823,543 3,109,119
as reported by cable, havo been as follows tho past week: ® Victoria.
............ ...........
1,919,762 — 1.5 1,441,343
1,890,320
1,541,936
Lon don,
t&\ A p r . 2 0 . A p r . 2 2 . A p r . 2 3 . A p r. 24. A p r . 25. A p r. 26.
Edm onton................ .
3,517,745 2,923,866 +20.3
2,010,998 2,094,069
Regina________________
+ 4.2
1,735,741
~ W e e k ending A p r . 26.
Sat.
■M o n ,
3,362,658 3,217,535
Tu'cs.
W ed .
T h urs.
F rl.
1,324,493
Brandon..........................
625,912
586,101
+ 6.7
517,785
544,374
49
Sllvor, per oz___ I .’..rT 7 !d 7 7 8%
49
i*49%"“ ■L 49%
49%
Lethbridge____________
1,000,000
1,014,388 — 1.4
464,216
343,908
Consols, 2% per cents_____ Holiday 55%
55%
55%
55%
55%
Saskatoon_____________
1,697,521
2,073,721 — 18.1
1,135,635
798,350
94%
British, 5 per cents..............
“
94%
94%
95
Brantford_____________
975,535
999,457
+ 2.5
680,606
532,922
1,261,124
101
British, 4% per cents..........
"
101
Moose Jaw____________
1,260,625 +0.04
941,976
781,652
101
101%
101 %
Fort
William__________
555,652
589,603
—
5.8
444,513
495,960
French Rentes (in Paris) _.fr. ---------59
59
58.90
58.75
New Westminster..........
393,669
421,940 — 6.6
285,324
283,245
French War Loan (in
584,219
754,173 — 22.5
Medicine H a t.................
344,010
240,683
Paris)...... ................. - - - f r .................88.55
88.65
765,765
778,919 — 1.7
88.65
Peterborough............ .
588,009
370,140
88.65
925,134
754,515 +22.7
Sherbrooke____________
551,517
The price of silver in Now York on the same days has been: Kitchener___
693,452
718,200 — 3.5
617,292
Silver in N. Y ., per oz__.cts. 97%
99%
99%
99%
99%
99%
Total Canada.............. 264,714,766 321,423,674 — 17.3 187,550,695 152,921,468

(Commercial uudiBi6c^IIauc0xxj5 JJcws
N

a t i o n a l

n a t io n a l

B

b a n k s

C u r r e n c y .

a n k s .—
is

T h o

f r o m

T r e a s u r y

t h o

f o llo w i n g
o f f i c e

D e p a r t m

o f

i n f o r m
t h e

a t i o n

C o m

r e g a r d in g

p t r o lle r

o f

t h e

D

I V

I D

E

N

D

S .

The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.

e n t :

.
■ - " a p p l i c a t i o n s f o i T c h a r t e r .'----------a ~ --------F or organization o f national banks:~~(f : T ho First National Bank o f E ckley, C olo. C ap ita l. .
S25 000
T ho Citizens National Bank o f Geraldine, M on t. C a p ita l.. I " 25]000
T ho First National Bank o f Linglo, W y o. C a p i t a l..
25 000
T ho First National Bank o f Forgan, Okla. C apital..............
. 25 000
F or conversion o f State Banks:
T h o First National Bank o f Roland, Iow a. C ap ital____
30 000
Conversion o f tho Roland Savings Bank, Roland.
T ho First National Bank o f Tuscum bia, Ala. Capital
50 000
Conversion o f tho C olbert C ounty Bank, Tuscum bia
’
T ho First National Bank o f Hartford, A rk. Capital
25 000
Conversion o f the Bank o f H artford.
_________
T o t a l....................................................................................................8205.000
C H A R T E R S ISSU E D .

Original organizations-

T ho First National Bank o f Grand Prairlo, T ex. C apital______ 825,000
T h o Stato National Bank o f Lynn, Mass. C apital______ _______ 200,000
T h o First National Bank o f H inckley, 111. C apital....... ...........
25,000
Succeeds tho Bank o f II. D . W agner & C o.
-------------T o t a l....... ...............- ................... - - - ..................................................8250.000
~
................... C H A R T E RS E X T E N D E D '
------vacrara.- ■
T ho First National B a n k o f W ynnew ood, Okla. Charter extended until
close o f business on April 24 1938.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days inclusive.

Railroads (Steam).
Atch. Topeka & Santa Fe, com. (quar.).
1% Juno 1 Holders of rec. May 3o
2 % May 10 May 1 to May 10
Atlantic Coast Line R R ., p r e f .............
Central RIt. of N. J. (quar.).......... .......
2
May 1 Holders of rec. Apr. 27a
Cleveland & Pittsburgh, reg. guar. (qu.).. *87%c June 1 ♦Holders of rec. May 10
Special guaranteed (quar.)...........................
♦50c June 1 ♦Holders of rec. May 10
Cripple Creek Central, common (quar.)___ *1% June 1 ♦Holders of rec. May 15
Preferred (quar.).. _____________________ ♦1
June 1 ♦Holders of rec. May 15
Elmira & Williamsport, common............
2.26 May 1 Holders of rec. Apr. 20a
Georgia Sou. <&Florida, 1st & 2d pref.. .
2 % May 7 Holders of rec. April 27a
Great Northern (quar.)______ _______
1% May 1 Holders of rec. April 5a
Illinois Central (quar.) (No. 130)..........
1% June 1 Holders of rec. May 3a
Nashua & Lowell______________ _____ _
4% May 1 Holders of rec. Apr. 15a
New York Central R R . (quar.).......... .
1% May 1 Holders of rec. April 13a
Norfolk & Western, common (quar.)_____ *1% June 19 ♦Holders of rec. May 31a
1
Norfolk & Western, adj. pref. (quar.)-...
May 18 Holders of rec. April 30a
Northern Pacific (quar.).......... ............. .
1% May 1 Holders of rec. April 12a
Pennsylvania (quar.)____________ _______ ♦75c. May 31 ♦Holders of rec. May la
Pere Marquette R y. prior pref. (quar.).
1% May 1 Holders of rec. April 15a
Pittsburgh & West Virginia, pref. (qu.).
1% June 1 Holders of rec. May 15a
Reading Company, common (quar.l. . .
$1 May 9 Holders of rec. April 18a
Reading Company, 1st pref. (quar.)___
50c. June 13 Holders of rec. May 28a
Southern Railway, preferred.......... .......
2 % April 30 Holders of rec. April 2a
April 30 Holders of rec. April 10a
Wabash R y., preferred A (quar.)_____
1

Street & Electric Railways.
Bangor Ry. & Elec., com. (qu.) (No. 17)
% May 1 Holders of rec.
Bristol & PlalnHlle Tramway (quar.)____
2
May 1 Holders of rec.
Cape Breton E!ec.Co.,Ltd.,com.(No.l7)
1% May 1 Holders of rec.
a t
a u c t i o n
in
N e w
Y o r k , B o s t o n
a n d
P h ila d e l p h ia :
Preferred (No. 24)_________________
May 1 Holders of rec.
3
____B y
M e s s r s . A d r ia n
H . M u l l e r &
S o n s , N e w
Y o r k :
Carolina Power & Light, com. (quar.)..
% May 1 Holders of rec.
Cities Service, com. & pref. (monthly)..
% May 1 Holders of rec.
Shares. Stocks, - k k •&•*<*»**-• P er cent. Shares. Stocks.
Per cent.
Common (payable In common stock).
/% May 1 Holders of rec.
25 Ancona Co., pref., Mass. Corp. 55
14 Nat. Liberty Insur. Co. of
Cities Service, com. & pref. (m onthly)..
% June 1 Holders of rec.
1 Manhat. Real Est. Assn.,
America, $50 each............... .007
Common (payable In common stock).
% June 1 Holders of rec.
N. Y. Corp............................ 56
2,100 Wright Martin Aircraft Corp.
5 Merchants' U. E. Assn., N. Y.
$ 8 % p e rsli.. Commonwealth P., R y. <fc Lt., pref.(qu.) •1%0 May 1 ♦Holders of rec.
common ...............
2
Detroit United Ry. (quar.) (No. 56)____
June 1 Holders of rec.
C orp_......................... .......... 2
Duquesne Light, pref. (quar.) (No. 13).
1% May 1 Holders of rec.
1 Louisville Property Co., Ky.
Bonds.
p e r cent.
Grand Rapids Ry., pref. (quar.) (No. 70).
1% May 1 Holders of rec.
Corp...................................... 21%
$7,000 Danbury & Bethel St. R R.
Havana Elec. R y., L .& P ., com. <fc pref. 3
May 15 April 26 to
$00 Champion Button Hole Ma­
1st ref. 5s, 1943...........
39
Helena Light & Ry.,prcf. (quar.)_____
1 % May 1 Holders of rec.
chine Co.. $10 each........ $44 lot
1,300 Pennsyl. Utilities Co. 6%
Milwaukee Elec. R y. & L., pref. (qu.).
April 30 Holders of rec.
1%
30 U. S. Lumber & Cotton C o ..$15 lot
notes, 1926........................ 35
“ " A

u c t i o n

S a l e s .—

A m

o n g

o t h e r

s e c u r it ie s ,

not usually dealt in at the Stock Exchange,




w e r e

t h e

f o llo w i n g

r e c e n t ly

s o ld

April 20a
April 24a
April 20a
April 20a
April 15
April 15a
April 15a
May 15a
May 15a
April 12
May 16
April 1
Apr. 20
May 16
Apr. 18a
April 20a

Name of Company.

Per
When
Cent. Payable.

Street & Electric Uys. (Concluded).
Montreal Tramways (quar.)..................
2K
Philadelphia C o., 0% cum. pref. (qu.)_ $1 50
Public Scrvlco Invest., pi. (qu.) (No. 36)
l'A
Rio do Janeiro Train., L. & P. (quar.)..
IK
Sao Paulo Tram. L. & P. (quar.)______
2A
Texas Electric Ity., 2d prel. (quar.)___
m
2
Union Street Iiy. (New Bedford) (quar.)..
West Penn. Power, prelerred (quar.)__
IK
York Railways, prelerred (quar.).......... 62Kc.
Ilanks.
American Exchange National____
E xtra........ __________________
Bowery (quar.)............................
E xtra________________ _____ Chemical National (bi-monthly)..
City, National................................
City, National (Brooklyn) (quar.)
- Commonwealth_________ _____ ___
Corn Exchange (quar.)________
Lincoln National (quar.)________
Pacific (quar.)_________ ______ _
Westchester Avenue (quar.)______
Trust Companies.
Farmers Loan A Trust (quar.).
Hamilton (Brooklyn) (quar.)..
Kings County (Brooklyn) (quar.)
Lincoln (quar.)______________
Miscellaneous.
American Bank Note, common (quar.).
Amcr. Beet Sugar, common (quar.)___
American Brass (quar.)..........................
E xtra_____________________________
American Caramel, preferred (quar.)___
American Cigar, common (quar.)_____
American Cyanamld, prel. (No. 10)___
Amer. Dlst. Teleg. ot N. J. (quar.)__
Amer. Gas & El., pref. (quar.) (No. 45).
Amerlcan Glue, com m on.......... ...........
Common (extra, pay.In Llb.L’n bds.).
Amer. Light A Trac., com. (quar.).........
Common (payable In common stock).
Preferred (quar.).............. ......... .........
Amer. Malting, 1st A 2d pref. (quar.)..
American Shipbuilding, common (q u .)..
Common (extra)___________________
Preferred (quar.)__________________
American Soda Fountain (quar.)_______
Amer. Sumatra Tobacco, com. (qu.)__
Preferred__________________________
American Utilities, pref. (quar.)______
Amer. Water W orks* Elec., lstpf.(qu.)
Amer. Zinc, Lead & Smelt., pref. (q u .)..
Anaconda Copper Mining (quar.)______
Arizona Commercial Mining (quar.)__
Atlantic Steel, preferred_______________
Atlas Powder, prel. (quar.)___________
Barnhart Bros. & Splndler, 1st & 2d pref.
(quar.)___________ _________ _______
Bellows Falls Power, preferred________
Bergner A Engel Brewing, pref_________
Brill (J. G.) Co., prel. (quar.)........ .......
British Columbia Packers’ Association..
British Columbia Fishing & Packing___
Brompton Pulp A Paper, com. (quar.)__
Brown Shoe, pref. (quar.)_____________
Burns Bros., com. (qu.) (No. 19)______
Common (extra) (payable In cash)__
Preferred (quar.) (No. 21)..................
Butler Brothers (quar.).................. .........
Canada Cement, Ltd., pf.(qu.) (No.33)
Canada Foundries & Forg., com. (qu.)Prefcrred (quar.)__________________
Canadian Converters’ , Ltd. (quar.)___
Carbon Steel 2d pref. (annual)________
Carwen Steel Tool____________________
Central Leather, common (quar.)______
Central Sugar Corp., prel. (quar.)____
Chevrolet Motor (quar.)______________
Chic. Wil. & Frank. Coal, com. (q u .)..
Preferred (quar.) (No. 9 ) ............. .
Clevo. Elec. Ilium, pref. (quar.)_____
Cllnchfield Coal Corporation, com. (quar.)
Preferred (quar.).... ............... ...............
Cluett. Peabody & Co., Inc., com. (qu.)
Columbia Gas <fc Electric (quar.)________
Commonwealth Edison (quar.)________
Consolidated Gas (quar.)_______________
Consolidation Coal (quar.)____________
Continental Refining, com. (monthly)___
Cosden & Co., com. (pay. In com. stk.).
Dominion Bridge, Ltd. (quar.)__________
Dominion Glass, common (No. 1)_______
Dominion Steel Corp., pref. (quar.)___
du Pont (E. I.) de Nemours Powder—
Common (quar.)................................
Preferred (quar.)__________________
Eastman Kodak, common (quar.)______
Common (extra)....................................
Prelerred (quar.)..................................
Edison El. 111., Boston (qu.) (No. 116)Edlson Elec. III. of Brockton (quar.)____
Elsenlohr (Otto) & Bros.,Inc.,com.(qu.)
Elec. Bond & Share, pref. (qu.) (No.52)
Electrical Sccur. Corp., pref. (quar.)__
Elgin National Watch (quar.)_________
Elk Basin Petroleum (q u a r.)..............
Eureka Pipe Line (quar.)........................
Fajardo Sugar (quar.)..............................
Fall River Gas Works (quar.) (No. 94)__
Federal Sugar Refining, pref. (quar.)__
Fisher Body Corporation, pref. (quar.).
Ft. Worth P. & L., pf. (qu.) (No. 2 7 )..
Freeport Texas Co. (quar.)................ .
Gair (Robl.) Co., pref. (quar ) __________
Gaston, Williams & Wlgmore, Inc.(qu.)
General Chemical, common (quar.)___
General Cigar, Inc., common (quar.)..
General Cigar, Inc., pref. (quar.)...........
General Motors Corp., common (quar.).
Preferred (quar.).................. ..............
Gillette Safety Razor (quar.)__________
Extra.............................. ................... ..
Goodrich (B. F.) Co., common (quar.). .
Goodrich (B. F.) Co., common (quar.).
Granby Cons. Min., Sm. & P ow .(qu .)..
Grant Motor Car Corp., pref. (quar.)___
Great Northern Paper________________
Greene Cananea Copper (quar.)_________
Gulf States Steel, com. (in com. stock)___
Holly Sugar Corporation, pref. (quar.)..
Houghton Co. El. Light, com. (No. 26).
Preferred (No. 31)______________ _
Idaho Pc - er, pref. (quar.) (No. 6 )..........
Illinois Northern Utilities, pref. (quar.).
Illuminatlng <6 Power Sec., pref. (quar.).
Indiana Pipe Line (quar.)........................
Extra_____________________________
Ingersoll-Rand, common_______________




[Vol.

THE CHRONICLE

1768

May
May
May
May
May
May
May
May
April

1
1
1
1
1
1
1
1
30

Books Closed.
Days Inclusive.
Holders ot reo.
Holders ol reo.
Holders ot rec.
Holders ol rec.
Holders ol rec.
April 1 to
Holders ol rec.
Holders ol reo.
Holders ol rec.

Apr.
April
April
April
April
April
Apr.
April
April

Name of Company.
18
la
15a
15a
15a
30
18a
20a
20a

May 1 Holders ol rec. Apr. 25
May 1 Holders ol rec. Apr. 25
May 1 April 27 to April 30
April 30
May 1 April 27 to
to Apr. 30
2 K May 1 Apr. 26
May 1 Apr. 26 to Apr. 30
S I . 75 Apr. 15 Holders of rec. Apr. 4a
May 1 Holders ot rec. Apr. 20
4
May 1 Holders ol rec. April 30a
- 2 K May 1 Holders ol rec. Apr. 25a
May 1 Apr. 20 to Apr. 30
SI
May 1 Holders ol rec. Apr. 29a
2
5
1
3
3

4K

3
6
1

75c.
*2
*1K
*3K
*81
IK
3
1
75c.
5
{5
2K
/2 K
IK
IK
IK
2K
IK
IK
2
3K
1
IK
31.50
$2
50c.
3K
IK

May
May
May
May

1
1
1
1

May 15
April 30
May 15
May 15
May 10
May 1
May 1
April 29
May 1
May 1
May 1
May 1
May 1
May 1
May 1
May 1
May 1
May 1
May 15
May 1
Sept. 2
May 10
May 15
May 1
May 27
April 30
May i
May i

Holders ot rec.
Holders ot rec.
Apr. 26 to
Holders ot rec.

April
April
Apt.
Apr.

20a
26a
30
25a

Holders of rec. May la
Holders of rec. April 13a
♦Holders of rec. April 30
♦Holders of rec. April 30
♦Holders of rec. Apr. 30
Holders of rec. April 15a
April 21 to
May 1
Holders of rec. April 15a
Holders of rec. April IS
April 14 to May 2
April 14 to
May 2
April 12 to
April 25
April 12 to April 25
April 12 to April 25
Holders of rec. April 16a
Holders of rec. April 15a
Holders of rec. Apirl 15a
Holders of rec. April 15a
Holders of rec. May 1
Holders of rec. April 22a
Holders of rec. Aug. 15a
Holders of rec. Apr. 30a
Holders of rec. May 10
Holders of rec. Apr. 29a
April 21 to May 15
Holders of rec. April 20a
Apr. 21
to May 2
April 21 to April 30

IK May 1 Holders of rec. April 26a
*2K May 15 ♦Holders of rec. April 30
*4
May 1
May 1 ♦April 26 to
Avril 30
1
May 1 April 24 to
5
May 21 May 10 to May 20
2K May 21 May 10 to May 20
IK May 7 Holders of rec. Apr. 30
IK May 1 Holders of rec. April 20a
IK May 15 Holders of rec. May la
1
May 15 Holders of rec. May la
IK May 1 Holders of rec. April 20a
2K May 1 Apr. 24 to May 1
IK May 16 Holders of rec. April 30
3
May 15 Holders of rec. Apr. 30
IK May 15 Holders of rec. Apr. 30
1
May 15 Holders of rec. Apr. 30
6
July 30 Holders of rec. July 26a
50c. June 10 June 2
to
June 9
IK May 1 Holders of rec. April 10a
IK May 1 Holders of rec. April 15a
3
May 1 Holders of rec. April 15
5
May 1 Holders of rec. April 15a
IK May 1 Holders of rec. April 15a
IK rMay 1 Holders of rec. April 25a
IK May 1 Holders of rec. Apr. 26a
IK May 1 Holders of rec. Apr. 26a
IK May 1 Holders of rec. April 20a
1
May 15 Holders of rec. Apr. 30
2
May 1 Holders of rec. April 15a
*1K June 15 ♦Holders of rec. May 9
IK April 30 Holders of rec. April 25a
10c. May 10 Holders of rce. Apr. 30a
/25c. May 1 April 11 to April 30
2
May 15 Holders of rec. April 30a
*1
May 1
IK May i April 16 to
May
May
July
Juno
July
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
May
June
May
May
June
June
May
Aug.
May
May
IK
I K May
2
May
June
/25
I K May
62 K c May
75c May
May
IK
I K May
IK May
$2
May
May
SI
April
5
*1K
♦IK
2K
7K
IK
3
2
1
IK
IK
2
12 Kc
SO
2K
3
IK
IK
IK
S1.5C
IK
81
2
1
IK
3
IK
SI 75
$1
1
1
2K

1 ♦Holders of rec. April 25
1 ♦Holders of rec. April 25
1 Holders of rec. May 31a
1 Holders of rec. April 30a
] Holders of rec. May 31a
1 Holders of rec. April 15
1 Holders of rec. April 25a
15 Holders of rec. May la
1 Hohlers of rec. April 17
] Holders of rec. April 22a
1 Holders of rec. April 24a
1 Holders of rec. April 15
1 Holders of rec. April 15
1 Holders of rec. April 20
1 Holders of rec. April 23a
1 Holders of rec. April 19a
1 Holders of rec. April 20a
1 Holders of rec. April 20
15 Holders of rec. May 10
1 April 24 to April 30
15 Holders of rec. tfMay la
1 ♦Holders of rec. May 22
1 Holders of rec. April 24
1 Holders of rec. May 24a
1 Holders of rec. April 15a
1 Holders of rec. April 15a
1 Holders of rec. May l
1 Holders of rec. May 25
15 Holders of rec. May 3a
15 Holders of rec. Aug. 2a
1 Holders of rec. April 19a
1 April 21 to April 30
1 Holders of rec. April 25a
27 Holders of rec. May 10a
3 Holders of rec. May 15a
1 Holders of rec. April 15
1 Holders of rec. April 22a
1 Holders of rec. April 22a
1 Holders of rec. April 22
1 (/April 21 to May 1
15 Holders of rec. April 30
15 Holders of rec. April 21
15 Holders of rec. April 24
30 Holders of rec. Anri' 25a

Miscellaneous (C oncluded).
Inspiration Consolidated Copper (q u .)..
Int. Merc. Marine (acct, accr'd d ivs.)..
Internatlonal Nickel, pref. (quar.)_____
Isle Royale Copper Co. (quar.)________
Kayscr(Juilus)* Co., 1st * 2d p f.,(qu.).
Kellogg Switchboard & Supply (quar.)..
Kelly-Sprlngfleld Tire, com. (quar.)___
Kelsey Wheel, preferred (quar.) (No. 7)
Kerr Lake Mines, Ltd. (quar.)(No. 3 ) ..
Keystono Telephone, preferred________
Keystone Watchcase (quar.)..................
Lehigh Coal A Navigation (quar.)_______
Lindsay Light, common (quar.).............
Common (extra).......... ........................
Preferred (quar.)..................................
Loft, Incorporated (quar.)................ —
Lowell Electric Light (quar.) (No. 88)___
Manhattan Elec. Supply, com. (sp’l ) ..
Marconl Wireless Tel. of Amer.(No. 2 ).
Massachusetts Gas Cos., common (qu.).
Miami Copper Co. (quar.) (No. 23)___
Midvale Steel & Ord. (quar.) (No. 6) . .
Midwest Refining (quar.) (No. 14)____
Mobile Electric, pref. (quar.)___________
Municipal Service, pref. (quar.)________
Nash Motors, pref. (quar.)____________
National Biscuit, com. (quar.)(No. 80).
Preferred (quar.) (No. 81)____ _____
National Breweries, Ltd., preferred___
National Carbon, Inc., common (quar.)
Preferred (quar.)..................................
National Grocer, common (quar.)..........
Preferred____ _________ _____ _
National Lead, pref. (quar.)..................
National Refining, common (quar.)___
Nevada-Californla El. Corp., pref. (qu.)
New Central Coal_____________________
New England Company, 1st preferred..
New Jersey Zinc (quar.)..........................
North Butte Mining (quar.) (No. 46)__
Ohio Cities Gas, com. (quar.)....................
Osceola Consolidated Mining (quar.)__
Pacific Coast Co., common (quar.)____
First preferred (quar.)................ .........
Second preferred (quar.)......................
Pacific Development Corp. (quar.)___
Pacific Mall SS., preferred (quar.)........
Pacific Power & Lt., pref. (qu.) (No. 31)
Penmans, Ltd., common (quar.)............
Common (extra)___________________
Preferred (quar.)........................ .........
Penn Seaboard Steel Corp. (quar.)_______
Pennsylvania Coal A Coke (quar.)_____
Extra ________ _____________________
Plcrcc-Arrow Motor Car, common (qu.)
Pittsburgh Brew., pf. (acct.accum.dlvs.)
Pittsburgh Oil * Gas (quar.)....................
Plant (Thos. G.) Co., pf. (qu.) (No. 67)
Portland Gas & Coke, pref.(qu.)(No. 33)
Prairie OH & Gas (quar.)..........................
Extra_________ _______ ____________
Prairie Pipe Line (quar.)______________
Extra_____________________________
Pressed Steel Car, com. (quar.) (No. 13)..
Preferred (quar.) (No. 77)....................
Procter & Gamble, common (quar.)___
Public Serv. Corp. of Nor.111.,com.(qu.)
Preferred (quar.).................................
Pullman Company (quar.) (No. 205)___
Pyrene Mfg., common (quar.) (No. 22)Quaker Oats, preferred (quar.)..............
Republic Iron & Steel, com .(qu.)(No.6).
River Side Eastern Oil, common (quar.)..
Preferred (quar.)............ ................... .
River Side Western Oil, com. (quar.)____
Preferred (quar.)...................... .............
Russell Motor Car, pref. (quar.)..........
St. Lawrence Flour Mills, com. (quar.).
Common (bonus)_________ _________
Preferred (quar.)...... ...........................
Sapulpa Refining (quar.)........................
Scars, Roebuck & Co., com. (quar.)___
Shattuck Arizona Copper Co___________
E xtra................ ........... ........... .............
Sierra Pacific Elec. Co., pf. (qu.)(No. 35)
Sloss-Shcffield Steel A I., com. (qu.)___
Smith (A. O ) Corp., pref. (qu.) (No. 6 ) ..
Southern Calif. Edison Co., com. (quar.).
Standard Milling, common (quar.)______
Common (payable in common stock)__
Preferred (quar.) (No. 34)___________
Standard Motor Construction (quar.)..
Standard Oil (Indiana) (quar.)................
Extra.................. ....... ........... ...............
Standard Oil of N. Y. (quar.)..................
Steel Co. of Canada, common (q u a r.)...
Preferred (quar.).................. *............
Stewart-Warner Speedometer (quar.)........
Superior Steel, common (quar.)..............
First and second preferred (quar.)___
Swan A Finch (quar.)________________
Taylor-Wharton Iron A Steel, pref. (qu.
Tennessee Copper A Chemical............ .
Texas Power A Lt., pref. (qu.) (No. 24)
Trenton Potteries, cum. pref. (quar.)........
United Cigar Stores, com.(qu.)(No. 22).
United Drug. 1st pref. (qu.) (No. 9 )___
Second preferred__________________
United Electric Securities, pref..............
United Profit-Sharing.................... ..........
Extra.....................................................
United Verde Exten. Min. (qu.) (No. 8).
Extra_____________________________
United Wire A Supply, com. (quar.)___
Senior preferred (quar.)_____________
Preferred (quar.)___________________
U. S. Rubber, 1st pref. (quar.)..............
U. S. Steamship (bi-monthly)............ ..
Extra............ .........................................
Vacuum OH................ ..............................
Extra.......... ............... ................... .....
Vlrglnla-Caro. Chem., com.(qu.)(No.42)
Warwick Iron A Steel.......... ................... .
Wayland Oil A Gas, common (quar.)___
Preferred (quar.)___________________
Western Grocer, common_____________
Preferred.................. .............................
Westlnghouso Elec. A Mfg., com. (qu.)_
Woyman-Bruton Co., common_______
Wheeling Mould. A Fdy., com. (extra)..
Wlllys-Ovcrland C o., common (quar.)..
Woods Manufacturing, common (quar.)..
Woolworth (F. W .). com. (qu.)(No. 24)
Yale A Towne Mfg., special (No. 95)___

When
Per
Cent. Payable.

ioe

Books Closed.
Days Inclusive.

April 29 Holders of rec. April 12a
May 3 Holders of reo. April 20a
May 1 Holders of rec. April 10a
April 30 ♦Holders of rec. April 12
May 1 Holders of reo. April 19a
IK
April 30 Holders of reo. April 25a
2
Holders of rec. April 15a
May
SI
May 1 Holders of rec. April 20a
IK
25c. Juno 15 Holders of rec. Juno la
S I .50 May 1 Holders of rec. April 20a
I K May 1 Holders of rec. April 18a
♦SI May 31 ♦Holders of rec. April 30
May 31 Holders of reo. May la
5
May 31 Holders of reo. May la
5
IK May 31 Holders of rec. May la
April 14 to
May 2
I K May
Holders of rec. April 25a
2K May
Holders of rec. April 20a
May
1
July 16 to Aug. 1
25c. Aug.
Holders of reo. April 15
I K May
SI May 15 Holders of rec. May la
Holders of rec. April 15a
$1.50 May
Holders of reo. April 15a
May
St
♦ I K May 15 ♦Holders of reo. April 30
April 26 to
May 2
I K May
Holders of rec. April 20
I K May
I K July 15 Holders of rec. Juno 29a
May 31 Holders of rec. May 18a
IK
May 1 Holders of rec. April 15a
3K
May 1 Holders of rec. April 20a
SI
May 1 Holders of rec. April 20a
2
June 30
June 30 June 20 to
2
June 30
June 30 June 20 to
3
I K Juno 15 Holders of rec. May 24a
May 15 ♦Holders of rec. May la
*4
April 30 Holders of rec. Mar. 30a
IK
1April 27 to
May 1
40c. May
May 15 Holders of reo. May la
2K
May 10 Holders of reo. April 30a
4
25c. April 29 Holders of rec. April 12a
51.25 Juno 1 ♦Holders of rec. May 17
$2
April 30 Holders of rec. Mar. 30a
May 1 Holders of rec. April 24a
1
May
1 Holders of rec. April 24a
IK
May 1 Holders of rec. April 24a
1
May 15 Holders of reo. April 15
IK
I K June 1 Holders of rec. May 17a
May 1 Holders of rec. April 22
IK
I K May 15 Holders of rec. May 6.
May 15 Holders of rec. May 6
1
I K May 1 Holders of rec. April 22
SI May 1 Holders of rec. April 27a
75c. May 10 Holders of rec. May 6
75c. May 10 Holders of rec. May 6
51.25 May 1 Holders of rec. April 15
25c. April 30 April 21 to April 30a
May 15 May 1 to May l
2
April 30 Holders of rec. April 17
IK
May 1 It olders of rec. April 22
IK
April 30 'Holders of rec. Mar. 30
April 30 ♦Holders of rec. Mar. 30
April 30 Holders of rec. Mar. 30a
April 30 Holders of rec. Mar. 30a
5
I K Juno 5 Holders of rec. May 15
May 28 Holders of rec. May 7
IK
May 15 Holders of rec. April 25a
5
IK May 1 April 16 to May 1
May 1
May
1 April 16 to
IK
May 15 Holders of rec. April 30
2
April 30
25c May 1 April 23 to
I K May 31 Holders of rec. May la
I K May 1 Holders of rec, April 23a
*3Kc May 2.r ♦Holders of rec. April 30
*8Kc May 6 ♦Holders of rec. April 30
*7Kc May 25 'Holders of rec. April 30
♦8K May 6 ♦Holders of reo. April 30
Holders of rec. April 15
I K May
Holders of rec. April 15
May
IK
Holders of rec. April 15
May
1
Holders of rec. April 15
I K May
Apr. 20 to May 1
30c. May
May 15 Holders of rec. Apr. 30a
25c. July 20 ‘ Holders
of
rec.^ Juno
29 J
.1.1
~*
T,. n» on
*25c July 20 Holders of rec. June 29
Holders of rec. April 24a
I K May
May 10 Holders of rec. April 30a
IK
I K May 15 Holders of rec. May 1
May 15 Holders of rec. April 30a
May 31 Holders of reo. May 21
May 31 Holders of rec. May 21
May 31 Holders of rec. May 21
May 1 Holders of rec. Mar. 4
May 31
May 31 May 7 to
May 31
May 31 May 7 to
to M ay 30
June 15 May 21
May 1 Holders of rec. April 10
May 1 Holders of reo. April 10
May 5
May L5 May 1 to
May 1 Holders of rec. April 15a
May 15 Holders of reo. May la
May 1 Holders of roc. April la
May 1 Apr. 25 to Apr. 30
May 15 Holders of rec. April 30
May 1 Holders of rec. April 20
April 25 Holders of rec. April 19a
May 15 Holders of rec. April 26a
87Kc. May 1 Holders of reo. April 15a
IK Juno 1 Holders of rec. May 15a
3K May 1 Holders of rec. April Ua
1 Kc. Juno 1 Holders of reo. May 10a
1 Kc. June 1 Holders of rec. May 10a
50c. May 1 Holders of reo. April 5a
25c. May 1 Holders of rec. April 5a
May 1 Holders of rec. April 23
1
IK May 1 Holders of rec April 23
IK May 1 Holders of rec. April 23
April 30 Holders of rec. April 15
2
10c. May l Holders of rec. April 10
5c. May l Holders of rec. April 10
May 15 Holders of rec. May 1
3
May 15 Holders of rec. May l
2
K May 1 Holders of reo. April 15a
May 15
30c May 15 May 1 to
10c. June 11 Holders of rec. Juno l
15c. May 11 Holders of reo. May 1
4
June 30 Juno 20 to June 30
3
Juno 30 Juno 20 to Juno 30
87 Kc. April 30 Holders of ree. April 4a
/20
Oct. 1 Holders of rec. Sept, lfia
May I Mar. 21 to April 1
3
May 14
25c. May l April 16 to
IK Juno l Holders of rec. May 29
May 15
2
Juno 1 May 2 to
5
May 1 Holders of rec. April 26
S2
h5
IK
*50c.

* From unofficial sources, a Transfer books not closed for this dividend, b I.erg
British Income tax. d Correction, e Payable In stock. / Payable In common
stock, g Payable In scrip, h On account of accumulated dividends. I Payable In
Liberty I.oan bonds, k Declared 8% , payable in quarterly installments as follows:
2% as above; 2% July 31 to holders of record July 13; 2% Oct. 31 to holders of
record Oct. 11; 2% Jan. 31 1919 to holders of record Jan. 11 1919.

A pr. 27 1918.]

THE CHRONICLE

1769

Mem ber B an k s o f th e Federal Reserve System .— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated Apr. 20. Because of the large
number of banks for which returns aro furnished the statement is not issued until a week later than that for the Federal
Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly state­
ment issued under dato of D ec. 14 1917 and which was published in the “ Chronicle” of D ec. 29 1917, page 2523.
S T A T E M E N T S H O W I N G P R I N C I P A L R E S O U R C E A N D L I A B I L I T Y IT E M S O F M E M B E R B A N K S L O C A T E D IN C E N T R A L
R E S E R V E A N D O T H E R S E L E C T E D C I T I E S A S A T C L O S E O F B U S I N E S S A P R I L 12 1918.

RESERVE.

A c c o r d in g t o r e p o r ts fr o m 683 m e m b e r b a n k s . In d ica tin g c o n d itio n s a t c lo s e o f business o n A p ril 12. in v e stm e n ts In ce r tific a te s o f in d e b ted n ess
in crea sed b y o v e r 3 2 4 m illio n s, w hile o th e r loan s a n d in v e stm e n ts sh o w a gain fo r th e w eek o f 64 .2 m illio n s. A b o u t 200 m illion s o f c e r tific a te s w ere
a d d e d t o th e h o ld in g s o f th e C en tra l R e s e rv e c it y b a n k s , 177 .9 m illion s t o th o s e o f th e N e w Y o r k C it y b a n k s a n d 110 .3 m illio n s t o th o s e o f th o b a n k s
in o th e r reserve citie s . O th er G o v e rn m e n t secu ritie s, in c lu d in g L ib e r t y b o n d s o n h a n d , sh o w n o m aterial ch a n ge s.
L oa n s s ecu red b y U . S. b o n d s a n d c e r tific a te s s h o w a to ta l in crea se o f 12 .8 m illio n s. R e se rv e s w ith F ed era l R e s e r v e b a n k s o f all r e p o r tin g b a n k s
d ecrea sed 2 1 .7 m illion s; to ta l excess reserves d r o p p in g fro m 79 .7 m illion s t o 53 m illio n s, t o ta l cash in v a u lt Increased 4 .4 m illio n s. A g g re g a te n e t
d e m a n d d e p o s its in crea sed 4 9 .3 m illio n s, tim e d e p o s its 13.7 m illio n s a n d G o v e rn m e n t d e p o s its 2 7 3 .2 m illion s.
In th e C en tra l R e s e rv e cities co rre s p o n d in g ch a n g e s w ere: L o a n s se cu re d b y U . S. b o n d s a n d c e r tific a te s in cre a se d 4 .4 m illio n s, all o t h e r loan s
a n d in v estm en ts 3 2 .7 m illio n s.
R eserves w ith F ed era l R e s e rv e b a n k s d e cre a se d 13 .8 m illio n s, excess reserves w e n t d o w n fr o m 4 2 .2 m illio n s t o 2 6 .9
m illion s, w hile ca sh in v a u lt ga in e d 1 .5 m illio n s. N e t d e m a n d d e p o s its in crea sed 12 .6 m illio n s, tim e d e p o s its de cre a se d 2 .7 m illion s a n d G o v e rn m e n t
d e p o s its in crea sed 168 .6 m illio n s.
T h o r a tio o f in v estm e n ts t o ag g re g a te d e p o s its o f all r e p o r tin g b a n k s in cre a se d fr o m 108 t o 1 0 8 .3 % . F o r th e N e w Y o r k C it y b a n k s , o w in g t o th eir
re la tiv e ly h ea v ier in v estm e n ts in c e r tific a te s , th is r a tio sh o w s a rise o f o v e r 1 % , fro m 103 t o 1 0 4 .1 % . In v e r s e ly , th e r a tio o f c o m b in e d v a u lt cash
a n d reserve t o d e p o s its o f all re p o rtin g b a n k s d e c lin e d fr o m 13 .9 t o 1 3 .3 % , w h ile fo r th e N e w Y o r k C it y b a n k s this r a tio sh ow s a d e cre a se fr o m 15.1
t o 1 4 .3 % .

1. Data for all reporting banks In each district.
Member Banks.

Boston.

Number of reporting banks__

39
S
14,622,0

U. S. bonds to secure oirculat'n
Other U. S. bonds, including
Liberty bonds.... ............. .
U. S. certificates of lndebtedn's
Total u . s . securities..........
Loans seo. by U. S. bonds, Ac.
All other loans A lnvestments.
Reserve with Fed. Res. Bank.
Cash In vault...... ........... .........
Not demand deposits..............
Time deposits............................
Government, deposits..............

New York.

Phlla.

Cleveland. Richmond Atlanta.

Chicago.

97
48
78
67
39
3
$
*
$
$
50,596,0 12,981,0 41,934,0 24,063,0 14,900,0

95

Two ciphers (00) omitted.
St. Louis. Mlnneap. Kan.Clty. Dallas.
31

32

San Fran.

Total.

69

41

47

683
$
267,316,0

10,648,0 165,246,0 10,340,0 35,560,0 18,198,0 12,022,0
30,836,0 10,347,0 6,076,0 10,090,0
45,984,0 955,126,0 63,658,0 67,322,0 21,770,0 27,850,0
89,835,0 39,619,0 17,979,0 37,674,0
71,254,0 1,170,968,0 86,979,0 144,816,0 04,031,0 55,372,0 146,338,0 67,340,0 29,803,0 61,702,0
34,949,0 167,506,0 21,290,0 38,783,0 10,861,0 5,074,0
30,094,0
8,782,0 2,542,0 2,723,0
748,703,0 4,014,234,0 007,958,0 916,513,0 349,084,0 285,008,0 1,349,987,0 358,789,0 233,253,0 448,321,0
61,995,0 597,375,0 58,176,0 79,687,0 28,465,0 20,114,0 141,941,0 31,2350, 20,211,0 40,040,0
25,846,0 125,594,0 19,001,0 30,259,0 15,678,0 14,620,0
05,617,0 12,718,0 9,285,0 16,940,0
632,359,0 4,407,852,0 569,902,0 681,145,0 278,335,0 214,390,0 1,063,058,0 268,400,0 189,901,0 389,684,0
78,545,0 289,747,0 14,580,0 211,747,0 00,212,0 82,724,0 348,328,0 73,747,0 48,301,0 52,677.0
63,267,0 428,077,0 46,673,0 77,820,0 9,532,0 14,508,0
03,915,0 27,732,0 10,848,0 19,403,0

11,780,0
17,477,0
45,351,0
3,350,0
167,303,0
18,975,0
14,111,0
156,743,0
24,674,0
12,257,0

16,374,0
50,855,0
102,628 0
5,133,0
481,860,0
43,847,0
21,166,0
372,513,0
105,598,0
4,0

344,117,0
1,435,149,0
2,046,582,0
331,087,0
9,961,013,0
1,148,061,0
371,435,0
9,224,282,0
1,390,946,0
774,036*o

S
19,667,0

S
17,374,0

S
8
S
S
5,748,0 13,938,0 16,094,0 35,399,0

2. Data for banks in each Central Reserve city, banks in all oth er Reserve cities and other reporting banks.
New York.

Number of reporting banks.. .

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

April 5.

April 1 2 .
66

66

April 12. April 12. April 12.
40

14

$
8
$
8
U. S. bonds to secure clroulat’ n
36,252,0
36,237,0
1,393,0 10,374,0
Other U. S. bonds, Including
Liberty bonds.................. .
150,883,0 151,224,0 14,433,0 6,724,0
U. S. certificates of lndebtedn's 935,082,0 757,141,0 55,789,0 32,973,0
Total U. S. securities_____ 1,122,217,0 944,602,0 71,615,0 50,071,0
Loans sec. by U H. bonds, Ac.
147,743,0 139,763,0 18,089,0 6,806,0
All other loans A investments. 3,672,917,0 3,637,981,0 818,717,0 270,336,0
Reserve with Fed. Res. Bank. 567,416,0 580,932,0 98,725,0 23,944,0
Cash in vault.... ............. .........
112,514,0 111,461,0 41,213,0 7,893,0
Not demand deposits............ . 4,097,815,0 4,084,426,0 706,298,0 195,633,0
Time d eposits.............. ...........
245,797,0 247,940,0 137,192,0 57,139,0
Government deposits________ 401,710.0 253,755,0 50,875,0 23,810,0

April 5.

120
S
48,019,0

Other Reserve Cities.
April 12.

al20

S
48,000,0

April 5.

416
S
170,381,0

Country Banks.

Total.

April 12. April 5.

6409

147

S
S
171,137,0 48,916,0

S

April 12.

150

172,040,0 171,690,0 140,946,0 140,648.0 31,131,0 31,012,0
1,023,844,0 823,988,0 361,842,0 251,144,0 49,463,0 36,006,0
1,243,903,0 1,043,678,0 673,169,0 562,929,0 129,510,0 115,523,0
172,038,0 168,205,0 137,985,0 130,169,0 20,464,0 19,928,0
4,761,970,0 4,729,304,0 4,431,387,0 4,431,770,0 767,656,0 745,750,0
090,085,0 703,837,0 406,766,0 416,110,0 51,210,0 49,843,0
161,620,0 160,077,0 175,521,0 172,358,0 34,294,0 34,577,0
4,999,746,0 4,987,106,0 3,585,295,0 3,570,418,0 639,241,0 617,427,0
440,128,0 442,887,0 781,845,0 771,909,0 168,973,0 162,460,0
479,395.0 310,756,0 265,329,0 170,224,0 29,312,0 19,849,0

April 5.

683

S
267,316,0

679
s
267,642,0

344,117,0
1,435,149,0
2,046,582,0
331,087,0
9,961,013,0
1,148,061,0
371,435,0
9,224,282,0
1,390,946,0
774,036,0

343,350,0
1,111,138,0
1,722,130,0
318,302,0
9,906,824,0
1,169,790,0
367,012,0
9,174,951,0
1,377,256,0
500,829,0

(a) Includes and (ft) excludes 9 Brooklyn (N. Y .) banks reported with Central Reserve city banks for first time.

T h e Federal Reserve B a n k s.— Following is tho weekly statement issued by the Federal Reserve Board on April 20:
L iq u id a tio n on a largo sca lo o f U . S. secu rities a n d a co r re s p o n d in g g a in in d is c o u n ts , la rg e ly o f c o lla te ra l n o te s s ecu red b y G o v e r n m e n t w a r o b li­
g a tio n s — m ain ly th o resu lt o f re ce n t ch a n g e s in th o la w , w h e re b y n o te s se cu re d b y L ib e r t y b o n d s a n d c e r tific a te s o f in d e b te d n e ss a ro n o lo n g e r s u b je c t
t o s ta m p taxes— are in d ica te d in th o F ed era l R e se rv e B o a r d s w e e k ly s ta te m e n t sh o w in g c o n d itio n o f th e R e s e rv e b a n k s as a t c lo s e o f b u sin ess o n
A p ril 19 1918. G o ld reserves s h o w a g g re g a te gain s o f 2 .9 m illion s a n d n e t d e p o s its a d e c lin e o f 3 1 .6 m illio n s.
R E S E R V E S .— M o v e m o n t o f fu n d s fro m N e w Y o r k in c o n n e c t io n w ith th o lo a n o p e r a tio n s o f th e G o v e rn m e n t Is m a in iv a c c o u n ta b le fo r t h e c o n ­
s id e ra b le d ecrease in reserves o f th e N o w Y o r k b a n k , a n d th e c o r re s p o n d in g gain s r e p o rte d c h ie fly b y th e B o s to n , C h ic a g o a n d San F r a n cis c o b a n k s . A
d ecrea se o f 6.1 m illion s in th e reserves o f th e S t. L o u is b a n k m a y b e tra ce d t o su b sta n tia l d is c o u n t o p e ra tio n s .
I N V E S T M E N T S .— L a rgo increases In d is c o u n ts o n h a n d are r e p o r te d b y th o N e w Y o r k , A tla n ta , C h ic a g o a n d S t. L o u is b a n k s . N e a r ly 7 0 %
o f th e tota l d is c o u n ts , o r 5 6 4 .7 m illio n s, as a g a in st 4 6 5 .6 m illio n s th e w e e k b e fo r e , is re p re se n te d b y p a p e r se cu re d b y U . S. w a r o b lig a tio n s . O th er
cla sses o f in v e s tm e n ts , in clu d in g a c c e p ta n c e s a n d G o v e rn m e n t secu ritie s, s h o w c o n s id e r a b le d ecreases.
C A P I T A L . — A n in cre a se o f 38 1 ,0 0 0 in p a id -in c a p ita l is d u e c h ie fly t o p a y m e n t fo r F ed era l R e s e r v e B a n k s t o c k b y n e w ly a d m itte d m e m b e rs ,
la rg e ly in th e C le v e la n d a n d C h ic a g o d is tric ts . T h e d ecrea se in th o N e w Y o r k b a n k ’s c a p ita l a c c o u n t is e xp la in e d b y th e liq u id a tio n o f th e M a r k e t &
F u lto n N a tio n a l B a n k .
D E P O S I T S .— G o v e rn m e n t d e p o s its d e clin e d a b o u t 25 m illio n s, a n d m e m b e r b a n k s ’ r e se rv e d e p o s its 2 4 .7 m illio n s, large n e t w ith d ra w a ls fr o m th e
N e w Y o r k B a n k b e in g o ffs e t in p a r t b y gains u n d e r this h e a d a t P h ila d e lp h ia , S t. L o u is a n d S an F ra n cis c o .
F E D E R A L R E S E R V E N O T E S .— AdditionalI not issues o f 13 .4 millions o f notes are reported b y Federal Reserve agents largely a t C leveland,
C h icaa g o and San Francisco.
The banks report 1 ,o l4 .d millions o f outstanding Federal R eserve note circulation, an increase o f 14.9 millions for the week.

Tlio figures of tho consolidated statement for the system as a whole are given in the following table, and in addition
wo present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents’ Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and tho Federal Reserve banks.
C

o m b in e d

R

esou rces an d

L

ia b il it ie s o f t h e

F ederal R

eserve

B

anks at

the

C

lo se o f

B

u s in e s s

A

p r il

19 1918.

March 28 and
April 19 1918. Apr. 12 1918 April 5 1918.
29 1918.
Mar. 22 1918 Mar. 15 1918 Mar. 8 1918. Mar. 1 1918 Apr. 20 1917.
S
$
RESOURCES.
S
3
S
S
6
S
8
Gold coin and certificates in vault------- 488.829.000 488.762.000 483.780.000 489.948.000 470.529.000 477.521.00
464.144.000 461.615.000 330.152.000
Gold settlement fund—F. It. Board.. . 413.819.000 407.971.000 381.163.000 399.668.000 379.866.000 372.508.000 354.585.000 357.299.000 206.830.000
52,500,000
52,500,000
Gold with foreign Agencies _________
52,500,000
52,500,000
52,500,000
52.500 000
52,500,000
52,500.000
Total gold held by banks............ Gold with Federal Reserve Agent........
Gold redemption fu n d ______________

955.148.000
854.822.000
23,179,000

949.233.000
857.492.000
23,646,000

917.443.000
873.077.000
23,404,000

942.016.000
852.192.000
21,496,000

902.895.000
878.805.000
21,114,000

902.529.000
869.628.000
21,086,000

871.229.000
896.702.000
20,267,000

871.414.000
885.346.000
20,569,000

536.982.000
418.538.000
2,651,000

Total gold reserves. .......... .......... - 1,833,149,000 1,830,271,000 1,813,924,000 1,815,704,000 1,802,814,000 1,793,243,000 1,788,198.000 1,777,329,000
65,158,000
64,724,000
Legal tender notes, silver, A c................
63.509,000
58,359,000
59,558,000
59,685,000
58,950,000
60,444,000
Total reserves................................. 1,898,307,000 1,894,995,000 1,877.433,000 1,874,063,000 1,862,372,000 1.852,193,000 1,847,883.000 1,837,773.000
Bills discounted— members................ . - 808.045.000 712.807.000 573.883.000 583.228.000 543.119.000 517.484.000 520.340.000 502.525.000
308.277.000 318.857.000 326.503.000 304.085.000 328.880.000 323.248.000 317.952.000 299.213.000
Bills bought In open market____ _____
Total bills on hand__ _____ ______ 1,116,322,000 1,031,664,000 900.386.000 887.293.000 871.999.000 840.732.000 838.292.000 801.738.000
46.675.000
U. S. Government long-term securltics.
54,237,000
60,403,000
58,190,000
72,154.000
61,039,000
68,383.000
77,705,000
46.295.000 142,143,000 260.400.000 252.579.000 226.036.000 193.980.000 182.822.000 157.482.000
U. S. Government short-term securities
3,293,000
All other earning assets..........................
3,771,000
3,222.000
3,523,000
4,240,000
4,040,000
4,064,000
3,680,000
Total earning assets........................ 1,212,585,000 1,231,815,000 1,224,411,000 1,201,585,000 1,163,314,000 1,107.135,000 1,097.332,000 1,040,605,000
479,000
Due from other F. R . banks— n e t . . . .
1,815,000
0,957,000
26,945,000
8,801,000
6,113.000
11,609,000
11,882,000
Uncollected Items.................................... 387,176,000 383,009,000 346,997,000 339,130,000 367,821,000 357,147,000 337,283.000 369,185,000

958,171,000
24,462,000

227.576.000
2,473,000
166.966.000

Total deduc’ns from gross deposits
5% redomp. fund agst. F. R . bank notes
AH other resources.. _____________ .

169,439,000
400,000
4,594,000

387,655,000
409.000
261.000

384,824,000
537.000
324.000

356,954,000
537.000
324.000

366,075,000
637,000
3,724,000

376,622,000
537.000
550.000

368,756,000
537,000
1,452,00

343,396,000
537.000
761.000

381,067,000
537.000
796.000

982,633,000
29.737.000
72.925.000
102,662,000
36.215.000
73.360.000
15.339.000

Total resources........ ....................... 3,499,217,000 3,512,495,000 3,459,659,000 3,445,984,000 3,403,395,000 3,330,073,000 3.289.909,000 3.260,778,000 1.384.642,000




1770

THE CHRONICLE
Apr. 19 1918. Apr. 12 1918. April 5 1918.

[Vol. 106 .

Mar. 28 and
A far.221918. Afar. 151918. Mar. 8 1918. Mar. 1 1918. Apr. 20 1917.
29 1918.

8
$
J
$
S
$
S
S
LIABILITIES.
73.401.000
73.624.000
73.886.000
74.223.000
74.011.000
74.494.000
74.748.000
74.829.000
Capital paid in........................ - .............
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,0 0
1,134,000
1,134,000
Surplus............ ........... ............. ......... —
50.208.000 150.781.000
72.023.000
91.505.000
75.499.000 100.523.000 104.818.000 104.080.000
Government deposits........................ —
Duo to members—reserve account____ 1,469,860,000 1,494,537,000 1,473,294,000 1,499,400,000 1,480,025,000 1,447,997,000 1,465,504,000 1,388,020,000
256,220,000 238.270.000 226.139.000 210.897.000 229,115,000 232,207,000 216,986,000 218.031.000
Collection Items____________________
64.122.000
77.137.000
81.048.000
81.059.000
81.751.000
82.067.000
85.321.000
88.322.000
Other deposits, inch for. Gov’t credits.
Total gross deposits........ ............. - 1.889.901.000 1.918.651.000 1.886.318.000 1.901.442.000 1.882.396.000 1.833.275.000 1.815.835.000 1.820.954.000
F. R . notes in actual circulation........... 1.514.287.000 1.499.377.000 1.479.920.000 1.452.838.000 1.429.509.000 1.406.228.000 1.383.990.000 1.351.091.000
7.999.000
8,000,000
8,000,000
7.978.000
7.978.000
7.860.000
8,000,000
7,895,000
F. R . bank notes In circulation, net Uab.
6.199.000
7,326,000
7,550,000
8.367.000
8.369.000
9.933.000
10,585,000
11,171,000
All other liabilities___________ _______

S
56.411.000
41.988.000
742.584.000
128.856.000
913.428.000
414.357.000
"446,600

1,384,642,000
Total liabilities__________________ 3,499,217,000 3,512,495,000 3,459,659,000 3,445,984,000 3,403,395,000 3,330,073,000 3,289,909,000 3,260,778,000
72.2%
60.5%
59.2%
61.6%
59.6%
61.4%
60.0%
61.9%
63.6%
Gold reservo against net deposit liab ..
101.6%
60.6%
66.3%
63.3%
63%
60.6%
60.1%
58.8%
58%
Gold res. agst. F. R . notes in act. circ’n
Ratio of gold reserves to net deposit and
82.7%
62.6%
63.7%
62.5%
01.4%
60.8%
60.3%
60.3%
60.8%
F d . Res. note liabilities combined.Ratio of total reserves to net deposit and
84.8%
65.8%
64.7%
64.5%
63.4%
62.7%
62.4%
62.5%
62.9%
Fed. Res. note liabilities combined..
S
S
S
S
S
S
Distribution by Maturities—
S
s
5
36.555.000
1-15 days bills discounted and bought. 581.700.000 536.016.000 394.352.000 359.987.000 345.123.000 331.103.000 331.978.000 307.246.000
12.541.000 105.716.000 224.395.000 217.613.000 186.681.000 151.392.000 140.837.000 106.603.000
1-15 days U. S. Govt, short-term secs.
520.000
10,000
55.000
49.000
34,000
15.000
14.000
14.000
1-15 days municipal warrants___ . .
24.462.000
93.655.000
88.804.000
87.477.000
99.869.000 100.295.000 127.065.000 126.263.000
16-50 days bills discounted and bought. 200.131.000
2,000,000
7.702.000
7.614.000
2.224.000
2.787.000
4.399.000
4.959.000
2.529.000
16-30 days U. S. Govt, short-term secs.
2.153.000
55.000
13.000
19.000
21.000
21.000
16-30 days municipal warrants_____ .
26.529.000
31-60 days bills discounted and bouglit. 206.190.000 282.036.000 279.343.000 267.267.000 249.549.000 267.591.000 226.633.000 183.752.000
9.540.000
4.086.000
4.255.000
3.781.000
6.271.000
1.986.000
5.032.000
2.109.000
31-60 days U. S. Govt, short-term secs.
9.973.000
7.000
3,000
3.000
3,000
7.000
40.000
492,000
36,000
.31-60 days municipal warrants________
14.102.000
61-90 days bills discounted and bought. 113.781.000 103.898.000 117.899.000 123.498.000 142.660.000 145.904.000 182.090.000 207.554.000
2.925.000
1.771.000
2.132.000
9.122.000
2.901.000
14.866.000
13.004.000
15.703.000
61-90 days U. S. Govt, short-term secs.
531.000
3.000
13.000
13.000
469,000
487,000
455,000
26,000
496,000
61-90 days municipal warrants.............
1.014.000
9.531.000
8.781.000
8.657.000
9.476.000
8.404.000
8.497.000
14.520.000
9.845.000
Over 90 days bills disc’ted and bought.
36.408.000
28.420.000
28.587.000
19,839,000
27,396,000
13.578.000
14.365.000
13.656.000
Over 90 days U.S.Govt .short-term secs
1.986.000
469,000
457,000
457,000
1.000
1.000
1,000
1,000
Over 90 days municipal warrants____
Federal Reserve Notes—
440,539,000
1,464,645,000
1,505,213,000
1,520,296,000
1,558,705,000
1,563,987,000
1,607,627,000
1,639,056,000
1,625,698,000
Issued to the banks................... ..........
26,182,000
124,769,000 126,321,000 127,707,000 111,149,000 129,190,000 114,068,000 121,223,000 113,554,000
Held by banks.................... .....................
In circulation____________ _______ 1.514.287.000 1.499.377.000 1.479.920.000 1.452.838.000 1.429.509.000 1.406.228.000 1.383.990.000 1.351.091.000
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller_______ 2.243.360.000 2.211.560.000 2.168.400.000 2.130.860.000 2.100.160.000 2.064.120.000 2.014.980.000 1.968.200.000
340,814,000 336,527,000 328,008,001 324,263,000 309,705,000 305,414,000 296,932,000 292,490,000
Returned to the Comptroller...... .........
1,902,546,000
1,875,033,000 1,840,392,000 1,806,597,000 1,790,455,000 1,758,706,000 1,718,048,000 1,675,710,000
Amount chargeable to Agent........
263,490,000 249,335,000 232,765,000 242,010,000 231,750,000 238,410,000 212,835,000 211,065,000
In hands of Agent______________ _____

414.357.000

Issued to Federal Reserve banks. . 1,639,056,000 1,625,698,000 1,007,027,000 1,563,987,000 1,558,705,000 1,520,296,000 1,505,213,000 1,464,645,000
How Secured—
243,530,000 245,251,000 252,391,000 253,524,000 271,658,000 266,824,000 278,207,000 276,987,000
By gold coin and certificates..................
748.234.000 768.206.000 734.550.000 711.795.000 679.900.000 650.668.000 608.511.000 579.299.000
By eligible paper........ ........... ....... .........
49,747,000
47,986,000
47,984,000
47,021,000
48.926,000
50,038.00
50,043.000
48,504,000
Gold redemption fund........ ...................
With Federal Reservo Board_________ 561.249.000 563.737.000 570.648.000 549.742.000 560.126.000 554.520.000 570.509.000 558.612.000
’ll
T o t a l_____________ _____ _______ 1,639,056,000 1,625,698,000 1,607,627,000 1,563,987,000 1,558,705,000 1,520,290,000 1,505,213,000 1,464,645,000
Eligible paper delivered to F. R . Agent. 1,077,622,000 1,006,691,000 876,800.000 863.471,000 852.674.000 821.052.000 813.275.000 782.777.000

440,539,000

* Not amount duo to other Federal Reserve banks,

b This Item Includes foreign Government credits,

708.520.000
135.902.000
572.618.000
132.079.000

252,194,000
22,001,000
18,644,000
147,700,000
440,539,000
23,826,000

t Revised figures.

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS APRIL 19 1918.
New York. PhUadel. Cleveland Richm'd.

Atlanta.

Chicago. St. Louis. M inneap Kan. City Dallas.

San Fran.

Total.

Two ciphers (00) omitted.

Boston.

RESOURCES.
Gold with foreign agencies_____

S
10,586,0
66,990,0
3,675,0

%
*
$
S
340,401,0 9,325,0 32,804,0 6,290,0
87,170,0 50,754,0 36,662,0 13,682,0
18,112,0 3,675,0 4,725,0
1,837,0

S
S
145,0
16,533,0
7,480,0 30,291,0
2,100,0 2,625,0

1
$
4,867,0 30,056,0
8,922,0 19,533,0
1,838,0 2,888,0

s
488,829,0
413,819,0
52,500,0

Gold redemption fund................

81,251,0
48,257,0
2,000,0

445,683,0 63,754,0 74,191,0 21,809,0 26,016,0 92,573.0 22,593,0 26,113,0 33,061,0
209,210,0 84,549,0 90,102,0 29,976,0 36,063,0 161,841,0 36,941,0 39,187,0 45,220,0
827,0
1,550,0
1,243,0
1,506,0
1,109,0
192,0
1,077,0
9,918,0 2,482,0

15,627,0 52,477,0
14,280,0 59,190,0
1,255,0
20,0

955,148,0
854,822,0
23,179,0

Legal-tender notes, sliver, &c__

131,508,0
2,088,0

Total reserves....................... 133,596,0
Bills:
49,573,0
Bought in open market............ 14,267,0
63,840,0
861,0
1,471,0
All other earning assets..............
Total earning assets...............

66,172,0

Uncollected items_____________

25,253,0

Total deduc’ns from gross dep. 25,253,0
5% redemption fund against Fed-

664,811,0 150,785,0 164,485,0 52,862,0 63,188,0 255,920,0 61,084,0 66,543,0 79,108,0 31,168,0 111,687,0 1,833,149,0
65,158,0
404,0
619,0
319,0 2,624,0
1,782,0
1,453,0 6,631,0
387,0
46,845,0
924,0
1,082,0
711,656,0 151,709,0 165,567,0 53,249,0 64,641,0 262,551,0 62,866,0 07,162,0 79,427,0 33,792,0 112,091,0 1,898,307,0
409,372,0 26,612,0 50,785,0 40,791,0 20,284,0 63,717,0 39,158,0 11,623,0 39,077,0 25,289,0 31,764,0
117.406,0 27,440,0 24,527,0 4,191,0 9,709,0 48,103,0 11,090,0 12,515,0 10,391,0 4,980,0 23,658,0

808,045,0

526,778,0 54,052,0 75,312,0 44,982,0 29,993,0 111,820,0 50,248,0 24,138,0 49,468,0 30,269,0 55,422,0 1,116,322,0
46,675,0
1,032,0 11,137,0 2,233,0 2,566,0 8,862,0 3,970,0 2,456,0
1,233,0
1,598,0 2,939,0 7,788,0
46,295,0
511,0 2,521,0 4,503,0 3,142,0 4,863,0
1,538,0 2,106,0 4,830,0
4,427,0 5,073,0 11,250,0
l ,372,0
108,0
3,293,0
236,0
377,0
583,0
459,0
158,0
..............
532,803,0 62,064,0 94,350,0 47,753,0 33,349,0 128,370,0 53,451,0 29,602,0 63,069,0 38,753,0 62,849,0 1,212,585,0
4,602,0
5,933,0 5,759,0
1,123,0
561,0
1,582,0
S3,944,0 44,733,0 26,262,0 25^995,0 21,142,0 68,175,0 26,964,0 6,887,0 23,814,0 16,956,0 17,051,0 387,176,0
83,944,0 44,733,0 26,262,0 27,577,0 22,265,0 68,736,0 26,964,0

12,820,0 29,573,0
272,0

249,0

All other resources.......... .............

S
$
S
6,746,0 28,951,0 2,125,0
17,695,0 56,272,0 18,368,0
1,575,0 7,350,0 2,100,0

16,950,0 21,653,0

387,655,0
409,0
261,0

137,0

12,0

Total resources........................ 225,021,0 1,328,403,0 258,755,0 286,179,0 128,579,0 120,267,0 459,657,0 143,281,0 109,584,0 172,341,0 89,638,0 196,593,0 3,499,217,0
LI Alii LI 1 IES.
74,829,0
2,964,0 9,655,0 3,509,0 2,764,0 3,447,0 2,851,0 4,305,0
Capital paid in______________ __
19,691,0 6,903,0 8,504,0 3,792,0
6,444,0
1,134,0
38,0
216,0
116,0
40,0
5,105,6 10,997,0
75,499,0
436,0 4,229,0 6,476,0 4,822,0 4,723,0 7,244,0
11,577,0 3,864,0 8,181,0
Government deposits........... .....
7,845,0
Due to members—Reserve acc’t. 89,202,0 636,841,0 93,428,0 108,692,0 43,492,0 39,002,0 186,891,0 50,901,0 41,290.0 69,014,0 36,470,0 74,637,0 1,469,860,0
Collection Items.... ....................... 21,133,0
65,293,0 34,682,0 22,817,0 18,010,0 15,106,0 24,811,0 17,670,0 5,913,0 13,010,0 5,950,0 11,795,0 256,220,0
2,788,0
4,524,0
3,831,0
88,322,0
31,0
10,0
114,0
"5,0 3,048,0
81,160,0
123[o
Oth. deposits inch for .Gov't crcd.
F. R . notes In actual circulation.

118,267,0
99,437,0

All other liabilities____________

804,892,0 132,671,0 140,777,0 61,938,0 58,342,0 221,226,0 78,031,0 51,957,0 89,308,0 50,313,0 101,260,0 1,889,901,0
496,636,0 119,181,0 136,147,0 62,536,0 58,921,0 227,620,0 61,228,0 54,619,0 70,913,0 36,227,0 90,822,0 1,514,287,0
7,895,0
206,0
11,171,0
206,0
778,0
513,0
247,0
940,0
197,0
6,535,0
751,0

798,0
Total liabilities_____________ 225,021,0 1,328,403,0 258,755,0 286,179,0 128,579,0 120,267.0 459,657,0 143,281,0 109,584,0 172,341,0 89,638,0 196,593,0 3,499,217.0

* Difference between net amounts due from and net amounts due to other Federal Reserve banks
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS APRIL 19 1918.
Two ciphers (00) omitted.

Boston.

New York. PhUadel. Cleveland Richmond Atlanta. Chicago.

St. Louis. Minneap. Kan. City Dallas.

San Fran

Total.

%
Federal Reserve notes—
^ Received from Comptroller__ 140,160,0
Returned to Comptroller........ 25,503,0

*
%
s
s
*
%
s
S
S
S
s
*
828,280,0 175,400,0 174,160,0 98.140.0 91.620.0 297,660,0 86.900.0 71.980.0 98.700.0 68.500.0 111,860,0 2,243,360,0
165,530,0 25,991,0 13,518,0 18.979.0 14.921.0 13,185,0 11.837.0 12.453.0 15.517.0 14.774.0 8,600,0 340,814,0

Chargeablo to F. R . Agent.......... 114,657,0
In hands of F. R . Agent.............. 12,400,0

662.750.0 149,409,0 160,642,0 79,161,0 76.699.0 284,475,0 75,063.0 59,527,0 83,183,0 53.726.0 103,254,0 1,902,540,0
263,490,0
7,080,0 3,495,0 7,060,0 17.210.0
110.400.0 19,740,0 14,240,0 6,260,0 16.145.0 43,460,0

^ Issued to F. R . Bank.............. 102,257,0
Held by F. R . Agent—
31.000.
Gold redemption fund............
5,757,0
Gold Sett. Fd., F. R. Board.. 11,500,0
Eligible paper, min. req’d ___ 54.000.

546.350.0 129,669,0 146,402,0 72,901,0 60.554.0 241,015,0 67,983,0 56.032.0 76,123,0 36.516.0 103,254,0 1,639,056,0
243.530.0
11.581.0
13.102.0
2.504.0
12.092.0
173.251.0
0
50,043,0
1,585,0 2,860,0 2,121,0 4,794,0
625,0 2,037,0
1,976,0 2.389.0
10,959,0 6,930,0 8,010,0
584,0 54.396.0 501.249.0
25,000,0 77.619.0 70,000,0 28,000,0 31.170.0 161,216,0 34.904.0 24.500.0 42.360.0
45.120.0 56.300.0 42,925,0 24.491.0 79,174,0 31.042.0 16.845.0 30.903.0 22.230.0 44.004.0 784.234.0
337.140.0
0

r T otal.................... ......... .......... 102,257,0
Amount of eligible paper deltv► ered to F. R. Agent___ ______ 63,840,0
F. R . notes outstanding........ — 102,257,0
F. R . notes held by banks..........
2,820,0

546,350,0 129,669,0 146,402,0 72,901,0 60,554,0 241,015,0 67,983,0 56,032,0 76,123,0 36,516,0 103,254,0 1,639,056,0

F. R . notes In actual clrcula’ n.




99,437,0

526.778.0 51.960.0 75.312.0 43.324.0 24.842.0 102.510.0 44.325.0 22,266,0 46.256.0 30.269.0 45.940.0 1.077.622.0
546.350.0 129,669,0 146,402,0 72.901.0 60.554.0 241.015.0 67.983.0 56,032,0 70.123.0 36.516.0 103,254,0 1.639.056.0
289,0 12.432.0 124,709.0
1,413,0 5,210,0
1,633,0 13,395,0 6,755,0
49,714,0 10.488.0 10.255.0 10.365.0
496,636,0 119,181,0 130,147,0 62,536,0 58,921,0 227,620,0 61,228,0 54,619,0 70.913,0 30,227,0 90,822,0 1,514,287,0

A pr. 27 1918.]

THE CHRONICLE

1771

Statement of Now York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New lo r k City Clearing House members for the week ending April 20. The figures for the
separato banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given:
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.
Week Ending
Apr. 20 1918.
Members o f Federal
Reserve Bank.
Bank ol N Y, N B A.
Bank of Manhat Co.
Merchants’ National.
Meoh <fc Metals Nat
Bank of Amerloa___
National City............
Chemical National..
Atlantic N ational...
Nat Butch &IJrovers'
American Exch Nat.
. Nat Bank of Comm.
Paolfio Bank_______
Chat & Phenlx Nat.
Hanover National__
Citizens’ N ational...
Metropolitan Bank..
Corn Exohango Bank
Importers & Trad Nat
National Park Bank.
East River National.
Second National___
First National_____
Irving National
N Y County National
German-A merloan__
Chase National___
Germania Bank____
Lincoln National___
Garfield N ational...
Fifth National
Seaboard National..
Liberty National......
Coal <& Iron National
Union Exch National
Brooklyn Trust C o..
Bankers Trust C o ...
U S Mtge & Tr C o..
Guaranty Trust C o..
Fidelity Trust Co.
Columbia Trust Co
Peoples Trust Co._
New York Trust Co
Franklin Trust Co.
Lincoln Trust _
Metropolitan Tr Co
Nassau Nat, Bklyn
Irving Trust Co
Farmers Loan &Tr Co
Average for w eek..
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
aotual

condltl
condltl
condltl
condltl

State Banks,
Greenwich ............
People's
Bowery
Fifth Avonuo ____
German Exchange__
West Side__________
N Y Produce Exch..
S tate..........................
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

aotual
aotual
aotual
actual

condltl
condltl
oondltl
condltl

Trust Companies.
Title Guar * Trust..
Lawyers Tltlo * Tr
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

aotual
actual
actual
actual

oondltl
oondltl
oondltl
oondltl

Grand aggregate,avge
Comparison prev wk
Grand ag'gate, actua>
Comparison prov wk.
Orand
Grand
Grand
Grand

ag’gate,
ag'gate,
ug’gate,
ae'ento

actual
actual
actual
actual

a V. S. deposits deducted, 5334,182,000.

b U. S, deposits deducted, $302,870,000.

3.770.812.0001180.820.000 35,956.000
3.762.163.000
185,796,000 35,851,000
3,752,355,000,183.355.000 35,872,000
3.712.119.000 189,803,000 35,463,000
c Includes capital set aside for foreign branches, $6,000,000.

STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank.
Stato hanks........
TrustCompanies*
Total
Total
Total
Total

Apr.
Apr.
Apr.
Mar.

20.
13.
6.
30.

Resent
in
Depositaries

Total
Resene.

•
Resene
Requital.

A ctual Figures.
Surplus
Reserve.

$
9
5
%
$
530,451,000 530,454,000 476,720,070 53,733,930
c
13,667,000 5.691.000 19,358,000 18,374,220
983,780
3,651,000 2.017.000 6,298,000 6,163,800
134,200
17.318.000
17.388.000
17.186.000
17.306.000

538.792.000
534.219.000
546.611.000
526.319.000

556.110.000
551.607.000
563.797.000
543.625.000

501,258,090
199,455,830
500,070,370
197,022,650

Inc. or Dee.
from
PreviousWeek
$
+ 2,510,520
+ 171,420
— 11,200

Cash
Reserve
in Fault.

Reserve
in
Depositaries

Total
Reserve.

b
Reserve
Required.

Surplus
Reserve.

Inc. or Dte.
from
PreviousWeek

s
$
$
$
$
i
d
515,387,000 515,387,000 474,682,850 40,704,150 —24,448,910
13,590,000 5.882.000 19,472,000 18,498,780
973,220
+487,240
3,706,000 2.335.000 6,041,000 6,045,750
def4,750
— 432,000

54,851,910 + 2,700,740 17.296.000 523.601.000
52,151,170 — 11,575,460 17.585.000 550.008.000
63,726,030 + 17,724,280 16.993.000 528.174.000
46,002,350 + 3,248,590 17.576.000 542.924.000

540.900.000
567.593.000
545.167.000
560.500.000

499,227,380
501,526,710
500,519,360
499,100,880

41,672,620 —24,393,670
66,066,290 + 21,418,650
44,647,640 — 16,751,480
61,399,120 + 6,433,290

* Not mombors of Federal Reserve Bank.
•
a This Is tho reserve required on net demand deposits In the caso of State hanks and trust companies, but In the case of members of the Federal Resorvc Bank
ncludcs also amount of reservo required on net time deposits, which was as follows: April 20, $5,401,560: April 13, $5,416,800; April 6, S5,518,260; Mar. 30, $5,536,770:
b This Is tho reserve required on net demand deposits In the caso of Stato banks and trust companies, but In the case of members of tho Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was us follows: April 20, $5,327,340; April 13, $5,376,600: April 6, $5,528,010; Mar. 30, $5,454,990.
c Amount of cash In vault, which is no longer counted as reservo for members of tho Federal Reserve Bank, was as followsApril 20, $104,235,000; April 13, $104,383,000; April 6, $103,840,000; Mar. 30, $102,976,000.
d Amount of cash in vaults, which Is no longer counted as resorvo for members of tho Federal Reserve Bank, was as followsApril 20, $101,711,000; April 13, $105,402,000; April 6. $103,000,000; Mar. 30, $102,082,000.




The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in N ew York City not in the Clearing House, as follows:
SUM MARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YO RK . NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from
(Figures Furnished by State Banking Department.)
precious week.
April 20.
Loans and Investments....................................................$708,948,600 Inc. $7,132,000
268,000
S pecie__________________________________________
15,51 i, 300 Inc.
62,800
12,069,300 Dec.
Currency and bank notes........ ......................
501,900
Deposits with the F. R . Bank of New York.......... —
54,070,600 Dec.
Total deposits_______________
813,525,600 Inc. 14,340,900
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies In N. Y. City, exchanges and U. S. deposits. 719,121,000 Inc. 7,272,800
280,800
Reserve on deposits______________________________
137,850,500 Dec.
Percentage of reserve, 21.4%.
RESERVE.
-----Trust Companies—
------ State Banks------$67,673,900 13.17%
Cash In vaults___________________ $13,977,300 10.82%
38,757,100
7.54%
Deposits In banks and trust cos----- 17,442,200 13.50%
S31,419,500

Total

24.32%

S106,431,000

20.71%

The averages of tho New York City Clearing IIouso banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YO RK . (Two ciphers omitted.)

Week
Ended—

[Vol. 106

THE CHRONICLE

1773

Loans
Demand
and
Investments Deposits.

S
Dec. 22 1917___ 5,011,186,0
4,952,579,3
Jan. 5 1918___ 5,915.390,8
Jan. 12............ .. 4.893.792.4
Jan. 19................ 4,892,797,1
Jan. 26_________ 4.899.129.5
r> (106.037.0
Feb. 9 ................ 5.038.372.7
Feb. 16_________ 5,049,992,0
Feb. 23................ 5.116.615.8
5,150,846,2
Mar. 9 . ________ 5,127,304,4
Mar. 16_________ 5.061.380.8
Mar. 23.............. .. 5,034,741,0
Mar 30_________ 5,089,258,3
April 6 _________ 5.055.925.8
April 13_________ 5.126.263.6
April 20_________ 5.263.096.6

S
4,357,133,8
4,352,163,0
4.443.769.4
1,526,394,9
4,578,900,7
4.479.558.6
4.486.506.5
4.517.827.5
1.501.204.7
4.428.375.5
4.433.280.6
4.319.035.1
4,369,257,5
4.409.310.1
4,446,491,7
4,468,927,4
1.466.133.2
4,487,819,0

Specie.
S
108,504,8
104,273,2
101,006,5
104.736.0
104,678,7
101.471.0
97,829,7
96.292.1
95,857,3
93.416.1
92,655,7
90.537.4
90.131.4
90,664,8
91.076.7
91.749.8
92.493.5
92,069,3

Legal
Tenders.

Total Reserve in
Cash in Deposi­
Vault.
taries.

$
S
95,878,3 204.333.1
98,864,9 203.138.1
100.321.2 204,327,7
102.483.2 207.219.2
98,375,5 203.054.2
97,599,0 199.070,0
95,280,8 193,110,5
93,282,0 189.574.1
101,927,9 197.785.2
101,863,0 195.279.1
102,961,4 195.617.1
83.762.6 174.300.0
81,255,4 171,386,8
84.264.8 174.929.6
86,187,0 177.263.7
86.601.6 178,351,4
85,430,6 177.024.1
83.894.9 175.964.2

$
602,178,4
603,984,8
617.798.8
013,402,0
612,272,4
019.095.8
627,476,3
649.108.3
595.152.4
567,452,0
570,836,9
560,387,6
574.446.1
569,773,5
578,017,3
603.729.1
590.421.2
594.991.3

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

In addition to the returns of “ State banks and trust com­
panies in New York City not in the Clearing House,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of N ew York:
_
_
For definitions and rules under which the various items
are made up, see “ Chornicle,” V . 98, p. 1661.
The provisions of the law governing tho reserve require­
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chronicle” M a y 19 1917 (V .
104, p. 1975). The regulations relating to calculating tho
amount of doposits and what deductions are permitted in
the computation of tho reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).

STATE BANKS AND TRUST COMPANIES IN NEW YORK C ITY.
Trust Companies.
Week ended April 20.

Capital as of Mar. 14
Surplus as of Mar. 14
Loans and Investm’ts
Specie__________
Currency & bk. notes
Deposits with the F.
R . Bank of N. Y
D eposits-.............
Reserve on deposits.
P. C. reserve to dcp.

April 20
1918.

April 20
1918.

Differences from
previous week.

Differences from
previous week.

95,050.000
23.615.400
163,861,000
41,225,300
465.898.000 Inc. 7.227.600 2,027,464,000 Inc. 82,218,000
14,000
21 + 42,300 Inc.
66,200
17,014,800 Inc.
98,600
15,014,300 Inc.
850,200
23.898.400 Dec.
39.569.400
584,493,100
109.253.000
23.6%

Dec. 5,280,500 196,977,800 Dec. 7,246,800
Inc. 7,896,200 2,086,539,600 Inc. 33,248,600
Dec. 6.242.600 315,652,400 Dec. 9,793.000
0.7%
19.1% Dec.
0.6%
Dec.

Boston Clearing House Banks.— W o give below a sum­
mary showing the totals for all tho itonis in tho Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
April 20
1918.

April 13
1918.

April 6
1918.

$4,989,000
497.862.000
427.565.000
132.408.000
19.864.000
15.072.000
92.996.000
60.747.000

*4,954,000
482.407.000
411.551.000
129.428.000
19.951.000
17.815.000
92.001.000
55.751.000

2,585,000 14.961.000

12.036.000

Change from
previous week.

$4,994,000 Inc.
Loans, dlsc’ ts & Investments. 491.471.000 Dec.
Indivldual deposits, Incl.U.S. 430.780.000 Inc.
140.747.000 Inc.
19.755.000 Dec.
Exchanges for Clear. House. 17.763.000 Inc.
103.942.000 Inc.
Cash In bank & In F.R. Bank 63.121.000 Inc.
Reserve excess In bank and
Federal Reserve Bank___ 17.546.000 Inc.

$5,000
6,391,000
3,215,000
8,339,000
109,000
2,691,000
10,946,000
2,374,000

' Philadelphia Banks.— Tho Philadelphia Clearing House
statement for the week ending April 20 , with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of tho Federal Reserve system
are 1 0 % on demand deposits and 3 % on time doposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” in not a part of legal resorvo. For trust companies
not members of the Federal Reserve system tho reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
Week ending April 20 1918.
Two ciphers (00) omitted.

Mcmb’rs of
F. R. Sgst.

Capital......................
Surplus and profits.
Loans, dlsc’ts & Investm’ts
Exchanges for Clear .House
Due from banks_________
Bank deposits....................
Individual deposits..........
Time deposits........
Total deposits____ - —
U.S. dcposlts(not Included)
Res’vc with Fed. Res. Bk.

S25,975,0
67,302,0
557,207,0
19,929,0
139,658,0
173.797,0
433,994,0
4,245,0
610,036,0

Casli In vault*____
Total reserve A.cash held.
Reserve required..

16,222,0
65,705,0
44,947,0
20,758,0

49,483,0

Trust
Cos.
$5,500,0
13,873,0
46,407,0
382,0
131,0
1,333,0
31,S94,0
33,227,0
5,138,0
1,897,0
7,035,0
4,907,0
2,128,0

Total.
$31,475,0
81,175,0
603,614,0
20,311,0
139,789,0
175,130,0
465,888,0
4,245,0
645,263,0
44,690,0
49,483,0
5,138,0
18,119,0
72,740,0
49,854,0
22,886,0

April 13
1918.

April 6
1918.

*31,475,0
81,118,0
598.135.0
21.972.0
132.033.0
170.515.0
460.579.0
4.074.0
641.168.0
40.034.0
53.702.0
5.216.0
17.652.0
76.570.0
50.081.0
26.489.0

$31,475,0
81,201,0
588.095.0
24.326.0
132.455.0
172.232.0
463.994.0
4.131.0
640.357.0
28.312.0
52.639.0
5.404.0
18.100.0
76.143.0
49.733.0
26.410.0

•Cash In vault Is not counted as reserve for F. R . bank members.

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by clearing non­
member institutions which are not included in the “ Clearing Houso return” on tho preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U S E .
Loans,
Discounts,
Investments,
<fec.
Week Ending Apr. 20 1918. [Nat. banks Mar. 4\
(State banks Mar. 14/
CLEARING
NON-MEMBERS.

Capital.

Net
Profits.

Cold.

Legal
Tenders.

Silver.
Average.
$
34.000

National
Bank
A Federal
Reserve
Notes.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with Legal
Deposi­
taries.

Average.
S
7.683.000
5.063.000
7.507.000
6.853.000
7.397.000
5.366.000
7.132.000
5.428.000

Average.
8
04.000
3.000
12.000
3.000
211,000
84,000
9.000
6.000

Average.
$
9.000
13.000
27.000
323,000
10.000
3.000
46,000

Average.
Average.
Average.
$
$
S
125.000
891.000
134.000
834.000
2,000
628.000 ’ 453’,666
78.000
123.000
802.000
580.000
111.000
65.000
190.000 1,000,000 3.769.000
148.000
682,000
333.000
133.000
70.000
342.000 1.028.000
176.000
38.000
492,000
279.000
27.000
87.000

2,495,000 5,369,800 52,429,000

392,000

431,000

565,000

842,000 4,893,000 7,360,000

State Banks.
Not Members of the
Federal Reserve Bank.
100,000
480,300 2.449.000
Bank of Washington Heights.
500.000 1,003,400 10,221,000
Colonial Bank ......................
1,000,000
620.800 13.011.000
Columbia Bank......................
500.000
146,900 5.021.000
International Bank_______ _
200.000
523,000 8.762.000
Mutual Bank______________
200,000
213.700 4.338.000
New Netherland Bank______
663,400 7.642.000
100,000
Yorkvllle Bank______ _____
798.700 24.598.000
Mechanics' Bank, Brooklyn. 1,600,000
200,000
174,800 5.183.000
North Side Bank, Brooklyn. .

72.000
616,000
649.000
159.000
489.000
69.000
409, 00
090.000
128.000

60,000
340.000
357.000
73,000
230.000
296.000
379.000
937.000
116.000

133.000
131.000
657.000
141.000
611.000
799.000
281.000
286,000
538.000
347.000
232.000
143.000
457.000
123.000
428.000 1,468,000
263.000
266.000

Members of
Federal Reserve Bank
Battery Park Nat. Bank___
W . R . Grace * C o.’s bank —
First Nat. Bank, Brooklyn..
Nat. City Bank, Brooklyn..
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken..
Second Nat. Bank, Hoboken
T otal___________________

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

$
$
400.000
462.900
500.000
642.400
655.500
300.000
594.400
300.000
400.000 1,319,000
787,300
250.000
632.500
220.000
275,800
125,000

4,400,000 4,625,000 81,225,000 3,281,000

Net
Demand
Deposits.

Net
Time
Deposits.

Average.
Average.
$
S
90,000
6,868,000
750.000
3.295.000
611.000
5.917.000
413.000
5.398.000
7.224.000
505.000
4.447.000
2.967.000 3.509.000
2.837.000 2.517.000

297.000
120.000
384.000
197.000
219.000
99,000

332.000
120.000
78.000
136.000
76.000
400.000

---- -

383.000
669.000
553.000

2,186,000
10.956.000
13.314.000
4.611.000
9.021.000
4.670.000
8.116.000
24.474.000
4,709,000

886,000 2,788,00(1 2,478,000 4,856,000 2,763,000

82,060,000

1,142,000

.........

255.000
15.000
77.000
117.000
80.000
320.000
22,000

225.000
347.000
281.000
79,000
226,000

500.000
200.000

1,007,800
344,000

9.209.000
7.882.000

379,000
16,000

50.000
18.000

24.000
98.000

138.000
108.000

342.000
548.000

340.000
255.000

6.841.000 1.091.000
4.984.000 3.099.000

T otal.................. .. ...... .......

700,000

1,351,800 17,091,000

395,000

68,000

122,000

246,000

890,000

595,000

11,825,000 4,190,000




Average.
S
194.000

38,953,000 8,395, 00 1,510,000

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

Grand aggregate................... 7.595.000 11.340.600
Comparison previous week..
$188’,500 decrease
Grand aggregate Apr. 13___ 7.595.000 11.346.600
Grand aggregate Apr. 6 ___ 6.895.000 11.442.000
Grand aggregate Mar. 30___ 6, S95,000 11.442.000
Grand aggregate Mar. 23___ 0,895,000 11.616.700
Grand aggregate Mar. 16___ 6.895 onn 11.616.700
a U. S. deposits deducted, $7,093,000.

National
Bank
Circula­
tion.

150,745,000 4,068,000 1.385.000 3,475,000 3,566,000 10,639,000 10,718,000 iil32,838,000 13,727,000
+ 2,602,000 + 82,000 + 137,000 — 156,000 + 40,000 + 32,000 — 87,000 + 1,977,000 + 40,000

1,510,000
— 11,000

3.986.000 1,¥48J)00! 3,631,000 3.526.000 10.607.000 10.805.000 al30,801,000 13.681.000
3.928.000 1.245.000 3,457,000 3.484.000 10.397.000 11.865.000 128.072.000 13.561.000
3.951.000 1.182.000 3,323,000 3.182.000 10.116.000 10.685.000 127.382.000 13.231.000
3.951.000 1.182.000 3,323,000 3.182.000 10,116,000 10.685.000 127.382.000 13.231.000
3.992.000 1.158.000 3.391.000 3.322.000 10.013.000 11.494.000 126.148.000 13.208.000

1.521.000
1.517.000
1.518.000
1.518.000
1.520.000

148.143.000
145.512.000
143.466.000
143.466.000
143.493.000

^ a n l x c r s 1 (© ita ette.
Wall Street, Friday Night, April 26

1918.

The Money Market and Financial Situation.— Very
little has occurred this week to chango tho character of tlio
markets or to affect the valuo of securities dealt in in W all
Street. The volume of business, small at tho beginning,
has steadily diminished and although tho bond markot has
been relatively strong, shares have, porhaps, from sheer
inertia, shown a tendoncy to weakness.
There has been a good deal of activity on tho various
battle-fields of Europe and a brilliant coup by tho British
navy on the Belgian coast, but nothing has disturbed the
confidence and hopefulness which has prevailed in W all
Street, almost without interruption, sinco the groat German
offensive bogan more than a month ago. A t tho same time
practically all tho home news has tended to foster tho samo
spirit. A sharp advance in tho prico of silver bullion, duo
to tho onactmont of tho Pittman silvor bill, has been ono of
tho features of the week. Tho weekly weather roport indi­
cates a decided improvomont in tho growing winter wheat
and progress in spring whoat soeding. Reports from the
iron and steel industry show that in sovoral important cases
tho output is noar capacity limit.
Notwithstanding limitod shipping facilities tho interna­
tional trade statomont shows an enormous incroaso in our
exports of agricultural products, including flour.
Tho money market has been quito irregular throughout
tho woek, which is not surprising in viow of increased Govern­
ment requirement for war purposes and tho fact that the
Third Liberty Loan campaign is now at its lioight. Call
loan rates have fluctuated between 2 % and 6 % .

Foreign Exchange.— Sterling exchange remained quiet
and without noteworthy foatures. Tho Continental ex­
changes were as a rulo well maintained, Dutch exchange
being particularly strong. Pesetas wero slightly easier.
Lire ruled weak throughout.
T o-d ay’s (Friday’s) actual rates for sterling exchange
were 4 7 2 % @ 4 7 2 % for sixty days, 4 75 7-16 for cheques
and 4 76 7-16 for cables. Commercial on banks, sight
4 7 5 % @ 4 7 5 % , sixty days 4 7 1 % @ 4 7 1 % , ninety days 4 70
@ 4 7 0 % and documents for paymont (sixty days) 4 71 % @
4 7 1 % . Cotton for paymont, 4 7 5 % @ 4 7 5 % and grain for
payment 4 7 5 % @ 4 7 5 % .
To-d ay’s (Friday’s) actual rates for Paris bankers’ francs
wero 5 7 8 % @ 5 7 8 % for long and 5 7 2 % @ 5 7 2 % for short.
Germany bankers’ marks wero not quoted. Amstprdam
bankers’ guilders were 47 5-16 for long and 47 7-16 for short.
Exchange at Paris on London, 27.18 francs; week’s range,
2 7 . 1 6 francs high and 27.18 francs low.
Exchange at Ber­
lin on London, not quotablo.
Tho range for foreign exchange for tho week follows:
Sterling, Actual —
Sixty dags.
H ig h fo r th o w e e k — 4 72 %
L o w fo r th o w e e k . - . 4 72%
Paris Bankers' Francs—
H ig h fo r th e w o e k — 5 78%
L o w fo r th o w o o k — 5 78%
Germany Bankers’ M arks —
H ig h fo r th e w e e k —
------L o w fo r th o w e e k - . - . . . .
Amsterdam Bankers Guilders—
H ig h for th o w e e k - - - 47 5-1 6
L o w fo r t h o w e e k —
46 13-16

4 7552%
4 7545

'
Checks,

~ ''
Cables.
4 76%
4 76 7-16

5 71%
5 72%

5 69%
5 70%

47%
47

D om estic E xch an ge.— Chicago, par. Boston, par. St.
Louis, 5c. per $1,000 discount bid. San Francisco, par.
Montreal, $18 3 7 % per $1,000 promium. Minneapolis,
1 0 c. per $1,000 promium.
Cincinnati, par.

State and Railroad Bonds.— Salos of Stato bonds at
the Board include $6,000 N . Y . Canal 4s 1960 at 9 4 % ,
$4,000 N . Y . Canal 4s 1961 at 9 4 % and $94,000 Virginia
6 s deferred trust receipts at 40 to 50.
Tho markot for railway and industrial bonds has boon
dull and relatively strong. Of a list of 15 prominent issues
8 liavo advanced and 3 are unchanged.
Reading 4s and
Rock Island ref. 4s are 1 point or more higher than last
woek while all other changes aro fractional.
Among the strong featuros aro B alt. & Ohio, Northern
Pacific and U . S. Rubber. In addition to tho abovo tho
aotivo list includes Atchison, So. Pao., Chos. & Ohio, D is­
tilling Socurities and U . S. Steol issues.]
j
j .;nj
"United States Bonds.— Sales of Government bonds at
tho Board include $1,000 4s reg. at 1 0 5 % , Liberty Loan
3 % s at 98.84 to 99.24, L . L . 1st 4s at 96.56 to 96.80 and
L . L . 2d 4s at 96.60 to 96.82. For to-day's prices of all the

different issues andfor weekly range see third pagefollowing.
Railroad and Miscellaneous Stocks.— On a stoadily de­
clining volume of business, tho stock market has been irregu­




1773

THE CHRONICLE

A pr. 27 1918.J

lar, with a prevailing tendency to lower prices. The trans­
actions, which included about $568,000 shares on M on day,
dropped to less than half that amount on Thursday. To-day
being “ Liberty Loan D a y ,” the Exchange closed at noon and
therefore comparisons are incongruous. There has been al­
most no change in the tone of the market from day to day,
but several issues, for specific reasons, have made a record
of their own.
Tho railway list has been largely neglected throughout the
week. St. Paul has been exceptional in a decline of 2 %
points on the announcement that another directors’ meeting
had adjourned without action in regard to dividends. New
York Central and Canadian Pacific have each sagged off a
point. On the other hand, Pennsylvania, Louisville &
Nashville, Reading and Chesapeake & Ohio close fractionally
higher than last week and New Haven is unchanged.
Tho miscellaneous group has attracted a good deal more
attention with widely varying results. General Motors de­
clined 8 % points and Studebaker 5 % , while there has been
discussion of curtailing the output of passenger cars. A t ­
lantic Gulf & W . I. has covered a range of 4 % points, Cruci­
ble Steel 3 % , Inter. M erc. M a r. pref. 3 % , Baldwin Loco.
3 % , A m . Sum. T ob. 4 % and others from 2 to 3.
For daily volume of business see page 1781.
The following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:
STOCKS.
Week ending April 26.

Sales
for
Week

Range for Week.

Par. Shares S per share.
Adams Express......... 100
228 65 Apr 20
Ainor Smelters Securltie:
Apr 2
200
preferred Series A ___
Apr 24
100 95
American Snuff_____ 100
300 90 Apr 23
Am Sumatra Tob pref 100
150 101 Apr 24
Barrett preferred___100
400 1 Apr 24
Batopllas Mining------20
Brunswick Terminal. 100
50 6 Apr 22
400 69 Apr 25
Calumet & Arizona— 10
Central Foundry___ 100 6,200 39% Apr 22
Preferred ________ 100 3,450 50% Apr 25
2001202 Apr 23
Central R R of N J..100
12:107 Apr 24
Cent & So Am Teleg.100
100| 8% Apr 23
Cons Interstate Call. .10
10104% Apr 24
Detroit Edison____ 100
20! 85 Apr 26
Detroit United____ 100
300] 48 Apr 22
Elec Storage Battery 100
500 31 Apr 22
Federal M & S p ref.. 100
200 79% Apr 24
Fisher Body Corp pf.100
28; 100 Apr 22
Gen Chemical pref. .100
4001 75 Apr 24
llomestake Mining. .100
5jl09 Apr 24
Int Ifarv N J pref__ 100
105i 98% Apr 26
Int Ilarv Corp pref-.lOO
100| 30% Apr 22
Jewel Tea, Inc_____ 100
600 90 Apr 22
Preferred________ 100
16o| 89% Apr 23
Kings Co Elec L & P . 100
Kress (S H) & Co pf_100| 100102% Apr 20,102%
400 103 Apr 25403%
Liggett & Myers pref 100
Lorillard (P )............. lOOi 100 170 Apr 22 170
30 95 Apr 22! 95%
Manhattan (Elev) Ry 100
50 95% Apr 20! 96
Guaranteed stock .100
100 51% Apr 22 51%
May Dept Stores...100
190 105 Apr 25105
M St P & S S M prcf-100
100 30 Apr 22 30
National Acme___ .'.50
100 94 Apr 23 94
National Biscuit___ 100
Apr 23 111
100 111
Preferred ...............100
Nat Rys Mcx 2d pref 100 1,300 6% Apr 20' 6%
200 18% Apr 24 18%
N O Tex & Mcx v t c.100
300 4% Apr 22j 5
Peoria & Eastern___ 100
100 100
Apr 26:100
Pettibono Mull 1st pflOO
lUUilW
100| 94% Apr 24! 94%
Standard Milling ...1 0 0
400; 43% Apr 26! 46%
Stutz Motor Car..n o par
Third Avenue R y __ 100 1,200! 16% Apr 22 "
400: 39% Apr 24
Transue & W ’ms.no par
100! 77% Apr 24
United Drug 2d pref. 100
lOOf 95 Apr 22
United Dyewood pf.100
10O 14% Apr 25
U S Express...............100
500; 15 Apr 25
U S Realty & Tmpt_. 100
200! 32 Apr 20
Vulcan Dctlnning pf.100
1001 71% Apr 26
Wells, Fargo Express 100

Range since Jan. I.

$ per share. $ per share.
65
Mar 80
Jan

Outside Market.— “ Curb” trading was decidedly dull
all tho week, with prices slowly sagging until to-day, when
there was pronounced improvement in speculation, most of
tho leading issues developing activity and strength. Burns
Bros. Ice continued an active feature, and after an early
gain of over 2 points to 2 9 % , dropped to 2 5 % and recovered
finally to 2 6 % . M otor stocks were weak. Chevrolet
M otor, after an advance of 2 points to 126 in tho beginning
of the week, sold down to 120, with the close to-day at 121.
United Motors lost over a point to 25 and ends the week at
2 5 % . Submarine Boat receded from 1 4 % to 1 2 % during
the week, but to-day, on a brisk demand, jumped to 1 5 %
and closed at 1 5 % . Aetna Explosives com. moved down
from 8 % to 8 % and back to 8 % . Keystone Tiro & Rubber
com. was off from 1 8 % to 18 but sold finally at 1 8 % . Lima
Locomotive com. was comparatively active and after an
advance from 44 to 46 reacted to 42. Wright-M artin Air­
craft com. fluctuated between 8 % and 8 % , the close to-day
being at 8 % . Oils wero unusually quiet but about steady.
Houston Oil com. weakened at first from 4 2 % to 41 but
recovered to 43. Merritt Oil lost about a point to 1 8 % .
Midwest Oil com. declined from 96c. to 89c. and ends the
week at 92o. Midwest Refining sold down from 1 0 7 % to
1 0 5 % and up to 107, with tho final figure to-day 1 0 6 % . In
mining stocks activity appears chiefly in the low-prices
issued. Mother Lode in particular recording heavy trans­
actions up from 3 9 % o . to 50c., with tho close to-day at 49o.
Bonds vory dull. Russian 5 % s sold down a point to 33—
a new low level.
A complete record of “ curb” market transactions for the
week will bo found on page 1782.

1774

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly

O C C U P Y IN G T W O PAGES
______________________________________Por n e o r J o f m I« i d u r in g ( h « « a «U of atoolci u i u i l l , I n a o t l u ,
H IG H

Saturday
Apr. 20

A N D

L O W

S A L S

Monday
Apr. 22

P R IC E S — P E A

Tuesday
Apr. 23

S B A R B ,

Wednesday
Apr. 24

N O T

P E R

Thursday
April 25.

C E N T .

Friday
April 26.

Salesfor
tbs
Week
Shares.

STO CKS

NEW YORK STOCK
EXCHANGE

p r e c e d in g

PEll SB A HE
Range Since Jan. 1.
On basis of UM-share lots.

Lowest.
Highest.
3 per share 3 per share 3 per share 3 per share
%
per
share.
$
per share.
83% 833.4 8334 83-74 83
8334 83
83
2 , 3 0 0
81 Mar2
87% Jan 3
*81
82
82
*81
*80% 82
*80% 82
100
Do pref.
80 Jan 311 82% Jan 2
8934
89*4
897S 8978 *8834 90
*89
90
5 0 0
8938 Apr 2;
92 Jan 2
51% 5214 51*4 517S 507s 51% 51U 513s 4 , 1 0 0
49 Jan 2-,
56% Marl-;
*52
54
*52
54
53
53% *53
54
3 0 0
Do pref.
53 Apr 2(
57% Jan 5
41% 42% 41
42
40% 40% *4034 42
5 , 7 0 0
3S38 Feb 2,
48% Jan 2
138 138% 137% 138% 137% 138',1 138 138
4 , 9 0 0
135 Mar2, 149*4 Jan 31
55% 5634 557S 557S *55
5534 2,200
493.1 Jan If
60*s Mar 1-1
*6% 6i2 *6
6% *6
6% *0
6%
6 Apr
8*4 Jan 2
*19
20
19
19
*18% 20
*18% 20
100
Do prof,
18% Apr !
25
Jan 3
3734 38-7.4 *3734 39
37% 393.1 *37i2 39l2 7 , 2 0 0
ihlcago Mllv
37% Apr 22
4734 Jan 2
69% 69% 69% 693.4 68% 70-34 *68
69l2 5 , 4 0 0
Do prof.
66% Apr 1
79% Jan 5
91% 91% 91% 91% *90
92
*90
92
3 0 0
89% Mar2J
95 Jan 3
*120
120 150
Do prof.
137 Jan 20 137 Jan 29
19
19% 18
19% 19% 19% 18*4 "l9%
18% I83,i 18l2 18% 3 , 5 0 0
18 Apr 22
23
Jan 3
67
67
67
67% 67
67% *66i2 68
*66% 67
66
66
9 0 0
563iJan 15 69% Mar 12
56*4 573s 57% 57% 57% 57% 56% 56% 56
56
*55% 5634
9 0 0
46 Jan 15 59% Mar 12
*30% 33
*30% 313( *30 % 31
*30% 31% 30% 30% *29l2 30l2
200
26 Feb 21
31% Apr IS
*57
64*i *57
6434 *57
643,4 *57
6434 *57
64-3.4 *57
6434
Do pref.
61 Jan 11
61 Jan 29
*18% 18°3
18
18
19
19
*18% 19% *18% 19% 18
18
500
18 Apr 22
23 Jan 2
*45
50
*45
50
*45% 50
*45% 50
*45
50
*45% 50
Do
47
Apr
5
501
2^{in 4
*40
50
*40
50
*40
47
*38
48
*38
48
*38
47
Do 2d pref.
40 Apr -1 45 Mar 14
105 106
105% 105% *103 105
103% 103% *103 105
10312 10312
500
100% Apr 11 115% Feb 1
*160 170 *160 170 *160 170 *160 170 *160 170 *160 170
160 Apr 17 zl80 Jan 4
3i2 3i2 *3% 4
*3% 4
*3
4
*3% 4
*3
4
100
2% Jan i
6 Jan 3
*6*4 8%
534 6%
5
5% *4
7
*5
7
6
1,100 Do pref_____
6
5 Apr 21
1358 Jan 2
*14-% 15
14% 147« 14% 15's
143,1
14-% 14% *14%
* 1433 14*4 3,000 Erie________________________
14
Apr
17
17%
Jan 2
28->s 28% 28% 287g 283.t 29% 28% 28% 28
283s 28U 28i.i 3,500
do
ist pref___
23%Jan If
30% M arls
*19
20
20
20
20-3,4 *18% 20
20
*19
20
*19
20
900
Do 2d pref__________100
18%Jan 25 22 Marl8
89
89% 89
89
89% 8934 89% 89% 89
89
8838 8878
1,700 Great Northern pref______100
86 Jan 15 92% Feb 14
2834 29;,s 29% 30% 287S 2!)78 29
30% 29% 29% 2912 297s 28,530
Iron Ore properties..No par
25% Jan 15 30-% Apr 22
9634 963l 96-34 *95
*95
96% 96% 96% *95% 97% *9512 97
200 Illinois Central_________ joo
92 Jan 7 96*4 Apr 2
7U
738 77S
7*4
7
7% *7%
7%
7%
7'4
7's
7tS 2,900 Interboro Cons C orp..N o par
6*4 Mar25
9% Jan 3
42
42 <4 43
43% 42% 42% 41
41% *40% 42
3914 3914 1,400
Do
pref.........................100
39% Apr 20 47%Jan 3
*15
16
*15% 16
157* 16
15>2 15‘2 15% 15% *15
15l2
800 Kansas City Southern.. 100
15%
Apr
17
18*4
Jan 7
50
*47
*48
50
*48
50
50
*48
*48
50
*48
50
Do pref.........................ioo
45 Jan 5 51 Feb 1
*8
10
*8
10
*8
10
10
*8
*8
10
*8
10
Lake Erie <fe Western____ 100
9 Jan 14
10%
Feb 19
22
*18
22
*18
18
18% *18
22
*15
22
*15
22
200
Do pref.........................100
18 Apr 23 21 Feb 25
*57'2 59
58% 58% 59 % 59% 587s 587s *58
59
*58
59
400 Lehigh Valley...... ..........
50
55 Jan 15 6278 Marl 1
112 112 *111% 113 *112% 113% *112% 112% *111% 113
111% 114
300 Louisville A Nashville___ 100
110 Jan 2 118 Marl-l
*8
10
8% 8% *8% 10
*8
83.1 9
10
*8*4 9*4
800 Mlnneap * St L (neto)...100
7% Apr 17
10% Jan 3
478 47s *4% 4% *4% 5
*1‘2 . 4-3,4
4% 4% *4i2 5
200 Missouri Kansas A Texas. 100
438 Jan 5
6%Jan 2
♦7'4 8*4 *7% 8% *7% 8% *7% 8% *7% 8% *7i2 8
Do
prof.........................100
9% Jan 7
0%Jan
29
21
2 U2 21
21% 21
21% 21
21% 20
207s 20i2 20l2 5 , 4 0 0 Missouri Paolflo tr otfs___ 100
20 Jan 15 2478 Jan 2
*51
53
____
____
*51% 52% 5134 51-74 *51% 52% *51 Ig 52l2
100
Do pref tr otfs_______ 100
41 Jan 15 54% Mar 15
69
69
69% 69% 69
6978 *68% 69% 68% 68% *6814 69l2 1 , 5 0 0 New York Central............. 100
67%Jan 15 7358 Jan 4
29
28
287s 287S 29% 28% 29
28% 28% *28U 28l2 2 , 8 0 0 N Y N II & nartford_____ 100
27 Apr 11 3278Jan 2
19% 19% 19
19
*19
19% *19
19% *19
19% *19
200 N Y Ontario A Western__ 100
19*2
18%Jan 22
21% Jan 3
104% 104% 104 104
104 104
104 104 *103 101% 103% 103%
9 0 0
A Western______100
102 Jan 24 100*4 Mar 12
84
84
84*4 84-3, 83% 84% *83% 84% 83% 83% 82l2 82l2 3 , 2 0 0 Norfolk
Northern Pacific_________ 100
81%Jan 24 88% Jan 3
437s 44
4378 4378 437S 44
44
44
44% 44% 44U 4414 3 , 5 1 0 Pennsylvania_____________ 50
4334 Apr 11 47%Jan 2
10
10
100 Pere Marquette v t O - ..I I 100
10 Apr 3 14 Jan 4
____
56
56
56's 56*s
200
Do prior pref v t 0___ 100
52% Apr 3 58*4 Feb 19
Do pref v t 0_________ 100
30 Apr 5 37 Jan 11
27
27% 27% 27% 273,4 27
27% 27% 27% 2738 273S 2,800 Pittsburgh A West Va___ 100
22% Jan 2 30% Marl4
*68
69
*67% 69
*68
69
*68
69
68% 6834 *68
69
200
Do preferred_________ 100
61 Jan 10 69 Apr 19
80% 81's 80% 81-7,1 81's 83
80-7.4 821,4 803s 81% 81
8112 63,600 Reading__________________50
70%Jan 15 85% Marl8
*36'4 38
*34% 38
*34% 38
*36
38
*34% 38
Do 1st pref___________ 50
35 Jfln 12 38 Marl 4
*3512 37
*35
39
*35
39
*35
39
*35
38
Do 2d pref___________ 50
35 Mar30 38% MarlO
10
10% 10
10"4 10
10
*9% 10%
9% 9% *938 10l2
8t Lotils-San Fran tr otfs. 100
9*sApr 3
14 Jan 2
*19
20'2 *19
20% *19
20% *19
20-2 *19
20% *19
2012
8t Louis Southwestern___ 100
19% Marl2
23 Jan 7
42
*37
*35
42
*35
42
42
*37
49% *37
*37
4912
Do
pref..................
..1
0
0
40%
Jan 3
34%
Feb
13
*7
7i2 *7% 8
*7
7% *7
8
7
7
7's
200 Seaboard Air Line________ 100
7's
8% Jan 4
7 Apr 17
15's 15's *15
17
1534 153,4 *15
16% *15
16% *15
300
16l2
Do
pref.......................100
15% Apr 19
19% Jan 3
833s 8338 82% 83% 82% 83% 82% 823.1 8234 823,1
82I2 82% 6,310
80% Jan 24 88*4 Feb 27
207s 2i»4
21
21% 207s 21% 20% 21% 20% 20% 2 0 '2 205S 6,900 Southern Paclflo Co.......... 100
Southern Railway_______ 100
20% Apr 17 25% Mar 12
*58
59 % *58
59% *58% 59
58-7,4 58*4 *58% 587S 587s 587s
200
Do
pref.......................100
57 Jan 21 617s Marl 1
15
16
*13
17
*15
16
*13% 16
*13i2 16
* 1312 16
200 Texas A Pacific__________ 100
15 Apr 10
197s Feb 20
*47
49
*47
50
*47
50
47% 47% 47
47
40
50
200
Twin City Rapid Transit..100
47 Apr 12 65% Jan 31
120 120
119% 120% 119% 1207s 119% 120
118% 119
118% 119
8,350
100
Union
Paclflo____________
109*4
Jan
15
123*4
28
*70
7 1 % *70
71
*70
71
7078 707s
*70% 71
100 Do prof.................. I I 100 69 Jan 3 74% Feb
Marl 1
*5
6
*5
6
*5
6
5% 6
7%
7
712 3,600 United Railways Invest...10 0
4*4
Jan
15
7%
Apr
25
*11
12
12% *11
*11
12
143.1 15
12
12% 13
1514 1,800
Do
pref...................... 100
10% Apr 9 15% Apr 20
7*8 7*8
7% 7% *7's
7's
*7%
7% *7%
7%
7
800 Wabash_________________100
7's
7 Apr 26
9% Jan 2
*40
40% 40% 40% 40
40
39-74 40
39% 39% 39*4 3 9 3 ,
1,100
Do
pref
A..........
IIIIIlOO
39%
Apr 12 44% Jan 2
*22
23
22% 22.9 *22
22% 22
22
221,4 22
*2 2
22l2
900
Do pref B ....................100
20% Jan 15 23% Mar 8
*133,4 14% *137S 14% *1378 14%
137s 137g *133.1 14% *1358 14
100 Western Maryland (new). 100
13 Jan 15
17*4 Feb 15
*25
30
*25
30
25
25
*24
30
*24
30
*24
3 0
100
Do 2d pref___________100
20 Jan 29 31% Feb 15
*14'2 15% *14% 16
14% 14% *14% 15
*14% 15% *14
1 5 1 , 1
100 Western Pacific.................. 100
13 Jan 2
16% Feb 15
*47^ 51
51% 51% *49%
*49%
*49%
♦4912
200
Do preferred........ 11Z1100
46 Jan 3 58 I-’cb 0
*8
9
8
8
*8
9
8% 8% *778 8% *Vs "8%
600 Wheeling A Lake E Ry__.10O
8 Apr 22
10% Jan 2
*17
20
*16% 18% *16% 1S% *16% 18% *16
20
*16
20
Do preferred_________ 100
17% Apr 17 22*4 Feb 18
*34
37
*34
37
*34
37
*33
*33
37
37
*34
37„
Wisconsin
Central............
100
36
Apr
8
39%
Jan 3
j,
Industrial & Miscellaneous
*12
13% *12
1312 1 3 %
1 3 %
* 1 2
1 3 %
1 4
* 1 3 %
* 1 3 %
14
200 Advance Rumely______ 100
147s Feb 18
11 Jan 19
*30% 31% 297S 31l2 * 2 9 3 4 3 1 %
3 0 7 s
* 3 0
* 3 0
3 0 7 8
* 3 0
3 0 7 s
700
Do pref.........................100
2578Jau 15 31%Apr 22
58
58
5 8
5 8
300 Ajax Rubber Ino__________ 50
49 Jan 2 58 Apr 8
13.1 1*4 ’ ♦Is's 'T 78
13 ,1
1 %
1 %
1 %
1 %
1 %
4.200 Alaska Gold Mines_______ 110
1 * 4
1*2
278 Jan 12
1*8 Apr 25
* 1%
17S *H2 2
2
* 1 %
1 1 ,
* 1 %
2
1 %
1 %
1 %
7,900 Alaska Juneau Gold Mln’gllO
1% Apr 1
31, Jan 21
25
2512 253S 26l2 2 4 %
2 5 %
2 4 ? s
2 5 %
251,4 2 5 14
2 5 %
26l8 8,500 Allls-Chalmers Mfg v t O..100
173.1 Jan 15 2778 Feb 21
79% 80
80
80
8 0
8 0
* 7 7
8 1
* 7 7
8 1
* 7 7
81
400
72% Jan 4 83% Mar 7
Do preferred v t e___ 100
*___
85
82
83
8 5
8 2
8 4
* 8 0
8 5
* 8 2
85
600 Amer Agricultural Chem-.lOO
78 Jan 2 90 Feb 13
*92* 93i2 *92
9 3 3 , 4
9 3 3 . 1
95
* 9 3
9 5
* 9 2
9 5
* 9 2
95
100
89%
Jan 17 93*4 Apr 23
Do
pref.........................100
7234 74l2 74
7
4
3
,
75
7 3 %
7 3 3 4
7 3 %
7 3 3 4
7 3 %
7 3
73
5.200
American
Beet
Sugar____
100
70
Apr 17 84 Feb 27
♦80
97
*80
97
* 8 3
9 7
* 8 3
9 7
8 6
S O
* 8 3
100 Do pref.........................100 84 Jan 9 86
97
Feb 19
4334 45U 44% 4512 - 4 3 %
4 4 %
4 3 %
4 4 %
4 3 %
4 4 %
4 3 7 S
Ills 54,-100 American Can_________ 100
34%
Jan
15 45% Apr 22
*94
97
96
96
* 9 5 l 2
9 7
9 6
9 6
9 6 %
9 6 %
* 9 6 %
97'2
300
Do pref........................100
89%Jan 23 963, Marl 1
79
79i2 7918 803s 7 8 %
7 9 1 . 1
7 8 3 i
7 8
7 7 3 i
7 8 1 . 4
787S 15,600 American Car A Foundry. 100
7 8
68%Jan 14 80-% Apr 4
Do pref................ ....... 100
106 Jan 3 110% Feb 1
*32% 33
32l2 3 5 1 . 1
3 4 3 8
3 5 7 8
3 4 3 ,
3 7 7 S
3 8 %
3 6 7 8
3 7
38
1 6 , 8 0 0
American Cotton OU____ 100
25 Jan 16 38% Apr 25
*75
79
7 9
79
* 7 5
8 0
8 0
8 0
* 7 6
8 1
* 7 5
81
200
787SApr 8 81% Mar 8
Do pref-------------------- 100
13
13l8 13
1 3 3 8
1 3
1 3 %
* 1 2 5 S
1 3
1 3
1 3 %
* 1 2 %
131., 1 , 6 0 0 American Hide A Leather. 100
117s Jan 10 14*s Fob 26
*58
59l2 5912 6 0
5 7 %
5 9 %
5 7 3 i
5 7 %
5 9
* 5 7 %
5 S 7 8
5878 1 . 7 0 0
50 Jan 2 63% Feb 26
Do pref....................... 100
253S 25
25
25i2 2 4 5 8 2 5 %
2 5
2 5 %
2 5
2 5 %
25
2 4 %
4 , 5 9 7
11%Jan
2 26% Apr 19
American
Ice____________
100
*46
47i2 47'2 4 8
4 7
4 7
4 7 1 , 1
4 7 %
4 7 %
4 7 %
* 4 7 %
481.1 1 . 3 0 0
38*1 Jan 16 48 Apr 8
Do preferred________1100
53
54*4 * 5 3
53
53
5 4
5 2 %
5 3
5 2
♦ 5 2
5 3 %
53
3 . 7 0 0
52 Apr 25
58% Feb 1
Amer International C orp . 100
3312 33?s 33's 3 3 3 i
3 3 7 S
3 3
3 2 3 , 1
3
2
*
4
3 3 %
3 2 %
3 3 l s
3338 9 . 7 0 0 American Linseed________ 100
27 Jan 7 34% Feb 6
*73t2 75
74
74
* 7 3
7 5
7 4
7 4
* 7 3
7 4 1 * 7 3
75
5 0 0
69% Jan 7 75*s Feb 0
Do pref........................ 100
64% 65l4 6538 66*8 6 4 %
6 6 %
6 4 %
6 4
6 4
6 5 ' s
6 4
643, 2 1 ,000 American Locomotive___ 100
53% Jan 15 09% Feb 19
*96
9 7
* 9 6
9 8
9 8
9 8
* 9 5
9 9
100 Do pref........................100 z95 Jan 4 100
Feb 18
978 978
97S 10's
9 3 4
9 3 i
* 9 %
1 0 %
8 %
9 %
9
9
2 , 9 0 0
8% Apr 25
American Malting______ 100
13% Feb 6
*4412 48% 49
4 9 3 . 1
4 8
4 . 8 ' s
* 4 7
4 8
4 2 %
4 7 %
4 5
45*8 3 , 2 0 0
42%
Apr
25
Do
1st
p
r
e
f
...........
100
58%
Fob
0
*87% 115
115 120
*
1 2 2 %
1 2 5
1 2 2
1 2 1
1 2 8
1 2 0
130
1 . 3 0 0
American Shipbuilding... 100
90 Feb 21 128 Apr 24
78l,i 7878 78*4 7 9 3 . 1
7 9
7 7 %
7 6 3 i
7 7 3 ,
7 6 7 S
7 7 %
7712 1 5 , 6 0 0 Amer Smelting A Refining. 100
7 7 1 . 1
74% Apr 11 86% Feb 19
*1041.1 105
105 1 0 5
1 0 4 %
1 0 4 %
1 0 4 3 . 1 1 0 4 7 s
10 4 3 4 1 0 4 3 , * 1 0 4 % 105
6 0 0
Do pref........................ 100 101 Jan 5 loo*., Afar 2
647S 6478 65
6 5
6 5 * 2
6 5 %
6 5
6 5
6 4 %
0 4 %
* 6 4
65
1 , 8 0 0
58 Jan 15 68% Fob 19
Amer Steel Foundries____ 100
103*4 106
105U IO6I4 1 0 4 % 1 0 5
1 0 4 %
1 0 4 %
1 0 4
1 0 1
1 0 4
104
4 , 5 0 0
98 Jan 16 108% Feb 10
American
8ugar Refining.. 100
108 112 '10012 112 * 1 0 9 % 1 1 2
* 1 0 9 %
1 1 2
* 1 0 9 %
1 1 2
* 1 0 9 %
Do pref.........................100 108% Mar23 110% Jan 3
*95% 96*i
97's 98
9 4 3 . 1
9 6 %
9 0
1 0 0 %
9 8 %
1 0 0 %
9 9 %
5 1 , 9 0 0
60*4 Jan 5 100% Apr 25
Am Sumatra Tobacco___ 100
100l8 10078 100',1 100% 9 9 7 3 1 0 0 %
9 9 7 3 1 0 0 %
9 9 7 8
9 8
9 7 7 8
9812 2 2 , 8 0 0 Amer Telephone A Teleg. . 100
9773 Apr 20
Feb 1
167 168
1651.1 167*2 1 6 5 U 1 6 5 % * 1 0 5
1 6 7 %
* 1 6 5
1 7 0
1 0 6 %
i e s i 2
2,100 American Tobacco______ loo 140% Jan 5 109%
1687* Feb 6
*95
98
95
95
* 9 2 %
9 8
* 9 2
9 8
9 5
9 5
* 9 2
97
200
94 Jan 24 99 Feb 23
Do
pref
(new)...............
100
5278 53
5 2 7 S
53
53l2 5 2 %
5 1 3 4
5 2
5 2
5 2
* 5 1 %
5 2 3 ,
2 , 5 0 0
44% Jan 15 50% Feb 21
Am Woolen of Maas______ ICO
*9314 9414 *9312 9 4 %
* 9 3 1 . 4
9 4 %
9 3 7 S
9 3 78
9 3 %
9 3 %
* 9 2 %
9 5
200
92 Jan 4 9578 Mar 12
Do pref.........................100
*20
*23
25
2 5 1 2
2 2
2 2 %
2 2 %
2 2 %
* 2 2
2 4 %
* 2 2 * 4
2 4
4 0 0
20%Apr It
31% Feb 5
Am
Writing
Paper
p
re
f...
100
*13% 14% * I35s 14l2 I 3 7 s 1 4
1 3 %
1 3 %
* 1 3 %
1 4 %
* 1 3 %
1412
5 0 0
1278 Jan 18 17% Jan 3
Am Zinc Lead A 8 ......... ..,.2 5
*45
47
*45
4 6 %
* 4 5
47
* 4 5
4 7
* 4 5
4 7
* 4 5
47
41
Jan
2
Do
pref........
............
25
47
Jan 3
6334 64% 637S 645s 6 3 %
6 5
6 3 %
0 4 %
6 3 %
6 3 7 8
6 3 7 S
6 3 %
1 3 , 2 0 0
Anaconda Copper M ining..50 z59% Jan 18 66% Feb 19
110 IIOI4 110l2 110'2 1 0 8 % 1 0 9 %
1 7 0
1 0 8
1 0 7
1 0 6 3 . 1 1071a
1 0 6 %
4 , 3 0 0
97*4 Jan 5 120% Feb IS
Atl Gulf A W I 8S L in e ...100
*6U2 62
62
62
* 6 1
6 3
6 1 %
6 1 %
* 6 1 %
6 2 %
* 6 1
6 2
200
58 Jan 5 643, Mar 18
Do p ref........................ 100
80i2 82 is 813<i 83*8 S 0 %
8 2 %
8 0
8 1 7 8
8 0 7 8
8 0
8 0 %
81 1 2 7 , 6 0 0 Baldwin Locomotive Wks.100
56%Jan 15 833s Apr 22
9 7
9 7
100
93
Jan 2 100 Feb 28
Do
pref........
................100
♦86i2 88l2
881
* 8 6
8 8 %
8 7 7 S
8 7 7 S
* 8 6
8 8 %
* 8 6
88*2
100
85
Jan 4 93 Fob 19
Barrett
Co
(The)...............100
*813i 84
74% Jan 15 837S Feb 27
Bethlehem Steel Corp___ 100
'791*4 80%
OI 81*4
7 9 %
8 0 * 4
7 9
7 9
8 0 %
7 9 %
7 9
8 0
0 7 , 3 7 5
72%
Jan 15 83-% Jan 3
Do
class
B
common__
100
1015s 1045s 1043i 105% 1 0 5 % 1 0 5 7 s 1 0 5 % 1 0 5 %
1 0 6 1 ,
1 0 5 * 4
1 0 6
1 0 6 ' ,
3 , 5 0 0
96% Jan 15 106% Apr 25
Do cum conv 8% pref___
2238 23
227 23%
2 2 %
2 2 3 4
2 2 * 4
2 2 3 ,
2 2 %
2 2 %
♦ 2 2
2 3
2 , 6 0 0
21 Jan 21 26 Feb 18
Booth Fisheries___ ___No par
• Bid and asked prices; no sales on this day. 1 Ex-rights, i Loss than 100 shares?
a Ex-dlv. and rights, . Ex-dlvldend. ft Before payment of
$ per share $ per share
*83% 84% 83% 84
82
*81
813t 8 134
*88'2 90
89% 89%
51% 513<
51% 51%
*537s 54
5334 6334
393i 41
4134 43%
1387s 13914 138% 139
553j
5p*>8 56
6i2 *0% 6*2
*6
*18% 20
*19
20%
38l2 38'2 37% 38%
68% 69
67% 68
----- -—
91
91

*86
84
8

2




J

page.

PER SHARE
Range for Previous
Year 1917
Lowest

Highest

S per share
75 Deo
75 Dec
z797* I)eo
38% Deo
48% Dec
30 Deo
126 Deo
42 No\
« Deo
17% Deo
35 Nov
62% Deo
85 Deo
137% Deo
16 Deo
44 Deo
35*4 Deo
24 Nov
61*4 Oct
18 Nov
4478 Nov
41 Sopt
87 Nov
167% Deo
5 Deo
97* Deo
13% Deo
18** Deo
15% Deo
79% Deo
22% Nov
85*4 Deo
5*4 Deo
39% Deo
13% Nov
40 Nov
8% Nov
23 Oct
50*8 Deo
103 Deo
67s Deo
3% Deo
7 Nov
1978 N ov
37% Deo
62% Deo
21% Sept
17 Nov
92% Deo
75 Deo
40% Doo
12 Deo
45 Nov
37 Oct
18*4 Deo
53% Apr
60% Nov
34 Nov
337S Deo
12 Deo
22 Deo
34 Deo
7*4 Deo
167s Deo
75*4 Deo
21% Deo
51% May
11% Nov
62 Deo
101% Deo
69% Deo
4% Deo
11% Deo

$ per share
107% Jan
100% Feb
119 Jan
85 Jan
7678 Jan
82 Jan
167*s Mar
65*4 Jan
14% Jan
41*4 Jan
92 Jan
125% Jan
124% Jan
172% Feb
38% June
84% Apr
71 Apr
51 Jan
80 Jan
30 Jan
67% Jan
40 Mar
1517g Jan
238 M ar
17 Jan
41 Jan
34*4 Jan
49% Jan
39*4 Jan
118% Jan
38% M a r
100-% Jan
17% Jan
72% Jan
257a Jan
58% Jan
25% Jan
63a,i Jan
79% Jan
133*.i Jan
32% Jan
11 Jan
20% Jan
34 Jac
01 Jan
103% Jan
527s Jan
29% Jan
138%Jan
110% Jan
67*s Jan
30*4 Jan
73% Jan
57 June35*4 June
68 Jan
104% Jan
45 Jan
45% Jon
2088 June
32 Jan
53 Jan
18 Jan
39% Jan
98% M ar
33% Jan
70% Jan
19*4 Jan
95 Jan
149% Jan
85 Jan
11% Jan
23*4 Jan
15*4 Jan
58 Jan
30% Jan
23 Apr
41 Mar
18% May
48 July
227s Jan
60% Jan
54% Jan

30% Deo
18 Deo
12 Deo
20 Deo
10% Dec
35% Dec
7% Deo
16% Nov
33 Deo
7% Nov
19 Oct
45% Dec
1 Dec
1*4 Deo
15 Deo
65 Deo
91

Deo

78% Dec
29% Nov
87 Deo
57 Feb
100 Nov
21 Deo
80 Doo
10 Fob
87* July
35 Deo
10 Oot
15*4 Fob
48 Feb
46% Deo
93 Deo
8I4 Deo
60 Deo
88 Nov
67% Deo
*99% Nov
50% Deo
89% Nov
106 Deo
30 May
95*4 Deo
123 Deo
89 Deo
37% Fob
87 Nov
17 Nov
10% Deo
39% Deo
61% Nov
87% Sopt
54 Feb
43 Feb
93 Doo
82 Deo
66% Deo
zOO's Doo
93 Deo

18% Jan
37% Jan
80 Jan
11% Jan
8% Mar
32% May
807g Mar
95% May
103% Jan
1021] Feb
98 Jan
53 May
1 1 1 % June
80% Juno
118*4 May
50% Jan
101% Jan
17% Mar
107g Aug
65 July
62*4 Aug
29% Aug
75 N ot
82*4 Jan
1067s Jan
19», Mar
71% July
93 Nov
I12»i June
117%Jan
75 June
126*s June
121%Jan
02% Deo
128% Jan
220 Mar
109*4 Jan
58*4 June
100 Juno
41% Jan
72% Jan
87 May
121%Jan
66 Jan
76% July
102% Jan
130 Jan
515 Jan
150 Juno
101% Oot

first Installment.

1775

New York Stock Record— Concluded— Page 2
f o r record <»f tuiet during the week o f itocica usually Inactive, see second page preceding*
B I O

S

A N D

Saturday
April 20

L O W

8 A L U

Monday
April 22

P R IC E S — P B R

Tuesday
April 23

S H A R H .

Wednesday
April 24

N O T

P B R

Thursday
April 25.

C B N T .

Friday
April 26.

Salesfor
the
Week
Shares.

STOCKS

N E W YORK STOCK

EXCHANGE

Inductrlal&iVIHc.OCon.) Par
$ per share S ver share S ver share $ per share S per share $ per share
129% 132
130 131% *129% 131% 128% 129% 129% 129% 3,800 Burns Bros______________ 100
130 131
8% 9
9% *9
9%
*8% 9% 1,900 Butte Copper A Zinc v t c __ 5
9
9
9%
*9% 9*4
19% 19% 2,600 Butte A Superior M ining.. 10
20% 20% 20% 20% 20% 21% 20% 20% 19% 20
43
*42% 42% 1,800 California Packing___ No par
42% 42% *42
42*4 42% 43% 43% 43% 43
16
16% *16
1,900 California Petroleum____ 100
17
16% *16
17
17% 17% 167g 17% 10
Do pref_____________ 100
48
309
*47
48
*47% 48% 47% 47% *47
*47
49
48*4 49
58,109 Central Leather_________ 100
70% 65% 66% 65% 66% 65% 66
68% 69
68% 70%
Do pref............ ........... 100
*102%
103%
309
103%
103%
*102%
103%
105
*103
•102 104
103% 103%
31% 31% *31% 31% 4,250 Cerro de Pasco Cop__ No par
32
32% 317g 32
31*4 32% 31% 32
80
*77
82
78% 78% 1,020 Chandler Motor Car______100
82
80'2 80% 78
♦80
85
82
16% 16
9,100 Chile Copper_____________ 25
16
16% 167g 16% 16% 16% 10% 10% 16% 16
42% 42% 42% 4,700 Chino Copper____________ 5
42.% 42% 42% 42
42% 42
41% 41% 42
40% 40% 39% 40% 40% 40% 8,400 Colorado Fuel A Iron____ 100
42
40% 41
39% 40
40
34
34
34
34
34
800 Columbia Gas AElec____ 100
*33
34
*33
34
34
34% 34
*87
88% 88% 89
700 Consolidated Gas (N Y)._100
90
*87
90
88% *86
*85
88
88
*65
70
*65
71
*65
500 Continental Can, Inc.........100
71%
70
71%
70%
*65
70 >4 *65
61 650 Corn Products Refining...100
37% 36*4 37% 36% 37% 36% 37% 37% 39
37% 37% 37
*97
98
98
Do pref........................ 100
320
97% 97%
98% 97*4 97*4 §97*4 97% *95
*97
64% 65% 64% 65
67
65
65% 42,400 Crucible Steel of America. 100
64% 65% 65% 67% 65
*89
90
90
*89
90
Do pref........................ 100
200
*87
*89
90
89
89
89
89
29% 28% 29% 28% 28% 28% 28% 17,400 Cuba Cane Sugar_____No par
29*2 307g 29% 31% 29
80
80
80
1.000
80% 80% 80
Do pref_____________ ioo
80% 80%
81
79% 80% *80
52% 50
50% 159,700 Distillers’ Securities Corp.100
47% 47% 49% 48% 50% 49% 50% 49
47
8% 8% *8
8% *8
8%
200 Dome Mines, Ltd__
10
8% *8
8%
8% 8% *8
33% 33% *33
34
*33
34
34
800 Gaston W A W Ino_.No par
34
33% 34
34
34
141 142 *140 143
141% 142*4 141 141
1,600 General Electric................ 100
142% 143 *141 143
122 123% 122 123*4 118% 121% 116% 119% 115% 117% 116% 117% 19,300 General Motors Corp___ 1100
79
79% 79
79
*79
79
720
Do p re f........................ 100
79*4 *79% 79*4 79% 79% 79
44
44
45% 43% 44
44% 44% 7,600 Goodrich Co (B F )_______100
44*4 47% 45% 46% 44
*94
99
99% *95 100
99
99
*93
*87
99
*95% 99
300
Do pref_____________ 100
*75
76% *75
70% 76
76
*75
78
76% 76% 76
75%
800 Granby Cons M S A P___ 100
43
41% 42% *41% 43
42% 42%
43
43
43% 43*4 43
800 Greene Cananea C opper.. 100
108
111%
105 109
103 107
96
97 101
94% 94% 96
4,375 Gulf States Steel tr ctfa.-.lOO
*96 102
*96 102
*96 109
*90 102
Do 1st pref tr ctfs___ 100
*96 102
*96 102
38% 38% 38
39% 38% 39
39
38
2,510 Haskell A Barker C ar..N o par
39% 40
39% 40
51% 52% 51% 52% 73,300 Inspiration Cons Copper__ 20
50% 50% 53% 51% 54
48*4 49*4 50
*12% 15% 15 , 15% *13
*12% 15
15
66C Internat Agrlcu! Corp___ 100
13*4 13*4 *12% 15
46
43% 43% 46% 1 47
47
*43
45
47
90C
Do pref........................ 100
45
47
*40
120 121 *120% 121%
*121 122
1,000 Intern Harvester of N J..100
121 121
120*4 120% 121 121
23% 23% 23% 23% 13,900 Int Mercantile Marine___ 100
24% 23% 24
24% 24*4 24
24*4 25
86% 88
86% i 87% 86'.i 87% 29,100
89% 89*4 88% 90
87% 89
Do pref........ ............... 100
28% 28% 28% *28 A 28% 28
28
4,600 International Nickel (The) .25
28% 28% 28% 28*4 28
39% 41% 40% 41% 48,700 International Paper_____100
37%
36%
41%
36%
38%
38%
37
37%
*63 t 64
*62% 63%
*62% 63% *62% 63% 63% 64
600
Do stamped pref___ 100
*41 , 43
*42
43
43% 431? *41
43
1,000 Kelly-Sprlngfleld Tire.........25
45
*41% 45
43
32% 32
32% 32
32% 32 i 32% 32 1 32
7,600 Kennecott Copper___ No par
32% 32% 32
80 j 80
80
5,900 Lackawanna Steel________ioo
79% 82
80
80% 81*4 79% 79% 79% 80
14% *13%"' 14
*12% 13% 13% 13% 13% 13% *13% 14% *13
200 Lee Rubber A T ire ...N o par
22 , 22% *21% 22% 2,400 Loose-Wiles Biscuit tr ctfs.100
*18% 20
19% 20%
19% 20
22
20
*52
63
63
*52
*52 3., 63
*51
63
♦52
63
*55
63
75
75
*73
*73
*74
75
*74
*73 t ' 75
*73
75
75
Mackay Companies__ ...1 0 0
64
*63% 05
64
*64
64 i 64 1 *63 * 65
65
64
64
500
Do pref.................... ..10 0
*28
29% *27
*27% 29
inn
29
24% 25% *24% I 26 • *25% 26%
700 Maxwell Motor, Inc ,
*52
56
*51
57
56
53
*51
54% 53
00(
Do 1st pref__________ 100
51
*51% 53%
22
*21% 24
*20
24
Do 2d pref___________ 100
*20
23
*18 f, 23
20(
20% 20% *18
95% 957g 95
97% 94
96
92% 94% 92% 94
93% 93% 6G,80( Mexican Petroleum_____ loo
___ a
*88% 95
Do pref_____________ 100
28% 28% 28*4 28% 28% 29
5
1,700 Miami Copper__________
28% 28% 28% 28% *28% 28%
46% 46i., 46% 40*4 45% 45% 45% 46
45% 45% 45% 45% 8,75( Midvale Steel A Ordnance..50
*68
70% 68
*67
68% *67
68
68%
30( Montana Power_________100
69
69
68
68
*97
*97% 98% *98% 98%
Do pref_____________ 100
*95
98
10(
98
98
*97
98
16% 18% 17*4 18%
17
16% 17% 16% 17% *16% 17
17% ll.OOf Nat Conduit A Cable No par
14,60( Nat Enam’g A 8tamp’g ...l 0 0
50% 52
51
51% 50% 52% 51%, 52% 51% 52
50*4 51
*95
97% *95
98
98
5(
*96
98
98
♦95
Do pref_____________ 100
597*4 97*4 *96
57
*57
60
50( National Lead___________ 100
58% *57% 59
57% 57% 57
58
58
58
♦10“> 107 *105 107 ♦105 107 ♦105 106 *105 107 *105 107
19% 19%
19% 19% 4,300 Nevada Consol ConDer..
19% 19% 19% 19%
19%
19% 19%
A
19
125 125
127 128 *123 128 *124 128 *123 127% *123 127% : 40( New York Air Brake
X00
*42
45 * *40
45
*42
45
*42
•40
45
45
*40
37*4 37% 37% 39% 37% 38% 38% 38S, 18,200 Ohio Cities Gaa (The)___ 26
37% 37*4 37% 38
9% 9%
10%
10% 10% 10
9 %
10
9 %
9*4 10
9 %
5,000 Ontario Silver Mining__ 100
*32
32% *31% 32% 29% 30
30% '30%
30% 31
30% 31
5
2,400 Pacific Mall SS............
92% 91
*90% 92% ♦90% 92%
*91% 91*4 91*4 91*4 *91
91
200 Pan-Am Pet A Trans, pref. 100
45% 45
46
47
46
46% 46
42*.i 42*4 44
46 , 46lo 3,250 People’s G I- A C (C h ic)..100
23
*21
22%": 24
*21
23
*21
*21
23
23
25 i 28
3,100 Philadelphia Co (P ittsb)...50
387g 39% 37% 38
37% 37% 36% 37% 37% 37% 3,200 Pierce-Arrow M Car__ No par
*37*4 39
95
*92% 96% *92% 96% *92% 96% 93% 93% *91
*91
95
100
Do pref.................... ..100
53% 53
53
53% 52% 52% 52 £ 52
53% 54
52 1 52
2,200 Pittsburgh Coal of P a ___ 100
83
81
*80
83
83
♦81
81
*80
83
*81
*80
83
Vo pref_____________ 100
100
58% 59% 57% 58% 57% 58% 58% 59% 58% 59 * 8,500 Pressed Steel Car________100
57*4 59
95
*92% 96% *93
*93
*93 . 94
*92% 95
95
*93
94
Do pref........ .
. 100
*98 100
*98 100
*98 100
98
98
*98 100
*97 100
100 Public Serv Corp of N J ...1 0 0
115% 115% 115% 115% *115 116 *115 116
5110 116 *113 116
655 Pullman Company_______100
56%
57%
55
56%
54% 56
5434 56*4
55% 55% 55% 55% 13,900 Railway Steel 8prlng_T, n ,im)
98
*96
*96
98
98
*96
*96
98
*90 , 98
*96
98
Do pref............ ........... 100
24% 25% 24% 25
24% 24% 24% 25
24*4 24 % 24*4 25
5,400 Ray Consolidated C op per..10
82% 80% 81% 80% 80% 80% 81
827g 84% 83% 84% *81
21,300 Republic Iron A Steel
100
98
*97% 98% 97% 98
*97% 98
98
*97 ; 98
*97
Do p r e f...................... 100
08
400
77
77
77 l 77
*74
77%
76
77
73% 75
*731.1 75
2,300 Royal Dutch Co ctfs dep__
7
7
7
7%
7%
*6%
8
*6% 8
7%
*6%
8
40( Saxon Motor Car C orp...100
144% 144% *142 , 150 ♦142 145
*143 150 *143 150 *142 150
100 Scars, Roebuck A Co........ 100
*16% 17% 17
17
*16% 17
*16% 17% 16% 16% ♦16
16%
„ in
300 Sbattuck Arlx Copper
287g 29% 28% 28*4 27% f 28l,i 27% 28
27%; 28% *27% ' 28
7,800 Sinclair Oil A Ref*g___No par
60%
60
60%
60%
59%
59
59
58 i 58
58%
♦56
60
3,300 Hloss-Shoffleld Steel A Iron 100
36
38% 33% 36% 33%' 35% 34% 36% 80,000 Studebaker Corp ( T h e ) ...100
37% 39
38% 39
90
*80
90
*80
*80
90
90
*80 j 90
*80
*80
90
Do pref_____________ 100
37
36% 37% 37% 37% 36*4 36% *36%' 37% 37
37% 40% 7,200 Superior Steel Corp’n___ 100
99
*96
♦96
*91% 97
99
*96
99
*94% 99
*96 102
1713 17% 17% 17% 17% 171? 17% 18% 18% 18% 12,900 Tenn Copp A C tr ctfs.N o par
17% 17%
144 146
144 145 *143% 145
147 147% 146*4 148% 145% 147
4,100 Texas Company (The)___ 100
54% 55*8 54% 54% 54% 54% 53% 54% 53% 53% 12,050 Tobacco Products Corp__ 100
54.2 55
♦87
91% *87
91-2 *87
*87% 91% *87% 92
91% *87
911,.
Do pref........ ............... 100
*100 105% *99% 105% *99% 103% *99% 103% *99% 10312 *99% 103%
U n d e r w o o d
T y p e w r i t e r _ _ I O O
*
*75
*72
80
80
68
*75
80
75
75
*75
80
100 Union Bag A Paper C orp .. 100
40
*39
40
39%
39
40
39%
40
*38% 40
39% 40% 1,400 United Alloy Steel_____No par
90% 89% 90
89% 89% 89% 89% *87% 87% 5,700 United Cigar Stores.......... 100
897g 90% 90
♦102 112 *102 112 *102 112 *102 112 *103 112 *102 112
Do pref_____________ ioo
122% 124 *121 123 *121 122% 121% 122 *121 122
*121 123
1,300 United Fruit...................... 100
*13
15
*13
15
*12% 15
*13
14%
*13% 14% *1234 15
U S Cast I Pipe A Fdy___ 100
45
♦41
*41
45
45
*41%
*41
45
*41
45
Do pref...... ........... ......100
43*4 43*4
100
125 126% 124% 126
123% 125% 123% 124 228,300 U S Industrial Alcohol___ 100
125 >2 120
124% 126
§96
96
*95
98
98
97
97
*95
*96
97*4 *96
97
Do pref................ ....... 100
115
56%
58%
56%
57%
59
68% 57%
57% 58% 57% 58% 24,700 United States Rubber___ 100
55
102% 102% 103 103
*103 104% 104 104% §102% 102% 104 104
740
Do 1st preferred.......... 100
38
39
38
*37% 3S%
38
*37% 38% *38
38
300 U 8 Smelting Ref A M ........ 50
44
43% 43% *42% 43%
44
*42% 44
*43% 44
Do pref_____ ________ 50
200
94% 95% 94% 95% 93% 94% 94% 95% 334,400 United States Steel C orp .. 100
94% 9 6 %
91% 96
110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 1,683
Do pref_____________ 100
81% 80
80% 79% 79% 79% 79% 4,500 Utah Copper........................ 10
80
80% 80% 81
80
13% 13% *12% 13% *12% 13% *12% 13% *12% 13% 12% 12%
200 Utah Securities v t c ______100
47
44% 44% 44% 44
43
46% 47
43
43
46% 46% 17,425 Vlrglnla-Carollna Cbem__ 100
104% 101% *102% 106 *103 108 ♦103 108
*102 107 *102 107
100
Do pref........................100
♦67
70
68% 08% *68> i 70
*67% 70
*68
70
69
69
200 Virginia Iron C A C .......... 100
94% *92
94*4 04*4 94% 94% 93% 94% 93% 93% *93
93%
800 Western Union Telegraph.100
41
40% 41
41% 41
41% 40% 40% 40
40% 40% 40% 5,000 Westlnghouso Flee A Mfg._50
65
*60
65
*60
*61
65
*60
*60
65
*61
65
42
42% *42
42% *41% 42% *41
42.* 42
*41
42
42%
300 White Motor_____________ 60
17% 17% 17% 17%
17% 17% 16% 17% 17% 17% 17% 17% 12,200 Wlllys-Overland (The)........ 25
81% *90 100
82
82
82
*82% 83% *81
*79
82
83
300
Do pref (new)________100
54
55
55
*54
55
*53% < 54% 53% 53%
55
55
*54
500 Wilson A Co, Ino, v t C...100
114% 114% *113 115
112 112 *112% 114
115 115
115% 115%
400 Woolwortb (F W )...............100
*112 120% *112% 120% *115 121 *115 120 *115 121 *115 121
Do pref........................ 100
43
*43
43% *4212 43*2
43% 43% 43% *42% 43% 43
♦42
300 Worthington P A M r t o . 1 0 0
*89% 91
*89% 91
*87% 91
*89% 91
♦89
91
*89% 91
Do pref A___________ 100
64
64% *63% 65
04
*62
64
*63
64% 64i,i *63
65
Do pref B .................... 100
600
• B1<1 and aaked prices; no Bales on this day.
i Less than 100shares.
t Ex-right*.
a Ex-dlv. aud rlghte.
♦Certificate 1 of deposit. * Ex-dlvldend




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

Lowest.

$v e r s h a r e .

Lowest

per share.
108 F e » 5 132 Apr 20
10*4 Feb 15
8 % Apr 25
lOUJan 2 24*2 M arll
3612 Jan 3 43*2 Apr 9
12 Jan 7 18*2 Apr 15
36 Jan 5 49 Apr 15
61i2Jan 15 7338 Feb 27
10212 Marl4 *107 Mar 8
29*4 Mar 6 33*4 Feb 20
95 Feb 25
68 U Jan
17%Jan 2
14*2 Apr
39 Mar25 45*2 Feb 1
3434 Jan 29
42% Feb 19
28*4 Mar25 35 Jan 30
92%Feb 7
84 Jan .
95 Feb 19
68*4 Mar25
29% Jan 15 39 Apr 26
*9012 Jan 7 977g Mar21
52 Jan 12 68*8 Feb 19
90 Jan 2
86 Jan 31
27i2Apr 10 337g Feb 20
78ig Mar25 83 Feb 18
52% Apr 25
*33 Jan
10 Jan 4
8 Marl4
„ 39 Feb 13
3134 Mar25
12734 Jan 7_ 143% Feb 19
IO634 Jan 15 141*4 Feb 9
79 Apr 17 88 Feb 1
38 Jan 2 *50% Feb 5
96 Jan 10 100 Feb 19
74 Jan 25 79% Jan 3
38ig Jan 17 45 Feb 6
86 Jan 15 111% Apr 25
102 Jan 10 102 Jan 10
42*4Mar 4
34 Jan .
423gjan 15 54 Apr 24
15% Apr 25
10 Jan
49*4 Feb 5
38 Jan
l l li * Jan 2 130 Feb 20
21 Jan 15 31*4 Feb 23
83®g Jan 2 102% Feb 18
27 Jan 15 3078 Jan 3
24ig Jan 15 4134 Apr 26
58 Jan 22 65% Jan 3
41 Apr 2 47% Jan 11
29 Mar25 34% Feb 19
73*4 Jan 12 82 Apr 20
12 Apr 2 16 Feb 19
17*2 Jan 8 22X2 Feb 27
53 Feb 15 57 Feb 26
78% Feb 28
74 Marl8
57 Jan 4 64 Apr 22
23% Jan 15 32% Feb 19
51 Apr 24 64S4 Feb
19*4 Jan 15 26 Feb
79 Jan 5 983g Marl 2
87 Jan 15 95 Feb 23
27U Apr 12 33%Jan 31
43U Mar23 48% Jan
66 Mar20 73 Jan
95 Mar 19 100*8 Jan _
13i2Apr 8 187g Apr 22
63% Feb 26
3714 Jan 7
96 Jan 2 99% Feb 20
61*4 Apr 4
4314 Jan 7
99*4 Mar 2 105 Apr 11
17*4 Mar25 20 Mar 6
117t» Jan 12 138 Feb 27
43 Jan 2 46% Feb 23
36ig Mar25 42% Feb 13
4U Jan 22 10% Apr 8
32% Apr 19
2312 Jan 21
86 Jan 8 96 Feb 27
39% Jan 2 55 Jan 31
21 Apr 12 30 Jan 3
34 Jan 16 43% Mar 1
89*4 Jan 26 97% Mar 12
42 Jan 15 68*4 Feb 28
79*4 Jan 2 84 Feb 19
5734 Apr 20 69% Feb 19
977g Feb 13
9314 Apr 19
98 Apr 17 109% Mar 5
100*8 Jan 7 118*4 Apr 9
45i2 Jan 7 57%Apr 22
95 Jan 2 98 Feb 15
22*8 Jan 15 25*8 Apr 23
*72% Jan 15 847g Apr 22
99% Feb 19
92% Jan
70*8 Mar23 80% M arll
11 Jan 31
6*4 Apr 17
13934 Jan _ 156 Feb 15
155s Jan 17 18% Feb 19
25*4 Apr 11 39 Feb 5
39 Jan 24 60% Apr 22
3378 Apr 24 56*2 Feb 19
90 Mar27 95 Feb 6
40*4 Apr 26
3414 Mar25
95 Feb 16 95 Feb 16
18*4 Apr 25
127g Jan
136*2 Jan . 160*4 Feb 2
4812 Mar25 56*4 Feb 21
93 Feb 2
*87*4 Marl9
100 Apr 9 104*8 Mar 2
65 Jan 24 75 Apr 19
37 Jan 2 40% Apr 26
83*4 Mar28 99 Jan 23
101*4 Jan 6 106 Apr 10
116*4 Jan 16 133 Feb 18
1534 Feb 18
11*8 Apr 6
41 Mar26 47*4 Feb 1
114 Jan 5 130*4 Feb 19
95 Jan 22 99 Mar21
51 Jan 15 59*4 Feb 19
*95 Jan 15 104% Apr 4
32*2 Apr 12 48*4 Feb 19
42*g Apr 12 45*4 Feb 1
98% Feb 1
86*2 Mar25
108 Mar25 112% Jan 31
76*4 Mar25 85*4 Feb 19
11>2 Jan 2 15% Feb 18
33*4 Jan 2 47 Apr 24
98 Jan 16 104% Apr 23
50 Jan 5 70% Mar22
85*s Jan 2 95% Apr 15
38*2 Jan 17 43% Feb 19
59 Jan 11 64% Feb 20
36*4 Jan 2 45% Feb 20
15*2 Jan 15 22 Jan 3
75 Jan 3 82% Marl9
59 Jan 19
45*4 Jan 2
110 Mar25 120%Jan 3
34 Jan 4
85*s Feb 5
59 Jan 18

$

PER SHARE
Range for Previous
Year 1917

12*4 Deo
33*4 N ov
10*4 Deo
29*2 Nov
55 Deo
97 Deo
25 Dec
56 Nov
11% Nov
35% Nov
29*4 Nov
25% Nov
76% Deo
76 Nov
18 Feb
88% Nov
45*4 Deo
83 Deo
24% Nov
74% Dec
11*4 May
6% Nov
28 Feb
118 Deo
7412 Nov
72*4 Deo
32% Deo
*91% Deo
65 Nov
34 Nov
77 Nov
101% Nov
27% N ov
38 Nov
7*4 Nov
26% Nov
100*4 Nov
17% Deo
62% Feb
24% Deo
18% Nov
60% Nov
36% Deo
26 Nov
68 Nov
10% Nov
12% N ov
65 Jan
70 Nov
57% Deo
19% Nov
49 Deo
13 Nov
67 Deo
84% Nov
25 Nov
39% Dee
*58*4 Deo
96% Deo
13% Dee
24 Feb
90% M ay

37% Dec
99 Dec
16 Nov
98 Nov
39 Dec
31% Oct
3% Nov
18 Feb
87 N ov
35 Deo
24% Deo
25 Dec
88 N ov
37% Deo
74 Deo
49 Dec
*90 Nov
99 Deo
106*4 Deo
36% Nov
88% Deo
19% Nov
60 Feb
89 Deo
59

M ay

4% Nov
123% Deo
15 Deo
25% Deo
33% Nov
33% Nov
85 Nov
30*4 Nov
98 Deo
11 Nov
114*4 Deo
42% Deo
*88 Dec
*83 Deo
69% Deo
34*2 Deo
81% Nov
98% Deo
*105 Deo
10 Nov
42 Deo
98% Nov
88 Nov
45 Dec
91 Deo
40 Deo
43% Nov
79*2 Dec
102*4 Deo
70*4 Deo
9% Deo
26 Nov
97 Deo
48 Feb
*78 Dee
33*4 Deo
52% Deo
33% Nov
15 Nov
89 Nov
42 Nov
99% Deo
113 Dee
43% Apr 19
23% Feb
91%Apr 6
88 Nov
61*4 Apr 23
50 M ay

• Par $10 per share.

| Highest

$ per share $ per share
125% Apr
89 Jan
52% Jan
42*4 Aug
30% Jan
62% Jan
101%Jun
115% Jan
41 Feb
104*4 Mar
27% M a r
63*4 Mar
58 June
47 % Apr
134% Jan
103% June
37% July
112%Jan
91% July
117*4 Jan
55% Jan
94% Jan
44% Oot
24*4 Jan
41% Aug
171*4 Jan
148% Jan
93 Jan
61% Jan
112 Jan
92% Jan
47 Jan
137 Jan
110 June
40 June
66% June
21% May
60% July
123 Jan
36% Mar
106% Oct
47% Mar
49% Jan
77 % June
64% Jan
50% May
1037g June
30 Jan
27% Jan
64 Jan
89*4 Feb
67% Jan
61*4 Jan
74% Jan
40 Jan
106% Jan
977g June
43% Apr
67% June
109% Jan
117% M ar
39 June
46*4 Oct
99*4 July
63% M ar
114 Jan
26 % June
166 Mar
72% Mar
1437g Apr
7*4 Sept
301; June
98 Jan
106% Jan
42 Jan
11*4 June
98% Aug
64% Sept
90 Aug
83% Jan
*107 Jan
131 Jan
167% Jan
58 June
101 Jan
32% Apr
94% June
105% May
73% Nov
68 Jan
238% Jan
29*4 Mar
69*4 Mar
74*4 Mar
110% Jan
108 % Jan
51*4 June
102% July
19% June
243 Jan
80% Aug
105 M ar
107 Aug
112 Jan
49% June
1277* Aug
120*4 Mar
154% Jan
24% June
63 Jan
171%June
106 June
67 Aug
114*4 Jan
67*4 Jan
52% Jan
136% May
121 % Jan
118*4 May
24*4 Jan
46 May
112% Jan
77 M ar
99*4 Jan
66 May
70% Jan
52% Jan
38% Jan
100 M ar
34% Mar
151 Jan
128% Jan
37% June
97% June
63 Jan

« Par $100 per share.

1776

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

Bid
J -D

DS
U8
0 8
U8
U8

2s consol coupon____ 01930
3s registered_________*1918
3s coupon .......... ......... *1918
Is registered__________1925
4s coupon............ ......... 1925

0 8 Pan Canal 10-30-yr 2s reg '38
U 8 Philippine Island 4s. 1914-34

Aik Low

99.24 Sale

98.81

Range
Since
Jan. 1.

High No. Loto

High

8

F-A
F-A
Dominion of Canada g fie ... 1921 A -O
Do
do
1920 A -O
A-O

953g Bale
90 Sale
8118 82
87‘2 88 I4
62
65
97 101)
80
8512
95
95%
923g 93*8
9 H4 Sale

1 8214 Sale

J - J t 82

87i2

Sterling loan 4a................ 1931 j - j t 7418 ____
Lyons (City of) 3-yr 6 a........ 1919 M- N 87i2 88 I4
87*2 8814
Mexico— Exter loan £ 5s of 1899 Q - J t 4012 45
10
.>Gold debt 4s of 1904____ 1954 J - D 30
Paris, City of, 6 -year 0s___ 1921 A - O 85 Sale
75
771«
U K of Qt Brit A I 2-yr 5s. . 1918 M- S 99 Mi Hale
3-year 5>j% notes.......... 1919 M- N 96% Sale
5-year 514% notes..........1921 M- N 93 >8 8 ale
Convertible 5M% notes.1919 F - A 98*s 8 ale
IT*tre are pricet on the baeit of I5ffl£
N Y City— 4MsCorp stock. 1960 M- 8
*H s Corporate stook___ i960 A -O
J -D
A>48 Corporate stock___ 1963 M- 8
4 % Corporate stock____ 1959 .71-N
4% Corporate stock____ 1958 M- n
4% Corporate stock____ 1957 71-N
4% Corporate stock reg .1950 M-N
New 4>4s............ ............ 1957 M- N
4>4% Corporate stock__ 1957 71 - N
3 >4 % Corporate s to ck ...1954 71 - N
N V State— 4s_______ . 1901 M- 8
J- J
J - J
Canal Improvement 4 s . . . I960 J - J
J - J
J - J
Highway Improv’ t 4M3..1903 M- S
Highway Improvt 4 M s.. 1965 7i - a
Virginia funded debt 2-3s_._1991 j - j

88 I4 89
88
88 Sale

9334
94
85
85
85
------

95*8
9612
90
90*s
83)2 Apr '18
S7i2
8334
60 Apr '18
963.1
9634
923*
92%
84 "
84 "
93%
95%
93*t» Apr '18
9073
91 14
95*3,1
90 >8
8 U2
82U
84 Apr '18
78
78^2
74)4 Mar’ 18
8734
88»4
87i 2
8834
40>4 Feb 'i s
33ig Deo '17
84
86
76
7612
99's
993s
90%
07
93
93*8
98*8
09

877*
877*

8834
877s

88

88

71
333
54

8

5
73

78
84
5312
90 U

93*4
907s
SS78
94
8 OI2
84
77
74*4
84
40

123

83*2
90
60*2
9634
84
95**
9534

94
98

92%
81
70
90
42*8

509
215
549
503

14

873.i 91*4

2
2
20

D73g 94U
9414
9412 93 14
94
16
85 14 85 A p r '18 ___
8534 85
85
1
8534 85
85
1
85i2 Mar'18
87
9434
9434 Sale 94%
3
94
97
9312
9312
3
70
1
75
76U 70
____ 96 101 July 17
91%
04i4
4
------ 98 100 N ov’ 17
94U
94U
------ 90
6
105 10734 10« 34 Mar'18
99 1041* 103 8ept'17
105 ____ 105 Apr ’ 18 ___
99 100 100U Apr '18 ___
74 Deo '17 ___
____ 79
44 Sale 44
50
95

F

F

6

87%
9314
93
85
85
85
85
93*8
93*2
76

90*2
9034
87ig
87%
87*2
86

90*8
97
78*2

94% 97*4
94M 96
ior> 10634
104*2 107*2
100*4 100*4
44

50

55
80
80
7134

59
853#
80
76

713S 78
81*2 86
82
80
77
79

80*2
823t

81
75

8434
82*2

70

73*2

09
99
85*2 89*a
70

78

70*2 79*2
80
83*2
82
72
81

Ohio A Alton RR ref g 3 s ...1949
Railway 1st lien 3 Ms.........1950
Ohio B A Q Denver Div 4s. .1922
Illinois Dlv3Ma................ 1949
Illinois Div 4a....................1949
Sinking fund is_______1919

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

82
75
85

99*8 99*8
99
99*2

103 103
00 lo 1031*
86*8 91*2
96*2 97*4
87»4 90

1st consol gold 0 s.............. 1934 A - O

M- N

U S Mtg A Tr Co ctfa of dep
Chic <k Ind C Rv 1st 5s
1930 j - j
Chicago Groat West 1st 4 s.. 1959 M- S
Ohio Ind A Loulsv— Ref Cs.1947 J - J
J ' J
J - J

100

05
80
05

05
80
100*8

72

77

05*2 73
76
81%

Ask Low
High No
90*i Feb ’ 16
84*4 Jan '13
73 ' N ov’ 17
82
821s 71 Oet T7
88 *j Sopt’ 10
96*2 113% Feb ’ 15
50U 52
52
52
4
30
36*2 11
36*2 38
99*2 Sale 90*2
1
99%
73*4 76*4 73*4
1
73*i
84i2 85*2 85
2
85
99*2 Jan '18
98*2
97 Jan T 8 ___
97% 08

MU L 8 A West 1st g*Cs._1921 M- 8
Ext A Imp s f gold 5s.-.1929 F - A
M- 8
J - J
Mil Spar A N W 1st gu 4sll947 M- S
St L Peo A N W 1st gu 5s. 1948 J - J

Low High

91*8 02*8
80% ____
81
84*8
2 2 % 25
23
98 101
84
____ 74
90
61*i
10
25
56
57
98‘2 105
80
97*4
71

50
35*4
97*8
73
82
99*2
97

62
47*»
99%
76*2
87*2
99*2
97

92*8 Apr '18
91 Mar'18 ___
81
83
10
25 Apr ’ 18 —
25 Feb ’ 18
101 Mar’ 18

91%
91
80
25
25
98

92%
91
84%
30
28

70 Feb T 8 ___
70 July’ 17
97*i Feb ’ 13
32 Mar’ 17
50
57*2 30
100% Apr '18 —
100% Apr '17

70

70

54
08

00*4
100 %

__

101

102 % 100*4 Apr '18
____ 98 Apr '18
111% Deo '16
111*2 Nov’ lO
73
77
73*4 Apr T 8
. . . . 05
98 Oct T7

98

101
101

6

3
45
21
2

74% 79
70*2 80%
01*4 70
76% 80

—
46
—
—
4

80*2
70
71%
97
94
96

84*2
74
75*2
97
94
98*2

___

98

98

___ 97*8 97%
. . . . 85
85
— - 81% 81%
. . . . 89
89
....
. . . . 70
73*s
—
7 79% 85%
n!)7u 103
___
___
....
....

100

___
__

101

....
___

1003.1 102%
98
98

___
__

73*4 73*4

95

00

J - J

J

Clove Short L 1st gu 4MS...1901 A -O
Col Midland 1st gold 4s___ 1947 J - J
F - A

Refund A Ext 4 Mo........ 1938 M-N
Ft W A Den C 1st g 0s__ 1921 J - o
A -O
Del Lack A Western—

J -D
N Y Lack A W 1st O il.-.1921 j - j
F- A
M- N

12*2 13
83*2 80*2
8^4
8*8
7*4 10
84 Salo
70*2 Sale
90% 97*2
84
95

96

01*2

46 Mar’ 18
12% Deo ’ 17
85 Apr '18
8 Apr T 8
5*8 Mar’ 18
837g
84*8
70*4
70*4
97
07
94

08*8
71
04
90
100

do
01*2
101*8

85*2
85*8
100%

101
07

7
7

03%
59
65% 74%
80
80
03

40

61%

85

90

0
8

33
5

60

5*8

8

7%
sou

00

90

73
97

Fob *10

75% 75% Apr
70
101*2 102 102 Apr
_ 957g Apr
057g
90*8 93% 93% Jan
102% Fob

_

77*4

88

76

47

105

May’ 17

M a r'll
Jan T7
62%
73*2
74*2
80 Apr ' IS
837* Mar’ 17
79 Feb T7
03*4 Apr '18
73*2 June'17
84 Nov’ 10
102 102% Oct T7
75*4 87*i 87 Deo *17
q - f
88 % May’ 15
Q- F
87
102% Jan T7
J - J
101 105 107% Aug T7
94 July'08
01*4
A -O
90
62*8 Salo
7412 Salo
85
8 U4
53% 65*2
63*8 65
60
71%
07*2

96%

100

93*2 93*8

74*2 76*8 74-2
3 73
74*2
72*8 87 Mar’ 17 . . . ■
Registered. . T__ ""
loss J - J
65
65*2 01*s
05*2 20 02*2
Refunding gold 4s............ 1934 A -O
85
70 Fob T 8
06
J - J 70
97*4
97*4 Oct T7
M -N
02 % 62 Apr T 8 ___
02
R I Ark A Louis lst4M s..l934 M- S 62
90
95
90 Feb ’ 18
96
92 100
97*2 Juno’ 17
94*4 97 100 Feb T 8
75
90
97*a July’ 15
Consol gold 5n.._ .11.1952 M -N
60 Mar’ 18
A - O 55*4 00
57
61*2 Apr T 8
P - A 03*2
59
102
Chlo Ht P M A O cons 0 s ...1930 J -D 101*4 112 104*8 Apr T 8
8312
—
85*2
Mar'18
Cons Os reduced to 3 M s.. 1930 J -D
85*2
8 Gl4 00
85% Mar'18
Debenture 5s_____ _____ 1930 M - 8
85%
111 June'17
Ch 9t P A Minn 1st g 6s 1918 M -N 100*2
118 Nov' 16
J - J 100*8
St P A 8 City 1st g 0811111919 A - O 100*8 103 100% Apr T 8
100*8
84*2 95 105% Nov’ 10
M- 8
75
82 Jan '17
104 Mar’ 18
103%
Chlo A West Ind gen g'6sll#1932 q -M 103
65
04*2
64*2
3 64
Consol 50-year 4s_____ 1962 J - J 61
90 M ay'18

J - J
Clov Cln Ch A St L gen 4a. 1993 J -D
20-year deb 4 M s ........... 1931 J - J
J -D
J “ J
J St L Div 1st coll tr g 4s.. 1990 M- fl
M- S
J - J
M -N

101

70 N ov’ 16
78*2 90*2 Jan ’ 17
07*8 Deo ’ 10

T8
T8
'18 ___
T8
’08

•No prloeFriday: latest this week a Dae Jan. d Due April. * Due May. g Due June. A Due July. * Due Aug. a Due Oat. v Due Nov. t Due Deo.




Range
Since
Jan. 1.

63
72
62
65

Chicago Milwaukee A 8 t Paul—
75
77*2 74%
Gen’l gold 4s Series A ...«1989 J - J —
Q- J
92*8 Fob '10
79
80
80
80
Permanent Is___________ 1925 J - D
67
08
67*4 66*4
Gen A ref Ser A 4Ms___ n2014 A -O
70*4
Gen ref conv Ser B 5s...o2014 F - A 76*4 70‘>8 76%
72*2 Aug '17
J - J
81
General 4 Me Series C -..el939 J - J 80*2 82% 80%
07% 70 Apr ' 18
25-year debenture 4s____ 1934 J - J 65
73*2 74 % 73*4
73*4
Convertible 4Ms_______ 1932 J -D
Chlo A L Sup Div g 5e__ 1921 J - J 95*2 . . . . 07 Jan 18
94 Feb ’ 18
Chic A Mo Rlv Div 6 s . . .1920 J - J 83*2 —
90
96
Ohio A P VV 1st g 5s........ 1921 J - J - - - - 97
79 Deo '17
1- J
91*4
106%
100
Oot
’ 17
J
J
Dubuque Div 1st 8 f 6 s .. 11920
97*8 101 104% Sept’ 17
La Crosse A D 1st 58........ 1919 J - J 94*s 103% 98 Jan ’ 18
08*4 100*8 Sept’ 17
J - 1
WIs Valley Div 1st 6 s___ 1920 J - J 97% ____ 07*8 Apr ’ 18
81*4 . . . . 85 Apr ’ 18
Mllw A No 1st ext 4M8--1934 J -I )
81*4 —
81% Feb ’ 18
Cons extended 4 Ms___ 1934 J -D
Oblc A Nor West Ex 4s 1886-1920 F - A 88 - - - - 80 Jan '18
84*8
89% 86*2 Oet ’ 17
K
A
Registered.............1886-1920
7U
70^8 70 Apr ’ 18
General gold 3M s_..........1987 M- N
Registered__________ pl987 q - F *70 . . . . 81*2 Oct ’ 16
79% 70%
80%
General 4s____________ 1HS7 M- N 70
8 OI2 80 Sopt’ 17
M- N
M- N U'J7S 100 % 99% Apr ’ 18
104*1 Deo ’ 17
A - O 104
Registered............ 1879-1929 A - O ------ ____ 109*2 Apr ’ 10
A - O 94 18 100 104 Sopi’ 17
103*2 Apr TO
A - O 92%
95*8 102
95 Mar’ 18
Debenture 5s______
1921 A -O
1
1
1
97
100
Jan T 8
A
-O
Registered...................1921
93*4 97
93*2 Apr T 8
Sinking fund deb £a.......... 0)33 M-N
01*2
104*4 Juiio'10
M -N
70%
101% Oct TO
Frem Elk A M o v f s t 08*11933 A O 104% ____ 105 Apr T 8
88 Jan T7
Man a B A N IV l8t.3Ms.1941 J - J 52 —

A-O

104
104
98*2 99*2

102
102

Week's
Range or
Last Sale

Bid

M-N
Registered___________ 1927 M -N
General 4s.......................... 1958 M- S
Ohio * E 111 ref A Imp 4s g . . 1955 J - J

05*2 95*2

100

Price
Friday
April 26

0212

81*8 89*2
68
771g
97 0 9 %
95*4 98
91*8 9134
977g 100

J J

5

94*2 97*2

8814 91

1 80

5

Railroad.
56
55 Mar’ 18 ___
Ann Arbor 1st g 4s.............. *1995 Q - J 52
81%
16
A -O
81
81% 81
80 Apr '18
Registered.................. ..... 1995 A -O ____ 82
70 ____ 73
73*2 20
Adjustment gold 4s.........*1995 Nov
85M Nov'17
07l8 73
74
74
4
74% 76
M-N
8334 Apr 'IS ___
80
83
Conv gold 4s____________ 1955 J -D
83
83
80
84
9
Conv 4s Issue of 1910___ 1900 J -D
M • 8 853S 9H 2 01 % oot T7
78 Aug '17
J - J 68
80
77
7912 77 Apr *18 ___
Trans Con Short L 1st 4s. 1958 j - j
79
79
1
79
80
Cal-Arlx 1st A ref 4Ms’’A’T062 71- 8
9934 July'17
M- 3 86 100
2
84
81*8
83%
M- 8 81
75 Apr '18 ___
76
81
Oen unified 4M«________i964 J -D
M- M 95 ____ 99*4 Oot '17
J - J 757g____ 85 8ept’ 17
J - j 107>2 ____ 12978 Aug '15 ___
71% 17
71
71*8 70%
L A N coll gold 4 s ____ 01952 M-N
A - O 107 ____ 115 July’ 17
1st sold 5s.
1934 A - O 9 4 % ____ 105 July'15
99M 99 Jan '18 ___
ail 0 p Oea A a gu g 4a___ 1918 J - J 99
86 %
861.1
12
Halt A Ohio prior 3Ms.........1925 J - J SOU 89
Registered.................. *1925 q - J ____ 8734 90M 8opt’ 17 __ .
7634 Sale 703.S
7634 13
A -O
92*4 Mar.'l7
Q - J ____ 74
783i 40
78i2 Salo 7778
30-yr conv 4>4s.......... ......1933
80 Sale 80
807s 29
J -D
112 Jan '12
J - J
PJuno A M Div 1st g 3>48 1925 M- N 801* 86 I4 82 Apr '18 - - - 72 Mar’ 18 —
75
P L K A VV VaSys ref 4a.. 1941 M- N 71
____ 82?g
M- S 8 3 ls ____ 100 Apr '17
91 ____ 95*2
95*2 15
A -O
-A
101U Nov’ 10
o n 2 ____ 99% Oot '17
J -I )
88 % Deo ’ 17
84
88
A -O
99's Mar'18 ___
Fitts Clev A To! 1st g 0 s.. 1022 A -O
99
Mar’ 18 —
MS
997g
107
Buffalo R A P gen g 5s........ 1937
85
00‘ 2 99*a Oot ’ 17
Consol 4 Ms________
1957 71-N
A - O 75 ____ 97 Nov’ 10
J - J
103's Fob ’ 10
Roch A Pitts 1st gold Gsl. 1021 -A 101 105 103 Feb ’ 18 ___
J - D 100% 107 10352 Apr ’ 18
00 Sale 90
90
A -O
70
84
84 Deo ’ 17
J -D
OO'a
96i2
1
Central of Ga 1st gold 6sl.pl945 F - A 96t2 102
88
91
88
88
1
Consol gold Ra
, 104S M-N
72
79
78 A u g’ 17
J -D
J - J 85
90 103 Mar’ 17
Mid Ga A Atl Div fia
1047 J - J 85 101% 9738 June’ 17
90 ____ 104*s Apr ’ 17
J - J
90 A u g’ 17
Cen UR A B of Ga col g Ra 1937 - N ____ 93
Cent of N J gen’lgold 6s . . .Il987 J - J 102 103 103*2 Apr ’ 18
Registered__________*1987 Q - J 101 103 102 Mar’ 18 ___
99
99
2
98*2 100
Am Dock A Imp gu 5a__ 1921 J - J
o tu 10 U4 100 A p r ’ 18
Leh A Hud Rlv gen gu g 6a.’20 J - J
M02 ____ 100*2 Jan ’ 13
65
75ls 05 Mar’ 18 ___
Cent Vermont 1st gu g 4a..«1920 Q - F
80 Apr ’ 18 ___
Ohesa A O fund A Impt 5 s ..1929 1 - J 81tg 87
95
3
M - N ____ 957g 95
9 4 % ____ 104*2 Jan "17
M -N
76 Sale 76
70
7
General gold AMs_______1992 M- 8
86*4 Mar’ 17
iVl- 8
7234 73
7234
73
24
30-ycar convertible 4MS..1930 r - A
7934 Sale 79*4
793i 41
30-ycar conv secured 6s . . 1940 A -O
84 Apr ’ 17
65'2 78
J -D
05 ____ 85*a N ov’ 16
Coal River Ry 1st gu As.. 1945 J - D

71

Chesapeake A Ohio (Con)—

99.24 5023 07 90 OQ.ftO

96.78 Sale 96.56 96.80 629 95 88 98.40
M- N 96.74 Sale 96.60 96.82 16524 04.70 07 08
Q - J 97
97 I4 Apr ’ 18
07
98
9712
97*8 97*4
Q - J 97 ____ 97% Apr ’ 18
9934 99 A p r '18
Q - F 99
99
99*4
Q -F
9S78 99
99
9934 99 Apr 'IS
105tg
1 105 105*2
O - F 105 10534 105%
Q - F 105 ____ 105 Feb ’ IS
105 105
Q - F 9612____ 97 3j Oct *17
Q -N
96l2 ____ 97's Feb '18
97*8 07*8
Q-M
80 ____ 84 D e o '17
Q- F
100 Feb '15

fo reig n Government.
Amer foreign 8 ccur 5s____ 1919 F - A
\-o
Argentine— Internal 5s ol 1909.. M- 8
M- N
Chinese (Hukuang Ky)—5s o f ’ ll J -D t

BONOS
N . Y. STOCK EXCHANOE
Week ending April 20

Bonds
Sold

W«e*'i
Range or
Last Sale

Interest
Period

Price
Friday
April 26

Bonds
Soid

BONDS
S . Y STOCK EXCHANGE
Week ending April 26

interest
Period

I n Jan. 1909 the Exchange method o f quoting bonds was changed and prices are now— "a n d interest"— except for interest and defaulted bonds.

73% 75%
100*% 102*2
95% 98
93*4 93*4

Option ante.

A pr. 27 1918.]
BONOS
N . Y . STOCK EXCHANGE
Week ending April 20

New York Bond Record-—Continued— Page 2
‘S'tt
it
“ a.

Prise
Friday
April 26

Ask Lots

Bit
Delaware & Hudson—
1st lien equip g 4>4s____ 1922
1 s t* ref 4s........................ 1943
30-rear conv 5 s......... ..... 1935
Alb A Susq couv 3 'Ab___ 1946

J - J
IM-N
A -O
A -O
M -N
Deny A R Gr 1st cons g 4 s ..1930 J - J
Consol gold 4 ’A b.......... ..1936 J - J
Improvement gold 5s___ 1928 J -D
1st A refunding 6s______ 1955 F - A
J -O
J " J
J - J
Rio Or West 1st gold 4s. .1939 J - J
Mtge A coll trust 4 s A .. 1949 A -O
M- N
J -D
Gnlri 4a
1995 J -D
Det Rlv Tun—Ter Tun 4Hs 1901 M-N
J - J
A- O
A -O
Dul Sou Shore A Atl g 5 s . . .1937 J - J
Elgin Joliet A East 1st g 6s. 1941 M -N
Erie 1st consol gold 7a.......... 192C M- 3
N Y A Erie 1st oxt, g 4 s . . . 1947 M-N
3d ext gold fis_________1919 M- S
3d ext gold 4X8............ 1923 M- 8
A-O
J -D
N Y L E A W is t gfd 7s. .1920 M- S
Erls 1st cons g 4a prior__ 1990 J - J
J - J
1st consol gen lien g 4s. 1990 J - J
J - J
Penn coll trust gold 4s. . 1951 V -A
60-year conv 4s Series A 1853 A -O
do
Scries 11_____ 1953 A -C
Gen conv 4s Series D __ 1953 A -O
Ohio A Erie 1st gold 6s__ 1982 M-N
J - J
Erie A Jersey 1st s f (Is...1965 J - J
Gencssco Ittvor 1st s f 6s.. 1967 J - J
Long Dock consol g (Js__ 1935 A -O
Coal A UR 1st cur gu 0s. 1922 M -N
Dock A Jmpt 1st ext 5s . .1943 J - J
It Y A Green L gu g 5 s .. 1946 R1-N
It Y Huso A W 1st ref 60-1937 J - J
2d gold 4 44s
. 1037 S' - A
General gold 6s______ 1940 F - A
Terminal 1st gold 5s__ 1913 M-N
Mid of N J 1st ext 5s___ 1940 A -O
Wilk A East 1st gu g fis.. 1942 J -D
J - J
Bvaiurv A T H 1st cons 6 s.. 1921 J - J
1st general gold 6a_______1942 A -O
A -O
A -O
J -D
J - J
Ft Worth A Rio Or lat 'g 4a 1928 J - J
A -O
Groat Nor C B A Q coll 4s. .1921 J - J
Q- J
1st A ref 4Ms Series A__ 1961 J - J
J - J
St Paul M A Man 4s____ 1933 J - J
1st consol gold fla_____ 1933 J - J
J - J
Reduced to gold 4X8.1033 J - J
3 -1
Mont eit 1st gold 4 s.. . 1937 1 -D
Registered______ 1937 J -D
J - J
E Minn Nor IJlv 1st g 48.1048 A -O
Minn Union 1st g Os.........1922 J - 1
Mont C let gu g 6s.......... 1937 3 - 1
Registered__
1937 3 - 1
1st guar gold 6s........ 1937 3 - J
Will A 8 F 1st gold 6s 1938 1 -D
Greon Bay A W dob ctfa " A " ___ Feb
Debenture otfs " B " .
Feb
Gulf A S 1 1st rof A t g 58..61062 J - J
Hooking Val Jet cons g4H s 1999 J - J
Registered_____
moo J - J
Col A H V 1st ext K 4s
1948 A - O
Col A Tol 1st ext 4s........ 1968 F - A
Houston Belt A Term 1st 63.1937 3 - 1
Illinois Central 1st gold 4 s.. 1961 1 - J
Registered.............. ......... 1961 J - J
1st gold 8 X s ____________ 1961 1 - 3
Registered.................... 1951 1 - 3
Extendod 1st gold 3X»---1951 A -O
Registered___________ 1951 A -O
m

- a

Week's
Range or
Last Sale

9334
80%
8512
72
101
C33,i
67%
71
49

63

July ’17
64
51

____
87
100%
73%
96ls
90
95U

87
102
101%
9812
....
---____

97U ____
G9
67

Deo ’ 10
7512 July '16
73
73
993g Deo ’ 17
00 Nov TV
IO0I2 Mar ’08
87 Mar’ lS
104 Jan T7
100 Apr T8
78
78
96'g Mar’ 18
93'2 Jan T8
99ij July T7
9434 Nov’ 15
10712 Deo T6
09
69
84 Deo T(

94
8 OI2
90
70
69
71
7G3.J
5112

1 63i2 6712
2 50
55

82

73
71
9814 194
9312 07

2

___
___
—
....

73

70i2

82

87

100
01
1 78 178
—
9618 90ig
—
9312 95
___
1

65

69

5334
533x Sale 5334
7 49ia 57U
76
73 June’ lb
79
20 75 14 79
77i2 82l2 79
4453
445g 25 42
40
45
48lg
443.1 40
45 Apr T8 —
4212 49
50>2 91 48l2 50
4978 Sale 4934
88 Apr T8 —
85% 88
87*4 93
106 7g Jan T7
80
9812 Apr T8 —
100
9812 9812
96 100 1033.1 Aug T7 —
HO’ 2 N ov’ 17 ----107 —
103 Jan T8
103 103
102ij July’ 17 . . . .
80 —
88 ---- - 85 Jan T8
85
85
717s 74*4 Feb T8 ___
65
74
75
02 100% Deo ’<)(
____ 62
01 Apr T8 ___ 61
61
____
108
Jan
T7
77l2
94 108 Jan T7
76
____ 77
62 Feb T8 ___ 62
62
23*2 Jan T7
90 102
97 Nov’ 17
____
50'2
85'2 June'17
108 Nnv’ l 1
—
—
83
75
85 Deo T7

5612 Oet '17
88
85>2 June’ 16
<J234 199 92
923j Salo 925g
94%
92i2 Apr ’ IS
8G7g 88
807g Apr T8
86i2 89
96 June’ lC
91
80
89i2
89i2 50 80ig 89l2
1071* 113 108 Apr T8 ___ 108 108
118 Apr T7
9914
93 *3 05
9312 Apr T8 ___
9312 94
85ls 99 10212 Muy’ 16
85
87
85
85
20 8 U2 85
8073 89
95ii Mar TO

__

80
86i2 80ig Deo T7
108% Jan T7
100
113 June’ 17
10458
136% May’OO
9312 ____ 93i2 Apr T8
92*g
109*4 Aug Tfl
79i2 69*4 Deo T6
Dig 87g Deo T7
7
83
77
77
1
77
77
70
70
76
4
*76
77
9812 Jan T4
69
87l2 82% Aug '17
703S ____ 75 Feb T8 ___
95
90'g Apr '17
87 Mar’ lS
8212 95
93
92 Sept'17
58ig 90
78'g Deo T7
65
81
84 N ov’ 15
6818 ____ 80 June’ 17
50l8 - ___ - - - 80 July’09

M- 8
75
A -O
77% 775g Apr T8
A -O
6514
95U Scpt’ 12
78
79
M -N
3
7934 79
71
70 Apr T8 ___
3 - 1 70
74U 75 Mar’ 18 ___
M-N
71
84
72 Fob TH ___
M- N 70
70%
J -O
89 A p r ’ 17
J - J 50U ____ 74 Feb T4
64%
J - J 631.1 t06% 04%
5
J - 1
83 Aug T2
F - A 9512
102 June’ 16
F - A 68 I4 ____ 58U Apr T8 ___
62
J - J 60
62 Mar’ lS ___
64
07
63
03
J - J
5
80 June’ 10
,1 - 1 OU2
79U 80% Nov’ 16
SprlDgf Dlv 1st g 3MS...1961 1 - 3
—
79 Mar’ 18 ___
Western lines 1st g 4s___ 1951 F - A 79
92 Nov' 10
F -A
10734 11712 May’ 10
Rellev A Car 1st 6s . . .1023 J -D
90 Jan ' 17
M- 8
97 ___
97 Mar’ 18
Ohio 8t L A N 6 gold 6s” l951 1 -D
114 F e b 'l l
j -n
90 Oot '09
62i8
Gold 3H s.................. 1961 1 -D
____ __ .
Registered_________1951 J -D ____ ____ ____
8512 89% 85% Mar’ 18 ___
Joint 1st ref 6s Series A . 1903 J -D
70ig Nov' 17
Mernph Dlv 1st g 4s
1951 J - O 68 «4 90
65 Nov’ 17
Registered . . . .
1951 J - D
Bt Louis 8ou 1st gu g 4 s.. 1931 M- 3 75i8 ____ 89 Feb T8 . . . .
89 Apr '17
J - J 73i2 98
943,t
91»i Mar’ 18
92
Int A Great Nor 1st g 6s___ 1910 M-N
82*2 Juno’ 17
James Frauk A Clear lot 4s 1959 1 -1)
7512 82
6212 59 Apr T8
59
Kansas City 8ou 1st gold 3s. I960 A -O
63 Otc ’00
Registered........ .......
1950 A - O
7714
78
3
Rof A lm pt6*............ Apr 1050 J - J 775s SO
7514
12
Kansas City Term 1st 4 s . . . 1960 J - 3 75 3alo 74%
85 Mar’ 18
Lake Erie A West 1st g 6 s.. 1937 1 - 3 78-2 90
8()3g Feb T7
81
Zd gold 5 s . . . ................ 1941 J - 1
85
8914 Mar’ 17
North Ohio 1st guar g 6 s.. 1046 \ -O
897g 85 Apr '18
Leh Vnl N Y 1st go g 4Ms . 1940 3 - J 86
89 Oct T7
Registered___ _________ 1940 3 - J 83U 93
78
78 Salo 78
Lehigh Val (Fa) eons g 4 s ..2003 M-N
1
84% 893.i 87
87
General oons 444s.......... 2003 M-N
1

__

• No price Friday; latest bid and asked

this week,

BONDS
N . Y . STOCK EXCHANGE
Week ending April 26

51

High No. Low High

94 Apr ’ IS ___ 93 14
5 80*2
8214
82i.i
3 85i2
86
86
75>2 Apr ’ 18 ___
74
1 127* Dea ’ 16
6334
____ 635g
2 00i2
71
68 Jan ’ 18 ___
68
74
72 Apr ’ 18 —
72
493.1 49
4934
18 4814
95
37 A u g’ 17

Collateral trust gold 4a__ 1052
R o s t e r e d ....................1052
1st refunding 4s................1965
Purchased lines 3 X « ____ 1952
L N O A Texas gold 4s__ 1953
Registered___________ 1953
Cairo Bridge gold 4s____ 1950
Litchfield Dlv 1st gold 3s. 1951
Louisv Dlv A Term g 3Ms. 1063
Registered__ ______ 1053
Middle Dlv reg 6s............ 1921
Omaha Dlv 1st gold 3 s ... 1951
&t Louis Dlv A Terra g 3s. 1961
Gold 3 H»......................3951




Range
Since
Jan. 1.

9534
82i8
86
74

39
64% 64
51
51

64
49

■922
S OQ

a Due Jan.

9288 93i2

70’ 2 83
75ig 78
6712 75
87

95

72% 78 I4
79
70
74
72

83
70
76^2
72

64% 71
5SU 5814
02
02
63
03
79

79

97

98

86 I3 91

SO

80

90

92

58

OH2

73*4 78
74% 78
78
92
85

94*4

78
87

78
90i2

6 Dus Feb.

Lch V Term Ry lot gu g 5s. . 1941 A -O
Registered_____________ 1941 A -O
Leh Val Coal Co 1st gu g 5 s.1933 J - J
Registered____ ________ 1933 J - J
1st lnt reduced to 4s____ 1933 J - J
Leh A N Y 1st guar g 4s___ 1945 M- S
Registered........................ 1945 M- S
Long Isld 1st cons gold 5 s ..51931 Q - J
1st consol gold 4s_______51931 Q - J
General gold 4 s .......... ..1938 J -D
Ferry gold 4X a........ ....... 1922 M- S
Gold 4s...................... ....... 1932 J -D
Unified gold 4s.................. 1949 M- S
Debenture gold 5s_______1934 J -D
20-year p in deb 5s.........1937 M -N
Guar refunding gold 4 s ...1949 M- 3
Registered.................... 1948 M- S
N Y 11A M R 1st con g 5s. 1935 A - O
N Y A R B 1st gold 5s___ 1927 M- S
Nor ah B 1st con g gu 5s.01932 Q -.J
Louisiana A Ark 1st g 5 s ...1927 M- S
Louisville A Nashv gen es..l93C J -D
Gold 6 s------------------------- 1937 M -N
Unified gold 4s__________ 194c J - J
Registered__
lo ir J - J
Collateral trust gold 5s . . . 1931 M- N
E 11 A Nash 1st g Os____ 191H 3 - D
L Cln A Lex gold 4XS...1931 M -N
N O A M 1st gold 6 s........ 1930 J - J
2d gold 0s-------------------J930 1 - 3
Paducah A Mem Dlv 4 s.. 1946 F - A
St Louis Dlv 1st gold 6 s .. 1921 M- S
2d gold 3 s............. ....... 1980 M- S
Atl Knox A Cln Dlv 4 s...1956 M -N
Atl Knox A Nor 1st g 5S-. 1946 J -D
Honder Bdge 1st s f g 6 s .. 1931 M - S
Kentucky Central gold 4s. 1987 3 - 3
Lex A East 1st 60-yr 5s gu 1965 A -O
L Ai N AM A M 1st g 4Hs 1945 M - 5
L A N-South M Joint 4s. . 1952 J - J
Registered............ ...61952 Q - J
N Fla A S 1st gu g 6 s........ 1937 F '-A
N A O Bdge gen gu g 4He. 1945 J - J
Fensao A Atl 1st gu g 03.. 1921 F - A
8 A N Ala cons gu g 5 s . . . 1930 F - A
_ . Qen cons gu 50-year 58.1963 A -O
L A Jeff Bdge Co *n g 4 8 ... 1946 M- 8
Manila RU—Sou lines 4 s...1936 M -N
Mex fntornat 1st cons g 4s._i977 M- S
Stamped guaranteed........ 1977 M- S
Midland Term— 1st a f g 6s.i926 J - D
Minneapolis A 8 t Louis—
1st gold 7s........................1927 J -D
Faclflo Ext 1st gold 6s
1921 A - O
1st consol gold 5s___
1931 M- N
1st A refunding gold 4 s ... 1949 M- 8
Ref A ext 50-yr fis Ser A . . 1962 Q - r
Dea M A Ft D 1st gu 4a. .1935 1 - 3
Iowa Central 1st gold fis ..1938 1 - D
Refunding gold 4„___ 195] M- S
MMtPA88Mcong48lntffU.1938 J - J
1st Ohio Term s f 4 a
nut M- N
_ M 8 S M A A 1st g 4s lnt gu.'26 j - j
Mississippi Central 1st 5 ».. 1949 3 - J
Missouri Kansas A Toxas—
1st gold 4s_____
man J -D
2 d gold 4a______
pio 9n F - A
1st ext gold 63. _
1944 M- N
1st A refunding 4s.
2064 M- 8
Gen sinking fund 4 X s .. 1936 J - J
8 t Louis Dlv 1st ref g 4 s ..2001 A - O
Dali A Waco 1st gu g fis.. 1940 M- N
Kan City A Pac 1st g 4 s ..1990 F - A
M ° K A_E 1st gu g fis___ 1942 A -O
M K A Okla 1st guar 5 s. 1042 M -N
M K A T o f T 1st gu g 6 s 1942 M- S
Gher Sh A So 1st gu g 6s. 1942 J - D
Texas A Okla 1st gu g 6s. 1943 M- S
Missouri Pacific (reorg Co)
1st A refunding 5s
1965
1st A refunding fis __
1923
1st A refunding fis
1926
General 4 s _____
Missouri Pan 1st cons g 6s 1920 M -N
40-year gold loan 4s.........1945 M - 8
1st A ref conv 5s___
i960 m - a
3d 7s extended at 4 % . . 1938 M-N
Boonv St L A 8 1st fis gu 1951 F - A
Cent Br U P Istg 4s._
1948 J -D
Pao R of Mo 1st ext g 4s 1938 F - A
2 d extended gold fis___ 1938 J - J
St L Ir M A 8 gen con g 68.1931 A -O
Gen eon stamp gug 5 s 1931 A - O
Unified A rof gold 4 s.. . 1929 J - J
Registered.............. 1929 J - J
Rlv A G D!v 1st g 4b. . 1933 M-N
Verdi V I A W 1st g fis
1928 M- H
Mob A Ohio new gold 6s.
1927 J -D
1st ext gold 6 s______
51927 O - J
General gold 4s............ 1938 M- S
Montgomery Dlv 1st g 5s. 1947 F - A
St Louis Dlv 58.. .
1927 J - D
St L A Cairo guar g 4 s ... 1931 J - 3
Nashv Chatt A St L 1st 5s 1928 A -O
Jasper Branch 1st g 6 s . 1923 J - 3
Nat Itysof Mox pr lien 4X s 1957 3 - 3
Guaranteed general 4 s ... 1977 A -O
Nat of Mex prior lien 4 Ms. .1926 J - J
1st consol 4a_______
lOfil A - O
N O Mob A Ohio 1st ref 6 s .. 1960 1 - 3
New Orleans Term 1st 4s. 1953 3 - 3
N O Tex A Mexico 1st fis. 1925 3 -D
Non-cum Income fis A . . 1938 A -O
Now York Central r r —
Conv deb (Is................
1935 M-N
Consol 4s Series A ........ 1993 F - A
Ref A Imp lX s "A ” ___ 2013 A - O
New York Cent A Hud Rlv—
Guar 3 X » ...................... 1997 J - J
Registered.................. 1997 J - J
Debenture gold 4s.......... .1934 M-N
Registered.................. 1934 M-N
Lake Shore coll g 3 X s ._ . 1998 r - A
Registered___________ 1998 P - A
Mich Cent coll gold 3 X s .. 1998 F - A
Registered .................... 1908 F - A
Battle Cr A Sturlatgu3s 19S9 J - D
Beech Crock 1st gu g 4s 193S J - J
Registered .................... 1936 3 - J
2d guar gold fis....
1936 3 - 3
3

ftD u oJ u lr.

Price
Friday
April 26
Bid
102

99

Week's
Range or
Last Sale

1 ?
GQ

Range
Since
Jan. 1.

A ll Low
High No
103 102 Mar’ i 8
102

100

80*4

100
105

Mar'18
Oot T3

87

Apr T7

963x 101

95 100 % 95 Apr T 8
8412
66
85% 85% Feb T7
95
90 July’ 17
99% Oet ’ 06
78
89 May'17
97
97 Jan T 8
72
73 Apr ’ IS
73
75
73 Apr '18
921c
92% 1041g
82
93%
85U 87%
1063g 112*4
95
98%
83*4 84
99
100*8
89
9434
10 U2 106
9314
71U 89
100%
50*2 58%
7414 77%
95*8
100%
73
75
93
95%
77% 91*4
67% 81%

High
102

91*4 95

97
72
73

97
75
79%

92% Apr T 8 ___ 92% 92%
100 Aug TO
90 Mar’ 18
87'% 90
109 Apr T 8 ___ 109 10934
94% Apr T 8 ___ 93*4 94%
83%
83*4 20 83
88 %
99 Mar’ 18
103% July'17
87 Apr T 8
106 A u g’ 17
100% Jan T 8
58% Mar’ 18
74 Apr T 8

74 Apr '18
93 Apr T 8
94 Aug T7
67% Apr 'IS
95 Foh ’05
94 101*4 96*4 Jan T 8
821c
9778 May’ 16
100 % 108% 102% Feb T 8
99
99
95U 100
86*4 102 % 93% Jan T 8
58
79
Apr’ 17
77

99

99

87

87

100% 100%
58
58%
74
79
74
74
91*4 90
67% 67%
90*4 06*4
102% 102%
10 99
99
93% 93%

Mar’ 10

91% June’ 17
104 Feb T 8
103*8 Oet. Mfi
74 ” 74
43
43%
46 Apr '18
60 Feb T5
84*4 81 Apr T 8
80
41*4 43
83% 84% 84% Apr T 8
92 Jan T7
89
94
95 Deo *16
80
71
42*4 43
47
40

62
61
28% 31
41*4
42.2
40
29
27
40
70
50
36
55%
50% 55
60
49

62
62
28% Apr T 8
32% N ov’ 17
40 Mar’ 18
30 Mar’ 18
40 Nov’ 16
69% Apr T7
58 Jan T 8
36 Apr T 8
55% Deo T7
50% Apr T 8
51 Deo T 6
40 Jan '18

104
12
11

74
41
40

104
74%
44
40

75*4 81
40% 46%
83% 86 %

15

_

60% 63
28
35
40
27

40
34

58
36

58
37

49

56%

40

40

81
85
81 Apr T 8
79
80
90% 90% 90%
6 90
90%
92
87% 89
88 Apr '18
86% 90
57
577g 152
99 Apr T 8
97% 99
98% 99%
57
60 July’ 17
60% Apr '17
82 Apr '17
100 Feb T3
97% Deo T3
83
78
78% Apr T 8
78% 80
94 100*4 Apr T7
88
92%
93
93
8 00% 95%
102 July T4
74
74
75% 74
8 72% 75
8078 Oot T7
68
68*4 08%
69%
11 66 % 71
78 8ept’ 15
100% 105% 101% Mar’ 18
101% 101%
92 Apr T 8
90%
92
92
02
65%
65%
i 65%
80
93 July't7
87% 92
90 Aug ’ 17
71% 85
77 Dec T7
95% 99 100% Apr T 8
98 101
97*8 102% 110% Mar T7
30
30 May’ 17

__

967g Feb T3
30 Oot TO
59 Deo T 6
63
60
02% Feb T 8
93*4 93*4
93
93*4
'44% 45
45
45%
93% Sale
74
72
81*4 85

93%
72
81*4

93*4
72
81*4

70% 71
71
69
78 Sale
61

70*4 Apr 'IS
70
70
77
78
92 Dec T 6
64*2 64% Apr '18
64% 67*4 8ept’ 17
63*4 Mar’ 18
75 M ar’ 17

i

23

60
92
40

63
94%
497g

18
5

91% 94%
71% 74*4
84%
80

i

70% 7434
70
70
74*4 79

so

12

61

65%

62% 6S7g

SO
95*4 Nov’ 16

83%

104

May'16

89

N ot’ 10

- 1

Beech Or Ext 1st g 3X8 51951 A - O
Cart A Ad 1st gu g 4s
1981 J -D
J -D
Moil A Mnl 1st gu g 4 s ... 1991 M- S
N J Juno R guar 1st 4»__ 1986 F -A
N Y A Harlem g 8 X » ___ 2000 M-N
N Y A Northern 1st g 59.1923 A -O
g Dus June.

1777

* Due Oct.

65%
79%
67%
71
95%

__
....

79%
79%
89% Feb T6
SO May’ 17
101 June’ 17

# Option tale,

21

79% 79%

.1778

New York Bond Record—-Continued—Page 3
Wieki
lianoe or
Last Sale

BONOS
If. Y. STOCK EXCHANGE
Week ending April 20
N Y Cent dt H R RR (O’oa.)—
N Y 4 P u 1st cons gu g la 1993
Pine Creek reg guar <3a___ 1932
EW A O o o n 1st oxt5a..M 922
H W A O T it 1st ga g 6i -.1918
Rutland 1st con g 4H$_..1941
Og dfc L Cham let gu 4a 21948
Rut-Canada 1st gu g 4a-1949
8t Lawr A Adir lat g 5a— 1990
2d gold fia...................... 1990
Utica A Blk Rlv gu g 4a_.1932
Lake Snore gold 3Ha___ 1997
Registered........ ........... 1997
Debenture gold 4a____ 1028
25-ycar gold 4a.............. 1931
Registered_________ 1931
Ka A A G R 1st gu o 6a.. . 1938
Mahon C‘1 RR lat 5a___ 1934
Pitta A L Erie 2d g 5a__ a 1928
Pitta MoJK A Y 1st gu 6a- _ 1932
2d guaranteed 6a______1934
McKcea A B V lat g Oa.lUlS
Michigan Central 5a____ 1931
Registered___________ 1931
U ................ .................. 1940
Registered ___________19-40
J L A S 1st gold 3 MS— 1951
1st gold 3 Ha__________1952
20-year debenture 4s__ 1929
N Y Chlo A St L lat g 4a_1937
Registered_________ 1937
Debenture 4s_______ 1931
\?eat Shore 1st 4a guar__ 2301
Registered___________ 2361
N Y C Lines eq tr 6s.. 1918-22
Equip truat 4^8-.1919-1925
N I Connect lat gu 4 Ha A . .1953
N Y N II A Hartford—
Non-conv deben 4s______ 1947
Non-conv deben 3 Ha____1917
Non-con7 deben 3Ha____ 1954
Non-conv deben 4a______1955
Non-conv deben 4s______1958
Con v debenture 3 H s____ 1950
Conv debenture 0a______ 19 48
Oons Ry non-conv 4a____1930
Non-conv deben 4s____1954
Non*eonv deben 4a____ 1955
Non-conv dobon 4a____ 1955
Non-conv deben 4a____ 1950
Harlem R-Pt Chea 1st 4a.1954
0 A N Y Air Lino lat 4 s .. 1955
Cent Now Eng lat gu 4s..1961
Hartford 8t Ry 1st 4s___ 1930
(lousatonlo R cona g oa._. 193?
Naugatuck HR 1st 4a___ 1981
f Y Prov & Boatou 43...1U12
NYW ’chesAB 1st ser I 4 Ha ’ 40
N IIA Derby cons cy 59. . 1918
Beaton Terminal 1st 4 a ... 1939
New England cona 5a___ 1945
Consol 4a........ .............. 1945
Provldonco Scour deb 4a. _ 1957
Prov A Springfield 1st 59.1922
Providence Term 1st 4a.. _ 1950
W A Con East lat 4 He__ 1913
N f 0 4 W ref 1st g 4a___ yl992
Registered to.OOO only..{/1992
General-la............ ..............1935
Norfolk Sou lat A ref A 5s. .1961
Norf A Sou 1st gold 5a..........1911
Norf A Weat gen gold 6s___ 1931
improvement A ext g 08..1931
New River 1st gold Oa___ 1932
N A W Ry 1st cona g -la..1996
Registered .....................1990
Dlv’l lat Hen A gen g 4a.1914
10-25 year conv 4a........1932
10-20-year conv 4a........ 1932
10-25-year conv 4 H*- - -1938
Pocah C A O Joint 4 s.. . 1941
C O A T lat guar gold 5a. _ 1922
Sclo V A N E 1st gu 2 4a. .1989
Nor Pacific prior lien g 4 a... 1997
Registered ..................... 1997
Goaeral Hen gold 3s........ o2017
Registered.................. u2047
St Paul-Duluth DIv g 4a.. 1990
St P A N P gen gold 0 a.. . 1923
Registered certificated. .1923
St Paul A Duluth lat 6a.. 1931
lat consol gold 4a______1908
Wash Cent lat gold 4«____ 1918
Nor I’ao Term Co lat g 6a. .1933
Oregon-Wash lat A ref 4a. . . 1901
Pacific Coast Co lot g 5a___ 1946
Paducah A llts lat s f 4 H a .. 1955
Pennsylvania RR lat g 4 s..1923
Consol gold 6s...................1919
Consol gold 4s...... ............ 1943
Conaol gold 4a__________ 1948
Consol 4Ha.......................I960
General 4 Ha___________ 1965
Alleg Val gon guar g 4a.._ 1942
D R H R A irgelstgu lsg ..1930
Phi la Balt A W 1st g 4a.. 19-43
Sodua Bay A Sou lat g 6s. 1924
Sunbury A Lewis lat g 43.1930
U N J RR A Can gen 4a__ 1944
Pennsylvania Co—
Guar 1st gold 4Ha.......... 1921
Registered..................... 192'
Guar3Haooll trust reg A .1937
Guar3Haooll trust ser B.1941
Guar 3Ha truat otfs C ...19 4 2
Guar 3Ha trust otfs D ...1 9 4 4
Guar 15-25-year gold I s .. 1931
40-year guar 4a otfs Ser E . 1952
Cln Lob A Nor gu 4s g ...l9 1 2
Cl A Mar lat gu g 4 H a .. .1935
Cl A P gen gu 4Hs aor A. 1912
Series B...................... .19 42
Int reduced to 3HS..1942
Series C 3 Ha................. 1918
Series D 3 Ha................. 1950
Erie A Pitta gu g 3 Ha B..1940
Series C .................... .1940
G rR A le x 1st gu g 4 Ha. 1941
Ohio Connect lat gu 4s. . . 1913
Pitta Y A Ash 1st cons 53.1927
Tol W V A O gu 4Ha A .. 1931
8crioa B 4 Ha................. 1933
Series O 4«...............
1912
P C C A St L gu 4H« A .. 1910
Series B guar................. 1912
Series C guar................. 1912
Series D 4a guar_____ 1915
Series E 3 Ha guar gold.194b
Series F guar 4a gold ....1953

Low
nigh
74i2 Mar’ IS
113 May* 15
98 Mar’ 18
98i2 Nov’ 17
80ia Aug ’ 17
03 Mur’ 18
70 Jan T 8
101 N ov’ 16
103 N ov’ lG
92 ____ 9 4 Apr ’ IS
7088 7U2 71-4 Apr ’ 18
------ 7338 721-2 Mar’ 18
8312
83’-2
83>2 84
821;
8173 Sale 817a
8312 N ov'17

linage
Since
Jan. 1.
Low High
72ia 74*2
98

9S«4

03
70

63
70

92
7L34
72*2
82
8134

94
7578
72*3
8 6 -a
86*2

88i3 ____ 104*2 Dee '15
9Ua4 ___ 10.1 May’ i7
------ 130is Jan *09
____ 123U Mar’ 12

101
101

9912 Aug ’ 17
92
92
80 Nov’ 17
87 Feb ’ l l
90 Juno’OS
7973 July’ 17
701a 70
74
7334 75*2 74
7914 82
73*a
783a
75
78i2 85 Nov’ 17
02
02
0112 61
76
70 Sale 76
75
75
73H 7G
I00i2 Jan *17
93*8 July’ 17
79'8 80 I2 8G7a Jan *18
88 U -------

8512 98
75 ------

*55'8 ------ 66 Sept* 17
*50i8 ------ 50 Oct *17
5012
*50'a 501$ 5012
56i2
56 i2
56
" 5 l " *5Gi2 56
45 ____ 46 Deo T7
84
84 Salo 8 4
60 Oct ’ 17
9I12 Jan *12
79i2 Apr ’ 10

7234 80*2
75*2 82
61
03*2
76
80
72*2 75
8678 88

50‘2 ^0*2
52
56*2
55'a 57
8334 8034

OSH------ 77U Aug ’ 17
68 --------- 79i8 Deo ’ 17
74 Apr ’ 17
____ 70
100*2 May* 16
87 July’ l l
83 Aug* 13
403.1
4012 4034 46'>a
107 Aug ’09
70
67

45

49*2

Sept’ 17
Apr ’ 10

9 <J7g Deo ’ 13

83-3a Feb ’ 14

0414
6 4 68*2
643a 657a 6 414
92H June’ 12
00 Apr ’ 18
60
60
60
04
GO 631g 03l2 Mar’ 18
8 I1.1
8414 Sale 8 4!i
S 278 84 12
106
100 100
106 ____ 106
N ov’ 16
1 0 2 i2 _____ 122
103 ____ 107i3 Oct ’ 17
8214
8U2 85
80ia 82t2 82'a
94*2 DCO ’ 16
7578
*757$ I H I 7578
74*a 7012
1237a May’ 17
1 0 4 ' 110 ~ U 714 May’ 17
IO.5I4 105*2
105 ____ 105*2 Fob *18
7818 827$ 85*8 Feb ’ 18 . . . . 83i4 85'a
953a _ _ _ 103 Sept’ 10 ___
79 Nov’ 17
75
87
8134
80*2 29 79
S0'$ 80*2 80
83 Oct ’ 17
____ 79
2 503a GU2
56*4 59
56^8
56*4
01U June’ 17
52*8 59
73*2 8934 915$ Muy’ 17
102*8 109 102 Apr *18 - I I 102"" Io'278
103*2 Sopt’ 17
____105
93** . . . . 107 Oot ’ 10
65U . . . . 887$ Mar’ 17
30*2 Doo ’ 10
61
76
1007a 109 110*8 Oct ’ 17
75
71
73i2 72*2 Apr 'IS
90
83
83
____ 83
100!8 Feb *17
____ 100
O ils ------ 99*2 July’ 17
97 i 2 -------- 10U& July 17
88
88
84 ____ 88 Jan ‘ 18
85U Apr ’ IS
85
90
84*8 85
957a 99
____ 9812
90i2
907.1
891.1
883.1 92
8914 Sale 88*1
8234 8812 89*2 Nov’ 17
7512 ____ 8 412 Sep ’ 16
84 ____ 92 Aug T7
102 Jan *93
77 —
84 ____ 92 Deo ’ 17
96*8
90*2 90*8
9534 Apr T8
97
87 Fob *17
70 Jan ’ 18
'so
81U July’ 17
’83ia 373i Deo ’ 10
84 Apr ’ 18
80 Deo ’ 17
*8734 80 Oct '17
*92"
96*4 May’ 17
9234 Dec ’ 17
93
104 Deo ’ 15
89*2
90*4 Feb ’ 12
80H
90*$ Oot ’ 12
781S
881| Fob ’ 17
7812
83 Apr '17
75
90 *8 July’ 12
7312
99 Mar’ IS
84U 99
93 M ay'14
91
90
93 May’ 10
95*2
81 *9012 983i Apr ’ 17
81
90i2 99 Dec *17
73l2
88la Sopt’ 17
90i2 "O l" 92 Nov’ 17
92 Deo ’ 17
80U 100
99 June'17
86 I4 99
88 Feb ’ 18
88
87 Mar’ 18
87
95*2 May’ 17
88

90i4
9 478
75
73
74
70i3
84
80

96*8 98
9534 90
70
*84*

88

88

87

87

BONDS
N . Y. STOCK EXCHANGE
Week oudlng April 26

Price
Frtlag
April 20

(Vo l .
Weck't
Range or
La»l Sale

106

Range
Since
Jan. 1.

Bid
.4Ak Low
High No. Low High
P C C A St L (Cca.)
91 Nov’ 17
38
90
Series G 4s g u a r .._____ 1957 M-N
92*8
Oct
’ 17
F
A
80<8-----Series I cone gu 4Hf»...19fl3
Mar’ IM
C St L A P lat cons g 5s. . 1932 A O lOOis____
Juno’ 17
Peoria A Pekin Un lat 6a 2 . . 1921 Q - F
Mar’ 10
2d gold 4H8...................51921 M-N
79*2 82
81*2
8O34 81
Pore Marquette let Ser A 5a 1956
Mar’ 18
02*2 65
lat Series 13 4s................... 1950
01i2 05
Apr ’ 18
50
50
50
PblllpDine Ry 1st 30-yr a f Is 1937 J - J 44
Jan *18
99
99
PlttdSh A L E 1st g 58......... 1940 A - O 90 ____
1st consol gold 5 a _ .______1913 J - J 96 ____ 97U Deo ’ 17
81
86
82*
Reading Co gen gold le____1997 J - J 82l2 Sale 8 Da
88i2 Oct ’ 17
Registered ______
1997 J - J ____ 81
81*4 ’ 80*
8 D4 Apr ’ 18
8 U4 83
Jersey Central coIJ g 4s ...1951 A -O
Atlantic City guar 49 g__ 1951 J - J
St Jos A Or Ial 1st g 4a____ 1947 J - J 03 ____ 60 Deo ’ 17
St LouIb A San Frau (reorg Co)
J 5 3 3 a S a l e
58
5Sl2
55l2 01
Prior Lien ser A 4 s . . _____1950
7214
60 7412
Prior lien aer B 5.?_______ 1950 J - J 7 0 * 2 7 1 * 2 71
6 134 S a l o
OU2
6:
60
67*2
-O
Cum adjust aor A 6s____A1955
44
44
51
45
4 4
S a l e
Income series A 6a.......... AI960 Oot
10L 101U
St Louts A San Frau gon 6a. 1931 J - J 102 l 10 101 Apr *18
92
92
91
96*8
General gold 5a............. 1931 J - J 91*2 92
78 May’ 16
St L A S F RR cous g 48.. 1996 J - J
90 M ay’ 17
Southw Dlv 1st g 59.-.1947 A - O
100*4 102*2
100'»4
K C Ft 8 A M cons g 69. . 1928 M -N 100*2 ____ 1005s
62
69
6 S i8 G5 Apr '18
K C Ft S A M Ry ref g 43.1930 A - O 6 6
K G A M R A B let gu 5a. 1929 A - O 81 ____ 88 July’ 17
65
68*2
00
00
St L 3 W lat g 4a bond otfs.. i960 M - N 65*2 66
50*2 50*2
2d g 4a Income bond ctfa.pl989 J - J 52i2 6i34 50*2 Jan ’ 18
57
64
57
57 Sale 57
Conaol gold la................... 1932 J -D
61
51
52
69*2
lat terra 1A uulf 5a............. 1052 J - J 54i8 53
98*2 Jan '14
n
Gray’s Pt Ter lat gu g 6a. 1917 j
59 14
69
60*2
8 A A A Paaa lat gu a 4n___ 1943 J - J ’ 59~U '5933 5914
100‘s Feb ’ 17
S F A N P lat sk fd g 5a.........1919 1 - J
71*2 71*2
70 ____ 71*2 Mar’ 18
Seaboard Air Line g 4a......... 1950 A - O
71)
7U2
71*2 Mar’ 13
70*4 74
Gold la stamped________ 1950 A -O
49
55-*4
49*2
50
Adjustment 5a...... ......... el9 49 F - A 49*2 50
5 l3 t 6GI4
52
Refunding 4a.....................I960 A - O 5134 52*3 51*i
75 Mar’ 18
78
75
76
Atl Blrm 30-yr 1st g 4a...•:1933 m . a 02
J a n
’ I S
77
77
Car Cent 1st coo g 4s____ 1949 j - j ____ 77*2 7 7
97*8 9934 99*4 June’ 17
Fla Cent A Pen lat g 6 a ... 1918 j - j
90 ____ 101 Doc *15
lat land gr oxt g 5a_____ 1930 j - j
92*2 95 103*4 Deo ’ 16
Consol gold 5 a ............. 1943 j - j
97 Aug* 17
88
95
Ga A Ain Ry l3t con 5 a .. 0 1945 j - j
92 7$____ 97 Sept’ 17
Ga Car A No 1st gu g 5a.. 1929 j - j
Scab A Roan lat 5a........ 1926 j - J 01 ____ 95 Oct ’ 17
Southern Pacific C o 72 Apr ’ 13
717a 76
o
70*8 72
Gold 4a (Cent Pao coll)-_il949
90 Feb ’ 14
D ____ 72
Registered...................*1919
75*2 79
m
a
707s
Sale
70*4
77
20-yoar conv 4a..............g1929
801$ 93U
92*2
20-year conv 5a.............__J934 J - D 9158 02 14 91*2
7733 82
80
Cent Pac 1st ref gu g 4a__ 1949 F - A 80 Salo 78*3
87*2 Sept’ 10
Registered......................... 1049F - A
87>a Fob ’ 18
85
87
86*2 83
Mort guar gold 3 H a..*1029 J -D
72*2 Feb ’ 18
70*2 75
71
72*2
Through St L 1st gu 4a_lU64 A -O
90ia 100 100 Oct ’ 17
O H A S A M A P let 5a.. 1931 M -N
9034 90*4
96*4 Jan ’ 18
2d exten 5a guar_______ 1031 J - J ____ 88* j
100*4 Jan *10
QUa V O A N Zstgu g 5S. .1921 M -N ____ 95
99*2 Apr ’ 17
81
95
Houa E A W T lat g 5 s ... 1933 M -N
81
95 100 Oot ’ 10
lat guar 6a red..............1933 M -N
H A T C 1st g 5a Int gu__ 1937 J - J 91*8 101 103*2 Aug ’ 17
91 Apr ’ 18
8 7
9 1
87
99
Gen gold 4s Int guar__ 1921 A -O
109*2 N ov’ 15
Waco A N W dlv lat g 0a '30 M -N
A A N W lat gu g 5a____ 1941 J - J ____ 10034 101*3 Dec ’ 10
Louisiana West lHtda___ 1921 J - J 97*2 105*2 lOOU Oct ’ 17
1001$ Deo ’ 17
Morgan’a La A T lat 7s_.19l8 A -O
lat gold 6a....................... 1020 J - J I I I I 100* 105 Jau ’ 10
No or Cal guar g 5s______ 1938 A - O 92*2____ 102*8 Oct ’ 17
90*4 Fob ’ 18
93*8 90*2
Ore A Cal let guar g 5a__ 1927 J - J 913S 90
So Pao of Cal—Gu g 5a . . . 1037 M- N 915s ------ 107*2 Sept’ 16
So Pao Coast 1st gu 4a g . . 1937 J - J 90 ____ 93*2 Aug '17
7334 81*2
72
71*2 7334 Apr ’ 18
San Fran Term! lat 4a__ I960 A - O
95 Nov’ 10
Tex A N O con gold 5a...1943 J - J ____ 85
78
7 0 * 4
8 2 3 *
So Pao RR 1st ref 4a____ 1955 J - J 7734 Sale 77*2
93
9 0 * i
9 3 * 4
Bouthorn— 1st cons g 5a____1994 J - J 92-*4 Sale 92H
88 lOOU Aug ’ 16
Registered___________ 1994 J - J
G178
59
6178
Develop A gen 4a rtor A__ I960 A - O GUa 0U2 61
66 Apr ’ 18
60
08*2
03
Mob A Ohio coll tr g 4 a ... 1038 M- ft 60
87
87
Mem Div lat g 4 H s-5a... 1990 3 - J 92 ____ 87 Jan ’ 18
04*8 Apr ’ IS
04*8 09*2
St Louta div lat g 4a.........1951 J - J 64*4 70
Ala Cen lat g 6a................. 1918 J - J 99>2 104 102*8 8i*pt’ 10
'877a *8778
Ala Ot Sou lat cona A 6 s.. 1943 J - O 8078 ------ 8773 Mar’ 18
90 July’ 17
87
Atl A Char A L lat A IHs 1944 J - J 81
91
95
92*2
9212
lat 30-yr 58 ser H ......... 1944 J - I 0 li2 93
70*4 Mar’ 18
70*t 70*4
Atl A Danv lat g 4a........... 1948 J - J
2d 4a.............................. 1918 J - J I I I I *80* 8 U2 Mar’ 16
75 Feb '17
AM A Yad lat g guar 4 s__ 1949 A -O
90
E T Va A Oa Div g 6s___ 1930 J - J ~82 ~ *07* 90 Mar* 18
94
94
89*4 95
97*2
Con lat gold 5a............. 19G0 M-N
99 July’ 17
94
E Ten reo Hen g 5a............ 193* M- 8 85
40 ____ 51 M a r ’ 1 8
61
63
Ga Midland lat 3a............. 1040 A -O
Ga Pao Ry 1st g 0a.......... 1922 J - J 100*2____ 1103 D e o ’ 1 7
101
98*8 101
Knox A Ohio 1st g 6a___ 1925 J - J 100 103*2 101
95 100 Sept’ 10
Mob A BIr prior Hen g 5s. 1045 J - J 85
72
G8
68 J a n ' 1 8
Mortgage gold 4a........... 1945 J - J 62
95
93 103
95 J a n ’ 1 8
Rich A Dan deb 6a stmpd.1027 A -O
73 Sopt’ 12
Rich A Mock 1st gu l a ... 1948 M-N
907$
9678 967a
So Car A Ga let g 5a......... 1019 M -N ‘ 907a ‘ 9 3 ’ 9078
102*3 June’ 1 1
Virginia M idaerD 4-5a... 1921 M- 8
Series E 6a..................... 1926 M- 8 *9338 I I I I 93 Apr ’ 18
Series F 5a.....................1931 M- S 91 ____ 10 U2 Dee ’ ir,
93
94
90
94*3 93 Apr '18
General 5 s____________ 1930 M -N
Va A So’w’n lat gu 5a. .2003 J - J 95 100 105 Mar’ 17
72*2 Jan ’ 18
72*2 72*2
70ia 84
lat cona50-year 5 s . . .1968 A -O
037$ Mar’ 17
W O A W lat cy gu la___ 1924 F - A
9534 Mar’ 17
Spokane Internal 1st g 5a. _ .1055 J - J
99i 2 93*4 Sept’ 17
85
Ter A of St L 1st g 4H *___ 1939 A -O
95
95
95 Feb ’ IS
1st con gold 5a........ .1894-194 4 F - A 87
82*t 82 Jan ’ 18
82*4
Gon refund a f x 4a_______ 1953 3 - J
St L M Bridge Ter gu g 6s 1930 A - O ____ 10U2 95*2 July’ 17
83
SQ78
85*4 Apr ’ 18
Tex A Pac 1st gold 5a........... 2000 J D H43j, 86
40's 40i8
46’s Feb *18
40
70
2d gold lno 5a_.___
/2000 M ar
89 Apr ’ 17
La Dlv B L lat g 6a..........1931 J - J ____ 93
106*2 Nov’04
W Min W A N VV lat gu 591030 F •A
Tol A O O 1st gu 58. ............. 1935 J - J *8012 *04*4 93 Apr *18
Western Dlv lat g 5e_____ 1935 A -O ------ 961$ 100 Jan *17
00 Fob '17
General gold 5a................. 1935 J -D ____ 80
66*2 80*2 70 Nov’ 17
Kan A M 1st gu g 4a......... 1990 A -O
01*4 Ueo ’ 17
2d 20-year 6s_............... 1927 J - J ____ 91
52 Au* ’ 17
Tol P A W lat gold 4a........... 1917 J - J ------ 50
80 F e b ’ 18
80
Tol St L A W pr Hen g 3H«.192-P
> J - J ____ 80
53
45 Apr ’ 18
41*2 48
50-year gold la...................1950 A -O
18*8 Mar’00
Coll tr 48 g Ser A ............... 1917 P - A
80 Apr ’ 17
Tor Ham A Buff lat g 4a..*1940 J -O ____ 87
90 N ov’ 17
Ulster A Del lat con g 5ft__ 1928 J -D -____ 95
58 Sept* 17
lat refund g 4a__________ 1952 A - O ____ 70
87
85*8 89
Union Pacific 1st g 4«...........1947 J - J 87 Sale 86*2
80 Fob '18
80
80
86
Registered___________19 47 J - J 81
86l2 85*2
86
82*4 87*2
30-year conv Aa................. 1927 J - J 86
79*4
75*2 81*4
lat A ref 4s...................... $2008 M- B 79*4 Salo 79*4
7978
7934 82*2
70*2 791o 7973
Ore RR A Nav con g 4a..1946 J -D
100*8 101
Ore8hort Line lat g 6s...1922 F - A IOU4 103 10178 102
94*8 97*2
95*4 Apr '18
lit oonso! g 5a________ 1940 J - J 94*2 97
8l7g 86
Sl?8 82*4 82U
831$
Guar refund 4s_______ 1929 J -D
08 Doe ’ 17
98
Utah A Nor gold 5a____1920 J - J 87
89
89 Fob *18
1st extended 4a......... 1933 J - J 80*8 89
80
Vandalla cona g 4s Ser A ___ 1955 F - A 75 ____ 80 Jan ’ 18
82*4 81*8 June’ 17
Consols 4 Sorloe B ........... 1967 M- N 80

__

• No price Filday; latest bid and naked, a Dae Jan* 6 Due Feb. 0 May, g Duo June. A Due July k Due Aug 0 Due Oot p Due Nov q Due Deo. t Option sale




A pr . 27 1918 J
BONDS
N. Y . STOCK EXCHANGE
Woek ending April 20

New York Bond Record-Concluded— Page 4
II

Price
Friday
April 26

Week's
Range or
Last Sale

Bid
Ask Low
High
35 Sopt’ 17
Vera Cruz & P lat gu 4K 3 .-1034 J - J
89%
89
89*2 89%
Virginian 1st6aSeries A___ 1902 M-N
93
93 Sale 923s
Wabash lat gold 6s.......... ..1909 M -N
3434 80
84% Apr ’ 18
2d gold 68..........................1939 F - A
105 Oct ’ 15
Debenture Berios B_____ 1939 J - J ____ 90
96
99 100% Mar’ 18
lat lion equip a fd g 53___ 1921 M- 8
1st lien 50-yr g term -is
1904 J - J 65 ____ 78 M a y '17
87*2 102
99 % Sept’ 17
Det «fc Ch Ext lat g 5a___ 1941 J - J
80 Aug ’ 12
Dea Moines Div let g 4S-.1939 J - J ____ 77
Om Div lat g 3H »_______1941 A -O ____ 7412 75 Apr '17
84% Jan *17
Tol A Ch Div lat g 4a___ 1911 M - 8 ____ 80
05*8 80
76 Deo ’ 17
Wash Terml lat gu 3K s___ 1945 F - A
80
85
85 D e o ’ 17
lat 40-yr guar 4a________1945 F - A
59%
59 %
5912 61
West Maryland lat g 4s___ 1952 A -O
90 Jau *18
West N Y A Pa lat g 5a___ 1937 J - J ____ 103
70 Apr ’ 18
Gen gold 4a...................... 1943 A - O ____ 85%
40 ____ 30 Oct ’ 17
Income 6a........................pi 943 Nov
81
81
Western Pao 1st aer A 5a._.1946 M ■ S 81% 82
IOO34 Apr ’ 17
Wheeling At L E 1st g 6 a ,.-.1926 A - O ____ 96
Wheel Div lat gold 5s___ 1928 J - J ____ 9934 100 Feb '17
99 % Mar’ 17
Exten A Impt gold 5«___ 1930 F - A ____ 9834
75
00 Mar* 18
Refunding 412a series A ..1966 M- S 50
55%
55%
55U 61
RR 1st consol 4a-............1949 MTruat co ctfa of deposit___
Wlnaton-8a!cm 8 B lat 4a-. 1980 - J 65% 85% 85 May* 17
713.1 72 Apr *18
Wla Cent 50-yr 1st gon 4a. 1919 J - J 70
74
75
75 Apr ’ 18
Sup A Du! div A term lat 4a '30 M -N
Street Railway
80%
Brooklyn Rapid Tran g 5a.. 1945 A - O 80___833,1 80
63
68
1st refund conv gold 4s. _ .2002 J - J ____ 68%
9734
3->ear secured notea 5 a ..-191.8 J - J 97% Bale 90%
94 Oct ’ 17
Bk City l3t con 4s._ 1916-1941 J - J ____ 91
80 May'12
Bk Q Co A 8 con gu g 5a. .1941 M -N ____ 90
Bklyn Q Co A 8 1st 5a___ 1941 J - i ____ 99% 101 May’ 13
79% 80
80 Apr ’ 18
Bklyu Un El 1st g 4-69...1950 F -A
80
Stamped guar 4-Gs........ 1950 F - A 80 ____ 80
73 Sopt’ 17
Kings County E 1st g 4a..1949 F - A ------ 70
Stamped guar 4s.......... 1949 F - A ____ 77% 78 July’ 17
60
70 A u g’ 17
Nassau Eleo guar gold 19.1051 J - J 56
82
82%
Chicago Itys lat 6a............... 1927 F -A _____82
Conn Ry A L 1st A ref g 4X81951 I - J 84 . . . 100% Feb *17
85 Apr '18
Stamped guar 4 X a.......... 1951 J - J 81 . . .
72%
Dot United 1st cons g 4K g .. 1032 J -J 71% 72% 72%
84 Jan ’ 14
YtSmltb Lt A Tr lat 3 5a. __ 1936 M- 8
54%
54% Salo 5433
Hud A Manhat 5a 8cr A ___ 1957 F -A
16%
10 Salo 10
Adjust Income 6a............... 1957
100 Fob ’ 17
N Y A Jersey lat 5s.......... 1932 F -A _____ 100
52 % Salo 52%
54
Intnrboro-Metrop coll 4K&.1956 A -O
82
(nterboro ltap Tran lat 5a.. 1906 J - J 81% Sale 81
7834
73% 78% 7834
Manhat Uy (N Y) cona g 4a. 1990 A -O
78
79
77 Apr ’ 18
Stamped tax-exempt........ 1990 A -O
Metropolitan Streot Ry—•
76
80
Feb '18
Bway A 7th Av lat 0 g 58.1943 J -D
May’ 17
Col A 9th Av lat gu g 6a .. 1993 M- S ____ 82%
Lex Av A P F lat gu g 5a-- 1993 M- 8 ____ 75
Sopt’ 17
M ar'14
Met W 8 El (Chic) lat a da.. 1938 F - A
Mllw EIoo Ry A Lt cona g Ca 192(1 F - A 83 ____ 100 % June'17
Refunding A exten 4H8--1931 J - J 82 ____ 93 N ov’ 16
MInneap 8t lat cons g 59...1910 J - J 9 8% ____ 98*4 Aug ’ 17
76% 97% July’ 17
Montreal Tram 1st A rof 69.1941 J - J 75
86
New Orl Ry A Lt gen 4 H a.-1935 J - J
79 Aug ’ 17
N Y Munlolp Ry 1st a t 6s A 1908 J - J
99 M ay’ 17
N Y Rya 1st R E A ref 4a__ 1942 J - J 49*2 50
50 Apr *18
19
18
18%
80-year adj lno 5a.......... al042 A - O 18
68
71% 7738 Aug T7
N YBtate Itya lat cona 4 Ha. 1902 M-N
90
Portland Ry lat A ref 6«____1930 M-N
38% Nov’ 10
Portld Ry Lt A P lat rof 6a. 19 42 F - A ’ G2% 68
62% Mar’ 18
Portland Gen Elec lat 5s. 1935 J - J
90% Fob ’ 17
St Joa Ry L IT A P lat ff 6 s.. 1937 M-H ____ 100
95 July* 17
St Paul City Cab oona g 5 s .. 1937 i - j
102% M ar'17
54%
Third Ave 1st rof 4a............. I960 J - J 53% 55
55
34 . . .
Adj lno fid........................ alOflO A -O
33
34%
Third Ave Ry lat g 58......... 1937 J - J 00
97
95 Jan ’ 18
91
92% 91
Trl-CIty Ry A Lt lat a f 6a. .1923 A -O
92
Uudcrgr of London 4 Ha____1933 J - J 70 ___
Mur’ 18
Income 0s............ ..............1948
56
68
Mar’ 18
Union EIov (Ohio) 1st g 5a.. 1919 A -O
Oot ’08
United Rya Inv 69 Pitta Isa.1920 M-N ____ 55
Feb ’ 18
Apr ’ 18
United Rya 8t L 1st g da___ 1934 J - J ____ 55
Bt Louis Transit gu 6s ___ 1924 A -O
____ 69
June’ 17
United RRs San Fr a f 4 s ... 1927 A - O
Feb ’ 18
77
Vft Ry A Pow lat <k ref 6S..1934 J * J 75
Mar’ 18

Range
Since
Jan. 1.
Low High
88% 03
92% 95%
8434 86%
98% 100%

Price
Friday
April 26

Week's
Range or
Last Sale

Range
Since
Jan. 1.

P

Sid
Ask. Low
High No Low High
Miscellaneous
Adams Ex coll tr g 4s.......... 1948 M - 8
06
0012 Apr ’ 18
04
60%
Ala-ska Gold M deb 03 A ___ 1925 M- 8
19
19
20
5 18% 20 %
Conv deb 6s series B____ 1926 M- 8
18
20
20 Apr ’ 18
19
20
Armour A Co lat real eat 4 Hs'39 J -D
8434
8434
84% 85
4 823s 87%
Booth Fisheries deb s f 0 s...1926 ,A -O
90 Feb '18
90
90
Braden Cop M coll tr s f 6s. 1931 F - A 90
92
91*2 Apr ’ IS
89% 93
Bush Terminal 1st 4a.......... 1952 A -O
78
83
82 Feb ’ IS
82
S3
Consol 5a.......................... 1955 J - J
85
-SO Mar’ lS
SO
84*2
Bldgs 5s guar tax ex........ 1960 A - O
75% 76*2 75% Apr ’ 18
74
79
Cerro da Pasco Copp env 6 s 1925 M- N 105% 105% 103%
106
IS 103 107%
Chic C A Conn Rys 8 f 5S.1927 A -O
58 Mar’ IS
58
58
Chic Un Stat’n 1st gu 4.Hs A 1963 J - J 87% 89% 8712 Apr ’ IS
86% 90
Cbllo Copper 10-yr conv 73.1923 M - N 103*2 101*2 104
10412 19 1023« 107%
Coll tr Aconv 6 s scr A part pd A -O
77*2 78% 78
79
48 73
80*2
do do full paid_________ A -O
75
87 Oot ’ J7
Oomputlng-Tab-Rcc a f 0 s.. 1941 J J 80
85
79 Feb ’ 18
78*2 79
Granby Cons M 8 A P con 6s A ’28 M - N
95
96% 9SU
95 I4
1 91
97
Stamped________________1928 (M-N
95
96% 95
95
1 91
96
Great Falls Pow 1st s f 68..1940 M-N
89% 92% 90% Apr ’ 18
90% 94
Int Mercan Marine s f 6 s . . . 1941 A - O 9133 Sale 91%
91%
23 90
95
Moutana Power 1st 5s A__ 1943 J - J 8S% Sale 88*2
88% 33 86% 92
Morris A Co 1st a f 4K s___ 1939 J - J
89% 90 July’ 17
Mtge Bond (N Y) 4s eer 2..I960 A -O
60
83 Apr '14
tO-20-yr 6a series 3........... 1932 J - J
94 June’ lG
N \ Dock 50-yr 1st g 4a___ 1951 F - A 65
60
66 Mar’ 18
66
06
Niagara Falls Power lat 5a_. 1932 J - J
99
00’4 Mar’ 18
96% 97
Ref A gon fls.................... 01932 A -O
93 100
Nlag Lock A O Pow Jst 5s. _ 1954 M- N
93*4 89% Oct ’ 17
Nor States Power 25-yr 5a A 1941 A -O
86% 87
87
87
1 86
87*2
Ontario Power N F let 5 a ... 1913 F - A
85
86
85% Mar’ 18
85*2 87*2
Ontario Transmission 5 s___ 1945 M -N
95
Pub Sorv Corp N J gen 6a.. 1950 A -O
77% Sale 773,1
78*2
82%
5 73%
Tennessee Cop lat conv 6a. .1025 M- N 92*2 93
92*2 Apr ’ 18
93
88
Wash Water Power 1st 53.. 1939 J - J 88
Wilson A Co 1st 25*yrsf Oa.1941 A -O
9434 Sale
9134
9134 18 93% 9G%

__

61%
99
70
79% 84

GO 60
55% 60
72%
70%
79% 8334
05
09
92% 9734

87%
85%

__

M an u facturin g

81% 86%

85

72%

35 48% 61
34; 1434 1934
51%
70
76
77

57%
85
80%
82

70% 85

49
61
1734 21%
62% 62%

11
24
5

52% 56
27% 38%
95
95
01

76
5G

00

80
60
00
55%
25
80%

00

9534

89(2 00
75
80
99% 102
92% 92%
94% 95%
92
90
91% 92%
94
94

97% 98%
89
94%
85% 85%
87% _89%
69
73

8634 92%
7812 8034

98% 98%
74
81

es

00

1
1
•
1

80

84

97% 97%
80% 84

&

In d u s t ri a l

Am Ag Chem 1st 0 6s______1928
Conv debon 5s__________ 1924
Am Cot Oil debenture 5 a ...1931
Am Hide A L 1st a f g 6a___ 1919
Am 8m A II 1st 30-yr 5s serA tf’47
Am Thread lat coll tr 4s___ 1919

94
97% 95
95
1 92i2 00*2
92
93
92
92
4 90% 95%
82% 87% 83 Apr *18
82
83
100 100*4 100
100
2 98% 100
87
88
S3
88
3j 86*4 89%
J - J 98
0734 Mar’ 18
96% 97%
A -O 117
119 Deo ’ 17
71
F -A
7812 71
71
41 71
74*2
* 'v ci mi h 1 os----- luiy; J - J 83
83% 83
84
14 79
87
9934 100 % 101% Apr ’ 18 —
Baldw Loco Works 1st 5 a ...1940 M - N
99% 101%
Cent Foundry lat a f 6a . . . 1931
A
85
80
Coot Leather 20-year g 5S..1925 A -O
94% 95
95
95
97%
Con3ol Tobacco g 4a__
1951 F - A ____ 81
81 Mar’ 17
Corn Prod Ref s f g 5«___ H 1931 M-N
96% 99
97% Apr '18
97% 97%
lat 25-year a f 5a.............. 1934 M-N
9734
9734
96% 98
5 95
U8
Cuban-Am Sugar coll tr 6 s.. J918 A -O
100 Feb '18
99% 100%
Distil Sec Cor conv let g 6s. 1927 A --O
86*4 80% 80
87 „ 206 75
87%
E I du Pont Powder 4 H s . . . 1936 J ■
- 1J
100 10* May* 17
General Baking lat 25-yr 0a. 1936 J -D
85% M a r'10
Gen Electric deb g 3H s___ 1942 F - A 71
74 Mar’ 18
70
71
74"
1952 M- R 95
Debenture 6a____
95
97
95 ‘ "*2 94% 100
Ingersoll-Rand 1st 5a. .11 “ *1935 J J 80
99 100
Int Agrlcul Corp let 20-yr 5a 1932 M--N
70*2 71
70*2
71
16 63*2 7334
Int Paper Co—
Conaol conv a f g 5a.......... 1935 J - J
99 Jan ’ 18
93
99
Liggett A Myera Tobao 7a. .1944 A --O 112*2 115 113 Apr 'IS
110 117
5a__ ___
1951 F - A 92% 95
92%
92%
95
2 S0
I.orlllard Co (P) 7al” irrill9 4 4 A - O 111 120 114
114
1 111 115
5a.--------------------------------9134 01 %
F - A 91
91%
5 85
93
Mexican Petrol Ltd con 6a A 1921 A - O 106 109 106 Apr ’ IS
1053i 106
lat Hen A rof 6s series C ..1921 A - O 105 107 106
106
1 106 106
Nat Enam A Stpg 1st 5 a ...1929 J - D
95 Apr ’ 18
98
95
95
Nat Starch 20-yr deb 6a___ 1930 J - I
93
93
91
3 91% 92%
National Tube lat 5a............ 1952 M- N
94
96
95 Apr ’ IS
9531
93
N Y Air Brake lat conv 6?__I928
N 99 Sale 99
99
2 9S«4 100
Railway 0tcol Spring—
Interocean P lat a f 6s___ 1931
O 05 —
96-s Feb ’ 18 —
96% 96*8
Sinclair Oil A Refining—
1st a l 7a 1920 warr'nt* attch
90 Sale 8934
90
16 86
93*2
do without warrants attach
87% Sale 8634
87% 34 84*2 88 %
Standard Milling lat 6s......... 1930 M- N 90*3 93% 90 Feb ’ IS
83
90
The Texas Co conv deb 6a.. 1931 J - J 97% 98
97%
93
27 96*2 101%
Uulon Bag A Paper lat 6s. .1930 J - J 80
S9
83% Aug ’ 17
Stamped.............................1930 J 1 76
85
88*2 M ay'17
U 8 Realty A I conv deb g 5a 1924 J J 50
54% 48
52
52
3 45
U 8 Rubber 10-yr col tr 0B..1918 J -ID 100 100 % 100
100
1 100 100 %
lat A ref 6a aeries A........... 1917 J - J 78*2 Sale 78
78% 170 70
7 :1.4
U 8 Smelt Ref A M conv 0B.1926 F
r - A 92
94% 93%
94
98
7 93
V-Car Chora lat 15-yr 5 a ... 1923)j - O 93% 04
94%
94%
no
97 %
Conv deb fls......................el924 A - O 95% 98 | 98 Apr '18
91% 93
West Electric lat fia Deo___ 1922 jJ 97
97%: 90
97%
95
9*
Coal Iron A Steel
Beth Steel lat ext a f 6a.........1920
lat A ref 6« guar A............ 1942
20-yoar p mA Imp a f 5a. 1936
Buff A Buaq Iron 1 f 5a____ 1932
Debenture 5a.................. 01926
Cahaba C M Co lat gu Ca__ 1922
Col F A 1 Co gen at 6a______1943
Col Indus lat A coll 6a gu. 193*
Cona Coal of Md JatArof 53.1950
Elk Horn Coal conv 6a ___ 1925
Elk Horn Fuel lat conv 6S.1918
Gr Iilv Coal A C latgfla___AI919
1940
III Steel deb 4Ha..........
Indiana Steel lat 5a______ ^.1952
Lackaw Steel lat g 6 a____Z Il 923
1st cona 5a Herlea A ______ 1950
Midvale Steel & O conv a f 6sl93fl
Pocah Con Collier lat a 16a. 1957
Repub I A 8 10-30-yr 5a a f.1940
8 t L Rock Mt A P 5a atmpd. 1955
Tenn Coal I A RR gen 5a.. 1051
U S Steel Corp— lcoup___dl963
8 F 10-00-yr 63 [r c g ____<11903
Victor Fuel let a f 5a............. 1953
Va iron CoalACoke lat g 5a. 1949

A -O
F-A
M -N
M- 8

__

J - J 93% Sale 93%
94
M-N
89% Sale 89%
89%
J - J 80 Sale 79%
80
J -D ------ 96
95 July’ 17
85 Jan '18
M- 8 ____ 91%
J 101 Dec '14
F85
84*2 85
85
F74
74 Apr '18
75
84
88
83 Jan ’ 18
981
- . Sept* 17
98% Aug *17
90*2 *95" 94 Feb *1,8
82% 83% 83% Apr ’ 18
94% 9578 95%
9534
95
96
95
96
90
90% 90%
90%
85 Sale 81%
85
84*8
85% Feb T 8
90% 97*2 96%
97%
79*4 87
80 Apr ’ 18
95*2 09
95% Mar’ 18
97*8 Sale 96%
97%
9634 Sale
96%
96%
75
80 Dec T 6
86
89% 84 Apr ’ 18

93% 99
87
93%
78% 81%
85 ~ *S5 *
85
76
85

__
__

ToU qriph A Telephene
Atn Telep A Tel coll tr 4 a ... 1929
soij Sale
Convertible 4a................... 1930 M- 8
87
2 0 -yr convertible 4 Ha____1933
- S 86
89%
30-yr temp coll tr 6a.____ 1946 J -D
92% 93
Cent Dlat Tol 1st 30-yr 6 a . 1943 J -D
100*2
Commercial Cable lot g 4a ..2397 Q - J
Registered.........................2397 Q - J
Cumb T A T lat A gen 6a...1937 J - J 9184 90%
Keyatone Telephone 1st 5 a. .1935 J - J
97
Metropol Tel A Tel 1st a f 5a 1918 M-N
99% 100
Mich State Toleph lat 5a...1924 F - A 88*4 Sale
N Y A N J Telephone fia g._1920 M-N
97
N Y Telep lat Agen s f 4H8-1939 M-N
86 % 86 %
Pao Tel A Tel lat fie_______ 1937 J - J 91
91%
South Bell Tel A T la ta f fis 1941 J - J 93
95
Weat Union ooll tr cur 5I...1938 J - J 90
92*2
Fd and real eat g 4 Ha____ I960 M -N
82% 80
Mut Un Tel gu ext fis___ 1941 M-N ____ 1011*
Northweat Tel gu 4 He 2-.1934 J - J

• No price Friday: latest Did and asked. t D u j . i i . t Due April. t o u t M ar, 'D u e June. A yu a iu iy. iD n .A o *




if
si

_

__

Gan anil Electric Light
Atlanta G L Co 1st g 6fl___ 1917 J -D
85 ____ 103
Sept* 15
Bklyn Un Oaa lat cods g 6a. 1945 M -N
90
93
90 Apr ’ 18
Buffalo Clt7 Oils 1st « 6s...1947 A - O
02
54 June’ 13,
Clnolp Gas A Eleo latAref 6a 1056 A - O ____ 90% 90 Apr ’ 18
Columbia G A B lat 6a........ 1927 J - J
74% 79
75
75
Columbus Gas 1st gold 5S..1932 J - J
97 Feb ’ 15
Consol Ona conv deb 6s___ 1920 Q - F
99% Sale 99%
99%
ConaOaaE LAP of Balt 5-yr6s'2l M- N ____ 92%
02% Fob ’ 18
Detroit City Gas gold 6 s ... 1923 J - J
97%! 96% Mar’ 18
Detroit Gas Co cons 1st g 5s 1913 F -A
Detroit Edison lat coll tr 5a. 1933 J - J 95
96
95
95
1st A ref 69 ser A ............ *1940 M- 8 ____ 100
91*2 Apr *1*
Kq G L N Y 1st cona g 5a. .1932 M- 8 ------ 100 % 9* Feb ’ U
Oaa A Eleo Berg Oo 0 g 5a.. 1949 J -D
100 Fob T.1
Havana Eleo oonaol g 5a___ 1952 F - A
88 % ____ 92% Nov'17
Hudson Co Gas 1st g 6a___ 1949 M -N ____ 00
96% Doo T7
Kan City (Mo) Gas 1st g 58.1922 A -O
90% Deo ’ If!
Kings Co El L A P g fia........ 1937 A -O
8 5 % ____ 90 Deo T7
Purchase money 6a.......... 1997 A - O
09 100
99
99
Convertible dob 6a.......... 1925 M- 8
UO June’ 17
Ed El 111 Bkn lat con g 48.1939 J - J 74 ____ 70 Nov’ 17
Lac Qaa L of St L let g 5a..elO10 Q - F 97% 93% 97%
97%
Ref and ext 1st g 5a..........1934 A -O ------ 89%
89 Apr ’ 18
Milwaukee Gas L lat is___ 1927 M-N ____ 85
85% Apr ’ IS
Newark Con Gas g 6a.......... 1918 J - O
104% Apr ’ 17
N Y G E L H & P g f ij .......... 1948 J - D
87% 90
88*2
88*2
Purcbaao money g 4s........ 19*9 F -A
67
69
09
0912
Ed Eleo ill lat cona g 6s. .1995 J - J
NYAQ El L A P 1st con g 5a 1030 F - A ____ 101
90% Aug ’ 17
Pacific G A El Co— Cal G A E
86 % 83
80%
86 %
Corp unify lug A ref 6 s ... 1037 M7834 79
78%
79%
Paclflo O A 15 gen A rof fis. .1942 J Pao Pow A Lt 1st A rof 20-yr
95 Jan ’ 17
fis International Series. __ 1930 F - A 80% 84
Pat A Pasaalo G A El 6s___ 1949 M- 8 ____ 97% 100 July ’ 17
97% ------ 93% Mar’ 18
Peop Gas A O lat cons g 08..1943 A -O
Refunding gold 6s......... 1947 M- S 72% 75
74
71
Registered.....................1947 M- S
99 Sept’03
96 Sept’ 17
Oh O-L A Coke 1st gu g 5u 1937 J - J ____ 91
100 Apr T7
Oon Q Co of Ch 1st gu g 5sl93fl J - D
89 Mar T7
Ind Nat Oas A Oil 30-yr 5sl930 M- N
94 July’ 17
Mu Fuel Gas 1st gu g 5a.. 1947 M-N
Philadelphia Co conv 5s___ 1919 F - A
____ 92% 99 % Nov’ 15
Conv dobon gold 5s..........1922 M- N
80 Mar’ 18
78
81
Stand Gas A EJ conv s f 0s__1920 J - D ____ 92
93 Deo T7
Byracuse Lighting 1st g 6s. .1951 J -D
81% ------ 97% May’ 17
Syracuse Light A Power 5s. _ 1061 J - J
84 July’ 17
Trenton G A El 1st g 6s___ 1949 M- 8
983a Oot '17
Union Eleo Lt A P 1st g 6 s ..1932 M- s ____ 98
92% Sopt’ 17
Refunding A extension 68.1933 M - N ------ 85% 101% Nov'lfl
United Fuel Gas 1st s f 6 s ...1936 J - J ____ 93
07*2 Jan ’ 18
Utah Power A Lt 1st fis___ 1044 F - A
81%
82
81% 82
Utica Eleo L A P 1st g 5 a ... 1050 J - J
:01 JunoT7
UtloaGasA Elec ref fis........ 1957 J - J ____ 95% 96 A u g ’ 17
Weetehotscr Lt# Bold Sb
i960 J - Dl ------ 91% 105 Mar *17

BONDS
N. Y. STOCK EXCHANGE
Week ending April 26

1779

80%
80%
85% Feb ’ 18
86

86

92
92%
98% Apr ’ 18
73 Nov* 17
68% Jan ’ 18
91%
91%
9.3 Apr ’ 10
99% Feb ’ 18
88 %
88 %
97 Mar ’ 18
86 %

91
92%
90%
80%
01%
91

86 %

91
Apr ’ 18
9034
Apr ’ 18
Sept’ 17
N ov’ 16

. Q u a Oct. r D t . N o r . , D u . D m

94
81
95
04%
88
80%
85%
93
80
95
96%
06%
83

94
85%
97
90%
9034
85%
85*2
98%
80
97%
100
99%
85%

80% 83%

8184 85*2
86
91%

90
95%
98% 99*2
68% *08%
90
93%
99%
S634
97
85%
90%
90%

'99%
88%
97
89
92%
92%
93%
88

, option tala.

BOSTON STOCK EXCHANGE—Stock Record

1780

SHAHS PR1CXS—NOT PBR CKNTUM PR1CBS.
Saturday
Apr. 20
*123
57
*87
23%
*150
*1
*11

125 *123
57
56
90
*88
24% 24
00 *150
5
*1
*11

*30

*30

*83%
*10834
*10884
63
*59
*60
118 *114
*114
*78%
*78'%
83
*80
*80
*3%
*3% 4
18
17
18
28% 28% 28%
*
90 ♦
*95
*95
[01
22
*20
*20
90
*80
*87
42% 43% *42%
*52
55
*51
*83%

Tuesday
Apr. 23

f onday
Apr. 22

123
125
56%
57
__ *87
2434 23%
60
150
*1
5
*11

Wednesday
Apr. 24

124
124
5834 58%
*87
23% *23
150 *150
*1
5
*11
*30

*30
83%
*10834
*60
118 *114*4
*78%
*80
83
4
*3%
17
*16%
28% 2834
90 *__ _
95
22
*20
*80
*42%
44
55
51

83% *83%
*108%
60
*11434
*785*
*80
81
4
*3%
17% 17
29% 28%
90
95
95
22
*20
*S0
43"% 44
53
51

__

Thursday
April 25.

Friday
April 20.

Sales
of the
Week
Shares,

124% 12434 12434 1243i 12434
59
60% 58
00
59U
Last Sale 8 r Apr’ 18
23
23% 23
160 *150 160
Last Sale 2
5
Jan’ 18
Last Sale 1
Last Sale 4
Last Sale 3
Last Sale 1
* 8 3 % ___
10834 10834 10834 10834
60
*60
___
Last Sale 1
Last Sale S J Apr’ 18
82
Last Sale 8 2 Apr’ 18
4
414
4
4
4
18
19% 19
19%
18
29
28
283*
Last Sale 9 9 Jan’ 18
95
*96% ___
22
Last Sale 2
Last Sale 58 Apr’ 18
45
44% 45% 44% 45
53
*53
55

__
__

__

85
*82l2 84%
83% *83% 84% 85
*82% 8331 *82
85
*83
93
94
9312 94
9334 9334 937* 94
93% 94
*93% 95
1% 1%
H2 15*
1%
*1%
1% *1%
1% *1
1% *1
11
♦10
10%
11
10% 10% 10% 10%. *10
10% 10% 10
105 105 *10334 10434
105 105
103% 103% *105 106
110 110
110 110% 110 L10 *1093i 110% 110% 110% 116" n ot*
98>2
98% 100% 98
100 % 10034 100% 10073 9934100 % 997* 100%
Last Sale
*51% 52
*52% 53% *52% 54% *52% 53
94
93% 935* 93% 93% 93
94
93% 94
94
*65
___
66
64
*64
66
66
64
*62% 66
77% 77% *77% 80
78% 79
*77% 80
*7714 80
12%
12% 12% 12*2 *11% 12% 12
*11% 1234 12% 12% 12
107 107
107 107
109% 111 *108% 109% 108 108
*110 111
03
*62
66
*613* 62% 62% 62% *01
63
63
*62
*62
23% *223.( 23% 22% 22% *22% 23% 2234 2234
22% 23% 23
15
1534 16% *14% 16
*15% 15% 15% 15% 15
14% 16
*4% 434
412 4t2 *4% 47* *4% 4V* *4% 5
141 141
140 140
140 141
140 140
*138% 139
142% 142%
142% 142% *140% 141% *141% 142
142% 142% 143 143
*5% 6
534 534
5% 534 *5% 6
5% 53t
*12
15
12
*12
15
12
*12
13
*12
15
33t 37*
37* 4
*378 4
37* 37*
4
4
*91
90% 90% 89% 89% * 8 9 % ___
*91
*7S
80
80
80
80
80
80
80
79
80
80
79
*63% 04
63% 63% 63% 63% *63% 64
*63% 64
63% 64
112 112
110 111
*111 113 *111 113 *111 113
*34
Last Sale .99 Apr’ 18
*34
*34 2
2
*34
2
1
Last Sale
Apr’ 18
*88%
*88%
*88%
*88%
Last Sale
*88
*88
*88
*88
89
89% 89
89% 90
89«4 90
90
89U
89
90
90
63
*5934 63
00
60
62% 61% 61% *59
63
*61
*58
110
32
32
32
32
34
*33
33
*33
34
33
Last Sale 13i2 Apr’ 18
14
14
*13
*13
*13% 14
*13
140% 14U2 138% 140% 138 138'a 1373* 1383.t 138 138%
140 141
49
*48
49
49
*48
49
48
49
49
48
121 122
123 123% 122 123
1217*2 122"
1223* 124
122 123
4438 437* 4414
44% 44
44
441
44% 44
44
44% 441
25% 25
251* 25% *25
251
25>
*25% 25% 25% 25% *25
937* 043 , 9434 95l2
94
95
94% 953
961
94% 953?
95
110% 1101 110% 11034 111 111
*110% 11034 11078 1107a 111 111
6
6%
57g . 618
6% 61
638 634
6% 61
*633 7

__

__
__

13
13,
13?
13?
*1
*1
*M
77% 781
791 *78% 80
79
78
2
*1% 2
1% 13
1% U
.31 1
.30 *.25
.30 *.25
■3C *.25
50
50% I 50% 50%| 50
51
50
13
14
137* 14
*13U 137*
14
46% 46% *46
48
13
13% 13%
13
13% 13%
13
.32
.32 *.25
.32 *.25
.31 *.25
21% 213i 213,1 20% 217*
21
*20
073.1 68
68
68% 69% 68% 69
433 433 *431 435
445 445
445
133.1 *13% 1334 13% 13% *13% 1334
*42% 43
423i *42% 43
42
*42
461.1 453.1 46% 45*4 46% 45% 46
2% *1% 21* *13.1 2 >.1 *13., 2%
53.1
534 53.1
5U
53.1
5% 534
91*
9%
9%
9% 9% *9
9%
45* 47*
*47* 5% *47* 5%
.434
5
76
*75
78
76
*76
80
*76
79
*42
42%
43% 43% *42% 44
*42% 44
8
*7%
8
7
*7%
8
7
*7%
*
*
*
.80
.80
.80
.80
63
63
63
62
62% 62% *62
62
81
81
*81% 83% *81% 83
*81% 83
2234 23
23
23% 23
22% 23% 23
5% 5 %
534
5% 53*
5% 5%
*5%
1% 1%
* l» /j 1% *1%, 1% *1 X . 13*
5% *5% 6
6% *6%
6
6
*5%
*2% 3
*2%
3
*2% 3
*2% 3
5
*4%
♦4% 5% *4% 5% *4% 5
5% *5
5*2
51.4
5% *5% 5% *5%
lit
1% 111
*1% 1%)
1%
1%
1%
2% *21i
2%
*2%
2% *2% 2% *2%
*62% 63
63
*62
6234 63
63
63
193i
19% *19
19% 19% *19% 197*
*19
*15* 2
Ml
*1%
1*4
1% 1%
13l
*15
17
*15
17
17
16% *15
*15
*12
17
*12
17
*12
17
*12
16
*
77
77
77 *
77 *
8**
8%
8%
8%
83.1
81*
8*s
*81.i
14%
14% 14
14
14
14% 14% 14
.70 *.50 .70
.80
.65 .65 *.50
*.65
*3,
1%
*3l
**4 1%
1%
*34 1%
41
41
39% 39% *40
41
41
*40
54
*52
*54
55
54% *54
55
54
18% 183* 183*
183.1 183.1 1S% 1834 *18
72
713, *70
*70
72
71
70
*71
25
25
*24*4 25% *243* 25
♦24% 25
50
*48
50
*48
*49
51
51
*49
.85 .90
*.00
1
l
.95 *.90
*.85
*4 .1* 4% *43S 4*2
4% 43* *4% 4%
*16
17%
17>2
17% *16
*16
*13*
Ml
1% 11* *13* 2
*133 2
.17
.17 *.12
.12 .12 *.12
.14
*.10
43,1 4*i
4% 4%
*4% 43i
5
*4%
23* 23*
2% 2 %
2%, 2%
2% 2%
3% 3%
3% 3% *3% 334 *3% 4
1%
.99 .9(1 *.99
1% *.99
*.99
Us
38%
38% ♦38
3S>2 38
38% 38% 38
43% 44
44
*43% 44
44% 44
44
2%
2%
2 % 2'X»
2
2
*2 lX t 2%
9% 10
10% *9% 10%
10% 10
10
80
80
*80
80% *80l,i 80*4 *80% 81
23*
23* 23*
2%
2% 2%
2%
*2%
*2% 3
*2% 3
*2% 3
*2% 3
*1%
*1
1
1»4
*1
1%
1%
1%
28
*27% 28
28
28
28% 28
28
.90
.90 *.70
.90 *.70 .90 *.70
*.70

*1
77%
*1%
*.25
*50
*13
*46
13
*.25
*19%
67%
445
*13%
*41%
46
♦13.,
5%
9%

♦Bid and asked prices,




Last
*77
13*
Last
*50
13U

Sale 1
Mar’ 18
78% 767* 77
1%
138 H2
Sale .30 Apr’ 18
51
*50
51
13U *13U 14

*13
13% *13
13%
.32
.25
.25 *.25
*19% 21
*19% 21
683., 6834 6834 69
431 435 *433 440
*13% 14
*13% 133i
Last Sale 40% Apr’ 18
451.1 455* 451.1 45%
*2
2%
13.1 2
*5
53* *5
53*
*9% 9% *9
9%
4% 43* *4% 5
*75
78
*75
78
*40% 41% *41% 43
*7% 8
*7%
8
Last Sale %
Apr’ 18
62i.i 62% 62% 62%
*81
83
*81
83
*22
23
*22
22%
5% 5%
5% 5%
*lMa 1% *15Y« 1%
6
6
*5% 6
Last Sale 2% Apr’ 18
Last Sale 5
Mar’ 18
5%
*5
5% ♦5
1% 1%
*1%
1%
Last Sale 2% Apr’ 18
*62% 63
*62% 63
*187* 193* *19
193.1
*1% 2
Last Sale 16% Mar’ 18
Last Sale 17 Mar’ 18
Last Sale 75 Apr’ 18
8% 8% *8% 83,
141.1 141., 14% 14%
*.50
.70 *.50
.80
Last Sale 1
Apr’ 18
*40% 41
*40
41
*53% 54
*53% 64
1S%
18% 18% *18
71*4 713.1 *71
72
*243i 25%
25
25
Last Sale 50 Apr’ 18
*.80
1
*.80
1
4% 4%
4i.i 4%
Last Sale 16% Mar’ IS
*13*
134 *13*
13,
*.12
.17
*4% 5
*414
434
2% 2%
2 % 2%
3% 3% *3% 334
1%
.99
.99 *.99
*37% 38%
38
38
*431.1 433t *43% 44
2% 2%
95* 95* *9% 10%
*791, 793i *79Vi 80
2% 2%
2'X> 2%
Last Sale 2% Apr’ 18
*1
2
*1
2
* 2 7 3 ,___
♦27
28
Last Sale .80 Apr’ 18

a Ex-divtdend and rights,

__ __

__ __

__ __

e Assessment paid,

STOCKS

BOSTON STOCK
EXCHANGE

Ne xt Pa go

Range Since Jan. 1.
Lowest.

Highest.

[V o l . 106
Range for Previous
Year 1917
Lowest

Highest

Railroads
33 Boston & Albany________ 100 122t2 Apr 17 129 Jan 3 120 Deo 175 Jan
79 Jan
27 Deo
2,543 Boston Elevated_________ 100 37 Jan 2 01 Apr 2
70% Deo 133 Mar
Boston 4 Lowell___ _____ 100 87 M arl4 100 Jan 2
45 Mar
15 Deo
19 Jan 23 28 Feb 19
447 Boston * Maine_________ 100
7 Boston * Providence_____ 100 150 Apr 15 10Si2Jan 17 150 Deo 213 Jan
3 July
2 Jan 26
2 Jan 26
2 July
Boston Suburban Eleo_.no par
30 July
9 June
Do p ref__________ no par
10U Mar 1 11 Fob 1
Boston & Woro Eleo -.no par
38 Feb
30 Aug
Do p re f__________ no par 30 Mar 5 30 Mar 0
Chlo Juno Uy & U S Y ___ 100 147 Apr 17 147 Apr 17 148 Nov 150 Jan
83% Deo 103 Jan
82t2Apr 18 85 Jan 30
Do pref_____________ 100
Connecticut River_______ 100 104 Fob 14 120 Mar 6 102% Nov 140 Mar
78% Mar
44 Deo
Fitchburg pref___________ 100 53 Jan 22 05 Jan 3
Georgia Ry & Elec starnpdlOO 115 Jan 26 110% Jan 9 110 Deo 133 Jan
92% Jan
80 Mar 8 81 Feb 25
83 June
Do prof_____________ 100
80 Jan 26 85 Jan 3
78 Deo 100% Mar
Maine Central___________ 100
6 % June
4% Apr l
1 Deo
2 Jan 2
940 Mass Eleotrlo Cos________ 100
31% July
19i2Apr 4
8% Jan 22
0 Deo
1,932 Do pref stamped_______ 100
21% Sept 6284 Jan
27 Feb 25 33 Jan 2
310 N Y N H & Hartford........ 100
105 Apr
90 Jan 10 90 Jan 10
90% Oct
Northern New Hampshlre.100
85 Deo 135 Jan
Old Colony_____________ 100 92 Feb 21 98 Jan 2
84% Feb
10% Deo
Rutland, pref___________ 100 20 Jan 2 25 Jan 8
83 Doo 110 Jan
Vermont 4 Massachusetts. 100 83 Jan 24 88 Apr 18
56% Mar
34 Deo
37 Fob 20 47l2 Apr 1
489 West End Street___ _____50
74 Jan
pref____________ 50 47 Jan 10 02 Apr 1 *45 Deo
3 Do
Miscellaneous
04% May
73 Deo
78'2 Jan 2 89*2 Feb 14
1 Amer Agrioul C hem loal...l00
88 Doo 103% Jan
pref___________ 100 88% Jau 2 94 Mar 1
298 Do
2 % Jan
2'2 Mar 2
.76 Jan 24
1 Deo
155 Amer Pneumatlo 8ervlce.. 25
14 Mar
lO^ Mar 4
8 Jan 29
7% Dec
prof____________ 50
42 Do
99 Jan 2 IO8I2 Feb 20
90 Nov 126% June
15 Amor Sugar Refining____ 100
Do
pref___________ 100 108 Jan 19 111 Fob 6 105 Deo 121% Jan
220
98 Apr 26 109 Feb 6
90 Doo 128% Jan
5,133 Amer Telep 4 Teles______100
58 Juno
38% Nov
American Woolen of Mass.100 45'2Jan 8 50'4 Mar 0
pref___________ 100 90 Jan 3 96*4 Mar 12 *87% Deo 100% Juno
153 Do
75 July
60i2Jan 2 60 Apr 24
60 Doo
35 Amoskeag Manufacturing___
97i* Jan
76 Jan 7 80 Feb 1
75 Deo
pref_________
29 Do
13*4 Jan 4
1484 Deo
0 Deo
11 Fob 21
425 Art Metal Construo Ino__ 10
88 Sopt 1 2 1 % Jan
110 Atl Gulf 4 W I S S Lines.. 100 08 Jan 15 12014 Fob 16
66 Jan
Do
pref___________ 100 68t2 Jan 17 02% M arti
55% Feb
10
1,029 Booth Fisheries_______no par 21 Jan 25 26 Fob 10
16*4 Apr 22
12 Jan 29
20% June
9 Doo
615 Cuban Port Cement______10
6'2 Feb 15
4 Jan 31
3% Deo
10 Jan
10 East Boston Land________ 10
47 Edison Electric Ilium____ 100 *137 Jan 15 15412 Jan 2 133% Deo 226 Jan
34 General Electric_________ 100 128 Jan 16 1431* Feb 19 1183i Deo 170% Jan
61* Feb 2
5 Apr 3
18% Jau
4 Deo
305 Intcmat Port Cement___ 10
14 Feb 5
33% Jan
10 Deo
Do
pref_____________50 12 Apr 23
100
5' 8 M arl 8
334 Apr 16
1,025 Island Oil & Trans C o r p ...l0
92% Deo 102 " Jan
82 McElwaln (W H) 1st pref. 100 89i2 Apr 24 921* Feb 28
71 Deo loot* Mar
103 Massachusetts Gas C os...10 0 x77% Jan 15 82i2 Feb 20
81 Mar
63 Deo
pref____________100 63 Apr 10 70 Jan 3
26 Do
79 Mergenthaler Llnotype.-.IOO 110 Apr 24 124 Jan 31 110 Doc 169 Jan
.99 Apr 18 .99 Apr 18
1% July
I Mar
Mexican Telephone______10
95 Mar
88 Jan 15 89 Jan 10
35 Jan
New Eng Cotton Yarn___ 100
92% Aug
60 Jan
Do
pref____________ 100
93 Deo 1241* Mar
215 New England Telephone.. 100 87 Mar28 100 Jan
58i2Apr 12 69 Jan
*59 Nov 112 Jan
50 Nova Scotia 8teel 4 C___ 100
118 Apr 10 107 Doo 106% Jan
24 Pullman Company_______ 100 102 Jan
35 Feb 23
29 Jon
46 JAn
29 Doo
90 Punta Allegro Sugar______60
13% MarlO
10 Mar
10 Deo
Reece Button-Hole________ 10 11 Jan 29
14614 Apr 9 110 Nov 1027* Apr
1,124 Swift A Co...........................100 1241* jan
68 June
40 Nov
23 Torrlngton_______________ 25 45 Jan 29 50i2Jan 4
546 United Fruit............... ....1 0 0 115i2 Jan 17 133 Feb 18 *105 Dec 155% Jan
47% Mar 8
68% Jan
37% Deo
1,097 United Shoe Mach Corp_. 25 41 Jan
30 % Mar
148 Do
25 Oct
25 25 Jan 19 20% Mnr 8
pref___________
795* Deo 135 May
87 Mar25 98%Feb 19
4,773 U 8 Steel Corporation___ 100
108 Mar25 1 112 Feb 1 10334 Doo 121 Jan
143 Do
pref___________ 100
8% Jan 24
87* Jan
6 Jan
4% Dec
1,055 Ventura Consol Oil Fields. 5
Mining
13.JJan 25
4% Jan
1 Jan 10
1 Oct
Adventure Con___________ 26
374 Ahmeek_______________
70 Deo 108 Jan
25 767* Apr 20 83 Jan 3
234 Jan 22
Ms Apr 25
11% Jan
1 Dee
3,075 Alaska Gold_____________ 10
.30 Apr 10
1% Jan
.25 Jan
% Sept
Algomah Mining_______ 26
70 Mar
45 Deo
76 Allouex___________________25 50 Jan 15 54 Feb 27
17% Jan 3
125s Mar23
41% Jan
II Deo
Amer Zino, Lead 4 Smelt. 25
48 Feb 18
41 Jan
73 Jan
10 Do pref____________ 25
40 Nov
14% Feb 18
11 Jan
15% Juno
8% Nov
500
.45 Jan
.25 Feb
2 % Jan
.25 Deo
200 Butte-Balaklava Copper_10
17 Mar26 24*8 M a rll
62 Jan
15 Butte 4 Sup Cop (Ltd)__ 10
12% Deo
62t2Jan 15 71% Marl2
85% Jan
55 Deo
856
427 Feb 28 464 Jan ‘ 411 Deo 600 Feb
21
12 Jan 14 14% Feb 19
27% Jan
11 Deo
25
40’ s MarlO 45 Feb 19
63 Mar
36% Deo
39% Deo
379 Copper Range Co________ 25 435s Mar25 48% Jan 3
68 Jan
25s Mar 1
l i 2Apr 10
3 Jan
50 Daly-West_______________ 20
l%Apr
07* Mar 8
5 Jan
1,645 Davls-Daly Copper_______ 10
10% Jan 2
8% Mnr25
55 East Butte Copper M in ... 10
10 Jan
8% Deo
6 Feb 18
4 Jan 29
440 Franklin_________________ 26
4 Deo
9 Mas
4 Granby Consolidated_____ 100 74%Jan 29 79 Mar28
92 Jan
06 Deo
40
100 39 Jan 17 44% Feb 6
40%Jan
36 Nov
7 Apr 22
10% Jan 2
1 Hancock Consolidated___ 2525
20% Jan
7 Deo
%Apr 8
1 Jan 3
4 Mar
Indiana Mining__ ________ 25
26
*4 Deo
1 60 Jan 14 67% Mnr27
115 Island Creek C oal...
62 Nov 70% Juno
1 80 Jan 24 84 Feb 18
10 Do pref________
80 Nov 94 Apr
19% Jan 14 26 Jan 2
585 Isle Royale Copper_______2525
20 Deo
30 Jan
5 Jan 2
6 Fob 19
0 Aug
350 Kerr Lake______________ 5
4% Apr
6
l%Jan 2
.99 Jan 24
4% Jan
5 Keweenaw C op per..____ 2626
•1%June
7% Jan 3
5 Mar25
18 Jan
140 Lake Copper C o__________ 26
5 Oot
2 Jan 2
3% Mar 5
5 Jan
1% Doo
La Salle Copper___________ 25
0 Fob 13
5 Jan 29
5
4% Nov
8% Aug
Mason Valley Mine______ 6
7 Jan 2
5 Apr 2
16% Jan
20 Mass Consol_____________ 26
5 Nov
1% Jan 3
.65 Mar26
685 Mayflower-Old C o lo n y ... 25
1 Nov
3 May
2% Fob 6
lJliJan 4
26
15* Aug
5% Mar
Mlohlgan________________ 25
44 Mohawk................................ 25 *58 Jan 9 66 Jan 2
67 Doo
98 Jan
18% Jau 30 20% Mar 7
35 Nevada Consolidated___ _ 5
10 Nov
26% Mas
l%
Apr
22
2% Feb 9
160 New Arcadian Copper___ 2626
0 Jan
1% Deo
13% Jan 2 17% Mnr 7
17*« Apr
5
10 Nov
New Idrla Quicksilver___
“
10(1 17 Jan 2 20 Jan 2
30 Mar
22 Jon
New River Company____ 100
100 75 Jan 2 80 Jan 31
65 Deo
02% Mar
Do pref_______
8*<ii Jan 11
9 Apr 11
9% Sept
235 Nlplsslng Mines____ ____ 6
0*4 July
16 13% Apr 17
16% Jan 3
353 North Butte____________ 16
11*4 Oot
24% Mar
.25 Feb 14
.95 MarlO
2*4 Jan
100 North Lake.......................... 25
.30 Nov
*4 Jan 4
1% Mnr30
27* Jan
.98 Doo
OJIbway Mining__________ 26
45% Jan 3
33 Nov
22 Old Dominion Co_________ 26
25 3934 Mar25
07*4 Mar
16 Osceola___________________26
25 53 Apr 18 65 Jan 9
63% Deo
95 Mar
17% Jan 12 20% Fob 20
28% June
345 Pond Creek Coal_________ 10
1(1
16 Nov
32 Qulnoy___________________26
25 69 Mart 7 76 Feb 19
00 Nov
94% Feb
25 Apr 22
82% Apr
70 Ray Consolidated Copper. 10
1C 21*4 Mar22
20 Nov
25 49 Apr 15 57 Jan 2
89*4 Mar
48 Deo
St Mary's Mineral L and.. 26
.65Jan 26
1% Feb 21
2 Jan
166 Santa Fe Oold 4 Copper.. 10
.68 Deo
1C
3 Apr 10
6*4 Jan 2
10 Jan
1C
6 % Oot
255 Shannon________________ 10
16 Jan 15 10% M arl5
30% Mar
19 Oot
If
Sbattuck-Arisona_________ 10
1% Apr 22
2 Jan 3
.89 Deo
6 % Jan
10 South Lake______________ 26
.20 Jan 8
.31 Jan
.11 Jan 23
.10 Doo
100 South Utah M 4 8 _______ 6
5
4 Feb 19
5% Jan 2
3% Doo
2!
60 Superior__________________25
16% Mar
2% Apr 12
3*i Jan 3
1,495 Superior 4 Boston Copper. 10
2*s Deo
8 % Jan
1(
4% Feb 13
3% Jan 14
3 Nov
2!
8% July
350 Trinity___________________ 25
1% Fob 21
.93 Feb 14
2*<’,Jan
250 Tuolumne Copper________ 1
1 May
36 Apr 13 49% Fob 19
245 U 8 Smelt Refln 4 Min__ 505(
40% Deo
07*4 Jan
42% Apr 13 46 Jan 2
43% Nov
62% Jan
S(
137 Do pref_______
37, Sopt
2 Jan 30
2% Feb 8
275 Utah-Apox Mining_______ 6
Us Mar
31% Feb
9 Mar20
12 Jan 16
195 Utah Consolidated_______ 6
9% Deo
85 Feb 19
10 Utah Copper Co__________ 10
71 Deo 118** May
1C 77% Mar23
6% Jan
2 Jan 30
3 Hi Apr 8
1,165 Utah Metal A Tunnel
2% Doo
1
6 Jon
2 Oct
21
2% Jan 20
3 Jan 3
Victoria . . . . . . . . . . . . _____ 25
2 Jan 3
2 Oot
0% Jan
1 Jan 1C
3(
30 Winona . . . . . . . . . . . . ____ 25
63% Mar
27% Apr 1?
30 Jan 3
31 Deo
205 Wolverine___ ___________ 26
25
61 Apr 9
2% Jan
16 Aug
1'Xi Mar 7
21
W vandott____ _________ 35

__

h Ex-rights.

* Ex-dlvUlend.

wIlalf-pald.

THE CHRONICLE

Apr . 27 1918.]

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Apr. 20 to Apr. 26, both inclusive:
Friday
Last Week’s Range Sales
for
of Prices.
Sale
Price. Low. High. Week.

Bonds—

U S Lib Loan 3 )4s. 1932-47 99.06
1st Lib Loan 48.1932-47 96.64
2d Lib Loan 4 s.. 1927 42 96.64
Am Tel & Tel coll 4 s .. 1929 80)4
Atl G&W I SS L 5s. . . 1959
Chic June & U S Y 53.1940
Gt Nor-C B & Q 4 s ... 1921 92 H
Mass Gas
1031
Miss River Power 5 s.. 1951
90)4
N E Telephone 5s___ 1932
Punta Alegre Sugar 6s 1931
94)4
S w ift* Co 1st 58........ 1944
U S Steel s f 5s_____ 1963
Ventura Oil conv 7s. .1922
Western Tel & Tel 5s. 1932

98.64
96.34
96.34
80)4
75)4
90
92)4
95)4
70
90
80
93)4
97 'A
85
87

99.20 $47,200
96.76 39,450
96.74 71,050
7,000
80 H
1,000
75)4
1,000
90
7,000
92)4
1,000
95)4
4,000
70)4
3,000
90)4
80
1,000
5,000
94)4
1,000
97)4
85
1,000
88
2,000

Sales
for
Week.
High. Shares.

Stocks—

Par. Price. Loxo.

Amer Wind Glass MaclilOO
Amer Wind Glass prof. 100
Indep Brewing com ___ 50
Preferred ............ ....... 50
La Bello Iron W ork s...100

52

Lone Star Gas........ ..... 100 120
Mfrs Light * Ileat........ 50
Nat Fireproofing c o m ..50
Ohio Fuel OH.................... 1
Ohio Fuel Supply---------25
Oklahoma Natural Gas.25
Plttsb Browing com ___ 50
Plttsb Coal com m on... 100
Plttsb-Jcromo Copper__ 1
Plttsb * Mt Shasta C o p .. 1
Plttsb Oil * Gas.......... 100
River Sldo East Oil com . .5
Preferred ...................... 5
U S Steel Corp com___ 100
Wcst’houso Air B rake..50
Wcst’houso Elec A M fg .50

24)4
__
_
73c

.37c
__ _
93)4

Bonds—
Indep Browing 6s___ 1955
Plttsb Coal dob 5s___ 1931

50 H
99)4
1)4
7)4
112
118)4
112
50
3
8
15)4
41)4
23)4
VA
53)4
70o
36c
6)4
1)4
2)4
10c
94)4
93)4
40)|
60

52
100
1)4
7)4
112
118)4
124
50
3
8)4
15)4
42
24)4
2
53)4
75c
39c
6)4
1)4
2)4
11c
96
94 H
41)4
60

36
99

36
99

Low.
96.52 Jan
95
Feb
94.54 Feb
80)4 Apr
75
Mar
87)4 Apr
92
Mar
84
Jan
67)4 Jan
89
Jan
79
Feb
92)4 Mar
97)4 Apr
80
Jan
87
Apr

High.
99.20 Apr
Jan
98
97.90 Mar
83
Jan
79
Jan
91)4 Feb
94)4 Jan
95)4
Mar
71
91)4 Feb
81
Apr
95)4 Feb
99)4 Jan
Jan
90
90)4 Mar

Range since Jan. 1.
Low.

155 40
25 99)4
220
1)4
110
6)4
150 106
10 118)4
1,215 95
35 50
115
3
50
8
40 15)4
440 z41H
602 23)4
100
1)4
110
8)4
5,000 40o
6,500 21c
940
5)4
100
1)4
200
2)4
10c
2,500
570 87)4
331 93)4
235 39
25 59
$3,000
19,500

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

34
Apr
9854 Mar

High.
58
101
2
954
115
119)4
102)4
53
4
9M
IT)
45
25
2)4
13
1
48c
7)4
154
2 54
16c
98
96)4
43
63
40
99

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

Friday
Stocks—
American Shipbuilding .100
Preferred................... 100
Booth Fisheries, common
new____________ no par
Preferred____ _____ 100
Chic City&C R y pt sh com
Profc r ie d ........................
Chicago Elevated R y com.
Preferred.................. .....
Chic Pneumatic T o o l.. 100
Chic Rys part ctf " 2 " ___
Chlcago'Tltle & Trust. 100
Commonwealth-Edlson 100
Cudahy Pack Co co m .. 100
Deere & Co pref..........100
Diamond Match______100
Illinois Brick............. ..100
Lindsay Light_________ 10
Preferred___________ 10
Middle West Util com . 100
Preferred................... 100
People’s Gas Lt & Coke 100
Pub Serv of No 111 com 100
Quaker Oats Co_______ 100
Preferred__________ 100
Scars-Roebuck commonlOO
Preferred ................. .100
Stowart-Warner Sp comlOO
Swift & C o____ ______ 100
Union Carbide & Carbon..
United Paper Bil co m .. 100
Ward, Montg & Co pref
Wilson & Co com m on.. 100
Preferred__________ 100

Philadelphia Stock Exchange.— Tho complete record
of transactions at the Philadelphia Stock Exchange from
Apr. 20 to Apr. 26, both inclusive, compiled from the offi­
cial sales lists, is given below. Prices for stocks aro all dol­
lars per share, not per cent. For bonds the quotations aro
per cent of par value.

American Gas of N J..100
American Milling.......... 10
American Rys prof----- 100
Baldwin Locomotive. .100
Buff & Sua Corp pf v t clOO
Cambria Iron-------------- 50
East Pennsylvania........ 50 ______
Eloo Storage Battery.. 100
General Asphalt p ref..l00
Insurance Co of N A ...1 0
Keystone Telephono----- 50
15
Lako Superior C o rp ... 100
64)4
Lehigh Navigation------- 50
Lehigh Valley-------------- 50
Midvale Steel & Ord----- 50
Norristown...... ..............50
Northern Central_____ 50 "7 3 )4
87
Ponnsyl Salt M fg_____ 50
Pennsylvania--------------- 50 4454
Philadelphia Co (Pitts) .50 27
Pref (cum 0 % )--------- 50
Phlla Electric of Pa----- 25 " 2 5 "
Phil Rap Tr vot tr rets.50 25)4
Philadelphia Traction..50
Heading---------------------- 50
354
Tono-Belmont Devel----- 1
3
Tonopali Mining-------------1
..
Union Traction...............50
United Gas Impt.......... 50 " 6 6
U S Steel Corporation. 100 95)4
8)4
Warwick Iron A S .......... 10
Wm Cramp A Sons___ 100

___

___
___
__
___

Bonds—
U S Lib Loan 3 Ws. 1932-47
1st Lib Loan i s . 1932-47
2d Lib Loan 4 s.. 1927-42 * 96.80
Amer Gas A Elco 5s. .20/)7
S m all........ ..............2007
Elec A Poop tr ctfs 4s. 194(
Keystono Tel 1st 5 s ..1935
Lake Superior Corp 5s 1924
Lehigh Val Coal 1st 5s 1933
M o Pacific gen 4s___ I97f ” ” ” __
Ponna RU gen 4)4s..l9 6 5
Pa A Md Steel cons 0 s.’25
Philadelphia Co cons A coll
trust 5s stamped. . . 1951
Phlla Electric 1st 5 s.. 1900
K» S m all....................... 1900 - - - - - Reading gen 4s_____ 1997
United Rys Invest 5s. 1926 54^
U S Steel Corp 2d 5 s.. 1903
..........




___

76)4 77
10)4 10)4
75
75
83)4 83)4
48
48
40
40
55
55
48)4 4954
4854 49
25)4 25)4
8)4
8)4
15
16
64
65
58)4 59)4
45)4 4654
121
121
73)4 73)4
87
8854
44
4454
21)4 27
29
29
24)4 25)4
25
25)4
66
67
8054 8254
3)£3 7-16
3 3 1-16
39
3954
66
66)4
94
96)4
8)4
8)4
77)4 77)4
98.50
96.10
96.30
78)4
78
70
89
52
100)4
5754
88)4
101)4
74)4
9354
94)4
81)4
54
97
95

Range since Jan. 1.
Low.

99.10 $35,950 97
96.66 5,200 95.70
96.80 60,200 94.50
79
4,000 78)4
78
100 77)4
70)4 16,000 70
89
6,000 89
52
1,000 47)4
1,000 99)4
100)4
1,000 57 %
5754
89)4 15,000 88)4
1,000 100
101)4
75
93)4
95
82)4
55
97
95

High.

48 70 W Apr
89
Jan
20
9)4 Jan
11
Apr
10 75
Mar
80
Feb
20 58)4 Jan 83 M Apr
8 40
Jan 48
Mar
5 40
Apr z43
Mar
2 55
Apr
55
Apr
738 48
Mar
51
Fob
100 47
Jan
51)4 Fob
24 24
Jan
26
Apr
25
8)4 Jan
9
Jan
2,856
12
Jan
17)4 Feb
217 01M Jan
65)4 Fob
56 55
Jan 03
Mar
410 43 X Jan 47)4 Jan
1 121
Apr 121
Apr
7 70
Jan
75
Fob
17 82
Jan 90)4 Mar
1,025 44
Mar 47)4 Jan
265 21H Apr
27
Jan
22 29
Apr
33
Jan
727 24)4 Apr
25)4 Feb
160 23 H Mar
30
Jan
49 00
Apr
71) 4 Feb
151 71
Jan 85)4 Mar
472
3
Jan
3)4 Mar
4,695
3
Jan
4
Jan
97 38)4 Apr
42)4 Jan
60S 65)4 Apr 72) 4 Jan
4,620 80 H Mar 98)4 Feb
50
7)4 Apr
8)4 Mar
100 74
Jan 85
Feb

6,000
17,000
500
14,000
15,000
1,000
1,000

Jan 99.10
Apr 97.90
Feb 97.00
Apr 82
Mar 82
Mar
73
Feb 90
Jan 52
Mar
Apr
Apr 92
Mar 103

73
Apr
93
Mar
94
Jan
81)4 Apr
54
Apr
97
Apr
91
Feb

75
90
90)
85
00

97

Apr
Jan
Mar
Jan
Jan
Jan
•Jim
Feb
Jan
Apr
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Apr
Apr

120

69)4
11)4
112)4

138)4
50)4
102)4
54

Bonds—
Chicago City R y 5 s ..1927 88)4
Chic C & C Rys 5 s.. 1927
Chicago Rys 5s_____ 1927
Commonw-Edlson 5s. 1943 91)4
Liberty Loan 3 )4s. 1932-47
Liberty Loan 1st 4s 1932-47
Liberty Loan 2d 4s 1927-42
Swift & Co 1st g 5 s .. . 1944 '93)4
Wilson & Co 1st O s... 1941

114
86

128
8754

2,433
395

22)4
80
2
15)4
254
12
68
10
165
103)4
112
96
112
50
21
1154
25
58
43
75
270
98)4
143
117
5254
137)4
50 H
19)4
102)4
54
98

23)4
81)4
2
15)4
254
12
69)4
11)4
165
104)4
112)4
96
113
50
22)4
1154
25
58
47
75
274
9854
145
117
55
141)4
52
20
103
55)4
99

1,657
40
23
69
100
186
255
200
6
53
145
5
85
10
265
10
165
50
1,216
10
47
12
93
50
1,215
3,302
7,775
290
60
210
60

88)4
54)4
82
91
98.50
96.40
96.40
93)4
9454

88 )4 $2,000
57
9,000
6,000
82)4
92
4,000
98.90
500
700
96.60
96.60
7,550
94
9,500
5,000
94)4

Range: since Jan. 1.
High.

Low.

Jan 128
87
84)4 Mar 90

Apr
Jan

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

Feb
Feb
Jan
Mar
Feb
Apr
Apr
Mar
i Jan
Feb
Apr
•Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Apr
Feb
Apr
Feb
Jan
Mar

18)4
80
2
14
254
12
47)4
8
165
103
107)4
94)4
102
49)4
19)4
10
24)4
57
40)4
72
250
95
139
117
47
124
47)4
14)4
102
46
95
84 H
52
82
90
97
95.04
94.70
92)4
94

Jan
Jan
Jan
Mar
Jan
Mar
Feb
Apr
Apr

26
86
2)4
18
4
12
71)4
15
175
108
114)4
97
113
58
28
11)4
28
65
55
77
290
100
157
120)4
58
146
54)4
20)4
110
59
99)4

Wjg
88)4 Apr
59
Mar
84)4 Mar
94)4 Ma
98.90 Apr
97.50 Jan
97.52 Mar
95)4 Jan
Mar
96

x Ex-dlvldend.

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Apr. 20
to Apr. 26, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par valuo.
____I**"1 • - <'
> •
*
*
Sales
for
Last Week’s Range
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Friday

Stocks

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

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

Jan
Mar

x Ex-dlvidend.

Stocks—

Chicago Stock Exchange.— The complete record of
transactions at the Chicago Stock Exchange from A pr. 20
to A pr. 26, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Range since Jan. 1.

Pittsburgh Stock Exchange.— The complete record of
transactions at tho Pittsburgh Stock Exchange from Apr. 20
to Apr. 26, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Last Week’s Range

1781

Alabama C o.............
100
2 d preferred________ 100
Arundel Sand & Gravel.100
Atlantic Petroleum........ 10
Baltimore Tube, p ref.. 100
Consol Gas, E L & P..100
Consolidation Coal___ 100
Cosden & C o___________ 5
Pref erred.............
5
Davison Chem ical..no par
Gillette Safety R azor..
Houston Oil pf tr ctfs.. 100
■Mer & Min Trans V T.100
Monong Valley T ra c...2 5
M t V Wood Mills v t r. 100
Preferred v t r .......... 100
Northern Central_____ 50
Oppenhelm Oberndorf com
Robinson Oil, pref____ 10
United Ry & E lectric...50
Wash Balt & Annap___ 50
Preferred...... ..............60
Way land Oil & Gas........ *.5
Bonds.
Ala Cons C & I 5s___ 1933
Atlan C L (Conn) certifi­
cates 5-20 4s_____ 1925
Balt Traction 1st 6s .. 1929
City & Suburb 1st 58.1922
Consolidated Gas 5s. .1939
Cons G, E L & P 5% notes
6 % notes__________
Consol’n Coal ref 5 s.. 1950
Convertible 6s____ 1923
Cosden & Co Ser B 6s. 1932
Ga Sou & Florida 5 s.. 1945
Kirby Lumb Cont 6s. 1923
Mary’ld Elec R y 1st 5sl931
M St * St P C Joint 5s.1928
Petersburg A 5 s .......... 1926
Rich & Danv deb 5 s.. 1927
United Ry & Elec 4 s.. 1949
Income 4s................. 1949
Funding 5 s . ............ 1936
do
small____ 1936
Va Mid 5th series 5 s.. 1926
small bonds____ 1926
Wash Balt & Annap 5sl941

86

69)4

86)4
7

73)4

86
68
35
2)4
85
96
86)4
6)4
3)4
32)4
83)4
64)4
70
15)4
15
71)4
73
63)4
7)4
19)4
26)4
37
3

87
69)4
35
2)4
86
97)4
88)4
7
3)4
33)4
83)4
61)4
72
15)4
15
71)4
73
63 H
7)4
20
26)4
37
3

84

84

83 H 83)4
98)4 98)4
98)4 98)4
100 100
91
91)4
96
96
85)4 85)4
99
99
79
79
91)4 91)4
96
96
90
90
92
92
98
98
95)4 95)4
73
73)4
53)4 53)4
76
76
76
76
93
93
98
98
82)4 82)4

Range! since Jan. 1.
High.

Low.

100
62
10
90
80
80
380
1,342
75
100
50
10
60
10
31
18
3
5
100
145
85
10
25

50
56
31)4
2)4
85
94
86)4
6)4
3)4
30
83)4
64
70
15)4
15
68
70
63)4
7
19)4
24
37
3

$1,000

79)4

8,000
1,000
2,000
1,000
9,000
2,000
2,000
4,000
1.000
1,000
2,000
1,000
1,000
1,000
1.000
10,000
11,000
1,000
100
1,000
500
1,000

83)4
98)4
98)4
98)4
91
94)4
81
99
79
91)4
95)4
87)4
92
98
95)4
73
53)4
76
75)4
93
98
80

Jan 87
Jan 70
Jan 36)4
Mar
3)4
Jan 86
Jan 102
Apr 106
Jan
8)4
Jan
4
Jan 38)4
Apr 83)4
Apr 74
Apr 90
Apr
16)4
Jan
17)4
Jan 74
Jan 73)4
Apr 63)4
Feb
8)4
Apr 24)4
Jan 29)4
Mar 41)4
Apr
3)4
Jan

84

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

Apr 84
Mar
Feb 99)4 Feb
Mar 100
Feb
Jan 100
Apr
Apr 95
Jan
Jan 96)4 Mar
Jan 86
Apr
Jan 103)4 Jan
Apr 83 H Jan
Apr 92)4 Apr
Apr 98
Feb
Jan 92
Feb
Apr 95
Jan
Apr 98
Apr
Apr 95)4 Apr
Jan 77)4 Feb
Mar 58)4 Jan
Apr 80
Feb
Apr 82)4 Feb
Apr 98
Apr
Apr 98
Apr
Jan 83)4 Feb

Volume of Business at Stock Exchanges
TRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
April 26 1918.
’ aturday _________
Monday____ _____
Tuesday..................
Wednesday_______
Thursday........ .......
Friday....................
T o ta l..................

Stocks.
Shares.

Par Value.

298,700 $28,350,500
524,200 50,011,500
432,500 37,336,500
396,600 36,376,000
275,200 25.290,500
14,187,500
149,815

Railroad,
& c„
Bonds.
$441,000
1,135,000
783,000
719,000
589,000
263,000

State, Mun.
& Foreign
Bonds.

V. S.
Bonds.

$222,000 $2,085,000
523,000 3.889.000
586,000 3,876,000
745,000 4,312,000
457,000 3.125,000
477,500 4,708,000

2,077,015 $191,552,500l! $3,930,000 $3,010,500 $21,995,000

Sales at
New York Stock
Exchange.

Week ending April 26.
1918.

Stocks— No. shares__

Friday
Sales
Last Week’s Range: for
Week
Sale.
of Prices.
Other Oil Stocks (Conc’d) Price. Low. High.. Shares.

Jan. 1 to April 26.

1917.

1917.

1918.

62,856,928
2.077,015
3,599,427
39,969,902
$191,552,500 $311,591,200 $3,737,392,850 $5,650,802,380
SI ,300
$19,700
$12,400

Bonds.
Government bonds__ $21,995,000
State, mun., &c., bonds
3,010,500
R R . and misc. bonds.
3,930,000
Total bonds............

$2,000
10,605,000
9,316,000

$257,185,500
69,767,500
91,563,000

$270,000
140.372.000
227.346.000

$28,935,500 $19,923,000

$418,516,000

$367,988,000

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.

Week ending
April 26 1918.

Boston.
Shares.

Philadelphia.

. Baltimore.

Bond Sales. Shares. Bond Sales.

Shares.

Bond Sales.

Saurday...............
Monday_________
Tuesday................
Wednesday______
Thursday-.............
Friday__________

6,226
9,709
6,611
10,022
8,524
6,479

$20,400
46,800
54,700
26,950
28,050
16,000

2,499
5,000
4,223
1,424
2,794
2,112

$22,300
29,600
34,850
30,000
70,600
17,100

389
847
679
320
68
788

$9,420
9,100
16,500
20,000
12,100
3,000

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

47,571

$192,900

18,052

$204,450

3,091

$70,120

N ew Y o rk “ C u rb ” M ark et.— Below we give a record of
the transactions in the outside security market from April 19
to April 26, both inclusive. It covers the week ending Fri­
day afternoon.
It should be understood that no such reliability attaches
to transactions on the “ Curb” as to- those on the regularly
organized stock exchanges.
On the Now York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed— that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the “ tape,” or reported
in the official list at the end of the day, are authentic.
On the “ C urb,” on the other hand, there are no restric­
tions whatever. Any security may be dealt in and any one
can meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transac­
tions m ay creep in, or even that dealings in spurious securi­
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week’s Range for
Sale.
0/ Prices. Week.
Par. Price. Low. High. Shares.

Week ending AprU 26.
Stocks—

[Vol. 106

THE CHRONICLE

1783

Aetna Ext lus r__ (no par)
854
Preferred _r.............. 100
Air Reduction.r_. (no par)
Brlt-Amer Tob ord’y __ £1 _____
Ordinary coupon........ £1
Burns Bros Ice r _____ 100
26M
Second preferred.r__ 100
Car Ltg & Power.r........ 25
2 54
Carwen Steel Tool____ 10
Chevrolet Motor_____ 100 " i 2 l "
Electric Gun r__________1
Emerson Phonograph___ 5
3
Freeport Texas Sulphur, r.
Hall Switch & Signal.r.100
Intercontinental Rubb.100
Internat Motors com .r 100
Inter Trad Corp, co m .r .-l
-J
Keyst Tire & Rub, com. 10
Lake Torpedo Boat.r__ 100
Lima Locomotive com rlOO 42
Marconi Wlrel Tel of Am .5
3X
Maxim Munitions.t ___ 10
X
N Y Transportation___ 10
North Am Pulp & Pap (t)
2
Peerless Trk&Motor Car50
Poulsen Wireless r___ 100 _____
Smith Motor Truck .r__ 10
2%
Standard Motor Constrr 10
Submarine Boat v t o . . ( t )
15)4
Thiogen Co of Amer r__ 5
m
Triangle Film Corp v t o.5
United M otors.r.. (no par) 25X
U S Light & Heat, comrlO
154
Preferred, r _________ 10
3)4
O S Steamship.. . .......... 10
554
Wrlght-Mnrtln A lro.r_.(t)
854
Fortner Standard Oil
Subsidiaries.
Anglo-Amer Oil r_____ £1
Buckeye Pipe L in e .r ...50
Galena-Signal OH com rlOO
Illinois Pipe Llne.r___ 100
Indiana Pipe Llne.r___ 50
Ohio OH r .................. 25
Prairie Oil A Gas r ___ 100
South Penn O tl.r____ 100
Standard Oil (In d ).r ..l0 0
Standard Oil (N e b ).r..l0 0
Standard Oil of N Y r . 100 260
Other Oil Stocks
Amer Ventura O ll.r........ 1
10c
Barnett Oil A G as.r........1
9-16
Boston-Wyomlng Oll.r__ 1 _____
Cosden A Co, com .r____ 5
654
Crown Oll.r____ _______ 1
9-16
Dixie Gas.r.................... 10
10)4
Elk Basin Petroleum .r.. . 5
Elkland Oil A Gas r____ 1
5-32
9c
Esmeralda Oil C orp.r__ 1
Federal O ll.r.................... 5
2)4




_

__

___
___

Range since Jan. 1 .
Low.

High.

854 7,200
o x Feb
o x Mar
56
125 41 >4 Jan 61
Mar
120
70
68
Apr 77
68
Mar
15
2,200
14 H i Apr
16)4 Jan
15)4
1,600
18
Feb
1554 16)4
u x Apr
Apr 29 X Apr
2554 29)4 27,900 19
635 50
Apr 64
Apr
62 X 64
500
Jan
2
3 X iMar
2 M 2X
9
9
400
o x Apr
8 X Jan
120
126
8.200 100
Jan 135
Feb
0-1 ft 0-1 ft
400
X Apr
X Mar
Apr
2
3
300
4% Jan
2)4
38)4 3934
600 3845 Apr 39 X Apr
5
200
7 X Jan
5)4
444 Jan
100
Jan
11
8)4
8X
8 X Apr
14
Jan 24
Mar
23
100
23
3-16
54 1,300 1-16 Apr
154 Feb
18
1,175 12 X Jan 18M Apr
1854
3
600
2%
3)4 Jan
2 X Apr
42
Apr
46
955 42 X Apr 46
2,500
3X
■jx
3X Jan
3X Mar
7-16 9-16 42,000
Jan
1
X Feb
400 14
Feb
19
Feb
15)4 1554
2
2
Apr
800
2X
3)4 Jan
13
14
13
Apr 20
Feb
250
10
200
Mar
10
10
Apr
12
2 9-16 2 X 33,500
1
Jan
2 X Apr
12
12
300
8 X Jan
13)4 Mar
12)4 153^ 16,900
11X Mar
i a x Apr
444 4,600
4
4 it
Mar
Mar
a
11-16 J4 3,800
Jan
% Apr
1
25
26)4
7,900
i o x Jan 30#-4 Feb
1
Mar
IX
9,380
IX
I X Apr
2%
Apr
2,010
3
3X
I X Jan
554
a x 10,900
OX Apr
4X Jan
8X
8X 139,300
854 Apr
o x Jan
8)4

12
90
20
186
98
323
483
272
635
485
259

1241
97
20
188
99
331
488
273
636
485
266

9o
X

lie

12,470
13,000
27,000
3,550
13,700
1,600
800
ox
5-32 9,100
10c 34,100
3
3,200
X

21c 24c
IX
654
9-16 X
10)4 10 x
ox
X

8c
254

700
20
135
43
30
143
10
24
20
5
118

11H

93
134
180
93
300
418
272
635
485
252

Feb
Mar
Mar
Mar
Mar
Jan
Jan
Apr
Apr
Apr
Jan

6c
Jan
X Apr
20o Mar
Jan
ox
X , Apr
10)4 Feb
Jan
ox
Jan
X
8c Apr
2X Jan

1754
100
145
192
99
365
500
290
640
485
285

Jan
Feb
Jan
Jan
Apr
J ftn
Feb
Jan
Mar
Apr
Fob

16c Feb
1 3-16 Jan
33c
Jan
8 X Fob
1 5-16 Jan
10)4 Mar
7
Feb
X Jan
6-16 Jan
4
Feb

Friars O ll.r...................... 1
1-32
Glenrook O ll.r............ ..1 0
3X
Hanover Oil & R e f .r .. 5
a
Houston Oil 00m .r___ .00
43
Internat PetroIeum .r...£l
13)4
Island Oil & Trans.r__ 10
354
Kenova Oil____________ 1 11-16
Merritt Oil C orp.r........ 10
Metropolitan Petroleum .6
54
92c
Midwest Oil com .r.......... 1
Preferred r____ ______ 1
IX
Midwest Refining.r___ 50 106)4
Mineral Wells Pet_______1
42c
1
N Y Chino Oil
7-16
N Y-Oklahoma Oil com .rl
Northwestern Oil com .r. 1 60c
4c
Oklahoma Oil com .r
1
Preferred, r
1
Oklahoma Prod & R ef__ 5
ox
Okmulgee Prod & R e f ...5
7)5
Omar Oil A Gas com
1
23c
Penn-Kcntuoky O ll.r
5
ax
24c
Queen O ll.r
.1
9-32
Rloe O ll.r
1
Royal O l l .r ..
1
X
Sapulpa Refining.r
5
Savoy Oil
5
Sequoyah Oil A Ref
1
X
Sinclair Gulf C o rp .r._ .(t)
Stanton O ll.r
1
2
10
Stockton O ll.r
..1 0
Toxana Oil A R e f.r
1
87
Tuxpain Star Oil r
1 4)4C
United Western Oil new .r.
United Western Oll.r
]
Vlotorla Oil r
10
4)4
Mining Stocks
Alaska-Brlt Col M etals.. 1 ■ X
54c
America Mines.r
1
10C
Atlanta Mines
1
Aurora Silver M ines.r 6
555
5
Big Ledge Copper
X
Booth r
1
51c
Boston A Montana D e v ..5
Bradshaw Copper.r
1
X
42c
Caledonia M ining.
.1
Calumet A Jerome Cop r .l
1)5
Canada Copper Co Ltd.
10c
Cash B o y ..
1
Cerbat Silver M A M r . 1
X
Coco River Mining.r
1
2X
Consol Arizona Smelt
6
Consol Copper Mines
5
Consol-Homestead r
1
X
Copper Valley M ining.r.l
IX
Cresson'Con? Gold MAM 1
66c
El Salvador Silver, r____ 1
7-32
Emma Copper.r ________ 1
Eureka Croesus Min r . . . 1 1 5-16
Globe Dominion Copper. 1
9-16
Golden Rule Mines.r___ 1
Goldfield Consolidated. 10
Goldfield Merger, r_____ 1
Great Bend.r........
1
Green Monster r
50c
Ileola Mining
25c 415-16
15c
International M lnes.r. . 1
Iron Blossom.r
10c
l
Jerome Prescott r ___
8X
Jerome Verde Copper___ 1 11-16
67c
Jim Butler r____
)
Josevlg-Kennecott Copp.l
Josevlg-K East stk .l
1
Jumbo Extension
l
Kewanus r..............
]
axe
Lampazos Silver.............. ]
155
La Rose Consol Mines__ 5
Louisiana Consol..
1
Magma Copper..........
5
Marsh Mining r______ ]
Mason Valley................ 5
5
Mogul Mining.r........ .. 1
Monstor Chief r.............. 1
8C
Mother Lode r . .
1
49C
National Leasing r___ .1
5c
29c
Nat Ztno A Lead r .......... 1
18c
Nevada Ophlrr
10c
Nevada Rand r
I0e
New Cornelia r
6
17
Nlplsslug Mines
5
Nixon Nevada
]
X
Ohio Copper r
1
1
Onondago Mlnes.r
1
255
54c
Provincial M ining..
1
Ray Hercules Mining r .,5
455
9-16
Red Warrior Mining r .._ l
9C
Rex Consolidated M g__ 1
Rochester Mines............ . i
Seneca Copper___ (no par)
Scnorlto Copper________1
54
13-16
Silver King of Arizona__ 1
54
Sliver Plume Cons r
l
7-16
Standard Silver-Lead___ 1
Stewart,.................... ......... 1
7-32
8)4c
Success Mining............ __1
Superior Cop (prosp’t) (t)
Tonopah Belmont Dev r 1
Tonopah Extension
1
13c
..1
Troy-Arizona.r
4
United Eastern
1
30c
U S Lend A Zinc f .r
1
Unity Gold M ines.
5
655
VerdeCombinatlon r . 50c
West End Consolidated. .6
White Caps Mining.._10 c 13-32
Wilbert Mining
i
Yukon Gold
5

__

______

__
... ......

__
__
.... ......
............
..... ....
___
........ .....
....
.........
......
....
.....
__
__ __

.

..

......
..... ....
_
____
__
....

.6 ___
...........
.
__ ___
__ ___
__
. __

........

__ ___
.....

___
____
.....
.... .
__
____
.....

..

___

__ ___
......
_____
__
.....
. . ___
___

...... .....

Bonds
Am Tel A Tel 1-yr 6s____
99)5
Beth Steel 5% notes.. 1919
Canada (Dom of) 6 s.. 1919 95)4
Gen’l Elec 6% notes.. 1919 100 X
6% notes.............. 1920
Great Nor Ry 5% notes ’20
Phllft Elec fls _
1920
Procter A Gamble 7s r 1919
7s r . . .
.
1920
7 s.r...................... 1922
7s r................
192H
Russian Govt 0Xa r.1921
Southern R y 5% notes r’ 19
Westlnghouse Eleo A M fg
1-year 6% notes............

.....
___

1-32 1-32 2,500
6,800
355
355
454
555 2,350
41
SOO
43
13)5 1455 2,100
355
455 14,500
55 3-16 37,600
600
18)4 1955
11-16 15-16 30,000
13,000
89c 96c
2,900
1 1-16 I X
928
105)5 107)4
900
255
2)4
8,800
40c
44c
3,000
7-16 X
58o 64c
7,300
3 X o 5c 20,000
1,500
8c
9c
5,700
ox
654
7
855 47,400
9,500
22c 25c
5)5
555 3,930
23c 25c
8,300
7-32 5-16 24,450
54 15-16 7,000
2,450
8)4
8)4
100
8)5
8)5
X 15-16 10,000
17
100
17
7,900
2
154
10
400
10
82
93,400
87
3)4c 6X o 315,000
IX
155 2,000
1,000
54
X
4
5,280
4X

Range since Jan. 1.
Low.

High.

1-32 Apr
3-16 M ar
Jan
a
3 X Jan
3
Jan
7)4 Jan
39 X Jan 53)4 Jan
1454 Mar
12 X Feb
I X Jan
a x Mar
3-32 Jan
X Feb
17)4 Mar 24)4 Jan
X Feb
X Jan
1.24 Jan
87c Apr
1
Apr
I X Jan
Jan
97
Mar 114
2)4 Apr
1H Jan
Apr
39c
Apr 44o
X Fob
X Jan
Feb
56c
Jan 89c
Jan 8X 0 Mar
3o
8c A nr
16o Feb
7)4 Jan
OH Apr
11)4 Mar
2X Jan
Jan
Apr 40o
21o
5
Jan
a x Feb
Jan
86o
170 Feb
3-32 Feb
X Feb
I X Mar
X Apr
Jan
8
Mar 10
7)4 Jan
o x Jan
I X Mar
X Jan
15
Jan 23 X Feb
2X Mar
I X Mar
Mar
10
o x Mar
Apr
78
Apr 87
3)4o Apr 22o Mar
2 X Feb
X Apr
X Jan
X , Mar
o x Mar
3)4 Jan

78c
79c
13-32 7-16
11c
11c
1
IX

55

55

12,050
9-16 Jan
5-10 Apr
6,900 50c Mar 54c Apr
11,100
130 Feb
Jan
80
4,500
2X Feb
a x Apr
13,700
1)4 Mar
X Jan
1,000
6c
Apr
Jan
3o
47,000 41o
Jan 960 Mar
1,850
154 Jan
X Jan
20,100 40o Mar
66c
Jan
4,800
Jan
*1
IX Mar
1,000 1 5-16 Jan
2X Jan
21,100
Feb
19o
3)4o Jan
5,400 42o
Jan
IX Mar
1,150
2 X Jan
IX Mar
4,900
2X Jnn
1% Feb
1,400
Jan
a
Jan
7
5,950 22o
Feb
X Mar
3,975
X Jan
254 Mar
3,300
4)4 Mar
a x Jan
68c
4,500 55c Mar
Apr
31,200
X, Apr
X, Fob
8,350
IX Apr
X Feb
1,500
X Mar
I X Jan
5,950
Xt Apr
Xs Apr
3,500
X Mar 7-10 Jan
5,000
3c
Jan
5o Feb
2,000
4 Vyc Feb
10c Feb
u Apr
1
9,400
Apr
3,145
5
Jan
2)4 Jan
39,200
8o
Jan 20o
Feb
5-16 Anr
11-16 Jan
1,500
1,900
Apr
0
154 Jan
8,100
X Jan
z Mar
7,700 55o
Jan
.Jan OOo
1,600
3-16 Jan
7-10 Mar
3,500
5-16 Apr
54 Apr
11r: Anr 24o
Jan
1,000
9o
3,000
5)4o Apr
Feb
17,050
154 Mar
X Feb
1,600 25c
Jan
% Apr
3,400 7-16 Jan
X Jan
Jan
1,500 35
Apr 42
Jan 8)40 Mar
2,500
4o
3,400
4 X Apr
OX Jan
10c Apr 35o
Jan
1,000
26,500
a x o Apr 6-10 Jan
189,000 25o
Jan
50o Apr
35,000
Jan
3o
Feb
8o
14,400
15o
Jan 3So
Feb
2,000
13o Fob 21c
Jan
5,200
13c Feb 27c Mar
1,300
15)4 Jan
18)4 Mar
8
1,100
854 Mar
Jan
4,400
54 Apr
I X Mar
13,200
I X Mar
% Apr
2
3,200
Jan
4X Mar
5,000 43c
Jan 54c Apr
2,400
3)4 Jan
4)4 Jan
10,100
X Jan
X Mar
Oo
Jan
15c Feb
23,500
13,400
27o
Jnn 45o M ar
100
1154 Mar
7)4 Jan
4,430
J4 Jan
X Mar
7,400
X Mar
X Mar
1,420
7-32 Apr
7-10 Jan
2,100 47o
Feb 70o Apr
4,300
Jan
X
X Apr
3-10 Jnn
5,800
X Jan
9,700
7o
Jan
100 Apr
1,005
2
Jan
2)4 Apr
3
400
Jan
354 Mar
3,725
I X Jan
I X Jan
21c Mar
13c
Jan
4,700
4,676
3H Jnn
5)4 Feb
9c
Feb OOo Mar
4,500
5,000
3 X Jan
654 Apr
500
X Apr
54 Jan
Jan 86o Fob
2,900 05c
11-32 Jan
8,500
X Jan
8c
14c
Fob
Jan
400
2
Jan
1,200
X Feb

9954
97)4
9555
100)5
100)5
9755
99 U
10055
101
10055
101)4
33
97)5

9955
0855
9555
100)4
100 X
OH
99 U
10055
101
10055
101)4
34
08)5

$19,000
39,200
120,000
14,000
11,000
11,000
1,600
2,000
1,000
1,000
5,000
17,000
16,000

00 X

99 X

3,900

7-16 X
53o 54c
9)4o 1054c
ax
555
13-16 15-16
5c
5c
51o 55c
X
54
42c 46c
1 1-16 1 3-16
154
IX
954c 10Xc
1
54
2
2)4
2
1)5
655
555
54 9-32
155
IX
455 4 X
66c 6Sc
3-16 7-32
1)4 1 7-16
9-16 X
X 9-16
X 9-32
3 X o 354c
6c
6c
55
54
454 4 15-16
15c
130
55

55

8)4

954

55 11-16

66c
5-16
5-16
11c
5)5o
1)4
X
■ X
35
axo
4X
15c
7c
30 X o
4Xo
28c
18c
21c
16)4
8X
54

69c

55
55

12c
0c
IX
9-16
54
38
6c
5
150
10c
50c
SXo
30c
18c
270
17
854
X
1
X
3H
1)5
51c 54c
4
455
9-16
54
9c
10c
36c
38c
10
10
54 13-16
13-16 13-16
7-32 7-32
73o
71c
13-32 7-16
3-16 7-32
71 o 9c
2X
2X
3 5-16 355
154
155
13o
15c
3)5 4.5-16
30c
32c
ax
ox

.

OSH
vox
04 X
99
08 X
97
97)4
98
00x
08},
98)4
33
97)4

Mar 0954 Jan
Jan 98)4 Apr
Jan 9554 Mar
Jan 100 X Apr
Jnn 10054 Apr
Jan 98
Apr
Feb 9954 Apr
Mar 101)4 Apr
Mar 101)4 Apr
Mar 101 )4 Apr
Mar ioi)S Apr
Jan
Apr 52
Feb 98)4 Apr

98 X Mar

oox

Apr

* Odd lots, t No par value, i Listed as a prospect. I Listed on tho Stock Ex­
change this week, where additional transactions will be found, o Now stock,
r Unlisted, ti Ex-cash and stock dividends, w When Issued, x Ex-dlvldend.
1/ Ex-rights. 2 Ex-stock dividend.

A pr. 27 1918.]

THE CHRONICLE

. STOCK OF M ON EY IN THE C O U N TRY.— The follow­
ing table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in cir­
culation on the dates given.
-Stock of Money Apr. I '18--------Money in Circulation---in U .S . alfeltlinTreas. Apr. 11918. Apr. 1 1917
$
8
S
s

Gold coin (Including bullion
In Treasury)................ ,.3,042.708.319 234.610,242 1,029,779,585 c667,338,602
Gold certificates b ..............
975,051,932 1,865,918,709
Standard silver dollars_ 508,269,513
36,482,080
77,110,980
71,015,2 6
Sliver certificates b _______ _________________ ____
452,801,704 470,348,010
Subsidiary s ilv e r .... 225,971,720
10,067,733
Treasury notes of 1890.............. - .............
- .............
United States notes_ 340,081,016
11,485,378
31,449,191 1,435,723,424
Federal Reservo notes_d l ,563,969,405
Federal Reserve bank notes 11,662,045
67,570
11,594,475
15,094,480 705,825,027
National bank notes. 720,919,507

Total___ ______ _______ 6,480,181,525 339,856,074 5,240,261,501 4,720,130,941
Population of continental United States estimated at 105,437,000. Circulation
per capita, 849 70.
a This statement of monoy held In the Treasury as assets of the Government does
not include deposits of public money in Federal Reserve banks, and in national
banks and special depositaries to the credit of tho Treasurer of the United States,
amounting to 8978,931,595 05.
b For redemption of outstanding certificates and Treasury notes of 1890, anexact
equivalent In amount of the appropriate kinds of money is held In the Treasury,
and Is not Included In the account of money held as assets of the Government.
c Includes 3399,471,540 Federal Reserve Gold Settlement Fund deposited with
Treasurer United States.
<1 Includes own Federal Reserve notes hold by Federal Reserve banks.
Note.— On April 1 1918 Federal Reserve banks and Federal Reserve Agents held
against Federal Reserve notes 8556,310,610 gold coin and bullion, 8246,935,950
gold certificates and $96,796,790 Federal Reserve notes, a total of 8900,063,350
against 8351,779,8S9 on April 1 1917.

FOREIGN TRADE OF NEW Y O R K — M O N TH LY
ST A T E M E N T .— In addition to tho other tables given in
this department, made up from weekly returns, we give the
following figures for tho full months, also issued by our
New York Custom House.
Merchandise Mocement at New York.
Month.

1917-18.
July.........
A ugust...
September
October .
November
December
January. .
February.

Exports.

Imports.
1916-17

S
95,713,123 95,614
22,231,660 107,920
99,805,185 80,486
91,319,486 85,883
89,530,607 .87,639,
91,511,471 102,935,
88,164,970 128,344,
94,303,999 97,834,

1917-18.

1910-17

Customs tteceipts
at New York.
1917-18. | 1916-17.

$
$
,181,903 243,808,029 11,190.794' 11,314 ,256
,614,309 273,627.773 10,584.750 12,392 ,700
,132,080 265.387,737 9.469,365 11.579 ,296
,908,712 238,474,910 9,548,029, 13,487 ,160
,128,789 230,620,136 8.733,214 12,878 ,595
467,362 228,173,641 7,142,265 12,160 ,341
203,724 303,906,525 7,488,551! 13,494 316
713,182 223,404,135 8,177,780 10,800 ,297

Total ..772,580,501 786,659,004 1747350121 2007463386 72,334,7481 98,112, ,961

silver for the 8 months
Cold Mocement at New York.
Month.

Imports.
1917-18.

1910-17.

Sileer—New York.

Exports.
1917-18.

1916-17.

Imports.

Exports.

1917-18.

1917-18.
«
1,240,404
1,544,134
1,200,701
1,278,579
1,195,181
1,110,789
2,740.717
2,186,324

July.........
A ugu st..Scptombor
October..
November
December
January..
February.

S
*
*
*
904,838 17.881,388 19,179,282 8,096,007
1,245,038 1,432.146 12.337,552 5,759,159
980,609 11,773,501 11,331.810 2,651.454
1,225.028 1,514.663 7,484.497 1.311.114
1,090,730 1,197,787 3,422,712 11,244,658
908,575 1,258,973 1,187,606 18.318.717
657,940 10,494,074
1,070,279 1,930,781
991,103 1,085,806 3,170,387 14.129.717

*
813,489
1.734,701
925,958
886,834
1,077.189
910,205
1,409,524
1,444,351

Total . .

8,419,200 38,075,843 58.771,706 72,005,800

9,802,251 12,502,889

CURRENT

N O T IC E

— E . R . W ood , President o f tho Dom inion Securities Corporation, L td .,
o f T oron to, has prepared, as a souvenir for and In appreciation o f tho
sorvlcos rendered b y his fellow members o f the Special Subscriptions C om m lttoo in C anada's “ V ictory L oan” cam paign o f 1917, a booklet o f 30
pages, handsom ely bound in brown suede and lined with moree silk o f the
samo color, containing tho story o f som o o f tho features o f tho cam paign,
which, as stated b y M r. W ood , was "o n o o f tho m ost historic financial
events in Canadian history."____________________________________

Hew York City Banks and Trust Companies
Bid
Banks.
Ask
Jlanks-A’. Y Kiri
Lincoln ----- 28(1
America*..
500
485
Manhattan * 315
220
Amer Exch. 210
AMnnl
In _ — 170
bilk11til)
Iu
180 Mark A Fult 305
Mech A Mot 297
Battery Park 200
210
Merchants.. 225
Bowery • __ 400
Bronx Boro* 160
200* Metropol'n * 165
Mutual*___ 375
Bronx Nat . 160
BryantPnrk* 148
165 . Now Ncth*. 200
SO
95 New York Co
Butch A Dr.
347 Now Y ork.. 415*
Chase.......... 337
Paclftc *___ 270
235
Chat A 1’hen 230
497
110 Park........ .
Chelsea Ex * 100
People’s * . . . 200
390
Chetnlcul... 380
Prod Exch*. 200
220
Citizens___ 210
Public.......... 200
370
C ity ............ 300
215 Seaboard. . . 450
Coal A iron. 205
Second____ 400
Colonial*__ <400
Columbia*.. <150
175 ' Sherman__ 125
Commerco.
168
172 State*.......... 115
Comra'I Ex* 390
405 23d Ward*. n o
Union Exch. 145
Common­
wealth * .. 180
190 Unit States* 600
Continental* 135
145 Wash H'ts*. 350
Corn Exch*. 810
320 Iwestoh Avc* 175
Cosmopol'n*! 85
100 Iweet Sldo*.
190 Yorhvllle*.. 640
Cuba (Bk of)' 180
Brooklyn.
East River..I 60
07
Fifth Avo*_. 3500 4000 Coney Isl'd* 145
Fifth............ 215
230
First______ 255
125
First............ 860
Flatbush . .
880
Oarflnld___ 163
180 Greenpolnt . 150
Gotham----- 200
Hillside * . . . 110
350 * Homestead *
Oreenwlob*. 335
Hanover----- 650
660 Meehan lea’ * 110
245 Montauk * ..
Harrlmnn... 235
509 Nassau........ 195
Imp A Trad. 4S0
Nutlon’lCIty 265
Irving (trust
ctfs) . _
275
280 NorthSlde*. 175
405 People’s ___ 120
Liberty....... 390
* Banks marked with * (*) are Sint* banks,
change this week.
$ I n c l u d u s o u c - t h l r d share
V Ex-rights




Ask
300
330

jTrust C o’s. Bid
New York
Bankers Tr. 363
363
700
#uu
715
302
Columbia . . 255
260
245 Commercial. 100
175 Emplro___
290
300
.. . Equitable Tr 337
342
220
Farm L A Tr 380
390
137 Fidelity___ 200
210
___ Fulton____ 240
265
Guaranty Tr 313
317
507 ’ Hudson___ 135
142
210
Irving Trust ■/ Sco Irving
INat Bank
215 Law Tit A Tr
93
98
470
Lincoln T r ..
98
105
425
Mercantile
135
Tr A Dep. 190
Metropolitan 300
315
125 Mut’l (West­
155
chester) . . 115
125
__ _ N Y Life Ins
A Trust.. 875
900
200 |N Y T ru st.. 585
600
185 Sound Inavl'n 260
270
565 TltleGuATr 255
265
Transatlan ’c 175
155 Union Trust 405
4 10'
270 U SM tgA T r 400
410
135 UnltodStates 915
930
165 Westchester. 130
140
120
Brooklyn.
115 Brooklyn Tr 500
530
Franklin___
120
230
240
05 H am ilton... 265
276
205
Kings C o ... 625
660
275
Manufact’ra 125
140
200
People’s . .
263
270
140 Queens C o ..
70
85
♦ Sale at auction or at stook Ex­
Irving Trust Co.
t Now stock

__

__

__

17 83

New York City Realty and Surety Companies
Bid
Alliance R ’lty 58
Amer Surety. 108
Bond A M G . 185
Casualty C o.
Clty Investing 15
Preferred. .
60

__

AsA
65
115
195
100
20
66

Bid
|
,|Lawyers Mtge 87
IjMtge B ond.. 82
;Nat Surety.. 162
N Y Title A
1 Mtge_____
50
II

Ask
Bid
92 [Realty Assoc
87
(Brooklyn). 65
166 U S Casualty. 176
lU ST ltleG A I
57 (West A Bronx
1 Title A M G 160

Ask
75
190
60
175

Quotations for Sundry Securities
All bond prices or* “ and Interest” except where marked Mf
Standard Oil Stocks Per Share
Par Bid Ask.
Anglo-American Oil new. £1 1 1 34 12U
Atlantto Refining............. 100 915 930
Borne-Scrymser C o____ 100 425 450
Buokoye Flpe Line C o__ 50 *94
96
Cbesebrough Mfg new__ 100 315 325
Colonial Oil.......................100 10
40
Continental Oil............ -.100 440 460
Crescent Pipe Line C o ... 50 *32
35
Cumberland Pipe L in e ..100 140 145
Eureka Pipe Line C o___ 100 185 195
Galena-Signal Oil o o ra ... 100 132 137
Preferred ..................l oo 124 129
Illinois Pipe Line_______100 185 190
Indiana Piiw Line Co___ 50 *95
98
International Petroleum. £1 *1234 13U
National Transit C o ...12.50 *13is I4l2
Now York Transit C o ...100 200 210
Northern Pipe Line C o .. 100 105 115
Ohio Oil C o...... ............... 25 322 327
Ponn-Mex Fuel C o.......... 25 *37 42
Pierce OH Corporation__ 25
*S*4 9>4
Prairie Oil * Gas.............100 470 480
Prairie Pipe Line............. 100 262 267
Solar Refining...................loo 290 310
Southern Pipe Line C o .. 100 183 188
South Penn Oil.................100 270 280
95
Southwest Pa Pipe Lines. 10O 90
Standard Oil (California) 100 215 220
Standard Oil (Indiana). .100 630 640
Standard Oil (Kansas)... 100 440 460
Standard OH (Kentucky) 100 320 330
Standard Oil (Nebraaka) 100 460 485
Standard Oil of vew Jer.100 545 550
Standard OH of Now Y'k 100 258 263
Standard Oil (Ohio)........ 100 400 415
Swan* Finch________ 100 92 97
Union Tank Lino C o___ 100 95 98
Vaouum Oil____________ 100 340 350
Washington OH...................10 *28 32
Bonds.
Percent.
Pleroo Oil Corp oonv 69.1924 73
Ordnance Stocks— Per Share.
Aetna Explosives pref__ 100 50
American A British M fg. 100
4
Preferred...................... ICO 15
Atlas Powder common__ 100 173
Preferred...................... 100 91
Babcock A Wilcox_____ 100 110
Bliss (E W) Co oomrnon. 60 *350
Preferred..................... go *70
Canada Fdys A Forgings. 100 120
Carbon Steel common. . .10 0 100
1st preferred.................loo 86
65
2d preferred................100
Colt s Patent Fire Arms
M fg............. ................. 25 *66
duPout (E I) de Nemours
& Co oomrnon...............100 273
Debenture stock______loo 91
Eastern Steel.................. 100 93
Empire Steel A Iron com. 100 32
P referred ................... 100 75
Hercules Powder com ...106 230
Preferred................... ..100 111
Nllcs-Bement-Pond com. 100 140
Preferred...................... loo 96
Penn Seaboard Steel (no par) *38
Phelps-Dodge Corp____ too 265
8covl!l Manufacturing. ..1 0 0 450
Thomas Iron...................... go *25
Winchester Repeat Arms.100 700
Woodward Iron.............. 100 «35

R R . Equipm ents—PerCt.
Baltimore A Ohio 4H «-.
Buff Rooh A Pittsburgh 4 34s
Equipment 4 s...................
Canadian Pacific 434s...
Caro Clinohfleld A Ohio 6 s..
Central of Georgia 6s___
Equipment 4H s..........
Chicago A Alton 4s________
Chicago A Eastern 111 634s..
Equipment 4.Hs................
Chlo Ind A Loulsv 4 34s____
Chlo St Louis A N O 6s........
|Chicago A N W 434s............
'Chicago R I A Pao 434e___
Colorado A Southern 5s___
[Erie 6s...................... .............
Equipment 434s_________
Equipment 4s___________
Hocking Valley 4s________
Equipment 5s___________
Illinois Central 5a_______
Equipment 434s_________
Kanawha A Michigan 434*.Louisville A Nasbvlllo 6a___
jMichigan Central 5 s _______
Minn S t P A S S M 434s___
Mlasour! Kansas A Texas 6s.
Missouri Paclflo 6s_________
Mobile A Ohio 5s................ .
Equipment 434s.............. .
New York Central Lines 6 s..
Equipment 434s.......... ..
N Y Ontario A West 434s...
Norfolk A Western 434s___
Equipment 4s____ ______
Pennsylvania RR 434s____
Equipment 4s....................
St Louis Iron Mt A Sou 6s. .
St Louis A San Francieoo 5s.
8eaboard Air Line 5a______
Equipment 4>4s..............
Southern Paclflo Co 434s..
Southern Railway 434s____
Toledo A Ohio Central 4s ..

58
6
T ob a cco Stocks— Per Share.
20
par
178 American Cigar common. 100
93
Preferred....................... 100
118 Amer Machine A Fdry.,100
425 Brttlah-Amer Tobao o rd ..£ l
SO
Ordinary, bearer............ £1
140 Conley Foil...... ............... 100
103 ;Johnson Tin Foil A M et. 100
95 jMaoAndrews A F orbes..100
75 i Preferred...................... 100
Reynolds (R J) Tobaoco.100
68 j Preferred_____________100
! B stock ..............................
278 Young (J 3) Co.............. 100
93
Preferred........................100
96
35
Short-Term Notes— Per <
SO
A mer TelATel Os 1919.. FA A
235 Balto A Ohio 6s 1918 ..JA J
113
5 s l9 1 9 ........... ............ JAJ
------ Betb Steel 6s 1919..FAA 15
10U2 Canadian Pao 6s 1924.MAS 2
42 Cblc A West Tnd 6s’ 18.MAS
2SO Del A Hudson 5s 1920 FAA
475 Erie RR 5s 1919______ a -O
35 General Rubber 5s 1918.JAD
825 Gen Elec 6s 1920______JAJ
45
6% notes (2-yr) '19. JAD
Great Nor 5s 1920........ MAS
Public Utilities
Hooking Valley 6s 1918 MAN
Araer Ous A Elec o o m ... 60 *87
SSi2 K C Rys 534s 1918____ JAJ
Preferred...................... 50 *33
40 K C Term Ry 4 34s T 8.M A N
Amer Lt A Trao com ___ 100 196 199
1921.......
JAJ
Preferred............ ......... 100
94
96
Laclede Gas L 5s 1919..F&A
Amer Power A Lt c o m ... 100 38 45 Mich Cent 5s 1918..............
Preferred...................... 100
69
75 MorganAWrlght 6s Dee 1 'IS
Amer Publlo Utilities oom lO O ___ 20 N Y Central 43481918.MAN
Preferred.......................100 . . .
SO
5s 1 919............................
Cities Service Co oo ra ... 100 203 205 Penn Co 434s 1921.. JAD 15
Preferred____________ 100 74
76 Pub Ser Corp N J 5s'19.MAS
Com'w'lth Pow R y A L .1 0 0 22 24 Rem Arras U.M.C ts’ lOFAA
Preferred...................... 100 47
48 Southern Ry 6s 1919..M-S 2
Eloo Bond A Share p re f.. 100 94
97 United Fruit 6s 1918. M-N
Federal Light A Traotlou .100
6
7 Utah Sec Corp 6s '22.M -S 15
Preferred.......................100 29
32 winches RepArms7.8T9.MAS
Great West Pow 5s 1946.JAJ 71
73
Industrial
Mississippi Rlv Pow com. 100 13
and Miscellaneous
Preferred.......................100 37
40 American Brass.............. 100 :
First Mtgo 5s 1 9 5 1 ... JAJ 70
71
American Chide com___ 100
North’ n States Pow com. 100 42 45
Preferred........................100
Preferred....................... 100 85
87 Am Graphophone oora__ 100
North Texas Elec Co oom 100 55
60
Preferred....................... 100
l’rei erred.......................100 70
”3
American Hardware........ ICO :
Pacific Gas A Eleo oom. . 100 33
35 Amer Typefounders com. 100
1st preferred.................100 82 S3
P referred...................... 100
Puget Sd Tr L A P corn. 100 10
13
Borden's Cond Milk com. 100
Preferred....................... 100 37
41
Preferred....................... 100
Republic Ry A Light___ 100
22i2 2312 Celluloid Company........100 1
Preferred....................... 100 56
58 Columbia Graphoph Mfg (t) '
South Calif Edison c o m .. 100 81
84
Preferred-......................100
Preferred...................... loo 97
99
Havana Tobacoo C o___ 100
Standard Gas A El (Del) . 6 0
*1
6
Preferred....................... 100
Preferred..................... 50 *24
25
1st g 5s June1 1922.. J-D ,
Tennessee Ry L A Pcom lO O
2
4 Intercontlnen Rubb com. 100
Preferred....................... 100 10
12 tntemat Banking C o___ 100 1
United Gas A Eleo Corp. 100
1
3 International Salt................ ion
1st preferred................. 100 30 40
1st gold 5s 1951...........A-G
2d preferred_________ 100
2
6
International Silver pref. 100
United Lt A Rys oom ___ 100
26 30
Lehleh Valley Coat Sales. 60 1
1st preferred.................100 59
61 Otis Elevator common__ 100
Western Power common. 100 13
15
Preferred........... .......... loo
100 50 52 Remington Typewriter—
Preferred.............
Common........................100
1st preferred_________ 100
2d preferred_________ 100
Royal Baking Pow com ..100 1

6.50< 6.00
6.50 6.00
6.50 6.00
6.25 6.00
5.50 5.35
5.80 5.35
5.75 5.40
6.75 5.40
6.75 6.00
6.75 6.00
7.00 6.50
7.00 8.50
0.12 5.70
6.50 5.50
6.25 5.75
A ik

101
90
80
18i2
16
210

125
190
98
300
102
270
140
106
9958
100
9812
9Slg

98
991g
9734
96
99
10034
IOOI4

9734

9912
99
9914

94U
98lg
100
io o "
98
903g

96i2
92
98U
85U
99i2

72

___

•Per share 6 Basis, d Purchaser also pays accrued dividend, e New nook.
'Flat price, n Nominal, x Ex-dlvldend. y Ex-rights, (t) Without par value.

[Vol. 106

THE CHRONICLE

1784

limes tm eui and ^ailrxrad |ttteXXijjmtt.
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures givo the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. W e add a supplementary state­
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.

It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first ot
January instead of with the 1st of July. This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. , In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the now
practice. The returns of the electric railways are brought together separately on a subsequent page.__________________________ _
ROADS.

Latest Gross Earnings.
Week or
M onth.

Current
Year.

Previous
Year.

$

$

J a n . 1 to Latest Date.
Current
Year.

Previous
Year.

498,796
194,648 166.416
545,655
Ala Sc V icksburg___ M arch
554.106
54,300
43.739
547,789
Ann A rb or_________ 3cl wk M ar
A tch T opeka & S Fe December 14541066 13133867 165529510 144290238
89,342
78.709 1, 151,175 1,028,178
A tlanta Birm & Atl 1st wk Apr
256,906
166.043 124,062
331,779
A tlanta & W ost P t . February
268,727
130,973 127,052
315,565
A tlantic C ity ______ February
4 ,357,022 3 .790.315 8 .570.977 7 , 500.815
A tlantic C oast Line February
337,891
209.921 165,862
419,668
Chariest & W Car February
331,380
209,721 170.497
376,475
Lou Hend & St L February
8 .976,321 8 ,665.656 16,507,956 18,438,008
a Baltim ore & O h io. February
274,391
B & O Ch Ter R R February
90.816 128.009
163,461
761,146
292,853 349.919
614,893
Bangor & A roostook February
534,724
257,282 244.390
418,716
B elt R y o f C h ica go. February
992,896
563,146 473,413 1 ,024,821
Bessemer & L E rie. February
187,174
106,148
88,352
223,459
Birmingham S ou th . February
3 ,937,316 4 ,001.884 8 .047.965 8 ,520.163
Boston & M aino___February
B u ff R och & P it t s .. 3d wk Apr 324 ,678; 284,777 4 ,661,348 4 ,015,631
261.129
199,407 121.421
393.071
B u ffa lo * Susq I1R. February
Canadian N or S yst. 3d wk Apr 929,500 765.600 11,618,300 10,847,800
Canadian P acific___3d wk Apr 3 ,016,000 2 .708,000 41 ,564.119 39 ,305,584
643.176
684.579
366,671 289.396
C aro C linchf & Ohio February
Central o f G eorgia. February
1.644.265 1, 133,566 3 , 187,192 2 ,331,944
2 ,637.713 2 .529,132 5 ,072,245 5 .327.619
Cent o f New Jersey February
758,053
746.516
Cent New E ngland. February
374,258 311.921
588,570
583,594
267,841 251,427
Central V e rm o n t.. February]
4 ,214,230 3 ,679,250 7 ,776.571 7 ,900.082
Ches & Ohio Lines. February
1,436.376 1,376.715 2 ,670.001 2 ,910,097
Chicago & A lton ___February
C hic Burl & Quincy February
8 .910.265 8 .592.705 18,018.970 18, 183.545
1,618,832 1,476.334 2 .920.209 3 ,092,014
6 Chicago & East 111 February
c C hic Great W e s t .. 2d wk Apr 376,250 330,984 4 ,708,237 4 ,410,621
176,814 182.045 2 .304.210 2 ,512,528
C hic lnd & L ou isv. 2d wk Apr
499,539
424,685
230,746 233.310
Chicago June R R . . February
C hic M ilw & St P _ . February
7 ,322.765 6 ,514,625 14,815.284 14,865.738
7 . 172,006 8 ,075.065 7 . 172.006 8 ,075.065
d C h l c * North West January
337.915
282.342
157,245 161.536
C hic Peoria & St L . February
C hic R ock Isl & Pac February
6 ,462,895 5 .949,078 12,771.195 12,705.508
612.397
Chicago R I & G ulf February
692,664
334.061 293,997
1,690.007 1,662.436 1.690.007 1,662.436
d Chic St P M & Om January
552.653
515.271
Chic Terre H & S E February
297.985 265,585
443,231
Cine ln d & Western February
257,606 212,322
466,293
218,633
247.428
C olorad o M id lan d . February
120.787
96.278
c C olorado & S ou th . 2d wk Apr 324.836 319,871 5 ,375,096 4 ,973,574
C uba R ailroad____February
1, 164,564 395,631 2 ,396.399 1, 156.750
1,954.696 1.762.706 4 ,071,802 3 ,916.250
Delaware & Hudson February
4 . 196,250 3 ,966.725 8 ,590.196 8 ,401,401
Del Lack & W est- - February
D en y & R io Grande February
2 ,035,285 1,739.276 4 ,377,763 3 .943,039
257,985
135.330
D enver & Salt Lake Fobruary
71,660 111,574
334,478
344,649
27,640
28,098
D etroit & M ackinac 2d wk Apr
401,045
203,734
105.919 182.336
D etroit Tol & Iront February
298,061
144,408 140.587
D et & T ol Shore L.IFebruary
255,377
207.395
205,094
102,858 103,135
D ul & Iron R an ge..(F eb ru a ry
325,496
285,918
142,931 155.649
Dul M issabe & N or February
996,388 I ,
Dul Sou Shore & Atl 2d wk Apr
69,613
88.113
366,781
255.993
123,466 199,784
Duluth Winn & Pac February
Elgin Joliet & E ast. February
1,042,868 1,067,209 1,903,413 2 ,255,963
1,219.615 1,237.182 1.219.615 1,237.182
El Paso & So W ost. January
5 ,334,301 5 ,001.609 i 0 .371.743 10,603.705
E rie________________ February
Florida East C oa st. February
828,647 886,386 1 ,584,141 1,679,686
157,101
154,843
74.568
75.021
Fonda Johns & G lov February
553,609
881.563
449,566 258,857
Goorgia R ailroad. . February
899,184
131,517
84,789 1,258,667
Grand Trunk P a c .. 3d wk M ar
Grand Trunk S y st. 3d wk A pr 1,358,972 1 .085.031 17,016.823 16.936,549
Grand Trunk R y 4th w kM ar 1,485 ,990, 1 .465.964 10 ,297,973 10 ,829,273
Grand T rk W est. 4th w kM ar 237,221 247,713 1,963.430 2 ,031,138
715.792
74,287
102.70 7 666.217
D et O II Sc M ilw .!4 th w kM ar
6 ,489.603,6 ,006,910 17,282.900 16,611.370
Groat N orth System March
335,008
358,940
G u lf M obile & N o r . Fobruary
187.309 154.584
322.602
379.728
192.0521 145,218
G u lf Sc Ship Island. February
H ocking Valley____ February
732,1351 600,631 1,355,250 1,294.348
7 ,210,449 6 ,229.685 13.543.527 13,024.070
Illinois C ontral____ February
--------817.550 2 .041,487 1,719,172
988,964
Internat Sc Grt N or February
1,365.308 1 ,075.376 3 ,808,732 3 , 142,429
Kansas C ity S ou th . M arch
327.792
275,538
126,836 148,862
Lehigh & Hud River Fobruary
504,313
388,626
Lehigh & New E ng.iFebruary
191,409 222,242
3 , 195.888 3 .058.141 3 . 195.888 3 ,658.141
Lehigh V alley_____ January
Los Angeles & S L . . February
969,752 806,277 1 ,983,741 1 ,697,417
232.056
289.608
Louisiana Sc A rkan. February
151,517 107,201
419,314
381,728
Louisiana R y Sc N av February
211,476 182,014
6,724,820 5,314,781 12 ,968.650 I I ,
f Louisville & N ashv February
895.612 961.206 1,847.393 2 ,030.377
M aino Central_____ February
73,493
33,681
36.107
66.551
M aryland & Penna. February
404,289
249.361
203.202
486.861
M idland Valley____ ;February
340.971
20.172
23,175
318,500
M ineral R ange____ 2d wk Apr
M inneap Sc St Louis 2d wk Apr 232,307 237,036 3 ,055.932 2 ,861,007
M inn St P & S S M . 2d wk Apr 588.500 649.3571 7 ,649,211 8 ,083,700
823.365
M ississip p i C entral. December
112,256
61 .008! 974.749
g M o Kan Sc T exa s. 3d wk Apr 930,044 735.444 13,679,598: 11 ,787.628
148,444
150.566
291,276
317.155
M o Okla & G u lf___February
6 ,261,878 5 ,659,115 12, 132,721 11,966,051
h Missouri P a c ific .. February
182,852
151,215 341,0231
319.687
M onongahela______ Fobruary

J a n . 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Previous
Year.

Currenl
Year.

Current
Year.

$
$
322,273
256,692
125,609 150,309
M onongahela C onn. Fobruary
1,403,776 1,095,112 2,597,444 2,298,310
N ashv C hatt Sc St L February
68,139
54,301
6,351
4,673
N ovada-C al-O regon 1st wk Apr
273,814
306,145
158.015 121,106
N ew Orl Great N o r . February
620,635 586,739 1,262,623 1.165,743
NO T ox& M ex Lines February
15378991 13633817 30.076,840 29.535.691
s N ew York Central February
1,503,352 1,431,906 3,052,309 3.109,083
Boston & A lbany February
564,497 608,973 1,086.975 1,293,981
n Lake Erie & W . 1February
4 .038,759 3 ,450.210 7,550,597 7.511,265
M ichigan Central Fobruary
4
,
098.856 3 ,320,920 7,631,878 7.322,722
Clovo C C Sc St L Fobruary
351,706
309,231
169,188 158.424
Cincinnati N orth. February
1,881,431 1,684.853 3,691,724 3,489,522
Pitts & Lake Erie February
943,942
992,884
430,173
529.391
T ol & Ohio C ent-i February
491,277
541.528
291,347 228,989
Kanawha & M ich Fobruary
28455814 24948267 54,933.937 54,049,189
T o t all lines above February
1, 119,982 1, 158,279 2,107,793 2,498,152
N Y Chicago * St L Fobruary
5 ,918,148 5 ,724,565 11,907,513 12,436,566
N Y N II & H artf. February
682,429 563,108 1,366.632 1,196,637
N Y Ont Sc Western February
627.624
629,173
322,475 291.113
N Y Susq & W e s t .. February
825,461
769.442
432,797 394,870
N orfolk S o u th e rn .. February
9,489,497
9,864,097
4
,
527,345
5
,
076,193
N orfolk & W estern. February
6 ,031.436 5 ,430,116 12,196,266 11,719,591
N orthern P a cific___ Fobruary
583,103
662.937
315.553 266,294
N orthw ost’ n Pacific February
714,505
528,909 345,131 1.075,823
P acific C oast C o ___ February
18928900 18830132 38,396.009 40,071,254
p Pennsylvania RR. February
95,333
41,758
26,613
32,210
B alt Ches Sc A t l .. February
634,560
592.186
290,143 323,877
Cum berland Vail February
1,095.135 930,416 2,219,600 1.981.510
Long Island_____ February
92,302
30,793
31,579
21,461
M a ry ’d Dol * Va February
762,272
701,507
357.678 317,270
N Y Phil * N o rf. February
. ...........
977,586
940,113
480,805 487,487
W Jersey Sc Soash February
815,179 880,751 1,710.035 1,937,015
W est N Y * P a . . |February
4 ,626,354 4 .456,140 8,783.254 9,794,426
Penn West Lines___|February
916,721
800,642
432,077 427,539
Grand Rap Sc In d F eb ru a ry
4 ,905,695 4 ,920,574 9,384,726 10,417,001
! Pitts C C & St L February
Penn System —
21466 802 21227 114 43.444,157 45,196,560
Lines East______ February
10120 843 9,947,059 19,265,806 21,429,329
Lines W est______ February
31587 645 31174 773 62,709,963 66,625.888
Lines E & W ____ February
H
.542,52611,518,990 2,804.552 3,278,799
Pcro M a rq u etto___ February
236.168
229,612
99,736
97,867
Pitts Shaw * N orth February
270,333
187,231
92,665 120,271
P ort R eading______ February
Reading C o —
4 ,566,229 4 ,583,701 9,138,940 9,999,375
Phlla & R eading. Fobruary
4 . 150,876 3 , 185,199 7,946,520 7.318,930
Coal Sc Iron C o . . February
8 ,717.105 7 ,768.900 17,085.460 17,318,305
T otal both c o s __ February
721,667
762,866
350,517 348,896
Rich Fred & Potom February
92,244
105,055
45,110
Fobruary
47,443,
R io Grande S o u th .604,182
572.655
262,686 276,030
R u tla n d___________ February
338,259
416,910
215,754! 164.164
8t Jos Sc Grand Isl _ February
Q o r K70
369,943
325.572
369,943
St L Brownsv * \1. January
4,645,100 4 ,683.943 4 .645.100 4.683,943
St Louis-San F ran. January
4,590.960
5
.
528.334
2d
wk
Apr
350,000
308,000
St Louis Southwest.
082,979
2 ,704,291 2 .549.344 5 ,233,427 5,118,510
Seaboard Air L in e .. Fobruary
14421673 13395038 30 ,497,849 27,579.564
Southern P acific___ February
k Southern R v S yst. 2d wk Apr 2 ,521,157 2 , 183,442 35 ,323,959 30.080,599
084,524
562,377 448,337 1, 106,389
Ala Great S outh. February
825.222 855,042 1.675.977 1,937,931
Cin N O * T ex P . February
763,350
901.103
443.887 360,250
Now Orl Sc N or E Fobruary
M obilo Sc O h io___ 2d wk Apr 269,830 247,027 3 ,519.355 3,627,593
815,899
893,380
49,353
62,266
Georgia Sou & Fla 2d wk Apr
899,788
556,429 432.907 1,294,261
Spok Port Sc Seattle February
34,705
31,401
2,041
3,157
Tonn Ala Sc Georgia 2d wk Apr
267,004
275.501
120,934
148.382
Tennessee C entral. Fobruary
558,877
526.327
274,015 252,415
Term R R Assn St L February
472.977
442,083
239,651 233,062
St L M B T e r m .. February
Texas Sc P a cific____ 3d wk A pr 406,788 413,735 0 ,988,869 6,398.658
296,353
325.653
112,486 101,405
T oled o Poor & West M arcn
139,746 1 ,759,450 1,792,689
154,936
T oled o St L & West 3d wk Apr
159,531
170,528
68.013
79,344
Trin Sc Brazos V ail. February
9 ,882,066 8 ,483,592 9 ,882.066 8,483,592
Union Pacific S yst. January
303,373
303,112
147,220 146.595
Union R R (B a lt ) .. February
525,927
625.214
222,119 176,945
Vicks-Shreve Sc Pac M arch
776,350 720,860 1 ,478.695 1.595,057
V irgin ia n __________ February
2 ,582,547 2 ,718.334 4 ,027.014 5,631,173
W a b a sh ___________ February
368,068
427,097
196,683 180,192
W ashington South’ n February
903,314 975.219 1 ,822; 135 2,007,184
Western M arylan d. Fobruary
717,919 480,985 1 ,576,211 1,066,357
Western P a cific------ Fobruary
235.625
349.580
167,140 110,549
Western Rv o f A la. February
301,021
703,479 575,374 1,384,711 1,256,291
Wheel Sc Lake Erie. Fobruary
1,511,963 1. 228,968 3 ,024,464 2,654.736
Y azoo & Miss V all. February

Canadian N orthern___
Cuba Railroad________
Pacific C oast_________
St Louis-San Francisco

Current
Year.

Period.

Various Fiscal Years.
July
July
July
July

1
1
1
1

to
to
to
to

Previous
Year.

$

Apr
Fob
Feb
Jan

21 33,475,100 32,479,309
28 6,947.915 4,331,926
28 4,177,483 4,474,642
31 4,645.100 4.683,943

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

M ileage.
Cur. Yr. Prev. Yr.
S
$
June.............. 242.1 11 241.550 351 .001,045 301.304.803
+ 542.068 6.03
8 .991.103
9 ,533,171
week Fob
27 road s)____
J u l y ...............245.699 244.921 353 ,219,982 306 .891.957
+ 982,300 10.12
9 ,704,404
week Feb ,27 roads)____ 10,686,704
A ugust_____ 247,099 246.190 373 ,320,711 333 .555.130
+ 965,073 9.82
week Fob
26 roads)____ 10,693,488 9 ,728,415
S e p te m b e r..245,148 243.027 364.880,086 330,978,448
week Fob .26 roads)____ 11,651,809 10 ,305.667 + 1,340,142 13.07
245.967 389.017.309 345 .079.977
O c to b e r____247,048
9 .890.084 + 1,035.364 10.47
week M ar 25 road s)____ 10,925,448
241.621 360 .062,052 326 ,757,147
N ovem ber_242.407
+ 775,551 7.40
week M ar ‘24 roa d s)____ 11.274.910 10,499.359
D ecem ber . .247.988 2471265 313 ,875,052 317 .836.386
week M ar ;24 road s)____ 12.096.910 10,096,017 + 2 ,000.893 19.82
Jan uary____ 240,046 239,885 282 ,394,605 294 ,002,791
week M ar ,22 roa d s)------ 17, 157,972 15,512,608 + 1,645,364 10.56
66 .041! 47 ,210,440 43 , 113,487
February___66.381
week Apr (23 roads)____ 11,748,501 10.688,402 + 1 ,060,099 9.72
65,515 58 ,466,439 52 ,459,298
week April (23 road s)___
12,067,738 10,970,595 + 1,097,143 10.01 M a r c h .......... 65,843
a Includes Cleveland Lorain & W heeling R y . and Cincinnati H amilton & D ayton , b Includes Evansvillo & 3 orro Hauto. c Includes M ason C it y *
F ort D od ge and tho Wisconsin M innesota Sc Pacific, d Includas not only operating rovenue. but also all othor receipts, e Does notlincludo earnings o i
C olorado Springs & Cripple Creek D istrict R y . / Includes Louisville Sc Atlantic and tho Frankfort Sc Cincinnati, g Includes the I ox as Central and the
W ichita Falls lines, h Includas tho St. Louis Iron M ountain & Southern, i Includes the Lake Shore Sc M ichigan Southern R y ., Chicago Indiana *
Southern R R . and Dunkirk Allegheny Valley & Pittsburgh R R . k Includes tho Alabama Groat Southern, Cincinnati N ow Orleans * Texas P acific.
N ow Orleans & N ortheastern and the N orthern Alabam a. I Includes Vandalia R R . n Includes N orthern Ohio R R . p Includes N orthern Central
and Philadelphia B altim ore Sc W ashington. * W o no longer include M exican roads In any o f our totals.

1st
2d
3d
4th
1st
2d
3d
4th
1st
2d




A pr. 27 1918.]

THE CHRONICLE

Latest Gross Earnings by Weeks.—rln tho table which
follows wo sum up separately the oarnings for tho second
week of April. The table covers 23 roads and shows 1 0 .0 1 %
increaso in tho aggregate over tho same week last year.

1785
W e ek o r
M o n th .

g Puget Sd T r, L t & P February
S econ d W eek o f A p r il.

1918.

1917.

8

S

316,520
B uffalo Rochester & Pittsburgh
284,777
932,600
881,600
Canadian N orthern___________
Canadian Pacific______________
2 ,935,000 2,8 3 3 ,0 0 0
376,250
330.984
C hicago Great W estern_______
176,814
Chicago Indianap & Louisville
182.045
324.830
319,871
C olorado & Southern_________
27,640
28,098
D etroit & M ackinac__________
69.613
88,113
Duluth South Shore & Atlantic
Georgia Southern & Florida____
62,266
4 9,355
Grand Trunk o f Canada_______‘
1,414,538 1,103,119
Grand Trunk Western_____
D etroit Grd Haven & M ilw
Canada A tlantic___________
20,172
23,175
Mineral R an ge_________________
232,307
237,036
M inneapolis & St Louis_______ 1
Iow a C entral_______________ /
588,500
649,357
M inneapolis St Paul & S S M _ .
880,406
693.189
Missouri Kansas & Texas_____
269.830
247.027
M obile & O h io_________________
350,000
St Louis Southwestern_________
308.000
Southern Railway System -------- 2 ,521,157 2,1 8 3 ,4 4 2
2,041
Tennessee Alabama & G eorgia.
3.157
412,312
Texas & Pacific________________
385.504
T oled o St Louis & W estern____
154,936
139,746
Total (23 roads)_____________

31,743
5 1.000

102,000
4 5,206
5,231
4,9 6 5
12,911

458
18,500

311,419
3,003

4,729
60,857
187,217
22,803
4 2,000
337,715
20 .8 0 8
15,190

12,067,738 10,970,595

1,116

93,894

J a n . 1 to L a te s t

L a te s t G ro s s E a r n in g s .
N a m e o f R oad
or C om pany.

oRepublic R y & Light
Rhode Island C o
Richmond Lt & RR
8t Jos R y , L , H & P
Santiago El Lt & Tr
Savannah Electric Co
Second Avenue (Rec)
Southern Boulevard.
Southern Cal Edison.
Staton Isl’d M idland.
Tam pa Electric C o ..
Third Avenue R y ___
D D E B & B RR.
4 2 d S tM & S tN A v R y
Union R y O o (N Y C )
Yonkers R ailroad..
N Y C ity Interb Ry
Belt Lino Ry C o r p ..
Third Avenue S ystem
Twin C ity Rap T ra n .
Virginia R y & Power.
Wash Balt & Annap.
Westchester Eloctrfc.
W estchosterStreet.R R
p W est Penn P o w e r..
a W est Penn Ttys C o .
York R ailways_______
Youngstown & O hio.

February
December
December
November
January
February
December
December
February
December
February
December
December
December
December
December
December
December
M arch
Fobruary
March
February
December
December
November
November
January
February

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

S
919,289
460,246
498,252
30,416
132,033
55.477
85,198
60.617
15.694
530,508
19,321
87,102
336,419
37,254
127,651
209,282
65,555
54,718
50,113
822,298
780,372
647,820
164,302
43.616
17,564
365.238

S
720,178
357,646
481,639
31,945
125,091
49,713
69,295
58,382
15,160
659,860
23,571
90,360
318,420
32,932
127,491
222,716
41,154
58,660
54,250
860,363
827,374
516,043
68,052
37,259
14.763
297.012

1,879,379
944,832
6 .000,602
447.538
1,373.630
55,477
178,572
855,600
218,643
1,096,279
346,642
173,551
4 ,117,833
455,616
1,766,080
2 ,910,070
824,866
733,081
677,840
2 ,264,615
1,622,097
1,872,136
336,740
554,914
246.023
3 ,576.572

97.528
29,760

91.490
24,318

97.528
60,583

b Represents Income from all sources,

dated com pany.
companies.

s

6,984.869

568.381

672.612

D a te

P r e v io u s
Y ear.

1,508,048
737.428
5 .811.990
406,738
1 .235.944
49 ,7 1 3
144,348
76 6 ,2 5 0
182,956
1 ,370,862
331.428
182,675
3,5 9 0 ,9 4 3
421.808
1 .672.888
2,5 4 4 .2 5 3
564,967
632.805
678,447
2 ,4 5 7 ,0 4 0
1.725.307
1,519.714
125,011
441,131
225,734
2 ,706.802
5.705.741
91.490
4 9 .6 6 6

c These figures are for consoli­

/ Earnings now given In mtlrels.

p Includes constituent

N ot E arnings M o n th ly to L a te st D a te s.— The table
following shows the gross and net earnings with charges and
surplus of S T E A M railroads reported this week:

Electric Railway and Other Public Utility Net Earn­
ings.— The following table gives the returns of E L E C T R IC

------- Gross Earnings— — ------ Net Earnings-------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

railway and other public utility gross and net earnings with
charges and surplus reported this week:

Roads.

8
$
$
B a ltim o re & O h i o . b ____ F e b 8,9 7 6 ,3 2 1
8 ,6 6 5 ,6 5 6 d e f8 2 7 ,4 0 0
Jan 1 t o F eb 2 8 _______ 16,5 0 7 ,9 5 0 1 8 ,4 3 8 ,0 0 8 d f3 .3 0 1 ,478
K a n s C ity Southern _ b _ .M a r 1 ,3 6 5 ,3 0 8
1,075,376
4 82 ,835
Jan 1 t o M a r 3 1 . ........... 3 ,8 0 8 ,7 3 2
~ ' 4 2 ,4“2 9
3,1
1,307,187
M a in e C e n t r a l .b ------------ F o b
895 ,612
961,206 def 141,041
Jan 1 to F ob 2 8 _______ 1,8 4 7 ,3 9 3
2 ,030,377 def372,564
M issou ri P a c i f i c . a ---------- F e b 6 ,2 6 1 ,8 7 8
5 ,659,115
1,134,560
Jan 1 t o Feb 2 8 _______ 12,132,721 11.966,051
1,733.629
6 3 1 ,1 7 9
N Y N H & l l a r t f . b ____ F e b 5 ,9 1 8 ,1 4 8 5 ,7 2 4 .5 6 5
Jan 1 t o F eb 2 8 ............. 1 1 ,9 0 7 ,5 1 3 1 2 ,4 3 6 ,5 6 6
8 3 7 ,6 8 6

$
1 ,824,190
4 ,4 7 0 .3 0 8
418.364
1,253.207
140,733
343,941
1,225,206
2,298,591
1,284,095
3 ,385,936

N et
Other
E a rn in g s. , In com e.

Total
In com e.

Charges
& Taxes.

$

S

. S

Feb '18
'17
2 mos '18
'17

12,015
15,468
34,550
31,774

defS,728
def3,873
defl2,l 19
def9.394

168
192
364
332

defS,560
dof3,681
def 11,755
dof9,002

N a m e o f R oa d
or C orn pan g.

Atlantic Shore Ity—
c Aur Elgin & Chic Ry
Bangor Ry & Electric
Baton Rouge Elec Co
Berkshire street Rv
Brazilian Trac, L & P
Brock & Plym St lt y .
Bklyn Rap Tran Syst
Capo llreton Elec Co
Cent Miss V El Prop
Chattanooga Ry & Lt
Cities Service C o ------Glove Painesv t t East
g Columbia Gas & EL
Columbus (Ga) El Co
Oolum (O) Ry P & Lt
C om ’w'th P, Ry & Lt
Connecticut C o --------Oonsurn Pow (M ic h ).
Oumb C o (M o) P h L
Dayton Pow & Light
a Dotroit Edison------Detroit United Lines
Duluth-Superior Trac
East St Louis & Sub.
Eastern Texas E le c ..
El Paso Electric C o ..
g Federal Lt & T r a c ..
G alv-IIous Elec C o . .
Grand Rapids Ity C o
Great Wost Pow Syst
Harrisburg Railways.
Havana El Ity, L & P
Honolulu R T & Land
Houghton C o Trac Co
b Hudson & M anh at.
Illinois T r a c tio n ------Interboro Rap T ran .
Jacksonville Trac Co
Keokuk Electric C o .
K ey W est Electric Co
Lako Shoro Elec R y .
Lowist Aug & Watcrv
Long Island Electric.
Louisville R a ilw ay..
M ilw El Ry & Lt C o .
M ilw Lt, lit & T r Co
Nashville Ry & Light
N ew p N*t 11 R y, GiScE
N Y & Long Isla n d ..
N Y it North S h o re.N Y & Queens C o ___
New York R ailw ays.
N Y A: Stamford Ity
N Y Wcatches & Bost
Northam pton T r a c ..
North Ohio Elec Corp
North Texas Electric.
Ocean Electric (L I ) .
Paclflc Gas & Elec___
n Paducah Tr & Lt Co
Pensacola Electric Co
Phila Rapid T ransit.
Port(Ore) Ry.Lit.PCo.

W e ek o r
M o n th .

9

5,974
7,007
11,905
15,133

defl4,534
def 11,288
dof23,720
def24,195

M arch
December
February
January
December
February
February
Decomber
February
January
February
M arch
February
March
February
February
March
Itecembor
February
February
March
M arch
M arch___
M arch
February
February
February
January
February
February
February
February
February
February
February
February
February
March
February
February
February
February
February
December
December
March
March
February
February
Decombor
December
Decomber
February
December
December
Decombor
Fobruary
February
Decomber
December
February
February
March
February




J a n . 1 to L a te s t D a te .

C u rr e n t
Y ear.

P r e v io u s
C u rr e n t
Y ea r. | Y ea r.

S
13,036
186.095
67,485
2 1,530
58.916
/ 7 3 15000
7,192
2422,455
36,294
28,016
137,791
1975,212
35,397
1035,308
96,461
347,374
1756,688
837.647
483.420
211,037
194,294
1140,245
1473 572
146,721
311,063
80,409
103.875
310,344
181,822
102,091
348.451
89,857
617,071
57.264
26,645
538.938
1165,482
3649,670
66.004
20,054
13,149
141,162
42,254
15.871
291.955
732.370
217,386
198,928
131,672
32,785
11.265
67,830
830,359
24,377
46,844
18,275
533.095
237,353
6,828
1770,392
24,722
35,228
2656,490
577,581

2 5,740
32,129
176.571 2,181.871
68,776
145,261
20.446
21,530
87.478 1.058,729
/6 S 7 2 0 0 0 /1 5 1 52,000
7,714
14,751
2452,706 30,563.718
3 2.010
77,722
26.32728.046
102,594
270,793
1721.481 5 ,856.285
32,362
76,169
1017.153 3 ,468,293
8 0 ,9 8 7 j
205,439
316,318
715,036
1558,538
------------ 5,076,359
808.198 10.023.162
460,279 1.004.383
2 1 7.275
442.643
149,775!
582,957
1044,105 3 ,560,508
1 3 /0 447
133,101
418,922
268,158
610,751
73.007
164,868
111,255
218,235
243.878
310.344
148,284
376.005
103,932
209.739
32.8,982
713,724
87,120
189.661
504,325 1,262,081
60,147
113.552
25,249
56,068
497.800 1,114,865
1065,019 2,397,553
3682,520 10,475,001
53,932
131,561
19,030
41,920
10,682
26,924
118,243
282,717
54,793
89,374
17,153
251.122
270.131 3.281,505
649,445 2,231.327
168,291
617,363
197,593
403,449
81,354
261,879
32,577
470.197
12,115
167 906
112,713 1,132,362
914,077 1,695,736
25,296
394.259
49,155
555,414
18,117
216,215
483,866 1.081.487
158.578
487,665
6.314
158,304
1669.126 19,813,381
25.550
5 2 ,4 16
26.909
72,371
2510.812 7 ,388,000
459,908 1.167,368

P r e v io u s
Y ear.

Alabam a P o w e r.a ________M a r 220,442
632,544
Jan 1 to M a r 3 1 _______
Louisville Gas & Elec____ M ar 269,287
Apr 1 to M ar 3 1 . ...........2 ,9 1 5 ,1 3 5
Southern Canada Power and
subsidiaries____________ M a r
38,198
Oct 1 to M ar 3 1 _______
232,950

14,448
91.2 5 7

Balance,

1Surplus,

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
L a te s t G ro ss E a r n in g s .

C u rren t
Y ear.

a N et earnings here given are after deducting taxes,
b N et earnings hero given are before deducting taxes.

a N ot earnings hero given aro after deducting taxes,
b N et earnings hero given aro beforo deducting
taxes.
Gross
E a rn in g s.

-------- G ross E a r n in g s -------------— N e t E a r n in g s C o m p a n ie s .

P r e v io u s
Y ear.

S
70,682
2,0 5 6 ,3 6 2
143,460
20,440
999,886
/ 1 4138,000
16,730
29,304,948
70,591
26.327
209.643
5 ,257.798
68.798
3,1 8 8 ,6 4 5
170,594
653,889
4,706,991
9.566.435
947.606
455,994
494,590
3 .188.436
379,315
560,765
152.359
227,598
243.878
311.360
217.040
670,667
179.790
1,051,813
117,228
54,002
1,039,095
2,217.519
10,553,367
113,093
39,927
21.985
247,748
116,496
245,164
3.078,297
1,971,476
499,478
407,462
166,576
413,986
160.216
1,391,330
1.911,152
357.816
564.654
200,070
982,011
329,678
153.965
18.615.498
54,338
53,956
7 ,143,949
950,139

Cleveland Painesvillc & Eastern

2 mos '18
76,169
’ 17
68,798
Columbia Gas & E l.M a r '18 1,035,308
T 7 1,017.153
D uluth-Sup T rac___ M a r ’ 18
146,721
3 1,414
•17
133,101
3 9,268
3 m os '18
418,922
73,274
’ 17
379,315
111,789
Interboro Rap T ran .M ar '18 3 ,649,670
1,624,245
’ 17 3 ,682,520
1,848,559
9 m os T 8 3 0 ,144,018 13,247,027
’ 17 29,576.392 15,211,832
141,162
Lako Shoro Elect
Feb '18
29,792
118,243
’ 17
3 1,054
2 mos T 8
282,717
56,039
64,633
’ 17
247,748
M ontana Power C o (incl. sub . cos.)—
3 mos to M ar 31 '18 1.891,628
1,356,254
1,416,712
'17 1,876.016
N ovada-Cal F.I Corp Jan '18
155,199
89,448
and subsidiary cos
'17
69,252
131,008
New port Nows &
Feb T 8
131,672
41,420
H am pton Iiy, Gas
'17
2
7,524
81,354
& Elect
2 mos '18
261,879
78,784
'17
59,407
166,576
Pacific Tel & Tel (M arch 1918 est)—
3 mos to M ar 31 '18 6 ,450,000
1,286,000
'17 5,620,983
1,201,035
Third A vo S y ste m .M ar '18
822,298
161,939
'17
860,363
149,241
9 m os '18 7,654,713
1,542,539
416,745
'17 6,2 4 5 ,7 2 7
G ro ss
E a r n in g s .

C om ’th P , R y & L .M a r '18
'17
3 m os ’ l 8
'17
Honolulu R T & L .F e b '18
'17
2 mos '18
'17
Now Y ork D ock C o .M a r '18
'17
3 mos '18
'17

1,756,688
1,558,538
5 ,076,359
4.706.991
57,264
60,147
113,552
117,228
414,249
368,321
1,235,343
1,001,342

N et
E a r n in g s .

1,052,724
1,036,134
15,135
15,208
4 4,014
43,501
964,751
997,609
8 ,053,627
8 ,864,893
36,298
34,383
72,423
68,758

* 1 ,1 7 9 ,7 0 2
* 18,002
*26,265
* 34,396
* 73,814
* 713,525
*897,838
* 5 ,6 0 1 ,7 8 0
* 6 ,7 4 0 .6 6 4
def 6.506
d ef3,329
d e fl6 ,3 8 4
def4,125

380,774
342,949
50,084
4 4,312
20,291
2 0,583
40,643
41,175

975,480
1,073,763
*39,481
*25,901
*21 ,4 5 6
* 6 ,9 8 8
*38.851
*18 ,4 7 2

x l , 178,374

540,000
746,000
579,442
621,593
219,921 *d ef45,057
225,124 xdef61,992
1 ,9 9 6 ,600*def335,521
l,9 9 2 ,2 6 8 * d f1444,948
F i r e d C h gs.
<S T a x e s .

691,707
679,569
1,769,590
2,1 5 0 ,5 4 2
26,709
32,562
49,649
60,417
186,821
180,603
573,776
476,375

$
600,754
523,274
1,779,094
1.563,534
10,643
5,708
2 1,284
11,415
86,488
89,837
274,271
247,259

S u r p lu s .
S u r p lu s .

9 0,953
156,295
d ef9,504
587,008
16,066
2 6,554
* 31,399
*50 ,6 9 3
100,333
90,766
299,505
229,116

x After allowing for other income received.

ANNUAL REPORTS
A n n u a l, & c ., R ep o rts.— The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since March 30 1918.
This index, which is given monthly, does not include
reports in to-day’s “ Chronicle.”
Full-face figures indicate reports published at length.
Steam Roads—
Page.
Bangor & Aroostook R R __________ 1688
Boston & Maine R R ...........................1676
Buffalo & Susq. R R. Corp_________ 1688
Canadian Pacific R y...........................1679
Chicago & North Western R y .......... 1336
Chic. Rock Isl. & Pac R y ................. 1678
Chic. St. Paul Minn, fc Omaha R y .. 1453
Grand Trunk Ry. of Canada............. 1577
Green Bay * Western R R .......... ...... 1336
Hudson & Manhattan R R ................. 1568
Illinois Central R R .............................1675

Steam Roads (Concluded)—
Page 1
1453
Lehigh Valley R R ___________
Louisville & Nashville R R ................ 1567
Maine Central R R ________________1453
Missouri Pacific System___________ 1689
N. Y. N. II. & Hartford R R ............. 1675
N. Y . Ontario & Western R y_______ 1677
Pere Marquette Ry. (9 m os.)______1568
Reading Company________________1675
Western N. Y . & Penna. R y _______ 1462
Wichita Falls & N. W. R y .................1345
Wrightsville & Tennllle R R ________ 1690

1786
Electric Roads—

Aurora Elgin & Chicago IIR ..........._1570
Bangor Ry. & Electric Co________ 1160
Boston Elevated Ry..........................1569
Capital Traction Co., Wash______ 1400
Chattanooga Ry. A Light Co_____ 1461
Chicago & Interurban Trac. Co___ 1577
Chicago Railways Co____________1568
Columbus (O.) Ry., Pow. & Lt. Co. 1461
Cumberland Co. Pow. & Lt. Co___1461
Duluth-Superior Traction Co...........1681
East St. Louis & Suburban Co_____ 1461
Georgia Light Power & Rys.............1577
Georgia Ry. & Power Co...... ........... 1569
Honolulu Rapid Transit Co_______ 1577
Nashville Ry. & Light Co________ 1461
New Orleans Ry. A Light Co............1680
New York State Rys..............
1680
Omaha & Council Bluffs St. Ry___ 1345
Portland (Ore.) Ry., Lt. & Pow. Co. 1462
Public Service Corp. of N. J ._ .........1454
Republic Ry. A Light Co_________1570
Tennessee Ry., Lt. & Pow. Co.........1462
Union Trac. Co. of Indiana.............. 1680
United Light A Rys____________ 1680
United Rys. A Elec. Co., Balt_____ 1679
United Rys. of St. Louis__________1454
Washington Baltimore A Annapolis
1345
Electric Ry________
Miscellaneous Companies—

Advanco-Rumely Co..............
1575
Allls-Chalmera Mfg. Co__________1681
Amer. Chicle Co_______________ 1574
Amer. Dlst. Tel. Co. of N. 4 ______ 1579
Amer. Gas Co., Philadelphia..........1576
Amer. Graphophone Co.... ............. .1160
Amer. La Franco Fire Engine Co__1685
Amer. Sales Book Co., Ltd...........1579
Amer. Screw Co. (bal. sheet)...........1346
Amer. Smelt. A Refining Co______ 1456
Amer. Wringer Co________
.1685
Amer. Zinc, Lead A Smelting C o ...1346
Associated Dry Goods Corp_______ 1341
Associated Oil Co._..............
1574
Aurora Automatic Mach. Co.......... 1579
Baldwin Co., Cincinnati.._______ 1686
(The) Barrett Co., New Jersey____ 1683
Bethlehem Steel Corp........................1338
(E. W.) Bliss Co., Brooklyn______ 1339
Booth Fisheries Co., Chicago...........1571
Brunswick-Balke-Collender Co____ 1463
(F. N.) Burt A Co., Ltd., Toronto.. 1530
By-Products Coke Corp..............
1460
Caddo Oil & Refining Co_________1463
Calumet A Arizona Mining Co.........1346
Calumet * Ileela Mining Co. .1580-1682
Cambria Steel Co________
1455
Canadian Consol. Felt Co.............. .1580
Canadian Consol. Rubber Co...........1580
Canadian Fairbanks-Morse Co . ..1690
Canadian General Electric Co...........1346
Canadian Westlnghouse Co., L td ...1346
Centennial Copper Mining Co.. ..1580
Central Foundry C o ...........1463-1580
Central * So. Am. Tele. Co. (3 mos.)1347
ChlnoCopporCo_______
1690
Cities Servlco Co....... .......
1336
Colorado Power Co____________ 1690
Colt’s Patent Fire Arms Mfg. Co 1463
Comput-Tabulatlng-Recording Co. 1338
Consolidated Arizona Smelt. C o.. . 1461
Consolidation Coal C o ....................1456
Consumers’ Co., Chicago............... 1686
Diamond Match Co__________ ..1459
(Joseph) Dixon Crucible Co.............. 1464
East Butte Copper Mining Co.......... 1464
Electric Boat Co_________
.1464
Electric Storage Battery Co_______ 1460
(Robt.) Gnir Co. (9 mos.)______ 1684
General Baking Co_________
13-40
General Chemical Co. (3 mos.)____ 1690
Griffin Wheel Co., Chicago...........1679
Gidf Oil Corp. .................................1340
Gulf States Steel Co____________ 1457
Hartman Corp . . . .
14 0 4
Haskell & Barker Car Co., Inc......... 1581
Havana Tobacco Co____________ 1464
Huntington Devcl. A Gas Co .........1464
Hutchison Sugar Plantation Co . .1581
Illinois Brick Co. (bal. sheet)_____ 1343

THE CHRONICLE
Miscellaneous Cos. (Concluded)— Page.

Ingersoll-Rand C o............................ 1682
Inspiration Consol. Copper Co____1574
Interlake Steamship Co...................1464
International Motor Truck Co____ 1687
International Paper Co___________1682
International Silver Co......................1340
Interstate Iron A Steel Co________1460
Kaufmann Dept. Stores, Inc______ 1684
Kelsey Wheel Co., Inc., Detroit___ 1459
La Belle Iron Works________
1687
Lackawanna Steel Co. (3 mos.)____1581
Loose-Wiles Biscuit C o .................... 1684
McCrory Stores Corp...................... 1341
Marconi Wireless Teleg. Co. of Ani.1343
Massachusetts Gas Cos__________1575
Matldeson Alkali Works, Inc. (bal.
sheet)...........................................1691
May Dept. Stores Co____________1457
Mexican Telegraph Co. (3 mos.)___1348
Miami Copper Co______________ 1691
Midvale Steel A Ordnance Co_____1455
Mohawk Mining Co......................... 1348
Montana Power Co............
1341
Mt. Vernon-Woodberry Mills_____ 1691
National Candy Co. (bal. sheet)___ 1348
National Fireproofing Co________ 1685
National Lead C o............................ 1572
N. Y. Shipbuilding Co................_._1582
N. Y. Transportation Co. (6 mos.)..1465
North Butte Mining Co_________ 1691
Northern States Power Co________1582
Oceanic Steam Navigation Co_____1686
Ohio Fuel Oil Co.............................. 1684
Ohio Fuel Supply Co____ ______1684
Ohio State Telephono Co_________1349
Okla. Producing A Refining Co____ 1459
Otis Elevator Co................
1683
Parke, Davis A C o .......................... 1349
Penn-Mex Fuel Co............’_______1465
Pettibone-Mulilken Co.................... 1688
Phelps Dodge Corp...... .........
1573
Philadelphia Electric Co_________ 1683
Pierce-Arrow Motor Car Co______ 1458
Pittsburgh Coal Co...... ............ .......1338
Pittsburgh Plato Glass Co............ ..1686
Porto Rican-Amer. Tobacco Co___1459
Prico Bros. A Co., Ltd__________ 1691
Provident Loan Society of N. Y___1349
Public Scrvico Co. of No. Ill_____ 1687
Quincy Mining C o ..____ ________ 1691
Ray Consolidated Copper Co____ 1691
Reece Button-Hole Machine Co___1582
Remington Typewriter Co________ 1340
Republic Iron 3c Steel Co. (3 mos.) ..1691
St. Lawrence Flour Mills Co., L td ..1582
Savage Arms Corp.... .........
1339
Sloss-Sheffleld Steel & Iron Co____ 1455
Solar Refining Co________
1349
Southern Calif. Edison Co___1337-1692
Standard Chom. Iron * Lumber C o.1466
Standard Gas 5c Elec. Co., Chicago. 1571
Standard Motor Construe. Co.........1466
Standard Oil Cloth Co. and Merltas
Mills (of Ohio), N. Y__________1459
Standard Oil Co. of Kansas............ .1466
Standard Oil Co. of Ohio (bal. sheet) 1466
Steel Co. of Canada, Ltd_________1349
Submarine Boat Corp.. N. Y_____ 1573
Swan A Finch Co., N. Y.................1685
Taylor-Wharton Iron 3c Steel Co__ 1466
Tennessee Power Co.... .............
1466
Tobacco Products Corp. ................. 168 5
fJnlon Bag A Paper Corp............. ..13 40
Union Natural Cos Corp_________1576
Union Oil Co. of Cal. (3 mos ) _____ 1583
Union Tank Line Co............
1583
United Alloy Steel Corp__________1459
U. S. Cast Iron Pipe 3c Foundry Co. 1339
U. S. Envelope Co______________ 1687
U. S. Gypsum C o .......... ................ 1583
U. S. Smelt., Refining 3c Min. Co...l371
U. S. Steel Corp_________
1337
U. S. Worsted C o______________ 1341
Utah Consol. Mining Co_________1692
Western Un. Tel. Co. 1337, (3 mos.) 1533
Western United Gas 3c El. Co_____ 1699
Weyman-Bruton Co_______
.1686
White Motor Co., Cleveland...........1458
Wlllys-Ovorland Co......................... 1456

Reading Company.
(20th Annual Report— For Fiscal Year ending Dec. 31 1917.)
Presidont Edward T . Stotcsbury says in substance:
Accumulated Surplus.— T ho accum ulated surplus o f tho com pany on
D ec. 31 1916 was 828,159,406, while on D ec. 31 1917 it stood at $30,749,­
066, after paying during the 18 m onths ending D ec. 31 1917 4 % p. a. In
dividends on 1st prof, and 2d prof, stock, calling for 84,200,000; 8 % p. a.
on tho com m on stock, or $8,400,000; G en’l M tgo. sinking fund, $486,589,
and miscellaneous adjustments (O r.), $74,400.
Sinking Fund.— Prior to tho paym ent on Jan. 11 o f tho dividend o f 1 %
upon tho 2d prof, stock, Reading C om pany paid to tho trustee o f tho Gen­
eral M ortgage $486,589, being the amount rociuired for tho sinking fund,
which represented 5 cts. per ton on all anthracite coal mined during the
calendar year 1916 from lands owned and controlled b y the P. Ac R . Coal
3c Tron C o. and pledged under tho General M ortgage. This sum o f $486,589 was also paid out o f surplus earnings and was applied b y tho trustee
to tho purchase o f $506,000 General M ortgago bonds hereinafter referred to.
Equipment.— On Jan. 1 1917 Reading C om pany executed a lease o f the
follow ing additional equipment required b y tho Phil. & Read. R y . C o.;
2,000 steel hopper coal cars; 2,000 stcol undorframo cars (1,000 b ox, 1,000
gondolas); 40 steel passenger coaches; 10 steel com bination coaches, and
55 locom otives.
This lease was assigned to tho Penn. C o. for Ins. on Lives 3c Granting
Annuities, trustee, and the trustee thereupon arranged to executo a p ro ­
posed issue o f $9,000,000 4 H % equipment trust certificates, to be known
as Series “ G ,” maturing serially from July 1 1917 to Jan. 1 1927, Inel., at
rate o f $450,000 semi-annually. Only $450,000 o f these $9,000,000 cer­
tificates were Issued during tho year 1917, and they matured and were paid
July 1 1917. T he balanco o f $8,550,000 certificates remain In tho hands
o f tho trusteo unissued, as only a small portion o f tho equipment in Series
“ G ” had been delivered b y tho builders, as hereinafter stated.
Owing to tho conditions caused b y the war, great delays have occurred
in tho delivery o f this equipm ent. On D ec. 31 1917 only the following
equipm ent included in equipment trust Series “ G ” had been delivered by
the builders; 2,000 steel hopper coal cars and 5 Pacific typ o locom otives.
Equity Proceedings by the IJ. S. Govt.— This case, referred to in tho annual
report for 1916, was argued in tho Supremo C ourt o f tho United States on
O ct. 10 and 11 1916, on appeal from tho lower C ourt. Upon direction of
tho Supreme C ourt, tho ease was rearguod therein on N o v . 16 1917, but
no decision has been handed down b y tho C ourt.
General Mortgage Ronds.— Tho amount o f theso bonds owned b y Reading
C om pany on D ec. 31 1917 was $4,004,000, as com pared with 84,418,000
on Juno 30 1916, the reduction o f $444,000 being due to (a); Received ac­
cou n t ground rents on real estate paid and extinguished, $2,000, and ac­
cou n t 10-year sinking fund bonds o f 1892-1932, paid and canceled, $60,000;
(6) sold to sinking fund, $506,000. Tho amount o f General M ortgago bonds
outstanding Dec. 31 1917 was $97,721,000, as com pared with $93,165,000
on Juno 30 1916; $506,000 bonds woro purchased and canceled during the
18 m onths for tho sinking fund, makig a total o f $8,361,000 so purchased
and canceled to D ec. 3 l 1917.
Reading Iron Company.— Tho balanco sheet o f the Reading Iron C o. as
o f D ec. 31 1917 shows assets o f tho valuo o f $23,243,665. T he outstand­




[Vol. 106

ing m ortgage obligations o f that com pany am ount to $198,500, whilo tho
current liabilities am ount to $862,250.
R E A D IN G C O M P A N Y IN C O M E AC C O U N T.
— Years end. Dec. 31—• — Years end. June 30—
Receipts—
1917.
1916.
1916.
19t5.
Int. and div. r e c e ip t s ...$12.418,996 $11,928,228 $12,253,466 $11,441,312
R ent o f equipm ent_____
3,096,352
2,903,052
2,830,364
2,833,098
R ent o f Delawaro River
wharves & oth. p r o p .
298,892
347,978
343,773
312,670
T otal Incom e_________ $15,814,240 $15,179,25S $15,427,604 $14,587,080
Expenses— Contingent
118,072
102,106
92,720
104,297
____$15,696,168 $15,077,152 $15,334,884 $14,482,783
N et Incom e. .
Interest on:
Funded d e b t----------------$3,759,930 $3,759,930 $3,759,930 $3,759,930
R ead. C o. Jor. Cent.
920,000
920,000
920,000
collateral bon d s—
920,000
W ilm . & N or. stock
51,800
51,800
51,800
trust ctfs __________
51,800
89,935
Real estate bonds____
79,195
81,946
87,483
600,162
638,458
T a xes.................................. 1,105,000
720,289
T otal deductions____ $5,915,925
N et incom e____________ S9,780,242

$5,533,965
$9,543,187

$5,457,672
$9,877,212

$5,421,827
$9,060,956

RESULTS FOR S I X M O N T H S E N D IN G DEC. 31 1916 A N D 1915.
Six M o s. to Total
Conting.
Taxes
Interest on Other
Ralance,
Dec. 31.
Receipts. Expenses. Paid.
Fund.Dt.
Interest.
Surplus.
1 9 1 6 _______ $8,395,107 S51.208 $416,830 $1,879,965 $525,4.»8 $5,521,606
1 9 1 5 _______ 8,643,453 41,822 335,000 1,879,905 531,035 5,855,631
R E A D IN G CO.— PROFIT & LOSS A C C T — 18 MOS. TO DEC. 31 1917.
Deductions (Concl.).—
Bal.. surplus, to July 1 1916.S2S,469,406
Common dlvs. 8% per a nn.. $8,400,000
Income (or 18 mos. ended
4S0.589
Doc. 31 1917...................... 15,301,849 General mtge. sinking fund..
Miscellaneous adjustments.. Cr.74,400
T o t a l.................................. S43.761,255
Surplus Dec. 31 1917, as
1st pre(. div., 4% per ann__ $1,080,000
per bal. sheet below___ $30,749,060
2d prel. dlv., 4% prann___
2,520,000
C O M B IN ED RESULTS— 18 AfOS. TO DEC. 31 1917 A N D JU N E 30 YRS.
(Incl. Reading C o ., Pliila. & Reading R y . and I’hila. & Reading Coal &
Iron C o.)
18 M os. to -------------Years ending June 30------------Dec. 31 '17.
1916.
1915.
1914.
Railway C o .— R ecelpts.$97,792,O i l $57,298,393 $46,714,821 $49,293,103
Expenses (incl. invest’!
In physical p ro p e rty ). 69,009,392 34,385,319 32,287,078 35,393,707
N ot earnings________ .$28,783,222 $22,913,074 $14,427,743 $13,899,396
1,163,794
431,352
510,124
Other incom o_________ . 1,297,047
T otal net incom e___ _$30,0S0,269 $23,344,426 $14,937,867 $15,063,190
Goal & Iron C o .-Iie cts -$73,031,165 $36,603,759 $30,086,512 $32,703,982
E xpenses______________ - 64,454,059 35,163,065 29,889,570 31,855,615
N et earnings-------------. $8,577,006
Reading C o .— N et Inc. . 13.58S.922

$196,942
$1,440,694.
9,055,349 ■' 9,276,867

$848,367
4,482,778

N et earns., all c o s . . . $52,246,197 $33,840,469 $24,411,676 $24,334,335
Fixed charges, taxes and
sinking fu n d________ $29,168,441 $16,814,001 $15,680,377 $15,890,704
First pref. d i v s ........ .. (6 % ) 1,680,000 (4) 1,120,000 (4)1,120,000 (4) 1,120,000
Second pref. d iv s ____(6% )2,520,000 (4)1,680,000 (4) 1,680,000 (4)1,680,000
Com m on d iv s ______ (1 2 % )S ,400,000 (8)5,600,000 (8)5,600,000 (8)5,600,000
Surplus (all c o s .)____S10.477.756 $8,626,468
$331,299
$43,631
F or separate results o f operating tho Phila. & Reading R y . C o. and tho
& R . Coal & Iron C o ., see separato reports bolow.
B A L A N C E SHEET.
Dec. 31T7. June 30T6Dec. 31’ 17. Jitne 30’ 16.
Assets—
3
3
Liabilities—
$
S
Loco. eng. & cars.44,090,498 39,781,038 1st pref. stock___ 28,000,000 28,000,000
Sea tugs, barges,&c.3,634,025 3,701,438 2d pref. stock___ 42,000,000 42,000,000
Real estate......... 10,893,121 10,893,903 Common stock.. 70,000,000 70,000,000
Leased cquipm’t-.n ,0 1 0 ,t0 1 10,109,491 Gen’l mtgo. loan.a97,721,000 98,165,000
Uncompl’d equip.
927,008
130,145 Mtges. A gr’d rents 808,809 1,018,809
500,000
Mtges. A gr’d rents 232,312
42,312 Del. Rlv. Tor. bds. 500,000
do extons. bds. 531,000
534,000
Bds. of P. & It.Ry.20,000,000 20,000,000
do of other cos.21,979,338 24,100,0 !0 Wilm. * No. RR.
stock tr. c t f s ... 1,295,000 1,295,000
Stks.of >V&R.Ry.42,481,700 42,481,700
Reading Co.-Jer.
Stks. of P. & R.
Cent .coll. bonds23,000,000 23,000,000
Coal A Iron C o. 8,000,000 S,000,000
Other stks. (book
R lt. equip, tr. ctfs.:
"E ” ______ ________ ____
500,000
va lu e )...............53,395,701 53,388,193
■ V " __________ 1,400,000
...........
Further Invest. In
P.AR.C.AI.Co.71,122,940 71,003,135 Mtge., new loco.,
A c _____ _______ 1 ,200,000 1,200,000
Sundry B its., &c. 6,378,707 5,921,136
Cash_____________ 3,884,422 5,238,923 Contingent acc’t . b l ,421,001 b l ,428,878
43,255
31,881
138,375 Current business.
Notes receivable..
137,500
Central Tr. Co. of
Accr’d int., taxes,
15,010
Ac., (est.)____ 3,201,528 3,310,510
N. Y., trustee..
952,927
398,113 Sink, fund general
Accrued incomo.095,003
mortgage loan..
133
932
Current business..
411,507
38,027
Aco’t new equip.
P. A R . R y. cur­
730,174
to be purchased5,134
5,322
rent assets___ _
703,219
Unadjust, bal. for
new equip, pur. 8,529,10 1 3,025,970
Profit and loss (seo
above) _______ 30,749,060 28,459,400
P.

T o ta l.............. 310,531,093 303075,708

T o ta l.............. 310,531,093 303075,708

a A fter deducting D ec. 31 1017 $8,361,000 General M ortgago bonds pur­
chased and canceled fo r sinking fund, b Contingent account for unad­
justed matters in connection with foreclosure salo, & c.— V. 105, p. 1675,500.

Philadelphia & Reading Railway Co.
(20th Annual Report— 18 Months ended Dec. 31 1917.)
This subsidiary of tho Reading Company (which see
above) reports by its President, Agnew T . Dice, in substance:
Results.— The increase for tho year in tonnage, passengers and revenues
were as follow.",: (a) T ho tonnago o f rovenuo anthracito Increased 2 ,1 18,557
tons, or 17.11% , and o f rovenuo bituminous coal increased 1,369,012, or
7 .3 0 % ; coal rovenuo increased $3,001,280, or 1 2.04% . (6) T onnago o f
merchandise carried increased 739,612, or 2 .3 3 % , and the rovenuo thorofrom increased $1,850,799, or 7 .4 2 % . (c) T he number o f rovenuo passen­
gers carried increased 1,561,879, or 6 .3 3 % , and tho rovenuo therefrom
increased $658,448, or 9 .1 9 % .
Additions and Betterments.— W o oxponded for additions and betterments
during the fiscal year ended D ec. 31 1917 tho sum o f 83.809,937 (o f which
$3,785,381 was charged to incom o), as com pared with $1,399,495 during
tho previous fiscal year, an Increase o f $2,410,442. Tho principal accounts
were: Land for transportation purposes, $286,916; grading, $554,088;
bridges, trestles and culverts, $925,926; ties, $90,176; rails, $273,156;
other track material, $194,362; track-laying and surfacing, $195,731; cross­
ings and signs, $151,703; station and office buildings, $172,715; shops and
engine houses, $460,531.
W ork has also been started on tho reconstruction o f tho Colum bia Hridgo
across tho Schuylkill R iver, Philadelphia, whereby tho present tw o-track
metal bridge will bo replaced b y a four-track concreto arch structure.
T ho bridges aver tho Susquehanna R iver at M ilton and Sunlniry, referred
to in the previous report, nave been com pleted and put in operation. Tho
bridge at M ilton was opened to traffic Sopt. 3 1916 and that at Sunbury
on Feb. 12 1917.
Funded Debt.— Tho funded debt upon tho property o f tho railway com ­
pany was Increased during tho past 18 months $10,000, as follows: Rail­
way C om pany subway bonds issued, $345,000; lass C ity o f Philadelphia

Ape . 27 1918.]

THE CHRONICLE

Subway M ortgage bonds canceled, $300,000; Im pt. M tg e. E xtended 4 s
o f 1873-1897-1917 canceled, 835,000. All o f tho Subway M ortgage bonds
Issued b y the Philadelphia & Reading R y . C o. to D ec. 31 1917, aggregating
$2,437,000, are in its treasury.
GENERAL STATISTICS.
— Years end. Dec. 31--------- Years end. June 30—
1916.
1917.
1916.
1915.
M iles operated
1,127
1.127
1,127
1,120
Equipment— •
L ocom otives___________
1,006
991
982
984
Pass, equipm ent cars___
956
978
950
977
Freight equipm ent cars.
41,269
39,867
39,738
39,428
Service cars____________
633
6 .2
612
600
F loating equipm ent____
131
133
130
136
* Operations texcl. of Co.'s Material) —
Passengers carried_____ 26,245,714 24,683,835 23,435,884 23,709,536
Pass, carried one m ile ..408,945,618 377,450,058 356,905,777 360,467,810
R ato per pass, per m ile. 1.913 cts.
1.898 cts.
1.903 cts.
1.783 cts.
Coal (anth.) carried .tons 16,239,859 13,867,075 12,977,152 11,694,977
Coal (bit.) carriod, ton s. 22,549,852 21,016,559 21,307,225 17,552 641
Coal car'd 1 mile, tons x 7,398,550
6.786,189
6,541,632
5,207,714
M d se, carried, tons____ 32,548,033 31,808,421 29,750,421 21,881,371
R ate per ton per m iio—
0.72 cts.
0.71 cts.
0.70 cts.
0.70fcts.
x 000s om itted. * Based on 2,000 lbs. to the ton.
INCOME ACCOUNT.
— Years end. Dec. 31--------- Years end. June 30—
1917.
1916.
1916.
1915.
C o a l.................................... $27,957,122 $24,952,842 $24,287,611 $20,985 987
MnivlintirUsn
24.94.7.168 23,294,256
93 904 9
17,027,464
M
erchandise___________ 26.797.957
26,797,957 24,947,158
P a sse n g er______________ 7,822,326
7,163,877
6,793,606
6,425,634
M iscellaneous................... 2,355.019
1,971,440
1,753,267
1,409,046
1,669,154
In cid e n ta l_____ ________
1,279,652
1,031,757
727,714
M a ils _____________
229,820
137,900
137,896
138,976
Total earnings______ $66,831,398 $60,452,869 $57,298,393 $46 714 821
Operating Expenses—
M a ln t. o f w ay, & c_____ $4,295,826
$4,003,096 $4,019,699 $4,651,073
8,714,902
M a ln t. o f equipm ent___ 12,323,201
8,829,256
8.370,290
Transportation expenses 28,245,557 20,432,647 18,898,268 16,543,519
574,908
T ra ffic oxponses________
583,517
574,003
546,794
1,025,604
General expenses______
1,101,025
938,051
869,428
152,649
M iscellaneous opera’n s .
177,987
152,901
160,049
Cr.24,346
T ransporta’n for invest- Cr.28,430
Cr. 22,519
Cr.15,766
T otal oxponses.............$46,699,283 $34,879,459 $33,389,659 $31,125,387
N et earnings_____ ______$20,132,115 $25,573,410 $23,908,734 $15 589 434
1,729,465
1,402,177
1 166 6 88
T a xos.................................. 2,036,568
U n c o lle c tib le s .................
3,746
6,709
6,858
5,898
Operating incom e____ $18,091,802 $23,837,236 $22,499,699 $14,416,848
Other in com e____
850,672
859,718
431,352
510,124
T o t a l ............................. $18,942,474 $24,696,954 $22,931,051 $14,926 972
Deduct—■
H ire o f equipm ent_____ $3,322,207 $3,055,314
$846,045
(a)
Rentals or leased lin e s .. 3,299,431
3,293,279
2,860,623
2,852,190
Terminal trackage-------425,000
425,000
1,463* 103
R ent o f equipm ent_____
1.385*033
2,830,364
2.833,099
Inb. on funded d eb t-----1,967,752
1,974,315
1,939,980
1,939,980
Other rents, in t., & c—
389,331
332,098
365,025
347,853
A ppropriated for Invest.
in physical p r o p e r ty .. 3,785,381
1,399,495
995,660
1,161 691
T otal deductions------$14,227,206 $11,439,534 $10,262,697 $9,559,813
N ot incom o------ ---------- $4,715,268 $13,257,420 $12,668,354 $5,367 159
a Hiro o f equipm ent in 1914-15 is included in "oth er in com e.”
EARNINOS FOR 6 M ONTHS EN D IN G DEC. 31 1916 A N D 1915.
6 Mo.to Gross
Net (after Other
Interest, For Invest, Balance
Dec.31. Earnings.
faxes.)
Income. Rents, &c.inPlws.Prop. Surnlus.
1 9 1 6 ..8 3 0 ,9 6 .,2 1 6 $12,287,411 $440,375 $5,109,171 $787,972 $6,836 642
1 9 1 5 -. 27.815,425 10.960,674 326,980 4,661,940 384,137 6,247,577
PROFIT A N D LOSS ACCOUNT— 18 MONTH S EN D . DEC. 31 1917.
Balance July 1 191.5. .......... S14.867.839 Dividend fromsurp. (25%)..$10,020,425
Netino. IS mos. to Dec. 31 '17 11,551,911 Property abandoned..............
171,355
Unrcfundablo overcharges
55,355 Surplus for invest, in physi­
Donations, &c.
34,818
28 140
cal property, &e_______ .
Total ........................ ......... $20,509,923

Surplus Dee. 31 1917........ $15,690,003

BALAN CE SHEET DEC. 31 1917 A N D JUN E 30 1916.
Dec. 31’ 17. June 30’ 16.
Dec. 31 '17. June 30'16.
Assets—
S
$
Liabilities—
§
S
Road and equlp.U4,843,117 112783,474 Capital stock___ 42,481 ,700 42,481,700
Impts. on leased
Prior mtge. loan.. 2,696 ,000 2,696,000
railway property 3,722,598 1,180,904 Pureli. money M .20,000 ,000 20,000,000
Misc. phys. prop. 1,458,038 1,110,099 Improv. M . loan. 9,328 ,000 9,363,000
Invest, in afill .cos.:
Debenture loan.. . 8,500 ,000 8,500,000
Stocks ..............
237,240
163,540 Consol. M . loans. 5,767 ,252 5,767,252
Advances--------- 1,354,419
836,572 Subway M . loan. 2,437 000 2,092,000
Othor investments 562,001
Other fund. debt.
744 869 1,044,869
Cash.................
3,580,052 4,346,130 Non-negot. debt to
Loans & bills rec’io
16,789
17,093
affiliated cos . .
438 ,750
402,684
Traffic, &o., bals. 3,207,376 3,761,091 Traffic, &c., bals. 3,463 ,507 3 ,170,941
Agents & conduc'rs 5,300,870 4,201,976 Acc’ts and wages. 6,503 ,284 4 ,302,100
M at’ls & supplies. 7,071,582 3,776,499 Matured interest.
8 ,810
,
8,185
Rents receivable..
21,236
17,357 Accrued Interest .
204,,734
205,052
Insur. fund (cash
Accrued rents___
6 to ,199
745,623
& securities)... 1.036,419 1.037,333 Tax liability........ 2,024 ,989 1,292,141
Deferred assets__
67,985
85,097 Insurance fu n d ... 1,012 ,051 1 ,003,780
Unadjusted debits 712,410
495,664 UnadJ., &c.,acc’ts 1,763 ,694
599,620
Secur. Issued or as­
Add’ns to prop’ty
sum'd, unpledg’d 2,437,000 2,092,000
thro, incom e..*21,968 ,948*17 ,371,033
Profit and 1os3...15,690 ,003 14 ,867,839
T o ta l.............. 145,079,789 135913,830
Total .............. 145,679,789 135913,830
* Additions to property through Income since Juno 30 1907 and charged
as an asset.
See annual report o f Reading C om pany above.— V . 106, p . 1462.
P

h i l a d e l p h i a

( Report for

&

R

e a d i n g

C o a l

&

Fiscal Year ending Dec.

I r o n

C o .

31 1917.)

This subsidiary of tho Reading Company (which see above)
reports, by its President, W . J. Richards, April 17, in subst.:
Output.— T ho total production o f anthraclto coal from tho lands owned
leased and controlled b y tho Philadelphia & Reading Coal & Iron C o for
tho year 1917 was 12,818,706 tons, against 11,241,224 tons mined during
tho previous year. During the year the com pany mined 11,517,904 tons
and sold 11,729,672 tons, against 10,006,688 tons m ined and 11,135,267
tons sold tho previous year.
Debt.— T he funded debt has been reduced b y tho follow ing paym ent:
Philadelphia & Reading Collateral Sinking Fund Loan, $30,000.
Wages.— T w o agreements wero entered Into b y reason o f tho conditions
that arose as a result o f tho war, one under date o f April 25 1917, which was
amendod by another dated N o v . 17 1917, covering an Increase in tho wago
com pensation to em ployees in tho anthracite region, b oth o f which are
supplemental to the agreement o f M a y 5 1916, and to remain in effect
during tho period o f tho war, or until M arch 31 1920 In caso tho war Ls not
terminated beforo that date.
Reserve Funds.— An appropriation o f 5 cents per ton on ail coal m ined b y
tho com pany and tenants from lands owned b y tho com pany beginning
with Jan. 1 1917, was m ade to tho depletion o f coal lands fund.
T ho appropriation to contingent fund is to provide for fire losses on
eurfaco or in tho underground operations not covered b y insurance; to p ro ­
vide against accidents o f unusual character and expenses at any o f tho
operations; to p rovide for future claims growing out or tho operations o f the
curront and successive years.




17 8 7

IN CO M E ACCOUNT.
----- Years end. Dec. 31-----Years end. June 30—
m
,
,
1917.
1916.
1916.
1915.
Tonnage (anthracite)—
M i n e d ....... ................... 11,517,904 10,006,688
9,399,722
8,161,836
Purchased___________ N o t stated. N o t stated.
115,478
8,153
S o l d . . . .................
11,729,672 11,135,266 10,152,082
8,083,487
On h a n d .................
197,910
407,374
1,057,020
1,785,768
Earnings—
A n t h r a t ic e c o a l..............$48,054,942 $40,673,463 $34,869,157 $28,476,167
Bitum inous c o a l . . .......... 1,092,962
1,423,277
1,156,498
1,028,020
C oal rents and m is ce ll..
749,004
604,321
578,104
582,325
T o t a l ________________ $49 .896,908 $42,701,061 $36,603,759 $30,086,512
Expenses—
Fixed ch gs., taxes & in t . $1,151,334
$207,308
$160,646
$136,370
M ining coal and repairs. 27,851,557 22,384,973 20,839,430 19,214,158
Coal purchased (a n th .).
_________
18,099
210,350
Coal purchased (bitum .)
982,206
1,265', 105
1,062,962
964,386
R oya lty leased collieries.
823,090
625,042
557,188
499,399
Transp’n o f coal b y ra il. 5,935,060
5,818,808
5,799,566
5,509,893
d o d o b y w ater___
882,701
978,201
1,067,853
1,076,081
C olliery, & c., im prov’ts. 1,505,507
867,665
709,345
682.068
Judgm ’t p a id Bellas e s t.
_________
362,497
362,497
Coal sold from stock ___
492,272
3,934,952
1,704,245
W ork. com p, fund ap p r.
523,072
474,254
233,833
T a xes.................
735,973
780,360
741,105
628,976
All other expenses, & c._ 2,123,418
1,789,300
2,066,941
1,718,009
_________
Coal added to stock ____
C r.613,750
D epl. o f coal lands fu n d .
451,339
Contingent fun d________ 1,002,745
718,806
T otal expenses........... $44,460,275 $40,237,271 $35,323,711 $30,025,940
N et Incom o.................. .. $5,436,633 $2,463,790 $1,280,048
$60,572
RESULTS FOR S IX M O NTH S EN D IN G DEC. 31 1916.
Six Months to
Gross
Net
FixedChges. Other
Balance•
. D e c . 31—
Receipts.
Earnings. Int.&Tax. Deduc’ns.
Surplus.
1 91 6 .......................$23,134,257 $1,999,559 $94,662 $10,520 $1,894,377
BALANCE SHEET.
Dec.ZVn. June 30 ’ 16.
Dec. 31 ’ 17 June 30 ’ 16
Assets—
S
s
Liabilities—
§
. $
Coal lands........... 46,619,959 47,400,702 Capital stock----- 8,000,000 8,000,000
Other prop’y, &c. 5,S64,178 5,57:5,490 Reading C o ---------71,122,053 71.603,135
Improv. A equlp’t
P. & R . collateral
at collieries----- 12,959,221 12,959,224
sink, fund loan.
960,000
990,000
Stocks & bonds &
Payrolls A vouch. 1,983,784 1,223,675
loans to cos. con­
Due for coal purch.
53,658
966
trolled ............... 9,889,021 9,863,915 Due for royalty on
Cash........ ................8,03S,S46 2,546,722
coal mined____
192,507
104,115
Coal accounts___ 5,324,452 4,053,684 Freight & tolls due
Rent accounts,&c.
50,523
56,36!
foreign roads.. .
30,315.
28,994
Cos. A individuals 1,180.628
802,854 Cos. A individuals 585,915
746,890
Coal on hand____ 1,171,158
4,183,126 Miscellaneous___
12,240
22,698
Material & supp.. 8,070,076 1,403,018 Acer. Int. & taxes. 1,091,791
600,209
Stks.,bds.& mtges.
67,483
52,373 Contingent fund . 1,721,551
Lib. Loanbond3..a3,035,171
Work. comp, fund 662,154
Depletion of coal
Port Read .RR.Co. 106,805
land fund.......... b468,797
P. & R . R y. curr’ t
Work. comp, fund 662,154
accou nt...............................
929,495
P. A R . R y. curr’t
Profit and loss___ 11,986,307 4,655,297
accou nt_______
107,408
T o ta l--------------98,509,081 88,905,474

T o t a l_________ 98,509,081 88,905,474

a Includes $320,000 First Liberty Loan bonds, $2,010,112 Second L iberty
Loan bonds and $705,059 Second L iberty Loan bonds, held for sale to
em ployees, $847,000, less paym ents on account.
b Includes cash, $190,565, and securities, $278,233.
See "Annual R ep ort" o f Reading C o . a bov e.— V. 102, p . 1991.
W

e s t e r n

P a c i f i c

R

a i l r o a d

C o m

p a n y .

(Report for Fiscal Year ending Dec.

31 1917.)
This operating company, controlled by the Western
Pacific Railroad Corporation, has issued its second annual
report, which will bo cited at length in another issuo of t h e
“ Chronicle.” The income account compares as follows:
RESULTS FOR CALENDAR YEARS.
Cal. Years—
1917.
1916.
1917.
1916.
Oper. revenues.. .$9,898,453 $8,270,262 Total income........ §4,043,905 $3,181,389
Oper. expenses.. . 6,190,055 4,950,622 Deduct— Hire
of
Taxe3, &e______ . 492,493
377,051
equipment____ $550,422
$386,684
Rentals of leased
Oper. income..-$3,215,936 $2,942,589
p roperty_____
90,431
90,135
Add—Hire of equip 385,740
53,644 Int. on fund, debt 858,447
246,813
Income from un
17,684
Amort, of disc.,&c.
68,343
funded securities 384,300
144,758 Miscellaneous___
32,993
159
Other Income___ .
57,929
39,398 Preferred divs. (6 %) 1,650,000
Total income....$4,013,905 $3,181,389
Balance, surp._ S793.269 §2,439,914
T ho balance sheet o f D ec. 31 1917 shows outstanding current liabilities
o f only $2,718,526 and first m tge. bonds (issued chiefly for extensions,
additions, betterm ents, & c., still in progress, as per plan in V . 102, p.
155, 160), $20,000,000, contrasting with current assets o f $16,359,225,
Including cash, $563,580, and dem and loans and deposits, $12,417,888. &c

See Western Pacific R R . Corp. under “ General Invest­
ment N ew s” below.— V . 10G, p. 1579, 1345.
T h e

C e n t r a l

R

a i l r o a d

C

o m

p a n y

o f

N

e w

J e r s e y .

(Report for Fiscal Year ending Dec.

31 1917.)
Pros. & Gen. M g r. W m . G . Besler says in substance:
Results.— During the year 1917 your com pany handled the greatest ton ­
nage, and received tho largest gross revenue in its history. There were
transported 11,010,273 net tons o f anthracite, ail increase o f 1,411,322 tons
over the preceding year; also 7,542,625 net tons o f bituminous coal, an
increase o f 926,021 tons, for all this the com pany furnished its full quota o f
em pty cars. T he average revenue tonnago per train m ile was 604.1 tons,
an increase o f 44 tons, and tho average distance each ton was carried was
68.46 miles, a decrease o f 1.68 miles.
Included in tho operating expenses are the following expenditures:
E m ployees’ Com pensation Laws, N . J. and P a ., $63,953; Federal valuation
o f railroads, required b y law, $87,525; full crew laws, $135,404.
Additions and Betterments.— T he follow ing expenditures were m ade for
additions and betterments during the year: (1) Charged to capital, sums
aggregating $1,031,229, notably land transferred from Am erican D o ck
Im provem ent C o ., Jersey C ity, $1,000,000.
(2) Charged to profit and loss, $3,950,971, chiefly land for transportation
purposes, $207,191; Now piers and extension o f piers, $430,818; now ter­
minal, B road S t., N ewark. §441,539; rolling equipment (new ), $1,588,178.
floating equipment (new ), 3404,826.
Funded Debt.— The total funded d ebt D e c. 31 was $47,791,000 (including
$1,167,000 Gen. M tge. 5s and $2,700,000 equipment 4J^s in the treasury)
as against $48,201,000 at the close o f the prior year, a decrease o f $410,000.
duo to paym ent at m aturity o f equipm ent bonds Series F and C .
O f tho $50,000,000 G en. M tge. 5% B onds, $15,091,000 have been issued,
o f which $1,167,000 are held in the treasury, leaving unissued $4,909,000.
Balance Sheet .-—The I.-S . C . Comm ission requires that the cost o f addi­
tions and betterm ents to owned and leased property used for railroad pur­
poses and charged to incom e or profit and loss shall be stated as a property
assot on the balance sheet, and the am ount so charged on account o f owned
property is $32,854,912, and on account o f leased property $6,231,955,
aggregating $39,086,867, which am ount is shown as a separate item on the
credit side o f the balance sheet in order to offset an apparent increase In
capitalized property.
Merger.— On O ct. 16 1917 the P. U . Com m ission o f N ew Jersey ap­
p roved the agreement o f merger b y which 23 subsidiary com panies are
merged into and absorbed b y your com pany (notably N ew Jersey Southern
R y . and N ew Jersey Terminal R R . Seo list in V . 105, p . 1707, to

[Vol. 106

THE CHRONICLE

1788

W hich add also M idland Valley K K . C o.) T he Central Railroad o f N ow
Jersey, in consideration for the transfer to It o f their proproty, rights
and franchises, canceled the capital stock, bonds and all charges against
those subsidiary com panies and in place thereof set up on its books corres­
ponding values to represent tho physical property consisting o f railroad linos
and tangible property so acquired.
. .,
, ,
Maintenance.— During the year 213,101 new ties were laid; 561 cubic
yards o f rock ballast wero placed in track; 73.70 miles o f track were relaid
with steel rails o f 90, 100 and 135-lb. sections; 4.56 miles o f track wero
relaid with second-hand rails, chiefly o f 70, 80. 85 and 90-lb. sections.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1915.
1916.
1917.
684 N o t stated
684
M ilos o f road operated______________
Equipment—■
527
529
*539
L o c o m o t iv e s ________________________
23,844
26,988
26,763
Cars in freight servico______________
746
768
787
Cars in passenger s e r v ic o ___________
653
719
759
Cars in com p any’s s o r v ic e __________
1910.
1917.
Traffic, Ac.—
1017.
1016.
41,159,484
38,100,975
Rcv.frt.carried.
Pass, carried... 28,328,777 26,740,011
Pass. carr. 1 m.432,711,567 412,438,328 Rev.frt.carr.Im.2817595429 2670035,601
0.951 cts.
Av.rev.p.t.p.m. 0.902 cts.
Average rev. per
$50,270
$54,230
pass, per mile. 1.535 cts.
1.482 cts. Rev.p.m.of road
* Includes seven locom otives leased from U . S. G overnm ent.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue—
1917.
M e r c h a n d is e ...................... ................... $15,528,456 $14,976,792 $12
Bitum inous coa l_____________________ 2,378,731
1,953,813
Anthracite coa l_______________________ 9,195,132 8,511.500
Passenger_____________________________ 6,663,309 6,134,814
Express and m ail_____________________
885.862
726,169
W ater line__________________ - _______
298.498
341,811
I n c id e n t a l____________________________ 1,404,073
1,143,037
M iscella n eou s________________________
742,678
584,412
T o t a l . ........................

$37,096,739

1915.
.671,906
.669,884
,635.635
,567.820
528,016
330.934
642.611
522,099

$34,372,348 $30,568,905

M aintenance EoF w ay! & c........................... $3,109,101
M aintenance o f equipm ent___________ 6,686,133
Transportation expenses_____________ 15,240,891
T ra ffic expenses_____________________
369,757
General expenses_____________________
801,547
205.425
Miscellaneous operations, & c________

$2,844,575 $2,595,222
5,630,528
5 668,404
12,356.485 10,440,9o8
358,927
361,528
791,362
642,273
174.769
145,896

T o ta l........................................................$26,412,853 $22,156,647 $19,854,282
N et revonuo__________________________ $10,683,887 $12,215,701 $10,714,623
T axes, & c_________
2,392,646
1,830,676
1,586,047
Operating incom e______
R ents, & c., received______
D ividend incom e__________

.................. $8,291,241 $10,385,024
________
1,405.545
1,235,960
................b 2 ,958,935
a202.448

$9,128,576
1,002.763
a744,576

Gross corporate Incom e____________ $12,655,721 $11,823,432 $10,875,915
Interest on bonds................................. ..$ 2 ,2 7 5 ,0 9 7 $2,225,092 $2,202,311
M iscella n eou s________________________
257,366
249,350
249,350
R entals...................................................
3,205.362
3,308,456
3,103,100
M iscellaneous taxes__________________
141,822
142,639
113,591
D ivid en ds............................................ (14% )3.841.152 (12)3,292,416 (12)3,292.416
T otal deductions..................................$9,720,800 $9,217,954 $8,960,769
Balance, surplus_____________________$2,934,921 a$2,605,478 a$l,915,146
a Does not include Lehigh & W ilkes-Barro Coal C o. dividends (1) for
1916 — j une and D ec. 1916 declared, but not yet received, amounting to
$1,103,655; (2) for 1915— the D ec. 1915 dividend, $551,827; and (3) for
tho year ending June 30 1916— tho D ec. 1915 and Juno 1916 dividends,
h V I n c lu d e s L. & W .-B . Coal C o. dividends o f D e c . 1915, Juno and D ec.
1916 and Juno 1917.
■
BALANCE SHEET DECEMBER 3 1 .'’
1910.
1917.
1916.
1917.
8
Liabilities—
S
Assets—
3
S
Road A equlp’ t . 104,242,784 89,642,974 Capital stock .. 27,436,800 27,436,800
45,091,000 45,091,000
2.25S.407 Mtge. bonds
Impr. leased rys. 6,280,634
3.110.000
Equip, obllgat’s 2,700,000
Inv. in affll. cos.—
1.600.000
Stocks______ 8,860,076 14,204.935 Loans&bllls pay. 1,000,000
1.934.000 Interest, divs.,
B on d s.......... 1,684,000
1,309,822
1,490,999
5,155,241
&c., due____
Advances___ 2,503,262
3,305,493
4,846,486 Acc’ts & wages. 4,949,343
Other investm’ts 4,818,903
243,078
3,267,744 Traffic, Ac.,bal. 1,133,118
Mlsc.phys.prop. 3,243,858
172,042
464,787
4.277.000 Misc. accounts.
Sccur.unpledged 3,867,000
2,872,805 Interest, divs.,
Mater. A supp. 4,717,925
20,133
Ac.,
accrued.
9,942
2,155,239
C a s h ...............
1,724,375
6,542 Unmatured divs.
Special deposits.
933,276
declared____
548,736
2,188,014
Agents, A c ___ 2,989,447
2,031,271
1,215,136 Taxes................. 2,761,365
Traffic, &c.,bal. 1,652,503
254,010
263,356
3,391,925 Deferred acc’ts.
Misc. accounts. 3,103,437
3,092,711
647,501
13,653 Unadj. accounts
Loans A hills reo
17,031
218,632 Approp. surplus
Ins., Ac., funds.
228,970
special_____ x39,036,867 29,057,247
Other unadjus­
3,097,775 Accr’d doprcc’ n. 13,073,727 11,870,952
ted accounts. 1,749,238
Profit and loss.yll,959,185 11,540,991
T o ta l.............152,610,729 140,746,557
T o ta l............. 152,616,729 140,716.557
x Tncludos In 1917 additions to property through incom o and surplus:
(1) Investment in road and equipment, $32,854,912, and (2) im provem ent
on leased property. $6,231,955. y A fter adding $1,428,245 miscellaneous
Items and deducting additions and botterm ents, $3,950,971. * Includes
$43,924,090 bonds with public and $1,167,000 bonds in com pany s treasury.
— V . 106, p. 497.
B a n g o r

&

A

r o o s t o o k

R

a i l r o a d .

(24:th Annual Report—Year ended Dec. 31 1917.)
Pros. Percy R . Todd, Bangor, M e ., April 4, wrote in subst.:
Results.— Freight revenuo increased $165,471, or 5 .3 0 % , and passenger
rovenue increased $181,760, or 2 6.9 2% .
T he ratio o f operating expenses to rail revenue was 68.2 % for the year
1917, as com pared with 60.78% for 1916. Transportation expenses in­
creased $297,673. or 27.91 % , duo to tho marked advance In the cost of
materials and supplies, also increased wages. Tho increased cost o f fuel
for train and yard locom otives was $169,000. The cost for tho eight-hour
day was $50,000. Maintenance o f equipment increased $140,116, or
2 3 .1 1 % , duo in general to tho heavier repairing o f locom otives and freight
cars, the higher cost o f material and supplies, also a material increaso in
wages to shopmen. M aintenance o f way and structures shows an increaso
o f .896,276, or 17.96% , largely due to tho increased cost o f rem oving snow
and ice. There was also a substantial increase in wages granted to em­
ployees in this department, as well as in cost o f material and supplies.
T ho budget appropriations for the year provided for the laying o f 160,000
tics, 729 tons of rail and the insertion o f 64.440 cubic yards o f ballast.
Owing to scarcity o f labor and materials, this program could not bo carried
out in Its entirety, and a reserve o f $142,046 has been carried forward in
a separate fund to com pleto tho maintenance provided for in tho budget
at the first opportunity.
_ ___________
,
Thero was an accumulated balance on D ec. 31 1917 o f $982,273 credited
to reserves for accrued depreciation on all classes o f equipment.
Industrial.— The largo pulp mill at Van Buren was com pleted and put
into operation during tho latter part o f the year. A new hardwood mill
at Island Falls is nearly com pleted and will bo put into operation during
the spring o f 1918. T he tannery at Island Falls, burned last spring, lias
been rebuilt. Shipbuilding yards at Sandy Point and Stockton wero opened
during tho year and a number o f vessels are under construction.
Capital Stock and Funded Debt.— During tho year thero has boon created
a now issuo o f 7% cum ulative prof, stock, preferred as to both assets and
dividends, redeemable at 110 and accrued dividends; dividend dates sem i­
annually April l and O ct. 1; authorized issuo $10,000,000, to provido
means o f raising capital for futuro requirements b y stock rather than by
borrowing or b y issuo o f bonds.
Preferred stock, 34,800 shares, together with 4,114 shares o f co m
m on, wero sold for cash at par, and, with the proceeds, tho $2,000,000




T w o-Y ear gold notes due April 1 1918, but called for paym ent O ct. 1 1917
were paid o ff, and $2,300,000 par o f tho com p any’s bonds wero purchased
at a substantial discount. The effect o f theso retirements o f funded debt
and notes is to decreaso tho fixed charges b y approxim ately $248,000,
an amount greater than the preferred dividend accrual, which is $243,600.
T ho funded debt outstanding has been reduced from $25,487,000 to $21,­
019,000. T ho outstanding stock has been increased from $3,448,600 to
an aggregate o f $7,340,000, and tho percentage o f stock to funded d ebt has
been increased from 13.6% to 3 5 % . (See V. 105, p. 1616, 996.)
Tho car trust payments aggregated $65,000, v iz.; “ D ” (final p a ym en t).
$45,000; “ E ” , $13,000; “ F ,” $7,000.
,
.
Substantially all o f tho $106,000 2d M . bonds outstanding liavo been
acquired by the com pany (only $3,000 remained out D ec. 31 1917).
Dividends.— Dividends were paid during the year as follows; (a) On the
com m on stock, 1% Jan. 8, 2 % July 2, 2 % O ct. 1, making 5 % in all; on
the pref. stock, on O ct. 1 an initial semi-annual dividend o f AyiVo.
Tho dato o f tho com m on dividend has been changed from Jan. and July
to April and O ct., to accord with tho dato o f the preferred dividend.
[On April 1 1918 the semi-annual dividend on the com m on stock was
increased from 2 to 2 M % .— Ed.J
.
. . . . .
t.
ti „ „ „
General.— Y our com p any’s earnings on traffic received via tho Van Buren
Bridge continue to show a vory gratifying increaso, but it was curtailed
to a largo extent during the past year b y the shortage o f equipm ent.
The p otato crop for 1917, on account o f ad verso weather conditions, was
considerably less than usual, resulting in a decreaso o f 7,033 cars handled,
or 4,308,112 bushels, from the previous year.
Total Bonds Certified, &c.—
.
,
,
Treasury.
2d M . bonds certified, $1,050,000; deposited as collateral for
n
C onsol. R ef. M tge., $944,000; outstanding, $3,000- - -■ - . -- $103,000
Consol. R ef. M tge. bonds certified, $8,672,000; outstanding,
$6,331,000__ _____________________________________________________
,uuir
St. John River Extension M tge. bonds certified, $1,800,000; out­
standing, $1,632,000; b a la n c e .........................
--------168,000
W ashburn Extension M tge. bonds certified, $1,650,000; out­
standing, $1,612,000; balance_________________________________
32,000
INCOME ACCOUNT FOR CALENDAR YEARS.
1017.
1916.
1910.
1917.
Earnlnos$3,285,354 $3,119,883 Net earnings____ $1,394,148 $1,574,101
189,955
102,034
075,108 Taxes, Ac............
856, S67
134 230
153,175
Mall, express, A c.
Oper. incom e..$1,204,193 $1,412,007
Revenue oth. than
52,331
00,571
84,188 Other Income___
89,165
transporta’n __
Hiro of equlpm’ t - .
365,807
275,940
$4,384,561 $4,013,408
Gross Income..$1,022,331 $1,748,578
Over. Expenses$530,197 Int. on bonds, Ac.$l,090,177 $1,166,803
Maint. of way, Ac. $632,473
40.924
600,180 Other Interest.........................
746,290
Maint. ot equlp’ t
24,304
34,759
40,932 Disc't on bds., A c.
49,765
Traffic expenses.
14,616 •
10,080
Transporta’n exps 1,364,173 1,006,500 Miscellaneous___
Common
d
ivs..(4%
)154,400
(3)103,458
189,498
197,707
General, A c., exp.
Preferred divs___
43,160
-------------$2,990,413 $2,439,307
Total dcduc’ ns.$1,326,723 $1,350,024
. (08.20%) (60.78%)
$1,394,148 SI,574,101 Balance, surplus.. $290,007 $392,554
BALANCE SHEET DEC. 31.
1910.
1917.
1910.
1917.
$
Liabilities (Con.)
S
Assets—
S
S
172,000
107,000
Road A equlp’t . . . 29,591,297 29,661,583 Equip, trust obllg.
20,100
49,057
Traffic,
Ac.,
bals.
250,000
250,000
Stocks in affll. cos
123,258
195,943
680,724
405,205 Vouchers A wages.
Cash.................
10,000
262,005 Fund d’t matured.
227,025
Special deposits..
296,514
217,017
Matured
int.,
A
c.
34,505
24,007
I.oans A bills rcc..
194,192
164,358
145,501 Accrued interest..
105,770
Traffic, Ac., bal.
20,727
67,957
40,333 Miscellaneous-----77,529
Agents A conduc’s
7,339
43,393
68,029 Tax liablls. accr’d .
Miscellaneous-----118,936
5,489
1,105
432,996 Operating reserves
616,649
Materials A supp.
142,016
Deferred
maint_
_
400,032
Disc, on bds., A c.
940,318
982,273
100,915 Accrued deprec’n.
Oth. unadj. debits 381,599
5,563
3,722 Prem. on fd. d t ..
3,490
Ins. paid in a d v ..
67*699
100,830
Othcr unadj. crcd.
Total .............. 31,977,039 31,877,248 Adcl’nsto property
104,719
161,949
through lncomo.
Approp. surp. not
Liabilities—
01,371
specifically inv.
Common stock__ 3,860,000 3,448,600
__ Proflt and loss----- 1,352,375 1,102,057
Prof, stock ------- 3,480.000
B on d s__________ 20,912,000 23,315,000
T o ta l................ 31,977,039 31,877,248
2,000,000
— V . 106, p . 1688, 601.
N

a s h v i l l e

C

h a t t a n o o g a

&

S t .

L o u i s

R

y .

(67 th Report—For Fiscal Year ended Dec. 31 1917.)
Pros. John Howe Peyton, Nashville, Apr. 9, wrote in sub.:
Results.— T ho operating revenues exceeded by $1,500,000 tho revenues
for tho previous year, though tho earnings for 1916 were greater than ror
any other 12 montits’ period in tho history o f tho property.
1 lie net reve­
nue from operations lias been greater than for any previous year except
1916, but fell short o f that year by about $125,000.
I ho ratio o f operating
expenses to rovenue this yoar was 7 6 .0 2 % , an incroaso o f 3.9 0 % over last
year. This high percentage is duo to tho higher costs o f all materials, in­
creases in wages paid the trainmon under tho Adamson Law and necessary
increases to clerical forces and other labor duo to increased cost ot living.
Bonds Issued.— T he unmatured funded d ebt outstanding in tho hands or
tho public has been increased $854,000, due to tho Issuance and salo or
$2,000,000 Fist C onsol. M tge . 5 % bonds and tho salo o f S4 ,0 00 securities
held last year as an investment; ns against the m aturity o f SI .lotJ.UUU
underlying branch bonds on Jan. 1 1917, as follows: First M tg e ., 1 racy
C ity Branch 6 % bonds, $100,000; First M tg e ., F ay. & M cM Inn. I5ranch 6 /o
bonds, $750,000; First M tgo., Lebanon Branch 0 % bonds $300,000.
The $2,000,000 First M tgo. 5 % bonds were issued in lieu o f that amount
o f 1st M . 7s which matured and wero paid July 1 1913; their proceeds were
used to reimburse the treasury for expenditures heretofore made tor im ­
provements and betterments.
Thero wero also issued $.S,2 .UU)UU i irst
Consol. M tgo. 5% bonds in lieu o f tho following underlying bonds matured.
First M tge. 7 % bonds, matured July 1 1 9 1 3 . . . - - - - .................. oaTnnn
Lobanon Branch 6 % bonds, matured Jan. 1 1 9 1 7 .. . . — 7 -,;= - J ^ r’nnX
Fayettovlllo A M cM in n v . Branch 6 % bonds, matured Jan. 1 177dj,UUd
T racy C ity Branch 6 % bonds, matured Jan. 1 1916, $20,000;
- oftnnn
matured Jan. 1 1917, $100.000--------------- ------------------------- 120.000
Bonds Purchased.— As forecasted in the report o f last year this com pany
purchased $400,000 Paducah A Illinois ItR . C o.
40-year Sinking
Fund gold bonds. These bonds, endorsed Jointly and severally by tms
com pany with tho Chicago Burlington & Quincy R R . C o ., aro carried
under "oth er investm ents.”
.
,
.
Additions and Betterments.— P roperty investment lias been charged
during tho year for expenditures for additions and botterm onts as lollows.
Equipm ent, $172,901: road, $1,203,707.
n o?
Extensions.— The extension from Cravons to Alton Park, 2.67 miles, was
put in service July 11 1917.
,
,
_ . „ . . ’
Ten miles o f the grading on tho Tatesvillo extension from C oalm ont to
the property o f tho Tennessee Consolidated Coal C o . at tho head of IVUl{
Creek has been com pleted; how ever, only 9 miles o f tho track were laid and
surfaced. This extension should 1)0 com pleted 1>.V about M ay^ D Jls.^ . !
Coal
com pleted
this spur, t 1----------------------------------------This work should bo com pleted about Juno 1918.
.
Miscellaneous Improvements.— R eduction o f grade and change or line
between E va and Ltpc on the Nashville Division, 8.5 miles, was com pleted
and track put in service in September.
Grading on the reduction o f grade and cliango o f lino between D ech cm
an Elk River on the Chattanooga Division, including revision o f tho yard
at Dechcrd, has been com pleted. T rack has been laid and is in operation
on the low grade lino between D echcrd and M ilo Post 80. Grading for the
low grade lino between Elk River, M ilo Post 77.8, and M ilo Pose 76,
about 75% com plete. Tills work, liowovcr, has been indefinitely post­
poned. T he revision at the yard at Bridgeport was com pleted.
.
The m oving o f the Chattanooga shops to a new plant at Cravens yaru
will be com pleted during 1918. Considerable track work and grading is
in course o f construction.
. . .
. . . .
., „
« i ver
Paducah A Illinois RII.— T ho doublo track bridge across tho Ohio R iver
at M etropolis, III., was put in servico D ec. 14.
Thero is yet, however,
considerable work to bo done boforo its final com pletion.

Apr . 27 1918.]

THE CHRONICLE

OPERATIONS A N D FISCAL RESULTS.
-------Calendar Years----------—Years end June 30—
1916.
1917.
1916.
1915.
1,236
M iles op era ted ..
1,236
1,231
1,231
Equipment*—
266
266
L oco m otiv es____
273
273
241
Passenger cars . .
237
239
247
10,648
Froight cars_____
10,484
10,252
10,108
757
789
Other cars_____
746
564
Operations—
3,512,475
3,328,844
3,183,563
3,010,833
166,222,322 136,329,667 127.790,054 121,155,298
2.11 cts.
2.14 cts.
2.09 cts.
R ate per ass. per m ile.
2.08 cts.
6,571,307
Freight (tons) carried. _ 6,864,099
6,189,721
5.325,155
Froight (tons) ono mile. 1105886.557 1026460,761 966,961.546 795,623,780
1.7 cts.
l . l cts.
R ato per ton per m ilo ..
1.9 cts.
1.19 cts.
$12,288
$10,933
Gross earnings per inilo
$10,295
$8,886
$1.44
$1.20
Earns, per pass, train m .
$1.1 l
$1.05
$3.05
$2.77
$2.57
$2.02
* A lso owns three steamors, thrco transfer barges.
INCOME ACCOUNT FORJYEARS ENDIN G DEC. 31
P*Earnings—
(
1917.
1916.
1915.
1914.
Froight ............
$10,431,355 $9,562,272 $8,065,082 $8,183,642
Passengers_____________
3,558,400
2,876,076
2,514,218
2,782,569
M ail, oxpross, rents, & c. 1,205,000
1,081,241
960,543
1.007,661
------------------- ------------------ -----------------T otal gross earnings..$15,194,755 $13,519,588 $11,539,843 $11,973,872
" Expenses—
M aintonanco o f w ay, & c. $1,564,531 $1,537, 257 $1,482,656 $1,661,654
Maintenance o f e q u ip .. 2,884,289
2,410, 148
2,188,558
2,314,044
657,684
T raffic oxponsos_______
628, 909
565,823
526,932
Transportation oxponsos 6,873,940
4,610, 859
4.266.083
4,690,834
General oxponsos---------435,007
449, 726
398,053
380,643
Outside operations_____
______
57.702
M iscoll. operations_____
139,396
125, 832
108.091
54.419
T ra n s p o rts for in v e s t ..
0 .4 ,8 2 0
0 . 1 2 921
0 .1
0 .2 .1 3 9

»'■ T otal expenses............$11,550,032 $9,749,810

$9,007,125
$3,769,778 $2,532,718
565,048
264,215
373,267
266,944
42,056
44,335.

N ot earnings................... $3,644,723
Hire o f equipm ent-------901,021
Other in c o m e ...............
300.631
M isc. operations (rov.)_
3,777

ggT otal Incom o----------------$4,850,152 $4,750,149
Disbursements—■
In te re s t.............................
$603,315
$582,776
T axes, & c--------------------665,026
348,117
Rentals, & c . . . ................
740,567
742,599
M isc operations (e x p .).
1,927
19,721
D iv id e n d s -------------- (7 % )* 1 ,120,000(614)1039533

$3,108,212

T otal deductions____ $3,130,835
Balance, surplus_______ 81,719,317

$2,408,109
$700,103

$2,732,746
$2,017,403

$9,686,228
$2,287,645
601,566
$2,889,211

$533,677)
313,789 $1,566,088
729,095
32 323
(5)799,’225 (7)1,118,930
$2,685,018
$204,193

* A ppropriated from profit and loss.
BALANCE SHEET DEC. 31.
Assets—

1917.

1910.

S

R oad & cquipment39 ,027,949
Improvements__ 1 ,287,310

Misc. phys. prop.
Invest, in affil.cos.
Other investments
Cash....................
Time drafts, Ac..
Special deposits..
Loans A notes reo.
Traffio. Ac., ball.
Agents & conduo’s
Miscellaneous___
Material & suppl’s
Deferred assets__
Unadjust. doblts.

397,029
1 ,101,181
1.528,305
l .485,003
50,000
1,500,000
390
334.188
373,235
843,473
2 ,901,323
250,095
184,381

S

37,710,345
1,158,312
322,288
804,850
051,199
2,405,905
35,000
1,525
5,588
128,9S9
010,95 4
929,107
2,044,852
219,403
198,521

Liabilities —•

1917.

1910.
S

S

Capital stock___10 ,000,000 10 ,000,000
Prom, on cap. stk.
10,480
10,480
Funded d e b t ...**12 ,805,000*10 ,874,475
Loans & notes pay.
48,500
q'rafflc, Ac., bals. 442,282
282,038
Accts. and wages. 1 ,873.592 ,314,408
Miscellaneous___
25,381
172,028
Matured Int., Ac.
75,905
40,557
do fund, debt.
27,000 ,151,000
Accrued interest.. 151,350
120,325
Deferred liabilities
22,081
22,081
Accrued taxes___ 280,000
Prom, on fund. d t. 101,415
101,250
Unadjust. items.. 200,715
220,920
Accr'd deprecia’n. 4, 202,440 ,790,200
Add’ns to prop’ty
through Income- 318,875
291,749
Profit and loss__14, 558,108 12,881,518

T o ta l............... 51,333,130 47,220,897

T o ta l................ 51,333,130 47,220,897

** Includes $3,239,000 funded debt unmaturod held in treasury.
♦ D oes not Include $1,150,000 bonds which matured Jan. 1 1917; does
lncludo $23,475 sundry notes payablo, maturing botwoon Jan. 24 1917 and
F ob. 24 1919.— V. 106, p. 1689, 1577.
.
R

u t l a n d ^ R

a i l r o a d .

(51 st Annual Report—Year ending Dec. 31 1917.)
President Alfred H . Smith says in substance:
New Entrance into Montreal.— Prior to O ct. 1 1917 this com p any’s pas­
senger trains were operated into M ontreal from N oyan Junction a distance
o f 53 miles under trackago rights over the Quebec Montreal & Southern
and Canadian Pacific railways. The Canadian Pacific Railway C o. having
presented a now agreement on an entirely new basis involving materially
increased expense to tho Rutland R R . C o ., a 20-yoar agreement, effective
O ct. I 1917. was entered into with tho Grand Trunk Ity. system providing
for tho operation o f Rutland R R . through passenger trains to and from
M ontreal via Rouse's Point, N . Y . Under this agreement all responsibility
Is assutnod by, and all rovonucs accrue to, tho Grand Trunk Ity. system
beyond Rouse's Point.
‘4 Results.— T ho total operating revenues were $4,325,369, tho largest In
tho history o f tho com pany and an increase o f $289,713 over 1916. T he
operating oxponsos increased $552,532, and tho net rovenue from railway
operation was therefore $1,049,646, a decrease o f $202,819.
. Six-Year Record.— In tho six years from 1912 to 1917. inclusive, tho m iloago o f road operated by tho Rutland R R . C o. remained practically un­
changed until O ct. 1 1917, when it was roduccd 53 miles, as is explained
elsewhere in this report. Tho gross rovenue has Increased abou t onefifth ; tho not incomo has almost doubled; tho train load has grown about
ono-thlrd; tho capital stock outstanding has been reduced $10,000 b y tho
purchaso and cancelation o f 100 shares o f com m on stock; and tho property
Investment has increased inoro than $1,000,000, as against a decrease o f
$417,000 in funded debt, caused by tho paym ent o f maturing obligations.
T ho per cent o f gross rovenue saved for not incom o in 1912 was 8 .1 %
and In 1917 was 12.6 % .
OPERATING, STATISTICS. [
1917.
1916.
1914.
1915.
n Operations—
415
468
468
468
M iles operated___
1,531.277
1,543.695
1.518.034
1.710.685
52,216.880 53.197,504 48,687.239 53,753,095
2.34 cts.
2.41 cts.
2.08 cts.
2.45 cts.
R ato per pass, per m llo.
2,627,052
2,128,491
2,295.470
T ons rov. froight carried 2,931,041
T ons rov. fr’t carr. 1 m j 315,099,069 283,748,101 241,915.879 256,741,734
0.79 cts.
R ato por ton per inilo___
0.80 cts.
0.77 cts.
0.76 cts.
INCOME ACCOUNT.
Earnings—
1915.
1914.
1916.
1917.
$2,388,556 $2,247,977 $1,938,022 $1,980,805
1,175,248
1,1 19.475
1,281,565
1,244,051
M all, express, & c______
374.833
358,784
474,005
570,514
Other than t r a n s p o r ts .
61,488
67,031
84,734
69,623
T otal oper. rov on u o.. $4,325,369
Expenses—
M aintenance o f way, &c.
$499,895
M aintonanco o f equip’t .
698,823
T raffic oxpenses_______
123.593
1,837,628
General, & c.
115,783
T otal oxponsos............$3,275,722




$4,035,656

$3,549,591

$3,526,095

$425,550
680,500
117,618
1,402,289
97,233

$434,210
566,037
108,174
1,280,989
82,701

$440,994
621,309
98,485
1,481,302
84,886

$2,723,190

$2,472,112

$2,726,976

1789

1917.
Per cent op . exp. to earn .
(75.73)
N et operating revenue. . $1,049,647
Taxes accrued, & c_____
253.814

1916.
(67.48)
$1,312,466
207,192

1915.
(69.65)
$1,077,479
203.290

1914.
(77.34)
$799,119
206,673

Operating Incom e____
A d d — D iv s., in t .,& c __

$795,833
263,164

$1,105,274
229,825

$874,189
182,614

$592,446
165,702

$1,058,997

$1,335,099

$1,056,803

$758,148

$19,000
7,476
481,036
3,735
26,764
179,108

$19,000
10,100
487,618
8,494
166,824
179,088

$19,000
11,540
494.011
36,808
39,274

$19,000
10,804
499.824
24,512
204,008

S717.120
$871,125
$600,633
$341,877
$463,974
$456,170
BALANCE SHEET DEC. 31.

$758,148
N one

Deduct— i
Rentals leased lines____
Joint facilities, rents, &c,.
Interest on bonds______
Other interest, & c_____
Im provem ents, & c_____
Dividends ( 2 % ) ________
T otal deductions____

1917.
1916.
1917.
Assets—
Liabilities—
S
3
S
Road and equip’t 22,582,278 22,451,680 Common stock__
189,400
Inv. in affil. cos.—
Preferred stock__ 9,057,600
Stocks ______
548,951
548,951 Bonds (see "Ry. A
B onds........ .
10 0 ,0 0 0
Ind. Section”). 11,238,000
10 0 ,0 0 0
Notes_______
412,500
410,000 Accounts A wages 320,713
Other lnvest’ts
922
322 Traffic bal. pay..
95,044
Secur.iss’d or ass’d,
Int., Ac., accrued. 121,304
unpledged........ 031,400
632,400 Unmat. divs. decl’d 179,108
Cash_________
648,123
696,688 Deprec’n (equip.). 918,623
Material A supp_. 881,400
557,714 Mat’d int. A divs. 193,173
Agents A cond’rs
78,409
58,355 Oper. reserves, Ac. 206,050
Sundry coll, accts
292,833
100,551 Approp. surxdus.. 2,194,128
Miscellaneous___
330,539
288,678 Profit and loss___ 1,794,214
T otal...... ........ 26.507,356 25,941,340 T otal_______ 26,507,356
[The N . Y. Central RR and the N . Y. N . II. & H R R . C o.
$2,352,050 o f the com p any’s stock.)— Y . 106, p. 709.
U

n i t e d

L

i g h t

&

R

y s .

C

o .,

G

r a n d

R

a p i d s ,

C

1916.
$

199,400
9,057,600
11,379,000
190,712
59,589
91,637
179,088
849,587
193,272
142,297
2,167,364
1,431,794
25,941,340
each own

h 'c a g o ,

&

c .

(Report for Fiscal Year ending Dec.

31 1917.)
The annual report is cited at length on subsequent pages.
Tho comparative table of earnings of the company and
its subsidiaries for four years past was published in last
week’s “ Clironiclo” on page 1680, showing, unlike a majority
of public service corporations under present war conditions,
increased earnings both in gross and not.
The company has no financing in view, there being out­
standing no bonds or notes maturing prior to 1920. Per­
mission to charge increased rates has been obtained by the
subsidiaries in a number of localities and further applications
are pending and it is expected will result favorably.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.)
[For details o f balance sheet in 1917 see a subsequent page.)
Assets—

1917.
S

1916.
S

Plant, construe. A
Investment_49,221,951 40,925,140
Bond discount be­
ing amortized..
-----658,458
Liberty bonds___
122,350
1,169,388
Cash........... 1,226.578
Bills and accounts
463,326
receivable____ 520,975
Stock and bonds of
other companies
53,151
53,551
M a t e r i a l s and
supplies_ 900,782
Prepaid accounts,
55,911
Ac______
49,755
257,718
Sinking fund____ 447,469

Liabilities—

1917.
S

Capital stockUn. Lt. A R y s..17,009,500
Controlled cos.,
not owned... 2,997,399
Un. Lt. A Rys.
funded debt___13,977,900
Bonds contr’d cos.13,841,028
Notes payable___ 746,315
Accounts payable- 732,214
Accr.int.,taxes,Ac. 713.969
Accrued dividends. 199,000
Miscellaneous___ 312,157
Deprec., Ac., res. 1,354,866
Surplus—sub. cos.
13.511
Surplus............
645,152

1916.
$

16,883,400
3,196,199
9,951,500
16,541,862
_____
552,079
568,741
195,819
222,652
1,287,771
20,369
744,854

T o ta l ...............52,543,011 50,165,246
T o ta l ............... 52,543)011 50.165.246
Executive Committee.— Glenn M . A verill, Chairman; C . H . M cN id er,
Vice-Chairman; W m . Butterworth, B. J. Denm an, Frank T . Hulswit,
Joseph F. Porter, Richard Schaddelee, Claude M . Hurd, Secretary.
Executive Officers.— Frank T . Hulswit, President, C hicago, Ills.; Richard
Schaddelee 1st Vice-Pres., Grand Rapids. M ich .; Joseph F. Porter, VicePres., Kansas C ity , M o .; Claude M . Hurd, Vice-Pres. & Treas.: T . J.
W eber, Vice-Pros.; and L. II. Heinke, Secretary, Grand Rapids. M ich .
Board of Directors.— Glenn M . A verill, Cedar Rapids, Iowa; W m .
Butterworth. M oline, 111.; George B . Caldwell, New Y ork, N . Y .;B .J .
Denm an. Davenport. Ia.; E . Golden Filer, M anistee, M ich .; L. P. Ham­
m ond, New Y ork, N . Y .; L . H . Heinke, Grand Rapids. M ich .; Frank T .
H ubw it, C hicago, III.; Claude M . Hurd, Grand Rapids. M ich .; C . II.
M cN ider. M ason C ity. Ia.; Joseph F. Porter. Kansas C ity . M o ; Richard
Schaddelee, Grand Rapids, M ich .; Francis E. Smith, B oston, M ass.; T . J.
W eber, Grand Rapids, M ich .; J. G . W hite, N ew Y ork, N . Y .— V. 106.
p. 1680.711.

Washington Water Power Co., Spokane, Wash.
(Report for Fiscal Year ending Dec. 31 1917.)
The report, dated at Spokane, Feb. 4 1918, says in subst.:
Additions, &c.— T ho principal expenditures in 1917 for extensions and
betterments are; (1) Electric light and power— buildings, fixtures and
grounds, $26,566; distribution system and equipm ent, $397,444; and (2)
electric railway system — road and structures. $32,407.
Sinking Fund.— During 1917 there were purchased for the sinking fund
$128,000 o f First Refunding M tge. bonds due 1939. making the total so
purchased and canceled to date $923,000, and leaving outstanding in the
hands o f the public $6,138,000 o f this issue and $3,900,000 in the treasury.
There are also outstanding $239,000 collateral trust bonds.
Output.— Tlie total output for the year was 188,311,100 k. w. h ., an in­
crease from 1916 o f 15.65% .
Results.— T he gross receipts o f the street railway Increased 15% in 1917.
“ One-man” cars are operating on two-thirds o f our total car mileage. Our
records show that there lias been a perceptible decrease in accidents occur­
ring on lines over which the “ on e-m a n " cars are operated.
Tho receipts from the sale o f power to the m ining com panies, & c., in the
Coour d ’Alene region have increased 2 1% over 1916, due largely to the
smelter o f tho Bunker Hill & Sullivan M ining & Concentrating C o ., which
began operation in July to the advantage o f the other mining com panies in
that district. A new m ining feature in that district is dredging for gold
near M urray In the river bod o f the north fork o f tho Coeur d 'A lene River
The first dredge began to use our power in Decem ber 1917. In order to
handle the present and prospective increase o f our power load in the mining
district, and to im prove tho quality o f our service, wo are now constructing
a third transmission line having a capacity o f 18,000 h. p.
Railway Contract.— In our last annual report it was stated that 5,000
electric h. p. had been sold to tho Interm ountain Power C o ., payable from
O ct. 1 1917, and 5,000 additional h. p ., payable from O ct. 1 1918. T his
power is to be delivered at our Long Lake plant and is to bo used In operating
electrically the C hicago M ilw . & St. Paul R y . Owing to the very high
price o f both labor and materials, the electrification o f the western portion
o f this'railw ay has progessed slow ly but will probably be ready for the use
o f our current in the summer o f 1919, when it is expected that another
b lock o f 5,000 h. p . will be n eded.
Exchange of Pmver.— Under an agreement for exchange o f power, the
transmission lines o f tho P acific Power & Light C o ., which operates In the
territory west o f ours, were connected in D ecem ber 1917 with our lines at
Lind, W ash., 82 miles southwest o f Spokane.
New Customer.— W e have m ade a con tract with the Stevens C ounty
Power & Light C o. for the sale o f power, delivered at the switchboard o f
our Long Lake station, at a satisfactory price. This power will be used in
the developm ent o f magnesite and copper mines in the neighborhood o f

Chewelah, W ash., a bou t 40 m iles north o f our L ong Lako plant. It is
expected that this consum er will take abou t 1,000 h . p . within the next
year, and will be taking about 3,000 h . p . within threo years.
Ranges, &c.— D uring 1917 945 electric ranges and 390 water heaters for
dom estic use were sold , m aking the total number installed 1,630 ranges
and 650 water heaters, yielding an annual gross rev en u oof about $90,000.
New Power Unit.— T o m eet the grow ing dem ands, it has been necessary
to order tho equipm ent for a third 22,500 h. p . unit at tho L ong Lako pow or
plant to be installed and ready for operation in the autum n o f 1919.
Notes.— Out o f an issue o f $2,670,000 one-year 6 % notes, dated F eb. 2
1918, $1,081,000 have been placed b y Spokane financial institutions.
Outlook.— Owing to the situation o f our com pany in tho interior, it has
n o t enjoyed , except in the m ining district, the prosperity from war business
w hich has been experienced in som e parts o f tho cou ntry. The additional
business that has com e to it is o f normal growtii and will probably bo per­
m anent. Our com p a n y is fortunate in having for sale an im portant amount
o f powor which was developed at a cost m uch below what it would bo at
present. There is reasonable ground fo r expecting that the net oarnlngs in
1918 will show a m oderate increaso.
STATISTICS FOR CALENDAR YEARS.
M o to rs, horse-power—
1917.
1916.
1915.
In Spokane_____ ______
20,172
20,041
19,488
40,579
31,001
28,753
E lsew h ere.......................
M eters in use (N o .)_____
34,648
32,562
30,948
M iles o f tra ck.....................N ot stated N ot stated
110
Passongors carried (N o .>-17,305,047 15,601,850 15,714,753
3,666,944
3,612,993
Car miles r u n . . . .............. 3,839,830

1914.
19,172
29,980
29,404
110
17,840,796
3,647,640

RESULTS FOR CALENDAR YEARS.
1914.
1917.
1916.
1915.
$2,970,920
Gross earnings_________ \$2,856,213f $2,676,057 $2,743,876
5,506
Sundry receipts________J___________ \_______ 8,968 _______6,609
$2,685,024 $2,750,485 $2,976,426
T o ta l recoipts____$2,856,213
1,362,598
1,239,505
1,328,669
Operating exponses____
1,172,1301
T a x e s ...............
268,735/
$1,356,355 $1,510,980 $1,613,828
N et earnings_____$1,415,348
a$30,925
$249,098
$328,869
Interest on bon d s__ $322,616
149,653
194,932
100.678
Interest on notes, & c____
111,855
5,804
10,293
5,037
U ncollectible a ccts., & c _ .
10,028
8,000
8,000
9,809
A m ort, fund for discount
9,808
W ritten o ff fo r replace­
325,000
325,000
325,000
m ent reserve-------------325,000
$787,323
$519,382
$769,392
T o ta l ded u ction s.......... $77 9 ,3 0 7 '
$586,963
$723,657 $1,094,446
B alance, surplus___ $636,041
1,119,105
986,946
1,118,688
P revious surplus________
922,796
T o ta l ................................$1,558,837' $1,573,909 $ 1,842,346' $2,213,551
D i v idonds . I .......... ........ (4 % )619,600 (4 ) 658,325 (5 H )851,950 (7 M ) 1094863
A d ju stm en ts____________
Cr.1,473
Cr.7,212
3,450
.............. T otal s u rp lu s ............
$940,709
$922,796
$986,946 $1,118,688
a A fter crediting $223,168 interest at 5% on w ork under construction.
B ALAN CE SHEET DECEMBER 31.
1917.
1916.
1916.
1917.
Liabilities—
S
S
Assets—
$
S
Capital s to c k ___ 15 ,490,000 15,490,000
Beal est., bldg. &)
wat.-pow.prop.)21, 202,388 21,102,735 1st Ref. Mtge. 5s. 10 ,038,000 6,666,000
239,000
Coll, trust 5% bds. 239,000
E l.L .& P . prop.]
6,063
6,179
Electric B y. prop. 4, 809,089 4,793,912 City By .tickets out
311,730 Accounts current
473,826
Supplies_________
89,322
89,300
and pay-rolls__
Paid on acc’t of un­
,751,000 1,910,000
30,754 Notes payable___
44,481
comp’d work,&c
24,152
59,996
90,344 Accrued taxes___
168,659
Investments_____
67,143
68,553
Acer, damages,&c.
U.S.Lib.Loan bds.
90,250
15,636
3,835
Accrued interest..
130,000
Bills rec. call loan.
10,644
5,276
12,166 Accrued Insurance
28,396
M iscellaneous__
295,988 Replacem’t res’ve. 2 ,037,717 1,923,284
421,951
Bills & accts. rec..
922,796
940,709
216,691 Surplus..........
206,883
Amort’n fund, &c.
257,623
105,737
Cash............ .........
Unsold bonds in
400,000
treasury............ 3 900,000
T o ta l............ ..31,733,545 27,360,059
— V . 106, p . 1345, 716.
O

t t a w

a

T r a c t i o n

T o ta l................ 31,733,545 27,360,059

C o m

p a n y ,

L

t d .

(4 th-Annual Report—Year ended Dec. 31 1917.)
Pres. T . Ahearn, Ottawa, Feb. 4 , wrote in substance:
W T he usual quarterly dividends o f 3 % were paid throughout tho year and
a bonus o f 3 % ; also the business war tax $40,616, and $110,000 set aside
for depreciation, leaving $18,086 to be placed to the credit o f profit and loss
account.
Threo new P -A -Y -E cars were put in service during tho year, tho tracks
on Sussex S t., from the north side o f Kideau St. to tho north side o f St. Pat­
rick S t., relaid with 80-lb . T rail, and N o . 2 shed at R ockllffo extended and
im proved so as to accom m odate a num ber o f additional cars, all at a cost
o f about $50,000.
O T TA W A ELEC. R Y . INCOM E ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
Passengers carried............29,347.692 27,033,778 24,361,867 25.321,547
Gross earnings...................$1,240,627 $1,154,912 $1,041,100 $1,096,459
Operating exp. & m a in t..
705,338
670,348
657,326
665,227
$431,232
$383,774
N et earnings.................. $535,289
$484,564
$39,109
$47,927
B ond , & c., interest_____
$44,080
$48,301
32,474
36,871
T axes, inilo. p a y ’ts, & c . .
81,543
57,938
55,000
Reservo for depreciation .
110,000
65,000
281.535
281.535
D ividends paid (1 5 % )___
281.580
281,535
T otal deductions.......... $517,203
$452,774
$366,333
$408,117
B alanco, surplus............
$18,086
$31,790
$17,441
$23,115
O T TA W A ELECTRIC R Y . BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
1916.
Liabilities—
S
S
Assets—
$
$
Capital s to c k .......... 1,876,900 1,876,900
Roadbed & cquipm’t,
1st mtgo. 4% bonds. 413,000 425,000
water-power prop.
Bills payable............ 400,000 434,100
& plant, real estate
52,837
32,224
and buildings___ 3,336,435 3,339,313 Accts. pay. & m lso..
Divs. payable Jan. 2 112,632 112,614
Cash............................................. 54,7020,695
Stores.................
35,612
43,011 Rest account_______ 200,000 200,000
65,000
Insurance prepaid..
5,000
5,000 Rescrvo for depreo’ n 110,000
Accounts receivable.
1,210
1,323 Surplus___________ 267,590 249,505
T o ta l.................... 3,432,959 3,395,342
T o ta l.......................................3,432,9593,395,342
— V . 106 , p . 612.
N

o v a

S c o t i a

(17 th

[Vol. 106

THE CHRONICLE

1790

S t e e l

&

C o a l

C

o .,

N

e w

G

l a s g o w

Annual Report—Year ending Dec.

,

N

.

S .

31 1917.)

Tho pamphlet report for the late fiscal year has just come
to hand and is cited at length on other pages of this issuo,
including the remarks of President Frank I I. Crockard,
the profit and loss account and the balance sheet as of D ec. 31
1917. The financial statements now presented include for
the first timo the Eastern Car C o. and other subsidiaries,
and cannot for that reason be properly compared with the
tabular data from the reports of earlier years (V . 104, p.
1040; V . 105, p. 179.)
. .
Hayden, Stone & C o ., who headed tho new financial inter­
ests that during 1917 came into virtual control of the prop­
erty, made tho following comments on the report in their
market letter of April 12:




A study o f the com plete report for 1917 impresses one with tw o facts:
first, that this was a year or considerable irregularity and d ifficulty in
operation, due largely to the necessity o f changing over from m unitions
work to com m ercial product. T he latter constituted nearly 5 0% o f th o
market value, com pared with less than 15% the preceding year. This
called for an adjustm ent in operations which w ould, o f itself, preclude a
particularly favorable showing.
,
.
T he second feature is that 1917 was a year o f general financial and
operating cleanup. For instance, in contrast to tho experience o f m ost
com panies, the inventories at the close o f 1917 were valued at $560,000
less than at tho close o f the previous year. T he com pany’s working capital
was increased from $4,193,000 to $10,163,000, and o f this over $2,000,000
was in cash. This increase, to be sure, was due principally to tho issuo or
50,000 shares o f new stock , b ut it was also due, in part, to cleaning up or
som e old accounts.
...
In this connection it m ay be interesting to note that som e $3,000,000
still owned to the N ova Scotia Steel C o . b y its principal subsidiary, the
Eastern Car C o ., will be entirely liquidated in cash before tho end o f tho
year. T he losses sustained wero entirely on foreign cars, for the construc­
tion o f which this plant was not adapted. N ow all orders are for cars for
tho Canadian G overnm ent, for which tho plant was originally constructed.
Tho feature o f real significance to tho shareholders as a guido to their
expectations o f future results from this property Is contained in tho last
tw o pages o f tho report, which summarize reports b y engineers on tlio iron
and coal holdings o f this com pany. Boiled down to one sontenco, this is
to tho effect that the iron ore deposit contains som e 3,000 m illion tons o f
iron ore, and tho coal deposit, 2,500 million tons.
.
_
In view o f such great resources, it will be seen that tho present rate o f
m ining, tho m aximum tonnage to date being 224,000 tons in 1916, bears
no relation at all to what m ay be looked forward to as the ultim ate goal.
The com pany has been, for m ore than tw o years past, driving a new slope
into its iron oro holdings. This should be com pleted b y next January,
and will have a capacity o f 1,000,000 tons a year. I f this wore treated b y
tho com pany, it would result In som e 500,000 tons o f finished p roduct.
Plant capacity can bo increased as considered advisable, but judging
from the steady increase in Lake Superior ore shipments, and tho fact that
ore from the N ova Scotia property can be laid dow n very cheaply, tliero will
also bo a market for all the raw material that tho com pany can mine at a
satisfactory p rofit.
„„
N ova Scotia Steel & Coal Is, essentially, a shipping proposition. T h e oro
has to be transferred In ships from Newfoundland to blast furnaces in C apo
Breton and tho finished product in ships from mills to m arket. W hile the
com pany has m ade large profits during the last tw o years’ high prices and
has renewed munitions contracts that should mean satisfactory profits lor
the continuance o f tho war, tho true possibilities o f this enterprise can be
realized only with the free m ovem ent o f com m odities and abundant supply
o f labor that will bo available with tho return o f peace.
(There was som e m isconception as to paym ent on April 15 o f dlvidond or
\ M % on tho com m on shares; this represented merely the transition from
tho semi-annual basis for dividends to the quarterly basis.]— V . 10b, p .
1691, 1465.
G

e n e r a l

E l e c t r i c

C o m

p a n y .

(2 6th Annual Report—Year ending Dec. 31 1917.)
Tlio report for the year ending D ec. 31 1917 is published
at length on subsequent pages. Following are comparative
statements compiled for the “ Chronicle:”
INCOME ACCOUNT DEC. 31.
nerpini*—
1917.
1916.
1915.
1914.
Sales b h l o d l ..................$196.926,318$134.242,290 *85,522,070 $90,467,692
C ost o f sales.................... 167,921,778 118,948,199 76,898,183 81,496,729
P rofit from sales_____$29,004,540 $15,294,091 $8,623,887 $8,970,963
1,570,431
1,851,140
2,022.237
2.120,265
1,313,989
Incom e from securities. 2,661,150
1,844,645
1,554,843
T otal ............................. $33,516,830 $19,160,973 $12,307,995 $11,855,383
Deduct—•
$571,445
$570,086
$567,556
$571,645
Interest on debentures__
541,357
Int.& d lsc’t on notes pay
Excess profits tax. (est.) 5,500,000
8,12l"646
8,129,918
8,142,768
8,120,648
Dividends cash (8 % ) —
d o R ed Cross ( 1 % ) . 1,015,078
2,030,156
d o in stock ( 2 % ) ____________________________________________________
Balance, surplus_____ $15,737,946 $10,467,882 $3,607,992 $3,145,059
CONSOLIDATED BALANCE SHEET DEC. 31.
1914.
1915.
1916.
1917.
A ssets—
.$
1
aPatents, franchises,&c.
"
1
M anufacturing p la n ts .. 38,938,410 29,904,764 29,563,332 31,063,332
Real est.,& c.(other than
872,216
996,985
863,188
m anufacturing plants)
794,211
Stocks, bonds, & c---------- 37,348,608 33.773.678 32,916,594 29,667,213
Cash..........................
21,190,675 12,167,707 30,138,913 22,528,888
N otes & accts. receiv’le . 38,406,993 26,816,298 19,619,216 19,091,025
843,073
1,248,630
4,196,020
W ork in progress---------- 6,244,691
4,739,819 b l.9 3 1 ,5 8 5 b 5 ,059,860
A dvances to sub. c o s —
5,578,518
Furn. & fixtures (other
than In fa ctories)-----1
, l
Inventories (factories). . 71,490,866 43,963,220 24,544,646 24,253,704
3,256,881
13,251,959
G en.& local offices,& c.l
,
1,782.177
7,197,419 (2,066,690
Consignm ents________ /10,360,444
D ef. charges to In com e. 1,277,063
T otal assets.................. 231,630,482 163,622,115 149,278,552 138.418,371
C a p U a /'sto b k __________101.512,500 101,512.500 101.510,600 101,485,700
2,000
5 % cou p. deb. o f 1 8 9 2 ..
2,047,000
2,047,000
2,047,000
3)4 % coupon debentures 2,047,000
18,500
2,000
600
5 % cou p . dob. o f 1 9 0 7 ..
500
5 % cou p. deb. o f 1 91 2 -- 10,000,066 10.000,000 10,000,000 10,000,000
196,627
196,519
196,519
254,211
Accrued int. p ayable---N otes payable------------------27,757,721
1,655,226
4,640,207
7.874,873
A ccounts payablo---------- 8,009,910
464,116
418,677
1,149,256
A ccrued taxes (e s t.)------ 7,855,748
Dividend pay. in s to c k . 2,030,156
434,705
4,740,577
4,650,559
A d v. p a y ’ts on contracts 8,233,881
2,029,718
2,030,102
2,030,154
Dividends payable Jan - 2,030,156
General reserve-------------S u rp lu s ________________ 49,898,699 34,160.753 23,692,871 20,084,879
T otal liabilities______ 231,630.482 163,622,115 149,278,552 138.418,371
n After deducting $3,097,443 patent reserve,
b Denotes am ounts due from sub. cos.— V . 106, p . 4UU.
C o l o r a d o

P o w

e r

C

o .,

D

e n v e r ,

C o l o .

(,Report for Fiscal Year ending Dec.

31 1917.)
On subsequent pages will bo found the remarks of President
L . P . Hammond, along with a comparative income account
and balanco sheet for two years.
CONSOLIDATED INCOM E ACCOUNT FOR YEARS ENDING DEC. 31.
1017
1916.
1915.
1914.
Gross e a rn in g s................ $1,183,750 $1,020,310
$869,224
$746,869
Opor. exp. & taxes (incl.
268,157
328,576
457,528
m ain ten an ce)------------507,449
$478,712
$540,618
$562,782
N et earnings................... $676,301
29,677
28,330
37,506
Other incom o---------------32.284
$508,390
$568,978
$600,288
Gross I n co m e -------------- *^08,585
$206,275
$206,775
$217,409
xB ond Interest---------------- $225,475
66,000
101,266
81,664
117,243
Depreciation resorvo-----1,481
4,648
Other deductions............8,212
29.704
29,750
35,000
yPreferred dividends-----44,718
276,580
yC om m on dividends— 221,264
- ■ . _________ —— — .
defSS M ; o i 5 ™ i 2 S § : 3 0 0 . « . » 2 « : 6 n

— V . 106, p . 1690, 1347.

Apr . 27 1918.]
S a f e t y

C a r

H

e a t i n g

THE CHRONICLE
&

L i g h t i n g

C

o .,

{Report for Fiscal Year ending Dec.

N

e w

Y o r k .

31 1917.)

Prosidont R . M . Dixon, N . Y . , M a r. 30, wroto in subst.:
A nticipating tho uncertainty o f business with railroads, wo equipped
our works at Jersey C ity for m ore general production, and wero thus able
to Increase our not profits as shown below. W o now havo a very large
am ount o f manufacturing, other than car lighting appliances, in our works.
T ho sales o f gas increased 10,621,500 cu. ft. over 1916. W o now have
In com m ercial operation at one o f our Pintsch plants a com plcto apparatus
developed for the production o f oxygon, and intend to establish similar
apparatus at our various plants throughout tho United States and Canada.
Theso plants aro adm irably adapted for tho com m ercial production and
distribution o f oxygen for mechanical purposes.
On account o f tho increased cost o f materials and labor, our inventories
are considerably in excess o f normal, and tho directors therefore felt that
It vvas best to add to the reserves.
PROFITS FOR CALENDAR YEARS (Compare V. 102, p. 1716).
Earnings, after deducting expenses and taxes (ex- 1916.
1917.
cept U. S. and Canadian war taxos)----------------- S I,016,308
SI. 124 108
Paid in dividends------ .................................. .............(8% )78 8 ,9 6 0 (7H )$739,’050
(?)
70 qqq
Reserved for U. S. and Canadian war taxes______
Other reserves (doprec. & contingent fu n ds)_____
(?)
305 495
Balanco to surplus____________________________________________
S8.963
[Tho quarterly dividond paid D ec. 24 1917 was only 114% instead o f
tho usual 2 % — sco V. 105, p . 2461.]
CONSOLIDATED BALANCE SHEET DEC. 31.
[Including all assets and liabilities o f Pintsch Compressing C o.]
1917.
1916.
1917.
Assets—
Liabilities —
s
S
S
Real estao, ma­
C a p it a l s t o c k
chinery, Ac___ 12,620,867 12,38,8,994
(auth.,$10,000,Materials A supp. 1,463,072 1,262,503
000) outstanrl’g 9,862,000 9,862,000
Bills receivable__
______
503 Accounts payable.
380,4S6
301,855
Accts. receivable. 1,305,924 1,125,191 Detlue. from earns,
Investm’ts in mar­
for deprec., con­
720,032
ketable securs..
564,931
tingencies, A c .. 1,954,766 1,591,838
79,063
143,242 Surplus................ 3,830,605 3,824,832
Cash*....................
T o ta l................ 16,033,857 15,610,520
Total X> ......... ..16,033,857 15,640,526
* A fter deducting paym ent o f d iv. o f 2 % D ec. 1916 and 1917.
p . 1465, 605.
U

n i t e d

S t a t e s

S m

e l t i n g ,

R

e f i n i n g

&

M

i n i n g

(\2th Annual Report—Year ending Dec.

C

o .,

B

V . 106,
o s t o n .

31 1917.)

Pres. William G . Sharp, March 28, wroto in substance:
Results.— T ho earnings o f all com panies, after charging cast o f production
selling expenses, repairs and interest, but before providing for depreciation’
depletion and Federal taxos, aggregated 35,769,391.
D educting reserves
for depreciation exploration and depletion, 81,571,576, tho p rofit for tho
year 1917 was $4,197,815. fed era l taxes. Red Cross and Y . M . C . A .

total undistributed surplus as per balanco sheet on D ec. 31 1917 was
therefore 813,004,970 [being an increaso for tho year o f 847,515.— E d .l.
Tho metals produced in 1917, including metals from custom oros and
tho production in M exico, wero as follows: C opper, 29,043,242 lbs.- load
107,519 570 lbs.; zinc, 53,590,446 lbs.; silver, 13,000,187 ozs.! gold, 109,M2
ozs.
1110 averago prices at which metals wero sold during tho yoar were
as follows: C opper, $0.27201 per lb .; lead, S0.8558 per lb .; zinc, $0.09353
per lb .; silver, $0.81765 per oz.
Capital Expenditures and Investments, 1917.— Tho charges to property
and investment account o f balanco shoot aggregated $6,462,199, as follows:
Investm ent in coal and railway securities_______________________ $1,715,437
Investm ent in mining securities in United States and in M o x ic o ..
688,840
Additions to plants______________________________________________ 1,248 578
M ining prop, purch. and miscoll. charges to capital account
1 909 443
Stocks o f sub. cos. issued to m inority stockholders (sco b e lo w ).. ’899]900
Y ou r investment in coal and railway securities chiefly represents U tah
R y . C o .’s proportion o f join t purchase with Los Angolos & Salt Lako R lt
C o . o f additional coal cars and tho purchase o f locom otives and additions!
torminal facilities. Tho Item o f $899,900 is tho par valuo o f capital stock
o f tho Sunnysido M ining & Milling C o ., issued to m inority stockholders
o f that com pany under an agreement, and tho same am ount is Included
among capital liabilities on tho balanco sheet In tho item “ capital stocks o f
subsidiary companies not hold” b y your com pany. ;
Metal Business.— During tho year our output o f all metals has boon
maintained or Increased with tho exception o f zinc and gold
Average
prices realized wero also maintained or increased except in the case o f zinc
T ho Increased cost o f production, how ever, has not only offset any increase
In averago prico realized during the year, but has largely offset all th o'in ­
crease in price since tho pre-war period. Those increased casts aro m ostly
duo to increased costs o f labor and materials, and to higher prices paid for
custom oros. Substantial losses havo had to bo taken at times d u rin - the
year on motals in custom ores purchased at higher prices than could after­
wards bo realized, on account o f prico regulations and voluntary agree­
ments as to prices at which metals wore to bo furnished to our Governm ent
and its allios.
l ’ ricos o f all motals cxcopt silver wero substantially lower on D ec 31
than averages realized during tho year, and still continuo to bo so ’but
pricas soom to bo loss subject to fluctuations. Whilo theso lower prices
will tond to docroaso profits (oxcopt perhaps in tho caso o f silver) tho ab­
sence o f violont fluctuations in prices will tondlto avoid losses in tho pur­
chase and handling o f motals in custom oros.
*
Coal Business— Utah Railway Co.— Tho output of coal was 908 638 tons
an increaso of 151,707 tons over 1916. For tho first eleven months of
tho year tho output was a little better than from Jan. 1 to Nov 30 1916
On D ec. I 1917 tho Utah Railway C o ., all o f tho securities o f which aro
owned b y this com pany, had equipped its own railroad with cars locom o­
tives and torminal facilities, and on that dato took over tho operation of
its own railroad and Is now running its own trains through from the coal
minos to its connection with other railroads at l'ro v o , Utah (V 105 n
2544). During tho first two months o f this independent operation o f ’tho
railroad, tho output o f coal from tho United Statos Fuel C o .’s minos was
224,255 tons, as com pared with 144,238 tons for tho two months ended
Jan. 31 1917, an Increaso o f 80,000 tons (5 5 % ). Tho outlook for ample
traasportation facilities has ouabled us to enter into som e advantageous
contracts for tho coining yoar at present prices for coal. Somo largo and
long-tim o contracts taken boforo coal prices com m enced to advauco aro
oxplrlng in April, and It Is oxpected that tho coal now going on these con­
tracts at low prices will go during tho com ing year at hfglier prices.
Mexican Business.— In M oxico during tho first part o f tho year only one
mill could oporato, and that at only partial capacity: operations therefore
continued to bo conducted at considorablo lass until Juno. Tho second
mill began to oporato in tho second quarter and from July l to D ec. 31 both
mills wero operated, averaging 54,600 tons m onthly, which was over their
rated capacity o f 50,000 tons. Substantial profits wero made from Juno
on and still continuo. W hilo wages havo increased, tho efficiency o f labor
In M oxico has Improved to an oxtont which practically offsots such increase
but tho Increased cost o f cyanide, dynam ito, tim ber, & c., purchased
In this country and transported to M oxico under extraordinary difficulties
and hoavy expense m ore than offset tho increased price o f silver realized
N one o f tho oro from tho now vein was mined and treated during tho year'
oxcopt what cam e from developm ent work. A t ono mill an additional
capacity o f 9,000 tons m onthly is being com pleted, and at tho other mill

far developed in tills now vein Is several times richer (and has 8 or m ore
times tho profit valuo per ton) than tho averago oros treated, it Is som ewhat
m oro com plox, and experiments aro necessary to insuro tho best m ethod o f
treatm ent. M oreover, tho difficulties and high costs o f obtaining and
transporting materials for tho now plant aro almost prohibitive. Plans
aro therefore undor consideration for imm ediate treatment o f som o o f tho




1791

oro from this new vein in our present mills, replacing som e o f tho lower
grades now being treated: this should add m aterially to our earnings In
M ox ico for tho balance o f 1918. D evelopm ents in the new vein havo con­
tinued to bo so satisfactory that taken together with developm ents in som e
o f our other mines, we havo ore enough blocked out and in sight t o warrant
reducing developm ent work.
Shareholders.— T otal number o f pref. stockholders is 8,985, and o f co m ­
m on stockholders 2,240, at this dato.
OPERATIONS A N D EARNINGS OF A LL CO M P A N IE S FOR YEAR .
Unci, custom ores.)
1917.
1916.
1915.
T o f f . ° i 916^1915"
Copper lb s............. 29,043,242 28.888,093 26,923,674 22.6 22 6 20?9
Lead, lb s--------------- 107,519,5(0 103,855,451 87,102,179 25.7 21.1 17 6
Silver, o z --------------- 13,000,187 11,647,205 12.071,863 31.5 23.6 25.4
109,612
129,273
196.481
6.5
8 0 16 9
G old , o z ----------------Zinc, l b s . . . ............. 53,590,446 64,584.001 34,105,471 13.7 23 7 19 2
Average Price—
19x7.
1916.
1915.
1914.
$0.27201
C opper, lb .............. ..........
S0.27297
$0.18183
SO.13404
Load, lb
0.08558
0.06676
0.04546
0.03827
Zinc, lb
0.09353
0.12327
0.14964
Silver, oz
0.81765
0.65386
0.49965
0.55564
N et earns, after int., & c. $5,769,391 $9,737,664 $7,579,184 $2,932,519
D ep rcc’n, & c., reserves.
953,679
839,200
986,860
666,878
Depletion roserves_____
617,897
A ^ ? E £ ‘?r 7 ear------------$4,197,815 $8,898,464 $6,592,324 $2,265,641
Additional reserve----------------- S I,000.000
$888,900
S692.500
Federal taxes, & c______
P ref. dividends ( 7 % ) ___ 1.702,225
1.702 225
1 702_2 25
1 709 ‘ 9 9 l
C om m on d iv id e n d s.( 1 0 % ) 1 ,755,575(8 H ) 1492239(1 H )2 6 3 .330 (3)526,671
$47,515 S4.704.000 $3,737,863
$36 7 4 9
Balance, s u r p lu s -----°f
l?roduce.d from Centonnial-Eureka, M am m oth,
R lt z .T c n n e s s e o a n d Bingham mines, and in M ex ico, was 1,129,678 tons
o f which the values o f the metal contents were in the proportion o f 2 8%
copper, 10% lead, 13% zinc, 3 9 % silver and 10% gold .
CONSOLIDATED BALANCE SHEET DEC. 31, IN CLU D IN G SUB. COS.
1917.
1916.
1917.
1916.
Assets—
Liabilities—
$
s
8
S
Property and in­
Common s to c k ...17,555,S88 17,555,888'
vestment a c c t ..62,950,387 47,368,981 Preferred stock...24,317,775 24,317,775
Additions.............. 6,462,199 15,581,407 Stock of sub. cos.
Improvements, op­
not owned (par) 2,888,235 2,079,257
tions, Ac., de­
6% notes due Feb.
ferred charges.. 1,805,408 1,229,412
1926................... 12,000,000 12,000,000
Ores A by-products 1,946,314 2,049,975 Bonds of sub. cos.
Supplies, fuel and
not owned------503,700
517,500
tim ber.............. 3,991,012 2,240.395 Notes payable___
900,000
5,000
Metals in transit
Accts. payable, Ac 2,268,272 1,655,245
and in process.. 6,947,097 6,561,728 Dividends Jan. 15 864,450
864,450
Notes reo. A loans 210,091
666,624 Deprec’n reserves. 9,135,307 7,466,608
Accts. receivable. 2,757,746 3,127,851 Miscellaneous. . .*4,755,322 4,070,704
Casii (and in 1917
Surp. appllc. to stk.
U. 8. Govern­
ofsub.cos.notlield 517,462
442,169
ment b o n d s)... 1,641,126 5,105,678 Profit and lo s s ...13,004,970 12,957,455
T o ta l................ 88,711,380 83,932,051

T o ta l.................88,711,380 83,932,051
* Includes in 1917 drafts in transit, $857,493: reserve for freight inter­
est, refining, taxos, & c., $3,897,828.— V . 106, p . 1371, 821.
’
R

a y

C

o n s o l i d a t e d

C o p p e r

C o .

(9th Annual Report—Year ended Dec.

31 1917.)

Pres. Sherwood Aldrich, N . Y . , April 10, wrote in subst.:
Results.—>The com p any’s operations for 1917 show a record output o f
copper metal o f 92,207,356 lbs., being an increase o f 18% over the largest
preceding year, v iz., 1916. A fter smelter deductions tho net production
was 88,o82,649 lbs. On tho other hand, the marked increase in oper­
ating costs represent an increaso o f 2.93 cts. per lb . o f copper over costs
for tho calendar year preceding tho war, and tho Federal, State and cou n tv
tax charges represent ten times tho tax paym ents for the year 1913, and
m ore than throe times those for 1916.
’
incom o and proceeds o f depletion for tho year am ounted to
77 * * 11 ,IJ 0 , or
PC'" share, after charging into operating costs tho usual
rato for depreciation o f plant. O f this. $6,624,152, o r $4 20 per share, was
distributed to stockholders. A total o f $3,077,011, or $1 95 per share, was
added to surplus from operations.
T he large copper output comes through a considerable im provem ent In
the milling operation, as well as from a m oderate increase in tho tonnage
mined and treated. It Is probable that with betterments and additions
now in process o f construction at the mill there will bo a further im prove­
ment In milling results, as well as capacity. W ith 123 miles o f under­
ground workings, there havo resulted enormous stoping areas very carefully
mapped out to insure tho extraction o f tho entire known ore b od y.
Coal I urchase. W o have purchased, in conjunction with tw o other large
fuel consum ing com panies, a very extensive coal property in active opera­
tion [in tho vicinity o f Gallup, N . M .] and within reasonable transportation
dlstanco, to assuro our fuel requirements.
Increase in Expenses, &c.— Decrease in Price of Copper.— In spite o f incroased metal output, tho nut incom o for tho year shows a decrease o f
$2,382,99b as com pared with 1916, due to increased operating costs and
increased taxos, and a decreased averago prico o f copper m etal. T he first
eight months o f tho year saw high metal prices, winch brought with them

upon copper, and at tho same tim e stipulated for tho maintenance o f tho
high wage scalo o f A ug. 1917, your com p any’s nonthly profits made a
substantial declino. This fixed prico o f 2 3 kic. per lb. has been continued
and at this date Is still In effect.
Taxes.— Tho final am ount o f tho incom o and excess profits tax paym ents
could not bo determined until after tho close o f the year, and for that reason
tho total sum o f $1,056,969 was charged during the year, in m onthly pro­
portions, against operations, and a balanco o f $374,025 in com pletion o f
tnoso tax paym ents, as now estimated b y tbo com pany, brines the total
1917 tax chargos to $1,430,995.
The cost o f production for tho year, after theso final tax charges, was
12.649c. per lb as com pared with a cost o f 10.577c. per lb . for tho year
1916 after similar final tax adjustments.
Price of Copper.— W hile tho price at which the year’s production o f copper
as carried on our books was 23.986c. per lb ., the averago price o f the com ­
p a n y’s settlements for copper deliveries during tho year was 25.902 c. per
lb , tho difference being chiefly due to the unsold copper accum ulated at
tho end o f tho year which, in accord with our usual practice, was carried
at 13M c. per lb.
Shareholders.— On M arch 9 1918 your com pany had 11.375 stockholders
o f record, an increaso o f 2,566 since M arch 15 1917.

Extracts from R eport o f M anaging Director, San Fran., Alarch 25.
T ho constantly Increasing tonnage mined and milled from year to year
has called for quito hoavy expenditures covering extensions and im prove­
ments at both tho mine and tho m ill, more especially so during the last two
years, but assuming an ultimate and econom ical capacity o f abou t 1 0,000
tons per d ay it m ay bo said that the necessity for such extraordinary expen­
ditures has nearly ceased to exist. There still remains to be com pleted tho
installations o f fine grinding equipm ent, intended primarily to increase
recoveries, but, to a certain extent at least, increased capacity will also
follow , and in this way tho plant will bo brought to tho averago capacity o f
at least 1 0,000 tons per day.
T ho developm ent and equipment o f tho properties, b oth at tho mines and
mills, havo boon substantially com pleted to a scope reasonably com m en­
surate as regards producing capacity with tho total tonnage o f developed
oro. This has been accom plished in considerable measure b y the use o f
earnings whilo the com pany has continued to pay substantial dividends and
at tho sam o tim e add satisfactorily to tho surplus necessary for working
capital. It Is interesting to note that this has been accom panied b y tho
extraction to dato o f oniy abou t ono-sixth o f the total developed tonnage
in tho property and it must bo remembered in this connection that further
tonnages aro known to bo available for developm ent whenever such action
is warranted or desirable.

[Vol. 106

THE CHRONICLE

1793

INCOME ACCOUNT YEARS ENDING DECEMBER 31.
1915.
1914.
1917.
1916.
C opper production (lbs.) 88,582,649 74,983,540 60.338,936 57,004,281
A vgo. price rec’d per l b . 23.986 cts. 26.724 cts. 17.352 cts. 13.267 cts.
T otal oper. rovenue____ $21,278,071 $20,060,783 $10,498,961 $7,597,724
Operating Epxenses—
M ining and m illing----- . $7,053,243 $4,629,140 $3,283,807 $2,742,900
2,378.306
2,158,624
2,953,694
Freight, treat’t & refin’f; 3,586,419
76,496
107,356
201.107
214,312
Selling com m ission____
356,122
303,463
416,692
445,441
M ine d evel't exting’t . . . .
$5,281,484
$2,316,240
333,875
5,048

.$11,299,415 $8,200,633
. $9,978,656 $11,860,150
404,115
372,481
Incom o on investm ents..
65,166 d e b .180,100
Miscellaneous in c o m e ...

$6,125,590
$4,373,371
387,313
d e b .10,622

.$10,416,303 $12,084,166

$4,750,063
$160,920

$2,655,163
$259,540

1,872,319
(12 « % )

1,089,322
(7)4% ))

$2,716,823

$1,306,301

Deduct— Interest

.
521,082
. *6,624,152

Kate per cen t.

.

4,337,955
*(27 )4% )

194,051

Balanco, surplus_____ $3,077,018

$7,746,211

* Includes in 1917 $5,835,562 dividends and $788,590 capital distribution.
BALAN CE SHEET DEC. 31 Unci. Rag & Gila RR. and Ray Cons. Copp. Co.)

1910.
1917.
SS
S
8,719,313 8,715,888
Expend, for const.
& devclop't___ 'l3,972.245 12,650,713
25,000
310,329
Outside lnvest’ts.
409,581
2,204,672
tr. S. Liberty bds. 834,000
982,277
Mater.,supp-.&c.. 1,097,791
2,103,918 1,493,296
0 ,101,000 8,084,998
31,147
43,778
Prepaid lnsur.,&c.
A s se ts—

36,047,652 32,398,900

1917.
S
319,053

L ia b il it ie s —

1916.
S
485,219

Capital s to c k ____ 15,771,790 15,771,790

Accounts payable.
Treatment, refln’g
& dellv. charges
513,954 552,714
(not yet due)__
Reserves for Insur­
ance, &c______ 1,045,540 268,844
Surplus from salo
of securities___ 1,506,646 1,506,646
Earned surplus___16,890,669 13,813,657
Total .

...36,047,652 32,398,900

-V . 106, p . 1691, 1040.

C h in o Copper C om pan y.

(8th Annual Report—Year ended Dec.

31

1917.)

Pres. C . M . M acN eill, N . Y . , April 8, wrote in substance:
Production— Costs— After making smelter deductions the not production
was 79.636,235 pounds o f copper, together with gold and silver
valued at $56,160. representing the result o f handling during the year
3,608.100 tons through the mill and 3,757 tons o f direct shipping ore. The
net cost o f producing copper was 11.39 cents per pound as com pared with
8.7 cents for 1916. This was after deducting precious metal values and
miscellaneous earnings which amounted to .46 cents per pound. Taxes
accrued and included in operating expenses during the year were insufficient
b y $830,996 to cover the total o f $2,033,439 for all 1917 taxes as now
estimated and returned to the proper officials.
The total costs, including all taxes as last stated and also including the
adjustm ent to incom e from stripping account noted below, was 12.79
cents per pound. Higher prices for labor and supplies and increases in
taxes m 11)17 are responsible for this advance in cost o f production.
Prices of Copper.— W hile the price at which the year’s production o
copper was carried on the books was 24,116 cents, the average prico roceived for copper delivered during the year was 25.81 cents, the difference
being principally duo to the accumulation at tho end o f the year o f a
considerable quantity o f unsold copper which in accordance with tho
com p a n y’s usual practice was carried at 13.5 cents per pound. It should
also bo noted that on Sept. 21 1917, tho Governm ent made a fixed price
o f 23.5 cents per pound for copper affecting all futuro contracts a prico
which at this date is still in effect.
___________ , , ,
„
Results.— The not incom e from operations was $9,826,616 08. Miscella­
neous incom e, dividends, rentals, & c., amounted to $310,436, or a total
incom e from all sources o f $10,137,052. Thero was a direct charge to
incom e for plant alterations, replacements and abandonments and depreci­
ation adjustm ent o f $336,077: also an am ount o f $288,121 for adjustm ent
o f charges to stripping account. Tho total incom e, therefore, applicable
to dividends or other capital purposes aggregated $9,512,854, or $10 93
per share as com pared with $14 76 per share for the year 1916. DLsburoments to stockholders were mado during tho first threo quarters at the
quarterly rate o f $2 50 per share and for tho last quarter at $2 per share;
in addition a Red Cross dividend o f 40 cents per share was paid, making
total disbursements to stockholders during tho year o f $9 90 per sharo,
aggregating in all $8,612,802. For depreciation o f plants 5 % o f their
total cost was set asido and included in operating expenses.
T ho entire
operations outlined abovo resulted in passing $900,052 to tho earned surplus
and depletion account, which on D ec. 31 1917 aggregated $14,863,926.
T he total disbursements to stockholders dow n to and including D ec. 31
1917 wero $22,488,132.
_______

Extracts from Report of Managing Director, D. C . Jackling, Mar. n ,
Tho addition o f tw o new sections to the mill was delayed considerably
but tho sixth section was nearing com pletion on D ec. 31 and is now practic­
ally in full operation, giving tho milling plant a fairly econom ical capacity
o f som ething over 11,000 tons per day o f average concentrating oro as
against an average capacity o f about 8,500 tons per day for the year 1916.
I t will probably require several months to dovelop tho full operating benefit
o f the seventh section which is designed to treat mixed oxidized and sulphide
ores, but nevertheless the tonnago o f all classes o f ores and consequently
the production for 1918 should show substantial increases over those for
1917. W ith tho improvements a bove mentioned practically finished, tho
occasion for heavy constructionexpenditures has nearly ceased.
Considerable drilling was done during tho year, more for tho purpose o f
keeping developm ent data up in advance o f operating plans than for tho
direct purpose o f proving additional ore reserves. Tho data so obtained
though fragm entary are ample to fully justify M r. Sully's statem ent to
the effect that a greater am ount o f new oro was developed during the year
than was at tho samo time mined, and it Is probable that similar experience
will apply to tho current and succeeding years for som e tlmo to com o.
INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1915.
1916.
1917.
79,636,235 72,319.508 64,887,788 53,999,928
24.116 cts. 26.465 cts. 17.420 cts. 13.325 cts.
Average rec. per l b .. . .
Kovonuo from c o p p e r., $19,205,146 $19,139,269 $11,303,956 $7,195,423
51,773
79,821
80,498
56,160
d o from gold & silver
$19,261,306 $19,219,767 $11,383,777
Operating Expenses—
M ining & m illing_____
$4,904,732 $2,600,o iz 5,1,753,266
T reatm ent, rofiuing &
2,112.804
2,979,622
3,253.086
fr e ig h t ___________
115,038
193,220
193,316
Selling com m ission ..
713,940
928,477
1,083,557

$7,247,197
$1,473,552
2,048,004
72,805
578,012

$9,434,690 $6,701,891
$9,826,616 $12,517,876
325.286
310,436

$4,695,048
$6,688,729
229,074

$4,172,374
$3,074,823
179,588

$10,137,052 $12,843,162
$315,214
$336,077
In te re s t____________
A d just, o f charges to
288,121
stripping a ccou nt____
7,177.335
♦8,612,802
D iv id e n d s -----------(165% )
R ato per cen t____
(*)

$6,917,803
$257,265
3,819

$3,254,411
$230,279
31,832

2,609,860
(6 0% )

2,169.065
(5 0% )

$5,350,613

$4,046,859

$823,235

N et profits___
Other incom o.

$900,052

* Includes In 1917 $7,525,327 dividends and $1,087,475 capital distribu­
tion.




BALANCE SHEET DEC. 31.
A s s e t s —•

1917.
$

Property account. 1 ,954,811
Construe. & equlp.x7 ,011,797
Development, &c. 1 ,060,979
Investments........ 442.040
Stripping expense. 2 ,910,197
Materials & supp. 1,782,130
Accts. reclv., &c.. 339,144
Copp’r on hand,&c 5 324,011
Marketable secur. 1 088,498
Cash.....................y2 ,428,794

1916.
8

1,931,580
5,880,353
993,027
192,040
2,615,447
980,398
54,765
6,882,340
248,750
3,022,091

T otal............... 24,342,401 22,800,790

1917.
1916.
L ia b ilitie s —
S
3
Capital stock___ 4,349,900 4,349,900
Accounts payable. 324,177
469,369
Acer.taxes,Inc.,&c. 1,232,403
372,128
Treatment, rofin.
& dellv. charges
—not yet duo . 576,742
650,267
Surplus from salo
of securities__ 2,995,253 2,995,253
Earned surplus__14,863,926 13,963,874
T otal............... 24,342,401 22,800,790

x After deducting in 1917 $1,399,633 roservo for depreciation, y In­
cludes in 1917 cash, $533,525 and cash duo in January for Decem ber
copper deliveries.— V. 106, p. 1690, 1038.

Cerro de Pasco C opper Corp. (Incorp. in N . Y . State.)
(Annual Reportfor Fiscal Year ending Dec. 31 1917.)
Pres. L. T . Haggin, N . Y . , April 22, wrote in substance:
During the year 1917 both Cerro do Pasco M ining C o. and M orococha
M ining C o . were dissolved, and pursuant to the dissolution proceedings
tho Cerro do Pasco C opper C orp. succeeded to all o f tho mining properties
and other assets o f said two com panies, and assumed all o f their obligations
as o f A ug. 1 1917.
,
. . .
..
T ho com p a n y’s mines, smelter and other works have, witli tho exception
o f insignificant local interruptions, been in continuous and satisfactory
operation through tho past year and up to the present time, notwithstanding
tho m any difficulties and delays in procuring and transporting supplies,
obtaining com petent foremen and sta ff operators to fill tho places o f those
who have gono to tho front, and other impediments caused by or incident
to tho present war.
COMBINED PROFIT A N D LOSS ACCOUNT FOR CAL. YEAR 1917
(Com pare V . 104, p . 1698).
(Including Cerro de Pasco Corp. and Operations of Sub. Mining Cos.)
B alance__________________ $3,552,685
Sales o f copper, silver,
1,091,764
gold and ores_________$24,974,082 Dividends received_____
Miscellaneous re c e ip ts..
188,715
Oper. smelting, refining
x780,435
and adm in, exp en ses.. 7,832.006 Increase in inventory___
T o t a l...............
$5,613,598
N et earnings__________ S17.142.076
Deduct— Bond in te re st..
534,730
Custom oros____________ $5,342,394
U . S. & foreign taxes____
1,207,822 Dividends paid_________ 4,009,471
Depletion o f m ines_____
4,791,050
Balanco, sur. for yea r. $1,069,397
Depreciation o f plants,&c
600,000
Provlous surplus_______ yl3 ,3 7 8 ,5 19
Reservo for U. S. incomo
excess profits taxes T 7 1,648,125
T o ta l............................... $14,447,916
Sk. fd . for b on d rod om p - 3.000,000
B a la n co -........................ $3,552,685 Surplus D ec. 31 1917— $11.447,916
x Arrived at as follows: Inventory on Jan. 1 1917 amounted to $3,147.­
520, and on Dec. 31 1917, $3,927,955. y Includes provious surplus o f
C . de P. C opper C orp.. $187,552, and o f its subsidiaries, $13,190,967.
Dividends paid and charged against earnings o f 1917: (1) On 666,666
shares M arch 1, June 1 and Sept. 1, each $1 a sharo and 50 cts. extra,
calling for $999,999. and aggregating $2,999,997. (2) On 807.579 shares,
Decem ber 1 $1 a share, and 25 cts. extra, $1,009,474: total, $4 a share
and $1 75 extra, $4,009,471. Dividend paid M arch 1918 was also $1 and
25 cts. oxtra.— Ed.
CERRO DE PASCO COPPER CORP. (OF N . Y.) BAL. SHEET DEC. 31 1917
Assets (Total. $43,994,683)—
,
.,
Fixed: M ines and properties—smelter, plant and machinery at
Cerro de Pasco and M orococh a _______________________________$25,339,400
Investments: Cerro de Pasco R y ., capital stock, $4,001,415;
stocks o f sundry cos., $966,596; Cerro do Pasco C opper C orp.,
bonds, $1,069,000: t o t a l . . . ..................................
0.037.011
Materials and supplies on hand--------------------------------------------------- 1.631 351
A ccounts receivable_____________________________________________ 1,909,399
United Kingdom o f Great Britain and Ireland 5 )4 % notes,
$988,750; U. 8. Liberty Loan 3 )4% and 4 % bonds, $703,500 1.692,250
Copper, silver and gold on hand----------------------------------------------- 3,927,955
Cash at bankers and on hand__________________________________ 3,457,317
Liabilities (Total. $43.994,683)—
Capital stock (without nominal or par value), 'stated vahio . . $5,000,000
Auth. issue, 1,000,000 shares; unissued, 192.415 shares, o f
which 151.415 shares are held for bond conversion; out­
standing___________________________________ 807,585 sharos
Capital surplus (stockholders’ equity in owned properties)------ 14,003,515
Bonds (10-year conv. 6 % gold bonds) maturing N ov. 1 1925,
auth. & issued. $10,000,000; loss redeonxed & converted, $5.­
458.000; balanco....................................................... ............................ 4,542,000
(Against this amount thero is hold bonds at face valuo for
account o f the corporation, $t ,069,000, and there is cash in
hands o f trustee to credit o f sinking fund, $1,752.674.)
Reserve: Depreciation of plant and machinery, $600,000: for
2,248,125
U. S. incom e and exefess profit taxes, 1917, $1,648,125-----318,818
Cerro do Pasco Railway C o ----------------------------------- -----------------86,907
Bond interest accrued, $34,730; items in susponso. $52,177-----901,309
Duo bankers on lotters-of-eredit and current accou nt..............347.588
Drafts drawn in Peru on New Y ork o ffico-------------------------------176,450
Accounts payable_______________________________________________
131,006
Wagos accrued and unclaim ed---------------------- ------------ -------- . . . .
Surplus: Property surplus (reserve for depletion o f mines, $4,­
791.050; surplus, per statement abovo, $11,447,916: t o t a l.. 10,238,066
Bond Sinking Fund.— ■
C ash to trustee. $3,000,000: interest allowed,
$44 174’ total $3 014,174. Deduct for 1,230 bonds redeemed at 105% ,
S 1.29..500. leaving balanco In hands o f trustee, $1,752,673.
C er r o d e p a s c o r a i l w a y r e s u l t s f o r c a l e n d a r y e a r 1917.
$350,519
Gross revenues___________ $1,043,090 N ot earnings_____________
484,500
Operating expenses______ $572,633 Dividends p a i d __________
U. 8. and foreign taxes___
6,326
Balanco, d oficit.............. $133,981
U. 8 . Federal taxes__________________ 51.306
D e p r e cia tio n ____________
62,305 Provlous surplus_________ 1,281,156
N ot earnings...............
$350,519
T otal surp. D oc. 31 ’ 1 7 .$ 1 .147.175
T ho balanco sheet o f the railway com pany Doc. 31 1917 shows total assets
o f $4,052,713, offset by $2,850,000 capital stock [all owned by tho Cerro
do I’ asco Copper C orp.l: current accounts, $55,538 (incl. U. S. taxes,
$51,306); surplus. $1.147,175.— V . 106. p. 1463, 1129.

T h e U n ited G as Im provem ent C o., P h iladelph ia.
(36 th Annual Report—Year ended Dec. 31 1917.)
Prosidont Samuel T . Bodino says in substance:
Capital.— Capital requirements for 1918 wero radically cut with tho final
result that there Is needed for tho Philadelphia Gas w orks and for tho
various companies in tho Stato o f Pennsylvania In which wo are share­
holders $2,400,000. which will bo provided by your com pany from Its
current resources. For tho subsidiary companies outside o f tho Stato o f
Pennsylvania $7,500,000 has been provided b y tho salo to Droxol & C o . o f
$7 500 000 one-year 6% unsecured notes, dated l<eb. 1 1918, with a re­
funding option to tho com pany (V . 106, p. 827). Tho cost o f securing
this capital will be a charge against tho companies for whoso benefit It was
borrow ed, and will not directly affect tho earnings o f tho United Gas ImPrConnecticut0Light A Power Co.— Sixty per cent o f tho proceeds o f said
notes will bo used in tho developm ent o f tho plants o f tho Connecticut
Light & Power C o ., in which your com pany becam e largely Interested
early in 1917 (V . 105. p. 719. 1423).
,
.. .
XT
T he com pany named supplies electricity for light and power in tho Nau­
gatuck and llousatonic valloys o f C onnecticut, in a series o f essentially
manufacturing com m unities, among which are: VVaterbury, N augatuck,
W atervllle. W atertown, Oakvillo. Cheshire, N ow Britain
Plalnvlllo,
Berlin, N ewington, Southington, N orw alk, East N orwalk, New Canaan,

W ilton Georgetown, R ow ayton, Greenwich, East Portchestcr, Stanwick,
C os C o b , Riverside, Sound Beach, Branford, N ew M ilford , Seymour
and Beacon Falls.
,
_ . .
.. . . .
Even in peaco times this Is an important manufacturing district; at present
a largo number o f its manufacturing plants are engaged in the production
o f war materials and m ost o f them depend upon this com paay for power.
Their demands are increasing so rapidly that tlio Connecticut C om pany is
not ablo to meet them with its existing steam and water power plants.
T he now power developm ent, partly from steam but m ainly from the
water o f the Ilousatonic R iver, is well under way and will be pushed to
com pletion as rapidly as possible, together with the construction o f the
necessary transmission lines to carry tho current to W atorbury, New
Britain and intermediate territory.
, . .
,
,, .
Northern Indiana Gas & Electric C o — This subsidiary was also called
upon for largo expenditures for capital account. It furnishes gas and elec­
tric current in tho citii-s and towns o f East C hicago, Plym outh, Logansp ort, Hamm ond Fort W ayne, W abash, M ichigan C ity , Lafayette, Frank­
fort, South Bend, B luffton, Lebanon. M ishawaka, D ecatur, Crawfordsvillo and W hiting
This is an important industrial district and m ost
o f its im portant concerns have added to their regular and ordinary business
the demands o f tho Governm ent for war material.
. . . .
.
Coal Shortage — Tho past winter taxed to tho utm ost tho strength and
ability o f vour organization. Unusual demands for coal for war purposes,
coupled with transportation difficulties due to these new demands and to an
unusually sovero winter, resulted in a scarcity o f coal for dom estic use and
a phenomenal demand upon gas com panies. In Philadelphia the con­
sum ption o f gas on D ec. 29 amounted to 59,764 000 cu. ft ., as com pared
with 47 490 000 cu. ft. on the maximum day o f tho previous year. W e
were abio however, to supply tho city with gas through the winter o f a
candle power and heating value in excess o f that furnished in any other
city in tho State o f Pennsylvania.
.
.
Hates__ A number o f our companies have applied for permission to
increase rates; som o o f these petitions have been granted, others are pend­
ing, nono lias been refused. . . . .
,
,
....
,. ,
Dividend — Any increased dividend under existing conditions would in
the unanimous opinion o f your directors bo m ost unwise. (Com pare
' Slock EistecL— On April 18 1918 tho capital stock was adm itted to the
regular list o f tho Phlla. Stock Exchango.
INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1916.
1914.
1917.
Earnings from—
Leased works & invost’ts $7,153,461 $8,377,859 $8,734,905 $6,633,823
622,577
2,172,812
508,638
Salas o f securitias---------335,486
276,865
225,129
431,025
Interest re c e iv e d ______
10,427
5,718
6,847
M iscellaneous--------------1 1,668
7,507
6,693
14,155
Sales o f store-room m at'l
35,083
C onstruction contracts.
1,600
1,600
1,600
1,600
Rentals o f offices______
Rentals o f b ldg.. Broad
& Arch Sts., to cos. in
44,795
44,487
45,858
47,718
which co. is st’kholder
$8,163,445

$9,440,558

$9,071,390

$9,084,544

$536,179
555,943

$613,825
497,206

$389,903
463,757

$423,983
478,102

83,386
19,941
253,551

65,967
25,989
138,539

61,248
32,775
126,786

63,426
21,143
201,490

Deduct Expenses—
State and Federal taxos.
Salaries & traveling e xp .
C ost oper. bldg. Broad
and Arch Streets_____
Cost o f litigation---------General & miscellaneous
R op la ccm 't o f elevators,
bldg. B road & Arcli Sts.
T o American R ed Cross
war, & c., fu n d ______
Sink. fd . to retire Phila.
Gas W orks investment
N et earnings................

48,940

685.000

829,700

797,500

801,300

$2,247,940
$5,915,505
*4,582,755

$2,171,226
$7,269,331
4,440,236

$1,871,969
$7,199,421
4,440,236

$1,989,444
$7,095,100
4,440,236

$1,332,750

$2,829,095

$2,759,185

$2,654,864

BALANCE SHEET DEC. 31.
1917.
1910.
1910.
1917.
Liabilities—
S
S
S
Assets—
S
Capital- stock___ 01,029,800 55,502,950
Gas, elect., Ac.,
property (cost).78,922,480 70,747,899 Taxes accrued but
not d u e ........ .
535,000
533,494
240,340
Consti"n contract279,009
Itealest., Phlla. ,&c. 1,048,584 1,040,990 Due companies In
which we are
Cash____________ 4,330,400 2,732,356
stockholders'.....
215,339
Accts. & bills rcc.. 5,457,584 4,285,075
Sundry accounts..
000,093
108,082
Coupons & guar.
578,510 Undlv. profits._.x35,637,930 35,415,245
dlv. accrued-,5GG.841
179,535
Storeroom material 202,405
Sink, fund securs. 0,942,000 5,959,000
T o t a l................ 97,809,429 91,775,710

T o ta l___

-.97,809,429 91,775,710

x A fter deducting extra dividend o f 2 % , $1,110,059, paid in 1917 but
deducted b y com pany from accum ulated surplus D ec. 31 1916.— V .
106, p . 935, 827.
e r i c a n

W

r i t i n g

P a p e r

C

o .,

H

o l y o k e ,

(18th Annual Report—Year ended Dec. 31

M

a s s .

1917.)

Pros. Goo. A . Galliver, Ilolyoko, April 10, wroto in subst.:
Results.— Tho total business amounted to $15,019,564. M anufactur­
ing including raw materials, labor, mill expenses, taxes, freight, & c., cost
$12 454 238, and charges for depreciation, repairs and maintenance ag­
gregated $713,633. The m anufacturing profits were therefore $1,851,693.
A dding other income o f $194,452 and deducting general and selling ex­
penses, discount on sales, and other incom e charges, totalling $1,158,268,
loavos net prorit o f $887,877. O f this am ount $566,520 was consumed by
interest on bonds in tho hands o f the public (not including bonds in sinking
fund or treasury); reserves were set up for inventories and war taxes o f
$171 060. Tho net addition to surplus amounted to $150,287.
Our business was adversely affected b y tho peculiar conditions in tho
paper trade in 1916. Tho shortage o f stock and a speculative interest
carried prices upward. This in turn resulted in increased production, fol­
lowed in 1917 b y reaction and overproduction. Tho slackening o f demand
and consequent weakening in prices o f finished paper, particularly during
tho third and fourth quarters, became dlsnroportionato to tho advancing
cost o f raw materials. The outcom e m ay be stated as an advancem ent in
raw materials o f 3 7 % , While the advancem ent in selling prices averaged
only 2 0 % . Raw materials com prise about 7 0% o f our total m anufacturlug cost. Furthermore, while tho value o f sales in 1917 shows about tho
sam e as in 1910, tho volum o o f paper sold, and tho tonnage m anufactured,
was considerably under the figures o f 1916. Labor costs 'v e f£ also aug­
m ented by com petitive conditions in the labor m arket. Difficulties in
transportation wore contended with.
c believe, how ever, that these con­
ditions will bo corrected b y tho readjustm ent In prices o f finished paper,
which aro rapidly becom ing effective, and the improvem ent already mani­
fested in the general manufacturing situation.
Current Working Assets.— The balance sheet as o f D ec. 31 1917 shows
not current assets o f $5,403,927. Cash (8866.774) and accounts receiva­
ble from customers together aggregated $2,806,931, whereas accounts
payable were $1,184,455 and total current liabilities $1,798,669. T ho in­
ventories aro carried at cost or at present market prices, whichever Is lower.
Against any shrinkage in tho value o f tho finished paper, tho sum o f $151,­
059 has been set asido from tho year’s earnings.
Debt.— In M arch 1917 your directors authorized tho purchaso o f $1,000,­
000 o f tho com pany's bonds. Against these tlicro wero outstanding on
D e c. 31 1917 collateral loans amounting to $854,778.
T ho sinking fund on D ec. 31 1916 held $3,127,000 par value o f our bonds.
During the year tho $100,000 paid tho sinking fund, together with tho sink­
ing fund accruals, resulted in the purchase o f $297,000 bonds.
First M tgo. 5% bond statement D ec. 31 1917: Issue, $17,000,000, duo
July 1 1919. (u) Sinking fund held D ec. 31 1916, $3,127,000, and pur­




chased in 1917 $297,000: total, $3,424,000. ( 6 ) Treasury held D e c . 31
1916 $1,501,000 and purchased during 1917 $957,000; total, $2,458,000;
(c) Balance in hands o f tho p ublic, $11,118,000.
'•***'
Management.— W ith a view to a m oro centralized control o f afiairs, an
advisory com m ittee has been created and a number o f changes have
necessarily been made in the personnel o f tho m anagem ent. Valuable re­
sults can confidently be expected from these changes. [In F eb. 1917 new
interests bought control and a new board was elected, including W alter
T . Rosen o f Ladenburgh, Thalm ann & C o .; H enry Evans, I’res. C onti­
nental Insurance C o .; James N . W allace, P ics. Central T rust C o .; Galen
N . Stone and others. In January last M r. George A . Galliver, form erly
connected with Harrison Williams properties, becam e President, and early
this m onth E . B . Hutchinson o f Ernst & E rnst, N . Y ., was m ade Treasurer.
M r. Rosen is Chairman o f the B oard.— E d. See V . 104. p . 561; V . 105,
p . 1311, 2096’ V . 106. p . 89, 1579.]
.
,
,
,
,
Reappraisal.— On June 30 1899, at organization, the value o f the real
estate, buildings, m achinery, water power, & c., was placed upon the
at $15,867,410. Practically no change had been m ado since in this item ,
since it lias always been the policy o f the com pany to charge all repairs and
new equipment into its operations.
T ho American Appraisal C o . o f M ilwaukee, whom we em ployed to ap­
praise the physical property as o f M arch 31 1917, reports the reproduction
value, based upon the normal average cost prices prevailing before the war,
o f all land, buildings and equipm ent, water-power rights and other assets,
to bo $19,834,854. This am ount was depreciated b y $5,244,024, making
the net sound value as o f M arch 31 1917 814,590,830 as the actual value o f
the property and its usefulness to a going concern. N et additions during
tho current year, at actual cost, not included in the appraisal, am ount to
$1,344,491, largely authorized and contracted for in 1916. T otal sound
value after subsequent adjustments for depreciation and repairs, as^ of
D ec. 31 1917, is in the am ount o f $15,868,685.
Properly as Appraised at March 31 1917 and Additions to Dec. 31 1917.
Reprod. Value
Net
Allowance Net Sound
Mar. 31’ 17. Additions. Deprecia'n.
Value.
T otal, covering 21 divis’ns $18,800,353 $1,359,005 $5,149,3511815,010,007
O ffice bldg, and con ten ts.
140,653
19,299
39,976
119,976
Bower station “ A ” , central
409,602
33,487
92,934
350,155
stores, shop, & c_______
M ill sites, tenements, & c__
484,246 d eb .67,300
28,399
388,547
T o t a l _____ _____________ $19,834,854 $1,344,491 $5,310,660 $15,868,685
Depreciation o f buildings and equipment, and expenditures for renewals
and m aintenance, were written o ff during the year to am ount o f $713,633.
INCOME ACCOUNT FOR CLAENDAR YEARS.
1917.
1916.
1915.
1914.
Gross sales b illed______ $15,019,5641N ot shown up separately in these
C ost o f sales___________ xl3 ,1 6 7 ,8 71 j
three years.
Gross p rofits.............. .. $1,851,693
yl94,452
Interest, & c____________
l ’ ulp d uty refund______
______

$3,927,941
137,181

$1,185,760
79,202
8,073

$1,009,638
94,920
148,848

$4,065,122 $1,273,035 $1,253,406
T otal net incom o____ $2,046,145
$850,000
$850,000
Interest on bonds______ z$566,530
$850,000
514,244
449,990
lixpensos_______________
553,215
411,716
_____
100,000
100,000
Sinking fu n d ___________
100,000
559,992 N o t shown separately in these years
D iscount on sales______
Miscellaneous deduc’n s.
45,060
76,500
______
______
Reserve for inventories
and war taxes________
171,060
.....................................
- - - '- I .
T otal d eductions____ $1,895,858 $1,540,744 $1,399,990 $1,361,716
Balance, sur. or d e f___sur.$150,287sr$2,524,378 def$126,955 def$108,310

65,000

* A fter deducting $73,304 int. adjustm ent on capital stk. subscriptions.

A m

1793

THE CHRONICLE

A pr. 27 1918.1

x Includes raw materials, conversion supplies, labor .mill expenses, taxes,
freight, & c., $12,454,238, and depreciation, repairs and maintenance, $713,­
633. y Includes in 1917 interest and discount earned, $118,344, and scrap
sales, & c., incom o, $76,104. z B ond interest, net to public.
BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
$
$
Assets---Liabilities—
$
S
Property a cc't..a l5 868,685 10,759,935 Preferred stock___12 ,500,000 12,500,000
Good-will, &c___ IS 010,150 18,010,150 Common stock____9 ,500,000 9,500,000
Cash____________
866,774
740,893 5% bonds______ b l l 118,000 17,000,000
...........
Notes & acc'tsrcc. 1 ,942,284 2,131,594 Trade acceptances 126,458
Company bonds..
1,268,437 Notes pay’le (bank
loans).......... ......
400,000\
210,472
Mlsccll. stocks__
3,727
Supp. & materials 4 ,374,230 3,932,389 Ace’ts payable____1,184,455/
Res. lor war taxes
19,309
20,000
Liberty bonds___
Bond purch. acc’t .
854,778
Other assets, & c..
132,049
Accr’d wages & tax
87,755
44,680
Investments, &c._
86,074 2,618,983 Sink, fund reserve
Sinking fund.........
2,018,983
General reserve__
1,237,411
Surplus...................5 ,553,387 2,812,733
T o ta l................. 41,344,835 45,672,854
T o ta l................ 41,344,835 45,672,854
a R eproductive valuo (pre-war basis) o f real estate, buildings, m achin­
ery, water pow ers, & c., as appraised M ar. 31 1917, with subsequent addi­
tions and deductions to D ec. 31 1917, $21,179,346, less 85,310,661 allow­
ance for depreciation, b A fter deducting in 1917 $3,424,000 purchased,
held b y trustee, and $2,458,000 in treasury, on hand or pledged.
T ho profit and loss surplus D ec. 31 1917 was $5,553,387, after adding
$7,538,355 balance per books D ec. 31 1917 (see text a bov e), and surplus
for year 1917, $150,287; and deducting ( 1 ) $1,635,354 reduction in b ook
valuo o f m achinery, real estate, buildings, water pow er, & c., to conform
with tho net sound value at appraised M ar. 31 1917; (2) $434,659 loss sus­
tained from salo o f property, and (3) $65,242 net sundry adjustm ents, etc.
T ho com pany was contingently liable on D oc. 31 1917 as endorser on
trado acceptances and notes receivable discounted at banks, $224,272.
Since tho organization o f the com pany in July 1899 there has been paid
in all 10% on the cum ulative preferred stock.— V . 106, p . 1579, 1128.
U

n i t e d

S t a t e s

G

y p s u m

C

o ,,

C h i c a g o .

(Report for Fiscal Year ending Dec.

31 1917.)

INCOME ACCOUNT FOR YEARS EN D IN G DEC. 31.
1917.
1916.
1915.
1914.
N et p r o fit s ______________ $1,288,673 S l.092,178
$811,419
$900,593
Deduct—
Repairs, replace’ts, &c_
$406,280
$347,332
$215,775
$205,860
B ond interest, & c______
70,431
94,411
94,023
89,879
R es. Federal taxes____
78,726
Brefprrcd d ividends. . . (7% )372.844 (7 % )343,966 a l ,635,628(6% )270,068
C om m on dividends____
______
______
b309,246
............
Balance, surplus_____
T otal surplus D ec. 3 1 --

$360,392
$900,091

S307.469 C$1,443,253
$539,699
$233,230

$341,786
$1,676,483

a Includes cum ulative dividends on preferred stock o f prior years paid in
com m on stock, b Includes $289,657 paid in cash and $15,589 paid in stock,
c l ’aid from p rofit and loss surplus.
BALANCE SHEET DEC. 31.
1917.
1916. 1
1917.
1916.
S
[ Liabilities—
s
Assets— 3
S
S
Plants.................. 4 ,603,102 4,249,167 |7% cum. pref. stk. 5,396,000 5,271,600
Gypsum & gypsite 5 ,088,370 5,088,370 Common s to c k ... 3,904,900 3,904,900
41,000 Pref. stock subscr.
687
Treasury holdings 159,383
18,998
15-yr. 6 % gold notes 1 ,000,000 1 , 000,000
Expenses charged
to future Incomo
71,432
74,336 Notes payable___
100,000
50,000
831,053 Accts. payable...
300,819
Inventories_____ 1 023,078
232,909
122,148
Notes & accts. rcc.*l ,073,728 ►1,032,608 Accrued int., &c._
60,811
105,097 Reserves_______
406,155
342,714
Cash.......... ..
112,306
Surplus........ ........ 900,091
539,699
T o ta l................ 12,131,400 11,421,631

T o ta l................ 12,131,400 11,421,631

* A fter deducting $136,557 reserved for doubtful notes and accounts In
1916 and $121,533 in 1917.— V . 106, p . 1583.

1794

THE CHRONICLE
N

e w

Y o r k

D

o c k

C o m

p a n y .

(17 th Report—Year ended Dec. 31 1917.)
Pres. William E . H alm , April 23, wrote in substance:
N otw ithstanding the continued increase in tho cost o f materials, taxes,
wages and salaries, the net results o f the year’s operations show a substan­
tial increase over those o f tho previous year.
M aintenance expenses incluclo $439,070 for extraordinary repairs to the
piers, warehouses and bulkheads. T ho depreciation fund has been in­
creased $169,317 and now amounts to $382,843 in cash and com pany’s bds.
Pier N o . 17 was com pleted and occupied b y the tenant in July 1917.
Owing to the delay o f the city in com pleting the subway, it has not been
possible to com m ence construction o f the M ontague St. pier. Pier N o. 26
was destroyed b y fire in A ug. 1917, but has since been replaced b y a largo
m odern pier which was turned over to its tenant this m onth. T h o sprinkler
system for this pier protects also warehouses 117, 118, 120 and 121. T he
grain elovator and nino warehouses, known as D ow s Stores, were totally
destroyed b y fire in O ctober. Pier 31, long disused, has been demolished
and will n ot be rebuilt. Adjustm ents have been m ade in tho accounts to
p rovide for tho dem olition o f this pier and the losses by firo.
A three-story reinforced concrete building has been erocted at Joralemon
and Furman streets for our office force at a cost o f $110,000. A sprinkler
system to protect the warehouses in the R ed H ook section, 13 in number, is
nearly com pleted. The replacem ent o f Pier 45 b y a now pier with a shed
is now under progross.
A dividend o f 2 % on the pref. stock was paid A ug. 15 1917, and one o f
3 % on F eb . 15 T918, being the first dividends since O ct. 1911.
IN COM E ACCOUNT FOR CAL. YEARS— DOCK CO. A N D DOCK RY.
Revenue—
1917.
1916.
1915.
.$2,590,001 $1,603,991 $1,224,748
- 1,350,967
1,032,898
799,213
271,516
262,717
253,372
210,551
165,530
142,594
.$4,423,035
-$1,019,100
160,852
985.051
.
241,535

$3,065,136
$365,059
111,898
799,633
192,567

$2,419,927
$264,665
60,504
635,444
155,475

-$2,406,538
-$2,016,497
505,187

$1,469,157
$1,595,979
393,272

$1,116,088
$1,303,839
377,079

Other incom e.

-$1,511,310
43,151

$1,202,706
17,875

$926,760
15,769

Other deductions

-

$502,000
33,322

$1,220,581
$502,000
9,173

$942,529
$502,000
13,599

-$1,019,139
def2,452

$709,408
73,109

$426,930
defl7,64 4

.$1,016,687
500.000

$782,517

$409,286

do

do

in c o m

S Account

$516,687

_ $782,517, • $409,286
.
1916.
1915.
$404,899
$393,397
388.089
401,198

f o r c a l e n d a r y e a r M— N e m F'y o r i ? d o c i -Tr y

„
*1917.
R e v e n u o ..................................................... $484,127
E x p e n s e s .....................
463.510
N ot revenue...............................................
N et d ed uctions............................................

$20,617
$76,810
23,069
3,701

def$7,801
9,843

N e t incom e . .
. def$2.452 sur.$73,109 dof$17.644
T h o earnings o f the N ew Y ork D ock C o.for the 3 m os. ending M arcli 31
1918 wdl do found under “ Railroad, & c., Earnings” on a preceding page.
COMBINED BALANCE SHEET DEC. 31 — DOCK CO."'A ND~DOCK""RY.
1916.
'1917.
'
1917.
1916 *
Assets—
S
Liabilities—
$
$
S
Real e3t.,wharves,
Preferred s to c k ... 10,000,000 10,000,000
wareh’ses, term.
Common s to c k ... 7,000,000 7,000,000
railway, Ae...a30,397,333 30.0S1.660 1st M . gold 4s— cl2,550,000cl2,550,000
Depreciation fund. b3S2,843
213,525 Bond interest___
209,167
209,167
Cash____________
122,359
473,289 Divs. on prof. stk.
Accts. recelvable. 1,067,759
668,605
pay. Feb. 15 T 8
300,000
292,804
Accrued charges.110,026 Vouchers and pau105,024
Material A supp..
63,608
166,097
roli3 .......... .......
91,669
Interest accrued..
5,950
4,567 Accounts payable.
22,557
10,559
U . S. Treasury
Charges duo R R ’s.
36,422
39,676
bills ( 4 % ) ...
125.000
Taxes accrued___
76,128
15,499
2d Liberty Loan..
600.000
Est. coset of deliv­
N . Y . City corpor­
ering mdse____
60,819
31,005
5,000
ate stock..........
5,000 Operating reserves 227,737
64,311
28,666
Deferred assets__
1,746 Unearned rents__
49,897
64,908
125,193
Unexplred lnsur..
89,346 Other def’d items.
11,943
7,377
Miscellaneous___
6,150
18,776 Surplus account..d2,553,314 2,245,979
T o t a l.......... ...33,264,080 32,330,140
T o ta l................ 33,264,080 32,330,149
a Includes as o f D ec. 31 1917 real estate, wharves, warehouses, & c.,
$28,566,072: terminal railway, $729,455: floating equipm ent, $260,529:
m achinery and tools, $145,126: additions and betterm ents, $616,431: total,
$30,317,612: less rcservo for depreciation, $431,451: balance, $29,886,162:
and adding cash on deposit with trustee under terms o f m ortgage, $511,171:
total as above, $30,397,333. b Includes cash in bank, $129,716;'bonds o f
N . Y . D ock C o. (par, $327,000) at cost, $247,678, and interest accrued on
bonds, S5.450.
c A fter deducting $450,000 bonds held in treasury,
d A fter deducting S209.351 sundry adjustments (not), including $206,500
representing depreciation prior to July 1 1915, n ot previously provided for
on p roperty destroyed b y fire or demolished b y during 1917 (see text a b o v o ).
— V . 106, p . 1039, 933.
C

a n a d i a n

C a r

&

F o u n d r y

C

o .,

L

t d .

{8th Annual Report—Year ending Sept.

30 1917.)
Pres. Nathaniel Curry, Montroal, Apr. 15, wrote in subst.:
Russian Shell Order.— This report has been delayed b v our desiro to in­
clude therein tho results o f the Russian shell contracts. Said results
after deducting liberal reserves for contingencies, aro included in tho
statement o f surplus and profits. Y ou r President, how ever, believes that
the profits will be increased upon the presentment o f tho final figures
T h e outstanding accounts receivable in connection with these contracts,
are referred to In the accountants’ certificate [who certify to tho proper pre­
sentation o f the assets and liabilities, “ subject to realization o f assets o f the
A gency o f tho Canadian C ar & Foundry C o ., L td ., aggregating approxi­
m ately $ 1 ,0 0 0 ,0 0 0 , which aro the subject o f litigation, b u t which tho
directors consider aro colIectibIe” J, l ’hoy com priso m ainly one item o f
$713,000 payable b y the American C an C o ., and one o f approxim ately
$200,000, representing duties paid to the U . S. Governm ent on materials
destroyed in the Klngsland disaster In January 1917. T o provide for the
reimbursement o f tho latter item special legislation Is being enacted.
T he American C an C o. item represents part o f a balance o f indebtedness
due originally b y the American C an C o. to tho R ecording & C om puting
M achines C o . o f D a yton , O ., and subsequently assigned b y tho latter
com pany to A gency o f Canadian C ar & Foundry C o ., L td ., in connection
with tho settlem ent o f certain matters arising out o f tho Russian shell
contracts. T he American Can C o. admits that the am ount abovo stated
is duo b y it, b ut lost there be d ou b t whether the Russian G overnm ent was
validly represented In theso transactions, has asked that before paym ent
is m ade b y it a judgm ont bo obtained authorizing such paym ent, in order
that it m ay bo fully protected as regards tho validity o f tho discharge. Tills
judgm ent should bo obtained within a reasonable titno.
Subsidiaries.— T he Canadian Steel Foundries, L td ., and T he P ratt &
L etchw orth C o ., L td ., had succeessfui operations and m ade substantial
profits. T h e R hodes, Curry C o ., L td ., operated at a slight profit; building
In the M aritlm o Provinces is stagnant.
Results.— W ar m unition and export equipment orders were tho chief
factors in our operations during the year, accounting for over one-half o f
tho gross output. H eavy shipments on export orders were m ado between




[Vol. 106

October 1916 and M a y 1917, when the last annual report was issued, and
a loss was experienced on tho greater portion o f such shipments: how over,
the loss was less than would have resulted had you r works not been in full
operation, inasmuch as tho export orders absorbed a large proportion o f
° verhead expenses and fixed charges. Subsequent export orders were
tilled at a profit, and similar orders now on hand prom iso a fair return.
Ih o com bined output o f the associated com panies (exclusive o f the
Russian sheH contracts) for the fiscal year was approxim ately $25,000,000,
of which am ount 50% was produced b y the subsidiary com panies. D om estic
business in our regular lines was again com paratively light, although a
rem arkable im provem ent has slnco been shown.
T ho earnings o f the year have been charged with the full cost o f m ainte­
nance, a sufficient provision fo r depreciation and $540,000 in extinguish­
m ent o f expenditures on m unition works and facilities. A fter writing o ff
also the losses on export equipm ent orders referred to, tho net profits from
the operations in Canada were on ly approxim ately sufficient to pay the
fixed charges, and tho surplus shown for the year practically represents
the not earnings from tho Russian shell contracts ascertained during 1917.
Additions.— The addition to tho cost o f properties account was caused
m ainly b y further expenditures on the works at F ort W illiam, which
are now In full operation, the purchase o f property in M ontreal for a much
needed central office building, and tho extension o f foundry facilities in
M ontreal for tho production o f steel castings and track intersection work.
Capital Stock.— T he increase in our capital stock (ordinary shares)
represents com m on shares issued at par in discharge o f cash obligations
contracted in connection with the Russian shell contracts.
Notes Retired.—-Tho $560,000 one-year 6 % debenture notes o f the
Canadian Steel Foundries, L td ., were retired during the year.
Orders.— T he com bined order books o f your com pany and its subsidiaries,
o f writing, show a total valuo o f unfilled ordors aggregating
$36,500,000. Over 7 5% o f this value represents orders for the regular
and normal products o f tho car equipment industry. I f unfavorable con ­
tingencies d o not arise, your present order b o o k assures continuous and
profitab e operations during the year o f 1918. In fact, tentative figures
prepared indicate that tho net profits fo r tho first six months o f the fiscal
year o i l 918, after paym ent o f fixed charges, will approxim ate $1,500,000.
Shipbuilding.— Some m onths ago we were asked to co-operate with the
M a n itow oc Shipbuilding C o. o f M anitow oc, W ise., in tho m anufacture
o f twelve mino sweepers for the French G overnm ent. Our F ort W illiam
works possessed tho necessary m achinery and an excellent water frontage,
and it was estimated that an assembling plant and launching facilities for
this class o f boat proposed cou ld be Installed for approxim ately $ 2 0 0 ,0 0 0 .
Liberal terms o f paym ent were agreed upon with the French Governm ent,
and advance paym ents arranged to p rovide the necessary capital and
Inventory requirements. It Is believed that this initial order will yield
a p rofit after charging against earnings the entire cost o f tho additional
installation.
CONSOL. SURPLUS A N D IN CO M E ACCT. YEARS E N D . SEPT. 30.
(Incl. Can. Car & Fdg. Co., Ltd., Can Steel Foundries, Ltd., and Assoc. Cos.)
1916-17.
1915-16.
1914-15.
1913-14.
A pproxim ate ou tp u t- .y $ 2 5 ,000,000
$5,500,000 $11,100,000
N et profits ...................... *$2,572,884
$1,292,105
$321,840
$673,036
467,610
D eprec’n A renewals___
350,000
325,000
278,077
B ond interest..................
523,915
538,693
555,312
460,768
In t., & c., on deb. n otes.
50,019
50,156
In t. on bank loans, & c_ .
118,331
______
Pref. dividends_____ ___
.(5 K )3 6 7 ,5 0 0
C om m on d ivs. ( 4 % ) ___
______
.
159,000
Special reserve fu n d ____
______
B al., sur. or d e f------ sr.$ l,4 13 .00 9 sr.$353,256def.$558.472def.$592.309
* Including profits on Russian shell contracts, y E xcluding Russian
shell contract.
CONSOLIDATED BALANCE SHEET SEPT. 30.
( Incl. Can. Car & Fdg. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.)
1917.
1916.
1917.
1916.
Assets—
S
Liabilities—
$
3
S
Real est., bldgs.,
Preference stock.. 7,500,000 7,500,000
mach. .pats. ,A c. 20,498,506 19,602,117 Ordinary stock.. . 4,903,700 4,186,700
Inv. for red. Mont.
Can. C.& F.lst M . 5,385,693 5,539,603
St. Wks. bonds.
100,000
100,000 Can. Steel F’drles.
Mater’l, supp.,&c.
1st M . A collat. 2,440,146 2,539,913
(at or below cost) 7,760,663 3,819,019 M ont.St.W .1st M .
749,000
749,000
Bonds, stocks, &c.
102,501
91,669 Craig St. M t g e ...
100,000
Accts., bills, rec.,
Can. 3. F.dob.notes
_____
500,000
less reserve___ 2,829,364 2,290,568 Bank loans, A c . . . 2,940,051 2,408,472
Car trust notes.......................
3,056 Accts., A c., pay'le 4,003,127 2,182,850
Agency of Co. Rus­
Acer. Int. A taxes.
138,781
178,148
sian shell con­
Agency Rus. con­
tracts--------------- *4,002,967 3,621,352
tracts ........ . bl ,373,371
Deposit on Govt.
Deprec. A sinking
contracts, A c ..
3,225
fund reserve__ 2,310,741
1,828,538
Mortgages............
24,742
Special reserve...
500,000
500,000
Cash in banks___
298,841
200,444 Opcrat’g, Ac..fund
559,001
389,578
Deferred items__ a853.591
258,408 Profit and loss___ c2,840,065 1,427,054
T o ta l................ 30,471,176 29,989,8561 T o ta l.................36,471,176 29,989,856
* $2,830,927 collected since Sept. 30 1917. n Includes expenditures in
connection with tho rearrangement o f plants and tho purchase o f machin­
ery fo r the m anufacture o f shells, loss amounts written o ff to d a to , $542 199,
and Insurance taxes unexplred and expenses chargeable against future
operations, and miscellaneous, $96,258.
b $619,476 paid slnco Sept. 30
1917. c Subject to G overnm ent taxes.
Preference dividends have been paid to Juno 30 1914. V . 106, p . 1690.
M

o t o r

P r o d u c t s

C

o r p o r a t i o n

( o f

N

o w

{Report for Fiscal Year ending Dec.

Y o r k ) ,

D

e t r o i t .

31 1917.)

President W . C . Rands says in substance:
Status.— On D ec. 31 1917 tho corporation had no liability except its
strictly curront m onthly accounts, and the serial bonds which have beon
reduced b y $100,000 to $900,000 (com paro offering o f samo, V . 104, p .
1595). On tho other hand, assets in tho naturo o f cash, sound accounts
receivable and land contracts am ounted to $2,919,967.
Earnings.— T h e sales for tho year amounted to $9,033,082, an increase
over a llko provious period o f $3,153,506, or 4 8 .6 % . This increaso was
without any Governm ent or war orders whatsoever and during tho process
or consolidating o f four o f our m anufacturing plants in D etroit into tho
newly acquired Lozier plant, with all tho oxpenses and interruptions inci­
dent to m oving such a largo am ount o f machinery and material.
T ho earnings amounted to $537,528, after liberal depreciation and reserve
but with no provision fo r Federal taxes (estimated as between
$80,000 and 8100,000). In view o f tho extraordinary oxpenses Incident to
m oving into tho now plant, com pletion o f old orders on a rising market—
increased cost o f labor, material and taxes, theso earnings can bo regarded
as highly satisfactory.
Outlook— Neio Lines— Government Orders.— T he outlook is m ost encouragng, notwithstanding tho almost certain falling o ff o f tho requirements o f
passongcr car manufacturers. This lias been anticipated and wo have,
therefore, secured orders from tho Governm ent to the am ount o f $5,500,000
— signed contracts, with additional business under consideration. Orders
have also been secured from responsible com panies for production o f finished
product in a now field which, we believe, will be permanent and, upon com ­
pletion, will reach $ 2 ,0 0 0 ,0 0 0 .
Dividends Postponed.— T he additional and now busnlcss require som e out­
lay for equipment and material, in view o f which, o f tho uncertainty o f tho
oxtent o f Federal tax levies, and the future o f tho m onoy m arket, your
directors holding m ore than 5 0% o f tho outstanding stock, havo taken the
position that a conservative p olicy dictated tho postponem ent o f dividends
[$1 per share paid quarterly April to Oct. 1917, b oth inclusive; none since]
and tho conservation o f tho corporation’s cash. W e can seo nothing but a
bright future ahead, and It is hoped wo can not only resumo tho regular
dividend basis, but reaiizo tho anticipation o f increased earnings and theroby
give very satisfactory returns to tho stockholders on their investment.
INCOME ACCOUNT FOR CALENDAR YEARS.
N et sales for calendar years (Increased 4 8 .6 0 % )____$6,470?576
N et profits fo r tho fiscal year ending D ec. 31 1917....................
Dividends paid ($1 per sharo paid A pril 3 1917, also July 1 and
O ct. 1— in all, $ 3 ).............................................................................
Balance, surplus, for year 1917.

$9,6333082
$537,527
233,333
$304,194

CONSOLIDATED BALANCE SHEET DECEMBER 31
Assets__
u i/«
Land contracts receivable— — ......................................
N otes and accounts receivable......................................
Cash in banks and on hand-----------------------------------Inventories-------------------Deferred charges, & c................ - ....................................

R o to cr
in fill
on ?'n 7 n
7 fi8 8 5
‘ 0 ,0 0 0

T o t a l.............................................................................-8 5 ,0 4 9 ,0 7 3
Net*worth 6Jan. 1 1917. S3.715.617; profits; as above
t. stated, $304,194; total, $4,019,811. less $ o ,848
P adjustm ent o f properties to appraisal, balance,
rr represented b y 80,000 shares o f no par value stoc
or a book value o f $50 per share. — - — — - - ----5 4 ,0 1 3 ,9 6 2
Purchaso-m onoy obligations—-real estate m ortgage.
-----First m ortgage o f 6 % serial bonds--------------- -

M

1916.
2,458,023
681,342
109,418
1,986.484
9,911

$5,245,778

53,280,010
k.225,010

811,050
A ccounts payable (tr ade cr editors, p ayroil, sa!a ri es,
729,112
p, & c., $115,407; m isc. accrued iterms, $19,703, total
i d b .n u
200,000
Reserve for general purposes— -------------------------- ------------------ ---------------,
.......................... $5,049,073 $5,245,778
" Vt" * 7,'rnvTslnn" fo r ’ Federal taxes has been m ade on the above
balance sheet! which are estim ated at between $80,000 and $100,000.
C om pare V . 106, p . 92.
C

a l i f o r n i a

P e t r o l e u m

C o r p o r a t i o n .

{Report for Fiscal Year ending Dec.

31 1917.)

The report of Pres. Thomas A . O ’Donnell says in briof:
A d d i t io n s — During the year thoro has been expended on new wells in
nrocess o f drilling, $180,638
Tlireo new wells have been brought in during
at a tota l cost o f $72,169. There lias also been expended on
aA ‘nr!rmanent linprovem onts, $102,287, this including the cost
S
l
K
S
S
^
n
one o f the now properties, $23,257.
Production__The not production was 3,331,812 barrels a decrease o f
586 4 59 barrels from 1916. The three new wells brought in during the
viniHrll 30 *182 barrels. T ho total number o f wells producing D oc.
^1 1917 was 165 ? wells shut dow n and under repairs, 26; wells in process
o f drilling, 7; wells abandoned. 3.
. . . . . .
Market Conditons.— A substantial increaso in price was obtained b u t
_ n f , ,,, /,, l i hoiipfit o f It during 1917 owing to tho fa ct that you r com pany
i s a m ?nd er o f tl o Indepcnilent Oil Producers' A gency, which had m any
low priced contracts on hand. Tho m aximum price secured was 85c.
neJ barrel while the market quotation during tho latter part o f 1917 was
Jiu,. ,)(,r barroi. Thero has been a readjustm ent o f contracts affecting tho
nroihVcors belonging to tho A gency which will permit us to sccuro the lull
m arket price from tlais period on to tho end o f its contract with tho A gency.
This will produco a substantial increaso in our earnings tho com ing year.
Dividends and Sinking Fund.— From July 1 1915 to Jan. 1 1918, inclusive,
11 quarterly dividends o f 1% each have been paid upon tho preferred stock,
instead o f at the regular rate o f 1 % % , in consequence o f which
Preferred
Rfnrlc dividends aro now in arrears 814% as
Jan* I
w o are also
i*^0arrears 3791,553 on the pref. stock sinking fund and this likewise must
ho m ade up before any dividends can bo paid upon tho com m on stock.
Lands in Litigation— Our claim against the U. S. R eceiver for certain
oil lands m entioned in our report last year now stands at $J< 7,.)J2, and is
segregated in tho balance sheet from tho other current assets.
T ho not profits from tho operations o f tho properties in tho hands o f
the 11 S R eceiver wero for tho yoar 1917, beforo providing for dcprcciaiinn *389 684* while the charges for depreciation, depletion, & o., aggregated
S43 211? ’T he total* not oarnV gs o f said p r o p e r t y to Jan. 1 1918, car­
ried’ in our accounts as a deferred credit and excluded from our ow n rov'

enT h 0^ f /g a tiorf with T h e1Govern i no nt relative to land titles will probably
pi,?J t . liilSnil throuKh legislation that is now beforo Congress.
While
n ri& oseilogtatotton Is ^
satisfactory to tho California operators,
I consider tho final adjustm ent will bo m uch better than to continue the
1duration
I f the bill passes, you r com pany will secure title to only a
LnJfp nai't nf tho holdings involved In litigation with tho Governm ent.
T he loss will affect tho capital accou nt, but a settlement o f tho litigation
will be a relief not only in releasing several hundred thousand dollars now
In tho hands o f the receiver, but will perm it tho operation o f tho developed
“ ‘ rt 0f tho properties and secure the earnings as shown above (loss tho
royalty and taxes due the Governm ent) for tho benefit o f its stock h old ers
SALES (BARRELS) I N CALLENDAR YEARS.
1917.
1916.
1915.
e m tio notroloum ______ 2,938,546
3,672,410
3,791,778
T op s ? - - - - - - - - - - - - 237,972
238,028
277,706

1914.
4,764,400
305,964

. 3,176,518
3,910,438
4,069,484
5,070,364
The*production for tho year 1917 was 3,331,813 b b ls., against 3,918,272
. . . J*, ,7,7. a a a n m o
In 1916 and 6.616.784 bbls. in 1914.
CALENDAR YEARS (.Incl Subsid’s.)
1916.
1915.
1914.
1917.
Gross earnings (all cos.) $3,185,327 §2,081,154 S I ,919,878 S2,867,117
509,496
565,711
625,647
723,049
Operating expenses-----N ot earnings------ — - - $2,462,277
E xp . com pleting wells—
S421,054
D oprec’n on im prove s . *153,989
Exhaustion o f d eposits.
98,834
Losses written o ff---------102,219
B ond i n t e r e s t ..- - ------ Proportion o f earnings or
a35,887
subsidiary c o s . . -------Reserve for Fedoral taxes
217,808
and contingencies------

$1,511,658
838,874
113,392
*184,225
45,287
110,481

$1,354,167
$94,957
74,953
*222,007
72,371
115,444

$2,241,470
$282,624
67,371
*325,839
22,153
121,648

a23,225

al5,291

a l9 ,4 4 2

*184,225
*222,007
(4)493,721 (4 J£)586,294

*325,839
(7)864,012

T otal deductions____ $1,677,502 $1,193,430 $1,403,324 $2,028,928
Balance, sur. c>r doficit-6ur.$784,775sur.$318,228 dof.$49,157sur.$212,542
r ^ n a n s t l o n o f deposits and reserves at 5 cents each por barrel on gross
nrndnotion o f 3 079,782 bbls. in 1917, against 3.684,508 bbls. in 1916,
§ 4 40 139 bbls. In 1915 and 5,516,784 bbls. in 1914. a Proportion o f oarns.
al^dio’ahln to stocks o f sub. cos. in hands o f public.
P? ’ho abovo statement is oxcluslvo o f operations o f tho properties in the
hands o f tho U . S. Receiver.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1916
1917.
1910.
1917.
Liabilities—
$
s
8
$
Assets—
stock__ 12,343,026 12 ,343,020
Property act------- 30,858,313 31,420,158 Preferred
Common
stock_
_
14,877,005
14
,877,005
Acld’ns & botter't 8
857,945
835,386 Cap. stk.(sub.cos.) 878,649
840,903
slnco Jan. 1914.
,127,400
260,101 Am.Oilfields Co.Os 992.S00
836,925
Invest’ts (at cost)
Am.
Petrol.
Co.
6
s
691,300
645,800
80,900
Liberty bonds___
155,233
60,598
Accounts payable .
U. 8 . Receiver—
29,684
Accrued
Interest—
33,730
445,540
936,299
Cash&accts.reo.
123,430
123,430
160,050 Dlv.pay'le Jan. 1.
41,693
OU in storage__
330,106 Res'vc for Federal
551,035
taxes & conttng.
—
.—
217,808
361,720
300,050
Aco’ts reo’lo, &c._
,016,940
388,809 Special reserve x__ 1,183,530
018,395
Material Sc supp..
Deferred
credit.y
.
470,549
131,075
407,467
730,597
OH in storago----Capital surplus... 2,796,759
,926,622
Improvements i
579,979
99,643 Rovenue surplus.. 1,364,754
270,713
progress, &c—
36,079,029 34,769,051

T o ta l................ 30,079,029 34,709,051

V Snnclal rcsorvo at 5 cents per b b l. on gross production since Jan. 1 1913.
v N o t S t f from operations o f properties in hands o f U . S. R eceiver,
after depreciation.— V . 106, p . 1129, 603.




1795

THE CHRONICLE

A pr. 27 1918.]

i d w

e s t

R

e f i n i n g

C

o .,

D

e n v e r ,

{Report for Fiscal Year ending Dec.

C o l o .

31 1917.)

Pres. H . M . Blackmer, Denver, Apr. 1, wrote in subst.:
T he com pany has acquired tho entire assets o f the Greybull Refining C o .
and has absorbed that com pany. During the year the com pany has in­
creased its refinery capacity at both Casper and Greybull. W o have also
com pleted a com pressor plant in the Salt Creek Field for tho m anufacture
o f casing head naphtha and installed a pipe lino for conveying the same to
our Casper refinery. T he oil production controlled b y the com pany has
been increased in the various fields in which we are interested. \Ve have
also acquired practically a control o f the M erritt Oil C o rp ., which owns a
large part o f tho Big M u dd y oil fields.
[A press report states that tho total net incom e for the year 1917 was
$16 536 847, and, after deducting S2.410.036 for depreciation and S2.762,144'fo r Federal incom e and excess profits taxes, tho net earnings available
for dividends am ounted to $11,364,667, agamst approxim ately $7.927,<60
for 1916.]

BALANCE SHEET DECEMBER 31.
1916.
1917.
1916.
1917.
$
s
L ia bilitiesS
A ssets —
S
Capital stock.. 25,558,350 20,000,000
Property, leases &
544,750
615,644
Accounts
payable
contracts______27,626,141 17,163,621
300.000
Construction____ 6,489,640 1,555,421 Notes payable-----GreybullRcf.Co.stk
--------- 9,200,000 Reserve for depre­
elation________ 5,417,590 3,007,554
Investments____ 6,911,395
727,596
75,275
--------Treasury stock
______
664,000 Other liabilities__
------—
C a s h .......... ......... 3,862,203
879,033 Reserved for taxes 2,762,144
Accts. receivable. 1,767,859 1,020,642 Surplus.......... ...18,022,852 8,358,187
Notes receivable.. 1,514,655
13.97S
Rcfln. products,Ac 2,000,870
725,810
Deferred charges.
45,158
19,344
Total each side.52,451,854 32,210,490
Supplies_________ 2,233,932
241,045
■V. 105, p. 605.

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Adirondack Lakes Traction Co.— Foreclosure Sale.—
See M ountain States E lectric R R . below .

Algoma Central

& Hudson

Bay Ry.—Interest Payment.

N otice is hereby given that pursuant to scheme o f arrangement and
com prom ise, and pursuant to supplemental trust deeds, executed as pro­
vided in said schem e, paym ent will be m ade to the holders o f the 5 % First
M tgo . 50-year gold bonds o f Algom a Central Term inals, L td ., at the Bank
o f M ontreal, 47 Threadneedle S t., L ondon , or at the Bank o f M ontreal,
64 Wall St., N . Y ., on April 30, o f interest at 3 % per annum for period from
A ug. 1 1915 to June 30 1917 upon presentation o f coupons N os. 1 and 2.

Operationsfor Nine Months ending Mar. 31:

Sec Lako Superior C orp . below .— V . 105, p. 1998, 1521.

Algoma Central Terminals, Ltd.—

Interest Payment.—

Seo A lgom a Central & Hudson B ay R y . abov e.— V . 105, p . 908.

Atchison Topeka & Santa Fo RR.—New Director.—

D . L. Gallup, C ornpt., succeeds C . D . G ray as director.— V . 106, p . 1576.

Baltimore & Ohio RR.—

Use of Penna. RR. Terminal.—

See Pennsylvania R R . below .— V . 106, p . 1688, 1229.

Bangor & Aroostook RR.—

Dividend Increased— Report.—

A semi-annual dividend o f
was paid April 1 on the $3,860,000
com m on stock. T ho last distribution paid O ct. 1 1917 was 2 % .
T ho annual report is given on a preceding page.— V. 105, p. Ib 8 8 , 601.

Bay State Street Ry.—

Franchise Tax Payment Denied.—

Judge D odgo in the U . S. D istrict C ourt at B oston has denied tho appli­
cation o f the State Treasurer requiring imm ediate paym ent o f tho 1917
franchise tax am ounting to $81,467 with 12% int.

Fare Situation—Authority Granted to Cancel Bonds.—

T h e M ass. P . S. Comm ission has suspended until June 1 the petition
presented b y Receiver D onham , now under investigation, toi Increase
faros through the establishment o f a zone system . (V . 106, p.]1688, 1569.)
Judge M orton in the United States D istrict C ourt at B oston on April 24
granted the petition o f R eceiver Donham for authority to pay and cancel
$27 000 m ortgage bonds o f the Lowell, Lawrence & Haverhill St. R y .
T he petition to redeem a short-term note for $50,000 held b y the Salem
FIvo-Cent Savings Bank will be heard next M o n d a y .— V . 106, p . 1688.

Brooklyn & North River RR.—Adverse

Decision.—

See B rooklyn R apid Transit C o . below .— V . 97, p . 1732.

Brooklyn Rapid Transit Co.—Large Temporary Loss to
Cityfrom Joint Operation under Contract No. 4 of City’s New
Rapid Transit Lines and Company’s Elevated System.— The
Public Service Commission has made public substantially the
following statement showing the financial results from the
operation by tho B . R . T . under contract N o . 4 of tho city’s
now rapid transit lines and tho company’s elevated lines
for tho month of January 1918, compared with the same
month from 1914 to date:
T he pooling with the B . R . T . under tho dual contracts began when a
portion o f the Centro St. loop was placed in operation on A ug. 4 1913. A
report was recently m ade public which pointed out that from that date
until tho end o f tho year 1917 tho com bined com pany and city deficits
am ounted to abou t $6,000,000 (V . 106, p. 1343). T ho deficits at the pres­
ent time are being added to tho cost o f construction, but beginning with
1919 tho [cityl deficits will have to bo m et from taxes.
(115

ResultsofPreliminaryOperationofCompany'sOldElevatedSystem
andCity's NewTransit Lines.

Miles)

(Figures are subject to adjustment alter audit by Public Service Commission.)
Month of January—
1918.
1917.
1916.
1915.
1914.
Rovenuo track, miles___
206.71
180.33
150.77
124.30
123.29
Passenger car miles_____ 3,324,105
3,253,317 3,306,163 2,823,899 2,784,380
Fare passengers________ 19,611,561
18,129,90615,291,950 12,898,457 13,195,399
Revenue per car mile___ 30.2 cts. 28.5 cts.
23.6 cts. 23.3 cts.
nA24.2
° cts
Operating expenses, inch
,
,.,16.2 cts.
taxes, per car mile___ 21.4 cts.
18.3 cts.
15.5 cts. la.3 cts.
EuTtiinos. E tc .—
Passenger revenue_____ $980,966
$906,883 §/61,598 $644,923 $660,577
12,916
Other rovenuo_________
26,107
22,874
17,125
17,846
Gross revenue_______ $1,007,073
Oper. exp., rents & taxes. $564,795
Maint. & deprec'n (15%). 150,674
Not operating revenue.
Deductions Allowed Co.—
Company’s preferential..
a Interest and sk. fd. on
company’s contribution
Co.’s deficit (see note)
a b City's int. & sink. fd.

$929,757 S781,723
$460,838 $400,640
138,966 117,259

$602,769
$338,119
98,811

$673,493
$353,734
101,024

$291,604 $329,953

$263,824

$225,839

$218,735

$291,667 $291,667
___
138,850
92,309

$291,667
„ ...
13,144

$291,667
„
6,132

$291,667

$71,960
34,867

$74,486
28,437

$138,913
117,086

$54,022
114,238

$40,987
44,624

1,555

Total oper. deficit___ $255,999 $168,260
$85,611 $106,827 $102,923
a Subject to adjustment when total amount of lessee’s and city's contribution is
finally determined. Approximate investment by lessee and city as of Jan. 1 1918
in now linos in operation is $30,000,000 and $54,000,000, respectively. [Article 2
of contract No. 4 provides that Interest actually paid or accrued on moneys provided
by tho city or by the lessee for construction or equipment shall until permanent
operations begins bo capitalized, in so far as it is not met from Income. The opening

1796

THE CHRONICLE

n™n^fJi1 *er»t iJnn^IS’
w il1 mark the beginning of permanent operations, is
s t a t e d u n d e r - ^ ‘btloV.-Ecl.]
that tlme the de,lclts wlU be taken care of as
b S ty s inte(?3t aad slnklng run(1 charges will be capitalized and added to the
cost of construction when permanent operation begins, as provided in Contract No. 4.

*Ctn 8 B e i t s ’’ will be met by taxation. The company’s deficit
which is likely to disappear at no distant date (having amounted to only $110,044
baIf' ycar en(ied Dec. 31 1917) Is to be financed by the company Itself, proba?nr ™<YY,?YfP US °r fe“ P°rary •cans, but the company will eventually be recouped
Inv nnrtuS? s«> applied from tlie subsequent profits of the pooled properties before
any P°rtlPn of t,le profits go to the city. Later on, when net profits accrue rffter
meeting the various deductions called for by contract No. 4, they will be divided
equally between city and company.—Ed.]
uiviueu
inJJ'jy/’L 13? !? 0®11 that th® d eficit for Jan. 1918 is nearly $256,000. due very
largely to tho enormous increase in operating expenses, including m ainte­
nance, arising from war conditions. Since A ug. 1913, the figures show^ there
an increase o f nearly 8 0% in the track facilities f t a cost t o r c o n f s ffn l e r
*84,000,000, accom panied b y an increase in
assenger tar miles o f 11% and an increase o f faro passengers o f 4 8%
In
?n t oT>OT^?nl.m »^.vlarf e
o f th o,largG sized steel cars has been placed
the old equ^pment f WhlCh has nearly doubled the cap acity o f a car o f
. ^ J d e tbe revenue per car mile has increased from 24.2c. in 1914 to 30.2c.
{ncrease o f 2 4 % , the operating expenses, including taxes per
increas®d from 16.2c. to 2 1.4 c.. an Increase o f 3 2% to operating
A T / " 110- -ASt com pared with 1917 the increase I n revenue i f
“ ?n uary 1918 per car mile has been 6 % whilo the Increase in tho operating
expenses per car milo lias been 1 7 % . (Com pare V . 106 u 1343 )__
See also R ap id Transit in N . Y . C ity below .
p
'

Sub. Co. Litigation.—

„ T h is c o m p a n y ’s subsidiary the B rooklyn & N orth R iver R R . (V . 97
A
n
r
i
l
‘u st*5£ Cr°P soy m the Supreme C ourt on
A PJU JO is forbidden to string its own power-carrying wires on t,hn
‘
° f the M anhattan Bridge Tffreo Cent Linef m d m m t continue
V . T o6 pd 1576 t 1343Wer fr0m th° Three Cent Llne- (V . 98, p . 523).—
B

r u n s w

i c k

T e r m

&

i n a l

See C ity & Suburban Street R y .
B

u f f a l o

&

L a k e

E r i e

n i o n

S t a t i o n

C o .

—Construction Postponement.

C

i n c i n n a t i

B

l u f f t o n

&

C h i c a g o

R

R

.—Being Junked —

dispatch states that attem pts to purchase and reorganize thisnmYY.Yn7 8 JP.roPerty havo failed and the equipment is now being sold.
T ho rails will also soon be torn up and disposed o f.— V . 105, p . 1801.
C

t

i t y

&

S u b u r b a n

S t r e e t

R

y

C o .

( B r u n s w

i c k ,

G

a . ) . —

o

« uFnnn bas aPP»ed to tho Georgia R R . Comm ission for authority
Y b ? nds- „ T b e com pany’s $100,000 authorized and out5- capital stock is all owned b y tho M utual I.ight & W ater C o ..
S e c u r it y C o (V l O o f p S l ) ^ th° Brunswick Terminal & R ailway

rm^ Y y , e ^ a n < ^

( O

h i o )

R

y .

—Fare Increase Litigation.—

iatiH t°«<>YiLSJlpre/Y10 Goin-t has overruled tho petition o f the city o f C love|.aYd
0 2 0uFf o f A PP®als to certify its findings (which upheld the
Supreme C ourt in order that the caso m ight oe heard
£ standl. gl*Compare V .^ O G ^ p .^ eS S ?

^

Wage Dispute Proposals.—

a" ° ™

th° InCreaSS

mHYrYiei k bave
t0 accept either o f the below offers for tho settle­
m ent o f the wage dispute between thcmsolvos and the com pany< ? L ± nJncrcaso ° f five cents an hour in wages effective M a y 1, and to
sinceIN o v> 1 1917’ Wlth flve cents an hour borlus for all men w ho worked
A, ra.lso ° /
c,°ptR an hour for m otorm en, w ho shall be men only,
Rbl0fted and their places to bo filled b y wom en on the
present wage scale o f 32 and 35 cents an hour.— V . 106, p . 1688, 1461.

R

y .

S e c u r i t i e s

T r a c t i o n

. o

Co

°

^

^

n ^

e a l t h

P o w

e r

R

y -

&

L i g h t

C o

.po,047,000

C o

C o

the following (in substance) from Pres. Anton G . Hodonpyl
dated April 20:

o f ' " S c RaliwayFa
u f f a l o

no n .’ ’^ V th^i S

L o c k p o r t

&

R

T

o c h e s t e r

W
R

*
y .—

State

See Page 18

NewPresident.—

f
Y
f T oron to has been elected President and a director
to succeed W illiam O. M organ o f N ew Y ork , resigned.— V . 105, p . 2271.

Proposed Act to Authorize the
Canadian Government to Assist in Meeting Maturing Obliga­
tions of System by Guaranty or Otherwise.—Hon. A . K . M ac­
C

U

an A i . , S w i )r<iss reP °r.ts state that Regional D irector Aishton Is considering
V 1 104erptO2010P W° rk ° n tba Unlon Station until the end o f the war.—

.—Holders of
Convertible Bonds Due May 1 Asked to Withhold
.—Bonds.— Presentation Pending Application for Advance from War
b elow .— V . 100, p . 1351.
Finance Corporation—Coupons to be Paid Promptly—IToldors
.—Partial Abandonment °£ the 6 % Convertible bonds maturing M a y 1 liavo roceivod

peS

B

C h i c a g o

[Vol. 100.

a n a d i a n

N

o r t h e r n

R

y .—

lean, Acting Minister of Finance, for the Canadian Govern­
ment, has givon notice of tho following resolution to be intro­
duced in tho Canadian Parliament at Ottawa, authorizing
the Governor in Council to assist in taking caro of the ma­
t i n g obligations of the Canadian Northern R R . system:
non nnoVY,d ’ r h pt. , lt is expedient to provido that as five-sixths o f the
shares o f tho capital stock o f the Canadian N orthern R y . C o. have
been transferred to the M inister o f Finance, as required b y Chapter 24
N n rtL m 3 ! ) l CSo f 1917, tho G overnor in Council m ay assist the Canadian
Northern R y . C o ., or any com pany included in tho Canadian Northern
B y system , in rcnewing or Postponing the paym ent o f any indebtedness
o f any such com pany, on such terms as m ay be agreed on, b y guaranteeing
6 ? r ln Part tb £ paym ent thereof, with interest, or the notes or obli­
gations given for such renewal or postponem ent.
OTCp
n
r
T
ȣ principal to be so guaranteed shall not
exceed the am ount o f the indebtedness, the paym ent o f which is renewed
2,r * « on ed Va n d ’ furthcr. ’ that the guaranty shall be in such form and
signed by such person as the Governor in Council m ay approve, and shall
the bol]? flt a? d security o f the holder for the tim e being o f the
indeotedness or the notes or o„her obligations representing the same; and
t ba? ^ ?Z -P£ r 9 inv!t u ^ b c b m ay be required to be m ade pursuant to any
JBiaranty shall be m ado out o f the Consolidated Rovenue Fund o f
C anada, and the Order in Council authorizing such guaranty shall bo conevidcnce, for Ruch holder that the terms and conditions o f this

bSding — Va\1)6C<p R ) ^ lei343lth’ a” d that SUCh guarantee ls legal and
C h e s a p e a k e

&

O

h i o

R

y .—

New Director.—

Garrett B . W all has been elected a director, to succeed D ecatur Axtell.

Meeting Postponed.—

T he m eeting o f shareholders called for April 23 to v ote on acquiring sev­
eral o f the com pany s controlled roads (com pare V . 106, p. 1343) has been
postponed to M a y 3, duo to tho fact that less than three-fourths o f the stock
was represented on Tuesday.
.
Agreem ents are to be negotiated with the Governm ent looking to com "
134.1 1229In utl lzlng the Pr°P erty during Federal con trol.— V . 106, p ‘
C h i c a g o
M i l w a u k e e
& S t . P a u l "Ry.—Dividend Action
Again Deferred— Earnings.— The directors of the company
on Thursday deferred action on the preferred and common
dividends until such time as the Government has completed
its contract with the company.
“ D aily Financial America” yesterday reported:

A fter the regular m onthly m eeting o f directors yesterday. President
p y ™ 1? State 1 that nothing would be done in the [dividend] m atter until
after the contract botween tho Governm ent and railroad had been signed.
N o special meeting o f the board, he said, will be held before the annual
m eeting in M a y , at which time ho thought the contract with tho G overn­
m ent will b e ready for presentation.
President Byram was asked if tho Governm ent had any jurisdiction with
t,?ia V^ enrtAIno .ter)i previous to the beginning o f 1917 and replied
that it did not. As the Articles o f Association o f tho com pany provide
that no dividend shall bo paid on tho preferred stock for any given neriod
UiKieSf earJJ.ed al
Particular tim e, it is difficult to see how it will be pos­
sible for the St. Paul to pay dividends for the last six m onths o f 1917,
as it is understood that the balance available for dividends in the year 1917
^ r ^ w i L ^ Y o i Y Q°,l3fcc;3 ^ o r 4 % on tf}° Preferred s tock . D uring the first
?!x
? f 1917 3 H % was paid on the preferred issuo. leaving n ot m ore
{AaP M o f 1 % remaining available for dividends on that issue for the last
half o f the year.
W ith regard to tho statement a short tim e ago that St. Paul was endeavnrim? to
t.n nfirrnf.lnfp
coin a
41ft
/inn
.- j. certificates
. •o. ,
oring
negotiate tho
the sale
oP
f $
1 0 ,ftftft
0 0 0 ,0
0 0 o f equipment 4trust
to provide funds to build 5,000 new cars. President B yram said: " T h o di­
rectors had this m atter under discussion at the last m eeting o f the board
and after approaching several bankers regarding tho m atter, wo found that
no one was interested in financing such a p roject at this tim e. Therefore,
when the cars are built, it will be necessary for the Governm ent to provido
the necessary funds to m eet the obligation. Thus far arrangements havo
not been com pleted with the railroad authorities in W ashington for the
carrying ou t o f such a p roject. Tho plan calls for tho building o f 2,500
b o x and 2,500 coal cars. W e are now com pleting the 3,500-car order,
w ork upon which has been tinder w ay for several m onths.”
T he crop situation President Byram said, is favorable, tho acreage o f
wheat and co m showing an increase o f abou t 15% greater than last vear.
T ho season is about tw o or three weeks ahead o f form er years and soil- con­
ditions are excellent. Earnings are now showing increases over last year
i ® « t0 oihY,m.oro efficb>nt car loading, tho tonnago per car
thus far In 1918 being 23.81 tons, as against an average o f 22.55 tons in
Gip samo period o f 1917, or an increase o f 5 % . Lum ber shipments in the
N orthwest are heavier and the m ovem ent o f general freight throughout St.
Paul territory is highly satisfactory.
8 1
r n J hYsAa r ^ i 875 o f the com pany's em ployees have subscribed to $2,557.­
500 o f the L iberty Loan 4 M % bonds. T h e com pany has abou t 45,000
em ployees, and President By ram said a m uch larger percentage will have
suIr?.?ribed f ° tho bonds, he hoped, before the drive is over.
T h o annual report will be published in about a week.— V . 106, p . 1577.




W e have filed an application with tho W ar Finance C orp. for an advance
pfU rac.nt\ ° / tb ? bonds, but it is im probable that action can b e
h.an thereon prior to M a y 1. W o therefore ask you to withhold presenta­
tion o f your bonds for paym ent until decision is reached. Large holders
o f these bonds have acquiesced in our request.
Coupons due M a y 1 will be paid upon presentation in tho usual manner
and the bonds will, o f course, continue to draw Interest during the tim e
they are withheld in com pliance with this request.

Earnings.— Of tho company and its constituent companies:
Earnings for the Month of March and the 3 Mos. and 12 M os. end. Mar.
Mar. 1918.
Inc.% 3 Months. Inc.%
12 Months.
Gross earnings..$1,756,687
12.71 $5,076,359
7.85 $ 2 0 ,0 9 3 ,1 0 4
Oper. expen ses.. 1,064,981
21.16 3,306,769 29.35 11,828.953
Fixedchargesfsee $691’707
note) ..............-

600,754

l - 79 *1,769,590 *17.71
14.81

1.779.094

13.79

31 ’ 18.
Jnc.%
14.52

31.67

$8,264,151

*3.47

6,711,038

11.11

N et p r o f i t s . ..
D iv . pref. s to c k .

$90,952 *41.81
89,765

$*9,504*101.62
269,295

$1,553,112 *38.40
1,077,210
2.76

Dalanco ............

$1,187 *98.22

y$278,799*187.70

$475,902 *67.69

* Decrease, y D eficit.
„ eN °te.— Fixed charges include dividends on outstanding preferred stocks
o r rS?nsf 1tucnt com panies in addition to taxes and interest.
o„i 7 7 e o p cra tV!g conditions were so extraordinary that tho com pany makes
substantially the following statement:
In Jan. and Feb. there were m any days when it was impossible because
or tho snow to operate interurban cars, and when operation in towns was
seriously interfered with. T ho cost o f rom oving such vast quantities o f
snow was very heavy, as was also the increased cost o f car repairs m ado
necessary b y the extreme winter weather. T he acuto coal shortage also
curtailed greatly the operation o f our properties, and necessitated tho
cutting o ff o f electric power to customers on many occasions; also the p oor
quality o f coal received entailed a heavy additional expense, and because
ot tne shortage o f gas plants were forced to make a m uch larger am ount o f
water gas than usual, using gas oil at greatly increased prices.
Increased Costs, Due to the Weather and Coal Shortage, Compared with 1917.
/T
i.P
rP
.f1ftfinI
Jncf n
f--------h
ti _ L
'
sih
T
i
/
f
s
V___
n . i.
n r__
Increased
Cost
of-J
arn.-F
eb.
Mar.
Jan
.-Feb.
Mar.
C oal, elec, p la n ts .. $79,000 $6,000 Snow r e m o v a l____ $68,000 ..............
C oal, steam heat’g. 57,000
5,000 Car repairs.............. 64,000 $19,000
Gas coal and o i l . . . 175.000 5 7 ,0 0 0
,,
, .
.
T otal increase._$443,000 $87,000
M oreover, during the first tw o months o f 1918 general business was
suspended for a number o f days under tho order o f tho Fuel Administra­
tion, and with a reduction also in tho am ount o f current to electric power
f onuHJ?er? aifc different times. T his, with tho loss o f revenue through
Inability to keep tho railway lines in continuous operation becauso o f tne
severe weather is estimated at $300,000.
T ho im provem ent in conditions and tho benefit o f tho additional water^ jw e r plants put into service is indicated in the earnings showings. The
?PCfat‘ ° nR for January and February show deficits or $86,311 and $14,145,
respectively, whilo M arch shows net incom e o f $90,962. R ailway operal i£Y . SiY0Wr?0I[??a and certain increases in rates are now com ing into effect,
partially offsetting the immensely increased operating costs, all o f which
will u n 'll'^ ln n a h fy be reflecteti in a substantial im provem ent in earnings.
V. lUb, p . looO, 1136.
D

e t r o i t

U

n i t e d

R

Strike.

y .—

—

M otorm en and conductors w ho struck as a result o f tho alleged delay
on tne part o f the com pany to grant increases in p ay as demanded b y the
m en, on Thursday returned to w ork pending settlement o f their disputo
b y Federal m ediation.— V . 106, p . 1461, 1126.
E a s t e r n

P e n n s y l v a n i a

R

y .

—

Fare Increase.—

This com pany has announced an increase in fares to 7 cts.— V .105,p.1522.
E m

p i r e

U

n i t e d

R

y s .,

I n c .—

Dissolution Proceedings.—

Justice Irving G . Ilubbs, in tho Fifth Judicial D istrict o f tho N ew Y ork
otato Supremo C ou rt, has signed an order winding up tho dissolution pro­
ceedings o f the com pany. Holders o f bonds not acting with tho com m ittee
will receive $189 18 per $1,000 from funds in tho receivers’ hands to be
distributed pro rata. See plan, V . 104, p . 863.— V . 105, p . 1801, 909.

— Advanced Statementfor Year
Increase in Incomefrom Coal Properties.—
E r i e

R

R

.

1 9 1 7

ShowingLarge

The foliowing statement from tho "W a ll St. Journal” is interesting,
though the com pany's officials decline to say anything as to its accuracy:
For Calendar Years—
1917.
1916.
Changes.
Gross earnings............................... $79,776,367 $74,311,260 7nc. $5,465,107
Expenses and taxes
.............. 70,182,951 55,682,660 Inc. 14,500,291
N et eam ings................................$9,593,416
Other in c o m o ............................... *8,686,000

$18,628,600 D ec.$9.035,184
3,754,230 Inc. 4,931,770

T otal incom o..............................$18,279,416
C hanges...................
16,432,000

$22,382,830 Dec.$4,103,414
J 6 , 355,166 Inc.
76|834

Surpius - - - - - - - - - - - - - - - - - - $1,847,416
Sinking funds and additions
1,307.000
and betterm ents......................

$6,027,664 Dec .$4,180,248
1,395,753 Dec.

88,763

N et surplus
$540,416
$4,631,911 Dec .$4,091,495
™,YSJ & ’900,’?P9 receivcd fr°n i tho coal com panies In 1917, com pared
with $2,000,000 in 1916.— V . 106, p . 1577, 295.
H

o u

s t o n

B

e l t

&

T e r m

i n a l

R

y .

—Terminal Merger.—

Seo International & Great Northern R y . below .— V . 106, p . 1344.

A pr.

THE CHRONICLE

2 7 1 9 1 8 .]

I n t e r n a t i o n a l

&

G

r e a t

N

o r t h e r n

R

y .—

Terminal Merger

Judge Hutcheson in the U . S. D istrict C ourt at H ouston has approved
the consolidation o f the terminal facilities o f this com pany with tho Houston
B elt & Terminal R y . Tho consum m ation o f tho plan for tho consolidation
o f those facilities will, it is stated, bo com pleted s h o rtly — V. 106, p .6 0 7 .
L a k e

T a h o e

R

y .

&

T r a n s p o r t a t i o n

C

o .—

Notes.

—

T h e California R R . Commission has amended its previous order permit­
ting tho com pany to lssuo $50,000 5 % notes so as to change the interest
rate to 6 % .— V. 100, p. 1257.
L i t t l e

M

i a m

i

R

R

Bonds Listed —

.—

T ho N . Y . Stock Exchange has listed the initial $1,026,000 General
M tgo. 4 % 50-year bonds, series A , due N ov . 1 1962, with authority to add
prior to Jan. 1 1919 an additional $44,000 on official notice that they have
been sold, m aking the total amount authorized to be listed $1,070,000.
— V . 104, p. 2010.
M

a n h a t t a n

B r i d g e

T h r e e

C

e n t

Favorable Decis’n

L i n e .—

See Brooklyn R apid Transit C o. above.— V . 98, p . 523.
M

i d d l e t o w

n

&

U

n i o n v i l l e

R

R

.—

Interest Payment.—

T h e Bankers Trust C o ., N . Y ., as trustee, will pay on M a y 1 tho 4 %
Interest on its Adjustm ent Incom e M ortgago bonds o f 1913, being interest
fo r the 6 months ending O ct. 31 1917.— V . 104, p . 1702.
M

i n n e a p o l i s

T r a c t i o n

C

S t .

P a u l

R

o c h e s t e r

&

D

u b u q u e

E l e c t r i c

Subscriptions to be Received.—

o .—

The reorganization com m ltteo named bolow Is receiving subscriptions to
a fund o f $250,000 for the purpose o f purchasing and reorganizing tho 14milo lino between tho A uto club and Luco Line Junction and also tho lino
between M inneapolis and Northfiold.
Tho reorganization com m ittee consist of: W . L. Harris and J. B . Irwin
o f M inneapolis, W . F. R oche o f Lakeville and F. H . Bonham o f Orchard
Gardens.— V. 105, p . 2456, 2904.
M

o n t r e a l

T r a m

w

a y s

C

Commission Appointed.

o .—

—

A com m ission has been appointed b y the Provincial G overnm ent, to serve
10 years, to deal with the whole m atter o f tramways for the Island o f
M ontreal. Tho commission consists o f Judge J. F. St. C yr, Chairman;
Professor L . A . Ilerd t o f M cG ill University, and M r. John S. Archibald.
See also M ontreal Light Heat & Power C o. under "Industrials” below .—
Y . 106, p. 715. 607.
M

o u n t a i n

L a k e

E l e c t r i c

R

R

.—

Foreclosure Sale.

—

Frank S. Sexton, as trustee, will sell at public auction on Juno 12 at
Gloversvillo, N . Y ., all tho property, & c., included under a mortgago
dated Jan. 1 1900, securing an Lssuo o f $100,000 5 % bonds, with interest
due from 1903, making the total amount duo $173,000. Tho m ortgago
was originally m ado to the Trust C o. o f N ew Y ork, which Institution was
succeeded b y tho N ortli America Trust C o ., subsequently known as the
Equitablo Trust C o. o f New Y ork, which in turn resigned as trustee,
and Frank S. Sexton o f Gloversvillo, N . Y ., was duly appointed.
This com pany lias been succeeded b y tho Adirondack Lakes Traction
C o ., a com pany incorporated in M a y 1903 with $60,000 capital stock
authorized and outstanding.
N

a t i o n a l

R

a i l w

a y s

o f

M

e x i c o .—

New Directors.

—

T ho following now directors have been elected:
In M exico C ity , General Pablo Gonzales, M ario M endez, Francisco Puge,
Ignacio S. Rodriguez and General Jacinto B. T revino, to succeed M ariano
Cabrera, Joso D iego Fernandez, Ignacio Enriquez, Eduardo H ay, and Leon
Salinas.
In N ow Y ork : A d olfo do la Huerta to succeed Charles II. Sabin.—
V . 106, p. 396.
N

e w

Y o r k

N

e w

H

a v e n

&

H

a r t f o r d

R

R

.—

Div. Status.

—

•

Referring to tho statement that a dividend might bo declared on the
stock provided approval o f tho Railroad Comm ission wero granted, a
d irector o f tho com pany Is quoted as saying:
"T h o New H aven will have uses for its m oney which will bo o f greater
benefit to tho stockholders in tho long run than paying It out in dividends.
T ho additions and betterments now in process w ill requiro 12 m onths
to com pleto, and will result in an estimated operating saving o f $7,000,000
or $8,000,000 a year. O bviously, until theso havo been financed it would
not bo prudent to p ay out oarnlngs in dividends. Com paro V . 106, p. 1689,
1675, 1577.
N

o r t h e r n

E l e c t r i c

C

o .,

C

a l i f o r n i a .—

closure—Appeal.—

Decree of Fore­

T he decroo o f foreclosure and sale signed b y Judge M . T . D ooling in
the U. S. D istrict C ourt at San Francisco on April 16 will be appealed,
according to reports from San Francisco. C om pare V . 106, p . 1578, 715.
O

m

a h a

&

C o u n c i l

B l u f f s

S t r e e t

R

y .—

Wage Increase. —

This com pany has voluntarily increased wages o f tho operating force
by|2 cents per hour. Authority for a readjustm ent o f wages for other
em ployees lias also been granted. This is tho third voluntary increase
since tlie war bogan. Fare increases are expected soon to be applied for.
— V . 106, p. 1345, 86.
P e n n s y l v a n i a

R

R

Joint Terminal Use.—

.—

Under an order b y Director-General o f Railroads M c A d o o , beginning
in tho afternoon o f April 28 all passenger trains on the Baltimore & Ohio
R R . between W ashington and N . Y . will uso tho Pennsylvania terminal
in New Y ork. W e aro informed that tho order applies only to tho Baltimore
& Ohio R R . C om paro V. 106, p. 1689, 1462.
P

h i l a d e l p h i a

C o m

p a n y ,

P

i t t s b u r g h .—

U

n i o n

i t t s b u r g h

( P a .)

R

y s .

C

II. S. A . Stewart, J. D . Callery and C . A . Fagan on April 23 wore ap­
pointed receivers for the com pany, the attorneys for the co. consenting.
T ho American Brake Shoo & Foundry C o . and the St. Louis Car C o.
which on April 22 filed the application for tlio receivers, alleged that reve­
nues were not sufficient to meet maturing obligations, and there was imme­
diate danger that the system would be dismembered b y bondholders o f
underlying corporations.— V. 106, p. 1231, 1127.
P o r t l a n d

( O

r o .)

R

y .

L i g h t

&

P o w

e r .—

Fare Situation.—

Citizens will voto M a y 17 on opening a way for the elimination o f paving,
bridge tool and other charges now imposed on tho com pany, which enter
into tho general situation which has brought on tho 6-cent street car faro.
— V . 106, p. 1578, x462.
R

a p i d

T

r a n s i t

i n

N

o w

Y o r k

C

Permit Completion of New Subways.—

i t y .—

Lockwood Bill to

Oscar S. Straus, Chairman o f tho P. S. Comm ission, First D istrict, on
April 23 wrote urging M a yor Hylan to sign Sonato Bill Int. N o. 1169,
Print. N o. 1621, presented b v Senator Lockw ood which would clothe tho
Comm ission and the Board o f Estimate and A pportionm ent with authority
so to deal with rapid transit contractors as to permit the prom pt com ple­
tion o f essential lines. In provlous letters to the M a yor tho Comm ission
pointed out that $117,000,000 o f work contracted for b y tho Comm ission
was com pleted and in operation or roadv for operation; that additional
contracts had been lot aggrogating $60,000,000, undor which $45,000,000
o f work had boon dono, leaving $35,000,000 contract value o f work which
Ls being delayed b y tho acute financial conditions that havo overtaken
tho contractors as a result o f tho war. Tho Comm ission believes this bill
to bo safer than tho m andatory W alters bill which would apply to public
contractors throughout Now York State. If tho Lockw ood bill becom es a
law, the Com m ission, it is believed, will favor a plan by which the con­
tractors will bo perm itted to com plete their contracts at cost, with tho pro­
viso that they waivo all profits so far m ado on any part o f the work for
which they have boon paid.
______
C om pare Brooklyn R apid Transit C o. above.— Y . 106, p . 1689, 1578.
S p r i n g f i e l d

( M

a s s .)

S t r e e t

R

y .—

Reject Wage Increase.—

T rolloy em ployees o f this com pany havo declined a proposal m ado b y
tho com pany for a wage increase o f 27 cents per day, dem anding as a m ini­
m um daily wago $3 40 as com pared with tho present rato o f $2 5544.
— V. 106, p. 1462.




R

y

o f

N e w

B e d f o r d ,

M

Stock.—

a s s .—

W

a r e

&

B r o o k f i e l d

( M

a s s .)

S t r e e t

R

y .—

Sold —

This property was sold at auction on April 22 for $51,000 to Swift,
M cN u tt C o. o f B oston, junk dealers. Com pare V . 106, p . 1345, 823.
W

e s t e r n

O

h i o

R

a i l w

a y

C

o .,

C l e v e l a n d ,

O

h i o .—

Interest.— Pres.

Bond

F . D . Carpenter, under date of April 24,
addressed holders of the First Mortgage 20-year 5 % gold
bonds ($2,500,000 outstanding) as follows:
T he severe operating conditions o f the past winter with the resultant
Interruptions to service and increase in cost o f operation, m ade it im­
possible for the C om pany to accumulate its usual m onthly reserve for pay­
m ent o f bond interest.
Paym ent o f bond interest, due M a y 1st, has therefore been deferred to
Sept. 1, and bondholders are requested to forward coupons for collection
at that time.
[Coupons aro payable at Citizens Savings & Trust C o ., Cleveland, and
First National Bank, N . Y .]— Y. 106, p. 1128.

Annual Report of
Operating Company— Dividends.— D. & R. G. RR Judgment.—
W

e s t e r n

P a c i f i c

R

R

C

o r p o r a t i o n .—

President Alvin W . Krech in circular of April 16 says:
There is enclosed herewith [see “ Annual R eports” above] a co p y o f the
second annual report o f the Western P acific R R . C o. (tho operating c o .),
all o f whoso stock is owned b y this corporation. Out o f dividends received
on tho preferred stock o f the operating com pany there has been declared
a dividend o f 6 % on tho preferred stock o f this corporation for the fiscal
year 1917, payable as follows:
Feb. 20 1918, to holders o f record as o f Feb. 15 1918, 144% ; A pr. 1 1918,
to holders o f record M ar. 20 1918, 144% ; July 1 1918, to holders o f record
Juno 20 1918, 144% ; Oct. 1 1918, to holders o f record Sept. 20 1918, 144% .
Our capital stock Lssued and outstanding consists o f preferred $27,500,000
and com m on $47,500,000.
For m ore than a year past the Equitable Trust C o . o f N . Y ., as trustee
for the First M tge. bonds o f the old Western P acific C o ., with tho co-opera­
tion o f this corporation, has pressed the suit against tho Denver & R io
Grande R It. C o. to recover on the Denver com pany’s obligation to pay
intorost on tho old bonds (whereof approxim ately 9 5% are owned b y this
corporation) until they wero fully paid. A judgm ent was entered in this
suit M a y 17 1917 in favor o f tho trustee for $38,270,343, which judgm ent
was affirmed Jan. 3 1918 b y tho U. S. Circuit C ourt o f Appeals for the
Second Circuit. W ord has just been received that the Supreme C ourt
o f tho United States has denied the Denver com pany’s petition for a writ
o f certiorari to review the decision o f the C ourt o f Appeals, and the judg­
m ent has becom e final. The trustee Ls now in position, with tho co-opera­
tion o f this corporation, to continue efforts to realize upon this judgm ent
as rapidly as possible.
There will shortly bo sent to tho stockholders detailed inform ation as to
what has thus far been realized b y tho trustee on account o f the judgm ent.
— V. 106, p. 1579, 1345.
W

i s c o n s i n - M

i n n e s o t a

L i g h t

Pref. Stock.— Richtor

&

P o v /e r

C

Offering of

o .—

& C o ., Hartford, Conn., are offering
this company’s 7 % cumulative pref. (a. & d.) stock, of which
as of Dec. 31 1917 $4,622,000 was outstanding. Authorized,
$5,000,000. D ivs. Q .-M . A circular shows:
N o additional pref. stock is issuable at loss than par and no priority stock
except by 66 2 -3% vote o f outstanding pref. N o other m tgo. or floating
d ebt o f m oro than 2 0% o f previous year's gross earnings m ay be created.
C o m p a n y Owns and operates a general public utility business in La
Crosse, Eau Claire, Chippewa Falls and M enom inee, WLs., and Hastings,
R ed W ing, Lake C ity, Wabasha and W inona, M in n ., and adjacent terri­
tory. T ho com pany has recently com pleted the construction o f a hydro­
electric plant on tho Chippewa R iver with a m aximum capacity o f 52,000
h .p ., which supplies power under a 30-year contract with the Northern
States Power C o. for St. Paul and M inneapolis. (V . 106, p . 1582.) A ddi­
tional undeveloped water powers o f large capacity aro ow ned. The hightension transmission system comprises over 250 miles o f line and serves a
total population o f over 700,000.
Capitalization (as of Dec. 31 1917;—•
Authorized. Outstand'g.
Cum ulative preferred (paying 7 % ) s to ck --------------- $5,000,000 *$4,622,000
C om m on stock (owned by American Pub. Util. C o.) 5,000,000
2,500.000
First and Refunding 5s (including those reserved
to retire underlying Issues)______________________20,000,000 x8,925,0
Closed m ortgago bonds o f acquired properties----------------808,000
♦Dividends paid on $4,160,000. x $151,500 treasury bonds.
Comparative Statement of learnings for Calendar Years ended Dec. 31.
1917.
1917.
1916.
Gross earnings$l,712,220 $1,304,460 B a la n c e ____________________$597,618
N et,aft.tax.,& c 896,480
698,150 Preferred dividend-------------- 291,200
S u rp lu s..................................... 306,418
In t. ch a rg e s..
298,861
For further particulars, description o f bonds, & c., see V. 98, p . 1995,
and page 58 in “ E lectric Railw ay” Section.— V. 106, p . 711.

Sub. Co. Receiver.

Receivers Appointed.—

o .—

S t r e e t

This com pany has applied to the M ass. P. S. Com m ission for approval
o f an issue o f $812,500 o f capital stock, the proceeds, it Ls reported, to be
used for improvem ents, & c., and for paym ent o f outstanding indebtedness.
T ho com pany has outstanding $250,000 First M tge. 444% gold bonds,
duo 1934, and a like am ount o f notes payable. C onstruction o f a new
power house has been contem plated for som e tim e. See page 72 in
Electric R ailw ay” Section.— V. 106, p . 1127.

Sco Pittsburgh Railways C o. below.— V . 106, p . 1578, 1231.
P

17 9 7

I N
A l a s k a

D

U

G

o l d

S T

R
M

I A

L

A N

i n e s

C

D

o .,

M
N

e w

I S C
Y

E L L A

o r k .—

N

E

O

U

S .

Earnings.—

Calendar
Product
Mining Other
Interest Deprec’n,
Balance,
Year—
Value.
Profit. Income. Charges.
A c.
Sur. or Def.
1 91 7 ..............$2,009,632 $285,158 S12.071 $228,552 $339,399 def$270,722
1 9 1 0 _______ 1.837,291 293,383 37,198 217,747
---------- sur 112.834
— V. 106, p. 930, 823.
A l g o m

Mar.

a

3 1 .-—

Output for Nine Months ending
Voting Trust ends—New Blast Furnace— CokeOvens.
S t e e l

C o r p .—

Sea Lake Superior C orp. b elow .— V. 106, p. 1579.
A l l i s - C

h a l m

e r s

M

f g .

C

o .—

Earns.

—

3

-Saks BilledMonth of—
1918.
1917.
J a n u a ry ._____ _________ $1,899,972 $1,690,627
1,990,863
1,615,009
F ebruary_______________
M a r c h _________________
2.698,993
1,878,081

Mos. to March

3 1 —

-Net Profit1918.
1917.
$360,071
$301,467
418,770
273,164
617,398
326,042

Total throe m o n th s .. $6,589,828 $5,183,717 $1,396,239
$900,673
Unfilled orders on hand M arch 31 1918, $29,904,976, against $16,000,847
as o f M arch 31 1917.— V. 106, p. 1700, 1681.
•
A m

e r i c a n

B r a s s

C

o .—

Extra Dividend.—

The directors havo declared an extra dividend o f 344% in addition to
tho regular quarterly 144% , payable M a y 15 to stockholders o f record
April 30. A like amount was declared in Feb. last. In O ct. 1917 the extra
was 444% and in A ug. 1917. 1 1 % .— V . 106, p. 501, 398.
A m

e r i c a n

H

i d e

&

L e a t h e r

3 Months ending
*Net
March 31—
Earnings.
1918--------$655,119
1917____________
501,330
Nine Months—
1917-18................ $2,011,969
1916-17...................2.012.754

C

Bond
Interest.
$58,210
62.045
$177,180
181.015

o .—

Earnings, &c.—

Sinking Interest on
Fund.
S.F. Bonds.
$37,500
$69,665
37.500
65,830
$112,500
112.500

Balance.
Surplus,
$489,744
335,95

$206,445 $1,515,844
202,610 1,516,629

♦After charging replacements and renewals and interest on loans. N et
current assets M arch 31 1918, $13,272,474, after deducting dividend pay­
able April 1 1918. Bonds in tho hands o f tho public, $3,320,000.— V. 106,
p . 711, 398.

A m

e r i c a n

L u m

b e r

C

o .,

A

l b u q u e r q u e ,

N

.

M

.—

Reorg’n.

This company, which failed several years ago, will shortly bo reorgan­
ized. The title o f the property is now in tho hands of tho bondholders'
committee, which expects to acquire the alternate sections o f land In their
holdings m New Mexico, which are now owned by the State.— (“ American
Lumberman’ ’).— V. 103, p. 1982.
A m

e r i c a n

M

a l t i n g

New Director.— Sale.—

C o .—

Lindsey Hopkins succeeds G. A. Schreifer as a director. The company
is reported to have sold for $200,000 two of Its old plants, one In Milwaukee
and tho other in Chicago.— V. 106, p. 1232, 608.
A m

e r i c a n

Calendar
Year—

P o w

e r

Gross
Earnings.

&

L

i g h t

C

Earnings.—

o .—

Surplus of Pf. Divs. Com.Divs. Balance,
Sub. Cos.
(6 % ).
(4 % ). Surplus.
1917...........$1,622,177 $558,239 Cr.$43,688 $216,971 $336,827 $48,219

Net
Income.

1916.......... 1,236,757
— V. 106, p. 818.
A m

e r i c a n

557,840 Cr.188,811

P u b l i c

U

t i l i t i e s

C

213,792

328,216 204.643

Sub. Co. StockOffered.—

o .—

See Wisconsin-Minnesota Light & Power Co. under "Railroads” above.
— V. 106, p. 1346, 710.
A m

e r i c a n

S h i p b u i l d i n g

C

No Extra Dividend.—

o .—

e r i c a n

T e l e p .

&

T e l e g .

C

Sub. Co. Stock Increase.

o .—

See New York Telephone Co. below.— V. 106, p. 1346.
A m

e r i c a n

T o b a c c o

C

o .

—

Complaint.—

T he Federal T rade Comm ission has issued a com plaint charging tho
com pany with various unfair methods o f com petition in violation o f Sec­
tion 5 o f the Federal Trade Comm ission A ct.— V. 106, p . 1579. 1463.
A m

e r i c a n

W

a t e r

W

o r k s

&

E l e c t r i c

C

o .,

I n c .

N et profits (after adjustm ents)______
D iv .— K ittan . I ’n & St’l M fg . C o . sk .

— Earns.—

3
Mos. to
3 Mos. to
Year end.
Mar. 31 ’ 18 Dec. 31 ’ 17 Sept. 30 ’ 17
$262,242
$871,604 $2,234,545
______
______
10,200

T otal incom e___________
First preferred divid en d ..
Second preferred dividend.
C om m on dividends_______

$262,242
$871,604 $2,244,745
S e e n o to /(8 % )4 0 ,0 0 0 (8 % )40 ,0 0 0
\ (6% )90.000 (6% )90,C 00
120,000(4% ) 120,000 (10)300,000

Balance, surplus............................... ..
Previous surplus......................................

$142,242
2,918,633

$621,604 $1,814,745
2.979,563 2,397,273

T o ta l......................................
$3,060,875
Depreciation o f plant & e q u ip m e n t..
10,723
Res. for F ed . Inc. & war profits taxes.
104,133
R es. for replacem 'ts & improvem ents
............
M iscellaneous deductions___________
______

$3,601,167
188,071
349,723
............
144,741
$2,918,633

T otal profit and loss surplus............$2,946,019

$4,212,018
6,032
611,424
600.000
15,000
$2,979,562

Note.— T h o dividends o f 8 % on 1st prof, and 6 % on 2nd p ref. for the
entire fiscal year ending Sept. 30 1918 wore charged against the earnings
for tho quarter ending D ec. 31 1917, which seo a bov o.— V . 106, p . 609, 603.

•

Following tho failure of a declaration o f an oxtra dividend on tho com­
mon stock, generally expected, the shares broke 7 points on tho Chicago
market.— V. 106, p. 1346, 711.
A m

[Vol. 106.

THE CHRONICLE

1798

C

e n t r a l

L e a t h e r

C o .

—Earnings for March Quarter.—

Results 3 Mos.end.Mar.31
1918.
Total net earns.,all prop. $2,619,603
E xp. & loss o f all cos.
excopt bond in te re s t.. 1,070.242

1917.
$7,851,924

1916.
$3,898,909

1915.
$2,321,162

1,068.661

899,677

895,214

B a la n ce ........................... $1,549,361
A dd incom e from invest.
51,639

$6,783,263
10,913

$2,999,232
14,472

$1,425,948
754

T o t a l .................
$1,601,000 $6,794,176
Deduct— Interest on bds.
$459,552
$459,552
Pref. d iv . pay. April 1
582,733
582,733
C o m .d iv .p a y .M a y 1. (1 H )4 9 6 ,2 6 1 (1 ^ )49 6 ,2 6 1

$3,013,704
$459,552
582,733
(1)397,009

$1,426,702
$459,552
582,733
----------

— 3 Months to Dec. 31---------6 Months to Dec. 31—
1917.
1916.
1917.
1916.
$1,220,588 $1,102,027 $2,440,524 $2,246,427
2,099,410
1,809,974
4,089,732
3.408,919

Surplus for q u a rte r..
$62,454 $5,255,630 $1,574,410
$384,418
Total surplus M arch 31 1918, $28,946,966.
T otal net earnings aro stated after deducting expenses, including those
for repairs and m aintenance, approxim ately $530,519 for tho quarter
ending M arch 31 1918 and provision for taxes.— V . 106, p . 1346, 931.

$3,319,998 $2,912,001 $6,530,256 $5,655,346
Am. W . W . & El. C o . Net, earnings___________
$320,036
$336,466
$696,631
$736,619
In t. on coll. tr. b o n d s ..
$196,764
$183,926
$393,595
$365,315
In t. on coll, notos______
______
3,000
---------6,000
Other Interest...............
0,258
19,346
12,455
34,761

Jamas A . Scrymsor, President o f this com pany and the M oxlcan T ele­
graph C o ., died on Ap