Full text of Commercial and Financial Chronicle : April 28, 1917, Vol. 104, No. 2705

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ontmerria
IN C L U D IN G
Bank &: Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 104

SATURDAY, APRIL 28 1917

1916.

PUBLISHED WEEKLY.

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Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y .
Jacob Seibert Jr., President and Treaa.: George 8. Dana and Arnold G . D ana.
Vloo-Prealdenta; Arnold Q . D ana. Seo. Addresses ot all, OMloe o f the Com pany.

CLEARING HOUSE RETURNS.

The following table, made up by telegraph, Ac., Indicates that the total bank
clearings of all the clearing houses of tho United States for the week ending to-day
havo been $0,472,438,894, against $5,858,706,929 last week and $4,552,499,980
theXcorrespondlng week last year.
• Clearings— Returns bg Telegraph.
Jjfcl
Week ending April 28.

1917.
$3,439,211,287
431,388,398
284,111,233
200,506,061
119,057,732
115,519,561
76,239,489
73,556,068
45,861,180
Detroit........ .................................
31.160,488
Baltimore___ ................................
35,144,432
tu
Eleven cities, 5 days...................... $4,854,816,529
051.679,948
Total all cities, 5 days.................. $5,506,496,477
965,942,417
$0,472,438,894

1916.
$2,248,881,673
315,636,183
207,489,675
160,691,591
70,261,187
74,547,004
51,521,306
71,142,872
31,419,707
36,458,980
19,812,777
S3,287,863,015
469,461,287
$3,757,324,302
795,175,678
$4,552,499,980

Per
Cent.

+ 52.9
+ 36.7
+ 36.9
+ 24.8
+ 69.4
+ 55.0
+ 48.0
+ 3.4
+ 46.0
—6.3
+ 77.4
+ 47.7
+ 38.8
-f 46.6
+ 42.2

Tho full details for the week covered by the abovo will bo given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above tho last day of tho week has to bo In
ail cases estimated, as we go to press Friday night.
Dotalied figures for tho week ending April 2 1 follow:
Week ending April

21.

Inc. or
Dec.

1916.
1917.
1915.
1914.
$
%
$
S
$
N e w Y o r k ------------- 3,309,373,029 2,673.135,585 + 26.0 2.107,454,671 1,993,530,993
367,390,350 221,135,226 + 06.1 153,594,820 150,400.292
P h i l a d e l p h i a -------78,752,013 63,181.775 + 24.6 56,449,114 57,745,993
P i t t a b u r g n ...............
40,771,377 36,730,068 + 11.0 31.722,777 34,770,379
B a l t i m o r e ...............
17,993,540 15,107,241 + 19.1 11,405,811 10,849,079
Buffalo----- --8,608,082 + 22.8
10,573,584
W a s h i n g t o n -------7,648,394
7,214,095
4,822,191 + 15.9
5,687,243
A l b a n y . . ..................
6,002,690
5.439,286
5.468,900 + 25.7
6,873,611
R o c h e s t e r ................
4,403,310
4,085,327
2,992,509 + 15.9
3,487.490
S c r a n t o n ..................
3,152,418
3,055,771
3.327,704 + 38.9
4,622,029
S y r a c u s e ..................
2,680,783
2,931,540
2,092,769
2,000,301
+ 27.1
H e a d i n g .....................
1,846,999
1,713,948
2,210,779 + 47.8
3,260,020
W i l m i n g t o n ............
2,107,599
2,088,346
1.851,884 + 5.0
1,913,877
Wilkes-Barre . . .
1,517,157
1,709,871
3,518,596
2,703,545
+ 30.1
W h e e l i n g .............u 2,332,824
2,062,815
1,210,346
987,601 + 22.6
803,497
1,013,200
Y o r k ...........................
2,373,551
1,932,430 + 22.8
1.749,854
1,672,757
2,210,687
1,534,248 + 44.1
1,509,842
1,541,626
1,902,049
1,153,122 + 64.9
923,055
982,428
952,300
826,800 + 15.2
B i n g h a m t o n -------672,500
610,100
917,460
750,000 + 22.3
604,715
631,400
1,020,003
934,020 + 73.4
054,015
578,517
708,910
495,842 + 43.0
575,000
585,885
461.5*21
351,620 + 31.3
398.430
359,345
M o n t c l a i r ................
Total Middle. 3,929,151.135 3.052,334,581 + 28.7 2,399,869,891 2,286,870,143
241,021,923 188,280,887 + 28.0 154,815,705 154,898,371
10.800,900 10,384.500 + 4.6
7,339.600
8,083,200
8.651,453
7,181,038 +20.5
6,204,893
4.774,480
3,941,231 + 20.9
5,000,000
3,454,256
2,697,037
4,218,188 —6.3
3,954,481
2,538,774
2,401,964
S p r i n g f i e l d .............
1,998.789
2.455,000
+ 22.9
1,768,858
1,749,200
P o r t l a n d --------------3,772,888 —2.1
3,091,447
2,454,409
Worcester........
2,444,627
1,900,830 + 0.4
2,022,876
1,187,004
1,203,051
Fall River........
1,307,712 + 28.5
1,680,114
999,747
1,033,970
N ew
B e d fo r d —
960,462 + 21.7
1,170,432
807,090
064,321
I.owell_______
900.000
850,000
—5.f
036,132
6.88,029
H o l y o k e ___________
050.663 + 7.0
700.000
342.t56
374,050
B a n g o r ........................
Tot .Now Eng. 282,064,626 225,503.1921 +25.11 182,025,8801 180,997,971
N ote .— For Canadian olearlnga seo ’ 'Com m ercial and Miscellaneous N ew s."




NO. 2705
Week ending April

Clearings al-

_______

Electric Railway Section
State and City Section

S

21.

Inc. or
| Dec. |

1
s
1 %■
Chicago.......... 515,427,980 385,023,523 + 33.9 316,224.731 313,040,980
Cincinnati........
38,477,925 30,877,100 + 24.6 24,116,250 24,509,050
Cleveland____
65,171,939 39,580,1111 + 64.7 27,726,769 23.379,269
Detroit______
62,796,552! 44,037,851 + 42.6 27,268,255 29,722,782
Milwaukee.......
24,729,836 17,800,000 + 38.9 13,944,848 13,499,963
Indianapolis___
13,398,800 10,466.6171 + 28.0
7,385,348
6,808,505
Columbus____
8,722,900 + 5.7
10,275,600,
6,280,600
6,342,000
Toledo_______
11,910,685'
8,934,874 + 33.3
6,280,991
6,220,746
Peoria . . . ____
5.300.000
4.200.000 + 26.2
2,983,523
3.344,993
Grand Rapids__
5,490,290'
4,503,408; + 21.9
3,209,205
3,479,291
Dayton______
3,444.257;
3.344,8341 + 3.0
1,994,307
2,290,148
Evansville...__
2,769,676!
1,581,141: + 75.1
1,259,611
1,145,708
Springfield, 111..
1,850,692!
l,572,427i + 17.7
1,213,224
1,206,188,
Fort Wayne___
1,263,967;
1,360,889, —7.1
1,260,616
1,211,765
Rockford_____
l,685,107j
1,150,348 + 37.8
1,051,386!
1,056,073
Youngstown___
3,486,133.
3,396,120, + 2 .0
1,288,988
1,294,791
Lexington____
785,926'
722,556 + 8.8
692,970'
502,006
Akron_______
6.281.000
4.396.000 + 42.9
2,044,000
2,277,300
Canton........ .
3,351,186!
2,501,336 + 34.0
2,200,109
1,308,107
Bloomington___
1,198,888
776,818 + 54.3
775,031
577,615
Quincy^...........
1,160,989;
865,081! + 34.1
794,662
890,845
Springfield, O ...
976,462
928,103 + 5.2
691,753
625,983
Decatur______
932,785
671,056 + 38.9
450,042
429,700
Mansifled____
999,8621
760,803 + 31.4
553,350
459,216
Jackson ______
975.000
927,210 + 5.2
615,000'
603,695
South Bend___
1,138,626
831,8021 + 36.9
625,291!
579,970
Danville______
600,000'
506,049! + 18.6
484.618
698,769
Jacksonville, III.
417,983;
302,225' + 38.3
201,0341
239,393
Lima........... .
895,680
760,064! + 17.8
436,970!
447,718
I.ansing...........
1,137,990
977,9471 + 16.4
525,000'
511,620
Owensboro___
602,585
340,799' + 76.9
332,242'
382,685
Ann Arbor____
300.000
250,000! + 20.0
189,253.
180,617
Adrian.............
151,884'
119,080 + 27.6
58,271!
82.469
Tot. Mid.West 789,286,291 584,189,072 + 35.1 455,157,218 449,359,496
San Francisco__
90,259,803 63,591,137 + 41.9 48,611,054 47,100,821
Los Angeles.......
31,246,000 26,747,436 + 16.8 20,140,131 23,501.165
Seattle..... .......
22,516,484 15,115,391 + 49.0 11,19.5,062 12.595,841
Portland ..........
18,821,491 12,196,721 + 54.3 11,095,723 11.602,064
Salt Lako City..
13,173,632
9,611,140 + 37.1
6,875,502
6,172,670
Spokane...........
6,700,000
4,453,373 + .50.5
3,438,407
4,090,313
2,746,001
Tacoma...........
2,479,365 + 10.8
1,917,930
1,884,122
5,201,822
4,452,705 + 16.8
3,219,134
Oakland______
3,309.612
2,413,000
Sacramento.......
2,072,660 + 16.5
1,753,623
1,909,593
San Diego____
2,200,973
2,425,321 —9.3
1.770,320
2,160,429
1,320,429
834,447
1,600,068 —17.5
818,055
Pasadena_____
1,675,294
1,262,140 + 32.7
1,063,095
776.885
Stockton ..........
1,606.116
1,156,588 + 38.9
860,130
Fresno _______
947,520
319,597
Nortn Yakima..
682,513
466,347 + 46.3
393,992
771,319
554,272
540,000
San Jose...........
667,395 + 15.6
Reno___ ____
299,329
551,090
400,000 + 37.8
290,000
742.847
Long Beach___
736,689 + 0.8
498,112
Total Pacifle... 202,628.814 149,434,476 + 35.6 114.595,824 117,969,626
Kansas City___ 135,117,988 84,261,790 + 60.4 73,023,389 51,411,100
34,631,256 20,667,301 + 67.6 19,328,136 20,206,342
Minneapolis---31,000,000 19,905,799 + 55.7 17,049,866 15,085,195
Omaha.............
13,370,255 13,465,017 —0.7 10,381,793 10,700,830
St. Paul...........
15,683,049 11.747,600 + 33.5
8,736,087
9,085,959
Denver........ —
15,987,588
8,715,129 + 83.4
6,440,198
6,468,388
St. Joseph........
6,587.205 + 30.5
8,593,323
5,228,546
5,187,128
Des Moines.......
6,420,979
3,967,569 + 61.8
3,206,691
2,881,636
Sioux City........
6,419,023
4,655,722 + 37.9
3,739,381
4,374,100
Duluth.............
4,258,386 + 42.7
3,317,877
6,077.660
3,744,663
Wichita______
1,663,472
3,961,758
2,507,446 + 58.0
2,102,411
Lincoln ...........
2,398,714
1,650,761
2.144,035 + 11.8
1,282,983
Davchport------1,593,877
2,722,292
1,703,354 + 59.8
1,643,598
Topeka______
1.873,422
2,651,696
1,795.248 + 47.7
Cedar Rapids...
1,478,186
1,231.986
862,337 + 42.8
560,739
685,447
Colorado Springs
481,693 + 39.2
568,056
670,089
342,908
Pueblo.............
1,123,192
1,794,132
1,755,228 + 2.2
1,322,704
Fargo..............
1,738,572
2,785,305
2,518,700 + 10.6
2,052,871
Waterloo..........
1,500,000
1,058,017
1,491.537 + 0.6
967,837
Helena_______
1,017,899
747,540 + 36.1
400,000
626,906
Aberdeen..........
734,182
322,562
211,076
390,000 + 88.2
Fremont..........
132,975
513,731
227.465 + 126.0
252,067
Hastings..........
1.015.876
450.000
344.480
656.670 + 54.7
Billings...........
Tot.OtherWcst 296,298,781 195.512,777 + 51.5 164,719,677 141,387,530
St. Louis.......... 135,315,518 96,551,088 + 40.1 80,048,948 78,550,717
36,377,275 18,025.796 + 101.8 17,444,703 15,732,157
New Orleans---20,382,926 18,828.319 + 82.3 10,185,967 12,765,497
Louisville.........
7,180,011
7,000,000
11,587,110
9,257.577 + 25.2
Houston...........
3,391,500
3,401,712
Galveston____
3,249.085
3,368,543 —3.5
7,688,613
9,883,600
26,328,360 15,249,389 + 72.7
Richmond........
7,140,097
6,585,247
11,488.781
7,864,432 + 46.1
Fort Worth----26,000,000 17,283,252 + 50.4 12,514.547 14,141,714
Atlanta..........6,194,634
11,102,308
6,409,060
6.507,672 + 70.6
Memphis_____
3,287,762
4,301,767
6,071,790
4,385,832 + 38.4
Savannah ........
5,723,677
6,800,000
10,059,455
7,048,685 + 42.7
Nashville.........
4,126,854
4,182,823
6,257,432
4,890,880 + 28.4
Norfolk ...........
3,176,894
3,442.304
2,621,121 + 31.3
2,183,525
Birmingham---3,291,563
3,979,899
3,643,708 + 9.2
2,790,147
Jacksonville---2.317,616
3,436,573
2,476,53;
2.996,956 + 14.7
Chattanooga---1.697,652
2,704,553
1,568.146
2,291,975 + 18.0
2,353,642
3,292,341
1,950,176
2,384,287 + 38.1
Little Hock.......
1,028,147i
1.260,087
1,419,391
1,033,183 + 37.4
Mobile.............
2,286,606
2,520,742
2,200,075
2,105,015 + 19.9
Augusta--------2,049,451
2,010,070
2,488,968
2,619,179 —5.4
Charleston........
6,555,000
2,203,033
2,198,343
3.614,336 + 81.4
Oklahoma------2.584,592
4,874,119
1,385,885
3,205,875 —56.f
1,556,292
1,850,122
2,500,000
2.100.00C + 19.0
Austin .............
234,114
269,435
230,440
208,874 + 1 0 .;
Vicksburg------575,410
836,594
1.592,780
1,163,432 + 36.1
Muskogee.......1,463.881
1,688,072
7,984.175
3,768,83( + 111.9
405.519
377,956
524,184
550.021 —4.7
Jackson..........11.000.000
6,850,611 + 60.6 ............. 1 ........ ......
Dallas.............
Total Southern 359,277.282 250,428,896 + 43.5 193,081,134 197,364,285
Total all------ 5,858,706,920 4,457,402.9941 +31.4 3,510,049,624 3,373,949.051
Outside N. Y. 2,489,333.900 1.784.267,409' +39. 1.402,594,953 1,381,018,058

1638
T H E F IN A N C IA L

THE CHRONICLE
S IT U A T IO N .

It is remarkable how Government officials every­
where are proposing to add to the taxes on business
and how prone they are to think that business is
better circumstanced to bear an increasing load of
taxation than anything else. Not only is the national
Government engaged in arranging new taxes of all
kinds, the most of them intended to come out of the
activities of business, but the States and the munici­
palities therein, are engaged in the same kind of
undertakings, the view prevailing here, too, that
business revenues constitute the best means for the
imposition of additional levies.
The war does not afford the only occasion for
piling on extra taxes. Municipal extravagance has
long been a growing source of uneasiness and the
State Governments are developing vices of the same
kind. One and all are increasing their expenses
with the utmost prodigality and higher taxes are the
natural concomitants. The war is not responsible
for this state of things, but now comes in to aggravate
it. What so easy, therefore, as to add still
further to the burdens in that regard of the business
world ?
These remarks are prompted by the action of
Mayor Mitchel of this city in addressing the mem­
bers of the State Legislature and urging them to
pass the bill, commonly known as the Mills Bill,
which seeks to impose an income tax of 3% on the
net income of manufacturing and mercantile cor­
porations derived from business in this State. Mr.
Mitchel is of the opinion that “ to lay increased bur­
dens on real estate would be unsound municipal
financing/' but he holds to the view that an income
tax upon the profits of manufacturing and mercan­
tile corporations would be just the right thing. He
says: “ I am of the opinion that such a tax at so low a
rate could not work injury." It will be noticed that
M r. Mitchel speaks of the 3% tax as “ so low a rate."
The text of the current bill shows that the income
upon which it is proposed to levy the 3% tax is that
“ upon which income such corporation is required
to pay a tax to the United States," only that merely
the income derived from business in this State would
be taxed. Is then 3% a low rate? Does Mr.
Mitchel know that the Federal Government even
after last year’s increase is levying no more than 2%
upon the net income of corporations and that the
proprietors do not take kindly even to this rate?
Now that war with Germany is in progress Congress
will undoubtedly increase the rate and will also en­
large the excess profits tax. Can a State income
tax of 3% be deemed “ low," in any event, but
especially in view of these pending higher proposals
of the Federal Government? It is to be remem­
bered, too, that last year there was a proposition
seriously considered for letting New York City also
levy an income tax at graded rates.
Under these multiplicity of tax imposts, is there
not grave danger that the merchant and the business
man, by the time they get through paying the Gov­
ernment, will have no income left for themselves?
As a matter of fact, taxes of one kind or another are
being run up so fast that, lest we have a care, it will
not be long before the business man will be simply
working for the Government. We need not urge
that this is economically unsound and must in the end
work to the detriment of the country’s progress and
development.



[Vol. 104.

Waiving the point whether a 3% tax may be con­
sidered high or low, Mayor Mitchel seems to be
entirely oblivious of the fact that the State in taxing
manufacturing corporations, will be discriminating
against its own industries, since in several of the
neighboring States manufacturers are expressly ex­
empt from personal property taxes. The New York
Tax Reform Association points out that “ to single
out the industries of the State for so large [the Asso­
ciation does not say “ so low ” ] a contribution, raises
serious questions of fiscal policy." It declares that
“ it has been the policy of the State to encourage
manufacturers to locate here by liberal tax laws, and
they have always been exempt from the State cor­
poration tax." Such also has been the policy of
other States. Pennsylvania exempts manufacturers
from personal property taxes and in the three largest
cities even heavy machinery (such as is usually
assessed as real estate) is exempt, while Maryland
recently adopted a constitutional amendment per­
mitting localities to grant exemptions. Altogether,
it would seem as if the Mayor had been a trifle hasty
in writing his letter.
The Mills Bill is also objectionable, because of the
vexatious nature of the annual returns required for
the purpose of levying the tax. Every corporation
taxable under the Act must make an annual report
in the form prescribed by the Tax Commission, and
this report, besides showing the amount of the net
income for the preceding year, must report “ the average
m onthly value of its real property and tangible per­
sonal property in each city or tow n w ith in th e State, and
the average monthly value of all its real property and
tangible personal property wherever located," also the
the average monthly value for the fiscal or calendar
year of bills and accounts receivable for (a) tangible
personal property sold from its stores or stocks within
the State, (b) tangible personal property manufac­
tured or shipped from within the State and (c) for
services performed within the State, and the average
monthly total value for the fiscal or calendar year of
bills and accounts receivable for (a) tangible personal
property sold from its stores or stocks within and
without the State, (b) for tangible personal property
manufactured or shipped from within the State
and other States and countries, and (c) services
performed both within and without the State.
Furthermore corporations must
state
the
average total value for the fiscal or calendar year of
the stock of other corporations owned, and the pro­
portion of the average value of the stock of such
other corporations, within the State of New York,
as allocated pursuant to the requirement of the law.
A corporation may, to be sure, obtain exemption
from furnishing these perplexing and vexatious de­
tails, but only “ by incorporating in its report a con­
sent to be taxed upon its entire net income."
Obviously war-stricken Europe will have serious
tax problems to grapple with after the war, but we
seem to be anxious to make voluntary troubles for
ourselves in advance.
The official foreign trade statistics of the United
States for the latest month—March 1917—would
seem to indicate that, at least for the period covered,
the ruthless submarine campaign of Germany against
commerce with European countries was of negligible
effect as a deterrent; in other words a failure. This
is evidenced by the fact that with the exception of
January of this year the value of the outflow of

A pr. 28 1917.]

THE CHRONICLE

1 6 39

commodities from the various ports of the United The net result of our foreign trade for March is an
States reached a level never heretofore attained, and export balance of $280,793,889, against $197,152,249
the imports were, by an appreciable margin, of in 1916 and $138,629,836 in 1915. For the nine
unprecedented magnitude. It is, moreover, to be months ended with March the excess of exports
noted that notwithstanding the destruction of reaches $2,816,544,102, an amount greater than the
shipping that has been going on for some months, total outflow of goods for any full fiscal year prior
more or less seriously curtailing the volume of to 1915-16, and comparing with $1,490,762,042 in
tonnage available for the overseas trade, the aggre­ that year and $717,464,226 in 1914-15.
gate exports for the elapsed nine months of the
Gold exports during March were of heavier volume
current fiscal year were not only heavier than for the than in the month a year ago—$17,919,601, against
full year preceding, but nearly double the total for $10,774,354—but meagre withal as contrasted with
the twelve months of 1913-14.
the inflow which totaled $139,498,590 and came
As we have remarked on former occasions, the mainly from Great Britain via Canada. The net
war in Europe has afforded excellent opportunities influx for the month at $121,578,989 increases to
for the United States to extend its trade in numerous $651,108,102 the import balance for the 9 months
localities where heretofore growth had been slow, ended March 31 1917, this comparing with a balance
and, to say the least, not very encouraging, of $279,314,902 on the same side of the account for
and they have been quite well availed of. This has the period in 1915-16 and net exports of $69,423,224
been especially true as regards those countries in in 1914-15. In the 33 months extending from July 1
which German manufacturers had made notable 1914 to March 31 1917 our net gold imports have
progress in developing a trade which they have for been $1,080,192,861.
some time been prevented from serving. Still it has
Canada’s foreign export trade, in common with
been'in furnishing munitions and supplies for use in that of the United States and through the same
the war itself that our export trade has found its stimulating factor—the war in Europe—has also
most important stimulus, and increasing prices have increased very materially. Large gains occurred
assisted to a more or less notable extent in swelling in almost all lines in the fiscal year ended March 31
values.
1917, the results for which are now available. The
As indicating how greatly we are indebted to the outflow of manufactures rose from 242 millions in
war for the expansion in our export totals, we would 1915-16 to 477 millions, in agricultural products from
point out that the outflow to the United Kingdom 250 millions to 373 millions, and in animal products
for eight months of 1916-17 (March details are not from 103 millions to 128 millions. In all the com­
obtainable yet) at 1345 millions, was much more than modity exports for the year reached the new record
double that of 1914-15 and 441 million dollars total of $1,151,375,768, against $741,610,638 in
greater than in 1915-16; the aggregate for France, 1915-16, and $490,808,879 in 1914-15. Imports also
at 655 millions, showed gains of 471 millions and increased, standing at $845,330,903, against $507,­
310 millions, respectively; for Russia, at 403 millions, 783,361, the gain being mainly in merchandise from
increases of 384 millions and 237 millions; and for the United States, and $587,364,363, respectively.
Italy, at 228 millions, excesses of 113 millions and The export balance for the latest fiscal year is,
47 millions. The four belligerents, consequently, therefore, $306,044,865, against $233,827,277 in
took from us in the 8 months of the current fiscal 1915-16, and net imports of $96,555,484 in 1914-15.
year merchandise to the value of 2,631 million dollars,
or 1,035 millions more than in the same period of
So far as our own participation in the war for up­
1915-16 and 1,776 millions in excess of 1914-15, holding civilization is involved, our activities still
and our augmentation in trade with the countries are confined to financial and other economic prepara­
mentioned in the eight months has been almost tions. The only shot thus far fired by American guns
wholly in explosives, brass, cotton, copper, chemicals, has been from that on board the American Line
provisions, mineral oils, zinc, and some iron and steamer Mongolia, when, on April 19, an enemy sub­
steel products—articles quite generally indispensable marine was about to attack the steamship in British
in the carrying on of hostilities.
waters. The periscope of the underwater boat was
The merchandise exports in March 1917 were first sighted dead ahead on the last afternoon of the
8551,278,328, that aggregate comparing with $410,­ voyage. The captain attempted to ram the sub­
742,034 last year and $299,611,852 in 1915. For the marine, but was unsuccessful. The periscope dis­
nine months of the fiscal year 1916-17 the total appeared and a few minutes later emerged broadside
outflow at $4,634,863,518 contrasts with only $2,­ to the ship. The gunners took no chances, making
995,424,760 (a figure that we noted a year ago to be a clean hit at 1,000 yards, smashing the periscope and,
a new high record by a stupendous amount) in it is believed, promptly sinking the boat.
1915-16 and $1,931,077,869 in 1914-15.
Nevertheless, preparations of a particularly active
The imports of commodities for March reached, kind are being pushed through by the Administra­
as already noted, a new high record for any month, tion for putting the country in a prompt and thorough
totaling $270,484,439, against $213,589,785 in 1916 state of preparedness to effectively enter the world­
and $157,982,016 in 1915, while for the nine months wide conflict. President Wilson having signed the
the inflow of merchandise aggregates a value of $7,000,000,000 war loan bill on Tuesday, the Treas­
$1,818,319,416, also a high record, and comparing ury Department at once took steps to place financial
with $1,504,662,718 in 1915-16 and $1,213,613,643 assistance at the disposal of our allies. On Wednes­
in 1914-15. The gain in imports is to be found in day night, as the first step, a warrant for $200,000,­
greatest measure in the movement hitherward from 000 was handed to the British Ambassador by Secre­
Canada, Mexico, Cuba, Argentina, Brazil, Chili, tary McAdoo. The funds to cover this loan had
Peru, China, Japan and India, the inflow from first been obtained from offerings through the Fed­
Europe having been but little greater than last year, eral Reserve banks of $250,000,000 in short-term
and from Africa and Oceania, actually less than then. Treasury notes maturing June 30 and paying at the



1630

THE CHRONICLE

[Vol. 104.

This suggests a spring and summer of loss of life
clearly surmounting anything in the past operations
of the war. Talk of an early peace is finding fewer
enthusiasts. A dispatch from Amsterdam quotes
the “ Tijd” newspaper, which is supposed to be un­
usually well-informed on German affairs, as stating
that the German peace terms will be set forth more
definitely in a speech which Von Bethmann-Hollweg,
the Chancellor, is expected to deliver in the Reichstag
next Wednesday, when it meets after the adjourn­
ment that was taken after a brief session on Tuesday
last. At that session Philipp Scheidemann, Socialist
leader, expressed regret that the legislative body
should be convoked and then be adjourned almost
immediately. Georg Ledebour, leader of the Social
Democrats, said that regret was not enough. He
demanded that the Reichstag should meet last
Wednesday for discussion of the food problem.
“ Thousands of workmen,” he said, “ have been forced
to abandon work owing to their distress.” His
words caused an uproar, but permission to continue
The week has witnessed the arrival of some of the his speech was refused. Strikes have continued
most eminent representatives of the British and throughout Germany, and the authorities are exer­
French Governments. They have come to our coun­ cising the greatest severity in an attempt to get the
try for the purpose of discussing means of financial, situation under control. A dispatch by way of
economic, military and naval co-operation in the Amsterdam states that German workmen and
common cause of defeating the Central Powers as Socialists all over the Empire are. preparing for a
speedily as possible. We gave in these columns last general strike of 24 hours’ duration on May Day.
week a list of the British High Commissioners who The object is to demonstrate their strength as a
are to be the guests of the nation. They arrived at warning that the Government must accede to their
Washington on Sunday and were appropriately re­ demands. All industries will, it is said, be tied up.
As to the intrigues of Germany in Russia, it is diffi­
ceived by representatives of the Administration. On
Tuesday the French Commissioners reached Hamp­ cult to discover how far-reaching they are. A cable
ton Roads and were at once taken on board the message to our State Department, forwarded by the
Presidential yacht Mayflower, reaching Washington American Ambassador at Petrograd, D. R. Francis,
on Wednesday morning. They included M. Rene declared that Russia was no more ready to quit the
Viviani, French Minister of Justice and Vice-Premier, war without achieving her objects than was the
and Marshal Joseph Joffre, hero of the Marne and United States. Dispatches from Petrograd declare
idol of the people of France. During the remainder that the revolutionary spirit is manifesting itself par­
of the week there were numerous important confer­ ticularly in the rural districts of Russia, thus bring­
ences, but most of the news of the doings of both ing the long-standing agrarian troubles to a head.
commissions was in the form of formal statements Notwithstanding the organization of food committees
of the Commissioners to newspaper correspondents. which are doing their best to make the peasants un­
In one of these statements Mr. Balfour, head of the derstand that the land question cannot be wisely set­
British Commission, declared that a complete under­ tled until the Constituent Assembly is elected, the
standing of America’s attitude in the war—unreserved peasants are inclined to take the matter into their
co-operation in the fight of democracy against the own hands. One important feature is the report that
German military menace without entangling political seems to be spreading throughout the army through
alliances—has been reached. We refer to these German emissaries, that land is being distributed free
and that those who are not on the ground to receive
statements in greater detail in another column.
their titles are to be ignored. This, it is said, is
A step of a highly practical and far-reaching nature causing large desertions of Russian troops.
Official notification of the Turkish Government's
is beingjtaken by our own Government in sending a
commission to Russia, headed by Elihu Root, for­ action breaking off diplomatic relations with the
merly U. S. Senator and Secretary of State, and United States was received at Washington on Mon­
Secretary of War during President Roosevelt's ad­ day in a dispatch from the American Minister at
ministration. It is recognized that Russia has be­ Berne, Switzerland, Mr. Stovall. The communica­
come the weak point in the Entente organization, the tion comes from G. Cornell Tarler, Secretary of the
internal revolution having necessarily deranged and American Legation at Constantinople, acting for
endangered united action. Mr. Root’s commission Ambassador Elkus, who is ill. Spain has dispatched
will go forward prepared to offer “ unlimited support” a note to Berlin conveying a grave warning that the
with a view of making available for employment on end of Spanish patience is in sight as a result of the
the Eastern front something like 10,000,000 Russians Imperial Government’s employing “ unusual and vio­
who are trained and hardened but, unfortunately, lent war measures.”
through the treachery in recent Russian officialdom,
Germany’s submarine campaign is becoming recog­
are without adequate supplies. While reconstruc­
tion on these lines is under way, there undoubtedly nized as a much more serious implement in the war
will be continued pressure on the Western front by than has heretofore been the case. One reason for
the British and French troops to compel Germany to this is the substantial increase shown by the last
weekly report in the number of sinkings. Another
retain there the maximum number of men.

rate of 3%. Incidentally, the loan to Britain will
also pay 3% and will mature on June 30. Secre­
tary McAdoo has advised bankers to be in readiness
for a second offering of Treasury certificates of in­
debtedness for an amount of $200,000,000 or more
on or before May 1. The proceeds of these will in
large measure be turned over to the allied countries
to facilitate the buying of war material in the United
States. A loan to Italy is expected to be announced
to-day or Monday, and one to France before the close
of next week. It is understood that the first offering
of the 33^% bonds will be about June 1 and will
amount to $2,000,000,000. The entire proceeds of
the first $2,000,000,000 of the bonds will be made
available as fast as needed to the Entente Powers, as
the Treasury Department anticipates no difficulty in
selling for its own uses the $2,000,000,000 of certifi­
cates of indebtedness authorized by the recent Act of
Congress before finding it necessary to avail itself of
the proceeds of bond sales.




ape.

28 1917.)

THE CHRONICLE

reason may be the fact that with the assured co-oper­
ation of our own Government there may not be the
same incentive to minimize results in this direc­
tion. As made public on Wednesday the British
Admiralty’s weekly statement of vessels sunk shows
that no less than 40 of over 1,600 tons each were
sent to the bottom by mines and submarines. The
statement follows the usual form giving the ar­
rivals at all United Kingdom ports as 2,586 and the
sailings at 2,621. Sinkings by mines or submarines,
including all British vessels over 1,600 tons, were
as already noted 40, including 2 sunk in the week
ending April 15; under 1,600 tons, the number lost
is 15, including 1 sunk in the week ending April 1.
Vessels unsuccessfully attacked are numbered 27,
including 1 attacked in the week ending April 8.
Fishing vessels sunk 9, including 1 sunk in the week
ending April 15. The figures make a total for the
nine weeks for which returns have been furnished
of 170 British ships of 1,600 tons or more destroyed
and of 74 under that tonnage. It is necessary to
note that this report refers specifically to British
vessels and does not include neutrals. An insistent
demand is showing itself in the British press for a
more effective policy on the part of the Admiralty.
It is not improbable that the object of the criticism
may not be altogether distasteful to the British au­
thorities who are finding that some additional form of
help would be useful in impressing upon the British
people the need of greater effort to adjust them­
selves to the food supply and to prevent to the ut­
most the continuance of waste.
As to the military operations, it has been Britain’s
week for activity on the Western front, while the
French have been consolidating their last week’s
successes and preparing for a new drive which seems
at the close of the week to have already begun. The
British efforts have been resisted with great fierce­
ness and the actual progress has been slight, neither
Lens nor St. Quentin having as yet been captured.
The French have captured several trenches on the
heights around Moronvilliers and also have gained
ground in the region of Iiurtebise and Cerny. The
total number cannon captured by the French since
April 15 is placed at 138. Commenting on the pres­
ent operations, cable dispatches quote a writer in the
Paris “ Matin” as saying that the German scheme
was to escape from the grip of the Allies. To frus­
trate this program the French in agreement with the
British widened the front of attack so as to overlap
the front on which the Germans were retiring, thus
involving both the enemy wings. In the first two
days of fighting, he writes, the Germans lost fully
100,000 men and, more important, were forced to
engage 33 out of 43 reserve divisions. After losing
the initiative to the hranco-British forces and having
to make inroads on strategic reserves, the German
command was forced to order a stand to the last
extremity on its first line which was captured.
King Constantine of Greece, according to reports,
has served a semi-ultimatum on the Entente Powers
through the British Minister at Athens agreeing to
form a Cabinet satisfactory to the Entente nations
if guarantee is given him that the French army will
not invade Greece and that he himself will not be
dethroned by Great Britain and France. The alter­
native would be war with Greece, the King is said
to have informed the British Minister. A further
retreat of the Turks before the British in Mesopo­



1631

tamia is reported by the British War Office. On the
Eastern front the week’s operations have shown no
distinct significance.
The security markets in London have shown
indications of increased caution, with some tendency
towards reactions in quotations. This situation is
traceable in large measure to the nervousness that
is not unnatural in connection with the new budget,
which will, it is expected, provide new forms or at
any rate substantial modifications in the matter of
taxation. Additional influence may, too, have
resulted from the decision that the Exchange shall
until further notice remain closed on Saturdays.
Next Tuesday will be the regular May Day holiday.
Financial interest at the British centre has been, in
large measure, transferred to developments on our
side of the Atlantic, in view of the provisions for the
large loans to be made to our allies. The closing of
the Exchange on Saturdays has been expected for
some time and is a part of the general conservation
of labor to aid in the war, the idea being that the
members and their clerks are men of affairs and
experience in large matters and will be able to assist
the Government in various positions. Statements
by Mr. Balfour in Washington that the war is likely
to be a long one, and the frank admissions by the
British authorities that the German submarine
activities have become a most serious handicap
toward providing an adequate food supply, have also
exercised a restraining influence on general financial
operations. It is now expected that in view of the
May 1st holiday the British Chancellor will delay an­
nouncement of the budget until Wednesday.
As was anticipated, the British Treasury has
announced a new plan under which Treasury bills
will be offered. It combines the fixed rate system
with that of tenders. In future blocks of bills will
be offered on Fridays for payment on the following
Tuesdays. Yesterday’s offering was £20,000,000.
Beginning to-day (Saturday) daily applications for
bills will also be received at rates to be fixed by the
Bank of England at 10 a. in. each day, payments to
be made the following business day. These rates, it
is reported, will rule slightly below the average dis­
count of the preceding allotment by tender. The
new privilege will be granted only to banking and
discount houses and the lowest acceptable appli­
cation will be for £25,000. The lowest successful
tenders last week were £98:15:10 for three months’
bills, which constituted 34% of the allotment of
those bills. Tenders of £97:10:6)<£ for six months’
bills received full allotment and £95 for one-year
bills received 75% of the allotment of this class. Of
course, all higher tenders receive full allotments.
The British revenue amounted to £9,129,000 last
week, while the total income, including Treasury
bills, Exchequer bills, &c., reached £76,069,000.
Expenditures were £43,092,000. The Treasury bal­
ance was £24,405,000, representing an increase for
the week of £2,323,000. The outstanding Treasury
bills amounted to £494,157,000.
Financial London does not appear to be taking
with entire seriousness the reports of economic break­
down of Germany and Austria. There is no wide­
spread belief that anything like a state of starvation
has been reached, though the stamina and resolution
of the entire population is not improbably being
sapped by the food shortage. On the other hand,

1 6 32

the food problem is beginning to be a most serious
one to Englishmen themselves. Their country, it is
understood, is shortly to be placed on bread rations.
The bread problem, London correspondents agree,
is the crux of the whole food situation, for it is main­
tained that the middle classes and the rich can easily
find substitutes, but that the munitions employees,
whose labor is so necessary, must be provided with
bread. To accomplish this restrictions must be
imposed.
As is the case at home here, the excess
profits tax is in England the subject of active criti­
cism by influential interests. Sir Alfred Booth,
Chairman of the Cunard Steamship Company Board,
in his address to stockholders at the annual meeting
of the company on Wednesday, was particularly
severe on this point. British war finance, he said,
has been wrong from the very start. “ The methods of
financing which we adopted might have been com­
paratively harmless for a short war. But in this
long war, they hang like a millstone around our necks
and will surely hamper our power of recovery after
the conclusion of peace. We have borrowed where
we should have taxed and now when we have begun
to tax we are taxing production and leaving con­
sumption to run riot. The excess profit tax exhibits
both these vices to a special degree. Moreover, this
tax has the grave disadvantage that it does nothing
toward solving after-war problems, for after the war
there will be no war profit to tax and its place will
have to be taken by new direct or indirect taxation
at the worse possible time for trade to adjust itself
to new burdens. The gravity of the food problem is
due as much to financial follies as to German sub­
marines. The paralyzing shackles of government
control of shipping, if continued long enough, will
throttle our economic life.”
The British Board of Trade report for March, which
was issued yesterday, reflected the interference by
the German submarines in a decrease of £5,100,000
in imports. But exports were £6,513,000 in excess
of a year ago. Of the decrease in imports, £3,000,­
000 was represented by raw materials, principally
cotton and wool. Appended are the figures for
March and the first quarter of the year, with corre­
sponding figures for 1916:

-M onth of March ----- ------ Jan. 1to March 31—
1917.
1910.
1917.
1910.
Imports ......................£80,993,000 £80,092,891 £242,405,000 £228,370,873
Exports
..................-14,111,000
37,598,119 123,259,000 110,091,108
Excess ol Imports........ £36,882,000 £48,491,775 £114,206.000 £117,685,705

Financial operations in Paris continue on a very
limited scale. Sharp advances have been reported
in French Government bonds, influenced not un­
naturally by the anticipated financial and other sup­
port that is expected from America. A Paris munici­
pal loan was offered on Tuesday on the basis of 495
francs for each 500-franc bond. The total offering
was 510,000,000 francs, the bonds bearing interest
at 5^ 2%, free of existing taxation with conversion
privileges for holders in previous loans. France is
soon to have one meatless day a week. Sales of
pastry have been entirely prohibited for two months
to enable the State to take stock of the existing flour
reserves. Further restrictions also have been im­
posed on the use of salt and of gasoline. All restau­
rants will be prohibited from serving anything in the
nature of meat, poultry or game for the evening meal.
All butchers will be obliged to close their shops at
1 o’clock in the afternoon.



[Vol. 104.

THE CHRONICLE

The Bank of England announces an additional gain
in its gold item of £182,924. Note circulation was
increased £115,000; hence the expansion in total
reserve totaled only £66,000, although the propor­
tion of reserves to liabilities advanced to 20.90%,
against 19.74% a week ago; it was 29.40% last year.
It represents the highest percentage thus far re­
corded in 1917, the lowest having been 13.34%
on Feb. 8. Still another feature of this week’s
statement has been the large reduction in loans
(other securities) of £9,607,000. Public deposits
declined £2,318,000, other deposits £7,289,000 and
Government securities were reduced £102,000. The
Bank’s gold holdings now stand at £55,247,617,
against £58,924,183 in 1916 and £55,314,389 the
year preceding. Reserves total £35,470,000. This
compares with £43,270,778 last year and £39,078,­
829 in 1915. Loans aggregate £114,436,000, as
against £88,396,596 and £146,693,662 one and two
years ago, respectively. The English Bank reports
as of April 21 the amount of currency notes out­
standing as £136,630,650, comparing with £137,­
132,513 last week. The amount of gold held for
the redemption of such notes has not been changed
from £28,500,000. Our special correspondent is
no longer able to give details by cable of the gold
movement into and out of the Bank for the Bank
week, inasmuch as the Bank has discontinued such
reports. We append a tabular statement of com­
parisons:
BANK OK ENGLAND’S COMPARATIVE STATEMENT.
1917.
1916.
1915.
1914.
1913.
April 25.
April 26.
A pril 28.
April 29.
April 30.
£

£

Circulation.......... 38,227.000
Public deposits
52,450,000
Other deposits.........117,249,000
Govt, securities___ 37,472,000
Other securities____114,436,000
Reserve notes & coin 35,470,000
Coin and bullion... 55,247,617
Proportion ol reserve

to liabilities........
Bank rate________

20.90%
5%

£

34.103,405 34.685,560
61,722,384 132,067,216
85,471,557 87,030,100
33,188,046 51,063,491
88,396,596 146,693,662
43,270,778 39,078,829
58,924,183 55,314,389
29.39%
5%

17.87%
5%

£

£

28,877,035
19,020,326
43,126,915
11,016,570
42,463,243
26,338,387
36,765,422

28,986,520
15,730,287
39,573,640
12,879,827
32,985,190
27,230,698
37,767,218

42.37%
3%

49.22%
4Yt%

The increase in the gold holdings of the Bank of
France this week amounted to 9,707,500 francs.
This brings the total (including 1,947,071,850
francs held abroad) to 5,242,190,075, which
compares with 4,803,591,452 francs a year ago and
4,108,999,290 francs in 1915. The silver item was
reduced 1,318,000 francs. Notes in circulation in­
creased 8,135,000 francs. General deposits registered
an expansion of 00,338,000 francs, while Treasury
deposits increased 24,892,000 francs. Other changes
were unimportant. Comparisons of the various
items with the statement for the preceding week and
the corresponding dates in 1910 and 1915 arc as
follows:

BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
—-------------- Status as of
■*
for Week.
A pr. 28 1917. Apr. 27 1916. A p r. 29 1915’
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In Uank.............. inc. 9,707,500 3,294,524,225 4,803,591,452 4,168,999,290
Abroad................
No change 1,947,671,850
........................ ............
Total.............. Inc. 9,707,500 5,242,196,075 4.803,591,452 4,168,999,290
Silver ................ Dec. 1,318,000
256,595,000 358,914,910 376,667.100
500,390,000 403,137,389 235,673,446
Discounts........... Inc. 5,224,000
Advances.............Dec. 11,892,000 1,170,410,000 1,218,693,194 654,577,716
N ote c ir c u la tio n ...In c.
Treasury de p o sits..In c.
General deposits...I n c .

8,135,000 19,009,853,000 15,277,999,575 11,584,352,985
24,892,000
122,129,000
42,986,564
43,042,730
66,338,000 2,508,788,000 2,091,927,279 2,317,146,617

Official rates continue to be quoted at 5% in
London, Paris, Berlin, Vienna and Copenhagen;
5y 2% in Italy, Portugal and Norway; 0% in Petrograd, and 4 /xi ° /o in Switzerland, Holland and Spain.
In London the private bank rate is now 4% % for
sixty-day and 4 13-10% for ninety-day bills, against
4 ^ @ 4 % % and 4% @ 4% % , respectively, last week.

A p r . 28 1917.]

THE CHRONICLE

No reports have been received by cable of open
market rates at other European centres, as far as
we have been able to learn. Money on call in Lon­
don still is quoted at 434%-

16 33

expects to lend an additional $200,000,000, partly
to Italy and partly to France. The loan to Italy
is expected to be announced on Monday— possibly to­
day. Both these loans will be similar to the English
loan already referred to. Preliminary investiga­
tions upon which the Treasury Department will base
its recommendations as to the amount of the first
issue of the new 334% bonds suggest that we will be
called upon to finance the Allies to the extent of at
least $400,000,000 and possibly $500,000,000 a
month, The tentative program also calls for the
expenditure of virtually every dollar of the borrowed
money in this country for foodstuffs, munitions, coal,
clothing, railway equipment, and other supplies.
I he estimates, still incomplete and subject to re­
vision, indicate the following Entente needs: For
Great Britain, $200,000,000 to $250,000,000 a month;
for France, from $100,000,000 to $125,000,000; for
Russia a sum undetermined, but up to $100,000,000
a month, depending largely upon the ability of manu­
facturing plants in this country to meet her demands,
mostly for supplies other than foodstuffs and muni­
tions; for Italy, about $50,000,000 a month. On
this basis the entire $3,000,000,000 appropriated for
our Allies hardly can last much more than six months.
At home here, while trade and industry are continu­
ing under high pressure of activity, working capital
requirements appear to be ample and there is seldom
any evidence of urgency in the demand in this respect.
In fact, some of the larger industries are so well
equipped with large cash surplus that they are lend­
ing funds with considerable freedom. The Steel
Corporation has just purchased $5,000,000 of the
3% notes that have been offered by the Treasury
as a means of temporarily employing that amount
of its cash surplus.

In local money circles the outstanding feature has
been a continuance of the recent firmness. Rates
for demand loans on Stock Exchange collateral rose
to 4 % on Wednesday, due in large measure to the
necessary accumulation of funds for the payment of
the Government’s offering, through the Federal
Reserve banks, of short-term 3 % Treasury bills ma­
turing on June 30. The issue of these bills amounted
to $250,000,000. Their object was chiefly to provide
the Treasury at Washington with funds for the ad­
vance loan of $200,000,000 to the British Govern­
ment, which was at once arranged. The Treasury’s
funds were made available at the Federal Reserve
Bank at New York, and a warrant in favor of the
British Ambassador was handed the latter arid was
forwarded by him through J. P. Morgan & Co. for
collection. The net result, in a broad sense, was that
the funds were deposited very largely in New York
banks and promptly re-entered into circulation, thus
relieving what little stringency the accumulation of
the funds had at first caused. The loan to the Brit­
ish Government matures on June 30, as also do the
short-term notes that were issued to provide the
funds. The latter notes are available at face value
and interest for subscriptions to the new 334% long­
term bonds that the Treasury is soon to offer for
subscription. They naturally arc a favored invest­
ment among banks and similar institutions who de­
sire to keep their funds sufficiently liquid. Obvi­
ously, with 3 % notes of this character available and
with more to become available, there is less induce­
ment to put out call money in large volume at much
below that figure. Furthermore, as the President
Last Saturday’s bank statement of New York
has signed the War Loan bill, it may be expected Clearing House members, which will be found in
that the scheme of more or less permanent financing more complete form on a later page of this issue,
of the war will now proceed in a systematic manner. recorded a further— though less important— de­
The understanding that seems to be most general crease in reserves. Loans registered the nominal
in banking circles is that the Secretary of the Treas­ decline of $593,000. Net demand deposits again
ury will confine its first offerings of a 334% bond decreased, this time $18,064,000, although net time
that has just been authorized to securities whose pro­ deposits expanded $7,665,000. The reserves in
ceeds are to be used in our credit operations with the “ own vaults” were reduced $11,281,000, bringing
Allies. Our own financial requirements in connec­ the total to $469,784,000, of which $418,245,000 is
tion with the conflict can for the present at least be shown to be specie. Last year the reserve in own
covered adequately by sales of the one-year Treas­ vaults totaled $460,148,000, including $387,793,000
ury notes that Secretary M cAdoo has been author­ in specie. Reserves in Federal Reserve banks de­
ized to issue, and on which he may if necessary pay creased $1,909,000 to $226,528,000, comparing with
as high as 3 34% • When this supply of funds is be­ $165,979,000 in 1916. Reserves in other deposi­
coming exhausted, the Secretary will then have re­ tories were increased $1,326,000 to $62,326,000, as
course to the $2,000,000,000 in 334% bonds that are against $56,766,000 the year preceding. Circula­
available for our own use. Meanwhile, there cer­ tion declined $50,000. Aggregate reserves showed
tainly seems complete absence of inducement for a reduction of $11,864,000 to $758,638,000, which
our Allied countries to attempt to float their own compares with $682,893,000 at the corresponding
loans when they have assurance of virtually unlim­ date a year ago. The reserve required declined
ited assistance on the same terms as we ourselves will $3,943,600; hence the loss in surplus reserves
pay to investors, namely, 334% for long-term bonds. amounted to $7,920,400. Total excess reserves are
Our general plan in connection with our Allies, it now $120,899,200. The amount held at this time
may be repeated, is to sell $3,000,000,000 of our own last year was $99,908,620.
bonds to American investors and to utilize the pro­
As to money rates in detail, call loans this week
ceeds in purchasing similar bonds issued by our Euro­ moved more erratically than for some time. The
pean friends. The $200,000,000 credit just granted range was 2 @ 4 % , as compared with 2 @ 3 % last
Great Britain is in anticipation of this. In this way week. On Monday the high was 3 % and 234% the
we are, without cost to ourselves, merely extending minimum and ruling quotation. On Tuesday 334%
our credit, though we are, of course, running the full represented the high, while the low was 2 % % , which
risk of default or delay of payment of the foreign was also the basis for renewals. Wednesday the
bonds when they mature. Next week the Treasury range was 2 @ 4 % with renewals at 4 % . On Thurs


THE CHRONICLE

1634

[Vol. 104.

ago, was steady and quotably unchanged; demand
bills were still quoted at 4 7 5 % @ 4 75% , cable
transfers at 4 76 7-16 and sixty days at 4 7234®
4 72% . M onday’s quotations were a shade easier,
in the case of demand which ranged at 4 755534®
4 7560, although cable transfers and sixty days con­
tinued at 4 76 7-16 and 4 7234@4 7234, respec­
tively; trading was dull with market operators still
awaiting further news of the developments pending
at Washington. Some firmness developed at the
opening on Tuesday, but later in the day rates again
eased off and cable transfers receded to 4 764234®
4 76 7-16, demand to 4 7555@4 7560 and sixty days
to 4 72@ 4 7234; transactions were light On Wednes­
day the tone was fairly steady with sixty days un­
changed from 4 72@ 4 72% and cable transfers at
4 764234@ 4 76 7-16; demand, however, did not get
above 4 7555; dealings were restricted in volume and
featureless. Announcement of the completion of
details for the preliminary loan to Great Britain by
this country as part of the $3,000,000,000 war loan
to be used as war credits for our allies, exercised a
favorable influence upon sterling on Thursday and
rates moved up fractionally; demand continued at
4 7555, while cable transfers remained at 4 76 7-16 all
D e liv e r y
- S p o t d e liv e r y day; sixty days was unchanged at 4 72@ 4 7234- On
w ith in
T h ir ty
six ty
N in ety
30 D a y s .
D ays.
D ays.
D ays.
3 A bid Friday the market ruled steady and without essential
3 A ,@3
3ki@3
3 K .@ 3
Eligible bills ol member banks----3A bid
3H@3'A 3!4 @3 A 3 Vs @ 3
Eligible bills ol non-member banks.
4 ®3 A 4 ®3A 3 A @ 3 A 4 A bid change. Closing quotations were 4 72 for sixty days,
Ineligible bills.............................
The Federal Reserve Bank of Richmond has re­ 4 7555 for demand and 4 76 7-16 for cable transfers.
duced its discount rate on commercial paper running Commercial sight finished at 4 75% , sixty days at
from one to fifteen days from 4% to 334%- Pre­ 4 71% , ninety days at 4 69% , documents for pay­
vailing rates for various classes of paper at the differ­ ment (sixty days) at 4 71% and seven-day grain bills
at 4 74% . Cotton and grain for payment closed at
ent Reserve banks are shown in the following:
4 7 5 % @ 4 75% .
DISCOUNT RATES OF FEDERAL RESERVE BANKS.

16 t o 30
31 t o 60
61 t o 90

’’
“
”

“
“
“

Agricultural and

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

4

3A 3A

5
5
5
4A 5 5 5
3A 3A 3A 3A 3A 4
3A 3
3 A 3 A 3 A 3A 3A 3A 3A 4
3 A 4 3A 3A 3A 3 A 4 4
3A 4 4
3 A — 3A 3 A

3% 3A
3A 3 A
3A 3A

4
4
4

4

4
4

Live-Stock Paper—
5
91 d a y s t o 6 m on th s m a tu rity 5
Trade Acceptances—
1 t o 30 d a y s ’ m a tu r ity .......... 3A 3 A
31 t o 60
.......... 3A 3 A
61 t o 90
-------- 3 A 3 A
Commodity Paper—
1 t o 90 d a y s ’ m a tu r ity .......... 4
---

“
’’

N o t e . —Rate

“
“

Francisco.

3A 3 A

3A 3A 4

4
4
4

4 4
4 4
4A 4

3A

4 4 4
4 4 4
4A 4 A 4

4A

| San

4

3A

St. Louis.

3A 3 A 3 A 3A 4

3A

|

Chicago.

3A

3A

Q,

Atlanta.

3A

3

York.

3A 3

Boston.

| Dallas.

Discounts:

i

j Kansas City.

1 to 15 d a y s ’ m a t u r it y ..........

5

Richmond.

Member Banks, Coll. Loans:

j New

CLASSES
OF
DISCOUNTS AND LOANS

|Minneapolis.

J

day the high receded to 2 % % ; the low was 2 % and
2 % % the ruling rate. Friday’s range continued at
2 @ 2 % % , although renewals declined to 234% . I*1
fixed maturities there has been a distinctly firmer
trend, especially during the earlier days of the week,
when rates went up to 4% @ 4 % % for the longer
periods. Later, however, following the successful
consummation of the Government’s initial war loan
to Great Britain, rates relaxed, but the close was
steady, with sixty days still at 3 % @ 4 % ; ninety days
ruled at 4 @ 4 % against 3 % @ 4 % ; four months were
quoted at 4 % @ 4 % and five months and six months
also at 4 % @ 4 % % , against 4 @ 4 % % a w e e k a g o. At
the corresponding date last year sixty days was quoted
at 2 % @ 3 % , ninety days at 2 % @ 3 % , four months
at 3 % and five and six months at 3 @ 3 % % . F °r
mercantile paper also increased firmness developed
and rates are now on the basis of 434% >against 4 % @
434% for sixty and ninety days’ endorsed bills re­
ceivable and six months’ names o f ‘ choice character.
Names not so well known now require 4 % @ 5 % , as
against 4 % @ 4 % % a week ago. Banks’ and bank­
ers’ acceptances have ruled quiet with very little busi­
ness passing, with quotations but slightly changed.
Detailed rates follow:

4 4A 4 4
4 4A 4 4
4A 4A 4A 4A
5

3A

5%

3A

for bankers’ acceptances, 2A % to 4%.

Sterling exchange rates have scarcely varied during
the week. The situation is so completely nominal
that it does not merit extended comment. The
activity of the submarines, whatever their degree
of destruction, does not appear to be exerting a
restraining influence on shipments from American
ports. Our foreign trade for the month of March
exceeded February by nearly $83,000,000, though it
is necessary, of course, to make allowance for the
fewer number of days in the latter-named month.
The proceeds of the loan to our allies are to remain
on this side of the Atlantic to be available for pay­
ment of supplies purchased here. What will really
happen, therefore, when the credit transaction gets
into full operation is that we shall import our allies’
bonds instead of gold. There have been no receipts
from Canada of the precious metal this week, though
$2,400,000 arrived at San Francisco from Australia.
The exports have reached a total of $4,500,000, in­
cluding $4,250,000 to Japan and $250,000 to Cuba.
Referring to specific quotations, sterling exchange
on Saturday, as compared with Friday of a week



Noticeable inactivity again characterized opera­
tions on the Continental exchanges this week, and
quotations, except in the case of exchange on Rome,
which continues to fluctuate violently, moved within
narrow limits, while transactions for the most part
were unimportant. Interest still, centres chiefly
upon the negotiations for the distribution of the
foreign portion of the huge loan voted by Congress to
signalize America’s formal entry into the war, al­
though in some quarters it is contended that this
feature has already been largely discounted as an
important market influence. Lire were very strong,
advancing at one time to as high as 6 86 on rumors
that arrangements for the new Italian credit were
practically completed. Later, however, profit-tak­
ing by speculative interests was responsible for a
partial reaction and the close was below the best.
Francs continue firm at current levels. Rubles
were heavy and recorded further declines as a re­
sult of military reverses on the Russian front and
unconfirmed rumors of internal dissensh ns.
No
transactions are being put through in German and
Austrian exchange and quotations for reichmarks
and kronen are entirely nominal.
The sterling
check rate on Paris closed at 27 18, as against
27 18%, last week’s close.
In New York sight
bills on the French centre|finishedat 5 715-16, against
5 71%; cables at 5 70% , against 5 70% ; commer­
cial sight at 5J 2, against 5 72% , and commercial
sixty days at 5 77, against 5 76% last week.
Reichsmarks no quotations. Kronen no quotations.
Lire closed at 6 94 for bankers’ sight and 6 93 for
cables,^which compares with 6 94% and 6 93% on
Friday offalw eek ago. Rubles finished at 28 15.
The final quotation of last week was 28 60.

A p h . 28 1917.]

THE CHRONICLE

In the neutral exchanges some irregularity was
apparent, although the trend was mainly towards
former levels.
The Scandinavian exchanges, were
strong, mainly on an improved demand. Guilders
ruled firm and advanced on buying by a prominent
financial institution. Transactions as a whole,
however, only reached moderate proportions. Swiss
exchange was weaker, although Spanish pesetas
continued to rule steady.
Bankers’ sight on
Amsterdam finished at 41% , against 40 13-1G;
cables at 41% , against 40% ; commercial sight
at 40% , against 40 5-10, and commercial sixty
days at 40% , against 40% the preceding week.
Swiss exchange closed at 5 12% for bankers’
sight and 5 12 for cables, in comparison with 5 12
and 5 11% last week. Greek exchange (whichmay
still be looked upon as neutral) continues to be quoted
at 5 00. Copenhagen checks closed at 28.25, com­
paring with 29.70. Checks on Sweden finished at
30.00 against 29.40, and checks on Norway closed at
29.40 against 38.30 on Friday of a week ago. Span­
ish pesetas finished at 21.70. This compares with
21.60, the previous close.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $2,041,000 net in cash as a result of the currency
movements for the week ending April 27. Their
receipts from the interior have aggregated $9,964,000,
while the shipments have reached $12,005,000.
Adding the Sub-Treasury and Federal Reserve opera­
tions and the gold exports and imports, which to­
gether occasioned a loss of $21,612,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a loss
of $23,653,000, as follows:
27.

W e e k e n d in g A p r i l

In to
B anks.

Out o f
B anks.

N e t C h a n g e in
B a n k H o l d in g s .

Banka’ Interior movement............ Sub-Trcns. and Fed. Reserve oper.
and gold exports and imports.......

$9,964,000
14,880,000

$12,005,000 Ross $2,041,000
36,492,000 Ross 21,612,000

Total.........................................

$24,844,000

$48,497,000 Ross $23,653,000

The following table indicates the amount of bullion
in the principal European banks:
’
A p ril

26 1917.

A p ril

Banks o f
G o ld .

S ilv er.

£
55,247,617
131,780,969
126,619,200
147,954,000
51.578.000
54.852.000
34.504.000
49.213.000
15.380.000
13.709.000
10.731.000
9.121.000
7.227.000

£

T o ta l.

G o ld .

27 1916.

S ilv er.

T o ta l.

£
£
£
£
55,247,617 58,924,183
58,924,183
10,203’,800 142,044,769 192,143,640 14,357 ",§66 206,501,440
814,050 127,433,250 123,078,500 2,110,050 125,189,150
12.165.000 160,119,000 162,847.000 0,215,000 169,062,000
12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
29.954.000 84.806.000 38.329.000 30.450.000
08.779.000
2,732.000 37.236.000 41.427.000 4,050,000 45.483.000
571,300 49,781,300 43.585.000
144.000
43.729.000
600,000 15.980.000 15.380.000
600.000 15.980.000
13.709.000 10,315,700
10,315,700
10.731.000 8.933.000
8*933,000
132,000 9.253.000 7.307.000
223,000 7.590.000
7.227.000 4.732.000
4.732.000
T o t . w eek. 707,910,786 69,372,150 777,288,936 758,040,023
70,296,450 828,936,473
P ro v . w eek 700,866,502 68,932,270 775,798,832 759,515,859
70,160,410 829,676,299
a Gold holdings of the Hank of Franco this year arc exclusive of £77,900,874
held abroad.
» The gold holdings of the Bank of Russia for both years In the nhnve statement
have been revised by eliminating the so-called gold b^Lce held abroad On
tho latest reported date, the amount so held, £2 1 1 , 1 1 5 000
n0W aDroad’ 0,1
c July 30 1911 in both years, h Aug. 0 1911 In both years,
E n g la n d ..
F r a n c e n ..
G erm an y.
R u ssia * . .
A u s-IIu n .c
S p a in ____
I t a ly ..........
N cth c r l Ms
N a t .B o l.li
S w ltz’laiul
Sw eden . .
D en m ark.
N o r w a y ..

OUR CONFERENCE W ITH THE ALLIES.
The services in St. Paul’s Cathedral on Friday of
last week, to celebrate the American alliance, and the
reception of the British and French delegations sent
to confer with our Government on the conduct of
the war, are among the many notable events which
illustrate the new chapter in history opened by Ger­
many’s defiance of the civilized neutral world on
Jan. 31, and by the attitude taken as a consequence
by the United States, by China and by the LatinAmcrican republics. In its way the cathedral ser­
vice at London was the most dramatic for the light



1635

which it threw on this extraordinary situation. Pub­
lic demonstrations of friendship with the United
States have by no means been unknown in English
history. But all historic precedent, whether in that
Government’s attitude toward us or toward other
nations, was broken in the most impressive manner
when the American flag was raised over Parliament
House along with the British ensign, and when choir
and congregation at St. Paul’s joined in singing the
Star Spangled Banner.
The response of the American Government and
people, on the arrival of the two distinguished com­
missions from our allies, provided an equally new
picture in our history. To visits of eminent repre­
sentatives of foreign governments our people have
always responded with great cordiality. Lafayette
in the nation’s early years, Kossuth in the forties,
the Prince of Wales (afterward Edward VII) a
decade or two later, and Prince Henry of Prussia onfy
a brief space of time ago, were received with demon­
strations which sometimes seemed to mark chiefly
the curiosity and impulsiveness of a republican com­
munity, isolated from the personalities and spectacles
of the old world. But for many reasons this week’s
episode has been of another sort. The mere fact of
a public demonstration to greet, first, the English
delegation headed by the British Foreign Secretary
and the Governor of the Bank of England, and next
the even more interesting French delegation led by
ex-Premier Viviani and General Joffre, would have
been in any case a foregone conclusion. But, accom­
panied as it was by formal and official greetings from
our Government, by the immediate beginning of
conferences as to mutual action, and by the prompt
inauguration of our financial support to the Allies—
through the handing to the English commission of a
credit for $200,000,000 raised by sale of United
States Treasury bills— it manifestly marks the fixing
of a new precedent in our public affairs and inter­
national policy.
That the United States is now directly engaged in
the political affairs of Europe is undeniable. Al­
though based by President Wilson, in his war speech,
on the interests of civilization and on our own per­
formance of our national duty toward the great
movements of the day, the country’s present attitude
none the less makes it, for the first time, a participant,
in Europe’s own international problems. From one
point of view, this changed position will be a source
of pride and gratification. It will certainly thus
impress those who believed that the United States
could no longer hold aloof from a struggle which had
come to involve its own principles and aspirations.
It will be similarly regarded by those who have held
that our rise as a financial and commercial world
power, in the two past decades, was bound to change
our position regarding world politics. Nevertheless,
the new situation contains admitted elements of great
danger; the warnings against which, in Washington’s
Farewell Adress, were by no means limited in their
application to the small and feeble democracy of
1796.
This aspect of the matter was promptly, frankly
and most judiciously recognized by Mr. Balfour in
his statement of Wednesday to the Washington cor­
respondents. “ No treaty,” Mr. Balfour said, “ could
increase the undoubted confidence with which we
look to the United States, who, having come into the
war, are going to see the war through. If there is
any certainty in human affairs, that is certain.T

1636

THE CHRONICLE

[Vol. 104.

“ I am t o ld /' he continued, “ that there are still
some doubting critics who seem to think that the ob­ MR. WARBURG’ S ADDRESS ON GOVERNMENT
A N D BUSINESS.
ject of the mission of France and Great Britain to
Paul M . Warburg's address on Government and
this country is to inveigle the United States out of
its traditional policy, and to entangle it in formal Business, which we quoted at length last week,
alliances, secret or public, with European Powers. attracts attention because of its espousal of auto­
I cannot imagine any rumor with less foundation, nor cratic and bureaucratic government control of busi­
can I imagine a policy so utterly unnecessary. Our ness, such as has grown up in Europe, and par­
confidence in the assistance which we are going to ticularly in Germany, and does this at a time when
get from this community is not based upon such we are engaged in a war which has for its object the
shallow considerations as those which arise out of suppression of autocracy and the evils connected with
formal treaties." And he concluded by saying that it. Taken as a whole, the address is an ex parte state­
“ it is no small and petty interest that is involved in ment rather than an analysis or an argument. The
this war, it is no struggle for so many square miles of preliminary exposition of European trade conditions
territory, for some acquisition, some satisfaction of and industrial development is, in the face of a cruel
and remorseless war, and of the announced mission
small national ambition."
This is very clear and entirely reassuring, so far as of the United States to aid in making the world safe
it goes— and it manifestly went as far as it was proper for democracies, strangely inimical to its conclusions.
for a delegate from our allies to go in public utterance, It says: “ Universal service has gradually been adopted
in advance of formal discussion and understanding by all the leading nations on the European Continent,
with our Government. Mr. Balfour’s statement did and at the same time mo3t of them have become, to
not for that reason touch on details, on the scope a greater or less degree, industrial countries." It
even of international understanding, or on relations finds a certain degree of compulsion between the
after the war. Yet it is these considerations which two: “ But industrial countries are vulnerable if they
will determine the real nature of the momentous step can be cut off from other nations which supply them
with raw materials essential for their daily life."
which the American Government has taken.
No intelligent man has supposed that, having Hence the need for an army and navy: “ Given the
entered the war under existing conditions and for the wicked division of Europe into two armed camps, of
stated motives, the United States would abandon its fairly equal power, it is obvious that each side must
allies, or cease to fight Germany under any circum­ have watched with the greatest concern any change
stances short of what Mr. Wilson described as in any of these three important items: population,
bringing the German Government to terms and wealth and ocean control."
Instead of all this being an argument for govern­
ending the war. Even the German Government's
mental
control of trade it is exactly the opposite. That
promise to abandon its submarine outrages would
it
should
be evoked, even on the ground of necessary
come too late, if proffered to the United States to­
evil,
at
the
very moment the United States is engaged
day. But to pledge, even by implication, that the
United States would make no peace, even on virtual in bringing about permanent peace, seems most in­
cessation of hostilities, except on such terms as should appropriate. It shows that as long as political
be concurred in by each and all of the numerous institutions, governments, undertake to control
powers allied against Germany, would be taking a trade, by virtue of territorial extent and legislative
very long step in the dark. To the European Allies, enactment, there will always be clashing interests
a formal pledge to that effect between themselves seeking domination, and small States can have no
was a political necessity, accepted to insure the chance in the contest for growth, development and
holding together of the coalition against the enemy. expansion. Since governments alone can call forth
No such political necessity exists in the case of the the instrumentality of military force, as long as they
United States, as regards either the attitude of our undertake to control and direct trade, they will do
allies towards us in the further course of the war or our so; and the effort will take on the appearance of
national duty and self-preservation; when, if govern­
own attitude toward them.
We are inclined, in fact, to go so much further as ments were divorced from business control, trade
to assume that the political and diplomatic difficul­ would have no need of force, and would flow over
ties with which England knows herself to be con­ the earth as pervasively as light. Rightly analyzed,
fronted, through her own engagements of this sort the great European war stands an eternal protest
with her Continental allies, would be largely diminished against trade control by political institutions.
or removed by the fact that the United States should Jealousy of States, seeking a way out, advantage,
retain a free hand for action in the final settlement. and exerting force to obtain it, is forever in oppo­
As we interpret Mr. Balfour's words, they reflect sition to mutual trade for mutual good. And
this belief. Combined with the unmistakable wish governmental control, by the very act, arrays itself
of the Russian democracy to reject, not the rightfu against the good of all peoples and nations and the
and inevitable reparation for Germany's action in permanent peace of the world.
If this coalition of Government and business which
Belgium, France and Serbia, but such purely puni­
tive impositions as should amount to old-fashionec the address now seeks to fasten upon the United
spoils of war, or such deliberate attempt to crush a States, has resulted in, if it did not directly cause,
defeated antagonist as was made by Prussia in her this colossal struggle for territorial expansion, foreign
terms with France in 1871, the maintenance of our trade control, and governmental domination, can
own unpledged position would be a matter of high it be doubted that when democracies are safe trade
assurance for the readjustment after war. That it will be free? At the very outset of any consider­
would go far toward removing such just apprehen­ ation of this vast and vital question, it must be noted,
sions as patriotic men have felt concerning the and must be admitted, that since the territorial
entry of the American Government into the politics boundaries of the nations, in which they exercise
political jurisdiction, are not based upon the relation
of Europe, there can be no doubt whatever.



A p r . 28 1917.]

THE CHRONICLE

of productive capacity area to a people’s sustenance,
but as now constituted are the result of military
operations, are the result of the operation of govern­
mental force, governments so instituted and sus­
tained, cannot by regulation and promotion either
control the volume of production or the direction of
exchange in international trade. And do not govern­
ments, whatever be their political form, whether
monarchic, imperialistic or democratic, which seek
to do this by the instrumentality of government, by
the very act become autocracies? When the free­
dom of the seas is accomplished and exchange com­
pletely supplies the wants and needs of all peoples,
it will sweep unimpeded across all these national
boundaries and find its equilibrium in the service and
happiness of mankind. But when urged by govern­
mental power, when promoted and controlled by
governmental agencies, when forced into arbitrarily
selected channels by the armed forces of governments,
it tends to rend asunder all other national govern­
ments and deluges the earth with blood.
The larger laws of trade are written in races and
continents, in valleys and seas, in rivers and water­
sheds, in winds and tides, in soil and sun. And
whether the government be tribal, feudal, state or
imperial, it cannot from within itself change these
laws in which production forever lies. These are
the primal, the higher laws, to which both men and
government must submit. And it is also true that
ever as men in their migrations over the earth people
the continents, and cluster in communities, and erect
institutions political and social, the increase in popu­
lation is against the weight of subsistence. There
must be exchange of surplus for surplus, and to use
a figure of speech, the valleys must feed the moun­
tains, no matter where the lines of the political insti­
tution may run. And if this be true, government is
shorn of any power to direct trade to mutual good
because it is an arbitrary political division. And
the supreme fact of the world to-day is that it does
not even tend to do so save by restrictions that
impede.
More than a century and a quarter ago a trade
doctrine was given to the world which, we believe,
despite all efforts at government control, has lost
none of its force. Its purpose has been declared as
follows:

1637

in the world. If the protective tariff be pointed
out in opposition, we merely point ot England under
free trade, and leave the question. But even a pro­
tective tariff did not deny the efficacy of personal
ownership and control, and this until the present
time of onerous tax laws and of increasing rule by
governmental boards, was the law under which we
advanced. And it remains as true as it ever did, that
men must own what they acquire that their labors
be fruitful, must own the tools of their trade, whether
it be land or capital, that they may be independent,
must have the right to initiate enterprise and control
and direct its operations that they may be free and
not bound. And make no mistake— domestic gov­
ernmental control is as impossible and as indefensible
as that which relates to foreign, and in the complex­
ities of modern life the two are more and more one.
How then, under the principles enunciated in this
address, can the small States of the world ever reach
freedom and independence? How can they do so
until commerce, the beneficent lightgiver of the
world, flows out, in and through them, unrestricted
by territorial power vested in political institutions
that have and can have no relation to production
and exchange, the wants and needs of mankind, and
the industry and intellect of peoples and races?
How does this doctrine of Federal control of industry
relate itself to the hoped-for expansion of the nation
in the world’s trade? Can our foreign trade be free
and our domestic trade be bound? How can wheat,
from the vast fields of Australia, America and Russia
flow to meet the hunger of the world when the
political divisions attempt to declare the acreage to
be planted and the price to be exacted? How can
popular loans, to rebuild, if you will, the desolated
lands, aggregate, save by the free emission of indi­
vidual credit,'taking its form, direction and amount
through commercial needs which themselves ignore
the boundaries of States? And yet it is even now
that the Federal Reserve Board is striving to force
into its control the small agencies of community
credit, the State banks, and by a consequent neces­
sary removal of their gold taking from the depositors
in these voluntary institutions the security that
exists in the only money of ultimate redemption.
What relation does the house of Morgan, of Kuhn,
Loeb & Co., of Brown Brothers, serving various
peoples and communities in so mighty a way, bear
to governmental control of credit? No, the fulcrum
of trade equilibrium is unrestrained human endeavor.
Commerce and credit seek a level throughout the
world as naturally as water. And over against the
governmental control advocated in this address, we
set the following, from^the earlier writings of Adam
Smith:

“ T o illustrate the provision made by nature in the
principles of the human mind, and in the circum­
stances of man’s external situation, for a gradual and
progressive augmentation in the means of national
wealth; and to demonstrate that the most effectual
plan for advancing a people to greatness, is to main­
tain that order of things which nature has pointed
out; by allowing every man, as long as he observes the
rules of justice, to pursue his own interest in his own
way, and to bring both his industry and his capital into
the freest competition with those of his fellow-citizens.
Every system of policy which endeavors, either by
extraordinary encouragements to draw towards a
particular species of industry a greater share of the
capital of the society than what would naturally go
to it, or, by extraordinary restraints, to force from
a particular species of industry some share of the
capital which would otherwise be employed in it, is in
reality subversive of the great purpose which it
means to promote.”

“ Little else is required to carry a State to the high­
est degree of opulence from the lowest barbarism,
but peace, easy taxes, and a tolerable administration
of justice; all the rest being brought about by the
natural course of things. All governments which
thwart this natural course, which force things into
another channel, or which endeavor to arrest the
progress of society at a particular point, are un­
natural, and to support themselves are obliged to be
oppressive and tyrannical.”

And essentially upon this doctrine, contrary to the
commissions and governmental control of industry
which this address, as will be seen later, seeks to
superimpose on the people of the United States, the
nation has risen until it is now heralded as the richest

Howjpassing strange it is then, that at the very
hour when these trade autocracies embodied in and
engendered by European States are fighting for
supremacy, the example of their policies should be
heldjbefore^the eyes of the American people as the




1638

THE CHRONICLE

only way to freedom and peace? As we consider it,
we seem to see once more the clear vision of the foun­
ders of the Republic. Breaking away from the
slavery of feudalism and the divine right of kings,
they sought to erect a State and to protect a citizen,
where the individual by his own effort through
thought and toil might achieve all the starlike good
that in the beginning was set in the firmament of
personal and national glory.
The teachings of Rousseau and Marx, of Voltaire
and Paine, were ringing in their ears, but in the
government they formed they denied neither God
nor man. It is true that they were not beset by
the complexities of modern life, with crowded cities,
huge industries, and large groups of workers, whose
insistent troubles, like the jangling of a compressed
nerve, reduce all thought to self-interest and escape.
But they saw clearly the principles of freedom that
can never be annulled. They saw, with what seems
almost a divine seership, that you cannot make a
man a bond-slave of the State, even in a republic,
without degrading him, without depriving him of
that destiny written in his inherent powers, thus
destroying progress. And so they repudiated Rous­
seau and his commune, and forever fixed in the
organic law of the land the indefeasible right that
a man may own all that lie has honestly earned.
They said, therefore, that the least government is
the best government, so long as it shall guaranty
to the individual the liberty of a full use of his powers;
that it cannot direct his endeavor without making
him an automaton; that it cannot regulate his busi­
ness life without restricting it; that it cannot entangle
commerce in the meshes of the law without smother­
ing it; that when competition dies, the competition
of independent units and classes in production and
trade, co-operation dies; that man exists, and will
always exist, in an environment of natural law which
can never be abrogated by artificial law as long as
the seasons recur and the soul aspires. And we
maintain that under this dispensation we have pro­
gressed, until now, in peace; and become one of the
leading powers of the earth; while by the very op­
posite course, as outlined by the opening of this ad­
dress, the culmination of governmental control of
trade by the European countries finds them en­
gulfed in human blood.
The address says: “ The modern State is as much
an economic as it is a political unit.” But this is
just what it is not, and cannot be. State here is
used in the broad way as a political entity. Because
the little State of Belgium held firmly to its State­
hood, and by doing so became heroic in the eyes of
the world, it also became a road, and a wilderness.
Yet the armies of the Union and the militia of the
States passed over the State of Texas without re­
sistance. And trade sweeps across State lines in the
United States and does not know that they exist.
States as political units exert force, and fight; but
as economic units they do not and cannot, save by
becoming autocracies. And let us make no mistake.
When this address advocates commissions as. su­
perior to Congress, where, as it avers, the selfish
interests all have their representatives, it is advo­
cating semi-socialism; striking at the integrity of our
States as political units; and undermining the very
foundations of democracy and the republic. We
quote: “ Under our democratic system (speaking of
thorough organization in trade) this cannot be fur­
nished by changing party governments, but can



[Vol. 104.
=r

only be provided by fairly permanent, non-partisan
and expert bodies. These bodies must combine the
judicial point of view with that of active and con­
structive business minds. They must be able to
act as expert advisers alike to Congress and the in­
dustries concerned.’ '
Does the Inter-State Commerce Commission mere­
ly advise the railroads? Does the Federal Reserve
Board merely advise the banks? Has any commis­
sion a higher sense of justice than the Supreme Court?
Is it possible to find in the combined intellects of nine
or thirteen men, a judicial mind that is superior to
the combined mind of all the industries of the coun­
try, either in independent and self-constituted organ­
izations for harmonious operation, or to the individual
minds of those constructive geniuses who have
budded our greatest industries? The very fact that
our national wealth was amassed under individualism,
under free initiative, under governmentally guaran­
teed ownership, and under personal control, is suf­
ficient answer, if one were needed. There is an
adage that advice is cheap. To stop here is to deny
any efficacy in commissions.
The address is monumental in that it is the first
bold and unrestricted stand for this form of autocracy.
For the logical requirement of the commission is
power. And as a people, therefore, we are to be
ruled in the future by non-partisan boards, amenable
neither to the individual citizen, to the Congress of
the United States, or to the adjudication of laws by
the Supreme Court— perfect in their judgment,
unassailable in their power, arbitrators before and
over all the divisions of industry.
Production, distribution, exchange and con­
sumption, in a vast territory like the United States,
are to be modeled on the troubles, jealousies, mon­
archical and imperial forms, with their mad ambi­
tions, and upon the limitations of the pent popula­
tions of Europe. And wherever, in the gigantic
march forward, these industries, agricultural, manu­
facturing and transportation, jostle each other, the
police power of the Federal Trade Commission and
the Federal Reserve Board are to bully them into
line. And this way lies the progress and liberty
of a free people. And let us not forget that if we
know anything of foreign trade, it is that it is an
influence on domestic trade; and that domestic
trade, as an economic unit, has no more relation to
national lines than it has to State lines, but is af­
fected by the changing currents of foreign trade.
The national wealth will always rest on the labors
of a free people in the broad interior sheltered valley
of the North American continent, rather than in the
laws which Congress may enact, or in the rules and
regulations which autocratic commissions at Wash­
ington can make.
We conceive, in the good time coming, of the
United States sitting at the council table of world
peace, as the representative of democracy and of
the rights of small States. The proposal for com­
plete disarmament is made, and by some guidance
which can only be divine, it is adopted. And lo,
the seas are indeed free. That for which all are
fighting is now accomplished. And then, by indi­
vidual, corporation and community, according to the
gifts of nature in man and earth available, commerce
begins its victorious and peaceful conquest of the
earth. The lore of the looms and the joy of the
harvests encircle the world. And wherever there is
want, supply rushes to fill it; and where there is supply

A m . 28 1917.]

THE CHRONICLE

want reaches to seize it. And the ports of the small
States and of the large are alike open. And over all
shines the glory of achievement and before all
beckons the boon of wealth. And he who discovers
and serves, wins. And somewhere in the magic
endeavor the lines of effort converge, and an inter­
national mart springs lip where prices reach their
level, where credit ends its mission, and where the
law of the greatest good to the greatest number at
the least cost in human labor is fulfilled. And this
far-off event sends its influence into all lands; and
domestic trade, according to soil and sense, feels a
quickening touch and a fostering guidance; and there
is plenty and opportunity, progress and unity, every­
where. Utopian, and truly so. But the ideal of a
world in which democracies are safe— for there are
none to molest and none to interfere, and the natural
law which is the divine law is regnant. Utopian!—
but not so much so as that dream, born of auto­
cratic ambitions, that trade and credit commissions,
created by artificial political agencies in haphazard
areas of remote continents, can seriously affect, save
to obstruct, this universal urge of the human soul,
and the conditions, content and course of this self­
creative, world-wide and beneficent commerce.
Political units hold no commercial power within
themselves, and cannot become coincidental with
economic units, this address to the contrary not­
withstanding. Commerce makes its own laws and
they override all others, save and alone when force
deluges the earth with death and disaster. That
commissions, though seemingly clothed with power
by political entities, failing to control, become inter­
ferences; that from within themselves they cannot
perform, and do not actually perform, the functions
attributed to them; notwithstanding this address
holds them up for our admiration and support, is still
to be shown, but must be deferred to another time.
CENSORSHIP A N D THE PRESS.
This subject is receiving none too much considera­
tion by the people at large. Taken in connection
with a more or less drastic espionage bill it assumes
a gravity that calls for most serious thought. As
pointed out by one newspaper recently, it is not a
matter that concerns the press as much as the people,
since one kind of news, save for the duty of dis­
crimination, serves the publisher, as such, as well as
another.
It is probable that, as the nation is now at war,
there arc some declaratory provisions about what
not to print that might properly bo embodied into
a law by Congress. But these are few, and the in­
hibitions should be unquestionable, and specifically
named. Further than this it is dangerous to go.
The press is our great popular forum. In it the
voice of the citizen may be heard appealing to his
countrymen. Daily, letters to the editor and
signed articles, reflecting personal views on prac­
tices and principles of government, appear. The
orator-publicist reaches a small audience in com­
parison. Under modern customs, in its relation
to the people, a journal attains to a personality.
And it is by the free interchange of opinions of all
editors and all writers that we reach the golden mean
of nationalism upon which a republic rests.
Publishers arc business men; and the people are
the beneficiaries of the press. But news, in a re­
sponsible and educative journalism, is of little value
without comment, and there cannot be incisive



16 39

comment without news. Fiery times lie ahead of
us. War is a devouring monster, though waged in
the interest of world-democracy. We shall as a
people have many acts and principles to ponder
over. And we love freedom at home as well as
abroad.
At the very outset of our considerations, we are
conscious of the fact that we already have a censor­
ship, ere the war is a month old. By what constitu­
tional authority created it is needless to inquire.
Of the personnel of the Committee, or Board, we
are aware: Secretaries Lansing, Baker and Daniels,
andMr.George Creel, three members of the Cabinet
and a reputed “ magazine writer.” Let us accord the
Board the meed of being estimable gentlemen, and
to Mr. Creel talent and worth as a writer— who are
these men, and why this combination? What have
these three Cabinet officers to do with the freedom of
the press and the rights and interests of the civilian
population of the United States? W hy is a “ maga­
zine writer” chosen over the trained and tried edi­
tors of the country for so important a post?
Editors and writers occupy different attitudes of
mind. And there is reason to believe, in the prac­
tical relations love is not overabundant between
them. The editor in fact censors the writer. The
business of one is to produce, of the other to select.
Why turn this about and make the temperamental
writer the censor of the judicial editor? As a mere
matter of technique, this is a reversal of the accepted
order of things, and of the natural and rightful or­
der, and in so far it cannot be for the best interests
of the country. We pass by the obvious distortion
of liberty in appointing at a critical time three public
officials most likely of all others to receive criticism,
and vesting them with a power which tends toward
suppression.
Thus, before a single regulation is promulgated,
the repugnance of censorship to the dignity, worth
and progress of journalism is made apparent. We
name no names, but imagine the tribute thus paid
to such an editor as the one endearingly known to
the whole people as “ Marse Henry” by placing over
him a young and enthusiastic “ magazine writer” to
tell him what to print and what not to print; or the
deference shown to the whole magazine world by
vesting authority thus in any one to delete the life­
long work and attainments of a veteran like George
Harvey? Already Dana and Prentice must have
turned twice in their graves!
Censorship, good, bad or indifferent, means con­
formity. And this is the last thing to be desired in
journalism. It tends toward automatism, the bane
of freedom, progress, truth and idealism. The
trend of journalism has been unmistakably toward
independence. The political party organ is dis­
appearing, and those that remain are no longer
bound by platform or caucus. It is incumbent
to print all the news, within the limits of highcharactered management. Specialization itself de­
mands the wide survey of events and universal com­
ment on affairs. The journal devoted to a single
interest cannot rightly benefit its own clientele, that
docs not relate its special work to the world at large,
that does not comment on the collateral issues which
affect the locality, the citizens, the trade or profes­
sion or department of life, it serves; while the
metropolitan daily press is an epitome of the activi­
ties and interests of mankind, or it cannot fully
serve the State or the people.

1640

THE CHRONICLE

(Vol. 104

Is war so sacred a cause that it must be spoken of Houston to Congress to strengthen the Government
with bated breath? Why, in such a state, is it not machinery for controlling the food situation.” To
more incumbent than ever to keep the principles of some of the steps suggested there can be no objec­
peace from dying out of the human mind? Have tion, such as making a survey of the field and putting
the leading daily journals of the country had no part up posters in public buildings urging all persons of
in urging this war upon the country, in the belief any experience in farming to register with an agent
in its tremendous power to bring good to the world? in their county. It may not be objectionable to
And can it be believed that they will now stultify seek authority to permit the railroads to carry at
themselves, defeat the end sought, and degrade the reduced rates or even without charge men who are
nation, by lending “ aid and comfort to the enemy?” clearly bound for farm labor; but it is a far cry from
Why a censorship in war more than in peace? Are this to regulating packing-houses, fixing prices, and
not the constituents of treason embodied in the laws doing the work of distribution.
Doing any part of this naturally involves getting
of the land? But granting that in troubled times,
in the excitement and irresponsibility of aroused into all of it, and the sufficient answer is that in­
passion, there is need for a tempering mind and dividual action must be our dependence. If the
hand, who is to exercise the power? Are the people State of New York were to attempt, officially, to
to be free and the press shackled? Is there more grow, carry, and distribute the food for this one
virtue in repression than expression, in concealment city we should find ourselves in extremity, and if
than publicity? M ay not the extreme of one be as one State cannot successfully become producer and
pernicious as the other? We are already furnished almoner for one city still less can the general Govern­
ment do this for the whole country and for our allies
with an illustration.
Ere three days of his incumbency had elapsed it abroad. That some nations, including England,
was said that Mr. Creel had endeared himself to are controlling food and food prices is not an exam­
the “ newspaper men” at Washington. And this ple to be followed prematurely, nor are the differences
was due to his announced policy of an extensive in areas involved and otherwise to be overlooked.
It is unnecessary to urge the railroads to give
publicity— seven-eighths revelation and one-eighth
concealment. A hint light as gossamer was given preference to agricultural needs; they will do that
that State secrets hitherto locked in the archives sufficiently without urging. They have the keenest
might be given wings. Naturally the reporters were interest in the subject, they have an efficient and
pleased. And certainly secret diplomacy is a curse experienced organization, they have been for years
to the world. But why put into one man’s hands engaged in agricultural propagandism, and they are
this power at this time, if it shall in fact turn out to already at work. For example, the N. Y. Central
be exercised, rather than to rest the case with a has put on display at all stations information for
conscientious press that in any event must exercise farmers as to sources of seed supply and the method
judgment and discrimination as to what is best? of getting help from the arrangements made by
If, as hinted, there is to be a policy of more publicity private persons for loans on favorable terms, and
may it not become a means of campaigning for also for assistance in reaching available labor. So
measures, for which, the desire is, to mould public much publicity has been thrown upon this whole
subject in the past month that the country is quite
approval, which should be independently given?
The truth, the whole truth, and nothing but the awake to the paramount necessity of the largest
truth, in its relation to the welfare of the people possible food crop. Mr. Wilson’s appeal was most
should not receive the interpretation of one man as timely and was excellent in every respect, and it
against a thousand editors. Everybody knows a had the advantage of reaching the whole country
journal can lend color to news by the way in which simultaneously.
There will be much zeal without knowledge, but
it is presented. Everybody knows that editorial
utterance carries a different responsibility from the the amateur workers will gain in health, in ex­
mere personal. Everybody knows that publica­ perience, and in interest in the subject; moreover,
tions do not print all the articles, news, letters, there cannot fail to be a material addition thereby to
whimsies, or advertisements, that are offered to the sum total of food grown, even in this present sea­
them. The policy of no reputable, influential, and son. We shall not have too many potatoes or other
beneficial journal can be declared at Washington vegetables, and some of the suggestions offered have
by one, four, or any number of men, and upon this great practical merit. One of these relates to de­
hydrating, more commonly known as drying, which
all its usefulness depends.
Yellow journalism proved its own undoing. There is applicable to both animal and vegetable sub­
is no profit in muck-raking. A journal succeeds stances. The familiar canning is defective in im­
only as it appeals to the better nature and the portant particulars: the tin required is now more
higher interests of the people. And it is a voice than usually valuable, the costs of freight and hand­
howling in a wilderness when it seeks the approval ling are needlessly large on canned goods, and the
of the miasmatic influences of life. Censorship is process involves waste throughout. A potato or a
a reflection on the judgment and open-mindedness peach consists of water and some cellular matter
which also flavors the water. Remove the water,
of the people as well as an injustice to the press.
and weight and bulk are saved; keeping qualities
RATIONAL METHODS OF MEETING THE FOOD are secured, and the addition of water at the time
of use restores the original condition. The theory
SHORTAGE.
The problem of food continues to be uppermost, is simple, and the dried article can be made fresh
and certainly does justify anxiety, but some of the again in a much larger degree than many people are
propositions concerning it are more hysterical than aware; for a single example which comes to mind,
sound. “ The entire weight of the Administration,” the dried Lima bean, properly cooked, is practically
one recent Washington dispatch tells us, “ is to be indistinguishable from the bean just picked. The
thrown behind t e
ommendations of Secretary drying treatment also has the immense advantage



APR. 28 1917.]

THE CHRONICLE

that it can be used to preserve a fruit and vegetable
crop that might otherwise perish because of temp­
orary glut or because of the costs of carrying to mar­
ket; the cost factor through packing and carrying
is considerably reducible, and the dried product can
be kept sound until consumption can reach it. The
suggestion has been made that if the brewers are to
be summarily halted by prohibition as a war measure
they might adapt their plants to the useful end of
food conservation.
There are encouraging signs, also, of awakening
to the need of checking our habit of waste. For one
example, many of the large hotels and private clubs
of this city have agreed to cut down their menus by
providing sufficient nutritious foods and omitting
the great former range of dishes already prepared
and ready for call. Privation, of which more may
be coming to us than we have yet dreamed as pos­
sible, may have its compensations; we are sinners
above all other nations in the matter of prodigality
and waste, and we deserve a severe lesson.
The first transaction in extending financial aid
to our allies is as spectacular in scale as simple in
manner, and it goes promptly into materials, thus
again reminding us that money is merely a counter
and a measure and that “ things” are what we have
to furnish and have need to produce. The burning
of a grain elevator, a few days ago, involved a $600,­
000 loss, as reported, but the real loss was of 200,000
bushels of wheat which were wastefully consumed.
Another lately reported incident is of interest at
several points. From Buenos Aires we are told that
after Argentina had feared a too large drain of her
cereals and had considered laying a protective em­
bargo, she has composed her discussion over that
subject by undertaking to lend the Allies 180,000
tons of wheat and 20,000 tons of flour, to be returned,
later, in wheat from England’s colonies. Here is a
loan, probably without precedent, which is made in
the form of food material and is to be repaid in kind,
a transaction between nations instead of individual
neighbors; it also offers us another lesson, helpful
and encouraging, in that it is distinctly a friendly
and a “ neighborly” act. Ordinarily, nations trade
with each other, with as keen selfishness as indi­
viduals do, each transaction being expected to yield
its profit and each loan its interest; but now Argen­
tina, recognizing the ultimate fraternity of nations
and the common interest in permanently establish­
ing democracy, makes a loan on friendly and as­
sisting terms only, to her neighbors across the ocean,
just as our own country is doing.
The suggestion of “ calling” an agricultural army,
by appeal in an approximately military manner,
is excellent; so is the phrase “ soldiers of the soil” at
once felicitous and just. It might not be amiss
to set up definite “ enlistment” camps, marked by
the common flag, or to use the flag for marking and
flying over the agricultural fields. Why not? We
need emphatic reminder that too much glamour
has been allowed to attach in the past, and still
clings in the present, to martial trappings and the
bugle and drum. We need to say over and over,
until we really perceive and begin to remember it,
that the plowshare is more than the sword and that
in this time of trial the inestimable prize of liberty
must be won, quite as effectually, on the agricul­
tural as on the military field. The soldier does a
duty and earns honor, when called to save an en­
dangered cause; but he is temporary, and will pre­



1641

sently exist only in history, we hope, while the
soldier of the soil will be needed as long as man is on
the earth. Why might not this man of the soil be
distinguished and recognized, at least while this
struggle of the whole world continues, by giving him
also his soldier’s uniform?
We must confess that we have not honored the
hoe and the plow as they deserve. The farmer has
been the butt of newspaper jest. His verdancy,
his uncouthness, his ignorance, his simplicity, his
coarsenessJof body and raiment, have been a part
of the stock in trade of the playwright and the
paragrapher. We have unduly exalted the dignity
and the pleasure of trading, and have half-tolerated
the farmer as a necessary servant yet hardly on
the level of the dwellers in towns. But for him, there
would be no goods to carry or to deal in, and there
would be nobody to do either; yet we have unduly
considered appearances and have been rather disposed
to put into aV‘mudsill” class the man who lives close
to the soil’and is’ our social and industrial foundation.
Now, it may be, we shall get some illumination
of mind concerning relative values, yet it must be
confessed thatjthe soil soldier has not been all he
should be in point of energy, intelligence, skill and
progressiveness;\ he^has plodded on, robbing the
treasury of the soil rather than respecting, under­
standing and really cultivating it; abundance has
tempted us to our hurt, and it has all been so easy
that we have been following the lines of least re­
sistance rather than hewing out harder though
ultimately more fruitful ones. If the farmer has
been comparatively a dull fellow, and if it is true
that the proportion of insanity is large among women
on the farm /dtjm ust be because of the narrowness
and the rut of routine in agricultural life. The
telephone and the automobile have already done
much to modify this routine, and the “ abandoned
farm” will be less a menace as agricultural methods
improve. A more scientific, more business-like,
more intelligent and studied, and therefore more in­
tensive, cultivation of the soil is what we have been
demanding, and now this is startlingly emphasized
by the present situation. To produce things must
become more remunerative, more attractive, and
more satisfying, as compared with selling things,
than it has been. The agricultural college, teach­
ing how to know the reasons of things and the se­
crets of Nature, and then to put them into practice,
is doinglits work; and one of the lessons we shall
take from our trial will probably be a rearrangement
of some of our ideas of proportions.
THE RAILROADS NEEDING A ID , W H Y NOT
REPEAL THE FULL CREW L A W S ?
The Legislature of this State has now been four
months in session.
There is much mischievous law­
making which it has not yet consummated. Perhaps
it has done a little good work. It has proposed some
good, and has proposed and discussed much that is
not good. Later, we must expect a renewal of the
familiar jam and hurry, the night sessions at which
men are in a fatigue that makes ordinary judgment
impossible, the shoving through of a huge mass of
30-day bills, to be left with the Governor to deal with
as best he can. In some future time, when we
realize the reasonable scope and service of statute­
making, we shall perhaps reform these wretched
habits; at present, we submit to them passively, and
just now the world situation dominates all else and

1643

THE CHRONICLE

so possesses us that few notice what is going on in
State capitals.
There is one thing our Legislature could do, before
the rush sets in; it could quietly take up an old
subject, upon which further argument and explana­
tion really seem superfluous, and could do some­
thing towards setting things more nearly right by
repealing the “ full crew” law.
Two years ago a determined effort was made to
accomplish this. The managements of thirteen roads
explained, in a direct appeal to the public, that
enforced employment of useless men was costing
many millions annually. But the public safety
should be paramount? It should, and the roads
hold it thus. If a railway corporation were worse
than soulless, possessing an evil soul that delighted
in carnage, the immovable fact would remain that
it cannot afford to have wrecks on its line and that
no outlay necessary to prevent them would be deemed
bad economy. Railway executives might safely be
left to hire as many men and use all precautions that
are necessary, but they do not ask this. Two years
ago they offered a pledge that if any evidence could
be produced that trains would be undermanned
without any law on the subject, they would openly
support such amendments as might be needed in
order to make sure that Public Service Commissions
had power to determine and require an adequate
train-manning; and the proposition now pending at
Albany is even more modest, permitting the suspen­
sion of the law during the war and six months there­
after, if the Commission in the second district
declare that enforcement of the “ full crew” law
would be against the public welfare.
Two years ago the railway managers told the public
that the two millions, annually paid for superfluous
brakemen in Pennsylvania and New Jersey repre­
sented 5% interest on 40 millions, and that with the
money they could have bought 80 of the locomotives
needed for increased service, or 200 steel cars, or
07,000 tons of new steel rails, or have supplied block
signals on 88 miles of track, or have eliminated 65%
of grade crossings.
Which would the public seriously prefer, men
drawing pay for twiddling their thumbs (or, perhaps,
keeping the thumbs in their pockets) or men produc­
ing something ?
Two years ago the trainmen spoke of this as “ their”
law, which it truly was, inasmuch as the interest
of everybody except themselves was really opposed
to it. They talked of the public safety, and they
tried to make another point by saying that the wages
paid to these useless men are not wasted but aid
business by being expended in the costs of living.
Quite so, the idlers have to live, and must expend
their wages to that end; but if they were employed
in productive labor they would expend their wages
just the same, and the results of their labor would be
added to the aggregate wealth of the country. For
example, if the wasted two millions were buying 80
locomotives per year the locomotives could be doing
work, and, further, constructing them would furnish
a year’s employment to 894 men in locomotive works
and to 851 more in steel plants, mines and elsewhere.
The economic plea that compulsory hiring of a lot
of men to do nothing keeps money in circulation and
therefore is no waste is like the plea that fires are
good, because they furnish employment, or that
the explosion of last summer in our harbor was
good because it made jobs for glaziers.



[Vol. 104.

The full crew law is at once heartless, selfish, and
stupid, merely the successful attempt of organized
labor to saddle some of its members upon a sorelyoppressed public service, a service indispensable not
merely to prosperity but to existence, a service which
maltreatment has kept barely equal to demands upon
it in ordinary times and is now confronted by extra­
ordinary demands in the present situation. The
public seems indifferent about it still, but it is quite
time the public began to consider its own protection.
A reluctant and tentative rate increase is a pending
proposition; why should not useless burdens upon
the carriers be removed?
There is another aspect to the matter. The
country is calling loudly for men for the army and
navy, and appeals to patriotism are stirring the air.
The country needs quite as seriously an enlistment
for service in agriculture and in all productive and
sustaining industries, for national life is a long line
(especially when the supreme struggle of war must
be made) and one weak link in any part of this line
is perilous to the whole. Now here are a lot of men,
able-bodied and weak only within, if at all, loafing
on trains where they neither do nor can render any
service. They may have an inborn sense of fatigue,
and long indulgence may have increased that. If
some of them feel a stirring of shame or have a throb
of patriotism or crave more genuine thrills than they
can get as train loafers and therefore enlist, or if
selective conscription hits them, the foolish law
would compel hiring others to take up their idleness;
why not repeal the thing, under pressure of the
situation, after being unable to get repeal from the
politicians before? Here are some thousands of men
physically able to earry.a gun or wield a hoe, to serve
in the war trench or to make the equally needed
trench that the plow share turns up. Why not
enlist them for one or the other service, in one or
the other field? At least, why not release them from
their lazy job that benefits nobody and reacts upon
themselves by stupifying their manhood?
THE N E W YORK CENTRAL REPORT FOR TIIE
CALENDAR YEAR.
The report of the New York Central Railroad Co.
for the fiscal year ending Dec. 31 1910, as published
by us last week, makes a wonderfully prosperous
showing and such as no one, no matter how much of
an optimist he might have been, could have dreamed
possible only two years ago. It is the irony of fate,
which in recent years has been piling up one mis­
fortune after another upon the railroads and has
made the task of railroad officials such a difficult
one, that with an exhibit of such unsurpassed ex­
cellence the management already is obliged to lament
the fact that conditions have so radically changed
for the worse that relief in the shape of higher freight
rates is urgently needed in order that this great
railroad system, along with the railroads generally,
shall be able adequately to fulfill the transportation
functions demanded in the national welfare and
railroad credit be maintained unimpaired. That is
the burden of the remarks in the report, rather than
the favorable character of the results, and of course,
in the occasion existing, this attitude is abundantly
justified.
President Alfred II. Smith points out with much
force and logic that the year 1910 was remarkable
in many ways. The extraordinary business pressure
growing out of the demand for munitions, foodstuffs

A pr . 28 1917.]

THE CHRONICLE

1643

and other material for export, produced the largest the general trend during the three year period and to
traffic in the history of the road. For a part of the note the wonderful transformation effected in income
j rear, he notes, this growth in traffic was profitable showing and in operating efficiency during this short
because the plant was adequate in condition and time. In 1916, as in 1915 and 1914, no more than
capacity. With the congestion of terminals, how­ 5% in dividends was paid upon the company’s
ever, which later developed, together with many capital stock. In 1914, it deserves to be recalled,
changes in the markets reached by various produc­ the old New York Central & Hudson River R R .
tions upon the line, the company arrived at a point fell short of earning the 5 % . In that year it had
where additional business was sometimes unprofitable only $8,688,672 of income available for dividends,
because efficiency involved a dispatch of business whereas the call for the 5% dividends for that 3rear
and co-operation by patrons that did not develop was $11,278,520, leaving, hence, a deficiency on that
ratably with the demand for transportation. The year’s operations of over two and a half million
causes of this, he declares, are essentially beyond the dollars. The Lake Shore & Michigan Southern being
company’s control. They are a function of the then still separately operated, the figures given did
changes in markets, supply and demand, prices and not include the surplus above dividend requirements
the commerce of the times. Says Mr. Smith: shown by that property (the N. Y. C. & H. R. R R .
“ The impressive fact is, therefore, that for additional on its holdings of Lake Shore stock getting the benefit
growth of traffic beyond that witnessed during the merely of the Lake Shore earnings distributed in the
year 1916 there are required in many places largo shape of actual dividends and not that of the surplus
investments in terminals, and other facilities that left over after the payment of these dividends), but
will need extensive financial provision when even with this Lake Shore surplus allowed for, the
reached.”
most that could be claimed was that the Central and
Mr. Smith then passes in review the eight hour its allied properties had come very close to having
legislation of last September, enacted at the expense earned the 5% dividends paid on the New York
of the railroads to avert a threatened strike. Ho Central shares.
refers to the carrying of the controversy to the United
In contrast with this poor showing for 1914 the
States Supreme Court, how the train hands got results for 1915 of the consolidated properties dis­
impatient and the trouble came up anew in the early closed a surplus above the dividend requirement in
months of this year, and how, even before the the large sum of $15,244,990, while now for 1916 the
Supreme Court decision was handed down sustaining surplus above the 5% dividends paid reaches the
the law, the railroads were obliged, as a result of imposing figure of $30,692,606. In other words,
mediation at the solicitation of the President in view while only 5% was paid in dividends the equivalent
of the national crisis with which the country was of 12% more was in 1916 carried forward to profit
confronted because of Germany’s submarine policy, and loss, making altogether over 17% earned for the
to concede in advance “ all the important demands of shares. Gross earnings between 1914 and 1916
the employees with the exception of punitive over­ increased from $152,351,590 to $201,585,048, making
time.” Proceeding along these lines he is led to the an addition in the two years of 49 million dollars,
conclusion that “ while therefore new burdens and while net revenue from operation almost doubled,
problems are thrown upon the railway managements rising from $39,003,167 in 1914 to $71,846,679
in order to meet the costs and complications which in 1916.
these matters have added, as well as the increased
As one evidence of the development of operating
cost of fuel and supplies, the situation calls for economies and operating efficiency, the ratio of
renewed efforts toward increased efficiency and expenses to gross revenues after having been reduced
prompt and thorough presentation of the need for from 74.40% in 1914 to 65.15% in 1915 as a first
additional revenue through rate increases
result of consolidation, was further reduced in 1916
Upon the question of “ efficiency” the management to 64.36%. Of course the gain in gross earnings in
is certainly doing its part, the progress made in that the two years does not reflect actual new revenue to
respect in the previous year having been further im­ that extent. In part it is merely a recovery of
proved upon during 1910. The truth is, through con­ antecedent losses and that makes the wonderful
solidation the Central property was entirely rejuven­ improvement in net all the more noteworthy. The
ated, making possible measures of economy and effi­ precise extent of the previous losses cannot be
ciency which previously had seemed out of the question. stated, since the constituent properties were all
The growth in traffic and expansion in revenues, and operated separately in 1914, but the whole of the
the facility with which the increased business has increase of 1915 over 1914, amounting to $15,560,­
been handled, has been as much due to this rejuvena­ 743, was merely a recovery, and not a full recovery
tion of the property as to the noteworthy revival of at that, of the loss in earnings sustained in 1914.
trade following upon the war in Europe. The present The New York Central & Hudson River R R . in
is the second annual report of the consolidated com­ 1914 fell behind in its gross revenues only $9,942,758,
pany, comprising a merger of the New York Central but this was independent of the Lake Shore, where
& Hudson River Railroad Co. with the Lake Shore the gross earnings decreased $7,828,823. Thus, on
& Michigan Southern lty., and a number of other these two main constituent properties, the loss in
but smaller properties. But, while the operations gross in 1914 was $17,771,581, or over $2,000,000 in
of the consolidated company cover two years only, excess of the 1915 gain, without taking at all into
general totals are available for three years, inasmuch account the losses on the other but smaller properties
as in presenting the results for 1915 in the first that also went into the consolidation.
annual report certain comparisons with 1914 were
As further evidence of efficiency we may note that
given (the results for this preceding year as reported despite the freight congestion and freight blockades
by the separate constituent companies having been that developed, the locomotive engines averaged
adjusted and combined so as to provide an approxi­ 31,681 miles run in 1916, against only 26,123 miles
mate basis for comparison) making it possible to see in 1915 and but 25,054 miles in 1914, showing that



1644

THE CHRONICLE

[VOL. 104.

heavy local charges to pay and were not under the
necessity of conforming to any standard or type of
conveyance. But the necessity for regulating them
and placing them under some measure of municipal
control became quickly manifest, and with the
putting of such regulations in force, including re­
quirement of license fees and similar other, even
though minor, exactions and limitation to specific
routes, the path of the jitney became strewn with
difficulties. Finally, the doubling of the price of
gasoline has apparently dealt them a finishing blow,
at least as concerns the possibility of competing
on even terms with the trolleys. Some of them
will continue to operate, but as independent means
of transit to supplement the service rendered by
the trolleys or in sections where no electric lines
exist.
At all events, the electric railways in their returns
for the calendar year, which we present to-day in
our usual elaborate form, again display their former
characteristics and reveal satisfactory progress. As
we have shown in previous annual articles, up to
the end of 1913 the record of the street and electric
railways was one of practically continuous growth.
In poor times and in unfavorable periods, the growth
might be temporarily, or in part, interrupted, but
the general upward tendency of the revenue returns
of these local means of transit, covering urban,
suburban and interurban traffic, remained un­
changed. No such sharp or extreme fluctuations
in income, as are witnessed in the case of the steam
railroads, because of poor or abundant harvests, or
poor or good trade, were experienced. In other
words, the electric railways displayed elements of
stability that were lacking in the case of the steam
roads.
The experience in 1916 serves to corroborate and
to confirm these earlier conclusions. After the
standstill in revenues in 1914 and 1915 the upward
COURSE OF ELECTRIC R A IL W A Y EARNINGS trend in 1916 was resumed. The improvement, too,
as in previous periods, is markedly dissimilar to that
IN 1916.
Our annual compilation of the gross and net earn­ recorded by the steam roads. These latter re­
ings of the electric railways of the United States flected the wonderful expansion of industrial activity
affords testimony anew to the stability and steady growing out of the European war, while the electric
growth of the revenues of street and electric railways. railways, on the other hand, register merely the
In 1914, and again in 1915, the upward course of normal rate of progress which seems to be the law
earnings was interfered with by the fact that these of their existence.
We have complete comparative figures for the two
electric railways had suddenly become subject to a
new form of competition in the appearance of the years for 294 roads and the total of the gross earn­
jitneys. Even the effect, however, of the jitney ings of these roads in 1916 was $582,697,750 and in
(treating the entire body of electric railways as a 1915 $531,425,618, giving, therefore, an increase in
whole, irrespective of the conditions in particular the substantial sum of .$51,272,132, or 9.65% . The
localities and on particular roads) went no further magnitude of the operation of these electric railways
than to hold in check the steady growth which pre­ will appear from the fact that the total for the latest
vious experience had shown could be confidently year runs close to 600 million dollars. The net earn­
counted upon, and now— judging by the results ings for the same roads are .$219,236,230 for 1916,
for 1916— the influence of jitney competition as and .$200,791,907 for 1915, thus giving an increase
a disturbing factor has, in large measure, passed of $18,444,323, or 9.18% . No doubt the activity
of trade and business had some influence in bringing
away.
In their incipient stage the jitneys were obviously about this improvement, but what a tremendously
well calculated to divert traffic from the trolleys. more important factor it was in the case of the steam
In many of the smaller places they had manifest roads is evident from the tabulations for these roads
advantages over the electric railways and, charging which appeared in our issue of March 10. These
the same fare as these latter— in many cases only a tabulations showed no less than $547,647,836 gain
nickel— they did not find it at all difficult to take in the gross (17.35% ), and $236,623,427 gain
from the electric railways some of their most desirable (22.84%) in the net. In the previous year, too, and
traffic. They were not limited to particular streets in the year before that (1914), the results for the two
or routes, and could start anywhere and stop any­ classes of roads were in sharp contrast. For 1915,
where. They were not burdened with heavy outlay while the electric railways showed relatively slight
for track or for roadbed. They had no taxes or other changes (there being trifling decreases in both gross

locomotives were pushed to the utmost in order to
accommodate the increasing volume of traffic.
Most noteworthy of all, however, has been the
development of the train-load. For 1916the average
number of tons of revenue freight hauled per freight
train mile run was 766 tons, against 743 tons in 1915
and only 642 tons in 1914. This, it will be observed,
is an addition of 124 tons for the two years. It will
be recognized that these are high averages and as a
test of what has been accomplished we may point
out that under the improvement of the last two years
the train-load of the Central for 1916 at 766 tons
does not fall very greatly below the very high level
attained by the Pennsylvania R R . on its lines
directly operated East of Pittsburgh & Erie, lh at
is to say, the Pennsylvania’s train-load on revenue
freight in 1916 was 810 tons, against the 766 tons
for the Central. Including company freight the
comparison is yet closer, the total train-load of the
Central in 1916 having been 847 tons, as against
870 tons for the Pennsylvania Eastern lines. In
1914 the total freight train-load of the Central
(consolidated lines) was only 709 tons.
As a result of the development of the train-load
the Central’s freight trains earned $4 58 per mile
run in 1916, as against only S3 82 in 1914, showing
more strikingly than anything else what an improve­
ment has been effected in the short space of two
years. Thus, the Central management is doing its
part towards meeting the situation which, as Presi­
dent Smith puts it, “ callslfor renewed efforts toward
increased efficiency and prompt and thorough
presentation of the need for additional revenue
through rate increases,” and it is to be hoped that
the Inter-State Commerce Commission will speedily
recognize the urgency of the need for the latter part
of the requirement-—rate increases.




APR.

28 1917.]

THE CHRONICLE

and net) the steam roads, already feeling the in­
fluence of the improvement in trade, registered
5.06% gain in the gross and 25.54% in the net.
Doubtless the effect of business activity in 1916
would have been more marked in the case of the
electric roads, except for one special adverse cir­
cumstance, namely severe strikes in this city. As
already pointed out, neither business depression nor
business activity affects the trolley roads to the same
extent as it does the steam roads and yet neither is
ever absolutely without some influence, especially in
local communities, where industrial activity or the
reverse may in a marked way stimulate or retard
local progress and development. The strikes, how­
ever, in this city Inst summer operated to reduce
heavily the earnings of all the local traction lines,
more particularly those of the New York Railways
and those of the Third Avenue system. Local
traction troubles at one or two other points had a
similar effect in reducing revenues, both gross and
net.
In the figures we have been giving for the electric
roads we have been using simply the general totals,
and these, as shown, register a substantial improve­
ment in both gross and net. Not all of the separate
roads, however, share in the improvement, as already
indicated. Altogether, out of the 294 roads in­
cluded in our detailed statement at the end of this
article, 43 show a decrease in gross and 80 a decrease
in net.
With reference to this detailed statement, which
is very elaborate, it is proper to say that as in the case
of preceding annual reviews, we have sought to pro­
cure returns for the last two calendar years from all
the street and electric railways in the country. The
success attending our efforts can be judged from the
tables themselves. Manifestly, any compilation
dealing with electric railways is made up in consider­
able part of street railways, since these latter are
now practically all operated with electricity as motive
power. And yet the tables include many other elec­
tric roads, for electric lines connecting various suburbs
have become quite common, and there are also nu­
merous electric interurban roads of large magni­
tude.
We may repeat what we have said in previous
yearly reviews, that the task of obtaining these figures
for the twelve months of the calendar year is not al­
together easy. Where companies furnish monthly
returns, it is, of course, not difficult to make up the
figures. But the number of electric railways supply­
ing monthly returns is still exceedingly meagre— not­
withstanding that, with the increase in the capital
invested in these properties, the policy of secrecy in
their affairs, which formerly prevailed so widely, has
in large measure given way to more enlightened
methods. Another obstacle in obtaining statements
for the calendar year is that the fiscal year of the com­
panies in a great many cases does not correspond
with the calendar year. State boards or commissions
require returns ot street railways in the case of a few
only of the States, and where the requirement exists
the fiscal year is not as a rule identical with the calen­
dar year. In Massachusetts the annual statements,
formerly for the twelve months ending Sept. 30, are
now made to cover the year ending June 30, and in
the case of New York, Connecticut, Pennsylvania,
Ohio, California, Maine, and a few of the minor New
England States, the fiscal year likewise ends with
June 30. Outside of the States mentioned, very



1 6 45

little of an official character concerning street and
electric railways can be obtained from public docu­
ments.
Besides the roads which have furnished returns of
both gross and net earnings, 9 other roads have
favored us with comparative figures of gross alone.
Adding these on, the number of roads is increased
to 303, and the total of the gross raised to $584,­
864,479 in 1916, and $533,584,037 in 1915. The
increase in this case is $51,280,442, or 9.61% .
ROADS REPORTING GROSS ONLY.
Roads.

1916.

1915.

In crea se.

$

S

$

D ecrease.

$
Gross earnings reported below (294
roads)............................................. 582,697,750 531,425,618 55,556,638 4,284,506
a59,759
86,377
26,618
Hudson River & Eastern Traction..
25,332
24,838
494
76,697
77,947
1,250
Millville Traction C o................ .......
59,110
50,402
8,708
Missouri & Kansas Interurban____
115,049
103,129
11,920
89,920
83,762
6,158
975,186
1,048,011
72,825
Shreveport Railways........................
290,829
243,151
47,678
Tidewater Power C o........................
474,847
440,802
34,045
Total (303 roads)........ ................. 584,864,479 533,584,037 55,605,641 4,385,199
Net Increase (9.61%)......................
51,280.442
a The decrease in 1916 Is due to the suspension of operations from June 1 to
Sept. 2 1916 on account of a strike.

While the 9 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
ratios to gross earnings as are found in the case
of the roads which have furnished reports of both
gross and net— 62.37% in 1916 and 62.21% in 1915.
We make the computation, of course, only in the case
of the total of the whole 9 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 -------------- ---------------------------------- N et ----------------------1916.
1915.
In crea se.
1916.
1915.
In crease.
S
?
$
S
f
$
294 roads582.697.750 531,425.618 51,272,132 219,236,230 200,791,907 18,444,323
9 roads 2,166,729
2,158,419
8,310 *1,351,388 *1,342,752
8,636
Calendar
Y ear —

303 roads584,864,479 533,584,037 51,280,442 220,587,618 202,134,659 18,452,959
* For these roads the net Is merely an approximation, no figures having been
furnished by the companies.

It will thus be seen that the aggregate of the net
on the foregoing basis for the whole 303 roads
reaches $220,587,618 in 1916, against $202,134,659
in 1915, giving an increase of $18,452,959. or 9.13% .
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 1916 and 1915, 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------------------------------- N et -------------1916.
1915.
1916.
1915.
$

$

$

$

Forcal.yrs. as above (303 roads) 584,864,479 533.584,037 220,587,618 202,134,659
F oryrs.cnd . June 30 (57 roads). 41,975,970 40,798,862 13,814,832 13,782,914
Grand total (360 roads).......... 626,840,449 574,382,899 234,402,450 215,917,573
Increase........................................ (9.13% ) 52,457,550
(8.56%)
18,484,877

The total of the gross earnings (comprising 360
roads) for 1916 is $626,840,449, and for 1915 $574,-

[Vol. 104.

THE CHRONICLE

1646

382,899, an increase of $52,457,550, or 9.13% . Ag­
gregate net earnings are $234,402,450, against $215,­
917,573, an increase of $18,484,877, or 8.56% .
To guard against misleading the reader, we wish to
reiterate what we have said in previous annual re­
views of 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 may be mentioned the Denver Tramway
System, the Toledo Railways & Light Co. and the
Wilkes-Barre Rys. Co. Even with these roads and
many minor ones missing, our total of the gross for
1916, it will be observed, is over $626,000,000,
and the total of the net over $234,000,000.
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 and 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 Co., the Little
Rock Railway & Electric Co., the Birmingham Rail­
way, Light & Power Co., the Knoxville Railway &
Light Co., the San Joaquin Light & Power Corpor­
ation, the Binghamton R y. Co., the Iowa Southern
Utilities Co., the Union Railway, Gas & Electric Co.,
and some others.
We have been making up these annual compila­
tions continuously for twelve years now, and to show
how constant and general the increase has been
from year to year and how the totals have been
growing in magnitude, we furnish the following sum­
mary of the comparative totals of gross and net for
each of the years back to 1905.
E L E C T R IC

H A IL W A Y

GROSS

AN D

NET

GROSS EARNINGS.
Period —

C urren t
Y ear.

P recious
Y ear.

P erio d —

Current
Y ear.

P recious
Y ear.

1905 com oared with 1901----- ...$306,087,145 $281,608,936
269,595,551
" 1905----- . . . 300,567,453
1906
“
2S0,139,044
" 1906___ . . . 308,286,315
1907
“
348,137,240
•• 1907___ . . . 351,402,164
1908
"
345,006,370
•• 1908___ . . . 374,305.027
1909
“
405,010,045
“ 1909___ . . . 435,461,232
1910
"
428,631.259
“ 1910___ . . . 455.746,306
1911
"
457,146,070
•• 1911___ . . . 486.225.094
1912
*'
500,252,430
1912___ . . . 529,997,522
1913
“
548.296,520
“ 1913___ . . . 553,095,464
1914
**
569,471.260
“ 1914___ . . . 567,901,652
1915
“
574.382,899
" 1915___ . . . 626.840,449
1916
"
* Decrease.
NET EARNINGS.

1916.
A l b a n y S o u t h e r n R a i l r o a d C o . a ---------------------------------------------A l b i a L i g h t & R a i l w a y C o . a ---------------------------•- --------------------A m e r ic a n R a ilw a y s C o . a —
------------------------------- ------ ------------A r k a n s a s V a lle y R a i l w a y , L i g h t & l ’ o w e r C o . a -----------------A t l a n t i c C o a s t E l e c t r i c R a i l w a y , b -----------------------------------A t l a n t i c S h o r e R a i l w a y ( S a n f o r d , M e ) . b ----------------------------A t l a n t i c & S u b u r b a n R a i l w a y , b -------------------------------------------A u b u r n & S y r a c u s e E l e c t r i c R a i l w a y , b --------------------------------A u g u s t a - A i k e n R a i l w a y & E l e c t r i c C o r p o r a t i o n . a ----------A u r o r a E l g i n & C h i c a g o R a i l r o a d . a -------------------------------------A u s t i n S t r e e t R a i l w a y , b ----------------------------------------------------------B a n g o r R a i l w a y & E l e c t r i c C o . a -------------------------------------------B a rr o & M o n t p e lie r T r a c . & P o w e r C o . ( R y . d e p t . o n l y ) . .
B a t o n R o u g e E l e c t r i c C o . a ----------------------------------------------------B a y S t a t e S t r e e t R a i l w a y . b ----------------------------------------------------B e n t o n l l a r b o r - S t J o e R a i l w a y & L i g h t C o . b -------------------B e r k s h ir e S t r e e t R a i l w a y . a ----------------------------------- ------------------B i g n h a m t o n R a i l w a y ( R y . D e p t . o n l y ) . b ------------------- - - - ­
B i r m in g h a m I i y . , L i g h t & P o w e r C o . ( R y . D e p t . o n l y ) . b
B l o o m i n g t o n P o n t i a c & J o l i e t E l e c t r i c R y . b ---------------------B l u e I l i l l S t r e e t R a i l w a y . a ____________________________________
B o s t o n E l e v a t e d R a i l w a y . b ----------------------------------------------------B o s t o n & W o r c e s t e r S t r e e t R a i l w a y . b --------------------------------B r o c k t o n & P l y m o u t h S t r e e t R a i l w a y . a — . -------------------B r o o k ly n R a p id T r a n s it—
B r o o k l y n H e ig h t s R a i l r o a d C o . a -----------------------------------B r o o k ly n Q u een s C o u n ty & S u b u rb a n R a llr o a d .a —
C o n o y I s la n d & B r o o k l y n R a i l r o a d . a --------------------------C o n e y I s la n d & G r a v e s e n d R a i l w a y . a -----------------------N a s s a u E l e c t r i c R a il r o a d C o . a . ----------------------------------N e w Y o r k C o n s o l i d a t e d R a l l r o a d . a ----------------------------S o u t h B r o o k l y n R a il w a y C o . a ----------------------------------------




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
P er
Cent.

In crease.

$12,663,182
12,556,119
4,951,601
1,118,204
19,740,859
10,937,028
10,473,897
14,394,113
11,029,384
*1,126,315
*3,121,230
18.484,877

1905 eomnared with 1901 — ...$130,884,923 $118,221,711
111,024,076
" 1905... . . . 126,580.195
1906
“
121,050,703
“ 1906-.- . . . 126,002.301
1907
“
141,144,213
“ 1907... . . . 142,262,417
1908
“
140,647,906
“ 1908.. . . . . 160,394.765
1909
“
167,100,351
•• 1909... . . . 178,037,379
1910
"
175,527,542
“ 1910... __ 186,001,439
1911
“
179.915,760
1911... . . . 194,309.873
1912 ’
“
193,393,045
" 1912--. . . . 204,422.429
1913
“
212,146.403
" 1913... . . . 211,020,033
1914
“
217.440,533
1914... . . . 214,319.303
1915
“
215,917,573
" 1915... . . . 234,402,450
1916
“
* Decrease.

10.71
11.01
4.09
0.79
14.03
6.54
5.96
8.00
5.70
0.53
1.43
8.56

It will be observed that, while in the first year our
final total showed aggregate gross of only $306,067,­
145, the aggregate for 1916 reaches $626,840,449.
The net now is $234,402,450, whereas in 1905 it was
$130,884,923. Of course, to some extent, our ex­
hibit is more comprehensive now. In the main, how­
ever, 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 twelve 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 whole twelve
years, taking the aggregate of the increase for the sep­
arate years, amounts to no less than $286,198,199.
In 1908 we found that in the smaller localities, where
the activities of the population are bound up in some
one branch or division of trade, there were instances
where the throwing into idleness of the greater part
of this population had served to restrict travel over­
street and electric railways, and diminished their
earnings, and in a very few minor instances there had
been an approach to almost utter collapse. On the
other hand, in most of the larger cities, where popu­
lation is dense, and where there is much accumulated
wealth, and 'where trade activity is not exclusively
dependent upon a single industry or a single group of
industries, electric railway earnings had held up
remarkably well. The same rule still holds good.
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 for the
last two calendar years:

E A R N IN G S

FOR

CALENDAR

YEAR.

NET.

GROSS.
ROADS.

In crea se.

$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

1916.

1915.
$
1 4 9 ,8 4 9
h 1 8 ,1 3 8
2 ,8 2 0 , 5 3 8
5 0 5 ,8 2 4
1 5 3 ,1 3 5
6 4 ,3 0 5
2 1 ,0 6 9
1 2 8 ,2 1 2
3 2 5 ,7 5 8
6 0 6 ,8 4 2
8 2 ,4 0 7
3 8 8 ,3 2 2
8 ,5 4 9
8 2 ,6 4 7
2 ,6 4 1 ,8 9 1
1 1 0 .7 4 8
1 2 8 ,2 1 4
1 9 5 ,1 0 1
5 1 4 ,0 4 8
1 ,6 3 7
1 7 ,4 6 8
6 ,7 3 7 , 9 2 8
3 0 9 ,9 9 4
1 8 ,7 7 4
3 ,0 1 9 , 0 7 2
4 6 0 .5 9 1
5 8 5 ,0 3 1
1 4 ,0 5 4
1 ,4 7 2 ,1 1 3
3 ,4 3 6 ,3 2 4
3 9 6 ,5 5 3

Increase.

Decrease.

$
"

14", 5 6 8
5 6 3 ,4 0 2
5 8 .9 3 8

_____
____

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

$
7 ,3 2 5
_____
___________
_____
5 ,7 2 6
4 ,4 6 8

____ _
_____
_
“

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

1 9 ,2 1 1
4 ,0 1 0

__

'2 0 1 , 0 8 2
___________
___________
_________ _
__________
1 ,1 5 8

__
_____
883
_____
1 5 ,6 9 3
_____
2 7 ,9 5 2
....................

5 ,2 7 3

_____

1 1 0 ,1 0 9
4 ,9 5 1
4 3 ,9 4 9

7 ,1 8 5
7 4 7 ,9 4 4
- .................

_____
1 8 7 .6 2 7
_____
6 5 ,9 2 7

A pr . 28 1917.]

THE CHRONICLE

1647

G RO SS.
R O A D S.

1916.

1915.

$

$
.
2 0 1 .1 3 5
1 5 ,9 8 1
1 ,2 6 2 ,9 4 1
4 0 7 ,4 5 8
1 3 0 ,7 4 1
4 8 8 ,6 3 6
4 6 2 ,1 7 7
2 ,2 0 6 ,4 9 4
(15 5 ,2 7 0
7 0 1 ,0 8 0
3 5 ,9 3 0
1 2 4 ,9 4 8
4 2 ,8 9 4
1 ,0 8 7 ,3 4 4
2 4 5 ,1 6 8
1 5 6 ,9 1 4
9 2 9 6 ,3 4 7
4 2 0 ,4 2 0
7 5 9 .8 8 1
1 3 1 ,6 9 0 ,7 6 2
5 0 5 ,0 6 1
1 3 2 ,3 5 6
1 2 5 ,2 5 3
9 0 ,3 5 1
5 ,3 0 1 ,2 9 2
3 6 9 ,6 4 9
4 4 ,3 9 3
8 5 ,0 1 5
2 1 9 .2 2 4
1 4 8 .8 6 8
4 0 4 ,0 5 1
8 ,4 6 8 ,4 8 1
1 ,2 4 0 ,8 3 2
1 7 8 ,8 1 0
7 8 ,2 2 0
3 3 8 ,2 1 0
8 4 1 ,5 6 0
4 6 9 ,1 8 3
7 2 1 ,2 1 7
2 5 ,1 2 3
3 2 ,0 1 9
3 5 ,4 8 3
3 ,1 1 3 , 1 7 5
9 9 8 .7 3 9
8 ,2 2 0 ,8 5 7
8 5 ,5 6 5
2 ,6 3 6 ,3 6 4
1 , 8 2 8 ,4 8 9
1 4 1 .8 4 0
2 7 2 ,8 3 1
1 . 3 4 5 .2 2 8
1 3 ,2 3 5 ,5 5 1
1 0 8 ,0 1 5
7 5 1 6 ,9 0 5
1 ,1 7 9 ,9 6 0
8 4 5 ,2 2 7
7 2 3 ,0 9 1
r 8 6 0 ,8 0 9
4 4 1 ,2 1 5
5 3 4 ,6 4 4

2 1 8 ,9 5 0
B u c k s C o u n t y In t e l-u r b a n R y . b ................. . .....................................
1 5 ,0 7 3
B u f f a l o & D e p e w B y . C o . ..................................................................
1 ,5 9 9 ,8 7 2
B u f f a l o & B a k e E r i e T r a c t i o n C o . b ___ ________ _____________
4 0 2 ,6 1 0
B u f f a l o L o c k p o r t & R o c h e s t e r R y . b ......... .....................................
1 3 5 ,8 9 3
B u r l i n g t o n ( V t . ) T r a c t i o n C o . b ......................... ...............................
6 4 4 ,8 4 2
B u t t o E l e c t r i c R a i l w a y , b ................................. — .............................
4 0 7 ,1 7 6
C a li f o r n ia S t r e e t C a b l e , b --------------------------------------------------------2 ,2 8 9 ,2 5 1
C a p it a l T r a c t i o n ( W a s h i n g t o n ) . b ____________________________
f/5 2 ,8 7 1
C a r b o n T r a n s i t C o . b -----------------------------------------------------------------7 8 6 .9 1 8
C a r o l i n a I ’ o w e r & L i g h t C o . a ________________________________
3 8 ,0 9 8
C h a m b e r s b u r g & G e t t y s b u r g E l e c t r i c R a i l w a y . b ________
1 3 0 .3 8 2
C h a m b c r s b u r g G r e e n c a s t le & W a y n e s b o r o S tre e t R a ilw a y
4 5 ,9 5 2
C h a r lo t t e s v ille & A lb e m a r le R y . ( R a ilw a y D e p t , o n l y ) .
1 ,2 3 5 ,6 2 3
C h a t t a n o o g a R a il w a y & L i g h t C o . a _______________________
3 2 6 .1 4 9
C h a r le s t o n ( W . V a . ) I n t e r u r b a n R a i l r o a d . a _____________
1 5 3 .3 8 3
C h a u t a u q u a T r a c t i o n C o . b ___________________________________
9 3 3 6 ,4 9 8
C h i c a g o x I n t e r u r b a n T r a c t i o n C o . b ______________________
5 5 1 .4 6 8
C h i c a g o L a k e S h o r e & S o u t h B e n d R a i l w t y . b — --------8 6 3 ,6 9 3
C h i c a g o S o u t h B e n d & N o r t h e r n I n d i a n '. R a i l r o a d . b . .
C h i c a g o S u r f a c e L l n e s . a ______________________________ _______- ( 3 4 ,7 8 9 ,6 3 6
5 6 6 .6 7 5
C h i c a g o & W e s t T o w n s R a i l w a y . a ------------------------------------1 4 6 ,7 6 0
C i n c i n n a t i & C o l u m b u s T r a c t i o n C o . b -------------- --—
1 2 3 ,5 4 4
C in c in n a ti L a u r e n c e b u r g & A u ro r a E le c . S tre e t R y . b . .
8 8 ,5 6 8
C i n c i n n a t i M i l f o r d & L o v e l a n d T r a c t i o n C o . b ............—
5 .6 5 4 .6 6 4
C i n c i n n a t i T r a c t i o n C o . b ------- . — - - - - - - ---------- ----------------4
2 9 .7 1 8
C i t i z e n s ’ T r a c t i o n C o . ( O i l C i t y , P a . ) . b --------------------------5 3 ,9 8 4
C l a r e m o n t R a i l w a y & L i g h t i n g C o . a --------------------------------8 2 ,1 3 1
C l e v e l a n d * C h a g r in F a lls R a i l w a y . a - ....................................
2 3 8 .4 1 0
C l e v e l a n d * E a s t e r n T r a c t i o n < O - a . - - - - - - - - - - - ............
1 5 8 ,6 4 9
C l e v e l a n d P a in e s v i l lo & A s h t a b u l a R a i l r o a d . b ....................
4 4 1 ,1 3 9
C l e v e l a n d P a in e s v i l lo & E a s t e r n R a i l r o a d , b .........................
9 ,5 2 1 , 5 5 6
C l e v e l a n d R a il w a y C o m p a n y - b
------- -------------------------------1 ,3 3 7 ,1 5 6
C l e v e l a n d S o u t h w e s t e r n & C o l u m b u s R a i l w a y . a ..............
1 8 5 ,8 7 0
C l i n t o n S t r e e t R a i l w a y . a . - ............................- ..................................
8 6 ,0 3 7
C o a l B e l t E l e c t r i c R a i l w a y , b . ............................................................
3 6 3 ,9 7 9
C o a s t C o u n t ie s G a s & E l e c t r i c C o . a -----------------------------------9 1 8 .2 9 5
C o l u m b i a R a i l w a y , G a s & E l e c t r i c C o . a --------------------------5 3 5 ,3 2 9
C o l u m b u s D e la w a r e & M a r i o n R y . b -------------------------------------8 8 1 ,3 5 3
C o l u m b u s ( G a . ) E l e c t r i c C o . a ...........................................................
2 6 ,6 0 3
C o l u m b u s M a g n e t i c S p r in g s & N o r t h e r n R y . b . - .................
3 6 ,8 0 8
C o l u m b u s M a r i o n & B u c y r u s R a i l w a y . a - - - - - - - - - - ------4 4 ,1 2 9
C o l u m b u s N e w A l b a n y & J o h n s t o w n T r a c t io n C o . b ------3 ,5 3 7 ,4 0 0
C o l u m b u s ( O h i o ) R a i l w a y , P o w e r & L i g h t C o . a ....................
1 ,0 9 6 ,8 2 7
C o n e s t o g a T r a c t i o n C o . b . . ------------------ ----------------------------------9 ,5 6 6 ,4 3 5
C o n n e c t i c u t C o m p a n y . a -------------- — - - - - —
-----------8 9 ,6 3 6
C o r t l a n d C o u n t y T r a c t i o n C o ( R y . D e p t . o n l y ) - b -----------2 ,8 6 6 ,9 9 7
C u m b e r l a n d C o u n t y P o w e r & L i g h t C o . a ----------------------------1
,
9
9 0 ,4 2 0
D a ll a s E l e c t r i c C o r p o r a t i o n . a -------------------- ---------------------------1 6 3 ,9 3 3
D a y t o n C o v i n g t o n & P iq u a T r a c t i o n C o . b ------------------------3 1 6 ,1 2 2
D a y t o n & T r o y E l e c t r i c R a i l w a y , b __________________________
1 ,3 9 6 ,0 3 6
D e s M o i n e s C i t y R a i l w a y C o . a ______________________________
1 6 ,0 3 6 ,6 6 9
D e t r o i t U n it e d R a i l w a y C o . b ---------------------- ---------------------------1 1 6 ,1 6 1
D o v e r S o m e r s w o r t h & R o c h e s t e r S t r e e t R a i l w a y . a -----------6 0 3 ,2 6 6
D u b u q u e E l e c t r i c C o . a ------------------------------------------------------------1 ,4 2 4 ,4 2 9
D u l u t n - S u p e r l o r T r a c t i o n . b . ..............- .................................. ..........
9 2 3 ,8 3 1
E a s t e r n P e n n s y lv a n ia R a il w a y s C o . b ----------------------------------8 2 6 ,3 1 4
E a s t e r n T e x a s E l e c t r i c C o . a ----------------------------------------------------r9 5 8 ,f> 3 3
E a s t e r n W i s c o n s i n E l e c t r i c C o . a . - - - - — .................................
5 5 5 ,0 0 8
E a s t L i v e r p o o l T r a c t i o n & L i g h t C o . b - - - - - - - - - - - - ------6 5 3 .2 6 2
E a s t o n C o n s o l i d a t e d E l e c t r ic C o ( R y . D e p t . o n l y ) . b ------3 ,0 2 7 ,6 9 9
2,466.969
E a s t S t L o u is & S u b u r b a n C o . a . - - - - - - - - - - - - - - - - - - - - E l m i r a W a t e r , L i g h t & R a il r o a d C o ( R y . D e p t . o n l y ) . b
4 4 2 .2 6 3
3 8 6 ,5 9 0
1 ,1 1 0 ,7 1 8
9 8 1 ,8 8 9
E l P a s o E l e c t r i c C o . a __________________________________________
1 4 2 ,1 4 1
1 2 4 .7 8 4
E s c a n a b a T r a c t i o n C o ____________ ________ - .....................................
1 7 1 ,1 8 6
1 5 2 ,2 7 3
E v a n s t o n R a i l w a y . a ------------------------------ ---------------------------------2 6 0 ,0 4 5
2 4 5 ,2 8 4
E v a n s v i l l o R a i l w a y s . b - --------- --------------------------- ----------------------1 3 9 ,9 6 2
1 1 7 ,7 1 6
E v a n s v i l l o S u b u r b a n & N e w b u r g h R a i l w a y . b -------------------1 2 1 .7 1 8
1 0 6 ,3 5 1
F a ir m o u n t P a r k T r a n s p o r t a t i o n C o . b - . - ------- ------------------2 ,5 0 2 ,1 4 2
2 ,3 5 2 ,0 1 5
F e d o r a l L ig h t & T r a c t i o n C o . a n d s u b s i d i a r y C o s . a ------4 8 6 ,7 0 4
4 5 4 ,6 6 4
F o r t S m i t h L i g h t & T r a c t i o n C o . a . - - ----------------------------------5 3 .2 5 1
0 4 8 .8 6 8
F o r t W a y n e * D e c a t u r T r a c t i o n C o . b . - . - - - - ---------------1 ,7 7 7 .6 8 6
1 .6 5 4 ,6 0 5
F t . W a y n e & N o r t h e r n I n d ia n a f r a c t i o n t o . b ---------------1 5 2 ,8 1 9
F r a n k fo r d T a c o n y & I l o l m e s b u r g S t r e e t R a i l w a y . a ------1 4 7 ,5 0 7
7 5 ,9 8 9
6 6 ,7 8 0
G a le s b u r g & K o w a n e o E l e c t r ic R a i l w a y b - ............................
1 0 2 ,1 3 8
G e n e v a S e n e c a F a lls & A u b u r n R a i l r o a d - b ............................
9 9 ,6 8 8
1 , 9 4 4 ,8 3 9
G a l v e s t o n - H o u s t o n E l e c t r ic C o a .
- - ---------------- - - - - - 1 . 9 3 6 .2 2 8
6 ,9 8 5 ,7 0 9
G o o r g i a R a il w a v & P o w e r C o . ( c o m b i n e d c o m p a n i e s ) , a 6 ,5 0 7 ,6 5 7
1 ,2 9 7 ,5 8 6
G r a n d R a p id s R a i l w a y C o . a . ............................................................
1 .1 7 6 ,4 5 0
5 2 1 ,5 2 9
H a g e r s t o w n A F r e d e r ic k R a i l w a y -----------------------------------------4 3 2 ,0 8 9
1 .0 2 1 .6 6 5
H a r r is b u r g R a il w a y s C o . b . - - - - - - - ...............................................
9 2 7 ,1 3 3
H a r t f o r d & S p r in g f ie ld S t r e e t R a i l w a y . a . ...............................
2 3 6 ,4 5 2
2 2 7 ,2 9 6
H e le n a L i g h t & R a il w a y C o . a .........................................................
3 2 9 .1 9 4
3 2 1 ,1 9 8
H o n d c r s o n T r a c t i o n C o . b ---------------------------------------------------------3 1 ,1 )2 6
2 9 ,2 0 1
H o u g h t o n C o u n t y T r a c t i o n . a - .........................................................
3 2 6 ,3 9 8
2 7 6 ,6 6 1
H u d s o n V a ll e y R a il w a y C o . b --------------------------------------------------6 7 3 ,9 9 8
6 1 3 ,0 4 3
I llin o is L i g h t & T r a c t i o n C o . b - ........................................................
2 9 ,5 9 0
2 9 ,4 3 6
111i n o is T r a c t i o n S y s t e m . a ------1 2 ,5 6 6 ,4 4 7 1 1 ,1 8 7 ,9 9 5
I n d i a n a p o li s & L o u is v i ll o T r a c t i o n R a i l w a y . a .
1 3 7 ,9 0 2
1 4 8 .4 1 1
I n d la n a R a il w a y s & L ig h t C o . b . ------ -------------------4 6 3 ,0 9 9
5 4 4 .4 6 8
I n t e r b o r o R a p i d T r a n s i t C o . ( N e w Y o r k ) . a -------------3 8 , 0 9 1 ,5 1 6 3 3 , 9 9 6 , 0 7 5
I n t e r n a t io n a l T r a c t i o n C o . ( B u f f a l o , N . Y . ) _ a ............
7 ,8 1 8 ,6 7 8
6 , 8 3 9 ,9 7 4
I o w a R a il w a y & L i g h t C o . a
...........
......................
1 ,3 8 2 ,9 0 8
1 ,5 9 0 ,8 6 4
I o w a S o u t h e r n U t ilit ie s C o . ( R a i l w a y D e p t . o n I y ) . a .
1 2 6 ,5 5 3
1 2 4 ,9 6 2
I t h a c a T r a c t i o n C o r p o r a t i o n . a ...................... .................... ..
1 9 6 ,5 9 0
1 8 4 ,7 8 2
J a c k s o n L i g h t & T r a c t i o n C o . a ..............................................
3 0 9 ,7 2 3
2 7 9 .7 8 5
J a c k s o n v i l l e T r a c t i o n C o . a --------- ---------- ---------------------------6 2 7 .1 9 4
6 1 1 ,5 6 8
J a m e s to w n S tre o t R a ilw a y , b .
4 1 2 ,0 8 0
3 6 0 ,2 9 0
J o r s e y C e n tr a l T r a c t io n C o . (a n d s u b s id ia r y c o m p a n y ) .b
1 3 4 7 ,1 3 8
1 3 2 7 ,2 6 8
J o h n s t o w n T r a c t i o n C o . a -------- . - - - ....................- ............. .............
7 7 2 ,2 1 9
6 5 6 ,9 0 9
J o p l i n & P i t t s b u r g h R a i l w a y C o . b ------------------ ------------------6 4 3 ,6 7 9
5 8 4 .7 3 9
K a n a w h a T r a c t i o n & E l e c t r ic C o . b
2 5 9 ,5 9 4
5 4 9 ,2 4 9
K a n s a s C it y O la y C o u n t y & S t. J o s e p h R a i l w a y ) . a
I
7 1 7 ,9 2 5
6 4 3 ,2 3 8
K a n s a s C i t y R a il w a y s C o . b ---------------------- ---------- -------7 ,2 6 6 ,5 1 2
6 ,8 0 0 ,7 1 1
K e o k u k E l o c t r ic C o . a . . ................................................. ........................
2 3 2 ,5 9 3
2 4 0 ,1 8 2
K e y W e s t E l e c t r ic C o . a ----------------------------------- ----------------1 1 2 .8 4 0
1 1 6 ,3 7 2
K in g s t o n C o n s o li d a t e d R a i l r o a d . b -----------------------------------1 4 3 ,1 2 0
1 4 6 ,0 3 5
K no xvi lle R a i l w a y * L ig h t C o . ( R a i l w a y D e p t , o n t y j . b l
5 6 3 ,3 6 8
5 0 3 ,5 9 8
L a k e S h o r e E l o c t r i c R a i l w a y . a -------------------------------------------1 ,2 5 2 ,2 3 4
1 ,0 9 7 ,0 4 2
L e h ig h V a ll e y T r a n s i t O o . b -----------------------------------------_
2 ,0 5 1 ,8 9 4
2 ,5 0 2 ,7 9 4
L e w isb u rg M ilt o n & W a ts o n to w n P a ssen g er I t y .a
6 3 ,0 8 9
4 8 ,1 8 6
L o w i s t o w u & R c e d s v l l lo E l e c t r ic R a i l w a y . a _______ ______
9 7 ,5 4 0
1 6 6 ,2 6 8
L i n c o l n T r a c t i o n C o . b -------------------------------------------------------7 2 0 ,7 8 7
6 8 5 ,6 0 6
L i t t l e R o c k R a il w a y & E l e c . C o . ( R a i l w a y D e p t , o n l y ) b
5 3 0 ,6 0 9
5 0 5 ,6 0 0
L o n g I s la n d E l e c t r ic R a i l w a y . a .............. ..................... __ .
2 5 1 .8 8 1
2 4 5 ,1 0 6
L o r a in S t r e e t I t a ilr o a d C o . a ........... .......................... ........................
1 5 0 ,1 5 2
2 0 5 ,3 8 9
L o u is v i ll o R a i l w a y C o . b
................................. .....................
3 ,0 7 8 ,2 9 6
2 ,9 4 0 ,5 0 1
M a c o n R a il w a y & L i g h t C o a -------------------- --------------- -------4 9 6 ,7 1 6
4 3 0 .8 6 9
M a d i s o n ( I n d . ) L i g h t & R a il w a y C o . b .............. ...................
5 9 ,1 1 1
5 3 ,5 3 7
M a d i s o n ( W i s . ) R a i l w a y s . a ---------------------------------------------- _
3 0 0 ,0 5 1
2 8 1 ,6 7 8
M a n c h e s t e r 'f r a c t i o n , L i g h t & P o w e r C o . a n d s u b . c o s . a
1 , 3 5 6 ,4 4 8
1 ,4 8 0 ,8 8 5
2 4 ,5 5 1
2 5 ,5 0 2
M an.^fieT dJlh d )H c y iU tility & _ S e r y lc e C o l a l 1 1 1 1 1 1 I I
2 5 9 ,2 3 9
2 4 8 ,4 9 5
M a r q u e t t e C o u n t y G a s & E le c t r ic C o a .
---------------1 6 8 .2 9 6
1 4 2 ,5 3 8
M a s s a c h u s o 11s N o r t h c & s t c i n S t r e e t K «iih \ u y C o . a . _____
7 8 1 ,1 2 0
6 8 4 ,6 3 5
M e m p h i s S t r e e t R a i l w a y . a .................................................................
2 , 0 8 6 ,4 6 8
1 , 6 8 4 ,1 0 9
2 4 9 ,1 0 3
M c s a b a R a i l w a y . a ----------------------------------------------------------- -------2 0 1 ,0 3 6
M ic h ig a n R a ilw a y S y s t e m .a
3 ,3 6 9 ,4 0 3 W(2,6 8 9 ,9 2 2
M id d l e s e x & B o s t o n S t r e e t R a il w a y b ----------------I I I I I I I
1 , 0 2 2 ,5 3 2
1 ,0 5 2 ,2 2 6
M i l w a u k e e E l e c t r ic R a il w a y & L i g h t C o . a ------------------------0 ,9 0 1 ,1 5 1
5 ,9 7 1 ,7 1 5
M il w a u k e e L i g h t , H e a t & I r a c t i o n C o . a --------------------------1 , 8 5 2 ,0 7 2
1 , 4 8 0 ,6 2 5
M ilw a u k e e N o rth e r n R a ilw a y .a .
3 5 2 ,5 3 1
3 1 7 ,5 5 5
M o b i l o L i g h t & R a ilr o a d C o . a . -------------------- ------------------5 1 0 ,1 7 8
4 9 1 ,4 0 4
M o n o n g a h c l a V a ll o y T r a c t i o n ! o . b . _ ----------------------------------1 ,0 0 9 ,8 3 4
1 ,5 8 2 ,7 8 6
M o n t o u r s v i l l e P a s s e n g e r R a i l w a y . a ------------------------------------2 2 ,3 0 7
2 0 ,7 0 7
M o r r i s C o u n t y T r a c t i o n C o . b . . . . ---------------------- ------------3 9 8 ,7 8 9
3 3 0 .2 2 5
N a s h v i ll e - G a l l a t in I n t e r u r b a n R y . b .............. .............................
9 3 ,1 4 5
8 8 ,8 3 9
N a s h v i ll e R a i l w a y & L i g h t C o . a . — ------------------ ----------------2 ,3 8 3 ,0 4 1
2 ,1 4 3 ,9 0 3
N o w J e r s e y & P e n n a . 'f r a c t i o n C o . ( P r i n c e t o n D i v . ) b _
7 9 ,0 0 6
8 0 ,8 1 1
N e w O r le a n s R y . & L t . C o . ( R y . D e p t . o n I y ) . b .................
4 ,1 9 8 ,7 9 6
4 ,4 4 8 , 6 8 8
N e w Y o r k & L o n g I s la n d 'f r a c t i o n C o . a --------------------------4 2 8 ,3 8 4
4 1 3 ,9 8 7
N e w Y o r k & N o r t h S h o r e T r a c t Ion C o . b
1 6 0 .2 1 6
1 6 5 ,8 7 7




In c r e a s e .

D e cre a se

1916.

S

1 7 ,8 1 5
908
3 3 6 ,9 3 1
4 ,8 4 8
5 ,1 5 2
1 5 6 ,2 0 6
5 5 ,0 0 1
8 2 ,7 5 7
2 ,4 0 5
8 5 ,8 3 8
2 ,1 6 8
5 ,4 3 4
3 ,0 5 8
1 4 8 ,2 7 9
8 0 ,9 8 1
3 ,5 3 1
4 0 ,1 5 1
1 3 1 ,0 4 8
1 0 3 ,8 1 2
3 ,0 9 8 ,8 7 4
6 1 ,6 1 4
1 4 ,4 0 4
1 ,7 0 9
1 .7 8 3
3 5 3 ,3 7 2
6 0 ,0 6 9
9 ,5 9 1
2 .8 8 4
1 9 ,1 8 6
9 ,7 8 1
3 7 .0 8 8
1 .0 5 3 ,0 7 5
9 6 ,3 2 4
7 ,0 6 0
7 ,8 1 7
2 5 ,7 6 9
7 6 ,7 3 5
6 6 ,1 4 6
1 6 0 .1 3 6
1 ,4 8 0
4 ,7 8 9
8 ,6 4 6
4 2 4 ,2 2 5
9 8 .0 8 8
1 ,3 4 5 ,5 7 8
4 ,0 7 1
2 3 0 ,6 3 3
1 6 1 ,9 3 1
2 2 ,0 9 3
4 3 ,2 9 1
5 0 ,8 0 8
2 ,8 0 1 ,1 1 8
8 .1 4 6
8 6 ,3 6 1
2 4 4 ,4 6 9
7 8 ,6 0 4
1 0 3 ,2 2 3
9 7 ,8 2 4
1 1 3 ,7 9 3
1 1 8 .6 1 8
5 6 0 ,7 3 0
5 5 ,6 7 3
1 2 8 ,8 2 9
1 7 ,3 5 7
1 8 ,9 1 3
1 4 ,7 6 1
2 2 ,2 4 6
1 5 ,3 6 7
1 5 0 ,1 2 7
3 2 ,0 4 0
4 ,3 8 3
1 2 3 ,0 8 1
5 ,3 1 2
9 ,2 0 9
2 ,4 5 0
8 ,6 1 1
4 7 8 ,0 5 2
1 2 1 .1 3 6
8 9 ,4 4 0
9 4 ,5 3 2
9 ,1 5 6
7 ,9 9 6
1 ,8 2 5
4 9 ,7 3 7
6 0 ,9 5 5
154
1 ,3 7 8 .4 5 2
1 0 ,5 0 9
8 1 ,3 6 9
4 ,0 9 5 ,4 4 1
9 7 8 ,7 0 4
2 0 7 ,9 5 6
1 ,5 9 1
1 1 ,8 0 8
2 9 ,9 3 8
1 5 ,6 2 6
5 1 ,7 8 4
1 9 ,8 7 0
1 1 5 ,3 1 0
5 8 ,9 4 0
2 8 9 ,6 5 5
7 4 ,6 8 7
4 6 5 ,8 0 1
7 ,5 8 9
3 ,5 3 2
2 ,9 1 5
5 9 ,7 7 0
1 5 5 ,1 9 2
4 5 0 ,9 0 0
1 4 ,9 0 3
6 8 ,7 2 8
3 5 ,1 8 1
2 5 ,0 0 9
6 ,7 1 5
" ' 5 5 ,2 3 7
1 3 7 ,7 9 5
6 5 ,8 4 7
5 ,5 7 4
1 8 ,3 7 3
1 3 0 ,4 3 7
951
1 0 ,7 4 4
2 5 ,7 5 8
9 6 ,4 8 5
4 0 2 ,3 5 9
4 8 ,0 6 7
6 7 9 ,4 8 1
2 9 ,6 9 4
9 8 9 ,4 3 6
3 7 1 ,4 4 7
3 4 ,9 7 6
1 8 ,7 7 4
5 7 2 ,9 5 2
1 ,6 0 0
6 8 ,5 6 4
4 ,3 0 6
2 3 9 ,1 3 8
1 .8 0 5
2 4 9 ,8 9 2
1 4 ,3 9 7
5 .6 6 1

1915.

In c r e a s e .

D e cre a se

s

5 1 ,5 9 4
6 2 ,1 6 3
1 0 .5 6 9
d e f 1 0 ,7 2 4
d e f 9 ,9 8 4
4 1 7 ,0 4 4
5 7 7 ,2 8 8
1 6 0 ,2 4 4
1 8 0 .1 4 3
1 4 0 ,3 0 2
4 9 ,3 0 8
5 0 ,6 3 8
1 ,3 3 0
d e f 1 5 ,8 2 3
3 9 ,1 7 7
5 5 ,0 0 0
1 6 3 ,7 1 0
2 1 9 ,0 2 4
1 .0 5 1 .8 4 1
1 , 0 5 4 ,2 1 0
(1 1 5 ,5 5 7
(1 1 8 ,6 4 0
3 ,0 8 3
2 6 0 ,5 8 2
2 7 9 ,9 5 2
1 9 ,3 7 0
8 ,3 9 6
5 ,5 0 9
2 , 88^
7 9 ,5 6 8
7 6 ,0 5 2
3 ,5 1 6
1 1 ,6 5 9
763
1 0 ,8 9 6
4 1 2 .1 7 9
3 5 9 ,6 1 3
5 2 ,5 6 6
1 6 2 ,6 0 2
1 1 1 ,4 4 7
5 1 ,1 5 5
4 1 ,0 4 1
5 6 ,4 5 7
9 1 4 0 ,4 5 7
7 1 3 5 ,2 2 1
5 ,2 3 6
1 9 9 ,2 1 6
1 1 8 ,1 1 0
8 1 ,1 0 6
3 4 7 ,0 2 9
3 0 3 ,7 9 1
4 3 ,2 3 8
1 1 3 ,0 4 6 ,1 1 3 1 1 0 ,6 4 9 ,4 0 5 2 , 3 9 6 , 7 0 8
1 8 9 .5 9 7
1 5 9 ,5 8 1
3 0 ,0 1 6
4 1 .3 0 7
3 9 ,9 5 8
1 ,3 4 9
4 4 ,3 8 5
4 6 ,7 8 2
1 3 ,7 6 9
1 0 ,5 8 6
3 ,1 8 3
2 ,7 0 3 ,6 3 4
2 ,5 4 4 , 1 7 9
1 5 9 ,4 5 5
1 6 9 ,4 1 8
1 4 7 ,4 3 8
2 1 ,9 8 0
7 ,7 4 9
8 ,3 1 7
2 1 ,4 3 0
2 2 ,9 4 5
7 7 ,0 1 2
9 1 ,9 3 8
1 4 ,9 2 6
5 1 ,5 5 9
5 3 ,4 6 3
1 ,9 0 4
2 1 2 ,0 1 4
2 1 8 .1 5 1
6 .1 3
2 ,6 8 5 ,7 6 7
2 ,8 6 1 ,1 2 3
1 7 5 ,3 5 6
4 6 9 ,8 0 3
3 7 5 ,7 8 8
9 4 ,0 1 5
7 9 ,3 2 6
7 6 ,0 0 9
1 5 ,1 0 1 i
2 0 ,3 9 6
5 ,2 9 5
1 6 3 ,2 0 9
1 6 7 ,7 4 0
4 ,5 3 1
7 2 4 4 ,8 6 3
9 2 8 4 ,5 8 0
3 9 ,7 1 7
4 0 ,8 8 4
1 8 7 ,8 4 0
2 2 8 ,7 2 4
1 3 0 ,9 4 4
3 9 9 ,1 7 7
5 3 0 ,1 2 1
4 ,5 3 2
881
5 ,4 1 3
1 ,7 0 1
6 ,4 6 7
8 ,1 6 8
5 ,7 9 8
7 ,5 3 0
1 3 .3 2 8
1 6 5 ,5 3 ^
1 ,2 6 6 ,7 3 8
1 , 4 3 2 ,2 7 5
4 6 3 ,0 7 4
5 3 1 ,0 2
6 7 ,9 5 3
2 ,6 1 6 ,8 1 9
2 ,5 8 9 ,4 4 9
2 2 ,2 7 8
3 2 ,9 1 8
1 0 ,6 4 0
1 , 1 3 0 ,5 7 7
1 , 0 9 1 ,5 1 0
7 0 8 ,3 1 4
7 4 ,4 9 4
7 8 2 ,8 0 8
5 0 ,6 9 4
6 8 ,0 3 1
1 7 ,3 3 7
5 6 .3 8 7
1 3 9 ,8 2 2
8 3 ,4 3 5
3 6 ,9 9 5
4 2 2 ,4 7 5
4 5 9 ,4 7 0
9 1 7 ,1 1 9
3 ,9 0 3 ,7 4 8
4 ,8 2 0 ,8 6 7
1 ,7 2 3
2 1 .0 2 5
2 2 ,7 4 8
j2 0 8 ,8 1 1
3 2 ,8 7 4
2 4 1 ,6 8 5
9 3 3 8 ,9 5 2
9 5 0 9 ,8 5 5
1 7 0 ,9 0 3
3 6 9 ,7 1 6
3 5 3 ,4 6 2
3 8 1 ,8 9 1
' 4 5 ,2 4 7
3 3 6 ,6 4 4
r 4 1 1 ,2 2 2
r 3 4 6 ,4 8 7
6 4 ,7 3 5
2 1 9 ,0 9 5
1 2 4 ,9 5 9
9 4 ,1 3 6
9 2 0 0 ,5 2 1
e 2 7 5 ,0 6 5
7 4 ,5 4 4
9 9 3 ,3 7 7
1 ,2 0 6 ,9 2 5
2 1 3 ,5 4 8
1 3 1 ,1 4 8
1 6 3 ,8 9 0
3 2 ,7 4 2
4 6 0 ,8 2 9
4 5 2 ,1 5 4
7 1 ,9 9 7
7 7 ,0 2 3
5 ,0 2 6
9 4 3 ,2 2 0
3 ,8 1 2
9 4 7 ,0 3 2
1 0 3 ,8 6 8
1 3 ,7 0 5
1 1 7 ,5 7 3
3 7 ,9 2 6
7 ,4 0 3
4 5 .3 2 9
4 1 ,3 1 9
4 4 ,4 4 8
3 ,1 2 9
8 0 6 ,2 9 9
5 7 ,9 5 0
8 6 4 ,2 4 9
1 2 2 ,8 9 5
1 5 4 .1 7 9
3 1 ,2 8 4
0 6 .9 3 1
6 ,8 6 1
6 4 7 ,1 5 7
6 8 5 ,5 9 3
3 8 ,4 3 6
3 8 ,1 3 9
3 ,1 6 7
4 1 ,3 0 6
e l 5 ,2 8 0
9 1 2 ,4 9 7
2 .7 8 3
4 4 ,4 0 2
4 0 ,7 0 7
7 2 9 ,7 7 1
7 0 8 ,7 3 2
3 ,0 7 6 , 9 3 0
2 8 1 ,3 5 4
2 ,7 9 5 , 5 7 6
3 4 3 ,6 5 1
4 6 9 .5 6 1
1 2 5 ,9 1 0
2 1 5 ,5 8 1
1 7 5 ,5 6 9
4 0 ,0 1 2
5 1 7 ,6 2 4
5 5 0 .5 9 7
3 2 ,9 7 3
5 5 ,3 6 7
5 9 ,8 6 3
4 ,4 9 6
1 1 1 .3 3 9
1 0 ,3 6 2
1 0 0 ,9 7 7
4 ,3 7 9
8 ,5 4 6
1 2 ,9 2 5
1 1 9 ,1 2 4
1 3 9 ,9 3 9
2 0 ,8 1 5
1 3 8 ,4 9 3
6 3 ,3 8 3
2 0 1 ,8 7 6
3 ,5 2 6
d e f3 0 5
5 4 6 ,2 2 4
4 ,5 3 0 ,4 2 6
5 ,0 7 6 ,6 5 0
1 0 ,7 7 9
4 5 ,7 5 9
5 6 ,5 3 8
5 2 ,7 7 8
2 7 3 ,6 3 2
3 2 6 ,4 1 0
2 0 , 3 7 2 ,0 3 6 1 8 ,5 0 6 ,1 8 8 1 , 8 6 5 ,8 4 8
2 ,9 3 3 ,9 4 6
3 1 9 ,2 9 4
3 ,2 5 3 , 2 4 0
5 6 5 ,8 2 1
8 1 ,1 8 4
6 4 7 .0 0 5
5 ,9 4 5
3 0 ,3 8 0
3 6 .3 2 5
1 ,9 3 1
4 1 ,3 7 7
4 3 .3 0 8
* 8 6 ,5 1 4
1 1 1 7 ,4 7 2
3 0 ,9 5 8
2 0 ,7 5 7
1 8 2 ,7 3 0
2 0 3 ,4 8 7
4 7 ,9 6 6
9 3 ,3 4 4
1 4 1 ,3 1 0
21,112
1 1 3 5 ,1 8 2 !
1 1 5 6 ,2 9 4
3 6 0 ,4 2 4
4 5 ,6 2 8
3 1 4 ,7 9 6
2 4 0 ,6 9 8 |
2 2 8 .0 0 6
1 1 2 ,9 7 1
2 6 0 ,1 9 5
” 1 4 7 ,2 2 4
2 9 1 ,9 1 6
3 5 5 ,9 1 4
6 3 ,9 9 8
2 .9 2 3 .8 4 2
2 ,5 7 6 ,4 7 5
3 4 7 ,3 6 7
8 1 ,4 3 7 1
7 9 .3 2 6
8 ,0 2 5
3 0 ,8 0 0
3 8 ,8 2 5
2 ,9 0 4
5 3 ,5 5 8
5 6 ,4 6 2
4 4 ,7 0 9
1 8 1 ,2 4 8
2 2 5 ,9 5 7
7 0 ,6 5 2
3 7 7 ,9 8 2
4 4 8 ,6 3 4
1 0 4 ,2 6 3
9 9 2 2 ,7 5 9
e l.0 2 7 ,0 2 2
8 ,7 1 3
1 8 ,0 3 4
9 .3 2 1
285
1 5 ,7 8 1
1 6 ,0 6 6
2 1 8 ,1 6 5
1 9 2 .5 6 2
2 0 6 ,6 7 2
1 4 ,0 8 5
2 2 0 ,7 5 7
2 7 ,0 0 5
7 ,9 0 0
4 6 . 0 2 5 i " “30", 1 7 5
7 6 .2 0 0
1 0 1 ,9 4 6
1 , 4 1 4 ,7 7 0
1 , 5 1 6 ,7 1 6
6 5 ,8 2 9
1 0 2 ,4 1 5
1 6 S .2 4 4
3 ,7 9 2
1 6 ,4 8 3 !
2 0 ,2 7 5
392
1 04 ,273 1
1 0 4 ,6 6 5
4 8 ,5 1 7
5 9 4 ,9 6 8
6 4 3 ,4 8 5
d e f 1 ,5 6 4
1 ,1 5 7
d e f4 0 7
1 7 ,3 7 4
4 3 ,1 6 6
6 0 ,5 4 0
5 3 ,7 5 4
1 8 ,8 4 9
7 2 ,6 0 3
8 3 ,8 9 1 !
7 3 ,4 7 5
1 5 7 ,3 6 6
6 3 7 ,0 4 9
2 3 2 ,4 8 6
8 6 9 ,5 3 5
8 7 ,0 7 1 !
4 5 ,2 6 9
1 3 2 .3 4 0
1 ,3 9 7 ,1 1 8 m 1 ,0 9 0 ,4 1 9
3 0 6 ,6 9 9
2 8 2 ,0 9 2 !
2 4 7 .1 5 1
2 2 2 ,9 9 4
9 2 ,0 2 9 ,8 2 8 e l ,8 0 6 ,8 3 4
8 2 ,7 9 8
e 4 9 0 ,0 4 9
9 5 7 2 ,8 4 7
2 9 ,4 8 0
1 3 2 ,7 2 3 !
1 6 2 ,2 0 3
2 3 ,7 7 7
1 5 7 ,8 3 4 '
1 8 1 .6 1 1
3 4 2 ,6 4 9
6 1 1 ,0 4 9 ;
9 5 3 ,6 9 8
1 ,3 3 8
2 ,0 8 4
746
3 0 ,0 8 0
1 1 2 ,5 9 6
1 4 2 ,6 7 6
2 9 ,9 7 7
2 9 ,8 5 4
1 0 4 ,7 8 4
8 2 5 ,0 6 9
9 2 9 ,8 5 3
1 ,9 4 9
2 5 ,3 7 6 :
2 7 ,3 2 5
1 2 9 ,7 2 5
1 ,8 5 6 ,1 2 6 !
1 ,9 8 5 ,8 5 1
8 7 ,6 4 0 !
4 3 ,1 9 1
4 5 .5 5 6
4 7 .2 0 8 '

740
3 9 "8 4 1
5 5 ,3 1 4
2 ,3 6 9

1 5 ,4 1 6

2 ,3 9 7

568
1 ,5 1 5

3 ,3 1 7

2 7 ,3 7 0
3 9 ,0 0 7

1 6 ,2 5 4

8 .6 7 5

70

3 ,6 9 5
2 1 ,0 3 9

3 ,8 3 1

1 2 ,6 9 2

2,111

2 5 ,6 0 3
1 9 ,I 05

3 4 ,9 4 1

123

4 4 ,4 4 9
1 .6 5 2

[VoL. 104.

THE CHRONICLE

1648

NET.

G R O S S.
ROADS.

1916.

1915.

In c rea se.

D ecrea se.

8
$
6,663
1,391,330 I, 384,667
Now York & Queens County Ry.a— ....... - .......... —
1,371,980
12,162,208 13,534,188
New York Railways.a__________________________
13,771
371.586
357,815
New York & Stamford Railway.a--------------- ---------991,795
7,264.675
8,256,470
New York State Railways .a -------------------------------82,755
481,899
564,654
Now York Westchester & Boston Railway.a-----------19,670
C180.400
C200.070
Northampton Traction Co.a-------------------------------1,586
50,869
52,455
Northern Cambria Street Railway------------------------69,346
801,149
870,495
Northern Electric R y.b-------------------------------------1,279,691
3,890,751
5,170,442
Northern Ohio Traction & Light Co.b--------- - - - - - - ­
Northern States Power Co, Fargo & Moorhead Division
1,422
103,489
102,067
(Street Railway).a-------------------------------------217,108
1,930,321 1,713,213
Northern Texas Electric Co.a----------------------------28,211
240,196
268,407
Northwestern Ohio Railway & Power Co.b------------14,800
605,416
620,216
Oakland Antioch & Eastern Railway.b------------------2,491
151,474
153,965
Ocean Electric Railway (Long Island).a---------------431,261
4,148.918 3,717,657
Ohio Electric Railway Co.b-------------------------------33,447
83,986
117,433
Ohio River Passenger Ry. b---------------------------------148,845
793,261
942,106
Oklahoma Railway.a----------------------------------------257,248
. 3,253,327 2,996,079
Omaha & Council Bluffs Street Railway.a------------222
25,355
25,577
Omaha Lincoln & Beatrice R y.b-------------------------5,064
59,826
64,890
Ontario Light & Traction Co.a__________________
8,055
170,774
178.829
Orange County Traction Co.b----------------------------18,281
928,051
909.770
Oregon Electric Railway.b______________________
30,777
329,824
360,601
Ottumwa Railway & Light Co.a-------------------------3,739
60,176
63,915
Owonsboro City Railroad-b-------------------------------16,965
425,338
442,303
Pacific Gas & Electric Co (Ry. Dept. only).b...........
21,807
289,155
310,962
Paducah Traction & Light Co.a---------------------------22,059
258,042
280,101
Pensacola Electric Co.a________________________
9,514
283.048
273,534
Petaluma & Santa Rosa Railway.b---------------- .- ---1,197,484
933,144
13,130,628 II,
Philadelphia Company.p—Pittsburgh Railways Co.a
45,024
346,890
391,914
Beaver Valley Traction Co.a-----------------------12,993
46,735
59,728
Pittsburgh & Beaver Street Railway Co.a.........
6,489
102,170
108,659
Philadelphia & Easton Electric Ry---------------------28,196
94,235
122,431
Philadelphia Railways Co.b-----------------------------------2,964,064
24,315,452
Philadelphia Rapid Transit Co.a------ --------------------- 27,279,516
32,803
/503.392
/536.195
Philadelphia & West Chester Traction Co.b................
53,079
463,901
516,980
Philadelphia & Western Railway.b--------------------------91,086
316,771
407,857
Pittsburgh & Butler R y.b---------------- - - - - - ------- r ----90,870
623,959
714.829
Pittsburgh Harmony Butler & Newcastle Railway.b----6,688
31.196
37,884
Plattsburgh Traction Co.b------------------------------------28,235
Portland (Ore.) Railway, Light & Power Co.a............... 5,483,110 5,511,345 ''" 6 4 1 4
47.197
53,311
Providence & Fall River Street R y.b-----------------------1,552,344
16,022,932
Public Servico Ry (N. J.), incl. Pub. Servico R R .b........ 17,575,276 7,559,583
547,788
Puget Sound Traction, Light & Power Co.a — ----------- 8,107,371 2,211,409
410,189
2,621,598
Reading Transit & Light Co (and affiliated cos.).a-----866,320
3,121,297
Republic Railway & Light Co.a------------------------------ 3,987,617
759,614
5,811,996 5.052,382
Rhode Island Co.a----------------------------------------------9,177
397,561
406.738
Richmond Light & Railroad Co.a---------------------------33,248
356.524
389,772
Rutland Railway, Light & Power Co.a.........................
32,536
568,991
601,527
Saginaw-Bay City Railway.a---------------------------------- 1,374,449 1,275,282
99,167
St Joseph Railway, Light, Heat & Power Co.a-----------39,656
414.515
454.171
Salt Lake & Ogden Ry.a---------------------------------------130,062
273,924
403,986
Sait Lako & Utah Railroad, b---------------------------------16,029
76,687
92,716
Sandusky Fremont & Southern .a---------------------------15,301
227,743
212,442
San Francisco Napa & Calistoga Railway.b-------------- 4,310,641
202,872
4,513,513
San Francisco-Oakland Terminal Railways.b--------- - - ­
49.550
47,847
97,397
San Joaquin Light & Power Corp. (Railway Dept, only) .a
31,880
794,213
826,093
Savannah Electric Company.a--------------------------------- 1,329,583
151,367
1,178,216
Schenectady Railway Company.a---------------------------39,613
458,158
497.771
Scioto Valley Traction Company.b------------------------109,816
876,066
766,250
Second Avcnuo (Now York City).a------------------------4,887
205,500
200,613
Shamokin & Mt. Carmel Transit C o.b--......................
2,976
46,942
49,918
Shawnee-Tecumseh Traction Co.b--------------------------59,699
1,678,777
1,738,476
(The) Shoro Lino Electric Railway.b----------------------10,582
444,564
433,982
South Carolina Light, Power & Railways C o.a............
25,297
208,140
233,437
Southern Michigan Railway.b— ------ --------- - - — - - ­
6,869
269,402
262,533
Southern New York Power & Railway Corporation, b-13,756
54,784
41,028
Southwestern Traction Co.b---------------------------------139,101
660,827
799,928
Southwest Missouri Railroad.a------------------------------34,014
336,334
1,370,348 I,
Spokano & Inland Empiro Railroad-b...........................
2,825
81,905
79,080
Springfield & Xenia Railway Company.a....................
37,376
313.524
350,900
Stark Electric Railroad-b--------------------------------------6,981
338,409
331,428
Staten Island Midland Railway a. - - - - - - - - - - - - - - - - - - 43,120
333,697
376,817
Steubenville & East Liverpool Railway & Light Co.b-6,905
137,616
144,521
Syracuso & Suburban Railroad.a---------------------------13,963
981.049
967,086
Tampa Electric Company.a..---------- ---------------------- 6,970,395
534,078
6,436,317
Terro Hauto Indianapolis & Eastern Traction Co.a----211,965
1,617,044
1,829,009
Toxas Electric Company_b -- - - - - - - - - - - - - - - - ......... .
98,068
775.515
677.447
Third Ave. Sys. (N.Y.)—Belt Line Ry. Corp.a........
63,320
485,128
421,808
Dry Dock East Broadway & Battery Railway.a--273,737
1,946,625
1,672,888
42d Street Manhattanvillo & St. Nicholas Avenue.a.
65,694
698,499
632,805
New York City Interborough Railway.a..................
45,663
228,619
182,956
Southern Boulevard Railroad.a--------------------------284,631
3,875,574
3,590,943
Third Avenue Railway.a......... - -------------------------249,875
2.794,128
Union Railway.a---------------------------------------------- 2,544,253
138.784
579,915
441,131
Wostchester Electric Railway.a..................................
168,283
733,250
564,967
Yonkers Railroad.a_______________ ____________
29,952
208,088
238,040
Toledo Fostoria & Findlay Railway...............................
13,740
247.107
260,847
Toledo & Indiana R a ilroad.a.----------........- ............
3,546
95,101
98,647
Trenton Bristol & Philadelphia Street Railway.b...........
84.351
769.392
853,743
Trenton & Mercer County Traction Company.a...........
1,671
32,588
34,259
Troy & New England Railway.b-----------------------------28,316
/180.517
/208.833
Tuscaloosa Railway & Utilities Co— - - - - - ----------------- 10,214,479
736-,587
9,477,892
Twin City Rapid Transit (Minnoapolis)-b------.........
231,611
2,040,549 1,808,938
Union Ry, Gas & Elec Co (Railway Dept. only).b.........
2,789,341 2,486,246 303,095
Union Traction Company of Indiana.a------------ --------577,003
6,308,776
6,885,779
United Light & Railways Co (subsidiary companies)-a. - 7,320,930 8.003,836
682,906
United Railroads of San Francisco, b ............ ................. 12,641,293 II,
960,093
United Railways Company of St Louis.a-------------------- 9,914,051 8,980,710 681,200
933,341
United Railways & Electric C o .a .-------------------------- 2,444,057 2,364,712
79,345
United Traction Company (Albany)-b---------------------49,897
1,455,081 1,405,184
Utah Light & Traction Co.a---------------------------- ------24.352
279.108
303,460
Valley Railways--------------- -----------------------------------20,043
167.392
187,435
Vicksburg Light & Traction Co.a— -----------------------573,992
5,262,878
Virginia Railway & Power Company-b-- - - - - - - ............. 5,836,870
100,519
845,683
946,202
Washington Baltimore & Annapolis Electric R y.b-------- 5,566,975 5,213,955 353,020
Washington Railway & Electric Company.a------ ------- 2,685,024 2,750,485
65,461
Washington Water Power Company.a...........................
83,091
736,387
819,478
Waterloo Cedar Falls & Northern Railway.a---...........
2,530
64,521
67.051
West Chester Kennett & Wilmington Electric Ry.a----25,493
149,259
174,752
West Chester Street Railway Company.b------ ----------24,354
250,088
225.734
Westchester Street Railroad.a— - - - - - - - - — -----------39,313
429,013
468,326
Western New York & Pennsylvania Traction.b.............
111,196
638,667
749,863
Western Ohio Railway.a---------------------------------------5,048,223 1,292,608
West Penn Traction Co.a------ — - - - - - - - - - — -------- 6,340,831
81,061
898,595
979,656
West Virginia Trac & Elec Co (and affiliated cos)-a----20,684
466,675
487,359
Wilkes-Barre & Hazleton RR (and affiliated cos).b----193,054
950,737
1,113,791
Wisconsin Gas & Electric Company.a— ------ ----------22,773
510,961
533.734
Wisconsin Public Servico Company.a....... .......... ..........
33,549
390,450
423,999
Wisconsin Railway, Light & Power C o.a ---................
55,558
439,889
495.447
Wisconsin Traction, Light, Heat & Power Co.a--------139,442
840,116
979,558
York Railways C om pany.a----------.........................
47,183
290,374
337,557
Youngstown & Ohio River Railroad.b.........................
4,284,506
Total (294 roads).............................. .................... 582,697,750 531,425,618 55,556,638
51,272,132
Net increase----------------------------------------- -------------(9.65%)

1916.
$

1915.

In c rea se. \ D ecrease.

$

10,397
1,541
def8,856
927,987
3,218,427 4,146,414
8,274
62,201
70,475
272.482
e2,593,309 c2,320,827
>1,040
def26,739
def5,699
5,262
C85.043
C79.781
V.054
14.359
15,413
106,254
28,275
134,529
771,371
2,509,623 1,738,252
1.117
25,075
26.192
109,738
773,243
663.505
"*874
72,846
73.720
5,691
182,961
188,652
19,898
45,052
64,950
1,775,333 1,573,580 201.753
19,987
36,921
16,934
51.383
401,729
350,346
32.725
1,131,501 1,098,776
4.748
311
defl.437
1,786
20,349
18,563
10,825
58,049
47,224
74,277
176.618
250,895
15,503
166,574
151,071
1,634
23.820
22,186
1,033
92,088
91,055
12,768
97,362
110,130
11.542
122,764
111,222
5,250
76.648
81,898
78,744
4,359,048 4.437,792
25,187
132,735
107,548
1,127
19.359
18,232
1,100
24.821
23.721
13,695
30,866
17,171
12,163,206 10,376,805 1,786,401
16,472
/240.284
/262,756
272,220
238,811 "33','409
51,981
115,271
63.290
32.645
286,657
254,012
3,981
13,743
9,762
7,139
2,444,856 2,437,717
2,332
9,688
7,356
586,362
7,665,165 7,078,803
181,557
2,986,376 2,804,819
113,630
1,116,010 1,002,380
412,996
el,660,210 el,247,214
453,040
1,585,764 1,132,724
5,652
97,691
92,039
17,498
147,070
129.572
69,500
192,39"
122,897
18,075
594,054
575.979
12,767
191,445
178,678
66,063
174,224
108,161
9,467
31,322
21,855
1,649
81,492
79,843
443,937
1,055,225 1,499,162
26,475
12,119 def 14,356
""3", 326
272,399
275.725
48,928
373.619
324,691
20,414
224,865
204.451
122,611
107,476
230,087
3,940
72,542
76,482
12
4,712
4,724
43,513
544.226
587,739
54,334
179,741
234,075
11,426
106,943
95,522
227
92,023
91,796
8,559
4,902
13,461
69.578
411,003
311,425
76",983
222,519
299,502
2,497
22,882
20,385
15,611
160,426
144,815
18,743
18,724
37,467
74,792
132.533
57,741
127
42,508
42,635
38,780
439,368
478,148
264,503
2,586,574 2,322,071
59.003
735,710
676,707
87,221
90,732
177.953
76,618
68.787
def7,831
270,824
535,983
806,807
99,194
225,096
125,902
61,225
66,092
4,867
175,555
1,225,657 1,401,212
302,311
403.533
705,844
57,290
44,966
102,256
68,054
60,143
128,197
6,343
95,949
89,606
660
77,316
77,976
29,075 " 2 ', 270
31,345
29,266
296,842
326,108
2,446
8.219
10,665
26,781
/70.689
/103.470
546,573
3,959,836 3,413,263
148,008
772,093
920,101
140,234
896,676
1,036,910
184,879
2,666,393 2,481,514
604,684
2,514,767 3,119,451
3,349,530 2,766,370 683", 160
292,838
e3.855,559 e3,562,721
51,934
420.452
472,386
40,398
461,774
502,172
16,337
132,052
148,389
8.758
63,350
72,108
260,016
2,747,874
3,007,890
56,286
390.980
447,266
81,605
e2,286,488 e2,204,883
154,625
1,356,355 1,510,980
10,146
387,080
397.226
"V,36o
2 0 ,2 1 0
18,910
12,101
75,712
87,813
10,033
def0.024
def 16,657
197,520 "14",147
211,667
57,764
C206.551
e264,315
3,053,680 2,549,340 504,340
41,374
438,756
480,130
4,342
224,310
219,968
37,595
255,900
293,495
6,954
246,874
253,828
5,234
164,666
169,900
10,742
157,829
168,571
75,417
e483,020
C407.603
32,291
154,579
122,288
219,236,230 200,791,907 23,493,185 5,048,862
18,444,323
(9.18%)

a After
the
e°A fterd^uct^Udepreciation.” rTrel^frgjm^'are'foV^
on 33,000,000 Parr Shoals Power Co. 5 % bonds and dividends on $300,000 I «
aro
results of tho Southern Iowa Railway & Light Co., tho predecessor company. » 1
esults
the results of the Union Electric Co. in Iowa, the predecessor company. * After 1
are
of the Jersey Central Traction Co. and its subsidiary, the Middlesex & Monmouth
been
t L combined results of the Michigan Ry. and the Michigan United Hys. and Grand Rapids Holland & Cl
ort
le^ed bv the Michigan Ry. on Jan. 1 1916. n These figures coyer six months' operations only, o The 19aleiular year, including gas, oil, electric
Wavno l Springfield Ry-. the predecessor company, p The total earnings of the Philadelphia Co. for100the In
ce 1915 gross, .$25,625,924; net, after
1U0, in
m ., -t .. 31
light power and street railway business wero in 1916, gross. $29,662,021; net* ofter taxes, 312,96/,100,
*ji lyl7
im ftnd Jan> 31 191G
?I I
» It'nr vears ending Feb. 28 1917 and Feb. 29 1916. r Theso figuros aro for tho years ending Jan. 31 191
the2 combined results oAhe Sheboygan Electric Co. (successor to Shoboygan Railway & I'Uectrlc Co.), Eastern Wisconsin Railway
& Light Co. and Wisconsin Electric Ry., which have been acquired by tho Eastern Wisconsin Electric Co.




THE MYSTERIES OF THE 8 % EXCESS PROFITS TAX.
[From the “ Wall Street Journal.*’!

Beforo tho Government or its citizens are able to under­
stand a tax bill that puts an 8 % tax on all profits above 8 %
on invested capital, tho proposal is solemnly made at Wash­
ington to multiply tho tax and yet no man in the country can
define invested capital.
The capital of any enterprise is brains, energy, borrowed
money, money profitably or unprofitably invested in ex­
periments, tho purchase of advertising to secure good-will
or bonuses to management.
Who can value or appraise or determine the capital in
any business on which there should be an 8 % exemption?
The Government collects an inheritance tax from a valua­
tion of abovo $3,000,000 for the New York “ W orld.” But
the New York “ W orld” does a business of only about 80,­
000,000 per annum, and its late proprietor, Joseph Pulitzer,
started in this country with no capital in a pocketbook.
He took tho New York “ W orld” as a defunct, discredited,
unprofitable newspaper proposition. lie put into it his
indomitable energy and tho brains of the best men he could
hiro to expound tho truth of democracy as he saw it.
Aro tho losses in the- N ew York “ W orld” preceding M r.
Pulitzer’s success a part of tho invested capital?
M r . Ilearst started to rival the New York “ W orld.”
The
understanding in newspaper circles is that he has borrowed
eight or ton millions from his parental estate and still has an
unprofitable morning paper competing with the “ W o rld .”
If M r. Hearst has lost $10,000,000 in the New York
“ American,” can ho claim an exemption of 8 % , or $800,000
before as a publisher he begins to pay taxes?
From tho New York “ World” went Edwin A . Grozier to
establish in Boston a one-cent paper of democracy. W ith
his own brains and energy and a little borrowed money M r.
Grozier lias given tho Boston “ Post” tho largest circulation
of any morning paper in the United States. He ought to
bo earning a half million dollars per annum, but when he
has to pay tho high prices for white paper which tho Govern­
ment seems powerless to hold down, he may be able to earn
only half that sum.
N ow what is tho invested capital of M r. Grozier, upon
which ho should take 8 % exemption before ho begins to pay
an 8 % tax to bo possibly later multiplied under war finance?
Is ho to bo exempted to the extent of 8 % on $100,000 worth
of presses and bo mado to pay 8 % and more upon substan­
tially all his earnings, which may be receding earnings as
tho price of paper advances? Is this proper taxation on
war profit ?
.
.
.
•
On tho other hand, it is conceivable that M r . Ilearst may
yet loyally support tho Government and find war activities
bringing a half million profit per annum to tho New York
“ American.” But if his actually invosted capital has pre­
viously boon $10,000,000, ho could laugh at tho war taxes
piled upon his fellow-publishers for he is then exempted by
8 % upon $10,000,000, or $800,000.
Thus do wo accontuate by taxation a premium on failure
and enlarge tho tax upon enterprise.
Tho proper way to tax war profits is to tax tho increased
profits of all business by comparison with the previous
averago profits covering a period of three, five or ten years
and making exemption of 8 % upon new capital set at work
in tho business.
Tho hasty and ill-advised legislation that a few months
ago was rushed through \\ ashiugton by politicians desiring
political favor with tho many by taxing tho capital of tho
few should bo immediately rovised and placed upon a proper
war footing,— tho taxation of increased profits with proper
allowance for tho uso of increased capital.

FIRST PAYMENT ON SECOND $15,000,000 FRENCH
EXPORT CREDIT.
William P . Bonbright & Co . In c ., of New York announce that
funds have been received from tho French banks participating
in tho $15,000,000 French export credit of March 10 1916
for tho payment of the first $5,000,000 installment under
that credit, to which reference has already been made in
theso columns, due M a y 1 1917.

FRENCH OFFICIAL DECREES.
(From “ l’Economlsto Francais," Fob. 24 1917.)
A dvances

of

France

to

A llied

or

F rien dly

Governments.

Tho “Journal Officlel’’ of Fob. 18 1917 publishod tho following law:
Tho Minister of Financo is authorized to make advances, from tho re­
sources of tho Treasury, to allied or friendly Governments amounting to
tho sum of 1 ,5 4 7 ,5 0 0 ,0 0 0 francs.




1649

THE CHRONICLE

A pr. 28 1917.]

This sum shall be added to the 2,327,500,000 francs which were the object
of articlo 2 of the law of Dec. 29 1915.
The present law, deliberated upon and adopted by the Senate and the
Chamber of Deputies, shall be executed as a law of State.
Passed at Paris, Feb. 16 1917.
Iss u e

of

S hort-D ated

Obligations

in

Fra n ce.

The "Journal Officlel” of Feb. 17 1917 published the following law:
There is increased to twenty years the maximum period of the obligations
which the Minister of Finance is authorized to issue by virtue of the law
of Feb. 10 1915 in France or abroad.
Tho present law, deliberated upon and adopted by the Senate and the
Chamber of Deputies, shall bo executed as a law of State.
Passed at Paris, Feb. 16 1917.
Th e Pow er o f Iss u e o f the Bank o f F ran ce.

The “ Journal Officiel" of Fob. 16 1917 published the decree here given:
Article 1. The maximum figure of tho issues of notes of the Bank of
France and its branch banks, fixed at 18 billions by the decree of May 15
1916, is raised to 21 billion francs.
Article 2. The Minister of Finance is charged with the execution of the
present decree.
Passed at Paris, Feb. 15 1917.

BILL FOR $7,000,000,000 U. S. OBLIGATIONS BECOMES
A LAW.
Tlie bill authorizing an issue of $5,000,000,000 of long­
term bonds of the United States and $2,000,000,000 certifi­
cates of indebtedness, the latter to be redeemed at the
expiration of one year, was signed by President Wilson on
April 24. The conference report on the measure was agreed
to in both the Senate and House on the 23rd inst. The bill
authorizes a loan of $3,000,000,000 to the Entente Powers.
The first payment on account of the loan to the Allied nations
has already been made to Great Britain, as noted elsewhere
in these columns. The $5,000,000,000 of authorized bonds
will not, it is thought, be offered in a lump sum, but probably
will be put out in several blocks. Tentative plans under
consideration by Administration officials call for the issue
of $2,000,000,000 in bonds as the first public offering.
While the whole program is subject to revision, it is under­
stood that officials are seriously considering the advisability
of collecting the proceeds of the first issue in installments
thirty days apart, and lasting over a period of from four to
six months. Should the first issue be $2,000,000,000 and
the installment feature be adopted, it is likely, it is said, that
subscribers will be given four months in which to complete
payment. This would bring revenue into the Treasury at
the rate of $500,000,000 a month, which is believed to be
ample, from preliminary estimates, to meet the needs of the
Allies for the immediate future. The installment method
has been suggested, it is said, to Secretary M cAdoo by bank­
ing interests and others with strong endorsements. Gradual
payment for the bonds, proponents of the plan declare,
would result in minimum disturbance to present financial
conditions and would tend to prevent derangement of the
money markets. In determining the amount of the first
bond issue, the Government, it is stated, will be guided largely
by what the representatives of the chief Entente Govern­
ments indicate as their pressing needs. Italy, it is said, is
especially desirous of being among tho first considered, as
her needs are understood to be pressing at the present time.
The conference report, agreed to in both the House and
Senate on the 23rd inst., reads as follows:

CONFERENCE REPORT.
[To accompany H. R. 2762.1
Mr. Kitchen, from the Committee of Conference, submitted the follow­
ing:
The Committee of Conference on the disagreeing votes of the two Houses
on the amendments of the Senato to the bill (U. R. 2762) to authorize an
issue of bonds to meet expenditures for the national security and defense,
and to extend credit to foreign Governments, and for other purposes, hav­
ing met, after full and free conference, have agreed to recommend and do
recommend to their respective Houses as follows:
That the House recede from its disagreement to the amendments of the
Senate numbered 1, 2, 3, 4, 6, and 7, and agree to the same.
Amendment numbered 5:
That the House recede from its disagreement to the amendment of the
Senate numbered 5, and agree to the same with an amendment as follows:
In lieu of the matter inserted by said amendment insert the following:
S ec. 7. That the Secretary o f the T rea sury, in h is discretion, is hereby au ­
thorized to deposit in such banks and trust com pan ies as he m a y designate the
proceeds, or any part thereof, arising from the sale o f the bonds and certificates
o f indebtedness authorized by this A c t , or the bonds previously authorized as
described in Section fo u r o f this A c t , and such deposits m ay bear such rate o f
interest and be subject to such terms and conditions as the Secretary o f the
Treasury m a y prescribe:
Provided, That the am ount so deposited shall not in
any case exceed the am ount withdrawn fr o m any such bank or trust com pan y
and invested in such bonds or certificates o f indebtedness plus the am ount so
invested by such bank or trust c om pa n y, and such deposits shall be secured in
the m anner required fo r other deposits by Section 5153, Revised Statutes, and
am endm ents thereto: Provided furth er, That the provisions o f Section 5191 o f
the Revised Statutes, as amended by the Federal Reserve A c t and the amend­
ments thereof, with reference to the reserves required to be kept by national
banking associations and other m em ber banks o f the Federal Reserve S ystem ,
shall not a pp ly to deposits o f public m onies by the U nited States in desgnated
depositaries.

And the Senato agree to the same.
Amendment of the title: That the House recede from its disagreement
to tho amendment of tho title, and agree to the same with an amendment

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[Vol. 104.

essentials the same terms and conditions as those of the United States
issued under authority of this Act; to enter into such arrangements as may
be
necessary or desirable for establishing such credits and for purchasing
A n act to authorize an issue o f bonds to meet expenditures fo r the national
such obligations of foreign Governments and for the subsequent payment
security and d efen se, a n d , fo r the p u rp ose o f assisting in the prosecution o f the
thereof before maturity, but such arrangements shall provide that if any
war, to extend credit to foreign G overnm ents, and fo r other p u rp oses.
of tho bonds of tho United States issued and used for the purchaso of such
And the Senate agree to tho same.
foreign obligations shall thereafter bo converted into other bonds of the
CLAUDE KITCHEN.
F. M. SUMMONS,
United States bearing a higher rate of interest than 3 'A % pef annum under
HENRY T. RAINEY,
W. J. STONE,
the provisions of Section 5 of this Act, then and in that event tho obliga­
LINCOLN DIXON,
JOHN SHARE WILLIAMS,
tions of such foreign Governments held by tho United States shall bo by
J. W. FORDNEY,
BOIES PENROSE,
such foreign Governments, converted in liko manner and extent into obli­
A. P. GARDNER,
H. C. LODGE,
gations
bearing the same rate of interest as tho bonds of tho United States
M a n a gers on the part o f the H o u se .
M a n agers on the part o f the Senate.
issued under the provisions of Section 5 of this Act. For the purposes of
STATEMENT OF THE MANAGERS ON THE PART OF THE this section, there is appropriated, out of any money in tho Treasury not
otherwise appropriated, tho sum of $3,000,000,000, or so much thereof as
HOUSE.
Tho managers on tho part of tho House at tho conference on tho disagree­ may bo necessary; Provided, That tho authority granted by this section
ing votes of tho two Houses on tho amendments of tho Senato to tho bill to tho Secretary of tho Treasury to purchase bonds from foreign Govern­
(U. R. 2762) to authorize an issue of bonds to meet expenditures for the ments, as aforesaid, shall cease upon tho termination of tho war between
national security and defense, and to extend credit to foreign Governments, tho United States and tho Imperoal German Government.
and for other purposes, submit the following written statement in explana­
BOND REDEMPTION,
tion of the effect of the action agreed upon by tho conferees and recom­
Sec. 3. That tho Secretary of tho Treasury, under such terms and con­
mended in the accompanying conference report:
ditions
as
ho
may
prescribe,
is hereby authorized to receive on or before
Amendments Nos. 1 and 2: These amendments make no material change maturity payment for any obligations
of such foreign Governments pur­
in tho bill and are in tho interest of clearness and tho House recedes.
chased
on
behalf
of
tho
United
States, and to sell at not loss than the pur­
Amendment No. 3: The bill as it passed tho IIouso limited tho conver­ chase price any of such obligations
and to apply tho proceeds thereof, and
sion privilege granted by this bill to December 31 1918. Tho Senate any payments mado by foreign Governments on account of their said
changed the limitation to “ the termination of tho war between the United obligations to the redemption or purchase at not more than par and ac­
States and tho Imperial German Government, tho dato of such termi­ crued interest of any bonds of tho United States issued undor authority of
nation to bo fixed by a proclamation of the President of tho United this Act; and if such bonds are not available for this purposo the Secretary
States ” and tho House recedos.
of the Treasury shall redeem or purchase any other outstanding interest­
Amendment No. 4: Tho Senato amendment provides that tho certifi­ bearing obligations of tho United States which may at such time bo subject
cates of indebtedness authorized in this bill shall bo exempt from all taxa­ to call or which may be purchased at not more than par and accrued in­
tion, except estate or inheritance taxes. Wliilo this amendment is prob­ terest.
ably not necessary, it is thought advisable to take this precaution and the
SPECIAL LOANS.
House recedes.
Sec. 4. That tho Secretary of tho Treasury, in his discretion, is hereby
Amendment No. 5: The purpose of this amendment is to encourage a authorized to issue tho bonds not already'issued heretofore authorized, by
great many financial institutions and trust companies to join in assisting Section 39 of the Act approved Aug. 5 1909, entitled: “ An Act to provide
in floating this largo bond issue. Tho Senate amendment authorized tho revenue, equalize duties and encourago tho Industries of the United States,
Secretary of tho Treasury, in his discretion, to deposit In such banks and and for other purposes;” Section 124 of tho Act approved Juno 3 1910, en­
trust companies as he may designate an amount not to exceed tho amount titled: "An Act for making further and more effectual provision for tho
withdrawn from such bank or trust company for investment in United national defense, and for other purposes;” Section 13 of the Act of Sept. 7
States bonds or certificates of indebtedness authorized and issued under 1910, entitled: “ An Act to establish a United States Shipping Board for
tho provisions of this bill. For fear that tho Senato amendment might be tho purpose of encouraging, developing and creating a naval auxiliary and
construed to limit tho amount that could bo deposited in banks or trust a naval reservo and a merchant marino to meet tho roquiremonts of the
companies to the amount withdrawn by depositors tho amendment agreed commerce of tho United States with its territories and possessions, and
to specifically states that tho Secretary of tho Treasury, in his discretion, with foreign countries, to regulate carriers by water engaged in tho foreign
may deposit in such banks and trust companies as ho may designate an and inter-State Commcrco of tho United States, and for other purposes;”
amount of money equivalent to tho amount withdrawn from such banks Section 400 of tho Act approved March 3 1917, entitled: “An Act to pro­
and trust companies and Invested in bonds or certificates of indebtedness vide increased revonuo to defray tho expenses of the increased appropria­
plus the amount so Invested by such bank or trust company.
tions for tho Army and Navy, and tho extensions of fortifications, and for
The amendment agreed to further provides “ that tho provisions of Sec­ other purposes;” and tho public resolution approved March 4 1917, en­
tion 5191 of tho Revised Statutes, as amended by tho Federal Reserve Act titled: “Joint resolution to oxpedlto tho dolivery of materials, equipment
and the amendments thereof, with reference to the reserves required to be and munitions and to secure more expeditious construction of ships;” in
kept by national banking associations and other member banks of tho tho manner and under tho terms and conditions prescribed in Section 1 of
Federal Reserve System, shall not apply to deposits of public moneys by this Act.
tho United States in designated depositaries.”
That tho Secretary of tho Treasury is hereby authorized to borrow on tho
Amendment No. 6: This amendment changes the section number and credit of tho United States, from time to time, in addition to tho sum au­
the House recedes.
thorized in Section 1 of this Act, such additional amount, not exceeding
Amendment No. 7: Tho Senate amendment requires tho Secretary of .$63,945,160, as may bo necessary to redeem tho 3% loan of 1908 to 1918,
tho Treasury, in addition to tho reports now required by law, to make, on maturing Aug. 1 1918, and to issuo therefor bonds of the United States in
tho first Monday in December, 1917, and annually thereafter, a report to the manner and undor tho terms and conditions prescribed in Section 1of
Congress giving a detailed statement of all expenditures under this Act this Act.
and tho House recedes.
CONVERSION RIGHTS.
The House recedes from its disagreement to the amendment of tho titlo,
Sec. 5. That any series of bonds issued under authority of Sections 1 and
and agrees to tho samo with an amendment which merely inserts a comma 4 of this Act may, under such terms and conditions as tho Secretary of tho
after the word "and” in tho third line of tho Senato amendment. This Treasury may prescribe, bo convertible into bonds bearing a higher rate
amendment Is merely in the Interest of clearness.
of interest than tho rate at which tho same were issued if any subsequent
CLAUDE KITOHIN,
series of bonds shall bo issued at a higher rate of interest beforo tho termi­
HENRY T. RAINEY,
nation of tho war between tho United States and tho Imperial German
LINCOLN DIXON,
Government, tho dato of such termination to bo fixed by a proclamation
J. W. FORDNEY,
of the President of tho United States.
A. P. GARDNER,
ONE YEAR LOANS.
M a n a g ers on the part o f the H o u se .
Sec. 6. That in addition to tho bonds authorized by Sections 1 and 4
W e give below the text of the bill as it became a law:
of this Act, tho Secretary of tho Treasury Is authorized to borrow from
An Act to authorize an issue of bonds to meet expenditures for the national time to time, on tho credit of tho United States, for tho purposes of this
security and defense, and for tho purpose of assisting in tho prosecu­ Act and to meet public expenditures authorized by law, such sum or sums
tion of the war, to extend credit to foreign Governments, and for other as, in his judgment, may bo necessary and to issuo therefore certificates of
purposes.
Indebtedness at not less than par in such form and subject to such terms
Be it enacted by the Senate and H ou se o f Representatives o f thr U n ited States
and conditions and at such rate of Interest, not exceeding 3H % per annum,
as ho may prescribe; and each certificate so issued shall be payable, with
o f A m er ic a in Congress assembled:
tho interest accrued thereon, at such timo not exceeding one year from tho
AMOUNT OF BORROWING.
Section 1. That the Secretary of tho Treasury, with tho approval of tho date of its issue, as tho Secretary of tho Treasury may prescribe. Cer­
President, is hereby authorized to borrow, from time to timo, on the credit tificates of indebtedness herein authorized shall not bear the circulation
of tho United States for the purposes of this Act, and to meet expenditures privilege, and tho sum of such certificates outstanding shall at no timo
authorized for tho national security and defenso and other public purposes exceed in tho aggregate $2,000,000,000, and such certificates shall bo
authorized by law, not exceeding in tho aggregate S o .0 0 0 ,0 0 0 ,0 0 0 , ex­ exempt, both as to principal and interest, from all taxation, except estate
clusive of tho sums authorized by Section 4 of this Act, and to Issue there­ or inheritance taxes, imposed by authority of the United States, or its pos­
sessions or by any Stato or local taxing authority.
fore bonds of the United States.
The bonds herein authorized shall bo in such form and subject to such
BANK DEPOSITS.
terms and conditions of issuo, conversion, redemption, maturities, payment
Sec. 7. That tho Secretary of tho Treasury, in his discretion, is hereby
and rate and timo of payment of interest, not exceeding 343% per annum, authorized to deposit in such banks and trust companies as he may desig­
as the Secretary of the Treasury may prescribe. Tho principal and in­ nate, tho proceeds or any part thereof arising from the salo of the bonds and
terest thereof shall be payable in United States gold coin of tho present certificates of Indebtedness authorized by this Act, or tho bonds previously
standard of value, and shall bo exompt both as to principal and interest, authorized as described in Section 4 of this Act, and such deposits may bear
from all taxation, except estato or inheritance taxes imposed by authority such rato of interest and bo subject to such terms and conditions as tho
of tho United States or its possessions or by any Stato or local taxing au­ Secretary of tho Treasury may proscribe; Provided, That the amount so
thority: but such bonds shall not bear tho circulation privilege.
deposited shall not in any case exceed tho amount withdrawn from any
The bonds herein authorized shall first bo offered at not less than par as such bank or trust company and invested in such bonds or certificates of
a popular loan, under such regulations prescribed by tho Secretary of tho indebtedness plus tho amount so invested by such bank or trust company,
Treasury as will givo all citizens of tho United States an equal opportunity and such deposits shall bo secured in tho manner required for other deposits
to participate therein: and any portion of tho bonds so offered and not by Section 5153, Itovisod Statutes, and amendments thereto; Provided
subscribed for may bo otherwise disposed of at not less than par by the further, That tho provisions of Section 5191 of tho Revised Statutes as
Secretary of tho Treasury: but no commissions shall bo allowed or paid on amended by tho Federal Reserve Act and tho amendments thereof, with
any bonds Issued under authority of this Act.
roferenco to tho reserves required to bo kopt by national banking associa­
tions and other mombor banks of tho Fedoral Resorve System, shall not
FOREIGN CREDITS.
apply
to deposits of public moneys by tho United States in designated de­
Sec. 2. That for tho purposo of more effectually providing for tho na­
tional security and defense, and prosecuting tho war by establishing credits positaries.
EXPENSES.
in tho United States for foreign Governments tho Secretary of the Treasury,
Sec. 8. That in order to pay all necessary oxpensos, including rent, con­
with tho approval of tho President, is hereby authorized, on behalf of tho
United States, to purchaso at par from such foreign Governments then nected with any operations under tills Act, a sum not exceeding one-tenth
engaged in war with tho onemies of tho United States, their obligations of 1% of tho amount of bonds and one-tenth of 1% of the amount of cer­
hereafter issued, bearing tho samo rate of interest and containing in their tificates of Indebtedness herein authorized is hereby appropriated orjas

as follows: In lieu of tho title inserted by said amendment insert tho fol­
lowing:




A pr . 28 1917.]

THE CHRONICLE

1 6 51

much thereof as may bo necessary out of any money In tho Treasury not will enlist their hearty co-operation in this plan of preparing the*field and
otherwise appropriated, to bo expended as tho Secretary of the Treasury preparing themselves.
may direct: Provided, That, in addition to the reports now required by law
Very truly yours,
tho Secretary of tho Treasury shall on tho first Monday In December 1917
(Signed) W. P. G. HARDING.
and annually thereafter, transmit to tho Congress a detailed statement
Governor.
of all expenditures under this Act.
$200,000,000

TREASURY CERTIFICATES OF INDEBTEDNESS
OVERSUBSCRIBED.
The first offering of Treasury certificates of indebtedness,
authorized in tho $ 7 ,000,000,000 war finance bill which becamo a law last Tuesday, were so heavily oversubscribed
that Secretary of the Treasury M cAdoo on April 24 decided
to increase the amount offered through tho Federal Reserve
banks from $200,000,000 to $250,000,000. The certificates
were offered only to financial institutions. The first sub­
scription list was closed at 10 a. m . on the 24th iiist., and a
great many country banks were not able to send in their
applications in time.
How great tho oversubscription was
has not been mado public, but subscriptions received up to
tho time of tho books’ closing exceeded by many millions the
amount of the issue. Offerings of tho certificates wero made
informally on tho 21st inst., because tho $7,000,000,000
war finance bill was not tlion a law. Tho offering had been
before the banks of tho country only three days, and the
response, officials believe, presages a patriotic outpouring of
funds unparalleled in tho history of any nation when the
$5,000,000,000 bond issue is placed before tho general public.
Tho certificates boar 3 % interest and mature June 30, the
end of the fiscal year. It was originally intonded to have the
certificates bear 2]/2% interest, but Secretary M cA doo, as
stated in these columns last week, decided to increase the
rate to 3 % , realizing that a wider market for the certificates
could bo created if they were offered at the higher rate.
Secretary M cAdoo issued tho following statement on April 24
announcing that tho offering had been oversubscribed and
that as a result tho amount of tho initial issue would be in­
creased to $250,000,000:

The subscriptions received by tho Federal Reserve banks indicate a very
keen interest on tho part of tho banks—particularly tho country banks—
in tho United States 3% certificates, duo Juno 30, offered by tho Federal
Reserve banks on behalf of tho Treasury.
Tho first subscription list was closed this morning at 10 o’clock, but a
great many country banks havo not yet been ablo to send in their appli­
cations. In view of tho fact that it is desirable as a preparatory step for
tho loan that tho member banks possess themselves of these short Govern­
ment securities which will bo received in payment of tho first installment
of tho war loan when issued, tho Secretary lias decided to increase the
amount now offered through tho Federal Reserve banks to $250,000,000,
all of which has already boon absorbod.
lie will offer through tho Federal Rcservo banks further amounts of these
debt certificates when and as it may appear dosirablo in order to give all
banks of tho country an opportunity to proparo themselves for tho coming
bond issue and to meot any demands of tho foreign bolligerents with whom
wo aro making common causo that may arise before tho bonds can bo sold.
Reports from Washington yostorday said that Secretary
McAdoo was considering another offering of $200,000,000
or $250,000,000 in Treasury certificates of indebtedness, due
Juno 30, to tho banks of tho country within tho next few
days. Tho second issue, it is stated, will also be placed
through tho Federal Reserve banks, acting as fiscal agents of
tho Government, and will bo offered primarily to the banks
of tho country, Stato banks and private institutions, as well
as members of tho Federal Reservo System. It is said that
subscriptions to tho first offering rocoivcd after tho subscrip­
tion books had boon closed, will bo recorded for futuro use,
and that banks sending in belated offers will bo permitted
to subscribe tho amount of their offerings to subsequent issues
Tho I ederal Reservo Board was vory activo in promoting
subscriptions to this week’s issuo of certificates and undor
date of April 20 Governor Harding addressed tho following
letter to tho different Roservo banks:

.
A p r i l 20 1917.
D ea r S ir .
*our attention is directed to a statement issued to the press
this afternoon by the Secretary of tho Treasury. In viow of tho large
Issues of United States bonds which will bo offered in tho near futuro and
which, it is hoped, will bo subscribed for to a great extent by investors,
largo and small, whoso funds aro now on deposit in banks, tho Board re­
gards an investment by banks in United States Treasury certificates of
indebtedness having a short maturity and which aro receivable in payment
of subscriptions to United States bonds, as a highly dosirablo investment
for them. Tho Secretary of tho Treasury has announced his intention, in
tho financial operations in which tho Government is about to engage, to
adjust receipts and disbursements in such a way that as far as possible
money paid in will bo promptly returned to tho market and tho Federal
Roservo banks may bo counted upon by offering liberal terms of ro-discountlng to do their utmost in counteracting any effect of temporary dis­
location of banking funds. Tho banks of tho country by absorbing those
certificates in advance of tho issuo of tho war loans, will possess them­
selves of ready meaas with which to meet withdrawals mado by depositors
for tho purposo of paying for bond subscriptions and they will thereby assist
in an offectivo manner in paving tho way for tho successful flotation of our
war loans.
Tho Board does not doubt that you will impress upon tho banks of your
district, both national and Stato, tho importance of tills offer, and that you




LOAN TO GREAT BRITAIN.

A loan of $200,000,000 by the United States to tho United
Kingdom of Great Britain and Ireland was consummated
on April 25 with the handing over to Lord.Cunliffe, Governor
of tho Bank of England, by William G . M cA doo, Secretary
of the Treasury, of a Treasury warrant for that amount.
The money to make the loan was obtained by our Government
out of the proceeds of the sale of Treasury certificates of
indebtedness due Juno 30 , referred to elsewhere. The loan
to tho British Government was purely an emergency loan,
and it is understood that it will be replaced with a bond issue
loan just as soon as the Treasury can complete its arrange­
ments for issuing bonds. The transfer of the big sum was
mado in Secretary M cA d oo ’s office at Washington in the
presence of Federal Reserve Board and Treasury and British
Embassy officials. Lord Cunliffe immediately afterward
took the Treasury warrant to the British Em bassy, where
it was delivered to Sir Cecil Spring-Rice, Ambassador from
Great Britain. Sir Cecil, acting on behalf of the British
Government, gave the Treasury a note for the money bear­
ing tho same rate of interest as that borne by the issue of
United States Treasury certificates of indebtedness. The
warrant received Sir Cecil endorsed over to the United States
Treasury with a request that the amount be deposited in the
Federal Reserve System to the credit of his Government.
Tho fact that the first American loan to the Allied nations
was to bo made to Great Britain became known on the 23d
inst., and it is said that in reaching the decision to extend
aid first to England the authorities at Washington were in­
fluenced by the knowledge that Great Britain, as banker
for the Allies prior to America’s entrance into the war, had
mot tho heaviest financial strain imposed upon any of the
Entente Governments. The loan, it is said, is to be em­
ployed by Great Britain to meet payments for war supplies
already delivered or soon to be delivered by manufacturers
in this country under contract to the British Government. *
The evidence of tho debt on the part of Great Britain is
in the form of a single noto for the full amount made pay­
able June 30 and bearing, as already stated, a like rate of
interest with the United States Treasury certificates, 3 % .
This rate affords a distinct saving in interest to the British
Government, which has been paying 4 ^ to 5 % for its differ­
ent classes of war paper. The warrant for the loan is the
largest check ever drawn on the Treasurer of tho United
States in tho history of the financial dealings of tho American
Government, and is thought to be the largest ever drawn
in this country on any occasion.
In completing the transaction a representative of the
banking house of J. P . Morgan & C o. called at the Federal
Reserve Bank of New York late in tho afternoon of the 25th
inst. and presented a check for the $200,000,000, and he
received in exchange twenty Cashier’s checks of $10,000,000
each. Those who examined the check, says the New York
“ Tim es,” commented upon the unusual character of the
document and tho complete absence of formality. There
was not an engraved or printed lettpr on the check. Written
in “ business longhand,” it was addressed to the Federal
Reserve Bank of Now York, calling upon it to pay to the or­
der of J. P . Morgan & C o. the sum of $2 00 ,0 00 ,000 . The
check was signed “ The United Kingdom of Great Britain
and Ireland, by Sam'^H. Lover, Financial Secretary.” The
signer was Sir Samuel Hardman Lever, Financial Secretary
of the British Treasury, Great Britain’s financial represen­
tative in this country, who came over to tho United States
about a month ago.
Upon receiving tho twenty $10,000,000 checks the Morgan
firm deposited them at banks and trust companies, and they
passed through tho Clearing House on April 26. The Fed­
eral Reserve Bank, which is a special member of the Clearing
House, it is stated, handed in on the 26th the big batch of
checks which it received on tho 25th from the banks in its
district in payment of the 3 % Treasury certificates of in­
debtedness, the New York Reserve Bank receiving by far the
greater proportion of the total subscriptions of $250,000,000.
The $200,000,000 payment made to the Morgan firm was
in this manner largely offset by tho items received by the
Reserve Bank, and the result was that the Federal Reserve
Bank was debtor at the Clearing House on the 26th (Thurs­
day) no more than $20,658,619 and yesterday was creditor
in the sum of $21,640,000.

1653

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[Vol. 104.

entered into tho delicate questions involved in American
participation in the war. M r . Balfour afterward expressed
himself as more than delighted with his call on tho President
and as feeling that his trip had been justified by that meoting
alone. After tho visit to the W hite IIouso M r . Balfour went
to tho Capitol and called upon Vice-President Marshall. It
became known afterward that a suggestion that M r. Balfour
bo asked to address the Senate was under consideration by
members of that body, and would probably bo taken up with
the Stato Department.
While tho British Foreign Secretary was getting acquainted
with thoso with whom he will have most to do while hero,
Lieut .-Gen. G . T . M . Bridges paid a call to Secretary of W ar
Baker, and Rear Admiral Sir Dudley do Chair called on
Secretary of tho N avy Daniels, tho two Cabinet officers
returning the calls in tho afternoon. Lord Cunliffe called
on Secretary of the Treasury M cAdoo and conferred with
members of tho Federal Resorvo Board. In tho evening of
tho 23rd, President and M rs. Wilson gavo a dinner in honor
of the chief members of the British Commission at tho White
House, which was attended by many high American officials
at Washington. It was emphasized on tho 23rd both by
American officials and the British visitors, that the purpose
of tho British mission was not in any senso to suggest policies
to tho American Government. Tho British visitors come,
it was said, with information which is to bo placed at tho
disposal of tho United States in such manner as this Govern­
ment desires. It will be for the President and Secretary
Lansing to tako the lead, it was said oven on diplomatic
questions, such as tho American attitude toward tho ulti­
mate peace settlement, which it is generally thought, will
bo taken up in one
form or another between tho
President and M r . Balfour. Tho whole attitudo of the
British mission, it is said, is one of dosiro to sorvo. M r . Bal­
four has full authority to speak for his Government, and in
matters of general policy, as of practical military, financial
and industrial co-operation, ho is anxious to learn tho Ameri­
can point of view and to make clear matters on which tho
American Government wishes light. It was made plain,
however, that of tho many things which tho United States
ARRIVAL OF BRITISH WAR COMMISSION AT
can do to aid in winning tho war, tho most vital ones in the
WASHINGTON.
minds of tho British mission are two interwovon ones— ship­
British Minister for Foreign Affairs Arthur J. Balfour, and ping and food supply, which have also rocoivod tho chief
the other members of the British W ar Commission, which attention of the American officials.
A reception given at tho Pan-American Building at W ash­
has come to this country, as M r. Balfour expressed it, “ to
make co-operation easy and effective between those who are ington Tuesday evening tho 24th inst. by Secretary Lansing
striving— with all their power— to bring about a lasting peaco in honor of M r. Balfour brought to a closo tho sorios of enter­
by the only means that can secure it, namely, a successful tainments, marking tho welcome of Great Britain’s W ar
war,” arrived at Washington on April 22, and were wel­ Commission to the United States. President Wilson and all
comed by a party of American officials headed by Secrotary the Cabinet officers attended, while mombors of Congress
of Stato Lansing. Tho British Commission is a large ono. went to meet the distinguished visitors. Boforo tho recep­
M r . Balfour’s personal staff is composed of the Hon. Sir tion the diplomatic members of tho British mission were
Eric Drummond, K .C .M .G ., G .C .B .; Ian M alcolm , M .P .; entertained at dinner by Secretary Lansing, tho military
C . F . Dormer and G . Butler. Other prominent members of officers by Secretary Baker, the naval officers by Secretary
the party are: Rear Admiral Dudley. R . S. do Chair, K .C . B . , Daniels and the financiers by Secretary M cAdoo. M r . Bal­
M .V .O .; Fleet Paymaster Vincent Lawford, D .S .O ., A d ­ four and his assistants held informal conferences during tho
miralty; M ajor-G en. George T . M . Bridges, C .M .G ., day over the task ahead of thorn. Tho amount of work to
D . S .O ., Captain H . H . Spender-Clay, M .P .; and Lord bo done has proved a surprise to tho British officials, as
Cunliffe, Governor of the Bank of England. Additional American administrative officers in all departments, it is
members of tho Commission, and the branch of service they said, have requested information that will requiro time to
represent, are:
assemble for submission. Eight additional niombersXof tho
War Office.—Colonel Goodwin, Colonol Langhorno, Major L. W. B. British commission arrived in this country on tho 25th inst.
Rees, V.C., M.C., Royal Flying Corps, and Major C. E. Dansoy.
Blockade Department Experts.—Lord Eustace Percy of tho Foreign They wero Messrs. Goodwin, Heron, Langhorno, Looming,
Office., A. A. Paton of tho Foreign Offico, F. P. Robinson of tho Board of M cGowan, Pucklo, Amos and Vigor. M r . Balfour on tlio'25th
Trado, S. McKenna of tho War Trado Intelligence Department, and M. D. ssued a statement to newspaper correspondents at Wash­
Poterson of tho Foreign Trado Department, Foreign Offico.
ington in which ho outlined tho aims of tho Britishjmission,
Wheat Commission.—A. A. Anderson, Chairman, and Mr. Vigor.
Munitions.—W. T. Layton, Director of Requirements and Statistics and declared that “ no treaty could incroaso our unbounded
Branch, Secretariat of the Ministry of Munitions; C. T. Phillips, American confidence that tho United States, having como into tho war,
and Transport Department, Ministry of Munitions; Captain Leeming,
will see it through to tho groat end wo all hope fo r.” The
Mr. Amos.
Ordnance and Lines of Communication.—Captain Heron.
British Foreign Secretary’s remarks are givon elsewhere in
Supplies and Transports.—Major Pucklo.
these columns.
M r . Balfour while in Washington will occupy tho McVeagh
The great task of co-ordinating all tho branches of work
homestead on Sixteenth Street, which has been placed at his to bo taken up by tho British mision progressed so far„on
disposal through the courtesy of Breckinridge Long, Third the 26th that tho ground policy has been laid forjformal
Assistant Secrotary of State. M r . Balfour and his party joint conferences with tho French commissioners and the
left England on April 11 on a fast cruiser, and arrived at American officials. M r. Balfour devoted most of Thursday
Halifax, N . S ., on April 20. President Wilson and tho to arranging tho distribution of the subjects tojbo]considored.
British Foreign Secretary conferred, togothor at tho White Tho discussions up to tho 26th wore stated to havo brought
IIouso for forty-five minutes on April 23, thus beginning a about complete agreement by British and Amorican officials
series of conferences which are to have vital influences on tho as to the main principles involved. In addition to tho for­
future relations of Great Britain and the United States. mal statement mado by M r . Balfour that no treaty^of^alSecretary Lansing was the only other person present at tho lianco was sought, it has become known that M r . Balfour
meeting. Although it was stated that the discussion was and Secretary M cAdoo on April 25 agreed on tho general
“ most cordial and even intimate,” nothing of an authorita­ principles affecting such important questions as shipping,
tive character could be learned as to tho extent to whicldit banking, trade and exchange. D r. V . K . Wellington K oo,

It is said to bo the intention of tho British Government
to uso part of the $200,000,000 to pay off some of the current
demand loans which have no fixed maturity, while part will
bo used, as above stated, for the payment of current pur­
chases. It is expected that gradually all of tho demand
loans will be paid off, but it is not believed, it is said, that
there is to bo an immediate liquidation of this form of in­
debtedness. Discussion of Great Britain’s further needs in
the immediate future was continued at a conference on the
25th between Secretary M cA doo, Sir Cecil Spring-Rico
and Lord Cunliffe, and later at luncheon that day with the
Federal Reserve Board. Great Britain, it was represented,
is spending approximately $8,000,000 a day for foodstuffs
and munitions in tho United States. Her needs, therefore,
approximate $250,000,000 a month. Should the United
States Government adopt a policy of collecting tho proceeds
of the first big bond issue by installments, covering four
months, Great Britain’s needs during that period woidd be
about $1,000,000,000. From that sum, however, should
be deducted supplies at present purchased by Great Britain
on behalf of Italy and Russia. Preliminary reports on this
phase indicate, it is said, that Great Britain’s needs during
the four months for herself alone would approximate $750,­
000,000, and a sum of approximately that amount probably
woidd be her share, it is stated, of tho first bond issue loaned
by tho United States to tho Entente countries. It has not
yet been decided, it is said, by Treasury officials how much
either Great Britain, Italy, France, Russia or Belgium
is to got. All except Belgium have presented their ap­
plications for relief to the American Government. Secre­
tary M cA doo, it is stated, oxpects to spend tho noxt ton
days or so in studying tho situation with respect to each
country, taking the matter up with tho visiting officials, with
a view to co-ordinating their requests, formulating a definite
program and ascertaining just what sum will bo needed in
tho first offering of bonds soon to be placed before tho pub­
lic. lloports from Washington yesterday stated that Franco
and Italy would get $200,000,000 between them next week.




A m . 28 1917.]

THE CHRONICLE

tho Cliineso M in ister at W a sh in g to n , called on M r . B a lfou r
o n A p ril 26 on w h a t is said to h ave been a n im p o rta n t m is­
sion. C h in a, h a v in g follow ed tho exam ple o f the U n ited
Statos in severing relations w ith G erm a n y, is n o w o n the
b rin k o f actu al w a r. N eg otia tion s , it is sa id, h a v e been
under w a y fo r a lon g tim e to fix C h in a ’ s p o s itio n a m on g tho
E n ten te n ation s, an d it is th ou gh t th a t D r . K o o to o k a d ­
v an tage o f M r . B a lfo u r ’s prosenco at W a sh in gton to discuss
the situ ation fu rth er.

FRENCH

W AR

M IS S IO N A R R IV E S A T

W A S H IN G T O N .

T h o F ren ch W a r M iss io n , headed b y R en e V iv ia n i, M in is ­
ter o f Ju stice an d V ice-P rem ier, and in clu d in g M a rsh a l
Joseph J o ffro , hero o f the M a rn o and p op u la r id ol o f tho
p e o p le o f F ra n ce, w as w elcom ed to W a sh in g ton on A p ril 25
w ith great enthusiasm . T h o F ren ch m ission to this co u n try
arrived o ff H a m p ton R oa d s on tho 24th in s t., an d w ere
b ro u g h t up C hesapeake B a y on the P re sid e n t’s y a ch t
M a y flo w e r . T h e m ission, it is sa id, brings n o Avritten in ­
stru ction s fro m the F rench G ov ern m en t, tho M in is tr y h a v in g
d e cid e d to g iv e its m em bers u n lim ited p ow ers to n egotia te
w ith tho U n ited States on all su b jects— m ilita ry , n a v a l and
fin a n cia l. B esides M r . V iv ia n i an d M a rsh a l J o ffro , tho
F ren ch m ission is com p os ed o f V ice-A d m ira l C o ch e p ra t,
sen ior V ice -A d m ira l o f tho F ren ch N a v y ; M a rq u is do C liam b ru n , a m em bor o f tho C h am ber o f D ep u ties; M . S im on ,
In sp e cto r o f F in an ce; M . Ilo s e la cq u e , In sp ector-G en era l o fP u b lic In stru ctio n , and tho personal sta ff o f M a rsh a l J o ffro ,
com p risin g L io u t.-C o l. F a b ry , C h ief o f S ta ff; L ie u t.-C o l.
R e m o n d (a rtille ry), G eneral H ead qu arters; M a jo r R e q u in ,
M in is try o f W a r; L ieu ten an t do T ossa n , T e n th A r m y ; and
S u rg e o n -M a jo r D re y fu s o f tho M e d ic a l C o rp s. T h e oth or
m em bers o f tho p a rty are — L ieu ten an t A . J . A . K . L in d eb o o m , o f tho M in is try o f M a rin o , a specialist in sea tran sp ort,
an d C a p ta in G eorgo E . S im on , a id e-d e-ca m p o f A d m ira l
C o ch e p ra t.
In ap p recia tion o f tho F ren ch G o v e rn m e n t’s a ctio n in
sending to tho U n ited States as m em bers o f its m ission such
distinguished citizens, S ecretary Lansing on tho 25 th inst.
issued tho folioAving statem en t:
I t is v e r y g r a t i f y i n g t o t h i s G o v e r n m e n t a n d t o t h o p e o p l e t h a t w o s h o u l d
h a v o a s o u r g u e s t s s u c h d i s t in g u is h e d r e p r e s e n t a t iv e s o f t h o F r e n c h R e p u b l i c
a s a r r iv e d t ills n o o n .
I n s e n d in g m e n w h o s o f u lly re p re s e n t th o F re n ch
G o v e r n m e n t a n d p e o p l o w o h a v o t h o v e r y b e s t e v i d e n c e o f t h o s p i r it a n d
f e e li n g o f F r a n c o t o w a r d t h o U n it e d S t a t e s .
AVo c a n a s s u r e t h o F r e n c h
p e o p l o t h a t w o r e c i p r o c a t e t h i s s p i r it w h ic h i n d u c e d t h e m t o s e n d t h o s o
C o m m i s s io n e r s , a n d r e jo i c e t h a t t h e t w o g r o a t n a t i o n s a r e b a t t l i n g s i d e b y
s id o fo r t h o lib e r t y o f m a n k in d .

1653

r a c e — l o n g - s u f f e r i n g p a t i e n c e b e f o r e a p p e a li n g t o f o r c e , a n d f o r c e t o a v e n g e
t h a t lo n g -s u ffe r in g p a tie n c e w h e n th e re c a n b e n o o th e r m e a n s .
S in c e y o u a r e h e r o t o l is t e n t o m o , I a s k y o u t o r e p e a t a t h o u s a n d f o l d t h e
e x p r e s s i o n o f o u r d e e p g r a t i t u d e f o r t h e e n t h u s i a s t ic r e c e p t io n t h e A m e r i ­
c a n p e o p l o h a s g r a n t e d u s i n A V a s h in g t o n .
I t is n o t t o u s , b u t t o o u r b e ­
l o v e d a n d h e r o i c F r a n c e , t h a t t h e r e c o p t io n w a s a c c o r d e d .
AVe w e r e p r o u d
t o b o h e r c h i ld r e n i n t h o s o u n f o r g e t a b l o m o m e n t s w h e n w e r e a d in t h e r a d i ­
a n c e o f t h e f a c e s w e s a w t h e n o b l e s i n c e r i t y o f y o u r h e a r t s , a n d I d e s ir e t o
t h a n k a l s o t h o p r e s s o f t h o U n it e d S t a t e s , r e p r e s e n t e d b y y o u .
I fu lly
r o a l iz e t h o a r d e n t a n d d i s in t e r e s t e d h e l p y o u h a v o g i v e n b y y o u r tir e le s s
p r o p a g a n d a i n t h e c a u s e o f r ig h t I k n o w y o u r a c t i o n h a s b e e n i n c a lc u l a b l e .
G e n t le m e n , I t h a n k y o u .
AVe h a v o c o m e t o t h is l a n d t o s a l u t e t h o A m e r i c a n p e o p l o a n d i t s G o v e r n ­
m e n t , t o c a l l t o f r e s h v i g o r o u r l if e l o n g f r i e n d s h ip , s w e e t a n d c o r d i a l in
t h o o r d i n a r y c o u r s e o f o u r l iv e s , a n d w h ic h t h e s o t r a g i c h o u r s h a v e r a is e d
t o a ll t h e a r d o r o f b r o t h e r ly l o v e — a b r o t h e r ly l o v e w h ic h in t h e s e la s t y e a r s
o f s u f fe r i n g h a s m u l t i p l i e d it s m o s t t o u c h i n g e x p r e s s i o n s .
Y o u h a v e g iv e n
h e l p , n o t o n l y i n t r e a s u r e , in e v e r y a c t o f k in d n e s s a n d g o o d - w i l l ; f o r u s
y o u r c h i ld r e n h a v e s h e d t h e i r b l o o d a n d t h e n a m e s o f y o u r s a c r e d d e a d
a r e in s c r i b e d f o r e v e r in o u r h e a r t s .
A n d i t w a s w it h a f u ll k n o w l e d g e o f
t h o m e a n in g o f w h a t y o u d i d t h a t y o u a c t e d .
Y o u r in e x h a u s t i b l e g e n e r o s i t y
w a s n o t t h e c h a r i t y o f t h e f o r t u n a t e t o t h e d is t r e s s e d ; i t w a s a n a f f i r m a t io n
o f y o u r c o n s c ie n c e , a r e a s o n e d a p p r o v a l o f y o u r j u d g m e n t .
Y o u r f e ll o w c o u n t r y m e n k n o w t h a t u n d e r t h o s a v a g e a s s a u lt o f a n a t i o n
o f p r o y w h ic h h a s m a d e o f w a r , t o q u o t e a f a m o u s s a y i n g , it s n a t i o n a l i n ­
d u s t r y , w o w e r e u p h o ld i n g w it h o u r i n c o m p a r a b l e a llie s , f a i t h f u l a n d v a l i a n t
t o t h e d e a t h , w it h a ll t h o s e w h o a r e f i g h t i n g s h o u l d e r t o s h o u l d e r w it h u s
o n t h o f ir i n g l in o , t h e s o n s o f i n d o m it a b le E n g la n d , a s t r u g g l e f o r t h e v i o ­
l a t e d r ig h t s o f m a n , f o r t h a t d e m o c r a t i c s p i r it w h ic h t h e f o r c e s o f a u t o c r a c y
w e re a tte m p tin g t o cru sh th r o u g h o u t th e w o r ld .
AVe a r e r e a d y t o c a r r y
th a t s tru g g le o n t o th e e n d .
A n d n o w , a s P r e s i d e n t A V ilson h a s s a i d , t h e R e p u b l i c o f t h e U n it e d
S t a t e s r is e s in i t s s t r e n g t h a s a c h a m p i o n o f r i g h t a n d r a llie s t o t h e s i d e o f
F r a n c e a n d h e r a llie s .
O n ly o u r d e s c e n d a n t s , w h e n t i m e h a s r e m o v e d
t h e m s u f f i c i e n t l y f a r f r o m t h o p r e s e n t e v e n t s , w ill b o a b l e t o m e a s u r e t h e
f u ll s i g n if i c a n c e , t h e g r a n d e u r o f a h i s t o r i c a c t w h ic h h a s s e n t a t h r ill
t h r o u g h t h o w h o le w o r l d .
F r o m t o -d a y o n a ll th o fo r c e s o f fre e d o m a re
le t lo o s e .
A n d n o t o n l y v i c t o r y , o f w h ic h w e w e r e a l r e a d y a s s u r e d . Is
c e r t a in t h e t r u o m e a n in g o f v i c t o r y Is m a d e m a n i fe s t i t c a n n o t b e m e r e ly
a f o r t u n a t e m il i t a r y c o n c lu s io n t o t h i s s t r u g g l e , i t w il l b e t h e v i c t o r y o f
m o r a li t y a n d r i g h t , a n d w il l f o r e v e r s e c u r e t h e e x i s t e n c e o f a w o r l d i n w h ic h
a ll o u r c h i ld r e n s h a ll d r a w f r e e b r e a t h in f u l l p e a c e a n d u n d is t u r b e d p u r ­
s u it o f t h e ir l a b o r s .
T o a c c o m p li s h t h i s g r e a t w o r k , w h ic h w il l b o c a r r ie d t o c o m p l e t i o n ,
w o a r o a b o u t t o e x c h a n g e v i e w s w i t h t h o m e n in y o u r G o v e r n m e n t b e s t
q u a li f i e d t o h e l p .
T h e c o - o p e r a t i o n o f t h e R e p u b l i c o f t h e U n it e d S t a t e s
In t h is w o r l d c o n f l i c t is n o w a s s u r e d .
AVo w o r k t o g e t h e r a s f r e e m e n w h o
a r o r e s o lv e d t o s a v o t h e id e a ls o f m a n k i n d .

T h e p rin cip al m em bers o f the F ren ch m ission Avere en­
tertained at a dinner a t the W h ite H ou se T h u rsd a y even in g,
an d later the entire m ission a tten d ed a recep tion there in
their h o n or. A large n u m ber o f officia ls an d oth er persons
prom in en t in th e officia l life a t W a sh in g ton Avere presen t
a t tho recep tion to greet th e distinguished F ren ch visitors.
M R . BALFOUR DECLARES A L L IE S SE E K NO A L L IA N C E
W IT H

U N IT E D

STATES.

In a statem en t to new spaper corresp on d en ts a t W a sh in g ­
ton on the 25 th in st., A rth u r J . B a lfo u r, Secretary o f S tate
T h o F ren ch m ission w as w elcom ed a t W a sh in g ton b y
fo r F oreign A ffa irs o f G rea t B rita in , an d leader o f the B ritish
S ecretary o f S tate L an sin g. M . Jusserand, tho F rench
W a r C om m ission to this co u n try , d isclaim ed a n y in ten tion
A m b a ssa d or, F ra n k L . P o lk , C ou n sellor o f tho S tato D e ­
on the p a rt o f the E n ten te P ow ers to ob ta in a form a l alliance
p a rtm e n t; W illia m P h illip s, A ssistant S ccrota ry o f State;
w ith tho U n ited States in the p rosecu tion o f tho w ar against
A ssista n t S ecretary o f tho N a v y R o o s e v e lt; A ssista n t Secre­
G erm a n y. H e declared th a t, aside fro m a n y oth er con sid er­
ta ry o f Stato L o n g ; C olon el W . W . H a rts, U . S. A . , tho
a tio n , n o Avritten treaty w as n eeded to a d d to the stren gth
P re sid e n t’s aide; M a jo r-G e n e ra l S c o tt, C h ief o f S ta ff, repre­
o f tho co m m u n ity o f interest w h ich n ow b in d s A m erica to
senting tho A rm y ; and R ea r-A d m ira l H u se, representin g the
G rea t B rita in an d F ran ce in a single cau se. “ N o tr e a t y ,” he
N a v y . T h o leading F rench C om m ission ers pa id officia l
sa id, “ co u ld increase th e u n d ou b ted con fid en ce w ith w h ich
calls u p o n P residen t W ilson , V ice-P resid en t M arsh all and
a v o lo o k to the U n ited States, w h o , h a v in g co m e in to th e w a r,
Secretaries L an sing, B a ker and D an iels on tho 26th inst.
aro g oin g to see tho w ar th rou gh . I f there is a n y ce rta in ty
O f fo re m o st im p orta n ce on th at d a y w as a lon g talk botAveen
in h um an affa irs, th at is ce rta in .”
M r . B a lfo u r m a d e it
M a rsh a ll J offro an d m em bers o f his sta ff an d Secretary
pla in th at he w as seeking to set a t rest o n ce an d fo r all a n y
B a k e r, G eneral S c o tt an d several oth er A m erica n A rm y
suspicion th at G rea t B ritain an d F ra n ce w ere seeking th rou gh
o ffice rs . I t to o k p la co in the h om o o f H en ry W h ite , form er
their in ternation al com m ission s to d raw tho U n ited States
U . S. A m b a ssa d or to F ra n co, w liero tho F ren ch visitors are
in to an “ entan glin g a llia n ce.”
“ I am t o ld ,” said M r . B a l­
b oin g en tertained as the guests o f the n a tion .
fo u r, “ th at som e d ou b tin g critics believe th at the o b je c t o f
France is known, it is stated, to desire the sonding of an
this m ission is to inveigle tho U n ited States o u t o f its tra­
American expeditionary force to co-operate Avitli her armies,
d ition a l p o lic y and to entangle it in form a l alliances, either
and Marshal Joffro came to this country, it is said, prepared
secret o r p u b lic, w ith E u rop ean P ow ers. I c a n ’ t im agine
to give reasons for the opinion of French military exports,
a n y ru m or o f less fou n d a tion , or a p o lic y m ore u tterly un­
that tho sending of such a force is advisable. Information
necessary or fu tile. O ur con fid en ce in th e assistance w e
regarding tho meeting botAveen the military leaders was
aro g oin g to g et is n ot based u p on such sh allow con sideration s
Avithheld. Shortly after tho conclusion of the conference
as th ose w h ich arise o u t o f form a l treaties.
H is rem arks
Vice-Premier Viviani made a statement to the American
in full w ere as follow s:
press in which ho declared that tho co-operation of tho United
Gentlemen.— I a m v e r y m u c h o b l i g e d t o y o u r f o r c o m i n g h e r e t o - d a y a n d
Statos in tho war Avould mean not only a victory for Franco, g i v i n g m e t h e o p p o r t u n i t y o f e x p r e s s in g t o y o u p e r s o n a l l y , a n d t h r o u g h y o u
t
o
t h o g r e a t A m e r i c a n p u b l i c , h o w v e r y d e e p l y w e w h o b e l o n g t o t h i s m is s io n
which already Avas assured, but a victory of morality and
s e n t f r o m B r ita in , v a lu e t h e k in d n e s s , t h o e n th u s ia s m , t h e w a m m t h o f
right, which Avill forever secure tho existence of a world in w e lc o m e w h ic h w e h a v e r e c e iv e d in t h is c a p i t a l c i t y o f t h e U n it e d S t a t e s .
Avhicli all our children shall draAv free breath in full peace A l l o u r h e a r t s a r c g r a t i fi e d a n d t o u c h e d p e r s o n a l l y . AVe a r e e v e n m o r e
and undisturbed pursuit of their labors.” His statement d e e p l y t o u c h e d b y i t a s b e i n g t h e o u t w a r d a n d v i s ib l e m a n i fe s t a t i o n o f
s y m p a t h e t i c e m o t i o n in c a r r y in g o u t a n d r e s p o n d i n g t o a g r e a t c a l l , w h ic h
follows:
is t h o r e a l s e c u r i t y f o r o u r e s u c c e s s .
I p r o m i s e d t o r e c e iv e y o u a f t e r h a v i n g r e s e r v e d , a s e l o m o n t a r y c o u r t e s y
r e q u i r e d , m y f i r s t c o m m u n ic a t i o n s o l e l y f o r t h o P r e s i d e n t .
I h a v o ju s t
h a d t h o h o n o r , w h ic h I s h a r e d w i t h t h o o t h o r m o m b o r s o f t h o m is s i o n , o f
b e i n g r e c e iv e d b y h i m .
I a m in d e e d h a p p y t o h a v o b e e n c h o s e n t o p r e s e n t
t h o g r e e t in g s o f t h o F r e n c h R e p u b l i c t o t h o ill u s t r io u s m a n w h o s o n a m e is
in e v e r y F r e n c h m o u t h t o - d a y , w h o s o i n c o m p a r a b l e m e s s a g o i s a t t h i s v e r y
h o u r b o i n g r o a d a n d c o m m e n t e d u p o n i n a ll o u r s c h o o l s a s t h o m o s t p e r f e c t
c h a r t e r o f h u m a n r ig h t s , a n d w h ic h s o f u l l y e s p r e s s o s t h e v i r t u e s o f y o u r




N o m a n w h o h a s h a d t h o o p p o r t u n i t y w h ic h I h a v o e n j o y e d In t h e la s t f e w
d a y s o f s e e i n g , h e a r i n g , a n d t a l k in g t o l e a d in g m e m b e r s o f y o u r S t a t e c a n
f o r o n e m o m e n t d o u b t t h e f u l l d e t e r m in a t i o n o f t h e A m e r i c a n p e o p l e t o
t h r o w t h e m s e lv e s i n t o t h e g r e a t e s t c o n f l i c t w h ic h h a s e v e r b e e n w a g e d In
t h is w o r l d .
I d o n o t s u p p o s e t h a t i t is p o s s i b le f o r y o u — I a m s u r e i t
w o u ld n o t b e p o s s i b le f o r m e w e r e I in y o u r p l a c o — t o r e a liz e In d e t a i l , In
c o n c r e t o d e t a i l, a ll t h a t t h e w a r m e a n s t o t h o s e w h o h a v e b e e n e n g a g e d
In it f o r n o w t w o y e a r s a n d a h a l f .
T h a t Is a f e e li n g w h ic h c o m e s , a n d c a n

o n l y l c o m e , b y a c tu a l e x p e r ie n c e .
W e o n t h e o t h e r s id e o f th e A t la n t ic
h a v e b e e n l iv i n g in a n a t m o s p h e r e o f w a r s i n c e A u g u s t 1 9 1 4 , a n d y o u c a n n o t
m o v e a b o u t t h e s t r e e t s , y o u c a n n o t g o a b o u t y o u r d a i l y b u s in e s s s , e v e n I f
y o u r a f fa ir s b e d i s a s s o c ia t e d w it h t h e w a r i t s e l f , w i t h o u t h a v i n g e v i d e n c e s
o f th e w a r b r o u g h t to y o u r n o tice e v e ry m o m e n t.
I a r r iv e d h e r o o n S u n d a y a f t e r n o o n a n d w e n t o u t in t h o e v e n i n g a f t e r
d a r k , a n d I w a s s t r u c k b y a s o m o w h a t u n u s u a l fe e li n g w h ic h a t t h e f ir s t
m o m e n t I d i d n o t a n a iy z o ; a n d s u d d e n ly i t c a m e u p o n m e t h a t t h i s w a s t h e
f ir s t tim e f o r t w o y e a r s a n d a h a lf o r m o r e w h e n I h a d seen a p r o p e r ly
l ig h t e d s t r e e t .
T h e r e is n o t a s t r e e t in L o n d o n , t h e r e is n o t a s t r e e t i n a n y
c i t y o f t h e U n it e d K i n g d o m , i n w h ic h a f t e r d a r k t h e w h o le c o m m u n i t y is
n o t w ra p p e d in a g lo o m e x c e e d in g th a t w h ic h m u s t h a v e e x is te d b e fo r e th e
In v e n tio n o f g a s o r e le ctr ic lig h tin g .
B u t t h a t is a s m a ll m a t t e r , a n d I
o n l y m e n t i o n i t b e c a u s e i t h a p p e n e d t o s t r ik e m e a s o n e o f m y e a r lie s t
e x p e rie n ce s in th is c it y .
O f c o u r s e , t h e m o r e t r a g i c s id e o f w a r is n e v e r , a n d c a n n o t e v e r b e , a b s e n t
f r o m o u r m in d s .
I s a w w it h g r e a t r e g r e t t h is m o r n in g i n t h e n e w s p a p e r s
t h a t t h e s o n o f B o n a r L a w , o u r C h a n c e ll o r o f t h e E x c h e q u e r , w a s w o u n d e d
a n d m is s in g in s o m e o f t h e o p e r a t i o n s n o w g o i n g o n i n P a le s t i n e , a n d I
I n s t in c t i v e l y c a s t m y m i n d b a c k t o t h e lo s s e s o f t h i s w a r i n a ll c ir c l e s , b u t
a ; a n i ll u s t r a t io n i t s e e m s t o m o I m p r e s s iv o .
I w e n t o v e r t h e m e la n c h o ly
Jist, a n d , i f m y m e m o r y s e r v e s m e r ig h t , o u t o f t h e s m a ll n u m b e r o f C a b in e t
]\i i n i s t e r s , m e n o f C a n b i n e t r a n k w h o w e r e s e r v i n g t h e S t a t e w h e n t h e w a r
h o k e o u t in A u g u s t 1 9 1 4 , o n e h a s b e e n k i ll e d i n a c t i o n , f o u r a t l e a s t h a v e
l o s t s o n s , a n d n o w t h a t B o n a r L a w ’s s o n is w o u n d e d a n d m is s in g — n o t
I h o p e , l o s t t o u s , b u t s t ill in a p o s i t i o n f r o m w h ic h h e m a y n o t r e t u r n t o h i s
frio n d s .
T h a t is t h e s o r t o f t h i n g s t h a t h a v e h a p p e n e d in q u i t e a s m a ll a n d
r . o w l y r e s t r i c t e d c la s s o f m e n , b u t i t is c h a r a c t e r is t i c o f w h a t is h a p p e n i n g
t h r o u g h o u t t h o w h o le c o u n t r y .
T h o c o n d i t i o n o f F r a n c e i n t h a t r e s p e c t is e v i d e n t l y o v e n m o r e f u l l o f
sorrow a n d tra g ed y th a n o u r ow n , b eca u se w e h a d n o t a great a rm y , w e
h a d b u t a s m a ll a r m y w h e n w a r b r o k e o u t , w h e re a s th e F r e n c h a r m y w a s
o f t h e g r e a t c o n t in e n t a l t y p o , w a s o n a w a r f o o t i n g , a n d w a s , f r o m t h o v e r y
i c e p t i o n o f m il i t a r y o p e r a t i o n s , e n g a g e d in s a n g u in a r y c o n f l i c t w it h t h e
com m on enem y.
W e h a v e t o - d a y a m o n g s t u s a m is s io n f r o m F r a n c o . I d o u b t n o t — i n d e e d ,
I a m f u l l y c o n v i n c e d — t h a t t h e y w i l l r e c e iv e a w e lc o m e n o t le s s w a r m ,
n o t le s s h e a r t f e l t , t h a n t h a t w h i c h y o u h a v e s o g e n e r o u s l y a n d e n c o u r a g ­
in g ly o x to n d e d to u s .
T h a t w a s a n d c e r t a i n l y w il l b o i n c r e a s e d b y t h e r e f l e c ­
t i o n t h a t o n e m o m b e r o f t h o m is s io n i s M a r s h a l J o f f r o , w h o w il l g o d o w n
t h r o u g h a ll t im e a s t h o g e n e r a l i n c o m m a n d o f t h e A l l i e d f o r c e s a t o n e o f t h e
m o s t c r i t i c a l m o m e n t s in t h e w o r l d ’ s h i s t o r y .
I r e m e m b e r w h e n I w a s h e r e b e f o r e t h e r e w a s a b o o k w h ic h w a s g i v e n o u t
in t h o s c h o o l s c a l l e d " T h o F i f t e e n D e c i s i v e B a t t l e s o f t h o W o r l d . ”
I do
n o t k n o w w h e th e r t h e y a ll q u it e d e s e r v e t h a t t it le , b u t th e re c a n b e n o
d o u b t o r q u e s t i o n w h a t e v o r t h a t a m o n g t h e d e c i s iv o b a t t l e s o f t h o w o r l d ,
t h e B a t t l o o f t h e M a r n e w a s t h e m o s t d e c i s iv e .
I t w a s a t u r n i n g p o i n t in
t h o h i s t o r y o f m a n k i n d , a n d I r e jo i c e t h a t t h e h e r o o f t h a t e v e n t is t o - d a y
c o m i n g a m o n g u s a n d w ill j o i n u s , t h e B r i t is h n a t i o n , i n l a y i n g b e f o r e t h e
p e o p l e o f t h e U n i t e d S t a t e s o u r g r a t i t u d e f o r t h e s y m p a t h y , w h ic h t h e y
h a v e s h o w n a n d a r e s h o w in g , a n d o u r w a r m c o n f i d e n c e i n t h e v a l u e o f t h o
a s s is t a n c e w h ic h t h o y a r o a f f o r d i n g t h e A l l i e d c a u s o .
G e n t le m e n , I d o n o t b e l i e v e t h a t t h o m a g n i t u d e o f t h a t a s s is t a n c e c a n
b y a n y p o s s ib ilit y b e e x a g g e r a te d .
I a m t o ld th a t th e re a re s o m e d o u b tin g
c r i t i c s w h o s e e m t o t h i n k t h a t t h e o b j e c t o f t h o m is s io n o f F r a n c o a n d
G r e a t B r i t a i n t o t h i s c o u n t r y is t o in v e i g le t h e U n it e d S t a t e s o u t o f it s
t r a d i t i o n a l p o l i c y , a n d t o e n t a n g l e It i n f o r m a l a lli a n c e s , s e c r e t o r p u b l i c ,
w it h E u r o p e a n P o w e r s .
I c a n n o t i m a g in e a n y r u m o r w it h le s s f o u n d a t i o n ,
n o r c a n I I m a g in e a p o l i c y s o u t t e r l y u n n e c e s s a r y .
O u r c o n f i d e n c e i n t h i s a s s is t a n c e w h ic h w e a r o g o i n g t o g e t f r o m t h is
c o m m u n i t y is n o t b a s e d u p o n s u c h s h a l l o w c o n s i d e r a t io n s a s t h o s e w h ic h
a r is o o u t o f f o r m a l t r e a t ie s .
N o t r e a t y c o u ld in cre a se t h e u n d o u b t e d
c o n f i d e n c e w i t h w h i c h w e l o o k t o t h e U n it e d S t a t e s , w h o , h a v i n g c o m e i n t o
th e w a r, a re g o in g t o see th e w a r th r o u g h .
I f t h e r e is a n y c e r t a i n t y in
h u m a n a f f a i r s , t h a t i s c e r t a in .
T w o y e a r s a n d a h a lf h a v e g o n e s in ce th o w a r b e g a n , a n d th o g r e a t p u b lic
o n t h i s s id e o f t h o A t l a n t i c h a s b e e n w a t c h i n g , w it h d e e p e n in g in t e r e s t , t h e
b l o o d s t a i n e d d r a m a g o i n g o n a c r o s s t h e o c e a n , a n d I a m w e ll c o n v i n c e d
th a t as ea ch m o n th h a s p a ssed , so h as th e c o n v ic tio n g row n a m o n g y o u
t h a t a f t e r a ll i t is n o s m a l l o r p e t t y I n t e r e s t t h a t Is i n v o l v e d in t h is w a r ,
I : is n o s t r u g g le f o r s o m a n y s q u a r e m ile s o f t e r r i t o r y , f o r s o m e a c q u i s i t i o n ,
s o m e s a tis fa c tio n o f s m a ll n a tio n a l a m b it io n .
I t w a s n o th in g s h o r t o f th o
f u l l c o n s c io u s n e s s t h a t t h e lib e r t i e s o f m a n k i n d a r e r e a l ly i n v o l v e d In t h e
is s u e o f t h i s s t r u g g l e t h a t w a s a n i m a t in g t h e A l l ie d c o u n t r ie s .
__
W it h s u c h a ca u s e t h e A m e r ic a n p u b lic h a s a lw a y s b e e n in Y u ll s y m ­
p a t h y , a n d n o w , a f t e r w a t c h i n g i t t h r o u g h a ll t h e s o m o n t h s , y o u h a v e
f o u n d y o u r s e l v e s i m p e ll e d t o j o i n i n t h o g r o a t c o n f l i c t .
I fe o l p e r fe c t ly
c e r t a in t h a t y o u w il l t h r o w i n t o i t a ll y o u r u n e q u a l le d r e s o u r c e s , a ll y o u r
p o w e r s o f i n v e n t i o n , o f p r o d u c t i o n , a ll y o u r m a n p o w e r , a ll t h e r e s o u r c e s
o f t h a t c o u n t r y w h i c h h a s g r e a t e r r e s o u r c e s t h a n a n y o t h e r c o u n t r y in t h e
w o r l d , a n d a l r e a d y h a v i n g c o m e t o t h o d e c i s io n , n o t h i n g w ill t u r n y o u f r o m
i t b u t s u c c e s s c r o w n i n g o u r j o i n t e f fo r t s .
T h i s e x p r e s s e s t h e s e n t im e n t s w i t h w h ic h I h a v e b o o n a n i m a t e d o v e r
s ln c o I c a m e t o th is c it y — m y s e n tim e n t o f g r a tltu d o , m y s e n tim e n t o f
h o p e , I d o n o t h o p e t h a t I h a v e a n y th in g o f v a lu e t o a d d .

Allow mo to thank you most heartily again for having como hero for this
brief Interview, and to express my gratltudo for what you have done, and
my firm confidence that all of you will, wielding the great power you do,
exercise it in tho convincing cause of justice, truth and peace.
STEEL M E N

[VOL. 104.

THE CHRONICLE

16 54

C O N F I R M R E D U C E D ^P R I C E S I T O U N I T E D
STATES

GOVERNMENT.

A t a m eetin g o f steel m en a t th e o ffice s o f th e U n ited States
Steel C o rp o ra tio n o n T h u rsd a y arrangem ents w ere com p leted
to su pply th e G o v e rn m e n t’ s steel fo r a rm y an d n a v y ex­
pa n sion . T h e G o v e rn m e n t’ s pla n s as so fa r ou tlin ed ,
a ccord in g to C h airm an E . H . G a r y , call fo r b etw een 2 and
3 % o f the c o u n tr y ’ s o u tp u t this y ea r, a m ou n tin g to b etw een
900,00 0 an d 1,3 00,00 0 ton s. A com m ittee was a p p oin ted
to a p p o rtio n th e ton n age am on g th o v a riou s ^ com p an ies,
taking their ca p a city as the basis o f d iv is ion . Ju dge G a ry
said:
•
I t w a s u n a n im o u s l y d e c i d e d t o a p p r o v e t h e a c t i o n o f t h e G e n e r a l C o m ­
m it t e e a p p o i n t e d b y t h o A m e r i c a n I r o n & S t e e l I n s t i t u t e w i t h r e s p e c t t o
p r i c e s w h ic h h a d b e e n a g r e e d u p o n w i t h t h o G o v e r n m e n t f o r p l a t o s , s t r u c ­
tu ral sh ap es a n d b a rs.
T h e s o p r ic e s a r e $ 2 9 0 b a s e p e r h u n d r e d p o u n d s
fo r p la te s a n d $ 2 5 0 b a s e fo r s tru ctu ra l sh a p e s a n d b a rs .
A l l t h o s e p r e s e n t a n n o u n c e d t h e ir w illin g n e s s t o c o m p l y w it h t h e r e q u e s t
o f G o v e r n m e n t o f f i c i a l s t o h a v e t h e ir t o n n a g e c o v o r e d b y t h e p r o g r a m f o r




1917
f o r w a r m a t e r ia l s d i s t r i b u t e d a m o n g t h e m a n u f a c t u r e r s i n p r o p o r t i o n
t o t h e ir c a p a c i t y .
T h o m e e t in g a p p r o v e d t h o s u g g e s t i o n o f t h o I r o n & S t e e l
I n s t it u t e C o m m i t t e e t o h a v e t h e t o t a l r e q u i r e m e n t s o f t h e G o v e r n m e n t f o r
s t e e l p r o d u c t s m a n a g e d t h r o u g h a c le a r i n g h o u s e c o m m i t t e e w i t h o f f i c e s
in W a s h i n g t o n .
T h o c o m m i t t e e in g e n e r a l c h a r g e o f t h o W a s h i n g t o n o f f i c e
a n d d i v i s i o n o f o r d e r s w ill c o n s i s t o f E . I I . G a r y , e x o f f i c i o ; J a m e s A . F a r r e l l.
J o h n A . T o p p in g a n d E . A . S . C la r k e .
A s u b - c o m m i t t e e o n a l lo y s c o n s i s t s
o f E . I I . G a r y , e x - o f f i c i o ; J a m e s A . F a r r e l l, E . G . G r a c e a n d E . A . S . C l a r k e .
T h e r e w e ro re p re s e n te d t o -d a y th e m a n u fa c tu r e r s o f p la to s , s tru ctu ra l
sh ap es a n d b a rs.
M a n y o f t h o s e p r e s e n t a r e a l s o i n t e r e s t e d in s t e e l p r o d ­
u c ts g e n e r a lly .
T h e d i s p o d t l o n s h o w n b y m a n u f a c t u r e r s w it h o u t e x c e p ­
t i o n w a s p a t r i o t i c a n d e n t h u s i a s t ic .

T h o m en n am ed o n th e com m ittee represent the largest
units in the steel trad e, in clu din g the Steel C orp o ra tio n , the
B eth leh em Steel C o rp ora tion , th e R ep u b lic Iron & Steel C o .
an d the L a ck aw an n a Steel C o . A s m em bers o f the direc­
torate o f th e A m erica n Iro n & Steel In stitu te, w hich to o k
u p n egotia tion s w ith the G overn m en t at the su ggestion o f
tho C ou n cil o f N a tion a l D efen se, th ey h a v e been , says the
N e w Y o r k “ T im e s ,” fam iliar w ith p roceedings from the start.
O IL IN T E R E S T S

TO S U P P L Y

N A V Y

A T

REASONABLE

COST.

Secretary o f the N a v y D an iels on A p ril 25 an n ou n ced th at
an agreem en t h ad been reached b etw een tho G overn m en t and
the p etroleu m p rod u cin g an d refining interests o f the cou n try
u nder w h ich th e n a v y ’s oil needs are to b e su pplied a t a
“ reason ab le” c o s t. T h e arrangem ent is rega rded, it is said,
b y n a v y officia ls as on e o f great m ilita ry im p orta n ce. I t
w as co n clu d e d b y R ea r A d m ira l M c G o w a n , P a y m a ste r‘ G eneral o f th e N a v y , w ith the assistance o f th e C ou n cil o f
N a tion a l D efen se. A s an ev id en ce o f their desire to pla ce
them selves co m p le te ly a t th e disposal o f th e G overn m en t,
the oil interests h ave selected as a co m m itte e to a ct fo r them
the sam e co m m ittee w h ich w as a p p oin ted b y the C ou n cil o f
N a tion a l D efen se to a ct as ad visors fo r th e G o v ern m en t.
T h is com m itte e , w h ich is established as a su b -com m ittee o f
the C o m m itte e on R a w M ateria ls o f th o C ou n cil o f N a tion a l
D efen se is com p rised o f the follow in g : A . C . B e d fo rd ,
P residen t o f the Stan dard Oil C o . (N ew J ersey ), C h airm an ;
E . C . L u fk in , P residen t o f the T exas C o .; G eorg e S. D a v iso n ,
P residen t o f the G u lf R efin in g C o .; E . L . D o h e n y , P residen t
o f the M e x ic a n P etroleu m C o ., L t d .; J oh n W . V a n D y k e ,
P residen t o f th e A tla n tic R efin in g C o .; E . W . Sinclair,
P residen t o f the Sinclair Oil & R e fin in g C o ., an d J oh n I I .
M a rk h a m , J r ., an oil p rod u cer.
O n b eh alf o f th e petroleu m co m m itte e , M r . B e d fo rd said
th at the prelim inary n egotiations w ith the N a v y D ep a rtm en t
h ad co n v in ce d the m em bers o f th e co m m itte e th a t the D e ­
p a rtm en t w as h an dlin g its business problem s w ith efficien cy
an d fairness, an d th at if w h a t h ad been d on e alrea dy w as an
au gury o f w h a t m igh t b e exp ected in th e fu tu re, the co u n try
n eed h a v e n o fear o f the n a tion ’s effectiven ess in the w a r.
“ A s a resu lt o f the arran gem en t,” said S ecretary D an iels,
“ the n a v y is assured o f a con tin u ou s su p p ly o f gasolene fo r
its enlarged operations, efficien t d istrib u tion an d storage
system , p ro m p t an d u ninterrupted deliveries and fair p rice s.”
H e ad d ed th a t large an d sm all com pa n ies fro m ev ery section
w ith ou t rega rd to com m ercial trade co n flicts, h ad been
parties to th e agreem ent.
ARTHUR

REYNOLDS ON

FIN A N C IN G

THE

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A rth u r R e y n o ld s , V ice-P rosid on t o f th e C on tin en ta l &
C om m ercia l N a tion a l I3ank o f C h ica g o , in an address b efore
tho^Chicago A ssocia tion o f C om m erce on A p ril 18 , w en t in to
an interesting discussion o f th e su b je ct o f w ar fin a n cin g.
W o q u ote as follow s:
W i t h a c o u n t r y o f v a s t e x t e n t , b lo s s e d w it h r e s o u r c e s o f u n t o l d v a l u e ,
a n d a n i m a t e d b y a s p i r it o f d e t e r m in a t i o n a n d a c c o m p li s h m e n t t h a t k n o w s
n o f e a r o f r e s u l t s , A m e r i c a n s h a v e t h e n o t i o n t h a t n o t a s k is t o o b i g f o r t h e m .
I t is a n a t i o n a l t r a i t , o r c o n c e i t , i t m ig h t b o t e r m e d b y s o m o w h o d o n o t u n ­
d e r s t a n d u s ; i t is a q u a l i t y b o r n o f o p t i m i s m a n d m a n l y c o u r a g o o f w h ic h w e
aro p r o u d .
I n t h e g i g a n t i c u n d e r t a k in g u p o n w h i c h w o l ia v o j u s t e m b a r k e d ,
I f a n c y t h i s c h a r a c t e r is t i c w il l p r o v e b o t h a h o l p a n d a h i n d r a n c e .
I t w ill
c a u s o u s t o a t t e m p t b i g t h in g s w it h f u ll c o n f l d o n c o , b u t i t m a y a l s o p r o d u c o
a fe e li n g o f p r e s e n t s e c u r it y a n d s u f f i c i e n c y t h a t w ill h o l d p r e p a r a t i o n in
ch eck.
L e t u s n o t d e c e i v e o u t s e l v e s . N o w t h a t w o a r o in t h e w a r , i t Is v i t a l l y
i m p o r t a n t t h a t w e d o n o t u n d e r e s t im a t e Its m a g n i t u d e , b u t t h a t w o w e ig h
i n t h e b a l a n c e w i t h a n a ly t i c a l p r e c is i o n e a c h p r o b l e m a n d d o v o l o p m o n t
a s i t Is b r o u g h t t o Issu e .
W e a r o c o n f r o n t e d b y t h e m o s t s e r io u s p r o b l e m
w it h w h ic h w o h a v e h a d t o d e a l i n o u r e n t ir e h i s t o r y a s a n a t i o n .
Tho
w o r l d is i n a n u p h e a v a l a n d w e h a v e b o o n p l u n g e d i n t o t h o v o r t e x .
U n le s s
b y s o m o g r e a t g o o d f o r t u n e t h e r o s h o u l d b o a n e a r ly t e r m i n a t i o n o f t h e c o n ­
f l i c t , e v e r y p o s s i b le r e s o u r c e o f t h o U n it e d S t a t e s m u s t b o u t i li z e d , o v o r y
c it i z e n m ig h t a s w e ll d e c i d e n o w t h a t I n d iv id u a l s a c r if i c e s w ill b o r e q u ir e d
o f h i m , s a c r if i c e s t h a t m a y c u t d e e p i n t o h is m o t h o d s o f l i v i n g , m a lco u n ­
e x p e c t e d c h a n g e s In h is h o u r s o f l a b o r a n d p l a c o b u r d o n s o n h is s h o u ld e r s
t h a t w il l w e ig h h im d o w n w it h g r i e f a n d s o r r o w b u t I l ia v o f a i t h t h a t w
s h a ll a ll a c q u i t o u r s e lv e s lik e m e n ; t h a t w o s h a ll c o n s i d e r n o s a c r if i c e t o o
grea t w h en m a d e fo r th e co m m o n ca u se.
N o t t h o l o a s t o f o u r t r o u b l e s w ill b o t h o f in a n c in g o f t h is s t u p o n d o u s “ o f fo rt.
T o w h a t e x t e n t w e s h a ll h a v e t o g o in t ills d i r e c t i o n n o m a n d a r o
p r e d ic t.
A l l w e c a n s a y Is t h a t t h e f i n a n c i a l l o a d w ill b o h o a v y d u r in g h o s -

A m . 28 1917.]

THE CHRONICLE

t il i t i c s a n d f o r y e a r s t h e r e a f t e r .
T h e e x p e n d it u r e s , n e c e s s a r y e x p e n d it u r e s ,
w il l b o e n o r m o u s .
F o r a c o m p r e h e n s i v e e s t im a t o o f o u r a b i l i t y t o r a is o t h e n c o d o d f u n d s , a
b r i e f r o v i o w o f c e r t a in e v e n t s w il l b o h e l p f u l.
U p t o t h e b e g in n in g o f 1915
w o w o r o in r e a l it y a d e b t o r n a t i o n ; t h o u g h e x p o r t a n d i m p o r t f ig u r e s s h o w e d
a c o m f o r t a b l o b a l a n c o in o u r f a v o r , t h is v i s ib l o b a l a n c o w a s m o r o t h a n
a b s o r b e d b y th e in v is ib le .
T h e n th o e c o n o m ic s ta tu s o f th s c o u n t r y
c h a n g e d q u i c k l y a n d t o a n a s t o n is h in g d e g r e e .
E u ro p o h a d u rgen t n eed
f o r e v e r y t h i n g w o c o u l d s p a r o f r o m f a r m , m in e a n d f a c t o r y , a n d w o s o l d a t
c o n s t a n t l y r is in g p r ic e s .
F r o m a c o n d i t i o n o f p e r t u r b a t i o n a s t o h o w w o c o u l d s o t t lo o v e n o u r
e m e r g e n c y o b l ig a t io n s a b r o a d , a l m o s t i n s t a n t ly w o b o c a m o p u r v o y o r a n d
b a n k e r t o th o w o rld .
F o r e i g n c o u n t r ie s s e n t u s s t r o a m s o f g o l d a n d w o
b o u g h t b a c k m illio n s o f o u r o w n s e c u r it ie s h o l d a c r o s s t h o w a t e r a n d a b ­
s o r b e d o t h o r m illio n s o f b o n d s is s u e d b y G r e a t B r i t ia n , F r a n c o , R u s s i a a n d
o th e r G o v e rn m e n ts.
I t is i m p o r t a n t t o r e m e m b e r t h a t t h o i n t e r e s t a n d
d i v i d e n d s o n t h e s e s e c u r it ie s n o w r e m a in h e r o a n d s w e ll o u r i n v e s t a b l o a s ­
sets.
W o h a v e a d d e d c o n s i d e r a b l y o v e r o n o b i ll i o n d o lla r s o f g o l d t o o u r
h o l d i n g s s in c e t h e c lo s e o f 1 9 1 4 .
T o - d a y w o h a v o m o r o o f t h o y e l lo w m e t a l,
t h o b a s is o f m o n o y t r a n s a c t io n s , t h a n a n y o t h e r c o u n t r y .
B e fo r e th o w a r
w o h a d a b o u t t w o b i ll i o n d o l la r s o f g o l d ; t o - d a y w o h o l d o v e r t h r e o b i ll i o n s ,
o r a b o u t o n e - t h ir d o f t h o g o l d o f t h o w o r l d .
A n y s o r d i d l y s o lfis li p e r s o n s
w h o t h i n k t h o h o a r d i n g o f g o l d d u r in g t h i s w a r w il l b r in g th o r n a p a l t r y ,
s o u l -s e a r i n g p r e m iu m w il l b o d o o m e d t o d i s a p p o i n t m e n t .
T h e r e w ill b o
n o l a c k o f g o l d in A m e r i c a .
A c q u is i t io n s o f g o l d a n d s e c u r it ie s d o n o t t o ll t h o w lr o lo s t o r y o f o u r
stren g th .
U n d e r d a t o o f M a r c h 5 t h o C o m p t r o l le r o f t h o C u r r e n c y is s u e d
a c a l l f o r s t a t e m e n t s o f a ll t h o n a t io n a l b a n k s .
I h o re s p o n s o e x h ib its a
r o m a r k a b l o c a s e in r o s e r v o m o n e y h e l d b y t h o 7 , 5 0 0 o d d n a t i o n a l b a n k s , t h o
o x c o s s a b o v o le g a l r e q u ir e m e n t s b e i n g S I . 1 0 0 ,0 0 0 ,0 0 0 .
I n m a k in g u p o u r
s t a t e m e n t o f a s s e t s , w o s h o u l d n o t o v e r l o o k t h o o x c o s s r e s o r v e s c a r r ie d b y
t h o 1 7 ,0 0 0 o r 1 8 ,0 0 0 S t a t e b a n k s .
T h o f ig u r e s o f t h o l a t t e r a r o n o t a v a i l a ­
b l e d o w n t o a s r e c e n t a d a t o , n o r in a s c o m p l o t o f o r m , b u t I w a t c h t h e m in
a g o n o ra l w a y a n d k n o w th a t th o S ta to b a n k s a ls o c a r r y c o n s id e r a b le ex cess
reserves.
D u r in g t h o p e r i o d u n d o r r o v i o w o v o r y l a b o r o r w il li n g t o w o r k h a s b o o n
e m p l o y e d f u l l t im o o r b e t t e r a t w a g e s h i g h e r t h a n o v e r b o f o r o k n o w n , t h o
m in e s h a v o i n c r e a s e d t h e ir o u t p u t t r e m o n d o u s l y , m a n u f a c t u r e r s h a v o b e e n
c r o w d e d t o t h o l im i t o f c a p a c i t y in t h e ir e n d e a v o r s t o f i l l o r d e r s , a n d b o t h
w h o le s a le r s a n d r e t a ile r s h a v o f a c e d a n i n s is t e n t a n d in c r e a s in g d o m a n d f o r
a ll k i n d s o f g o o d s .
T h o a g r i c u lt u r a l c o m m u n i t y h a s p r o s p e r e d v e r y g r e a t l y
i n a l l s e c t io n s .
D e p o s i t s in c o m m e r c i a l a n d s a v in g s b a n k s h a v o i n c r e a s e d
m o n th b y m on th .
P r a c t ic a lly e v e r y b o d y s a v e t h o b a n k e r h a s m a d o m o n o y o n a n u n p re ­
c e d e n te d s c a le .
T h o v e r y n a t u r o o f o u r u n u s u a l a n d u n p a r a lle le d a c t i v i t y
h a s p r e v e n t e d t h o b a n k s f r o m s h a r in g in t h o p r o f i t s h a r v e s t e d in a ll o t h e r
lin o s .
T h o i n fl o w o f g o l d h a s k e p t in t e r e s t r a t e s d o w n t o a p o i n t w h e r e
b a n k e a r n in g s , in t h o m a i n , h a v o b e e n le s s t h a n n o r m a l , b u t t h o b a n k e r s a r o
n o t c o m p la in i n g .
T h e y a r o e a g e r t o s e r v o t h e ir c o u n t r y in t h o h o u r o f
p e r i l.
A f e w d a y s a g o w o n d e r f u ll y in t e r e s t in g f ig u r e s w e r o p u b li s h e d in t h o d a l l y
p a p ers.
T h e y s h o w e d t h e r o la t i v o w e a lt h a n d i n d e b t e d n e s s o f d i f f e r n c t
c o u n t r ie s a t t h o c o m m e n c e m e n t o f t h o w a r , a s f o l l o w s :

Great Britain and her possessions

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O t h e r c o u n t r ie s w e ro n a m e d , b u t t h e s e w ill s u f f i c o .
T h e y h a d a c o m b in e d
d e b t o f $ 18 , 6 5 6 ,000 , 000 , a n d a g g r e g a t e w e a lt h o f $ 2 9 5 ,0 0 0 ,0 0 0 ,0 0 0 , w h ile
t h o d e b t o f t h o U n it e d S t a t e s t h o f ir s t o f t h o p r e s e n t m o n t h w a s $ 1 ,2 2 3 ,7 7 3 ,­
0 0 0 a n d o u r w o a lt h w a s r e c o r d e d a t t h o a s t o n is h in g f ig u r o o f $ 2 5 0 ,0 0 0 ,0 0 0 0 0 0 , w it h in f o r t y - f i v o b i ll i o n s o f d o l la r s o f t h o c o m b i n e d w o a lt h o f a ll o f t h e
g r o a t n a t io n s w h ic h I h a v o j u s t m e n t i o n e d .
T h c s o c o u n t r ie s ..e n g a g e d in a
g r o a t a n d d e s t r u c t iv e s t r u g g l o c o v e r i n g n e a r l y t li r c o y e a r s s i n c o t h o d a t o
f o r w h ic h t h e ir fig u r e s w e r o c o m p i l e d , c o u l d n o t h a v o i n c r e a s e d t h e ir
w e a lt h , w h il e t h e ir in d e b t e d n e s s is la r g e r b y m a n y t im e s .
W i t h t h o f o r e g o in g in m in d , c a n a n y o n o d o u b t t h o fo r m i d a b l e n e s s o f o u r
f in a n c ia l s t r o n g t h o r o u r a b i l i t y t o r a is o f u n d s w i t h w h i c h t o c o n d u c t a l o n g
a n d c o s t ly w a r, if, u n fo r t u n a t e ly , it s h o u ld c o m o t o t h a t .
H i s t o r y t e lls
u s s o m o o f t h o a n c i e n t S t a t e s w e r e i m m e a s u r a b ly r i c h , b u t w o h a v o n o
a u t h e n t i c r e c o r d s b y w h i c h s a t s i f a c t o r y c o m p a r is o n c a n b o m a d o .
W o do
k n o w t h a t n o m o d e r n n a t i o n a p p r o a c h e s t h o U n it e d S t a t e s in w e a lt h .
B .y
n o m e a n s is t h is s a i d in a s p i r it o f b o a s t f u l n e s s , f o r w o a ls o k n o w t h a t m o r o
r ic h e s , a n d t h e i r r e s u lt a n t i n d u l g e n c e s , h a v o c a u s e d t h o d o w n f a ll o f p o w e r fu l
n o tio n s .
I ’ r id o in o u r w e a lt h s h o u l d r e s t r a t h e r u p o n t h o f a c t t h a t i t g iv e s
u s s t r e n g t h t o s t a n d o u t b o l d l y f o r t h o r ig h t a n d t o a id o t h e r s w h o a r o
b a t t lin g fo r t h o fre e d o m o f th o w o rld .
I d o n o t b o l lo v o t h a t a G o v e r n m e n t l o a n w ill s e r io u s ly a f f o c t t h o b a n k in g ,
I n d u s t r ia l o r c o m m e r c i a l i n t e r e s t s o f t h o c o u n t r y .
I n fa c t , it s e e m s t o m e
t h a t m o s t a ll lin e s o f b u s in e s s e n d e a v o r w ill b o q u i c k e n e d b y t h o r e q u i r e ­
m e n t s o f t h o w a r , a n d in v i e w o f t h o s p l e n d i d fin a n c ia l c o n d i t i o n o f t h o
b a n k s a n d t h o c o u n t r y , I a m c o n f i d e n t t h a t w o s h a ll b o a b l o t o t a k o c a r e
o f a n y r e a s o n a b le G o v e r n m e n t f in a n c in g .
W h l lo t h o r e s o u r c e s o f t h e U n it e d S t a t e s a r o s i m p ly m a r v e l o u s , w e h a v o
n o t t h o r e a d y fa c il i t i e s f o r m a k i n g o u r r e s o u r c e s a v a i l a b l e t h a t e x is t in
E n g la n d a n d o t h e r c o u n t r i e s , f o r w o d o n o t h a v o c e n t r a li z e d b a n k in g
p o w e r , l ik e t h a t o f t h o B a n k o f E n g la n d .
W o h a v o tw e lv o F cd o r a l R e se rv e
b a n k s , o f w h ic h a ll t h o n a t i o n a l a n d a fe w o f t h o S t a t o in s t it u t i o n s a r o
m e m b e r s , b u t t h e r e a r o 1 8 ,0 0 0 o f t h e l a t t e r s t ill o u t s i d e t h o s y s t e m n o t
s u b j e c t t o it s c o n t r o l , a n d n o t a d d in g t o it s p r e s t ig e .
W i t h u s i t is a c a s e
o f u n p re c e d e n te d p o w e r w it h o u t t h o m e a n s o f q u ic k ly a n d e ffe c t iv e ly c o ­
o r d i n a t in g a n d u s in g t h a t p o w e r .
I h a v o u n b o u n d e d f a it h in t h o A m e r i c a n p c o p l o a n d a m c o n f i d e n t t h a t
t h e y w ill p a t r i o t i c a l ly a n d u n i t e d l y r is e t o m e e t a n y s i t u a t i o n , b u t t h e y m u s t
f ir s t g e t a c le a r u n d e r s t a n d in g o f t h a t s i t u a t i o n .
T h e y m u s t r e a liz e t h a t
t h o m a r k e t in g o f a G o v e r n m e n t l o a n o f $ 7 , 0 0 0 , 0 0 0 ,0 0 0 . a n a m o u n t o f w h ic h
w o t a lk a s g l i b l y a s t h o u g h w o c o u l d r e a c h u p a n d p i c k It o u t o f t h o c lo u d s ,
is a n h e r c u le a n u n d e r t a k in g , a n d o n o t h a t r e q u ir e s f a r m o r o p a t r i o t i c c o ­
o p e r a t i o n t h a n w o u ld b o n e c e s s a r y , u n d e r s im ila r c o n d i t i o n s , t o p l a c e a n
equal am ount o f bon d s abroad .
S t o p t o c o n s i d e r t h a t $ 7 , 0 0 0 , 0 0 0 ,0 0 0
e x c e e d s t h o s a v in g s b a n k d e p o s i t s o f t h o c o u n t r y b y $ 2 , 0 0 0 , 0 0 0 ,0 0 0 , t h a t
t h o m o n o y o f a ll k in d s in t h o U n it e d S t a t e s is o n l y $ 5 , 0 0 0 , 0 0 0 ,0 0 0 , a n d y o u
g e t a n Id e a o f w h a t is m e a n t .
T h e r e f o r e , m u c h e d u c a t i o n a l w o r k lie s b e f o r e
u s a n d a n o t o o f c a u t i o n s h o u l d b o s o u n d e d le s t w o o v e r r e a c h in o u r e f f o r t s
t o p l a c e t o o m u c h o f t h is l o a n a t o n o t im e .
I t w o u ld n o t b o t h o p a r t o f w is d o m t o t r y t o r a is e $ 5 ,0 0 0 , 0 0 0 ,0 0 0 a t o n o
s t r o k e , o r w i t h o u t d u e c o n s i d e r a t io n o f w h a t Is i n v o l v e d .
It seem s t o m o
t h a t a ll t h o b a n k s , S t a t e a n d n a t i o n a l , s h o u l d b e i n v i t e d t o p a r t i c i p a t e a s
d i s t r i b u t i n g a g e n c ie s , a n d t h a t in o r d e r t o m a k e a ll t lie s o a g e n c ie s m o r o




1655

e f f e c t i v e l e g is la t io n s h o u l d b o e n a c t e d t h a t w o u l d e n c o u r a g e a ll t h e S t a t e
b a n k s t o jo in th o F e d e ra l R e s e r v e s y s te m .
W i t h s o m o c h a n g e s in t h e la w
t h e s e i n s t it u t i o n s c o u l d p r o b a b l y b o i n d u c e d t o s e t a n e x a m p l e in p a t r i o t i s m
b y b e c o m i n g m e m b e r s a n d t h u s g i v e t h e c o u n t r y t h e f u l l b e n e f i t o f a n u n i f ie d
b a n k in g s y s t e m .
T h o S ta to b a n k s w o u ld g a in th e v a lu a b le re d is co u n t
p r iv ile g e s a c c o r d e d b y t h o F e d e r a l R e s e r v e b a n k s , a n d w o u l d n a t u r a l l y a d d
t o t h e ir s u p p l y o f g o l d .
I f u l l y b e l ie v e t h e s e c h a n g e s in t h o la w s h o u l d b o m a d e a s s p e e d i l y a s
p o s s i b le , a n d t h a t , a s a f u r t h e r i n d u c e m e n t , a p r o v i s i o n s h o u l d b e i n s e r t e d
p e r m it t i n g S t a t o b a n k s t o w it h d r a w a u t o m a t i c a l l y f r o m t h o s y s t e m sLx
m o n t h s a f t e r t h e w a r is o v e r .
I t is m y o p i n i o n t h a t w a r f in a n c in g s h o u l d b e b y m e a n s o f p o p u l a r lo a n s
a s f a r a s p o s s i b le , in a m o u n t s o f , s a y , S I , 0 0 0 , 0 0 0 ,0 0 0 t o $ 2 , 0 0 0 , 0 0 0 ,0 0 0
a t a t im o , a n d t h a t b o n d s o f s m a ll d e n o m i n a t i o n s s h o u l d b e o f f e r e d t h e p u b ­
l ic .
O f c o u r s e t h o b a n k s w ill g l a d l y s t a n d b a c k o f t h o c o u n t r y a n d b u y t h e
b o n d s in la r g o a m o u n t s f o r i n v e s t m e n t i f n e c e s s a r y ; b u t t h is c o u r s e w o u ld
t i e u p t h e i r f u n d s in l o n g - t i m e i n v e s t m e n t s .
T h e s i t u a t io n w il l r e m a in
s t r o n g e r i f t h e f in a n c ia l i n s t it u t i o n s a r e u s e d p r i n c ip a ll y a s a g e n c ie s f o r t h e
d i s t r i b u t i o n o f G o v e r n m e n t b o n d is s u e s , l e a v i n g t h o b a n k s f r e e t o e m p l o y
t h e ir lo a n a b l e f u n d s in s u s t a in in g t h e b u s in e s s o f t h e c o u n t r y b y m a k i n g
s h o r t - t i m e c o m m e r c i a l lo a n s a s a t p r e s e n t , a n d in d o i n g s u c h r e fi n a n c i n g
o f G o v e r n m e n t is su e s a s m a y b o n e e d e d f r o m t i m e t o t im e .
E v e r y c it i z e n
s h o u l d c o m o f o r w a r d p r o m p t l y w it h h is s u b s c r i p t i o n w h e n t h e is su e is
an n ou n ced.
I f t h o s e w h o h a v o i n v e s t a b l o f u n d s w a it f o r t h e F e d e r a l R e ­
s e r v e , n a t i o n a l , S t a t e a n d s a v in g s b a n k s t o b u y a n d c a r r y t h e s e s e c u r it i e s ,
t h e y w ill p e n a liz e b u s in e s s , f o r t h is m e t h o d w o u l d c l o g t h o b a n k in g s y s t e m
a t t h o s o u r c e a n d a ll t h e w a y d o w n . U l t i m a t e ly t h is w o u ld r e s u lt in e n f o r c e d
c o n t r a c t i o n o f lo a n s a n d a t a t im o w h e n s u c h a c t i o n w o u l d p r o v e m o s t
d e t r im e n t a l t o t h e G o v e r n m e n t , t o i n d u s t r y a n d t o l a b o r .
T h e o p e r a t i o n w ill b o m u c h m o r o s i m p le a n d le s s l ia b le t o d i s t u r b g e n e r a l
b u s in e s s i f , a s s a le s o f b o n d s a r o m a d e , t h e p r o c o o d s a r o d e p o s i t e d in b a n k s .
S t a t e a n d n a t i o n a l , in t h e c o m m u n i t y , t o b o c h e c k e d o u t b y t h e T r e a s u r y
D e p a r t m e n t , e it h e r d i r e c t o r t h r o u g h t h o F e d e r a l R e s e r v e b a n k s .
Y ester­
d a y ’s d i s p a t c h e s i n d i c a t e d t h is t o b o t h o i n t e n t io n o f t h e A d m i n i s t r a t i o n .
T h i s w o u ld n o t i n v o l v e a h a r m f u l d e g r e e o f u n s e t t l e m e n t o f f in a n c ia l c o n ­
d i t io n s o r t a k e a n u n d u e q u a n t i t y o f c a s h o u t o f a n y c o m m u n i t y a t o n e
t im o .
T h o f u n d s w o u ld b e r a is e d a s f a s t a s t h o G o v e r n m e n t n e e d e d t o m a k e
d i s b u r s e m e n t s , a n d b y t h is m e t h o d e a c h t r a n s a c t io n w o u ld b e h a n d le d
l a r g e ly t h r o u g h b o o k e n t r ie s o r t h e t r a n s f e r e n c e o f c r e d it s .
R em em ber,
t h is is n o t a c a s h t r a n s a c t io n , b u t a n o p e r a t i o n in c r e d it s , w i t h t h e b a n k s
m e r e ly a c t i n g a s t h e m e d i u m o f t r a n s f e r r i n g t h o s e c r e d it s s o t h a t t h e y c a n
b e d r a w n a g a in s t b y t h e T r e a s u r y .
F a ilu r e t o r e d e p o s i t t h e p r o c e e d s o f b o n d s a le s in S t a t e a n d n a t i o n a l
b a n k s a lik e w o u ld b e f r u it f u l o f u n d u e c o n t r a c t i o n o f c r e d it s o f t h e S t a t o
in s t it u t i o n s a n d i n f l a t i o n o f t h o c r e d it s o f n a t i o n a l b a n k s .
T h o m oney,
o r c r e d it p o s s i b il i t y , is in t h o b a n k s , t h o d i f f i c u l t y is t o m a k e i t s e r v e t h e
b e s t i n t e r e s t s o f t h e w h o le c o u n t r y w it h t h o le a s t d i s t u r b a n c e , a n d i t d o e s
n o t t a k o a p r o f o u n d k n o w l e d g e o f f i n a n c e t o s e e t h a t p u r c h a s e s o f b o n d s in
a c o m m u n i t y w ill b e p a i d f o r b y c h e c k s o n s a v i n g s a n d S t a t e b a n k s q u i t e
as fr e e ly as b y c h e c k s o n n a tio n a l b a n k s .
T h is b e i n g t r u e , i f t h e p r o c e e d s
o f t h e s e c h e c k s w e r e a ll p l a c e d w i t h n a t i o n a l o r F e d e r a l R e s e r v e b a n k s , t h e
c r e d i t m a c h i n e r y o f t h e c o u n t r y w o u ld b o t h r o w n b a d l y o u t o f g e a r , t h u s
m u ltip ly in g o u r d iffic u lt ie s .
I f t h e p r o p e r c o u r s e is p u r s u e d t h e d e p o s i t s
w ill r e m a in , a l m o s t w h o l l y , w i t h t h o b a n k s n o w h o l d i n g t h e m u n t i l s u c h
t im e a s t h o G o v e r n m e n t m a k e s d i s b u r s e m e n t s a n d w e s h a ll h a v e a g r a d u a l
s h i ft i n g o f t h e s e c r e d it b a l a n c e s t h a t w il l b e la r g e ly o f f s e t b y r e d e p o s i t s
g r o w in g o u t o f th e s e v e r y G o v e r n m e n t p a y m e n ts .
T h e p r o c e e d s o f b o n d s a le s w ill b e s p e n t in o u r o w n c o u n t r y .
I t w il l n o t
b e a c a s e o f s e n d i n g m o n e y o u t o f t h e U n it e d S t a t e s .
E v e n t h a t p o r t io n
u s e d in g r a n t i n g c r e d it s t o t h o A l lie s w ill n o t c a ll f o r t h o e x p o r t a t i o n o f
g o ld .
T h e y w ill u s o t h e c r e d it s t o s e t t le o b l i g a t i o n s h e r o .
In fa c t , I lo o k
f o r a c e s s a t io n in t h e i n t e r n a t io n a l m o v e m e n t o f g o l d f o r t h e p r e s e n t .
I r e g a r d t h e in t e r e s t r a t e p r o p o s e d , 3 H % , a s f a i r .
In ju s tific a t io n o f it,
l e t m e c a ll a t t e n t io n t o t h e f a c t t h a t o u r 2 % b o n d s w h ic h s o l d a t p a r o r
b e t t e r , f o r s o l o n g a t i m e , c a r r ie d t h e c i r c u l a t i n g p r i v il e g e w h ic h m a d e a
m a r k e t fo r th e m a m o n g th e n a tio n a l b a n k s .
T h e b a n k s c o u ld b u y th e m
a t p a r , a n d , u s in g t h e m t o s e c u r e c i r c u l a t i o n , a t a s m a ll m a r g in o f p r o f i t ,
m a k e a l it t l e m o n e y o u t o f t h e m ; b u t t h e s e b o n d s a r e n o t t o c a r r y t h a t
p r i v il e g e a n d t h e r e fo r e w ill h a v e t o s e ll o n a p u r e l y i n v e s t m e n t b a s i s .
B e­
i n g t a x e x e m p t t h e r a t o is a t t r a c t i v e .
I n fa ir n e s s t o p u r c h a s e r s , i t i s 'm y
o p i n i o n t h a t t h e b o n d s o f e a c h is s u e s h o u l d p r o v i d e t h a t t h e r a t e o f i n t e r e s t
w ill b o i n c r e a s e d a u t o m a t i c a l l y t o a s h ig h a r a t o a s t h a t s t i p u l a t e d in a n y
f u t u r e is su e s t o b e p u t o u t d u r i n g t h e w a r .
V e r y n a t u r a l l y , t h e r e w ill b o s o m o s h i ft i n g o f d e p o s i t s a n d r e s e r v e s tin d e r
a n y p la n .
W h i le s a v in g s a c c o u n t 's w ill p r o b a b l y t e m p o r a r i l y d e c l in e
s o m e w h a t o n t h is a c c o u n t , y e t I h a v o n o d o u b t b u t t h a t t h e w it h d r a w a ls
w ill v e r y s o o n b e m a d e u p b y a d d it i o n a l d o p o s i t s .
I c a n n o t see a n y th in g
in t h o s i t u a t io n w h ic h s h o u ld in a n y w a y d i s t u r b s a v i n g s d e p o s i t o r s o r
c a u s e t h e m t o c e a s e d e p o s i t in g t h e ir m o n e y in b a n k s .
In fa c t, th e b a n k s
n e v e r w e r o o n a m o r e s o u n d o r s u b s t a n t ia l basL s, o r s o s t r o n g a s t o r e s e r v e s .
I d o n o t b e l ie v e t h e r e w ill b o a n a c u t o d i s t u r b a n c e in t h e m o n e y m a r k e t .
R a t e s m a y h a r d e n , b u t e v e r y b o d y w ill a d m i t a m o d e r a t e c h a n g e in t h is
r e s p e c t w o u ld b e e x t r e m e ly b e n e f i c i a l , in t h a t i t w o u l d t e n d t o c u r b s p e c u ­
la t io n .
C h e a p m o n e y m a y b e c o m e a d a n g e r o u s e le m e n t in o u r n a t i o n a l lif e .

The Subject of Taxes.
T h e e n t i r e s u b j e c t o f fin a n c in g t h e w a r is c l o s e l y c o n n e c t e d w it h t h e a g i ­
t a t io n r e g a r d in g t a x a t i o n a n d t h o c u r t a il m e n t o f e x c e s s p r o f i t s .
I t is p r o p e r
t h a t t a x e s s h o u l d b e in c r e a s e d a n d t h a t t h e G o v e r n m e n t s h o u l d n o t b o c o m ­
p e l le d t o p a y e x o r b i t a n t p r i c e s , b u t a t t h o s a m e t i m o wro a r e o p e r a t i n g o n a
h i g h p r i c o b a s is b r o u g h t a b o u t p a r t l y b y s p e c u l a t io n , p o s s i b l y , b u t m o r e
l a r g e ly b y t h a t i n e x o r a b l e l a w o f s u p p l y a n d d e m a n d , a n d i f p r i c e s a r e
s u d d e n ly a n d a r b i t r a r i l y f o r c e d t o a l o w l e v e l , o r t a x a t i o n b e c o m e s e x ­
c e s s iv e l y b u r d e n s o m o , a ll in d u s t r ie s w ill b o c r i p p l e d , c o n f i d e n c e w ill b e
s h a t t e r e d a n d G o v e r n m e n t f in a n c in g g r e a t l y h a m p e r e d .
A d is tu r b e d
in d u s t r ia l s i t u a t io n , w h ic h w o u l d c a r r y w it h i t a n u n s e t t l c m e n t in t h e l a b o r
w o r l d , w o u l d c u r t a il t h o i n v e s t m e n t p o s s i b il i t ie s o f m illio n s o f p e o p l e a n d
t h o u s a n d s o f i n s t it u t i o n s .
W e a r o a t a c r it i c a l p e r i o d , a n d i t w o u l d b e a
g r a v e m is t a k e t o u p s e t in d u s t r ia l c o n d i t i o n s b y f a ll i n g i n t o s u c h a n e c o n o m i c
e r ro r as t h a t a d v o c a t e d b y r a d ic a l a g ita to r s w h o w a n t th e e n tire c o s t o f
o u r p a r t i c i p a t i o n in t h e w a r l e v ie d a n d c o l l e c t e d a s e x p e n d it u r e s a r e m a d o .
I t s i m p ly c a n n o t b o d o n e , w it h o u t d e s t r o y in g v a l u e s t o t h o e x t e n t o f b r i n g ­
i n g a w a v e o f b a n k r u p t c y a n d d e p r e s s io n t h a t w o u l d d e f e a t t h e a im s o f o u r
G o v e rn m e n t.
T h e b e s t w o c a n h o p e t o d o t h r o u g h t a x a t i o n is t o p r o v i d e
a s m a ll p e r c e n t a g e o f t h e f u n d s a s n e e d e d .
I n it s e f f e c t u p o n o u r e n t ir e c it i z e n s h i p , i t m a k e s n o d i ff e r e n c e w h e t h e r
w o r e s o r t t o u n d u e d i r e c t t a x a t i o n o r f o r c e a t o o s e v e r e c u t in s e llin g p r i c e s .
E i t h e r w o u ld d e s t r o y t h a t I n d i v i d u a l i n it i a t i v e a n d i n c e n t i v e t o g o v a b o u t
o u r d u t i e s w it h t h a t q u a l i t y o f A m e r i c a n v i g o r u p o n w h i c h s u c c e s s in t h is
u n p a r a lle le d s t r u g g l e d e p e n d s .
O u r t a x e s w il l b e h e a v y .
W o c a n n o t e x p e c t a n y t h i n g e ls e . B u t in a ll
f a ir n e s s , t h o b u r d e n s h o u l d b o d i v i d e d b e t w e e n t h i s a n d f u t u r e g e n e r a t i o n s .
F o llo w in g t h o C iv il W a r w o h a d t o s h a re t h o e x p e n s e o f t h a t m ig h t y ” a n d
d e v a s ta tin g c o n f lic t .
T h a t f i g h t w a s n o t o n l y f o r l i b e r t y in t h o s e t r o u b l o u s
d a y s b u t f o r t h e n a t i o n a l l if e o f t h o f u t u r e , a n d w e n o w g o t o w a r t o s e c u r e

f o r p o s t e r i t y , a s w e ll a s f o r o u r s e l v e s , t h o r ig h t s t o w h i c h a ll a r e e n t i t l e d
u n d e r t h o l a w o f n a t i o n s a n d t h o d i c t a t e s o f h u m a n i t y , a n d t h e r e is n o g o o d
r e a s o n w h y c o m i n g g e n e r a t i o n s s h o u l d n o t h e l p b e a r t h o f in a n c ia l b u r d e n
o f g u a r a n t e e i n g t h a t t h e y s h a ll b o f r e o in t h e e x o r c is e o f t h o ir i n a lie n a b le
r ig h t s .
H i g h t a x o s , w h i c h a r o n o t c o m p a t i b l e w it h d e m o c r a t i c p r i n c ip l e s , s h o u l d
n o t b o reg a rd ed as p erm a n en t.
W h e n t h o w a r is o v e r , p u b l i c o x p o n d it u r e s
s h o u l d b e c u t t o t h o m in im u m a n d t a x o s l o w e r e d a s f a r a s p o s s i b le .
The
w a r s h o u l d n e v e r b o m a d e a n e x c u s e f o r e x t r a v a g a n c e , e c o n o m y in g o v e r n ­
m e n t a l a f fa ir s s h o u l d e v e r b o t h o a i m o f o u r p u b l i c o f f i c i a l s .
M em bers o f
C o n g r e s s s h o u l d a v o i d m a k i n g t h o m is t a k e t h a t p o p u la r a p p r o v a l o f a
g r a n t o f s e v e n b i ll i o n d o l la r s , o r a n y o t h e r a m o u n t , f o r w a r , g i v e s t h e m
l ic e n s e t o l e v y t a x e s f o r a n y k i n d o f w a s t e f u l p u r p o s e s , e it h e r d u r i n g o r
a fte r th o w a r .
S u c h a n e r r o r u p o n t h o i r p a r t w il l in s u r o m e r it e d r e t ir e ­
m e n t w h e n t h o v o t e r n o x t e x e r c is e s t h e p r i v il e g e o f t h o b a l l o t .
*
*
*
W h e r e w il l t h o b a n k e r s b o f o u n d in t h i s g r e a t s t r u g g l e ?
A t y o u r s id o ,
s h o u l d o r t o s h o u l d e r w i t h e v e r y g o o d A m e r i c a n c i t i z e n , r e a d y a n d w illin g
t o m a k o a n y s a c r if i c e .
W o w i l l a l l , l a b o r e r s a n d b u s in e s s m e n , b a n k e r s
a n d f a r m e r s , s t a n d a s a u n i t , w o r k in g f o r t h o c o m m o n c a u s e o f t h is w o n d e r ­
fu l la n d o f lib e r t y , T H E U N I T E D S T A T E S O F A M E R I C A !

U.

S.

[Vol. 104.

THE CHRONICLE

1656

CHAM BER

R E G A R D IN G

OF

COMM ERCE

IN C R E A SE D

SU G G E ST IO N S

T A X A T IO N .

A bu lletin o f the C h a m b er o f C om m erce o f tho U n ited
S tates, u n d er d a te o f A p ril 2 4 , an n ou n ces th at tho universal
sen tim en t o f th o business m en th rou g h ou t the co u n try is
th a t a fe w sh ou ld n o t b e p erm itted to p ro fit grea tly b y the
w ar a t the expenso o f m a n y . In d u s try , ow in g to large
p ro fits secu red du ring tho last tw o y ea rs, is in an u n com ­
m o n ly stron g p o s itio n , it states, an d ab le to bea r its fu ll
ta x a tio n . T h ese expressions aro taken from a rep ort o f the
C o m m itte e o n F in a n cin g tho W a r o f tho N a tio n a l C h a m ­
b e r o f C o m m e rce . T h e C o m m itte e also m akes suggestions
rega rdin g n ew or increased taxes w h ich aro to b o su b m itted
in a referen dum to the business m en o f th e c o u n try in an
e ffo rt to ascertain sen tim en t con cern in g th e p rop or m eth od s
o f raising w a r roven ues.
“ T h e bu rden o f ta xa tion can b o m a d e ligh ter fo r all c iti­
zens if it is clea rly u n d erstood th a t w aste an d extravaga n ce—
u ndesirable a t all tim es— ten d in w a r tim o to increase ser­
io u sly th e c o s t o f tho w a r ,” th e rop ort o f tho C om m ittee
sa ys: “ W a r b o rro w in g leads to ex tra v a ga n ce; w a r ta xa tion
leads to e c o n o m y . T h ro u g h w ar ta xa tion a d irect an d im ­
m e d ia te ch e ck can p la ced on extravaga n ce in in d iv id u a l co n ­
su m p tio n . T h is sets free la b or an d ca p ita l fo r th o p ro d u c­
tio n o f m ilita ry supplies an d fo o d fo r ou rselves and for
oth o rs, an d ten ds to red u ce tho c o st o f such supplies to the
G o v e rn m e n t, w h ich in turn reduces tho ta xa tion n ecessa ry .”
T h e re p o rt p roceed s as follow s :
Methods of War Financing.
I t Is a p o s s i b le b u t m o s t u n d e s ir a b lo p o l i c y t o f i n a n c o a w a r a l t o g e t h e r
f r o m b o n d is s u e , t h o C o m m i t t e e r o p o r t g o e s o n .
T h i s p o l i c y im p o s e s a
h e a v y b u r d e n o f ta x a t io n u p o n a c o u n t r y d u r in g t h o d iffic u lt y e a rs o f re­
a d ju s t m e n t fo llo w in g t h o c o n f lic t .
O n p u r e l y f in a n c ia l g r o u n d s w a r
f i n a n c o b a s a l e n t i r e l y u p o n lo a n s is a ls o u n s a t i s f a c t o r y b e c a u s e i t c o n ­
t r i b u t e s t o a r a p i d r is o in p r i c e s .
T h i s r is o in p r i c e s I n c r e a s e s t h o m o n o y
co s t o f a w ar.
G o v e r n m e n t f i n a n c in g t h r o u g h w a r lo a n s w h ic h a r o d e r i v e d f r o m s a v ­
in g s d o n o t o c c a s i o n a n a d v a n c o in p r i c e s .
I t is t h e r o f o r o o f t h o u t m o s t
i m p o r t a n c e t h a t i n p l a c in g w a r lo a n s e v e r y e f f o r t s h o u l d b o m a d o t o l o d g e
t h o b o n d s w i t h t h o s e w h o w il l m a k o p a y m e n t f r o m s a v in g s .

Excess Profits Tax.
W e b e l ie v e a n e x c e s s p r o f i t s t a x s h o u l d b o , In p r i n c ip l o , a w a r m e a s u r o
o n ly .
I t c a n b o ju s t ifie d o n ly w h e n w a r e x is ts .
A l l b u s in e s s s h o u l d p a y
i t s s h a r o t o w a r d w a r e x p e n s e s b u t t h i s t a x s h o u l d b e l e v ie d s o a s t o d is ­
t u r b a s l i t t l e a s p a s s i b l e t h o fin a n c ia l m a c h i n e r y a n d t h o in d u s t r ia l p r o g r e s s
o f t h o c o u n t r y u p o n w h ic h t h o w e lf a r e o f t h o n a t i o n is in s o la r g o d e g r e e
d ep en d en t.
A f t e r c a r e f u l c o n s i d e r a t io n t h e C o m m i t t e e r e c o m m e n d s t h o p l a n r e c e n t l y
s u g g e s ta l b y th e S e cre ta ry o f th o T re a s u ry .
S om e a m en d m en ts, h ow ev er,
a r e a b s o l u t e l y n e c e s s a r y t o r e m o v e in iq u it i e s t h a t w ill c e r t a in l y a r is e f r o m
t h e p r e s e n t w o r k in g o f t h o la w .
W h e r o h ig h r a t e s a r o le v ie d i t b e c o m e s
m o r e a n d m o r e i m p o r t a n t t h a t c a r e fu l p r o v i s i o n s h o u l d b o m a d o f o r a s c e r ­
t a i n in g m o r o c le a r l y a n d f u l l y w h a t Is m e a n t b y t h o t e r m “ c a p i t a l in ­
v e s t e d , ” a l s o , h o w p r o f i t s a r o t o b o d e t e r m in e d .
A s th e se aro th o fo u n d a ­
t i o n s o n w h ic h t h e p l a n Is b u i l t t h e y m u s t b o f i r m l y a n d c l e a r l y e s t a b l is h e d .
I n o r d e r t o s e c u r e e x p e r t a n d im p a r t i a l d e t e r m in a t i o n o f s u c h q u e s t i o n s
t h o C o m m i t t e e r e c o m m e n d s t h a t l o c a l b o a r d s o f r e fe r e e s s h o u l d b o a p ­
p o i n t e d , t o b e c o m p o s e d o f q u a li f i e d a c c o u n t a n t s , t o r e v i e w a p p e a ls f r o m
p r e l im i n a r y a s s e s s m e n t s , r e p o r t in g t h o i r f in d in g s w i t h r e c o m m e n d a t io n s
t o t h o S e c r e t a r y o f t h o T r e a s u r y f o r h is a c t i o n .
T h o r o s h o u l d b o l o v le d t a x e s o n lu x u r ie s a n d a m u s e m e n t s , a n d a ls o
h e a v y t a x o s u p o n a f e w a r t ic le s in g e n e r a l u s e , In o r d e r t h a t a s h a r o o f t h o
t a x b u r d e n m a y b o b o m o b y a ll e l e m o n t s o f o u r c it i z e n s h i p .
I t is s a i d a t t h o p r e s e n t t i m e t o b o u n d e s ir a b lo t o r a is o d o b a t o o r c o n t r o ­
v e r s y o n q u e s t i o n s o f p u r e l y d o m e s t i c p o l i c y , s u c h a s a c h a n g e In t h o t a r i f f
system .
H o n c o , d u tie s u p o n im p o r t s s h o u ld n o t b o s u g g e s te d e x c e p t in ­
s o fa r as t h e y a ro p u r e ly re v e n u o m ea su res a n d lo a v o th e t a r if f s y s t e m o t h e r ­
w is e u n c h a n g e d .
S ta m p ta x e s o f v a rio u s k in d s , a s h a v o a lw a y s b e o n u se d
in e m e r g e n c ie s a r o e n d o r s e d .

Retroactive Tax Wrong in Principle.
I n v i e w o f t h e f a c t t h a t t h o T r e a s u r y h a s b o o n a u t h o r i z e d t o is s u e $ 2 , ­
0 0 0 ,0 0 0 ,0 0 0 in s h o r t t im e c e r t i f ic a t e s o f i n d e b t e d n e s s , a n y l a r g o a d d it i o n a l
r e v e n u e s f r o m a n y f o r m o f t a x a t i o n a r e t h e r o fo r o n o t i m m e d i a t e l y n e c e s ­
sary.
T h o N a t i o n a l C h a m b e r C o m m i t t e o p o i n t s o u t t h a t n e v e r t h e le s s
th e r e a ro b o fo r o c o m m it t e e s o f C o n g re ss p r o p o s a ls fo r t w o r o t r o a c t lv o
ta x e s — o n e o n e x ce ss p r o fit s , a n d t h o o t h e r u p o n In co m e s , b o t h t o b e a p ­
p l i e d , n o t t o t h i s y e a r ’s e a r n in g s , b u t t h o e a r n in g s o f 1 9 1 6 .
T h o retroa c­
t i v e t a x o n e x c e s s p r o f i t s is n o t o n l y w r o n g in p r i n c ip l o , t h o C o m m i t t e o
b e l ie v e s , b u t is a ls o u n ju s t b e c a u s e it p r o p o s e s t o l o v y a t a x o n p r o f i t s o f
1 9 1 6 w h ic h h a v o a l r e a d y b e e n d i s t r i b u t e d .
T h o r e t r o a c t i v e t a x o n in ­
c o m e , t h o C o m m i t t e e d e c la r e s . Is lik o w ls o w r o n g in p r i n c ip l o , a n d i f It Is
m p e r a t iv o f o r t h o ^ G o v e r n m e n t t o o b t a i n t h o a m o u n t w h ic h w o u ld b o




r a is e d b y s u c h a t a x it w o u ld b o m o r o e q u i t a b l e t o I m p o s o s o m e w h a t h ig h e r
s u p e r - t a x r a t e s o n i n d i v id u a l i n c o m e s d u r i n g t h o p r e s e n t y o a r .

Postage Rate Increase— Inheritances Not Proper Subject for War Taxes.
A s a n a d d it i o n a l s o u r c e o f r e v e n u o t h o C o m m i t t e o r e c o m m e n d s a n In ­
c r e a s e o f 5 0 % o n f ir s t -c la s s d o m e s t i c p o s t a g o , b u t n o t le ss t h a n o n e c e n t
a d d it i o n a l o n e a c h p i e c e o f fir s t -c l a s s m a t t e r .
T h i s t a x w o u ld p r o d u c e
a d d it i o n a l r e v e n u o d u r i n g t h o p e r i o d o f t h o w a r a p p r o x i m a t in g $ 1 0 0 ,­
0 0 0 ,0 0 0 a y e a r .
T h o C o m m i t t e o b e lie v e s t h a t b e c a u s o o f t h o la r g o e x c e s s p r o f i t s t a x t o b o
im p o s e d , a n d b e c a u s o d i v i d e n d s o f c o r p o r a t i o n s w ill b o s u b j e c t t o t h o w a r
s u p e r - t a x a s i n c o m e in t h o h a n d s o f t h o s t o c k h o l d e r s , t h o i n c o m o t a x o n
c o r p o r a t i o n s s h o u l d r e m a in u n c h a n g e d .
I n h e r i t a n c e s , i n t h o C o m m i t t e e ’s
o p i n i o n , a r o n o t p r o p e r s u b j e c t s f o r w a r t a x e s , a s s u c h a t a x w o u ld p l a c e
a n u n ju s t b u r d e n u p o n th o e s ta te s o f th o s e d y in g d u r in g t h o p r o g r e s s o f
th o w ar.

War Expenditures This Year.
I n v ie w o f th o f a c t t h a t t h o T r e a s u r y D e p a r t m e n t in d ica te s t h o n e c e s ­
s i t y o f r a is in g b y n e w t a x a t i o n o f v a r i o u s s o r t s a p p r o x i m a t e ly S I ,6 0 0 ,­
0 0 0 ,0 0 0 d u r i n g t h o n e x t t w e l v e m o n t h s , t h o N a t i o n a l C h a m b e r C o m m i t t e e
s u b m i t s t h o f o ll o w i n g s c h e d u l o t e n t a t i v e l y d e s ig n e d t o o b t a i n t h a t r e s u lt
a n d a s i n d i c a t i n g t h o r o la t i v o a m o u n t s w h ic h m a y b o d e r i v e d f r o m d i f ­
f e r e n t v a r i e t ie s o f t a x e s :
I n c r e a s e d i n c o m o t a x o n I n d iv id u a ls f o r t h o y o a r 1 9 1 7 ___________$ 4 0 0 ,0 0 0 ,0 0 0
I n c r e a s e o f e x c e s s p r o f i t s t a x f o r t h o y e a r 1 9 1 7 ___________________ 2 0 0 ,0 0 0 ,0 0 0
I n c r e a s e o f 5 0 % in f ir s t -c la s s p o s t a g o r a t e s ________________________ 1 0 0 ,0 0 0 ,0 0 0
S t a m p t a x e s _____________________________________________________________ 2 5 0 ,0 0 0 ,0 0 0
I n c r e a s e d c u s t o m s d u t i e s , a s fa r a s p o s s i b le o f a p u r e l y r e v e n u o
c h a r a c t e r _____________________________________________________________ 1 0 0 ,0 0 0 ,0 0 0
E x c i s o t a x e s _____________________________________________________________ 5 5 0 ,0 0 0 ,0 0 0
$ 1 , 6 0 0 , 0 0 0 ,0 0 0

In the referen dum su b m itted to the N a tio n a l C h am ber
m em bers the C om m ittee recom m en d s th at:
I . A p p r o x i m a t e l y $ 4 0 0 ,0 0 0 ,0 0 0 o f t h o a m o u n t r a is e d b y t a x a t i o n in t h o
f ir s t y e a r s h o u l d b e o b t a i n e d a s a w a r m e a s u r o , f r o m in c r e a s e d in d i v id u a l
i n c o m o t a x e s , t h r o u g h s u c h in c r e a s e d s u p e r - t a x e s a n d d e c r e a s e d e x e m p ­
t io n s a s t h e C o m m i t t e o r e c o m m e n d s .
I I . A p p r o x i m a t e l y $ 2 0 0 ,0 0 0 ,0 0 0 o f t h e a m o u n t r a is e d b y t a x a t i o n in t h o
f ir s t y e a r s h o u l d b o o b t a i n e d , a s a w a r m e a s u r o , b y a d d it i o n s t o t h o p r e s e n t
e x c e s s p r o f i t s t a x , w i t h a m e n d m e n t s o f t h e l a w w h ic h t h o C o m m i t t e o
recom m en d s.
I I I . T h o fir s t -c l a s s p o s t a g o r a t e , a s a w a r m e a s u r e , s h o u l d b o I n c r o a s a l
b y 5 0 % , t o y i e ld a p p r o x i m a t e ly $ 1 0 0 ,0 0 0 ,0 0 0 in t h o fir s t y o a r .
I V . S t a m p t a x e s s h o u l d b o I m p o s e d , a s a w a r m e a s u r o , t o y i e ld a p p r o x i ­
m a t e l y $ 2 5 0 ,0 0 0 ,0 0 0 in t h o f ir s t y o a r .
V . C u s t o m s d u t i e s s h o u l d b o i m p o s e d , a s a w a r m e a s u r o , o n a r t ic l e s t o
y i e ld a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 in t h e f ir s t y e a r .
V I . E x c i s o t a x e s s h o u l d b e im p o s e d , a s a w a r m o a s u r o , u p o n a l is t o f
a r t ic le s o f l u x u r y a n d g e n o r a l u s o a n d w h ic h w o u ld y i o l d a b o u t $ 5 0 0 ,0 0 0 ,0 0 0
in t h o f ir s t y e a r .
V I I . R e t r o a c t i v e t a x e s s h o u ld n o t b o im p o s e d u p o n i n c o m e s a n d p r o f i t s .
V I I I . T h o a m o u n t o f e x e m p tio n f r o m th o c a p ita l s t o c k t a x s h o u ld b o
d e c r e a s e d f r o m $ 9 9 ,9 9 9 t o $ 2 4 ,9 9 9 .

T h e C h airm an o f tho N a tion a l C h a m b er C om m itteo is
W a lla ce D . Sim m on s, o f S t. L ou is, P residen t o f th o S im ­
m on s H a rd w a re C o m p a n y . T h o oth er m em bers aro:
T . S . A d a m s , P r o fe s s o r o f P o litic a l E c o n o m y a t Y a le U n iv o r s it y ; J o h n
V . F a r w o ll, o f C h i c a g o , P r o s id o n t o f t h o J o h n V . F a r w o ll D r y G o o d s C o m ­
p a n y : E d w a r d A . F ile n e , o f B o s t o n , P r e s i d e n t , W i ll ia m F i l o n o ’s S o n s
C o m p a n y : P . W . G o e b e l, o f K a n sa s C it y , P r o s id o n t, A m o rica n B a n k e rs A s ­
s o c ia t i o n : P r o f . J o h n I I . G r a y , o f t h o U n iv o r s i t y o f M i n n e s o t a , f o r m e r P r e s i­
d e n t o f t h o A m e r i c a n E c o n o m i c A s s o c i a t io n ; E d m u n d D . I l u l b e r t , o f C h i ­
c a g o , P re s id e n t o f th o M e r ch a n ts L o a n a n d T r u s t C o m p a n y : S to d d a rd
J e s s , P r e s id e n t o f t h o F ir s t N a t io n a l B a n k o f L o s A n g e le s ; H u g h M c K .
L a n d o n , o f I n d i a n a p o li s : R o b e r t F . M a d d o x , o f A t l a n t a , V i c e - P r e s id e n t
o f th o A m e r ic a n N a t io n a l B a n k a n d fo rm o r ly P r o s id o n t o f t h o G e o rg ia
B a n k e r s A s s o c i a t io n ; S a m u e l M c R o b o r t s o f N o w Y o r k , V i c e - P r e s id e n t o f
t h o N a t i o n a l C i t y B a n k ; a n d P r o f o s s o r O li v e r M . W . S p r a g u o , o f C a m ­
b r i d g e , P r o f e s s o r o f B a n k i n g a n d F i n a n c o , H a r v a r d U n iv e r s i t y .

E M P L O Y E R S U R G E D TO A W A I T L E G I S L A T I O N B E F O R E
A D J U S T IN G S A L A R IE S OF E N L IS T E D M E N .

It w as the unanim ous op in ion o f tho N a tion a l C h a m b er
C om m itteo w h ich m ot at W a sh in g ton A p ril 25 th a t e m p lo y ­
ers should aw ait th o result o f legislation n ow pen d in g in
C ongress b efo re m aking arrangem ents fo r th e depen den ts
o f em p loyees w h o enlist. S ecretary B a k er, as chairm an
o f the C ou n cil o f N a tion a l D ofon se, h ad asked tho C h a m ­
ber o f C om m erce o f the U n ited Statos to ascerta in tho sen­
tim en t o f tho business m en o f tho co u n try in th o m a tter o f
v olu n ta ry civilia n assistance in tho caro o f dep en d en t fa m i­
lies o f m en onlisting in tho m ilita ry an d naval fo rce s . Secre­
ta ry G o o d w in said if tho plan p rop osed in pon din g legisla­
tion fo r elim inating from all bran ches o f tho servico m arried
m en an d oth ers w h o h avo persons depen den t u p on th em ,
is carried o u t in la w , tho p rob lom w o u ld b o red u ced to a
m inim um . T h o com m ittoe theroforo d ecid ed th at it sh ou ld
a d jou rn su b je ct to tho call o f tho chairm an until legislation
is en acted . In tho m eantim o th o suggestion is offered to
all em p loyers th at no com m itm en ts to om p loyeos b o m a de
ex cep t o f a tem pora ry n ature.
T h o m eetin g w as of a p relim ina ry naturo to ascertain
tho view s o f m om bors, to con sid er the m a gn itu de o f the
p rob lem , an d to fam iliarizo tho com m itteom en w ith the
experience o f bolligeren t cou n tries, u p on w h ich s u b je ct a
careful m em ora n d u m or su m m ary had beon prep ared . T h o
chairm an o f tho com m ittee is F . A . Soiborlin g, o f A k ron ,
O hio. M r . Soiborling is P rosidon t o f tho G o o d y e a r T iro
and R u b b er C o m p a n y . T h o m om bors aro:
C h a r le s L . A l l o n , o f W o r e c s t o r , M a s s . , g o n o r a l m a n a g o r o f t h o N o r t o n
G r i n d i n g C o m p a n y ; A . C . l l o d f o r d , P r o s i d o n t o f t h e S t a n d a r d O il C o m ­
p a n y o f N o w J o r s o y ; G o o r g o IJ. F o s t e r , o f C h i c a g o , o f t h o C o m m o n w e a l t h

E d is o n C o m p a n y ; P . n . G a d s d o n , o f C h a r le s t o n , S . C . , P r e s i d o n t o f t h e
C o n s o li d a t e d R a il w a y a n d L i g h t i n g C o m p a n y ; P a u l J . K r u e s i , o f C h a t ­
ta n o o g a , T o n n ., T re a s u r e r a n d M a n a g e r o f th e A m e r ic a n L a v a C o m p a n y ;
R o b e r t S . L o v e t t , o f N o w Y o r k C i t y , C h a ir m a n o f t h e E x e c u t i v e C o m ­
m it t e e , U n io n P a c i f i c R a i l w a y C o m p a n y ; J o h n L . P o w e l l , o f W i c h i t a ,
K a n . , P r e s id e n t o f J o h n s t o n a n d L a r i m e r D r y G o o d s C o m p a n y ; E l i o t
W a d s w o r th , o f W a s h in g to n , D . C . , V ic e -C h a ir m a n , A m e r ic a n R e d C ro s s ;
a n d I I . H . W e s t in g h o u s o , o f N e w Y o r k C i t y , P r e s i d e n t o f t h o W e s t in g h o u s e A ir B r a k o C o m p a n y .

F ollow in g a ctio n b y C on gress, it is ex p ected som o u n iform
system fo r p ro vid in g fo r d epen den ts can b e d ov ised w h ich
w ill ad equ ately take care o f th o situ ation .
HOW

THE

R AILR O A D S

W ILL

THE

BE OPERATED

D U R IN G

W AR.

T h e Special C om m ittee on N a tion al D efense o f th e
A m erica n R a ilw a y A ssocia tion has issued a b u lletin under
da te o f A p ril 20 furnishing an ou tlin e o f th o plans a d op ted
fo r the op era tion o f the railroads during the period o f the w ar.
T h o railroads o f the U n ited States, in ord er to p rod u ce a
m axim um o f n ational tra n sp orta tion efficien cy during the
w ar, h ave agreed to co-ord in a te their operation s in a c o n ti­
nental railw ay system and to m erge all their co m p e titiv e
activities. T h is action o f the railroads w as takon a t a m eet­
ing in W a sh in gton on A p ril 11, w h en th o P residen ts o f tho
carriers a d o p te d tho follow in g resolu tion :
Resolved, T h a t t h o r a ilr o a d s o f t h o U n it e d S t a t e s , a c t in g t h r o u g h t h e ir
c h i e f e x e c u t i v o o f f i c e r s h e r o a n d n o w a s s e m b l e d , a n d s t ir r e d b y a h ig h s e n s e
o f t h e ir o p p o r t u n i t y t o b o o f t h o g r e a t e s t s e r v ic e t o t h e ir c o u n t r y in t h o
p r e s e n t n a t i o n a l c r is is , d o h e r e b y p l e d g e t h e m s e lv e s , w it h t h o G o v e r n m e n t
o f t h o U n it e d S t a t e s , w it h t h o G o v e r n m e n t s o f t h o s e v e r a l S t a t e s , a n d w it h
o n e a n o t h e r , t h a t d u r i n g t h o p r e s e n t w a r t h e y w ill c o - o r d i n a t o t h e ir o p e r a ­
t io n s in a c o n t in e n t a l r a i lw a y s y s t e m , m e r g in g d u r i n g s u c h p e r i o d a ll t lio ir
m e r e ly in d i v id u a l a n d c o m p e t i t i v e a c t i v i t i e s in t h o e f f o r t t o p r o d u c e a
m a x i m u m o f n a t i o n a l t r a n s p o r t a t io n e f f i c i e n c y .
T o t h is e n d t h e y h e r e b y
a g r e o t o c r e a t e a n o r g a n i z a t io n w h ic h s h a ll h a v e g e n e r a l a u t h o r i t y t o
f o r m u l a t e In d e t a i l a n d f r o m t im o t o t im e a p o l i c y o f o p e r a t i o n o f a ll o r a n y
o f t h o r a i lw a y s , w h ic h p o l i c y , w h e n a n d a s a n n o u n c e d b y s u c h t e m p o r a r y
o r g a n i z a t io n , s h a ll b o a c c e p t e d a n d e a r n e s t l y m a d e e f f e c t i v e b y t h o s o v e r a l
m a n a g e m e n t s o f t h o i n d i v id u a l r a i l r o a d c o m p a n i e s h e r o r e p r e s e n t e d .

T h e direction o f this con tin en ta l railw a y system has beon
placed in the hands o f an execu tivo com m ittee o f th e special
C om m itteo o n N a tion a l D efen se o f tho A m erica n R a ilw a y
A ssociation , co m p o sed o f tho follow in g :
F a ir f a x n a r r i s o n , P r e s i d o n t S o u t h e r n R a i l w a y S y s t e m , C h a ir m a n .
IT ow a rd E llio t t , P r e s id e n t N o w Y o r k N e w H a v e n & H a r tfo r d R R .
J u liu s K r u t t s c h n i t t ,C h a i r m a n E x e c u t i v o C o m m i t t e e S o u t h o m P a c i f i c C o .
nalo H o l d e n , P r e s i d e n t C h i c a g o B u r l i n g t o n & Q u in c y R R .
S a m u e l R e a , P r e s i d e n t P e n n s y lv a n ia R R .
I n a d d i t i o n , a m e m b e r o f t h o I n t e r - S t a t e C o m m e r c e C o m m i s s io n a n d
D a n i e l W i l l a r d , P r e s i d e n t o f t h o B a lt i m o r e & O h io R R . , a s t h o r e p r e s e n t a ­
t i v e o f t h o A d v i s o r y C o m m i s s io n o f t h o C o u n c il o f N a t io n a l D c f e n s o , h a v e
b e e n a s k e d t o b e c o m e m e m b e r s e x - o f f i c i o o f t h is E x e c u t i v o C o m m i t t e o .

T h o fo re go in g plan o f op era tion covers all service o f tho
railroads— th at on b eh alf o f tho p u b lic as w ell as th at fo r tho
G overn m en t. On F e b . 16 1917 tho ex ecu tiv o com m ittee
o f tho A m erican R a ilw a y A ssocia tion m et in N o w Y o r k and
a d op ted tho follow in g resolu tion :
'
Whereas, T h o P r e s id e n t o f t h o U n it e d S t a t e s h a s a p p o in t e d a N a t i o n a 1
C o u n c il f o r D e fe n s e f o r t h o p u r p o s o o f a s c e r t a in in g t h o r e s o u r c e s o f t h o
c o u n t r y a n d o f s e c u r in g t h o c o - o p e r a t i o n o f a ll o r g a n i z e d t r a n s p o r t a t io n
a n d In d u s t r ia l a c t iv it i e s In fu r t h e r a n c e o f t h is p u r p o s o .
Resolved, T h a t , in o r d e r t h a t t h o r a i lw a y s m a y b e in a p o s i t io n t o a s s is t
w it h t h e ir f u ll s t r e n g t h t h e N a t i o n a l C o u n c i l f o r D e fe n s e , f o u r t e e n m e m b e r s
b o a d d e d t o th o S p e cia l C o m m it te o o n C o -o p e r a t io n w it h t h o M ilit a r y
A u t h o r i t i e s , in c lu d in g M r . F a ir f a x n a r r i s o n , a s G e n e r a l C h a ir m a n , s o a s
t o c o n s t i t u t e a c o m m i t t e o o f e ig h t e e n m e m b e r s , t o r e p r e s e n t t h o r a ilw a y s
In c o n n e c t i o n w i t h t h o w o r k w h ic h t h o N a t i o n a l C o u n c il f o r D e fo n s o h a s
in h a n d ; t h o m e m b e r s h ip o f t h o c o m m i t t e o t o b o r e p r e s e n t a t iv e o f t h o f o u r
a r m y d e p a r t m e n t s i n t o w h ic h t h o c o u n t r y is d i v i d e d .
Resolved, T h a t t h o n a m e o f t h o S p e c ia l C o m m i t t e o o n C o - o p e r a t i o n w it h
t h o M i l i t a r y A u t h o r i t i e s b o c h a n g e d t o S p e c ia l C o m m i t t e e o n N a t io n a l
D c f e n s o o f t h o A m e r i c a n R a il w a y A s s o c i a t io n .

T h o co m m itteo a p p oin ted b y tlio ex ecu tiv o com m ittee o f
tho A m erican R a ilw a y A ssocia tion w as as follow s:
F a ir f a x n a r r i s o n , P r e s i d e n t S o u t h e r n R a i l w a y S y s t o m , G o n e r a l C h a ir m a n

Eastern Department.
L . F . L o r c o , P r e s i d e n t D o la w a r o & H u d s o n C o . , C h a ir m a n .
W . G . R o s i e r , P r e s i d e n t C e n t r a l R a il r o a d o f N . J .
A . W . T h o m p s o n , V i c e - P r e s id e n t B a l t i m o r e & O h io R R .
A . n . S m ith , P re s id e n t N o w Y o r k C e n tr a l R R .
J . n . H u s t is , R e c e i v e r B o s t o n & M a i n e R R .
W . J . H a r a h a i l, P r e s i d e n t S e a b o a r d A i r L i n o R y .

Central Department.
R.
!
E
o!
O.
g

IT.
L.
E.
II.

A l s h t o n , P r e s i d e n t C h i c a g o & N o r t h W o s t o r n R y . , C h a ir m a n .
B e c k , V i c e - P r e s id e n t P e n n s y lv a n ia L i n e s W e s t o f P i t t s b u r g h .
C a l v i n , P r e s i d e n t U n io n P a c i f i c R R .
M a r k h a m , P r e s i d e n t I ll i n o i s C e n t r a l R R .
T . S la d o , V i c e - P r e s id e n t N o r t h e r n P a c i f i c R y .

Southern Department.
W . B . S c o t t , P r e s id e n t S o u t h e r n P a c i f i c C o . , T e x a s - L o u is i a n a L i n o s ,
C h a ir m a n .
, _
... _
B . F . B u s h , R e c e i v e r M is s o u r i P a c i f i c R y .
O . E . S c l ia f f , R e c e i v e r M is s o u r i K a n s a s & T e x a s R y .

Western Department.
W m . S p r o u l o , P r e s id e n t S o u t h e r n P a c i f i c C o . , P a c i f i c S y s t o m , C h a ir m a n .
E . P . R i p l e y , P r e s id e n t A t c h i s o n T o p e k a & S a n t a F o R y .
J . D . F a r r e l l, P r e s id o n t O r e g o n -W a s h i n g t o n R R . & N a v i g a t i o n C o .

O n F o b . 16 W . W . A tte r b u ry , V ice-P rosid on t o f tho P en n ­
sylvan ia R R . , and P residen t o f tho A m erica n R a ilw a y A sso­
cia tion , sen t this tolegram to tho P residen t of ov ory railroad
in the U n ited States:




1657

THE CHRONICLE

A pr . 28 1917.)

P r e s e n t e m e r g e n c y f a c i n g o u r c o u n t r y c a l ls f o r l o y a l s u p p o r t a n d e a r n e s t
c o - o p e r a t i o n b y r a i lr o a d s w i t h N a t i o n a l C o u n c il f o r D e fo n s o a p p o in t e d
b y P r e s id e n t W i l s o n .
T o a s s u r e t h i s t o f u ll e s t e x t e n t E x e c u t i v e C o m m i t t e e
h a s e n la r g e d t h e S p e c ia l C o m m i t t e o o n C o - o p e r a t i o n w it h M i l i t a r y A u t h o r i ­
tie s a n d d e s i g n a t e d i t S p e c ia l C o m m i t t e e o n N a t i o n a l D e fe n s e , o f t h e A m e r i ­
c a n R a i l w a y A s s o c i a t i o n , c o n s i s t i n g o f e ig h t e e n m e m b e r s a n d r e p r e s e n t in g
th e fo u r a r m y d e p a rtm e n ts o f th o c o u n tr y .
E x e c u tiv e C o m m itte e req u ests
t h e h e a r t y c o - o p e r a t i o n o f e a c h m e m b e r o f A s s o c i a t io n w i t h t h is S p e c ia l
C o m m i t t e e o n C o - o p e r a t i o n in c o n n e c t i o n w i t h t h o w o r k w h i c h t h o N a t io n a l
C o u n c il f o r D e fe n s o h a s in h a n d .

P lans fo r an orga n ization w ere im m ed ia tely p erfected , and
on A p ril 5 F airfa x H arrison , C h airm an o f th e Special C o m ­
m ittee on N a tion a l D efen se, au th orized this statem en t:
T h e r a i lr o a d s o f t h e U n it e d S t a t e s , a c t in g t h r o u g h t h e A m e r i c a n R a i l w a y
A s s o c i a t io n , h a v e a r r a n g e d t o p u t a t t h e s e r v ic e o f t h e G o v e r n m e n t a n d
t o g i v e p r e f e r e n t i a l u s e o f a ll f a c il i t i e s w h ic h m a y b e n e e d e d f o r n a t i o n a l
d e fe n s e .
F o r s o m o t im o p a s t c o m m i t t e e s o f r a ilr o a d o f f i c e r s , in c o - o p e r a t i o n
w it h t h e o f f i c e o f t h e Q u a r t e r m a s t e r - G e n e r a l o f t h e A r m y , h a v e b e e n
m a k i n g p la n s t o p r o m o t e in c a s e o f w a r e f f e c t i v e u s e o f t h e c o u n t r y ’s t r a n s ­
p o r t a t io n f a c il i t i e s .
T h e s e p la n s h a v e n o w b e e n c o m p le t e d .
T h o p l a n o f o p e r a t i o n w o r k e d o u t h e r e is in d i s t i n c t c o n t r a s t t o t h a t
a d o p t e d in E n g la n d a t t h e o u t s e t o f t h o w a r .
T h ere th e G ov ern m en t
i m m e d i a t e l y a s s u m e d r e s p o n s i b il i t y f o r o p e r a t i o n o f t h o r a i lr o a d s , a n d e x e r ­
c is e d i t s a u t h o r i t y t o t h a t e n d t h r o u g h a c o m m i t t e e c o m p o s e d o f t h o h e a d s
o f t h e p r i n c ip a l lin e s .
T h o G o v e r n m e n t g u a r a n t e e d t h a t n e t e a r n in g s o f
t h e c o m p a n i e s w o u ld c o n t in u e t o b e w h a t t h e y h a d b e e n b e f o r e t h e w a r
sta rted .
I n t h is c o u n t r y t h e p l a n is t h a t t h e G o v e r n m e n t s h a ll a d v i s e t h e r a ilr o a d s
w h a t s e r v ic e i t r e q u ir e s , a n d t h e r e s p o n s i b il i t y w il l b e u p o n t h e r a i lr o a d
m a n a g e r s t o p r o v i d e t h a t s e r v ic e .
W h e n w o r k in g t o t h a t e n d , t h e r a ilr o a d s
o f t h o c o u n t r y w ill b o o p e r a t e d p r a c t ic a l l y a s o n e s y s t e m .
T h i s p l a n p l a c e s r e s p o n s i b il i t y u p o n e x p e r ie n c e d r a i lr o a d o f f i c e r s f o r
p r o d u c i n g r e s u lt s , a n d t h o G o v e r n m e n t ’s o n l y f u n c t i o n in t h is c o n n e c t i o n
is t o d e t e r m in e w h a t it s r e q u ir e m e n t s a r e .
I t is t h e b e l i e f o f r a ilr o a d c o m ­
p a n ie s t h a t t h i s w ill n o t o n l y w o r k f o r e f f i c i e n c y o f s e r v ic e b u t f o r e c o n o m y
in o p e r a t i o n a s w e ll.
T h o a b o v e p l a n o f c o - o p e r a t i o n b e t w e e n t h o G o v e r n m e n t a n d t h e r a il­
r o a d s is f e l t t o b o m o s t d e s ir a b lo , a n d t h e r a ilr o a d s a r e k e e n l y a p p r e c i a t iv e
o f t h is o p p o r t u n i t y t o d e m o n s t r a t e t o t h o c o u n t r y a t la r g e t h e v a l u e in
t im o o f w a r o f r a ilr o a d s w i t h e la s t ic m a n a g e m e n t .
I t is b e l ie v e d t h a t t h e t r a n s p o r t a t io n c o m p a n i e s w il l b e a b l e t o a f f o r d
t o t h e G o v e r n m e n t e x p e d i t i o u s ly a ll t h e s e r v ic e i t m a y r e q u i r e , w i t h o u t
s u b s t a n t i a l i n t e r f e r e n c e w it h t h o c o m m e r c i a l b u s in e s s o f t h o c o u n t r y .
G o v e r n m e n t b u s in e s s w iil o f c o u r s e r e c e iv e p r e f e r e n t ia l m o v e m e n t , b u t i t
is n o t a n t i c i p a t e d t h a t o r d i n a r y t r a f f i c w ill e x p e r ie n c e a b n o r m a l d e l a y s .

T lio foregoin g con tem p la ted service on ly fo r the G ov e rn ­
m en t itself. In realization, h ow ev er, o f the im p orta n ce o f
the d om estic a ctivities o f the co u n try bein g co n d u cted in a
m anner to p rom ote the efforts o f the G ov ern m en t, th e C o u n ­
cil fo r N a tion a l D efense recom m en d ed th a t th e railroads
arrange to co-ord in a te th eir system s, n o t alone fo r the b en e fit
o f the G o v ern m en t, b u t on b eh a lf o f the p u b lic a t la rge.
T lio y em b od ied their desires in a resolu tion as follow s:
Resolved, T h a t C o m m i s s io n e r W i ll a r d b e r e q u e s t e d t o c a l l u p o n t h e r a i l ­
r o a d s t o s o o r g a n i z e t h e ir b u s in e s s a s t o le a d t o t h e g r e a t e s t e x p e d i t i o n In
th o m o v e m e n t o f fre ig h t.

In response to this the railroad P residents o f th e co u n try
m et in W a sh in g ton on A p ril 11 an d a d o p te d the resolu tio n
already q u oted .
T h e W a sh in g ton C on feren ce o f R a ilw a y E x ecu tiv e s
a d o p te d th e follow in g form o f orga nization fo r all o f the rail­
w ays o f tho U n ited States to co-op era te w ith the G o v e rn ­
m en t in the co n d u c t o f the w ar:
1. T h a t th e w h o le p r o b le m o f c o -o p e r a t io n w it h t h e G o v e r n m e n t b e
c o m m it t e d t o th e p re s e n t S p e c ia l C o m m it t e e o n N a t io n a l D e fe n s e o f th e
A m e r ic a n R a ilw a y A s s o c ia t io n .
T h is in v o lv e s m a k in g th e C o m m is s io n o n
C a r S e r v ic e a s u b -c o m m it t e e o f th e S p e c ia l C o m m it t e e , as h a s a lr e a d y
b e e n d o n o w it h t h e C o m m i t t e e o n M i l i t a r y P a s s e n g e r T a r i f f s , M i l i t a r y
F r e ig h t T a r iffs , M ilit a r y E q u ip m e n t S ta n d a r d s a n d M ilit a r y T r a n s p o r t a ­
t io n A c c o u n t in g .
2 . T h a t th o S p e c ia l C o m m it te o b o e n la rg e d b y a d d it io n s t o a t o t a l o f
a p p r o x im a t e ly t w e n t y - f iv e m e m b e r s .
3 . T h a t a n E x e c u tiv e C o m m itte e , s e le cte d fro m th e t w e n ty -fiv e m e m b e rs
o f t h o S p e c i a l C o m m i t t e e o n N a t i o n a l D e fe n s e , c o n s i s t i n g o f t h e C h a ir m a n
o f t h e S p e c i a l C o m m i t t e o , w h o s h a ll a ls o b o C h a ir m a n o f t h e E x e c u t i v o
C o m m it te e a n d fo u r o t h e r m e m b e r s t o b o s e le cte d b y h im , b e c r e a t e d , s u c h
E x e c u t i v e C o m m i t t e o t o s i t i n W a s h i n g t o n in f r e q u e n t o r I f n e c e s s a r y
c o n t i n u o u s s e s s io n .
,
„ .
. .
„
, .
„
4 . T h a t M r . W i l l a r d , a s C h a ir m a n o f t h e A d v i s o r y C o m m i s s io n o f t h o
C o u n c il o f N a t io n a l D e fe n s e , b e e x - o ff ic io a m e m b e r o f th e E x e c u tiv e
C o m m itte e .
„
_
, ,
T h a t th e In t e r -S ta te C o m m e r c e C o m m is s io n b e In v ite d t o d e s ig n a te o n e
o f its m e m b e r s t o b e c x - o ff ic io a m e m b e r o f th o E x e c u tiv e C o m m it t e e .
5 . T h a t t h e r a i lw a y s a g r e e t o t h e d i r e c t i o n o f t h e E x e c u t i v e C o m m i t t e e
o f f i v e in n il m a t t e r s t o w h ic h it s a u t h o r i t y e x t e n d s , a s e x p r e s s e d In t h e
r e s o lu t i o n h e r e t o f o r e a d o p t e d , a n d t o w h i c h w e h e r e b y s u b s c r ib e ; a n d t h a t
t h e G e n e ra l S e c r e ta r y o f th e A m e r ic a n R a ilw a y A s s o c ia t io n b e in s t r u c t e d
t o s e c u r e t h o e x e c u t i o n b y s i g n a t u r e o f a ll A m e r i c a n r a i lw a y s .

U n der the foregoin g plans th e railroads h ave com p le te d
tho follow in g orga nization fo r co-op era tin g w ith the G ov e rn ­
m en t o f the U n ited States during the w ar.
E X E C U T IV E C O M M IT T E E .
F a ir f a x H a r r i s o n , P r e s i d e n t S o u t h e r n R a i l w a y S y s t e m , C h a ir m a n .
H o w a r d E llio t t , P re s id e n t N . Y . N e w H a v e n & H a r tfo r d R R .
H a le H o l d e n , P r e s i d e n t C h i c a g o B u r l i n g t o n & Q u i n c y R R .
J u liu s K r u t t s c h n i t t , C h a ir m a n E x e c u t i v e C o m m i t t e e S o u t h e r n P a c i f i c C o .
S a m u e l R e a , P r e s i d e n t P e n n s y lv a n ia R R .
G E N E R A L C O M M IT T E E .
F a i r f a x H a r r i s o n , G e n e r a l C h a ir m a n .
G e o r g e H o d g e s , A s s is ta n t t o G e n e ra l C h a ir m a n .
J . E . F a ir b a n k s , S e c r e t a r y .

Northeastern Department.
J . I I . H u s t is , R e c e i v e r B o s t o n & M a l n o R R . , C h a ir m a n .
I I . M . B is c o e , V ic e -P r e s id e n t B o s t o n & A lb a n y R R .
H o w a r d E llio t t , P r e s id e n t N . Y . N e w H a v e n & H a r tfo r d R R .
M o r r is M c D o n a ld , P r e s id e n t M a r n e C e n tr a l R R .

Eastern Department.
L . F . L o r e e , P r e s i d e n t D e la w a r e & H u d s o n C o . , C h a ir m a n .
W . G . B e s le r, P re s id e n t C e n tr a l R a ilr o a d o f N e w J e r s e y .
S a m u e l R e a , P r e s i d e n t P e n n s y lv a n ia R R .
A . H . S m ith , P r e s id e n t N e w Y o r k C e n tr a l R R .
A . W . T h o m p s o n , V i c e - P r e s id e n t B a l t i m o r e & O h i o R R .

Southeastern Department.
W . J . H a r a h a n , P r e s i d e n t S e a b o a r d A i r L i n e , C h a ir m a n .
J . R . K e n ly , P r e s id e n t A t la n t ic C o a s t L in e .
R . V . T a y lo r , V ic e -P r e s id e n t M o b ile & O h io R R .
W . A . W in b u r n , P r e s id e n t C e n tr a l o f G e o rg ia R y .

16 58

THE CHRONICLE
Central Department.

R. IT. Aishton, President Chicago & North Western Ry., Chairman.
E. E. Calvin, President Union Pacific RR.
Halo Holden, President Chicago Burlington & Quincy RR.
C. H. Markham, President Illinois Central RR.
G. L. Peck, Vice-President Pennsylvania Lines West of Pittsburgh.
G. T. Slade, Vice-President Northern Pacific Ry.
Southern Department.

W. B. Scott, President Southern Pacific Co., Texas-Louisiana Lines,
Chairman.
B. F. Bush, Receiver Missouri Pacific Ry.
C. E. Schaff, Receiver Missouri Kansas & Texas Ry.
J. Kruttschnltt, Chairman Executive Committee Southern Pacific Co.
W estern D ep a rtm en t.

Wm. Sproulo, President Southern Pacific Co., Pacific System, Chairman.
J. D. Farrell, President Oregon-Washington Rlt. & Navigation Co.
R. S. Lovett, Chairman Executive Committee Union Pacific RR.
E. P. Ripley, President Atchison Topeka & Santa Fe Ry.
SUB-COMMITTEES ON MILITARY WORK.
C om m ission on Car Service.

C. M. Sheaffer, General Supt. Transportation Penna. RR., Chairman.
W. L. Barnes, Supt. Transportation Chicago Burlington & Quincy RR.
W. C. Kendall, Supt. Transportation Boston & Maine RR.
G. F. Richardson, Supt. Transportation Southern Pacific Co.
J. A. Sommerville, Supt. Transportation Missouri Pacific Ry.
D. E. Spangler, Supt. Transportation Norfolk & Western Ry.
M i l i t a r y E qu ipm en t Standards.

J. T. Wallis, Gen. Supt. Motive Power Penna. RR., Chairman.
C. E. Chambers, Supt. Motive Power Central RR. of New Jersey.
O. A. Llndstrom, Assistant to President Pressed Steel Car Co.
F. W. Mahl, Director of Purchases Southern Pacific Co.
Peter Parke, Chief Engineer The Pullman Co.
R. E. Smith, Gen. Supt. Motive Power Atlantic Coast Lino.
C. B. Young, Mechanical Engineer Chicago Burlington & Quincy RR.
M i l i t a r y Transportation A c c ou n tin g .

A. H. Plant, Comptroller Southern Ry. Co., Washington, D. C., Chairman.
M. P. Blauvelt, Comptroller Illinois Central RR., Chicago.
G. R. Martin, Vice-President Great Northern Ry., St. Paul,Minn.
A. D. McDonald, Vice-President Southern Pacific Co., New York.
C. B. Seger, Vice-Pres.& Comptroller Union Pacific System, Omaha, Neb.
C. I. Sturgis, Gen. Auditor Chicago Burlington & Quincy RR., Chicago.
It. A. White, Gen. Auditor New York Central RR., New York.
M ilita r y Passenger T a r iffs.

E. L. Bevlngton, Transcontinental Pass. Association, Chicago, Chairman
F. C. Donald, Commissioner Central Pass. Association, Cnicago.
W. II. Howard, Secretary Southeastern Pass. Association, Atlanta.
C. L. Hunter, Vice-Chairman Trunk Line Association, New York.
W. L. Pratt, Chairman New England Pass. Association, Boston.
Military Freight Tariffs.

L. Green. Freight Traffic Manager Southern Railway, Washington,
D. C., Chairman.
E. B. Boyd, Chairman Western Trunk Line Association, Chicago.
L. E. Chaloner, Chairman Southeastern Freight Association, Atlanta.
It. II. Countlss, Chairman Transcontinental Freight Bureau, Chicago.
F. A. Leland, Chairman Southwestern Tariff Commission, St. Louis.
C. C. McCain, Chairman Trunk Line Association, New York.
E. Morris, Chairman Central Freight Association, Chicago.
: i jy
ta. E3S GENERAL AGENTS AT MILITARY HEADQUARTERS. : fJ
, >’ ‘- • •i-; -- v .-v - .t' W a sh ington .*
. - %
•’*.
.
Washington, D. C., J. G. Rodgers, Gen. Supt. Pennsylvania R R . 1
A. H. Plant, Comptroller, Southern Railway Co.
N ortheastern D ep a rtm ent.

Boston, Mass., D. S. Brigham, Assistant to Gen. Supt. Bos. & Alb. RR.
W. J. Hobbs, Comptroller Boston & Maine RR.
Eastern D ep a rtm en t.
>•
Governors Island, N. Y., R. L. (VDonnel. Gen. Supt. Penna. RR.
R. A. White, Gen. Auditor New York Central RR.
$52
Southeastern D ep a rtm en t.

Charleston, S. C., H. M. Cobb, Executive General Agent, Southern Ry.
H. C. Prince, Comptroller Atlantic Coast Line.
_
Central D ep a rtm en t.
Chicago, 111., M. J. Gormley, President’s Assistant Chicago & N. W. Ry.
M. P. Blauvelt, Comptroller Illinois Central RR.
Southern D ep a rtm en t.

Fort Sam Houston, Tex., C. L. McManus, American Ry. Association.
_G . R.^Cottlngham, Auditor Galveston Houston & San Antonio Ry.;s3
<-:> ■ W estern D ep a rtm en t.*
t- - ^ r,s"v.’
F San Francisco, Cal., Wm. Sproule, President Southern Pacific RR. (rep­
resented by G. F. Richardson, Supt. Transportation Southern Pacific Rlt.)
A. D. McDonald, Vice-President Southern Pacific Co.

SUGGESTS ACQUISITION OF FREIGHT CARS BY
GOVERNMENT.
Under date of April 21 Samuel H . Barker of the “ North
American” of Philadelphia, addressed a letter to Presi­
dent Wilson urging tho acquisition of all the freight cars
in the country"for the purpose of directing tFeir proper dis­
tribution and getting” the fullest measure of usefulness out
of Thom. The letter is as fo llo w s:,^ ^ .^ :^
>.
« ,-!» < •
f-j*
s c (?.',£<• f i - V H tf-tVfr-4 ( > / • - • Philadelphia, A p ril 21 1917.
H on. Woodrow Wilson, President o f the United States,
Washington, D . C .—

M r . P resid ent .—To relieve and end a presont intolerable situation—
one costly beyond calculation to tho American people, restrictive of in­
dustry and business, and, under existing conditions, actually dangerous to
tho nation—let tho United States acquire ownership of all freight cars,
direct their distribution thoughout tho country and arrange to provide
additional equipment as shall be required to enable tho railroads fully to
perform their transportation functions.

That is a proposition which I tako this means to urge upon you for action.
I also publish the plan because it covers a matter in which the entire Ameri­
can people aro concerned, and upon which it Is highly important that public
attention and the best thought and judgment o f tho country should be
concentrated.
What is here proposed to insure to the American peoplo the transporta­
tion services which their present and growing needs make imperatively
necessary requires action by tho Congress to givo it effect. Tho Federal
Government must havo empowering legislation before it can acquire and
manago tho freight cars of tho country. Congress must not only authorize
acquisition o f such cars it must at the same timo provldo ways and means
to finance the operation, which would Involve probably $2,250,000,000 to
$2,500,000,000.
Railroads in the United States now own upwards o f 2,500,000 freight
cars. They aro under control o f several hundred companies. Each rail­
road system has its own territory and interests to servo. Our country is
of vast area with correspondingly great differences in climate, resources
and production. This makes certain sections and Industries in need of more
transportation at some seasons than at .others, and so shifts tho domand
for cars backward and forward across tho length and breadth o f the land.
Obviously, the fullest solution of such a situation lies in a pooling of all
freight cars for use when and where they aro needed. Distribution of cars
in such a way is impossible under tho existing system. Each railroad
strives to hold its own. For the public, service and safety can be attained




[Vol. 104.

with greatest assurance by having tho cars owned by the nation, and dis­
tributed among all the railroads and throughout the country under direction
of a government board.
Such an arrangement would accomplish soveral cliiof results. All of
them would redound to public advantage. None of them would hurt tho
railroads or their owners. On tho contrary, they also would benefit. The
proposition is commended by what it would accomplish, among other
things, tho following:
1. It would got far greater service out of each car by making a broad
gauge distribution of all so that cars would be sent where they aro needed
and not hold idlo in some places when they aro wanted in others.
2. It would keep cars in transportation sorvice, prevent them from being
used for storage purposes—because government rules could bo strictly en­
forced—and so materially increase tho transportation performance of tho
car, which now averages scarcely 30 miles per day.
3. It would tend to increase the loading of cars to their maximum capac­
ity and to reduce the proportion of empty cars now hauled about the
country merely to get to their home lines.
4. It would enable the transportation business of the country to be
handled with relatively fewer cars than are required under the present loosemothod, cross-purpose system, as tho servico efficiency of each car would
bo increased.
5. It would obviate the present necessity for a railroad to havo more
cars than it needs much of tho timo in order to be equipped for the heavy
traffic it has at certain seasons.
6 . It would enable general standardization of freight cars and the r
parts—many cars have 400 unit parts, not one-fourth of them standardized
—so working to a basis of minimum costs for construction and repairs, also
eliminating the present wastes through innumerable duplicating railroad
shops and expensive accounting between companies which the existing freight
car system compels.
7. It would relieve the railroads of the present necessity and financial
burden of providing freight cars by a huge capital investment, and give
them increased ability to extend their lines and enlarge their terminals.
8 . It would insure to every railroad, as to all shippers, a sufficiency of
freight cars, impartially and equitably distributed, to servo tho whole
country and each section.
9. It would reduce the cost of transportation to the American people
becauso the total number of freight cars could moro closely approximate
tho aggregate service to bo performed, and bocause the Government could
finance, also buy or build cars, at lower cost than can the railroads.
10. It would mako easy and certain tho application to freight cars of
safety appliances such as tho Government has prescribed, or may find it
right to provide.
11. It would, by making every freight car Government property, vir­
tually prevent interference with the proper and free movement of traffic
by lawless acts.
12. It would eliminate present discussion and prospective controversy
as to the right basis of chargo to amortize the cost of freight cars, making
this problem one wholly for Government;determination.
13. It would end private ownership of freight cars and romovo a remain­
ing chief cause of discontent as between shippers putting one and all in
like position.
14. It would enable the Government to fix the rules, charges and penal­
ties governing the placing, loading and unloading of cars.
This proposition would give broad application to what has been denomstrated both practical and economical on smaller scale. Tho Pullman Com­
pany, operating throughout tho country, performs its servico with a mini­
mum of cars and capital investment becauso it is ablo to put its cars where
they are needed. Thus, in winter, a largo number aro in Florida and
Southern service, which in summer go into Now England and tho North.
Coal producing and industrial concerns havo in many cases found it
good business to provide themselves with cars to something less than'the
minimum number required for their business. Then they count upon tho
railroads to furnish additional cars needed in rush times or when their busi­
ness is at high point. In this way they got full uso out of their own cars
and throw upon the railroads tho burden of buying and maintaining cars
which much of the time stand idle in reservo.
Given effect, the proposition here urged would eliminate tho present dif­
ficulty which the railroads are under to get cars loaded and unloaded
promptly. The Government could enforce rules as to tho uso and abuse of
freight cars, acting with a strong hand for tho public weal. Railroads,
not less than shippers and consignees of freight, would bo subject to the
regulations prescribed. All would havo tho samo recourse—the Govern­
ment Board In charge of tho nation’s freight cars.
In effoct, the Government would not supply transportation but tho means
for transportation, even as now it does not enter into commercial opera­
tions of citizens, but provides them with the money and media of exchange
necessary for tho settlement of such transactions. It would be acting for
tho whole peoplo, and to promote the interests of all.
It would bo no stupendous operation for tho Government to carry out
this proposition. Neither need it create any difficult financial problem,
either for tho nation, tho railroads or their ownors. It would merely
transfer from railroad to Federal ownership tho freight cars in tho country.
Tho Government should acquire them at not abovo their book cost, and
where that is excessive, at a fair appraised valuation.
Payment should bo mado In United States bonds, bearing not abovo 4%
and maturing within tho average life of tho cars, say in twenty years. Such
bonds tho railroads could either sell to flnanco tho cost of improvements
additions and extensions which the country urgently needs, or, if so much
capital should not be required for those purposes, tho railroads, after re­
tiring such equipment trust or other obligations as stand against freight
cars, could liquidate back to stockholders tho capital freed from tho cor­
porate investment in cars, by special dividends payable in tho Government
car-purchase bonds.
Owning all the freight cars, maintaining such equipment and providing
additional cars year by year, the Government would distribute them on a
country-wide plan. For their uso a fixed chargo would be mado of so much
per car day—enough to cover interest and maintenance cost and to amor­
tize tho capital investment within the lifo of the cars. Such chargo should
bo levied against the railroad on whoso linos tho car shall bo, tho company
collecting from tho shipper or consignee for such timo as either may hold
tho car longer than allowed for loading or unloading,
h Under standardized construction, with power to build or to havo built
cars, as might be found best, In great numbors, with ability to contract
for construction materials in a big way and to consolidate repair work, tho
Government could get now modern typo freight cars for about $1,000 each
under normal conditions, probably at $1,500 each now, and keep them in
repair for about $60 each per annum, at costs which ruled p r io r to the war._
Tho 2,500,000 railroad freight cars now in tho country probably can bo
acquired fairly for $2,250,000,000 to $2,500,000,000. Nearly all aro mod­
ern cars, tho great bulk of them having boon built within fifteen years.
Experts havo figured that should the Government fix a chargo of 75 cents
per day—about one-fourth the present earning power of a freight car—the

A pk . 28 1917.]

THE CHRONICLE

Incomo recoivod would make a safo margin over and abovo interest, sink­
ing fund, ropairs and amortization charges.
Carried out, this proposition will make every car fully availablo for service
whorover it is. It will roliovo railroad officers of time-taking, energy-ab­
sorbing work in connection with car servico—which recently lias been very
oxacting—and give them freedon for other duties of importance in tho larger
and better development of railroad transportation and scrvico.
I have tho honor to remain,
.
Respectfully,
SAMUEL II. BARKER.
The “ N orth A m e r ic a n .’ ’ Philadelphia.

CAR SHORTAGE STILL INCREASING.
Tho railroads of tho United States on April 1 reported to
tho American Railway Association a total shortage of 143,059
freight cars. This was an increaso of 12,977 cars over the
shortage on March 1, and was the largest reported since the
present freight congestion and shortage began last September,
as well as the largest car shortage ever reported by tho rail­
roads. A bulletin of tho American Railway Association,
issued under date of April 21, states that tho following three
factors are probably tho cause of tho large increaso in tho
shortage reported:

1. Shippers, knowing that tho railroads, bocauso of tho groat demand
for cars and an increasing shortago, are able to supply only a certain per­
centage of the cars ordered, doublo their orders accordingly.
2. In reporting shortages thoro is doubtless much duplication, duo to
tho fact that tho same shipper frequently files an identical order for cars
with all railroads that can handle his shipment. In this way a shortage
may bo roported by every railroad covering tho requirements of that one
shipper.
3. Duo to the scarcity of many articles of commorco, manufacturers
and consumers frequently placo orders for materials with a number of
companies, hoping thereby to securo a full amount of material needed.
Each recipient or theso orders usually files a request immediately for
enough cars in which to load the material, regardless of whether tho ma­
terial is available for shipping. In this way orders for cars aro filed far in
excess of tho actual requirements for many commodities.
The statement then goes on to say:

1(559

ANTHRACITE COAL MINERS GRANTED INCREASE
IN WAGES.
After several days of negotiations the anthracite coal mine
operators and their employees, who have been holding a con­
ference at the Hotel Continental, in this city, on April 25
reached an agreement regarding the demands of the miners
for higher wages. Under the agreement the pay of the
anthracite miners is to be increased on a sliding scale, ranging
from 1 1 % in some classes to a maximum of 3 5 % . The in­
crease, it is stated, amounts to over $30,000,000 a year for
the 175,000 anthracite miners who claimed that their earnings
would not enable them to provide a decent living for them­
selves and their families, with~the~prices for~all the necessities
of life soaring higher and higher. The agreement signed was
for eleven months, at the expiration of which the United
Mine Workers of America reserve the right to ask for new
concessions. To meet the increase in the pay-roll of the
companies in the anthracite coal field resulting from the
increases, it is said that sixty cents will bo added to the
retail price of each ton of the prepared sizes of coal. The
scale of wages for tho anthracite miners provided for in the
agreement signed on the 25th inst., according to the New
York “ Tim es,” is as follows:

Tho increases granted aro a permanent addition to tho present wage rates
(not a bonus), to remain in effect until April 1 1918, expiring on the same
date as tho bituminous contract, when all contract provisions, including
wage rates and conditions, will bo reopened or continued, as the cost of
living or industrial conditions warrant.
Monthly men, all classes, and pumpmen, 36 cents per day increaso.
Tho following, classified below, to receive 36 cents per day increase:
Engineers (all classes), firemen (all classes), carpenters and carpenters’
holpors, blacksmiths and blacksmiths’ helpers, teamsters and teamsters’
patchers, timber yardmen and drivers, car runners, loaders, slate bankmen,
car hitchers, spraggers and shed men, dumpers, electricians, trackmen,
oilers (all classes), charge men (all classes), machinists and helpers, masons
and helpers, watchmen, drillers, jackmen, stablomon, water boys, shovelmen, company laborers, timbormen, roadmen, drivers, top and bottom
men, car pushers, runners, couplers, and helpers, door tenders, locomotive
runners and helpers, stripping miners, stripping laborers.
Contract miners, contract minors’ laborers, consideration miners to
receive 1 0 % advance on gross earnings, which is equivalent to 1 1 %, due
to tho increaso being applied to gross cost of mining supplies.
The following aro to receive an increaso of 30 cents per day: Breaker
boys and aged men, slate pickers, water boys, jig runnors, spiral workers.
In percentages the increase amounts approximately to a 20% increased
labor cost, ranging from 1 1 to 3 5 %, based upon an effort to bring tho lowpaid man up.

On March 30th tho latest dato for which figures liavo been compiled,
89,371 cars—loaded and empty—wero standing in accumulations at various
places through )ut tho country. For ono reason or another, these cars would
not lie moved. Had theso cars been available whoro needed, thoro would
have been a shortage of approximately 50,000 cars.
For tho whole period of nearly eight years preceding tho middle of
August of last year, thero had been a continuous not surplusago of cars not
in uso on American railroads, except for about one month in 1909, three
months in 1912, ono month of 1913 and tho month of March of last year.
In 1908 there was at ono time a surplusage of over 413,000 cars, and at
no time during tho year wero thero less than 1 0 0 ,0 0 0 idlo cars.
In 1909 the maximum net surplusago was 332,513. In 1910 tho maximum
was nearly 113,000 for July 6 , and there was throughout that year a net
John P . W hite, International President of the United
surplusage of at least 7,000 cars not requisitioned by shippers. For 1911, Mine Workers of Ameria, who was at the head of the union
surplus cars numbered on March 15 over 207,000 and there was at no time
representatives negotiating the new agreement, issued tho
during tho year less than 2 0 ,0 0 0 cars standing idle.
In January 1912 thero was a net surplusage of approximately 136,000. following statement on the 25th inst.:
From November 1913 until March 1910 thero was a continued surplusage
The settlement concluded with the anthracite operators to-night, carrying
of cars, the number running in October 1914 to over 200,000 when tho figures with it an increaso in wages for tho workers in the mines of from 11 to 35%!
becamo so large that The American Railway Association stopped compiling should be as gratifying to tho executives and populace of the nation as it
them. Compilation was resumed on Feb. 1 1915, when idlo cars still will bo to the men affected.
numbered over 279.000. ■
»
Like the bituminous settlement negotiated last week, the outcome of the
anthracite negotiations most forcibly emphasizes the wisdom of collective
in time of peace or war.
INTER-STATE COMMERCE COMMISSION ALLOWS bargaining
Anthracite operators wero invited to meet representatives of anthracite
RAILROADS TO FILE SCHEDULES PROPOSING
mino workers, following tho consummation of the bituminous wage In­
creaso, which was occasioned solely because of tho extraordinary high cost
1 5 % INCREASE IN FREIGHT RATES.
of living. To the operators’ credit it may be said that they responded
The Inter-State Commerco Commission on April 25 gave promptly, and in a spirit of consideration of unusual conditions they agreed
out a statement saying that following requests by tho car­ to reopen overy wage provision of the anthracite contract.
Representatives of tho operators and tho miners who were charged with
riers throughout tho country to bo permitted to filo supple­
tho responsibility of negotiating tho 1916 agreement, during the last five
ments to existing rato schedules, proposing general increases days most diligently applied their efforts in an endeavor to solve justified
in rates of 1 5 % , except as to a few specified commodities, wago increases based upon tho various classified conditions of employment
tho Commission recently heard in conference largo numbers and rates of pay prevalent in tho anthracite coal regions.
I feel confident that tho agreement reached will alleviate the skyrocketing
of representatives of the carriers and shippors respecting cost of food and clothing products sufficiently to tide the anthracite workers
tho matter. The purpose of these requests was to avoid over an unprecedented crisis.
Tho signing of tho anthracite agreement to-night, following the bitumin­
tho expense and delay incident to the full and detailed prepa­
ous settlement, insures industrial peace in tho basic industry of the nation,
ration and re-publication of all of the existing tariff schedules, all of which has been accomplished without threat, suspension of work,
substituting in detail the proposed increased rates for those strikes or interference from any outside source other than tho recognized
councils for wage adjustments provided for in tho joint wago agreement.
now in effect.
What better recommendation can tho opponents of trades unionism seek
The Commission says it deems it to bo in the public in­ to convert them to tho sane policy of collective bargaining than is typified
terest that the question of the propriety and reasonableness by tho agreement reached by tho anthracite and bituminous coal industries
of the these proposed increases should bo reached, consid­ during our present crisis?
Tho increase in wages averages 20% throughout tho various grades of
ered flid disposed of as promptly as may bo foasiblo and employees in tho coal mines. The lower-paid employees are to have as
practicable, consistent with the ends of justice. There­ much as 36 cents a day increase, while contract miners aro to receive 1 %
fore, acting under tho discretion with which it is vested by more.
It was explained that the increase is a permanent addition to the present
Section 6 of the Act to regulato commerce, the Commission wago scale and not a bonus, and will remain in effect until April 1 1918,
lias issued the permissive orders announced April 25 author­ when “living or industrial conditions may warrant a further change.’’
izing the filing of rato supplements as therein stated.
In view of erroneous reports that have been published
tho Commission takes pains to point out that it has reached
no determination, and therefore expresses no views or opin­
ion, upon tho question of tho reasonableness or propriety
of such proposed increases, which, as indicated in tho orders
referred to, will bo subject to protest, suspension, complaint,
investigation and correction if in conflict with any provision
of tho A ct. Reasonable opportunity will bo afforded, it
is stated, for tho presentation and consideration of pro­
tests.




The present increase is additional, of course, to that
granted in 1910, when miners and operators entered into a
four-year agreement running from April 1, and which,
therefore, was meant to continue unchanged until 1920.
Tho bituminous coal miners of the central competitive field,
as stated in these columns last week, page 1564 on April 17
reached an agreement with the bituminous coal mine opera­
tors, whereby the 225.000 miners in tho district will receive a
wage increase of 2 0 % . addin" from 60 to 70 cents a day to
tho wages of everv miner and increasing the pay-rolls of the
company about $35,000,000]a year. In this instance, also,

1660

THE CHRONICLE

tho increase is additional to that of last year, when a contract
was entered into for two years and which contract was ex­
pected to tun unchanged until April 1 1918. Tho present
advance in wages was granted, as in the case of the anthra­
cite miners, in response to the complaint that the former
wage scale was not sufficient to meet the war-time cost of
living.
_____________________________

SECRETARY McADOO URGES LEGISLATION IN CON­
NECTICUT MAKING FARM LOAN BONDS
LEGAL INVESTMENTS.
The fact that Secretary of the Treasury M cAdoo is
renewing his efforts to have the legislatures of tho various
States enact legislation which would make farm loan bonds
lawful investments for trust funds and savings banks where
such laws do not already exist, was disclosed on the 25th inst.,
when Governor Holcom b, of Connecticut, transmitted to the
General Assembly at Hartford Secretary M cAdoo’s latest
request for legislation to make tho bonds lawful investment.
Tho Governor, in his communication, said that Secretary
M cAdoo had previously inquired as to such legislation and
had been informed that while such a bill had been presented
it had failed of passage. In our issue of Jan. 13, page 120,
we gave in full a communication addressed by Secretary
M cAdoo to tho Governors of the various States urging them
to recommend to their legislatures tho enactment of legisla­
tion making the bonds lawful investment for trust funds and
savings banks. The Secretary’s letter, as transmitted to the
Assembly at Hartford on April 25, read as follows:

TREASURY DEPARTMENT.
W a sh ington , A p r i l 19 1917.
Whilo I regarded this legislation of vital importance before tho declaration
of war with Germany was made, I now feel that it is oven moro vital and
pressing. I regret exceedingly that tho iinportanco of tho appeal which I
made was not realized by tho Legislature of your State. Past and present
war experience demonstrates that tho production of foodstuffs is tho real
first lino of defense. It is most important that at this time, of all times,
money should bo furnished to the farmers in whatever amounts are necessary
at a rato of interest which will induce them to cultivate their land inten­
sively and extensively.
Tho Federal Farm Loan Board has fixed tho interest rate to bo charged
tho farmers throughout tho United States at 5% for a period of from fivo
to forty years. Applications at tho present timo for loans exceed $125,­
000,000. This, with tho system scarcely established, indicates how eager­
ly tho farmers are availing themselves of tho benefits to bo derived under
tho Federal Farm Loan System.
Thero is only one way in which wo can supply farmers with tho money
that they require, and that is through tho salo of tho Farm Loan bonds.
It may bo that tho farmers of Connecticut have not to any great extent
found it necessary to have recourse to tho Federal Farm Loan System, but
tho demand for money from the farmers as a whole throughout tho United
States is indicated by tho amount of theso applications. Tho successful
operation of this system depends entirely upon tho market which is made for
tho Farm Loan bonds, and it is purely tho duty of every good citizen to do
everything in his power to broaden this market. Nothing can bo moro
effective in this direction than tho passage of legislation to mako them legal
investment for all public and privato funds.
Cordially yours,
\V. G. McADOO, Secretary.
Tho Secretary’s recommendation was referred to tho Fin­
ance Committee.

POSTAL SAVINGS SYSTEM REGULATIONSAMENDED
Tho Board of Trustees of tho Postal Savings System at
a meeting held April 24 adopted tho followingresolution
making farm loan bonds issued under the Federal Farm Loan
Act and interest-bearing certificates of indebtedness of the
United States Government acceptable at par to secure postal
savings deposits. Bonds of tho United States Government,
the Philippine Islands, Porto Rico and tho District of
Columbia were already acceptable:

[Vol. 104.

Under date of April 26 the Federal Farm Loan Bureau
issued a statement saying a portion of tho 8125,500,000
deposited in the postal savings banks of tho United States
has been made available to help the farmers meet the war
food crisis through the above action, and continuing as fol­
lows:

Tho Federal Farm Loan Board is in receipt of many reports from all
parts of the nation indicating that tho farmer is making desperato efforts
to respond to tho nation’s appeal to increaso food production, but that he
is greatly handicapped by the shortage of labor and tho high prico of seed.
Ho needs moro capital with which to purchaso seed and ho needs additional
capital to provide himself with labor-saving machinery to overcome the
labor shortage. A telegram received by tho Farm Loan Buroau says that
in a single county in Montana 300,000 acres of spring wheat will bo seeded
if tho capital for the purchaso of tho necessary seed can bo supplied.
Tho Federal Farm Loan Act was adopted “to provido capital for agricul­
tural development." Applications for loans have already been received
which indicate that tho farmers will require moro than $1 0 0 ,0 0 0 ,0 0 0 of
capital through this agency this year. Only 5% will bo charged for this
money, where previously rates of from 5J4 to 15% havo been charged.
"Within a short time tho first issue of tho Farm Loan bonds will bo floated
to provido this capital which will bo loaned to tho farmers. Theso bonds
will bo sold to investors and will bear A lA % interest. Theso bonds are
“instrumentalities of tho Government” and as such will bo exempt from all
form of taxation ; they will bo engraved by tho United States Bureau of
Engraving & Printing and protected by tho United States Secret Service,
and will bo issued in denominations of $25 and upward so as to appoal alike
to small and largo investors. A ready market for these bonds moans more
capital immediately available to onablo tho farmer to meet tho present
__________________________
emergency.

POSTAL SAVINGS SYSTEM REGULATIONS AMENDED
IN REGARD TO MUNICIPAL BONDS.
A t a meeting of tho Board of Trustees of tho Postal Sav­
ings System, held at Washington on April 10, tho following
resolution was adopted:
Resolved, That tho Regulations Governing tho Doposit of Postal Savings
Funds in Banks and tho Acceptance of Bonds as Security Therefore, ef­
fective Aug. 16 1916, aro hereby amended by adding at tho end of para­
graph 3 of Section 8 a sub-paragraph designated “ (o)“ reading as follows:
“ (o) Tho amount of outstanding bonds, issued by a political sub-division,
funds for tho payment of which are donated by tho Stato; Provided, That
ovidenco is submitted showing that such funds aro sufficient in amount to
insure the payment of interest on tho bonds and tho principal thorcof at
maturity.”
(Signed)
A. S. BURLESON,
W. G. McADOO,
T. W. GREGORY.
Attest:
(Signed)
A. M. DOCKERY.
Secretary.

ARGENTINA MODIFIES WHEAT EMBARGO.
A cablegram from Buenos Aires, April 24, stated that amicablo adjustment of tho diplomatic quarrel botweon Argen­
tina and England over Argentina’s wheat embargo had been
announced that day. Tho two nations have reached a
settlement whereby Argentina agrees to sent to England
and the Allies 180,000 tons of wheat and 20,000 tons of flour.
In return England has contracted to forward to Argentina
at a later date 200,000 tons of wheat from Canada, A us­
tralia and elsewhere. Delivery of tho British wheat is to
be between July and September. Presumably tho Argen­
tine wheat will be sent to England at once.

VOLUNTEER FARM WORK ENROLLMENT BY TIIE
PHILADELPHIA BOURSE AND EXCHANGE.

More than 300 men, it is stated, woro enrollod for war-farm
service by tho Philadelphia Bourse and tho Commercial
Exchange during tho first wook of tho oxistonco of their
Volunteer Farm W ork Enrollment Station on tho Bourse
“ floor.” Tho station was oponed on April 18 and is said to
Resolved, That tho regulations governing tho doposit of postal savings
funds In banks and tho acceptance of bonds as security therefor, effective be the first of its kind in the country. B y an arrangement
Aug. 16 1910, aro hereby amended as follows:
Section 8 , paragraph 2a. Add tho words ‘‘and interest-bearing certifi­ made with tho State and Fedoral labor officials of Philadel­
cates of indebtedness" after tho first word in said paragraph, and insert tho phia on Tuesday, April 24, the Bourso-Commorcial Exchange
word “ bonds" after tho words “ United States” in tho first lino of said Station is to bo continued to servo as a “ clearing liouso” for
paragraph, so tho paragraph as amended shall read as follows:
2.
(a) Bonds and Interest-bearing certificates of indebtedness of thofarm work recruits for tho State Employment Bureau and
United States, bonds of tho Philippine Islands, of tho District of Columbia, the Federal Bureau for tho Distribution of Labor, under the
and of Porto Rico, and Farm Loan bonds authorized by Act of Congress local Commissioner of Immigration, E . E . Greonawalt. B y
approved July 17 1916 (39 Stat. 360), will bo accepted at their par value.
Section 10. Add at tho end thereof tho following: "And provided further, this co-operative agreement, all exporioncod hands who aro
That this regulation shall not apply to obligations of tho United States willing to work on farms near Philadelphia, particularly in
Government,” so that tho section as amended shall read as follows:
Bucks, Chester, Delaware and Montgomery countios, are
Sec. 10. Obligations of tho general class embracing what aro commonly
known as “rovonuo bonds,” “temporary bonds,” “ temporary notes,” “cer­ listed and sent in person to tho Stato Employment Bureau,
tificates of indebtedness," “warrants,” and tho like obligations, whother where applications from farmers of that soction aro being
Issued in anticipation of tho collection of taxes, assessments, or other received. All others aro “ enlisted” for farm work at a
rovenues, or of tho salo of bonds or other obligations, or for similar purposes,
will not bo accepted as security for postal savings doposits: Provided, That, distance and are enrolled by means of both Bourso- Station
In applying tills regulation, consideration will bo given to tho legal status and Fedoral employment enrollment blanks. Tho latter
of tho obligations submitted rather than to tho nomenclature employed in daily aro forwarded to tho local Federal authorities. The
designating such obligations; And provided further, That this regulation
Department of Labor on Wednesday, April 25, sent Charles
shall not apply to obligations of tho United States Government.
fA. S. BURLESON.
Thomson Clayton, a special representative, to confor with tho
(Signed) (W. G. McADOO
officers of tho Bourso and Commercial Exchange, with tho
Attest:
[T. AV. GREGORY
result that tho Station is to bo continued to assist tho Federal
(Signed) A. M. DOCKERY, Secretary.




A pr . 28 1917.]

THE CHRONICLE

Government in enrolling men for work on farms throughout
the Eastern United States as far as and including Ohio.
Because of the great cost and difficulties of transportation,
the Bourse Station’s officers were advised by the Labor
Department, “ volunteers” from this section of the country
would not bo sent further W est unless it later was found that
they were needed to help Western farmers in harvesting.
Within the next three weeks the Government expects to
have completed arrangements for the transportation and
placement of the Philadelphia “ war farmer boys” on Eastern
farms, and while many who already have enrolled have ex­
pressed a preference for work in the Far W est, it is oxpected
that tho opportunity for early service, the need of the East
for farm workers, tho offers of the farmers and senso of
patriotic duty, will mako all willing to serve in tho East. In
addition to enrolling men from this city, the Bourse and
Commercial Exchango began on Tuesday, April 24, to enroll
studonts of the University of Pennsylvania for service on
farms as soon as the Federal Government completes its plans
for transportation and placement. This University “ re­
cruiting” is in charge of the Friars Senior Society, an honorary
organization including the leading members of the senior
class. Included in it are tho editors of tho various college
publications who aro conducting a publicity campaign for tho
movoment. An enrollment station is open daily in Houston
H all, tho students’ club. Tho students aro enrolling in a
“ University of Pennsylvania Division of tho Arm y of tho
Com m issary.” Pennsylvania students who want immediate
farm service aro being enrolled and sent to farms in Virginia
and other nearby States by a committee of members of tho
faculty of the Wharton School of Finance and Commerce,
headed by D r. J. Russell Smith, Professor of Industry.

1 6 61

ST. LOUIS RESERVE BANK DECLARES SECOND
DIVIDEND.
The Federal Reserve Bank of St. Louis on April 17 de­
clared a dividend at the rate of 6 % for the three months of
April, M a y and June 1915, amounting to approximately
$25,000. This is the second dividend paid by the St. Louis
bank, the first covering tho period from N o v . 14 1914 to
March 31 1915, having been paid on D ec. 30 1916.

FEDERAL RESERVE AMENDMENTS
IN SENATE.

AS

PROPOSED

W e referred last Saturday to the reintroduction in the
U . S. Senate of the amendments to the Federal Reserve law
proposed by the Federal Reserve Board and to the favorable
report thereon of the Senate Committee on Banking and
Currency. To-day we print the full text of the committee’s
report commenting upon the various suggested changes.
The report in quoting the diferent sections of the law to be
amended shows in all cases the changes from tho existing
law. W e reproduce this featuro also, and it should be
understood that all new matter to be inserted is printed by
us in italics while matter to be eliminated is given in black­
faced typo and enclosed in black-faced brackets. The
present bill is closely identical with that introduced in both
Houses of the last Congress on tho recommendation of the
Reserve Board and which the Senate Banking and Currency
Committee accepted almost in toto, but which the House
Banking and Currency Committee modified considerably,
tho measure, howover, not coming to a vote in either House.
Tho new bill nevertheless differs in some of its details from
the former bill and also embodies some additional features.
The especially objectionable provisions are all retained,
some in aggravated form. Tho bill authorizes the issue of
PHILADELPHIA TRUST COMPANIES TO DEPOSIT Reserve notes against gold or gold certificates and would
RESERVE WITH FEDERAL RESERVE BANK.
permit gold thus obtained to count as part of the reserve now
According to tho Philadelphia “ Ledger,” a plan for required against notes issued on commercial paper or to
mobilizing tho gold reserves of the country by which it will count as part of the gold reserve required against deposit
bo possible for the trust companies and other State banks in liabilities. It increases the percentages of reserves which
Philadelphia to add $20,000,000 to tho coffers of the Federal momber banks must keep with the Federal Reserve banks,
Reserve Bank of Philadelphia was unanimously endorsed by while diminishing aggregate reserve requirements of the
twonty-sovon representatives of tho fifty-fivo trust companies member banks. These member banks need keep only 4 %
on April 19. In other words, at a meeting held in tho offices cash in vault as a maximum against demand deposits and this
of tho Pennsylvania C o. for Insurances on Lives and Granting need not be in gold, but may be “ specie or currency,” and as
Annuities, 517 Chestnut S t., a resolution was adopted in a minimum need hold no till cash at all, since the 4 % may
line with tho suggestion made by tho Trust Company Section be reduced by “ the amount of the reserves with the Federal
of tho Amorican Bankors’ Association in New York April 10, Reserve bank which aro in excess of the minimum reserves
tho purpose of which is to strengthen tho reserves of tho required by this section.”
Federal institution and at the same time not jeopardize tho
In Central Reserve cities member banks are now required
reserves of tho trust companies. Tho plan put forth is that to hold reserves of 1 8 % against demand deposits, of which
tho trust companies deposit tho reserves they aro required to 6 % must be held in vault and 7 % with the Federal Reserve
carry on demand deposits with tho Federal Reservo B ank, bank of the district, while 5 % m ay bo held either in vault
receiving in oxchango Fedoral Reserve notes. In Pennsyl­ or with the Federal Reserve bank. The Senate bill would
vania this reserve amounts to 5 % , most of which is carried change this so as to increase the amount to be held with the
in gold coin. Tho resolution adopted at tho meeting yester­ Reserve bank from 7 % to 1 3 % . W ith the 4 % to be kept
day reads:
in vault, aggregate reserves would then be only 1 7 % . In
That this meeting Ls in general accord with tho suggestions of tho Trust the Reserve cities member banks are now required to hold
Company Section of tho American Bankers’ Association, that the trust
companies of Philadelphia deposit with tho Federal Roservo Bank of reserves of 1 5 % , of which 6 % must be kept with tho Reserve
Philadelphia, and that tho Chairman of tills meeting appoint a committee, bank, 5 % in vault and 4 % either in vault or with the Re­
of which ho shall bo a momber, to consider further this question, which serve bank. The bill under consideration would increase
committee shall report at a lator dato its recommendations to tho trust
the amount with the Reserve bank from 6 % to 1 0 % , making
companies of Philadelphia.
C.
S. W . Packard, President of tho Pennsylvania C o .,with the 4 % in vault 1 4 % required altogether. The country
was tho Chairman of tho meoting. Allied with M r. Packard banks are now obliged to hold reserves of 1 2 % , of which 5 %
in bringing tho matter to a focus, says tho “ Lodgor,” wero must bo with tho Reserve bank, 4 % in vault and 3 % either
Effingham B . Morris, Thomas D eW itt Cuyler, Richard Y . in vault or with tho Reserve bank. Under the provisions
of tho Senate bill they would have to hold aggregate reserves
C ook, Thomas S. Gates and William P . Gest.
Another resolution approving legislation for banking of only 1 0 % , of which 6 % with the Federal Reserve bank
and 4 % in vault.
reforms introduced reads:
The provision which would let the Federal Reserve Agent
Resolved, That this meeting approves tho following legislation which has
been introduced at this session of tho Legislature at Harrisburg:
appoint assistants to act as Deputy Reserve Agents, to be
"First. A bill authorizing banks and trust companies to accept drafts
responsible only to him, instead of leaving the appointment
and issue letters of crodit.
"Second. A bill amending tho Act of 1907 relating to reserves, so as to to tho Federal Reserve Board as now, again appears. One
provide that a portion of such roserves may bo in any bank or trust company of the new amendments is intended to liberalize the pro­
approved by tho State Banking Commissioner; and also that tho notes of
visions regarding the admission of State banking institutions
tho Federal Reservo banks shall bo counted as cash reserves.
"At present those roserves may bo kept in a bank or trust company in a to membership in the Federal Reserve System. There is
Roservo city when approved by tho Banking Commissioner. Under tho also an amendment which would allow Federal Reserve banks
Federal Rescrvo system it is probable that tho designation ‘Roservo City’
will bo eliminated, and this bill would clarify the situation should this to receive deposits of current funds from non-member banks
elimination take place.
and trust companies for the purpose of exchange or of col­
"Third. A bill to provido for tho appointment of a commission to revise lection.
and codify tho laws relating to banks, trust companies, etc.”
W o now give the committee’s report:

Joint resolutions passed by tho Legislature for an amend­
ment to the constitution to allow discounting by trust com­
panies also was approved, as was a similar effort for constitu­
tional amendment to removo the restrictions against trust
companies investing in tho securities of private corporations.




[To accompany S. 1796.]
Tho Committee on Banking and Currency, to which was referred the
bill (S. 1796) to amend tho Federal Roservo Act, having considered the
samo, report it back without amendment and recommend its passage.
Tho amendments to tho Federal Reserve Act contained in this bill are
thoso which were recommended by the Federal Reserve Board and are

1663

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substantially the same as were reported during the last Congress in Senate
Report No. 1059, February 14 1917, tho bill having failed to bo acted
upon during that Congress becauso of the pressuro of other public business
during tho closing days of tho session.
For tho convenience of tho Sonato each section of the Federal Reserve
Act proposed to bo amended is printed immediately following, so as to
show the existing law in roman typo and the proposed cliango in italic,
with an explanatory note following each of these proposed changes. Mat­
ter to be eliminated is put in black faced type.
SECTION—ASSISTANTS TO RESERVE AGENTS.
Be it enacted, by the Senate and H o u se o f Representatives o f the U n ited States
o f A m er ic a in Congress assem bled. That Section four of tho Act approved

December twenty-third, nineteen hundred and thirteen, known as tho
Federal Reserve Act, be amended by striking out tho sentence reading as
follows: “ One of tho directors of Class C, who shall be a person of tested
banking experience, shall be appointed by tho Federal Reservo Hoard as
deputy chairman and deputy Federal Reserve agent, to exercise the powers
of tho chairman of the board and Federal Reserve agent in case of absence
or disability of his principal,” and by adding in place thereof the following:
“ Subject to the approval o f the Federal Reserve Board, the Federal Reserve
agent shall app oint one or m ore assistan ts.
Such a ssistants, who shall be
p erson s o f tested banking exp erience, shall assist the Federal Reserve agent in
the perform ance o f h is duties and shall also have pow er to act in his nam e and
stead during his absence or d isability.
Th e Federal Reserve agent m a y require
such bonds o f his assistants as he m a y deem necessary for his oxen protection.
A ssista n ts to the Federal Reserve agent shall receive an annual com pensation
to be fix e d and p aid in the sa m e m anner as that o f the Federal Reserve agent.
One o f the directors o f Class C shall be appointed by the Federal Reserve Board
as vice-chairm an to exercise the pow ers o f the chairman o f the board in case o f
the absence or disability o f the Federal Reserve agent; in case o f the absence o f
the chairman and vice-chairm an, the third Class C director shall preside at
m eetings o f the b o a r d ."

This section provides for an amendment of Section 4 of tho Federal Re­
serve Act so as to authorize the Federal Reserve agent to appoint ono or
more assistants, who shall bo persons of t«ted banking experience, and to
permit him to require bond of such assistants for safeguarding the gold,
Federal Reserve notes, and securities of which tho Federal Rescrvo agent
is custodian.
This section, as amended, requires that tho assistant shall perform tho
ordinary duties of tho reserve agent, oxcopt that ono of tho directors of
Class C shall act as vice-chairman and tho third class C director shall act
as chairman in tho absence of tho Federal Reserve agent and tho vice­
chairman. This is intended to givo greater prestige to tho representatives
of tho Government, tho Government being responsible for tho safeguarding
of this system.
SECTION 2. ADMISSION OF STATE HANKS.
Sec. 2. That Section nine of the Federal Reserve Act bo amended to read
as follows:
“ Sec. 9. Any bank incorporated by special law of any State, or organized
under tho general laws of any Stato or of tho United States, desiriiw to be­
com e a mem ber o f the Federal Reserve S ystem , may make application [to the
reserve bank organization committee, pending organization, and
thereafter] to the Federal Reserve Board for tho right to subscribe to
the stock of tho Federal Reserve Bank organized [or to be organized]
within the [Federal Reserve] district [w here] in which the [appli­
can t] a pp lyin g bank is located. Such application shall be fo r the sam e
am ount o f stock that the applyin g bank icould be required to subscribe to as a
national bank.
The [organization committee or th e] Federal Reserve
Board, in accordance with [u n d er] such rules and regulations and sub­
ject to such conditions as it may prescribo, [subject to the provisions of

this section,] may permit the applying bank to become a stockholder [in
th e] o f such Federal Reserve Bank [o f the district in which the apply­
ing bank i3 located.]
" I n acting u p o n such applications the Federal Reserve Board shall consider
the fina n cia l condition o f the a pp lyin g bank, the general character o f its m an­
agem ent, and whether or not the corporate pow ers excrciscd-are consistent with
the p u rp oses o f this A c t.

“ Whenever the [organization committee or th e] Federal Reserve
Board shall permit the applying bank to become a stockholder in tho Fed­
eral Reserve bank of the district, [stock shall be issued and paid for
under the rules and regulations of this Act provided for national
banks which become stockholders in Federal Reserve banks] its
stock subscription shall be payable on call o f the Federal Reserve Board, and
slock issued to it shall be held subject to the provisions o f this A c t .

[ “ The organization committee or the Federal Reserve Board
shall establish by laws for the general government of its conduct
in acting upon applications made by the State banks and banking
associations and trust companies for stock ownership in Federal
Reserve banks. Such by laws shall require applying banks not
organized under Federal law to comply with the reserve and capital
requirements and to submit to the examination and regulations
prescribed by the organization committee or by the Federal Re­
serve Board. No applying bank shall be admitted to membership
in a Federal Reserve bank unless it possesses a paid up unimpaired
capital sufficient to entitle it to become a national banking asso­
ciation in the place where it is situated, under the provisions of
the national banking Act.
[ “Any bank becoming a member of a Federal Reserve bank under
the provisions of this section shall, in addition to the regulations
and restrictions hereinbefore provided, be required to conform to the
provisions of law imposed on the national banks respecting the lim­
itation of liability which may be incurred by any person, firm, or
corporation to such banks, the prohibition against making purchase
of or loans on stock of such banks, and the withdrawal or impair­
ment of capital, or the payment of unearned dividends, and to such
rules and regulations as the Federal Reserve Board may, in pursu­
ance thereof, prescribe.]

[Vol. 10A.

and shall be subject to the penalties prescribed by section fifty two

hundred and thirteen for the failure to make such report] Federal
Reserve bank o f which they become a m em ber.
N o t less than three o f sxich re­
ports shall be m ade annually on call o f the Federal Reserve bank on dates to
be fixed by the Federal Reserve Board.
Failure to make such reports within ten
days after the date they arc called fo r shall subject the offen din g bank to a p en ­
ally o f S100 a day fo r each day that it fa ils to transmit such report-, such p en ­
ally to be collected by the Federal Reserve bank by suit or otherwise.
“As a condition o f metnbership such banks shall likewise be subject to ex­
a m inations made by direction o f the Federal Reserve Board or o f the Federal
Reserve bank by exam iners selected or approved by the Federal Reserve Board.
"W h e n e v e r the directors o f the Federal Reserve bank shall approve the exam i­
nations made by the Stale authorities, such exam inations and the reports thereof
m a y be accepted in lieu o f exam inations m ade by exam iners selected or approved
by the Federal Reserve Board: Provided, however, That when it deem s it necessary
the board m ay order special exam inations by exam iners o f its ow n selection
and shall in all cases approve the form o f the report.
The expenses o f all ex­
a m in ation s, other than those made by Slate authorities, shall be assessed against
and p aid by the banks examined in the sam e m a n ner, and at the sam e rate that
national banks are assessed for such expenses.
“ If at any time it shall appear to tho Federal Rescrvo Board that a mem­
ber bank has failed to comply with tho provisions of this section or tho regu­
lations of tho Federal Reserve Board made pursu a nt thereto, it shall bo within
tho power of tho [sa id ] board after hearing to requiro such bank to sur­
render its stock in tho Federal Rescrvo bank} [upon such surrender the
Federal Reserve bank shall pay the cash paid subscriptions to the
said stock with interest at the rate of one half of one per centum per
month, computed from the last dividend if earned, not to exceed the
book value thereof, less any liability to said Federal Reserve bank,
except the subscription liability not previously called, which shall
be canceled, and the said Federal Reserve bank shall, upon notice
from the Federal Reserve Board, be required to suspend said bank
from further privileges of membership, and shall, within thirty
days of such notice, cancel and retire its stock and make payment
therefor in the manner herein provided.] and to forfeit all rights and
privileges o f m em bership.
Tho Federal Reserve Board may restore member­
ship upon duo proof of compliance with tho conditions imposed by this sec­
tion.
" A n y State bank or trust com pany desiring to xvilhdraw fr o m m em bership
in a Federal Reserve bank may do so , after six m onths' written notice shall have
been filed xvith the Federal Reserve Board, u pon the surrender and cancellation
o f all o f its holdings o f capital stock in the Federal Reserve bank: Provided,
however, That no Federal Reserve bank shall, except u nder express authority
o f the Federal Reserve Board, cancel xvithin the sam e calendar year m ore than
ten per centum o f its capital stock fo r the p u rp ose o f effecting voluntary with­
drawals during that year.
A l l such applications shall be dealt with in the
order in which they are filed with the Board.
W henever a mem ber bank shall
surrender its stock holdings in a Federal Reserve bank, or shall be ordered to do
so by the Federal Reserve Board, under authority o f law, all o f its rights and
privileges as a mem ber bank shall thereupon cease and determ ine, and after
due provision has been nxadc fo r any indebtedness due or to become due to the
Federal Reserve bank, it shall be entitled to a refund o f its cusli paid su bscrip­
tion with interest at the rate o f on e-h alf o f one per centum per month fr o m dale
o f last dividend, i f earned, the amount refunded in n o event to exceed the book
value o f the stock at that tim e, and shall likexvise be entitled to repaym ent o f
deposits and o f any other balance due fr o m the Federal Reserve bank.
" N o applyin g bank shall be adm itted to m em bership in a Federal Reserve
bank ttnless it possesses a p aid -u p u n im paired capital sufficient to entitle it to
become a national banking association in the place where it is situated under
the provisions o f the N ationa l Bank A c t.
"B a n k s becom ing members o f the Federal Reserve System under authority
o f this section shall be subject to the provisions o f this section and to those o f
this A c t xchich relate specifically to member banks, but shall not be subject to
exam ination under the provisions o f the first txvo paragraphs o f Section F ifty two H u nd red and Forty o f the Revised Statutes as am ended by Section T w en tyon e o f this A c t . Subject to the provisions o f this A c t and to the regulations o f
the Board made pursuant thereto, a n y bank becom ing a m em ber o f the Federal
Reserve System shall retain its fu ll charier and statutory rights as a Stale batik
or trust com pa n y, an l m a y continue to exercise all corporate pow ers granted it
by the Stale in which it was created, and shall be entitled to all privileges o f
member banks; Prrr'ded , however, That n o Federal Reserve bank shall be per­
mitted to discount f ,r a n y Stale bank or trust com pan y notes, drafts, or bills
o f exchange o f a n y one borrower xcho is liable fo r borroiced m on ey to such State
bank or trust com oa n y in an am ount greater than ten per centum o f the capital
and su rplu s o f su h State bank or trust c om pa n y, but the discount o f bills o f
exchange drawn against actually existing value shall not be considered as
borroiced m oney within the meaning o f this section.
The Federal Reserve bank,
as a condition o f the discount o f notes, drafts, and bills o f exchange fo r such
Slate bank or trust com pa n y, shall require a certificate or guarantee to the
effect that the borroivcr is not liable to such bank in excess o f the am ount provided
by this section, and icill not be permitted to become liable in excess o f this
amount xchilc such notes, drafts, or bills o f exchange are under discount xvith the
Federal Reserve b a n k ."
“ It shall be unlawful fo r a ny officer, clerk, or agent o f a n y bank adm itted to
mem bership xtndcr authority o f this section to certify anu check drawn upon
sttcli bank xtnless the person or com pan y drawing the check has on deposit
therexcith at the tim e such check is certified an am ount o f m on ey equal to the
am ount sp ecified in such check.
A n y check so certified by duly authorized
officers shall be a good and valid obligation against such bank, but the act o f
any such officer, clerk or agent in violation o f this section m a y subject such
bank to a forfeiture o f its mem bership in the Federal Reserve System xtpon
hearing by the Federal Reserve B o a r d ."

This section makes more convenient and dcsirablo to tho Stato banks
and trust companies membership In tho Federal Resorvo System, and
throws reasonable safeguards around tho admission of Stato banks, requiring
them to comply with the ordinary safeguards of tho national banks, but
enables tho Stato banks or trust companies which becomo mombors to with­
draw without loss in caso they find tho membership undesirable. These
withdrawals, howover, aro not to bo permitted in such a way as to cause
any sudden disturbance of tho Reserve bank to which tho withdrawing
Stato banks or trust companies aro attached. .
" A l l banks admitted to mem bership under authority o f this section shall be
It protects by special rulo the Stato banks and trust companies becoming
required to com ply with the reserve and capital requirements o f this A c t and to
members from excessivo examinations in addition to tho State bank examin­
conform to those p rovision s o f laic im posed on national banks which prohibit
ations, confining tho examinations to those mado by tho Federal Rescrvo
such banks from lending on or purchasing their ow n stock, which relate to the
bank, of which it is required there shall bo tlireo annually. It is bolioved
withdraxcal or im pairm ent o f their capital stock, and xchich relate to the paym ent
o f unearned dividends.
Such banks and the officers, agents and employees that under this Section 2 thero will bo many Stato banks admitted.
In this connection thero Is submitted a letter from tho Governor of the
thereof shall also ho subject to the provisions of and to the penalties pre­
scribed by [sections] section [fifty one hundred and ninety eight, Federal Rescrvo Board who transmits copy of a letter from Mr. .1. W.
fifty tv/o hundred, fifty two hundred and one, fifty two hundred Butler, President of the Texas Bankers' Assoclition. Mr. Butler's letter
and eight, and fifty-two hundred and nino of tho Revised Statutes. [The speaks for itself and explains tho wisdom o" tho proposed amendments in
member banks shall also], and shall be required to mako reports of leaving undisturbed tho loan limits all nved State banks under their local
[the conditions] condition and of tho [payments] paym ent of dividends laws while protecting tho Federal Re<ervo banks by limiting tho rediscount
to tho [Comptroller, as provided in sections fifty two hundred and privileges to notes forming lines of credit not exceeding 10% of tho member
eleven and fifty two hundred and twelve of the Revised Statutes, bank’s capital and surplus.




THE CHRONICLE

APR. 28 1917.)

Federal Reserve Foard,
O ffice o f the Governor,
W a sh ington , A p r i l

14 1917.

l i o n Robert L . Ow en,
Chairman C om m ittee on Banking and C urren cy,
United States S enate, W a sh ington , D . C .
M y D ea r Senator. —I hand you herewith for your information

copy of
letter received from Mr. J. W. Butler, President of tlio Texas Bankers’
Association. This letter is significant, as Mr. Butler a year ago was
reported as being most pronounced in his opposition toward tho Federal
Reserve System. It also tends to emphasize, in my judgment, tho impor­
tance of lines 12-13 et scq. on pago 7 of Senate Bill No. 8, which will leave
undisturbed tho loan limits allowed State banks under their local laws, while
protecting the Federal Reserve banks by limiting the rediscount privilege
to notes forming lines of credit nob exceeding 10% of tho member bank’s
capital and surplus.
You will notice from the enclosed statement that tho bank of which
Mr. Butler is President is essentially a country bank, with a capital of
$20,000, and surplus of $10,000, and the statement that ho makes regarding
exchange charges in the concluding paragraph of his letter shows a change
of sentiment on tho part of tho country banks themselves.
Very truly yours,
W. P. HARDING, Governor.

1663

paired capital stock and su rplu s: Provided, furth er, That in n o event shall a
bank accept fo r a n y one p erson , com pa n y, f i r m , or corporation to an am ount
equal at a n y tim e in the aggregate to m ore than twenty per centum o f its p a id -u p
and u nim paired capital stock and s u r p lu s ."

This amendment of Section 13 of the Federal Reserve Act enlarges the
amount to which member banks may accept foreign or domestic bills, not
to exceed its capital and surplus.
Under existing law these acceptances are only permitted up to 50 per cent
of the capital blit It is believed that with the safeguard of proper regulations
this business is entirely safe up to the extent of the capital.

SECTION 5. GOLD AND GOLD CERTIFICATES AS COLLATERAL
SECURITY FOR THE ISSUANCE OF FEDERAL
RESERVE NOTES.
Sec. 5. That Section sixteen, paragraphs two, three, four, five, six, and
seven, bo further amended and re-enacted so as to read as follows:
“Any Federal Reserve bank may make application to the local Federal
Reserve agent for such amount of tho Federal Reserve notes hereinbefore
provided for as it may require. Such application shall be accompanied
Texas Bankers' A sso cia tion ,
with a tender to the local Federal Reserve agent of collateral in amount
C lifto n , T e x ., A p r i l 10 1917.
equal to the sum of tho Federal Reservo notes thus applied for and issued
Federal Reserve Board, W a sh in gton , D . C .:
.
pursuant to such application. Tho collateral security thus offered shall
G entlem en. —In these lato wonder days of mighty transition and world
movement, it occurs to mo as tremendously important that tho Stato bo notes, drafts, bills of exchange, or acceptances rediscounted under the
provisions of Section thirteen of this Act, or bills of exchange indorsed by
banks in this nation add their support to tho Federal Reserve System.
I would like to forward such a movement. In Texas wo have more than a member bank of any Federal Rcservo district and purchased under the
800 State banks. Not less than 500 of theso banks have sufticient capital provisions of Section fourteen of this Act, or bankers’ acceptances purchased
to mako them eligiblo.
.
^
,.
I wonder if it is possible to obtain somo slight modifications so as to under the provisions of said Section fourteen, or gold or gold certificates; but
mako a reasonable inducement to these banks. 1 am sure they have tho in n o event shall such collateral security, whether gold, gold certificates, or
p r o p e r p a tr io tis m an d w o u ld w ish v e r y lit t le ch a n g e .
It occurs to me that if the loan limit allowed to State bank members was eligible p a p er, be less than the am ount o f Federal Reserve notes applied fo r .
made flexible, allowing the Stato banks to make loans as largo as per­ Tho Federal Reserve agent shall each day notify tho Federal Reserve Board
mitted by the respective States under their laws, a great many State banks of all issues and withdrawals of Federal Reserve notes to and by the Federal
would waive all other objections.
If this is impracticable, then I wish a compromise could bo effected Reserve bank to which ho is accredited. The said Federal Reserve Board
permitting Stato banks to loan as much as 20% of capital and surplus to may at any time call upon a Federal Reserve bank for additional security
one concern or Individual. Texas Stato banks now enjoy 25% limit in this to protect the Federal Reserve notes issued to it.
respect. It would bo only fair that tho national banks in such States
“Every Federal Reserve bank shall maintain reserves in gold or lawful
enjoy equal privilege.
. . .
.
It has been suggested to the writer that wo enter our application of our money of not less than thirty-five per centum against its deposits and
little State hank ifor membership and that it would influence other Stato reserves in gold of not less than forty per centum against its Federal Reserve
notes in actual circulation: Provided, however. That when the Federal Reserve
banks in Texas to onsidcr the step.
Whether this influence ho much or little, wo would incline to mako agent holds gold or gold certificates as collateral fo r Federal Reserve notes issued
application if the limitation on loans could be modified.
to
the bank such gold or gold certificates shall be counted as p art o f the gold
In tho West Middle West and South, all comparatively a now and
undeveloped country, tho deposits in the banks as compared to tlio capital reserve which such bank is required to m aintain against its Federal Reserve
does not rank so well as in the older thickly populated and highly developed notes in actual circulation [ a n d n o t o f f s e t b y g o l d o r l a w f u l m o n e y
sections. It is unprofitable to oporate so much capital.
Indeed, the little State bank wo have was formerly a national bank, and d e p o s i t e d w i t h t h e F e d e r a l R e s e r v e a g e n t J . Notes so paid out shall
to accommodate the requirements of the live stock and agricultural clientele bear upon their faces a distinctive letter and serial number, which shall
It was necessary that our capital stock bo higher than it could lie operated be assigned by the Federal Reserve Board to each Federal Reserve bank.
profitably. For that reason wo were compelled to change to the Stato Whenever Foderal Reservo notes issued through one Federal Reserve bank
system, reducing our capital to one-third that used as a national bank. shall bo received by another Federal Reserve bank they shall bo promptly
Our loaning power to one concern remains tho same. Wo are earning nice
returned for credit or redemption to tho Federal Reserve bank through
U1Because of this dearth of doposits natural to any new growing country, which they wero originally issued or, u pon direction o f such Federal Reserve
tho Stato system is best suited to tlio small community. In localities of bank, they shall be forw arded direct to the Treasurer o f the U n ited States to be
this kind tho deposits are small and the requirements in loans largo.
I believo tho small country banks would waive tlio privilege of exchange retired. No Federal Reserve bank shall pay out notes issued through
now enjoyed. In this connection I have observed that a very noticeable another under penalty of a tax of ten per centum upon the face value of
trend downward in exchange charges is obtaining. I would appreciate an notes so paid out. Notes presented for redemption at the Treasury of the
expression. I wish to forward tho unification of tho banking interests of United States shall be paid out of tho redemption fund and returned to the
our nation.
,,
Federal Reserve banks through which they wero originally issued, and there­
Yours very truly,
J. W. BUTLER, P resid ent.
upon such Federal Reserve bank shall, upon demand of the Secretary of
P.
S.—I would not favor a reduction of tho present rulo of minimum capi­
tho Treasury, reimburse such redemption fund in lawful money or, if such
tal; $25,000 is low enough.
Federal Reservo notes have been redeemed by tho Treasurer In gold or
Section 5198 of Revised Statutes deals with usurious interest.
gold certificates, then such funds shall be reimbursed to the extent deemed
Section 5200 deals with limit of liabilities which may bo incurred by any necessary by the Secretary of tho Treasury in gold or gold certificates, and
'ono person.
such Federal Reserve bank shall, so long as any of its Federal Reserve notes
Section 5201 relates to associations loaning on or purchasing their own remain outstanding, maintain with the Treasurer in gold an amount
stock.
sufficient in the judgment of the Secretary to provide for all redemptions
Section 5208 relates to penalty for falsoly certifying chocks.
to be made by the Treasurer. Federal Reserve notes received by the
Tho committee hopes that as a matter of patriotism all qualified Stato Treasurer otherwise than for redemption may be exchanged for gold out
banks will, in this great national crisis, enter tho Fedoral Reserve System, of tho redemption fund hereinafter provided and returned to tho Reserve
and thus give to tho United States tho most magnificent banking system bank through which they were originally issued, or they may be returned
in tho world.
to such bank for the credit of tho United States. Federal Reserve notes
SECTION 3. EXTENDING CLEARING AND COLLECTION unfit for circulation shall bo returned by tho Federal Reserve agents to the
Comptroller of the Currency for cancellation and destruction.
FACILITIES TO NON-MEMBER BANKS.
“ Tho Federal Reserve Board shall require each Federal Reserve bank to
Sec. 3. That tho first paragraph of Section 13 bo amended so as to road maintain on deposit in tho Treasury of the United States a sum in gold
as follows:
sufficient in the judgment of the Secretary of the Treasury for the redemp­
“Any Federal Rcscrvo bank may recclvo from any of its member banks, tion of tho Federal Reserve notes issued to such bank, but in no event less
and from tho United States, deposits of current funds in lawful monoy, than five per centum o f the total am ount o f notes issu ed less the am ount o f
national bank notes, Federal Rcservo notes, or checks, and drafts, payable gold or gold certificates held by the Federal Reserve agent as collateral security;
upon presentation, and also, for collection, maturing notes and bills; or, but such deposit of gold shall be counted and included as part of tho forty
solely for purposes of exchange or of collection, may reccivo from other per centum reserve hereinbefore required. The Board shall have the right,
Federal Resorvo banks doposits of current funds in lawful monoy, national acting through the Federal Reserve agent, to grant, in whole or in part, or
bank notes, or checks upon other Federal Rcscrvo banks, and checks and to reject entirely the application of any Federal Reserve bank for Federal
drafts, payablo upon presentation within its district, and maturing notes Reserve notes; but to tho extent that such application may be granted the
and bills payablo within its district; o r , solely fo r the purposes o f exchange
Federal Reserve Board shall, through its local Federal Reserve agent,
or o f collection, m a y receive fr o m a n y n on -m em ber bank or trust com pan y
supply Federal Reserve notes to the banks so applying, and such bank shall
deposits o f current fu n d s in lawful m o n e y , national bank notes, Federal Reserve
bo charged with the amount of [ s u c h ] notes issu ed to it and shall pay
n otes, checks and drafts payable upon presentation, or maturing notes and
such rate of interest [ o n s a id a m o u n t ] as may bo established by tho
bills.
Provided, Such n on-m em ber bank or trust com pan y maintains w ith the
Federal Reserve Board [and t h o a m o u n t o f s u c h ] on on ly that am ount
Federal Reserve bank o f its district a balance sufficient to offset the item s in
transit held fo r its account by the Federal Reserve b a n k ."

Tho effect of Section 3, which amends Section 13 of tho Federal Rcscrvo
Act, is to permit non-member banks to maintain an account with tho
Fedoral Resorvo bank against which it may clear its itoms, and in this way
givo tho non-member banks tho clearing facilities of tho Federal Reserve
banks.
SECTION 4. FOREIGN ACCEPTANCES.
Sec. 4. That tho fifth paragraph of Section 13 bo, and is hereby, amended
so as to read as follows:
"Any member bank may accept drafts or bills of exchange drawn upon it
having not moro than six months sight to run, exclusive of days of grace,
which grow out of transactions involving tho importation or exportation of
goods; or which grow out of transactions involving tho domestic shipment
of goods provided shipping documents convoying or securing titlo aro
attached at the time of acceptance; or which aro secured at tho time of
acceptance by a warehouse receipt or other such document comvoying or
securing titlo covering readily marketable staples. No mombor bank shall
accept, whether in a foreign or domestic transaction, for any ono person,
company, firm or corporation to an amount equal at any timo in tho
aggrogato to moro than ten per centum of its paid-up and unimpaired capital
stock and surplus, unless tho bank is secured either by attached documents
or by soino other .actual security growing out of tho samo transaction as
tho acceptance; and no bank shall accept such bills to an amount equal at
any time in tho aggregate to more than one-half of its paid-up and unim­
paired capital stock and surplus: Provided, h ow ever, That the Federal Reserve
Board, under such general regulations as it m a y prescribe, which shall a p p ly
to all banks alike regardless o f the am ount o f capital stock and su rp lu s, m a y
authorize a n y m em ber bank to accept such bills to an am ount not exceeding
at any tim e in the aggregate one hundred per centum o f its p a id -u p and u n i m ­




o f sticli notes which equals the total am ount o f its outstanding Federal Reserve
notes less the am ount o f gold or gold certificates held bu the Federal Reserve
agent as collateral security.
Federal Reserve notes [ s o ] issued to any

such bank shall, upon delivery, together with such notes of such Federal
Reserve bank as may bo issued under Section eighteen of this Act upon
security of United States two per centum Government bonds, become a
first and paramount lien on all the assets of such bank.
“Any Foderal Reserve bank may at any timo reduce its liability for
outstanding Federal Reservo notes by depositing with the Federal Reserve
agent its Federal Reserve notes, gold, gold certificates, or lawful money
of tho United States. Federal Resorvo notes so deposited shall not be
reissued, except upon compliance with tho conditions of an original issue.
“ Tho Federal Reserve agent shall hold such gold, gold certificates or
lawful monoy available exclusively for exchange for tho outstanding Federal
Reserve notes when offered by the Rcservo bank of which he is a director.
Upon tho request of the Secretary of tho Treasury tho Federal Reserve
Board shall require the Federal Reserve agent to transmit [s o much of
said gold] to tho [Treasury] Treasurer of the United States so m uch
o f the gold held by h im as collateral security fo r Federal Reserve notes as may
bo required for tho exclusive purposo of the redemption of such [n otes]
Federal Reserve notes, but such gold when deposited with the Treasurer shall be
counted and considered as i f collateral security on deposit with the Federal
Reserve agent.
^

“Any Federal Reserve bank may at its discretion withdraw collateral
deposited with the local Federal Reserve agent for tho?protection of its
Federal Reserve notes [deposited with it ] issu ed to it and shall at the
samo time substitute therefor other [lik e ] collateral of equal amount with
tho approval of the Federal Reservo agent under regulations to be pre­
scribed by tho Federal Reserve Board. A n y Federal Reserve bank m a y
etire a ny o f its Federal Reserve notes by depositing them with the Federal Reserve

1664

THE CHRONICLE

agent or with the Treasurer o f the U n ited States, and such Federal Reserve bank
shall thereupon be entitled to receive back the collateral deposited with the Federal
Reserve agent f o r the securilg o f such n otes.
Federal Reserve banks shall not be
required to m a in ta in the reserve or the redem ption fu n d heretofore provided fo r
against Federal Reserve notes which have been retired.
Federal Reserve notes
s o deposited shall not be reissu ed , except u pon com pliance with the conditions
o f an original is s u e .”
A l l Federal Reserve notes and all gold, gold certificates, and lawful m oney
issu ed to or deposited with a n y Federal Reserve agent under the provisions o f
the Federal Reserve A c t shall hereafter be held f o r such agent, under such
rules and regulations as the Federal Reserve Board m a y prescribe, in the
jo in t custody o f h im self and the Federal Reserve bank to which he is
accredited.
Such agent and such Federal Reserve bank shall be join tly liable
f o r the sa fe keeping o f such Federal Reserve n otes, gold, gold certificates, and
law ful m o n e y .
N o th in g herein contained, however, shall be construed to p ro­
hibit a Federal Reserve agent f r o m d epositing gold or gold certificates with the
Federal Reserve B oard to be held by such Board subject to his order or with the
Treasurer o f the U n ited States f o r the p u rp oses authorized b y law .

This very Important provision is intonded to permit the Federal Reserve
banks to exchange Federal Resorvo notes in lieu of gold and in this way
drift into the banks the idle gold which citizens now carry in their pockets
with indifferonco and without national uso.
It is estimated that under this item probably two or three hundred mil­
lions of gold will bo acquired by tho Federal Resorvo banks and tho Reserve
bank system will be strengthened to this oxtent.
While this gold occupies the position of trust gold in tho same manner
that tho gold hold for tho payment of gold certificates does, the effect of tho
proposod amendment is to permit tho Federal Reservo banks, if tho occa­
sion should ever riso, to issue to tho limited extent that it has received gold
In lieu of Federal Reservo notes—to that oxtent and to that extent only—
Federal Reserve notes against 100% of qualified commercial bills of short
maturities underwritten by member banks as required by statute.
At presont tho Resorve bank must have against its loan of Federal Reserve
notes 100% of qualified commercial bills indorsed by member banks, plus
40% gold, but, under the proposed amendment, if a bank should havo a
million dollars of gold deposited against a million dollars of outstanding
Federal Reservo notes, such bank would be permitted to issue a million
dollars of Reserve notes against a million dollars #f qualified commercial
bills of short maturities indorsed by mombor banks.
This is in effect tho German system, which permits the Imperial Bank
of Germany to issue legal tender notes against commercial bills of a qualified
class at par subject to an interest charge to tho Government.
It has beon urged that giving this additional power to the banks would
mean inflation. It does not mean inflation, because the Resorvo system
is adequately protected against inflation by the control of tho Federal
Reserve Board, by the right to charge interest on tho reserve notes, by the
entire power being in the hands of tho National Government to prevent
anything of tho kind.
It does givo a larger power of credits for our commerce If our national
Interest should requiro it, and this powor could only be exercised with the
approval of the National Government.
It gives additional power to tho National Government, and such issues
of Federal Resorvo notes to a Federal Reserve bank is safeguarded up to
100% of such notos by the following line of credits:
First. The short time credit of the Individual borrower engaged in
commercial business against an actual commercial transaction, the bor­
rower’s credit being regarded as perfectly good by a local member bank
to the point that the bank is willing to Indorse his paper and to advance
him money on it on tho bank’s own account.
Second. This Issue is secured by the indorsement of a member bank on
a short-time maturing commercial bill.
Third. It Is secured by the reserve of such member bank in tho Federal
Reserve bank.
Fourth. It is secured by tho stock held in the Federal Reserve bank by
the member bank indorsing the paper.
Fifth. It is secured also by the double liability of tho stockholders of the
member bank which has indorsed the paper used as a basis of Issue.
Sixth. It is furthor secured by all of tho assets of tho Federal Reserve
bank and tho doublo liability of stockholders of every ono of the membor
banks.
Seventh. Finally, It is secured by tho taxing powor of tho peoplo of the
United States.
Thoro is no danger whatever in such credits. To call it inflation is not
argument. It is abuse, and is a slur entirely unjustified by the facts.
In Europo the most strenuous efforts aro made by tho various Govern­
ments of Great Britain, France, Italy, Germany, Austria, and Russia to
concentrate in the Government banks every ounce of gold available, as
gold Is tho final basis of credit throughout tho world. Tho United States
has made no adequate effort to do this, and thoro are several hundred mil­
lions which could be concentrated in these banks under this system if
adopted.
This Is an emergency matter which tho exigencies of war requiro should
not be overlooked or slighted and must not bo misunderstood.
Tho several smaller amendments are inserted to provide and recognlzo the
fact that when a reserve noto is covered by gold up to 100% no further se­
curity Is neoded for tho resorvo noto outstanding.
SECTION 6. PERMITTING DEPOSITS OF GOLD COIN AND GOLD
CERTIFICATES WITH THE TREASURER AND SUB-TREASURER
TO THE CREDIT OF THE FEDERAL RESERVE BOARD.
Sec. 6. That section sixteen be furthor amended by adding at tho end of
the section tho following:
“ That the Secretary o f the T rea sury is hereby authorized a nd directed to re­
ceive deposits o f gold coin or o f gold certificates with the Treasurer or a n y A s ­
sistant Treasurer o f the U n ited States w hen tendered by a n y Federal Reserve
bank or Federal Reserve agent fo r credit to its or h is account with the Federal
Reserve B oa rd .
T h e Secretary shall prescribe by regulation the fo r m o f receipt
to be issu ed by the Treasurer or A ssista n t Treasurer to the Federal Reserve bank
or Federal Reserve agent m aking the d eposit, and a duplicate o f such receipt
shall be delivered to the Federal Reserve Board by the Treasurer at W ashington
u p o n p rop er advices fr o m a n y A ssista n t Treasurer that such deposit has been
m a d e.
D e p o sits so m ade shall be held subject to the orders o f the Federal R e­
serve Board and shall be payable in gold coin or gold certificates on the order
o f the F ederal Reserve Board to a n y Federal Reserve bank or Federal Reserve
agent at the T rea sury or at the su b-treasury o f the U n ited Slates nearest the
place o f bu siness o f such Federal Reserve bank or such Federal Reserve agent;
P rovided, however. That a n y expense incurred in sh ip p in g gold to or fr o m the
T rea sury or su b-treasu ries in order to m ake such p aym en ts, or as a result o f
m aking such p a ym en ts, shall be p aid by the Federal Reserve Board and assessed
against the Federal Reserve banks.
T h e order u sed by the Federal Reserve
Board in m aking such paym ents shall be signed by the governor, or vice-governor,
or such other officers or m em bers as the Board m a y by regulation prescribe.
T h e fo r m o f such order shall be approved by the Secretary o f the Treasury.
" T h e expen ses necessarily incurred in carrying out these p rovision s, in ­
cluding the cost o f the certificates or receipts issu ed fo r deposits received, and




[Vol. 104

all expenses incident to the handling o f such d eposits shall be p a id by the F ed ­
eral Reserve Board and included in its a ssessm ents against the several Federal
Reserve banks.
"G o ld deposits standing to the credit o f a n y Federal Reserve bank w ith the
Federal Reserve Board shall, at the op tion o f said bank, be counted as part o f
the lawful reserve which it is required to m a in ta in against outstanding Federal
Reserve n otes, or as a part o f the reserve it is required to m a in ta in against de­
p o sits.
“ N oth in g in this section shall be construed as a m ending section six o f the
A c t o f M arch fourteenth, nineteen hundred, as am ended by the A c ts o f M a rch
fo u r th , n ineteen hundred and seven, M a rch second, nineteen hundred and eleven,
and J u n e tw elfth, nineteen hundred and sixteen, nor shall the p rovision s o f
this section be construed to a p p ly to the d eposits m ade or to the receipts or cer­
tificates issu ed under those A c t s . "

This amendment to Section 16 is for convenience in handling tho daily
exchanges between the 12 Reservo banks, which now must bo done by
physically transferring gold certificates from ono bank to another. It is
proposed to put theso certificates in a common vault and arrango tho dis­
tribution by bookkeeping instead of by transfer.
SECTION 7. RELIEVING NATIONAL BANKS OF THE NECESSITY
OF KEEPING ON DEPOSIT UNITED STATES BONDS WITH
THE TREASURER.
Sec. 7. That section seventeen bo, and is hereby, amended so as to read
as follows:
"Sec. 17. So much of the provisions of section fifty-ono hundred and fiftynino of tho Revised Statutes of tho United States, aud section four of tho
Act of June twentieth, eighteen hundred and seventy-four, and section eight
of tho Act of July twelfth, eighteen hundred and eighty-two, and of any
other provisions of existing statutes as require that boforo any national
banking [associations] association shall bo authorized to cominonco
banking business it shall transfer and deliver to tho Treasurer of tho Unitod
States a stated amount of United States registered bonds, and so m uch o f
those p rovision s or o f a n y other provision s o f existing statutes as require a n y
nation al banking association now or hereafter organized to m ain tain a m in im u m
d eposit o f such bonds with the Treasurer is horeby repealed.”

This proposed amendment merely obviates a practice no longer required
under tho Federal Reservo Act, of compelling national banks to keep a
minimum deposit of United States bonds with tlxo Treasurer of the United
States.
National banks are no longer required to keep outstanding a minimum
amount of circulating notes and a nowly organized bank is not obliged to
purchaso or carry any bonds of tho United States; but thoro aro a number
of national banks, organized before tho passago of tho Federal Reserve Act,
which have retired their national bank circulation In full, yet they aro, under
a construction of tho old law, required to keep on doposlt with tho Treas­
urer of tho United States a certain minimum of United States bonds. The
committee believes that these banks should bo rolioved of further obliga­
tion in this matter.
SECTION 8. RESERVES.
Sec. 8. That Section nineteen bo amended and ro-enacted so as to read
as follows:
“ Sec. 19. Demand deposits within tho meaning of this Act shall comprise
all deposits payable within thirty days, and timo deposits shall comprise
all deposits payablo after thirty days, [ a n d ] all savings accounts and
certificates of deposit which aro subject to not less than thirty days’ notice
boforo payment, and all postal savings d eposits.
[ “ When the Secretary of the Treasury shall have officially an­
nounced, in such manner as he may elect, the establishment of a
Federal Reserve bank in any district, every subscribing member]
E v ery bank, banking association, or trust com pa n y which is or which becom es
a m em ber o f a n y Federal Reserve bank shall establish and maintain with its
Federal Reserve bank reserves as follows:
“ (a) I f [ a bank] not in a Reservo or Central Reserve city, as now or
hereafter defined, it shall hold and maintain with the Federal Reserve bank
o f its district actual net reserves equal to not less than [tw elve] six per
centum of tho aggregate amount of its demand doposits and [ fiv e ] three

per centum of its time deposits, [a s follow s;].

[ “ In its vaults for a period of thirty-six months after the said
date five-twelfths thereof and permanently thereafter four-twelfths.
[ “ In the Federal Reserve bank of its district, for a period of
twelve months after said date, two-twelfths, and for each succeeding
six months an additional one-twelfth, until five-twelfths have beon
so deposited, which shall be the amount permanently required.
[ “ For a period of thirty-six months after said date the balance
of tho reserve may be held in its own vaults, or in the Federal Reserve
bank, or in national banks in Reserve or Central Reserve cities as
now defined by law.
[ “After said thirty-six months’ period, said reserves, other than
those hereinbefore required to be held in the vaults of the member
bank and in the Federal Reserve bank, shall be held in the vaults
of the member bank or in the Federal Reserve bank, or in both, at
the option of the Federal member ban k.]
"(b) I f [ a bank] in a Resorvo city, as now or heroaftor defined, it

shall hold and maintain with the Federal Reserve bank o f its district actual net
reserves equal to not less than [fifte e n ] ten per centum of tho aggregate
amount of its demand deposits and [fiv e ] three por centum of its time
deposlts[, as follows;]
[ “ In its vaults for a period of thirty-six months after said date
six-fifteenths thereof, and permanently thereafter five-fifteenths.
[ “ In the Federal Reserve bank of its district for a period of twelve
months after the date aforesaid at least three-fifteenths, and for
each succeeding six months an additional one-fifteenth, until sixfifteenths have been so deposited, which shall be the amount
permanently required.
[ “ For a period of thirty-six months after said date the balance
of the reserves may be held in its own vaults, or in the Federal
Reserve bank, or in national banks in Reserve or Central Reserve
cities as now defined by law.
[ “After said thirty-six months’ period all of said reserves, except
those hereinbefore required to be held permanently in the vaults
of the member bank and in tho Federal Reserve bank, shall be held
in its vaults or in the Federal Reserve bank, or in both, at the option
of the member bank.]
“ (c) I f [a ban k] In a Central Resorvo city, as now or hereafter do-

fined, it shall hold and maintain with the Federal Reserve bank o f its district
an actual net resorve equal to not less than [eighteen ] thirteen per centum
of tho aggregate amount of its demand deposits and [fiv e ] three per centum
of its time deposits[ , as follows;]
[ “ In its vaults six-eighteenths thereof.
[ “ In the Federal Reserve bank seven-eighteenths.
[ “The balance of said reserves shall be held in its own vaults or
in the Federal Reserve bank at its option.]
"E v e r y m em ber bank shall m aintain in its oion vaults an am ount o f specie
or currency equal to at least fou r per centum o f its demand d eposits less the

1 6 65

THE CHRONICLE

APB. 28 1917.]

am ount o f those reserves with the Federal Reserve hank which are in excess o f
the m in im u m reserves required h\j this section. ^

[ “ A n y F e d e r a l R e s e r v e b a n k m a y r e c e iv e f r o m t h o m e m b e r b a n k s
a s r e s e r v e s n o t e x c e e d i n g o n e -H a if o f e a cH i n s t a l l m e n t , e l i g i b l e p a p e r
a s d e s c r i b e d in S e c t i o n t h i r t e e n p r o p e r l y i n d o r s e d a n d a c c e p t a b l e
t o t h e s a id R e s e r v e b a n k .
[ “ I f a S t a t e b a n k o r t r u s t c o m p a n y is r e q u i r e d o r p e r m it t e d b y
t h e la w o f i t s S t a t e t o k e e p its r e s e r v e s e i t h e r i n i t s o w n v a u l t s o r
w i t h a n o t h e r S t a t e b a n k o r t r u s t c o m p a n y o r w it h a n a t i o n a l b a n k ,
s u c h r e s e r v e d e p o s i t s s o k e p t in s u c h S t a t e b a n k , t r u s t c o m p a n y ,
o r n a t io n a l b a n k s h a ll b e c o n s t r u e d w it h in th e m e a n in g o f t h is
s e c t io n as if t h e y w ere reserve d e p o s it s in a n a t io n a l b a n k in a R e ­
serve o r C e n tra l R eserv e c it y fo r a p e r io d o f th r e e y ea rs a ft e r th e
S e c r e ta r y o f th e T r e a s u r y s h a ll h a v e o f fic ia lly a n n o u n c e d t h e
e s t a b l is h m e n t o f a F e d e r a l R e s e r v e b a n k i n t h e d i s t r i c t i n w h i c h
s u c h S t a t e b a n k o r t r u s t c o m p a n y is s i t u a t e .
E x cep t as th u s p r o ­
v i d e d , n o ] No member bank shall keep on doposlt with any non-member

bank a sum in excess of ten per centum of Its own paid-up capital and sur­
p lu s. No member bank shall act as the medium or agent of a non-member
bank in applying for or receiving discounts from a Federal Reservo bank
under tho provisions of this Act oxcopt by permission of tho Federal Reserve
Board.
“Tho [ r e s e r v e ] required balance carried by a member bank with a
Federal Roservo Bank may, undor tho regulations and subject to such
penalties as may bo prescribedIby tho Federal Reserve Board, bo checked
against and withdrawn by such member bank for the purpose of meeting
existing liabilities: Provided, however, That no bank shall at any time make
now loans or shall pay any dividends unless and until tho total reserve re■quired by law is fully restored.
“ In estimating tho reserves and the cash in vault required by this Act,
tho net balance of amounts duo to and from other banks shall bo taken as
tho basis for ascertaining tho bank deposits against which reserves with
Federal Reserve banks and cash in vail shall bo determined.
[ B a l a n c e s in
R e s e r v e b a n k s d u e t o m e m b e r b a n lt 3 s h a l l t o t h e e x t e n t h e r e i n p r o ­
v id e d b e c o u n t e d a s r e s e r v e s . ]

“ National banks or banks organized under local laivs located in Alaska
or in a dependency or insular p ossession or any part o f the U n ited States out­
side tho continental United States may remain non-member banks, and
shall in that event maintain reserves and comply with all tho conditions
now provided by law regulating them; or said banks except in tho Philip­
pine Islands may, with tho consent of tho Federal Reserve Board, become
momber banks of any ono of tho Reserve districts, and shall, in that event,
take stock, maintain reserves, and bo subject to all tho other provisions of
this Act.”
This section provides for a readjustment and decrease in tho gross re­
serves required of tho member banks. Fho object of tho amendment is
twofold. First, to increaso tho gold holdings of tho Federal Reserve Sys­
tem, and thus strengthen tho system against any exigency that may result
from the European war, and secondly, to decrease tho amount of gross
reserves required of momber banks. Tho amendment would add approxi­
mately $200,000,000 of gold to tho present holdings of tho Federal Reserve
banks. Tho amendment also proposes to require tho momber banks to
maintain in their own vaults, for till money, an amount of currency equal
at least to 4% of its demand deposits.
SECTION 9. PERMITTING DIRECTORS, OFFICERS, OR EM­
PLOYEES OF MEMBER BANKS TO RECEIVE INTEREST ON
DEPOSITS AND TO OBTAIN ACCOMMODATIONS UNDER
CERTAIN RESTRICTIONS.
Sec. 9. That that part of Section twenty-two which reads as follows:
“ Other than tho usual salary or director’s fees paid to any officer, director,
or employee of a momber bank and other than a reasonable foo paid by said
bank to such officer, director, or employee for service rendered to such
bank, no officer, director, employee, or attorney of a member bank shall
bo a beneficiary of or receivo, directly or indirectly, any fee, commission,
gift, or other consideration for or in connection with any transaction or
business of tho bank,” bo, and hereby is, amended and reenacted so as to
read as follows:
“ Other than tho usual salary or director’s [ f e e s ] fe e paid to any officer,
director, [ o r ] employeo, or attorney of a momber bank, and other than a
reasonable fee paid by said bank, to such officer, director, [ o r ] employee
or attorney for services rendered to such bank, no officer, director, employee,
or attorney of a member bank shall bo a beneficiary of or receive, directly or
indirectly, any fee, commission, gift, or other consideration for or in con­
nection with any transaction or buslnoss of tho bank: Provided, however.
That nothing in this A c t contained shall be construed to prohibit a director,
officer, em p loyee, or attorney from receiving the sa m e rate o f interest p a id to
other depositors fo r sim ilar deposits m ade with such bank: A n d provided furth er,
That notes, drafts, bills o f exchange, or other evidences o f debt executed or indorsed
by directors or attorneys o f a mem ber bank m a y be discounted with such m em ­
ber bank on the sam e terms and conditions as other notes, drafts, bills o f ex­
change, or evidences o f debt u pon the affirm ative vote or written assent o f at
least three-fourths o f the m em bers o f the board o f directors o f such mem ber b a n k ."

and collect tho checks at tho counter of the bank against which tho checks
were drawn and tho latter bank would make remittance in duo time. The
bank in the reserve city would be compensated by having a large balance
kept with it at a low rate of Interest, or perhaps at no interest at all, and
there were other compensating features enjoyed by the bank in the central
reserve city. But this system goes out of effect entirely in November in
so far as a compulsory reserve with a reserve agent in a reserve or central
reserve city is concerned. Tho Resorve banks are now serving a very great
and important function of giving increased velocity to credits by canceling
the check on presentation, giving Immediate credit and debit, and in this
way doing away with what is called “float,” or exchange items.
Your committee transmitted Senator Gronna’s letter to the Federal
Reserve Board requesting a report. The report is hereto attached, to­
gether with a report of the action of the board of governors of the 12 Federal
Reserve banks, showing it is the universal opinion of the experts employed
by the Government that the present system of clearing through the Re­
serve banks should not be changed:
l i o n . Robert L . Ow en,
U n ited States Sen ate, W a sh in gton , D . C .
M y D e a r Senator O w en:
I have your letter

Federal Reserve Board,
O ffice o f the Governor,
W aish
sh ington
, A p r i l 13
.. 1917.
ir u ................

of the 12th inst. in reference
to the amendment to Senate Bill No. 8, proposed by Senator Gronna, and
brought it to the attention of the board at the meeting this morning.
After a full discussion of the matter the board directed me to say to you
that it would regard the adoption of tho amendment as most unfortunate.
It believes firmly that it is the duty of every bank to pay without deduc­
tion or discount, at its own counter, checks drawn by its depositors against
their balances. No bank questions this obligation on its part when cash
payments are demanded by the presenter of the check, and about one-half
of all banking institutions in the country are now remittbig without de­
duction for checks on themselves forwarded by the Federal Reserve banks.
Tho board realizes that the operation of the Federal Reserve check clearing
system has in a number of cases deprived banks from an income from ex­
change on checks which they have hitherto enjoyed, but as they are en­
abled to offset checks drawn upon themselves sent them by the Federal
Reserve banks with checks drawn upon other banks and are permitted,
furthermore, to cover by shipments of currency at the expense of the Fed­
eral Reserve Bank, no actual hardship Is imposed. An amendment per­
mitting a charge of not exceeding 10 cents per $100 or fraction thereof,
based on the total of checks and drafts presented at any one time for col­
lection and payment of checks and remissions therefor by exchange or
otherwise, would, in the opinion of the board, be construed by the banks
as a definite suggestion that they impose such a charge, with the result that
eventually these charges would be generally made, not only as against
checks coming in from a distance, but even against checks presented by
payees residing in the community where the bank is located. While banks
would no doubt pay checks for their own depositors without any charge, it
is entirely possible that many of them would avail themselves of the oppor­
tunity of enforcing this charge against checks presented by payees who are
not depositors. This would impose a hardship upon those of the poorer
classes who are not bank depositors.
The board would call attention also to tho fact that for some years past
actual payees of checks drawn upon country banks have been able In many
cases to collect them without exchange charges, which have been absorbed
by their depository banks, which have in turn been reimbursed by balances
kept with them by tho country banks. Immediately upon the passage of
Senate Bill No. 8, or no later in any event than November 17 next, no
bank balances will count as reserve except those with Federal Reserve
banks, so that facilities for free collection will no longer be afforded by
member banks, and tho result would be that many individuals, firms,
and corporations would be paying exchange charges of one-tenth of 1%
upon checks which they have hitherto been able to collect at par.
The enactment of the proposed amendment, in the opinion of the board,
would, because of the injury it would work to holders of bank checks,
create a strong protest all over the country, which would be far stronger
than the pressure that is now being brought to bear for its enactment.
In this connection I inclose for your information copy of a resolution
that was adopted at a meeting of the governors of Federal Reserve banks
which was held here last week. Very truly yours,
\V. P. G. HARDING, Governor.
[Resolution passed at tenth conference of Federal Reserve Bank Governors.]
K itc h in

B ill.

W h erea s, It Is stated that there is to be reintroduced in the present Con­
gress for enactment the so-called Kitchin bill, the purpose of which is to
amend the Federal Reserve Act as to permit national banks to impose
exchange charges contrary to tho basic principles of the Federal Reserve
collection system; and
W h erea s, It is understood that under the direction of a committee of the
American Bankers' Association, known as the Committee of Twenty-five,
a vigorous and far-reaching campaign is being conducted to bring influence
upon tne Congress to secure the enactment of the Kitchin bill; and
W h erea s, It is the belief of the governors of the several Federal Reserve
banks that should the Kitchin bill become law It would not only serve to
nullify the great benefits which would accrue to the business interests of
the country under the operation of a scientific, direct, and efficient collecttion system, but Its enactment would seriously affect and seriously injure
the best and broadest development of the Federal Reserve System: There­
fore, be It
Resolved, That the governors in conference earnestly urge the Federal
Reserve Board to use every legitimate means possiDle to prevent the enact­
ment of tho Kitchin bill when introduced into Congress, and to promptly
develop and put Into the fullest operation the Federal Reserve collection
system.
__________________________

TRADE COMMISSION CHARGES THAT STANDARD
OIL COMPANY STILL EXERCISES MONOPOLY.

This amendment removes an evident hardship imposed upon directors,
The Federal Trade Commission, in a report transmitted
officers, and employees of member banks, who, undor existing law might
be hold as precluded from drawing interest on their doposlts and prevented to the Senate to-day, on April 24 asserted that Standard
from obtaining accommodations in their own bank. Tho amendment very Oil interests substantially dominate the gasoline industry—
properly provides for restrictions upon such loans which, in tho judgment
of the Federal Roservo Board and of your commltteo, properly insures the refining, pipe line transportation and marketing. Despite
dissolution of the so-called “ Oil Trust” by the United States
bank against fraud and incidont loss.
Collection Charges.

An amendment in relation to charging for checks was proposed by Sena­
tor Gronna, as follows:
Provided fu rth er , That nothing in this or any other section of this act shall
bo construed as prohibiting a member bank from making reasonable charges
against the presenter, in no caso to exceed 10 cents per $100 or fraction
thereof based on the total of checks and drafts presented at any one time,
for collection or payment of checks and drafts drawn upon it and remission
therefor by oxchango or otherwise.
At present a very largo part of tho exchanges of tho country are taken
at par. It saves bookkeeping; it saves annoyanco to business men. It is
just to tho depositor that his chock should bo paid at its face valuo, and,
as far as tho clearings through tho Federal Reserve Bank are concerned,
thore is no excuse whatever for charging—on tho unjustified pretense that
tho bank against which tho check Is drawn Is furnishing exchange from the
local bank to tho central bank—bccauso each of the momber banks is given
full credit at par for all checks it remits against tho other. Consequently
each bank should bo debited at par In ordor that these Items may bo clearod
at tho samo instant on tho books of tho Federal Reserve Bank. For In­
stance, if bank 642 sends in $10,000 of checks and receives credit for the
checks against its associate member banks, thero Is no reason why tho
associato momber banks should not bo credited against bank 642 at the
same time for $10,000 of checks which they prosent against it at that in­
stant. Under tho national bank act, prior to tho establishment of the
Federal Reserve System, tho banks In tho roservo and central reserve cities
mado a habit of giving credit at par for remitted checks and would send out




Supreme Court, the Commission concludes that Standard
Oil domination has had a “ fundamental bearing” upon gaso­
line prices, declared to have been arbitrarily increased. In
an exhaustive report of its investigation, under resolutions
of Senators Gore and Owen of Oklahoma and its statutory
authority, the Commission declares, in substance, that real
competition does not exist between the various Standard Oil
companies because of interlocking stock ownership through
the holding of a majority of shares in the constituent Standard
companies by identical interests. Legislation to meet these
conditions is recommended by the Commission. Also its
evidence and findings have been transmitted to the AttorneyGeneral for appropriate action. The principal findings of
the Commission are:

That in a majority of marketing territories the Standard companies are
dominant.
That the several Standard companies have maintained a distribution of
territory in tho marketing of gasoline, and that no substantial competition
in the chief petroleum products exists among the several Standard com­
panies.

THE CHRONICLE

[Vol . 104

That this absence of competition is due to a community of stock owner­
INDICTMENTS CROWING OUT OF INQUIRY INTO
ship.
That the facts disclose such advances in prices of gasolino and such
ALLEGED COAL CONSPIRACIES.
differences in price corresponding to Standard marketing territories as are
As a result of the investigation which the Government
not possible of explanation apart from tho foregoing conditions.
The Commission has not found conclusive evidence of collusion among has been making into the causes of high prices of food and
the various Standard companies in violation of tho dissolution decree.
fuel, twenty-one coal corporations and eighteen officials of
That tho combination of pipo lines with tho other branches of tho industry
them and their distributing companies were indicted by the
has tended to establish and perpetuate monopoly.
That gasoline has deteriorated in quality, a variety of products being Federal Grand Jury in this city on April 9 with having vio­
sold under that name.
Recommendations of the Commission “ with a view to
preventing or rem ed yin g _______conditions,” include:

A law providing for tho reoponing of anti-trust cases on tho application
of tho Attornoy-General by a bill of review for tho purpose of securing such
modifications of decrees as new conditions may roquiro.
Abolition, by legislation, in certain cases, of common stock ownership
in corporations whicli have been members of a combination dissolved under
tho Sherman law.
Effective limitation upon common ownership of stock in potentially
competitive corporations by withdrawing tho power of voting and control.
Legislation which, while recognizing common ownership, would fix upon
such common owners the responsibility for tho acts of each of the several
companies so owned, which prevent competition.
Segregation of tho ownership of tho pipo linos from tho other branches
of tho petroleum industry.
Fixing, by Congressional legislation, of standards for “gasolino.”
Federal collection and publication of accurato statistics and information
regarding tho industry.
In detail the Commission urged that when it finds, as in
the case of the gasoline industry, ap. anti-trust dissolution
decree has not restored competitive conditions, Congress
might amend tho Trade Commission Act so as to authorize
and direct the Attorney-General to reopen tho case for
review as to tho efficacy of a dissolution decree. In such
proceedings it is suggested that the Commission’s findings
should be admissible evidence and that tho courts should have
power to make new decrees to insure competition.
Factors in Standard Oil domination cited in tho Commis­
sion’s report were:

Division of gasolino marketing into eloven territorial divisions, at least
nine of which aro said to bo dominated by various Standard Oil companies.
Stockholders of the several Standard companies aro to a great degreo
tho samo individuals or interests, moro than half of tho stock of tho various
companies being in tho samo hands. Moreover, tho report states that
leading Standard officers often hold considerable amounts of stock in two
or moro companies.
Standard Oil refineries produced moro than 60% of gasolino produced in
1915, sold about 65% of tho total marketed and hold more than 70% of
gasolino stocks.
Correspondence of tho difference of prices (in 1915) with Standard mar­
keting territories itself points to arbitrary prico making. But tho arbitrary
character of tho inequalities in prico is conclusively demonstrated by tho
facts that as between most of tho territories there were no such differences
in demand and supply. * * * and tho margin between cost and prico
was widely different in tho different territories.
Wholesale prices rose between 75 and 85 per cent in 1915, and retail prices
also soared. Only a part of the advance was declared duo to increased de­
mand and scarcity, the demand increasing 38% in 1915 and tho production
but 7% less. Very largo profits were earned, as shown by tho books of tho
companies and by enhanced stock market valuo of oil securities.

lated the Sherman Anti-Trust A c t, in having conspired to
raise the price of bunker coal supplied to vessels at Ham p­
ton Roads, V a. Tho indictment filed on tho 9th inst. is
supplemental to those filed by the Grand Jury on March 6,
which aro referred to further below. Regarding the latest
indictment filed, Deputy Attornoy-General Frank M .
Swacker, who is in charge of tho local branch of the food and
fuel inquiry, is quoted as having said:

Tho indictment charges a combination among tho suppliers of smokeless
bunker coal at Hampton Hoads supplying 80% of such coal for ocean vessels
coaling at ports located there. It charges that upward of 3,000 vessels
coal there annually, and that tho concerns indicted and tho individuals
who aro tho officials of such concerns combined during tho last three years
to eliminate competition among themselves by fixing a uniform minimum
prico from timo to timo and minimum terms in connection with the sale and
contracting for sale of tho coal in question.
As tho individual defendants aro all responsible business
men, no warrants were issued by Federal Judge Cushman, to
whom the indictments were returned. Bail bonds wero fixed
at $5,000 each. The defendant corporations named in the
indictment, according to the local papors, were:

The Lcckio Coal Co., Castncr, Curran & Bullitt, Inc., Chesapeako &
Ohio Coal Agency Co., Crozer Pocahontas Co., Flat Top Fuel Co., Now
River Coal Co., Pocahontas Fuel Co., Smokeless Fuel Co., tho C. G.
Blake Co., West Virginia Pocahontas Coal Sales Corporation, White Oak
Coal Co., Houston Coal Co., Bakor-Whiteloy Coal Co., Ilaslor Brothers
Inc., New York & Philadelphia Coal & Coko Co., Northern Coal Co.,
Robert Ilasler & Co., Inc., tho Berwlnd-Whito Coal Mining Co., Virginia
Coaling Corporation, William C. Atwater & Co., Inc., and Wittenberg
Coal Co.
Individual defendants named, wo learn from tho local
newspapers, were:

William C. Atwater, President of William C. Atwater & Co., Inc.
John E. Berwind, director Berwind-Whlto Coal Mining Co.; Robert H.
Burroughs, Now York & Philadelphia Coal & Coko Co.; Gcorgo II. Caperton, President New River Coal Co.; Justus Collins, President Smokeless
Fuel Co.; T. S. Crockett, Vice-President Leckio Coal Co., Inc.; and Vice­
President West Virginia Pocahontas Coal Sales Corporation; Oscar M.
Doyerle, Vice-President and Gen. Mgr. Flat Top Fuel Co.; Frank Ellison,
Gen. Mgr. C. G. Blake Co.; Thomas F. Farrell, Vice-President and Gen.
Mgr. Pocahontas Fuel Co.; Robert II. Gross, President White Oak Coal
Co.; Robert T. Hasler, President Robert Ilasler & Co., Inc.; and President
of Ilasler Brothers, Inc.; L. It. Ilolmos, agent White Oak Coal Co.; Thomas
E. Houston, Vice-President Houston Coal Co.; Kupcr Ilood, Gen. Mgr.
Houston Coal Co.; F. B. Mackay, agent of Virginia Coaling Corporation;
John J. Tiernoy, General Sales Mgr. Crozer Pocahontas Coal Co.; Charles
J. Wittenberg, President Wittenberg Coal Co.; James S. Wliitcloy, Presi­
dent Baker-Whiteley Coal Co.

The indictments returned on M arch G charged 108 corpora­
tions and 64 individuals with having violated tho Sherman
Anti-Trust A ct, in having formed a combination in restraint
of inter-State and foreign commerce, and with having con­
spired to fix arbitrarily tho prico of thesomi-bituininous coal
produced in the Pocahontas and Now River districts of W est
Virginia. Tho indictments chargod that tho conspiracy has
been in existence at least three year. Tho trial has been set by
Judge Augustus N . Hand to begin in tho Federal District
Court in this city on M a y 7. In tho indictment it is alleged
that the defendants, at a meeting in tho Waldorf-Astoria Hotel
in this city last January, planned to boost the contract price
Tho Standard Oil Co. of New Jersey has maintained that tho rise in the of their product at tho mino from $1 25 to $3 per ton. This
prico of gasolino has been duo to tho natural operation of tho law of supply new rate was to apply in tho case of all contracts for delivery
and demand. Tho Federal Trade Commission now sustains that conten­ during tho year beginning April 1 . As tho total production
tion in principle, and, to a largo extent, in degreo, for tho Commission
finds: “ 1. A marked decline during 1915 in tho gasolino content of the crude of tho combination is said to bo 22,000,000 tons annually,
oil produced in that year. 2. A rise in the cost of manufacture. 3. An this increase amounted to $38,500,000 for tho producers, and
increased export demand for gasolino, as well as an enormously increased their selling agonts, who aro also included in tho indictments.
domestic consumption incident to tho largo addition to tho number of
The Government calculates, it is said, that becauso of tho
automobiles, &c.”
Tho Federal Trado Commission does intimate that a portion of tho rise increased cost of production a raiso of 25 cents a ton might
in tho prico of gasoline, at least in somo sections of tho country, may be have resulted and that by boosting tho price up to $3 per ton
duo to conditions which it characterizes as “artificial." Wo know of no
artificial condition whatever which has affected prices, and tho fact is the members of tho alleged combination notted for them­
that tho operations of this company have been dictated solely by sound selves $33,000,000 extortionato profit. Tho men indicted,
and legitimate business considerations. It is significant that while in tho many of them tho largest coal distributors and operators in
dissolution suit tho Government adduced proof that tho Standard Oil
companies of that timo controlled tho sales of 87% of tho gasolino marketed the East, wero given ten days to appear in person beforo the
in tills country, tho Federal Trado Commission finds that theso samo Federal Court hero and plead their cases. Tho first indict­
companies now handle only 65% of this business.
ment, charging a combination among selling agonts and pro­
It is a matter of common knowledge that during tho past fow years a
great number of new oil companies have been organized in this country ducers of 22,000,000 tons of tho 35,000,000 tons of Pocahontas
and have invested hundreds of millions of dollars In tho business. Tho and New River coal mined annually, namod 108 corporations
Federal Trado Commission does not suggest that any practico savoring
of unfair competition on tho part of tho former Standard Oil companies has and fifty-five men. Tho corporations aro, according to tho
restrained in any way tho free and unhampered growth and success of theso newspapers:
During the year 1915 there were marked changes in tho
price of gasolino, a fall in prices in tho early part of tho year
being followed by an extraordinary advance. Taking the
wholesale (tank wagon) price as representative, the amount
of the advance during tho second half of the year was gen­
erally between 7 and 9 cents per gallon, a rise of from 75 to
8 5 % . In some parts of tho country it was moro than this;
in others loss. Tho advance in retail prices was similar in
amount. If the contemporaneous decline in quality of
gasoline is considered, the truo advance is still greater.
A . C . Bedford, President of tho Standard Oil Co. of New
Jersey, authorized the following statement in reference to the
report of tho Federal Trade Commission:

Aileen Coal Co., Algonia Coal & Coko Co., Algonquin Coal Co., American
now or of any old companies.
Tho fact is that tho Standard Oil Co. of Now Jorsoy has scrupulously Coal Co., Arlington Coal & Coko Co., Ashland Coal & Coko Co. Balloyobeyed tho decree in tho dissolution suit as affirmed by tho Supremo Court. Wood Coal Co., Ballinger Coal Co., Boechwood Coal & Coko Co., Bcury
Our observance of tho decree has been under tho constant supervision of Bros. Coal & Coko Co., Blacic Wolf Coal Sc Coko Co., tho C. G. Blake Co.,
tho Department of Justice, and it has made no complaint against us. Tho Blumo Coal & Coke Co., Booth-Bowon Coal & Coko Co., Bottom Crook
Federal Trado Commission, in its report of an oxliaustivo Inquiry into our Coal Sc Coke Co., Branch Coal Sc Coko Co., Brown Coal Co., Buckeyo Coal
business, does not intimate that any practico or policy of this company is <Sc Coko Co., Castncr, Curran & Bullitt, Inc., Chesapeako & Ohio Coal
Agency Co., Cirrus Coal Sc Coko Co,, Coopcr-I’ocahontas Coal Co., Crozer
at variance either with tho law or that decreo.




A pr . 28 1917.]

THE CHRONICLE

1(567

Coal & Coko Co., Crozer-Poeahontas Co., Crystal Coal & Coko Co., Dry
Fork Colliery Co., Elk Ridge Coal & Coko Co., Ennis Coal Co., Ephraim
Creek Coal & Coke Co., Eureka Coal & Coko Co., Export Coal Co., Flat
Top Coal Mining Co., Flat Top Fuel Co., Gilliam Coal & Coko Co., Green­
brier Coal & Coko Co., Greenwood Coal Co., Gulf Coal Co., Gulf Smokeless
Coal Co.
Ilarty Coat Co., Hemlock Hollow Coal & Coke Co., Houston Coal &
Coke Co., Houston Coal Co., Houston Collieries Co., Iroquois Coal Mining
Co., Keeney’s Creek Colliery Co., Keystone Coal Co., Pocahontas Coal
Co., Lathrop Coal Co., Laurel Creek Coal Co., Lcckio Coal Co., Inc.,
Lookout Coal & Coke Co., Louisvillo Coal & Coko Co., Lynchburg Coal &
Coko Co., McAlpine Coal Co., McDowell Coal & Coko Co., McKcll Coal &
Coke Co., Meadow Fork Coal Co., Mead Pocahontas Coal Co., Michigan
Coal Co., Mill Creek Coal & Coke Co., Newlyn Coal Co., Now River Coal
Co., the New River Co., Nichol Colliery Co., Oregon Coal Co., Pago Coal
& Coko Co., Panther Coal Co., S. .1. Pattorson-Pocahontas Co., Poorless
Coal & Coko Co., Pemberton Coal & Coke Co., Pemberton Fuel Co., Plclcshin Coal Co., Pocahontas Coal Sales Co., Pocahontas Consolidated Col­
lieries Co., Inc., Pocahontas Fuel Co., Powhattan Coal & Coke Co.,
Quinnimont Coal Co., Raleigh Coal & Coko Co., River Valloy Colliery Co.,
Roanoke Coal & Coko Co., Rothwell Coal Co., Scotia Coal & Coke Co.,
Sowell Colliery Co., Shawnee Coal & Coke Co., Slab Fork Coal Co., Smoke­
less Fuel Co., South Sido Co., Star Coal & Coke Co., Stone Cliff Coal &
Coko Co., Stonewall Coal & Coko Co., Sugar Creek Coal & Coko Co.,
Sullivan Coal & Coke Co., Sujjcrior Pocahontas Coal Co., Thomas Coal Co.,
Tidewater Coal & Coko Co., Turkey Gap Coal & Coko Co., Turkey Knob
Coal Co., United Pocahontas Coal Co., Upland Coal & Coko Co., West
Virginia Pocahontas Coal Co., West Virginia Pocahontas Coal Sales Cor­
poration, Wcyanoko Coal & Coko Co., E. E. White Coal Co., White Oak
Coal Co., Winding Gulf Colliery Co., Wood-Sullivan Coal Co., and Wright
Coal & Coko Co.

tho G . H . M ead Company of D ayton, Ohio; Philip T .
Dodge, President of the International Paper Com pany;
Edward W . Backus, President of tho Minnesota & Ontario
Power Company, and of the Fort Frances Pulp & Paper
Company; George Chahoon, Jr., President of the Laurentido Company, and Manager of the Canada Export Paper
Company, and G . II. P . Gould, President of tho Gould
Paper Company, and tho Donnaconna Paper Company.
Tho other two defendants are Alexander Smith, a banker
of Chicago, and Frank J. Sensenbrenner, Vice-President
of the Kimberly Clark Company, paper manufacturers.
Another man mentioned in the indictment as a party to
the price-boosting plan is George F . Steele, Secretary of the
Newsprint Manufacturers Association, who, because he
testified before the Grand Jury, under subpoena, was not
included as a defendant. M r. Steele, however, is held
culpable with the defendants because they with Steele had
tho active management and control of the concerns con­
nected with the association. The indictments were handed
up by M r. Colby to Federal Judge Cushman, who imme­
diately issued bench warrants for the arrest of tho defen­
dants. They appeared before him on tho 16th inst., and
pleaded not guilty. The Court granted them the privilege
The individuals named in the first indictments were given
of withdrawing or changing their plea within the next thir­
as follows in the daily papers:
teen days. Bail was fixed at §3,000 at the request of coun­
It. II. T. Adams Jr., Charles C. Henry, Thomas C. Reury, William J.
I3oury, C. M. Boardman, D. W. Boono, William A. Brown, Georgo II. sel for the defendants, who explained that they had all come
Caporton, George C. Clausson, Justus Collins, It. A. Coulter, T. S. Crock­ without warrants, some from so far W est as Minnesota, and
ett, Oscar M. Doyorlo, Frank Ellison, Thomas F. Farrell, John C. Galla- that they were "ready to appear at any time. The two
udet, J. Frank Grimet, Robert II. Gross, W. II. Holland Jr., Kuper Hood,
Thomas IC. Houston, George W. Jones, Matthew C. Jones, John Laing, weeks privilege to change the plea of not guilty was granted,
George Lawton, William Leckie, John J. Lincoln, E. C. Luther, Isaac T. it is said, in order to give the several counsel for the de­
Mann, Edward J. McQuail, James A. McQuail, Thomas Nichol, J. c . fendants time to confer. Unlike the average Sherman law
Pack, Louis R. Page, Louis R. Pago, Jr., J. II. Parrott, Itobort D. Patter­
son, S. W. Patterson, John A. Renchan, II. II. Itothwoll, S. A. Scott, prosecution, no charges are made in this instance against
William P. Slaughter, W. C. Stephenson, J. C. Sullivan, W. P. Tams, Jr., any of the corporations, the prosecutors aiming rather at
John J. Tiornoy, Lawrence E. Tierney, Edward Thomas, W. Do L. Wal- tho particular men whom they believe to be responsible
bridgo, E. E. White, W. T. Williams, John T. Wilson, Georgo Wolfo,
for tho conditions of tho market. The indictment charges
Walter S. Wood, John M. Wright.
The second of the earlier indictments charges a combina­ the members of tho Newsprint Manufacturers Association
tion of nine mining companies and their selling agents with with enforcing various rules and regulations for the control
arbitrary price fixing and pooling of the proceeds of sales of of tho market and the conditions under which the manu­
coal. The nine corporations named as members of the facturing concerns transact their business. Some of the
smaller combination are:
“ regulations, rules and decisions,” said in the indictment
Algoma Coal & Coko Co., Buckeye Coal & Coko Co., United Pocahontas to havo been adopted by the Newsprint Association for the
Coal Co., Bottom Creek Coal & Coko Co., Turkey Gap Coal and Coko
Co., Ashland Coal & Coko Co., Pulaski Iron Co., E. E. White Coal Co., purpose of controlling the trado so that high prices might be
demanded, are mentioned as follows:
and Pemberton Coal & Coko Co.
The individual defendants named in tho pool indictment,
To co-operate in discouraging the erection of new mills or tho installa­
tion of now macliinery for the manufacture of such paper, to co-operate in
implicating the nine mining companies aro said to be:

William Beury, William J. Bcury, W. C. Stephenson, R. II. Poff, Worth
Kilpatrick, J. A. Armstrong, William L. Lewis, Samuel W. Patterson,
James A. McQuail, Edward J. McQuail, W. J. Richards, William a ’
Phillips, M. K. Watkins, Horace L. Haldeman, E. E. Whito, and Preston
A. Vought.
Tho quality of coal marketed by tho defendants is com­
paratively smokeless and is used largely for steaming pur­
poses. It is much in demand, it is said, by tho U . S. N av y,
manufacturing plants, steamships, railroads, schools, hos­
pitals and other institutions. It is mined only in tho south­
ern, southeastern and southwestern counties of W est Vir­
ginia, and tho western counties of Virginia. Railroads,
factories and other consumers, tho indictments state, havo
been deprived of tho benefits of competition and aro now
paying $3 per ton at tho mines and purchasers of spot coal
are paying a great deal more than tho contract prices.

NEWSPRINT PAPER MANUFACTURERS INDICTED
UNDER SHERMAN ANTI-TRUST LAW.
The Federal Grand Jury in this city on April 12 indicted
sovon men, live of whom constitute tho Executive Com initteo of tho Newsprint Alanufacturers Association, tho
other two being men instrumental in developing and extend­
ing the influence of tho association. Thcso soven are
charged with having violated tho Sherman Anti-Trust Act
by ontering into a combination to limit the output of, and
to increase tho prico of newsprint paper. Tho indictments
roprosont tho work of Bainbridgo Colby and M ark H ym an,
who as special assistants to tho Attornoy-Goneral, were
engaged for over two months in presenting tho facts of tho
case beforo a special grand jury. Tho indictments, it is
said, were found largely upon ovidonco collected by tho
Federal Trado Commission in Washington, which last
February requested tho Department of Justice to undertake
tho inquiry after it had become convinced that a conspiracy
oxisted in restraint of trado. Tho fivo oxocutivo members
of tho Newsprint Association who wero indicted aro: Georgo
II. M ead, Chairman of the Executive Committee of the
association, and President of tho Spanish lliver Pulp and
Paper M ills, tho Lako Superior Paper Com pany, and of




preventing new concerns from competing by transferring orders and con­
tracts for such paper to such new concerns on condition that such new
concerns should not compete with said concerns to furnish from time to
time to said Newsprint Manufacturers’ Association at 18 East Fortysecond Street, in tho Borough of Manhattan, for the information of the
defendants and said Steele, full and complete information and data con­
cerning their contracts with their customers and tho quantity of such paper
manufactured, carried in stock, or sold by them, and also tho capacity
of their several plants and other details of then- several businesses.

M r . H ym an, one of the prosecutors, said that the alleged
conspiracy to raise the price of newsprint paper began late
in 1915 or early in 1916. Prior to these dates business was
dull and tho demand for paper was limited. When business
improved the combination began to increase tho price, which
then ranged from $36 to $38 a ton. In August 1916 an
announcement was made that the price would bo raised,
and tho International Paper Co. increased its rate to $50,
and later raised it to $60. “ The Newsprint Association,”
said M r . H ym an, “ represents about forty-three paper
manufacturers. Am ong its members are all of the manu­
facturers oin the United States, except the Great Northern
Paper Company and the Tidewater Paper Company. The
increaso of rate went on until tho minimum price was $60
a ton, and the maximum rate appeared to be the blue sky.
Some of tho little fellows who bought through jobbers paid
as much as $160 a ton .” The indictment sets forth that
tho total daily output of newsprint paper, chiefly used by
newspapers, is 6,300 tons in Canada and tho United States,
witli a value of $250,000. Of this amount, it is alleged,
5,600 tons were controlled by 45 specified companies, whose
trado tho defendants are accused of engaging in a con­
spiracy to restrain.
Tho association is described in the indictment as a volun­
tary trade association, composed of 45 firms and having
“ no constitution, by-laws nor minutes of proceedings.”
Tho indictment charges that the defendants and Steele, the
association Secretary, through the association and the firms
they controlled, carrying on 5 5 % of the newsprint trado
and having facilities to carry on 6 5 % , were able “ to domi­
nate said listed concerns as to tho manner in which they
should carry on said trade and commerce and were able,
tlirougli their said knowledge and said connections, to en

THE CHRONICLE

1668

croach upon said trade of such concerns as might fail to
submit to the regulations, rules and decisions.” All mem­
bers of the Newsprint Association, it is alleged, have been
compelled to furnish their executive officers with full data
concerning all their contracts, the size of their output,
capacity of their plants, and general details of their business
and to submit to such regulations as the association might
direct. The prosecutors, M essrs. Colby and H ym an, on
April 12 issued a joint statement in which they set forth
their general views on the situation. Their statement said
in part:

The newsprint combination is a somewhat loosely articulated one, but
In my opinion clearly and obviously designed to circumvent the prohibi­
tions of tho Federal laws against combinations in restraint of trado. Tho
association gathered from its members not only data as to their capacity
and output, but copies of outstanding contracts with tho publishers of
newspapors, of every member of tho association. Tho association thus
had information as to how ovory newspaper in tho country stood as to its
supply of newsprint paper, and tho date of oxpiration of every contract.
Tho members of tho association frequently refused to givo quotations on
newsprint paper to any publisher who had a contract with any other mombor of the association.
As tho dates of tho expiration of such contracts approached, tho news­
papers woro obliged to ronow contracts for their current supply, but on
asking questions as to p'ico were mot by the refusal of manufacturers of
newsprint paper to deal with each other’s customers. Tho result remitted
the publisher to tho concern with whom his oxpiring contract was made,
and left him hoipless boforo tho exactions as to prico and other conditions
dictated by the manufacturer.
Tho prices charged by members of tho association are greatly in excess of
prices which Independent producers, even under war conditions, aro con­
tent to receive. There has been a relatively slight advance In tho cost of
materials entering into tho manufacture of nowsprint paper, but nothing
comparablo to tho advanco in prices which has been made through tho con­
certed action of the members of this combination, and under restricted
competitive conditions brought about by tho association whoso purposes
and methods aro now directly challenged by tho action of tho 1 ederal
Grand Jury.
The Newsprint Manufacturers’ Association was unincorporated, it hail
no articles of association, no by-laws. It kept no minutes of its meetings,
nor was any record kept of the proceedings of its Bxccutivo Oommitteo,
which held meetings nearly e v e r y month. Tho informality of its procedure
marks tho latest phase in the progressive effort to invent somo means of
evading the Sherman anti-trust law. It was clearly tho effort of tho asso­
ciation to secure all tho benefits of illegal combination without exposure to
the risk of prosecution.

AMENDMENTS TO NEW YORK INHERITANCE TAX
LAW PROPOSED.
A bill was introduced in the New York Senate Wednesday
(April 25) by request of the State Comptroller and
ordered to be printed and placed on third reading, amending
the inheritance tax law.
The effect of tho proposed changes would bo to repeal the
amendments made in 1911, exempting intangiblo property
of non-residents from tho inheritance tax, and to restore the
taxation of such property as it existed prior to 1911. If the
proposed law is enacted, securities and money kept on
deposit here by non-residents, or shares of stock owned by
residents of other States in New York corporations, will again
be liable to the inheritance tax. Similar attempts to restore
the old law have been made almost overy year by tho Comp­
troller’s office and have been opposed by financial institu­
tions, who realize that tho chief result of such legislation
would bo the withdrawal of securities and deposits from
the State.

-

FEDERAL TRADE COMMISSION AND NEWSPRINT
PAPER PRICE.
It is not clear yet what effect tho indictment of tho mem­
bers of the Executive Committee of tho Newsprint M anu­
facturers Association and others in this city on April 12
(referred to elsewhere in these columns) will have on the
price-fixing agreement proposed early in the year and ac­
cepted by the Federal Trado Commission on March 4 . The
manufacturers, it is stated, had threatened to withdraw
from the price-fixing agreement if indictments came from
the investigation by the Department of Justice. Their
proposal was made to tho Trade Commission after tho
Commission had turned over to the Department of Justice
evidenco it had gathered pointing to violations of the law
by the manufacturers in sotting up high prices under an
alleged combination. Officers of both tho Department of
Justice and the Trado Commission havo declared, it is
stated, no inducements of immunity wore held out to the
manufacturers as a reward for their offering to put tho
marketing of their product into the hands of the Trado Com ­
mission at prices to bo set by the Commission “ W hile there
was said to bo no connection botween the offer then made
and the activities of the Department of Justice,” said a
dispatch from Washington to the N ew York “ Times” on
April 13th, “ there was at the time much talk of an effort to
get a ‘gentleman’s agreement’ behind the acceptance by the




[Vol. 104.

Trado Commission of tho manufacturers price proposition.
A t tho same time members of the Commission said that the
matter of prosecutions under tho Sherman anti-trust law
must bo left entirely to tho Department of Justice. It was
a matter of common report in Washington, howover, that
efforts would be made by tho Commission to have the pro­
ceedings discontinued on their compliance in good faith
with the efforts to break tho paper fam ine.” Publishers, it
is said, aro divided in their attitudo on tho Department of
Justice’s investigation. Somo havo insisted that indict­
ments bo brought, believing no price-fixing plan would offer
permanent relief from prohibitive prices, and that the only
sure remedy would be a prosecution that would break up tho
alleged newsprint trust. Others, and it is said a part of
the membership of the Trado Commission, concur in the
view that tho price-fixing plan is calculated to solvo all
difficulties. A t tho Federal Trado Commission offices at
Washington on April 13 it was said that tho Commission
would do all in its power to mako tho agreement a success,
but until the manufacturers were heard from tho future
could not bo indicated. President P . T . Dodgo of the
International Paper C o. in tho annual roport of the com­
pany for the calendar year 1916, writing under dato of April
18 1917, stated that tho Trado Commission had “ not yet
been ablo to arrange tho surrender and distribution features
of its plan.” Ilis remarks concerning tho prico-fixing agree­
ment wero as follows:

A number of tho loading paper manufacturers, hoping to sco a solution of
tho troubles and to benefit tho small publishers, consented to lot tho Gov­
ernment fix tho prico of nowsprint paper for a limited timo upon tho con­
dition that tho publishers, with whom they had written contracts for a
definito tonnago at a fixed prico, should surrender a part of tho tonnage
contracted for, to bo used for tho relief of tho small publishers, but tho
Government has not yet boon ablo to arrango tho surrender and distribu­
tion features of its plan.
As to the price-fixing agreement itself, the proposal
by newsprint paper manufacturers that tho Foderal Trade
Commission fix a reasonable prico for their output, was
accepted on M arch 4tli by tho Commission. The latter
named $2 50 a 100 pounds as a reasonable chargo. Higher
prices wero set for paper in less than carload lots and
for sheet paper.
Under tho agreement the Fedoral Trado
Commission will supervise the salo and distribution of nows­
print paper through a board which will represent all interests
concerned. The board, to bo named when the price-fixing
pool proposed by tho manufacturers finally is arranged, will
comprise five members, one each from the manufacturers,
jobbers, largo publishers, small publishers and tho Trade
Commission.
The Trado Commission representative will
operate the pool from offices in Now York. Other members
of tho board will sorve in an advisory capacity and their
powers will bo purely ministerial.
Newsprint paper prico arbitration, undertaken by tho
Commission, will succeed, in its opinion, only if publishers
practice tho closest economies in the use of paper. Blank
agreement forms sent to publishers throughout tho country
on March 9th informed thorn that to bonofit by tho prioefixing plan they must not only consent to relinquish 5 % of
their paper requirements, but must agree to discontinue
return privileges and must buy additional papor only to
meet the most urgent needs. Tho Commission then ex­
pected to go ahead with its plans as soon as enough pub­
lishers should come into tho arrangement to mako it prac­
ticable. The prico-fixing proposal, as advanced by manu­
facturers, will be operative for six months. Whilo tho Com ­
mission has sot a prico of $2 50, in its notico to publishers it
says this price will bo tried first for three months, and then
if found too low will be readjusted. To insure that small
publishers got papor, tho Commission is working on a plan
under which manufacturers will sell to them first tho papor
released by large publishers.
The proposal that the Commission fix papor prices was
made to it by tho nowsprint papor manufacturers on Fob.
16.
Manufacturers who did not join in the proposal
wero requested to appear boforo tho Commission on Feb.
23 to present their views.
Representatives of tho Ameri­
can Newspaper Publishers’ Association wero also in at­
tendance
at
tho conference on that day, and thoy
told the Commission that as tho Association represented
a largo porcontago of tho country’s nowsprint paper users,
they believed thoy could speak for all tho publishers. A l­
though they woro glad to accept any prico reduction, tho
publishers said thoy would agree to an arrangement for
prico fixing only if free and open competition bo established
among the mills and tho price reduction bo put on a per­
manent basis. Thoy did not think tho manufacturers’
proposal would bo practicable unless at least 5 0 % of tho news-

A pr . 28 1917.]

THE CHRONICLE

print makers signed it. The publishers during the con­
ference which was continued on the following day declared
they did not want to see anybody go to jail, but did want
to see broken any combination to control prices. This,
they believed, could not be accomplished solely through
adoption of an arbitration plan to last six months. They
wanted permanent relief, and believed that could be brought
about only by the continuance of the Department of Jus­
tice investigation. They would rather pay higher prices
for the next six months, they declared, than get lower prices
now and have no assurance for the future. The Commis­
sion, as already stated, made no promise of immunity to man­
ufacturers. Its members expressed the belief that every
effort should be made to restore free competition, but were
of the opinion that competitive conditions could be brought
about quicker through the plan proposed, if all agreed to
it, than through action by the Department of Justice alone.
On Feb. 26 the newspaper publishers voted unanimously
to co-operate with the Commission if it decided to accept
the proposal by nowsprint paper manufacturers for the
fixing of prices of their products. The publishers agreed to
reduce their requirements if necessary to make the plan
successful. The publishers made it clear that in accepting
the proposal they would not accept any plan carrying with
it a promise that manufacturers guilty of violating the antil
trust laws escape punishment. A t a meeting held before
they saw the Commission on Feb. 26th a resolution was
adopted saying:
It is tho sense o f those assembled that whatever may be the outcome of
these pending conferences there should, in tho judgment o f this meeting,
bo no suspension or interruption o f tho investigation into tho causes leading
to the conditions now existing in tho newsprint paper trade now proceed­
ing through tho agency o f tho Department o f Justice.

W hen this declaration was read to the Commission Francis
J. H eney, who was conducting the Commission’s newsprint
investigation, declared the Department of Justice had no
intention of stopping its investigation. After the meeting
on Feb. 26th most of the publishers signed an agreement sub­
mitted by the Commission, in which they pledged them­
selves to cut their requirements at least 5 % below
their 1916 supply of paper.
The final
consent o f
the publishers to the plan came after a day of conferences
at which many of the largor newspaper owners objected
strongly to any condition that would take from them any
paper they have contracted for. Small publishers and
members of the Trade Commission, however, pointed out
that success of the proposal depended entirely on such a
concession and when a vote was taken not a publisher voted
in the negative. This resolution was adopted as repre­
senting the attitude of the publishers present:
Resolved. That tho newspaper publishers present at this meeting agree to
use less newsprint paper in 1917 than they used in 1916, with the thought
in mind that this will create a surplus which will insuro a supply to all news­
papers, particularly tho smaller papers, which have difficulty in securing an
adequate supply; and we recommend to all nowspaper publishers that they
do likewise In our common Interest.

Tho statement was made on Fob. 26th that the Commis­
sion’s investigation had shown there was no shortage, but
that the margin between production and consumption was
close. It was made clear the Commission would enter into
no arbitration plan with price alone the factor and with no
arrangement as to distribution.
The acceptance on March 4 of the arbitration plan was
announced by the Commission in a preliminary report
to Congress on its newsprint investigation, saying there had
been no real shortage of paper, but that important manu­
facturers of the United States and Canada had banded to­
gether to secure unreasonable profits. The Commission’s
findings were outlined briefly in the following summary:
The increases In the selling price o f newsprint paper for tho year 1917 was
In most cases greater than could be Justified by the increases in cost.
Thero is not now and has not been a serious sortago of nowsprint. The

Commission finds that there is enough nowsprint paper to meet all the
strictly necessary demands of publishers during 1 9 1 7 . There is, however,
a close balanco between supply and demand, and tho Commission recom­
mends the strictest economy in the uso of newsprint paper.
The system of distribution o f news print paper is faulty. By reason of
this fact this close balanco between supply and demand could easily bo de­
veloped Into local shortage, and this situation was taken advantage o f and
exaggerated by artificial means. Reports o f tho alleged shortage were
widoly circulated for tho purpose o f Justifying high prices. Keen com­
petition among the comparatively unorganized publishers, who, in their
anxiety to assure themselves o f tho necessary supplies o f paper, bid fever­
ishly In tho open market, helped to make tho situation moro acute.
Tho increase In prices has been duo in part to tho fact that free compo
tition has been seriously restricted in the newsprint paper industry. Im”
portant manufacturers in the United States and Canada were banded to"
gothor to secure unreasonable profits.
Somo small publishers havo already been put out o f business and more
are likely to suffer the samo fate, and somo largo publishers will bo finan­
cially ruined and many others will bo unable to mako any profits unless
conditions are remedied.
The Commission directed its efforts to a discovery o f tho facts affecting
the economic and legal sides o f the question, and within limitations o f its




16 69

power sought to restore also competitive conditions in the Industry and at
the same time to bring such immediate practical relief as would prevent
serious financial distress and injury while the processes o f competition were
being restored.

The Commission made it clear that it was not acting as an
agency of the Government to fix prices, but was serving only
as an arbiter. It declined to act until both publishers and
paper jobbers agreed to the manufacturers’ proposal and
promised co-operation. Jobbers have agreed to handle and
distribute paper put at their disposal by the Commission at
rates the Commission prescribes.
Besides the price of $2 50 at the mill in carload lots,
the Commission named these prices: Less than carload,
$2 75; newsprint sheets in carload lots, $3 25; less than
carload, S3 50. Jobbers are to charge not more than 5 % on
carload lots, 12}4% on less than carload lots, and 2 0 % on
less than a ton. The report said:
In accepting tho responsibility here exercised, the Commission recognizes
the grave difficulties involved. It may not bring all o f tho relief which
may be expected from it, but all publishers will be given an opportunity
to participate in the plan.
In the opinion o f the Commission, the most certain remedy for immediate
relief of the present situation is for all the metropolitan dailies still further
to reduce the size of their papers and the number of their editions, and for
those who have not done so to cut out such wasteful practices as allowing
full credit to news stands for the return o f unsold papers.
Within the last year, prices to large consumers have been ad­
vanced from about $40 a ton to more than $60 and $70 a ton and in some
cases even to $90 a ton. Also, by concerted action the terms of contracts
have been changed so as to shift a considerable financial burden from the
manufacturers to the publishers. To some o f the larger newspapers o f the
country this price increase means in some Instances an increase in cost of
hundreds o f thousands o f dollars. This means in many instances not only
the loss of profits for the year, but a serious financial embarrassment o f the
publication itself.
Smaller publishers havo been forced to pay prices as high as $150 and $180
a ton. In addition to the increases in price among publishers o f minor
dailies and weeklies, it is complained that they found great difficulty in
getting paper at any price, and to a largo number of such publishers In
the country the increase in price means a difference between a living mar­
gin and the complete ruin of their business and the suspension o f their
publications.
The financial strength of the great daily publications may enable them to
survive. It is the smaller papers that will suffer most if present conditions
continue. The small daily and weekly publications o f the country par­
ticularly servo a great and useful purpose in disseminating facts and in
the creation o f an Intelligent public opinion, and such disaster as impends
by reason of this increase in the price of newsprint paper makes the ques­
tions one o f great public concern.
The existing situation is due partly to conditions of supply and demand.
* * * While theso conditions obtained and naturally would have some
influence on prices, it is the opinion of the Commission that the prices
actually were made in the industry without the operation of free compe­
tition influences in their determination. By means o f a trade association,
organized ostensibly for a lawful purpose, conditions in the market were
Influenced in a very substantial degree and in a manner which sustained
a price which would not be possible under conditions of free competition.
Concert of action was made possible through this association in the matter
of discouraging the new production of newsprint, in the division o f cus­
tomers, in the promotion of fear that the supply would not be equal to
the demand, in disseminating propaganda justifying higher prices because
of alleged higher costs, and in other ways. The increases in the prices
charged are not justified by the increased costs o f production.
Contemporaneously with its economic investigation the Commission also
conducted an Inquiry into unfair trade practices or violations of the Federal
anti-trust laws. The full powers of the Commission were invoked, and the
books, papers, and private correspondence pertaining to the industry of the
Manufacturers’ Association were examined. The facts so gathered were
transmitted to the Department o f Justice.

On Feb. 28 the newsprint paper manufacturers in sub­
mitting to the Commission cost figures for their mills asked
that such prices be allowed as would permit them still to do
business at a profit. Present costs, they declared, would
mount during the year because of scarcity of wood and ad­
vancing labor prices. P . T . Dodge, President of the In­
ternational Paper Company, said his concern at present
was making newsprint at a far less profit than on other
grades of paper. H e insisted that last year’s rise in news­
print prices was due to increasing costs and to an unusual de­
mand. One of his mills, he said, was selling paper now on
contract at a price actually less than the cost of production.
For years, he said, paper mills had made little money and
prospects for the future were not bright because forests
were disappearing. M r . Dodge declared the International
Paper Company had no watered stock and that failure to
pay dividends was due to the fact the company had made
no money.
In its annual report for the calendar year 1916, issued
April 24, the International Paper Company showed a profit
for the twelve months, above bond interest and deprecia­
tion allowance, in the sum of $4 ,620 ,72 7, against annual
profits in the three preceding calendar years of $1,219,515,
$1,137,709 and $993,805 respectively.^ In explanation the
report says:
For several years prior to 1916 the publishing business o f the country was
in a depressed condition, the demand for newsprint paper was small, the
prices were ruinously low, and vast stocks were accumulated by the manu­
facturers. Suddenly, in the early part o f 1916, there came a remarkable
revival, and the newspapers increased their circulation and their adver-

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[Vol. 104.

THE CHRONICLE

tlsing to a point nover before known. The demand for paper increased
by leaps and bounds, and although all the nows machines of tho Continent
were operated to their greatest capacity, the demand for consumption
greatly exceeded tho production. Not only was the daily production con­
sumed, but tho accumulated stocks also disappeared and a cry for more
paper extended throughout the land. Following tho well-known law of
supply and demand, tho price of newsprint paper in tho open market very
rapidly advanced. To a limited extent this was due to tho action of jobbers
and retailers, but in the main it was duo to tho fact that tho publishers,
bidding against each other, Insisted upon having paper at any price at which
It could bo obtained.
“ Financial America” of March 2nd had tho following
to say regarding the agreement of the International Paper
Company to abide by the findings of the Commission:

An officer of the International Paper Company in commenting on tho
Washington reports that the Federal Trade Commission would shortly
announce a price of 2.50c. to 2.60c. per pound at which nows print pro­
ducers would sell their product to domestic consumers said:
•‘The International Paper Company has signed an agreement to abide
by the findings and recommendations of the Federal Trade Commission.
The prlco which the Commission will recommend has not as yot been de­
termined. This company has written contracts for every pound of news­
print which can be produced up to January 1918 at a prico of 3.10c. per
pound at the mill, but it is likely that wo make somo arrangements with
our customers regarding their contracts after the committee nas announced
its recommendations. This will lie purely a voluntary action as tho com­
mittee has not power to enforce Its recommendation at law. 'Iho agree­
ment covers tho price at which newsprint will bo sold from March 1 to
Sept. 1 1917.”
If tho committee recommends a price of 2.50 to 2.60c. a pound, this wil
represent a reduction of from 310 to §12 per ton, thereby cutting in half the
increaso in prico made by the company on 1917 contracts. The importance
of this action cannot bo minimized as it inaugurates the principle of Federal
fixation of prices charged by American producers.
What tho monetary loss will mean to International Paper cannot be
readily calculated as tho cost of newsprint production in 1917 is an un­
known quantity. An officer of tho company stated somo time ago that tho
contemplated 1917 newsprint production approximately would bo 434,000
tons, which at a prico of 3.10c. per pound would givo the company revenue
from this sourco of about 327,000,000 per year. Tho cut in prico to be
announced by tho Trado Commission if •ft leads to a general rovision of tho
1917 contract prices will reduce this revenue, provided it establishes tho
prico for one year, as is now expected, by between 34,500,000 and 35,­
300,000.
The production this year will hardly come up to estimates as freight
congestion, prohibiting tho prompt receipt of supplies at tho mill, has
necessarily restricted operations. Tho Niagara mill, which was closed
down Feb. 17, has not as yet resumed operations duo to tho inability to se­
cure wood pulp. This mill produces approximately 165 tons of newsprint
per day. Other mills are working on scant supplies and if relief from freight
congestion is not secured soon, will bo forced to reduce operations or closo
down temporarily. What tho reduction in net earnings will amount to
because of tho two factors cannot bo accurately estimated so long as tho
cost of production is unknown.
The Now York “ Times” reported some time ago that tho
Canadian paper manufacturers had on M arch 5th agreed to
supply Canadian nowspapers with newsprint paper at 2lA
cents at tho mill. This price, it stated, was satisfactory
to tho Government and tho newspaper proprietors, and
rendered unnecessary any action by tho Government under
tho recent Order in Council, which gavo it power to limit or
prohibit export or even to seize and operate tho mills.

BRITISH FOOD CONTROLLER WARNS OF COMING PRI­
VATION-INCREASE IN ACREAGE.
Lord Devonport, the British Food Controller, in tho House
of Lords on April 25 gave the British public solemn warning
that tho country’s shipping was being depleted daily in large
volumo, and that severe privations menaced tho nation be­
fore tho next harvest was reached. His warning was given
in response to a question as to what success had attended tho
efforts at voluntary rationing and whether tho Government
intended to resort to compulsion. In his long reply, Lord
Devonport recited tho extensivo efforts that aro being mado
by the press, pulpit and schools and also by the local com­
mittees, to impress on tho community the urgoncy of food
restrictions. He said that it might be described as a general
election on a grand scale, with a view of soliciting tho alle­
giance of every citizen, particularly tho womon, to reduce tho
consumption of bread. “ If our shipping resources wero
assured,” he declared, “ we could undoubtedly carry on, but
they aro not assured. Our shipping is being depleted every
day in largo volume, and, although our existence depends
thereupon, it is at tho moment a wasting security. As there
is no immediate prospect of our locked-up shipping being
released from its present occupation, wo have to face this
grim fact. Unless wo exercise sufficiency of self-denial in
the consumption of bread, I tell you tho blunt truth, wo shall
not get through till next harvest without sovero privation
and all that it involves.” Insisting on tho necessity of lim­
iting consumption to four pounds of bread per capita weekly,
Lord Devonport admitted that ho was watching tho weekly
figures of national consumption and reserves with growing
anxiety. Ho continued:

no margin for risks. Recognizing this, I havo deckled to sot up forthwith
tho necessary machinery for rationing, in order to bo prepared to deal
with tho control and distribution of tho supplies of bread, sugar and any
other food at short notice, if any, when necessary.
It will tako somo fow weeks before such machinery can bo brought into
action. In tho meantimo, tho nation will docido for itself whether it will
bo voluntary retrenchment or compulsion, with its tickots, officials and other
accessories, un-English in character. To win through on tho voluntary
principlo will be a national victory, of which wo shall all bo proud. A
resort to compulsion will, on tho contrary, bo an admission that in an hour
of diro peril a largo proportion of tho peoplo failed to recognize their obvious
duty.
Lord Devonport lias selected Empire D ay , M a y 24, as tho
time for a nation wido renewal of the appeal to tho peoplo
against wastefulness in tho use of food. Great masses of
propaganda literature will bo spread throughout tho country,
special demonstrations aro being arranged and exercises will
be held in the schools to impress upon tho minds of tho childred tho necessity for the conservation of food. Rowland
Prothero, President of tho Board of Agriculture, in tho House
of Commons on April 24 said that there had been already a
substantial increase in tho amount of ground under cultiva­
tion in tho United Kingdom. M r. Prothero made this an­
nouncement on tho moving of tho second reading of the bill
embodying the Government’s proposals for tho cultivation of
land, as outlined by Premier Lloyd George somo weeks ago.
Under the terms of this measure, it is said, minimum prices
for wheat and oats for six years and minimum wages for agri­
cultural laborers aro fixed. M r. Prothero declared that not
only had the great reduction in acreage of 1910 been wiped
out but that in England alone there had been an addition of
300,000 acres and in Ireland of something like 700,000 over
the total of land under cultivation in 1915. Until England
was more independent of tho foreign producer, added M r.
Prothero, she would always bo in a dangerous position. He
said that another quarter of a million men would bo required
for working tho land. Tho minimum wago, ho announced,
would bo twonty-fivo shillings weekly, inclusive of allow­
ances. Ho emphasized tho need of making rural life moro
attractive and of increasing tho remuneration of farm work­
ers. Ho contended that national security along tho lines of
which he spoko was not an impracticable dream, but was ob­
tainable if for tho coming fivo years 8 2 % of tho food required
could be grown at homo. B y that time, ho added, tho na­
tion would bo freo from tho effects of tho submarine warfare.

AMERICANS IN GERMANY NOT TO BE INTERNED.
A dispatch from Berlin, via London, on April 13, stated
that there will be no internment of Americans in Germany.
A conference of political and military authorities was held in
Berlin on April 12 and at its conclusion it was announced
that the German Government would treat Americans hero
on virtually tho samo lines as laid down in Prosidont W ilson’s
proclamation concerning tho treatment of Germans in tho
United States. Tho Americans in Gormany, tho dispatch
said, will havo almost overy freodom, and so far havo on•joyed tho samo freedom as is accorded to noutrals, except
they aro not allowed to livo in fortified places and they aro
subject to strict police registration requirements. Thoy may
carry on their businesses as before.

GREAT BRITAIN GRANTS SAFE CONDUCT FOR
GERMAN AND AUSTRIAN CONSULS.
Ambassador Pago at London on April 21 notifiod tho State
Department at Washington that ho had been informed by
the British Government that it was prepared to grant safo
conduct to Count Adam Tarnowski, Austrian AmbassadorDesignate, and his staff from tho United States to Austria.
The British Government has taken similar action with refer­
ence to German consular officials from China, who are re­
turning to Germany by way of this country. According to
reports, it is expected that tho two partios will bo combined
and will take tho samo route homo as was taken by Count von
Bernstorff, stopping for examination at Halifax, and lauding
at Denmark.

___________________

TURKEY SEVERS DIPLOMATIC RELATIONS WITH
THE UNITED STATES.

The State Department at Washington on April 23 received
official notification of tho breaking off by tho Turkish Gov­
ernment of diplomatic relations with tho United States.
Tho announcement was convoyed in a dispatch from tho
American Minister at Borno, Switzerland, M r. Stovall.
Tho communication came from G . Cornell Tarlor, Secrotary
Who can say when tho war will end? We must bo prepared for all con­ of tho American Legation at Constantinople, acting for A m ­
tingencies, even tho failure of tho presont year’s harvest. Tho continu­ bassador Elkus, who is ill. It was sent to tho American
ance and increaso of tho enemy’s submarlno activity Is another factor
without which our outlook upon tho future cannot bo completo. There Is Legation at Berno, and was forwardod from thoro to Secre-




A m . 28 1917.J

THE CHRONICLE

1671

tary Lansing. A statement issued by the Stato Depart­
ment on the 21st inst. said:

surprise at the threat used by the Government of the Re­
public of China in its note of protest,” a n d ‘declares that
The Department of State Is advised by a telegram from tho American “ the surprise of the German Government is doubly great
Embassy in Constantinople, dated April 20, forwarded through tho Lega­ because China has no shipping in the blockaded zones and
tion in lierno, that tho Imporial Turkish Government on April 20 informed
tho Embassy that, as the Government of tho United States had declared will not suffer by the blockade.” Diplomatic relations
itself to bo in a stato of war with Germany, tho Ottoman Government's wero broken off between China and Germany on March 14
ally, it found it necessary to sover its diplomatic relations with tho Unitod as noted in these columns March 17. In our issue of March
States as from that date.
American interests in Turkey havo been confided to tho Swedish Minister. 31 we gave the text of the proclamation, issued by the Presi­
W ith the rupture of relations the Stato Department has dent of China, Li Yuang-Hung, announcing the severance
arranged to hand passports to tho Turkish Consular officials of diplomatic relations. The full text of Germany’s reply
in this country, and to provide for their saro passage nomo. to the Chinese note of protest reads as follows:
Tho Imperial German Government expresses great surprise at the threat
Tho Turkish Embassy at Washington is in cliargo of Abdul
used by tho Government of tho Republic of China in its note of protest.
Hak H ussein .B o y , First~Secretary and Cliargo (j’Xffaircs, Many other countries also protested, but China, which has always been
as A . Rustim B ey, the TurkislTXmbassador, has beon “ at” in friendly relations with Germany, was the only State which added a threat
sent” from his post since early in tho war, when he gave to its protest. The surprise of tho German Government is doubly great
because China has no shipping in tho blockaded zones and will not suffer by
offonso by injudicious criticism of President Wilson, and was the blockade.
Tho Chinese Government mentions the loss of life by Chinese citizens,
ordered homo by his Government. Abram I. Elkus, Ameri­
which has occurred as a result of the present methods of war. The German
can Ambassador at Constantinople, is now ill at his post Government wishes to point out that tho Chinese Government never com­
with typhus. It is said that he will bo permitted to remain municated with the Imperial Government regarding a single case of this
in a hospital until ho is able to leave Turkey. Soveral im­ kind, nor ever protested regarding such cases before. According to re­
ports received by the Government, such losses as have been actually sus­
portant developments, it is stated, are expected to follow tained by Chinese subjects occurred on the firing lino, while they were en­
the action of the Ottoman Government in breaking off rela­ gaged in digging trenches or in other war work. They wero thus exposed
tions with the United States. Under tho generally accepted to dangers which are inevitable to all the forcos engaged.
The fact that Germany has several times protested against tho employ­
principles of international practice this country, it is said, ment of these Chinese gives excellent proof of its friendly feelings toward
would be justified in viewing tho Porto’s action as formal China. In consideration of these friendly relations, the Imperial Govern­
adhesion by that Government to Germany’s cause in her war ment is willing to treat tho matter as if tho threat were never uttered. It
is reasonable for the Imperial Government to expect that the Chinese
with America, and tho United States would bo released from Government will revise its views in respect to this question.
all obligations of neutrality respecting Turkey and tho
Germany’s enemies wero the first to declaro a blockade of Germany, and
Entente Allies. Tho course which tho United States is this same blockade is being persistently carried out. Therefore It is diffi­
cult for Germany to cancel her blockade policy. Tho Imperial Government
oxpected to follow, and which would be injurious to Turkey, nevertheless is willing to comply with the wishes of the Chinese Government
according to tho New York “ Tim es,” may includo recogni­ by opening negotiations to arrivo at a plan for protecting Chinese life and
tion by tho United States of the British protectorate of Egypt, property, and the utmost regard will be given to Chinese shipping rights.
The reason which prompted tho Imperial Government to adopt this con­
a recognition heretofore withheld because of tho friendly ciliatory policy is the knowledge that once diplomatic relations are severed
relations existing between Turkey and this country; an an­ with Germany China will not only lose a truly good friend, but will also
bo entangled In unthinkable difficulties.
nouncement in favor of an independent Jewish State in Pales­
In transmitting the note tho German Minister at Pekin
tine, tho character of tho Government to bo republican;
added:
possibly recognition by tho Stato Department of the Kingdom
In forwarding to your Excellency the above instructions from my home
of Hodjas, composed of Arabs who rebelled against Ottoman Government I beg also to state that if the Government of China is willing
rule successfully, and who are now co-operating with tho I am empowered to open negotiations with a view to protecting the shipping
rights of China.
__________________________
British forces fighting the Turks in Palestine, with Jerusalem
as their objective; publication of tho consular and diplomatic
CHINESE GOVERNORS IN FAVOR OF WAR WITH
reports to the Stato Department on tho massacres and de­
GERMANY.
portations of Armenians— reports which are declared by
A dispatch from Pekin on April 25 stated that at a con­
those who have read them, it is said, to describo with ex­
ference of provincial and military Governors, at which the
traordinary realism tho horrors with which tho Turkish crimes
Premier presided, it was voted unanimously that China
against an entire race wore perpetrated. It is said that these
should enter the war against Germany. A canvass, the
reports are far more sensational than thoso edited for tho
British Government by Viscount Bryce, and that they wero dispatch said, shows that Parliament is overwhelmingly
written by eye-witnesses who happened to bo tho American in favor of China declaring war, but President Li Yuan Hung
is still undecided on the question.
officials.
•
Dispatches from London on April 10 stated that the Turk­
ish Foreign Offico had issued an announcement saying that
the American guardship Scorpion had beon interned at'
Constantinople. The Scorpion’s internment, it is said, had
been oxpected at Washington for somo time, and was in
accordance with tho rulo necessitating such action for a
belligerent war vessel not leaving port within a prescribed
time. Tho N avy Department, it is stated, through tho
State Department, soveral weeks ago cabled to Ambassador
Elkus suggesting that tho Scorpion leavo Turkish waters
for the Black Sea, but Turkey objected to this on tho ground
that tho sea was practically dominated by Russia, an enemy
of Turkey’s ally, Germany. Departure through the Dar­
danelles was thought to bo impossible, and, as a result, a
part of the Scorpion’s crow went through Austria into Switz­
erland beforo the soveringof relations between Austria and tho
United States. The sailors from tho Scorpion have arrived
at Switzerland and havo joined tho party of American
consuls returning to this country from Austria. Tho Scor­
pion is a converted yacht and has been stationed at Con­
stantinople as a dispatch boat for tho American Embassy
since November 1908.

GERMANY’S REPLY TO CHINESE NOTE PROTESTING
AGAINST SUBMARINE DECLARATION.
Tho toxt of the Imperial German Government’s reply to
tho Chinese Government’s note protesting against Ger­
many’s policy of unrestricted submarine warfare, was re­
ceived at Washington on April 17. China in protesting
against Germany’s submarine campaign declared that un­
less Germany abandoned her now submarine policy China
would bo compelled to break off diplomatic relations with
her. The German Government in its reply “ expresses great




GREAT BRITAIN RESTRICTS TRADING IN HEMP.
“ Commerce Reports” of April 23 had tho following to say
regarding restrictions by Great Britain on trading in hemp.

Tho United States Department of Stato is advised that the War Office in
London has announced that, except under license from tho Director of
Army Contracts, no person shall mako or take delivery of or payment for
manila hemp or Maguey fibre pursuant to any contract entered into sub­
sequent to April 2. No person shall, except with permit, purchase for
sale or manufacture in Europe any manila hemp or Maguey fibre.

LIFE OF BRITISH PARLIAMENT EX TENDED—THE
IRISH QUESTION.
Tho House of Commons on April 17 by a vote of 28G to 52
passed on second reading a bill extending the life of the
Parliament until the end of November, thus removing all
possibility of the country being disturbed in the near future
by a goneral election. Opposition to tho bill was made by
Nationalists, on the ground that no solution of home rule
for Ireland had yet been announced. Andrew Bonar Law,
Chancellor of the Exchequer, and a member of the British
W ar Council, admitted that a solution of the home rule
problem would be a great advantage in tho prosecution of
the war. The Government, therefore, was most anxious,
ho said, for a settlement and was hopeful that the spirit of
war produced in Ulster would create an atmosphere favorable
to a settlement now instead of waiting until after the war.
He declared that there never had been a time when there
was so much good will existing on this question and that it
was needless to despair of arriving at a solution. He an­
nounced that Premier Lloyd George hoped to mako a state­
ment early the next week on the Government’s intentions
with regard to home rule. The Chancellor said the British
troops wero engaged in tho greatest operation since the com­
mencement of the war and were meeting with successwhich
oxceeded his expectations. It would be highly disadvati-

1672

THE CHRONICLE

tageous, ho said, if the country should bo plunged into tho
turmoil of an election with the possibility of a division and
certainly the energies of the nation would be diverted from
the prosecution of the war. M r . Dillon, moving tho rejec­
tion of tho bill, said the Nationalists would vote against the
measure at every stage. The present Government, he de­
clared, appeared to be no nearer a solution of the Irish ques­
tion, and was continuing a state of things in which the
Nationalist party of the House of Commons could rightly
be taunted with the fact that it could not speak for Ireland.
Continuing ho said:

Although for thirty-fivo years tho Nationalists have been subjected In
Ireland and In America to vigorous reproaches, abuse and villification by
their own people, they have succeeded in converting twenty-nine out of
every thirty people to their view. The Government now is converting
them back by tens of thousands to tho old view and undoing to a very large
extent tho life work of tho Nationalists and at tho samo time increasing
tho power of the republican party in Ireland.

GREAT BRITAIN REQUISITIONS BRITISH VESSELS
IN NORTH ATLANTIC TRADE. ■]
The British Government has requisitioned all the ships
of the International Mercantile Marine Company sailing
under tho British flag and hereafter all vessels of British
registry in the North Atlantic trade will sail under Admiralty
orders. The ships, it is said, will not bo taken over by tho
British Government in tho samo sense tlfat vessels comman­
deered for naval and military services have been, but will
be operated by their owners under strict supervision and
direction of tho British Shipping Controller. It is said that
payment to tho companies for tho use of their vessels will bo
based on the “ Shippers Bluo B oo k ,” which is a code of re­
numeration for owners of vessels seized by tho British
Government. Some uncertainty exists as to whether the
1 5 % of cargo space which has been available for private
shipments and for which tho lines have been able to charge
at market rates will still be free for such uso. Eighty-five
per cent of tho cargo space on British liners has been re­
served exclusively for Government shipments since the be­
ginning of tho year but this has been exceeded or certain
steamers, it is said, when the amount of Government cargo
awaiting movement was particularly heavy. The first
official announcement with reference to tho matter came
on April 16 when P . A . S. Franklin, President of tho Inter­
national Mercantile Marine announced that the British
ships of that line were to be requisitioned. As rapidly as tho
vessels affectod which sailed from this country for Europe
on or after March 21 arrive at their destinations tho new
regulation will bo applied to them. About 9 0 % of the
Mercantile Marino fleet had been sailing under British
registry. Only nine vessels of the combination— thoso of
the American line, which sail under tho American flag— will
continue as heretofore. The lines of tho International Mer­
cantile Marino affected by tho order are the W hite Star,
Red Star, Leyland, Atlantic Transport and Dominion.
Some of tho vessels of theso lines had already been taken
over by the Government for Admiralty service. The M er­
cantile Marine craft are the last to be affected by tho “ na­
tionalization” decreo of tho British authorities. Other
North Atlantic lines that have been “ nationalized” are tho
Cunard, Anchor, Allen, Canadian Pacific, Bristol, Wilson,
Donaldson, Furness, W ith y, Phoenix and the Royal M ail
Steam Packet C o. The term “ nationalization of shipping”
was first used, it is stated, by Premier Lloyd Georgo in a
speech delivered shortly after tho resignation of tho Asquith
Cabinet and the program it implied was inaugurated by
Sir Joseph M aclay, appointed Shipping Controller under
the new ministry. N o official definition of “ nationaliza­
tion,” according to the “ Journal of Commerco” of this city,
has been forthcoming, but the requisition of tonnage has
been rapidly extended and tho Government has entered
upon a program of standard ship construction and of ship
purchasing. Labor in tho shipyards has been mobilized
for its most efficient use and measures have been introduced
governing tho distribution of shipbuilding materials. It is
said that with the requisitioning of tho liners “ nationaliza­
tion of shipping” is virtually complete.
The circular letter sent out by the Secretary of tho British
Shipping Comptroller to the British steamship companies,
explaining tho policy of requisition, according to tho “ Journal
of Commerce” of this city, roads:

I am directed by the Shipping Comptroller to inform you that it lias be­
come necessary to requisition all steamers (other than thoso already requi­
sitioned by II. M. Government, by tho Governments of India, by tho Gov­
ernments of any of II. M. self-governing dominions or by tho Governments
of any of tho colonies) -whether owned, managed or chartered, which are
now or may subsequently bo operated outwards or homowards under tho




[Vol. 104..

auspices of your company between any port or ports in tho United King­
dom and-------- .
Requisitions will take effect as from tho first occasion of tho vessels’
complete discharge in tho United Kingdom (whether immediately succeed­
ing or prior to any voyago as above), or (in tho ovent of tho operation of
loading and discharging overlapping) on a dato to bo agreed as the date of
such completion, or (in the case of vessels not now trading to tho United
Kingdom) at a dato which will bo communicated to you later.
Unless and until you aro otherwise directed, it is not tho desire of the
Government to interfere either with tho naturo of your business or tho
method of conducting it which would have been followed if tho steamers
had not been requisitioned, except so far as thoso may bo affectod by tho
decisions of tho representative committees of shipowners at homo, and of
agents abroad, referred to later.
You will contlnuo, therefore, to run tho vessels as for yourselves, though
actually for tho account of tho Government, crediting full earnings and
dobiting net charges after allowances for all rebates, commissions, &c.
You will bo advised later as to tho arrangomonts under which you will
bo credited with hiro on requisitioned terms, &c.
Tho Bluo Book rates and conditions with tho charters attached theroto
will form tho basis of remuneration to owners, but this, of course, will bo
subject to adjustment of tho various charges payable by owners thereunder.
If, for instance, tho cost of marino lnsuranco, crows’ wages and victualling,
ordinary upkeep, &c., aro debited as disbursements against tho Govern­
ment, tho Bluo Book hiro which covers theso charges will necossarily bo
correspondingly reduced. Tho precise mothod of this adjustment can for
tho moment bo postponed.
In connect on also with tho charges to bo incurred in working tho ships,
questions will doubtless arise for discussion and settlement. Moantimo
it is sufficient to lay it down as a general princlplo that you aro authorized
to incur expenditure which it has been your practico to incur in tho past,
or which, as a prudont owner, you may reasonably incur in tho futuro.
With regard to cost of insurance in particular you aro authorized (ponding
any further communication) to incur any expenditure whether in tho form
of premium or call In respect of policies on hull and machinery against
war as well as marino risks (and in tho caso of war risks, including tho con­
tinuance of any excess value lnsuranco hitherto maintained by you), on
tho understanding that to tho extent any sums aro recoverable by you under
such war risk policies you will hold tho Government absolved from tho lia­
bility for loss or damago attaching under tho terms of tho Bluo Book in
that regard. Insurances on froight and disbursements should not bo
ronowed.
If any marino and (or) war insurances as abovo authorized aro vitiated
by reason of your obedience to Government Instructions, tho Government
will indemnify you against tho consequonccs.
Whilo tho Bluo Book rates of requisition aro usually taken to cover such
duties of purely ship management as would dovolvo on owners undor a
time-charter, it is recognized that tho foregoing proposals contomplato
responsibilities and services of a more extensive character, covering practi­
cally tho general management of tho vessels in tho full senso of tho term.
It is not anticipated that any serious difficulty will arise in tho settlement
of this point, but I may observe that tho Government desires to interfere
at present as llttlo as possible with existing trado arrangements at homo,
and that payment to agents abroad by tho owners will in most cases bo
governed as a voyago disbursement by well established custom.
In cases where lines have their own offices abroad, it is suggested that the
samo scalo may for tho present bo applied as to agents, but In order to
secure tho most satisfactory and economical program of loading, a scliomo
for pooling the remuneration among tho various agency interests abroad
should bo so devised by thcmsolvcs that it may bo a matter of indifference
at what ports and in whoso hands tho vessels aro placed by tho homeward
committee.
To repeat: Tho general intention is in a word that you should run the
steamers as for yourselves, though on account of tho Government, who
confidently look to you to conduct tho business with as much zeal and
caro as if your own interests alono wero still Involved.
Tho abovo discretion thus left to you is subject, however, to tho following
qualifications:
You and your colleagues In tho trado will bo asked to submit to tho
Controller names acceptable to yoursolvcs and colleagues as members of
a small committeo (which will includo representatives of tho Controller
and should cover all United Kingdom ports) to examlno tho requirements
of tho trado or trades in relation to tho tonnage availablo and to submit
for tho approval of tho Controller a suggested program of outward employ­
ment for tho individual vessels whether on tho direct United Kingdom or
indirect outward berth.
This committeo will pay special attention to ascertaining whether there
is any tonnago in excess of tho outward requirements which is availablo
for employment alternative to your own trado.
In tho event of tho Controller having to ask that a given number of tho
vessels in tho trado shall bo transferred for employment with countries
nearer to tho United Kingdom, this committeo will also advlso as to tho
best consequent rearrangements of tho programs of tho vosscls loft in tho
trado in question.
Similarly abroad it is hoped that tho homeward employment, loading
program and movements of tho steamers, will bo placed by tho outward
committeo in tho hands of central committocs of agents approved by tho
Controller, and it will bo for consideration whothor in certain cases com­
bined central committees covering tho sphoro of more than ono conference
cannot advantageously bo formed to carry out theso functions. Failin' th
establishment of such central committees tho closost possiblo coopera­
tion between tho soveral agents must bo maintained for thoso purposes.
Apart from facilitating any withdrawal of steamers from their trades for
more urgent national employment. It is oxpectcd that tho abovo proposals
leading to greater unity of control with identity of interest will enable ton­
nago to bo administered moro efficiently, and by throwing open a wider
field of alternative employment for any excess over and abovo tho trade’s
requirements, be productive of sonslblo economy In its uso.
Similar action to that indicated abovo has already been takon In tho caso
of a number of liner trades, and is now under consideration for others with
a viow to being put into operation as soon as possiblo.
It would bo convenient if any suggestions or observations you may wish
to mako on tho foregoing proposals could first bo discussed with your col­
leagues In tho conference or confcroncos of which you aro a member, and a
joint letter prepared reflecting tho views which find most general acceptance.
Tho desirability of holding a meeting for that purposo Is being suggested
to M r.-------- , tho Secretary o f ---------.
I am to request that you will forward a schedule of tho vessels affected
in your own caso by tho foregoing proposal with their present position and
Itineraries,
Also tho names of any steamers not ownod by you at present boing or to
bo operated by you on commission terms, together with tho names of tlicir
owners.

A pr . 28 1917.]

THE CHRONICLE

I am directed to inform you that any steamer owned by or under charter
to|you, which is at presont frco from requisition owing to its being employed
in a trado which has not yet bccomo subject to a letter o f general requisition,
will itself bo requisitioned on tho date and under tho terms provided by the
letter which shall requisition tho vessels in that trado.
You will receive a further communication as to tho financial arrangements
with respect to chartered vessels, neutral or Allied. In tho meantime,
however, they should bo kept running as before.

$10,000,000

TO BE RAISED FOR JEWISH RELIEF
ABROAD.

Several hundred of the most prominent Jews from every
section of tho United States gathered at Temple Em anu-El
in this city on April 15 to attend a conference called by the
American Jewish Relief Committee, at which arrangements
were formulated whereby a tentative assessment to make
up tho $10,000,000 needed for Jowish war relief during 1917
was levied on every State in tho Union, according to tho Jew­
ish population. An arrangement of tho relief work was
also decided upon and it was determined that tho United
States should be divided and organized into districts. Now
York and Chicago are to constitute one district and tho other
States in which New York and Chicago are not included
aro divided into five districts or sections. There is a Chair­
man for each district and for each city. Now Y ork ’s assess­
ment was tho biggest, being $4,000,000. Illinois and Penn­
sylvania como next with $1,000,000 each, and tho assessment
ranges as low as $5,000 for South D akota.
A t a dinner given after tho conference by Jacob II. Schiff
at the Hotel Savoy for Henry Morgonthau and Julius Rosonwald, an appeal for aid was mado, Avith tho result that pledges
and cash contributions \\rero obtained amounting to more
than $2,500,000. M an y of those present at tho dinner
wrote out pledges of largo personal contributions, while the
speeches Avero in progress. Others from out of tOAvn brought
announcements of pledges from J oavs in their cities, amount­
ing in all to more than $1,000,000. Boforo tho dinner Avas
ended nearly a third of tho desired $10,000,000 had been
reached, for to tho $2,500,000 in pledges and contributions
is to bo added a contribution from M r. Rosomvald of “ onetonth of the entire amount raised by N ov . 11917 in the United
States.” If tho ontire $10,000,000 is raised M r. Rosomvald’s
contribution Avould be $1,000,000. IIo told his auditors
that ho hoped they Avould mako him contribute tho entire
amount. Already, during the tAvo and a half years of the
Avar, $8,000,000 has been sent to Europo for JoAvish relief.
Dospito tho fact that tho amount which tho American Jowish
Relief Committeo has sot about to raiso in ono year is greater
than tho total amount sent during the three previous year,
it is expected that tho full $10,000,000 will bo obtained.
M r . Schiff, avIio presided at tho dinner, announced that his
contribution Avould be $100,000, and that its special purpose
would bo to establish a hospital unit in Russia in recognition
of tho emancipation of tho Joav, Avon through tho Russian
revolution. Other pledges from prominent J oavs Avero:
Nathan Straus, $50,000; Charles A . Wimpfhoiincr and Julius
Kayser, each $25,000; Samuel Untermeyer and James Spoyer,
$10,000 each; Felix M . Warburg, $25,000; H . P . Goldschmidt
$5,000; Leo Bamborgor of NoAvark, $10,000, and Robert H .
Lehman, $10,000. Judgo Leon Saunders pledged $25,000,
and said it would bo possibly $5 0 ,0 0 0 .” It Avas announced
that “ Table 8 ” pledged itself to raise $1,000,000. A t
“ Tablo 8 ” wero tAvolvo persons: Felix Gould, Josoph II.
Cohon, Harry Bronncr, William Fischman, S.' I . H ym an,
S. C . Lamport, 1. L. Philips, A . E . Rothstoin, It. SadoAVsky,’
Bernard Semel, Julius SAvartz and M ax Weinstein.
rI ho spoochos mado at tho dinner Avero all marked by a
patriotic noto. M r. Schiff in tho courso of his remarks
stated that tho American J oavs aro full of gratitude that Providonco has placed their lot Avithin this groat nation, and that
as a part of it avo can and shall Avillingly do our duty Avith
our ontire lioart, Avith our entiro soul, and with our ontiro
possessions.” His remarks Avero in part as folloAvs:

1673

stronghold of autocracy— Russian Czardom— has succumbod to tho onJ
slaught o f tho people whom it had so long oppressed and deprived of tho
rights which should bo the inborn possession of all mankind. As American
Jews wo are full of gratitude that Providence has placed our lot within this
great nation, and that as a part of it we can and shall willingly do our duty
with our entiro heart, with our ontiro soul, and with our entire possessions.
The duty on our part becomes the greater now to do our utmost to as­
suage tho hard fate o f those who, for almost three years, have been hold in
tho grip o f tho indescribable distress and the horrors the war has produced.
Even tho hardships of tho greatly to be pitied Belgians, undeserved and
sad as these hardships no doubt aro, aro probably not as great as the cruel
sufferings to which several millions of our co-religionists in the war zones
havo been subjected, and from which they cannot be freed unless American
Jewry furnishes tho means for tho rescue of these great numbers of men,
women and children, who are of our flesh and blood, and whom wo, whom
Providence has blessed so greatly, dare not permit to perish.
And does not our duty become even greater, now that the gates have
been opened to Russian Jewry for entering upon tho undiminished enjoy­
ment of the happiness of life— attainable alone where human rights are
accorded to all alike— to mako it possible that these broken-down brothers
of ours shall be helped to a recovery of their health and their existence,
not to speak of the large requirements for aid to our co-religionists in Pales­
tine, in Poland, in Galicia, in Rumania, In Bulgaria, and in other lands
involved in tho war.

MEN WHO MARRIED SINCE WAR BEGAN WILL
NOT ESCAPE MILITARY SERVICE.
The W ar Department on April 19 announced that all men
of military age avIio have been married since a state o f Avar
against Germany was declared, will be treated the same as
unmarried men insofar as their military obligations are co n ­
cerned. Tho W ar Department’s statement said:
“ Tho AVar Department announces that all men married since the outbreak
o f war will be treated upon the same basis as unmarried men insofar as
their military obligations aro concerned. It is desired that the utmost
publicity be given by the press to this announcement.”
Tho Department was moved to take this action in order that all men
should understand exactly what is contemplated in tho organization of an
army to fight Germany. It was desired that there should arise no question
of slackers under tho score of marriages contracted since tho outbreak of
war with tho possible construction that the marriage in any case was
hastened in order that military duty might be evaded.

B A N K IN G A N D F IN A N C IA L N E W S .
Thirteen shares of bank stock were sold at the Stock Exchange this week
and no sales of either bank or trust company stocks were made at auction.
Shares. B A N K .— New York.
Low. High. Close. Last previous sale.
13 Nat. Bank of Commerce------- 177J4 177^ 177)4 April 1917— 179
The Bankers Trust C o., of this city, have issued a reprint of the AVar
Loan Act in booklet form for complimentary distribution. Address the
bond department.
Tho $2,550,000 capital stock of the Citizens’ National Bank, of this
city, has been substituted on the New York Stock Exchange list for a like
amount of capital stock of the old Citizens Central National Bank. The
name of the Citizens Central was changed to the Citizens National last
month, as noted in these columns on March 3.
Joseph A. Seaborg has been elected an Assistant Treasurer of the Mer­
cantile Bank of the Americas, Inc., of 38 Pine Street, this city. M r.
Seaborg has been associated with the Mercantile Bank of the Americas
but a short time, having formerly been connected with the Bankers Trust
C o., also of this city.
A correct version of the address of President Wilson to Congress on
April 2d, the proclamation of the President on April 6th, and his address
to his fellow countrymen on April ICth.aswell as the proclamation of the
Mayor of the City of New York on April 6, is furnished in a pamphlet just
issued, for gratuitous distribution by the American Exchange National
Bank of this city. In comparing the official version with those which first
appeared in the daily papers the compilers found more than 300 errors in
punctuation and typography.
State Superintendent of Banks, Eugene Lamb Richards, has secured
the approval of the Supreme Court to make a payment of another dividend
of 15% to the bondholders of the New York Mortgage Co. in liquidation.
The amount of this dividend totals $72,271 64. Previous dividends,
amounting to 33%, have already been paid, making the total which the
bondholders have received 48%.
The Mechanics & Metals National Bank of this city have prepared a
pamphlet containing an analysis of the War Loan Act which was signed
by President Wilson on the 24th. The bank will be pleased to mail copies
on request.
R . E. Saunders, agent of the National Bank of South Africa, Ltd., 10
Wall St., lias received the following cable from the bank’s head office:
“ Including balance £44,000 brought forward and after providing fully
for all bad and doubtful debts and writing down investments to market
price as at March 31 last, the net profits of the bank amount to £448,500.
The directors will recommend at the general meeting to be held on June 22
that a dividend of 6% per annum be declared and the sum of £175,000 to be
added to reserves, £30,000 to be written off bank premises and £25,000
to be placed to the staff pension fund. The balance, approximately £49,­
000, to be carried forward to the next accounts.”

AVo all know tho President lias not lightly led tho nation into war; wo
know o f his struggles, of his pationco, o f liis unfortunately futile endeavors
to bring tho warring Governments together into a poaco without victory
of ills efforts to tho last to provont ourselves being drawn into tho cauldron
that gradually was consuming all Europe. But tho moment at last came
when wo wero no longer left witii any clioico, when wo wero confronted
with but tho alternative of whether or not America, tho great democracy
Announcement was made on April 20 that the National Newark Banking
of modern times, should submit tho sovereignty of its people to tho dictates
Co. and the Essex County National Bank, two of the largest financial in­
of a Government built upon class supremacy and absolutism. Had wo
stitutions of Newark, N. J., are to be amalgamated as soon as the neces­
dono so, wo should liavo contributed in a largo measuro to the oxtonsion
sary papers can be drawn and legal steps taken. Neitherinstitutionisto
o f autocratic government and perhaps tho gradual perishing of government absorb the other. It is to be simply an amalgamation. Each bank is
“ by tho pooplo, o f tho people, for tho people,” among tho nations of tho insistent upon the point that in no way is there to be permitted to go abroad
earth, for tho victory o f absolutism In Europo could in time havo led to the impression that either Institution is absorbing the other. This is to
no other result.
emphasize, it is said, that the union is of equal forces. The main reason
And to us as American Jews it must bo particularly gratifying that our for the merger, it is explained, is to create a commercial bank for Newark
country enters tills momentous struggle for tho liberation o f tho modern which shall be commensurate with the size of the city. T o that end there
world from tho posslblo rulo of those who would mako automatons of all | will be organized a trust company, soon after tho amalgamation is com ­
ovor_\vhom they^inlght_gain dominion, just at tho moment when tho groat pleted. Plans for the consolidated institution call for available capital of




$4,750,000. This amount will be divided into a capital of $2,000,000,
surplus of $1,000,000 and an undivided profit fund of $1,750,000. Each
of the present banks will have an equal representation in the gross assets
of the enlarged bank. To effectuate this arrangement, the plans of amal­
gamation require that each of the existing banks shall reduce its assets
through the declaration of cash dividends so that each bank will have net
assets of $2,375,000. The assets of each bank above this figure are to be
liquidated, it is said, for the benefit of the stockholders of each institution.
C. L. Farrell, President of the Essex County National, is to be President
of the enlarged bank, and David H. Merritt and A. H. Baldwin, President
and Vice-President of the National Newark Banking C o., respectively,
are, it is said, to be Vice-Presidents of the joint bank. The directorate is to
be composed of the present members of both boards. “ It is
made an understanding of the agreement,” says the Newark “ News,”
“ that when the banks are united, or immediately afterward, plans shall
be made for the organization of the trust company under the laws of the
State, the stock of which shall be owned and retained by the shareholders
In the amalgamated national bank. The trust company will have a capital
of $1,000,000 and a surplus of $250,000. This will be furnished through the
declaration of dividends from the undivided profits of the two national
banks in the merger. The shares in the trust company are to be allotted
pro rata according to the holdings of individual stockholders in the amalga­
mated bank. The trust company will not engage in a commercial banking
business, but will devote itself to other activities not open to a national
bank such as can be operated by an institution that i3 both financially strong
and conservatively managed. The directorate of the trust company would
be in agreement with that of the consolidated national bank. Such an
Institution, it is reasoned, could be of much service to the public in old and
new ways that the capital in it could be profitably employed.”
The National Newark Banking Co. was chartered in 1804 under the name
of the Newark Banking & Insurance Co. When the charter was renewed
In 1855, the name of the bank was changed to the Newark Banking Co.,
and upon its reorganization as a national bank in 1805 the present title
was taken. In 1902 the institution consolidated with the Newark City
National Bank, but retained the title that it nov\*bears. The bank has a
capital of $1,000,000, and on March 5 reported surplus and undivided
profits of $1,745,529, and deposits of $15,056,031. The Essex County
National Bank was established in 1859, and is said to be the largest bank
in Newark, not the result of consolidation. It has a capital of $1,000,000,
and on March 5 reported surplus and undivided profits of $1,085,354, and
deposits of $12,303,689.
At a meeting of the Board of Directors of the State Trust Company at
Plainfield, N. J., held on Wednesday, April 18, Charles B. Veghte, a mem­
ber of the examining staff of the Department of Banking and Insurance
of New Jersey, was appointed Secretary and Treasurer of the company, to
succeed the late Harry C. Nash.
Mr. Veghte brings to his work a broad banking experience. For fifteen
years he held various positions in the National Bank of Commerce, New
York, from which institution he resigned in 1915 to accept an appointment
on the examining staff of the New Jersey Banking Department, since
which time he has participated in the examination of a large number of
banks and trust companies throughout the State. Mr. Veghte comes to
the State Trust Company highly recommended by both the National Bank
r f Commerce and the Commissioner of Banking and Insurance, George
H . La Monte. He will assume his new duties on M ay 1.
William A. Nickert has been elected an Assistant Cashier of the Eighth
National Bank, of Philadelphia, Pa. Mr. Nickert is well known in Phila­
delphia banking circles through his active connection with the Philadelphia
chapter of the American Institute of Banking.
F. Lewis Barroll, for the past eleven years connected with the Girard
Trust Company of Philadelphia, has been appointed an Assistant Secre­
tary of the institution.

------ *-----Arrangements were completed on the 19th inst. by which the Baltimore
Trust Co. of Baltimore, M d., has taken over the affairs of the State Bank
of Maryland of Baltimore, and the former company will now control the
State Bank, “ thereby guaranteeing its deposits.” The identity of the
State Bank will be maintained and it will continue business in its present
quarters. Seven members of the board of the Baltimore Trust Co. have
been added to the board of the State Bank. William Ingle, President of
the trust company succeeds W. W. Cloud as President of the bank. Mr.
Cloud remains as Chairman of the Board of the State Bank. The State
Bank of Maryland was organized in 1911 and Mr. Cloud was its first
President. It has a capital of S500.000, and on a recent date reported sur­
plus and undivided profits of $192,297, and deposits of $3,413,671. The
Baltimore Trust Co. has a capital of $1,000,000, and recently reported
surplus and undivided profits of $2,272,340, and deposits of $0,505,074.
Directors of the Standard Trust & Savings Bank of Chicago, 111., at
their regular monthly meeting on April 19 authorized the transfer of $250,­
000 from undivided profits to surplus, making the total surplus $500,000.
The Standard Trust & Savings Bank is headed by Charles S. Castle, as
President, and has a capital of $1,000,000.
Walter J. Greenbaum, Cashier of Greenbaum Sons Bank & Trust Co. of
Chicago, III., expresses the opinion that the large Government bond issue
will not change interest rates for real estate mortgages except, possibly,
help maintain a firmer high rate. Seme real estate mortgage and bond
bankers in Chicago predicted a lower interest rate last year, lie says, and it
was his opinion at that time that 0% would continue to be the prevailing
Tate on real estate bonds in Chicago. This has since been confirmed, he
asserts, notwithstanding reduced building operations and an increase of
capital for investment. When it is remembered, he say3, that this country
does not absorb over $4,000,000,000 of all kinds of securities annually, it
will be seen that the large Government loan is bound to affect every form of
security market, but first mortgage investments will be least affected, he
contends, because of non fluctuation and high interest yield to offset
contemplated increased taxation.
The Central Trust Co. of Cincinnati, Ohio, formerly the Central Trust
& Safe Deposit C o., has added $250,000 to its surplus. The Central Trust
Co. now has a capital of $1,000,000, surplus of $1,000,000 and undivided
profits of $250,000.
The St. Loui3 Union Bank of St. Louis, M o., one of the largest State
banks in the United States, has been admitted to full membership in the
Federal Reserve system. The St. Louis Union Bank has a capital of
$2,500,000 and on March 5 reported surplus and undivided profits of
$2,705,057 and total deposits of $39,428,889. N . A. McMillan is Presi­
dent.




(Vol. 104.

THE CHRONICLE

1674

The directors of the City National Bank of Dallas, Texas, on April 10
voted to increase the surplus of the institution from $1,000,000 to $1,500,­
000. The City National Bank has a capital of $1,000,000 and on March 5
reported deposits of $13,840,688. II. H. Stewart is President of the City
National and J. B. Wilson is Chairman of the Board.
J. It. Fishburn, President of the National Bank of California, of Los
Angeles, Calif., on April 19 announced that agreements for the consolida­
tion of the National Bank of California and the Merchants National Bank
of Los Angeles were signed at meetings of the directors of both institutions,
held on that day. The two banks will combine, it is said, under the
name of the Merchants National Bank of Los Angeles, and the merger
will be completed June 1. The merger of the institutions, it is stated,
comes about partly through the desire of W . II. Holiday, President of
the Merchants National to retire from active banking, and his interest
in the bank, it is said, has been purchased by the Herman W . Heilman
estate. Marco II. Heilman, present active Vice-President of the Mer­
chants National Bank, will retain that office. The National Bank
of California has a capital of $500,000, and on March 5 reported surplus
and undivided profits of $204,490, and deposits of $0,935,902. The
Merchants National Bank has a capital of $1,000,000, and on Dec. 27
last reported surplus and undivided profits of $549,819, and deposits
____________________ _
of $10,787,072.

THE ENGLISH GOLD AND SILVER MARKETS.
W o roprint the following from the weekly circular of
Samuel Montagu & C o. of London, written under dato of
March 29 1917:

GOLD.
The Bank of England gold roservo against Its noto issuo shows a slight
reduction of £38,165, as compared with last week's'return. The Rhodesian
gold output for February 1917 amounted to £289,734, as compared with
£313,769 In February 1916 and £296,113 in January 1917. Furtherlargo
remittances have been made from Canada to New York amounting to
$20,000,000, whilst $2,724,000 has been exported thonco to Cuba and Spain.
The following details are taken from tho “ North China Herald” under
date of Jan. 27 1917: “ With tho great development of her export trado,
Japan’s gold specie during last year underwent a large increase both at
homo and abroad. According to investigation made by the Finance De­
partment, reports tho "Japan Chronicle,” tho total amount of specie on
Dec. 31 last was 714,000,000 yen, as against 516,000,000 yen at the end of
the preceding year, or an increase of 198,000,000 yen. Tho following fig­
ures show tho latest returns as to tho proportions held at homo and abroad
in comparison with the previous year:
Increase.
Dec. 31 1915.
Dec. 31 1916.
90,000,000 yen
At home.......................137,000,000 yen 227,000,000 yon
108,000,000 “__
Abroad.........................379,000,000 "
487,000,000 "
Total.........................516,000,000 “
714,000,000
“
198,000,000“
According to tho latest investigations made by tho Department of
Finance, the total gold specio of Japan on tho 13th Inst, amounted to
709.000. 000 yen, showing a decrease of 5,000,000 yen on the figures at tho
end of last year. Of the total amount 223,000,000 yen was held at homo
and 486,000,000 yen abroad, and tho decrcaso in tho former amounted to
4 .0 0 0 . 0 0 0 yen anil in tho latter to 1,000,000 yon
_ ,
.
The "Central Nows” learns from Amsterdam that tho Gorman Federal

Council has adopted a resolution in favor of tho minting of 10-pfennig
coins of zinc.

SILVER.
The market on tho whole has been quiet, and, In tho absence of competi­
tion with the demand for Indian coinago, tho prico receded by a sixteenth
at a time until 35 1 l-10d. was quoted on tho 27th inst. As a proof of how
uncertain the market really is, and how small are tho available supplies,
yesterday quite a moderato inquiry, which had to be filled, caused a rise
of no less than 7-10d. Tho reaction of 3-10d. to-day was not unexpected,
but tho undertone remains good. The amount of silver in the Indian cur­
rency reserves continues to dwindle, as is shown by tho last threo returns
received by cable:
M ar. 15. March 22.
M ar. 7.
85,18
80,23
Notes in circulation_____________________ 87,15
18,72
19,17
Reserve in silver coin and bullion_________ 19,41
11,71
12,31
Gold coin and bullion in India------------------ 12,23
7,43
7,43
Gold in England__________________________ 8,18
The stock in Bombay consists of 2,200 bars as compared with 2,400 bars
last week. Tho stock in Shanghai on March 24 1917 consisted of about
31.300.000 ounces in syceo and $10,400,000, as compared with about
3 1 .5 0 0 . 0 0 0 ounces in syceo and SI7,600,000 on March 17 1917.
Quotations
for bar silver per ounco standard:
Bank rato
..................... - - - - 534%
No
Mar. 2 3 ..3 5 13-16 cash
quotation Bar gold per ounco standard.77s. 9d.
Mar. 24..35!34
fixed
Mar. 26. .3534
for
Mar. 27 .-35 11-16
forward
Mar. 28.-3636
(loll very.
Mar. 29 .-35 15-10
Average
35.843
.
The quotation to-day for cash delivery is l-10d. above that fixed a week
ago.
................................
......

ENGLISH FINANCIAL MARKET—PER CABLE.
The daily closing quotations for securities, & c., at London,
Apr. 21. Apr. 23.
London,
Mon.
Sat.
Week ending Apr. 27.
37
. . . d . 3736
5/3 V\
____ 9534
9534
British 5 per cents
........ 9234
9234
British 436 per cen
01.80
French Rentes (in Parts)). _fr. G1.75
(iii
__.fr. 88.GO
88.60

Apr. 24.
Tucs.
37 3-10
5514
95 34
92)4
61.65
88.65

Apr. 25. Apr. 20.
Thurs.
Wed.
37 5-10 37 5-10
551i
xO1
9534
92 34
9234
01.50
61.50
88.05

88.05

Apr. 27.
Frl.
3734
55
x94
z9 i 34
01.50
88.70

Tho price of silver inNew York on the same days has been:
Silver in N. Y ., per o z .-.c ts . 7434
x Ex-interest.

7236

7334

7336

73'6

7434

TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of tho G o v e r n m e n t as the items stood
M a r .31 aro sot out in tho following. Tho figures are taken
entirely from tho daily statement of tho U . S. Treasury for
M ar. 31.
C U R R E N T ASSETS A N I) L IA B IL IT IE S .

GOLD.
Liabilities—
Assets—
$ __
Gold coin .________- ___ 901,545,726 o5 Gold certificates
standing.......... ___ 2,206,451,869 00
Gold bullion__________1,502,777,230 05
___ 152,979,025 63
Gold reserve___
Available gold in gen­
50,889,061 97
eral fund............ .......
T o ta l.......................... 2*. 10,322,956 60
T o ta l........................ 2.410,322,050 60
.Voir.— Reserved against $346,681,010 of U. S. notes and $1,997,200 of Treasury
uotes of 1890 outstanding. Treasury notes are also secured by silver dollars In
Treasury.

Aru. 28 1917.]

THE CHRONICLE

8ILVER DOLLARS.
$
Liabilities—
497,255,113 00 Silver certificates out­
standing____________ 476,348,016 00
Treasury notes of 1890
outstanding_________
1,997,200 00
Available silver dollars
In general fund______
18,909,897 00

Assets—
Silver dollars.

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

497,255,113 00

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

497,255,113 00

$

/Users—

I

Liabilities—

50,889,061 97 Treasurer's checks out­
standing.....................
18,909,897 00 Deposits of Government
11,544,435 00
officers:
•
2,226,540 00
Post Office D ep a rt...
55,690 00
Board of trustees,
16,628,414 83
Postal Savings Sys12,053 83
tern (5% reserve)..
4,965,376 95
Comptroller of the
1,577,162 62
Currency, agent for
creditors of Insol4,591,759 12
vent banks_______
Postmasters, clerks of
380,775 92
courts, &c...............
Deposits for:
50,268,598 10
Redemption of Fed­
eral Reserve notes
(5% fund)..............
Redemption of Fed32,540,550 26
eral Reserve bank
notes (5% fu n d )...
6,357,874 26
Redemption of na­
tional bank notes
(5% fund).......... .
Retirement of addl2,692,300 24
tlonal circulating
notes. Act May 30
2,889,691 46
1908.........................
Exchanges of cur­
rency, coin, A c . . .

206,530,1,81 56

Net debt.................. SI,207,827,886 23

S
CURRENT

NOTICE.

3,375,766 37
24,167,152 96
5,654,041 34

1,600,855 87
18,356,612 33

18,230,376 29
400,000 00
25,591,119 47

2,829,120 00
13,440,672 59
113,645,717 22

T otal..........................
______

d Of this original amount Issued 31,886,500 have been converted Into conversion
bonds and S2,928,000 into one-year Treasury notes.
e Of this original amount Hsued 31,904,400 have been converted Into conversion
bonds and 31,917,000 Into one-year Treasury notes.
GROSS DEBT.
NET DEBT.
Debt bearing no lnt__ 3257,227,466 02 Gross debt (opposite).SI,282,044,346 28
Debt on which Interest
1,459,630 26 Deduct—Balance avail­
has ceased_______
able to pay maturing
Interest-bearing debt.. 1,023,357,250 00 obllg'ns (see above).
74,216,460 05

Aggregate............... SI,282,044,346 28

GENERAL FUND.
Avail. gold (see above).
Available silver dollars
(seo above).......... .....
United States notes___
Federal Reserve notes..
Fed. Reserve bank notes
National bank notes__
Cert, checks on banks..
Subsidiary silver coin ..
Minor coin___________
Silver bullion (available
for subsidiary coinage)
Unclassified (unsorted
currency, & c.)______
Depostts In Federal
Reserve banks..........
Deposits In national
banks :
To credit of Treasurer
United States........
To credit of other
1 Covernra’ t officers.
Deposits In Philippine
treasury:
To credit of Treasurer
United States____
To credit of other
Goverhm't officers.

16 75

** Not balance................

92,884,404 34

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

206,530,181 56

All reports from Treasury offices received before 1 1 a .m . are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the day
following.
** The amount to the credit of disbursing officers to-day was 366,075,894 62.
This Is a book credit and represents tho maximum amount for which disbursing of­
ficers arc authorized to draw on the Treasurer of the United States to pay Govern­
ment obligations as they become due. The net balance stated Is tho amount avail­
able to pay Treasury warrants, disbursing officers’ checks and matured public-debt
obligations. It should bo noted that the Income tax, constituting a largo part of
tho Government’s revenue. Is not collected until June. It Is estimated that the re­
ceipts from this source for tho fiscal year 1917 will bo 8244,750,000. To date
S32,035,730 92 has been paid, leaving 8212,714,269 08 as tho estimated amount of
Income taxes payable Into tho Treasury on or beforo Juno 15 1917.
Under tho Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
tho retirement of outstanding national bank and Federal Rescrvo bank notes are
paid Into tho Treasury as miscellaneous receipts, and those obligations aro made un­
der tho Acts mentioned a part of tho public debt. The amount of such obllirntinns
to-day was 350,024.927.
gallons

— Dovitt, Tremblo & Co. of Chicago, Philadelphia and Detroit have
opened a Now York office this week at 27 Pino St. This investment bond
house, which has specialized in municipal and corporation bonds, was
established in 1898 and incorporated in 1916. M . A. Devitt is President;
G. T . Tremblo and R. T . Veitch, Vice-Presidents; II. A. Cleaver, Secretary;
and L. M . Rutledge, Treasurer.
‘ Chandler & C o., Inc., o f Now York, Philadelphia and Boston, and
Counselman & Co. of Chicago, Detroit and Milwaukee aro jointly offer­
ing for investment S3,000,000 American Stores Co. 7% cumulative con­
vertible first preferred stock at 9 7 and accrued dividend. For details
seo advertisement which appears to-day opposite our statement of weekly
clearing house returns.
— S. W . Straus & Co. of Now York and Chicago aro offering $1,100,000
first mortgage 6% serial bonds, secured by tho public utility plant of the
Now York City District Realty Corporation, operated under contract by
tho New York Steam Co. Price par and accrued interest. See to-day’s
advertisement for general particulars. Writo tho firm for “ D-716.”
— In our advertising columns to-day, Ilornblower & Weeks, Wm. R.
Compton & C o., Bond & Goodwin and Ilincks Bros., aro offering $2,575,­
000 City of Bridgeport, Conn., 4 H % serial gold bonds. Prices for the
various maturities appear in tho advertisement.
— Tho new investment firm of Wilson, Cates & C o., Inc., announce the
opening o f their offices at 60 Broadway. Tho members of the firm aro
A. E. Wilson, John M . Cates and G. E. Cranmer. Tho concern will
specialize in Western securities.
— Simon Borg & C o., members o f the New York Stock Exchange,20
Nassau St., announce tho removal of their offices on April 30 to the Con­
tinental Building, 46 Nassau St., where they will occupy tho entire ground
floor.

# 0 w w e tx ia l a u u lH isceilaim nus J lc m
C an a d ia n B an k C learings.— Tho clearings for the week
ending Apr. 19 at Canadian cities, in comparison with the
same week in 1916, show an increase in the aggregate of
7 1 .4 % .
** b
Week ending April
Clearings al-

FINANCIAL STATEMENT OF U. S. MARCH 31 1917.
(Formerly Issued as “ Statement of the Public Debt.” )
Tho following statements of tho public debt and Treasury
cash holdings of the United Statos are as officially issued
as of March 31 1917:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balance held by the
Settlement warrants,
Treasurer of tho Uni ted
coupons and checks
States as per daily
outstanding:
Treasury statement for
Treasury
warrants___ 33,547,254 78
March 31 1917.......... 392,884,464 34
Matured coupons___
601,349 79
Add— Net excess of re­
Interest
checks..........
358,659 78
ceipts over payments
Disbursing officers'
In March reports sub­
checks.................. 16,718,103 12
2,557,363 18 Balance......................
sequently received----74,216,460 05
Revised balance.............. 895,441,827 52
P U B L IC

D E B T

395,441,827 52

B E A R IN G

N O

IN T E R E S T .

(Payable on presentation )
Obligations required to be reissued when redeemed:
United States notes----------------------------------------L ess

g o ld

S346 681 016 no

r e s e r v e ............................................................................... " I I I I I I I I I I I I I l ’ l M . O T O . ’ o M

63

Excess of notes over reserve
.3193,701,990 37
Obligations that will bo retired on presentation:
Old demand notes.....................................................
53 i32 no
National bank notes and Federal Reservo bank note's assumed by
tho U. S. on deposit of lawful money for their retirement
56,624,927 00
Fractional currency.......... ........................- .........................o!847[396 15
T o ta l..................................................................................................
02
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY
(Payable on presentation )
1* ’
Funded loan of 1891, continued at 2% , called for redemnttnn
i«
1900; Interest ceased Aug. 18 1900...................... ''■option w ay 13
Si,COO 00
Funded loan of 1891, matured Sept. 2 1891_____ 2
20,950 00
Loan of 1904, matured Feb. 2 1901___________ III” --------- ----------13,050 00
Funded loan of 1907, matured July 2 1907____ H I .............................
508,800 00
Refunding certificates, matured July 1 1907.....
.............. .......
11,820 00
Old debt matured at various dates prior to Jan I V i 861' ami ‘nth'er
Items of debt matured at various dates subsequent to Jan 1 1861 .. 901,010 26
Total
.................................................................... §1,459,630 26
INTEREST-BEARING DEBT
(Payable on or after specified future dates.)
Interest
Payable.

rule of L oa n -

Amount
Issued.

— — Outstanding March
Registered.
Coupon.

S
2,663,500
16,266,500
17,103,950

2s, Series 1906............ Q -F . (154,631,980 49,.807,140
10,340
2s, Series 1908............ Q - F- *30,000,000 26,009,220
169,380
3s, Series 1911______Q.-M. 50,000,000 41,606,100 8,393,900
3s, Conversion bonds----- Q.-J.
25,057,200
5,906,700 19,150,500
3s, One-yearTreas.notes.Q.-J. 23.540,000
1,660,000 21,880,000
2s, Certlfs. of lndebt.-At mat. 50,000,000 50,000,000
2 ^ s , Postal Sav. bonds.. J-J.
9,151,800
8,322,780
829,020
(1st to 11th series)
1917-1937 (12thscrles).J.-J.
887,960
801,260
86,700

C a n ad a—

Montreal........ .......
Toronto..................
W innipeg_______
Vancouver............
Ottawa..................
Quebec..................
Halifax__________
Hamilton________
St. John...... .........
Calgary___
Edm onton______
Regina............ .....
Brandon________
Lethbridge_____
Saskatoon_______
Brantford............
Moose Jaw_____
Fort William___
New Westminster_____
Medicine Ilat___
Petfcrborough____
Sherbrooke______
Kitchener............

1917.
1916.
1915.
S
$
S
%
102,897,713 73,141,702 + 40.7 49,550,538
85,120,986 47,730,976 + 78.3 35,301,101
71,518,849 27,787,733 + 157.4 35,722,195
8,748,581 5,678,681 + 54.1 4,885,770
6,542,517 5,038,511 + 29.8 4,573,575
4,584,711 3,552,467 +28.5 2,609,568
3,286,651 2,131,607 + 54.0 1,972,049
6,S03,935 3,220,190 + 111.3 2,632,630
3,OS2,509 1,721,559 + 79.1 1,539,928
2,970,385 1,964,761 + 51.2 1,673,263
7,897,954 3,823,543 + 108.4 3,109,119
1,919,762 1,441,343 + 33.2 1,541,936
2,923,866 2,010,998 + 45.4 2,094,069
3,217,535 1,735,741 + 85.4 1,324,493
586,101
517,785 + 13.2
544,374
1,014,388
464,216 + 11S.5
343,908
2,073,721 1,135,635 + 82.6
798,350
975,535
680,603 + 43.3
532,922
1,260,625
941,976 + 33.9
781,652
5S9,603
444,513 + 32.6
490,960
285,324 + 47.7
421,910
283,245
754,173
344.010 + 119.2
240,683
778,919
588,009 + 32.3
370,140
754,515
551,517 + 33.7
718,200
617,292 + 16.4
321,423,674 187,550,695 + 71.4 152,921,468

57,020,320
43,616,282
25,248,110
9.158,658
4,133,033
2,821,813
2,104,922
2,928,698
1,685,139
1,809,238
4,135,303
2,818,170
3,649,879
1,928,722
465,728
446,560
1,316,618
657,524
971,673
731,529
466,010
432,734

N a tio n a l B a n k s.— The following information regarding
national banks is from the office of tho Comptroller of tho
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R .
For organization o f National banks:
T he First National Bank o f Lafourche Parish at Thibodaux,
La. C ap ital_________________________________________
550 000
T ho First N ational Bank o f Chariot, M o n t. C apital.............. 25.'000
T ho Hartshorne National Bank, Ilartsliorne, Okla. Capital 30,000
T ho First N ational Bank o f Kulm , N . D ak. C apital_______
25,000

T otal C apital...................... .......................................................... $130,000
C H A R T E R S ISS U E D .
Original organizations:
Tho First N ational B a n k 'o f Butler, Okla. C apital___________ $25,000
31 1917------ CHARTERS E XTE N D E D .
Total.
The Coraopolis N ational Bank, Coraopolis, P
Charter extended until
close o f business April 16 1937.
$
606,288,850
C H A R T E R S R E -E X T E N D E D .
63,945,460 Tho N ational State Bank o f Boulder, C olo
Charter re-extended until
118,4S9,900
closo o f business April 17 1937.
IN C R E A S E S OF C A P IT A L A P P R O V E D .
49,817,480
26,178,600 T he M erchants National Bank o f Omaha, N eb. Capital increased
50,000,000
from $500,000 to $1,000,000
Increase______ ________________ 3500,000
25,057,200 Tho First N ational Bank o f Fowler, Cal. Capital increased from
23.540.000
$25,000 to $50,000.
Increase________________________
25,000
50.000
000T ho First National Bank o f S cobey, M o n t. Capital increased
from $25,000 to $30,000. Increase_____________________
5,000
9,151,800
T h o First N ational Bank o f Haskell, Okla
Capital increased from
887,960
$25,000 to $50,000.
Increase.........................
25,000

Aggrcg. of lnt/-bearing debt. 1,250,627,150 936,803,460 86,553,790 1,023,357,250
a Of this amount $21,266,300 have been converted into conversion bonds and
$18,695,000 Into one-year Treasury notes.
6 Of this original amount Issued $132,419,900 havo been refunded Into tho 2%
consols of 1930, and $2,396,800 havo been purchased for tho sinking fund and
canceled, and $500 havo otherwise been purchased and canceled.
e Of this original amount Issued $13,825,500 have been purchased for the sinking
fund and canceled.




19.

Inc. or
Dec.

T otal in cre a se .................................................................................... $555,000
p
S? p
R E D U C T IO N OF C A P IT A L 'A P P R O V E D .
T h o People’s N ational Bank o f W inston (W inston-Salem ), N . O.
Capital reduced from $300,000 to $150,0 0 0 .„ R edu ction ............$150,000
L IQ U ID A T IO N .
T h o First N ational B an k 'of Perry, A rk . C apital____________
$25 000
L iquidating agent: W . E . H enderson, Perry, A rk. Succeeded
k, by the Pcrryt State Bank, Perry, Ark.

B A N K S L IQ U ID A T IN G TO C O N S O L ID A T E W I T H O T H E R
N A T IO N A L B A N K S .
...............
T he C olum bia N ational Bank, Colum bia, Pa. C apital--------------- 5300,000
Liquidating agent: Hugh M . N orth Jr., Colum bia, Pa. C on­
solidated with The First N ational Bank o f Colum bia.

N a m e o f C om pany.

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

not usually dealt in at the Stock Exchange, were
Shares.

Stocks.

P er cent.

Bonds.

3 0 0 B k ly n . C it y R R . , $ 1 0 e a c h . 1 8 0 -1 8 2
lie

H orn

S ilv e r

$1

M in e s

o f

T r a d in g

to n R y .

p er sh .

c tfs .

C In .

H a m ilto n

&

D a y ­

1 st & r e f. 4 s , 1 9 5 9 --$ 9 ,1 0 0 ,0 0 0

O regon

E le c .

R y .

1st

5s,

1 9 3 3 ............................................................................... lo t

$ 3 ,0 0 0

70

A m e r . G r a p lio p h o n e C o . 6 s ,

H

1 9 2 4 ...................................... ................ ...........................9 5

d e p o s i t --------------- 1 $ 5

o f

$ 2 ,0 0 0

C o r p .,

$ 5 e a c h ........................................................ $ 1 1
D e tr o it T o l. & Iro n to n R y . 2 d l
p re f.

P er cent.

$ 1 3 ,0 0 0 ,0 0 0

U ta h ,

e a c h - - ................................... 7 0 c .

6 6 C r o w n s h lc ld
4

$ 6 9 ,6 0 0 W h it e R a t s R e a lt y

C o .

1st

6 s , 1 9 1 9 -3 2 , J a n . 1 9 1 7 c o u p o n s o n ,
$100

23 D e t. T o l. &
X. R y . 1 s t p r e f . I
c t f s . o f d e p o s i t ............................—
J lo t

$300 S tan d ard

C ord a g e

C o .

lo t

1 st!

5 s , 1 9 3 1 ___________________ ____________________ } $ 7
$ 2 0 0 S ta n d a r d C o r d a g e a d j. 5 s , ’3 1 1 lo t
1 1 s h a r e s S t a n d a r d C o r d a g e C o --------- J

B y Messrs. Francis Henshaw & C o ., Boston:
Shares.

Stocks.

$

1 0 A n d r o s c o g g in
12

B u tle r

per sh. Bonds —

M i l l s ___________________ 1 9 0

M i l l ...........................................................

S 1 4 .0 0 0 T o b a c c o P r o d u c t i o n C o . 1 s t
6s,

94

1 9 2 3 ................................... - ....................... S 1 0 0

lo t

3 P e p p e r e l l M f g ______•-------------------------------- 1 9 6 ! $

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

Stocks.

$

per sh. Shares.

1 0 A n d o v e r N a t . B a n k ................................... 1 6 7
5 C on tooco o k

M i l l s , p r e f ________________ 5 8 J $

1 0 P e p p e r e l l M f g ....................................................1 9 7
30

F a i r h a v e n M i l l s , c o m m o n ____________ 9 0

2

S p r in g fie ld

4

W o rce ste r

5 G ra y

&

p r e f --------------------------- 5 1 ! $

R y s .,
R y s.

D a v is ,

&

I n v e s t .......................5 0 5 $

I n c .,

p r e f -------------------5 2 } $

4 W a r r e n B r o s . C o ., c o m ., $ 5 0 e a c h
6 A m er.

G lu e ,

c o m .,

1 6 !$

Stocks.

$

p er sh.

5 A m e r . F e l t , p r e f ............................................... 1 0 0 M
1 5 D r a p e r C o r p o r a t i o n ..............................- . 1 2 6 %
1 N ew

B o sto n

H a l l ____________

M u s lo

155$

10

I n t e r n e t . B r a i d , p r o f _________________ 1 0 0

20

M e r r lm a c C h e m ic a l, $ 5 0

&

10 T u r n e r s F a lls P o w .
10 N ew b u ry p art G a s &
50

M a th lc s o n

A lk a li,

e a c h -.

9 0 !$

E le c t r lc _ .1 3 5

E l e c --------------- 1 6 0

p r e f _____________ 1 0 4

e x - d l v s _______ 1 6 5 ! $

B y Messrs. Barnes & Lofland, Philadelphia:

$ per sh.
Stocks.
S p e r sh . Shares. Stocks.
34 4th Street Nat. Bank_____ 298
3 W. Chester Kcnnctt & Wll.
9975$ Fidelity Trust Co., rights
Elec. Ry., pref., $50 each__ 5
to subscribe at $500........ 80-87
24 W. Chester K. & W. Elec. Ry.
15 Provident Life &Trust____ 885
com., $50 each_____ ____ $7 lot
20 Real Estate T. I. &Trust---31G
6 Rlversldo Traction, pref.,
40 Real E3t. Trust, pref..........100
$50 each........................... 34
20 Robt. Morris Trust Co------70
74 Ridge Avenue Bank, $50
24 Fire Assoc, of Phil., $50 each,
each________________ 50-55
307-310
10 Holmcsburg Trust Co., $50
3 Camden &Sub. Ry., $25 each 20
each.......-....................... 62!$
2 Continental Pass. Ry-------- 1215$
10 Rlttcnhouso Trust Co., $50
1 Phil. & Trenton RR______238
each_________________ 50!$
9 Amer. Pipe & Construction.. 10
40 II. K. Mulford Co., $50each. 60
16 Assoc. Gas &Elec., common. 4
12 Phil.Bourse, com., $50 each-7-7!$
10 Belmont Driving Club____ 50!$
2 Frank. &S’wark Pass. Ry__360
15 Bergner &Engel Brew., com. 5
20 Germantown Pass. Ry_____106
90 Consumers’ Brew., com__$21 lot
100 Confidence Gold M.,$l eachl
16 Ed. Darby & Sons Co........ 10
1.000 Phil. & Pitts. Gold M., $1|
8 Girard Avo. Farmers’ Mkt.,
each__________________} $3
$50 each.............................25J$
700 Crip. Crk. Gold Knot Mg.,| lot
1 Pa. Acad, of Flno Arts-------30
$1 each________ ____ ___ I
3 Phil. Bourse, prof., $25 each. 23!$
1.000 Arlz. Cons. Mg., com., $1!
5 Ins. Co. of State of Pa-------100
each___ _____________ )
16 Girard Nat. Bank________ 385
Per cent.
22 2d &3d Sts. Pass. Ry_240!$-24l Bonds.
1 Bank of North America____257 $5,000 North Pa. RR. gcn.3.3s, ’53 81
100 Giant Portland Cement
2 Kensington Nat. Bank, $50
1st 6s, 1922................. 82
each___________________ 100M
1.000 Rlversldo Traction 1st 5s,
6 2-3 Ninth Nat. Bank, rights to
1960 ......................... 90
subscribe at $200-............ -120
1.000 West Chester Kennett& Wll.
50 Central Trust & Savings $50
Elco. Ry. 1st 5s, 1935___18
each_______ ______ ___ 635$

Sh a re s.

D IV ID 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.
Per
Cent.

N a m e o f C om pany.
R n llr o a d s

(S te a m ).

A t c h . T o p . A S a n ta F o . c o m . (q u .)(N o .4 8 )

1 !$

Juno

2 !$
2

M a y

R R .

o f

N .

J .

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

( q u a r . ) ................................

Cleveland A Pittsburgh, reg. quar. (q u a r.).
Special guaranteed (q u a r.) _____________________
E lm ira A W illiam sport, c o m m o n .. ..................
F t.D od ge D e s M . A S ou., com . A p f. (qu.)
Georgia South. A F la ., 1 s t A 2 d p r e f ...............
G reat

N orth ern

I llin o is C e n tr a l

( q u a r . ) ................................................
( q u a r .)

(N o .

1 2 6 ) ......................

N a sh u a A L ow ell ................................... .................................
N ew

Y ork

C en tra l

R R .

( q u a r . ) .................. ...

N o r fo lk A W e s te rn , a d j. p re f. ( q u a r .) ...
N orfolk A W estern, com m on (q u a r .) --------------N o rth e rn

P a c ific

( q u a r . ) .............................................

Pennsylvania (q u a r .) --------- ------------- --------------------------R e a d in g

C om p a n y , com m on

R e a d in g C o .,
W aba sh

1st p ro f,

A

Electric

a n d

( q u a r . ) ______

( q u a r . ) ...............................

R y ., p r e fe r re d

Street

( q u a r . ) . . ...............

B reton

E le c .

P re fe rr e d

C o .,

&

1J$
1

Ju n o

2 .2 6

M a y

15$
2 !$

M a y
M a y

15$
n $
4 !$

M a y
Ju n o

1J$
1

M a y

M a y

1 H o ld e r s

o f

r e o . A p r il 3 0 a

1
to
M a y
9
10 M a y
1 H o ld e r s o f r c c . A p r . 2 7 a
1 H o ld e r s

rcc.

M a y

l H o ld e r s o f r e c .
1 H o ld e r s o t r e c .
1 H o ld e r s o f r e c .

o f

M a y

10 3

A p r.
A p r.

20a
20a

10

7 H o ld e r s o f
1 H o ld e r s o f

rec. A p r. 27
r e c . A p r il
7 a

1 H o ld e r s

reo. M a y

o f

4a

1 H o ld e r s o f r e c . A p r . 1 6 a
6a
1 H o ld e r s o f r e c . A p r il

M a y

19 H o ld e r s

o f

r e o . A p r il 3 0 a

Juno
15$
M a y
15$
75 c. M a y
M a y
$1

19 H o ld e r s
1 H o ld e r s

o f
o f

r e c. M a y 31
r e o . A p r il
9a

31 H o ld
10 H o ld
50 C . J u n o 14 H o ld
A p r il 3 0 H o ld
1
15$

ers

o f rec. M a y

ers

o f

rcc.

ers

o f

rcc. M a y

la

A p r il 2 3 a
29a

ers

o f

rec.

A p r il 10 a

M a y

15 H o ld e r s

o f

rec.

M a y

!$
2

M a y

1 H o ld e r s

o f

rec.

A p r.

21

M a y

1 H o ld e r s
1 H o ld e r s

o f rcc.

A p r.

23a

1 !$
3

M a y

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

!$

M a y

(m o n th ly )..

!$

M a y

com .

(N o .

1 5 )--

( N o . 2 2 ) . .......................................................

C a r o lin a P o w e r

M a y
Ju n e

R a ilw a y s .

A m erican Railways, preferred (q u a r.) ...............
Bangor Ry. A E le c ., com . (qu.) (N o . 1 3 ) - B ristol A P lainville Tram w ay (q u a r .) ...............
C a p e

Books Closed.
D a ys Inclu sive.

W hen
Payable.

A tla n tic Coast L in e R R ., preferred —
C en tra l

L ig h t, c o m m o n

M a y

5

o f

r c c . A p r il 2 0 a

1 H o ld e r s
1 H o ld e r s

o f

rec.

o f

r c c . A p r il 16

o f

rec.

A p r il 2 0 a

s t o c k )..

!$

M a y

1 H o ld e r s
1 H o ld e r s

o f

reo.

A p r il 15

C itie s S e r v ic e , c o m . a n d p r e f. ( m o n t h ly ).

!$

June

1 H o ld e r s

o f

rcc.

M a y

/!$
1

June

1 H o ld e r s

o f

rcc. M a y

15

rec. A p r.

30

15$

M a y

15 H o ld e r s o f
1 H o ld e r s o f

1 !$
1

M a y

1 H o ld e r s
1 H o ld e r s

o f

r c c . A p r il 14

M a y

o f

rec.

A p r il 19 a

M a y

1 H o ld e r s

o f

reo.

A p r il 19 a

C onn. Ry. A L tg ., com . & p r ef. ( q u a r . ) . ..

1 !$
1

D e t r o it

2

Juno

1 H o ld e r s

15$

M ay

1
1 H o ld e r s o f r e c . A p r il
1 H o ld e r s o r r e c . A p r il rJ

C it ie s

S e r v ic e , c o m . &

C om m on

(p a y a b le

C om m on

p re f.

in c o m m o n

( p a y a b le In c o m m o n

s t o c k )..

Civic Invest. & In d u stria l (qu.) (N o .
C o lu m b u s

I ly ., P o w . &

P r e fe rr e d

S e r ie s

C o m m o n w e a lth
P r e fe rr e d

(q u a r .)

P o w .,R y . &

R y .

( N o . 1 3 ) ____
L .,c o m .(q u .)

( q u a r . ) ......................................

E le c .

(N o . 9) —

p re f.

( q u a r .) ( N o . 6 6 )

R y ., L . & P o w ., c o m m o n ..

P r e f e r r e d _______________________________________________
Illin o is T raction, com m on (q u a r .). __________
L e h ig h

V a lle y

5$

S u b . C o ., p f. ( q u .) ( N o .l3 )

R a p id s R y .,

H a va n a

L ., c o m . (q u a r .).

L ig h t , p r e f. ( q u a r .)

E a s t S t .L o u is &
G ran d

B

3 ) .. .

( q u a r . ) . ...................................................... -

U n ite d

D u q u esn o

T r a n s it ,

p re f.

L e w is t o n A u g .& W a t e r v .,

( q u a r . ) ----------

1 !$
3
3
5$
G 2 !$ c .

M a y

M a y

M a y

15 M a y

M a y
M a y

16a

r e c . A p r il 2 0
M a y

17

M a y

17

la
M a y 15 H o ld e r s o f r c c . M a y
M a y d lO H o ld e r s o f r e o . A p r il 3 0 a
1 H o ld e r s o f r c c . A p r il 14
M a y

M a y

H o ld e r s

o f

1 H o ld e r s
1 H o ld e r s

o f

r e o . A p r il 2 6 a

o f

reo.

rec.

A p r il 2 0 a
A p r il 17

rec. M a y

8 7 !$ c .

M a y

1 H o ld e r s
1 H o ld e r s

o f

1 4 2 )..

o f

rec.

A p r il 1 4 a

(N o . 9 ) ..

$ 1 .5 0

M a y

1 H o ld e r s o f

reo.

A p r il

(N o .




15

M a y

to

A p r il 3 0

p re fe rre d

M a y

to

M a y j

6 %

o f

rcc.

A p r il 2 8

1 !$

C o .

o f

A p r il 14

A p r il 2 6

15$
2 !$
5

(q u .)

to

15

15

1 !$

P h ila d e lp h ia C o ., c o m .

rec.

A p r il 15

15

p f.(q u .)(N o .2 8 )

M o n t r e a l T r a m w a y s ( q u a r . ) ...................................
N e w p . N e w s A H n m p . R y ., O . A E .,c o m .

1

H o ld e r s

M A y

M ilw a u k e e E le c . R y . A L t . , p r e f. ( q u a r .)
M o n o n g a h e la V a lle y T r a c .,p r e f.(q u a r .) . .

P h ila d e lp h ia

[Vol. 104

THE CHRONICLE

1676

M a y

1
la

Per
Cent.

W hen
Payable.

Books Closed.
D a ys Inclu sive.

Street and Electric Rys. (Concluded).
Public Service Invest., pref. (qu.) (No.32) I ! $ M a y 1 H o l d e r s o f r e e . A p r i l 1 6 a
Tampa Electric Co. (quar.) (No. 50)---- 2 !$ M a y 1 5 H o l d e r ? o f r e o . M a y l a
West Penn Power, pref. (auar.) (No. 5) .. 15$ M a y 1 H o l d e r s o f r e o . A p r i l 2 1
West Penn Rys., pref. (quar.) (No. 46).. I K M a y 1 A p r i l 2 2 t o M a y 1
York (Pa.) Rys., preferred (quar.)____ G2!$o. A p r i l 3 0 H o l d e r s o f r e o . A p r i l 2 0 a
Banks.
H o ld e r s o f r c c . A p r . 2 6
M a y
5
American Exchange National ................
A p r il 2 7
to
A p r il 3 0
3 M ay
Bowery (guar.) ....................................
A p r il 2 7
to
A p r il 3 0
1 M ay
E x tr a ______________________ _
A p r il 2 6
to
A p r il 3 0
Chemical National (bi-monthly)........... .
2 !$ M a y
H o ld e r s o f r e c . A p r . 2 0
M a y
5
City, National........... ..................... .
H o ld e r s o f r e c . A p r il 3 0 a
M a y
Corn Exchange (quar.).............. ......... 4
H o ld e r s o f r e c . A p r il 2 5 a
M a y
3
Fidelity ................... ....... ..................
A p r. 22
to
M a y 14
M a y
Germania .......................... ............... 10
to
M a y 14
M a y 15 A p r. 22
Stock dividend.................... - ....... . e l O O
2 !$ M a y 1 H o l d e r s o f r e c . A p r i l 2 6 a
Lincoln National (quar.) .............. .......
to
A p r il 3 0
M a y
1 A p r il 2 6
2
Pacific (quar.).............. .....................
Trust Companies.
M a y
1 H o ld e r s o f r e c . A p r il 2 3
Broadway (quar.)...................... ....... 2
M a y
1 H o ld e r s o f r e c . A p r il 2 1 a
4 !$
Farmers' Loan it Trust (quar.) ________
3 M a y 1 H o ld e r s o f r e c . A p r il 2 5 a
Hamilton, Brooklyn (quar.) ...................
Miscellaneous.
75c. M a y 1 5 H o l d e r s o f r e c . M a y l a
American Bank Note com. (quar.)------A p r il 3 0 H o ld e r s o f r e o . A p r il 1 4 a
American Beet Sugar, com. (quar.)____ <2
American Brass (quar.) _____________
1 !$ M a y 1 5 H o l d e r s o f r e c . A p r i l 3 0
M a y 15 H o ld e r s o f r c c . A p r il 3 0
11
E x tr a ... ........................................
American Cigar, common (quar.)-------1!$ M a y 1 H o l d e r s o f r e o . A p r i l 1 5
Amer. Gas A El., pref. (quar.) (No. 41). 1J$ M a y 1 H o l d e r s o f r e c . A p r i l 1 8
3 M a y 1 A p r il 2 2 t o M a y 2
American Glue, common____ ______
to
M a y
2
M a y
1 A p r il 2 2
2
Common (extra)......................... .
Amer.Graphophone,prcf.(quar.) (No .76) 15$ M a y 1 5 H o l d e r s o f r e c . M a y l a
9a
M a y 15 H o ld e r s o f r e c . M a y
1
Am er. La France Fire Eng., Inc..corn, (qu.)
Amer. Laundry Machinery.com.(quar.). 1 M a y 1 5 M a y 6 t o M a y 1 5
American Light A Trac., common (quar.) 2!$ M a y 1 A p r i l 1 5 t o A p r i l 3 0
Common (payable In common stock).. / 2 !$ M a y 1 A p r i l 1 5 t o A p r i l 3 0
to
A p r il 3 0
Preferred (quar.).......................—
1!$ M a y 1 A p r i l 1 5
1 M a y 1 H o ld e r s o f r e o . A p r il 18 a
American Malt, 1st and 2d preferred---S e e n o t e (r)
American 8ewcr Pipe (quar.)________ A:50c. J u n e 2 0
American Shipbuilding, common-------- I ! $ M a y 1 H o l d e r s o f r e c . A p r i l 1 6
Amer. Soda Fountain (quar.) .................
1!$ M a y 1 5 H o l d e r s o f r c c . M a y 1
American Utilities, preferred (quar.) ----15$ M a y 1 0 H o l d e r s o f r c c . A p r . 3 0 a
Amer. Zinc, Lead A Smelt., com (quar.). $1 M a y I H o l d e r s o f r e o . A p r i l 2 4 a
Preferred (quar.)_______________ $1.50 M a y 1 H o l d e r s o f r e o . A p r i l 2 4 a
to
M a y 10
M a y 2 8 A p r il 2 2
Anaconda Copper Mining (quar.)-------- 32
1 M a y 15 H o ld e r s o f r c c . M a y 1
Asbestos Corp. of Canada, Ltd., pref. (qu.)
Associated Dry Goods, 1st pref. (No. 1).. 1!$ D e o . 1 H o l d e r s o f r e o . N o v . 1 5
Atlas Powder, preferred (quar.).......—
1!$ M a y 1 A p r i l 2 1 t o A p r i l 3 0
Barnhart Bros.ASpind.,1st A 2d pf.(qu.) 15$ M a y 1 H o l d e r s o f r e c . A p r i l 2 7 a
to
M a y
1
M a y
1 A p r il 2 2
4
Bergner A Engle Brewing, pref---H o ld e r s o f r e c . A p r il 2 5 a
Blgelow-IIarlford Carpel Corp., pref. (qu.)
1!$ M a y
to
J u ly
1
1 J u n o 21
Brier IIlll Steel, common (quar.)..
1!$ J u l y
J u ly
to
1
1 J u n o 21
J u ly
5
Common (extra)____________
to
J u ly
1
Preferred (quar.)................ ....
15$ J u l y 1 J u n o 2 1
to
A p r il 3 0
1 A p r il 2 4
M a y
I
Brill (J. G.) Co., pref. (quar.)___
H o ld e r s o f r e o . A p r il 2 1 a
Brown Shoe, Inc., preferred (quar.)
15$ M a y
Brunswick, Balke, Collender, com. (qu.) 1!$ M a y 1 5 H o l d e r s o f r e c . d M n y 5 a
M a y 12 H o ld e r s o f r e e . A p r il 3 0 a
Burns Bros., common (stock dividend).. 725
Burns Bros., Inc., com. (quar.) (No. 15). 1!$ M a y 3 1 H o l d e r s o f r e c . M a y 2 1 a
M a y 31 H o ld e r s o f r e o . M a y 2 1 a
Common (payable In common stock).. n
IK M a y 1 H o ld e r s o f r e c . A p r il 2 0 a
Preferred (quar.) (No. 17)------50c. J u n o 1 5 H o l d e r s o f r c c . M a y 3 1
California Packing Corp., com. (N o. 1) —
1
to.
M a y 10
M a y 16 M
5 a y
Canada Cement, Ltd., pref. (quar.) ........
15$
M a y 15 H
I o ld e r s o f r e o . A p r . 3 0
3
Canada Foundries A Forgings, com. (qu.)
H
o
l
d
e
r
s
o
f
r
c
c
.
A p r. 30
M
a
y
1
5
I
Preferred (quar.) ..... .......... ........ .
15$
l
M a y 15 H
1 o ld e r s o f r e c . A p r il 3 0 a
Canadian Converters, Ltd. (quar.)---15
M a y 22 H
1 o ld e r s o f r e c . M a y
2
Carbon Steel, common (extra)_______
1
2 0 c. M a y 10 H
I o ld e r s o f r e c . M a y
Carwen Steel Tool (quar.)_________
1
5c. M a y 10 H
I o ld e r s o f r e c . M a y
Extra..... ....... ....... ............... ......
1 H
I o ld e r s o t r e o . A p r il 10 a
1H M a y
Central Leather, common (quar.)------Central Sugar Corp., pref. (No. 1)____ $ 2 1 - 3 M a y 1 H o l d e r s o f r e c . A p r i l 1 4
M a y
1 IH o l d e r s o f r e o . A p r i l 2 0
3
Chevrolet Motor (No. 1)___________
M a y
1 H
1 o ld e r s o f r c c . A p r . 2 4 a
5
Chic. IVUrn. A Franklin Coal, com. (No. 1)
M a y
1 H o ld e r s o f r e c . A p r . 2 4 a
1 !$
Preferred (quar.) (N o. 5)__________
to
M a y
1
M a y
1 A p r il 11
Citizens' Gas of Indianapolis, special___ 1 0
M a y
1 H o ld e r s o f r e c . A p r . 2 8 a
15$
Clinchfleld Coal Corp., pref. (quar.) ........
Cluett, Peabody A Co., Inc., com. (quar.) 1 ! $ M a y 1 H o l d e r s o f r e c . A p r i l 1 9 a
7
M a y 2 0 H o ld e r s o f r c c . M a y
2
Colorado Fuel A Iron, preferred (quar.) —
1
M a y 15 H o ld e r s o f r e c . A p r il 3 0 a
Columbia Gas A Electric (No. 1)-------H o ld e r s o t r c c . A p r il l f a
M a y
1 1
Commonwealth Edison (quar.)_______ 2
H o ld e r s o f r e c . M a y 10
J u n e 15 1
Consolidated Gas of New York (quar.) ___
15$
A p r il 3 0 H o ld e r s o f r e o . A p r il 2 5 a
Consolidation Coal (quar.).................
1 !$
8
M a y 1 5 1H o l d e r s o f r e c . M a y
Continental Paper Bag, com. (qu.) (N o. 43)
11$
8
M a y 1 5 iH o l d e r s o f r c c . M a y
Preferred (quar.) (No. 67).......-.........
11$
6a
M a y 19 H o ld e r s o f r e c . M a y
Crucible Steel, pref. (quar.) (No. 55)---- A 3
A p r i l 2 8 H o l d e r s o f r e o . A p r i l lta
Crucible Steel, pref. (acot. accum.dlvs). A 2
n Cudahy Packing, preferred (semi-ann.).. 3 1 $ M a y 1 H o l d e r s o f r c c . A p r . 2 1 a
M a y
1 H o ld e r s o f r c c . A p r il 2 3
Do Long Hook A Eye (quar.) (No. 67)-- 2
M a y
1 H o ld e r s o f r c c . A p r il 2 0
15$
Dtamond Ice A Coal, preferred (quar.) ---Dominion Bridge, Ltd. (quar.)............. 2 1 $ M a y 1 5 H o l d e r s o f r c c . A p r i l 3 0
Dominion Steel Corp., pref. (quar.)___ 1 1 $ M a y 1 H o l d e r s o f r e c . A p r i l 1 6 du Pont (E.I.)do Nem. Pow., com. (qu.) 1 1 $ M a y 1 H o l d e r s o f r c c . A p r i l 2 1
M a y
1 H o ld e r s o f r e o . A p r il 21
Preferred(quar.)----- ------ ----------11$
2
J u ly
16 H o ld e r s o f r c c . J u ly
21$
Eastern Steel, common (quar.) ................
1
J u n o 15 H o ld e r s o f r c c . J u n o
First and second preferred (quar.) ........
15$
Ju n o
1 H o ld e r s o f r e o . A p r il 3 0 a
Eastman Kodak, common (extra)-------- 5
M a y
1 H o ld e r s o f r c c . M a r . 3 0
Edison Elec. 111., Boston (qu.) (No. 112). 3
M a y
1 H o ld e r s o f r e c . A p r il 1 6 a
Edison El. 111. of Brockton (qu.) (No. 62) 2
Electrical Securities, preferred (quar.).. 1 1 $ M a y 1 H o l d e r s o f r e o . A p r i l 2 a
Elcctrlo Bond A Share, pref.(qu.) (No.48) 1 1 $ M a y 1 I l o l d o r s o f r c c . A p r i l 1 8
M a y
1 H o ld e r s o f r e o . A p r . 2 6 a
2
Elgin National Watch (quar.) _________
M a y
1 H o ld e r s o f r c c . A p r il 10
Eureka Pipe Line (quar.)____ _______ 6
Exchange Buffet Corp. (quar.) _________ $ 1 . 2 5 A p r . 3 0 H o l d e r s o f r c c . A p r . 2 5 a
Fairhaven Mills, common_____ _____ 1 1 $ M a y 1 5 H o l d e r s o f r e c . M a y 5
Preferred________________ _____ 1 5 $ M a y 1 5 H o l d e r s o f r e o . M a y 5
Fajardo Sugar (quar.).............. .......... 2 1 $ M a y 1 H o l d e r s o f r c c . A p r i l 2 3
3
M a y
1 H o ld e r s o f r c c . A p r . 2 4
Fall Rlcer Gas Works (quar.) (No. 90)---A p r il 3 0 H o ld e r s o f r e o . A p r il 2 7 a
Federal Sugar Refining, pref. (quar.)---11$
M n y
1 H o ld e r s o f r c c . A p r il 2 0 a
Fisher Body Corp., pref. (quar.).
15$
FortVVorthPowerALt. pref. (quar.)(No.23) 1 5 $ M a y 1 H o l d e r s o f r c c . A p r i l 2 0
to
A p r. 30
M
n
y
1 A p r. 24
Galr (Robert) C o., preferred (quar.).
15$
la
M a y 15 H o ld e r s o f r c c . M a y
Gaston Williams A Wlgmore (qu.) (No. 4). $ 1
Ju n o
1 H o ld e r s o f r c c . M a y 2 2 a
General Chemical, common (quar.)___ 2
H
o
l
d
e
r
s
o
f
r
c
c
.
A
p
r
i
l
2
4
a
1
M a y
1
General Cigar, common (quar.)_____
Juno
1 H o ld e r s o f r e o . M a y 2 4 a
Preferred (quar.)----------------------15$
M a y
1 H o ld e r s o f r e c . A p r il 12 a
3
General Motors Corp., preferred (quar.)
M ay
1 H o ld e r s o f r e o . A p r il 12 a
Preferred (quar )----------------------11$
M a y
1 H o ld e r s o f r e c . A p r il 12
General Motors Co. of N. J., com. (quar.) 1 5
M
a
y
1 H o ld e r s o f r e o . A p r il 12
3
1
$
Preferred________________
4a
M a y 15 H o ld e r s o f r e o . M a y
Goodrich (B. F.) Co., common (quar.).. l
J u ly
2 H o ld e r s o f r e o . J u n e 2 2 a
15$
Preferred (quar.)— ................
A u g . 15 H o ld e r s o f r c c . A u g .
3
1
Goodrich (B. F .) C o., common (quar.)
M n y 12 H o ld e r s o f r e o . M a y 1 0 a
2
Gorham M fg ., common (quar.).......
Granby Cons.Mln..Smelt.A Pow.,Ltd.(qu) 2 1 $ M a y 1 H o l d e r s o f r e o . A p r i l 1 4 a
1
M a y
1 H o ld e r s o f r e c . A p r il 2 6 a
Great Northern Paper..............
M a y 2 8 H o ld e r s o f r e o . M a y 1 la
2
Greene Cananea Copper Co. (quar.)
M
a
y
1 H o ld e r s o f r e o . A p r il 2 1 a
$
1
.
2
5
Guantanamo Sugar (quar.)____
2
A p r . 2 0 H o ld e r s o f r c c . A p r . 14
Guaranty Securities.....................
19a
Juno
1 H o ld e r s o f r e o . M a y
Hart, Schaffner A Marx, Inc., com. (qu.) 1
Holly Sugar Corporation, pref. (quar.).. 1 5 $ M a y 1 H o l d e r s o f r e o . A p r i l 1 4
1 H o ld e r s o f r e c . A p r . 2 3 a
Houghton Co. Elec. Light, com. (No. 22)-- 0 2 ! $ o . M n y
75o. M a y
1 H o ld e r s o f r c c . A p r . 2 3 a
Preferred (No. 29)-------- -------------Illinois Northern Utilities, pref. (quar.).. 1 1 $ M a y 1 H o l d e r s o f r c c . A p r i l 2 0
111. A Power Securities, prof.(qu.)(No.l9) 1 5 $ M a y 1 5 HH oo ll dd ee rr ss oo ff rr ee oc .. AA pp rr ii ll 32 04
$2
M a y 15
Indiana Pipe Line (quar.)-------M a y 2 6 H o ld e r s o f r c c . M a y 10
A 5 J$
Indian Refining, preferred...........
A p r il 3 0 H o ld e r s o f r e o . A p r il 2 3 a
20
Ingersoll-Rand, common--------Juno
1 H o ld e r s o f r c c . M a y 1 0 a
2
Inland Steel (quar.)...................
6
to
A p r il 2 3
A p r il 3 0 A p r il
$2
Inspiration Cons. Copper (quar.)
International Nickel, preferred (quar.).. 1 1 $ M a y 1 H o l d e r s o f r e o . A p r i l 1 4 a
Isle Royal Copper Co. (quar.) (No. 5).. * 1 . 5 6 A p r i l 3 0 H o l d e r s o f r e o . A p r i l 1 1

A pr . 28 1917.]

THE CHRONICLE
Per
Cent.

Name o f Company.

Miscellaneous (Continued).
Jowell Tea, Ino., preferred (quar.)..

When
Payable.

Books Closed.
Days Inclusive.

July 1 Holders of rec. Juno 20
May 1 Holders of reo. April 20a
April 3C Holders of roo. April 25
May 1 Holders of roo. April 16
May 1 Holders of rec. April 16
IX
250. Juno 15 Holders of roo. Juno la
Keystone Telephone, preferred.
51.50 May 1 Holders of reo. April 20
Keystone Watchcase (quar.) .......
- I X May 1 Holders of reo. Apr. 19
May 31 Holders of rec. Apr. 30a
SI
- 3 Juno 1 Holders of roo. May 15
Loft, Ino. (quar.).
- I X May 1 Holders of rec. April 15
May 1 Holders of reo. Apr. 24
2X
) $1.25 May 1 Holders of reo. April 14
2 Juno 1 May 16 to May 31f
Miami Copper (quar.) (No. 19).
- S1.5C May 15 Holders of reo. May la
Extra__________________
- $1
May 15 Uolders of reo. May la
- I X Juno 1 Holders of rec. May 15
.
lOo. April 3C Uolders of rec. April 16
- Sl.SC May 1 Holders of rec. April 20a
Midwest Keflntng (quar.)__
- $1 May 1 Holders of rec. April 14a
Mitchell Motors, In c. (quar.).
- I X May 2-1 Holders of rec. May 10
2 May 15 Holders of reo. Apr. 30
Municipal Service, preferred (quar.).
- I X May 1 Holders of rec. Apr. 23
Nash Motors, preferred (quar.)__
May 1 Holders of rec. April 20
IX
National Acme Co. (quar.) .............
.
75c. Juno 1 Holders of rec. May 15
) 2 May 1 Holders of rec. April 20
May 1 Holders of reo. April 20
Common (extra)..
. 2
Preferred (quar.).
- I X May 1Holders of reo. April 20
) 1 May 1 Holders of reo. April 20
May 1 Uolders of reo. April 20
Preferred (quar.).
2
12
May 15 Holders of reo. April 26a
National Zinc & Lead (quar.).
2C May 15 May 9 to May 15
April 30 Holders of rec. Mar. 30a
IX
2 May 1 Holders of reo. April 27
Now Central Coal.
4 May 10 Holders of rec. April 30
New Jersey Zinc—
July 2 Holders of reo. June 15a
IX
$1 April 30 Holders of reo. April 17a
Ohio Cities Gas, common (quar.) ---$15(1X Juno 1
Ontario Steel Products, pref. (quar.).
May 15 Holders of reo. Apr. 30
IX
April 30 Holders of reo. Mar. 3ia
Osceola Cons’d Mining (quar.) (No
SO
1
May 1 Holders of rec. April 21a
Pacific Coast Co., common (quar.).
May 1 Holders of reo. April 21a
First preferred (quar.)..............
IX
1 May 1 Holders of reo. April 21a
Second preferred (quar.)........
Juno 1 Uolders of reo. May 17a
Pacific Mall S. S., pref. (quar.)...
IX
May 1 Holders of reo. April 20
IX
2
April 30 Holders of reo. April 16a
1 May 15 Holders of reo. Mav 5
Penmans. Limited, common (quar.).
May 1 Holders of reo. April 21a
IX
Preferred (quar.)......................
$1 May 1 Holders of rec. April 27
I
May 25 Holders of rec. May la
People’s Gas Light & Coke (quar.).
May 1 Holders of reo. April 23
IX
Plttsford Power Co., pref. (quar.).
April 30 Holders of reo. April 17
IX
Portland(Or.)Gas&Coko,pf.(qu.)(No.29) I X May 1 Holders of reo. April 20
3 April 30 Holders of reo. Mar. 3 1
Prairie Oil & Gas (quar.)--------2 April 30 Holders of reo. Mar. 3i
Extra .............................—5
April 30 Holders of rec. Mar. 31a
Prairie Pipe Line (quar.)--------5
April 30 Holders of reo. Mar. 31a
Extra........................------June 6 Holders of reo. May 16
IX
Preferred (quar.) (No. 73)-----May 23 Holders of reo. May 2
IX
$2
Prest-0-Lite, Inc ........................
Apr. 30 Holders of rec. Apr. 20a
Procter & Gamble, common (quar.).
5
May 15 Holders of reo. April 30a
May 1 Holders of reo. April 14a
IX
Preferred (quar.).
May 1 Holders of roo. April 14a
IX
2
May 15 Holders of reo. April 30a
Pure Oil (quar.) ------------30c. Juno 1 Holders of rec. May 15
E x tr a ______________
20c. June 1 Holders of reo. May 15
Pyrono Mfg. (No. 18)---250. May 1 April 24 to April 30
Quaker Oats, pref. (quar.).
May 31 Uolders of reo. May la
IX
May 1 Holders of reo. April 20a
IX
Sapulpa Refining, common (quar.)........
30o. May 1 April 21 to May 1
Sears, Roebuck &Co., common (quar.).. 2 May 15 Holders of reo. April 30a
Sierra Pacific Elec. Co., pf.(qu.)(No.31). 114 1May 1Holders of reo. AprU 18a
)

1677
Per
Cent.

Name o f Company.

When
Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Sinclair OH & Refining (quar.)______
SI .25
Smith (A . O.) Corp., pref. (quar.) (N o. 2).
IX
Southern Calif. Edison, com. (qu.) (N o. 29)
IX
Southern Pipe Line (quar.) ..............
0
Standard Motor Construction_____
m30o.
Standard Oil (Calif.) (quar.) .............
2X
Standard Oil (Indiana) (quar.)..........
3
E x tr a ........ .............................
3
Standard Oil (Kentucky), special___
100
Standard Sanitary M fg ., common (qua r.)..
IX
Common (extra) ............. ..............
1
Preferred (quar.) ______ _____
IX
Steel Co. of Can., Ltd., com. (qu.) (No.l) 1
Common (bonus)........................
X
Preferred (quar.) (No. 23)___ _____ I X
Stewart-Warner Speedometer (quar.)
IX
Superior Copper (No. 2)..
$1

IX
IX

2
1

Superior Steel Corp., 1st & 2d pref. (quar.)
SuppleeM ilk, preferred (qu a r.)..

Taylor-Wharton Iron & Steel,pref.(qu.)
Texas Pow. & Lt., pref.(qu.) (No. 20)
Trenton Potteries ,non-cum .pf. (qu.) (N o. 09)
Non-cumulative preferred (extra) _____
United Cigar Stores of Amer., com. (qu.)
United Drug, 1st preferred (quar.HNo.5)
U. S. Bobbin & Shuttle, common..........
Preferred (quar.)___ ____ _______
U. S. Rubber, first preferred (quar.)___
United States Steel Corp., common (quar.).
Common (extra)...............................
Preferred (quar.) ________________
United Verde Extension (quar.) (No. 4).
Extra________________________
Vacuum OH_____ _______ ________
Extra____ ___________________
Vlrglnla-Caro. Chem.,com.(qu.) (No.38)
Warwick Iron & Steel..................... .
Wayland OH& Gas, common_________
Preferred .....................................
Westlnghouse Elec. & Mfg., com. (quar.)
Wheeling Mould & Foundry (quar.)___
Extra...........................................
White (J. O.) & Co., In c., pref. (q u a r.)..
White (J. G.) Engineering, pref. (qua r.)..
White (J. G.) Management, pref. (q ua r.)..

Wlllys-Overland, common (quar.)____
Woolworth (F. W.), com. (quar.) (No.20)
Yale & To wne Manufacturing (extra)___

May 19 Holders of rec. May la
May 15-Holders of rec. May 1
May 15 Holders of rec. April 30a
Juno 11Holders of rec. May|15
May 15 April 17 to Aprli 30
June 151Holders of reo. May 15
May 311Holders of rec. May
May 31 Holders of rec. May
May April 17
May 2
May 10 Holders of rec. May 1
May 10 Holders of reo. May 1
May 10 Holders of rec. May 1
May Holders of reo. April 10
May Holders of reo. April 10
May Holders of reo. April 10
May 15 May 1 to May 5
April 30 Holders of reo. April 16
2
May 15 Holders of reo. May 1
June 1 Holders of rec. May 19
IX
May April 25 to April 30
IX
May Holders of reo. April 21
IX
April 25 Holders of rec. April 20a
IX
April 25 Holders of reo. AprU20a
2* May 15 Holders of reo. April 27a
May 1 Holders of rec. April 16a
IX
1 May 1 April 12 to April 30
May 1 April 12 to April 30
IX
2
April 30 Holders of rec. April 16a
June 29 June 2 to June 4
29 June 2 to June 4
i* June
May 29
IX
May 1
50o. May 1 Holders of reo. April 16
250. May 1 Holders of rec. April 16
3 May 15 Holders of reo. May 1
2
May 15 Holders of reo. May 1
7So. May 1 Holders of reo. April 14a
3 May 15
100 . June 11 Holders of rec. June la
15c. May 10 Holders of reo. May la
8 7 X o . April 30 Holders of reo. April 5a
1
May Apr.19 to Apr. 30
1 May
Apr.19 to Apr. 30
June Holders of reo. May 15a
IX
June Holders of rec. May 15a
IX
June Holders of rec. May 15a
IX
75c. May Holders of rec. April 18a
2
June May 2 to May 16
5 May 21 Holders of rec. May 14

a Transfer books not closed for this dividend, b Less British Income tax. d Cor­
rection. e Payable In stock. / Payable In common stock, g Payable In scrip.
h On account of accumulated dividends, i Declared 8% payable 2% quarterly as
above and 2% July 31 to holders of record July 14: 2 % Oct. 31 to holders of record
Oct. 13 and 2% Jan. 31 1918 to holders of record Jan. 12. k Declared SI 50, pay­
able 50c. each June 20, Sept. 20 and Dec. 20: transfer books closed ten days before
payment of dividend. I Declared 4% on com. stock, payable 2% as above and 2%
Nov. 15 to holders o f record Oct. 27. m Declared 60c.. payable 30c. as above and
30o. Nov. 15 to holders of record Oct. 16. n Erroneously reported In last week's
Issue as a quarterly dividend of I X % .

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

T h e Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on April 21:

Renewal of discount activities by somo of the Federal Reserve banks, continued liquidation of acceptances, further Issues of Federal Reserve
notes anti transfers of gold to the Federal Reserve Agents as cover for the additional note Issues, are indicated by tho weekly statement as at
close of business April 20 1917. Aggregate gold reserves of tho banks show a gain of about one-half million, while total cash reserves increased
about 3.9 millions. The total gold resources of tho system, including amounts of gold held by both the Federal Reserve banks and agents show a
gain for the week of about 9.3 millions, and stand now at $958,171,000. having increased about 30% since the beginning of tho year.
Tho week witnessed considerable transfers of gold from New York to other Federal Reserve banks, largely through the Gold Settlement Fund.
As a result the gold reservo of tho New York Hank shows a docreaso of about 15 millions, while the Bank s adverse balance of about 17.3 millions
in account with tho other Federal Reservo banks has given place to a favorablo balance of over 1.5 millions. Government deposits with the bank
Increased about 2.7 millions, following transfers of funds by the Treasury from three other banks, while earning assets decreased about 3 millions
through liquidation of acceptances. Gains In gold reservo by other Federal Reserve banks are due in most cases to increased balances in the Gold
Settlement Fund, accompanied by decreases in amounts duo from other Federal Reserve banks.
Discounted paper on hand shows an inCTOMo for the week of about 7.7 millions, Boston, Minneapolis and New York reporting the largest
Increases under this head. Of tho total held $5,972,000, as against $5,546,000, is represented by member bank collateral notes. Over 8 0 % of
tticso notes are hold by tho Oloveland, Richmond and Sfc. Louis banks Tho train in tho holdings of dfacmints iq
hv th«
tr» tho
^ * o n tlo n ln ir

a r^ s h o w T ^ ^ o r^ o th e r

c la s s e s

o f ^ S v R ^ r n A ^ ° n d m n * ^ 1 ^ ? 1^ ^ ^ ^ l ^ S ’

^ w orth

Of
w W h r p n r m m t p t l Totai investments, $227,400,000, constitute at present 403% of the banks’ paid-in capital.
by Treasury notes! and 1.7% byw^rants^
’ 21’9% by U’ S’ certificates of indebtedness; 15.9% by U. S. bonds; 13.1% by discounts; 10.3%
Accession to tlio system of tho
Bank of St. Paul is reflected through tho Increase of about $11,000, In the paid-in capital of the
M in n e a p o lis Federal Reserve Bank. Government deposits show but a slight decrease for the week, though there has been considerable shifting
of funds mainly to the New York Bank. Member bank reserve deposits show a net gain for tho week of over 1 million, Boston, Cleveland and
San Francisco reporting tho main Increases under this head.
’
Net Issues to date of Federal Reserve notes aggregate $440,539,000, an increase during the week of $8,751,000, nearly two-thirds of which
a<Id11 1°na1 n°to Issues by tho New York and Chicago banks. Against tho total Issued the Agents hold $418,538,000 of gold and $23.­
826,000 of papor. The banks report an actual Federal Reserve note circulation of $414,357,000, and aggregate liabilities thereon of $16,459,000.
Tho figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present tho results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twolvo Federal Reserve banks. The statement of Federal Reserve
Agents Accounts (the third tablo following) gives details regarding tho transactions in Federal Reserve notes between the
Comptroller and the Reserve Agonts and between the latter and the Federal Reserve banks.

C ombined R esources

and

L iabilities

of the

F ederal R eserve B anks

20 1917 A pr. 13 1917 A p r. 5-6 T7.

at the

C lose

of

30 1917 M ar.23 1917. M a r. 161917.

B usiness A pril 20 1917.

M ar. 9 1917. M a r. 2 1917. Feb. 23 1917.
i
Gold certificates In vault.....................
$330,152,000 $338,369,000 $362,472,000 $374,903,000 $350,736,000 $355,318,000 $330,184,000 $304,163,000 $281,355,000
Gold settlement fund.........................
198,271,000 200,125,000 200,061,000 209,281,000 201.661,000 205,561,000 212,031,000 213,861.000
Gold redemption fund with U. S. Treasurer... 206,830,000
2,651,000 2,434,000 2,505,000 2,414,000 2,519,000 2.339,000 2,325,000 2,347,000
1,922.000
Total gold reserve............................... $539,633,000 $539,074,000
$577,378,000 $562,536,000 $559,318,000 $538,070,000 $518,541,000 $497,138,000
Logoi tender notes, silver, &o------------------- 24,462,000 21,136,000 $565,102,000
9,282,000
10,665,000
19,113,000
19,110,000
16,176,000
9,971,000 15.249,000
Total reservo........ . . . . . . . . . . .............. $564,095,000 $560,210,000 $584,212,000 $586,660,000 $573,201,000 $575,494,000 $557,1S3,000 $528,512,000 $512,387,000
5% redemption fund against F. R. bank notes.
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
Bills discounted—Members......................... $29,737,000 $22,009,000 $17,928,000 $20,108,000 $18,473,000 $17,234,000 $18,500,000 $18,840,000 $20,266,000
Acceptances bought................. .................. 72.925.000 80.604.000 82.735.000 84.473.000 87.798.000 97.002.000 108,860,000 114,058,000 123,966,000
United States bonds------------- --------------- 36.215.000 36.218.000 36.629.000 29.275.0C0 29.275.000 29.155.000 29.126.000 28.650.000 29.471.000
Ono-yoar U. S. Treasury notes..................... 23.360.000 23.370.000
18.425.000 18.818.000 19.368.000 19.466.000 19.468.000 18.647.000
U. S. certificates of Indebtedness.................. 50,000,000 50,000,000 23.042.000
60,000,000
Municipal warrants.......- .................. ......... 15.163.000 15.212.000 15.207.000 15,715’,665 ls.m ’.ooo la.02V,666 16’,932’,665 16,798,666 17,124.666
Total earning assets............................ $227,400,000 $227,413,000 $225,541,000 $167,994,000 $170,125,000 $178,788,000 $192,886,000 $197,814,000 $209,474,000
Federal Reservo notes—Net........ ............... $20,610,000 $22,001,000 $16,235,000 t$18,999,000 $19,440,000 $21,991,000 $20,608,000 $23,095,000 $22,076,000
Due from other Fodcral Reservo banks—Net..
2.473.000
1.071.000 3.412.000 2,275,000 3.298.000 3.379.000 3.143.000 4.023.000
732,000
Uncollected Items........ ............................... 166,966,000 169,184,000 146,422,000 132,759,000 145,757,000 155.976,000 130,411.000 154,026,000
136,940,000
All other resources_____ - ------- -------------4.770.000 4.610.000 4.909.000 tS.393,000 5.680.000
6.198.000 6.401.000 7.821.000 8,271,000
Total resources___________________ $986,744,000 $981,889,000 $981,131,000 $914,480,000 $917,901,000 $942,226,000 $911,032,000 $915,691,000 $890,280,000
A p r.

RESOURCES.




M a r.

[Vol. 104

THE CHRONICLE

1678
A p r.

20 1917 A pr. 13 1917 Apr. 5 - 6 1917 M ar. 30 1917 M a r. 23 1917 M a r. 16 1917 M a r. 9 1917 M a r. 2 1917 Feb. 23 1917.

L I A B IL IT I E S .

§56,411,000 $56,408,000 $56,100,000 $56,075,000 $56,057,000 $56,054,000 $56,028,000 $56,045,000 $55,989,000
Capital paid In.............................. ....
41,988,000 42,247,000 46,461,000 20,567,000 19,702,000 18,594,000 12,401,000 14,162,000 13,407,000
Government deposits...........................
742,584,000 741,542,000 758,219,000 720,411,000 711,117,000 726,104,000 720,488.000 708,893,000 692,475,000
Duo to members—Reserve account.......
Member bank deposits—Net................
128,856,000 131,064,000 105,436,000 100,961,000 113,784,000 121,550,000 102,824,000 116,330,000 108,826,000
Collection items__________________
16,459,000 13,014,000 14,295,000 15,941,000 16,725,000 19,444,000 18.7S7.000 19,772,000 19,001.000
Federal Reserve notes—Net.................
Federal Reserve bank noto liability___
522,000
489,000
504,000
480,000
516,000
620,000
525,000
446,000
614,000
All other liabilities-............................
$890,280,000
$915,691,000
$911,032,000
S9S6.744.000 S984,889,000 $981,131,000 $914,480,000 $917,901,000 $942,226,000
Total liabilities71.4%
74.6%
74.0%
77.0%
73.0%
79.9%
79.0%
71.2%
Gold reserve ag’st net dcp. A note liabilities.
71.0%
73.6%
75.4%
77.3%
79.2%
81.2%
75.4%
80.5%
74.2%
73.9%
Cash reserve ag’st net dep. & note liabilities.
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag­
gregate net liabilities on F. R. notes in
74.6%
78.3%
76.4%
81.4%
80.3%
76.1%
82.1%
74.9%
74.5%
circulation........................... .......
Distribution by Maturities—

1-15 days bills discounted and bougnt...
1-15 days municipal warrants........ .....
16-30 days bills discounted and bought...
16-30 days municipal warrants___ ____
31-60 days bills discounted and bought...
31-60 days municipal warrants_______
61-90 days bills discounted and bought...
61-90 days municipal warrants___ ____
Over 90 days bills discounted and bought.
Over 90 days municipal warrants..........Federal Reserve Notes—
Issued to the banks.
Ileld by banks____
In circulation..... ............... .
Gold and lawful money with Agcnt.
Federal Reserve Notes (Agents Accounts)—
Received from the Comptroller___
Returned to the Comptroller____
Amount chargcablo to Agent___
In hands of Agent..........................
Issued to Federal Reserve banks__
How Secured—
By gold coin and certificates_________
By lawful money................................
By commercial paper.........................
Credit balances in gold redemption fund..
Credit balances with Federal Reserve B’d
Total...................................... .
Commercial paper delivered to F. R. Agent.

$36,555,000 §40,745,000 $34,433,000 $31,061,000 $30,245,000 $36,502,000 $40,336,000 $36,578,000 $36,912,000
1.242.000
1.754.000
1.173.000
319.000
794.000
52,000
744.000
520.000
345.000
24.402.000 21.543.000 22.631.000 30.320.000 28.410.000 22.516.000 23.707.000 29.189.000 32.925.000
1.148.000
362.000
794.000
765.000
519.000
345.000
52,000
2.153.000
292.000
20.529.000 26.038.000 29.744.000 30.636.000 36.260.000 42.956.000 45.208.000 46.156.000 49.617.000
911.000
1.103.000
571.000
612.000
7.720.000
582.000
437.000
9.973.000 12.232.000
14.102.000 13.367.000 13.073.000 11.735.000 10.505.000 11.486.000 17.279.000 20.096.000 23.915.000
517.000
8.122.000
495.000
531.000
2,000 4.574.000 11.977.000 12.122.000 12.123.000
863.000
830.000
879.000
782.000
776,000
851.000
827.000
1.014.000
920.000
6,272.000 13.084.000 13.306.000
1.986.000 2,341,000 2.342.000 2,212,000 2.211,000 2,210,000
$440,539,000 $431,789,000 $400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000
26,182,000 29,979,000 24,188,000 24,799,000 25,440,000 27,217,000 28,051,000 29,589,000 28,298,000
§414,357,000 S401.S09.000 $376,510,000 $357,765,000 $348,804,000 $336,061,000 $320,612,000 $314,258,000 $303,171,000
$418,538,000 $410,790,000 $378,450,000 $360,668,000 $349,519,000 $338,608,000 $328,433,000 $317,581,000 $306,186,000
S70S.520.000 $696,540,000 $667,060,000 $647,700,000 $025,320,000 $598,480,000 $583,560,000 $576,400,000 $562,040,000
135,902,000 132,292,000 130,243,000 127,917,000 121,867.000 116,858,000 114.477,000 113.184,000 112,101,000
$449,939,000
$572,618,000 $564,248,000 $536,812,000 $519,783,000 $503,453,000 $481,622,000 $469,083,000 $463,216,000
132,079,000 132,459,000 136,114,000 137,219,000 131,209,000 118.344,000 113,820,000 119,369,000 118,470,000
§440,539,000 $431,788,000 $400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000 5331,469,000
$252*94,000 $248,313,000 $234,573,000 $222,377,000 $219,836,000 $218,609,000 $212,094,000 $204,194,000 $194,904,000
20,266,000 25.283.000
22,001,000 20.998.000 22.253.000 21.898.000 22.725.000 24.670.000 20.830.000
14.959.000 15.587.000 14.722.000
18,644,000 18.583.000 17.697.000 17.631.000 14.353.000 15.379.000 101,380,000
97.800.000 96.560.000
104,620.000
115,330,000
120,660,000
126,ISO
,000
147,700,000 143,900,000
$440,539,000 $131,794,000 $400,703,000 $382,566,000 $372,244,000 $363,278,000 $355,203,000 $343,847,000 $331,469,000
~$23,826,000 $22,591,000 $23,554,000 $23,050,000 $24,386,001 $26,189,000 $29,686,000 $28,700,000 $28,618,000

a Amount duo to other Federal Rcservo banks, t Amended figures.

WEEKLY S T A T E M E N T o f

R E S O U R C E S a n d L I A B I U T I E S o f E A C H o f t h c l 2 F E D E R A L R E S E R V E B A N K S a t C L O S E o f B U S I N E S S A P R . 2 0 ’ 17.

Total.
IN ew York. Phlladel’a. Cleveland. Richmond Atlanta. Chicago. ' St. Louis. Minneap. K an . City. Dallas. San Fran
3
$
S
S
$
S
'
s
S
S
RESOURCES.
S | S
S
$
6,139,00029,557,000 12,070.00011,975,000 7,844,000 8.166.000 15,000,000 330,152,000
184
Gold coin A ctfs. in vault 12.513.000 180,192,000 22,749,000 17,963,000 5,984,000
5,031,000 40,752,000 5,973,000 0,351,000 25,259,000 5.454.00040.227.000 206,830,000
115
Gold settlement fund__ 20.552.000 21,992,000 18,071,000 30,653,000 15,915,000
71,000!
24,000: 2,651,000
Gold redemption fund..
50,000
250,000 250,000
59,000 368,000 845,000 200,000 118,000 253,000 163,000
25,251,000 539,033,000
Total gold rcservo__ 33,115,000 202,434,000 41,070,000 48,675,000 22,287,000 12,615,000 70,509,00018,161,000 18,579,000 33,266,000 13,691,000
80,000; 24,402,000
34,000 1,067,000
Legal-ten.notes,8llv.,&c. 398,000 18,788,000 334,i000 103,000 112,000 816,000 1,349,000 1,092,000 285,000
25,337,000
564,095,000
14,758,000
33,300,000
13,431.000
71,858,000
19,253,00048.864,000
48,778,000
22,379,000
Total reserve........... 33,513,000 221,220,000 41,404,000
Boston.

5% redemp. fund—F. R.
400,000
300,000 100,000
bank notes...............
B ills:
573,000 29.737.000
Discounted—Members 6,307,000 1,798,000 974,000 3.280.000 5.756.000 2,132,000 873,000 1,405,000 3,697,000 534,000 2,408,000 6,772,000
72.925.000
Bought in open mkt.. 10,307,000 14,982,000 10,319,000 4.098.000 6.655.000 2,558,000 5,623,000 2,923,000 0,403,000 1,377,000 848,000
Total bills on hand__ 16,674,000 16,780,00011,293,000 7,378,000 12,411,000 4.690.000 6,496,000 4,328,000 10,100,000 1,911,000 3,250,000 7,345,000402,662,000
36,215,000
5,844,000 1.152.000 672,000 7,007,000 2.233.0001 1,735,000 8.792.000 3.966.000 2.429.000
United States bonds__
1.500.000 23,360,000
Onc-yr. Treasury notes. 2,194,000 2.788.000 2,548,000; 1,775,000 1.969.000 1.491.000 2,9S5,000 1,444,000 1,452,000 1.784.000 1.430.000 2.500.000
50,000,000
US certfs.of Indebtedness 3,000,000 20,000,000 3,500,000; 3,500,000 2 , 000,000 1.500.000 5,000,000 2,500,000. 2,000,000 2.500.000 2 , 000,000
12,000 2,267,000 1,068,000; 177,000 456,000 500,000 786,000 15,163,000
15,000
Municipal warrants___
178,000 5.154.000 1,500,000 2,990,000
Total earning assets.. 22,576,000 46,028,00019,390,000 21.437,000 17,547,000 8,365,00023,755,000 11,573,000 15,464,000 15,443,000 11,212,000 14,560.000J227,400,000
1.796.000 20,040,000
. 6,210,000;
Fed. Res've notes—Net 1,337,000
Duo from other Federal
1.321.000 n2,473,000
2.019.000
2,019,000
482,000
892.000 393,000
Reserve banks—Net.
........ 1,537,000
...
7.915.000 166,906,000
Uncollected items........ 23,358,000, 34,140,000 19,969,000 12,173,000 9,715,000 8,610,00021,467,000 9,853,000 4,046,000 8.688.000 7.032.000
68,000 1,330,000 592,000 165,000 113,000 163,000 1.040.000 151,000! 4,770,000
All other resources.......
60,000
791,000 149.000 148.000
Total resources........ 80,844,000 313,385,000 SO,912,000 85,042,000 50,102,000 31,736,000 126507000 11,326,000 3S,487,000 59.971,000 34,142.000 51.0S0,000,980.744,000
L I A B IL IT I E S .
Capital paid in........... 5,059,000, 11,882,000: 5,259,000 6.210.000 3,431,000 2,418,0001 7,002,000 2,945,000 2.430.000 3.059.000 2,723,000 3.933.000 50.411.000
Government deposits... 3,262,000j 7,077,000 4,627,000 2.441.000 2,701,000 3,020,000 7.82S.000 542,000 2.329.000 2.567.00012,203,000 3.391.000 41.988.000
Due to members—Re­
serve account______ 54,753,000 267,576,000l47.836,000 63,513,000 20,152,000 18,478,000.97,255,00027,759,000 28,808,000 47,471,000 23,145,000!39,838,000742.584,000
3,803,000128,856,000
Collection items_____ 15,037,000 26,728,000 18,OSS,000 12,848.000 9.940.000 5,180,000 14,422,000 S,364,000 3.140.000 6,844,000 3.562,000
1.053.000
10,459,000
7.878.000 2,002,000
........ 1 1,716,000 929,000
Fed. Re.s’ve notes—Net........ 2,881,000!
'
1.456.000
638,000
All other liabilities___
lo>uuul ***.««««
...................... “1 .........| .........i
Total liabilities....... 80.844,000313,385,000 80,912,00085,042,000 50,102,000 31,730,000 126507000 41,326,000 38,487,00059,971,000 34,142,000 51,080,000'986,744,000
Federal Reserve Notes—
19,055,000 191,183,00030,024,00021,551,000 10,758,000 19,883.000 39,431,00015,557,000 22,686,000 24,748,00020,661,000 18,999,000 410,539,000
1,337,000, 9,609,000 1,209,000 1,564,000 786,000 569,000 6,216,000 631,000 1,081,000 1,084,000 180,000 1,796,000j 26,182.000
17,718,000181,514,000 28.755,000 19,987,000 15,972,000 19,314,000 33,218.000 14.926,000 21,605,00023,664.00020,481,000 17,203,000,414,357,000

with Agent...... ....... 19,055,000191,183,00025,874,00021,551,000 8,094,000 17,312,00039,434,000 13,210,000
a Difference between net amounts due from and net amounts duo to other Federal Reserve bank3. x Overdraft
STATEMENT OP

F E D E R A L R E S E R V E A G E N T S ’ A C C O U N T S A P R I L 20 1917.

New York. Phlladel'a. Cleveland. Richmond.

Chicago.

M inneap. K an. City

Dallas.

San Fran.

Total.

s
S
S
S
36,380,000 48,240,000 24 910,000 34,000,000 37,720,000 36,520 00022.060 000|70S,520,000
110,000 32 ,200,000 29,500
5,542,000 1,906,000 4 ,443,000 4,764,000 4,544,000 7,673, 000 3,001 000135 ,902,000
,096,0001 5,309,000 9,542
18,099,000 572 ,018,000
344,000,26 ,891,000 19,958 .00030,838,000 46,334,000 20,497,000 29,236,000 33,176,000 28,847,
........ 132 ,079,000
8.428,000
8,180
6,550,000
10,955,000 6,900,000 ,910,000
320,000 340,000 3,200
440,539,000
18,999,000
14,748,000
20,601,000
22,686,000
39,434,000
15,557,000
19,883,000
16,758,000
21,551,000
30,024,000
252,194,000
6.165.000 13,918,000 2.370,000 10, 110,000
2,897,000
10,913,000
644.000
1,385,000 664,000 775,000 1.038.000 1,492,000 1,008 .000 889,
554.000 138.000 494
700.000
13,030,000 38,770,000 6.270.000 5.720.000 19,860,000 8,250 ,000 18,110
590.000 500.000 7,600

Federal Reserve Notes—
S
Rec’d from Comptrolr 36,880,000 326,640
Returned to Comptrol 9,525,000 71,497,
Chargeable to Agent___ 27,355,000 255,143
In hands of F.R.Agent 8,300,000 63,960
Issued to F. R. bank. 19,055,000
Held by F. R. Agent—
Gold coin A ccrtfs__ 17.910,000 184,181
Credit balances:
In gold redemption f'd 1,145,000 7,002
With F. R. BoardNotes secured by com­
4,150,000
mercial paper...
,00030 ,024,000
Total.................. 19,055,000
Amount of comm'l paper
___I 4 ,186,000
delivered to F. R.Ag’t




Atlanta.

22 ,001,000
2.347.000 2,010,000 1,026,000 1,233 ,000
8,664,000 2,571,000
539.000
19,883,000 39,434,000 557.000 22 ,686,000 24,748,000 20,661 ,000 18,999,000
826.000
348.000 2 ,010,000 1,040,000 2,518,000
2,581,000

16,758
9,143

THE CHRONICLE

A pr . 28 1917.]

16 79

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending April 21 . The figures for the
separate banks are the averages of the daily results. In the ease of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .
CLEARING HOUSE
Net
MEMBERS.
Capital.
Profits.
Week Ending
April 21 1917.
/Nat. B’ks Mar. 51
(StateB’ks Feb. 28/
(00s omitted.)
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Mcrcnants’ Nat. Bank.
Mech. it Metals Nat..

Loans,
Discounts,
Investm’ts,
A c.

Average.

Gold,

Legal
Tenders,

Silver.

Average.

Average.

Average.

s
3
$
S
2,000,0 6,000,1 38,337,0 2,928,0
721,0
2,000,0 2,391,3 20,304,0
0,000,0 9,940,9 124,220,0 25,327,0
25,000,0 a4G,U35,S 444,900,0 52,459,0
3,000,0 8,455,8 38,297,0
762,0
822,1 14,029,0 1,168,0
1,000,0
300,0
77,8
2,433,0
74,0
Amor. Exch. Nat. Bank 5,000,0 6,000,0 87,242,0 5,303,0
Nat. Bank of Commerce 25,000,0 19,403,9 259,110,0 22,009,0
Chatham it Fiicnlx Nat. 3,500,0 2,202,0 70,930,0 5,428,0
Hanover National Bank 3,000,0 16,440,1 141,228,0 25,914,0
Citizens’ National------ 2,550,0 2,547,6 29,022,0 1,107,0
958,C
Market it Fulton Nat.. 1,000,0 2,083,3 11,382,0
Corn Exchange Bank.. 3,500,0 7,294,2 92,852,0 7,849,0
Importers’ it Traders’.. 1,500,0 7,705,0 34,849,0 1,320,0
National Park Bank... 5,000,0 10,293,4 155,034,0 13,320,0
TCast River Nat. Bank.
250,C
90,0
08,1
2,233,0
Second National Bank. 1.000,(1 3,511,5
18,981,0 1,2 43,0
First National Bank__ 10,000,0 25,753,5 180,403,0 30,003,0
Irving National Bank.. 4,000,0 4,102,5 84,485,0 8,473,0
N.Y.County Nat. Ban!
500,(1 1,209,5
492,0
11,458,0
Chaso National Bank.. 10,000,0 12,519,( 235,807,0 20,842,0
Lincoln National Bank. 1.000.C 1,999,0
17,509,0 2,180,0
Garfield National Bank 1,000,(1 1,334,7 10,372,0
588,0
Fifth National Bank__
158,0
250,C
5,857,0
428,0
Seaboard Nat. Bank__ 1,000,1 3,078,4 38,909,0 2,430,0
Liberty National Bank. 1.000,(1 3,010,5 60,282,0 1,035,0
685,0
Coal & Iron Nat. Bank. 1,000,0
808,1 11,230,0
490,(1
12,088,0
Union Exchange Nat.. 1,000,(1 1,137,5
332,0
Nassau National Bank. 1,000,0 1,134,5 11,074,0
Broadway Trust Co__ 1,500,0 1,050,6 23,809,0 1.703,0
Totals, avge. for week 123,850,0 214,151,2 2,301,945,0 237,903,0
Totals, actual condltloi April 21 ___ 2,290,819,0 228,649,0
Totals, actual condition April 14 _____ 2,310,240,0 250,010,0
Totals, actual condition April 7 . . . . . . 2,327,080,0 •<7j,324|C
Totals, actual condition Mar. 31 ........ 2,271,808,0 252,390,0
State Banks.

s
908,0
167,0
1,850,0
0,019,0
641,0
212,0
46,0
1,023,0
3,255,0
1,634,0
1,592,0
109,0
338,0
729,0
2,231,0
1,235,0
32,0
210,0
1,509,0
805,0
702,0
5,390,0
002,0
173,0
140,0
1.067,0
379,0
210,0
284,0
150,0
285,0
33,900,0
34,779,0
37,143,0
33,121,0
44,084,0

s
215,0
532,0
3,699,0
2,879,0
710,0
267,0
54,0
808,0
1,684,0
1,154,0
1,242,0
1,024,0
249,0
2,937,0
145,0
1,639,0
157,0
400,0
1,276,0
2,749,0
171,0
2,807,0
191,0
500,0
411,0
1,355,0
145,0
195,0
584,0
329,0
606,0
31,240,0
31,388.0
30,719.0
28,748.0
32,379,0

Nat .Bank Nat .Bank
Notes
Notes
Federal
[Reserve
[Not
Reserve
for State Counted
Notes
Institu­
as
[Not
tions .
Reserve . Reserve .
Average.

$
____
____

........

........

Average.

Aaterge.

Reserve
with
Legal
Deposi­
taries.

Addlt'al
Deposits
with
Legal
Deposi­
taries.

Average. Average.

Net
Demand
Deposits.

Net
Time
Deposits.

National
Bank
Circula­
tion.

Average.

Average.

Average.

S
S
s
S
S
S
$
1,0
2,0 3,351,0
35,733,0 1,785,0
782,0
32,0
21,0 1,709,0
16,966,0
275,0 1,850,0
82,0
120,0 10,315,0
141,155,0 4,790,0 3,777,0
143,0 1,102,0 40,583,0
13,185,0
38,0
33,0 5,030,0
20,0
1.0 1,819,0
1,058,0
4,0
5,0
347^0
129,0
314,0 8,207,0
81,221,0 0,415,0 4,930,0
3,0
353,0 21,916,0
257,208,0 7,658,0
155,0
375,0
341,0 0,178,0
72,938,0 5,718,0 1,779,0
27,0
233,0 11,453,0
162,149,0
130,0
22,0
25,0 3,091,0
27,601,0 1,143,0 1,018,0
45,0
207,0 1,942,0
11,909,0
156,0
624,0 4,400,0 13,317,0
1131022d)
13,0
0,0 2,523,0
31,793,0
207,0 12,568,0
64,0
157.120,0 1,930,0 3,564,0
408,0
17,0
2,0
2,704,0
34,0
83,0 1,167,0
16,235,0
763,0
12,0
195,114,0 1,254,0 3,015,0
1.0 15,077,0
254,0
213,0 10,310,0
96,928,0 1,048,0
640,0
127,0
888,0
11,985,0
26,0
75,0
625,0 17,867,0
244^583,0 15,934,0
450,0
298,0
137,0 1,483,0
18,623,0
39,0
892,0
20,0
985,0
119,0
399,0
10,297,0
200,0
15,0
9,0
463,0
6,164,0
208,0
59,0
81,0 8,717,0
48,551,0
70 !o
10,0
171,0 13,441,0
74,690 0
25,0
36,0 1,109,0
11,352,0
215!o
414^0
33,0
17.0 1,135,0
12,243,0
35,0
10,0 1,198.0
10,947,0
25io
50,0
65,0
122,0 2,316,0
25,906,0
241,0
2,680,0 9,103,0 220,913,0 ........ 2,427,491,0 64,811,0 28,710,0
2,438,0 9,557,0 220,528.0
2,411,502,0 05,811,0 28,651,0
2,657,0 8,999,0 228,437,0
2,455,206,0 63,050,0 28,701.0
1,837,0 8,014.0 250,918,0
2,517,474.0 02,257.0 28,090,0
2,204.0 7,884,0 212,958,0 ........ 2,431,858,0 51,043.0 28,151,0

Not Members of

Bank of Manhattan Co. 2,050,0 5,180,2
Bank of America........ 1,500,0 6,598,9
600,0 1,280,4
Greenwich Bank------600,0
985,3
Pacific Bank..............
200,0
408,7
People's Bank..........
Metropolitan Bank---- 2,000,0 2,120.2
803,4
750,0
Gertnan-Amerlcan Bank
824,8
100,0 2,303,0
Fifth Avenue Bank---200,0
800,0
German Exchange Bank
1,072,0
Germania Bank..........
Bank of Metropolis---- 1,000,0 2,214,1
301,0
West Side Bank..........
N.Y. Produce Ex. Bank 1,000,0 1,062,4
720,0
State Bank------------Totals, avge. for week. 11,950,0 20.802,2
Totals, actual condition April 21
Totals, actual condition April 14
Totals, actual condition April 7 —
Totals, actual condition
_~

49,341,0
30,907,0
12,888,0
8,337.0
3,213,0
10,199,0
4,335,0
0,389,0
18,455,0
5,354,0
0,289,0
14,737,0
4,019,0
10,007,0
23,300,0
227,030,0
221,888,0
220,199,0
219,197,0
217,121,0

8,809,0
4,755,0
1,125,0
353,0
218.1)
1,419,0
330,0
770,0
2,20 4,0
520,0
074,0
966,0
272,0
1,321,0
2,753,0
20,567,0
24,890,0
20,174,0
28,518,0
24,039,0

879,0
2,402,0
325,0
428,0
80,0
1,293,0
54,0
130,0
243,0
73,0
56,0
420,0
211,0
413,0
845,0
7,923,0
0,707,0
7,178,0
8,727,0
0,489,0

508,0
582,0
550,0
145,0
157,0
586,0
08,0
1,090,0
133,0
185,0
638,0
113,0
490,0
423,0
6,343,0
6,644,0
0,311,0
0,571,0
5,971,0

61,0
15,0
275,0
151,0
3,0
55,0
5.0
36,0
241,0
90,0
145.0
37,0
60,0
211,0
1,435.0
1,445,0
1’519,6
1,467,0
1,301,0

Brooklyn Trust Co---- 1,500,0 3,799,5 31,280,0 1,982,0
321,0
257,0
Bankers’ Trust Co....... 10.000,0 17,064,9 206,158,0 24,655,0
883,0
118,0
U. S. Mtge. &Trust.Co. 2,000,0 4,507,1 05,301,0 4,148,0
221,0
712,0
1,809,1
1,959 0
Title Guar. &Trust Co. 5,000,0 12.404,5 43,605,0 2,409,0
188,0
127,0
31,436.3 370.422.0 54,198,0 1,908,0
Guaranty Trust Co---890,0
Fidelity Trust Co....... 1,000,0 1.239,3 10.527,0
50,0
740.0
97,0
Lawyers' Title A Trust. 4,000,0 5,511,0 28,512,0 1,053,0
395,0
30,0
208,0
Columbia Trust Co---- 5,000,0 6,442,9 90,971,0 0,341,0
009,0
95,0
People’s 'Frost Co----- 1,000,0 1,751,4 23,744,0 1,859,0
209,0
114,0
New York Trust Co__ 3,000,0 11,032,4 74,070,0 0,109,0
21,0
Franklin Trust Co___ 1,000,0 1,334,4 21,825,0 1,554,0
822,0
391,0
633,4 14,745,0
Lincoln Trust Co____ 1,000,0
133,0
934,0
293,0
Metropolitan Trust Co. 2,000,0 5,249,3 65,200,0 5,432,0
525,0
173,0
Totals, avge. for week. 57,750,0 104,770,1 1.1 44,551,0 114,033,0 5,993,0 4,099,0
Totals, actual condition April 21 ___ 1.153,395,0 121,422,0 0,459,0 5,252,0
Totals, actual condition April 14 ------- 1,132,100,0 109,101,0 0,437,0 4,602,0
Totals, actual condition
—
1,115,929.0 105,129,0 6,547,0 0,008,0
Totals, actual condition Mar. 31 -1.123,294,0 90,917,0 4,401,0 3,369,0
Grand Aggregate, avgo. 193,550,0 345.729,5 3,073,526,0 378,503,0 47,882,0 41,088,0
Comparison prev. week ....... —
—505,0 -22,232,0 —2,410,0 —88,0
Grand Aggregate.actual condition April 21 3,609,132,0 374,901,0 48,005,0 43,284,0
Comparison prev. week —
+ 593,0 -10,357,0 —2,753,0 + 1,052,0
Grand Aggregate actual condition April 14 3,068,539,0 385,318,0 50,758,0 41,632,0
Apr. 7 1.002,200,0 408,971,0 48,395,0 41,387,0
Grand Aggregate actual
Mar. 31 3,012.223.0 373,982,0 55,034,0 41.719.0
Grand Aggregate actual
a Includes capital set aside for foreign branches, S6,000,000.

249,0
15,0
151,0
139,0
418,0
10,0
31,0
174.0
119.0
12,0
77,0
101,0
410,0
1,949,0
2,089,0
1,838,0
2,091,0
1,887,0
3,384,0
—91,0
3,534,0
+ 177,0
3,357,0
3,558,0
3,188,0

112,0
30,0
24,0

3,405,0
626,0
534,0

78!o
3,0
66,0
85,6
........

........

439,0
386,0
555,0
383,0
307,0

335,0
332,0
241,0
879,0
282,0
1,213,0
1,615,0
9,955,0
9,790 0
9,848 0
9,2 12,0
8,880,0

628,0
89,0
11,0

57,132,0
36,773 0
15,458,0

30,0
4,0
........

19,911,0
5,537,0
258,0
1,947,0 14.058.0
56,0
4,696,0
1,930,0 18,287,0
841,0 26,926,0
5,760,0 241,480,0

32,0
122,0

0,9 35.0
235i789io
7,197,0 227,087,0

5o!o
61,0

........

T r u s t C o m p a n ie s .
Not Members of
Federal Reserve Bank.

.......
.......
........
2,086,0
+ 181,0
2,438.0
—219,0
2,657,0
1,837,0
2,204,0

32,0 1,350,0 5,056,0 27,276,0
51,0 12,823.0 9,896,0 250+02’O 26479 0
39,0 2,008,0 5,455,0 52’l53j0 13,929,0
50,0 1,411,0 2,252,0 28,218,0 1,473,0 .........
308,0 18,120,0 10,468,0 362,524,0 39,370,0
16,0
428,0
48,0 1,077,0 307,0 21,530,0
903.0
106,0 3,074,0 4,109.0 73,475,0 19,080,0
94,0 1.150,0 1,415.0 23,005,0 1,398,0
57,0 3,089,0 064,0 01,527^0 7,835,0
64,0 1,019,0 891,0 20,370,0 3,038.0
59,0
722,0 503.0 14,455,0
959 0
26,0 3,179,0 485.0 63,576,0 3,957,0 ___
1,053,0 51,970,0 43,998,0 1,039,491,0 132,747,0
1,230,0 52,536,0 46,787,0 1,050,525,0
928,0 51,152,0 45,215,0 1,022185410
_
1,121,0 50,069,0 46,292,0 1,001.739,0
973,0 49,008,0 47,268.0 999,004,0 130.847lo
10,595,0 282,844,0 49,758,0 3,708,402,0 197,680.0
+ 349,0 —0,400,0 -5,000,0 —34,452,0 + 4.603,0 + 49;o
11,173,0 288,854,0 52,492.0 3,699,800,0 201,910,0
+ 691,0 —583,0 + 10380 —18,004,0 + 7,665^0 —50,0
10,482,0 289,437,0 51,454,0 3,717,804,0 194,245 O
9,518,0 310,229,0 53,227,0 3,755,002,0
9,164,0 270,900.0 54.465,0 3,658,009.0 181,95+6 28+51.0

Averages.
Cash Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

n

Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or Dec.
from
Cash Reserve Reserve in
PreviousWeek in Vault. Depositaries

Total
Reserve.

b

Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PreviousWeek

S
S
$
S
S
Members Federal
$
S
$
S
$
S
S
Rcservo Bank---- 303.175.000 220,913,000 524.088.000 440,188,930 83,899,070 —21,379,350 294.816.000 226,528,000 521.344.000 437,371,710 83,972,290 —17,277,130
Stato Banks*.......... 42,268,000 9.955,000 52,223,000 43,460,400 8,750,000 —8,804,780 39,746,000 9,790,000 49,536,000 42,788,340 0,747,600 —1,117,620
126.074.000
51,976,000
+
5,710,450
178.050.000
22,126,350
155,923,050
52,536,000
Trust Companies*..
135.222.000
187.758.000 157.578,750 30,179,250 + 10,474,350
To al April 21___ 471.517.000 282.844.000 754.301.000 039,578,980 114,782,020—24,473,080 409.784.000288.854.000 758,038.0001637.738,800 120,899,200 —7,920,400
490.314.000
289.301.000
785.048.000 610,392,300 139,255,700 —9,277,010 481.005.000289.437.000 770.502,000 641,682.400 128,819,000—34,759,360
Total April 14---Total April 7___ 198.884.000 292.548.000 791.432.000 042,899,200148,532,740 + 23,785,050 502.311.000310.229.000812,540,000048.961,040 103,578,900 + 49,771,810
270.906.000
Total Mar. 31---- 484.274.000 270.465.000 754.739.000 029,991,310121,747.090 —27,095,100 473.923.000
744,829.000031.021.850 113,807.150 —28,958,210
n This Is thn reserve required on Net DemandDoposlts In the oaso of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
Includes also amount of reserve required on Net Time Deposits, which was ns follows: Apr. 21, $3,210,550: Apr. 14, $3,070,200: Apr. 7, $2,938,750; Mar. 31, S2 550 400
b This Is the reserve required on Net Demand Deposits in tho case of Stnto Banks and Trust. Companies, but In the case of Members of the Federal Reserve Bank
Includes also amount of reserve required on Net Time Deposits, which was as follows: Apr. 21, $3,290,550: Apr. 11, $3,152,500: Apr. 7, $3,112,850: Mar 31 $2 552 150




[Vol. 104

THE CHRONICLE

1680

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
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish betweon the results for Now York City (Greater New
{Figures Furnished by Slate Banking Department.) Differences from
April 21.
precious week.
Loans and Investments___ _______
$805,888,000 Ino. $0,530,000 York) and those for the rest of the State, as per the following:
Gold................................... -.......................... 69,242,100 Inc.
219,700
For definitions and rules under which the various items
Currency and bank notes____________
11,263,300 Dec.
509,700
Total deposits..........................
1047,241,900 Inc. 4,723,300 are made up, see “ Chronicle,” V . 98, p. 1601.
Deposits, eliminating amounts duo from reserve
The provisions of the law governing the reserve require­
depositaries and from other banks and trust com­
panies In New York City, and exchanges_______ 859,054,500 Inc. 6,505,100
Reserve on deposits_________________________ 253,831,900 Dec. 1,025,000 ments of State banking institutions wore published in the
Percentage of reserve, 31.7%.
"Chronicle” March 28 1914 (V . 98 , p. 96 8). The regula­
RESERVE.
------ State Banks------ ----Trust Companies---- tions relating to calculating the amount of deposits and what
Cash In vaults..............................$10,575,000 12.00% $63,930,400 9.57% deductions are permitted in the computation of the reserves
Doposlts In banks and trust cos___ 21,426,700 16.27% i51,899,800 22.75%
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045).
The State Banking Department reports weekly figures,
showing the condition of State banks and trust companies
in New York City not in the Clearing House, and these are
shown in the following table:

Total....................................... $38,001,700 28.87%

$215,830,200 32.32%

The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
___
GREATER NEW YORK.
W e omit two ciphers In all these figures.

Week
Ended-

Loans
and
Investments

Demand
Deposits.

Specie.

Jan. 27.
Fob. 3.
Feb. 10.
Feb. 17.
Feb. 24.
Mar. 3.
Mar. 10Mar. 17.
Mar. 24Mar. 31.
Apr. 7.
Apr. 14.
Apr. 21.

4.216.025.9
4.254.745.3
4.222.813.7
4.200.191.9
4.230.371.9
4,262,506,1
4.309.612.6
4.330.588.8
4.338.308.0
4.373.513.4
4.428.959.8
4.473.449.6
4.479.414.0

4.389.954.3
4.403.318.2
4,338,722,5
4.311.725.2
4.539.408.4
4.386.187.0
4.390.027.8
4.438.408.5
4.464.708.0
4.478.501.9
4,507,052.8
4.598.003.4
4.568.116.5

551,060,3
530.189.2
523.975.1
520.022.8
538.044.3
538.553.5
513.952.9
510.425.5
517.268.4
492.917.2
512.177.1
511.593.4
459.493.1

Other
M oney.

Total
M oney
Holdings.

Entire
Reserve on
Deposits.

S
76.059.0
74,353,7
73,943,6
73*705,7
71,511,5
73.535.3
68.656.4
69.368.5
68.877.9
70.214.9
66.029.6
65.540.0
62,529,3

627.119.3
004,542,9
597.918.7
593,728,5
609.555.8
612.088.8
582.609.3
585.794.0
586.140.3
503.102.1
578,206,7
577.139.4
552.022.4

1.057.394.0
1.046.031.4
1.019.827.0
1.004.900.0
1.038.788.2
1.043.203.4
1.031.001.1
1.042.350.3
1.051.036.4
1.009.900.2
1.048.836.4
1.040.505.5
1,008,192,9

STATE BANKS AND TRUST COMPANIES.
Week ended April

27.

Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
In
outside o f
in
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .

S
S
S
$
23,950,000 84,550,000 12,238,000 18,451,200
42,309,900 179,277,600 15,228,300 18,123,900
431,176,900 1,836,396,800 172,043,900 291,041,300
+ 232,000 + 1,464,800
+ 9,776,800 + 22,230,900
51,240,000 176,345,100
Change from last week. —9,231,500 + 8,203,000
Currency and bank notes. 24,138,900 16,572,700
+ 112,100
Change from last week.
—587,700
Deposits........... ........... 584,307,000 2,300,016,800 189,349,600 307,370,500
+ 780,900
Change from last week. —12,807,700 + 35,154,300 + 1,362,200
Reserve on deposits___ 134,452,100 457,567,300 34,488,500 43,243,000
—020,200
+ 910,700
Change from last week. —13,589,200 + 5,697,700
21.9%
17.8%
28.1%
25.8%
P. C. reserve to deposits.
20.8%
18.0%
30.6%
25.8%
Percentage last week..
■Decrease from last woek.
+ Increase over last week.
Capital as of Feb. 28___
Surplus as of Feb. 28___
Loans and Investments..
Change from last week.

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by olearlng
non-member institutions which are not included in the “ Clearing House return” on the preceding pago:
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 .___________
Nat.Bank Nat .Bank
Reserve Additional
CLEARING
Net
with
Deposits
National
Notes [Re­ Notes[Not Federal
Profits.
Loans
NON-MEMBERS.
Legal
Net
Net
Bank
serve for Counted
Reserve
with Legal
Legal
Discounts.
Notes[Not Depos­
Depos­
Demand
Time
Circu­
as
Stale In ­
Tenders.
Week Ending /Nat. bks. Mar. 5\| Inveslitaries.
itaries.
Deposits. Deposits.
lation.
stitutions]i Reserve]. Reserve].
April 14 1917.
\State bks. Feb. 28/ merits, A c.
Average.
Average.
Average.
Average. Average.
Members of
Average. Average. Average. Average. Average. Average.
Average.
S
$
S
S
S
S
S
$
Fed’l Reserve Bank
$
S
$
S
$
$
4.772.000
195.000
192.000
11,000
464.000
5.000
96.000
Battery Park Nat.. 400.000 374,900 5.199.000 436.000 88,000
13.000 17.000 520.000 456.000 5.319.000 208.000 296.000
First Nat., Brooklyn 300.000 686.700 5.920.000 161.000 34.000 127.000
120.000
9.000 10.000 725.000 299.000 0,188,000
Nat. City, Brooklyn 300.000 610,800 6.071.000 179.000 73.000 138.000
396.000
17.000 30.000 1,613,000 5,160,000 0,004,000
First Nat., Jers. City 400.000 1,292,000 4.897.000 291.000 540,000 82.000
199.000
5,000 543.000 648.000 4.526.000
121,000
Hudson Co. N., J.C. 250.000 763.800 5.469.000 159.000 14.000 105.000
12.000
23.000 459.000 392.000 2.923.000 3.235.000 218.000
52,000
First Nat., Hoboken 220.000 624.800 6.212.000 176.000 10.000
367.000 2.405.000 2.333.000 100,000
10.000 514.000
2.000
Second Nat., Hobok. 125,000 306.700 5,036,000 32,000 47,000 113.000
179,000 106,000 4,838,000 7,322,000 32,137,000 5,968,000 1,524,000
4,659,700 38,804,000 1,434,000 806,000 713,000
Total.
State Banks.
Not Members o f the
Federal Reserve Bank.

Bank of Wash. H’ts.
Colonial Bank____
Columbia Bank___
Fidelity Bank........
International Bank.
Mutual Bank____
New Nethcrland___
WRGrace<fcCo’sBk.
Yorkvllle Bank___
Mechanics’ , Bklyn..
North Side, Bklyn..
Total................
Trust Companies.

,282,000 139.000
443,
949,
,995,000 831.000
674,
,676,000 843.000
,578,000 117.000
191,
,068,000 567.000
113,
,866,000 1.030.000
200.000
470,
,292,000 190.000
200,000
219,
,133,000 50,000
500.000 551,
100.000
,789,000 503.000
593,
1,600,000 840,
,571,000 2.087.000
184,
200,000
,248,000 310.000
4,300,000 5,231,600’74,498,000 6,667,000
100,000

400.000
300.000
200.000
500.000

Not Members o f the
Federal Reserve Bank.

HamlltonTrust.Bkln 500.000 1,150,100 8.483.000 578,000
Mechanics’ .Bayonne 200.000 309,000 6.008.000 87,000
700,000 1,459,100 14,491,000 665,000
Total.
Grand aggregate---- 6.995.000 11.350.400 127793000 8,766
Comparison,prev.wk.
+ 1560000 —5
Excess reserve $320,460 decrease
Grand aggr’te Apr 14 6.995.000 11.350.400 126233000 8,771
Grand aggr’te Apr 7 6.995.000 11.520.200 124569000 8,208
Grand aggr'to Mar31 6.996.000 11.520.200 123562000 8,242
Grand aggr’to Mar24 6.995.000 11.520.200 123569000 8,190
Grand aggr’te Marl7 6.995.000 11.520.200 123285000 8,293

25.000
83.000
108,000
88,000
,800,000 3.482.000
+ 4,000 -217,000
796.000 3.699.000
683.000 3.562.000
572.000 3.467.000
619.000 3.336.000
542.000 3.574.000
44.000
44.000

Philadelphia Banks.— Summary of weekly totals of
Clearing House banks and trust companies of Philadelphia:
W e omit two ciphers
Loans,
Disc’ts A
Invest’ts.

Due
from
Banks.

(00)

in all these figures.

47.000
41.000
88,000
179.000
957.000
j —9,000 — 13,000
966.000
8 3 0.000
843.000
9 2 6.000
916.000

192.000
148.000
149.000
160.000
176,000

Bank.

Indlvld'l.

Total.

Reserve
Held.

Excess
Reserve.

12,000 340.000 2,003,000 6.787.000
14,000 145.000 606,000 2.896.000
26,000 485,000 2,009,000 9,683,000
289.000 10010000 10.533.000 118260000
— 21,000 + 134000 -1,621,000 + 1213000
310.000 9.876.000 18.154.000 1 1 7047000
256.000 9.411.000 18.312.000 1 1 4715000
234.000 9.672.000 18.237.000 113858000
216.000 9.772.000 18.262.000 113578000
264,000 9.671.000 17,886,000 114226000

1,080,000
2,991,000
4,071,000

14.322.000 1.514.000
14.276.000 l,518,00n
14.273.000 1.517.000
14.216.000 1.520.000
14.333.000 1,511,OOq

Boston Clearing House Banks.— W e give bolow a
summary showing the totals for all the Items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

Deposits

Apr. 21.
S
$
S
$
$
S
S
Nat. bank. 394,043,0 96,361,0 183,309,0 349,258,0 532,567,0 86,842,0 24,765.0
Trust CO S - _ 157,900,0 4,468,0 3,840,0 146,324,0 150,164,0 27,892,0 0,421,0
Total... 551,943,0 100,829,0 187,149,0 495,582,0 682,731,0 114,734,0 31,186,0
Apr. 14... 550,714,0 101,173,0 192,560,0 495,653,0 688,213,0 121,595,0 37,001.0
Apr. 7... 549,749,0 96,682,0 190,440,0 492,404,0 682,844,0 119,898,0 35,850,0
Mar. 31... 549,020,0 89,678,0 185,230,0 470,485,0 661,715,0 112,033,0 29,560,0
Mar. 24... 550,356,0 89,535,0 186,939,0 477,014,0 663,953,0 113,227,0 30,404,0
Mar. 17... 553,267,0 88,624,0 191,055,0 473,202,0 664,257,0 112,830,0 29,572,0
Mar. 10... 552,595,0 81,301,0 185,354,0 4714)74,0 657,328.0 112,669,0 29,535,0
Mar. 3... 546,751,0 88,766,0 189,766,0 476,305,0 666,071,0 112,050,0 29,488,0
Feb. 24... 547,861,0 86,498,0 185,392,0 473,019,0 658,411,0 110,405,0 27,953,0
Feb. 17— 546,740,0 89,345,0 183,737,0 477,100,0 660,837,0 112,250,0 29,910,0
Note.—National bank note circulation April 21, $8,229,000: exchanges for Clear­
ing House (Included In "Bank Deposits”), banks,*$22,359,000: trust companies,
$2,550,000 total, $24,909,000. Capital andlsurulus at latest dates: Banks, $64,­
175.600: trust companies, $41,295,200: total, $105,470,800.




109.000 253.000 1,821,
31,000 601.000 651.000 10 , 0 2 0 ,
591.000 013.000 9,842,
91.000 134.000 1,514,
3,000 4,987
28,000 299.000
310.000
60,000 678.000 575.000 8,860,
296.000
94,000 4,422,
8 ,000 264.000
302.000
26.000 729.000 1,189,
2,730,000
1,000
447.000 449.000 7,443,
52,000
1,324,000 2,426,000 22,002
400,000
29,000 257.000 675.000 4,280
157,000 4,687,000 6,602,000 70,440,000 4,102,000

59.000 23.000
581.000 30.000
289.000 147,000
48.000 11.000
23.000
227.000 e'o’ ooo
167.000 57,000
1.000
85.000 278.000 99.000
302.000 851.000 420,000
138.000 22.000
66.000
906,000 2,661,000 869,000
12,000

207.000
7.000
10,000
17.000
75.000
124.000

21 Change from April 14 April 7
previous week.
1917.
1917.
1917.
$3,
666,000 $5,655,000
Circulation...................... $5,663 000 Deo.
184.000 460.630.000
Loans, dlsc’ts & Investments. 464,284 000 Inc. 1,100,
406.000 370.819.000
Individual deposits, lncl.U.S. 377,014 000 Ino. 12,608,
630.000 151.103.000
Due to banks........ ........... 151,063 000 Inc. 3,433,
698.000 34.224.000
703,
Tlmo deposits........ .......... 34,461 000 Inc.
036.000 21.288.000
Exchanges for Clear. House- 22,017 000 Inc. 4,981,
400.000 44.521.000
Duo from other banks____ 51,795 000 Ino. 4,395,
923.000 24.412.000
260
Cash reserve----------------- 25,183 000 Ino.
843.000 30.913.000
Rescrvo In Fed. Res’ve Bank 35,291 000 Ino. 2,418,
434.000 50.226.000
Reserve with other banks__ 51,267 000 Inc. 4,833,
Rescrvo excess In bank and
Federal Reserve Bank---- 9,198.000 Ino. 2,450 ,000 6, 748.000 3,701,000
Excess with Rcservo Agents. 38,448.000 Ino. 4,768 ,000 33, 680.000 37.320.000
April

Imports and Exports for the Week.— Seo third page
preceding.

An*. 28 1917.]

THE CHRONICLE

W m x lM x s*
Wall Street, Friday Night, April 27 1917.
The Money Market and Financial Situation.— The
new and variously complicated conditions created by the
entrance of this country into war have, very naturally, had
a tendency to restrict operations at the Stock Exchange.
This was especially notablo during tho early days of the
week when tho transactions recorded were, with perhaps
one exception, the smallest in many months. Later the
United States Steel Corporation’s roport for tho first quarter
of 1917, showing fabulous earnings, and tho oxtra 3 % divi­
dend thereby inspired, stimulated a demand for Steel and
other shares which changed tho stock market completely.
Steel common advanced nearly 7 points on the upward
movement which followed, U. S. Ind. Alcohol over 10 points
and other stocks made substantial gains.
Tho Government report of our international trade for
March, showing that it was larger than for any previous
month except January of this year, was especially interest­
ing in viow of the fact that] German submarine activity
was in forco during the period. Prospective war loans
and other national and international financing are not re­
garded with the same keen solicitude as when tho matter
was strictly new. The easo with which $200,000,000 was
this week transferred from the U. S. Treasury to agents of
tho British Government without the slightest disturbance
illustrates the excellent facilities now in vogue for handling
such enormous transactions.
Foreign Exchange.— Sterling exchange has ruled quiet
but about steady, rates, however, being still under control
of the British Treasury. Tho Continental exchanges have
beon firm.

1 6 81

from 80% to 84, the final figure being 82, while New York
Central, Norfolk & Western and Union Pacific gained 1,
1% and % points, respectively, for the week.
Among the industrial shares, United States Steel caused
tho most interest, fluctuating between 110% and 117%,
the closing sale to-night being at 116%. American Beet
Sugar advanced from 91 % to 95, whilo the high, low and last
prices of American Can, Central Leather, Crucible Steel,
International Mercantile Marine, com. and pref., and United
States Industrial Alcohol wero 46-43 %-46, 87% -82% -87% ,
63%-59-G2%, 27%-25-27%, 80% -75% -79% and 116%110%-109%. Tho copper shares were strong, as were the
several steel stocks. Atlantic Gulf & West Indies SS. and
Butte & Superior fell away, the former % and the latter
3 % points.
For daily volume of business see page 1690.
The following sales have occured this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April

27.

Sales
for
Week

Range for Week.
Lowest.

Highest.

Range since Jan.
Lowest.

1.

Highest.

Par Shares $ per share.
$ per share. $ ver share
Am Brake S & F pref 100 145 180 Apr 20 ISO Apr 26 176 Apr 188
American Express__100 100 110 Apr 27 110 Apr 27 110 Apr 128% Jan
Am Smelters Secur prel
series B tr rccts____
90C 93% Apr 20 94% Apr 23 93% Apr 97% Mar
Am Teleg & Cable.. 100
91 01 Apr 26 63 Apr 21 63
Jan 66 Mar
Am Tel& Tel rets 1st pc 40( 45% Apr 2f 47 Apr 24 43 Feb 49 Mar
Assets Realization.. 100 301 3 Apr 27 3% Apr 27 3 Feb 4 Feb
Assoc Dry Goods__100 10( 12 Apr 25 12 Apr 25 12 Mat 21% Feb
Associated O i l . . _10(
500 04% Apr 26 05 % Apr 25 64% Apr 78% Jan
Atlanta Blrm&Atl. .100 1,300 10% Apr 24 17% Apr 27 13% Feb 17% Apr
Barrett rects full paid__ 300 107% Apr 27 107% Apr 27 107% Apr 108% Apr
Batopilas Mining___20 50C 1% Apr 21 1% Apr 25 1% Apr 2
Brown Shoo______ lo t
100 07 Apr 23 07 Apr 23 61
Feb 67% Jan
Brunswick Term’l__100 200 8% Apr 25 8% Apr 24 7% Feb 10% Mar
Burns Bros_______ lo t 2,900 120 Apr 23 122 Apr 24 89
Jan 125% Apr
Calumet &Arizona__10 70C 70% Apr 25 80 Apr 26 76 Apr S3 Mar
Canada Southern__100
10 54% Apr 27 54% Apr 27 55 Feb 55% Feb
Case (J I) pref____ 100 10C 85% Apr 27 85% Apr 27 83% Mar 88
Jan
T o - d a y ’ s ( F r i d a y ’ s) a c t u a l r a t e s f o r s t e r lin g e x c h a n g o w o r o 4 7 2 f o r
Cent &So AmTeleg-100
30 120 Apr 27 120 Apr 27 117 Mar 155
Jan
s i x t y d a y s , 4 7 5 5 5 f o r c h o c k s a n d 4 7 6 7 -1 0 f o r c a b l e s .
C o m m e r c ia l o n
Chicago & Alton___100 100 10% Apr 21 16% Apr 21 15% Feb 21
Jon
b a n k s , s i g h t , 4 7 5 % @ 4 7 5 % , s i x t y d a y s , 4 7 1 % ; n i n e t y d a y s , 4 (3 9 % , a n d
Chic &E Ills pref__100 600 0 Apr 23 8 Apr 25 6 Apr 12 Feb
d o c u m e n ts fo r p a y m e n t , 6 0 d a y s , 4 7 1 % ; c o t to n f o r p a y m e n t 4 7 5 % @ 4 7 5 %
Preferred trust rects.. 40C 7% Apr 25_8 Apr 25 7% Apr 12% Jan
a n d g r a in f o r p a y m e n t , 4 7 5 % @ 4 7 5 % ■
Cleveland & Pitts___50 20C 80% Apr 24 80% Apr 24 80% Apr 82% Feb
T o - d a y ’ s ( F r i d a y ’s) a c t u a l r a t e s f o r P a r i s b a n k e r s f r a n c s w e r o 5 7 6 %
ConsG,EL&P(Balt)10t! 50C 113 Apr 21 115 Apr 24 113 Apr 12G% Jan
@ 5 77 fo r lo n g a n d 5 7 1 % @ 5 72 fo r s h o r t.
G erm a n y ba n k ers’ m ark s
Cons Interstate Call.. 10 200 17% Apr 27 17% Apr 27 17 Jan 21
Jan
w e re n o q u o t a t io n s fo r s ig h t, n o m in a l fo r lo n g a n d n o m in a l fo r s h o r t.
Continental Insur___25 100,55 Apr 27 55 Apr 27 52
Feb 59% Jan
A m s t e r d a m b a n k e r s ’ g u ild e r s w e r o 4 0 % @ 4 0 % f o r s h o r t .
Detroit
Edison___
1
0
C
Apr
25
00
125
128
Apr
26
128
Apr
Jan
145
E x c h a n g e a t P a r is o n L o n d o n , 2 7 . 1 8 f r . ; w e e k ’ s r a n g e , 2 7 . 1 8 f r . h i g h a n d
Detroit United___ 10C 300 111 Apr 25 114 Apr 25 114 Mar 120% Tan
Driggs-Seabury Ord___ 700 70% Apr 25 79 Apr 26 39% Feb 87% Apr
^ ^ T h e r a n g e f o r 'f o r e i g n e x c h a n g o f o r t h o w c o k f o l l o w s :
Elec Storage Battery 100 100 01 Apr 2G 61 Apr 26 61 Apr 67 Mar
Checks.
Sterling Actua l —
Steto Iloy*
Cables.
Federal Mg &Smelt. 100 400 11% Apr 24 14 Apr 26 11% Feb 21 Mar
H ig h f o r t h o w e e k ----4 72%
4 75%
4 7 6 7 -1 6
Preferred .. ___ 100 200 39 Apr 26 39 Apr 26 37
Jan 45 Feb
L o w f o r t h o w e e k ----4 72
4 7555
4 7642%
Fisher Body Corp.no par 100 37 Apr 27 37 Apr 27 37 Apr 37 Apr
Paris Bankers' Francs —
GastonW&Wine, no par 700 30% Apr 25 33% Apr 27 28 Feb 40 Van
H ig l i f o r t h o w e e k —
5 76%
5 71
5 70
General Chemical__100 500220 Apr 23226 Apr 25 220 Apr 250
Jan
L o w f o r t h o w e e k ___
5 77
5 7 1 5 -1 6
5 7 0 5 -1 6
Preferred______ 100 100 113 Apr 25 113 Apr 25 108 Feb 113 Apr
Germ any Bankers’ M a r k s —
General Cigar pref.. 100 100 104% Apr 27 104% Apr 27 100 Mar 104% Apr
H i g h f o r t h o w e e k ---------------Hartman Corp’n___100 010 04 Apr 26 72% Apr 27 04 Apr 78 (Jan
L o w f o r t h o w e e k ---------------Havana El Ry L &P 100
25 101 Apr 27 101 Apr 27 99% Jan 99% Jan
A m sterd a m Bankers' Guilders —
Ills Central—RR SecurH ig h f o r t h o w e e k —
40%
41%
41%
lties
series
A_______
90 07% Apr 23 07% Apr 23 67% Mar 75
Jan
L o w f o r t h o w e e k ___
40%
40%
40%
Int Harvest Corp__100 500 78 Apr 24 80% Apr 23 75% Mar 88
Jan
Domestic Exchange.— C h i c a g o , 1 0 c . p e r 8 1 , 0 0 0 d i s c o u n t . B o s t o n ,
Preferred______ 100 100 108 Apr 27 108 Apr 27 108 Apr 114
Jan
par.
S t . L o u is , 1 0 c . p e r 8 1 , 0 0 0 d i s c o u n t b i d a n d 2 5 c . d i s c o u n t a s k e d .
Int Ilarv N J pref__100
300 114% Apr 20 114% Apr 26 114 Apr 121
Jan
S a n F r a n c i s c o , 1 0 c . p e r $ 1 , 0 0 0 p r e m iu m .
M o n t r e a l , $ 4 , 2 7 5 t o $ 4 .6 8 7 5 p e r
Int Paper pref ctfs dep._ 900 97 Apr 21 98 Apr 25 94% Mar 102
$ 1 ,0 0 0 p r e m iu m .
M i n n e a p o l i s , 1 0 c p e r 8 1 , 0 0 0 p r e m iu m .
C in c in n a ti,
Jewel Tea Inc...... . 100 2,100 49 Apr 26 55 Apr 21 49 Apr 78
Jan
10
c . p e r $ 1 ,0 0 0 p r e m iu m .
N o w O r le a n s , s i g h t , 5 0 c . p e r $ 1 ,0 0 0 d i s c o u n t .
Kayser
(Julius) &ColOO 100 117 Apr 25 117 Apr 25 115
Jan 135 Feb
a n d b r o k e r s , 5 0 c . p r e m iu m .
*
’
’
Kings Co E L &Pow 100
48 115 Apr 23 110 Apr 23 114 Feb 124
Jan
Loose-Wiles Biscuit. 100 800 19% Apr 23 21 Apr 26
Apr 27% Jan
State and Railroad Bonds.— Sales of Stato bonds at the Manhattan
Shirt___100 100 74 Ap r25 74 Apr 25
Apr 81 Mar
Board this week aro limited to $1,000 Now York Canal Mathieson Alkali___50 300 55% Apr 27 55% Apr 27 55% Apr 60 1 Feb
May Dept Stores__100 300 59% Apr 27 59% Apr 26 58% Feb 66% Mar
4s reg., 1960, at 102 3%).
Michigan Central__100
10120 Apr 26 120 Apr 26 113% Apr 120 Ma
Tho volume ol business in tho market for railway and Missouri Pacific___100 350 8% Apr 25 9% Apr 27 8% Apr 16% Jan
Trust
receipts_____
2.400
8% Apr 25 10 Apr 21 8% Apr 16% Jan
industrial bonds has beon considerably smaller this week N OTexas &Mex v t c.. 100 10
Apr 26 10 Apr 26 10 Apr 22
Jan
than last, while values havo been irregular. American Tel. Nova Scotia S & C..100 800 90 Apr 23 90 Apr
25 90 Feb 125
Jan
Ohio
Cities
Gas
rights..
7,200
4%
Apr 23 5% Apr 21 4 Apr 6 Apr
& Tel. temp. col. tr. 5s moved up fractionally, as did Atchison Owens Bottle-Mach..25 5,900 80 Apr
24 93 Apr 25 80 Apr 106
Jan
Topeka & Santa Fe gen. 4s, and Chicago Burlington &
Preferred______ 100 100 115 Apr 21 115 Apr 21 115 Apr 116 Apr
95 Apr 27 95 Apr 27 95 Apr 98% 1Jan
Quincy jt. 4s. Baltimore & Ohio ref. 5s gained a point, Pacific Tel & Tel pf.100 100
Pitts Ft AVayne & C.100 103 154 Apr 24 154 Apr 24 154 Apr 160% Jan
whilo Northern Pacific 4s advanced from 90fs to 91 Lt- On Pitts
Steel pref.......100 000 100 Apr 27 101 Apr 25 99 Feb 102
Jan
tho other hand, Central Pacific gtd. 4s, Chesapeako & Ohio Quicksilver Mining..100 400 2 Apr 23 2 Apr 25 1% Apr 3 Feb
Preferred______
100
2
000
Apr
23
2
Apr
24
2
Apr
Feb
4%
conv. 5s and Interborough Itap. Tran. 1st ref. 5s, fell away Royal Dutch ctfs dep__ 2,810 62 Apr 23 03% Apr 26 60 Mar 66% Mar
St Louis & S F pref A 100 100 34 Apr 26 34 Apr 26 31% Apr 42
slightly. St.L.& S. F. adj.Gs declined from 69Yi to 68% .
Jan
Scars Roebuck pref. .100 200 125% Apr 21 125% Apr 21 125% Mar127% Jan
Tho financing of tho United States for war and the Tol
St L &West tr rects. 100 4 Apr 27 4 Apr 27j 4 Apr 10% Jan
enormous loans proposed for tho Allied nations, tho first of United Drug.........100 100 75 Apr 24 75 Apr 24 69% Jan 80 Feb
1st preferred........50
100 51% Apr 23 51 % Apr 23 51% Apr 54
Jan
which, a $200,000,000 credit to Great Britain, consummated
preferred-...... 100 100 90 Apr 23 90 Apr 23 89% Jan 91
Jan
this woolc, has beon, as for sovoral weeks past, a topic of U 2d
S Express........... 100 000 19 Apr 23 19% Apr 23 19 Apr 21% Jan
considerable interest. The $250,000,000 Treasury certifi­ U S Realty & Impt-.lOO 300 11 Apr 24 12 Apr 23[ 10 Jan 22% Jan
ells, Fargo Express 100 150 99% Apr 27 99% Apr 27 98% Apr 144 Jan
cates mentioned in thoso columns last week were heavily W
Western Pacific___ 100 941 12% Apr 26 13% Apr 23 12% Apr 15% Apr
over-subscribed. Sales of bonds of tho several foreign
Preferred______ 100 300 41 Apr 27 43 Apr 21 41 Apr 44 Apr

Governments have been largo and price fluctuations of the
samo havo been very slight. Anglo-French 5s, tho various
Great Britain & Iroland securities, Dominion of Canada
bonds and thoso of tho Fronch Government havo been, as
usual, most popular. Sales on a s-20-f. basis, indicating,
presumably, sales for foreign account, havo increased this
week, being $67,000, as against $19,000 a week ago.
United States Bonds.— Sales of Government bonds at tho
Board aro limited to $2,000 3s coup, at 100%. For to-day's

prices of all the different issues and for the week's range see
third page following.'
Railroad and Miscellaneous Stocks.— Tho advance in
values which took place in tho Stock market this week was
in part duo to tho surprise caused by tho announcement that
tho directors of the United States Steel Co. had declared an
oxtra dividend of 3 % in addition to tho 1 % % looked for.
Tho roport that the copper needed by tho United States
and tho Allied nations for war purposes would bo bought at
a much higher prico than has beon generally expected was a
strong influence in tho rise of tho copper shares, whilo
tho general upward movement was doubtless facilitated by
tho presence in the markot of a considerable short interest.
Atchison fell from 102% to 101%, moved up to 103% and
closed at 103%. Chicago Milwaukee & St. Paul advanced



Outside Securities.— Values of securities at the Broad
Street “ curb” this week wero irregular, the general trend,
however, as was the case at tho Stock Exchange, being to­
ward higher prices. Aetna Explosive advanced fractionally
while Carwen Steel fluctuated between 11% and 12, the
final figure being 11%. Cheverolet Motors, the most spec­
tacular, gained from 93 to 105, tho last sale being at 102.
Lake Torpedo Boat moved between 7 and 8, while tho high,
low and last prices of Standard Motors, Marlin Arms, Todd
Shipbuilding Co., United Motors and Superior Steel were
14%-13%-13%, 85-73%-76 , 85-83-85 , 33%-29%-33 and
35-33 % -34% .
American Sumatra Tobacco fell away from 23 to 20, the
last figure, however, being at 23.
Standard Oil shares wero not active. Buckeye Pipe Line
moved between 100 and 106 and Indiana Pipe Line lost 2
points for the week. Ohio Oil fell from 360 to 340 and
Standard Oil of New York fluctuated between 290 and 277.
Among the bonds traded in at the “ curb” were $75,000
Cosden & Co. new 6s at 100% to 101, $55,000 Cosden Oil
6s at 103 to 103%, $67,000 Russian Gov. new 5% s at 85
to 88% and $105,000 Russian Gov. 6% s at 93 to 98.
A complete list of “ curb” market transactions for the
week will be found on page 1690.

1683

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

F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s
H IG H A N D L O W S A L E PRICES— PER SH AR E, N O T PER C E N T.
Saturdau 1 Monday
April 21.
April 23.

Tuesday
April 24.

Wednesday
April 25.

Thursday
April 26.

Friday
April 27.

Salesfor
the
Week
Shares

u s u a l ly

in a c t i v e ,

see

p r e c e d in g

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share $ per share S per share S per share 8 per share 8 per share
102 102*8 101% 102 102 102% 102% 103 103 103% 103% 103*4 11,000
98 98*4 98*s 98% 98 98
98 98% 1,576 Do prcf.
98*8 98*8 98 98
200
*113% 116 *113% 117
*11314 114 113% 114 *113*4 110
5,000
76 76*4 76*2 76*2 75% 70*4 70*2 76*4 70*2 77% 76% 77
1,499 Do pref.
71 71 *70 71 *70 71
70 70
70 70 *70 71
03% 65*4 64 65
05 65*2 65*2 65*2 0,000
64*8 64% 64% 65
161 162 160% 101 159*4 160*2 159% 161% 161 162*4 101 162% 9,400
60 00*4 60*2 61*4 01 61*4 7,500
60% 60*2 60 60*2 59*2 00
400
*11% 12
11% 11% 11% 11% *11% 12 *11% 12 *11% 12
900 Do pref.
*31 34% *34% 35 *31% 35
34*2 34*2 34*4 35% *34% 30
80 80
82% 83*2 82 82% 11,500 Chicago Milv
80*s 80*s 7934 80*2 80*4 84
700 Do pref.
*118 118*4 *118 18% *118 18% 117*4 118 118 118 118 118
114 114*2 114% .14% 114 14*4 113% 14 114 114*4 113% 114% 9,100
Do pref.
*155 70
1,300
*38 37 *35*2 37 *35 38*2 3 5 % 35*2 30 36*4 36 36
*80 83 *80 82
80*s 80% 80*2 80*? 81 81% 81% 81*8 1,000 7% preferred when Issued..
*69 70
69 69% 69 09
68*2
68 08*8 3,200 6 % preferred when Issued..
68*2 68% 68
*40 47*4 45*i 45% 45% 45*2 ♦45% 46% 46*2 47
46*2 40% 1,200
*40 40 *40 46
200
44*3 44% *40 45 *40 45 *40 45
*70 70 *70 76 *70 70 *70 70 *70 76 *70 70
Do pref.
*20*4 27*2 *20 27 *26 27 *26 27 *26 27 *26*2 27*2
55 55 *54 57 *54 57 *54 57
*54*2 57
55 55%
400 Do 1 st pref________100
*43 48 *43 48 *43 48 *43 48 *43 47 *44 46
Do 2 d pref..... ......... 100
122 122 1 2 2 % 23 121 .22 122% 123 123 126 124 125
3,000
200
*223*4 230*2 *223*4 230*2 *223*4 230*2 *223*4 230*2 *223*4 230% *223*4 230*2
200
*12*2 14 *12 14 *12 14
13% 13% *12 14
13% 13%
33 33 *30 33 *30 33*2 *30 33
............... 100
800 Do pref
33*2 34% 34% 31%
...............100
27*s 27% 20*4 27*4 26*4 27*4 26% 27*4 27*4 28% 27*2 28 20,500
3,200 Do 1 st pref_______ 10 0
*10*4 41*4 *40*2 41*2 40’ 1 40% 40 40% 40% 42*8 41% 42
32 32
*32 33*4 32% 32% *32% 33
33 33
400 Do 2 d pref.............10 0
33*2 33%
5,100
109% 110 109% 109*4 109*2 109*2 110 110 110 110*2 110 110
30*4 30% 30*4 30% 30*4 30*4 31 31% 32*2 33% 3212 34*8 20,200 Iron Ore properties..No par
104 104 103*2 103*2 103*s 103% 103*8 103*8 103% 104 103 103*4
900 Illinois Central............... 100
10 % 1 1
10*4 10*4 9% 10*4 . 9*4 10% 9*4 10*2 10*2 10% 20,700 Interbor Con Corp, vtc N o par
59% 00
60 60*4 55% 60% 55*s 671? 50% 57*2 57 57% 20,450 Do pref.................. 100
2134 22% 22*4 2234 22*2 22%
*21*4 22% *22 22% 22 22
800 Kansas City Southern---- 100
*54 58
54 54 *54 50 *54% 50 *51% 56 *54% 50
100 Do pref___________100
*17 18
100 Lake Erie & Western.......100
18 18 *17 19 *17 19*? *17*2 19% *17% 19%
*35 40 *35 40 *35 40
Do pref__________ 100
40 *35 40 *35 40
05*4 60
657# 667s 64% 65*4 9,100 Lehigh Valley__________50
65% 66
65*2 65*4 65*2 66
*41 42
400 Long Island certfs of deposit..
41*4 41% 41% 41% *41 42 *41% 42*2 41% 41%
700 Louisville & Nashville___100
131% 131*4 131% 131%
131*4 131*4 *131 131*4 131 131
1,800 Mlnneap & St L (new)__100
19 19
19 19 *17% 21 *17% 19*9 19 20
20 20
1,258 Minn St Paul & S S M___100
*106*2 108*2 *106 112 108 100 105 107 108 109 no no
*120 127 *120 130 120% 120% *120 127 *120 127 *120 127
173 Do pref....................100
7
7
600 Missouri Kansas & Texas. 100
7
7
7
7
7
*6*4 7*2 7
*6*4 7
*14 14% 14 14
13 13
500 Do pref.................. -100
13*4 13*4 14 14 *13 10
28% 28% 3,100 Missouri Paclflc(new) whenlss.
28*4 29
28*4 28*? 28% 28*4 28*4 28*9 28% 29
3,000 Do pref (or Inc bonds) do__
59 59
59 59
58 58
53 59
58% 68*9 59 59
93 93*2 93% 93*4 93*4 94
93% 94*8 94 95*2 94% 95 12,900 New York Central_____ 100
40 40*2 40*4 40*? 40 40% 40*8 4131 41% 42% 40% 41*2 6,500 N Y N H & Hartford.......100
*23*2 24*8 *23*2 24
23*2 24
500 N Y Ontario* Western...100
23*2 23*2 23 23 *23% 25
128% 128% 127% 128*4 120*4 127% 128 128 129 130*4 129*4 129% 2,300 Norfolk & Western........ 100
*85 90 *85 90 *85 90 *85 90 *85 90
Do adjustment pref— 100
85*8 85%
103 103% 103*4 103% 103% 103% 103 103 103*2 103*4 103*2 104
8,700 Northern Pacific_______ 100
52% 53*8 52% 53
52% 53
52% 53*s 53 53% 53 53 19,277 Pennsylvania................... 50
*23 24*4 *23*8 24*2 23*2 23*2 23 23% 23 23
23*2 23*4 1,100 Pere Marquette v t c______
*___ 69 *
65 65 *05 69*4
240 Do prior pref v t c _____
08 *
08 *__
08
*___ 59 *
*___ 59
Do pref v t c.................
59 *
59 *
59
23*4 24% 23*2 24% 24 21*4 24% 24*4 2434 26% 25*4 26*4 35,750 Plttsb & W Va Interim ctfs...
61 62*4 02 02% 62*2 03*4 62 63
62% 66% 65 65*2 9,990 Preferred Interimctfs____
95 95% 293% 91*4 93*4 94*4 93% 95% 94*4 97*4 96% 97*2 61,000 Reading ..................... ...50
*41*2 43 *41% 43 *4U2 43 *41*2 43 *41% 42 *41% 42
Do 1st pref........... ...50
*41*4 42*2 41*4 42 *413.4 42% *41*4 43 *41 43 *42*4 44*4
200 Do 2d pref________ 50
*18*2 19
19 19% 19% 19% 1,900 St Louis &San Fran new (w 1)
19 19
19 19 *18% 19
*30 31*4 29*2 30
30 30 *30 31
600 St Louis Southwestern___100
29 29
30 30
*40 50 *40 52 *47% 49 *48 49
49 51 *40 51
600 Do pref____ ______ 100
*14 14*2 14 14% 14*8 14% *14 15 *14*4 15
900 Seaboard Air Line............ 100
14% 14%
31*2 31*2 31% 31% 31 31*2 31% 32
1,500 Do pref..........
100
31*4 31*4 *31 32
93% 94*4 93*s 94
93% 94% 93*4 94% 94% 95*4 94% 95% 14,200 Southern Pacific Co____ 100
28 28% 28 28*? 27*4 28*4 27% 281? 28% 28% 28*2 28% 23,100 Southern Railway........... 100
*58*4 59
58*4 59
58*4 58*4 58*s 58% 58 59
58*4 58*4 2,600 Do pref.................. 100
*15 16
300 Texas & Pacific-------------100
15*4 15*4 *15 15*2 15% 15% *15 15% 15 15
34*4 35
33 33
29% 33% 30 31
30 30*4 30 30% 7,600 Third Avenue (New York) 100
Twin City Rapid Transit.. 100
*90 91*2 *90 92*2 *90 91% *90 91 *90 91% *90 91%
136*4 137 130% 137*4 136 137% 135% 137*4 137% 13S*4 137% 138*8 35,700 Union Pacific.................. 100
80*2 80*2 80*2 80*2 79% 80% 79% 80
79*2 79% 3,930 Do pref........ ........... 100
79*i 80
*8 10
*8 10
600 United Railways Invest... 100
*8*2 10
8*8 8% 8% 8% 8*2 9
*18 20 *18 20
19 19 *19 20*9 *19 20% *19 21
500 Do pref___ _______100
*11*2 12 *11% 12
11% 11% 11% 11*? 11% 12 *11*4 12
2,000 Wabash........................ 100
*49 49*2 49 49
48% 48% 49*8 49*1 49*8 49% 5,000 Do pref A.................100
48*2 49
*25 25*2 24*4 24*4 2434 24*.i 24*4 25% 25*4 25*4 25*8 25*2 3,600 Do pref B................ 100
21 21% 21% 21% 21 21% 2,500 Western Maryland (new). 100
21 21% *21 22 *20 22
Do 2d pref............... .100
*30 39 *30 39 *33 39 *33 38 *33 40 *30 40
9,800 Wheeling &Lake E Ry w 1...
*15*4 16
16 16
16 16*4 16% 16*2 16% 16% 16 17
*35 37
36 30
.30 36
36*4 30*2 36% 37
36*2 37% 2,388 Do preferred when Issued.
*48 51
47 47
50 50% 49% 50*4 4,600 Wisconsin Central........ .100
48*2 49
49*2 50
Industrial & Miscellaneous
*15% 17 *15*2 17 *10 17% *16 17
16*4 17
16% 17%
800 Advance Rumely______ 100
30 30 *28 31 *29 32
30% 30*8 *29 32 *31% 35
200 Do pref............
100
69 69
200 Ajax Rubber Inc...............50
70 70 *67*2 70 *67*2 70 *07*2 72 *07% 72
7% 8
7
7*.t 7*8 7% 8,500 Alaska Gold Mines.......... .10
6*2 7% 6% 7
7*2 8
*0% 7
700 Alaska Juneau Gold Mln’g.10
6% 0*2 G3.| 6*4
6*2 6*2 0% 6*2 *0*2 7
24% 25
24% 24% 24*4 25% 25*4 25% 25*4 26*2 26*s 27
6,600 Allls-Chalmers Mfg v t C..100
81 81
81 83
83% 85
2,600 Do preferred v t c___100
83*4 84% 84% 841? 84% 85
89 89 *88 89 *88 89
89 89
91 93
2,000 Amer Agricultural Chem.. 100
90% 91
*99% 101 *99 101% *100 101*2 *101 101*2 101 101 *100 101*2
200 Do pref__________ 100
91% 92% 92 92*? 91*4 91*2 91% 93% 93% 94% 93*4 95% 13,900 American Beet Sugar___ 100
*92*2 97 *92*2 97 *94 97 *94 97 *94 97 *92l2 97
Do pref__________ 100
44 44
45% 40*i 45% 47*8 14,625 American Can................100
43*4 44% 43*2 44*2 44 46
104*2 101*2 *104 105 *102 105 103*8 104% 101% 104% 104 104
400 Do pref...........
100
64% 65*2 64% 65*4 65 65*2 6512 67
07 68
67% 68
8,200 American Car & Foundry. 100
*114*4 116*8 *114*4 110*8 115% 115% *115% 116%*115% 110% 115% 115%
200 Do pref.... ........
100
*39 41 *39% 41% *39 41% 40 40
40 40
40*2 42*2 1,700 American Cotton Oil.......100
*___ 98 *
98 *92 98
90 96 *95 99*2 *90 98
100 Do pref................... 100
13*8 13*4 13 13
12% 13*4 12*2 13*2 13*2 13*4 13% 13% 4,000 American Hide & Leather. 100
60% 61
61% 63
01*2 61% 60 02*2 59*2 02
62*4 6234 4,000 Do pref___ _______100
25*4 25*4 25*8 25*4 25 25*4 25*8 25*? 25*4 25*4 25% 25% 2,400 American Ice Securities... 100
19*4 19% 20 20% 20% 20% 20*4 20% 20% 21% 21% 22% 10,300 American Linseed---------- 100
55*4 55% 55*2 561? 50 56*? 50 501? 56*4 57*4 57*2 58% 7,010 Do pref..................100
66*2 66*2 *66 671- 66*2 66* 66*2 68*2 68*4 69% 08*s 68% 7,100 American Locomotive___100
102*2 102*2 *102 103 102% 102*2 *101% 103 *100*2 103 *102% 103
200 Do pref..........
100
9% 10*8 9*4 10% 10 10% 10% 11% 11% 11*4 11% 11*4 7,100 American Malting.......... 100
62 62% 01% 62
59 60*2 59 00*4 GO 60% 61 03
9,300 Do pref__________ 100
*94 95
600 Amer Smelters Sec pref B.100
94*4 94*4 *94 95*1 *94 953.1 *91 95 *94 95
99 99 *98% 99*4 99 99 *99 100
99 99% *98*2 100
600 Do pref Ser A stamped..
98% 98*4 97*2 98*4 97*2 98% 97*4 101*2 100% 102% 100*4 101% 43,050 Amer Smelting &Refining. 100
*113 114 113% 113% *113 114 *112 114 113*4 113*i *11212 114
200 Do pref................... 100
*56 58*2 58 58
58 59% 58*4 60
2,600 American Steel Foundry.. 100
59*2 00*2 *59*2 60
111 111 *110% 111 110% 110% 110% 112% 112 112% 112 113
2,600 American Sugar Refining..100
*118 119* *118 120 119 119 *119 120 *119 120% *11812 120
120 Do pref______
100
123% 123* 124 124 ♦123% 124 123% 123% 123*4 123*i 123*4 124*2 2,500 Amer Telephono &Teleg. .100
184 185 184% 187 187 192*- 189 1941, 190*8 190% 190% 190% 2,200 American Tobacco..........100
*100 104 *100 104 100 103 *100 191 103 103 101*2 101*.
900 Do pref (new)______ 100
48*2 48*2 4/% 48*? 47*1 48
48*4 49*? 50 50% 50 50*. 5,300 Am Woolen of Mass_____100
*97% 98*2 *97*4 98% *97*4 98*. 98 98 *97*4 98*4 97*2 97*2
200 Do pref....................100
42% 42*4 42 42 *42 47
800 Am Writing Paper pref... 100
42*4 43*? *41 47 *41% 47
30 30% 30% 30*8 z29 30
29 30*s 31*2 32% 31*2 32
5,800 Am Zinc Lead & S............25
*64 64*2 *65 66. *63*2 65% *03*2 65*4 65% 60 *63% 66*4
600 Do pref..............
25
75*4 76% 74*4 76% 75*8 76% 75% 79
79% 81
79% 80*. 100,700 Anaconda Copper............. 50
97*4 99
95 9.3*5 94 97
93 98% 96*2 100*2 98 99*i 36,200 AtlGulf&WISS Lino ctfs 100
*59% 01 *59*2 02 *59 60
60 00 *59% 61
62 62
200 Do pref certfs______ 100
52 52* 52 52% 52 53
52*2 55*4 55*4 56*4 55 55% 14,000 Baldwin Locomotive.......100
*99% 100
99% 99% *___ 100% 100*8 10 0 % 100% 100% *100 100's
100 Do pref..........
100
109% 109*s *109 110 109% 109% no 111 111 112 110% 110*; 1,400 Barrett Co (The)............ 100
124 125 125 130 130 131 130*2 135 134% 135 *131 135
2,600 Bethlehem Steel___ ___ 100
115% 118*4 114% 118% 118% 121% 117*? 125% 124 127 123% 125% 212.700 Do class B common...100
* Bid and asked prices: no sales on this day.




t Ex-rlghts.

page.

PER SH AR E
Range Since Jan. 1
On basts o f 100-share lots
Lowest

Highest

PER SH AR E
Range for Previous
Year 1916
Lowest

Highest

$ per share $ per share 5 per share $ per share
100% Feb 3 107*2Jan 8 100*4 Apr IOS7*Oot
08 Apr 10 100*2 Feb I 198*2 Deo 102 Feb
110% Feb 8 119 Jan 4 106*2Apr 126 Nov
74 Feb 1 85 Jun 18 81% Dec 96 Jan
70 Apr 25 7678Jan 17 72*j Aug SO Jan
6338 Apr 24 82 Jan 4 81 Deo 8878 June
14812Feb 7 1673s Mar23 *16 2 18 Mar 183*4Jan
56%Feb 3 6684 Jan 3 68 Apr 71 Oot
11*4 Apr
16*4 Deo
1012 Feb 3 14*s Jan 10
32%Feb 3 41*j Jan 2 33 Apr 47*2 Oot
7812Feb 9 92 Jan 4 89 Deo 10212 Jnn
117 Mar 1 125*2Jan 29 123 Dec 136*8Jan
113 Marl3 124*4Jan 19 123 Dec 1347aJan
160 Apr 10 172*2Feb 16 1165 Apr 176 Dec
35'8 Apr 25 37 Apr 13
8018Apr 24 84*4Apr 14
68 Apr 26 71 Apr 11
625UFeb 8 49 Apr 3 631 Dec 638*8Dec
40 Feb 3 51 Jan 16 38 Apr 02*s Oct
70 Feb 1 80 Jan 29 70 Feb 86 June
20 Feb 10 30 Jan 4 24*4Apr 37 Oct
54ls Apr 13 57*2 Jan 9 46 Apr 62*8Oct
42 Marl2 46 Mar 17 40 Mar 57*4 June
11878Apr 12 15178Jan 19 1487s Deo 166 Oot
22734Feb 16 238 Mar24 216 Mar 242 N ov
8 %Mar
23*4Oot
1112 Feb 8 17 Jan 6
22 Feb 3 41 Jan 2 16 Mar 62*2Oot
25 Feb 2 34*4 Jan 3 32 Apr 43*8Jan
3734 Feb 3 49*4 Jan 2
46 Deo 69*8Jan
30 Feb 9 39*4 Jan 3 40 Deo 64*2Jan
109*2Apr 24 118*4 Jan 4 115 Deo 127*: Jan
273i Feb 3 3Sis Mar 4 32 Deo 50*4 Jan
100 Feb 3 106*8Jan 2 99*4 Apr 1097{ Oot
9*2 Apr 24
17*8Jan 2 161* Deo 21*8Jan
55%Apr 2£ 72*4 Jan 2 69 Deo 7712 Jnn
2034 Apr 10 2578Jan 2 23*s Apr 32*4Jan
647i Jan
53*2 Feb 28 68*2 Jan 30
66*8 Deo
17 Feb 3 25*i Jan 3 10 May- 30 Dec
36 Apr 18 533i Jan 3 32 Apr 66 *2 14ov
63*8 Apr 10 79i2Jan 2 7412 Jan 87*8Oot
4034 Apr 11 4334 Apr 14
122*2 Feb 6 13334Jan 4 1 2 1 *;-. Mar 140 Oot
36 OOt
19 Apr 21 3214 Jan 29 26 Oot
105 Feb 7 119 Jan 3 116 Dec 130 Oot
1203s Apr 24 127 Apr 13 128*2 Sept 137 Jan
6*4 Apr 9 11 Jan 2
3i* 8 ept 13UDeo
13 Apr 27 2012 Jan
10 Apr 24*4 Dec
22*8 Sept 38*2Dec
27 Feb 3 34 Jan
647s Deo
47*4 Sept
51 Mar 7 61 Jan
100*4 Apr 114*4Oct
91 Feb 2 103*8Jan
777aJan
49*2 Deo
36*4Feb 16 5278Jan
22 Mar 1 29UJan _ 26 May 34*8Deo
120U Mar I 138*8Jan 21 114 Mar 147*8Oot
84*8Feb 89*s Mat
85 Mar13 89*2Feb
101 Feb 3 110*4 Jan _ 108 Deo 11878Jan
52*8Apr 9 57SSJan 25 65 Sept 60 Oot
23 Apr 25 30*4J«n 2 36*4 Dec 38*8 Deo
65 Apr 26 7312 Jan 17
72 Dec 731: Dec
55 Jan 17 57 Jan 8
20*i Apr 16 20*s Apr 26
5358Apr 17 66*8 Apr 26
75*8 Jan il5*j Sept
88*2 Feb 3 104*4 Jan 3
4DaApr 10 45 Jan 29 4178Feb 40 Feb
41l2 Mar 8 45*2 Jan 16 41*4 Feb 62 May
18*2Apr 20 26»aJan 2 15*i May 30*2Dec
25 Feb 3 31*2Apr 14 16 May 32*2Deo
67 Dec
47*2 Apr 10 53 Jan ‘
37*2 Sept
14 Apr 19*4Deo
13%Marl6 18 Jan
31 Apr 24 39*2 Jan _ 34*8 Apr 42*8Oot
90 Feb 3 98*2 Mar24 94*4 Apr 04*s Jan
20s4 Mar 1
333gJan 3 18 Apr 36*4Dec
65*4Apr 10 70*2Jan 30 56 Apr 73*2 Dec
14i2Feb 28 19*4Jan
21*4 Deo
6*2 Feb
29%Apr 24 48*4Jan
48 Nov 68*2 June
9018Apr 16 95 Jan 20 94 Mar 99 June
131 Feb 3 149*8Jan 2 129*4Apr 163*8Oot
84*2Sept
79*2 Apr 27 85 Jan 24 1 8 O Sept
21*4 Jan
7*4 May
11*8Jan 2
6*2 Feb
18 Feb . 23*4 Jan 2 17 Sept 39*4 Jan
IDs Apr 25 15*4Jan 5 13%Sept 17 Jan
58 Jan 2 41*} Mar 6 OI2 Dec
46*2Feb
25 Apr 3278Dec
24 Apr
3012 Jan 2
23 Apr 3
21 Apr
35 Apr
41 Mar27
13*2 Mar 1 227s Jan 2 21 Dec 27*8 Dee
31*2Apr 10 60*8Jan 22 46 Deo 68*2 Doo
33
Apr 60%July
45*2 Feb 14 64*4Jan 2
113sApr 10 1812Jan 9 14 Aug 21*4 Dec
43 Apr
28 Apr 11 37*8 Jan 5 30*8Oct
06 Feb 3 80 Jan 25 63 July 89*g Dec
0i4 Feb 8 11*2 Jan 4 IOI4 Dec 26*2Jan
10*4 Jan
6*4 Oct
0l2 Apr 17 8*8 Mar26
20ig Feb 3 30*8 Mar21 19 July 38 Nov
70*4 Feb 3 8078 MarlO 7013 July 92 Nov
83 Feb 3 0378Apr 14 63 Apr 102 Nov
983s Feb 10 103*2Jan 24 96 Mar 103*4Dec
81 Feb 1 102*2Feb 16 61*4 Feb 10812Nov
95 Feb 7 08 Jan 24 93 Apr 102 June
36 Feb 3 5178 Mar29 44 Deo 68*2 Sept
103*8Apr 25 110*8Jan 26 10778Deo 116*8Sept
57 Feb 3 71*2 Mar27 62 July 78*2 Deo
115*2Apr 18 118*2Jnn 23 116*8Aug 119*2Mar
48*8 Deo 68 igOot
39*2 Apr 20 60*2Jan 5
96 Apr 25 101*2 Jan 9 98 Jan 102 Mar
8*4 June 20*2 Oct
10 Feb 2 17*4 Mar29
58 Feb 3 75 Jan 4 45 Mar 847gDeo
24 Feb 2 32*4Jan 2 26 Jan 32*4 Deo
1534Feb 3 22is Apr 27 17 Deo 277s Nov
48 Feb 3 58*4 Apr 27 38*4Mar 62*4Nov
62i2Feb 2 82*4Jan 4 68 July 98*4 N ov
99*2 July 109 N OV
102*2 Apr 21 10 0 78 Jan 20
19*4 Mar30
0 's Apr 2 1
59 Apr 20 68 Mar30
93i2 Jan 2 90*i Jan 31 8412 July 97*4 Nov
98*4 Feb 13 102*4 MarlO 91*4July 102 N ov
9488Feb 2 110*4 Jan 19 88 I2 Apr 1227s N ov
111 Feb 23 117*8Jan 19 109*4 Apr 118*8Oct
52 Feb 3 6578 Mar21 44 Apr 73 Dec
1043gFeb 3 115*8Fob 21 104 Deo 126*8Oot
117 Feb 2 121i2 Jan 25 115*8May 123*8Oot
122*4Feb 1 128*2Jan 24 212318 Deo *134*2 Sept
184 Apr 21 220 Mar 12 188 Feb 22978N ov
100 Apr 24 109*4Jan 18 105*4 Apr 113 Sept
6878 N ov
37*8Feb 3 54%Apr 3 37 Deo 102
Mar
94 Feb “ 0978 Mar 14 92 Jan
76*4Nov
11
Jan
37 Feb 3 64i2MarlO
Z29 Apr 24 41*8Jan 26 29*8July 977gApr
87 Nov
04*2Feb ' 72*2Jan 26 69*2July 105*8
Nov
70 Feb 1 86*4 Mar20 77 Apr
66 July 147*4 Deo
12 1*2 Jan 22
89*2Feb
73*4
Nov
60*2
Deo
66
Jan
‘
54 Feb 8
43 Feb
63*2 Mar20 62 Deo 11S*8Jan
9978Apr 23 102*2 Jan 15 9S78Deo 110 May
109 Mar23 130 Jan 2 0127*8Dec 167*2 Deo
0119 Mar 1 615 Jan 4 416 Jan 700 Nov
103 Mar 1 143*4 Mnr21

{ Less than 100 shares, a Ex-div. and rights, x Ex-dlvUlond. b Bofore payment of 1st Installment.

16 83

New York Stock Record- Concluded— Page 2
F o r r e c o r d o f sa le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y i n a c t i v e , s ee
H I G H A N D L O W S A L E P R IC E S — PER S H A R E , N O T P E R C E N T .
Saturday
A p ril 21
S per share
*120
1 26
4 2 % 4 2%
19% 2 0
*50
53
82
83
* ____
112
34%
34*a
93
93
22
2 2%
5 2*s 5 3 1.
46%
4 0%
43%
441,
*40
4 7%
112
112
92*8 92*a
*109
110
2 3 % 23*8
*97%
98
5 0 % 6 0%
1 0 7 % 107%
45%
45*a
*90%
92
*190
200
*100
1 02
11*8 13
14%
15
1 6 1 % 162
100
1 01 %
86%
8 8%
47*4 48*4
*107
109
79*s 8 0
* 4 0 % 41
109

1 09

M ond ay
A p ril 2 3

Tuesday
A p ril 2 4

W ednesday
A p r il 2 5

Thursday
A p ril 2 6

| $ per share
*122
124
41% 42
19% 2 0
49%
5 0%
82%
83%
* _____ 112
33%
343.
95
95
21 % 2 2%
50%
521
46%
4 6%
43%
44
*40
47%
1 1 1 % 111%
*92
913.
1 09
109
23%
24
98
98
5 9 % 6 0%
1 07
107%
45%
4 6%
91%
9 13
*190
200
*100
102
1 2%
13
1 43 , 15
162
162
100
105
86%
87
47% 48%
*107
109
79
79%
40
40%

S per share
*120
1 25
42
42%
1 7%
19%
47%
50V
82
84%
*106
112
34
34
*93
96
{2 1 %
2U ,
51%
521
47
47
4 3 % 44%
*40
47%
1 1 1 % 1111
92%
921
*103% n o
23%
24%
*97%
99
59%
61%
*107
108%
45%
457,,
*91%
92
*190
200
*101
102
1 2%
12%
15
15%
1 6 2 % 162%
1 0 1 % 101
85
86%
49
4 9%
*107
100
78
78%
40
4 0%
125
127
108
1 08

S per share
*120
1 25
42
4 3%
18
18%
40
40
82%
86%
111 % 1 12
34
35
05%
05%
2 1 % 2 2%
52
5 4%
47
49
4 3 % 44i,i
*40
4 7%
112
112%
*02
9 3%
*108% n o
23%
24%
98
99%
59
633,
1 08
1 03
45*8 4 6 34
91% 91%
*190
200
1 02 % 1021.,
13
1 4%
1 5%
15%
162
1633,
1 01 % 106 %
86
87
49%
50%
*107
109
79
79%
40% 40%
126
1 27

$ per share
*125
125%
431 4 4 44 ,
194, 2 0
*49
50
8 6 3 , 8 9%
♦ 11 0
115
3 5 % 3 5%
97
98
22%
2 3%
54
5 5%
48*4 5 0
444, 44%
*40
47%
112
113%
*9 2 4 , 0434
* 1 0 3 % 110
2 4 4 , 2434
99% 99%
623, 04%
*108
1 09
46%
4 7%
91%
913,
*190
200
*102
105
14%
15%
153, 1 0%
_____
_
105 % 1 1 0
*85
874 ,
503, 52
*108
109
80
81
42
42
126
127

1

j

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

*107

no

Friday
A p ril 27
S per
* 1 21
43%
19%
49%
86%
*110
*35
*90
22%
54%
49%
44%
*40
113%
92
1 10
24%
90%
61%
*10.3
46%
91%
*196
*102
14%
16
163*4
1 01 %
87%
51
*10,3
*80
42
126
*107

Salesfor

1 25
43*4
2 0%
51
88%
lit
36
90
2 3%
54%
4 9%
4 4%
48
113%
01
n o
26
100 %
63%
109
47%
91%
200
105
143,
16
163*4
1 08
88
513,
100
82
43

no

4 ,3 6 6

5 ,1 0 0
1 ,4 0 0
7 7 ,7 0 0
500
2 ,1 0 0
1 ,0 0 0
1 4 ,4 0 0
3 1 ,6 0 0
7 ,7 0 0
8 ,4 0 0
3 ,3 5 0
600
200
4 7 ,3 0 0
2 ,8 0 0
7 9 ,0 0 0
560
1 6 ,5 0 0
1 ,8 0 0
100
1 1 ,8 0 0
2 ,0 0 0
1 ,2 0 0
4 1 ,9 0 0
300
9 ,4 0 0
1 ,7 0 0
1 ,5 0 0
'2 0 0

52% 54
54
5 6%
54%
53%
53?s
56
.58%
5 6%
57*4 5 2 ,0 0 0
19
18% * 1 7
18
18
20
2 0%
201., 2 1 %
18
19%
1 ,9 0 0
*46%
48
48
52
46%
47%
47
51
.50
5 2%
53
5 ,4 0 0
_____
1 1 2 % 1 1 2 % _____
_
111 % 1113, 1 13 % 113 % * 1 1 2
114
700
26l.|
25%
26%
26%
25%
261.,
26%
2 8%
25
2 6%
27*4 5 .5 ,9 5 0
76%
78%
78%
76
78
7 9%
.81
75%
7 9%
77% 813,
1 3 7 ,5 0 0
41%
40%
41%
41
41%
41% 42%
41%
43% 2 5 ,8 0 0
40%
41%
38%
38
38%
3 8 3 , 401., 1 0 , 1 0 0
39%
4 04 ,
37%
39%
39
4 01 102
* ------- 101
101
*95
101
*98
102
*98
*98
101
51*8
51%
52
51%
51%
52
53
*50%
52
55
.55
1 .7 9 0
42%
41%
42%
41%
421,
421, 44%
45
46
44*4 4 5 % •56,700
85%
83
83
8 .31.1
85
83
84
8.54, 8 6 %
82%
85%
1 4 ,1 0 0
19*8
20%
20%
* 19*4 204 , *1 9 3 , 2 0 '.,
20
2 0%
20
20
700
200
*18.5
190
*180
200
*185
200
*185
109
*185
190
86
*84
85
*84
86
*8 4
86
*84
86
*84
85
65
*64%
66
*64%
66
*64
65
*61%
66
05
65
1 00
4 6 3 , 4 9%
46%
4734 4 9
47%
40
46% 49
1 2 ,5 0 0
49%
50%
69
64%
68
66
67
66
6 61 , * 6 6
6 8% 08% *65
1 ,0 0 0
31
31
3 0 3 , 31
30
30
31
30
31
3 0% 31%
2 ,6 0 0
85%
8 6%
85%
8 8%
89
85%
80%
8.8
88
893,
80%
2 2 ,1 5 0
*90
94%
*90
94%
*90
94% *9 0
94%
*90
91%
94%
40%
4 1%
40%
41
41%
42
41%
42%
4 2%
42%
42*.,
1 6 ,4 0 0
55%
57%
56
56%
56%
56
58
.57% 58*4 1 7 ,8 0 0
57*4 5 94 ,
_____
*97%
99
*07% 99
99
90
1 00
*100
102
300
1 17 % * 1 1 5
117%
117% *1 1 5
115
115
*113
117 % * 1 1 3
117%
1 00
112
112
-------------_____
111
111
110 3, 110*4 109*4 110%
500
*122
124
122
122
★
* - . - 123
123
100
33%
33%
33
33%
33%
34
33%
34% z3 3
33
32%
5 ,7 0 0
32*4
*96
99
*94
99
*95
99
06,% 9 6 %
*9 5
99
100
5 4 1t 5434 * 5 4 %
56
54*8 54*8
5 41 , 547g
5514
57
55*4 553 ,
2 ,9 0 0
* 1 0 8 % 110
*108
110
*108% n o
*108% , 110
* 1 0 8 % 1 10
♦10.81s 1 10
21%
22%
22%
22%
21%
22
22
2 2%
23
23*4
2 3%
2 3 3 , 1 6 ,0 0 0
130
136
135
1.37
137
137
1 30
139
*134
1 40
*134
141 %
2 ,6 0 0
*66
68
*66
68
00
66
66
66
*66
68
*66
68
300
1 3 4 % 1 38 %
131
13 712 1 3 5 % 130
1 3 3 % 137
1344, 137
1331., 135
8 0 ,7 0 0
4
8
4
8
*
4
8
5
0
48% 48%
48% 48%
*48
50
.50
50
.500
6*2
6*2
6%
6V,
6%
6%
*6%
6%
6%
64,
*6
613 ,1 8 0
21-% 2 2
21%
2 1%
21%
21%
21%
22
21%
22
22%
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81
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41
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44
47
46
4 7 % 3 1 ,0 0 0
*113
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114
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114
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116
1 ,0 0 0
72
73% * 7 2
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73
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106
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§94
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3 .8 ,5 0 0
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1 02
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102
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1 7 4 % 1741, * 1 7 4
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106
*103
106
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107
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400
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_____
_____
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5 ,0 0 0
207
210
207
209
208
211
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203
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1 2 ,4 0 0
51%
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1 ,3 0 0
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126
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_____
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_____

t

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D o p r e f su b re c ts fu ll p d 100

Do
Do
Do

a

p r e f.
pref A v t c .
pref B v t c .

E x -r lg h ts .

.100
.100

PER S H A R E
Range f o r Previous
Y ear 1 9 1 6

P E Ii S H A R E
Range Since Jan. 1
basis o f 1 0 0 -share lots

L ow est

H ighest

S p er share
$ per share
1171s M a r 3
135 J an
5
3 8 i4 F e b 3
5 2 % J a n 26
1 7t2 A p r 2 4
3 0 i j J a n 25
47
Feb
3
6 2 i4 J a n 2 5
70 F e b
1
97% J an
4
1 I D s A p r 19 11578 J a n 2 5
333 4 A p r 2 3
41 F e b 2 0
9 0 t2 F e b
3 104*4 M a r 2 0
20 F eb
3
2 7 % M a r 12
4818 F e b
3
63*4 M a r 7
3 8 i2 F e b 2
5 41 2 M a r 2 1
3 4 i8 F e b
3
47% A p r 4
4 0 % A p r 18
40 Jan
4
1 1 0 A p r 2 0 1345s J a n 18
82% F eb
3
9 4 *4 M a r 2 9
1 09 A p r 2 3 l l 2 i 2 F e b
7
18 F e b
2
2 7 i8 M a r 2 3
9 6*4 A p r H
1123s J a n
2
50% F e b
2
7 3 i4 M a r 2 1
107 F e b
3 11734 J a n
3
3 5 34 F e b
3
5 5 l4 J a n
4
8 5 1 2 F e b 14
94% J an
3
5 9 F e b 14 2 0 5 A p r 16
1 01
A p r 17 1 0 5
M ar 8
11^ A p r 20
32 Jan
2
14 A p r 18
24S4 J a n
9
161
F eb
3 171J4 J a n 2 6
9 8 '4 A p r 2 0
1 25
M a r 16
85
A p r 24
93 Jan
4
473 4 A p r 2 0
6 1 t4 J a n 19
107
A p r 18 1 1 2 J a n
4
7518 F e b
3
9238 J a n 17
40
A p r 23
47 J an 26
9 9 it F e b
3 137 J an
3
102 F eb
3
109 A p r 21
1 17 F e b 10 1171 2 F e b
2
48
F eb
1
6 3 12 M a r 2 0
13U F e b
5
2 1 i2 A p r 2 7
35U Feb
5
53
A p r 27
lll% A p r 2 5
1 23 J a n
2
1934 F e b
1
36% M a r2 3
625s F e b
8
9 5 i2 M a r 2 4
3 71 2 F e b
3
47% M a r2 1
33
M ar 2
49% J an
4
94
M a r l9
105
M a r2 6
49 F e b
3
6412 J a n
4
40 Feb
1
4734 M a r
7 0 's F e b
3
8 9 i4 J a n
1 7 i2 F e b 28
30 Jan
200
M a r 2 2 3 2 J a n 19
83 Jan
5
8 934 F e b l 7
64
M a r 14
6 7 % J a n 15
43% A p r 20
6 1*4 J a n 17
6 3 '2 A p r 18
74 ig J a n 18
295s A p r 2 0
4 0 J an 20
815s M a r 1 i o o i 2 J a n 10
91
M ar 1
9 6 J a n 24
34
F eb
1
427$ A p r 27
25558 A p r 2 0
623s A p r
*
95 F e b
2 1 09 U J a n 2 5
1 14 J a n 2 0 1171 2 M a r 2 8
109’ 4 A p r 27 1221s J a n
"
1 22 J a n 2 0 1 2 7 J a n
24
F eb
3
36
M ar 9
95>8F eb
8
os
J a n 19
52
F eb 3
63% M a r 2 3
1 0 8 i4 M a r l S
114
Jan
6
2 0 78 F e b
3
2 6% M a r 6
128 F eb
3 156
M a r2 1
66
F eb
3
723, M a r2 1
87
F eb
3
i4 3 7 g A p r 19
48
A p r 23
54
F e b 19
5 F eb
3
7 % F e b 14
18 F e b
3
2 6 i8 M a r 2 3
775s A p r 16 i0 6 t 4 J a n 18
34% A p r 25
42 Jan
'
35
Feb
1
5238 J a n 19
107 % J a n 15 118 % M a r 2 0
72 A p r 23
83% J an 26
1 01
M a r 7 * 1 0 7 J a n 31
1 21
A p r 14 i 3 i
Jan
6
156 % A p r 16 1 6 7 % J a n 2 6
43
F eb
2
5 5 % M a r2 1
9 7 % A p r 11 1 0 1
J an 22
23
F eb
3 2% A p r
60 F eb
8 6 % M a r2 1
90
F eb
105*4 J a n
4 6 F e b 10
68
Jan
173 A p r 2 3 2 3 8 % J a n 2 2
22% F eb
29*4 M a r 9
52*4 A p r 2 5
593 4 M a r 2 9
4278 A p r 21
74*4 M a r 3 0
165
F eb
6
195
M ar 9
83% A p r 21
1 10*2 J a n 17
1 02 % M a r 7 1 0 8 % J a n 2 0
4 2 % A p r 17
5 3*4 J a n 2 6
13
F eb
17*4 M a r 19
200 F eb
2 4 3 J a n 10
48% F eb
59
M a r2 1
99
F e b 23 105
M a rl2
40
F eb
3
46*4 J a n 25
95 A p r 25
1 09 % M a r 12
11% F e b
15% M a r 2 2
8 8 % A p r 23
1 12 J a n 2 2
42
A p r 21
48% M a r 6
91% F eb
103 % J a n
1 19 J a n
1 2 0 *4 M a r 14
1 31 % A p r 2 0
154*8 J a n 2 2
17 F e b
2
23% J a n 25
55 F e b
1
6 3 J a n 29
1 0 0 % A p r 21
1 3 2 % F e b 23
98 Jan
8
104% J an
8
5 0»4 F e b
9
65 Jan
1 0 5 78 F e b
114*4 J a n
5234 F eb
67*4 J a n
4 9 % A p r 23
52% Jan
99
Feb
118*4 A p r
116*4 M a r 2 1 2 1 % J a n 19
97
F eb
1 117*2 M a r 7
19% F e b 3
24*4 J a n 2 2
34% F e b 3
45% A p r 27
1 0 7 % M a r 1 1 12 % J a n 2 6
46
F eb 3
77
M a r3 0
92
M ar 2
9 9 * 4 J a n 19
46 F eb
3
55*8 J a n
2
68
A p r 17
7 0% J a n
4
4 5 A p r 21
5 2 % J a n 18
29% A p r 2 0
3 8 % J a n 18
95 Jan
2
100
M a rlO
58
F eb
1
84% M a r 3 0
132 A p r 21 1 51
Jan 22
124*4 A p r 18 1 2 6 % J a n 17
23% F eb
9
28
Jan
4
91
A p r 16
95
J a n 26
5 0% A p r 11
57*8 J a n 22

a E x -d lv . a n d rig h ts ,

ft P a r $ 1 0 0 p e r s h a r e ,

H ighest

$ per share $ per share.
126
J u ly
1 86 N o e
417s D e o
105% M a j
15 J u n e
42% Jan
40 June
80% Jan
49
Apr
123
N ov
108*8 J a n
1 17 % N oti
1 31
Juno
19% J u ly
3 9 % N o r.
4 6% J u ly
74
N ox
38% A p r
63% S ep ^
53*8 D e o
30% S ep t
52% Jan
4 0 % J u ly
144*4 J a n
129*4 D e o
75% Jan z l l l
Sept
106 F e b
114
N ox
1 3% A u g
29*4 D e e
85 June
113% D e c
99% M a i
50% D eo
108% J a n
124*8 D e c
76% O ct
43
D ee
100% O ot
91*4 D e o
152
Jan
269*8 S e p t
110
Juno
100*8 D e o
54% A p r
24
D eo
29** F e b
18
D eo
159 A p r
187% O ot
135 D e c
120
D eo
8 8 % D eo
93
D ee
49% D e o
80
Apr
110% D e o
116*4 M a i
8 0 J u ly
120 N o x
34
June
56% N o e
71
M ay
193 N o V
87
M ay
115
N o?
72
M ay
Nox
42% A p r
74*4 N ox
29% Jan
11 A u g
74 J a n
37
D ec
108% Jan
126% N o x
»13*g F e b
*50*8 S e p t
r61% M a r »12 5% S e p *
6 6 % Jan
38*8 D e o
9% M ar
75% N o x
42% F eb
109% D e c
85% S e p t
56
D eo
64% N ox
40 D e o
1 07
N ot
64
M ay
56% June
25% D e c
239% A u g
179% Jan
91
F eb
78
Apr
64*8 D e o
88*4 J u n e
99 S ep t,
44
D eo
93 Jan
65
D eo
60% June
32
D eo
129% Jan
8 8 % June
105% Jan
8 9 % June
49% N o x
33
Aug
88% Apr

190

68%
109
118
124
1 9*4

90%
57
111%
15
118
85%
75

M ar
Jan
Sept
June
Apr
D eo
D eo
D eo
Jan
J u ly
Apr
O ct

114*8
117%
131%
129%
36%

D ee
N ot»
O ot
M ay
D ee

74%
117%
34%
188
75*8
124%

8epi
O ot
N ox
N ox
D ec
D ec

100 Noy

5*4 N Ox
11*4 J a n
100% M a y
38 June
2 5 % J u ly
100% A u g
4 2% J u ly
97
Jul
1 14
an
15978 M a i
32
Apr
95% M a r
20
June
42
June
1 01
D ec
63*8 D e e
168% M a
22
D ec

11%
31
118
48
58*4
115%

Jan
Aug
O ct
D ec
D ee
D ec

108
137
177
81*4
103%
37
93
1 17
84*4
133
40%

N ox
Sept
8ept
N ox
N ox
N ox
N ox
N ox.
Sept
N ox
F eb

3 7 J u ly
1 48
Jan
1 00 % D e o
108% S ept
481* D e c
15*4 D e o
177% J u n e
48% S e p t
99
J u ly

93%
240
167
14
79%
19%
241%
59%
109%

N ox
June
Jan
M ar
8ept
D eo
N ox
D eo
M ar

86 Jan
4% M a y
871* O o t

88%Nox

110
O ct
18% O c t
129
N ox

’ 69 * F e b "
106*4 A u g
611% F eb
120
Aug
169% June
13e% Jan
15% J a n
28% N o x
481* F e b
67% N o x
170% A p r
94% D e o
9 9 % J u ly
114 Jan
47*4 M a r
70*4 D e c
106% F eb
115% D e e
57 D eo
81% N o x
6 3 t* J u n e
50
June
x 79*4 M a r
129*4 N o x
115
M ay
123
N ox
74*4 J u l y
130
N ox.
1 6% J u n e
27*s D e o
36
Apr
51 Jan
108
Apr
114% D e c
41
J u ly
72*4 N o x
87
M ar
106% O ct
71% M a t
51 % D e o
70
Apr
79
M at
D ec
59*8 O c t
D eo *325
June
D eo
117 J u n e
1 18
123
25
95
52
c

Jan
June
J u ly
J u ly
J u ly

141*4
1 28
36%
100
6 6 t*

O ot
N ox
Sept
Sept
Sept

Certificates of deposit

1684

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

I n Ja n . 1 9 0 9 the Exchange method o f quoting bonds was changed, and prices are now — "a n d interest” — except fo r incom e and defaulted bonds.

P rice
Friday
A p ril 2 7

BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g A p r i l 2 7

W eek's
Range or
Last Sale

3 a

Range
Since
Jan. 1

t w
H igh
H igh H o . m
Bid
A sk Low
U. S. G ov ern m en t.
98*2 A p r '1 7
9 8 i 2 99*4
_____
98
2 s c o n s o l r e g is t e r e d ___ d l 9 3 0 0 - J
99*4 9934
99«4 J a n ’ 17
98
..
2 s c o n s o l c o u p o n ........... d l 9 3 0 Q - J
__
99*2 9 9 %
99
100% 99*2 A p r '1 7
3 s r e g i s t e r e d ......................* 1 9 1 8 Q - F
2 00*2 1017*
1 0 0 i2 -------- 1004t
100^4
3 s c o u p o n ........................... * 1 9 1 8 Q - F
07** 110
_____ 107*2 A p r ’ 17
4 s r e g i s t e r e d ......................... 192 5 Q - F 1 06
107
111*8
_____ 108*3 A p r ’ 17
4 s c o u p o n .............................. 1925 O - F 1 06
98*4 O o t ’ 15
93
_____
P a n C a n a l 1 0 - 3 0 - y r 2 s .* 1 9 3 6 Q - F
97
J u l y ’ 15
_____
98
P a n C a n a l 1 0 -3 0 -y r 2 s . ,1 9 3 8 Q - N
102*4 102*4
95
_____ 102*4 J a n '1 7
P a n a m a C a n a l 3 s g ------- 1961 Q - M
1 00
F e b ’ 15
P h il ip p i n e I s l a n d 4 s . 1 9 1 4 -3 4 Q - F
F o re ig n G o v e r n m e n t
97
187j 9 5 % 98*2
9 6 % S a le
96
A m e r F o r e i g n S e c u r 5 s ........... 1919 F - A
9434 2 1 7 9
937*
937* s a l e
90
95
A n g lo -F r e n c h 5 -y r 5s E x te r lo a n . A - O
M a r ’ 17
88
93
88
83
90
A r g e n t in e — I n t e r n a l 5 s o f 1 9 0 9 - - M - S
9834
963* S a le
36
9 6 % 96*4
96%
B o r d e a u x (C it y o f) 3 -y r 6 3 .1 9 1 9 M - N
70
72U
71*2 A p r '1 7
C h in e s e ( H u k u a n g R y ) — 5 s o f ’ 11 J - D t 7 U * 7 3
985*
97
1 00
98*4
933* S a le
3
C u b a — E x t e r n a l d e b t 5 s o f 1 9 0 4 . IY1- S
925*
92*2 9 6 %
30
92*4 9 3
92*2
E x t e r d t 5 s o f ’ 14 s e r A . . . 194 9 F - A
8 6 i s J a n ’ 17
88*2 86*2
84*2 9 6
E x t e r n a l lo a n 4 M 8 ..................1949 F - A
99**
97*2 1 00 %
23
983* S a le
98*2
D o m i n i o n o f C a n a d a g 5 s ___ 1921 A - O
967* S a le
98*i
97
25
98*4 100
Do
do
1926 A - O
983*
97
100*4
97
31
97
S a le
Do
do
1931 A - O
101
99** 101
100 ' u
2374
1 0 0 * 2 S a le
F r e n c h R e p u b 5 M s se cu re d lo a n .
82*4
82*4
4
81
88*4
J a p a n e s e G o v t — £ lo a n 4 M s . 1 92 5 F‘ -A t 82*2 84
10 80** 8 8 %
81
86*4
8134
S e c o n d s e r ie s 4 M s ------------------- 192 5 J - J t 8 2
7Q3g
78
82
37
Do
do
“ G e r m a n s t a m p ''
753*
73** 76*2
75*2
9
S t e r lin g lo a n 4 s ........... ..........1931 J - J t 7 5 * 2 S a le
967*
96**
81
9 6 % 9634
9 6 % S a le
L y o n s ( C i t y o f ) 3 - y r 6 s ........... 1919 M - N
963* 967* 963*
97
72
96*2 9 7
M a r s e il le s ( C i t y o f ) 3 - y r 6 s . . 1919 M - N
_____
40*2 4 5
M e x i c o — E x t e r lo a n £ 5 s o f 189 9 Q - J t 424* 4 5
_____
397* 397*
30
3 S 78
► G o l d d e b t 4 s o f 1 9 0 4 ............ 195 4
170 9 2
97
95*2 S a l e i 95*4
P a r is , C i t y o f , 5 - y e a r 6 s ------- 1921 A - O
7 5 % 787*
6
5
t
77
7
8
%
M
S
T o k y o C i t y — 5 s lo a n o f 1 9 1 2 ------957* 9 8 %
916
9 7M S a le 9 7 K *
U K o f G t B r i t & I 2 - y r 5 s . . 191 8 M - S
95
987*
965*
331
9 6 7* S a le
3 - y e a r 5 M t e m p n o t e s -------- 191 9 M - N
9 6 i*
387
9 3 ’ 4 98%
965* S a le
5 -y e a r 5 M t e m p n o t e s _____ 1921 M - N
2159
93
100*4
1 0 0 % i S a le
T e m p o r a r y n o t e s 5 M s _____1918
128 7
■*00% S a le 100>4
98*2 101 %
T e m p o r a r y n o t e s 5 M 3 _____ 191 9
tT h ese are prices on the basis o f S 5 to£
S ta te a n d C ity S e c u r it ie s .
17 100*2 104*2
S a le IOOI 2
N Y C ity — * K s C o r p s t o c k . 1960 M - S 101
9 100*2 105*4
4 M s C o r p o r a t e s t o c k -------- 196 1 IV! - S 1 01 % S a le 1005*
1 0 1 % A p r ’ 17r . . . . 101*2 106
4 M s C o r p o r a t e s t o c k -------- 1966 A - O
1
0
6
108
2
1
0 105*2 111
1
0
5
i2
10512
J
D
4 M s C o r p o r a t e s t o c k _____ 1 96 5
107
1 0 5 li
1 05 U
11 105*4 110*4
4 M s C o r p o r a t e s t o c k -------- 1963 M - S 1 06
1 00
S a le
18 99*2 102**
4%
C o r p o r a t e s t o c k ...........195 9 M - N
1 00
A p r ’ 1 7 _____
99*4 102*8
4%
C o r p o r a t e s t o c k ...........1958 M - N
1003* A p r ’ 177 _____
9 9 7* 1 00
997* 102*4
4%
C o r p o r a t e s t o c k ...........1957 M - N
9
7
%
J a n ’ 165 . . .
9
9
i
2
1
0
0
%
M
N
4%
C o r p o r a t e s t o c k ...........195 6
1071*2
1107*
20 1 05
107
1 07 U 10534
N e w 4 M s ................ - ...............1957 M - N
6 _____
N
N e w 4 M 3 - - - _______
1917 M - N
107
2 0 1 05
107
S a le 1
1 10 %
4 M % C o r p o r a t e s t o c k ___ 1957 M - N
_____ 1
i J u n e ’ l 6 _____
4 M % A s s e s s m e n t b o n d s . . 1917 M - N
A p r ’ 177 _____
83
88*4
88
90
3 M % C o r p o r a t e s t o c k ___ 1954 M - N
_____ 1
7 _____ 103*2 105
N Y S t a t e — 4 s .............................. 1961 M - S
7 _____ 1 0 3 % 106*2
_____ 1
C a n a l I m p r o v e m e n t 4 s ___ 1961 J - J 1 0 5
6 _____
D e o ’ 16
_____ 1
C a n a l I m p r o v e m e n t 4 s ___ 1962 J - J 103
7 _____ 1 0 4 % 1 06%
103
105
1
A p r ’ 17
C a n a l I m p r o v e m e n t 4 s . . . 1 96 0 J - J
7 _____ 1 14
M a r ’ 17
1 12 *2 113*2 1
117**
J - J
C a n a l I m p r o v e m e n t 4 M S -1 9 6
6 _____
C a n a l I m p r o v e m e n t 4 M s . 196 J - J 107*2 108*4 1
7 _____ 1 1 3
1
A p r ’ 17
1171*
H i g h w a y I m p r o v ’ t 4 M S . . 1 9 6 3 M - S 112*2 1 13
1
7 _____ 108*4 1 10
H i g h w a y I m p r o v ’ t 4 M 3 .. 1 9 6 5 M - S
A u g T 6 _____
V ir g in ia f u n d e d d e b t 2 - 3 s ____1991 J - J
7
_____
A
p
r
’
17
5 2 '* 5 6
66
61%
6 s d e fe r r e d B r o w n B r o s c t fs
R a ilr o a d .
5
65
S a le
65
65
63*2 7 3 %
A n n A r b o r 1 st g 4 s ................... * 1 9 9 5 Q - J
91U
92 2 104
92*2 S a le
90*2 9 7
A t c h T o p & 8 F e g e n g 4 s . . . 199 5 A - O
92
A p r '1 77 _____
93
9 1 % 93
R e g i s t e r e d .................
1995 A - O
837* 813* A p r '1 77 _____
8 U*
8 1 % 88*4
A d ju s t m e n t g o l d 4 s ........... ft 1995 N o v
85*2 N 0 V I 6 _____
R e g is t e r e d ........................ * 1 9 9 5 N o v
83*2 S a le
831 2
2
2 81
89
S t a m p e d ............................. ft 199 5
102*4 102*4 1
2
1 101*2 106*2
C o n v g o l d 4 s . ...........................1 95 5
1
% 127 1 0 1 % 107
1 0 2 % S a le
C o n v 4 s Issu e o f 1 9 1 0 _____ 1 9 6 0
7 _____ 1 0 0 % 1007*
1 0 0 *8 1 0 0 * 4 1
1 0 - y e a r 5 s ............................... . 1 9 1 7
933* 9 8
7 _____
96*4 M a r ’ 17
95
99
E a s t O k l a D l v 1 st g 4 s . . . 192 8
7 _____
8 5 i 2 A p r ’ 17
86
81
85*2 8 6
R o c k y M t n D l v 1 st 4 s . . . 196 5
7 _____
89
A p r ’ 17
—
90
89
93*4
T r a n s C o n S h o r t L 1 st 4 s . 1 95 8
7 ____
9 8 % M a r ’ 17
98
—
97*2 100
C a l- A r l z 1 s t * r e f 4 M s ” A " 1962
1 04 3 4 :
_____
7
F
e
b
‘
17
1
0
2
%
1
04
104
%
S F e P r e s & P h 1st g 5 s . . . 194 2
887* 9 6 %
7 _____
90
90
A p r ’ 17
89
A t l C o a s t L 1 s t g o l d 4 s ------- ftl9 5 2
7 ____
_ - _ 91
93*2 F e b ’ 17
9 3 % 05*2
G e n u n i f ie d 4 M s ....................196 4
7 -------- 106
M a r ’ 17
1031* 106*4 :
107*2
A la M i d 1 st g u g o l d 5 s . . . 192 8
9 33 4 J a n ’ 17
89
7 _____
93*4 9334
B r u n s & W 1 st g u g o l d 4 s . 1 93 8
5 _____
_____ 1 2 9 7 * /
126
C h a r le s & S a v 1st g o l d 7 s . 1 93 6
l2
6
81*2 8 1 %
—
81*2 8 9
L A N c o l l g o l d 4 s ------------0 1 9 5 2
6 ____
.
113*8 113*2 191*
S a v F & W 1 st g o l d 6 s _____1 93 4
5 ____
05
J u ly 15
_____
103*8
1 st g o l d 5 s _______ ________ 1934
; ; ; ;
993* D e o '1 66 _____
98**
S ll S p O c a & G g u g 4 s ------- 1918
*4
22
90*2 9 6 %
91*8 S a le
B a lt & O h io p r io r 3 M s ........... 192 5
7
-------9
2
9 5%
9
2
A
p
r
’
17
9
0
85*4
R e g i s t e r e d ........................ft l9 2 5
8734
*2
25
87
94%
883a S a le
1 st 5 0 - y e a r g o l d 4 s ------------ft l9 4 8
7 ------92** 9234 M a r ’ 17
91
92*4
—
R e g i s t e r e d ........................ft !9 4 8
*4
2(
90%
90*2 97**
91*4 S a le
2 0 - y r c o n v 4 M s ------------------ 1933
983jj S a le
97
38
54
96*2 101*2
R e f u n d & g e n 5 s S e r ie s A . 1 99 5
‘2
__
_____
_____
12
J
a
n
’
12
P i t t s J u n e 1 st g o l d 6 s ------- 192 2
M a r ’ 17
91% 92
7 _____
8 8 % *94*2
—
P J u n c A M D l v 1 st g 3 M s 1 92 5
S a le
k
83
90
83
83
1
83
P L E A W V t S y s r e f 4 s . . 1941
*2
41
88
9 4%
S
a
le
8
3
88
S o u t h w D l v 1 st g o l d 3 M S -1 9 2 5
_____ 100
A p r '1177 -------- 1 0 0
1 00
93
C e n t O h io R 1 st e g 4 M 8 - . 1 93 0
1 6 _____
102
C l L o r A W c o n 1 st g 5 s . . . 1933
16 .
M o n o n R i v e r 1 s t g u g 5 s . . 191 9
1 7 ------- 1 0 7 % 1 07 %
105
O h io R i v e r R R 1 st g 5 S . . . 1 9 3 6
1 6 ____
104
99
G e n e r a l g o l d 5 s ................. 193 7
1 7 _____ 1 0 7
07
F e b ’ 17
1 07
f P i t t s C l e v A T o l 1 st g 6 s . . 1922
093* S e p t '1166 ____
9 9 * 4 -------P i t t s A W e s t 1 st g 4 s ........... 191
108** l l l i 2 J a n '1177 ------- 110*2 111*2
5 100
B u f f a l o R A P g e n g 5 s ........... 193 7
1 7 ____ 101*4 102*2
I
_
1 0 1 » 4 M a r ’ 17
C o n s o l 4 M 3 ....................
1957
1 6 ____
07
> —
—
A l l A W e s t 1 st g 4 s g u _____1 99 8
1 0 ____
0
3
.
J
106*2
C l e a r A M a h 1 st g u g 5 s . . 194 3
106U D e o ’ 1
166 ____
V 1 0 4 *i 108
R o c h A P i t t s 1 st g o l d 6 s . . 1921
1 7 ____ 109*4 109*4
> 105*4 1 0 9 % 10934 J a n ’ 17
C o n s o l 1 st g 6 s .................... 1922
100*2 105%
%
*2
J 100* S a le
C a n a d a S o u c o n s g u A 5 s . . . 196 2
1 7 ____
007* 9 2
91
91
)
. . .
C a r C l in c h A O h io 1 st 3 0 - y r 5 s ’ 3 8
1 0 8 % 1 10
7 ...
V 1 0 8 * * -------- 1081* A p r '117
C e n t r a l o f G a 1 st g o l d 5 s . . p 194 5
9 8 % 103
4
98*4 08*2
C o n s o l g o l d 5 s .........................1945
8 4 % M a y ’ 16 . . .
86
1
. . .
C h a t t D l v p u r m o n e y g 4 s 1951
t
m
o
17
.
.
.
103
103
1
03
M a c A N o r D l v 1 st g 5 s . . 1946
J 1 0 3 * 4 _____ 1 0 0 U M a r ’ 15
M i d G a A A t l D l v 5 s ______ 1947
1 04 % 104 %
J
99*2 104*2 104*2 A p r ’ 17 . . .
M o b i l e D l v 1 st g 5 s _______ 194 6
0 4 % 97**
95
9 4 * 2 A p r ’ 17 . . .
4 . . .
C e n R R A B o f G a c o l g 5 s . . 1937
S a le 115
116 1
J 1 16
115
120*2
C e n t o f N J g e n ’ l g o l d 5 s _____1987
110
116*2 A p r ’ 17 . . . .
116*4 118
J 111
R e g i s t e r e d ...................... - f t l 9 8 7
17 . . .
102
104
1 02
104*4
J 101
A m D o c k A Im p g u 5 s . ..1 9 2 1
13 . . .
J
98*2 101*4
L eh A H u d R lv gen gu g 5 s .’20
13
.
.
.
1
0
0
*
1
J
a
n
'1
3
S
93*
” N Y A L o n g B r g e n g 4 s . . 1941
17 . . .
78
79*4
80
78
F . . .
C e n t V e r m o n t 1 st g u g 4 s . . e l 9 2 0
94% 94%
J . . . . 96*2 967* M a r ’ 17 . . .
C h e s a A O fu n d A lm p t 5 s . .1 9 2 9
17 . . .
104*2 108*2
106*2 1 05
S' 104
1st c o n s o l g o l d 5 s ....................1 93 9
104*2 J a n '117
7 ...
104*2 104*2
1 06
<1 . . .
R e g i s t e r e d ........................... 193 9
84% 94
84*4
S
84* 2 8 8
t*2
G e n e r a l g o l d 4 M s --------------- 1992
8 6 3 4 M n r ’ 17 . . .
86*4 92
R e g i s t e r e d ........... ................ 1992
)7*
3 1 80
80
86*2
\
801 2 S a le
2 0 - y e a r c o n v e r t i b l e 4 M s . -1 9 3 0
94*1
90
3*2 4 2 1 9 0
>
90*4 S a le
3 0 - y e a r c o n v s e c u r e d 5 s . -1 9 4 6
17 . . .
84
87
82
84
D
78
B i g S a n d y 1 st 4 s ___________ 194 4
J
76
82*4 85*a N o v ’ 16 . . .
C o a l R i v e r R y 1 st g u 4 s . . 194 5
9 0 s4 F e b ’ 16 . . .
J
95
C r a i g V a l l e y 1 st g 5 s ______1 91 0
763* 84*4 J a n ’ 13 . . .
J
70
P o t t s C r e e k B r 1 st 4 s ____ 1916
8 1 % "8*8%
J
81*4 84*4 8 U 2 A p r ’ 17 . . .
R A A D l v 1 s t c o n g 4 s . . . 1989
8 1 3 t A p r ’ 17 . . .
81*4 8 1 %
80
J
75
2 d c o n s o l g o l d 4 s _______ 1 98 9

U
U
U
U
U
U
U
U
U
U

S
S
S
S
S
S
S
S
S
S

o

773i

100

101
101%

101%10234

9934100

9934 100

9034

100

100

100

100

BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g A p r i l 2 7

Id
G r e e n b r ie r R y 1st g u g 4 s . 1 94 0 M - N
W a r m S p r in g s V 1 st g 5 s . .1 9 4 1 M - S
h ie & A l t o n R R r e f g 3 s . . . 194 9 A - O
Railway 1 st lie n 3 M s ----------1 95 0 J - J
h lc B & Q D e n v e r D l v 4 s . . 1922 F - A
I ll in o i s D l v 3 M s ..................... 194 9 J - J
I ll in o i s D l v 4 s .......................... 1949 J - J
I o w a D l v s in k in g fu n d 5 s . 1919 A - O
S in k in g fu n d 4 s --------------1919 A - O
J o in t b o n d s .
See G r e a t N o r t h
N e b ra sk a E x te n sio n 4 s . - .1 9 2 7 M - N
M -.N
R e g i s t e r e d ........................... 1 9 2 7 —
.
S o u t h w e s t e r n D l v 4 s ........... 1 9 2 l | M - S
S
G e n e r a l 4 s ___________
1 95 8 M
h ie & E 111 r e f & Im p 4 s g . . 1 95 5 J - J
U S M t g & T r C o ctf3 o f d c p . .
1 st c o n s o l g o l d 6 s ...................193 4 A - O
G e n e r a l c o n s o l 1st 5 s ______ 1937 M - N
U S M tg & T r C o ctfs o f dep
G u a r T r C o c t f s o f d e p ______
P u r c h m o n e y 1 st c o a l 5 s . - 194 2 F - A
C h i c & I n d C R y 1 st 5 s . . . 1936 J - J
C h i c a g o G r e a t W e s t 1st 4 s . . 1959 M - S
C h i c I n d Sc L o u ls v — R e f 6 s . 19 47 J - J
R e f u n d i n g g o l d 5 s _________ 1947 J - J
R e f u n d i n g 4 s S e rie s C _____1 91 7 J - J
I n d Sc L o u ls v 1 st g u 4 s ___ 195 6 J - J
C h i c I n d & S o u 5 0 - y r 4 s ____ 1958 J - J
C h l c L S * E a s t 1st 4 M s . . . 196 9 J - D
C h i c a g o M i lw a u k e e Sc S t P a u l—
G e n ’ l g o l d 4 s S e rie s A . . . e l 9 8 9 J - J
R e g is t e r e d ...........................e l9 8 9 Q - J
P e r m a n e n t 4 s ...................
1 92 5 J - D
G e n & r e f S e r A 4 M s -------« 2 0 1 4 A - O
G e n A r e f 4 M s ( t e m p o r a r y fo r m )
G e n r e f c o n v S e r B 5 s ___ u 2 0 1 4 F - A
G e n ’ l g o l d 3 M s S e r B ____ e l9 8 9 J - J
G e n e r a l 4 M s S e rie s C ___ e l9 8 9 J - J
2 5 - y e a r d e b e n t u r e 4 s ...........1934 J - J
C o n v e r t i b l e 4 M s ___________ 1932 J - D
C h i c & L S u p D l v g 5 s . . . 1921 J - J
C h i c Sc M o R l v D l v 5 s . . . 192 6 J - J
C h i c & P W 1st g 5 s ______ 1 9 2 1 J - J
C M & P u g e t S d 1 st g u 4 s . 1949 J - J
D u b u q u e D l v 1st s f 6 s ___ 192 0 J - J
F a r g o Sc S o u a s s u m g 6 s . . 1 92 4 J - J
L a C r o s s e & D 1 st 5 s ______ 1919 J - J
W l s Sc M i n n D l v g 5 s ____ 1921 J - J
W l s V a ll e y D l v 1 st 6 s ____ 192 0 J - J
M l l w & N o 1 st e x t 4 M s — 193 4 J
D
C o n s e x t e n d e d 4 M s _____193 4 J - D
C h i c Sc N o r W e s t E a t 4 s 1 8 8 6 -1 9 2 6 F - A
R e g is t e r e d ................. 1 8 8 6 -1 9 2 6 F - A
G e n e r a l g o l d 3 M s _________ 1 98 7 M - N
R e g is t e r e d ......................... p 198 7 Q - F
G e n e r a l 4 s _____ ______
1 98 7 M - N
S t a m p e d 4 s ----------------------- 198 7 M - N
G e n e r a l 5 s s t a m p e d . . . . . . 198 7 M - N
S in k in g fu n d 6 s ...........1 8 7 9 -1 9 2 9 A - O
R e g i s t e r e d . ...............1 8 7 9 -1 9 2 9 A - O
S in k in g fu n d 5 s ........... 1 8 7 9 -1 9 2 9 A - O
R e g is t e r e d _________ 1 8 7 9 -1 9 2 9 A - O
D e b e n t u r e 5 s ........................... 1921 A -O
R e g i s t e r e d ..................
1921 A - O
S in k in g fu n d d e b 5 s _______ 193 3 M - N
R e g i s t e r e d .............. ..............193 3 M - N
D e s P la ln e s V a l l s t g u 4 M s l 9 1 7 M - S
F r e m E lk Sc M o V 1 st 6 s . . 1 93 3 A - O
M a n G B & N W 1 s t 3 M 8 -1 9 4 1 J - J
M llw & S L 1 stg u 3 M »
-1 9 4 1 J - J
M i l L S & W e s t 1st g 6 s . . 1921 M - 8
E x t Sc Im p s f g o l d 5 s . . . 192 9 F - A
A s h la n d D l v 1st g 6 s . . . 1 92 5 M - S
M i c h D l v 1 st g o ld 6 s . . 1924 J - J
M i l S p a r & N W 1 st g u I s . 1 9 4 7 M - S
S t L P e o & N W 1st g u 5 3 . 1918 J - J
C h i c a g o R o c k I s l & P a c O s . . 191 7 J - J
R e g is t e r e d ............................ 1 9 1 7 J - J
Railway g e n e r a l g o l d 4 s . . . 1 98 8 J - J
R e g i s t e r e d ............................ 1 98 8 J - J
R e f u n d i n g g o l d 4 s .................193 4 A - O
2 0 - y e a r d e b e n t u r e 5 s ........... 1932 J - J
C o l l t r u s t S e rie s P 4 s ______ 1 9 1 8 M - N
R I A r k * L o u is 1st 4 M s . . 1934 M - S
B u r l C R & N — 1st g 5 s . . 1934 A - O
C R I F & N W 1st g u 5 s . . 1921 A - O
C h o c O k la & C » g e n g 5 s . .0 1 9 1 9 J - J
C o n s o l g o ld 5 s __________ 195 2 M - N
K e o k & D o s M o i n e s 1 st 5 s . 192 3 A - O
S t P a u l A K C S h L 1 st 4 M s ’ 41 F - A
C h ic S t P M & O c o n s 6 s . . . 1930 J - D
C o n s 6 s r e d u c e d t o 3 M S - . 193 0 J - D
D e b e n t u r e 5 s ................ ..........1 9 3 0 M - S
C h S t P A M In n I s t g 6 s ..l9 1 8 M -N
N o r t h W is c o n s in 1 st 6 s . . . 1 9 3 0 J - J
S t P A 8 C i t y 1 st g 6 s ____ 191 9 A - O
S u p e r io r S h o r t L 1 st 5 s g . y l 9 3 0 M - S
C h i c T I I A S o -E a s t 1st 5 s . . 1 96 0
C h i c A W e s t I n d g e n g 6 s . . q 1932
C o n s o l 5 0 - y e a r 4 s ................1 9 5 2
C I n I I A I ) 2 d g o ld 4 M 3 ------- 1937
1 st A r e f u n d in g 4 s --------------1 95 9
1 st g u a r a n t e e d 4 s . ................195 9 J
C I n D A I 1 st g u g 5 s ------- 1941
C F in d A F t W 1st g u 4 s g .1 9 2 3
C I n I A W 1 st g u g I s ------- 195 3
D a y A M i c h 1st c o n s 4 M s . 1931
C l e v C I n C h A S t L g e n 4 s . 199 3
2 0 - y e a r d e b 4 M s ................. .1 9 3 1
G e n e r a l 5 s S e rie s B ..............1993
C a ir o D l v 1 st g o l d 4 s ____ 193 9
C I n W A M D l v 1 st g 4 s . . 1991
S t L D l v 1 st c o l l t r g 4 s . . 1 9 9 0
S p r A C o l D l v 1 st g 4 s . . . 1 9 1 0
W W V a l D l v 1 st g 4 s _____ 1 9 4 0
C I S t L A C c o n s o l 6 s ------- 1 92 0
1 s t g o l d 4 s _______________ * 1 9 3 6
R e g i s t e r e d . . .............. * 1 9 3 6
C i n S A C l c o n s 1 st g 5 s . . 192 3
C C C A I g e n c o n s g 6 8 . . 193 4
I n d B A W 1 st p r e f 4 s ____ 1 9 4 0
O I n d A W 1 st p r e f 5 s . . .<11938
P e o ria A E a s t 1st c o n s 4 s . 1910
I n c o m e 4 s ..............................1 99 0
C l e v e S h o r t L 1 st g u 4 M s . . -1 9 6 1
C o l M i d l a n d 1st g o l d 4 s ------- 1947
T r u s t C o c c r tlfs o f d e p o s it
C o l o r a d o A S o u 1 st g I s ------- 192 9
R e f u n d A E x t 4 M s ------------193 5
F t W A D e n C 1st g 6 s . . .1 9 2 1
C o n n A P a s R I v s 1 s t g 4 s . . . 1913
C u b a R R 1 st 5 0 - y e a r 5 s g . . 1952
D e l L a c k A W estern —
M o r r i s A E s s 1 st g u 3 M S - 2 0 0 0
N Y L a c k A W 1 s t 6 s ------- 1921
C o n s t r u c t i o n 5 s ................. 1923
T e r m A I m p r o v e 4 s ------- 192 3
W a r r e n 1 st r e f g u g 3 M s . . 2 0 0 0

W eek 's
Range or
Last Sale

P rice
F riday
A p r il 2 7

Range
Since
Jan. 1

i s

H igh N o . Low

A s k .Low

H igh

88%
1 13 %
597* s a io
597*
45*4 S a le
45*4
997*
_____ 101
817*
81
82
92
93*2 9 2
_____ 1 02
100
98*4 9934 997*

8 e p t ’ 18
F e b ’ 15
597* 6 2 %
597*
6
5
4 5 * i 53*2
45*4
997* 1 0 0
M a r ’ 17 . . .
82
10
81% 89
5
92
98
93
1*12*2
A p r '1 7 _____ 102
997* 997*
A p r ’ 17 —

9 6 % 977* 9 7 %
98
♦ 9 9 7 * _____
99%
89*2 8 93 4 89**
30% 31
30*2
30*2 32*4 3 0 %
1 06
100
105
80%
_____ 8 8
_____
75
87*2
85
_____
85
41
. .
97*4
28
______ 3 2
67*4 6 9
67*4
112%
---------1 1 5
100%
84%
m i ‘ 7 5 ’
70
96*2
______ 9 7 %
92

A p r ’ 17
J u l y ’ 16
J u n e ’ 15
89*2
A p r ’ 17
A p r ’ 17
M a r ’ 17
J a n ’ 17
M a r ’ 17
F eb T 7
F e b '1 3
M a r ’ 17
69
M a r ’ 17
A p r ’ 17
A p r ’ 17
N o v ’ 16
J n n ’ 17
D e o ’ 18

8 6 34 S a lo

927*
88
92
8 8 - 2 S a le
100% 101%
75*2 7 9
9 7 % S a lo
_____ 8 8 %
04
S a le
1 0 0 7 * _____
1 0 1 % _____
101
102
_____ 9 1 %
104 % 106 %
1 0 7 % _____
100 %
1 01 % 1 04 %
1027* . . . .
98
S a le
______
98
95
97
_____
____
797* S a lo
______8 0
_____ 0 2
-------96%
---------1 1 6 %
105
_____

100

86*2

101

Jan T 7
A p r ’ 17
D e o ’ 15
N o v ’ 16
A p r *17
A p r ’ 17
100*4
A p r ’ 17
83
M a r ’ 17
73
A p r ’ 17
F e b ’ 17
A p r ’ 17
A p r ’ 17
M a r ’ 14

97%
59%
73
1 13
91
101
115 %
118
102
105%
’80"
82
106
106
S a le
72
067* 9 6 %

J u l y '1 6
A p r '1 7
M a r ’ 17
113
A p r ’ 17
A p r ’ 17
M a r ’ 17
N o v ’ 16
A p r ’ 17
N o v ’ 16
J a n ’ 17
A p r ’ 17
727*
J a n ’ 17

8 8 *4

---------105
1 00 % 1 00 %
--------- 1007*
83
S a le
76
90**
7234 S a le
74
78
08
_____
70
71
96% 103
0 7 % _____

55
61%
69
72*2
1127* 114
88*8 _____
09%
1127* 114 %
112%
1057*
1 02

__

.__.
105
72
90
90
27

- - - -

'of*

_
84*2
__

'75*%
847*
98**
_____
81*4
____ 7 5
70
80%
_____
75
75
103*4 105**
85*4 8 8
84**

__

i l l * _____

90
25
88
65
96
75%
85*2
101
837*
79
80%
83
84
1 05
92*4

41
32
67% 73%
112*8 1151a
IOOU 1 0 0 3i
8 4 l2 85*4

----

107*4
104%
1117*
111 %
86%
1 05
100*4
100**
82%
87
72%
74%
98*2
70
99*2
1007*

1 0 4 * 4 _____
1 0 4 % _____
108
_____
107
109*2

97%
89
30*2 3 3
27*8 33*2
105** 107 %
80% 90
90
87
90
85

"3 8
—

79
A p r ’ 17
97
08
8734
87*4
93%
94*2
10334 J a n ’ 17
1 0 6 % J a n ’ 17
101%
101 %
9 0 % A p r ’ 17
1 05
F o b ’ 17
1 10
J u n e ’ 13
100 % A p r ’ 17
102
A p r ’ 17
1 07
D e o ’ 16
98
99%
1 0 2 % D e o ’ 16
97
A p r ’ 17
97*2 J a n ’ 17
/9 7 *
80
81% O ot T 6
92
92
9434 M a r ’ 17
117% J a n ’ 17
111
J a n ’ 17
109*2 A p r ’ 18
105
A p r ’ 17
103*2 A p r ’ 16
1 00 % F e b ’ 17
1 0 2 % O o t ’ 16
102
102
104*4 J u n e ’ 16
1 0 1 % O o t ’ 16
117
A p r ’ 17
88
Jan T 7

99

97*4

22
_____
_____
_____
_____
_____
_____

86%
877*
92% F eb ’ 16
927*
927*
92
92
87*2
92%

92

1 0 5 ‘ i05*8
1 0 2 % _____
10(1
101*2
---------1 01 %
_____ 1 05
* _____ 1 03
9 4 % _____
1 1 5 * 4 _____
_____
87

....

90

96*2

22

86%

96

6
2

140
24
_____
27
2
106
_____
_____
1
___ _
—

927*
92
87*2
100
79
97
87%
93*4
103 %
106*2
100%
90*2
105

_____
—

1 0 0 % 101*4
104%
102

3

98

~~X2
2
_____
....
_____
_____
_____

97
97*2
797*

98*4
98*2
96%
1 07 %
82%
105*4
94%
1 02 %
103 3,
106*1
104**
95*4
1 05

101*2
___ _
98*4
97*2
86%

92
93**
9 4 % 95*2
118
116
111
111
105

105*2
____
100*4 102 %

__

5 102

1637*

—

.. ..

_____

117
88

___ _
_____

107*4 107*4
104*2 1 0 4 %

....
_____

84
105
997*
1 00 %
82
85%
72*4
70
98*2
70
99*2

90
J u l y ’ 15
M a r 'l l
J u l y ’ 14
J a n ’ 17
75%
A p r ’ 17
F e b ’ 17
M a r ’ 17
F e b ’ 17
A p r ’ 17
8 e p t ’ 16
N o v 16
J u n e '1 6
O o t '1 6
8 8 *2 M a y ’ 15
1 0 2 % J a n ’ 17
114 % M a r ’ 17
94
J u l y ’ 08

2
_____
27
___ _
64
_____
....
_____
_____

118*4
88

94%
108%
1007*
100%
90
85%
78**
75
987*
74%
1027*

....
59% 62
_____
75
72
1 1 13
I118*4
.. ..
91%
91
101
:103
. . . . 115 % 118*4

__

102

__

26
5

.
2

__
__
__
....
__

__
__

104

82
82
108
106
77
72
96** 9 6 %
70

90

96
96
75% 81%
85** 8 7
100 % 101
837* 87
81
79
8 0% 83%

102% 1 02%

1 14 % 116%

....
6 8 ** "6 67 *
' 237* 2 4
24
9 6 % S a le
95*2
7
4
7*4
7
5
S a lo
88*2
8 8 % S a lo
80*4
80*4 S a le
101
1 01 % 103
....
85*2
‘ o f " '9 4
—

A p r* M 7
M a r ’ 17
96% 1 * 6
43
8
133
8
8
88*.;l
32
81*11
A p r ’ 17
. . .. , ....
F e b ’ 1C1 ____

85
Apr
85
1 04 % 107*4 , 104*2 A p r
102% F eb
9 9 l«
97*2 A p r
94*2 9 6
102% F e b
84
—

'17 r .
’ 17r . .
’ 17r I I "
’ 17r _____
’ 0 ; 1 _____

6 6 *2

24
95*2
2*4
2
88*2
80*i
101
. . ..
—

75
30*4
102 %
17%
1 13 ,
96
87%
106*3
....
—

85
8 8 *4
104 % 107%
102 % 1 0 2 %
97*2 99*2

N o price Friday; latest this week, a Due Jan. d Due April, e Due M a y . g D ue June, ft Due July. * Duo Aug. 0 Duo O ct. p Duo N ov. q Due D ec. s Option sale.




Bid
M - S
M - S
J - J
(VI - N
A -O
A -O
IV! - N
J - J
J - J
J -D
F -A
J -D
J - J
J - J
J - J
A -O
M -N
J -D
J -D

M -N

J

- J
A -O
A -O
J - J

M -N
M - S

M -N
M - S

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

M -N
J
J
J
A

-

J
J
J
O

M -N
J - J

M -N
J - J
F - A
F - A

M -N

-O
-D
- J
- J
-O
-O
-O
-I )
B u ll C o B r a n c h 1st g 5 s ----- 1930
J
F lo r id a E C o a s t 1 st 4 M S - - - 1 9 5 9
F o r t S t U D C o 1 st g 4 M S - - 1 9 4 1 J - J
F t W o r t h & R i o G r 1st g 4 s . 192 8 A - O
G a l v I l o u s * H e n 1 st 5 s ____ 1933 J - J
G r e a t N o r C B & Q c o l l 4 s . . 1921 Q - J
* R e g is t e r e d ........................A 1921 J - J
1 st & r e f 4 M s S e r ie s A ___ 1961 J - J
R e g i s t e r e d .......................... 1961 J - J
S t P a u l M A M a n 4 s ........... 1933 J - J
1 s t c o n s o l g o ld 6 s ------------1933 J - J
R e g i s t e r e d ..................... 1933 J - J
R e d u c e d t o g o l d 4 M s .1 9 .3 3 J - J
R e g i s t e r e d _________193 3 J - D
M o n t e x t 1 st g o ld 4 s — 193 7 J - D
R e g i s t e r e d ................ 1937 J - J
f t P a c if i c e x t g u a r 4 s £ — 194 0 A - O
E l M I n n N o r D l v 1 st g 4 s . 194 8 J - J
M i n n U n io n 1 st g 6 s ........... 1922 J - J
M o n t C 1 st g u g 6 s ..............1937 J - J
R e g i s t e r e d ................ 1 9 3 7 J - J
1 st g u a r g o ld 5 s ........... 193 7 J - D
W i ll & S F 1 st g o l d 5 s . . 193 8 F e b
G r e e n B a y A W d e b c t f s " A " _____ F e b
( • D e b e n t u r e c t f s " B ” ........... .........." J - J
G u l f A S I 1 st r e f A t g 5 s . .6 1 9 5 2 J - J
H o c k i n g V a l 1 st c o n s g 4 M s . 1999 J - J
R e g i s t e r e d ......................... . . 1 9 9 9 A - O
C o l A I I V 1 st e x t g 4 s ___ 1 94 8 F - A
C o l A T o l 1 st e x t 4 s ...........1955 J - J
H o u s t o n B fclt A T e r m 1 st 5 s . 193 7 J - J
I ll in o i s C e n t r a l 1 st g o l d 4 s . .1 9 5 1 J - J
R e g i s t e r e d ................ ...............1951 J - J
1 st g o ld 3 M s ................ ............1951 J - J
R e g i s t e r e d .......................... 1951 A - O
E x t e n d e d 1st g o ld 3 M 8 ___ 1951 A - O
M R e g i s t e r e d .......................... 1951 M - S
1 st g o l d 3 s s t e r li n g ..............1951 M - S
tf* R e g is t e r e d ......................... 1951 A - O
C o l la t e r a l t r u s t g o l d 4 s . . . 1952 A - O
R e g is t e r e d ....................... .1 9 5 2 M - N
1 st r e f u n d in g 4 s ..................... 1955 J - J
P u r c h a s e d lin e s 3 M s ........... 1952 M - N
I . N O A T e x a s g o l d 4 s ___ 195 3 M - N
R e g i s t e r e d ______________ 1 9 5 3 J - D
C a ir o B r id g e g o ld 4 s ______ 1 95 0 J - J
L it c h f ie l d D l v 1st g o l d 3 s . 1951 J - J
L o u ls v IJIv A T e r m g 3 M s . 1953 J - J
R e g i s t e r e d ............................ 1 9 5 3 F - A
M i d d l e D l v r e g 5 s _________ 1 9 2 1 F - A
O m a h a D l v 1 s t g o l d 3 s . . . 1951 J - J
S t L o u is D l v A T e r m g 3 s . 1951 J - J
G o l d 3 M s ...................... . . . 1 9 5 1 J - J
R e g is t e r e d ...................... 1 9 5 1 J - J
S p r in g f D l v 1 st g 3 M S . . . 1 9 5 1 F - A
W e s t e r n lin e s 1 s t g 4 s ------- 1951 F - A
R e g i s t e r e d ............................1951 J
B c l l e v A C a r 1 st 6 s ..............192 3 M - S
C a r b A S h a w 1 st g o ld 4 s . .1 9 3 2 J - D
C h i c S t l - A N O g o ld 5 s . . 1951 J - I )
R e g is t e r e d ........................... 1951 J - D
G o l d 3 M s .............................. 1 9 5 1 J - D
R e g i s t e r e d ...................... 1951 I - D
J o in t 1 st r e f 5 s S e r ie s A . 1963 J - D
M c m p h D l v 1 st g 4 s . . .1 9 5 1 J - D
R e g i s t e r e d ...................... 1951 M - S
S t L o u is S o u 1 st g u g 4 s . . 1931 I - J
I n d 111 A I o w a 1 s t g I s ........... 1 9 5 0 M - N
I n t A G r e a t N o r 1st g 6 s ------- 1919 J - D
J a m e s F r a n k A C l e a r 1st 4 s . 1959 A - O
K a n s a s C i t y S o u 1 st g o ld 3 s . 1 9 5 0 A - O
R e g i s t e r e d __________________ l 9 '"*9 J - J
R e f A l m p t 5 s . ..............A p r 1 95 0 J - J
J
K a n s a s C i t y T e r m 1st 4 s ___ 1 96 0
L a k e E r ie A W e s t 1 st g 5 s . . 1937 J - J
2 d g o l d 5 s ________________ 1941 A - O
N o r t h O h io 1st g u a r g 5 8 .- 1 9 4 5 J - J
L e h V a l N Y 1st g u K 4 M S --1 9 1 0 J - J
R e g i s t e r e d __________________ 1910 M - N
L e h ig h V a l ( P a ) c o n s g 4 s . .2 0 0 3 M - N
G e n e r a l c o n s 4 M s _________ 2 0 0 3

I

A
J
J
J
A
A
A
J

A sk Low

100% —

__ 997g
9 4 % S a le
100 % S a lo
81
82>2

Range
Since
Jan. 1

H igh

L ow

100't 100l2

__
__
__
__

__

__

100l2 IOOI2

113*2___

IO5I4__
110 __

86i2

80
80

8712

94
9 9 t2
9 9 12 107
80
89**
781*
877*
8 2 l2
633*

7514

86

9i
90
68

9S1 2

841*
7 4 l2
9 8 i2

91

93

66

104 1 4 1051*

1 0 0 l2 104
94
94
1 04
1 04
1001* 1091*
981* 991*

1001* 1001*
1013* 1 0 2 >2

807*

871*

027* ' 7 3 %
8 9 12 9 0
60
68U
5 9 '* 687*
72
84
1071* 1 09
106?* 1067*
1 0 6 l2 109
10714 1 0 7 l2

IO 6 I4 IO 6 I4

101

1021*

1001* 1001*
1061* 108
1 07
108
70
81
281* 281*

100

9 4 l2

102

96

6 9 % 'e o 'u
961* 993 4
96
99
94
IO D 4
93
1 15
118
99
0434

99
121

1 18
1 05 %
981*

921* 9 8
1083* 1083*
1231* 1247*
1101* 1151*

12
823*
87
88

151*
861*
9334
, 883 4

90
983*

901*

851*

851*

99*4

J u ly ’09

S a le

80
80
95*4 S o p '1 2
80
863 4 8 7
87
--------- 84
855* J a n '1 7
. -------833* 831 2
831.
84
M a y ’ 14
85
. . .
8 9 > A p r '1 7
F e b '1 4
74
--------- 783* 77
F e b '1 7
A u g '1 2
83
J u n e '1 6
7 2 12 J a n '1 7
_____
77
71
M a r '1 7
_____ 8 3
84
A p r '1 7
80
J u n e '1 6
805* N o v ’ 16
80
_____
8 4 5 * _____
D e o '1 6
92
N o v ’ 10
1 1 7 l2 M a y ’ 10
86
J a n ’ 17
90
1073* O c t '1 6
114
Feb 'l l
90
O c t '0 9

86

92

85
855*
8 3 i2

95
855*
897*

89

943*

77

83

1001* HI 102

7 3 l2
71
83

7 2 l2
71
861*

9U*

---- 10734

__

977*
---------

993 4

9 8 12

85

88

-------90
8 4 i 2 _____
96
981*
8 3 12 897*
65
673*
887a S a le
84% 8 6
9 6 % 1 00
7 0 i4 8 0

-------1001*
94
1 01
94
_____
_____
92
94
9 71 2

9 5 i.
89
97
927*
65
03
887*
80
99
805*
897*
97
IO U 4

9 8 i2
A p r '1 7
J a n *17
A p r '1 7
M a r '1 7
J a n '1 7

66

O c t '0 0
887*

86

A p r '1 7
F e b '1 7
M a r '1 7
A p r '1 7
J a n '1 7
A p r '1 7
987* A p r '1 7

88

a Due Jan.

BONDS
N . Y. STOCK EXCH AN G E
W e e k e n d in g A p r i l 2 7

II

98

1021".

88

88

951* 951*
89
941*
97
1 00
923* 9 3
65
7U *
87
91
84
OOI4
98*4 101
805* 83
897* 9 0
97
102
IO U 4 IO U 4
88
9 1 l2
987* 1 0 2

L e h V T e r m R y 1 st g u g 5 s . . 1941
R e g i s t e r e d .................................1941
L e h V a l C o a l C o 1 st g u g 5 s . 193 3
R e g i s t e r e d __________________ 1933
1 s t ln t r e d u c e d t o 4 s ........... 1933
L e h & N Y 1 st g u a r g 4 s _____194 5
R e g i s t e r e d __________________ 1 9 4 5
L o n g I s ld 1 st c o n s g o l d 5 s . .ft 1931
1 st c o n s o l g o l d 4 s _________ M 9 3 1
G e n e r a l g o l d 4 s . .................... 1 93 8
F e r r y g o l d 4 M s .......................192 2
G o l d 4 s . ...................................... 1 9 3 2
U n ifi e d g o l d 4 s . . .................... 1 9 4 9
D e b e n t u r e g o l d 5 s _________ 1 9 3 4
G u a r r e f u n d in g g o l d 4 s . . . 194 9
R e g is t e r e d ..............
1949
N Y B S M B 1 s t c o n g 5 s . 1 93 5
N Y & R B 1 s t g o l d 5 s _____1 92 7
N o r S h B 1st c o n g g u 5 s . 0 1 9 3 2
L o u is ia n a & A r k 1st g 5 s ___ 192 7
L o u is v i ll e & N a s h v g e n 6 S .. 1 9 3 0
G o l d 5 s .................................... . 1 9 3 7
U n ifie d g o ld 4 s .........................1 94 0
R e g i s t e r e d _______________ 1 94 0
C o l la t e r a l t r u s t g o ld 5 s ___ 1931
E I I & N a s h 1st g 6 s ______ 1919
L C l n & L e x g o l d 4 M S ___ 1931
N O & M 1 s t g o l d 6 s ........... 1 93 0
2 d g o l d 6 s ________________ 193 0
P a d u c a h & M e m D l v 4 s . . 1946
S t L o u is D i v 1 st g o l d 6 S ..1 9 2 1
2 d g o l d 3 s .............................1 9 8 0
A t l K n o x & C i n D i v 4 s . . . 195 5
A t l K n o x & N o r 1 st g 5 s . . 1946
H e n d e r B d g e 1 st s f g 6 s . .1 9 3 1
K e n t u c k y C e n t r a l g o l d 4 s . 198 7
L e x & E a s t 1st 5 0 - y r 5s g u 196 5
L & X & M & M 1 st g 4 M s 194 5
L & N - S o u t h M J o in t 4 s . . 1952
R e g i s t e r e d ........................./11952
N F la A- S 1st g u g 5 s _______1937
N & C B d g e g e n g u g 4 M s . 194 5
P e n s a c & A t l 1st g u g 6 S ..1 9 2 1
S & N A l a c o n s g u g 5 s ___ 1936
G e n c o n s g u 5 0 - y e a r 5 s . 1903
L & J e f f B d g e C o g u g 4 s ___ 1945
M a n i la R R — S o u lin e s 4 s ___ 193 6
M e x I n t e r n a t 1 st c o n 3 g 4 s . . 1977
S t a m p e d g u a r a n t e e d ............ 1977
M i d l a n d T e r m — 1st s f g 5 s . 1925
M i n n & S t L 1 st g o l d 7 s ____ 1927
P a c if i c E x t 1st g o ld 6 s _____ 1921
1st c o n s o l g o ld 5 s ....................1934
1 st & r e fu n d in g g o l d 4 s ___ 1949
R e f & e x t 5 0 - y r 5 s S e r A . . 1962
D e s M & F t D 1st g u 4 s . . 1 9 3 5
I o w a C e n t r a l 1 st g o ld 5 s . . 1938
R e f u n d i n g g o l d 4 s _______1951
M S t P A S S M c o n g 4 s ln t g u . 193 8
1st C h i c T e r m s f 4 s ............ 1941
M S S M & A 1 st g 4 s l n t g u . ’ 26
M is s is s ip p i C e n t r a l 1 st 5 s . . . 1949
M o K a n & T e x 1 st g o l d 4 s . . 1 9 9 0
2 d g o ld 4 s ........................... - _ p l 9 9 0
1 st e x t g o ld 5 s . .......................1944
1 s t & r e fu n d in g 4 s _________ 2 0 0 4
G e n s in k in g fu n d 4 M S . . . 1 9 3 6
S t L o u is D i v 1 st r e f g 4 s . . 2 0 0 1
D a l i & W a c o 1 st g u g 5 s . . 1 9 4 0
K a n C i t y A P a c 1 st g 4 s . . 1 99 0
M o K & E 1st g u g 5 s _____ 1942
M K & O k la 1st g u a r 5 s . . 1942
M K & T o f T 1st g u g 5 8 .1 9 4 2
S h e r S h & S o 1 st g u g 5 s . . 1942
T e x a s & O k la 1 st g u g 5 s . .1 9 4 3
M i s s o u r i P a c if i c (r e o r g C o )
1 st A r e f u n d in g 5 s w h ls s 192 3
1 st A r e f u n d in g 5 s w h lss 192 6
1st A r e fu n d in g 5 s w h Lss 196 5
G e n e r a l 4 s w h e n Issu ed
M i s s o u r i P a c 1 st c o n s g 6 s . . 1 92 0
T r u s t g o ld 5 s s t a m p e d ___ a 1917
R e g i s t e r e d .........................a l 9 1 7
1st c o l la t e r a l g o l d 5 s ............ 1 92 0
R e g i s t e r e d ........................... 1 92 0
4 0 - y e a r g o ld lo a n 4 s ...............1945
1 st A r e f c o n v 5 s ...................... 1959
3 d 7s e x t e n d e d a t 4 % _____1938
B o o n v S t L A S 1st 5 s g u .1 9 5 1
C e n t B r R y 1st g u g 4 s . . , 1 9 1 9
C e n t B r U P 1st g 4 s ............ 194 8
L e r o y A C V A L 1 st g 5 s . 1926
P a c R o f M o 1 st e x t g 4 s . . 1938
2 d e x t e n d e d g o ld 5 s _____ 193 8
S t L I r M A S g e n c o n g 5 s . 1931
G e n c o n s t a m p g u g 5 s . . 1931
U n ifie d A r e f g o l d 4 s ____192 9
R e g i s t e r e d .......................1929
R l v A G D l v 1 st g 4 s ____1933
V e r d i V I A W 1 s t g 5 s ___ 1926
M o b A O h io n e w g o l d 6 s _____ 192 7
1 s t e x t g o ld 6 s ____________ 111927
G e n e r a l g o ld 4 s ____________ 1938
M o n t g o m e r y D i v 1st g 5 s . 194 7
S t L o u is D l v 5 s ____________ 1927
S t L A C a ir o g u a r g 4 s _____ 1931
N a s h v C h a t t A S t L 1 st 5 s . . 192 8
J a s p e r B r a n c h 1st g 6 s ____1923
N a t R y s o f M e x p r lie n 4 M s . 1 95 7
G u a r a n te e d g e n e r a l 4 s ____1977
N a t o f M e x p r io r Hen 4 M S . . 1 9 2 6
1 s t c o n s o l 4 s _________
1951
N O M o b A C h i c 1 st r e f 5 s . . 1 96 0
N e w O r le a n s T e r m 1 st 4 s . . . 1 9 5 3
N O T e x A M e x i c o 1 st 6 s . . . 192 5
N o n -e u m I n c o m e 5 s A _____ 193 5
N Y C e n t R R c o n v d e b 6 s . .1 9 3 5
C o n s o l 4 s S e rie s A ................ 1 9 9 8
R e f A Im p 4 M s “ A " ______ 2 0 1 3
N Y C en tra l A H R g 3 M s . . l 9 9 7
R e g i s t e r e d .......................... 1 9 9 7
D e b e n t u r e g o l d 4 s ................1934
R e g is t e r e d ......................
19.34 M
L a k e S h o r e c o l l g 3 M a _____ 1 99 8 F R e g i s t e r e d ........................ 1 998} F M l e h C e n t c o l l g o ld 3 M s . . 199 8 j F R e g i s t e r e d ............. ............ 199 8 F B a t t l e C r A S t u r 1 st g u 3 s . 1 9 8 9 J
B e e c h C r e e k 1 st g u g 4 S .. 1 9 3 6 J
R e g is t e r e d ..........................1 9 3 6 iJ 2 d g u a r g o l d 5 s ................193 6 J R e g i s t e r e d .....................1 93 6 J
B e e c h C r E x t 1 st g 3 M s . 5 19 51 A C a r t A A d 1st g u g 4 s ____ 1 9 8 1 1J G o u v A- O s w e 1 st g u g 5 s . 1 94 2 J
M o h A M a i 1 st g u g 4 s ___ 1 9 9 l| M
N J J u n e R g u a r 1st 4 s ___ 198 6 F
N Y A H a r le m g 3 M s _____ 2 0 0 0 M
N Y A N o r t h e r n 1st g 5 s . 19231A

b D ue Feb. g D ue June,

h Due July,

o Due O ct.

1 06

A sk L ow
112

____112*4
1021* ____
______ 9 8
87
_____
1 01
90
83
_____

Range
Since
Jan. 1

W eek's
Range or
Last Sale

P rice
Friday
A p r il 2 7
Bid

H igh

101 101i2
10D* 1011*
1001* IOU4

101
A p r '1 7
1011* M a r ' 17
1 0 0 U A p r '1 7
94
95

81
81
1127* D e o '1 6
79
7 8%
( 8*4 7 8%
88
F e b '1 7
83% 85
82%
82%
84
66
6 6 % S a lo
66%
95
N o v ’ 16
87
35
61% A p r ’ l l
60
3 5 % J u n e '1 6
76
76
76*4 7 5 %
57
59
66
M a r '1 7
9 8 % M a r ’ 17
82% 82
D e o '1 6
81
7 5 % J u l y '1 6
90
9 1 % M a r '1 7
103% 1 05
105% F e b '1 7
100
1 04
100*4 A p r '1 7
100
106 % M u r 'O S
84
94
94
J a n '1 7
102%
104
J a n ’ 17
1041* 106
107
M a r ’ 17
9 5 % 9 8 % 9 8 % M a r ’ 17
99%
1 0 1 % J u n e ’ 16
97%
1 0 0 % M a r '1 7
101*4 1 0 1 % A p r '1 7
94*4 N o v '1 5
1 06 % 109% 107% D e o '1 6
807*
8 1 % S a lo
81%
84
D e o '1 6
637*
6 3% 6 3 % 627*
73
J u n e ' 16
73
891*
891 2
8 9 l2 90
A p r '1 7
_____
6 0 7* 0 0
597*
591 2 5914 591*
72
72<s 7212 7 2
1 08
M a r ’ 17
1 0 3 i2 1 0 8
1 0 6 7* J a n '1 7
104U . . .
105
1 0 0 l2
1 0 7 i2 A p r '1 7
1 06
108
1 1 3 t * _____ 1 22 3 4 D o t '1 6
M a r '16
1 0 1 > 2 -------- 1 0 2
lO OU J a n '1 7
1 0 2 l j 106
100
- - 1 0 2 1 * M a r ’ 17
1 0 0 >2 J a n '1 7
_____ 9 2
1 00 U D e o '0 6
_____
69
74
N o v ’ 10
1 08
J a n *17
1 0 4 i2 105
1 08
J a n '1 7
0012 7 0
70
M a r '1 7
2 8 12 J a n '1 7
102
J a n '1 7
63
M a y ' 16
1 08
N o v 'l l
95
J u n e '12
_____
931* 9 4 % A p r '1 7
83*4 - - 92
A u g '1 0
6 4 % F e b '1 7
84% 8 8
8 5 t 2 J u n o ’ 10
967* B a le
96%
973*
96
9734 9 0
96
95
8 a le
95
95
96
J u n o ’ 16
93
967* 9 3
93
A p r ’ 17
115
A p r '1 7
118
9 8 i2 9 9 i2 99
99
* -------- 1 03
102M M a y ’ 10
91
9534 9 43 4 M a r '1 7
--------- 983* 9 5 % M a r '16
8 5 % N o v '1 5
923* 9 3
92>2
9 2 t2
108*8 J a n "17
123>2 F e b '1 7
13014 M a y '0 0
105
_____ 1 1 0 i 2 J a n 17
1 0 7 i2 _____ 109*4 A u g ' 16
70
80
7 9 * 4 D e o ’ 16
A p r '1 7
121* 1234 12
--------- 851 2 82** A p r '1 7
8 0 i 2 S a lo
9 7 * 4 J a n '1 4
8 7 3 * _____
88
F o b '1 7
88
N o v ’ 16
93
95
901* A p r '1 7
97
. . .
98** F e b T 7
92
A u g '1 5
8 4 l2 9 0
8 5 D M a r '1 7
83
N o v ’ 15
831 2 8 6
8 5 i 2 D e o '1 6
• 82 % . . .

* N o price Friday; latest bid and asked this week,




W eek's
Range or
Last Sale

Price
Friday
A p ril 27

BONDS
N . Y . STOCK EX CH AN G E
W e e k e n d in g A p r i l 2 7

D e l & H u d 1st P a D lv 7 s ..1 9 1 7
R e g is t e r e d .............................191 7
1 st H en e q u ip g 4 M s ........... 1922
1 st & r e f 4 s ................................1943
2 0 - y e a r c o n v 5 s ........... ...........1935
A l b & S u s q c o n v 3 M s _____1946
R e n s s & S a r a t o g a 1 st 7 s . .1 9 2 1
D e n v & R G r 1 st c o n s g 4 s . . 1936
C o n s o l g o l d 4 'A s .................. 1936
I m p r o v e m e n t g o l d 5 s _____192 8
1 st & r e f u n d in g 5 s _________1955
R i o G r J u n e 1 st g u g 5 s — 1939
R i o G r S o u 1 st g o l d 4 s — 1 94 0
G u a r a n t e e d .........................1 9 4 0
R i o G r W e s t 1 st g o l d 4 s . . 1939
M t g o & c o l l t r u s t 4 s A . . 1949
D e s M o i n e s U n R y 1 st g 5 s . 1917
D c t & M a c k — 1 st lie n g 4 s . . 1995
G o l d 4 s .......................................1 " ?
D e t R I v T u n — T e r T u n 4 M s 1961
D u l M I s s a b e & N o r g e n 5 s . - 1941
D u l & I r o n R a n g e 1 st 5 s ------- 1 93 7
R e g is t e r e d — ........................ 1 9 9 7
D u l S o u S h ore & A tl g 5 s . -.1 9 3 7
E l g i n J o li e t * E a s t 1 st g 5 s . 1941
E r ie 1 st c o n s o l g o ld 7 s ------------192 0
N Y & E r ie 1st e x t g 4 s . . . 194 7
2 d e x t g o l d 5 s ------------------- 191 9
3 d e x t g o ld 4 M s --------------- 1923
4 tli e x t g o ld 5 s ___________ 192 0
5 t h e x t g o l d 4 s ___________ 192 8
N Y L E & W 1 st g f d 7 s . . 1 9 2 0
E r ie 1 st c o n s g 4 s p r io r ___ 199 6
R e g i s t e r e d ________________1 99 6
1 s t c o n s o l g e n lie n g 4 s . 1996
R e g i s t e r e d ........................1 99 6
P e n n c o l l t r u s t g o l d 4 s . . 1951
5 0 - y e a r c o n v 4 s S e r ie s A 195 3
do
S c r ie s B ..............1953
G e n c o n v 4 s S e r ie s D ___ 1952
C h i c Ac E r ie 1 s t g o ld 5 s ___ 1982
C l e v & M a h o n V a il g 5 s . . 1938
E r ie * J e r s e y 1 st s f 6 s ___ 1955
G e n c s s e e R i v e r 1 st s f 6 s . . 1957
L o n g D o c k c o n s o l g 6 s . . . 193 5
C o a l & R R 1 st c u r g u 6 s . 1922
D o c k & I m p t 1 st e x t 5 s . . 1943
N Y . t G r e e n L g u g 5 s . . 1946
N Y S u s q * W 1 s t r e f 5 s . 1937
2 d g o l d 4 M s ..................... . 1 9 3 7
G e n e r a l g o l d 5 s ................. 194 0
T e r m in a l 1 st g o l d 5 s . . - 1 9 13
M i d o f N J 1st e x t 5 s ____ 1 91 0
W l l k & E a s t 1 st g u g 5 S ..1 9 4 2
E v & I n d 1 st c o n s g u g 6 s . . . 192 6
E v a n s v & T I I 1st c o n s 6 s . . 1921
1 st g e n e r a l g o l d 5 s --------------1942
M t V e r n o n 1 st g o l d 6 s — 1923

1 6 85

New York Bond Record— Continued— Page 2

A pr. 28 1917.]

H igh

1 14
113
1031*
1 05

F e b ’ 17
M a r ’ 17
A p r ’ 17
O c t ’ 13

87

A p r ’ 17

104*4 1 0 4 i4
..
94U
85% 8 5 U
98*4
95

A p r ’ 17
J u n e ’ 16
F e b ’ 17
D e o ’ 16
9 914 O c t ’ 0 6

86
86
86
S a le
957* F e b ’ 17
______9 4
8 6 I4
8 7 i 2 8 6 i 2 A p r '1 7
8 7 * * -------95
Jan ’ l l
1 0 1 6 * _____ 10314 A p r '1 7
---------1041*
103
F e b '1 7
100
A u g '1 6
--------- 92*2 94** J a n ’ 17
112*4 A p r '1 7
1041* 109*4 1 04
1041*
917*
93
92
S a le
92
966* J a n '1 7
102** 106*4 1087* F e b '1 7
1 03
______ 107*4 D e c '1 6
100
A p r ’ 17
9 8 '* 1 00
_____ 1 15
1 1 2 U M a r '1 7
1041* F e b ’ 17
_____ 1 08
901* A p r ’ 17
M a r '1 7
1 0 U 2 1055* 1 0 6
_____
60
60
A p r ’ 17
831*
83%
8 3 ig s a l e
108*4 J a n '1 7
1 06
_____ 106 % J u n e ’ 16
--------- 85** 85>4 A p r '1 7
99*4 S a le
991*
99*4
1 01
O o t '1 6
97*4 100
81** A p r '1 7
81** 8 2
95
F e b '0 5
1 0 3 i2 10514 105*4 S e p t '16
97** 991* 975* M a y ' 16
106
1 083* 108*4 N o v ’ 16
1065* M a r '1 7
1 05
106
M a r '1 7
9 8 i2 1 02 U 1 0 2
76
______ 7 9
A p r '1 7

100
98

88
51
48
881* 9 212
501* 5 3
90
S a le
QQ
95
" 97*4
_____
94
72
73
4U 2 45
_____
31
5534 6 0
36
S a lo
--------- 3 7
6 9 U _____
6 9 7 * _____
62
68*4
721* 8 0 '*
--------- 737*
-------60
-------437*

51 Deo '16
45U Feb ’17

60
6012

82
1 00
07
771*
110
921*
1 0 0 *4

99
102
78
7 8 12 771*
8 0 78
74
7 5 l2 7 7
91
87
1081* 1 13
112 1 2
1 00
106
109
7 5 ------ 7 8
78
101
89
84
90
91*4
1027* 1051*
10312 107
110 > 4
30
. . .
30
35
967*
30
59

-----101

88
‘7 4 '
_____
_____
--------

81**

88%
55
50

91%
64
617*

897*
49
89
92
95

63
97
92
98*4

95

68

97
S a le
46
41
8 a l e 1 06 %
8 4 l2 8 5 %
S a le
93*4
797*
S a le
82
89
88%
92
'7 6 *
74
76
76*4
75
76%
77*4 7 5

6314__

69%
70%
67%
82
78%

69%
71
79
85
80

45%

49

98
99*4
93
9812
95
95
62% 68%
1 0 1 % 106%
10 6 % 1 0 6 %
10 1 % 103
55%
60
80

59
61
82

100*4 101*4
99
103*4
77

86

767*

$4

112 % 1 1 4 %
7 8%

10314 10312

68

103
1141*
1041*
g ot,
106
731*
9 11*
108*4

78%
54%
31
69%
45

Nov'16

60
6 OI2
A p r '1 7
F e b '1 3
A u g ’ 16
D e o ’ 13
M a r '0 5
D e o ’ 16
A p r ’ 17
A p r '1 7
J u l y '14
A p r '1 7
O o t ’ 12
A p r ’ 17
S e p ’ 15
A p r '1 7
F e b '1 6
A p r '1 7
O c t '1 6
D e c ’ 16
91*4

....

1 03 U
103

1061* 109
102
1031*
79
8U *

16
72
A p r '1 7
30
60
36

5 9 5 * _____
60
_____
--------- 8 0

97*
_____
107
_____
937*
8 OI4

871*
981*
901*

8 01*

Q4

98
A p r '1 7
F e b ’ 17
63
101*4
J a n '1 7
O o t ’ 15
J a n ’ 17

99

851*
957*
891*

D ec

98
93
937* 9 5
6 214 S a le
62U
1 0 1 *4 S a le . I O U 2
1 06U
82
1 03

92

89

851* 851*
991* 103*4

SOU

99
95

97

90

85

100
112U
1041*
891*
106
60
83
10S*4

90
J a n '1 7

A p r ’ 17
M a r '1 7
A p r ’ 17
M a r '1 7
J a n '1 7

87

87

1041* 106

94*8 941*
1121* 1 1 3 ii
104
107
9 1 U 97*4
961* 965*
1061* 106*4

M a r '1 0
N o v '1 0
O o t '0 9
D e o '1 6
O c t ' 16
A p r '1 7
A p r '1 7
50
F e b '1 5
A p r '1 7

6 9 i2
70U
6 8 I2
791*
79

98
93
911*

H igh

1131* 114
113
1 13
1031* 1061*

1 03
1 03

112i2 112*4

77
79
101
1131*
103**
891*
55
50

Low

8 9 % 91*4
103 % 1 08

M a r '1 6
M a r '1 7
A u g '1 6
F e b ’ 13
O c t ’ 16
D e o ’ 16

68
97
M a r ’ 17
107
A p r '1 7
96
S0*4
A p r '1 7
89
D e o '1 6
A p r ’ 17
M a r '1 7
A p r '1 7
M a r ’ 17

68
72
9 6 % 99%
46
43*4
1 06% 113%

8512 88*4
92
79
82
881*

98*4
867*
857*
94%

74

75

81
80
80%
80

96%

97

81%

81%

__| 7612
76

94
961* 9 6 % A p r ' 1 7 -------9 3 5 * _____
95*4 N o v ’ 16
98
_____ 104
M a y '1 6
8412
*85
95
85
*85

SO

103

s Option Sale.

89

N o v ’ 16

94
89%
81%
106 %

M a r ’ 16
F e b '1 6
A p r ’ 17
S e p ’ 16

New York Bond Record— Continued— Page 3

1686
BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g A p r i l 2 0

§ "k

P rice
Friday
A p r il 2 7

W eek ’s
Range or
L ast Sale

I s

Range
Since
Jan. 1

H igh N o . Low H igh
B id
A sk Low
N Y C e n t & I I I t R R (C o n .)—
89% 94
90 A pr T7
_____ 9 0
N Y & P u 1 st e o n s g u g 4 s 1 9 9 3 A - O
--113
M
a
y ’ 15
P in e C r e e k r e g g u a r U s------- 1932 J - D 1 1 4 % -------i 102*4 1 04 %
102*1
101
103*8 102*4
R W & O c o n 1 st e x t 5 s . .h 1 922 A - O
99
_____ 1 0 0 * 4 F e b T 7 ____
L00*4 1 00*4
I t W & O T I t 1 st g u g 5 s . . 1 918 IY1-N
8 D i D ec T 5
8 0 * 1 _____
R u t l a n d 1 st c o n g 4 M s . . . l 9 4 1 J - J
9 0 % 7038
7 0 % A p r ’ 17 . . . .
70
_____
O g & L C h a m 1 st g u 4 s g l 9 4 8 J - .1
J u n o '0 9
70
--------- 9 2
R u t - C a n a d a 1 st g u g 4 s . 1949 J - J
10J
N o v ’ 16
S t L a w r <& A d l r 1 st g 5 3 - . - 1 9 9 6 J - J
103
N o v ’ 10
2 d g o l d 6 s - - .................- - . 1 9 9 6 A - O
9 7 * 2 J u l y ’ 16
985s 9 9 %
U tic a
B lk R iv g u g 4 s . .1 9 2 2 J - J
5! 8 0 % 8 7 %
80%
82%
SO-ii S a le
L a k e S h o r e g o l d 3 M s ------- 1 99 7 J - D
4! 7 9
87
79
79
78
80
R e g i s t e r e d ............................1 997 J - D
31: 913 8 97*4
9238 B a le
92%
93
D e b e n t u r e g o l d 4 s ______ 1 9 2 8 M - S
17
91
96%
9 2 % 93-38 91*2
92%
2 5 - y e a r g o ld 4 s — ............ 1931 M - N
R e g i s t e r e d ...................... 1931 M - N
J
K a A & G R 1 st g u c 5 s — 1 9 3 8 J
..............
_____ 1 0 1 * 2 D e c T 5
M a h o n C ’ l 1 1 R 1 st 5 s ____ 1 93 4 J - J 1 0 3
i 103*8 10334
103*&
103%
103*8 1 04
P i t t s & L E r ie 2 d g 5 s . . . a l 9 2 8 A - O
1 30 % J a n '0 9
P i t t s M c K & Y 1 st g u 6 3 . . 1932 J - J
1 2 3 U M a r '1 2
2 d g u a r a n t e e d 6 s ............. 1 93 4 J - J
M c K e e s & B V 1 st g 6 s . 1918 J - J
— - —
1 0 4 1 8 -------- 106*4 A u g T 6
M i c h i g a n C e n t r a l 5 3 _______1 931 M - 8
105
J u l y ’ 16
R e g i s t e r e d ............................1931 Q - M
88 i g ____ 9 8 A p r T 2
4 s ........ ....................................... 1 940 J - J
87
Feb 'l l
R e g is t e r e d ........................... 1 9 4 0 J - J
90
J u o e ’ 08
M
S
J L & S 1 st g o l d 3 M s — 1951
81*2 8 6
8 H i B2ig 8 1 % A p r T 7
1 st g o l d 3 M 3 ...............
1952 M - N
89*2 9134
_____
85*2 8 9 % M a r ’ 17 _____
2 0 - y e a r d e b e n t u r e 4 s — 1 929 A - O
0
91
93
91
90
93
95%
X Y C h i c & S t L 7 3 t g 4 s . _ 1937 A - O
9034 A u g T 6
R e g is t e r e d ...................... 1937 A - O
M a r ’ 17
79
82*2
H U ~791 2 7 9
D e b e n t u r e 4 s _________ 1931 M - N
13 8 7 % 9 4
87% 89
87*2
87%
W e s t S h o r e 1 st 4 s g u a r . . . 2 3 6 1 J - J
2
84*2 9 3 %
841a S a le
84*2
85*2
R e g i s t e r e d ........ .................. 2 3 6 1 J - J
1 00 % J a n T 7 . . . . 1 0 0 * 2 1 0 0 *2
N Y C L in e s e q t r 5 s . .1 9 1 6 - 2 2 M - N
1003 4 J a n T 7 —
100% 100%
E q u i p tr u s t 4 M s . . 1 9 1 7 -1 9 2 5 J - J
93
9 6 14 9 0 % A p r T 7 “ “ “ “
96*2 9 9 %
N Y C o n n e c t 1 st g u 4 M s A . .1 9 5 3 F - A
N Y N H & H a rtfo rd —
7 9 % S e p t '1 6
N o n - c o n v d e b e n 4 s _______ 1 947 M - S
71
N o v ’ 10
N o n - c o n v d e b e n 3 M s ------- 1947 M - S
6 8 ‘ D e o '1 7 _____
_____ 6 5 4 .
N o n - c o n v d e b e n 3 M s ------- 1954 A - O
_____ 7 0
68
M a r ’ 17 _____
68
68
N o n - c o n v d e b e n 4 s ............. 1 9 5 5 J - J
6 9 % A p r ’ 17
67
_____ 7 3
75*4
N o n - c o n v d e b e n 4 s ............. 1 956 M - N
4
60
60
61
62
57*4 64
C o n v d e b e n t u r e 3 M s ........... 1 95 6 J - J
8
101%
99
110*2
1 0 1 % S a le 1 0 1 %
C o n v d e b e n t u r e 6 s ................. 1 9 4 8 J - J
79
Jan T 7 . . . .
79
79
75
-- .
C o n s R y n o n - c o n v 4 s -------- 1 9 3 0 F - A
91*a J a n T 2 - — _
N o n c o n v d e b e n 4 s -------- 1 9 5 4 J - J _____ 7 9 i 2
70*a A p r T G —
—
—
N o n - c o n v d e b e n 4 s -------- 1 9 5 5 J - J -------- 7 7 %
—
—
N o n - c o n v d e b e n 4 s -------- 1 955 A - O
------------------------N o n - c o n v d e b e n 4 s -------- 1956 J - J m i s o
86
M
N
H a r le m R - P t C h e s 1 st 4 3 .1 9 5 4
88% Apr T 7 . . . .
85
8 8 *s 8 8 %
_____
B & N Y A i r L in e 1 st 4 s . . 1 9 5 5 F - A
74
Apr T7 —
72
78%
C e n t N e w E n g 1 st g u 4 s . . 1961 J - J _____ 7 6
H a r t f o r d S t R y 1 st 4 s _____1 930 M - S
103
_____ 1 0 5 % M a y T S
H o u s a t o n i c I t c o n s g 5 s — 1937 M - N
87
J u ly '1 4
N a u g a t u c k R R 1 st 4 s ____ 1954 M - N
88
Aug T3
N Y P r o v & B o s t o n 4 s — 1 942 A - O
10
6 U2
6 4*i
6 1 * i S a le
61*2 75*2
i
N Y W 'c h e s & B 1 st s e r I 4 M » ’ 4 6 J
1
107
A u g ’ 09
N I I & D e r b y c o n s c y 5 s . . 1 918 M - N
.. .. —
—
B o s t o n T e r m in a l 1 st 4 s ___ 1 939 A - O
N e w E n g l a n d c o n s 5 s ------- 1 945 J - J
9 9 % M a r ’ 12
C o n s o l 4 s ________________ 1 945 J - J
57
A p r TO . . . .
57
57
P r o v id e n c e S e c u r d e b 4 s . . 1957 M - N
99% D e o T 4
P r o v «fc S p r in g f ie ld 1 st 5 8 .1 9 2 2 J - J
8
3
%
F
e
b
T
4
8
1
%
______
M
S
P r o v id e n c e T e r m 1 st 4 s . . . 1 950
W & C o n E a s t 1st 4 M s . . - 1 9 4 3 J
' ” 2 "7 4 7 8 " 8 3 "
’ 75“
N Y O & W r e f 1 st g 4 s ____ 0 1 9 92 M - 8 ~ 7 4 % S a le " " 7 4 %
92*2 J u n e ’ 12
R e g is t e r e d $ 5 , 0 0 0 o n l y . .0 1 9 9 2 M - 8
79
M a r’ l 7
77
80
"7 5 " ’ s o "
G e n e r a l 4 s ...................................1955 J - D
78
Apr T7 . . ..
82%
78
_____
81
N o r f o l k S o u 1 st & r e f A 5 s . . 1961 F - A
99*4 A p r T 7 —
9 93 4 101
99
_____
N o r f & S o u 1 st g o ld 5 s ..............1941 M - N
1 1 4 3 g _____ 1 15
A p r T 7 _____ 115
122
N o r f & W e s t g e n g o l d 6 s ------- 1931 M - A
1 22
N o v ’ 16 . . . . —
115
1 22
—
I m p r o v e m e n t & e x t g 6 s . . 1934 F - A
120*2 N o v ’ lfi
1 1 4 % 116
N e w R i v e r 1 st g o l d 6 s ------- 1 9 3 2 A - O
60
91
91%
91
S a le
91
97*4
N & W R y 1 st c o n s g 4 s . . 1 9 9 6 A - O
94% D e a TO
R e g i s t e r e d ............................1996 A - O
89
A p r T 7 ____
93%
89
D l v ’ l 1 st lie n & g e n g 4 s . 1944 J - J
134
131
127
131*4 A p r '1 7 —
127
1 0 - 2 5 -y e a r c o n v 4 s ...........1932 J - D
1 27
136%
128
A p r ’ 17 _____ 128
131
10 - 2 0 - y e a r c o n v I s ...........1932 M - S
1 27 % A p r ’ 17
131
1 20 % 135
127
1 0 - 2 5 -y e a r c o n v 4 M s — 1 938 M - S
94
88
Apr T 7 —
88
D
P o c a h C «fc C J o in t 4 s . . .1 9 4 1 J
103
S e p t ’ 16
C C A T 1 st g u a r g o l d 5 s . . 1 922 J - J foo”
89
90% 92
9 0 % M a r ’ 17
87
S c l o V & N IC 1 st g u g 4 8 . . 1 9 8 9 M - N
65
S a le
00*8
91%
91
8 9 % 963 4
N o r P a c if i c p r io r lie n g 4 s . . _ 1997 Q - J
1
88
88
93
88
88
R e g i s t e r e d ............................1997 Q - J
12
63*2
65
65
63*2 6 9 %
G e n e r a l lie n g o l d 3 s --------- <*2047
07*i J an T 7 —
60*2 67*4
R e g i s t e r e d ........................ a 2 0 1 7
91% Jan T 7
91% 91%
91% . . .
S t P a u l - D u l u t h D l v g 4 s . . 1996 J - D
109*8 M a r ’ 17 —
109*8 1 1 0 * 2
105*2 109
S t P A N P g e n g o l d 6 s . . _ 1923 F - A
109% O c t T 6
R e g is t e r e d c e r t if i c a t e s . . 1923 Q - A
107
O ot TO
S t P a u l A D u l u t h 1 st 5 s . . 1931 F - F
100
Jan T 7 . . . . 100
100*2
99-3.1 .
O
2 d 5 s ............. .......................... 1917 A
8 8 % M a r ’ 17 —
88%
88%
1 st c o n s o l g o l d 4 s ----------- 1 9 6 8 J - D
86*2 D e o T fl
78
86
W a s h C e n t 1 st g o l d 4 s ____ 1 9 4 8 Q - M
109*2 A p r ’ 17 ___ 109*2 1 1 0
110
1 11
r s o r P a c T e r m C o 1 st g 6 s . . 1 933 J - J
10
81%
81%
81% 87%
817g S a le
O r e g o n - W a s h 1 st A r e f 4 s — 1901 J - J
95
Apr T 7
93*2 9 9
_____ 9 5
P a c if i c C o a s t C o 1 st g 5 s ____ 1 946 J - D
99
101
90
9 9 8 100*8 F e b T 7
J - J
P a d u c a h A I ll s 1 st s f 4 M s . -1 9 .
9 9 % 99*2
99*2 A p r T 7
P e n n s y lv a n ia R R 1 st g 4 s ___ 1 923 M - N
8
lO
D
a
A
p
r
‘
17
1
0
1
%
102%
C o a s o l g o l d 5 s .........................1 919 M - S
9 8 % 99*2
98
. . . _ 9 8 % M a r ’ 17
C o n s o l g o ld 4 s ......................... 1943 M - N
9 8 % A p r ’ 17
98
99
98*2 101
C o n s o l g o l d 4 s _____________ 1 948 M - N
25 103*2 1 07 %
104
104
S a le 10334
C o n s o l 4 M s _________
1 96 0 F
48
97
S a le
9 6 % 104*2
96«4
97*2
G e n e r a l 4 M s — -------1965 J - D
808
96%
97*
96-3.! S a le
90% 97%
G e n e r a l 4 M s (w h is s ) J u n e l ’ 6 5
9 7 *2 F e b T 7
97%
97
92
A l l e g V a l g e n g u a r g 4 s . . . 1942 M -'S
94% S e p flfl
D R R R A B ’ g e 1 st g u 4 s g . 1 936 F - A
100
Jan T 7
100
100
P h ila B a l t A W 1 st g 4 s . . . 1 9 4 3 M - N
102
J a n ’ 03
S o d u s B a y A S o u 1 st g 5 s . 1924 J - J
S u n b u r y A L e w is 1 st g 4 s . 1936 J - J
I
~
99
%
M a r ’ 17
9 9 % *997^
9
9
*
2
_____
M
S
U N J R R A C a n g e n 4 s . . 1944
P e n n s y lv a n ia C o —
4 99%
99%
9 9 % 102%
1
G u a r 1 st g o l d 4 M s ---------------1921 J
1003 8 102U
1003S A p r T 7
R e g i s t e r e d ........................ . 1 9 2 1 J
87
87
F eb T7
87
8 5 i2 - - .
G u a r 3 M s c o l l t r u s t r e g A . 1937 M
3
86%
2 82
82
82
8 B2
G u a r 3 M s c o ll tru s t se r B .1 9 4 1 F - A
.
8
6
*
8
J
u
ly
10
8
1
_____
D
G u a r 3 M s t r u s t c t f s C ------- 1 94 2 J
8 0 !g 85-34 8 7 % D e c TP
G u a r 3 M s t r u s t c t f s D ------- 1 944 J - D
91*2
01*, 91*2 9 7
92
_____.
G u a r 1 5 - 2 5 -y e a r g o l d 4 s . . 1931 A - O
92% 93
91*4 -• _ 9 2 % A p r * 17
4 0 -y e a r g u ar 4 s c tfs S er E .1 9 5 2 M - N
i 91
91
91
9 0 * 2 ______ 91
C In L e b & N o r g u 4 s g ------- 1 942 \M - N
____ 1 0 0
100*2
.
1
0
0
*
2
M
a
r
’
U
C l & M a r 1 st g u g 4 M s . - . 1 9 3 5 M - N
102
102
102
98
102 > 1 0 2
C l Sc P g e n g u I M S s e r A . . 1 94 2 J - J
—
—
101 102 > 1 04 D e o T i
S e rie s B _______ _______ . . . 1 9 4 2 A - O
87*2 . . .
I n t red u ce d t o 3 M s ..1 9 4 2 A - O
87*2 - - - _ 90*8 O c f ’ l l
S c r ie s C 3 M s ................ . . 1 9 4 8 M - N
. . 8 8 * 2 89*4
_ 8 8 % Feb T
87*2 S e r ie s D 3 M s ____________ 1 9 5 0 F - A
88
88
A p r VI ___ ! 8 8
87% . . . .
E r ie & P i t t s g u g 3 M s B . _ 1 9 4 0 J - J
.
90*s J u ly ’ l l
875S - - .
S e r ie s C ....................
1940 J - J
___
99
9
9
M
a
r
’
l
'
9
9
_____
9
9
G r l l . f c l e x 1 s t g u g 4 M s - 1941 J
J
93
M ay’ H
9 4 J a ____ .
O h io C o n n e c t 1 st g u 4 s . . 1 94 3 M - S
. 109
M a y ’ IC —
P itts Y
A s h 1 st c o n s 5 s . 1 92 7 M - N
98%
.
9 8 % A p r T ’ ___
98%
90%
T ol W V
O g ll 4 M S A ----- 1931 J - J
___
99*2 F eb T
99*2 99*2
941s 9 8
S e r ie s B 4 M s . . . ..............1933 J - J
___
9
4
A
p
r
’
I
f
90*4
S e r ie s C 4 s ............. ............ 1 94 2 M - S
Apr T
io o
1 03 %
99
101 2 100
P C C & S t L g u 4 M s A . . . 1940 A - O
98*
I 98*2 1 0 2 *2
98
10C 2 98*2
S c r ie s B g u a r .................. .. 1 94 2 A O
.
9 7 * 4 J u l y ’ K ___
S e r ie s C g u a r . . ................1 9 4 2 . M - N
.
9 5 *4 O o t ’ I f ____
S e r i e s D 4 s g u a r ............. .. 1 9 4 5 M - N 1 95*2
_ 90
M a r T ___ II 95*4 9 6
S e r ie s E 3 M s g u a r g o l d . 1 9 4 9 F - A

__

....

102*8 .

__

_

102

__

__

BONDS
N . Y. STOCK EXCH AN G E
W e e k e n d in g A p r i l 2 7

P rice
F rida y
A p r il 2 7

[Vol. 104.
W eek ’s
Range or
Last Sale

n 2 :1
§ £ |
33 " I

Range
Since
Jan. 1

H igh N o:\L ow H igh
P C C & S t L (C on.)
Bid
A sk L ow
95*4 J a n
1 4 ------- 1|.......................
S c r ie s F g u a r 4 s g o l d ___1 95 3 J - D
95*2 9 5 7a A p r ’ 1 7 _____11 9 9 % 9 7
S e rie s G 4 s g u a r
____ 1957 M - N
95*2 957$
1 0 2 *2 A p r *171_____: 1 0 2 *2 1 03 %
S e rie s I c o n s g u 4 M s — 1903 F - A
-------- 100
107*2 S e p t ’ l O j ____ 1 1 .....................
C S t L & P 1st c o n s g 5 s . . 1932 A - O
103*4
P e o r ia & P e k in U n 1 st 6 s g . . 1921 Q - F
'
|
87
M a r ’ ln
2 d g o ld -IM S ______________ 6 1 9 2 1 M - N
41: 9 2
95
93*4
91
917$ 9 2
P e r e M a r q u e t t e 1 st S e r A 5 s 1956
7
0
71
8|
70
70*4
S
a
le
7 734
1 st S e r ie s B 4 s .........................1950
___ | 4 2
42
42
Feb T 7
48
P h ilip p in e R y 1 st 3 0 - y r s f 4 s 1937 J - J _____
109
Jan T 7
109
105-38 --------- 109
P it t s S h & L E 1st g 5 s ........... 1 94 0 A - O
-* •
113*4 N o v ’ l l
1 st c o n s o l g o l d 5 s ___________ 1943 J - J
2 7' 9 1
96%
’ 9 2 " S a le "
R e a d i n g C o g e n g o l d 4 s _____ 1 99 7 J - J
91%
92%
92*2 9 5
92*2 F e b ’ 17
______9 1
R e g i s t e r e d ........................... 1997 J - J
20
90*2
92*2
92
94
90*2 9 7
J e r s e y C e n t r a l c o l l g 4 s . . . 1951 A - O
A t l a n t i c C i t y g u a r 4 s g ____ 1951 J - J
79
"S 2
~80
M a r ’ 17 I I . ' .
"7 5 ’
80
S t J o s & G r I s l 1st g 4 s --------- 1947 J - J
S t L o u is & S a n F r a n ( r c o r g C o ) —
124
65*2 7 1%
65*2
06*t
65*2 S a le
P r i o r L ie n s e r A 4 s ................. 1950 J - J
8 2 ”3
S 2 78
5
82*2 8 8 %
82*2 8 4
P r i o r lie n s e r B 5 s .......... .. .. 1950 J - J
86
68* i
69
6 8 * 4 S a le
67*2 7 6
C u m a d j u s t s e r A 6 s _______1955 J - J
5 6 "8
13
50
50*4
50*2
50*2 S a le
I n c o m e s e r ie s A 6 s __________I 9 6 0 J u ly
111
Apr T 7
1 12*2
J 1 1 0 * 2 1 12*8 111
S t L o u is & S a n F r a n g e n 6 s . 1931 J
2 100
104
100
100*,
J 100*4 103
G e n e r a l g o l d 5 s _________ 1931 J
78
M a y 116 . . . . . . . .
S t L & S F R R c o n s g 4 s . . 1996 J - J
74% 7 5
74*2 M a r ’ 17
: : : : "7 3
G e n e r a l 1 5 - 2 0 -y r 5 s _____ 1927 M - N
75
M arT 7
70
75
_____
81
T r u s t C o c t f s o f d e p o s i t ____
D e c ’ 16
do
S t a m p e d ..
_____
76*2 7 6
95*8 D e c T 6 —
90
-------S o u t h w D i v 1 st g 5 s ____ 1947 A - O
83% O ot T 6
R e f u n d i n g g o l d 4 s ............. 1951 J - J
80% M a r 'l l
R e g is t e r e d ...................... 1951 J - J
78% 78%
78% F e b T 7
T r u s t C o c t f s o f d e p o s it
do
S ta m p ed
_____
79*2 74*4 S e p T O
109% 11158.
K C F t S & M c o n s g 6 s . . 1928 M - N
104*2 108*2 1 0 9 % M a r ’ 17
7
7 1 % 79*8
71%
72
71*2 7 3
K C F t S & M R y r e f g 4 s . 1936 A - O
90
90
90
F eb T 7
O
K C & M R & B 1s t g u 5 s . 1929 A
2
Va *4 8 0
75*2
” 70*2 '7 7 " 75*4
S t L S W 1 st g 4 s b o n d c t f s . . 1989 M - N
64
65%
64
Feb T 7
63% 64
2 d g 4 s in c o m e b o n d c t f s . p 1989 J - J
»> 6 6 * 2 7 2
69
S a le
69
70*8
C o n s o l g o l d 4 S .................... . 1932 J - D
11
6 6 % V i l*
69
67*2 6 8 % 6 9
1st t e r m l & u n if 5 s ..................1952 J - J
9 8 % J a n ’ 14
G r a y ’ s P t T e r 1 st g u g 5 s . 1947 J - D
64
64
63% "6 4
63*2 6 5
S A & A P a s s 1 st g u g 4 s ____ 1943 J - J
100% F e b '1 7
1 00*8 1 0 0 *8
S F & N P 1 st s k fd g o s ______ 1919 J - J ___ 101
7 9 % F e b ’ 17
_____
83%
7 9 % 82*2
S e a b o a r d A i r L in e g 4 s ............ 1 95 0 A - O
7 9 % 825$
_____
79% 7 9 % A p r ’ 17
G o l d 4 s s t a m p e d ................... 1 950 A - O
59*2 6 8
61
S a le
60*3
6 U2
A d ju s t m e n t 5 s ......................o l9 1 9 F - A
A p r * 17
65
70*2
65*2 667a 6 8
R e f u n d i n g 4 s ............................1959 A - O
87
M a r ’ 17
86*4 87
A t l B ir in 3 0 - y r 1st g 4 s . , e l 9 3 3 M - S _____ 8 7
88
J a n ’ 17
88
88
83
88
C a r C e n t 1s t c o n g 4 s _____ 1949 J - J
9 9 % S e p *15
100
-------F la C e n t & P e n 1st g 5 s
1918 J - J
D e o *15
101
-------- 101
1st la n d g r e x t g o s ............ 1 930
- J
1
03 % D e o '1 6
_____
104
C o n s o l g o ld 5 s ___________1 9 1 3 '
- J
____ 100*4 1 0 0 A p r ’ 17
9 9 % 102
- J
G a & A la R y 1st c o n 5 s .0 1 9 4 6
1 02 % J a n ’ 17
102% 102%
100%
- J
G a C a r & N o 1st g u g 5 s . . 1929
9 9 *4 A u g ’ 15
101
1 0 1 *2
J
S c a b & R o a n 1 s t 5 s ________ 1926
S o u t h e r n P a c ifi c C o —
82
82
8 2 __ S a le
G o l d 4 s (C e n t P a c c o l l ) . . k 1949
90
F eb 'i t
_____
81
R e g is t e r e d .................. -k 1949
83
S a le
82*4 8 8 %
82%
83*4
2 0 - y e a r c o n v 4 s . ................0 1 9 2 9
0 9 % 1 04 %
1 0 0 * 4 S a le
99*2
100*2
2 0 - y e a r c o n v 5 s __________ 1934
8 6 * 4 S a le
85% 93%
85*i
86*2
A
C e n t P a c 1st r e f g u g 4 s — 1919
. . .
91
87*2 S e p t ’ 16
A
R e g is t e r e d ..........................1949
8 0 % 8 9 % 8 9 * i F e b *17
8 9 % 91*2
D
M o r t g u a r g o ld 3 M s . *1 92 9
84
87%
84
F e b ’ 17
_____
82%
O
T h r o u g h S t L 1st g u I s . 1954
100*2 102
1 0 0 *2 F e b ’ 17
N
G H & S A M A P 1st o s . . 1931
97
A p r ’ 17
97
98*2
96*2 9 7
2 d e x t e n 5 s g u a r ..................1931 J - J
100*4 J a n *16
G l i a V G & N 1st g u g 5 s - . 1924 M - N
99*2 102*2
99*
H U "9 9 *2 99*2
H ous E
W T 1st g o s ____ 1933 M - N
100
O o t ’ 16
1 st g u a r 53 r e d __________ 1933 M - N
105
106*2
105
A p r ’ 17
1 04 ’ 10 6
I I & T C 1st g o s in t g u . . 1937 J - J
96
96*2
96
9 5 % 96*2 9 6
G e n g o l d 4 s Int g u a r — 1921 A - O
109*2
N
o
v
'
l
f
i
1
0
0
______
W a c o & N W d i v 1st g 6 s ’ 3 0 M - N
101*2 D e o T O
A & N W 1st g u g 5 s ............ 1941 J - J
IiO U tslana W e s t 1st 6 s ------- 1921 J - J
105%
M o r g a n 's L a & T 1st 7 s . .1 9 1 8 A - O
104*4
1st g o ld 6 s . . . ----------- 1 92 0 J - J
106%
1 05
O ot T 6
A
O
N o o f C a l g u a r g 5 s ________ 1938
LOO A p r T 7 _____| 9 9 % 1017*
1 0 0 *2 1 0 2
O r e & C a l 1st g u a r g 5 s — 1927 J
J
1 07 % S o p t ’ lfl . . . . . . . . . .
1 07 %
S o P a c o f C a l— G u g 5 s . . 1937 M - N
96
96
94
A p r * 17 _____
93*4
S o P a c C o a s t 1st g u 4 s g . _ 1937 J - J
89%
87% M a r T 7 . . . .
86*2
84
83
S a n F r a n T e r m l 1st 4 s ____1 950 A - O
95
N o v ’ 16 ____ 1 _____
96
T e x & N O c o n g o ld 5 s . . . 1943 J
56i 8 7
05
87* i S a le
87*3
87%
S o P a c R R 1st r e f 4 s ______1 055 J
41
1023,i
98
98
98%
98*2 S a le
S o u t h e r n — 1st c o n s g o s
1994 J
1 00 % A u g TO
R e g is t e r e d ........................ 1994 J - J
7o! 6 7 % 7 7
6 8 * 2 S a le
67%
"08*2
D e v e l o p A g e n 4 s S e r A — 1956 A - O
75
78
7 7 * 2 A p r T 7 _____ 1 77*2 7 8 %
M o b A O h io c o l l tr g 4 s . . . 1 938 M - S
98
101%
98% A p r T 7 . . . .
96*2 9 8
M e m D lv 1st g 4 M s - 5 s . - -1 9 9 6 J - J
80
82
A p r ’ 17 _____
77*2 8 4
78
S t L o u is d l v 1st g 4 s ............ 1951 J - J
9 9 % 104
102*8 S e p ’ 16
J
A la C e n 1st g 6 s ____________ 1918 J
98*2 98*29 8 % A p r * 17 - - - 99
D
A la G t S o u 1st c o n s A 5 s . . 1943 J
90
96*4
90
90
90
A t l A C h a r A L 1st A 4 M s 1944 J - J
l2 i
_____|
99
10334
9
9
A
p
r
’
17
9
9
J
J
9
8
1st 3 0 y r 5 s s e r B ________ 1944
83*2 J a n T 7 . . . . !
82
83*4 8 4
J
A t l A D a n v U t g 4 s ..............1948 .1
8 U 2 M a r ’ 10 . . .
80
2(1 4 s ............. .. ..................... 1918 J - J
75
75
75
Feb T 7
A t l A Y a d 1st g g u a r 4 s . . . 1949 A - O
105
10 5
103% 105
M a rT 7
100
E T V a A G a D l v g 5 s ____ 1930 J - J
100
1 06 % A p r T 7
105% 108
N
C o n 1st g o ld 5 s --------------1 956
99
1 0 1 *4 M a r ’ 17 . . . .
100% 101*4.
K T e n r e o lie n g 5 s ............... 1938 M - S
65
04
64
64
Apr T7
G a M i d l a n d 1st 3 s --------------1946 A O
100
106
106% 1 07
1 0 8 *4 t ell '1 7
G a P a c R y 1s t g 6 s . ........... 1922 J - J
104%
109»4 J a n T 7
109*4 1 0 9 %
J
K n o x A O h io 1st g 0 s -------192,
. . ..
99
1 06
S ep tT t . . .
M o b A B ir p r io r lien g 5 s . 1945 J - J
74
72
1
S a le
72
72
J
72
M o r t g a g e g o l d 4 s ----------- 1945 J
103*2 1 0 4 %
105*4 104% A p r T 7 ____
R i c h A D a n d e b 5 s s t m p d . 1927 A - O
R i c h A M e e k 1st g u 4 s . . . 1948 M N
166
1 0 1 *8
Apr T7
" g o t 1 9 9 % 100
Ho C a r A G a 1st g 5 s ...........1919 M - N
102*2 J u n e 'l 1
V ir g in ia M i d s e r D 4~5s____1921 M
103*8 A U g T 6
101%
S e r ie s E 5 s .......................... 1920 M
S c r ie s F 5 s ............................ 1931 M
—
105
108
105
M a r ’ 17
107
M
G e n e r a l 5 s .........................
1936
105
105
M u r ’ 17
106*2
103
V a A S o ’ w ’ n 1st g u 5 s . .2 0 0 3
91
F e b T 7 ____
88
90*2 9 1 %
81
1st c o n s 5 0 - y e a r 5 s ___ 1958 A - Q
93%
9 1 % 9 3 % M a r ’ 17 . . .
92
w *
VV O A W 1st c y g u 4 s ____ 1924 F - A
96
95% M a r T 7
96
91% 96
J
S p o k a n e I n t e r n a t 1st g 5 s — 1955 J
M a rT 7
1 00 1 * 1 0 1 S*
O
96*2 97*2 101
T e r A o f S t L 1st g 4 M s . . . 1939 A
1 0 0 -% 1 0 2
102
Apr T7
A
96*2
1s t c o n g o l d 5 s _______ 1 89 4-19 4 4 F
86
M a r ’ li
88*2
I 86
84% 8 6
G e n r e fu n d s f g 4 s ........ ....... 1953 J - J
100
1 99
100%
99
M a r’ E
O
S t L M B r id g e T e r g u g 5 s 1 93 0 A
102
9
9
9
9
2
9
9
99*2
9
9
D
T e x A P a c 1st g o l d 5 s ---------. 2 0 0 0 ; J
64
64
S a le
64
2 d g o ld in c 5 s ........ ............... ^ 2 0 0 0 M a rr
S9*i
89
93
89
J
L a D l v B L 1st g 5 s _______ 1031 j J
9
5
106*2
N
o
v
’
04
A
W M i n W A N W 1st g u 5 8 1 9 3 0 F
103*
104%
A p r ’ 17
J
9 9 % 1 0 2 *2 103
T o l A O C 1st g u 5 s _ .
.1 9 3 5 J
100
100
Jan T 7
O
98*2 1 0 0
W e s t e r n D i v 1st g 5 s ____
87
90
F eb T 7
90
-D
G e n e r a l g o ld 5 s ________
82*2 8 4
S a le
84
84
- O
84
K a n A M 1st g u g 4 s ____
94*4 9 7 %
o
n
*
9
7
94*4
J
94*
t
2 d 2 0 - y e a r 5 s ................
62
53
M a r ’ 17
60
J
62
T o l P A W 1st g o ld 4 s
8 3 i2
M a r ' 17
I 8 *)
J
80
83% 80
T o l S t L A W p r lie n g 3 1
60
; 57
5
«
*2
(
)
5
8
57*2
5
7
5 0 - y e a r g o ld 4 s . ..................
18% M u r (W
A
50
25
C o l l t r 4 s g S e r A ________
. . . i 80
87*2
A p r ’ 17
80
87
U
80
T o r H a m A B u r f 1st g I s . . h 1946; J
' 99% 100%
99% A p r T 7
98% 99
U ls t e r A D e l 1st c o n g 5 s . . -1 9 2 .8 U - D
M a rT 5
71*2 7 4
O
1st r e fu n d g 4 s ___________
* 2 6 1*94% 100
9
4
%
S
a
le
J
95*2
U n io n P a c ifi c 1st g 4 s ..........
9 6 % A p r ' 17 . . . 1j 95*2 98*2
96
J
R e g is t e r e d _________
6 I 9 l* i
99*2
92%
~ (U % 9 2
91*2
- J
2 0 - y c a r c o n v 4 s ..................
89
2 I 8 8 * 2 05*s
9
0
88%
S
89*2
1st A r e f 4 s ............. .... ..........
89*2 9 0 3 , A p r T 7
. . . 1 0<)% 9 5
I)
O re R R A N a v co n e Is.

___101

100

• No price Friday; latest bid and asked, a D ue Jan. b D ue Feb. e D ue M a y . 0 D ue June, h Due July. A: Due Aug. c D ue O ct. p D uo N o v . a Due D ec. sOptlonsale




W eek's
Range or
Last Sale

BONDS
N . Y . STOCK EX C H A N G E
W e e k e n d in g A p r i l 2 7

Range
Since
Jan. 1

H igh

N o . Low

H igh

1067 8 A p r ’ 17
1 05
103
X97s 901 •> 8 9
OOli

1 00
89

10S5g
947S

A sk Low

Bid

F -A
M - N
V ir g in ia n 1st 5 s S e rie s A .’ . . . 1962 M - N
M -N
2 d g o ld o s __________________ 1939 F - A
J - J
tvi - s
J - J
J - J
A - O
1YI - S

J

8 8 % 89>4
88
_____

96

S a le
10U2
9 9 's
--_____
_____
--------

1 01

_____
80
100

80
1 04
_____
81

78
80

I)

F - A

783.1

A
O
J - J
A O

N

70
9912
. 50
80%
100%
----------------77
85
85
8312

B r o o k ly n R a p i d T r a n g 5 s . .1 9 4 5 A - O
1s t r e f u n d c o n v g o ld 4 s ___ 2 0 0 2 J - J

97%
_____

1 st 4 0 - y r g u a r 4 s ...................1945

J F M W i n s t o n - S a le m S B 1 st 4 s . -1 9 0 0 j W I s C e n t 5 0 - y r 1 st g e n 4 s _ . _ 194 9 j S u p i t D u l d i v Sc t e r m 1 st 4 s '3 0 M E x t e n & I m p t g o ld 5 s ------- 193 0

J
A
S
j
j

I lk C i t y 1 st c o n 4 s . .1 9 1 0 -1 9 4 1 J - J

B k l y n U n E l 1 st g 4 - 5 s .
S ta m p ed gu ar 4 -5 s .. . .
K in g s C o u n t y E 1 st g 4 s . .
S ta m p ed gu ar 4s

195 0
195 0
1949
1949

F
F
I*’
F
J

-

F
j

A
A
A
A

J
A

.

j

j - j
j

-j

F

A

F
A
J
M a n h a t R y ( N Y ) c o n s g 4 s . 1990 A
S t a m p e d t a x e x e m p t ...........1990 A
M e t r o p o lit a n S tre e t R y —
11w a v & 7 th A v 1st c g 5 3 -1 9 4 3 J
M
L e x A v Al P F 1 st g u g 5 s . . 1993 M
F
F

- A
- O
- J
-O
-O

l 't S m it h L t

T t I mL

o d . _ - 193C

J

-

D
S
S
A
A
J
J

J
J
M o n t r e a l T r a m 1st & r e f 5 s . 1941 J
J
.1
N Y M u n ic t p R .v 1 st s f 5 s A I 9 6 0 J - .1
N Y R y s 1st R E & r e f 4 s . . . 1942 J - J
3 0 - v e a r a d i in c 5 s ..........._a 1942 A - O
N Y S t a t e R v s 1st c o n s 4 ^ 3 . 1 9 6 2 M - N
F o r t la n d R y 1 st A r e f 5 s
1930 M - N
P o r t Id R v I . t & P 1 st r e f 5 8 .1 9 4 2 F - A
Ml P o r t la n d G e n E le c 1 st 5 .8 .1 9 3 5 J - J
S t J o s R y E 1 I * P 1 st g 5 s . . 1937 M - N
S t P a u l C i t y C a b c o n s g 5 s . 193 7 J T h i r d A v e 1 st r e f 4 s ................ 1960 J - .1
A d j in c 5 s ...............................a l9 6 fl A - O
T h ir d A v e R y 1 st g 5 s ........... 1937 J - J
T r i - C i t y H v & L t 1 st s f 5 s . . 1923 A 0
U n d e r g r o f L o n d o n 4 A s ------- 1933 J - J

--

-

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

J -D
B k l y n U n G a s 1 st c o n s g 5 3 .1 9 45 M - N
A O
C i n c l n G a s * E l e c I s t A r e f 5 s 1956 A - O
C o l u m b i a O A E 1st 5 s ______192 7 J - J
J - J
192 0 Q - F
C on sol G as con v deb 6 s
• C o n sG a sK L A P o f B a lt 5 - y r 5 s ’ 21 M - N
D e t r o i t C i t y G a s g o ld 6 s
192.3 J - J
F -A
D e t r o i t E d is o n 1 st c o i l t r 5 s . 1933 J - J
5 1 9 40 M - S
1st A r e f 5 s s e r A
E ll ( ; 1 .V 5 1st c o n s g 5 s 1932 M - s
G a s A E le c B erg C o c g 5 s . .1 9 4 9 J - D
F -A
H u d s o n C o G a s 1 st g 5 s
1949 M - N
K a n ( llt y ( M o ) G a s 1st g 5 s . 1922 A (1
K in g s ( ' o E l L A P g 5 s
1937 A - O
P u rc h a s e m o n e y Gs
1997 A - O
C o n v e r tib le d e b 0 s
1925 M - S
E d E l 111 B k n 1 st e o n g 4 s . 1939 J - J
L a c G as L o f S t L ls t g 5 s ..e l9 l9 Q - F
19.34 A - O
R e f a n d e x t 1 st g 5 s
M N
N ew a rk C on G as g 5 s
194 8 J - D
N Y G 1: L H A P g 5 s .
1943 J - D
P u r c h a s e m o n e y g I s --------- 19 49 F - A
J - J
N Y A O E l L A P 1st c o n g 5 s 1 93 0 F - A
P a c if i c G A E l C o — C a l G A E
C o r n u n ify in g A r e f 5 s . . . 1937 M - N
J - J

_
_

.

_
..

__
..
--...

...
...
..

R e f u n d i n g g o ld 5 s

... 1 9*7

C h O - L & C o k e I s t a u g C f l 193 7
5 s 19.36
Im l N a t G a s A O il 3 0 - y r 5 s1 9 36

< Ion G C o o f C h 1 st g u g
P h ila d e lp h ia C o c o n v 5 s . .

S ta n d G a s A e Fco n v s f 6 s

1919

F
M
A
M
M
J
J
M
M
F

- A
- H
-O
- S
S

- J
- D
- N
N
- A

. 192 6 J - D

2
8 8 '2
' 8 8 '2
0 0 *4 A p r ' 17 _____

90

9 6%

101

1 0 1 '2

9 9 's
105
100%
80
105*2
80
75
84*4
%
1*2
2
1 *2

A p r ’ li
O ut TO
M a r ’ 17
J a n '1 7
F e b '1 7
Aug T 2
Apr T7
J a n '1 7
J a n '1 7
J a n '1 7
O ot TO
N o v '1 0
*4 A u g '1 6
*4 J u ly '1 6
8 614 J a n '1 7

99
74

_____ 1 0 0
———— iMJ

97*2
975s
737 8
7.37,8
99*4
993,8
100*8 A p r '1 7

98*4
98*2
9 S >2 S a le
_____
9 9 's 98*2 A p r '1 7
81
A p r '1 7
_____
82
81*2 A p r '1 7
_____
81
71
M a r '1 7
_____
75
9212
93*8
93
S a le
9 9 >s 1 0 0 ' 1 1013s F e b T 7
_____ 1 0 0 ' 1 1 0 0 's A p r ’ 17
82
8 3 7s
8 2 's B a le
84
J a n '1 4
043s
643.,
0 4 >a S a le
17% A p r 117
17
18
100
F e b '1 7
_____ 1 0 0
653.1
07
lifi's S a le
94*4
96
9 4 % S a le
8 5 >2 887s X5U
85*4
853s 8 7
85*8
8 5 's
94
95
--------

_____
99 '2
9S7 3

_____
89
9 9 '2
8 9 % S a le
80

__

__

...

99

0 3 U Sal<!
307.8 S a le
7 7 12 8 9
92
7734
90U

--__
-100

97
98*2
903 4
30
103
93
101
897S
8334
99
03*2
303,
82
88*2

78
90*2
1 00
102*2

-------757 8 76*2
5 6 % S a le
55*4
-------- 105% 1 0 5 %
99
99
S a le
90
--------- 8 5
72
63% 05
84
75
70
61*2
08
5 4
50
38
S a le
36*4
88
89
88

----

__
__
...

10314
101
105
1914
101

1 03
101

1 01
8 9 )2 9 0 3 , 90*2
97
H 3 U S a le 1 1 0 %
-------- 1031 2 10434
-------- IO U 4 100 %
10U8
1 04
---------103
100%
1 01*2
-------- 103
1001*
100 '
O F ,8 9 3
10112
102*4
9()7a
9 9 7 , _____
99*4
115
114*2
12012
128 ~
89*4 89*4
IOOU S a le 1 0 0
100
1 0 H2 100
961?
103
103*2
997S 1 00
093,
81
S a le
80
1 07
.
108*4
1 0 0 % 101
101

--

...

__
_
__

...

971 ■> S a le
8 9 ' 2 S a le
--------100

9 2 's

__

9 8 % S a le
9 0 >4
OS'o 1007,
0S1 2 1007S
------- 9 2
9 9 ' , _____
97
100
88
8934
1 0 U 2 1 0 2 i2

. ..

5
18
—
_____
_____
_____
_____

__
_____

88*2

90*4

92
92

90

100*2
1067s
99*8 1 0 1
_____ __ _
1005s lOOSg
80
80
105*2 105*2

101

73
84*4

77
84*4

*4
1*2
_____ _______
-------- --- -------

____

85%

86 *

70
70
53
70
75%
S a le
99
99
1
99
10534
105
M a r ’ 17 _____
85*4 8 0
85% 8 6
_____
37
O ot TO
80%
8734
35
805s 8 7 7g
S a le
100*4
1 100*2 103
1023s 100 3,
F e b '1 7
993 8 1 00
100
100
995s 995s
993 8 9 95 8 M a r ’ 17 _____
79
78
A p r '1 7
78
82
87
80
M a r '1 7
86
88*2
85
887g
S a le
53
85
85*2
80
91
86
80*8 A p r '1 7

.1 1013| 10312

.

U n it e d I t y s I n v 5 s P it t s is s .1 9 2 6
U n it e d R y s S t L 1 st g 4 s ____ 193 4
S t L o u is T r a n s i t g u 5 s
192 4
U n it e d l i l t s S a n F r s f 4 s . . . 1 9 2 7
V a R y & P o w 1st & r e f 5 s
1934
G a s a n d E le c t r ic L ig h t

8 L%

47

973S
89*s

__

97*2 1015g
737S 77*4
99
101*8
100*8 1 0 1 %

S y r a c u s e L ig h t & P o w e r 5 s . . 1954 J - J
T r e n t o n G & E l 1st g 5 s . .
194 9 M - S
M - S
R e f u n d i n g Sc e x t e n s io n 5 s . 1933 M - N
U n it e d F u e l G a s 1 st s f 6 s ___ 1930 J - J
U t a h P o w e r & L t 1 st 5 s ____ 1944 F - A
l '! le a E l e c L A- P 1st g 5 s . . . 1 9 5 0 J - .1
U t i c a G a s & E l e c r e f 5 s ______ 1957 J - J
W e s t c h e s t e r L t g g o l d 5 s ____ 1 95 0 J - D
M is c e lla n e o u s
A d a m s E x c o l l t r g 4 s _______ 1948 M - S
A la s k a G o l d M d e b 6 s A _____192.) M - S
C o n v d e b 0 s s e r ie s B ______ 1926 M - S
A r m o u r Sc C o 1st r e a l e s t 4 J ^ s ’ 39 J - D
A -O
B r a d e n C o p M c o l l t r s f 6 s . 1931 F - A
B u s h T e r m in a l 1st 4 s ..............1 952 A - O
C o n s o l 5 s ...............................1955 J - J
B l d g s 5 s g u a r t a x e x ______ 1 9 6 0 A - O
C e r r o d e P a s c o C o p p e n v 6 s 192 5 M - N
C h i c U n S t a t 'n 1st g u 4 A s A 1963 J - J
C h i le C o p p e r 1 0 - y r c o n v 7 s . 1923 M - N
C o m p u t i n g - T a b - R e c s f C s . . 1941 J - J
G r a n b y C o n s M S & P c o n 6 3 A '2 8 M - N
G r e a t F a l ls P o w 1st s f 5 s . . 194 0
I n t M e r c a n M a r i n e s f 6 s . . . 1941
M o n t a n a P o w e r 1st 5 s A ___ 1943
M o r r i s & C o 1 st s f
1939
M t g e B o n d (N Y ) 4s ser 2 _ _ 1 9 6 6
N Y D o c k 5 0 - y r 1st g 4 s ____ 1951
N ia g a r a F a l ls P o w e r 1st 5 s . . 1932
N l a g L o c k & O P o w 1 st 5 s . . 1951
N o r S t a te s P o w e r 2 5 - y r 5 s A 1941
O n t a r io P o w e r N F 1 st 5 s ___ 1943

P u b S e r v C o r p N J g e n 5 s . . 1959 A - O
T e n n e s s e e C o p 1st c o n v 6 s . . 1 92 5 M - N
J - J
W i ls o n & C o 1st 2 5 - y r s f 6 s . 1941 A - O

C o n v d e b e n 5 s _____________ 1924
A m C o t O il d e b e n t u r e 5 s . . . 1931
A m H i d e & L 1st s f g 6 s ____ 1919
A m e r I c e S e c u r d e b g Gs_____1925
A m T h r e a d 1st c o l l t r 4 s ____ 191 9
A m T o b a c c o 4 0 - y c a r g 0 s . . . 1944
G o l d 4 s _____________________ 1951
A m W r it P a p e r 1st s f 5 s ____ 1919
B a ld w L o c o W o r k s 1st 5 s ___ 1940

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

0
*H
09*4
—
15
25*2
. . . - 100
1 0 0 *2
84
65
73*2
94*4 995g
139
5
85*4 9 4
2
85*8 91*2

1st Sc r e f 5s g u a r A _________1942
C en t L ea th er 2 0 -y e a r g 5 s . .1 9 2 5
C o l F & I C o g e n s f 5 s _ ...........1943
C o n s o l T o b a e c o g 4 s _________1951
C o r n P r o d R e f s f g 5 s _______ 1931
1 st 2 5 - y e a r s f 5 s __________ 1931
C u b a n - A m S u g a r c o l l tr 6 s . . 1918
D is t i l S e e C o r c o n v 1st g 5 s . 1927
E I du P ont P ow d er 4 H s
.1 9 3 0

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

23
—
—
41

__
_ ___ _
__
_

__

__
__

G e n E l e c t r i c d e b g 3 M s ____ 1942

A p r '1 7
A p r '1 7
M a y * 15
F e b '1 3

2

I n t A g r lc u l C o r p 1st 2 0 - y r 5 s 1932 M - N
C o n s o l c o n v s f g 5 s ____ .1 9 3 5 J - J
L a c k a w S te e l 1st g 5 s
1923 A - O
1st c o n s 5 s S e rie s A ............. 1 9 5 0 M - S
L ig g e t t & M y e r s T o b a c 7 s . 1944 A
O
5 s ...
1 95 1IF
A
L o r i H ard C o (P ) 7 s
. . 1 9 1 4 'A
O
5s
1951 F - A
M e x i c a n P e t r o l L t d c o n 6 s A 1921 A - O
1st Hen & r e f 6 s se r ie s C . . 1921 A - O
M i d v a l e S t e e l & O c o n v s f 5 s l9 3 0 M - S
N a t E n a ra & S t p g 1 st 5 s — 192 9 J - D
N a t S t a r c h 2 0 - y r d e b 5 s ____ 1 9 3 0 J - J
N a t i o n a l T u b e 1st 5 s . .
.1 9 5 2 M - N
N Y A ir B r a k e 1st c o n v 6 s . . 1 9 2 8 M - N

___
.
..... .....
...
__ ________

-_
__

1931
I n t e r o c e a n P 1st s f 5 s
R e p u b I & S 1 0 - 3 0 -y r 5 s s f 191 0
S t a n d a r d M i ll in g 1st 5 s
193 0
T e n n C o a l I & R R g e n 5 s . . 1951
T h e T e x a s C o c o n v d e b 0 s . .1 9 3 1
U n io n B a g & P a p e r 1 st 5 s . . 1 9 3 0

50

S F 10-G O -yr 5 s f r e g
V - C a r C h e m 1st 1 5 -y r 5 s
C on v deb 0 s

_

_ __

20

1015g A p r '1 7
1 00
A p r '1 7
89
M a r '1 7
1 0 0 * 2 F e b '1 7
9 9 * 4 N o v '1 6
89
A p r ’ 17
101*4 A p r T 7

n o
1 29
104*4 1 OSI4
I 0 0 7s IO U 4
103*4 105*8
100*4 102

1 00 *4
100*4
031 2

98*8

U S R e a l t y & I c o n v d e b g 5 s 1924
1st & r e f 5 s s e r ie s A ............. 1947
U S S m e lt R e f & M c o n v G s. 1920

2

9734
8934

100*8 107*2

io d * 2 1 6 1
12
87
91

102*4
D e o ’ 16
A p r '1 7
A p r ' 17
O ot TO
A p r '1 7

A p r '1 7
100
83
D eo ') 8
A p r '0 7

A sk Low

84

S45s

93
04
102*4 103*2

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

4

30
11

20

9

88
100
100

89*4
1 02 *8
102%

__ 1983
_1923
.. . ..e l9 2 4

-

J

J

A -O
A O
M -N
J - J
J - J
J - J
J - J
j - J
J
D
j - j
F - A
M \
M -N
J - D
A -O

W e s t l n g h ’s e E & M n o t e s 5 s . 1917 A - O
C oa l & Iron
J -D
D eb en tu re 5 s
_ a l9 2 6 M - S

... .

C o l I n d u s 1st <fc c o l t 5s g u

..1934

F - A
J -D

C o n s C o a l o f M d ls t & r e f 5 s . 195 0 J
F
A
J
P o c a h C o n C o l li e r 1 st s f 5 s . 1957 j
S t L R o c k M t & P 5 s s t m p d .1 9 5 5 j

- D
-A
-O
- J
- j
- j

V a I r o n C o a l& C o k e 1st g 5 s . 1919 M - S
T e le g r a p h & T e le p h o n e
A m T e l e p Sc T e l c o l l tr 4 s ___ 1929 J - J
(VI - s
101
101
2 0 - y r c o n v e r t i b le 4 ) < s ____ 1933 M S
J -O
3 0 -y r tem p co ll tr 5 s . . ..1 9 1 6
97*4 101
C e n t D ls t T e l 1st 3 0 - y r 5 s . . 1943 J - D
89
9 3 78
o
J

.

95

115
115
2
98*4 102*2
101

103 %

100

1 0 1 *8

89

92

1 0 0 *2 1 01*8

.....
89

100

94U
102

Q - J

C u m b T & T 1 st & g e n 5 s . . 1937 j - j
J - J

'

M i c h S t a te T e le p h 1st 5 s .

_.1924

85

N Y T e l e p 1st & g e n s f 4 > $ 8 .1 9 3 9
P a c T e l & T e l 1st 5 s ________ 1937
S o u t h B e ll T e l Sc T 1st s f 5 s 1941
W e s t U n io n c o l l t r c u r 5 s . . 1938
F d a n d r e a l e s t g 4 ! $s .
.1 9 5 0

rvi -

n

N o r t h w e s t T e l g u 4 1$ s g . . 1934 j - j

H igh
87*4

1 0 1 *2 1 0 1 *2
1 0 1 *2 D e o T O

101*8
_____ 1 0 0 1 s
99*2
_____
9 l 7g 9 3 3 4
102
_____ 1 03
99
_____
99
9 9 * 2 _____ 1 0 5

N o v ’ 16
100*8
Apr T7
Apr T 7
99
M a r '1 7

77
79
77
77
09
S a le
69
69
07*2 72
67*2
70
92*8 S a le
9212
93*4
93
945s
96*2 9G% 96*8
96*8
88
A p r '1 7
--------- 8 5
87*8 A p r '1 7
_____
87
85*4 A p r '1 7
85*2 8 6
1 10
113
112
112
9 7 * 2 S a le
97*2
97*2
125*2 S a le 1 2 5
125*8
85
8 0 78 8 6
A p r '1 7
103
104
1 03
A p r '1 7
997g 1 00
94
S a le
98
S a le
91*2 9 4

100
A p r '1 7
92
94
97*2
98
9B?
9li«>

7 3 * 4 _____
101*4 102*4
_____ 1 0 6
90
93*4
94*8 S a le
--------- 91
83
90
8 8 * 2 S a le
90
92
_____ 1 0 2
102
S a le

7 5 * 2 M a r '1 7
102*4
102*2
105*2 O c t TH
9 4 * 2 J a n '1 7
94*8
94*8
91
92
86
S e p ’ 10
88
‘ 89*2
89*2 A p r '1 8
1 0 3 * j J a n '1 4
1 0 1 7s
1 0 2 *8

1 0 0 7g 1 0 1

101

103 ’ S a le
94*8 9 0
1 0 2 12 1 03

1 02
90

103
96

1 02*2

102*2

100
98*4 98*8 9 8
1 19
_____ 1 19
80
85
83*2
90
90*2 89*4
_____ 104
103*8

99*2 1 0 1 %
93*4 96*2
1 03
103
99
101
2
1 06
102

10

84%
85
84%
94%
52
94
98
i
89
9 3t2
90*4
118
i 112
97*2 101*4
2
5 0 123*8 132
85*2 87*2
109*2
103
r

2
2

10S
8

27

77
67*2
07*2
92*2
92
95
86*4
87%
85*4

102%
100
8 S*« 9 6 %
97*2 1 0 0 -%

9 1 1-*

75
6

I
8
22

__

101

S8
88%

93
91

24

1 0 1 *2 1 0 3 %

27
5

99*4 1 0 5 ’
92*4 0 7 %

101

Apr
Apr
Apr
Apr

1 102*2 104*8

S a le ’
91
91
S a le 1 0 1
101*2
100
O ot T 3
70
S a le
7G
76*2
1 0 0 * ) S a le 100*4
lO fllo
100*4 101
100*4
100*4
101
S a le 100*4
1 01
9 7 7g
97
97*s 97*2

903 4

97*2

1 01
02
101*2
_____
78*2

120

122

98*2 S a le
120

122

120

120

98*2
120

99
120

98*s S a le
98*8
98*2
105
105*2 105*2
105*2
105*8 106
105*4
1 0 6 78
9 4 *4 S a le
92
94*4
99*2 99*4 9 9 * 4 A p r '1 7
90*4 9 112 90*4 A p r '1 7
100
1 01*4 1 0 0
1 0 1 % 102
1 0 1 78

100
102

100** 1 01 *1 1 0 0 * 4 F e b T 7
98*2 9 9 * i 9 9
99
100
S a le
99*4
100
100*8 A p r '1 7
100

---

101

101

101

103*4 S a le 103*2
103*4
861* 89*2 8 8 * 2 A p r '1 7
8 8 * 2 _____
52*2 5 6
55
A p r '1 7
1 0 1 *4 S a le
101*8
1 0 1 78
87*4 S a le
87*8
89*4
1 02
103*4 103*2
104*4
105*4
1053,
105*4 M a r '1 7
99
S a le
99
99
100*8 S a le 100*4
100*8
100

__
__
80
00

92
35

-92*2

1

90*8
91
101
80*2 80*2
73
93
93*2

__
__
95

93

_85*4
_ _ 80*4

J a n '1 7
A p r '1 7
D e o ’ 14
80*2
M a r ’ 14
93*)

87

89

1 03
97*2
81
99
99*2
102

70
104%
81%
94
103%

7
71*2 76*2
in ti
109
4
9 8 * j 100*4
23 1 0 0
101%
15 93*2 1 00
5 120
1 29
11
9812 104*8
3 120
128
12
9 3 % 103
1 105*2 1 0 7 %
2 105*2 109
92
163
95
9 9 % 102
90
91%
89
9 8 % 103
5 1 0 1 % 100

i
319
4
15

51
094
13
2 32
14
0

in n i* i n i
98% 99%
99
101*4
9 9 % 101
101
103%
103 % 106*8
93*2
88*2
8 8 * ' 90*s
5 3% 6 4
in i5 o in43fl
87% 92%
103*2 109
1 05U 1071*
105*8 107
97*2 1 0 0 %
9 9 % 103
10234
100% 101%
96*g
91

98%
93*s
81
95

92*2 A p r '1 7
A p r *17

92*2
84*2

95*4

90

85

90

2
10

9 4 * 4 M a r ’ 16

86

__

100 *4 1 0 0 * 8

Apr T7
89*4
98
103*2
9912
A p r '1 7
N o v '1 0
M a y TO
100
A p r ’ 16
1 0 0 *8

9 9 % A p r '1 7
'1 7
96*2 S a le
95*2
97
99
S a le
9S*4
99
98*4 9 9
98*4
99
99*2
. . .
99*2 9 9
92
92*4 92*s
92*2
9 9 7g 101*2 101 *4 A p r T O
94
N o v ’ 10

__

102

77*2

98*2 1 0 0
100

100*4
99*2
119*2
85
92
104%
104

02

89*8 89*2 88*4
_____ 1 0 2
98
103*8 S a le 103*8
9 9 *4 S a le
99*8
102
1 0 1 *4 1 0 2
73
73
75
71
9 9*s
100
S a le
99
v>0-

__
__

78

16 1 0 1

100
10011
1 0 0 *4 1 0 0 * 2 A p r '1 7

96
92

75*2
1 03
94*2
99
94*2

97*2
93
119
83*2
00
80*4
2 1 03 %
in n
8
98*2
99%
47
92%
81
G 98
97%
5 1 01
00
52
5 103

99*4
100
93
81*4
08

93%

94*2
943S
91

'1 7
'1 7
'1 7
'1 7
90
10338
101
100
1001s
1 00
99
100
S a le
9 9 78
100*4
95
9 3 * 2 A p r '1 7
81
M a r '1 7
..
S a le
98
98
9 S 7s 9 8
A p r ' 17
S a le 1 0 1
101
S a le
60
02
104*2 103*2
103*2
92*2
81*2 78*2
78*2

100

F -A
M -N
M - N
J - J
J - J
J - J
M-N

Range
Since
Jan. 1

N o . Low

75

92*4 93*4
103*2 1 04 %
99*4 10534
80
88

95

H igh

8 5 ‘ A p r ’ 17

91
101

S e p t '1 6
101

W eek 's
Range or
Last Sale

1 0 0 ''8 1 0 H o 1 0 2 *4 N o v ’ 16

100*8

__

A p r '1 7
90*2
F e b ’ 16
113*2
A p r '1 7
A p r '1 7

M - N
A - O
J - J
.J - J
A -O
J - J
F -A
J - J
A O
M - N
A -O
F -A

98*4 I O U 4
98*2 101*4
81
863.,
81*2 87
70*8 7 4*2
92*2 9 734
1 0 L*8 1 0 1 *8
100
101%
82
80*4

3
—
—
—

A p r '1 7 —
97
1 00
M a r ’ 17
98*2 1 0 0
A p r '1 7 _____
96*4 9 9 *4
M a r '1 4
M a r '1 7
1 03
1 03
N o v '1 6
A u g 'l l )
1
89%
893i 98%
A u g 10
A p r '1 7
99
993 4
65*4
8
63*2 71*4
94
3 1*2
30*4 4 7 %
Apr T7
80*8 87*4
N o v '1 6
A p r '1 7
7 7 % 78*2
F e b '1 7
90*2 90*2
A p r '1 7
100
100
M a r '1 7
1 0 2 *2 1 0 2 *2
A p r '1 7 _ j
76*2 80*4
63
55*4 73*2
5 7 's
105*8 1 08
M a r '1 7
99
101
2
99
89*2 9 0
M a r '1 7
N o v ’ lt'
O o t '0 8
70
70
M a r '1 7
F eb T7
01
0 U2
50
53
F e b '1 7
34*2 42
67
38
88
93*2
A p r '1 7

95
J a n '1 7
09*2 O c t '1 5
93*4

1

19

P rice
Friday
A p r il 2 7
Bid

J -D
J - J
J - D

1687
| Bonds
| Sold

P rice
Friday
A p r il 27

Interest
Period

BONDS
N . Y . STOCK EX CH AN G E
W e e k e n d in g A p r i l 2 7

Bonds
Sold

New York Bond Record—Concluded— Page 4
Interest
Period

A pr . 28 1917 ]

88

49
8 8 % 92%
101
4 98
17 1 0 2 *4 1 0 6 %
101%
2 81
99
102
103

9

9 9 % 101 %

13 1 0 0
99

1 0 1 *2
1 01 *8
1 0 1 *2 1 0 1 *2

1 0 1 *2 J a n

34
25
23
10
10

....

95*2
98*2
98*4
99
9 2%

100*4
102

1 01 %
103%
99%

* N o price Friday; latest bid and asked, a Due Jan. d Due April, e D ue M ay. g D ue June, li Due July, k D ue A ug. o D u e O c t . p Due N ov. q D ue D ec. s Option sale.




1688

BOSTON STOCK EXCHANGE—Stock Record s..*S.Tp.„.

SHARE
S atu rc a y
A p r i l 21

|
j

P R IC E S — N O T

M o n a ay
A p r i l 23

|

T u esd a y
A p r i l 24

1
*168 fiOlo *1fiS IftQU 168
72
1 72
72
1
9
1
72
72
*120 125 "* 122*2 221o *120
i
375«
38 38 *375a .*128
----- rtP *
*----—
—
—
1
■*. *
#----—
36
*
153
106
100
1

f E ll

CENTUM

1 W ed n esd a y

| A p r i l 25
|
16,83; 16S 168 168l2 168172 1 71 71
7U2 72
125 >119 124 *120 125
373s 375s 37*8 375s 37*4

STOCKS
BOSTON STOCK
EXCHANGE

les
1 oSfa the

P R IC E S

rn u rsa a y
A p r i l 26

F r id a y
A p r i l 27

711? 71*2
37*8 3734

W ee*.
S h a res

L o w e st

106

104 104

L a st S a le'IS O Mar’ 17
1021? 1021? 1027s 1027g

1

H ig h e s t

70
128




70
128
93

L ow est

P rev io u s

1910

H ig h e s t

115

25 Mar 3

pref.-................

Chic June Ry & U S Y—
Do pref....................

ioo

35 Mar23
150 Jan 5
102l2Apr 26
125 Mar 2
67'-Apr 27
126 Feb 20
91 Mar 5
98 Apr 9
37g Mar 1
201-Apr 27
36*8 Feb 16
C100 Marl2
119 Apr 21
24*4 Feb 2
103*2 Feb 14
5114 Feb 1
70 Feb 16

Jan 11 172 Deo 198 Feb
881*Jab
Jan 19 65i2Apr
Mar22 119 Deo 145 Feb
MarlO 34 Aug 62 Feb
Jan 30 200 Aug 235*2 May
5 Jan
4*2 Feb
27'2Jan 24 30 Deo 40*2 Feb
60 Jan
46*g July
38 Feb 5 42 Feb
150 Jan 5 160 Oct 164 July
108 Jan 27 10212 Apr 110 July
140 Mar28 123 Hept 102 leb
78'2 Mar22 690 Sept 87 Feb
133 Jan 17 122 Jan 131*4 Dec
94 Dec
100's Mar 7 98 Sept 102 Jan
8*4 Aug
5i2 Mar24
4i2Dec
44 Aug
27*2Jan 9 26 Deo
52*4 Jan 2 60 Deo 77*« Jan
105 Apr 3 97 Jan 107 Sep*
135 Jan 6 1340 Deo 167 Feb
34*2 Feb 13
36*2 Dec
110 Jan 15 100*2 Aug 126 Mar
56*2 Marl7 i65 Sept 07*2 Ja*>
74 Jan 6 60 July 86 Feb

100
366 Fitchburg pref................. 100
671? 6712
68 ‘ 69
70 70
150 Georgia Ry & Elec stampdlOO
127*2 1271- *127la 128 *127la 128
100
5 Maine Central_________ 100
*98 ___ *98 ___ 99 99
*98 *
4
4
151 Mass Electric Cos............ 100
4
4
4
4
*31- 4
125 Do pref stamped.......... 100
21 22
20'- 21
22
2 112 211- 22
279 N YN H & Hartford____ 100
4012 4012 40’4 413; 41*8 41*8 41 41l2
1 Northern New Hampshire. 100
103 103
*103
17 Old Colony___________ 100
121 *119 121 *120 ---1X9 119 1191- 121 *
100
163 Vermont & Massachusetts. 100
*108 no
106 109 108 “ 108 *107 no
*jllo 523.i 5134 5134 52 521.; 52 52
5134 5134
165 West End Street.......... . .50
51*4 52
Do pref___________ 100
39
70's 71
72 72 *70 72 *70 72
*70 72
Miscellaneous
74 Amer Agricul Chemical__ 100 84 Feb 14 931- Jnn 26
•SSI- 92
90 90 *88 89
80's 90's 90 91 *9H- 93
147 Do pref___________ 100 98'2Feb 13 103l2Jan 27
101 101 101 101 101 101 101 101 100 101 101 102
23? Jan 9
Amer Pneumatic Service. 50
l's Apr 9
*11- 13| *11L a s t S ale UApr’ 17
•It; 13;
*1'2
.50
14 Mar 8
12
50 Amer Sugar Refining___ ino 105i2Feb 3 115 Feb 21
*11H2 113 112 113 1127* 1127s
♦1101- n n - 1101- HO'- *11012
278 Do pref................... 100 116 Mar 1 12U*Jan 24
1181- 1181- *118 119 11814 118’4 *11814 118*4 1183; 118*4 11812 119
1,801 Amer Telep & Teleg------ 100 123 Jan 12 128*4 Jan 25
123 12334 1233. 124 123'2 124 1231- 123*4 123*2 12378 123*4 124
American Woolen of Mass. 100 40 Feb 1 54*8Apr 3
L a st S ale 50
Apr’ 17
•48 49 *48 483; *47 48 *481; 491.1
201 Do pref.................... 100 9412 Feb 3 100 Mar 15
973; 93
97Q 973; 97*4 983, 977S 98
98 98
971- 98
69 Apr 16 74 Jan 3
4 Amo3keag Manufacturing
•68 69'2 *69 71 *69 71
69 693; 70 70
94 Apr 4 97l2Jan 5
2 Do pref..... .............
*95
*95 96 *95 96 *95 ___ 95 95
971- 9S>4 9434 9834 94 96V; 93 981- 96*4 1003; 973; 99'- 9,383 Atl Gulf & W I S S Lines. 100 89*2 Feb 23 12U2Jan 22
*
10 Do pref.............. . 100 55i2Feb 9 66 Jan 4
60 *58 60 *58 60
60 60 *30 62 *61 63
595 Cuban Port Cement....... 10 13i4 Feb 3 19 Jan 2
15 15
•151- 161- 15 1512 15'2 15*2 15 15
10
10 Jan 22
*81- ?
169 Edison Electric Ilium---- 100 193 Apr 23 226 Jan 4
194^7 195 193 * 195 193 193 193 ' 193 193 193 193 193
160
Apr
23
100
170U
Jan 16
General
Electric______
35
I6 P4 162 160 160 *1621- 103 1623; 1623; *163 164*2
40 McElwain (W H) 1st pref 100 100 Feb 3 102 Jan 18
•100 101 1001- 1001- 1001- 1001? 100 100 100 100
931 - 94
93 9434 1,214 Massachusetts Gas Cos.. 100 87 Feb 3 100i2 Mar23
9212 94
9H- 9134 92 02
on2 92
8 Do pref.................. 100 78i2Apr 18 81 Mar30
79 79 *78'- 79
79 79
•78 80 *78'2 80 *781- 80
178 Mergenthaler Linotype.. 100 145 Apr 17 169 Jan 31
149 149
145 145 145 145 *146 150 146 146 *1481- 15 5
10
1 Marl6
1 MarlO
1 Mar*17
*1 ___
Mississippi River Power. 100
1153 Dec’ 16
Do pref__________ 100 38 Jan 26 40 Jan 17
38' Feb’ 17
271 New Eng Cotton Yarn__ 100 30 Jan 9 95 Mar26
89’ ; 90
891- 891- 893, 8934
89-’,; S934 89 89
89'- 90
100 60 Jan 10 90 Mar27
95 New England Telephone. 100 117 Apr 14 124*2 MarlO
1181- 120 120 120 1181? 120
11714 1171- 11712 1173| *118 120
-ioo 135 Mar 5 147 Jan 19
200 Nova Scotia Steel & C— 100 90 Apr 24 112 Jan 11
90 90 *87 98 *85 100
•90 100 *85 95
2.5 Pullman Company------- 100 156 Apr 24 IGOI4 Jan 25
1.58*4 158*4
156 156 157 157*2
340 Punta Alles.ro Sugar....... .50 30 Feb 15 46 Jan 3
34 347g
.34
34 34
34's 34's *33 34
*337s 30
34
10
154 155 15 5 1 - 15634 155U 15711 156 158 1571- 158*2 157 158l2 2,884 Swift* C o.............. . .100 133 Feb 3 162*8 Apr 16
978 Torrington..... ............. . 25 55 Feb 3 67 Marl 2
62 631- 63*2 64
58 58
58 59
59 62
58 58
1 Do pref.. ............ 2.5 29 Apr 9 33 Jan 4
•291♦291*29'- ___ 31U 313;
*291806 United Fruit................. 100 131*4 Apr 20 154i2Jan 22
1321- 13412 133>s 135 133 •134 1333; 13512 135 136 135 13514
52 5234 51*4 523, 521- 53
52*4 533, 1,986 United Shoe Mach Corp. . 25 50 Apr 20 58U Jnn 3
51*4 521- 52 53
28 2812
•2734 28 *271- 28 *27'- 28 *27*4 28
28 28
198 Do pref.......... ........ 25 27'2Apr 18 30lg Mar 8
110’ ; ill's 110*8 112 1111- 11234 112's 116*8 1153; 11734 11578 117*8 9,837 U S Steel Corporation— .100 90’s Feb 3 118 Mar21
100 1163; Feb 2 121 Jan 27
0 Apr 10
8*s Jan 26
63; 61- 1,03.5 Ventura Consol OH Fields
638 0*4
6U 6'4
6'8 6'; *63; 6*8
6 I4
6 I4
4i4Jan 2
2*4 Apr 25
1.50 Adventure Con_______ 2.5
*212 3
234 21- 2*g *21- 23;
2*4 2*4 *2i2 3
361 Ahmeek_____________ 25 94 Feb 3 108 Jan 2
9058 981- 98*2 981951- 9534
96 96
96
6*4 Feb 8
111? Jan 2
7
7
7
734
7*8 3,655 Alaska Gold................... 10
61- 7'71- 8
6*8 7
712
lQJan 2
*4Apr 10
•34 .90 .85
150 Algomah Mining........... 25
.75
.80 *.65
.85 *.65
.75 *.50
.85 *.75
730 Allouez______________ 25 68 Feb 3 70 Mar 6
63 64
59'2 60
59*4 on- 63 64
•6 OI4 6U- 5934 60
229 Apr 24 4114 Jan 26
30 31
30ls 303s z29 2912 29 303, 31 321- 311- 3214 4,020 Amer 7.1nc, Lead & Smelt_. 25
195 Do pref................... 25 264 Apr 24 73 Jan 3
653- 651- 66 66
65 661- *65 6612 364 64
12 12's 12.s 121, 12l4 123, 13 145g 7,650 Arizona Commercial------ . 5 10’s Feb 3 15'g Jan 4
*12
12i4 12 12
2L Jan 26
350 Butte-Balaklava Copper. . 10 .90 Apr 20
1 .95
.95 *1
l's 13; *1*8 13;
1*8 l's
*.90
l-’s
60 Butte * Sup Cop (Ltd).. . 10 3934 Feb 2 52 Jan 26
13 *43 433, 44 44 *43 44
•42 43 *1U2 421- * 4 2
1,210 Calumet * Arizona......... . 10 73i2Feb 3 85Q Jan 26
791- 80
76i2 761- 78is 79 80
76
76 77
761- 77
.131 Calumet & Hecla.......... . 25 725 Feb 3 680 Feb 20
535 535 530 530 530 530 529 535 540 545 540 540
90 Centennial.................... 25 I8 I4 Apr 23 27*4 Jan 16
19*4
1912 10'2 *19
*1814 19
ISI4 18'.; 19 19 *18 19
51 Apr 23 63 Mar 7
380
53 53
51 521- *51 5U2 513; 533, *541- .55 *543; 55
57 Feb 3 68 Jan 17
4,688 Copper Range Cons Co..
60 623, 611- 62
5934 GO
59's 5978 5878 591- 583; 61
3 Jan 12
1*2 Apr 23
9
9.
285 Daly-West..................... . 20
llo 178 *11•134
*1’ ; 2
2'2
7l2Jnn 16
43; Apr 20
1,435 Davls-Daly Copper....... . 10
478 5
47g
434
*434
4*4 478
478 4?8
12
Feb
3
16
Jan 3
.
10
127,
East
Butte
Copper
Min..
127g
2,196
12l2
133;
12
121;
12112-2
121- 121- 121* 1216*4 Apr 23
9 Mar 6
49C Franklin........................ . 25
*63, 7
7
7
7
73;
634 7
7
*7
7
7*2
20C Granby Consolidated___ -100 78 Apr 23 92 Jan 17
80 80
SO'- 81
79 80
78 7912 *77 79
80 SI
IOC Greene Cananea............ .100 39*4 Apr 23 40i2Jan 3
40 41*s 42’s 425S *42 44
•401- 411- .3934 41 " 40 40
258 Hancock Consolidated... . 25 13UApr 24 20i?Jan 19
15 151*14
16
15
I.3 I4 151- 14 1112 143, 15
1C Indiana Mining..............
178Feb 10
4 Mar22
*23;
3
*23;
3'2
*234
•
23.
*
2*4
3l
2
3
3
314
3
955 Island Creek Coal.........- . 1 5.8 Jan 2 70l2Jan 25
66 671- 67 67
64 65
64 64 *62
*631- 64
02 Anr’ 17
1 89 Feb 5 93l2 MarlS
557 Isle Royale Copper____
281-Apr 27 36 Jan 18
30 30
28'2 29'29 20
29 30
29 29
2 91 - 29'5 Feb 15
.305 Kerr Lake............ ........
4'4Apr 9
»438 41 - *414 412 *414 4l2 41; 4*s *4 1 , 412
4*4 Jun 27
2*4 Apr 10
6.5 Keweenaw Copper____ _ 25
21o *2'4 21- *2li 2l2 *23, 212 2*8 25^
23, 23;
*214
11 Feb 2 18 Jan 2
1,105 Lake Copper Co.......... .
121- 14
1I38 lll2 •n'2 1134 11U 113; lll2 121; lll2 13
6 Jan 16
3 *sApr 26
210 La Salle Copper_______ 25
334 314
3*8 .3*8 31- 3'3 1312 *33g 31- *3ls 3163; Mar30
13 133, 1,870 Mass Consol................. . 25 lit* Feb 5 1512Jan 17
1214 12*2 12Q 1212 121- 127S 123; 133; 13 13
1*4Apr 20
3i2Jan 0
520 Mayflower.................... 25
2
23;
2
21;
2
2
*H- 2'4
214 *2
214
2>2Jun 10
175
S*2 Mar24
*334 4
334
31- 33; *31- 4
3*8 3*8 *3*8 4*8
3*4
77 Feb 3 98 Jan 3
56C Mohawk.....................
85 863; 86 863;
82 85
*83 84
821- 8412 8.3 83
21>4 Feb 2 26i2 Mar 7
116 Nevada Consolidated---23’g 231*221.1 23 *22 2234 *211o 22 *22*8 23 *233, 24
3*4 Apr 25
0 Jan 2
9S( New Arcadian Copper... . 25
3i2 313’g 3131- 3131- 3-^ *31.1 3'2 33, 3'IOC New Irdla Quicksilver— . 5 14 Jan 27 17*2 Apr 3
*151- 16 *151- 153$, *1 5 1 - 153s 151- 15l2 *15 16
- tor 22 Jan 25 30 Mar20
28
.100 76 Jan 24 92*4 Mar20
8*4 Jan 2
7%i Apr 25
71- 71*> 71- 7l2
7 1- ~ 7 h
7% 7*8 *71- 8
712 71- 1,005 Nlplssing Mines............
203; 21
20*8 21*8 21 21*4 21 21*4 2,135 North Butte_____ --- 1.5 20'4 Feb 2 24U Mar28
21 21<8 2078 21
2*4 Jnn 3
1
Feb
1
5
31(
North
Lake__________
11l llo
n2 1*2
H- U- *H4 1*8
*1U 1'n- n27gJan 12
9S( OJibway Mining---------2 Jan 6
2
2
*1*4 2
2
2
23g *11 - 2
2
2iS 2
3 Jan 31
2
2 Apr 25
9
25( Old Colony................- - 25
2
*2
212
2
*2
21*2
212
56 573 58 59
58*2 593, 2,087 Old Dominion Co.......... . 25 55 Feb 3 67*4 Mar 12
57
57 5 7 1 - 57
5678 57
59( Osceola......................... . 25 78*2 Feb 3 95 Mar 12
85 86
8334 84
82 84
83 84 *84 85
83 84
. H 171* Feb 3 277g Mar21
*221- 23
23 23
23 233 23*8 243; 24 213 2,S8( Pond Creek Coal.......
2 2 1 - 23
431 Quincy_____________ . 25 81 Apr 24 94*2 Feb 21
841- 85
85 8.57a
81 82
84 84
84 85
83 85
3218 Apr 3
25 Ray Consolidated Copper . u 23 Feb
*2834 29'- 2834 2834 *28 281- *283, 29*4 *291- 30 *293, 30
*
715 St Mary’s Mineral Land - 25 741* Feb 3 89*4 Mar 0
78 783; 78 80
78
76'- 76l2 751- 761- 751- 78
2 Jan 2
1 Apr 14
85 Santa Fe Gold * Copper. - it
l's 1'8 •l's V
*1>8 1'- *1'8 11 *1'8 11- *l's l's
7*2 Feb 3 10 Jan 5
625 Shannon........................ . 1C
8*4
87a
8*2 9
81- 81;
81- 8'81- 8»8
811 812C Shattuck-Arizona........... . It 24'8 Apr 25 3<>ig MarlO
24*8 247s *25 2612 *2,5 26
*2412 25'2 *24l2 26 *241- 26
3*4 Apr 2."
0i4Jan 2
101 South Lake...............
21
*334 4
*33; 4
*3l2 4
33, 33 *33, 4
*334 4
10*8 Mar 0
3lS Superior........................ . 25 10 Apr 2:
10'2 11
103; 10’
1012 11
11
11
10 10 *10 11
4-8 Apr 24
8i4Jan 0
5
534 5 ,0 .3 : Superior * Boston Coppei . u
478 47g
5
5*8
4?s 5
4*4 514*8
60 Jan 15
. 25 47 Feb
59'? Mar’ 17
3<sApr 2(
6 Jan 4
405 Trinity....... .................. . 25
31- 312
4
4
3*8 4
31- 33. *31- 4
31- 3'l>8Apr 12 2% Jan 9
1,411 Tuolumne Copper.......... . 1
13, l’s
*13; H13, n
IX . iw .
l’s I X
l’s H2
*55 5512 54is 551.1 54*8 543s 5414 55*2 55*4 56*8 56 563 2,9S( U S Smelt Refill * Min.. . 51 62 Feb 3 67*4 Jan 4
352 Do pref.................. . 5( 49*2 Apr 18 52i2Jnn 4
50 50
497, 50
50 50
50 50 I *4912 50
«495s
♦115j 2
1*3 Mar2S
314 Jun 2
2
1,79( Utah-Apex Mining------ _ 5
2
•2
2
2
2
178 2 X ,
14*2Apr
2Hi Feb 20
151I57g
1,432
153,
Utah Consolidated------15
147
8
15116
15
15U 15U 15 15
110U Mar 8
185 Utah Copper Co---- ----- . ii 9.8 Feb
*110 110'2 losig 1OS's *109 1091- I ll’s 112 ,*114 1141- 1153, 11.53,
4 Apr 2:
47g 5U 4,0!.r Utah Metal * Tunnel... .
6*8Jan 16
41 4* 1 434 43,
*41414
4'4 412
6 Jan 2
31- Apr 2:
70,Victoria - -- ---- ---- - . 27
4l.j
*4
4*a *3*4 412 *33, 4
4'4
3'2 31- *31- 4
5*aJan 25
3*4 Apr 2720. Winona............ ....... . 2.31, 4 I 37g 4
3*; 33;
*3
313G 33;
3'2 *
43 43
4212 421207'Wolverine.........- ......... 21 40 Apr 2. 630 Mar 0
*41 43 1 41 411- 40 4112 401- 43
2'g Jan 3
*3j 114| *34 11
*34 1 1 *34 1
1 Feb 14
L a st S ale 13,
Apr’ 17 ......... iWyandott............ ...... . 25
• Bid and asked prices, a Ex-divldend and rights, e Assessment paid, h Ex-rlghts. * Ex-dlvldend. to Half-paid.

71
71
71 71
*1271- 129 *12 7 1 - 128
93
93
*98 *
*98 *
4
*3
?°
22
4018 41
4012 41

R ange fo r
Y ear

Railroads
67 Boston & Albany______ 100 168 Apr 24 175
84 3oston Elevated.............. 100 69 Feb 9 79
10 Soston & Lowell.............. 100 105 Jan 22 133
103 3oston & Maine----------- 100 371- Apr 20 45
100 210 Apr 5 213
Do

36

R a n g e S in ce J a n .

[V ot- 104

04 Apr 102 N ov
95*i Mar 105 Dec
3*4 Apr
»4Deo
10 May
100 Apr 126*4 Oct
114*2 Mar 124 Oct
123 Deo 1341| Sept
42 Aug 60*4 N OV
92 Jan 101*8 Mar
79 Nov
06 Jan
98 July 101*4 Feb
27 Jnn 147*4 Dec
72't N OV
42 Jan
257g July
rPig Apr
13*8 Jan
225 Deo 250 Mar
159*4 Apr 186 Oct
95 June 1 0 2 ii 8ep»
79 Sept 100*4 N ov
78 Bopt 89 Feb
166 May 181 Nov
2*4 Jan
19 Apr
35 Nov 44 Feb
23ti July 42 Dec
66 Dec
120*4 Deo 140 Mar
102ijt Jnn 165 Nov
102 " Deo 155*4 NOV
158*1 Apr 175 Oct
35li Deo 59 Oct
161* May
If) Feb
125 Feb 177 Oct
70 Nov
35 Jan
3 3 Mar
28 Jan
136*i Jan 168*4 Aug
60 June 631* May
31 Sept
28't Jan
79*4 Mar 129*8 N OV
122*4 Nov
6*8 Sept 13 Jan
67* Dec
1*4 Feb
91 Aug 12 6 ** Nov
10 Deo 20t* Jan
21* N ov
*4May
831* N ov
60 Deo
29ii July 97*8 Apr
00 July> 86ig N ov
7*8 July: IS Nov
61* Feb
1*1 Aug
42 Doo 105U Mar
60 June 101 Nov
610 Deo 640 Nov
14 July 27 N ov
46 Julyi 73*8 N OV
64*i July 87*4 N ov
2 July^ 37» Mar
714 Deo
4*4 Deo
ID* July 20 N ov
6 June 13'4 Nov
79 July 120 Nov
34*4 June 66'4 Nov
10*i June 23ii N ov
61 * Nov
2 July
42 Sept 73*4 Dec
93i* Dee
88 Jan
25 July 43 N ov
5*8May
3*i Mar
8 Apr
2*4 Feb
9*4 July I9'i Feb
61* N ov
3*4July
10 July
2 July
1*1Jan
77'* July
16 Jnn
4*4 July
9 July
20 Deo
77 Deo
O Mar
20 July
60June
l*s July
1L July
69 Deo
70 July
ID? Mar
81 July
20*4 June
01*2Jan
1*4July
7 July
24*4 July
4 Aug
12*j July
1*2Jan
36 Aug
4*4 Jul>
.15 Jan
64*8 Jan
49 Feb
2*8 Deo
12*f Jan
76 June
6*4 Deo
2*4 Jan
3*4 Ma
46 Oot
1*8 Aug

19ii Nov
6 Feb
4*4 N ov
108 Nov
331* N ov
10U Jan
31*8 Nov
93U Nov
914 N ov
321* Nov
41 *Jan
27, Apr
4 Jan
83 Nov
106 Nov
23*4 Dec
1091* N ov
36*4 N ov
110 Nov
37i Jan
121* Feb
40*8 Feb
8'* Jan
28 i* Jan
8*4 Oct
12*4 Jan

81*8 N ov
63*4Apr
301* N OV
127*8 N OV
111* Mar
81* N ov
8'4 N ov
67'* Feb
2*4 Pe*

THE CHRONICLE

APR. 28 1917.]

Outside Stock Exchanges
Boston Bond Record.— T ra n sa ction s in b on d s a t B o s ­
ton S tock E xch ange A p r . 21 to A p r. 27, b o th in clusive:
Friday
Last W eek's Range
Sale
P rice. Low.
H igh .

B on d s—
A m A g rlc C h e m 5 s . . . 19 2 8
........................19 2 4
58
A m T e l & T e l c o ll 4 s . . 19 2 9
5 s te m p o r a r y r e c e i p t s . . .
C o n v e r tib le 4 % s — 19 3 3
A t l G k W I S S L 5 s . . 19 5 9
C h ic J u n e & U S Y 5 s . 19 4 0
C u d a h y P a c k in g C o 5 s ’ 2 4
G t N o r-c B k Q 4 s . . . 19 2 1
M is s R i v e r P o w e r 5 s . _ 1 9 5 1
N E T e le p h o n e 5 s ____ 19 3 2
N e w R i v e r 5 s _________ 19 3 4
P o n d C re e k C o a l Os. . 1 9 2 3
S w ift & C o 1 s t 5 s ____ 19 4 4
U S S m e lt R A M c o n v Os
W e ste rn T e l & T e l 5 s . 19 3 2

89%
SOA

99
80

'A

10 0
98

10 0 A
10 2
89
99 %
10 2 %
80 %
10 0
99%
90 %
94
74
99
80
10 5
99 %
10 1
97%

10 1
10 3
89 %
99 'A
10 3
8 1 'A
10 0
99%
90 A
94
74
99
80%
10 5
10 0 %
10 1
98

'A

Sales
fo r
W eek .
S 7 .0 0 0
13 ,0 0 0
7 ,0 0 0
2 6 ,0 0 0
5 ,0 0 0
8 ,0 0 0
2 ,0 0 0
5 ,0 0 0
2 ,0 0 0
1 ,00 0
1,0 0 0
8 ,0 0 0
8 ,0 0 0
19 ,0 0 0
13 ,5 0 0
0 ,0 0 0
5 ,0 0 0

Range sin ce Jan. 1 .
H igh .

L ow .
99 % A p r
10 0
88% A pr
99 'A J a n
10 2 % A p r
79
Feb
10 0
Apr
99% A pr
96 'A A p r
Apr
94
74
Apr
Apr
99
Ja n
79
M ar
10 1
99 % A p r
10 4
M ar
Apr
97

'A

Ja n
10 4 %
10 4
92 % Ja n
Ja n
10 2
Ja n
10 0
Ja n
85 A
10 2 % M a r
99 'A A p r
Ja n
99 A
98%
M ar
78
1 0 2 % F’ eb
M ar
82
now M a r
Ja n
10 2 A
Ja n
10 9
Ja n
10 0

'A

S t o c k s — (Concl’d)

P u r e O il c o m m o n ________ 5
R o s s M in in g k M i l l i n g . . 1
S a n T o y M in in g .............._ . l
U n io n N a t u r a l G a s ____ 10 0
U n ite d C o a l com v t c . . 10 0
U S G l a s s _____ _________10 0
U S S te e l C o r p c o m ____ 10 0
W e st'h o u se A ir B r a k e . . 5 0
W e st’ h ou se E le c & M f g . 5 0
B on d s—
In d e p e n d e n t B r e w in g Os’5 5
L a B e lle Ir o n W k s 5 s . 19 4 0
P it t s B r e w in g 0 s _____ 19 4 9
P it t s M c K k C o n 5 s . . 1 9 3 1

S to c k s-

Friday
fo r
Last W eek ’s Range
o f P rices.
W eek.
Sale
H igh. Shares.
P ar. P rice. Low.

A m e ric a n R a d i a t o r ------ 10 0
P r e f e r r e d .........................10 0
A m e r S h ip b u ild in g ____ 10 0
P r e f e r r e d ......................... 10 0
B o o th F is h e r ie s , c o m . . 10 0
P r e f e r r e d ......................... 10 0
C a l k C h ic C a n a l & I ) . 10 0
C h ic C it y & C R y p t sh com
P r e f e r r e d ..............................C h ic P n e u m a tic T o o l . . 10 0
C h ic R y s p a r t c t f “ 1 ” . .
C h ic R y s p a r t c tf " 2 " . .
C h lc R y s p a r t c t f “ 3 ” . C h lc R y s p a r t c t f •‘ 4 ’ ’ . .
C h ic a g o T i t le * T r u s t . 10 0
C o m m o n w e a lth -E d is o n 10 0
C u d a h y P a c k C o c o m . . 10 0
D ia m o n d M a t c h ........... . 1 0 0
H a r t m a n C o r p o r a t io n ____
H a r t S h a ft k M a r x p r e f . . .
Illin o is B r i c k .......................10 0
L in d e A ir P ro d C o com —
L in d s a y L i g h t ..........................
M id W e st U tilitie s p r e f . . .
M ltc h e ll M o t o r C o ........... - ­
N a tio n a l C a r b o n ............. 10 0
P e o p le 's G a s I . t & C o k e 10 0
P r e s t - O - L lt e C o I n c .............
P u b S e r v o f N o 111 c o m . 10 0
P r e f e r r e d ......................... 10 0
Q u a k e r O a ts C o ..............10 0
P r e f e r r e d ........... ..............10 0
S e a r s , R o e b u c k com . . 1 0 0
P r e f e r r e d ......................... 10 0
S h a w W W c o m m o n .. . 10 0
P r e f e r r e d ____________ 10 0
S t e w a r t W a r S p e e d com 10 0
S w ift & C o .........................- 1 0 0
U n io n C a r b id e C o ------10 0
U n ite d P a p e r B d c o m . . 10 0
P r e f e r r e d ......................... J'JO
U S S te e l c o m m o n ------10 0
W a rd , M o n t g k C o , p r o f..
W ilso n k C o c o m m o n .. 10
P re fe rre d — ..................10 0
B on d s—
A rm o u r k C o 4 % s — 10 3 9
B o o th F is h e r ie s s fd Os 19 2 0
C h ic a g o C it y R y 5 s . . 19 2 7
C h ic C it y & C o n R y s 5 s 19 2 7
C h ic a g o R y s 5 s ..............19 2 7
C h ic R y s 4 s se rie s " B ” . .
C h ic R y A d In c 4 s . . 19 2 7
C h ic a g o T e le p h o n e 5 s . 19 2 3
C o m m o n w -lC d iso n 5 s . 19 4 3
M o r r is & C o 4 % s -------19 3 9
P e o G a s L k C re f g 5 s 19 4 7
P u b S e r v C o 1 s t re f g 5 s ’ 56
S w ift k Co 1s t g 5 s . . . 19 4 4
W e ste rn E le c C o 5 s — 19 2 2
W ilson k Co 1s t 6 s — 1 9 4 1

117 %

285
13 0
72
92
115
91
49
3%
29
08
69 %
14
2
1
205
13 1
12 5
12 0
64
115 A
T.
255
20
75
45 A
3 11
SOA
12 7
10 2
10 0
305
113
17 4
12 6
65
93
73
15 4
19 8
2 8 'A
74
112 16
110
73
10 5

'A

29 0
13 7
72%
92
12 0
93
49

'A

29
70
09 %
10
2
1
20 5
13 2 %
12 0 %
12 2
72%
115 %
8 1 'A
201
21
75
47 %
3 11
83
13 5
10 4 %
10 0
3 10
114 %
17 9
12 0
05
93
82 %
15 8 %
203
29
76
115
1 16 M
77
10 5

>A

1
13 1
12 5

122

72%

81

200
21

83 H
13 3

102
100
113
17 7

81
15 6 It

202

76
10 5
92%
94

96 'A
92 %

00

100%

'A

'A
'A

'A

'A

'A

L ow .

20 6 2 8 4 %
13
13 4
115
39
2 1 z92
242
60
81
28 6
10 0
49
25
3
4
24
00
285
25
69
0 3/
14 %
2
5
1
81
10 20 5
680 1 3 1
10 8 %
1,18 1
3 10 119
60
1,4 3 5
5 115 %
270
77
457 255
001
16 %
23
75
275
45%
20 7 2 9 5
19 0
79
1 , 7 5 5 10 2
10 2
10 1
297 *98%
25 300
32 110 %
2 ,9 8 0 C l74
7 0 12 4
22
50
10
90
73
5 ,0 3 1
7 ,6 8 9 1 3 2 %
3 ,0 6 2 16 9
450
27%
73
68
200 110 %
20 1 1 5
58
1,6 9 3
12 6 10 2 %

92%
93 H 8 11 ,0 0 0
94
94 %
12 ,0 0 0
90
'Mi A
8 ,0 0 0
09
70
2 7 ,0 0 0
9 2 % 93
4 ,0 0 0
66
66
O.OOC
40
40
1.10 C
10 0 % HMDS
5 ,0 0 0
loot; 1 0 1
2 3 , one
91
9
3 O.OOC
98%
98
7 ,0 0 1
02% 92 %
1 ,00C
10 0 'A 10 0 %
14 ,0 0 (
10 0
10 0
4 , not
10 2 % 10 2 %
7 ,0 0 0

'A

Range since Jan. 1 .
H ig h .

Apr
M ar
Feb
Apr
Ja n
Feb
M ar
Ja n
Feb
Feb
Ja n
Apr
Apr
Apr
Apr
Apr
Feb
F’ch
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Ja n
Apr
Feb
Apr
Apr
Feb
Ja n
Apr
Apr
Feb
F’ eb
Apr
Feb
Feb
F’ cb
Ja n
M ar
M ar
Ja n
Ja n

445
13 0
79
90
13 0
94
53
4%
35%
70
71
25
3
2
220%
14 2 %
12 9 %
13 2 %
78%
118 %
88%
30 0
23%
78
53%
335
10 6
110 %
111
10 2 %
34 0
115
23 9
12 7 %
73
96
10 1
10 3
2 10
34%
78%
115
117 %
84%
10 7 %

Feb
Ja n
M ar
Ja n
Apr
Apr
Ja n
Ja n
Ja n
Feb
F’ eb
Ja n
F’ eb
F’ eb
Feb
Ja n
Apr
M ar
Ja n
M ar
Ja n
M ar
M ar

Ja n
F’ eb
Ja n
M ar
M ar
M ar
Ja n
Apr
Apr
Ja n
M ar
Apr
Ja n
M ar
M ar

Stocks—

Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Ja n

94%
94%
99%
80
97%
70%
44%
10 2 %
10 3 %
94
10 2 %
96%
10 2
10 2
10 3 %

Ja n
Apr
M ar
Ja n
Ja n
Ja n
Ja n
Feb
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n

35
117 %
49%
38
49

VA

Bonds—
Balt Elec stamped 5s. 1947 i.........
Balt Spar P & C 4%s. 1953 96
Cons Gas E L & P 4%s.'33 90
Notes..... ........... ...................
Consol Coal refund 5s 1950 92%
Cosden <t Co 6s....... ........ 101%
Cosden Gas Os................. 103
Elkhorn Coal Corp Os. 1925 -_____
Elkhorn Fuel 5s___ .1918 102%
Georgia <t Ala cons 5s. 1945 .........
Ga Car ,t Nor 1st 5s. .1929 .........
G-B-S Brew 2d inc 5s. 1951____
Hagerstown k F’red 6s 1944 100%
Lexington (Ky) St 5s. 1949 . . ..
Monon V Trac 5s___1942 92%
Norf Ry <t I.t 5s____1949 93
Pcnnsy W & P 5s___1940 ..........
United Ry <t E 4s___1949 80%
Income4s ____ -.1949s--------F’unding 5s, small..1936 .........

6 ,9 4 8
0 ,9 0 0
3 ,2 0 0
55
10
60
5 10
1,0 2 2
420

19 %
12 c
13 c
16 9
20%
35
10 2
117 %
46%

Feb
Apr
Feb
Apr
Feb
Apr
Feb
Apr
Feb

25%
28c
20c
18 5
27
39%
118
15 7 %
55

M ar
Ja n
M ar
Ja n
Apr
Ja n
M ar
Feb
J fin

38
10 1%
47
10 1%

40
10 1%
49
10 1%

S 16 ,0 0 0
.5 ,0 0 0
5 ,0 0 0
1,0 0 0

30
10 1
45
10 1%

Apr
M ar
Apr
Apr

50%
10 1%
68
10 1%

Ja n
Apr
Ja n
Ja n

51
52
34%
7%
43%
98
116%
109
13%
13%
4%
39
28%
21
02
68
65
77
10
29%
41
4%

100 100
96
90
90
91%
103 103
92% 92%
100 % 101 %
102,%' 104
100 100%
102% 102%
100 100
101 101
'A
100% 100%
91 % 91%
92% 92%
99
99
93% 93%
80% 81 %'
65% 65%
86
86%

S a les
fo r
W eek .
S h a r es.

R a n ge s in ce J a n .
L ow .

55 50
100 50
25 34%
325
7%
20 43%
50 98
1622 113
42 100%
4,426 13
4,341 12%
3,380
4%
200 36%
100 22%
100 17%
100 60
30 60
110 60%
225 70
00
9
312 28%
5 40
4
795
$2,000
2,000
5,000
6,000
3,000
144,500
112,000
13,000
2,500
0,000
1,000
2,000
2,000
3,000
1,000
3,000
2,000
28,000
8,000
400

99%
96
90
103
92%
100
102%
99
100%
100
101
%

99%
91 %
92%
99
93%
80%
04%
86

1.

H ig h .

Mar 51
Apr
Mar 52
Apr
Apr 39% Jan
Apr
9% Mar
Apr 40
Jan
Apr 123% Jan
Apr 127
Jan
Feb 114
Jan
Apr 18% Jan
Apr 16% Jan
Apr
5% Jan
Apr 44% Jan
Feb 32 Mar
Mar 23% Apr
Mar 67% Jan
71*^
Mar 72 ’ Jan
Apr 84
Jan
F’eb 12%
Apr 35% Jan
Jan 41
Apr
l’eb
Jan
5
Feb
Apr
Apr
Apr
Apr
Apr
Apr
F’eb
Feb
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Apr

100%
98%
93%
107%
95%
109%
110%
101%
107%
103%
103%
1%
100%
92%
96
99%
95%
84%
07%
90

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

Philadelphia Stock Exchange.— R e c o rd o f tran saction s
at P h iladelph ia A p r. 21 to A p r. 2 7 , fro m o fficia l sales lists:
Friday
Last W eek's Range
Sale
o f P rices.
H igh.
Par. P rice. Low.

A llia n c e I n s u r a n c e --------1 0
A m e ric a n G a s o f N J . 10 0
A m e ric a n R y s p r e f ------10 0
B a ld w in L o c o m o t i v e .. 10 0

118 %

B u f f & S u sq C o r p v t c . 10 0

P ittsburgh Stock E xchange.
Apr.
Apr.




H ig h .

23%
20c
15 c
17 1
27
35
117 %
12 1%
50

F r id a y
L a st
W eek ’s R ange
, Sale
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h .

113
. C a m b r ia S t e e l .....................50
E le c S to r a g e B a t t e r y . . 10 0
23%
G e n e r a l A s p h a lt ______ 10 0
62
P r e f e r r e d ____________10 0
In s u ra n c e C o o f N A — 10
K e y s t o n e T e le p h o n e ____50
L a k e S u p e rio r C o r p . . 1 0 0
19 %
78%
L e h ig h N a v ig a t io n --------50
z E x - d lv ld e n d . b Ex-50% s to c k d iv id e n d , c Ex-25 % s to c k d iv id e n d .
L e h ig h V a lle y ...........- . - - 5 0
65? 8
L e h ig h V a l T r a n s p r e f. .5 0
— R e co rd o f transactions at L it B ro th e rs -----------------10
P ittsb u rgh
21 to
27, b o th in clu sive, com p iled N o r t h P e n n s y l v a n i a .. 50
94%
P c n n s y l S a lt M f g ..............5 0
from officia l sales list:
P e n n s y lv a n ia ----------------- 5 0
53 %
P h ila d e lp h ia C o ( P i t t s ) . 50
34%
Friday
Sales
P r e f ( c u m u la tiv e 6 % ) .5 0
Last W eek's Range
fo r
Range since Jan. 1.
P h ila d e lp h ia E le c t r ic ___2 5
32
Sale
o j P rices.
W eek.
P h ila R a p id T r a n s i t ____5 0
High. Shares.
S to ck s—
l>ar- P rice. L ow .
H igh .
Low.
29% '
V o tin g tru st r e c t s ------5 0
P h ila d e lp h ia T r a c t i o n . . 50 .............
17
17
A m e r S e w e r P ip e . .
- }0 0
Ja n
50
Apr
16 %
19 %
R a ilw a y s C o G e n e r a l . . . 10
52%
52%
52%
02
J a n i R e a d in g — -----------------50
13 0
F’eb
48
98
98
10 0
J a n j T o n o - B e lm o n t D e v e l ------1
395
A p r 12 4 %
P re fe rre d .................. - ™
99
4%
10 8
10 9
J a n 1 T o n o p a h M in in g ................ . 1
3 8 9 10 5
Ja n 1 1 0
6c
5
c
6c
C a b le C o n s o l M i n i n g . - - . l
1 9 ,2 5 0
Ja n
lie
M ar
5c
42%
U n io n T r a c t io n -------------50
48%
48%
110
M ar
4 3 % F’ eb
50
45
—
45
20
47 %• A p r
F'ob
35%
86%
U n ite d G a s I m p t ----------- 50
27
—
27
Apr
30
Apr
27
27
U S S te e l C o r p o r a t io n . 10 0 1 1 0
59% 6 1
355
Apr
59%
70% M ar
C ru c ib le S te e l, c o m . - -10 O
W a rw ic k Ir o n A- S t e e l . . 10
8l)C
1
270
22c
W e s t J e r s e y k S e a S h o re 5 0
30c
30c
32c
1.9 3 3
48 c
J a n I W e stm o re la n d C o a l ____50
M ar
30c
G o ld B a r M i n e s . . ...........-1%
1 /'i
50
Ja n
Apr
3%
In d e p e n d e n t B r e w in g — 5 0
1%
W m C ra m p k S o n s .
.10 0
13 0
10
17 %
i Y o r k R a ilw a y s p r e f------5 0
88
91
93
1,0 0 4
Apr
93
7 1%
Feb
12 4 % 12 4 %
20 0 12 4
J
a
n
F'eb 12 8 %
B on d s—
96%
90%
00
90%
98
M a r i A lle g h e n y V a il g en 4 s . 19 4 2
Ja n
70
70
455
H %
02%
Apr
73%
Feb
M fr s L ig h t k H e a t. . . . 5 0
A m e r G a s & E le c 5 s . 2 0 0 7
5
%
6
%
17 5
Ja n |
5 14 A p r
7%
N a t F’ ire p ro o fin g com .5 0 _____
S m a l l ---------------------20 0 7
15
15
44
. . . __
15
Ja n
Apr
17 %
E le c & P e o p t r c t fs 4 s . 19 4 5
20
20
14 5
17 %
22
S m a l l ----------19 4 5
48
50
50
575
43%
50
Ja n
Ja n
E q u it I G a s L 5s
.1 9 2 8
10 1% 10 1%
10 * 9 5
M ar
10 2
Ja n
O k la h o m a N a t u r a l G a s 10 0
In te r - S ta te R y s coll 4s 19 4 3
54
2
2
%
2
0
2
2
Ja n
Apr
4%
P itts b u r g h B r e w in g com 50
K e y s t o n e T e l 1s t 5 s . . 19 3 5
13
10 0
13
Ja n
Apr
18 %
P r e f e r r e d _____________ 50 _____
L e h ig h V a l co n s 4 % s . l 9 2 3
9c
9c
9c
6
,8
5
0
8c
1
5
c
J
a
n
F
e
b
P it t s b C o n M M & T ____1
.
R e g is te r e d 4 % s ------19 2 3
57c
62c
2 ,7 0 0
60c
57c
Apr
1.5 5 Ja n
I ’ ltts b u r g h -Je r o m c C o p . . 1
53c
00c
2 1 ,7 0 0
50 e
Feb
1.2 0 Ja n
G e n con sol 4 1 s . .2 0 0 3
97%
118 % 118 %
19 5 1 1 8
M
a
r
A p r 13 5
10 1
L e h ig h V a l C o a l 1 s t 5 s 19 3 3
2 8 0 0 280 0
1 2800
Apr
A p r 2800
P i t t s S t k E x m e m b e r s h ip ..
P a & N Y C an a l 5 s . . .1 9 3 9

'A

L ow .

23
12 c
13 c
16 9
27
35
111%
117 %
48

50
Alabama Co..............100 50
52
2d preferred............100 52
Arundel Sand k Gravel 100......... 34.%
Atlantic Petroleum_____ i
7%
7%
43%
Balt Electric pref_____50_____
Baltimore Tube.......... 100 98
98
Consol Gas E L k Pow. 100 115% 113
Consolidation Coal___100 109
107
Cosden A-Co. _............ .5 13%
13
Cosden Gas..................5| 13% 13
Preferred__________ 5, 4%
4%
Davison Chemical.no par 38% 36%
Elkhorn Coal Corp....... 50.........
28
Houston Oil trust ctfs.. 100 20% 20
Preferred trust ctfs.. 100------62
68
64
MtV-W Mills pf v t r .100 65
77
Pcnnsyl Wat k Power. 100 .......
10
United Ry & Elec____ 50 29% 28%
Wash B & Annap pref .5 0 ......... 41
4
Wayland Oil & Gas....... 5l 4

S to c k s—
92%
91
96
09
92%
66
40
10 0
10 0 %
9 1%
98%
92%
99%
10 0
10 1%

23%
20 c

Range sin ce Jan. 1 .

Baltimore Stock Exchange,— C om p lete record o f the
tran saction s a t the B a ltim ore S to ck E xch a n ge from A p r . 21
to A p r . 27, b o th in clu sive, com p iled from the o fficia l sales
lists, is g iven b elow . P rices for stock s are all dollars per
sh are ,-not per c e n t.
F o r b on d s the q u ota tion s are per cent
o f par valu e.

Chicago Stock Exchange.— R e co rd o f tran saction s at
C h ica g o A p r. 21 to A p r. 27, both in clu sive, com p iled from
o fficia l sales lists:

1689
Friday
Sales
Last TlVeAr’s Range
fo r
Sale.
W eek
o f P rices
P ar. P rice. L ow .
H igh . Shares.

___

...

Sales
fo r
W eek.
Shares.

Range since Jan. 1 .
Low.

H igh.

21
118 %
94
55%
10 0 %
60
52
112
62
23
02
20
12 %
18 %
78%
65
44%
25
93
94
53
34
37%
31
29%
28%
79%
6!i
93.%
4%
0/8
42
225
86
110 %
9.%
50
75
87
37%

21
11 8 .%
94
55%
10 0 %
60
52
115
63
23%
62
26%
12 %
20%
79%
05%
44%
25
93
94 A
53%
34 %
37%
32%
29%
30
79%
6 Vi
96 ‘A ,
4%
(>V4
42%
225
87
117 %
9%
51
76%
89
37%

255
17
5
50
20 0
20
20
SO
83
480
25
365
40 0
4 ,6 9 6
425
15 3
35
10
30
14 1
2 ,13 9
350
50
2 ,2 5 2
20
6 ,4 6 6
111
50
16 0
1,5 0 8
1,0 4 7
697
29
3 ,7 8 9
2 8 ,7 7 3
345
36
50
452
81

2 0 'A
110
93%
49
10 0
GO
52
10 0
00%
23
02
25%
12
15
78%
63%
42
21
92%
93
52%
34
37%
31
29
27%
79
4%
89
4% ,
5%
42
223
85%
99%
9
50
75
66
36

Ja n
22
l ’ eb 1 2 1
Apr
98
Feb
02%
F’ eb 1 0 2 %
Apr
66
Apr
58
F’eb 13 0
F’eb
67%
Apr
29%
Apr
70%
Feb
27%
Apr
14
F’ eb
24
Apr
85
Apr
79%
Fob
47%
Ja n
25%
Apr
94
Apr
96
Apr
57%
Apr
4 1%
Apr
43
Apr
34%
Apr
34%
A pr 34 %
M ar
84
Ja n
7%
F e b 10 3 %
F’ eb
4%
Ja n
7%
Apr
47%
226
Apr
9 1%
F’eb 1 1 8 %
Feb
9%
M ar
53%
A p r ! 80
F’ eb
92
F’ eb
39

Apr
Feb
Ja n
M ar
F’eb
Ja n
Ja n
M ar
Ja n
Ja n
Ja n
Feb
Ja n
M ar
Ja n
Ja n
Feb
M ar
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
M ar
Ja n

95
94%
95
82
82
10 5 %
54
97%
99%
10 0
13 1
97
10 4
10 7 %

95
94%
95%
82%
83%
10 5 %
54
97%
10 0
10 0
13 1
97%
10 4
10 7 %

$ 3 ,0 0 0
8 ,0 0 0
1,4 0 0
16 ,0 0 0
700
1.0 0 0
4 ,0 0 0
7 ,0 0 0
11 ,0 0 0
10 ,0 0 0
1,0 0 0
2 4 .0 0 0
3 ,0 0 0
1,0 0 0

95
94%
95
82
80%
10 5 %
53
96%
99%
10 0
13 1
97
10 3 %
10 7 %

Apr
Apr
Apr
Ja n
Apr
Apr
Apr
M ar
Apr
Apr
Apr
Apr
Apr
Apr

Ja n
Ja n
M ar
Ja n
Ja n
Ja n
Feb
Ja n
Ja n
Ic b
Ja n
Ja n
Ja n
Ja n

98%
97%
97%
84
86
10 7
57
99
10 3
10 0 %
13 7 %
10 2
10 6 %
110 %

M ar
M ar
Ja n
Feb
Feb
Apr
Ja n

F r id a y
W eek ’ s R ange
L a st
o f P r ic e s .
S a le
H ig h .
P r ic e . L o w .

Bonds (Concluded)—

96Vs
103)4
101x
90
90 '4
101a
1006
98
92y* 9 06
91
102
70
69X 69
98X 98
95

Philadelphia Co 1st 5s 1949
Cons & coll tr 5s__1951
Plilla Elec tr ctfs 4s-. .1950
Small................1966
Plilla & Erie Ken 4s... 1920
Reading gen 4s........ 1997
Standard G & E Os.. .1926
United Rys g tr ctf 4s. 1949
United Rys Invest 5s. 1926
Welsbach Co 5s ------ 1930
West Jer & S S 1st 4s. 1936

97
104
100-8
90
90)4
10Os
10146
9846
92 <4
91
102
70
70
9846
95

R a n ge sin ce J a n .

S a les
fo r
W eek .

H ig h .

L ow .

$54,000
30,000
3,500
1,000
2,000
72,000
5,600
10,000
55,000
18,000
4,000
2,000
11,000
2,000
2,000

9846
10346
10146
88?6
90
10046
101
98
91
9046
10046
70
69
9746
95

Apr
Apr
Apr
Feb
.Ian
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Feb
Apr

9846
10746
10246
94
9346
102
10246
9846
9646
97
102
73
74
9946
95

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

TUANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
S t o ck s.

W e e k e n d in g
A p r i l 27 1917.

P a r V a lu e .

S h a res.

Saturday .................
Monday....... ...........
Tuesday .................
Wednesday..............
Thursday................
Friday.....................

241,800 522,441,500
385,143 32.309.800
392,152 35.436.700
901,442 81.130.700
963,758 77.519.800
715,132 62.252.700

Total...................

3,599,427 $311,591,200'
W e e k en d in g A p r i l

S a le s a t

1917.

E xch an ge.

S la te, M u n .
& F o r e ig n
B onds.

R a ilr o a d ,
& c„
B onds.

u . s.
B onds.

$702,000
1.464.000
2.185.000
1.621.000
2.549.000
2.084.000

$2,000

$9,316,000 $10,605,000

$2,000

$991,000
1.374.000
1.403.000
1.031.000
2.422.000
2.095.000

27.

J a n u a ry

1 to

A p ril

1917.

1916.

27.

1916.

55,292,890
62,850,928
4,212,685
Stocks—No. shares...
3,599,427
Par value....... ...... $311,591,200 $371,164,450 $5,650,802,380 $4,360,803,145
$93,000
$19,700
Bank shares, par.......
$8,500
$1,300
B onds.
5526,450
$270,000
556,000
$2,000
Government bonds__
85,987,500
140.372.000
3,766,500
State, mun., &c., bds. 10,605,000
275,954,500
227.346.000
9,316,000 15,069,000
UR. and mlsc. bonds..
Total bonds........... 519,923.000 $18,891,500

$367,988,000

$302,468,450

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
_____________ _
B o s to n .
S h ares.

|B on d S a les.

P h ila d e lp h ia .
S h a r es.

B a lt in o r e .

B o n d S a le s.

S h a r es.

B m d S a les.

Saturday............
Monday..............
Tuesday............
Wednesday....... .
Thursday ...........
Friday....... ........

7,814
12,869
15,197j
23,894:
22,426'
24,590’

$14,000
58,000
10,000
29,500
13,700
12,000

2,550
0,581
11,560
18,418
12,300
5,438

$45,200
57,600
65,100
95,500
89,900
17,000

1,821
2,514
1.740
3,623
3,803
2,771

$78,200
57,000
39,900
57.500
42,400
79.500

Total..............

106,790

$137,200

56,853

$370,300

16,272

5354,500

New York “ Curb” Market.— B elow w e g ive a record o f
the tran saction s in the ou tside secu rity m arket from A p r . 21
to A p r. 27, b o th in clusive. I t covers the w eek en din g F ri­
d a y aftern oon :
W e e k e n d in g A p r i l

Stocks—

F r id a y
L ast
W e e k ’ s R a n ge
S ale
o f P r ic e s
P a r . P r ic e . L o w .
H ig h .

27.

S a tes
fo r
W eek
S h a res.

R ange sin ce J a n .
L ow .

1.

H ig h .

Apr
21,000
2
TVs Feb
3 Vs
3X 4
2Vs 3)1 14,000
4)5 Apr
3x
IX Apr
Apr
74 Mi 08
74)4 3,400 65 Mar 75
Apr 38
Apr
2,635 36
37H *36)4 38
Feb 28 Mar
23
20
23
900 15
200
3 IS 3)4
3)4 Feb
5)4 Feb
Feb 21
Jan
18)4 19)1 1,500 18
Jan 39)4 Mar
100 33
37
37
Feb 14 Mar
9,200 10
11X ii)4 12
100 16)4 Mar 31)4 Apr
24
23X 23
1'eb 49)5 Apr
100 35
44 54 44)1
Jan
Feb 146
5,300 88
93 105
Chevrolet Motor......... 100 102
Feb 25)5 Feb
2,620 16
Curtiss Aerop & M v t c(t) 24
20
24
125 100 Jan 113 Mar
Eastern Steel, common 100
110 110
Elite Plan Stores.r__50c
is
X
Vs 3,650
Vs Apr
"As Apr
9
81a 9
935
Emerson Phonograph___5
8)4 Apr 13)1 Jan
Everett Heaney & Co r.20 22)4 2 1 Vs 22)4 2,200 20)4 Apr 22)4 Apr
Hask & Bark Car.tno par)
37)4 38)1 1,200 37 Vs Apr 46 Mar
Jan
Feb 102
166 96
Uolly Sugar Corp pref.100
101 101
Feb
ImpCarbon Chaser r___1
yi
Vs 1,000 3-10 Apr
X
Jan
Jan 13
200 11
Intercontinental Rubb.100
11Mi 11)4
Apr
Tnternat Trading Corp r . 1 7-16 7-10
)5 Apr
X 6,300
1
Apr
1
1
1
Apr
1
Preferred r ...................... l
14,100
23c 25c
Joplin Ore A Spelter r___6
4,900 20o Apr 32c Mar
15 >4 16)4 1,900 13
KeystTlre A Rub. com. 10 16
Feb 18 Mar
11
11
13)5 Feb
600 10
It
400 i i
11)5 Mar
11)5
7
8
4,115 •OX Feb 10X Feb
Lake Torpedo Bo't com. 10
TVs
Lima Locomotive com rlOO
55'A 56
200 47)4 Jan 62)5 Mar
Apr
10 96
Feb 103
I.ukens Steel, 1st pref rlOO
101)i 101 Vs
Mansell Screen r .......... 10 10
10
207 10 Mar 10)5 Mar
10X
3
Jan
500
Marconi Wlrcl Tel of Am.5 - ___
2X 2Vs
2)4 Feb
Jan 101
Feb
73)4 85
Marlin Arras v t c.(no par) 76
2,200 •47
2
Apr
2
Maxim Munitions r ___10
4)4 Feb
2X
2)5 15,500
Jan
49
200 47Vs Feb 55
Mitchell Mot Inc r(no par)
50
Feb 38)5 Jan
National Acme Co r___50 3 3 x *32)1 33 <4 1,800 32
Apr 36)4 Apr
7,700 33
Nat Conduit A Cable r. (t) 34X 33 )( 35
N Y Transportation___10
200 14)4 Mar 16)4 Apr
16M 16)4
9)4 Jan
5
North Am Pulp A Paper(t)
5
4)4 Apr
5)1 4,000
45$
4 Mar
Prudential Pictures.r___5
4)5 4)4 7,500
4)5 Mar
Feb 75 Mar
72
72
100 *62
Republic Mot Truck r.(t)
St Joseph Lead r...........10 17X 17)5 17Vs 3,500 16)4 Jan 19)4 JaD
Jan
Apr 42
42 37
Smith (AO) Corp r(no par)
37
37
90 *4 90 11
45 94
97
Smith A Terry Trans pflOO
9)4 10
1,400
8 Vs Mar 10)5 Mar
Apr
Standard Mot Constr rlOO
1,880
13)5 14
5X Jan 15
Steel Alloys Corp r....... 5
2,200
7)5 8
0)4 Jan
TVs
6)4 Jan
Apr
Apr 29
28
350 28
Steel A Radiation Ltd. 100
29
Jan
Submarine Boat..(no par) 22Mi 20)4 22)1 6,300 18)4 Feb 28
Feb 34)5 Apr
Superior Steel Corp.r.100 34X 33Mi 35
2,082 28
1st preferred r.........100
100 100)4
760 97)4 Mnr ♦100)4 Apr
Feb 85
Jan
102 77
Todd Shipyards r.(no par)
84
85
Triangle Film Corp v t c.5
3)5 Jan
1)5 Apr
1X 1)4 5,600
Jan
United Motors r._(no par) 33
29)4 33)5 42,500 29)4 Apr 49
Jan 37 Mar
I400 35
United Sugar Cos r ___50 36X 36)1 36)4
U H Light A lit com r..l()
2
Feb
700
1)4 Jan
1)4 1)4
U S Steamship_______ 10
5Mi
4)4 6)4 14,000
4)5 Apr
6)4 Mar
1
Jan
World Film Corp’n v t 0.5
Vs
14 2,400
)4 Apr
5
Wrlght-Martln Alrc r..(f)
Apr 16)4 J\n
6
5'4 8)1 17,700
Preferred r .............. 100 43
Feb 53)4 Jan
39
47
1,387 30
Zinc Concentrating r__10
2)1 2?X 1,100
4)5 Jan
214 Mar
Aetna Explosives t (no par)
Certificates of deposit-.
Air Reduction Co r(no par)
Amer Stores com (no par).
Amer Sumatra Tob__100
Amer Writ Paper com. 100
Brlt-Am Tob ord bearer.£l
Calif Packing Corp r ___ (t)
Carwen Steel Tool____10
Central Foundry com r 100




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

1.

Volume of Business at Stock Exchanges

W e e k en d in g
A p r i l 27 1917.

[Vgl. 104

THE CHRONICLE

1690

Former Standard Oil
Subsidiaries.
Anglo-Amcr Oil_____ £1
Ohio Oil...................... 25
South Penn Oil...........100
Standard Oil (Calif)...100
Standard Oil (Indiana) 100
Standard Oil of N J___100
Standard Oil of N Y...100
Other Oil Stocks
Alcoken Oil Co r....... .....5
Alpha Oil & Gas........... 1
Amer Ventura Oil r....... 1
Atlantic Petroleum r___5
Barnett OH & Gas r....... 1
Consol Mex Oil Corp___1
Cosden * Co r________ 6
Cosden Oil A Gas com r__5
Preferred r ................5
Crosby Petrol (prosp’t) r 1
Crown Oil r..... ............1
Elk Basin Petroleum r__ 5
Elkland Oil A Gas r ___1
Esmcrald Oil Corp r....... 1
Federal Oil r................. 5
Houston Oil common r 100
Internat Petroleum r__£1
Kenova Oil...................1
Keystone Con Oil Cor r. 10
Merritt Oil Corp r ____10
Metropolitan Petroleum 25
Mid-Cont Cons OA UtllrlO
Midwest Oil r................1
Preferred r................. 1
Midwest Refining r___50
N Y-Oklahoma Oll.r___1
N Y A Texas Oil r...........1
Oklahoma Oil com r____ 1
Preferred .r................1
Oklahoma Prod A Ref.. .5
Omar Oil A Gas com___ 1
Osagc-Ilomlny Oil r____ 5
Pennsylvania Gasoline__ 1
Rice O llr......................1
Sapulpa Refining r_____5

16)4 16)4
890 900
100 100
99
97
345 360
301 302
290 290
264 281
780 790
626
620 620
277 300
300
2
2
2)5
58c 59c
69c
24c 20o
25o
7)4
7)4 TVs
2)5
2)4 2 Vs
66c
05c 70o
13), 13
13)4
13)4
13)4 13
5
5
5
34)40 31 )4c 34)4c
1 1-16
i
1)4
10)4 10)4 11
7-16
/'S 9-10
1 1 7-16
1)5
5)4
5)5 0)4
21)4
21)4 19
A 14)4
13)4 13 X
6-16
Vs
is
0)4
5
5)4
23)5 22)5 25 Vs
1
D4
14)4 14)4
76c 80c
77c
1.03 1.01 1.04
130 139
135
1
Vs 1)4
2
9c 10)4c
10c
73o 78o
75c
10)4 10)5 10)5
32c 42o
42c
9
9)5
9)4
15-10 1)4
1
)4 7-16 9-10
10)4
9)4 10)4
*10
10)4
1)5
1)4 1 7-10
37
37
40
Vs
Vs
Vs
31c
30c 38c
5-16
Vs
1)5 13-16
11)4 11)5 11)4
16c 16c
1 3-16 l 1-10 1 3-16

300
13
60
35
07
30
275
90
39
1,835

1,570
11,100
9,100
3,600
24,500
2,950
6,000
0,100
1,000
19,900
22,700
7,500
15,200
11,900
18,600
850
5,200
15,000
12,500
31,500
70,200
450
18,500
4,000
3,610
6,500
1.500
79,000
16,800
8,400
15,575
0,000
19,100
23,770
11,000
320
53,500
Sequoyah Oil A Ref____1
4,670
Sinclair Gulf Corp.r...(t)
United Western OH r___ 1
14,200
19,000
Utah Petroleum (prosp’t) 1
400
Vacuum Gas A O Ltd___1
14,600
570
Victoria OH new stk r,.10
500
West End OHA Gas r___1
27,000
West States Petrol r __ 1
Mining Stocks.
100
25
25
25
Alaska-Ilrlt Col Metals.. 1
x
Vs 11-1G 8,200
Alaska Mines Corp (no par)
1)4
1)5 1)4 39,700
47c 52c 38,300
Alaska Standard Cop r__1 49o
Arizona Copperflelds r__ 1
Vs
)\
)4 2,000
55c 57c 13,200
Arizona-Cornella r ____1 57c
40c 41c
3,000
Atlanta Mines r______ 1 12c 10)4c 12)4c 18,300
23,500
Atlas Copper r_______ 1
Vs 11-16
Austln-Amazon r...........1
1)4
1)5 1)4 0,200
Big Jim.....................10c
Vs 83c
H 2,100
Big I.edge Copper Co___ 1
•3)i
2)5 *3)4 29,545
300
Bingham Mines............10 10)4 10Vs 10'4
Blsbce Cop M A Dev r__ 1 11-16
Vs 15,900
55
01c 05c 20,500
Boston A Montana Dev. .5 03c
1
1 *1 1-10 4,870
Bradshaw Copper M r__1
9)4
Butte Cop A Zinc v t o__ 6
8Vs 9)4 0,900
Butte-Detrolt Cop A Z..1 _____
400
)4
)4
Butte A N Y Copper___1
1)4
1)4 1)5 1,325
04c G9e 12,100
Caledonia Mining...........1 66c
Calumet A Jerome Cop r 1 l 9-16
1)5 1)5 37,000
Canada Copper Ltd____ 6
2)5 2 1-10 2 3-10 0,500
2,900
6
Carlisle Mining..............5
5)5 0
8o 19,000
7c
Cash Boy...................... 1 7)4c
Coco River Mining r---- 1
1)4
1)4 1)4 29,700
Consol Arizona Smelt___5 2 5-16
2'5 2)4 27,900
4
4)4 9,000
Consolidated Cop Mines.5
4)5
Consol-Ilomestead r____1 ____
is 11-16 4,700
0
Cresson Con Gold M A M 1 6',
6)4 7,900
9
Darwin Lead A S M A D.5
9)4
9)4
200
Dundee Arizona Cop t — 1
1)4
1)5 1Vs 2,150
Emma Copper r............ 1 1 3-16 1 1-10 . 5-10 23,357
200
First National Copper...5 .........
2)5 2)4
Globe-Dominion Copper. 1 7-10 7-10 7-16 1,000
49o 55c 16,450
Goldfield Consolidated. 10 550
9,000
6c
Goldfield Merger r_____1
5'4( 0c
4,900
6c
Great Bend r . . . ............ 1
6C
5c
Green Monster Min r ___1
1)5 1 5-10 l 9-10 20,500
15c 18c 40,100
Hargraves___________ 1 18c
Hecla Mining............ 25c 7 11-10 7 9-10 7)4 4,080
\'
InsplratlonNecdlcsCop r 11
V\
Vs 1,750
15 ill 1
460
Jerome Verde Cop <....... 1
2)5 2 1-10 2)4 128,000
Jeromo Victor Ext r ( ---- 1
1)5
400
D4 1Vs
70c 71c
3,500
Josovlg-Kcnnecott Cop . 1
7-10
)4
)4 4.750
Jumbo Extension_____ 1 41c
40c 13c 13,000
800
13c 14c
Loma Prlcta Cons Mines. 1
1)5
1)4 1)4 19,350
3,400
88o 90c
4,400
51
Magma Coppor....... ...... 5 47)4 45
2,100
Magmatlo Coppor r...l0c 23o
220 200
Magnate Copper.r.........1 82o
80C 82c 21,550
500
is
0,000
30c 30c
Mammoth Channel G r..l 30c
Marsh Mining . r ..........1 20.Xc 17c 2014 c 31,500
lX
A 1)4 6.250
Marysville Gold Min___1
1)5
5)4 5)4 1,150
48c 52o
McKlnley-Dnrragh-Snv.. 1 52c
2,700
Vs
Vs 1,500
Miami Merger Cop r___1
Milford Copper.r.......... 1 1 1-10 95c 1-10 23,000
02c 04c
3,800
2,500
Mohican Copper r....... .1 15-16 15-10 1
1
Monitor Sll LAZMAM 1
1,900
5-16
29,025
>4
32c 34c 19,500
Mother Lode r................1 32c
Mutual Min A Leas pf r.l
1Vs 12,600
1)5
T»
Nanoy Hanks-Montana r 1
1)4
1)5 D4 6,700
50c 55c 28,100
National Zinc A Lead r.. 1 55c
l())4c lOHc
500
Newray Mines Ltd r---- 1 l 15-32 l 7-10 15-32 29,000
200
N Y A Honduras Rosario 10
15
15
N Y Zinc r._ .............. 1 7-10 7-10 9-10 24.450
Nlcklas Mining....... ...... 1 l 5-16
1)4 1Vs 4,000
Nlplsslng Mines............ 5
7)4 7)4 1,100
7)5
Ohio Copper new w 1r__1 1 3-10 I 1-10 1)1 7,900
20,125
Old Emma Leasing r. 10c 41c *37o 45c
Portl Cons Cop treas ctfs r
1
1
1)4 4,100
2,200
Progress Min A Mill___1
5 10
/S
31;
1 Ray Hercules r..............5
3)4 3)4 3,300
I Ray Portland r ............ 1 ...
1Vs 17.000
H

Range since Jan. 1.
High.

Low.

10
890
100
97
333
300
290
264
780
020
270
1)4
54o
200
7X
2 Vs
00c
13
\2Vs
4Vs
31c
1
7X
Vs
70c
4X
17
11
'As
5)4
11)1
1
12)4
550
80c
117
Vs
1 3-10
9o
‘A
10
31o
7 44
X

H
8)4
9
1)4
38
/T«

30o
)4
VAs
11)4
15o
1

Feb
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Jan

18)4
1090
122
114
435
444
610
445
947
800
345

Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan

Mar
2)4 Apr
Mar 86c Jan
Mar 31o Feb
Apr
9X Mar
Apr
4)4 Apr
Apr
1)4 Jan
Apr 18)4 Jan
Apr 16)4 Jan
Apr
5)4 Jan
Apr 34 )4 0 Apr
Apr
1)4 Apr
Jan 14)4 Mar
Apr
'As Apr
Feb
Fob
3
Feb
6)4 Mar
Apr
Fob 24
Jan 15)4 Mar
Apr
Vs Jan
Apr
6)4 Apr
Jan 31)4 Mar
Apr
4)4 Jan
Jan 15)4 Apr
Jan 87o Mar
Jan 1 1-16 Mar
Mar 145 Mar
Jan
1)4 Mar
Jan
3
Feb
Apr 18c Jan
Jan
Mar
1
Feb 14)4 Jan
Apr 75o Jan
Jan 10)4 Mar
Mar
1)4 Jan
Mar
% l Feb
Feb 12)4 Mar
Jan
Feb 12
Jan
Apr
2X
Apr 40 Vs Apr
Mar
1)4 Jan
Feb 03o Jan
Apr 11-16 Jan
Feb 2 3-10 Jan
Apr 11Vs Apr
Jan 60c Jan
Apr
1'As Apr

Jan
H Mar
Jan
1)4 Apr
Jan 52o Apr
Feb
Jan
X
Apr 57c Apr
Apr 55o
Jan
9>4c
20c
Jan
Apr
Vs Apr
Jan
1
Apr
ifi
80c Apr
1)4 Jan
2)4 Apr
6)4 Jan
9)4 Apr 12)4 Mar
Vs Jan
IX Feb
58o Apr 80o Jan
)4 Apr 1 11-16 Jan
TVs Feb 12)4 Mar
Jan
Vs Apr •2
1)4 Jan
2X Mar
*48o. Jan
700 Apr
1)4 Apr
2)4 Jan
1)4 Feb
2)4 Apr
Jan
6
6)4 Mar
6o Jan 160 Mar
1)4 Apr
1)4 Apr
1)4 Jan
2% Mar
Feb
3
4)4 Apr
•As Feb
X Mar
5)4 Mar
714 Jan
Apr 12
9
Jan
% Apr
2)4 Jan
1 1-16 Feb
Jau
2 )4
Jan
2)4 Apr
3 )4
Mar
Jan
49c’ Apr •77o Jau
5)4o Apr 100 Feb
5q Apr lie Mar
Feb
IX
2)4 Jan
14o Jan 25c Mar
7
Feb
Fob
8X
is Apr 0-16 Jan
93o Apr
Jan
IX
Mar
3
i 'As Fob
l
Apr
Jan
2
G9o
87o
Apr
X
X Apr
39o Apr 49o Mar
130 Apr 25c Feb
1
Feb
IX Mnr
80c Feb
D4
40
Jan 59)4 Mar
190 Mar 35o Jan
75c Apr 82o Apr
1
H
30c Apr 30c Apr
9o Jan 20)40 Apr
1)4 Mar
)4 Mar
Jan
Feb
5
7
46c Apr 57c Feb
20o Jan 2 5-16 Jan
90c Apr 1 1-16 Apr
280
88o Alar
X Mar
IX Mar
1)4 Jan
Vs Mar
Jan
X
•As Mar
31o Apr 46o Jan
Apr
1"As Apr
80c Feb
1)4 Apr
50c Apr 57o Mar
10c Mar 11c Mar
1 1-16 Feb
Jan
IX
11)4 Feb 10)4 Jan
Vs Apr
Vs Apr
1
Apr
1A Apr
7H Feb
8)4 Jan
Vs Feb
1)4 Jan
330 Apr 08o Jan
1
Apr
D4 Apr
Jan
/fa Apr
X
3)4 Apr
5
Jan
)4 Apr
3
Mar
)i

1
3-16
Vs
5.5c

A pr . 28 1917.]

THE CHRONICLE

Sales
Friday
Week ending Apr. 27
Last Week's Range for
Week
of Prices
Sale
M in In A (Concluded)Par. Price. Low.
High. Shares.

Red Warrior r................ 1
Rex Consolidated r____1
Rochester Mines_______ 1
Round Mountain r_____1
Sacramento Vail Cop.r._l
Sagamore M Co r______ 1
St Nicholas Zinc r____ .'1
Santa Rita Devel r_____1
Section 30 Mining_____10
Seneca Copper___(no par)
Senorito Copper............. 1
Silver King of Arlzona..-l
Silver King Cons ol Utahrl
Silver Pick Cons r--------- 1
Siocam Star r---- ---------1
Standard Silver-Lead---- 1
Stewart Mining------------ 1
Success Mining..r------- i
Superstition Mining------1
Tommy IJurns G M com ri
Tonopah Belmont Devel r 1
Tonopah Extension Min.1
Tonopah Mining............. 1
Troy-Arizona Cop Co r.. 1
United Copper Mining. .1
United Eastern...............1
United Magma Mines r..l
United Mines of Arizona. 1
U S Continental r........... 1
United Verde Exton r..60c
United Zino.........(no par)
Unity Gold Mines........... 5
Utah Nat Mines r______ 1
Verde Inspiration r____1
West End Consolidated.6
White Caps Mining__10c
Wldte Cross Copper r__1
Yerrlngton Mt Cop....... 1
Bonds—
Amcr Smelting 5s r...........
Atlanta & Char A L 5s r’44
Beth Steel 5% notes.. 1919
Canada (Dora of) 5s.. 1937
Canadian Pacific 6s
Cons Ariz Smelt 5s__1939
Cosdcn A Co 6s r___1926
Cosden Oil &Gas 6s r. 1919
Erlo Hit 6% notes r..l919
Long Island RR deb 5s
N Y N il A If 5% notes’ 18
Russian Govt 0)<s._.1919
5M s..................... 1921
Sinclair Gulf 6s r______
Southern Ry 5% notcsl919

Range since Jan. 1.
Low.

High.

29,400
X Apr
l X t Fob
26,000 30o Feb SGo Jan
20,500 50o Apr 67o Jan
200 3Sc Jan 47c
l
2,000
Jan
156 Feb
24,800 81c Apr 1 1-32 Apr
3,026 3-16 Mar
Jan
K
1,500
A Apr
56 Jan
400
8
Apr 14)6 F’eb
400 10)6 Apr 16
Jan
1
Apr
6,400
156 F’eb
7,400
X* Apr 13-10 Jan
100
3)6 Apr
•1)6 F'eb
4,900 lOo Mar 26o Jan
Apr 25 Mar
300 20
2,100
Feb
A
56 Jan
17,500
X Apr 17-32 Mar
19,100 33o F’eb 60c Jan
28,000 27c F'eD 60o Jan
9,700 20o Mar 70c Jan
200
456 Jan
4)6 Jan
4,975
3)6 Mar
456 Feb
7
100
10,300 35o Apr 62c Mar
3,000 13-16 Apr
Vs Apr
1,220
4
Feb
5)6 Jan
67.000 32c Apr 57c Apr
1.700
56 Apr
156 Jan
1,600 33)6 F'eb 40
Jan
2,575
4)6 Feb
6
Mar
1,700
2)6 Jan
3 56 Jan
61,600 65c Apr
156 Apr
2,000 69c Apr 70c Apr
600 620 Apr 84o Apr
11,600 34c Jan 2)6 Mar
600
56 Jan
Jan
61,000 21o Feb noc Mar
91
93)6 95 X $72,000 93)6 Apr 100)6 Jan
osx 98 5* 9856 5,000 98)6 Apr 100 Mar
98
9 8 )6
98)6 38,000 98 Mar 98*6 Feb
95)6 95 K 5,000 95)6 Apr 95)6 Apr
101)6 101)6 10,00(1 101)6 Apr 101X
10,000 45 Apr 02
45
45
Jan
Apr 109
Jan
101 Vg 100 lfti)6 95,000 100
70,000 100 Apr 110K Jan
102)6 102)6 104
98
98)6 6,000 97)6 Apr 98)6 Mar
7,000 83 Mar 89
85
84
84
98
98)6 12,000 97)6 Apr 98)6
Apr 98)6 Jan
95)6 122,000 93
93 X 93
98,000 84)6 Feb 9456
88
85
85
98 11 71,000 98
Apr 99)6
98
Apr 99
98
98)6 30,000 98
F’eb
________________________

IX 1 1-16 1)6
30c 34c
32c
59c 03c
65c
42c 42o
156
1%
IX
1 1-32 81c 1-32
3-16
X
X 5-10
8
9
10)6 10)6 11
1X IK
1'A
3-16 3-16 7-32
4
4
4
12c 13c
13c
23
23
23
11-16
X
A
X
M
39c
38c 41c
33c
27c 38c
21c
21c 24c
4X 4)6
3
3X
3K
6 7-16 3 7-10
40c
35c 42c
13-16
X
X
4)6
4A
456
46c
40c 48c
A
X
A
7 V, (* Nr*
36X 36)6 36)6
5
4)6 5M
3X
3)6 356
1
IX
156
69c /Oc
70c
72c 72c
IX
I X 115-16
X
A
X
32c
32c 3Ge

* Odd lots, t No par valuo. f Listed as a prospect. I Listed on the Stock Ex­
change tlds week, where additional transactions will bo found, o New Stock, r
Unlisted. tt Ex-cash and stock dividends, w When Issued, x Ex-dividend, y Exrlghts. z Ex-stock dividend.
CURRENT

N O T IC E .

— A l l t h e b o n d s h a v i n g b e e n s o l d , W i n . 1\ B o n b r i g h t & C o . , I n c . , c o r n e r
N a s s a u a n d C e d a r S t s . , t h is c i t y , a d v e r t i s e d in la s t w e e k ’s i s s u e a s a m a t t e r
o f r e c o r d o n l y a n e w is s u e o f .$ 2 ,7 5 0 ,0 0 0 U n it e d S t a t e s P u b l i c S e r v i c e C o .
f i r s t lie n 6 % b o n d s , d u o F e b . 1 1 9 2 7 , a t 9 9 a n d a c c r u e d in t o r s e t .
— E d w a r d B . S m it h & C o . h a v e is s u e d a n in t e r e s t i n g c i r c u l a r r e g a r d in g
t h e P e n n s y lv a n ia R R . , c o n s i s t i n g o f " a g e n e r a l d i s c u s s io n a n d r e v ie w o f t h e
c o m p a n y ’s a n n u a l r e p o r t f o r t h e y e a r e n d e d D e c . .’ SI 1 9 1 0 , w it h g r a p h i c s . ”
— A . G . B e c k e r A C o . a n n o u n c e t h e r e m o v a l o f t h e ir o f f i c e s o n F r i d a y ,
A p r i l 2 7 t o t h e b a n k in g f l o o r o f t h e H o m e I n s u r a n c e B u il d i n g , t h e
n o r t h e a s t c o r n e r o f L a S a lle a n d A d a m s S t r e e t s , C h i c a g o , 111.
— G l o v e r & M a c G r e g o r , 3 4 5 F o u r t h A v e . , P i t t s b u r g h , a r e o f f e r i n g a lis t
o f b o n d s a n d s h o r t - t e r m n o t e s , m u n i c i p a l , I n d u s t r ia l a n d r a i lr o a d , t o y i e ld
4 .2 0 t o 0 % .
C i r c u l a r w ill b e m a i le d t o in q u i r e r s .
— L o u is d o C o n i n c k , s o l d a t B e lg e .'a u 5 t h R e g im e n t d e L I n g n e , B a r r a q u e 17
C a m p I , In te rim a F o i s t ( H o l l a n d o ) , d e s ir e e o r r e s p o n d a n t a u c o r r e s p o n d a n t o
F ra n ca ts.
— S c a s o n g o o d , H a a s & M a c d o n a ld o f i W a ll S tr e e t, th is c it y , a n n o u n c e
t h a t t h e y w ill m o v o o n M a y 1 t o t h e C o l u m b i a T r u s t B l d g . , GO B r o a d w a y .

New York City Banks and Trust Companies
A ik

570
245
182
175
160
105
250
120
400
205
500
215
—
—

335
100
75
—

4800
220
1055
190
140
„.
255
325
705
250
525
227
1000
330

Banks.
Manhattan •
Mark A Fult
Mech A Met
Merchants .

B id

Pacific
Public *..
Seaboard .
Second .
Sherman .
IStato •
23d Ward*
Union Exch
'Unit States*
Hash H’ts*
Wcatch Av*
West Side*
Yorkviiie*..
B rooklyn

Coney Isi’d*
first.........
Matbush ..
Grecnpoint .
Hillside *.._
Homestead •
Mechanics*.
Montauk*..
Nassau.......
Natlon’ICIty
NorthSIde*.
People's----

270
450
225
188
230
450
395
120
100
100
155
600
275
190
300
590
126
255
110
156
no
128
90
200
265
175
130

* B a nks m arked w ith a (* ) are S ta te ban ks
ch a n g e this w eek . ( N e w sto c k , r E x -rlgbte.




A ik

325 335
___ 255
320 330
218
275 300
Metropol’n * 180 190
Mutual*. - 375
New Neth* 215 226
400
500
1US
240
416
130
110
135
165
350
610
135
270
155
165
120
115
138
105
210
275
200
140

New York City Realty and Surety Companies
B id

Alliance R’ty 70
Amer Surety 125
Bond A M G 252
Casualty Co
City Invest g 15
P r e fe r r e d ..
60

Ask

77
130
258
21
67

B id

Lawyers Mtg 148
Mtge Bond. 98
Nat Surety. 220
N Y Title A
90
M t g e ____

Aik

154
103
227
100

B id

Realty Assoc
(Brooklyn) 95
U S Casualty 200
USTitleG&l 80
Wes A Bronx
Title AM G 165

A lt

99
95
180

Quotations for Sundry Securities
A ll b o n d p r i c e s a r e “ a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d “ f
S ta n d a rd

O il S t o c k s

Pe r Share
Par B id . Aik

RR. Equipments—

F erC t B a t i t

Bid

4 It .

A n g lo -A m e r O il n e w ____ £ i
*16 17 Baltimore A Ohio 4KI___
4.75 4.50
A tla n tio R e fin in g _________100 905 915
Buff Roch A Pittsburgh t )*» 4.75 4.50
B orn e-S cry m eer C o _____ 100 430 460
4 75 4 50
Equipment 4s_____
B u ck ey e P ip e L ine C o . . . 60 '102 105
Canadian Pacific 4V$s.
4.75 4.50
C h esobrough M fg n e w _ _ _ io o 400 420
Caro Cllnchf A Ohio 5f
5.25 4.76
C olon ia l OH_______________ 100
50 70 Central of Georgia 5s______ 4.80 4.50
C on tin en ta l O il.......... . . . 1 0 0 530 550
Equipment 4Hs______
4.80 4.50
C rescen t P ipe L ine C o ____ 50 *39
41 Chicago A Alton 4s..........
5.26 4.76
C u m b erlan d P ip e L i n e . . 100 155 165
Chicago A Eastern 1116W<5.75 5.60
E ureka P ipe L ine C o ____ 100 215 225
Equlpment 4Ms______
5.75 6.60
G alen a-S ign al O il c o m . . . 100 150 155
Chio Ind A Louisv 4H «___
5.00 4.50
P referred _______________ 100 138 142
Chlo St L A N O 6g....... .
4 75 4.45
Illin ois P ip e L in e ________ 100 226 230
Chicago A N W 4J4> . ..
4 50 4.25
98 101 Chicago R I A Pac 4X* . .
Indiana P ip e L ine C o ____ 60
5 25 4.75
In tern a t P e tro le u m _______£1 *1312 14
Colorado A Southern 5«__
5.00 4.50
18 Erlo 5s________________
N a tion a l T ra n sit C o . . 12.60 •16
5.00 4.70
Equipment 4Xa_______
N ew Y o r k T ra n sit C o . . .1 0 0 195 205
5.00 4.70
Equipment 4s...............
98 102
N orth ern P ipe Line C o . -1 0 0
5.00 4.70
Hocking Valley 4s............
O h io OH C o ..............................25 365 370
4.90 4.60
Equipment 6s________
50
P e n n -M e x Fuel C o ________ 25 *45
4.90 4.60
P ierce Oil C o r p ____________ 25 *13
1312 Illinois Central 5s_______
4.60 4.40
F rslrle OH A G a s ................ 100 530 540
Equipment 4 Vis...........
4.60 4.40
P rairie P ip e L in e _________100 295 300
Kanawha A Michigan 4Hs
5.00 4.50
Solar R e fin in g ___________ 10C 340 360
Louisville A Nashville 6s.. . 4.60 4.35
Southern P ip e Line C o . .1 0 0 202 207
5.00 4.50
Minn St PASS M 4H»..
S outh P en n OH.....................100 298 303
Missouri Kansas A Texas Ss. 6.00 5.00
Sou th w est P a P ip e L in e s . 100
6.00 5.00
113 Misaouri Pacific 5s____. . .
S tand ard OH (C a liforn ia ) 100 270 275
6.25 4.75
Mobile A Ohio 5s.............
Stand ard OH ( I n d ia n a ) .. 100 780 790
5.25 4.75
Equipment 4Vis______
Stand ard OH (K a n s a s )..1 0 0 455 470
New York Central Lines 6S— 4.75 4.50
S tand ard O il (K e n tu c k y ) 100 355 365
Equipment 4Hs....... ...... 4.75 4.50
Stand ard O il (N e b ra sk a ). 100 550 .575
N Y Ontario A West 4H i... 5.00 4.50
Stand ard OH o f N ew J e r .1 0 0 630 635
Norfolk A Western 4Ms___ 4.55 4.35
S tand ard OH o f N ew Y ’rklOO 300 305
Equipment 4s......... .
4.55 4.35
S tand ard Oil (O h io ).......... 100 440 460
Pennsylvania RR 4)4«____ 4.50 4.30
Sw an A F in c h ____________ 100 100 110
Equipment 4 s ............... 4.50 4.30
U nion T a n k Line C o ____ 100
92 94 St Louis Iron Mt A Sou 6s.. 5.25 4.75
V a cu u m OH_______________ 100 370 380
St Louis A San Franoitco 5i 6.00 5.00
W a sh in g ton O il___________ 10 *30
40 Seaboard Air Line 5s______ 5.00 4.70
B on ds.
Per Cent.
Equipment 4Xs_______ 5.00 4.70
P ierce O il C o r p co n v 6 s . 1924
82 84 Southern Pacific Co 4Vis__ 4.75 4.45
O r d n a n c e S t o c k s —Per S hare.
Southern Railway 4Vi*____ 4.90 4.50
20 Toledo A Ohio Central 4s__ 5.00 4.50
A etn a E x plosives p r o f . . 100
10
A m er A British M f g _____ 106
9 11
P re fe rre d _______________ 100
30 35
Tobacco Stocks Per ehafi.
A tlas P ow d er c o m m o n . . 100 156 158
Fat: Bid. AIt
P re fe rre d _______________ 100 100 102
A m erican C igar eom m onlO O ; 107 112
B a b c o ck A W ilc o x _______100
P referred ............................ 100! 97 100
125
Bliss (E W ) C o c o m m o n .. 60 *450 500
A m er M a ch in e A F d r y . . l 0 0 ; 80
90
P re fe rre d ..................
60 •73
78 B ritleh -A m er T o b a c o r d . . £ l *18 19
19
B u ffa lo C o p p e r A B rass
O rd in a ry, b ea rer.............£1 *18
550 650
C a n a d a F d y s A ForglngslOO
160 C o n le y F’ o !!............................100 250 300
Joh n son T in F’ oll A M e t . 100 100 130
C a n adian E x p losiv es comlOO 350 450
P referred _______________ 100 104 110
M a cA n d rew s A F o r b e s .. 100 20.5 220
C a rb on Steel c o m m o n ...1 0 0
7.8 8.5
P referred ............................ 100 100 103
88
1st preferred ___________100
93 R e y n o ld s (R J) T o b a c c o . 100 500 550
2d preferred __________ 100
P referred ............................l o o ; 116 122
65 70
C o lt 's P a ten t Fire Arm s
Y o u n g ( J S ) C o .................. 100 165 176
M f g ...................................... 100 « 99 104
P referred _________
100 105 110
d u P o n t (E I) de N em ou rs
S h o r t T e r m N o t e s . Percent.
A C o , c o m m o n _______100
246 249
D eb en tu re s t o c k ____ 100 102 104
E m pire S teel A Iron c o m . 100
30 37 A m C o t Oil 5s 1 9 1 7 .. . M A N 100 1 0 0 b
P referred _______________ 100
70 80 A m er L o co m 6s. Ju ly ’ 1 7 .J -J 100 lOOig.
H ercules P ow d er c o m . . . 100 245 250
Am T A T 4V is 191 8............... 1 0 0 b 1003*
P referred ..................
100 118 121
B eth Steel 5s 1919 . .F A A 1 5
98
98b
H op k in s A A llen A r m s .. 100
5 15 C a nadian P a c 6s 1 9 2 4 .M AS2 1013*102
P referred _______________100
50 C h lo A W ert Ind 5 s ’ 1 7 .M A S 9934 1001*
20
MIHIken B ros p r e f_______100
30 35 E rie R R 5s 191 9.............A -O 977* 981*
N lies-B cm en t-P on d c o m . 100 163 168
G eneral R u b b er 5s 1918 J A D
983* 99i >
P referred _______________ 100 105 110
H ock in g Valley 6s 1 9 1 7 .M -N 100 1 0 0 b
P en n S eab oard Steel (n o par)
50 58 In t H a rv 5s F eb 15 ’ 1 8 .F -A 100'* 1005*
P h elps D o d g e A C o ____ 100 295 305
K C R y s 6 V ii 1 91 8____ JA J 100 1003*
S cov lil M f g ____________ . .1 0 0 560 570
K C T erm R y 4 X s ’ 1 8 . M A N
99 100
27
20
T h o m a s I r o n ..................
60
4 H s 192 1......................... J A J
981" 100
W in ch ester R ep ea t A rm s 100 800 900
L a cled e G as L 5s 1 91 9. F A A
99n 100
55 65 M o r g a n A W r lg h t 5s D e c . 1.18 100 ( 0 0 'j
W o o d w a rd I r o n __________ 100
P u b l i c U t i l it i e s —
N ew E n g N a v 6s 1 9 1 7 .M -N 100 I00U
A m G as A E lec c o m _______66 128 132
N Y C en tral 4 H s M a y 1918
9 9 b 993*
P referred ________________ 60 *491 50U N Y N H A D J s A p r 15 1918
9 7 b 98U
A m L t A T r a c co m m o n .-M X 328 330
Penn C o 4 X a 1 9 2 1 ..J A D 1 6
9934 iOfli*
P referred ............................10C 111b 113
P u b Ser C o rp N J 5 s ’ 19 M AS
98b M b
R em A m s U .M .C .5 s ’ 19F A A
75
85
Preferred................... IOC 90 9U" Southern R y 5s 1 9 1 9 ..M -S 2 97«4 98
Amer Public Utilities corolCC 35 38 U n ited Fruit 5* 1 9 1 8 .. M -N 997* 001*
Preferred................... 104 07 69 U ta h S ecu rC orp fls’ 32 M -S 1 6 94 95
Cities Service Co com... lot 2S5 287 W in ch es R ep A rm sS s’ lS M & S 9 5 b 95-b
Preferred..
IOC 88 881" N ew Y o r k C i t y N o t e s —
Com'w’lth Pow Ry A L_. IOC 50 55 6« Sept 1 1917........................... . 100 b 100’ s.
Preferred................... 10< 75 78
C a n a d ia n G o v t . N o te a —
Elec Bond A Share pref..lO< 100 101 5s A u g 1 1 9 1 7 ................... FA A 100 1 0 0 b

IOS

121

— S p e n c e r T r a s k & C o . h a v e is s u e d a t w e l v e - p a g e p a m p h l o t p r e s e n t in g
b r i e f d e s c r ip t i o n s w it h a p p r o x i m a t e y i e ld s a s o f A p r i l 19 1 9 1 7 o f t h e m o r o
I m p o r t a n t F o r e i g n G o v e r n m e n t a n d M u n i c i p a l S e c u r it ie s is s u e d s i n c e
A u g . 1 1 9 1 4 , a n d w h ic h a r e o f g e n e r a l in t e r e s t t o in v e s t o r s in t h is c o u n t r y .

Danka-JV.Y, B id
America*.. 560
Amer Exch. 238
Atlantio... . 175
Battory Park 165
Bowory* .. 400
Bronx Boro* 200
Bronx Nat.. 150
Bryant Park* 145
Butoli A l>r. 05
368
Chat A Fbtn 210
Chelsea Ex* 100
Chemical__ 390
Cl tlieus----- 195
490
City .........
Coal A Iron. 205
Colonial*-- 450
•lift
Columbia*
Commerce. tl77b
Corn Exch* 325
Cosmopol’n* 85
East River.. 65
Fidelity • . 150
Fifth Ave*.. 4300
Fifth____ 210
First.. . . . 1035
Gar Held . . 180
Germ-Atner* 135
German Ex* 390
Germania *. £235
Gotham__ 220
Greenwich • 310
Hanover. .. 695
llarrlmnn . 1235
Imp A Trad 610
Irving __
220
Liberty___ 970
Lincoln. . .
310

1691

B id

A lt

Bankers Tr. 470
B'way Trust 167
ContralTrust 785
i 295
Commercial. j 115
Kmpi r e ___ 285
Equitable Tr <360
Farm L A Tr <470

475
165
795
305
300
370
480

270
435
138
118
100
385

2S0
442
145
124
110
395

N tu \ Y ork

Fulton.......
Hudson___
Law Tit A Tr
Lincoln Tr..
Metropolitan
Mut’l (Westcheater) ..
N Y Life Ins
N Y Trust..
TltlcGu ATr

125
960
600

415
US Mtg Tr 445
1010
130

Queens C o . .

985
010
305
155
425
455
1026
140

000
245
265
650
160
288

610
255
275

75

85

• Sale a t a u ction nr at S tock E x -

x E x - 100% stook dividend.

F)l Paso Elec Co com___106 107 112
F’cderal Light A TractioulOt 11 13
In d u s tr ia l
a n d M U r e ila n e c o s
Galv-IIous Elcc Co pref. 100 75 80
Great West Pow 5s 1946 JAJ 86 87 A m erica n Brass_______. .1 0 6 315 U S
Mississippi Uiv Pow comlOO 9 10 A m erican C h icle c o m ____ l o o 44
46
Preferred......... .........100 34 38
P re fe rre d ............................ lo o ; 73
78
1st M 5s 1951...........JAJ 74i» 701" A m G ra p h op h on e c o m . .1 0 0 111 115
North'n States Pow com.100 96 98
P re fe rre d ............................ 100 118 122
Preferred................... 106 98 100 A m erican H a rd w a re ____ 100 135 140
Northern Tex Elcc Co ..100 53 56 Am er T y p efou n d ers c o m . 100 37 40
Preferred................... 100 SO 85
P referred ............................100
87
90
Paclflo Gas A Elec com.. 100 58 59 B ord en 's C on d M ilk c o m . 100 105 107
1st preferred_____ ..100 92 93U P r e f e r r e d .................... . .1 0 0 ' 100 102
Puget Sd Tr L A P com.. 100 26 30 C ellu loid C o m p a n y _____ 100 1S4 194
Preferred..... ............. 100 70 74 H a v a n a T o b a c c o C o ------ 100i
1
2
Republic R y A Light___100 36 37
P referred _______________ 100j
3
6
Preferred...................100 6712 68b
1st g 5s June 1 1 9 2 3 .. J - D / 5 0
55
South Calif Edison com.. 100 88 91 In tercon tln en R u b c o m . .1 0 0 11 12
Preferred...................100 105 107 In tern at Banking C o ____ 100 160 ______
Southwest Pow A L pref 100 rf97b 100 Internation al S a it.............lOOl 58
60
Standard Gas A El (De ) 50 *12 13
1st g 5s 195 1................A -O
78
81
Preferred.............. . . so *37 38 Internation al Sliver p r e f . 100 100 103
Tennessee Ry L A P comlOO 6
Lehigh V alley C oa l S a les. 50 *87
90
7
Preferred................... 100
32 O tis E lev a tor c o m .............106 60 63
United Oas A Fisc Corp.100 5
P referred ............................100
87
91
8
1st preferred..............lot) 65 72 R em in g ton T y p e w r ite r —
j
2d preferred..............100
12
C o m m o n ..................... . . . 1 0 0 '
1 4 b 16
7
United Lt A Ry* com...100 41 43
1st p referred ................. .1 0 0 ; 79 j 81
1st preferred.............. 100 71b 72b
2d p re fe rre d .....................100
4 8 b 1 493*
Western Power common.100 15 !6 I R o y a l B a kin g P ow d c o m . 100 145 155
Prelerred...................100 54 57 1 Preferred .
10f|! 99 102
• P er share. 6 B a sis,
/ F l a t p r ice , n N o m in a l,

d P u rch a ser also p a y s a ccru ed d iv id e n d , e N e w s t o c k .
o E x -1 0 0 % d iv id e n d , x E x -d iv id e n d , v E x -rlg h ts .

[Vol. 104.

THE CHRONICLE

1693

imrestmetil m d JUiIruad Intelligent*,
RAILROAD

GROSS

EARNINGS.

T h e fo llow in g ta ble show s the gross earnings o f ev ery S T E A M railroad from w hioli rogular w eekly or m on th ly retu rn i
oan be o b ta in e d . T h e first tw o colum ns o f figures g ive the gross earnings for the latest w eek or m on th , and the last two
oolu m n s the earnings for the period from Ju ly 1 to and including the latest w eek or m on th .
W e ad d a su pplem en tary
statem en t to sh ow the fiscal year totals o f those roads w hose fisoal year does n ot bogin w ith J u ly , bu t covers som e other
p e rio d . The returns of the electric railways are brought together separately on a subsequent page.
________
__
Latest Gross Earnings.
HOADS

Week or
M onth.

Current
Year.

Previous
Year.

J u ly 1

Current
Year.

,

Week or
M onth.

Previous
Year.

$
A la N O & T e x P a c$
1 , 2 8 2 ,7 5 5
1 ,4 8 3 ,1 0 3
1 4 2 ,7 9 7
A l a & V i c k s b u r g . M a r c h _____
1 6 6 ,4 1 6
1 3 8 ,7 9 4 1 , 5 4 3 .1 5 8 1 ,2 6 0 ,9 3 4
V i c k s S h r o v & P . M a r c h ------1 7 6 .9 4 5
5 0 .9 2 6 2 ,1 7 4 ,8 0 3 2 ,0 8 6 , 6 7 0
A n n A r b o r __________ 2 d w k A p r
5 6 ,2 3 4
A t c h T o p e k a & S F e M a r c h . - I - ! 1 3 5 3 4 107 1 1 5 3 2 7 9 2 1 1 5 2 7 5 0 6 3 9 8 , 8 1 0 , 6 7 3
5 8 ,7 2 9 2 , 9 6 1 , 1 8 4 2 ,4 5 3 , 4 4 4
A t la n t a B ir in & A tl 2 d w k A p rl
7 5 .0 0 1
9 0 5 ,7 3 2
1 1 2 ,5 4 3 1 .0 3 0 .5 5 6
1 2 4 .0 6 2
A tla n ta & W e s t P t . " e b r u a r y .
A t l a n t i c C o a s t L in e F e b r u a r y . . 3 . 7 9 0 , 3 1 5 3 ,3 4 8 ,3 0 7 2 5 ,7 8 5 ,7 7 4 2 1 , 8 3 1 , 3 5 6
1 5 6 .9 2 9 1 ,3 8 3 ,5 3 5 1 ,2 1 6 ,6 1 1
1 6 5 ,8 6 2
C h a r ie s t & W C a r F e b r u a r y .
1 3 7 .1 7 7 1 ,2 4 6 .8 6 3 1 , 0 5 4 ,0 2 4
L o u H e n d & S t L F e b r u a r y _| 1 7 0 ,4 9 7
o B a l t i m o r o & O h io M a r c h . . . . 9 ,6 9 2 ,7 6 6 9 ,2 6 9 ,7 1 1 8 9 , 4 7 1 , 2 8 0 8 2 ,0 7 9 , 4 8 0
1 3 9 .6 7 4 1 , 2 1 5 ,1 1 9 1 , 1 3 7 ,0 6 5
1 2 8 ,0 0 9
B & O C h T e r R R F eD ru ary
3 2 5 ,7 6 1 2 ,6 9 2 ,7 3 8 2 ,3 4 5 ,4 6 3
3 4 9 ,9 1 9
B a n g o r & A r o o sto o k F ob ru a ry _
4 7 1 .8 2 0 7 ,5 3 2 ,7 1 6 7 ,4 2 9 ,8 2 1
4 7 3 ,4 1 3
B e s s e m e r & L E rie F e b ru a r y .
7 2 0 ,2 4 1
9 3 ,3 4 2
7 4 5 ,6 0 5
B i r m in g h a m S o u t h M a r c h _____
1 0 0 ,6 4 6
B o s t o n & M a i n e ___ F e b r u a r y . 4 ,0 0 1 ,8 8 4 4 .0 2 3 ,0 1 9 3 7 ,4 6 2 ,5 8 4 3 3 ,8 6 3 .2 8 4
2 3 3 ,1 6 2 1 0 ,6 1 6 ,8 7 3 9 , 6 2 2 , 2 2 1
3 d w k A pr
2 6 8 ,9 4 6
B u ff R o c h * P ltts b
1 ,2 5 7 ,9 0 1 1 ,3 0 5 ,0 4 3
1 3 7 ,2 2 7
1 4 1 ,2 2 9
M a r c h ..
B u ffa lo & S u sq R R
6 3 4 ,3 0 0 3 2 , 4 7 9 , 3 0 0 2 6 , 1 1 4 , 8 0 0
“ 6 5 ,6 0 0
C a n a d ia n N o r S y s t . 3 d w k A p r
C a n a d i a n P a c i f i c . . 3 d w k A p r 2 , 7 0 8 , 0 0 0 2 , 3 4 3 , 0 0 0 1 1 6 0 2 3 5 5 0 ,1 0 1 4 8 4 8 2 0
1,951.085
2 7 4 ,7 5 4 2 .2 3 3 ,5 4 6
C a r o C l i n c h f & O h io F e b r u a r y .1 2 8 9 .3 9 6
C e n t r a l o f G c o r g i a . M a r c h _____ 1 ,2 4 3 ,8 8 5 1 , 1 2 8 ,5 1 5 1 1 ,2 1 2 ,7 0 1 9,638,975
C e n t o f N e w J e r s e y F e b r u a r y . 2 ,6 0 6 ,8 7 5 2 , 6 8 9 ,7 7 3
3 7 3 ,4 3 2 3 ,5 7 1 ,4 1 2 3 .1 9 9 , 0 4 0
3 1 1 ,9 2 1
C e n t N e w E n g la n d F e b r u a r y .
3 3 3 .5 0 6 2 , 8 6 0 ,2 4 2 2 ,7 7 4 ,3 8 9
C e n tra l V e r m o n t .. F eb ru a ry .
2 5 1 ,4 2 7
9 1 4 ,0 2 1 4 0 ,4 5 6 .8 0 8 3 8 , 5 2 1 .4 5 2
9 9 6 ,1 3 4
C h e s & O h io L i n e s . 3 d w k A p r
F e b r u a r y . l ,<#76,715 1 ,3 4 4 ,5 6 3 1 2 ,5 1 9 ,3 9 8 1 1 0 ,7 6 2 ,6 2 3
C h ic a g o * A l t o n . .
C h i c B u rl & Q u in c y F e b r u a r y _ 8 . 5 9 2 . 7 0 5 8 , 2 4 9 ,3 1 3 7 7 . 2 7 4 ,7 3 4 6 8 , 4 7 2 , 1 8 3
b C h i c a g o & E a s t III F e b r u a r y _ 1 ,4 7 6 ,3 3 4 1 ,4 2 1 ,5 8 0 1 1 ,8 6 7 .4 2 6 ! 1 1 ,1 9 4 ,8 9 6
3 0 9 ,0 5 6 1 3 ,0 0 7 .4 2 6 1 2 ,0 2 3 .8 0 9
c C h i c G r e a t W e s t - 2 d w k A p r ! 3 2 0 .4 5 0
1 5 6 ,3 2 9 7,013,923 6 , 1 2 5 , 0 4 2
1 8 7 .4 8 9
C h ic In d & L o u is v . 3 d w k A p r
1,730,098 1 , 5 1 1 ,1 0 7
1 9 0 ,0 7 4
F eb ru a ry _
2 0 1 ,9 0 3
C h ic a g o J u n e R R .
,5 1 4 .6 2 5 7 ,6 9 9 ,2 2 9 74,231,688 6 9 .7 4 7 .0 1 1
C h i c M i l w & S t P . _ F e b r u a r y . 6___________
d C h l e * N o r t h W e s t F e b r u a r y . 7 ,3 3 2 , 6 1 7 , 7 , 6 8 1 . 8 0 4 69,847,334 6 2 , 3 9 0 , 8 3 8
1,282,134 1 ,1 6 7 ,6 2 7
1 6 1 .5 3 6
1 4 4 ,6 1 7
C h ic P e o r ia & S t L F e b ru a r y .
C h i c R o c k I s l & P a c F e b r u a r y . 5 . 9 4 9 . 9 7 8 5 , 7 4 8 .7 S 1 54,934.402 4 8 , 2 4 9 ,1 9 2
2 9 3 ,9 9 6
2 4 5 ,7 2 0 2,514,830 2 , 1 5 7 , 0 5 4
C h ic R I & G u lf . F e b ru a r y .
d C h i c S t P M & O m F o b r u a r y . 1 , 2 9 8 .6 8 5 1 .5 1 1 ,2 8 8 14,506,086 1 3 ,2 6 1 ,3 0 8
. 00
2 5 t , 8 3 3 2,080.497 1 ..7 4 0 ,0
2 6 5 .5 8 5
‘->51
C h ic T e r r e H & S E F e b ru a ry .
6 7 2 .2 4 7 7,054,4 10i 7,239.292
7 1 5 .1 7 0
C in H a m & D a y to n F e b ru a ry .
1,211,3011 1,068,091
1 0 6 .2 5 7
9 6 ,2 7 8
C o lo r a d o M id la n d . F o b ru a ry .
2 7 4 ,5 3 4 14,321,129,12,889,957
e C o l o r a d o & S o u t h 3 d w k A p r 3 0 7 ,9 2 4
191,3551
117,212
2 2 .8 5 6
2 3 ,9 1 5
F ob ru ary .
C o r n w a l l __________
353,328
299,126
3 9 ,3 6 9
3 2 ,0 3 4
C o r n w a ll & L e b a n o n F e b ru a ry _
6 9 1 ,4 8 0 3,936.2951 3,231.779
7 6 1 .1 1 9
C u b a R a i l r o a d _____ J a n u a r y . .
D e l a w a r e * H u d s o n F e b r u a r y - 1 ,7 6 2 ,7 0 6 2 ,1 2 5 .2 6 5 17,530.616 17.217,616
D e la L a c k & W e s t F e b r u a r y . 3 ,9 6 6 ,7 2 5 3 .8 7 3 ,8 9 8 35,052,972 32,503.627
1 4 1 ,6 0 0 21,911.362 20,187,916
10,000
D e n v & R io G ra n d e 3d w k A p r
2 0 , 9 3 5 1 ,5 5 9 ,9 9 9 1 ,5 2 0 ,8 8 0
4 6 ,0 2 5
D e n v e r * S a lt L a k e 2 d w k A p r
8 9 4 ,0 1 5
9 8 2 ,1 5 5
2 6 ,6 5 4
2 8 ,0 9 8
D e tr o it * M a c k in a c 2 d w k A p r
1 ,0 0 4 ,6 7 6 1 , 4 4 3 ,7 1 2
1 7 9 ,6 6 7
1 8 2 ,3 3 8
D e tr o it T o l & Iron t F eb ru a ry .
1 ,1 1 7 .1 5 2
1 ,1 3 4 .9 5 4
1 6 1 ,0 4 3
1 4 0 .5 8 7
D e t & T o l S h ore L . F eb ru a ry .
1 1 5 .5 6 3 4 , 8 6 2 , 1 0 0 4 .1 7 9 , 1 6 5
1 0 3 ,9 3 5
D u l * Iron R a n g e
M a r c h _____
1 2 9 ,5 9 7 1 0 ,0 5 4 ,9 7 6 7 ,0 5 0 .0 1 1
1 5 5 .6 4 9
D u l M ls s a b e & N o r F e b r u a r y .
6 7 ,5 7 7 3 , 0 9 7 , 8 2 6 2 , 6 7 8 , 1 2 8
8 8 ,1 1 3
D u l S ou S h oro & A tl 2 d w k A p r
1 8 6 ,4 9 7 1 , 2 4 7 ,6 6 3 1 .0 0 1 .7 2 1
1 9 9 ,7 8 3
D u lu th W in n & P a c F e b ru a ry .
, „ 1w0 1 ,1 3 8 .5 4 7 9 ,2 9 8 ,9 9 0 8 . 4 5 1 . 1 7 9
E lg in J o l ie t & E a s t F o b r u a r y . 1 ,0 6 7 .2
E l P a s o & S o W e s t . F e b r u a r y . 1 ,1 6 9 ,9 1 2 1 8 8 0 ,4 9 6 9 , 3 2 3 , 2 5 0 6 , 6 8 0 , 9 2 3
F e b r u a r y . . 5 .0 0 1 ,6 0 8 5 ,7 6 0 ,0 5 4 4 8 , 8 0 1 , 4 1 5 4 8 . 2 9 4 .3 2 6
E r ie
8 8 6 ,3 8 6
8 2 4 ,5 3 0 5 ,7 1 7 ,6 1 6 1 4 ,0 1 8 , 2 7 2
F l o r id a E a s t C o a s t F o b r u a r y .
7 6 4 ,8 0 8 1
6 9 7 ,4 0 0
9 0 ,1 9 8
8 0 ,2 6 0
F o n d a J o h n s * G l o v M a r c h _____
2 5 8 ,8 5 7 ! 2 4 5 ,8 4 2 2 ,4 6 7 , 6 4 9 2 , 0 8 4 . 1 5 3
F eb ru a ry .
G e o rg ia R a ilr o a d .
4
,
0
3
8
,
6
1
6
4
,
0
1 4 ,8 0 4
1
0
6
,8
4
0
1
1
3
,6
6
2
1st
w
k
A
p
r
G ra n d T ru n k P a c.
G r a n d T r u n k S y s t 3 d w k A p r 1 ,0 8 5 ,0 3 1 1 ,0 5 9 ,6 6 1 5 0 ,0 1 5 ,3 3 1 1 3 ,4 9 4 ,5 8 0
G r a n d T r u n k R y 4 t h w k M a r 1 . 4 6 5 .9 6 4 1 ,2 9 3 ,1 6 9 3 7 , 2 7 5 ,3 0 9 3 1 , 2 7 7 . 1 9 5
2 4 7 ,7 1 3 1 2 2 6 ,5 2 5 6 , 6 2 1 , 2 5 0 6 , 4 7 1 , 2 5 0
G r a n d T r k W e st 4 th w k M a r
1 0 2 ,7 0 7 1
7 3 ,5 6 7 2 ,3 3 9 ,4 8 6 2 , 3 9 3 , 7 7 6
D e t G r H & M ilw 4th w k M a r
G r e a t N o r t h S y s t e m M a r c h _____ 5 ,7 8 6 ,0 0 0 6 ,3 7 7 ,9 7 7 6 3 ,6 6 7 .4 8 2 6 0 ,7 1 6 ,9 5 0
1 54 ,584 1
1 6 0 ,1 0 7 1 ,3 4 1 ,9 4 4 1 ,3 0 6 .1 9 0
G u lf M o b ilo & N o r F o b ru a ry .
1 ,3 2 2 .8 9 2 1 , 2 9 6 .0 2 8
145,218 1
1 5 3 ,4 2 3
F ob ru a ry
G u l f & S h ip I s la n d
6 0 0 ,6 3 II 5 3 5 ,9 3 7 5 . 8 8 3 ,1 8 4 4 ,8 5 5 ,7 1 1
F ob ru a ry .
H o c k i n g V a l l e y ___
M a r c h _____ 7 .0 7 0 ,8 9 8 5 , 9 4 3 ,0 1 2 5 9 , 0 7 4 ,2 5 2 5 1 ,7 9 1 .5 7 7
I llin o is C e n t r a l ___
8 1 7 ,5 5 0 ! 7 4 8 ,9 4 6 7 , 8 9 8 , 5 5 8 6 ,3 1 4 .2 5 8
In te rn a t & G rt N o r F eb ru a ry .
K a n s a s C it y S o u t h M a r c h _____ 1 ,0 7 5 ,3 7 6 1 9 2 2 ,7 5 4 9 176.973 7 , 8 3 9 . 6 3 2
148 ,8 6 2 1
1 5 1 .5 9 6 1 ,4 5 6 ,3 2 0 1 ,4 0 0 .9 0 7
L e h ig h & H u d R i v e r F e b r u a r y .
2 2 2 ,2 4 2 ! 2 6 3 ,3 7 3 2 , 0 6 8 , 1 3 5 2 ,3 2 2 ,3 2 2
F eb ru a ry .
L e h ig h & N e w E n g
F e b r u a r y . 3 .3 0 4 ,7 5 3 3 , 4 7 9 ,8 4 7 3 2 ,6 8 1 .4 5 1 3 1 . 2 5 4 . 0 4 3
L e h ig h V a llo y
8 0 6 ,2 7 7
8 1 8 .6 4 1 7 .0 4 4 ,5 9 5 7 ,1 1 9 ,5 9 3
F eb ru a ry .
L o s A n g e le s & S L .
1 ,1 1 6 .0 1 5
1 0 7 ,2 0 1
1 0 9 .6 5 9
9 9 2 .2 6 0
F eb ru a ry .
L o u is i a n a & A r k a n
1 8 2 .0 1 4
1 5 4 .9 2 6 ! 1 ,5 4 8 .0 9 5 1 ,5 2 4 ,5 7 2
L o u is i a n a R y * N a v F e b r u a r y .
/ L o u i s v i l l o & N a s h v 2 d w k A p r 1 ,4 7 3 ,8 1 5 1 ,2 5 5 ,9 9 0 5 3 , 9 8 1 .2 9 5 4 7 , 1 7 6 , 0 1 6
1 .1 6 9 .9 6 5 1 ,0 3 1 ,3 4 3 1 0 ,0 0 8 ,4 5 0 8 , 8 7 8 , 8 3 3
M a in e C e n tra l
M arch .
3 5 4 ,8 8 3
4 0 ,0 4 7
3 7 9 ,3 9 0
4 3 ,3 0 6
M a r y la n d * P e n n - M a r c h .
1 , 2 0 7 .5 7 6
1 4 2 ,0 8 8 1 ,5 8 1 ,7 4 0
2 0 3 .2 0 2
F eb ru a ry .
M i d l a n d V a l l e y ___
8 4 0 ,3 8 8
2 2 ,8 6 0
9 2 6 ,1 8 5
2d w k A p r
2 3 ,1 7 5
M in e r a l R a n g e
2 0 2 ,3 5 2 8 , 9 0 2 . 0 7 2 8 ,8
. 5 0 ,0 8 0
2 4 0 ,2 8 1
M i n n e a p & S t L o u is 3 d w k A p r
6 0 2 ,2 6 9 2 6 , 5 5 6 . 3 8 3 2 8 , 1 9 0 ,4 4 8
6 1 2 .4 2 3
M in n S t P & S S M
3d w k A pr
5 6 .1381
5 4 1 ,9 1 0
5 3 4 ,2 6 0
5 1 .7 7 2
M is s is s ip p i C e n t r a l F o b r u a r y .
6 2 0 ,5 0 3 3 2 , 6 0 5 , 7 1 5 2 6 , 3 8 3 , 1 7 5
a M o K a n & T e x a s 3 d w k A p r 7 0 8 ,4 1 5
h M is s o u r i P a c i f i c . F e b r u a r y . . 5 ,6 5 9 .1 1 5 5 , 0 2 2 ,9 3 1 1 5 0 ,0 8 8 .0 1 2 4 2 .4 8 4 ,9 1 1
J N e w Y o r k C e n t r a l F e b r u a r y . . 1 3 6 3 3 8 1 7 1 5 2 3 1 3 7 5 1 3 3 4 3 7 8 7 9 ,1 2 2 2 7 9 7 3 3
B o s t o n & A l b a n y F e b r u a r y . . 1 , 4 3 1 ,9 0 6 1 , 5 6 3 .3 8 2 1 4 ,4 2 2 ,7 2 2 .1 2 ,7 2 7 .2 5 9
5 5 9 ,9 3 2 ! 5 , 2 3 0 , 317| 4 , 5 5 6 , 7 6 2
6 0 8 ,9 7 4
F e b r u a r y ..
n L a k e E r ie & W
M ic h i g a n C e n t r a l F e b r u a r y . . 3 , 4 5 0 , 2 1 0 3 , 3 5 0 , 0 6 7 3 2 , 0 2 8 , 0 7 3 2 6 . 6 0 4 ,8 5 2
C l e v e O C & S t ' F e b r u a r y . . 3 , 3 2 0 , 9 2 0 3 , 6 4 0 , 7 6 5 3 1 . 8 4 4 , 7 8 4 2 8 , 4 4 5 ,4 8 4
1 3 8 ,9 2 0 1 1 ,3 6 6 ,4 4 2 1 1 ,1 9 0 ,3 5 2
1 5 8 .4 2 4
C in c in n a ti N o rth F e b r u a r y ..
1 , 6 8 4 ,8 5 3 1 ,8 2 1 ,8 4 2 1 6 ,0 5 5 .6 5 1 ! 1 4 ,7 2 5 .3 1 7
P i t t s & L a k o E r ie F e b r u a r y .
4 4 9 ,1 1 2 1 4 , 3 9 4 , 1 5 6 , 3 . 5 3 0 , 9 5 2
4 3 0 ,1 7 2
T o l & O h io C e n t F e b r u a r y .
3 0 0 ,9 6 5 ! 2 . 1 9 6 , 0 2 5 2 ,4 0 5 ,9 3 4
2 2 8 ,9 8 9
K a n a w h a & M ic h F e b r u a r y .
T o t a ll lin e s a b o v e F e b r u a r y . . 2 4 9 4 8 2 6 5 2 7 0 5 6 3 6 2 2 4 0 9 7 6 1 0 5 12 1 6 4 6 6 6 5 3

J u ly 1

Latest Cross Earnings

to Latest Date.

N a sh v C h a tt & St L
N e v a d a -C a l-O r e g o n
N e w O rl G re a t N o r .
N Y C h i c & S t L o u is
N Y N H & H a r tf..
N Y O n t & W estorn
N Y Su sq & W e s t ..
N o r fo lk S o u t h e r n ..
N o rfo lk & W e ste rn N o r t h e r n P a c i f i c ___
N orth w estern P a c .
P a c i f i c C o a s t C o ___
p P e n n s y lv a n ia RR.
B a lt C h e s & A t l . . F e b r u a r y . .
C u m b e r l a n d V a il . F o b ru a r y .
L o n g I s l a n d ______ F e b r u a r y . .
M a r y ’ d D e l & V a F e b r u a r y ..
N Y P h ll a & N o r f F o b r u a r y . .
P h il B a lt & W a s h F e b r u a r y . .
W J o rs o y & S oash F e b r u a r y ..
P e n n s y lv a n ia Co___ F o b r u a r y . .
G ra n d R a p & In d F o b r u a r y ..
l l ’ lt t s C O & S t L . F o b r u a r y . .
T o t a l lin e s —
E a s t P i t t s * E r ie F o b r u a r y . _ 2 1 2 2 7 0 8 4
W e s t P i t t s & E r ie F e b r u a r y . _ 9 , 9 4 7 , 6 5 8
A ll E a s t & W e s t . F o b r u a r y . . 3 1 1 7 4 7 4 2
4 6 9 ,1 9 1
P e r e M a r q u e t t o ___ 1 st w k A p r
R e a d in g C o —
4 , 5 8 3 ,7 0 1
P h lla & R e a d i n g . F e b r u a r y
C o a l * I r o n C o . . F e b r u a r y . 3 ,1 8 5 .1 9 9
T o t a l b o t h c o s ___ F e b r u a r y . 7 . 7 6 8 . 9 0 0
3 4 8 ,8 9 6
R ic h F red & l ’ o to m F e b ru a r y .
9 2 ,6 9 4
R i o G r a n d e J u n e ___ D e c e m b e r
1 0 ,5 6 1
R io G ra n d e S o u t h .. 3 d w k A p r
2 7 6 ,0 3 0
R u t l a n d _____________ F e b r u a r y . .
1 6 4 ,1 6 4
S t J o s * G ra n d I s l. F o b r u a r y ._
3 8 0 ,4 0 3
S t L B ro w n sv * M . F eb ru a ry .
S t L I r o n M t & S o . F o b r u a r y . 3 ,1 3 5 .4 2 5
S t L o u is * S a n F ra n F o b r u a r y . _ 4 ,2 4 7 .6 0 4
3 0 6 ,0 0 0
S t L o u is S o u t h w e s t . 3 d wk Apr
S e a b o a r d A i r L i n e . . F o b r u a r y . . 2 , 5 4 9 .3 4 4
15480819
S o u t h e r n P a c i f i c ___ M a r c h . .
k S o u t h e r n R y S y s . 3 d w k A p r 2 ,0 8 0 ,6 5 5
4 4 8 ,3 3 6
A la G re a t S o u t h . F e b ru a ry
8 5 5 ,0 4 2
C i n e N O * T e x 1> F o b r u a r y .
2 5 2 ,1 8 5
M o b i l e * O h i o . . . 3 d w k Apr
4 5 ,7 6 8
G e o rg ia S o & F la . 3 d w k A p r
4 3 2 ,9 0 7
S p o k P o r t & S e a t t le F o b r u a r y
3 ,1 5 7
T e n n A l a * G e o r g i a 2 d w k Apr
1 2 0 ,9 3 4
T e n n e sse e C e n tra l F e b r u a r y ..
4 0 5 ,3 6 0
3 d w k Apr
T e x a s & P a c i f i c ___
9 7 ,7 2 5
T o l e d o P e o r & W e s t M a r c h _____
1 3 4 ,2 1 7
T o le d o St L & W est 2d w k A p r
6 8 ,0 1 3
T r in it y & B r a z o s . . . F o b r u a r y . .
U n io n P a c i f i c S y s t . M a r c h ------- 9 ,2 5 9 ,0 4 5
7 2 0 ,8 6 0
V i r g i n i a n ____________ F o b r u a r y .
M a r c h _____ 3 ,3 7 8 ,1 4 5
W a b a s h ____________
2 4 3 ,3 5 5
W e s te rn M a r y la n d 3 d w k A p r
F ob ru a ry .
4 8 0 ,9 8 5
W e s t e r n P a c i f i c ___
1 1 0 ,5 4 9
W e ste rn R y o f A l a . F o b r u a r y ..
5 7 5 ,3 7 4
W h e e l * L a k e E r ie . F o b ru a ry
Y a z o o & M is s V a il M a r c h _____ 1 ,3 5 9 ,9 9 6

21188068
10408682
31596749
4 1 0 ,0 3 3

198129490
9 8 ,9 0 2 ,1 6 8 !
297031658
1 7 ,6 0 8 ,5 2 6

4 ,8 0 4 ,679 4 1 ,4 0 6 , 9 6 5 ;
3 ,5 0 8 ,006 3 0 ,4 5 3 , 187
8 ,3 1 2 ,6 8 5 7 1 ,8 6 0 , 152
3 0 5 ,,7 0 9 2 ,5 3 8 , 9 9 9
620 , 679
7 6 ,010
4 97 , 929
9 , 683
2 7 7 ,,8 7 6 2 ,6 8 0 9 8 6
1 5 4 ,,4 2 3 1 ,5 2 3 102
195 ,711 3 , 4 4 0 8 6 4
. . 8. 9
. 2 6 ,9 4 5 4 2 0 !
2 ,4 0 9 ,8
3 ,8 4 7 ,8 3 9 ,3 7 ,7 0 0 2 3 6 !
2 3 7 ,0 0 0 1 2 ,7 7 1 5 9 8
2 ,2 8 9 7 2 8 1 8 ,2 6 0 , 0 8 7
12773 55 8 133997 307
1 ,8 9 0 133 8 3 ,5 0 5 0 4 9 '
4 3 0 ,1 5 9 4 ,0 4 1 ,5 8 4
9 4 3 .9 9 0 8 ,0 9 1 ,3 0 5
2 5 2 ,7 0 5 1 0 ,0 5 2 ,4 9 4
4 5 ,515 2 ,2 9 4 ,7 5 0
3 7 5 .7 4 2 3 ,8 1 0 ,2 0 3
9 5 ,3 7 9
2 901
119 ,2 4 3 1 ,1 7 1 ,1 5 5
3 4 3 ,1 8 6 1 8 ,1 5 1 ,3 2 3
933 608
101 ,8 0 0
1 2 6 ,7 3 7 4 ,8 2 9 !771
8 0 9 ,7 5 1
7 3 ,1 8 2
8 ,7 1 7 ,1 6 6 8 9 ,0 4 4 ,8 3 0
7 4 7 .0 3 5 6 ,2 7 5 ,3 6 3
2 8 ,9 0 3 ,4 0 5 :
3 ,0 8 5
222 ,7 6 7 1 0 ,2 2 4 ,120
5 0 0 ,2 6 6 5 ,8 1 9 ,3 3 0
9 5 3 ,6 1 3
107 ,5 5 0
6 8 2 ,8 3 3 6 ,4 7 9 ,0 2 4
1 ,0 5 8 ,5 2 2 1 2 ,6 5 9 ,1 6 5

i,U0

Current
Year.

Period.

Various Fiscal Years
Ia n
B u ffa lo * Susqu eh an n a R R —
D e la w a r e & H u d s o n _____________ J a n
E r i e _________________________________ J a n
N e w Y o r k C e n t r a l . j _____________ J a n
B o s t o n & A l b a n y _______________ J a n
L a k e E r lo & W e s t c r n . n --------- J a n
M ic h i g a n C e n t r a l -------------------- J a n
C lo v e C in e C h ic * S t L o u i s . . Jan
C i n c i n n a t i N o r t h e r n ---------------- J a n
P i t t s b u r g h & L a k e E r l o ---------- J a n
T o l e d o & O h io C e n t r a l ________ J a n
K a n a w h a & M i c h i g a n ________ J a n
T o t a l a ll l i n e s ________________ J a n
N e w Y o r k C h ic a g o & S t L o u i s . - Jan
N Y
Y sSuussqq uu ee n
h a n n a .sc
& W
w e ste rn . . Jan
p P e n n s y lv a n ia Railroad ---------------- J a n
B a lt i m o r e C h o s a p & A t l a n t i c J a n
dan
C u m b e r l a n d V a llo y
L o n g I s la n d _____________________ J a n
M a r y ’ d D e la w a r o * V i r g i n ia J a n
N Y P h il a d e l p h i a & N o r f o l k .
P h lla B a lt i m o r e & W a s b l n g ’ n
W e s t J e r s e y & S e a s h o r e ---------P e n n s y lv a n ia Company — ...............
G r a n d R a p id s * I n d i a n a _____
I P lt t s b C in e C h ic & S t L o u is .
T o t a l lin e s — E a s t P i t t s & E r lo
— W e s t P i t t s & E r lo
— A ll lin e s E & W .
R i o G r a n d e J u n c t i o n ____________ D o c
R u t l a n d ____________________________ J a n

1
1
1
1
1
1
1
1
1
1
1
1
1
l
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to Latest Date

Current
Year.

Previous
Y ear.

Current
Year.

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

M ar
F ob
F ob
Fob
Feb
Fob
Fob
Fob
F ob
F ob
Fob
Fob
F ob
F ob
Fob
Fob
Fob
Feb
Fob
F eb
F ob
F ob
F eb
Fob
F ob
Fob
Fob
Fob
F eb
D oc
F ob

4 0 2 ,3 5 8
31
2 8 3 .9 1 0 . 2 4 9
2 8 1 0 ,6 0 3 .7 0 4
2 8 2 9 , 5 3 5 ,6 9 0
28 3 ,1 0 9 .0 8 3
2 8 1 ,2 9 3 ,9 8 1
2 8 7 ,5 1 1 ,2 6 5
2 8 7 .3 2 2 ,7 2 1
3 5 1 ,7 0 6
28
28 3 ,4 8 9 ,5 2 2
28
9 4 3 ,9 4 1
4 9 1 ,2 7 7
28
2 8 5 4 ,0 4 9 .1 8 6
2 8 2 ,4 9 8 ,1 5 2
28
6 2 7 .6 2 4
2 8 3 5 , 8 2 3 ,2 3 5> 3 4 .
9 5 ,3 3 3
28
6
3 4 ,5 6 0
28
2 8 1 ,9 8 1 .5 1 0
9 2 ,3 0 1
28
7 5 7 ,9 8 1
28
28 4 , 2 4 8 , 0 1 9
28
9 7 7 .5 8 6
28 9 ,7 9 4 ,4 2 0 10
28
9 1 6 ,7 2 1
28 1 0 ,4 1 7 ,0 0 2
28 4 5 ,1 9 6 ,9 6 0
28 2 1 ,4 2 9 ,3 2 8
28 6 0 .6 2 6 .2 9 1
9 2 .6 9 1
31
6 0 4 .1 8 2
28 1

.

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
Weekly Summaries.

Current
Year.

*

Monthly Summaries.

Mileage.

Cur. Yr. Prev. Yr.

Current
Year.

Previous
Year.

a

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

increase ot
Decrease.

%

S
,
+ 4 7 . 5 3 0 ,7 7 9 2 0 .0 0
2 2 5 .8 0 3 2 8 5 .1 4 9 ,7 4 0
J u n e ..................2 2 6 .7 5 2
+ 6 0 8 .3 5 9 5 .3 7
1 1 .9 4 1 .7 3 5
1 1 ,3 3 3 .3 7 6
w eek F eb
(2 7 r o a d s ) _____
+ 4 4 . 0 9 6 .1 4 2 1 0 .7 7
J u l y ..................2 4 4 ,2 4 9
2 4 3 ,5 6 3 3 0 8 .0 4 0 ,7 9 1
+ 4 9 6 .2 1 7 3 .9 9
1 2 .9 0 7 .6 6 7 ! 1 2 .4 1 1 .4 5 0
w eek F e b
(3 0 r o a d s ) _____
+ 5 4 . 6 7 3 .4 3 0 1 9 .6 0
3
3
3
.4
0
0
,4
5
7
A
u
g
u
s
t
...........
2
4
5
.5
1
6
2
4
4
,7
6
5
3
.9
7
—
5
5
8
.4
9
3
,
o
1 3 .5 0 8 .3 9 8 1 4 ,0 6 6 .8 9 1
w e e k F e b ( 2 8 r o a d s ) ------+ 3 8 .5 5 5 ,5 4 1 1 3 .1 1
3
3
2
.8
8
8
.9
9
0
Skq t J u i b e r _ _ 2 l 8 ,1 5 6
2 1 7 .4 6 6
+ 6 8 3 . 3 0 7 ! 5 .6 1
1 2 .7 9 8 .6 4 7
1 2 .1 1 5 .3 4 0
w e e k M a r (2 9 r o a d s ) ------+ 3 6 . 0 5 0 . 7 8 0 1 1 .2 2
O c t o b e r _____2 4 6 .6 8 3
2 4 6 ,0 0 0 3 4 5 .7 9 0 .8 9 9
+
1
.
3
9
2
.5
1
0
11
5
9
1
3
.4
1
1
.1
6
4
1
2
.0
1
8
.6
4
8
w e e k M a r (3 0 r o a d s ) ------+ 2 3 6 5 2 .2 7 4 1 7 .7 1
3
3
0
,2
5
8
,7
4
5
N
o
v
e
m
b
e
r
.
.
2
4
8
,
8
6
3
2
4
8
,0
5
8
+ 6 3 3 .8 2 4 1 5 .0 4
1 2 ,5 6 5 ,0 8 7
w e e k M a r (3 1 r o a d s ) _____ 1 3 ,1 9 8 ,9 1 1
+ 2 0 , 1 0 6 . 9 3 4 ' 8 .3 1
D e c e m b e r . . 2 1 6 , 8 1 1 2 1 5 ,6 (5 9 2 0 2 ,1 7 1 ,1 6 9
+ 2 , 2 6 2 , 4 3 9 1 1 .8 2
w e e k M a r (3 3 r o a d s ) _____ 2 1 , 2 9 6 , 9 5 4 1 9 ,0 3 4 .5 1 5
+ 4 0 . 8 4 5 . 7 8 5 1 5 .2 9
3
0
7
,9
6
1
.0
7
4
J
a
n
u
a
r
y
_____2
4
8
,4
7
7
2
4
7
.3
2
7
+
1
.4
5
4
.8
3
0
1
1
.2
5
1 4 .3 8 8 .6 2 7 1 2 ,9 3 3 ,7 9 7
w e e k A p r ( 3 2 r o a d s ) ------+ 2 .6 5 5 ,6 8 4 1 0 . 9 9
2
7
1
.9
2
8
.0
6
6
F
e
b
r
u
a
r
y
___
2
4
9
,7
9
5
2
4
8
,7
3
8
+ 1 ,7 6 8 ,5 1 5 1 3 .9 2
1 4 ,4 1 6 ,8 7 3 1 2 .0 4 8 .3 5 8
w e e k A p r (3 2 r o a d s ) . : . .
+ 5 .6 7 8 ,0 3 1
7 .9 8
7 0 ,3 0 8 .9 6 7
M a r c h ______ 8 0 ,5 1 7
+ 1 ,2 8 1 ,4 0 7 1 2 .2 2
1 1 , 7 6 4 , 1 2 “ 1 0 .4 8 2 ,7 2 0
w e e k A p r (2 1 r o a d s ) ------i n c l u d e s C l e v e l a n d L o r a i n & W h e e l in g I t y .
b I n c lu d e s E v a n s v i ll e & T o r r e H a u t e , c I n c lu d e s M a s o n C i t y & F o r t n o ^ e a n d t h e W ls a m a ln
n e s o ta * P a c ific ,
d I n c lu d e s n o t o n l y o p e r a t i n g r e v o n u e , b u t a ls o a ll o t h e r r e c e i p t s , e D o e s n o t I n c h id e e a r n n g s o f C o Io ra< 1o S p r 1
£ r,'| n ? s
Orflttk D is t r i c t R v
f I n c lu d e s L o u is v i ll e Sc A t l a n t i c a n d t h e F r a n k f o r t Sc C i n c i n n a t i , o I n c lu d e s t h e T e x a s C e n t r a l a n d t h e w i c n i t a r a i l s n u t s ,
h l n c l u d w t h e S t ? L o u Is l r o n M o u n ca l n * S o u t h e r n . / I n c l u d e s t h e L a k e S h o r e & M i c h i g a n S o u t h e r n R y . . O h lg > g o . ^ d l a n a * S o u t h e r n R R ^
D u n k i r k A littt/h n n v V a li e v i P i t t s b u r g h R R .
k I n c lu d e s t h e A l a b a m a G r e a t S o u t h e r n , C i n e . N e w O r le a n s Sc T e x a s l a c l f l c . N e w <Jr le a n s oc L s o r t n e a s t e r n
a n d t h e A l a b a m a
i I n c l X V m d a l i a R R . n I n c lu d e s N ? r . O h io R R .
p I n c lu d e s N o r t h e r n C e n t r a l .
• W o n o l o n g e r I n c lu d e M e x i c a n r o a d s In
a n y o f o u r t o t a ls .
2d
3d
4 th
1st
2d
3d
4 th
1st
2d
3d




THE CHRONICLE

A pr . 28 1917.]

L a t e s t G ro s s E a r n in g s b y W e e k s .— In the ta ble w h ich
fo llo w s w e sum u p separately the earnings for the third w eek
o f A p ril. T h e ta ble covers 21 roads and show s 1 2 .2 2 % in­
crea se in the aggregate ov er the sam e week last year.
Third week of April.

1917.

B u ffa lo R o c h e s te r & P itts b u r g h
C a n a d i a n N o r t h o r n _______________
C a n a d i a n P a c i f i c __________________
C h e s a p e a k e & O h i o _______________
C h i c a g o I n d & L o u is v i ll e ________
C o l o r a d o & S o u t h e r n ____________
D e n v e r & R i o G r a n d e ____________
G e o r g i a S o u t h e r n & F l o r i d a _____
G r a n d T r u n k o f C a n a d a ________ 1
G r a n d T r u n k W e s t e r n _______ 1
D e t r o i t G r H a v & M i l w ------C a n a d a A t l a n t i c ______________J
M in n e a p o l is & S t L o u i s ------------ 1
I o w a C e n t r a l ______________
M in n e a p o lis S t P aul & S S M - M is s o u r i K a n s a s & T e x a s -----------M o b i l e & O h i o ................ .....................
R i o G r a n d e S o u t h e r n -----------------8 t L o u is S o u t h w e s t e r n ---------------S o u t h e r n R a ilw a y S y s t e m --------T e x a s & P a c i f i c - - - ----------------------W e s t e r n M a r y l a n d ----------------------

1916.

Increase.

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

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

S
3 5 ,7 8 4
1 3 1 ,3 0 0
3 6 5 ,0 0 0
8 2 ,1 1 3
3 1 ,1 6 0
3 3 ,3 9 0
9 8 ,4 0 0
253

1 ,0 8 5 ,0 3 1

1 ,0 5 9 ,6 6 1

2 5 ,3 7 0

2 4 0 ,2 8 1

2 0 2 ,3 5 2

3 7 ,9 2 9

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

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

1 0 ,1 5 4
8 7 ,9 1 2

$

520
878
6 9 ,0 0 0
1 9 0 ,5 2 2
6 2 ,1 7 4
2 0 ,5 8 8
520

F o r ‘the s e c o n d w eek o f A pril ou r final statem en t covers
32 roads and sh ow s 1 3 .9 2 % increase in the aggregate ov er
the sam e w eek last year.
1917.

1916.

Increase. Decrease.

$
$
$
1 2 ,1 5 0 ,8 4 5 1 0 ,6 8 8 ,1 2 7 1 ,4 6 9 ,0 3 0
5 8 ,7 2 9
1 6 ,2 7 2
7 5 ,0 0 1
5 ,3 0 8
5 0 ,9 2 6
5 6 ,2 3 4
3 0 9 ,0 5 6
1 1 ,3 9 4
3 2 0 ,4 5 0
2 0 ,9 3 5
2 5 ,0 9 0
4 6 ,0 2 5
2 6 ,6 5 4
1 ,4 4 4
2 8 ,0 9 8
6 7 ,5 7 7
2 0 ,5 3 6
8 8 ,1 1 3
1 ,4 7 3 ,8 1 5 1 , 2 5 5 ,9 9 0
2 1 7 ,8 2 5
2 2 ,8 6 0
2 3 ,1 7 5
315
6 .9 4 9
7 ,1 2 6
177
1 0 ,6 1 7
1 0 ,9 1 7
3 ,1 5 7
2 ,9 0 1
266
1 3 4 ,2 1 7
1 2 6 ,7 3 7
7 ,4 8 0

$
6 ,3 1 2

T o t a l (3 2 r o a d s ) ---------------------- 1 4 ,4 1 6 .8 7 3 1 2 ,6 4 8 ,3 5 8 1 ,7 7 5 ,1 2 7
1 .7 6 8 ,5 1 5
N e t i n c r e a s e ( 1 3 . 9 2 % ) ----------------

6 ,6 1 2

P r e v i o u s l y r e p o r t e d (2 0 r o a d s ) _

D u lu th S o u th S h o re & A t la n t ic L o u is v i ll e & N a s l i v i l l o __________
M i n e r a l R a n g e ____________________
N o v a d a - C a l i f o r n i a - O r c g o n ______
T o l e d o S t L o u is & W e s t e r n -------

300

N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h e table
fo llo w in g show s the gross an d net earnings w ith charges and
surplus o f S T E A M railroad and industrial com p a n ies re­
p o rte d this w eek:
- — Gross Earnings------------------ Net Earnings------Current
Precious
Current
Precious
Year.
Year.
Year.
Year.
8
S
$
$
A t c h T o p & S a n t a F e b . M a r l 3 5 3 4 .1 0 7 1 1 ,5 3 2 ,7 9 2 j 5 . 4 4 7 .6 7 t 1 4 ,4 0 8 .8 7 3
Iloads.

J u l y 1 t o M a r 3 1 ............1 1 5 ,2 7 5 ,0 6 3 9 8 ,8 1 0 , 6 7 3 j4 6 0 1 2 , 6 9 2 j 3 7 0 2 l , 8 0 9
B a lt i m o r e & O h i o . b _____M a r 9 , 6 9 2 , 7 6 6
9 2 6 9 711
2 ,1 8 7 ,5 4 4
1 .4 6 8 .8 0 7
J a n 1 t o M a r 3 1 .............. 2 8 , 1 3 0 , 7 7 4 2 6 ’, 0 3 ( M 7 5
5 ,9 3 9 .1 1 5
6 .1 7 3 , 1 5 9
C e n t r a l o f G e o r g i a , b ___ M a r 1 , 2 4 3 ,8 8 5
1 . 1 2 8 ,5 1 5
C 3 4 5 .5 9 3
c .3 8 0 ,3 2 2
J a n 1 t o M a r 3 1 .............. 3 , 5 7 5 , 8 2 9
3 ,1 5 9 ,6 2 6
c 8 9 1 ,4 1 8
C 9 9 1 .4 7 1
G ra n d T ru n k o f C anada—
Grand Trunk R y --------- F e b 3 , 0 3 2 , 8 0 3
3 ,0 9 3 ,8 7 7
5 4 7 ,2 3 8
2 4 1 ,8 6 5
J a n 1 t o F e b 2 8 ------------ 6 ,8 2 0 ,8 8 6
6 ,4 3 2 .7 8 2
1 ,1 0 2 .9 9 2
9 3 3 ,6 3 8
G ra n d T ru n k W est — F e b
6 0 4 176
6 9 3 .4 7 6
9 9 ,0 3 4
d e f6 3 * ,9 9 4
J a n 1 t o F e b 2 8 .............. 1 ,2 7 1 ,6 1 6
2 2 9 ,6 9 9
d e f7 2 ,0 2 4
1 ,3 8 2 ,8 1 6
D e t G r I la v & M il w ..F e b
215 585
d
e
f
l
l
,
7
7
2
d e f 1 ,4 0 0
2 4 5 .2 7 1
J a n 1 t o F e b 2 8 ..............
4 3 7 ,2 5 4
d e f 2 7 ,9 8 2
4 7 4 .4 8 3 d e f 1 0 3 ,9 0 0
I ll i n o i s C e n t r a l . a .................M a r 7 ,0 7 0 8 9 8
1 ,7 7 1 ,3 9 1
5 ,9 4 3 ,0 1 2
1 ,2 1 0 ,4 6 2
Jan 1 t o M ar 3 1 ------------2 0 , 0 9 4 . 9 6 8 17 > 1 7 5 1 t 7
4 ,7 2 7 .6 7 6
3 ,5 6 2 .6 3 9
M a i n e C e n t r a l . a ------------- M a r 1 .1 0 9 .9 6 5 1 031 148
2 7 2 ,0 3 2
2 3 3 ,3 3 3
J u l y 1 t o M a r 3 1 ------------1 0 ,0 0 8 ,4 5 0
” 3 3'
8 ,8—7 8 ,8
2 ,2 8 9 ,4 8 3
2 ,3 4 7 ,6 8 4
3 4 5 ,1 3 2
P a c i f i c C o a s t ______________ F e b
9 2 ,2 7 1
5 9 5 ,7 1 2
8 5 ,7 18
J u l y 1 t o F e b 2 8 _______ 4 ,4 7 3 , 7 4 2
8 0 4 ,8 2 3
6 8 3 .6 2 5
4 ,9 4 1 , 1 8 6
S o u t h e r n P a c i f i c . a ______ M a r l 5 , 4 8 0 , 8 1 9 1 2 ,7 7 3 ,5 5 8
4 368 506
.3 ,9 9 7 ,6 4 0
J a n 1 t o M a r 3 1 ------------4 3 ,1 6 6 , 8 0 0 3 3 , 7 9 7 , 0 3 0 1 1 ,8 8 0 .2 7 0
7 ,8 3 5 ,4 6 8
U n i o n i P a c i f l c S y s t . a ___ M a r 9 ,2 5 9 ,0 4 5 8 , 7 1 7 , 1 6 8
2 , 6 6 6 ,0 6 3
3 ,3 4 7 ,9 4 5
J a n 1 t o M a r 3 1 _______ 2 5 ,3 2 9 ,1 9 9 2 4 , 1 3 3 ,5 0 2
8 ,3 7 6 ,5 9 9
6 , 3 9 9 ,7 2 7
W a b a s h , b _________________ M a r 3 , 3 7 8 , 1 4 5 3 , 0 8 5 , 1 1 0
1 ,0 4 5 ,7 0 2
1 ,0 2 6 ,1 6 3
J a n 1 t o M a r 3 1 _______ 9 , 0 0 9 ,3 1 8
8 ,7 7 8 ,3 8 9
2 .7 6 9 ,1 1 1
2 ,4 4 6 ,9 9 4
Y a z o o Sc M i s s V a l l e y . a . M a r 1 ,3 5 9 ,9 9 6
1 .0 5 8 5 ' I
2 2 8 ,2 4 8
2 5 1 ,5 0 2
te n , J a n 1 t o M a r 3 1 - ........... 4 , 0 1 4 , 7 3 2
3 ,1 7 1 > 5 3
9 1 1 ,1 0 9
7 3 0 ,5 0 6
a ^ N e t e a r n in g s h e r o g i v e n a r o a f t e r deducting t a x e s ,
b N e t e a r n in g s h e r o g i v e n a r e b e f o r e d e d u c t i n g t a x e s
c JA f t e r ia ilo w I n g f o r u n c o l l e c t i b l e r e v e n u e s and taxes, o p e r a t i n g iin<
n c o m e fo r
M a r . 1917 w a s $ 3 0 0 ,8 1 5 , a g a in s t § 2 9 1 ,9 2 1 * f r o m i n i
1 t o M a r 31 w as
S 7 9 9 .7 2 9 J n 1 9 1 7 , a g a in s t $ 7 3 0 ,6 2 3 la s t y e a r
j . F o r M a r c h t a x e s a n d u n c o l l e c t i b l e r a i lw a y r■ev
e v eenue
nue a m ou n ted to $626,
8
5 5 , a r7>7>V(v
g a i n fo $
* g w
ou'J'
75
u 2- 9 141
„Y., in
‘ 7 i1 0
n1 6*; !a ?f t e- r} do e u Su c t m
wh
mice h
n !, n e t f o r M a r c h 1 9 1 7
w a s 8 4 ,8 2 0 ,8 1 8 , a g a in s t $. 1 ,8 7 9 ,7 3 2 la s t y e a r .
F r o m J u l y 1 t o M a r . 31
t a x e s . » & c . , w e r e $ 5 , 3 6 7 , 9 4 5 in 1 9 1 7 , a g a in s t $ 4 , 6 6 8 , 7 8 5 in 1 9 1 6 .
The
p e r c e n t o f r e t u r n o n p r o p e r t y i n v e s t m e n t w a s 7 .0 3 f o r t h e 1 2 m o n t h s e n d i n g
M a r . 3 1 1 9 1 7 , a g a in s t 5 .6 1 f o r t h e s a m e p e r i o d la s t y e a r .

Gross
Earnings.
i

Net
Earnings.

$
F on d a "J oh n stow n A G lov ersv illo—
M a r '1 7
90,198
4 1 ,099
3 3 ,068
M
’ 16
80,
102,229
3 m os ' 17
2 4 7 ,30J
9 7 ,770
•16
225,849
N o rfo lk & W estern—
, M a r ’ 17 5,119,115
F
. . f c ’ 10 5,05(5.886
l 3 jn io s ’ 17 14,608,611
TO 14,183,658

Gross
Earnings.
i
B u ffa lo K och & l'itts b — •
1 , M a r /1 7 * 1,143,108
1 l k t w fc '1 0
999.125
c 3 m o s y 17i 3,0 4 8 ,5 6 7
•9%’ lO ji 2 ,914,722
B u ffa lo ’’* ' Susa—
k M a r T 7|«| 141,229
1
a T 6 _ 137,227
; . 3 _m 0 S jT 7
402,358
_ —T 0
446 ,700




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

Other
Income.
S

Total
Income.
$

Charges
Taxes.
i

it

Balance,
Surplus.
S

877
1,916
8,057
0 ,1 5 4

4 1,976
3 5 ,584
110,886
103 ,930

3 7 ,183
38,013
110,001
109,913

4,793
d e f2,129
882
d cf6 ,0 1 3

362 ,119
155,089
979 ,086
4 85 ,095

2,3 0 2 ,4 5 4
2 ,4 8 2 ,5 4 9
6 .8 9 2 ,8 5 2
0 .7 7 3 ,5 6 2

587 ,304
537,311
1,723,708
1 ,582,783

1,775,090
1 ,945.238
5 ,1 0 9,144
5,1 9 0 ,7 7 3

Gross
Income.

Fixed
Charges.

Balance,
Surplus.

$

S

Net after
Taxes.

Other
Income.

$

$

IN D U S T R IA L

C O M P A N IE S .

Gross
Earnings.
S t L R o c k y M t & P . M a r ’ 17
■16
9 m o s ’ 17
T6

Net after
Taxes.

$
2 8 2 .6 0 9
2 0 1 ,6 7 9
2 ,2 7 5 .6 9 5
2 , 0 5 0 ,9 7 5

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

Fixed
Charges.
$
2 0 ,8 3 8
2 2 .4 2 5
1 8 8 ,9 6 5
2 1 0 ,6 2 9

Balance,
Surplus. ■
s
7 5 ,2 1 0
2 6 ,3 4 3
5 2 0 .0 5 8
3 6 4 .0 2 2

E X P R E S S C O M P A N IE S .
— Month of December--------- July 1 to Dec. 3 1 —
1915
1916.
1915.
1916.
$
§
s
$
T o t a l fr o m t r a n s p o r t a t io n .. 4 ,5 0 0 ,4 1 5
4 , 0 4 3 , 7 3 4 2 4 .2 9 5 , 5 3 8 2 0 , 8 0 2 . 0 2 5
E x p r e s s p r i v il e g e s — D r ___ __ 2 , 2 2 2 , 1 7 7
1 ,9 9 3 ,3 1 1 1 1 ,7 8 2 .5 4 7 1 0 .2 5 5 ,2 2 6
2 , 0 5 0 , 4 2 3 1 2 , 5 1 2 , 9 9 0 1 0 ,5 4 6 ,7 9 9
- 2 ,2 7 8 ,2 3 7
O p e r ’n s o t h e r t h a n t r a n s p ’n l.
4 9 ,7 1 2
4 7 ,8 6 7
3 1 5 ,3 3 2
2 9 4 .8 1 3
T o t a l o p e r a t i n g rev<
. 2 ,3 2 6 ,1 0 5
2 , 1 0 0 , 1 3 5 1 2 ,8 2 8 .3 2 3 1 0 ,8 4 1 ,6 1 3
O p e r a t in g e x p e n s e s ___
1 , 8 3 6 ,7 7 9 1 2 .5 2 1 ,8 5 3
9 ,4 1 4 ,6 5 3
. 2 ,5 0 2 , 1 5 8
N e t o p e r a t i n g r e v e n u e ___- — 1 7 6 ,0 5 3
2 6 3 ,3 5 6
3 0 6 .4 6 9
1 ,4 2 6 ,9 6 0
U n c o ll e c t ib l e r e v . f r o m t r a n s ..
1 ,2 1 4
3 ,9 6 8
319
3 ,0 4 6
E x p r e s s t a x e s ___________
.
1 1 ,5 2 6
2 0 ,2 9 2
1 1 6 ,0 3 0
1 0 8 ,8 0 5
O p e r a t in g i n c o m e ___
. — 1 8 8 ,7 9 4
2 4 2 ,7 4 3
1 8 6 ,4 7 1
1 ,3 1 5 .1 0 7
— Month of February— — Jan. 1 to Feb. 2 8 —
1917.
1916.
1917.
1916.
Northern Express Co.—
$
S
$
$
T o t a l f r o m t r a n s p o r t a t io n
.
2 0 5 ,4 9 6
1 9 1 ,0 0 7
4 2 3 ,4 6 5
3 7 8 ,1 1 3
E x p r e s s p r i v il e g e s — D r . .
1 1 3 ,4 4 5
1 0 6 ,2 5 3
2 3 4 .5 4 8
2 1 0 .3 6 3
R e v e n u e f r o m t r a n s p o r t ’ n .9 2 ,0 5 0
8 4 ,7 5 4
1 8 8 ,9 1 6
1 6 7 ,7 5 0
O p e r . o t h e r t h a n t r a n s p o r t ’ ll..
2 ,9 6 0
2 ,7 3 5
6 ,2 5 8
5 .4 4 6
T o t a l o p e r a t i n g r e v e n u e s ..
9 5 .0 1 1
8 7 ,4 9 0
1 9 5 ,1 7 4
1 7 3 .1 9 6
O p e r a t in g e x p e n s e s ___
_
9 0 ,7 5 4
8 1 ,8 0 5
1 8 3 ,6 6 4
1 6 3 .7 6 7
5 ,6 8 4
N e t o p e r a t i n g r e v e n u e _____.
4 ,2 5 6
1 1 .5 1 0
9 ,4 2 9
U n c o l l e c t i b l e r e v . f r o m t r a n s ..
97
23
155
51
E x p r e s s t a x e s __________
5 ,0 0 0
12,0 0 0
.
6,000
10.000

AJ
„
Adams Express Co.—

T o t a l (21 r o a d s ) - - ......................... 1 1 ,7 6 4 ,1 2 7 1 0 ,4 8 2 ,7 2 0 1 ,2 8 1 ,9 2 7
N e t in c r e a s e ( 1 2 . 2 2 % ) ....................
....................
.................... 1 .2 8 1 ,4 0 7

Second week of April.

1693

S

183,727
244,518
490 ,490
742,250

112,733
103,811
3 37 ,405
31 8 ,0 1 8

2 9 0 ,460
34,8,329
8 27 ,955
1,060,304

170,439
177,492
5 27 ,445
530 ,367

120.022
170,837
3 00 .510
529 ,937

20,872
23,189
67,359
118,738

04,445
45,929
193,616
128,558

85,317
0 9 ,1 1 8
260 .975
2 4 7 .290

23,463
2 4 ,3 4 9
7 0 .4 2 0
74,209

61,854
44,709
190,555
173,087

_ _ L o s s l ,8 4 1

661

L oss645

Loss621

LY AND PUBLIC UTILITY COS.
Name of Road
or Company.

Latest Gross Earnings.
Week or
Month.

A d lr o n d E l P o w C o r p F e b r u a r y .
A t l a n t i c S h o r e R y ___ M a r c h .
c A u r E lg in & C h i c R y F e b r u a r y
B a n g o r R y & E le c t r ic F e b ru a r y .
B a to n R o u g e E le c C o F e b ru a ry .
B c lt L R y C o r p (N Y C ) Jan u ary . .
B e r k s h ir e S t r e e t R y . F e b r u a r y .
B r a z ilia n T r a c , L & P F e b r u a r y .
B ro ck & P ly m S t R y . F e b ru a ry .
B k ly n R a p T r a n S y s t J a n u a ry . .
C a p e B re to n E le c C o F e b ru a ry .
C e n t M is s V E l P r o p . F e b r u a r y .
C h a tta n o o g a R y & L t F e b ru a ry _
C it ie s S e r v i c e C o _____M a r c h ____
C l e v e P a in e s v & E a s t F e b r u a r y .
C le v e S o u th w & C o l . F e b ru a ry
^ C o lu m b ia G a s & E l . M a r c h . .
C o lu m b u s (G a ) E l C o F e b ru a ry
C o l u m (O ) R y , L 5s P F e b r u a r y
C o m ’ w ’ th P , R y & L t M a r c h ___
C o n n e c t i c u t C o ______ F e b r u a r y
C o n s u m P o w ( M i c h ) . M a r c h _____
C u m b C o (M e ) I ' & L F eb ru ary .
D a lla s E l e c t r ic C o ___ F e b r u a r y . .
D a y t o n P o w & L ig h t M a r c h _____
g D e t r o i t E d i s o n _____M a r c h _____
D e t r o i t U n it e d L in e s F e b r u a r y .
I ) I ) E B 5: B a t t ( R e c ) J a n u a r y . _
D u l u t h - S u p e r i o r T r a c M a r c h _____
E a s t S t Ix rn is 5c S u b . F e b r u a r y .
E a ste rn T e x a s E l e c . . F e b ru a r y .
E l P a s o E l e c t r ic C o . . F e b r u a r y .
4 2 d S t M 5c S t N A v e J a n u a r y . .
y F e d e r a l L t & T r a c . M a r c h _____
G a lv - llo u s E le c C o . . F e b ru a ry .
G r a n d R a p id s R y C o F e b r u a r y .
G re a t W est P o w S y st F eb ru a ry
H a g e r s ’ n 5c F r e d R y . J a n u a r y . .
H a r r is b u r g R a il w a y s M a r c h ___
H a v a n a E l R y , L 5c P F e b r u a r y .
H o n o lu lu R T 5c L a n d J a n u a r y . .
H o u g h t o n <’ n T r C o . F e b r u a r y .
b H u d s o n 5c M a n h a t . M a r c h _____
I llin o is T r a c t i o n _____F e b r u a r y .
In te rb o ro R a p T r a n . F eb ru a ry
J a c k s o n v il l e T r a c C o F e b r u a r y
K e o k u k E le c t r ic C o . F e b ru a ry .
K e y W e s t E l e c t r i c ___ F e b r u a r y .
L a k e S h ore E le c R y . F e b ru a ry .
L e h ig h V a ll e y T r a n s i t M a r c h ___
L e w i s t A u g 5c W a t e r v F e b r u a r y .
L o n g I s la n d E l e c t r i c . J a n u a r y . .
L o u is v i ll e R a i l w a y . . F e b r u a r y _
M i l w E l R y 5c L t C o . F e b r u a r y .
M i l w L t , H t 5c T r C o F e b r u a r y
M o n o n g a h e la V a il T r M a r c h _ .
N a s h v i ll e R y 5c L i g h t F e b r u a r y .
N e w p N 5c II R y G 5c E F e b r u a r y
N Y C ity I n t e r b o r o .. J a n u a ry . .
N Y 5c L o n g I s l a n d . . J a n u a r y . .
N Y 5c N o r t h S h o r e . . J a n u a r y . .
N Y 5c Q u e e n s C o ___ J a n u a r y
N e w Y o r k R a ilw a y s . F e b ru a ry
N Y 5c S t a m f o r d R y . F e b r u a r y .
N Y S ta te R a ilw a y s . D e ce m b e r
N Y W e s t c h e s 5c B o s t F e b r u a r y .
N o rth a m p to n T r a c . . F e b ru a ry
N o r O h io T r a c 5c L t . M a r c h ------N o r t h T e x a s E l e c t r ic F e b r u a r y .
O c e a n E l e c t r ic ( L I ) . J a n u a r y . .
P a c i f i c G a s 5c E l e c ___ F e b r u a r y .
P a c i f i c L t 5c I* C o r p . . F e b r u a r y
g P a d u c a h T r 5c L t C o F e b r u a r y
P e n s a c o la E l e c t r i c C o F e b r u a r y .
P h lla R a p id T r a n s i t . M a r c h . ,
P h ila 5c W e s t e r n R y . M a r c h .
P o r t(O r e )R y ,L 5 c P C o . F e b ru a r y
g P u g e t S d T r L 5c P . F e b r u a r y .
a R e p u b l i c R y 5 c L t . . M a r c h ___
R h o d e I s la n d C o _____F e b r u a r y .
R i c h m o n d L t 5c R R . J a n u a r y . .
S t J o s R y , L , II 5c P . M a r c h ___
S a n t ia g o E l e c L t 5c T r D e c e m b e r
S a v a n n a h E le c t r ic C o F e b ru a r y .
S econ d A v en u e (R e c) Jan u ary . .
S ou th ern B o u le v a r d . J a n u a ry . .
S o u t h e r n C a l E d i s o n . M a r c h _____
S t a t e n I s l 'd M i d l a n d . J a n u a r y . .
T a m p a E l e c t r ic C o . . F e b r u a r y .
T h i r d A v e n u e ________J a n u a r y . .
T w in C it y R a p T r a n . 4 th w k M a r
U n io n R y C o o f N Y C J a n u a r y . .
V i r g i n ia R y 5 c P o w e r . F e b r u a r y .
W a s h B a lt 5c A n n a p . J a n u a r y . .
W e s tch e s te r E le c t r ic . J a n u a ry . .
W e s tch e s te r S t R R . . F e b ru a ry .

Current
Year.
1 3 3 ,3 1 5
2 5 ,7 4 0
1 4 6 ,5 2 7
6 8 ,7 7 6
1 8 ,8 2 2
5 7 ,7 4 7
7 6 .0 8 0
/6 8 7 2 0 0 0
7 ,7 1 4
2 4 3 9 ,4 6 9
3 2 ,0 1 0
2 4 ,3 0 6
1 0 2 .1 7 7
1 7 2 1 ,4 8 1
3 2 ,3 6 2
1 0 0 ,8 7 6
1 0 1 7 ,1 5 2
8 0 ,9 8 7
3 1 6 ,3 1 8
1 5 5 8 .5 3 8
7 2 0 ,6 8 8
4 5 4 ,5 8 1
2 1 7 ,2 7 5
1 7 9 ,8 6 0
1 4 9 ,7 7 5
1 0 4 4 ,1 0 5
1 2 8 2 ,2 2 7
3 4 ,6 8 7
1 3 3 ,1 0 1
2 6 8 ,1 5 8
7 3 ,0 0 7
1 1 1 ,2 5 5
1 4 0 .3 2 9
2 3 9 ,2 3 5
1 4 8 ,2 8 4
1 0 3 ,9 3 2
3 2 8 ,9 8 2
4 5 ,2 6 0
9 4 ,9 2 6
5 0 4 .3 2 5
5 7 ,9 8 4
2 5 .2 4 9
5 1 4 ,3 6 5
1 0 5 7 ,5 2 7
3 2 4 0 ,1 5 4
5 3 .9 3 2
1 9 ,0 3 0
1 0 .6 8 2
1 2 0 .3 2 6
2 1 8 ,4 6 8
5 4 ,7 9 3
1 6 .2 5 8
2 3 2 .6 7 9
6 3 4 .3 7 5
1 6 0 .7 5 2
2 0 2 ,7 7 7
1 9 7 .5 9 3
8 1 ,3 5 4
6 1 ,7 0 7
3 0 .1 6 5
1 1 ,3 5 0
1 1 1 .4 0 4
9 1 4 ,0 7 6
2 3 ,8 8 5
6 5 1 ,9 8 9
3 9 ,6 0 0
1 5 ,8 1 2
5 3 0 ,6 1 8
1 5 8 ,5 7 8
5 ,4 0 4
1 6 2 5 ,8 1 4
2 5 4 ,1 7 4
2 5 ,5 5 0
2 6 .9 0 9
2 5 1 0 ,8 1 2
4 1 ,0 9 7
4 5 9 ,9 0 8
7 2 0 .1 7 8
3 7 6 ,8 2 2
4 2 4 ,5 1 2
3 1 .9 8 2
1 2 6 ,6 7 0
5 7 ,8 1 4
6 9 .2 9 5
6 1 ,4 4 5
1 6 ,5 8 4
3 9 9 ,5 0 1
2 2 .9 3 3
9 0 ,3 6 0
3 3 1 ,0 0 1
3 0 0 ,7 3 7
2 3 0 ,7 2 8
4 7 8 ,4 9 0
6 6 ,9 6 0
4 1 ,4 2 8
1 6 ,2 2 0

Jan. 1 to latest date.

Previous
Year.

Current
Year.

S

$

1 2 6 ,4 0 6
2 8 7 .4 6 7
2 3 ,4 7 3
7 0 ,6 8 2
3 0 6 ,3 1 9
1 4 4 ,2 3 4
1 4 3 ,4 6 0
6 2 ,4 0 6
3 9 ,2 6 8
1 7 ,1 5 0
5 7 ,7 4 7
6 5 .7 3 1
6 8 ,0 3 1
1 5 8 ,1 2 1
f 6 2 7 6 0 0 0 /T 4 1 3 8 .0 0 0
7 ,2 8 2
1 6 .7 3 0
2 2 5 7 ,5 5 9 2 , 4 3 9 ,4 6 9
2 8 ,6 3 8
7 0 ,5 9 1 ,
5 0 .6 3 4
2 3 .1 8 2
9 6 .1 8 3
2 0 9 ,2 2 6
6 3 9 ,7 8 0 5 , 2 5 7 . 7 9 8
2 9 ,9 2 2
6 8 ,7 9 8
9 5 ,6 0 3
2 1 3 ,9 0 6
9 1 2 ,8 4 5 3 .1 8 8 .6 4 4
1 7 0 ,5 9 4
6 4 ,6 2 2
6 5 3 ,8 8 9
2 S 0 .7 0 0
1 3 5 3 ,7 1 2 4 ,7 0 6 ,9 9 1
1 ,5 0 7 ,1 9 3
6 8 1 ,3 7 2
3 7 4 .8 3 5 1 , '4 0 2 il 8 7
4 5 5 ,9 9 4
1 9 8 ,3 9 8
1 6 3 .7 5 9
3 8 0 .1 1 7
1 3 5 ,1 3 2
3 9 4 .5 9 0
8 4 8 ,0 0 2 3 ,1 8 8 , 4 3 6
1 1 1 3 ,8 4 5 2 ,6 7 8 ,0 8 0
4 0 .1 3 7
3 4 ,6 8 7
1 1 4 ,0 2 8
3 7 9 ,3 1 5
2 2 7 .4 7 2
5 6 0 ,7 6 5
1 5 2 .3 5 9
6 4 ,1 7 5
9 1 ,1 4 6
2 2 7 ,5 9 8
1 4 0 ,3 2 9
1 6 3 .5 8 0
2 1 6 ,9 1 4
7 1 2 ,9 2 6
1 4 5 ,7 6 3
3 1 1 .3 6 0
1 0 3 ,4 2 9
2 1 7 ,0 4 0
3 1 0 ,8 0 5
6 7 0 .6 6 7
3 5 .8 7 6
4 5 .2 6 0
9 3 ,3 3 3
2 7 4 ,7 1
1 ,0 5 1 ,8 1 3
4 8 9 ,5 4 3
5 0 ,2 4 3
5 7 .9 8 4
5 4 .0 0 2
2 4 .1 6 6
5 1 0 ,2 0 3 1 ,5 8 3 ,4 6 1
1 0 0 2 ,6 6 2 2 , 2 0 1 .4 7 9
3 0 3 6 ,9 8 3 6 ,8 7 0 .8 4 7
5 0 .1 3 6
1 1 3 ,0 9 3
1 8 .7 9 6
3 9 .9 2 7
9 ,5 4 4
2 1 .9 8 5
1 0 6 ,5 0 7
2 5 1 ,9 1 5
1 9 2 ,1 0 4
6 3 2 ,5 6 1
5 0 ,5 7 4
1 1 6 ,4 9 6
1 6 ,2 5 8
1 5 ,8 3 4
4 8 7 ,0 6 2
2 3 4 ,1 2 4
5 7 5 ,2 5 4
1 , 3 2 2 .0 3 0
3 3 1 ,1 8 7
1 2 7 ,0 7 8
1 2 8 ,0 4 4
5 6 5 ,4 9 0
4 0 7 ,4 6 2
1 8 5 ,3 1 8
1 6 6 ,5 7 6
7 0 ,5 8 3
6 1 .7 0 7
6 1 .2 4 7
3 0 .1 6 5
2 9 ,4 0 2
1 1 .3 5 0
1 2 ,1 6 5
1 1 1 ,4 0 4
1 0 9 .0 3 0
1 0 4 0 ,6 7 6 1 ,9 1 1 ,1 5 1
2 2 ,3 5 8
4 9 ,9 9 3
5 6 1 ,9 0 1 8 , 2 5 6 , 4 7 0
3 6 ,4 1 4
8 5 ,3 6 4
1 4 .4 9 0
3 2 ,3 2 0
3 9 7 ,3 5 7 1 . 5 1 9 ,9 2 6
3 2 9 .6 7 8
1 4 1 .8 8 0
5 .4 0 4
5 ,4 2 4
1 6 0 0 ,0 3 5 3 , 3 9 9 , 3 7 9
5 4 4 .5 9 1
2 4 4 .4 7 3
2 5 ,6 1 8
5 4 ,3 3 8
5 3 .9 5 5
2 1 ,8 3 3
2 2 5 5 ,6 7 2 7 .1 4 3 ,9 4 9
3 7 .2 4 8
1 1 6 ,8 2 2
4 0 9 .3 3 1
9 5 0 ,1 3 9
5 9 7 ,2 1 5 1 ,5 0 8 ,0 4 8
3 3 0 ,0 4 7 1 , 1 1 4 . 2 5 0
8 9 0 ,2 6 3
4 1 0 ,8 5 7
3 1 .9 8 2
2 8 ,2 3 5
3 9 0 ,3 1 1
1 1 2 ,8 0 8
5 5 3 .5 8 9
4 5 .9 6 1
1 4 4 ,3 4 8
6 0 ,3 9 6
6 1 ,4 4 5
6 6 ,1 7 9
1 6 ,5 8 4
1 8 ,4 2 2
1 ,2 2 5 ,7 7 2
3 8 3 ,1 3 9
2 2 ,9 3 3
2 1 .3 7 9
9 0 ,5 4 4
1 8 2 ,6 7 5
3 3 1 .0 0 1
3 4 2 ,6 5 8
2 6 9 ,8 0 0 2 ,6 4 1 ,9 1 2
2 3 0 .7 2 8
2 3 4 ,7 6 9
1 ,0 0 3 ,6 7 2
4 5 7 ,5 6 3
6 6 ,9 6 0
5 8 .4 9 0
4 4 ,2 6 6
4 1 ,4 2 8
3 1 .5 6 2
1 6 .5 3 3

Previous
Year.

S

2 6 5 ,2 4 7
6 7 ,8 4 2
2 9 3 ,0 9 4
1 2 8 .6 9 0
3 4 .9 7 7
6 5 .7 3 1
1 4 0 ,1 0 3
/T 2 9 0 2 ,0 0 0
1 5 .3 5 8
2 ,2 5 7 , 5 5 9
6 2 ,7 5 8
4 8 ,8 1 2
1 9 7 .6 0 3
1 , 9 7 6 ,7 2 9
6 0 .8 2 3
1 9 8 .9 0 8
2 .6 8 9 ,6 1 7
1 3 6 ,5 6 9
5 7 8 .1 1 7
4 ,1 2 4 , 2 5 9
1 .3 8 2 ,8 7 8
1J6L227
4 1 1 .5 8 2
3 3 6 ,8 9 1
4 0 6 ,2 9 6
2 , 5 9 5 ,8 0 1
2 ,2 8 5 ,4 3 0
4 0 ,1 3 7
3 2 4 .0 3 6
4 5 6 .8 4 0
1 3 0 ,2 6 9
1 9 6 ,4 2 9
1 6 3 ,5 8 0
6 5 8 ,6 1 4
3 0 2 ,2 0 2
2 0 9 ,2 4 6
6 3 2 ,2 2 0
3 5 ,8 7 6
2 6 5 .9 1 3
9 8 1 ,6 1 7
5 0 ,2 4 3
4 9 ,0 0 2
1 .4 7 8 ,0 2 2
2 . 0 3 6 ,6 0 3
6 ,2 3 0 .7 2 7
1 0 3 ,1 8 3
3 9 ,5 2 2
1 8 .8 2 2
2 1 9 ,8 7 7
5 5 5 ,4 0 7
1 0 3 .4 5 7
1 5 ,8 3 4
4 7 7 .7 8 6
1 ,1 7 0 .0 8 4
2 5 6 .1 3 5
3 7 1 ,6 2 8
3 8 1 .9 0 3
1 4 3 ,0 3 1
6 1 .2 4 7
2 9 ,4 0 2
1 2 ,1 6 5
1 0 9 ,0 3 0
2 ,1 6 2 .1 1 3
4 6 .4 6 5
7 .2 6 4 , 6 7 5
7 8 .1 8 4
3 0 .7 3 4
1 , 1 3 6 .8 9 6
2 9 2 .5 0 8
5 ,4 2 4
3 ,3 6 2 , 7 4 8
5 1 0 ,6 3 9
5 3 ,0 7 1
4 5 ,7 6 9
6 .4 4 5 ,7 5 8
1 0 7 .0 4 0
8 6 4 ,3 1 9
1 . 2 6 6 .8 0 8
9 5 8 ,8 2 1
8 3 9 ,0 7 3
2 8 .2 3 5
3 5 2 .5 3 0
4 7 8 ,2 2 2
1 2 6 .5 3 1
6 6 .1 7 9
1 8 ,4 2 2
1 ,2 1 4 ,2 0 9
2 1 ,3 7 9
1 7 7 ,2 4 9
3 4 2 .6 5 8
2 ,4 9 0 .9 8 6
2 3 4 ,7 6 9
9 4 6 .3 4 4
5 8 ,4 9 0
4 4 .2 6 6
3 4 .6 2 1

THE CHRONICLE

1094
Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

W e s f i P e n n P o w e r ___ M a r c h _____
g W e s t P e n n T r a c C o M a r c h _____
Y o n k e r s R a i l r o a d ___ J a n u a r y . .
M a r c h ___
Y o u n g s to w n A O h io . F e b ru a ry .

Jan. 1 to latest date.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

S
3 2 2 ,0 7 7
6 1 3 ,2 6 8
5 8 .4 1 4
8 0 ,1 1 8
2 4 .3 1 8

S
2 3 5 ,8 8 0
4 0 0 ,2 5 3
6 3 ,1 1 1
8 0 ,0 3 8
2 3 ,8 3 3

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

%
7 0 8 ,7 5 6
1 ,4 3 2 ,1 5 7
6 3 .1 1 1
2 4 1 ,0 3 3
4 0 ,3 8 1

b R e p r e s e n t s I n c o m e f r o m a ll s o u r c e s , c T h o s e f ig u r e s a r e f o r c o n s o l i ­
d a t e d c o m p a n y . / E a r n i n g s n o w g i v e n In m llr e ls .
g I n c lu d e s c o n s t it u e n t
c o m p a n ie s .

E le c t r ic R a ilw a y a n d O t h e r P u b l i c U t ilit y N e t E a r n ­
in g s .— T h e fo llow in g table gives the returns o f E L E C T R I C
railw ay and oth er pu blic u tility gross and net earnings w ith
charges and surplus reported this w eek;
-------- Gross

Companies.

Current
Year.

learnings------------------ Net learnings-------Previous
Current
Previous
Year.
Year.
Year.

S
$
S
$
7 0 .8 7 7
1 5 3 .5 3 8
1 0 6 ,6 8 6
1 1 3 ,2 5 2
A l a b a m a P o w e r C o . ___M a r
3 2 9 ,9 1 0
2 1 3 ,8 3 5
4 5 9 ,6 6 3
3 1 8 ,7 6 1
J a n 1 t o M a r 3 1 _______
3 1 6 ,7 0 0
1 1 0 ,1 0 3
2 8 2 ,5 4 7
9 4 .6 0 5
O h io S t a t e T e l e p h o n e ___ F e b
1 8 2 ,9 7 5
2 1 4 ,7 2 5
6 3 2 ,9 4 7
5 6 0 ,8 5 1
J a n 1 t o F e b 2 8 _______
P h il a d e l p h i a C o a n d a f f i l i 1 4 5 1 .3 7 3
1 ,2 3 3 ,1 4 0
2 . 7 7 0 ,3 6 6
a t e n c o m p a n i e s a ___ . M a r 3 . 0 3 7 . 6 0 5
A p r 1 t o M a r 3 1 _______ 3 0 ,7 7 1 ,6 6 1 2 6 ,7 8 7 ,1 5 3 1 2 ,7 9 9 ,3 2 3 1 2 ,3 9 5 ,3 3 1
7 3 ,5 5 6
3 2 ,6 7 7
3 9 ,6 2 9
7 6 ,4 9 1
P o r t o R i c o R y s C o ______ M a r
1 0 9 ,7 0 3
2 1 6 ,8 0 3
1 0 0 ,2 9 8
2 1 2 ,3 7 5
J a n l t o M a r 3 1 - - ____
8
0
,9
9
9
8 2 .2 3 8
3 4 4 ,2 6 5
3 8 6 ,4 8 1
S o u th N e w E n g T e le p _ _ M a r
2 4 3 ,3 6 2
2 5 5 ,3 2 4
J a n 1 t o M a r 3 1 _______ 1 ,1 3 7 ,6 4 3
1 .1 3 1 ,7 1 4
U t a h S e c u r it ie s C o r p (s u b s ld 2 8 0 ,9 1 3
2 3 3 ,2 0 7
i a r y c o s o n l y ) . _________M a r
5 1 1 ,5 5 5
4 2 5 ,7 8 3
7 2 6 .8 3 3
8 5 6 ,2 1 1
1 ,3 0 0 ,1 9 3
J a n 1 t o M a r 3 1 _______ 1 ,5 4 7 ,4 1 4

Cross
Earnings.
8 *
1 3 3 ,1 0 1
D u lu t h - S u p e r T r a c - M a r 117
1 1 4 ,0 2 8
’ 16
3 m o s ’ 17
3 7 9 ,3 1 5
’ 16
3 2 4 ,0 3 6
2 3 9 ,2 3 5
F e d e r a l I .t A T r a c . . . M a r ’ 17
’ 16
2 1 6 ,9 1 4
7 1 2 ,9 2 6
3 m o s ’ 17
6 5 8 .0 1 4
’ 16
7 7 .3 1 3
F t W o r t h P o w A I .t M a r ’ 17
’ 16
6 8 ,5 9 8
8 7 1 ,7 3 8
12 m o s ’ 17
’ 16
8 3 4 .4 1 1
M a r ’ 17
5 4 4 ,3 6 5
H udson A M an’ 16
5 1 0 ,2 0 3
3 m o s ’ 17
h a tta n
(a ll
1 ,5 8 3 .4 6 1
sou rces)
’ 16 1 .4 7 8 ,0 2 2
K a n s a s G a s A E l e c . M a r ’ 17
1 6 6 .7 3 8
1 4 2 ,9 0 0
’ 16
12 m o s ’ 17 1 ,6 5 5 ,0 5 8
’ 16 1 , 3 9 8 ,0 6 3
M o n t a n a P o w ( in c l s u b c o s )
1 .8 7 6 ,0 1 6
3 m o s t o M a r 3 1 ’ 17
’ 16
1 ,4 2 6 ,3 1 9
N ew p N ew s A
F e b ’ 17
8 1 ,3 5 4
7 0 ,5 8 3
H a m p t o n R y .J
16
G a s A E le c . 2
m o s ’ 17
1 6 6 ,5 7 6
’ 16
1 4 3 ,0 3 1
N i a g F a lls P o w C o a n d C a n N ia g P o w C o
7 7 1 .1 4 3
3 m o s t o M a r 3 1 ’ 17
’ 16
7 2 9 ,8 6 0
1 1 7 ,4 3 3
P a c i f i c P o w A L t . . . M a r ’ 17
1 0 8 ,0 8 1
’ 16
12 m o s ’ 17 1 .4 9 6 ,2 0 4
1 ,4 4 9 .4 6 9
’ 16
P a c i f i c T A T S y s t ( M a r ’ 17 c s t ) —
3 in o s t o M a r 3 1 ’ 17 5 .5 9 4 .0 0 0
’ 16 5 .0 8 1 . 8 0 2
1 0 4 ,8 7 5
F o r t l G a s A C o k e . . M a r ’ 17
1 0 2 ,0 9 1
’ 16
1 ,2 6 9 ,5 8 1
12 m o s ’ 17
’ 16 1 ,2 5 7 ,8 7 3
3 9 9 ,5 0 1
S o u t h C a l i f E d i s o n . M a r ’ 17
3 8 3 ,1 3 9
’ 16
3 m o s ’ 17 1 , 2 2 5 ,7 7 2
’ 16 1 ,2 1 4 ,2 0 9
1 9 3 ,8 5 6
T e x a s P o w A I.t . . . M a r ’ 17
’ 16
1 6 7 ,4 3 7
12 m o s ’ 17 2 . 3 2 0 ,9 8 0
’ 16 1 ,9 7 2 ,8 9 5
8 6 0 ,3 6 2
T n i r d A v e R y S y s t . M a r ’ 17
8 6 6 ,8 0 8
’ 16
3 m o s ’ 17 6 , 2 4 5 ,7 2 7
’ 16 8 ,2 2 1 ,0 8 0
4 0 0 ,6 0 9
U ta h P o w e r A
M a r ’ 17
’ 16
I .t (in c l W e s t 3 2 6 .3 7 9
e r n C o l o P o w ) 12 m o s ’ 17
1 ,5 2 6 ,4 9 6
’ 16 3 , 7 7 2 , 8 5 2
W e s t P e n n P o w C o . M a r ’ 17
3 2 2 ,0 7 7
’ 16
2 3 5 ,8 8 9
3 m o s ’ 17
9 6 6 ,7 5 7
’ 16
7 0 8 .7 5 6
6 1 3 ,2 6 8
W e s t P e n n T r a c . . . M a r ’ 17
1 9 0 ,2 5 3
’ 16
3 m o s ’ 17
1 ,7 8 9 .4 1 7
’ 16 1 ,4 3 2 ,1 5 7

Gross
Earnings.
H a r r is b u r g R y s . ___ M a r ’ 17
16
3 m a s ’ 17
’ 16
L e h ig h V a il T r a n s . . M a r ’ 17
’ 16
3 m o s ’ 17
’ 16
L o u is v i ll e R y . . . ___ F e b ’ 17
’ 16
2 m o s ’ 17
’ 16
N e w Y o r k D o c k . . . M a r ’ 17
’ 16
3 m o s ’ 17
16
(
M a r ’ 17
N o r t h e r n O h io
16
T r a c A L ig h t
3 m o s ’ 17
’ 16
T w i n C i t y R a p T r . M a r ’ 17
’ 16
3 m o s ’ 17
’ 16

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

Net after
Taxes.

Balance,
Surplus.

8
1 5 ,2 0 8
1 4 ,4 6 4
4 3 ,5 0 1
4 2 .7 2 0
4 9 ,0 2 5
4 9 ,2 8 0
1 4 8 ,8 6 1
1 4 6 ,6 7 2
9 ,9 5 8
9 ,4 0 9
1 17.98.8
1 1 4 ,6 9 4
2 1 8 .8 6 5
2 1 3 ,1 6 1
6 5 1 ,2 9 9
6 3 9 ,8 6 4
2 0 ,7 5 7
1 8 .1 5 4
2 2 4 ,0 2 9
2 0 0 ,8S0

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

1 ,4 1 6 ,7 1 2
1 ,0 8 2 ,8 0 4
2 7 .5 2 4
2 2 ,4 9 0
5 9 ,4 0 7
4 7 ,8 5 5

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

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

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

2 4 8 ,9 3 4
2 4 8 ,9 3 5
3 6 ,4 8 4
3 3 .1 9 6
4 0 6 .6 Hi
3 8 7 ,5 9 0

2 3 1 1 ,5 8 9
* 3 0 0 .2 2 2
2 0 ,3 2 0
1 3 ,0 4 6
3 1 8 ,7 4 4
3 4 8 ,5 9 3

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

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

8
r 2 6 .2 6 5

x 1 9 .2 6 4

6 2 1 .5 0 0
5 7 8 ,0 0 0
5 0 4 .9 8 6
6 1 5 ,2 3 1
1 9 ,0 8 2
2 7 .6 2 0
2 0 ,7 0 2
2 6 .6 6 5
2 7 9 .5 7 4
3 2 4 .9 5 6
3 0 3 ,4 4 5
3 1 0 .9 0 5
8 4 ,9 2 !
* 1 6 2 ,8 4 7
2 1 5 9 ,4 2 3
8 5 ,6 9 4
2 4 7 8 ,4 8 7
2 5 4 ,6 0 8
2 5 6 ,6 3 0
2 4 5 9 .9 2 1
3 9 ,4 5 8
4 1 .2 5 2
3 6 ,1 1 9
3 5 ,7 4 3
5 5 9 ,8 4 4
4 5 9 .1 7 5
4 3 8 ,9 7 4
3 5 5 ,1 7 8
2 2 5 ,1 2 3 2 d c f 6 1,9 9 1
2 1 9 ,8 7 8
2 1 9 ,9 3 1
1 ,9 9 2 ,2 6 7 r d f 144 1,947
2 6 1 4 .7 5 0
1 ,9 6 3 ,9 0 6
1 1 2 ,4 3 0
9 4 ,8 4 1
7 0 ,5 4 3
9 5 ,1 0 8
1,2 2 0 ,1 6 3 a-1 ,1 5 5 ,0 5 9
8 6 4 ,8 8 0
1 ,0 1 2 ,6 3 0
8 5 .9 8 2
3 8 ,3 4 2
7 1 ,7 8 7
3 8 .3 4 4
2 7 9 ,4 1 2
1 1 5 ,0 2 7
2 3 7 ,2 0 6
1 1 1 ,5 4 3
8 4 ,8 8 3
1 7 1 .5 1 3
7 9 ,4 8 8
1 7 3 ,7 2 2
2 5 9 ,4 8 1
5 1 5 ,0 9 8
2 3 9 .5 2 3
4 9 1 .1 5 7

Net
Fixed Chgs.
Earnings. N Taxes.

x A f t e r a l lo w i n g f o r o t h e r i n c o m e r e c e iv e d .




Fixed
Charges.

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

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

no, i l-i

7 1 ,3 7 4
2 4 6 ,7 8 1
2 1 7 ,6 8 0
1 2 2 ,2 8 8
1 1 8 ,2 7 0
3 7 6 ,0 1 7
3 4 7 ,7 o6
1 5 0 .0 9 4
1 4 5 ,5 8 6
4 3 5 ,0 6 9
4 2 7 ,8 8 2

Balance,
Surplus.
$
1 1 .5 1 6
2 6 ,5 3 6
3 5 ,5 0 2
6 7 ,6 5 7
2 3 1 .1 2 9
2 3 1 .1 0 5
2 6 9 .5 2 7
2 7 9 .2 7 2
2 5 2 ,1 1 1
2 5 6 ,0 7 7
* 1 1 2 .0 2 5
* 1 1 3 .7 S 4
9 0 .7 6 6
4 2 .1 0 8
2 2 9 ,1 1 6
1 2 0 ,1 0 7
7 9 ,2 7 4
8 5 ,6 4 0
2 2 0 ,1 6 7
2 4 1 .7 3 7
1 5 6 .0 7 2
1 6 1 .7 7 2
4 0 7 ,3 8 4
4 5 3 ,9 3 0

[V o l . 104

ANNUAL REPORTS
A n n u a l, & c ., R e p o r t s .— T h e follow in g is an index to all
annual an d oth er rep orts o f steam railroads, street railw a ys
and m iscellaneous com p a n ies published since M a rch 31.
T h is in dex, w h ich is g iven m o n th ly , does not in clu de
reports in to -d a y ’ s “ C h r o n ic le .”
S tea m R oa d s —
P a g e.
B e lt R y . of C h ic a g o .. . .........................1488
B u ffa lo R o ch . A P itts. R y .................... 1483
R u ffalo A Susquehanna R R . C o r p ..l 3 8 1
C anadian Pacific R y .............. 1 4 8 3 , 15 3 5
C hicago K alam azoo * Sagin aw R R .1 5 9 0
C h ic a g o * N orth Western R y _______12 5 7
C hic. S t. P aul M inn. & Om aha R y . . l 2 5 7
Cincinnati N orthern R R . . . ............. . 1 5 9 1
C levc. C in . C hic. A S t . Lo uis R y . . . l 5 8 5
C um berland V alley R R . ___________ 1489
D elaware & H udson C o ____________ 1482
D u lu t h * Iron R an ge R R __________ 1283
E rie R R ..................
.14 8 '
G ran d T run k R y . of C a n a d a ______ 1387
Green B a y * W estern R R .................... 1483
Indiana H arbor B elt R R ...............
15 9 1
Lak e E rie & Western R R .................... 15 9 1
Lon g Islan d R R .................
..1 2 5 7
........ 13 8 1
Louisville & N ashville R R .
M ahoning C oal R R .....
15 9 1
M anistee & N orth Eastern R R -------1489
M ichigan C en tral R R ..... ..................... .1 5 8 5
N ation al R y s . of M e x ic o .. _____
1489
N ew Y o rk C en tral R R _______
. . 15 8 5
N orthern P acific R y
..................
13 8 1
Phlia. B a lt. A W ash. R R .
_____
1586
P itts. * L ak e E rie R R .........................15 9 3
R u tlan d R R . . .........................................1593
Southern P a cific C o ............................. .1 5 8 5
Toronto H am ilton * B u ffa lo R y _ . .1 5 9 3
Western Pacific R R .
...
...
1483
E le c tr ic R oa d s —•
P a g e.
Am erican R y s .. Phlia ................
1484
B an go r R y . * E lec. C o . . ...................... 12 6 3
Baton Rouge (L a .) E lec . C o . . ___1488
C arolin a Pow er * Light. C o ..........— 1488
C hicago & Interurban T ra c . C o ____ 13 8 7
Chicago R y s . C o ......... ......................... .1 4 8 4
C ities Service C o ...................................... 13 8 2
C leveland Patnesvlllo A E a st. R R . . 1 4 8 9
Colum bus (G a.) E le c . C o .
15 9 1
Cum berland C o. P ow . * L igh t C o . . 12 6 3
E a st S t. Louis & Suburban C o __ __ 12 6 3
Ecderal Light * T ractio n C o ___ .13 8 7
G eorgia L ig h t. Pow . & R y s ____ _
1382
G eorgia R y . * Pow er C o .............. ...
13 8 2
H arrisburg (P a.) R y s ............................. 15 9 1
Honolulu R a p . T ra n . A I.an d C o .
1387
Hudson & M an h attan R R . . . . . 1483
L ak e Shore E lectric R y _____ _____ 12 6 3
London (Ont.) S t . R y __________ __ 118 9
Louisville R y . . .
....
.
.1485
New Orleans R y . A Light C o . . . . . 158 7
Northern Ohio T ran . * L ig h t C o .
1592
Om aha * Council B lu ffs S t . R y ___ 1593
P ie d m o n t* Northern R y . (6 m o s .) .U 9 0
P ortlan d (Ore.) R y ., L t. A Pow . C o . 12 6 5
Public Service C orp . of N . J . . 12 5 9 , 1505
Republic R y . * Light C o .............. ........14 8 5
Savan n ah (G a.) E lec . C o ___ _____ 1593
Tennessee R y . Light & Pow er C o .
12 55
U nderground E l.R y s .o f L o n d o n ,L td l5 8 7
U nited Ligh t * R y s . C o __ ________1259
United I t y s . * E lec. C o ., B a lt . ____ 1586
W ash. B a lt. A A nnap. E lec . R R ____ 1265
W est Penn T ractio n C o ___ ______ 1 265
In d u s t r ia ls —
P a g e.
A d vance-Rum ely C o ............ ................1486
Allis-C halm ers M fg . C o .........................1588
Am erican C hicle C o ..... ..........................13 8 3
Am erican International C o rp ............. 13 8 2
American Power * L ig h t C o _____. . 1594
Am erican Zinc, Lead A Sm elting Co
1486
Arizona Pow er C o .................................... 1594
Associated D ry Goods C o r p .
14 85
Associated Oil C o _____
1589
A tlan tic G u lf & W est Indies S . S .
L in e s .........................................................1589
Booth Fisheries C o ..... ............................ 1 2 5 9
Ilninsw lck-B alke-C ollender C o ...........i486
Bush T erm inal C o ............ .................... 13 8 5
C alum et A Hecla M in in g C o .......... .15 8 8
C am bria Steel C o .............. .........
. 1487
C an ad a Steam ship Lines, L t d . . ___ 148 8
C anadian Consol. Pelt C o ____ . 1492
C anadian Consol. R ubber C o
13S9
C anadian We-stlnghouse C o ., Ltd
.12 6 6
C entral Kalrbanks-M orse C o ., L td . 1492
C en tral Foundry C o ..................
1492
C en tral A So . Am er. Telog. C o _____ (266
C hevrolet M otor C o. o f D el............
13 8 3
Chicago R y . E quipm ent C o . . . . . 1 2 6 1
Chino Copper C o . ......... ..........................1492
C om puting-Tubulating-Rceord. C o .1486

Industrials—

Page.

Consolidation C oal C o . ...................... . 1 2 6 2
Cosden & C o .......... ......................... . .15 9 4
D istillers Securities C o rp ..........1 2 6 1 , 13 8 S
E ast B utte Coppor M ining C o . . .1 3 9 0
E lectric L ig h t & Pow er C o .................... 14 93
E lk Horn C oal C o r p ............ ................12 6 7
Em pire G as & Fu el C o . (3 m o s.)___ 1267
Fort W orth Pow er & L ig h t C o _____15 9 5
G eneral Chem ical C o . (3 m o s.)..........15 9 5
G eneral E lectric C o ....... ............... 1 588
Goldfield Consol. M ine3 C o . ............... 139 0
G riffin Wheel C o . . . . ....................... .12 6 2
Haskell A B arker C a r C o .. In c __ .1 3 9 0
H awaiian C om m ercial Su g ar C o ....... 15 9 5
Illinois B rick C o ...................................... 1488
Ingersol 1-Itand C o .............................
1384
Inspiration Consol. Copper C o __ .14 9 3
Interlake Steam ship C o .
.............. . 1 3 9 0
International S a lt C o ................... . . . 1 5 9 5
Island C reek C oal C o .......................
13 9 0
K an sas G as & E lectric C o . ............... 15 9 5
. 12 6 1
K elsey Wheel C o .. I n c . _____
L a Bello Iron W o rk s.. . . . . .
. 15 9 0
L ackaw an n a Steel C o . (3 m o s .) .. .1 4 9 3
L ake Superior C o rp . . .
. .
. 13 8 4
Laurentldc Pow er C o ......... . .
.1 5 9 5
M cC ro ry Stores C o rp ., N Y . . .
1260
M agm a Copper C o .
. . .
15 9 5
M agnolia Petroleum C o
. .1 3 9 0
M arconi W ireless T e l. C o . o f A m e r. 1268
M a y D ept. Stores C o ., N Y .
. . .1 2 6 0
M exican T elegraph C o ___
. ...1 2 6 8
M iam i Copper C o .....................
15 9 5
M ohawk M ining C o ....... ............... .. . 1268
M on tan a Pow er C o ......................... ...... 1 487
M otor Products C orp .
.1 3 9 1
M t. V cm on-W oodberry M ills, Inc .12 6 8
N ational C an d y C o ....................
1488
1268, 13 8 3
N ation al Lead C o ............
N evada Consol. C opper C o
____ 1596
Nlplsslng M ines C o .
........................ 1596
N orth B u tte M ining C o .........................1268
Old Dominion C o . of M e . . . .
1494
Ohio Sta te Telephono C o .
1269
___ 1494
Osage A Oklahom a C o .
.
P acific Pow er & L ig h t C o
. . . . 1596
Peerless T ru ck & M otor C orp . . . .12 6 0
P en n sylvan ia C oal A C oke C o ............1494
Philadelphia E lectric C o .
..1 4 9 4
Pocohontas Consol. Collieries C o .. 1494
Pond C reek C oal C o
13 9 1
Portland G a s A C oke C o ...................... 1596
P orto-R lean-A m er. T obacco C o .. . . 1 2 6 3
P rairie Pipe Lin e C o __ ___ . . .
13 9 1
Public Service C o . of N o. I l l ...............12 6 2
B a y Consol. Copper C o .
13 9 1
Reece Button-H ole M achine C o . . 13 9 1
Republic Iron A Steel C o . (3 m o s.). 1596
San Jo a q u in Ligh t A Pow er C o rp . .1 5 8 7
Sierra P acific E lectric C o . . . . . . . . . 1596
Sloss-Shcfflcld Steel A Iron C o ......... 125,8
Southern U tilities C o .......... ............... 1495
South Penn Oil C o ............ ........................13 9 2
Southwestern Pow er A Light Co . . 1 5 9 7
Stand.C hem ical, Iron A Lum ber C o . 14 9 5
Standard G as A E lectric C o . .
.12 6 0
Standard M otor Construction C o . . . 12 7 0
Stan d ard Oil C o . of K a n s a s ..
. . 1270
Standard Oil C o . of O hio...................... 13 9 2
Steel C o. of C an a d a, L t d . . . ____12 70
Su llivan M ach in ery C o ............
12 70
T e x a s C o m p an y. .................................
12 70
T exas Pow er A Light C o ................
1597
T ide W ater Oil C o ................
.
12 5 9
Union Bag A Paper C orp .
. 12 6 0
Union T a n k Lino C o ....... .............
. 1495
U nited C igar Stores C o . o f A m erica

13 8 3
U nited Service C o .......................
12 7 0
U . S . G ypsu m C o ..........................
12 6 1
U .S . Sm elt. Itefln . A M in . C o .
1386
U tah Copper C o ............ ..
. . .
1588
Vacuum Oil C o ----- . . . .
1-384
W ay laud Oil A G a s C o ., m e .
1487
15 0 5
W ashington Oil C o . ...................
W elltnan-Seaver-M organ C o . . .
1597
Western E lectric C o ., I n c . . .
13 8 5
W estern N . Y . A Penn. R y .
1389
W est. Union T e l. C o. 12 5 8 , (3m os.) 13 9 2
Western U nited G a s A E lec . C o .
13 9 2
Westinghouso Air B rako C o ......... .. . 12 7 0
W hite M otor C o ..................
1384
W lllys-O vcrland Co . .
. 12 5 9
W orthington Pum p A M ach . C orp 13 8 4
Yukon Gold C o . . .................................... 1 2 6 2

N ew Y o r k N ew H a v e n & H a r t f o r d R a ilr o a d .
(Report for Fiscal Year ending Dec. 31 1910.5
On su bsequent pages w ill bo fo u n d the rem arks o f C hair­
m an H ow a rd E llio tt in a d d ition to a com p a ra tiv e in com o
accou n t an d balance sheet fo r tw o years.
T h e Inter-State C om m erce C om m ission changed the fiscal
year o f railroads from tho y ea r en din g June 30 to the calen dar
y ea r.— V . 102, p. 1502, i4 8 9 .
S o u t h e r n P a c if ic C o m p a n y .
(33rd Annual Report— Year ended Dec. 31 1910.)
C h airm an o f tho E x ecu tive C om m ittee Julius K ru ttsch n itt, N . Y ., A p ril 12, w rote in substance:
New Fiscal Year. —T h o 1. S . U . C o m m i s s io n h a v i n g is s u e d a n o r d e r r e ­
q u i r in g r a i lr o a d s t o file a n n u a l r e p o r t s f o r t h o y e a r e n d i n g D o c . 3 1 . t h e b u s i­
n e ss y e a r o f t h is c o m p a n y a n d Its c o n s t i t u e n t c o m p a n i e s h a s b e e n c h a n g e d
s o a s t o c o n f o r m w it h t h e c a l e n d a r y e a r .
Mileage.— T h o fir s t m a in t r a c k o p e r a t e d o n D o c . 31 1 0 1 b a g g r e g a t e d
1 1 ,0 0 6 m ile s , a n i n c r e a s e o f 131 m ile s f o r t h o t w e l v e m o n t h s .
T h is in cre a s e
c o n s i s t s m a i n ly o f 1 1 4 .1 4 m ile s o f lin o f r o m K u g e n o t o M a r s h f i e l d , O r e . ,
p la c e d in o p e r a t i o n G e t . 1 1 0 1 6 .
O n J u l y 1 191 6 w o p u r c h a s e d t ile p r o p e r t y
o f t h e B e a v e r t o n A W i ll s b u r g R R . C o . (an a f f i l i a t e d c o m p a n y ) , 1 0 .3 5 m ile s
o f r o a d , a n d h a v o s i n c o o p e r a t e d It in c o n n e c t i o n w it h t h e O r e g o n A C a l l f o r n ia R R . ( V . 1 0 2 , p . 0 7 7 ) .
, , ,
Results.— T h o g r o s s o p e r a t i n g r e v o n u o s w o ro $ 1 6 3 . 4 2 7 ,4 2 3 ._ w h ic h n o t
o n l y e x c e e d e d t h o e a r n in g s f o r c a l e n d a r y o a r 1 0 1 5 b y $ 2 0 ,0 5 0 ,5 1 8 , b u t
a r e 't h e la r g e s t e a r n in g s o f a n y y e a r In o u r h i s t o r y .
T h o r e v e n u e fr o m fre ig h t t r a ffic in c re a s e d $ 2 6 ,1 2 0 ,2 7 , .
The v o lu m e w as
a u g m e n t e d b y b u s in e s s f o r m e r l y h a n d le d b y s t e a m s h ip s , o p e r a t i n g v ia
t h e I s t h m u s o f T e h u a n t e p e c a n d t h o P a n a m a C a n a l , w h ic h h a v e b e e n

A pr.

THE CHRONICLE

28 1917.]

te m p o r a r ily d iv e r t e d t o m o r o p r o fit a b le T r a n s a tla n t ic s e r v ic e ; a n d th e
E u r o p e a n w a r lia s s t im u l a t e d a d e m a n d f o r t h o p r o d u c t s o f m in e s a n d a g r i ­
c u l t u r e w h ic h h a s r e s u lt e d in p r o s p e r i t y in a ll lin o s o f e n d e a v o r , in a d d i t i o n
t o w h ic h a c o n s i d e r a b l e r e v e n u e a c c r u e d f r o m t h e t r a n s p o r t a t io n o f s u p p l i e s
f o r th o tr o o p s e n c a m p e d a lo n g th e M e x ic a n b o r d e r .
R e v e n u e f r o m p a s s e n g e r b u s in e s s r e f l e c t s a d e c r e a s o o f $ 4 , 9 1 4 , 9 5 5 ,
c o m p a r e d w it h t h o c a l e n d a r y e a r 1 9 1 5 , in w h i c h e x t r a o r d i n a r y t r a v e l w a s
s t im u l a t e d b y t h o C a li f o r n ia e x p o s i t i o n s .
I t is e s t im a t e d t h a t t h o c o m p e ­
t it i o n o f a u t o m o b i l e s d e p r i v e d y o u r lin e s o f e a r n in g s in e x c e s s o f $ 1 , 0 0 0 , 0 0 0 .
O n t h e o t h e r h a n d , r e v e n u e o f a b o u t $ 1 ,1 5 0 , 0 0 0 w a s d e r i v e d f r o m t h e t r a n s ­
p o r t a t io n o f t r o o p s t o a n d f r o m p o in t s a d ja c e n t t o t h e M e x ic a n b o r d e r .
A d e c r e a s e in e a r n in g s f o r t h e t r a n s p o r t a t i o n o f m a il w a s m o r e t h a n o f f ­
s e t b y a n i n c r e a s o in e x p r e s s o a r n i n g s w h i c h a c c r u e d d u r i n g t h o la s t s ix
m o n t h s o f t h e y e a r f r o m a n o w a n d m o r o f a v o r a b l e c o n t r a c t w it h W e l ls
F a r g o & C o . a n d a n in c r e a s e in t h o v o l u m e o f e x p r e s s b u s in e s s .
T h o com ­
b i n e d i n c r e a s e in m a i l a n d e x p r e s s r e v e n u e s w a s $ 4 4 1 ,0 2 8 .
T h e in c r e a s e o f $ 2 0 ,9 5 9 ,5 1 8 , o r 1 4 .7 1 % , in r a i lw a y o p e r a t i n g r e v e n u e s
w a s p r o d u c e d w it h a n in c r e a s e o f $ 1 0 ,7 4 2 ,1 9 9 , o r 1 1 .6 3 % , in r a i lw a y o p e r ­
a t in g e x p e n s e s , e a c h a d d it io n a l d o lla r o f o p e r a tin g r e v e n u e b e in g e a rn e d
w it h a n e x p e n d it u r e o f 5 1 .2 5 c e n t s f o r o p e r a t i n g e x p e n s e s .
A ft e r d e d u ctin g
r a i lw a y t a x a c c r u a l s , w h i c h in c r e a s e d $ 1 , 7 2 0 , 1 0 7 , o r 2 6 . 2 6 % , a n d t h o u n ­
c o l l e c t i b l e r a i lw a y r e v e n u e s , r a i lw a y o p e r a t i n g i n c o m o in c r e a s e d $ 8 , 4 7 9 , ­
7 5 3 , o r 1 9 .4 8 % , d e s p i t e t h e f a c t t h a t t h e a v e r a g o r e v e n u e p e r t o n m ile o f
f r e i g h t d e c r e a s e d f r o m 1 .0 4 4 c t s . la s t y e a r t o 0 . 9 5 9 c t s . t h is y e a r , o r 8 . 1 4 % .
A l t h o u g h a v e r y h e a v y t r a f f i c w a s h a n d le d , t h o n u m b e r o f f r e i g h t c a r s
u n d e r g o i n g o r a w a i t i n g r e p a ir s a t t h e c l o s e o f t h o y e a r w a s b u t 4 % o f t h e
t o t a l e q u i p m e n t , a n u m b e r v e r y m u c h b e l o w n o r m a l . I n d e e d , n e v e r in o u r
h i s t o r y h a s e q u i p m e n t o f e v e r y c la s s b e e n s o w e ll m a i n t a in e d .
E f f i c i e n c y in c o n d u c t i n g t r a n s p o r t a t io n is r e f l e c t e d in t h e f o l l o w i n g :
T h e a v e r a g e l o a d o f f r e i g h t m o v e d in a l o a d e d c a r i n c r e a s e d 2 .0 1 t o n s , o r
9 .3 0 % .
T h o a v e r a g e f r e i g h t t r a in l o a d w a s t h o h i g h e s t o n r e c o r d , b e i n g
5 5 3 .5 9 t o n s , a n in c r e a s e o v e r 1 9 1 5 o f 7 1 .5 0 t o n s , o r 1 4 .8 3 % .
T h e average
m ile s r u n p e r f r e i g h t c a r p e r d a y w a s 3 9 . 1 5 , a g a i n s t 3 0 . 1 5 % in 1 9 1 5 , a n in ­
c r e a s e o f 129.85%) •
T r a f f i c " c o n d i t i o n s , b r o u g h t a b o u t l a r g e ly b y t h e E u r o p e a n w a r , d r e w
m a n y o f o u r fre ig h t ca rs to th o A t la n t ic s e a b o a r d t e r r it o r y , a n d th e r e w ere
f e w e r c a r s o n o u r lin e s t h a n in 1 9 1 5 , y e t b y b e t t e r l o a d i n g a n d m o v e m e n t ,
w o h a n d le d 4 3 .4 5 % g r e a t e r t o n m ile a g e o f r o v o n u o f r e i g h t t h a n la s t y e a r —
t w o c a r s in 1 9 1 6 w e r e m a d e t o d o t h o w o r k o f t h r e e c a r s in 1 9 1 5 .
O p e r a t in g e x p e n s e s w e r e p r o f o u n d l y a f f e c t e d b y t h o u n p r e c e d e n t e d
p r i c e s o f a ll k i n d s o f m a t e r ia l s , w h ic h e a c h m o n t h a t t a i n h i g h e r f ig u r e s
th a n th o p r e v io u s m o n th .
L o c o m o t i v e f u e l a l o n e a d d e d $ 1 ,6 9 3 , 8 1 4 t o
o p e r a tin g e x p e n s e s .
W a g e s b o n u s e s ( V . 1 0 3 , p . 2 2 3 9 ) t o g e t h e r w it h o t h e r
i n c r e a s e s in w a g e a g r e e m e n t s m a d e d u r i n g t h e y e a r a n d w a g e s p a i d e m p l o y ­
e e s w h ile s e r v in g in t h e N a t io n a l G u a r d o n t h e M e x i c a n b o r d e r , c a u s e d a n
in c r e a s e in o p e r a t i n g e x p o n s c s o f $ 1 , 3 6 5 , 5 1 5 .
Adamson Act .— T h e c o n s t i t u t i o n a l i t y o f t h o A c t o f C o n g r e s s e s t a b l is h i n g
a s o - c a ll e d 8 - li o u r d a y f o r w h ic h t h e c o m p e n s a t i o n h e r e t o f o r e p a i d f o r 1 0 h o u r s ’ s e r v ic e , s h o u ld b o p a id , h a s b e e n s u s ta in e d b y th o S u p re m e C o u r t
i n a d e c i s io n r e n d e r e d M a r c h 19 1 9 1 7 .
T h i s d e c i s io n w ill in c r e a s e b y $ 1 , ­
7 5 0 ,0 0 0
t o $ 2 , 0 0 0 , 0 0 0 t h e w a g e s p a i d t o a s m a ll n u m b e r o f e m p l o y e e s , a n d
w ill b e f a r - r e a c h i n g in it s u l t i m a t e e f f e c t s ( V . 1 0 4 , p . 1 0 9 9 , 1 0 0 4 , 1 2 6 ).
Decrease in Interest on Funded Debt. — -T h o d e c r e a s o in t h i s i t e m is t h e r e ­
s u l t , p r i n c i p a l l y o f t h e a c q u i s i t i o n b y t h e S o u t h e r n P a c i f ic C o . s i n c e D e c . 2 0
1 9 1 5 o f a p p r o x i m a t e l y $ 2 4 ,3 0 0 ,0 0 0 b o n d s is s u e d u n d e r C e n t r a l P a c i f i c
R a i l w a y C o . 4 % 3 5 - y e a r E u r o p e a n L o a n o f 1 9 1 1 , t h o i n t e r e s t o n w h ic h
h a s b e e n e x c l u d e d in t h o i n c o m o s t a t e m e n t , b o t h f r o m i n t e r e s t o n f u n d e d
d e b t a n d f r o m i n c o m e f r o m f u n d e d s e c u r it ie s .
Southern Pacific RR. of Mexico.— O n D o c . 3 1 1 9 1 6 t h o p r i n c ip a l o f a d ­
v a n c e s t o t h o S o u t h e r n P a c i f i c l t R . C o . o f M e x i c o a m o u n t e d t o $ 4 0 ,3 9 7 , ­
944.
I n t e r e s t a c c r u in g o n t h o s e a d v a n c e s h a s n o t b e e n t a k e n i n t o t h e i n ­
c o m e o f th e S o u th e rn P a c ific C o m p a n y .
Capital Stock.— T h o c a p i t a l s t o c k o u t s t a n d i n g w a s i n c r e a s e d $ 1 4 5 ,0 0 0
t h r o u g h t h o i n c r e a s o o f c o m m o n s t o c k in e x c h a n g e f o r a lik e a m o u n t o f
5 % 2 0 -y e a r c o n v e r t ib le g o ld b o n d s s u rre n d e re d a n d c a n c e le d .
T l i e s t o c k s o f p r o p r i e t a r y c o m p a n i e s o u t s t a n d i n g D e c . 3 1 1 9 1 6 w e r e h e ld
a s f o l l o w s : O w n e d b y S o u t h e r n P a c i f i c C o . , $ 3 4 3 ,4 5 2 ,3 0 0 ; o w n e d b y M o r ­
g a n 's L o u is i a n a & T e x a s R R . Sc S S . C o . , $ 3 0 0 ,0 0 0 ; a n d in h a n d s o f t h o p u b ­
l ic . $ 8 2 ,6 0 0 ; t o t a l , $ 3 4 3 ,8 3 4 ,9 0 0 .
Funded Debt.— I n M a y 1 9 1 6 , t o p r o v i d o f o r t h o p u r c h a s o o f n o w e q u i p ­
m e n t , an e q u ip m e n t tru s t k n o w n as “ S o u th e rn P a c if ic E q u ip m e n t T r u s t
S e r ie s D , ” w a s c r e a t e d , a n d $ 5 , 1 1 0 , 0 0 0 4 4 S % e q u i p m e n t t r u s t c e r t i f ic a t e s
is s u e d d u r i n g t h o p e r i o d J u l y 1 l 9 l 0 t o D e c . 3 1 1 9 1 6 ( V . 1 0 2 , p . 1 8 1 2 ).
T h e o u t s t a n d i n g s e c u r it ie s a r o h e ld a s f o l l o w s : I n h a n d s o f p u b l i c , $ 5 0 0 , ­
3 9 8 ,3 6 3 ; o w n e d b y S o u t h e r n P a c i f i c C o . , $ 8 8 ,9 1 5 ,1 7 6 ; o w n e d b y p r o p r i e ­
t a r y c o m p a n i e s , $ 3 , 1 1 1 ,0 0 0 ; h e ld in s i n k i n g f u n d s o f p r o p r i e t a r y c o m p a n i e s ,
$ 1 0 ,6 5 5 ,0 0 0 ; t o t a l , $ 6 6 3 ,0 7 9 ,5 3 9 .
Road and Equipment.— T h e i n c r e a s o o f $ 1 1 ,8 5 8 ,7 1 5 a r o s e a s f o ll o w s :
Proprietary Companies.— C o n s t r u c t i o n e x p e n d it u r e s , $ 3 7 ,4 7 7 ;
a d d it i o n s a n d b e t t e r m e n t s , $ 3 , 8 1 2 , 7 5 0 --------------------------------------------- $ 3 , 8 5 0 , 2 2 7
Southern Pacific Co.— P u r c h a s o o f B e a v e r t o n & W i ll s b u r g U R . ,
J u l y 1 1 9 1 6 , $ 1 , 1 4 4 , 2 6 0 ; e x p e n d it u r e s o n a c c o u n t o f r a i l ­
w a y s in O r e g o n a c q u i r e d J u l y 1 1 9 1 5 , $ 6 0 0 ,0 7 3 ; B a y S h o r e
L i n o , $ 5 3 , 3 1 4 - ........................
1 , 7 9 7 ,6 4 7
R o l l i n g s t o c k a n d f l o a t i n g e q u i p m e n t _______________________________
4 ,6 5 4 ,8 1 4
N o w o f f i c o b u i l d in g a t S a n F r a n c i s c o , $ 4 1 1 ,7 0 5 ; o t h e r , $ 8 , 2 7 5 * 4 1 9 ,9 8 0
T o t a l e x p e n d it u r e s S o u t h e r n P a c i f i c C o . a n d p r o p r i e t a r y c o s . $ 1 0 ,7 2 2 ,6 6 8
D e d u c t e q u i p m e n t r e t ir e d , & c _________________________________________
2 ,3 5 4 , 7 3 6
N e t e x p e n d it u r e s S o u t h e r n P a c i f i c C o . a n d p r o p r i e t a r y c o s . . $ 8 , 3 6 7 , 9 3 2

Add b o o k v a l u e o f la n d f o r n e w g e n e r a l o f f i c o b u i l d in g a t S a n

F r a n c i s c o t r a n s f e r r e d d u r i n g t h e y e a r f r o m m is c e l la e o u s
p h y s i c a l p r o p e r t y t o i n v e s t m e n t in r o a d a n d e q u i p m e n t

COMBINED INCOME ACCOUNT (INCR. SOUTHERN PACIFIC CO.
A N D PROPRIETARY COS., EXCLUDING OFFSETTING ACCTS.).
Dec. 3 1 ’ 1 6 . Dec. 3 1 ’ 1 5 . June 3 0 ’ 1 5 .
Years ending—
$
$
$
.1 1 2 ,4 6 0 ,5 6 7
3 7 ,1 1 2 ,4 4 7
9 ,5 7 3 ,1 8 6
. 4 ,2 8 1 ,2 2 4

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

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

1 6 3 ,4 2 7 ,4 2 3
. 1 8 ,0 4 9 ,5 8 5
. 2 3 ,5 7 9 ,9 0 7
3 ,1 0 5 ,8 9 9
. 5 2 , 3 8 8 ,2 8 9
2 ,2 3 2 ,8 6 9
4 ,1 4 6 ,8 1 0
C r . 4 1 4 ,622

1 4 2 ,4 6 7 ,9 0 5
1 6 ,9 8 8 ,9 0 4
2 0 , 8 3 8 ,6 0 9
3 ,1 2 1 ,2 5 0
4 5 ,4 3 0 ,5 6 2
2 ,4 0 6 ,5 1 5
3 ,9 0 3 ,2 0 8
C r . 3 4 2 ,5 1 0

1 2 9 ,8 6 5 ,0 7 5
1 5 ,3 5 6 ,3 5 6
1 9 ,8 1 5 ,9 7 3
2 ,9 1 5 ,0 1 0
4 4 ,0 0 6 ,7 5 3
2 ,0 3 1 ,8 5 7
3 ,9 5 5 ,0 2 7
C r . 3 2 7 ,1 3 4

T o t a l e x p e n s e s ................................
N o t r e v e n u e ----------------------------------T a x e s ------- -------------------------------------U n c o l l e c t i b l e s -------------------------------

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

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

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

O p e r a t in g i n c o m e -------------------R e n t , & c . . i n c o m e ----------------- - - ­
D i v i d e n d i n c o m e — --------- - —
I n c o m o f r o m f u n d e d s e c u r it i e s .
M i s c e l l a n e o u s ____________________

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

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

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

G r o s s i n c o m e --------------------------------------- 6 3 , 6 4 4 , 3 1 6
5 2 7 ,6 7 0
H ir e o f e q u i p m e n t _______________________
7 0 0 ,7 5 0
R e n t f o r le a s e d r o a d s ----------------------------1 ,9 0 9 ,9 7 6
R e n t s , ____________________________________
B o n d s , & c . , i n t e r e s t ------------------------------- 2 4 , 2 7 8 , 8 6 4
3 3 7 ,4 2 7
O t h e r i n t e r e s t ___________________________
4 6 7 ,1 1 5
M i s c e l l a n e o u s ___________________________
D i v i d e n d s p a i d ( 6 % ) ___________________ 1 6 ,3 6 4 ,9 5 7
9 5 7 .1 8 6
S in k in g , & c . , r e s e r v e ___________________

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

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

T o t a l d e d u c t i o n s .........................- ............. 4 5 ,5 4 3 , 9 4 5
B a la n c o , s u r p l u s .............................................. 1 8 ,1 0 0 ,3 7 1

4 6 ,4 3 3 .4 2 7
1 0 .9 0 7 .4 4 4

4 6 ,3 7 7 ,7 4 1
3 ,2 7 0 ,2 5 1

T ota l

r e v e n u e s _________ ____________
w a y & construction

Maintenance o f

Maintenance o f equ ip m en t..............

T r a f f i c ------- .-------------------------------------------T r a n s p o r t a t i o n ------- - ---------------------------

Miscellaneous operations..................
Transportation

fo r

Investment! I l l '




COMBINED BALANCE SHEET DEC. 3 1 A N D JU NE 3 0 1 9 1 6 .
D e c . 3 1 T 6 . J u n e 30 T 6 .
A s s e ts —
s
$
R o ad & equip’ t . 9 5 1,8 30 ,4 4 0 9 39 ,9 7 1,7 2 5

Im provem ’ ts on
leased prop’y .
1,3 7 4 ,6 8 1
1,3 7 2 ,0 6 8
Sinking fu n d s .. 12 ,7 7 0 ,18 9 12 ,5 9 9 ,8 16
M isc. physical
prop’y , <tc— * 14 ,0 6 0 ,0 7 7 * 17 ,4 6 3 ,3 7 9
In v . in a ffll. cos.:
S t o c k s ............ 279 ,0 0 6 ,9 51 2 7 9 ,2 5 1,3 4 0
B on d s............ . 14 7,0 8 5 ,8 9 7 14 6 ,3 2 7 ,6 7 8
S tk s. & bonds
(cost insep.) 9 ,72 2,58 5
9 ,72 2,58 5
N o te s...............
489,000
3,3 9 3 ,3 6 2
A d van ces____ 9 1,2 4 7 ,0 0 7 87,6 38 ,79 3
Other in vestm ’ ts 18 ,3 2 8 ,4 8 1
14 ,70 8 ,20 8
C a s h .................... 1 2 ,1 1 4 ,6 5 1
13 ,5 2 8 ,3 0 3
D em . loans, & e . 8,000,000
5,000,000
Tim e d rafts, & c. 6,850,000
Special deposits. 1,7 9 1,4 0 6
92,599
Loans & bills rec
18 5 ,7 7 5
17 6 ,5 6 4
T ra ffic, & c ., bal. 1,0 0 4 ,6 4 1
1,74 6 ,9 8 0
Agents & conduc 3,9 3 6 ,9 7 5
2 ,9 17 ,1 4 2
M a t e r ia l* supp. 16 ,2 17 ,7 5 0 16 ,6 09,50 8
M isc e lla n e o u s.. 10 ,0 5 0 ,13 7
7,94 0,556
D eferred a sse ts. 6,399,795
6 ,344 ,045
U n adju st, acc’ts 7,0 02,4 76
4,19 5,9 6 6
D isc’t on s to c k . 3,6 78,6 00
3,6 78,6 00
D isc, on fu n d.d t 3,8 2 7,9 70
3 ,9 2 2 ,2 3 3

T o t a l............. .16 0 6 9 7 5 5 4 5

15 7 8 6 0 14 5 7

D ec. 3 1 T6.
L ia b ilitie s —
S
C ap ita l stock:
Sou. P a c . C o .272,822,906
P ro p 'y c o s .x .34 3,834 ,900
Funded debt:
S o u .P a c .C o \y 6 6 3 ,079,539
P ro p, c o s .xj
Non-negotlable
debt to a ffili­
ated c o s_____ 1 1 ,2 2 2 ,1 5 5
T r a ffic ,& c .,b a l.. 1,7 6 6 ,0 19
A cc’ts & w ag e s. 10 ,3 5 4 ,6 3 1
M a t . in t. unpaid 4 ,8 8 0 ,18 2
M a t . d iv .unpaid 4 ,14 5 ,0 5 8
U nm atured d iv s.
-----------declared------Acer, in t., & c . . 5,4 96,683
M isc e lla n e o u s.. 1,54 8 ,7 0 4
D eferred lia b il.
10 2 ,1 0 3
T a x l ia b i l i t y ... 1,6 9 2,0 9 3
In s ., & c ., res’ves 1,6 9 5 ,5 8 7
Accrued d ep rec. 3 8 ,17 8 ,0 8 1
U n ad ju s. credits 3 5 ,8 S 0 ,14 2
A d d ’ns to prop’y
through in c .,
& c _ ............ ..
2 0 1.5 5 2
Funded d ebt re­
tired through
incom e, & c _ . 2 0 .13 9 ,13 2
S in k , fund res’ ve 8 .9 54,857
A p prop. surp .n ot
specif, in ve st- 3 ,8 1 8 ,17 8
P ro fit and l o s s .. 17 7 ,16 3 ,0 4 4

June

30 T 6 .
5

272 ,677,9 06
313 ,8 8 5 ,6 0 0
6 58,875,622

7 ,3 4 6 ,8 18
1,8 9 0 ,57 4
8 ,55 7,4 9 2
4 ,8 19 ,7 0 3
4 ,14 6 ,5 6 7
4 ,0 9 0 ,16 8
5,4 6 3 ,8 6 1
1.2 0 5 ,2 0 6
2 4 4 ,12 7
2 ,0 2 0 ,4 0 1
1,7 4 5 ,4 16
36,994,403
3 2 ,5 0 3,9 5 7
16 1,9 13
19 ,8 6 1.6 8 3
8 ,5 10 ,8 4 2
3,820,6 98
15 9 ,778 ,4 9 4

T o t a l ............... 16 06 975545 15 7 8 6 0 14 5 7

* T h e v a lu e o f th e g r a n te d la n d s b e lo n g in g t o th e C e n tr a l P a c if ic R y . a n d
t o t h o O r e g o n & C a li f o r n ia R R . . r e m a in in g u n s o l d a t t h o c lo s e o f t h e y e a r
is n o t i n c lu d e d in t h e a b o v e s t a t e m e n t .
S e c u r it ie s is s u e d o r a s s u m e d , u n p le d g e d , D e c . 31 a g g r e g a t e d $ 4 ,4 3 2 , 1 7 5
a n d p l e d g e d $ 7 1 3 ,0 0 0 , a g a i n s t $ 3 ,6 4 0 , 1 7 5 a n d $ 7 1 3 ,0 0 0 , r e s p e c t i v e l y , a s o f
Jun e 30 1916.
T h e s e it e m s b y I . - S . C . C o m m i s s io n r e g u l a t io n s a r o n o t
in c lu d e d a m o n g t h e a s s e t s in t h e a b o v e b a l a n c e s h e e t .
x T h e o u ts ta n d in g c a p it a l s t o c k a n d fu n d e d d e b t in c lu d e c a p ita l s t o c k s
a n d f u n d e d d o b t o f p r o p r i e t a r y c o m p a n i e s o f t h e p a r v a l u e o f $ 3 4 3 ,7 5 2 ,3 0 0
a n d $ 1 0 2 ,6 8 1 ,1 7 6 , r e s p e c t i v e l y , a t o t a l o f $ 4 4 6 ,4 3 3 ,4 7 6 , w h ic h s e c u r it i e s
are o w n e d b y th e S o u th e rn P a c ific C o . o r b y p r o p r ie ta ry c o m p a n ie s , o r are
h e ld in s in k i n g f u n d s o f p r o p r i e t a r y c o m p a n i e s .
O f t h e s a id a m o u n t ,
s t o c k s o f t h e $ 2 4 9 ,6 5 3 ,1 6 1 , w h ic h s t a n d c h a r g e d o n t h e b o o k s a t $ 2 3 2 ,9 3 2 , ­
6 6 7 , a r e p le d g e d a g a in s t t h o is s u e o f S o u t h e r n P a c i f i c C o . s t o c k a n d b o n d s .
y I n c lu d e s a s o f D o c . 3 1 1 9 1 6 f u n d e d d o b t o f S o u t h e r n P a c i f i c C o . ,
$ 2 1 3 ,5 1 2 ,1 1 0 a n d o f p r o p r i e t a r y c o s . . $ 4 5 4 ,7 1 2 ,6 0 4 , le s s $ 5 ,1 4 5 , 1 7 5 h e l d b y
o r fo r c o m p a n y .— V . 104 , p . 1585. 104 6.

Pittsburgh & Lake Erie RR.
(38//i A n n u a l Report—Year ending Dec. 31 1916.)
P residen t A lfred H . Sm ith says in su bsta nce:
Acquisition.— T h e B e a v e r & E l l w o o d R R . w a s m e r g e d w i t h t h e P i t t s ­
b u r g h & L a k e E r i e R R . a s o f M a r . 6 1 9 1 6 , a d d i n g 3 .6 1 m il e s t o t h e m ile a g e
o w n e d a n d d e c r e a s i n g c o r r e s p o n d i n g l y t h e p r o p r i e t a r y lin e s .
New Stock.— T h e d i r e c t o r s o n M a y 1 0 1 9 1 6 a u t h o r i z e d t h e s a le o f 1 1 9 ,9 5 2
s h a res o f n e w c a p it a l s t o c k , p a r v a lu e $ 5 ,9 9 7 ,6 0 0 , a n d g a v e th e s t o c k h o ld e r s
t h e p r i v il e g e t o s u b s c r ib e f o r s a m e a t p a r .
A ll o f th o s e s h a re s w e re is su e d ,
in c r e a s in g t h e o u t s t a n d i n g c a p i t a l s t o c k t o $ 3 5 ,9 8 5 ,6 0 0 ( V . 1 0 2 , p . 1 0 6 0 ,
171 8; V . 10 3 , p . 2 3 9 , 3 2 1 ).
Stock Purchased.— D u r i n g t h e y e a r w e p u r c h a s e d 2 6 2 s h a r e s o f t h e c a p i t a l
s t o c k o f t h e P i t t s b u r g h M c K e e s p o r t & Y o u g h i o g h c n y R R . , in c r e a s in g o u r
h o l d i n g s In t h a t c o m p a n y t o 3 1 , 0 5 2 s h a r e s o f t h o 7 9 ,1 9 3 s h a r e s o u t s t a n d i n g .
T h e r e w a s a ls o p u r c h a s e d a t p a r , 4 ,5 0 0 sh a res o f th e c a p ita l s t o c k o f th e
P i t t s b u r g h C h a r t i e r s & Y o u g h i o g h c n y R y . , i n c r e a s in g t h e h o l d i n g s o f s t o c k
in t h a t c o m p a n y t o 1 3 ,9 0 0 s h a r e s o f t h e 2 7 , 8 0 0 s h a r e s o u t s t a n d i n g .
Changes in the Property Accounts.

I n v e s t m e n t in r o a d a n d e q u i p m e n t t o D e c . 3 1 1 9 1 5 _____________ $ 3 6 ,1 5 0 9 9 5
E x p e n d itu r e s f o r a d d it io n s a n d b e tte r m e n ts a n d n e w c o n s t r u e ’
t i o n , $ 1 , 8 7 5 , 5 0 4 ; e x p e n d it u r e s f o r n e w e q u i p m e n t , le s s r e ­
t ir e m e n t s , $ 2 , 5 3 4 , 8 6 3 ; c o s t o f B e a v e r & E l l w o o d R R . p u r ­
c h a s e d , $ 4 0 4 , 9 3 4 . ________________ ______________ _____________________
4 ,8 1 5 , 3 0 1
I n v e s t m e n t in r o a d a n d e q u i p m e n t D e c . 31 1 9 1 6 ...... .................. $ 4 0 ,9 6 6 ,2 9 6
Sub-Companies.— T h e r e v e n u e s o f t h e P i t t s b u r g h C h a r t i e r s & Y o u g h i o g h e n y R y . , a f t e r m e e t in g t h e e x p e n s e s o f o p e r a t i o n , t a x e s a n d i n t e r e s t
o n it s f u n d e d d e b t , w e r e s u f f i c i e n t t o p a y a 5 % d i v i d e n d . F r o m t h e p r o c e e d s
o f t h e s a le o f 9 , 0 0 0 s h a r e s o f s t o c k t h e r e w a s p a i d t h e b a l a n c e o f t h e n o t e s
i s s u e d f o r f u n d s t o b u i l d it s e x t e n s i o n in t h e y e a r 1 9 1 3 , a n d a c c u m u l a t e d
in t e r e s t o n s a m e .
T h o s u r p lu s e a r n in g s o f t h o M o n o n g a h e l a R y . e n a b le d
it t o p a y a 4 % d iv id e n d .
T h e L a k e E r i e & E a s t e r n R R . , w h il e e a r n i n g
s u f f i c ie n t t o p a y t h e e x p e n s e s o f o p e r a t i o n , t a x e s a n d r e n t f o r e q u i p m e n t
d i d n o t e a r n t h e i n t e r e s t o n it s d e b t .

RESULTS FOR CALENDAR YEARS.
3 ,4 9 0 ,7 8 3

N e t i n c r e a s e in i n v e s t m e n t J u l y 1 1 9 1 6 t o D e c . 3 1 1 9 1 6 .............. $ 1 1 ,8 5 8 ,7 1 5
Suit.— T h o G o v e r n m e n t s u i t r e g a r d i n g t h o r ig h t o f t h o c o m p a n y t o o w n
t h o s t o c k o f t li o C e n t r a l P a c i f i c l t y . h a s b e e n d e c i d e d in f a v o r o f t h e S o u t h ­
ern P a c ific C o .
I t is e x p e c t e d t h a t a n a p p e a l t o t h o U . s. S u p r e m o C o u r t
w ill b o t a k e n b y t h o G o v e r n m e n t .
W o m a y l o o k f o r a f in a l d e c i s io n
d u r in g th o O c t . 1917 te r m .
S ee V . 104, p . 1046.

F r e i g h t r e v e n u e s ______________________
P a s s e n g e r r e v e n u e s ______ ____________
M a i l , o x p r o s s , & c — ......................... ..
I n c id e n t a l, & c --------------------------------------

1695

„
1916.
1915.
1914.
1913.
M i l e s o p e r a t e d ___________
224
224
224
224
T o n s ( r e v e n u e ) f r e i g h t . . 4 2 ,6 8 8 ,6 8 1
3 3 ,2 9 2 ,5 2 2
2 8 ,1 1 2 , 8 4 6
3 5 ,3 5 9 ,4 4 4
C o m p a n y ’s f r e i g h t ............
2 ,5 0 7 ,8 2 9
2 ,3 2 6 ,9 3 8
2 ,6 1 8 ,5 0 6
2 ,9 0 7 ,0 7 8
R e v e n u e t o n s 1 m i l e ------- 2 6 5 9 7 1 7 3 6 3 2 0 1 7 3 2 7 4 9 1 1 7 4 3 8 3 2 1 0 6 2 2 7 8 4 7 1 8 2 8
C o m p a n y fr e ig h t 1 m il e . 9 1 ,6 4 9 ,3 4 9
8 9 ,4 7 8 ,4 0 6
8 8 , 8 5 2 , 8 8 5 1 0 6 ,5 8 8 ,6 4 4
B i t u m i n o u s c o a l -------------- 1 1 ,5 4 3 ,5 6 3
1 0 ,5 9 0 ,9 3 2
1 0 , 2 2 0 ,1 0 4
1 2 ,3 9 3 .9 0 9
C o k e ..............................
7 ,9 8 1 , 9 0 7
5 ,8 4 0 ,6 2 6
4 ,9 9 6 ,9 8 7
6 ,9 9 6 ,6 4 9
O r e s ............
6 ,3 2 8 ,0 0 8
4 .8 2 8 ,8 7 4
3 ,9 3 9 .1 8 1
4 ,7 2 6 ,7 4 1
S t o n e , s a n d , & c . _ ............
4 ,2 2 6 ,0 1 6
3 ,3 1 0 ,3 3 5
2 ,4 1 4 ,9 0 2
3 ,0 4 0 ,8 8 8
P a s s e n g e r s c a r r i e d ---------5 ,1 5 0 ,1 6 9
4 ,2 4 0 ,9 7 6
4 ,5 8 3 ,2 1 4
4 ,9 3 5 0 7 0
P a s s e n g e r s 1 m i l e ------------1 0 7 ,4 1 2 ,1 1 7
8 5 ,1 9 1 , 4 7 2
9 0 .7 5 8 ,8 4 2
9 6 ,8 9 5 ’ 584
E a rn s, p e r to n p er m ile .
0 .7 7 0 c t s .
0 .7 7 7 c t s .
0 .7 6 2 c t s .
0 .7 4 9 c t s
T o n l o a d ( a l l ) -----------------1 ,4 8 6
1 ,3 5 2
1 ,1 7 2
12 8 2
G r o s s e a r n in g s p e r m i l e .
$ 1 0 7 ,0 6 8
$ 8 1 ,0 3 0
$ 6 9 ,5 6 3
$ 8 7 ,6 4 6

INCOME ACCOUNT FOR CALENDAR YEARS.
Earnings—
1916.
1915.
1914.
1913.
F r e i g h t .................................... $ 2 0 ,4 9 0 ,2 9 4 $ 1 5 ,6 7 0 ,4 5 2 S 1 3 ,2 8 1 ,2 9 9 $ 1 7 ,0 5 9 ,4 7 5
P a s s e n g e r ------------------------2 ,0 0 9 ,0 0 9
1 ,6 0 0 ,2 6 3
1 ,6 8 6 ,3 8 9
1 ,8 2 5 ,2 1 9
M a i l , e x p r e s s , & c ________
1 ,1 1 2 ,5 4 9
7 1 1 ,9 7 0
4 7 6 ,0 8 7
517572
I n c i d e n t a l , & c ......... .............
4 3 1 ,3 1 0
2 1 3 ,3 8 3
1 5 3 ,5 9 0
2 4 1 ,8 4 5
T o t a l o p e r . r e v e n u e . . $ 2 4 ,0 4 3 ,1 6 3 $ 1 8 ,1 9 6 ,0 6 8 $ 1 5 ,5 9 7 ,3 6 5 $ 1 9 ,6 4 4 ,1 1 1
Expenses—
M a i n t . o f w a y & s t r u c . . $ 1 ,9 8 8 ,5 0 1
$ 1 ,4 9 6 , 2 6 7
$ 1 ,9 1 1 ,6 1 0
S 2 ,0 0 2 5 9 1
M a in t. o f e q u ip m e n t ...
3 ,6 2 8 ,2 2 6
2 ,9 2 3 ,1 0 0
3 ,6 5 8 ,1 9 3
3 ,5 6 0 187
T r a f f i c e x p e n s e s -------------1 6 6 ,2 0 5
1 6 8 ,1 7 0
1 7 3 ,4 7 7
1 7 3 ,7 3 3
T r a n sp o rta tio n e x p e n se s
5 ,5 4 8 ,2 6 5
4 ,0 2 2 ,4 9 4
4 ,2 2 1 ,9 6 4
4 ,7 6 0 3 0 2
G e n e r a l & m is c e l l. e x p . ______ 4 4 5 ,9 1 5
3 7 4 ,2 8 5
3 8 5 ,9 6 0
3 8 6 ,9 0 2
T o t a l e x p e n s e s ------------$ 1 1 ,7 7 7 ,1 1 3
$ 8 ,9 8 4 , 3 1 6 $ 1 0 ,3 5 1 ,2 0 4 $ 1 0 ,8 8 3 ,7 1 5
P . c . ex p . to e a r n in g s ...
(4 8 .9 8 )
( 4 9 .3 8 )
(6 6 .3 7 )
(5 5 .4 0 )
N e t r e v . r a il o p e r a t i o n s . $ 1 2 , 2 6 6 ,0 5 0
$ 9 ,2 1 1 , 7 5 2
$ 5 ,2 4 6 ,1 6 1
$ 8 ,7 6 0 3 9 6
T a x e s a c c r u e d , & c ---------8 3 6 ,7 1 9
5 9 3 ,9 6 5
6 3 1 ,7 2 1
6 6 2 ,0 8 6
O p e r a t in g I n c o m e ------- $ 1 1 ,4 2 9 ,3 3 1
H ir e o f e q u i p m e n t ---------6 5 5 ,1 3 5
In terest on l o a n s , & c . . .
6 1 5 ,6 5 9

$ 8 ,6 1 7 ,7 8 7
5 1 5 ,8 7 4
5 1 7 ,8 1 4

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

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

G r o s s c o r p o r a t e i n c . . $ 1 2 ,7 0 0 , 1 2 5
Deduct—
R e n t a ls l e a s e d l in e s ------$ 5 2 0 ,3 6 9
I n t . o n b d s .,e q .c t fs .,& c .
3 6 3 ,3 5 2
J o i n t f a c il i t i e s r e n t s ,& c _
1 ,6 9 5 ,0 5 6
D e p r e cia tio n a c c o u n t . .
1 ,5 0 0 ,0 0 0
D i v i d e n d s ( 1 0 % ) ------------x 3 , 2 9 9 . 2 8 0

$ 9 ,6 5 1 ,4 7 5

$ 5 ,6 5 8 ,5 9 5

$ 8 ,9 9 9 ’ l8 8

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

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

$ 5 3 8 ,6 5 8
387082
1 2 3 9 711
* 2 ,9 9 8 ',8 0 6

T o t a l d e d u c t i o n s ------- $ 7 , 3 7 8 , 0 5 7
$ 5 ,0 8 1 ,4 9 6
$ 4 ,5 7 3 ,9 7 6
$ 5 ,1 6 4 ,2 5 1
B a la n c e , s u r p l u s ............_ y $ 5 , 3 2 2 , 0 6 8
$ 4 ,5 6 9 , 9 7 9
$ 1 ,0 8 4 , 6 1 9
$ 3 ,8 3 4 i9 3 7
x, See f o o t n o t e , y• T h e t o t a l s u r p lu s D e c . 3 1 1 9 1 6 , a f t e r d e d u c t i n g e x t r a
d i v i d e n d o f $ 1 0 p e r s h a r e o n 5 9 9 ,7 6 0 s h a r e s , d e c l a r e d o n J u l y 10 1 9 1 6 f r o m
a c c u m u l a t e d s u r p lu s $ 5 , 9 9 7 , 6 0 0 , a n d m i s c . it e m s a g g r e g a t i n g $ 1 4 4 ,6 2 2 w a s
$ 2 0 ,1 9 0 ,7 3 1 .
* A1 s o $ 6 ( 1 2 % ) e x t r a d i v i d e n d p a i d f r o m a c c u m u l a t e d s u r ­
p lu s M a r . 1912 a n d $ 2 5 0 (5 % ) F e b . 26 1 91 3.

GENERAL BALAN CE SHEET DEC. 3 1 .
19 16 .
19 15 .
19 1 6 .
19 15 .
Asset3 —
Liabilities—
$
$
S
$
R o a d A equipm ’t-4 0 ,966,296 3 6 ,15 0 ,9 9 5 C a p ita l sto c k ____3 5 ,985,600 29,988,000
P rem . on s tk . sold
285
285
I n v .in a ffll.c o s .—
S t o c k s ....................4 ,4 0 1,3 7 4 4 ,372,4 6 0 Funded d e b t..........6 9 2 0 ,12 7 7 ,18 5 ,5 9 3
96 5,759
N o te s...................... 4 ,469,197 4,6 9 5,725 A c c 'ts an d w ag e s. 1 , 06 3,4 30
75.000
75.000
A d va n ce s............ 8 ,733,056 6 ,4 2 2 ,2 13 Lo an s & bills p a y .
5 6 1,9 8 3
75 0 ,8 18
M isc . p h y s. prop’y 4 ,566,638 4,566,638 T r a ffic b als. p a y .
85.000
85.000
M ate ria l & suppl’s 3 5 6 3 ,3 6 1 2 ,3 7 6 ,5 3 1 In t. accrued, A c . .
C ash ....................
3 ,6 3 5 ,3 5 1 4 ,9 3 1,1 6 7 D lv s. declared___1 799,280 1,4 9 9 ,4 0 0
112,000
643 T a x e s accru ed____
112,000
2 14
L o a n s * b ills r e c ..
2 8 1 ,16 2 M iscellan eou s----- 1 3 9 3 ,2 10 1 , 6 1 7 ,1 6 3
T r a fllc b a l. re c elv.
286,578
29,724
28,892
8 14 ,5 6 3 D e f. credit Item s.
A gents & conduc’s 1 ,075,000
38,94 3
42,666
M lscell. accounts- 1 ,822,36 3 1,5 3 8 ,7 5 8 R e s e r v e s ________
6 02,8 10 D eprec. ( e q u ip .).. 3 ,28 1,58 2 1,2 4 1,8 7 4
792,698
A c c r .ln t.,d lv s .,* c .
1,2 4 9 A d d ’ns from In­
1,2 5 5
Other ad va n ce s___
come since ’ 07—
U n a d ju st, d ebits.
4 75,6 27
2 3 4 ,1 7 1
P . & L . E . R R . 2 ,818 ,9 33 2 ,8 18 ,9 3 3
P ro fit and l o s s . . . 20 ,19 0 ,7 3 1 2 1,0 10 ,8 8 4
T o t a l ................... 74 ,5 4 7 ,5 5 3 6 7 ,2 3 0 ,5 4 1

T o ta l

.......... a 7 4 ,54 7.55 3 6 7 .2 3 0 ,5 4 1

a See fo o t n o te (y ) a b o v e .— V . 104, p . 1593.

c r e a s e in 1 9 1 5 o v e r t h e p r e c e d i n g y e a r w a s 1 8 . 2 % , w h il e 1 9 1 6 w it h a t o t a l
o f 1 3 4 ,8 2 8 ,4 1 3 k . w . h . s h o w e d t h e r e m a r k a b l e i n c r o a s e o f 5 2 . 5 % o v e r 1 9 1 5 .
I n o rd e r t o ta k e ca re o f th e in cro a s o d d e m a n d s f o r c o m m e r c ia l lig h t a n d
p o w e r a n d t h e s t e a d y g r o w t h in r a i lw a y r e q u i r e m e n t s t h e c o m p a n y is
b e n d in g e v e r y e f f o r t t o c o m p l e t e t h e i n s t a ll a t i o n o f t h e t w o 2 0 , 0 0 0 k . w .
t u r b o - g e n e r a t o r s , t o g e t h e r w it h r e q u i s it e c o m p l e m e n t o f b o i le r s w h ic h
w e r e c o n t r a c t e d f o r in 1 9 1 5 .
I n th e m e a n tim e a 7 ,5 0 0 k .w . t u r b o -g e n e r a ­
t o r h a s b e e n i n s t a ll e d a t t h e G o r g e s t a t io n f o r t e m p o r a r y u s e u n t i l t h e
2 0 ,0 0 0 k . w . g e n e r a t o r s a r o p u t i n t o s e r v ic e .
Consumers.— D u r in g t h e y e a r 1 9 1 6 4 , 0 3 2 c o n s u m e r s w e r e a d d e d t o t h e
c o m p a n y ’s lin e s f o r lig h t i n g a n d s m a l l p o w e r s e r v ic e .
T h e re w e re a ls o
la r g o p o w e r c o n n e c t i o n s m a d e in 1 9 1 6 , t o t a l i n g 1 0 ,7 7 5 h . p .
O ver 450
m ile s o f w ir e w a s s t r u n g d u r i n g t h e y e a r in m a k i n g c u s t o m e r s ’ e x t e n s i o n s .
Akron Terminal and General Office Building.— T h e f o u r s t o r y s t e e l a n d
t e r r a c o t t a o f f i c e b u i l d in g a n d p a s s e n g e r s t a t i o n s h o u l d b o r e a d y f o r o c c u ­
p a n c y d u r in g 1917.
Financial.— O n F e b . 2 3 p e r m is s io n w a s g r a n t e d b y t h o I ’ . U . C o m m i s ­
s i o n t o is s u e a n d d i s p o s e o f 1 5 ,1 8 4 s h a r e s o f p r e f e r r e d s t o c k , o f w h ic h 1 1 ,6 3 9
s h a r e s w e r e s o l d d u r i n g t h e y e a r . — ( V . 1 0 2 , p . 1 0 6 0 ).
O n J u l y 2 1 t h e c o m p a n y w a s g r a n t e d p e r m is s io n b y t h e C o m m i s s io n t o
is su e i t s n o w $ 1 4 ,0 7 5 ,0 0 0 F i r s t L i e n a n d R e f u n d i n g M o r t g a g e 5 % b o n d s
( V . 1 0 3 , p . 4 0 7 ) , o f w h ic h $ 1 0 ,0 7 5 ,0 0 0 w e r e r e s e r v e d f o r t h e r e f u n d i n g o f a
lik e a m o u n t c f u n d e r l y i n g b o n d s a n d $ 4 ,0 0 0 , 0 0 0 w e r o s o l d a n d t h e p r o c e e d s
t h e r e o f a p p l i e d in r e fu n d i n g $ 1 0 0 ,0 0 0 T u s c a r a w a s R R . F i r s t M o r t g a g e
6 s , $ 4 7 ,0 0 0 L a k e V ie w L a n d A I m p r o v e m e n t C o . F i r s t M o r t g a g e 5 s , a n d
$ 1 , 8 0 0 , 0 0 0 c o ll a t e r a l t r u s t s e r ia l b o n d s a n d f o r e x t e n s i o n s , b e t t e r m e n t s a n d
a d d it i o n s t o t h e p r o p e r t y .

Kansas City Southern Railway.

(17 th Annual Report—New Fiscal Year ending Dec. 31

RESULTS FOR CALENDAR YEARS OF COMBINED PROPERTIES.

1916.)

T h e re p o rt w ill b e cite d a t len gth a n oth er w eek .
— Years ending Dec. 3 1 — — Years ending June 3 0 —
1916.
1915.
1915.
1914.
G r o s s e a r n i n g s ............ . . . $ 1 1 ,2 8 9 ,3 2 4 $ 1 0 ,0 7 6 ,1 6 9 $ 1 0 ,0 3 5 ,8 9 6 $ 1 0 ,9 7 0 ,4 0 3
O p e r a t in g e x p e n s e s _____
6 ,7 8 2 ,7 0 0
6 ,2 0 5 ,9 5 5
6 ,4 7 8 ,8 2 1
6 ,9 1 0 ,3 2 1
I n t ., d is c o u n t ,r o n t s , & c

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

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

$ 3 ,5 5 7 ,0 7 5
1 7 0 ,9 1 9

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

N e t I n c o m e ____________

$ 4 , 7 9 8 ,1 9 6

$ 4 ,1 4 7 ,0 1 0

$ 3 ,7 2 7 ,9 9 4

$ 4 ,2 5 7 ,4 9 6

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

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

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

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

T o t a l .................................... $ 3 , 6 1 5 , 5 5 4
B a la n c e , s u r p l u s _________ $ 1 , 1 8 2 ,6 4 2

$ 3 ,6 1 1 ,2 4 6
$ 5 3 5 ,7 6 4

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

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

Deduct—
T a x e s , & c ................. .............
In te re st o n b o n d s, & c . .
R e n t s , & c ________________
H ir e o f e q u i p m e n t ______
P r e f .d i v i d e n d s ( 4 % ) . . .

— V . 104, p . 452 , 73 .

1916.
A v e r a g e m ile s o p e r a t e d .
2 4 4 .3 3
P a s s e n g e r s ________________ $ 3 , 7 0 9 , 0 3 8
F r e i g h t , A c ............................
1 3 9 ,5 1 8
L i g h t a n d p o w e r .............. ..
1 ,1 8 8 ,8 5 3
P a r k s ______________________
7 2 ,6 7 0
M is c e l la n e o u s i n c o m e . .
6 0 ,3 6 3

1915.
2 4 1 .0 4
$ 2 ,9 2 6 ,3 0 6
1 0 8 ,9 2 7
7 6 3 ,7 1 5
5 8 ,0 5 8
3 3 ,7 4 5

1914.
2 3 6 .7 7
$ 2 ,8 1 7 ,2 7 1
8 8 ,2 5 9
6 4 3 ,9 7 7
4 9 ,7 9 6
3 6 ,7 8 2

1913.
2 3 3 .2 2
$ 2 , 6 8 6 ,6 0 1
9 4 ,5 1 6
4 1 8 ,0 0 4
5 9 ,7 3 3
2 5 .6 7 9

T o t a l e a r n i n g s ________ $ 5 ,1 7 0 ,4 4 2
M a in t. o f w a y A s t r u c ..
$ 5 5 1 ,9 4 4
M a i n t . o f e q u i p m e n t ___
3 6 0 ,9 2 4
O p e r a t io n — p o w e r p l a n t s;
6 4 2 ,1 6 6
C o n d u c t in g t r a n s p o r t ’n .
8 0 5 ,3 4 8
G e n e r a l a n d t a x e s ________
8 0 5 ,5 9 6

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

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

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

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

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

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

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

$ 6 6 3 ,8 3 6

$ 2 4 0 ,1 5 1

$ 1 5 9 ,3 9 4

$ 1 0 0 ,3 2 5

D e d u c t — I n t . o n b d s . , A c ..
P r e f. d iv id e n d s ( 6 % ) . . .
C o m m o n d i v i d e n d s ( 5 % )i

Note.— I n c l u d e d in o p e r a t i n g e x p e n s e s in 1 9 1 6 is a c h a r g e o f $ 2 9 5 ,0 0 0 f o r
d e p r e c i a t i o n o f c a r s a n d e q u i p m e n t , a g a in s t $ 6 0 ,0 0 0 In 1 9 1 5 .

Bangor & Aroostook Railroad.
(23d

[Vol. 104

THE CHRONICLE

16 9 6

Annual Report—Year ended Dec.

31

CONDENSED BALAN CE SHEET DEC. 3 1 .

1916.)

P res. P e rcy R . T o d d , B a n g or, M o ., M a r . 2 3 , w rote in su b .:
Change in Fiscal Year.— T h o d i r e c t o r s h a v i n g c h a n g e d t h e f i s c a l y e a r t o
e n d w i t h D e c . 3 1 , t h i s r e p o r t f o r t h e c a l e n d a r y e a r 1 9 1 6 n e c e s s a r il y i n c lu d e s
th e o p e r a tio n s o f t h e s ix m o n t h s e n d e d J u n e 3 0 1 9 1 6 , w h ic h fo r m e d p a r t o f
th e p r e v io u s r e p o r t.
Results.— T h e g r o s s r e v e n u e d u r i n g t h e y e a r I n c r e a s e d $ 2 6 5 ,3 2 8 , o r 7 . 0 8 % ,
o v e r t h e y e a r 1 9 1 5 , w h ile o p e r . e x p e n s e s i n c r e a s e d $ 1 4 0 ,9 7 7 , o r 6 . 1 3 % .
T h e fr e ig h t t r a ffic fr o m C a n a d a fo r y o u r c o m p a n y a c c o u n t o f th o c o n ­
s t r u c t i o n o f t h e V a n B u r e n B r i d g e c o n t in u e s t o g r o w v e r y s a t i s f a c t o r i l y ,
la rg e s h ip m e n ts o f m a n u fa c t u r e d lu m b e r a n d o t h e r t r a ff ic b e in g d a ily
r e c e iv e d , d e s tin e d t o th e N e w E n g la n d m a r k e ts , o n w h ic h y o u r c o m p a n y
r e c e iv e s a l o n g h a u l; a l s o la r g e s h i p m e n t s o f l o g s f o r m il l s l o c a t e d o n y o u r
c o m p a n y ’s lin e s .
Notes, &c.— $ 2 , 0 0 0 , 0 0 0 t w o - y e a r 5 % .g o ld n o t e s , m a t u r in g A p r i l 1 1 9 1 8 ,
w e re s o ld a n d th e $ 1 ,5 0 0 ,0 0 0 5 % g o ld n o te s d u e M a y 1 191 6 w e re p a id o f f
a n d c a n c e le d ( V . 1 0 2 , p . 1 8 1 0 ).
T h e r e w e r e a l s o is s u e d $ 2 3 ,0 0 0 N o r t h e r n
M a in e S e a p o rt b o n d s o n a c c o u n t o f im p r o v e m e n ts a n d a d d it io n s o n th a t
c o m p a n y ’s p r o p e r t y .
Dividends.— I n 1 9 1 6 t h e r e w e r e p a i d 3 % , m a k i n g a t o t a l o f $ 1 0 3 ,4 5 8 ,
l e a v i n g a b a l a n c e o f $ 3 9 2 ,5 5 4 c a r r ie d t o s u r p l u s a c c o u n t .
IN CO M E ACCOUNT FOR CALENDAR YEARS.
19 16 .
19 16 .
19 15 .
F re ig h t.......... $ 3 ,11 9 ,8 8 3
$ 2 ,9 12 ,9 3 1 N e t earn in gs_____ $ 1 ,5 7 4 ,1 0 1
16 2,0 34
P assen ger......
6 7 5 ,10 8
624,403 T a x e s, & c ...............
M a il, express, & c .
13 4 ,2 3 0
12 2 ,1 0 4
Oper. Income . . S I , 4 12 ,0 6 7
R e ve n u e o th . than
6 0 ,571
transp ort’n ____
8 4 ,18 8
88,642 Other In c o m e ____
H ire of equipm ent
275,940
G ro ss e a r n in g s.$4 ,0 13 ,4 0 8 $3,748,0 80
G ross Income ..$ 1 ,7 4 8 ,5 7 8
O v er. E xp en ses—
M a ln t .o f w a y , * e .
$ 5 3 6 ,19 7 $5 0 1,9 4 4 In t. on bonds, & c . $ 1,16 6 ,8 0 3
40,924
M a ln t. of equip’ t .
6 06,180 582,476 O ther in terest____
34,759
T r a ffic e x p e n se s..
40,932
3 1,2 8 2 D lsc’ t on bonds,A c
10,080
T ran sp ’n expenses
1,0 6 6 ,50 0 1,0 17 ,5 5 3 M iscellan eou s____
10 3,4 5 8
G en eral, A c ., e x p .
189,498 16 5,0 76 D ividen d s ( 3 % ) . .
E a r n in g s —

T o ta l deduc’n s .$ 1,3 5 6 ,0 2 4
T o ta l ex p e n se s.$2 ,4 3 9 ,3 0 7 $2 ,29 8 ,3 30
R a tio exp. to earns
(60.78)
(6 1.32 ) B ala n ce , s u r p lu s .. $3 9 2,55 4
N e t e a r n in g s ...$ 1 ,5 7 4 ,1 0 1 $1,4 4 9 ,7 5 0

BALANCE SHEET DECEMBER 3 1 .
A s s e ts —
R o a d A equlpm ’ t .2 9
Stock s In a ffll.c o s .
C a sh ..........................
Special d e p o s its..
Lo an s A bills r e c ..
T r a ffic , A c ., b a l ..
A gents A conduc.
M iscellaneou s____
M ate ria ls A su p p .
D lsc. on bonds,A c.
O th. u n ad j. debits

1 9 16 .
19 1 5 .
Liabilities—
$
$
$
,6 6 1,58 3 28 ,4 0 4,323 Com m on sto ck __ 3 ,448,600
250,000 B on d s....................... 23 ,315,0 0 0
250,000
12 6 ,6 0 5 N o te s....................... 2 ,000,000
46 5,265
17 2,00 0
262,005
2 6 3,2 5 5 E q u ip , tru st o b llg.
34 ,50 5
2 1,7 0 0 Lo an s A bills p a y . .
’ 26",929
14 9 ,7 7 2
15 7 ,4 4 7 T r a ffic , A c ., b a l . .
12 3 ,2 5 8
40 ,333
30,020 Vouchers A w ages.
29 6 ,5 14
5 4 ,2 3 3 M atu red In t., A c .
68,029
19 4 ,19 2
432,996
434,929 Accrued In te re st..
26 ,727
406,632
376,468 M iscellan eou s-----7 ,3 39
194,060 T a x llablls’ accr’d .
10 6,950
O peratlng reserves
5.489
Accrued deprec’ n .
9 4 0 ,318
Other u n ad j. cre d .
57,099
A d d'n s to prop erty
16 1,9 4 9
through Income.
P ro fit and loss____1 ,10 2 ,6 5 7
19 16 .

T o t a l ................... 3 1,8 7 8 ,0 7 1 3 0 ,3 13 ,6 4 0

1

.3 1 ,1 2 7 ,7 7 1 2 7 ,6 8 6 ,13 5
* A f t e r d e d u c t i n g $ 3 5 0 ,0 0 0 p r o v i s i o n f o r d e p r e c i a t io n o f r o a d a n d e q u i p ­
m e n t in a d d i t i o n t o $ 2 9 5 ,0 0 0 i n c lu d e d In o p e r a t i n g e x p e n s e s , $ 2 9 0 ,0 0 0 p r o ­
v i s io n f o r i n ju r i e s a n d d a m a g e s in a d d i t i o n t o $ 1 9 8 ,6 1 6 i n c lu d e d in o p ­
e r a t in g e x p e n s e s , $ 9 4 ,9 2 9 , $ 2 5 ,6 1 3 f o r r o - f i n a n c i n g c o s t s , i n c lu d in g d i s ­
c o u n t o n n o t e s a n d p r e m iu m o n c o ll a t e r a l n o t e s r e d e e m e d , w r i t t e n o f f .
a n d m is c e l la n e o u s , $ 4 4 ,9 9 9 . — V . 1 0 4 , p . 1 5 9 2 .

19 15 .
$1,4 4 9 ,7 5 0
15 3 ,6 7 7

United States Steel Corporation.
( Earnings

$ 1,2 9 6 ,0 7 3
19 ,8 74
18 4 ,6 5 5

297,764
18 3 ,2 7 3
11,9 9 0
3,506
10 ,5 9 5
277 ,9 0 5
55774

31 1917 .)

INCOME ACCOUNT FOR QUARTERS ENDIN G M AR CH 3 1 .
Net Etimirfas__
1917.
1916.
1915.
1914.
Jan u ary^ . .
F eb ru a ry*

S

T o t a l ................... 3 1,8 7 8 ,0 7 1 3 0 ,3 13 ,6 4 0

31 1916.)

^ °a n d r e s e r v e f u\ids0^ .1" ^ $ 9 , 7 9 0 , 8 2 4
I n t e r e s t ....................................
5 , 3 6 0 ,8 2 3
P re m . o n b d s. r e d e e m ..
2 2 4 ,6 1 5

22.722,316

$ 1 ,6 8 7 , 1 5 0
.5 ,6 3 8 ,5 7 8

7.132.081

$ 4 ,9 4 1 ,3 3 7
5 .6 5 5 ,6 1 1

7,397.433

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

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

$ 5 ,7 9 8 ,0 2 3
5 .6 0 0 ,2 7 9
2 2 7 ,0 2 3

T o t a l d e d u c t i o n s _____$ 1 5 ,3 7 6 ,2 6 2 $ 1 5 ,2 0 0 ,7 5 2 $ 1 1 ,5 4 2 ,7 5 1 $ 1 1 ,6 2 5 ,3 2 5
B a la n c e
$ 9 7 ,7 4 4 ,7 5 6 $ 4 5 ,5 1 2 ,8 7 2
$ 9 1 5 ,0 5 8
$ 6 ,3 6 9 ,0 5 6
D i v o n p V e ir : ( 1 J * % ) —
$ 6 ,3 0 4 ,9 1 9
$ 6 ,3 0 4 9 1 9
$ 0 ,3 0 4 ,9 1 9
$ 6 ,3 0 1 9 1 9
D i v . o n c o m m o n . . ( 4 *4) 2 1 , 6 0 2 ,8 5 6 ( 1 ) ^ ) 6 ,3 5 3 ,7 8 1
-------------- ( 1 ^ ) 6 , 3 5 3 , 7 8 1

T h is c o m p a n y is con trolled b y th e N o rth e rn O hio E le ctric
C o r p . th rou gh ow nership o f 9 9 .7 2 % o f th e co m m on sto ck .
P res. B . C . C o b b , A k ro n , O ., A p ril 2 , w rote in substance:
Additions and Improvements.— T h e s e I n c lu d e d d u r i n g t h e y e a r ; T r a c k ,
r o a d w a y a n d s t r u c t u r e s , $ 3 4 8 ,9 0 2 ; p o w e r h o u s e s , s u b s t a t i o n s a n d e q u i p ­
m e n t , $ 5 0 1 ,0 6 1 ; c a r s a n d e q u i p m e n t , $ 3 5 7 ,4 9 9 ; c o m m e r c i a l lig h t a n d p o w e r
d i s t r i b u t i o n , $ 2 7 5 ,9 0 3 : m is c e l la n e o u s , $ 3 8 9 ; t o t a l e x p e n d it u r e s o r $ 1 , ­
4 8 3 ,7 5 3 .
Power Stations.— T h e l a r g e I n c r e a s e In o u t p u t o f t h e p o w e r s t a t io n s in
1 9 1 5 c o n t in u e d in m u c h la r g e r v o l u m e d u r i n g t h e y e a r 1 9 1 6 .
T h e in ­

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

* ! . : : : : : : : : : : : : 43:630:422

T o t a l n e t e a r n i n g s . . $ 1 1 3 ,1 2 1 ,0 1 8 $ 6 0 ,7 1 3 ,6 2 4 $ 1 2 ,4 5 7 ,8 0 9 $ 1 7 ,9 9 4 ,3 8 1
Deduct—

16 1,9 4 9
2 10 ,9 3 6

The Northern Ohio Traction & Light Company.




for the Quarter ending March

T h e follow in g fin an cial statem en t o f th o C orp ora tion and
its subsidiaries fo r th e qu arter en din g M a r ch 31 w as g iven o u t
$1,5 0 0 ,6 0 2
on T u esd a y after the regular m o n th ly m eetin g o f the d ire c­
$ 1 ,1 0 5 ,8 2 1
12 7 ,1 5 3
to rs.’ T h e “ n et earnings” as hero show n “ w oro a rrived at
11 ,14 7
a fter d ed u ctin g each m on th the c o st o f ord in a ry repairs and
9,438
10 3,4 5 8
m a in ten an ce o f plants an d interest on b on d s o f su b . c o s .”
T h e c o m p a n y on A p ril 24 d ecla red , in a d d ition to the
$ 1 ,3 5 7 ,0 1 7
$ 14 3 ,5 8 5
regu lar qu arterly d iv id en d o f l\ i% on c o m m o n s to ck , an
extra d iv id en d o f 3 % , p a y a b lo Ju n e 29 to h olders o f record
June 1 1917. F o r th e D e c . 1916 qu a rter an oxtra d iv id en d
19 15 .
o f 1 H% w as decla red , an d fo r th o S ep t, an d June 1916 qu ar­
$
ters an oxtra o f 1 % ea ch , an d in each case tho regular qu ar­
3,448,600
23,29 2,0 0 0
terly rate o f l\ i% w as p a id .
U n filled orders on hand M a r . 31 1917 a m ou n ted to 1 1 ,­
‘ 326’,666
711,64 4 ton s, against 9,331,001 ton s M a r . 31 1916. See
1,900,0 00
20,786
“ T ra d e an d T ra ffic M o v e m e n t s ,” A p ril 14 1917 (pa ge 14 62 .)
1 1 2 ,5 6 1

— V . 103, p . 1504. 843.

(Report for Fiscal Year ending Dec.

19 15 .
19 16 .
1 9 16 .
19 15 .
Liabilities—
$
S
S
5
9, 000,000 9,000,000
27 ,9 10 ,2 5 9 26,279,093 C om m on sto ck
29,500 Preferred sto ck
4, 645,500 3 ,4 8 1,0 0 0
. 1,3 8 3 ,4 2 9
11
B o n d s........................14 ,075,000 12, 022,000
2 3 7 ,2 5 7
4 16 ,5 8 7
59,260 A ccts., A c . .payablo
right o f w a y __
2 9 7 ,10 4
244,342
92,956 Accrued. A c ., In t.
N o rth H ill c u t-o ff.
12 2 ,8 7 2 T a x e s accrued, not
12 7 ,6 7 5
R e a l e sta te .............
10 9 ,78 3
d u o ........................
12 6 ,9 10
320,697
2 1 4 ,2 2 1
C a sh ...........................
5 ,481
C onsum ers’ depos.
1 1 ,1 4 6
C ash for Int. and1
24 5,4 33
236,649 P re f. d lv . p ayable
p re f.d lv s . Ja n . 1l
52 ,224
6,242
11,4 0 8
Ja n . 1 _________
69,683
N otes re c e iv a b le ...
789,275
236,420
2 1 2 ,2 3 1 N otes p ay a b le ___
A c c ts. recelvab le..
3 9 ,4 5 1
444.099
56',932
M ate ria l A s u p p ...
16 8,938 Su n dry acco u n ts. .
482,005
C ost of r e - fln a n ....
D epreciation , A c . 1, 322,284
508.270
157,6 9 6 Incom e a c c o u n t .- * 1 ,106,624 1 ,2 2 2 ,7 16
M iscellan eou s____.
46,558

B a la n c e , su r. o r
*
T a n n arv
M

def.S.$69,836,9818.$32,854,172D.$5,389.861D.$6,289,644

A f t e r d e d u c t in g in te re s t o n s u b s id ia ry c o m p a n ie s ’ b o n d s o u ts ta n d in g :
.
.................................
a r X ^ :::::::::::::

1 91 7
$ 7 4 5 ,8 5 3
745 522

1916.
$ 8 0 5 ,4 6 2
796 408

1915.
$ 8 8 0 ,0 2 6
8 7 2 ,4 8 0

740 :9 77

7 9 5 ,22 6

8 7 2,0 5 5

1914.
$ 8 1 9 ,3 7 2
8 1 9 ,1 2 9
s is .io o

F o r sta tem en t o f earnings b y qu arters fo r tho years 1913­
1916, see V . 104, p . 4 4 8 , 1139, 1597.

THE CHRONICLE

A pr . 28 1917.]

International Paper Co., New York.
(19 Ih Annual Report—Year ending Dec. 31 1916.)
P res. P h ilip T . D o d g e , C orin th , N . Y . , A p ril 18, w rote:
Results.— T h o n o t g a i n f o r 1 9 1 6 , a f t e r t h e d e d u c t i o n o f i n t e r e s t ,
s in k i n g f u n d c h a r g e s a n d p r o p e r d e p r e c i a t i o n , w a s $ 4 , 6 2 0 , 7 2 7 , a n in ­
c r e a s e o f $ 3 ,4 0 1 , 2 1 2 o v e r 1 9 1 5 .
T h e m o s t n o t a b l e o c c u r r e n c e s o f t h e y e a r w e r e (1 ) t h e e x t i n g u i s h m e n t o f
t h o f l o a t i n g d e b t a n d (2 ) t n o r e s t o r a t i o n o f t h e 6 % d i v i d e n d o n t h e p r e ­
f e r r e d s t o c k , w h ic h f o r e i g h t y e a r s p a s t h a s r e c o lv e d b u t 2 % p e r a n n u m
b e c a u s e o f t h e s m a ll e a r n in g s a n d t h e b a d c o n d i t i o n s a t t e n d i n g t h o m a n u f a c t u e o f n e w s p r in t p a p e r In t n e U n it e d .S ta tes.
Prices for Newsprint.— O w in g t o t h e F e d e r a l le g is l a t i o n p l a c in g n e w s p r in t
p a p e r o n t h e f r e o l is t , t h e p r o h i b i t i o n b y t h e C a n a d i a n p r o v i n c e s o f p u l p w o o d e x p o r t a t i o n f r o m C r o w n la n d s i n t o t h o U n it e d S t a t e s , a n d t h e e n ­
c o u r a g e m e n t g i v e n b y C a n a d a t o t h o s e e r e c t i n g m il l s in t h e D o m i n i o n ,
t h e b u i l d in g o f n e w s p r in t p a p e r m il l s in t h o U n it e d S t a t e s h a s c e a s e d w h ile
m a n y n o w a n d l a r g o m il l s h a v e c o m e i n t o e x i s t e n c e in C a n a d a .
Y ear
a f t e r y e a r t h o U n it e d S t a t e s h a s p r o d u c e d a d e c r e a s i n g p r o p o r t i o n o f t h o
n e w s p r in t p a p e r c o n s u m e d w it h i n it s b o r d e r s .
.
F o r m a n y y e a r s u n t i l w it h i n a y e a r , t o t a l p r o d u c t i v e c a p a c i t y h a s e x ­
c e e d e d t h o d e m a n d ; a n d , p a r t l y d u o t o t h i s f a c t a n d t h e la w s r e fe r r e d t o ,
t h e r e lia s b e e n a f i e r c e a n d d e s t r u c t i v e c o m p e t i t i o n a m o n g t h e m a n u f a c ­
tu re rs.
F o r s e v e r a l y e a r s , c o n s e q u e n t l y , p r i o r t o 1 9 1 6 , t h o p u b li s h i n g
b u s in e s s o f t h e c o u n t r y w a s in a d e p r e s s e d c o n d i t i o n , t h e d e m a n d f o r
n e w s p r in t p a p e r w a s s m a l l, t h o p r ic e s w e r e r u i n o u s l y l o w , a n d v a s t s t o c k s
w e re a c c u m u la te d b y th e m a n u fa c tu r e r s .
.
,
, ,,
S u d d e n l y , e a r l y in 1 9 1 6 , t h e r e c a m e a r e m a r k a b l e r e v i v a l , a n d t h e n e w s ­
p a p e r s I n c r e a s e d t h e ir c i r c u l a t i o n a n d t h e ir a d v e r t i s in g t o a p o i n t n e v e r
b e fo r e k n o w n .
A l t h o u g h a ll t h e n e w s m a c h in e s o f t h o c o n t in e n t w e re
o p e r a t e d t o t h o ir g r e a t e s t c a p a c i t y , t h o d e m a n d f o r c o n s u m p t i o n g r e a t l y
e x c e e d e d th e p r o d u c tio n .
T h e p r i c e in t h e o p e n m a r k e t v e r y r a p i d l y
a d v a n c e d , d u e t o a lim it e d e x t e n t t o t h o a c t io n o l j o b b e r s a n d r e t a il e r s , b u t
in t h o m a in t o t h e u r g e n t b i d d i n g o f p u b li s h e r s .
M o s t o f t h e la r g e r p u b ­
lis h e r s w e r e p r o t e c t e d b y c o n t r a c t s e x t e n d i n g i n t o t h e f u t u r e , a n d n e a r ly
a ll t h e l a r g o m ills w e r e u n d e r c o n t r a c t t o f u r n is h t h o p a p e r a t p r i c e s fa r
b e l o w t h o m a r k e „ p r i c e , a n d in m a n y c a s o 3 m a t e r i a l l y b e l o w t h e a c t u a l
c o s t o f m a n u f a c t u r e , w h ic h g r e a t l y I n c r e a s e d d u r i n g t h o c o n t i n u a n c e o f t h e
co n tra cts .
A l l e g a t io n s t h a t t h o r is o in p r i c e s w a s d u o t o l im i t a t io n o f o u t p u t
a n d t o a c o m b in a t io n o f th o m a n u fa ctu re rs t o in crca s o p r ice s a re w it h o u t
t h o s l ig h t e s t f o u n d a t i o n in f a c t .
( V . 1 0 4 , p . 1 4 9 3 , 1 5 9 5 .)
O u r o w n b a s e p r i c e f o r t h o p r e s e n t y e a r o f $ 3 10 p e r 100 l b s . a t t h e
m ill is , w it h p e r h a p s t w o e x c e p t i o n s , t h o l o w e s t p r i c e e s t a b l is h e d b y a n y
la r g e m a n u f a c t u r e r w it h i n t h o U n it e d S t a t e s , a n d is m a t e r ia l l y le s s t h a n
t h e p r i c e s e s t a b lis h e d b y s o m e o f t h o f o r e i g n m a n u f a c t u r e r s .
A n u m b e r o f t h e l e a d in g p a p e r m a n u f a c t u r e r s c o n s e n t e d t o l e t t h e G o v ­
e r n m e n t f i x t h e p r i c e o f n e w s p r in t p a p e r f o r a l im i t e d t im e u p o n t h e c o n ­
d i t i o n t h a t t h o p u b li s h e r s s h o u l d s u r r e n d e r a p a r t o f t h o t o n n a g e c o n t r a c t e d
f o r t o b o u s e d f o r t h e r e l i e f o f t h o s m a ll p u b li s h e r s , b u t t h e G o v e r n m e n t h a s
nor! v e t b e e n a b l e t o a r r a tig o t h e s u r r e n d e r a n d d i s t r i b u t i o n f e a t u r e s o f
it s p l a n .
( V . 1 0 4 , p . 7 0 1 , 7 1 4 , 8 9 8 : V . 1 0 3 , p . 1 7 5 3 .)
Output.— A t t h e p r e s o n t t im e , t h e p r o d u c t i o n o f t h is c o m p a n y w ill
a v e r a g e 1 ,8 0 0 t o n s o f p a p e r p e r d a y , o f w h ic h a m o u n t a b o u t t w o - t h i r d s
is n e w s p r in t p a p e r a n d t h e b a l a n c e s p e c i a l p a p e r s o f m a n y v a r i e t ie s .
Properties.— Y o u r c o m p a n y o w n s (a) m a n y m ills , la r g o a n d s m a ll; (b)
w a t e r p o w e r s l o c a t e d l a r g e ly in t h e U n it e d S t a t e s a n d b e c o m in g i n c r e a s in g ly
v a l u a b l e , b e i n g p o s s i b l y f o r t h e f u t u r o m o r e p r o f i t a b l e f o r o t h e r lin o s t h a n
p a p e r m a k i n g ; (c ) e x t o n s i v c w o o d la n d s , b o t h in t h e U n it e d S t a t e s a n d
C a n a d a , w it h a l s o t h o r ig h t t o c u t w o o d in e x t o n s i v o C a n a d i a n C r o w n la n d s .
T h o i m p r o v e m e n t a n d e x t e n s i o n o f t h e m il l p r o p e r t ie s w il l b e c o n t i n u e d ,
a n d i t is p r o b a b l o t h a t a t a s u i t a b l e t im e it w il l do f o u n d a d v a n t a g e o u s t o
e r e c t o n e o r m o r e m ills in C a n a d a , w h e r e t h e c o m p a n y c o n t r o l s b o t h w o o d
a n d w a ter p o w e rs.
Financial Plans.— A t t h o p r e s o n t t i m e t h o c o m p a n y is p r o p o s i n g a r e ­
a r r a n g e m e n t o f it s f in a n c e s w it h t h o v i e w o f r e t ir in g t h o m a t u r in g b o n d s
a n d c o n s o l i d a t i n g t h o r e m a in in g d e b t u n d e r a s in g le b o n d Lssuo; a n d t h e r e
w il l b o a n a d j u s t m e n t o f t h o a c c u m u l a t e d d i v i d e n d s o n t h o p r e f e r r e d s t o c k
i f a s u ffic ie n t n u m b e r o f th e p r o f, s to c k h o ld e r s a s s e n t.
(S e c V . 1 0 1 . n .
5 6 3 , 1 1 4 8 , 1 5 9 5 .)
EARNINGS A N D CHARGES YEARS ENDED DEC. 3 1 .
1916.
$ 7 , 0 0 2 ,7 9 3
4 6 3 .0 3 4

1915.
$ 2 ,6 4 8 ,9 0 6
4 7 2 ,7 7 5

1914.
$ 2 ,6 0 1 ,0 9 9
4 8 7 ,7 9 8

1913.
$ 2 ,3 1 7 ,9 8 7
6 6 6 ,1 2 3

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

$ 3 ,1 2 1 ,6 8 1
$ 8 4 7 ,8 3 4

$ 3 , 0 8 8 ,8 9 7
$ 8 6 7 ,6 4 9

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

1 , 0 5 4 ,3 3 2

1 ,0 8 3 ,5 3 9

1 , 1 0 2 ,7 0 8

. . $ 4 ,6 2 0 ,7 2 7
.(3 ^ ) 7 8 4 ,2 3 4

$ 1 ,2 1 9 ,5 1 5
(2 )4 4 8 ,1 3 4

$ 1 ,1 3 7 ,7 0 9
(2 )4 4 8 ,1 3 4

$ 9 9 3 ,8 0 5
(2 )4 4 8 :1 3 4

. . $ 3 ,8 3 6 ,4 9 3
P r e v i o u s s u r p l u s --------- . . 1 2 , 4 0 2 ,2 5 0

$ 7 7 1 ,3 8 1
1 1 ,6 3 0 ,8 6 9

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

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

O th e r

..
..

in c o m e .

B a la n c e .

Surplus e n d o f p e r i o d . $ 1 6 ,2 3 8 ,7 4 3 $ 1 2 ,4 0 2 ,2 5 0 $ 1 1 ,6 3 0 ,8 6 9 3 1 0 ,9 4 1 ,2 9 4

t h a n h e r e t o f o r e , w h e n a n n u a l e a r n i n g s a n d g e n e r a l b u s in e s s c o n d i t i o n s w ill
p e r m it .
I n p u r s u a n c e o f t h i s p o l i c y o n A p r i l 14 1 9 1 7 a n e x t r a d i v i d e n d o f
2 % w a s p a id o u t o f p r o fit s a c c r u e d p r io r t o D e c . 31 1 9 1 6 ( V . 1 0 4 , p . 1 0 5 0 ).
Capital Requirements.— T h e P u b l i c S e r v i c e C o r p o r a t i o n o f N e w J e r s e y ,
in w h ic h y o u r c o m p a n y is l a r g e ly i n t e r e s t e d , h a v i n g e s t a b l is h e d i t s p o s i t i o n
as a n 8 % d iv id e n d p a y e r , h as a d o p te d th e p o lic y o f p r o v id in g c a p ita l t o
m e e t t h e d e m a n d s o f it s r a p i d l y g r o w i n g b u s in e s s b y t n e s a le f r o m t i m e t o
t i m e t o it s s h a r e h o l d e r s o f n e w s t o c k a t p a r .
Y o u r c o m p a n y w il l b e c a lle d
o n t h is y e a r t o p r o v i d e $ 2 ,1 2 2 ,5 3 6 f o r t h i s p u r p o s e .
I n a d d i t i o n , t h e r e w ill
b e r e q u i r e d f o r t h e e x t e n s io n a n d b e t t e r m e n t o f t h e P h il a d e l p h i a G a s W o r k s
$ 1 ,2 6 2 ,5 0 0 .
O t h e r p r o p e r t ie s in w h ic h y o u r c o m p a n y is in t e r e s t e d w ill
r e q u ir e f o r e x t e n s i o n s a n d b e t t e r m e n t s la r g e s u m s , f o r m u c h o f w h ic h t h e y
w lU u l t i m a t e l y I ssu e t o u s t h e ir s e c u r it ie s .
Y o u r c o m p a n y h a s r e c e n t l y a l s o a r r a n g e d t o p u r c h a s e c e r t a in e l e c t r i c
o w e r p r o p e r t ie s in o r d e r t o in c r e a s e it s b u s in e s s , t h e d e t a i ls o f w h ic h w ill
e g i v e n in t h e n e x t a n n u a l r e p o r t .
New Stock Issue.— T h o p r e s e n t c a s h r e s o u r c e s o f y o u r c o m p a n y a n d t h o s e
in s i g h t a r e s h o r t o f m e e t in g t h e s e r e q u i r e m e n t s t o t h e e x t e n t o f a b o u t $ 5 , ­
5 0 0 ,0 0 0 .
T h e d i r e c t o r s t h e r e f o r e r e c o m m e n d t h a t a t t h o a n n u a l m e e t in g
t o b e h o ld o n M a y 7 t h e s h a r e h o l d e r s a p p r o v e a n in c r e a s e o f t h e c a p i t a l
s t o c k o r t h e c o m p a n y t o t h e e x t e n t o f 1 1 1 ,0 4 2 s h a r e s o f t h e p a r v a l u e o f
$ 5 ,5 5 2 ,1 0 0 .
S h o u ld t h i s i n c r e a s e b e a u t h o r i z e d , s h a r e h o l d e r s w ill b e g i v e n t h e r i g h t
t o s u b s c r ib e b e t w e e n M a y 2 4 a n d J u n e 1 5 1 9 1 7 , f o r n e w s t o c k a t it s p a r
v a l u e o f $ 5 0 p e r s h a r e t o t h e e x t e n t o f 1 0 % o f t h e ir r e g i s t e r e d h o l d i n g s a t
t h o c l o s e o f b u s in e s s o n M a y 12 1 9 1 7 ; p a y a b l e in t w o I n s t a llm e n t s o f $ 2 5
p e r s h a re e a c h o n J u n e 15 a n d O c t . 1 1 9 1 /.
I n s t a l lm e n t s t o b e a r in t e r e s t
a t 5% p . a . to S ep t. 3 0 1917.
S u b s c r i b e r s f o r w h o l e s h a r e s w ill h a v e t h e
r ig h t a t a n y tim e b e tw e e n M a y 2 4 a n d J u n e 15 1 91 7 in c lu s iv e , t o p a y th e ir
s u b s c r ip t i o n s in f u l l w it h i n t e r e s t t h e r e o n a t 8 % p . a . f r o m M a r . 3 1 1 9 1 7 ,
t o t h e d a t e o f p a y m e n t a n d r e c e i v e s t o c k c e r t i f i c a t e s p a r t i c i p a t i n g in a ll
s u b se q u e n t d iv id e n d s .
S u b s c r i p t io n s f o r f r a c t i o n s o f s h a r e s w ill b e p a y a b l e
in f u ll in c a s h a t t h e t im e o f s u b s c r i p t i o n a n d w ill b o e x c h a n g e a b l e b e t w e e n
J u l y 16 a n d S e p t . 2 5 1 9 1 7 , f o r s t o c k c e r t i f i c a t e s w h e n p r e s e n t e d in l o t s
a g g r e g a t i n g w h o le s h a r e s , o r a f t e r S e p t . 2 5 1 9 1 7 w ill b e r e d e e m a b l e in c a s h
a t $ 5 0 p er sh a re a t o ffic e o f c o m p a n y (V . 104 , p . 9 5 8 ).
A t th e r e q u e s t o f a n u m b e r o f s h a re h o ld e rs t h e d ir e c t o r s h a v e d e c id e d t o
t a k o t h e stejp s n e c e s s a r y t o l is t t h e p r e s e n t a n d n e w s t o c k o n t h e P h il a d e l ­
p h ia S t o c k E x ch a n g e .

S

IN COM E ACCOUNT CALENDAR YEARS.
Earnings from—
1916.
L e a s e d w o r k s & i n v e s t ’ t s $ 8 ,3 7 7 , 8 5 9
6 2 2 ,5 7 7
S a le s o f s e c u r i t i e s ..............
I n t e r e s t r e c e i v e d ...............
3 3 5 ,4 8 6
M i s c e l l a n e o u s ____________
1 0 ,4 2 7
S a le s o f s t o r e - r o o m m a t ’ l
1 1 ,6 6 8
C o n s tr u c tio n c o n t r a c t s .
3 5 ,0 8 3
R e n t a ls o f o f f i c e s -----------1 ,6 0 0
R e n t a ls o f b l d g . , B r o a d
& A r c h S t s . t o c o s . in
w h ic h c o . is s t ’k h o l d e r
4 5 ,8 5 8

1915.
$ 8 ,7 3 4 ,9 0 5
________
2 7 6 ,8 6 5
5 ,7 1 8
7 ,5 0 7
.
1 .6 0 0

1914.
$ 6 ,6 3 3 , 8 2 3
2 ,1 7 2 ,8 1 2
2 2 5 .1 2 9
________
6 ,6 9 3
.
1 ,6 0 0

1913.
$ 7 ,3 1 4 , 9 6 8
1 ,0 6 0 ,8 0 6
1 7 7 ,9 9 9
________
1 3 ,3 8 2

4 4 ,7 9 5

4 4 ,4 8 7

4 4 ,4 3 9

T o t a l e a r n i n g s ................. $ 9 ,4 4 0 , 5 5 8
Deduct expenses—
S ta te a n d F e d e ra l t a x e s .
$ 6 1 3 ,8 2 5
S a la r ie s & t r a v e l in g e x p .
4 9 7 ,2 0 6
C o s t o p e r. b ld g . B roa d
6 5 ,9 6 7
a n d A r c h S t r e e t s ______
C o s t o f l i t i g a t i o n ..............
2 5 ,9 8 9
G o n c r a l & m is c e l la n e o u s
1 3 8 ,5 3 9
S i n k i n g f u n d t o r e t ir e
P h i l a . G a s 'W k s .I n v e s t .
8 2 9 .7 0 0

$ 9 ,0 7 1 ,3 9 0

$ 9 ,0 8 4 ,5 4 4

$ 8 ,6 1 3 ,1 9 4

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

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

$ 4 0 8 ,8 9 5
4 8 9 ,0 3 0

6 1 ,2 4 8
3 2 ,7 7 5
1 2 6 ,7 8 6

6 3 ,4 2 6
2 1 ,1 4 3
2 0 1 ,4 9 0

5 6 ,0 2 9
3 2 ,5 6 0
1 5 5 ,5 7 3

7 9 7 ,5 0 0

8 0 1 ,3 0 0

7 9 0 ,5 0 0

T o t a l e x p e n s e s ...............$ 2 ,1 7 1 , 2 2 6
$ 1 ,8 7 1 ,9 6 9
N e t e a r n i n g s . ......................... $ 7 , 2 6 9 , 3 3 1
$ 7 ,1 9 9 ,4 2 1
D iv id e n d s p a id ( 8 % ) . . .
4 ,4 4 0 ,2 3 6
4 ,4 4 0 .2 3 6

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

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

B a la n c e , s u r p l u s ............$ 2 ,8 2 9 , 0 9 5

1915.
$

M ill plants & w ater
p o w e r s .................. 4 0 ,5 5 0 ,3 1 9 4 1 ,7 0 0 ,5 8 3
W o o d l a n d s ............. 3,000,452 3,020,352
Sees, su n dry corp.11,131,238 10,259,055
Sinking fu n d ..........
108,981
LOjjj)
F u rn iture & f lx t 's .......................
10,137
C a s h ........................... 2 ,0 0 8,521
980 ,493
A ccts. & n otes r c c . 5 ,5 0 4 ,8 9 9 5 ,0 8 2 ,0 5 0
M a t e r ., s u p p ., A c . 7 ,4 9 9 ,2 5 5 8,3 3 8 ,7 5 3
D eferred assets___
22 0 ,7 9 7
2 09 ,793
D u e from su b . c o s . 1,747,801
1,901,015

1910.
Liabilities—
s
C o m m o n s t o c k . . . 1 7 .4 12,800
P referred s t o c k . . . 2 2 ,4 0 0 ,7 0 0
B o n d s . ................... 1 4 ,4 9 7 ,0 0 0
A c c o u n ts p a y a b le .
044 ,073
N o te s p a y a b le ____
A c cru e d l n t ., n o t
d u o . . ................
2 07 ,307
D iv id e n d s p a y a b le
330,101
Insurance fu n d ___
291,481
C o n tin g . r e s e r v e ..
5 0 0 ,0 0 0
S u r p l u s ..................... 1 0,238,743

1915.
$
1 7 ,4 42,800
2 2 ,4 0 0 ,7 0 0
1 4,879,000
5 4 1 ,115
3,4 0 0 ,0 0 0
21 1 ,7 4 2
112,034
2 4 1 ,1 4 4
_.
1 2 ,4 02,250

T o t a l ............... ..7 2 ,5 0 4 ,2 0 5 7 1 ,6 3 0 ,7 8 5
T o t a l .................. .7 2 ,5 0 4 ,2 0 5 7 1 ,0 3 0 ,7 8 5
A s t o fin a n c in g p la n , s e e V . 10 1 , p . 5 6 3 , 1 5 9 5 . 1 1 9 3 .

The United Gas Improvement Co., Philadelphia.
(35 th Annual Report—Year ended Dec. 31 1916.)
P residen t Sam uel T . B od in o says in su bsta nce:
Results.— F o r y e a r 1 9 1 6 t h o s a le s o f t h e g a s a n d e l e c t r i c p r o p e r t ie s in
w h i c h y o u a r e i n t e r e s t e d s h o w , in c o m p a r i s o n w i t h 1 9 1 5 , i n c r e a s e s a s
fo llo w s :
( 1 ) C i t y o f P h i l a d e l p h i a , 5 . 6 4 % (2 ) p r o p e r t ie s o u t s i d o o f P h i l a ­
d e lp h ia , (a ) m a n u fa c tu r e d g a s , 5 .8 3 % in cre a s e ; (b ) e le c t r ic c u r r e n t, 2 0 .6 1 %
In crca s o ; (c ) n a tu r a l g a s , 1 3 .8 3 % d e c r e a s e

f o r 1 9 1 6 w o r e $ 9 , 4 4 0 , 5 5 8 , a g a i n s t $ 9 , 0 7 1 , 3 9 0 , b u t t h e s o i n c lu d e (a ) in 1 9 1 6 .
p r o f i t f r o m s a lo o f s e c u r it i e s , $ 6 2 2 ,5 7 7 ; ( b ) in 1 9 1 5 , e x t r a d i v i d e n d o f $ 1 , ­
2 3 0 ,0 0 0 f r o m o n o o f t h o c o m p a n i e s in w h ic h t h i s c o m p a n y Is i n t e r e s t e d .
D e d u c t i n g t h e s e s p e c i a l I t e m s t h o e a r n in g s f r o m " r e g u l a r s o u r c e s ” w e r e
in 1 9 1 6 , $ 8 , 8 1 7 , 9 8 1 , a g a i n s t $ 7 ,8 4 1 , 3 9 0 in 1 9 1 5 , a n I n c r e a s e o f $ 9 7 6 ,5 9 1 ).
Dividend Policy— Extra 2 % Dividend Paid in April 1 9 1 7 .— I n a n s w e r t o
t h o s u g g e s t io n t h a t y o u r m a n a g e m e n t is u l t r a c o n s e r v a t i v e in n o t m a k i n g
d is t r ib u t io n s fro m u n d iv id e d p r o f it s , I c a ll y o u r a t t e n t io n t o th o f a c t th a t
of tho c a p i t a l o f t h o c o m p a n y , i n c lu d in g t h e s e u n d i v i d e d p r o f i t s , $ 1 1 ,0 0 0 ,0 0 0
(In e x c e s s o f t h e s e c u r it i e s n o w h e l d In v a r i o u s s i n k i n g f u n d s ) a r o i n v e s t e d

s e c u r it i e s o f v a r i o u s g a s a n d e l e c t r i c c o m p a n i e s , t h o i n t e r e s t a n d d i v i d e n d s
f r o m w h i c h g o t o m a k o u p t h o g r o s s I n c o m e s h o w n In t h o T r e a s u r e r ’s s t a t e ­
m en t.
S e v e r a l o f th o se c o m p a n ie s , s u c h a s th o C o n n e c tic u t l t y . & L ig h tin g
C o . a n d c e r t a in N o w J o rs o y g a s a n d e le c t r ic c o m p a n ie s , a r o n o lo n g e r
o p o r a t o d b y t h o U n it e d G a s I m p t . C o . , b u t a r o le a s e d t o o t h e r c o r p o r a t i o n s .
N o v o r t h o lo s s t h e y s t il l r e c e i v e c o n s t a n t a t t e n t i o n f r o m y o u r e x e c u t i v e
o f f i c e r s , a n d in t n o J u d g m e n t o f y o u r d i r e c t o r s t h e i r s e c u r it i e s s h o u l d s t i l l
b o r e t a in e d in t h o c o m p a n y 's t r e a s u r y .
W o a p p r e c ia t e th e d e s ir o o f s to c k h o ld e r s fo r re tu rn s f r o m p r o fit s in v e s te d
in o x t e n a l n g t h o b u s i n e s s , a n d a r o o f t h e o p i n i o n t h a t t h o c o m p a n y is n o w
e s t a b l is h e d o n s u c b a f ir m f o u n d a t i o n t h a t i t is s a f o t o a d o p t t n e p o l i c y o
d i s t r i b u t i n g b y w a y o f e x t r a d i v i d e n d s a la r g e r p r o p o r t i o n o f t h o e a r n in g




$ 2 ,7 5 9 ,1 8 5

$ 2 ,6 5 4 , 8 6 4

1 ,6 0 0

$ 2 , 2 4 0 ,3 7 1

BALANCE SHEET DEC. 3 1 .
1916.
1915.
191 6.
1915.
Liabilities—
S
s
Assets—
$
$
G a s, e le c t ., A c .,
C a p ita l s t o c k ____ 5 5 ,5 0 2 ,9 5 0 5 5 ,5 0 2 ,9 5 0
p ro p e rty ( c o s t ) . 7 6 ,7 4 7 ,8 9 9 6 9 ,2 5 3 ,4 4 9 T a x e s a c c r u e d ____
5 3 3 ,4 9 4
36 8 ,0 0 0
C o n s tr’ n c o n t r a c t.
24 6 ,3 4 0
107,703 D u e com p a n ies In
R ea l est.,P hlla.,& c. 1,0 4 6 ,9 9 0
1.046.5S6
w h ich w e are
2 1 5 ,3 3 9
37 6 ,5 8 3
s h a r e h o ld e r s ___
C a s h ......................... 2 ,7 3 2 ,3 5 5 1 2 ,1 34,525
108 ,682
4 2 ,3 5 5
A c c t s . & hills r c c . 4 ,2 8 5 ,0 7 5
612,092 S u n d ry c r e d it o r s ..
U n d iv id ed p ro flt s .3 5 ,4 1 5 ,2 4 5 3 2 ,5 8 6 ,1 4 9
C o u p o n s & gu ar.
d lv . a c c r u e d ___
5 7 8 ,5 1 6
461,361
S u p p lies....................
179,535
172,520
S in k , fu n d secu re. 5 ,9 5 9 ,0 0 0 5 ,0 8 7 ,8 0 0
T o t a l ................... 9 1 ,7 7 5 .7 1 0 8 8 ,8 7 6 ,0 3 7
— V . 104, p . 1270, 1050.

BALANCE SHEET DEC. 3 1 .
1910.
S

1697

T o t a l .................... 9 1 ,7 7 5 ,7 1 0 8 8 ,8 7 6 ,0 3 7

California Packing Corporation.

(First Annual Report— Nov.

8 1916

to Feb.

28 1917.)

P ros. J . K . A rm s b y , A p ril 12, w rote in substance:
T h i s c o m p a n y a c q u i r o d t h e p r o p e r t ie s a n d b u s in e s s o f t h o C a li f o r n ia
F r u i t C a n n o r s A s s o c i a t io n , t h o J . K . A r m s b y C o . , C e n t r a l C a li f o r n ia C a n ­
n e r ie s a n d G r i f f i n & S k e lle y C o . , a n d a l s o 7 8 % o f t h e c a p i t a l s t o c k o f t h e
A l a s k a P a c k e r s ’ A s s o c i a t io n ( V . 1 0 3 . p . 1 1 2 0 , 1 2 1 2 ).
T h e r e h a s b e e n a h e a v y ' a n d w e ll -s u s t a i n e d d e m a n d f o r o u r p r o d u c t s
t h r o u g h o u t t h e p a s t y e a r , a n d in s p i t e o f f o r e i g n c o m p l i c a t i o n s a n d a c u r ­
t a i lm e n t o f t r a n s p o r t a t io n f a c i l i t i e s t h e a m o u n t o f b u s in e s s d o n e h a s g r e a t l y
e x c e e d e d t h a t o f a n y o f t h e p r e v i o u s y e a r s o f a ll t h e c o m p a n i e s t h e b u s in e s s
o f w h ic h h a s b e e n a c q u i r e d .
T h e r e m a rk a b le d e m a n d o f t h e d o m e s t ic
m a r k e t h a s b e e n a fe a tu re o f th o o p e r a tio n s o f th e fis c a l y e a r .
T h e p r o fit s o f th e o w n e d , a n d p r o p e r p io p o r t io n o f c o n t r o lle d , c o m p a n ie s
f r o m t h e c lo s e o f t h e ir r e s p e c t iv e f is c a l y e a r s n e x t p r i o r t o t h o a c q u i s i t i o n
o f t h e ir p r o p e r t ie s b y t n e C a li f o r n ia P a c k in g C o r p . u p t o F e b . 2 8 1 9 1 7 ,
h a v e a m o u n t e d t o $ 3 , 7 5 4 , 8 4 2 , a n d h a s b e e n a p p o r t i o n e d o n t h o b a s is o f
s a le s , a n d t h e p r o p o r t i o n , v i z . , $ 1 , 0 8 6 , 5 2 2 , a p p l i c a b l e t o t h o p e r i o d s i n c e
a c q u i s i t i o n , h a s b e e n c r e d it e d t o p r o f i t a n d lo s s .
D iv i d e n d s a m o u n t i n g t o S i 1 1 ,0 8 9 w e r e p a i d b y t h e c o r p o r a t i o n o n its
p r o f, s t o c k o n D e c . 3 0 1916 (V . 10 3 , p . 2 2 4 0 ).
A n in d e p e n d e n t a p p r a is a l o f t h e v a r i o u s p l a n t s , e q u i p m e n t a n d r a n c h e s
o w n e d b y t h e c o r p o r a t i o n s h o w s a n in c r e a s e o f $ 1 ,0 8 1 , 7 5 7 o v e r t h e b o o k
v a lu e s .
C u r r e n t a s s e t s o n F e b . 2 8 1 9 1 7 a m o u n t e d t o $ 6 , 5 2 2 , 4 4 5 , w h ile c u r r e n t
l ia b ilit ie s a m o u n t e d t o o n l y $ 1 ,2 4 7 ,9 0 1 .
T h is la tte r a m o u n t w a s m o re
t h a n c o v e r e d b y t h e ca sh o n h a n d a t t h a t d a t e
T h e c o n t in g e n t l i a b i l i t y o f $ 1 ,8 4 0 ,7 9 4 is s e c u r e d b y b i l l s o f l a d i n g , a n d ,
th r o u g h th e d e liv e r y o f th e g o o d s a n d th e p a y m e n t o f th e d r a ft s , h a s s in ce
b e e n v e r y m a t e r ia l l y r e d u c e d .

CONSOL. INCOME ACCOUNT FOR PERIOD ENDING FEB. 2 8 1 9 1 7 .
P r o f i t f r o m N o v . 8 1 9 1 6 t o F e b . 2 8 1 9 1 7 ..................................................... $ 1 , 0 8 6 ,5 2 2
L o s s D i v i d e n d N o . 1 o n p r e f . s t o c k , p a i d D e c . 3 0 1 9 1 6 __________
1 1 1 ,0 8 9
B a la n c e , s u r p l u s , f o r
Note.— O w in g t o t h e
h a v e l io r o t o f o r o e n d e d
t o t a l p r o fit s o f th e c o m

CONSOL.

BALANCE

p e r i o d a s a b o v e ---------------------- ----------------------$ 9 7 5 ,4 3 3
f a c t t h a t t h o f is c a l y e a r s o f t h o v a r i o u s c o m p a n i e s
a t v a r i o u s d a t e s , i t is n o t p r a c t i c a b l e t o s h o w t h e
b in e d c o m p a n ie s fo r th e y e a r e n d in g F e b . 2 8 1 9 1 7 .

SHEET

(TOTAL

L a n d , plan ts, equipm ent, & c . $ 6 ,4 8 1,3 7 0
Stocks of other com panies____ 8 ,8 0 1,7 6 1
Insurance fu n d ............................
18 4 ,22 3
M erchandise in v e n to ry ______ 2 ,6 0 1,6 9 1
M aterials and sup plies...............
780,722
N otes and accounts receivable 1,5 4 7 ,5 2 3
C a s h ................................................. 1,5 6 0 ,3 5 2
Expenditures on future cro p s.
3 7 7 ,14 3
M iscellan eou s...............................
19 3 ,7 2 7

EACH

SIDE.

$ 2 2 ,5 2 8 ,5 1 1 ) .

7 % cum . con vert, p ref. stock
(83,526 Bhares, p ar $ 1 0 0 ) ...$ 8 ,3 5 2 ,6 0 0
B alan ce represented b y 3 3 8 ,­
798 chares of common stock,
w ithout p ar v a lu e .......... .........11 ,9 5 2 ,5 7 7
C u rren t a c c o u n ts p a y a b le ____ 1,247,901
P r o fit and loss, as show n a b o v e
9 /5 ,4 3 3

T h e r e Is a c o n t in g e n t l i a b il i t y o f $ 1 , 8 4 0 , 7 9 4 o n d r a f t s d i s c o u n t e d , t o
w h ic h b ills o f l a d i n g c o v e r in g m e r c h a n d is e s o ld a r e a t t a c h e d .

ALASKA

[Vol. 104.

THE CHRONICLE

1 6 98
PACKERS'

D E C . 31.
1910.
1915.
S
S
Capital stock__ 5,750,800 5,750,800
558,000
Bonded debt__
704,519
Current lndebt’s. .
50,513
Insurance fund-. . 2,896,735 2,387,229
Surplus........... . 2,544,915 1,300,109
Total............. 11.242,964 10,700,657

A S S O C IA T IO N

1915.
1916.
S
$
Canneries,fleet,Ac. 5,260,991 5,374,877
Inventories____ 1,807,816 2,965,325
Insurance fund__ 2,724,925 2.ISO,425
43,546
Accounts receiv’le. 517,072
Cash on hand___ 932,160
136,485
Total.............11,242,964 10,700,657
-V. 104, p. 1594, 364.
Assets

BALANCE

SHEET

L ia b ilit ie s —

Kennecott Copper Corporation.

C O N S O L . B A L A N C E S H E E T D E C . 31 1916 (.Total each sid e $39,857,905).
(In c l. Cerro D e Pasco M i n i n g C o ., Ccrro D e Pasco Ilg. and M orococh a
M i n i n g C o .) .

C. de P. M. Co. mines Ac...$14,711,752
C. de P. Ry. concession, Ac.. 3,381,959
Moroc. M. Co. mines Ac__ 10,204,868
Stocks of sundry companies..
811,092
Suspense Items..................
208,006
Material & supplies______ 2,412,800
Accounts receivable______ 1,441,615
Un. King, of Gt. Brit. & Irel.
543% notes_____
9S8.750
Copper, silver Ac. on hand.. 3,147,520
Cash_________________ 2,549,544
—V. 101, p. 1017. 865.

Capital Stock—
Cerro de Pasco Min. Co__$9,500,000
Cerro de Pasco Ry_____ 2,850,000
Morococha Mining Co___ 10,000,000
Accounts payable... ...........
994,315
Drafts drawn on N. Y. office.
872,125
do on letters of credit___
861,289
Accrued wages..___ _____
132,896
Reserved for U. S. taxes.......
175,157
Surplus..........
14,472,123

(Second Annual Report— Year ending Dec. 31 191G.)
Below we give (1) the combined incomo account of the
Braden Copper Mines Company.
company showing its equity in the earnings of affiliated
(Second Annual Report— Year ending Dec. 31 1910.)
companies (this statement is official, although not appearing
In the annual report of the Kennecott Copper Corporation,
in the pamphlet report), and (2) comparative earnings and
balance sheets for the Kennecott Copper Corporation, to­ as shown above, there appears the combined incomo account
and balance sheet of the Braden Copper Mines, including
gether with the income accounts of two of the subsidiaries.
The comparative and combined incomo account and bal­ the Braden Copper. Bolow we publish the comparative ta­
ance sheet of the Braden Copper Mines C o., including the bles for calendar years 1910 and 1915.
The report will bo cited at longth another week.
Braden Copper C o., will be found under caption of that
B R A D E N C O P P E R C O . I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C . 31.
company below.
1916.
1915.
1916.
1915.
The report will be cited at length another week.
Copper prod.(lbs.)12,153,270 36,397,39S Net profit.........$7,590,456 $2,415,239

Aver, per pound.. 30.005c. 15.968c. Mlscell. Income.. 385,095
61,055
Copper revenues.$ 12,648,111 S5,812,245
Operating costs... 3,383,706 2,740,914 Total Income...$7,975,551 $2,476,294
Delivery, Ac.,exp. 1,544,950 574,812 Bond, Ac., lilt__ 857,272 828,518
Gross earnings................... $42,916,342 Admin, expense.. 129,000
In c o m e f r o m —
172,514 ..........
81,250 Taxes, Ac_____
Alaskan Mines A Katalla CoS 22,105,778 D e d u c t —
Rradon mines____ ______ 0,876,307 Deprec., depletion A mlscell. 3,757,707
Balance, surplus$0,945,765 $1,647,776
Copper River A N. W. Ry. Co 1,768,671
Net profit___ $7,590,456 $2,415,239 Total surplus---- S5,478,705 $1,634,253
Alaska Steamship Co_____
724,333 Net earnings.............. ..$39,158,635
B R A D E N C O P P E R M I N E S C O . — B R A D E N C O P P E R C O . B A L . S H E E T D E C . 31.
Utah Copper Co................ 9,244,039 Dividends paid by Kennecott
Nevada Consol. Copper Co.. 2,197,214 Copper Corp. during 1916. 15,320,2S3
1916.
1910.
1915.
1915.
A ssets—
$
L i a b il i t i e s —
$
$
S
Gross earnings................ $42,916,342 Surplus for year.............$23,838,352 Property______ 6,225,888116 ,205,912 Capital stock (B.
C. M. Co.)__ 12,953,530 x7,024.000
Construction, Ac. 10,548,405/
Int. Insteamships. 811,280
Bonds
do
15,000,000 y5,976,000
K E N N E C O T T C O P P E R C O R P O R A T IO N I N C O M E A C C O U N T .
Deferred charges. 3,339,301 2,986,413 Unpaid expenses
[For calendar year 1916 and for a period from May 27 to Dec. 31 1915.]
Undlstrlb. Items in
on metals......................
188,330
1916. 7 H M o . 1915.
1916. 7»a Mo. 1915
246,488 Acc’ts, Ac., pay.. 2,673,307 8,762,247
transit______ 1,208,360
Copp. prod.(lbs.)108,372,785 57,555,183 Net earnings___ 22,460,519 7,731,893 Supplies A mdse.. 3,619,140 1,216,730 Unpaid sink, fund ........
576,246
Average per lb__ 25.88c. 17.996c.
$
S
Cop. on hand, Ac. 4,626,634 3,008,286 Accr’d freight, Ac.,
Sliver prod. (oz.). 1,101,733 591,692 Dividends from—
Treasury stock__
____
40,970 on copper__ ,.. 417,777 _____
Average per oz__ 64.486c. 50.557c. Utah Copper Co 4,854,048 ............ Treasury bonds__ 490,400
Accr’d bond lnt__ 375,018 _____
AlaskaSS.
Co..
941,858
...........
I n c o m e A c c t .—
8
8
160,083 Deferred credits.. 431,834 ..........
Acc’ts collectible.
73,460
Copper revenues.28,042,396 10,357,700 Tnt., dtsc’t, Ac... 216,266 deb.29,106 Cash. Ac........... 722,362
331,164 Reserve fund___ 200,000
........
Silver revenues__ 710,461
299,142 Inc. from mines..
79,917
6,717 Ctfs. of deposit.. 3,885,000
Surplus from sale
of bonds........ ................
Marketable secur. 1,980,000
10,025
Total revcnues.28,752,857 10,656,848 Gross Income..28,552,007 7,709,504
Net surplus...... _z5,478,705 1,658,629
Mining & milling. 1,595,452 687,979 Bond Interest___
300 350,000
185,707
Freight- to smelter 2,695,573 1,257,863 Accrued taxes___ 580,205
Total_______ 37,530,231 24,196,076 Total.............37,530,231 24,190,070
87,419
Smelt. A refining. 1,506,522 785,757 Admin, expenses.
_______
After deducting In 1915 $6,976,000 reserved for conversion of bonds, y Denotes
Selling commiss’n.
287,066 105,287 Depreciation, Ac. 222,909 600,000 In x1915
bonds outstanding (B. C. M. Co.), loss $1,000,000 par value owned by
Marine Insurance.
159,451 55,890 Dividends ($5 50) 15,320,283 ........
Braden Copper Co. not Included In assets. z After deducting $1,200,000 balance
General expenses.
48,275 32,179
of
unamortlzed
discount on bonds, $927,958 plant and equipment written off or
Total deduc’ns.lO,2U,176 1,135,707
$658,331 depreciation reserve, $200,000 reserve fund required by the
Total expenses. 6,292,339 2,924,954 Balance, surplus..12,341,431 0,573,797 dismantled,
Government-, $79,375 amortization of discount on bonds and $250 miscel­
Net earnings.......22,460,519 7,731,893 Total surplus__ 18,915,228 6,573,797 Chilean
laneous.—V. 104, p. 562, 166.
C O M B IN E D

IN C O M E A C C O U N T . S H O W IN G E Q U IT Y
O F A F F IL IA T E D C O M P A N IE S .

IN

T IIE

E A R N IN G S

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

----- A la sk S S . C o . ----- a C op p er R iv. & N . W . R y .
1916.
1915.
1916.
1915.
Gross earnings...............$3,816,087 $2,498,887 $2,911,207 $1,751,528
Oper. expenses & taxes.. 2,449,420 1,933,998 1,142,536
616,444
Net earnings...............$1,366,667
$564,889 $1,768,670 $1,135,084
$134,312
_______
_______
Depreciation__________ $155,345
Dividends...... .......... *(8%)240,000 (11)330,000
.............................
Balance, surplus......... $971,322
$100,577
* On Dec. 30 1915 this company paid an extra stock dividend of 50%,
calling for $1,500,000.
a This company on Dec. 31 1916 has outstanding $23,020,000 1st M. bds.
31.
1915.
S

K E N N E C O T T COPPER C O R P O R A T IO N — B A L A N C E S H E E T D E C .

1915.
1916.
1916.
Assets—
L i a b il i t i e s —
S
S
$
Mining property 17,578,3.55 17,559,635 Stock (outst’d’g
872,654 2,780,679 1-13
Constr. A equip. 1,071,160
Investments__x84,860,252 81,727,493 shs. without
Metals on hand. 9,648,513 7,066,157 par value).
94,456 stated capital 15,000,000
137,089
Ore A concent..
Mater’l on hand 438,397
206,950 Capital surplus y .86,687,146
39,374 1st Mtge. bonds
Acc’ts collectible 1,893,105
Deterred acc’ts.
30,073
17,998 Acc’ts payable.
162,830
Market’le scour. 2,970,000 1,925,000 Accrued taxes A
10,179 deferred acc’ts 024,108
Cash.............. 4,117,934
Treatment, redo for copp.
1,103,092 fining A delivsettlements
cry charges
924,154
(not due)___
437,411
Devel’t reserve.
Undlv. profits.. 18,915,228

15,000,000
85,377,985
z218,000
2,056,351
231,700

Utah Copper Co,
(12th Annual Report— Year ending Dec. 31 1910.)
Pres. C. M . MacNeill, N . Y ., Apr. 10, wrote in substance:
Production. —The gross production of copper in concentrates for the year
was 196,752,631 lbs. The shipments of crude ore contained an additional
664,849 ibs. After making smelter deductions the net production was
187,531,824 lbs. In addition, tliero were produced 47,648 oz. of gold, for
which wo received $20 an oz., and 461,596 oz. of silver at 66.68 cts. an oz.
The not cost of all copper produced during the year, after deducting mis­
cellaneous Incomo. including that from the Bingham & Garfield Ry’s
operations, was 6.95 cts. per lb., against 6.012 cts. for 1915. Had it not
been for tho large increase particularly in labor cost and the largo increase
in taxation, tho cost per pound would undoubtedly liavo shown a substantial
decrease instead of an increaso. No deductions were considered from the
cost stated for dividends received on the stock owned in tho Nevada Con­
solidated Copper Co.
Results. —Tho net operating profit amounted to $33,747,740; dividends
on investments and other Incomo from interest and rentals amounted to
$5,990,936, and the total Incomo or not profit applicable to dividends or
for other capital purposes $39,738,675, or $24 40 per share, against $11 03
per share for 1915. Dividends were paid as follows: March 31, $1 50 per
share and an extra $1; Juno 30, $1 50, with an extra $1 50; Sept. 30, regular
$1 50, extra $1 50; Doc. 30, at the nowly established regular rate of $2 50
per quarter, plus an extra of $1; total during tho year $19,493,880, or $12
per share. Tho surplus remaining after dividends was $20,244,795.
Depreciation of plants and equipment amounting to $589,732, or equal to
5% of total cost, was sot aside. This resulted in passing $19,655,064 to
tho “earned surplus” account. Tho total dividends up to and including
1916 aggregate f e , 215,778.

D ata fro m R e p o rt o f M a n a g in g D ire c to r J a c k lin g , M arch 22.

Alin in g A r e a . —The total area of mining claims was increased to 741.642
820,854
344,902 acres through tho patenting of a small fractional lode claim.
Ore Reserves.— N o underground work was done in the Porphyry mine,
6,573,797
but drifts and raises to tho extent of 2,619 ft. wero driven in tho Sulphide
mine. Ono churn drill hole was deepened in the porphyry ore body, and
additional holes wero drilled, tho total bolng 6,906 ft., all charged to
Total.........
110,623,588 Total..........122,750,877 110,623,588 nine
operations. On Dec. 31 1915 an ore-bearing area of 226.3 acres had been
No attempt was mado to add to this area, but the churn drilling
x Includes in 1916 434,504 shs. Utah Copper Co. stock, valued $33,160,­ outlined.
increased tho calculated average thickness of developed .and partially
788; 2,564,650 shs. Braden Copper Mines Co. stock, $39,456,154; $23,020,­ dono
ore from 480 ft. to 524 ft. Previous to Jan. 1 1917 thero had
000 par C. It. A N. W. Ry. Co. bonds, $9,801,417; 48,174 shs. O. It. & N. developed
424,524,258 tons of ore, averaging 1.415% copper, of
W. Ry. Co. stock, $1; 23.854M shs. Alaska S3. Co. stock, $2,385,412; 500 been developed
quantity 270,000,000 tons aro classed as fully developed and 154,524,­
shs. Katalla Co. stock, $57,459: and 10 shs. Alaska Dovel. & [Mineral Co. which
258 tons as partially developed, i’rior to Jan. 1 1917 thero was mined
stock, $5,021. y From conversion of bonds and exchange of stock, z After from
tho entire property a total of 54,678,700 tons of oro, averaging 1.449%
deducting $9,782,000 bonds held in treasury.—V. 104, p. 1148. 955.
copper, and therefore, tho total reserves remaining amount to 369,845,558
tons, averaging 1.41% copper. Tho year’s addition to reported reserves
was 34,524,258 tons.
Cerro De Pasco Copper Corporation.
It Is estimated that approximately three-fourths of tho capping has been
removed from tho ore body as now developed on tho westerly sldo of Bing­
{Report for Fiscal Year ending Dec. 31 1910.)
ham Canyon, and that a total of at least 300,000,000 tons of developed oro
I N C O M E A C C O U N T F O R C A L E N D A R Y E A R 1916.
yet remains in this part of tho deposit. On tho lower steam shovel levels
tho capping to bo removed during 1917 will probably not exceed one-lialf
Divs. from sub. cos.........$3,670,0001 Not earnings__________ $3,554,216 tho quantity removed during 1916, but on tho intermediate and upper
Other income
3,528 Bond int. to Nov. 1 ’16_ 600,000
levols, it will bo necessary to continue stripping operations during 1917 at
Accrued int. to Dec.31 '16 100,000 about tho samo rato as in 1916. Therefore, it is not likely that thero will
Total income________ $3,673,528 Dividends ($4)..................2,666.664 be any considerable decrease in such operations during tho present year.
Expenses______________ $59,312
M illin g Operations. —Tho total quantity of oro milled at tho Magna
Taxes.................
60,000 Total deductions_$3,366,664
plant was 6,143,500 tons, an increase of 010,200 tons, and at the Arthur
Balance, surplus_ $187,552
plant, 4,850,500 toms wero milled, an increaso of 1,589,500 tons; total
Net earnings________$3,554,216
10,994,000 tons, against 8,494,300 tons for 1915. Averago grado milled
1.435% copper, against 1.434% for 1915; averago recovery 62.34%, corre­
C ER R O D E P A S C O C O P P E R C O R P . B A L A N C E S H E E T D E C . 31 1916. sponding to 17.90 lbs. of copper per ton, against 64.13% or 18.39 lbs. of
A s s e t s ( Total $29,910,772)—
copper per ton. Tho low extraction was duo principally to tho largo tonnage
Investments; Stocks—95,000 shares Cerro de PascoMiningCo.,
milled, and only in small part to unrecoverable carbonates. Tho normal
100,000 shares Morococha Mining Co. and 28,500 snares
capacity of tho two plants may bo taken at about 20,000 tons per day,
Cerro de Pasco Ry.__________________________________ $29,519,120 whereas during 1916 a daily averago of 30,038 tons was treated. Tho cost
Cash at bankers_______________________________________
391,652 of milling at Magna was 35.35 cts. por ton and at Arthur 40.94 cts. per ton,
L ia bilities (Total $29,910,772)—
against 30.91 cts. and 39.02 cts., respectively, for 1915. Tho averago cost
Capital stock outstanding (666,666 shares without nominal or
of milling at both plants was 37.82 cts. por ton, against 34.02 cts. The
par value) represented by______________
$5,000,000 increaso was duo solely to the higher costs of labor and supplies.
Capital surplus (stockholders’ equity in stock of owned cos.)__ 14,563,220
C onstruction. —Wlion improvements now in progress, consisting prin­
Bonds (10-yr. convertible 6% gold bonds) maturing Nov. 1 ’25- 10,000,000 cipally of further fine grinding and concentrating equipment, aro completed
Reserve for U.S.taxes,$60,000; bond int. accrued, $100,000___
160,000 it is estimated that the Magna and Arthur plants will liavo a combined
Surplus (as per income account above)______ ______________
187,552 capacity of about 40,000 tons per day (Arthur 16,000 tons, Magna 24,000).




APR.

Tho now leaching plant for oxidized ores (located near the Magna mill)
will havo a capacity of from 3,000 to 4,000 tons per day, and should be
ready for uso early In the summer of 1917. Tho oxidized and partially
oxidized '‘capping'"' (overlying tho sulphide concentrating ore bodies) which
can bo profitably treated It is estimated will amount to something like
40 000 000 tons, with a probable total copper content of about 13 lbs. per
tori of which about 10 lbs. we believe aro solublo in dilute sulphuric acid,
with an expected actual recovery of about 9 lbs. of copper per ton at an
estimated net cost per pound of not to exceed 9 cts.
A c id Plant .—In order to furnish acid for the leaching plant and mills, as
well as to supply some other local and commercial requirements, the com­
pany agreed to participate equally with the Garfield Smelting Co. in the
construction and operation of an acid plant which now has a production of
about 75 tons of 5 0 -degroo acid per day. This will bo increased gradually
to about 150 tons per day. Tho plant will be enlarged from time to time
to moot not only tho requirements of tho copper company and smelting
company, but to supply such commercial demand as may be found.
IN C O M E A C C O U N T
Y E A R S E N D IN G
D E C . 31.
Sales of—
1916.
1915.
1914.
1913.
Copper, lbs.................. 187,531,824 148,397,006 115,690,445 113.942,834
Average price........26.139 cts.
17.679 cts. 13.264 cts. 14.976 cts.
Gold. oz. (at *20)_____ 47,647,979 36,760,121
28,121
34,729
Silver, oz.....................
461,597
325,352
371,712
285,589
Average price........... 66.682 cts. 49.880 cts. 55.545 cts. 59.582 cts.
Operating Revenue —
Sales of copper.............*49,019,308 *26,235,331 *15,345,269 *17,063,635
Sales of gold at *20_____
952,960
735,202
694,587
562,425
Sales of silver________
307,806
185,410
180,717
170,158
_____
_____
1,883
1,346
Miscellaneous________
Total income_______ *50,280.073 *27,155.943 *16,222,456 *17.797,564
E xpen ses —
' - milling
.........Sc taxes. "$6,423,468 *4,314,147 *3,986,197 *4,723,858
Mining,
12,20(1
56,988
119,649
37,994
Mine development____
905,869
485,262
563,954
§24,550
Ore stripping, &c.........
Soiling commission
.
492,299
6,899,888
5,701,846
6,086,880
Treatment and refining. 8,754,024
Total expenses_____ *16,532,334 *12,132,109 *10,230,293 *11,494,341
Net operating revenue..*33,747,740 *15,023,834 *5,992,163 *6,303,223
Other In com e —
Div. on investment___ 5,636,875 2,787,200 2,631,063 2,176,000
Int. & rentals, received.
354,061
109,409
107,196
94,200
Total net profits____ *39.738,675 *17,920,443 *8,730,422 *8,573,423
Interest paid.________
_____
*6,962
*51,931
*60,318
Dividends........(120)19,493,880(42^)6,901,082(30)4,827.885(30)4,747,710
Surplus...................*20,244,795 $11,009,399 *3,850,606 *3,765,395
B A L A N C E S H E E T D E C . 31.
1915.
1916.
S
Assets—
$
Property............ a 17 ,909,743 17,203,462
Prepaid exp., ore. 7 ,019,430 6,444,346
9,764
Ore in mill bins__
8,920
Investments___ *11 ,953,174 ■11,037,899
251.734
154.830
Accts. receivable.
17,800
17,800
Notes receivable..
730,022
Material & supp.. 1 651,423
Copper In transit. 15 ,830,059 8.065,435
Cash.......................13 ,364.023 5,723,150
Market scour___ 2 ,471,875­
9,418
7,403
Prepaid Insurance

1916.
1915.
Liabilities—
S
%
Stock outstanding 16,244,900 16,244,900
Treatment and re­
fining charges,
not yet due___ 1,653,938 1,183,240
Accounts payable. 1,597,462
839,661
Hescr ves for clal ms
accid. llabtl.,&c.
103,622
92,541
Surplus from sale
of securities___ 8,290,620 8,290,620
Surplus...............b43.153.137 23,498,074

Total.............71.048,679 50,149,037
* Investments include Garfield Water Co. stock (at par), *419,300, and
advances to that co., *165,; Garfield Improvement Co., stock (at par),
*140,500; Bingham & Garfield Ily. stock (at par), *6,515,000; Nevada
Consolidated Copper Co. stock, *4,453,007: Utah & Salt Lake Canal Co.
stock, *15,202; water rights, same co., book value, *45,000; advances to
Garfield Chem. & Mfg. Co., *350,000, and North Jordan Canal stock,
*15,000. a After deducting in 1916 reserve for depreciation, *2,125,117,
against *1,578,297 in 1915. b After deducting *589,732 reserved for
depreciation of plants and equipment.—V. 104, p. 1538.
T ota l................ 71.048,679 50,149,037

Yale & Towno Mfg. Co., N. Y. and Stamford, Conn,
(48th A n n u a l R e p o r t— Y e a r e n d in g D e c . 31 1916.)
Tho report, signed by Chairman Henry R . Towne and
President Walter C. Allen, says in substance:
The volume of business in our normal products has boon unprecedentedly
large throughout tho year, and has taxed producing facilities to the utmost,
the increase of output being distributed with substantial uniformity
among its several lines of product.
Tho business of furnishing certain special materials to European Govern­
ments was conducted throughout the year on a larger basis than during
1915, and is continuing on a somewhat reduced scale. Your directors havo
deemed it proper to distribute tho greater part of the exceptional profits
thus realized currently, in tho form of extra dividends, after setting aside
the sums required for the redemption of the mortgage bonds due In 1920,
all of which have been paid off, and for certain reserves and investments,
as shown in the balanco sheet.
.
Canadian industry continues to suffer from tho Influence of the war,
so far as normal products are concerned, but this adverse influence was off­
set in tho caso of Canadian Yale & Towno Ltd. by tho business undertaken
in certain special products under contracts with tho British Government,
with tho result that tho total operations of the year havo yielded a satis­
factory profit.
. . .
,
Tho export business as a whole has been the largest in tho company s
history and has yielded satisfactory profits, notwithstanding tho handicaps
experienced In tho wav of embargoes, scarcity of shipping facilities, and tho
entire loss of certain Continental European markets, duo to the war.
A new powor plant, which had become a necessity, is in process of con­
struction, at a total estimated cost of about *250,000 and adoquato funds
to cover tills outlay havo been reserved. Tho average number of em­
ployees in tho Stamford plant during tho past year has exceeded 6,000.
The directors have doomed it expedient. In view of tho uncertainties of
market fluctuations in the near future, to sot aside from tho profits as a
reserve fund of *300,000, to cover any probable shrinkage that may occur
during the year in tho values of raw or fabricated materials as compared
with tho shop cost at which they aro carried, thus placing the inventory
valuation on a conservative basis.
RESULTS FOR YE AR E N D IN G DE C . 31.
.
1916.
1915.
1914.
1913.
Net earnings
-----------*4,002,399 *2,358,714
*869,681 *1,008,558
Repairs & maintenance.^ 590,000
232,445
205,783
295,449
Balance......................*3,412,399 *2,126,269
*663,898
*713,109
*91,599
*66,351
Interest.......................
*25,973
*29,980
Depreciation.................
<262,579
162,501
120,451
124,069
Dividends.................... 1.513,539
559,703
314,998
270,105
Total deductions-----§2.202,091
*752,184 *527,048
*460,525
Balance, surplus............. *1,210,308 *1,374,085 *136,850
*252,584
B A LA N C E SH E ET J A N . 1.

1917.

1916.

Plmu ofTi)ldg.,&c. 4,682,058 4,807,297
Trade-m ks &pat’s 2 .000,000 2,000,000
Bonds, &c., at
470,000
market v a lu e... 1,055,813
630,081
Due from sub. cos. 423,841
458,003
Invest, in sub. cos.
467,985
1,403.532
Cash & reoelvables 1,933,788
Mdse.Invest.(cost) 2,914,187 2,533,764
61,337
Prepaid int., & c..
9,404 _________
T o t a l ................. 13,487.075 12,424,014

—V. 104, p. 967. 870.




16 99

THE CHRONICLE

28 1917.]

1916.
1917.
Liabilities—
$
S
Capital stock___ 4,731,400 4,722,994
_____
First mtge. bonds.
998,000
Reserve for taxes. 385,770
Reserve for devel­
opment .......... 250,000
Accounts payablo. 777,973
571,543
Div. payable Jan.2
82,800
82,652
Surplus............. 7,259,132 6,048,825
Total.............13,487,075 12,424.014

(The) North American Company.
(27th A n n u a l R e p o r t— Y e a r e n d e d D e c . 31 1916.)
Pres. James D. Mortimer, March 17, wrote in substance:

Balance Sheet. Our liabilities consist of four notes, aggregating *1,350,000, given for loans, and money on deposit for the payment of Interest cou­
pons. “ Loans and advances” consist of money advanced to subsidiary cos.
Revaluation.—Conservative revaluations have been made of all the se­
curities owned and the amount at which the 184,000 shares of common
stock of the United Rys. Co. of St. Louis owned by this company are
has been reduced to *1. The net decrease in book values was *2,j carried
which was chargod to "Contingent security deprec'n reserve,”
|600,000,
in 1914, leaving a balance to the credit of such reserve of *50,000.
1 created
—Out of the surplus and net profits four quarterly dividends
i of Dividends.
1H % each upon tho capital stock were declarod and paid during the year.
Sale o f Properties o f M il. Lt. H t. A Traction Co. —It Is planned to convey
a largo part of tho property now owned by the Milw. Light, Heat Sc Traction
Co. to the Milw. Elec. Ry. & Light Co. The remaining property will In
accordance with these plans be conveyed to the Wisconsin Gas & Elec­
tric Co. (V. 104, p. 863).
Exchange o f Securities— Mortgage o f M il. H t. & Traction Co. Canceled.—
During the year tho Wisconsin Edison Co. and the Milwaukee Electric Ry.
& Light Co. returned to the Milwaukee Light, Heat Sc Traction Co. *6,189,000 of its Refunding Sc Extension Mtge. bonds and *9,000,000 of its capital
stock held by those companies, in exchange for *9,000,000 common stock of
the Milwaukee Electric Ry. & Light Co. owned by the Milwaukee Light,
Heat & Traction Co. and a corresponding increase in Its floating debt. The
Refunding Sc Extension Mtge. bonds so returned, being all of such bonds
issued and outstanding, were canceled and cremated and the mortgage satis­
fied of record, and the capital stock retained in the treasury of the company.
A.

Operations o f Wisconsin Edison Co. and Subsidiaries.

(a) Wisconsin Edison Co.—All of the properties comprising the Wisconsin
group are controlled by Wisconsin Edison Co., Inc. The gross earnings of
that co. for 1916 amounted to *1,430,882, an increase of $372,486, or
35.19%. over 1915, and the net income Increased *370,905, or 61.74%.
(b) Milwaukee Electric Ry. A Light Co.—Operating revenues for 1916 were
*6,961,152, an increase of *989,436, or 16.57%; operating expenses. In­
cluding taxes and reserves, increased *766,443, or 18.40%, and the net
Income *305,022, or 29.25%. [Seo report for 1916 in V. 104, p. 1039.]
(c) Milwaukee Light, Heat A Traction Co.—Opearting revenues for 1916
were *1,852,072, an increase of *371,446, or 25.09%. Operating expenses.
Including taxes and reserves, increased *288,648, or 29.14%. Gross income
decreased *254,834, or 21.44%, due to decrease in non-operating revenues
resulting from the transfer during the year of *9,000,000 common stock of
the Milwaukee Electric Ry. & Light Co. as hereinafter noted. The net
Income decreased *178,755, or 33.98%. The Increase In operating rovenes of tho (1) railway department was *144,252, or 16.70%, and (2) of the
electric department *227,194, or 36.83%. This Increase was accompanied
by an lncreaso in energy sold of 98.02 %. The average receipts per kilowatt
hour sold declined from 3.20 cts. to 2.21 cts., due In part to reduction in
rates and in large part to larger proportion of sales being used by large
power users.
Coastruction amounted to *286,482, principally for new boiler house
and Installation of new boilers therein added to Racine generating station.
(d) Wisconsin Gas A Electric Co.—Operating rovenues for 1916 amounted
to *1.143,791, an Increase of *193,055, or 20.31%. Operating expenses,
including taxes and reserves, increased *155,459, or 22.37%, and net In­
come *45,936, or 34.40%.
During the year the electric business was widely extended. A 27,000-volt
transmission line was completed from Burlington to Fort Atkinson, there
connecting with the transmission line from Watertown and supplying power
for the operation of utilities in Springfield, Lyons, Lake Geneva, Dclavan,
Elkhorn. Whitewater and Palmyra. A transmission line was built from
North Milwaukee through Menomonee Falls, Lannon, Sussex and Merton
to Lake Five. The electric utilities at Clyman, Rceseville, Lomira, New
Lebanon, Campbellsport, Jackson, Thlensville and Eden were acquired.
Construction.—The expenditures for construction during the year
amounted to *677,550, principally: (1) Completion of transmission lines;
(2) construction of transmission lines and transformer and power station
at Kenosha; (3) at Kenosha gas plant, purchase of real estate and construc­
! tion Incident to installation or 1,000,000 cubic foot holder; (4) gas plant
j Improvements, &c., at Racine.
I (e) North Milwaukee Light A Power Co.— Operating revenues were *18,927, showing an Increase of *4,357, or 29.91%; gross Income increased
*191, or 7.07%: interest charges decreased *31, or 12.30%, and net income
Increased *222, or 9.06%. Construction amounted to *1,946.
j (f) Wells Power Co.—Operating revenues for the year amounted to $199,­
131, an Increase of *11,397, or 6.07%; gross income decreased *4,483, or
8.28%; interest charges, including interest on notes owned by the Wisconsin
! Edison Co., decreased *4,464, or 14.08%, and net income decreased *20.
"Interest charges,” as stated In 1915 report, includes annual amortization
of leasehold value of building space occupied by power plants. Capital
expenditures during 1916 were *5.813.
B.

Operations o f M issouri Group.

(a)
Union Electric Light A Power Co.—Operating revenues for 1916
amounted to *3,638,020, an increase of *229.151, or 6.72%; operating ex­
penses, including taxes and reserves, increased *183,391, or 8.17%; interest
charges decreased *14,955. or 1.66%, and net Income *71,844. or 13.77%.
Operations of Electric Co. o f M issouri for 1916 were *1,600,982, a decrease
of *19,557, or 1.21%; operating expenses, including taxes and reserves,
increased *63,297, and net income decreased *78,221, or 39.92%.
During tho year the Union company’s expenditures for construction
amounted to *1,243,280, principally (1) extensions to overhead and under
ground distribution systems: (2) 20,000 k.w. turbine and accessories in
Ashley St. plant. Duo to the removal from service of property valued at
*1,042.461. the property and plant account was increased only $200,819.
Tho Electric Co. of Missouri expended for construction *366,111, not ably
(1) additions to transmission lines from Pago Ave. substation to Webster
Groves, St. Stanislaus Seminary, Prospect Hill, east approach of St. Charles
Bridge, and Valley Park; (2) extensions to underground distribution system;
(3) construction of series street-lighting control system to Clayton, Uni­
versity City, Richmond Heights, Maplewood, Southmoor, Vinita Park,
Ames Place and intermediate districts.
A merger of the Union Electric Light & Powor Co. and Perry County
Public Utilities Co., whose capital stock was owned by the Electric Co. of
Missouri, became effective in Jan. 1917. The merged company acquired
tho property, assets, business and franchises of the Electric Co. of Missouri,
Issuing therefor *1,600,000, principal amount of bonds. *1,000,000. of 7%
non-cum. pref. stock and *620,000 common stock. (V. 104. p. 458.)
St. Louis County Gas Co. —Operating revenues for 1916 amounted to
*272,480. an increase of *9,215, or 3.50%; net income after interest charges
decreased *6,279. or 11.30%. Construction expenditures amounted to
$97,290 gross and *15,495 net.
United Railways Co. o f St. iMuis.—Operating revenues for 1916 were
$12,641,294, an increase of *960,093, or 8.22%; operating expenses, in­
cluding taxes and reserves, increased *376,933, or 4.23%, and interest
charges decreased *54.712, or 2.10%, and net income increased *621,977,
or 234.24%. [See report for 1916 in V. 104, p. 948.] Construction
amounted to *283.420. On June 16 1916 the company paid to the city of
St. LouLs *1,839,205, being the amount of all judgments in the mill tax.
[For further particulars see V. 104, p. 948.)
C. West Kentucky Coal Co.
Gross revenue for 1916 was *1,952,076, a decrease of *2,123, or 0.11%;
operating expenses, including taxes, reserves and loss of barges and cargoes,
decreased *24,267, or 1.40%; interest charges decreased *4,037, or 3.42%:
net Income increased *26,181, or 25.18%.
Coal Tonnage Mined by West Kentucky Coal Co.

1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914. 1915.
1916.
256.630290.517305,177503,761525.317675,577829,967970,0101,108,8541,166,453
Operations were materially hampered because of shortage of railroad
cars, and due also to low water during tho last half of the year. Despite
these difficulties, the tonnage increased and the net earnings were larger
than in any previous year. While 1917 will witness substantial advances
in the unit selling prices of contract coal, continuation of transportation
difficulties and possible shortage of mining labor will tend to hold down
production and prevent a large increase in net earnings.
Detroit Edison Co.—This company paid in 1916 four quarterly divi­
dends upon its capital stock, each of 2%. [See report for 1916 in V.
104, P- 661.1

1700

THE CHRONICLE

O P E R A TIN G C O M P A N IE S — R ESU LTS FOR C A L E N D A R Y E A R S .

----- Gross Earnings— •----- Net Income----- Charges. Bal., Sur.
1916.
1910.
1915.
1916.
1915.
1916.
$
Wisconsin Edison. 1,430,882 1,058,398 1,403,816 1,038,313 432,196 *971,620
UnitedRys. (St. L.) 12,641,294 11,681,200 3,432,119 2,853,495 2,544,614 887,505
West Ky. Coal... 1,952,076 1,954,198
240,500 218,356 113,931 126,569
Union El. Lt. A P.c5,720,552 3,408,869 C1716,1571,423,182 cl005,519 c710,638
Detroit Edison__10,066,786 7,759,932 3,795,6932,948,7131,078,280 *2717,413
89,597 97,421
40,307 49,290
8t. Louis Co. Gas 272,480 263,265
-See note
1,620,539 Sec "c”
310,011
Elec. Co. of Mo.. Sec “c”
MilW.E.Ry.&Lt. 6,981,152 5,971,715 2,107,0011,830,155 759,391 *1347,607
933,8601,188,693 586,582 347,278
M11W.L..H. ATr. 1,852,072 1,480,625
950,737
319,014 271,316 139,559 *179,485
Wise. Gas & Elec. 1,143,791
221 2,677
14,570
2,898 2,707
No. MUw. L. A P.
18,927
Wells Power....... 199,131
27,236 22.374
187,733
49,610 54,093
c Includes In 1916 the Union Electric I,t. A Power Co., the Electric Co. of Mis­
souri (previously shown up separately) and the Perry County Public Utilities Co.
* B A L A N C E A V A I L A B L E FOR D I V ID E N D S A N D A P P L IC A T IO N OF S A M E .
-Bals. for D ies. ------- Dividends Paid------- Balance, Surp .-—
1916.
1915.
1915.
1916.
1915.
1916.
$
$
$
5
8
$
Wisconsin Edison. 971,620
9,465
600,715 913,750 591,250 57,870
Detroit Edison... 2,717,413 1,848,658x1,091,463 944,214 1,625,951 904,444
Mllw.E.Ry.ALt. 1,347,607 1,012,585 270,000 270,000 1,077,607 772,585
12,000 167,485 121,550
Wise. Gas A Elec. 179,485
133,550 12,000
x Additional $396,258 dividend declared, payable Jan. 1917, against $270,304
Jan. 1916, set up as a liability in accordance with the uniform system of accounts
prescribed by the Michigan ItU. Commission, effective Jan. 1 1915.
NO RTH A M E R I C A N C O M P A N Y — I N C O M E A C C O U N T C A L E N D A R Y E A R S
Receipts—
1916.
1915.
1914.
1913.

$450,131
$488,804
$610,145 $476,695
Interest received or accrued___
Dividends received_________ 1,824,278 1,438,028 1,503,801 1,814,424
Other profits.........................
29,920
25,071
42,377
78,623
Total................................... $2,304,329 $1,952,503 $2,150,323 $2,309,742
Deduct—
$77,961
$77,630
$77,514
$77,780
Salaries, legal expenses, Ac.......
24,397
26,160
33,334
10,570
Taxes___________________
17,491
25,821
140.173
106,968
Interest, Ac_______________
5,351
11,538
Accounts written off, and reserves
13,625
33,550
Dividends (5%)...................... 1,489,665 1,489,665 1,489,665 1,489,665
Total................................... *1.632,077 $1,637,392 $1,737,210 $1,771,845
$672,252 $315,112 $419,107
Balance, surplus... ..........
$597,897
Total undivided profits Dec. 31. $3,039,840 $2,367,587 *52,052,475 *5,633,368
NO RTH A M E R I C A N CO. B A L A N C E S H E E T D EC . 31.
1915.
1916.
1916.
1915.
Liabilities—
S
$
Assets—
S
$
Stocks...............25,698,245 27,236,892 Capital stock__ 29,793,300 29,793,300
200,689
Bonds............... 5,444,100 5,653,411 Notes payable__ 1,354,447
Loans A advances. 2,502,572 1,751,301 Dividends accrued 372,416 372,416
Dlvs. unclaimed..
11,498
15,368
Office and miscel­
laneous property
1
1 Funds subsid. cos. 314,358 603,007
93,678
6,795
Accts. receivable. 302,998
185,158 Accounts payable.
60,000 2,658,235
Cash..... ............ 1,093,622 1,190,632 Doprec’n reserve.
Undivided profits. 3,039,840 2,367,586
Total............. 35,039,538 36,017,396

Total’............. 35,039,538 36,017,396

B A L A N C E SH EETS O F S U B S ID IA R Y C O M P A N IE S AS O F D E C . 31.
M il. El. Ry.
St. Louis Elec. Co.
Wells
A Lt. Co. -U nited Rys. o f St. L o u is- Co. GasCo. of M o .
Pow.Co.

[Vol. 104

GENERAL INVESTMENT NEWS

RAILROADS, INCLUDING ELECTRIC ROADS,
Algoma Central & Hudson Bay Ry.—Reorganization.—

Tho bondholders’ committee, E. E. Ford, Secy., gives notico that, owing
to the difficulty of getting new coupons engraved, It lias not been possiblo
to complete arrangements yet for tho endorsement of the First Mortgago
5% 50-year gold bonds of tho Algoma Central & Hudson Hay Ity., but tho
holders of these bonds may lodge thoir bonds with the U. S. Mortgago &
Trust Co., N. Y., and the Montreal Trust Co., London, Eng., as deposi­
taries, for endorsement. Tho bonds so lodged will probably have to bo
retained for some time.
See Algoma Central Terminals, Ltd., below.—V. 104, p. 1386.

Algoma Central Terminals, Ltd.—Notice to Bondholders.

Pursuant to tho scheme of arrangement and compromise approved
(V. 102, p. 885, 1058, 2070), and pursuant to tho supplemental trust deeds
executed as provided in said scheme, tho holders of tho First Mortgago 5%
50-Year Gold bonds are notified to produco thoir bonds with all unpaid
coupons attached thereto to U. S. Mtge. & Trust Co., 55 Cedar St., N. Y.,
or to its agent, tho Bank of Montreal, 46 Thrcadncedlo St., London, in
order that their bonds may be endorsed, that tho coupons attached to tho
said bonds may be detached and fresh coupons may be attached thereto.
Against deposit of their bonds for endorsement as aforesaid, tho holders will
bo entitled to receivo a present payment of interest on such bonds at the
ratoof3% per annum for tho year from Aug. 1 1914to Aug. 1 1915, pursuant
to said scheme. Notico will bo given to bondholders depositing their bonds
when tho same are ready for redellvery.—V. 103, p. 2428.

American Railways Co., Phila.—Control.— Sub. Co.—

See United National Utilltias Co. and Scranton Ry., each below.—
V. 104. p. 1484, 1044.

Bangor & Aroostook RR.—Earnings.—

1916.
1915.
C a l. Y ea r:
1916.
1915.
Gross earns..$4,013,408 $3,748,080 Bond int.,&c.$1,252,566 $1,253,559
103,458
Net aft. taxes $1,412,067 $1,296,073 Divs. (3% ).. 103,458
Other income. 336,511
204,529 Surplus......... $392,554 $143,585
Tho company’s fiscal year has been changed from the Juno 30 year to tho
calendar year by order of tho I. S. C. Commission.—V. 103, p. 1504, 843.

Bay State Street Ry.—Securities.—

The Massachusetts P. S. Commission has authorized tho company to
Issue $489,000 1st pref. stock at $100 porsharo; $325,000 Boston A Northern
Street Ry. 50-year 4% bonds; $398,000 Old Colony Street Ry. bonds, the
proceeds to bo used to pay floating debt, and for construction and equip­
ment, Ac.—V. 104, p. 1044.

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

See Birmingham-Tidowater Ry. below.—V. 104, p. 1590, 1488.

Birmingham-Tidewater Ry.— Bonds Offered.— Howard
It. Taylor & Co., Balto., are offering a block of tho First
Mtgo. 5% gold bonds of this company securod by a mortgago
on the property formerly owned by tho Birmingham Ensley
& Bessemer R lt. and guaranteed, prin. and int., by tho Bir­
mingham Ity., Light & Powor Co., which company owns all
the stock of tho Birmingham-Tidowater Ity.

1916.
1916.
1915.
1916.
1916.
1916.
Bonds dated Jan. 1 1916. due Jan. 1 1946, but rodoomablo on any inter­
Assets—
$
$
$
$
$
S
(late prior to maturity at 101 and int. Int. J. & J. Tho amount au­
Prop., plant, Ac.36,371,330 102,141,439101,873,212 1,401,145 4.767.2S9 502,995 est
thorized is $4,000,000, issued $1,500,000, tho balanco being held in the
Investments, Ac.
10,000
1,705,728 2,526,213 178,763 22,324
........
treasury.
Tho bonds aro a first mortgago on 32 milos of electric railway,
Cash.............. 154,5.87
614,735 981,002
6,772
530 10,897
Notes, Ac., roc..
2,596\ 246,445
233,031 /
115 23,364 110.000 now operating in Birmingham, Ala., together with passenger and freight
Accts. receivable 5,038,995/
\ 34,085 185,696 23,298 equipment.
Earnings of Birm. Ry., Light Sc Power Co. for year ending Jan. 31 1917
Mnt’ls A supplies 826,085
494,179 397,436
76,231 196,173 6,294 show:
Gross earnings, $3,439,867; not, after taxes, $1,199,488; bond inter­
Prep'd accts.,Ac.
657
31,759
25,012
2,539
2,435 1,023 est, $720,090,
leaving a surplus of $479,398. Interest on Birmingham........
........ 130,957 ------- ------- Tidowater
Bond disc. A exp..............
Ry. 1st 5s outstanding, $75,000. Comparo V. 104, p. 1590.
Open accounts.. 1,420,334........ ........ ........................... — 11Tb023 ------Bleecker St. & Fulton Ferry RR.—Control.—
Total........... 43,824,584 105,234,284 106,035,905 1,830,597 5,311,734 654,508
Liabilities—
See N. Y. Railways Co. below.—V. 90, p. 913.
Preferred stock. 4,500,000 16,383,200 16,383,200 ____
750,000 ........
Boston & Worcester St. Ry.—Additional Securities.—
Common stock.. 9,850,000 24,913,800 24,913,800 700.000 1,250,000 200,000
55,962,000 57,145,000 870,000 1,750,000 225,000
Funded debt__ 20,196,000
This company has appliod to tho Mass. P. S. Commission for authority
Bills, Ac. payable 460,000
____
____
_____
64,661 ------- to issuo $270,000 additional pref. stock and $40,000 additional 1st Mtgo.
Accts. payable.. 405,8561
/ 116,642 902,575 22,339 bonds, which will mako $667,200 stock and $2,440,000 bonds outstanding,
Matured interest 169,838/
572,361
544,258\ ------------- ------- respectively.—V. 102, p. 1625.
Int., taxes, Ac.,
accrued........ 314,819
1,237,812 1,170,374
12,856 52,452 4,010
U L C b C i X X X O t l l Traction,
l i W v v i v l l f AJ
I J jU U
1. y j »Y O l
V
/ V /• | Ltd.—
AJ U U t
IDivi­
S i,U 0
Brazilian
Light
& Power
Co.,
Open accounts.. 252,444
------------4,610
2,005 ........
ids on Ordinary Stock Suspended.— Pros. Aloxander MaeReserves.. 6,157,906
3,853,619 2,802,985
91,110 396,562 184,310 dends
lzie, in circular dated at Toronto, April 19, says in subst.:
Miscellaneous .. 165,846
189,956
4,010
1,757 6,697 kenzie,
Surplus.... 1,351,875
2,121,506 3,076,288
31,339 141,722 12,152
The revonuo derived from tho operation of tho enterprises in Brazil has
Total.... 43,824,584
105,234,284 106,035,905 1,830,597 5,311,734 654,508 shown each year, since incorporation of the company .substantial gains, viz.:
Results fo r Yea rs ended D ec. 31 (in N lilr c is ).
-U n . E l. Lt. A P. Co. ----- Detroit Edison Co.----- West. K y . Coal Co.From Oper. in Brazil —
1916 (a p p r .) 1915.
1914.
1913.
1916.
1915.
1916.
1915.
1916.
1915.
Gross earnings...................84,942,000 77,119,208 73,184,714 71,911,974
Assets —
$
S
$
S
$
3
Prop.,plant,Ac.28,156,202 28,267,806 42,317,147 30,900,830^4,695,530 4,538,691 Net earnings................... .46,544,000 44,170,866 41,879,569 39,312,729
Tho decline in tho surplus available for dividends, as compared with 1913,
165,754 951,921* 811,454/
Investments__ 165,054
"" ’
64,769
14,527 2,525,747 415,512 129,690 55,863 is duo almost wholly to tho fall in tho exchange value of the milreis, which
Cash........ ......
23,5911 1,757,289 1,259,034/
7,430
72,347
9,427 for some yoars before tho war was maintained at slightly over 16 pence,
Notes payable..
541,318/
Accts. receivable 663,562
\ 238,650 299,678 but during the last half of 1914 averaged about 13 ponco, and during tho
Mater. A supp. 401,969 286,642 1,792,380 1,255,630 116,052 131,211 last two years slightly over 12 pence, with this result (in Canadian currency):
1914.
1913.
Y ea rs ended D ec. 31— 1916 ( E s l .).
191/
316,560 203,S21
Insurancc fund.
15 ponco
791,074
12 ponco
10 penco
95,049 101,136 Approx, rates of exchange 12 ponco
734,S23 1.028,592
Bond dlsc’t, Ac. 694,316
Rovenue(Canadian
curr.)
148,109
8,710
4,766
129,757
6,848
27,900
Prepaid accts..
$5,612,876 $8,058,813 $8,420,560
39,354
after alif ixed charges.
30,500
35,765
30,500
Reserve fund__
21,684 471,717
77,882 452,353
6.413
643 Balance net rovonuo (after
Open accts., Ac.
deducting adm. exp.,
Total......... 30,354,500 30,524,193 50,841,079 42,320,488 5,338,379 5,177,182
Ac.) available for pref­
Liabilities—
erence A ordinary divs.$5,654,000 $5,394,802 $7,666,532 $8,112,264
Capital stock .. 9,885.000 9,885,000 19,813,050 13,515,200 2,500,000 2,500,000
Tho accounts for 1916 are not yet completed, but the gross and not
Funded debt__ 17,071,000 17,071,000 23,770,900 23,601,600 2,106,000 2,190,000
earnings (subject to audit) have exceeded those of 1915 by 7.823,000 milreis
700,000 500.000
Notes payable.. 375,000
2,367,000 milreis, respectively, notwithstanding tho abnormally high
Accts. payable. 580,527 293,611 1,552,802 1,019,252 116,962 73,200 and
which on coal increased from 15 shillings per ton before tho war
23,272
___ ___ ___ freights,
21,536
Deposits____
to
as
nigh as 80 shillings per ton last year. It is estimated that tho not
Int., taxes, Ac.,
937,567 003,859
319,541
52,650 54,750 revenue for 1916, after payment of all fixed charges ami expenses, will bo
accrued ....... 335.372
2,936 about $5,654,000 (at oxenange obout 12 penco), or $259,000 in excess of tho
25,700
2,152
36,617
Open accts., Ac.
Reserves........ 982,117 1,852,116 2,160,574 1,528,577 524,203 336,060 net revenue of 1915 but $2,458,000 less than preceding tho war.
Since tho report for 1915 was Issued, tho company has sold in Now York
36,411
19,630
Surplus_____ 1,067,331 1.053,952 1.906,185 1,558,001
6% 3-year notes and a poition of the proceeds has boon applied
Total.......... 30,354,500 30,524,193 50,841,079 42,326,483 5,338,379 5,177,182 $7,500,000
in discnarglng tho temporary loans raised In connection wltn tho acquisition
B A L A N C E SH EETS OF W IS C O N S IN ED ISO N CO. A N D SUB. COS. DEC . 31
of tolephono properties in the city and Stato of Sao I’aulo (undor plans
M il. Lt., HI. W ls. Gas
N . M tlie.adopted early in 1914). Tho balanco of tho proeoods, namely $2,600,000,
—U’lsc. Edison Co .— & Trac. Co. A El. Co. L A P .C o - Is being used for tho development of tho telephone undertakings and this
1916.
1915.
1916.
1916.
1916.
expenditure should result in a considerable increase in tho rovonuo, which
$
3
§
5
Assets—
8
oven now is inoro than sufficient to meet tho interest on tho notes. In tho
___
___
11,467,559 5,173,333
36,568 ordinary courso those noie.s will bo taken care of by an issue of bonds securod
Property, plant, Ac---149,012
37,400
Investments.............. a20,105,574 14,244,545
on tho totophone properties (V. 103. p. 1086, 839).
106,1S3
_ 58.088
25,122
333
It is necessary each year to oxpond on capital account considorablo sums
171,844
145
Notes receivable and loans 133,687
for extensions and improvements. These, (luring the last three yoars, havo
183,518
2,900 amounted to $8,600,000, and It is estimated that in tho year 1917 $ 1.70O.OOO
Accounts receivable---- . 1,070,019 5,522,950
219,342
1,085 will bo required. Owing to tho abnormal conditions arising from tho war,
Materials and supplies.. _ ___
___
179
3,656
Prepaid accounts------it has been necessary to meet capital requirements, so far as lias not been
50,000
Reserve fund— ..........
paid out of earnings, by temporary loans, with tho rosult ttiat trio floating
___ debt
43,083
87,986 289,025
22.250
Open accounts, Ac----- .
of tho co. and its subsidiaries at March 31amounted to $4,850,000.
Dividends on the pref. shares call for $600,000 yearly, and on the ordinary
20,088,606 11,754,736 5,931,542
40,887
Total........... ........
shares at 4% p. a. for $4,250,000. making a total of $4,850,000, which sum,
Liabilities—
25,000 deducted from tno estimated not revenue, loaves only a relatively small
Capital stock___ ____ .11,598,567 11,598,567 1,000.000 1,857.500
balanco available for capital expenditure and floating debt. The board nas,
Funded debt.............. . 6,500,000 6,500,000 5,000,000 2,759,500
___
3,000 therefore, decided not to pay a dividend in Juno next and proposo to con­
Notes payable----------849,489 4,252,216
003,581
2,553 tinue this policy tnroughout tho year, unless there should bo such improve­
Accounts payable------- . 2,093,231
____
13,501
146 ment in exchaugo as to justify trio resumption of the dividend at an earlier
Deposits-------------- - 65,000
98,960
24,801
65,000
771 date—V. 104, p. 1590.
Int., taxes, Ac., accrued .
801,027 400,528
6,683
Reserves.....................
Canadian Northern Railway System.—Report of Special
___
■ 7,575
21,609
7
Open accounts, Ac----100.519
2.726 Commission.— Tho Special Commission, composed of Ed­
Surplus........... .......... . 1.133.419 1.075.549 594.958
20,083,606
11,754,736
5,931.542
40.887
Total.....................
nTncludestn 19 16 S19.013,074 stocks and $1,087,500 bonds.—V. 101, p. 1149, 956. ward E. Loomis, Pros. Lehigh Valloy Iili. Co., and John VV.




Platten, Pres. U. S. Mtge. &jTrust C o., assisted by Coverdale & Colpitts, of Now York, consulting engineers, made its
report to the directors on March 26, following a general in­
spection of the property. The report, which forms a volume
of 44 pages, with maps, finds the enterprise “ as a whole
sound,” with traffic resources likely to “ dovelop rapidly
under normal immigration and labor conditions.”
Tlio total mileage completed as at June 30 1016 (owned) was 0,455 miles;
trackage rights, 58 miles; total, 0,613 miles. Mileage under construction
June 30: Eastern lines. 132 miles: Prairie linos, 510 miles: 1 acifie lines,
306 miles; total, 048 miles. Grand total when completed, 1 0 ,4 0 3 miles.
Capital liabilities (exclusive o f com m on stock) ou tsta n d m g per nine or
line on the 9,455 mdos of owned and completed lino Juno 30 lJlb, ana
including cost of power and equipment, was as follows:
B onds. E g .N o te s. O th.I.iab.
Total. Inf r'P,.el3; St\ Z°aa'>
Fer mile of road---$28,050 §1,783 §11,510 $41,349 $2,644 $43,993
The commission favors an oxtonslvo program of oxponditureslooking to
the proper development of the company s resources. lor a maximum fiveyear period the new cash requirement, after allowing for $13,000,000 cash
assets, would bo $86,000,000, and for »
J?CJ <A atY r
deducting $9,000,000 cash assets, $5 4 ,0 0 0 ,0 0 0 . Tho items included for the
shorter period aro: Power and equipment, $30,000,000 (In 5 years $o0,000.000); general shops, $2,000,000; Niagara frontier line and car ferry,
7 000,000; terminals at Montreal, Vancouver, Ac., $5,000,000 (in 5 years
8 000 000V extensions and branches mainly already under construction
in British Cofumbla and Prairie Provinces. $8,000,000 (in 5 years $16.­
000 000); miscoll. improvements, $8,000,000 (in 5 years $11,000,000);
working capital, $5,000,000.

J

Estim ated Over Estim ated
C ross
IK a - Cpcrntino
R erenue. I tio. E xpen ses.

1 7 01

THE CHRONICLE

A pr . 28 1917.]

Estim ated
N et
In c o m e .

Estimated E st. Profit & L o ss.
Interest
Charges.
D efic it.
S urp lus.

Cincinnati Hamilton & Dayton Ry.—

S a le o f C o lla te r a l

— F o r e c l o s u r e S a l e . — The Central Trust Co. on April 25 sold
at public auction to the Baltimore & Ohio R R . for $9,100,000
(through Adrian II. Muller & Sons, N . Y . City) the $13,­
000,000 of this company’s 1st & Ref. Mtge. 4 % bonds which
were pledged to secure the issue of Purchase Money Coll.
Trust 4 % notes, due July 1 1913.
The property, covered by the $1,200,000 Cincinnati Dayton A Chicago
1st M. bonds of 1892, is advertisod to be sold at public auction on June 7
as an entirety or in three parcels, free and clear of all liens and claims, but
subject to all taxes, assessments and other charges that are a lien on said
property. Upset price for property as a whole, 8275,000, or in parcels as
described in the advertisement which appeared in N. Y. daily papers on
April 26 last for S175.000 and $100,000, respectively; the latter parcel is
not embraced in the plan.
The property, which is covered by the consolidated decree, including
the hirst & Bcf. Mtge., the General Mtge. and the Cincinnati Dayton &
Ironton 1st Mtge., will be offered for sale on June 8 as an entirety and in
two parcels. Upset price for property as a whole, $4,725,020, or parcel
one (main line), $3,500,000, and parcel two (Ironton branch), $1,225,000,
which is again divided into two parcels with an upset price of $65,000 for
that part not embraced in tho plan and $1,160,000 for tho remainder.
—V. 104, p. 1263.

Cincinnati Street Railway.—

D i v i s i o n o f P r o f i t s .—

In third line of paragraph “ (c)” in statement published last week, read
“ Cincinnati Street Iiy.” in placoof Cincin. Itapid Transit.—Y. 104, p. 1591.

Cities Service Co.—

C o n tr o lle d C o . B o n d s S o ld .—

See Empire Refining Co. under “ Industrials” below.—V. 104, p. 1489j
1387, 1382.

Cleveland & Mahoning Valley Ry.—

N e w L e a s e .—

The stockholders on Feb. 23 1917 approved the proposed now loose to tho
Nypano RR. (a subsidiary of the Erie RR. Co.) “for the full term of 999
years
from the date hereof (March 9 1917), and thereafter so far as the
S
$
$
$
S
$
I%
Alahoning Company legally may demise tho same by lease, for and during
1917.. 41,000.000 7.5 30, 50,000 10.250.000 12.077.000 1.827.000
the corporate existence thereafter of tho Mahoning Company, and all ex­
12.108.000
12.350.000
35.150.000
47,500,000
74
1918
242",666 tensions and renewals thereof.”—V. 104, p. 1489.
1919.. 54,000,000 73 39.420.000 14.580.000 15.244.000 664,566
1920.. 60,500,000 72 43.500.000 16.910.000 17.942.000 1.002.000
Cleveland Southwestern & Columbus Ry.—
19.317.000
19.430.000
113,000
1921..
67.000.000 17.570.000
71
The Ohio P.U. Commission has authorized the company to issue$201,836
1.923.000 First Consolidated Mtge. 20-year 5% bonds. The proceeds to bo used
1922..173.500.000 70 51.450.000 22.050.000 20.127.000
4.515.000 to reimburse tho treasury.—V. 104, p. 1044.
1923.J80,000.000 69 55.200.000 24.800.000 20.285.000
Total unoarned interest for which capital should be provided, $3,138,000.
Colorado Midland Ry.— S o ld . — This company’s property
Conclusions of Commission.
was sold at public auction at Colorado Springs on April 21
Our conclusions aro, briefly, as follows:
.
under foreclosure of tho 1st M tge., securing $9,532,000 out­
1. The Canadian Northern By. project, as a whole, is sound.
2. The traffic resources of its tributary territory should develop rapidly standing 4 % bonds. The purchaser was A. E. Carlton and
under normal immigration and labor conditions.
3. Its general topographic features aro favorable for economic operation; associates, of Colorado Springs, for $1,425,000, the upset
its character is modorn, and therefore such large expenditures for erado price being $500,000. The Denver “ News” of Apr. 22, says:
and alignment revision as liavo marked the progress of older lines will not
joining of Denver and Salt Hake City with the rich copper fields of
be required; its operating capacity is greatly in excess of its existing traffic; theThe
Watson and Vernal regions in Utah is contemplated by Mr. Carlton and
its physical property, generally speaking, is in good condition; but it is his associates.
Plans so far indicated provide for the building of two links
incomplete as to certain important features, and future annual expenditures in the system that
will connect tho Colorado and Utah capitals, while two
for maintenance should exceed those made to date.
other
links
necessary
to tho chain already are owned or controlled by the
4 (a) The capital now invested in the property appears to have been Colorado Springs group
headed by Mr. Carlton.
secured economically, and oxpendod wisoly. In our judgment, the railroad
The new owneis propose, it is understood, to use the South Platte branch
could not bo duplicated for anything like its cost.
of
tho
Colorado
&
Southern
By. from Denver to Bath, Lake County (128
(b )
its fixed capital liabilities cover all of its 9,513 miles of line ownedmiles], thence to Grand Junction
tho Midland will be used. From Grand
or operated with exception of but 58 miles of trackage, and may lie sum­ Junction
to Fruita, Colo., the company will acquiro for the Midland the
marized as follows:
interurban
system
(Grand
River
Valley
Ry.—which see below-—operating
Ponds and equipment notes outstanding.............................. $282,127,431 21 miles of track), now plying between those
towns and, incidentally, con­
Short date notes, loans, Ac.. outstanding.............................. 102,080,252 trolled
by Mr. Carlton and associates. A stretch of nine miles from Fruita
to
Mack,
Utah,
must
be
built
up
to
connect
with the Uintah By. at the
Total as abovo... .......... - ................................. .............. $384,207,683 Utah city. The Uintah road (extending from Mack,
Colo., on the D. A R.
N o te .—Income charge convertible debenture stock and common stock
G. RR. to Watson, Ac., 68H miles) is said to be controlled or owned
aro not included.
outright by tho Carlton group. The now owners have an option on tne
5. Outstanding short date notes, temporary loans, &e., which must be road from Watson, north to Vernal, Utah, tho heart of the copper dis­
funded, amount to $86,202,085, against treasury assets of $103,238,796.
trict, and from Vernal to Salt Lake City it will bo necessary to construct a
6. As tho maximum program herein submitted covers tlio minimum pro­ new road.
gram and such further expenditure as, in our judgment, will bo required
Mr. Carlton is President of the Ciesson Gold Mining Co. and one of the
over the two-year period supplemental thereto, wo estimate tho system’s net largest stockholders in the Golden Cycle Gold Mining Co.
cash requirements for improvements and betterments, and working capital,
Other bidders for the Colorado Midland RR. were Arthur Herr of Denver.
at $54,000,000 over the three-year portod; and at $86,000,000 over the five- George P. Johnson of Richmond, Va., and New York; Gerald Hughes of
year period.
,
Denver, representing the Central Trust Co. of New York; Edward Grime
7. Wo estimate tho systom s total cash requirement, including 6th above, and M. 8. Rodestsky, junk dealers; and Nathan Rosenblatt of New York.
at $67,000,000 for the threo-year period; and at $101,000,000 for tho fiveCompare reorganization plan recently abandoned in V. 104, p. 1591, 1145.
year period.
,
,
•
8. Wo estimate the fixed capital liabilities of the property at $462,000,000
Eastern Power & Light Corp. — P a y m e n t o f N o t e s .—
exclusive of income charge convertible debenture stock at tho end of tho
We understand that payment of tho $1,500,000 West Virginia Traction
three-year period, which is at tho rato of $46,569 per mile; and at $496,000,­ & Electric Co. 2-yoar collateral note.? maturing on Juno 1 has boon provided
000 at tlio end of the five-year period, which is at the rate of $47,715 per mile. for, but tho details have not beon finally worked out.—V. 104, p. 1145.
9. We estimate that the capital invested in tho property will amount to
$521,000,000 at the end of the throe-year period; and that such capital
Erie Railroad.—N o A c t i o n o n f i i v . — N e w L e a s e V o t e d .—
will amount to $555,000,000 at the end of the five-year period.
The directors at their meeting on Apr. 23 took no action on the resolu­
10. We estimate the system’s gross revenue at $67,741,000 during the tion adopted by the stockholders at tho annual meeting on Apr. 10, recom­
first year, following the completion of the tliree-year program; and at mending that dividends be resumed on the preferred stock.
$80,320,000 during the first year following tho completion of the fivo-year
See Cleveland & Mahoning Valley abovo.—V. 104, p. 1489, 1482, HM4.
program.
•
Gary Hobart & Eastern Traction Co.— S u c c e s s o r .—
11. We estimato tho system’s profit and loss surplus at $329,000 during
tho first year following tne completion of the three-year program; and at
Seo Gary & Hobart Traction Co. below.—V. 104, p. 361.
§4,615,000 during the first year following the completion of the five-year
Gary & Hobart Traction Co. — S u c c e s s o r C o m p a n y .—
program. Comparo map, pago 19 of “ Railway A Industrial Section.”—
This company was incorporated in Indiana with $60,000 capital stock
V. 104, p. 256, 159, 71.
as successor to the Gary Hobart & Eaitem Traction Co., whoso property
Catskill Mountain Ry.—R e s o ld . —
was sold under foreclosure. Ora L. Wildermuth. President; Adlal T. Ewing,
Tho sale of this road to President E. E. Olcott of tlio Hudson Bivor Day Secretary, Treasurer and General Manager.—V. 104, p. 361.
Lino for $28,000 having boon declared illegal by tho Court of Appeals,
Gary & Interurban RR.— F u r th e r F u n d s .—
tho property was resold on Apr. 23 to Eli Josoph of Now York for $28,300.
—V. 102, p. 1810.
The Court has authorized Receiver Charles D. Davidson to issue not
exceeding
$250,000 receiver’s certificates. To provide for improvements
Central Park North & East River RR., N. Y.—
in Gary and to fund the (about) $50,000 receiver’s certificates already out­
Tills company, whoso property was sold under foreclosure in 1912, and standing. Tho International Trust & Savings Bank of Gary, the First
Is now owned by tho Holt Line Ry. Corp. (Third Avenue Uy. Systom), has National Bank of Hammond, tho Indiana Harbor National Bank and the
as its present receivers Nowton AT. Hudson and George W. Linch. Air. First Trust & Savings Bank of East Chicago, it is said, will furnish $114,000.
Hudson was made receiver on April 24 as successor of the late John Heaver Comparo V. 104, p. 763.
by Justice Krlanger in Special Term of the N. Y. Supremo Court. Tho
organization is maintained to wind up tho affairs of tne company. It is
Grand River Valley Ry., Colorado.—S ta tu s .—
understood that plans are being made to pay a first dividend to bond­
This company mentioned aoove under caption of Colorado Midland RR.
holders. Comparo V. 102, p. 1986.
operates 21 miles of trolley line located in Grand Junction, Colo., and con­
necting that place with Fruita. At last accounts the company had Sl,Chicago Milw. & St. Paul Ry.—S y n d ic a te to C l o s e . —
244,700 capital stock. No bonded debt. Pres. A Gen. Mgr., E. A. SunTho syndicato composed of Kuhn, Loeb & Go. and the National City derlin; V.-Pres., A. E. Carlton, Colorado Springs.
Co., which recently underwrote the $25,000,000 General A Uefunding Mtge.
The company is said to control the Grand Junction Electric, Gas & Mfg.
Series “A” 4 Vi % bonds (V. 104, p. 451), will be closed on Monday, April 30. Co. through ownership of entire $1,250,000 capital stock and all but $3,000
About 60% of the issue was sold, leaving approximately 40% to bo taken of its $250,000 1st M. 5s.
up by tho underwriting syndicate.—'V. 104, p. 1489, 451.
Year.

Chicago & North Western Ry .—

P a y m e n t o f B o n d s .—

Havana Electric Ry., Light & Power Co.—E a r n i n g s .

C a l.Y e a r s — 1916.
1915.
1916.
1915Gross earns..$6,017,708 $5,541,302 Interest....... $1,297,093 $1,115,414
Not, aft. taxes 3,573,823 3,203,796 Pf. divs. (6%) 899,997
899,997
Other income. 144,561
147,875 Com. divs.. (6% )896,904(5>3)822166
Gross income. 3,718,384 3,351.671 Surplus-------- 624,390
514,095
Tho total surplus Dec. 31 1916, after deducting sinking fund, $111,761,
depreciation, $75,000; reserve for bad and doubtful debts, &c., $123,083,
Chicago Rock Island & Pacific Ry.—L i t i g a t i o n . —
The Appellate Division of tho New York Supremo Court on April 20 was $2,024,502.—V. 104, p. 1591.
reversed tne lower courts, which had granted a temporary injunction to
Houghton County (Mich.) Traction Co. —E a r n i n g s .—
Henry I. Clark and other preferred stockholders of the Keokuk & lies
Cal. Year —
1916.
19151916.
1915.
Moines lty. In their action agamst the Bankers Trust Co. Tho trust com­ Gross
earnings...$326,398 $276,661 Pref. divs. (6%). $12,432 $12,432
pany won as trustee of $20,000,000 of 5% debenture bonds of the ltock Net, after
taxes..
139,939
119,124
______ 49,000 ..........
Island Co., which, as a parent cotnapny, failed to pay interest on the bonds Int. charges, A c.. 63,915 66,517 Reserves
Surplus________ 14.592 40,175
of its subsidiary, tho Keokuk & lies Moines Uy.
Tho trust company on Jan. 23 last as a trustee secured a judgment in —V. 102, p . 1436.
tlio United States Gourt of tho Northern District of ill. for tlio principal
Illinois Central RR.—B o n d s .—
and interest of tlio bonds, then aggregating $21,560,513, which judgment
A press report states that this company has applied to tiie Illinois P. S.
remained unsatisfied. Justico Nowburgcr granted tho pendonto lito in­ Commission for authority to issue $6,360,000 4% Refunding bonds and
junction on tlio strength of a temporary injunction granted by Justico $8,200,000 First A Ref. 5s of 1913 jointly with the Chicago St. Louis A
Finch.—V. 104, p. 1489, 1387.
Now Orl. BB. Co.—V. 104. p. 863.

We are informed that the 7% First gold bonds of tlio North Western
Union lty., which mature Juno 1, will lie paid at their maturity on presen­
tation at orfiee of the Chicago & NorthLWestern Uy., ill Broadway. N. Y.
Of the $3,500,000 authorized, $3,098,500 were hold by the public Dec. 31
1916.—V. 104, p. 1263, 1257.




1702

THE CHRONICLE

Indiana Harbor Belt RR.—S a le

o f S to c k . —

[Vol. 104

D ig e s t o f S ta te m e n t b y M r. E llio t t , Issu e d

A p r il 25 1917.

Nearly four years ago tho directors asked me to come to New England
and help adjust a very complicated transportation situation.
Jacksonville (Fla.) Traction Co.—E a r n i n g s .—
The obstacloj that developed shortly after I came wero unusual and
unforeseen. The attitude of tho Federal Govern