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The
ommerrtH
V O L . 104
A P R I L 7 1917
N O . 2702
Published every Saturday morning by W ILLIA M B . D AN A COM PAN Y;
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold Q . D a n a ,
Vice-Presidents; Arnold O. Dana, Sec. Addresses of all. Office of the Company.
CLEARINGS— FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 31
Clearings at—
Three Months.
March.
1917.
1916.
New York_____ .
14,229,127,260
Philadelphia_______
1,467,016,516
Pittsburgh
351,712,738
Baltimore.
183,185,480
B uffalo...
_ _
73,191,274
Washington................
43,578,810
Albany______
20,997,416
Rochester . . .
29.554.127
Scranton____
14,183,618
16,167,601
Syracuse___
Heading____
11,339,101
Wilmington..
14,659,152
8,263,834
WUkos-Barro.
Wheeling_________
15,459,030
Lancaster...................
10,685,064
Trenton....... ............ ..
12,043,151
Harrisburg_________
9,550,737
York.............................
5,290,511
Erie ............................
7,118,447
Binghamton_______
3,855,509
Greens burg_________
3,783,222
Chester____________
5,999,032
Altoona____________
2,800,674
Franklin....................
1,962,153
Frederick....................
1,862,252
Beaver County, Pa.
2,904,443
Norristown________
2,401,989
Montclair..................
2,049,497
Oranges.......................
4,107,186
Hagerstown................
2,638,548
Total M lddlo____ 16,6579308,099
Boston..............
971,569,587
Providence ..................
43,659,400
Hartford___
39,579,821
New Haven..
21,770,434
Springfield...
19,741,035
Portland___
11,589,487
Worcester__
15,501,456
Fall R iv er...
7,087,012
New Bedford
6,695,117
Holyoke.........
3,096,165
Lowell...........
4,290,926
Bangor______
2,705,454
9,151,600
Waterbury . .
2,048,358
Stamford____
Total New England 0 5 9 ,1 0 0 ,8 4 9
Chicago......................... 2,217,919,419
174,121,782
Cincinnati___________
206,760,578
Cleveland ....................
230,788,659
Detroit...........
109,702,873
Milwaukee . .
55.666,107
Indianapolis .
44,430,500
Columbus___
46,405,606
Toledo______
24,018,519
Peoria...........
19,524,883
Grand Rapids
10,660,018
D ayton .........
8,207,288
Evansville___________
8,963,558
Springfield, 111...........
8,229,630
Fort Wayne.............. 4,064,999
Lexington__________
14,503,774
Youngstown.........—
7,189,010
Rockford___
7,090,826
Bloomington
0,034,905
Quincy.........
27.495.000
Akron______
Canton.........
14,618,103
Decatur______
4,301,093
Springfield, Ohio-----5,054,276
South Bend____
4.436.304
Mansfield_____
4,085,420
2,887,531
Danville________
4,660,440
Jackson ..............
1,976,319
Jacksonville, 111
4.628.551
Lansing________
3,438,313
L im a ..................
2.934.551
Owensboro____
G ary.................
3,103,210
Flint.....................
0,423,427
Lorain_________
703,453
Ann Arbor_____
1.594.305
Adrian_________
510,695
New Albany___
573,776
Paducah........... .
0,284,411
Hamilton---------2,111,444
Aurora.................
3,290,032
Total Mlddlo West. 3,375,052,417
Kansas City......... ..
651,778,896
371,611,582
Minneapolis................
126,503,475
112,224,511
Omaha....................—
164,058,018
114,298,714
St. Paul........................
03,008,379
64,401,388
Denver..........................
65,740,506
48,579,174
St. Joseph----------------70,022,320
47,107,633
Dos Moines_________
48,114,139
36,695,524
Sioux City___________
28,989,150
21,913,500
Wichita........................
23,274,190
19,739,989
Lincoln ........................
20,293,761
14,231,966
Davenport....................
12.913,780
9,834,756
Topeka........................
10,958,555
7,681,509
Cedar Rapids----------14,544,731
10,521,886
Colorado Springs-----3,510,163
3,847,174
2,774,309
Pueblo...........................
1,923,382
7,138,538
Fargo.............................
8,305,170
7,770,256
Sioux Falls__________
7,096,484
Duluth..........................
19,840,238
17,266,234
Waterloo......................
10,384,685
12,481,546
7,145,020
Helena...........................
5,242,813
3,324,222
Fremont......................
2,306,021
Hastings......... ............
2.612.000
1.329,271
Billings........................
3,957,912
2,502,891
Aberdeen......................
3,097,724
3,283,808
Joplin............................
8,112,580
6,980,964
Grand Forks................
4.307.000
2.255.000
Lawrenco____________
1,149,206
956,154
Iowa City....................
2,110,568
2,486,311
Oshkosh........................
2,141,840
1,081,616
Springfield, M o .........
4,310,191
5.930.127
Kansas City, K a n ...
1,538,208
1,010,817
Lewis to w n ..................
1.829.000
2.852.000
Total Other W e st..
966.018,630
.307,011,883
Details of Pacific and Southern on page 1361.
Total Pacific...........
633,046,291
841,134,870
Total Southorn____ 1,553,257,106
Total .a l l .................. 24,794,605,314
™- _ Outsldo Now Y o r k .'lO.SOS,538,054
3,40(L87o!460
+ 00.9
8,097,363,125
4,695,007,302
413,137,500
486,102,341
401,713,978
242.349,948
126,409,556
100,592,700
105,660,576
48,968,746
60,636,127
36,884,202
23,801,340
18.329.445
17,481,082
12,377,288
25,548,857
14,246,204
11,641,916
13,289,125
39.268.000
30,002,002
8,348,993
12.800.494
9.836,596
8,101,835
7,645,472
9,395,331
4,198,448
11.172.445
8.527.715
5,327,559
6,496,687
11,114,315
1,339,857
3,911,516
949,448
1,540,908
11,247,137
4,431,704
7 ,075,118
7,105,970,669
1,600,862,487
1,046,772,001
336,883,583
348,162,149
430,262.158
298,033,715
170,080,488
190,770,844
180,372,424
136,278,122
1 23 ,8 6 4 ,091',
193,119,288
83,876,592
108,726,401
64,790,920
74,986,183
72,835,711
67,608,832
48,100,763
38,374,630
32,256,102
25,945,031
31,994,494
21,414,854
23,804,158
31,438,169
9,856,679
11,211,985
5,907,359
7,689,038
22,868,207
19,022,383
17,370,828
19,337,054
57,802,706
57,704,364
30,255,752
27,050,323
21,925.722’ '
14,658,226
8,787,366
6,109,790
3,617,520
0,286,301
7,044,214
11,046,291
9,808,223
8,730,791
18.891.495
22,303,857
6.155.000
12,338,000
2.883.715
3,679,050
5,026,983
4,491,540
0,027,084
4,813,163
11,558,567
17,447,085
4,453,508
6,721,363
_
7,399.265
5,2653537
3.00279317723 .. 2,680,945^07
2,376,402,912
4,520,568,388
72,066,944,046
29,910,363,927
Clearings byTelegraph and Canadian Clearingson page 1360
1318
TH E F IN A N C IA L
THE CHRONICLE
S IT U A T IO N .
Now that the country has been definitely commit
ted by its national representatives at Washington
to war with Germany, the question of the financial
measures to be taken to prosecute the war to a
successful conclusion necessarily assumes command
ing importance. It may safely be asserted that no
country ever engaged in war better equipped finan
cially than is the United States to-day. Whether
we have regard to the country’s gold holdings, its
banking resources, its investment capacity, or its
accumulated capital and wealth, everywhere there is
plenitude and abundance. The national purse is
plethoric, and whatever the financial requirements,
no matter how huge the drain upon our resources,
we are fully and adequately prepared to deal with
every conceivable contingency.
Whatever fate may have in store for the country
in the venture upon which it has thus embarked and
which it had been our hope could be avoided, the
United States enters the strife not with waning
strength, but as a veritable financial colossus.
Fortunate indeed, in that respect, is the cause and the
side on which we have enlisted. It is a mere truism,
nevertheless, that we cannot afford to be prodigal
or wasteful of our strength. Whatever demands the
war may make upon us there will be none too much
left for the tasks we will be called upon to perform in
aiding in the restoration of the devastated countries
of the old world after the war. And that we con
ceive to be our highest and noblest function. These
stricken countries of the old world will be unable to
help themselves. Where therefore will they look for
the financial assistance essential to their reconstruc
tion if we are unable to assist them in the full measure
of their needs. To the extent that we cripple our
selves now, we will be unable to contribute to their
rehabilitation upon the conclusion of peace. And
though our strength may be colossal, the task before
us is even more colossal. If we possessed twenty
times what we have, it would in all probability fall
short of the needs.
This brings us to the other side of the picture.
On the eve of the conflict, though our financial con
dition is unexcelled and unsurpassed, on the other
hand, from an economic standpoint we could hardly
enter the fray at a more unfortunate period. Wheat
is selling here at $2 47 a bushel, while even at Chi
cago the May option for wheat has passed the $2 mark,
an absolutely unprecedented figure, and on Thurs
day touched $2 07. Cash corn in this market com
mands SI 41 a bushel and the May option in Chi
cago has risen to $1 27 ^ . It is the same in other
departments of activity. Look at the situation in
the iron and steel trades. Steel billets are quoted at
$70 a ton, as against only $19 a ton in January 1915.
The appreciation in value has been fourfold. Other
things have risen in proportion or in even greater
degree. Woe to him who has to pay these prices
and woe to him who may be left with material on
his hands purchased at these fabulous figures, when
hands are clasped across the bloody chasm with the
conclusion of peace and the return of normal conditions.
The truth is, the whole world, belligerents *as
well as neutrals, is on the verge of economic ex
haustion. The financial strength of the belligerents
may not yet be entirely gone, but that also is fast
ebbing away. Let no one deceive himself on that
point. We are now throwing our'resourcesTnto^the
[Vol . 104.
balance and they are prodigious, but after all they
are a mere tithe, as compared with the havoc that
has been wrought, repairing of which is a task
at which even the angels must hesitate.
We say the whole world is on the verge of economic
exhaustion, and this is distinct from financial ex
haustion. Here the entrance of the United States
into the world conflict bodes no good, though which
group of belligerents is to be benefited thereby no
one is wise enough to know. Evidences of economic
exhaustion first began to become prominent last
Autumn and have latterly been becoming daily
more alarming. This week cable dispatches from
London have told us that Lord Devonport, the
British Food Controller, has ordered that be
ginning April 15 in hotels, restaurants, boarding
houses and clubs there shall be one meatless day
weekly. He has also ordered that no potatoes, or
food containing potatoes, shall be allowed except
on meatless days and on Fridays. In other words,
the people of Great Britain can have potatoes on
only two days a week. This Food Controller has
also ordered restrictions in the use of food in other
directions, and particularly in the case of sugar.
The Germans may flatter themselves that this is
the work of their submarine warfare, and no doubt
this warfare has served to aggravate the situation in
that respect. But the cause lies much deeper. In
dications of economic exhaustion are in evidence
everywhere; fast rising prices and scarcity of supplies
are a token of it. The whole world is facing starva
tion. If we ask why, the explanation is simple; for
nearly three years millions upon millions of men
have been withdrawn from reproductive enterprise.
They have produced neither food nor clothing nor
anything else. On the other hand, they have been
consuming in the usual way, but in an intensified
degree, for, paradoxical though it may seem, their
strength has had to be maintained so that they could
kill each other off. Because of this, fields have gone
untilled and the harvests that should have been
gathered have never been raised. An inevitable
dearth of foodstuffs has followed. The women-folks
at home have been used in the vacant places of the
men, but in the main they have been engaged, not in
producing food, but in making ammunition and
supplies for death-dealing machines.
Nature, too, has been unkindly in not a few coun
tries, as if in displeasure at the sickly spectacle which
her children have been presenting to a horror-stricken
world. The Argentine Republic, whose surplus
grain supplies each year the consuming world has
long come to rely upon, has just placed an embargo
on the exportation of wheat and flour. The situa
tion of that country is like that of the United
States: in order to meet the insatiable demands of
Europe, with its soil steeped in blood and producing
nothing, she has stripped herself—at good prices, of
course—of all her accumulated stocks, and now, with
the growing crop being devoured by locusts, she is
confronted with the possibility of not having enough
wheat to supply home needs.
Now comes the United States to battle for the ideals
of democracy, but by recourse to Prussian methods.
More men are to be withdrawn from reproductive
enterprise in a labor field already ill supplied with
men. A couple of million of the flower of mankind
are to be withdrawn for the creation of a trained army.
Then several millions more will be needed to equip
these and keep them supplied, or in making guns and
A pb . 7 1917.]
THE CHRONICLE
shells and munitions, and what [not. If, w ithThe
blessing of Providence, we should be showered with
bounteous harvests, we would find it difficult to
provide the farm labor to garner them, for we have
set the wage earners at other tasks. § At these olher
tasks we are seducing them with such lucrative wages
that they scorn the agricultural field. But Provi
dence is not bestowing its blessings on a benighted
world bent only on destroying human life and all
the sacred things in life.
Accounts regarding the winter-wheat crop in this
country at the moment are extremely discouraging
— indeed, are alarming. The reports are doubtless
exaggerated, as such reports usually are, but at
best we cannot count on raising more than an
average crop, while the need, in view of the world
shortage of food, is for a very large crop. Having
entered the war, we find it necessary at the out
set to make provision for the raising of several
billions of money. The possible shortage of food sup
plies is lost sight of for the moment. Yet, if meas
ures are not speedily taken to conserve our agricul
tural productions, it is quite possible that twelve
months hence we may find ourselves obliged to issue
bread cards like the unfortunate countries of Europe.
We repeat that the world faces economic exhaus
tion and famine. The Russian revolution is more a
protest against starvation than against Czardom and
autocracy. A starving man cares nothing for forms
of government and is no respecter of them. With the
whole world confronted by economic exhaustion, it
seems incredible that the war can last much longer.
In that sense the entrance of the United States into
the arena, by intensifying the conditions that arc re
sponsible for the fast-developing economic exhaustion,
will certainly tend to shorten the conflict, but whether
it will benefit the side we are seeking to aid, or will the
sooner throttle it— that remains for the future to tell.
Bank clearings for March, in line with the monthly
exhibits for some considerable time past, reflecting
extreme activity in our mercantile and industrial
affairs and a continued heavy trade on foreign ac
count, make a very gratifying showing. The ag
gregate of clearings for the United States as a whole,
in fact, is not only a high mark for the period cov
ered, but the total outside of New York is the largest
of any month in our record, exceeding that for
January by a little more than $50,000,000. Every
section of the country, moreover, if not every
individual city, is being largely benefited by the
prevailing activity in business, not even excepting
the South, where latterly the movement of cotton
has been upon a more restricted scale than in either
1916 or 1915. But the smaller movement has been
more than compensated for by the much higher
prices secured. Of the 176 cities from which we
have returns, only 17 fail to record some gain over
a year ago and quite generally the losses are small
and due to locally operating causes, the noticeably
large decline at Macon, for instance, finding explana
tion in the abandonment by the clearing house there
of the country clearings department. On the other
hand, there are many conspicuously large percentages
of increase which follow great gains in the preceding
year. In this category we mention such leading
centres of trade as Philadelphia, Pittsburgh, Chi
cago, Detroit, Cleveland, Milwaukee, Indianapolis,
San Francisco, Seattle, Los Angeles, Salt Lake
City, Kansas City, Omaga, Denver, St. Louis,
New Orleans,v;, Richmond, Atlanta, Dallas, Fort
1319
Worth and ^Memphis. These ^with^l28 other munici
palities have set new high records for March, while
36 cities present totals exceeding any former month
in their history.
This year’s aggregate of clearings for March
reaches $24,794,665,314 which compares with $20,
744,243,671 in 1916, showing, therefore, an ex
pansion of 19.5%, and contrasted with 1915 the
gain is much heavier— 79.1% . For the first quarter
of 1917 the total at $72,066,944,046 is 21.8% ahead
of a year ago and 83.6% more than that of 1915.
At New York the increases over 1916 are 13.4%
and 17.2% respectively for the month and three
months, while comparison with 1915 reveals per
centages of 88.1% and 97.6% . Outside of this
city the outcome for March of 1917 is also a new
record, the augmentation over 1916 being 28.9%
and over two years ago 68.2% . The quarter’s
aggregate, furthermore, is 29.0% greater than that
for 1916 and 67.0% in excess of 1915. Analyzing by
groups the figures for the period since Jan. 1 we
find them in all sections to be much heavier than in
1916. The middle division, exclusive of New York,
exhibits an increase of 28.7% , with Philadelphia,
Pittsburgh and Buffalo important contributors to
that result. New England’s gain of 11.7% finds
explanation largely at Boston, Hartford£and New
Haven and that of 31.7% in the Middle West at
Chicago, Detroit, Cleveland, Milwaukee and In
dianapolis. San Francisco, Los Angeles, Seattle and
Salt Lake City are conspicuous in making possible
the growth of 38.0% on the Pacific, as are St. Louis,
New Orleans, Richmond, Atlanta and Dallas in the
30.6% augmentation the South exhibits. Finally in
the other Western group where 34.4% marks cur
rent year’s advance, Kansas City, Omaha, Denver,
St. Joseph and Topeka stand out very prominently.
Transactions on the New York Stock Exchange
during March 1917 at 18,658,267 shares were of
greater magnitude than for the corresponding
period of any year since 1907, and compare with
15,197,585 shares in 1916 and 7,862,308 shares
in 1915. The general course of values in the stock
market in March was upward, although there was
some irregularity, with both industrial and railroad
issues sharing in the advance. The sales for the
three months of 1917 at 49,186,172 shares were
much the heaviest since 1910, and contrast with
43,280,734 a year ago and but 17,321,967 shares
in 1915. Activity in bonds is also to be noted,- with
the Anglo-French and United Kingdom issues con
tinuing to be, as in previous months, prominent in
the trading. The dealings in all classes totaled
75 1-3 million dollars par value, against 81% millions,
and for the quarter the transactions were 276 mil
lions against 285 millions a year ago. Sales at Bos
ton for the month reached 639,891 shares and
$1,048,000 bonds, comparing with 1,262,770 shares
and $1,493,400 bonds in 1916 and for the three
months, the results were 1,958,569 shares and $3,
979,700 bonds, against 3,535,490 shares and $3,
693,400 respectively.
Continuation of the improvement in the business
situation in Canada, heretofore noted, is indicted
by the returns of clearings for this latest month, a
very satisfactory gain over 1916 being exhibited
and an even greater increase over 1915. Alto
gether we have reports from 23 cities for March
(21 recording gains) and in the aggregate the aug
mentation compared with last year is 28.1%^and
1330
THE CHRONICLE
with two years ago 61.1% . For the three months
the gain over 1916 reaches 22.2% with the most
notable increases at Montreal, Toronto, Hamilton
and St. John in the East, and Calgary, Regina,
Saskatoon and Medicine Hat at the West.
The week has witnessed the formal steps necessary
to bring about the existence of a state of war between
our own and the Imperial German Government.
Similar action has not been taken thus far against
the other members of the Central European Alliance
including Austria-Hungary, Bulgaria and Turkey.
The first step after the declaration by our Govern
ment was the seizure of the German steamers that
have been interned at American ports during the
period of the war. A total of 27 of these vessels is at
the Port of New York. Their officers and crews
displayed no opposition and were transferred to
Ellis Island where they will be under surveillance.
It is expected that an inspection of the machinery
and even the hulls of the steamers will indicate that
substantial damage has been done in order to render
them valueless as army transports or as merchant
carriers to their captors. In all about 500,000 tons
were represented by the German vessels taken
over at various United States ports. Technically
the steamers have not been seized, having been taken
over for their own protection until their status is
finally decided. Their officers, being members of
the German Naval Reserve, are prisoners of war.
The status of the crews has not yet been determined.
According to program the new Congress mot in
extraordinary session on Monday. Work of or
ganization proceeded so smoothly that by 8 o’clock
in the evening President Wilson began his longawaited speech asking a declaration by Congress
that a state of war existed and urging that the coun
try be put in a thorough state of defense and that
the Government exert all its powers and employ all
its resources to carry on war against the German
Imperial Government to bring the onflict to a suc
cessful termination. The President’s speech which
we print in full on a subsequent page began with a
straightforward and convincing recital of the Ger
man offences that left no other course than to com
pel a declaration of war. Such a war Mr. Wilson
said would involve the granting of adequate credits
to the Government “ sustained I hope so far as they
can equitably be sustained by the present genera
tion, by well conceived taxation.” War, the Presi
dent said, “ will involve the utmost practicable co
operation in counsel and action with the Govern
ments now at war with Germany, and, as incident
to that, the extension to those Governments of the
most liberal financial credits, in order that our re
sources may, so far as possible, be added to theirs.
It will involve the organization and mobilization
of all the material resources of the country to sup
ply the materials of war. and serve the incidental
needs of the nation in the most abundant and yet
the most economical and efficient way possible.
It will involve the immediate full equipment of the
navy in all respects, but particularly in supplying
it with the best means of dealing with the enemy’s
submarines. It will involve the immediate addition
to the armed forces of the United States already
provided for by law in case of war, at least 500,000
men, who should, in my opinion, be chosen upon the
principle of universal liability to service, and also the
[Vol. 104.
authorization of subsequent additional increments
of equal force so soon as they may be needed and
can be handled in training.”
The President declared that we have no quarrel
with the German people, “ we have no feeling toward
them but one of sympathy and friendship. It is
not upon their impulse that their Government acted
on entering this war. It was not with their previous
knowledge and approval.” President Wilson issued
yesterday afternoon a formal proclamation to the
American people announcing formally the existence
of a state of war and presenting regulations which
“ enemy aliens” in this country must observe.
The effect of the President’s speech on the market
for securities was on the whole somewhat depressing.
The suggestion that expenditures should in great
measure be provided from taxation was seemingly out
of line with the view that war should be consid
ered a stimulative influence on the general Stock Ex
change price level. This latter view has been enter
tained very freely, the argument being that the war
industrials could be expected to continue their large
profits, since our own national demands could be
counted upon to replace any culmination of foreign
orders for war materials. Taxation of the character
suggested by the President, however, was accepted
as meaning increases in the excess profit tax, large
increases in income taxation and the imposition of
special and stamp taxes such as were placed in opera
tion at the outbreak of the Spanish American war in
1898. Obviously, if the Government is determined
to prevent large profits on war orders, the attractive
ness of war industrial securities must necessarily
diminish. Hence it is not strange that the week
with its momentous developments has not been ac
companied by enthusiasm in Stock Exchange cir
cles.
The resolution declaring war was passed by the
Senate late on Wednesday night by a vote of 82 to 6.
The text of this resolution is given on a subsequent
page. The resolution then went to the House, where
debate was begun on Thursday at 10 a. m. The
House remained in session until 3 o ’clock Friday morn
ing, the vote as announced being 373 to 50, in favor
of the resolution.
Congress was asked on Thursday by the Adminis
tration to provide $3,402,518,630 at once for financ
ing the war for one year. Estimates to this amount
were submitted to the House of Representatives by
Secretary M cAdoo. No decision yet has been
reached as to the volume or the rate of the first issue
of bonds. Of the total appropriations asked,
$2,982,587,933 is for the army, $175,855,762 is de
signed to increase the authorized strength of the
navy to 150,000 men and the marine crops to 30,000
men, $292,538,790 is needed for other necessary
expenditures of the naval establishment and $600,000
for the coast guard, so that it may perfect and bring
to a high state of efficiency its telephone system of
coastal communication. These huge figures cer
tainly afford some indication of what a war with
what is undoubtedly the strongest military power in
the world is likely to cost. The totals mentioned are
calculated to cover the expenditures for a single
year only.
Advices from Berlin indicate a calm reception of
President Wilson’s message. Dispatches received
A pr . 7 1917.]
THE CHRONICLE
by way of London assert that there will be no change
in the German attitude and that Germany will not
declare war nor take any step to wage war against
the United States. The submarine war, these dis
patches say, will be continued on the same lines as it
has been conducted since Feb. 1, but German officials
declare that this is not directed more toward the
United States than any other neutral.
These
advices also say that there will be no change in the
treatment of American citizens in Germany, who have
now the same freedom as those of all other nations.
Not unnaturally, the entrance of our own country
into the struggle has been hailed with many marks
of enthusiasm by the various members of the Entente.
A great national demonstration to mark our entry
into the war was proposed on Wednesday to the
French Government. It was suggested that this
demonstration should be of a popular character in
order that the French people might participate in it.
Our Ambassador at Vienna, M r. Penfield, left for
home yesterday under instructions from our State
Department. Some reports have received circula
tion that the Ambassador is bringing a plan for peace,
but the most natural view seems to be that as our
own Government has not deemed it wise in the pres
ent strained circumstance to recognize the new Aus
trian Ambassador, who already has arrived in Wash
ington, it is not quite fair that our own Ambas
sador should remain at the Austrian capital. R e
ports suggest that both China and Brazil may be ex
pected to participate in the war in a practical way in
the near future. Cuba, it is reported, has definitely
decided on war and has already seized three or more
German steamers interned in Cuban ports. Great
Britain also is bringing pressure to bear upon the
Argentine. It is stated that the coal shipments to
the latter will be refused because of the Argentine’s
embargo upon grain exports.
1321
sians in this region to prevent them crossing the
Diala River northwest of Khanikan. Petrograd
reports that on the eastern front the Russians have
reached the right bank of the middle Stokhod River
on the left bank of which the Germans defeated
them in a sanguinary encounter on Wednesday.
Petrograd admits that of two regiments of the Fifth
Russian Rifle Division only a small number of the
men were able to cross the river. Heavy fighting has
taken place between the Austro-Germans and the
Russians in Northern Galicia. In six attacks the
Russian lines were twice invaded, but the Russians
in counterattacks dislodged the Austro-Germans
and recaptured the position.
The official report of the British Admiralty on the
sinkings of five weeks ending April 1 show 80 vessels
over 1,000 tons, 41 under 1,600 and 43 smaller ves
sels. For the week ending April 1 British merchant
vessels sunk by mines or submarines, 1,600 tons or
over, numbered 18, including two sunk the previous
week; those under 1,600 tons numbered 13. The
number unsuccessfully attacked by submarines was
17. Arrivals during the week including vessels
of all nationalities of over 100 tons at British ports
numbered 2,281 and the sailings numbered 2,399.
The American steamship Aztec, first armed merchant
vessel to sail from a port on this side of the Atlantic,
was sunk Sunday night April 1 near Brest, France,
either by a German submarine or a mine.
The reduction by the Bank of England of its
minimum rate of discount to 5% from
may be
regarded as a response of financial London to the new
situation resulting from the entrance of the United
States into the war. London correspondents cable
that heretofore the maintenance of the higher rate
had been considered necessary in view of the large
amounts of American funds on deposit in London
and the important balances that London owes to
New York. It was believed that high rates had to
be quoted to retain these American balances. The
official rate merely follows the trend of the general
market, private bank rates already having declined.
London expects that America’s part in the war will
take the form of credits to support the exchange
position and thus largely obviate the requisition of
securities, which, in turn, it is argued, may release
such securities for Stock Exchange dealings. An im
portant commission is soon to leave England for New
York to confer with bankers here as well as to look
into the question of general co-operation among the
Entente Powers as enlarged by the entrance of the
United States. It is assumed that the conferences
will deal in large measure with the question of liberal
financial credits.
Military operations are showing increased activ
ity. Further progress of a substantial character
is reported by the British and French Foreign Offices
on the western front, although the German resistance
is becoming stronger. In an engagement with'the
French northwest of Rheims picked forces of Ger
mans attacked Thursday on a front of about a mile
and a half between Sapigneul and the Godat farm.
The accounts of the result are conflicting. The Paris
War Office admits that the Germans occupied por
tions of the French first line trenches, but claims that
the attack failed completely over the greater part
of the front, and that the French troops reoccupied
almost immediately the captured positions and that
counterattacks for the recapture of elements still
held by the Germans are in progress. The Germans
described the action as a sanguinary reverse for Gen
eral Nivelle’s troops in this region and claim that
The London Stock Exchange closed on Thursday
800 prisoners were taken. In the region of St. Quen
tin heavy artillery duels are in progress between the for the Easter holidays and will not reopen for busi
French and Germans. On their part of the line ness until Tuesday next. The holiday period will
the British have captured the villages of Basse- prevent the immediate further offering of new
Boulognc and Ronssoy, near Peronne.
Here Treasury bills, though it is expected that additional
the Germans suffered heavy casualties by being sales soon will be made. The official report of the
caught in their own wire entanglements and were £50,000,000, tenders for which were filed on Friday
raked by the fire of British machine guns. The of last week, shows that applicants for three months’
/ £% and twelve months
Russians, driving from Persia, have captured the bills at 4 % % , six months at 4 7
Mesopotamian frontier towns of Khanikan and at 5% received allotments. The bills were paid for
Kasrichiran and have joined hands with the advanced on Tuesday. It seems that the issue of bills was
forces of the British coming up from Bagdad. The not so fully subscribed as was at first reported. The
Turks, however, are making a stand against the Rus- >Treasury is considering a return to the system of
1 3 2 2
THE CHRONICLE
selling these bills daily at fixed rates. This plan
is favored by the banks.
On Monday English
dividend disbursements amounted to £10,743,000.
The South Australian Government issue of £1,
400,000 five to ten-year 5)/£% bonds at 97 was largely
oversubscribed, applicants only receiving 80% of
their subscriptions.
[V o l . 1 0 4 .
4 he Bank reports as of March 31 the amount of cur
rency notes outstanding at £130,497,070, against
£129,203,151 a week ago. The amount of gold held
for the redemption of such notes remains at £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 ap
The complete returns of the British Exchequer for pend a tabular statement of comparisons:
the financial year show a revenue of £573,427,582,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
against £336,760,824 for the preceding year. Ex
1917.
1916.
1915.
1914.
1913.
April*.
Arpil 5.
A p ril!.
April 8 .
April 9.
penditures were £2,198,112,710 against £1,559,158,
£
£
£
£
£
377, thus showing a deficit of £1,624,685,128, which Circulation.............. 38.900,000 33,874,645 34,940,930 29,471,700 28,738,600
Public deposits----- 50,123,000
69,914,541105,270,184 19,630,951 10,076,470
exceeds the estimate made by the former Chancellor Other deposits........ 128,968,000
87,749,326 97,649,301 42,333,833 43,438,280
secure. 39,244,000
33,188,640 44,005,970 11,150,770 13,032,727
of the Exchequer Reginald McKenna by £301,685, Government
Other securities----- 123,307,000
90,139,472138,703,872 43,500,504 37,473,362
128. The greatest increase in the revenue was Reserve notes & coin 34,244,000 41,041,583 37,260,098 25,006,443 26,805,839
Coin and bullion... 54,690,888
56,466,228 53,751,028 36,028,143 37,094,439
from the excess profit taxes and various businesses, Proportion of reserve
to liabilities........
19.12%
26.03%
18.36%
40.34%
45.02%
including munitions which totaled £139,920,000, as Bank
5%
5%
5%
3%
5%
rate...............
against only £140,000 the previous year. Income
and property taxes were £205,033,000, an increase
The Bank of France continues to show gains in its
of £76,713,000. Customs yielded £70,561,000, an
gold item, the increase this week amounting to 13,
increase of £10,955,000. Excess duties amounted to
473,375 francs. Total gold holdings (including
£56,380,000, a decrease of £4,830,000.
1,947,671,850 francs held abroad) now aggregate
5,213,569,175 francs, against 4,986,411,731 francs
The French Government introduced in the Cham (all in vault) in 1916 and 4,253,364,642 francs the
ber of Deputies on Friday of last week a supple year previous. Silver holdings declined 2,143,000
mentary appropriation bill for 300,000,000 francs, the francs. Note circulation registered the huge in
funds to be used fcr agricultural aid to the invaded crease of 289,616,000 francs, while general deposits
districts, including those recently evacuated by the were reduced 130,644,000 francs. Bills discounted
Germans. The latter are understood to be among increased 81,883,000 francs, and Treasury deposits
the most fertile sections of France, and the retreat showed a reduction of 87,586,000 francs. Notes in
of the German troops may in this way be expected circulation amount to 18,749,447,000 francs, as com
to prove of lasting benefit to the French from the pared with 15,154,629,735 francs a year ago and 11,
food standpoint, since there is still time to plant the 422,734,525 francs in 1915. Comparisons of the
spring crops.
various items with the statement for the week previ
ous and the corresponding dates in 1916 and 1915 are
The official rate of the Bank of England was re as follows:
duced to 5 % from 5 ^ % on Thursday, April 5, the
BANK OF FRANCE'S COMPARATIVE STATEMENT.
C h a n g es
—
-S ta tu s a s o f ---higher rate having been in force from Jan. 18, on
F or W eek
A p r i l 5 1917.
A p r i l 6 1910.
A p r i l 8 1915.
which date it was reduced from 6 % . Official rates
G old H o ld in g s —
F ra n cs.
F ra n cs.
F ra n cs.
F ra n cs.
In Bank................ .Inc. 13,473,375 3,265,897,325 4,980,411,731 4,253,364,042
have remained at 5 % in Paris, Berlin, Vienna and Abroad........
......... . No change
1,947,671,850
Copenhagen; 5 ^ % in Italy, Portugal and Norway;
T otal.............. ..Inc. 13,473,375 5,213,569,175 4.980,411,731 4,253,364,642
6% in Petrograd and 4 ^ % in Switzerland, Holland Sliver.................... Dec. 2,143,000 261.240.000 362,715,503 377,490,337
Discounts______ Inc. 81,883,000
300,107,441
604.429.000
225,737,771
and Spain. In London the private bank rate is Advances_______ Dec. 22,387,000. 1,187,936,000 1,238,033,288 075,934,375
Note circulation..Inc. 289,616,000 18,749,447,000 15,154,629,735 11,422,734,525
now quoted at 4 3 ^ @ 4 ^ % for sixty and ninety-day Treasury deposits.Dec. 87,586,000
86,112,000
45,949,021
63,771,768
bills, against a single rate of 4 ^ % a week ago. No General deposits..Dec. 130,644,000 2,409.993,000 1,994,262,726 2,407,899,254
reports have been received by cable of open-market
rates at other European centres, as far as we have
In local money circles lenders seem inclined to hold
been able to ascertain. M oney on call in London con firmer views. Closing quotations, in fact, are frac
tinued at 3 % % .
tionally higher than a week ago, though it must be
frankly stated that the firmer rates are due more
The Bank of England reports an additional and particularly to the lender than the borrower. There
substantial increase in its gold on hand of £681,849; certainly has been no substantial improvement in the
total reserves showed an expansion of only £70,000, volume of the demand for commercial accommoda
owing to an increase of £611,000 in note circulation. tion. In mercantile paper, particularly, business was
The proportion of reserves to liabilities moved up to curtailed because of the restricted offerings. In view
19.12%, as compared with 19.02% last week and of the large demands upon the capital market that are
26% a year ago. Public deposits were increased in sight, it is not surprising that funds should begin
£178,000, although other deposits showed a reduc to work scarcer. With a credit of $3,400,000,000
tion of £679,000. Loans outstanding (other securi asked by the various Departments at Washington
ties) registered a further decrease of £16,302,000; this for war purposes to cover expenditures for a single
was in large measure offset, however, by a gain in year, there certainly appears slight encourage
Government securities of £15,242,000. Thread- ment to expect distinct ease to continue in the general
needle Street’s holdings of gold aggregate £54,690, money situation. This credit does not take account
888, which compares with £56,466,228 a year ago of the applications for accommodation that may be
and £53,751,028 in 1915. Reserves now stand at expected from the Entente countries. President Wil
£34,244,000, as against £41,041,583 in 1916 and son is apparently in favor of granting official aid to our
£37,260,098 the preceding year. Loans total £123, allies. In this way interest rates for them would un
307,000. This compares with £96,139,472 and doubtedly be less onerous— a consideration that has
£138,763,872 one and two years ago, respectively. exercised quite a stimulative influence upon the An-
THE CHRONICLE
glo-French 5s and other English and French obliga
tions placed in this country since the war began. Of
course the entrance of such a wealthy country into
the alliance may be regarded as to that extent
strengthening the entire credit fabric. A commis
sion is about to leave London for the United States
to take up the general question of the form in which
the United States can best aid in defeating Germany.
The financial question will undoubtedly be one of the
most important of the various subjects of the confer
ence.
That there is still a substantial volume of funds
available for sound general investments is indicated
by the immediate success attending the offering on
Monday on behalf of the Pennsylvania R R . of
$00,000,000 general mortgage 43^% gold bonds.
The subscription books were closed at noon on the
day of offering instead of 3 p. m. on Wednesday,
April 4, as provided in the formal announcement. A
syndicate of bankers is offering $45,000,000 oneyear 5% collateral trust gold notes on behalf
of the New Haven Railroad, which, however, is
largely a refunding of outstanding notes maturing
May 1.
As to the form in which our own Government
bonds should be issued, there seems widespread dis
position in local banking circles to favor long-term
issues which can be placed, it is believed, in liberal
amounts on a 3@ 33^% basis. The suggestion, how
ever, has been made that the first issue of such bonds
should be specifically convertible into any future
issues upon which our Treasury Department might
find it necessary to pay higher rates, which would
not be altogether unlikely in the event of, as at
present seems so highly improbable, the war continu
ing for two or three years. Such a convertible privi
lege, bankers argue, would exercise a check upon the
impulse that is likely to be shown in some quarters
to hold back subscriptions to initial loans with the
idea of obtaining higher returns on subscriptions to
later ones. British long-term loans have had this
convertible feature which proved of substantial aid
in securing their widespread distribution.
The weekly statement of New York associated
banks and trust companies, issued last Saturday,
notwithstanding a resumption of the inward gold
movement, showed a further substantial contrac
tion in reserves. This, however, was attributed for
the most part to preparations for new financing and
for the month-end payments. The loan item was
expanded $29,937,000. Net demand deposits de
creased $1,257,000, although net time deposits were
increased $2,017,000. Reserves in “ own vaults’’
again decreased, viz.: $35,904,000, to $473,923,000,
of which $415,701,000 is specie. At this date a year
ago the total of reserve in own vaults was $474,742,
000, including $402,828,000 in specie. Reserves in
Federal Reserve vaults registered an expansion of
$0,148,000 to $212,958,000, against $171,833,000
last year. The reserve in other depositories also in
creased, $305,000 to $57,948,000, comparing with
$02,819,000 the year preceding. Circulation is now
$28,151,000, a decline of $493,000. The aggregate
reserve was reduced $29,451,000 and now stands at
$744,829,000, which compares with $709,394,000 in
1910. Reserve requirements declined $492,790;
hence surplus reserves decreased $28,958,210 to
$113,807,150, which compares with $123,823,040
Held a year ago. The bank statement is given in
greater detail in a subsequent section of this issue.
1323
Dealing with specific money rates, loans on call
covered a range of only 234 @ 2
against 2 @ 23^ %
a week ago. On Monday, Tuesday, Wednesday and
Thursday 23^% continued the maximum quotation,
with 234 % the low and renewal basis on each day.
On Friday, the Stock Exchange being closed, there
was no call loan market. In time rates there has been
a slight stiffening for all maturities, although the in
quiry for funds has been so light as to render the mar
ket somewhat of a nominal affair. Sixty days ad
vanced to 33^ @ 4% , against 33^%; ninety days at
3 /4 @ 4 % , against 33^2@3% % ) four months at 3 % @
4 % , against 3 % % ; and five and six months’ money at
4 @ 4 3 4 % , against 3 % @ 4 % last week. A year ago
sixty-day funds were quoted at 23dj@3%; ninety
days at 2 % @ 3 % , and four, five and six months at
3% . Commercial paper rates continue to be quoted
at 4@ 43^ % for sixty and ninety days’ endorsed
bills receivable and six months’ names of choice
character. Names less well known still require 43dj%.
Trading was not active, offerings being as restricted
as ever. Banks’ and bankers’ acceptances have
been moderately active during the week at fraction
ally higher quotations for the longest periods. De
tailed rates follow:
—
Ninety
Days.
Eligible bills of member banks............ — 3' At @ 2 %
Eligible bills of non-member banks....--3M i@ 3
Ineligible bills...................................... . . . 3 X @ 3 X
■Spot Delivery----------------- Delivery
Sixty
Thirty
within
Days.
Days.
30 Days.
3
%
bid
3%s@2%
3©2V»
3 *A»@3
3H@3
3X@3X
3X@3X
3X
4X
bid
bid
There have^been no changes in the rates of the
Federal Reserve^banks during the week, so far as
our knowledge goes. Prevailing rates for various
classes of paper at the different Reserve banks are
shown in the[f olio wing:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
CLASSES
OF
DISCOUNTS AND LOANS 8
•
©5
Commercial Paper—
I to 15 “
“ ........
16 to 30 "
"
........
31 to 60 “
"
........
61 to 90 “
'• ........
Agricultural and
Live-Stock Paper—
91 days to 6 months maturity
Promissory Notes of Member
Banks—
1 to 15 days maturity........
a
*
§
|
a.
i
55
4X
4X
4
4
4
4X
5
4X
5
5
3X
3X
3X
3X
3X
3X
5
5
3X
3
Commodity Paper—
1 to 30 days maturity........ 4
31 to 60 "
"
........ 4
01 to 90 "
“
------ 4
61 days to 6 months maturity
I
o
3
|
©
©»
1
6
4
4
4
4
3
4
4
4
Trade Acceptances—
1 to 30 days maturity........ 3 X
31 to 00 "
“
........ 3 X
61 to 00 "
"
........ 3X
8
§
4X
4X
4
4
4
3X
8
3
<V •Q
Richmond.
APli 7 1917.]
4
4
4
3X
4
3
3X
4
4
3X
3X
3X
3' A
3X 3X
3X 4
3X
3X
3X
•3M
...
3X
3X
3X
3X
3X
3X
3X
3X
3X
:::
3X
3X
3X
4
4
3A
©
se
8
s
4
4
4
i
?
8
a
*
4
S'
e
Q
3X
i
1
I
3M
4
4
4
4X
4X
IX
4X
4X
*X
4X
5
5
5
5
5X
3X
4
4
3X
3X
3X
3X
3X
3X
3X
3X
3X
3X
*
4X
4X
3X
3X
3X
3X
3X
3X
3X
3X
3X
4
4
4
...
3A
3X
3X
3X
3X
3X
4
4
4
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankers’ Acceptances.— Authorized discount rate lor all Federal Reserve banks
minimum, 2%; maximum, 4% .
Trade Acceptances.— Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta
Federal Reserve Bank; 3 H to 4% .
Commercial Paper.— Bills purchased In open market by Dallas Federal Reserve
Bank; 3 to 5% .
Bills of Exchange.— Bills purchased In open market by Atlanta Federal Reserve
Bank; 3 X to 5 X % .
_
Bills WUK or Without Member Bank Endorsement.— Bills with maturities of 90 days
or less purchased In open market by St. Louis Federal Reserve Bank; 2 to 4% .
* 15 days and under, 3X % \ 16 to 30 days, 4% .
Sterling exchange again has ruled firm, although
rates have not in any substantial degree reflected the
improved tone. The reduction of the Bank of
England rate from 53^ to 5% is an index of the easier
money condition ruling at the British centre. The
intimation contained in President Wilson’s speech on
Monday of financial aid to the Entente Powers sug
gests the successful placing of large loans on this
side andXthe consequent restriction of importations
1324:
THE CHRONICLE
of the precious metal. For that matter the develop
ment of a state of actual war should exert a steadying
influence on all the friendly Continental exchanges as
well as sterling, since the way will be opened for the
arrangement of new loans on our side of the Atlantic.
There has been distinct improvement in mail oppor
tunities; hence, business has not been confined so
completely to cable transfers as had been the case
for some weeks. The imports of gold have included
$20,000,000 to New York and $15,000,000 to Phila
delphia, all from Canada.
Export engagements
have comprised $250,000 to Cuba, $500,000 to South
America and $1,274,000 to San Francisco, presum
ably for Japan.
Referring to quotations in detail, sterling exchange
on Saturday as compared with Friday of last week,
was steady with demand bills a shade higher, at
4 7555@4 75 9-16; cable transfers and sixty days
remained at 4 76 7-16 and 4 71 9-16, respectively.
M onday’s market was dull but firm, the undertone
being strengthened by continued heavy receipts of
gold; trading, however, was light and rates were still
quoted at 4 7555@4 75 9-16, for demand, 4 76 7-16
for cable transfers and 4 71 9-16 for sixty days.
Transactions in sterling were again small in volume
on Tuesday and quotations ruled without change from
M onday’s figures. On Wednesday increased firm
ness developed as a result of encouragement felt over
the improved outlook for a resumption of regular
sailing dates; sixty day bills moved up to 4 71% on
active investment buying, although demand did not
go above the previous range of 4 7555@4 75 9-16
and cable transfers of 4 76 7-16; an added influence
of strength was the lowering in London discount rates
and rumors of a possible decline in the Bank of
England rate. As expected, the official rate of the
Bank of England was reduced on Thursday from
5 % % to 5% ; this, however, was without tangible
effect on sterling rates, it having already been dis
counted; demand bills ruled at 4 75 9-16, against a
range of 4 7555@4 75 9-16, while cable transfers
were quoted as suual at 4 76 7-16 and sixty days
continued at 4 71% . On Friday the market was
firm. Closing quotations were 4 72 for sixty days,
4 75 9-16@4 75% for demand and 4 76 7-16@4 76%
for cable transfers. Commercial sight finished at
4 75% , sixty days at 4 71% , ninety days at 4 69% ,
documents for payment (sixty days) at 4 71% and
seven-day grain bills at 4 74% . Cotton and grain
for payment closed at 4 75% .
[Vol. 104.
and quotations for reichsmarks and kronen are no
longer available. The sterling check rate on Paris
finished at 27 50, as compared with 27 81% last
week. In New York sight bills on the French centre
closed at 5 68% against 5 84% ; cables at 5 67%
against 5 83% ; commercial sight at 5 71 against
5 85% , and commercial sixty days at 5 76 against
5 90% the preceding week. Reichsmarks, no quo
tations. Kronen, no quotations. Lire finished at
7 08 for bankers’ sight and 7 07 for cables, in compari
son with 7 76 and 7 75% on Friday of last week.
Rubles closed at 28.55. This compares with 28.40
a week ago.
The neutral exchanges have ruled firm and in some
instances slightly higher, although trading was ex
tremely quiet. Very little business is being trans
acted and quotations continue more or less nominal
in character. Spanish pesetas were still strong.
Swiss exchange was rather easier. The Scandi
navian exchanges showed an upward trend, while
guilders continued pegged. Bankers’ sight on Am
sterdam closed at 40% against 40 9-16; cables at
40 11-16, against 40% ; commercial sight at 40 5-16,
against 40% , and commercial sixty days at 40% against
40 1-16 a week ago. Swiss exchange finished at 5 04%
for bankers’ sight and 5 03% for cables, as com
pared with 5 04 and 5 03 the week previous. Greek
exchange (which is still classed among the neutrals)
has remained at 5 00. Copenhagen checks finished
at 29.90, against 29.90. Checks on Sweden closed
at 29.60, against 29.60, and checks on Norway fin
ished at 28.80, against 28.90 on Friday of last week.
Spanish pesetas closed at 21.70, as contrasted with
21.70 the previous close.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $936,000 net in cash as a result of the currency
movements for the week ending April 6. Their re
ceipts from the interior have aggregated $8,848,000,
while the shipments have reached $9,784,000. Add
ing the Sub-Treasury and Federal Reserve operations
and the gold imports and exports, which together
occasioned a gain of $31,211,000, the combined result
of the flow of money into and out of the New York
banks for the week appears to have been a gain of
$30,275,000, as follows:
IFcci
e n d in g A p r i l
0.
In to
B anks.
$8,848,000
Sub-Trcas. and Fed. Reserve opera
tions and gold Imports and exports
107,482,000
Out o f
B an ks.
N e t C h a n g e in
B a n k H o l d in g s .
$9,784,000 I.oss
$930,000
70,271,000 Gain 31,211,000
In the Continental exchanges, the noteworthy
Total.............. - ............................... $110,330,000 $80,055,000 Gain $30,275,000
feature has been the rapid and almost sensational rise
The following table indicates the amount of bullion
in Italian and French exchange which followed Presi
dent Wilson’s impressive address before Congress in the principal European banks:
calling for a formal declaration of war against the
A p r i l 6 1916.
A p r i l 5 1917.
&
Imperial German Government. The entrance of B a n k s o f
S ilv er.
T o ta l.
G o ld .
T o ta l.
S tiv er.
G o ld .
this country into the gigantic conflict is taken to
£
£
£
£
£
£
54,690.888 56,460,228
50,466,228
54.690.88S
foreshadow extensive financial aid to its allies in the England..
Francea.. 130,035,893 io’ .44o"66o 141,075,893 199,456,480 14,508’,640 213,965,120
790,050 127,287,500 123,004,750 2.203.000 125,207,750
120,490,850
form of new loans, credits, &c., and created a fa Germany.
Russia * .. 147,750,000 12.144.000 159,894,000 162,280,000 5.502.000 167,782,000
Aus-Hun.c 51.578.000 12.140.000 03.718.000 51.578.000 12.140.000 63.718.000
vorable impression. The advance in lire brought Spain___ 53.705.000 30.075.000 83.780.000 37.342.000 30.650.000 67.992.000
Italy........ 34.430.000 2,840,000 37.276.000 41.568.000 4,169,000 45.737.000
314.000 43.400.000
584,300 49,835,300 43.092.000
the quotation up to 7 08 for sight bills, the highest Nethcrl
’ds 49.251.000
600.000 15.980.000
600,000 15.980.000 15.380.000
Nat.Bel.li 15.380.000
13,734,500 10.104.000
10.104.000
point attained since December of 1915, and no less Switz'la nd 13,734,500
8.934.000
8.934.000
10.694.000
10.094.000
Sweden . .
6.659.000
176,000 0,835,000
than 76 points above the recent low-water mark of Denmark. 9.155.000 125,000 9.280.000
4.083.000
7.102.000 4.083.000
Norway.. 7.102.000
7 84. Francs also shot up sharply, registering a.
Tot. week. 704,609,131 09,738,950 774,348,081 759,947,458 70.262.640 830,210,098
gain of 16 points for the week, with the close strong Prev. week 703,040,841 69,301,070 772,341,911 760,340,224 69.812.640 830,152,864
a Gold holdings of tho Bank of Franco this year arc exclusive of £77,900.874
and still tending upward. Rubles shared in the
held abroad.
general strength and showed substantial gains.
* The gold holdings of the Bank of Russia for both years In tho abovo statement
been revised by eliminating tho so-called gold balanco held abroad on the
As was announced a week ago, all transactions in have
latcstfreported date, the amount so held £214,090,000.
c July 30 1914 In both years, h Aug. 0 1914 In both years.
German and Austrian exchange have been suspended
A pr . 7 1917.]
THE CHRONICLE
13 2 5
vote of 373 to 50, the war resolutions framed to
THE DECLARATION OF WAR.
carry out the President’s recommendations were
The President’s address to Congress on M onday, adopted. They declare:
setting forth the situation which made necessary our
“ That the state of war between the United States
declaration of war on Germany, was a very memor
able speech, delivered at one of the very great and the Imperial German Government which has
thus been thrust upon the United States is hereby
moments of history. In appropriateness of language
formally declared, and that the President be and he is
and purely literary form, it has perhaps been sur hereby authorized and directed to employ the entire
passed by no other Presidential address to Congress naval and military forces of the United States and
and the people, unless we except Mr. Lincoln’s second the resources of the Government to carry on war
inaugural. But its impressiveness as an historical against the Imperial German Government, and to
document lay beyond this; primarily in its sober and bring the conflict to a successful termination all of
the resources of the country are hereby pledged by the
restrained, yet eloquent and convincing, arraignment
Congress of the United States.”
of the German Government.
Mr. Wilson, as was essential in a statement made
It is manifest, as a result of this solemn and orderly
quite as much to the outside world and to future procedure, that the United States is now engaged in
history as to the United States of to-day, began with a world war, on a scale and with purposes of participa
a review of the circumstances which had led up to our tion very different even from our war with England
Government’s decision. The early submarine activi in 1812; when, indeed, President Madison’s war
ties of Germany during 1915 and its pledge of a year message to Congress, though advising “ the opposing
ago that “ passenger boats should not be sunk and force to force” by our people, “ in defense of their
that due warning should be given to all other vessels,’ national rights,” advised also the avoiding by the
are first re-stated. Some of the promised restraint United States of “ all actions which might entangle
was observed, though the precautions taken were it in the contest or views of other powers.” W e were
“ meagre and haphazard enough.” But the new not the formal ally of France in 1812 and did not
policy announced on Jan. 31 “ swept every restriction even co-operate with her navy. Our own defeats on
aside.” Vessels of every description, friendly neu land and our unexpectedly brilliant victories on the
trals as well as belligerents, “ have been ruthlessly sea were episodes in a single-handed contest against
sent to the bottom without warning and without a single antagonist.
thought of help or mercy.”
Whatever difference of opinion may exist, in the
This the President declared— not because of the light of its effect on future American history and
loss of property involved, but because of the “ wanton institutions, over the present decision to co-operate
and wholesale destruction of the lives of non-com closely with the Entente Powers in the military,
batants” — is “ a war against all nations,” a “ challenge naval and financial field, it is recognized by everyone
to all mankind.” Our Government had thought, that the present situation differs greatly in some very
Mr. Wilson went on, “ that it would suffice to assert I important respects from that of 105 years ago. We
our neutral rights with arms, our right to use the were not then a power whose financial resources cast
seas against unlawful interference.” But this had any weight into the scale of war. There was no
proved impracticable. The German Government reason for allying our sea power with that of France,
“ denied the rights of neutrals to use arms at all with since the French navy had itself been driven from
in the areas of the sea which it has proscribed;” it had the seas. Even more important as a contrast,
even intimated that the armed guards on our mer our nationaUpurpose in 1812 was not to insure the
chant ships “ will be dealt with as pirates should be.” defeat of England in her Continental struggle (with
Armed neutrality, therefore, would “ draw us into war whose general purposes probably half of our own
without either the rights or the effectiveness of people sympathized), but to compel her recognition
belligerents.” Therefore the President advises “ that of certainjnaritime rights of the United States alone.
the Congress declare the recent course of the Imperial The present issue, though so long restricted in diplo
German Government to be in fact nothing less than matic communications to controversy over the
war against the Government and people of the United German Government’s outrages on American citizens
States; that it formally accept the status of belligerent and property, is at bottom our people’s sentiment
which has thus been thrust upon it; and that it take and attitude towards that Government’s action
immediate steps not only to put the country in a both on sea and land, in beginning this war and in its
more thorough state of defense, but also to exert subsequent conduct of hostilities.
all its power and employ all its resources to bring
With plans now in incubation for extending ourgovthe Government of the German Empire to terms ernmental credit to the Allies on the basis of their
and end the war.”
bonds, for raising our army to perhaps twelve hundred
We have, the President points out, “ no quarrel thousand men, for enlarging our aggressive sea power
with the German people, we have no feeling toward and for mobilizing our resources of producing war ma
them but one of sympathy and friendship;” and we terial, the practical question first arises as to whether
“ desire nothing so much as the early reestablishment we are embarking in a long and exhausting war, or
of intimate relations of mutual advantage between only in the culminating stages of a conflict which is
us.” Eurthermore, wo shall still be able to prove soon to end with the defeat of Germany. Until the
our friendship “ toward the millions of men and women end is unmistakably in sight, no one can ever say with
of German birth and native sympathy who live assurance, at a given moment, what the course of
among us and share our life,” most of whom “ are events in a great war will be. There are people who
as true and loyal Americans as if they had never believe that this war cannot be ended during the next
known any other fealty or allegiance.”
one or two years; one hears occasionally expert judg
After a full debate, with both sides heard, the ment that actual defeat of Germany is impossible.
Senate on Wednesday, by a vote of 82 to 6, and in the Despite the recent slackening of effectiveness in
House in the small hours of Friday morning, by a Germany’s submarine campaign, it cannot yet be
1326
said with absolute confidence that the purpose of
that campaign, in the way of crippling England’s
supplies, might not succeed in the longer future, if
Germany herself were able to hold out.
On the other hand, certain tangible signs of the
moment, visible to all the outside world, have seemed
to point in a different direction. The retreat of
Hindenburg from the Western front, however much
discussed in official German explanations as “ a
strategic move” and however much praised as a
military achievement because so large an army was
withdrawn with so little loss, nevertheless remains
as clearly a retreat from positions which could no
longer be held as was Napoleon’s retreat from Russia,
Lee’s retreat from Pennsylvania after Gettysburg,
and the Russian army’s retreat of 1915 from the
Carpathians. It is entirely possible that brilliant
achievements in other fields may yet be attained by
the German army, and that a period of discourage
ment to the Allies may return. But the conviction
has grown of late, even without arguing from actual
or relative loss of man-power by the German military
machine, that the absence or meagre supply in Ger
many of many essential materials requisite for war
munitions is steadily sapping her military effective
ness.
Shortage of food, for civilians or the army, is
necessarily playing a similar part. What part is or
will be played by decreasing financial facilities, we
shall know better when the results of the present
Imperial war loan are announced a week or ten days
from now. The silence of the Imperial Treasury
regarding subscriptions in the three weeks since the
lists were open has at least contrasted strikingly with
the early and frequent announcements made when
previous loans were before the public for subscrip
tions; but the German Government is financially
very resourceful, and the outcome of the last loan up
set pessimistic predictions. Back of all these consid
erations, however, stand the two facts, perhaps more
visible to-day than ever, that the great commercial
interests of the Empire are exceedingly anxious for
peace to avert the future ruin of their enterprises
(M r. Ballin of the Hamburg Line was reported this
week as predicting end of war by July 1), and that
Germany’s allies arc growing weary of the con
flict.
How the end will come, if it is to come for any
of these reasons, we do not undertake to predict.
Nothing could happen more surprising and seemingly
improbable than what has happened already— the
successful Russian revolution, for instance, or the
German Chancellor’s promise of electoral reform, or
this week’s declaration of war at Washington. But,
on the other hand, nothing has been proved to be
more futile, in the whole course of the war, than
prophecy of the exact way in which any important
event will happen. The fact which seems to
stand out apart from all others, however, is that the
lim itof endurance, with the Teutonic States primarily
but with their enemies also, seems to have been
already approached so nearly that some means of
ending the struggle must apparently be found before
many months.
We have spoken of the reasons for close co-opera
tion with our European allies, which exist to-day as
they did not exist in 1812. There is danger, how
ever, of extending this argument too far. Alliance
in time of war is one thing; alliance to cover a future
period of peace is something very different. If it
[Vol. 104.
THE CHRONICLE
should be inevitable (as it probably will be) that the
United States shall sit at the council-table to consider
terms of peace, all the more reason, as we see it, is
there for avoiding any treaty or arrangement which
would bind our country to a given policy after the
terms of peace were settled.
That our diplomats and financiers should act in
concert with France and England in the matter of
war finance plans may have been inevitable; but the
American people must be on their guard against
agreements which would commit them, either to
future political alliances or ostracisms, or to joint and
exclusive commercial policies with a single group of
Powers. Participation in another Paris Conference
for trade embargoes against our present enemy after
war is unthinkable to a sane American. No one
imagines that the United States will desert its allies
and relinquish its own position as belligerent until the
war is settled. But to pledge our Government to
accept no terms of peace except with the assent of all
the Entente Powers, whatever may be the circum
stances of the future, would, it seems to us, be an act
of political rashness. The time might conceivably
arise when the return of peace would be blocked
through an utterly selfish and indefensible demand by
a single European Power from the defeated enemy.
In such imaginable case, the influence of the United
States would be vastly more powerful in promoting a
just and righteous settlement, if its hands were not
tied by an irrevocable pledge.
THE N EW D U TY.
Placing the country on a war basis is a very serious
matter. It must come home to the citizen that new
requirements are laid upon him, in speech, deport
ment and occupation.
It is our feeling that we will do well as a people if
we give firm support to the Government by con
tinuing, as far as possible, to conduct our private
affairs as we would in times of profound peace. The
current of our thought will run in new channels.
We cannot change that, nor should we wish to do so
in entirety. Our interest, however need not be
come vociferous, nor should it be allowed to become
vainglorious. All industry must feel the change.
But employers and employees have enough to do in
their daily vocations, where they do not bear arms,
to keep running to the full our domestic business.
The conduct of the war may well be left, as it must
be left, to the authorities in charge.
The press has its own duty to perform, and it is
unlike that of any other organization of our spiritual
life. In all its larger aspects it must remain free.
But this very freedom imposes discrimination in
news and temperance in expression. In certain
details, the terms of its duty will be very essentially
declared, we have no doubt, by the Government.
Restrictions, it will not be denied, should not be so
rigid as to create a resistance, for thus might a
dangerous reaction be created.
There are other institutions of enlightenment, it
is believed, which may well continue in old ways
for the good of themselves and of the people. Be
fore the war, in the war, and after the war, are three
separate occasions. Yet, through all these our
Agencies of culture ought to remain unchanged, that
doubts of each other may not be aroused by what
might seem a perfervid and selfwilled activity on
the part of a few. Loyalty is service as much as it
Aril. 7 1917.]
THE CHRONICLE
1327
is strength, and service is best expressed in obeisance and darkening. In these retreats let the light of
to civil order and the national good. In a spirit of investigation, research and analysis as applied to
true respect comment at this time is not out of science, art and letters continue to shine undimmed
place.
by the horrors and the clouds of a great war.
Our well-wishers are many among us. In times
The most important thing to our continued de
of stress and popular excitement numerous self velopment as a people is that we keep our industries
constituted societies spring up ready and eager to as far as possible on an even keel, that production
perform any and every service the human mind can may be to our full capacity, and exchange according
conceive for the human benefit. This excess of to our varied needs. Every business man left at
devotion has its dangers as well as its deliverances. home will have enough to do to manage his own
Participation is not always unmixed with self affairs without constituting himself a committee of
advancement. Plans are not always matured and one to manage the Government. There are certain
carefully co-ordinated with those which are authori stages and ways of approach to representatives in
tative. Zeal is not coupled always with wisdom. power in our political system, certain definite prin
And organisms unrelated to the national Cause ciples of liberty of opinion and speech, that are never
often become meddlesome rather than helpful. forgone in a republic. These must ever remain our
Thus it is that “ patriotism” may become as a coat safeguards against tyranny. But aside from their
of many colors, and the turmoil of the times be in discreet exercise, patriotism will find earnest and
creased, by the assumption of supposed duties that wholesome expression in a close adherence to the
set awry forces that should energize to constitute conduct of business and to the business conduct,
order and quietude.
The object of our contem for more than ever we must endeavor and trade
plative thought in a time of war should be the con upon high principles and with unceasing energy
tinuance of the material and spiritual life as nearly that the nation may live and prosper.
as possible on the old plane.
Our cities will have their own intensive problems
For instance, and we discuss the matter reverently, of management. All city life will be more seriously
it is not necessary for the pulpit to make itself the affected than country life. The atmosphere of
organ of any governmental policy at any time. If
thought will be more tensely charged with the elec
there were no other reason our accepted conception
tricity of contest. Here, it is better that undue
of the complete separation of Church and State is
excitement be curbed. It is a fault of city life that
enough. As a mighty organism the Church has a
many of its dwellers judge the nation and the world
mission to perform in no way connected with the
by the thought, feeling and interests of their own
conduct of war or with war itself. It is divided locality, their own bailiwick. The world is wide
into various denominations, each free to promulgate and no city, however great, contains all of it. And
its peculiar religious doctrine. These in times past the United States is a magnificent domain. It
were wont to clash in acrimonious debate. That
would have been well in the past, it will be well
has largely passed, in the broadening and liberalizing
now, if certain intellectual and social forces in our
of the general religious view. There the Church pent cities refrain from assuming to think for the
should remain— fostering the spirit of love and
entire nation, refrain from formulating resolutions
helpfulness among men. If the individual pulpit,
intended for national guidance without contact or
on the contrary, become the mouthpiece of parties consultation with the people at large, as if consti
or factions of any sort, it not only creates schism tuting a declaration of popular will. Not thus is
among the sects but lowers the standard’ of re unity of purpose, not thus is a common duty, brought
ligion anti destroys the usefulness of the Church
about. No criticism may be offered upon an ex
organism whatever it may be. It becomes, by this pression that is put out as the opinion of a part of
species of activity, or tends to become, an especially the citizenry speaking for that part alone. But
disturbing element in time of war, because it con upon the great issues now at stake and others to
stitutes an interference clothed with the sacredness come, the weight of position, even the superiority
of a religious teacher.
of intellectuality, should find a level, with all
Our schools, especially bur State supported uni those who must bear the burdens of a common
versities, have a distinct place and work in our cause.
intellectual life. It is true that the higher institu
In a time of national peril and prowess the citi
tions have the subject of political economy in their zen’s duty to stand by the Government is best per
curricula. But they deal with the matter in an formed by keeping the mind free from passion. If
abstract way, and, we venture to assert, have yet he look upon the Government as his agent to whom
much to learn from the actual conditions and needs he has committed a grave trust, he should be con
of our commercial and industrial life. It is impor scious that he is bound by the acts of that agent.
tant that they do not become the agencies of economic Having confided a large degree of discretion, his
theories while the nation is engaged in a vital strug personal supervision must take on the nature of
gle. Nor is there need for the promulgation from interference. Especially is this so in the case of
their precincts of sublimated instructions to the war, where requirements of secrecy are imperative,
citizens at large on the duties that arise in this and where decision in great movements cannot be
crisis. The love of learning has in it a cloistral submitted to the country previous to action. In a
purity which can only be contaminated by being word, it is not necessary for each civilian to fight
thrust into worldly struggles, can only be lessened the war on his own plan. For the rest, a closer
and dimmed by supererogatory criticism of current supervision of business, an even increased interest
national war policies. If our universities will con in usual and sober intellectual and social pursuits,
tinue to practice a philosophy of culture as well as will tend to allay excitement and beget an even
to teach it, our social and intellectual life will yet temper in the body of the people, extremely es
have one fountain of inspiration to which they may
sential to our domestic order and to personal
come when the way of the war may grow weary happiness.
1338
THE CHRONICLE
[Vol. 104.
seed and temptation for war, need not be appre
THE FOOD PROBLEM AS RELATED TO OUR hended under a democracy; if this is our safeguard
here will not the same safeguard against more wars
PART IN THE WAR.
It is said by the Department of Agriculture that grow up in Europe, which is turning to democracy
the corn on farms on March 1 was about 30.G% of and by recent events seems destined to become
last year’s crop, against a like percentage of 37.3% effectually democratic, as the boon for which this
one year ago and 34.1% two years ago; the wheat terrible struggle is the price? If this blessed and
now on farms is put at under 1013/2 million bushels, long-awaited consummation of permanent peace
or 15.8% of last year’s crop, against like percentages and the sword becoming the plow-share is near, then
of 23.8% and 17.2% in 1916 and 1915. Oats are our military preparedness need only be temporary,
reported as 31.5% of last season’s crop, against like and therefore we need not go so thoroughly about it.
However this may be, cannot we help the present
percentages of 39.6% and 33.2% in 1916 and 1915.
cause most effectively by increasing our agricultural
Marketable potatoes are estimated as in 44%
smaller supply at the opening of this year than one activities rather than by drawing from them? May
year ago, 65% smaller than two years ago, and not the hoe and the harrow be quite as helpful as the
54% smaller than by the average of the last five sword? Are we not, perhaps, allowing our minds
years, while the 1916 potato crop of seven important to be too much filled with visible and usual military
countries (including the United States) is estimated ideas, associations and training? To put a test
question, suppose enlistment tents for the farm
as only about 55J^% of that in 1915.
field
were set up in our parks and public places, as
It is needless to carry comparisons farther, for
tents now are for the Army and Navy, how would
it is known that last season’s crops were not “ bum
the quieter form of enlistment thrive? On the
per” and that we have been supplying the Allies with
score of remuneration, nothing could offer so little
food, no trifling total having been lost in transit.
to labor as does military service, not to speak of
Mr. B. F. Yoakum tells us that while we need for
comparative hazards which are not paid for, as they
home use, planting included, seven bushels of wheat
are in industrial work; but there is the glamor of
per capita, we have only about five; that the 6)^
excitement, the thrill to blood and nerves, the ap
million farms in the country must feed 100 million
peal of patriotism. Our great merchants and cor
people, or (stating it a little differently) the 33
porations are offering continuance of pay and the
million persons on these farms must feed themselves
keeping of positions to employees who enlist, and
and 67 million others. So, he says:
this is entirely creditable to them; there would be
“ For every man who must shoulder a rifle for
some practical difficulties in offering such induce
military duty we had better furnish inducement
ments for volunteers for the field of the farm, yet
for another to take up a hoe for farm work. For
do we not exalt too much the service to the country
every farm laborer who leaves the farm for the
by him who goes out to battle, and underrate the
munitions factory to earn $3 a day we had better
service which can be rendered, and somebody must
offer inducements to the farmers to speed up their
render, on the field where no blood is shed?
efforts to feed the people and show them how they
It is a good suggestion that recruiting should be
will be justified in going to the labor market and
carried on carefully and men from agricultural and
paying as good wages for the same class of labor for
a few other industries should not be accepted; but
farm work as the gun and battleship factories pay
the thought may go farther. Every effort should
labor to serve the Government.”
be made to utilize small areas hitherto neglected
That farmers have long had difficulty in getting
for food growing, and it may become necessary to
enough labor is known, and machinery has not yet
resort to organization which would be unjustifiable
taken its full possible part in meeting that difficulty.
in ordinary times, possibly, suggests Commissioner
The pull of the munition shops, where almost any
Hartigan, an agricultural “ army” as an auxiliary
wage that labor demanded could be obtained, under
to the military and naval forces. The Industrial
the stimulus of a demand which could neither wait nor
Commission of this State, after pointing out the in
haggle much, has doubtless operated unfavorably
creased difficulties of the farmer, suggests that we
upon the farmer and is one cause for lessened crop
may have to seriously consider “ the project of en
yield. But this has a direct bearing upon two im
listing an agricultural army which will be given
portant questions which must be handled: first, how
vocational training along farming lines.” This
shall we most effectually serve and help most speed
body of men, the suggestion continues, might re
ily win the cause we are now undertaking; next,
ceive a considerable amount of military training,
how far shall we go in military preparedness, for
which would have a double advantage to the State
our own defense at present and our own peace and
in that the same body could be used for military
the peace of the world hereafter? Here opinions
purposes in an emergency. Here we may note,
will differ and strenuous arguing may arise. No
parenthetically, that the bill for a State Constabu
man is wise enough to reach an infallible and weighty
lary has at last been carried to enactment.
determination of these, and we should seriously pon
Whatever new and more energetic work is under
der, from all points of view. If England and France
taken cannot wait long if it is to be helpful in this
(and even Russia, with Japan’s aid) are now more
perhaps decisive season. But we shall gain much
able to supply their own munitions, leaving this
if we recognize the seriousness of the situation
country to the duty of feeding, would not that be
(which might almost be called an emergency as to
an effectual standing-by for our allies? Can we
the food supply) and especially if we can revise our
make a more effective contribution than by a bumper
traditional notions of the manhood and patriotism
wheat crop? Is there not a possibility of carrying
involved and the honor to be won in serving the
our direct military activity somewhat over-far?
country on the battle field, as compared with the
The question looks even beyond this war. For
quieter yet equally real service that can be rendered
we may assume, with reasonable certainty, that the
by those who remain at home. On one April day
militarism which in its immovable nature is the
A pr . 7 1917.]
THE CHRONICLE
long past, by a rude bridge over a little stream in
Concord, “ the embattled farmers stood and fired
the shot heard round the world.” They and their
courage arc imperishable in history; but now there
might bo another line of farmers, rendering a service
less spectacular though not less real.
1329
the consciousness, as they for the moment rest arms
above a million of their dead, with the war unset
tled. They may wish, in a deeper sense than can
be apprehended, to return to the arts and industries
of peace. They may be ready for their own dis
armament.
We cannot judge the leaders chosen to form the
W ILL RUSSIA BECOME A REPUBLIC ?
new State, save by their tact in action, their wisdom
Speculation upon the future is a pastime of dream in construction, as well as their theoretical profes
ers. Yet we are in the midst of colossal events sions.
They may wreck everything by daring too
which it is a duty, as well as a privilege, to strive much. I lie nobility have vast property rights at
to interpret. And each of us wishes to find auguries stake,
they have fattened grossly under abso
of hope in the present.
lutism. Yet we are told that many among the
Russia a republic? The affirmation can not be peasantry hold in fee simple small parcels of land,
made with certainty at this time. Our first view as well as by means of the* commune joint-interest.
is that it is probable! First, the plans of the Pro Russia is of immense area, comprising one-sixth of
visional Government must be of such a nature that the land surface of the globe. Huge plains are
they can be carried out; second, there must exist a scarcely scratched by cultivation. Siberia, it is
condition in which it is possible to carry them out. estimated, can grow wheat enough to feed the world.
Commonplace as the statement may seem, it in \Yith railroads and manufactories, and foreign
volves many considerations. Can there be a free egress for commerce, a single decade might witness
expression of all the people? Is there sufficient a land of plenty. Questions of private ownership
education as to forms of political government?
may therefore work themselves out with the growth
The example of the United States stands large of the people, and yet wholesale confiscation and
before the world. No new autocracies or monar burdensome, prohibitive taxation be avoided. Privi
chies are being formed. Because of world-con leges may be more easily surrendered than wealth.
ditions, dynasties are thought to be trembling in I he stability of the new Government depends on
the balance. Grievously the people suffer every harmonizing the interests and rights of all
where, and out of suffering springs resolve. But classes.
against a universal tendency toward democracy,
We are told that Nihilism is practically dead, that
certain insidious checks may be uncovered. Passion Socialism is not strong. Yet one cannot imagine
is sating itself in hate. Strong governments fatten Russia ever becoming a pure democracy. This
upon war. And revolutions sweep backward as was possible only, for a time, to small Greek States
well as forward.
hemmed in by dividing mountains. And a repre
It is charged that the war was brought about by sentative government in such a large territory
ruling powers and not by the peoples now engaged. presents many serious questions, questions between
Because our ideal is still a representative democracy, the rights of States and of the Nation which we have
we are prone to hope that the Russian revolution not yet worked out in our own history. If these are
will be successful, that it will prove the last great not noted now, they will soon thrust their presence
step in liberating all peoples. But our hope may not into the peace and welfare of the people as domestic
be wholly justified. The conditions in these old questions. The seeds of disruption may be sown
countries are not the same as in those sparsely set at the very inception of this last “ new experiment
tled countries to the south of us, where expansion in human government” if the proper balance of
is possible, territory abundant, where no class powers is not well grounded. It is a mighty task to
divisions, hatreds and interests exist, where no write a Constitution for a people, a mightier one to
time-honored vested rights must be overcome. live it in history. Especially must this be so where
Though vast in extent, Russia must suffer, docs so many races, classes and interests exist; and
suffer, from environment, from the complications where religion has such a wide hold. Will a repre
of bordering State ambitions, necessities, and sentative form of government with all that this
forms of rule.
implies be placed squarely between the so-called
If it be true that the Russian peasant, while centripetal force of autocracy and the centrifugal
illiterate in the education of schools and books, has force, or power we should say, of an unleashed
yet been taught by word of mouth in the commune democracy ?
that a government can be great and glorious under
As for the Czar, the Little Father, if in the mind
a form erected out of the consent of the governed, of the people he is now shorn of an idolatrous wor
he may be expected to cast his vote for a republic. ship as a sort of head of the Church, an anointed
But as we read it he is likely to have the choice one, it may well be believed that he will exert little
offered of a constitutional monarchy. If the dwellers influence. Standing as a man, he becomes an un
in cities, the industrial classes, long under the ter important figure. He has none of the elements of
rorism of a governmental police, are now free to leadership. Some of his acts in the past have shown
cast a ballot according to the teachings we may be humanitarian-leanings. He has probably been less
lieve thay have obtained through secret organiza an evil in himself, than those who have been hiding
tion and discussion, their vote may go for some form behind him. But he is not inspiring— has given no
of a democracy. If the army is permitted to vote, evidence of giant will or strong intellectual power.
much may be argued from its quiescence in the over Scarcely any of the elements of personal character
throw of the Czar. Yet an army is born to obey. attributed to the Emperor William are to be found
The rule of force is itself an autocracy. But the in him. He has no talisman to win back a throne.
psychology of a nation’s thought presents many a He may be relegated to the scrap-heap of the war.
strange phenomenon to-day. Perhaps, to the soldiery And the bureaucracy under him, disorganized and
of Russia, the futility of fighting has come home to indicted, may read in the tendency of liberalism
1330
THE CHRONICLE
[Vol. 104.
only in viewing it, with more or less instructive
entertainment, as he passes. Stopping and changing
are his abhorrence; from Maine to Texas, from the
Atlantic coast to the Pacific, “ without change,” is
his ideal, and modern carrying has bent all and
spared no outlay towards gratifying this desire. The
most highly developed train professes to be a hotel
on wheels, and in that it undertakes, on a reduced
scale of space, everything which the hotel offers, it
makes good this profession. Bed, table, reading and
writing room, tonsorial and bathing service, com
munication by wire and wireless— these are already
attained or close to attainment; the “ movie” has to
be obtained by looking outward upon the landscape
which seems to be rolling like a giant wheel, and the
entertainment of music en route seems to be hope
lessly estopped by the noise of the train— yet it might
be rash to set fixed limits to what may come before
travel ceases to be a custom. Upon land and water
marvellous things have been accomplished in trans
portation, and the other medium, the atmosphere
above, remains for some conceivable exploitation
after aviation has finished being an adjunct of war.
Compacts, business arrangements and agreements
and understandings, consolidations, great aggrega
tions of capital— how they are threatened by statute,
arraigned before courts, denounced generally, and
apparently hated with an unyielding intensity!
They are the enemy of progress, the great curse of the
times— that is, if one should take this talk without
many grains of discounting. Yet combination docs
things for our convenience and even our enrichment,
and we utilize it all without recognition of the source.
There are many persons still living who can remember
when there were a half-dozen, more or less, of separate
links to be encountered and endured, between New
York and Boston or New York and Buffalo. Chang
ing cars, hunting up and re-checking baggage,
THE “ CONNECTING” THROUGH LINE.
Soon after midnight on Sunday, two sections of the possibly buying tickets afresh for the next link all
Federal Express, one bound to Boston through from this has passed, with the cindery and wheezy loco
the national capital and the other going over the motive, the link-and-pin coupling, the hand brake,
same line in the opposite direction, passed each other the stove in the car corner, the connections which
over the new Hell Gate bridge of the new Connecting were often not very “ close.” No great term of years
Railway. The time has been when all travel over separates us from the day of the first “ sleeper, a
this line had to cross the Susquehanna at Havre de crude affair at which the traveler of to-day would
Grace by a railroad ferry. The time has been when scoff. The heavy car, the heavy locomotive which
travel on this line had to break its connection here, that car required to pull it, the steel rail and the
and make its way over the ferry and surface tracks modern bridge and roadbed which are indispensable
between Jersey City and 42d Street. Then came the to carrying that train— these have come as successive
long railroad ferry from Jersey City around through steps in progress. A steel arch that cost 27 millions,
the Hudson and the East River, and this has been a viaduct which cuts off some distance, a monster
the method until now, for the other line over the station and monster tunnels under rivers on which
bridge at Poughkeepsie can hardly be said to have a hundred millions or some like sum arc expended—
been successful in the sense of saving. Now comes the public takes these placidly.
It would be easy to spend considerable space on
the fulfillment of a bold and far-seeing vision, for
the line of rail between Boston and Washington is reminiscence or in detailed accounts of the mechanical
and financial achievements which are recorded now
unbroken.
The factors in this achievement are gigantic: the and then, as bearing upon passenger travel, while the
tunnels under the Hudson, the continuing tunnel accomplishments in reducing the cost of carrying
across this island, the tunnels under the East River, freight per ton mile are quite as marvellous and it
the monumentally-large steel span which this six- is more than a bold figure of speech to say that the
mile bit of road utilizes iti its giant strides across freight “ carries” the passenger traffic on its broad
Ward’s and Randall’s islands. Thus this great city though unostentatious back. The most needed
becomes, with respect to through travel between moral is in pointing out the strange indifference with
Boston and New England and Washington and the which the subject of transportation is still regarded;
South, nothing more than a place of “ junction” im there is much unanimity in complaint of it, but very
portance; literally, the through line passes through little in its appreciation. Railways are expected to
serve, and to serve adequately, and therefore to grow,
New York, but virtually goes around it.
The through passenger between far-distant points just as the sun is expected to shine. All this develop
is interested in the country between his terminals ment must be paid for, and anybody, if cross-ques-
in the world the sign that submission will win more
emoluments than attempted resistance.
The danger then, as we view it, will consist in
embodying too many of the so-called reforms, too
many of the theories of equality in our human rela
tions, into the fabric of the new Government. We
are not sure that a scholastic influence is not now
predominant which may lend itself to this. Even
a system of government ownership may be at
tempted so all-embracing as to create in itself a
centralized government which could quickly become
an autocrcacy under another name. Universal
military training and service will become an im
mediate question. And here the present example
of the United States will reappear with what many
will regard as confusing effect. We cannot forget
that this is the land of Tolstoy. His teachings
are well-known throughout the domain— holding
that no Government has the right to make a man
fight against his will and conscience, since he must
needs kill a human being, one of the brotherhood
of man. It may be that before this new Govern
ment is crytallized the United States will have
adopted universal military service. What effect
will this have, what effect will our entrance upon
an oversea war have, upon the creation of this new
governmental structure ?
Standing in the midst of it all is the huge figure
of the Slav himself— a white man, big of body and
of mind, eager to trade with the world and longing
to be free in his own right, imbued with energy and
touched with mysticism, standing between the near
West and the far East, and lifting his voice from
an empire that stretches from the Midnight Sun to
the blue of the Mediterranean— what may he not
do to save himself?
A pr. 7 1917.]
THE CHRONICLE
tioned, would see and admit that it must be paid for
by the public; yet nearly all prevalent talk about the
subject and much of proposed public treatment of
transportation seems to proceed upon the same un
thinking and childish assumption that railroads are a
sort of outside third-party interest which will go on
indefinitely doing impossibilities of finance, because
it ought to and “ must.” The brotherhoods who
state their unwavering demands and don’t care how
they get them and who pays for them are much like
the whole public in demanding that the carriers shall
render more and more service, at increasing cost,
but not at increasing charge.
It is well that we have these great constructive
pieces of work, for they would not be undertaken
now. But it will be fortunate if the public concep
tion of the whole subject of transportation begins
soon to undergo correction.
n e ttin g
th e
exch an ged
A n
C o.
1 3 31
in v e s to r
fo r
abou t
perm an en t
accou n t
o f
w a s g iv e n
in
th e
s a le
th ese
6 .3 0 % ,
bon ds
o f
are
at
th ese
c o lu m n s
n ow
th e ir
bon ds
on
b y
O ct.
ready
to
be
o ffic e .
7
K u h n ,
L oeb
&
1916.
H E A R I N G O N B I L L TO D O U B L E T R A N S F E R T A X I N
N E W Y O R K A G A I N P O S T PO N E D .
The
h e a r in g
on
th e
b ill b e fo r e
th e N e w
Y ork
to in c re a s e th e tra n s fe r ta x o n s to c k s fr o m
sh ares,
w h ic h
in d e fin it e ly
w as
p ostp on ed
p ostp on ed
th is
la s t
w eek
w eek.
u n til
A s
c o lu m n s la s t w e e k , v ig o r o u s p r o t e s t b y
L e g is la tu r e
$ 2 to $4 a h u n d red
A p r il
in d ica te d
S tock
3,
in
w as
th e se
E x ch an ge an d
o t h e r i n t e r e s t s is t o b e m a d e a g a i n s t t h e p r o p o s e d le g is l a t i o n .
P R E S I D E N T C A L L S FOR D E C L A R A T I O N B Y CONGRESS
OF E X I S T E N C E OF S T A T E OF W A R W I T H G E R M A N Y .
A t
t h e e x t r a o r d in a r y s e s s io n o f C o n g r e s s o n
c a lle d o n
b oth
th o
M a r . 2 1 , P r e s id e n t Y ils o n
houses, asked
G erm a n
C on gress
G overn m en t
to
“ to
d e c la r e
be
w a r a g a in s t th o U n it e d S t a t e s ,”
M on d a y
la s t,
b e f o r e a j o i n t s e s s io n o f
in
th e re ce n t co u rse
fa c t
n o th in g
le s s
o f
th a n
a n d “ th a t it fo r m a lly a c c e p t
t h e s t a t u s o f b e llig e r e n t w h ic h h a s th u s b e e n t h r u s t u p o n i t . ”
D O M I N I O N OF C A N A D A T H I R D W A R L O A N H E A V I L Y
SUBSCRIBED— A L L O T H E N T S A N N O U N C E D .
T h e F in a n c e D e p a r t m e n t a t O tta w a is s u e d a n o ffic ia l s ta te
A
r e s o lu tio n
s io n
at
c a llin g
8 :3 0
la s t
c o m m u n ic a tio n
th e
tw o
M on d a y
w as con cu rred
m e n t o n A p r il 3 , a n n o u n c in g th a t th e to t a l a p p lic a tio n s to th e
r e c o n v e n in g
o f
C on gress,
th ir d
o r g a n iz a tio n
o f
th o
D o m in io n
$ 1 5 0 ,0 0 0 ,0 0 0 ,
of
fo r
C anada
w h ic h
5 %
2 0 -y e a r
s u b s c r ip tio n
g o ld
book s
w ar
w ere
lo a n
of
c lo s e d
on
M a r c h 2 3 , n u m b e r e d s lig h t ly m o r e t h a n 4 0 ,0 0 0 a n d a m o u n t e d
to
$ 2 6 0 ,7 4 8 ,3 0 0 .
tre a l
“ G a zo tto ”
s c r ip tio n s
w ill
bo
and
m ade,
T h e
of
s t a t e m e n t , a s p u b lis h e d
A p ril
4,
a n n o u n c in g
g iv in g
th e
p la n
som o
in
d e t a ils
th e M o n
of
u n d e r w h ic h
th o
sub
a llo t m e n t s
tw o
and
C h am ber.
never
n ig h t.
soon
h is a d d r e s s .
it
as
b oth
th e
P r e s id e n t ’s
b r a n c h e s w ith
th e
c o m p le t io n
P r e s id e n t
o f
W ils o n
is s a i d ,
ch eers
w a s h e g reeted
w as
th en
g reeted
restored
m arked
th e
th e
h is
th e
in
th e
en tra n ce ,
as he
w as
P r e s id e n t
p r o c e e d in g s
th a t
began
u n til h e
d e c la r e d , “ W e w ill n o t c h o o s e t h e p a t h o f s u b m is s io n ,”
s a id :
th e
reach ed
H is m e s s a g e w a s d e liv e r e d
q u ie t
S ile n c e
r e c e iv e
b y
h ou ses.
D e a fe n in g
b e fo r e ,
A s
to
in
fo llo w in g
th e c a p it o l a t 8 :4 0 p . m .
H ou se
h o u s e s o f C o n g r e s s in j o i n t s e s
n ig h t
w hen
O f tho total, $60,000 ,000 was received from tho chartered banks o f
th e r o w a s a p p la u s e .
S c a r c e ly h a d th e s o u n d o f th is d e m o n
Canada; $18,121 ,000 represented conversions from tho war loan issuo o f s t r a t i o n s u b s i d e d w h e n t h o P r e s i d e n t u r g e d t h a t C o n g r e s s
1915, and $5,983,000 debenture stocks maturing in 1919, which will bo sur
s h o u ld d e c la r e t h a t a s ta te o f w a r e x is te d , a n d a s e c o n d
rendered for tho now 20-year bonds. N o loss than $ 8 2 ,800 ,000 is repre
sented by applications for allotments o f $25,000 and under o f tho latest
d e m o n s t r a t io n
began.
E v e ry o n e o f th e S u p rem e C o u rt
Issue.
J u s tic e s
(th e r e w e r e s ix o f t h e m
p resen t) s to o d .
I n h is
T h e prineiplo o f tho allotment of bonds to applicants has been settled.
m e s s a g e t h e P r e s id e n t d e c la r e d t h a t G e r m a n y in its n e w
N o allotment will bo made in respect o f tho subscriptions o f tho chartered
banks.
s u b m a r in e p o lic y h a d s w e p t e v e r y r e s t r ic t io n a s id e ; “ th e
Th e method In which subscriptions from the public will bo dealt with Is
p r e s e n t G e r m a n s u b m a r in e w a r fa r e a g a in s t c o m m e r c e ,” h e
set forth as follows:
(1)
— $25,000 and under will bo allotted in full;
a s s e r t e d , “ is a w a r fa r e a g a i n s t m a n k i n d .
I t is a w a r a g a in s t
(2)
— From $25,000 up to and including $100,000— tho first $25 000
a l l nina t i o n s . ”
“ N e u t r a l i t y , ” h e s a i d , “ is n o lo n g e r f e a s ib le
full, tho remainder 8 0 % ;
’
(3) — From $100,000 up to and including $ 1 ,0 0 0 ,0 0 0 — tho first $100,000 o r d e s i r a b l e w h e r e t h e p e a c e o f t h e w o r l d i s i n v o l v e d a n d t h e
tho same as N o . 2, tho remander 7 0 % ;
fr e e d o m o f its p e o p le s , a n d t h e m e n a c e t o t h a t p e a c e a n d
(4) — In excess o f $ 1 .000,000— the first $ 1 ,000.000 tho same as N o . 3, the f r e e d o m
lie s in t h e e x is t e n c e o f a u t o c r a t ic g o v e r n m e n t s ,
remainder 4 5 % .
Subscribers for $25,000 to $100,000 of tho loan w ill, b y this system , re b a c k e d b y o r g a n i z e d f o r c e w h i c h i s c o n t r o l l e d w h o l l y b y t h e i r
w ill, n o t b y t h e w ill o f t h e p e o p l e .”
H e add ed:
ceive an average of 8 8 % o f tho sum subscribed. Subscribers for $100 000 to $1,000,000 will receive an average o f 7 4 % o f tho amount applied
W o have no quarrel with the German people. W e have no feeling toward
for, and subscribers for more than $1,000,000 will bo granted an average of them but one o f sym pathy and friendship. It was not upon their impulse
5 7 % o f the amount subscribed.
that their Government acted in entering this war. It was not with their
previous knowledge or approval. It was a war determined upon as wars
rl h o m a i n p l a n o f t h o a l l o t m e n t , i t i s s a i d , i s t h o s a m e a s i n
used to be determined upon in the old, unhappy days when peoples were
th o s e c o n d lo a n .
In th e la tte r , h o w o v o r , u n d e r N o . 2 , o n ly
nowhero consulted by their rulers and wars were provoked and waged in
3 0 % w a s a c c e p t e d o f t h o e x c e s s o v e r $ 2 5 ,0 0 0 ; u n d e r N o . 3 ,
the interest of dynasties or o f littlo groups of ambitious men who were
accustomed
to use their fellow men as pawns and tools. Self-governed
4 0 % o f th e e x c e s s o v e r $ 1 0 0 ,0 0 0 , a n d u n d e r N o . 4 , o n l y 2 6 %
nations do not fill their neighbor States with spies or set the course of
o f t h o e x c e s s o v e r $ 1 ,0 0 0 ,0 0 0 .
T h o a llo t m e n t s th is t im e a r e ,
intrigue to bring about somo critical posture of affairs which will give them
an opportunity to strike and mako conquest. Such designs can be success
t h e r e fo r e , o n
a s u b s ta n tia lly la r g e r s c a lo .
T h u s , in
th o
fully
worked only under cover and where no one has the right to ask ques
s e c o n d lo a n t h e s u b s c r ib e r f o r $ 2 0 0 ,0 0 0 w a s a l lo t t e d $ 8 7 ,5 0 0 ,
tions.
a g a in s t
$ 1 5 5 ,0 0 0
in
th e
th ir d .
T h e
T h o
sch em e,
a s o u tlin e d
in
th e
o ffic ia l
sta tem en t, a p p a r-
e n tly . w o r k s o u t a s fo llo w s :
fo u n d a tio n s
C L A S S I.
C LA SS
Allotted.
$ 2 5 ,0 0 0 +
2 5 ,0 0 0 +
2 5 ,0 0 0 +
2 5 ,0 0 0 +
CLASS
$ 8 5 ,0 0 0 +
8 5 ,0 0 0 +
8 5 ,0 0 0 +
8 5 ,0 0 0 +
$150,000
200,000
500,000
1,000,000
T h e
by
p a r t ic u la r s
us on
M arch
II.
w e
Total Allotment.
$29,000
37,000
45,000
85,000
$4,000
12,000
20.000
60,000
H I.
$35,000
70,000
280,000
630,000
of
P r e s id e n t
o f
peace
th e
$ 1 5 0 ,0 0 0 ,0 0 0
17, pages
1001
and
p o lit ic a l
w ero
a lw a y s
c a r r ie d
m u st
bo
p la n te d
lib e r t y .
*
*
be
m ade
u pon
*
s a fe
th e
R ig h t
w o s h a ll fig h t f o r t h e
for
tested
is
m ore
th in g s w h ic h
n ea rest o u r h ea rts— fo r
dem ocracy,
in t h e ir o w n g o v e r n m e n t s , f o r t h o r ig h t s a n d lib e r t ie s o f s m a ll
n a tio n s , fo r a u n iv e r s a l d o m in io n
o f fr e e p e o p le s a s s h a ll b r in g
and
m ake
th e w o r ld
o f r ig h t b y
p eace an d
su ch
s a fe ty
to
a con cert
a ll n a t io n s
its e lf a t la s t f r e e .”
I n a s k in g th a t C o n g r e s s d e c la r e a s ta te o f w a r e x is tin g w it h
G erm an y,
th e
P r e s id e n t
step s n o t o n ly
to
put
th o
a ls o
asked
cou n try
th a t
in
a
it
ta k e
m ore
im m e d ia te
th orou g h
sta te
o f d e fe n s e , “ b u t a ls o t o e x e r t a ll its p o w e r a n d e m p lo y a ll its
$940,000
1,165,000
2,5 1 5 ,0 0 0
4.7 6 5 .0 0 0
lo a n
have
s a id ,
m ust
fo r t h e r ig h t o f t h o s e w h o s u b m it t o a u t h o r it y t o h a v e a v o ic e
$120,000
155,000
365,000
715,000
C L A S S IV .
$ 7 1 5 ,0 0 0 + $225,000
7 1 5 ,0 0 0 +
450,000
7 1 5 ,0 0 0 + 1,800,000
7 1 5 ,0 0 0 + 4 ,050,000
$1,500,000
2,000,000
5.000,000
10,000,000
th o
“ Its
p r e c io u s th a n p e a c e , a n d
Up to $25,000— in full.
Subscribed.
$30,000
40,000
50,000
100,000
w o r ld ,
dem ocracy.
re s o u r c e s to b r in g th e G o v e r n m e n t o f th e G e rm a n E m p ir e to
term s a n d
p u b lis h e d
v o lv e
end
th e
p r a c t ic a l
w a r .”
c o -o p e r a tio n
T h is ,
he
w ith
p o in te d
th e
ou t,
w o u ld
G o v e rn m e n ts
now
in
at
w a r w it h G e r m a n y , in c lu d in g th e e x te n s io n s t o th o s e G o v e r n
1002.
m e n t s o f th e m o s t lib e r a l fin a n c ia l c r e d it s , a n d t h e im m e d ia t e
C I T Y OF P A R I S P E R M A N E N T B O N D S N O W R E A D Y
FOR D E L I V E R Y .
T h e
th o
C e n tra l T r u s t C o . o f N o w
te m p o ra ry
bonds
o f
th o
C ity
5 -y e a r m u n ic ip a l e x te r n a l g o ld
in O c t o b e r la s t b y
Y ork
C ity
a n n ou n ces th a t
o f
P a ris
$ 5 0 ,0 0 0 ,0 0 0
lo a n ,
w h ic h
w as
th o K u h n , L o e b &
6 %
d is p o s e d
C o . s y n d ic a te a t
to
5 0 0 ,0 0 0
m e n , c h o s e n “ u p o n th o p r in c ip le o f u n iv e r s a l lia b ility
to
th e a r m e d fo r c e s o f th e U n it e d
s e r v ic e .”
F u rth erm ore,
ho
s a id ,
it
S ta te s o f a t le a s t
w ill
in v o lv e
“ th e
g r a n tin g o f a d e q u a te c r e d its to th e G o v e r n m e n t, s u s ta in e d , I
h o p e , s o fa r a s t h e y c a n e q u it a b ly b o s u s ta in e d , b y th e p r e s e n t
o f
98M
a d d itio n
,
g e n e r a tio n ,
b y
w e ll
c o n c e iv e d
t a x a t io n .”
T h e
P r e s id e n t’s
a p p e a r a n c e b e fo r e C o n g r e s s o n M o n d a y c a m e w h ile n e w s w a s
THE CHRONICLE
1333
h eard
arm ed
th e
w ith
o f
th e
s u b m a r in in g
A m e r ic a n
d e c la r a tio n
th e
s h ip
o f
w ar
P r e s id e n t ’s
P r e s id e n t to
to
be
o f
th e
stea m er
sunk .
a d o p te d
b y
p r e s e n ta tio n s .
W o
A z te e — th e
r e fe r ,
C on gress
T h e
fir s t
e ls e w h e r o ,
in
to
c o m p lia n c e
m essage
o f
th o
C o n g r e s s is g i v e n h e r e w it h in f u ll:
Gentlemen of the Congress:
I havo called the Congress into extraordinary session because thero are
serious, very serious, choices o f policy to bo m ade, and made immediately,
which it was neither right nor constitutionally permissible that I should
assume tho responsibility of making.
On the 3d o f February last I officially laid before you tho extraordinary
announcement o f tho Imperial German Government that on and after the
first day of February it was its purpose to put aside all restraints o f law or
o f humanity and use its submarines to sink overy vessel that sought to
approach either tho ports of Great Britain and Ireland or tho western
coasts o f Europo or any o f tho ports controlled by tho enemies of Germany
within the Mediterranean. T hat had seemed to bo tho object of tho
German submarine warfare earlier in tho war, but sinco April of last year
the Imperial Government had somewhat restrained tho commanders of its
undersea craft, in conformity with its promise, thon given to us, that
passenger boats should not bo sunk and that duo warning would bo given to
all other vessels which its submarines might seek to destroy, when no
resistance was offered or escape attem pted, and caro taken that their crows
were given at least a fair chance to savo thoir lives in their open boats.
Tho precautions taken were meagre and haphazard enough, as was proved
In distressing instance after instance in tho progress of tho cruel and unmanly
business, but a certain degree of restraint was observed.
The now policy has swept overy restriction aside. Vessels of overy kind,
whatever their flag, their character, their cargo, their destination, their
errand, have been ruthlessly sent to tho bottom without warning and with
out thought of help or mercy for those on board, tho vessels o f friendly
neutrals along with those of belligerents. Evon hospital ships and ships
carrying relief to tho sorely bereaved and stricken people o f Belgium,
though the latter were provided with safe conduct through tho proscribed
areas by tho German Government itself and were distinguished by unmis
takable marks of identity, havo been sunk with tho same reckless lack of
compassion or of principle.
I was for a little while unablo to beliovo that such things would in fact
be dono by any Government that had hitherto subscribed to tho humane
practices o f civilized nations. International law had its origin in tho
attem pt to set up somo law which would be respected and observed upon
tho seas, where no nation had right of dominion and whero lay tho freo
highways o f tho world. B y painful stago after stage has that law been
built up, with meagre enough results, indeed after all was accomplished
that could bo accomplished, but always with a clear viow, at least, o f what
tho heart and conscience of mankind demanded.
This minimum of right tho German Government has swept aside, under
the plea of retaliation and necessity and because it had no weapons which
it could use at sea except theso, which it is impossible to employ, as it is
employing them , without throwing to tho winds all scruples of humanity
or of respect for tho understandings that were supposed to underlio tho
intercourse of the world.
.
I am not now thinking o f tho loss of property involved, immenso and
serious as that is, but only of the wanton and wholesale destruction of the
lives of non-combatants, men, women, and children, engaged in pursuits
which havo always, even in tho darkest periods of modern history, been
deemed innocent and legitimate. Property can bo paid for; tho lives of
peaceful and innocent peoplo cannot be.
The present German submarine warfare against commerce is a warfare
against mankind. It is a war against all nations. American ships havo
been sunk, American lives taken, in ways which it has stirred us very
deeply to learn of, but tho ships and peoplo of other neutral and friendly
nations have been sunk and overwhelmed In tho waters In tho same way.
Thero has been no discrimination.
Tho challenge is to all mankind. Each nation must decide for itself
how it will meet it. Tho choico wo mako for ourselves must bo made with
a moderation of counsel and a temporateness of judgmont befitting our
character and our motives as a nation. W e must put excited feeling away.
Our motivo will not bo rovongo or tho victorious assertion of the physical
might of the nation, but only the vindication of right, of human right, of
which wo aro only a singlo champion.
W hen I addressed tho Congress on tho 26th o f Fobruary last I thought
that it would suffice to assert our neutral rights with arms, our right to use
the seas against unlawful interference, our right to kcop our peoplo safe
against unlawful violence. But armed neutrality, it now appears, Is
impracticable. Because submarines aro in effect outlaws, when used as
tho German submarines havo been used against merchant shipping, it is
impossible to defend ships against their attacks as tho law o f nations has
assumed that merchantmen would defend themsolves against privateers
or cruisers, visiblo craft giving chaso upon tho open sea. It is common
prudenco in such circumstances, grim necessity indeed, to endeavor to
destroy them beforo they havo shown their own intontion. They must
bo dealt with upon sight, if dealt with at all.
Tho German Government denies tho right o f neutrals to use arms at all
within tho areas of tho sea which it has proscribed, evon in tho defense of
rightswhich no modern publicist has over beforo questioned thoir right to dofend. Tho intimation is convoyed that tho armed guards which wo have placed
on our merchant ships will bo treated as boyond tho palo of law and subject
to bo dealt with as pirates would be. Armed neutrality is ineffectual
enough at best; in such circumstances and in tho faco o f such protensions
it is worso than ineffectual: it is likely only to produco what it was meant
to prevent; it is practically certain to draw us into tho war wdthout either
the rights or tho effectiveness of bolligcronts.
There is one choico wo cannot mako, wo aro incapablo of making: wo
will not choose tho path of submission and suffer tho most sacred rights of
our nation and our peoplo to bo ignored or violated. Tho wrongs against
which wo now array ourselves aro no common wrongs; they cut to the very
roots of human llfo.
W ith a profound senso of tho solemn and oven tragical character of tho
step I am taking and of tho grave responsibilities which it involves, but
in unhesitating obedience to what I deem m y coastitutional du ty, I adviso
that tho Congress declare tho recent course of tho Imperial German Govern
ment to bo in fact nothing less than war against tho Government And peoplo
of tho United States; that it formally accept tho status of belligerent which
has thus been thrust upon it; and that it tako immediate stops not only to
put tho country in a more thorough stato o f defense, but also to exert all
Its power and employ all its resources to bring tho Government of tho
German Empire to terms and ond tho war.
W h a t this will involvo is clear. It will involve tho utmost practicable
co-operation in counsel and action with tho Governments now at war with
Germ any, and, as incidont to that, the extension to those Governments of
tho most liberal financial credits, in order that our resources m ay so far
as possiblo bo added to theirs.
[Vol. 104
It will involvo tho organization and mobilization of all the material
resources o f tho country to supply tho materials of war and servo tho Inci
dental needs o f tho nation in tho most abundant and yet tho most economical
and efficient way possiblo.
It will involve tho immediate full equipment of tho navy in all respects,
but particularly in supplying it with tho best means o f dealing with the
enemy’s submarines.
It will involvo tho immediate addition to tho armed forces of tho United
States, already provided for by law in case of war, of at least 500,000 m en,
who should, in m y opinion, bo chosen upon tho principle o f universal
liability to service, and also tho authorization o f subsequent additional
increments of equal force so soon as they m ay bo needed and can bo handled
in training.
It will involve also, of course, tho granting of adequate credits to the
Government, sustained, I hope, so far as they can equitably bo sustained
by tho present generation, by well conceived taxation.
I say sustained so far as m ay bo oquitablo by taxation, becauso it scorns
to mo that it would be most unwise to base tho credits, which will now be
necessary, entirely on money borrowed. It Is our duty, I most respectfully
urge, to protect our people, so far as wo m ay, against tho very serious
hardships and evils which would bo likely to ariso out of tho inflation which
woidd bo produced by vast loans.
In carrying out the measures by which theso things aro to bo accomplished
wo should keep constantly in mind the wisdom o f interfering as little as
possiblo in our own preparation and in tho equipment of our own military
forces with the duty— for it will bo a very practical duty— of supplying the
nations already at war with Germany with tho materials which they can
obtain only from us or by our assistance. They aro in tho field and we
should help them in every way to bo effective thero.
I shall tako tho liberty of suggesting, through tho soveral executive
departments of tho Government, for tho consideration of your committees,
measures for tho accomplishment of tho sovoral objects I havo mentioned.
! I hope that it will bo your pleasure to doal with them as having been framed
1 after very careful thought by tho branch of tho Government upon which
I tho responsibility of conducting tho war and safeguarding tho nation will
; mast directly fall.
j
AVliilo wo do these things, theso deeply momentous things, lot us bo very
clear, and mako very clear to all tho world, what our motives and our
objects aro. M y own thought has not been driven from its habitual and
normal course by tho unhappy events of tho last two m onths, and I do not
beliovo that tho thought of the nation has been altered or clouded by them.
I have exactly tho samo things in mind now that I had in mind when I
addressed tho Senate on tho 22d of January last; tho samo that I had in
mind when I addressed tho Congress on tho 3d of Fobruary and on the
26th of February. Our object now, as thon, is to vindicate tho principles
of peaco and justice in tho lifo of tho world as against selfish and autocratic
power, and to set up amongst tho really freo and self-governed peoples of
tho world such a concert of purpose and of action as will lioncefortli insure
tho observance of thoso principles.
Neutrality Is no longer feaslblo or desirable where tho peace of tho world
; Is involved and tho freedom of its peoples, and tho menace to that peaco
I and freedom lies in tho existence of autocratic Governments, backed by
! organized force which is controlled wholly by thoir will, not by tho will or
: their people. W o havo scon tho last of neutrality in such circumstances.
W o aro at tho beginning o f an ago in which it will bo insisted that tho
j same standards of conduct and o f responsibility for wrong dono shall bo
observed among nations and their Governments that aro observed am ong
! tho individual citizons o f civilized States.
W e have no quarrel with tho German peoplo. W o havo no feeling towards
! them but ono o f sym pathy and friendship. It was not upon their impulse
that their Government acted in entering this war. It was not with their
previous knowledge or approval. It was a war determined upon as wars
used to be determined upon In tho old, unhappy days, when peoples were
nowhero consulted by their rulers and wars were provoked and waged in
j tho interest of dynasties or of little groups of ambitious men who were
: accustomed to use their fellow men as pawns and tools.
|
Self-governed nations do not fill thoir neighbor States with spies or sot
tho courso of intrigue to bring about somo critical posturo of affairs which
will give them an opportunity to strike and mako conquest. Such designs
can be successfully worked out only under cover and whore no ono has the
right to ask questions.
j
Cunningly contrived plans of deception or aggression, carried, it m ay bo,
I from generation to generation, can bo worked out and kept from tho light
only within tho privacy of courts or behind tho carefully guarded confidences
j o f a narrow and privileged class. They aro happily impossible whero
i public opinion commands and insists upon full information concerning
| all tho nation’s affairs.
j
A steadfast concert for peaco can nover bo maintained except by a
• partnership of democratic nations. N o autocratic Government could bo
[ trusted to keep faith within it or observe its covenants. It must bo a
' league of honor, a partnership of opinion. Intrigue would eat its vitals
'■ away; tho plottings of inner circles who could plan what they would and
! render account to no ono would bo a corruption seated at its very heart,
j Only free peoples can hold thoir purpose and their honor steady to a common
! end and prefer tho interests of mankind to any narrow interest of their
I own.
Does not overy American feol that assurance has been added to our
hope for the future peaco of tho world by tho wonderful and heartening
tilings that have been happening within tho last few weeks In Russia?
Russia was known by thoso who know lior best to havo been always in
fact democratic at heart In all tho vital habits of her thought, in all tho
intimato relationships of her peoplo that spoke their natural Instinct, their
habitual attitude towards lifo.
Tho autocracy that crowned tho summit of her political structure, long
as it had stood and terriblo as was tho reality of its power, was not in fact
Russian in origin, character, or purpose; and now it has been shaken o ff and
tho great, goncrous Russian peoplo havo been added, in all thoir nativo
m ajesty and might, to tho forcos that aro fighting for freedom in tho world,
for justice, and for peaco. Hero Is a fit partner for a Lcaguo of Honor.
Ono of the things that has served to convineo us that tho Prussian
autocracy was not and could nover bo our friend is that from tho very
outset of tho present war it has filled our unsuspecting communities, and
even our offices of government, with spies and set criminal intrigues every
where afoot against our national unity of counsel, our peaco within and
without, our industries and our commerce. Indeed, it Is now evident that
its spies were hero oven before tho war began: and it is unhappily not a
! matter of conjecturo, but a fact proved in our courts of justico, that tho
intrigues which havo more than onco come perilously near to disturbing
tho peaco and dislocating tho Industries of tho country, havo been carried
on at tho instigation, with tho support, and oven under tho personal direc
tion of official agents of tho Imperial Government, accredited to tho Govern
ment of tho United States.
Even in checking theso things and trying to oxtirpato them wo havo sought
to put tho most goncrous interpretation possiblo upon thorn becauso we
knowTtliat thoir sourco lay, not In any hostllo feeling or purposo of tho
A pr . 7 1917.]
THE CHRONICLE
German people towards ns, (who were, no doubt, as ignorant o f them as wo
ourselves were), but only in the selfish designs of a Government that did
what it pleased and told its people nothing. B ut tlioy have played their
part in serving to convince us at last that that Government entertains no
real friendship for us, and means to act against our peace and security at
Its convenience. That it means to stir up enemies against us at our very
doors the intercepted note to the German M inister at M exico C ity is
eloquent evidence.
W o aro accepting this challenge o f hostile purposo because wo know that
in such a Government, following such methods, wo can novcr have a friend;
and that in tho presence of its organized power, always lying in wait to
accomplish wo know not what purposo, there can bo no assured security
for tho democratic Governments o f tho world.
W o are now about to accept gauge o f battlo with this natural foe to
liberty and shall, if necessary, spend tho wholo force o f tho nation to check
and nullify its pretensions and its power. W o are glad, now that wo see
the facts with no veil of false pretense about thorn, to fight thus for tho
ultimato peace of tho world and for tho libertaion of its peoples, the German
peoples included: for tho rights of nations, great and sm all, and tho privilege
o f men everywhere to choose their way of lifo and of obedience.
Tho world m ust bo made safe for democracy. Its peaco must be planted
upon tho tested foundations of political liberty.
W o have no selfish ends to servo. W o desire no conquest, no dominion.
W o seek no indemnities for ourselves, no material compensation for tho
sacrifices we shall freely mako. W o are but one o f tho champions o f the
rights of mankind. W o shall bo satisfied when thoso rights liavo been made
as secure as tho faith and tho freedom of nations can mako them.
Just bocauso wo fight without rancor and without selfish object, seeking
nothing for ourselves but what wo shall wish to share with all freo peoples,
wo shall, I feel confident, conduct our operations as belligerents without
passion and ourselves observe with proud punctilio tho principles o f right
and of fair play wo profess to bo fighting for.
I havo said nothing of tho Governments allied with tho Imperial Govern
ment o f Germany because they havo not made war upon us or challenged
us to defend our right and our honor. Tho Austro-Hungarian Government
has, indeed, avowed its unqualified indorsement and acceptance o f the
reckless and lawless submarino warfare, adopted now without disguiso
by tho Imperial German Government, and it has therefore not been possiblo
for this Government to receivo Count Tarnowski, tho Ambassador recently
accredited to this Government by tho Imperial and Itoyal Government of
Austria-H ungary; but that Government has not actually engaged in warfaro
against citizens of tho United States on tho seas, and I tako tho liberty,
for tho presont at least, of postponing a discussion of our relations with tho
authorities at Vienna. W o enter this war only where we aro clearly forced
into it bccauso there are not other means of defending our rights.
It will bo all tho easier for us to conduct ourselves as belligerents in a
high spirit of right and fairness because wo act without animus, not in
enmity towards a peoplo or w tli tho desiro to bring any injury or dis
advantage upon them , but only in armed opposition to an irresponsible
Government which has thrown aside all considerations of humanity and of
right and is running amuck.
.
W o art), lot mo say again, the sincere friends of tho German people, and
shall desiro nothing so much as tho early re-establishmont of intimate rela
tions of mutual advantage between us, however hard it m ay bo for them
for tho time being to believe that this is spoken from our hearts. W o havo
borno with their present Government through all these bitter months
bccauso of that friendship, exercising a patience and forbearanco which
would otherwise havo been impossible.
W o shall happily still have an opportunity to prove that friendship in our
daily attitude and actions towards tho millions of men and women of German
birth and native sym pathy who live amongst us and sliaro our lifo, and wo
shall bo proud to provo it towards all who are in fact loyal to their neighbors
and to tho Government in tho hour of test. They aro most o f them as true
and loyal Americans as if they had never known any other fealty or al
legiance. They will be prompt to stand with us in rebuking and restraining
tho few who m ay be of a different mind and purposo. I f there should be
disloyalty, it will be dealt with with a firm hand of stern repression; but,
if its lifts its head at all, it will lift it only hero and there and without
countenance except from a lawless and malignant few.
It is a distressing and oppressive duty, gentlemen of tho Congress, which
I havo performed in thus addressing you. Thero aro, it m ay bo, m any
months of fiery trial and sacrifice ahead of us. It is a fearful thing to load
this great, peaceful peoplo into war, into tho most terriblo and disastrous
o f all wars, civilization itself seeming to be in tho balance.
B ut tho right is more precious than peaco, and wo shall fight for the
things which wo havo always carried nearest our hearts— for democracy,
for tho right of thoso who submit to authority to havo a voice in their own
Governments, for the rights and liberties of small nations, for a universal
dominion of right by such a concert of freo peoples as shall bring peaco and
safety to all nations and mako the world itself at last free.
T o such a task wo can dedicate our lives and our fortunes, everything
that wo aro and everything that wo havo, with the pride o f thoso who know
that tho day has come when America is privileged to spend her blood and
hor might for tho principles that gave her birth and happiness and tho
peaco which she has treasured.
God helping her, she can do no other.
B A N K E R S ’ E N D O R S E M E N T OF P R E S I D E N T W I L S O N ’ S
MESSAGE.
P r e s id e n t W ils o n ’s M e s s a g e
on
th o sta n d
to
be
ta k e n
m o u s ly in d o rs e d b y
d raw n
fo rth
fro m
t io n a l B a n k
fin a n c ia l
th e b a n k e rs.
ban kers b e
on
in s t .,
th o
3rd
ho
on
M on d a y
A
in N e w
la s t,
u n a n i
s u g g e s tio n w h ic h it h a s
th o N a
Y o r k , is t h a t t h o G o v e r n
t o im m e d ia t e ly g a t h e r a ll t h o f a c t s u n d e r ly in g
s itu a t io n ,
e x p e r ie n c e d
m on,
C on gress
J a m e s S . A le x a n d e r , P r o s id o n t o f
of C om m erce
m en t proceed
th o
to
a g a in s t G e r m a n y , h a s b e e n
in
and
th a t
an
a p p o in t e d .
resp on se
to
a d v is o r y
In
c o m m itte e
of
h is s t a t e m e n t , m a d e
req u ests
fro m
n ew spaper
s a id :
W o aro on tho threshold of tho world’s greatest war. H appily, wo can
help at onco in a financial w ay. W o havo a third of tho world’s stock of
gold. B ut it should bo remembered that tho Secretary of the Treasury
is not a member of tho Council of N ational Defonso. N o financial repre
sentatives aro included in its membership. Consequently, tho mobiliza
tion of industrial resources which is being carried on by tho Council, and
tho Advisory Com m ittee of business men working with it, has no parallel
In tho fields of finance. I bolievo that tho Government should immedi
ately proceed to gather all tho facts underlying tho financial situation.
T h oy should appoint an advisory committeo o f experienced bankers, and
should prbbably send a small commission of trained financial mon to confer
1333
with representatives of tho Allied Governments in London. W o are work
ing for tho same cause. W o should stand together.
W o are fighting for principles which mean everything to tho future happi
ness o f tho world. W o m ust take our part as a nation, not n a smaU
w ay, but in a great w ay. W e m ust act not only to further tho present
struggle, but also, as far as possible, for tho best interests of the people
o f tho United States in tho future. This means that one of our most im
portant problems is the sound financing o f tho war. I t will be very easy
to tako hasty steps which will result in immeasurable harm to the American
peoplo for years to come.
Our last great war, tho Civil W a r, was one o f tho m ost expensive in
history. There was a substantial lack o f agreement between the business
men and the officials o f tho Government. Secretary of tho Treasury Chase
advocated the Legal Tender A c t, which was a forced loan without interest.
Eight years later, as Chief Justice of the Supremo Court, he pronounced
tho Legal Tender A ct as unjust and unconstitutional. A t tho tim e, how
ever, m any financiers o f high standing advocated the A c t, although m any
opposed it. This A c t violated sound economic principles; its bad effects
were far-reaching. This illustrates tho dangers o f acting hastily in a situ
ation of this sort.
.
There is no excuse for unsound financing to-d ay. B y good fortune,
although wo are at war, our soil is not menaced by a foreign foo. A loan
can bo placed immediately to cover tho urgent needs o f the Governm ent.
For tho long pull a plan should bo adopted prom ptly but only after careful
study and consultation. There aro very powerful groups of people in this
country who believe the entire expense o f the war should bo raised by direct
taxation. Others feel confident that such a course would paralyze industry
and not produce the necessary revenue. Some peoplo believe the entire
amount should be raised on bond issues. Some lay emphasis on indirect
taxation. A ll these questions have a profound bearing upon the economic
future o f tho United States. Thoy should not be decided blindly nor
hastily.
H e n r y P . D a v is o n
o c c a s io n
to
P in c h o t’s
deny
of J. P . M organ
rep orts
prop aga n d a
th a t
he
r e la tin g
to
&
w as
w ar
C o ., w h o h a s ta k e n
in te r e s te d
in
fin a n c e ,
s a id
A m os
w ith
r e g a r d t o P r e s id e n t W ils o n ’s e n u n cia tio n s ;
I heartily approve o f tho President’s suggestion that Government loans
should bo sustained or supplemented by equitable and well conceived taxa
tion, and I have no doubt that the men and women of the country, whether
their wealth be largo or sm all, will gladly respond, as they have in Great
Britain, to tho country’s need.
---------------.
.
F r a n k A . V a n d e r lip , P r e s id e n t o f th e N a t io n a l C it y B a n k ,
in
c o m m e n d in g
th e
P r e s id e n t’s m e ssa g e ,
s a id :
I was favorably impressed with the President’s message and cannot find
words sufficiently strong in commendation o f tho document. It is a
masterpiece, and I believe will go down in tho annals of history as one of
tho greatest utterances o f any statesman. It was clear, concise and farseeing, and I believe will meet with hearty co-operation all over the country.
W ar with Germany will cost an immense amount o f m oney, as well as
lives, if wo become actively engaged in tho struggle, but I believe the nation
will bo a unit in supporting the cause. Tho financial machinery o f the
country should be immediately mobilized in order to be ready to co-operate
with tho Government and a fixed policy of action preparatory to raising
the immense amounts that will bo required decided upon. B y this, I do
not moan that only tho large banking institutions should participate, but
that private bankers and bond salesmen bo enlisted In tho ranks in order
that such Government issues as m ay bo put out can be widely distributed
throughout all sections o f the United States. D on ’t forget that the bond
salesman is an important factor and can accomplish greater benefits for the
country by distributing bonds than by donning a uniform and shouldering
a gun.
One of the first'steps that probably will bo taken will bo the issuance of a
largo Government bond issue, and I believe that at least $ 500 ,00 0,00 0 of
3 H % bonds with a convertible feature can be disposed of immediately.
B y a convertible feature I mean convertible into the next Government issue
to follow at a price that will represent tho same amount as paid for the
original offering.
I am in favor of the public being taxed as was outlined by the President,
but this taxation should bo general and not confined to certain groups of
individuals. Fears seem to be entertained by some that there is a possi
bility of those enjoying largo incomes being heavily taxed, while those with
small incomes will be called upon to do tho fighting. In other words, the
inference might bo drawn that a certain class havo plenty o f money but no
patriotism, while another class has partiotism but no money. This, how
ever, is not tho case. Thero is no group of men in the country who are more
willing or who will bo quicker to enlist and do active service in the field
than tho moneyed class.
A lv in
W .
K rech ,
P r e s id e n t
of
th e
E q u it a b le
T ru st
C o ,,
s a id :
President W ilson very properly calls to tho attention o f Congress the
necessity o f granting adequate credits to tho Government if it formally
accepts tho status of a belligerent, such credits to be sustained so far as
m ay bo equitable, by taxation upon tho present generation. I am not
altogether sure that this is sound.
Government borrowing in the form o f long time obligations sold to its
peoplo does not necessarily im ply placing a burden upon future generations,
for whatever that burden m ay bo it must be obviously less oppressive than
its immediate absorption by a system of excessive taxation.
T o mako m yself clear, let mo explain that governmental borrowing for
war purposes from its people upon interest-bearing obligations is a simple
mothod o f capitalizing the cost and waste of war, and, while not perhaps
adding to it, certainly does not impair the capital resource of a nation.
During tho Crimean and Napoleonic wars the British Government taxed
its subjects to the extent of 4 7 % of their cost and capitalized the rest in the
form of long term obligations. During tho present war only 1 7 % o f its
curront cost has been covered by concurrent taxation. A s a result o f the
earlier wars tho capital resources o f Great Britain were materially impaired
and its economic development seriously retarded, while at present it can
hardly bo said that any economic damage has been felt.
Tho capital resource of any country is too vital a factor in its growth IO
development to bo dealt with ruthlessly or intermittently. W ith us it is a
necessary element in sustaining and backing tho commercial and industrial
competition with which this country will be confronted inevitably after
tho closo of tho war. Fortunately, the United States is in a position to
financo on liberal terms the pressing needs o f the Government. There is
a plethora o f money in the country and unbounded partiotism which will
promptly respond to any financial mobilization.
W o aro doubtless to have a time of unusual Industrial activity and in some
lines inordinate profits. A division of such profits with tho Government in
the form of increased taxation is logical and equitable, but nevertheless the
question o f determining the best and soundest policy for distributing the
burden o f war cost is one which must be approached with wisdom and
genuine patriotism.
VIEW S
N ew
gress
IN
U. S. A N D A B R O A D C O N C E R N I N G
P R E S ID E N T ’ S MESSAGE.
Y ork
back ed
u p
b y
S ta te,
th e
th rou g h
a d o p tin g
G o v e rn m e n t.
R .
its
L e g is la tu r e ,
d e c la r a tio n s o f P r e s id e n t W ils o n
on
th e
2nd
t h e r e s o u r c e s o f t h e S t a t e in
E lo n
T h e
B row n
in s t.
m on ey
r e s o lu tio n s
r e s o lu tio n s
and
m en
C on
p le d g in g
to
in tr o d u c e d
In
p r o m p t ly
b e fo r e
a ll
th e F ed era l
b y
R e s o lu tio n s
S e n a to r
read :
fo r
C on gress on
th e
“ th e
s p le n d id
h im
to
h im
fu ll s u p p o r t w e r e a d o p t e d
n e c t ic u t
G en eral
o f
C o n n e c tic u t
m essage”
A s s e m b ly
p le d g e d
in d o r s e d
cou rse
on
th e ir
ta k en
in b o t h
th e
and
b y
p le d g in g
b ra n ch es o f th e C o n
3rd.
su pport
b y
to
d e liv e r e d
t h e in t e r n a t io n a l s it u a t io n
im m e d ia te ly
th e
th a n k s
O th e r
to
th e
F ra n ce
w as
In
deep
S ta tes
a ls o
P r e s id e n t
and
jo y
th o
on
th e
3rd
P r e s id e n t
In
P r e s id e n t
tory
in s t.
on
W ils o n
h is
and
w ay
stop p ed
h om e
o ff
fr o m
c o n g r a tu la te
a s ta te m e n t d ic ta te d
w it h
b y
th e
th e
great
and
in
th e
a
w ho
w as
O n
th e
5 th
in s t .,
th e
term ed
scen es
w itn e s s e d
A le x a n d r e
a fte r
sp eech .
th e
en try
d em ocracy.
on
day
w o r ld ,”
s a id .
he
rem ark ed
th e
in to
P r e m ie r
th e
in
4 th
you r
“ It
at
h is
is
th o
M .
C a m b on ,
in
F r a n c e ,”
p resen t.
th e
e x tr a o r d in a r y
w ere
over
en
u s ,”
exp ressed
m e m o r a b le
g r e a t e s t e v e n t s i n c e t h e C iA d l W a r , ”
fo r
W ils o n
P r e m ie r
F ra n ce
w as
day
corresp on d en ts
is
o f
m essage
le tte r
P r e s id e n t
th e
A m e r ic a n
“ T h is
h is to r y
red
on
in
A m e r ic a n
d ’O rsa y .
a
frie n d s
everyb od y
o f
r e c e iv e d
h is
W ils o n ’s
is
in
R ib o t,
and
U n it e d
S ta tes
“ A m e r ic a ’s D a y
houses
of
th e v e n e r a b le
cam e
im p r e s s iv e
th e
as
e n th u s ia s m
b oth
C ham ber
s o le m n
of
to
D e p u tie s
th e
th e
U n ite d
F ren ch
A t
broke
and
began
th e
fir s t
o u t in
S ta tes
P a r lia m e n t.
P r e m ie r, a ro se
order
ton es.
fo r
im m e d ia te ly
an
a d d ress
m e n tio n
a p p la u s o
of
and
in
th e
th en
th e w h o le h o u s e s p o n ta n e o u s ly a r o s e , c h e e r in g fo r th e U n it e d
h im .
R o o s e v e lt
fe lt
Q uai
“ It
R ib o t ’s c o m m e n t
c o n flic t
R ib o t
P r e s id e n t
r e c e iv e d .
P r e m ie r
S ta tes
F orm er
lik e w is e
c o n v e r s a tio n
th e
e x p r e s s in g
W ils o n
done, into the fellowship of those free nations whoso governments would
not dare to perpetrate such crimes.
N ever has a better blow been struck for democratic freedom than that
which America is now dealing to the last o f tho despotisms that remain in
Europe.
t h u s ia s t ic a lly
Resolved, T h a t the State o f N ew Y o rk through its Legislature pledges all
its resources in men and money to the national Government in the present
crisis for the m ost effective action to protect the nation, its honor and
rights, and the rights o f its citizens and for the common defence.
Resolved, T h a t the Stato o f New Y o rk through its Legislature declare in
favor o f universal military training and service.
P r e s id e n t
[VOL. 104
THE CHRONICLE
1334
W a s h in g to n
F lo r id a
h im
a t th e r a ilr o a d
at
on
s t a t io n
to
h is
c a ll
on
ad d ress.
th e
C o lo n e l
and
W illia m
D e p u t ie s
P r e s id e n t
G .
S h a rp ,
tu rn ed
W ils o n .
w as
tow a rd
tin u e d .
T h e
c h e e r in g
w a s r e d o u b le d
in
h im
A m bassador
in
T h o
th e
and
stood
A m e r ic a n
d ip lo m a tic
th e
up
in te n s ity .
A m ba ssa d or
g a lle r y .
T h e
d e m o n s tr a tio n
and
bow ed ,
M r.
S h a rp
con
an d
w as
th e
a g a in
o b l ig e d t o r is e a n d a c k n o A v le d g e a n o v a t i o n w h e n t h e P r e m ie r
s a id :
s a id :
“ T h e
U n ite d
S ta tes
A v is h e s
n e ith e r
con qu est
nor
The President’s message is a great State paper, which will rank in his
tory among the great State papers of which Americans in future years will
c o m p e n s a t io n .”
A fte r
th e
P r e m ie r
had
c o n c lu d e d
h is
bo proud. It now rests with the people of tho country to see that wo put
in practice the policy the President has outlined and that we strike as r e m a r k s t h e P r e s i d e n t o f t h e C h a m b e r , P a u l D e s c h a n e l ,
d e liv e r e d a n a p p r e c ia t io n o f th e a c t io n o f th e U n it e d S ta te s
hard, as soon and as effectively as possible in aggressive war against the
Government o f Germany. W e must send troops to the firing line as A v h i c h e l i c i t e d t w o m o r e d e m o n s t r a t i o n s , b o t h
o f A v h io h
rapidly as possible. Defensive war is hopeless. W e m ust by vigorous
la s te d u n til M r . S h a r p a r o s e a n d b o w o d .
T h e C h am ber
offensive warfare win the right to have our voice count for civilization and
justice when the tim e for peace comes.
d e c id e d th a t M . R ib o t ’s a n d M . D o s c h a n e l’s s p e e ch e s s h o u ld
I,
o f course, very earnestly hope that I m ay be allowed to raise a division
b e p o s te d th r o u g h o u t F r a n c e a n d s h o u ld b o r e a d in e v e r y
for immediate service at the front. I guarantee that no finer body of
s c h o o l in t h e r e p u lb ic .
A c a b le g r a m e x p r e s s in g th e s e n ti
fighting men could bo gathered together than there would be in that di
vision, but, o f courso, tho men to whom I would appeal will come forward
m e n t in F r a n c e toA v a rd t h o U n it e d S t a t e s s e n t b y P r e s id e n t
only if it is understood that tho division is to be sent at the earliest prac
P o in c a r e t o P r e s id e n t W ils o n o n th e 5 t h , r e a d s a s fo llo w s :
ticable m om ent into tho fighting line.
A t the m oment when, under the generous inspiration o f yourself, tho
great American republic, faithful to its ideals and its traditions, is coming
forward to defend with tho force of arms tho cause of justice and of liberty,
A p o ll o f b u s in e s s a n d c iv ic b o d ie s a n d p e o p le t o a s c e r t a in
the pcoplo of France are filled with the deepest feelings o f brotherly apprecia
s e n tim e n t a s t o h o w fa r th e A m e r ic a n G o v e r n m e n t s h o u ld
tion.
g o in d e a lin g w ith G e r m a n y w a s m a d e p u b lic o n M a r c h 3 0
Permit m e again to convey to you M r . President, in this solemn and
grave hour, an assurance o f the same sentiments o f which I recently gave
b y
S e n a to r
O w en
o f
O k la h o m a .
S e n a to r
O w en,
com
you ovidenco, sentiments which, under the present circumstances, have .
m e n t in g u p o n t h e r e s u lts o f t h e u n o ffic ia l r e fe r e n d u m , s a id
grown in depth and warmth.
to -d a y :
I am confident that I voice the though of all Franco In expressing to
In answer to a telegram which I sent to a large number o f cities in Okla
you and to the American nation the joy and tho pride which wo fool to-day
homa asking the stato of public opinion with regard to the anticipated action
as our hearts once again beat in unison with yours.
o f the President in advising that a state o f war exists or a declaration of
This war would not have reached its final import had not the United
war against the German Hohonzollem Government I received replies from
States been led by the enemy himself to take part in It. T o every impartial
various organizztions, chambers o f commerce, rotary clubs, civic organi spirit it will bo apparent, in tho future more than over in tho past, that
zations, & c ., in Oklahoma.
German imperialism which desired, prepared and declared this war, had
T h ey were all of like purport— that they would stand by tho President and conceived the mad dream of establishing its hegemony throughout the
Congress in declaring that a state of war exists or in declaring war. Some
world. It has succeed eel only in bringing about a revolt of tho conscience
suggested that while preferring peace they would stand by the President in
of humanity.
defence o f American rights.
In never to bo forgotten language you have made yourself before the
There is no question that Oklahoma will be found resolutely behind tho universo the eloquent Interpreter o f outraged laws and a monaced
President and Congress, and I think these patriotic responses which I have civilization.
_• eceived are a fair and substantial answer to tho rumor that tho AVcst will
Honor to you, M r . President, and to your noblo country. I beg you to
not support the President or Congress in what these public servants found
believe In m y devoted friendship.
R A Y M O N D P O IN C A R E .
justified by the facts.
T h e
P r e s id e n t ’s
E n g la n d ,
B ryce,
on
to
fo r m e r
th o 3 rd
w hat
b oth
E u rop e
th e
B r itis h
in s t. t o
d iffe r e n c e
m essage
b y
w as
press
e n t h u s ia s t ic a lly
and
A m bassador
th e
at
g reeted
p e o p le .
W a s h in g to n
in
V is c o u n t
G E R M A N Y A SS E R T S W A R D E C L A R A T I O N W I L L
M A K E NO C H A N G E I N I T S A T T I T U D E .
r e p ly in g
A c c o u n ts fro m
th e q u e s tio n o f th e A s s o c ia te d P re s s a s to
A m e r ic a ’s e n tra n ce
noA V a n d
h e r e a fte r,
s a id :
in
th e
w ar
w o u ld
m ake
B e r lin o n A p r il 3 (v ia L o n d o n A p r il 4 ) m a d e
k n o w n t h e d e c l a r a t i o n i n B e r l i n t h a t t h e r e A v o u ld b o n o c h a n g e
in
th o G erm a n
a t t it u d e , e v e n
if C o n g r e s s a d o p t e d
P r e s id e n t
W ils o n ’s v ie w s .
G e r m a n y w ill n o t d e c la r e w a r , t h e p r e s s
I would say that it will be o f the highest importance in three w ays, and
it gives the keenest pleasure to America’s warmest friends hero. Firstly,
d is p a t c h e s s t a t e , n o r ta k o a n y s te p to A vage w a r a g a in s t th e
it must bring the war to a speedy close,' not only by the material aid, in
U n ite d S ta te s .
T h e s u b m a r in e w a r w ill b e c o n t in u e d a s it
money and m en and in the supply o f food to the Allied countries, America
can render, but also by the moral effect her participation will produce on h a s b e e n c o n d u c t e d s i n c e F e b . 1 , b u t t h i s , t h o o f f i c i a l s a s s e r t ,
the German people and tho German armies. They will now see that suc
is n o t d ir e c t e d m o r e a g a in s t t h e U n it e d S t a t e s t h a n a n y o t h e r
cess has for them become impossible. Demoralization must increase and
n e u tr a l.
I t w a s a ls o s t a t e d t h a t t h e r e A v o u ld b e n o c h a n g e in
resistance weaken.
t h e t r e a t m e n t o f A m e r i c a n c i t i z e n s i n G e r m a n y , avIi o n oA V
Secondly, Am erica comes in from no selfish m otives, but as tho cham
pion o f international justice and humanity, outraged by the German
h a v e t h e s a m e fr e e d o m a s a ll o t h e r n e u t r a ls .
B u t G erm an y
methods o f conducting the war. She stands by tho Allies in their effort
e x p e c t s t h a t t h e U n it e d S t a t e s w ill c o n t in u e t h e s a m e t r e a t
to vindicate human rights, to respect for which the success o f Germany
m e n t o f G e r m a n s in t h a t c o u n t r y .
would give a fatal blow.
Thirdly, the world has for nearly a century and a half known and ad
mired America as a country which has preeminently loved and prized free
O n M a r c h 31 th e N o w Y o r k “ S u n ” a n n o u n ce d th a t th e
dom and given sym pathy to all who strove for it. She is now rendering
G e r m a n E m p e r o r , a c c o r d in g t o a d is p a t c h r e c e iv e d in A m
'help o f incalculable value to the cause o f freedom.
President W ilson, in his lofty and impressive address, worthy o f the
s te r d a m fr o m B e r lin a n d fo r w a r d e d b y R o u t e r ’s n e w s a g o n c y ,
occasion that called it forth, has rightly dwelt on the fact that it is the h a d s e n t a m e s s a g e o f c o n g r a t u l a t i o n t o I m p e r i a l C h a n c e l l o r
German Government, rather than tho Gornma people, that is responsible
v o n B e th m a n n -H o llw e g o n th e a d o p tio n o f th e n o w ta x e s
for the series of crimes committed by land and sea during this war. The
German people, hitherto fed by their Government upon lies, will now be
b y th e R e ic h s ta g .
T h e m e s s a g e , a c c o r d in g t o th e “ S u n ,”
gin to realize that it is tho military caste which dominates them that has
s a id :
by its ruthless savagery roused against Germany tho horror and Indigna
M y Dear ton Bethmann— I thank you for the report o f tho adoption o f
tion of the N ow , as well as the Old W orld. W e m ay now hope that thoy
will shake off tho yoke and bring themselves, as the Russian people have | new taxes by the Reichstag, which. In accordance with the Fodoral G ovom -
A pr . 7 1917.]
THE CHRONICLE
m eat, lias again adhered to the principle that for recurring expenses contin
uous receipts m ust bo created,
th u s a solid foundation for our finances is
maintained even during war.
Especially, additional expenditure for
interest on war loans is secured by the now sources o f income.
B y granting now taxes tho Reichstag again has manifested to all the world
that tho Gorman peoplo will tako upon itself all burdens which aro necessary
for a victorious termination o f tho war for existence. Tho secured future
o f our beloved Fatherland will recompense for all sacrifices. O f this I am
firmly convinced. G od is with us.
arm ed
1335
n e u tr a lit y
m easu re
T h e d e lib e r a tio n s o n
4 th
w ero
m arked
asked
b y
a
th r e e -h o u r
F o lle t t e , in w h ic h h o p la c e d
tio n
on
fo r
b y
th e w a r r e s o lu tio n
E n g la n d , a n d
n ot
th e
P r e s id e n t
in
speech
b la m e
b y
CLARK
W ith
th o
C h am p
r e c o n v e n in g
OF
THE
th a t it w a s
C on gress
on
M on d a y
A p r il
2
a v ote
o th er
c a n d id a te s ,
C la r k
r e c e iv e d
S c h a ll
o f
th o
R a n d a ll
L o u is ia n a ,
L .
r e c e iv e d
L en root
tw o
u n b rok en
M in n e s o ta ,
S o c ia lis t ,
I.
o f
W is c o n s in
R e p r e s e n ta tiv e P . H . G illo t t , R e p u b lic a n ,
P r o g r e s s iv e ,
of
C a lifo r n ia ,
P r o g r e s s iv e ,
M is s J e a n e tte R a n k in
v otes
su pport
each .
of
213
L on don
o f
N ew
P r o h ib it io n is t ,
a ls o
cast
th e ir
Speaker
D em ocra ts;
Y ork ,
and
v o te s
M a r t in
fo r
o f M o n t a n a , th o fir s t w o m a n
h im .
m em ber
^ S e n a to r
th o
o p e n in g
an sw ered
a p p la u s e g r e e t e d
d ay.
to
th e
O f
th o
435
th o c a llin g o f h e r n a m e o n
m em bers
o f
th o
H ou se,
428
W illia m s
A n o th e r
o f
v ig o r o u s
w as m ade b y
V
M is s is s ip p i,
a ls o
speech
and
to
s in c e re ly
am
opposed
K o r iis .
A r e s o lu tio n d e c la r in g th a t a s t a t o o f w a r e x is ts b e t w e e n th e
w ith
b r in g in g
su ccess an d
c ite d
lo a n s
th e
6 th
i n s t ., a t
b y
h is
in
b y
to
th o
o f M on d a y
is su e
of
our
w as
a p p roved
y esterd a y ,
P r e s id e n t W ils o n .
respon se
m essago
t o - d a y ’s
G erm an y
1 p . m .,
C on gress
in
and
p a p e r),
(p r in te d
th o
It w as a d o p te d
th o
in
S e n a te
fu ll e ls e w h e r e
h a v in g
passed
in
th e
r e s o lu t io n o n A p r il 4 , w h ilo th o H o u s e a d o p t e d it in t h e e a r ly
m o r n in g h o u r s o f th e 0 th .
h a d le ft th e C a p ito l o n M o n d a y n ig h t, th o S e n a te a n d H o u s e
b oth
in
b r a n c h e s o f C o n g r e s s , d e c la r in g th o e x is te n c e o f a s ta te
o p p o s it io n
to
th e
r e s o lu tio n
n e w s a g e n c ie s h a v e
to
been
in
a
“ I m o s t e m p h a t ic a lly
ta k in g a n y
step
t h a t w ill fo r c e
to
I
s h a ll
n ot
A llie s
B e fo r e th e a d o p tio n
p e r m it
m y
v ic to r y
as a
to
huge
fe e lin g s
to
A m e r ic a n
A m e r ic a n
in te r fe r e
a r m s .”
H e
in t e r e s t in
th e
o f th e r e s o lu tio n
in
th e S e n a te , S e n a
o f w a r u p o n th o s in k in g o f a n o th e r A m e r ic a n s h ip b y G e r m a n y
w as
d e fe a te d
T h e
3 :1 5
th e
w it h o u t a
passage
a.
m . on
p r e v io u s
of
th o
th e
6 th ,
day.
r o ll
c a ll.
r e s o lu tio n
a fte r a
T h e
b y
th e
d e b a te
H ou se
H ou se
la s t in g
v ote w as
and
w ho
th e fir s t
v oted
w om an
a g a in s t
to
th o
s e r v e in
occu rred
fro m
373
J e a n e tt e R a n k in ,t h e n e w m e m b e r o f C o n g r e s
o f th o c o u n tr y
w a r a g a in s t th e I m p e r ia l G e r m a n
B u t
t o r M c C u m b e r ’s s u b s t itu te t o d e c la r e th e e x is te n c e o f a s ta te
o f w a r a n d d ir e c tin g th o P r e s id e n t t o e m p lo y a ll th e r e s o u r c e s
to ca rry o n
L a
w a r ’s o u t c o m e .
I m m e d ia tle y a fte r th o P r e s id e n t
r e c o n v e n e d a n d a n id e n t ic jo in t r e s o lu tio n w a s in t r o d u c e d
S e n a to r
th is c o u n t r y in t o t h e u s e le s s a n d s e n s e le s s w a r ,” s a id S e n a to r
P r e s id e n t ’s r e c o m m e n d a t io n
la s t
in
fo s te r w a r s e n tim e n t.
W A R D E C L A R A T I O N OF CONGRESS A P P R O V E D B\
■
PRESIDENT.
S ta tes
to
S e n a to r N o r r is o f N e b r a s k a , w h o c h a r g e d th a t
th a t n ew sp ap ers a n d
prop aga n d a
U n it e d
r e p ly in g
in p a r t :
a ll S t r e e t ” a n d o t h e r s o f w e a lt h w e re in t e r e s t e d in p r o fit s ,
and
r o ll c a ll.
c o u ld
W e have heard a speech from him [Senator La Follette] which would
have better become Herr von Bethmann-Hollweg o f the German Parlia
ment than an American Senator. In fact, ho has gone much further than
Ilerr von Bethm ann-Honwcg ever dared to go. Herr Bethm ann-Hollweg
said that the use of submarines in the manner in which they are being used
now could bo justifiixi only by “ m ilitary necessity.” The Sonator from
lsconsm has put their use upon the sam e footing as the use by Great
Britain o f ships to enforce a blockade.
^ fully expected beforo he took his seat to hear him defend the
invasion of Belgium, tho most absolutely barbarous act that ever took place
in the history of any nation anywhere. I heard from him a speech which
was pro-German, pretty noarly pro-G oth and pro-Vandal; which was anti
American President, and anti-American Congress and an anti-American
people speech.
o f C o n g r e s s , t o o k h e r s e a t in t h e H o u s e w it h t h e r e a s s e m b lin g
o f C on gress an d
th e
b e fr a m e d b y th e c iv iliz e d w o r ld u p to t h a t t im e .”
F o lle t t e ’s p r o n o u n c e m e n t s , s a id
S p ea k er o f th o H o u se b y
R e p re s e n ta tiv e
(R e p u b lic a n ) a n d
o f
SPEAKER
I lis R e p u b lic a n o p p o n e n t , J a m e s R . M a n n , r e c e iv e d
v otes.
th o
of
C la r k w a s r e -e le c te d
o f 217.
205
R E -E LE C T E D
H O USE.
L a
th e d e c la r a t io n o f L o n d o n , c o n
t a in in g t h o m o s t h u m a n e id e a s o f n a v a l w a r fa r e w h ic h
CHAMP
th e
S e n a to r
fo r th e p re se n t s itu a
G e r m a n y , s ta tin g
fo r m e r “ w h o r e fu s e d to o b e y
W ils o n .
th e S e n a te o n
to
10 a.
50.
fro m
T h e
50
M is s
M on ta n a ,
C on gress, w as on e
r e s o lu tio n .
at
m .
of
n e g a tiv e
th ose
v otes
G o v e r n m e n t a n d b r in g th o c o n flic t to a s u c c e s s fu l c o n c lu s io n .
o f th e H ou se w ere ca st b y
B e c a u s e o f th e o p p o s it io n
to
C h a ir m a n
R e la tio n s
Alm on, Burnett. Alabam a; Church, Hayes, Randall, California; Hilliard,
Keating, Colorado; Britten, Rodenburg, Fuller, Wheeler, K ing, M a so n !
Illinois; Haugen, W oods, Hull, Iowa; Connelly, Little, Kansas; Bacon,’
Michigan; Davis, Knutson, Van D yke, Lundoen, M innesota; Decker, Igoei
Hensley, Shackleford, Missouri; Rankin, M ontana; K inkaid. R eavis’.
Sloan, Nebraska; Roberts, N evada; London, Now York; Kitchin, North
Carolina; Sherwood, Ohio; Dominick, South Carolina; Dillon, Johnson,
South Dakota: M cLem oro, Texas; Dill, La Follette, Washington; Browne!
C ary, Cooper, Esch, Frear, Nelson, Stafford, D avidson, Voigt, W isconsin.
of
th o
F o r e ig n
t io n w a s in t r o d u c e d
g in ia ,
in
D e m o c r a tic
th o m ea su re o f
C o m m itte e ,
th o S e n a te b y
flo o r
S e n a to r
le a d e r .
S ton e j
th o
r e s o lu
S o n a to r M a r t in
o f V ir
R e p r e s e n ta tiv e
F lo o d ,
C h a ir m a n o f t h e F o r e i g n A f f a i r s C o m m i t t e e , i n t r o d u c e d it in
th e
on
H ou se.
Ih o
Io r c ig n
r e s o lu tio n
R e la tio n s
b y
w as
b oth
r e f e r i ’c d
houses,
w a s ta k e n u n til th e fo llo w in g d a y .
by
S e n a to r
no
H it c h c o c k .
e s s e n t ia l
som ew h at
m o d ifie d ,
S o n a to c o m m itte e
cept
fo r
son t.
F o llo tte
ta k en
in
th e ir
t in u o u s
s e s s io n
lu t io n
in g
w as
to
in
n ot
in
fo llo w e d
u n til
passed
to
a
at
e ffe c t
th o
cu t
sam e.
T h o
o f
Id a h o
b y
r e s o lu tio n
a.
w as
m .
on
p.
11
4 th
a
o b je c tin g
th e
La
con
S e n a to r
L eader
m . on
r e s o lu tio n
ab-
im m e d ia te ly
reach ed .
th o
w as
S e n a to r
th o
c o n s id e r a t io n
o ff
a fte r
w h ile
w a s u n a n im o u s e x
th o 3 d
D e m o c r a tic
to
jo in t
on
w h ic h ,
th o
B orah
10
v oto
by
s h o r tly
th e
have
p r e v e n tin g
a d jo u r n m e n t
S e n a to
r e s o lu tio n ,
th e r e s o lu tio n
b e g in
u n til
a c t io n
w as
an
th o
S e n a to r
e ffo r ts
d e c id e d
th e S e n
a m e n d m e n ts o f th o c o m m itte e
in
S e n a to le a d e r s , b a lk e d
u p,
F o llo t t e ’s
on
S ton e.
C o m m itte e
a d jo u r n m e n t
th e 4 th in s t. to th e S e n a te
r e m a in e d
v ote
S e n a to r
T h o
T h e
ch an ges
th o
an
A s am ended b y
a te c o m m itte e , it w a s r e p o r te d o n
m ade
to
and
o f
La
th o
reso
M a r t in
fo rc
S e n a to r.
4 th
as am en ded
th a t
b y
th e
It
th e
com
m i t t e e , 8 2 v o t e s b e i n g c a s t in t h o a f f i r m a t i v e a n d s ix v o t e s in
th o
n e g a tiv e .
r e s o lu tio n
T h o
w ero
(R e p u b lic a n s ),
and
(D e m o c r a ts ).
th a t
a ll
v o tin g
S o n a to r
arm ed
b y
have
a g a in s t
v oted
th e
F o lle tte ,
S ton e,
w ero
fo r
n e u tr a lity
r e s o lu tio n
an d
V a rd a m a n
a b sen t,
th o
B ankhead,
a d o p tio n
G ron n a
G o ff,
an n ou n ced
it
m ay
th a t
n ot
N ew -
T illm a n .
b e fo r e
appear
L ano
T h ose
opposed
a c t io n
w as
th e w a r r e s o lu tio n , th a t h e w o u ld
“ th a t
th o
i t is s t a t e d
H o llis ,
D em ocra t, o f A rk an sas, w h o
lu ll,
of
N o r r is
and
but
r e s o lu tio n .
G ore,
(o f M a r y la n d ), T h o m a s a n d
K ir b y ,
th o S e n a to o n
th o
L a
S o n a to rs
S e n a to rs
la n d s , S m ith
v o tin g
S e n a to rs
E ig h t
w o u ld
w ere
s ix
S e n a to rs
w o
aro
th e
ta k en
v ote
fo r
t o g e t h e r ,”
a n d b e c a u s e a v o t o a g a in s t it, h o fe lt , w o u ld b o fu tile .
Sena
t o r K e n y o n o f I o w a , w h o w a s a m o n g t h e “ w illfu l m e n ” n a m e d
by
th o P r e s id e n t fo r
lin e d
up
T h o
b e h in d
s ix
S e n a to rs
w ero a m o n g
th o
la s t
fix in g
m on th
h is o p p o s t i o n
to
th e E x e c u tiv e .
w ho
tw e lv e
d e c lin e d
n e u t r a lit y , a ls o
"
to
w h o r e fu s e d
r e s p o n s ib ility
arm ed
fo r
m em bers
to s ig n
th o
r e s o lu tio n
th o m a n ife s to
fa ilu r e
to
pass
of
th o
of
th e
H ou se
w ere
p a ir e d ; t w o
w ere
a b sen t;
tw o w ere r e c o r d e d a s n o t v o t in g ; S p e a k e r C la r k d id n o t v o t e .
T h e r e a re t w o v a c a n c ie s in th e H o u s e .
M a jo r ity
L eader
K it c h in ,
w ho
v oted
a g a in s t
t io n , le d th o o p p o s it io n fig h t in th e H o u s e .
c la r e d , a c c o r d in g t o
p e a te d ly
v io la te d
th e “ T im e s ,”
A m e r ic a n
th e
r e s o lu
M r . K it c h in d e
th a t G r e a t B r ita in h a d re
r ig h t s b y
c lo s in g
to
us th e
p orts
o f n e u tr a ls , b y u n la w fu lly s e iz in g s h ip s a n d c a r g o e s , b y r iflin g
m a ils ,
and
U n it e d
S ta tes h a d
w ere
lo s t
m a k in g
becau se
m in e -s t r e w n
th e
N orth
Sea
a
m ilita r y
p r o t e s t e d , h e s a id , a n d
A m e r ic a n
r e g io n s
in c lu d e d
s h ip s
in
r e m a in e d
th e
area.
n o A m e r ic a n
B r it is h
aw ay
fro m
b lo c k a d e
T h e
liv e s
th e
area.
H o fu r th e r s a id , a c c o r d in g t o th e “ T im e s ” :
\\ o knew that these acts of Great Britain, although in plain violation of
international law, wero not aimed at us, but were inspired by m ilitary neces
sity. Rather than plunge this nation into war, wo were willing to forego
our rights. I approved that course then, and I approve it nowGermany dcclarod a war zone sufficiently larg’o to cover tho ports of her
enemy. She infested it with submarines and warned tho neutral world to
stay out. Though in plain violation o f our rights, and international law.
wo know that tlicso acts are not aimed directly at us. but arc intended to
injure and cripplo enemies with which she is engaged in a death struggle.
W o refuse to yield. W e refuse to forego our rights for tho time.
W e in
sist on going in. In m y judgment we should keep out o f tho war with Ger
m any as wo kept out o f the war with Great Britain, by keeping our ships
and our citizens out of tho war zono of Germany as wo did out o f the war
zone of Great Britain, and we would sacrifice no more honor and no more
rights in the one case than the other.
In this case no invasion is threatened. N o foot of our territory is in dan
ger. N o vital right is contested. T h e acts o f Germany are not directed
dhectly at us. W o aro asked to make common cause with Great Britain
and France, to support a cause, right or wrong. Every feeling of humanity
combines to keep us out o f war.
W hen Congress has passed such a resolution as is now pending, then and
then only will it bo the duty of tho’ nation to make the voice of the Govern
m ent its voice. Until then each person should have the inherent right to
voice and vote his conviction.
M r . K it c h in r e fe r r e d t o
M e x ic o .
on dorso
th e
S ix
th e fo llo w in g :
T h e
U n ite d
t h e in v a s io n o f A m e r i c a n r ig h t s in
S ta tes,
he
s a id ,
had
n ot gone
to
w ar
w ith M e x ic o , a lth o u g h th e A m e r ic a n fla g w a s in s u lte d , A m e r
ic a n
liv e s
d estroy ed .
w ero
lo s t
and
A m e r ic a n
p rop erty
w as
r u th le s s ly
“ W h y c a n w e n o t , w h y s h o u ld w e n o t ,” h e a s k e d ,
THE CHRONICLE
1336
\ ol. 104.
that they exercise vigilance and zeai in tho discharge o f tho duties inci
dent to such a stato o f war; and I do, moreover, earnestly appeal to all
American citizens that they, in loyal devotion to their country— dedicated
from its foundation to tho principles o f liberty and justico— uphold the
v e r s e fr o m b e in g w r a p p e d in th e fla m e s o f w a r ? ’ ’
laws of the land and givo undivided and willing support to those measures
R e p r e s e n t a t iv e M a n n , w h o t o o k t h e f lo o r in s u p p o r t o f th e
which m ay bo adopted by the constitutional authorities in prosecuting tho
war
to a successful issue and in obtaining a securo and just peace;
m e a s u r e , s a id :
A n d, acting under and by virtue of tho authority vested in mo by tho
I wish to pay a tribute to the courage o f those members o f tho IIouso who,
Constitution o f tho United States and tho said sections o f tho revised
in tho exercise of the responsibility cast upon them , havo expressed their
opposition to this resolution. I want particularly to pay m y tribute to tho statutes,
I do hereby further proclaim and direct that tho conduct to bo observed
rago courage o f the gentleman from North Carolina [M r. K itch in .]
on tho part of tho United States toward all natives, citizens, denizens or
I do not agree with them , but this is a tim e when members o f this body,
subjects of G erm any, being male of tho ago of fourteen years and upwards,
aye, all citizens o f the country, have the right to express their opposition
who shall bo within tho United States not actually naturalized, who for tho
to the war, for to-morrow, when tho war is declared, it will become tho duty
purpose of this proclamation and under such sections of tho revised statutes
o f all citizens to hold up tho honor and policy of tho Republic.
For two and one-half years I havo done all in m y power by voice and vote aro termed alien enemies, shall bo as follows:
All alien enemies aro enjoined to preserve tho peaco toward tho United
to keep this country out o f the European war.
States and to refrain from crlmo against tho public safety and from violating
I havo believed it was to the advantage not only of our people and our
tho
law of tho United States and of the States and territories thereof, and
country, but to the advantage of civilization and hum anity, that wo should
to refrain from actual hostility or giving information, aid, or comfort to
keep out of tho war at this tim e. But after all it was not becauso I was
tho enemies of tho United States, and to comply strictly with tho regulations
afraid of war. Tho American peoplo m ay prefer peace, but they are not
which aro hereby or which m ay be from time to time promulgated by tho
guilty of cowardice. It is not because wo aro afraid to fight.
President; and so long as they shall conduct themselves in accrodanco with
N ow tho situation is changed— the President of tho United States, who
law they shall bo undisturbed in tho peaceful pursuit of their lives and occu
has the responsibility o f dealing with foreign countries and who is the spokes
pations and bo accorded the consideration due to all peaceful and law-abiding
man o f tho peoplo with the nations of the world, has asked us to declare
persons, except so far as restrictions m ay be necessary for their own protec
war, and wo have a resolution to that effect beforo us on which wo m ust
tion and for tho safety of the United States; and toward such alien enomies
vote. W o m ust vote to decide on war or vote down tho resolution. W h at
position would we bo in if we should vote down tho recommendation of tho as conduct themselves in accordance with law all citizens of tho United
States aro enjoined to preserve tho peace, and to treat them with all such
President, and what would bo the effect on tho rest of tho world and on our
friendliness as m ay bo compatible with loyalty and allegianco to tho
own self respect?
Tho only thing left for us to do is to stand by tho President elected by tho United States.
And all alien enomies who fail to conduct themselves as so onjoined, in
people. W e cannot say to the world that our only goal is gold, that our
addition to all other penalties prescribed by law, shall bo liablo to restraint
only desire is wealth. W e m ust, when the question is presented to us, de
or
to givo security or to remove and depart from tho United States in the
clare wo will maintain the rights of Americans abroad as well as at home.
There is a difference between a deliberate affront and an incidental in manner prescribed by sections 4,069 and 4070 of tho revised statutes and
as prescribed in tho regulations duly promulgated by tho President.
jury. W e havo had incidental injuries from both England and Germany.
And pursuant to tho authority vested in mo, I hereby declare and estab
A deliberate affront long ago would have brought a declaration of war.
lish
the following regulations, which I find necessary in tho premises and
N ow wo are required to say that a deliberate affront has been mado by Ger
for tho public safety.
m any and there is nothing loft for us to do but follow tho recommendation
1. A n alien enemy shall not havo In his possession at any timo or place
of our Chief Executive and engage in war and maintain our rights and our
any firearms, weapons or imploment of war, or component parts thereof,
civilization.
.
ammunition,
M axim or other silencer, arms or explosives or material used
T h e H o u s e a c c e p t e d th e S e n a te r e s o lu tio n w it h o u t c h a n g e .
in tho manufacture of explosives.
R e p r e s e n ta tiv e B r it t e n p r e s e n te d a n a m e n d m e n t d e s ig n e d to
2. A n alien enemy shall not havo in his possession at any timo or place,
or uso or operate, any aircraft or wireless apparatus, or any form of signalling
p r o h ib it t h e u s o o f t r o o p s in E u r o p e , A s ia o r A fr ic a , w it h o u t
dovice,
or any form of cipher codo or any paper, document or book written
th o a p p r o v a l o f C o n g r e s s , e x c e p t tr o o p s v o lu n te e r in g fo r s u c h
or printed in cipher or in which there m ay bo invisiblo writing.
s e r v ic e , a n d R e p r e s e n t a t iv e M c C u llo u g h o f O h io o ffe r e d a n
3 . All property found in tho possession of an alien cnoiny in violation
of the foregoing regulations shall bo subject to seizure by the United States.
a m e n d m e n t d ir e c t in g th a t “ n o n e o f th o m ilita r y fo r c e s o f
4. An alien enemy shall not approach or bo found within one-lialf of a
t h e U n it e d S t a t e s m a y b e t r a n s p o r t e d f o r s e r v ic o in a n y E u r o
mile o f any Federal or State fort, cam p, arsenal, aircraft station, Govern
pean
cou n try
except
on
e x p r e s s a p p r o v a l o f C o n g r e s s .”
ment or naval vessel, navy yard, factory or workshop for tho manufacture
o f munitions of war or o f any products for the use of tho army and navy.
B o t h , h o w e v e r , fa ile d o f a d o p tio n .
5. A n alien onomy shall not write, print, or publish any attack or threat
T h o r e s o lu tio n a s a d o p t e d b y C o n g r e s s a n d a p p r o v e d b y
against tho Government or Congress o f tho United States or either branch
P r e s id e n t W ils o n y e s t e r d a y fo llo w s :
thereof, or against tho measures or policy o f tho United States or against
Whereas, Tho Imperial Gorman Government has committed repeated
the persons or property o f any person in the m ilitary, naval, or civil scrvico
acts of war against tho Government and the people of tho United States of o f tho United States, or of tho States or territories, or of tho D istrict of
America; therefore, bo it
Columbia, or of tho municipal governments therein.
Resolved, by the Senate and House of Representatives of tho United States
6. A n alien enemy shall not commit or abet any hostilo acts against tho
of America in Congress assembled. That tho state of war between tho United
United States or give information, aid or comfort to its enemlos.
States and tho Imperial Gorman Government, which has thus been thrust
7. A n alien enemy shall not reside in or continue to rosido in, to remain
upon the United States, is hereby formally declared; and
in or enter any locality which tho President m ay from timo to timo designato
T h at tho President be, and lie is hereby, authorized and directed to em
by an executive order as a prohibitive area in which rsesidence by an alien
ploy the entire naval and military forces of tho United States and tho re
enemy shall bo found by him to constitute a danger to tho public peace and
sources o f tho Government to carry on war against the Imperial German
safety of tho United States, except by permit from tho President and except
Government; and to bring the conflict to a successful termination all the under such limitations or restrictions as tho President m ay prescribe.
resources of tho country aro hereby pledged by tho Congress of the United
8. A n alien enemy whom tho President shall havo reasonablo causo to
believe to bo aiding or about to aid tho enemy, or to bo at largo to tho
States.
danger of the public peaco or safety o f tho United States, or to havo violated
PR E SID E N T’S PRO CLAM ATIO N A N N O U N C IN G
or to bo about to violato any of theso regulations, shall remove to any loca
tion designated by tho President by executive order and shall not remove
E X I S T E N C E OF W A R .
therefrom without permit, or shall depart from tho United States if so
T h e s ig n in g b y P r e s id e n t W ils o n o f t h o r e s o lu tio n d e c la r in g
required by tho President.
th o e x is te n c e o f a s ta to o f w a r b e tw e e n th e U n it e d S ta te s a n d
9. N o alien enemy shall depart from the United States until ho shall havo
received such permit as tho President shall prcscribo, or oxcopt under order
G e r m a n y w a s f o llo w e d y e s t e r d a y b y t h e is s u a n c o o f a p r o c la
o f a court, judge, or justico, under Sections 4069 and 4070 of tho revised
m a t io n b y th o P r e s id e n t fo r m a lly a n n o u n c in g th o e x is te n c e
statutes.
o f a sta te o f w a r.
I n th is p r o c la m a t io n h o d e c la r e s a n d
10. N o alien enemy shall land in or enter tho United States excopt under
such restrictions and at such places as tho President m ay prescribe.
e s t a b lis h e s th e r e g u la t io n s w h ic h h o fin d s n e c e s s a r y f o r th o
11. If necessary to provent violation of tho regulations, all alien enemies
p u b li c s a f e t y c o n c e r n in g a lie n e n o m ie s a n d t h e ir p o s s e s s io n s .
will bo obliged to register.
12. A n alien enemy whom there m ay bo reasonablo causo to bellovo to
T h o p r o c la m a tio n fo llo w s :
bo aiding or about to aid tho enemy, or who m ay bo at largo to the dangor
Washington, April 6.
of the public peaco or safety, or who violates, or who attem pts to violato,
Whereas, Tho Congress o f tho United States, in tho exercise of tho con
stitutional authority vested in thorn, havo resolved by joint resolution or o f whom there is reasonablo grounds to bellovo that ho is about to violato
any regulation to bo promulgated by tho Presidetn, or any criminal law of
of the Senato and House o f Representatives bearing date this day, “ That
tho United States, or o f the States or territories thereof, will bo subject to
a stato of war between tho United States and tho Imperial Gorman Govern
summary arrest by tho United States, by tho United States marshal or his
m ent, which has been thrust upon tho United States, is hereby formally
deputy, or such other officers as tho President shall designate, and to
declared;
confinement
in such penitentiary, prison, jail, m ilitary camp, or other
Whereas, It is provided by Section 4007 of tho Revised Statutes as follows:
“ Whenever there is declared a war between tho United States and any place of detention as m ay be directed by tho Presidont.
This proclamation and tho regulations heroin contained shall oxtond and
foreign nation or government, or any invasion o f predatory incursion is
perpetrated, attem pted, or threatened against tho territory of the United apply to all land and water, continental or insular, in any way within tho
States by any foreign nation or government, and tho President makes public jurisdiction of tho United States.
In witness whereof, I have hereunto set m y hand and caused tho seal or
proclamation of tho event, all natives, citizens, denizens, or subjects of
a hostile nation or government, being malo of the ago of fourteen years the United States to be fixed.
W O O D R O W W IL S O N .
and upwards, who shall be within tho United States and not actually
naturalized, shall bo liable to bo apprehended, restrained, secured, and
removed as alien enemies;
T H R E E W I S C O N S I N M U N I C I P A L I T I E S VOTE
“ Tho President is authorized in any such event, by his proclamation
thereof, or other public acts, to direct the conduct to bo observed on tho
A G A I N S T D E C L A R A T I O N OF W A R .
part of tho United States toward tho aliens who becomo so liablo, tho
T h r e e m u n ic ip a lit ie s in W is c o n s in , M a n i t o w o c , M o n r o e
manner and degree of tho restraint to which they shall bo subject, and in
what cases and upon what security their rosidenco shall bo permitted, and a n d S h e b o y g a n , h e l d r e f e r e n d u m e l e c t i o n s d u r i n g t h o p a s t
to provido for tho removal o f those who, not being permitted to reside
within tho United States, refuse or neglect to depart therefrom, and to w e e k o n t h o q u e s t i o n “ d o y o u f a v o r a d e c l a r a t i o n o f w a r b y
C o n g r e s s a g a in s t G e r m a n y .”
I n e a c h c a s o t h o r o fo r o n d u in ,
establish any such regulations which aro found necessary in tho premises
and for tho public safety;”
i t is s a i d , w a s c o n d u c t e d b y G o r m a n - A m o r i c a n s .
Whereas, B y Sections 4068, 4069, and 4070 o f tho Revised Statutes,
T h o v o t e a t M a n i t o w o c o n t h o 3 r d w a s , 1 5 “ f o r ” t o 1 ,4 6 0
further provision is mado relative to alien enemies;
N ow , therefore, I, W oodrow W ilson, President of tho United States of “ a g a i n s t ” s u c h a d e c l a r a t i o n .
O f th o to ta l v o t o p o lle d , 5 1 7
America, do hereby proclaim to all whom it m ay concern that a state of w e r e o f w o m e n , a n d o n l y o n e , i t i s s a i d , f a v o r e d w a r .
A t
war exists between tho United States and tho Imperial German Government;
t h o o le c t io n in M o n r o o o n t h e s a m e d a y , 9 5 w o r o f o r w a r ,
and I do specially direct all officers, civil or m ilitary, o f tho United States
“ f o r e g o t h e v io la t io n o f o u r r ig h t s b y
d id
w it h
M e x ico
and
G rea t
B r ita in
G erm a n y an d d o as w o
and
th u s
save
th e
u n i
A pr . 7 1917.]
w h ilo
w as
954
opposed
c a r r ie d
fa v o r
of
fro m
on
w ar
it.
fo r
ou t
THE CHRONICLE
T h e
th ree
of
4 ,1 7 7
b e in g h e a v y , a s th e
a b o u t 8 ,0 0 0 ,
S heboygan
th e c it y
n e a r ly
n u m b e r r e fu s e d
e lo c tio n
days,
at
S heboygan,
r e s u lte d
b a llo ts
in
ca st.
a
v ote
T h o
w h ic h
o f
v ote
17
or
in
w as
fa r
o f M a n ito w o c ,
1 5 ,0 0 0 , a n d
t o p a r t ic ip a t e in
th e
it is
th o c it y
s a id , t h a t a
naval
a u x ilia r ie s
a sserted
d e lib e r a tio n ,
c it y o f M o n r o o h a s a p o p u la tio n o f
3 0 ,0 0 0 , in d ic a t in g ,
as
O ffic ia ls
1337
of
of
th o
but
v e s s e ls .
H .
r e c e iv e d
S now den
Y ork
M a r s h a ll,
s t a t in g
a c t io n
m ade
fro m
th a t
no
S.
G en eral
D is t r ic t
G erm an
a lie n
G regory
A ttorn ey
need
have
y esterd a y ,
as
at
any
b y th o G o v e rn m e n t so lo n g as h e o b e y e d
p u b lic
O ffic ia l
an n ou n cem en t
th a t fo r e ig n e r s in
H u n gary,
N ew
fe a r
cam e
of
s e lv e s p r o p o r ly
r e s u lt
of a
fo rm a l
sent
w ill s u ffe r n o
d e c la r a tio n
o p in io n
th e
fro m
fo llo w in g
of a
S ecreta ry
te le g r a m
o f P a s s a ic , N . J ., o n
at
W a s h in g to n
S ta tes w h o
o f w ar.
L a n s in g ,
on
th e
on
con du ct
lo s s o f p r o p e r t y
sta te
is
M ayors of N ow
s id e r e d .
I lo
o r lib e r t y
S ecreta ry
to
sever
ta k in g
th e ir
m on ey
c a t in g
th e ir
a p p r e h e n s io n .
ou t
som o
of
banks
p r o c la m a tio n
Y o rk , y esterd a y
in
w as
is s u e d
c a llin g u p o n
th o p r e s e r v a tio n
b y
and
in
P a s s a ic
oth er
w ays
M a y or
w ere
in d i
in
th o
o x e r c is e
th e
p r o c la m a tio n
t im e
in
w ar.
under
be
th e
m ade
v e s s e ls
s c r u p u lo u s ly
TO
is
RETURN
U n ite d
S ta tes
fro m
w ill
T h e
in c lu d e s
o f
th e
th e
be
R e u te r ’s
le a v e
V ie n n a ,
A u s tr ia n
th e
M rs.
it
G overn
P e n fie ld ,
E m ba ssy
c o u n s e llo r
o f
A m b a s s a d o r ’s
w ar
w ith
no
th a t
reason s
th e
a c t io n
ou t
th a t
P r e s id e n t
th o
th e
th e
it
b y
does
th e
m ost
c ir c u m s t a n c e s
to
th e
rep orted
not
U n it e d
o fte n
has an n ou n ced
T a rn ow th en ew
in s t.
c a lle d
fro m
is
or
step .
5 th
retu rn
reason
a
been
com e
A u s tr ia
W ils o n
p resen t
A d a m T a r n o w s k i, v o n
A m b a s s a d o r ’s
tow a rd
B u lg a r ia
had
has
O n
w ill n o t
su ch
on
th e r e fo r ,
a t
E m bassy,
absen ce.
n o t fo rce
a d m itte d
A lle n
on e
S ta tes
A u s tr ia ,
do
in fo r m a tio n
th e
and
th e
th a t th e U n ite d
o ffic ia lly
to
p o in te d
under
1,
7 ).
c o u n tr ie s
W h ile
as
th a t, as
p o s s ib le
th o
t h a t A m b a s s a d o r P e n fie ld
It
su g
i t is im
r e c e iv e
C ou n t
A u s tr ia n A m b a s s a d o r ,
it is d e s i r e d n o t t o h a v e a n A m e r i c a n A m b a s s a d o r in V i e n n a .
E S T I M A T E D N E E D S OF G O V E R N M E N T FOR
FIN A N C IN G W AR.
A l o n g w i t h t h e s t a t e m e n t t h a t “ it is c o n s i d e r e d i m p e r a t i v e
o f c a lm
and
W illia m
W o
w it h
th o a m o u n t e s t im a t e d
e x p e n d it u r e s
b o a p p ro p r ia te d
n ecessary
fo r
th o
im m e d ia te ly fo r
n a tio n a l
t o p r o v id e $ 3 ,5 0 2 ,5 5 8 ,6 2 9 .
W ar
D ep a rtm en t
fo o tin g a n d
to
p la c e
T h is a m o u n t is n e e d e d b y
th e
U n it e d
S ta tes
to fin a n c e th e w a r fo r o n e y e a r fr o m
th e
$ 3 ,4 0 4 ,9 3 2 ,4 8 4
r e m a in d e r
w ar
is f o r
to
1 ,0 0 0 ,0 0 0
th o
m en
th o
3 0 ,0 0 0
w ar.
B ill
in
C orps
beyon d
in c re a s e
to
c e r ta in
T h e b u d g e t is in a d d i t i o n
of
M arch
4,
w h ic h
$ 2 4 0 ,0 0 0 ,0 0 0
a lo n e ,
as
w ill
and
w h ile
c o lla t e r a l
e n a b le
o ffic e r
an
th e
arm y
June
30
its
to
e n lis t e d
a c t iv e
1918;
1 5 0 ,0 0 0 m e n
person n el
o p e r a tio n s
a
tota l
of
in
to
th e
$ 5 1 7 ,3 8 9 ,4 4 7
d u r in g th e n e x t fis c a l y e a r , a n d
b y
fo r
i t w ill
to th e N a v a l A p p r o p r ia tio n
c a r r ie d
c a r r ie d
w ar
t h e n e x t y e a r , b u t w ill n o t p a y
to
a d d itio n
a
O f th is e n o r m o u s
d ep a rtm en ts
e q u ip
on
th e d a te on
n avy
$ 3 ,4 0 4 ,9 3 2 ,4 8 4
th a t fo rce
th e u se o f th e n a v y
of
oth e r
and
t o r a is e its e n lis t e d s t r e n g t h
M a r in o
m en,
b y
arm y
o r g a n iz e ,
d u r in g
of
’e n a b le th o n a v y
th e
T h e
r a is e ,
e m p lo y m e n t
and
fo r
u se
e x p e n d itu r e s .
G overn m en t
of
is
A p ril 5 ,
C o n g r e s s im m e d i
w h ic h t h o a p p r o p r i a t i o n is m a d e a v a i l a b l e .
su m
d e fe n s e ,”
G . M c A d o o , S e cre ta ry o f th e T r e a s u ry , o n
th o a p p r o v a l o f th e P r e s id e n t, a s k e d
a te ly
th e
A rm y
fo r
th e su m
A p p r o p r ia t io n
B ill,
w h ic h w a s r e p a s s e d b y th e H o u s e o n A p r il 4 , a s n o t e d fu r th e r
b e lo w .
g iv o n
A lth o u g h
e s t im a t e s
seen
th e n eed s o f th e a rm y
in d e t a il b y
to
to
th e
G u ard,
m in is t r a t io n
S e creta ry M c A d o o
C on gress
cover
in c r e a s in g
t io n a l
G E R M A N VESSELS I N U N I T E D S T A T E S PORTS T A K E N
BY GOVERNMENT.
D e p a rtm e n t
in d ic a te d
is
m ilita r y
b e lo w :
th ose
S ta tes.
“ a id
To the Citizens o f N ew York.— Upon just grounds and after long and
patient forbearance, tho President and tho Congress of tho United States
havo declared that by tho act o f tho autocratic government which rules in
tho German Empire war exists between tho two countries, and tho free
people o f America are about entering into the great world conflict. Millions
o f tho people o f this city were born in tho countries engaged in this great
war. N o part of tho earth is without its representatives hero.
I enjoin upon you all that you honor tho liberty which so m any of you
havo sought in this land and tho freo self-government of tho American
democracy, in which wo all find our opportunity and individual freedom,
by exercising kindly consideration, self-control and respect to each other
and to all others who dwell within our limits; that you, one and all, aid in
tho preservation of order and in tho exorcise of calm and deliberate judg
ment in this tiino of stress and tension.
Thero will bo somo exceptional cases of malign influence and malicious
purposo among you, and as to them I adviso you all that full and timely
preparation has been made adequate to the exigency which exists for the
maintenance of order throughout the C ity of New York, and for tho warning
of tho ill-disposed I quoto tho statute of tho United States, which is applica
ble to all residents enjoying tho protection of our laws whether they bo
citizens or not:
“ W hoever owing allegiance to tho United States levies war against them
or adheres to their enemies, giving them aid and comfort within tho United
States or olsowhoro, is guilty of treason.”
Tho punishment prescribed by law for the crime of treason is death, or,
at tho discretion of tho court, imprisonment for not less than five years'and
a fine of not less than $ 10,000 . All officers of tho police havo been espe
cially instructed to give their prompt and efficacious attention to tho
enforcement of this law.
_____________ JO H N P U K R O Y M IT O IIE L , M ayor.
G rew ,
d e c la r e
as
a g g r e s s iv e
to
d e lib e r a te ju d g m e n t in th is t im e o f s tr e ss a n d t e n s io n .”
g iv o
havo
g ested
w h ic h
d u r in g
fo r e c a s t
th a t
of
C .
W a s h in g to n .
N ow
M it c h e l,
th o c it iz e n s o f th o c it y
o f order and
w o u ld
L on d on
A p r il
S e creta ry
or
lo n g
th e fir s t
to
M A Y O R M IT C H EL’ S P R O C L AM A T IO N CALLIN G
FOR C A L M A N D D E L I B E R A T E J U D G M E N T .
A
th e
s t ill
s p e c ia l c a r a t th e d is p o s a l o f A m b a s s a d o r
ch arge
A d m in is tr a tio n
Seger
th o q u o s tio n w a s c o n
fo r e ig n e r s in
so
S ta to
fo r
T u m u lt y
M a y or
in
on
to
to
(A p r il
p a rty
T h ir d
r e la tio n s
T h o
a
retu rn
in s t. it w a s a s s e rte d
T u rk ey
as a
a
Joseph
bo
th e 5 th
th e
t h e W h it e H o u s e a ft e r a m e e t in g o f
th a t
to -n ig h t
h is
D u lle s ,
w ill
to
J o r s o y c it ie s a t w h ic h
rep orted
use”
o w n e r s ’ r ig h ts
a d v ic e s
corresp on d en t
and
te n d a n t.
th em
A ft e r r e c e iv in g
s u b je c t
W .
th e 5 th :
to
proposed
th ro u g h
u n d e rsto o d ,
P e n fie ld
There is no danger of any foreigner who conducts himself properly suf
fering any loss of property or liberty by reason of a stato of war if such
should bo declared by Congress.
M a y o r S eger w roto
w hose
m e n t h a s p la c e d
m ade
U n ite d
th e
o f
w as
AM BASSADOR PEN FIELD
TO U N I T E D S T A T E S .
know n
A m sterd a m
th e la w , w a s
fo llo w s :
w as
th e
in t e llig e n t
as
p e r io d
p o in t
F r e d e r ic C . P e n fie ld , th e A m e r ic a n A m b a s s a d o r to A u s tr ia -
b y
Y o u aro hereby directed to givo full publicity to the following state
m ent:
“ N o German alien enemy in this country, who has not been implicated
in plots against tho interests of the United States, need have any fear of
action by tho Departm ent of Justice so long as ho observes the following
warning:
“ Obey tho law— keep your m outh sh u t.”
5 th
“ an
fa r
th e
th is
e le c tio n s .
A ttorn ey
U .
th a t
So
le a s t
th a t
o b se rv e th em .
A U STR IA N
c ir c u la r
at
w e ro c o n c e r n e d ,it w a s s a id , th is c o u n t r y w o u ld
la r g e
FO REIGNERS S A F E I N U. S. SO LONG A S T H E Y O B E Y
LAW.
A
fo r
y este rd a y
a ll t h o
on
num ber
to
of
m ade
5 th ,
fo r
T h e
b y
th e
in
th o
ex tra
n a v y w ere n ot
am ount
n eed s o f th e
m en
p r o v id in g
b u ild in g s .
r e c o m m e n d a t io n s
th e
v a r io u s
and
w h e n h e s u b m i t t e d h is
req u ested
A rm y,
N a v y
w a tch m en
fo llo w in g
S ecreta ry
is
G o v e r n m e n t fro m
are
fo r
th e
M cA d o o
in
and
N a
th e
A d
im p o rta n t
h is
e s t im
O rd e rs fo r th o s e iz u r e o f G e r m a n m e r c h a n t s h ip s in A m e r i
a te s t o p r e p a r e th is c o u n t r y f o r e n t r y in t o w a r w it h G e r m a n y :
c a n p o r t s w o r o is s u e d a t W a s h in g t o n y e s t e r d a y f o llo w in g th e
Actual and necessary expenditures for the N a v y , 5292,538,790.
T o provide for the increase o f naval personnel to 150,000 and the M arine
Corps personnel to 30,0 0 0 , $ 179 ,85 5,76 1.
W ar Department for enlarging and equipping the arm y, $ 2 ,932,537,933.
D epartm ent o f Justice, detection o f crime, & c.. $353 ,14 5.
For the establishment o f a coast guard telephone system , 5600,000.
Departm ent o f Commerce, for scientific assistants in tho Bureau of
Standards for experimenting and testing o f supplies, & c., $440,000.
For tho Coast and Geodetic Survey and steam boat inspection, $400,000.
Interior Departm ent, $144,200.
C ivil service, $20,000.
Additional watchmen, State, W ar and N avy buildings, $28,800.
a d o p tio n
stood
S ta tos
of
th o
w ar
r e s o lu tio n
by
C on gress.
It
t h a t a b o u t n in e t y v e s s o ls a r e ta k e n o v e r b y
G ovorn m on t
G overn m en t
w as
under
th ese
e x p la in e d
in
a
orders.
T h o
sta te m e n t
b y S e c r e ta r y o f th o T r e a s u r y W illia m
is
u n d er
th e U n it e d
a c t io n jo f/t h o
is s u e d
y e sterd a y
G . M c A d o o , a s fo llo w s :
For tho purposo of protecting tho vessols from further injury, and until
a decision can bo reached as to tlicir proper disposition, customsjguards
havo boon placed on board all German merchant vessels anchored in tho
ports of tho United Statos.
Tho officers and crows havo been taken into custody by tho Department
of Labor pending a determination of their status.
I t is s t a t e d
th a t re p orts to
th e T re a su ry
D ep a rtm en t co n
S e cre ta ry o f th e N a v y
s u b m itte d
th o
fir m
s ta te m e n ts th a t v ir tu a lly e v e r y s h ip h a d
b e e n jd is a b le d .
T h o
o x to n t o f th o d a m a g e
a s s p e e d ily a s
am ount
en a cted
w ill b o
d e te r m in e d
on
D a n ie ls , in d is c u s s in g t h e e s t im a t e s
t o C o n g r e s s , c a lle d a t t e n t io n
p r o v id e d
M arch
fo r
p o s s ib lo .
T h ere
r e q u is it io n e d
aro
b y
som o
in d ic a tio n s
th o G o v e rn m e n t
th a t
fo r
th o
v e s s e ls
t r a n s a t la n t ic
w ill
tra d o
u se o f th o N a v y .
bo
th e
4 w as added
C o n g r e s s , a lm o s t a b illio n
be
in
to
to th o fa c t th a t w h en
N aval
A p p r o p r ia t io n
th e a m o u n t n o w
d o lla r s w o u ld
be
D a n ie ls a d d e d :
of
a v a ila b le fo r th e
I n e x p la in in g fo r w h a t u se th o m o n e y
m a d e, S e creta ry
B ill
asked
w ill
Th e peace tim e strength o f tho N a v y , fixed in the N av a l A c t approved
A u g. 29 1916, is 68.700 m en, and of tho M arino Corps, 13,740 m en. The
estimates submitted to-day, covering personnel, call for a force of 150,000
men for tho N a v y and 30,000 for tho M arine Corps, which aro in addition
to the 6,000 apprentice seamen authorized by law, tho Hospital Corps,
which is fixed by law at 3 H % o f tho N a v y and M arino Corps, enlisted men
detailed to tho N aval M ilitia, the Flying Corps, and enlisted men sentenced
to discharge. Including theso latter, the present authorized strength of tho
N a v y and M arine Corps totals about 97,000 men. Tho proposed force
exceeds that number by about an even 100,000— 197,000 m en, all told, for
both tho N a v y and Marino Corps.
Th e estimate covering theso increases covers tho recruiting, transporta
tion, clothing, subsistence, pay and training o f tho men and provision for
quarters for the marines.
The other, or what we will term the “ material estim ate,” is to provide for
additional ships, guns and ammunition, various articles o f ships’ equipage,
materials and supplies o f various kinds for aviation, storago facilities for
ordnance supplies, additional employees at navy yards, and to meet tho
added expenses o f tho N a v y Departm ent.
I havo put this estimato in budget form becauso it is almost impossible
at this timo to say with any degree of accuracy just how much will be
needed for a particular purpose of activity, and, furthermore, I feel that
the Departm ent’s activities would bo lessened if restricted in the tiso of
the monoy, for it m ay later become necessary for a uso for it now contem
plated to give way to some other unforeseen and more pressing object of
expenditure. Funds shoidd bo available to moot any possible contingency.
and this estimate was phrased with great care so as to leave tho President
unhampered in tho expenditure of the appropriation to securo tho best
naval efficiency.
A c c o r d in g
to
m in is t r a t io n
needed
part
to
rep orts
to
carry
on
o f it w ill b o
F ed era l
R eserve
r a is e d
th o
in g to n
on
th e
w ar
been
th a t
w ho
s a id
p la n
a
o f th e A d
th o
m oney
bon d
to
a
good
is s u e .
o ffic ia ls
U n
of
$ 2 ,0 0 0 ,0 0 0 ,0 0 0
b y
a bon d
w ere
to
of
a lth o u g h
m ade
d iffic u lt y
are
th o
is s a i d , b y
banks
in s t.
be
p o s s ib lo
ta x a tio n ,
in d ic a te
w it h o u t
4 th
to
as
b y
have
B oa rd
R eserve
th o
m u c li
w h ic h
a t on ce
of
as
c o v e r e d , it
e s t im a t e s
ern ors
it a p p e a rs
r a is e
o ffic ia l
be
in
have
is s u e .
s e s s io n
G ov
at
d is c u s s e d
th o
c o u ld
W ash
th e
qu es
t io n o f th e p r o je c t e d b o n d is s u e , t h e r a t e s o f in te r e s t a n d th e
m e t h o d o f s e llin g t h e m .
s t a t e d , is
T h o r a t e o f i n t o r e s t n o w f a v o r e d . i t is
ra th er th a n 3 % ,
it b e in g th o g e n o ra l o p in io n
t h a t t h o fir s t b o n d is su e s h o u ld b e a r t h e s a m e r a t e o f in t e r e s t
as
th ose
it
w h ic h
is r e p o r t e d ,
m ay
d e fr a y in g
th o
it
0 0 0 ,0 0 0
at
th e
of
and
th o
ta x
a ls o
w ill
th e
a ls o
e x is tin g
a lm o s t
be
used
to
retu rn
year.
$ 1 ,0 0 0 ,
and
th o
th e
in c r e a s in g
fis c a t io n
of
in c r e a s e d
vast
is
th e
a ls o
on
be
th e
la s t
s a id
is
w ord
th e
fu r n is h
in
d u r in g
th e
and
th e
in c o m e
havo
on
been
even
w o u ld
to
T h o
p r o fit s
to b a cco
o f I llin o is , ra n k in g
th o
H ou se,
ta x
is
W ar
is
w o u ld
H e
C o m m itte e ,
be
In
are
p r o b a b ly
w it h
as
be
g r e a tly
q u oted
m a jo r ity
w h ic h
R even u e
q u oted
as
a ls o
m em
w ill
B ill
have
b e fo r e
h a v in g
am ended
in c r e a s e d
h a v in g
T h e
H ou se
in
th e
m easu re
on
e x a c tly
0 0 0 ,0 0 0 .
on
T h e
A p r il
th e
4
sam e
F eb .
S e n a te
22.
b ill
upon
000
w as
it.
ta k en
T h e
fo r a r m in g
in
b ill
its
to
it
pass
th e
a
m easu re
to
passed
of
at
$ 2 4 0 ,
th o la s t
th e a c t io n o f t h e H o u s e in r e p a s s in g
order
th a t
e q u ip p in g
th e
an
S e n a te
m ay
a p p ro p r ia tio n
a g a in
v ote-
o f $ 7 ,0 0 0 ,
th e N a t io n a l G u a r d .
A M O S P I N C I I O T T A X P L A N S TO F I N A N C E W A R .
T h e A m e r ic a n C o m m it te e o n W a r F in a n c e , o f w h ic h A m o s
P i n c h o t is t h e h e a d , h a s i n it i a t e d
C on gress
to
e n a c t le g is la tio n
u pon
th ose
w o u ld
w h ose
p la c e
bu rdon
in c o m e s
exceed
th o
$ 5 ,0 0 0 .
t h is e n d t h e c o m m it t e e h a s u r g e d t h a t a ll A m e r
ic a n c it iz e n s s ig n th e fo llo w in g p le d g e :
net
upon
th e
o f fin a n c in g
T o
w ar
a m o v e m e n t c a llin g
w h ic h
F a rm ers’
r e s o lu tio n s u r g in g C o n g r e s s
to
com pel
m ass
th ose
m e e t in g
h a v in g
in
P o litic a l
a d o p te d
A ct
a
N o n -P a r t is a n
at
G ra n d
p rop erty
L eague
F ork s
on
of
to im m e d ia te ly
u s e fu l
to
N orth
M arch
th o
31
pass an
G overn
m e n t in t h o e v e n t o f w a r t o s u r r e n d e r t h o s a m o t o th o G o v e r n
m en t.
T h o r e s o lu t io n s a r o p r in t e d a s f o ll o w s in t h o N e w
P ost”
of M arch
Y ork
Whereas, It now appears likely that the United States o f America m ay
bo forced in defense of the lives, property and honor or her peoplo, to moot
forco with forco; and whereas, citizens o f all walks in lifo owo it to our
nation to give it support in such a crisis, oven to tho giving of lifo itself,
and whereas, vast amounts o f property and monoy m ust bo used by our
Government to prosecute such defense effectually in tho liopo of forovor
preventing tho necessity of recourse to arms in tho future;
N ow , therefore, we do hereby declare it to bo our firm anti unalterable
purpose to support our Government in caso of war, with our lives and our
property as far as need be, and being mindful of tho principles of equity,
justice and freedom upon which this, our Government, is founded, do most
earnestly recommend and request that tho Congress of tho United States
immediately pass an A ct to compel those having property useful to tho
Government in the carrying on of war, to surrender tho same to tho Govern
ment of tho United States, to be used during tho war, such property to
include factories, shipyards, munitions plants, armor-plate mills, flour
mills, arms factories, packing plants, supplies, and equipment, cloth fac
tories, steel mills, and iron mines, and such property and money as tho
Government m ay require, to tho end that all our citizens, regardless of
social position or economic advantage, shall contribute equally and fully
to the common need and common defenso o f our common humanity, and
that citizens o f wealth m ay thus bo enabled to contribute of individual
sacrifice to the common welfare of their country on tho sam e terms as the
crtllsted soldier and sailor give of their llvos; such law to contain provisions
that no payment shall bo rendered to any ono for tho uso o f property
necessary to the carrying on of said warfare tho residue, however, thereof,
to be returned to such individual owners at tho closo o f tho war, without
compensation o f any kind for tho use or taking, except tho national recog
nition o f their having contributed to tho defense o f human liberty and tho
country's honor and security.
W o do, therefore, most earnestly urgo that such legislation bo enacted to
bo automatically put in forco upon a declaration o f war, to tho end that
justice, equality and fraternity shall bo fostered and upheld as between our
own people In the conduct o f the defense of our common honor, lives and
property.
as
A p p r o p r ia tio n
to ta l
T h e
D a k ota
so
revenues
o r ig in a lly
c a r r ie s
N O R T H D A K O T A F A R M E R S URGE SU R R E N D E R TO
G O V E R N M E N T OF PR O PE R T Y N E E D E D I N W A R .
“ E v e n in g
s a id :
A rm y
w h ic h
b ill
p r o v id e s fo r
and
th e
in
T h e
fa ile d
s e s s io n o f C o n g r e s s , a n d
th o
rep assed
fo rm
W o believe a powerful, nation-wide demand that tho war should bo paid
for, as far as money does, by well-to-do people would tend to provent war.
W o believe that, if wo are to havo war, it should bo (1) carried on with
efficiency and justico to all classes; (2) honestly carried on without graft or
oxtortion, and (3) conducted in a way which would tond to prevent future
wars.
There has been a tremendous response to our nowspaper advertisements
simply because patriotic people fool that if wo go to war wo m ust go to war
in a docent w ay. I f wo aro going to havo enthusiastic response to tho call
for soldiers, it is of paramount importance that every American citizen of
military ago should feel that if ho enlists ho is not going to bo exploited, illnourished, or poisoned by defective supplies, or sent to the front with a
shoddy or inefficient equipment.
A man o f good standing in his com m unity told mo tho other day that he
had sold $ 5 ,000,000 worth of defective supplies to tho Allies through ono
contract. And yot this gentleman is strongly pro-Ally. H e bribed the
representative of tho foreign Government to accept them.
I was a privato in tho Spanish war, I know what tho contractors did to
tho soldiers. They killed, sickened and discouraged moro men in a day than
Spanish bullets did in tho whole war. After tho Civil W ar was over.
Congressional committees began to investigate tho graft charges. They
lifted tho corner of tho heavy blankot of concealment spread over the war
contract business and they drew back in horror.
W hen the war was over, and tho liugo national debt rolled up, tho Am er
ican people wero divided into two classos— a great majority who had fought
and helped tho country, and a shameful but powerful minority who had
shouted patriotism while they stood with their feet in the Government
trough and got rich. To-d ay tho peoplo who havo amassed wealth under
our institutions and under the American flag ought to volunteer as a man to
forco Congressional legislation that will place tho country on a just and
decent war basis. This is tho object o f our cominlttco. I f wo aro going
into war, the spiritual and financial basis of tho country must bo right.
There is feeling, to-day, largely justified, I believo, that selfish interests
have been working for war. It is of paramount importance that tho pooplo should know the war will not work for those selfish Interests, but single
mindcdly for the country’s cause. Our committeo is frankly against war.
W o havo tried to prevent war.
W o aro still trying.
But if thero Is war,
we want it to bo the kind of a war that no American citizen will regret or
feel ashamed of.
d e c la r e d
M y view Is that while the war lasts no man should enjoy an Income of
more than $75,000 or $100,000 a year, and that tho Government should
take all over this amount.
W o could obtain also $200,000,000 additional
annually by raising taxes on whiskey and beer to a level w ith what they were
taxed in England before tho war started.
Th e excess profits tax, now in force, m ust be graduated, making it
heaviest on largest profits. Th e tariff is impossible as a source of revenue
during the war.
B ill
T h o o b je c t s o f th e o r g a n iz a tio n o f th o c o m m it t e e h a v o b o o n
s e t o u t a s f o llo w s b y M r . P in c h o t in t h o “ T i m e s :”
con
year.
p o s s ib ilit ie s .
and
I hereby demand that tho Congress o f tho United States shall imme
diately enact legislation providing substantially for tho following war meas
ures:
1. T h at, in caso of war, all net incomes of $5,000 or over shall be subject
to tho following annual graduated war contributions:
On all net incomes from $5,000 to $10,000 , a contribution o f 2 K % .
On all incomes over $10,000 a year, a contribution increasing on a sliding
scale, beginning at 1 0 % and rising to a point which will permit of no in
dividual retaining an annual net income in excess of $100,000 during tho
war.
2. T hat no war supplies or war service, including transportation, shall bo
furnished to tho Government at a not profit of more than 3 j^ % .
3 . T h at no wholesale or retail dealer shall sell food or other basic neces
sities of lifo during tho war at a profit larger than 6 % .
4 . T hat intentional failure to supply the Government with correct figures
as to incomes and profits on such sales and sorvico shall bo a felony punisha
ble by imprisonment.
5. T h at any individual or corporation who knowingly furnishes tho G ov
ernment with defective war supplies shall be guilty of a felony, punishable
by imprisonment.
I pledgo m yself to support and uso m y influence, In so far as I am able, to
further tho prompt enactment into law o f such measures.
u n o ffic ia l
excess
th e
beer
or
am ount
a
bo
$ 3 2 5 ,0 0 0 ,
in co m e s
$ 1 0 0 ,0 0 0
am ong
M eans
G overn m en t
w ar.
b y
under
ta x ,
$ 2 ,0 0 0 ,
as to
im p o s e d
be
to
la r g e
h ig h
liq u o r s ,
th e
c o n s id e r a t io n .
d r a ftin g
to
th e
to
in
b e lie v e d
in c o m e
T h ere
so
now
R a in e y
th o W a y s
on
e x c e e d in g
ta x
under
p r e s e n ta tio n
th a t
is c o ll e c t ib le
In crea ses
it
of
$ 7 5 0 ,
th a t s o u rco c o u ld
T h e
ra te
fig u r e s .
d is t ille d
R e p re s e n ta tiv e
of
th o
in c o m e s
th a t
ra tes
to
ber
th is
30.
of
c la s s
G overn m en t
e x e m p tio n
th is m ig h t g o
a ll
s u g g e s tio n
creased
to
th a t
th e
is s u o .
pu rpose
T h is
su g g ested ;
$ 5 0 0 ,0 0 0 ,0 0 0 .
ban ks,
bon d
th o
w ar.
June
been
L o w e r in g
sum
s u g g e s tio n s
s a id
fo r
g rea ter p a rt o f
on
th e
r a t e s w ill y i e l d , i t is s a i d , a p p r o x i m a t e l y
th is
s w e ll
R esorve
h a n d lin g
in c id e n t
fis c a l y e a r
have
F ed era l
of
in c r e a s e s t h e r e v e n u e r e t u r n fr o m
in c r e a s e d
000
w ill
ex p e cte d ,
th is y e a r ,
in h e r it a n c e
su ch
ta x es
T h e
ch arge
expenses
is
end
fo llo w .
w ill h a v e
In tern a l rev en u e
reven u e,
[Vol. 104.
THE CHRONICLE
1 3 38
31:
A pr . 7 1917.]
THE CHRONICLE
BOSTON B A N K E R S R A I S E W A R L O A N
OF
$ 1 ,0 0 0 ,0 0 0 .
B o s t o n b a n k e r s , i t is s a i d , f o r m e d a s y n d i c a t e o n M a r c h 3 0
fo r
t h o r a is in g o f a p a t r io t ic w a r lo a n
o f $ 1 ,0 0 0 ,0 0 0
w it h o u t
in te re s t, to b o u s e d fo r e m e r g e n c y p u r c h a s e s fo r e q u ip m e n t o f
r e g u la r
and
d is tr ic t
at
N a t io n a l
G u ard
B oston .
A
s o ld ie r s
c o m m itte e
in
th e
of
q u a rterm a ster
fiv e
b u s in e s s
m en,
a p p o i n t e d b y jjt h o C o u n c i l o f N a t i o n a l D e f e n s e a t W a s h i n g t o n ,
and
w o r k in g lt h r o u g h
E ugene
V .
th o M e r c h a n ts N a tio n a l B a n k
le s s t h a n
R .
T h ayer,
of B oston ,
of
th e lo a n
in
th ree h o u rs.
T h e b a n k in g h o u s e s o f L e o , H ig g in s o n
P ea bod y
&
C o . c o n t r ib u te d
$ 2 5 0 ,0 0 0
o f t h o l o a n w a s 'e o n t r i b u t e d
and
P r e s id e n t
r a is e d
b y
&
C o. and
each .
T h e
th e fo llo w in g
K id d e r ,
o t h e r h a lf
te n lo c a l b a n k s
tru s t co m p a n ie s : ^
Tho Merchants National]Bank, tho National Shawmut Bank, tho Second
National Bank, tho National Union Bank, the Federal Trust C o ., the
American Trust C o ., tho Old Colony Trust C o ., tho N ew England Trust
C o ., tho Commonwealth Trust C o. and tho State Street Trust C o.
T h e c o m m it t e e jo f fiv o r e fe r r e d
to
above
c o n s is ts o f:
Chairman Richards o f tho Boston Consolidated Gas C o ., Charles II.
Jones of tho Commonwealth Shoo C o ., Albert Greono D uncan, cotton
manufacturer; Jacob F . Brown o f tho Brow n-Adam s W ool C o ., and E . J.
Frost, Vlce-PresidenPof tho}W illiam Filone's Sons’ C o.
F a ilu r e o f C o n g r e s s ,
t io n s
fo r
im p e n d in g
s u p p lie s
and
in
e q u ip m e n t
N a t io n a lJ G u a r d
th o
it is s a i d ,
need
fo r
lo a n
m a k e p r o p e r a p p ro p r ia
or
em ergen cy,
in c re a s e d
o r g a n iz a t io n s ,
c a ll fo r ^ a jp a t r io t ic
to
w ar
w as
b y
b u y in g
r e g u la r
g iv e n
p r iv a te
as
arm y
th e
reason
b a n k in g
of
and
fo r
in s t it u t io n s
o f B oston .
T h o
d e t a ile d ^ o b je c t
of
th e
lo a n
is
to
a llo w
th o
q u a rter
m a s t e r d e p o t ’ o ffic e r ia t J B o s t o n t o b u y a t o n c e w h e n th e o r d e r s
a re r e a d y , e v e r y th in g
o f
th o
d e fe n s e
accept
bo
of
G overn m en t
a b le
to
got
needed
th o
vou ch ers
m on ey
fo r
o v e r to th e s y n d ic a te .
u n til s u c h
fo r
th e
and
b y
th o
d is tr ic t.
in
th e
arm ed
fo rc e s
C o n tra cto rs
p la c e
of
vou ch ers
in
w ho
a ctu a l
upon
ch arge
w ill
not
cash ,
w ill
tu r n in g
T h o s y n d ic a t e w ill h o l d
th em
th e v o u ch e rs
t im e a s C o n g r e s s s h a ll h a v e m a d e fu n d s a v a ila b le
r e d e m p tio n
of
th o fu lljm illio n ,
th e m .
N o
in te re s t
if u s e d , w ill b e
w ill
lo a n e d
bo
ch arged,
w it h o u t e a r n in g
o n o c e n t , a n d l o s in g in t e r e s t it m ig h t s e c u r e in o t h e r c h a n n e ls .
In
t h e s o ’ c o lu m n s j.la s t w e e k w o r o fo r r o d a t l e n g t h
fo r th o sa m o a m o u n t o ffe r e d b y J . P . M o r g a n
th o
G overn m en t
in
p a y in g
fo r
needed
fo r th o q u a rte rm a s te r d is tric t a t N e w
&
arm y
t o a lo a n
C o . t o a s s is t
s u p p lie s ,
& c .,
Y ork .
C. E. M I T C H E L L O N G O V E R N M E N T W A R F I N A N C I N G .
C .
an
E . M it c h e ll,^ P r e s id e n t o f
in t e r v ie w
on
th e 4 th
w a r fin a n c in g .
by
in
th e
th o
of
e d u c a tio n
d ra w n fro m
tw o
lo a n s
have
fro m
have
d u r in g
a p p lie d
th ey
years, an d
in v e s tm e n t b a n k e r s
fo re ig n
C ity
C o ., g a v e
s u b je c t o f G o v e r n m e n t
to
th o
p r o b le m — fir s t,
t h o e x p e r ie n c e o f b e llig e r e n t c o u n t r ie s
iin a n c in g ^ w h ic h
past
N a t io n a l
th o
H e d e c la r e d th a t s u cce s s w o u ld b o m e a s u re d
th o d eg ree
e d u c a tio n
th o
in s t. o n
g a in e d
th is
been
fo r c e d
th e e x p e r ie n c e
in
p e r io d ;
th o
an d,
to
do
d u r in g
w h ic h o u r o w n
d is tr ib u tio n
secon d,
o f la r g e
e d u c a tio n
of
th o A m e r ic a n p u b lic a s t o t h o n e c e s s it y f o r la r g o g o v e r n m e n t a l
lo a n s a n d
th e
d u ty
c it iz e n
th e
U n it e d
of
le a d in g
th o
h im
fir s t
of
to
of and
p a r tic ip a te
th ese
fin a n c in g
b y
an
th o
bo
in
p r o b le m s
th a t h o w a s d is t in c t ly
term
th o a d v a n ta g e
S ta tes,
h is
su ch
of
lo a n s
each
and
every
or
s m a ll,
la r g o
w hen
o ffe r e d .
O n
M r.
M it c h e ll
s a id
e d u c a tio n
oppon en t of an y
G o v e rn m e n t,
re g a rd b e in g b a s e d u p o n
to
s a v in g s
h is
im m e d ia te
re a s o n in g
sh ort
in
th is
th e fa c t t h a t s h o r t -t e r m lo a n s w o u ld
f i n d a f i e l d o f d i s t r i b u t i o n 1i n n o l a r g e d e g r e o b e y o n d b a n k i n g
in s titu tio n s
w h oso
liq u id
e s s e n t ia l a n d w h ic h
b y
e x tr a o r d in a r y
upon
to
m a k o in
N a t io n a l
C ity
c o n d it io n
c o n d it io n
in v e s tm e n t
su ch
C o.
say
a
fo r
th ir ty
p r o v is io n
o r g a n iz a t io n
d a te,
th e
in
bonds
c o n v e r t ib le
to
is s u o
is s u e d
in to
presen t
th ey
to
th e fo rm
th is
a
fin d
it
b e a r in g
w o u ld
lo a n ,
b e a r in g
su ch
be
bo
th a t th e
of
ono
h ig h e r
th ese
c a lle d
m ost
o f a lo a n r u n n in g
n ecessary,
a
is
th o fe e lin g o f th o
and
p e r io d
tim e
n o t b e im p a ir e d
in te re s t a t
s h o u ld
under
as
seem ed
d u r in g
s e c u r it ie s
bonds
th o
H o s a id
b o in
b e a r in g
case,
G overn m en t
a d v is a b le ,
th a n
years,
th a t
su ch
fin a n c in g .
a c c e p ta b le b o r r o w in g w o u ld
at
h e fe lt s h o u ld
or
fro m
deem
in te r e s t
bonds
h ig h e r
c a r r y in g
year
s h o u ld
in te r e s t
it
ra te
be
ra te.
M r . M itc h e ll{s a id :
Perhaps two billion dollars could bo successfully floated dependent upon
the degreo of education given to tho public prior to tho offering. Few
realize tho tremendous relativo wealth o f tho United States and the inherent
borrowing powor within herself or how far behind are tho peoplo o f the
United States in placing their savings in sound investments, and especially
In loans o f the United States Government as compared with tho peoples
of other countries. O f the economic wealth o f tho world, estim ated at
between six hundred billion and seven hundred and fifty billion dollars,
tho wealth of tho United States is now estimated at two hundred billion
dollars, as against tho estimated wealth o f the Allied nations aggregating
two hundred and fifteen billion dollars and the estimated wealth o f tli
Entente nations aggregating ono hundred and thirteen billion dollars.
In
this regard, you will note that if tho United States were to join tho Allied
1 3 39
nations, the total wealth pitted against the Central Powers would reach a
grand total estimated to be four hundred and fifteen billion dollars, or over
one-half, in fact nearly two-thirds, of the wealth o f the world, which factor
should constitute the largest single element in the defeat o f the Central
Powers. Since the outbreak o f the war. Great Britain, with her estimated
wealth o f eight-five billion dollars, has been able to borrow over nineteen
billion dollars, France, w ith her estimated wealth o f fifty-five billion
dollars, has borrowed over nine billion five hundred million dollars; Russia!
with fifty billion dollars .has borrowed nearly ten billion dollars, and ItalyJ
with her estimated wealtn o f tw enty-five billion dollars has borrowed over
two billion six hundred million dollars, or, combining these figures, the
Allied nations, with an estimated wealth of two hundred and fifteen billion
dollars, have borrowed over forty one billion dollars. Basing our calcula
tion upon tho loans which these nations have succeeded in making, our
borrowing capacity should theoretically be over forty billion dollars. Th e
accuracy o f such calculation would appear faulty only in two respects,
first in the fact that the proportion o f incorporated mobile capital is less
in the United States than in England and in France who have for many
decades been savers and investors, and, second— in tho fact that a portion,
though a comparatively small portion, o f the Allied borrowings have been
made through external borrowings in the United States and elsewhere.
Though such loans have been made upon collaterals, it is doubtful if the
United States could find a neutral foreign field where its similar loans could
be broadly m ade, bu t, in any event, how small in the light o f these figures
appears such a loan as would seem likely to bo made by the Uhited States
In its initial borrowing. Take a glimpse o f the banking situation in this
country: Our banking power at the end o f June 1916, according to the
Comptroller of the Currency, as represented by capital, surplus, and other
profits, circulation and deposits o f national and other reporting banks,
together with tno estimated amount of funds of this character in non
reporting banks, was twenty nine-billion, tlireo hundred fifty-three million,
five hundred thousand dollars, which figure, at tho rate o f increase for the
preceding year, m ust now bo close to thirty-five billion dollars. Although
impracticable to determine with exactness, especially owing to the shifting
of deposits, It would seem safe to say that the banks of this country possess
at this time a loaning power of from five to six billion dollars in addition
to tho loans our banks are already carrying.
Enough has been said to set up a picture o f the credit position of the
United States. The wealth is here. How can it be diverted in small part
into investment in Government loans? T h at our banks must be kept liquid
and m ust be freed from securities which cannot be sold readily in a market
where they are eagerly sought by individual investors is obvious, but that
the individual savers o f the United States have had scant education in
Investment, and especially in United States Government securities, is
equally obvious. According to the income tax returns o f
336,652 people out o f a population o f well over ono hundred million reported
incomes in excess of $3,000 per annum, indicating the tremendous number
there m ust be o f earners o f salaries and wages below this figure who in
turn m ust be savers to a larger or smaller degree.
Probably not more than two hundred thousand people in the United
States purchase bonds. W hile this number seems exceedingly small, as
we face the volume of likely Government borrowing, the United States
itself has placed its bonds with but a small fracton o f this number of bond
investors. Our Government bond debt, as o f Jan. 31 1917, amounted to
approximately nine hundred and eighty-three million dollars. These bonds
have sold very largely at prices which m ay be termed artificial by reason
o f tho utility o f the bonds for deposit for currency, & c., and for the reason
that there has always existed in tho country a certain demand at approxi
mately the savings bank rate by a few who regardless of price have been
unwilling to hold any other security. IIow few of the savers, then, in the
United States are acquainted with United States Government bonds and
how large tho number who m ust be educated. Contrast this situation in
the United States with the situation in France and in England. The French
rente has been the popular investment in Franco for m any decades. Prior
to the outbreak o f the war the ledger of public debt in France showed holders
o f French 3 % rentes aggregating the enormous total of 4 ,4 4 3 ,9 0 4 , of whom
approximately 1,400,000 held pieces aggregating 30 francs or less. There
were at that time over twenty-five billion francs o f rentes outstanding, indi
cating an average holding o f 5,700 francs, or less than $ 1,150 to each inves
tor. I well recall having witnessed in Paris some years prior to the war scenes
incident to the opening of books at branch banks scattered throughout
Paris when as early as six o ’clock in the morning of the day books were to be
opened lines o f people extended from one half block to a block away from
tho doors o f these branch banks awaiting opportunity to file their subscrip
tions. A t the time the war began scarcely was there a Frenchman who was
not an owner of rentes. Their peoplo had been educated. And so to a
lesser degreo— but to a far greater degree than in the United States— were
tho public in Great Britain educated. British consols were owned by
practically every investor in England prior to tho war, and during the war
period subscribers to the British war loans. Including the savings certificates,
have aggregated the enormous number of 5 ,289,000. I conclude then that
tho first step in the distribution o f Government securities in large volume
must be along the lines o f popular education. Tho most excellent news
writers, magazine writers, and men o f the highest literary talent able to
present tho subject, not merely in cold black and white, but with tho eolor
which makes up what you o f tho profession call “ human interest stu ff"
should even now bo mobilized and at work spreading not only the gospel
o f thrift and investment, but showing to every man and woman and child
within tho confines of this country the desirability and the necessity o f
having ready at hand their savings, be it only a m ite, for subscription to
any United States bond issue that m ay be forthcoming. Th e commercial
and investment bankers o f the country— men trained in constructive finance
and in the technique o f bond distribution— should even now be mobilized
to confer with our Government in the very delicate task o f determining
tho volume, term and rate o f such an Issue as will best appeal to popular
favor, and should be closely co-operating with tho mobilized publicity men.
The Federal Reserve banks, whose duty it will doubtless be to collect in
due course tho country-wide subscriptions to the Government loan, should
even now bo mobilizing the banks within each Federal Reserve district,
arranging for tho dissemination o f information, tho solicitation o f sub
scriptions and possible laying out plans by which banks m ay make loans to
individual subscribers under a partial payment system; and, again, the
advertising men of the country, who I understand have already partly
mobilized, should be solidly brought together to devise ways and means for
advertising the Government Issue, not in the cut and dried manner of the
standard bond advertisement o f to-day, but in a manner which only they
who know tho true method of appealing to popular interest in the mer
chandising of wares can devise. Upon them will rest the burden of Bring
tho final shot in a campaign which, if properly devised, will bring over
subscription to any Government loan and will make the work o f distribu
tion appear so easy and simple that the peoplo will marvel that there has
over been so much talk about it all. B ut mobilizing of these interests is
necessary, and it Is essential that mobilization take place now. There must
bo weeks o f preparation and no form o f preparedness under existing condi
tions is o f greater importance.
1915, only
a s ta te m e n t is s u e d a t W a s h in g t o n o n
M O B I L I Z A T I O N OF LA BO R FOR G O V E R N M E N T .
P la n s
fo r
th e
m o b iliz a tio n
of
v i c e in t h e e v e n t o f w a r w it h
c o n fe re n ce
of
G overn m en t
la b o r
fo r
G overn m en t
o u t lin e d
and
o ffic ia ls
en ou gh w ork m en
agreed
to
ser
G e rm a n y w e re th o s u b je c t o f a
and
la b o r
le a d e r s
o ffic e o f S e c r e ta r y o f L a b o r W ils o n o n M a r c h 2 8 .
w ere
[Vol. 104.
THE CHRONICLE
1340
on
fo r
m a k in g
in s u r e th o o p e r a t io n
in
th e
M easu res
r e a d ily
a v a ila b le
o f th e G o v e rn m e n t
p o in te d
ou t
cou n try
con v erts
flo u r ,
th a t
E n g la n d
w h ile
o n ly
has
S w it z e r la n d 8 0 %
a re m a k in g
corn
and
th e
presen t
abou t
a d o p te d
7 2 %
an
p ota to
fro m
w h e a t flo u r
flo u r .
0 0 0 b u s h o ls .
th e
G overn m en t
o ffic ia ls ,
p r o fitin g
E n g la n d , w e re d e te r m in e d
p art
in
th e
w ar,
it
b y
th o
e x p e r ie n c e s
th a t if th e c o u n t r y
s h o u ld
n ot
be
of
took
an
a c t iv e
em barrassed
b y
la b o r
t r o u b le s a n d in a b ilit y t o o b t a in s k ille d a n d u n s k ille d w o r k e r s .
T h e
A m e r ic a n
F e d e r a tio n
o f L a b o r , w h ic h
r e c e n tly
p le d g e d
it s m e m b e r s h ip t o t h e s u p p o r t o f t h o G o v e r n m e n t , w a s r e p r e
sen ted
a t th e c o n fe re n ce
T h rou gh
s u p p ly
th o
of
t r a in e d
E m p lo y m e n t
C iv il
O ffic e
T h o
tee
its P r e s id e n t , S a m u e l G o m p e r s .
th o
G ov e rn m e n t ex p ects
w ork m en .
S e r v ic e
S e r v ic e
P ost
b y
F e d e r a tio n
w ill
fu r n is h
C o m m is s io n
D e p a rtm en t
T h o
w ill
U n it e d
u n s k ille d
s u p p ly
w ill a d v e r t is e
G om p ers
is
C h a ir m a n ,
a ls o
get
its
P u b lic
and
h e lp .
th e
w ill
L abor
C o m m it
c o -o p e r a te .
T h o
fo llo w in g s t a t e m e n t w a s is s u e d a t t h e c lo s e o f t h e c o n fe r e n c e
b y
S e c r e ta r y W ils o n :
Tho purposes of tho conference wore to find ways and means to provent
overlapping of effort in mobilizing tho resources of industry for the support
o f tho Government. W o are planning to work together with tho following
aims:
First, to find where help, malo and femalo, can bo quickly located for
tho navy yards, arsenals and other factories of tho Government and for any
private plants working on supplies for the uso o f tho Government.
Second, to ascertain tho fitness of any offered workers and where they
can best bo employed.
Third, to smooth their way to tho work where they aro needed.
In doing this wo are working to avoid duplication of effort and needless
expense, and to save time.
Tho Civil Service Commission is required to ascertain tho qualifications
of persons employed by tho Government generally. Ordinarily a scholastic
examination has been used for this purpose. It is proposed to abandon
this method, so far as tho mechanical service Is concerned. Tlioso who of
fer will not bo given a mere academic examination, but will bo examined for
physical fitness and mechanical experience only. Thero will bo no school
examination and no technical examination.
In reaching tho country the wholo power of the local unions o f tho Ameri
can Federation of Labor will bo availed of. Their officers and business
agents have personal knowledgo of tho men and localities needing work
and can speedily adviso the working force. The Post Office Department
has agreed to transmit information and aid by posting advertising material
also. Th e Civil Servico Commission has a force of 3,000 boards of examin
ers and the country is divided for their purposes into twelve districts, tho
whole available force in each of which can servo in examining m en. Tho
field forces of the bureaus of Immigration, Naturalization, Labor Statis
tics and Children’s Bureau will be directed by tho Department of Labor
to work as temporary examiners for the nonco with these regular officials,
and will very largely increaso tho available force.
Th e Government will appreciate the activo assistance of all organiza
tions and individuals having means of co-operating with theso officers in
locating and preparing persons desiring employment under the Government
for appointment. In Government places tho Civil Service Commission
Will furnish tho examinations. For work under private concerns doing
work for tho Government, the United States Em ploym ent Service’s eighty
stations throughout tho United States will bo solely engaged, and will co
operate with the Civil Servico Commission also.
Thoso plans propose utilizing tho machinery already in existence to meet
tho immediate needs o f tho Government for workors and do not in any man
ner interfere with tho plans being developed by tho sub-committee of tho
Advisory Commission of tho Council of National Defenso dealing with tho
mobilization of labor.
T h ose
in
a tten d a n ce
at
“ Jou rn al o f
C o m m e r c o ,”
m an
L abor
of
th o
th o
c o n fo re n co ,
in c lu d e d
D iv is io n
o f
a c c o r d in g
to
Sam uel G om p ers,
th o
A d v is o r y
ded,
H is
th e
C h a ir
C o m m is s io n
in
w o u ld
A n y
A m e r ic a n
F e d e ra tio n
of L abor; Jam es
S ecreta ry
O ’C o n n o ll a n d
J . B e r r e s , o f th o M o t a l T r a d o s S e c tio n ; W illia m
P r e s id e n t o f th o
I llie n n y ,
C .
M .
G a llo w a y
and
th o
A lb e r t
II. Joh n son ,
M a c h in is t s ’ U n io n ; P r e s id e n t J o h n
C o m m is s io n e r
of
A .
C h ie f
M c-
E xam
to
w ith
M r.
in to
8 5 % ,
r y e , b a r le y ,
V room an , an
th o
s ta n d a r d w o u ld a d d
s u b s t it u t e flo u r in
to ta l
s a v in g
to
sh orta g e
c o u ld
bo
in
bran ,
m ado up
b y
85-
8 7 ,0 0 0 ,
b a k in g , h e a d
1 2 5 ,0 0 0 ,0 0 0
sh orts
s a id .
m ado
g r is t
has
H e
c h e a p ly
m ill,
lo n g
a
b u s h o ls .
at
hom o
p r a c t ic e
ou t
b y
th a t
g r in d in g
w h ic h
th o
soya
w h o le
m id d lin g s
m e a l,
fo r
corn m oal
bean s, M r. V roo
w heat
w heat
in
flo u r
a
D e p a rtm en t
can
bo
s m a ll h a n d -
o f A g r ic u ltu r e
recom m en d ed .
FARMERS
T h o
p o in te d
and
co tto n se e d
ta n k a g e , a lfa lfa , c lo v e r , c o w p e a s a n d
m an
UR GED TO J O I N I N A G R I C U L T U R A L
PREP A R E D N E S S M E A S URES.
fa r m e r s
S e creta ry
of
of
th o
U n it e d
A g r ic u ltu r e
p reparedn ess
m easu res
S ta tes
H ou ston
so
th a t
havo
to
th o
been
jo in
in
cou n try
u rged
by
a g r ic u lt u r a l
m ig h t
n ot
bo
h a n d ic a p p e d b y f o o d s h o r t a g o in its e ffo r t s t o m e e t t h o in t e r
n a t io n a l c r is is .
S e c r e ta r y H o u s t o n ’s a p p e a l, is s u e d o n M a r c h
2 7 , is p a r t o f
th o
c a m p a ig n
u n d erta k en
by
th o
D e p a rtm e n t
o f A g r ic u lt u r o t o m o b iliz o t h o n a t io n ’s a g r ic u lt u r a l r e s o u r c e s .
I n h is s t a t o m e n t S e c r o t a r y H o u s t o n s a y s :
B oth for economic and patriotic reasons tho American farmer should
strivo this year for tho highest standard of efficiency In tho production and
conservation o f food. Under tho conditions in which this country now
finds itself, it is important that everything practicable bo dono to increase
tho efficiency of agricultural activities during tho coming season. It is
desirablo that throughout tho country farmers confer among themselves
on matters affecting tho production of needed croj)s, and that they consult
freely with county agents. State agricultural colleges and tho Department
o f Agriculture.
S ecreta ry
H ou ston
p r e v e n tin g
u rged
“ c o n s p ic u o u s
p a r t ic u la r ly
p r o d u c tio n
s t a p le c e r e a ls , p r o p e r a t t e n t io n
s a fe g u a r d in g
la n d , a n d
of
seed
fo r
th a t
b o g iv e n
p la n tin g ,
th o ca ro o f th o c r o p .
as a
w a ste s”
to
th o
m eans
o f
of
im p o rta n t
th o s e le c tio n a n d
p r e p a r a tio n
o f
th o
H o s a id :
Under existing conditions every precaution should bo taken (1) to reduce
production wastes b y testing seed sufficiently in advanco to insuro against
tho planting of dead seed, (2) to treat with disinfecting dips all seed subject
to diseases that can be prevented, such as tho smuts of wheat, barley, oats
and rye, tho losses from which aro estimated conservatively at $50,000 ,000
to $60,000 ,000 in the average year, (3) to prepare especially thoroughly for
planting theso vitally important cereal crops and to caro for them as m ay be
necessary during the season.
A fte r
d is c u s s in g
c e r ta in
s ta te m e n t d e c la r e d
r is k
of
w a ste s
N o rth e rn
s h o u ld
th o
redu ce
su ch
bo
p la n tin g
p ota to
th o
crop
d is e a s o
saved
th o
su m m er
p la n n e d
to
or
a u tu m n ,
s u p p ly
a m p lo
th o
in s e c ts
cabbago
to
in
and
s a id ,
1 0 0 ,0 0 0 ,0 0 0
t h a t fr u it s a n d v e g e t a b le s ,
to
a ttem p t
now .
and
or
S e crota ry
5 0 ,0 0 0 ,0 0 0
to
C a n n in g ,
p r e s e r v in g o p e r a t io n s , it a d d e d , s h o u ld
la to
c e r e a ls ,
p ota toes,
d is e a s e s ,
fro m
i t is i n a d v i s a b l e
s y s te m a t ic a lly
of
as
T h o s ta te m e n t d e c la r e d
o r d in a r ily
of
a c t io n
v e g e ta b le s ,
P r e v e n ta b le
fr e q u e n tly
in o th o d s
it w a s e s p e c ia lly im p o r t a n t t o r o d u c o t h o
th ro u g h
s ta p le
o n io n s .
“ w h ic h
M o r r is o n ,
berry
I ta ly
c o n tin u e d :
r e s u ltin g
b u s h o ls .
L abor; F ran k
b r in g
c a t t le fe e d
th o C o u n c il o f N a t io n a l D e fe n s e a n d P r e s id e n t o f th o A m e r i
o f
U se o f 2 5 %
sta tem en t
can
F e d e ra tio n
t ills
N ow before necessity pinches us, these aro facts which should bo con
sidered in all their possible practical bearings. It is stated on reliable
authority that 8 5 % wheat flour can be manufactured in our mills without
changing their machinery. Tho most serious industrial chango would bo
that tho millers could no longer sell flour according to their well-known
brands. Tho European millers, however, have patriotically subordinated
their business interests to the interest of tho country as a wholo, and I
boliovo if tho United States wero to adopt a “ war bread” policy that our
millers would gladly co-operate.
" W a r bread,” or bread made from wholo wheat flour, is, for many
peoplo, moro healthful than white bread.
T h e
c o u n tr y ’s n e e d s.
C o u n c il o f N a t io n a l D e fe n s e , o f w h o s e
M r.
m en,
c le r ic a l
th e
to
S ta tes
w heat
ho
in
m illin g s t a n d a r d w o u ld in e ffe c t in c r e a s o t h o w h e a t s u p p ly b y
6 0 ,0 0 0 ,0 0 0 b u s h e ls , a n d a 9 0 %
th a t
th o
sta n d a rd ,
m ix e d
A c c o r d in g
co n tra cts.
a t th o tim e o f th o c o n fe r e n c e
o f
8 1 %
3 1 , in w h ic h
sta n d a rd
a n d F r a n c e 7 7 % , a n d a ll o f t h o b e llig e r e n t s
bread
s h ip y a r d s a n d a r s e n a ls a n d o f p la n t s w o r k in g o n G o v e r n m e n t
It w a s sta te d
M arch
m illin g
n ot
fa m ily
c o n s o r v o ,”
d r y in g
b o d e la y e d
gardon s
q u a n titie s o f e a r ly
and
u n til
s h o u ld
bo
m a tu r in g fr u its
in e r G e o r g e R . W a le s o f th o C iv il S e r v ic o C o m m is s io n ; W . I .
a n d v e g e t a b le s f o r p r e s e r v a t io n , a s w e ll a s fr e s h p r o d u c t s fo r
D o m in g , C h ie f C le r k
im m e d ia te
ta ry
of
L abor
o f th e P o s t
W ils o n ,
C o m m is s io n e r -G e n e r a l
O ffic e
A s s is ta n t
A n th o n y
D e p a rtm e n t; S ecre
S ecreta ry
L o u is
C a m in e tti,
F .
P ost,
C o m m is s io n e r -
p la te
and
c o n s u m p tio n .
h ig h
p r ic o
“ it
m ay
bo
c o n t in u e d ,
G e n e r a l o f I m m ig r a t io n ; C h ie f T . V . P o w d o r ly a n d A s s is ta n t
o f fo o d
C h ie f J . L . M c G r e w
c o n t a in e r s .”
v ic e .
o f th e U n it e d
S ta te s E m p lo y m e n t S er
________________________________________
H e u rged
ASSISTAN T
In
SECRETARY
“ WAR
s u g g e s tin g
p u b lic
s e r v ic o
OF A G R I C U L T U R E
bread : ’
th a t A m e r ic a n
in
th e
URGES
m ille r s m ig h t r e n d e r a g r e a t
c a m p a ig n
to
p roven t
a
w ar
sh orta g o
o f f o o d b y c o n v e r t in g in t o flo u r a g r e a t e r p e r c e n t a g e o f m ille d
w h ea t,
sta tes
C a rl
th a t
V room an ,
“ no
step
s u p p ly
im m e d ia te ly
b a s is .
M r.
A s s is ta n t
c o u ld
as
V r o o m a n ’s
to
do
pu t
appeal
S ecreta ry
as m u ch
to
th e n a tio n
to
m ille r s
o f
A g r ic u ltu r e ,
in c re a s e
on
a
w as
o u r fo o d
“ w ar
bread ”
c o n ta in e d
in
in
1 0 ,0 0 0 ,0 0 0
o f
t in
S ou th ern
b u s h e ls g o
ta ry
su g g ested
su ch
v e g e ta b le s
in
to
s c a r c ity
S ocrota ry
h o u s e h o ld
o f
p r e s e r v a tio n
w a ste
p o in t in g
th rou g h
b y
d r y in g
as ca rro ts, p o ta to e s a n d
M a n y
crops
ou t
d ecay.
fo r
abou t
T h e
S ecre
soup
c e le r y ,
grow n
th a t
stock
and
u s u a lly
if u tiliz e d p r o p e r ly , a n d
p r o d u c tio n
fo r
as
soya
bean s,
cow
peas,
s o r g h u m s w e r e m e n t io n e d
w ill
bo
a d v is a b le .”
p ea n u ts,
k a fir
s p e o ifio a lly
b y
and
th e
s o il
v a lu o
th e ir u tiliz a tio n fo r h u m a n fo o d
“ d o u b tle s s
of
d r y in g
im p r o v e m e n t o r fo r a g e , h o d e c la r e d , p o s s e s s la r g o fo o d
o il
t in
H ou ston
to m e e t th o sto ra g o o f sw e e t
S ta tes,
th e p r e s e r v a tio n
o f s u r p lu s s w e e t c o r n .
th o
t o p u t f r u it a n d v e g e t a b le s in o t h e r
th a t p la n s b e m a d e
th e
of
c a n s ,”
n ecessary
m o r o e x t e n s iv e ly
p o ta to e s
“ B ecau se
th o
and
S u ch
orops
oth or
g r a in
S eorota ry .
G O V E R N M E N T I N V O K E S L A W TO P R E V E N T W A R
PROFITS— BR AS S M A K E R S A S K O N L Y COST.
T h e
fro m
pow ers
o f th o
c h a r g in g
G ov ern m en t to
e x o r b ita n t
w ar
fir s t tim e o n th o 4 t li in s t .
A p p r o p r ia tio n
B ill
a
p r e v e n t m a n u fa ctu re rs
p r o fits
w ere
in v o k e d
fa r
lo w e r
th a n
fo r
th e
U n d e r a u t h o r it y o f th e la s t N a v a l
m a n u fa c tu r e r
w as
d ir e cte d
a la r g o o r d e r o f w a r s u p p lie s a t a p r ic e fix e d
m en t,
th o
fig u r o
b y
v o lu n t a r ily
to
fu r n is h
th e G o v e rn
s u b m itte d .
If
t h e o r d e r is n o t o b e y e d t h e p l a n t w il l b o t a k e n o v e r a n d o p e r
a ted
b y
n ot
th e
G o v e rn m e n t.
d is c lo s o
th o
t h r o u g h w h ic h
nam e
of
A d m in is tr a tio n
th o
o ffic ia ls
m a n u fa c tu r e r
th o o r d e r w a s g iv e n .
or
w o u ld
th e
agen cy
I t is s a id t o h a v e b e e n
a d m itte d , h o w e v e r , th a t th o a c t io n h a d b e e n ta k e n , a n d th a t
P r e s id e n t W ils o n
and
h is a d v is e r s w e r o fir m ly
r e s o lv e d
th a t
o n ly fa ir a n d r e a s o n a b le c h a r g e s s h o u ld b o p a id b y t h e n a t io n
t o its c it iz e n s f o r t h o t h in g s t h a t a r e n e c e s s a r y t o m a k e r e a d y
fo r w a r.
I t is p o i n t e d
o u t th a t
E u rop ea n
G o v e rn m e n ts a re
p a y in g a n a v e r a g e o f 1 0 %
p r o fit o n w a r m a t e r ia ls p u r c h a s e d
in
w as
th e
U n it e d
S ta tes.
It
a ssorted
a u t h o r it a t iv e ly
th a t
th e G o v e r n m e n t o f th o U n it e d S ta te s in t e n d e d to b u y its o w n
s u p p lie s
la w
a t le s s
th a n
th a t
ra te
of
p r o fit
to
th o
s e lle r .
1 he
i n v o k e d is S e c t i o n 3 o f t h o la s t N a v a l A p p r o p r ia t i o n B i l l ,
a s fo llo w s :
The President is authorized to rcquiro tho owner or occupier o f any
factory in which tho ships or war material aro built or produced to place
at tho disposal of the United States tho wholo or any part o f the output of
such factory, and, within the limit of tho amounts appropriated therefor,
to deliver such output or parts thereof In such quantities and at such times
as m ay bo specified In tho order at such reasonable price as shall bo deter
mined by tho President.
B e h in d
pu rpose
of
th e
t h a t c la u s o
of
sta n d
C on gress
N a t io n a l
to
o th e r la w s
m ako
D o fe n s o
its
A ct
as
w ill
m akes
a r e m in d o r
e ffe c tiv e .
it
a
of
A
fe lo n y ,
th e
s e c t io n
p u n is h a b le
b y th r e e y e a r s ’ im p r is o n m e n t a n d $ 5 0 ,0 0 0 f in o , t o fa il t o m o o t
th e
G o v e rn m e n t’s
b ill
a u th o r iz e s
d em an d s.
th o
ta k in g
p a r t o f a n y p la n t.
w h ic h
A n o th e r
over
and
lia v o b e e n
th o
o n ly
caso
of
th o
in v o k e d
k in d
th e
of
a ll
N a v y
or
any
th a t th o c o n c e r n a g a in s t
r e fu s e d
to
m eet
th e
th o o rd e rs w ore
te n d e r e d o r ig in a lly a n d in th o r e g u la r w a y .
is
of
o p e r a tio n
I t is u n d e r s t o o d
th eso sta tu te s
s e c t io n
G o v e r n m e n t’s r e q u ir e m e n ts a s to p r ic e w h e n
th is
S o fa r a s k n o w n ,
produ ced
b y
th e
presen t
em ergen cy.
In
con tra st to
n ard
B a ru ch ,
D e fo n s e
th is , it w a s a n n o u n c e d
C o m m is s io n e r
C o u n c il, o f
fo r
on
th e 4 th , b y
M in e r a ls
th o v o lu n ta r y
o ffe r o f
B er
fo r
th e
N a tio n a l
th o
b r a s s -m a k in g
in d u s t r y t o fill t h o G o v e r n m e n t ’s o r d e r s a t c o s t o f p r o d u c t io n .
T h is fo llo w e d
w ith
th o re ce n t a g re e m e n t p ro cu re d
th e co p p e r
p rodu cers an d
p r o c e s s o f c o m p le t io n w ith
b y
M r. B a ru ch
s im ila r a r r a n g e m e n ts
now
in
T h e following organizations which are now in the Federal service will not
be mustered out: Thirteenth Pennsylvania; Companies A and B o f tho First
Georgia.
O n
th e
th e
fiv e
sep a ra te
th o
la r g e s t
fo r
w ool
m ark et
G overn m en t
use
in
b y
th e
v ote
w o r ld ,
w as
of
B oston
W ool
th o 3 d in s t.
T h e
th o
T r a d o A s s o c ia t io n , a t a s p e c ia l m e e tin g o n
s t o c k w ill b o o f fe r e d
on
th o
2d, and
an
in v e n to r y
o p era te
sta ted
th a t
bu y
th o
nor
each
of
w it h
in
to
th e ir
th o
an y
stock
to
th o
a
G o v e rn m e n t.
m em bers
s e ll
th o G o v e r n m e n t a t th e p r ice s q u o t e d
m em bor of
r e s o lu tio n s
w h ic h
of
th o
w ool
A s s o c ia t io n
c o m m itte o
T h e
e ffe c t
th o A s s o c ia t io n
w ool
now
in
tra d o
th is
in
u n til fu r th e r n o t ic e
is r o c o iv e d
A
o f th o r e s o lu tio n s w a s o r d e r e d
w ill fu r n is h
w h ic h
o f
w ill
th o
co
v oto,
B oston
or
fro m
w ill
in
th o
sen t to
n e ith e r
tr a n s it
at
c o m m itte o .
th o P r e s id e n t,
t h e S e c r e t a r ie s o f W a r a n d o f t h e N a v y , t h o C o u n c il f o r N a
t io n a l
D e fe n s e
P h ila d e lp h ia ,
and
to
r e p r e s e n t a t iv e s
C h ic a g o ,
S a lt
L ake
of
C ity
th o
and
w ool
S t.
tra d o
in
o f
S ta te s,
S e creta ry
a d d itio n a l
N a t io n a l
fro m
O h io
B aker
G u ard
to
c a lle d
re g im e n ts
th o
and
u n its
P a c ific
fro m
C o a st,
T h e r e g im e n ts a n d b a t ta lio n s
Following additional National Guard organizations have been called into
tho Federal servico for general purposes o f police protection against possible
interference with tho postal, commercial and military channels and instru
mentalities:
Illinois, 1st, 5th and 6th Regim ents, Infantry. Indiana, 2d Regim ent,
infantry. Iowa, 1st Regim ent, Infantry. M issouri. 1st and 3d R egi
ments, infantry. Nebraska, 4th R egim ent, infantry. M innesota, 1st
Regiment, infantry. M ichigan, 33d Regiment, infantry. W isconsin, 1
3d Regiment, infantry. South D akota, 3d Battalion of the 4th Regim ent,
infantry. N orth D akota, 2d Battalion o f 1st Regim ent, infantry. C olo
rado, 1st and 2d Separate Battalions, infantry. W yom in g, 2d Separate
Battalion, infantry. O hio, 3d and 6th Regim ents, infantry. W ashing
ton, 2d Regiment, infantry. Oregon. 3d Regim ent, infantry. Califor
nia, 2d, 5th and 7th Regiments, Infantry. Idaho, 2d Regim ent, infantry.
M ontana, 2d Regiment, infantry.
O f these organizations, the following aro already in tho Federal service
and in consequence will not bo mustered out, as originally planned. M ich i
gan, 33d Infantry; Colorado, 1st and 2d Separate Battalions O hio. 3d and
6th Regiments.
It Is requested that no details o f locality bo carried in tho press w ith
regard to further distribution of these troops unless given out by the W a r
Departm ent.
W ith
th e s u s p e n s io n
on
M arch
2 7 o f th e m u s te r in g o u t o f
a ll o f t h e N a t io n a l G u a r d o r g a n iz a t io n s t h a t r e m a in e d in t h e
F ed era l
s e r v ic e
a d d it io n a l
fro m
fo rce
o f
th e
M e x ic a n
over
1 5 ,0 0 0
border
m o b iliz a t io n ,
N a tio n a l
G u ardsm en
p la c e d a t th e d is p o s a l o f th e G o v e r n m e n t .
an
w as
T h o o rd e r fo r th e
s u s p e n s io n o f t h e m u s t e r in g o u t o f t h o g u a r d s m e n w a s is s u e d
b y
th o
W ar
W ils o n .
D ep a rtm en t
under
in s tr u c tio n s
fro m
P r e s id e n t
I n a s ta te m e n t th e W a r D e p a r t m e n t s a id :
Tho muster out of all National Guard organizations In Federal service
has been suspended. These organizations are as follows:
Arizona— First Infantry.
N ew M exico— First Infantry; Battery A .
Alabam a— First, Second and Fourth Infantry; First Regiment Cavalry;
1 field hospital.
Colorado— 1 field hospital. 1 Signal Corps com pany, 3 troops cavalry.
Georgia— First, Second and Fifth Infantry, Second Squadron and Troop
A Cavalry, 1 field hospital.
Kentucky— First Infantry; Com pany B , Signal Corps; Ambulance
C om pany 1.
Ohio— First Battalion Signal Corps; First, Second and Third Field H os
pitals: First and Second Ambulance Companies; First B attalion Field A r
tillery; First Battalion and Com pany B , Engineers.
N orth Carolina— Second Infantry, Troops A and B , Cavalry; Com panies
A and B , Engineers.
Virginia— 1 squadron cavalry.
Texas— Part of Fourth Infantry.
a d d it io n a l
s e r v ic e
on
th e
In fa n try .
O n
in to
tille r y ,
T h ey
In fa n try
M arch
30
r e g im e n ts
w ere
th e
S econ d
and
Y ork ,
C o m p a n ie s
C o n n e c tic u t;
S ix th
w ero
F ir s t
Y ork
th e fo llo w in g
N ew
Y ork ;
th e
N ew
th e F e d e r a l s e r v ic e :
F o rty -s e v e n th
C a v a lr y , N e w
G u ard
28.
S e v e n ty -fo u rth
C o n n e c tic u t
w e ro c a lle d
Y ork ,
N a t io n a l
M arch
In fa n try ,
S econ d
c a lle d
W est
V ir
In fa n tr y ,
N ew
m ilitia
th e
Jersey
o r g a n iz a tio n s
T h e T w e n ty -th ir d N e w
F ir s t
E
S qu adron
and
F ,
T e n th
M a ssa ch u setts,
of
F ir s t
F ie ld
A r
B a tte ry
A ,
G e o rg ia .
T h e
next
d ay,
M arch
lo w s w e re a ls o o r d e r e d
31,
in to
a d d it io n a l o r g a n iz a tio n s a s f o l
s e r v ic o :
fa n t r y , O k la h o m a ; th e T h ir d
T h e
F ir s t R e g im e n t I n
R e g im e n t I n fa n t r y , D is t r ic t o f
C o lu m b ia ; th e S e c o n d , T h ir d a n d F o u r t h
F ir s t
sep a ra te
m ent
and
sq u a d ron
In fa n tr y ,
F ifte e n th
in fa n tr y )
th o
L o u is .
b a t t a lio n s
d iffe r e n t
26,
tw e n ty
a s fo llo w s in a s t a t e m e n t is s u e d b y S e c r e t a r y B a k e r :
as
a d o p t o d , w ill b o
cou n try
B oston
cop y
ordered
M a rch
o r d e r e d in t o t h e F e d e r a l s e r v ic e o n M a r c h 2 6 w e r e e n u m e r a t e d
g in ia
w o o l o w n e d o r c o n t r o lle d in B o s
d a y,
s e r v ic e
e m b r a c in g a b o u t 2 5 ,0 0 0 m e n .
F ou r
BOSTON WOOL S U P P L Y TO BE H E L D FOR U. S.
reserved
F ed era l
e ig h te e n
th o s te e l a n d fu o l o il p r o d u c e r s .
T h e e n tir e s u p p ly o f r a w
fo llo w in g
in to
in to
ton ,
1341
THE CHRONICLE
A pr . 7 1917.]
of
A rk an sas,
c a v a lr y ,
and
C o m p a n ie s
R h od e
fo llo w in g
o f
o f
I s la n d .
th e
o r g a n iz a tio n s
2
F ir s t
F ifth ,
A r t ille r y
A p r il
w as
th e
S econ d,
C oast
O n
I n fa n t r ie s , a n d
T exas;
th o
th e
R e g i
T w e lfth
(e q u ip p e d
c a llin g
an n ou n ced:
T h e
as
ou t
of
F ou rth
I n fa n t r y , F ir s t a n d S e c o n d C o a s t A r t ille r y , B a tt e r y D , F ie ld
A r t ille r y , o f V ir g in ia ; t h e
N A T IO N AL
GUARD CALLED
SER VICE.
IN TO
FEDERAL
and
of
a cts
th o
ta k on
G erm a n y.
ord er
and
cou n try
by
c a llin g
th o
th o
O n
has
ouo
A d m in is tr a tio n
M a r.
m ilit ia
D is tr ic t
boon
of
25
S e crota ry
o r g a n iz a tio n s
C o lu m b ia ,
o f
in
th o
th o
o f
o f
m any
p r o te c tio n
fe cto d
o f p u b lic w o r k s a n d
G o r m a n a g o n t s in
presen t
W ar
B aker
n in e
e m b r a c in g
c r is is
E a ste rn
1 3 ,0 0 0
an
S ta tes
m en ,
in to
th o
fa c to r ie s a g a in s t a c ts o f v io
th is c o u n t r y .
fo r
F ed era l
s e r v ic e
up
S econ d
F ou rth
In fa n try
C o m p a n ie s
of
W e s t V ir g in ia
C oa st
A r t ille r y
of
th e t o t a l n u m b e r o f g u a r d s m e n c a lle d
to
a p p r o x im a t e ly
6 5 ,0 0 0 .
w ith
is s u e d
T h o r o g im o n ts a f-
b y t h e o r d e r i s s u e d o n M a r c h 2 5 '\ v o r o :
Massachusetts, Second and N inth regiments; Pennsylvania, First and
Third regiments; M aryland, Fourth Regim ent; District o f Colum bia, First
Separate Battalion; Virginia, Second Regiment; Verm ont, Com pany B ,
First Regiment; Connecticut, First Regiment; Now Y o rk , Second and
Sovonty-flrst regiments; Now Jersey, First and Fifth regiments ;|Dolawaro,
First Battalion, First Rogimont.
and
im p o rta n t
t h o F e d e r a l s e r v ic o fo r h o m o d o fo n c o p u r p o s e s , in c lu d in g
le n c e b y
S econ d
C o n n e c tic u t , b r in g in g
T h o c a llin g in t o th o F e d e r a l s e r v ic e o f t h o N a t io n a l G u a r d
u n its
th e
.
T h o S e v e n ty -fir s t R e g im e n t a n d th o T h ir d B a tt a lio n o f th e
T w e n t y -th ir d
R e g im e n t o f
In fa n try
le ft th is c it y
f o r a c t iv e s e r v ic e “ s o m e w h e r e in N e w
Y o r k .”
on
A p r il
1
T h o S e v e n ty -
fir s t r e c e iv e d its o r d e r s t o e n t r a in la t e S a t u r d a y n ig h t , M a r c h
31,
and
th e
next
1 ,3 0 0
stron g .
t a lio n
of
th e
a fte rn o o n
B oth
th e
c o m p le te d
S e v e n ty -fir s t
T w e n t y -t h ir d , w h ic h
th e
W ar
D e p a rtm e n t
n o t t o d is c lo s o , b u t n e ith e r o f
S ta te
a t th e p r e s e n t tim e .
has
th e
is s t a t io n e d
a n d n u m b e r s a b o u t 3 0 0 , w ill d o g u a r d
w h ic h
m u s t e r in g
and
in ,
abou t
T h ir d
in
B a t
B r o o k ly n ,
d u t y a t v a r io u s p o in ts
req u ested
th e
n ew sp ap ers
t h e m , it is s a id , w ill l e a v e
th e
THE CHRONICLE
13 42
T h o T w e n ty -s e co n d
at
G overn ors
I n fa n t r y o f th e R e g u la r A r r a y a r r iv e d
Is la n d
M arch
T h is is s a id
to
W ar
fu ll r e g im e n t
th a t
a
t h o is la n d .
be
on
R e c o n tly
p r o v is io n a l
gu ard
T w e n ty -s e co n d
r e g im e n t
t h o fir s t
s in c e
th o
on
sta y .
o f
35 k n ots a n h ou r.
S p a n is h -A m e r ic a n
expense,
been
b u ild in g &
beon
200
s t a t io n e d
C oast
fro m
s t a t io n e d
th e re o n ly
A r tille r y m e n .
D o u g la s ,
can vas”
on
A r iz o n a .
c o n tin u o u s ly
a
T h e
T h o
fo r
s ix
b o r d e r in T e x a s a n d A r i
w ero
C o r p o r a tio n ,
s h ip .
W ith
th e
s ig n in g
N a v a l M ilit ia
and
P r e s id e n t
W ils o n
n a tio n
a
on
o f
th o
w ar
r e s o lu tio n
8 5 ,9 5 0 ,0 0 0
N a va l R eserve
on
w ar
M arch
fo o tin g .
w ere
25
c a lle d
took
U nder
to
step 3
th e
th e
to
c o lo r s .
p la c e
fo llo w in g
th o
e x e c u tiv e
o r d e r h o in c r e a s e d t h e n a v y t o its fu ll a u t h o r iz e d w a r s t r e n g t h
o f 8 7 ,0 0 0
e n lis t e d
m en:
White House, Washington, March 24 1917.
B y virtuo of tho authority vested in tho President by the A ct of Congress
approved A u g. 29 1910, entitled “ A n Act making appropriations for tho
naval servico for tho fiscal year ending June 30 1917, and for other pur
poses,” it is hereby directed that the authorized enlisted strength of the
navy bo increased to 87,000 mon.
(Signed) W O O D R O W W I L S O N .
S ecreta ry
a c t io n
of
th o
N a v y
D a n ie ls , im m e d ia t e ly
fo llo w in g
cou n try
th e
T h ere
N ew
to
N ew port
Y ork
N ow s
S h ip b u ild in g
8 5 ,9 9 6 ,0 0 0
and
s t ip u la te d
t im e
th ir ty t o th ir ty -tw o m o n th s .
C o. and
T h e
tw o b y
oth er
tw o
M arch
15 b y
th e
th o
U n io n
C o .,
one
of
w ill b o
c r u is e r s
and
S ecreta ry
b u ilt b y
aw ard
of
fo r h u ll a n d
a d d it io n a l
is s u e d
th o
th o S e a ttlo
W ork s at San
W illia m
G o v e r n m e n t w ill e x c e e d
8 5 ,3 3 7 ,8 1 0
D a n ie ls
d e liv e r y
F o u r o f th o sco u t
Iron
C ram p
th e
b y
m an y
m a c h in e r y .
c o s t , i t is s a id , 8 4 6 5 ,6 9 2 p o r s h ip t o a r m
th e
S h ip
T h o fu ll c o s t o f th o v e s s e ls o r d e r e d
lio n s t h o fig u r e s c o n t r a c t e d
m il
I t w ill
a n d e q u ip th o s c o u t
fo r
each
fo llo w in g
b a ttle
sta te m e n t
c r u is e r .
r e g a r d in g
v e s s e ls :
Tho representatives of tho N a v y Department aro to liavo tho right to
require the contractors to employ at all times tho maximum numbor of
mon that can bo utilized to push the work, and, if a sufficient forco of me
chanics can bo obtained, it is hoped that tho battlo cruisers m ay bo finlshod
in about threo years.
Under tho agreement made they will bo finished at tho earliest possibio
m omont, which it is physically possibio to comploto them under existing
conditions. Those immense ships aro tho largest and most expensive over
built in this country, or in tho world.
fo llo w in g
th o
t e le g r a p h ic
a p p ea l to
h e lp
in
are
abou t
th e s e r v ic e
d u r in g
d u r in g
p r e v io u s
n a vy
lia s
fig u r e d
a v a ila b le
c r a ft.
at
th e
O ver
5 ,0 0 0
m en
r e c r u it s
in
th e
been
w ore
ta k en
in to
1 9 1 6 , w h ic h w a s m o r o t h a n w e r o r e c e iv e d
tw o
th a t
years.
not
e a r lie s t
T h o
le s s
th a n
p o s s ib le
G en eral B oa rd
7 4 ,0 0 0
d a te
to
m en
m an
of
th o
s h o u ld
a ll
be
a v a ila b le
T h o P r e s id e n t o n M a r c h 2 6 s ig n e d a n e x e c u t iv e o r d e r
in c r e a s in g
S ta tes
th o
a u th o r iz e d
M a r in e
t h o r iz e d
e n lis t e d
1 4 ,9 8 1
a c t iv e
C orps
s e r v ic e
1 7 ,4 0 0
stren g th
m en.
s p e c ia l d u tie s
e n lis t e d
to
T h o
of
th a t
N a v y
p r a c t ic a lly
stren g th
m en.
arm
of
r e t ir e d
th e
U n it e d
p r e v io u s
th o
D e p a rtm en t
every
of
T h o
naval
s e r v ic e
h a s r e c a lle d
naval
au
in to
o ffic e r
fo r
d u r in g w a r .
fe re n ce
S ecreta ry
D a n ie ls o n
fir m s
fo r
w ith
th e
P r e s id e n t
la w
on
W ils o n
S ecreta ry
had
boon
p la c e m e n t
T h o
of
M arch
12 a w a rd ed
c o n s tr u c tio n
are
d e liv e r y
fo r
co n tra cts
of
8 6 4 9 ,2 5 0 ,
o f th o
s ix te e n
to
T h o
s p e c ific a
s h o r t p e r io d
a ir s h ip s a r o t h e
p r ia t io n m a d e a v a ila b le b y th o S ix t y -fo u r t h C o n g r e s s .
T h ey
a ll.
lo n g ,
T h oy
a n d w ith
t in u o u s
fe e t
n avy
th o
th o
3 1 H
w ill b o
fe e t
in
e q u ip p e d
d ia m e te r
w it h
r a d io
1 0 0 h o r s e -p o w e r m o t o r s , c a p a b le
flig h t
m a x im u m
A m e r ic a n
a c c o r d in g
of
speed
to
s ix te o n
of
fir m s
th o
h ou rs
fo r ty -fiv e
to
N ew
w h ic h
Y ork
at
m ile s
th o
or
hour
co n tra cts
“ T im e s ,”
aro
fe e t
step
D a n ie ls fo llo w in g
had
a con
22
su spon d od
now
w ork
and
ten
th o
o ig h t-h o u r
a ll s h ip y a r d s
h ou rs
a
d o in g
d ay, and
w ith
on. M a rch
fo r
d estroy ers,
respect
to n s
it
is
as
and
d estroy ers
a
sta te d ,
th e
an n ou n ced
speed
w ill
bo
of
be
of
c la s s .
aw arded
w ill
th a t co n tra cts
d o stroy ors,
p r e c e d in g
th o c o n tr a c ts w e ro
th o
24
tw e n ty -fo u r
h a v in g
d id
an
th o
sam o
d o s ig n
in
c o m p a n ie s
to
n ot
in d ic a te
bu t
i t is u n d e r s t o o d , w a s la t e r a g r e e d u p o n .
tra cts
aro
b u ild e r s
aw arded
on
th o
accord an ce
and
S ecreta ry
a s fo llo w s :
C ram p &
in g
b a s is
w it h
of M arch 10.
th is
an
of
year,
aro
b o in g
cost
p lu s
1 0%
of
agreem en t
th o N a v y
m ado
d is
k n ots
T h o
c o m p le t e d ,
a
35
th a t
h ou r.
in
w hat
p a r t ic u la r ,
A ll o f th o d e s tr o y
f o r w h ic h
b u ilt
b y
p r o fit .
s h ip
T h is
b etw oon
D a n ie ls , r e fe r r e d
con
th o
th o
to
in
is
in
b u ild e r s
o u r is s u e
T h o c o n tr a c ts fo r th o d e s tro y e rs w o ro a w a rd o d
U n io n
Iron
W o r k s o f S a n F r a n c is c o ,
1 0 ; W illia m
S o n s o f P h ila d e lp h ia , 6 ; a n d F o r o R iv o r S h ip b u ild
C o r p o r a tio n
of
Q u in c y ,
M a s s .,
8.
T h o
lo w e s t
d estroy ers
at
8 1 ,4 0 0 ,0 0 0
o ffe r o d
s t r a ig h t
to
b u ild
each .
S ecrota ry
D a n ie ls
h ig h
c o m m u n ic a tio n
of
a g g reg a te
on
S te e l &
M arch
W ire
30
aw ardod
a
con tra ct
C o . o f P h ila d e lp h ia f o r
1 0 0 a d d itio n a l s to o l c a b lo
c o s t o f 8 1 8 8 ,1 0 0 .
T h o
s u b m a r in e
n e ts w ill b e
1 ,5 0 0 f e e t lo n g a n d 3 4 fe e t d e e p .
to
th o c o n
n ots a t a n
1 2 -fo o t m e sh ,
D e liv e r ie s w ill b o g in w it h in
th r e e w e e k s a n d t e n n e ts w ill b o d e liv e r e d w e o k ly t h e r e a fte r .
T h o n e ts w ill b o u s e d t o p r e v e n t lio s t ilo s u b m a r in e s fr o m
te r in g
p orts.
T h ey
have
beon
p la c e d
o ff
N ow
Y ork
en
and
N o r f o l k , V a ., h a r b o r s , a s n o t e d in o u r is s u o o f F o b . 2 4 .
o f m a k in g a c o n
t h ir t y -fiv o
an
50
speed u p
th is
fo u r
ap p ro
160
th o
10, to
th a t
e r s , a s w e ll a s a ll G o v e r n m e n t c o n t r a c t w o r k
n o n -r ig id
u n d e r th o 8 5 ,0 0 0 ,0 0 0
w ill b e
bou gh t b y
and
a ir s h ip s in
o f 120 d a y s a fte r th e d a te o f c o n tr a c t.
be
S ecreta ry
M arch
can
1 ,1 8 5
s tr u c tio n
to
an n ou n cem en t
b i d , i t is s a id , w a s t h a t o f t h o C r a r a p 3 , w h o
th o
co n tra cts
o u r is s u e o f M a r c h
b y
on
D a n ie ls
p la c e d
p a tr o l.
th o
th o e x p e n d it u r e
d o u b le s h ifts w h e r e p o s s ib le .
th e A m e r ic a n
T h o
in
T h o
G ov ern m en t con tra ct w ork ,
d ir ig ib le a ir s h ip s t o b e u s e d b y t h o n a v y f o r c o a s t a n d h a r b o r
t io n s c a ll f o r
19 a u th o r iz e d
P r e s id e n t.
G overn m en t w ork
s ix
A m e r ic a n
2 , as n oted
c o n s tr u c tio n .
ta k en w a s m a d e
t im o
year.
e n lis t e d
M arch
naval
w hom
th e
6 5 ,0 0 0
on
d u r in g
past
on M arch
o f 8 1 1 5 ,0 0 0 ,0 0 0 o f t h o e m e r g e n c y f u n d p r o v i d e d b y C o n g r e s s
T h is t o t a l w a s a t t a in e d b y a lm o s t u n p r e c e d e n t e d e n lis t m e n t s
th o
now
P r e s id e n t W ils o n
s e c u r in g
n avy:
every
T h o
s h ip ;
S o n s o f P h ila d e lp h ia .
n a vy .
over
fo llo w s :
th o
Washington, D . C ., March 25 1917.
Tho President last night signed an executive order directing that tho
authorized enlisted strength of tho navy bo increased to 87,0 0 0 . Ho was
authorized by Congress, in case o f emergency, to direct such lncreaso in
enlistment. N ew ships and ships in reserve aro being fully commissioned
as rapidly as possible, and the need is imperative for a larger enlistmont
to man them . Tlicro has been a not lncreaso of over 6,500 in onlistmont
since Congress recently authorized an increase, but m any moro are needed,
and needed now.
W ill you not emphasize this need by giving special prominence on M on
day on tho first pago o f your paper to tiio President’s order, and also by
making an editorial appeal for now recruits for tiro navy.
Tho navy offers exceptional advantages to young mon o f stuff and
ambition to servo in tho first lino for national defense. In this emergoncy
you have tho opportunity and tho privilego of performing this public servico,
and I am confidently appealing to you for your cordial and helpful co
operation.
(Signed) JO SE P H U S D A N I E L S .
fir s t
of
o f t h e P r e s id e n t , s e n t t o 2 ,6 0 0 o d it o r s t h r o u g h o u t th e
r e c r u it s f o r
w as
as
c r u is e r s w ill b o b u ilt o n t h e P a c if ic C o a s t — t w o b y
on
th e
aw arded
one
r a n g in g fr o m
&
y este rd a y
lim it
T h o s c o u t c r u is e r s w e r e a w a r d e d o n b id s r a n g in g fr o m
F r a n c is c o .
N A V A L P L A N S OF T H E G O V E R N M E N T A N D
IN C I D E N T S B E A R IN G THEREON.
b a t t le c r u is e r s , t h o fix e d
D r y d o c k C o ., t w o s h ip s ; F o r o R iv e r S h ip b u ild in g
C o n s tr u c tio n
1911.
T h o
c o s t o f w h ic h is 8 1 9 ,0 0 0 ,0 0 0 p e r s h i p , e x c l u s iv e o f s p o o d i n g - u p
th e
th o M e x ic a n
o f
in d e fin ite
has
“ under
end
an
s in c e
d ir e ct
been
y e a r s , h a v in g b e e n
zon a
abou t
fo r
in fa n tr y
t im e
of
th e re h a d
of
cam e
had
31
[Vol. 104.
m ile s
fo r
ton
w ere
and
R e p r e s e n ta tiv e s
a
h ou rs.
aw ardod,
c a lle d
to
in to
d is c u s s
num ber
a s fo llo w s :
of
of
e ig h te o n
c o n fe re n ce
p la n s
fo r
b y
th o
s u b m a r in e
s h ip b u ild in g
S ecreta ry
im m e d ia te
ch asers
fo r
c o m p a n ie s
D a n io ls
on
c o n s tr u c tio n
uso
b y
th o
w ere
M arch
of
n avy
12
a
la r g o
in
coast
p a t r o l w o r k in t h o p r o t e c t io n o f t h o A m e r ic a n c o a s t lin o
Connecticut Aircraft C o .— Tw o dirigibles and power plants at $42,000
each; total, $84,000.
a g a in s t a t t a c k s b y h o s t ile s u b m a r in e s .
T h e c o n fe re n ce w a s
B.
F . Goodrich C o .— Tw o dirigibles and power plants at $41,500 each;
h e ld t o a s c e r t a in t h o c a p a c it y o f t h o s h ip y a r d s r e p r e s e n t e d ,
total, $83,000 .
fo r th o q u ic k c o n s tr u c tio n o f th o b o a ts .
T h o N a v y D e
Tho Curtiss Aeroplane C o .— Three dirigibles and power plants at $40,750
each; total, $122,250.
p a r t m e n t h a s d e s ig n s fo r s e v o r a l t y p e s o f c h a s o r s r a n g in g
Goodyear Tiro & Rubber C o .— Nino dirigibles and power plants at $ 40,
fr o m 3 0 -fo o t b o a ts u p to b ig s w ift c r a ft m o r o th a n 1 0 0 fe e t
000 each; total, $360,000.
C o n t r a c t s f o r f o u r g r e a t b a t t le c r u is e r s a n d s ix s c o u t c r u is
in
le n g th .
T h o
b oa ts,
w e ro p la c e d b y th o N a v y D e p a r tm e n t o n M a r c h
s m a lle r t h a n a t h r o e -p o u n d o r .
b a ttle
c r u is e r w ill b e
b u ilt
at
th o
P h ila d e lp h ia
A
N a v y
fift h
Y a rd ,
io ls o r d e r e d
on
B oth
p le t e d in fr o m
on
c la s s e s
M arch
of
15 aro
c r u is e r s
of new
fo r
w h ic h
ty p es
and
co n tra cts
are
w ere
d e s ig n e d
aw arded
fo r a
speed
s ix ty
th o N o w
s o a s n o t t o s t r a in th e fa c ilitie s o f th e p r iv a t e e s t a b lis h m e n t s .
w as
to
is
ru gged
15.
c o n s tr u c tio n
it
e r s , c o s t i n g a b o u t $ 1 1 2 , 0 0 0 , O O O fo r h u l l s a n d m a c h i n e r y a l o n e ,
s a id ,
p o r m it
Y o r k N a v y Y a rd ^ to
60 to 80 d a y s.
on
to
M arch
20
to
bo
of
m o u n tin g
O n M arch
s u b m a r in e c h a s e r s o f th o
ordered
aro
th o
s u ffic ie n tly
of
b o g in
b u ild
at
gun
n ot
c o n s tr u c tio n
1 1 0 -fo o t t y p o ,
T h o N ow
a
19 S o o r e ta r y D a n -
to
bo
com
O r le a n s N a v y Y a r d
on co
fo u r
s u b m a r in e
.
A p r . 7 1917.]
THE CHRONICLE
cliasors, and it is expected that all navy yards will be called
upon to undertake at once construction on this kind of boats.
Captain George R. Marvell, an Assistant for Operations
of the Navy Department, who had boon on a trip to New
York, Boston and other coast points to enroll privately
owned motor boats and yachts for use in patrol squadrons,
reported to Secretary Daniels on March 20 that he had ar
ranged contracts with many owners of small speedy boats
suitable for mounting guns and chasing submarines and for
patrolling the coast, and that several boat owners also agreed
to volunteer as reserve officers.
S IN K IN G OF THE AZTEC FIRST ARMED A M E R IC A N
VESSEL.
The American steamship Aztec, ono of the first armed
American vessels to sail for Europe, was sunk without
warning by a German submarine at 9 p. m. April 1 off the
Island of Usliant, France. The vessel had a crew of thirtyfour, including the Captain and also carried twelve Amori*
can bluojackets, under the command of Lieutenant Fuller
Gresham, of Tennessee, who had boon transferred from the
United States dispatch boat Dolphin to take cliargo of the
two 5 inch guns, mounted forward and aft on tho Aztec.
According to a dispatch received by tho Stato Department
at Washington, dated at Paris on 5 p. m. April 2, from Am
bassador Sharp, nineteen survivors from tho Aztec were
landed on April 2 at Brest, and twenty-eight persons were
at that timo missing and their rescue was rather doubtful,
becauso of the heavy sea and storm. Ambassador Sharp’s
dispatch said:
Tho foreign Offlco has just Informed mo that the American steamship
Aztec was torpedoed at 9 p. m . last night (April 1) far out at sea off tho
Island of U shant. Ono boat from tho steamship has boon found with
nineteen survivors, who were landed this afternoon at Brest. Tw en tyeight persons aro still missing, and, although two patrol vessels aro search
ing for them , the storm y condition o f tho sea and weather renders their
rescue doubtful.
Foreign Office not informed as to names o f survivors. W ill cablo fur
ther details as soon as posslblo.
French Admiralty dispatches to tho French Embassy at
Washington on April 2 announcing tho sinking of tho vessel
said that Lioutonant Groshain and his gun crow of twelvo
with Captain Walter O’Brien and three members of tho
Aztec’s crew were picked up by tho French patrol boat
Sirrius after being adrift for three hours. This leaves eleven
unaccounted for. Tho French Admiralty dispatch said
that tho vessel was sunk without warning, and that tho
torpedo which sunk tho vessel struck squaroly amidships,
emitting a powerful gas and putting tho wireless out of
commission. Whether tho naval gun crow had a chanco
to play their guns upon the submarine has not been ascer
tained, but it is thought they had no chanco to fight, inas
much as the vessel was struck during the night and a heavy
sea was running. The Aztec sailod from Now York for
llavro on March 18, and was expected to land at her desti
nation on April 4. Tho Aztec was a slow moving freighter
of 3,727 gross tonnage, and was owned by tho Oriental
Navigation Co. Whon she left this port for Havre slio car
ried a full cargo of foodstuffs and supplies valued at more
than §500,000. Sho was built in Nowcastlo, England, in
1894, and was 350 feet long, with a boam of 43 foot.
P R E S ID E N T GIVES RECESS AP P O IN TM E N TS
TA R IF F COMMISSION M EM BERS.
TO
In order that thoro might bo no further dolay in organizing
tho now United States Tariff Commission, croatod under tho
“ General” Itovonuo Act, President Wilson on March 21 gave
recess appointments to tho six members of tho Commission,
whom ho named on March 14, and whom tho Sonate failed
to confirm during its last session. Tho members of tho first
commission chosen by tho President and tho longth of
thoir term of offico aro : Professor Frank W . Taussig of
Harvard University (Chairman), twelvo years; Daniel
Calhoun Roper of McCall, S. C., ten years; David J. Lewis
of Cumberland, Md., eight years; William Kent of Kentfiold, Calif., six years; William S. Culbertson of Emporia,
Kans., four years, and Edward P. Costigan of Denver,
Colo., two years. Tho Commissioners are to receive
a salary of 87,500 a year.
Thoir successors aro all to
bo chosen for a period of twolvd'years.
Tho Chairman
ship of tho Commission is held for ono year, tho President
boing required by law each year to choose a now Chairman
and Vice-Chairman. Tho law creating tho Commission
requires that in making appointments “ membors of different
political parties shall alternate as nearly as may bo practic-
1343
able.” Of the first Commission, it is said, Messrs. Taussig
and Kent are independents, Roper and Lewis are Democrats,
Culbertson is a Republican and Costigan is described as a
Progressive-Republican.
Professor Taussig, Chairman of the Commission, has been
Professor of Political Economy at Harvard University since
1901 and has written many books on economic questions.
He is 57 years old and is recognized as a profound student on
tariff matters.
Mr. Roper from 1910 to 1913 was Clerk of tho House
V ays and Means Committee, and has expert knowledge of
American tariffs. He was instrumental in tho Committee
work on the preparation of the Siminons-Underwood Tariff
Bill, and compiled a tariff handbook which was issued as an
appendix to tho Simmons-Underwood Tariff Bill. Later he
served as First Assistant Postmaster General under Post
master General Burleson, which office ho resigned last fall
to assist the Democratic National Committee in New York
during the Presidential election.
Mr. Lewis is a former member of tho House of Representa
tives. Ho was a member of the Sixty-second, Sixty-third
and Sixty-fourth Congresses.
Mr. Kent also was a member of the House during tho Con
gress just closed,but declined to run for re-election. He has
had experience in business, banking, lands and live stock.
Mr. Culbertson is now Special Counsel for tho Federal
Trade Commission. Ho was a member of the Taft Tariff
Board, and wroto tho first volume of its report on tho wool
schedule. During tho consideration of the Simmons-Under
wood Tariff Act in 1913, Mr. Culbertson acted as a tariff
expert for the Senato Finance Committee.
Mr. Costigan is a member of the Denver and American
Bar Association and has specialized in mining law. Ho has
taken an active part in tho campaign for economic and social
reforms in tho West, and his nomination is said to have been
urged by Representative Keating of Colorado.
The new Tariff Commission, as created under the *‘ General"
Revenue Act, is charged with the duty of investigating the
administrative and fiscal and industrial effects of the customs
laws of this country. It is also called upon to inquire into the
relations between tho rates of duty on raw materials and
finished or partly finished products, tho effects of ad valorem
and specific duties, and of compound specific and ad valorem
duties, as well as all questions relative to the arrangement of.
schedules and classification of articles in tho several schedules
of customs laws, and in general to investigate the operation
of customs laws, including their relation to the Federal
revenues, their effect upon tho industries and labor of the
country, and to submit reports of its investigations. In
addition, the Commission is empowered to investigate the
tariff relations between tho United States and foreign coun
tries, commercial treaties, preferential provisions, economio
alliances, the effect of export bounties and preferential trans
portation rates, tho volume of importations compared with
domestic production and consumption, and conditions, causes
and effects relating to competition of foreign industries with
those of tho United States, including dumping and cost of
production. Tho provisions of the “ General” Revenue Act,
relating to tho Tariff Commission, were given in full in these
columns on Sept. 1G 1916.
S E N A T E CONFIRMS NOMINATION OF RAYMOND T.
B AK ER A S DIRECTOR OF THE M IN T .
The nomination of Raymond T. Baker, of Reno, Nev., as
Director of tho Mint, was confirmed by tho Senate on
March 15. Mr. Baker, as stated in our issuo of Feb. 24,
was chosen to succeed F. J. H. von Engelken, who resigned
to become President of tho Farm Land Bank of Columbia
S. C.
GENERAL GOETIIALS BECOMES NEW JE R S E Y STA TE
ENGINEER.
Major-General George W . Goethals of Panama Canal
fame has accepted tho post of State Engineer of New Jersey,
created at the New Jersey legislative session adjourned last
week. Gen. Goethals indicated to Governor Edge his ac
ceptance of tho post on March 29. On the following day,
for the first time in many yoars, the Governor appeared be
fore the Legislature, which convened in joint session to greet
Gen. Goethals, who on tho 30th signed the formal contract
under which he becomes State Engineer. Governor Edge
accompanied Gen. Goethals to tho Assembly chamber.
After a brief address by Gen. Goethals, Governor Edge
|thanked the Legislature for the favorable consideration given
1344:
THE CHRONICLE
[Vol . 104.
his plan for a State highway and also for making it possible
In making known that the Board has decided that for tho
to secure the sorvices of Gen. Goethals. As State Engineer, present at least there is to be no extension of the operation
Gen. Goethals will have charge of the construction of a $15, of the gold settlement fund, tho samo issuo of tho “Bulletin”
000,000 highway system and will act as supervisor of all has the following to say:
During tho past month tho question o f using tho gold settlement fund as a
public works commissions now in existence or soon to be
established. Projects that will be referred to him include means o f making transfers for the benefit of individual banks — that is to
say, transfers originating with one member bank in tho Interest o f another
tunnels under the Hudson River, or bridges over it; water member bank at a distance, has been presented to tho Board, but it has
front development, including that in which the co-operation boon decided that for tho present at least no such extension shall bo given
the fund. A s things now stand, tho gold settlement fund is carefully
of Now York has been promised; a trans-Stato ship canal to
protected, and it would seem that no possiblo loss could be incurred undor
and the construction of a bridgo over the Delaware. Gen. tho plan of operation in effect to-day. Tho suggested use of tho fund would
Goothals’s salary will bo $10,000 a year for his services, bo extremely serviceable in many cases, but would involvo tho application
o f now safeguards and the alteration of conditions concerning its manage
especially in connection with the State highway work. The m
ent. From timo to time it has been suggested that tho gold sottlomont
Newark “Nows” states that as remoto as it may be, the plan be extended by tho establishment of an additional fund including all
taking up of the work of harbor development will result in forms of lawful money, but thus far nothing has boon done to bring such a
into use, duo to a variety o f considerations. It would seem
$5,000 a year additional compensation, and still further pay modification
that tho extension of tho uso of the fund to cover transfers botween banks
should the bridgo and tunnel construction in the Hudson in tho way already suggested should, if decided upon at all, bo simultaneous
and Delaware Rivers bo undertaken. Under the agreement, with tho establishment of the additional fund already spoken of. Pre
liminary to either of these changes it is bolieved that thoro might
however, the compensation to bo paid by New Jersey to well bo an increase In tho frequency o f tho settlement, possibly placing it
Gon. Goethals will not exceed $20,000 a year. In sending upon a daily instead o f a weekly basis. Tho general desire to extond the
the General’s name to the Senate, the Governor provided applicability o f tho gold settlement fund and the great incroaso In tho
amount of tho weekly clearings and In tho total o f tho fund itself testify
that his appointment was to be without limitation as to the strongly to tho success o f tho plan.
term.
THOMAS G.
P A T T E N BECOMES POSTMASTER
A T NEW YORK.
Thomas G. Patton assumed his duties as Postmaster at
New York City on March 21, succeeding Edward M . Mor
gan, whose term expired Dec. 14 1915, but who had held
office pending the confirmation- by the Senato at Washing
ton of a suitable successor. Mr. Patton’s appointment was
confirmed by the Senate on March 16. His nomination by
President Wilson was referred to in our issue of Feb. 24. On
taking up his duties as Postmaster Mr. Patten said he would
strive to bring about a closer relationship botween the post
office and the publio. Ho is quoted as having said:
O f course, I don’t know how the schomo will work ou t, but it Is m y Idea
that a great Federal department should be conducted in a more personal
fashion. N o Federal department comes in daily contact with the people
to a greater extent than the postoffice, and I wish to develop that condition
In every way. I wish to impress upon tho carriers that this department
Is at the servico o f every citizen in the city at all times. In advancing theso
views I wish to say that I have the approval o f the Postmaster-General.
I do not contemplate any changes in tho personnel o f the staff at present,
and I want the public to know that I am here as Its servant. W ith this idea
in mind I plan to make this office an opon ono, since this department is
the ono which reaches tho peoplo as a wholo, and, therefore, tho suggestion
o f citizens as to the improvement o f service will bo Invited and encouraged.
I do not at all want to discredit M r . M organ, who is most worthy and
efficient, but I come hero with views o f m y own concerning this Federal
branch which is o f such vital Importance to tho Government and o f such
____________________________________
use to the peoplo.
RESUMPTION OF CABLE R E M IT T A N C E S TO GREECE.
UP-STATE B A N K E R S D EC LIN E TO AGREE TO N EW
YORK RESERVE B A N K ’S COLLECTION P LA N .
At a meeting of country bankers held at Rochester on
March 28 to discuss tho recent circular issued by tho N. Y .
Federal Reserve Bank, calling for tho par collection after
April 1, of checks of non-member State banks, a resolution
was adopted in which tho institutions represented pledgod
themselves against tho signing of the proposed agreement of
the Roservo Bank. The resolution also provided for tho
appointment of a committee of fivo to co-operate with the
Superintendent of Banks, and the Attorney-General (and, if
necessary, the Governor and Legislature) to provent such
“ usurpation or encroachments on the rights of the State
banking institutions.” Tho resolution in full follows:
Resolved: T h at tho banks and trust companies reprosonted at this mooting
agree with each other not to sign the agreement proposed by tho Federal
Reserve Bank of Now York, for performing a servico by transmitting funds
to distant points without compensation for said sorvices.
Further Resolved: T hat tho banks and trust companies hero present, pro
test against tho attem pt o f tho said Federal Reservo Bank to coerce or un
justly forco State banking institutions not under the jurisdiction, In tho
conduct of their business; and
Further Resolved: T h at a committee o f fivo (5) bo appointed with full
powers to tako such proceedings, judicial, or otherwise, in co-oporation with
the N ew York State Superintendent of Banks and tho Attornoy-Genoral,
and if necessary, with the Governor and Legislature, to prevent such or
other usurpation or encroachments on tho rights of tho Stato banking insti
tutions.
S E T T L E M E N T OF D A IL Y BAL A N C E S OF NEW YORK
B A N K S THROUGH RESERVE B A N K .
Announcement was made on Thursday by the Irving Na
Altogether fourteen local banks aro now settling their
tional Bank of this city of the resumption of cable remittances
to all parts of Greece. The announcement says:
daily balances at tho Clearing House through tho Federal
W e are advised from London that there is no objection on tho part o f the
Reserve Bank. Seven were added to tho list this week,
British Government to tho forwarding o f such remittances to tho blockaded
namely, the Merchants National, tho Union Exchange
portion o f Greece so long as London banking facilities aro not used in con
nection therewith. Consequently, for tho tlmo being, wo aro accepting National, tho Chemical National, the Irving National, the
only such remittances as are expressed in drachmas or dollars. Cables aro Butchers & Drovers National, the East River National and
censored in Greeco, and acknowledgements to-day lndicato that approved
the Coal & Iron National. Those previously announced as
messages aro delivered in about ono week.
clearing under tho new arrangements aro tho Liberty National
ADOPTION OF FEDERAL RESERVE A M E N D M E N T S tho Corn Exchango Bank, tho Broadway Trust Co., tho
American Exchange National, tho Seaboard National, tho
A G A IN TO BE URGED ON CONGRESS.
Market & Fulton National and tho Nassau National of
The intention of tho Federal Reserve Board to renew its
Brooklyn.
_________________________
recommendations to Congress for the enactment of tho
amendments proposed to the Federal Reserve Act is indi A . C. PETERS DIRECTOR OF BOSTON FEDERAL RE
cated in the April issue of tho Reserve “ Bulletin.” The
SERVE B A N K .
“ Bulletin” says:
The election of Androw J. Peters, formorly Assistant Secre
Congress adjourned on M arch 4 without having taken any action on the
tary of the Treasury, as a class C director of tho Fedoral
amendments to tho Federal Reservo A ct which had been rccommonded
by the Board and had been approved with modifications and reported by
Reserve Bank of Boston to fill tho unexpired torm of Walter
the Committees on Banking and Currency o f the two Houses. In noithor
S. Hackney, who died last week, was announced on the
House was there debate on tho subject matter of the amendments. Tho
5th inst. Mr. Peters also has been designated as Deputy
failure to bring them to a vote was due to tho congestion of business and the
differing views of opposing groups as to tho measures which should be
Chairman and Deputy Federal Reserve Agent, places hold
given precedence during the last days o f the short session. Tho President
by Mr. Hackney.________________________
has, however, summoned tho new session o f Congress to meet on April 2 ,
and it has been agreed to make a fresh recommendation at that time in
tho expectation that Congress will resumo consideration of tho subject and
tako action with respect to tho proposed legislation. Tho desirability of
placing the member banks as soon as possiblo upon their final reservo basis
has become Increasingly evidont, while the urgency of the need for tho
changes in tho A ct has become more and more obvious, duo to tho further
development o f International difficulties and tho expectation that domestic
financial and banking problems growing out o f them will necessarily have
to be provided for. Other considerations due to tho necessities which would
in any event have manifested themselves havo likewise becomo moro and
moro urgent. Particularly Is this true o f tho collection situation. Experi
ence is making it plainer from day to day that tho extension o f tho system
upon equitable terms so as to include moro tof the State banks and trust
companies o f tho country will be facilitated by the adoption of tho proposed
legislation authorizing such State Institutions to maintain balances with
Federal Reserve banks. I t Is confidently expected that discussion and
action upon tho amendments proposed by the Board will take place at an
early date in tho now session o f Congross.
FARM LOAN BONDS ACCEPTABLE A8 SEC U R IT Y FOR
POSTAL SAVINGS DEPOSITS.
The Regulations governing tho deposit of postal savings
funds in banks have been oxtendod so as to includo Farm
Loan bonds in tho list of bonds accoptablo as security there
for. A resolution to this end was adopted as follows on
March 30 by the Board of Trustees of tho Postal Savings
system:
Resolied, T h at tho Regulations Govornlng tho Doposlt of Postal Savings
Funds in Banks and tho Acceptanco o f Bonds as Security Thorcfor, effective
A u g. 10 1916, aro hereby amended as follows:
Section 8 , Paragraph 2 a. Add tho words “ and Farm Loan Bonds author
ized by Act o f Congress approved July 17 1910 (39 Stat. 3 0 0 ) so that said
paragraph, as amended, shall road as follows:
ape.
7 1917.]
THE CHRONICLE
1 3 45
2.
(a) Bonds o f the United States, o f the Philippine Islands, o f the D is Tho farmer is often tho prey o f "m on ey sh a rk s," and even when the
Western farmer borrows money from some Eastern money lender, the loan
trict o f Colum bia, and of Porto Rico, and Farm Loan Bonds authorized
upon which that lender gets 6 % , or 6 % , costs the borrower 8 % or 1 0 % ,
b y A ct of Congress approved July 17 1916 (39 S tat. 360) will bo accepted
through
tho addition of commissions or tho substruction of discounts, o r
at their par value.
both. A D akota farmer m ay want to borrow 8 1,000 upon a $ 5 ,0 0 0 farm ,
and there m ay be a school teacher or a retired minister in Connecticut who
NEW LAWS I N P E N N S Y L V A N IA TO F A C IL IT A T E would willingly mako the loan if he knew the facts, but ho cannot investi
gate the borrower's title, nor can he satisfy himself as to the security. There
B U S IN E S S OF FE D E RA L FARM LOAN B A N K S .
is no medium o f communication between the tw o. And so tho Federal
Governor Brumbaugh of Pennsylvania announced his Farm Loan A ct was enacted to supply this missing link— to establish a
approval on the 5tli inst. of the three Sproul bills to facilitate means of communication between borrower and lender— to create in the
of Senator W alsh, “ a second national bank system , to afford facilities
the business of the Federal Farm Loan banks in Pennsyl words
to citizens engaged in the basic industry ol agriculture, to secure credit with
vania undor the Farm Loan Act of Congress of July 17 1916. which to successfully carry on their operations so essential to the genera 1
Ono of tho bills provides that trustees or directors of savings w elfare.”
This system will enable any farmer with adequate security to borrow
banks, savings institutions and provident institutions may whatever
sum o f money ho needs to enlarge his operations or to increase
invest in farm loan bonds and the others authorize insur the productivity of his farm . It will reduce by at least 2 % the average rate
ance companies, executors, administrators, guardians and of interest now paid upon farm loans in this country, and as the aggregate
o f those loans is estimated at three billion dollars, that will mean lifting
othor trustees to make similar investments.
a burden o f sixty million dollars a year off the shoulders o f agriculture.
Provide the farmer with adequato credit facilities, and reduce tho burden
o f his interest charges, and you will surely bring about two great economic
G. W. NORRIS ON B E N E F IT S OF FEDERAL FARM changes.
In the first place, you will greatly increase not only the area of culti
LOAN ACT.
vated land, but also the yield per acre. Y o u will bring under cultivation
The benefits to bo derived by tho nation through tho m any thousands o f acres o f arabio land in the W est that still lie fallow, and
Federal Farm Loan Act wero set out by Ceorge W . Norris, put sheep and beef cattle upon a thousand hillsides; you will permit safe
and diversified farming upon those great sections o f the South that have
Chairman of tho Federal Farm Loan Board, in an address suffered
from the ravages of the boll-weevil; and you will restore to culti
before tho Philadelphia Chamber of Commerce “Agricultural vation the so-called “ abandoned farm s” of N ew England, whose abandon
Meeting,” and luncheon at the Bellevue-Stratford on ment has brought that section of the country to the dangerous position of
only one-fourth o f the foodstuffs that its population consumes.
March 12. In discussing the question as to why the food- producing
In tho second place, you will make farming so much more profitable and
producing population is diminishing, Mr. Norris stated that attractive, that you will reverse the existing tendency to dimunition of the
“ it is duo principally to the fact that tho American farmer food producing population, and increase of tho non-food producing popu
because you will attract to the farms the peasant emigrants of
has heretofore been unable to satisfy his credit requirements, lation,
Europe, who now congest in the large cities, and you will keep on the farms
unable to buy tho equipment that he needs, unable to com tho progressive young men who now flock to the cities, because o f the
mand tho capital that ho needs in his business.” Mr. Norris greater educational, social and business opportunities which they offer.
Y ou will mako farming a business and a science; you will give people an
stated that “ the system will enable any farmer with adequate Incentive to engage in agriculture, instead o f penalizing them as now;
security to borrow whatever sum of monoy ho needs to en you will improve country roads, country schools, and the social and edu
large his operations or to increase tho productivity of his cational opportunities of country life. Surely these things are worth while.
B u t at the same time that you aro doing those things, you will be doing a
farm. It will reduce by at least 2 % tho average rate of in great service to tho men who work in mills and factories, because you will
terest now paid upon farm loans in this country, and as the reduce tho cost of living to them . Y ou will be doing a service to their
aggregate of those loans is estimated at 3 billion dollars, it employers, by relieving them o f the necessity o f paying the extravagant
wages necessitated by tho present high cost o f living, and thereby make
will mean lifting a burden of 60 million dollars a year off the them better able to compete with their foreign rivals in the markets o f the
shoulders of agriculture.” In pointing out the benefits which world. Y o u will be doing a service to bankers, especially in rural neighbor
would accruo through tho Act, ho said, “ you will mako farm hoods, because you will bo building up the prosperity o f the communities
thoy serve, and thereby increasing the business of their merchants and the
ing so much more profitable and attractive that you will re deposits of their banks.
Y o u will also be doing a servico to manufacturers, which will be very
verse the existing tendency to diminution of tho food-produc
ing population and increase of tho non-food producing popu opportune in the near future, because you will so greatly increase the buy
ing power o f the farmer that for every "w a r order” that those manufac
lation, bocauso you will attract to tho farms tho peasant turers lose when tho present awful slaughter ceases, there will be at least
emigrants of Europe, who now congest in tho large cities and two "peace orders” put upon their books. And finally, you will be doing
incalculable service to the great arm y o f small investors, whose lack of
you will keep on tho farm the progressive young men who an
financial discretion makes them so often tho victims of bunco artists and
now flock to tho cities.” Mr. Norris also stated that a get-rich-quick swindlers, because you will provide them with what the
sorvico to employers would bo effected, “ by relieving them President o f the American Bankers’ Association has described as the "first
ideal investment ever offered to tho American public.”
of tho necessity of paying the oxtravagant wages necessi really
I f tho Farm Loan A ct had been passed a generation ago, it would have
tated by tho present high cost of living, and thereby mako saved untold suffering and loss, set the clock o f tim e ahead a quarter of a
them better able to compete with their foreign rivals in the century, and mado our agricultural production to-day at least twenty bil
lions a year, instead o f 13 H billions. Even in times of peace It is important
markets of tho world.” If tho Farm Loan Act had been that
a nation should bo self-sustaining. Recent events have demonstrated
passed a generation ago Mr. Norris stated, “ it would have that tho ability o f a nation to feed itself is tho supreme test upon which in
times
o f war, its very existence depends. W o owe it not only to ourselves
saved untold suffering and loss, set the clock of time ahead
but to all humanity to discharge faithfully and intelligently the trust which
a quarter of a century, and made our agricultural production Providence has imposed upon us to serve as tho granary of the world— to
to-day at least 20 billions a year instead of 133^ billions.” feed tho m ouths o f the hundred millions o f our own people and the m any
From tho Philadelphia “ Press” wo take tho following from hundred millions of other people, who aro to a greater or lesser extent
dependent upon us.
his remarks:
I question whether wo city dwellers appreciate tho magnitude o f tho
farming industry, unless something calls it particularly to our attention.
It m ay intorost you gentlemen to know that tho total value of tho farm
lands o f this country is estimated to be ovor forty billion dollars, or nearly
ono-fourth of our whole national wealth, and that the total value of the
farm products of last year was, in round numbers, thirteen and ono-half
billion dollars. T hat is a figure so vast that it really conveys little meaning
to tho mind, but you will perhaps grasp some idea of its relative significance
if 1 remind you that it is nearly five times as great as our ontiro mineral
production, including gold, silver, copper, zinc, iron, artificial gas, petro
leum , hard and soft coal, as well as tho other items; and that it is more than
half the value of our total manufactures. And let me remind you that,
while tho mineral production represents tho gradual oxhaustion of our
natural resources, the agricultural production exhausts nothing; and, if
properly conducted, is capablo o f infinite and annually increasing expansion.
Tho scarcity and consequent high price of foodstuffs is a serious industrial
menace. A t tho heating which tho Farm Loan Board held at Springfield,
M a ss., last August a prominont New England manufacturer said: " I am
hero bocauso I believe tho manufacturers aro even more interested in this
bill than tho farmers. The serious problem which is going to confront us is
tho food of our operatives. A s tho cost of food goes up, naturally tho cost
of wages goos up, and makes tho competition here in New England very
much worso. The cost of living is bound to go up as long as tho non-foodproducing population is increasing tho way it is and the food-producing
population is diminishing.”
W h y is tho food-producing population diminishing ? W h y is tho yield per
acre of our farms so much below tho yield per aero of lands in other coun
tries whoso soil is no richer? 1 am perfectly willing to admit that it is in
part duo to scarcity of labor. In part to the lack of scionco in cultivation, but
it Is duo principally to tho fact that the Amorlcan farmer has heretofore been
unablo to satisfy his credit requirements— unable to buy tho equipment
that ho needs— unablo to command the capital that he noeds in his business.
All over tho country in our trips of last fail tho country agents employed by
tho Department or Agriculture told us that time and again they would say
to a farmer, “ You ought to underdrain that field. Y o u need moro farm
equipment. Y o u ought to havo better stock. Y o u ought to uso moro
fertilizer,’ ’ and in nino cases out of ten his reply would bo: “ I know that you
aro right, but how can 1 get tho m onoy?”
CONVERSION OF POSTAL SAVINGS DEPOSITS.
A statement from the Postal Savings Division of the Post
Office Department at Washington recently made the fol
lowing announcement concerning the conversion into United
States bonds of postal savings deposits:
The twelfth issue of Unitod States 2 'A % postal savings bonds, amounting
to $880 ,00 0, which will soon be delivered to purchasers, brought the total
Issues up to $10 ,0 0 0 ,0 0 0 . Registered bonds havo proved tho moro at
tractive. Issues In this form comprise 8 7 % , as against 1 3 % in coupon
form . M oro than 3 0,000 postal savings depositors have converted all or a
part of their savings into bonds, o f whom 5 9 % havo been male depositors
and 4 1 % female. Ohio has led in bond purchases with $ 1 ,800,000; then
follow Now York with $921,000; Pennsylvania, $660,000; Indiana, $ 6 48 ,00 0,
and California, $617 ,00 0.
The Board of Trustees purchases postal savings bonds at par from the
public and, on Fob. 1, tho aggregate of bonds thus purchased was $ 2 ,0 4 5 ,
920. Tho largest purchase In any ono month was in January 1917— $ 1 5 1 .5 0 0 .
RULIN G L IM IT IN G STATE FU N D S I N
VANIA B A N K S.
PENNSYL
A ruling to the effect that “ State funds can only be law
fully deposited in banks approved by the Revenue Commis
sioners find the Banking Commissioner, which banks have
given bonds approved by them or a majority of them” was
given to State Treasurer Young of Pennsylvania on March
27 by Attorney General Brown. The opinion says that the
deposits of tho State workmen’s insurance fund should be
mado as other State funds are deposited. This fund is
constantly growing and large sums are carried until invested.
Tho Attorney General says that no bank can have a deposit
1346
THE CHRONICLE
in excess of $300,000, and that this rule applies to cash of tho
State workmen’s insurance fund as well.
John PI. Mason, Vice-President of tho Commercial Trust
Co. of Philadelphia, according to tho “ Lodger,” said ho did
not think the ruling of Attorney General Brown on the matter
of State depositories would affect Philadelphia banks to any
extent. The restriction to banks carrying moro than $300,
000 deposits each might have tho effect of increasing the
number of State depositories.
Q UE S T I ONA I R E S U B M ITTE D TO ST A T E B A N K S
CONCERNING M EM BERSH IP I N RESERVE SY S T E M .
Tho Executive Committee of tho Stato Bank Section of
the American Bankers’ Association in furtherance of its
dosiro to obtain from tho State bankers of the country an
expression of their opinion in regard to the advantages and
disadvantages of membership in the Federal Reserve sys
tem has prepared and submitted to them several questions.
Duo care has been taken that no question shall be so con
structed as to suggest any particular answer. Full and free
discussion is desired and personal identities will not be
disclosed. In view of the fact that tho matter of clearing
and collecting checks is being considered by the Committee
of Twenty-five appointed for such purpose by the American
Bankors’ Association at its Kansas City convention, no ques
tions in regard to that subject are submitted by tho State
Bank Section in this connection. The questions to which
answers aro desired at tho present time aro as follows:
Question 1. Assuming that somo changes agreed upon by Stato bankers
aro made in tho Federal Reserve law and its administration, should State
banks consider joining tho Fodcral ltesorvo system for the purpose of
strengthening banking and commercial conditions in tho United States?
Answer “ y e s " or " n o .”
Question 2 . Should banks o f less than $25,000 capital bo cligtblo for
membership in tho Federal Reservo system ? Answer " y e s " o f “ n o ."
Question 3. W ould it bo right and proper for Federal Roservo banks
to pay interest on tho balances o f member banks?
Question 4 . (a) D o you consider satisfactory tho regulations o f tho
Fedoral Resorve system governing tho supervision and examination o f
State bank mem bers? Answer “ y e s " or “ n o .”
(5) I f such regulations aro not satisfactory, what changes would you
recommend ?
Question 5. (a) D o you considor satisfactory tho conditions under which
Stato bank inembors o f tho Fedroal Rosorvo systom aro permitted to make
loans on real estate security? Answer " y e s ” or “ n o ."
(6 ) I f such conditions aro not satisfactory, what changes would you
rocommend ?
Question 6 . (a) Aro tho rosorvo requirements o f tho Fedoral Resorve
system suitable for your com m unity and your institution? Answer “ yes”
or “ n o ."
(5) If such requirements aro not satisfactory, what changes would you
recommend ?
Question 7 . (a) Aro tho loan limitations proscribed by tho Federal R o
servo A c t suitable for your com m unity and your institution? Answer
“ yos” or “ n o .”
(6 ) I f such loan limitations aro not satisfactory, what loan limitations
would you suggest?
Question 8 . W h a t, if anything, can bo done to avoid competition between
Federal Reserve banks and other banks ?
Question 9. W h a t, if any, changes in tho Federal Reserve A c t, or in its
administration, aro needed to inclino your institution to becomo a member
o f tho Federal Reserve system ?
G. I. S K IN N E R TO BE N A M E D A S N. Y.
SU P E R IN T E N D E N T OF B A N K S.
Governor Whitman of New York announced yesterday
that ho would send to tho Senate next week tho nomination
of George I. Skinner as Stato Superintendent of Banks to
succeed Eugeno Lamb Richards. The announcement was
made to a delegation of bankers representing overy section
of the State, who called upon tho Governor to urge Mr.
Skinner’s appointment. Mr. Skinner, whoso homo is in
Chenango County, has been First Deputy in the Stato
Banking Department for many years. Superintendent
Richards, whoso term expires July 1, recently asked to be
relieved of his duties as soon as a successor could be named.
SCARCITY OF LABOR I N A T L A N T A FEDERAL RESERVE
DISTRICT.
The Federal Reserve Bank of Atlanta in its report to the
Federal Roservo Board for the April Bulletin, states that
the greatest handicap to further industrial development and
normal agricultural production is tho growing scarcity of
labor in the Atlanta district. It adds:
This shortage is being felt by almost every industry and apparently there
is no relief in sight. Tho exodus of Southern negroes to Northern manufac
turing contres has continued with a steady flow during tho winter months.
Littlo of this labor has drifted back, and with tho coming o f spring weather
a still larger m ovement is expected. Tho m ovement is general.
Until
recently it consisted largely of negro farm hands, but considerable comp,hint
is now heard o f loss o f labor by mining concorns and industrial plants.
Agricultural communities aro already complaining o f shortage o f help for
spring work. Labor agents are picturing to them better living conditions
with high wages and less restriction of personal liberty in tho N orth. Th e
freight embargoes and car shortago are an additional source of serious con
sideration.
[VOL. 104.
In that part of tho district allotted to tho New Orleans
Branch of tho Federal Reserve Bank of Atlanta, “ activity
is noted in lumber, cement and other building materials,
notwithstanding many building projects aro awaiting more
favorable prices.” Tho report further says:
Tho commerce o f tho port o f New Orleans being largely w ith Latin
America, lies outside tho prohibited war zones, and there is consequently
no interruption. Tho field of endeavor is largo and lack o f tonnage is tho
only obstaclo at present. Owing to tho largo trado with tho countries to
tho south, tho port of N ew Orleans was not only ablo to retain its trado as
heretofore, but largely to increase it. W ith the rest o f tho country reporting
loss o f imports, Now Orleans is ablo to show an increaso o f over 5 0 % .
OUTLOOK FOR B U S IN E S S I N P H ILA D E L PH IA
FEDERAL RESERVE DISTRICT.
In its report of conditions in tho Philadelphia Reserve
District during tho past month tho Philadelphia Federal
Reserve Bank presents a tablo showing tho result of inquiries
made of representative concerns in the District as to indus
trial and business conditions. Out of a total of 3G2 replies
received, 72 reported tho outlook as “ excellent,” 1G5 as
“good,” 48 as “fair,” 70 as “ uncertain,” and ono as “ bad.”
Concerning the inquiry and its results tho Bank says:
One deduction which m ay bo drawn from tho replies received is that
business men regard the situation with moro confidence now than in Sep
tember of last yoar, but with less optimism than in M arch 1916. A greater
percentage o f concerns aro now reporting the outlook as “ excellent" or
“ g o o d ," and a smaller percentage as “ fair” or "uncertain,” than was the
case at tho timo o f our last inquiry. A comparison of tho replies to those
received in answer to similar questions six months and a year ago is as follows:
Percentage of concernsreporting business—
M a r.
Sept.
Afar.
,
Excellent
“Fair” . .
1917.
or “ good” ................................................ ............0 7 %
- .............................. ........13%
1910.
54%
19%
191o!
75%
17%
Uncertain ’ or “ bad” ..................
20%
27%
8 %Number o f concerns reporting outlook to be—
"E xcellen t” or “ good” ......................................................... . 237
157
244
“ F air,” "uncertain” or “ bad” _________________________ u g
13 5
g3
Production costs continuo to increaso, tho figures below showing that
wages and tho cost of materials aro steadily rising:
Approximate Increase in Costs o f Production during Past Year.
In Wages.
In Materials.
Report of M arch 1917.........................
2 1%
49%
“
Soptember 1916..........
18 %
43%
“
M arch 1916.........................
11%
40%
Answers to tho question, “ Aro your profits boing cut by rising costs,”
indicato that a larger proportion of concerns aro now ablo to raise their
selling prico sufficiently to cover tho increased production costs:
A re your profits being cut by rising costs'!
Yes.
ATo.
Report of M arch 1917___________________________
205
137
“
September 1916..............
205
84
“
M arch 1916______________
212
97
The transportation situation is disturbing business concerns in this
district. Moro than 7 5 % of tho reporting concerns deciaro that their
business is seriously hampered by inadequate railroad servico, while nearly
as largo a proportion report that they aro seriously hampered by lack of
steamship facilities. Tho difficulty in tho latter instanco Is duo primarily
to an actual shortage of availablo ships.
It Is interesting to note that a substantial majority o f concerns report tho
prospects of business as good. Out o f 362 replying, 207 anticipate tho de
mand for their goods will continuo as at present, for at least a year, and
10 2 for at least six months.
THE RICHMOND RESERVE B A N K DECLARES WORLD
I N NEED OF FOOD.
In calling attention to tho fact that “ Novor within tho
memory of man has the weal or woo of tho world boon so
dependent upon food production and distribution,” the
Federal Reserve Bank of Richmond in a circular recently
issued urged that all tho onergy and intolligonce of tho whole
population should be brought to boar upon tlieso twin sub
jects the current year. Whether war continues or peace
comes quickly, said tho circular, in oithor event there will
be a hungry world short of food. Tho circular, which was
addressed to tho banks of tho district with a view to exercising
their influence upon tho farmers to bring about the desired
result, follows:
F E D E R A L R E S E R V E R A N K O F R IC H M O N D .
A World in Need of Pood.
February 27 1917.
To the Hank Addressed:
The subject-matter o f this letter is of such gravity that wo feel justified
in making the appeal that it bo considered by tho board o f directors of overy
bank in this district to which it will bo addressed, and that such action bo
taken as in tho judgment o f each bank m ay be best calculated to realize
the object o f the letter. A plan of action and leadership in each locality
will bo essential.
If It is considered that tho distribution of this letter will
be o f aid, wo will furnish it in any quantities.
Tho community of Interest which lias always oxisted in tho crop-raising
districts o f this country between bankers and farmers lias grown beyond
localities and has becomo country-wide.
Never within tho memory o f any man has tho weal or woo o f tho world
been so dependent upon food production and distribution.
All the energy and intelligence o f the whole population should bo brought
to boar upon these twin subjects in the current year.
According to the 1910 Census, tho rural population o f tho United States
was 4 9 .300,000 and tho urban population 4 2 ,600,000.
I f tho same percentage o f division exists now, which is doubtful, tho esti
mated rural population would bo 55,100,000 and tho urban population
47,700,000.
THE CHRONICLE
A m . 7 1917.J
1347
in asking tho representatives of tho shippers for their help in
the movement for remunerative rates, but that higher
charges asked for tho transportation of freight is not an
unreasonable request. “ Unless the way is soon opened to
permit our railroads to resume a normal rate of growth, I do
not see how it ispossible,” saidMr. Atterbury, “ to escape the
conclusion that the commercial development of the United
Five-Year
Deficiency
States must shortly also cease.” “ This,” he continued, is
Average.
1916 vs. 1915.
It carries tho threat of idle mills, idle
2 .7 3 2 .0 0 0 . 000 4 1 1 .0 0 0 .
000a serious situation.
7 2 8 .0 0 0 .
000 3 8 6 .0 0 0 .
000men and idle machinery; nevertheless we are face to face
000with it and we might just as well understand it.”
1.1 5 7 .0 0 0 . 000 2 9 8 .0 0 0 .
We also
000
186.0 0 0 .
000 4 7 .0 0 0 .
take the following from his remarks:
000
3 7 .0 0 0 .
000 7 .0 0 0 .
M ore than half the population is engaged in producing food for the re
mainder, besides which a largo proportion of tho urban population is en
gaged wholly in tho preparation o f food.
Tho purpose of this is simply to bring homo to every man his vital concern
in food production— and distribution.
Tho reasons for tho present food shortago are not far to seek.
Witness tho size of tho principal crops o f 1916 in comparison with 1915
and the average for a five-year period. W e have Included oats In this list:
U nited S ta te s .
1916.
1915.
C orn. . .bushels.2 ,5 8 3 ,0 0 0 ,000 2,994,000,000
W heat ________ 610,000,000 1,026,000,000
Oats
................1,251,000,000 1,549,000,000
Barley
_____
181.000,000
228,000,000
R y e _______ ______
47,000,000
54,000.000
Buckwheat______
12,000,000
15,000,000
Rico
.............
4 2 ,000.000
29,000.000
P o t a t o e s ............ 285,000 ,000
359,000,000
Sweet potatoes.
71,000,000
75,000,000
000 Good as our railroads liavo been, the welfare of the nation requires that
17.0 0 0 .
000 3 .0 0 0 .
they must bo improved, and, above all, that they shall continue to grow.
2 4 .0 0 0 . 000Inc.13,000.000
For several years 'past they have been at a standstill— a bad condition for
7 4 .0 0 0 .
000
360,000 ,000
you and the country. N o ono of you, in view of your experiences o f the
000
5 7 .0 0 0 .
000 4 .0 0 0 .
last eighteen months, will question that statem ent. It is a condition that
every one of you demands shall bo romodiod as promptly as possible.
5 ,112,000,000 6 ,329,000,000 5,298 ,0 0 0 .0 0 0 1,217.000,000
Y ou m ay fairly ask, what Is tho remedy? Before going into this it
B e a n s ....................
9 ,000,000
10,000,000
1,000,000
might be well to analyze the causes. These havo been m any, and, while
Apples....................
6 7 ,000,000
7 6 ,000,000
9 ,000,000
it would not be difficult to enumerate them, their relative importance,
Peaches.................
3 6 ,000,000
6 4 ,000,000
28,000,000
because o f their interrelationship, is difficult to assign. Four causes,
however, clearly stand out:
5 ,224,000.000 6 ,479,000,000 5 ,298,000,000 1,255,000,000
First.— Public distrust; followed by
This is only half the story. Crops in tho rest o f tho world wore short
Second.— Irrational regulation.
to an equal extent:
Third.— The aggression of the labor leaders; and
W o r l d — N o r t h e r n H e m is p h e r e .
Fourth.— Inadequate revenue.
Information as to crops in Germany and countries allied with her and
The sins of our railroad ancestors havo been visited, justly or unjustly,
occupied territory is not obtainable— but that conditions approaching
upon their children’s children, and notwithstanding tho fact that thoso of
famino exist In these countries is fairly clear.
its of the fourth generation have been honestly endoavoring to give the public
1916.
1915.
Deficiency.
good service, public distrust— tho result of tho sins o f our forefathers— is the
Corn
.bush els. 2 ,746,000,000 3.3 7 5 ,0 0 0 ,0 0 0
629,000 ,000
basis o f the irrational regulation which to-day is one of tho main contributing
W heat
. . 2 ,702,000,000 3,625 .0 0 0 ,0 0 0
923,000 .000
causes to tho unfortunate condition in which tho railroads o f this country
Oats
- 3,158,000.000 3 ,6 4 8 ,0 0 0 ,0 0 0
490,000 ,000
now find themselves.
Barley "
984,000,000 1,085.000,000
101,000,000
If the railroads suffer, tho public suffer. I f railroad service is improvod,
...............
989,000,000
1 ,039,000,000
50,000,000
Kyo
tho public will benefit. The public therefore should be made to understand
P otatoes*...........................
1 , 2 0 1 . 0 0 0 ,0 0 0 1 .380,000.000
179,000,000
both tho facts and tho thoory of railroad management, and tho effect of
regulation.
.
11,780,000.000 14,152,000,000 2.372,0 0 0 ,0 0 0
On tho aggression of tho labor unions, a few words will, I think, suffice.
Rice figures not obtainable.
_
Tho railroad managements havo lived to rue tho day o f tho public be
rjp[jg crop season has not begun auspiciously• In Argentina, which in damned” policy of a generation ago. Let tho labor unions keep on with
1915 produced 178 million bushels o f wheat, tho presont outlook is for their present policy of damning first tho public, then tho President, then
almost failure.
Congress, and finally tho Supreme Court, tho most sacred institution o f our
W hether war continues or poaco comes quickly, in oither ovont there will
democratic Government, and I am satisfied tho public, through ^their
bo a hungry world short of food.
representatives, will tie tho labor unions, hand and foot, in as radical a
Tho probabilities aro that poaco will make the greater demands upon tho manner as tho railroads find themselves to-day.
food supplies of countries not actively at war. Production could not get
W o ask your assistance for three sound reasons:
under way quickly enough in tho war-ridden countries, and there would
First.— It is to your own interests to dq so, for you need adequate rail
then bo no Insurmountable difficulties to general distribution. Tho food
road facilities far more than you need low rates at the cost of bad and
and tho people could bo brought together— if wo have tho food.
•
j inefficient service. This will bo your selfish reason.
Tills country m ay havo oven greater demands made upon Its food sup
Second.— It Ls but just and fair to tho people whose savings made possiblo
plies. T h at is what wo must cotisidor and proparo for. Tho mattor is a tho building or our transportation systems, that the return on their invest
sorious ono for us as it now stands, and wo shall bo compelled to learn both
ments shall bo protected. Tho integrity of their property is now endangered
economy and production.
by tho conditions which immediately confront the carriers. This is your
This is reputed to bo tho most wasteful country in the world, not only
moral obligation.
.
prodigal o f natural and accumulated resources, but equally prodigal of
Third.— Your loyalty to your country requires you to insist that the
opportunities.
_ ^
railroads shall be given what is necessary to enable them to do their part
A largo part o f tho enormous rural population makos no attem pt'to'raise
in national defense. This is your public duty.
all or oven tho greater part of its own food supplies.
Bear in mind that a denial of adequate rates will mean moro than delayed
This is probably more truo of tho South than of any other p a r t/jf tho
improvements.
country.
__
There aro many railroad companies in this country that cannot keep
Tills is tho crux o f this lettor— to appeal to tho bankers to urgo'upon the their heads above water much longer, with the additional burdens that havo
farmers tho tremendous importance of diversifying their crops and giving
boon placed upon them , unless they get help, and get it promptly.
for this year at least the place of first importance to foodstuffs.
w 5
N o thinking man wants to soo tho country’s transportation service
W h a t will It profit a farmer to raiso a “ monoy crop” if tho money has to conducted under a general condition of insolvency; nor does any one believe
go for food and othor necessities made moro costly by high prices for food?
that tho quality o f tho service would bo improved thereby. Few of you
As it now appears foodstuffs will bo tho monoy crops.
a receivership as tho ideal form of railroad management or tho one
The self-interest of producers will in tho ond cure tho food shortage, but
best calculated to give the public what it requires.
It4s of vital importance that tnls bo dono quickly. It Is only an incident
W hile on this subject, I simply want to remind you that already onethat it m ay bo dono profitably.
sixth of tho railroad mileage o f the United States Ls bankrupt, and that tills
It will take ail the influence that bankers can exercise upon tho farmers
state of affairs exists in tho midst of what is often roforrod to as tho greatest
to bring about tho desired rosult, and wo most earnestly urge that every
period of general prosperity the nation has over known a period in which
banker use Ills influence to tho full.
every roeord o f industrial production and profit has been broken.
^
Therefore, we call upon you, tho shippers, not only as an act of “ en♦Information relating to tho potato crop o f Donmark, Franco, Norw ay
lightonod selfishness," but also as an act of patriotism and fairness, not to
and Sweden Is not obtainable for 1916, but for tho sake o f comparison it block this attempt on our part to obtain adequate rovenuas. W o ask you
is assumed that the crop in thoso countries was tho samo as in 1915.
not to oppose tho increases that aro sought; tho propriety of which is now
*
*
*
*
*
*
*
*
4
<
*
*
*
generally conceded.
„
W o glvo below the report of tho Agricultural Department on live stock
Lot the now rates go into effect without protost and without an inter
in tho United States on Jan. 1 1917 in comparison with 1916 and 1911.
_
minable contest over every detail. W hen it is done, if any shipper believes
himself wronged, ho can obtain Justice by reparation proceedings. lie can
Live S to c k in th e U n ited S ta te s J a n u a ry 1.
1917.
1916.
1911.
get back anything that he m ay havo paid in excess o f what is found to be
Horses..................
..2 1 ,1 2 6 ,0 0 0
21,159.000
20,277.000
proper and just, and can havo the rate corrected.
M u le s........................................
4,639,000
4,593,000
4,323,000
If, however, tho whole program of rate revision is delayed for months or
M ilch c o w s ..................................... 22,768,000
22,108,000
20,823,000
yoars, as it surely will be unless shippers generally agree to take tho course
Other cattle.................................. .4 0 ,8 4 9 ,0 0 0
3 9 ,812,000
3 9 ,679,000
I havo indicated, the railroads will havo no means of recovering tho needed
Sheep................................................. 48,483,000
4 8 ,625,000
53,633,000
rovenue lost to them in tho interval, and their progress and development
Swino.................. - ..........................67,153,000
67,766,000
6 5 ,620,000
will bo set back for a liko period.
Observe tho extremely small increase over 1911 in cattlo and swino and
Tho nation needs strong, solvent and progressive railroads to-day as it
tho substantial decrease in shoep.
.
never needed them before. T h ey are a primary requisite for the "conduct
From 1911 to 1917 tho population o f the country increased according to
of peaceful pursuits. They aro a vital necessity for a country confronted
estimates from 8 to 10 millions. The moro people tho more 'stomachs.
with war.
Tills carries its own commentary.
It is hard to realize how rapidly tho demands upon our railroads increase.
*
*
*
*
*
»
#
*
*
«
*
*
Roughly speaking, traffic doubles about every ten or twelve years. The
Respectfully,
facilities of the railroads must grow with the traffic or industry m ust
G E O . J. S E A Y , Governor.
slacken its pace.
In 1903 there was a great congestion of froight in tho Pittsburgh district—
tho most severe ever known up to that tim e. Following that experience,
W. W. ATTERBURY ON HIGH..FREIGHT RATES AND great improvements were mado in tho railroad facilities here. A t the time
we were severely criticised for our seeming extravagance, as m any thought
THE IN CREA SE I N E X P E N S E
tho extensions then mado were in advanco of all possiblo demands for a
In pointing]out tho’nood of the railroads for higlior freight half century. Y e t here we are, after tho lapse o f only fourteen years,
rates, W.yVV. Attorbury, Vice-Prosidont in Chargo of Opora- face to face with a still greater congestion and tho need for still more ex
tion'of.thoJPennsylvania RR., declared last woolc that a denial tensive and costly additions.
N o ono at all familiar with our national history needs to be told that from
of adoquato’ratos wilfmoan moro than dolayod improvements. tho time when railroads were first constructed they havo been tho dominant
His plea’ion behalf of tho railroads was mado before tho factor in the commercial development of this country, and in the settle
Traffic'Club^ofyPittsburgh at its annual dinner on March 29, ment and opening up to civilization o f its vast areas.. W o are. in truth,
a railroad-made nation.
andt Ilia? remarks on tho subject were for tho purpose of
I f you stop to think, I am sure you will also realize that railroad buildin :
wirig‘tohiis]hoarers that tho carriers aro'notkmly justified and expansion, throughout our periods of grow th’and development, have
regard
.
1 3 48
THE CHRONICLE
always preceded and not followed tho processes o f our commercial and
agricultural development, and tho outspreading o f our population, Tho
railroads. Indeed, have been tho pathfinders and pioneers.
This condition has held truo until within a comparatively fow years—
lot us say about a decade. In this latter period, railroad development, as
tho result of tho causes to which I have referred, has been slowing down and
to-day has practically ceased.
The erroneous idea that shippers, passengers, labor, equipment makers
and material dealers can go on indefinitely getting constantly more and
more out of the railroads, without any one having to pay for it all, has
found concrete expression in vicious regulation and legislation. Its object
has been to punish; its effect has been to maim and destroy. Constructive
development of the transportation systems has almost been lost sight of,
and possibly it would still bo hidden by fogs and obscurities o f two-cont
passenger faro laws, extra-crew acts, wage-increasing statutes, and other
enactments and measures having for their purpose getting moro and giving
less, had not the events o f tho last two years, and particularly tho inter
national situation, awakened tho country.
Pressure has been constant to forco rates down still lower, In the face
o f rising costs. Surely it Is a matter o f common sense that this process
cannot go on indefinitely. Unless I am much mistaken, tho limit has now
been reached, so far as tho railroads, In general, are concerned.
Lot mo give you a few specific Instances of the rising costs with which tho
railroads aro obliged to contend, and which, combined with virtually
stationary rates, have put a practical stop to railroad development. In
tho proceedings beforo tho Inter-State Commerce Commission last week,
to which I have already referred, tho President o f tho Pennsylvania R .R .
system was ono of the principal participants.
Ilero aro some of tho facts M r. Rea told tho Commission:
Seven railroads— tho Pennsylvania, Now York Central, Chesapoako &
Ohio, Norfolk & W estern, Virginian, Baltimore & Ohio and Western
M aryland— face a probable addition of $37,000 ,000 to their fuel bill for
1917.
The taxes paid b y these seven railroads in 1016 wero 9 1 % greater than
In 1906. The Federal incomo tax was doubled last year, having been
Increased from 1 to 2 % .
For tho present year, a further large Increase
will result by reason of tho new Federal capital stock tax.
Materials used by tho Pennsylvania lines East of Pittsburgh have risen
an average of 7 8 % in two years.
On a very conservative estimate, M r . Rea said, tho Adamson law will
cost tho Pennsylvania lines East more than $9,0 0 0 ,0 0 0 , and tho entiro
system at least $13,500 ,000 , additional per year for tho increased wages of
the men affected. Other wage increases which It has already been neces
sary to authorize will add $4,800,000 a year to tho payrolls o f tho lines
East and $7,400,000 for tho system .
Including other advances in costs, M r , Rea estimated that during the
present year the Pennsylvania R .R . lines East of Pittsburgh face a total
Increase of $29,300 ,000 in expenses, and tho entire systom , lines East and
W e st, an Increase of $42,600 ,000 .
Something very serious will happen to our surplus unless thaso prospective
Increases in oxpenses, which M r . Rea said ho had no desiro to overstate,
aro met with adequato revenues.
Since last October, although our traffic has been at or very close to record
volumes, our net operating income has beon going steadily backward.
This has recently beon greatly accentuated.
For February, tho results
can conservatively bo described as alarming. Exact figures have not yot
been fully compiled, but from tho preliminary estimates it seoms cloar that
the railway operating incomo o f tho entire Pennsylvania systom for February
1917, will show a decroaso o f $3,360 ,0 0 0 , or about 6 0 % , as compared with
tho same month last year, although the volume o f gross business was but
little changed. In these figures no allowance has been mado for tho effect
o f tho Adamson law wage increases. I f they had boon counted In for
February (they m ust, as you know, now bo paid, the terms o f tho law being
retroactive from Jan. 1 1917), tho net results for February would have beon
smaller by at least another million dollars. This means that tho not earn
ings of the Pennsylvania system , for February of this year, after tho pa y
ment of the Adamson law wage increases, will show a shrinkage of not less
than $4,400 ,0 0 0 , or 7 5 % , when compared with tho results o f February
1916.
Paradoxical as It m ay seom, an advanco in freight rates would lower the
cost o f living, rather than raise it. W ill one of you question tho statement
that tho price o f food products, fuel, supplies, & c., has beon materially In
creased through the local shortage o f equipment, or our inability to m ovo?
Had rates been high enough in tho last few years to have permitted tho addi
tional railroad improvements that you all now recognizo aro so badly needed,
foods, fuel and other necessities would now bo moving to market freely, in
greater quantity, and tho normal law of supply and demand would not bo
upset by a failuro of transportation.
In short, freight rates play such a small part in tho cost o f nearly all tho
daily necessities o f lifo that an advance would, if apparent at all, bo offset
by normal supply.
On tho other hand, tho efficiency of tho railroads woidd bo so greatly
Increased that tho ultimato effect might well be a general lowering o f prices
as a result o f tho improved machinery of distribution and exchange that tho
country would possess.
R A IL W A Y
AN D
B U S IN E S S
R E G U L A T IO N .
[By E lm a n H . Y o u n o m a n , Editor “ Bankers M agazin e.’ ]
For the second time within a year wo liavo beon confronted with the
tremendous difficulties, losses and ultimato suffering which a general
railway striko would entail. Even with this experience few seem to realize
its truo meaning.
Trying to K ill the Goose that Lays the Golden Eggs.
The fact Is that tho striko movem ent constitutes but a minor phase of
tho vast railway problem itself; and oven tho railway problem, in turn, is
only a subsidiary element o f the complox business situation In which wo
aro enmeshed. W e have done our best as a nation to kill tho goose that
lays tho golden eggs. N o t the railroads alone but all kinds o f largo and suc
cessful enterprises have come under the ban o f State and Federal legislation.
O f tho destructiveness o f this policy a single illustration will suffice. Tho
Sherman A nti-Trust L aw , supplemented by the Clayton A ct, has rendered
o f doubtful legality combinations formed not for tho restraint o f trado but
for its extension. W ithin a few weeks there has been witnessed tho strango
spectaclo o f a President imploring Congress to pass a law to reliove from tho
operations o f theso measures combinations o f business men formed to pro
m ote foreign trade. M a n y o f our manufacturers would liko to go more
extensively into the foreign field. A lone, they hardly feel ablo to do so,
but would welcomo an opportunity o f combining with others In tho effort
to get a larger sharo o f trado with tho outsklo world. B ut tho laws prohibit
ing combinations “ in restraint of trado” seemingly forbid such concerted
effort. Tn other words, trado is restrained by tho very laws intended
to prevent restraint.
[Vol . 104
Growing National Distrust of Business Success.
Tho Inconsistency in prohibiting trado combinations at homo and sanc
tioning them for foreign purposes does not seom to troublo anybodyCritics of such a policy might point out that whilo wo aro concerned about
protecting our own peoplo from tho rapacity of tho trusts, wo do not care
how much they exact from the foreigner. B ut this criticism would not
be very profound, for it docs not go to tho root o f tho m atter, which is
political. For nearly a quarter of a century tho peoplo of this country
havo been taught to beliove that thoro is some inherent element of im
morality or o f oppression in largo and successful business combinations.
This doctrine has been so much insisted on that it has ingrained Itself Into
tho national belief. It does not make any differonco whother or not these
trusts havo wronged or oppressed anybody. Thoy may havo immensely
extended trado instead o f having exercised a restraining influence. B ut
these considerations do not count. It is a big combination and has suc
ceeded in making money, and thcroforo to bo demolished.
Why the Railroads arc Attacked.
Tho same spirit which has prevailed in regulating business combinations
is responsible for tho railway situation in tho United States to-day. Soveral
o f tho country’s great railway systems constitute o f thomsel ves vast business
aggregations. W h a t other warrant need thoro bo, then, for assuming that
they aro hostile to tho puolic interest? They aro big and they are success
ful. Is that not evidence enough? Upon that assumption, apparently,
tho legislatures of forty-eight States and tho Federal Congress havo pro
ceeded in their policy o f keeping tho railroads in the moral and legal straitjacket which the vast body of anti-business legislation prescribes.
Our present situation affords a curious and striking illustration of tho
results of an excess of zeal in a good cause. Both tho railways and big
business were in need of sane and careful regulation. About that no dispute
whatever exists. B ut in their zeal to correct tho admitted evils, tho
authorities havo all but strangled the railroads, or at least havo prevented
that development which was .absolutely necessary to equip them for com
plete and satisfactory public service.
A t first sight it m ay not be clear as to just what this has to do with tho
matter o f railway strikes. In truth it lies at tho very bottom of tho
difficulty. . The railways aro largo consumers o f materials of various kinds,
and tho cost o f these materials, liko that of substantially all commodities,
lias been increasing year by year. So has tho cost of labor. Y ot in tho
faco of theso augmented costs of doing business, tho railways aro deprived
altogether o f voluntary advances in freight and passenger rates. These
m ay bo advanced, if at all, only as a concession by somo governmental
authority, and only to tho extent that such authority, who is raroly a
practical railway m an. considers necessary to meet tho advanced cost.
Furthermore, tho governments tako upon themselves tho regulation of tho
rate of a profit a road should earn, based upon a cost of construction and
maintenance whoso fairness the railroads do not concede.
W h a t Is tho result o f this policy?
In tho first place, tho practical cessa
tion of now construction on tho part o f tho railroads and a glaring lack of
equipment and facilities in a time of unoxampled business activity.
Railroads Should be Given a Freer Hand.
I f the railways wore allowed a freer hand in fixing rates, but still with duo
governmental regulation, thoy would bo in a position to meet all reasonable
demands for advanco in wages or for shorter hours, and tho throat of
general strikes would disappear. But It is unreasonable to expect that tho
railroads can forever go on paying moro for tho materials they must use
and giving thoir employees shorter hours and moro pay without being
allowed reimbursement for theso added outlays in the form o f higher
rates for their services.
IV Y
L.
LEE
ON
THE
CANCER
W H IC H
A F F L IC T S
T H E R A IL R O A D S.
“ The Cancer Which Afflicts tho Railroad Business” sorved
as the titlo of an address delivered by Ivy L. Leo beforo tho
Peoplo’s Institute at Cooper Union on March 30. “ Tho
cancer which is tho causo of so much present distress, not
alone to tho railroads but to tho public they sorvo, is a t h e o r y
of regulation,” Mr. Leo stated, “ which forces tho railroad
business to attempt to run counter to laws of economics
which aro as inexorable as the physiological laws which con
trol tho human body.” Conditions, said Mr. Leo, cannot
remain as thoy aro. “Tho public,” declared Mr. Loo,
“cannot enduro a lack of adequato railroad facilities. No
more important domestic problom now confronts this nation
than how to secure— and socure promptly— tho increased
railroad facilities which aro so vitally needed.” First and
foromost, said Mr. Leo, if railroad oxponsos aro increased,
provision must bo mado to pay tho bill. Ho continued:
W o aro having a very real oxperionco with what It moans to bo short
of facilities. Let mo show you how intimately tho normal processos o f our
national lifo aro dependent upon adequato railroad facilities.
T o reliove tho car congestion and placo tho railroad facilities o f tho
country as nearly as might be at tho disposal o f tho country at largo, tho
American Railway Association appointed a Coinmitteo on Car Sorvico. It
established offices in Washington to bo In close co-operation with tho
Inter-State Com m erce Commission.
T o that committee tho shippers havo come with thoir difficulties, and
their present difficulties throw a great light upon tho moaning of all that
I havo been saying.
Representatives of tho Chicago Board of Trado, for oxamplo, hoadod by
ho President o f that body, appeared and said that thoy wero flat on thoir
backs, that thoy could not got cars to movo their grain East and that as a
result elevators wero being forced to closo.
Tin-plato manufacturers appeared and said if thoy did not got cars at
onco to haul to California and to tho Pacific Coast for shlpmont to Alaska
tho tin necessary for uso in canning, tho salmon crop would bo lost, and
tho fruit crop that Is ordinarily canned would bocomo valueless upon tho
growers’ hands.
Fertilizer interests havo appeared and begged for action that would Insuro
thoir getting enough cars to handlo tho fertilizer shipments In tlmo to got it
to tho farmers for their spring planting.
A
Shippers who ordinarily requiro a specific typo o f car now say, "G Iv o
mo any kind o f car and I will myself spend onough monoy fitting it up so
I can ship*my goods in i t ."
Tho ono thing that has stood out through all thoso mootings and efforts Is
that tho railroads aro literally swampod with business which thoy havon't
tho facilities to tako caro of.
Th e fundamental fa ct'is that tho railroads have become weakened and
Impoverished in health by that cancerous schomo o f regulation to which
I have referred.
I f a man were suffering from a cancer, you would not expect him to bo
able constantly to assume greater burdens. I f he did it would but hasten
tho end.
The cure for cancer in tho human body is to romovo tho tumor— to resort
to the knife— and allow healthy tissue to develop. N othing else can save
tho pationt.
D on ’t misunderstand m o. I favor a continuance of regulation, regula
tion that is drastic and powerful. I suggest no relaxation in its hold.
But tho ono supreme and vital need of tho railroads and o f tho country
to-day is to replace this cancerous growth— this unsound scheme o f regula
tion, this outgrowth o f a period of transition from unregulated private
ownership to government control, with a principle o f regulation which is
sound, healthy and constructive. I t will then bo possiblo to got all the
private capital needed to supply railroad facilities.
W o havo had enougli o f political regulation— regulation that is merely
punitive and based upon indignation for past wrongs. Such wrongs ought
not to have been com m itted. Thoy must bo prevented in tho futuro.
B ut tho one thing now necessary is to look facts in tho faco as they are.
Our country is confronted by problems such as it lias never known. Is It
not a time to look forward, to help, to construct?
A s I see it, that is tho need of tho hour. It is a timo to stop crying .and
cursing over tho past; it is a timo to see what is needed now, and to take
practical steps to provide it.
Tho prosperity, indeed tho safety, of tho country m ay dopond upon ade
quate railroad facllities. Lot us take practical stops to secure them .
P H I L A D E L P H I A BOUR SE C O M M I T T E E O N R E A S O N "
A B L E R E G U L A T I O N OF R A I L R O A D S .
W ith
th o c o n v o n in g
of
th o
o x tra
P h ila d e lp h ia J o in t C o m m it t e o o n
of
R a ilr o a d s ,
c o m p r is in g
c i t y , is r e n e w in g
th o
s e s s io n
of
C on gress,
th o R e a s o n a b le
c o m m e r c ia l
th o n a tio n a l c a m p a ig n
in te re s ts
w h ic h
th o
R e g u la tio n
of
th is
it w a g e d
la s t
y e a r f o r e x c lu s iv e F e d e r a l r e g u la t io n o f r a ilr o a d s a n d o n la r g e m ont
and
r e fo r m a tio n
m is s io n .
th a t
of
th o
I n te r -S ta te
C om m orco
C om
T h o e x e c u tiv e c o m m itte o o f th e jo in t b o d y o x p e c ts
b y
sum es
th o
t im o
a c tiv e ly
p r o b le m s
th o
its
and
1349
THE CHRONICLE
A pr . 7 1917.]
N o w la n d s
stu d y
of
h e a r in g s ,
C o m m itte o
r e g u la tio n
o p p o r tu n ity
of
and
w ill
C on gress
a ffo r d e d
th o
w as
T h o
s u b m itte d
C h am ber
h a v in g
in to
o f
en dorsed
th e
T h e
In te r -S ta te
a r u lin g
upon
r e la tiv e
th e
m erce”
v a lu e
th o
o f
th e
o f M arch
program
b e fo ro
th e
C on gres
T o provklo a basis for tho consideration of a reform program upon which
tho country’s business organizations m ay unite, tho Joint Com m ittee will
put fortii a plan of legislation for exclusive Federal control, togothor with
tho so-called “ Philadelphia Plan” developed by tho Philadelphia Bourse,
a member of the Joint Com m itteo. T h is latter plan starts with the general
principles enunciated by tho Joint Com m ittee and details a schomo of en
largement and reorganization o f tho Inter-Stato Commerce Commission.
Since tho ‘ ‘Philadelphia Plan” appeared in tho publication, “ Reasonable
Regulation of Railroads,” issued last spring, it has been further developed
and made more specific in its provisions.
Tho plans of tho Joint Com m ittee and o f tho Bourse will bo contained
in a second booklet, together with arguments in their support prepared
respectively by M alcolm Lloyd Jr., a prominent attorney and chairman
of tho Joint Com m ittee, and George E . Bartol, President o f tho Philadelphia
Bourse, and Vice-Chairman of the joint body. The views of both shipping
and railroad experts with regard to the general proposition o f unified Federal
control and tho details o f tho “ Philadelphia Plan” will be a feature of tho
publication.
________________________________
N E W JERSEY FULL CREW L A W .
G overn or
E dgo
o f
N ow
R o b e r t ’s b ill a m e n d in g
w a s o r ig in a lly
bu t an
on
fu ll c r e w
to
rep ea l th o
in te n d e d
am endm ent b y
Jersey
th o
th o
S e n a to
M arch
p r o v id e d
th a t
crow s
fix e d
th o
th o
sta tu s
of
of
1913,
th o
bu t
th e
T h e
la w
of
b ill
1913,
th o r o p e a le r p a s s e d
in b y
la w
s ig n e d
la w .
fu ll c r e w
to
t h o H o u s e , A v h ic h w a s l a t e r c o n c u r r e d
by
22
r a ilr o a d
tr a in
th a t
a ll
by
th o la tte r b o d y ,
s h a ll r o m a in
a p p lic a t io n s
fo r
as
th o
r e d u c t io n o f c r e w s s h a ll b e m a d o b y th o r a ilr o a d s t o th o S t a t o
U tilit y
C o m m is s io n , w h ic h
a d ju s t
n ot
c o m p la in t s
e m p lo y e d .
w o u ld
s ig n
fro m
T h o
th o
w ill a ls o h a v o p o w e r t o h e a r a n d
th o
t r a in m o n
th a t
an n ou n cem en t
R ob erts
b ill
w as
enough
th a t
m ado
m on
G overn or
know n
at
aro
E dgo
th o
con
c lu s io n o f a p u b lic h e a r in g in t h o E x e c u t iv e o ffic e s a t T r e n t o n
on
M arch
o f th o
22nd,
w it h
r e p r e s e n t a t iv e s o f
th o
la b o r o r g a n iz a tio n s o f th o S ta t o .
A t
r a ilr o a d s
and
th o h e a r in g
th o
B r o t h e r h o o d o f R a ilr o a d T r a in m e n p le a d e d w ith th o G o v e r n o r
to
v eto
th o
m easu re
s a id
th a t
th a t
c o n fid e n c e
m is s io n
ho
to
w o u ld
as
u n c o n s t it u t io n a l.
a ffix
c o u ld
lia n d lo
h is
bo
th o
s ig n a tu r o
p la c e d
in
to
th o
q u e s tio n .
G overn or
th o
b ill,
P u b lic
E dge
b e h o v in g
U tility
C o m m e n tin g
C om
u pon
th o
u n c o n s t it u t io n a l a lle g a t io n , t h o G o v e r n o r s a id t h a t t h o c o u r t s
w o u ld
havo
d ic tio n
1913
o f
w as
27
a c t io n
w as
of
to
passed
d e t e r m in o
T h o
d e fe a te d
th o
25,
and
th on
to
h is o f f i c o .
but
passed
sen t
b y
a
to
v oto
in
th a t
th o
th o
o f
th a t,
IIou so
b od y
on
b ill b y
a
S e n a te ,
11
to
as
it
lio b o r ts
w as
on
M arch
M arch
v oto
14
of 37
w h ere,
5 , a fte r
beyon d
b ill-r e p e a lin g
on
h a v in g
6 th
th o
th o
b y
ju r is
la w
a
r e c o n s id e r e d
to
22.
M arch
boon
its
T h o
21,
it
of
v oto
b ill
w as
am onded
so
a s n o t to re p e a l th o la w , b u t a s s ta te d a b o v o , to g iv e t h o S t a t e
U t ilit y C o m m is s io n in c r e a s e d p o w e r s .
w as agreod
to
b y
th o
H ou se on
th o
T h o b ill, a s a m o n d e d ,
sam e
d a y,
M arch
21st
d a y ,
S ta to
la w
th o
o ld
an
o f
N ew
Jersey,
e x h a u s tiv e
stu d y
o f th e S ta te , a n d
in
as a
o u r is s u e o f M a r .
10
la w .
C o m m is s io n
has
an n ou n ced
e s ta b lis h m e n t o f fr e ig h t r a te s b a s e d
s h ip m e n t.
T h e
“ Jou rn al
of
C om
th is s a id :
GOVERNM ENT SE E KIN G R E D U C T I O N !N COMPENSA
T I O N FOR C A R R Y I N G M A I L .
R e d u c tio n
to
th o
in
th e
r a ilr o a d s
c o m p e n s a tio n
fo r
c a r r y in g
th e
C o n g r e s s la s t J u l y , is s o u g h t b y
w ith
th o
fu r n is h e d
p a id
to
th e
as
G overn m en t
r e a d ju s t e d
b y
th e P o s tm a s te r -G e n e r a l in a
8 th .
th e
b y
m a ils ,
In te r -S ta te
M arch
w h ic h r e q u ir e s t h o r o a d s t o
T h o B o u rs e C o m m itte o sa y s:
next
This Is an entirely new procedure and adds a new rule to those already
adopted by tho Commission, to read as follows:
“ W here a shipper petitions tho Commission to require a carrier to es
tablish rates dependent upon the declared value or the agreed value of
the property transported, a hearing will bo had and an order will Issue
based thereon.
“ W here a carrier petitions the Commission to bo authorized to establish
rates dependent upon tho declared value or tho agreed value of the prop
erty transported, the Commission will investigate the reasonableness and
propriety o f tho proposed rates in such manner and by such means as it
shall deem proper, and where the Commission finds no cause for refusing to
permit the carrier to establish such rates, an order will be entered granting
the desired authority conditioned on duo filing thereafter with the C om
mission o f any tariff schedules pursuant to such order. A n y rate so au
thorized by order o f the Commission upon the petition o f a carrier will be
subject to suspension on protest and to attack on complaint in the same
manner as any other rate carried in a tariff duly filed with the C om m is
sion.”
__________________________________ __
been
a com m on
th o
2 0 th in r e p o r t in g
has
advan ce
o f
C om m erce
to
m a d e p u b lic o n
and
th e
COM M ERCE CO M M IS SIO N 'S E D IC T ON FR EIG H T
R A T E S B A S E D ON V A L U E OF S H I P M E N T .
and
s io n a l in v e s t ig a to r s .
w h o
at N ew ark , m ade
b ill c h a n g in g
s ta te m e n t file d
la tio n
G overn or,
t h e w o r k in g s o f t h e fu ll c r o w
on
fu n d a m e n t a l r e c o m m e n d a t io n s f o r r e m e d ia l le g is
th o
C om m erce
h e a d q u a rters
b u s in e s s a n d c o m m e r c ia l b o d ie s o f t h o U n it e d S t a t e s t o a g r e e
c e r ta in
to
r e s u lt o f its in v e s t ig a tio n , a s n o t e d
re
tr a n s p o r t a t io n
bo
and
a ffix e d h is s ig n a tu r e t o th e m e a s u r e .
C om m erce
A
cop y
r a ilr o a d s
b y
of
C o m m is s io n
th e sta te m e n t
th e
C o m m is s io n ,
file t h e ir r e p lie s b y
M a y
1.
B y
C o n g r e s s io n a l a c t io n th o w e ig h t b a s is o f p a y m e n t w a s s u p e r
s e d e d in s o m e in s t a n c e s b y th e s p a c e b a s is .
w as
to
proper
be
tem p ora ry
m eth od s
and
u n til
ra tes
of
th e
T h e arran gem en t
C o m m is s io n
p a y m en t.
G e n e r a l e s t im a t e s t h a t if t h e p r e s e n t s y s t e m
th e
th a n
G overn m en t
if
th o
w o u ld
w e ig h t
P o s tm a s te r -G e n e r a l
b a s is
s a id
pay
$ 3 ,2 2 2 ,4 0 5
w ere
in
used.
In
d e t e r m in e d
T h e
P ostm a ste r-
w e r e c o n t in u e d
m ore
h is
per
annum
sta te m e n t th e
p a rt:
Tho Postmaster-General represents and believes that this total is ex
cessively large; that the rates provided b y tho A ct for the respective units
o f spaco and service should in general be reduced by the Commission; and
that tho rates for the respective units o f spaco and service should not exceed
tho following, to wit:
For full railway post offico car mail service 20 cents for each mile o f ser
vice by a 60-foot car, and in addition thereto $1 as a combined initial and
terminal rate for each one-way trip of a 60-foot car.
For apartment railway post offico car mail service 10 cents for each mile
o f service by a 30-foot apartment car and 5 cents for each mile of service
by a 15-foot apartment car, and in addition thereto $2 as a combined initial
and terminal rate for each ono-way trip o f a 30-foot apartment car and SI
as a combined initial and terminal rate for eacli ono-way trip o f a 15-foot
apartment car.
For storage car mail service 18 cents for each mile o f service by a 60-foot
car, and in addition thereto $1 as a combined initial and terminal rate for
each one-way trip o f a 60-foot car; and for storage space in units of 3 feet,
7 feet and 30 feet, both sides of car, in baggage cars at pro rata o f same.
For closed pouch service 1
cents for each mile of service when a 3-foot
unit is authorized and 3 cents for each mile o f service when a 7-foot unit 1*
authorized, and in addition thereto 25 cents as a combined initial and ter
minal rate for each ono-way trip o f a 7-foot unit o f servico.
For service continued on the weight basis o f pay the rates allowod should
not exceed the rates provided by the A ct o f 1873 and tho amending Acts
as hereinafter set forth, adjusted on tho basis of annual weighings.
Theso rates are tentative and subject to modification upon a full con
sideration of the facts to be hereafter presented.
Tho Postmaster-General further represents that tho maximum rates
fixed by the Acts relating to railroad mail pay, hereinafter set forth, are
intended as compensation for tho entire service performed, including trans
portation and incidental services required in connection therewith, and
tjiat tho rates hereinbefore suggested as being those which should not be
exceeded aro also intended as compensation for the entire service per
formed.
It m ay bo desirable, however, in tho administration of the service to
except from the requirements made upon railroad carriers the carriage of
tho mails between railroad stations and tho Post Offices, and it is therefore
advisable that any rate or rates fixed and determined by tho Commission
should be in the alternative; first, including all the servico required, and,
second, including such service with the exception o f tho servico next above
mentioned.
T h e “ J ou rn a l o f C o m m e rce ” sta te d th a t a m o n g th o rea son s
a s s ig n e d b y t h e P o s t m a s t e r -G e n e r a l w h y t h e r a ilr o a d s s h o u ld
c o n s id e r
th e
m a il
tr a ffic
as
p e c u lia r
w ere
th o
fo llo w in g :
1. N o other class of service is characterized by the elements o f certainty,
constancy and homogeneity o f traffic in as great a degree as tho mail service.
It is certain and constant and practically always of tho same character after
It has been established.
2. Paym ents to the railroads are certain and regular, mado m onthly by
warrants on tho Treasury. Tho carriers know with a certainty tho approxi
m ate amount which they will receive for the servico, and when they will
[VOL. 104.
THE CHRONICLE
1350
receive it, and that it will bo paid without oxpensivo mothods o f b o o k
keeping and auditing upon the part of the carriers.
3 . Railroads are projected and built not primarily for the carriage of the
mails but for tho purpose o f securing passenger and freight traffic. Their
business is that o f common carriers. A fter the railroad is constructed tho
m ails naturally follow, and tho companies usually secure that business
without solicitation. I t is a traffic which offers itself to tho companies
without solicitation, and remains without urging or other consideration
except good service.
4 . Tho carriers rccoivo from the Federal Government protection to their
mail trains against unlawful acts in interference with or obstruction o f the
mails which they carry.
5. Finally tho Postmaster-General declared that tho mail-carrying rail
roads enjoy an added benefit through tho relation existing between the rail
roads as public servico corporations, and tho railroads as public utility
____________________________________
corporations.
in c lu d in g
th o
reven u es
r ig h t
and
to
in it ia t e
e x p e n d it u r e s
o f
le g is la tio n ,
th o
d e t e r m in e
co u n try ,
and
A
m a s s m e e t in g , a t w h ic h
w ill
bo
ta k on
R e p u b lic
grad
o f
in
th o
R u s s ia
(A p r il 7 ).
it
la t iv e b o d ie s .
O n M a rch 30 new s cam e b y w a y of L on d on ,
th o
to
is s u a n c e
a ll
th a t
b y
P o le s
d e s ir e s .
R u s s ia n
d e c id e
T h is
d is p a tc h
th e
fo rm a lly
P o la n d
a n n o u n c in g
fo r
m a k in g k n o w n
G overn m en t o f a
its e lf
th o
th e
P o tro g ra d , sta ted
p r o c la m a tio n
G o v e r n m e n t’s
fo rm
in fo r m a t io n , w h ic h
fro m
P o la n d ,
is u n d e r s t o o d ,
m ovom en t
fo r
is s c h e d u l e d
to
th o
bo
d e fin ite
step s
e s t a b lis h m e n t
h o ld
to -d a y
of
a
in
P etro-
S in c e d e t a ilin g in o u r is s u o o f M a r c h
2 4 th e
e v e n t s g r o w i n g o u t o f t h e r e c e n t r e v o l u t io n in R u s s ia , s e v o r a l
o th e r G o v e rn m e n ts,
th ro u g h
n iz e d
th e ir
th o
in a d d it i o n
d ip lo m a tic
to
th o
U n it e d
r e p r e s e n ta tiv e s ,
P r o v is io n a l G o v e r n m e n t.
o ffic ia l
S w is s
th e ir
d ip lo m a tic
r e c o g n itio n
M in is t e r
stru cte d
on
in
o f
th o
P r o v is io n a l
27
by
w as
th e
M a rch
to
29
th o
rem edy
new
th o
fin a n c ia l
d e fic ie n c ie s
b y m ea n s o f a sy stem
a ls o
to
P otrog ra d ,
have
C o u n c il
to
T h o
been
th o
w h ic h
past
w ill
O n
u n d erta k e
a d m in is tr a tio n
and,
o f r e v e n u e s , e n a b le t h o R u s s ia n G o v e r n
m e n t t o s h a r e in th o in c r e a s e d in d u s t r ia l p r o fit s w a s o u t lin e d
b y
M .
T eresch ten k o,
th e re to ,
ho
M in is t e r
of
F in a n c e .
W ith
P o le s
on
are
of
w a s c o n ta in e d
th a t th e
t h e b a s is o f
a d v ic e s
M a r c h 2 3 th e n o w
fro m
“ lib e r ty ”
R e u te r ’s
corresp on d en t
on
G o v e rn m e n t ta k es
M a r.
23
th o
p la in e d th a t th e a im
a ll
th o
O ffic e
e x te n d in g
at
P otrog ra d ,
new
lib e r ty
to
e lu c id a tin g
F in la n d ,
th a t y e a r F in la n d
la w s
ille g a lly
v o id .
III
w h ic h
s tr ip p e d
th o
G ra n d
b e c a m o p a r t o f th o R u s s ia n E m p ir e .
im p o s e d
and
ex
o f t h e p r e s e n t G o v e r n m e n t is t o a b o lis h
r e s t r ic t io n s
D u c h y o f th e h is t o r ic a l r ig h t s c o n fe r r e d u p o n it in 1 8 1 2 .
A le x a n d e r
u pon
F in la n d
N ic h o la s
11,
it
is
d u r in g
sta te d ,
th o
aro
r e ig n s
In
A ll
of
d e c la r e d
R u s s ia n m e m b e r s o f th e F in n is h S e n a to w h o , c o n tr a r y
t o t h o c o n s t it u t io n a l r ig h t s o f th e c o u n t r y , h a d b e o n a p p o in t e d
b y
th e Im p e r ia l G o v e r n m e n t in s te a d o f b e in g e le c te d
b y
th o
F in n is h P a r lia m e n t , h a v o b e e n r e m o v e d a n d w ill b e r e p la c e d
b y
F in n s
ch osen
to
P o le s
th e
be
o f
h e ld
th e ir
at
and
th e
T h e
th o
b y
T h o
at
a
c a p ita l o f P o la n d
p r o c la m a tio n ,
th e
E n te n te
in d e p e n d e n t
p a r t s .”
govern m en t
th o o v e r th r o w
a ttem p t
a g a in s t
r ig h t s ,”
T h e p r o c la m a tio n
th o p la n
c u t io n
agreed
of
th o
c r e a t io n
of
o f th e
a fte r
R o m a n o ff
C e n tra l P o w e rs
b y
o ffe r in g
to
“ illu s o r y
c o n t in u e d :
w ar,
an
b y
th o
th o
E n te n te
p r o v is io n a l
in d e p e n d e n t
th o
p le d g e
d u r a b le
of
th e n a n n o u n c e s t h a t in a c c o r d a n c e w it h
u pon
t e r r it o r ie s
m a jo r it y
o f
P o lis h
w hose
peace
in
th e
P ow ers fo r
G overn m en t
S ta te ,
th o
prose
regards
com p osed
p o p u la tio n
is
r e m o d e le d
E u rop o
th o
of
P o lis h ,
a ll
as
a
o f
th o
adds
th e
fu tu ro .
“ B ou n d
to
R u s s ia
b y
a
fre e
m ilit a r y
u n io n ,”
th e p r e s s u r e o f th o C e n tr a l P o w e r s a g a in s t th o S la v n a t io n .”
A fte r
a c c o r d in g
a n n o u n c in g
th a t
it
w ill
lio
w it h
th o
c o n s titu e n t
a s s e m b ly o f R u s s ia d e fin ite ly to c o n s o lid a te th o n o w fr a te r n a l
u n io n
and
to g iv e its c o n s e n t to
t e r r it o r ie s
th e m o d ific a t io n
in d is p e n s a b le
to
th o fo rm a tio n
th o d o c u m e n t c o n c lu d e s
by
a p p e a lin g
t h e o f fe r in
th e
s p ir it o f fr e e
to
of
o f R u s s ia n
a fre e
P o la n d ,
th o P o le s to a c c e p t
b roth erh ood
and
to
p rep are
u s h e r in a n o w a n d b r i ll i a n t e r a o f P o l i s h h i s t o r y .
“ M a y
to
th o
a n c ie n t a p p e a l o f th e g lo r io u s p r e c u r s o r s o f y o u r lib e r a t io n ,”
s a y s t h o p r o c la m a t io n , “ b e p r e a c h e d w it h n o w a n d ir r e s is t ib le
stren g th .
fig h t .”
th e
F o r w a r d , s id o b y
T h o
p r o c la m a tio n
s id e , a n d
is
s ig n e d
hand
b y
in h a n d , t o r t h o
a ll
th o
m om bors
o f
p r o v is io n a l G o v e r n m e n t.
P r e v io u s
to
p r o c la m a tio n
sta ted
th a t
o r g a n iz a tio n
th o
a
th o
of
an n ou n cem en t
R e u te r
d is p a tc h
p r o v is io n a l
a
of
to
th o
G overn m en t
c o m m itte e ,
w ith
is s u a n c o
L on don
on
had
of
th e
M arch
29
ordered
A le x a n d e r
th o
L e d n its k y ,
a
m e m b e r o f t h o fir s t D u m a , a s C h a ir m a n , t o s e t t lo t h o a ffa ir s
of
P o la n d .
T h o
a r e g is te r o f
o f th o
th o
it
w as
of
added,
b e lo n g in g
p u b lic in s t it u t io n s in P o la n d
S ta te.
th e
c o m m itte e ,
th o p r o p e r ty
m anagem ent
th e se
u n til
to
w o u ld
c o m p ilo
th o G o v e rn m e n t a n d
and
d o v is o
handed
over
m ea su res fo r
to
th o
P o lis h
T h o c o m m i t t e e w ill a ls o d e fin e t h o r e la t io n s b o t w e e n
S ta te
and
th o
R om an
C a th o lic
C h u rch .
It
w as
an
n o u n c e d a t t h e s a m e t im e t h a t w o m e n w ill b o o lig ib lo f o r a ll
G overn m en t
p osts,
in c lu d in g
It w as an n ou n ced
th e
D u m a
and
on
C o u n c il
m in is t e r ia l
o ffic e s .
1 th a t
th o
P o lis h
had
sen t
A p ril
o f M in is t e r s
m om bors
a
of
d e c la r a tio n
t o th o P r e s id e n t o f th e D u m a , M ic h a e l R o d z ia n k o , te n d e r in g
th e ir r e s ig n a t io n s .
in
o ffic e
w o u ld
G overn m en t
be
T h e r e a s o n g i v e n is t h a t t h o ir c o n t i n u a n c e
in co n g ru o u s
C o u n c il,
a c k n o w le d g e d
th o
in
v ie w
w ork m en ,
and
p r o c la im e d
of
th o fa c t
s o ld ie r s
th o
th a t
and
th e
d o p u tie s
in d e p e n d e n c e
of
P o la n d .
A
decree
a ffe c tin g
F o r e ig n
m a n ife s to
c o m p le t e ly
th o
p o litic a l
Y ork
recen t
to
sep a ra te
Th oy wished at this prico to buy the blood of a race which never fought
for tho maintenance o f despotism. N or will tho Polish army go into battle
now for the causo o f tho oppression of liberty and tho dismemberment of its
country under tho leadership of its hereditary enemy.
Polish brothers, for you also tho hour of great decisions lias struck. Free
Russia calls you to her ranks in tho fight for tho liberty of tho people.
($ 1 ,5 0 0 ,0 0 0 ,0 0 0 ) a t 5 % ,
a n d w ill b o is s u e d a t 8 5 .
O n
fo rm
it
in a R e u t e r
lo a n o f th o R u s s ia n G o v e r n m e n t
w ill a m o u n t t o 3 ,0 0 0 ,0 0 0 ,0 0 0 r u b le s
th e
th e
n ow
u n iv e r s a l s u ffr a g e .
d y n a s t y , r e fe r r e d
e n lis t
havo
to
d e t e r m in e
th re e
w is h
G overn m en t
p r o c la m a t io n , “ th e P o lis h S t a t e w ill b o a s o lid r a m p a r t a g a in s t
Tlio country is full of capital which has grown out o f tho increased in
dustrial activity sinco tho beginning of tho war, and m y plan is to institute
immediately a now system of taxes based on war profits. Sinco 1915 all
industrial enterprises o f tho country have shown most remarkablo increases
in earnings and have issued millions of now shares. It is only proper that
tho Government should havo a more adetiuato share hi theso profits.
In tho past revenues havo been obtained only in a casual manner by the
M inistry o f Finance, and although they far exceeded tho financial loss to tho
Government occasioned by tho suspension of tho liquor traffic, they havo
not been properly nor thoroughly applied to tho resources of tho country,
which ought to contribute largely to tho expenses of carrying on tho war.
It is not tho intention of tho now Government to mako tho now revenues
so burdensomo to manufacturers that it will discourage their productivity.
There is a point at which the Government can reap a proper rovenuo with
out depriving manufacturers of tho fair profit to which they are entitled.
I shall call in a fow days a conference of other members of tho M inistry,
representatives of industrial and financial circles and economic experts, who
will help mo to determine to just what extent it will bo advisable to tax tho
industry of tho country. There will, accordingly, bo nothing haphazard
nor arbitrary in tho manner in which tho system of taxation will bo put into
execution.
I am working in close co-operation with m y colleagues in tho Cabinet and
will have, I believo, the hearty support o f tho industrial leaders themselves.
This now revenue will enablo tho country to meet at least tho accumulating
interest on outstanding loans. Russia will havo to depend, of courso, upon
foreign loans, and, judging by tho sym pathy and support with which the
now Government has been greeted by its allies and in tho United States,
there should be no difficulty in arranging a basis for a continuance of finan
cial assistance abroad.
I anticipate no troublo in tho factories or tho possibility of a decreased
output arising from tho eight-hour regulation. On tho contrary, a new
spirit of loyalty and a desire to co-operate with tho Government is notlceablo,
and industrial energy everywhere has received a now impetus. The most
important question facing the country is provisioning and transportation.
W o already havo begun to reorganize transportation and aro considering
a co-operativo system , originated in tho D um a, of transferring commodities
direct from the country producer to tho city consumer by means of cooperativo stores under government supervision.
Tho difficulties which stood in tho way o f a solution o f tho supply ques
tion under tho old Government, when action was interm inably delayed
by disagreements between the Government departments, havo now dis
appeared. Tremendous stores of provisions in tho interior ■already havo
been started toward the big cities.
A c c o r d in g
to
o f a ll t h o
fr a te r n a l c o n g r a tu la tio n s o n
regard
s a id :
fo rm e d
c o n s titu tio n a l a s s e m b ly
in
e n te r in to
R u s s ia n G o v e r n m e n t.
program
o f
at
G o v e rn m e n t.
s a id
F ed era l
d ip lo m a t ic r e la tio n s w it h th o n e w
recog
to h a v e a ccord ed ,
r e p r e s e n t a t iv e s
P o trog ra d
M arch
fo r m a lly
G re a t B r ita in , F r a n c o ,
a n d I t a ly a r e r e p o r t e d b y a R e u t e r t e le g r a m
th ro u g h
S ta tes, h a v e ,
ta x
a t io n , w ill r e s t e x c lu s iv e ly in t h e c o n t r o l o f t h o F in n is h le g is
it f o r g r a n t e d t h a t t h o d e c is io n w ill b e f o r “ a n e w
DEVELOPMENTS I N RUSSIA.
th o
assess
to
la w .
F u ll
s e lf-g o v e r n m e n t ,
R e lie f
b y
c a n c e lin g
Jew s
w ill,
a ll
L o u is M a r s h a ll,
C o m m itte e ,
la w s
a c c o r d in g
and
to
C h a ir m a n
s h o r tly
bo
paragrap h s
a d v ic o s
a d v e r s e ly
r e c e iv e d
o f th o A m e r ic a n
p u b lis h e d .
M r . M a r s h a ll c a m e in a c a b le d is p a t c h f r o m
T h o
in
N ow
J o w is h
a d v ic o s
to
B a r o n A le x a n d e r
G u n z b u r g in P e t r o g r a d , w h ic h w a s p u b lis h e d in th o “ T im e s ”
of
th e
2d
in s t.
as
fo llo w s :
Petrograd, A pril 1 1917.
Louis Marshall, New York:
Heartiest thanks. Tho new Government has bound itself to abolish all
class, confessional and national restrictions.
A decree canoeing all laws
and paragraphs adversely affecting Jews will shortly bo published. O bvi
ously, big sums are wanted for settling in now places. W ired your com
mittee giving tho details o f our wants, but meanwhilo wo havo received
$100,000. ^Wiro if cables havo boon received. A s tho Govornmont is
engaged In* reform work, its allocations aro muen delayed. Our wants
aro pressing. Russian Jewry, liberated from tho yoko, in grateful appre
ciation of never-failing helpfulness, stretchout thoir hands to thoir froo-bora
American brethren.
GUN ZBURG .
A pr . 7 1917.]
A
W a s h in g to n
d is p a tc h
R u s s ia n
E m ba ssy
J o w s in
R u s s ia w ith
an y
p la c e , to
THE CHRONICLE
as
servo
on
M arch
r e p o r t in g
a ll o t h e r s
in
2G
th a t
to
th o a rm y
ow n
and
an n ou n ced
a b s o lu te
p rop erty ,
n avy,
to
th o
e q u a lit y o f
to
r e s id e in
p a r t ic ip a t e in
e d u c a tio n a l a d v a n ta g e s , a n d a t th o p o lls , h a d b o o n p r o c la im e d
o ffic ia lly .
It
w as
addod
th a t
it
w as
th e r e fo r e
th o r o w o u ld b o n o fu r th e r r e s tr ic tio n s u p o n
p orts
to
R u s s ia n
R u s s ia th a n
F rom
or
A m e r ic a n
th ose co m m o n
P otro g ra d
on
th o
P r o v is io n a l
G overn m en t
a c tu a lly
fo r c o
in
4 th
w ho
d o s ir e
to
on
th o
v is it
p erson s.
an n ou n cem en t cam o
had
lim it in g
Jow s
to oth er
u n d erstood
th o is su e o f p a s s
th a t
r ig h t s
day
of
th a t
r e p e a le d
R u s s ia n
a ll
th o
la w s
c it iz e n s
1 3 51
In m y capacity as a member o f tho Provisional Government created
by tho will o f tho people, and at tho bistance o f tho D um a, I promise and
swear before Alm ighty God and m y conscience to serve faithfully and
justly for liberty and for a civil equality, and in all measures entrusted
to m e in suppressing any attem pt, direct or indirect, toward the restoration
o f tho old regime.
I swear to apply all m y Intelligence and strength completely to fulfil
all the obligations assumed b y the Provisional Government before the eyes
o f the people. I swear to take all measures for the convocation o f a C on
stituent Assem bly at the shortest tim e on tho basts of universal, direct,
equal, secret suffrage, to transfer to tho hands of tho Assem bly all tho au
thority provisionally exercised by mo in conjunction with tho other members
o f tho Government, and to bow beforo tho peoplo’s will, as expressed by
-that Assem bly, concerning tho form o f government and tho fundamental
laws o f the Russian State. M a y G od help me in the fulfilment of this oath.
re
g a r d in g c r e e d s a n d r e lig io n s .
O n M arch
31
a
R o u te r ’s d is p a tc h
p r o v is io n a l G o v e r n m e n t h a d
a
sta ted
m easu re
b y
th o
M in is t o r o f C o m m e r c e in t r o d u c in g a m o d ific a t io n in t h o la w s
a ffe c tin g
w as
p u b lic
one
fo re ig n
s u b je c ts
p a n ie s .
to
c o m p a n ie s .
w h oroby
It
r o m a in
in
T h e
of
A m on g
le g a l
w o u ld
w as
s u b je c ts
th o
no
fu rth e r
lo n g e r
s a id
pow ers
th e
r e s t r ic t io n s
bo
th a t
h o s t ilo
c lia n g o s
it
a ffe c tin g
e x ton d ed
th e
to
to
and
th e se
r e s tr ic tio n s
R u s s ia ,
sta ted
Jew s
a p p ly in g
h ow ever,
w o u ld
a p p o in t m e n t
W in a w o r ,
“ T im e s ”
fro m
s ta te d , th o
a b o lis h m e n t
th e
as
m em bers
of
th o
R u s s ia n
S o n a to a n d
w as
rep orted
C openhagen
fir s t J o w s w h o
on
ovor
in
a
s p e c ia l
M arch
27.
o b ta in e d
a
c a b le
T h ey
to
are,
s e a t in
a
R u s s ia n
of
th o
d ea th
P r o v is io n a l
tu te d
fo r th o d e a th
p e n a lt y
p e n a lty
w as
G overn m en t
P e n a l s e r v it u d e f o r life o r f o r a
term
d e c id e d
on
upon
M arch
31.
o f y e a r s w ill b o s u b s t i
in e a s e s w h e r e s u c h
a p e n a lt y
is
p r o s c r ib e d b y th e p e n a l c o d e o r b y m ilit a r y la w .
M in is t e r K e r e n s k i, in a n in t e r v ie w
of
th o A s s o c ia te d
oth er
r e fo r m s
press,
fo rc o .
and
b y
com
th o R u s s ia n S u p r e m o C o u r t o f t h o J e w is h a d v o c a t e s , G r u s o n borg
T h e
th a t th o R u s s ia n
p u t fo rw a rd
and
a lw a y s
w ill
th o
lib e r a l a n d
P ress, sta ted
be
th e
R u s s ia n
ou tsp o k e n
w ith
th o co rre sp o n d e n t
M arch
21
e s t a b lis h m e n t
press
as
on
w ill s o o n
th e
o f
th a t:
b ecom e,
A m e r ic a n
“ A m on g
fre e d o m
I
of
th e
h ope,
p re s s , w h ic h
I
as
have
a d m ir e d .”
th o
it
P r io r
is
R u s s ia n
prem e
h im
t r ib u n a l.
to
th o
a b d ic a tio n
com m an d
to
o f
th e
o f-jE m p c r o r
R u s s ia n
h is u n c le , t h e G r a n d
N ic h o la s
a r m ie s
D u k e
w as
th o
su
tra n s fe rre d
by
N ic h o la s .
II,
O n
M arch
24
i t w a s a n n o u n c e d t h a t t h o la t t e r , o w in g t o h is c o n n e c t io n w it h
A t a m a s s m e e t in g o f w o r k m e n , s o ld ie r s a n d d o p u tio s h o ld
a t th o D u m a o n
G orm an
and
a u th o r ity
a g e n c y ),
28 an a p p ea l to
A u s tr ia n
and
P otrog ra d
M arch
c o a lit io n
e s t a b lis h
T o le g r a p h
in
to
th o w o rk m e n
r is e
a g a in s t
th e ir fr e e d o m ,
A gen cy
a n n o u n c in g
(th o
th is ,
w as
th a t
im p e r ia l
a p p o in t e d
com m a n d er.
appeal w as
d e s ig n a te s th o C e n tr a l P o w e r s , u r g in g th o w o r k m e n
to
R u s s ia n
“ th row
p c o p lo
o ff
have
th o
yok e
ov e rth ro w n
of
a u t o c r a t ic
th o
o f th ose
r u le
as
th o
im p e r ia l a u t o c r a t
and
r o fu s o to s e r v o lo n g e r a s a n in s t r u m e n t in th o h a n d s o f k in g s ,
c a p it a lis t s
and
ban k ors.
B y
a
u n ite d
o ffo r t,
th o
O n
p r is o n e r in
A p ril
th u s
craven
appeal
fo r
poaco.
It
says:
D u r in g
th o
w as
o ffe r e d
th a t
it w a s
d e b a te
b y
on
th o
tox t
several sp eak ers,
in o p p o r tu n e
and
of
th o
w h o
lik e ly
to
bo
G o r m a n y a s a n a d m is s io n o f w e a k n e s s .
is t
m om bor
and
of
S o ld io r s ’
th o
D u m a
D e le g a t e s ,
and
appeal
expressed
to
o p in io n
m is u n d e r s to o d
in
of
th o
W o r k m e n ’s
s t a t in g ,
in
a d v ic e s
fro m
P etrog ra d
on
M arch
28,
th a t
o v id e n c o o f th o g e n o r a l d is p o s itio n o f th o w o r k in g p o p u la t io n
to
c o -o p e r a to
to
G o v e r n m e n t in
a b lo
m an n or,
th o
fu lle s t
o x ton t
w it h
th o
now
p u s h in g t h o w a r , is b e i n g g i v e n
th o
N ow
Y ork
“ T im e s ”
R u s s ia n
in a r e m a r k -
s a id :
T h e factory workmen havo rovorsod tho usual order and provonted a
striko threatened by tho “ bosses," who had been deposod or had had their
authority curtailed as the result of tho now liberty and equality, while a
group of Social Democrats has put out a declaration which, as far as can
bo determined, fairly represents tho attitude o f tho majority of that party
toward tho Government, favoring a vigorous prosecution o f tho war and
leaving tho demands of tho Social Democracy in abeyance until tho country
is safo from tho danger o f a return of tho monarchy.
T lio d e c la r a t io n o f th o S o c ia l D e m o c r a t s , a llu d e d t o a b o v e ,
roads
in
p a rt:
Tlio program or tho new Government is satisfactory to a sufficient ex
tent. Tho present stato o f bourgooisio and tho capitalistic society no
doubt precludes tlio possibility of changing tho present revolution into a
social one. A n y effort in that direction might precipitato a counter
revolution and bring about tho return of the monarchy.
Tno necessary democratic control of tho work of tho now Government
can bo achieved best by participation in tho temporary administration of
representatives of the workmen's democracy and a wldo and stable organi
zation of tho popular forces and tho arm y. W o appeal to the"workm en,
soldiers and deputies to assist tlio temporary Government in tho realization
of a program of freedom and in tho preparation for the national convention,
keeping at tho samo time their bill political independence. Only when tho
election for tho national convention shall begin shall we present in full our
domands for agrarian and social reform.
O n
tlio
s u b je c t
of
th o
w ar
t lio
d e c la r a tio n
s a id :
Tlio victory of tho Central Empires would bring ruin and reinstate tlio
old regime.
It is necessary now, more than over before, to continuo the
struggle against tho last bulwark o f monarchial control In Europe.
T lio
oa th
S o n a to o n
o f o ffic e
M arch
ta k en
by
th o
R u s s ia n
M in is t e r s
2 8 is f u r n is h e d a s f o l l o w s in a
c e iv e d a t L o n d o n fr o m
been
r e t ir e d a s c o m m a n d e r -in
C h ie f o f
th e
G en era l S ta ff,
at
T s a r s k o e -S o lo
is s u e d
b y
th e
s in c e
R u s s ia n
M a r.
22.
P r o v is io n a l
w ho
M in is te r
w ere
th a t M .
S w it z e r la n d , h a d
G overn m en t
w ith
th o
deposed
is o la te d .
it w a s a n n o u n c e d
to
h e ld
T h e e x -E m p e r o r a n d e x -E m p r e s s
of
h is
been
rem oval
B ib ik o ff, th e
n o tifie d
fro m
b y
R u s
th e
o ffic e .
P ro
R u s s ia n
d i p l o m a t i c a ffa ir s w ill b e c o n d u c t e d f o r t h e t im e b e in g b y t h e
of
M arch
s a id :
30
th o
le g a tio n .
A
d is p a tc h
fro m
W a s h in g to n
, From authentic private sources it was learned that personal reasons alone
influenced tho Russian Provisional Government in removing M . Bibikoff
from tho Russian Legation at Berne. M . Bibikoff married an Austrian,
and it was deemed improper for him to represent Russia.
A
R e u te r
d is p a tc h
to
L on don
on
M arch
25
sta ted
th a t
b e t w e e n 3 ,0 0 0 a n d 4 ,0 0 0 a r r e s ts h a d b e e n m a d e in P e t r o g r a d
s in c o th o fir s t d a y o f th e r e v o lu t io n .
t lie s o :
W hen wo speak to tho Germans wo always keep guns in our hands. W o
shall fight to tho last drop o f blood for liberty If the Germans do not accept
tho appeal. Tho dominating idea of tho appeal is that we are seeking peace
by urging others to throw off tho yoke.
In
p a la c e
w ere
c o m p le t e ly
S ecreta ry
M . T c h e id s o , S o c ia l
P r e s id e n t
r o p lie d
o p p o s it io n
th o
be
O n M a r. 29
v is io n a l
Russia will defend its now-found liberty against all interferences, whether
from within or without. It will not yield before belligerent bayonets, nor
will it permit itself to bo coerced by foreign military power.
th e
orders
P a u l o f a ll p e r s o n a g e s
w ill
appeal
t h a t i t is
1
E m p e r o r a t T s a r s k o e -S e lo .
o f h u m a n it y .”
a
had
A le x ie ff,
G o v e r n m e n t fo r th e tra n s fe r to ^ th e fo rtr e s s o f S t. P e te r a n d
S t.
s ia n
n ot
V .
T h o fo r m e r E m p e r o r o f R u s s ia , N ic h o la s I I , h a s b o e n h e ld
as a
d e c l a r e d , “ w o c a n s t o p t h is a w f u l m u r d e r , w h ic h is t h o s h a m o
T h o d o c u m e n t s ta te s e m p h a tic a lly
M .
T h o
now s
d ir o c te d t o th o p r o le ta r ia t o f th e w h o le w o r ld , b u t it s p e c ia lly
c o u n tr io s
d y n a sty ,
G en.
o ffic ia l
th o
R o m a n o ff
c h ie f, a n d
la u n c h e d .
R u s s ia n
s a id
th o
th e
o f th o
in
th e
t e le g r a m
re
R o u to r ’s c o r re s p o n d e n t a t P o tr o g r a d :
R ep orts
R u s s ia
o f
w ore
a
sep a ra te
c o n ta in e d
g r a p h a t L o n d o n fro m
peace
in
a
o ffe r
m ade
d is p a tc h
A m sterd a m
to
b y
th o
G erm a n y
E x ch an ge
to
T e le
o n M a r c h 2 7 w h ic h s a id :
According to a Berlin tclogram received by tho Amsterdam Bourse,
Berlin is filled with rumors that Germany lias offered a separato peace to
Russia. Tho terms offered are said to bo comploto autonom y to Polandf
tho internationalization of Constantinople, the evacuation by Russia o
Austrian territory and a Russian protectorate over Armenia.
T h e
th o
p r o p o s e d e s t a b lis h m e n t in N e w
d is s e m in a tio n
of
c o m m e r c ia l
and
Y ork
r e g a r d in g R u s s ia w a s a n n o u n c e d o n M a r c h
g iv o n
at
C h am ber
P r o f.
L aw
of
B .
at
th o
th o
of
E .
th e
H o te l
B iltm o r e
C om m erce.
S h a tzk y ,
In
b y
of
P r o fe s s o r
P etrog ra d ,
m a k in g
th o
know n
w h o
h is
in fo r m a tio n
2 8 a t a lu n c h e o n
A m e r ic a n -R u s s ia n
an n ou n cem en t
fo r m e r ly
(jn iv e r s it y
B u rea u .
T h e
o f a B u re a u fo r
fin a n c ia l
of
w as
m ado
b y
C o n s tit u t io n a l
w ill
havo
in t e n t io n s
ch arge
P r o f.
S h a t z k y s a id :
I am planning to organize, with the kind co-oporation of the AmericanRussian Chamber o f Commerce in New York and tho Rus3ian-American
Chamber of Commerce in Moscow, two information bureaus— one in Now
York and one in Chicago, for the purposo of furnishing information. This
plan has been cordially received by tho Ruslan M inistry o f Foreign Affairs
and tho other Ministers o f the present Government. W e depend not only
upon tho investment o f American capital, but on American organizing
genius in organizing Russian industries.
P r o f.
S h a tzk y
has
a ls o
been
q u oted
in
th o
“ S un”
as
s a y in g :
W o plan to build 4,000 miles of railways yearly in Russia. Russia is
ricli in raw materials, but poor in manufacturing and transportation facili
ties. I can assuro America that its capital will receive the warmest wel
come in Russia. W o depend not only on it. but also on American organiz
ing genius.
Russia is In tho samo state now as the United States was after tho Civil
W a r, when foreign resources were needed to develop tho great western
territory. England and Franco then gave support. N ow the dominant
productive resources of Russia need development and wo turn to America.
THE CHRONICLE
1353
D r. E d w ard
an d
E w in g P r a t t ,
D o m e s tic
C h ie f o f th e B u r e a u
C om m erce,
D ep a rtm en t
of
o f F o r e ig n
C om m erce,
[Vol. 104.
S a n tia g o , re p r e s e n ts h im
at
m en t.
and
th o r e c o g n iz e d
C u ban
G overn
W h ilo it w a s s ta te d o n M a r c h 9 th a t th e r e -p o s s e s s io n
W a s h in g t o n , w h o w a s a ls o a s p e a k e r a t t h e lu n c h e o n , s a id :
o f S a n tia g o a n d th e c a p tu r e o f G o m e z w a s r e g a r d e d a s m a r k
T h o crisis which has occurred in Russia is not only the most dramatic
event o f tho great war, but is undoubtedly of far-reaching consequences
to Russia and to tho futuro o f tho Continent o f Europe. Great as Is tho
significance o f this change for Russia and her allies, it has, I believe, even
greater significance for tho United States. Those o f us who aro interested
in tho trade relations between the United States and Russia see in the
promised reforms in Russia the clearing away o f tho one obstacle to the
freest and frankest exchange of international relations between the two
aountries.
'
Those o f us who are interested in further developing tho trade o f tho
United States with Russia should also keep clearly in m ind, without any
misconceptions, the part which Germ any has played in tho development of
commercial Russia, and the part that Germany is likely to play in the com
mercial development of Russia. In spite o f her unfortunate influence on
tho political institutions of Russia, Germany was performing a legitimate
and economic function in that country, as evidenced by the fact that
practically all the successful undertakings in Russia were, prior to tho war,
under German control.
There is reason to believe that Germany m ay play an important part in
the economic development of Russia after the war, because Germany will
be In a position to offer a legitimate service to that country. There is no
doubt, however, that the Germans had failed to win the sym pathy of the
Russian people, with whom they had been trading for m any years. And
I doubt if, under the circumstances, tho Germans will bo able to win that
sym pathy in any business which they m ay engago with Russia after this
war is over. T h e United States should profit by tho example and failure
o f Germ any.
T h e success o f American capital in Russia will depend to a largo extent on
tho spirit behind the American dollar. America has a good doal to teach
Russia as regards industrial progress. Russia will probably prove an apt
and appreciative pupil. W ith the establishment of a stable form of govern
m ent, and the resumption of peace, there is no reason w hy young Russians
should not como to tho United States for their technical education, or why
American technical men should not go to Russia to assist in building up a
system o f technical schools In Russia.
in g
T h e a d v a n t a g e s o f tr a d in g w it h R u s s ia w o r e d is c u s s e d a t a
lu n c h e o n
tio n
at
o f
th e
th e
A m e r ic a n
H o te l
M a n u fa ctu re rs ’
B iltm o r o
on
T h u rsd ay
E xport
c o lla p s o
has
M a rch
29,
S on go,
th irte e n
th o
o f
s in c e
th o
r e b e llio n ,
occu rred .
th e
an n ou n ced
m ile s
t h a t , in
r e v o lu t io n
fu r th e r
T ow ard
G overn m en t
tro o p s
n o rth ea st
o f
end
o f
near
th o
d is lo d g e d
th e
S a n tia g o .
It
o f th e
en tered
fin a l
its
fig h tin g
th e
th e o p in io n
had
p r e v io u s ly , M a r c h
th a t
m on th ,
r e b o ls
w as
at
th en
G o v e r n m e n t o ffic ia ls ,
p h a se.
2 6 , it w a s a n n o u n c e d
S everal
at
S a n tia g o
days
th a t a
lo n g s t o p in t h e d ir e c t i o n o f r e -e s t a b lis h m e n t o f G o v e r n m e n t a l
c o n t r o l w a s ta k e n in t h e d is p a t c h o n t h a t d a y o f 1 ,5 0 0 s o ld ie r s
fro m
S a n tia g o
is e x p e c t e d
to
th a t
G u a n ta n a m o.
th e
A m e r ic a n
s o o n b e w it h d r a w n .
S a n tia g o .
L a te
T h ere aro n o w
M a r in e s fr o m
a d v ic e s
m a r in e s a t
O n
M arch
S ta tes
24
a
w a r s h ip s
su p p ort
ord er
P r e s id e n t
and
liv e r e d
c o n d e m n in g
to th o
W illia m
T h e
E .
C u ban
in
th o
h is
th e
of
th o
to
of
r e b o ls
th o
U n it e d
la tte r
e ffo r ts
con d u ct
a
requ est
at
to
r e -e s t a b lis h
w as
de
th o A m e r ic a n M in is t e r
W a s h in g to n
m ade
on
th o
C u ban
S e creta ry
fo rm e r
Speaker
R e p re s e n ta tiv e s ,
th e
U n it e d
of
th e
b y
a
D r.
H ouse
C uban
fo r
in
P a b lo
c a u tio n e d
th o
base
25
D r.
C u ban
h o r e fo r
S ta tes
M arch
17
S ta te,
of
an d spokesm an
m a k in g
on
M arch
F errara,
a g a in s t
th o n u m b e r
fro m
pu rp ose
G overn m en t b y
D e p a rtm e n t
to
D e s v o r n in e ,
O retes
th o
to
G o n z a le s , s a id :
S ta te
resp on se
M en ocal
it
w ill
8.
c o m m u n ic a t io n
r e it e r a t in g
th a t
n o A m e r ic a n m a r in e s a t
A m e r ic a n
now
G overn m en t
sta te
G u a n ta n a m o
o f 4 0 0 , w e ro la n d e d a t S a n tia g o o n M a r c h
of
r o b e ls ,
r e v o lu t io n a r y
p ropagan da.
A s s o c ia
la s t.
th e
cen tre
D r . D e s v e r n in e is s a id t o h a v o s t a t e d in a c o n f e r e n c e w it h
S e creta ry
of
S ta te
L a n s in g
on
M arch
17
th a t
under no
c ir
c u m s t a n c e s w o u ld C u b a t o le r a t e a n y G e r m a n in t r ig u o a g a in s t
A t
a
m ass
M arch
26,
m e e tin g
c a lle d
r e s o lu tio n
draw n
to
in
th e
ex ten d
up
b y
M a n h a tta n
g r e e t in g s
Joseph
to
H .
O pera
th e
C h oa te,
H u g h e s a n d C h a r le s R . F lin t w a s a d o p t e d .
H ouse
now
on
R u s s ia ,
C h a r le s
a
E .
It set o u t th a t:
DEVELOPMENTS
is u n d e r s t o o d
w ill b o
9.
h e ld
in
th a t
th e
IN
THE
th o
CUBAN
e le c tio n s
fo r
O r ie n te P r o v in c o o n
REVOLT.
P r e s id e n t o f
M on d a y
C u ba
n e x t , A p r il
T h e y w e r e o r ig in a lly s e t fo r F e b . 2 0 , b u t w e r o p o s t p o n e d
a s a r e s u lt o f th e r e v o lt .
sta ted
th a t v ir tu a lly
A d v ic e s fr o m
H avan a on M arch 30
a ll t h e s o ld ie r s a n d c iv ilia n s c o m p r is in g
t h e r e b e l fo r c e s o f R ig o b e r t o F e r n a n d e z , in O r ie n t o P r o v in c e ,
b o t w e e n 5 0 0 a n d 6 0 0 in n u m b e r , s u r r e n d e r e d o n t h o 3 0 t h u lt .
to C o l. V a ro n a a t G u a n ta n a m o
rou n ds
o f
r ifle
a m m u n it io n ,
a m m u n itio n ,
and
w as rep orted
s t ill a t la r g e .
T h o
fo r c e
16
th a t
.
T h o r e b e ls g a v o u p 3 0 ,0 0 0
2 0 ,0 0 0
d y n a m ite
su rren dered
rou n ds
bom bs.
of
m a c h in e -g u n
F ern an dez
in c lu d e d
tw o
h im s e lf
and
o n e -h a lf
s q u a d r o n s o f c a v a lr y , tw o c o m p a n ie s o f in fa n tr y o n o m a c h in e g u n s e c t io n , o n e tr a n s p o r t s e c t io n a n d o n o h u n d r e d c iv ilia n s ,
tog e th e r
w ith
a ll
o ffic e r s
and
o q u ip m o n t
o f
th o
in
U n ite d
w h ic h
m ent
o f
S a n tia g o
Jose
o f
P r o v in c e ,
de
M ig u e l
th o
a c c o m p a n ie d
C u ba,
G om ez,
recen t
a ls o
several
su rren dered.
fo rm e r
u p r is in g ,
b y
w as
P r e s id e n t
ca p tu rod
O n
o f
w it h
M arch
h is
7
and
e n tir o
s ta ff,
d a y s b e fo r e
G en .
C u ban
a
ca p tu ro
a
Judge
fo u n d
tru e
b ill
o n a c h a r g o o f c o n s p ir a c y a n d r e v o lu t io n a n d h a d
fix e d b a il a t
$ 2 0 0 ,0 0 0 .
A n
o ffic ia l s ta te m e n t
on
th e
is s u e d
at
th o
M arch
9
a r e s a id t o h a v o e s t a b lis h e d t h o fa c t t h a t f o llo w in g t h o c a p t u r o
o f G en . G om ez
th e
C u ban
con trol
o f
S a n tia g o ,
N o tic o
w as
r e c e iv e d
fro m
P r e s id e n t
th o
b y
M en ocal
G o v e rn m e n t fo rc e s h a d
s tr o n g h o ld
th o
th a t
o f
th o
A d m in is tr a tio n
G ov .
M u n oz,
robel
at
in
th e
to
con su m ers
u p r is in g
3rd
b y
b y
is
F ran k
in s t.
as
D r.
of
s o il.
of
th o
A
sta te m e n t
C u ban
G overn
S ta tes
in
d is a p p r o v in g
D e s v o r n in e
on
M arch
su gar
C .
R e fin in g
C u ban
U n ite d
fig u r o d
at
in
th o
U n it e d
b etw e e n
L ow ry.
C om pa n y.
S ta tes
$ 7 5 ,0 0 0 ,0 0 0
S a lo s
M r.
25.
M an ager
L ow ry
w as
of
and
of
th e
q u oted
fo llo w s :
T h o
e le c tio n
as
P r e s id e n t
C a rra n za u n d er th e n ow
It
is
sta ted
th a t,
a lth o u g h
s a id ,
w as
b e lie v e d
in th e R e p u b lic .
of
th e
m et
on
at
R e p u b lic
in t im id a t io n .
to
th o
of
G en .
occu rred
v oters
had
th o
11.
p r iv ile g e
of
d e s ir e d , G e n e r a l C a r
s c a tte r in g b a llo ts .
h avo
V o n u s tia n o
on M arch
beon
th o
T h o v o t o , it
la r g e s t
evor
cast
T h e P r e s id e n tia l e le c tio n w a s p r o v id e d fo r
a r t ic le s a d o p t e d
w h ic h
M o x ic o
n am o th oy
r a n z a r e c e iv e d a ll b u t a fe w
w as
of
c o n s t it u t io n
w r it in g in o r d e c la r in g a n y
in
D e p a rtm e n t o n
of
on
g r a titu d o
G EN . C A R R A N Z A ’ S E L E C T I O N U N D E R N E W
C ON STITU TION .
b ly ,
th o N a v y
th e
Refined sugar values to-day at 8c wholesale, tho real marlcot price, aro
at least lc . to l H c . a pound higher than thoy would bo if tho uprising in
Cuba had not occurred and by disorganizing labor seriously curtailed tho
island’s crop o f sugar cane.
Figuring that tho smaller yield will mean a general level of prices fully l c .
abovo what thoy would havo been had liarvesting not been interrupted,
tho increased cost to tho American public based on normal consumption,
will total between § 7 5.000,000 and $100 ,00 0,00 0 during 1917.
Citizens of Western sections consuming domestic beet sugar entirely
will pay their share of tho increaso tho same as tho peoplo on tho Eastern
soaboard, as tho beet sugar producers base tlioir selling price on tho cost
o f foreign sugars refined in Now Y o rk, and not on their own cost o f pro
duction. A s a matter of fact, the lowest prices aro in Now York.
It is worth noting that whilo refined sugar lias advanced nearly 100%
since tho war started, tho American farmers growing sugar beets have re
ceived an increaso o f only 10% for thoir beet roots. Our beot factories
aro actually paying less for beet roots than is paid abroad.
In France and Germ any, for instance, tho farmors now receivo .$9 05 and
$9 52 per ton, respectively, as against $6 17 in tho United States, not
withstanding that in Europo tho beot factories havo to pay a heavy rovonuo
tax to their government.
Joso M iguel Gomez and his whole staff, together with moro than 300 men
belonging to his forces, were taken prisoners to-day by Government troops
under the command of Cols. Consuegra and Collazo. For three days Col.
Collazo had been close on the heels of Gomoz and last night another column
under C ol. Consuegra joined in the operations that resulted in what is
probably tho biggest pitched engagement in tho history o f Cuba.
M oro than 3,000 men took part in tho engagement, and although full
details havo not yet been received it is known that tho rebels lost besides
tho 300 prisoners over 100 killed and a great m any wounded. Am ong tho
prisoners aro G en. Gom ez’s son, M iguel Mariano; Dam aso I’ asalodos, his
secretary; M encias and D r. M atias D uque. Theso men will all bo tried
before tho proper tribunals.
to
cost
F ed era l S u gar
P a la c e r e g a r d in g th e c a p tu r e s a id :
O ffic ia ls d is p a t c h e s
a c t io n
$ 1 0 0 ,0 0 0 ,0 0 0
G en.
lo a d e r
I t is s t a t e d t h a t a f e w
G o m e z ’s
th e
C u ban
m en
n u m b e r in g o v e r 3 0 0 m e n .
a g a in s t h im
o r ig in a tin g
expressed
troop s*
p r o m in e n t
C u ba,
fo r
T h e
th e
R a fa e l M a n d u le y , L ib e r a l c a n d id a t e fo r th o G o v e r n o r s h ip o f
O r ie n to
S ta tes
he
t h e u p r is in g w a s is s u e d
I t is the sense o f this meeting that tho peoplo o f the United States, re
joicing in tho triumph o f democracy in Russia, should aid and encourage
her in every possible way to preserve and develop liberal institutions; and,
be it further
Resolved, T h at as Americans, wo aro confident that tho addition of
Russia to the number o f constitutionally governed countries is a great
advanco toward tho time when all tho governments o f Europo shall bo of
tho people, by tho people and for the people.
It
th e
Jan . 31
b y
Q u e ro ta ro .
in d ic a te d
A lth o u g h
th o C o n s tit u t io n a l A s s e m
R ep orts
th a t
th e re
th e re
fro m
w as
w as
no
no
v a r io u s
p a rts
d is tu r b a n c e
o p p o s it io n
fo r
or
th o
P r e s id e n c y , th e C o n g r e s s io n a l c o n te s ts , it w a s r e p o r t e d , w e re
b itte r ly
fo u g h t.
d id a te s
in
th o
T h e
c a m p a ig n
F ed era l
D is t r ic t
e ffo r ts
la s te d
o f th o
u n til
d iffe r e n t c a n
th o
e a r ly
h ou rs
o f t h o m o r n in g a n d th o s tr e e ts w e r o lit t o r e d w it h d o d g e r s a n d
h a n d b ills
d itio n s
o r d e r ly .
p r o c la im in g
at
th o
p o lls
T roop s
• th e ir v o t e s
in
th o
w ere
th e ir
v ir tu e s
th ro u g h o u t
not
in
barrack s.
of
th o
th o
c a n d id a te s .
d is tr ic t
o v id o n c o ,
M o x ic o
th e
now
w ero,
s o ld ie r s
has
a
C on
h ow over,
c a s tin g
c o n s t it u
r e g a in e d
t io n a l P r e s id e n t f o r t h o fir s t t im o s in c e 1 9 1 1 , w h o n F r a n c is c o
u p r is in g .
M adero
W a s h in g to n
com m an d
at
to r ia n o
r e c e iv e d
H u e rta
m oro
c a lle d
an
th a n
3 0 0 ,0 0 0
e le c tio n
in
v otes.
1914 and
G on oral
V ic -
d e c la r e d
h im
s e lf e le c t e d , b u t la t o r n u llifie d t h o e le c t io n o n t h e g r o u n d t h a t
A pr . 7 1917.]
THE CHRONICLE
a n in s u ffic ie n t n u m b e r o f v o t e s h a d b o o n
to
ca st.
H is e le c t io n
th e P r e s id e n c y m a r k s th e c lim a x o f th o e ffo r t s o f G e n e r a l
C a rran za,
w ho
a fte r H u e rta
on M a r.
took
had
th o
fie ld
s e iz e d
a g a in s t
H u e rta
th e e x e c u tiv e
11 w a s s im p lifie d b y
P r e s id e n t u n d e r th o n e w
F ob .
pow er.
19
T h o
1913,
e le c tio n
t h o f a c t t h a t t h e r e is n o
c o n s t it u t io n .
V ic e
R e fe re n ce to th e n ow
c o n s t it u t io n w a s m a d e in th e s e c o lu m n s F e b . 1 7 .
M E X IC A N
DECREE IN C R E A S IN G
PORTS OF O IL.
G e n . C a rra n za
up
b y
th o
is r e p o r t e d
D ep a rtm en t
in c r e a s e s in
th e
It
th a t u n d e r
is s t a t e d
a c c o r d in g
g r a v ity
to
of
to
havo
th o
on
d ecree
a
th o
fo r
o il a n d
ta x
o f th o
O il o f a
T h e
a d d it io n a l fo r e a c h
A
th o
ta x
p la c e d
on
export
ta x .
o il
M e x ic a n
o f
r e fin e d
5 %
on
p rod u cts,
T h o
presen t
c o m m e r c ia l
w h ic h
have
ta x o f 6 0
c o n s u m p tio n
is
h e r e to fo r e
ce n ta v o s a
ton
a b rog a ted .
A
w ill
be
p a id
no
on
cru de
ta x
of
120
c e n t a v o s is p l a c e d o n a ll o i l w a s t e d a t n e w w e lls o r n o t u t i l i z e d
fro m
flo w in g
bocom o
cen ta v os
A
w o lls .
e ffe c tiv e
a
ton
th e
fro m
prop osod
1.
w ith o u t
d is p a tc h
J o u r n a l”
T h o
J u ly
T h e
regard
T a m p ic o ,
of M arch
8 th
had
decree
p resen t
to
is
in te n d e d
export
ta x
to
is
60
g r a v ity
p r in te d
in
th e
th e fo llo w in g
to
“ W a ll
say
S treet
r e g a r d in g
ta x:
This tax. If enforced, would mean perhaps tho paym ent o f a large amount
o f money to the Government for almost every well that Is brought In. It
Is a well-known fact that tho wells of the gusher typo often flow uncon
trollably for several days before they can be harnessed. The famous well
o f tho Eagle Oil C o . at Potrero del Llano flowed unrestrained for threemonths after it was brought in a few years ago and during that period,
upwards of 15,000,000 barrels of oil went to wasto from tho well, it Is
claimed. Under tho now decree a tax o f what is tho equivalent to 60
cents American m oney, per ton is placed upon all oil that is wasted at the
wells.
Formal protest will bo m ade, It is stated, to General Carranza o f the
alleged unreasonable burden that Is placed on oil operators. It w ill be
pointed out that unless tho decreo Is materially m odified. It will serve to
retard future development of tho oil resources of tho country and will
prevent tho Investment of much capital in the industry that would other
____________________________________
wise como here.
NEW
A
LIQUOR,
TOBACCO A N D C II U R C I I
M EX ICO .
d e c r e o le v y in g n o w
N ew
Y ork
“ T im e s ”
fro m
M e x ic o
TAXES IN
ta x o s in M e x i c o w a s r o p o r t o d
of
M a rch
18
in
th o
fo llo w in g
in
th o
d is p a tc h
C ity :
W ith a view to meeting now hoavy expenses o f tho legally established
Governm ent, a now decree issued last night, places an increased tax on
foreign and domestic tobacco, saloons and hotels. A ll electric lights pay a
tax of 10 cents per light. Foreign and native liquors, including tho native
drink, known as pulque, will pay a doublo tax. Tho owners of tho M aguey
plantations, known as pulquo producers, are straining every effort to have
the decreo appealed.
Catholic Church property, which has always been oxerqpt from taxation,
will como under tho now docrco. It Is expected that the church properties
will produco largo sums, as it is estimated tho value of the properties runs
into millions. It is not expected that tho Protestant churches will come
under tho now decreo.
T h o A m e r ic a n A m b a s s a d o r , H o n r y P . F lo t c h o r , a t h is fir s t
d ip lo m a tic r e c e p tio n a t M e x ic o C it y
on
M arch
1 6 , e x p la in e d
t o r e p r e s e n t a t iv e s o f P r o t e s t a n t c h u r c h e s h o ld in g p r o p e r t y in
M e x ico ,
th o
A m ba ssa d or
p ro p e rty
c la u s e
t o ld
r e s p e s o n t a t iv e s
th o
of
th o
now
C o n s tit u t io n .
th a t
th o
T h o
C o n s titu tio n
a n d its p r o v is io n s , w h ic h w o r o m a d e b y a p r o p e r ly c o n s t it u t e d
b od y ,
su perseded
t r o a t ic s
A s
w ero
a r e s u lt, h o
o f ch u rch
m a t ic
t r e a t ie s
based
on
s a id ,
H o
p r o p e r t y , w h ic h , u n d e r
th o p ro p e rty
te re d b y
of
c o u n t r io s ,
th o
c a m e o n ly w it h in
assu red
h o c o u ld t o a d ju s t s a t is fa c t o r ily
be
fo re ig n
q u e s tio n s r e g a r d in g
p rop erty n ow
n e g o tia tio n s .
w ith
p r o v is io n s
th o
th ose
a d m in is tr a tio n
th o s c o p e o f d ip lo
th a t h o
w o u ld
do
a ll
C o n s t i t u t i o n , is d e c l a r e d
a n d w h ic h
to
c a n n o t b o a d m in is
a n y s e c t e x c e p t u n d e r th o d ir e c tio n
G o v e rn m e n t.
as
C o n s tit u t io n .
th o a d m in is tr a tio n o f c h u r c h
th o n ow
o f th o n a tio n
th orn
o ld
o f th o
a ls o p r in t s t h e fu ll t e x t o f t h e c ir c u la r , is s u e d
a s t r a n s m it t e d b y t h o A m e r ic a n A m b a s s a d o r .
it
h ig h e r
d e g r e e le s s
v a lu e
“ P ost”
b y th e D e p a r tm e n t o f F o m e n t o , C o lo n iz a t io n , a n d
.9 4 w ill b e t a x e d 8 0 c e n t a v o s a t o n , a n d lig h t e r
th a n
should apply for an extension o f the tim e within which to resume work, and
that he assured tho Ambassador that In all cases where the conditions were
such as to make it impossible to resume work, an extension would be
allowed. General Carranza further said that it was not his Governm ent’s
intention to compromise mining property, but that it would proceed accord
ing to tho dictates of equity and justice.
The Ambassador suggests that mine ownors who are unable to operate,
and who have not applied for an extension, should immediately m ake appli
cation for such extension. T h e applications should bo made in the Spanish
language, to the Ministor of Fom ento, M exico C ity , giving title, size,
location, number and name o f the property, together with the reasons for
failure to work tho property. Each application or petition should be
accompanied by the last tax receipt, and should bear a fifty-cent M exican
documentary stam p.
d raw n
d e c id e d
w ill b e g r a d u a t e d
o il.
10 ce n ta v o s a to n
fo r
EX
its p r o d u c t s .
o il w ill p a y
.9 4 .
ON
decree
p r o v id in g
cru de
th o s p e c ific g r a v it y
th a n
s ig n o d
F om en to
e x p o r t d u tie s
D U TIES
13 53
M o x ic a n
________________
In d u stry ,
W e rep rodu ce
h e r e w it h :
The decree o f Sept. 14 1916, issued b y the First C hief o f the C onstitu
tionalist Arm y, charged with the executive power o f the nation, established
the penalty of forfeiture for those mining concessions whose owners should
not develop their properties in accordance with the requirements of the
decree, specifying to this effect a period o f two m onths for resuming work
in the mines, which period was extended until the 14th o f the present month
by circular N o . 22 of this D epartm ent, issued by the Bureau o f M ines and
Petroleum.
Various concessioners havo complied with this decree and have begun
work in their mines: others have requested an extension o f time in order to
comply with it, and anotner group has incurred the penalty of forfeiture
referred to; the properties of this last-mentioned group, with the approval
o f the First Chief, aro therefore subject to intervention by the Departm ent
of Hacienda and Public Credit after tho Departm ent of Fomento declares
the forefeiture o f tho respective concessions.
In order to comply with the resolutions o f tho executive of the 16th of the
present month, and in order to proceed with entire justice, this Department
has resolved as follows with respect to each of the before-mentioned groups:
Properties that are being Worked.
First Group— Concessioners whose properties are being worked:
(1) Concessioners o f mining properties now being worked are required to
verify before the first day of next April, in this D epartm ent, with the re
spective receipts or certificates, if they have not already done so, that they
are up to date in the payment o f the mining tax.
(2) T h ey aro required to render before tne 1st day o f next A p ril, either
directly to this Department or to tho agency in their district, a detailed
report for each one o f their properties, which shall contain the description
of operations, both above and below ground, giving tne following general
data: (a) N am e o f tho property, name o f the original concessioner, name
of the present owner, situation o f tho mine, boundaries, area, number of
the title, number of the registry, principal ore which is exploited, and metals
or metalloids that it is desired to exploit. These data will be accompanied
by a true copy of the original plan o f the property,
(b) A clear and detailed
explanation o f each of tho explorations or developments that is being made
at the present tim e. In case of a group o f mines, where work o f explora
tion is being done, the development of which extends over two or more
properties, the written report of this work will bo accompanied by a plan
which gives a completo idea o f the project, in order that this D epartm ent
m ay determine which properties are includod in the work referred to.
(cl Tho number of employees and operators, hours of labor, salaries and
day wages, centres of populations which furnish laborers for this work.
(d) M otors employed— man power, steam , hydraulic, gas. electric, & c.
(e) The machinery used in the work o f development, ventilation and drainago, and in the preparation and treatment of the miners,
(f) System o f
development and treatment,
(g) Production of ore, stating the amount
o f ore exported and the amount treated; approximate percentage o f the ore
exported and of tho ore treated,
(h) Th e supply o f tho principal materials
employed in the development and treatment o f the ores, such as steel,
explosives, lubricants, carbides, wood cyanide, zinc, acetate o f lead, fusing
substances, combustibles, & c.
(3) They will also stato their nationality. I f companies, they will declare
whether or not they are organized in accordance with the laws of tho land.
Those desiring Extension o f Time.
Second G roup.— Concessioners who request an extension of timo in order
to comply with tho decree of the 14th o f September.
(1) Concessioners o f mining properties who request an extension o f time
in order to comply with the decree o f tho 14th o f Sept, are required to verify
before the first day o f next April, in this D epartm ent, with the respective
receipts or certificates, if they have not already done so, that they are up
to date, in the paym ent of the mining tax.
(2) If, in the request presented by tho concessioners o f this group, the
properties referred to have not been specified this should be done, accom
panied by a report which contains for each one o f them the following data:
(a) N am e of the property, name of tho original concessioner, name of the
present owner, situation o f the mino, boundaries, area, number of the title,
number o f the registry, principal ore which is being developed, and the
metal or metalloids produced by the development. These data will be
accompanied by a true copy of tho original plan of the property, (b) A
report o f the work which was dono before tho suspension of operations,
stating the number of employees and operators, hours o f work, salaries
and day wages, and tho centres of population which furnish the labor.
(3) They will state their nationality; if companies, they will state whether
or not they are organized in accordance with the laws of the land.
(4) After these requirements have been complied with, and after consider
ing the reasons stated in the petition and the general conditions o f the zone
In which the properties referred to aro situated, this Departm ent will fix
the maximum extension o f time for resuming or initiating work.
Those who Failed to C om p ly with D ecree.
CO NCES SION
'
A n
e x te n s io n
th rou g h
to
fa ilu r e
G R A N T E D FOR T H E R E O P E N I N G
M E X IC A N M IN ES.
of
to
th o c o n fis c a tio n
A m ba ssa d or
Y ork
tim o
ow n ors
of
M o x ic a n
F lo tc h o r
“ E v e n in g P o s t ”
fro m
of
b y
th o
th o
G on eral
2 n d "u lt.
S ta to
p r in te d
r o la tiv o
to
th o
m in in g
on
w ho
A p ril
o b ta in e d
C a rran za.
T h o
1
b y
N ow
th o fo llo w in g
D e p a r tm e n t a t W a s h in g
in e x p la n a t io n o f a c ir c u la r is s u e d b y
F om on to,
m in e s ,
o f th e ir p r o p e r t y — h a s b e e n
an n ou n cem en t m ado
ton
to
r e s u m e o p e r a t io n s , w o r o lia b le
OF
th o D e p a r tm e n t o f
p r o p e r tie s :
Ambassador Fletcher telegraphs that General Carranza has informed him
that mino owners who aro unablo to operate tholr properties In M exico
Third Group.— Concessioners who did not com ply with the decree re
ferred to:
(1) Since all o f the concessioners of mining properties belonging to this
group have incurred the penalty o f forfeiture, this Departm ent will proceed
Immediately to forward to the Treasury (Hacienda) a detailed list of said
mining properties In order that they m ay be Intervened.
(2) During the period o f intervention, before this Department declares
corresponding confiscation, the Interested parties m ay make representations
to retain possession of their concessions, stating to this Department the
reasons for their non-compliance with tho decree; their decision to resume
work on the mining property In question; the means at their disposal for
this purpose; and the time fixed for doing so. In order to determine whether
the reasons stated merit attention and whether the securities they give fo r
compliance with their proposals are sufficient, these will be presented by
this Department to the consideration o f the First Chief o f the Constitutlonalist A rm y , in charge o f the Executive Power o f the nation, when the
THE CHRONICLE
1354
declaration of confiscation which should bo issued for the properties re
ferred to aro presented for his approval.
fr* (3) In order that this petition m ay bo acted upon it m ust bo accompanied
b y vouchers showing that the concessioner has paid tho mining tax to date.
(4) Th e respective petitions referring to properties should contain tho
following data: (a) N am e o f tho property and name o f tho first concessioner,
name of tho present owner, location o f the mine, boundaries, area, number
o f title, number of registry, principal ore being developed, and the metals
or metalloids being produced. These data will bo accompanied by a true
copy o f tho original plan o f tho property,
(b) A report o f the work done
bofore tho suspension of operations, stating the number o f employees and
operators, hours of work, salaries and day wages, and centres o f population
which furnished laborers.
(5) T h ey will stato their nationality. I f companies, thoy will declare
whether or not thoy are organized in accordance with tho laws o f tho coun
try.
Requirements Concerning Another Group of M ines.
Another group o f mines exists which, in accordance with circular N o . 25,
o f April 29 1914, given by tho First Chief of the Constitutionalist A rm y in
charge o f tho executive power of tho nation, and which has obtained per
mission from tho Departm ent to develop its properties bofore issuing tho
corresponding title.
Tho petitioners for these properties aro required:
(1) T o subm it, before the 1st day o f April next, a report of tho work
undertaken by them , stating tho number of employees and operators now
engaged, tho plan o f work which thoy expect to follow, what forco or energy
thoy aro using, what class of machinery thoy have installed, what ores thoy
aro developing, what is the present production of oro, what is tho a p p r o x i
m ate percentage of oro obtained.
(2) T o prove within tho same period of tlmo to this Departm ent, with tho
receipts or certificates, that thoy havo paid tho mining tax to date.
(3) Tho report shall contain tho following general data: (a) N am e of tho
property, name o f petitioner, location o f tho mino, boundaries, area, num
ber o f corresponding document (expediente); number of tho registry, ores
and metals or metalloids that aro being developed, (b) N ationality o f tho
petitioner. I f companies, they will state whether or not they aro organized
in accordance with tho laws o f tho land.
A
te le g r a m
r e la tiv e t o th e a t t it u d e o f th o M e x ic a n G o v e r n
m en t tow a rd
th e
R ep orts
fro m
W a s h in g to n
on
th e
2nd
in s t. s ta te d
th a t
it
is w e ll u n d e r s t o o d in o f f i c ia l c ir c le s t h e r e t h a t n o u n d e r s t a n d
in g
s a tis fa c to r y
b etw een
th is
to
th o
M e x i c o ’s a t t it u d e
w ith
in
a
M e x ico
U n ite d
S ta te
G overn m en t
b e fo r o
D e p a rtm e n t
and
M e x ic o
had
as
r e s p e c t t o p o s s ib le
sta to
of w ar
T h o
reach ed
w hat
G erm an
b etw e e n
S ta te s w a s p r o c la im e d .
been
to
w ill
G erm a n y
d a ily
bo
a c t iv it ie s
and
th e
A d v ic e s
fro m
M e x ic o
C ity
on
G overn m en t h ad on
M arch
17
sta ted
th a t
th e
th a t d a te , th r o u g h th e F o r e ig n
O ff ic e , is s u e d a n a b s o lu t e d e c la r a t io n o f n e u t r a lit y , a s s e r t in g
in
d e fin ite te r m s t h a t it w a s th e d e t e r m in a tio n
d ev ote
fro m
its e ffo r t s
k e e p in g
an y
cou n try
t a k in g p a r t in t h e E u r o p e a n
m en t
w as
is s u e d
U n it e d
S ta tes
n a tio n s
u n ite
or
to
as
an
in
to
in
an sw er
th e
an
M e x ic a n
e ffo r t
a lte r n a t iv e
b e llig e r e n t
r e je c t in g
p u b lis h e d
our
is s u o
o f
of
w ho
rep resen ts
c o u n tr ie s
n eu tra l
p eace.
T h e
tex t
on
M e x ic a n
set fo rth
th a t
w it h
o f th o
in
A p r il
to
3
th e
E cu ador
M e x ic a n
and
T h e
th a t
to
S ta tes
w as
M e x ica n
o f
its
s e c u r in g
c o m m u n ic a t io n
sent
it
had
an
an n ou n ce
a cce p te d
th e
p r o p o s a l o f E c u a d o r fo r a m e o tin g in M o n t e v id e o o f A m e r ic a n
n a tio n s
to
d e c id o
on
a
com m on
p o lic y
w it h
th o
o b je c t
o f
b r in g in g th e E u r o p e a n w a r to a n e n d .
O n M a r c h 1 0 it w a s s ta te d th a t th o n e w A m e r ic a n A m b a s s a
d or, H en ry
o ffic ia ls
w ith
P . F le t c h e r , d u r in g h is r e c e n t t r ip w it h
had
th em
had
bu t
o p p o r tu n ity
w ith
G en eral
to
d is c u s s
C a rra n za .
m a tters
T h o
d o fa c to
n ot
o n ly
A m ba ssa d or,
i t is u n d e r s t o o d , w a s s a t is fie d t h a t t h o d e f a c t o G o v e r n m e n t ’s
p o l ic y o f n e u t r a lit y w o u ld r o m a in u n c h a n g e d n o m a t t e r w h a t
p o s it io n
th e U n it e d
T h e M e x ic a n
S ta te s m ig h t b e fo r c e d
to
ta k e.
d is p a tc h e s o f th a t d a te s a id :
I t appears to bo understood clearly here that, while Foreign M inister
Zimmermann’s instructions were received b y German Minister von E ckhardt, the latter made no effort to approach the Carranza Government
with the proposal.
M e x ic o ,
w as
Confirming our conversation, should American people understand tho
real aims and purposes of the Mexican Government, and if they could know
tho difficulties that M exico has had to faco during tho last six years, the
friendship between M exico and tho United States would undoubtedly
increase, because wo trust the high spirit o f justico o f tho American people
at large.
Tho real aim of the Mexican Government, after six years of struggle. Is
now to avoid being dragged into international war. M oxico fully realizes
that in case o f conflict between America and any other Continent, her
place is beside America, but during tho last six years she has not seen any
sincere effort mado by tho United States to gain our friendship. Tho two
invasions o f M oxico by American troops in 1914 and 1916 havo been most
unfortunate to convince us o f friendliness. It is tho duty of Americans
and Mexicans to work for a bettor understanding botween tho two nations,
who havo to be neighbors forever.
Jj. C A B R E R A .
O n
fro m
M a rch
17 fiv o
M e x ic o
A m e r ic a n
m on th s a g o
a cu te , w ere ord ered
to
C o n s u la r o ffic e r s , w ith d r a w n
w hen
retu rn
th o
to
b o r d e r s itu a tio n
th e ir p o s ts
in
becam o
M e x ic o .
A t
th e s a m o tim o it w a s m a d o k n o w n th a t n o p a s s p o r ts w o u ld b o
is s u e d t o A m e r ic a n s d e s ir o u s o f r e t u r n in g t o M e x ic o u n t il t h e
th o S ta te
rep orted
on
c o n d it io n s .
T h o
an n ou n cem en t o f
D e p a r t m e n t w a s a s fo llo w s :
Tho Dopartmont of Stato has ordered a number o f Consular officers to
return to M exico and report on conditions in their respective districts.
John It. Silliman will return to his post at Guadalajara: Thom as Dickinson
to San Louis Potosi as Vico Consul; Randolph Robertson to M onterey as
Vice Consul; Thom as D . Bowman to Frontera as Consul, and W illiam E .
Chapman will soon proceed to M azatlan as Consul.
N o passports will be issued to Americans desiring to return to M exico
until tho reports of Consuls upon local conditions havo been received and
considered, and in tho mcantimo Americans aro advised not to return to
M exico.
R u m ors
th a t
m an y
G erm a n s
h avo
crossed
in to
M e x ic o
s in c e t h o b r e a k in g o f d ip lo m a t ic r e la tio n s b e t w e e n th o U n it e d
S ta tes a n d
th o
G e r m a n y , a ro , a c c o r d in g
S ou th ern
M arch
28,
D e p a rtm e n t,
w it h o u t
W a s h in g to n
m ado
fo u n d a tio n .
to
o ffic ia l r e p o r ts fr o m
p u b lic
T h o
at
W a s h in g to n
sta te m e n t
is s u e d
on
at
in t h e m a t t e r s a y s :
Press reports have stated recently that m any Germans aro crossing into
M oxico. Reports from our intelligence officers, which includo tho records
o f the immigration officials at various points, do not confirm these reports.
Since Fob. 3 there havo been but threo crossings in tho Brownsvillo district
and sovonty-elght in the Laredo district, and none at other points. In the
Laredo district thirty-four o f thoso who crossed have returned to tho
United States.
El Paso reports show many crossings back and forth, but only those of
residents in the usual transaction o f business.
In fo r m a tio n to th e e ffe c t th a t th o G e rm a n B a n k a t M e x ic o
C ity
and
th o
fin a n c ia l
G erm an
and
L e g a tio n
d ip lo m a tic
th e r e w e r o v ir tu a lly
d ip lo m a tic r e p o r ts fr o m
m ent
to
in
M e x ic o
E u rop e.
p a s s in g
a ffa ir s
o f
M o x ic o
w as
g u id in g
h a v o b e e n r e c e iv e d a t W a s h in g t o n o n M a r c h 1 4 in c o n fid e n t ia l
c o n tin u e
o b je c t
M e x ic a n
G overn m en t
C o lo m b ia
in
E u rop o
In view of the answer o f tho United States to the note which tho First
C hief directed to tho Governments o f the neutral countries in favor of peace,
the Government o f M exico proposes to co-operato with Its efforts to prevent
any o f tho countries o f this Continent taking part in tho European conflict,
and will continue its efforts with neutral countries with tho object of securing
European peace.
O n
in te r e s ts
o f M a r c h 3 1 a s fo llo w s :
th e
w a s a s fo llo w s :
m en t
b u s in e s s
L u is C a b r e r a ,
E . D . T r o w b r id g e ,
n eu tra l
G overn m en t
la s t.
to
th e
s h ip m e n ts
U n it e d
it w o u ld
th o
A m e r ic a n
p r in t e d in t h o “ T im e s ”
sta te
b y
th a t
p eace
th o
S a tu rd a y
e ffo r ts
w it h
of
fro m
C o n tin e n t
m ado
p r o p o s in g
em bargo
th e
o f M e x ic o
th is
T h e M e x ic a n
abou t
r e p ly
17
on
r e jo in d e r
n ote
an
sta te m e n t o f M a rch
E u rop ea n
w ar.
th o
b r in g
T h e
p rop osal
in
to
p la c e
c o u n t r ie s .
th is
to
S ta te s r e c e iv e d
press a d d s:
Tho not result of tho conference which took place between Ambassador
Fletcher and Carranza immediately after tho publication o f Zimmermann's
noto, and of what representations m ay have been mado to tho Mexican
Executive by Fletcher as to tho expectations hold by tho United States as to
Carranza’s course, consists of promises which lack both substanco and
guarantee officially.
From Mexican sources It has beon hinted that the attainment of a com
plete understanding between M exico and tho United States might bo
facilitated and expedited could this Government soe its way clear to assisting
Carranza in obtaining tho largo foreign loan of which ho stands desperately
j n need.
M e x ic a n
U n it e d
M in is to r o f F in a n c e , a n d m a d e p u b lic b y
C o n s u ls h a d
M E X I C O ' S EFFORTS TO RESTORE E U R O P E A N P E A C E
A N D A T T IT U D E TOWARDS G ER M AN Y.
[VOL. 104.
----- -------------------------------------------—
......................... ■---------------------------- y
Th e Government here takes tho position that it is without rosponsibilit
for any intriguo tho object of which was to involve-M exico and of which it
had no knowledge.
Th e proposal o f Foreign Minister Zimmermann is not taken seriously
hero.
s a id
to
r e p r e s e n t a t iv e s o f a n e u t r a l G o v e r n
th ro u g h
W a s h in g to n
T h o p r e s s d is p a t c h e s in r e p o r t in g
on
th e ir
w ay
th is s a id :
According to these reports, tho action of M exico in sondlng recently to the
American republics a note on tho subject o f peace in Europo was directed by
officials of the German Legation, while tho German Bank is said to have
come into control of the Mexican financial situation.
It Is asserted that tho German Bank has accepted quantities o f the paper
issued by tho Moxlcan Government, and that tho institution appears to have
at its disposal unlimited resources. From the tenor o f tho reports It
appears that a large quantity of Gorman monoy has reached tho Mexican
Government. Tho German Legation is said to bo directing ovory movo of
the Mexican Government, both internally and externally.
Considerable attention is given in the reports to tho now Moxican Consti
tution, which goes into effect on M a y 1. It is assorted that several o f its
provisions apparently wero dovised as moans o f assisting tho causo of
Germany in M oxico at tho oxpense of tho interests of tho Entente Allies and
tho United States.
Article 27 of the new Constitution, which provided for tho confiscation of
concessions or property of foreigners is regarded as especially dangerous to
the Entente Allies and neutrals in general. Developments in tho near
future, the reports indicate, will bo directed at ousting from control o f the
oil fields American, British, D utch, and other interests.
Although it is not specifically stated In tho reports that such is tho fact,
tho diplomat forwarding them has reason for behoving that in return for the
favors done for tho Moxican Government, certain promises and conditions
have been imposed which will servo to bring about a closo alliance which
obviously could be used against the United States In event of war with
Germany.
Tho reports omit all mention o f tho celebrated Zimmermann lottor to the
German M inister in M exico. The arrival in M oxico of American Ambassa
dor Fletcher Is mentioned In the report, which was wirtton for tho confiden
tial Information of tho diplomat's Government. Tho writer said ho did
qot believe, in view o f the situation, that tho prosonco o f tho American
representative would bring about any chango in the conditions.
A
d e n ia l
th a t
th o
p o lit ic a l
C a rr a n z a w a s b e in g d ic ta te d
b y
or
fin a n c ia l
p o lic y
o f
G en.
G o r m a n y e ith o r th r o u g h
th o
A p r . 7 1917.]
THE CHRONICLE
1 3 55
I thought o f this alliance with M exico and Japan I allowed m yself
Deutsche Sub-Americanischo Bank or any other channel to Wbohen
guided by tho consideration that our brave troops already have to
came from Rafael Nieto, Sub-Secretary of Finance in the fight against a superior force of enemies, and m y duty is, as far as possible,
Carranza Government, on March 15. According to the to keep further enemies away from them . T hat M exico and Japan suited
purpose even Herr Haase will not deny.
Now York “ Times,” ho admitted that tho Carranza Govern that
Thus, I considered it a patriotic duty to release those instructions, and
ment had recently conducted some of its business with tho I hold to the standpoint that I acted rightly.
United States through Muller, Schall & Co., of 45 William
Street, on drafts by the German Bank in Mexico City, but ONE M E A TLESS DA Y FOR GREA T B R IT A IN — L I M I TED
simply because better terms could bo obtained from this
POTATOES.
Bank. Tho “Times” quoted him as follows:
By an order issued on April 4 by Lord Devonport the
I am tho only Mexican official with whom tho manager of tho German
Bank is personally acquainted, and we have never talked politics. It is British Food Controller, beginning April 15 there will be
absurd to suppose that tho Mexican Government is being influenced by tho
ono meatless day weekly in all hotels, restaurants, boarding
Germans, either in its financial or diplomatic activities. Too m any proofs
houses and clubs throughout Great Britain. In London
of its independence and firmness have been given in tho past by the Mexican
the day will be Tuesday and elsewhere throughout the coun
Government to admit tho assumption that it would over submit to any
foreign influence, and this supposition is still less reasonable with regard
try the day will be Wednesday. Lord Devonport has also
to Germany, when due consideration is given to tho fact that tho political,
commercial and financial interests of M exico are far from being analogous ordered that no potatoes or food containing potatoes shall be
allowed, except on meatless days and on Fridays. Re
to tlioso of Germany.
strictions have also been placed on the quantities of meat,
On April 3 Gen. Candido Aguilar formally retired as sugar and bread at meals served in hotels, restaurants,
Foreign Minister of Mexico. He was replaced temporarily boarding houses and clubs. The scale for meat has been
by Sub-Secrotary Ernest Garza Perez.
placed at two ounces for breakfast, five ounces for luncheon
and five ounces for dinner. The bread restrictions call for
Tho reported cancellation by Mexico of orders in the two ounces at all these meals. The order, it is said, is
United States for 20,000,000 rounds of ammunition and the expected to bring about a saving of 65% of the meat now
transfer of tho contracts to Japanese manufacturers is said consumed, 53% of bread and 63% of sugar. Lord Devon
to havo been admitted early last month by tho Mexican port, it is stated, orginally intended to introduce two meat
less days, but feared this would lead to an increase in bread
Consul-Goneral in New York.
consumption.
____________________
DR.
Z IM M E R M A N N 'S FURTHER UTTERANCES ON
GERMAN A L L IA N C E WITH MEXICO.
COUNT CZERNIN'S PEA CE TA LK .
On March 31 a dispatch from Vienna to London quoted
Count Czernin, the Austro-Hungarian Foreign Minister, as
saying, in an interview with the “ Fremdenblatt,” that tho
Allied Powers could conclude an honorable peace with the
Central Powers at any time, and that the proposal of the
Central Empires for a peace conference still held good. The
Count was quoted as saying:
An account of a further statement by Dr. Alfrod Zimmormann, German Secrotary of Foreign Affairs, made in the
Reichstag last week (March 29) concerning tho attempt to
ally Mexico against the United States and to enlist Japan’s
aid against the American Government, has como through a
Router dispatch to London froip Amsterdam on March 30.
W o aro not going to bo destroyed, but neither do wo wish to destroy.
A statement by Dr. Zimmermann admitting that such an Our
fronts aro stronger than ever. Our economic situation Is secured. W e
allianco had been sought was referred to in our issue of must take our hats off to the millions in the trenches and to those at home
March 10. His latest pronouncements in the matter were on the battlefield o f labor. Tho day will como when tho peoples o f the
monarchy will receive the rewards of their heroism.
in answer to a remark of Hugo Haase, loader of tho Socialist
After stating that the proposals of the Central Powers for
minority in the Reichstag, that the German offor of an
a peace conference still held good, Count Czernin added:
allianco with Mexico had aggravated tho situation with the
W e occupy extensive territories o f our enemies and they occupy extensive
United States. Dr. Zimmermann is quoted in the Router districts of ours. On the seas, the blockade o f our enemies is fighting
against
our submarine war. All international treaties are being tom up.
dispatch as saying in reply:
I wroto no letter to General Carranza. I was not so naive. I merely
addressed, by a routo that appeared to mo to bo a safe ono, instructions to
our representative in M exico. It is being investigated how theso instruc
tions fell into the hands of tho American authorities. I instructed tho
Minister to M exico, in tho event o f war with tho United States, to propose
a Gorman allianco to M exico, and simultaneously to suggest that Japan
join tho allianco. I declared expressly that, despite tho submarine war,
wo hoped that America would maintain neutrality.
>
M y instructions woro to be carried out only after tho United States
declared war and a state of war supervened. I believo the instructions
woro absolutely loyal, as regards tho United States. General Carranza,
up to tho present, would havo heard nothing of it if tho United States had
not published tho instructions, which came into its hands in a way which
was not unobjectionable. Our behavior contrasts considerably with tho
behavior of tho Washington Government.
President Wilson after our note o f Jan. 31 1917, which avoided all aggres
siveness in tone, deemed it proper immediately to break off relations with
extraordinary roughness. Our Ambassador no longer had tho opportunity
to oxplain or elucidate orally our attitude. Tho United States Government
thus declined to negotiate with us. On tho other hand, it addressed itself
immediately to all tho neutral Powers to induco thorn to join tho United
States and break with as.
Every unprejudiced person m ust sco in this tho hostile attitudo of tho
American Government, which seemed to consider it right, before being at
war with us, to set tho entire world agsinst us. It cannot deny us tho right
to seek allies when it has itself practically declarod war on us.
Ilorr Ilaaso says that it caused great indignation in America. O f course.
In tho first instanco, tho affair was employed as an incitement against us.
B ut the storm abated slowly and tho calm and sonsiblo politicians, and also
tho great mass of tho American people, saw thcro was nothing to object to
in those Instructions in themselves. I refer especially to tho statements
of Senator Underwood. Even at times nowspapors felt obliged to admit
regretfully that not so very much had beon rnado out of tills affair.
Tho Government was reproached for thinking just o f M exico and Japan.
First of all, M oxico was a neighboring State to America. I f wo wanted
allies against America, M exico would bo tho first to como into consideration.
Tho relations between M exico and ourselves since tho time of Porfirio Diaz
havo been extremely friendly and trustrul. Tho Mexicans, moroovor, are
known as good and efficient soldiers. It can hardly bo said that tho rela
tions botwoon tho United States and Moxico havo been friondly and trust
ful, and the world knows that antagonism exists between America and
Japan. I maintain that these antagonisms are stronger than those which,
despite tho war, oxLst bctwcon Germany and Japan.
W hen I also wished to persuado Carranza that Japan should join tho
allianco there was nothing extraordinary in this. rJfl10 relations botwcon
Japan and M exico are long existent. Tho Mexicans and Japanese aro o f
a like race and good relations exist between both countries.
W lion, further, tho Entente press affirms that it Is shameless to take
away allios, such reproach must havo a peculiar effect, coming from Powers,
who, like our enemies, made no scruplo in taking away from us two Powers
and peoples with whom wo were bound by treaties for more than thirty
years. Tho Powers who desiro to mako pliant an old European country
o f culturo llko Greece by unparallolcd and violent moans, cannot raise
such a reproach against us.
It is impossible to settle some o f theso questions apart from the whole sub
jects. I f the peace conference should show that an agreement was impos
sible, the fight, which will not have been interrupted, will continue.
Replying to the question as to whether it was not possible
to outline the Central Powers’ peace conditions, Count Czer
nin said that this had already been done, adding:
W e have openly declared that we are waging a war which has been forced
upon us. Our aim is to gain tho assurance of the free and undisturbed
development o f the monarchy. W o must receive guaranties for our exist
ence and for our means o f existence. A s soon as our enemies abandon
their unrealizable ideas o f smashing us up, as soon as they are ready to
negotiate for a peace honorable to them and to us, then nothing stands in
tho way o f negotiations.
Reuter’s Amsterdam correspondent, according to advices
from London on the 1st inst., says that a semi-official Berlin
telegram states that in German political circles the following
view is taken of the interview with Count Czernin in the
“ Fremdenblatt,” in which he was quoted as saying that the
Entente could conclude an honorable peace and that the pro
posal of the Central Powers for a peace conference still
hold good:
W o joyfully greet the frank utterances of tho well-tried leader and the
Austro-IIungarian policy. They will doubtless contribute to dissipate
rumors which the enemy is circulating that tho Central Powers are interested
in a Russian reaction and aro willing to assist it to return to power. Count
Czernin thus closely adheres to the utterances o f Chancellor von Bethm annIlollweg in the Reiclistag. It lies now with Russia to reply to these clear
and unmistakable utterances of tho German and Austrian statesmen.
Count C zem in’s remark regarding his general readiness to enter peace
negotiations immediately our enemies aro ready to abandon their unrealiz
able idea of crushing us also fundamentally agrees with the general wishes
of tho Gorman people. A s regards this we can, with erect head, await
tho Offer of tho enemy, to whom since D ec. 12 our intentions have been
known. W e aro stronger than ever on all our fronts, and we can and shall,
as Count Czernin said, hold on to the end to an honorable peace, which
really is worth our gigantic sacrifices.
Reports from London on the 3d also stated that the semi
official Berlin “ Lokal Anzeiger” declared that the proposal
of the Austro-Hungarian Foreign Minister that a peace
conference be held by the belligerents was sanctioned by all
the Central Allies, and will be formally approved by a con
ference of high personages in Berlin. The “Anzeiger’s”
article, as reproduced by the “ Rheinische Westfalische
Zoitung” of Essen, a copy of which has been received at
London, is reported as saying:
Tho standpoint taken b y the Berlin and Vienna Governments is shared
also, It need hardly bo said, by tho governing circles o f Sofia and Constan
1356
THE CHRONICLE
tinople, and will shortly bo given fresh emphasis b y a visit to G erm any
o f a highly placed personago from the D ual M onarchy.
M ore unbroken and moro firm ly we stand on all fronts, and more con
scious do wo feel o f our power to persist to tho end; bettor aro wo able,
with head erect, to offer our enemies a peace worthy for all parties for tho
1 immense sacrifices they have made in this war.
Should our enemies show themselves now unwilling to grasp this op
portunity for proparing to end tho bloodshed and for restoring peace to tho
people o f Europe, they will act on their own responsibility. W e aro propared to continue to hold out. On that there Is only one opinion in our
quadruple alliance.
[V ol . 104.
o f 21 officials from the Ministries and the Paris Chamber of Commerce,
which will draw up and submit for the approval of tho M inister o f Commerce
proposals for general exceptions in tho case o f certain goods and will desig
nate amounts o f certain articles by class and origin admissiblo quarterly
and a schedule of distribution o f such amounts among industrial and com
mercial enterprises in proportion to their indispensablo requirements.
Im port applications will bo subject to a tax, to bo fixed later by decreo in
order to cover working expenses.
EFFEC T OF GREAT B R IT A IN ’ S IMPORT RESTRICTIONS
ON PORTUGAL.
Albert Ballin, leading figure in the German shipping in
The effect on Portugal’s export trade of Great Britain’s
dustry, is quoted by the “Boersen Zeitung” of Berlin, says import restrictions is furnished in the following from the
a Central News dispatch from Copenhagen on the 3d, as Portuguese correspondent of tho London “ Daily Chronicle,”
declaring, at a meeting of the Kosmos Steamship Co. at printed in tho “Journal of Commerce” on March 28:
Our oldest ally, Portugal, one of our smallest partners in tho war, has
Hamburg, that he hoped to present a balance sheet on July 1
services to the common cause commensurate with its resources.
under “peace conditions.” A Reuter dispatch from Copen rendered
It has provided rails and rolling stock to help in tho transport of troops,
hagen says it is reported there that Herr Ballin, who is chief it has provided pit props for England, and has dono practically all that a
director of the Hamburg-American Steamship Co., has country o f its size and resources is capable of doing. The enthusiasm of our
ancient ally is- now being seriously dampened by the policy of one of our now
ordered all captains of the line to be at Hamburg on July 1.
dictators. The effect will be to destroy Portugal’s export trade, which
GREAT B R IT A IN REDUCES BE~ER OUTPUT.
Tho annual output of beer in the United Kingdom was
limited under an order issued on March 30 by Lord Devonport, tho British Food Comptroller, to 10,000,000 barrels,
comparing with 26,000,000 barrels allowed for tho year
ended March 31 1916. At tho same time the supply of
wines and spirits that may bo taken out of bond is reduced
by 50% of the amount allowed to be taken out in 1916.
Tho issuance of this order, says the New York “ Times,”
is at first blush regarded as an indication that tho intentions
with which tho Government was crodited of introducing
a measuro of State purchase has been abandoned. A cable
dispatch to tho New York “ Sun” from London on March
24 stated that it had been reported on reliable authority
that a committee appointed some weeks ago to investigate
the question of State purchase of the liquor traffic had de
cided in favor of the project and that tho Government
would soon take over the entire trade. Tho State purchase
of the industry in England and Wales alone, it is said,
would have entailed an expenditure of about £300,000,000
(SI,500,000,000). Total prohibitionists, it is stated, aro
strongly opposed to State purchaso, which they regard as a
scheme invented in tho interests of tho brewers and dis
tillers. Indication that the output of tho beer industry
was to bo cut down, was given by Premier Lloyd Georgo in
his speech before the House of Commons on Fob. 23, which
was referred to in our issue of March 3, page 825.
BREAD CARDS TO BE INTRODUCED I N SWITZER
LAN D .
consists chiefly in port.
Foreign wines are to bo cut down to 2 5 % o f total Imports, so as to bo in
harmony with the reduction in the production of beer in this country. This
would mean that Portugal would be deprived of almost tho wliolo of Its
export trado, and an industrial crisis would bo created. The reduction is
not made because of lack of tonnage. W o send coal and other goods to
Portugal, and ships return fully loaded. Tho cut Is being made in wine as
much to satisfy brewers as a measuro toward prohibition. Tho matter is
not quite so simple as it seems.
Were prohibition a national policy the Portuguese would understand It,
although they would not like it. W hat they cannot understand is why they
should be penalized because of tho local consumption of beer and tho course
adopted in order to save food products. N or can they understand why the
British Government, which entered into a commercial treaty with thorn
only in September last, should now threaten to tear it up.
Unless something is done to meet the Portuguese Interests thoro will be
serious disaffection among the people. Portugal, as well as Spain, has been
a great centre of German propaganda, and tho Germans, commercially
and othorwLso, were rapidly securing a firm hold in tho Iberian Peninsula.
Sinco tho war British firms have succeeded in taking their places, but the
feeling in Portugal now is running so high against tho action of tho British
Government that tho enemy is sure to take advantage of tho situation
through its agents in Spain and influences still at work in Portugal.
COUNTERVAILING DUTY'ON PRIN T IN G PAPER FROM
CANADA NO LONGER COLLECTED.
Collectors of customs have been advised that sinco the
excess tax on pulp wood cut from Canadian lands is no
longer collected by Quebec, tho countervailing duty under the
Tariff Act of 1913 is not to bo collected. The announce
ment follows:
(T . D . 37033.)
Treasury Department, March 3 1917.
To Collectors o f Customs.— Tho department has recoived information from
tho Department of State that tho Province of Quebec no longer collects
tho excess tax of 25 cents per cord on pulp wood cut from tho Crown lands
of that Province prior to M a y 1 1910, which tho department has heretofore
held to constitute an export du ty.
Additional duty should not, therefore, bo collected under tho provisions
of Paragraph 322 of the tariff Act of O ct. 3 1913, as amended by Section 600
of the Bo venue A ct approved Sept. 8 1916, on printing paper imported
eithor directly or indirectly from tho Province of Queboc.
T . D . 33786 of O ct. 11 1913, Is amended accordingly.
A N D R E W J. P E T E R S , Assistant Secretary,
Bread cards, fashioned after the German pattern, are to
be introduced in Switzerland before the end of tho present
month, according to an announcement made in Berne on
April 4. The introduction of tho bread card system in
(105,474).
____________________________________
Switzerland is said to have been found necessary owing to
the fact that Switzerland’s imports of flour have been re
EFFORTS TO CONSERVE FOOD I N G ERM AN Y.
duced by one-half. There will bo 225 grammes of flour per
Tho Gorman Government, in its efforts to make tho avail
day issued for each person, out of which one quarter may bo
used for cooking purposes and the remainder for breadmak able supply of grain last until the next harvest and replace in
ing, thus giving a daily bread allowance of about 170 part such foods as potatoes, now vory scarce, has ordorod
that all grain in the future must bo milled out to 94% , instead
grammes.
_________________________
of 82% as heretofore, and at 60% in peace times. This will
FRANCE PLACES STRINGENT L IM IT A T IO N S UPON make tho flour cheaper, although somowhat coarser.
IMPORTS.
Beginning April 15 tho bread ration in Gormany is to bo
ounces) por head por
Tho French Minister of Commerce, by authority of tho reduced from 1,900 grams (4 lbs.
Cabinet, on March 22 issued a decree prohibiting all imports week to 1,350 grams (2 lbs. 15 M ounces) por head per week,
into France, except such as may bo specifically authorized it was announced on Mar. 24 becauso of tho scarcity of
by tho Government. The decree provides that all applica wheat. On the samo day on which tho broad reduction
tions for permission to import goods into France shall bo goes into effect, April 15, tho Gorman authorities promise,
made to a committee composed of representatives of the it is said, to begin tho distribution of canned vegetables and
Ministries interested and the Chamber of Commerce of Paris. barley groats, of which tho Government has lioardod largo
The products imported under the special permits on the quantities for time of need. Tho potato ration, it is stated,
recommendation of the committee are to be distributed, it is is to be continued at 5 lbs. weekly, whilo tho meat ration is
said, among manufacturers and merchants pro rata to their to bo increased from 250 grams (8 % ounces) weekly, to
nearly 3 kilos (6 lbs. 11 ounces) weekly. A dispatch to tho
indispensablo requirements.
From the issue of “ Commerce Reports” of Mar. 27, we Reuter’s Telegraph Co. of London from Amsterdam on
take the following cablegram recoived by tho Bureau of March 28, said:
According to Dutch nowspapers, tho food question in Gormany was again
Foreign and Domestic Commerce at Washington on Mar. 24,
discussed by tho Reichstag committee to-day. Adolpli T . von Batocki,
from the American Consul General at Paris, regarding tho President of tho Food Regulation Board, gavo a dotallod statoinont o f tho
available supplies and expressly declared that tho soizuro of all stocks of
decree:
A decree o f M a r. 22 1917, published to-day, prohibits tho Importation
Into France and Algeria of all articles of foreign origin or shipment. The
prohibition is not applicable to imports for Government account, goods
proved to have been shipped direct to France or Algeria before the publi
cation of the decree, or goods declared for warehousing before its publi
cation. Exceptions m ay bo granted by Minister o f Finances, either gener
ally or for limited quantities, on recommendation of a committee consisting
foodstuffs in tho country was imperative.
o f the abolition of meatless days and said a
mado toward increased prices at tho rate o f
and 90 pfennigs for tho pooror communities
Ho intimated tho possibility
Stato contribution would bo
75 pfennigs for tho wealthy
por capita weekly.
According to a Contral Nows dispatch from Amsterdam
on Mar. 28 Herr von Batocki admitted that tho compon-
A p r . 7 1917.]
THE CHRONICLE
sations for tho reduction of the bread ration were not suf
ficient, but declared no other solution was possiblo. He
statod, according to the dispatch, that despite all tho knowl
edge of conditions tho food administration authorities had
acquired tho supplies had been over-estimated, but the
seriousness of tho situation did not justify either sharp criti
cisms, or Utopian proposals. Tho supplies of pigs, ho added,
were not sufficient to permit tho slaughter of the number
which strict necessity required, and therefore tho reserves
of cattlo would have to bo drawn upon considerably. In
any case, ho said, it was impossible to live without potatoes
and bread, and the agriculturalists must be mado fully aware
of their obligations.
.
A dispatch from Berlin via London on Mar. 24 said that tho
German Government had announced that all grains and vege
tables still in tho possession of consumers above listed quanti
ties would be seized for tho benefit of the public. Special com
mittees, said tho dispatch, accompanied by military oificials
will visit all farms and all secreted grain will bo confiscated
and paid for at the rates in tho Berlin district in 1916, which
means a price of 220 marks a ton for rye and 250 marks
a ton for wheat. President von Batocki, of tho Food
Regulation Board, on Fob. 26, announced tho intention
of the Food Board, it is stated, to fix the price of potatoes
for tho ontiro year at fivo marks a hundredweight, oxcopt in
the west and south of Germany, where it would bo six marks.
Tho Government was said to bo considering a plan to compol
all cities having a population of over 8,000 to collect bones
systematically and turn them over to tho fat-extracting
plants, which for somo time past have been working success
fully producing 15% fat from fresh bones, and 8 % from
cooked bones, besides animal feed from tho rosiduo.
A Central Nows cablo dispatch from Berlin, via Amsterdam
on Feb. 26, said that all coal in tho German Empiro had been
placed under tho direct supervision of Chancellor von Bethmann Ilollweg, who would direct tho distribution of tho fuol,
not only that destined for homo consumption, but for export
as well. It was said that thero was plenty of coal at tho
mines, and that tho scarcity of the fuol was caused by tho
lack of facilities to transport it from the mines to the con
sumers, military requirements taking up all tho transporta
tion facilities. It was also said that it was expected that tho
Chancellor and the military authorities would doviso means
for increasing tho facilities for getting it to cities for home
consumption and to ports whence it might bo shipped to
Germany’s allies.
A dispatch from Copenhagen on March 7 quoted the
“Berliner Tagoblatt” as saying that tho suspension of all beer
browing in Northern Germany was imminent, duo to tho
desire to save maize for bread and malt to take tho place
of coffeo.
Dr. Georgo Michaolis, tho Prussian Food Comptroller, in
a spoech in tho Prussian Diet on March 7, was said to have
declarod that a moro sevoro state of food conditions in
Germany, especially in tho large industrial centres, could
hardly bo imagined. His speech, as it appeared in tho
“ Cologne Gazotto,” according to a Router dispatch from
Amsterdam on Mar. 8th, was in part as follows:
W o havo In the third year o f tho war discovered that among all sections
o f tho people tho general feeling evidenced is not one o f that endurance for
which wo had hoped. This is human nature, but it is highly doplorablo,
and m ay have most serious results.
W o havo not perceived in tho towns that stern supervision which is
absolutely necessary in tho distribution o f foodstuffs. There has boon
widespread abuse o f bread tickets, entailing grave consequences as regards
our stocks. Bread tickets havo been illegally used on such a shocking
scale that our entiro reserves wore exhausted, so, when potatoes failed
and bread was ordered as a substitute, thero was none available. Flour
has boon similarly reduced, owing to similar irregularities in tho mills.
WOMEN A N D CHILDREN PROHIBITED FROM
S A IL IN G I N WAR ZONE.
Under a proclamation, issuod a month ago, womon and
children are prohibited from ships sailing from Canada
for tho war zone. It is stated that only in most urgent
cases, or whero women are bound on a mission of roliof, as
in tho case of Red Cross work, will exceptions bo mado.
We give tho proclamation bolow:
CANADA.
Georgo tho F ifth, by tho Grace of God o f tho United Kingdom o f Great
Britain and Ireland and of tho British Dominions beyond tho Seas, K in g,
Defender o f tho Faith, Emperor o f India.
T o all to whom these presents shall come, or whom tho samo m ay in any
wise concern— Greeting:
A P R O C L A M A T IO N .
E . L . New com bo, D eputy Minister o f Justice, Canada.
Whereas, Our Governor General o f Canada in Council has b y an order
bearing dato tho 20th day of February in tho year o f Our Lord one thousand
nlno hundred and seventeen made in pursuance of powers vested in him by
1 3 57
Tho W a r Measures A c t, 1914, enacted regulations to the following effect,
viz.:
T h at women and girls, and children under tho age o f twelve years be
prohibited from going or embarking or leaving Canada with the Intention
o f going or embarking on board any ship or vessel upon any voyage in the
prosecution o f which such ship or vessel will in the ordinary course enter,
navigate or pass through the war zone o f enemy submarine activity sur
rounding tho British Islands or in European waters: and that the masters
or owners o f any ship or vessel sailing from any port or place in Canada
upon any such voyage as aforesaid and any manager or agent for the
owners as well as any manager, director, officer or agent o f any company to
which such ship or vessel belongs or which is responsible for the navigation
thereof who authorizes, suffers or permits any w om an, or girl or any child
under tho age o f twelve years to go or embark upon such ship or vessel for
tho purpose o f going or being carried or transported as a passenger or other
wise upon any such voyage shall be guilty o f an offence and liable therefore
upon summary conviction under Part X V . o f the Criminal C ode, to a
penalty not exceeding two thousand dollars and not less than five hundred
dollars, or to imprisonment for any term not exceeding six m onths or to
both such fine and imprisonment at the discretion o f the convicting magis
trate: and that the customs officers shall before granting a clearance to
any ship or vessel for any such voyage as aforesaid see that all women and
girls and children intending to sail therby are removed therefrom; and that
tho regulations aforesaid shall be immediately notified by Proclamation
in the “ Canada G azette” ,
N ow know ye that we do by these presents direct that the regulations
aforesaid be so notified by the publication o f this our Proclamation in our
“ Canada G azette.”
O f all which our loving subjects and all others whom these presents m ay
concern, are hereby required to take notice and to govern themselves ac
cordingly.
In testimony whereof, we have caused these our letters to be m ade patent,
and tho great seal o f Canada to be hereunto affixed. W itness, our right
trusty and right entirely beloved cousin and counsellor. Victor Christian
W illiam , D uke o f Devonshire, Marquess o f Hartington, Earl o f Devon
shire, Earl o f Burlington, Baron Cavendish o f Hardwicke, Baron Caven
dish of Keighley, Knight o f Our M ost N oble Order o f the Garter: One o f
Our M ost Honorable Privy Council: K night Grand Cross o f Our M o st Dis
tinguished Order of Saint Michael and Saint George; K night Grand Cross
o f our Royal Victorian Order, Governor General and Com m ander-in-Chief
o f our Dominion o f Canada.
A t our Government House, in our C ity o f O ttaw a, this twentieth day o f
February, in tho year of Our Lord one thousand nine hundred and seven
teen, and in tho seventh year o f our reign.
B y com m and,
P. P E L L E T IE R .
Acting Undersecretary of State.
IN T E R N E D GERM AN SAILOR SR E MOVED FROM
P H IL A D E L P H IA —PLOT EXPOSED.
Seven hundred members of the crews of the German
auxiliary cruisers Kronprinz Wilhelm and Prinz Eitel Fried
rich, interned at tho Philadelphia Navy Yard since last
October, were removed on March 26 by Secretary of the Navy
Daniels, at the request of Mayor Smith, of Philadelphia, to
Forts McPherson and Oglethorpe, Georgia. Acting under
orders from Secretary Daniels, Captain Robert Leo Russell,
tho Commandant of the Philadelphia Navy Yard, on March
17 ordered the interned vessels to bo swung from their old
moorings in the Back Channel of the Yard to a new anchor
age about 200 yards further east. The transfer of the in
terned vessels and sailors was the direct result of conferences
between Secretary Daniels and Mayor Smith, of Philadel
phia, who stated that the continued presence of the sailors
at Philadelphia had caused much anxiety. It was feared
that the sailors might escape and attempt to damage or seize
the Navy Yard. Guns were stationed near the vessels as a
precaution against such an outbreak. In view of the import
ant naval work being undertaken at tho Philadelphia Navy
Yard, it was also considered unwise to have the German
naval officers and sailors remain in a position where they
might pick up valuable information regarding the American
navy which would be of use to Germany. The Government
was moved to action in tho case by the unearthing by secret
service agents of an alleged German smuggling plot. Agents
of the United States Department of Justice in Philadelphia
on March 10 arrested a number of persons on a charge of
“ committing customs frauds against the United States” in
receiving merchandise smuggled from tho interned vessels.
They were held by United States Commissioner Edmunds
in $5,000 bail each for trial. The defendants were specifi
cally charged with receiving, concealing and facilitating the
transportation of nineteen chronometers into the port of
Philadelphia without inspection by customs officials or the
payment of duties thereon. Behind the charge of smuggling
there is said to be a plot which had for its object the destruc
tion of the Navy Yard.
On March 19 fourteen members of the crews of the raiders
and Sub-Lieutenant Chroth, of tho Prinz Eitel Friedrich,
made an attempt to escape. Twelve were captured by mar
ines and the Philadelphia police, while two succeeded in
escaping. Four men were captured while attempting to
leave the ships. It is said that tho dash for liberty was
known to the commanders of the vessels, and that the men,
led by Sub-Lieutenant Chroth, who is one of the two not yet
recaptured, made it with the sanction of their commanders.
1 3 58
THE CHRONICLE
[Vol . 104.
Tho 17th Infantry was ordered from the Mexican border on temporary government there was onactod into law before
Marcli 17 to Forts McPherson and Oglethorpe to guard tho the adjournment of Congress on March 4. Tho bill was
seamen during their internment at the forts.
signed by President Wilson on the 3d. It was announced
on March 23 that Naval Government for the islands had
STEAM ER A PPAM RESTORED TO BRIT ISH OWNERS. been determined upon by the Administration. Tho decision
The immediate transfor of tho British steamer Appam to place tho islands under the control of tho navy was reached,
to the English owners was directed in an order issued by the it is stated, after long consideration as to whether the navy
United States Supreme Court on March 26; in accordance or the army should have jurisdiction. Tho army contended
therewith orders charging U. S. Marshal John G. Saundors that through its Bureau of Insular Affairs, Avhieh already
to restore the ship to tho British owners were filed in tho Fed administers tho Philippines and Porto Rico, it was hotter
eral District Court at Norfolk on March 28. The transfer equipped to handle them. The navy held that as the islands
was made immediately, Hughes & Vandoventer, local coun had been bought for naval strategic purposes, they should
sel for tho owners, tho British-African Steam Navigation bo under that department, Avith a naval officer as Governor.
Co., signing the receipt and taking charge of tho ship. As Important fortifications, it is said, will bo constructed and
noted in these columns March 17, the United States Supremo tho islands used as a naval base for tho further protection of
Court on March 6 decided that tho steamer and its cargo, tho Panama Canal and for general military purposes. Rear
captured in January 1916 by the Gorman raider Moewe, Admiral Oliver leaves to-day (Saturday) for his now .post.
should bo restored to the English owners. The decision He will servo until a permanent form of government is fixed
affirmed tho findings of Judge Edmund Waddill of tho U. S. by Congress. In designating Rear Admiral Olivor as
District Court at Norfolk and tho conclusions previously Governor of the islands, Secretary Daniols referred
reached by Secretary of State Lansing that prizes coming to them as tho “ Virgin Islands of the United States,”
into American ports unaccompanied by captor warships a titlo suggested by tho islanders. Congress in appropri
would have the right to remain only long enough to mako ating for their acquisition failed to give thorn a iioav namo
themselves seaworthy. The Court held that American neu and tho Department’s titlo Avill bo used, it is roportod,
trality was violated through tho action of the German prize until there is Congressional action to cliango it.
A proclamation solomnly taking leave of tho population of
crow in bringing the Appam into Hampton Roads on Feb. 1
of last year, and contended that neither the ancient treaties tho Danish West Indies AVas roportod on March 27 as having
relied upon by Lieutenant Borg, the German prize com been issued by King Christian of Denmark. Tho King
mander, the Hague conventions nor the declaration of thanked tho population for their loyalty and expressed tho
London entitles any belligerent to mako American ports a hope that the Islands will enjoy a happy futuro under tho
place for deposits of prizes as spoils of war under such cir United States Government.
The bill providing for payment for tho islands and the
cumstances. By order of tho Court the German respondents
are held liable for both damages and costs suffered by tho temporary form of government also provides that goods
libellants. According to tho Norfolk “ Virginian-Pilot” of produced or manufactured in tho islands and con
March 29, Judge Thomas H. Willcox was appointed special taining not more than 20% of foreign material shall bo
commissioner to ascertain these damages and return his re admitted to the United States free of duty but calls for an
port within not less than 60 days. Banks with deposits export tax of 8S per ton on sugar oxports. Tho House on
on hand of funds which accrued from tho salo of part of the Feb. 19 passed a bill continuing temporarily tho existing
Appam’s cargo, tho perishable part, wore directed to pay Government of tho Islands, Avhilo tho Senato bill, passed
the amounts into the registry of the Court, togethor with on the following day authorized tho President to sot up a
interest at the rate of 2 >2 % . The total proceeds from the temporary Government. There were other differences be
sale of the cargo amount to 8590,000. The unsold portion tween tho tAvo bills Avhieh Avas sent to conforonco, tho con
of the cargo, it is stated, was restored to tho owners’ repre ference report being agreed to by tho Senate on Fob. 24 and
sentatives at once. What disposition tho owners will mako by the House on March 2. B oI oav avo givo tho text of the
bill as approved by the President:
of the Appam has not been made known.
D A N ISH IS L A N D S FORMALLY TRANSFERRED TO U.S.
— LAW CREATING TEMPORARY GOVERNMENT.
Tho Danish West Indies, now styled tho Virgin Islands,
wore transferred from Danish rule to the United States
on Saturday last, March 31. Tho final act in the trans
for was completed with the formal ceremonies at tho
State Department at Washington on March 31, when
Danish Minister Brun was handed a Troasury warrant for
825,000,000, tho purchase price, and wireless messages
were sent to the American and Danish authorities at the
islands to lower the Danish flag and raise the Stars and
Stripes. Formal ceremonies took place simultaneously on
the three islands, St. Thomas, St. Croix and St. John.
Secrotary of tho Treasury McAdoo at a formal gathering of
State and Navy Department officials, handed to Secretary
Lansing tho Treasury warrant for 825,000,000. The Secre
tary of State in turn handed it to the Danish Minister, who
signed four certificates of receipt and four protocols of trans
fer. Secretary Lansing said:
B y giving you this warrant I will savo you tho trouble o f transporting
forty-eight tons o f gold. Th e valuo of this paper in coin would bo equiva
lent to that weight.
.....
It was said to bo tho understanding that the warrant would
be deposited in New York banks because of the high marine
and Avar risk insurance rates which make shipments of gold
to Denmark at this time prohibitive. The treaty of ac
quisition provided that tho final transfer of tho -Islands
should take place not later than April 17, and stipulated
that any time prior thereto, on tho payment of
the 825,000,000 purchase money, tho United States may
take actual physical possession.
Tho possibility of war
with Germany prompted tho Administration to ex
pedite American control. Tho appointment as Governor of
tho Islands of Rear Admiral James II. Olivor, Chief of Naval
Intelligence at Washington, was made known by Secrotary of
the Navy Daniels on March 28. As indicated in our issue of
March 10, tho bill providing for tho payment of 825,000,000
for the islands and empowering the President to sot up a
A n A ct T o provide a temporary government for tho AVost Indian Islands
acquired by tho United States from Denm ark by tho convention entered
into between said countries on tho fourth day o f A u gust, ninotoon hundred
and sixteen, and ratified by the Senate o f tho United Statos on tho soventh
day o f September, nineteen hundred and sixteen, and for othor purposes.
Be it enacted bg the Senate and H o u se o f Representatives o f the U n ited
States o f A m erica in Congress assembled, T h at, except as horoinaftor pro
vided, all military, civil, and judicial powers noccssary to govern tho AVo3 t
Indian Islands acquired from Donmark shall bo vosted in a governor and
in such person or persons as tho President m ay appoint, and shall bo ex
ercised in such manner as tho President shall direct until Congress shall
provido for tho government of said islands: Provided, T h at tho President
m ay assign an officer of tho A rm y or N a v y to sorvo as such governor and
perform tho duties appertaining to said office: A n d provided furth er, T h at
tho governor o f the said islands shall bo appointed by and with tho advice
and consent o f the Senate: A n d provided fu rth er. T h at tho compensation
o f all persons appointed under this A ct shall bo fixed by tho President.
Sec. 2 . That until Congress shall otherwise provido, In so far as com
patible with the changed sovereignty and not in conflict with tho provisions
of this A c t, tho laws regulating elections and tho electoral franchise as sot
forth In tho codo of laws published at Amalienborg tho sixtli day o f April,
ninoteon hundred and six, and the other local laws, in force and effect in
said islands on tho seventeenth day of January, ninotoon hundred and
seventeen, shall remain in force and offoct in said islands, and tho same shall
be administered by tho civil officials and through tho local judicial tribunals
established in said islands, respectively: and tho orders, judgem ents, and
decrees of said judicial tribunals shall bo duly ouforcod. AVith tho approval of
the President, or under such rules and regulations as tho President m ay
prescribe, any of said laws m ay bo ropealod, altered, or amended by tho
colonial council having jurisdiction. Tho jurisdiction o f tho Judicial
tribunals of said islands shall extend to all judicial proceedings and co n
troversies in said islands to which tho United Statos or any citizen thereof
m ay bo a party. In all cases arising in tho said AVost Indian Islands and
now reviowablo by the courts of Denmark, writs o f error and appeals shall
bo to tho Circuit Court of Appeals for the Third Circuit, and, except as pro
vided in sections two hundred and thirty-nino and two hundred and forty
o f the Judicial Code, tho judgments, orders, and decrees o f such court
shall bo final in all such cases.
Sec. 3. That on and after the passage o f this Act'thoro shall be lovied, col
lected, and paid upon all articles coming into tho United States or Its
possessions, from tho AVest Indian Islands ceded to tho United Statos by
Denm ark, tho rates of duty and intornal-rovenuo taxes which aro requirod
to be levied, collected, and paid upon like articles Imported from foreign
countries: Provided, T h at all articles, tho growth or product of, or manu
factured in such islands from materials tho growth or product o f such
islands or o f tho United States, or of both, or which do not contain foreign
materials to the valuo of moro than 2 0 % o f their total valuo, upon which
no drawback o f customs duties has been allowed therein, coming into tho
United States from such Islands shall hereafter bo admitted free o f duty.
Sec. 4 . T hat until Congress shall othorwiso provido all laws now im
posing taxes in tho said AVest Indian Islands, including tho customs laws
and regulations, shall, in so far as compatible with tho changed sovereignty
and not otherwise herein provided, contlnuo in forco and offoct, oxcopt
1359
THE CHRONICLE
A p r . 7 1917.J
that articles the growth, product, or manufacture o f tho United States
shall bo admitted thero freo o f du ty: Provided, T hat upon exportation of
sugar to any foreign country, or tho shipment thoroof to tho United States
or any o f its possessions, thero shall bo levied, collected, and paid thereon
an oxport duty o f $ 8 per ton o f two thousand pounds irrespoctivo of polariscopo test, in lieu o f any export tax now required by law.
Sec. 5. T h at tho duties and taxes collected in pursuance of this A ct shall
not bo covered into tho general fund o f tho Treasury o f tho United States,
but shall bo used and expended for tho government and benefit o f said
islands under such rules and regulations as tho President m ay proscribe.
Sec. G. T h at for tho purposo of taking over and occupying said islands
and o f carrying this A ct into effect and to meet any deficit in tho revenues
o f tho said islands resulting from tho provisions of this A ct the sum of
$100 ,00 0 is hereby appropriated, to be paid out of any moneys in tho Treas
ury not otherwise appropriated, and to bo applied under tho direction o f
tho President o f tho United States.
Sec. 7. That tho sum of $ 2 5,000 ,000 is hereby appropriated, out o f any
moneys in tho Treasury not otherwise appropriated, to bo paid in tho city
o f Washington to tho diplomatic representative or other agent o f 11 is
M ajesty tho King o f Denmark duly authorized to rcceivo said m oney, in
full consideration of the cession o f tho Danish W est Indian Islands to tho
United States mado by tho convention bctwcon tho United States of Am er
ica and Ills M ajesty tho King of Donmark ontered into August fourth,
ninotccn hundred and sixteen, and ratified b y tho Scnato o f tho United
States on tho seventh day of September, nineteen hundred and sixteen.
Sec. 8 . T h at this A ct, with the exception o f section seven, shall be in
force and effect and becomo operative immediately upon tho paym ent by
tho United States o f said sum of $ 2 5 ,0 0 0 ,0 0 0 . Tho fact and date o f such
payment shall thereupon bo mado public by a proclamation issued by tho
President and published in tho said Danish W est Indian Islands and in
tho United States. Section seven shall become immediately effective and
tho appropriation thereby provided for shall be immediately available.
Approved, M arch 3 1917.
An illustrated booklot dealing with the commercial value
of tho Virgin Islands, the now name for the Danish West
Indies, has been issued by tho National Bank of Commerce
in Now York for general distribution. Although it has been
a popular conception that theso islands, St. Thomas, St.
Croix and St. John, wero valuable almost solely on account
of tho harbor facilities at St. Thomas, the National Bank of
Commerce publishes carefully assembled statistics showing
that tlioy havo a high commercial value as well. Tho book
outlines dofinito opportunities in our now island possessions
for tho investment of American capital, tho salo of Americanmade goods, and tho development of the sugar, cotton, bay
rum, lime juice, cattlo, and other industries. Although
Danish is the official languago, tho booklot says, English is
almost universally spoken. Tho street signs arc in Danish.
Education is compulsory and thero aro 3,500 children in the
public schools. Tho present population of tho islands is
estimated at 33,000, of whom 10% aro white.
BANKING AND FINANCIAL NEWS.
Announcement was m ade this week of the withdrawal from Speyer &
C o ., on account of the impending war, of two German members, Richard
Shuster of this city, and Edward Beit von Speyer of Frankfort-on-the-M ain.
James Speyer, head of the N ew Y o rk house and an American citizen, has
at the same time retired from the Frankfort firm of Lazard-Speyer-EUisen,
which was founded by his ancestors more than a hundred years ago. Speyer
& C o . in this country was founded in 1837. M r . Speyer, in announcing the
retirement of his partners and the severing of his connection with the
Frankfort house, stated that all active relations between Speyer A C o . and
their G erm an connections had ceased som e time ago.
John H . Trowbridge, for sixteen years w ith the M echanics’ A Farmers’
Bank of A lba n y, has resigned from that bank to take a responsible position
in the new business department of the Atlan tic National Bank of this c ity.
M r . Trowbridge was a charter m em ber of Albany Chapter, American In
stitute of B anking, and has been active in chapter work.
Adolph F . Johnson, for m any years w ith the Irving N ational Bank of this
city and m ore recently a State bank examiner, has gone w ith the N ational
Bank of Com m erce in N ew Y o rk to fill the newly-created position of special
examiner.
George \V. B enton, Cashier of the Bankers Trust Com pany of this city,
died at his home in Brooklyn on M arch 31. M r . Benton was born in New
Jersey on A u g. 25 1866 and was for m any years Treasurer of the Mercantile
Trust C om pany of M anhattan; in 1911, when that company was merged
with the Bankers Trust C om pany, he became Treasurer of the consolidated
institution, a position he held until last Decem ber, when the new office of
Cashier was established by the Bankers Trust and he was elected to fill it.
H arry C . N ash, Secretary and Treasurer of the State Trust C om pany of
Plainfield, N . J ., died on M arch 31. H e was in his forty-sixth year.
Directors of the Germ an-Am erican Trust C o . of Paterson, N . J ., at a
special meeting on April 3, voted to change the name of the Institution
to the United States Trust C o . in order, it is said, that there could be no
misunderstanding of the fact that the bank is purely American. Edward
R . W eiss, President of the bank, though a native of G erm any, is a natural
ized citizen.
•
Th e new Delaware Avenue Branch of the Bankers Trust C o . of Buffalo,
N . Y . , was opened for business on M arch 26. T h e new branch is situated
at Delaware Avenue and Johnston Park, and is under the management
of Frank I I . Goodyear, the head office representative and Lloyd P . W illiam s
branch manager. The directors of the Bankers Trust C o . at a meeting on
M arch 27 voted to increase their quarterly dividend rate from 2 tp 2 H % ,
thus m aking an annual rate of 1 0 % .
T h e Brooks National Bank of Torrington, C on n ., cap itar$100,000, has
been placed in voluntary liquidation, and is to be succeeded b y ^ a State
bank.
Robert
Sliawmut
National
Assistant
Sturgis Potter has been elected a Vice-President of the National
Bank of Boston, M ass. M r . Potter has been connected witlpthe
Shawmut for a number of years, and of late had served as an
Cashier of the institution.
Tho public sales of bank stocks this week aggregate 30 shares, of which
15 shares were sold at tho Stock Exchange and 21 shares at auction.
shares of trust com pany stock were also sold at auction.
Ten
A sale of one share
of Chase National Bank stock was m ade at auction at 388, the last previous
sale having been in N ovem ber 1915 at G0 1 , but in tho m eantim e the capital
of tho bank has been doubled b y tho salo to stockholders (authorized Sept. 7
1910) of $ 5 ,000,000 new stock at par.
Extensive tables reporting bid and
asked quotations, deposits, surplus, A c ., of banks and trust companies In
all Important cities in the United States are published m onthly In the "B a n k
and Quotation” Section, the April Issue of which accompanies to -d a y ’s
"C h ronicle.”
Bid and asked quotations for all N ew Y o rk C ity bank and
The directors of the First National Bank of Am herst, M a s s ., announce
the death, on M arch 28th, of L. Dwight H ills, President and director for
forty-three years.
Th e stockholders of the N inth National Bank of Philadelphia, P a ., at
a meeting on April 3 unanimously voted in favor of increasing the capital
of the institution from $300,000 to $ 4 00 ,00 0. T h e new issue of stock will
be offered to stockholders of record April 5 , at S200 a share, and payments
are to be m ade b y April 27. The N inth National Bank has as its President
Ira W . Barnes.
trust com pany stocks are also published weekly In another department of
tills paper and will be found to-day on page 1377.
Shares. B A N K S — N e w York.
1
* 15
L o w . H ig h . C lose.
Chase National B ank............. 388
Commerce, N a t. Bank o f . . . 180
388
180
388
180
Last previous sale.
N o v . 1915—
M a r. 1917—
001
184
Juno 1916—
135M
Jan. 1917—
270
B A N K — Brooklyn.
20
M echanics’ B ank...................... 128
128
T R U S T C O M P A N Y — Brooklyn.
10
H am ilton Trust C o .................. 2 6 7 ^
128
267^ 207^
A meeting of the stockholders of the Ridge Avenue Bank of Philadelphia,
P a ., is to be held on June 6 for the purpose of voting upon a proposition
to increase the capital of the institution from $300,000 to $500,000.
D.
A . M ullen has resigned as Assistant Secretary of the Real E state Sav
ings A Trust C o . of Allegheny, P a ., and has become M anager of the new
business department of the Colonial Trust C o . of Pittsburgh.
The directors of the Manchester Savings Bank A Trust C o . of Pittsburgh,
P a ., at a meeting on M arch 2 1 decided to increase the dividend rate from
6 % to 7 % . T h e initial payment under the new rate was m ade April 1 .
* Sold at tho Stock Exchange.
The N ew Y o rk Cotton Exchange and the Liverpool Provision and Cotton
Exchange will bo closed to -d a y , April 7; the latter Institution will also bo
closed on M o n d a y , the 9th, and beginning with the 10th, under tho summer
time A c t, will open at 10 a . m . and close at 4. p . m ., except Fridays, when
tho session will bo extended to 4:30 p . m .
remain closed Saturdays.
T h e Liverpool Exchange will
The N ational Bank of Com m erce has published the second edition of its
Illustrated booklet "T h e Virgin Islands” in which the commercial value
of tho Danish W est Indies Is discussed. “ The Virgin Islands” became a
possession of the United States last Saturday. A copy of this booklet will
be mailed to Inquirers asking for " D 1 0 ,” service department.
Tho stockholders of the Bankers Trust C o . of this city are to meet on
B.
B . Jones, for the past ten years Cashier of the N ational Bank of Peters
burg, P a ., has been elected President of the institution to succeed Captain
T . F . H eath, resigned, and E . H . Beasley, formerly Assistant Cashier, has
been promoted to the Cashiership to succeed M r . Jones. Charles E . Plum
m et has been elected a Vice-President of the institution and S . I . Bragg has
been appointed an Assistant Cashier. N . P . G atling has been added to the
directorate of the bank. M r . Jones, the new President, originally entered
tho National Bank of Petersburg as a messenger.
-------- «— *»BTG. B . Bogart has resigned as President of the Continental Com pany of
B altim ore, M d ., the investment banking corporation organized b y the Con
tinental Trust C o . of Baltim ore, and has been succeeded b y W . S . Brinkm ann, formerly Vice-President. M r . Bogart, it is said, w ill enter the stock
brokerage business in New Y o rk .
April 17 to vote upon tho proposition for the merger of the Astor Trust C o.
into tho Bankers Trust, and also upon a proposition to increase the capital
of the institution from $10,000 ,000 to $11 ,2 5 0 ,0 0 0 .
A meeting of tho stock
holders of the Astor Trust C o . has likewise been called for April 17 to vote
upon tho merger.
Full particulars regarding tho plans were given in these
columns last week.
According to an announcement m ade on M arch 26 b y Charles H . W orden,
President of the First National B ank, and Charles M cC ulloch, President
of the H am ilton National Bank of Fort W ayn e, In d ., the institutions are
to be com bined, subject to confirmation by the stockholders of both banks,
who are to meet at an early date to vote upon the m atter. M r . W orden'is
to head the combined Institution. M r . M cCulloch will resign from the
1360
THE CHRONICLE
banking business after a career of fifty years. Th e enlarged bank is to bo
known as the First & Ham ilton National B ank. T h e First National Bank
has a capital of 8500 ,00 0, and on M arch 5 reported surplus and undivided
profits of 8219,377 and deposits of 8 5 ,989,923. T h e Ham ilton National
B ank has a capital of 8300,000 and on M arch 5 reported surplus and un vided profits of 8216,529 and deposits of 8 3 ,970,928.
Forest P ratt, a director of the Edgewater State B ank of Chicago, 111.,
has been elected to a Vice-Presidency in the institution.
[Vol . 104
ings o f silver in tho Indian Treasury havo increased by over a croro o f ru
pees, partly duo to tho seasonal Influx o f coin derived from taxes, though
chiefly duo to tho recent purchases o f silver on behalf o f tho M in t. Tho
combination of these two factors has moro than counterbalanced tho effect o f
tho usual withdrawals for hoarding purposes. Tho following striking figures
need little com m ent, showing, as thoy do, tho way in which Govornmont
exports o f silver rupees havo Incroased In correspondence with tho growth
o f tho oversoa expeditionary forces and tho romarkablo Import In 1916 of
silver for Governm ent coinage. A s a rulo private Imports aro In excess of
oxports, but In 1916 the reverso was tho case.
Indian Movements o f Silver in Ounces.
Private—
1914.
1915.
1916.
T h e directors and stockholders of the W endell State B ank, of Chicago,
..........................................................
.5 9 ,8 0 3 ,3 7 1
5 0 ,946,353
I
m
p
o
r
ts
14,287,391
111., have decided to change the name of the institution to the Chicago
E x p o r ts ......................... ................................... 3,3 0 9 ,3 6 4
4 .378,467
16,646,927
State Bank and to increase its capital from 850,000 to 8200,000.
N et Im p o rt...................................................... 56,494,007 46,56 7 ,8 8 6
_______
_______
N et export_______________________________
2 ,3 5 9 ,5 3 6
GovernmentGeorge B . K urtzon, President of the Garden C ity Plating & M anufac
I m p o r ts .............................................................
115,808
185.028 8 0 ,525,183
turing C o ., has been elected a director of the Ogden Avenue State Bank,
E x p o r ts ...............................
2 ,501,087
3,966,971
of Chicago, 111., to succeed Arthur C . Am sler, resigned. The directors of
5 .778.583
N et Import_______________________________
_______
_______
the bank at their regular meeting on M arch 31 declared an initial dividend
74 ,7 4 6 ,6 0 0
N et export------------------------2 ,3 8 5 ,2 7 9
3 ,781,943
of 1 % , payable April 1 to stockholders of record M arch 31.
Tho Indian Treasury stocks o f rupees, including bullion If any, wero as
follows:
A n increase of 8 1 ,000,000 in the capital of the Fort Dearborn National
1914... .........................2 9 ,8 7 1 1 9 1 5 .................. .........29,4411916 ............................ 17,36
Bank of Chicago, 111., raising it from 82 ,0 0 0 ,0 0 0 to 8 3 ,0 0 0 ,0 0 0 , has been
It is very romarkablo that although tho net Government imports of silver
approved by the Com ptroller of the Currency.
n 1916 wero 74,74 6 ,6 0 0 ounces, sufficient to provide about 21,80 lacs of
rupees, tho stock fell 12,08, revealing an absorption of no less than about
33,88 lacs. Th e last three Indian currency returns received by cablo glvo
H ale H olden, President of the Chicago Burlington & Quincy R R . C o .,
details In lacs o f rupees as follows:
was elected a member of the board of directors of the M erchants’ Loan &
Feb. 22. Feb. 28. M a r. 7 .
Notes in circulation______________
Trust C o . of Chicago this week.
86,54
86.62
87.15
Reserve In silver coin and bullion.
17,39
18,21
19.41
Gold coin and bullion In India____
12,76
12.16
12,23
The formal opening of the new building of the Bartlett Trust C o . of St.
Gold In England__________________
9.67
8.92
8 ,18
Joseph, M o ., took place early this week. T h e com pany, which was
Tho stock In Bom bay consists of 2 ,500 bars, as compared with 2,600 bars
organized eleven years ago and has experienced a remarkable growth, will
last week. The stock In Shanghai on M a r. 10 1917 consisted of about
occupy the entire first floor of its new edifice. Th e building is five stories
3 1 ,000,000 ounces in syceo and 16,500,000 dollars, as compared with about
high, constructed of white enameled terra cotta in English Renaissance
29,900,000 ounces In syceo and 17,000,000 dollars on M arch 3 1917, so that,
design. All the lobbies and corridors have Bottlcino marble wainscots
notwithstanding tho considerable shipments o f syceo that havo taken placo
terrazzo floors and moasic borders. The structure was designed, erected and
recently, the influx from tho interior to Shanghai has moro than kept pace
equipped by Hoggson Brothers, the Chicago and New York builders, under
with tho withdrawals. Quotations for bar silver per ounco standard:
their single contract plan. The Bartlett Trust C o . was incorporated ii
M ar. 8
.3 7 5-16 cash M a r. 1 5 ............... ................3 5 %
cash
1906. Its officers are D avid L . Bartlett, President; Louis Huggins and
“
10
.3 7 %
“
A v e ra g e ............. .................. 3 6.614
“
John S. Logan, Vice-Presidents; Charles A . Frazer, Treasurer; Lloyd A
“
12
-3 6 %
"
6%%
Bank rato____________________
“
13
-3 6 %
“
Bar gold, per ounco standard 77s. 9d.
W alker, Assistant Treasurer; M arm aduke B . M orton , Secretary and W aldo
“
14
.3 6
“
B . G o ff, Assistant Secretary.
Th e Comptroller of the Currency has approved the doubling of the
capital of the Northern National Bank of D uluth, M in n ., raising it from
8250,000 to 8500 ,00 0.
W illiam Nelson, for the past tw enty years a Vice-President of the
Nashville Trust C o ., of Nashville, T e n n ., has been elected President of the
institution, to succeed the late Joseph H . Thom pson. Percy W arner, a
prominent financier of N ashville, has been elected First Vice-President
of the Nashville Trust, and Joe B . H am ilton, of the manufacturing firm
of M organ & H am ilton C o ., has been chosen Second Vice-President.
W . W . Berry, President of the American National Bank of Nashville, has
been elected Chairman of the Executive C om m ittee of the Nashville
Trust C o.
Application has been m ade to the Comptroller of the Currency for a char
ter for a new banking institution in E l Paso, T e x ., to bo known as the B or
der National B ank, capital 8200 ,00 0.
^
.
...
i\
T h e Germ an-Am erican Trust & Savings Bank of Los Angeles, C a lif.,
on M arch 17 filed a petition In the Superior Court asking permission to
change its name to the “ G uaranty Trust & Savings B a n k ," because, among
other reasons, “ the significance of the name is often misconstrued by the
pu blic.” Th e Germ an-Am erican Trust & Savings Bank has a capital of
8 1 ,000,000 and recently reported surplus and undivided profits of 81,4 1 5 ,
370 and deposits of 8 2 3 ,850 ,271 .
ENGLISH F IN A N C IA L M A R K ET S — PER CABLE.
Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows tho past week:
L ondon,
W e e k e n d in g A p r i l
M a r . 31. A p r i l 2 . A p r i l 3. A p r i l 4. A p r i l 5. A p r i l
S a t.
M on.
T u es.
W ed .
T h u rs.
F rt.
6.
Silver, per oz......................d_3G%
Consols, 2% per cents_____ 53%
British, 5 per cents_____________
Brltish 4% percents___________
French Rentes (In Paris).fr.61.35
French War Loan 5% (In
Paris)..............................fr.88.30
30 13-10
53%
95
91 %
61.35
88.35
30 13-16
54}i
95
91%
61.30
88.35
36%
55%
95
91%
61.35
____
36%
55
95
92
61.50
88.40
,
j
0.
74%
74%
74
73%
Canadian Bank Clearings.
— The clearings of tho Cana
dian banks for the month of March 1917 show an increase
over the same month of 191G of 28.1%, and for tho throe
months tho gain reaches 22.2%.
March.
Clearings at—
1917.
1916.
$
S
M ontreal_____ 328,025,610 264,580,604
T o ro n to ............ 231.728.865 186,521,542
Winnipeg_____ 175.161.866 123,883,432
Vancouver____ 29,080,730 25,216,415
O t t a w a ......... - 21,569,296 17,559,212
Quebec_______ 17,046,9S3 13,250,146
H a lifa x ............ 10,543,126 8,059,521
Hamilton_____ 18,672,519 14,768,780
St. John______
8,929,619
0,719,912
London ...........
9,231,757 8,452,952
C algary........... 24,580,016 15,410,550
0,205,324 6,619,812
Victoria............
Edm onton____ 10,988,507 9,008,980
Regina.............. 11,600,716 7,117,057
Brandon .........
1,993,247 2,051,131
L eth bridge___
2,967,697
1,909,819
S askatoon____
7,661,203 4,193,943
B ra n tford ____
3,217,375 2,529,318
4,398.083 3,054,550
M oose J a w ...
1,900,005
1,657,554
Fort W illiam ..
1,107,323
New Westm'er
908,811
3,297,092
1,493,754
Medlctno H at.
Petcrborough .
2,492.826
1,897,365
Sherbrooke * . .
3,254,748 2,194,050
K itch e n e r____
2,530,566 N ot Inch In
T otal Canada. 932,523,385 728,005,100
f Hollday.
(
1
/
\
1917.
%
Inc. or
Dec.
1916.
$
$
939,266,018 764,370,803
083,438,558 550,852,747
464,911,610 292,439,392
82,466,008
08,143,177
01.983.333
52,443,206
47.790,768
39,148,594
33,534,267
29,583,764
54,542,692
43,396,436
25.230.333
19,632,961
26,614,213
23.239,120
01,913,040
45.070.307
17,936,382
17,558,813
30,788,910
25.785.308
32,172,243
22,547,348
5,780,205
0,107,109
8,138,317
6,401,893
19,179,230
13,148,377
9,459,068
7,834,143
13,270,853
11,024,301
6,403,749
5,360,082
3,312,625
2.524.2S 1
7,123,711
4,004,250
0,905,080
5,994,030
8,151,495
3,337,634
6,820,456 N ot Incl. In
+ 24.0
+ 24.2
+ 4 1 .4
+ 15.3
+ 22.8
+ 28.5
+ 21.8
+ 26.4
+ 32.9
+ 9.2
+ 59.5
— 6.2
+ 22.0
+ 63.8
— 2.8
+ 55.4
+ 82.7
+ 27.2
+ 20.4
+ 18.3
+ 21.9
+ 120.7
+■31.1
+ 48.3
total.
+ 28.1 2,042,227,219 2,162,216,502
%
22.9
22.7
18.5
21.0
18.2
22.1
13.4
25.7
28.5
14.5
37.7
+ 2.2
+ 19.4
+ 42.7
— 5.3
+ 50.7
+ 45.9
+ 20.7
+ 20.4
+ 19.5
+ 31.2
+ 77.9
+ 10.2
+
+
+
+
+
+
+
+
+
+
+
total.
+ 22.2
73%
The clearings for the week ending March 29 at Canadian
cities, in comparison with tho same wook of 191G, showman
increase in the aggregate of 34.3%.
Week ending March 29.
Clearings at—
1917.
THE ENGLISH GOLD A N D SILVER M ARK ETS.
Wo reprint the following from tho weekly circular of
Samuel Montagu & Co. of London, written under date of
March 15 1917:
GOLD.
Tho Bank o f England gold roservo against its note issuo shows a roduc
tlon o f £343,700 as compared with last week’s return. Tho transfer o
gold from Canada to tho United States has been extremely largo during tho
week. Gold to tho valuo o f $61,7 0 0 ,0 0 0 has been received In Now York
from that quarter. Tho outgoings from Now York amounted to $ 2 ,3 5 0 ,0 0 0 ,
part of which has been shipped and part engaged for shipment. Tho Trans
vaal gold output for February 1917 amounted to £3,0 6 3 ,9 7 6 , as compared
w ith £3,20 1 ,0 6 3 in February 1916 and £ 3 ,324,418 In January 1917. ,
S IL V E R .
T h e weok has been characterized by sharp retrogrado movements of tho
price. After a recovery o f 3-16 from tho quotation fixed a weok ago, there
has been a dally fall of moro or less soverlty, until 3 5 % was reached to-day.
M ore than one causo contributed to tho weakness of tho market; tho Shang
hai exchange fell considerably, and sales of silver took place from that quar
ter, encouraging similar operations on tho part o f tho Indian bazaars, who
havo now opened a fairly largo “ bear” position in this m arket. Tho hold
Three Months.
Inc. or
Dec.
* Not Included In total; comparison Incomplete.
The price of silver in New York on the same days has been
Silver In N. Y ., per oz._cts.73%
N o quotation fixed for forward delivery.
Tho quotation to-day for cash delivery Is l % d . bolow that fixed a week
ago.
_______ ____ ________________________
Montreal..............
Toronto................
Winnipeg..............
Vancouver...........
O ttaw a................
Quebec..................
H alifax...............
Hamilton.............
St. John________
London ...............
Calgary _•......... ..
Victoria................
Edmonton...........
Regina..................
Brandon........... Lethbridge.........
Saskatoon......... ..
Brantford............
Moose Jaw_____
Fort William____
New Westmln'cr
Medicine Hat__
Peterborough . . .
Kitchener............
Total Canada.
1910.
Inc. or
Dec.
S
S
%
67,001,825
55,474,197 + 20.8
37,102,673 + 32.1
49,102,167
23,770,741 + 60.4
39.552,308
4,478,663 + 39.4
6,241,856
3,650,674 + 18.1
4,319,258
3,607,333
2,555,608 + 43.5
1,918,199
1,550,784 + 23.3
3,970,577
3,594,910 + 10 .6
1,284,982 + 55.3
1,995,898
1,812,655
1,699,957
+ 0.0
3,299,793 + 65.0
5,463,782
1,045,857 + 36.1
1,420,490
2,270,194
1,940,379 + 17.0
2,612,847
1,548,528 + 68.7
441,035
436,257
+ 1.1
698,101
395,931 + 70.5
1,040,484
807,346 + 89.1
667,713
530,648 + 25.8
1,101,300
710,110 + 55.1
398,510
351,348 + 13.4
235,521
178,032 + 32.0
528,916
294,717 + 79.4
+ 8 .1
468,790
433,003
523,033 + 70.3
891,835
494,010 Not Incl. In total.
198,427,644
147,797,377
+ 34.3
1915.
1914.
S
38,911,525
28,081,735
20,367,805
4,948,582
4,176.391
2,304,997
1,014,569
2,203,641
1,383,350
1,299,691
3,116,916
1,670,455
1,975,235
1,278,860
366,095
244,507
640,920
,
431,492
827,500
342,852
231,307
230,403
335,050
5
40.855,215
43,408,544
21.702,760
9,076,182
3,907,894
2,705,682
1,943,520
2,958,419
1,255,797
1,660,429
3,350,463
2.447,399
3,202.016
1.753,551
621,936
354,055
1,124,007
522,057
826,382
634,715
388,822
381,980
117,055.890
151,153,837
A ph . 7
P a c ific
fro m
a n d
1361
THE CHRONICLE
1917.]
S o u th e rn
C le a r in g s
b r o u g h t fo r w a r d
fro m
C le a r in g s — R e tu rn s b y T e le g r a p h .
W e e k en d in g A p r i l 7 .
1917.
1916.
P er
C e n t.
N ew Y o r k ____________________________
C h ic a g o _____________________________
P h ila d e lp h ia _____________ _______ ______
B o s t o n ________ _________ . . _____ _____
Kansas C ity___________________________
St. Louis * . . ................ .......................... —
San Francisco_________________________
P ittsburgh____ _______ ___________________
D e tr o it ___________________________________
Baltimore ________________________________
New Orleans...................... . . ........................
53,059 ,57 0,81 0
41 9,34 5,9 45
23 5,588,441
243,799,868
112,472,909
12 0,00 0,0 00
71,704 ,10 5
52 ,787,603
42 ,361,982
38,250 ,64 4
41,353,881
$2,514 ,23 5,12 5
300,35 1,0 10
218,016,772
198,560,511
52,867 ,05 7
84,427,449
52,244 ,02 5
50,901,991
30,047,381
35,401,963
23,705 ,35 3
+ 21 .7
+ 39 .6
+ 8.1
+ 22.8
+ 112.7
+ 42.1
+ 37.3
+ 3.7
+ 41 .0
+ 8 .0
+ 74 .4
Eleven cities, 5 days _________________
O ther cities , 5 days............ ................ ............
S4,437,236,188
612,441,429
$3,560 ,75 8,63 7
51 5.497,627
+ 2 4 .6
+ 18.8
T otal all cities, 5 days________ _____
All cities, 1 d a y________________________
$5,049 ,67 7,61 7
965,798,782
54,076 ,25 6,26 4
90 8,21 2.1 54
+ 23 .9
+ 6 .3
T otal all cities for w eek_____________
36,015 ,47 6,39 9
$4 ,984 ,46 8,41 8
+ 2 0 .7
fir s t p a g e .
Three M on th s.
Clearings a t-
1917.
1910.
5
$
San Francisco
Los A ngeles..
Seattle______
P o rtla n d ____
Salt Lake City
Spokane.
T acom a.
Oakland
Sacramento___
San D iego____
Stockton
Fresno . .
San Joso--------N ortn Yakima
Pasadena_____
B o is e ________
R e n o ________
O g d e n _______
Santa R osa___
Long Beach___
Bakersfield .
I n c . or
D ec .
I n c . or
D ec .
S
%
%
746,377,510
293,479,435
160.414,379
134,758,865
109,302,590
62,504,720
25,140,323
49,886,599
25,100,915
28,018,765
15,436,141
12,812,135
8,470,174
4,792,641
12,345,715
11,251,015
4,044,188
12,639,551
2,427,122
7,163,490
5,934,622
+ 36.5 ,052,017.99
+ 2 7 .6 387,735,900
+ 34.0 231.696,314
+ 19.6 176,159,692
+ 3 2 .8 158,127,097
71,684,066
+ 38.7
33,137,979
+ 33.5
65,295,348
+ 30.5
29,236,037
+ 25.2
33,592,739
+ 15.6
19,849,615
+ 43.4
21,946,360
+ 58.1
10,296,535
+ 14.5
7.483,098
+ 54.3
17,057,021
+ 49.4
15,177,078
+ 45.6
5,880,902
+ 33.9
18,560,399
+ 58.1
3,085,266
+ 33.1
9,444,045
+ 22.7
8,998,240
+ 37.8
404,901 269,936 104
444,000 108,565 209
408,577 04,991 761
,724,839 52,432 690
,669,998 38,149 758
,405,652 10,042 ,335
,357,073 10,007 ,371
,547,779 17,272 ,085
,134,846 8,091 ,592
,209,879 10,560 ,766
,910,803 4,820 ,252
4,413 309
,977,023
,444,595 3,008 ,713
1,905 008
,939,618
,588,504 4,411 300
3,603 ,455
247,181
1,539 ,394
,060,899
825,222 4,318 ,753
837 ,361
,114,135
,416,835 2,785 ,848
2,352 ,507
,241,791
+ 40.9
+ 3 2 .1
+ 44.4
+ 309.
+ 44.7
+ 36.5
+ 31.8
+ 30.9
+ 16.4
+ 19.9
+ 28.0
+ 71.3
+ 21.0
+
+
+
+
+
+
+
+
50 1
38.2
34.9
45.4
46.8
27.1
31.8
51.6
+ 32.9 2,376,402,912 1,722,312,901 + 38.0
T otal Pacific 841,131,870 633,046,291
St. Louis____ 566,679,732 107,980,696 + 38.9 1,629,505,248 1,194,230,437 + 36.2
139,360,611 101,652,413
87,827,398 80,314,341
Houston------ 47,857,635 48,858,305
19,908,26 17,457,715
Galveston —
98,083,026 68,272,270
50,016.780 30,596,772
45,607.741 33,610,798
M em pnls____
A tla n ta -------- 101.610,451 70,479,405
23,400,346 22,739,695
Savannah ___
41,795,618 33,253,223
Nashville____
23,141,459 19,234,413
N o r fo lk -------15,729,174 11,503,761
8,524,282 6,342,287
Augusta.
18,152,625 15,800,177
5,767,801 4,545,978
M ob ile............
11,442,223 9,197,452
Knoxville____
14,369,716 11,104,781
Little R o c k ..
14,669,741 12,476,581
C hattanooga.
Charleston----- 10,556,456 9,458,266
O klahom a----- 26,999,500 14,707,706
5,567,453 14,398,028
M a co n * -------5,160,754 3,986,181
A u s tin ............. 25,995,575 24,299,511
2,149,063 2,022,724
W llm ’ ton.N .C
1,025,723 1,014,841
V icksburg___
4,660,987 4,593,723
Columbia____
Columbus, Ga . 1,585,989 2,034,699
2,307,887 3,056,923
Jackson ___
1,714,206
1.757.60C
M erid ia n ..
28,897,834 13,582,325
T u ls a _____
7,262,287 5,385,01C
Muskogee .
18,345,911 12,450.381
El P a s o ___
60,421,335 32,181,451
D a lla s ____
2,482,475 1,202,35:
3,707,001 4,112,006
5,022,45:
4,688,678
i 1,910,562 1,586,54'
Raleigh . .
2,935,466 2,672,437
423,647,017
280,103,950
155,681,070
61,739,038
287,021,773
139,037,288
138,520,023
299,869,251
64,122,364
118,504,050
67,658,254
45,100,621
24,772,006
50,004,926
17,176,242
29,891,840
39,914,003
44,877,008
31,481,375
73,277,771
10,727,513
14,653,112
04,202,254
0,572,652
3,450,054
14,491,579
4,581,016
7,516,984
4,767,80(
70,703,458
19,635,457
52,208,007
163,771,902
7,104,132
12,307,142
— 9.8
15,210.201
+ 19.1
5,798,351
+ 20.8,720,272
+ 9.8
+ 37.1
+ 9.4
— 2.0
+ 14.0
+ 43.7
+ 30.7
+ 32.7
+ 44.2
+ 2.9
+ 25.7
+ 20.3
+ 36.7
+ 34.4
+ 14.8
+ 26.9
+ 24.4
+ 29.4
+ 17.6
+ 11.6
+ 83.6
— 01.3
+ 29.5
+ 7.0
+ 0.3
+ 1.1
+ 1.5
— 22.1
— 24.5
— 2.1
+ 112.8
+ 34.9
+ 47.3
+ 87.8
+ 100.7
a 1553257196 1170024460
308,544,889
245,131,432
133,547,780
50,110,801
200,702,702
106,871,569
107,673,968
214,903,855
66,698,011
96,430,010
55,730,437
38,559,882
21,579,121
45,438,222
13,720,290
27,703,561
31,993,780
30,125,570
28,418,428
41,172,550
44,693,283
12,430,478
71,429,150
5,940,717
3,612,841
13,199,966
5,716,626
0,013,643
4,807,500
30,308,125
15,717,311
31,678,531
90,802,231
4,051,037
13,775,051
13,805,561
4,360,128
8,274,365
+ 37.3
+ 14.3
+ 16.6
+ 23.2
+ 43.0
+ 30.1
+ 28.7
+ 39.5
— 3.9
+ 22.9
+ 21.4
+ 17.0
+ 14.8
+ 10.0
+ 25.2
+ 7.9
+ 24.8
+ 24.2
+ 10.8
+ 78.0
— 62.6
+ 17.9
— 10.1
+ 10.0
— 4.5
+ 9.8
— 19.9
— 16.6
— 2.1
+ 111.1
+ 24.9
+ 05.0
+ 69.2
+ 70.8
— 10.7
+10.2
+ 33.0
+ 5.4
+ 32.7 4,520,508,388 3,461,097,121 + 30.6
*Thl3 year’s total partly estim ated.
our
th e
u su al
N ew
m o n th ly
Y ork
Inc. or
Dec.
1915.
S
S
San F r a n c is c o ...
Los Angeles_____
Seattle. _______
P o r tla n d _______
Salt Lake C it y ..
Spokane..... ..........
T a c o m a ________
Oakland. ...........
S a c ra m e n to ___
San D iego______
Stockton _______
F resn o _________
San Joso...............
N orth Y a k im a ..
Pasadena.............
R e n o ___________
Long B each.........
T otal P a c ific ..
168,037,832
125,661,943
+ 33.7
110,584,610
122,063,014
St. Louis..............
New Orleans____
Louisville_______
H ouston________
G a lveston ...........
R ich m on d ______
Fort W orth_____
M em phis_______
Atlanta ................
Savannah ------ .
N ashville.............
N o r fo lk ------------B irm ingham -----Augusta................
M o b ile --------------Knoxville----------Little R o c k ------C hattanooga-----Charleston...........
O klahom a......... ..
M acon * ----------A u s tin --------------V ick sbu rg......... ..
Jackson ................
87,153,133
22,569,978
17,011,560
10,326,923
3,557,445
14,877,609
6,988,548
0,893,449
14,417,745
4,355,919
0,437,875
4,334,983
2,728,410
1,195,989
1,003,593
2 ,000,000
2,090,4,83
2,568,581
1,849,207
3,245,985
2,938,313
3,000,000
196,755
310,014
0,192,782
2,721,408
861,663
+ 28.8
+ 24.3
+ 0.7
— 3.2
4"0.5
+ 47.2
+ 72.5
+38.3
+ 41.4
+ 37.0
+ 23.9
— 3.7
+ 27.7
+ 38.9
+ 20.0
+ 20.0
+ 36.1
+ 18.3
+ 23.3
+ 90.4
— 58.7
+ 33.3
+ 11.2
+ 1.1
+ 54.4
+ 135.6
+ 75.2
80,747,027
17,635,107
10,311,272
7,500,000
4,763,369
8,891,704
6,417,575
0,649,010
12,090,634
5,003,944
4,771,844
3,744,916
2,588,747
1,575,481
1,177,746
1,600,000
1,955,245
2,125,712
2,190,437
2,145,200
2,311,995
3,106,446
230,780
360,977
81,585,217
17,984,380
16,681,806
9,200.000
3,262,000
8,090,098
7,523,729
6,973,720
14,893,432
5,015,857
6,204,822
4,164.18S
3,605,308
2,347.754
1,400,000
2,031,366
2,315,199
2,105,534
2,061,484
2 ,100,200
3,349,153
4,402,016
319,278
344,116
T u ls a ....................
M u sk og ee---------
112,242,424
28,051,117
17,162,701
1 0 ,000,000
3,787,811
21,895,148
9,959,769
9,533,742
20,382,877
5,967,416
7,976,580
4,173,295
3,483,613
1,660,997
1 ,210,000
2,400,000
2,815,769
3,039,411
2,279,679
6,1.80,714
1,212,698
4,000,000
218,657
350,289
9,563,100
6,110,283
1,509,311
1,041,217
602,395
1,454,015
860,939
T otal Southern
297,197,401
231,891,980 + 28.2
191,568,845
210,372,916
47,985,228
18,439,028
10.451,165
12,311,839
5,660,389
3,283,444
1,765,487
3,056,356
1,542,222
1,817,196
977,591
745,143
597,074
379,544
869,251
+
+
+
+
+
30.7
32.1
14.9
18.2
45.3
+ 23.4
+ 30.7
+ 24.2
+ 91.4
+ 73.6
+ 42.7
— 10.6
+ 12.2
+ 72.1
+ 53.8
+ 21.9
50,320,795
22,843,246
11,322,391
14,614,476
5,413,437
3,711,039
1,950,348
3,307,430
1,922,509
2,136,060
1,286,439
955,887
056,890
470,000
945,779
200,283
22 0 ,0 0 0
483,059
*JCountry Clearings Department abandoned
C le a r in g s b y
— T lio
w ook,
on
s u b jo in e d
u s u a lly
oth er
a
c o v e r in g
on
th o le n g th
m on th .
le a d in g
ta b lo ,
ap p ears
accou n t of
on ce
T e le g r a p h — S a le s
T h o
c itie s .
th o
of
fig u r e s
F r id a y
S to ck s,
c le a r in g s
fir s t
th o
o f
pago
oth er
of
ta b le s
a ro r o c o iv o d
b y
t r a n s a c tio n s
T h e
on
r e s u lts
Three M on th s 1916.
Three M on th s 1917.
D escrip
tio n .
A ctual
Value.
P a r Value
or Q uantity.
A cer.
Price.
49,186.172
Stock JShs.
\Val. $4,411,449,530 $4,224,694,541
165,982,745
R R . bonds
184,193,500
200,032
U. S .bon ds
193,500
State &city
91,709,000
88,264,125
bonds . .
37,565
15,200
Bank stks.
A cer.
Price.
A ctu a l
Value.
Par Value
or Q uantity.
43,280,734
95.8 $3,785,177,145 $3,527,876,433 93.2
207,616,640 92.3
90.1
224,933,500
386,582 102.4
103.4
377,700
55,983,740 93.8
127,868 172.3
59,706,500
74,200
96.3
247.1
T o ta l___ $4,637,560,730 $4,479,179,008 95.6 $4,070,269,045$3.791,991,263 93.2
SALES O F STO CK S A T T H E N E W Y O R K S T O C K E X C H A N G E .
1916.
1917.
M th .
A ctu a l.
P a r.
Values.
N um ber
of
Shares.
Values.
N um ber
of
Shares.
P a r.
A ctu a l.
5
$
$
8
Jan . 16,939,440 1,537,971,930 1,465,687,290 15,956,944 1,427,403.335 1,301.244,816
F e b . 13,588,465 1,219,280,130 1,170,569,988 12,126,205 1,025,902,910; 962,417,409
M ar. 18,658,267 1,654,197,470 1,588,437,263 15,197,585 1,331,870.900jl ,264.214,208
lstq r 49,186,172i4,411,449,530 4,224,694,541 43,280,734 3,785,177,14513,527,876,433
M O N T H L Y C L E A R IN G S .
Clearings Outside N ew Y o r k .
C learings, Total A ll.
1916.
1917.
1918.
1915.
%
$
$
$
Jan . . 25,641,505,405 20,138,687.541 + 27.3 10,514,139,790
Feb . . 21,630,773.327 18,292.704,969 + 18.2 8,836,686,083
M a r . . 24,794,665,314 20.744,243,671 + 19.5 10,565,538,054
| %
$
7,811,885,314 + 3 4 .6
7.185,967,692 + 2 3 .0
8,196,369,170 + 2 8 .9
1st qu. 72,066,944,046 59,175,636.181 + 21.8 29,916,363,927 23,194,222,176 + 2 9 .0
T h e c o u r s e o f b a n k c le a r in g s a t le a d in g c it ie s o f t h e c o u n t r y
of M arch
and
s in c e J a n .
1 in
each
fo r
B o n d s,
th e
each
& c.
cu rren t
is s u o ,
is c r o w d e d
to le g r a p h
th is y e a r p a r tia l h o lid a y .
1916.
$
3 5 ,9 8 1
4 ,6 9 5
2 ,6 0 1
2 ,9 8 9
1 ,1 9 4
778
746
413
549
1 ,0 4 7
486
309
337
245
462
242
293
1 22
299
1 76
191
1 26
1 36
2 01
24
T o ta l....................22,970 19,302 12,715 13.0S3
Other cities_______ 1,825 1,442 1,133 1,170
66,935
6,132
T otal all..............24,795 20,744 13,848 14.253
Outside New Y o rk , 10,566 8,196 6,283 6,403
72.067
29,916
bu t
ou t
fro m
N a t io n a l
B a n k s .— T h e
n a tio n a l b a n k s
C u rren cy,
1915.
$
7 ,5 6 5
1 ,3 8 6
653
659
336
203
220
113
155
306
120
83
1 25
54
1 07
69
88
31
86
43
57
34
37
41
34
56
29
25
1914.
S
7 ,8 5 0
1 ,4 9 3
679
6 71
352
224
212
119
1 54
232
102
78
101
61
1 15
71
1 08
33
85
48
64
32
36
34
36
57
1917.
$
4 2 ,1 5 1
6 ,0 4 4
2 ,9 0 9
4 ,1 1 6
1 ,6 3 0
987
1 ,0 5 2
501
535
1 ,6 0 1
775
424
348
280
664
305
388
1 32
430
225
1 70
163
180
287
139
232
109
158
1916.
1917.
omitted.)
5
$
N e w Y o r k ---------- . . . 1 4 , 2 2 9 1 2 ,5 4 8
1 ,7 3 1
C h i c a g o -------------- . . . 2 ,2 1 8
932
9 72
B o s t o n _________ . . .
1 ,0 1 3
P h il a d e lp h ia . . . . . . 1 ,4 6 7
408
567
S t . L o u i s ________ . . .
269
P i t t s b u r g h ------- . . .
352
270
368
S an F r a n c is c o .. . . .
150
1 74
C i n c i n n a t i _____ . . .
182
1 83
B a l t i m o r e ........... . . .
372
552
K ansas C i t y . . . . . .
1 66
C l e v e l a n d ........... . . .
267
102
N e w O rle a n s— . . .
139
1 12
127
M i n n e a p o l is — . . .
SO
88
L o u i s v i l l e ______ . . .
165
...
2 31
85
110
M i l w a u k e e _____ . . .
109
1 38
L os A n g e l e s ... . . .
39
44
P r o v i d e n c e _____ . . .
114
1 64
O m a h a ................ . . .
59
73
B u f f a l o ................ . . .
64
63
S t . P a u l _________ . . .
42
Indianapolis___ . . .
56
49
...
66
68
98
R ichm ond......... . . .
34
46
M e m p h is ......... . . .
65
87
Seattle________ . . .
40
35
H artford........... . . .
38
51
Salt Lake C ity . . . .
(0 0 0 ,0 0 0 *
5
52,541,409
21,086,809
13,873,207
11,388,411
9,966,044
3,489,326
1,731,972
3,470,802
1,647,223
1,919,387
834,053
871,239
763,318
418,508
813,126
260,000
557,109
%
+ 39.9
of
appen ded.
o f th e la s t
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
-------------Jan. 1 to .March 31
--------Mairch---------
1914.
73,485,497
27,558,100
18,333,702
13,087,493
11,777,701
5,071,785
. 2,136,713
4,535,092
2,045,279
3,730,101
1,448,880
1,243,372
636,427
469,150
1,399,281
400,000
679,356
$
is
f o u r y e a r s is s h o w n in t h e s u b jo in e d s t a t e m e n t .
W eek ending M a rch 31.
1916.
sta te m e n t
E x ch an ge
fo r th e th re e m o n th s o f 191 7 a n d 1 9 1 6 a re g iv e n b e lo w :
fo r th e m o n th
1917.
d e ta ile d
S to ck
is f r o m
T reasu ry
th e
22
fo llo w in g
o ffic e
of
10S
160
97
1 09
1915.
S
2 1 ,3 3 5
3 ,8 5 0
1 ,8 5 5
1 ,8 9 8
988
587
622
319
452
920
321
248
363
166
292
220
250
93
231
1 37
148
1 02
110
1 15
100
146
1914.
5
2 4 ,4 5 9
4 ,1 8 1
2 ,0 6 4
2 ,0 7 8
1 ,0 5 5
646
616
358
458
686
317
264
294
198
342
220
308
105
232
146
142
SI
69
74
76
55,092
4.084
36,032
3.212
39,893
3,423
59,176
23,195
39,244
17,909
43,316
18,857
in fo r m a tio n
th e
99
105
105
116
154
r e g a r d in g
C o m p t r o lle r
of
th e
D e p a rtm e n t:
APPLICATIONS FOR CH A R TE R.
For organization o f national banks:
Tho First National Bank of Long Island, Kan. Capital--------- $25,000
Tho Winchester National Bank, Winchester, Mass. C ap ital.. 100.000
The People’s National Bank of Hamtramck, Mich. Capital__ 100,000
The Merchants’ National Bank of Scobey, M ont. Capital____ 25,000
Total capital______________________________________________ $250,000
CHARTERS ISSUED.
Original organizations:
__
Tho First National Bank of ICusa, Okla. Capital____________ $25,000
The First National Bank of Louisa, Va. Capital______________ 50,000
The Farmers & Merchants National Bank o f Kimberly, Idaho.
C ap ital___________________________________________________
25,000
The First National Bank o f Hershey, Neb. Capital---------------- 25,000
Total capital______________________________________________ $125,000
1363
THE CHRONICLE
INCREASE OF CAPITAL APPROVED.
Tho First National Panic o f Concord, Cal. Capital increased
from $25,000 to $50,000. Increase___________________________$25,000
Tho First National Bank o f Lakeland, Fla. Capital increased
from $75,000 to $100,000. Increaso.......................................... __ 25,000
Tho First National Bank o f Jackson, Ga. Capital increased
from $50,000 to $75,000. Incroaso___________________________ 25,000
Tho First National Bank o f Conrad, M ont. Capital Increased
from $25,000 to $50,000. Incroaso_____________ _____ _______
25,000
Tho Woils National Bank, Wells, Minn. Capital increased from
$30,000 to $50,000. Increaso___________ _______ _____ _______
20,000
Tho First National Bank o f Kemp, Tex. Capital increased from
$50,000 to $75,000. Increaso________________________________
25,000
Total increaso____________________________________________ $145,000
LIQUIDATIONS.
Tho Farmers National Bank o f Hertford, N. C. Capital________ $25,000
Liquidating agent: II. C. Sullivan, Hortford, N. C. Succeeded
by tho Farmers Bank & Trust Co. o f Hertford.
The Cohen National Bank o f Sandersvillo, Ga. Capital_________ 50,000
Liquidating agent: Louis Cohen, Sandorsvillo, Ga. Succeeded
by a private bank.
Total capital______________________________________________$75,000
N a m e o f C om pany.
S a le s .— A m o n g
o th er
s e c u r it ie s ,
not usually dealt in at the Stock Exchange,
a t a u c tio n
in N e w
Y ork ,
B oston
and
N ew port N ew s & H am p. R y., O. A- E.
P r e fe r r e d ...................... .............
P a cific Gas A E lec., com m on (q u a r.).
Philadelphia C o ., com . (qu.) (N o . 14:
Puget S d. T r ., L .
A- P.
Preferred (quar.) (N o. 2 3 ).............
Sixth Avenue R R ., N . Y . C ity .........
Tidew ater Pow er, com m on _________
Preferred (monthly ) _____________
w e re r e c e n tly
R .
L .
s o ld
Y ork :
Per cent.
110 Mexican Northern RR. Co. 8
30 Englewood Homes Co.,pfd.\ S3
5 Englewood Homes Co.,com/
12 Englewood Armory______ $25
G Compania Motalurglca
Mexlcana, pref................ -SG0
1 Domarest Realty Co........ )
13 Union Copper Mines Co.,1 S25.
S5 each_______________ J
4 First Nat. Bank of Jersey
C ity.................
333 )4
1 Chase Nat. Bank...............388
10 Hamilton Trust C o . of
B rook ly n _______ _____ ___ 267)4
20 M echanics Bank of B klyn.128
141,908 Premier M achine C o, SIO
each.................... .......... ........ 85,000
10 Banco Nacional tie C u b a .. 175
B y M essrs.
Shares. Slocks.
fo llo w in g ,
P h ila d e lp h ia :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w
Shares. Slocks.
Per cent. Shares. Stocks.
22 Cumberland Co. Pow. &
Light Co., pref__________ 90
29 Lincoln Water-Proof Cloth
Co., pref............ .......... .8134
25 O'Brien El. Light Co.,
810 each........ ....................
2 Roanoke & N. Y. Bldg. &
Invest. Co.................. .......
10 Stone-Canyon Consol. Coal 827
Co_______________ ______
10 Chester Mica & Porcelain
Co .........................
10 U. S. Stoker Corp., 2d pfd.\
66 U. S. Stoker Corp., com../S750
2,010 Underfeed Stoker Co., LtdSl.OOO
5 Nordhoff Land Co_______ S16
1 Land & River Co., lstp f-.l
6 Land & River Co., 2d pref.} $8
3 Land & River Co., 3d pref. I
6 Land & River Co., com__ ]
th e
Bonds.
Per cent.
52.000 Stone-Canyon Comsol. Coal
Co. 1st 0s, 1920. Sept., 1909,
coupons attached_____________ S10
8495.000 Brier Hill Collieries 1
I 1st 0s..................................
I
S I, 000,000 Nashville Term. Co. I
1st Ref. 5s.............................. 15100,000
80,082.05 Promissory note of I
Brier Hill Collieries................I
814,509.95 promissory note of I
Brier Hill Collieries............... J
S2.333.33 Coosa Portland Cement
Co. Inc. 6s, 1966.......................... 10
D a y & C o ., B o s to n
S p e r s h . Shares. Slocks.
S per
sh.
5 Rlverdale Cotton Mills, pref.. 92K 12 N . E. Invest. & Secur., p r e f.. 54)4
15 Naumkeag Steam Cotton......... 190 X 150 Heyw ood Bros. & W akefield,
160 Arlington Mills................... 112-112)4
p referred ____________ 101)4-101)4
5 Great Falls Mfg........................ 205
0 N . Bedford Gas & El. L t____ 263)4
1 Laurel Lako Mills...... ...............90
70 Hendee M fg ., com m on_________26
2 Granite Mills............................100
12 Salmon Falls M fg ., c o m m o n .. 60
1 Stafford Mills_______________ 90
1 Plymouth Cordage___________ 200
4 Pacific Mills...... ......................145
50 M errlmac C hem ical.................. 90)4
1 Milford Water Co____________ 90
22 H ood Rubber, preferred............ 109)4
B y M e s s rs . F r a n c is
Shares. Stocks.
H e n sh a w & C o ., B o s to n :
3 per sh. Shares. Stocks.
2 Dwight Mfg., 81,000 each____ 1105
2 Tremont & Suffolk Mills_____ 142)4
12 Great Falls Mfg______________ 208)4
2-4 Pacific Mills.......... ........
35)4
10 American Glue, preferred........... 140
30 Adirondack Elec. Pow., common 27
2 Union Twist Drill, preferred__ 97)4
2 Plymouth Cordage___________ 200
B y M essrs. B a rn es &
Shares. Stocks.
S p ersh .
10 Draper Corporation____________128)4
10 Amer. Plano, preferred...................75
7 H olyoke W ater Power_______ 440
10 Hamilton M anufacturing......... .. 99
1 H ood Rubber, preferred_______ 109)4
50 Boston W ov. Hose & R ub. rights 67
Bonds.
Per cent.
53.000
Boston El. Lt. 1st. 5s. 1 92 4 .102'<
L o fla n d , P h ila d e lp h ia
sh . Shares. Stocks.
■} per
S per'sh.
1st N at. Bank, D a rb y_______ 240
15 Union Passenger R y ......... 190-190)4
People's Nat. F. Ins., 825 each 16)4
2 Bergner & Engel Brew., c o m .. 15)4
Central N at. Bank......... ...........420
35 H oopesA :T ow nsendC o.,350ca.l00
Farm .& M cch.N at.Bank 136)4-137
67 H . K . M ulford C o ., 850 e a .65)4-70)4
M arket St. N at. Bank________180
Mechanics’ Nat. Bank, Bur
Bonds.
Per cent.
lington, N . J., 850 each____80
85,500 Federal Cement C o. coll. tr.
1 Commercial Trust C o _________427
5s, series A , 1921________ 15
15 Commonwealth T . I. & T . C o .248)4
6,000 Delaware R iv. Transp’n C o.
57)4 rights to subscribe to Fidelity
1st ref. 5s, 1928, Feb.
Trust C o. @ S500.......... 160-169
1916 coupons o n ......... 6
2 R obert Morris Trust C o ........... 65
Winter Harbor C o.— All of the real
2 Fire Assn, o f Pldla., 8 5 0 e a c h ..291
estate, & c., rights, privileges and
335 2-3 rights to subscribe to Firo
franchises and all other property
Assn, o f Phila. @ 8250. .40-54
o f every kind belonging to the
5 Phila. C ity Pass. R y . . . 150)4-151)4
co m p a n y ______________ ______ $25,000
20
10
4
7
25
18
D IV ID E N D S .
T h o
fo llo w in g
show s
a ll
th o
d iv id e n d s
an n ou n ced
fo r
th o
fu tu r e b y la r g o o r im p o r t a n t c o r p o r a t io n s :
Dividends announced this week are printed in italics.
Per
Cent.
N am e o f Com pany.
W hen
Payable.
Books Closed.
D ays Inclu sive.
R ailroa d s (S team ).
A t c h . T o p e k a & S a n ta P e , c o m m o n ( q u a r .).
B e ll R R . A- S tk . Y d s . , I n d l a n a p ., c o m . ( q u .)
P r e f e r r e d { q u a r . ) .......... ............... ...........
C h ic a g o A- W e s t e r n I n d i a n a ( q u a r . ) _____
C lev. Cin. Chic. & St. L ., pref. (q u a r .)..
Delaware Lackawanna & W cstern(quar.)
Great Northern (qu ar.)......... ............ ........
Kansas C ity Southern, pref. (qu ar.)____
Lehigh Valley, com . & pref. (quar.)____
Minn. St. P. & S. S. M ., com . «fe p ref.___
N e w L o n d o n N o r th e r n ( q u a r . ) . . ............ .
New York Central R R . (quar.)................
Norfolk & Western, adj. pref. (q u a r.)__
Northern Pacific (quar.)............................
Philadelphia * Trenton (q u a r .).......... ..
Reading Com pany, common (quar.)____
Reading Com pany, second pref. (q u a r.).
Rutland, preferred......... ............................. ..
Vermont & Massachusetts..........................
Wabash R y ., preferred A (qu ar.)_______
S treet and E le c tr ic R ailw ays.
Boston Suburban E lec. C os., pref. (quar.)
B r o o k ly n C ity R R . ( q u a r . ) _____
_____ ____
Central 111. Public Service, pref. (qu ar.).
Cln. Newp. <fc C ov. I,. & T r., com . (quar.)
Preferreil (q u a r.)............................ ..........
Cities Service, com . & prof, (m o n th ly )..
Comm on (payable In com m on s to c k )..
Cleveland Hallway (quar.)______ ________
D e t r o i t U n ite d R y . ( q u a r . ) ______________
Duquesno Light, pref. (quar.) (N o. 9 ) . . .
l'A
Juno
1 Holders of rcc. April 30a
3
1
Holders o f rec.
April 20 Holders of rec.
2)4 April 20 Holders of rec.
1)4 M ay t Holders of ree.
1
April 16 Holders of rec.
$1.25 April 14 Holders of rcc.
3)4 April 16 Holders of ree.
to
2)4 April 2 M ar. 23
1)4 M ay 1 Holders of rec.
1
M ay 19 Holders of reo.
1)4 M ay 1 Holders o f rec.
2)4 April 10 April 1 to
81
M ay 10 Holders of rec.
50o. April 12 Holders of reo.
2
April 16 Holders of rec.
3
April 7 Mar. 15 to
1
April 30 Holders of rec.
M ar.
M ar.
April
April
M ar.
M ar.
M ar.
April
April
April
April
April
April
M ar.
M ar.
April
April
31a
29a
5a
7a
31a
31a
23a
1
6a
30a
9a
10
23a
27a
29a
7
10a
50c. April 16 Holders o f rec.
20c. April 16 Holders of rcc.
IX April 16 Holders of reo.
to
1)4 April 15 April l
l'A April 15 April 1 to
X M ay 1 Holders o f rec.
H M ay 1 Holders of rec.
IX April 20 Holders of rec.
2
Juno 1 Holders of ree.
D4 M ay 1 'Holders of rec.
April
April
M ar.
April
April
April
April
M ar.
M ay
April
3a
la
31a
15
1.5
15
15
17
16
1
l'A
l'A
April
l'A
Per
Cent.
W hen
Payable .
Books Closed.
D ays In clu siv e.
S tr e e t and E le c tr ic R ys. (C o n clu d e d )
K en tucky Securities C orp ., pref. (quar.)
M anchester T rac., L t. A- P ow . (q u a r.).
West Penn Power, pref. (quar.) (N o. 5) .
A u c tio n
[Vol. 104.
Wisconsin Edison C o. (quar.)__________
York (Pa.) R ys., preferred (quar.)_____
B an ks.
Chelsea Exchange ____________________
Produce E xchange ___________________
M iscellan eou s
Ahmeek Mining (quar.) (N o. 2 1)_______
Alliance Realty (quar.)________________
Alll8-Chalmers M fg., preferred (qu ar.)..
Preferred (account accumulated dlvs.).
114
2
1)4
D4
1)4
5
6
1)4
l'A
8734 c
81.51
6214c
75c
1
1)4
S1.7C
3)4
'A
50c
1)4
1)4
D4
1)4
?l
62 '4 c
3
5
April 1. Holders o f rec. April 7
April 1 Holders of rec. April 2a
April 3( Holders of rec. April 20a
April 11 Holders of rec. April 11a
April
Holders o f rec. M ar. 26
M ay
Holders of rec. M ay 1
April
Holders of rec. April 2
April 1- Holders o f rec. M ar. 31
April li Holders of rec. M ar. 31a
M ay
Holders of rec. April 14
M ay
Holders o f rec. April la
April 1 Holders o f rec. M ar. 31
April lt Holders o f rec. April 2a
April 1 Holders o f rec. M ar. 31
April !• Holders of rec. M ar. 31
April 1C Holders of rec. M ar. 31a
April : M ar. 22
to
M ar. 31
April ! M ar. 22
to
M ar. 31
April lt Holders of rec. M ar. 28a
April 2( Holders of ree. April 2a
M ay 1 Holders o f rec. April 21
M ay 1 April 22| to
M ay l
April 16 April 8
to
April 16
April 11 Holders o f ree M ar. 31a
April 30 Holders of rec. April 20a
April I M ar. 31
to
April 1
April 10 Holders o f rec. April 10
84
1)4
1%
April 10 Holders of rco. M ar. 10a
April 16 Holders of rec. April 10
April 16 Holders of rec. M ar. 31a
h’A April 11] Holders of rco. M ar. 31a
1)4 April 16 Holders of reo. M ar. 20a
1)4 April 16 Holders of rec. M ar. 20a
75c. M ay 15 Holders of rec. M ay la
(2
April 30 Holders of reo. April 14a
1)4 April 2 Holders of rec. M ar. 30a
1)4 M ay l Holders o f rec. April 15
1)4 M ay 1 Holders of rec. April 18
1)4 April 25 Holders o f rcc. April 15
1
M ay 15 M ay 6
to
M ay 15
to
April 14
D4 April 11 April 5
April 30
2)4 M ay 1 April 15 to
fi'A M ay 1 April 15 to April 30
to
April 30
1)4 M ay 1 April 15
1)4 April 21 Holders of rec. April 5a
1
M ay 1 Holders o f roe. April 18a
33 1-3 April 15 Holders o f reo. M ar. 16
16 2-3 April 15 Holders of reo. M ar. in
2
April 15 Holders of rec. M ar. 31
1
April 15 Holders of rec. M ar. 31
IX April 15 Holders o f rec. M ar. 31
April 15 Holders of rcc. M ar. 31a
1
1)4 April 15 Holders of rec. M ar. 31a
See note (r)
*50o. Juno 20
l'A M ay 1 Holders o f rcc. April 16
1)4 April 10 Holders of rcc. April 3a
2
April 16 Holders of rcc. M ar. 31a
April 11 Holders of rec. April 10a
1
1)4 April 14 Holders of rcc. April 10a
to
April 1
D4 April 16 M ar. 17
to
April 1
1)4 April 16 M ar. 17
M ay 1 Holders of rec. April 24a
81
St 50 M ay l Holders of rec. April 24a
82
M ay 28 April 22
to
M ay 16
D4 April 16 Holders of rec. M ar. 31
D4 April 16 Holders of rec. M ar. 23a
to
April 30
1)4 M ay 1 April 21
1)4 M ay 1 Holders of rcc. April 27a
1)4 April 16 Holders of reo. April 5a
2
April 14 Holders of rec. M ar. 31a
IX April 16 Holders of rec. April 5a
P r e fe r r e d ( q u a r .) ( N o . 4 7 ) _______________
A m e r ic a n B a n k N o t e (q u a r .) ........ '............
A m e r ic a n B e e t S u g a r , c o m . ( q u a r . ) ________
A m e r ic a n C h ic le , p r e fe r r e d (q u a r .) _______
A m e r ic a n C ig a r , c o m m o n ( q u a r .) ________
A m o r . G a s & E L . p r e f. (q u a r .) ( N o . 4 1 )
A m e r ic a n I c e , p r e fe r r e d (q u a r .) __________
A m e r . L a u n d ry M a c h in e r y ,c o m .(q u a r .).
P r e fe r r e d ( q u a r . ) ...............................................
A m e r ic a n L ig h t A- T r a c t ., c o m m o n ( q u a r .) .
C o m m o n ( p a y a b le In c o m m o n s t o c k ) ___
P r e fe r r e d (q u a r .) ____________________
A m e r . L o c o m o t i v e , p r e fe r r e d ( q u a r . ) _____
A m e r ic a n M a l t , 1st a n d 2 d p r e fe r r e d _____
A m e r . M f g . , c o m . ( p a y a b l e In c o m . s t o c k )
C o m m o n (p a y a b l e In p r e fe r r e d s t o e k ) .
A m e r . R o l li n g M i l l , c o m m o n ( q u a r . ) _____
C o m m o n ( e x t r a ) _______________________ . . .
P r e fe r r e d ( q u a r . ) __________________________
A m e r ic a n S e e d in g M a c h i n e , c o m . ( q u a r .)
P r e fe r r e d ( q u a r . ) ................... ..............
A m e r ic a n S e w e r P ip e ( q u a r . ) _______
A m e r ic a n S h i p b u il d i n g , c o m m o n . .
A m e r ic a n S h ip b u ild in g , p r e fe r r e d ( q u a r .) .
A m e r . T e le p h o n e Ac T e le g r a p h ( q u a r . ) . .
in te r . T y p o F o u n d e r s, co m m o n (q u a r .) .
P r e fe r r e d ( q u a * .) ...................................
A m e r ic a n W o o l e n , c o m m o n ( q u a r .)
P r e fe r r e d (q u a r ) _________ ________ _
A m e r . Z i n c , L a i d & S m e l t ., c o m . ( q u a r . ) .
P r e fe r r e d ( q u a r . ) ..................................
A n a c o n d a C o p p e r M i n in g ( q u a r . ) . .
A s s o cia te d G a s & E le c tr ic , p r e f. ( q u a r .) .
A s s o c ia t e d O il ( q u a r ) _______________________
A t la s P o w d er, p r e f. ( q u a r . ) . ____________
B a r n h a r t B r o s . & S p l n d ., l s t & 2 d p f . ( q u . )
B a r r e t t C o . , p r e fe r r e d ( q u a r ) ____________
B e ll T e le p h o n e o f C a n a d a ( q u a r . ) _________
B e ll T e le p h o n e o f P c n n u . ( q u a r . ) ................
B o n b r l g h t f W m . P .) & C o . , 1 s t p r e f.
(q u a r .) ( N o . 1 7 ) . . . ..................... ....................
1)4 April
B r u n sw ic k , B a lk e, C o llen d e r, c o m . ( q u a r .) .
IX M ay
B u r n t B r o s ., c o m m o n ( s t o c k d i v i d e n d ) . . /25
M ay
C a n a d a C e m e n t, L t d ., co m m o n (q u a r .).
1)4 April
C a r b o n S t e e l, c o m m o n ( e x t r a ) ........................
2
M ay
C e n t r a l C o a l & C o k e , p r e f. ( q u a r . ) .............
D4 April
C e n t r a l F o u n d r y , 1 st p r e f. ( q u a r .) ( N o . 1)
April
2
C e n t r a l L e a t h e r , c o m m o n ( q u a r . ) _________
1)4 M ay
C e n t r a l & S . A . T e le g r a p h ( q u a r . ) ..............
IX April
C en tra l S u g a r C o r p ., p r e f ______________
2 1-3 May
C h a r c o a l I r o n C o . o f A m e r ., c o m . ( q u a r .)
15c. April
C h e v r o l e t M o t o r ( N o . 1 ) ..................................
3
May
C h i c a g o P n e u m a t i c T o o l ( q u a r . ) ................
l
April
C i t iz e n s ' G a s o f I n d ia n a p o lis , s p e c i a l _____
10
M ay
C l e v e l a n d -C I l ffs I r o n ( q u a r . ) _____________
2)4 April
C lu e tt, P ea b o d y A C o ., I n c . . c o r n . ( q u a r . ) . .
1)4 M ay
C o l o r a d o P o w e r , c o m m o n ( q u a r . ) ................
X April
C o m m o n w e a lt h G a s & E l . C o s ., p f . ( q u .) 81.50 April
( o m o u t l n g - T a b u l a t l n g - R e c o r d l n g (q u a r .)
April
1
C o n tin en ta l M o t o r s C o r p ., p r e fe r r e d _____
1)4 April
C o r n P r o d u c t s R e f in i n g , p r e fe r r e d ( q u a r .)
1)4 April
P r e fe r r e d ( a c c o u n t a c c u m u l a t e d d l v .)
April
ft5
C r e s s e n C o n s . G o ld M . A M . ( m o n t h l y ) .
10c. April
C r o c k e r -W h e e le r C o ., c o m m o n ( q u a r . ) . .
2
April
C o m m o n ( e x t r a ) ___________________________
1
April
P r e fe r r e d ( q u a r . ) __________________________
1)4 April
C r u c i b l e S t e e l, p r e f. ( a c c t , a c c u m . d l v s ) .
ft2
April
D e la w a r e L a c k . A- W e s t . C o a l ( q u a r . ) ___ 31.25 April
D e t r o i t E d is o n ( q u a r . ) ______________________
2
April
D is tille r s S e c u r it ie s C o r p . ( q u a r . ) _______
n)4
April
D o m in i o n S te e l C o r p . . o o m . ( q u .) ( N o . 2 )
1
April
P r e fe r r e d ( q u a r . ) ....................................... .......
IX M ay
D o m in i o n T e x t i le . L t d . , p r e f. ( q u a r . ) . . .
1)4 April
d u P o n t ( E .I .) d e N e m . P o w ., c o m . ( q u .)
IX May
P r e fe r r e d ( q u a r . ) ...............................................
l H May
d u P o n t ( E . I . ) d o N e m <fe C o . , d e b . s t k . ( q u . )
IX April
E a s te r n S t e e l, c o m m o n ______________ ______
2)4 April
E d is o n E l e c . I II ., B o s t o n ( q u . ) ( N o . 1 1 2 ) .
3
M ay
E le c t r i c a l S e c u r it ie s , p r e fe r r e d ( q u a r . ) . .
1)4 Alay
E lectr ic a l U tilitie s C o r p ., p f . (q u .) ( N o . 2 8 )
1 A April
E u r e k a P ip e L in o ( q u a r . ) ..................................
6
iM ay
F a ja r d o S u ga r ( q u a r .) ........ ..... ...................
2)4 |VIay
F a lls M o t o r C o r p ., p r e fe r r e d ( q u a r .) _____
1)4 1 April
F t. W o rth P o w e r A- L ig h t, p r e f. (q u a r .) ___
1)4 May
G e n e r a l C i g a r , c o m m o n ( q u a r . ) ...................
1
iM ay
P r e fe r r e d ( q u a r . ) __________________________
1)4 Lino
G e n e r a l E l e c t r i o ( q u a r . ) .....................................
2
Apr.
G e n e r a l M o t o r s C o r p . , p r e fe r r e d ( q u a r . ) .
3
M ay
P r e fe r r e d (q u a r ) __________ ________ _______
IX Alay
G e n e r a l M o t o r s C o . o f N . J . , c o m . ( q u a r .)
15
May
P r e f e r r e d ........... ............ ................................ .......
3)4 M ay
C .lo b e -W e r n t e k c , p r e fe r r e d ( q u a r . ) .............
1)4 April
G o o d r ic h (B F .) C o ., co m m o n ( q u a r . ) . .
1
Alay
P re fe r re il ( q u a r . ) __________________________
1)4 Inly
G r a n b y C o n s M in .,S m e lt.* P o w .,L td .(q u )
2)4 M ay
I l a r b l s o n - W a lk e r R e fr a c t., p r e f . ( q u a r . ) . .
1)4 April
H a r t . S c h a ff n e r & M a r x , I n c . , c o m . ( q u . )
1
June
H o lly S u g a r C o r p o r a t io n , p r e f. ( q u a r . ) . .
1)4 M ay
I I om esta k e M i n i n g (m o n th ly ) ( V o . 5 1 2 ) ___
65c. April
I ll in o i s B r ic k ( q u a r . ) ........ ...................................
l'A April
I ll in o i s N o r t h e r n U t i li t ie s , p r o f . ( q u a r . ) . .
1)4 M ay
I n d ia n a P ip e L in e ( q u a r . ) ........... ....................
82
M ay
In d ia n R e f g .. p r e f. (a c c t , a c c u m . d l v s . ) . .
55 A April
I n s p ir a t io n C o n s . C o p p e r ( q u a r . ) ..............
82
April
I n t . B u tto n h o le S ow . M a c h , (q u .) ( N o .78)
1
April
I n t. H a r v . o f N . J ., c o m . (q u .) ( N o . 2 9)
1)4 April
I n t e r n a t . M e r c a n t il e M a r i n e , p r e f . ( N o . 1)
3
April
10 Holders of rec. M ar. 31
15 Holders of rec. April 26
12 Holders of ree. April 30a
16 April l
to
April 10
22 Holders of rcc. M a y 15
14 Holders of rec. M ar. 31a
15 Holders of rec. M ar. 31a
1 Holders of roc. April 10a
9 Holders of rec. M ar. 31a
1 Holders of rec. April 14
15 Holders of rcc. M ar. 31
1 Holders o f reo. April 20
April 25
25 April 15 to
to
M ay 1
1 April 11
April 25
25 April 10 to
1 Holders of rec. April 19
16 Holders o f reo. M ar. 31a
16 Holders of rec. April 2a
10 folders of reo. M ar. 24a
15 April 6 to
April 15
16 Holders of rec. April la
16 Holders of rcc. April 4a
10 Holders of reo. M ar. 31
15 Holders o f rec. April 5
15 April 0
to
.............
15 April 6
to
_______
28 Holders of rec. April 16a
16 Holders of rec. M ar. 31a
16 Holders of roc. M ar. 31a
18 Holders o f reo. April 2a
16 Holders of rcc. Mnr. 31
1 Holders of rec. April 15
16 Holders of reo. M ar. 31
1 Holders o f reo. April 21
1 Holders o f reo. April 21
25 Holders o f rco. April 10
16 Holders of reo. April 2
1 Holders o f rec. M ar. 30
1 Holders o f rcc. April 2a
16 Holders of reo. April 7
l Holders of rec. April 16
1 Holders o f rco. April 23
20 Holders of rco. M ar. 31a
1 Holders of rec. April 20
l Holders of rec. April 24a
l Holders o f rec. M ay 24a
14 Holders of rec. M ar. 17a
1 Holders of rec. April 12a
1 Holders of rco. April 12a
1 Holders o f reo. April 12
1 Holders of rcc. April 12
15 Holders of rec. M ar. 31
15 Holders of reo. M ay 4a
2 Holders o f reo. June 22a
1 Holders of rec April 14a
20 Holders of rec. April 10
1 Holders of reo. M ay 19a
1 Holders of rcc. April 14
25 Holders of rcc. April 20
14 Holders of rec. April 4
1 Holders of rec. April 20
15 Holders of rcc. April 24
20 Holders of rcc. April 10
30 April 6
to
April 23
16 Holders o f rec. April 2
16 Holders of rcc. M nr. 24a
t4 Holders o f reo. M nr. 30a
A pr . 7
Per
Cent.
N am e o f C om pany.
M iscella n eou s (C o n tin u e d ).
International N ick el, preferred (q u a r.) -----
International Paper, preferred ( q u a r .)...
Knyser (Julius) & C o ., 1st & 2d pref. (qu.)
K elly-S prlng fleld T ire, com m on (qua r .)_..
M acAndrews fc Forbes, com . (quar.) ----Manufacturers Light A H eat— ..............
Massachusetts Gas C os., common (quar.)
Massachusetts L tg. Cos..new com . (q u .).
M ia m i C opper (quar.) (N o . 19) ...............
M id vale Steel
A
Ord. (quar.) (N o . 2 ) ------
Mountain Stated Telep. & Teleg. (quar.) _
National
National
National
National
1 3 63
THE CHRONICLE
1917.]
Biacuit.common (quar.) (N o . 7o)
Cloak & Suit, com . (q u .j(N o .l)
Enamel A Stamping, co m m o n . _
Paper & T ypo, com . (quar.) -----
Nevada-Calif. Eleo. Corp., pref. (q u a r.).
Now River C o., unstamped prcl. (N o. 11)
North Butte Mining (quar.) (N o. 4 2 )-----Northern States Power, com m on (quar.).
N ova Scotia Steel & Coal, pref. (q u a r .)..
Osceola Cons’d Mining (quar.) (N o. 8 0 ).
O tla E l e v a t o r , c o m m o n ( q u a r . ) ........... —
P r e fe r r e d ( q u a r . ) ...............................................
P a c if i c T e l . & T e l . , p r o f , ( q u a r . ) ...................
P c n m a n a . L im i t e d , c o m m o n ( q u a r . ) ...........
P r e fe r r e d ( q u a r . ) -------------------------— - —
P e n n s y lv a n ia L ig h tin g , p r e fe r r e d (g u a r . ) . . .
P e n n s y lv a n ia S a lt M TR. ( q u a r . ) ---------------P it t s b u r g h C o a l , p r o f, ( q u a r . ) ........................
P r a ir ie O il & G a s ( q u a r . ) ...................................
E x t r a ........... - ...................................... ..................
P r a ir ie P ip e L in o ( q u a r . ) ..................................
E x t r a ................... - ---------- --------------------------------P r o c t o r & G a m b le , p r o f, ( q u a r . ) ...................
P u b l ic S e r v i c e o f N o r . I l l s ., c o m . ( q u a r . ) .
P r e fe r r e d ( q u a r . ) ............................................ Q u a k e r O a t s , c o m m o n (quar.)...... ..........
P r e fe r r e d ( q u a r . ) ...............................................
I t c e c e B u t t o n h o l e M a c h , ( q u a r .) ( N o . 1 24 )
R e c c e F o ld in g M a c h , ( q u a r .) ( N o . 3 2 ) . . .
R e p u b l ic I r o n ,<c S t e e l, c o m . ( q u . ) ( N o . 2 )
S t. L . R o c k y M t . & P a o . C o .,c o m .(q u .)_ _
S a x o n M o t o r C a r C o r p . , ( q u a r . ) ...................
S oars, R o e b u c k * C o ., co m m o n ( q u a r . ) . .
S ec u r itie s C o r p . C e n t r a l , p r e fe r r e d { q u a r .) .
S h a t t u c k A r iz o n a C o p p e r C o . ( N o . 1 ! ) ) . .
E x t r a ( N o . 7 ) -----------------------------------------------S h a w I n ig a n W a t e r A P o w e r ( q u a r . ) ........... ...
Books Closed.
D ays In clu sive.
W hen
Payable.
Per
Cent.
N am e o f Com pany.
M ay 1 Holders of rec. April 14
April 10 Holders of rec. April 6a
M ay 1 Holders o f rec. April 20a
M ay 1 Holders o f reo. April 10
1
to
April 10
5c. April 20 M ar. 25
$1.25 April 14 Holders o f rec. April 5a
1J* M ay 1 Holders ol rec. April 15
April 15 Holders of rec. M a r. 31
IX
April 14 Holders of reo. M ar. 31a
2X
April 14 Holders ol rec. M ar. 31a
2X
April 14 Holders of rec. M ar. 31a
IX
April 14 April 1 to
April 15
2
$1.25 M ay 1 Holders of reo. April 14
25o. April 16 Holders of rec. M ar. 26a
51.50 April 16 Holders of reo. M ar. 26a
April 16 Holders of rcc. M ar. 31a
2X
$1.50 M ay 15 Holders of rec. M ay la
M ay 15 Holders o f rec. M ay la
SI
S I.50 M ay 1 Holders o f rcc. April 20a
2c.
Holders of rcc. April 2
M ay 1 Holders of rec. April 14
SI
2
April 15
April 15 Holders of rec. M ar. 31a
IX
1
April 10
April 14 Holders of rec. M ar. 29o
IX
April 14 Holders of rec. M ar. 31a
ix
12
M ay 15 Holders o f rec. April 26a
April 14 Holders of rec. M ar. 31a
IX
April 14
IX
April 30 Holders of rcc. M ar. 30a
IX
4
M ay 10 Holders o f rce. April 30
4
April 10
$1.50 April 25 Holders ol rec. April 2
4
April 14 Holders of rec. M ar. 24
2
April 14 Holders of rec. M ar. 31a
2
April 14 Holders o f rec. M ar. 24a
25o. April 20 April 1 to
April 17
April 30 Holders of rec. April 17a
SI
April 20 Holders o f reo. M ar. 31
IX
April 14 Holders o f rec. M a r. 31
ix
2
April 14 Holders of rec. M ar. 31a
02Xc
Holders o f rcc. M ar. 31a
April 20 Holders o f rec. April 9
IX
2
Holders of rec. M ar. 31
$6
April 30 Holders of rec. M ar. 31a
April 10 Holders of rec. M ar. 31
IX
April 16 Holders of rec. M ar. 31
IX
April 10 April 1
IX
to
April 10
1
M ay 15 Holders o f rec. M ay 5
M ay 1 Holders of reo. April 21a
IX
April 15 Holders of rec. April 7a
IX
2
April 14 Holders o f rec. M ar. 31a
April 25 Holders o f reo. April Ida
IX
3
April 30 Holders o f rec. M ar. 31
2
April 30 Holders of reo. M ar. 31
5
April 30 Holders of rec. M ar. 31a
5
April 30 Holders o f reo. M ar. 31a
2
April 14 Holders of reo. M ar. 31a
M ay 1 Holders of rec. April 14
IX
M ay 1 Holders ol reo. April 14
IX
April 10 Holders of rec. April 2a
2X
M ay 31 Holders of reo. M ay la
IX
3
April 10 Holders of rec. April 2
1
April 10 Holders of reo. April 2
M ay 1 Holders o f reo. April 20a
IX
April 10 April 1 to
April 9
X
April 17 Holders o f reo. April dl a
IX
2
M ay 15 Holders of reo. April 30
IX
April 15 Holders of rec. April 7a
50c. April 20 Holders of reo. M ar. 31a
75o. April 20 Holders of rec. M ar. 31a
April 10 Holders of rec. M ar. 29a
IX
IX
IX
IX
Miscellaneous (Concluded).
Sinclair Oil A R efining (q u a r.) .... .......... .
Southern California Edison, 1st pf. (qu.).
Soulhern N . E . T elephone (q u a r.) .............
Standard Motor Construction_________
Standard Oil (Calif.) stock dividend___
Standard Oil (Kentucky), special..........Steel Co. of Can., Ltd., com. (qu.) (No.l)
Common (bonus)________ ______ __
Preferred (quar.) (No. 23)...................
Submarine Boat Corporation (quar.)___
Temple Coal, prof, (quar.)................ _.
Tonopah Mining of Nevada (quar.)___
Transue & Williams Steel Forg. (quar.).
Union Natural Gas Corporation (quar.).
U nion Oil o f C a liforn ia (q u a r.) _________
E x t r a __________ ____ ____________
U nited A lloys Steel C orporation (q u a r.) __
U nited Cigar Stores o f A m er., com . (quar.)
Books Closed.
D a ys In clu sive.
W hen
Payable.
51.25 M a y 19 Holders o f rec. M ay '1
April 15 Holders o f rec. M ar. 31a
April 14 Holders o f rec. M ar. 31a
April 30
to
M ay 15 April 17
April 10 Holders of rec. Feb. 15
to
M ay 2
M ay 1 April 17
100
M ay 1 Holders o f rec. April 10
1
M ay 1 Holders of rec. April 10
X
M
ay 1 Holders o f rec. April 10
IX
75c. April 10 Holders o f rec. M ar. 30
April 10 April 1 to
April 10
2
150. April 21 April 1 to April 8
SI April 16 Holders of rec. April 9a
April 15
to
2 X April 14 April 1
April 14 Holders of rec. M ar. 31
IX
April 14 Holders o f reo. M ar. 31
1
April 21 Holders of rec. April 10a
SI
2
M ay 15 Holders o f rec. April 27a
M a y 1 Holders of rec. April 16a
IX
2
April 14 Holders o f rec. M ar. 24a
$1 April 14 Holders o f rec. M ar. 31a
SI April 14 Holders o f rec. M ar. 31a
April 15
April 15 April 2
to
IX
April 15 Holders o f reo. M ar. 31a
IX
2
April 30 Holders o f rec. April 16
51.25 April 14 Holders of rec. April 7a
S 7 X c . April 14 Holders of rec. April 7a
IX April 2 Holders of reo. M ar. 27a
50c M a y 1 Holders o f rec. April 16
25c. M a y 1 Holders of reo. April 10
3
M ay 15 Holders o f rec. M ay 1
2
M ay 15 Holders o f rec. M ay 1
t o April 15
April 14 April 1
5
to April 15
April 14 April 1
IX
75c. M ay 1 Holders of rec. April 14a
April 16 Holders o f reo. M ar. 31a
2
April 20 Holders of reo. M ar. 31a
IX
IX April 20 April 10 to April 20
$1.15 April 10 Holders o f rec. M ar. 31a
1
April 16 Holders o f rec. M a r.'3 la
April 14 Holders o f rec. M ar .'31
IX
to
April 11
April 16 M ar. 21
IX
SI 75 April 21 Holders o f reo. M ar. 31 3
April 1
April 21 M ar. 25
to
c20
S7Xo. April 30 Holders of rec. April 5a
87Xc. April 16 Holders o f rec. April 5a
1
M ay 1 Holders of rec. April 1
1
M ay 1 Holders of rec. April 1
75c. M ay 1 Holders of rec. April 18
IX
IX
m 30c.
e i3 1-3
United Drug, 1st preferred (quar.) (No.5)
United Fruit (quar.) (No. 71)_________
United Gas Improvement (quar.)_____
E x tra .... .......................... ............. .
United Paperboard, prof, (quar.)______
U. S. Industrial Alcohol, pf. (qu.) (No42)
U . S. Rubber, lsf p ref. (q u a r.) _________
U. S. Smelt., Refg. & Min., com. (quar.)
Preferred (quar.)__________________
United U tilities, preferred (q u a r.) _______
United Verde E xtension (quar.) (N o . 4 )..
E x t r a ____________________________
Vacuum O il _________________________
E x t r a ____________________________
Victor Talking Machine, common (quar.)
Preferred (quar.)__________________
Vlrglnla-Caro. Chem.,com.(qu.) (No.38)
Preferred (quar.) (No. 80)__________
Warner(Chas.)Co.of Dcl..lst&2d pf.(qu.)
Wells Fargo <fc Co. (quar.)____________
Western Power Co., preferred (quar.)__
Western Power Corp., preferred (quar.).
Western States Gas & Elec., pref. (quar.)
Western Union Tclegraph(quar.)(No.l92)
Westlnghouse Air Brake (quar.).-..........
Westlnghouse Air Brake (stock dividend)
Westlnghouse Elec. & Mfg., com. (quar.)
Preferred (quar.)........... ................. .
Wheeling Mould & Foundry (quar.)____
* Extra..................................................
W illys-O vcrland, com m on (q u a r.) _______
a Transfer books not closed for this dividend,
b Less British Income tax. d Cor
rection. e Payable In stock. /P a y a b le in com m on stock, g Payable In scrip.
h O n account of accumulated dividends. 1 Declared 8% payable 2 % quarterly as
above and 2% July 31 to holders of record July 14; 2% O ct. 31 to holders o f record
O ct. 13 and 2% Jan. 31 1918 to holders o f record Jan. 12. k Declared SI 50, pay
able 50c. each Juno 20, Sept. 20 and D ec. 20; transfer books closed ten days before
payment o f dividend. I Declared 4 % on com . stock, payable 2% as above and 2 %
N ov. 15 to holders o f record O ct. 27. m Declared 60c., payable 30c. as above and
30c. N ov. 15 to holders o f record O ct. 16. n Declared 2 % , payable X % as above
and X% each on July 18, O ct. 18 and Jan. 18.1918 to holders £of record July 2,
O ct. 2 and Jan. 2 1918, respectively.
Im p o rts
t io n s fr o m
t o ta ls
th e
a n d
E x p o rts
th e T re a su ry
o f im p o r ts
N ew
Y ork
and
ex p orts
C u sto m
d e fin ite ly .
U nder
is o m it t e d
u n til s u c h
fo r /d t h e
th e
W e e k .— U n d e r
in s tru c
D e p a r t m e n t t h e is s u a n c e o f w e e k ly
o f m e r ch a n d is e
H ou se
have
c ir c u m s t a n c e
been
our
and
u su al
tim e a s th e fig u r e s m a y
s p e c io
su spen d ed
b y
in
c o m p ila tio n
a g a in
b e g iv e n
ou t.
T h e F e d e r a l R e s e r v e B a n k s . — F o l l o w i n g is t h e w e e k ly s t a t e m e n t is s u e d b y t h e F e d e r a l R e s e r v e B o a r d o n M a r . 3 1 :
Additional Federal Rosorvo noto issuos and substantial gains In rosorvo deposits during tho past week aro chiefly responsible for tho increase of about
20 millions in the combined gold resources o f tho systom, indicated by the weakly bank statement as at close of business on March 30. The total gold
held by both tho banks and tho Agonts stands now at over 038 millions, having increased 200 millions since tho beginning o f tho year. During tho same
poriod tho not amount o f Federal Reserve notes outstanding increased by 82 millions, while tho earning assets of the banks decreased by 54 millions.
Of the remaining 01 millions o f gold gained by tho systom, by far tho larger portion apparently has come to tho banks in tho shape of member bank
doposits.
Largo gains in gold rosorvo aro roported by tho Now York, Cleveland, St. Louis and Minneapolis banks, partly through transfers o f gold credits
from the Philadelphia and Chicago banks. Now York’s gain of over 12 millions in cash roservo is accompanied by an increase o f about 0.8 millions in
rosorvo doposits, tho liquidation o f 2.0 millions of earning assets, mostly acceptances, the redemption of 3.3 millions of mutilated Federal Reserve notes,
and an increase o f 1.9 millions in tho amount duo to othor Federal Rosorvo banks. Liquidation of investments and in some cases also gains in deposits,
account for tho increases in rosorvo shown for tho othor banks.
Discounted paper on hand increased about 1.0 millions, tho larger incrcaso reported by tho Boston bank being offset to a large extent by consid
erable liquidation o f this class o f paper by tho Cleveland and Chicago banks. Of tho total given, 3.4 millions is represented by 15-day collateral notes
discounted for membors by 9 Reserve banks. About 3.3 millions, not, of acceptances wero liquidated during tho week, though Boston reports a large
net addition to tho amount o f bank bills held. No chaugos aro indicated in tho holdings of United States bonds, while 3 banks report a total of $393,
000 of Treasury notes sold during tho wook. Municipal warrants on hand show practically unchanged amounts. Total earnings assets are noarly 108
millions, and constitute at present about 300% o f tho banks’ paid-in capital, compared with 303% tho wook before, and about 400% at tho beginning
o f tho year. Of tho total held at prosont, acceptances constitute 50.3%; United States bonds, 17.4%; discounts, 12%; Treasury notes, 11.0%: and
warrants, 9.3% .
Government deposits show an incrcaso o f 3805.000, tho larger gain reported by Chicago being duo chiefly to a transfer of funds from tho San Fran
cisco bank. Member bank rosorvo doposits wont up by 9.3 millions, mainly at tho Boston and New York banks.
Federal Rosorvo Agents report a total o f $382,504,000 o f Foderal Rosorve notes outstanding, or $10,320,000 moro than tho week before, consid
erable amounts o f notes having boon issued by tho New York, Philadelphia and Chicago banks. Against tho total outstanding the Agents hold $360,
608,000 o f gold and $23,050,000 o f paper. The banks roport an actual circulation of $357,705,000 o f Fedoral Reserve notes and aggregate not liabili
ties thoroon o f $15,941,000.
T h o
fig u r e s o f t h o c o n s o lid a t e d
w o p r o s o n t th e r e s u lts fo r e a c h
sh ow
s t a t o iu o n t fo r
sy stem
as a
w h o le
a ro g iv e n
in
th e fo llo w in g
w e e k s , t h u s fu r n is h in g a u s e fu l c o m p a r is o n .
th o r e s o u r c e s a n d lia b ilitie s s e p a r a t e ly fo r e a c h o f t h e t w e lv e F o d e r a l R e s e r v e b a n k s .
A g en ts’ A ccou n ts
(th e
th ir d
t a b lo fo llo w in g ) g iv e s d e t a ils r e g a r d in g
C o m p tr o lle r a n d th e R o s e r v o A g e n ts a n d
C
th o
o f th o e ig h t p r o c o d in g
o m b in e d
R
esources
and
L
b etw een
ia b il it ie s
o f
th e
th e la tto r a n d
F
ederal
R
t h e t r a n s a c t io n s in
ta b le , a n d
In
in a d d it i o n
th e se co n d
ta b le w e
T h o sta tem en t o f F ed era l R ese rv e
F ed era l R e sorv e n ote s b etw een
th e
th e F ed era l R e se rv e b a n k s.
eserve
B
a n k s
at
th e
C
lose
of
B
u s in e s s
M
arch
30
1917.
1
Mar. 30 1917|J/ar.23 1917. M a r . 161917. M a r . 9 1917. M a r . 2 1917. F eb. 23 1917. Feb. 16 1917. Feb. 9 1917. Feb. 2 1917.
RESOURCES.
Gold coin and certificates In vault................... $374,903,000 $350,736,000 $355,318,000 $330,1S4,000 $304,163,000 $281,355,000 $274,367,000 $274,194,000 $306,964,000
Gold settlement fund__
200,061,0001 209,281,000 201,681.000 205,501,000 212,031,000 213.861.000 216,221,000 212,961,000 212,961,000
Gold redemption fund with U. 3. Treasurer...
1,804,000
1,734,000
2,325,000
2,347,000
1,922,000
1.835,000
2,414,0001 2,519,000
2,339,000
Total gold reserve________________ ___ $5 77,378,0001$562,530,000 $559,318,000 $538,070,000 $518,541,000 $497,138,000 $492,392,000 $48S,8S9,000 $521,760,000
Legal tender notes, silver. &a_.
10,633,000
19,1X3,000
15,249,000
7,609.000
9,971,000
12,185,000
9,282,0001 10,665,000
16,176,000
Total reserve___ ____ _____
8% redemption fund ag’st F R . bank notoi___
400,000
$573,201,000 $575,494,000 $557,1S3,000 $528,512,000 $512,387,000 $500,001,000 $499,522,000 $533,945,000
400.000
400,000
400,000
400,000
400,000
400.000
400,000
400,000
Bills discounted— Members....................
* $20,100,000 $18,473,000 $17,234,000 $18,500,000 $18,840,000 $20,266,000 $19,553,000 $16,200,000 $14,707,000
Acceptances bought----------------------------------- 84.473.000 87.798.000 97.002.000 108,860,000 114,058,000 123,960.000 128.054,000 112,092,000 93.112.000
United States bonds........................................ 29.275.000 29.275.000 29.155.000 2 1,120,000 28.650.000 29.471.000 29.471.000 29.470.000 30.550.000
Ono-ycar U. 8. Treasury notes........................
18.647.000
18.647.000
18.647.000
19,4*8,0J0
18.647.000
19.468.000
18.818.000
18.425.000
19.308.000
Municipal warrants----------------------------------15.715.000 15.701,000 16.029.000 16,932,000 16.798.000 17.124.000 16.678.000 14.833.000 12.664.000
Total earning assets........................ ......... $167,994,000 3170,125,000 $178,788,000 $192,886,000 $197,814,000 $209,474,000 $210,403,000 $191,242,000 S169.680.000
Federal Resorve notes— Net------ ---------------- $18,844,000 $19,440,000 $21,091,000 320.608.000 $23,095,000 $22,070,000 $22,520,000 $23,290,000 $25,515,000
13.255.000
Due from other Federal Reserve banks— Net..
7.840.000
12.687.000
732.000
3.143.000
4.023.000
3.298.000
3.379.000
2.275.000
Unoolleoted Items_________________________ 132,759,000 145,757,000 155,976,000 130,411.000 154.020,000 136,940,000 144,249,000 121,225,000 126,611,000
8.019.000
11.078.000
13.153.000
8,271,000
6.401.000
7.821.000
5.548.000
All other resouroes--------- ------- ------------------5.080.000
6.198.000
Total resources____ . . . ----- -------------- - $914,480,000 $917,901,000 $942,220,000 $911,032,000 $915,691,000 $890,280,000 $894,032,000 $880,012,000 $881,991,000
[Vol. 104
THE CHRONICLE
1364
M ar.
30 1917 M a r .23 1917.
M a r . 161917. M a r .
9 1917.
M ar.
2 1917.
F eb.
23 1917.
Feb.
16 1917.
F eb.
9 1917.
Feb.
2 1917.
Capital paid In___________________________
Government deposits______________________
Duo to members— Reserve account_________
$56,075,000 $56,057,000 $56,054,000 $56,028,000 $56,045,000 $55,989,000 $55,773,000 $55,713,000 $55,725,000
20,567,000 19,702,000 18,594,000 12,401,000 14,162,000 13,407,000 10,851,000 15,525,000 23,333,000
720,411,000 711,117,000 726,104,000 720,488,000 708,893,000 692,475,000 688,591,000 678,170,000 689,878,000
Collection items______ ____ ______________
Federal Reserve notes—Net_______________
100,961,000 113,784,000 121,550,000 102,824,000 116,330,000 108",826,000 121,218,000
15,941,000 16,725,000 19,444,000 18,787,000 19,772,000 19,061,000 17,089,000
525,000
All other liabilities------------------------------------
516,000
480,000
504,000
489,000
522,000
97,207,000 101,232,000
13,093,000 11,471,000
510,000
304,000
352,000
$914,480,000 $917,901,000 $942,226,000 $911,032,000 $915,691,000 $890,280,000 $894,032,000 $860,012,000 $881,991,000
Gold reserve ag’st net dep. & note liabilities..
Cash reserve ag’st net dep. & note liabilities..
Cach reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregato net liabilities on F. R. notes In
circulation___________________________
■
79.9%
81.2%
79.0%
80.5%
77.0%
79.2%
74.6%
77.3%
74.0%
75.4%
71.4%
73.6%
71.8%
72.9%
73.0%
74.6%
76.0%
77.8%
82.1%
81.4%
80.3%
78.3%
76.4%
74.6%
73.8%
75.3%
78.4%
D istribu tion by M a tu rities —
1-15 days bills discounted and bought__ $31,061,000 $30,245,000 $36,502,000 $40,336,000 $36,578,000 $36,912,000 $33,356,000 $24,394,000 $24,839,000
1-15 days municipal warrants_________
744,000
319,000
1,173,000
794,000
1,754,000
1,242,000
1,227,000
302,000
392,000
16-30 days bills discounted and bought__
30,320,000 28,410,000 22,516,000 23,707,000 29,189,000 32,925,000 28,602,000 26,876,000 23,943,000
794,000
16-30 days municipal warrants_________
345,000
52,000
765,000
362,000
1,148,000
921,000
1,225,000
1,241.000
31-60 days bills discounted and bought__
30,636,000 36,260,000 42,956,000 45,208,000 46,156,000 49,017,000 56,578,000 51,140.000 44,877,000
571,000
437,000
31-60 days municipal warrants_________
582,000
612,000
1,103,000
911,000
1,100,000
1,945,000
1,718,000
11,735,000 10,505,000 11,486,000 17,279,000 20,096,000 23,915,000 26,149,000 24,924,000 13,240,000
61-90 days bills discounter! and bought__
8,122,000
81-90 days municipal warrants_________
11,977,000 12,122,000 12,123,000
495,000
517,000
631,000
696,000
582,000
Over 90 days bills discounted and bought.
827,000
830,000
851,000
776,000
879,000
863,000
922.000
958,000
920,000
6,272,000 13,084,000 13,306,000 12,848,000 10,714,000
2,212.000
Over 90 days municipal warrants_______
2,211,000
2,210,000
8,633,000
Federal Reserve N otes —
Issued to the banks___________________ $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,409,000 $321,453,000 $308,348,000 $290,577,000
24,799,000 25,410,000 27,217,000 28,651,000 29,589.000 28,298.000 29,614,000 29,825,000 30,547,000
Held by banks_______________________
In circulation________________________ $357,765,000 $346,804,000 $336,061,000 $326,612,000 $314,258,000 $303,171,000 $291,839,000 $278,523,000 $260,030,000
Gold and lawful money with Agent...........
3360,668,000 $349,519,000 $338,608,000 $328,433,000 $317,581,000 $306,186,000 $297,270,000 $288,720,000 $274,074,000
Federal Reserve N otes (.Agents A ccou n ts )—
Received from the Comptroller_________ $647,700,000 $625,320,000 $598,480,000 $583,560,000 $576,400,000 $562,040,000 $539,500,000 $515,880,000 $470,220,000
Returned to the Comptroller___________ 127,917,000 121,867,000 116,858,000 114,477,000 113.184,000 112,101,000 109,827,000 108,262,000 106,394,000
Amount chargeable to Agent_______ $519,783,000 $503,453,000 $481,622,000 $469,083,000 $463,216,000 $449,939,000 $429,673,000 $407,618,000 $363,826,000
In bands of Agent_____ _______ _______ 137,219,000 131,209,000 118,344,000 113,820,000 119,369,000 118,470,000 108.220,000 99,270,000 73,249,000
Issued to Federal Reserve banks___ $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000 $321,453,000 $308,348,000 $290,577,000
Bern Secured —
By gold coin and certificates.................... $222,377,000 $219,836,000 $218,609,000 $212,094,000 $204,194,000 $194,904,000 $188,144,000 $178,344,000 $166,374,000
By commercial paper_________________
Credit balances In gold redemption fund..
Credit balances with Federal Reserve B'd.
21,898,000 22,725,000 24,670,000 26,830,000
17,631,000 14,353,000 15,379,000 14,959,000
120,660,000 115,330,000 104,620,000 101,380,000
26,266.000
15,587,000
97,800,000
25,283,000
14,722,000
96,560.000
24,183.000
15,006,000
94,120,000
19,628,000
15,126,000
95,250,000
16,503,000
12,650,000
95,050,000
Total___________________________ 3382,566,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000 $321,453,000 $308,348,000 $290,577,000
Commercial paper delivered to F. R. Agent.. $23,050,000 $24,386,000 $26,189,000 $29,686,000 $28,700,000 $28,618,000 $26,746,000 $21,715,000 $19,692,000
a Amount due to other Federal Reserve banka
tAmended figures.
WEE KLY STATEMENT o f RESOURCES and LI ABILIT1ES of EACH of the 12 FEDERAL RESERVE BAN KS at CLOSE of BUSINESS MCH. 30 ’ 17
Boston.
N ew Y ork. Phtladel'a. Cleveland.
Richmond.
A tlanta.
Chicago.
s
i s
$
I
s
S
S
I
s
Gold eoln A otfa. In vault 14,541,000 219,109.000 24,065,000 17,925,000 ,730,000 6.207.000 31,808,000
Gold settlement fund__ 20,455,000 16,151,000 14,255,000 29,915,000 16,093,000 4.019.00035.129.000
250,000 250,000
50,000
31,000 407,000 619,000' 200,000
Gold redemption fund..
RESOURCES.
St. L ou ie. M in n ea p . K a n . City
D allas.
San Fran.
S
S
3
s
s
132.000 11.811.000 7,815.000 7.943.000 14,817,000 374.903.000
,/97,000 11.005.000 26,512,000 7.111.00012.619.000 200.061.000
192.000
155,0001 168,000
77,0001
15,000 2,414,000
Total gold reserve___ 35,046,000 235,510,000 38,570,000 47,871,000 22,230,000 10,845,000 67,137,000 20, 121,000.22,971,000 34,495,000 15,131,00027,451,000 577,378,000
269,000 2,116,000
199,0001
78,000
111,000 1,551,000, 1,416,000 1, 766,0001 586,000
Legal-ten. notes ,sllv.,Ao.
68,000 1,100,000,
22,000 9,282,000
>237,626,000 38,769,000 47,949,000 22,341,000 12,396,00068,553,00021,887,00023,557,000 34,563,000 16,231,000 27,473,000 586,660,000
Total reserve_______
5% redemp. fund—F.R.
bank notes_________
Bills:
868,000 1,087,000 1.551.000 3,754,
Discounted—Members 4,168,000
Bought in open mkt. 13,146,000 18,913,000 11,117,000 5.212.000 6,376,
19,781,000 12,204,000 0,763,000
Total bills on hand__
Investments' U. 8. bds.
One-yr. 17.8. Tr. notes 1,666,000
298,000
Munlelpal warrants..
123.000 1.467.000
584.000 8.002.000
537.000 999,000
936.000 4,129,000
5,707,000
81.000
...
4.985.000 442,
34,000 1,999,000 1.590.000 1,969,
5,199,000 1,378,000 3.066.000
15,
300,000
100,000
400,000
635,000
,228,000
643.000 274.000
441.000 6 389.000
,106,000
,4/3,000
5,128,000 2,863,000 3,084,000! 6,603,000
170,000 5.961.000
,491,000 2.844.000
7,000 2.653.000
,203,000 1.454.000
891,000 1.230.000
177,000
,094,000
,147,000
,784,000
480,000
Total earning assets.. 19,278,000 25,092,00045,581,000 16,404,000 12,556,000 7,375,000 20,927,000 9,661,000
Fed. Res’ve notes—Net 1,754,000 10,035,000
753,000
Due from other Fedoral
1,464,000 1,312,000 403
Reserve Banks—Net.
Uncolleoted Items_____ 11,356,660 29,735,000 17,397,0001 9,882,000 9,071
90,
588,000
79,000
156,000
All other resources
403,000, 2 ,429,000
430.000 1,500,000
506.000 836,000
8,423,000 11,428,000 167,094.000
4.559.000
263.000 5.065.000
192.000 18,806,000
686,000, 258,000
275.000
425.000
715.000
1,743,000 18,844,000
1.698.000
!,421,000 3.518.000
450,000
149,000
457.000
044.000
297.000
707.000 5, 030.000
172.000 617.000
275.000
759.000
548.000
Total reaouroes__ . . . 67,703,000 303,076,000 73,290,000 76,456,000 14,407,000 29,912,000118168000 40,419,000 36,911,000 57,941,000 30,633,000 46,891,000 914,480,000
L IA B IL IT IE S .
Capital paid In_______ 5.068.000 11,881,000 5.260.000 6,089,000 3.428.000 2.410.000 7,001,000 2,795,000
Government deposits
1.373.000 6,657.000 1.748.000 335,000 1.710.000 2.293.000 2,696,000' 420,000
Due to members—Re
serve account______ 52,182,000 254,366,000 48.949.000 59,845,000 25,866,000 18,889,000 96,348,000 26,620,000
Collection Hems_____ 8,598,000 21,215,000 15.362.000 10,187,000 7.753.000 4,431,000 12,123,000 6.838.000
2.497.000
5.710.000 1,889,000:
1,821,000
...
Fed. Res’ve notes—Net
370.000 8,791,000
1.249.000
Due to F.R banks—Net
112.000
166,000
All other liabilities..
,410
.236
3,088
413
,698,000 3,941,000 56.075.000
670.000 1,016,000 20.567.000
,231
,296
,711
47,632
6,231
577
23,075,000 38,408,000 720.411.000
2,663,000 3,264,000 100.961.000
_____ 15.941.000
736,000,
791.000 186,000 11.387.000
.........
76,000
525,000
Total liabilities......... 67,703,000 303,076,000 73,290,000 76,456,000 44,467,000 29,912,000 11816800040,419,000
57,941,000 30,633,00040,891,000 914,480,000
Issued to banks_____ 17,124,000 165,910,000 25,710,000 15,645.000 16,737,000 20,422.00025,139,000 15,010,000 20,271
Held by banks______ 1,751,0001 10,035,000 1,529,000 753,000 818,000 942,000 4.559,000) 850,000 589
23,223,
828,
Federal Reserve Notes —
F.R. notes In circulation 15,370,000:155,875,000 24,181,00014,892,000 15,919,000 19,480,000 20,5S0,000i14,160,000 19,682,000j22,395,i
Gold and lawful money
with agent____
17,124,000 165,910,000 22,360,00015,645,000 10,209,000 17,591,000 25,139,000 11,663,000 16,9/1 OOo!21,818,1
21,156,00016,217,000 382,564,000
401,000. 1',741,000 24,799,000
20.755,00014,470,000 357,765,000
20,019,000 16,219.000 360,668,000
a Difference between uet amounts due from and not amounts duo to other Federal Reserve banks.
* Overdraft.
STATEMENT OF FEDERAL RESERVE AQENTS’ ACCOUNTS A\ARCH 30 1917.
Boston.
N ew York.
Philadel'a. Cleveland.
Richmond.
A tlanta.
Chicago.
St. Louis.
M in n ea v .
K a n . City.
D allas.
San Fran.
Total.
S
$
$
$
t
Federal Reserve Notes—
$
$
$
$
$
$
$
$
Reo’d from Comptrolr 33,880,000 300,560,000 39,120,000 27,460,000 29.500,000 36,380.000 32,560,000 23,340,000 32,000,000 37,720,000 36,120,000 19,060,000 647.700.000
Returned to Comptrol 9,156,000 68,970,000 7,610,000 5,115,000 9,163,000 5,153,000 1,881,000 3,990,000 3,284,000 3,739,000 7,013,000 2,843,000 127.917.000
Chargeable to Agent.. 24,724,000 231,590,000 31,510,000 22,345,000 20,337,009 31,227,000 30,679,000 19,350,000 28,716,000 33,981,000 29,107,000 16,217,000 519,783,000
In hands of F.R.Agent 7,600,000 65,680,000 5,800,000 6,700,000 3,600,000 10,805,000 5,540,000 4,340,000 8,445,000 10,758,000 7,951,000
.......... 137,219,000
Issued to F. R. bank. 17,124,000 165,910,000 25,710,000 15,645,000 16,737,000 20,422,000 25,139,000 15,010,000 20,271,000 23,223,000 21,156,000 16,217,000 382,564,000
Held by F. R. Agent—
5,165,000 13,018,000 2.370.000 10,110,000
222,377,000
15,910,000 159,404,000 3.730.000 9,773,000
2.897.000
Credit balances:
739,000 17.631.000
In gold redemption t'd 1,214,000 6,506,000 1.340.000 872,000 709,000 1.774.000 689,000 548,000 823,000 1.188.000 1.229.000
With F. R. Board___
17,290,000 5,000,000 9.500.000 12,920.000 24,450,000 5.950.000 3.130.000 18,260,000 8.680.000 15,480,000 120,660,000
Notes seoured by 00m3.347.000 3.300.000 1,405,000 1,137,000
6.528.000 2.831.000
3.350.000
21.898.000
T ota l________ . . . 17,124,000 165,910,000 25,710,000 15,645,000 16,737,000 20,422,000 25,139,000 15,010,000 20,271,000 23,223,000 21,156,000 16,219,000 382,566,000
Amount of comm’l paper
delivered to F.R.Ag’ t
6,728,000 2,856,000
3,352,000 3,300,000 1,423,000 2,001,000
3,390,000
23,050,000
S ta te m e n t
sh ow s
th e
sep a ra te
g iv e n .
a ls o
th e
o f
N ew
c o n d it io n
b an k s are
gran d
of
Y o rk
th e
C ity
N ew
fo r
th e
N E W
Week Ending
Mar 31 1117.
(00i omitted.)
Capital.
N et
P rofits.
(Nat. B’ksMar. 5\
IStateB'ks Feb. 28|
Members of Federal
Reserve Bank.
Bank of N Y . N B A
Merchants' Nat. Ban!
Much. * Metals Nat..
National City Bank..
Chemical Nat. Baal<__
Atlantic National Banl
Nat. Butohers A Drov .
Amer. Exoh Nat. Baal
National Bank of Com
Chatham A Phenfx Nat .
Hanov >r v itiont
Citizens’ N at...
.
Corn Exohange Bank.
Importers' A Traders'.
National Park Bank..
First National Bank ..
Flfth National Bank..
Seaboard Nat. Bank..
Liberty National Bank
C ity
th e
d a ily
H o u se
C le a r in g
th re e
L oans,
D iscounts.
Investm ’ ts.
& c.
A v erage.
S
i
2,000,0 5,000,1
2.000,0 2,391,3
6.000,0 9,910,1
2.5.000.0 a4G.035,S
3.000.0 8,455,J
822,1
1,000,0
77, f
300,0
5.000,0 5,606,0
25,000.1 19,463,1
3,500.0 2,202,1
3,000.1 16,446,1
2,517,6
1,000.0 2,083,3
3,500,0 7,291,2
1,500,0 7,705,1
5,000,0 10,293,':
68,-;
250,0
1,000,0 3,544,:
10.000,0 25,753.1
4,000,1 4,102,5
500,1
1,209,1
10,000,1 12,519,1
1,000,0 1,999,1
1,000,1 1,334,7
250.1
428,1
1.000,c 3,078,1
1,000,1 3,616,1
808,1
1,000,0
1,000,0 1,137,8
1,000,0 1,134,5
1,500,0 1,050,6
p r e c e d in g
Y O R K
*
37,655,0
20,154,0
127,591,0
450,273,0
37,538,C
14,000,0
2,458,0
88,074,1
253,179.1
68,933,1
137,160,1
29.337.0
10.988.0
92,411,1
33,810,1
152,599,1
2,248.1
18,700,1
177,482,1
83,820,1
11,014,1
224,001,1
17,020,1
10,455,1
5,637,1
40,584,1
.62,100,1
10,519,1
12,013,1
10,080,1
23,944,0
B a n k s
H ou se
r e s u lts .
fu r n is h a c o m p a r is o n , w e h a v e
a g g reg a tes
CLEARING HOUSE
MEMBERS
C le a r in g
Y ork
th e a v e ra g e s o f
In o rd e r to
1365
THE CHRONICLE
A pr . 7 1917.]
In
a n d
th e
in s e rte d
T ru st
case o f
th e
th e
2,271,808.0
_____ 2,200,595,1]
_____ 2,251,619.0
.......... 2,248,719.0
th e w e e k e n d in g
fo llo w in g
M arch
t o t a ls , a o t u a l fig u r e s
to t a ls o f a o tu a l c o n d it io n
T h e
at end
fo r e a ch
d e ta ile d
31.
of
of
th e
th e
sta tem en t
fig u r e s
w eek
fo r th e
a re a ls o
th ree g ro u p s a n d
w eeks.
W E E K L Y
C L E A R IN G
G old.
Legal
T enders.
Silver.
A verage.
$
A v era ge.
i
A v era g e.
$
865,0
3,072,0
720,0
818,0
26,028,0 1,451,0
52,520,0 4,849,0
3,162,0
695,0
238,0
1,415,0
74,C
45,0
3,990,0 2,040,0
4,157,0
22,682,0
4,068,0
1,701,0
1,127,0
23,249,0
109,C
1,188,0
437,0
1,452,1
718,0
10,03.3,0
1,804,0
1,218,0
11,320,0
1,848,0
110,0
33,0
1,136,0
175,0
34,462,0
975,0
10,801,0
1,882,0
508,0
818,0
28,410,0 12,541,0
2,352,0
620,0
654,0
184,0
162,0
126,0
2,789,0
1,566,0
1,487,0
339,0
640,0
204,0
183,0
180,0
307,0
134,0
1.82S.0
329,0
H O U S E
N at .Bank N a t.B a n k
N otes
N otes
[Reserve
[N ot
fo r State Counted
In stitu
as
tion s].
R eserve].
328,0
425,0
3,234,0
2,396,0
634,0
266,0
157,0
1,480,0
1,856,0
1,135,0
1,074,0
981 ,C
222,0
2,901 ,c
.359,C
1.4S5.C
204 ,C
456,C
1,563,0
2,767,0
212,C
4,716.0
172,C
488,0
457,0
1,024,0
203,0
171,0
707,0
390,0
561,0
A v era ge.
3
_____
_____
_____
_____
_____
_____
_____
_____
123,850,0 214,151,2 2,260,574,0 253.440,0 43,006,0 33,024,0
J Mar. 31
i Mar. 21
Mar. 17
Mar. 10
C o m p a n ie s .— T h e
m e m b e rs fo r
A v erage.
S
1.0
35,0
74,0
123,0
31,0
20,0
4,0
13S.0
_____
354,0
24,0
22,0
45,0
502,0
24,0
59,0
3,0
30,0
21,0
9,0
117,0
35,0
193,0
17,0
16,0
21,0
14,0
5,0
14,0
31,0
58,0
R E T U R N .
Federal
Reserve
Notes
INot
Reserve].
Addtt’al
Reserve Deposits
Net
voitb
with
Demand
Legal
Legal
Deposi Deposi Deposits.
taries.
taries.
Average. Average Average
S
S
3
3.120.0
'" 4 * 9 .6
1.246.0
141.0 10.722.0
1.381.0 39.784.0
2 8,0 2.705.0
20,0 1.106.0
2.0
163.0
113.0 9.521.0
855.0 20.176.0
405.0 5.462.0
284.0 13.669.0
23.0 2.885.0
195.0 1.182.0
2.611.0 13.918.0
11.0 2.352.0
137.0 13.428.0
210.0
19.0
71.0 1.136.0
14.583.0
215.0 7.316.0
832.0
23.0
590.0 19.131.0
95.0 1.349.0
148.0 1.173.0
421.0
7.0
74.0 7.822.0
180.0 12.270.0
965.0
14.0
11.0 1.119.0
685.0
13.0
85.0 2.026.0
National
Bank
Net
Time
Circula
tion.
Deposits.
Average. Ateragt. Averagt,
$
S
S
782.0
35.140.0 1.791.0
110,0 1.823.0
17.175.0
145.837.0 4.432.0 3.770.0
496.486.0 1.933.0 1.782.0
450.0
32.947.0
150.0
* 813,0
14.578.0
2,200,0
48.0
84.577.0 6.173.0 4.843.0
260.474.0 1.850.0
155.0
69.689.0 5.692.0 1.774.0
130.0
157.008.0
27.217.0 1,09*1',6 1.014.0
161.0
11.292.0
111.061.0
30.331.0
***5*1*6
153.857.0 1,936,0 3.557.0
2.552.0
50.0
15.701.0
760.0
190.432.0 1.325.0 3.115.0
92.670.0 5.615.0
223.0
11.664.0
197.0
250.568.0 15,692,0
450.0
38,0
18.045.0
890.0
10.514.0
399.0
337,0
5.669.0
248.0
70.0
49.811.0
500.0
70.403.0 1,416,0
413.0
215.0
10.015.0
399.0
40.0
11.793.0
50.0
25.0
10.159.0
484.0
25.649.0
2.040,0
7,800,0 212,543,0
2,426,114,0 51,008,0 28,254,0
2,204,0
2,024,0
2,285.0
1,956,0
7.884.0 212,958,0
7.343.0 206,810,0
6.437.0 221,274,0
6.440.0 208,603,0
2.431.858.0
2.438.023.0
2.432.202.0
2.376.990.0
51.043.0
51.174.0
49.994.0
49.804.0
28.151.0
28.644.0
28.590.0
28.628.0
252.396.0
268,307,0
269,135.0
254,244,0
41,084,0
41,901,0
41,928.0
31.316,0
32,379,0
35,241,0
33,697.0
33,744,0
..........
7,965,0
4,720,0
1,020,0
580,0
179,0
1,580,0
325,0
722,0
2,112,0
511,0
648,0
1,015,0
265,0
1,208,0
2,575,0
950,0
1,302,0
298,0
524.0
58,0
791.0
54,0
247,0
400,0
88,0
44,0
302,0
205.0
406.0
791,0
346,0
660,0
589,0
145.0
174.0
560.0
73,0
183,0
1,549,0
134,0
171.0
452.0
112.0
453,0
306,0
68,0
5.0
315,0
157,0
7,0
53,0
45,0
8,0
39,0
180,0
70.0
58.0
37.0
56.0
198,0
216,711,0 25,425,0
6,556,0
5,997,0
1,296,0
..........
21.639.0 0,489,0
27.521.0 0,287,0
27.562.0 6,143,0
28.575.0 •5,953,0
5.971.0
6.142.0
6.889.0
0,668,0
1.301.0
1.185.0
1.230.0
1.235.0
..........
382,0
375,0
79,0
12,0
181,0
1,091,0
52,0
440,0
29.3,0
169,0
012,0
834,0
151,0
1,027,0
207,0
425,0
1.38,0
113,0
90,0
718.0
102,0
77,0
843,0
301,0
49,0
335,0
290,0
257,0
247,0
15,0
171,0
46,0
142,0
438,0
2,0
34,0
168,0
135,0
15,0
69,0
89,0
410,0
_____
5,998,0
4,020,0
1,981,0
..........
1.123,291,0 90,947,0 4,401,0 3,369,0
___ _ 1.097,279.0 107,101,0 8,584,0 5,395,0
____ _ 1.090,952.0 117,231,0 3.027,0 5,749,0
......... 1.090,094,0 110,514.0 10,438,0 4,23.3,0
Grand Aggregate. avge. 193,550,0 315,729.5 3,590.309,0 381,790,0 50:10*0,0 43,041,0
Comparison prav. woek .......... ........... + 30,701,0 -2.3,058,0 + 1,317,0 —1,079,0
Grand Aggregate.aotual condition Mar. 31 3.012,223,0 37.33)823) 55,034,0 41,719,0
Comparison prev. week .......... ........... + 29,937,0 -29,007,0 —1,738,0 —5,059,0
Grand Aggregate aotual oondltlon Mar. 24 3,582,286.0 103.019,0 56,772,0 46,778,0
Orand Aggregate actual condition! Mar. 1713.558,900.0 113,928,0 51,098,0 40,335,0
Grand Aggregate aotual condition Mar. 10 3,558.131.0 399.333.0 50,707,0 44,645,0
a Includes capital set aside for foreign branches, $5,000,000.
1,887,0
2,103,0
1,872.0
1.947,0
973.0
879.0
1.060.0
1.083.0
3,277^0 **2,040,6
— 40,0
+ 1,0
(L237J0 270,465,0 66,873,0 3,652,189,0 1S07i 353) 28,254,0
+ 662,0 —3,254,0 -1,866,0 + 5,109,0 + 417,0 —441,0
State Banks.
Not Memberi ol
Federal Reserve Bank.
Bink of America____
Qreenwloh Bank____
Paoiflo Bank-----------People’s Bank--------Bowery Bank------German-Amcrloan B
Fifth Avenue Bank.
Germania Bank--------Bank of Metropolis___
West Side Bank--------N. Y. Produce Ex Bk
State Bank__________
2,050,0
1,500,0
500,0
500,0
200,0
2,000.0
250,0
750,0
100,0
200.0
200.0
1,000,0
200,0
1.000,0
1,500,0
5,180,2
0,598,9
1,280,4
985,3
408,7
2,120,2
803,4
824,8
2,303,0
800,0
1,072.0
2,214,1
301,0
1,062,4
726,6
Totals, avge. for week. 11.950,0 26,802,2
Mar.
Mar.
Mar.
Mar.
31
24
17
10
..........
.........
43,921,0
34,940,0
12,730,0
7,884,0
3,029,0
15,600,0
4,284,0
0,312,0
17.790,0
5,250,0
0,401,0
14.076,0
4,470,0
15,162,0
24,250,0
217.121.0
218.412.0
216.335.0
219.318.0
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co___ 1,500,0 3,799,5
30,070,0 2,080,0
Bankers' Trust Oo____ 10,000,0 17,064,9 233,470,0 21,200,0
U. S. Mtge. A Trust Co 2,000,0 4,507,1
08,101,0 5,113,0
Astor Trust Co______
1,250,0 1,809,1
33,392,0 3,488,0
Title Oua'-. A Trust Co. 5,000,0 12,404,5
41,364,0 2,197,0
Guaranty Trust Co___ 20,000,0 31,430,3 374,416,0 46,231,0
1,000,0 1,239,3
Fidelity Trust Co___
10,392,0
098,0
Lawyers’ Title A Trust. 4,000,0 5,511,0
27,504,0 1,443,0
92,505,0 0,357,0
Columbia Trust Co___ 5,000,0 0,412,9
1,000,0 1,751,4
24,179,0 1,72.3,0
People's Trust Co----3,000.0 11,632,4
72,820,0 5,154,0
New York Trust C o..
1,000.0 1,334,4
22.453,0 1,405,0
Franklin Trust Oo----1,000,0
533,4
14,500,0
917,0
Lincoln Trust Oo___
61,852,0 4,859,0
Metropolitan Trust Co. 2,000.0 5,249,3
Totals, avge. for week. 57,750.0 104,776,1 1,113.084,0 102,931,0
Mar.
Mar.
Mar.
Mar.
31
24
17
10
263,0
* 323,0
291.0
854.0 1.859.0
59,0
283.0
1.173.0 3.009.0
158,0
1.632.0
50.099.0
33.748.0
13.787.0
7.672.0
3.134.0
14.464.0
3.927.0
6.631.0
19.237.0
5.386.0
6.363.0
14.238.0
4.716.0
16.541.0
27.695.0
393,0
9,103,0 6,750,0
227,638,0
57,0
307.0
323.0
365.0
516.0
8,880,0
9.190.0
9.139.0
8.954.0
7.197.0
0,364,0
6.309.0
5.597.0
227.087.0
230.845.0
229.524.0
233.161.0
61.0
554.0
560.0
560.0
3.287.0
25,310,0
4.960.0
4.050.0
3.420.0
9.349.0
611,0
223.0
3.672.0
1.477.0
1.511.0
810.0
447.0
990.0
29.939.0
218.543.0
54.697.0
25.476.0
25.705.0
362.484.0
8,306,0
20.388.0
75.934.0
23.279.0
59.130.0
20.188.0
14.425.0
59.943.0
5.296.0
26.271.0
14.684.0
8.314.0
1.487.0
34.341.0
1.021.0
842.0
18.580.0
1.643.0
7.906.0
3.604.0
905.0
4.116.0
86,0
80,0
21,0
3,071,0 1,094,0
23.0
62.0
231,0
45,0
Y o .o
..........
_____
_____
3,188,0
— 100,0
2,204,0
+ 180,0
3,288.0
3.102,0
3,182,0
2.024.0
2,285,0
1,950,0
* 706",6
236.0
334.0
29.0 1,495
26.0 10,927
34.0 2,735
104
40.0
45.0 1,285
458,0 18,124
414
16.0
65.0 1,019
99.0 3,797
85.0 1,164
78.0 2,90S
16.0 1,009
721
27.0
20.0 2,997
1,038,0 48,819,0 60,117,0
9,164,0
+ 619,0
47.268.0
68.193.0
60.394.0
37.197.0
22,0
*3*6
32,0
998,437,0 129,070,0
999.064.0
990.398.0
990.051.0
997.854.0
130.847.0
128.206.0
129.072.0
128.173.0
5+4053) 3,658,009.0 181,951,0 28,151.0
-200920 — 1,257,0 + 2,017,0 —493,0
74.557.0 3.659.206.0 179.934.0 28.644.0
66.703.0 3.651.777.0 179.626.0 28.590.0
42.794.0 3.608.005.0 178.537.0 28.628.0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cask Reserve Reserve la
in Vault. D epositaries
Total
Reserve.
a Reserve
Required.
Surplus
Reserve.
I n c . or D ec.
Cash Reserve Reserve In
from
Previous Week In Vault. D epositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
In c. or D ss
from
Previous W Mi
$
z
s
Members Federal
S
$
t
$
$
$
$
$
$
Reserve B a n k ... 330.070.000 212,513,000 542.613.000 439,250,920 103,362,080 — 10,528,970 328.859.000 212,958,000 541.817.000 440,286,590 101,530,410 —9,385,750
Slato Banks*--------
Trust Com panies*.
39,274,000 9,103,000 48,377,000 40,974,840 7,402,160 —2,725,280, 38,400,000 8,880,000 47,280,000 40,875,660
114.930.000 48,819,000 163.749.000 149,765,550 13,983,450 —7,840,850 106.664.000 49,068,000 155.732.000 149,859,600
6,404,340 —2,368,560
5,872,400 —17,203,900
Total Mar. 3 1 ... 484.274.000 270.465.000 754,739,000620,991,310124,747,690—27,095,100 473,923.000 270,906.000 744.829.000 631,021,850 113,807,150 —28,958,210
Total Mar. 24--. 507.663.000 273,719,000781,382,000620,539,210151,842.790 +7,004,860 509,887,000264,393,000 774,280,000631,514,640 142,765,360 —21,073,610
Total Mar. 17 . . 505.526.000 26 4.119,000 709,645,000 024.807,070144,837.930! +2,918,390 515,063.000 278,894,000 793,957,000630,118,030 163,838,970 + 21,247,450
Total Mar. 10 . 503.508.000 258.104.000 701,612.000 619,092,460 141,919,540 —25,945,270 497,867,000 266,720.000 764.587.000 621,995,480 142,591,520 —21.835,750
• Not members of Federal Reserve Bank.
a This Is tho reserve required on Net Demand Deposits In the ease of State Banks and Trust Companies, but In the oase of Members of the Federal Reserve Bank
tnoludos also the amount of reserve required on Net Time Deposits, whtoh was as follows: Mar.31, 52,550,400; Mar.24, $2,538,550: Mar. 17, 52,523,700; Mar. 10, 52,589,250
b This Is tho reserve required on Net Demand Deposits In the oase of State Banks and Trust Companies, but In the oase of Members of the Federal Reserve Bank
Includes also the amount of reserve required on Net Time Deposits, whloh was as follows: Mar. 31, $2,552,150; Mar. 24, $2,558,700;Mar. 17, $2,499,700; Mar. 10, $2,490,200
1366
T h e
S ta te
s h o w in g
In
N ew
[Vol. 104
THE CHRONICLE
B a n k in g
th e
c o n d it io n
Y ork
C ity
D ep a rtm en t
of
S ta te
rep orts
banks
w e e k ly
and
tru st
not in the Clearing H ou se ,
and
th e se
are
a h o w n in t h e f o llo w in g t a b le :
(Figures Furnished by Slate Banking Departm ent.')
M arch S I.
D ifferen ces from
previous week.
Loans and Investments_____________
5777,141,100 Inc. SI,501,400
G old .................- .............................................. ....... OS, 110,200 Inc.
115,800
Currency and bank notes..............
10,777,900 Dec.
11,000
Total deposits............. ................... - ____ _______ 1011,021,000 Dec. 2,918,900
Deposits, eliminating amounts due from reservo
depositaries and from other banks and trust com
panies In New York City, and exchanges_______ 826,312,900 Inc. 8,631,900
Reserve on deposits______________________
255,227,200 Dec. 14,427,200
^Percentage of reserve, 32.4%.
RESERVE.
------- Stale Banks ------- ---- Trust C om panies —
Cash in vaults............................... 515,103,700 12.08%
563,484,400 9.62%
Deposits In banks and trust cos___ 22,265,000 17.47%
151,074,100 23.31%
Total..........................................537,668,700 29.55%
T h e a v e ra g e s o f th eN e w
a d d it io n
to
p a n ie s in N e w
b y
th e
th e retu rn s o f “ S ta te
S ta te
B a n k in g
Y ork
combined
$217,558,500 32.96%
C it y C le a r in g H o u s e
w it h
a n d t r u s t c o m p a n i e s in G r e a t e r N e w
In t h e w h o le S t a t e .
g u is h
b etw een
N o n -M e m b e r
n o n -m e m b e r
D em and
D ep osits.
S pecie.
F or
d e fin itio n s
and
T h e
p r o v is io n s
m en ts
of
S ta te
4.160.751.3
1.230.341.0
4.333.415.0
4,389,95 4.3
4.403.318.2
4,338,722,5
4.311.725.2
4.539.468.4
4.386.187.0
4.396.027.8
4.438.468.5
4.484.708.0
4.478.501.9
$
455.225.7
505.303.3
536.436.5
551.000.3
530,189,2
523.975.1
620.022.8
538,0 41,3
538.553.5
513,952,9
516.425.5
517.268.4
492.917.2
B a n k s
I n s t it u t io n s
R E T U R N
CLEARING
WON-MEMBERS.
Week Ending
March 31 1917
a n d
w h io h
O F
$
77.977.5
82.471.5
83.323.8
76,059,0
71,353.7
73.943.6
73.705.7
71,511,5
73.535.3
63.650.4
69.368.5
68.877.9
70.211.9
S
533.203.2 915,437,2
587.774.8 970,950,4
619.780.3 1,031,316,7
027.119.3 1.057.391.0
604.542.9 1.010.031.4
597.918.7 1.019.327.0
593,723,5 1.001.900.0
609.555.8 1.038.788.2
612.088.8 1.013.203.4
582.009.3 1.031.061.1
585.794.0 1.012.356.3
536.146.3 1.051.038.4
563.162.1 1.009.933.2
T ru st
are
Entire
Reserve on
D ep osits.
Total
M on ey
H oldings.
“ C h r o n ic le ”
I n c lu d e d
N O N -M E M B E R
in
th e
of
th e
Members of
Sfed’l Reserve Bank
Battery Park Nat...
First Nat., Brooklyn
Nat. City, Brooklyn
Plrst Nat., Jers. City
Hudson Co. N., J.C.
Plrst Nat., Hoboken
SsoondNat., Hobok
A v erage.
A v era ge.
Average
%
%
I
$
$
374,900 4.742.000
400.000
636.700 5.766.000
300.000
610,800 5.976.000
300.000
400.000 1,292,000 4.862.000
703.800 5.499.000
250.000
621.800 6.282.000
220.000
125,000
306.700 5,048,000
S
374.000
149.000
181.000
291.000
161.000
133,000
43,000
96.000
125.000
120.000
85.000
99.000
44.000
112,000
Total__________ 1.995,000 4,659,700 38,175,000 1,382,000
687,000
C ity
w h io h
M arch
28
g o v e r n in g
in s titu tio n s
1911
(V .
in
(G r e a te r
th o
v a r io u s
th e
w ere
93,
p .
reserve
N ew
ite m s
r e q u ir e
p u b lis h e d
9 6 8 ).
th e c o m p u t a t io n
w e r e g i v e n in t h e “ C h r o n ic l e ”
in
T h e
A p ril 4
1914
of
th e
r e g u la
w hat
th e re se rv e s
(V . 9 8 , p .
1 0 4 5 ).
STATE BANKS AND TRUST COMPANIES
W eek ended M a rch
T ru st C os.
Trust C os.
State Banks
State Banks
outside o f
outside o f
In
In
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
31.
$
23,450,000
75.550.000
40,068,500
$
11,783.000
$
$
14,900,000
173,239,300
14,654,000
14,381.600
Loans and Investments..
Change from last week.
411,689,600 1.781,792,500
+ 2,820,800 + 27,009,800
170,624,100
+457,200
285,175,500
+ 535,400
Gold...............................
Chaage from last week.
50,156,200
—2,776,400
165,795,000
—6,473,500
.................
.................
Currency and bank notes.
Change from last week.
21,283,700
—279,000
15,482,300
+ 621,700
_______ _ _
.................
300,211,400
+ 589,200
Deposits--------------------Change from last week.
552,740,300 2,236,527,500
—7,127,600 + 17,439,800
.................
.................
184,291,700
—024,400
Resetvo on deposits........
Change from last week.
131,838,800 459,920,900
— 1,956,500 —23,422,400
31,838,400
—319,100
39,971,100
—530,700
26.4%
27.8%
20.5%
20.7%
16.8%
10.9%
23.7%
29.3%
P. C. reserve to doposlts.
Percentage last week..
+ Increase over last week.
Is
IN S T IT U T IO N S
N et
under
la w
d e d u c t io n s a re p e r m itte d
“ C le a r in g
C a pital. I P rofits. | Loans,
----- —------------------- D iscou n ts,
(Nat. bks. Mar. 5\ Invcst\Statebks. Feb.28/ m ents, Skc.
Y ork
t io n s r e la tin g t o c a lc u la t in g th e a m o u n t o f d e p o s it s a n d
C o m p a n ie s .— F o llo w in g
n ot
a ls o
t h e in s t it u t io n s o f t h is c la s s
N ew
r u le s
b a n k in g
Surplus as of June 30___
Other
M on ey.
fu r n is h e d
D ep a rtm en t
a re m a d e u p , se e “ C h r o n ic le ,” V . 9 8 , p . 1 6 6 1 .
Capital as of June 30-----
W e om it two cip hers In all these fig u res.
4.099.002.9
4.119.897.3
1.172.603.3
4.216.025.9
4.254.745.3
4.222.813.7
4.200.191.9
4.230.371.9
4,262,506,1
4,309,612,6
4.330.583.8
4,338,308,0
4.373.513.4
all
th e
Y o r k ) a n d th o s e fo r th e re st o f th e S ta te , a s p e r th e fo llo w in g :
C le a r in g H o u s e , c o m p a r e a s f o ll o w s fo r a s e r ie s o f w e e k s p a s t :
Loans
and
Investm ents
D e p a rtm e n t,
r e s u lts fo r
Y o r k C it y o u ts id e o f th o
COMBINED RESULTS OP BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
tru st c o m
T h o fig u r e s a r e c o m p ile d s o a s t o d is t in
th e
banks
th o se fo r th e S ta te b a n k s
banks and
not in the Clearing H o u s e ”
Y o r k C ity
p re s e n ts a s ta te m e n t c o v e r in g
SUMMARY OP STATE BANKS AND TRU3T COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
a n d tru st c o m p a n ie s ,
In
fig u r e s ,
c o m p a n ie s
th e
report
H ouse
O F
m ade
retu rn ”
N E W
— Doorcase from last weok.
to
on
Y O R K
th e
th e
C le a r in g
p r o o e d ln g
C L E A R IN G
V a t .Bank Hat .Bank
N otes lRe N oteslN ot Federal
Reserve
Counted
serve for
N oteslN ot
as
State I n
stitutions] Reserve .1 Reserve]
A d ditional
D ep osits
with Legal
D ep os
ita ries.
A v erage.
S
Average.
A verage.
t
A verage
S
H ou se
by
o le a r ln g
page:
H O U SE
N et
D em an d
D ep osits.
N et
T im e
D ep osits.
Average.
Average.
s
*
176.000
4.201.000
111.000
5.288.000
0,047,000
5.176.000
4.525.000
3.038.000 3.197.000
2.475.000 2.261.000
6,000
13.000
7.000
10.000
102,000
10,000
1.000
S
6,000
20,000
8,000
31.000
3.000
20.000
5.000
149,000
93,000 4,788,000 7,852,000 30,840,000 5,745,000 1,517,000
416.000
252.000
6,013,000
439.000
307.000
385.000
State Banks.
N ot M em bers o f the
Federal Reserve Bank
Bank of Wash. H'ts. 100,000
400.000
Colonial Bank...
Columbia Bank___ 300.000
200.000
Fidelity Bank . .
International Bank. 500.000
Mutual Bank____ _ 200.000
200,000
New Netherlnnd. ..
500.000
W R GraceACo’sBk
100.000
Vorkvllle Bank___
Mechanics’ . Bklyn.. 1,600,000
200,000
North Side. Bklyn
443.300
919.800
671.100
191.300
113,500
470.100
219.000
551.000
593,900
810.800
184,800
2.229.000 128,000
8.893.000 757.000
9.744.000 833.000
1.453.000 120.000
3.520.000 384.000
7.194.000 945.000
4.447.000 166.000
40,000
3.180.000
6.802.000 493.000
19,339,000 1,005,000
4,357,000 293.000
Total.................. 4,300,000 5,231,600 71,153,000 6,199,000
69.000
590.000
203.000
30.000
21.000
201.000
152,000
23.000
47.000
82.000
14.000
1,000
56.000
47.000
257.000
902.000
102.000
97.000
366,000
19.000
7 70,000 2,681,000
752,000
49.000
42.000
12,000
214.000
1,000
12,000
10,000
09.000
144.000
1,000
85.000
159.000
03.000
23,000
75,000
312.000
580.000
114.000
83,000
168.000
193.000
503.000 1.470.000
272.000
108,000
592.000
658.000
15.000
40.000
7.000
1.000
1,795*666
478.000
447.000
1,337,000 2.017.000
778.000
15,000 258.000
1.790.000
9.865.000
9.304.000
1.390.000
290.000
3.212.000
410.000
7.806.000
309.000
4.564.000
1.507.000 2,921,000
7.453.000
22,279,000
04,000
400,000
4.308.000
106,000 4,411,000 7,793,000 73,564,000 4,430.000
Trust Companies.
N ol M em b ers o f the
Federal Reserve Bank.
HamiltonTrust. Bkln
Mechanics’ ,Bayonne
500.000 1,150,100 8.309.000
309,000 5.860.000
200.000
570,000
91,000
44,000
49,000
26,000
93,000
Total............. .
700,000 1,459,100 14,229,000
601,000
93,000
119,000
Grand aggregate----- 6.995.000 11.350.400
Comparlson.prev.wk.
$99,520 decrease
Excess reserve,
Grand aggr’te Mar24 6.995.000 11.350.400
Grand aggr'te Mar 17 6.995.000 11.520.200
Grand aggr’te MarlO 6.995.000 11.520.200
Grand aggr'te Mar. 3 8.995.000 11.520.200
Grand aggr'te Feb.21 6.995.000 11.520.200
P h ila d e lp h ia
884.000
937.000
w e e k ly
t o t a ls
of
C le a r in g H o u s e b a n k s a n d t r u s t c o m p a n ie s o f P h ila d e lp h ia :
W e om it two cip hers (00) in all these figu res.
Loans.
D lsc'ts Sc
In vest’ ls.
D ue
from
Banks.
519.020.0
550.356.0
553.207.0
552.595.0
516.751.0
517.861.0
546.740.0
545.052.0
512.995.0
535.591.0
89.078.0
89.535.0
83.621.0
81.301.0
88.766.0
86.198.0
89.345.0
83.264.0
96.089.0
92.034.0
N o te .—National
Bank.
tn d lv ld 'l.
Total.
Reserve
H eld.
B o sto n
su m m ary
185.230.0 476,485,0 061.715.0
186.939.0 477,014,0 663.953.0
191.055.0 473,202,0 061.257.0
185.354.0 471,974,0 657.328.0
189.766.0 478,305,0 060.071.0
185,392,0,473,019,0 658.111.0
183.737.0 177,100,0 060.837.0
181.588.0 480,266,0 661.854.0
189.503.0 500,788,0 090.291.0
185.900.0 486,846,0 672.800.0
112.033.0
113.227.0
112.830.0
112.669.0
112.050.0
110.405.0
112.250.0
117.405.0
130.303.0
132.577.0
29.530.0
30.401.0
29.572.0
29.535.0
29.488.0
27.953.0
29.910.0
34.347.0
45.497.0
48.543.0
216.000 9.772.000
264.000 9.071.000
263.000 9.668.000
202.000 9.224.000
169,000 9.413.000
C le a r in g
s h o w in g
th e
18,262,000
17.886.000
17.759.000
17.093.000
16.879.000
H ou se
t o t a ls
113578000
114220000
112 471000
111010000
111723000
B a n k s .— W e
fo r
a ll t h e
14.216.000
14.333.000
14.281.000
14.106.000
11.220.000
^ Iv e
lto m s
in
1.520.000
1 .5 1 1 .0 0 0
1.512.000
1.522.000
1.508.000
b e lo w
th e
a
B oston
C le a r in g H o u s e w e e k ly s t a t e m e n t f o r a s o r ie s o f w e e k s :
BOSTON CLEARING HOUSE MEMBERS
Excess
Reserve.
bank note circulation March 31, $9,114,000: exchanges for
Clearing House (Included In “ Bank Deposits” ), banks, $19,432,000: trust companies,
$2,784,000; total, $22,216,000. Capital and surplus at latest dates: Banks, $81,
1 75,600; trust companies, $11,295,200; total, $105,470,800.
160.000
176.000
177.000
148.000
173.000
D eposits
$
5
S
S
S
$
March 31.
$
Nat. bank. 390.229.0 84,965,0 181,148,0 329.950.0 511.098.0 81.872.0 23,867,0
Trust cos.. 155.791.0 4,713,0 4,032,0 116.535.0 150.617.0 27.161.0 5,693,0
Total . . .
Mar. 2 4 ...
Mar. 17...
Mar. 10...
Mar. 3 ...
Feb. 2 4 ...
Feb. 17...
Feb. 10...
Feb. 3 ...
Jan. 27__
473,000 2,592,000 9,454,000 4,098,000
926.000
916.000
918.000
123589000 8.190.000
123285000 8.293.000
121419000 7.989.000
120811000 7.863.000
120918000 7.414.000
of
338.000 1,991,000 6.752.000 1,023,000
598,000 2.702.000 3,075,001)
136.000
843,000 149,000 234,000 9,072,000 18,237,000 113858000 14,273,000 1,517,000
—83,000 — 11,000 +18,000 —100,000 —25,000 + 280,000 + 57,000 —3,000
123562000 8,242,000
— 7,000 + 52,000
B a n k s .— S u m m a ry
12,000
23,000
Afar.31
1917.
Change from
previous w eek.
Circulation..____ ________ $6,331 ,000 Ino.
Loans, dlsc'ts & Investments 165,827 ,000 Deo.
Individual deposits. Inol.U.S. 369,278 000 Doe.
Due to banks_____________ 111,671 ,000 Deo.
Time deposits...................... 31,880 ,000 Inc.
Exchanges for Clear. House. 17,339 000 Inc.
Due from other banks_____ 43,076 ,000 Dec.
Cash reserve........................ 25,054 000 Doc.
Reserve In Fed. Res'vo Bank 32,357 ,000 Inc.
Reserve with other banks__ 47,399 ,000 Ino.
Reserve excess In bank and
Federal Reserve Bank___
5,813,000 Deo.
Excess with Reserve Agents. 34,497,000 Ino.
Im p o rts
p r e o o d in g .
a n d
E x p o rts
fo r
th o
M arch
1917.
24
Mar. 17
1917.
$9 000 $8 322.000 $6,302,000
1,030 000 466 863.000 465.298.000
3,101 000 372 382.000 371.143.000
1,313, 000 145 ,981,000 140.369.000
,876,000 33.319.000
990,
,685,000 15.407.000
1,054,
,918.000 44.918.000
2,242
,611,000 27.122.000
1,577
,816,000 30.664.000
511
,891,000 47.662.000
2,508
321,000 0,137,000 5,010,000
2,091,0001 31,803,000 34,053,000
W e e k .-
-S e e
th ird
page
A p e . 7 1917.1
W *m x\ i& x$9
THE CHRONICLE
(iim tfc e *
W a l l S tr e e t, F r id a y N ig h t , A p r i l 6 1917.
The Money Market and Financial Situation.— Tho
security markets have reflected public feeling and sontiment
on tho eve of war. The tendency of prices has boon towards
a lower level, but this featuro of tho market may easily bo
as much duo to the exceptionally unfavorable railway traffic
reports as to anything else. Evidently tho feoling prevails
in Stock Exchange circles that tho entrance of this country
into tho great European conflict is not likely to disturb its
financial status or undermine security values, and that the
object sought will be attained.
In banking circles tho matter of financing tho military and
naval Departments on a scale outlined in tho President’s
mossago has attracted attention and amounts which a few
years ago would have staggered tho imagination are talked
of as if an overy day affair. We have become so accustomed
to tho montion of sums of money represented by ten figures
that wo aro no longer bowildored by reference to such
amounts. Anticipation of Government needs has had little
if any effect upon money market rates hero, and probably
has no connection whatever with tho Bank of England’s
lowering its discount rate from 5 % to 5% .
Foreign Exchange.— Sterling exchange ruled strong
throughout tho weok, but quotations being under control,
did not reflect tho now conditions in a spectacular war. In
tho continental exchanges distinct strength in Italian liro
was tho featuro.
a n d documents for paymonfc (sixty days) 4 7 1 % . C o tto n 'fo r 'paym ent
4 75 14 and grain tor payment 4 7 5 % .
„
( Friday’si actual ratos for Paris bankers’ francs woro 5 7 6 ®
o 81 *.i for long and ,j 71 @ 5 7 6 ^ for short. Germany bankers* marks were:
no quotations tor sight, no quotations for long and no quotations for short.
Amsterdam bankers’ guilders were 40 1-4® 4 0 5-16 for short.
at Paris on London, 27.5 0 fr.; week’s range, 27.5 0 fr. high
and 27.81 fr. low.
Exchange at Berlin on London, not quotable.
Tito range for foreign exchange for tho week follows:
Sterling Actual—
Sixtg Dags.
Cheques.
Cables.
High for tho week___
4 72
4 75'>5
4 70%
Low for tho weok___ 4 71 9-16
4 7555
4 76 7-16
Paris Bankers' Francs—High for tho week___
5 76
5 68)4
5 67 %
Low for tho week___
5 00%
5 84
5 83
Germang Bankers' M arks—High for tho week___
____
Low for tho week___
____
Amsterdam Bankers’ Guilders—
High for tho weok___
40%
40%
40 11-16
Low for the woek
40 1-16
40 9-16
40%
Domestic Exchange, Chicago, 10c. per $1,000 discount. Boston,
par
St. Louis, 10c. per $1,000 discount bid and 10c. discount asked.
San Francisco, 10c. per 5 1,000 premium. M ontreal, $4,375 per $1,000
premium. Minneapolis, 20c. per 31,000 premium. Cincinnati, 15c. per
$1,000 premium. Now Orleans, sight, 50e. per $1 ,0 0 0 discount, and
brokers 50c. premium.
State and Railroad Bonds.— Sales of Stato bonds at
tho Board this week include $7,000 New York Stato 4%s
at 11434 to 114%, and $2,000 Now York Stato 4s 1960 at
104%.
Transactions in tho market for railway and industrial
bonds have beon on a somewhat larger scale than of lato and
values, continuing tho movoinont noted a weok ago, de
clined generally. From a list of 25 most activo issues only
ono, Unitod States Steel s. f. 5s advanced, tho movement
being fractional. The most spectacular woro St. Louis &
San Francisco adj. 6s, which showed a not loss of 5% points,
while p . 1. 4s, ser. A, of tho samo line lost % a point. Central
Pacific gtd. 4s declined from 89% to 87% and Chicago
Milwaukee & St. Paul conv. 4%s dropped from 98% to
96%. Wabash, P. T. 1st 4s Cent. Tr. Co. ctfs. fell away
from 38% to 37 on heavy sales.
The $60,000,000 issue of Pennsylvania RR. bonds, an
nounced last week, were largely oversubscribed, a fact
suggesting that capital is plentiful. Another fact of bond
market importance is the sale of $25,000,000 Now York
State securities at a somowhat better prico than was realized
at tho last salo. In view of proposed war taxes tho tax
exemption of this class of security is growing to bo a moro
and moro important factor. Tho bonds of various foreign
Governments have been, as usual, activo this week. Duo,
no doubt, to the entrance into the war of the United States,
valuos of thoso securities advanced, Anglo-French 5s being
most noticeablo in this movement.
Salos on a s-20-f basis, indicating, presumably, sales on
foreign account , liavo declined this weok,"being only $26,000,
as against $60,000 a weok ago.
United States Bonds.— Salos of Government bonds at
tho Board this week aro limited to $2,500 3s coup, at 101%
to 101%, $5,000 4s coup, at 109 and $500 2s reg. at 98%.
1367
of war with Germany, have naturally made values at the
Stock Exchange irregular. During the early part of the
week prices advanced particularly in the metal and steel
shai’es which would, it is supposed, be the first to receive
Government orders for war supplies. However, the opinion
is that the day of huge war profits is past and that, due to
proposed taxes and other measures adopted by the Govern
ment, which in effect would curtail such profits, the various
companies must be satisfied with only nominal returns.
During the latter part of tho week values fell away, the
manufacturing issues showing much moro weakness than the
railroad and shipping stocks. Among tho former American
Beet Sugar fell from 98 to 96% , and American Can and
American Locomotive losing 2 % points each for the
week. Atlantic Gulf & West Indies SS. fluctuated between
113% and 107%, and United States Industrial Aclohol, after
moving up from 124% to 128, closed to-night at 122. Mer
cantile Marine com. and pref. showed slight net gains for the
week, while the various steel and copper stocks were irregular.
United States Steel advancing from 114% to 118%, but
closing at 113. In the railroad group Atchison fluctuated
between 105 and 102%, while the high, low and last prices
of Canadian Pacific, Lehigh, New York Central, Reading,
Union Pacific and Baltimore & Ohio were 165%-159%-160%,
69-65 %-65 % , 98 %-94 %-94 % , 99 %-95 %-95 % , 141 % - 137 % 137%, and 80%-78%-78% .
F o r d a il y v o lu m e o f b u s i n e s s s e e p a g e 1376.
The following sales have occured this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W e e k en d in g A p r i l
6.
S a les
fo r
W eek .
P a r . S hares
R ange fo r W eek .
L o w e s t.
S p e r s h a re .
H ig h e s t.
R a n ge s in ce J a n .
!
L o w e s t.
1.
H i g h e s t.
S p e r sh a r e . i$ p e r s h a re 3 p e r s h a r e .
Adams Express____ 10C
400 110 Apr 3 I l l
Apr 3 110
American Express__ 100
100115)4 Apr 2 115J4 Apr 2 115
Am Smelters Secur pref
B trust rects________
20C 97 Apr •1 97 Apr 4 9454
Assets Realization. .100
100 3 Apr 5 3 Apr 5 3
Assoc Dry G 1st pf.100
200 60 Apr i 6014 Apr 4 5214
Atlanta Blrm & Atl-.lOO
200 1554 Mar 31 15)4 Apr 3 1314
Batopilas Mining___ 20
200 1 'A Apr 5 154 Apr 2
D4
Brunswick Terminal. 100
100 1014 Apr 3 1014 Apr 3 7)4
Burns Bros.... ........... 100 1,200|115K Apr «i 11814 Apr 2 89
Calumet & Arizona__ 10 1,200 80 Apr 3 8154 Apr 4 80
Canada Southern...100
10 56 Apr 5 56 Apr 5 55
Caro Clinch & Ohio. 100
200 25 Mar 31 2514 Apr 2 25
Chic R I & P ctfs 2d paid 1,900 48 H Apr 5 49 Apr 3 48)4
Cluett.PcabodyACo. 100
300 70% Apr 5 70)4 Apr 4 68
ConsG,EI,&P(Balt) .100
300 121 Apr 4 12114 Apr 5 119
Cons Interstate C all.. 10
700 17% Apr 2 1754 Apr 3 17
Deere & Co pref___ 100
200 99 Mar 31 99 Apr 5 9614
Detroit United____ 100 1,200 116)4 Apr 5 11814 Apr 5 114
Driggs-Seabury Ord___ 1,200 75 Apr 5 81 Apr 3 3914
Federal Mining & SmlOO
10(1 18 Mar 31 18 Mar 31 11)4
Preferred________100
500 39 M Apr 5 42 Apr 3 37
Hartman Corp____ 100
100 mV» Apr 2 6914 Apr 2 0914
Homestake Mining.. 100
15 127 Apr 4127 Apr 4 127)4
IngersoII-Rand........ 100
100 2G0 Apr 2|260 Apr 2 260
Int Harvest Corp__ 100
400 79 Apr 3 7914 Apr 3 7514
Preferred________100
100111 Apr 4 i!ll
Apr 4 110)4
Int Paper pref ctfs dep.
100 99 Apr 41 99 Apr 4 94)4
Kclly-Springfleld preflOO
100 93 Mar 31 93 Mar 31 91)4
Kings Co Elec L & P . 100
121116 Apr 2116 Apr 2 114
Long Isld ctfs dep ......... 1,000 4214 Apr 5 4254 Apr 3 4214
Lorillard (P) pref__ 100
100 11613 Mar 31 116)4 Mar 31 115
Manhattan Beach.. . 100
100 1)4 Apr 5 114 Apr 5
114
Manhattan (elev) RylOO
200(12354 Apr 5 123)4 Apr 3 122)4
May Dept Stores... 100
000 62 14 Mar 31 62U Mar 31 5814
Michigan Central... 100
19 110 Apr 4 120 Apr 5 116
Midvale Steel & Ord.5053,100 5914 Apr 5 62 54 Apr 2 59)4
Mo Pacific tr rects____
000 1244 Apr 2 12)4 Mar 31 10)4
N O Tex & Mexico v t c
200 17 Apr 3 17 Apr 4 17
New York Dock___ 100
500 1314 Apr 5 1414 Mar 31 12)4
Norfolk Southern__ 100
600 2 6 % Apr 5 2654 Apr 4 25
Ohio Cities Gas rights _ 37,500 4 )4 Apr 5 554 Mar 31
4)4
Owens Bottle-Mach..25
300 98 Apr 5 99 Apr 4 96
Preferred.............. 100
100110 Apr 2 116 Apr 2 116
5
Pacific Mall pref___ 100
100, 97 lA Apr
9714 Apr 5 9714
Pacific Tel & Tel___ 100
200 33 Mar 31 3314 Mar 31 29)4
Plltsb Steel pref___ 100
100,100 Apr 4 100 Apr 4 99
Quicksilver Mg pref. 100
100 2 54 Apr 4 2)4 Apr 4 214
Royal Dutch ctfs dep.. 1,500 61)4 Apr 5 64K M a r31 60
St Lou-S Fran pref A 100
300 33 Apr 5 34 Apr 5 33
Sears, Roebuck pref. 100
100126 Apr 4 126 Apr 4 12514
Sloss-Sheff S&I pref. 100, 100 98 Mar 31 98 Mar 31 94
Sou Pacific tr ctfs_____
10 12014 Anr 2 12014 Apr 2 11754
Transuc & W ’ms n o p a r : 1,400 4354 Apr 5 46 Mar 31 40
United Alloy Steel no par; 2,300 44 Anr 5 46 Apr 2 44
United Drug____ .100
300 74?4 Apr 2 75 Apr 4 69)4
Wells, Fargo Express 100, 200101
Apr 5 1025s Apr 3 9954
Wilson & Co pref___ 100
100 10554 Apr 210554 Apr 2i 97
Apr 140
Feb 128)4
Jan
Jan
Mar 97)4
Feb 4
Mar 60)4
Feb 16)4
Mar 2
Feb 1054
Jan 122)4
Apr S3
Feb 55)4
Jan 26
Apr 49
Feb 75
Feb 126)4
Jan 21
Feb 100
Mar 12014
Feb 84
Feb 21
Jan 45
Feb 78
Jan 131)4
Apr 260
Mar 88
Mar 114
Mar 102
Feb 93
Feb 124
Mar 4254
Feb 120)4
Apr
Feb 13354
Feb 6654
Apr 120
Apr 6254
Feb 16)4
Mar 22
Mar 16
Feb 28)4
Mar
Feb 106
Apr 116
Apr 100
Mar 34)4
Feb 102
Mar 414
Mar 66)4
Apr 42
Mar 12754
Mar 99
Mar 117)4
Feb 4654
Mar 48)4
Jan 80
Feb 144
Feb 107
Mar
Feb
Apr
Jan
Jan
Mar
Mar
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Apr
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Feb
Jan
Mar
Outside Securities.— As was the case in other securities
market values of shares at tho Broad Street “curb” declined
this week. Aetna Explosive, after advancing from 2 % to
5 % , closed at 3 % while Carwen Steel lost from 13% to 12%.
Cheverolet Motors fell from 130% to 120 and Eastern Steel
fluctuated between 109 and 111. Haskell & Barker Car Co.
lost from 42 to 40, the high, low and last prices of Lake
Torpedo Boat, Lima Locomotive, Marlin Arms, Submarine
Boat and United Motors wero 9 % -8 % -8 % , 61%-58%-59,
94-86-91, 23%-22-22% and 39%-36%-36% . Wright-Martin Aircraft lost fractionally but Maxim Munitions showed
a fractional gain for the week.
Among the bonds traded in at tho “curb” were $65,000
Bothlehem Steel 2-year 5 % notes at 98% to 98%, $1,950,000
French Government 2-year 5 % % notes at 98% to 99%,
$100,000 Midvale Steel 5s at 95 to 98% , $1,800,000
Pennsylvania Railroad new 4%s at 97% to 98% and $87,
000 Russian Government new 5%s at 87% to 89.
Tho Standard Oil subsidiaries wero not as active as last
weok. Illinois Pipe Line declined from 240 to 237 while
Midwest Refining and Ohio Oil fluctuated between 141-138
F or to -d a y 's prices o f all the d ifferen t issu es and f o r the w eek's
and 388-380 respectively. Standard Oil of New York
range see third page fo llo w in g .
moved between 313 and 319.
Railway and Miscellaneous Stocks.— Tho momontous
A complete list of “curb” market transactions for the
evonts of tho week past, culminating in declaration of a stato weok will be found on page 1376.
1368 New York Stock Exchange—Stools Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O PAGK S.
For re co rd o f aalot d u r in g t h t weak o f sto c k s u su a lly I n s c t lr s , sea p r e ce d in g page.
a m i4
A N D LOW S A L B PRICES--P E A SHARE, NOT PER CENT.
Satur lay
March 31
Monday
April 2.
Tuesday
April 3.
Wednesday
April 4.
Thursday
April 5.
Friday
April 6.
S per than $ per share 5 per share $ per share $ per share $ per share
10334 1 0 1
104% 104% 101% 105% 101 105
102% 10334
98% 98% 99
991.1 §99% 99% 99
99% §99
99
*112 118 *116 118 *116 118
115 115
115 115
79% 79% 79
79.% 78% 79
78% 7834 78
78%
*72% 73% 73% 73% *72
73% 73
73
*71% 73
68% 68% 67% 68% 68
68
*63
68% 67% 68
163 165% 159 164% 159% 162
163% 164
159% 1603.1
5934 61% 59% 60
60% 61
59
59%
6058 61
12
*12
*12
12% *12
13
12
12%
12
12
343.J 343i 34l,i 3434 34% 3134
34% 35
*33% 35
82
83
81% 83% 81% 83% 81% 82
81
8134
120 120
120 120 *118% 120 *119% 120 *119% 120
117% 117% 110% 116% 116 116% 115 11534 113% 115
*160 170 *160 170
*160 170 *160 170
39% 3 9 % 40% 40% 39% 40
*42
48
42
42
*40
46
49
*40
*75
80
*73% 76
26% 26% *2534 26% 25% 25% *25
27
24 " 24 "
*56
*55
58
*56
57
58
*55
58
*43% 47
*43
*43
50
*43
50
143 143 *140 143
140% 140% 138 140% 1363.! 137%
*225 233
____ ___ *225 233 *225 233 *22334 233
*13% 15% *13% 1512 *13
16
*13
16
♦13
16
*34% 36
34
35
35
35
33
33
*32
35
29% 30% 29% 30
28% 30
28% 28% 2734 28%
41% 41% 421.1 42% 41
42
40% 40% 40
41
♦33% 34% 33% 3334 33
34
34
33% 32% 33
114% 114% 114% 114% 114% 114% 114% 114% X 112% 112%
31*4 33% 33% 32
33% 33% 33% 35
33
33%
105% 100% 1053.1 100
105*2 1055g *101% 106% 101 101%
12% 12% 1234 12% 1 2 % 13
12% 12%
12% 12%
657g 66
66
66% 66
66
65% 6534 65
65
22% 22% 2234 2234 *22
22% 22
22
21% 21%
*54
58
*5U? 58
58
58
22
21
*17
*17
*17
*19
20
20
42% *40
43
*40
41% *40
43
*40
40
40
66% 67
68% 68% 68
683i 65*2 69
65% 66%
*42% 42% *42
42% 42% *42% 42% *42% 42%
43
131 131 *130 131
130% 131 *130 132 *130 132
22
*22
22
21
22% 21% 21% 21
23
21
♦112 111 *110 114 *110 114 *110 114 *111 l i t
*120 130 *120 130 *120 130 *120 130
130
8%
8
8
*8
8%
8% *7 % 8
7
7%
16
*15
IS
16
16
*16
17% *16
16
*15
30% 30% 30% 303.1 29% 30% 2938 30
29% 29%
5734 58
58
58% 58
58% 58% 59
58
58
97% 95*4 96% *94% 95%
97% 98% 97% 9734 96
34
*3134 34
*32
*33
34
40
46
44
44%
4 3 % 453.1
43% 44%
45% 46
24% 24% 24% 24% *2 4
25% 23% 23% 23% 23%
131% 133
130% 133
133 133% 132% 133
129% 132
85% 853,i *86
*86
*85
90
89% *86
90
90
105% 105% 105% 106% 105% 105% 105% 106
53%
53% 533S 53% 53
53% 53% 53% 53!2 53
*27
28% 28
28
26% 261,, 25
26
69
*67
69% *67
*68
69% 68
68
*
*
*
59
59
59
*74
*74
9 5 % 98%
95% 96% 91% 96
97% 9 9 % 9 7 % 99
*42
*41% 43
*41% 43
42
42
43
*41% 43
*41% 44
413,i 42
*41% 44
*41% 43% *413.1 43
*19% 20
19% 20
19% 20
19
19%
19%' 20
*20% 29
28% 30
30
31
30
30%
*26% 29
*
*44
*44
52
*44
52
48
*44
52
46
48
<
*14
14%
14% 1434 *14
14% 14
14
*14
15
*32
*32
32
32
*32
33
33
33
33% *32
95% 96% 95% 96% 95% 96% 95% 955g 94% 95%
%
28% 29% 28% 29% 28% 29% 28% 28% 27'% 28%
5S% 59*4 *58% 60
58%
58
*59
60% *58% 60
14% 15
*10
17
*15
17
*15
17
*16
17
39
39% 39
*38% 39
40
40
*39
40% *39
0
*90% 93
*90% 93
*90% 93
93
*90% 92
*89
0
140 140% 140 141% 138% 141% 13858 1393g 136% 139
82
81% 81% 81% 81%
*81% 821.1 *81
*
*9
9% *9
9%
8% 8%
10
9% *9
22
*19
22
22
*19
*19
22
20
20
*20
12
*12
12%
12% 12% 12
11% 12
*12% 13
4934 50l,| 49% 49%
503.1 51
49% 51
51
24% 24%
25% 25% 24
25% 243, 25
26
217a
*35 ’ 40
15% 153,1
16%
16% 16*4 16
Is
*17
*17% 18
37% 37%
40
*38
40
*38
40 * 38
*39
40
51%
*50
52% *50
52
52
52
51
e
483i
*105%
69%
*110
*42%
*99
15%
68% 68
28
28
20% 20
531.1
53
71% 703s
107 *105
51
108
70%
118
44%
101
10%
69
28
20%
54%
71%
107
50
*105%
6831
*42%
*99
15%
69
2734
203i
54%
69%
*104
*16%
*32
71
87g
7%
28
*83
89%
*100
9534
*<j L
5134 493g
108
106%
71% 68
*116
42
44
101
99%
16% 16
70% 663g
275g
28
20*4 19%
54% 52
72
693g
106 *104
*963!
♦101%
103%
113
96%
102
105%
114
*96%
102
103%
*113%
971.1
102
105%
115%
*96%
101%
1023i
*113
97%
102
103%
115
♦104U 110
6 2 14 62%
1113.1 112
*118 1193.1
126 126
*209 214
*101%
613l
112
*118
125
*208
110
63
113%
120
125%
215
*104
61%
113
*118
124%
209
110
62
114
120
125
209
*16%
*32%
*70
9%
7
*28
84
*89
*100
96%
17%
34
73
9%
7%
29
84
92
101%
98
49
107%
69
*116
*42%
*99
15%
67%
2/%
*1934
53
69%
*105
51
107%
63
118
44
101
*97
102
103%
*112%
97%
102
101%
114%
*1041<> 110
*60
62*2
112 1 1 2 %
*119 120
126 126%
*209 215
*97%
*48
36
*67
825.
108%
*621s
59'
*163.i 17
*32% 32%
72
72
9
9%
*7% 7%
28%
28
16*4
32%
72%
9
7%
28%
*83
91
89%
*89
100% 10012 *100%
96% 9734
95%
16*4
32%
72%
9
7%
283i
86
89%
101%
973i
16%
16%
31%
35
*72
71
9
8%
7
7%
26%
28
*83
86
89
90
*99
103
95
97
50%
106%
69
118
42%
99%
16%
68%
27%
20
52%
70%
106
47%
*106
67
116%
41
*96
14%
64%
27%
19%
52%
68%
3:103%
14
61
*96%
101
101%
114
*130
10 1%
60
110%
119
124%
*205
*100
50%
*973g
46
35
52%
51% 53
50% 50% 53
98
98% *97% 97% *971.1 98% 98
49
49
48% 48%
49
50
49
36% 3534 36% 30% 37% 36% 36%
67% 68%
68% 67
68
68% *67
8319
83% 85% 82l.i 83% 8034
82% 85
107%
110% 108 1 1 2 % 109% 113% 1073i 111
*62
6234 62
62
*62
*62*3 63
63
601.1 591.1 62% 60*4 63%' 60
6134 58%
*100
16%
31%
73%
83.,
7'.,
27%
86
89
101%
96%
07
49%
108
68
116%
11%
99%
15%
66%
27%
19%
5234
69%
103%
15%
64
97
10 1
103%
in
140
10 1%
61
114%
119
125
215
10 s
52
99
47
36
____
82%
110
64
5934
102
115 118
1173, 118
1151.1 121
142 114
1463, 1483, 146 149
135!t 140
138 143%
*120 128 “ * 1 2 0 ' 130
*120 130
120% 120%
• Bid and asked prices, an s«<c< oa call d s / .
: E i-rU nts.
1123. 1123.
*142 144
112% 1137.
143 148
Salesfor
the
Week
Shares
8,300
1,110
200
3,900
200
1,300
16,400
5,300
700
800
10,900
200
4,410
1,700
100
100
400
PF.il SHARE
Range Since Jan. 1
On basts of 100-»Aar# lots
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads
Par
Atch Topeka A Santa F a ..100
Do prof........ ............... 100
Atlantic Coast Line R R __ 100
Baltimore A Ohio________100
Do
p r e f...................... 100
Brooklyn Rapid Transit..100
Canadian Pacific........ ..... 100
Chesapeake A Ohio______100
Chicago Great Western__ 100
Do prof_____________ 100
Chicago Mllw A St P aul.. 100
Do pref.................. ..... 100
Chicago A Northwestern.. 100
Lowest
Highest
$ per share
$ per share
100% Feb 3
98% Jan 2
110% Feb 8
74 Feb 1
72 Marl 7
65% Feb 5
H 8 I2 Feb 7
56% Feb 3
10% Feb 3
32% Feb 3
78% Feb 9
117 Mar 1
113 Mar 13
166U Mar24
*25% Feb 8
Clev Cln Chlo A St Louis.. 100 40 Feb 3
70 Feb i
Colorado A Southern____ 100
20 Feb 10
64% Alar 8
1,900 Delaware A Hudson_____ 100
Delaware Lack A Western..50
Denver A Rio Grande___ 100
700 Do pref____ _____ ___100
27,300 Erie............ ............... ......... 100
2,400
Do 1st pref__________100
1,100 Do 2d prof........ ......... 100
1,500 Oreat Northern pref........ .100
31,300 Iron Ore properties..Wo par
1,200 Illinois C entral................ 100
2,800 Interbor Con Corp, vto No par
2,500
Do p r e f.............. ....... 100
700 Kansas City Southern___ 100
5
16
8
3
2
3
9
3
3
3
9
9
2
28
3
10
5
8
6
3
7
Lowest
107% Jan 8 100% Apr
100% Feb 1 *98% Deo
119 Jan 4 106% Apr
85 Jan IS
81% Deo
76% Jan 17
72t2 Aug
82 Jan 4
81 Deo
167% Mar23 *162% Mar
68 Apr
65% Jan 3
14% Jan 10
11% Apr
41%Jan 2
33 Apr
92 Jan 4
89 Deo
125% Jan 29 123 Deo
124% Jan 19 123 Deo
41% Mar28
51 ' Jan 16
30 Jan
Highitt
$ per share 3 per than
4
&31 Deo
38 Apr
70 Feb
24% Apr
108% Oot
102 Feb
126 N ov
96 Jan
80 Jan
88%June
183% Jan
71 Oot
10% Deo
47% Oot
1 0 2 % Jan
136% Jan
1347g Jan
638% Deo
02% Oot
37 Oot
151%Jan 19
238 Mar24
17 Jan 6
41 Jan 2
34% Jan 3
49%Jan 2
39% Jan 3
118%Jan 4
38% Mar
100% Jau 2
17% Jan 2
72% Jan 2
25% Jan 2
150 Oot
216 Mar 242 N ov
8% Mar
23% Oot
52% Oot
32 Apr
43% Jan
69% Jan
46 Deo
54% Jan
40 Deo
115 Deo 127% Jan
50% Jan
32 Deo
99% Apr 109% Oot
21% Jun
15% Deo
77% Jan
09 Deo
32% Jan
23% Apr
63% Jan 3
79% Jan 2
47%Jan 24
133%Jan 4
32% Jan 29
119 Jan 3
32 Apr
74% Jan
20 Jan
121% Mar
26 Oct
116 Deo
2,800 Missouri Kansas A Texas. 100
7 Feb 9 11 Jan 2
100 Do pref........................ 100
14 Feb 19 20%Jan 4
5,100 MLsourl Paclflc(new)when lss. 27 Feb 3 34 Jan 2
4,200
Do pref (or Ino bonds) d o__
51 Mar 7 01 Jan 3
6,800 New York Central_______100
91 Feb 2 103% Jan 4
N Y Chlo A St L o u is ........ 100
30 Feb 2
5,100 N Y N H A Hartford........ 100
36% Feb 16 52% Jan 2
800 N Y Ontario A Western__ 100
22 Mar 1 29% Jan 2
4,848 Norfolk A Western_______100 126% Mar 1 138% Jan 24
100 Do adjustment pref.-.100
85 Mar 13 89% Feb 3
4,500 Northern Pacific_________ 100 101 Feb 3 110%Jan 3
53 Apr 3 573s Jan 25
13,200 Pennsylvania_____________ 50
800 Pero Marquette v t c..............
25 Apr 5 36% Jan 2
100
Do prior pref v t c_______
67% Feb 28 73% Jan 17
3% Sept
10 Apr
22% Sept
47% Sept
100i4 Apr
55% N ov
87% Oot
41%June
140 Oot
36 Oct
130 Oot
137 Jan
13% Deo
24% Deo
38% Deo
04% Deo
114% Oot
49% Deo
26 May
114 Mar
84% Feb
108 Deo
55 Sept
30% Dec
72 Deo
77% Jan
34% Deo
147% Oot
89% May
118% Jan
60 Oot
38% Deo
73% Deo
100
13,000
100
400
600
136% Apr
227% Feb
11% Feb
22 Feb
25 Feb
37^4 Feb
30 Feb
111% Feb
27% Feb
100 Feb
11% Feb
61 Feb
21 Feb
53% Feb
17 Feb
Do pref_____________ 100
40 Feb
Lehigh Valley............ ......... 50
65% Apr
34 Jan
Long Island.............. ........... 50
Louisville A Nashville___ 100 122% Feb
Mlnneap A St L (n ew )... 100 21 Apr
Minn St Paul A S S M ___ 100 105 Feb
PER SHARE
Range for Previous
Year 1910
78,100 Reading................ ............... 60
88% Feb 3
100 1st preferred.................. 50
42 Mar30
200 2d preferred__________ .50
41% Mar 8
3,200 St Louis A San Fran new (w 1).
19 Apr 5
1,000 St Louis Southwestern___ 100
25 Feb 3
100 Do pref............ .......... 100
48 Mar 1
1,000 Seaboard Air Line________100
13% MarlO
31% Mar 14
100 Do pref_____________ 100
9,350 Southern Pacific Co______100
90 Feb 3
21,000 Southern Railway________100
26% Mar 1
500
Do pref.............. ......... 100
50% Mar 9
200 Texas A Pacific__________100
14% Feb 28
600 Third Avenue (New York) 100 36 Feb 9
Twin City Rapid Transit..100 92 Mar28
38,175 Union Pacific____________ 100 131 Feb 3
200
Do
prof_____________ 100
81 Mar 13
300 United Railways Invest__ 100
6% Feb 1
100 Do pref_____________ 100
18 Feb 5
1,500 W abash............................. 100
11% Feb 15
40% Feb 2
7,800 Do pref A ___________ 100
24 Apr 3
4,700 Do pref B d o . . .......... 100
1,600
4 1 Mar27
13% Mar 1
1,000 Wheeling A Lake E Ry w 1..
36% Mar 2
500
Do preferred when Issued.
1,050 Wisconsin Central_______100
45% Feb 14
Industrial 8c Miscellaneous
300 Advance Rumely________100
15% Feb 3
30% Feb 16
300 Do
p r e f...................... 100
700 Ajax Rubber Ino__________60
66 Feb 3
6% Feb 8
5,450 Alaska Gold Mines.......... ..10
1,900 Alaska Juneau Gold Mln'g.10
6% Feb 8
4,300 Allla-Chalmers Mfg v t 0..100
20% Feb 3
100 Do preferred v t 0 ___ 100
79% Feb 3
900 Amer Agricultural C hem ..l00
S3 Feb 3
100 Do pref.............. ......... 100
98% Feb 10
21,000 American Beet Sugar____ 100
81 Feb 1
95 Feb 7
45,800 American Can___________ 100
38 Feb 3
200 Do p r e f ..................... 100 106 Feb 3
8,500 American Car A Foundry. 100 57 Feb 3
100 Do
pref........................100 116 Mar21
900 American Cotton Oil........ 100
41 Apr 5
100 Do pref______ ______ 100
98% Mar 6
10,300 American Hide A Leather. 100 10 Feb 2
8,800 Do pref........................100
58 Feb 3
2,400 American Ice Securities__ 100
24 Feb 2
15% Feb 3
3,700 American Linseed........ ..... 100
Do pref........................100
48 Feb 3
2,200
62% Feb 2
13,700 American Locomotive___ 100
Do pref....................... 100 103 Feb 15
100
15,900
01 Apr 5
18,900 Do p r e f ... ................ 100
93% Jan 2
Amer Smelters Seo pref B.100
1,647 Do pref Ser A stamped..
98% Feb 13
41,300 Amer Smelting A Refining.100 94% Feb 2
Do p ref......... ............. 100 111 Feb 23
400
130 Feb 17
100 Do pref........................100 103 Feb 16
52 Feb 3
3,100 Am Steel Foundry............ 100
5,800 American Sugar Refining.. 100 101%Feb 3
pref........................100 117 Feb 2
100 Do
2,300 Amer Telephone A Teleg-.lOO 122% Feb 1
100 American Tobacco............ 100 201 Feb 3
104% Feb 16
31,900 Am Woolen of Moss_____ 100
37% Feb 3
94 Feb 3
Do
pref_____________ 100
100
800 Am Writing Paper pref.. 100 37 Feb 3
31% Feb 2
4,000 Am Zinc Lead A S.............. 23
400 Do pref.............. ........... 25
64% Feb 1
69,725 Anaconda Copper............ ..50
70 Feb 1
28,700 Atl Gulf A W ISS Line otfs 100 89% Feb 3
Do pref certfs.............. 106
54 Feb 8
100
43 Feb 3
40,700 Baldwin Locomotive____ 106
Do
pref............ ........... 100 100 Feb 2
4,300 Barrett Co (T h e )________100 109 Mar23
4,300 Bethlehem Steel........ ....... 106 a ll9 Mar 1
103 Mar 1
136,700
Do pref_____________ 100 117% Mar 0
200
I Less theta U)d sharet
a is x -ltv .
111 riguci
* Bx-dlvldsad
104% Jan 3
45 Jan 29
45% Jan 16
26% Jan 2
31 Jan 3
53 Jan 4
18 Jan 3
39% Jan 3
98% Mar24
33% Jan 3
70% Jan 30
19% Jan 4
48% Jan 2
95 Jan 20
149% Jan 2
85 Jan 24
11% Jan 2
23% Jan 2
15% Jan 5
58 Jan 2
30% Jan 2
23 Apr 3
41 Mar27
22% Jan 2
50% Jan 22
54% Jan 2
18% Jan 9
37%Jan 5
80 Jan 25
11%Jan 4
8% Mar20
30% Mar21
86% MarlO
93% Jan 22
103% Jan 24
102% Feb 15
OS Jan 24
51% Mar29
110%Jan 25
71% Mar27
11812 Jan 23
50% Jan 5
101%Jan 9
17% Mar29
75 Jan 4
32% Jan 2
21% MarlO
55% MarlO
82% Jan 4
106%Jan 20
19% Mar30
75% Jan 115%Sept
41% Feb
46 Feb
41% Feb
52 May
15% May 30% Deo
16 May
32% Deo
37% 80 pt 57 Deo
14 Apr
19% Deo
34% Apr
42% Oot
94% Apr 104% Jan
36% Deo
18 Apr
56 Apr
73% Deo
6% Feb
21% Deo
08%Juno
48 Nov
99 Juno
91 Mar
129% Apr 163% Oot
84%Sept
*80 Sept
21% Jan
7% May
17 Sept 39% Jan
17 Jan
13% Sept
41% Mar
60% Deo
327g Deo
25 Apr
21
46
33
Doc
Deo
Apr
27% Deo
68% Deo
56% July
14 Aug
30% Oot
63 July
10% Deo
0% Oot
19 July
70% July
03 Apr
96 Mar
0 1% Feb
21% Deo
43 Apr
89% Deo
26% Jan
10% Jan
38 N ov
92 N ov
102 N ov
103% Deo
108% N ov
44 Doe
107% Deo
52 July
115% Aug
48j8 Deo
98 Jan
8% June
45 Mar
25 Jan
17 Deo
38% Mar
58 July
99% July
08% Sept
I15%8ept
78% Deo
119% Mar
58% Oot
102 Mar
20% Oot
847g Deo
32% Deo
277g N ov
62% N OV
98% N ov
109 N ov
09%Jan 31
84% July
97% N ov
102% MarlO
91% July 102 N ov
110%Jan 19
88% Apr 1227g N OV
117%Jan 19 109% Apr 118% Oot
112 Feb 16 130 Mar 151 Deo
104% Apr 5 106% Mar 110 Jan
44 Apr
73 Deo
65% Mar21
115% Feb 21 104 Deo 125% Oot
121% Jan 25 115% May 123% Oot
1281s Jan 24 *123% Deo *134% Sept
220 Mar 12 188 Feb 2297S N ov
109% Jan 18
113 Sept
587* N ov
54% Apr 3
37 Deo
102 Mar
92 Jan
99% Mar 14
70% N ov
11 Jan
54% MarlO
977* Apr
29% July
41%Jan 26
69% July
87 N ov
72% Jan 26
77 Apr 105% Nov
86% Mar20
56 July 147% Deo
121%Jan 22
60% Deo
66 Jan 4
73% N ov
52 Deo 118% Jan
63% Mar26
102% Jan 15
98% Deo 110 May
136 Jan 2 a 127% Deo 167% Deo
615 Jan 4 415 Jan 700 N ov
143% Mar21
135 Jan 5 120 July 180 N ov
* Before payment o f 1st Installment
New York Stock Record— Concluded— Page 2
1369
For re co rd o f s al e « d u r i n g th e weak o f s to ck s usually ( m e t i r e , tea s e c o n d p a 2* p r e c e d i n g.
B lO H AND LOW BALM PRICES —PER 3H AK 3, NOT PER CENT.
March 31.
April 2.
X per share X per ihare
45% 40%
*4412 40
23 . 23%
23% 24
54%
L 53 | 53
*53
92%
90
90l2 91%
*113% 115% 1137g 11378
38% 39
§ *37% 39
*101 103 *101 103
24
24%
24% 24%
50% 57%
57
68%
60% 60%
51% 62%
4378 44%
43% 44%
43
43
*43% 47%
*119 121
120% 120%
94
92% 93
*92
*109% 115 *109% 115
24% 25%
24% 25%
107 107% 107% 107%
07% 08%
67% 70%
111
111 *111 112
40% 40%
45% 40%
90
90% §90% 90%
1887* 188% *185 188%
*102 105 *102 105
20
20% xlO
20
18
18%
*235 245 *235 245
*109% 112 *109% 112
§165% 105% 101% 107
118% 119% 118 121
90%
90% 90% *89
537* 55
54% 55
*108% 112 *108% 1 1 2
80
87
80
*85
427* 43% *42% 43%
121% 121% 120 122
00%
*10
♦43
60%
18
46
30%
83%
43%
42%
*102
♦02
*62
45%
85%
22%
•255
*200
*85%
*04
52%
*68
*33%
92i*
*90
407*
*103
*114
110%
*123
34%
*98
58
*110
23%
147
*07
131
60%
5%
23%
*90
*36%
40
*110
/ /*4
9104*8
*125
*100
51%
*97*2
29%
82
* 10 2 %
*557 *
187%
*20
68
70
*185
100
*103%
*44%
1f)78
224%
55%
*98
*100%
*11%
*95
9978
*119
140
*20%
58
123%
*98
*58%
108%
61%
*51
113%
1177*
110%
2 1'*4
42
*109
73%
*90%
52
*70
*47%
33
*97%
81%
*140
*124%
*24
*91
*50
31
85%
43%
42%
101
05
63
45%
80%
22%
205
210
87
04%
53
70
34
93%
94
41
105%
118
110%
130
3478
100
58*2
113
23%
148
68
135%
50%
534
23%
93
38
46%
117
77?i
104%
127%
163
51%
30%
83%
103
58
187%
27
59
71
192
102
107
40
10
225
50
10 1
107%
12%
98
100
12 1%
140%
21%
123%
103
59%
108%
61%
51%
114%
118
1i 2
2 1%
42
112
75 %
98
52%
73
49%
33%
98
83%
143
120
27
94
55
00%
*15
*42
61%
18%
40
Tuesday
April 3.
Wednesday
April 4.
3 per share
45% 46%
23% 23%
53
53%
92% 94%
*113% 115%
39% 39%
100% 100%
24% 24%
58% 59^4
51% 53%
447g 4/%
♦42% 43
120% 120%
92
92%
*109% 115
24% 26
107 107%
70% 727g
*111
112
46% 48%
90
91
1897g 193
*102 105
19% 20%
17% 18
*235 210
§112 112
107% 108%
117% 119%
89% 89%
55%
55
*108% 112
87
*85
42% 42%
124 120
$ per share
44% 45%
23% 23%
52% 52%
91
93%
*113% 115
37% 38
100 101
237g 24%
57% 58
50% 52%
46% 47%
43
43
*119 120%
91% 92%
*109% 115
24% 25%
zlOO 100%
68% 71%
111 111
40% 48%
91%
91
193 193
*102 105
*19% 20%
*17% 18%
*235 245
*110% 112
100 106%
115% 118%
89% 89%
54% 54'*4
*109% 1 1 2
80
80%
42% 42%
120 124
106% 100%
61
*15%
*41%
02%
18%
40
00%
*15
*4112
April 5
61%
18%
40
3 per share
43% 44%
22% 23
*52
54
89% 91%
*113% 115
36*2 37%
99
99
23% 24
57%
49% 50%
447g 407g
*42*2 47%
*119*2 121
91*2 92
*110
237g 21%
100*2 100%
60% 69%
110*2 110%
457g 47%
91%
91
190 190
*102 105
19
17
*17% 18
*235 215
11 l7g 111%
164 104%
113% 115%
88% 89
53% 53%
§109% 109%
85
85%
42% 42%
120% 123
z57%
15%
44
Week
Shares
4,500
1,500
000
77,700
100
1,800
700
10,000
10,050
11,000
74,700
300
340
1,700
38,350
4,300
80,700
* 400
51,300
2,420
1,500
Corn Products Refining___100
Do
pref______________ 100
Cruolblo Steel of America.100
Do
pref______________ 100
Cuba Cane Sugar_____ No par
Do
pref______________ 100
Cuban-Amerlcan 8ugar._.100
140
Do
pref______________ 100
2,530 General Electric__________100
29,300 General Motors tem ctfa ..l00
2,100
Do
pref
tem ctfs.-lOO
3,800 Goodrich Co (B F )_______ 100
50
Do
pref______________ 100
COO Granby Cons M S 4 P____100
1,000 Greene Cananea Copper. .100
3,400 Gulf States Steel tr otfs___100
200
41,400 Inspiration Cons Copper___20
100 Internal Agrlcul Corp____100
200
Do
pref______________ 100
Intern Harvester of N J___100
127,400 Int Mercantile Marine____100
178,300
Do pref .................... . ..1 0 0
10,900 Intern Nickel (The) v t 0 ___25
10,100 International Paper______ IOO
200
Do
pref______________ 100
______ Jewel Tea, Ino....................IOO
1,300 Kelly-Sprlngfleld Tire_____ 25
20,400 Kennecott Copper___No par
15,300 Lackawanna Steel________ 10(!
1,200 Lee Rubber 4 Tire___No par
Liggett 4 Myers Tobacco 10G
Lorlllard Co ( P ).................IOO
300 Maokay Companies______ 100
200
Do pref______________ IOO
12,500 Maxwell Motor Inc tr ctfs.100
400
Do 1st pref stk tr ctfs.100
1,900
Do 2d prof stk tr ctfs.100
40,300 Mexican Petroleum______ 100
20,300 Miami Copper______________ 5
1,000 Montana Power__________100
<
C
g
c
0
| Less than 100 shares.
700 National Biscuit__________100
200
Do
pref______________ 100
6,100 Nat Enam'g 4 Stamp’g___100
100
Do
pref______________ 100
1,900 National Lead____________ IOO
10,700
70C
20C
110,000
1,000
1,000
1,500
1,30C
300
8,70C
100
2,200
220
100
300
3,400
Novada Consol Copper_____ 5
Now York Air Brake_____ 100
North American Co______ IOC
Ohio Cities Gas (The)____ 25
Ohio Fuel Supply____________
Ontario Sliver Mining____100
Pacific Mall............................... 5
People's G L 4 C (Chlc)-.lOfl
Philadelphia Co (Plttsb)...5G
Pittsburgh Coal ctfs dop.lOG
Do
pref otfs deposit..IOO
Pressed Steel C a r _______ IOC
Do pref______________ 100
Public Serv Corp of N J___IOO
Pullman Company_______ 100
Railway Steel Spring_____ 100
87,950
56,300
800
200
1,450
3,100
10,200
28,100
200
78,300
IOC
200
1,300
8,000
0,000
100
Ray Consolidated Copper.. 10
Republic Iron 4 Steel_____ 100
Do
pref______ ________ 100
Saxon Motor Car C orp...1 0 0
Scars, Roebuck 4 Co_____ 100
Shattuck ArU Copper.. ..1 0
Sinclair Oil 4 R e f'g ___No par
Sloss-Sheffleld Steel 4 Ir..lOO
South Porto Rico Su gar...100
Studobaker Corp (The)___100
Do
pref______________ 100
Stutz Motor of Am Ino.No par
Tennessee Copper 4 Chem w 1.
Texas Company (The)____100
Tobacco Products Corp ..1 0 0
Do
prof....... .......... ........ 100
Underwood Typewriter___100
Union Bag 4 Paper______ 100
Union Bag 4 Paper (now). 100
United Cigar Stores______ 100
Do
pref______________ 100
United Fruit_____________ 100
U S Cast I Pipe 4 Fdy____ 100
Do
prof....... ............ ...... 100
U S Industrial Alcohol____ 100
200
100
0,000
75
1,200
500
200
34,000
PER SHARE
Range Since Jan. 1
On basts of
Lowest
IndustrlalficMlsc.tCon.) Par
Butte 4 Superior Copper___10
California Petroleum, vto.100
Do
pref______________ 100
Central Loatber---------------100
Da
pref______________ 100
Cerro de Pasco Cop__ No par
Chandler Motor Car-------- 100
Chile Copper______________ 25
Chino Copper_______ _____ 5
Colorado Puel 4 Iron--------100
Columbia Gas 4 E le c------ 100
Computing-Tab-Record__100
Consolidated Gas (N Y )..1 0 0
Continental Can__________100
5,300 Distillers’ Securities Corp.100
700 Dome Mines, Ltd__________10
59
15%
44
30% 32%
30% 337*
33%
32
29% 31%
82% 85%
83% 80
83% 88%
80% 88%
41
45
43% 44%
43% 45
43
43%
41% 43
39% 42
43
43%
39
40
102% 1027g *102 101 *100 103
*102 105
65
*01
*01
64
65
*01
04
*61
02
*01
00
01
01% 62
59% 59%
45% 46%
45% 46
45% 40%
44% 45%
87%
85% 87%
85
85% 80%
84
80
21% 21%
22% 22%
21% 22%
22
22%
*255 265 *255 205 *255 265 *255 205
*200 210 *200 210 ♦200 210 *200 210
87
*85
87
85% 85% ♦85
85% 85%
04% *04% 66%
04% 64% *64
64% 04%
52% 54*2
54% 56
52% 57
52% 53
69
*6.8
J
09
70
70'.i
08
09% 09%
34% 35%
33% 3334 33% 33%
33% 35
89% 91%
90% 93%
91% 94
89% 90%
91%
94%
*90
*90
*90
91%
42%
42
42%
42
42
41
41% 42i.|
102% 103% 101% 102% lOOli 101%
104 104
*114 118 *114 118 ♦111 118 *114
118
—
—
*115 116% 115 116
114% 115
*123 130
125 125
35
35%
34% 3 5 %
34% 35%
34 31%
*98 100
*98 100
*98 100
98
98
59
58
59%
57
58
57*2
56% 57%
112-6 *111 112^4 *111% 112%
♦no 113 *111
24
24%
23% 24%
23% 23%
23
23%
148 149 * 148 152
148 148
142 142
08
*67% 68
68
*67
68
07% 07%
134% 140% 136*4 140% 138% 141% 132% 137%
507g 51
50
50% 50%
60%
*50% 51
6
5%
5%
5'»8
5 % 5% 5%
*5*2
2 2'>8 2334 23
23
22% 22%
94
9 4%
95
*91
93
*32*2 38*2 *37
38%
307g 30%
47
4 5 % 407g 44 % 46
44
45%
*11534
*115 117 *114 117
115 115
78>8
78
77
79*2
77
75% 70
*103 105 *103 100
102% 103
12<) 125 * 124 125 *124 127 *124 180%
160*4 100% *160 163 *100 103 *100% 103
*51
53*4
52
5 3 % 60% 51
49
50%
*97 %
* 9 7 % 99
*97
99 % *97% 99%
29% 31%
31% 32%
30% 317g
30
30%
82
84%
83
85
82% 837g 79% 82
102 34 103
103 103
102^4 102% 102% 102%
*55% 57*2 *55*2 57*2 *55
57%
53% 54
187% 189% 189% 189% 189% 189% 187% 188
26*4
25% 26%
25
27%
25*2 20
57*4
57 14 58%
57 % 59
50
57%
60
72%
64*2 68%
72*4
70
00% 02%
194
190
*185
185 185
96
97%
97% 100%
92% 95%
101 104
---- - * 10 4 100
*104 107
44% ♦44 ’
47
*44% 40
44
44
16
16
*16
10% 16%
*15% 16
225 227% 223*2
225*2 221 223
557g 56%
55 56
50
50%
55
55%
T1UU 1UL
*100 101 *100
100 100
*100% 107% *100% 100 *10012j106 *100% 106
12
*11% 12% *11% 12%
11% 11%
*92
98
96
94% 91%
99% 101
101*4 1UI‘4 1U134 100% 101
§ 119
*119
1 2 1 >4 §119 119
141% 141*4 141% 142% 141 14U2 *139 M l
21
21
21*2
19% 20%
*55
61
01
*50
- 0 .)
1
*55
01
124% 127% 125% 128
121% 125% 120% 122
*98 103
*95 103
*98 103
*98 103
57% 00%
57
58%
57%] 59
57
57%
1087g * 10334 109
108% 108%
62%
62% 03>g 6212 62*4 z60% 01%
51% *51% 52
51
51% x50
50%
1157g 118% 114*2 110% 112% 115
113*4
118 118% 118 118%
113*4
114% 1 1 0 % 111% 110% 113%
21
22*2 21
*20 % 21
20% 20%
42%
40% 40%
4U2 42
40% 40%
*108% 112
*109 112 *107% 112
72
70*4
69
7358
69
70*2
70
977g
9 7 % 97 % 96% •97%
98
52*8 53
52
5 1 % 53
52*2 *50*4 51%
75
*70
*70
*70
73
49 49
49
49
47% 48%
48?g
48
3 3 % 337g
3 3 % 32% 33%
32% 34%
9 7 % 97% 9712 98
90% 97%
97% 97%
82%
78
75% 797g
81% 837s
73
77
138 138%
140% 140% 14078 1407* 139 140
127 *124 126
*124 126 *124
27
24
*24
24
*24
*24% 27
27
95
*91
95
*91 • 95
95
*91
50
*50
•50
50
*50
50
*50
50
• Bid and aaked prices; no sain on this day.
■ fix-dividend.
April 0
STOCKS
N E W YO R K STOCK
EXCH A N G E
Salesfor
$ per share
38% Feb 3
20% Feb 3
47 Feb 3
70 Feb 1
112% Feb 16
30% Apr 5
90% Feb 3
20 Feb 3
48% Feb 3
38% Feb 2
34% Feb 3
41 Feb 28
118 Mar 14
82% Feb 3
110 Feb 8
18 Feb 2
98% Feb 3
50% Feb 2
107 Feb 3
35% Feb 3
85% Feb 14
159 Feb 14
101% Feb 10
17 Apr 5
17% Apr 3
240 Mar 9
108 Feb 8
161 Feb 3
99 Feb 3
88 Feb 2
z51 Feb 2
108 Mar 5
75% Feb 3
40-% Feb 23
99% Feb 3
102 Feb 3
117 Feb 10
43 Feb 1
13% Feb 5
35% Feb 5
113 Feb 9
19% Feb 1
62% Feb 8
37% Feb 3
33 Mar 2
94 Mar 1
60 MarlS
49 Feb 3
40 Feb 1
70% Feb 3
17% Feb 2S
250 Feb 5
200 Mar 2
83 Jan 5
64 Mar 14
47% Feb 2
64 Feb 1
32 Feb 2
81% Mar 1
91 Mar 1
34 Feb 1
95 Feb 2
114 Jan 20
114% Apr 5
122 Jan 20
24 Feb 3
95% Feb 8
52 Feb 3
108% M arl5
207g Feb 3
123 Feb 3
60 Feb 3
87 Feb 3
50 Apr 2
5 Feb 3
18 Feb 3
86% Feb 10
36% Mar 1
35 Feb 1
107%Jan 15
72% Jan 11
101 Mar 7
125 Feb 1
159% Feb 3
43 Feb 2
98 Mar28
23 Feb 1
60 Feb 1
90 Feb 1
40 Feb 10
187 Mar29
55% Mar29
50 Feb 2
165 Feb 0
92% Apr 4
102% Mar 7
44 Apr 5
13 Feb 2
200 Feb 3
48% Feb 3
99 Feb 23
100% Feb 1
11% Feb 2
90% Feb 3
91% Feb 3
119 Jan 2
135 Feb 3
17 Feb 2
55 Feb 1
111 Feb 2
98 Jan 8
50% Feb 9
1057g Feb 2
52% Feb 3
4,350 Uni tod States Rubber____ 100
Do 1st preferred______ 100
400
2,400 U S Smelting Ref 4 M ......... 50
Do
pref_______________ 50
700
903,750 United States 8teel_______ 100
99 Feb 1
Do
pref______________ 100 110% Mar 2
4,700
50,700 Utah Copper______________ 10
97 Feb 1
400,Utah Securities v t 0 ______ 100
19% Feb 3
1.3001 Vlrglula-Carollna C h e m ... 100
34% Feb 3
Do
pref.......................... 100 107% Mar 1
100
5,000 Vlrglhla Iron C 4 O ______ 100 40 Feb 3
1 ,30 0 ;Western Union Telegraph.100 92 Mar 2
28 ,500 iWostlnghouse Elee 4 M fg._60 46 Feb 3
Do 1st preferred___ _ 50
70 Jan 4
1,200]White M otor______________ 50
46 Feb 2
1 0 , 10 0 'WIIIya-OverIand (The)____25 30 Feb 3
SOOi Do prof Sub recta full pd 100
53,100 Wilson 4 Co, Ino v t 0 ... 1 0 0
58 Feb 1
900 Woolworth (F W )------------- 100 137 Feb 26
125 Jan 2
23% Feb 9
100 Worthington P 4 M v t C ..100
Do pref A v t 0 _______ 100
91% Mar 9
______
Do pref B v t o_______ 100
50% Jan 13
t Ex-rlghts
a Ex-d!v. and rights.
PER SHARE.
Range for Previous
Highest
Lowest
Highest
$ per share
3 per share $ per that*
52% Jan 26
417g Deo
105% Mar
42% Jan
30% Jan 25
15 June
80% Jan
62% Jan 25
40 June
977g Jan 4
49 Apr
123 NOV
1157g Jan 25 1087g Jan
117% NOV
41 Feb 20
131 June
104% Mar20
88% Apr
27% M arl2
39% N ov
19% July
6.334 Mar 7 46%July 74 N ov
54% Mar21
83% Sept
38% Apr
477g Apr 4
637g Deo
30% Sept
46 Jan 4
52% Jan
40% July
134% Jan 18 129*4 Deo
144»4 Jan
94% Mar29
75% Jan z l l l Sept
112% Feb 7 100 Feb
114 Nov
27% Mar23
29*4 Deo
13% Aug
112% Jan 2
85 June 113% Deo
99% Mar
73% Mar21
50% Deo
1247g
Deo
117% Jan 3 108% Jan
55% Jan 4
76% Oct
43 Deo
94% Jan 3
91*4 Deo 100% Oot
2697g Sept
195 Mar20
152 Jan
105 Mar 8 100% Deo 110 June
54% Apr
32 Jan 2
24 Deo
2434 Jan 9 18 Deo 29% Feb
350 Mar
250 Jan 15 §265 Jan
112% Feb 7 §113 Jan
117 Dee
171%Jan 26
187% Oot
159 Apr
125 MarlO
120 Deo 135 Deo
93 Jan 4
93 Dee
61% Jan 19
80 Aor
49% Deo
112 Jan 4
110% Deo 116% Mar
92% Jan 17
80 July 120 N ov
47 Jan 20
34 June
56% N ov
137 Jan 3
71 May 193 N ov
107 Mar 9
87 May 115 Nov
117% Feb 2
72 May 190 N ov
63% Mar20
42% Apr
74*4 N OV
297g Jan
19% MarlO
11 Aug
74 Jan
487g MarlO
37 Deo
1267g N ov
123 Jan 2 1081: Jan
367g Mar23
C507* Sept
tl3% Feb
95% Mar2t
r61% Mar cl25% Sept
5 6 % Jan
47% Mar21
387g Deo
49% Jan 4
75% N ov
9% Mar
105 Mar20
42% Feb
109% Deo
96 Apr
78 Jan 4
67 Mar
8 5 % Sept
64% Jan 4
56 Deo
47-% Mar 7
64% N ov
40 Deo
89% Jan 4
64 May 107 N ov
30 Jan 2
50% June
25% Deo
281 Jan 10 240 Apr 305 N ov
2397* Aug
232 Jan 19 179% Jan
89% Feb 17
91 Feb
78 Apr
67% Jan 15
68*4 June
99 Sept
6134 Jan 17
93 Jan
74% Jan IS
607* June
40 Jan 20
106% Jan 10
88% June 129% Jan
96 Jan 24
89% June 105% Jan
42% Apr 3
49% N ov
33 Aug
109% Jan 25
68% Mar 1147* Deo
109 Jan
117% NOV
117% Mar28
122% Jan 5 118 Sept 131% Oot
127 Jan 5 124 June 129% May
36% Deo
36 Mar 9
19*4 Apr
98 Jan 19
100 N ov
74% Sept
63% Mar23
114 Jan 0 111% Deo
117% Oot
34% N ov
26% Mar 0
156 Mar21
11S July 186 Nov
757* Deo
72-% Mar21
14134 Apr 4
124% Dee
75 Oot
54 Feb 19
11% Jan
7% Feb 14
31 Aug]
26% Mar23
11*4 Jan
106%Jan 18 100% May 118 Oot
42 Jan 4
38 June
48 Deo
52% Jan 19
25% July
58*4 Deo
100% Aug
118% Mar20
115% Deo
42% July
83% Jan 26
88% N ov
97 Jul
108 Nov
an
131 Jan 0 114
137 Sept
167% Jan 26 1597g Mar 177 Sept
32 Apr
55% Mar21
61*4 N ov
95% Mar 103% N ov
101 Jan 22
32% Apr 3
37 N ov
42 June
86% Mar21
101 DrO
17 N ov
84*4 Sept
238%Jan 22 168% Ma
33 N ov
29*4 Mar 9
40% Feb
22 Duo
59% Mar29
74% Mar30
37 Julr
93% N ov
195 Mar 9
110% Jan 17 100% Deo
167 Jan
108% Jan 20 108% Sept
14 Mar
53% Jan 26
48% Deo
79% Sept
1734 Marl9
19% Deo
243 'Jan 10 177% June 241% Nov
59 Mar21
105 Mar 12
99 July 109% Mar
109% Mar 12
110 Oot
15% Mar22
4% May
18% Oot
112 Jan 22
129 Nov
69 Feb
105% Aug
12034 Mar 14 611% Feb
120 Aug
1543g Jan 22 130% Jan
15% Jan
23% Jan 25
28% N ov
48% Feb
63 Jan 29
67% Nov
94% Deo 170% Apr
132% Feb 23
99% July 114 Jan
104% Jan 8
65 Jan 3
11434 Jan 3 106% Feb 115% Dee
81% Nov
11834 Apr 3
121%Jan 19
117% Mar 7
112% Jan 26
77 Mar30
55% Jan
70% Jan
2
4
100 MarlO
84% Mar30
151 Jan 22
126% Jan 17
28 Jan 4
95 Jan 26
57%Jan 22
■ Pal 8100 per share.
x 79»4
Mar
115 May
74*4 July
36
108
41
87
51%
70
94
Apr
Apr
July
Mar
Deo
Apr
129*4 Nov
123 Nov
130 N ov
27% Deo
114% Deo
72*4 Nov
105% Oot
71% Mar
79 Mar
59% Oct
#325 June
Deo
117 June
118 Jan
123 June
25 July
95 July
52% July
141*4 Oot
126 Nov
36% Sept
100 Sept
66% Sept
* Certificates of deposit •
1370
New York Stock Sxciiange—'Bond Record, Friday, Weekly and Yearly
I* Jan. 1909 the Exchange method of quoting bonds teas changed, and prices are now all—‘"and interest'*— except for Income and defaulted bonds.
BONDS
If. Y . STOCK EXCH A NG E
Week ending April 5.
Price
Thursday
Apri 5
U. S. Government.
3a oonaol registered...41930
2s oonaol coupon_____ 41930
3s registered...............< 1 9 1 8
3a coupon____________ *1918
4a registered___________ 1925
4a coupon______________1925
Pan Canal 10-30-yr 2 s.*1938
Pan Canal 10-30-yr 2 a .. 1938
Panama Canal 3s g____1901
Philippine Island 4s. 1914-34
Forolpn Government.
Amor Foreign Scour 5 s ____1919
Anglo-French 5-yr 5s Extor loan.
Argentine— Internal 5s of 1909..
Chinese (Hukuang Ry)— 5s of ’ l l
Cuba— External debt 6s of 1904.
Sxter dt 5s of ’ 14 ser A . . . 1949
External loan 4 H s ..............1949
Dominion of Canada g 5 s .. . 1921
Do
do
1920
Do
do
1931
French Repub 5H s secured loan.
Japanese uovt— * loan *> is.l925
Second series 4H a_______ 19 25
Do do "Gorman stam p".
Sterling loan 4s................... 1931
Mexico— Exter loan £ 5s of 1899
Gold debt 4a of 1904_____ 1954
Parl3, City of. 6-year 8s____1921
Prov of Alberta— dob 4 tils.. 1924
Tokyo City— 5s loan of 1912____
0 K of Gt Brit * I 2 -y r5s..l918
8-year 5H temp notes__1919
5-year 5H temp notes___1921
Temporary notes 5H s . . . l o t s
Temporary notes 5H s ...1 9 1 9
IThese are prices on the basis of
Stats and City Securities.
N Y City— 4 ^ s Oorp stock. 1980
* 54a Corporate stock.......... 1964
Corporate stock____ I960
4 H * Corporate stock.......... 1965
1 K s Corporate stock.......... 1963
1% Corpor3to stock.......... 1959
4% Corporate stock.......... 1958
4% Corporate stock.......... 1957
4% Corporate stock.......... 1950
New 4 HJs..............................1957
New 4H *..............................1917
t M % Corporate s to c k ... 1957
414% Assessment bonds.. 1017
314% Corporate stock...1 9 5 1
N Y State— 4o....................
1961
Canal Improvement I s . . .1961
Canal Improvement 4 s ...1 9 6 2
Canal Improvement 4 s . . . I960
Canal Improvement 4HS.1064
Canal Improvement 4148.1965
Highway Improv’t 4 1 4 s ..1963
Highway Improv’ t 4HS..19G5
Virginia funded debt 2-3S...1991
6s deferred Brown Bros c t f s ...
Rallroad
Ann Arbor 1st g 4 s................ *1995
Atoh Top & a Fe gen g 4 s. . .1095
Registered_________
1995
Adjustment gold 4 sI I I I I a 1995
Registered................ *1995
Stamped___________ 519 9 5
Oonv gold 4 s.................... 1955
Conv 4s Issue of 1910..
1960
10-year 5s________
19 17
East OklaDlv 1st g 4 s ...I l9 2 8
Rocky Mtn Diy 1st 4s_. 1965
Trans Con Short L 1st 4s 1958
Cftl-Arl* 1st A r e! 414s"A” 1962
9 Fe Pres A Ph 1st g 5s . . . 1942
stl Coast L 1st gold 4 s . . . 519 5 2
Gen unified 4 14 3 ____
1964
Ala Mid 1st git gold 5s____1928
Bruns A W 1st gu gold 49.1938
Oharlos A Sav 1st gold 7s 1036
el952
L A N coll gold 4s____
8av F A w 1st gold 6s____1934
1st gold 5a................
1934
Oil 8p Oca A G gu g 4s. . 1918
Balt A Ohio prior 3 H a ... 1925
Registered ................ 5 10 2 5
1st 50-year gold 4«............51948
Registered..................... 51948
20-yr conv 4 H s................ 1933
Rclund A gen 6 s Series A . 1995
Pitts Juno 1st gold 63 . .
1922
P June A M DIv 1st g 3H s 1925
P L E A W Va Sys rel 4 s .. 1941
aouthw Dlv 1st gold 3 H a -1925
Cent Ohio R 1st 0 g 4H e— 1930
Cl Lor A W con 1st g 5 s . . . 1933
Monon River 1st gu g 5 s . . 1919
Ohio River HR 1st g 5s. 1936
General gold 5a.........
1937
Pitts Clev A Tol 1st g 6 s ..1922
Pitta A West 1st g 4 s . . . 1917
Buffalo R A P gen g 6 s ..
1937
Consol 4 H s............’. . .
1957
All A West 1st g 4s gu____1998
Clear A Mah 1st gu g 5 s . . 1913
Roch A Pitts 1st gold 6 s . . 1921
Conaol 1st g 6s.........
19 22
Canada Sou cons gu A 5 s .. 1992
C*r Clinch A Ohio 1st 30-yr 5a ’38
Central of Ga 1st gold 5 s ...p l9 4 5
Consol gold 5s..................... 1945
Chatt DIv pur money g 4s 1951
Mao A Nor Dlv 1st g 5 s .. 1946
Mid Ga A Atl DIv 6s____1947
Mobile Dlv 1st g 5s............1946
Can RR A B of Ga col g 5 s .. 1937
CJjnt of N J gen’l gold Ss____1987
Registered .................... 519 8 7
Am Dock A Imp gu 5s____1921
Leh A HudRlvgen gu g 5 s .1920
N Y A Long Br gen g 4s. .1941
Dent Vermont 1st gu g 4s..el920
Obeaa A O lund A Impt 5 s .. 1929
1st consol gold 5s.................1939
Registered___________ 1939
General gold 444s...............1992
Registered....................... 1992
!0-ycar convertible 4448--1030
80-year couv secured 5s. .1946
Big Sandy 1st 4 s . . .............1944
Coal River Ry 1st gu 4 s .. 1945
Craig Valley 1st g 5a......... 1940
Potts Creek Br 1st 4a____1946
R A A Dlv 1st con g 4a___1989
2d consol gold 4s______ 1989
Greenbrier Ry 1st gu g 4ti. 1940
Warm Springs V 1st g 6 a ..1941
Bid
Ask
99 ____
99 ____
IOOI4 ____
1 0 0 % ____
107 ____
108 ____
98l2 ____
98 ‘ 2 ____
9 9 1 j____
100 ____
O
V
U
O
0
0
0
0
O
0
8
8
8
0
3
S
S
a
3
8
•N oprloo Frid iy; latest t i n week
Q- F
Q -F
Q -N
Q -M
Q •F
9314 Sale
F*- A
A -O
93^4 Sale
83% 90%
M- S
J -D 1 71% 73
M- 8
97% 9914
F - A ------- 95
F - A ____ 97i2
99% Sale
A -O
98 Sale
A -O
9Si2 Sale ;
A -O
99 ig Salo
85
f" -" a t 82
J - J t 80>2 82
J - J
Q- J
J - D
A -O
F- A
M- S
M- S
M- N
M- N
$5lo£
IW- 8
M- S
A- O
J -D
fW- S
M -N
M- N
M -N
M -N
M- N
M- N
M -N
M -N
M -N
M- S
J - J
J- J
J - J
I - J
J - J
M- S
M- S
J - J
Q- J
A -O
A- O
Nov
Nov
M -N
J -D
J -D
J -D
M- 8
J- J
J - J
M- S
M- S
M- S
J -D
M- N
J - J
1 - J
M -N
A -O
A -O
J - J
J - J
Q- J
A -O
Q- J
j ’ -D
J - J
M -N
M N
J - J
M- S
A- O
F -A
J -D
A -O
A -O
J - J
M- S
M -N
A -O
J- J
F- A
J - D
A -O
J -D
F- A
M- N
J -D
J- J
J- J
J- J
M -N
I - J
Q- J
j - J
j - J
M- S
Q -F
J - J
M -N
M -N
M- 8
M- 8
F- A
A -O
J -D
J -D
J - J
J - J
J- J
J- J
M- N
M- 8
75%
42
...
95%
80>g
45
39%
Sale
7713 78%
97 Sale
96i2 Salo
95% Sale
99% Sale
9934 Salo
Week's
Range or
Last Sale
Low
99
99%
101%
101%
107%
109
98%
97
102%
100
Range
Since
Jan. 1
High
Feb ’ 17
Jan ’ 17
Dee ’ 16
101%
Mar’ 17
109
Oot ’ 15
July’ 15
Jan ’ 17
Feb ’ 15
Low
99
100% 101%
107*2 110
109 111%
102% 102%
95%
96%
195
92%
95
3642
88 Mar’ 17
72 Mar’ 17
97
97%
6
95
95
38
86% Jan ’ 17
99%
99% ‘ ” 5
97%
98%
21
97%
99
6i
99%
99 14 1039
8134
81%
11
80%
80%
10
79%
79%
5
76 M ar’ 17
45 Mar’ 17
39%
39%
94%
96
95% Jau ’ 15
78
78%
78
97
97% 494
90%
90%
294
95%
96
293
99 'Xu 100
1615
98%
9 9 % 2089
10U4
102%
102%
107
107%
100%
100%
100
99%
107
100
107%
Salej 101%
10134
102% 102% Mar'17
102% 10234 Mar’ 17
107% 1071;
107%
Sale 107%
107%
Salo 99%
100%
Sale 100%
100%
100% 99%
100%
100
97% Jan ’ 16
107:% 107
107
100% 10034 N ov’ 10
Sale 107%
107%
100% Juno’ 16
88 Sale 83
83
103% 105% 105% Deo ’ 16
103% 105% 103% Mar’ 17
103% ____ 105 Deo ’ 16
1 03% ____ 104%
101%
114% 115 114 Mar’ 17
108
. . . 10934 Sept’ 16
11434
11434 Sale 114%
108% Mar’ 17
85 Aug ’ 10
50 % 5734 58 Mar’ 17
63% 65% G3%
63%
93% Sale 93
93%
92 Sale 92
92
84 Salo 84
84
85% N 0 V I 6
84 Salo 84
81%
102% 101 104% Mar’ 17
102% 104 103%
101%
100% 100% 100% Mar’ 17
95
98% 96 '4 Mar’ 17
85 % Salo
85%
85%
8S% 90
90 Mar’ 17
------- 96
98% Mar'17
102% 10434 101% Feb ’ 17
91% 92% 91%
92%
____ 92% 93% Feb ’ 17
104% 100% 100 Mar’ 17
9 2 % ____ 93% Jan ’ 17
128% ____ 129% Aug ’ 15
83% 84;,i 84%
81%
1 16% ------- 119% July’10
100 ____ 105 July 15
99 993g Deo ’ 16
92% Sals" 92%
92%
92 Sale 92
92
9134 Sale 91%
92%
____ 92% 92% Mar’ 17
933g Salo 93%
94%
100 Salo 99’4
100
1 04% ------- 112 Jan ’ 12
91% 92% 92 Mar’ 17
87 Salo 80
87
89’4 90% 89%
89%
100 Salo 100
100
1 0 5 % ------- 106-34 Oct ’ 16
100 102 101% N ov’ 10
105 ------- 107*2 Feb ’ 17
104% 107% 107% Nov'16
105 ____ 107 Feb *17
9 9 % ------- 99% Sept’ 16
105% 108% 111* 2 Jan ’ 17
101% ------- IOP4 Mar'17
9 2 % ------- 97 N o v ’ 16
1 0 6 % ------- 103% Feb ’16
106% 103 108% Deo ’ 10
107 109% 109% Jau ’ 17
101 103% 102% Mar’ 17
____ 91
91 Mar’ 17
108% ____ 108%
108%
99% 101
99
99%
____ 88
84% M ay’ 16
100 ____ 103 Mar’ 17
1 0 3 % ------- 100% M ar’ 15
103% 104 104*2
104*2
9534 07
96%
96*2
____ 116
116*2
116%
116 116% 116*2
110*2
101% 102 103% Mar’ 17
100 101% 100 Juno’ 13
100% Jan ’ 13
94%
80
78 Fob ’ 17
96% 96% Mar’ 17
95
105 106% 104*2
10 1%
101*2 Jan ’ 17
88% 89
89
89
8034 Mar’ 17
82% 83% 82*2
83
91 Sale 91
92%
84 ------- 84
81
____ 82%
85% N o v ’ 16
95 ____ 96% Feb T 6
70
763g 84’ 4 Jan ’ 13
85 Sale 85
85
78% 83
82% Oot ’ 16
88*2 8ept'16
113% Feb ’ 15
High
99%
9934 9934
953g
90
88
70
97
93
86*2
97*2
96*4
97
99%
81
80%
78
73%
40*2
39%
92
98%
95
93
72%
100
96%
86%
100%
100
100%
99%
88%
88%
82
70%
45
39%
97
75%
95%
95
93%
98
98*2
78%
98*2
98%
98*2
100
99%
101
101*2
102%
100%
100%
99*2
99%
99%
101*2
105%
100
111
110%
102%
102*8
102%
106*2 110%
100% i f 0*2
"88 ’ ’ 9 0 ’
103% 100%
104*2 106*2
114 117%
111 117%
108% 110
"so”
"(31%
63*2
93
91%
83%
73%
97
93
88*4
84
101*2
101*2
100%
95
85*2
90%
97%
101
91*2
93%
100
93%
89
106%
107
100%
99
80
93%
100
104%
90%
95*2
107%
93%
83
89
92*4
92
91%
91
93%
99
96%
95%
94%
92%
97%
101%
88*g
85*2
89%
100
$94%
90
94%
100
107*2 107*2
167" "
107""
110*2 111%
101% 102%
10
109%
102*3
90%
108%
99
109%
105%
92
110
103
103
103
104%
90
116*2
116%
103%
101*2
97%
120%
118
101%
78
91%
104*2
104*2
88*2
8634
81
90
84
79%
91%
108*2
104*2
94
92
86*2
9 134
87
85
88*2
BONDS
Y . STOCK E X C H A N G E
Week ending April 5.
Wee*’,
Range or
Last Sale
Low
High
Ohio A Alton RR ref g 3a___1949 A - O
62
62
Railway 1st Hen 3 H s ......... 1950 J - J
50
50
Ohlc B * Q Denver Dlv 4e ..l9 2 2 F - A
99% M ar’ 17
Illinois D lv 3 H s __________ 1949 J - J
85%
85%
Illinois Dlv 4s_____________1949 J - J
_______ 94
94
Iowa Dlv sink fund 5s____1919 A - O 102 ------- 102% Feb ’ 17
Sinking fund 4 s . . ...........1919 A - O
99% 102
99% Mar’ 17
Joint bonds. See Great North
Nebraska Extension 4s___1927 M -N
97% 99% 97% Mar’ 17
Registered____________ 19 27 M -N
96 ____ 98
July’ 16
Southwestern Dlv 4s_____ 1921 M - 5
9 9 % ____ 99% June’ l£
General 4s....... ....................1 9 5 8 M - S
92
% sale
92%
93
Chic «fc E 111 ref A Imp 4s g_.1955 J - J 30% 35
33 Jan ’ 17
U 8 Mtg & Tr Co ctfs of dep..
30% 38
33%
33*o
1st consol gold 6s.................1934 A - O 104*4 108 100 Mar'17
General consol 1st 5s..........1937 M - N
88
90
80% Jan T7
Registered........................1937 M - N
82 May’ 16
U 8 Mtg >5: Tr Co ctls of dep
88
87% Mar’ 17
Guar Tr Co otfs of dep_____
85 Feb ’ 17
Pur money 1st coal 5s____1942 F - A
40 ____ 97% Feb ’ 13
Chic * Ind C Ry 1st 5a___1930 J - J 25 _ _ _ _ 32 Mar’ 17
Chic Great West 1st 4s......... 1959 M - S
71 Sale
70%
71
Ohlc Ind & Loulsv— Ref 6s. 1947 J - J 112% 115 112% M ar’17
Refunding gold 5a...............1947 J - J 100% ____ 100% Jan ’ 17
Refunding is Scries C ____1917 J - J 8 4 % ____ 84%
81*2
Ind A Loulsv 1st gu Is___1956 J - J 71
75
70 N o v ’ 16
Chic Ind A 8011 50-yr 4s____ 1956 J - J
93 ____ 96% Jan *17
Chic L S A East 1st 4H=*____ 1969 J - D
93 ____ 07% Deo '16
Chicago Milwaukee A St Paul—
Oen’ l gold 4s Series A ___cl989 J - J
92
92 % 92% 92%
Registered ..................... ei989 Q - J
92% Feb ’ 10
Permanent 4s____________ 19 25 J -D
93% Sale
93*2
93%
Gen A ref Ser A 4H a____a2014 A - O
94% 94 % 91%
94%
Gen A ref IHsftempornry form)
04% 94% 94
94%
Gen ref conv ser B 53 ____ o20l4 F - A 104 Salo 103%
104
Gen’ l gold 3H s Ser B ____el989 J - J *79 . . .
79%
79%
General 4H s Ser C ______ «1089 J - J 101% 102 101%
101%
25-year deben 4s_________ 19 34 J - J 90% Salo
89%
90*4
Convertible 4 H *.......... ...1 9 3 2 J - D
96*2 Sale
96*2
Chic A L Sup Dlv g 58____ 1921 J - J 1 0 1 % ____ 103% Jun 97*4
’ 17
Chic A Mo Rlv Dlv 5 s . . . 1926 J - J 103% ____ 100% Jan ’ 17
Chic A P W 1st g 5s......... 1921 J - J 101% Sale 101%
103
C M A Puget Sd 1st gu 43.1949 J - J 92
93
91%
91%
Dubuque Div 1st s f 6 s ...1 9 2 0 J - J 104% 107 105 Feb ’ 17
Fargo A Sou assum g 0 s .. 1924 J - J 109% ____ 110 June’ 13
La Crosso A D 1st 5s......... 1919 J - J 101 ____ 10 1
10 1
WIs A Minn Dlv g 5s......... 1921 J - J 102% 103% 103% Feb ’ 17
Wls Vail Dlv 1st 0s........... 1920 J - J 104 . .
107 Deo ’ 10
Mil A No 1st ext 4 H *____ 1934 J -D 100% 101% 101*2 Mar’ 17
Cons extended 4 H » ____ 1931 J -D 100% ____ 102% Deo '10
Ohlc A Nor WestExt 4S1886-192G F - A
9 7 % ____ 97*2
97%
Registered .............1886-1926 F - A
9434 ____ 97*2 Jau ’ 17
General gold 3 H s ...............1987 M -N
SO
82
8 U4 82
Registered.....................pl9S7 Q - F ------- 82%
81% Oot ’ 16
Oeneral 4s....... ......................1987 M - N
95
97
95% Mar’ 17
Stamped 4s....................... 1987 M - N ------- 90% 9434 Mar’ 17
General 5s stamped.......... 1987 M - N ------- 110% 117% Jan ’ 17
Sinking fund 6s......... 1879-1929 A - O 108 ____ 111 Jan ’ 17
Registered .............1879-1929 A - O 107% . . .
109*2 Apr ’ 16
Sinking lund 5s......... 1879-1929 A - O 1 05% ____ 105% Jan '17
Registered............1879-1929 A - O 103 . . . 103% Apr ’ 16
Dobenturo 5s______ ______ 1921 A - O 100% 102% 100% Feb ’ 17
Registered_____________1921 A - O * -------101% 102% Oot ’ 10
BInking fund deb 5s........... 1033 M -N 103 103% 103% Mar’ 17
Registered................... ..1 9 3 3 M -N 102 103 104% June’ 16
Des PlalnesVal lstgu 4H s 1947 M - S 9 0 % ____ 101% Oct ’ 16
Frem Elk A M o V 1st 6 s . . 1933 A - O 1 1 8 % ____ 118% Feb ’ 17
Man O B A N W 1st 3HS.1941 J - J ------- 87
88 Jan ’17
Mllw A 8 L 1st gu 3 H 8 ...1 9 4 1
J
Mil L S A West 1st g 6s___1921 M - 8 1 05 % ____ 107% Jan ’ 17
Ext A Imp a f gold 5 s . . .1929 F - A 105 ____ 104*2 Feb ’ 17
Ashland Dlv 1st g 6 s . . . 1925 M - 8 110% ____ 111% Deo ’ 16
Mich Dlv 1st gold 6 s . . . 1924 J - J 1093g 111% 111*2 N o v ’ 10
Mil Spar A N W 1st gu 4s. 1947 M - 8
89% 93
89*2
89%
St L Peo A N W 1st gu 6s. 1948 J - J ------- 105
105
105
Chicago Rock Isl A Pac 6s . .1917 J - J 100% 10034 99% Feb ’ 17
Registered......... ............. 19 17 J - J ------- 100% 100%
100%
Ry general gold 4s......... ..1 9 8 8 J - J 87 Sale
86
87
Registered....................... 1988 J - J 84% 87
87 Mar’ 17
ftefundlng gold 4s...............1934 A - O
73 Sale 72*4
73%
20-year debenture 5s_____ 1932 J - J 73
86
73
73
93 ____ 98% Feb ’17
Coll trust Series P 4s......... 1918 M -N
R I Ark A Louis 1st 4 H s .. 1934 M - 8
71
73
72% Mar’ 17
Rur C R A N — 1st g 5 s . . . 1934 A - O
99% 103
99%
09%
9 9 % ____ 100% Mar’14
C R I F A N W lstgu 5S..1921 A - O
M A 8t L 1st gu g 7s......... 1927 J -D
Choc Okla A G gen g 5s. .01919 J - J
99% Oct ’16
Consol gold 5s............ 1952 M -N
91 H U 97% July’15
Keok A Des Molnss 1st 5a 1923 A - O
61 Sale
01
01
St Paul A K C 8b L 1st 4 Ha ’41 F - A
71% 73% 73 Mar’ 17
Chic St P M A O con «s____1930 J -D IIS's 116% 115% M ar’17
90 ____ 91
Cons 6s reduced to 3 Ha. 1930 J -D
91
Debenture 5s..................
1930 M - 8 101% 102 101%
101%
Ch St P A Minn 1st g 68..1918 M -N 115 ____ 115% Mar’ 17
North Wisconsin 1st 6a .1930 J - J 115 ____ 118 N ov’ 10
8t P A 8 City 1st g 6 s . . . 1919 A - O 102% 105% 103%
103%
Superior Short L 1st 5s g.ol930 M - 8 101% ____ 105% N ov’ 10
Chto T H A So-east 1st 5 s . . . 1060 J - D
08
80
82 Jan '17
Chic A West Ind gen g 6 s .*1932 Q -M 106% 107 100% Mar’ 17
Consol 50-year 4s...............1952 J - J
73% Sale
73%
73%
Cln H A D 2d gold 4H a____1937 J - J
92
90% 06% Jan ’17
1st A refunding 4 s ............. 1959 J - J
00 ____
1st guaranteed 4 s . . ............ 1959 J - J 84 ____ 70 Mar’ 17
38 ____ 25 July’15
Cln D A I 1st gu g 5s____1941 M -N
88 Mar’ l l
C Find A Ft W 1st gu 4s g 1923 M -N
Cln 1 A W 1st gu g 4s____1953 J - J
65 July’ 14
D ayA Mich 1st cons 4 H s . 1931 J - J 04 ____ 90 Jan ’ 17
75% 78
Clovo Cln C A St L gen 4 s . .1993 J -D
77*2
78
20-yr dob 4 H s ..................... 1931 J - J 84% 85
85%
85*2
953g 99% 101 Feb ’ 17
Gen 5s Scries B __________ 1993 J - D
80% 83% 83% Mar’ 17
Cairo Dlv 1st gold 4s_____ 1939 J - J
72
77
Cln W A M Dlv 1st g 4 s .. 1991 J - J
79 Feb ’ 17
80*2 Salo 80*2
St L Dlv 1st col! tr g 4 s . . . 1990 M -N
80*2
82*4 Mar’ 14
Registered_____________1990 M - N
83 Sept’16
Spr A: Col Dlv 1st g 4s____1940 M - S 80% 83
77 ____ 84 N ov 10
W W Val Dlv 1st g 4s____1940 J - J
C I 8t L A C consoles____1920 M -N 103% 105% 105 Juno’ 10
92*4 92% Oct ’ 10
1st gold 4s......... .............*1936 Q - F 89
Registered_________ *1936 Q - F 88 ____ 88*2 May’ 15
Cln 3 A Cl con 1st g 5s___1923 J - J 100*2____ 102% Jau ’ 17
C C C A I gen con g 6s___1934 J - J 114% ____ 114% Mar’ 17
8 3 % ____ 94 July’08
Ind B A W 1st prof 4s____1940 A - O
O Tnd A W 1st prof 5s___(11938 Q - J
00%
Peo A East 1st con 4s____1940 A - O ------- 69% 66%
22 24 24
25
Income 4s______________1990 Apr
99% 100 100% Mar’ 17
Clevc Short L 1st gu 4H 3.1.1961 A - O
4%
8 M ar’ 17
Col Midland 1st g 4s......... ..1 9 4 7 J - J ------------3%
Trust Co certfs of deposit_____
3*2
4
91% Salo 91%
02
Colorado A Sou 1st g 4s____ 1929 F - A
83 Salo
83
83%
Refund A Ext 4 H s______ 1935 M -N
103%
Ft W A Den C 1st g Os___1921 J - D 103 103% 103*4
87% . .
Conn A Pas RIvs 1st g 4s___1943 A - O
Cuba RR 1st 50-yr 5s g____1052 J - J ____ 93% 94 Feb ’ 10
Del Lack A Western—
86*2 Salo 88*2 80*2
M orrliA Es 1st gu 3 H 8..200 0 J -D
N Y Lack A W 1st 6a____1921 J - J 105 100 100 Mar’ 17
Construction 5s________1923 F - A 1 0 1 % ____ 102% Feb ’ 17
9 7 % ____ 98 Mar’ 17
Term A Improve 4a____1923 M -N
102% Feb ’03
Warren 1st ref go g 3H B..2000 F - A 84 __
aDueJan. d Due April. « Dis May. g Due *une.
9778 99
92%
31
30%
105%
80%
97%
33
33%
107%
90
87
85
90
90
32
70%
112%
100%
84*2
41
73%
115%
100%
85*4
90
90%
91
90
93%
94%
94
102*2
79%
101
89%
90*2
103%
100%
101%
91*2
105
96%
98*2
90%
107%
82%
105%
94%
102%
103%
106%
104%
95*4
105
101 101%
103% 101%
101*2 101%
97% 98%
07*2 07%
81% 86%
92
98*g
91% 05*»
110 118
111 111
105% 105*2
100% 102%
103% 1037*
118% 118%
88
88
107*1 107%
104% 104*2
89*2
105
99%
100%
86
85*2
72%
70
98%
70
99%
94*4
108%
1007,
100%
90
85%
78%
74*2
987,
741,
102%
60*2
72
115*2
91
101
115%
62
75
118%
91%
103
118%
103*8 104
82
100%
72*4
96*2
82
108
77
06%
70
70
96
75%
86 %
100%
83%
79
80*8
90
8 H1
87
101
87
81
83%
102% 102%
114% 116%
66*2
24
99*2
8
3*2
91
83
103
75
30%
102%
17%
11%
90
87%
105*8
80
105*2
102%
97%
88%
107%
102%
99*2
Option sale.
A pr . 7 1917.]
BONDS
Y . STOCK EXCH A N G E
Weok ending April 5
N e w Y o r k B o n d R e c o r d — C o n tin u e d — P a g e 2
Pries
Thursday
April 5
Week's
Range or
Last Sale
Range
Since
Jan. 1
High No.' Low High
2 101 101*2
101
101
101*8 M a r'17
101*8 101%
101 Salo 101
10L ’ “ "I: 100% 101%
13 95% 99*2
96% Salo
9038
97
103 Salo 102*3
27 102% 107
103
83% 81
80i.i Mar’ 17
86
89%
109
11278 Dec *10
79% SO
79%
79%
79%
86
85
88 Feb T7
87%
83% 85% 85
85
84
65
66
65%
63
63%
87
95
87 N o v T 6
35*s 50
61% Apr '11
39
35H June’ 10
80
80
78% 79
79% 84%
63
64*2 66 M ar'17
66
71%
98
98% Mar’ 17
98*2 98*2
80
82% 82 Deo *10
75% .July’ 16
81
90
91
91*4 Mar'17
91
93
101% 105% 105*8 F e b ’ 17
104*4 105*8
100% 103 100*2 Mar'17
100*2 104
100*2 Mar’08
94 Jan '17
89*4 94
94
94
102% —
104 Jan *17
104 104
106*2 109%
106% 108*2 107 Mar’ 17
96
N Y A Erie 1st oxt g 4 2...194 7
98% 99%
08*2 98*2 Mar’ 17
* ___ 101% 101*4 Juno’ 16
2 d ext gold 5s...................1019
100* —
3d ext gold 4 J^a.............. 1923
100% Mar’ 17
100% 100%
1013s 1 0 1 % 102*2 Mar’ 17
4th oxt gold 5s........... ...1920
101% 102%
91*
94% Nov*15
5th ext gold 4s................ 1928
106% 108 107% Deo '10
N Y L E & W lat g Id 7s. .1920
81% S a le
Erie 1st con g 4a prior____ 1996
81
81%
80% 87*4
84 Deo ’ 10
Registered.....................199 6 J
65*2 Salo
1st consol gen Hen g 4s. 1996 J
65*2
06*2
65*2 73%
73
Registered__________ 1998 J - J
73 June’ 16
90
00*2 90 M ar’ 17
Penn coll trust gold 4 a ._ 1951 F 90
90
61 Salo 61
50-year conv 4a Series A 1953 A 62
61
68*4
do
Series B ____1953
60*2 Sale 59%
6 U2
59% 68 %
Gen conv 4s Series D _ ._ 1952
72% Salo 72%
74%
72% 84
Chic A Erie lat gold o s ...198 2 M -N 107 108 108 M ar’ 17
107*2 109
Glev A Mahon Vail g 6s._1938 J - J 104%
10678 Jan ’ 17
106% 106%
Erie A Jersey 1st s f 6s 1955 J - J 1073i 107% 107%
107%
107% 109
Gonessco Rlv 1st s t 6 s . . 1957 J - J 107*2 108% 107*4
107%
107*4 107%
Long Dock consol g O s . 1935 A - O 120%
122% Oot ’ 10
Coal A RR 1st our gu 6 a . . 1022
101*2 ______ 102
Mar’ 16
Dock A Imp 1st ext 5 s ...1 9 4 3
102%
106U Jan ’ 17
106*4 106*4
N Y A Green L gu g 5 s ...1 9 4 6
101
102*2 Mar’ 17
101 102*2
N Y Suaq A W 1st ref 6 s . . 1937 J - J
90
93 100*3 Jan ’ 17
100% 100%
2d gold
....................193 F - A
100*4 Deo ’06
General gold 5s..............1940 F
OS
74 N ov’ 16
IV
!
Terminal lat gold 5 a ...1943
103
108 Jan T7
106% 108
Mid of N J 1st ext 5s......... 1910 A
101*2
108 Jan ’ 17
107 108
Wllk A Eas 1st gu g 6 s_ ._ 1942 J
66% 72
70 Mar’ 17
70
81
Ev A Ind 1st con gu g 63 ____1926 J - J 25
28% Jan T7
28*2 28%
Evansv A T H 1st cons 0 s ..1921 J - J
99% 101 102 Jan *17
100 102
1st general gold 5s............. 1942 A
75% ___ 63 May’ 16
75
Mfc Vernon 1st gold Os____1923 A -O
108 N ov’ ll
75
90
Sull Co Branch lat g 6 a.. .1930 A -O
95 June’ 12
93
Florida E Coast lat 4H «- .1959 J -D
94*2
9 4*2
04% 90
83%
Fort St U D Co lat g 4H« .1941 J - J
92 Aug '10
Ft W A Rio Gr lat g 4 s .____.1928 J - J 65
69*4 Feb ’ 17
69% 09%
A
O
86
Gal TIous A Hen 1st 5s____1933
88
85*2 June’ 16
Great North •' B A Qcoll 4s 1921 J - J
97% Sale 07%
97%
97% 99%
Registered A____ . . .
l 'A Q - J ______ 97% 07*4
97%
97*4 99
1 st A ref 4 Ha Serin
l / .1 J - J
99% 100% 99*2 Mar’ 17
99*2 101%
Registered......... ............. i»61 J - J
96 June’ lO
St Paul M A Man 4s......... 1933 J - J 95
96% 9678 Mar’ 17
90
99
1st consol gold 6 s......... 1933 J - J *18% 119 118% Mar’ 17
118% 121
Registered............
1933 J
*118
U8
118
118 118
J
J
Reduced to gold 4 Ha". 1933
100 101% 101% Mar’ 17
101% 105%
Registered............ 1933 J - J
103 102*2 May’ IO
Mont ext 1st gold 4s. 1937 J - D
93% 95% 94% Mar’ 17
94% 08%
Registered.........
1937 J - D —
98% 95*2 M ar'10
Pacific ext guar 4s
IlOtO J - J
85*2 N ov’ 15
E Minn Nor Dlv lat g 43 1948 A -O
92% 98% 98 Jan ’ 17
94% 98
Minn Union 1st g 6a____1922 J - J 106%
108% Jan '17
108% 108%
Mont C 1st gu g 0 a ._.
1937 J - J 119
123% 124%
Registered...........
1937 J - J
130*4 May’06
1st guar gold 5a..1111937 J - J 107
110*2 Jan '17
110 % 1 1 0 %
Will A S F 1st gold 5 s . .1938 J -D 107%
109% Aug ’ 10
Feb
80
Green Bay A W deb ctfs " A " ____
79% Deo ’ 16
12% 14% 12*2 Fob ’ 17
Debenture ctfs " a " .
____ Feb
12*2 15%
Gulf A S I 1st ref A t g 6 s ..61952 J - J ____ _ 82% 82%
82%
82% 80*2
Hooking Val lat cons g 4H0-1999 J - J
90% 91% 90% M ar’ 17
90
93%
Registered........................... 1999 J - J
9734 j an ’ l l
Col A H V let ext g 48— 1948 A - O
88
88 Feb ’ 17
88
88%
Col A Tol 1st oxt 4s......... 1955 F - A
84%
88 N ov’ 16
Houston Belt A Term 1st Os. 1937 J - J 90*2 93% 90 Jan *17 90
90
Illinois Central 1st gold 4 s . . 1951 J - J 08*4 —
98% Fob T 7 - 98% 99%
Registered......................
1951 J - J
92 Aug ’ 1 5 ____
84% 90
lat gold 3 Ha........................ 1951
85*2 Mar’ 17
85*2 85*2
Registered....................... 1951
80*8
83
Nov’ 15
Extended 1st gold 3H 9---1951
83*2 80
85*2 Deo '16
82%
Registered....................... 1951
lat gold 3s sterling............. 1951
80 J’Jy ’09
Registered____________ 1951
~88 " ”88% 88 M ar’ 17
Coll trust gold 4s................1952O
88
02
Registered____________ 1952
95*4 Sop ’ 12
88
89% 89
1st refunding 4 s . . . ............1955
89%
89
95
’ urohaied lines 3>*a......... 1952
83% 85% Jan ’ 17
85% 85%
85
80*8 80 Mar’ 17
L N O A Texas gold 4s__ 1953
86
89%
*82*2
Uoglsterod____
1953
84 May* 14
89% —
OalroBNdge gold 4 a ...1119.50
94% Jan ’ 17
94% 94%
74 Fob *14
—
—
Litchfield Dlv 1st g 3s____1951
Loulav Dlv A Term g 3H s 1953
77 Feb ’ 17
77
83
Registered_____
19 53
83 Aug ’ 12
Middle Dlv reg 5 s I I H “~1921
100*2 ______ ^02 June’ lO
Omaha Dlv lat gold 3 s . . . 1951 F - A
72% Jau '17
72*2 72*2
77
StLouIs Dlv A Torm g 33.1951 J - J 69
71 Mar’ 17
71
71
Qo>d ? H s ........................ 19 5 1 j - j
84
—
86*2 Jan ’ 17
83
80%
Registered................... 19 5 1 J •• J
80 Juno’ 10
dprlngf Dlv 1st g 3 H S ...1 9 5 1 J - J
80
80 % N ov’ 16
Western lines 1st g 4 s .. 1951 F - A
88% 91*8 91*a Deo '16
Registered .................. 11951 F - A
92 N ov’ 10
Bellov A Car lat 0 s ..
19 23 j -D
108% ‘17% May
Garb A Shaw 1st gold 4sIIl032 M - 8
86
90 Jan ’ 17
90
00
Ohio St L A N O gold 5s. 1951 J - D 107 ______ 07% Oot ’ 10
Registered....................... 19 5 1 j - d
___
14 F e b ’ l l
Gold 3 H a......................... 1961 J - D
90 Oot ’09
Registered...................19 5 1 J - D
Joint lat rof 5s Series A . 1903 J -D
99 Salo 98
09
98 102%
Meraph Dlv 1st g 4s. __ 1951 J - D 82% 90
86% Doo ’ 15
Registered..................1951J -D
flt Louis Sou 1st gu g 4 s ._ 1931 M - S
95% Jan '17
95% 05%
ind III A Iowa 1st g 4s......... 1950 J - J
91% 98
92 Fob ’ 17
92
91*2
!nt A Great Nor 1st g Os____1919 M - N
98*4 09% 97 Mar’ 17
97 100
James Frank A Clear 1st 4s. 1959 J - d
90% 92*2 92% Jan T7
92% 03
K ansas City Sou 1st gold 3s. 1950 A - o . 08*2 68% 68% Mar’ 17
08% 71%
Registered____. . . . . . . . . 1 9 5 0 A - o
63 Oot ’00
Ref A Impt 5s_______ Apr 1950 J - J
89i8 Sale 89%
89%
87
01
Kansas City Term 1st 4a___1060 J - J
87
87% 86%
87*2
86% 90*4
Lake Erie A West 1st g 5s. .1937 J - J
98 100
98% M ar’ 17
98%
101
2d gold 5 3 ........................ 1941 J - J
80=8 83
80% Feb T7
80% 83
North Ohio 1st guar g 5s._ 1945 A - O -------100i„
8973 Mar’ 17
89% 90
L?b V allN Y 1st g u g 4 H a -. 1940 J - J 100
101 Mar’ 17
100*2 102
00
Registered...........................1940 J - J
101*4 Jan T7
101*4 101%
Lehigh Vail (Pa) cons g 4 a ..2003 M -N
9QU " o i " 91 Mar’ 17
90% 91%
___ Qeneral cons 4 Ha......... 2003 M -NI
91 100*8 100*2 Mar’ 17
100 102
B id
Del A Hud lat Pa Dlv 7s___1917 M - S
Registered....... ........... 1917 M - 5
1st Hen equip g lH 3 ......... .1022 J - J
lat A ref la.......................... 1943 M -N
20-year conv 6a _________ 1935 A - O
Alb A Susa conv 3 H s ____1946 A - O
Renas A Saratoga lat 78 — 1921 M -N
Denv A It Or lat con g 4 a .. 1936 J - J
Consol gold 4H a_______ .1936 J - J
Improvement gold 6a____1923 J -D
1st A rofunding 6a.............1955 F - A
Rio Or June 1st gu g 5a ..1939 J - D
Rio Gr Sou lat gold 4 s ...1 9 1 0 J - 1
Guaranteed_____ ______1940 J - J
Ulo Or West 1st g 4a......... 1939 J - 1
Mtge A coll trust 4s A . . 1949 A - O
DCS Moines Un Ry lat g 5a. 1917 M - N
Dot A Mack—-1st Hen e 4 s ..1995 J -D
Gold 4a................................. 1995 J - D
Dot RIv Tuu—Ter Tun 4^31961 IW-N
Dul Mtesabe A Nor gen 5a. .1941 J - J
Dul A Iron Range 1st 5s____1937 A
Registered......................... 1937 A
Dul So Shore A Atl g 63 ____ 1937 J - J
Elgin Joliet A East 1st g 53.1941
100%
A sk
BONDS
N . Y . STOCK E X C H A N G E
Week ending April 5
83
Price
Thursday
April 5
Week's
Range or
Last Sale
Low
High
Lch V Term Ry l i t gu g 53 — 1941 A - O
114 Feb ’ 17
Registered............................. 1941 A - O -------112% 113 M ar’ 17
Leh Val Coal Co lat gu g 5a. 1933 J - J 104%
100*2 Mar’ 17
Registered............................. 1933 J - J
105 Oct ’ 13
1st lnt reduced to 4s......... 1933 J - J
91
98
Leh A N Y 1st guar g 43 ____ 1945 M - 5
87 ____ 90 Jan ’ 17
Registered............................. 1945 M - S
Long Isld 1st cons gold 5s..h 1931 Q - J 104% 105 104% Mar’ 17
1st consol gold 4s............. A1931 Q - J *34
94% Juno’ 16
General gold is ..................... 19 33 J -D
85*4 89
85% Feb '17
Ferry gold 4H 9................... 1922 M - S ------- 98% 98% Deo ’ 16
H0!?. *8 .................................. 1932 J -D
99% Oct ’06
Unified gold la .....................1949 M - 8 ------- 89
86% Feb ’ 17
Debenture gold 5s..............19 3 1 J -D
94% 98*2 95% Feb ’ 17
Guar refunding gold 4 s . . .1949 M - £1
S6% 87% 87
87%
__ ^glatered......................... 1949 W - s
8 7 % ____ 95 Jan ’ l l
N Y B A M B 1st con g 5s. 1935 A - O 1 0 3 % ____ 103% Feb ’ 17
N Y A R B 1st gold 5 s . . .1927 M - S ------- 104% 103 Feb ’ 17
Nor 8 h B 1st con g gu 5a.ol932 Q - J
100 Aug *16
Louisiana A Ark 1st g 5s____1927 M - S ------- 92*2 9438 Jan '17
Louisv A Nashv gen rts..........1930 J - D
112*2 112% 112%
112%
Gold 5s.................................. 19 37 ftf-N 108% 109% 10% Dec ‘ 16
Unified gold 4s..................... 1940 J - J
94
95% 95
95%
Registered......................... 1940 J - J
92 ____ 96% Jan '17
Collateral trust gold 5 s . . .1931 M - N 102% ____ 106% Feb '17
E H A Nash 1st g 6 s......... 1919 J - D 103 ____ IO734 Dec *16
Jj Cln A Lex gold 4H s— -1931 M - N 100% 100% 103 Jan ’ 17
N O A M 1st gold 6 s......... 1930 J - J 112% 115 112*4 Mar’ 17
2d gold 6 s_________
1930 J - J 104% 106 104% Feb '17
Paducah A Mem Dlv 4 s .. 1940 F - A
90*2____ 90*2
90**
Gt Louis Dlv 1st gold 0s_1921 IW- 8 103% 105 106 Mar’ 17
2d gold 3s......................... 1980 M - 8
60
62
60
GO
Atl Knox A Cin Dlv 4 s . . . 1955 M -N
88
87
86
80
Atl Knox A Nor 1st g 53— 1946 J - D 1 05% ____ 108% Jan T7
Header Edge 1st s f g 6s . . 1931 M - S 106 ____ 106% June’ 16
Kentucky Central gold 4 s . 1987 J - J
85*4 85*2 85% M ar’ 17
Lex A East 1st 50-yr 5a gu.1965 A - O 100*2 101*2 101
101
L A N A M A M l3t g 4H » 1945 M - S 1 0 0 10034 10 1 Oct '16
L A N-Soutb M Joint 4 s ..1952 J - J
81% Sale
81%
81%
Registered...................... fj 1 952 Q - J
95 Feb ’05
N Fla A S 1 st gu g 53 ____1937 F - A 1 0 4 % ____ 105% Sept’ 10
N A C Bdgegen gu g 4HS.1945 J - J 97% 99% 97% M ay’ 16
Pens3 C A Atl 1st gu g 0 s ..1921 F - A 106% 108 108% N o v ’ 16
S A N Ala cons gu g 53— .1936 F - A 106 ____ 103% Mar’ 17
Gen cons gu 50-year 53.1963 A - O -------102%1 102 M ar’ 17
L A Jeff Edge Co gu g 4 s . . . 1945 M - 8
78
81% Feb ’ 17
Manila RR— Sou lines 4 a ... 1936 M -N
Mex Internat 1st cons g 48— 1977 M - S
77 Mar’ 10
Stamped guaranteed......... 1977 M - 5
79 N ov’ 10
Midland Term— 1st a f g 53.1925 J - D
101 Oct '09
Minn A St L 1st gold 7s____1927 J -D 100
113% Deo ’ 16
Pacific Ext 1st gold 03____ 1921 A - O
103% Oct ’ 10
lat consol gold 5a.................1934 M - N
89% ’ 92 " 89%
89%
1st A refunding gold 4 s . . .1949 M - 8
56 Salo
56
56*2
Ref A ext 50-yr 5s Ser A . . 1962 Q - F
54
61
6178 Jan T7
Dea M A Ft D 1st gu 4s. .1935 J - J
60 Feb ’ 15
Iowa Central 1 st gold 5 s . . 1938 J -D
89
91
89%
89%
Refunding gold 4a_____ 1951 M - M
S
56
55*4 50% 56
M StPASSM con g 4s lnt gu.1038 J - J
91% Sale 91%
92%
1st Chlc Term a f 4s......... 1941 M - N
93 ____ 92 Jan *17
_
P S M A A lat g 4a lnt gu’26 J - J 9G34 97*4 97
07
Mississippi Central 1st 5s.._1949 J' - J _____ 04*2 05 Deo ’ 16
M o Kan A Tex 1st gold 43 . . 1990 J -D
73% 74*2 74
74%
2 d gold 4s........................... pl990 F - A 47 Sale 46
47
1st ext gold 5s..................... 1944 M- N
31% 37
45 Deo ’ 10
1st A refunding 4a.............. 2004 M - S
56% 59
61 Mar’ 17
Gen sinking fund 4 Ha— -1930 J - J 37% 39
37%
37%
St Louis Dlv 1st ref g 4a. 2001 AAO ------- 37
40 N ov’ 10
Dali A Waco lat gu g 5 s ..l 9 !0 M - N
69*2____ 80 Deo '16
Kan City A Pac 1st g 4s. .1990 F - A
6 8 *2 ____ 70% Mar’ 17
M o K A E 1st gu g 6 a____1942 A O
68*2 Sale 68*2 68 **
M K A Okla 1st guar 5S..1942 M -N
79*2 S0% 79 % Mar’ 17
M K A T of T lat gu g 5s. 1942 M - S ------- 75
79 Jan '17
Sher 8 h A 80 lat gu g 5 s .. 1942 J - D ____ 60
51 Deo ’ 16
Texas A Okla 1st gu g 5a .1943 M - S ------- 44
45% Feb ’ 17
Missouri Pacific (reorg Co)
1st A refunding 5s wb las 1923
98*2 Sale
9S%
98*2
1st A refunding 5s wb lss 1926
96*2 97*4 94*2
94*2
lat A refunding 5s wb lss 1965
92% 05
95 Feb ’ 17
General 4s when issued______
65 Sale
65
05%
Missouri Pac 1st cons g 68 . . . 1920 ......... 103 104% 103 M ar’ 17
Trustgold 6 a stamped . . . a 1917 M - S -------107
100% Jan '17
Registered...........................a!917|M- S
82 Oot ’ 15
1st collateral gold 5s......... 1920 F - A
103 Jan ’ 17
Registered....................... 1920IF -A
40-ycar gold loan 4 s .......... 1945 M - 8
5 2 % ____ 55*2 Feb *17
1st A ref conv 5a.............. 1959 M - S
52*2____ 61 Jan '17
3d 7a extended at 4 % ____1938 M - N •------- 83% 80 Mar’ 17
Boonv St L A S 1st 5a gu.1951 F - A
100 Feb ’ 13
Cent Br Ry 1st gu g 4 s . . . 1019 F - A
61 ____ 67 Aug ’ 16
Cent Br U P 1st g 4s......... 1948 J -D
65*4____ 77% Deo ’ 13
5 4 % ____ 110 Mar ’05
Leroy A C V A L 1st g 5s. 1926 J - J
Pac R of Mo 1st ext g 4 s .. 1938 F - A
88
92
92% Dec ’ 16
2 d extended gold 5s___ 1938 J - J 100% ____ 101 Mar’ 17
St L Ir M A 8 gen con g 5s 1931 A - O 101% 102 101%
102
Gen con stamp gu g 5 s .. 1931 A - O
102 July’ 14
Unified A ref gold 4 s . . . 1929 J - J ------- 80% 80
80
Registered.................... 1929 J - J
80% Oct '12
RIv A G Dlv 1st g 4 s . . . 1933 M -N
77% 78*4 78*4
79%
Verdi V I A W let g 5 s . . . 19 2 o!m - 8
02%
87 Sept’ 15
Mob A Ohio new gold 6 s
1927 J - D 112% 113% 112% Mar’ 17
1st extension
gold 6 s. I H i 1927 Q - J 101 108 109 Feb *16
....................................................
General gold 4 s.................... 1938 M - S
78
80
78
78
Montgomery Dlv 1st g 59.1917 F - A -------101
101 Oot ’ 16
fit Louis Dlv 5s___________1927 J - D 91% 94
89 Deo ’ 15
flt L A Cairo guar g 4 s ._ . 1931 J - J 86
90
89% Jan ’ 17
Naaliv Chatt A St L 1st 5s 192S A - O 105*2____ 105% Feb *17
Jasper Branch 1st g 6 a .. 1923 J - J 105% ____ 110% Mar’ 16
Nat Rys of Mex pr Hen 4H s - 1957 J - J
30 ____ 30 M ar’ 17
Guaranteed general Is___ 1977 A - O
35 Aug ’ 16
Nat of Mox prior Hen 4 H s. 1926 J - J
96% Feb ’ 13
1st consol 4s....... ...........
19 5 1 A - O
30 Oot ’ 16
N O Mob A Chic 1st ref 5 s .. 1960 J
_ - .J
46
53
59 Dae *16
New Orleans Term 1st 4 a . .. 1953 J - J
08
71
70 Mar’ 17
N O Tex A Mexico 1st 0s
1925 J - D
97
98
97% Mar’ 17
Non-oum Income 63 A ____1935 A - O ------- 43% 46 Mar’ 17
N Y Cent R R conv deb 6a.. 1935 M -N 108% Sale 108%
109*2
Consol 4s Series A _____
1998 F - A ------- 86% 86%
86%
Ref A Imp 4Ha “ A ” _____ 2013 A - O
98 Salo 95%
96%
N Y Central A H R g 3 H s— 1997 J - J 82
82% 83
83
Registered......................... 1997 J - J
81% 83% 82
82
Debenture gold 4s..............1934 M -N
91*4 Sale 90%
91%
Registered......................... 1934 M -N
92 Deo ’ 10
Lake Shore coll g 3M *---199S F - A m i " 77 ” 77
77
Registered....... ...........
1998 F - A ------- 76% 76% Mar’ 17
Mlcb Cent coll gold 3 H a --1098 F - A ------- 77*8 77 Mar’ 17
Registered...................... _ 1998 F - A ------- 77% 75 Mar’ 17
Battle Cr A Stur 1st gu 3a. 1989 J - D
63% —
Beech Creek lat gu g 4 a „ 1936 J - J 96 _ .
97 Fob '17
Registered......................... 1936 J - J
93% . .
95% N ov’ 10
2d guar gold 5s.................1936 J - J 101
104 M ay’ 16
Registered.....................1936 J - J
Beech Cr Ext 1st g 3H 8--M 951 A - O
76*2 84*2
Cart A Ad 1st gu g I s ......... 19S1 J - D
88
91
89 N o v ’ ie
Gouv A Oswe 1st gu g 5 s .. 1942 J - D 102 ____
Moh A Mai 1st gu g Is...1 9 9 1 1M- S
9 1 % ____ 91 Mar’ 16
N J June R guar lat 4 s . . . 19861F - A
85 ____ 89% Feb ’ 16
N Y A Harlem g 3 H s ___ 2000 M -N
81 ____ 8 H2 Feb '17
N Y A Northern lat g 5s. 1923 A - O 100% . . . . 100*4 Bept’16
» No priceFriday; latest bidandaskedtolaweok. a DueJan. 8DuoFob. » DueJuno, 8Due July, o Due Oot. . Optionulo,
1371
Range
Since
Jan. 1
j
—
'Low
jl 13*2
113
;i05
Htgh
114
113
106%
90
90
104% 100
85% 87%
95% 98*2
86% 90%
103
103
103*4
103
94% 94*2
112% 113%
93*4 97%
96% 96%
106*2 106%
103
112*4
104%
89%
106
60
86
10834
103
114%
104%
90%
100
73*2
91%
108%
85*s 85%
100% 103%
80*2 81%
- - - :106% 109
---1 0 2
103%
- - - ! 81*2 81%
88% 91*2
55% 64
61% Gl%
89%
56
91%
9 2 .,
9 7..
95
63
97
92
98%
73% 78*2
45
54%
61
36%
69%
45
70%
67*2
82
78*2
71
79
S5
80
45** 49
98
94*2
95
17 65
102%
- 106%
99%
98*2
95
68%
106%
106%
101% 103
55*2 59
60
61
80
80%
101 101%
101% 103%
79
80
78% 84
112% 114%
77* ’ 78~%
89% 89%
105 103
30
30
70
06%
46
107
85*2
95%
80%
82
90*2
72
99%
43%
113%
88%
98%
8G%
85%
94%
76*2
76*2
70
75
81
SO
80%
80
97
97
81% 81%
1373
BONDS
N . Y . STOCK EXCH A N G E
Week ending April 5
[V ol . 104.
New York Bond Record— Continued-Page 3
Price
Thursday
April 5
Week’s
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N . Y . STOCK E X CH A N G E
Week ending April 5
gl
Price
Thursday
April 5
Week’s
Range or
Last Sale
Rang*
Since
Jan. 1
Loto High
High
Bid
Ask Loto
P O C A St L (Con.)
High No. Low High
Bid
Ask Loto
N Y Gent 4 H R R R (Con.)—
95% Jan T4
96 ____
Serlea F guar 4a gold— 1953 J - D
90 Mar'17 —
89% 94
N Y & P u 1st cona gu g 4a 1993 A - O ____ 92%
95% 07
95%
M
ar’
17
96
____
M
N
Serlea
G
4a
guar_______
1957
113 M ay’15
Pine Creek reg guar 6a____1932 J - D
102% I03*a
Series I cona gu 4H 3---1963 F - A I0 2 ia ____ 103% Mar’ 17
103% Mar’ 17 ____ 103 104%
R W i O c o n lat ext 5a. ,61922 A - O 102%
A -O
107% flept’ 16
—
C
S
t
L
A
P
lat
cona
g
68—
1932
100%
Feb
T7
10
0
%
10
0
%
R W 4 0 T R lat gu 8 53— 1918 M -N 1 00% ------Peoria A Pekin Un lat 6a g— 1921 Q - F loo" -III 102 Nov'15
81% Deo *15
Rutland lat con g 4% s___1941 J - i
8 7 % ------ 87 M ar’ 16
2d gold 4 Ha.......................61921 M -N
70% 70%
70% 71% 70% Feb T7 —
Og A L Cham lat gu 4a gl948 1 - J
92% 95
9134
95%
91% Salo
Pere Marquette lat Ser A 6al956
92 June'09
Rut-Canada lat gu g 4 a.1949 i - J
75
77%
76
76
75's 7G
lat Serlea B 4 a __________ 1956
90 - - - - 101 Nov'lO
St Lawr A Adlr lat g 5a— 1990 J - i
42
42
42 Feb T7
J - J
35
48
Philippine
Ry
lat
30-yr
a
f
4a
1937
103
Nov'lO
2d gold 6a........................ 1990 A - O
109
Jan
'17
109
109
A
O
1
0
5
%
____
Pitta
Sh
A
L
E
lat
g
5a..........1940
98% 99% 97% July’ 16
Utica A Blk Rlv gu g 43— -1922 J - J
113% N ov’ ll
3 84% 87%
1st consol gold 5a_________ 1943 J - J
85
84
86% 84%
- Lake Shore gold 31*3 _____ 1997 J - D
41 93% 90%
94%
93% Salo 93%
Reading Co gen gold 4a_____ 1997 J - J
83% 84% 84% Mar'17 ------ 1 83% 87
Registered____________ 1997 i - O
92% 05
16! 94
91% 95% 92% Feb T7
Registered_________
1997 J - J
07%
91%
94 Sale 94
Debenture gold 4a_____ 1928 M - S
94
97
94
94
94
95
A
O
16
Jersey
Central
coll
g
4a___1951
93%
94
93%
06%
93%
Salo
26-year gold 4a................1931 M -N
J
J
Atlantlo
City
.guar
4a
g___
1951
95 N o v ’ 16
Registered__________1931 M -N
79
82
80 M ar'17
75
80
St Joa A Gr Isl 1st g 4a.......... 1947 J - J
Ka A A G R lat gu o 63— 1938 J - J
St Louis A San Fran (reorg C o;—
Mahon CM RR lat 5a......... 1934 J - J 103 ------- 104% Deo T5
65% 71%
J
6 GI2 Sale 66% 67%
Prior Lien aer A 4a________1950
Pitta A L Erie 2d g 6a_— «1928 A - O 103 101 103% Feb T7 — - 103% 103%
83
88%
84%
J 84 Salo 84
Prior Hen ser B 5a_________ 1950
130%
Jan
*09
113%
____
Pitta MoK A Y lat gu 6a._1932 J - J
69% 76
69%
74%
09%
Sale
J
J
Cum
adjust
ser
A
6a_____
1955
2d guaranteed 0a______ 1934 J - J 112 ____ 123% M ar’ 12
50
66%
53
64
53 Sale
Income serlea A 6a_______ 1960 July
McKees A B V lat g Oa.1918 J - J
112 112%
St Louis A San Fran gen 6a. 1931 J - J 11112 112% 112% Feb *17
Michigan Central 5a_____ 1931 M - S 106 ____ 106% Aug TG
103
104
104
Mar*
17
J
J
------105
General
gold
5a------------1931
105 July'lO
Registered____________ 1931 Q -M
78 May'10
St L A S F RR cona g 4a..1996 J - J
9 1 % ------- 98 Apr T2
4a....................................... 1940 J - J
74% 75
72
74% M ar'17
75
General 15-20-yr 58____ 1927 M -N
87 Feb T4
Registered__________1940 i - J
75
75 Mar’ 17
72
70
81
Trust Co ctfa of deposit...
J L A 8 lat gold 3 Ha___ 1951 M - S ____ 86% 00 June’08
76*2 70 Deo 16
do
Stamped
82% 86
82% 83% 83 Mar'17 . . . .
lat gold 3 Ha..................... 1952 M -N
0 2 % ____ 95% Deo ‘ 10
____
1947
Southw
Dlv
lat
g
6a____
89%
M
ar’
17
89%
91%
____
89%
A
O
20-year debenture 4a___ 1929
8334 Oot ’ 16
5 92
Refunding gold 4a_____ 1951
92%
95%
92 Sale 92
N Y Chic A St L lat g 43— 1937 A - O
80% Mar-11
Registered__________ 1951
90% Aug TO
Registered____________ 1937 A - O
78*4 78%
78% Feb *17
____
Truat
Co
ctfa
of
dopoalt.
79
Mar’
17
79
82%
____
80
Debenture 4a.................. 1931 M -N
____ 79% 74% Sep TO
7 89
do
Stamped
94
90
90%
Weat Shore lat 4a guar___2361 J - J 89% 90
109% 111%
109% Mar’ 17
M -N ____ 109
1
K
O
Ft
S
A
M
cona
g
6a.
.1928
87%
87%
80%
93%
85
87%
J
J
Registered...................... 2361
72% 79%
73%
72% Sale 72%
K C Ft 8 A M Ry ref g 4a. 1936 A - O
100% Jan T7
100% 100%
N Y C Llnea eq tr 58— 1910-22 M - N
90
90
90 Feb '17
K C A M R A B lat gu 5a. 1929 A - O
Equip trust 4HS--1917-1925 J - J 9 9 % ____ 100% Jan '17 ____ 100% 100%
77
80
77 Salo 77
77%
M- N
50
St
L
S
W
1st
g
4a
bond
ctfa.
.1989
97%
08%
97
U
9954
96
97
F
A
N Y Connect lat gu 4 Ha A . .1953
64
65%
64
J - J
64 Feb T7
6884
2d
g
48
Income
bond
ctfa.z>1989
N Y N H A Hartford—
66% 72
70 Sale 70
70
Consol gold 4a___________ 1932 J -D
69 ____ 79% SeptTO
Non-conv deben 4a______ 1947 1*1- S
66% 71%
70
70%
71
lat term! A unlf 5a...............1952 J - J 70
60 ------- 71 N ov’ 10
Non-conv deben 3 Ha____ 1947 M - S
98% Jan 'l l
Gray's Pt Ter lat gu g 5a— 1947 J - D
68 Deo' 16
60
65
Non-conv deben 3H a____ 1954 A - O
63"% "OS’
03%
6334 Sale 63%
8 A A A Paaa lat gu g 4 a . . . .1943 J - J
68
G8 ------- 68 Mar’ 17 ____ 68
Non-conv deben 4s— ____ 1955 J - J
100% 100%
100% Feb T7
68 Mar'17 - - — 67
69% 73
75U S F A N P l a t s k fd g 6a......... 1919 J - J ____ 101
-N
Non-conv deben 4a______ 1956
79% 82%
____ 8234 79% Feb T7
Seaboard Air Line g 4a_____ 1950 A - O
58 Mar'17 —
57% 64
60
61
Conv debenture 3H a_____ 1950 ■» - J
79% 82%
79%
2 99 110%
Gold 4a stamped_________ 1950 A - O ____ 79% 79%
101%
Oouv debenture 6a_______ 1948 J • J 101>2 IOU4 101%
61% 68
62
%
63
62%
Sale
F
A
—
..............
ol949
Adjustment
5a—
79
79
7 7 % ------ 79 Jan *17
Cona Ry non-conv 4a_____ 1930 F - A
65
70%
69%
68 Sale 68
Refunding 4a_____________1959 A - O
Non-conv deben 4a____1954 J - .1 ____ 79% 91% Jan T2
86% 87
M8
____
87
87
Mar*
17
Atl
Blrm
30-yr
lat
g
4a..«1933
79%
Apr
'16
____
77%
Non-conv deben 4 a . . . .1955 J - J
88
88
88
Jan
T7
J
J
83
92%
Car Cent lat con g 4a......... 1949
-O
Non-conv deben 4a____1955
99% Sep T5
Fla Cent A Pen 1st g 6a___1918 J - J 100 . . .
- J ____ 80
Non-conv deben 4a___ 1956
101
Deo
T5
101
.
.
.
J
J
.
.
.
.
lat
land
gr
ext
g
5a_____
1030
92
92
87 ------- 92 Jan *17
Harlem R-Pt Chea lat 4a. 1954 M -N
103*4 Doo T0
Conaol gold 5a................. 1943 J - J ------- 104
89 Nov'lO
B A N Y A I r Line lat 4 a ..l95 5 F - A
99% 102
99%
99%
Ga A Ala Ry lat con 5a..ol945 J - J ____ 100%
75 Mar’ 17 . . . .
75
78%
74
75
Cent New Eng lat gu 43— 1961 J - J
102% 102%
Ga Car A No 1st gu g 5a. .1929 J - J 101 ____ 1023a Jan T7
Hartford St Ry 1st 4a____1930 M - S
8eab A Roan 1st 5a............1926 J - J 102 ____ 99% Aug T5
105% May’ 15
Houaatonlc R cona g 5 a . .. 1937 M -N
Southern Pacific Co—
87 July’ 14
Naugatuck RR lat 4a____1951 M -N
82 34 83
82% 88
82%
82%
Gold 48 (Cent Pao coll)—*1949 J -D
88 Aug T3
N Y Prov A Boston 4a.__.1942 A - O
83
90 Feb '14
Registered ___________ *1949 J - D
2
00
60
60
75%
66
J
J
N Y W ’chesAB lataerl 4 H a ’40
"8*5"
’ 88*4
85
Sale
85
85%
M
8
20-year
conv
4a__________
<71929
107
Aug’09
N H A Derby cooa cy 5 a ..1918 M -N
100 104%
102
20-year conv 5a................... 1934 J -D 101 Salo 100%
Boston Terminal 1st 4 a ...1939 A - O
87*4 03%
8734 Salo 87%
893s
F- A
Cent
Pao
1st
ref
gu
g
4a..1949
J
J
New England cona 5a____1945
87% Bept'lfl
Registered____________ 1949 F - A
99% Mar’ 12
Consol 4a.......................... 1945 J - J
89% ’ 9l’%
80% 8934 89% Feb T7
Mort guar gold 3 Ha—*1929 J - D
69% Sept'lO
60
64
Providence 8ecur deb 4 s__ 1957 M -N
84
87%
82% 84 Feb T7
A
O
Through
St
L
1st
gu
4a.
1954
99%
Deo
T4
Prov A Springfield 1st 58-1922 J - J
100%
102
100%
100%
100%
Feb
T7
M
-N
G
H
A
8
A
M
A
P
lat
5
a
..
1931
8 3 % ------- 83% Feb T4
Providence Term lat 4a___1956 M - 8
08% 08%
101
2d exten 5a guar______ 1931 J - J 97% 100 101
W A Con East lat 4 H a .. . 1943 J - J
9 9 % ____ 100% Jan 10
Glia V O A N 1st gu g 6 a .. 1924 M -N
75
83
75% 78% 75 Mar’ 17 . . . .
N Y O A W ref lat g 4a____01992 M - 8
100% 102’ %
09% 100% 100%
100%
Houa E A W T 1st g 5a._.1933 M- N
92% June’ 12
Registered $5,000 o n ly ..<71992 M - 8
96 102% 100 Oot '16
1st guar 5a red_________ 1933 M -N
79 Mar'17 ____ 77
80
75% 80
General 4a________________ 1955 J -D
10612 106%
10538
____
106%
Fob
T7
J
J
5
H
A
T
C
lat
g
5s
Int
gu___1937
78
78
78
82%
76
81
Norfolk Sou lat A ref A 63 — 1961 F - A
90
90%
90
06% 90
96%
Gen gold 4a Int guar___1921 A O
1 99% 101
99%
9 9 % ------- 99%
-N
Norf A Sou lat gold 5a........... 1941
Waco A N W dlv lat g 68 ’30 M -N 105 ____ 109% Nov'15
117% 122
Norf A Weat gen gold 6a____1931 M - A 116% ------- 117% Mar'17 —
100
____
101%
Deo
TO
J
J
A
A
N
W
1st
gu
g
5a_____
1941
122 Nov'10
Improvement A ext g 6 a .. 1934 F - A
Louisiana West lat 6a____1021 J - J 1053a 108% 109 Juno'14
New River lat gold 6a____1932 A - O 1 1 5 % ------ 120% Nov'lO
60 92% 97%
Morgan's La A T lat 7a. .1918 A - O 100% 10538 104*4 July‘ 16
95%
94% Sale 9 1
N A W Ry lat cona g 4a___1096 A - O
J - J ------ 104% 105 Jan '16
91% Deo '10
Registered____________ 1996 A - O
No of Cal guar g 5a______ 1938 A - O 1 07% ------- 105 Oot TO
90% Mar'17 ____ 90% 93%
DlvM lat Hen A gen g 4a. 1944 J - J ____ 89%
1 100 101%
100
J - J 100% 102 100
Ore
A
Cal
lat
guar
g
6a___1927
20
131%
131%
129%
134
130
133
10-25-year conv 4a_____ 1932 J -D
M - N 107% . . . 107% Sept’ 16
10-20-year conv 4a_____ 1932 M - 5 130 133 136% Jan ' 17 . . . . 134% 136%
96
10 94
91
So Pao Coaat lat gu 4a g._1937 J - J 94 Sale 91
126% 135
10-25-year conv 4 H a ..-1938 M - S 130 133 132% Mar’ 17 —
80% 89%
A - O ------- 86% 87% Mar’ 17 —
89% Mar’ 17 —
89% 94
Pocah C A C Joint 4a. — 1941 J - D ____ 92
___
95
N
ov’
lO
J
J
____
96
O C A T lat guar gold 5a. .1922 J - J 101 ------- 103 HnptTG
31 90% 95
91%
J - J 91 Sale 90%
88% 90% 90% Mar’ I7 ____ 90% 02
Solo V A N E 1st gu g 4a..1989 M -N
22 100 102*4
100%
J - J 100% Salo 100%
53 93
96%
93 Sale 93
93%
Nor Pacific prior lien g 4s___1997 Q - i
____ 102
100% Aug T0
Registered
92% 93
Registered_____ _______ 1997 Q - J ____ 91% 92 M ar’ 17
71 70
77
71
70 Sale 70
A -O
11
06
00%
60
Salo
05%
69%
General lien gold 3a_____ a2047 Q - F
5 77% 78%
77% 78
77%
77%
M- S
06% 07%
Registered......... ...........a2047 Q - F . . . 66% 67% Jan T7
1 98
L01%
98%
J - J 98% Salo 98%
Mem Dlv 1st g 4H 8-5a--_
91% 91%
91% 92% 91% Jan T7
8t Paul-Duluth Dlv g 48— 1996 J -D
4 77% 84
82
78% 84% 82
St Louis dlv lat g 4a_____ 1951 J - J
109% 110%
St P A N P gen gold 63— 1923 F - A 108% 109% 109% Mar'17 —
101% 104 102% Sept'lO
109% Oct T5
Registered certificates... 1923 Q - A
98% 09% 99% Oot TO
Ala
Gt
Sou
lat
cona
A
5a.
107
Oot
'10
8t Paul A Duluth lat 5a._ 1931 F - F
91
94% 92% Mar’ 17 ____ 92% 90%
J - J
Atl A Char A L lat A 4 He
100 16 0 %
9 0 % ____ 100 Jan '17
2d 5s..................................1917 A - O
J J 99% 101% 09% Mar’ 17 ____ 99% 103%
1st 30-yr 5a aer B ._ .
88 % 88%
8 6 %------- 88% Mar’ 17 —
1st consol gold 4a............1968 J - D
83% 84
83% Jan '17 —
80%
82
J
J
86%
Deo
’
16
81% 86
Wash Cent lat gold 4 s ___ 1948 Q -M
81% Mar’ 10
____ 80
110 no
Nor Pao Term Co lat g 6a...1 9 3 3 J - J 110 111 110 Feb T7
75
76 Feb '17
75
5 83
83
83%
87%
83
84
Qregon-Waab 1st A ref 4 a ...1961 J - J
J - J 104% 105% 105 Mar'17 ____ 105 105
95 Mar' 17 - - _ 93% 99
94% 96
Pacific Coast Co 1st g oa____1940 J - D
M- N 106% Sale 106S8
1065r
2 105% 108
99 101
98
99% 100% Feb '17
Paducah A Ills lat a f 4%a._1955 J - J
100% 101%
M- 8
99 100% 101% Mar’ 17
1 99% 99%
99%
99 ------- 99%
Pennsylvania RR lat g 4a___1923 M -N
57% 66
00% Deo '16
101% 0 101 % 102%
Consol gold 5a__________ 1919 M
101 % ------- 101 %
j - J 1 0 6 % ____ 106% Feb *17 ____ 106% 107
98% 99%
98 ------ 98% Mar’ 17
Consol gold 4a................... 1943
109% 109%
J - J 106 ____ 109% Jan '17
Knox A Ohio 1st g f
13 99% 101
100
99% Salo 99%
Consol gold 4a__________ 1948
101 101% 100 SeptTO
12 103% 107%
105
105 Sale 105
Consol 4 Ha............................I960
74
72% 76% 74 Mar'17 ____ 74
J - J
97%
98% 123 97% 104%
93% Sale
General 4 H s - . ......
.1965
1 0 1 % 1 103% 104%
A - O 102% 105% 1 0 1 %
97%
97% 701 97% 97%
97% Sale
General 4 Ha (WhIsa) Junol’65
73
8ept'12
MN
97
97%
9 5 % ------- 97% Feb '17
Alleg Val gen guar g 4a__ 1942 M 100% 101%
M -N 100% 101 100% Mar’ 17
94% SeptTO
D R RRAB'ge lat gu 4a g.1036 F - ,
—
—
M - 8 101% ____ 102% Juno'll —
Virginia Mid aer D 4-5s_.
too 100
96% . . . . 100 Jan *17
Phlla Bait A w lat g 4 a .. 1943 M - I
M - S 102 ____ 203% Aug T0
102 Jan '03
Sodua Bay A Sou lat g 5a. 1924 J 104% Doo ‘ 10
M - 8 103%
Bunbury A Lewis lat g 4a. 1936 J 105 108
M -N 104% 107 105 Mar'17
99% 99%
9 9 % ------- 99% Mar’ 17
U N J RR A Can gen 4 3 .. 1944
J - J 105 ____ 105 Mar'17 ____ 105 100%
Va A So'w'n 1st gu 5a.
Pennsylvania Co—
85
89
91 Feb '17 ____ 901a 91%
A
O
4
100
%
102%
100
%
100%
100%
Sale
Guar lat gold 4Ha________1921
93% 93%
F -A
93
94% 93% Mar’ 17 —
___100% 100 % 100% U 100 % 102%
Registered____________ 1921
96
95% Mar'17 ____ 95
96
J - J 92
Spokane Internal lat g 5 a ..
87 Feb T7
87
87
87 . . .
Guar 3 Ha coll truat reg A . 1937 M ____ 100% 101%
101
M
ar’
17
____
100
%
A
O
Ter
A
of
St
L
1st
g
4
Ha____
85%
Mar'17
85%
86%
85% 85%
Guar 3 Ha coll truat ser B.1941
1
100%
102
102
102
101%
102%
F
A
86% July 16
Guar 3 Ha trust otfa C ____1942
88%
85
87% 80 Mar’ 17 ____ 80
J -J
81
86% 87% Deo TP
Guar 3 Ha trust ctfa D ____1944
99 100% 99 M ar’ 17 ____ 99 100
A- O
95% 07
93% 95% 95% Mar’ 17
Guar 15-25-year gold 4 a .. 1931
3 100 102
100
J -D 100 Salo 100
Tex A Pac lat gold 58.
92%
92%
3 92% 03
92% Salo
40-year guar 4a ctfa Ser E.1952
64
64 Jan T7 . . . . 64
64
70
M ar
2d gold Inc 5a______
9 0 % ____ 91 Nov'B1 ____
Cla Leb A Nor gu 4a g___1942
89% Jan '17 —
89% 89%
J - J
89
93
La Dlv B L 1st g 5a.
100 100%
99% 100% 100% Mar’ 17
Cl A Mar lat gu g 4 H a ...l9 3 5 M ) F - A ____ 95 106% Nov’04
W Min VV A N W 1st
1037a Oot *ie ____
C1 A Pgen gu4Haaer A ..1 9 4 2
1 103 101%
103
103
J - J ____ 104
Tol A O C lat g 5a____
Series B ________________ 1942
102 % ____
100 100
A - O ____ 98% 100 Jan T7
91% Feb *12
Int reduced to 3Ha._1942
90
87
, J -D
85 ____ 90 Feb '17 __
90%
'Tot
T2
8
8
%___
Series C 3 H a.................... 1948
82la 84
84
Mar'17
82%
83
)
A
C
Kan
A
M
lat
gu
g
4
h
.
88% Feb *17
88% 89%
8 8 % ____
Series D 3 Ha__________ 1950
97% 97 Mar'17 ____ 96% 97%
J - J 97
88
____ 88% Oot *K
Erie A Pitta gu g 3Ha B ..1 9 4 0
62
62 Mar'17 ____ 53
70
J - J 00
Series C ________________ 1940
88
____ 90% July'12 ___
83%
80
83 % 80 Mar’ 17 ____ 80
J - J
99
99
99 Mar'17
____ 99
Gr R A I ex lat gu g 4Hal941
3 57
60
57%
A -O
57
57% 57
9 4 % ____ 93 May'M
Ohio Connect lat gu 4 s . - . 1943
18%
Mar’06
25
60
102 % ____ 109 May'lC
Pitta Y A Aab lat cons 5a. 1927
87%
5
82%
83
83
80
87
J - D
9 0 % ____
Tol W V A O gu 4H3 A — 1931
100 100%
J -D
»D?l IOOI4 100 Mar'17
99% 99%
9 0 % ____ 99% Feb *17
Series B 4 Ha....... ........... 1933
....
74
Mar’
15
____
71%
A
O
91
____ 94 Apr T6
Series C 4a_____ . . . ___ 1942
3li 90% 100
98
98 8ftlo 97%
J - J
102% 103%
99% 1021. 103% Feb '17
P C C A St L gu 4Ha A . ..1 9 4 0 A 1 05% 98%
07%
96>j 97*4 96%
J - J
____ 102% 102% Mar’ 17
101 % 102%
Serlea B guar__________ 1942 A99%
19 92
92%
02%
02%
Sale
J - J
97% JulyTfi
Series C g u a r.._______ 1942
12 91% 95%
92%
02
92% 92
M- £
.
Serlea D 4a guar---------- 1945
96 ____ 95% Oot ‘ If
0
91
95
91
91
90
91%
J
-D
05’ % 96
Serlea E 3 Ha guar gold. 19491F 9 5 % ------- 90 Mar'17
L*No priceFriday; latest bidandaaked. a DueJan. *Due Feb. aDue May. g Due June, h Due July. * Due Aug. 0 Due Oot. v Due Nov. f Du« Dee. 1Optionsale
§2
^ &
•5^
l
Price
Thursday
April 5
High
Bid
Ask L010
Union Pacific (Con)
Ore Short Line lat g 6s___1922 F - A 1057s 107 1063.1 Mar’ 17
10G78
1st conaol g 5a_________1940 J - J 1007„ 108 1067s
92%
Guar refund 4 s............... 1929 J - D 92 Salo 92
Utah A Nor gold 5s------ 1926 J - J 1003*____ 102 Mar* 16
90 Apr *16
lat extended 4s______ 1933 J - J 9234 100
903.1 913.1 92 Feb *17
Vandalia cons g 4s Ser A ____ 1955 F - A
90 9134 92 Feb *17
Consol 4a Series B ------------ 1957 M - N
42% Aug ’ 15
Vora Cruz A P lat gu 4>48.-1934 J - J ____ 87
98%
98 Sale 98
Virginian let 5s Serloa A -------1962 M -N
101%
Wabash 1st gold 5a................. 1939 M -N 104 1051.1 10434
100
2d gold 5s________________ 193!) F - A 100 IOOI4 100
105 Oct 16
80
Debenture 3erlea B______ 1939 J - J
1st lion equip a fd g 5 s . _ .1921 M - S IOOI2 ____ 100% Mar* 17
80 Jan 17
..
lat Hen 50-yr g term 4s— 1954 J - J 80
105% Feb *17
Det A Oh Ext 1st g 6s____ 1941 J - J 104% -■
SO Aug '12
Des Moln Dlv 1st g 4s------ 1939 J - J
75
75
73
Orn Dlv 1st* 3 X 9 ..............1941 A - O
84% Jan *17
82%
Tol »t Cb Dlv lat g 4 s____1941 M- S
78 Jan *17
Wab Pitta Terra 1st g 4s____ 1954 J -D
1% Jan *17
Cent and Old Col Tr Co certs
2 Oot *16
Columbia Tr Co certfs_____
1% N ov’ 16
Col Tr ctfs for Cent Tr ctfa. _
% Aug *16
3d gold 4s............................. 1954 J -D
*4 July’ 16
____
%
Trust Co certfs
86% Jan *17
8
1
%
------F
A
Wash Terml 1st gu 3 X 3 ____ 1945
91 ------- 91% Aug ’ 16
1st 40-yr guar 4a................ 1945 F - A
701.1
70 Sale 70
West Maryland 1st g 4s____ 1952 A - O
103% Feb *17
West N Y A Pa l3t g 5s____1937 J - J 103% lOl'U 86 Mar* 17
83)2 85%
Gen gold 4s............................1943 A -O
51 ------ 37 Oot '16
Income 5s______ . ______ pi943 Nov
102
10278 102
Wheeling A L E 1st g 5s____ 1926 A - O 102
___ 99 % 100 Fob *i:
Wheel Dlv 1st gold 5s-------1928 J - J
99% 99% Mar* 17
Exteu A Impt gold 5s-------1930 F - A
78
78
HR lat cousol 4s......... — 1949 M - S ____ 80
80 Sept* 16
20-yoar equip s f 53---------- 1922 J - J
Winston-Salem 3 B 1st 4s— 1960 J - J ~85~ “87% 86 Mar’ 17
87%
87%
87% Salo
Wla Cent 50-yr 1st gen 4a— 1949 J - J
86% Mar’ 17
80% 87
Sup A Dul dlv A term lat 4a *36 M -N
Street Railway
100
100 Salo 100
Brooklyn Rapid Tran g 5a..1945
75 Mar’ 17
____ 75
1st refund conv gold 4 a ...2002
9934 Salo 99% 99%
6-year secured notes 5 a .. -1918
____ 10034 101% Jan *17
Bk City 1st con 5s._l91R-1941
94% N ov’ 16
80 90
Bk Q Co A S con gu g 6a..1941 M -N
99% 101 May* 13
Bklyn Q Co A 8 1st 6a____1911 J - J 80
99
09 Sale 99
Bklyn Un El 1st g 4-5a_._1950 F - A
Stamped guar 4-5a.......... 1950 F - A ____ 99-s 99% Mar’ 17,
82% Mar’ 17
81
83
Kings Count7 E 1st g 4a. 1919 F - A
Stamped guar 4a______ 1949 F - A ____ 81% 85 Jan ’ 17
71 Mar’ 17
Nassau Elec guar gold 4s. 1951 J - J ____ 75
90%
96 Salo 96
Chicago Rys 1st 5s..............._1927 F - A
17
Conn H y A List A ref g 4 Xs 1951 J - J 100% 101
Stamped guar 4 X a ............1951 J - J 1 0 0 % ____ 100 Mar’ 17
85
Oet United lat cons g 4X 3--193 2 J - J 85 Salo 85
84 Jan *14
7t Smith Lt A Tr 1st g 5s. .-1930 M - S
G0%
65% 07% 06
Hud A Manhat 5s Ser A ____1957 F - A
19
19
19
18
Adjust Income 5a_________ 1957
100
Feb
*17
100
F~-A
N Y & Jersey let 5s______ 1932
69*2
O ”69 Sale 09
nterboro-Metrop coll 4X3-1956
97%
Interboro Rap Tran 1st 5 s .-I960 J - J 07 Salo 97
91% 91 Mar* 17
88
Manhat Ry (N Y) cona g 4a-1990 A - O
89%
89% 89%
89
8tamped tax-exempt--------1990 A - O
Metropolitan Street Ry—
97
D 97
98% 97
Bwav A 7th Av 1st c g 5a. 1943
98
99*2 98% Mar* 17
Col A 9th Av 1st gu g 5a. . 1993 M S
Lex Av A P F lat gu g 5a. _ 1993 M - S ____ 99% 99% Feb *17
30
Mar'14
Mot VV S El (Chic) lat g 4s -1938 F A
103 Mar’ 17
Vlllw Elec Ry A Lt cons g 5s 1920 F - A
93 Nov'10
Refunding A exteu 4 % s ..l0 3 1 J - J
101 Aug *10
Mluneap St lat cona g 5S-..1919 J - J 100% - - Montreal Tram lat A ref 58.1941 J - J ____ 95% 90% Jan *17
8334 Aug *16
New OrIRy A Lt gen 4 X a - - 1935 J - J ____ 80
N Y Municlp Ry 1st 0 f 63 A 1966 i - J 99 ------- 99 Mar* 17
68
* Y ttys lat R E A ref 4a— -1942 J - J ____ 68% 67%
39
38% Sale 38*2
30-year adj Inc 5a............a!942 A - O
80
823, 84 Mar* 17
N Y State Rya 1st cona 4 % a.l902 M N
88% Nov* 10
Portland Ry 1st A ref 5a____1930 M- N ____ 92
78*2 Jan *17
Portld Ry Lt A P lat ref 5a. 194 F - A ____ 78
J 9 0 % ------ 90*2 Feb ’ 17
Portland Gen Elec 1st 58.1935
100
Feb ’ 17
M
N
100
____
Jos Ry, L, II A P 1st g 5s. 1937
102*2 Mar* 17
It Paul City Cab cona g 5 s .. 1937 J - J
76%
76*2
Third Ave 1st ref 4a............. 1900 J - J
G5
Ad] Inc 5s______________ a 1960 A -O
64% Sale 64*2
Third Ave Ry 1st g 5s............1937 J - J 104% 10G 105% Mar* 17
100
Tri-City K y A Lt 1st S I 58— 1923 A - O 100 Sale 100
90 Mar* 17
VTndcrgr of Loudon 4 X 3 ____1933 J - J
72 N ov’ 16
income fla________________ 1948
1 84 Oot ’08
Onion Elev (Chic) 1st g 58— 1949 A - 6
70 Mar* 17
United Rya Inv 5s Pitts lss.1926 M -N
01*2 Feb *17
United Rya St L 1st g 4s____1934 J - J ____ 68
50 Fob 17
St Louis Transit gu 5a____1924 A - O ____ 51
39
United RRs Sun Fr s f 4s. . . 1927 A - O
39*2
39
40
Va Ry A Pow lat A ref 5s. .1934 J - J 88 Salo 88
89*2
Gas and Electric Light
Atlanta G LCo lat g 5a_____ 1947 J - D 1 0 3 % ------ 103 Sept’ 15
104
101
Bklyn Un Gas 1st cons g 5a. 1945 M -N ____ 104
64 Juno*13
Buffalo City Gas 1st g 5 a .. . 1947 A - O
19%
CInoln Gas A Eleo IstAref 5s 1966 A - O 100% 101 100% Mar* 17
91
Columbia G A E 1st 5 s ____1927 J - J 91 Salo 90%
97 Feb ’ 15
Columtma Gas lat gold 68— 1932 J - J
115%
Consol Gas conv dob 6s____1920 Q - F 115 Salo 115
105%
ConsGasE LAP of Balt 6-yr 53*21 M -N 105% 106% 105%
Detroit City Gas gold 5 s . . .1923 J - J 100% 101% 100% Mar* 17
101% Oct *10
Detroit Gas Co cons 1st g 6s 1918 F - A 101
101%
Detroit Edison 1st coll tr 6s. 1933 J - J 103% 104% 104
10 11
1st A ref 5s ser A _______ A1940 M - S 101% Sale 1 0 1 %
ffiq G L N Y 1st cons g 5 a .. 1932 M - S
10 0 % M ay’ 15
Gas A Eleo Berg Co 0 g 6S-.1949 J -D l6d“ I I - 100 Feb *13
Havana Elee consol g 5s____ 1952 F - A ____ 93% 93 Mar* 17
Hudson Co Gas 1st r 5s____ 1949 M -N 102% ____ 102% Feb *17
90% Doe '16
Kan City (Mo) Gas 1st g 50.1922 A - O
Kings Co El L A P g 5s-------1937 A - O 100 ____ 101 Mar* 17
Purchase money 6 a............ 1997 A - O 110 117 116
116
Convertible deb 6s---------- 1925 M - S ____ 120
128 Oot *10
Ed El III Bkn lstcon 4a. 1939 J - J 89
89% 88 Mar’ 17
Lac Gas L o f St L 1st g 6a._cl919 Q - F 10034 101% 100% 100%
Ref and ext 1st g 5s............ 1934 A - O 101 Salo 101
101%
Milwaukee Gas L 1st 4s-------1927 M -N ____ 94
9234 Mar* 17
Newark Con Gas g 5s............ 1948 J - D 103% ____ 104% Mar* 17
N Y G E L H A P g 5a-------1948 J - D 103 103% 103% 103%
Purchase money g 4s-------1949 F - A
85
81% Salo 84%
Ed El T1 1st cons g 5s____ 1995 J - J 108 ____ 108% Dee *16
NYAQ El L A P 1st eon g 5s 1930 F - A 101 ____ 101
101
Pacific G A El Co Cal G A E
Corp unifying A ref 5s— 1937 M - N
99%
100
99% 100
Pacific G A E gen A ref 5s. .1942 J J 91 Salo 90%
01*2
Pac Pow A Lt 1st A ref 20-yr
5a Internat Series-------------- 1930 F
95 Jan ’ 17
------- 95
Pat A Passaic G A El 5s-------1949 M - 8 100 100% 99% Oot *15
Paop Gas A C 1st cona g 6s— 1943 A - O
115 Jan '17
Refunding gold 5a------------ 1917 M - S 100% Sale 100*8
100*8
Registered......................... 1947 M - S ------- 99% 99 Sept*13
ChG -LAC oke lat gug 5s. 1937 J - J 101%
101 Mar’ 17
101% Jan *17
Con G Co of Chi 1st gu g 5s 1936 J - D
89 Mar* 17
92
Ind Nat Gas A Oil 30-yr 6s 1936 M -N
99%
Mu Fuel Gas lat gu g 5s— 1947 M- N
100*2 Feb *17
97 100
99% N ov’ 16
Philadelphia Co conv 5s------ 1919 F - A
89 Salo
80
89
Conv deben gold 6 s ...------ 1922 M -N
Stand Gas A El conv s f 6 1 .1926 J O 102 1021? 100 Feb *17
•No prloeFriday; lateat bidandaakod.
Range
Since
Jan. 1
Week’s
Range or
Last Sale
* D o* J m . i Due
April.
Low
100
106
92
High
108%
108%
94%
9134
91%
98
100%
104% 10078
99% 101,
100% 100%
80
80
105% 105%
73
77
81% 84).i
%
%
%
1%
85% 80%
70
76%
103% 105%
85% 86
100%
100
99%
78
103
100
99%
82
88%
88%
91
99%
75
99
101%
101%
77%
101%
101%
Interest
Period
BONDS
a . Y. STOCK EXCH A N G E
Week ending April 5
1373
N ew Y o r k B o n d R e c o r d — C o n clu d e d — P a g e 4
A pr . 7 1917.]
BONDS
N . Y . STOCK E X CH A N G E
Week ending April 5
Price
Thursday
April 5
Syracuse Lighting 1st g 5s_.1951 J - D
Syracuse Light A Power 5a.-1954 J - J
Trenton G A El 1st g 5s____1949 VI- 8
Union Elec Lt A P 1st g 5s. -1932
Refunding A extension 5s. 1933
United Fuel Gas 1st 8 f 6a. 1930 J - J
Utah Power A Lt 1st 5s____1944 F - A
Utica Elec Lt A P 1st g 5 s ._ 1950
Utica Gas A Elec ref 5s--------1957 J - J
Westohester Ltg gold 5s____ 1950 J - D
Miscellaneous
Adams Ex coll tr g 4s............ 1948 M - S
Alaska Gold M deb 6s A ____1925 M - S
Conv deb 6s series B _____ 1920 M - S
Armour A Co 1st real est 4 Xa ’ 39 J -D
Booth Fisheries deb s f 0-’ ..192 6 A - O
Braden Cop M coll tr s f 08.1931 F -A
Bush Terminal 1st 4s............ 1952 A - O
Consol 5a................................ 1955 J - J
Bldgs 5s guar tax ex.......... 1960 A - O
Cerro de Pasco Copp env 6s 1925 M- N
Chic UnStat'n ls tg u 4 X a A 1983 J - J
Chile Copper 10-yr conv 78.1923 VI -N
Computing Tab-Rec 8 f 68 — 1941 J - J
Granby Cons M S A P con 6s A *28 VI - N
Stamped................................ 1928 Yl-N
Groat Falls Povr 1st s f 5s. .1940 M- N
Int Mercan Marine s f 6s__ 1941 A - O
Montana Power 1st 5s A __ 1943 J - J
Morris A Co 1st s f 4 X a ____1939 J - J
Mtgo Bond (N Y) 4s ser 2 ..1 9 6 0
10-20-yr 5s series 3 _____ 1932
N Y Dock 50-yr 1st g 43— 1951 F - A
Niagara Falls Power 1st 58.1932 J -J
Ref A gen 6s____________ al932
Nlag Lock A O Pow 1st 5a. .1954 M - N
Nor States Power 25-yr 5s A 1941
Ontario Power N F 1st 5s— 1943 F - A
Ontario Transmission 5s____1045
A -O
Pub Serv Corp N J gen 5s— 1!
M- N
Tennessee Cop 1st conv 6 s ..1!
Manufacturing & Industrial
Bid
101
85
A -O
10
Ask
10U90
1 % ____
Range
Since
Jan. 1
Week’s
Range or
Last Sale
Low
High n o . Low
102L N ov’ 16
85 Mar* 17
85
101% June’ 14
____ 10 0 % 1003s M ar’ 17
95
9
93*4 94% 94
103 ____
10 0 *8 ____ 100 Mar* 17
102% 105 105 Mar* 17 —
79
70
71
93%
91%
95
87
87%
Bale
74%
Sale
Sale
94%
96%
____
89
86 87
113% 116
99*4 Sale
126*2 Sale
------- 86 %
105*2 107%
104% 108*2
10 1 10 1%
95 Sale
99% Sale
------- 94
76
____
79
79
73
73
71
71
933S
93*2
92 Mar* 17
96
96%
87
87
90 M ar’ 17
86*2
116%
99%
126*2
86
107
L07
86*2
117
99*2
128
86
Feb *17
Feb ’ 17
10 1
10 1%
95
9534
99*8
99*2
93-% Fob *17
92
91
91% 91%
83
90
80 Sep ’ 1G
91 Sale
90
91
91 Sale
90
91
____ 10 2
103% Jan *14
103 Sale 103
103*2
94
79
67*2
67%
46 93%
92
20 , 96*2
0 ! 86*4
90
2 l 86*2
9 113
2 1 99*4
16 L23%
1 85*2
104
104
1 1 101
165 88 %
32 99
93%
75
101
2
"16
4
96%
100 10 1
10 2 106
1
1
7
87%
100 1 0 1 %
3
75% Mar’ 17
10 1*2 10 2 % 102 Mar* 17
____ 107 *•»
89
93% 94*2 Jan *17
9634
96% 96% 96%
High
84%
85
84%
94%
92
98
89
93%
90%
118
101%
132
87%
109%
109%
1027g
96*4
100*4
93%
75%
103
94*2 94%
96% 99
91
94%
90
88 %
93
91
59 101% 103%
1013., Sale 10 1*2
10134
8 101*4 104%
2 2 ! 99% 105
102 Sale 101*2
103%
98% 101%
94% 90
4 94*8 97%
94%
95%
99 101%
103 103% 103 Mar* 17
103 104%
8238 86% Am Hide A L 1st 9 f g6a____1919
98 100
9934 Mar’ 17
97*2 100*4
Amer Ice Secur deb g 6s____1925
85
87
98% Mar* 17
98*2 99
98% 99%
70% 74% Am Thread 1st coll tr 4s____1919
119 ____ 119 Mar’ 17
119 119%
95% 97% Am Tobacco 40-year g 0 s . . . 1944
83% 85
83% Mar’ 17
83% 85
lO l’s 101%
Gold 4 s ................................1951
91 Sale 91
91%
85| 86 % 92
100 101% Am Writ Paper 1st s f 5 8 . .. 1919
103*2 104 104 Mar’ 17
104 104%
83% 86% Baldw Loco Works 1st 5a__ 1910
102->8 Salo 10 2 %
10 2 % 4 100 104
Beth Steel 1st ext s f 59____1926
62, 9S'2 !0’2
100 Sale 99%
100
61% 69%
1st A ref 5s guar A ........... 1942
1 0 1 % 102 1 0 1 % 1 0 1 % 32 100*2 103
18
25% Cent Leather 20-year g 5 s .. 1025
93*2 Sale 93% 93*2 1 92% 97%
100 100% Col F A I Co gen s f 5s____1943
8 1 % ____ 81 Mar* 17
81
81
05% 73*2 Consol Tobacco g 4a............ .1951
------- 98% 99 Feb '17 . . . .
98% 99
97
99% Corn Pl od Ref s f g 58......... 1931
99
99*2 99 Mar’ 17
97% 99*2
1st 2.5-year a f 5s...............1934
90% 9 4
10 0 % 1 0 1 % 101 Mar’ 17
10 1 10 2
89% 94% Cuban-Am Sugar coll tr 6 a.. 1918
G3 Sale
63
64
40 03
70
Distil See Cor conv 1st g 58.1927
1 0 1 1 a 104l2 103
25; i103 104*2
103
E I du Pont Powder 4 X * - - - 1936
97 100
____ 95
85 Mar* IQ
General Baking lat 25-yr 6s. 1936
98*2 J00
78
81*2 78 M ar’ 17
78
81%
99% 99% Gen Electric deb g3 X a _____1942 F - A
15l 104*2 106%
106
Debenture 5s____________ 1952 M - S 105*2 106 105*2
91% Sale
41 91
94
91
91*4
III Steel deb 4 X * .................-1940 A - O
45 1 101 1037,
103
Indiana Steel 1st 5a_________ 1952 M -N 103 Sale 102*3
IngersoU-Rand 1st 5 s ............1935
12 71% 75%
73% 7412 74
74*2
90
96% Int Agricul Corp 1st 20-yr 5a 1932 M -N
100*2 10 100 102
Int Paper Co 1st con g «>a__ 1918 F - A 100*2 10 0 % 100*2
4 98*2 100
100
Conaol conv a f g 5s............1935 J - J 100 Sale 100
9934
99
20 100 1 0 1 %
101*4
713.i Lackaw Steel 1st g 5s............ 1923 A - O 100 -% 1 0 1 % 101
65
99 Sale
91 93*2 100
99
100
M- S
3534 47%
127% 129
A - O ------- 125% 127% M ar’ 17
81
87%
102
9 100% 104%
F - A 101% Sale 1 0 1 %
126
Mar*
17
123*2
125
124*2
128
A
O
77% 78*2
1 0 1 % 2 100 103
F - A 10 0 % 10 2 % 10 0 %
90*2 90*2
A - O 105*2 109 107 Mar* 17
105% 107
100 100
107
1 105*2 109
A - O 107 112% 107
102% 102%
100
10 100 102
J -D 10 0 100*2 100
76% 80% Nat Enam A Stpg 1st 5a.
90
917®
J J 90*4 91% 91% Mar* 17
64% 73%
1 0 1 % 15 101 103
M -N ____ 1 0 1 % 1 0 1 %
105% 108
104
5 102 106
M -N 102*2 Salo 102%
IDO 101
Railway Steel Spring—
89% 90
10 0 % 10 1
Latrobe Plant 1st s f 53— 1921 J - J 100*2 10134 100% Feb ’ 17
99
99% 99 Mar’ 17
99
99%
Interocean P 1st a t 5 s .__ 1931 A - O
100*2
Sale
50
A
O
100*4
10
0
%
99*2 101%
Repub
I
A
S
10-30-yr
5s
s
f.1940
70
70
99% 101
01% Standard Milling 1st 5s____1930 M -N 100% ____ 100*8 Mar’ 17
61
101 103%
Tenn Coal I A RR gen 5 s .. 1951 J - J 100 102 101 Mar’ 17
50
53
105
12 104*2 106*8
The Texas Co conv deb 6s. .1931 J - J 104% 105 104*2
34*2 42
91*2 88% Mar’ 17
88*2 93*2
88
93*a Union Bag A Paper 1st 5 8 .. 1930 J - J 90
88% 90%
Stamped............................. 1930 J - J 89 ____ 89% Mar’ 17
54
50
57
57
9 53*4 84
U S Realty A 1 conv deb g 5s 1924 J - i
102*8
63 102 104%
104 107% U S Rubber 10-yr col t r 6 s ..1918 J O 102 Sale 102
92% 295 917s 92%
J - J 92% Sale 91%
8 104% 109
105
U 8 Smelt Rer A M conv 6a. 1926 F - A 101*2 Sale 104*2
100% 101
106*8 229 105*2 107%
U S Steel Corp— lcoup____dl963 M -N 105% Sale 105%
87
91
105% Mar* 17
M -N
105*8 107
98% 99% 99%
99%
i 99 100%
Va-CarChem 1st 15-yr 5a___1923 J D
114% 129
100
100%
20
9978 103
A
O
99%
100*2
Conv
deb
0s____________
«1924
105*4 108%
101%
1 100% 102%
100% 101% West Electric 1st 5s D e c ... 1922 J - J 10134 Sale 101%
100*2
8 100% 101%
Westlngh’se E A M notea 5a. 1917 A - O 10 0 % 100*2 1003s
Coal & Iron
103% 105%
96% 96%
9 0 % ____ 963s Jan *17
Buff A Susq Iron 9 f 5a......... 1932 J -D
100% 102
91
93%
M - g ____ 95*2 91 M ar’ 17
6 77% 81
80% 81
80%
81
F- A
Col Indus 1st A coll 5s gu._
70 ____ 73 Mar’ 14
Cons Ind Coal Me lat 5 s ..
93
94
11 02
95
94
95
94*2 Sale
J - D
102*2 103%
Continental Coal 1st g 5s__ 1952
____ 95
101 105% Gr Rlv Coal A C 1st g 6s._A1919
116 110% Kan A II C & C 1st sf g 5 s ._ 1951
6 93% 95%
J J
93% 94
93*8
93*8
84% 86
J - J
85
80*4 84% Mar’ 17 —
88
88
Tenn
Coal
I
A
RR—
100% 102%
Cah C M Co 1st gu 6a-----100 102%
75
9234 9334
M- 8
18 85
87
90
88%
88%
87*2
104% 104%
Telegraph & Telephone
10134 10534
29
91
91*2
90*2
92%
J
J
91*8
Sale
A
hi
Telep
A
Tel
coll
tr
4s__
19:
8U2 88
98 101
M- g
10 0 Mar’ l<
1043a
M - S 104% Sale 104%
1 103% 106%
101 101
100% 656 100 101%
J - E 100 Sale 100
J -D 102% 103% 1023^ Mar* 17
102U 103
Cent Dlst Tel 1st 30-yr 5s.
99% 101
90% 93%
A -O
F- A
M -N
M- S
A -O
J - J
A- O
F - A
J - J
M -N
J - J
M -N
A -O
F- A
F- A
M -N
M -N
A -O
A-O
J -D
Cumb T A T 1st A ven 58.
115
100
115
102%
101
103%
101% 101%
89
92
100% 101*8
04%
102
$ Due
Fd and real est e 4 X s ----Mut Un Tel gu ext 5s----Northwest Tel gu 4 Xa g .
May. § DueJune,
b Due July.
* Due Aug.
J - J
100*8 10038 100*8
M -N
F- A
M-1S
M- ^
J - j
J - .
J- .
M -fi
100% 101
100 Sale
1 0 1 % ------98% Sale
99% 100*
99% Salo
100 Sale
9434 Salo
9 9 % -------
J - J
• Dae
100*2
100 Feb ’ 17
100
100
101% Jan *i:
98
OSh
99%
100
99%
100*j
100
100*
94
95*
6
li
8i
b
3c
;
29
99_% 101%
100
99
101%
98
9978
99%
99
93*2
101%
101%
101%
100%
102
101%
103%
99%
94 ' NnvMR - -
Oct, 9 Due N ot. f Dm Dee. $ Optioni&le.
BOSTON STOCK EXCHANGE— Stock Record
1374
I B ARM
S a tu r d a y
M a r c h 31
171
*74
129
39
*210
*__
*
*
* __
*__
*106
*131
76
*12812
*91
9912
4*4
21*4
45^4
*103
122
*___
no
5 312
*72
1
|
P R IG M S — N O T
M onday
A p ril 2
171
170
75 1 74
123 |*124
39
40
___ *210
l .*
30
4
36 1 * ....
150
107 *Ioo
110 *131
76
75
120
129
93
*91
991? 09*2
5 1 *4
25
*23
46*a 45*2
___ *103
122 1*121
31
110 *107
53*2 53
71 I 73
*89
91
*90
101i3 101*3 100 *4
1*2
1*2
*1*4
*1 0 l2 12*4 1 * 10*2
* 1 1 1 *2 1 1 2 1 ; 1 1 2
119 1 2 0 1*118
125*2 12612 125*2
*5018 50*4' *52
98
93
9778
*70
71
*70
95
95
95
103*2 110*4 103*2
53
*61
*62
* 10*2 17
*16l.i
*9
10
*9
170
71
12.3
40
215
4
36
4
36
151
T u esd a y
A p ril 3
170
74
*125
40
*210
**
*
*
*
*106
n o’
139
75
*72
129 *12712
93
*91
991? *99
5 1 **
25
25
45*2 44
1 105
122 *121
33*2 +
n o ;*107
53l2 53
73
73
92
PER
CENTUM
1 W ed n esd a y
\
A p ril
170
170
7112 74
128 *125
41
40
215 *210
4 *
4
36
151
107
139
75
129
93
100
5
25
44
105
122
32
no
54
73
*8312 90
* 1 0 0 t3 10 1
* 1*8
1*2
* 10*2
*
*
*
*103
*
*72
* 127*2
*91
*99
*4
*23
44
*103
*121
*
*107
r»2
71
*89
4
|
1
P R IC E S .
T h u rsd a y
A p ril 5
170 1*170 171
7H 2 73
71
125 125
127
39
40
40
212
210 210
L a s t Sal
4
4
L a s t Sal
36
155
L a s t Salt
107 107
107
139 *___ 139
75
7.5
75
129 *12712 129
93
L a s t Salt
991
99i2 99*2
*1
___
*23
25
25
44
44
44
*100 ___
122
121*2 122
L a s t Sale
32
n o *10 8 n o
53
5212 52*2
71
71
71
90L
IOOI4
L a s t Sale
S ales
F r id a y
A p ril 6
W eek
S h a r es.
STOCKS
BOSTON STOCK
EXCHANGE
tfO N U S
S sa N a tt P i < (
R a n g e S in ce J a n .
10 0
1*2
* 10*2
10014
1*2
100'4
l >2
93
M ar'17
R ange fo r
Y ear
M iscella n eou s
175 Jan 11
79 Jan 19
133 Mar22
45 MarlO
213 Jan 30
P r e c io u s
1916
H ig h * if
H ig h e s t
Railroads
15 Boston * Albany________ 100 170 Feb
GOOD
151 Boston Elevated_________ 100 69 Feb
FRIDAY
10 Boston A Lowell_________ 100 105 Jan 22
1,186 Boston A Maine_________ 100 39 Jan 30
50 Boston A Providence____ 100 210 Apr
4*2 May'lC
Boston Suburban Eleo Cos.
Do pref__ ___________
25 Mar 3
_____ Boston A Woro Electric Cos
Do pref____________
35 Mar23
150 Jau 5
9 Do prof
105 Feb 3
125 Mar 2
36
09 Mar 2
15
126 Feb 20
91 Mar’ 17
Do
pref.
91 Mar 5
10
99 Feb 14
no
37a Mar 1
Do pref stamped______ 100
400
22 Mar 8
85 f Y N II A Hartford____ 100
365* Feb 18
6
x l0 0
Marl2
7
120*4 MarlO
32 Mar’ 17 ..........
2434 Feb 2
to
103*2 Feb 14
614
51*4 Feb 1
pref__________
28
70 Feb 16
84 Feb 14
64 Do pref.
98*2 Feb 13
1*2
230 .mer Pneum
I** Jan 8
L a s t Sate 10*2 Mar’ 17
Do pref.
8*4 Jan 2
112
112
1 12*3
113 113 * 1 1 1
31
1051* Feb 3
*119 119*4 ns'4 119
119 119
103 Do pref_____________ 100 116 Mar 1
126
125 1257a 121*4 I2 .5 I4 124*2 125
2,478
123 Jan 12
53
51% 5!*a *52
*50
.51
53
too
40 Feb 1
9.3
97*., 97*,
97I2 98
97l2 93
238 Do pref.
94*2 Feb 3
71
*70
71
*70
71
70
70
9 moskeag M
70 Jan 16
95
95
95
91
*95
___
95
59 Do pref.
91 Apr 4
112
4,035
103 109'2
103*2 113*2 108 i n
89*2 Feb 23
61
62
62
*62
61
61
63
103
Do pref.
55*2 Feb
.100
17
*16
17
16
16
*161., 17
25
13*4 Feb
. 10
10
*9
10
L a s t S ale 9*s Mar’ 17 .......... 1
*9
10
8 '* Jan 2
20 2
20 2
20 212 2 0 2
20 2
20 2
203 203
20 0
20 2
85 I
197*, Jan 24
*164 185 *166*2 167*2 *167 168 *16512 166'2
L a s t S ale 165*,Mar’ 17 ____
16134 Feb 10
*10 0
10 1
*10 0
10 1
*10 0
10 1
10 1
10 1
*10 0
10 1
10 1
100 Feb 3
97l2 93
93
951, 90*.,
97*4 9312 97
1,217 1
96*4 97t,
87 4’ cb 3
81
81
80
80
80
271
80
80
80*4
Do prof.
SO*., 80
78*4 Feb 28
*___
*
*__
159 10 0
161
161
78 1
161 * ___ 160
159 Mar31
___
*1
M
*1
L a s t Sale l
Mar’ 17 _____
*1
1 MarlO
___ __
38
Feb’ 17
Do pref__________ . . .
38 Jan 26
*85
90
8 6 ig 861g *85
Si
83
90
i n row Eng Cotton Yarn___
89
90
30 Jan 9
*85
86
*85
90
L a s t S tie 90
*85
Mar’ 17
90
Do pref_______________ 100
60 Jan 10
122
122
121*4 12114 120*2 120*2 12 0
233 t
1 2 1*2 1 2 0
120>2
120 Feb 14
*__ * 139 *
139 * . _
L a s t S it e 141 Mar’ 17 _____ f
139 *
1.39
135 Mar 5
*90 n o
*90 n o
*95 1 1 2
L 1st S ale 101 Mar’ 17 _____ f
*90 103
97 Mar 1
1 0 2 l2 18212 ___
159 160
18 1
159 Mar27
*31
33*2 *31
33
33
33
33
33
.520 1
30 4’eb 15
32*2 33
16
16
*15
16
15U *1.5
16
16
61 I
15*2 15*2
14 Jan 2.5
155*4 156
156 158*2 [.56!2 1581., 153*2 156*2 150'2 153*4
7,511 8
.100 133 4’ eb 3
62
*60
61
62
61*4 62
62
62
60
0 0'2
.540 1
55 Feb 3
♦
*
* ___
30's
L a s t S ale 30's Mar’ 17
30*8
30's
Do pref_____________ 25
30's
30's Feb 8
142
139l2 140*4 1 1 1
141*8 113
141 142
140*2 140 *•>
832 l
134*2 Feb
55*8 5534 54*2 55*2 55
55*4 54*4 .55*4 54*4 5 478
2,262 *
5 4*2 Apr 2
29
29
29
29
*29
29
20*8
221
Do pref_________ _____ _ 25 29 Mar 13
29's 29*2 29
111
1 H 78 1 1 378 116*2 116
118
114*4 lie's 113 115
13,600 t
993* peb 3
U 8 U 118*4 118*4 1181,1 117*4 119
82
prof............ .......... 100 1 16 *4 Feb 2
118*2 118*2 ♦US'., 118*,
6*4 6*3
6*4 6*8
6*8
6 >8
6 '2
6*2
1,250 V
t Consol Oil Fields. 6
6*4 6*2
6 ** Mar3Q
Mining
*3
*3
3*2
3l2 *3
2*8 ' 3
3
3
125 A
2'* Apr
3*4
100
10 2
10 2
1 0 U2 * 1 0 0
10 0
10 0
*99 100
1TGOOD
156 l
10 0
94 Feb
9
9
*9
9
9
9*8
9
850 A
9*8
8 's
8*4 1VRIDAY
6*4 Feb
.99 *.90
*.90
.99
.85
.85
.85 .85 S
260 l
.90
.85 Apr
.90
6512 06*4 66
65
06*8 65
STOCK
65
315 7
58 Feb
05*2 *63*2 65
36
36*1
371,
36*2 36*8
.361s 1 E X - « *| 3,240 7
30*4 Feb
36*2
36
36*2 35
*6712 68>2 *67*4 03*2 69
69
70 Do pref.
65 Fob
*67*2 6 S*i 67*2 67*2 j'CHANGE
13
13*8 13*8 13*8 13*2 13*4 13*8 13*2 12*8 13 .CLOSED
4,015 7
103* Feb .
1*8
* 1*8
U3
1*2 j j j
75 I
* 1*8
1*8
* 1*8
13* Feb 23
1*8
* 1*8
1*8
*45*2 47
*45*2 40*4 *45
46
45
39*4 Feb
45*4 *13*8 4 4
50 1
80*4 81
80
80*8 80
81*2 80
2,218 C
73*2 Feb
81*4 80*2 81
545 555
552 552
550 566
552 555
156 C
550 555
625 Feb
21
*20
21
21
*2 0
21
*2 0
21
50 C
20
20
19 Feb
*5612 57
*58
58*2 *58*4 59
50 C
57 h 5 7
*55*2 56
53 Jan
03*2 03*2 63*2 64i2 63*2 6 l7g 62*2 63*2 61*8 62*2
2,585 C
57 Feb
*2 U 2*4
*21,1
*2*8
150 C
2
2 l2
*2
2*2
2 Apr
2*8
2*4
5*4 5*2
5«i
1,090 L
4 5*2
47* Feb
5*8
5*4 5*2
5*4 5*2
14
14*8 14*8 14*2 14*4 11* 2
1,760 East
E
13*4 14*8
Butte Copper M in__ 10
12 Feb
1 1 1 , 11*8
*7*4 8*4
*7*4 8*4
175 4
8>8
7 Feb
7*4 7*4
«'s
7*4 8
86
*8 6
83
86
10 C
*3512 87
*81
*83
87
85
80*2 Feb
*42
*12
43
43
*42
43
♦42**> 42*.,
L a st S ale 45
Mar’ 17 _____ C
41 Feb 27
* I6 I4 17
*16*4 16*4 *16
3.31 1
16
16
14*2 Feb 13
16*2
15*2 16*8
3
*3*4
175 I
3*8
3*4
3*8 3*8 *3
3*2
I5* Feb 16
.3*2 *3
67*4 63
6712 68
67
997 Isiland Creek Coal________ 1 53 Jan 2
07*2 68
63*2 67*2 65
92
*90*2 92*2 *91
90I2 90*2 *90*2 92
3
Do pref_____________ 1 89 Feb 5
*90'2 91*2
*33
33
34
3211 31
31
32
297 I29*2 Feb 3
33*2 33'2 32
*4U 4*2
Kerr Lake______________ 5
4*2 4*2
4i2
20 0 4
4*2 4*2
4*8 4*2 *4',
43* Fob 26
*2 ->s ■i | *2 % 3
2*8
2*4
2*2
125 4
2*4
2*2
2*2
2*2 Apr 4
14*2 13*2 13*2 13*2 13*2 1 2 *, 13*2
13*2 13*2 14
761 L
1l Feb 2
*3*4 4
*3*4 4
*3*4 4
..........
L
4
L
a
s
t
S
ale
*3*4
33* Feb 3
1*4 Mar’ 17
6 l2
61* *6*2
012
6*4
65g
6
6
6*2
170 ^
0*2
5 Feb 9
13
13*4 13*8 131g 1311 13*4 13*2 1312 13
13*4
1 ,1 0 . V
11*2 Feb 5
*2>4 2*4 *2*4 2*4
*
2
1
,
*
2
*,
2
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420
V
2h
2*2
2*4 Feb 3
2*4
*4
4*2 4i2
4*2
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4
4
412
75 A
4*4 *t
2*2 Jan 10
86
871* 85t2 86
85*4 87
8 .6*8 8 6 I4
8 H2 85
405 IV
77 Feb 3
2
1
*24
*24
2
tl
3
2 1*2
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*23*2
23*,
L a s t S ale 24»4lMar’ 17 .......... 4
2134 Feb 2
41.
41,
4*2 4i2
4*2
4
4
4
4*4
380 >
4 Feb 5
4's
1/
mi
17*4 17*4 17
17* * 16*2 17
1 ,1 1 2 >
14 Jan 27
16*2 17
28
28
*27
28*4 *27
23
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*26
27
75 >
2 2 Jan 25
91*2 9U? ♦8 .8*2 89l2 *SSU 89'> S812 89i2 8 8
88
20 1
Do prof ..
76 Jan 2 1
.100
8
8
7*4 7*4 *7*4 81*
no b
. 5
7*4 Apr 2
*7*4 8
7*4 7*,
22*4 23<2 2 2 *, 23
22*4 2 2 'z
22*2 23
2 2 U 22*4
2 ,110 M
20 i4 4’eb 2
* 1*4 2
*1*4 2
1*4
*1*3
1*4
1 Feb 13
1*4
300 IS
1*1
1*4
*2
*2 lg 2*2
21*
*2 is 2 U *2*8
2*4 2*4
105 C
2 Jan 6
2*2
*214
2*2
2U
3
2 '2
2*2
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315 C
2 * Jan 1 2
2 *s
2 I2
62
62
63
63
627g 63
611., 62
60*, 61
664 O
55 4’eb 3
85
85
*87 ___
87
8.5
86
87*2 85*2 87
163 C
78*2 Feb 3
24*8 25
25
26
25*4 25
2 tig 2.5*4
7,295 P
24
25*4
17*2 4’eb 3
89
89
89
89
90
90
87
871, 88
119 Q
8.8
84 Feb 3
30
30
30*4 30*4 31*8 32*8 31*8 31*2 30*, 30*,
285 R
23 Feb 1
81
81*2 81*2 81*2 8 U2 85*2 84*2 85N 83
530 S
86*2
74*2 Feb 3
1*2
1*2
225 S.
1*3 1*3 *U 2
1*8
* 1*2
1*2
1*2
1*8
l'l Jan 5
9
8*8
8*8
8*8
*Sl2 9
9
9
*.8*2 9
50 S
7*2 4’eb 3
*26
2812 *27
27'? *2512 27
28*3 *26
Mar’ 17 .......... S
L a s t S ale 29
26* 4’eb 6
4
4la
5
4*i
t '8
5*5 *4
5
1*4
* 4>i
1,105 S<
37g Feb 17
1 1 1 , 1 H4
11*2 11*2 *13*2 14
137g u
no a
13*4 Feb 5
*16*2 It
6 's
0*8
6*2
6 '.,
6*8
6*2
5*8 6
1,955 a
5 4’eb 2
r>W. 6 *s
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T
59*2 Mar’ 17
4 7 4’eb 2
*4
4i2
4
4
4*,
4
4
4*4
3*4 4
210 T
3*2 Feb 2 1
* 11 ;
*
11
;
1*4 * 1*2
1*4
L a st S ale '2
Mar’ 17 _____ T
1*1
l ’ l *u 2
1 * 4’eb 15
OII4 61*4 0ll3 63
63*a 63's 63
61
52 Feb 3
62*4 rOO
901) U
51*8 51*8 51*8 511, 51'2 54
51
51 >2 50*2 51*2
530 D i/ pref.
50 4’eb 8
2*4 *21 S 21,
2'X e ■2W,
21,
2'8
2',
1,835 U
2'8
2*,
178 Mar28
16
16*8 16*8 16
15*2 161,
15*8 15*4 15*, 15*i
1,290 U
15's Apr 4
*111
1 1 1 1 2 *11314 13*4 • lllU 1 1 2
i m , n n . 113 113
201) U
98 Feb 1
•
47s 5*8
47g 5
5
5
5
1 ,0 1 0 u
514
4*, 4’eb 3
5
478 4V8
*4*4 5*41
1*1 4*4 *4*,
4*.,
200 V
4*4 *4*,
4*2 Feb 2
*4
4*2
4*8 4*8 *4
4*2
4
41,
4
4
300 W
3*2 4’ eb 3
45
45
* 14*2 45
45
45
45
4.5
41
45
231 \V
44 4’eb 3
*1
1*4* *1
1*4 *1
l'l
400 VV
1*4
*1
tl2
1 Feb It
l'l
• Bid and asked prices, a Ex-dividend and rlgbt*. 1 Assessment paid. * Ex-rights x Ex-dlvldend. u> EXtir u.id
101*4
1 '?
1 2 <i
112
120
1.
[V o l . L()4
198 Feb
83*2 Jan
145 Feb
52 Feb
235** May
5 Jan
27*2 Jan 21
40*2 Feb
5*2 Jan
33 Feb 5
45*8 July
150 Jan 5
154 July
108 Jan 27 102*2 Apr 110 July
140 Mar28 133 Sept 162 Feb
78*2 Mar22
87 Feb
69*4 Sept
133 Jan 17 122 Jau
131*4 Deo
92*2 Jan 9 *8 6 Jan
94 Deo
100*8 Mar 7
98 Sept 102 Jan
5*2 Mar24
8*4 Aug
4*2 Deo
27*2 Jan 9
44 Aug
26 Deo
523* Jan 2
77*4 Jan
50 Deo
105 Apr 3
107 Sept
97 Jan
135 Jan 0 134*4 Deo 157 Feb
34*2 Feb 13
35*2 Deo
20 May
110 Jan 15 100*2 Aug 125 Mar
56*2 M a rl7 *55 Sept
67*2 Jan
74 Jan 6
80 Feb
69 July
93i2 Jan 26
103*2 Jan 27
23* Jan 9
14 Mar 8
115 Feb 21
121i2 Jan 24
128*4 Jan 25
513* Apr 3
100 Marl5
74 Jan 3
97*2 Jan 5
121*2 Jan 22
66 Jan 4
19 Jan 2
10 Jan 22
226 Jan 4
170*4 Jan 13
102 Jan 18
100i2 Mar23
81 Mar30
189 Jan 31
1 MarlO
40 Jan 17
95 Mar26
90 Mar27
124U MarlO
147 Jan 19
112 Jan It
166*4 Jan 25
46 Jan 3
10 Mar29
1581? Apr 2
67 Marl2
33 Jan 4
154*2 Jan 22
58*4 Jan 3
301* Mar 8
118 Mar2 1
121 Jan 27
8 78 Jan 26
172 Dec
65*2 Apr
119 Deo
34 Aug
200 Aug
4*2 Feb
30 Dec
4 Mar
42 Fob
150 Oct
64 Apr
95*2 Mar
*4 Deo
7 Deo
100 Apr
114*2 Mar
123 Doo
42 Aug
92 Jan
66 Jan
98 July
27 Jan
42 Jan
w8's Apr
8*4 Doo
225 Deo
159*4 Apr
95 June
79 Sept
78 Sept
155 May
*4 N ov
10 Doo
35 N ov
23*2 Julv
50 Jan
120 *4 Deo
1021* Jan
102 Deo
158*2 Apr
35*2 Deo
15 Feb
125 Feb
35 Jan
28 Jan
136*2 Jan
50 June
28*2 Jan
79*4 Mar
115*4 Feb
6*8 Sept
102
105
Nov
Dee
Apr
10 May
125*4 Oot
124 Oot
134*2 Sept
56*4 N OV
1 0 t*gMar
79 N ov
101*4 fob
147*4 Deo
72*2 Nov
257s July
13*8 Jan
250 Mar
186 Oot
10 2 12 Sept
100*4 N ov
89 Fob
181 Nov
2*4 Jan
19 Apr
44 Feb
42 Dee
60 Deo
140 Mar
105 N ov
155*4 Nov
175 Oct
59 Oot
16*2 May
177 Oot
70 N ov
33 Mar
168*4 Aug
03*2 May
31 Sept
129*8 Nov
12 2 * 4 Nov
13 Jan
3*4
4*4 Jan 2
57t Deo
1*4 Feb
103 Jan 2
91 Aug 125*2 N ov
11* 2 Jan 2
26*2 Jan
10 Deo
1*4 Jan 2
212 N ov
*4 May
70 Mar 6
83*2 N ov
56 Deo
4 1*4 Jan 26
97*8 Apr
29*2 July
73 Jan 3
60 July
86*8 N ov
15** Jan 4
18 N ov
7*8 July
2*4 Jan 26
5*| Feb
1*8 Aug
52 Jan 26
42 Doo 105*4 Mar
85*4 Jan 26
68 Juno 101 Nov
580 Feb 20 610 Deo 640 Nov
27*4 Jan 16
27 N ov
14 July
63 Mar 7
73*8 N ov
46 July
08 Jan 17
87*4 N ov
64*f July
3 Jan 12
378 Mar
2 July
7i2 Jan 10
7*4 Deo
4*4 Deo
16 Jan 3
20 N ov
1 1 * 1 July
9 Mar 0
13UNov
6 June
92 Jan 17| 79 July 120 Nov.
46*2 Jan 3
55*4 Nov
34*4 June
20*2 Jan 19
23*2 Nov
10*2 June
4 Mar22
2 July
OI2 N ov
701* Jan 25
73*4 Deo
42 Sept
9 312 Marl5
8 8 Jan
93*i Deo
36 Jan 18
25 July
43 Nov
5 Feb 15
5*8 May
3*2 Mar
434 Jan 27
8 Apr
2*4 Feb
18 Jan 2
19*1 Fob
9*4 July
5 Jan 16
6*i N ov
3*4 July
0*4 Mar30
9 N ov
l 'l Aug
15*2 Jan 17
19*i N ov
10 July
3*2 Jan 0,
5 Feb
2 July
5*2 Mar24,
4*4 N ov
1*2 Jan
98 Jan 3
77*2 July 108 N ov
26*2 Mar 7
15 Jan
33*2 N ov
6 Jan 2 I
IOI4 Jan
4*4 July
17*2 Apr 3
24*4 Jan
9 July
30 Mar2()
20 Deo
31*8 Nov
92 14 Mar20
93*4 Nov
77 Deo
8*4 Jan 2
0 Mar
9*4 N ov
24*4 Mar28
20 July
32*2 N ov
2*4 Jan 3
4 11 Jan
.50 June
2*8 Jan 1 2
27i Apr
1*8 July
3 Jan 31
4 Jan
1*4 July
67*4 Mar 12
83 N ov
69 Deo
95 Mar 12
70 July 105 N ov
2778 Mar21
11* 2 Mar
23*4 Deo
9U2 4’eb 2 1
81 July 109*2 Nov
3213 Apr 3
36*4 N ov
20*4 June
89*4 Mar 0
61*2 Jan 110 Nov
2 Jau 2
37g Jan
1*4 July
10 Jan 5
12*2 Feb
7 July
30'g MarlO
24*4 July
40*8 Feb
8*2 Jan
6*4 Jan 2
4 Aug
16*8 Mar 0
28*2 Jan
12*2 July
8*4 Jan 6
8*4 Oot
1*2 Jan
66*4 Jan
00 Jan 15
35 Aug
6 Jan 4
12*4 Jan
4*4 July
•2% Jan 0
.15 Jan
2*t Deo
67*4 Jan 4
54*8 Jan
81*8 Nov
62*2 Jan 4
40 Fob
63*4 Apr
27s Doo
3*4 Jan 2
5*a Apr
12 *2 Jan
2 1 1 3 Feb 20
30*2 N ov
75 June 127*8 Nov
110*4 Mar 8
0*8 Jan 16
6*4 Deo
1 1*2 Mar
6 Jan 2
2*4 Jan
8*1 N ov
5*8 Jan 25
3*4 Mar
8*4 N ov
53*2 Mar 6
87*i Feb
45 Oot
Jan
3
2 '8
2*4 V et)
1*8 Aug
Philadelphia Stock Exchange.—
Outside Stock Exchanges
Boston Bond Record.
— Transactions in bonds at Bos
ton Stock Exchange Mar. 31 to Apr. 5, both inclusive:
Thurs.
Last Week's Range Sales
for
of Prices.
Sale
High. Week.
Price. Low.
B on d sAm Agrlc Clicm 5 s . . . 1928
Am Tel A T el coll 4 s .. 1929
53 temporary r e c e ip ts ...
Anglo-French 5 8 - ..
91
100)4
101)4
86
97)4
Pond Creek Coal 6s.
101
................
4A s.
•
97)4
104)4
102)4
91
100
94
82
101)4
85)4
91
97 *4
100
108)4
101
97)4
97)4
104)4
99)4
102)4
91)4
100)4
94
82
101)4
86
91
97)4
100)4
109
101)4
97)4
97)4
105)4
99)4
Range since Jan. 1.
|
Low.
S 1,000 102)4
91
16,000
21,500
99)4
1,000
91)4
79
4,000
14,000 101)4
2,000
84)4
91
5,000
4,000
96)4
8,000 100
3,000 101
36,500 101
1,000
97)4
6,000
96)4
11,000 104
3,000
99)4
American Radiator----- 100 296
American Shipbuilding .100 75
Preferred__________ 100
American Straw Board----Booth Fisheries, com .. 100
Preferred__________ 100
Chic City & C Ity. pref..
Chicago Elevated Ity pref
Cldc Pneumatic T o o l.. 100 60
Chic Itys part ctf "2” .
Chic ltys part ctf “ 3” .
2A
Common wealth-Edlson 100 135
Cudahy Pack Co co m .. 100 123M
99
Deere & Co., pref____ 100
101
Dodge Mfg Co pref..
Diamond Match.......... 100 125
Hartman Corporation.
68
Hart Shaft A Marx com 100
117
Preferred.......... .
Illinois Brick................. 100 83
264
Undo Air Prod Co co m ..
21
Llndsay I.tght..................
Middle West Util, pref..
Mitchell Motor C o............
National Carbon.......... 100 315
People’s Gas Lt A Coke 100 91
130
Prest-O-Llte Co Inc.
Pub Serv of No 111 com. 100 110
Preferred__________ 100 100)4
Quaker Oats Co pref. . . 100
Sears Roebuck c o m ... 100 187 )4
Preferred----------------100
Shaw W W com m on... 100 68
Stewart War Speed com 100 78 A
Stover Mfg & Engine Co
Swift A C o ....................100 150);
Union Carbide Co......... 100 205
United Paper Bd com .. 100
Ward, Montg & Co, pref. tin
Wilson A Co common. .100 75
Preferred .............
100 105 )4
296
285
77
75
z92
95
66
66
79 A 85
90 A 92
32
33
25
25
68 !4 69 A
17
17
2A
2A
135
137 A
123 >4 127 A
99
99
98)1 101
125
129
68
68
81
8t
117
117
83
83
260
266
21
22
78
78
53
S3);
315
320
91
93
12714 136
110
110
100)4 101
114
114)4
187)1 190)1
125 H 125)1
68
70
78)4 83
101
101
150)1 158
199)4 210
32
33
115 A 110)1
73 M 8311
105
100
M ar 10 m
Feb
92)4
Jan; 102
Fob
94
Fob
85)4
Jan 102)4
M a r1 87
Apr, 93)4
Feb
98)4
Jan 102)4
M ar 110)4
M ar 102)4
M ar
98)4
M a r; 98)4
M ar 109
Jan 100)4
Jan
Jan
Jan
Apr
Jan
M ar
Jan
M ar
Jan
Feb
M ar
Jan
Jan
Jan
Jan
Jan
Bonds—
Armour A Co 4)4s___1939 93 A
Booth Fisherless fd 6s 1926 92 A
Chicago City Ry 5s___1927 97 J4
Chle City A Con Rys 5s 1927
ChleUnSta lstg4 )4 s 1963
Commonw-Kdlson 5s. 1943 101X
Cudahy Pack 1st 5 s.. 1946
Morris & Co 4J4s____ 1939
l’co Gas E & C ref g 5s 1947
Pub Scr Co 1st ref g 5s 1956
Swift & Co 1st g 5 s...1944
Wilson A Co 1st Cs. ..1941
93)1
92 A
97 J4
73 A
99)1
101)4
99)4
93) 4
100)
94) 1
101) 4
103 H
Range since Jan. 1.
High.
41 6285
39
458
11 z92
57
25
60
989
81
431
24
211
25
16
60
288
16)4
126
2A
75
307 134
5,569 108)4
96)4
20
98
50
178 119
67
25
81
20
200 116
20
82)4
605 *260
16)4
835
77)4
10
52
130
50 295
88
53f
1,240 102
60 105
6
98)4
52 110)4
1,213 c186)4
8 125)4
214
50
851
78)4
100 101
11,599 132)4
4,234 169
450
27)4
61
115
58
4,280
134 102)4
52.000
10.000
17.000
1,000
20.000
34.000
5.000
14.000
3.000
4 100)4
1.000
94)1
1,000
101)
103)4 24.000
93
93
98
73)4
99 H
102)1
99)4
93)
93)4
91
97)4
72
99 !4
101)4
98)4
93) 4
100
94) 4
101
101)4
Apr 445
79
Feb
Apr
96
Jan
70
Jan 85
Feb
92)4
Feb
or,'A
Apr
30
Feb
70
M ar
25
3
Jan
Feb 142)4
Feb 127)4
Feb 100
Feb 101
Feb 132)4
M ar
78)4
90
M ar
Jan 118)4
Feb
88)4
M ar 300
Fcl)
23)4
78
M ar
M ar
53)4 M ar
Jan 335
Feb 106
Feb 146)4
Fob 114
Feb 102)4
Jan 115
M ar 239
Apr 127)4
73
Feb
Feb 101
Jan 102
Feb 157)4
Feb 210
Feb 34)4
M ar 117)4
Jan
Jan
Apr
Feb
Apr
M ar
M ar
Jan
Jan
Feb
Feb
M ar
Fob
Jan
Sales
Thurs.
Last
Veek’s Range
for
of Prices.
Sale
High. Shares.
Par. Price. Low.
High.
Chicago Stock
Sales
Thurs.
for
Last Week's Range
Week.
0/ Prices.
Hale
High. Shares.
Par. Price. Lou>.
Record of transacting
at Philadelphia Mar. 31 to Apr. 5, compiled from official
sales lists:
S tock s—
Exchange.— Record of transactions at
Chicago Mar. 31 to Apr. 5, compiled from official sales lists:
S to c k s —
1375
THE CHRONICLE
A p r . 7 1917.J
91)4
93)4
99)4
80
100)4
10.3)4
100)4
94
102) 4
96)4
102
103) 4
American Rys p r e f.. .100
Baldwin Locom otive. 100
Buff & S usq Corp v t c . 100
Consol Trae of N J ____100
Elec Storage B a tte ry .. 100
General Asphalt pref. 100
Insurance C o of N A __ 10
Keystone Telephone____50
Lake Superior C orp__ 100
Lehigh N avigation......... 50
Lehigh Valley_________ 50
Leh Val Transit pref------50
Minchill & S II _ ____50
Pennsyl Salt M fg --------- 50
Pennsylvania__________ 50
Philadelphia C o (P itts ).50
Philadelphia E lect__ 22)4
Pldl Rap Tran v t r ____50
Tono-Belm ont D evcl___ 1
Tonopah M ining________ 1
United Gas Im p t______ 50
U S Steel Corporation. 100
West Jersey & Sea Shore 50
W m Cramp A Sons. .
.100
P referred......................50
94
63)4
26)4
20)4
80
65)4
94
53)4
37
32)4
28)4
94)4
4)4
6)4
43
87 A
113)4
22
51
78
89 A
38
22
119)4
9
94)4
62)4
62)4
B on ds—
Amer Gas & El 5s____2007
Small
_________ 2007
Baldwin Locom 1st 5s 1910
97
Elec A Peop tr ctfs 4s. 1945
Small .
. . ____1945
Harwood Electric 6s .1942
Keystone Teleph 1st 5 s .’35
Lake Superior Corp 5s 1924
Lehigh A N E 5s......... 1951
Gen consol 4s______ 2003
C5en consol 4 )4 s ___ 2003
Registered 4 )4 s ------2003
Lehigh Val C oal 1st 5s. 1935
Penn R lt gen 4 A * ___ 1965
New 4>4s (recta) ______
P W A B ctfs 4s____1921
Pa A M d Steel cons 6s.1925
Peoples Pass tr ctfs 4s. 1913
Philadelphia Co 1st 5s. 1949
90 A
99 A
97)4
101)4
101)4
Reading gen 4s.
. . 1997
94
Spanish Am Iron 6s. .1927
Standard G A E 6 s .. . 1926
United Rys Invest 5s_192r
W clsbach Co 5s........... 1930 ...........
Jan
Jan
Jan
Jan
Jan
22
119
9
94
59 A
02 K
55
45)4
54
54
74
63
64
26)4
12)4
20)4
80
65 %
46
57)4
93)4
93
53)4
37
32)4
28)4
79)4
94)4
4)4
6)4
43
87)4
113
22
51
7.8
88
15
38
98)4
96)4
96)4
104
121
113
82)4
82)4
103
97)4
50
103)4
136)4
90)4
99)4
99 A
105 A
65
98
97)4
99 A
106)4
86
101)4
91
105 A
101)4
101)4
101)4
101)4
88
93)4
101)4
101)4
69)4
98
45)4
54
54
74
64)4
64
26)4
12)4
21)4
81
08)4
40
57 H
93)4
94
54
39 A
32)4
29)4
SO
98 A
4
OH
43)4
8814
117)4
22
51
78
92
15)4
38
Range since jan. 1.
High.
Low.
Apr
20 A Jan
22
25
Feb
Feb 121
7 116
Apr
M ar
341
8
9
Jan
Apr
94
125
98
Feb
49
220
62)4 M ar
Jan
M ar
62
10
66
Jan
M ar
54
20
58
M ar
Jan
45
20
46
Jan
M ar
53
54
3
Jan
M ar
53
27
54
Jan
Jan
73
74
25
60)4 Feb
345
67 A Jan
M ar
64
30
70 A Jan
217
25)4 Feb
27)4 Feb
Jan
14
100
12 A Feb
M ar
Feb
15
24
5,615
Jan
79 A Feb
428
85
474
79 Vs Jan
65 A Apr
Feb
42
40
47 A Feb
60
56)4 Jan
57)4 Apr
Jan
Jan
93
94
50
Jan
Apr
240
93
96
4,341
53 J4 Apr
57% Jan
245
36)4 M ar
41)4 Jan
910
32
Feb
34)4 Jan
Feb
2,093
28
34)4 Jan
Jan
M ar
96
7!)
84
Feb 103 H J: n
304
89
1,225
4 l/\fs Feb
4)4 Jan
900
5)4 Jan
7)4 M ar
Feb
43
743
47)4 Jan
87 A Feb
487
91)4 M ar
35,920
99)4 Feb 118)4 M ar
M ar
Feb
17
25
140
M ar
50
100
53)4 Feb
Feb
178
80
77)4 M ar
Apr
Feb
66
92
1,025
4(1
13
Feb
15)4 M ar
Jan
36
Feb
55
39
98 A Apr
98 A S I,006
Jan
96
13,000
97
Jan
2,700
96
97
3,000 103)4 Jan
104
Mar
121)4 13,000 121
M ar
2,000 113
113
Jan
82
11,000
83
83)4
1,500
82)4 Apr
Jan
1,000 103
103
6,000
96)4 M ar
97)4
Feb
50
20.00C
51
2 ,oo<: 103)4 Mar
103)4
Jan
136 A
1,000 136
2,000
89)4 M ar
90 A
99)4 20,000
99 A M ar
2,000
99)4
99)4 Apr
Jan
4,000 105
105 A
Apr
50C
65
65
M ar
98
98)4 26,000
97)4 Apr
98)4 94,000
1,000
99)4 Jan
99 A
1,000 105)4 Apr
106)4
Apr
86
1,000
86
5,000 101 A Feb
101)4
13,00(
91
8 8)4 Feb
5.000 101 A Feb
105)4
137,00( 10H4 Apr
102
4,2 Of 101)4 Apr
102 A
77,000 101)4 Mar
102
7,60( 101)4 Feb
102)4
Apr
88
88
500
93 H Apr
94)4 61,000
1,000 101)4 Apr
101)4
5,000 100)4 Mar
102
69 A 18.000
69)4 Apr
98
3,000
97)4 Feb
98 A
97)4
97 A
104 A
124
113
84
86
104
99
58)4
104)4
137)4
91A
102
99 A
106 A
68
104)4
98)4
99 V»
108
90
102)4
94
105)4
102
102)4
102)4
102)4
88
96)4
102)4
102
74
99 A
Apr
Jan
M ar
Jan
Jan
M ar
Jan
Jan
Jan
Jan
M ar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Mar
M ar
Apr
Apr
Apr
Feb
M ar
Apr
Jan
M ar
Apr
Jan
Jan
x Ex-divldend.
Baltimore Stock Exchange.
— Complete record of the
transactions at the Baltimore Stock Exchange from Mar. 31
to Apr. 5, both inclusive, compiled from the official sales
x Ex-dlvldcnd. 6 Kx-50% stock <11vldend. c Ex-25 % stock dividend.
lists, is given below. Prices for stocks are all dollars per
— Record of transactions at share, n o t per cent. For bonds the quotations are per cent
Pittsburgh Mar. 31 to Apr. 5, compiled from official sales of par value.
Pittsburgh Stock Exchange.
lists:
Sales
Thurs.
for
Last Week's Range
of Prices.
Week.
Sale
High. Shares.
Par. Price. Low.
Stocks -
17)4
53
108
80
()C
49
45
45
67)4
67)4
49o
1
35c
127)4
3
15
I,a Bello Iron W o rk s ..
84)4
84)4
124)4 124)4
96
71)4
70)4
7
7)4
20 Vi
Ohio Fuel O il.
50)4
50)4
__
101)4
__
3)4
16
16
10c
9c
Pltts Cons M , M A T — 1
75c
75c
Plttsb-Jerome Copper.
"
67c
67c
Pitts & M t Shasta Cop.
16)4
16)4
120)4 120)4
22)4
22)4
15)4
20c
20c
15c
San T o y M ining.
113)4 113)4
127)4 127)4
*50)4
z51
Amor Sewer Pipe______ 100
Amer Wind Glass MachlOO
P r e fe r re d '................. 100
Birmingham! Ins_______ 50
Cable Consol M ining____1
Coney River G as______ 25
Columbia Gas A E lec. .100
Crucible Steel com ____100
Diana M ines_______
G old Bar M ines____
53)4
108
80
7c
48
l ’ lttsb Coal deb 5s—
x Ex-divldend.
48
100
Stocks—
Low.
70, 17
17)4
65
48
53)4
108
175 103
80
8
80
9o
f)C
20,500
500
49 )4
43)4
195
47)4
35'4
430
70'4
63)4
1
12,900
22c
too
35c
30o
10 122
127 A
160
3
3)4
133
14)4
15)4
550
71)4
85)4
191 124
124 A
10
96
90)4
2,185
62)4
72
425
6)4
7)4
20 %
75
17)4
855
43)4
51
30 295
101 A
3
75
3 )4
16
105
16 M
8o
10c
4,200
65c
80c
9,300
50c
73c
14,300
11
690
17
42 120)4
121)4
5,364
23)4
19)4
.109
15
15)4
22c
20c
400
15c
13c
550
117)4
375 102
128 ')
175 g 127)4
53
827 1 46)4
48
100
y Ex 20% stock dividend.
Range since Jan. 1.
$2,000
4.000
47
99
High.
Jan
Feb
Feb
Apr
Jan
Feb
Fob
Feb
M ar
M ar
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Fob
Feb
Feb
Feb
Feb
Apr
Fob
Mar
Jan
Feb
M ar
Feb
Feb
Jan
19)4
62
124)4
80
11c
50
47)4
70)4
1
48c
130
3)4
17)4
88
128)4
98
73)4
7)4
22
56
102
4)4
18)4
15c
1.55
1.20
17)4
135
25)4
217'4
28c
20c
118
157)4
55
Jan
Jan
Jan
Apr
M ar
M ar
Apr
M ar
Apr
Jan
M ar
Jan
Jan
M ar
Jan
M ar
M ar
Jan
Jan
Jan
M ar
Jan
Jan
Jan
Jan
Jan
M ar
M ar
M ar
Jan
Jan
M ar
M ar
Feb
Jan
50)4 Jan
100)4 M ar
Sales
Thurs.
Last Week's Range
W°'k
of Prices.
Sale
High. Shares.
Par. Price. Low.
Atlantic Coast Line RR 100
Atlantic Petroleum.............
Baltimore Electric p r e f.50
Baltimore Tube, p r e f.. 100
Consol Gas, E L A P . . 100
Consolidation C oal----- 100
Cosden A C o ____________5
Cosden G as------ ----------- 5
120)4
111H
14)4
13)4
Davison C h em ical..n o par
Elkhorn Coal C o rp _____50
Houston Oil trust ctfs. 100
Preferred trust c t fs .. 100
38)4
30 A
20
62
8
M tV -W ood M pf v t r.100
Penn Water A Power. 100
80
Poole Engineering A M .100
Sapulpa Refining-----------5
United R y A Electric. .50
30 A
41
Wash Balt A Annap pref 50
Wayland Oil A G as........... 5 ______
B on ds.
At lan A Chari 1st 5s .1944
99 A
Atl C L conv deb Is. 1939
Balt Elec stamped 5s. 1947 100
Chicago R y 1st 5s----- 1927
City A Sub 1st 5 s ___ 1922
96
Coal A Coke 1st 5s .1919
Coal A Iron 1st 5s____1920
99 A
106
General 4 M s ------- 1954
94)4
Cons G, K L A P4)4S 1935
92)4
Consol Coal ref 5s----- 1950
109
101)4
106)4
Elkhorn Coal Corp 6s. 1925
Fair A Clarks Trac 5 s. 1938
106
100)4
30
6,043
20
21
445
760
9,251
8,665
345
840
4,500
935
110
63
30
715
24
35
253
10
162
Range since Jan.
Low.
112
7)4
44)4
101
119
100 A
14)4
13)4
4)4
37 A
22)4
17)4
60
60
60)4
76
85
9
30 A
40
4
M ar
M ar
M ar
Feb
Feb
Feb
Feb
Feb
Feb
M ar
Feb
M ar
M ar
Feb
M ar
Apr
Apr
Feb
Apr
Jan
Feb
High.
112
9J4
46
109
127
114
18)4
16)4
514
44)4
32
23
67 A
71)4
72
84
92
12)4
35)4
41
5
Mar
M ar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
M ar
Jan
Jan
M ar
Jan
Jan
M ar
M ar
Jan
Apr
Jan
112
8
4 4 '4
102
120)4
111)4
14)4
13)4
4)4
38)4
28)4
19)4
62
70
67
76
85
11
30)4
41
4
112
8
44 A
102
122
113
15)4
14)4
99)4
90%
100
96)4
101)4
96
99 A
106
94)4
91)4
04)4
108
101)4
10614
100 A
106)4
106
100)4
Jan
99 A M ar 104
99 A S3,000
M ar
93
Jan
90
2,000
90 A
100
11,000
99)4 Feb 100)4 Jan
Jan
97
4,000
96)4 Apr
96)4
6.000 101)4 Apr 102)4 Jan
101)4
Feb
97
96
10,000
90)4 Jan
Jan
Jan 100
99
1,000
99 A
Apr
Apr 106
106
2,000 106
96)4 Feb
94 A Apr
94)4 12,000
92 A 48,000
91)4 Apr
93)4 Jan
1,000
95 A M ar
94)4
93 A Feb
M ar
109)4 25,006 104 A M ar 110
102)4 57,000 101)4 Apr 109 A Jan
107)4 73.00C 104 A Feb 110)4 Jan
Feb 101A Jan
99
100)4 22.00C
107
23,606 100 A Feb 107)4 Jan
Apr
Jan 106
106
1,000 105
6,000 100 A Apr 101)4 Feb
100)4
39 A
30)4
20
62 A
71
67
80
85
11
31)4
41
4
1376
Stocks (Concluded)—
THE CHRONICLE
Thun.
Last Week’s Range Sales
Sale.
of Prices.
for
Price. Low.
High. Week.
Fairmont Coal 5s____1931
Georgia & Ala cons 53.1945
Ga Caro & Nor 1st 5s. 1929
Hagerstown & Fred 6 s 1914
Jamison C&C— G C 5sl930
95 A
Maryl’d Elec Ry 1st 5sl931
M S t & St P C Jt 5s. 1928
Monon Valley Trac 5s.1942
N O Mob&Ch 1st 5 s .. 1960
50
Norf & Carolina 1st 5s 1939 107
Norf & Ports Trac 5s. 1936
86H
Norfolk Ry & Lt 5 s .. 1949
United Ry & Elec 4 s .. 1949
82
Income 4s__________ 1949
65H
Funding 5s_________ 1936
do
small____1936
Wash Halt & Annap 5sl941
Wilm & Weldon 5 s .'.. 1935
97
10014
101A
10014
9514
99
10114
94M
50
107
8514
9914
82
6514
8814
97
4.000
12,000
4.000
2.000
Range since Jan. 1.
Low.
97
Apr
10014 Apr
101
Mar
9914 Jan
95
Jan
9814 Feb
101
Mar
9414 J Jan
50
Feb
107
Apr
8514 Apr
9914 Jan
82
Apr
6414' Feb
8814 Mar
88 Apr
85
Mar
10714 Feb
High.
Stocks (Concludud)—
[Vol . 104.
Thun
Sales
Last Week's Range, for
Sale
of Prices. ■ Week.
Price. Low.
High. Shares
Range since Jan. 1.
Low.
High.
9814
10314
10314
10014
9514
100
10214
96
56
107
8614
9914
8414
6714
90
90
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Jan
Jan
Jan
f Jan
88
Jan
10814 Mar
Submarine B oat..(no par)
22
22)4
23)4
3.200
18)4 Feb
28
Jan
Superior Steel Corp. r. 100
34)4
33)4 34)4
5,160
28
Feb
34)4 Apr
1st preferred r........... 100
99
100
99)4
350
97)4 Mar 100
Jan
10014
Triangle Film Corp v t 0.5
1)4
1)4
1)4 14,200
1)4 Apr
3) 4 Jan
9514
1,0 0 0
United Motors r._(no par)
36)4
35)4 39)4
35
7.200
Feb
49
Jan
99
1,000
United Paperboard r ..l 0 0
32
33
900
30
Mar
34)4 Mar
10114
1,000
United Sugar Cos r ____50
36)4
35)4
*36)4
35
Jan
4,400
37
Mar
1,000
9414
U S Light & Ht com r . . l 0
1)4
1)4
400
1)4 Jan
2
Feb
50
1,000
U 8 Steamship__________10 " 6 ) 4
6)4
6)4
6,300
4)4 Feb
0)4 Mar
107
1,000
World Film Corp’n v t 0.5
)4
A
500
Mar
1
Jan
8614 12,000
Wrigbt-Martln Alro r ..( t )
7
7)4
7)
4
3,900
5)4
Mar
16)4 Jan
9914
1,000
Zinc Concentrating r ._ _ lo
3
3)4
3)4
2,700
2)4 Mar
4 ) 4 Jan
8214 21,000
Railroads—
66 24,000
Pitts & W Va Ry com rlCO 21
2 1 *23)4 2,100 20 Jan *23 A Apr
8814, 2,000
Preferred r__............ .100
53)4 65
53)4
200
50)4 Feo
55
Mar
88 89
2,500
Rock Island w l .r _____ 100
37)4 38)4
37)4
34 9 Feb 42
600
Jan
85
8514
2,000
Preferred B w 1 r____100
71
500
68)4 Fob
Jan
75
108
108 I 3,000
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil.............. £1
17
17
17
16
200
Feb *18A Jan
Illinois Pipe Line_____ 100 237
236
239
87 230
Fob 250
Jan
Ohio OH________________25 380
380
389
140 380
Apr 435
Jan
Prairie Pipe Line......... .100
TRANSACTIONS A T TH E N E W YO R K STOCK EX C H A N G E
315
319
45 300
Feb 444
Jan
D A IL Y . W E E K L Y A N D YE A R LY .
Standard Oil (C a lif)... 100
294
300
110 294
Apr 415
Jan
Standard Oil of N Y ...1 0 0
313
318
105 270
Jan 345
Jan
Other
Oil
Stocks.
Week ending
Slocks.
Railroad,
State, Mun
Alcoken OH Co r . . . ____ 6
2
1) 4
2,800
1) 4 Mar
2
April 0 1917.
Jan
&c.,
& Foreign
Alpha OH & Gas................ 1
660
o'Jo
11.400
54 0 Mar
Jan
Shares.
Par Value.
Bonds.
Bonds.
Am Ventura OH r.............. 1
22 c 22o 28o 13,650 20c Mar 860
31o
Fob
Atlantic Petroleum r____5
8
8
7) 4
6,950
7)4 Mar
Saturday.......... ..
9 A Mar
509,950 $54,937,000
SI,250,000
$548,000
Barnett Oil & Gas r......... 1
3
2) 4 4)4 108,600
2 ) 4 Feb 4)4 Apr
Monday......... ........
655.900
58.591.500
2.149.000
840,000
Consol Mex Oil Corp____1
$7,000
760
60C
60c
2,800
60c
Apr
Tuesday........... ..
1A Jan
924,320
84.559.500
2.023.000
4.626.000
Continental Refg pref r 10
10
10
10
200
10
Apr
Wednesday______
10
Apr
752.900
70.315.500
2.071.000
2.520.000
Cosden* C o r___________ 5
14)
14)4 15)4
1.250
14)4 Fob
Thursday_______
18)4
Jan
887,305
82.025.500
2.092.000
2.380.000
1,000 Cosden Oil & Gas com r lls
13) 4 14 %
13) 4
4.500
13)4 i Feb
16)4 Jan
Friday....................
HOLI ;DAY
Elk Basin Petroleum r___5
12
11)4 12)4
8.500
7)4 Jan
14 A Mar
Elkland Oil & Gas r i ____1
J4
)4
3.100
)4 Apr
T o ta l....................
A Apr
3,790,375 $350,429,0001 $9,585,00c!si0,920,000
Esmeralda OI1 Corp r____l 1 3-16
1 * 1 7-16 20.400
70o
Feb
3
Feb
Federal O ilr...................... 5
5)4
5)4
6)4
9,700
4)4 Feb
6)4 Mar
Houston Oil common r 100
20
20
Sales al
20
Week ending April 6 .
500
17
Feb
23)4 Jan
Jan. 1 to April 6 .
Internat Petroleum r___£ 1
14
14) 4
New York Slock
15)4 12,800
11
Jan
15)4 Mar
Kenova Oil.................... . . 1
Exchange.
7-16
)4 17,200
Vs
1917.
1916.
A Jau
1917.
A
Jan
1916.
Merritt Oil Corp r _____ 10
24)4 27)4 12,000
25
11) 4 Jan
31A Mar
Metropolitan Petroleum 25
2
Stocks— No. shares...
2)4 21,050
3,790,375
2)4
1)4 Mar
2,858,363
4A
Jan
52,406,597
46,139,097 Mld-Cont Cons O * UtllrlO
15
14) 4 15)4
Par value....... .......... $350,429,000 $258,653,600 $4,706,941,530 $4,043,830,745
12) 4 Jan
7.200
15)4 Apr
Midwest OH r
79c
82c
79c
Bank shares, par_____
55o
Jan
43.000
$6,300
87o Mar
$15,200
$80,500
Preferred r.
_______
960
1.03 28.000
99c
Bonds.
80c
Jan 1 1-10 Mar
Midwest Refining r____50 131
138
143
Government b o n d s...
Mar 145
88,000
4,000 117
$46,500
Mar
$201,500
$424,200
N Y-Oklahoma Oil
...
X
)4
1) 4 10,100
State, mun.,&c.,bonds
A Jan
10,920,000
9,415,000
1A Mar
102,081,000
69,121,500
N Y & Texas OH.................1
2)4
2 ) 4 1.100 1 3-10 Jan
2)4
R R. and mlsc. bonds..
9,585,000
13,452,000
3
Feb
192,528,500
238,385,500 Ohio Fuel Oil r____
21
21
19
Jan
40
22 A Mar
Oklahoma Oil com r
9c
lie
10)4o
Total bonds......... ..
Oc Apr
$20,513,000 $22,913,500
91,000
16o
Jan
5294,811,000
$307,931,200
Preferred . r ........... ..........
A
A
% Mar
3,850
1
Jan
Oklahoma Prod & Ref. . . 5
10)4 11)4
10)4
10
Feb
7,800
14)4 ] Jan
D A IL Y TRANSACTIONS AT TH E BOSTON. PHILADELPHIA AN D
Omar Oil <& Gas com____ 1
43c
40c
40c
33o
Jan
13.600
75o
Jan
____
BALTIM OR E EXCH A N G ES.
Osage-Hominy OH r_____ 5
9
8)4
9)4
7)4 Jan
9,400
10A Mar
Pennsylvania G asoline... 1
%
A
Mar
5.250
l A Jan
Boston.
Price-Hall Petroleum r f .i
Philadelphia.
1
)4
1)4
Baltimore.
2,050
Apr
V
s
1A Apr
Week ending
Rice Oil r............................. 1
H
J4 35,810
)4
Mar
%
Feb
April 6 1917.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Sapulpa Refining r........... 5
10)4 11)4
10)4
Fob
5,550
12)4 Mar
Savoy Oil____________
5
10
10
9
330
Feb
12
Jan
Saturday................
12,043
Security Prod & Refg.
5 5)4 5)4 5)4
$4,000
6,550
$45,000
8,180
700
4)4 Mar
$33,000
6 A Mar
Monday..................
17,862
24,100
10,800
1)4 45.600
57,100
1)4 1 7-16
8,769
86.700 Sequoyah Oil & Ref......... 1
l*As Mar
2)4 Jan
Tuesday..................
Sinclair
OI1
rights...........
20,445
20,000 14,310 153,100
)4
)4
4,806
4.200
)4 Apr
91,500
A Apr
Wednesday______
United Western Oil r____i
2 1,0 2 1
43.000
11,373
A
223,300
)4 11-16
3,713
1,900
'As Mar
119,300
1)4 Jan
Thursday................
34c
19,572
Utah Petroleum (prosp’t) 1 34c
36o
47.000
15,787
88,500
8,537
30o
Feb
4.200
111,0
0
0
03o
Jan
Friday....................
Vacuum
Gas
J
c
O
Ltd
1
HOLI .DAY
)4
%
8,600
Apr 11-18 Jan
Victoria Oil r_____
1 1 3-ip *1)4
1)4 26,700
I'Ae Feb 2 3-16
Jan
Total...................
West
End
O
il*
Gas
r
.
.
1
19o
90,943 $174,100
2
1
o
58,820' $567,00ol
34,005 $441,500
15o
1.500
Jan
60o
Jan
Mining Stocks.
Alaska-Brlt Col M etals.. 1 11-16
9-16
)4 11.300
34 Jan
)4SMar
Alaska Mines Corp (no par) 1 7-16 1 5-16 1 7-16 43,960
1
Jan
lX i Mar
Alaska Standard Cop r . . . 1
36o
41c
41c
3-16 Jau
45o Mar
American Commander r .l
4o
60 22.700
4)4c
4o
Apr
5,0)0
Jan
llo
Arizona Chloride r____10c
3-16 5-10
3-18 Apr
1,900
Jan
1
Arizona Copperflelds r___ 1
)4
A
A Feb
2.700
Jan
A
Arkansas-Arizona
37o Mar
2,100
41o Mar
Atlanta
Mines
r
.
"l3 o 12)4c 14)4c 29.600
Thun
9)(o Jan
20o
Sales
Jan
Austin-Amazon r________
Week ending April 5
1
Jan
1)4 1)4 1 15-10 66.300
Last Week's Range /or
Range since Jan. 1.
1 % Apr
Big Jim............................16 c
15-16
1)4
Apr
Sale,
Week
3.400
of Prices
Jan
Big Ledge Copper Co____
3)4
4)4
Stocks—
P r. Price. Low.
3
MB
Jan
3)4
19.000
High . Shares.
6)4 Jan
Low.
High.
Bingham Mines................ 10
9)4
9)4
9 A Apr
400
12)4 Mar
Blsbee
Cop
M
&
Dev
r___
1
— I”
1 1 1-10 13.700
34 < Jan
r)
4
5k | 21,600
2Vs
1A Feb
2J4«Mar
7)4 Feb
& Montana D e v ..5
0 1 c 630 66 c 16,200 62o Mar 80o
Certfs of deposit.
| 24,000
3A
Jan
2>4 j Mar 4 ) 4 Apr Boston
2A
Bradshaw Copper M r ___1
1
15-10
1
4.700 15-16] Apr 1 11-18 Jan
•)
71
71
4,028
75
65
|Mar
75
Apr
Butte Cop & Zinc v 1 0 . . .5
10
10)4
11)4
4.100
7)4 4 Feb
0 ............ 116 120
460 116
12 A Mar
Apr 120
Mar Butte-Detrolt Cop & Z 1 11-16
)4
28.000
A Apr
0 ........... 121A 121A!
10 0 121)4 Apr 125)4 Mar Butte A N Y Copper____ 1
*2
Jan
1)4
1)4
Rights r.
300
8
1,400
2)4 Mar
8 Apr 9)4 Mar Caledonia Mining_______ 1 63o" 63o
8A
05c
*48m
0
50
14.900
50
1,500
69o. Mar
51A
49)4 Fob
57
Jan Calumet A Jerome Cop r 1 1 13-16 l 13-16
1)4
0
4
4
12.900
800
3)4 Feb
4A
2 A Jan
Feb Canada Copper Ltd___ 5
1) 4 2 3-16
1)4
0 ______ 1 1
11
10 0 11 Mar 135 ) 4 Mar
7.100
1A
2 *As Mar
Carlisle Mining.................. 5
5)4
5)4
6
6
1 19
300
3.500
6)4 Mar
18A 19
17)4 Mar
19)4 Jan Cash Boy............................ 1
9o
12)4c
9c
60
40
58.200
) ...........
100 40 Apr 56 Jan Ccrro Gordo Mines........... 1
40
16c Mar
2 )4
2)4
IA
2.500
38 A 39
450
)
38A
33
Jan
2)4 Mar
39)4 Mar
Consol Arizona Smelt____ 5 ” 2
l 15-16 2 1-16
5
3
1H * Jan
8.500
1,0 0 0
2A
3H
2)4 Feb
2 % Mar
3)4 Apr Consol-Homestead r__I* 1 13-16
A
13-16
Feb
2.300
0 1 2 H 12 13H 10 ,10 0 10 Feb 14 Mar Cresson Con Gold M A M 1 6
A Mar
5A
6)4
0 25
5)4 Mar
4.400
25
8,500
31H
Jan
16)4 Mar
7A
31)4 Apr Dundee Arizona Cop l___ 1 1 9-10 1 9-16
1)4
0 45 H
45)* 49 A
4,800
3,350
1A Feb
35
Feb
49)4 Apr Ely Consolidated______ 10
234 Jan
11
12
3 ...........
6
6
7,000
10
Mar
10 0 6 Apr 8
19
Jan
Jan Emma Copper r.................1
* 1 5-16 50,970 1 1-18 Fob 2 A Jan
9 120
118
132
3,050
88 Feb 146 Jan First National C op p e r...5 "l~ A 11-16
2)4
2)4
)
20
2)4 Feb
20 2 1
165
700
16
Feb
3 A Jan
25)4 Feb
Gila Canon.r......... ............. 1
50c
50o
9 ........... 109
500 Mar
111
200 00 Jan 113
500
Mar
A Mar
Goldfield Consolidated. 10
61o
62c
66 c 9.400
55o Mar •77o
) ......... 100 36 Mar 37)4 Mar Goldfield
36H 36H
Jan
Merger
r______
1
7o
7)4c
9c
60
Jan
c
A
A 15-16 20,200
17.300
lOo
)4 Feb
Feb
% Apr Gold Warrior Mines r . . . l
680 65c 71c 5.500 600 Feb 72o Mar
9
2A
50
2A 2 H
2)4 ; Apr
3)4 Feb Great Bend r____________ 1
7o
7o
9c
60
Mar
5 10 A *10
9.500
550
9)4
Jan
11H
llo M ar
13)4 Jan Green Monster Min r .I I I l 1 11-16 1 11-16 2
)
40
40
14.000
2,335
1)4 F«b
41A
37)4 Feb 45 Mar Hargraves_______________i
2 A Jan
18o
20o
180
) ...........
88 .0 (0 140 Jan 25o
500
IA
IA
1)4 Feb
Mar
Hecla Mining........... ._25o 7 13-10
*8
7)4
7
) ........... 100H 100)4
5.700
Feb
10 96 Feb 1021)4 Feb
8A Feb
Jan InsplrationNeedlesCop r <1
A
A
A
12
) ............
1.200
12
600
•As Mar
11
9-16 J a n
Jan
Jan Iron Blossom r_________ 10c 1 7-32
1 3-16
1 A 1,230 l A Jan
25
25
400
22
Mar
1 M Jan
Jan Jerome Verde Cop <_____ 1
2
1 15-16 2 1-16 37.000 1 5-16 Fei
)” ” ”
45
45
100 *40 Feb
3
Mar
Jan Jerome Victor Ext r i ____1
1)4
1)4
i 28c
26c
29c
200
5,400
1)4 Feb
2
250
Jan
Jan
32o Mar Jfra Butler r_____________ 1
76c
690 Mar
8,000
87o
>
3A
100 2)4 Mar *5)4 Feb Jumbo Extension_____ . . 1 40c 72o
3A
3A
Jan
39c
49c
24o
Jan
)
17
40.100
17
3,900
490 Mar
17A
13
Feb
18
Mar
Kewanus
r.....................
1
16c 2 1 ) 4 o 14,250
14o
Jan
100 12 Feb 13)4 Feb La Rose Consol Mines” . 5 16c 9-10
) 12 H
25C
1 2 H 12 A
F
eb
9-16
Jan
1.500
A
200 11 Jan 11)4 Mar Loma Prleta Cons Mines. 1
> 11)1
1 1 H 11A
Mar
1
1)4
"V a
1)4
4.600
Fet
1 8A
680
9A
8A
Mar
*6)4 Feb
10)4 Feb
Loon Lake r__________25c
69c
71c
71o
42o
) ...........
3,125
Feb
58 A 60 A
700
71o
47)4 Jan 62)4 Mar Louisiana
Consol......... I0o
90c
93o
95c
8 O0 Feb 1 A Mar
1 42
6.400
42
42
150
Jan
33
Feb
45
Mar
Magma Chief r.................. 1
50o
50c
1 ........... 10 1 10 1
4.300 48 Ho Mar
10 96 Feb 101
Jan
A
Apr Magma Copper.................. 5
53
59
50
Jan
1 1 0 M 10
8,000
10 H
874
69 A Mar
10
Mar
10)4 Mar
Magmatic
Copper
r___
10
c
20o
26c
27o
*______
Mar
12.500
3
3
100 2)4 Feb 3 Jan Majestic Mines..................5
35o
Jan
A
)!
Marlin Arms v t o . (no par)
91
500
Jan
86 94
5.100 *47
Jan 101
1
JanFeb
Marsh M in in g.r..............1
10 c 17c 4.700
9o
Maxim Munitions r____10 '
Jan
3A
4 A 23,000
3H
2)4 Jan
18340 Fob
4)4 Feb
Marysville
Gold
Min____
1
11-10
)4
1
Motor Products r (no par)
42
11.300
45
735
A Mat
41
Feb
1)4 Mar
45
Apr
Mason Valley.................... 5
6
6)4
6)4
6
National Acme Co r____50 ______
Fei
3.400
33 A 34 A
1,150
7
Jan
32
Feb
38)4 Jan
M oKlnley-Darragh-Sav . . 1
50c
500
48o
Jan
National Conduit r(no par)
200
34 A 35A 30,500
67o
Feb
35H
34)4 Apr
36)4 Apr
1
Miami
Merger
Cop
r___
A 9-10
A
Jan 2 5-16 Jan
20o
N Y Shlpbldg Corp r . .( t )
1.500
40
44
40
500 *36)4 Feb
45)4 Jan Milford Copper r............. 1
to
1
N Y Transportation____10 _____
11.0 0 0 91c Apr
1
Apr100 14)4 Mar 16 Jan Mogul Mining r................ 1 90c 977o
15H 15H
84c
Jan
28o
North Am Pulp * Paper(t)
17.500
5H
5
6
880 ' Mar
3,600
5
Apr
9)4 Jan
Mohican Copper r______ 1 15-16
1
A
Prudential Pictures.r____5
34
Mar
4.000
7,900
4
4H
1A
Mar
4H
4H
Mar
4)4 Mar
Mojave Tungsten r......... 2
7-16 9-16
Redden Motor Truck r (t) 20
lis Mur
3.000
20 20 A
700
20
1)4 • Jan
Apr
23
Feb
Monitor Sil L A Z M AM 1
34
Mar
Republic Mot Truck r . . (t)
34
200
95
95
100 94 Feb 98
1)4^ Jan
Feb
Monster Chief r................ 1
5-16
St Joseph Lead r________10
A
A
68,700
•
As Mar
17H
2,400
17H 18H
16)4 Jan
H I Jan
19)4 Jau
Mother
Loder....................
1
34c
32o
38o
Smlth(AO)Corp r (no par)
32o
Apr
43,000
38
38
50
46o
Jan
Jan
42
Jan
Nancy Hanks-Montana r 1 1 5-16
Preferred r__________ 100
1
A
80c
Feb
94
1)4
5,200
94
100
94
Feb
97
1
A AprJan
National Zinc A Lead t _ . 1
51o
50o
Smith & Terry Trans pflOO
51c
16
50o
Apr
9.400
8 H 1 0 H 1,000 8)4 Mar 10)4 Mar Nevada
57o Mar
Rand
r..................
10
c
lOo
llo
Standard Mot ConstrrlOO
13H
12
lOo Mar
4,800
14H 30,300
llo Mnr
5) 4 Jan
14)4 Apr
Y Zinc r............. ............ 1
Steel Alloys Corp r_____ 5 —
34
8
A 7-16 17.100
8A
700
6) 4 Jan
A Apr
7-16 Apr
9W Jan Newray Mines Ltd r____1
5-16
1)4
1)4 21.300 1 1-16 Feb
1)4 Jan.
10 0 H
10 1 A
Volume of Business at Stock Exchanges
&
New York “Curb” Market.—Below we give a record of
the transactions in the outside security market from Mar. 31
to Apr. 5, both inclusive. It covers the week ending Fri
day afternoon:
iB
Minina (Concl.)—
1377
THE CHRONICLE
APR. 7 1917.)
Sales
Thurs.
for
Last Week’s Range
Week.
of Prices.
Sale
High. Shares,
Par. Price. Low.
1,100,
5-16
North Hutto Devcl r------ 1
9.200
Ohio Copper new w 1 r— 1 1 5-16 1 5-10 1 7-10
59,450
35c
42c
40o
Old Emma Leasing r. lOo
9,900(
7-10
4
Progress Min A Mill____ 1 7-16
600
14
14
Hay Portland r----------------1
14
8,900
4 15-16
Red Warrior r----------------- 1
%
29,500'
37c
41c
37o
Rex Consolidated r..
'
7,800
58o
56c
56c
Rochester Mines------500
45c
43c
43c
Round Mountain r ...
3.200
14
Sacramento Vail C op.r__l
14
14
2,000
15c
15c
San Toy r.....................
55
Section 30 Mining_______10
104 104
2,400
14
Senorlto Copper................. 1
14
3-10 5-10 23,600:
Silver King of Arizona— 1 3-16
7.300
13c
140
13c
Sliver Pick Cons r------------ 1
4.000
22
23
Slocain Star r..................... 1
2.300
4 13-16
Standard Silver-Lead-------1
4
16.500
4
7-10 13-32
Stewart Mining---------------1
11.500
39c
45c
40c
Success M ining..r--------- 1
19,800
40c
45c
Superstition Mining_____ 1
13,600
20c
29c
Tommy Hums G M com rl
1,800
! 5-16 2 5-10
Tom Reed r_____________ 1
350
4 4 4 5-10
Tonopali Belmont r_____1
2.000
3
4
3
4
Tonopah Extension M in. 1 3 7-16
4,100
7-16
4
Trl-Bulllon S A D ............. 6
10.300
52c
45c
Troy-Arlzona Cop Co r . . l " 5 0 c ’
675
44
44
44
United Eastern.........
32,000
4 1c 57o
United Magma Mines r . . 1 50c
18,000'
Uo
10
c
1
04c
U S Continental r_______ 1
20 c 24c 6,900
U S Tungsten r..................1
2,000
384 394
384
United Verde Extcn r..50 c
4,5001
54
54
54
United Zinc........... (no par)
1,000
34
34
Unity Gold Mines............. 5
68 c 72c 3,300,
West End Consolidated..5
1 4 1 5-16 1 13-16 47,000,
White Caps Mining— lOo
2,000
White Cross Copper r . . . l
50c
81,000!
38c
Yorrlngton Mt Cop--------1 "39c
1,000
1
4
1
4
1
4
Yukon Gold-------------------- 5
Bonds—
97
97
9 7 4 $72,000
Amer Smelling 5s r----------99
99
Atlanta A Char A L5s r’44
9 9 4 61,000
Both Steel 5% notes..1019
9 8 4 9 8 4 67.000
1,000
Canada (Dom of) 5 s .-1937
9 5.4. 9 5 4
5.000
Chile Coppor O s.................. 1004 1 0 0 4 1004
1.000
50
50
Cons Artz Smelt 5s— 1939
50
Cosdcn A Co Os r____1920 1014 10 1 4 102 4 19.000
Cosden Oil & Gas r Os......... 107
107
1074 10.000
Erie RR 5% notes r ..l9 1 9
9 8 4 9 8 4 40,500
984
9 8 4 99 3-16 1961500
IFrenoh Gov 5 1<J% notes ’ 19
French Municipals 5 4 s T9
9 1 4 9 8 4 230.000
934
Long Island new dob.58 r.
8 5 4 80 4 50,000
95
9 6 4 100.000
Midvalo St * Ord 5s.rl936
95 4
N Y State now 4s____1987 1054 1034 105 4 600,000
1)7
4
9 8 4 1885000
IPenna RR new 4 4 s .1965
95
97 4 67,000
Russian Govt 0 4 s . . . 1919 " 9 8 4
87
*89
105,000
884
5 4 s ............................1921
9 8 4 9 8 4 42,000
984
Southern Ry 5% notesl919
88 4 8 8 4 1 5,000
Western Pac RR 5 s. .1910
Range since Jan. 1.
Low.
4 Mar
4 Feb
35o Feb
4» Feb
72c Mar
4 Apr
Feb
30o
Fob
54o
Jan
38c
Jan
1
Jan
14C
Jan
10
1 4 Jan
4 Mar
10 c Mar
Mar
21
4 Feb
9-32 Feb
Feb
33o
Feb
33o
20 o Mar
1 4 Jan
Jan
44
3 4 Mar
Jan
4
Feb
45o
Feb
4
Apr
44c
7o Feh
*18o
Feb
3 3 4 Feb
4 4 Feb
2 4 Jan
Feb
04o
Jan
34c
Jan
4
21o
Feb
1 4 Apr
High.
Mar
1 4 Jan
68 c Jan
Jan
4
Mar
3
l 'At Feb
Jan
56c
Jan
67o
Jan
47c
1 4 Feb
16c Feb
1 4 4 Feb
1 4 Feb
13-16 Jan
Jan
26o
Mar
25
Jan
4
17-32 Mar
Jan
60c
6 O0 Jan
Jan
70o
2 16 Mar
4 4 Jan
4 4 Feb
Jan
4
62o Mar
5 4 Jan
Apr
57c
114 0 Jan
Jan
20c
Jan
40
Mar
6
Jan
34
83c Mar
Mar
24
Jan
4
00c Mar
2 4 Jan
New York City Realty and Surety Companies
Bid
70
Alliance R’ ty
Amer Surety 135
Bond A M Q 260
Casualty Co
15
City Invest g
60
Preferred. -
Ask
77
142
267
21
67
Lawyers Mtg
Mtge Bond.
Nat Suroty.
N Y Title A
Bid
152
100
227
ASk
157
105
233
90
100
•' ’ ' '
Bid
Realty Assoc
94
(Brooklyn)
U S Casualty 200
USTItleGAI
90
Wes A Bronx
Title A M G 165
A il
98%
. . . .
100
180
Quotations for Sundry Securities
All bond prices are "a n d Interest" except where marked " f ”
RR. Equipments— PerCt. Basis
Standard Oil Stocks Per Share
Bid. Ask
Par Bid. .4**
4.50
Baltimore
A Ohio 4 X « -4.60
17
Anglo-Amer Oil n e w ..__£1 *16%
s 4.65 4.35
Atlantlo Refining.............. 100 1020 1040 Buff Roch A Pittsburgh
4.65 4.35
Equipment 4s______ - . . .
Borne-Scrymser Co_____ 100 450 470
Canadian Pacific 454*— .
4.75 4.50
110
Buckeye Pipe Line C o __ 50*105
Caro Cllnchf A Ohio 6 1 ___
6.25 4.75
Chesebrough Mfg new___100 430 410
Centra! of Georgia 6 s_____
4.70 4.40
70
Colonial Oil......................... 100 50
Equipment 444s_______ 4.70 4.40
Continental Oil_________ 100 575 585
5.26 4.75
Chicago A Alton 4s----------41
Crescent Pipe Line C o ____50 *38
5.50
Chicago
A
Eastern
111
6
4
4
*
..
6.75
175
Cumberland Pipe Lins.-100 165
Equipment 444s_____ __
5.75 5.50
Eureka Pipe Line C o . . . -100 215 225
Chic Ind A Loulsv 444i
4.75 4.50
Galena-Signal OH com___100 154 159
Chic St L A N O 6 s..............
4.55 4.40
Preferred_____________ 100 138 142
Chicago A N W 444>------4.30 4.10
Illinois Pipe Line.............. 100 234 239
Chicago R I A Pac 444*- - 5.20 4.80
Indiana Pipe Line Co____60 103 108
4.50
5.00
14% Colorado A Southern 51_
Internet Petroleum_____ £1 *14
Erie 5s............................
4.60 4.45
19
National Transit C o ..12.60 *17
4.45
Equipment
444s_____
_
.4.60
210
New York Transit C o ...1 0 0 205
Equipment 4s_____ —
4.60 4.45
Northern Pipe Line C o ..100 103 107
Hocking Valley 4s----------4.70 4.40
Ohio OH C o .....................— 25 375 380
Equipment 5s_____ _____
4.70 4.40
53
Penn-Mex Fu9t Co____ ..2 5 *47
Illinois Central 5s........... 4.50 4 25
Pierce Oil Corp___________ 25 *1312 14
Equipment 444s-------4 50 4.25
Prairie Oil A Gas.............. 100 575 585
4.50
Kanawha
A
Michigan
444*
4.75
Prairie Pipe Line________100 300 310
Loulsvlile A Nashville 5s . .
4.40 4.20
Sjlar Refining__________ 100 375 385
4.30
Minn
St
P
A
S
S
M
444*-4.60
210
Mar 1004 Jan Southern Pipe Line C o ..100 205
90
Missouri Kansas A Texas 5? 6.50 5.00
South Penn Oil__________ 100 310 320
Mar
Apr 100
99
5.00
Missouri
Pacific
6s--------------5.50
117
Southwest
Pa
Pipe
Lines.
100
112
Mar
98
9 8 4 Feb
Mobile A Ohio 5s................
5.00 4.60
297
9 5 4 Apr Standard OH (California) 100 290 845
9 5 4 Apr
5.00 4.50
Equipment 444a— ...........
Standard Oil (Indiana)-.1 0 0 835
Mar
1 0 0 4 Mar 101
4.35
New
York
Central
Line*
Si.
.
4.55
540
Standard
Oil
(Kansas)..100
525
Jan
62
50
Feb
Equipment 444s___ . . .
4.55 4.35
Jan Standard OH (Kentucky) 100 775 795
102
Feb 109
N Y Ontario A West 4 44*4.60 4.30
600
Standard
Oil
(Nebraska).
100
580
Jan
105
Feb 110 4
Norfolk A Western 444« . . . 4.40 4.20
9 8 4 Mar Standard Oil of New Jer.100 680 690
9 8 4 Mar
Equipment 4s_______ .
4.40 4.20
Standard Oil of New Y ’rklOO 300 305
9 8 4 Mar 9 9 4 , Aor
Pennsylvania RR 444»- - 4.30 4.10
500
Standard
Oil
(Ohio).........
100
485
9 8 4 Apr
94
Feb
4.10
Equipment
4s__________
4.30
Swan A F ln cb ........... . . 1 0 0 110 120
89
Mar
83
Mar
St Louis Iron M t A Sou 5i
6.25 4.75
95
Union Tank Line Co— 100 92
9 7 4 Jar
95
Mar
5.00
St
Louis
A
San
Francisco
5“
5.50
400
Vacuum
Oil___________
..1
0
0
390
1034 Apr 1054 Aprn
Seaboard Air Line 5s______
4 80 4.50
40
98 4 Apr Washington OH------------ m *30
97 4 Mar
4.50
Equipment
444*_____
4.80
Bonds.
Percent.
93 4 Mar
984
Southern Pacific Co 444s . . 4.55 4.30
85
Fierce Oil Corp conv 6s. 1924 82
84 4 Feb
94 H
Southern Railway 444s------4.80 4.50
Ordnance Stocks—Per Share.
99
9 8 4 Apr
Toledo A Ohio Central * s -. 4.80 4.50
27
Aetna Explosives pref. 100 20
8 7 4 Mar1 9 1 4
13
Amer A British M fg--------100
9
Tobacco Stocks— Per shu ft.
35
25
Preferred___________ - 109
Par Bid. A sk
* Odd lots
t No par value, i Listed as a prospect
I Listed on the Stock Ex1 Atlas Powder common. . 100 155 157
10
American Cigar oommonlOC 112
Preferred_____________ 109 100 101
Obango this week, where additional transactions will bo found. 0 New stock, r Un
Freforred______________100 97 101
Babcock A Wilcox........... 100 122 123
90
listed, u Ex-oash and stock dividends, w When Issued, x Ex-dlvldond. v Ex
Amer
Machine
A
Fdry.
10C
80
580
Bliss (E W) Co common..60 560
19
British-Amer Tobac o rd ..£ l *17
78
Preferred______________ 60 *73
rights. 1 Ex-stock dividend.
20
Ordinary, bearer........... £1 *18
Canada Fdys A ForglngslOO 160 170
300
Conloy
Foil______________10(
250
92
Preferred_____________ 100
Canadian Exploslvee coralOO 375 475' Johnson Tin Foil A M et.l0( 100 130
MacAndrews A Forbes. ,10( 210 220
Preferred_____________ 100 104 110
C U R R E N T N O T IC E .
Preferred______________10C 100 103
95
Carbon Steel common. .100 92
Reynolds (R J) Tobaeoo.lOC 550 580
96
1st preferred__________100 Z90
Preferred_____________ 10C 117 123
77
2d preferred_________ 100
72
__ Tlio business of W . U . Britton & C o ., beginning tho 3rd Inst., Is being
Young ( J 8) Co_________ 10C 165 175
Colt's Patent Fire Arms
Proierred______________10< 105
110
conducted under the firm name of B ritton, Rollins & C o. at 80 Broadway,
M fg ..............................lO O elO S
duPont (E I) de Nemours
N . Y . C ity.
Short Term Note*. Per Cent
A Co, common______ 100 242 244
__ j . Ernest Allon, heretofore M anager of tho Bond Departm ent of K oan,
Debenture stock___ 100 102 103
Am
Cot Oil 5s 1917__ M Ah 100% 100%
45
Empire
Steel
A
Iron
com.
100
40
Taylor & C o ., N ew Y o rk , is notv associated with M orrill, Lynch & C o.
Amer Locom 53. July '17.J-J 100% 100%
85
Preferred_____________ 100 80
100% 100%
A m T A T 4 H « 1918 --— Seasongood, Ilaas & M acdonald, members of tho Now York Stock
Hercules Powder com— 100 213 248
98% 98%
Beth Steel 5s 1919 ..F & A 1
Preferred____________ 100 117 119
Exchange, 7 W all St. this city, aro offering Penna. 4 4 s .
Canadian Pac 8s 1924.MAS2 101% 102
20
Hopkins A Allen Arms. 100
10
Chic A West Ind 69 '1 7 .MAS 100 100%
50
— The banking house of W illiam P . Bonbright & C o ., In c., removed their
Preferred____________ 100 35
98% 98%
Erie RR os 1919............A-O
35
Mllllkcn Bros pref______ 100
25
offices from 14 W all Street to the corner of Nassau and Cedar Streets.
Genera! Rubber os 1918 JAD 99% 99%
Nlles-Bement-Pond com .100 175 178
100%
100%
T h ey now occupy the m ain floor of tho northeast corner of the Equitable
Hocking
Valley
5s
1917.M-N
110
Preferred_____________ 100 105
Int Harv 5s Feb 15 ’ 18.F-A 100% 100%
58
Building, the basem ent, mezzanine floor and part of the second floor. A
Penn Seaboard Steel (no par) 55
100% 101%
K C Rys 5 M b 1918------ JAJ
Phelps Dodge A C o ____ 100 300 305
private elevator system has been installed. A special entrance on the
99% 100%
K C Term Ry 4H » '18-M A N
8covlll M fg......................... 100 595 615
Nassau Street side and one leading into the main corridor of the building
99% 100%
30
4Ha 1921.......................JAJ
Thomas Iron ..... ...........
50 25
have been constructed. The new offices are am ong the most beautiful and
Laclede Gas L 5s 1919.FAA 100 100%
winchester Repeat Arms 100 800 900
100%
100
MorganAWrlgbt
6s
Dec.
1.16
65
bast equipped in the hanking district.
Woodward Iron_________ 100 63
New Eng Nav 6s 1917.M-N 100 100%
Public Utilities—
100
1001*
N
Y
N
H
A
H
4H
*
May
1917
140
*137
Am Gas A Elec c o m ..___ 60
Penn Cn 4 X s 1921..JA D U , 100% 100%
51
Preferred______________ 60 ♦50
Pub Ser Corp N J 5s T9 MAS 99% 100%
Am Lt A Trac com m on..100 361 363
78
74
Rem Ams U.M .C.58T9FAA
Preferred_____________ 100 112 114
98% 98%
Southern Ry 6s 1919..M-S2
86
84
Amer Power A Lt com__ 100
100%
100%
United
Fruit
5s
1918..
M-N
92
Bid
89
Banks.
Trust
C
o’s
Bid
Ask
Ask
Preferred---------------------100
A lt
Bid
97
96
38l2 UtahSeourCorp 6s'22 M-S15
Manhattan * 325
335
New York
Amer Public Utilities comlOO 35
575
565
95%
95
Winches RepArms5sT8M8cS
71
480
Mark A Fult _____ 255
Astor______ 470
Preferred______________100 69
250
215
New
York
City
Notes—
295
495
Mcch A Mot 325
330
Bankers Tr. 490
Cities Service C d com ...1 0 0 293
182
175
100% 101
„ . B’ way Trust 154
Merchants . 218
160
Preferred..
100 89^4 9014 0s Sept 1 1917........................
185
170
Canadian Govt. Notes—
59
795
57
Metropolis*. 280
295
CentralTrust 785
Com'w'lth Pow Ry A L ..1 0 0
400
6s Aug 1 1917.................. FAA 10C% 100%
82
307
Metropol'n * 180
190
Preferred_____________ 100 81
Columbia 1 . 300
200
_____
_____ Commercial.
115
Elec Bond A Share p re f..100 100 102
Mutual*----- 375
160
Industrial
300
215
225
New Noth*
Em pire____ 285
El Paso Elec Co com____100 109 112
BryantPark* 145
160
and Miscellaneous
15
14
Federal Light A TractlonlOO
95 105 Now YorkCo _ _ . . 700 Equitable Tr <368 375
Butch A Dr
52
480
405
415
Farm 1, A Tr t 475
Preferred______________100 49
New York
1388
American Brass_________ 10C
81
. . . . Fidelity____ 208
215
Galv-Hous Elec Co pref. 100 76
Chat A Pnen 210
250
Pacific * - - - 270
Amerieau Chicle com.
10C
88
280
510
Fulton......... 270
Groat West Pow 5s 1946 .JAJ 87
120
Chelsea Ex* 100
Park............. 490
Preferred_____________ 10C
10
9
455
235
Guaranty Tr 450
Mississippi Rlv Pow comlOO
398
People's*.. - 220
Chemical__ 390
_
1
nn
Am
Oraphophone
com
.101
39
145
35
188
198
Hudson____ 138
Preferred______________100!
200
Citizens------ 195
Prod Exch*
Preferred....... .............. 100
77l2
____ Law Tit A Tr 120
125
230
1st M 5s 1951...............JAJ 76
505
510
Public * . . .
C ity. American Hardware... 100
. . . . Lincoln T r.. 100
106
North'n States Pow com .100 98 100
205
Coal A Iron
215
Seaboard .. 450
Amer Typefounders com .10!
395
415
Metropolitan 385
lOOl 98 100
Preferred__________
395
150
Colonial*. . .
Second __
Preferred______________100
60
Mut’l (West315
130
Northern Tex Elec Co __ 100 55
120
Columbia*
Stierwan . .
Borden's Cond Milk com.10C
85
..i .
____ State * ___
125
Chester) .
110
Preferred______________100; 81
Commerce.. tiso
100
Preferred______________100
65
337
Pacific Gas A Elec com .. 100 64
342
135
N Y Life los
100
Corn Exoh*
23d Ward*
Celluloid Company......... 100
93
inn
$5
A Trust.. 970 1000
1st preferred----------------100; 92
Cosmopol’n*
160
155
Union Exch
Havana
Tobacco Co____100
30
26
600
610
65
75 Unit States* 500
N Y Trust.
Pueet Sd Tr L A P c om .. 100
East River..
Preferred--------------------- 100
. . . . Wash H'ts*. 275
365
Title Ou A Tr 355
Preferred--------------------- 100| 75
Fidelity * - . - 150
1st g 5s June 1 1922.-J-D
40
155
39
1300
4800
Transatlan’c
Republic
Ry
A
Light------100
190
Westch
Av*
Fifth A v e*..
Intercontlnen Rub co m .. 100
69
275
440
Union Trust 420
Preferred_____________ 100 68
—
West Side*
350
300
F ift h ........... 250
Internat Banking Co------ 100
93
455
South Calif Edison c o m ..100 91
US Mtg A Tr 447
Yorkvllle*.
610
690
First........... 1015 1060
International Salt--------- 10C:
108
1025
190
1010
Preferred.......
............
.100
105
180
UnltcdStates
Brooklyn
Garfield. . .
1st g 6s 1951.............. A-O
140
110
Southwest Pow A T. pref 100 <f97% 100
135
Coney (sl'd* 125
135
Westchester. 130
13»2 International Silver prof.100
First____
Standard Gas A Ei (Del) 60 *13
255
270
German Ei* 390
Lehigh
Valley Coal Sales. 60
41
’
500
Flatbush .
Preferred____j ________ 60 *39%
475
170
Otis Elevator com--------- 100
8
7
Brooklyn
Green point
Tennessee Ry L A P comlOO
165
210
155
Preferred______________100
36
610
Brooklyn Tr 600
325
lltllsldo « . . . 110
Preferred______________100, 33
310
120
Remington Typewriter10
248
7
710
Franklin . .. 245
Homestead •
United Gas A Elec Corp. 100
115
700
_____
100
Mechanics* 1 128
Hamilton__ t267% ___ 1 st preferred__________ 100 73'- 77% Common
250
1235
1st preferred__________ 100
_____
12
9
Montauk*.
650
Klugs
Co
.
.
.
2d
preferred__________
100
525
90
105
510
2d preferred__________ 100
_____
46
48
Nassau......... 200
Manufact’rs 150
210
United Lt A Rys com ...1 0 0
227
220
Royal Baking Powd com .100
74% 76
___ Natlon’lClty 265
People's____ 288
1st preferred.............. ..1 0 0
275
980
Preferred...__________ 100
17
15
75
85
North Sldo*. 176
Western Power common.100
200
Queens C o ..
330
310
62
People’s ____ 130
Preferred___________ .100 60
140
New York City Banks and Trust Companies
• Banks marked with a (•) are State banks,
shangs this week. I New stock, g Ex-rlghts
t Sale at auction or at Stook Ex-
« Per share. 6 Basis, d Purchaser also pays accrued dividend,
f Flat price, n Nominal, x Ex-dlvidend. v Ex-rlghts.
e New stock.
1378
THE CHRONICLE
[Vo l . 104.
I m r e s t m e t t J t m i l j& d lx o u t l | i t l j c l l i p t t c j c .
_
, „
.
„ V1 ,
RAILROAD
GROSS
EARNINGS.
flan ho nh?«in«i4 8 Th^Vraf T8 the P’° SS eaJ1iI.ng8 of every STEAM railroad from which regular weekly or monthly return*
SJlnmn? f
S
r f H fc
?ol1uyan9 ofr hgufOf give the gross earnings for the latest week or month, and the last two
^ tbie porlod fr,om/u ly 1 to aud including the latest week or month.
We add a supplementary
V hP r ^ u 7 r ,^ Q
f !h 3° ^ Te-ar t nta S of th? se r?ads whose fisoal year Joes not begin with July, but covers some other
period. L he returns o f the electric ra ilw a ys are brought together sepa ra tely on a subsequent p a ge.
Latest Gross Earnings.
BO A D S .
Week or
M onth.
Current
Year.
J u ly 1 to Latest Dale.
Previous
Year.
Current
Year.
Previous
Year.
Ala N O & Tex P aeS
$
Ala & Vicksburg. Febru ary..
158.509
142,153 1,316,687 1.139,958
Vicks Shrev & P . February
167,053
138.825 1.366,213 1.122.140
Ann Arbor..................3cl \vk M ar
37,760
51,954 1,992,907 1,906,106
A tch Topeka & S Fo February
11591890 10644431
........ 101740 955 8 7 .2 7 7 ,8 8 0
A tlanta Birin & A tl 3d wk M ar
8 3 ,0 9 6 i
60,627
--------2 ,699,133 2 ,2 4 8 ,8 9 5
A tlanta & W est P t_ February _
124,0621 112,543 1,030,556
------------905,732
Atlantic Coast Line February. . 3 ,790,315 3,348.307125,785,774 21,831,356
Chariest & W Car February _
165,862
156,929 1 ,383,535 1,216,611
Lou Ilend & St L February.1,
170,497
137,177i 1,246,863 1,054,024
a Baltimore & O h io. February *. 8 .665,656 8 .325.177 79,778,514 72,809,769
B & O Ch Ter R R Feoruary _
128,009, 139,674 1,215,119 1,137,065
Bangor & Aroostook January . .
411.217
325.685 2 ,342,819 2 ,019,702
Bessemer & 1. Erio. February .
473,413
4 71,820 7,532,716 7.429,821
Birmingham South. F e b r u a r y .
8 8.352
86 ,9 7 5
644,959
626,899
Boston & M aine___ February
4 ,001,884 4.0 2 3 ,0 1 9 37,462.584 33,863.284
B u ff R och & P ittsb . 4th wkM ar
471,079
355,786, ‘»’ 9 2 5 !7 17, 9!026>>46
Buffalo * Susq R R . February .
___________________
_ 1,167,816
121____
,420
153,703 1.116,675
Canadian Nor S y st. 4th wkM ar 1,146,800
979,800 30,095,900 24,134,600
Canadian P a cific.. 4th wkM ar 3 ,9 3 2 ,0 0 0 3.4 9 1 ,0 0 0 107652550 9 4 ,082,820
Caro Clinchf & Ohio February _ 289,396
271,754 2,233,546 1,951,085
Central o f G eorgia. February .
Cent o f N ew Jersey February .
” »8 -819i s -r M M 0
Cent N ew England February .
311,9211 373,432, 3,5 7 1 ,4 1 2 3 ,1 9 9 ,0 1 0
Central V e rm o n t.. January
337.1431 362.113 2 ’, 608’. 815 2 ’, 440’. 883
Ches & Ohio Linos. 4th wk M ar 1 .7 1 5,912
5
-------------- 37,454,179 35,84 5 ,8 9 8
1,484,025
Chicago & A lto n ___ February _ 1.376.715 1,344,563 12,519,398 10,762,623
Chic Burl & Quincy February . 8 ,592,705 8,2 4 9 ,3 1 3 77,274,734 68,472,183
b Chicago & East ill January . . 1.610,680 1.407,718 10,391,092 9,773,316
c Chic Groat W e s t .. 4th wkM ar
401,994! 340,259 12,404,225 11,440,565
Chic Ind & Louisv. 4th wk M ar
246,937
226,'518 6,449,457; 5 ,6 7 2 As'l
Chicago June R R . . February .
201,,903! 190,074 l , 730,098 1,511,107
Chic M ilw & St P__ February . 6 ,514,025 7 ,699,229 74,231,688 6 9 ,7 4 7 ,0 ) I
dChic & North W est February . 7,332,617 7,681,804 6 9 ,847,334 6 2 ,390,838
Chic Peoria & St L . February .
161,536; 144,617, 1,282,134 1,167,627
Chic Rock Isl * Pac February . 5,949,078 5,748,781 54,934,402 48,249,192
Chic R I * G u lf. February .
2 93,996
2 4 5 ,7 2 0 2,5 1 4 ,8 3 0 2 ,157,054
d Chic St P M & Om February . 1.298,685 1,511,288 14,506,086 13,264,308
Chic Tcrro II & S E February .
265,585| 251.833 2,080,497 1.740.000
Cin Ham & Dayton January . .
700,034 6 ,339,270 6.5 6 7 .0 4 5
Colorado M id la n d . February .
106,257! 1,211,301 1.068,091
e Colorado & South. 3d wk M ar
281,368 12,962,413 11.669,354
C o rn w a ll___________ February _
22,856;
191,355
117,212
Cornwall & Lebanon Fobruary .
39,369;
353,328
299,126
Cuba Railroad____ January __ , ...............
691,480 3 ,936,295 3 .231,779
Delawaro & Hudson February . 1,762,706 2,1 2 5 ,2 6 5 17,530,616 17,217,616
Dela Lack & W e s t. February . 3 ,966,725 3 ,873,898 35,052,972 32.503.627
D onv & R io Grande 4th wkM ar
* i *UU; 626,500 2 0 ,261,162 18,830,516
750,700
Denver & Salt Lake 3d wk M ar
28,058
30,222 1,441,206 1.445,379
D e t r o it * M ackinac!4th wkMar
42,640
33,603
928,616
844,513
Detroit Tol & Iront January . .
218.709
173,427 1,422,340 1.264.045
D et & Tol Shore L . February .
140,587
161,043 1,134,954 1.117.152
D ul & Iron R a n g e .. February .
103,135
102,747
----------4 ,758,165 4 .063,602
Dul MIssabo & Nor February .
155,649
129,597 10,054,976 7,050,011
D u l Sou S h o r e * A tl 3d wk M ar
50.383
57.710 2 ,786.056 2 ,447,375
Duluth Winn & Pac January . .
166,997| ..............
124,510 1,047.880
815,224
Elgin Joliet & E a st. February . 1,067,210 1.138.547 9,298,990
8.4 5 1 ,1 7 9
E l Paso & So W e s t. February . 1,169,912
880,496
E r i e ..... ..................... January . . 5,602,098 5.711.592 9,323,250 6,680,923
43,799.807 42.534.272
Florida East C oast. February .
886,386
824,530 5 ,717,616 4,0 1 8 ,2 7 2
Fonda Johns & G lov February .
75.021
71,420
674.610
617.140
Georgia R a ilro a d .. February _ 258,857
245,842 2,4 6 7 ,6 1 9 2.084.153
Grand Trunk P a c .. 1st wk M ar
90,298
104.333 3,616,670 4 ,144,700
Grand Trunk S y st. 3d wk M ar 1,054,639
967,233 4 4 .795,842 38,662.486
Grand Trunk R y 2d wk Alar
836,064
725,186 34,949,474 29,235,150
Grand Trk W e st. 2d wk M ar
171,977
171,695 6,236,033 6 ,083.030
D et Gr H & M ilw 2d wk M ar
60,758
60,627 2,179,389
Great North System F ebru a ry.. 4,823,311 4,279,512 57.781.265 2,263,447
54,338,973
G ulf M obile & N o r. January . .
180.426
157.739 1.187.360 1,140,083
G u lf & Ship Island. Fobruary .
145,218
153,423 1,322,892 1,296,028
Hocking Valley____ February _ 600,631
535,937 5,883,184 4,855,711
Illinois C entral___ February . 6,229.684 5,871,545 52,003,35-1
4 5 .848,505
Internat * Grt Nor February .
817,550
748,946 7,898,558 6 ,314,258
Kansas C ity South. February .
991,095
809.583 8,101,597 6,916,878
L e h ig h * Hud River Fobruary .
148,862
151,596 1,456,320 1,400,907
Lehigh & Now E n g . February _ 222,242
263,373 2 ,068,135
Lehlgh Valley______ February . 3 .304,753 3 .479.847 32.681.451 2,3 2 2 ,3 2 2
3 1 .254,043
Los Angeles & S L . . February .
806,277
818,641 7,644,595 7 ,119,593
Louisiana & Arkan. February .
107,201
109,659
992,260 1.1 16,015
Louisiana R y & N av February .
182,014
154,926 1,548,095 1,524,572
/Lou isville & Nashv 3d wk M ar 1.253.380 1.202.465 49,096 600 42,900.060
M aino C entral___
Fobruary .
961,206
917,439 8,838,484 7,847,490
Maryland & l'e n n .. January __
37,386
33.666
299,976
282.015
M idland Valley____ January . .
201.087
146,596 1,378,538 1.065.488
M ineral Range____ 3d wk M ar
17,673
20.842
843,415
757.249
M inneap & St Louis 4th wkM ar
267,988 243,175 8 ,218,951 8 ,238,082
Minn St P & S S M . 3d wk M ar
396,872
633.669 23.741.577 25.199.628
Mississippi Central. February .
51,772
56,138
541,910
534,260
j M o Kan * T exas. 4th wk M ar 1,020,222
901,239 30,525,961 24,555,611
h Missouri Pacific. . F obruary.. 5,659,115 5,022,931 50,086,012 42,484,911
New York Central Fobruary. . 13633817! 15231375 1 3 34 37879,________ „ „
122279733
Boston * Albany February. . 1,431,906 1,563,382 14,422,722 12,727,259
n Lake Erie & W . February. _
608,9741 559,9321 5,230,3171 4 ,5 5 6 ,7 6 2
Michigan Central Fobruary. . 3,4 5 0 ,2 1 0 3 ,350,067 3 2 ,028,073 26,604,852
Cleve C O & St L February.. 3,3 2 0 ,9 2 0 3,6 4 0 ,7 6 5 31 ,8 4 4 ,7 8 4 28,445,484
Cincinnati North. February. . . 158,424' 138,920| 1,360,442: 1,190,352
Pitts * Lake Erie February.. 1,684,853 1,821,842 16,055,651 14,725,317
Tol & Ohio C en t. Fobruary. _
4 30,172
449,112, 4,3 9 4 ,1 5 0 3 ,530,952
Kanawha & M ich Fobruary. .
228,989! 30 0 ,9 6 5 2,196,0251 2 .4 0 5 ,9 3 4 !
T o t all lines above February. . 24948265 27056362 2409 70105i216466653
i
BOADS.
Latest Gross Earnings
Current
Year.
Ju ly 1 to Latest D an.
Previous
Year.
N ashv C hatt * St L February _
Novada-Cat-Oregon 3d wk M ar
Now Orl Great N o r . Fobruary .
N Y Chic & St Louis February._
N Y N II & H a r t f .. February. .
N Y Ont & Western Fobruary
N Y Susq & W e s t .. January .
Norfolk Southern. _ February .
Norfolk & Western . February..
Northern Pacific___ February .
Northwestern Pac. Fobruary..
Pacific Coast C o ___ January ._
p Pennsylvania E E . F ebruary..
Balt Ches & Atl
Fobruary. .
Cumberland Vail. February..
Long Island_____ Fobruary..
M a ry ’d Del * Va Fobruary. _
N Y Phlla & Norf Fobruary._
Phil Balt & W ash February..
W Jersoy & Seash Fobruary. .
Pennsylvania Co___ Fobruary..
Grand Rap & Ind Fobruary..
l Pitts C C & St L . Fobruary..
Total lines—
East Pitts & Erie
W est Pitts & Erie
All East & W est.
Pere M arquette___
Reading C o—
Phlla & Reading. February _
Coal * Iron C o . . Fobruary .
Total both cos___ February .
Rich Fred & Potom Fobruary..
Rio Grande June___ December
Rio Grande S o u th .. 3d wk M ar
R utland.................... .. February..
St Jos & Grand Isl. Fobruary._
St L Brownsv & M _ Fobruary .
St L Iron M t & So. F ebruary..
St Louis & San Fran Fobruary.. •
St Louis Southwest. 3d wk M ar
Seaboard Air L in o .. Fobruary.. ;
Southern Pacific___ February .
k Southern R y S y st. 4th wkM ar ;
Ala Groat South. February .
Cine N O & Tex I> Fobruary _
M obile & Ohio___ 4th w kM ar
Georgia S o * Fla. 3d wk M ar
Spok Port & Seattle January . .
Tonn Ala & Georgia 3d wk M ar
Tennessee Central. February..
Texas * Pacific____ 4th wkM ar
Toledo Poor & W est Fobruary..
Toledo St L & W est 3d wk M ar
T rin ity* B r a z o s ... Fobruary..
Union Pacific S y st. February . /
Virgin ian___________ February .
W a b a s h ____________ February .
Western M arylan d. 4th wk M ar
Western Pacific____ January . .
Western Ry of A la . Fobruary..
Whoel & Lake Erie. Fobruary .
Yazoo & M iss V all. February .
Various Fiscal Years
Period.
Jan
Jan
Delaware & Hudson________
E r ie ........................................................
New York C e n tr a l./____________
Boston & A lban y_____________
Lake Erie & W estern. n _____ Jan
Michigan C entral____________
Clovo Cine Chic & St L o u is .. Jan
Cincinnati N orthern________ Jan
Pittsburgh * Lake Erio____ Jan
Toledo & Ohio Contral_______ Jan
Kanawha * M ichigan_______ Jan
Total all lines........................... Jan
New York Chicago & St L o u is .. Jan
N Y Susquehanna* W estern___ Jan
p Pennsylvania Railroad............... Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley___________ Jan
Long Island_________________ ’ Jan
M ary’d Delawaro * Virginia Jan
N Y Philadelphia & N o rfo lk . Jan
Phlla Baltimore * Washlng’n Jan
West Jersoy & Seashore.......... Jan
Pennsylvania Company_________ Jan
Grand Rapids * Indiana____ Jan
l Pittsb Cine Chic & St Louis. Jan
Total Unas— East Pitts * Erie Jan
— W est I’ l t t s * Erie Jan
— All lines E * W . Jail
Rio Orando Junction___________ Dec
R u t la n d _____________
Jan
1
1
1
1
{
1
l
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
Fob
Fob
to
Fob
to
Fob
to Fob
to Feb
to Fob
to Feb
to Feb
to Fob
to Feb
to Jan
to Fob
to Feb
to Feb
to Fob
to Fob
to Feb
to Feb
to Fob
to Fob
n to Fell
l to Feb
to Feb
i
i to Feb
i to Feb
1 to Doc
l to Fob
8261
28
28 3,916
81 5 .6 0 2 ____ , ............
28 29,53 5 .6 9 0 30,1 2 0 ,
3,109 ,083
28 1,293 ,981
7,511 265
28 7,322.,721
28
351,,706
28 3,489 522
28
943 94 L
2 8 1 491 277
28' 54,049
2,3 2 ,4 9 8 , If
.311 336,51
•28
28
95 ,333
28 , 634 ,560
28 1,981 ,510
28
92 ,301
28 . 7r>7 ,981
2.8 4,248 ,019
28
977 .486
.....
28 9,791 ,4 26,10.135,
23
916 ,721
862,
28
.0021 9,816,
28,966 4 3,201,
28
,328 21,076.
28 i
,294 64,2 7 8 ,
.31 1
92 6941
76,i
281
604 ,1821
555.'
A G G R E G ATES OF GROSS EARNINGS—Weekly and M onthly.
Weekly Summaries.
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week
week
week
week
week
week
week
week
week
week
Jan
Jan
Jan
Feb
Feb
Feb
Fob
M ar
M ar
M ar
(33
(33
(32
(30
(27
(30
(28
(29
(30
(31
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)
r o a d s ) ...
roads)
Current
Year.
$
12.705.473
12,738.938
19.155.988
11.094.640
11.941,735
12,907,667
13.508,398
12.798.647
13.411,164
13.198,911
Previous
Year.
%
10,708,927
11.463.054
16.363.202
10.983,013
11.333.376
12,411.450
14.066.891
12.115,340
12.018.648
12.565,087
Increase or
Decrease.
%
+ 1.996,546 18.58
+ 1.275,884 11.13
+ 2 ,7 9 2 ,7 8 6 j17.07
+ 111.6331 1.02
+ 608,359 5.37
+ 496.217| 3.99
— 558,4931 3.97
+ 683,3071 5.61
+ 1.392.516,11.59
+ 633,824 5.04
MI n neso t a* STPacHlc.' **"(1*1nchid es°n oit o nl y "op era ting rSvomm but
Greek District R y . /In c lu d e s Louisville <& Atlantic and the Frankfort <e
Mileage.
Cur. Yr Prev. Y r .
M a y ................248,000 247.189
June................226,752
225,803
July.......... 244.249 243,563
A u gust..........245,616
244.705
September..218.156 247.466
October___216,683 240,000
N ovem ber. .2 4 8 .8 6 3
248.058
December ..21(5.811
215,669
January____ 248,477
247.327
February___ 85,604
83.685
308.029 ,096 244,580,085
285.149.740 237,012 ,907
308.040.791 203.944.049
333,460,457 278.787,021
332,388.990 2 9 4 .3 3 3 .119
3 4 5 ,790 ,899 „310,710,113
l v.
330.258.715,300.606,471
202.171 ,109 212,061 .235
307,961.074 207.115,289
63.029.395 6 1.597.875
0M " c,udo? Mason City" & Fort Dodge and the Wisconsin
n\
^
m ric!nI<ie
.o f Colorado Springs «fc Cripple
D un k Jrk A Ue g h e n y U e y & *Pitt s burgh1R R ? ° ^ I ncUu d es the Alabama G re a tS o u T h c ^ n ^ n c ^ 'N SPgMf6" 1 £
a n y X u r 0rt o 4 l s l.,araa-
* InC,udeS Vandalla R R ’
"
N or. Ohio R R .
+ 03,448,411:525.99
+ 47.530.779 2 0 .(X)
+ 4 4 ,0 9 0 .1 4 2 10.77
+ 5 4 ,6 7 3 .4 3 6 19.00
+ 3 8 .5 5 5 .5 1 1 13.11
+ 3 6 .0 5 0 .7 8 6 11.22
+ 2 3 ,6 5 2 .2 7 4 7.71
+ 2 0 ,1 0 0 .9 3 4 8.31
» ....
+ 4 0 ,8 4 5 .7 8 5 .1 5 .2 9
+ 1,431,520 2.32
p Include!' N o n h ln c T n T r a V
^
7
'l ndtona & S o u t h e r /R R . ."and
1379
TTTTC n T R O N T rJ .E
Net Earnings M onthly to Latest Dates.— T h e ta b le
fo llo w in g sh ow s th e gross a n d n e t e a rn in g s w ith ch a rg es a n d
su rp lu s o f S T E A M ra ilro a d a n d in d u str ia l c o m p a n ie s re
p o r te d th is w e e k :
------- Gross E a rnin gs ------------ — N e t E a rn in g s ------Current
Y ea r.
Previous
Y ea r.
Current
Year.
Roads.
Previous
Y ea r.
$
s348,519
1,344,563
A lton a - - - - - F e b 1,376,715
S594.387
2,6 0 5 ,3 1 4
Jan 1 to Fob 2 8 ............. 2,910,007
3 ,435,340
Chic Burl & Quincy b --F o b 8,5 9 2 ,7 0 5 8 ,249,313
6,4 6 2 ,9 2 0
Jan 1 to Feb 2 8 .............18,183,546 16,213,306
1,878.762
Chic M llw & St Paul b - - F e b 6 ,5 1 4 ,6 2 5 7 ,699,229
3 ,869,794
Jan 1 to Fob 2 8 _______ 14,865,738 15,344.266
68,863
245,720
Chic R I & G ulf b - Fob
293,996
156,087
506,488
Jan 1 to Fob 2 8 ----------612,397
1,603,015
5,7 4 8 ,7 8 1
Chic Rock Isl & I’ac b --F o b 5,949,978
2,934,265
Jan 1 to Feb 2 8 _______ 12,705,507 11,313,931
703,173
Delaware & H u d so n .b -F o b 1,762,706 2,1 2 5 ,2 6 5
1,483,892
4 ,2 6 5 ,5 4 9
Jan 1 to Fob 2 8 ...........- 3 ,9 1 6 ,2 4 9
410,652
880,496
E l Paso & Southw est.b.F ob 1,169,912
740,488
1,707,144
Jan 1 to Fob 2 8 ----------- 2,4 0 7 ,0 9 5
163,898
748,946
Intornat & G t N o rth -b .F o b
817,550
2 99,860
1,481,527
Jan 1 to Fob 2 8 _______ 1,719,172
1,667,219
Louisville & N ashvillo.b.Fob 5 ,344,781 4,9
. 9 7 ,7
. 14
3 ,4 4 1 ,7 4 0
Jan 1 to Fob 2 8 ...........- 11,301,021 10,038,858
3 21,780
M inn St P & S S M - a - . F o b 1,050,926
1 ,385,024
962,742
Jan 1 to Fob 2 8 _______ 2,5 3 7 ,4 4 1 3 .1 3 6 .0 2 4
3 37,924
971,343
Chicago D iv is io n .a .-F o b
835,425
626,712
1,895,546
Jan 1 to Fob 2 8 _______
1,890,208
Missouri Pacific (incl St L
727,659
1,225,205
5,022,931
Iron M t & S o )a ____ Fob 5 ,659,115
1 ,692,766
2 ,998,590
Jan 1 to Feb 2 8 _______ 11,966,052 9,965,461
364,525
1,669,081 d e fl9 ,7 6 1
Poro M a r q u e tto .a ______Fob 1,518,990
774,203
181,230
Jan 1 to Fob 2 8 _______ 3,2 7 8 ,7 9 9 3 ,3 4 7 ,0 0 0
63,681
3 4,437
277,876
R u tla n d .b _______________ Fob
276,030
128,302
115,223
555,735
Jan 1 to Fob 2 8 _______
604,182
294,682
809,002
St Louis Iron M t & S o -a _F e b 3 ,135,425 2 ,409,889
986,567
Jan 1 to Fob 2 8 _______ 6 ,641,980 5 .039.025 2 ,076,381
3 ,8 4 7 ,8 3 9 ff 1,107,707 (71,021,190
St Louis-San F r a n -a ___ Fob 4,2 4 7 ,6 0 5
July 1 to Fob 2 8 ............. 3 7 ,7 0 0 ,2 3 6 31,578,386(711,342,428 (78,965,148
738,279
722,832
Seaboard Air L ine. a — Fob 2 ,5 4 9 ,3 4 4 2 ,289,728
1,346,484
1 ,454,395
Jan 1 to Fob 2 8 ----------- 5,118,511 4,4 3 4 ,5 2 9
352.959
3 57,886
1,488,271
Toxas & P a c ific .b ______Fob 1,580,046
78 2 ,4 6 0
924,162
Jan 1 to Fob 2 8 ----------- 3 ,4 3 6 ,9 7 2 3 ,0 4 7 ,1 9 0
*135,090
* 75,123
4 49,539
471,090
Toi St Louis & W e s t, a -F o b
*278,969
*190.097
908.890
992,396
Jan 1 to Fob 2 8 ----------S
S297.765
S672.475
3 ,134,061
6 ,889,201
3 0 5,510
2 ,435,816
8 5,492
181,752
939,849
2,6 0 6 ,9 7 6
183,828
605,942
601,506
1,220,266
177,101
3 73,076
1,752,925
3 ,9 0 7 ,0 7 4
28,120
447,910
174,263
531,126
C h ic a g o *
a N et earnings hero given aro after deducting taxes,
b N ot earnings boro given aro bofore deducting taxes.
g After allowing for biro o f equipm ent, total income for Fob 1917 was
8 9 94 ,30 0, against 8 1 ,100,787 in 1916, and for July 1 to I'eb. 2 8 , was $ 1 0 ,
943.871 this year, against $ 9 ,3 7 6 ,5 7 5 .
,
..
* After allowing for miscellaneous charges to income for tho m onth o f
Fell 1917 total not earnings wore $ 3 1 ,2 5 5 , against $ 98,669 last yoar, and
for the periodfrom Jam 1 to Fob. 28 were $97,229 this yoar, against $ 2 0 6 ,allowing for miscellaneous charges to income for tho m onth o f
Fell 1917 total not earnings wore $198 ,3 7 8 , against $ 289 ,31 4 last year,
and for period from Jan. 1 to Fob. 28 were $472 ,15 3 this yoar, against
$476 ,88 0 last yoar.
Gross
E a rn in gs.
-
Feb ’ 17
Central of N J - L ^
$
2 ,606,875
;i« g ® ; ™
’ 16
5,5 0 3 ,4 0 4
G ross
E a rn in gs.
S
Fob ’ 17 7 ,3 3 2 ,6 1 7
C h ic a g o * North
’ 16 7 ,681,804
W est.................. 2 mos ’ 17 15,407,633
T 6 14,521,861
Louisiana * A rk -------Feb ’ 17
107,201
’ 16
109,659
2 mos ’ 17
232,056
216,747
’ 16
(
Feb ’ 17 3,0 1 6 .4 5 2
Missouri K ansas{
’ 16 2,5 9 1 ,1 5 8
& Toxas______2 mos T 7
6 ,425,629
1
’ 16 5 ,062,605
N et
E a rn in gs.
Fixed C hgs.
& T a xes.
Balance,
S u rp lu s.
$
722,692
882,544
1,572,974
1,923,789
$
5 00,632
548,108
1,145,417
1,214,358
162,060
33 4 ,4 3 6
427,557
709,431
Fixed
Charges.
$
1,345,519
2 ,445,871
3 ,3 5 7 ,4 0 7
4 ,069,001
15,484
19,584
41,659
31,918
187,159
114,516
592,906
6 9,437
8
495,864
849,655
874,052
1 ,571,819
1 ,598,747
1 ,758,660
1,781,875 2 ,2 8 7 ,1 2 6
26’, 169 d e fl0,685
dof3,898
23,482
51,984 def 10,325
4 8,908 d o fl6,990
5 71,558 d o f384,399
6 15,272 dof500,756
1,169,037 def576,131
1 ,1 6 6 ,5 7 9 d fl ,097,142
Total Oper. Total O p er. N e t R ev.
R evenue.
E x p en ses, fr o m Oper.
'
Fob T 7 1,097,805
Chicago Great i
T 6 1,254,264
W e ste rn ...........18 mos T 7 11,078,264
T 6 10,064,030
Gross
Earnings.
$
N e w Y o r k C e n t r a l—
F o b '1 7 1 3 ,6 3 3 ,8 1 7
T O 1 5 ,2 3 1 ,3 7 5
2 m o s '1 7 2 9 ,5 3 5 ,6 9 0
T 6 3 0 ,1 2 0 ,4 2 9
B o s to n A A lb a n y —
F e b '1 7
1 ,4 3 1 ,9 0 0
T O 1 ,5 0 3 ,3 8 2
2 m 0 3 T O 3 ,1 0 9 ,0 8 .3
'1 6 3 ,1 5 0 , 9 0 0
L a k e E r ie * W e s t e r n —
F eb T 7
0 0 8 ,9 7 4
TO
5 5 9 ,9 3 2
2 m o s '1 7
1 ,2 9 3 ,9 8 1
'1 6
1 ,0 8 3 ,2 5 4
M i c h i g a n C e n t r a l—
F o b T 7 3 ,4 5 0 , 2 1 0
T O 3 ,3 5 0 ,0 6 7
2 ,0S T 7
7 ,5 1 1 ,2 6 5
T O 6 ,6 2 2 ,2 4 1
C lo v o C in e
F eb T 7
TO
2 m o s '1 7
TO
B alance,
S u rp lu s.
N e t after
T a xes.
$
910,863
874,775
7 ,8 9 4 ,9 4 9
7 ,170,098
Net after
Taxes.
Other
Income.
S
$
N et In c .
after C hg.
186,942
379,489
3,1 8 3 ,3 1 8
2 8 93,932
Gross
Income.
%
Fixed
Charges.
S
$
d ef8,570
161,599
1,488,618
1 ,124,234
Balance,
Surplus.
S
9 4 8 ,2 1 3
4 ,3 3 0 ,2 0 6
4 ,2 9 6 ,6 0 9
8 ,6 2 9 ,4 0 9
1 ,3 1 8 ,8 2 5
1 ,2 7 0 ,7 0 4
3 ,2 3 5 ,1 0 8
2 ,9 4 7 ,1 3 0
2 ,2 0 7 ,0 3 3
5 ,6 0 0 ,9 7 0
7 ,5 3 1 ,7 1 7
1 1 ,5 7 6 ,5 9 9
3 ,5 8 0 , 3 O l d c f l 3 1 9 , 2 0 6
3 ,4 3 9 ,0 5 6
2 ,1 0 1 ,9 1 4
7 ,1 7 9 ,3 5 9
3 5 2 ,3 5 8
0 ,7 0 7 ,9 2 5
4 ,8 0 8 ,6 7 4
7 9 ,4 0 5
3 9 5 ,7 4 0
3 5 7 ,8 6 3
8 2 7 ,0 0 1
2 4 ,8 6 0
2 6 ,6 8 0
6 1 ,6 2 5
5 9 ,9 4 9
1 0 4 ,2 6 5
4 2 2 ,4 2 0
4 1 9 ,4 8 8
8 8 6 ,9 5 0
3 9 8 ,1 0 1 d e f 2 9 3 ,8 3 6
9 ,6 5 1
4 1 2 ,7 7 5
8 2 1 ,2 0 7 d e f 4 0 1 ,7 7 9
7 0 ,1 4 2
8 1 0 ,8 0 8
1 3 0 ,5 4 9
1 0 5 ,2 8 6
3 4 7 ,4 0 7
3 0 3 ,4 1 1
0 ,4 3 1
9 ,4 1 1
2 3 ,0 9 3
2 1 ,4 9 8
1 3 9 ,9 8 0
1 7 4 ,7 2 7
3 7 0 ,5 0 0
3 2 4 ,9 0 9
1 3 7 ,0 8 1
7 8 ,2 7 9
2 3 7 ,5 0 2
1 6 3 ,7 9 9
1 2 2 ,6 9 1
9 3 3 ,4 0 6
9 6 8 ,2 9 2
1 ,7 3 7 ,6 2 3
C h i c A S t L o u is —
3 ,3 2 0 ,9 2 0
2 2 6 ,1 9 6
3 ,6 4 0 ,7 6 5
1 ,0 7 7 ,3 8 3
7 ,3 2 2 ,7 2 1
1 ,1 0 0 ,3 3 4
7 ,1 2 3 ,6 5 8
1 ,9 3 3 ,2 7 4
8 9 ,1 8 2
9 0 ,6 1 1
1 7 0 ,1 9 3
1 8 4 ,8 5 2
2 1 1 .S 7 3
1 ,0 2 4 ,0 1 7
1 ,1 4 4 ,4 8 5
1 ,9 2 2 ,4 7 5
1 ,0 2 6 ,3 4 1 d e f 8 1 4 ,4 6 8
3 2 7 ,2 4 3
0 9 6 ,7 7 4
1 ,8 7 0 ,7 2 0 d e f 7 2 6 ,2 3 5
5 1 3 ,4 6 7
1 ,4 0 9 ,0 0 8
1 6 7 ,2 6 3
1 3 9 ,3 2 4
2 7 7 ,5 2 4
2 7 0 ,7 6 0
3 9 3 ,4 5 9
1 ,2 1 6 ,7 0 7
1 ,3 7 7 ,8 5 8
2 ,2 0 4 ,0 3 4
7 3 0 ,8 8 8 d e f 3 3 7 ,4 2 9
6 3 7 ,9 3 1
5 7 8 ,7 7 0
d e f 5 9 ,5 4 6
1 ,4 3 7 ,4 0 4
1 ,0 3 3 ,2 5 4
1 ,1 6 5 ,7 8 0
C in cin n a ti N o r t h e r n F ob T 7
1 5 8 ,4 2 4
TO
1 3 8 ,9 2 0
2 m o s '1 7
3 5 1 ,7 0 0
>16
2 0 9 ,1 9 3
9 ,5 3 0
3 2 ,1 9 0
5 7 ,2 1 5
6 5 ,9 4 8
2 ,0 7 7 "
1 ,9 9 7
8 ,1 7 5
403
2 ,8 9 9
9 6 ,4 4 8
1 3 2 ,9 3 8
1 0 1 ,1 1 0
1 1 ,6 0 7
3 4 ,1 8 7
6 5 ,3 9 0
0 0 ,3 5 1
1 0 ,2 4 9
1 4 ,3 1 4
3 5 ,4 3 4
2 8 ,5 8 7
d e f l , 642
1 9 ,8 7 3
2 9 ,9 5 6
3 7 ,7 0 4
P i t t s b u r g h A L a k e E r ie —
F eb T 7
1 ,6 8 4 ,8 5 3
3 0 2 ,6 3 1
TO
1 8 2 1 .8 4 2
8 8 0 ,3 3 8
2 m o s T 7 3 ,4 8 9 , 5 2 2
,
T O 3 ,5 6 7 ,1 9 3
1 ,0 9 7 ,6 9 7
2 8 ,2 0 0
9 7 ,0 9 7
1 0 0 ,4 4 0
1 8 0 ,6 2 5
3 3 0 ,8 3 1
9 7 8 ,0 3 5
9 0 7 ,6 1 8
1 ,8 7 8 ,3 2 2
1 4 8 ,2 2 3
2 2 0 ,6 6 4
3 0 1 ,5 0 8
4 4 5 ,8 7 8
1 8 2 ,6 0 8
7 5 1 ,3 7 1
0 0 0 ,0 5 0
1 ,4 3 2 ,4 4 4
T o l e d o A O h io
F o b '1 7
TO
2 m o s '1 7
TO
8 1 ,0 3 0
8 5 ,0 8 6
1 1 4 ,5 0 9
1 7 1 ,9 4 4
5 9 ,7 5 0
1 0 5 ,0 8 0
1 8 1 ,7 3 6
3 0 5 .7 3 2
1 1 8 ,4 8 1
1 1 8 ,2 2 0
2 3 9 ,7 0 0
2 3 9 ,2 0 0
d e f 5 8 ,7 3 1
4 0 ,8 0 0
d c f 5 8 ,0 2 4
0 6 ,5 3 2
C e n tr a ld e f 2 1 ,2 8 0
4 3 0 ,1 7 2
8 0 ,0 0 0
4 4 9 ,1 1 2
3 7 ,2 2 7
9 4 3 .9 4 1
1 3 3 ,7 8 8
8 8 0 ,6 6 4
Gross
Earnings.
S
K a n a w h a A M ic h ig a n —
F e b ’ 17
2 2 8 ,9 8 9
’ 16
3 0 0 ,9 6 5
2 m o s '1 7
4 9 1 ,2 7 7
TO
5 9 2 ,6 4 8
2 0 ,4 5 9
1 0 0 ,9 5 0
0 9 ,0 0 9
1 7 9 ,8 0 7
9 9 ,0 0 1
1 4 0 ,1 0 3
2 1 4 ,9 5 9
2 0 6 ,8 0 9
7 8 ,5 4 2
4 5 ,1 5 3
1 4 5 ,9 5 0
8 7 ,0 0 2
7 1 ,7 4 7
1 1 0 .9 4 7
1 0 0 ,3 8 0
2 0 7 ,2 5 4
2 7 ,2 5 4
2 9 ,1 5 6
5 4 ,5 7 9
5 9 ,2 8 5
T o t a l a ll lin e s —
1 ,7 9 9 ,4 1 0
3 ,6 1 7 ,8 0 4 6 ,1 8 8 , 9 2 2 d e f 2 5 7 1 , l l S
F e b T 7 2 4 ,9 4 8 ,2 0 5
1 ,8 1 8 ,3 9 4
1 ,7 6 0 ,6 9 9
9 ,7 0 2 ,2 5 8
5 ,5 9 4 ,0 2 0 4 , 1 6 8 , 2 3 8
'1 6 2 7 ,0 5 0 ,3 0 2
7 ,9 9 5 ,5 5 9
_________
___________
4 ,1 7 8 ,6 1 7 1 2 ,2 1 3 ,7 5 1 1 2 ,1 7 7 ,6 5 3
3 6 ,0 9 8
. 5 4 ,0
2 m o s T. 7
4 9 ,1 8 6
8 ,0 3 5 ,1 3 4
16 5 3 ! 4 1 0 ,1 8 0 1 5 ,5 0 8 ,0 1 8
3 ,9 2 4 ,1 6 3 1 9 ,4 3 2 ,1 8 1 1 1 ,0 9 0 ,2 7 0 8 , 3 4 1 , 9 1 1
P e r c e n t r e t u r n o n o p e r a t i n g I n v e s t m e n t f o r 12 m o n t h s t o F e b . 2 8 1 9 1 7 h a s b e e n :
N . Y . C e n tr a l, 6 .9 6 % ; B o s to n * A lb a n y , 8 .7 2 % ; M le h . C e n t ., 7 .1 1 % ; C le v . O n e .
C h i c . & S t . L . , 0 . 4 2 % ; C i n e . N o r t h e r n , 9 . 0 3 % ; T o l e d o & O h io C e n t . , 4 . 3 4 % ; P i t t s .
A L a k e E r ie . 1 5 .6 7 % ; L a k e E r ic & W e s t ., 5 .1 6 % ; a n d K a n a w h a & M i c h ., 7 .5 3 % .
Balance,
Surplus.
$
Other
Incom e.
$
Gross
Incom e.
$
Fixed,
Charges.
7 2 9 ,3 6 9
3 ,0 9 1 ,0 7 5
4 ,2 1 3 ,7 0 8
6 ,8 8 3 ,6 0 4
1 ,7 7 0 ,2 4 3
1 ,9 0 5 ,8 3 9
3 ,6 2 2 ,7 3 1
3 ,8 3 4 ,1 4 8
2 ,5 0 5 ,6 1 2
4 ,9 9 6 ,9 1 4
7 ,8 3 6 ,4 3 9
1 0 ,7 1 7 ,8 1 2
1 ,9 3 6 ,0 3 8
2 ,0 8 6 ,6 4 5
4 ,2 9 2 ,3 2 5
4 ,3 7 6 ,1 2 0
5 6 9 ,5 7 4
2 ,9 1 0 , 2 6 0
3 ,5 4 4 ,1 1 4
6 ,3 4 1 , 6 9 2
B a lt o C h e s & A tla n tic —
d c f 3 0 ,2 9 6
2 6 ,6 1 3
F e b '1 7
d e f 4 ,8 6 0
5 4 ,9 7 1
T6
d e f 2 8 ,6 6 2
9 5 ,3 3 3
2 m os T 7
d e f 8 ,1 4 1
1 1 4 ,4 4 3
'1 6
719
2,120
2 ,6 2 5
3 ,8 4 6
d e f 2 9 ,5 7 7
d e f 2 ,7 4 0
d e f 2 6 ,0 3 7
d e f 4 ,2 9 5
1 9 ,5 1 4
2 1 ,2 9 1
3 8 ,4 1 9
4 2 ,5 8 7
d e f 4 9 ,0 9 1
d e f2 4 ,0 3 1
d c f6 4 ,4 5 6
d e f4 6 ,8 8 2
Gross
Earnings.
S
P e n n s y lv a n ia
F eb T 7
T6
2 m o s '1 7
'1 6
RR—
1 6 ,7 9 0 ,8 1 3
1 7 ,0 2 8 ,6 9 3
3 5 ,8 2 3 ,2 3 5
3 4 ,7 3 4 ,9 3 1
Net after
Taxes.
S
i
C u m b e r l a n d V a ll e y —
3 2 3 ,8 7 7
F e b '1 7
2 9 6 ,7 9 0
'1 6
6 3 4 ,5 6 0
2 m o s '1 7
5 8 9 ,2 5 7
T6
L o n g I s la n d 9 3 0 ,4 1 5
F eb T 7
9 0 0 ,2 3 3
T6
1 ,9 8 1 ,5 1 0
2 m os T 7
1 ,8 6 8 ,6 0 2
T6
1 4 0 ,5 3 9
1 4 5 ,9 9 3
2 5 8 ,0 9 1
2 7 8 ,8 1 1
1 4 ,1 5 3
1 3 ,5 5 6
2 0 ,9 5 5
2 1 ,3 4 0
1 5 4 ,6 9 2
1 5 9 ,5 4 9
2 7 9 ,0 4 6
3 0 0 ,1 5 1
3 1 ,7 0 3
2 0 ,4 0 3
5 4 ,3 5 9
3 9 ,2 6 3
1 2 2 ,9 8 9
1 3 9 ,1 4 6
2 2 4 ,6 8 7
2 6 0 ,8 8 8
d e f 3 8 ,3 3 0
7 3 ,7 9 9
9 2 ,0 7 7
1 8 2 ,5 1 1
4 0 ,9 1 3
4 1 ,1 7 4
7 9 ,8 9 9
9 4 ,7 6 3
2 ,5 8 3
1 1 4 ,9 7 3
1 7 1 ,9 7 6
2 7 7 ,2 7 4
3 4 3 ,8 3 3
3 3 5 ,4 7 2
7 0 7 ,9 7 9
6 9 4 ,6 0 9
d c f3 4 1 ,2 5 0
d e f 2 2 0 ,4 9 9
d e f 5 3 6 ,0 0 3
d e f l l 7 ,3 3 5
M a ry la n d D e l & V a —
■3 1 ,5 7 9
F e b '1 7
4 7 ,1 7 9
TO
9 2 ,3 0 1
2 m o s '1 7
9 5 ,4 3 8
'1 6
d c fl2 ,5 5 9
d e f 848
d e f 4 ,4 2 1
d e f 3 ,7 5 5
792
213
1 ,1 0 8
450
d e f 1 1 ,7 6 7
d e f 635
d e f 3 ,3 1 3
d e f 3 ,3 0 5
1 1 ,7 7 9
1 3 .2 S 5
2 4 ,9 6 6
2 0 ,4 8 0
d c f2 3 ,5 4 6
d e fl3 ,9 2 0
d e f2 3 ,2 7 9
d e f2 9 ,7 8 5
1 8 ,1 1 4
1 4 ,0 3 9
— 1 6 ,2 9 2
3 5 ,0 8 5
6 4 ,3 7 5
1 6 2 ,1 8 3
1 5 9 ,8 2 4
1 5 ,8 0 2
1 6 .0 4 9
3 2 ,5 3 3
3 2 ,9 0 2
1 9 ,2 8 3
4 8 ,3 2 6
1 2 9 ,6 5 0
1 2 6 ,9 2 2
1 2 8 ,1 0 0
2 9 9 ,7 7 1
5 4 6 ,5 7 6
6 3 9 ,2 4 1
1 1 2 ,9 0 0
1 1 6 ,1 9 6
2 2 9 ,5 0 3
2 3 2 ,2 7 8
2 4 1 ,0 0 6
4 1 5 ,9 6 7
7 7 0 ,0 7 9
8 7 1 ,5 1 9
2 S 4 .5 4 0
2 7 8 ,2 9 7
5 9 2 ,5 1 4
5 5 7 ,1 7 4
d e f4 3 ,5 3 4
1 3 7 ,6 7 0
1 8 3 ,5 6 5
3 1 4 ,3 4 5
2 3 .6 7 5
2 4 ,8 0 6
5 3 ,5 6 5
5 3 ,8 0 4
7 ,2 8 8
6 ,4 0 8
1 3 ,6 1 9
1 2 ,1 3 7
3 0 ,9 6 3
3 1 ,2 1 4
6 7 ,1 8 4
6 5 ,9 4 1
1 ,8 2 4
1 ,7 8 4
2 ,8 9 7
2 ,8 1 7
2 9 ,1 3 9
2 9 ,4 3 0
6 4 ,2 8 7
6 3 ,1 2 4
N Y P h il a & N o r f o l k —
3 1 5 ,7 8 7
F e b '1 7
3 4 4 ,2 9 6
TO
7 5 7 ,9 8 1
2 m o 3 '1 7
7 1 3 ,5 4 3
TO
P h il a B a l t o & W a s h —
2 ,0 3 9 ,3 1 9
F eb T 7
1 ,7 8 3 ,6 1 5
'1 6
2 m o s '1 7 4 ,2 4 8 ,0 1 9
'1 6 3 ,5 9 9 ,9 4 2
P h il a & C a m d e n F e r r y 6 2 ,4 4 7
F eb T 7
5 6 ,8 7 6
T6
1 3 0 ,8 6 0
2 m os TO
1 1 9 ,1 7 7
TO
1 0 ,9 7 1
7 5 ,4 9 8
1 4 8 ,1 4 4
1 7 6 ,1 1 6
W e st J e rse y & S ea sh ore—
Feb T 7
4 8 7 ,4 8 7 d e flO O , 177
TO
4 6 7 ,2 5 3
3 ,9 0 0
2 m os T 7
9 7 7 .5 8 6 d e f l 2 2 , 9 6 2
'1 6
9 3 1 ,6 8 1
d e f 1 4 ,4 8 0
P e n n s y l v a n i a C om p a n y —
F e b T 7 4 ,4 5 6 ,1 4 0 d e f 0 7 3 ,4 7 8
T 6 4 ,9 S 9 ,2 8 7
9 3 4 ,5 9 8
2 m o s T 7 9 ,7 9 4 ,4 2 0 d e f 4 0 S ,7 3 7
T 6 1 0 ,1 3 5 ,8 3 8
2 ,0 6 3 ,7 4 0
G ra n d R a p id s
F eb T 7
T6
2 m os T 7
T6
& I n d ia n a —
4 2 7 ,5 3 9
d e fl7 ,1 0 1
4 3 1 ,9 8 5
4 7 ,8 0 1
9 1 6 ,7 2 1
5 5 ,5 1 7
8 6 2 ,0 6 7
9 2 ,6 3 3
P itts C in e C h ic A S t L F c b '1 7 4 ,9 2 0 ,5 7 4
T 6 4 ,8 6 0 ,3 5 3
2 m o s T 7 1 0 ,4 1 7 ,0 0 2
"1 6 9 ,8 1 6 ,8 4 8
W h o le P e n n .
R R .S y s t e m
F e b '1 7
T6
2 m o s '1 7
TO
3 4 9 ,5 5 8
9 2 8 ,2 8 3
1 ,2 5 4 ,2 1 6
2 ,0 7 3 ,5 8 5
— 11,121
d e f 8 9 ,7 9 2
1 0 ,3 8 5
1 4 ,2 4 5
1 0 ,3 4 5
2 0 ,7 5 4 d e f 1 0 2 ,2 0 8
6 ,0 0 5
2 0 ,4 8 5
5 2 ,9 2 4 d e f l 4 2 , 7 1 6
5 9 ,6 4 4
d e f4 5 ,3 9 9
1 0 4 ,4 2 0 d e f 2 0 6 ,6 2 8
1 1 9 ,0 9 1 d e f l 1 3 .0 8 6
1 ,0 0 8 ,6 9 1
1 ,0 1 5 ,5 2 1
2 ,1 3 8 ,2 0 7
1 ,9 5 5 ,6 3 8
3 9 5 ,2 1 3
1 ,9 5 0 ,1 1 9
1 ,7 2 9 ,4 7 (1
4 .0 1 9 ,3 8 4
1 ,2 4 3 ,5 8 0 d e f 8 4 8 ,3 6 7
1 ,5 5 5 ,1 9 5
3 9 4 ,9 2 4
2 ,7 3 2 ,6 6 9 d e f l 0 0 3 , 1 9 9
3 ,0 5 7 ,1 3 1
9 6 2 ,2 5 3
6 ,7 5 7
3 ,8 2 3
1 0 ,4 1 3
7 ,7 2 0
d e f l0 ,3 4 4
5 1 ,0 2 4
6 5 ,9 3 0
1 0 0 ,3 5 3
39,064
51,564
92,805
106,337
388,622
979,847
1,347,021
2,179,922
3 6 ,9 0 9
5 2 ,9 5 2
1 3 6 ,1 8 5
1 3 9 .4 S 4
d e f4 7 ,2 5 3
d e f l,328
d c f7 0 ,2 5 5
d e f 3 9 ,1 3 1
7 6 1 ,7 3 7 d e f 3 7 3 ,1 1 5
6 6 2 ,4 5 1
3 1 7 ,3 9 6
1 ,6 0 0 ,9 1 5 d e f 2 5 9 ,8 9 4
1 ,3 6 3 ,9 8 8
8 1 5 ,9 3 4
— Total East P. & E.--------Total W est P. & E .---------T otal All Lines—
Gross
Net after
Gross
Net after
Gross
Net after
Earnings. Taxes, <tc. Earnings. Taxes, &c. Earnings. Taxes, A-c.
$
$
$
S
S
S
991,860 9,947,658 def354,221 31,174,742
637,639
2 1 ,2 2 7 ,0 8 4
3,834,830 10,408,682 1,921,918 31,596,749 5,756,748
2 1 ,1 8 8 ,0 6 8
5,441,006 21,429,328
878,692 60,626,294 6,319,698
4 5 ,1 9 6 ,9 6 6
8,456,300 21,076,235 4,258,930 04,278,181 12,715.229
4 3 ,2 0 1 ,9 4 6
The return on property Investment for the system East A W est was 5.39% for
the 12 months ending Feb. 28 1917, against 5.39% for the same period in 1916.
The figures upon which this return is based do not include road and equipment
expenditures made out o f incom e or surplus prior to 1907.
For the nonth o f Feb. 1917 expenses include $2,089,192 In connection wlth lncreased wages to be paid under the Adamson Act for the months of Jan. and F eb . 17.
Gross
Earnings.
Boston A M aine—
F e b ’ 17 4,001,884
'16 4,023,019
2 mos '17 8,520,162
'16 8,228,981
Buffalo & Susquelianna—
F e b '17
121,420
T6
153,703
2 mos '17
261,128
'16
309.479
Denver & R io Grande—Feb '17 1,739,276
'16 1,733,639
2 mos T 7 3,943,039
'16 3,458,195
N Y Chicago & St Louis—
F e b '17 1,158,280
T 6 1,190,125
2 mos T 7 2,498,152
T 6 2,450,337
St Louis Southwestern—Feb '17 1,233,178
'16
932,917
8 mos '17 10,538,598
T 6 8,195,294
Gross
'
Earnings.
Cambria & Indiana—Feb '17
23,532
T6
23,355
2 mos T7
47,848
T6
44,678
Carolina Clinch! & Ohio—
Feb '17
289,396
'16
274,754
2 mos '17
643,176
'16
535,757
Chesapeake & Ohio—
Feb T 7 3,679,250
'16 3,848.577
2 mos '17 7,900.081
TO 7.911,657
Net, after
Taxes.
Other
Income.
Balance,
Surplus.
Gross
Income.
Fixed
Charges.
9 9 5 ,9 1 4 d c f 6 6 1 , 3 4 3
9 ,1 9 3
9 3 6 ,9 3 4
2 ,0 4 5 ,2 3 4 d e f S 0 9 ,3 6 8
1 1 8 .7 3 3
1 ,8 7 1 ,4 8 1
2 4 2 ,6 4 8
8 8 4 ,6 9 3
1 ,0 5 9 ,3 4 2
1 ,8 5 8 ,9 5 2
9 1 ,9 2 3
6 1 ,4 3 3
1 7 0 ,5 2 4
1 3 1 ,2 6 2
3 3 4 ,5 7 1
9 4 6 ,1 2 7
1 ,2 3 5 ,8 6 6
1 ,9 9 0 ,2 1 4
1 9 ,0 8 0
4 0 ,8 0 0
4 6 ,4 8 6
9 5 ,5 4 8
6 4 ,5 9 3
3 8 ,7 3 7
1 2 9 ,1 7 2
8 2 ,6 2 9
8 3 ,6 7 3
8 5 ,5 3 7
1 7 5 ,6 5 8
1 7 8 ,1 7 7
3 5 2 ,8 7 1
5 6 4 ,2 9 7
1 ,0 4 8 ,9 9 3
1 ,0 7 9 ,3 9 5
1 7 4 ,8 9 6
9 9 ,6 0 9
6 4 7 ,8 2 2
5 3 7 ,7 2 8
5 2 7 ,7 6 7
6 6 3 ,9 0 6
1 ,6 9 6 ,8 1 4
1 ,6 1 7 ,1 2 3
1 0 7 ,9 5 1
2 5 6 ,8 2 0
3 1 5 ,4 9 3
5 4 3 ,7 2 8
7 ,3 1 8
1 3 ,6 1 5
2 8 ,6 0 3
5 1 ,9 6 8
1 1 5 ,2 0 9
2 7 0 ,4 3 5
3 4 4 ,0 9 6
5 9 5 ,6 9 6
1 9 0 ,6 7 7
• 1 3 4 ,8 3 4
4 0 8 ,4 6 9
2 8 5 ,6 6 4
d c f7 5 ,4 0 8
1 3 5 ,6 0 1
d e I G 4 ,3 7 3
3 1 0 ,0 3 2
3 1 5 .3 6 0
1 1 1 ,2 8 2
3 ,5 1 6 ,1 9 7
2 ,3 3 9 ,2 5 0
1 6 7 ,2 2 4
1 2 3 ,3 9 5
1 ,0 4 7 ,2 7 8
7 4 0 ,1 1 4
4 8 2 ,5 8 4
2 3 7 ,6 7 7
4 ,5 6 3 ,4 7 5
3 ,0 8 5 ,3 6 4
2 7 2 ,3 7 5
2 6 5 ,S 3 0
2 ,1 6 1 ,9 6 5
2 ,1 6 4 ,6 3 5
2 1 0 ,2 0 9
d e f2 8 .1 5 3
2 ,4 0 1 ,5 1 0
9 2 0 ,7 2 9
Net
Earnings.
Other
Income.
Total
Income.
2 3 ,4 5 3
2 4 .8 8 8
4 6 ,9 5 7
4 9 ,8 6 0
6 0 ,2 2 0
6 0 ,6 4 9
1 2 8 ,7 0 1
1 2 8 ,3 1 7
6 6 7 ,3 S 6 d e f l 3 9 , 6 1 9
9 1 ,2 9 4
5 7 2 ,6 1 2
3 3 0 ,0 5 0
1 ,3 6 6 ,7 6 4
4 6 2 ,9 8 1
1 ,1 5 4 ,1 4 2
Charges
& Taxes.
Balance,
Surplus.
2 ,5 1 8
4 ,9 0 6
4 ,8 8 0
7 ,5 4 5
3 3 ,0 1 3
1 5 ,0 7 7
6 3 ,8 1 5
3 3 ,3 2 0
3 5 ,5 3 1
2 0 ,5 8 3
6 8 ,6 9 5
4 0 ,8 6 5
1 3 ,2 0 7
8 ,0 2 1
2 6 ,6 0 7
1 6 ,0 5 5
2 2 ,3 2 4
1 2 .5 6 2
4 2 ,0 8 8
2 4 ,8 1 0
1 1 2 ,7 6 3
1 3 4 ,0 2 1
2 9 9 ,8 9 7
2 7 3 ,3 2 1
5 5 .4 9 5
3 2 ,9 4 2
9 3 ,6 3 5
7 0 ,0 4 6
1 6 8 ,2 5 8
1 6 6 ,9 6 3
3 9 3 ,5 3 2
3 4 3 ,3 6 7
1 1 8 ,2 0 9
1 1 3 ,9 1 3
2 3 2 ,7 6 7
2 2 8 ,1 3 8
5 0 .0 4 9
5 3 .0 5 0
1 0 0 ,7 6 5
1 1 5 ,2 2 9
9 2 1 ,9 5 6
1 ,1 2 7 ,0 6 5
2 ,3 1 0 ,0 5 8
2 ,4 5 0 ,1 5 1
1 8 9 ,1 9 1
— 1 9 ,3 3 2
2 2 1 ,2 8 1
— 1 6 ,0 8 0
1 ,1 1 1 ,1 4 7
1 ,1 0 7 ,7 3 3
2 ,5 3 1 ,3 3 9
2 ,4 3 3 ,4 7 1
8 4 2 ,0 6 1
8 0 4 ,5 2 4
1 ,6 8 1 ,7 0 7
1 ,6 0 2 ,6 5 7
2 6 9 ,0 8 6
3 0 3 ,2 0 6
8 4 9 ,6 3 2
8 3 0 ,8 1
1380
THE CHRONICLE
Gross
Ear nints.
Net
Earnings.
%
$
Hooking Valley—
Feb '17
600,631
•16
535,937
2 moa ’ 17 1,294,347
’ 16 1,055,768
Norfolk & Western—
Feb ’17 4,527,345
’ 16 4,588,416
2 mos ’ 17 9,489,496
’ 16 9,126,772
140,628
135,973
337,644
267,994
Other
Income.
Total
Income.
Charges
& Taxes.
$
$
S
125,457
92,534
209,255
179,210
1,799,684
2,065,689
3,913,431
3,960,407
350,493
131,961
616,968
330,606
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147,947
145,515
296,338
291,306
118,138
82,992
250,501
155,898
2,150,177
565,249 1,584,928
2,197,650
533,357 1,664,293
4,530,399 1,136,345 3,394,054
4,291,013 1,045,472 3,245,541
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2 1 0 ,8 6 6
2 ,092,087
1,277,471
1,854,490
1,126,148
Revenue from transporta’ni
Oper. other than transporta.
131,458
5,353
125,707
5,061
814,616
35,840
728,342
32.534
T otal oper. revenues______
Operating expenses.................
136,812
104,312
130,768
91,813
850,457
605,246
760,877
542,328
N et operating revenue____
Uncollec. rev. from trans .
Express taxes_____ ______ ___
32,499
30
7,552
38,954
3,837
245,210
65
39,712
218,549
142
23,412
24,917
35,094
205,433
194,994
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- D ecem ber ---------- July 1 to D e c . 31—
1915.
1916.
1915.
„
•
1 9 i6 .
A m erica n E x p ress C o .—
S
T otal from transportation___ 6 ,029,014 5 ,356,727 3 3 ,8 4 4 ,4 0 9 28,152,933
Express privileges— D r ______ 2 ,9 9 3 ,9 0 6 2,71 0 ,5 0 5 16,768,185 14,205,428
Revenue from transporta’ni 3,03 5 ,1 0 7
Opor. other than transporta.
283,741
2 ,6 4 6 ,2 2 2 17,076,223 13,947,505
363,265
1,606,218
1,549,152
3 ,318,849
3 ,080,393
3 ,0 0 9 ,4 8 8 18,682,442 15,496,657
2,46 2 ,4 9 9 17,328,740 13,327,436
N et operating revenue____
Uncollec. rev. from trans___
Express taxes..............................
238,455
1,608
44,289
546,988
1,199
43,763
192,657
502,025
Canadian E x p ress C o .—
T otal from transportation___
Express privileges— D r______
1916.
$
414,361
199,493
1915.
$
342,643
183,809
Revenue from transporta’n
Oper. other than transporta.
214.867
6,899
Total operating revenues.
Operating expenses_________
N et operating revenue____
Uncollec. rov. from trans. .
Express ta x e s ............................
Operating income__________
1,353.702
7 ,6 6 4
2 76,150
2 ,1 6 9 ,2 2 1
4,396
260,218
1.069,887
1 ,904,606
1916.
$
2,4 0 4 ,6 8 9
1 ,244,925
1915.
$
2 ,028,424
1,045,404
158,833
5,820
1,159,763
3 7 ,3 0 0
983,020
33,711
221,767
188,940
164,654
143.184
1.197,063
1,021,772
1,016,731
832,521
32,826
4 ,700
21,470
17
4,200
175,291
147
28,200
184,209
161
25,200
28,119
17,253
146,943
158,848
6
1915.
9
1915.
$
7 ,756,797
3 ,934,036
Revenue from tra n s p o rts . 1,069,337
Operations other than transp.
45,933
933,176
36,575
4 ,5 9 3 ,7 6 4
218,363
3 ,822,761
172,039
T otal operating revenues. 1,115.270
Operating expenses_________
816,538
969,752
664,323
4,81 2 ,1 2 8
3,78 1 ,8 7 2
3.99 4 ,8 0 0
3,226,481
N et operating revonuo____
Uncollectible rev. from trans.
Express t a x e s _____________ .
16,278
305,429
49
15.186
1.030,255
814
89,633
768,318
361
8 1 ,980
282,333
290,192
939,808
685,976
298,732
120
Its 1x to JJ€C. 31—
— JTii
u ly
1916.
$
1916.
S
5 .147,954
2,644,283
--- A bU JLfCb. o i ——
1915.
1916.
1915.
$
$
$
4,51 7 ,3 9 3 2 7 ,840.249 22,871,477
2 ,287,680 14,227,676 11,787,706
2,50 3 ,6 7 0
110,339
2,22 9 ,7 1 2 13,612,573 11,083,771
91,412
630,823
573,800
2,61 4 ,0 1 0
3,37 5 ,0 4 7
2 ,321,124 14,243,396 11,657,571
1,802,438 12,191,974 9 ,826,865
N et operating revenue____
Uncollec. rev. from trans___
Express taxes............... ..............
r^io co2
«8
8
£ C
GO
CO
00 **4
fr, /^
00
ttiC
O
l cZC
l [Z CO ”[£. /M
1 n
/S
I
‘P
*g oig
s-g
«■?.
I-g u ■£? e ■£ d ■£ u ■9
I1^
55 2
* 3
# 3 “ S ^ 3
* S
2\S
3
a
5 a2 - S !d >, £ >. £
>,
►■3 .* 3 S 3
3
££ «£
dd
^2
©H}4 cid
ooco rHco
© © © 00
d IO rHN- co
H4o
©o ©
S o © © 00 ©
7 s CI ©^
CO
rHCO ^ $
8
©d
25
%
9 ,291,583
4,69 7 ,8 1 8
CTJl -T
r
CO© —© o
^ ©
069
316
5 I
22
1916.
1915.
$
1,870,811
937,634
Oper. other than transporta.
CHMC ih
Vc5 » H
TS w o
342,324
1916.
Southern E x p ress C o .—
$
T otal from transportation.. 2 ,1 3 1 ,3 8 9
Express privileges— D r ______ 1,062,052
W ells Fargo & C o .— •
•«h
1916.
1915.
$
320,021
194,314
__
Total from transportation___.
Express privileges— D r _____ .
—M o n th o f D ecem ber — — J u ly 1 to D e c . 31—
Ti
^ CO
<o »o© »o o
<M*4*4 h N <N© S o KSS co
d rH cou- l 00
pHT
f< I S
^11* CO© co»o O o C
t^d
t*oo 00 ^ <M1-4 t-co 1-4 co"
O CO
<MIO
rH 9 ?
<o
»o £ • 8
t*. 1-4 o
—«CO oo<o
»Oco COo
co<o m
un‘0 Ci
S3 2 |
CO.CO
co
1-1CO
,2 2 1
i
266,085
228,507
546,899
447,204
Balance,
Surplus.
[Vol . 101
238.9 6 2
2,695
47,221
518,686
1,118
34,631
2 ,0 5 1 ,4 2 2
9,170
260,343
1,830,706
6,792
205,531
189.045
482,936
1,781,908
1,618,381
ELECTRIC RAILW AY AND PUBLIC U T ILITY COS.
Latest Gross E a rn in gs.
N a m e o f Road
or C om pa n y.
W eek or
M o n th .
Current
Y ea r.
Previous
Y ea r.
Adiron El Pow C orp . January . _ 154,151 138,841
Atlantic Shore R y ___ F ebruary..
22,040
21,081
cAur Elgin & Chic Ry January . _ 159,792 148,860
Bangor R y & Electric January . _
74,684
66,284
Baton Rouge Elec Co February _
18.822
17,150
Belt L R y Corp (N Y C ) January . .
57,747
65,731
Berkshire Street R y . February .
76,080
68,031
Brazilian Trac, L & P January . _ /72G6000 /6626000
Brock & Plym St R y . February _
7,714
7,282
B klyn Rap Tran Syst January . . 2439,469 2257,559
Capo Breton Elec Co February .
32,010
28,638
Cent M iss V El P rop. February .
24,306
23,182
Chattanooga R y & Et January . .
107,049 101,420
Cities Service C o ____ February . 1681,868 673,406
Clove Painesv & East February .
32,362
29,922
Clove Soutlnv & C o l. February _ 100,876
95,603
{(Columbia Gas & E l . February _ 1051,698 859.900
Columbus (Ga) El Co February .
80,987
64,622
Colum (O) R y , L & P January . . 337,571 297,417
C om 'w ’th P , R y & Lt February . 1530,735 1362,995
Connecticut C o _____ February .
720,688 681,372
Consum Pow (M ich ). February _ 460,279 386,734
Cum b Co (M e) P & L January . . 238.719 213.181
Dallas Electric C o ___ February. .
179,860 163,759
Dayton Pow & Light February . 167,247 132,690
a Detroit Edison____ February _ 1034,609 861,790
D etroit United Lines February . 1282,227 1113,845
D D E B & B att (Rec) January _ .
34,687
40,137
Duluth-Superior Trac February . 117,240 105,151
East St Louis & S u b . January .
292,607 229,368
Eastern Texas E l e c .. January . .
66,094
79,352
El Paso Electric C o . . February . 111,255
91,146
42d St M & St N Ave January . .
140,329 163,580
g Federal L t & T r a c .. February . 229,813 216,157
Galv-IIous Elec C o ._ Fobruary . 148,284 145,763
Grand Rapids R y C o J a n u a r y __ 113,108 105,817
Great W est Pow Syst January . . 341,685 321.414
Hagers'n & Fred R y . January . .
45,260
35,876
Harrisburg Railways February .
87.121
86.263
Havana El R y , L & I’ January . . 547,487 492.074
Honolulu R T & Land January .
57,984
50,243
r C o . February .
Houghton C o T
Tr
25.249
24,166
b Hudson & M a n h a t. February
497.800 472,259
'
“. 1057.527 1002,602
Illinois Traction____ " February
Interboro Rap T ran . February . 3240,154 3036,983
Jacksonville Trac Co February .
53.932
50,136
Keokuk Electric C o . February .
19,030
18,796
K ey W est Electric. . . February .
10,682
9,544
Lake Shore Elec R y . February . 120.32C 106,507
Lehigh Valley Transit Fobruary . 198,165 177,727
Lewist Aug & W aterv January . .
61,70.'
52,883
Long Island Electric. January -
16,258
15,834
Louisville R a ilw a y .. January . . 254,383 243,661
M ilw El Ry & Lt C o . January . .
687,65( 003,830
M llw L t. H t & Tr Co January . .
170,435 129,057
Monongahela Vail Tr January___ 195.675 124,041
Nashvillo R y & Light January . . 209.869 196.585
N e wp N & H R y G & E November
87.65
72,872
N Y C ity In terb oro.. January
61,707
61,247
N Y & Long Is la n d .. January . .
30,16.'
29,402
N Y & North S h oro.. January _ .
11,350
12,165
N Y & Queens C o ___ January . .
111,40
109.030
N ew York R ailw ays. January
997.075 1121.437
N Y & Stamford I ty . February _
23,885
22,358
N Y State R ailw ays. December
651.989 561.901
N Y W estches & Bost February .
39,600
30.414
North,ampton T r a c .. Fobruary .
15,812
14,490
N or Ohio Trac & L t . Fobruary . 483,866 304,153
N orth Texas Electric Fobruary . 158,578 141,880
Ocean Electric (L I ) . January . .
5,404
5,424
Pacific Gas & E le c .. January . . 1773,565 1762,713
Pacific L t & P C orp. . February . 254,174 244,473
a Paducah T r & Lt Co February .
25,550
25,618
Pensacola Electric Co Fobruary .
26,909
21,833
Phlla Rapid Transit. Fobruary . 2205,349 2036,106
Phila & Western R y . February .
33,726
36,003
Poi t (Ore) R y , L& PCo January . . 490,231 454,988
/i Puget Sd T r, L
r Sc
e- P
i January . .
g
787.870 669,593
g Republic R y & L t . . February . 357,646 310,459
Rhodo Island C o ____ Fobruary . 424,512 410,857
Richmond L t & R R .I January . .
31,982
28,235
J a n . 1 to latest date
Current
Year.
Previous
Y ea r.
t
151,151
44.942
159,792
74,684
39,26.8
57,747
158,121
/7 .2 6 6 .0 0 0
16,730
2,439,469
70,591
50,634
107,049
3,536.317
68,798
213,906
2,171,492
170,594
337,571
3.148,453
1,507,193
947.606
238.719
380,117
244,815
2,144,331
2 ,678.080
34,687
240,214
292.607
79,352
227,598
140,329
473,691
311,360
113,108
341,685
45,260
179,791
547,487
57.984
54,002
1,039,095
2,201.479
6,870,847
113.093
39,927
21.985
251,911
414.093
61,703
16,258
254,383
687,656
170,435
195,675
209.869
955,732
61,707
30,165
11,350
111,404
997,075
49,993
8 ,2 5 6 ,4 7 0
8 5 ,3 6 4
32,320
989,308
329,678
5,404
1,773,565
544,591
6 1,338
53,955
4 ,633,137
75,725
490,231
787.870
737,428
890,263
31,982
138,841
44,369
148,860
66,284
34,977
65,731
140,103
/ 6 , 626,000
15,358
2 ,257,559
62,758
48,812
101,420
1,336,949
60,823
198,908
1,776,772
136,569
297,417
2,770,547
1,382,878
786,392
213.184
336,891
271,164
1.747,799
2 ,285,430
40,137
210,008
229,368
66,094
196,429
163.580
441,700
302,202
105,817
321,414
35,876
172.580
492.074
50,243
49,002
967,819
2,036,603
6 ,230,727
103,183
39,522
18,822
219,877
363,303
52,883
15,834
243,661
603,830
129,057
124.041
196,585
834,411
61,247
29,402
12,165
109,030
1,121,437
4 6 ,465
7 ,2 6 4 ,6 7 5
78.184
30,734
739,539
292,508
5,424
1.762,713
510,639
53,071
45,769
4,1 9 0 ,0 8 6
69,792
454,988
669,593
628,774
839,073
28,235
Latest Gross E a rnin gs.
N a m e o f Road
or C om pa n y.
St Jos R y , L , II & P Santlago Elec Lt & Tr
Savannah Electric Co
Second Avenuo (Itec)
Southern Boulevard.
Southern Cal Edison.
Staton Isl’d Midland
Tam pa Electric C o . .
Third Avenuo_____
Twin C ity Rap Tran
Union R y Co of N Y C
Virginia R y & Power.
W ash Balt & A nnap.
Wostchestcr Electric.
Wostcliestor St R I l ._
W est Penn Power—
n W est Penn Trac Co
Yonkers Railroad—
York R ailw ays______
Youngstown & Ohio
W eek or
M o n th .
Current
Y ea r.
January . .
December
February .
January _ .
January . .
February .
January . .
February January . .
3d wk M ar
January _ .
February .
January . .
January . .
Fobruary .
February .
Fobruary .
January ._
January . .
Fobruary _
Previous
Y ea r.
135.783 123,276
45.901
57,814
60,396
(59,295
60,179
01.445
18,422
10,584
405,087 4 1 1 , 9 8 1
2 1 ,3 7 9
22,933
90,544
90,300
331,001 342,658
199,954 191,242
230,728 234,709
478,490 457.503
58,490
00,900
44,200
41,428
10,533
10,220
313,912 235,491
571,009 403,883
03,111
58,444
7 9,385
90,729
23,833
24,318
ANNUAL
J a n . 1 to latest date.
Current
Yea r.
Previous
Y ea r.
$
135,783
553.589
144,348
01,445
10,584
820,271
22,933
182,075
331,001
2,329,377
230,728
1,003,072
66,900
41 ,4 2 8
31,502
044,067
1,170,149
5S.444
90,729
49,000
$
123,276
478,222
120,531
00,179
18,422
831,070
21,379
177,249
342,058
2,2 1 2 ,3 5 5
234,709
946,344
58,490
4 4,260
34,021
472,867
941,904
03,111
7 9.385
49,381
c Theso figures are for oonsoli
b Represents income from all sources,
dated com pany. / Earnings now given in milreis. g Includes constituen
companies.
A nnual R eports. —
r a ilw a y a n d o th e r p u b lic u tilit y gross a n d n ot e arn in gs w ith
c h a rg es a n d su rp lu s ro p o rte d th is w e e k :
-G ross Ea rnin gs
Previous
Current
Y ea r.
Y ea r.
C om pa n ies.
.Jan
.Jan
.F o b
Jan 1 to Fob 2 8
v York T e l------------Jan 1 to Fob 2 8 -
.Jan
.Jan
.Jan
Feb
Jan 1 to Fob 2 8 .
Current
Year.
Previous
Yea r.
8
52,457
102,034
57,722
115,127
1,727,759
3,6 7 4 ,7 0 2
102,218
205,582
70,447
175,557
153,331
100,882
209,915
3
61,241
146,072
52,174
106,123
1,482,820
3,1 0 5 ,7 5 3
98,091
199,875
71,940
130,708
171,491
9 4,657
190,897
8
242,330
655,384
2 2 5 ,5t8
452,192
4,077,539
9,027,842
482,143
959.950
315,831
639,315
620,132
400,500
810,982
$
198,096
562,864
202,809
408,213
4 ,086,110
8 ,322,247
417,058
840.724
201,213
584.444
690,743
359,633
732,490
Gross
E a rn in gs.
Fixed C hgs.
N et
E a rn in gs. & Taxes.
1,282,227
1,113,845
2 ,078,080
2 ,285,430
D ot United Linos___ Fob ’ 17
'10
2 mos ’ 17
’ 10
-------N e t E a rn in gs -------
Gross
E a rn in gs.
357,011
349,290
799.404
741,840
N e t after
T a xes.
37,209
07,749
Pow C o .F o b 17
3 3,304
’ 10
01,264
454,302
12 mos ’ 17
814,173
’ 10
660,151
345,767
10,771
Olov Painosv & E a st-F ob '17
3 2,362
11,748
'10
29,922
25,074
2 mos ’ 17
08,798
24,341
'10
6 0,823
21,882
Clovo Southw & C ol-F ob ’ 17
100,870
35,477
’ 16
95,603
00,026
2 mos ’ 17
213,900
75.732
’ 16
198,908
81,507
Federal L t & T r a c ..F o b '17
229,813
72,442
’ 16
216,157
175,180
2 mos T 7
473,091
146,481
*16
441,700
33,137
Lako Shoro Elec R y .F o b ’ 17
120,320
2 9,818
’ 10
100,507
2 mos ' 17
68.799
251,915
’ 10
219,877
60,397
Pacific Gas & E le c ..F o b '17
40,007
10,057
(Arizona)
'10
34,000
11,888
12 mos ' 17
400,811
140,925
’ 10
309,290
110,004
71,013
Nor Ont Lt & P o w .-F o b ’ 17
54,653
'10
68,831
53,517
2 mos '17
140,511
113,151
’ 10
141,135
108,315
Western Union Tel (M archestlniatod)—
4 ,219,883
3 mos to M ar 31 17 17,132,187
’ 16 14,350,613 3 ,537,504
85,113
45,1 2 9
W est Va T r & E le c .-F e b ’ 17
82,401
4 2.800
480.997
12 m o s '17
986,855
452,299
*10
914,882
194,521
186,044
388,434
370,802
Fixed
Charges.
B a la n ce,
S u r p lu s.
s
z l9 7 ,4 3 0
*194,639
*469,503
*424,439
B alance,
S u rp lu s.
452,758
285,310
11,436
11.051
22,873
22,112
27.051
27,784
55,359
55,462
49,210
48,037
98,936
97,392
3 6,466
30,327
7 2,924
72,435
*5,407
*00,910
def 004
698
2,201
2,2 2 9
*dof5,692
*7,7 7 7
*5,442
*20,467
32,357
23,805
70,244
49,089
d ef3,329
def0,479
def4,125
6,0 3 8
90,031
89,851
22.780
2 2.780
4 5.500
4 5.500
*46,262
*36,387
31,873
30,737
67,591
62,755
.332,903
332,903
3,8 8 0 ,9 2 0
3,204,001
33 5 ,2 1 5
3 28,527
*155,270
*132,472
x After allowing for other income received.
New Y o rk S tree t R a ilw ays.
--------Gross E a rn in gs------ N e t E a rn in g s ------Roads.
Hudson & M an h attan , a-Jan
Intorboro R T (S u b ) .a .-J a n
Intorboro R T (E lo v ).a .J a n
Total Intorboro R T .a .J a n
Brooklyn Rap T r a n s .a .-J a n
Now York R a ilw a y .a — Jan
Bolt L i n o . . . a ....................... Jan
Socond A v o .a ....................... Jan
Third A v o .a --------------------- Jan
D ry Dock E II & B a tt.a .J a u
42d St M & S tbN A v o .a -J a n
N Y C I t y In to rb o r.a ------ Jan
Southern B o u lo v a r d .a .-J a n
Union R y of N Y C .a . - .J a n
Wostchostor E le c t .a -------Jan
Y o n k e r s .a ............................ - Jan
Long Island E le c t .a ------ Jan
N Y & Long Isl T r a c .a -.J a n
N Y & N orth S h o r o .a .--J a n
N Y & Queens C o .a ------ Jan
Ocean Eloctrlc (L I ) .a - - J a n
Richmond Lt & R R - a — Jan
Staton Isl M ld la n d .a — Jan
Currcnt
Year.
3
387,002
2,030,507
1,600,185
3 ,630,092
2,439,409
997,075
57,747
61,445
331,001
34,687
140,329
61,707
10,584
230,728
41,428
58.444
16,258
30.165
11,350
111,404
5,404
31,982
22,933
Previous
~
Y ea r.
S
343,162
1,772,133
1 ,4 1 1 ,0 1 0
3 ,183,743
2 ,257,559
1,121,438
65,731
06,179
342,658
40,137
168,580
6 1,247
18,422
234,769
4 4,266
63,111
15.834
29,402
12,105
109,030
5,424
28,235
21,379
C urrent
Year.
8
C213.004
1,241,232
082,412
1 .923,044
7 06,277
117.944
8,2 1 9
dof 5
135,204
dof 5,014
41,4 3 0
18,562
3,2 3 2
07,397
def 848
8,365
def 3 ,1 9 1
def 379
1,662
dof 18,780
dof 2,330
990
d cf5,814
Previous
Y ea r.
8
C187.747
1 ,1 2 7 ,2 8 4
6 3 5 ,0 5 1
1,7 6 2 ,3 3 5
7 2 1 ,0 0 5
3 2 8 ,0 4 6
17,706
11,675
133,212
3,1 3 2
09,819
23.791
5,847
57.134
11,808
15.043
dof 2,941
1,634
5,263
dof8,118
def 914
1,581
def 699
.i Met earnings hero given aro after deducting taxes,
c Other Income amounted to $80,408 In Jan. 1917, agst. $83,036 In 1910.
A n in d e x to a n n u a l re p o r ts o f s te a m
h a v e b e e n p u b lis h e d d u rin g th e p re c e d in g m o n th w ill b e
g iv e n o n th e la s t S a tu r d a y o f e a c h m o n t h .
T h is in d e x w ill
not in clu d e re p o r ts in th e issu e o f th e “ C h r o n ic le ” in w h ic h
it is p u b lis h e d .
of M a r . 3 1 .
T h e la t e s t in d e x w ill b e f o u n d in th e issu e
28.
T h e n e x t w ill a p p e a r in t h a t o f A p r il
Louisville & Nashville R ailroad.
( 6 6 //i A n n u a l Report— Y ea r en d in g D e c . 3 1
1 9 1 6 .)
T h e re p o r t sig n ed b y th e C h a ir m a n o f th e B o a r d , H .
W a l t e r s , a n d P re sid e n t M . H . S m it h , in c lu d in g a c o m p a r a tiv e
in c o m e a c c o u n t a n d b a la n c e s h e e t fo r tw o y e a r s w ill b e fo u n d
o n su b s e q u e n t p a g e s .
T h e fisc a l y e a r w ill h e re a fte r co rre
sp o n d w ith th e c a le n d a r y e a r , a g re e in g in th is r e s p e c t w ith
th e p e rio d fo r w h ich re p o rts m u s t n o w b e m a d e to th e I . S . C .
C o m m is s io n .— V . 1 0 4 , p . 1 2 6 4 .
N orthern P acific Railw ay Co.
( Report f o r Six M o n th s en d in g D e c . 3 1
1 9 1 6 .)
U n d e r d a te o f N o v . 2 4 1 9 1 6 th e I . S . C . C o m m is s io n o r
d ered c o m m o n carriers to m a k e a n n u a l re p o r ts th e r e a fte r
fo r th e y e a r e n d in g D e c . 3 1 in s te a d o f fo r th e y e a r e n d in g
J u n e 3 0 a s h e re to fo re .
I n co n s e q u e n c e th e r e o f y o u r b o a r d
h a s c h a n g e d th e fisca l y e a r to c o rr e sp o n d w ith th e c a le n d a r
^ G a l'
— o M o s . end . D e c . 31--------- Y ea rs ending D e c . 31—
1916.
1915.
1916.
1915.
Operating revenues____ $43,742 ,706 $39,400 ,653 $80,281 ,343 $66,992 ,429
Operating expenses____ 2 2 ,421,356
19,55o,490 4 3 ,2 3 2 ,2 7 8 3 6 ,100,207
N et revenue___
Taxes, & c________
.$21,321,410 $19,815 ,103 $37,0 4 9 ,0 0 5 $ 3 0,892 ,222
4 ,3 4 8 ,9 5 0
5 ,510,883
2 ,311,353
. 2,7 4 8 ,6 0 8
.$18,572,802 $17,533 ,810 $31,532,181 $26,543 ,273
$707,352
$532,839
$221,413
.
$187,582
2,5 3 9 ,7 7 6
2 ,690,478
1,176,244
. 1,205,943
Other rents_______
0,2 0 0 ,1 5 2
4 ,345,152
2,173,871
D ividend incom e*---------. 2,1 7 2 ,9 2 6
752,147
254,474
1 ,057,240
478,190
Inc. from socurs. & acctsi.
4 5,105
40,398
705
15,553
Miscellaneous in c o m e ...
.$ 2 2,032,990 $21,300 ,518 $40,2 0 4 ,2 8 8 $36,847 ,805
Gross in co m e ..
$126,576
$119,172
$65,833
$102,101
Hire of equipm ent---------.
505.055
623,490
294,867
321,131
Other rents_____________ .
12,331,069
12,320,907
6 ,103,499
. 6 ,155,154
Interest on debt x .
176,354
192,708
74,234
.
74,387
Miscellaneous____
17,360,000
17,300,000
8 ,680,000
Dividends (7 % p . a.) — . 8 ,680,000
S
A p p a la c h ia n
REPORTS
ra ilro a d s , str e e t r a ilw a y s a n d m is c e lla n e o u s c o m p a n ie s w h ic h
E lectric Railway and Other P ublic U tility Net E a r ^
in gs. — T h e fo llo w in g ta b lo g iv e s th e ro tu rn s o f ELEC t i t t y
1381
THE CHRONICLE
APR 7 1917.J
. $7,300,222
$6 ,0 8 2 ,0 8 5
$ 9 ,588,010
$ 6 ,288,150
♦Includes dividends on stock of Chicago Burl. & Quincy R R . owned by
this com pany, x Includes interest paid on this company s proportion of
joint bonds issued by this company and the Great Northern R y . C o ., se
cured by C . B . & Q . R R . capital stock as collateral.
GENERAL BALA N CE SH EET.
Dec . 31 ’ 1 6 . J'ne 3 0 ’ 1 6 .
s
s
Assets —
R o a d & e q u i p - - 4 8 9 ,4 5 0 ,9 3 4 4 8 8 ,9 3 4 ,7 9 5
I n v .i n a lfil.c o s .:
S t o c k s _______ 1 40 ,4 6 7 ,1 4 1 1 4 0 ,4 6 7 ,1 4 1
3 5 2 .6 7 5
2 5 ,4 3 0 ,7 7 5
B o n d s ________2 5
6 ,5 3 0 ,1 8 2
Notes_______
6 ,1 1 7 ,6 8 2
1 ,4 2 9 ,2 8 2
A d v a n c e s ____
1 ,3 1 7 ,0 6 5
2 5 ,0 0 0
O t h e r ln v e s t ’ t s .
2 5 ,0 0 0
2 ,4 4 4 ,9 7 4
M i s c .p h y s . p r o p .
2 .7 1 8 ,0 7 6
D c p o s . in lie u o f
3 ,8 4 7 ,8 9 0
m t g e . p r o p 't y
6 ,1 5 6 ,0 9 1
Cash................
23 ,2 4 5 ,2 2 1 1 8 ,3 0 5 ,3 2 3
4 2 ,5 3 3
5 5 ,4 4 6
L o a n s & b il ls r e c .
1 ,5 8 8 ,6 9 7
T r a f f i c , A c .. b a t e .
1 ,6 4 2 ,6 7 0
7 9 6 ,0 4 8
7 7 0 ,9 5 1
A g ts. & co n d u c.
6 ,5 8 8 .8 3 6
M a ter. & su p p .
7 ,3 9 9 ,9 0 6
3 ,6 9 1 ,0 8 6
M tsc. a cco u n ts .
3 ,5 7 4 ,5 8 2
3 0 9 ,0 5 3
1
1
0
,2
2
3
A c c r ’d in t ., & c .
1 ,8 3 1 ,0 0 6
S p e c ia l d e p o s i t s
1 ,9 6 5 ,9 4 9
5 ,8 0 3 ,2 0 6
In su ran ce fu n d .
5 ,8 0 3 ,2 0 6
2 8 9 ,1 6 2
U n a d J .,& c .,a c c t s .
3 9 1 ,2 3 3
Dec . 31 ’ 1 6 . J'ne 3 0 ’ 1 6 .
?
Liabilities
$
C a p i t a l s t o c k . . 2 4 8 000,000 2 4 S ,0 0 0 ,0 0 0
F u n d e d d e b t ___ 3 1 3 ,5 6 4 ,5 0 0 3 1 3 , 5 3 5 , 5 0 0
T r a ffie ,& c .,b a ls .
1 ,0 6 1 ,9 0 8
9 5 6 ,1 3 4
9 ,6 7 5 ,6 2 1
A ccts. & w a g e s.
8 ,4 0 4 ,5 3 4
M a t u r e d ln t .,
1 ,8 7 4 ,9 6 3
d i v s . , A c _____
2 ,0 1 7 ,6 5 7
M ls c . a cco u n ts .
5 2 0 ,0 2 8
7 S .5 1 9
U n m a tu r e d ln t .,
d iv s . & r e n ts .
4 ,8 5 9 , 4 3 8
4 ,8 4 9 ,6 4 8
T a x e s a ccru ed
2 .7 1 5 ,0 6 9
3 ,9 7 6 .7 7 7
( p a r t ly e s t . ) . .
1 7 9 ,8 1 2
1 8 0 ,3 0 1
D e fe r r e d l i a b l l s .
U n a d ju s . c r e d i t s 14 ,4 7 7 ,7 9 0
1 4 ,1 7 7 ,6 9 5
A c c r u e d d e p r c c . 15 ,0 3 4 ,2 4 9
1 4 , 7 4 8 ,7 6 8
6 1 8 ,0 2 9
O p er’g reserv es.
In su ra n ce & ca s
u a lt y re se rv e s
5 .8 0 3 ,2 0 6
5 ,8 0 3 , 2 0 6
A p p r o p . s u r p lu s
3 5 0 ,5 3 5
3 5 3 ,7 5 5
n o t sp ec. in v .
9 0 ,8 9 8 ,7 3 7
P r o f i t a n d lo s s .y O S ,2 5 2 ,6 0 4
Total ..............716,564,052 708,404,989
T o ta l.............. 716,564,052 708,404,989
y After adding M Iscell. items (net), $ 5 3 ,7 0 4 .— V . 103, p . 1008, 1588.
B uffalo
& Susquehanna
R ailroad
C orporation .
(3 rd A n n u a l Report— Y ea r ended D e c . 3 1 1 9 1 6 .)
P r e s id e n t E . R . D a r lo w , B u f f a lo , M a r c h 1 , w ro te in s u b s t .:
Results. — The year oponod with the company handling tho largest tonnage
of coal and coke in its history. After tho first two m onths a shortage o f
labor at tho mines and ovens restricted tho output; and a shortage o f box
cars and embargoes on shipments to points on other railroads also had the
effect of curtailing tho r e v e n u e from tho transportation o f freight, which,
however for the year was $140,937 more than in the previous year.
After the payment of int >ro-st on bonds in the sinking fund, the income
o f the year analieable to dividends was $ 6 08 ,55 1.
Dividends of 4 % on
tho preferred stork and of 5 % on the com m on stock, aggregating $31 0 ,0 0 0 ,
woro paid during the year.
.
Tho bituminous coal and coke traffic produced 7 6 .5 2 % of the total freight
revenue, and tho lumber traffic 5 .7 9 % .
Bituminous coal freight earnings
increased $191,649, or 2 3 .9 % ; coke earnings decreased $ 5 8,335 , or 2 1 .7 7 % ,
and lumber earnings decreased $3,4 9 0 , or 3 .6 9 % .
p ood . — .In June 1916 unprecedented floods washed about 5 4,000 feet of
roadway a depth of from two to f iftoen feet, carried away bridges, &c.
Noariy all permanent repairs were made during tho year.
During the in
terruption of freight service 1,058 cars wore detoured in our own trains over
other railroads.
Wellscille A B uffalo R R .— This road (formerly tho Buffalo & Susquehanna
Railway) was operated in connection with your property until June 1 1916,
after which the new owners took charge of it and operated it separately
until N ov. 17 1916, when, finding they could not run It except at a loss,
they closed it down and proceeded to dismantle it.
B onds, & c . — N o capital obligation was issuod during the year. Th e amount
o f tho Powhatan Coal & Ooko C o .’s mortgages. Pledged as collateral to the
1st M bonds, was reducod by the payment of $79,6 0 3 , which am ount, with
other accretions in tho sinking fund, was used to purchase $ 111 ,10 0 bonds.
A t tho close of the year $340,200 1st M . bonds were in the sinking fund;
$227 000 had been reacquired and were in tho corporation’s troasury in
anticipation of tho future requirements of tho sinking fund, and $ 6 ,3 9 1 ,8 0 0
were outstanding in tho hands of tho public.
Tem porary In vestm ents. — As will bo seen by the balance shoot, there was
temporarily invested in marketable securities at the close o f the year fo r
employment of surplus cash not needed in operations the sum of $61 9 ,2 0 0 .
1382
i n j i m
THE CHRONICLE
a a c ao u s t
for
Y E A R S E N D IN G
DECEM BER
COM BINED BALAN C E SHEET OF SUB SID IAItY
1916.
F r e i g h t r e v e n u e s ............... ................... .............S I . 5 7 2 , 2 2 5
P assen ger ro v e n u e .
7 6 ,4 4 5
M a il, ex p ress, A c .
3 0 ,0 1 6
1 ssets—
191° ‘
1915‘
P la n t & I n v e s t ’ t . 2 6 6 , 8 1 2 ,0 4 0 2 1 0 ,3 5 9 ,8 7 1
C o n tr a c t fo r c o n s t r u c t lo n fd s
...................
1 ,5 0 0 ,0 0 0
M a r k e t a b le s e c .
1 1 3 ,5 8 2
__________
S e c u r it ie s o w n e d
7 6 2 ,1 2 7
S in k in g f u n d s . .
8 0 2 ,4 5 7
5 0 2 ,2 0 5
S tores A s u p p . _
5 ,5 0 4 ,2 1 7
1 ,3 9 1 ,9 7 2
S p e c ia l d e p o s i t s
3 0 1 ,9 5 7
B ills A a c c o u n t s
r e c e i v a b l e ___
8 ,4 8 3 ,4 0 3
3 ,2 9 7 ,3 7 6
R o c e lv .fo r secu r
4 ,9 1 0 ,0 0 0
A d v . t o C it ie s
S e r v i c e C o ___
2 ,0 1 7 ,8 7 8
2 ,2 7 1 ,7 8 9
P r e p a id i n s u r . .
3 ,6 0 8 ,4 7 6
2 ,3 8 1 ,7 4 7
C a s h _____________
4 ,3 3 3 ,4 3 0
2 ,2 3 3 ,6 1 5
G a s w e ll d r illin g
In v estm en t . .
g 9 0 0 ,7 8 6
T o t a l o p e r a t i n g r e v e n u e s _____________
M a in te n a n c e o f w a y a n d s t r u c t u r e s ”
M a i n t e n a n c e o f e q u i p m e n t ............ ...........
T r a f f i c e x p e n s e s __________
T r a n s p o r ta tio n ex p en ses
G en era l
T o t a l o p e r a t i n g e x p e n s e s ____
N o t e a r n i n g s ..........................................................
T a x e s , & e ___________________________
$ 4 3 3 ,7 4 1
O p e r a t i n g i n c o m e ______________
H i r e o f e q u i p m e n t _______________
I n c o m e fr o m fu n d e d s e c u r itie s
O t h e r in c o m e
G r o s s i n c o m e _____________
P o n d i n t e r e s t ---------------------------------------------_ I
O t h e r i n t e r e s t , r e n t s , & c _____________ _
S i n k i n g , A c . , f u n d s ________ ____________
P r e fe r r e d d iv id e n d s
( 4 % ) ____
C o m m o n d iv id e n d s
( 5 % ) ......
B a l a n c e , s u r p l u s ..........................................
GENERAL
BALANCE
1916.
$
R o a d & e q u i p m 't . 9 ,9 5 6 , 3 7 0
S in k in g f u n d s ------3 4 0 ,3 4 8
S e c u r i t ic s ( p le d g e d ) x 2 ,9 0 3 ,5 0 9
S e e u r . ( u n p le d g e d )
T o m p . I n v e s t . In
s u r p lu s c a s h .
6 1 9 ,0 2 0
1 st M . b o n d s in
t r e a s u r y ______
2 2 7 ,0 0 0
E q u ip , o b i.
do
C a s h .............................
6 4 0 ,1 1 5
S p e c ia l d e p o s i t s . .
1 3 6 ,3 2 8
T r a ffic , & c ., b a l . .
8 6 ,5 1 2
A g e n t s A c o n d u c ’ rs
7 ,4 6 0
M a te ria ls & s u p p . y ll 7 ,1 8 5
M i s c e l l a n e o u s _____
1 0 9 ,0 2 6
D e f e r r e d I t e m s ___
1 9 ,9 9 8
U n a d ju s t e d d e b i t s
6 4 ,5 4 2
Assets—
T o t a l ......................1 5 ,2 2 7 ,4 2 0
1915.
$
1 0 ,1 1 0 ,6 6 0
2 2 9 ,7 6 1
2 ,9 3 3 ,1 1 3
4 1 9 ,8 1 1
..............
1 1 7 ,0 0 0
6 9 6 ,7 1 1
1 9 1 ,5 4 0
1 4 3 ,9 6 0
1 5 ,8 0 3
y 9 9 ,9 0 3
1 2 6 ,0 9 4
2 2 ,6 3 4
5 0 ,9 3 9
1 5 ,1 0 7 ,9 2 9
$ 2 6 1 ,’ 5 2 2
3 3 ,5 6 5
10 3 7 4
160 0 0 0
1 5 0 ,0 0 0
R r.
r 'r t l r o
1o f
A /f
$ 2 9 8 ,5 5 1
(Report fo r F iscal Y ear endin g D ec.
31.
1916.
§
C o m m o n s t o c k . . . 3 ,0 0 0 ,0 0 0
P r e fe r r e d s t o c k . . . 4 ,0 0 0 ,0 0 0
1st M . b o n d s ____ 7 .6 ,9 5 9 ,0 0 0
E q u ip m e n t o b l l g .
'I 'r a t f lc , A c . , b a l . .
V ou ch ers A w ages
M i s c e l l a n e o u s _____
l n t ., A c ., m a tu re d
A ccru ed in te r e s t ..
D e fe r r e d I t e m s ___
A c c r u e d t a x e s ____
O p e r a tin g reserv es
O th e r u n a d j. c r e d .
S in k , fu n d r e s ’ v e s .
P r o f i t a n d l o s s ___
T o t a l ......................1 5 ,2 2 7 ,4 2 0
on o
(
1 5 ,1 0 7 ,9 2 9
____ i
i
w
3 1 1 9 1 6 .)
C A P IT A L STOCK A N D FU N DE D DEBT SUB. COS. A S OF DEC. 3 1 1 9 1 6 .
Pref. Stock. Bonds Out.
„
,
Com. Slock.
O w n e d d i r e c t ly b y C i t ie s S e r v i c e C o ..................... 8 8 4 ,1 0 3 ,6 6 9
S e c u r it ie s o w n e d b y s u b - h o l d i n g c o m p a n i e s . . . 3 4 ,6 5 1 ,7 4 5
O u t s t a n d i n g in h a n d s o f p u b l i c ............. .. ...............
3 ,9 7 0 ,2 4 1
8 8 ,4 7 4 ,5 1 7 $ 1 0 ,2 9 6 ,8 9 9
5 8 2 ,5 0 0
16 9 6 3 4 0 0
4 ,5 7 6 ,1 0 8
8 l ’ l6 8 ’o51
T o t a l - - - - - - - - - ........................................................ $ 1 2 2 ,7 3 1 ,6 5 6 $ 1 3 ,6 3 3 ,1 2 5 $ 1 1 1 ,4 2 3 ,3 5 0
1 h e s e c u r it ie s o f o p e r a t i n g c o m p a n i e s w h ic h a r e o w n e d b y s u b -h o l d i n g c o m p a n i e s
a r e r e f e r r e d t o a b o v e a s i n t e r - c o m p a n y s e c u r it ie s ; a m o n g t h e s e a r o t h e T o l e d o
T r a c t i o n , L t . & P o w . C o . , E m p ir e G a s A F u e l C o . ( D e l .) ; D o m i n i o n G a s C o . , & c .
GENERAL STATISTICS DEC. 31 [Population Served, over 2 ,5 0 0 ,0 0 0 1 .
1915.
Artificial Gas—
1916.
1915.
S a le s in c u . f t . * ___ 2 ,8 0 5 ,9 8 4
2 ,1 9 0 ,8 1 2
2 4 - h r .c a p . ( c u . f t . ) *
1 7 ,5 2 5
1 2 ,9 3 0
C u s t o m e r s _________
9 3 ,7 4 4
7 2 ,7 1 4
M a in s (m ile s ) ,3 -in .
b a s i s ........................
1 ,6 2 0
1 ,2 6 1
P o p u la tio n s e r v e d .
9 5 2 ,0 0 0
7 2 7 ,0 0 0
Natural Gas—
G a s s o l d ( c u . f t . ) * . 4 8 ,6 5 1 ,4 6 0 3 9 ,1 9 0 ,3 1 0
O il p r o d . ( b b l s . ) _ . . 4 ,2 9 6 ,8 0 8
8 5 9 ,6 2 1
W e lls o w n e d ...........
3 ,3 6 5
1 ,7 7 8
G a s m a in s o w n ( m )
3 ,6 3 8
2 ,9 7 4
P o p u la tio n s e r v e d .
8 0 1 ,0 0 0
7 5 9 ,0 0 0
COM BINED INCOM E ACCOUNT OF ALL SUB. COS. FOR CA LE N D AR YEARS.
G r o s s e a r n i n g s ______________________________
O p e r a t i n g e x p e n s e s , t a x e s , A c ____________
1916.
1915.
1914.
. . $ 4 8 , 0 5 2 , 5 7 3 $ 2 2 ,6 5 6 ,0 7 9 $ 1 9 ,0 9 3 ,6 5 4
. . 2 8 ,9 0 8 ,6 4 6
1 3 ,1 8 2 ,5 5 3
1 1 ,5 7 7 ,5 8 2
N e t e a r n i n g s ...................................................................$ 1 9 ,1 4 3 ,9 2 7
I n t e r e s t c h a r g e s ................................................................. S 5 ,0 7 6 ,0 7 4
P r e f e r r e d d i v i d e n d s ............................................
056 670
$ 9 ,4 7 3 ,5 2 6
$3,462,600
6 5 4 ,3 5 0
S 7 ,5 1 6 ,0 7 2
$ 3 ,0 6 9 ,3 2 8
6 2 0 ,9 5 2
$ 5 ,3 5 6 ,0 7 6
$ 3 ,8 2 5 ,7 9 2
N e t f o r c o m m o n s t o e x x . ....................................... $ 1 3 ,4 1 1 ,1 8 3
[A s t o E m p ir e G a s A l u e l C o . w h ic h w a s a c q u ir e d In 1 9 1 6 a n d c o n t r ib u t e d la r g e ly
t o t h e in c r e a s e In e a r n in g s in t h a t y e a r s e e V . 1 0 3 , p . 1 0 3 4 , 1 1 2 6 ; V 1 01 p 3 6 5 ]
x I n c l u d e s p r o p o r t i o n t o s t o c k s n o t o w n e d b y C i t ie s S e r v i c o C o .
B A LA N C E SHEET J A N U A R Y 1 0 .
1917.
1916.
s
P la n t & I n v c s t ’ t . a 7 0 , 4 0 5 , 3 2 3 a 5 1 ,2 2 8 ,6 8 1
T re a s’y c o m .s t k .
do
(s t k .s u r p .)
6 ,1 4 0 ,0 5 2
S e c u r it ie s d u e o n
c o n t r a c t s ...........
1
E a r n s , d u o fr o m
s u b s id ia r y c o s . 1 4 ,2 1 3 ,0 9 7
8 ,7 2 5 ,9 8 4
A d v .t o s u b .c o s ..
6 ,9 6 1 ,5 3 1
2 ,8 9 2 ,9 0 8
B ills & a c c t s . r e c .
8 4 0 ,9 7 2
3 ,0 5 9 ,2 0 3
C o u p o n s r c c e l v ’ le
6 0 ,3 5 5
4 4 ,9 1 6
In te re st a n d d iv i
d e n d s r e c c i v ’ lo
1 ,1 4 8 ,3 5 0
3 7 1 ,7 7 7
F u n d s t o r e t ir e
n o t e s __________
2 4 0 ,8 0 8
P r e m iu m o n n o t e s
r e t ir e d ................
1 2 7 ,5 9 5
U n a i n o r t .d i s c .,& c
1 0 6 ,1 5 8
C a s h ______________
2 ,0 2 6 ,5 1 8
1 ,6 5 2 .6 4 0
Assets—
T o t a l ................... 1 0 2 ,1 6 4 ,6 0 3 0 8 ,0 8 2 ,2 6 9
1917.
1916.
Liabilities—
$
§
C o m m o n s t o c k . . 3 0 ,3 3 8 ,5 8 8 2 0 ,0 0 0 ,0 0 0
P r e fe r r e d s t o c k . . 5 7 ,7 2 8 ,3 3 6 2 6 ,1 6 8 ,4 2 6
C o n v .c o u p .n o t e s .
2 1 1 ,9 0 0
7 ,0 0 0 ,0 0 0
5 % c o n v .(le b e n t.
7 3 ,3 2 8
....................
................
4 ,2 9 2 ,4 0 0
P r e f .s t o c k s u b s c r
d o w a rra n ts.
6 ,5 0 3
2 ,3 5 5 ,0 0 3
C om .
do
___
5 ,7 0 3
1 ,3 2 3 ,6 2 1
B ills p a y a b le _____
1 5 ,0 0 2
A d v . f r o m s u b .c o s
2 ,0 3 6 ,4 4 1
2 ,2 7 1 ,5 7 0
S t o c k s u r p lu s ___
6 ,1 1 0 ,0 5 2
C o n tin g e n t U a b .
bl
A c c ts . p a y ., A c . .
3 1 3 ,5 2 9
A c c r d . ta xes, A c .
1 8 ,7 2 7
C o n tin g e n t fu n d .
7 4 3 ,3 4 6
2 9 6 ,3 4 4
S u r p lu s r e s e r v e . .
1 ,5 0 0 ,9 8 1
5 3 9 ,7 8 2
S u r p l u s ...................
3 ,0 1 7 ,1 6 3
3 ,8 2 0 ,1 2 1
Report fo r Fiscal Y ear endin g D ec.
1 7 ,0 2 3 ,5 8 9
31
1 9 1 0 .)
31
1 9 1 6 .)
G eorgia Railw ay & Power Co., A tlanta, Ga.
(
Report fo r F iscal Y ear ending Dec.
T o t a l ...................1 0 2 ,1 6 4 ,6 0 3 6 8 ,0 8 2 ,2 6 9
31
1 9 1 6 .)
T h e re p o r t sig n ed b y P r e s . P . S . A r k w r ig h t a n d C h a ir m a n
H . M . A tk in s o n a t A t l a n t a on M a r c h 1, s a y s in s u b s ta n c e ;
R esults.— A ft e r tho paym ent of operating expenses, taxes, rentals,
Interest and sinking funds, tho surplus for tho yoar amounted to $813 ,60 7.
Accum ulated D iv id en d s. — Out of tho total not surplus o f tho com pany,
aggregating $2,2 9 8 ,3 1 3 , the dividends which had accrued on tho first
preferred b % cumulative stock of tho company from Jan. 1 1913 to and
including D ec. 31 1916, aggregating 2 4 % , or $480 ,00 0, were declared by
the directors on Dec. 28 1916, payable Jan. 15 1917 to first preferred stockho dere o f record Jan. 5 1917, 3 % or $60,000 in cash, and tho balance or
ln non-interest boaring notes becoming duo l ' A % or $30,000 July 1
ibj<
ucl
ion _______ _
,
dividends. T h is decision necessitates U nrabandonm on^of0 thV 'plan of
issuing notes for the deferred installments o f these accrued dividends and
stockholders'('v °j(^j)m)e
method, duo notice o f which will be gtvon tho
Ronds. -As part paym ent on account of additions and improvements to
tho property o f tho Georgia R y. A Electric C o. during 1916 and such ex
penditures made during 1915 and not theretofore paid, $231,000 of that
company s Ref. A Im p. M tgo. bonds were issued, $190,000 being sold to
.m£ ilrso tT ? company on account of such expenditures, and tho remaining
$41,000 used in taking care of tho sinking fund requirements o f tho R ef A
Im p. M tgo. of G a. R y. A Electric C o.
N o te s Payable. — Plans have beon perfected whereby tho “ notes payable"
and debentures of the com pany, constituting its ontiro floating Indebted
ness, will be paid off during tho ensuing year. Tho recent sale of an
additional $500,000 1st A Ref. M tge. bonds was mentioned in V . 104, p. 256.
R ailw ay. — Tho company transported 6 6 ,520,050 passengers in 1916.
against 65,103,607 in 1915.
Strike. — On Sept. 30 1916 a strike was called by tho Am algamated Associa
tion o f Street A Electric Railway Employees o f America in an effort to
force tho motormen and conductors o f this company to Join such associa
tion. There was no question at issuo botwoon tho management and tho
employees o f the company— neithor wages, nor hours, nor conditions of
work. Tho strike was accompanied by rioting, boycotting and no less
than 33 separato instances of tho dynam iting o f passenger street cars
occurred. Only a small proportion of tho employees in tho transportation
department, howover, wero Induced or compelled to desert their employ
m ent, and within a few days after the strike began tho company was furnisliin8 substantially complete servico. On Jan. 1 1917 there were in servico
l,0o< motormen and conductors while tho normal requirements of tho
com pany’s service call for approximately 850 motormen and conductors
P ow er.— T h o Tallulah Falls development is ontirely completed and tho
books o f the Northern Contracting C o ., the agency which undertook to
construct It, were finally closed as of Dec. 31 1916. Tho Tallulah Falls
plant is an unqualified success. Since tho day tho first wheel started it
has operated continuously and perfectly. Tho estimated average capacity
o f this plant fixed by tho enginoors boforo it began operating w as 134,000.000
i
-hours per annum. Tho plant during tho year 19 lti actually generated
147,19/ ,600 k .w . hours, or more than 13,000,000 k.w . hours over tho average
rated capacity on which tho construction o f tho plant was based.
C o 's. A n n u a l Output in K ilow a tt H ours ( Tallulah Beina Fu lly Operated in MB)
K .w . hrs. generated
M o s . 1 9 1 3 . Y ea r 1914.
Year 1915.
Fear 1916.’
purchased
100.479,902 145,692,403 179,976.596 211,8 7 2 .6 3 8
I lie foregoing tablo shows tho business has increased since 1913 112%
1 lie company now owns or controls undeveloped water power sites
which, when fully developed, will Increase the total ultimate capacity o f
its plants to nearly, if not quite, one billion k .w . hours pur annum, or about
fivo timos tho output of 1916.
Contracts. — Tho now hydro-electric contracts signed during tho year 1916
amounted to over 2 3 ,000,000 k.w . hours, or 5 0 % more than signed in 1915
[See map and statement in "E lectric R y. Section,” pages 6 and 7].
’
R E S U L T S FO R T H E C A L E N D A R
YEAR.
[Georgia R y . A Power C o. and loascd and subsidiary companies.]
1916.
1915.
1914.
1913.
Gross earnings_________ $ 6 ,985,709 $ 6 ,507,657 $ 6 ,341,184 $ 5 ,350,995
Operating expenses____
3,4 1 2 ,9 0 7
3 ,268,350
3 ,323,727
2,687,672
N et oper. re v e n u e ...
Taxes____________ .’ ______
$3,542,742
465,813
$3,239,307
443,731
$3,017,457
434,347
$2,663,323
436,096
N et, after taxes,.____ $ 3 ,070,929
D iv . on treasury stock . 1
120,359
Miscellaneous incorno. i
$2,795,576
75,310
$ 2 ,583,110
5,718
[160,748
$2,227,227
41,168
62,459
$1,387,781
71,46.3
E x t in g u is h , o f d i s c o u n t .
13,068
Rental dividends_______
801,168
G a. R y. A Elec. sink, fd
92,612
Othor sinking funds____
17,590
$2,870,916
$1,384,027
7 3,069
12,585
801,168
90,303
17,590
$ 2 ,749,576
$ 1 ,236,527
60,111
8,466
801,168
85,343
17,590
$ 2 ,330,854
$822,884
16.340
Total deductions____ $2,383,681
Balance, surplus________
$813,607
$ 2 ,378,742
. $492,174
$ 2 ,209,206
$540,370
$1,73 5 ,9 8 8
$594,866
Interest on notes.......... ..
a P a r v a lu e o f s e c u r it ie s o w n e d :
B o n d s , $ 1 0 ,2 9 6 ,8 9 9 ; p r e f. s t o c k s , $ 8 ,4 7 4 5 1 7 c o m m o n s t o c k s , $ 8 4 ,1 0 3 ,6 6 9 .
b G u a r a n t e e o f th e C o n s o l. C i t ie s L t . P o w . A T r a c ’
C o . b o n d s , E m p ir e G a s A F u e l C o . b o n d s a n d t h o p r e f. s t o c k o f t h o S t . J o s e p h R y .'
L t ., H t . A P o w . C o .
T h e fu ll li a b i li t y o f t h e s o Issu e s In th e b a l a n c e s h e e t b e lo w .
1 ,3 5 4 ,1 7 4
1 ,2 2 0 ,8 3 6
O n a su b s e q u e n t p a g e w ill bo fo u n d a c o n s o lid a te d b a la n ce
s h e e t a n d in c o m e a c c o u n t for th o la te fisca l y e a r .
T h o re
m a rk s o f P re sid e n t C h a rle s A . S to n o in h is p re lim in a r y re
p o rt w ere p u b lish e d in V . 1 0 3 , p . 2 3 3 8 .— V . 1 0 4 , p . 1 2 6 5 .
O n s u b se q u e n t p ag es w ill bo fo u n d th e ro m a rk s o f P re sid e n t
H e n r y L . D o h e r ty in a d d itio n to th e 6 -y o a r c o m p a r a tiv e in
c o m e a c c o u n t o f C itie s S ervico C o ., th o c o n so lid a te d in c o m e
a c c o u n t, in c lu d in g a ll su b sid ia ry c o m p a n ie s fo r 1 9 1 6 , th o
b a la n c e sh e et o f th e C itie s S erv ic e C o . as o f J a n . 1 0 1 9 1 7 an d
th e c o n so lid a te d b a la n c e s h e e t, in c lu d in g su b sid ia ry c o m
p an ie s a s o f D e e . 3 1 1 9 1 6 .
* ( 0 0 0 ) T h r e e f ig u r e s o m it t e d .
2 ,8 8 7 ,9 1 5
American In tern ation al C orporation , New Y ork.
Cities Service Co., New Y ork.
1 0 4 ,9 4 2
382
772
5 2 5 ,0 0 0
2 ,4 8 2 ,1 9 0
1 ,3 2 7 ,3 6 8
2 9 7 ,2 6 0
2 1 3 ,8 1 2
T h e a n n u a l re p o rt fo r 1 9 1 6 , in c lu d in g th o ro m a rk s o f P re s i
d e n t G e o r g e P . T o b y , a n d the incorno a c c o u n ts a n d b a la n c e
sh e ets o f th e c o m p a n y p ro p e r a n d th o c o m p a n y a n d s u b s id i
a r y co m p a n ie s w ill b e fo u n d o n s u b s e q u e n t p a g e s .
1 he c o m p a r a tiv e ta b le s w ill b e p u b lis h e d a n o th e r w e e k .
— V . 102, p . 1436.
Liabilities —
(Sixth A n n u al Report— Y ear endin g D ec.
2 6 1 ,9 1 2
1 6 6 ,6 5 4
2 7 6 ,0 4 3
1 1 5 ,3 5 4
9 6 0 ,0 0 0
1915.
• S
9 6 ,7 7 1 ,6 3 7
1 1 ,4 9 7 ,0 2 5
8 8 ,1 1 8 ,8 9 6
Georgia Light, Power & Railways.
$ 2 2 2 ,7 2 2
flfO -O O P ;, -v. Includes salvage from abandoned proporty. z Includes in
1916 1st M . bonds outstanding, $6,3 9 1 ,8 0 0 ; in sinking fund, $ 3 4 0 ,2 0 0 , and
in treasury, $ 2 2 7 .0 0 0 .— V . 1Q4, p. 5 59.
’
Electric Properties—
1916.
K i l o w a t t h o u r s s o l d * . . 3 7 5 ,2 3 9
K . w .in s t a ile d c a p a c i t y
1 9 2 ,1 1 5
K . w s . c o n n e c t e d l o a d . 3 4 2 ,8 0 2
C u s t o m e r s ........................
1 3 5 ,3 3 2
P o p u l a t i o n s e r v e d ____ 1 ,1 3 0 ,4 7 0
Electric Railways—
P a s s e n g e r s * .....................
1 1 1 ,1 9 3
M i le s o f t r a c k ...................
382
N u m b e r o f c a r s ..............
819
P o p u l a t i o n s e r v e d _____ 5 5 2 , 0 0 0
1916.
s
C o m m o n s t o c k c l 2 2 , 7 3 1 ,6 5 6
P r e fe r r e d s t o c k . d l . 3 , 6 3 3 ,1 2 5
B o n d s e --------------1 1 1 ,4 2 8 ,3 5 0
D u e fr o m c o n
tra cts
s ln c o
l i q u i d a t e d ___
2 ,3 1 0 ,0 0 0
B ills p a y a b l e ___
9 ,1 4 0 ,3 6 5
A c c o u n t s p a y ’ Io 2 ,6 4 1 ,2 2 1
C u stom ers’ d e p .
3 7 0 ,2 1 9
S a la rie s A w a g e s
3 2 5 ,1 5 4
A d v . f r o m C it ie s
S e r v i c e C o ___
0 ,9 3 3 ,1 1 1
A c e r , l n t . , ta x e s ,
& c _____________
2 ,0 5 0 ,4 5 2
A c c r u e d d l v s ___
1,354,435
R e se rv e fo r b a d
d e b t s _________
2 1 2 ,8 9 5
O th er r e s e r v e ..
9 0 ,7 7 5
S u r p . A r e s e r v e . 2 6 ,1 2 6 ,4 7 0
T o t a l ...............2 9 9 ,3 4 8 ,2 2 7 2 2 3 ,2 0 0 ,7 0 3
c I n t e r - c o m p a n y s e c u r it ie s , b e in g o w n e d b y s u b - h o l d i n g c o m p a n i e s , $ 3 4 ,6 5 1 ,7 4 5
d I n t e r - c o m p a n y , $ 5 8 2 ,0 0 0 .
e I n t e r - c o m p a n y , $ 1 6 ,9 8 3 ,4 0 0 . A B e i n g a m o r t iz e d ;
— V . 1 0 4 , p. 1 1 4 o . 9 o l .
SHEET DECEM BER
oonn
C O M PA N IE S DEC. 3 1 .
Liabilities—
T o t a l ................ 2 9 9 ,3 4 8 ,2 2 7 2 2 3 ,2 0 0 ,7 0 3
x Includes in 1916 Addison A Susquehanna R R . stock, $100 ,00 0; W ollsvdlo Coudorsport & Pino Creek R R . stock, $ 6 2,700 , and bonds, $ 2 0 ,5 0 0 ;
P n w h n .t o n
Vol . 104,
801,168
83,000
12,590
1383
THE CHRONICLE
APR. 7 1917.]
B a ss-IIu cler Paint C o — In 1916 the N a t. Lead C o . purchased all o f the
capital stock of tho Bass-IIueter Paint C o . o f San Francisco, the second
largest manufacturers o f mixed paints and varnishes on tho Pacific C oast.
Its earnings during the first year o f our ownership have been satisfactory.
H a l f In terest iii W illia m s H a rvey & C o .. Ltd . ( T in Smelters) -— W e also
purchased one-half o f tho capital stock o f W illiam s Ilarvey & C o
L td .l
! the largest tin smelters in Europe, having two plants located at Liverpqo,
and H ayle Cornwall, England. The purchase contemplated tho erection
! o f a tin smelting plant in the U . S ., which will bo operated in connection
with the English com pany. A n American com pany has been incorporated
I under the corporate name W illiam s H arvey Corporation to transact the
; business in the United States.
„„
. ,,
,
I
The National Lead C o. expends over $ 1 0 ,0 0 0 ,0 0 0 a year in the purchase
1 o f tin. which it markets in the form of solder, type metals, tin pipe, babbitt
, metals and other articles. The com pany has for m any years smelted scrap
■ tin and tin drosses. W e have also experimented for several years with the
' smelting o f tin ores in the belief that the tin ores o f Bolivia, shipped through
j tho Panama Canal, should logically bo smelted m the U . S. for domestic
consumption. B y the arrangement above outlined we have acquired the
* N et assets turned over to the Georgia R y . & Power C o- b y t t o Georgia
best smelting talent in Europe and also an immediate connection with the
R y. & Elec. C o. in accordance with the t e r m s o f the I m s o . a Includes in tin ore producers on the west coast o f South Am erica.
„
.
Cinch E x p a n sion B olt .— During the year the com pany acquired 51% or
1910 notes payable. $1,12 5 ,7 4 7 ; ‘ '‘ ^ ^ ^ b l f o / 1^ 8 ^ 2; 5 5 9
payable>
<554,875 and dividends payable, 8480 .00 0.— V . 104, p. /o<*. oow
the stock o f Cinch Expansion B olt & Engineering C o. This consists of
an iron bolt held in place by lead wedges. Its use is increasing rapidly.
D ie -C a stin g s .— Our die-casting business, which caters to the demand for
Chevrolet M otor Co. of Delaware.
white metal alloys moulded into form ready for use, has increased so that
the large plant, built in Brooklyn in 1915, is already too sm all. Another
3 1 1 9 1 6 .)
larger building is now being constructed in Brooklyn in which to manu
C o m p t r o lle r R . E . B r ig g s , N . Y . , M a r 5 1 9 1 7 , s a y s in s u b : facture pressure die-castings made o f aluminum and its alloys. The H oyt
M etal C o. is constructing a large building for the die-casting department
Capital Stock . - T h e com pany, was Incorporated in D ela w a re o n S e f l . 2 3
at its St. Louis plant to take care o f the increasing business in the W est.
1 o?ripf h i , ^i^a m T h orf/od^ap ltal stock o^ $5,000 increased to $ 2 0 .GOO,000
Carter W h ile Lead C o .— The new plant at W est Pullm an, Chicago, is
Oct 2 2 % 1 5 . a^
1®1«' of which 3 0 4,004 ,800 was
nearly com pleted. It is the largest white lead corroding works in the world.
issued and ou tstan ^n g ^ t m ^ com p a n y owns the entire capital stock o f
U n ited States Cartridge C o .— 'Tho National Load C o . owns one-half o f the
Subsidiary
Chevrolet M otor C o. o f N . Y . , In c.,
capital stock of the United States Cartridge C o ., tho owners o f the other
half being for the most part the active managers o f the com pany who have
nbei
Co and^lhovrolet M o to r C o . o f B ay C ity .
i ° l ° d o Cho vi olet M o t 1__in'addition to its investment in subsidiary com acquired great technical skill by their long experience in the industry.
^l/Riiafed Cempam .
profit-sharing relations with the Chevrolet
It has, since our connection with it, commenced the manufacture o f loaded
!v’f \ , / c h o la d i n g com pany.^Chevrolet M otor C o. of Canada, L td . [see a shells [the “ Black Shell” ) for shotguns, the shot being manufactured by
M o t o r C o . of S t . ^ m i s .
M otor C o . of C a llf. t and Chevrolet
the United Lead C o . The sales of shotgun ammunition are increasing
I he lJ. S. Cartridge
M n t o ^ ^ o f Texas. ThoOperations o f the affiliated companies are super- and should increase much more rapidly in the future.
C o . obtained a number o f largo contracts for rifle ammunition
I t is bethe offices of the holding com pany, and its contracts with them
mcreaswTtho holdlmt company's income by 8710 038 for the fiscal year. • lioved that these will prove profitable. The com pany has declared no
TVearlv all of this additional income was received from only two of the dividends and no financial statem ent can bo made until its contracts are
affiliated companies, as Chevrolet M otor C o. of Calif, did not begin opera completed and the value o f equipment to manufacture on a large scale an
tions until August, and Chevrolet M otor C o. of Texas had not commenced . article for which there is only a temporary demand can be aeriniteiy a e _____ __ . . . .
: termined.
Stockholders .— The company has 6 .6 4 0 stockholders.
t 0 O th efseciiritics burned ?— The company owns the following stocks in other
31.
1915.
1916.
1916.
1915.
S
Liabilities
—
S
S
S
Assets —
,000,000
Construc'n, plant.42 ,859,947 42,407,709 First pref. stock.. 2,000,000 2 ,000,000
1 0 ,0 0 0 .0 0 0 10
2d
pref.
stock____
New construction
18,470 Common s to ck ...15,000,000 15 ,000,000
233,207
G ». R y .& E le c .
287,921 Mortgage bonds.. 13,204,500 12 ,950,000
370,293
Mnt’ls & supplies.
634,419
D e b e n t u r e s ........... 3 1 4 ,1 0 0
541,533
72S.652
Cash A accts. rcc.
179,053
234,497
14,784 Accounts payable.
10,959
Prepaid accounts.
515,074
352,139 Notes ,A c., payable® 1,809,564
453,889
Stocks and bonds.
465,679
*Ga.
Uy.
&
M
.
Co
465,679
264,836
383,305
llond discount...
490,102
353,918
50.000 Reserve accounts.
37.000
Treasury bonds..
28,288 Acer, fixed chges.
153,275
Suspense accounts
126,706
G
a
.R
y
.A
E
L
.
12;>,141
47.000
54.000
Sink, fund bonds,
34,485 Profit and loss------ 1,818,344 1 ,686,133
35,215
do trusteo-----T o ta l.................45,325,743 44,047,166
T o ta l__________45,325,743 44,047,166
G E O R G IA R A I L W A Y & P O W E R C O . B A L A N C E S H E E T D E C
(Report fo r F iscal Y ear ending Dec.
A^O^OOO^sh'aros General M otors C orp. com . [845,000,000 out o f $ 8 1,423 ,100
' ’
listed on N . Y . Stock Exchange.— Ed.l
106,000 shares United M otors C o r ^ c o m . [out of 1,200,000 shares, seo page
1,3,650 siiares Scripps-Booth Corp. com . [out o f 25,000 shares.— V . 103,
'
r) 1123*— E d.)
,
,
increase o f N e t A s s e ts .— The net assets of the company were increased
$73?722,088. O f this amount $65,014,300 represents Increase in stocks in
T n r r e a s ^ o f r$ 2 2 ° 1 4 0 A 0 0 in Surplus in Connection with Said A c q u isition s.
Fxrhango of 450,000 shares General M otors Corporation com .,
taken at * 1 3 C $ 6 0 ,300.000; for 434,000 shares Chevrolet
vfiitnr it, p a r 8100 $43,400 ,000 ; balance____________________ $16,900 ,000
Acquired in connection with the organization of United M otors
C orp., 1 0 6 , 0 0 0 shares at $ 4 5 . ----------------------------------------------------- 4 ,7 7 0 ,0 0 0
Acquirement o f Scripps-Booth common as per agreement,
11 9 0 0 shares at $ 4 2 ____________________________________________
a / U.'lUU
As’ido from transactions covering the acquirement of stocks, tho increase
in net assets was $8,707,788.
Increase in Real Estate, Plant and E qu ipm ent.
Real E s t .&
M a ch in ery
Buildings.
& E qu ip.
M ichigan___________________$1,338,232
137,239
Chevrolet— Now Y o rk _________________
Chevrolet— Bay C it y ___________________
273,933
Toledo— Chevrolet (loss prepayment
on contract, $ 1 5 0 ,0 0 0 )----------------------231,317
C h e v r o le t—
$689,307
120.446
239,062
Total.
$2,0 2 7 ,5 3 9
257,685
512,995
728,298
646,981
------------- N otincreaso_______ ___________________ $1,980,721
$1,695,796 $ 3,526,517
E a rn in gs .— The Chevrolet M otor C o. obtalnod its net earning! for tho
year from two sources, namely, earnings from productive operations, and
earnings from dividends received on stocks o f other corporations,
rhe net
earnings from operations for the year were $ 4,845,071.
lh o or:lgInal stock
issued for tho acquirement o f property employed i n s t r u c t i v e op eration
was $ 19,754 ,800 , and the net earnings for the year show a retu rn of 24.. 2 %
on this am ount. Dividends received from stocks in other corporations
amounted to $2,25 0 ,0 0 0 , and represent a return o f 5 .1 8 % on $ 4 3 ,400 ,000
capital stock issued in exchange therefor.
m n ,»
Safes.— Sales o f cars for tho year 1916 were 69,683, o f which 50,048 were
from subsidiary and 19,635 from affiliated companies. Carsi sold lot 't h e
year 1915 wero 13,530, of which 13.224 were from subsidiary, and 3OT fLom
affiliated romnanies. This represents an increaso of 4 1 5 % In number or
cars sold. The volumo of salos, including affiliated companies, for the year
1916 was $ 33,970 ,356 , against $7,499,508 for 1915, an Increase o f 353% •
C apital E xpen ditu re .— The Chevrolet M otor C o. expended during the year
$3 013 522 for new construction and improvements, nearly all o f which
represents expenditures in preparation for future production. Th e above
expenditure was made entirely from revenue received from operations.
General .— Tho company has no prof, stock and no funded debt.
The
ratio of liquid assets (cash, drafts outstanding and securities at m arket),
l«w indebtedness is 1 0 6 .4 5 % to capital stock outstanding.
Factory Floor Space Occupied. 40-94 A c r e s— N o . o f E m p lo yees, 6,5 0 9 .
R E S U L T S FO R C A L E N D A R
1916.
N et earnings______________$2,977,699
Dividend on pref. (7% ) - $1,705,732
Dividend on co m m o n .. (4% ) 826,216
Surplus ________
Previous surplus________
1914.
$2,4 7 6 ,2 9 2
$ 1 ,705,732
(3)619,662
1913.
$2,458,306
$ 1 ,705,732
(3)619,662
$385,132
5,3 5 2 ,2 3 0
$150,898
5,20 1 ,3 3 2
$132,912
5,06 8 .4 2 0
$445,751
5,737,362
Remaining surplus___ $ 6 ,183,113
YEARS.
1915.
$ 2,710,526
$1,7 0 5 ,7 3 2
(3)619,662
$ 5 ,7 3 7 ,3 6 2
$ 5 ,3 5 2 ,2 3 0
$ 5 ,201,332
G E N E R A L B A L A N C E S H E E T D E C . 31.
1915.
1916.
1915.
1916.
S
S
L ia b ilitie s5
Assets—
S
Plant lnvestment.23,S05,234 23,785,822 Com m on stock — 20,655,400 20,655,400
Other invest'ts..a17,980,307 17,520.916 Preferred stock.. 24,367,600 24,367,600
Stock on h a n d ... 7,320,170 6,267,772 Accts. payable.. 2,057,788 1,298,608
Cash in bank......... 1,283.520 1,635,324 Insurance fund. . 1,200.000 1,100,000
200,000
300.000
Customers' accts. 3,813.625 2,854,136 Metal reserve-----100.000
400.000
545.000 Plant reserve------Adv. to sub. cos..
836,045
850.000 Surplus..... ............ 6,183,113 5.737,362
Other notes recclv.
125,000
T o ta l........... ...55,163,901 53,458,970
T o ta l..................55,163,901 53,458,970
a Other investments in 1916 ($17,980,307) Include stocks and bonds o f
insurance fund. $ 1 ,0 0 0 ,0 0 0 : stocks o f companies not entirely owned by
National Load C o ., $ 2 ,1 2 4 ,7 5 2 , and stocks and bonds o f sub-companie6,
$ 1 4 .8 5 5 ,5 5 4 .— V . 104, p. 1268.
U nited Cigar Stores Co. o f America.
(Report fo r F iscal Y ear endin g D ec.
Calendar Yea r —
1916.
3 1 1 9 1 6 .)
1915.
1914.
1913.
D abfoena ^ s c h a r ^ ) elV‘ $ 2,892,073 $2,404,471 $ 2 ,241,784 $2,1 7 1 ,5 1 6
Pref d iv w ln te
"
$316 890
$316 ,89 0
$316,890
5316,890
Common dividends-1 ( 7 % ) 1?90 i ,340(6 lA ) 1765530(6) 1 ,629,720(5 M ) 1493910
Balance, surplus..........
$673,843
$322,051
$295,174
$360,716
B A L A N C E S H E E T D E C . 31.
1915.
1916.
5
S
Assets—
Stocks and bonds
in other c o s . .. .29,995,242 29,995.341
Cash and demand
___
loans (secured).
1,298,090 2,284,933
Adv. to sub. cos..
2,800,000 967,000
Short-term notes.
385,231 529,072
Accts. receivable.
10.912
12,291
1916.
1915.
Liabilities—
S
5
Common s t o c k ...27,162,000 27,162,000
Preferred s to c k ... 4,527,000 4,527,000
Accounts payable,
provisions, & c ..
01,140
34,144
Surplus.................. 2,739,335 2,065,492
T o ta l....... .......... 34,489.475 33,788,636
— 'V. 104, p. 1270. 368.
T o ta l..................34,489,475 33,788,636
tho consolidated Income account and balance sheet for the late fiscal
year, seo V . 104, p . 949-1
Y F or
American Chicle Com pany.
(Report fo r F iscal Y ear en din g D ec.
N ational Lead Co., New Y ork.
IR eport fo r Fiscal Y ear ending D ec.
3 1 1 9 1 6 .)
P re sid e n t E d w a r d J . C o rn ish s a y s in s u b s ta n c e :
D iv id e n d s .— Tho abnormally high prices o f raw metals and greatly in
creased manufacturing expenses, including wages, present problems for
the futuro that aro receiving serious consideration. In this connection it is
proper to say that the National Lead C o ., \yith its greatly dlvorsitieci intorests built up to supply tho ordinary wants o f tho peoplo of the United
States, gains more by peace than by war evon from the narrow viewpoint
° frFhefcarnings for 1916 have been sufficient to pa y the dividends on tho
preferred and common stock (increased to 4% ) , add $500 ,0 0 0 to the reserve
funds and put $145,751 to tho surplus. Prudenco requires that the com
pany should keep itself financially strong until tho difficulties and losses,
if any, attending tho readjustment to normal conditions after the war aro
more definitely known. Therefore the dividend rate on tho common
stock lias not been further Increased.
,
25th A n n iv e rsa r y — Sta tus .— On D ec. 5 1916 tlio company finished the
first quarter century o f its existence, and on D ec. 15 it paid tho 100th divi
dend on its preferred stock.
Dividends on tho common stock wero quite
Irregular for m any years but since 1910 havo been paid at tho rate of 3%
ner ann. until increased to 4% per aim . in 1916. Extensive im provements,
amounting ofttimes to reconstruction, have been made at nearly all of
the branches and paid for out o f profits. M uch important and expensive
tmw construction remains to bo dono and will probably be commenced
during the present year. A ll o f tho subsidiary'companies aro In a xirosnorous condition. Tho company has gradually expanded its manufacturing
operations until now white lead, red Toad and litharge, while still very im
portant aro by no means the all-im portant factors they once were.
W h ite Lead — The tonnago o f white lead sold was the lowest in many
vears duo in part perhaps to the activity o f competitors but chiefly to the
checking o f consumption by the high prices, not only o f white lead but of
linseed oil and everything entering Into tho cost o f painting. Including wages.
Th e relative loss o f profits in tills department has boon offset by the profits
in other departments.
3 1 1 9 1 6 .)
T h e re m a rk s o f C h a ir m a n T h o s . A d a m s a n d P re s id e n t
D a r w in I t . J a m e s J r . w ill b e c ite d a n o th e r w e e k .
IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C E M B E R 31
191G.
1915.
1916.
191
Gross profits................. $727,527 5548.934 Pref. dividends (6% ).$180,000 $180,000
Common dividends__ 120,000 920,000
Int. on Sen-Sen Chic
do rate per cen t.. (1J4%) (1114%)
let Co. bonds______ 134,776 13a,165
Balance, sur. ordef.sr.$267,445d$686,231
onrorrition
£3
- ____- uaiouvc,oui.
\*v*-«* .v»«>»*
Depreciation________
25,306
The profit and Iosifsurplus Dec. 31 1916, after adding previous surplus $131,609
(after adjustments) and deducting $45,000 prof. div. paid Jan. 2 1917 and $5a,008
charged against surplus covering capital. Ac., Interns not charged against operations
of 4916, which should have been charged prior to 1916, was $299,046.
B A L A N C E SH E E T D EC E M B E R 31.
1916.
Assets—
S
1915.
S
1916.
Liabilities—
%
Preferred stock__ 3,000,000
Land,
buildings,
machinery, &c. 1,440,269 1,156,408 Common stock— 8,000,000
Bonded debt_____ 2,288,000
Trade-marks .good
985,486
will, Ac_______ 8,155,897 8.155,897 Notes A accts. pay.
45,000
Inventories___'— 1,915,628 1,774,741 Dividends payable
Reserve
for
taxes,
Advances for pur
deprec’n, Ac—
88,556
chase of material 851,038
--------Surplus...............
299,046
Notes A accts. rec.600,9691 2,688.494
Cash_____________
297.108/
Stocks and bonds! 1,369,491/
-----
Treasury stock.. f
l
46.97a
Miscellaneous-----75.686
......... Total .............14,7 0 6 ,0 8 9 13.822,516
— V. 104, p. 258.
1915.
S
3.000.
8.000.
2,361,750
321,340
9,017
130,409
T o ta l..................14,706,089 13,822,516
000
000
1384
THE CHRONICLE
Tho W hite M otor Co., Cleveland, Ohio.
(F irst A n n u a l Report— Y ear endin g D ec. 3 1
1 9 1 6 .)
P r e s . W i n d s o r T . W h i t e , C le v e la n d , M a r . 1 5 , s a y s in s u b s t .:
ass? ^ " f,tho c o m P 'W and Its subsidiaries havo been Increased
thm yearJ .9 1 6 b/ 3610.202, principally ( 1 ) additional land for tho
factory, (2 ) erection o f a new factory building, affording about 1 1 1 , 0 0 0
?<?• f t - j^ d itlo n a l manufacturing space; (3) payments on tho now sales build
ing at tho northwest corner of Park A vo. and 57th S t ., N . Y . C ity; (4) addi
tions o f machinery and eaulpment.
Purchaso money obligations of $215,000 were paid as they became duo.
. I ,*)0 Inventory was taken as of D ec. 31 upon tho basis o f tho averago cost
_
l° 5C? mpan^ during 1916. which was less than tho cost based on prices
curront for material and labor at Doc. 31 1916. On account of tho high
prices governing both labor and material during 1916, tho directors set aside
asr a special reserve $740,000 to reduce tho value of this inventory to tho
Dasis or D ec. ol 1915.
lh o profits for tho year, after deducting tho abovo Inventory special
reserve, amounted to $3,7 0 1 ,0 4 1 , and after paying dividends ( 7 K % )
leaves a balance carried to surplus account of $ 2 ,5 4 1 ,0 4 1 . Tho year was
characterized by a largo increase in our domestic business and up to the
present tim e the sales continuo to show a very satisfactory growth.
lh o railroad congestion and the com pany’s consequent inability to mako
delivery of a largo number of completed cars, materially reduced tho profits
and Increased tho Inventory during tho last two months o f tho year, and this
serious situation has continued up to tho present tim e.
C O M B I N E D S U R P L U S A C C O U N T Y E A R E N D I N G D E C . 31 1916.
N et earnings after deducting manufacturing, selling, service and
administrative expenses__________________________________ _
c.i ncy q9 7
Add other Income, incl. cash discounts, dlvs. on Investments",~&cl
’354,014
$ 4 441 o il
Profit for tho year ending D ec. 31 1 9 1 6 . . . ...............
D educt— Reserve set aside to reduco value o f Inventory to" value
based on prices current Dec. 31 1 9 1 5 -............... ..................
_
740 0 0 0
Dividends paid during year, amounting to 7 H % _________________ 1 ,160^000
Surplus for year end. D ec. 31 1916, as per balance sheet_______ $2,541,041
C O M B I N E D B A L A N C E S H E E T D E C . 31 ( Total each side $21,206,781)
Real e s t . , b ld g s. , mach .,
--------------- -$ 4 ,0 1 6 ,4 9 1
Good-will, patents, m od
els, trade-marks, & c___ 5,388,910
Inventories.............................. 6,835.176
Accounts receivable........... 1,809,621
Bills receivable. ................. .. 1,011,696
--------------------- . . 1 ,988,379
Cash
126,507
Deferred charges............. ..
— V . 103, p . 1979.
Capital stock (par $ 5 0 ) . .$ 1 6 ,0 0 0 ,0 0 0
Purchaso money obliga’ns
175,000
Acc’ts payable & pay-rolls
952,750
Deposits on cars__________
147,047
Accrued liabilities________
479,469
Reserve for depreciation. _
1 7 1 ,4 7 3
Roservo to reduco value of
Inventory to value based
on prices current at Dec.
31 1915— ...................
740,000
Surplus as above............. .. 2,541,041
V acuum Oil Co., R ochester, N. Y.
(Report fo r F iscal Y ear endin g D ec.
3 1 1 9 1 6 .)
S e c r e ta r y W e n d e ll M . S m it h , R o c h e s te r , N . Y . , A p r il 3
s a y s in s u b s ta n c e :
After charging off $161,831 for Insurance reserve, the profits for tho year 1916
amount to $9,221,937 (against 50,861,913 for 1915). Expenditures for refinery and
other construction, payments for ships previously contracted and increased pay
ments for merchandise and material (duo to higher costs) havo made cash require
ments abnormally largo during the year.
1
A regular dividend of 3% and an extra dividend of 2% are declared, payable
M ay 15 to holders of record M ay 1 1 9 1 7 .
’ v 1
R ESU LTS FOR C A L E N D A R YE A R S .
. . .
...
1916.
1915.
1914.
a Net profits......... .............. ............ 59,221,937 S6,861,913 S2,075,643
Company’s proportion of profits of
foreign market companies......... ..................... Not reported------------------
1913.
S3,375 7 7 4
'
1,457,156
............................................. 89,221,937 86,861,913 $2,075,643
Dividends------------- ----------------(8%)1,200,000 (8)1,200,000 (8)1,200,000
$4,832,930
(6)900,000
SlOMOS^n0! ^ 1K B o T u n b ? 161'*31 *“ 1910 “
« 124’381 >“ 1915’
Dividend Record Since 1911.
Previous 1911.1912.
M a ylS to Oct. 14. T 5 . M a y Oct. M a y
to 1911. (ann.)
(semi’annual.) (s.a )
TO. TO. T7.
Regular dlvs------ /Irregular) 6 %
6%
............3 % .
6%
3% 3% 3%
...............
2% z2%
v
-zv
Extra dividends.)Intervals)
...
2%
703 h7 7 U Ck
lnCreaSerl ln 1 9 1 2 from 52,500,000 to sYs'.OCO.OOO (V 94","p. 491
B A L A N C E S H EET D EC EM B ER 31.
1916.
1915.
$
$
Real C3t.,plant,&C.10,171,581 4,816,904
Stocks of foreign
Vacuum Oil cos. 14,243,326 14,252,584
Stocks of other cos.
14,534
13,587
Gov’t securities..
15,923
15,923
Mdse. & materials 13,718,262 8,845,741
Accts. receivable *18,534,903*10,645,979
Cash....... .................
841,619 x6,333,490
Assets—
1 otal
..................57,540,149 44,924,217
1916.
1915.
Liabilities—
$
5
Capital stock------ 15,000,000 15,000,000
Duo foreign Vac
uum Oil cos------ 3,110,845 4,384,685
Sundry accts. and
bills payable... 6,926,801 1,223,800
Insurance reserve.
491,957
3 2 7 ,1 2 6
Surplus.................. 32,010,543 23,988,600
T o ta l................ .57,540,149 44,924,217
* Includes $12,794,692 due from foreign Vacuum Oil companies
In 1915 short term securities.— V. 102, p. 1434.
x Includes also
Lake Superior C orporation.
(In terim Report D ated M arch
1 0 1 9 1 7 .)
S e c re ta ry A le x . T a y lo r , T o r o n t o , M a r . 1 0 , w ro te in s u b s t .:
i n i S 1^ f e/ v ^ So Y Th0oS -?y iou,1,.ropoi't covered tho 4 m onths’ period end4 months*’ ^pcHod^ei’uPing F e l . 28
r° P° rfc D° W Pr0sented covers a fllrther
A lg o m a Steel C orpora tion . — For the eight months ending Feb 28 there
weroprodueed ,167,000 tons of finished material. Production did not come
t Imtin expoctatlons’ due to conditions beyond control, such as delay in obta nh ^ in t ^ T T n lte n ^ t
S thrf f h tho extraordinary railway situation obtainln.,, in: thc United States.
There are stdl very srelous difficulties on this
score, but it is hoped that conditions will improve quickly because of tho
ent affected °f th° Steel plant llpou supplios from sources which are at pres'!’,b f output is sold up for tho current year. Tho unfilled orders on hand
co
n ac?tv°PrF
i appr,
o xl ' T tely
411A000 of
tpns
t^aid
to is
beincluded
much above
co. ^cV
s capacity.—
Ed
dn
.).
A certain
proportion
steel
rails
but
a substantial part of tlio tonnage is for munitions purposes.
Your directhitio ns ari)V muier ' w a y resp0Ct of 1918 h ^ n e s s , PaltEough ce^ain nogo. 9 j10 f*r.®t o f tll° two pcw 75-ton open hearth furnaces is now producing
s s t f s i
f~ " ‘ * " ■“
due as o n ^ ^ r c h '^ h a v o 1been*1p^id'of^*6 satisfa c t o r y -t h e $ 2 ,500,000 notes
A lg o m a Central R g.— 'T ho receivership was duly terminated and the new
,.)Pard IsPOVV ,n control.
The railway earnings for the seven months ending
Ja,nV 31;1how ,a s u r p l!s available for interest and depreciation of $332 860.
a
bayo arisen between tho Lake Suporior Corporation and rjio
Algom a Central R y. Bondholders’ Com m itteeo, tho latter having made
certain demands upon tho Lake Suporior Corporation. Negotiations are
ran4, f ls) 10ped that a satisfactory settlement will bo arrived at.
Eastern R g.— For eight months ending Feb. 28 la s t" the earnings
3 2 “ deducting interest and rental charges, but without any allownaco for
depreciation, show a shortage of $9,0 9 5 . Tho rigorous winter has addwl
considerably to tho difficulties of railway operations, with tho result that
[Vol . 104.
earnings have not Improvod as contemplated, notwithstanding that certain
ftXis bnnpr?Hvntf / lafSH eerli supRIi<)(1- A s was foroshadowned in last rojiort.
itJ ,n I'hr.ativo that the financial position of tho Algoma Eastern should be
dealt with, especially in reforonco to tho necessity o f finding moro cquipS thn i « n ? f
f ,ur^hor capital oxpondituro. Efforts so far to dispose
o f tho land grant lands havo failed on account o f tho fact that pulp wood
shipped from those lands in an unmanufactured stato. PEvory
effort is being put forward to deal with the situation satisfactorily.
t
'IT 0 ," accopnt o f tho serious demands for boats of all doscrip’ ■ “ V3
s - Valcartler— approximately 6 , 0 0 0 tons— has boon acquired
niirai?," i ,c? ? ' ? ;inj[ if° rV10,* f°o the purpose, tho stock in which company is
2 2 4 l ° y *1Lci by tbe L aho Superior Corporation. Comparo V . 103, p .
In gersoll-R and Com pany.
(Report fo r F iscal Y ear endin g D ec.
IN C O M E A C C O U N T FOR
31
1 9 1 6 .)
D E C E M B E R 31.
Y E A R S E N D IN G
1913.
Earns, before chg. dep r. $71,925-, 156 $5l,459,'884 $1*967,723 $ ,017,900
Depreciation...................... __________________________________________
*619,539
647,807
7 ]4 !6 1 9
595,712
N et earns, for year___ § 7 ,305,616 $4,81 2 ,0 7 7 $1,25 3 ,1 0 4 $1,422,188
Interest on bonds_______
$50,000
$ 75,000
$100 ,00 0
$100,000
Prem. on bds. redeemed
----------5 0,000
______
D iv . on prof, stock (6 % )
151,518
151,518
151.518
151" 618
Com m on (cash) d lvs___
(x)
c(50)471 9090 (15)1270080 y(5 )4 2 3 ,4 7 0
Spocial rcservo for pat
ents and licenses______
28,000
5 ,0 0 0
Balance, surplus..2sur.$7,1 0 4,098d o f.$183 ,531 d o f.$290 , 494sur.8742.200
* Includes depreciation sot up as reserve against capital assets. $290 600
and depreciation applied directly to reduction o f capital assets $319 849.
of uvfc COT M ° n dividend has yet boon declared in 1917 out o f tho earnings'
of 1916.
1 his paymont is usually mado at tho end of April.
y (hero was also paid a com . (stock) div. of 2 5 % ($1,693,875) M a y 1913
stw ik^^Seo*foot-note * ( $ ^ 0 ™ ° ' °
d i v i d e n d s 'V ^ n S
c Thoro was also paid a com . (stock) div. of 2 0 % ($1,693,880) Apr. 1916.
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.
Assets—
Real estate______
Water supply____
Buildings________
Machinery______
Tools and Jigs____
Patterns and dies.
Drawings________
Furniture & flxt’s.
Pats., licenses, &c.
Invest.In mfg.cos.,
Incl.treas.secur.
Materials, & c ____
Acc’ ts receivable.
Bills receivable___
Marketable secur.
Agents’ cash bals.
Cash at bank_____
Def. digs, to Inc..
Total .
1916.
$
219,036
163.191
2,750,473
4,026,7S8
676,569
318,837
179,803
307,265
683,000
1915.
S
187,401
163,133
2,121,499
3,648,419
659,77.
303,395
173,566
239,956
683,000
1,879,630
7,317,941
4,634,751
92,959
a591,414
48,024
3,889,513
162,777
1,622,850
5,533,580
3,107,751
141,607
a630,190
50,211
4,081,163
205,056
...2 8 ,5 4 2 ,0 0 1 23,552,559
1916.
1915.
Liabilities—
S
S
Preferred stock
2 ,525,500 2,525,500
Common stock
10 ,900,035 8,469,400
1st M . bonds_____ 1 ,000,000 1,000,000
Accounts payable. 2 ,613,412 1,492,851
Bills payablo to as
sociated cos____
140.000
Bond lnt. accr’d . .
25,000
25,000
Pref. stock divi
dend Jan. 1____
75,759
75,759
Deprec. reserve.. 3 ,45G,8S6 3,157.195
Pat., &c., reserve.
683,006
683.000
Deprcc’n In foreign
exchange______
150.000
100.000
Special Inventory
reservo________
418,901
550,531
Prem. on cap. stk.
669.000
Surplus b ________ 0 , 021,451 5,333^323
T o ta l..................28,542,004 23,552,559
treasury bonds at market values,
b The total surpluses as
stneV°ria.M.,^llu am 0 li!?ts, bo.forp deducting tho dividends on tho common
years— soe'a b ovo! — V.° 1 0 3
f° UoWlng t !,° c l ° 30 of tho respective
W orth in g ton Pump & M achinery C orporation .
(Is/
Report—^ N ine M onths ended D ec.
V ic e -P r e s . C . P h ilip C o le m a n , N .
s u b s ta n c e :
Y .,
3 1 1 91 G .)
F e b . 2 8 , s a y s in
Organization. — This com pany was incorporated on April 20 1010 in Vir
ginia as a reorganization of tho International Steam Pump C o ., consum«9ior\ U,p Ti a ,plarl o f reorganization dated Aug ?5 1915
(\ . 101, p. 531. 849.)
Following foreclosure sales, the properties or these
T h if 4 Tn?ianTWfWCn ta
ov,Cf ’ pbo Blako & Knowlos Steam Pump Works,
Tho H olly M fg . C o ., Power & M ining Machinery C o ., Fred. M .P resco tt
------- ..... Gas .Engine
. . . 5.110 v.w.
J umP Ij-O.,
^ 0 ., --------International
C o. .uni
and mu
tho uuauusvuie
Joanesville iroi
Iron
\\ orks C o.
The corporation is also at this dato the owner o f all o f tho capi
tal stoc.vs of Henry R . W orthington, except ono holding of 23 shares
The actual cash received to D ec. 31 1916 through tho reorganization com mitteo amounted to $ 1 ,9 4 6 ,8 5 9 , tho remainder of tho cash raised through
the reorganization being used in acquiring the outstanding preferred stock
of tho Blako & Knowles Stoam Pump W orks, payment to Henry It. W orthti'on°& e roferr°d stockholders under the plan, expenses o f tho roorganlzaE a r n in g s , B ookings. A c .— W hile tho corporation did not actually take
over tho properties until April 22 1916, it did assume, for accounting 1 rposes, tho business transactions of tho properties as of April 1 iqni- consnv pppt y the income statement covers tho period from April 1 1916 to Dec 31
lO ie, but as indicated, the profit accruing from April 1 to 22 1916 amountbig to $118 ,40 0, is carried to capital reserve account.
lh o corporation has fully participated In tho increased business of tho
^ d n t r y during tho past year, and its orders booked and sales billed havo
isCtb J 2 7
°,f tba.fc dono herotoforo by tho companies o f which it
sales bilKd wero $ lO llo A O ^o !®
C th° nin° months wero 31.5.285.592; tho
B ookings, B illings and Profit fo r This and o f I t s Predecessor C om panies
"
■ 30
—
C al. Yea r
- ’Yr-----ea rs ended Sept.
,,
1916.
1915.
1914.
-1913
Bookings............................. § 19,844,452 $ 10,154,879
$ 9 ,855,178 311,243 ,057
?»
14,097,031
8,5 5 8 ,1 9 7
9
,993,608
11,018:238
Profit from m fg. A trad
ing, subject to deprec.
2 ,661.855
975,001
1,117,355
1,307,297
Rato of profit to billings
1 8 .8 %
1 1.4 %
111.2'
i .z %
n1 .8
«%
1
%
1 he not income for tho nine months of $ 1,582,493 has been developed after
fncludo1m . l l J n f b f 11:1,1 h an‘ l repal.r's a p d liberal depreciation, and does not
inciudo any profit from tho uncompleted ammunition contract which should
bo finished within the first six months of the present year. ’ Dividends on
■V}°i<n?'eS A pro/crred stock for the tliroo quarters o f the year ended Doc
31 1916. amounting to $ 2 9 3 ,6 2 4 , havo boon paid; and out®of the^surplus
developed for that period $500 ,00 0 has boon transferred to r e s e r v e f o r d ^
prceiation of Investments and inventories to moot future contingencies.
R ussian .Am m unition Contract. — Under the terms of tho contract which
this corporation lias taken for shrapnel sholl bodies for Russian am m unlthat V.a^ T nt 13 t0 bo mado to tills corporation only
when tho parts to bo supplied by our associated contractor arc added and
tho complete round ot ammunition delivered f. a. s. New York Harbor
piactically 110 payment for tho portion completed by your corporation lias
siorninff
an. advance of $1,08 7 ,5 0 0 was mado at tho time of tho
0 t l0 con,(1’apt.
1 heso terms of tho ammunition contract, together
with tho necessarily increased inventories of raw material and supplies arid
work in progress, and accounts receivable In our regular lines o f manufac
ture, due to tho increased output and to tho volumo of ordors in hand have
occasioned a lioavy demand 011 our cash, which it is anticipated will ho re
lieved as soon as material shipments, of tho completed articles under tho
ammunition contract go forward.
uuur 1110
U n filled Orders on hand Dec. 31 1916, exclusive of tho ammunition con
tract, compared with thoos at tho corresponding dato of tho predecessor
?S?iPal15es. .f? rrJ£i<lr y,oar8- w°re 39,234,721 in 1916, against 83,405 2 7 5 in
1915. $ 1 ,4 1 4 ,7 0 0 in 1914 and $2,091,801 in 1913. The business^offorod
continues in good volumo and is being booked at satisfactory prices.
O u tlook. — W hile tho volumo o f orders on hand Jan. l 1 9 1 7 and tho busi
ness offering assure tho operation o f your several works at their fullest
capa.cl.t y •
the abnormal conditions now existing in regard to tho material
anil labor markets, added to tlio difficulties of transportation on both land
and soa, bring problems that necessitate moro than normal conservatism
APR. 7 1917.]
IN C O M E A C C O U N T FOR N I N E M O N T H S E N D E D D E C . 31 1916 .
Cost^of sales^^ncf^ali operating and maintenance*ctiargos.and^ ^q '^ ^ '0 4 7
also soiling, gonoral and administration expenses------------------- 8,641,947
Profits from m fg. and trading, subject to d e p reciation ...........$ 2 ,0 1 3 ,6 2 9
/tdd— Int on current acc’ts, bills rccoivablo, bank balances.
&c. $ 89,677 : int. and divs. from investments, $25,5 9 0 ; miscolianeous income, $ 1 4 ,9 1 3 ---------------------------------------------------------- --------- ' '
$ 2 ,143,809
Deduct— IntCOoA°ilo'lIy^M fg . C o : bonds7sT 5,877 ; int. on Jeanes7 vilie Iron W orks Co. bonds, $ 7 ,5 0 0 : cash discounts (not),
561,316
$ 3,747; deproc. of plants and equip., $ 5 3 4 ,1 9 2 ------------------------N et Income
..................- ............................$1,582,493
Proportion for tho'period April 1 to 22 transferred to capital s t k .
118,400
_ Io
___________ ___________________ $1,464,093
Dividends on class “ A " pref 7 stock for 3 quarters------- (5 X % )2 9 3 ,624
Transferred to reservo for deprec. of invest, and inventories------jOO.OOO
Surplus as shown in the balance sheet below ---------------------------
$670,469
B A L A N C E S H E E T D E C . 31 1916.
Assets (Total $ 2 5 ,2 3 2 ,6 0 9 )—
,
^
.
B eal est., bldgs., machinery, equipment, patterns, drawings,
& c., $ 1 0 ,4 0 5 ,4 4 6 , less depreciation Apr. 1 to D ec. 31 1916,
$534 192
_________________________________________ __________ i
Investments in securities of foreign affiliated companies----------1 62,994
Com m on stock in treasury ($1 ,5 0 1 ,0 0 0 — see x below).
Class “ A ” preferred stock in treasury
- ..........
------i 4 ,»uu
Inventories, $6,854,867: accounts and bills receivable, l ^ s re
selves, $ 3 ,598,850: miscellaneous, $165,437, cash, $ 9 1 6 ,7 3 0 .. ll,5 3 5 ,x » 4
Amm unition department, net a s s e ts .-------------------------------------------* * 42,256
^ 'o c n
Deferred charges, insurance unoxplred........................... ........................
C£m^ital^st*ock'7 ro^re^(mtin^^?roi3ertios and cash received under
°
plan ofreorganization (issued as full paid and lion-assessable
under the Virginia law ), viz.:
Represent
Olass “ A ” 7 % cum pref. (auth. $ 1 0 ,0 0 0 ,0 0 0 ). issued, $ 5 , ing proper
592 833: Class ' ‘ 15” 6 % prof., cum. after Apr. 1919 (auth.
$11 0 0 0 .0 0 0 ), issued, $10 ,3 2 1 ,6 7 1 , and com m on, incl. $ 1 , ties, & c., of
501,000 returned to treasury— seo x — (auth. $ 1 5 ,0 0 0 ,- $20,951 ,000
0 0 0 ), issued, $ 1 2,992 ,149
-------,
,
.
„
M inority stockholders’ interests in preferred and common stock
9,5 0 0
of Henry It. Worthington at par----------------------------------------------Underlying bonds of sub. cos.: H olly M fg . C o. 1st M . guaran
teed 5 % bonds, duo 1922, $423 ,40 0; less held in treasury,
$ 2,800. $420,600; and Joanosvillo Iron W orks C o. 1st M . 5s,
Him 1099 *900 000
_________________________________________
620,600
Trade accounts, $906',297: accrued int. on bonds, $ 1 2,432 : misS I 9 7 874
____________ ____________________________
1,116,602
A d v a n c e s received on uncompleted ammunition c o n t r a c t ...........
1 AO"7 rAA
Capital reserve, $276,937: reserve for depreciation o f invest
776.937
ments and Inventories, $ 5 0 0 ,0 0 0 ------------------------------ - ...................
Surplus as per income account abovo------------------------ ----------- - - b70.4b9
v The common stock in treasury includes $1,50 0 ,0 0 0 held by the voting
trustees subject to the order of the board, issued under the plan of reorgan
ization for securing the aid of new interests in tho management of the cor
poration, or otherwise for its benefit. [This $ 1,500,000 f ° rms part of the
$ 1 2 ,992 ,149 shown above as issued.— E d .]— V . 104, p . 1296, 110J.
Distillers Securities Corporation, New York.
(15(/i Report— 6 Months ended Dec. 31 191G.)
The ta b le s w ero g iv e n M a r c h 31 ( p . 1261). T h e r e p o r t,
signed b y A s s t . S e e . M . A . H o lz in g o r , M a r . 17, sa y s in s u b s t
Profits — A t tho last annual mooting hold O ct. 18 1916, tho date o f tho
annual meeting was changed, tho fiscal yoar to correspond w ith tho calen
dar year
Tho net profits for tho six months ending D ec. 31 1916 3 ero
qua r.oa against $541,775 for tho corresponding period in 1915.
® Ronds — Up to July 1 1916 wo had acquired and canceled $ 2 ,000,000
Distillers Securities Corp. bonds, leaving outstanding $12,526,141. Since
Tulv 1 1916 and up to M arch 17 1917 wo havo acquired and now hold
®o 033 038 additional o f said bonds, which, if canceled, will leave $10,7 3 5 ,
1 1 outstanding. In this last amount tliero are included $242,508 o f bondt
which wore issued in conversion to holders o f shares o f prof, stock o f tho
Distilling C o. o f America who converted tho samo since July 1 1916.
Dividend Policy.— -W ith duo regard to tho right o f tho stockholders to
rocoivo from timo to time a portion o f tho not earnings as dividends, tho
management considers it to bo for tho best interests o f tho company and its
stockholders that tho policy o f purchasing bonds shall bo pursued to the
extent that tho earnings and surplus will comfortably justify. Ily pur
chasing tho bonds which from timo to timo havo been selling at a substan
tial discount— and which bear 5 % interest— tho company is effecting no*
only a groat saving in intorost paym ents, but is constantly decreasing th
liabilities ahead o f tho stock.
[Tho directors on M arch 22 declared a dividend at tho rate o f 2 % per
annum, payable Y* of 1 % quarterly on A p ril, July and O ct. 18 1917 and
Jan. 18 1918 to holders o f record April, July and O ct. 2 1917 and Jan. 2
1918. This contrasts with l Y i % quarterly July 1916 to Jan. 1917, both
lncluslvo, following an Interval of 3 % years. V . 104, p . 1048, 1147, 1148.'
Floating Debt.— Ever sinco tho now management tookcontrol in Oct. 1913
It has been its purposo not only to pay off tho very burdensmoo indebted
ness, which amounted in bills payablo to $ 1 0 ,8 8 0 ,3 4 9 on July 1 1913 (and
on Jan. 1 1917 to only $700 ,00 0), but to effect rigid changes in tho policy
and business methods o f tho prior management, and also to cut off all
unnecessary charges and oxponsos.
Litigation as to Merger Plan.— Tho incomo o f tho corporation is almost
entirely derived from tho dividends it receives on tho stock it holds o f tho
Distilling Co. o f America. Both o f tlioso companies aro only holding com
panies. Tho revenue o f tho Distilling C o. o f America comes almost entirely
from tho dividends it receives on tho stocks it holds in underlying subsidiary
companies. Each of theso numerous companies now pays annually for
Fedoral taxes 2 % o f its not incomo; also 50c. for each $ 1,000 o f tho fair
valuo o f its capital stock, surplus and undivided profits; and about 8 % of its
not incomo ovor and abovo 8 % on its actual capital invested. They aro
also roquirod to pay soparato annual franchiso taxes to tho States in which
thoy wero organized, and varying amounts for administration expenses.
Thoro is thus an unnecessary triplication o f lioavy tax paym ents. It has
boon tho purposo o f your management to oliminato those useless burdens
and in tho end to make, if possible, tho Distillers Securities Corp. instead
o f a holding, an owning and operating company.
Some ton years ago, while tho preceding management was in control, tho
Distilling Co. o f America guaranteed tho payment of tho 7 % annual divi
dends on tho preferred stocks o f th o U . S. Industrial Alcohol C o. and Cuba
Distilling C o. Tho total amount o f theso preferred stocks now outstanding
Is $7,836,600, and tho requisite 7 % annual dividend thereon is $548,562.
During all of theso ten years, tho U . S. Industrial Alcohol C o. and the
Cuba Distilling C o. (which is now practically owned by tho U . S. Industrial
Alcohol C o.) havo always earned and prom ptly paid thoso dividends, and
havo accumulated a total surplus which on Jan. 1 1917 amounted to $ 1 0 ,
693 827. The net earnings o f thoso two companies in 1916 was nearly
nine times tho amount o f tho proforrod stock dividend roquiromonts for
that year. (V . 103, p. 2158.)
, ,
,
On O ct. 18 1916 this company owned substantially all o f tho capital stock
o f tho Distilling C o. of America, and as owner o f such stock stops wero taken
to dissolve tho Distilling C o. o f America (V . 104, p. 9 5 5 ). All that re
mained to complete tho dissolution proceedings was tho filing o f tho cer
tificate o f publication as required under N . J. laws. Before that certifi
cate could bo filed, a few holders o f U . S. Industrial Alcohol C o . and Cuba
Distilling Co. preferred stock (boaring tho aforesaid guaranty) instituted
emceed ngs in N . J. to provont tho Distilling C o. o f Amorica from dissolv
ing
A Vico Chancollor in Now Jcrsoy has issued a temporary injunction
nnlolning tho completion o f tho dissolution o f tho Distilling C o. o f Amorica,
and from that onfer an appeal is being perfected to tho reviewing court in
N T
IV 104 n. 9 54 ).
I f tho lower court is rovorsod, there will bo no
obstacle in tho’ way of dissolution. I f tho lower court Is affirm ed, unless
some other legal method can bo found to effect tho doslrod rasult, tho dissoluMon wiff bo halted and tho D istilling C o. o f Amorica will contlnuo its
corporate existence.
I’or earnings, &c.» see V. 104, p. 1261, 1048, 9o5.
1 3 85
THE CHRONICLE
W estern E lectric Com pany, In c., C hicago.
(R e p o r t f o r F i s c a l Y e a r e n d i n g D e c . 31 1916.)
Pres. H. B. Thayer, March 19, wrote as follows:
The sales for 1916 were $ 1 0 6 ,98 7,00 0. against $63,8 5 2 ,0 0 0 in 1915 and
$ 6 6 ,4 0 8 ,0 0 0 in 1914. Tho orders on hand at Dec. 31 1916 were $ 2 2 ,0 2 8 ,0 0 0
in valuo more than on D oc. 31 1915. Tho average value of an order filled
during 1916 was $75, against $55 for 1915.
. „ .
...
W hile tho output of telephone apparatus has been large in 1916, the de
liveries wero principally during the latter part o f the
and
received considerably earlier in tho year. A ll manufacturing costs have
rapidly increased during the year, so that tho profit on, thts department
has not been proportional to tho volum e. On sales of cable and merchan
dise not o f our own manufacture, where tho turnover is quick, the protits
have been satisfactory.
.
.
, . ,
__. . ____
A s to the foreign manufacturing companies in which we are interested,
our information as to tho most of them is meagre, but we understand that
they havo, with the exception o f the one at Antwerp, Belgium, been em
ployed on fairly profitable work during tho year. W hether a satisfactory
profit will remain after the payment of war taxes in the several belligerent
countries is not so certain. N o dividends have been received by us, so
that our foreign investments have made no contribution to our profits or
the year, as shown in tho statement.
, .
Manufacturing conditions in this country during the year have been ex
tremely difficult. It has been almost impossible to provide a regular sup
ply of material, not only on account of the general shortage but also on ac
count of tho uncertainties of freight transportation. The demand for our
products increased very rapidly during the year and the necessity of meet
ing this demand has taxed all available resources for machinery, tools and
° l Tho°munbcr of exmployees at D ec. 31 1916 was 2 6,878 (against 17,135
as at Jan. 1 1916.)
R ESU L TS FOR C A L E N D A R Y E A R S .
1916.
1915.
1914.
1913.
Gross sales_____________ $106 ,98 6,67 7 § 6 3 ,8 5 2 ,4 6 9 SG 6.408.484 $77,5 3 2 ,8 6 0
Other income___________
1,229,636
1,147,961
948,509
' 2 0 ,0 0 6
T o t a l ________________ $108,216,313 $65,0 0 0 ,4 3 0 $ 6 7 ,356 ,993 $ 7 8 ,2 5 3 ,4 1 6
C o s t o f merchandise------ $95,936 ,433 $54,7 9 5 ,5 2 5 $57,360 ,541 $65,9 4 0 ,4 9 9
5 ,2 8 7 ,2 9 9
5 ,4 7 2 ,9 4 4
Expenses________________
7,0 1 4 ,2 5 4
5,4 1 9 ,8 7 5
461,757
4 90,041
T a xes_ _ _ ..............................
5 87,050
518,253
$6,563,861
N e t e a rn in gs----------------- $4,678,576 $ 4 ,2 6 6 ,7 7 7 $4,033,467
$892 ,16 6
$862,507
Interest paid____________
$880 ,09 4
$789 ,66 4
2 ,5 0 0 ,0 0 0
500,000
Reserve, contingencies.
500,000
650,000
Spec’l payments to em pl.
973,866
*1,009',500(10)
1500,000 (10) 1500,000
Pref. dividends_________(6 % )9 0 0 ,0 0 0
; . . - n. ^
Com m on dividends___ ($8)1,200,000 ($4)600,000 _____________ _____________
Total deductions-------$4,453,960 § 3 .0 4 9 ,1 6 4 $2,86 2 ,5 0 7 I f ’IS^.lGG
$224,616 $1,217,613 $ 1 ,1 /0 ,9 6 0 $ 1 ,6 /1 ,6 9 5
Balance, surplus________
♦Dividends in 1915, as abovo, $ 1 ,0 0 9 ,5 0 0 , include 3 quar. divs. o f 2 %
each on tho $15,0 0 0 ,0 0 0 old capital stock (all of one class), a d iv. of 0 .7 3 %
on tho new $ 1 5 ,000 ,000 6 % cum . pref. stock covering a period from N o v . 17
1915 to D ec. 31 1915.
B A L A N C E S H E E T J A N . 1.
1917.
1916.
1917.
1916.
Liabilities—
$
5
A.sscls~~~~
S
$
Preferred
stock___15,000,000
15,000,000
Real est. & bldgs. 11,633,290 11,291,027
Mach’y & equip.. 9,209,532 8,142,986 Com. stock, 150,
000 shs. (no par
Merchandise_____ 33,001,524 17,379,606
value), offset by
„„„„„„
C ash....................... 5,328,180 4,858,148
surplus_________ 25,453,648 25,229,032
962,612
Bills receivable__ 1,085,520
Acc’ts receivable. 18,109,258 14,966,128 1st mtge. bonds..15,000,000 15,000,000
.......
Sundry investm’ts 12,041,068 21,152,930 Bills payable-------- 5,500,000
Acc’ ts payable___12,334,003 6,190,572
Reserve for dopr.. 13,320,143 11,988,392
Res. emp. ben. fd. 1,000,000 1,000,000
Res. for conting’s . 2,800,578 4,345,501
T o ta l...................90.408,372 78,753,497
Total
_____ 90,408,372 78,753,497
A s to $ 1 5,000 ,000 new pref. stock. see a subseq. page.— V . 104, p. 3 6 8 ,78«
Bush Terminal (Jo., South Brooklyn, New York City.
(R e p o r t f o r F i s c a l Y e a r e n d i n g D e c . 31 1916.)
Pres. Irving T. Bush, N . Y ., March 22 1917, says in subst.:
The suit between tho Bush Terminal R R . and the Trunk Lino carriers Is
still before the I .-S . G . Commission, and It is hoped will be decided in 1917.
Two additional industrial buildings wili bo completed and ready for occu
pancy in April. They are already about 8 0 % rented, and the remaining
space is under active negotiation. Ground has been broken for the con
struction of two more buildings, which will be ready in the spring o f 1J18.
If the present high cost of materials continues, our construction program
will probably bo lim ited, after the completion of the two buildings just being
started, and the International Exhibit Building in course of erection on
42d S t ., N . Y . This latter building is to bo 30 stories high on 42d S t ., with
a 9-story extension running through to 41st S t.It is contemplated that the
underlying facilities of tho Bush Terminal plant will be used for the purpose
of storing and distributing stocks of merchandise sold in the Eastern market
by tenants exhibiting in tho 42d S t. building.
M ost of the steel used In tho buildings nearing completion, and those just
placed under construction, was fortunately carried over from contracts
made before tho war, and the cement was contracted for shortly after the
war began. The structural steel for the 42d S t. building was at $56 per
ton fabricated and delivered. Tho present price for structural steel of this
character is $130 to $135 per ton.
.
Charges to incomo account for maintenance amounted to $ 4 3 5 ,1 / 2. An
additional amount was written off for depreciation of $ 169 ,5b7, including
sum resulting from operation of sinking fund.
„
The completion of the 42d St. building and the construction work nowunder way will add substantially to tho income o f the com pany,
llils
ncreaso, however, will not materialize until 1918.
_
.
' The company has established branch offices in Chicago, St. Louis, D e
troit, Cleveland, Cincinnati and Boston, and has dispatched a representa
tive to London with a view to an offlco there when tho war ends.
IN C O M E A C C O U N T FOR Y E A R S E N D I N O D E C E M B E R 31
1913.
1914.
1916.
1915.
Gross earn, from storago,
& c., and net income
___ „ „ „
$ 1 ,1 9 2 ,3 7 5
from railroad depart’t . $1,955,237 $ 1 ,632,107 $1,350,161
371,370
341.397
Operating expense________
453,729
286,929
N et e a rn in g s ................... $ 1 ,? 2 q’ 9 o t
Other incom e___________
183,294
Total net income
..$ 1 ,6 8 4 ,8 0 2
$ 1 ^ qx ’ q£ s
198,958
$ 1 ,008,764
196,673
$ 821 ,00 5
226,416
$ 1 ,544,135
$1 ,2 0 5 ,4 3 7
$ 1 ,047,421
$457 ,16 0
$455,823
$454,437
Interest on bonds------------- $453,097
235.277
234,413
257,287
T a xes____________________ 292,081
$832,411
$515,201
$354 ,98 4
Surplus for the year___ $939,624
$138,000
$138,000
$138,000
Preferred dividends (6 % ) $138,000
________
(5)250,000
(4)200,000
(4 )2 0 0 ,0 0 0
Com m on
divs._____________________
(cash)-------(5)259,302
Com m on divs. (sto ck ).(5 % ) 2 5 9 ,453 (2 ^ ) 1 2 5 ,0 0 0
--------------------Balance, surplus_______ *$282,868
$319,411
$177,201
$16,984
N ote.— The com pany deducts the dividends from profit and loss account,
but they are shown here for the sake of sim plicity.
,
* Tho surplus for 1916, as above, was $282,868; adding the accumulated
surplus D ec. 31 1915, $2,537 ,0 7 2 , and deducting miscellaneous adjust
m ents, $24,038; sinking fund, $30,412 ; depreciation, extraordinaryrepalrs
and renewals, $107,677; loss sustained from sale o f sw urltioi, $18,8 3 2 , and
m lsc., $5,0 0 0 , leaves total surp. D ec. 31 1916 as per bal. sheet, $ 2 ,623,746.
E A R N IN G S OF B U S H T E R M I N A L BLDGS. CO. FOR C A L . Y E A R S .
Balance,
Calendar
Rentals
Net.after Other
Bond
Preferred
Surplus.
Dividends.
~
' •
--------Income. Interest.
' '
~
1 9 1 6 ? . _____$1,230,931 $622,022 $7,804 $353,908 (7 % )$ 1 7 5 ,0 0 0 $100,918
19 1 5 ............................. 1,100,830 ---19 1 4 _______
903,523
19 1 3 _______
830,017
1386
THE CHRONICLE
B A L A N C E S H E E T D E C . 3 1 — C O M P A N Y PROPER ( I N C L . S U B S I D S .).
[V ol . 104.
O P E R A T IO N S A N D
[B u s h r o r m ln a l C o . & S u b . C o s ., a n d e lim in a t in g I n t e r -c o m p a n y I te m s .
Bush T erm inal C o. ---------------------- -Consolidated --------------
A ssets —
1916.
R e a l e s t a t o ............. .................... $ 6 , 2 7 3 , 6 4 1
W a r e h o u s e s , p ie r s a n d
oth er Im p ro v e m e n ts. _
7 ,1 6 3 ,7 4 3
E x p e n s e s d u r in g a n d in
c id e n t t o c o n s tr u c tio n
G o o d - w i l l ------------------------------3 ,0 0 0 ,0 0 0
S e c u r i t i e s o w n e d ................
x 2 ,5 7 1 ,9 0 0
E q u i p m e n t . ...........................
7 4 1 ,2 2 5
F u r n itu r e a n d f i x t u r e s ..
4 4 ,3 9 9
O o n str. a d v . t o B .T .R R .
3 1 7 ,0 4 5
T r u s t f u n d ________
_
298*378
C a s h ----------------------------------------A c c o u n t s r e c e i v a b l e _____
8 3 1 ,1 1 4
D e m a n d l o a n s _____________
1 5 9 ,0 9 2
A c c r ’d s to r a g e a n d la b o r
9 7 ,1 5 2
W o rk . a d v . to B .T .R R .
1 2 7 ,4 5 5
M a t e r ia l, s u p p lie s & fu e l
1 7 4 ,1 7 6
M i s c e l l a n e o u s ....................
9 1 ,4 1 9
1915.
$ 6 ,0 2 9 ,2 4 2
1916.
$ 7 ,9 1 0 ,4 3 0
1915.
$ 7 ,6 0 6 ,1 7 7
6 ,7 7 9 ,7 7 9
1 5 ,4 6 0 ,7 7 0
1 5 ,5 3 0 ,8 5 2
1 ,3 8 0 ,2 8 7
3 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
2 ,4 3 0 ,0 0 0
6 8 3 ,5 7 4
2 9 ,6 7 6
3 0 6 ,0 4 5
2 6 1 ,5 3 0
6 3 6 ,6 5 1
*1 8 4 * 8 1 2
1 2 4 ,9 5 5
1 1 3 ,8 5 4
5 0 ,5 7 3
' *8*0*9*,*235
4 4 ,3 9 9
' *2*4*9*.489
5 3 5 ,8 2 2
7 9 5 ,3 8 1
1 5 9 ,0 9 2
9 7 ,1 5 2
" *2*2*0*,399
1 0 7 ,6 7 9
" 3 4 .2 3 5
2 9 .6 7 6
__________
2 4 5 ,7 9 8
3 3 4 ,5 8 7
4 4 3 ,5 7 3
1 8 4 ,8 1 2
1 8 8 ,8 6 0
7 1 ,4 8 4
T o t a l — ..................................$ 2 1 , 8 9 0 , 7 3 8 $ 2 0 , 6 3 0 , 6 9 1 $ 3 0 , 7 7 0 , 1 3 4 $ 2 8 , 3 7 0 , 1 0 4
L iabilities —
P f d . s t k .i n h a n d s o f p u b . $ 2 ,3 0 0 ,0 0 0
$ 2 ,3 0 0 ,0 0 0
$ 2 ,3 0 0 ,0 0 0
$ 2 ,4 0 0 ,0 0 0
do
g u a r, b y B .T .C o .
9 4 8 ,1 0 0
C o m .s t k .ln h a n d s o f p u b
5 ,2 5 3 ,1 2 5
5 * .0 0 0 * 6 6 5
5 ,2 5 3 ,1 2 5
5*,o6 o*666
F i r s t m o r t g a g e 4 s ________
3 .0 2 0 .0 0 0
3 .0 5 2 .0 0 0
3 .0 2 0 .0 0 0
3 .0 5 2 .0 0 0
C o n s o l , m o r t g a g o 5 s _____
6 .6 2 9 .0 0 0
6 .6 2 9 .0 0 0
6 .6 2 9 .0 0 0
6 .6 2 9 .0 0 0
1 st M . s. f . 5 s, g u a r , b y
B u s h T e r m i n a l C o ____
7 ,8 1 3 ,0 0 0
7 ,2 6 9 ,0 0 0
B o n d a n d m tg o. H . W .
J o lin s -M a n v illo p r o p .
2 0 0 ,0 0 0
2 00,000
..................
A c c r u e d c o m . s t o c k d l v .,
p a y a b l o J a n . 1 5 .............
1 3 1 ,3 2 8
1 2 5 .0 0 0
1 3 1 ,3 2 8
1 2 5 ,0 0 0
A c c o u n t s p a y a b l e ________
1 ,0 0 4 ,0 1 6
3 9 1 ,5 1 5
8 3 5 ,8 8 5
4 4 3 ,6 6 3
F r e ig h t a g e n ts ’ d r a f t s ..
1 ,0 7 9
2 8 ,0 5 4
1 .0 7 9
2 8 ,0 5 4
B i l l s p a y a b l o -----------------------6 2 ,0 0 0
6 2 ,0 0 0
6 2 ,0 0 0
6 2 ,0 0 0
A c c r u e d In terest & ta x e s
2 5 0 ,9 5 2
2 1 8 ,0 8 0
3 6 7 ,4 4 7
3 1 9 ,1 2 8
P re f. d l v .o f B . T . B . C o .
6 9 ,0 0 0
6 9 ,0 0 0
1 0 2 ,1 8 4
7 6 ,0 0 0
C o m m o n d i v i d e n d _______
1 3 1 ,2 3 3
1 2 5 .0 0 0
1 3 1 ,> 3 3
1 2 5 ,0 0 0
R e s e r v e s , & c ....................
2 1 5 ,2 5 8
9 3 ,9 7 0
2 3 7 ,8 1 6
1 1 1 ,7 3 2
P r o f i t a n d l o s s ____________
2 ,6 2 3 ,7 4 6
2 ,5 3 7 ,0 7 2
2 ,7 3 7 ,9 3 8
2 ,7 2 9 ,5 2 7
T o tal . . ............................ $21,890,738 $20,630,691 $30,770 ,134 $ 2 8 ,3 7 0 ,1 0 4
x Includes preferred stock Bush Terminal Buildings C o ., $1,551,900 and
co!!},mon st? cK. $1,000 ,0 0 0 , and common stock Bush Term . U K ., $20 000.
Iho total assets of the Bush Terminal Buildings C o. as of Dec 31 191(i
W 0Se® n io 'Q iI’897J offset L,y S i-0 0 0 ,000 com . and $ 1 ,551,900 pref. owned,
and $948,100 pref. guar, by the Bush Terminal C o ., 1st M . s. f. 5s euar
b y tho B . 'I . C o ., $7,813,000; current, & c., liabilities, $305,1507 and
profit and loss, surplus, $399,748. Tho total assets and liabilities of tho
B u s h Term . R R . as o f D ec. 31 1916 were $325 ,81 5.— V . 104, p. 259.
United States Smelting, Refining & Mining Co., Boston
(11M 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 1910.)
Pres. William G. Sharp, March 28, wrote in substanco:
Financial.— Tho assets and liabilities of tho Utah C o. and its subsidiaries
have for tho first time boon incorporated in tho consolidated balance sheot
1 his has resulted in an additional chargo to property and investment
account of $ 1 3 ,872 ,610 . which, together with other additions and invest
ments amounting to $ 1 ,7 0 8 ,7 9 7 . makes the total additions $15 581 407
It has also resulted in additional capital liabilities of $ 1 ,5 7 2 ,2 0 8 , reprosontlnk the preforrod stock and bonds o f subsidiary coal companion not hold,
within tho consolidation; this amount is included in tho capital liabilities
" 1 respect of minority stocks $ 2 ,079,257 and of bonds of subsidiary companies
$517 ,50 0, both appearing among tho capital liabilities on the balanco sheet.
1 he invostmont in tho Utah C o. and its subsidiaries was for tho most part
financed by tho $ 1 0 ,0 0 0 ,0 0 0 notes of tho Utah C o. roportod on tho last
balanco shoot as a contingent liability. These notes wore redoomod oarly in
W in out o f tho proceeds of tho new issue of $ 1 2 , 0 0 0 ,0 0 0 convertible notos
of U. 8 . Smolting Rofining & M ining C o. which appear as a capital liability
on tho consolidated balance-sheet. Th e $ 4 ,0 0 0 ,0 0 0 U. S. Smelting Bo{ ‘ m iff & M ining C o. 5 % notes maturing in 1918 wore also redeemed early
in 1916 out of tho proceeds of tho now convertible notes and cash on
hand.
(V . 102, p. 1168.)
Current assets and liabilities and improvements, options and other de
terred charges liavo also materially changed during 1916, owing to increased
volume of business, higher motal and commodity prices, selling of motals
through your own sales agoncy in New York and tho merging of current
assets and liabilities o f subsidiary coal companies in tho consolidated balanco
shoot. N otes receivable and loans have been reduced from $ 3 867 148 to
$666 ,62 4, chiefly owing to tho fact that loans to tho Utah C o. and its .sub
sidiaries, amounting to $ 3 ,4 1 8 ,6 1 2 , included last year among notos receiv
able, aro no longer so classified.
Capital Acct, for Construction and Other Add'ns to Properlg and Invest, in 1916.
\ nvestment in stocks of mining and allied companies. $853 ,04 1;
loss resorvos and realization of securities, $ 5 3 5 ,3 7 6 -.
$317 665
Additions to plants________________________________________________
1,005!363
M ino properties and other charges to capital a c c o u n t..
102 834
Investment in zinc smelters and zinc mino, $572,934; less
’
resorvo for depreciation, $ 3 5 0 ,0 0 0 ______________________
222 934
Capital assets of tho Utah C o. and its subsidiaries morgod ln
’
the consolidated balanco sheet_____________________________
13,872 610
T o t a l.................................... - ......................................................................... $15,5S l,107o
E A R N I N G S Ob' A L L C O M P A N I E S FOR Y E A R
— P . C. in V a lu e —
( I n c l . custom ores.)
1916.
1915.
C opper
l b s ................... 2 8 , 8 8 8 , 0 9 3 2 6 ,9 * 2 3 ,6 7 4
L e a d , l b s .......................... 1 0 3 , 8 5 5 , 4 5 1 8 7 , 1 0 2 , 1 7 9
S i l v e r , o z --------------------- 1 1 , 6 4 7 , 2 0 5 1 2 , 0 7 1 , 8 6 3
G o l d . o z -----------------------1 2 9 ,2 7 3 _
1 9 6 ,4 8 1
z i n c , lb .? —
6 4 ,5 8 4 ,0 6 1 3 4 , 1 0 5 ,4 7 1
A v erage P rice — •
1916.
$ 0 .2 7 2 9 7
C o p p e r l b ------------- -------------L o a d , l b ............................
0 .0 6 6 7 6
Z i n c , l b ----------------0 .1 2 3 2 7
S i l v e r , o z ------------------0 .6 5 3 8 6
N e t e a r n s , a ft e r I n t ., & c . $ 9 ,7 3 7 ,6 6 4
D e p r e c ia t io n , & c ., fu n d s
8 3 9 ,2 0 0
P r o f i t f o r y e a r .................. $ 8 , 8 9 8 , 4 6 4
A d d i t i o n a l r e s e r v e .............$ 1 , 0 0 0 , 0 0 0
P r e f. d iv id e n d s ( 7 % ) . . .
1 .7 0 2 ,2 2 5
C o m m o n d iv id e n d s . .(8 ^ ) 1 ,4 9 2 ,2 3 9 ( 1
1914.
1916. 1915. 1914.
1 7 ,9 4 6 * 9 5 9 * 2 3 .6 *2 0 5 1
18.9
6 4 ,4 4 3 ,2 6 0
21.1
17.0
18.9
9 ,9 3 6 ,2 3 7
2 3 .6 2 5 .4
4 2 .1
1 2 4 ,7 1 9
8 .0
1 6 .9
20.1
2 3 .7
1 9 .2
1014.
1913.
$ 0 .1 3 4 0 4
0 .0 3 8 2 7
0 .0 4 3 9 0
A ) 2 6 3 ’, 3 3 6
$0.15433
0 .5 5 5 0 4
$ 2 ,9 3 2 ,5 1 9
6 0 6 ,8 7 8
0 .6 0 5 0 3
$ 4 ,5 5 5 ,1 2 2
9 6 9 ,5 3 6
$ 2 ,2 6 5 ,6 4 1
$ 3 ,5 8 5 ,5 8 6
1 ,7 0 2 ,2 2 1
1 ,7 0 2 ,1 4 4
(3 )5 2 6 ,6 7 1 (6 )1 ,0 5 3 ,3 2 2
B a l a n c o . s u r p l u s ----------- $ 4 , 7 0 4 , 0 0 0
$ 3 ,7 3 7 ,8 6 3
$ 3 6 ,7 4 9
$ 8 3 0 120
O lio t o n n a g o o f o r o s p r o d u c e d fr o m C e n t e n n ia l, E u r e k a , M a m m o t h
G o l d R o a d ,, lo n n e s s e o a n d B in g h a m M in o s a n d in M e x i c o w a s 1 0 2 2 3 0 6
39%
.0 f ' v u c L V rll,u X.a l l 1
l 2 sJ ) f ,t h e m o t a l c o n t e n t s w e r e i n t h e p r o p o r t i o n o f
c o p p o r , 8 % le a d , l o % z in c , 2 8 % s ilv e r a n d 1 0 % g o ld .
1
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 3 1 . I N C L U D I N G S U B . C O S..
1916
191..
1916
1915.
Assets—
$
s
Liabilities—
s
s
Cost of properties.62,950,388 47,363,931 Common s to c k ... 17,555,888 17,553,838
Shares for exch. of
Preferred stock...24,317,775 21,313,725
stks.of other cos....................
90,667 Stock of sub. cos.
Improve’ ts, &c— 1,229,412
635,816
not owned (par) 2,079,257 1,029,699
O res* by-products 2,019,975 1,287,128 5% notes duo Juno
Supplies, fuel and
•918........................................ 4,000,000
t im b e r ............ 2,240,395 1,573,611 0% notes due Feb.
Metals in transit
1926....... ............ 12,000,000
............
and In process.. 0,561,728 6,172,836 Bonds of sub. cos.
Notes rec. * loans
666,621 3,867,148
not owned_____
517,500
............
Accts. receivable. 3,127,851 1,959,685 Accounts, accrued
Cash......................... 5,105,678 2,482,831
pay-roll, &c____ 1,660,245
935,727
Dividends Jan. 15 861,150
688,892
Deprcc’n reserves. 7,466,603 6,327,798
Miscellaneous____*4,512,873 2,341,598
Profit and loss____12,957,155 8,253,455
T o ta l..................83,932,051 65,141,733
T o ta l.................. 83,932,051 65,444,733
* M i s c o l l a n o o u s l i a b i l i t i e s in 1 9 1 6 i n c l u d e d r a f t s i n t r a n s i t , * 0 5 4 . 4 0 3 :
r e s e r v e fo r fr e ig h t , & c . , $ 3 ,1 1 6 ,3 0 1 , a n d u n d iv id e d s u r p . a p p lic a b le t o
o f s u b . c o s . n o t h e ld b y U . S . S m e lt in g R e fin in g & M in in g C o .,
. 1 0 1 , p . 1 2 /0 .
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS,
Algoma Central & Hudson Bay Ry.— I n t e r i m R e p o r t —
See Lake Superior Corp. under “ Roports” above.— V. 103, p . 2428.
Algoma Eastern Ry.— I n t e r i m
R e p o r t .—
See Lake Suporior C orp. under “ R eports” abovo.— V . 103, p. 2078.
Baltimore & Ohio RR.— E q u ip m e n t T r u s t C e r t i f i c a t e s
Loeb & Co. and Speyer & Co. have sold an
issue of 310,000,000 B. & O. Equipment Trust of 1917 4 y 2 %
certificates, principal and coupons guaranteed by tho rail
road company, at a subscription prico of 99 and int. The
issuo was entirely disposed of shortly after tho opening of
tho books. The bankers report:
S o ld . — Kuhn,
Coupon certificates of Girard Trust C o. of P h lla., maturing in ten equal
annual installments from April 1 1918 to April 1 1927 incl. Coupons pay
able A . & O.
Denoin. S 1 .ODD c*.
Redeemable on any coupon date at
1 0 2 K % on 60 days’ notice. Principal and coupons payablo in gold without
deduction for any tax or assessment or other Governmental chargo othor
than any Federal income tax. which the railroad or the trustoo m ay be re
quired to pay or to retain therefrom under any present or future law
Federal, State or municipal.
Issued on equipment costing at least $ 1 2 ,5 0 0 ,0 0 3 an l ostimatod by tho
company to bo worth at presont prices over $ 1 7 ,0 0 0 ,0 0 0 , viz.: 30 M iliot
locomotives, 10 Pacific typo locomotives, 65 stool passenger cars, 15 com
bination passenger and baggage cars, 10 express cars, 7 baggage and mail
cars, 3 po 3 ta! cars, 2,0 0 0 steel centre sill box cars, 4 ,0 0 0 stool hopper cars
1,000 composite hopper cars. Soo V. 101, p. 1253, 1014.
Bingham Central Ry.— S a l e . —
Seo Ohio Copper C o. under "In d u strials" below.— V. 103, p. 2237.
Boston & Maine RR.— M i n o r i t y P l a n . — Tho Boston &
Maine Minority Stockholders’ Protective Association, 45
Milk St., Boston, has under date of April 2 issued its “ plan
for an equitable reorganization” of tho company’s system.
Tho plan says in substanco:
R esu lts . — T h e i n c r e a s i n g p r o s p e r i t y o f y o u r c o m p a n y m o n t l o n o d i n t h t
a n n u a l r e p o r t f o r t h o y e a r 1 9 1 5 c o n t in u e d d u r in g 1 9 1 6 .
G ross a n d n e While tho plan requires tho acceptance b y leased lino stockholders o f a
e a rn in g s m a d e a n o th e r h ig h r e c o r d .
T h o d e m a n d fo r m e ta ls h a s c o n
? % cninulatlve preferred stock In oxchango ($ for $| for their 8 % . 9 % and
t u r n e d u n a b a t e d , a n d t h o p r ic e s f o r c o p p e r , le a d a n d s ilv e r h a v e r e a c h e d
10% leased line holdings, It will bo readily soon ttiat tlio right o f this 5%
r o c o r d h e ig h ts fo r r e c e n t y e a r s .
T h e p r ic o o f s p e lte r h a s r u le d h ig h e r th a n
preferred to participate w ith tho com m on In tho earnings o f the corporation
fo r a n y o th e r y e a r o x co p t 191 5.
after tho com m on lias recotved a like 5 % , m ore than offsets tho contribu
A c q u isitio n s, A c . — A f a v o r a b l e o p p o r t u n i t y p r o s o n t e d i t s e l f t o a c q u i r e
tion that would apparently ho made In reorganization by tlio-8 % , 9 % and
a t O h o c o t a h , O k l a ., a z in c s m e lt e r d e s ig n e d fo r th e u se o f g a s o n m o d e r n
10 % leased line stockholders who accepted the same in exchange for their
lin e s .
P a y m e n t f o r t h i s s m e l t e r w a s m a d e p a r t l y in c a s h a n d p a r t l y b y
present stock. While this preferred stock Is not given voting power it
th o tra n sfe r o f th e p la n t a t lo la .
$ 3 5 0 ,0 0 0 w a s w r it te n o f f th o c o s t o f th e
m ay bo converted Into com m on at tho option o f tho holder at any tim e with
z in c p la n t s , w h ic h n o w s ta n d a t $ 4 8 6 ,0 2 9 .
T h o e n tir e c o s t o f th o t h r e o z in c
in threo years from tho date o f tho Incorporation o f tho now com pany
s m e l t e r s p u r c h a s e d in 1 9 1 5 is n o w w r i t t e n o f f a n d a n a d o q u a t o d e p r e c i a t i o n
New Company and Its Capitalization -Exchange of Stock.
o f th o n e w s m e lt e r a t C h e c o t a h h a s b e e n s e t a s id e .
T h e le a s o o n t h e R i t z
The B. & M . and its leased lines to transfer their property and franchises
m in e in O k la h o m a o n a r o y a l t y b a s is w a s o b t a i n e d , a n d t h o m ill f r o m
to a now corporation to bo called tho Boston & M aine Railroad C o ., which
H a v e n s w o o d w a s m o v e d t o t h is p r o p e r t y .
T h e d e v e lo p m e n t o f th is m in o
shall issue tw o classes o f stock, preferred and com m on. T he com m on stock
s h o w s a b o d y o f h ig h -g r a d e z in c o r e , fr o m w h ic h a g o o d p r o fi t s h o u ld b e
only shall have voting power. Tho pref. stock to bo entitled to cumulative
d e r iv e d d u r in g th o c o m in g y e a r .
dividends limited to 5 % p. a ., and to bo preferred also In liquidation for
Coal.— T h o o u t p u t o f c o a l w a s 7 5 6 , 9 3 1 t o n s , a s c o m p a r e d w i t h 7 0 7 . 5 5 9
Its par value and unpaid dividends, and after 5% In any yoar oil the com m on
t o n s in 1 9 1 5 .
T h o s e c o a l m in e s h a d a m p le c a p a c i t y a n d w it h t h o in c r e a s e d
to participate equally In any further dividends for that year. New com m on
d e m a n d c o u l d h a v e g r e a t ly in c r e a s e d th e ir o u t p u t b u t w e re p r e v e n te d fr o m
stock to be issued for for present outstanding It.
com m on without
d o in g s o b y la c k o f a d e q u a t e t r a n s p o r t a t io n fa c ilit ie s .
any assessment. N ew 5 % cum . pref. stock to bo given In exchange, par
Utah R ailw ay . — - W e b e l i e v e t h a t t h o n e e d e d i n c r e a s e i n r a i l r o a d f a c i l i t i e s
for par, for present B. & M . com m on, and also at same rate for tho stocks
w ill b e fu r n is h e d th r o u g h th o U ta h R y . C o ., w h ic h p r o p o s e s t o t i k e o v e r
o f tne various leased lines outstanding Juno 30 1916, or In such other
a n d o p e r a t o it s o w n r a ilr o a d fr o m N o v . 3 0 1 9 1 7 , a t w h ic h t im e it h a s th o
proportion as Public Servlco Commissions having jurisdiction may approvo.
o p t i o n t o d o s o u n d e r it s p r e s e n t a g r e e m e n t s , a n d , u n d e r t h e s a m e a g r e o A ny preferred stockholder in tho new com pany m ay, at his option, within
m e n ts , t o a v a il it s e lf a t t h a t t im e o f t r a c k a g e r ig h ts f o r a n in te r m e d ia to
throe years from tho date o f Incorporation o f tho new com pany,[convert
p o r t io n o f th e d is t a n c o a n d r u n it s o w n t r a in s t h r o u g h fr o m th o c o a l m in e ;
his preferred stock, share for share, Into com m on stock.
t o it s t e r m in a l a n d c o n n e c t io n w it h o t h e r r a il r o a d s a t P r o v o , U t a h
L oco
Tho debt of tho leased line:; anil tho lawful debt or claims of tho B . A M .
m o t iv e s a n d a d d itio n a l c a r s h a v e b e e n o r d o r e d .
S a tis fa c to r y a rra n g e
to bo assumed by tlio now com pany. Present lawful funded debts, If re
m e n t s h a v e b e e n m a d e fo r in te r c h a n g e o f c o a l t r a f f ic w ith c o n n o c t in t r a il
funded, to be seemed by a first mortgago upon the property of the now cornr o a d s r e a c h in g a ll m a r k e ts t r ib u t a r y t o U ta h c o a l.
pant. Present lawful unfunded dents to lie funded by tho now company,
M e x ic o .-— D u r i n g t h e f i r s t o f t h e y e a r b o t h m i l l s i n M o x i c o w o r e a b l e t o j and secured by a second mortgage upon Its property.
op era te.
D u r i n g t h e la s t h a l f o f t h o y e a r , o n l y o n o m il l c o u l d o p e r a t e a n d J
New m oney shall ho obtained by Issue o f additional stock or bonds to
th e n o n ly p a r t o f th o tim e .
I t w a s d o o m e d b e s t , h o w e v e r , t o m a i n t a i n o u r 1 bo first offered for subscription to stockholders at prices fixed by public
o r g a n i z a t i o n a n d t o l c o e p m i n e s a n d p l a n t s in g o o d w o r k i n g o r d e r , a l t h o u g h I authority, and amount not thus subscribed for to bo sold at public auction
t h o e x p e n s o o x c e o d o d trio p r o f i t .
F o r t h o e n t ir e y e a r th o p r o fit s d e r iv e l
upon such terms and under such conditions as public authority having juris
f r o m t h e M e x i c a n o p e r a t i o n s o n l y a m o u n t t o 4 . 7 % o f t h o t o t a l p r o f i t s o f | d iction may require. A ll Issues o f stockan d nonds shall bo handled d irectly
you r com p an y.
L a t e s t r e p o r t s f r o m M e x i c o a r o t h a t o t h e r c o n d i t i o n s a r o j b y tho now com pany and no fees, commissions or bonuses shall be paid to
m u c h im p r o v e d .
D u r in g t h o s o c o n d q u a r t e r o f t h is y e a r w e e x p e c t t h a t
underwriters; provided, however, that stock or bonds not subscribed and
b o t h m i l l s w i l l b o o p e r a t i n g a t a p p r o x i m a t e l y t h e i r c a p a c i t y , m a t e r i d i y i paid for b y stockholders or purchased when offered at public auction may
a d d in g to th o p r o fits o f y o u r c o m p a n y .
S u ch d e v e lo p m e n t w o rk as w a s
bo handled b y underwriting.
a c c o m p l i s h e d in t h o u n d e r g r o u n d w o r k s i n M e x i c o s h o w e d t h e c o n t i n u a t i o n
T ho bo>rd o f directors shall consist o f not less than 15 persons elected
o f th e r ic h b o d y o f o r e p r e v io u s ly r o p o r t e d .
$
$
& jyj.
annually by voto o f tho com m on stock, at least two o f tho members to bo
A pr . 7 1917.]
rosidents of M ain e, one of Vermont and four of Now Hampshire. Each
one-fifteenth o f the outstanding common stock represented b y any person
shall have right to elect one director.
. ,, ..
N o assessment shall be levied against or collected from any stockholder,
either directly or Indirectly or by forced subscription to stock or bonds, by
cancellation or surrender of stock or by contribution to underwriters, either
before reorganization, in reorganization or after reorganization.
Capitalization of System Before and After Reorganization as Above Proposed.
Present Co.
N ew Co.
Boston & M aine!Preferred stock.............................. * 3 ,1 4 9 ,8 0 0 $55,209 ,300
1Com m on stock ________________
39,505,100
3 9 ,505,100
Leased lines________________________________________ 52,059,500
—
Total stock of system ___________________________$94,714 ,400
(First mortgage bonds--------------- $ 2 ,265,000
Boston & M aine Second mortgage bonds.................. - Other bonds____________________
41,073,000
(First mortgage bonds--------------?rn n n
Leased lines
Second mortgage bonds.............
„Oo,VUU
(Other bonds________
36,303,000
Boston & M aine unfunded d ebt................................
*3,306,060
Leased lines unfunded d e b t______________________
5 ,lU l,o < <
$94,714 ,400
®88,639,000
l o, 4Uf ,o«w
.......................
------------------.......................
.......................
............... ..
-------------------
T otal bonds and unfunded debt of system .......... " lo m ’ 7 R?,n^ 7 * l 9 m ,7 fi?’ng7
Grand total stocl, bonds, & c......................................$ 2 0 1 ,7 6 1 ,0 3 7 $201,761,037
♦Under existing law the new company would have the right to Issue addi
tional bonds to the amount of $82,383 ,163 . Such borrowing capacity Is
ample to provide for all new money that would bo needed b y tho new corP°W h ile fornicr'l^otddont Charles S. M ellen is not the author of this plan
u n d T w h lc h t h o Boston & M aine would have abundant credit and bo able
ll" resum ePayment o f dividends to Its stockholders within one year from the
t f m ^ s ^ h plan w ls declared to be in effect.
(Compare tentative plan,
' '(s\gnetF- lloston & M aine M inority Stockholders’ l ’ rotoctlve Associa
tion by Edward F . Brown, President; Conrad W . Crooker, Counsel, and
Edwin F . Dwelloy, Engineer and Economist.)
L it ig a ti o n a s to C o n n e c t ic u t R iv e r R R . N o t e s , & c .—
nearing was begun In Boston on M arch 30 beforo Judgo M orton in tho
U S. District Court on petition of James II. H ustls, receiver o f Boston &
M aine, for Instructions as to whether or not ho shal lpay out of funds of
the Boston & M aine tho over-due interest on the $ 2 ,000,000 Connecticut
River R R . notes and also tho principal of the notes. Counsel French, for
minority stockholders, contended that tho notes were Illegally Issued and
quostlonod whether thero was any obligation on tho Boston & M aine, under
terms o f tho lease, to pay tho whole or any part o f tho issuo. Over $ 1 ,600,
000 of tho money represented by these notes, M r . French assorted, was
spent by tho Connecticut River R R . to build an extension from Gold Junc
tion, N . H ., to Brattleboro, V t.. without the necessary authorization from
tho Legislature and the stockholders o f the C onn. River R R . W hile some
$400,000 spent for permanent Improvements of the Connecticut River
might constitute a valid obligation of tho Boston & M aine, ho would draw
a sharp distinction between Improvements to existing road and the building
of an extension.— V . 104, p . 1144, 1044.
Cape May Delaware Bay & Sewells’ Point Ey.— S a l e .—
The W alker James C o. has purchased this seven-mile trolley property
(it is said on behalf o f tho Reading C o ., holder o f bonds securing claims of
N 'A Graves, lato owner) for $50,500 from Receiver Alfred Cooper. The
property was sold with the stipulation that after $25,000 In cash was paid
the bonds o f tho com pany would bo accepted for tho remainder.— V . 103,
p. 1301.
Canadian Pacific Ry.— P r o p o s e d I s s u a n c e o f C o lla te r a L
T r u s t B o n d s f o r A c q u i s i t i o n o f S y ste m S e c u r itie s U n d e r A g r e e
m en t w ith B r itis h G o v e r n m e n t . — The shareholders will vote
May 2 on a proposition to authorize:
Tho issuo, upon tho necessary statutory authority being obtained, or
Collateral Trust bonds o f the company for tho purpose o f acquiring securl.
ies o f the company and o f companies whoso lines ate leased to or operated
under working arrangements with the company, which are proposed to bo
compulsorily purchased by tho Government of the united K ingdom of
Great Britain and Ireland under regulations issued pursuant to the pro
visions of the Defense o f tho Realm (Consolidation) A c t, 1914, and amending
enactments, and if such issue is authorized to sanction and approve the
agreement between tho Government and the company and to authorize
and approve a form of trust deed to bo given to secure the paym ent o f such
Collateral Trust bonds, the whole as more particularly set out in a circular
to 1)0 issued to tho shareholders prior to date of m eeting.
B o n d O ff e r in g E x p e c t e d S h o r t l y — Completion of. negotia
tions for tho issuance in this country of between $175,000,000
and $200,000,000 of the aforesaid collateral bonds, secured
by issues now outstanding, held in London and now under the
control of tho British Treasury, will be announced, it is be
lieved, within a few days by J. P. Morgan & Co. The bonds,
it is understood, will run for either 20 or 30 years and will be
secured by the debenture stock or stocks of tho Canadian
Pacific which correspond to the first mortgage bonds issued
under American railroad practice. The company’s fixed
charges are now approximately $11,000,000 and tho earnings
available for this purpose are stated as about $49,000,000.
— V. 104, p. 1G2.
Chesapeake & Ohio R y . — E q u ip m e n t T r u s ts O f f e r e d .—
Kuhn, Loeb & Co. and tho National City Bank have sold
at 99K $3,780,000 Equipment Trust 4 lA % certificates,
Series It. The bankers report:
Coupon certificates o f the Commercial Trust C o ., Ph ila., maturing in
equal somi-annual installments from N o v . 1 1917 to M a y 1 1927 incl. In
terest payable M . Sc N .
D cnom . $1,0 0 0 c*. Redeemable on any in
terest (late at 1 0 2 % on 60 days’ notice.
.
,
Tho certificates represent 8 0 % of the cost o f the following equipment:
25 M allet locom otives, 2,000 50-ton steel coal cars, 10 steel passenger
coaches, 2 steel parlor cars, 1 steel dining car.— V . 104, p. 6 55, 451.
Chicago & Eastern Illinois RR.—
1387
THE CHRONICLE
A p r il
1
C o u p o n .—
The U . S. M tgo. Sc Trust C o . gives notice to tho holders o f its certificates
o f deposit for 1st Consol. 6 % bonds that it is now paying tho April 1 1917
coupon at its office, 55 Cedar S t ., New York C ity .— V . 104, p. 361, 162.
Chicago Rock Island & Pacific Ry.— C o a l
B o n d s .—
See Consolidated Indiana Coal C o . under “ Industrials” below.— V . 101,
p. 1263, 1145.
Cities Service Co.,
N. Y .— R e p o r t—
S to ck I n c r e a s e , A c .—
See “ Annual Reports,” also “ Reports & D ocum ents” on other pages.
Th e shareholders on April 3— (a) ratified the proposed increase in auth.
capital stock from $100,000,000 to $15 0 ,0 0 0 ,0 0 0 , of which $100,000,000
will be pref. and $50,000 ,000 common stock; also (b) adopted the resolution
shown in the aforesaid annual report limiting cash dividends on the common
stock to 6 % per annum for tho purposes and during tho period stated In the
resolution.
J.
C . M cD ow ell, o f Pittsburgh, and M . R . B um p, o f N . Y . , have been
elected directors to succeed A . Bcvan and C . T . Brown.— V . 104, p . 1145,
951.
Citizens Traction Co., Oil City, Pa.— C o n t r o l . —
Connecticut River RR.— N o t e L i t i g a t i o n . —
Sec Boston Sc M aine R R . above.— V . 104, p . 763, 663.
Detroit United Ry.— D i v i d e n d I n c r e a s e d '. —
A quarterly dividend o f 2 % has been declared on the $12,5 0 0 ,0 0 0 stock,
See M unicipal Service C o. below .— V . 101, p . 1806.
payable June 1 to holders o f record M a y 16. This compares with 193%
quarterly since June 1916.— V . 104, p . 1044, 656.
Federal Light & Traction
Co.,
Total
Interest
Calendar
Gross
Year—
Earnings.
v .2 ,502,142
1916............ $ ----------1915______ 2.3 5 2 ,0 1 5
— V . 103, p. 1687.
N. Y .— C o n s o l.
E a r n s .—
C .A .R y . Sp'a.Ry.
Balance.
Income.
Charges. A E .D iv . & L .D iv.
Surplus.
--------...
.. s586>0.16 §8 4 ,0 0 0 $ 35,009 $159,194
$864,249
589,342
8 4,000
2 3,890
109,067
806,299
Gary & Southern Traction Co .— Bonds.—
This com pany has sold to Otis & C o ., Cleveland, $150 ,00 0 First M tge.
5 % gold bonds dated O ct. 1 1916, duo O ct. 1 1926, but subject to call at
102. Interest payable A . & O. at tho Citizens’ Savings & Trust C o .,
Cleveland, Ohio, trustee. Sinking fund 1 % . The proceeds are to be used
to retire $250,000 5 % bonds now outstanding o f an authorized $300 ,00 0.
Should tho $150,000 bo insufficient to take up the $ 2 50 ,00 0, the remainder
will be paid in cash by the company and the $50,000 now hold in the treas
ury will be canceled and destroyed. O f tho new bonds, $50,000 will be kept
In tho treasury for additions, betterm ents, &c.
The company now operates 12H miles o f road connecting Gary and
Crown Point, In d ., and purchases its energy from tho G ary H eat. Light Sc
W ater C o. Pres., Ora L. W ilderm uth, G ary, In d .; Sec. & T reas., F . M .
Clark, Chicago, 111.
Grand Trunk Ry. of Canada.— Earnings .—
Calendar Years—
1916.
Gross earnings___________ £ 9 ,819,700
Operating expenses____
7,2 8 8 ,0 0 0
1915.
£ 8 ,292,688
6 ,511,257
1914.
£ 8 ,596,768
6 ,8 4 1 ,9 1 9
1913. _
£9,620,176
7,261,810
N et earnings___________ £ 2 ,591,700
Other incom e___________
6 2,400
£1,781,431
373,200
£1.754.849
*682,744
£2.358,366
*307,233
£2,437,593 £2,665,599
Total ................................ £2,654 100 £2,154,631
Deduct—
£ 1 ,747,240 *£1,584,111
Charges_________________ x £ l,9 1 4 , 600 £1,499 ,307
83.870
defl ,880 d e fl0 3 ,7 4 2
D et. Gr. H a v . & M l l w ..
def40 ,250
----------Grand Trunk W est R y . s u r ll9 ,200 defl 22 ,177 def 135,348
____
def26,147
20,496
dcf20 ,563
T o l. Sag. & M u sk . R y . .
d e fl 6 ,150
D iv . on guar, stock___ ( 4 % ;5 0 0 ,000 ( 4 % ) 500 ,000(3 ‘ 3 ) 4 3 7 ,5 0 0 ( 4 % )1 9 6 ,823
............
170.841
. ..
do
1 st pref. s t k .(5 % )
171 ,000
............
126,420
...
do 2d pref. stk. ( 5 % )
126 ,500
.............(2 H H 7 9 .1 1 6
do 3 d pref. stock___
___
T o t a l ________ _________ £2,649 ,300
B a l., sur. or d ef________
sur£4 ,800
£2,143 ,927 *£2.4 4 9 ,9 7 7 *£2,661,677
sur£3.922
sur £ 10 “ 04 def £12,384
* Comparisons are slightly inaccurate due to changes made in later years.
x Includes £400.000 reserve for contingencies and possible liabilities
arising from conditions caused by tho w ar.— V . 103. p. 2078.
Grand Trunk Western Ry.— T o
O p e r a te B o a t L i n e .—
The I . S. C . Commission has granted this company authority to continue
Its Interest In and operation of the Canada Atlantic Transit C o ., a boat line
operating on tho Great Lakes.— V . 97, p. 237.
Green Bay & Western RR.— E a r n i n g s .—
Cal. Year—
1916.
1915. I Dividends
1916.
1915.
Gross earnings...$ 8 5 0 ,0 7 1 $780,423 |D e b .” A ” ( 5 % ) . . . S30.000 $30,000
N e t, after t a x e s ..$ 2 4 0 ,9 7 3 $271,718[S tock ( 5 % ) ----------- 125.000 125,000
Im provem ents___ _______
81 ,4 0 0 ! D eb. “ B ” -----------(1)70,000(9-3)43,750
|Balance, surplus. $15,973
$8,783
As to increase on Class “ B ” debenture paym ents from 93 o f 1 % to 1 % .
see V . 104, p. 451.
Haytian-American Corp. (N. Y .).— I n i t i a l
D i v i d e n d .—
An initial dividend of 1 1 -6 % . at the rate of 7 % per annum , was paid
on April 1 on tho pref. stock for tho two months since the com pany's in
corporation to April 1. See stock offering, V . 104, p. 4 51, 256.
Honolulu Rapid Transit & Land Co.— B o n d s
C a l l e d .—
All the outstanding ($528,000) First M tg e . gold bonds o f 1902 will be
redeemed on M a y 1 at the Union Trust C o ., San Francisco.
E a r n i n g s . — For
years ending Dec. 31:
1916.
Cal. Years—
1916.
1915.
Gross earnings___ $669,982 $599,564 D eprecia tion ____ $ 28,922
N et earnings______ $314,546 $227,153 D ividends________ 112,300
Bond interest. &c. 89,011
75,463 Balance, surplus. $84,313
— V . 103, p. 93S.
Louisville Railway.— D i s s o l u t i o n
1915.
$27,901
96,600
$27,189
o f H o l d i n g C o m p a n y .—
See Louisville Traction C o. below.— V . 104, p. 952.
Louisville Traction Co.— D i s s o l u t i o n .—
Steps are being taken to dissolve this Com pany, the holding company
for the Louisville R y ., the purpose being to reduce the Federal State taxes
at a saving on the present basis o f taxation o f between $35,000 and $40,000
yearly. The Louisville “ Courier Journal” o f M arch 29 says: “ Preferred
stockholders will exchange on a share for share basis; holders of the trad ion
common stock will receive two shares of railway common for each three
shares o f traction com m on. Tno capitalizat ion will be reduced in this way
from approximately $12,000,000 to about $ 8 ,000,000.
The present com
mon stock pays an annual dvidend of 4 % .
It is understood that the divi
dend rate on the new common stock will be 6 % . ” — V . 92, p. 262.
, Minneapolis & St. Louis RR.— N e w O f f i c e r .—
W . II. Bremner, general counsel o f the com pany, has been elected Acting
Chicago Indianapolis & Louisville Ry.— B o n d s O ff e r e d . President,
to succeed E . L. Brown, who recently retired as President on
— Harris, Forbes & Co., X . Y .; Harris, Forbes & Co., Inc., account o f ill health.— V . 104, p. 1945, 952.
Boston, and the Harris Trust & Savings Bank, Chicago,
Monongahela Valley Traction Co.— D iv id e n d I n c r e a s e d .
A quarterly dividend of 1 M % has been declared on the $ 6 ,7 8 2 ,0 3 7 com
are offering, by advertisement on another page, at 93 X
A and
stock, payable April 16 to holders of record April 11. This compares
int., netting 5 % % , $2,000,000 of this company’s First & mon
with 1 % quarterly since Jan. 1916 and an extra 6 % in stock in Jan. 1917.—
General Mtgo. 5 % gold bonds of 191(3, of which $3,250,000 V . 104. p .,1 1 4 6 , 452.
are now outstanding, and $1,280,000 held in the treasury.
Municipal Service Co.— B o n d O f f e r i n g . — Baker, Ayling
A full description of the issue will be found in V. 103,p. 1810. 6 Young are offering $2,231,000 of this company’s First
Mee also annual report, V. 103, p. 1408, 2155.— V .104,p.1044. Lien Collateral Trust sinking fund 5s, dated Mar. 1 1917,
Chicago & Interurban Traction Co.— R e p o rt.duo Mar. 1 1942, but callable, all or part, on any int. date
N et
Years ending
Rev. from
Other Operating
Net
Interest
at 103 and int. A circular shows:
Inc rme.
•>§
Transpor'n. Revenues. Expens. Earnings.
— "
1910-17
$332,792 $3,706 $196,041
$140,457 $87,633 $52,825
......
3,552
1915-16
292,795
3,552
161,126
135,221
8 7,253
4 7,968
The b d a n c o sheet as of Feb. 28 1917 shows outstanding stock, $1,000 ,0 0 0 ;
1st M lionds 8 1 ,350,000 (additional $ 290 ,0C0 Issued and held In troasury);
bills payable,’ $125,000. and profit and loss surplus, $ 2 5 5 .9 5 4 .— V . 103,
P . 116 7 .
Interest is payable M . & S. in Boston and Philadelphia. Trustee.
Philadelphia Trust C o ., Phila. D enom . $ 1,000 and $500 c * . The com
pany covenants, so far as it lawfully m ay, to pay the normal Federal in
come tax. Beginning M a r. 1 1918 a sinking fund is provided o f 6 % for
7 years and thereafter 5 % o f net earnings o f sub. cos. after operating ex
p e n se s,taxes, & c., less sinking fund payments under present subsidiary m tgs.
1388
[VoL. 104.
THE CHRONICLE
Northern Electric Ry., California.—
-.-.Cavitcilizalicm—
Authorized. Outstanding.
r - T - '- v - -&= T.................... ...........................................*320,0 0 0 ,0 0 0 32 ,2 3 1 ,0 0 0
...............................................................
3 00,000
2 5 0,000
Nett) P l a n .— 'The
reorganization committeo, Frank B. Anderson, of San Fran.,
Chairman, has issued a new plan of reorganization which has
2 .0 0 0 ,0 0 0
900,100
C om m on stock.................... .......................................... .........
been finally agreed to “ by all groups or committees except
’ Additional bonds m ay bo Issued only for acquiring and placing under
the mortgago at least an equal amount of the mortgage bonds o f the sub- an interest of less than 1 % .” Unless practically all security
skllarles now outstanding, or further, at the rate o f 8 5 % for those issued by
holders assent by May 25, tho committeo states that it will
subsidiaries for construction in tho future but under stringent earning
make no further attempts at reorganization (comparo V.
requirements.
101, p. 1273).— Y. 104, p. 1265.
Th e present bonds will bo secured not only by 3 1 ,9 0 8 ,5 0 0 o f tho mortgago
bonds o f its subsidiaries, over 8 5 % of thoso issues outstanding, but also
— S a le o f G e n e r a l M t g e . 4 ^ s — The
substantially all their capital stocks amounting to 3700,000 prof, and 3 2 .onR c°n»m on.
Tho subsidiaries servo a total population o f about syndicate, headed by Kuhn, Loeb & Co., which last week
4 0 .0 0 0
and includo: Chester Valloy Electric C o ., Coatesville, P a .; Salem
purchased $60,000,000 General Mtgo. 4 y 2 % gold bonds of
C o .; Alexandria County (V a .) Lighting C o .; Staunton (V a.)
1915 announces by advertisement on another pago, for record
Lighting C o .; Sumter (S. C .) Lighting C o ., and Valdosta (G a.) Lighting
Citizens Traction C o. The last named (recontly acquired, see purposes only, tho salo of tho entiro amount.
Subscription
p . 86 o f Electric Railway Section” ) operates 35.11 miles of track connecting
prico 97^ and int. to yield 4 % % . Bonds duo Juno 1 1965.
Franklin and Oil C ity by two routes (on either side of tho Allegheny) and
controlling Citizens Light & Power C o ., which furnishes electric light and
Int. J. & D. Denom. $l,000c* & r*. Free of Penna. State
power for Oil C ity and vicinity (a description of the lighting properties
tax. A circular shows:
m ay be found in V\ 103, p. 3241 ).
Pennsylvania RR.
Earnings for Calendar Year 1916 (incl. Cit. Trac. Co.)
1917 Estimated.
Combined gross earnings of subsidiary companies___ $ 1 ,0 9 0 ,6 1 3 $^?232?Oo6
Balance after operating expenses and taxes_________
4 27,713
481 000
Interest charges on securities not owned by M . S. C o .
“ —
85,258
8 3,608
Exponsos o f M unicipal Service C o ____________________
16,303
2 0,000
B a la n c e ____
3326 ,15 2
3377 .39 2
5 % on bonds (S2,2‘ 3 1,000 19 1 6 ^ 3 ^ 4 8 LOCK)To'lY)"
111,550
124,050
B al. for note in t., s. f ., amort, res’ves, divs.& surp. $214 ,60 2
$253 342
l h e properties are operated by D ay & Zlmmormann, Phila.— V . 103,p324
Netherlands Tramways Corp.— D i s s o l u t i o n ,
& c.
—
— N ew M o rtg a g e.
The shareholders on Mar. 30 authorized tho proposed Refund
ing & Improvement Mortgage to securo not more than $16,
000,000 in bonds. Viee-Pres. T . C . Powell said in substanco
T h e plan o f tho directors provides for tho issuo at this timo o f $ 7 ,663,000
o f do-year 4 'A % bonds in oxchango for a like amount o f 4 H % bonds now
outstand ng being all o f the existing bonded debt except tho prior lion bonds.
I hero will also bo reserved bonds to refund at or boforo m aturity tho out
standing $ 1 ,3 7 1 ,0 0 0 prior lien bonds and tho remainder o f tho authorized
Issuo will bo reserved for issuo hereafter during tho lifo o f tho mortgage for
betterments and improvements.
It is not oxpected that any of tho bonds reserved for im provem ents will
bo immediately issued, although by tho creation o f tho mortgago a means
has been provided for unifying tho funded debt and for furnishing now capi
ta' for necessary improvements hereafter, from timo to tim o, when the
board o f directors deem it advisabio and tho condition o f tho bond markot
1?
88 to
tho issue and salo o f tho reserved bonds.
(Compare
v . 1U4, p . 8b3, 559.)
New York Central RR
—
.— A d d i t i o n a l B o n d s — D e c i s i o n .
This company has applied to tho Now York P. S. Commission
for authority to issuo $10,000,000 4 lA % Ref. & Impt. Mtgo.
bonds at not less than 93 y 2 . There aro $40,000,000 of these
bonds now outstanding.
Tho Appellato Division of tho Supromo Court in Brooklyn on April 5
handed down a decision unanimously upholding a decision given last M a y
by Justico Morschauser at W hite W ains dismissing a suit brought by C II
Vonnor to onjoin the consolidation o f tho N Y Central & Hudson Itivor R l i '
and ton other railroads.— V . 104, p . 1264, 1146.
New York Connecting RR.— O p e r a t i o n s . —
New York New Haven & Hartford RR .— C o lla te r a l
See N . Y . N . H . & Hartford R R . below.— V . 104, p. 1045.
T r u s t N o t e s .— An advertisement, as a matter of record, ap
pears on another page describing this company’s issuo of
$45,000,000 one-year 5% Collateral Trust gold notes duo
April 15 1918, but redeemable at tho option of tho company,
in whole or in part, on 60 days’ notico at 101 and int. A
comprehensive statement published in last week’s “ Chroni
cle’’ (p. 1264) gives full details of the issuo.
The proceeds of these notes will bo used to rotiro at ma
turity on May 1 tho $25,000,000 4)^ % one-year notes of tho
company and also tho $20,000,000 6% 3-year notes of tho
Now England Navigation Co. in so far as tho holders of
either issue do not exercise tho privilogo of exchange ex
tended by tho bankers. Comparo V. 104, p. 1264.
H e l l G a te B r id g e R o u te O p e n e d A p r i l 1.—
On April 1 the Federal Express was rolnaugurated, running via tho now
four-tracked New York Connecting R R ., which links Now England with
tho States lying west and south o f tho Hudson and East Rivers. It Is the
Intention of tho managers of the Now Haven and Pennsylvania companies
to utilize this routo to tho fullest oxtont possible and as quickly as schedules
can be adjusted. Tho Adam s Express C o. will oporato two trains each
way over this lino,
lh o Colonial Expross will bo rolnaugurated at an earlv
da y, and a through summer train, which Is likely to bo known as tho W ashB r o v P d e d !— 'V.°10KlX pr°1045L1264On ° ther through Passon® » ' service will
Norfolk Southern RR.— N e w
N o t e s .—
T h e $ 1 ,000,000 3-year 6 % gold notes sold to Harris, Forbes & C o . aro
dated April 2 1917, and duo April 2 1920, but subject to call at 101 as a
whole °r in part on any interest date on 60 days’ notico. Donom . $ 1 000
$ 5,000 and $10,000 . Interest payable A . & O . in Now York. Control
Trust C o ., N . Y ., mortgago trustee.
Ti*1,nOotusA r0 secured by pledgo with trustee o f $ 1 ,5 7 5 ,0 0 0 . faco am ount.
N orfolk Southern First & Refunding M tgo. 5 % gold bonds, duo 1961 a
direct mortgago on tho entire property, including leaseholds, torminals
equipment, & c.
The proceeds, except $176 ,00 0, which will bo used to
rotiro 3176,000 General M tgo. 6 % bonds duo O ct. 1 1917, will bo S f o r
expenditure* for equipment and betterment work designed to increase
revenue and reduce operating costs.
For tho year ended D ec. 31 1916 Norfolk Southorn earned over 1]A times
its interest and other fixed charges.
3
oftolng.— v f bl°0VL p!Ui20hL Vfo40°Q dlsposed o f and thoro wil1 bo no Public
lS d e
! ' ,r Prl° r U0,1S-------------------- ------------------------
- - - - - -
165,165,000
—
T h e shareholders will vote M a y 3 on winding up tho com pany.
• L . Bolssovaln, under date of M arch 30 last, addressed the
shareholders In substanco as follows:
Pursuant to stockholders’ vote of Jan. 30 1917, tho President has sold to
M essrs. Hopo & G o ., bankers, o f Am sterdam , for clients of theirs, all tho
stock o f the Electrlscho Spoorweg M aatschappy owned by this corporation,
amounting to 14,750 shares, par 250 guilders, for a sum which, after pay
ment of certain obligations o f tho Electrlscho Spoonveg M aatschappy and
o f this corporation, nets this corporation tho sum of S 734.790. Tills sum is
» ,<? distributed pro rata among tho holders of record of tho pref. stock on
April 2 1917— $48 98 on each share. Holders of tho pref. stocks shall
forward their certificates to tho Treasurer, Itoom 705, 60 Bway. N . Y .
Upon tho distribution taking place, this corporation will havo no funds
or property whatsoever, and in order that no controversy m ay hereafter
arlso with reference to tho outstanding stock, tho preferred stockholders
aro also requested to forward their certificates for tho common stock with
their certificates for tho pref. stock. After tho payments on tho pref. stock
have been mado, all deposited certificates will bo duly canceled.— V .9 0 ,p .5 6 0 .
New Orleans & Northeastern RR.
1 lieso bonds aro a direct obligation o f tho company and aro secured by a
2m ° /r
ts H ° P ert.y subject to prior liens amounting to approximately
$ 1 6 5 ,00 0,00 0. Tho prior liens niaturo from 1919 to 1960, cannot bo in
creased and a sufficient amount of bonds authorized by this mortgago is
reserved for their retirement.
. ..
Data Regarding Issuance of General Mortgage Bonds o f 1915.
Authorized; limited to paid up capital stock of tho company
outstanding at tlio timo o f issuo. which is at present____ . $499,265,700
Outstanding including present issue_____ __
10 5 non 000
boon $ 14,223 , whilo but 3 5 % of this am ount, or $ 4,998 lias boon needed
to l,aL n 0 / j xe(^ charges.
Tho gross revenues for tho calendar year 1916
were $ 230 ,27 8,53 3; the operating income $ 5 5.056 ,011 . See anmiai report
published in detail in V. 104, p . 959, 948.
See N . Y . N . H . & Hartford R R . abovo.— V . 104, p . 1265, 1146.
Pere Marquette Ry.— S e r ie s “ A ” B o n d s O f f e r e d .— Harris,
Forbes & Co., N. Y ., Harris, Forbes & Co., Inc., Boston,
and the Harris Trust & Savings Bank, Chicago, aro offering
at 95 and int., netting 5.30%, $6,000,000 1st Mtgo. Series
“ A” 5%gold bondsof tho reorganized company, dated July 1
1916, due Julyl 1956. See adv. pages. A circular shows:
Tho bonds aro redeemable at 105 and int. at any time on 60 d ays’ notico.
In t. J. & J. in N . Y .
Denom . 3 1 ,0 0 0 c * . 3 1 ,0 6 0 , & c.r*.
Trustees
Bankers Trust C o. o f N . Y . and Hugh M c K . Landon.
*
Tho com pany will operate a system o f 2 ,2 4 8 .7 5 miles o f road, serving tho
State o f M ichigan and connecting D etroit. Grand Rapids and Saginaw and
entering lo lo d o , Chicago and Buffalo through trackage rights.
Total mileage, 2 .2 8 5 .2 9 , including 1 ,8 2 6 .3 5 miles o f road owned, 228.73
miles o f road controlled through ownership o f at least 99 % o f all outstanding
securities, and 230.21 miles of road operated under lease or trackage agree
m ents. 3 6.54 miles o f tho road owned has boon leased to other companies.
In o com pany also owns 757.54 miles and controls or leases 116.97 miles
. sld8 ,J j ack,,s ’ , / lh 0 companies controlled, through tho ownership o f at
least 99% o f all securities, includo tho Lake Erio & Detroit River R v
(Canada), tho Grand R apids, Kalamazoo & South Eastern I iy ., and the
S S y >o » £ J V$ ? t«ern S y ' . 4 ? interest amounting to 51% is owned in tho
o’22rt
BlMon D epot C o ., D etroit, and a 16% interest in tlio Toledo
lerm inal R y. C o ., Toledo.
Outstanding Capitalization (Total Stock. $ 6 8 ,6 7 5 ,0 0 0 ; Bonds, $ 3 6 ,3 2 5 ,0 0 0 ).
Com m on stock_____________________
S4 5 n4 « n A n
Preferred 5% , cumulative after Jan. 1 1919.- H U H " ............. 12 429 000
Prior preference 5% cum ulative_________
' i i 'ono’nnn
N ew 1st M . bonds 1956, series A 5s, $ 2 1 ,9 7 6 ,000fseries B 4s',
'
1956, $ 8 ,4 7 9 ,0 0 0 --------------------------------------------------_
_
3 0 4 5 5 nno
*Lako Erio & Detroit River R y . Division 4>^s 1932, $ 3 ,0 0 0 ,6 6 5
’
’
and 4s 1923, $ 2 ,8 7 0 ,0 0 0 __________________________________________
5 ,8 7 0 ,0 0 0
♦F irst M ortgago bonds aro reserved to refund tlieso issues.
Tho plan under which tho com pany is being organized (V . 103, p. 1692)
provides for the reduction ot a previous total dobt o f $ 8 7 ,0 1 2 ,9 1 9 to a present
total debt o f 5 3 6 ,3 2 5 ,0 0 0 — o f which 3 6 ,0 0 0 ,0 0 0 (this issuo) has been sold
£or cash and in addition stocks havo been sold for cash, both producing
§ 1 6 ,0 0 0 ,0 0 0 . Tho interost charges o f tho old companies amounting to
$ 4 ,1 2 7 ,3 4 0 havo been reduced to $ 1 ,6 8 7 ,7 6 0 o f tiio now com pany. On
completion o f tho reorganization tho com pany will havo over $ 8 , 0 0 0 ,0 0 0
cash on hand.
Bond Issue.— A direct first mortgago on all tho railroad properties, now
owned or hereafter acquired, equipment, & c ., in tlio United States, and
additionally secured by deposited collateral consisting o f securities owned
o f various companies.
1 ’ho total authorized issuo under tho deed o f trust
is limited to $ 7 5 ,0 0 0 ,0 0 0 , of which $ 3 0 ,4 5 5 ,0 0 0 aro now outstanding. O f
this amount $1 5 ,9 7 6 ,0 0 0 5s and 3 8 ,4 7 9 ,0 0 0 4s aro issued in oxchango for
bonds o f tho old companies under tlio plan, and $ 6 , 0 0 0 ,0 0 0 o f 5 % bonds
(present issuo) havo been sold for cash. Tlio remaining bonds m ay bo
issued for various corporato purposes, Including tlio refunding of $ 5,8 7 0 000
o fL a k o Erio & Detroit River R y. Division bonds, maturing in 1923 and
1932. Except for refunding purposes, additional bonds m ay bo issued only
at par for 80% o f tlio cash cost or fair valuo .whichever Is lass, for construc
tion, additions, extensions, improvements, equipment, purchaso o f real
estate, acquisition o f stocks or bonds ot other railways, terminals, See.
exceed $ 7 .5 0 0 ,0 0 0 o f the escrow bonds m ay bo issued witii a maturity
earlier than 1956. N o additional bonds m ay bo issued until after July 1
\bo total Donclccl dobt is $ 3 6 ,3 2 5 ,0 0 0 covering 2 ,0 5 5 .0 8 milas of
road, or loss than $ 1 8 ,0 0 0 per m ile.
Statement o f Earnings for the Year Ended June 30 1916.
Gross earnings (at rato o f $9,349 per mile operated)____________ $21,210 ,053
N e t, applicable to interest (rato o f over $2,1 0 0 per m ile)_______
4,786 593
Annual Intornat.
nlm r,.., on $ 3 6 ,3
'IOC
n n0i 0
, .tiio
1 ... totalI .presont
. . . ........... 1bonded
.T
Annual
Interest chargo
2 5 ,0
d e b t.
1.687,760
B ala n c0............................................................................................................. $ 3 ,098,833
,
Gross Earnings o f Railroad Co. For Years Ended June 3 0 .
JRR£-$ H ’§ i ? ’ 1 95l 1 9 1 0 -3 1 6 ,5 4 2 ,2 7 1 11912 .$ 1 7 ,1 6 0 ,4 8 1 11 9 1 5 -$ 1 8 ,0 2 8 ,2 1 0
1909 - 14.629,82711911 - 16.523.762| 1914 . 16,915.19711916 - 21 ,2 1 0 .0 5 3
Valuation hauity.— Tho property o f tho railroad as o f July 1 1914 has
boon appraised at a reproduction cost o f $96,962,771 and a reproduction
cost depreciated o f $ 7 8 ,5 4 5 ,2 4 1 . Tho equity represented by tlio market
quotations for tho stocks on M arcli 23 1917 was $ 2 8,236 ,450 .
[VVo aro informed that tiio now company lias not yet takon possession
vV.
ndi°nVln0
0 'v,lngJ
? log?
? M ?,.1046.
La,£V ebut wU1 cl<) so shortly.l See plan
103, p . Pin?
1692.—
V . 104,
p . 1265
Pittsburgh & West Virginia Ry . — S ta tu s , cfee.—
On or about April 15 this company will take over tho property of W abashPlttsburgh ’lerm inal R y ., foreclosed. Schmidt & Gallatin o f N . Y . havo
prepared a circular regarding tho property dated April 4 . Seo W abashPittsburgh lerm inal R y . below and names or officers and directors in last
week s ’ Chronicle,” pago 1265.
Poughkeepsie City & Wappinger Falls Electric Ry.—
N ew
M o r t g a g e .— R e tir e m e n t o f O ld B o n d I s s u e s .
Tho Now York P . S. Commission has authorized tho company to mako
8 now mtgo. to tho Equitable Trust C o. of N . Y . securing an issuo of $5 ,0 0 0 000 5 % lir s t M tgo. sinking fund gold bonds, o f which $596 ,00 0 will bo
issued immediately in oxchango, par for par, $346 ,00 0 first mtgo. 5 % bonds
due July 1 1924 and $ 250 ,00 0 2d mtgo. 6 % bonds duo in 1937. N o now
bonds have been sold, but it is understood a block will bo placed later on.
— V . 8 5 , p. 795.
Public Service Corp. of N. J.— N e w
O ff i c e r s
— D ir e c to r s .
E . \V. Wakeloo and Percy S. Young havo boon elected Vice-Presidents
and directors to succeed Georgo J. Roberts, retired, and John J. Burlolgh.
deceased. T . w . Van Middolswortli has been oloctod Treasurer. Thomas
A pr . 7 1917.]
THE CHRONICLE
N . M cC arter remains President, and Edwin W . H lno, Secretary. W . S.
Barkor has been made Comptroller, ami Farley Osgood has been elected
Vlco-Prosldent of the Public Servlco Electric C o.
Tho board has been reduced from 21 to 18, decision having been made
not to fill tho vacancies o f P . F . W arner, retired, and Edgar B . W ard
and F . W . Hoobllng, dccoased.— V . 101, p . 1259, 765.
San Francisco-Oakland Term. Rys.— C o u p o n s ,
E t c .—
Tills company recently paid the M a r. 1 1917 coupon of tho Oakland San
Leandro <Sc Hayward Electric K y . 1st M tgo. 6 % bonds and tho M a r. 15
1917 coupon of Tw onty-tliird Avo. Electric R y . 1st m tgo bonds at the
W ells Fargo N evada N ational Bank.
This company has applied to tho C ity Councils of Oakland and Berkeley
for a resettlement o f tho various street railway franchises owned by this
company in these cities, under tho terms of tho plan outlined In V. 103, p .
759.
A similar application will be mado in tho city of Alam eda when tno
now charter authorizing such application becomes effective. These stops
aro bolng taken as prom ptly as possible after the ratification by the State
Legislature of tho rofranchiscmont plan as approved in tho three cities.—
V . 104, p. 164, 74.
Tidewater Southern Ry. (California).— A s s e s s m e n t .—
A n assessment has been levied on all delinciucnt stock equal to tho amount
unpaid, delinquent April 21 salo date M a y 10.— V . 104, p . 6 65, 164.
Tennessee Cent. RR.— S a le
A d j o u r n e d — N o B id — O p t i o n .
The foreclosure salo o f this com pany’s property has been postponed
until M a y 3, no bids having been recoived at tho recent offoring on April 3 .
Tho upsot price now is $700 ,00 0. It is said that possibly the C ity of Naslivillo will in tho meantimo acquire tho bonds and an option of 60c. on tho
dollar.— V . 104, p. 864, 766.
Underground Electrc Rys. of Londpn.— N e w
N o t e s .—
It is understood that tho company has succeeded in disposing of £700,000
now 5 % 3-year notes to roplaco those shortly falling duo, and that they
havo been disposed o f at 9 6 .— V . 104, P- 1265, 1046.
United Traction Co. of Pittsburgh.— D e p o s i t o r s o f
P r e f . S tock A s k e d to S ig n i fy W h e t h e r T h e y W i s h i n E x c h a n g e
5 0 % i n C a sh o r GO 2-3% i n 5 % M t g e . B o n d s o f P itts b u r g h
R a ilw a y s G u a r a n te e d , P .
I . , b y P h il a d e l p h ia C o .— The coinmitteo of holders of pref. stock, Henry G. Bronglo, Chairman,
as of April 3 announces:
Tho timo limit for deposit of tho abovo stock having expired on M arch 24
last, no further certificates can bo received. A s m any stockholders who
havo deposited their stock have not signified their cliolco as to whether thoy
doslro bonds or cash for tiieir holdings, it is urgently requested that they
communicate at once with tho depositary, tho Philadelphia Trust C o .,
415 Chestnut S t ., Philadelphia, signifying their desire, as tho syndicate
managing tho settlement havo Indicated that thoy will hold their offer
opon but a short time longer.
'l’ he Philadelphia Trust C o. on M arch 4 announced that 5 6,000 out of the
60,0 0 0 shares of pref. stock outstanding havo assented to tho plan to receive
oitlior cash or bonds for tho samo. See V . 104, p. 665.
Utah Railway.— O p e r a t io n
fr o m
N ov.
30 1917.—
See "R e p o rt” U . S. Smoltmg, Refining & M ining C o. on a preceding page
— V . 99, p. 1529.
1 3 89
second pref., and 126,494 common of no par. Associated
with Chandler & Co., Inc., in tho transaction will be Counselman & Co., of Chicago.
The public offering will probably include $ 3 ,0 0 0 ,0 0 0 first pref. at 9 7 %
and int. from April 1 and 126.494 shares of com . stock at 40. Purchasers
o f tho pref. will bo allowed to subscribe for common up to 4 0 % of their
holdings. Tho second pref. will be distributed almost entirely among tho
concerns participating in the merger.
Tho authorized capitalization, as reported, consists of $ 7 ,0 0 0 ,0 0 0 cumu
lative 7 % first pref. stock, $2,00 0 ,0 0 0 cumulative 7 % 2d pref. and 150,000
shares o f common with no par value.
Eventually it is proposed to extend tho com pany’s operations into all
parts o f the united States. The properties now embraced aro said to have
a combined baking capacity o f 2 ,0 0 0 ,0 0 0 loaves a week, and through their
chain o f 1,285 stores located chiefly in Eastern Pennsylvania, Southern
N ew Jersey, Northern Delaware, Northern M aryland and vicinity, to be
serving over 1,000,000 customers, its business last year aggregating about
$46 ,0 0 0 ,0 0 0 . Important economies and house-to-house advertising are
expected to show material results, and it is estimated that net profits for
1917 will amount to 4 % o f tho gross business, compared with 3 % in 1916.
Tho Acm e Tea C o ., tho largest concern, has stores in nearly 80 cities and
towns. Its capitalization was $ 6 ,750,000 (V . 102. p. 19S8: V . 104, p. 165).
Chandler & C o ., Inc., announce that all of the $ 3 ,0 0 0 ,0 0 0 1st nref. stock
offered by them has been throe times oversubscribed.— V . 104, p. 1265.
American Vanadium Co.— P la n
O f f . — O p t i o n E x p i r e d .—
Plans for tho recapitalization o f this com pany havo been dropped, and
tho option which a group of Eastern capitalists had obtained for the purchase
of the stock at $1,000 per share has expired. Tho plan called for the re
capitalization of the Vanadium C o ., which has a capitalization of $700 ,00 0,
by tho formation o f a new com pany, which would bo capitalized at $ 1 3 ,5 0 0 ,OOO, o f which S 5 .000.000 would bo pref. stock, $6,00 0 ,0 0 0 common and
approximately S 2,500,000 in 6 % short-term notes. Subscriptions to tho
underwriting syndicato wero oversubscribed about 3 0 0 % .— V . 104, p . 1047.
Atlantic
Petroleum Corporation.— N e w C o m p a n y —
syndicate, including tho Equitable Trust
Co. of Balt.; Middendorf, Williams & Co., Inc., P. H. Good
win & Co. and a number of other Baltimore and Phila.
bankers, is receiving subscriptions to $7,000,000 total auth
orized capital stock (par $5) at $8 per share of this companj
incorporated in Va. March 5 last. A circular shows:
S to ck O f f e r e d . — A
Property — A consolidation of producing properties and leases heretofore
owned by individuals, partnerships .and companies in Okla. and K a n .,
including tho Burko, Iloffied , Ross, Grels, Aiken, Curtis and other indi
vidual interests. Owns or controls about 8 0 ,0 0 0 acres o f oil and gas leases
with a production o f over 6 ,0 0 0 bbls. per day, and has at tho present timo
in process o f drilling 25 wolls with a number of tested locations yet to drill.
The production is located in the Eldorado and Augusta fields o f K an. and
in the N ow ata, B ixby, Leonard and Y a le fields of Okla.
Sale of Oil.— A market is assured by a contract with Cosden & C o. Gross
income now over $10,000 per day.
Directors.— Henry N . Grcis (Pres.), F . M . Aiken (V .-P rcs.), D . C . B othwell (Sec. & Treas.), J. F . Burko, W . L . Curtis and E . R . Perry.
Babcock & Wilcox Co.— F i n a n c i a l
D a t a .—
Th e following was published unofficially after annual m eeting, April 4:
Valdosta (Ga.) Moultrie & Western Ry.— C h a r te r e d .—
Years ending Dec. 31—
1916.
1915.
This property, recently sold to B . P . Jones as tho railroad com pany, has
Surplus at tho end of year____________________________ $ 4 ,689,418 $ 3 ,476,677
been chartered with $350,000 capital stock as tho railway com pany.
4,6 5 5 ,3 8 8
O.
I>. D alton. J. T . M athis and J. J. New m an were elected directors.Unfinished business on D ec. 3 1 ..................- ................... 12,761,864
Stock, $ 1 5,000 ,000 , In $100 shares; no bonds.— V . 104, p. 2 59, 166.
— V . 104, p. 953. 363.
Wabash-Pittsburgh Terminal Ry.— N o t i c e to H o l d e r s
o f C e r t ific a t e s o f D e p o s i t R e p r e s e n t in g F ir s t M o r t g a g e B o n d s
a n d S ec o n d M o r t g a g e B o n d s .—
Soo advertisement on another page and compare Pittsburgh & W est
Virginia R y . abovo.— V . 104, p . 1265, 258.
West End Street Ry.— C o m m o n
S tock S o ld .—
Tho 11,694 now common shares o f $50 oacli (guaranteed 7 % per annum ,
under lease to Boston Elovatcd), wero sold on April 2 in eight lots at prices
ranging from 5 2 % to 5 1 % , 9 ,700 shares going to M oors & Cabot at 5 1 % .
— V . 104, p. 1265, 363.
Western New York & Pennsylvania Ry.— E a r n i n g s .—
Calendar
Gross
N et after
Other
Interest,
Add'ns
Balance,
Years.
Earnings.
Taxes.
Income. Rents, & c. & Betts.
Deficit.
1916.......... $ 1 3 ,682 ,410 $ 2 ,5 8 3 ,6 7 7 $41,173 $ 2 ,5 4 3 ,9 6 8 $ 749 ,39 5 $668,513
1915........... 10,871,845 1,976,191 50,889 2,4 0 2 ,9 8 2 8 6 5 ,3 3 9 1,241,242
— V . 104, p. 453.
INDUSTRIAL AND MISCELLANEOUS.
Algoma
Steel Corporation.— I n t e r i m R e p o r t .—
g&Sco Lake Superior Corp. under “ Reports” abovo.— V . 104, p . 665.
American Can Co.— R u s s ia n C o n tr a c t E x t e n s i o n .—
This company has arranged an extension of timo for final delivery for
four months to Aug. 31 on its munition contracts with the Russian G o v t.,
which Government further has agreed to pay for all finishod shell parts
without waiting for tho assembly of tlio completed shells, thus releasing a
largo amount of capital previously hold ponding dolivery o f tho shells.—
V . 104, p. 555.
American Cotton Oil Co.— N e w
O f f i c e r , & c .—
Lym an N . Ilino, Treasurer, has also boon elected Vice-President and a
momber o f tho oxecutivo committoo. Ho succeeds C ol. W illiam Barbour
as diroctor.— V . 103, p. 2157.
Amer. Graphophone Co., N.Y.— S tock A l l S u b s c r ib e d F o r .
Pros. Francis 8 . W hitten announced on April 5 that all of tho 2 5,000
sharos of new common stock which were offered to stockholders for subscrip
tion at $100 por sharo havo bcon subscribed for, leaving nono for tho under
writing syndicato. Tho proceeds aro to bo used for additional working
capital to further develop the business. Compare V . 104, p. 1146, 1141.
American Ice Co.— D iv id e n d . —3 -Vl
A quarterly dividend o f 1 % % has bcon declared on tho $ 1 4 ,9 2 0 ,0 0 0 pref.
stock, payablo April 25 to holders of record April 15. This dividend is
payable on tho now prof, stock. Seo plan, V . 104, p. 166.
'fhcro has boon no official statem ent issued in regard to recent earnings,
but Pres. W osley M . Olcr has estimated that for tho fiscal year to O ct. 31
1917 there will bo a balance abovo interest, taxes and betterments of
’
• l " l . p. .5 0 1 . 165.
: .
-
" "American
Milling Co.— E x t r a D iv id e n d .
An extra dividend o f 5 % has been declared on tho stock; payablo July 16
to holders o f record Juno 3 0 .— V . 103. p . 2239.
American Public Service Co.— P r o p e r t i e s
S o ld .
—
This com pany, organized and financed by N . W . Halsoy & C o. (now
N ational C ity C o .), has sold its electric light and other public utilities
plants to tho Insull Syndicate, which controls tho Standard Gas & Elec
tric C o. (soo report in last week’s "C h ro n icle ," p . 1260). Tho plants in
volved aro located at Abilene, Blord, Cisco, Jefferson, Longview and M a r
shall, T e x ., and Hugo, Okmulgee and Henrietta, Okla. Seo m ap, & c., on
pages 141 and 143 of ‘ ‘ Kal way & Industrial" Section.— V. 102, p. 1251,2078
American Stores .Company^Philadelphia.— M e r g e r . —
This company was incorporated in Dolawaro on March 29
to carry out tho proposed mergor of the Acmo Toa Co.,
Robinson & Crawford, Bell & Co., Childs Grocery Co. and
the George M . Dunlap Co. Tho present capitalization will
consist of $3,000,000 first pref., par $100, and $1,500,000
Bethlehem Steel Corp.— A n n u a l
holders on Apr. 3 voted:
M e e t i n g . — The
share
(1) T o ratify the action o f tho directors in making an agreement with
J. & W . Seligman & C o. to underwrite tho $15,OOO,O0O new common stock
recently sold (V . 104, p . 364).
(2) T o authorize tho directors to create a blanket mortgage and issue up
to $ 200 ,00 0,00 0 in bonds (V . 104, p . 1047).
(3) T o approve o f the bonus system o f compensation for officers and em
ployees.
Claronco II. Venner, representing tho General Investm ent C o . o f M aine,
was at tho meeting and entered objections to all principal m otions except
that o f adjournment. N am es proposed by M r . Venner to bo directors re
ceived only 100 shares’ vote. The retiring directors were re-elected.
It was intimated that one purpose of authorizing the blan
ket mortgage was eventually to consolidate the various
properties and do away with the holding company. Chair
man Schwab is quoted as having stated that orders on the
books amounted to upwards of $250,000,000. Net profits
for Jan. and Feb. are reported to be about $11,000,000.
— V. 104, p. 1266, 1139.
Bon Air Coal & Iron Co.— S o ld .—
This com pany’s property was bought in at receivers’ sales on April 2 by a
committee representing tho second mortgage bondholders for $829 ,5 0 2 , the
purchasers assuming tho prior mortgages, together with accumulated in t.,
making the total valuation $1,384 ,4 2 3 .
Holders of the second mortgage bonds, who aro purchasers of tho property
will pay an assessment of probably over 5 0 % with which to pay tho back
interest as well as the sinking fund of the prior mortgages.
[Special report from Goulding M arr & Brother, bankers, N ashville,
Tenn.) See also V . 104, p . 562, 455.
Bridgeport Brass Co.— S ta tu s —
S to ck I n c r e a s e .—
This com pany has bought the business and factory buildings of tho
Standard Brass & Copper Tube C o ., o f New London, and intends to greatly
onlargo tho plant in order to bo in a position to fill its largo G ovt, contracts.
Tho com pany, it is stated, plans to increase its capital stock from
$ 2 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 — V . 100. p . 1754.
(A. H.) Bull Steamship Co.— S to ck
I n c r e a s e .—
This company has filed a certificate at Trenton, N . J ., increasing its
authorized capital stock from $ 2 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 .
Canadian Consolidated Rubber Co.— E a r n i n g s .
Calendar
Net
N et, after Dividends Balance
Total
Year—
Sales.
In t.,T a x.,& c. Paid.
Surplus.
Surplus.
1916......................... $ 1 2 ,094 ,695 $827,580 $209,979
$617,601 $ 3 ,307,900
1915......................
7,5 2 2 ,1 5 2 534,979
192,124
342,855
2 ,690,119
1914....................
6,2 4 5 ,8 1 9 440,313 222,688
217,625
2,3 4 7 ,2 6 4
— V . 104, p . 3 64, 259.
Carbon Steel Co.— S u i t .—
A representative o f this com pany’s 2d pef. stock brought suit inTthe
U*. S. D lstict Court at Pittsburgh to restrain tho com pany from paying the
dividend o f 2 % declared on the common stock. See V . 104, p . 1266, 865.
Central Sugar Corporation, N. Y .— I n i t i a l
D i v i d e n d .—
A n initial dividend o f 2 .3 3 % (at tho rate o f 7 % per annum) has been
declared on tho pref. stock, for tho four months from Jan. 1 to M a y 1 1917,
payablo M a y 1 to holders of record Apil 14. Spencer Trask & C o ., N .. Y . ,
aro interested.— V . 104, p . 365, 259.
Charleston (S. C.) Light & Water Co.— C ity
P u rch a se.
Seo "S ta te and C i t y " D ep t, in last week's issue.— V . 104, p . 767, 75.
Chase Securities Corporation.— N e w
C o m p a n y .—
Seo Chase National Bank under "B an k in g & Financial N ew s” in last
week’s “ C hron icle," page 1233.
Chevrolet Motor Co. of Canada, Ltd.— S to ck
In crea sed .
Tills company on M arch 24 filed a certificate increasing its authorized
capital stock from $500,000 to $ 1 ,500,000, and amended its charter so as
to eliminate tho reference to an issuo o f pref. stock so that the said pref.
stock could be issued as com m on. See Annual Reports” above.
General Petroleum Corp., Cal.— Notes— Acquisition .—
Chicago Telephone Co.— S to c k .—
Stockholders of record M a y 1, it is stated, will be offered the right to
subscribe at par, pro rata, for § 6 ,0 0 0 ,0 0 0 now stock. Paym ents to bo made
6 0 % July and O ct. 1. The right to subscribe expires M a y 3 1 .— V . 104,
p . 1266. 666.
Cliff Electrical Distributing Co.— S tock — A c q u i s i t i o n .—
"This company has applied to tho Public Service Commission at Albany
for authority to issue $ 1 3 ,2 0 0 ,0 0 0 in common capital stock to acquiro ail
the capital stock o f the H ydraulic Power C o ., o f Niagara Palls (Y . 104,
4 5 6 ).
It is expected this will result in the merger of tho two companies.—
V . 103, p. 2431 .
'
Colgate & Co., Jersey City.— S tock
I n c r e a s e .—
This company on M arch 31 filed a certificate at Trenton, N . J ., increasing
its capital stock from $1,000,000 to $ 3 ,000,000.
Colorado Power Co.—
N e tv D i r e c t o r s .—
Charles J. Paine, C . N . M ason , Edward D . Page and George E . Claflin
have been elected directors to succeed A . C . Bedford, I. W . Bonbright,
J. R . M c K e e and Frederic C . W alcott.— V . 103, p . 1983.
Colt’s Patent Fire Arms Mfg. Co.— S tock
I n c r e s e — D i v .—
The shareholders on April 2 ratified tho proposed increase in authorized
capital stock from $2,50 0 ,0 0 0 to $5 ,0 0 0 ,0 0 0 , and reduced the par value of
the sharos from $100 to $25. Each stockholder will receivo 8 shares of now
stock for each share now held, this amounting to a 1 00% stock dividend.
E a r n i n g s .— For
years ending Dec. 31:
1916.
1915.
I
1916.
1915.
Gross lncom e_$6,847,670 $ 2 ,827,328 D lv s. ( 6 3 % )-$ 1 ,5 7 5 ,0 0 0
$573,917
N e t in co m e .- 6,345,731 2,470,944 |Balance, surp.$4,770,731 $1,897,027
Orders on hand, it is said, aggregate over $ 3 0,000 ,000 , including Colt
revolvers and automatic pistols., tho Colt machine-gun and tho VickersM axim machine gun. “ Hartford D aily Courant” o f April 3 reports:
“ Assets show buildings and machinery, $2,7 6 2 ,1 5 2 ; inventory, $ 2 ,994,448
cash and securities, $11,518 ,402 ; not advanco paym ents, $ 3 ,009,532; ac
counts receivable, $531 ,31 7, and deferred paym ents, $ 54,453 . Buildings
and machinery have increased in value from $882,229 in 1915 to $2,762,152
for 1916. Tho Increase in cash and securities was $ 2 ,601,140. Liabilities
reported showed capital stock, $2,5 0 0 ,0 0 0 ; accounts payable, $184,144;
surplus, $ 5 ,817,158; and reserve for taxes, $850 ,00 0, making a total of
$9 ,3 5 1 ,9 0 2 .
“ Colt stock on Saturday sold at 830. After tho action yestorday tho new
stock was traded in when and as if issued between 105 and 108 and closed
105 bid, 108 asked. This would bo between 840 and 864 for tho old stock .”
— V . 104. p . 1048, 365.
Consolidated Indiana Coal Co.— S ta tu s .— Tho Com
mittee of holders of 1st M. 5 % bonds explains its determina
tion to sell the deposited bonds at .$750 and int. net per bond:
The report o f M a y 25 1916 also showed that there had been issued $ 6 2,500
o f Receiver’s Certificates against tho coal properties. On N o v . 4 1916
theso certificates were renewed for six months and $ 3 7 ,5 0 0 additional
wero issued, making the total outstanding $100 ,0 0 0 .
Tho properties continued to show a loss until the fall o f 1916, when, due
to tho increased price o f coal, operating rosults wero more satisfactory.
Since that time your committeo has been actively negotiating for an adjust
m ent of tho Chicago Rock Island & Pacific’s guaranty o f the interest on
the bonds, the validity o f which was questioned. A s the Rock Island was
in a position to make use o f tho Iowa field for its own lines, and as it was
possiblo to obtain bids for the salo o f the Indiana and Illinois fields, the
negotiations finally took tho form o f a possible purchase of the deposited
bonds by the Joint Reorganization C om m ittee o f the Chicago Rock Island
& Pacific R y . C o . W e favored such a salo, at a proper price, for tho follow
ing reasons: (1) it avoided litigation over the guaranty, (2) tho difficulties
o f operating profitably tho coal properties in normal times, as is evidenced
by tho fact that the com pany, from M a y 3 1905 to M arch 1 1915, nover
earned the interest on its bonds. Th e Rock Island is an unsecured creditor
to tho extent of over $ 3 ,0 0 0 ,0 0 0 for moneys advanced for account of pay
ments to the sinking fund, unearned Interest and operating expenses of
tho Consolidated Indiana Coal C o . Based on tho appraisals of, and the
bids for the properties and the recommendations o f tho Receiver of the
com pany, your C om m ittee is o f the opinion that tho price, under existing
conditions, is equitable. Compare V . 104, p . 1267.
Cosden & Co.— C o n tr a c t .—
See A tlantic Petroleum C o. above.— Y . 104, p . 8 65, 667.
Curtiss Aeroplane & Motor Corp.— N o
M e r g e r .—
Plans for the amalgamation o f this company and the W right-M artin
Aircraft Corp. under consideration for some timo past, it is said, have
been definitely abandoned.— V . 104, p . 866.
■. i /-
Dayton Coal
&
Iron Co., Chatt., Tenn.— S o ld .—
Tho trustee in bankruptcy lias accepted tho bid o f $400,000 tendered by
Francis C . Cary and associates, o f M inneapolis, for tho property, the
purchaser agreeing to spend $100,000 on improvements.— V . 102, p. 2169. _
(Joseph) Dixon Crucible Co.—
Dominion Steel Corp., Ltd.— S ta tu s .—
In connection with tho resumption o f quarterly dividends o f 1% (seo
V . 104, p. 1148) Pres. M ark W orkm an said: “ Tho prospects are encourag
ing, with unfilled orders tho largest in tho corporation’s history. Tho
financial position has improved m aterially, and is improving every day.
The conservative action o f tho board in resuming dividends at tho rato
o f 4% , speaks for itself as to tho hopes of being able to maintain paym ents.”
— V . 104, p . 1148; V . 103, p. 581.
East Butte Copper Mining Co.— E a r n i n g s .—
C a l. Year—
1916.
1915.
]
1916.
1915.
Gross in com o-$5,523,688 $2,753,587 Deprec’n, & c . $759 ,60 2
$270,988
N e t in c o m e .. 2,325,371
1,05.3,985|Baf., sutm lus.$l,565,7C 9
$782,997
Total coppor produced in 1916 was 18,340,713 lbs., against 12,542,058
lbs. in 1915, ami the price received per lb. was 28.1978 cts. in 1916, against
19.3143 cts. in 1915.— V . 103, p . 2 345 .
,\
■
■
*
.
.
.
.... ncMw ’-tat »w.puJM»wn—j—
Eddystone Ammunition Corp.— P r o d u c t i o n .— . > '
«i
,
The “ Philadelphia News Bureau” o f M a r. 30 says: “ Tho production of
shells by the Eddystone Ammunition Corporation a t the Baldwin Locom otivo plant at Eddystono was lately increased considerably. The corpora
tion is producing an averago of 25,000 of tho Russian shrapnel sholls daily.
It is expected that this contract will be completed about M a y 1.
“ Tho larger shells for the French Government are being produced at tho
rato of about 8,0 0 0 shells per day. This contract will not be completed
for some months yet . " (Seo Baldwin Locomotive W orks in V . 104, p. 7 6 1 .)
Electric Company of N. J.—
N e w M o r t g a g e .—
This com pany, a subsidiary of United National Utilities C o ., has made a
mortgage to tho Commercial Trust C o ., l ’h ila., securing an lssuo of S 5 .000 ,000 1st M tg o . 5 % gold bonds dated M arch 1 1917, duo M arch 1 1947, but
subject to call on any interest date after M arch 1 i9 2 2 at 1 0 2 Interest
payablo M . & S. 1 at tho Commercial Trust C o ., Phila. Outstanding,
$31 9 ,0 0 0 . These bonds are a first mtgo. on the cntlro property and tho
remainder aro reserved for additions, extensions, & c. There is also
$157,500 common stock outstanding out o f an auth. Issue of $475,000.
Tho company was formed in July 1916 as a consolidation of tho Electric
C o . of N . J ., Pennsgrovo Elec. L t ., H t. & Pow . C o ., W oodstown Ice & Cold
Storage C o ., Wllllam stown Elec. C o ., Clomcntown Tw p . and the United
E lec. Im pt. C o. Pres, is Van Horn E ly ; Sec. & Treas., W alter W . Perkins,
Philadelphia. Compare United National Utilities C o. in V . 104, p . 864.
General Motors Corporation.—
S to ck I n t e r e s t .—
See roport o f Chevrolet M otor C o . on previous pago.— V . 104,p .9 5 5 , 260.
Tho shareholders will voto June 5 on authorizing a new issue o f $ 1 ,650,000
6 % serial gold notes, payablo in five annual installments. Compare V .
103, p . 1510, 1984.
The San Francisco “ News Bureau” says it is announced that this company
has acquired the property o f the Lost H ills Developm ent C o ., thereby in
creasing the oil production from its own wells approximately 1,000,000
barrels per annum, making tho total production in oxcoss of 5 ,0 0 0 ,0 0 0 bar
rels per annum .— V . 104, p. 866, 456.
Goldfield Consolidated Mines Co.— Earnings.Calendar
Gross
Year. Revenue.
1916 --.$ 2 ,2 7 1 ,7 0 4
1915
3,5 0 5 .5 4 9
— V . 103, p . 582.
Net
Earnings.
$428,620
1558,308
Deprecia’n ,& c.
$428,620
735,712
Dividends
Paid.
(4 4 6 % ) 1,601,617
Balance,
Deficit.
N one
$779,020
Greenwich Bleachery, East Greenwich, R. I.— B o n d s
O ff e r e d . — Hodgdon,
Cashman & Co. aro offering tho unsold
portion of an issue of $150,000 First Mtgo. G% 10-year serial
gold bonds of 1916. A circular shows:
D ated Juno 1 1916, duo serially $10,000 Juno 1 1918, $15,000 annually
June 1 1919 to 1922 lncl. and $20,000 Juno 1 1923 to 1926 incl., but callable
in whole or part on any int. dato at 1 01K and int. on 30 days’ notlco.
D enom . $500 and $1,000 c * . Interest J. & D . 1 at Federal Trust C o .,
Boston, trustco. Theso bonds are offered at 101 and in t., except tho 1918,
1919 and 1920 maturities which are offered on a 5 % , 5 K % and 5 K % basis,
respectively. Tho proceeds are to bo used in retiring notes payable and to
provido for additions and extensions to tho plant, estimated at $35,000
to $ 4 0,000 .
Earnings.— Tho net earnings for m any years havo averaged $35,000 per
year, or nearly 4 times tho interest on those bonds.
Tho company Is engaged in tho bleaching and finishing of whlto goods
and numbers m any of tho most prominont concerns in tho country among
its customers.
.
,
,
Tho balance sheet of M arch 29 1916 shows: Assots— Plant and equip
ment as appraised, $401 ,52 6; water rights, $75,000 ; cash and receivables,
$106,388; Inventories, $57,801 ; total assets, $640 ,71 5. Offsets— Capital
stock, $200 ,00 0; notes payablo, $83,365; accounts payablo, $39,472 ; sur
plus, $317 ,87 8.
Haskell & Barker Car Co., Inc.—
A n n u a l R e p o r t . — The
report for the year ending Jan. 31 1917 shows the following:
Gross earnings____________ $1,135,367 IDividends declared__________ $165,000
Renewals & spec, m a in t -.
305,749 R cs’d for oxtraor. renow’l s . . 135,000
N et earnings_______________ $829,6181 Balance, surplus.................... .$ 5 2 9 ,6 1 8
Balance Sheet Jan. 31 1017 (Total Each Side $11 ,2 1 5 ,9 8 3 ).
Property and plant_______ $5,067,045 Capital stock, 220,000 shs.
o f no par v a l., repre
C a s h _______________________
680,885
sented b y _______________ $ 9 ,332,000
Accounts receivable______ 2 ,054,176
Securities owned__________
45,578 Curront liabilities________ 1,189,795
164,571
Inventories________________ 3,3 6 8 ,2 9 9 R eserves___________________
|Surplus ..................
529,618
A party interested in tho company says: "W i t h net quick assots o f $22
per sharo and with $500 ,00 0 from tno year’s operation put to surplus ac
count, in addition to spending large amounts for depreciation and improve
m ents, it would seem that a considerable part o f futuro earnings might
safely bo distributed to stockholders.
George E . M arcy of Armour & C o ., has been elected a director.
The outlook for tho futuro is very bright as during tho last few months
tho prices for equipment have boon greatly advanced, and consequently
should show much greater profits. Tho rosults for tho past year aro con
sidered surprisingly good, inasmuch as tho first threo m onths were taken
up In practical reorganization.— V . 103, p. 2432.
Hydraulic Power Co. of Niagara Falls.— S a l e .—
See C liff Electrical Distributing C o. abovo.— V . 104, p . 456.
Hydraulic Pressed Steel Co.—
N e w O f f i c e r s .—
Tho following officers havo been elected: Chairman of tho Board, A . W .
Ellenberger; President, J. II. Foster; Vice-Pros., H . I*. M cIntosh , Jr.;
Sec., Ben Bole; Treas. & A sst. Sec., R . D . M o ck .— V . 104, p. 667, 563.
Interlake Steamship Co., Cleveland.— E a r n i n g s .—
Cal.
Net
Other Bond.& c., DepreDividends
Balance,
Year. Earnings. Income. Interest, cialion.
Paid.
S u r .o r D e f.
1 9 1 6 .-$ 2 ,3 2 3 ,0 6 9 $86,050 $220,408 $674,979 (8 % )§ 5 0 5 ,6 9 0 sur.$1,008,042
1 9 1 5 -- 1,214,113
70,345 158,062 250,000 ( 6 ^ )3 7 5 ,0 9 2
sur.500,404
1 9 1 4 -.
581,722
61,678 172,500 250,000
(7)404,915
d of.184.015
Since D ec. 31 1916 wo havo retired all of our $1,400 serial gold notes
at 102. amounting to $1,423,013 from our surplus.— V . 103, p . 2432.
International Nickel Co.— C a n a d ia n
T a x e s .—
The proposed mining tax in Ontario, according to “ Financial Post of
C anada,” m ay increase this com pany’s annual tax of lato about $40,000
yearly to abovo $ 1 ,000,000 if annual net profits aro $ 1 6 ,0 0 0 ,0 0 0 .— V . 104,
p . 1148, 359.
Interstate Electric Corp. —
E x tr a D i v i d e n d .—
A n extra dividend of 2 5 % was paid on the stock on M arch 31 to holders
o f record M arch 24.
,
,
Tho N . Y . “ Tribune” April 1 reports tho surplus earnings for tho cal. year
1916 at $4,97 6 ,5 7 0 and net revenues applicable for dividends $3,7 6 7 ,4 0 4 .
About $412 ,00 0 was expended out of oarnlngs for improvements. During
1916 tho regular semi-annual dividends of 2 H % and extra dividends aggre
gating 4 5 % wero paid on the $ 2 ,000,000 capital stock, and another extra
2 5 % was declared In 1916, payable M arch 31 1917.— V . 104, p . 75.
1,**“--*
[Vol . 104
THE CHRONICLE
1390
N e w V ic e -P r c s . a n d D ir e c to r .
N . I’ . Zech, formerly with II. M . Ilyllesby & C o ., has become identified
w ith tho A . E . Fltkin & C o. Interests, and has been appointed a director
and Vlce-Pres. o f tho Interstate Electric C orp., Commonwealth Light &
Power C o. and tho General Engineering & M anagem ent C orp.— V . 103, p.
2240.
Island Creek Coal Co., Boston.— E a r n i n g s .—
Cal. Year—
1916.
1915. I
1916.
1915.
N e t e a r n in g s ---$ l,407.967 $907,022 Common divs____ $415,793 $236,977
N et profits____ $ 1 ,260,182 $81,887 D epreciation_____ 146,833
128,618
Preferred divs__
299,196 2 9 9 ,1 2 4 )Balance, s u rp lu s.$ 410.577 $154,151
Tho production o f coal for 1916 was 2,280,661 tons, against 2 ,213,616 in
1915.— V . 104, p. 1148.
Lewiston Land & Water Co., Ltd.'— R e o r g a n i z a t i o n .—
Plans for reorganization submitted under dato of N o v . 4 1916, having
been approved by 9 8 % o f tho local socuritv holders, and by 7 2 % of ail
holders of securities, a goneral meeting o f tho noto and bond holders will
bo held in Portland, Ore., April 10 to take action rolativo to reorganization.
— V . 93, p . 1468.
Long Island Lighting Co.— M e r g e r ,
E t c . , A p p r o v e d .—
Tho New York P . S. Commission has approved this com pany’s applica
tion to take ovor a number o f independent companies on Long Island,
and tho com pany will now proceed with tho acquisition o f tho Suffolk Gas
& E lectric, tho South Shore Gas C o ., tho Huntington Light & Power C o.
and tho H untington Gas C o. Tho com pany, it Is announced, will improve
and extend thoscrvicoin tho territory now served. Compare V . 104, p .3 6 6 .
Magnolia Petroleum Co., Dallas.— E a r n i n g s ,
Income Account for Calendar Years.
1916.
1915.
1914.
Total profits...................... $ 1 4 ,316 ,198 $ 3 ,928,188 $ 3 ,440,565
Deprec’n & depletion
2 ,888,893 1,248,157
1,064,005
N et income___________ $11,427 ,305 $ 2 ,6 8 0 ,0 3 1
551 ,7 0 6
Bond, & c., interest__________________ 785.653
4 5 3 ,6 9 6
Other deductions____________________ 820,898
X 861.118
D iv id e n d s ._______________ x l , 200,000
Balanco, surplus...........$8,620,753
$813,511
& c .—
1913.
$3,551,034
918,398
$ 2 ,3 7 6 ,5 6 0
4 3 5,000
320,698
238,568
$ 2 ,6 3 2 ,6 3 6
3 7 5 .0 0 0
3 6 1 ,2 6 8
$1,38 2 ,2 9 4
$ 1 ,896,368
x As to dividend payments in 1916 and 1915 seo text below.
Fo r tho comparative balanco shoots soo V . 104, p . 1268.
The “ Oil Trade Journal ,” N .Y .,A p rill 1917, says in subst.:
Profits for 1916, after deducting operating exponsos, wero $ 1 4,316 ,198 ,
against $ 3 ,9 2 8 ,1 8 8 in 1915, a gain of nearly 3 0 0 % . N ot oarnlngs. after
allowing $2,88 8 ,8 9 3 for depreciation and $1,616,551 for Interest and other
deductions, were $ 9 ,8 2 0 ,7 5 3 , against $ 1 ,6 7 4 ,6 2 9 , an incroaso of 4 8 6 % .
Dividends for 1917 at the rato of 6 % per annum wore provided for out of
1916 earnings, $ 1 ,200,000 being set asldo for this purpose. The company
paid cash dividends of 0 % “ in 1916 and 4 % in 1915; a stock dividond of
on Jan. 5 1915.
1 00% on M arch 1 1914 and a stock dividend o f 2 5i%
% or
A pr . 7 1917.]
THE CHRONICLE
At Dec. 31 1915 the Issued capital was only $7,744,900, being increased
later by an exchange of shares for the stock of tho Corsicana Petroleum Co.,
formerly a separato producing organization. Tho groat improvement in
earnings is attributed to a considerable oxtont to tho operation of tho
producing properties thus acquired, although tho other departments of the
company, manufacturing and sales, contributed their full quota to tho big
gain in income.
Tho purchase o f the McMan Oil C o.’s Oklahoma and Kansas properties
for $34,700,000, consummated Jan. 3 1917, added 25,000 bbls. a day to the
Magnolia’s oil production, increasing tho total to above 40,000 bbls. a day.
The earnings for the present year will reflect tho addition of this very potont
income-producing factor.
Assets of tho company wore nearly doubled in 191(5, being inventoried
at $50,224,259 on Dec. 31 as against $26,363,062 on Doc. 31 1915. Surplus
at Dec. 31 1916 was $9,581,311, as compared with $960,558 a year bofore,
indicating a gain of almost 900% in this item.
Tho Magnolia Co. is a joint stock association, organized by contract in
Texas on April 24 1911. It does a general oil producing, refining and
marketing business, having its own trunk pipe linos from Cushing and
Ilealdton, Okla., and Plectra, Tex., to deep wator at Beaumont, Tex.,
where its principal refinery is located. This plant is constantly being en
larged. Work now under way, including the construction o f 32 now stills,
will give it a capacity of 50,000 bbls. o f crude oil per day.
A second 8-inch trunk pipe line, recently completed, permits tho trans
portation of 42,000 bbls. o f crude oil daily from Oklahoma and North
Texas to the Beaumont terminal. In addition to light ojls, tho company
uses South Texas crude and receives largo quantities of Mexican oil. Ocean
going steamers load at tho Beaumont refinery for the export and coastwise
trado. Tho company’s concrete dock at tho refinery will shortly bo exten
ded to double its present size. Compare balance shoot, V. 104, p. 1268, 76.
Marlin Arms Corp.— O r d e r-A cq u isitio n — N ew N a m e . —
This company, It Is statod, has roceivod an order to build upwards of
1,100 machine guns for tho United States Govt. Tho company also has
acquired tho Mayo Kadiator Co. or New Haven, Conn., which enterprise
will continue in the manufacture of radiators.
Notico is given of proposed cliango of name to Marlin-Rockwell Corpora
tion.— V. 104, p. 1049, 867.
Marlin-Rockwell Corporation.— N ew N a m e .—
Seo Marlin Arms Corporation above.
Mason Tire & Rubber Co., Kent, O.— Stock In crea se . —
Tho shareholders on April 5 ratified tho increase in authorized can'ital
stock from $1,000,000 to $3,000,000, of which $1,000,000 will be common
and $2,000,000 pref. stock (par $10). It is proposed to issuo $500 000
now pref. stock for additional working capital and a few buildings
The
plant has been in operation only a few months. D . M . Mason is promoting
the enterprise.
Miami Copper Co.— Extra D ividend .—
An oxtra dividend o f $1 per share lias boon declared on tho stock in
addition to tho regular quarterly, both payablo M ay 15 to holders of record
M ay 1. This compares with the regular $1 50, and an oxtra o f 50 cents
in Feb. last.— V. 104, p. 457, 76.
n
Milliken Brothers (Inc.), N.
Y .
— Sold.—
W allace Downey, N . Y . . gives notice that ho has purchased this com .a n y ’s entire steel fabricating plant at Staten Island, N Y
and will
Fr
.nstall
a large steel shipbuilding department with 6 shipbuilding berths and
a construction program for 12 standardized steamships o f 7 . 5 0 0 n e t’ tons
during 1918. It is understood that a now company is being organized to
carry on tho business.— V. 104, p. 1049, 565.
Motor Products Corporation.— Sales and Earnings —
Y e a r s e n d . F e b . 28—
1916-17.
1915-16.
1914-15.
1913-14
S a l a s - - - - - - - - - ..................... S G§8§fiq'qnq
'S4 ’£ m ’o22 *3 ,4 7 9 ,0 9 6 $ 3 ,299,287
N et ea rn in g s-----------9 ; 909
4 38,289
3 4 9.200
351 568
Unfilled orders on M arch 31 1917 wore botweon $6,00 0 ,0 0 0 and $ 7 ,0 0 0 ,T h o b a la n co sh eet as o f F e b . 28 1917 s h o w s : C a p ita l s to c k and su rplu s
$ 3,8 0 6 ,8 2 9 , an d first m tg o . 5 K -y e a r 6 % serial n o te s S1 0 00 000
A s to tho initial dividend ot $1 per share paid M arch 91 ’ 1 0 1 7 cimMi
classes o f stock), and bonds offered, see V 104 p 1049 a t, 1 1268 resnee
tively.— V . 104, p. 1268, 1049.
’ p’
ana 12b8’ respec
National Conduit & Cable Co.— R eincorporation— Sale
o f Stock and Bonds.
iz e d w ith
A
N ow
Y o r k c o r p o r a t i o n is b e i n g o r g a n
th is o r s im ila r n a m e a n d
th o p r e s e n t N a tio n a l C o n d u it &
fin a n c in g o u t lin e d
w ill a c q u ir e
th e a sse ts o f
C a b lo C o ., a n d , th r o u g h th o
b e lo w , w ill o b t a in
a b o u t $ 1 ,5 0 0 ,0 0 0 a d d i
t io n a l w o r k in g c a p it a l w it h w h ic h t o t a k e c a r e o f t h o g r o w in g
b u s in e s s .
A u th o r ita tiv e
d a ta
fo llo w :
nrmotr im f~ e~ V t was ant}ounccd on April 2 that a syndicate headed by
^
& lrag,cn and I rlchltt & C o. had underwritten 175,000 shares
r? p a r.Ya u«v °,f, a total authorized issuo of 250,000 shares of tho
.i)i
„ Conduit & Cablo C o . Tho bankers offered this stock for subf 11.’
to allotment at $35 per share, and on April 5 it was an1 h . Y t,h 0 subscription books had been closed.
Tho bankers unThe stock w£s° tredod°fn on the ‘ “ c u r b -fo r U e ^ r s l * tt a ^ T h S m d a y ai
shares*during t \ ^ T y tO
rfadlngSaCtl0DS amoimtlng to approximately 10,000
B o n d s . — Another syndicate. Including tho National C ity C o . and M o n t
gomery, Clothier & Taylor, lias underwritten an issuo o f $ 5 ,000,000 10-vr
first mortgage 6 % bonds o f tho sam e com pany, provision being mado in
tho mortgage for a 2<A % sinking fund. After $4 a share has boon set aside
for tho stock, 5 0 % of tho earnings In excess o f this requirement will bo used
in retiring tho bonds.
P r o p e r t y . — Th e factories aro located at Ilastings-on-thc-IIudson, within
ono hour from New Y o rk, and cover approximately 38 acres o f waterfront
property. Tho company manufactures cables and wire, brass rods copper
sheets and other copper and brass products, and has its own shipping facili
ties, barges, lighters, tugs, &c. Its chief business is dono with tho telophono and telegraph companies and largo electrical concerns, and Is mostly
domestic. Th e new company will havo assets o f approximately $13 5 0 0 0 00, o f which $ 8 ,000,000 will bo quick and $5,50 0 ,0 0 0 to $ 6 ,0 0 0 ,0 0 0 ’fixed
assets.
I ho net assets o f tho company represent $34 a share.
, E a rn im / s.— T b o earnings for 1915 were approximately $ 2 ,000,000 and
for 1916 amounted to S 3,600,000, and, based on the returns of past threo
months and tho contracts on hand, should bo in excess of $ 4 0 0 0 0 0 0 for
1917- Tho av,erago profits for tho past few years havo ranged between
$ 2 ,000,000 and $ 2 ,500,000 p . a . A t no time has tho amount of war business
on its books exceeded 8 % of Its total orders.
Natomas Co. of California.— Notes Called.-—
on M a y 1 will redeem its entire outstanding indebtedness
($2,475,000, tho auth. amount being $3,0 0 0 ,0 0 0 , see plan in V . 100, p. 1082)
at par and int. at Anglo-California Trust C o ., San Fr.— V . 104, p 1269, 261»
New England Cotton Yarn C o — S a l e P r e s s reP,P^® wtnt?ift^ ‘?it ithls cornP;iny has sold two o f its oldest mill
New Haven Clock Corporation.— Stock In crease.—
..™ s
finn ^ v d V u ,ans. ,l ? incrcaso its capital stock from
S 1 10 0 0 1000 to $ 1 , / oO.OOO. V . 78,
~~N ew
Y o rk
C ity
D i s t r i c t R e a l t j r C o r p ^ — /»’ <)/- / . s
N ew Plant Operated by N . Y . Steam Co.—
aro
o ffe r in g ,
s e r ia l b o n d s
at
par
secu red
and
b y
in t .,
p u b lic
co n tr a c t b y N o w Y o r k S tea m
S I , 1 0 0 ,0 0 0
u t ilit y
C o.
Off, m l on
S . W . S tra u s &
F ir s t
M tg o.
p la n t o p e r a te d
A c ir c u la r s h o w s :
C o
6 %
under
13 91
steam to many of the largest office buildings, banks and corporations in the
downtown financial district.
P r o p e r t y . — Land, new building and steam equipment, occupied by the
Steam Co., fronting 116 ft. on Wator St., 169 ft. on Burling Slip, and 84 ft.
on Pearl St. Building about 175 ft. high, fireproof, of steel and concrete
construction. Modern steam equipment, generating 24.000 h. p. Actual
cost of land, building and equipment, over $2,000,000.
E a r n in g s .— Tho Steam Co. has taken over tho property under a contract
to purchase steam, continuing for 15 years, which at least insures a net
annual income of not less than $ 38,000 (more than twice the interest
chargo on the bonds), thus providing cash to meet tho bonds and coupons.
N ew
Y o rk
S tea m
C o .
— Allied Company Bonds Offered .—
See New York City District Realty Corp. above.— V. 104, p. 565.
O h io
C o p p e r
C o .—
Purchase .—
This company recently purchased a large amount of the bonds and all
iiS w i
Bingham Central R y. Co. This gives the copper company
control of the transportation of its ores from the mine to the mill, at Lark,
ucaa.— v . lUo, p. 2347.
P a r a g o n R e f g . C o ., T o le d o , O .—
A cquisition — N ew Stk.—
r.^A«n«f,v£ritOTrrov^ 0. i n part for t!10 acquisition of certain oil leases and
,c,?mpaVy has, in addition to endorsing $400,000
° f record March 10 tho right to subscribe,
HR™, f
fnr
new common stock at par, on a basis of 1
share for every 5 shares held. Tho vendors having agreed to take $500,000
of new common stock at par, it is supposed are getting as much thereof as
Is not taken by the shareholders under the aforesaid option.__V. 104, p. 77.
P h e lp s , D o d g e & C o .
Dissolution o f Holding Company—
Exchange $ for S for Stock of Consolidated Operating Co. ( Phelps
Dodge Corporation).— S e c r e t a r y G e o r g e N o t m a n i n c i r c u l a r
d a t e d a t N . Y . M a r c h 3 1 s a y s in s u b s t a n c e :
Phelps, Dodge & Co. was Incorporated in N. Y. State in Dec 1908
It owns tho entire capital stocks of Copper Queen Consolidated Mining
Co., the Detroit Copper Mining Co. of Arizona, Burro Mountain Copper
C o., Stag Canon Fuel Co., Moctezuma Copper Co., Bunker Hill Mines
Co. and Phelps Dodge Mercantile Co., but each of these companies has
operated its own property.
The policy of the Government has since become more and more opposed
to tho holding company system of corporate management. In that sys
tem there is a burdensome and expensive duplication of accounts, of offices
and of taxes; incomo taxes must be paid on the incomes both of the sub
sidiaries and of the holding company. It is clear, therefore, that there will
be a great economy to tho interest of the stockholders if so far as passible
a single company shall own and operate all of the above properties
The Copper Queen Consolidated Mining Co., which owns the mines at
Bisbec and tho smelter at Douglas, has for years been authorized to carry on
its business in Arizona as an owning and operating company. It antedates
tho present constitution of that State, and has thereby acquired certain
legal rights of groat value. Tho titles to a largo part of your proDerty are
in that corporation, and it has an experienced and capable operatin'1 staff
It has therefore seemed best to havo that company absorb the other sub
sidiaries, and to issue its stock for the properties or the stocks thereof.
In accordance with this plan the name of the Copper Queen Consolidated
Mining Co. has been changed to Phelps Dodge Corporation, and its capital
stock has been increased from $2,000,000 to $50,000,000, of which $45,000 000 has been issued. The Detroit Copper Mining Co., the Burro Moun
tain Copper Co. and tho Stag Canon Fuel Co. have transferred their propertics to the Phelps Dodge Corporation, also the stocks of tho Moctezuma
Copper Co., Bunker Ilill Mines Co. and Phelps Dodge Mercantile Co
together with the remaining assets of Phelps, Dodge & Co., of comparatively
minor value, have been transferred to Phelps Dodge Corporation all for
$43,000,000 of its stock. Thus all of tho properties and other assets for
merly owned by Phelps, Dodge & Co. are now owned by Phelps Dodge
Corporation, which company has tho same directors and the samo manage
ment as Phelps, Dodge & Co.
It is now proposed to dissolve Phelps, Dodge & Co. and in liquidation to
distribute tho $45,000,000 stock of Phelps Dodge Corporation share for
share, to the holders of the $45,000,000 stock of the old company. Hold
ers of over 90% of tho stock of Phelps, Dodge & Co. have already assented
and the others are requested to deposit their stock, endorsed in blank at
the office of the co., 99 John St., N. Y ., receiving temporary certificates
for a like number of shares of the same par value in the corporation exchange
able for definitive certificates when engraved. The dividend declared by
Phelps, Dodge & Co., payable March 29, will bo the hast dividend paid by
that corporation, and thereafter dividends will be paid as declared by
Phelps Dodge Corppration.
It is proposed to list the stock of Phelps Dodge Corporation on the N . Y .
Stock Exchange. Compare “ Report” in full in V. 104, p. 1168, 1139.
P o n d
C reek
C oa l
C o .,
B o sto n .
— Earnings .—
C a l. Y e a r —
1916.
1915.
„
It
1916.
1915.
Gross earnings— $362,886 $104,017 Bond interest----- $114,117 $120,000
Net earnings........ $326,733 $80,504 Depreciation____ 25.409
Other income___
12,792 17,178 Balance, surplus.$200,000 $22,318
The production of coal for 1916 was 942,951 tons, an’ increase of 189 ,’l53
over 1915.—V. 103, p. 141.
’
Prairie Pipe Line Co.— Balance Sheet D ec. 31.
-A s
file d
w it h th e o ffic ia ls o f K a n s a s :
A
c e /)/e _ _
1916.
C
1915.
Q
|
Real esta te ...
96,067
95,050
Bills receiv’le. 3,000,214 5,000,214
Personal prop.33,722,550 29,195,911
Due from bks. 4,761,245 3,421,776
A cc’ ts receiv. 2,260,130 2,675,825
T o t a l.........43,840,206 40,388,776
-V . 102, p. 1064.
—,
.
1916.
1915.
L i a b i l it i e s —
$
$
Capital stock-27,000,000 27,000,000
A ccts payable 641,835
348,358
Acer d deprec. 2,554,537 1,241,677
Tax res’ve ac’t 362,290
Surplus...........13,281,544 11,798,741
T o t a l ------- 43,840,206 40,388,776
Provincial Paper Mills Co., Ltd.— Earnings— D ividends.
The Canadian newspapers report tho net earnings available for dividends
as $416,594 for the cal. year 1916. Allowing for a year’s dividend on the
pref. stock, the balance was equal to 12% on the common shares. After
deducting 7% pref. dividends and 4% common dividends, the company
carried forward $278,818. Tho usual 1H % on pref. stock and 1% on com .
stock have been declared (both), payable April 2 to holders of record
March 15 1917.— V. 104, p. 77.
Ray Consolidated Copper Co.
E arnings .—
1916.
1915.
r,
. „
1916.
1915.
Gross earns.$20,060,783 $10,498,961 Bond
in t.,& c.
$160,920
Net earnings 11,860,150 4,373,371 Doprec’n, &c. $367,738
301,937
Other incomo
224,015
376,691 Dividends
4,337.954 1,872.319
Total
S4,750.062
_ . i n c ... $12,084,165
. . . . . .
- . . - - I Bal., surplus.$7,378,473 $2,414,886
There were produced in 1916 74,983,540 lbs. of copper, against 60,338,936
in 1915.— V. 104, p. 566.
C a l. Y e a r —
Reece Button-Hole Machine Co., Boston.— E arnings.
C a le n d a r
Y ear—
G ro ss
E a r n in g s .
T o ta l
E xp en ses.
N et
E a r n in g s .
D iv id e n d s
P a id .
B a la n c e ,
S u r v lu s
1916.................*721,621
$518,384 $203,237 (12%)$120.000 $83,237
i S I S - - - - ......... 823,995
529,132 294,863
(12%)120,000
174.863
Tho gross and net earnings of tho International Buttonhole Machine Co.
for the calendar year 1916 were $97,812 and $77,074, respectively, against
$71,660 and $52,150, respectively, in 1915. Dividends paid in 1916 and
1915 (4 % ), $20,000. leaving a surplus of $57,074 In 1916, against $32,149
n 1915.— V. 102, p. 1351.
Richardson Paper Co., Lockland, O.— Stock In crea se. —
TliLs company has reduced its capital stock from $1,500,000 to $1 000 000, and then increased it to $2,000,000.— V. 91, p. 876.
’
Scripps-Booth Corporation, N. Y . — Stock In terest . —
The bonds aro dated M arch 1 1917, duo serially $55,000 annually fo r '12
See report of Chevrolet M otor Co. on previous page.— V. 103, p. 1123.
years and $495 ,00 0 final m aturity. Principal and intorost pavablo M . & S.
Sears, Roebuck & Co.— Sales . —
at offices o f H. W . Straus & C o ., Inc. Denom . $ 5 ,0 0 0 , $1 000 and $500
Callable at 1 0 2 'A - Norm al Federal incomo tax paid.
* bUU’
1917— M a r c h — 1916.
I n c r e a s e .)
1917— 3 M o n t h s — 1916. I n c r e a s e .
C o m p a n y . — Allied to Now York Steam C o ., which latter corporation
?i£k02£:Z48 *4.389.823($45,341,801 $33,699,210 $11,642,591
under a porpotual franchise granted by C ity o f N . Y . 37 years ago, supplies : $10,412,671
— V. 104, p. 1050, 868.
[Vol. 104.
THE CHRONICLE
1393
Shattuck-Arizona Copper Co.— Output fo r M arch and
Three M onths ending M arch 31.—
C op p er (lb s .).
March 1917.......................
Three months 1917_____
— V. 104, p. 957, 769.
L e a d ( l b s . ) . S ilv er ( o z .)
1,518.436
4,336,592
278,718
1,063,841
18,716
58,235
G o ld ( o z . ) .
200.00
617.74
Sinclair Gulf Corporation.— Stock U nderw riting .—
A circular has boon issued containing the letters sent by Pros. II. F.
Sinclair to the bankers’ syndicate which has underwritten the issue of
225,000 shares o f no par value of this now corporation, subject to the right
of the shareholders of tho Sinclair Oil & Refining Corp. to subscribe therefor.
— V. 104, p. 1269, 1168.
United Cigar Stores Co. of America.— D iv. In creased. —
A quarterly dividond of 2% has beon declared on tho $27,102,500 common
stock, payablo M ay 15 to holdors of record April 27. This compares with
1 % % quarterly since August 1915.— V. 104, p 1270, 368.
United Motors Corporation, N .Y .— Stock In terest .—
See report of Chevrolet Motor Co. on previous pago.— V. 104, p. 1168.
United National Utilities Co.— Subsidiary Co. B onds . —
See Electric Co. of N. J. abovo.— V. 104, p. 864.
United States Steel Corporation.— W age In crea se . —
C h a ir m a n
E lb e r t
II.
G ary
a s o f A p r il 3 , s a y s :
Sinclair Oil & Refining Corporation.— E arnings .—
It has beon decided to incroaso about 10% tho wago rates and thosalarles
up to $2,500 of the employees of our subsidiary companies, to take effect
M ay 1 1917. Equitable adjustments will bo made.
This increase marks the fourth advance in wages and salaries since Jan. 1
1916, each being 10%. It is stated that about 225,000 of tho 252,000
employees will bonefit by tho increase.— V. 104, p. 1139, 1050.
South Penn Oil Co.— Earnings fo r Calendar Y ea rs .—
An extra dividond of 25 cents por share has been declared on tho stock
along with the regular quarterly 50 conts, both payablo M ay 1 to holders
of record April 16.— V. 104, p. 769.
Sinclair Navigation Co.— In corporated . —
This company was incorporated in Delaware April 3 with $1,000,000 auth.
capital stock, ail of which Is ownod by tho Sinclair Gulf Corp. (seo above).
This company’s consolidated income account shows not earnings for
Jan. and Feb. of $2,119,949; fixed charges, $128,904, leaving available for
depreciation and dividends, $1,991,045.— V. 104, p. 1269, 1168.
1916.
1915.
1914.
1913.
Net earnings__________ $4,745,098
$5,314,150 loss$2.215,219 $6,637,102
D ividen d s__________ (32)4,000,000(14)1750,000(10)1250,000(12)1500,000
Balance . . . .................sur$745,089S.$3,564,150D$3,465,219S.$5,137,102
Previous surplus............. 11,644,318
8,080,168 11,545,387 13,908,285
Stock dividend........................
...........
...(3 0 0 % )7 ,500,000
Total balance Doc. 31 $12,389,407 $11,644,318 $8,080,168 $11,545,387
B a la n c e S h eet D e c . 31.
1916.
1915.
1916.
1915.
A oopfo—
4!
Q
L ia b i l it i e s —
$
$
Property___ *11,224,681 10,819,102 Capital sto ck .12,500,000 12 ,500,000
M at’l & mdse. 1,298,044 1,400,999 Accounts pay
573,414
Stk.ln prod.cos. 5,444,738 5,441,138
329,711
able............
Oash&oll on h’d4,349,194 4,343,325 Profit & lo s s ..12,389,407 11 .644,318
Notes & bonds 2,600,000 2,428,671
Accts. recolv.
302,461
284,498
Total...........25,219,118 24,717,732
Total...........25,219,118 24,717,732
*Incl. producing plant, $8,537,667, and non-producing plant, $2,687,014.
As to stock dlvldond of 60% declared In 1916, increasing the outstanding
stock from $12,500,000 to $20,000,000 seo V. 104, p. 769, 669.
See American Public Servieo Co. above.— V. 104, p. 1269, 1260.
Standard Oil Co. of Ohio.— Balance Sheet D ec. 31.1916.
$
8,350,329
2,833,932
373,832
3,234,112
1915.
S
6,163,880
2,385,764
682.104
2,619,958
1,144,626
1,100,000
1916.
L i a b ilit ie s —
$
Capital stock. 7,000,000
902,018
Accts. payablo
Doprec. acct. 1,995,394
Surplus______ 6,039,390
T o t a l .........15,936,832 12,951,706
-V . 104, p. 769.
1915.
$
3,500,000
935,932
1,765,820
0,749,954
T o t a l .........15,936,832 12,951,706
Stromberg-Carlson Telephone Co.— Stock In crea se .—
Tho shareholders will voto April 12 on increasing tho authorized capital
stock from $450,000 to $1,000,000 (par $25).
Tho directors believe that a dobt of $697,750 is larger than tho company
should carry and say in substance: ‘ ‘ If wo try to take caro of it out of
earnings, dividends will bo indefinitely delayed. Wo want to get on to a
dividend-paying basis in the near futuro, and also wish to provide for the
paymont of our 3-year notes, which maturo next July, our accounts payable
and part of our notes payablo. Tho new stock will not produco enough
cash to pay o ff all tho Indebtedness, but it is believed that tho remainder
can be carried without difficulty and bo gradually reduced at tho company’s
convenience.” — V . 99, p. 474.
Sullivan Machinery Co. (of Mass.), Chicago.— E xt.D iv.
An extra dividend o f 1% has been declared on tho stock in addition to the
regular quarterly 1% , both payable April 15. Compare V. 104, p. 1270.
Texas Co.— Permitted to Operate P ipe L in es .—
As a result of a bill passed by the Texas Legislature during its recent
regular session, this company is permitted to operato nipo lines and acqulro
subsidiary concerns. The pipe lino bill also passed places pipe lines under
tho jurisdiction of tho Texas Railroad Commission.— V. 104, p. 1270.
Thomas Iron Co.— N o Sale . —
Negotiations looking to tho purchaso o f this proporty by William II.
B ilyeuof Phila. and associates for $3,500,000 have beon brokon off, a de
posit o f $50,000 to socuro an option not having been made. Compare
V . 103, p. 1046.—-V. 104. p. 958.
Union Carbide Co.— Stock In crea se .—
Utah-Idaho Sugar Co., Salt Lake City.— Stk. Dividend.
The shareholders will voto April 17 on Increasing tho authorized capital
stock from $10,000,000 to $20,000,000. Tho now stock, it is said, will bo
issued as a 100% stock dividond. An official statement is reported as saying:
‘ ‘Tho assets justify this step, as tho earnings of tho past two years, duo to
war prices received for sugar and tho profit realized by tho company some
years ago in disposing of its power plant on tho Boar River, havo been held
in accumulation until tho present timo.” ‘ ‘ The Issue,” it is assorted, ‘ ‘ will
represent actual values.” — V. 102, p. 717.
Vacuum Oil Co., Rochester, N. Y .— Extra D iv. — Report.
An extra dividend of 2% has beon declared on tho $15,000,000 stock
along with tho regular semi-annual 3% , both payablo M ay 15 to holdors
of record May 1. Extra dividends of 2% each wore also paid in May 1915
and 1916, respectively. See "Annual Reports" on a preceding page.—
V. 102, p. 1434.
.
Waters-Gildersleeve-Colver Co.— Bonds Called.—
All tho company’s outstanding bonds woro called for paymont at Logan
Trust Co., Philadelphia, on April 1 at 105 and interost.— V. 89, p. 925.
Western Electric Co., N. Y .— Stock Increase — Subscrip
tion Rights.—
h a v in g
Standard Gas & Electric Co.— Purchase .—
A ssets—
P la n t ---------Merchandise _
Cash.
.. .
Accts. rec., &c
Rcsorved for
plant oxt.,
under con’n
United Verde Extension Mining Co.— Extra D ividend . —
The shareholders on April 3 ratified tho proposed increase in authorized
capital stock from $30,000,000 to $50,000,000. See V. 104, p. 958.
beon
T h o
$ 3 0 ,0 0 0 ,0 0 0 ,
sto ck
a u th o r iz e d
in c r e a s e d
th e
(o f n o
fro m
h o ld o r s
p a r v a lu o )
of
of
is s u e
of
6 %
cu m .
p ro f,
sto ck
$ 1 5 ,0 0 0 ,0 0 0
a ll o u t s t a n d in g ,
th o
sh ares
of
1917
w ore
1 5 0 ,0 0 0
record
A p ril 4
to
com m on
o ffo r e d
th e r ig h t t o s u b s c r ib e a t p a r , $ 1 0 0 a s h a r e , o n t h e c o m p a n y ’s
w a rra n ts a t o ffic e
w ay,
N .
Y .,
$ 1 5 ,0 0 0 ,0 0 0
now
sto ck
o f S ecreta ry
u n til
now
th o
p re f.
fo r e a ch
c lo s o
sto ck
in
G eorgo
of
C . P ra tt,
b u s in e s s
th o
p r o p o r t io n
sh aro o f co m m o n
stock
195 B roa d
A p ril
4,
of
th on
fo r
1 sh aro
th o
of
h o ld .
Payments may be made in two installments of $50 each on April 16 and
June 30 1917, or in full on or boforo April 16 1917. Intorost at 6 % per ann.
will bo allowed on all subscription payments made on or boforo April 16 1917
from that dato until Juno 30 1917. Stock certificates will bo dated Juno 30
1917 and delivered shortly thereafter.— V. 104, p. 1169, 368.
Western Union Telegraph Co.— Earnings. —
e n d in g M a r c h
31
(M a rc h
F or 3 m os.
1 9 1 7 e s t im a t e d ):
1917.
1916.
Total rovenuos.............................................................$17,132,187 $14,350,613
ropalrs and reserved for doproc’n . $ l ,928,460 $1,856,957
Othor op. exp., lncl. ront of leased linos & taxos. 10,983,844
8,956,092
Interest on bonded dobt______________________
332,963
332,963
D e d u c t — M aint.,
Net income........................................................... $3,886,920 $3,204,601
— V. 104, p. 1270, 1258.
Western United Gas & Elec. Co., Aurora,
J a n . 31
Y ear—
G ro ss
In com e.
N e t ,a f t e r I n t . , Ac. P f . D i v s .
T a x e s . C h a r g e s . (6% ).
1 1 1 .—
Com m on
D iv i d e n d s .
Earns.
B a la n c e ,
S u r p lu s .
1916-17.........$1,605,238 $667,875 $321,588 $90,000 (6)3180,000 $76,287
1915-16......... 1,537,179 701,382 351,999 90,000 (5) 150,000 109,383
Tho balancoslieot Jan. 31 1917 shows pref. stock outstanding, $1,500,000;
common, $3,000,000, and bonds, $6,ll8,900.
Ussing, Poolo Sc Simmons, Inc., are Interested.— V. 103, p. 2245.
Wheeling Mold & Foundry Co.— Extra D ividend . —
An extra dividond of 1% has been declared on tho stock, along with tho
regular quarterly 1% , both payablo M ay 1 to holders of record April 1.
— V. 104, p. 459, 263.
Wright-Martin Aircraft Corp.— N o M erg er . —
See Curtiss Aeroplane & Motor Corp. abovo.— V . 104, p. 870.
C U R R E N T N O T IC E .
— Georgo II. Tllden Sc C o., investment bankers of Seattle, Washington,
the opening of an office in tho Continental & Commercial National
Union Oil Co. of California, Los Angeles.— N ew Stock announce
Bank Building, 208 South La Sallo Street, Chicago. Fred. A . Parker,
Rights .— E a c h s t o c k h o l d e r o f r e c o r d a s o f M a r c h 3 1 1 9 1 7 i s for many years with tho Harris Trust & Savings Bank, is in charge.
e n t itle d to s u b s c r ib e a t p a r o n o r b e fo r e M a y 1 fo r ($ 3 ,4 0 9 ,
— Tho Interstate Electric Corporation has issued a chart showing the
2 0 0 ) n o w c o m m o n s t o c k o f U n i o n O il C o . in a m o u n t s u p t o
expansion in business which this company has enjoyed from 1913 to 1916.
1 0 % o f t h o p a r v a l u e o f h is h o l d i n g s in t h o U n io n O il C o . o f
Tho number of consumers served in 1913 was 2,473, increasing by steady
growth in four years to 13,137 consumers, or a gain of 431%.
C a lifo r n ia a n d U n it e d P e t r o le u m C o .
Subscriptions are payable (for full $100 shares only) $10 per share, guar
— Messrs. Joseph Walker Sc Sons, 61 Broadway, N. Y ., mombers of tho
anty deposit, on or before May l 1917; $25 Juno 30 1917; $25 Sept. 1 1917; Now York Stock Exchango, specialists In tax-oxompt bonds and guaranteed
$25 Nov. 1 1917; $15 Dec. 29 1917; or in ftdl on or before any of the above
stocks,
announcotliat Frederick Hill, E. Stuart Peck and C. Robert Adams
specified dates. On or immediately following Juno 30 1917, Sept. 1 and
N ov. 1 1917 stock certificates will bo issued up to tho full amount o f stock havo beon admitted to membership In tho firm.
covered by tho payments duo on or beforotheso three dates. Payment bal
— Romlck, Hodges & C o., 14 Wall St., this city, havo propared a doscrlpances, for which fractional shares will not bo issued, will bo added to and
applied with next payment. Immediately following Dec. 29 1917, If all tivo circular of April Investments. Tho municipal bonds yield 3.85 to
payments havo been made, stock will be issued for tho full amount of tho 4.50% , foreign governments 524 to 6 % , and railroad 4.25 to 6.04% . Tho
$25 per share payment (consisting o f tho initial $10 per share and tho final April circular will be mailed to applicants.
$15 paymont), together with any othor amounts theretoforo paid and for
— Harris, Forbes & Co., this city, are advertising and offering at 95 and
which fractional shares havo not beon issued, making the balance in full
of tho stock subscribed for.
int., to yield about 5.30% , S6,000,000 Poro Marquotto Railway Co. first
Secretary John McPeak in circular o f March 27 says: "The new capital mtgo. Series "A ” 5% bonds, duo July 1 1956. Seo to-day's advertisomont
secured from this offering o f stock, together with such surplus earnings
as shall bo made available therefor, will bo devoted to tho following purposes: for details. Circular on requost.
(a )
To tho acquisition o f additional oil territory when and as tho same can
— Glover Sc MacGregor, 345 Fourth Avo., Pittsburgh, havo Issued an
bo advantageously secured: (b ) to tho acquisition o f additional marine and
other transportation facilities; (c) to the construction o f a modern refinery April circular of tho municipal, industrial, and public utility bonds and
o f adequate capacity at Los Angeles Harbor, Southern California,: (d ) to short-term notes In which thoy specialize. Copy will bo mailed on appli
providing additional marketing stations and facilities: (e) to the retirement cation.
o f certain of our Indebtedness. Compare V. 104, p. 659.
— Ralph W . Angior, formerly with R. L. Day Sc Co., announces that ho
Extra Dividend o f l % with Regular Quarterly 1 ^ 2 % . —
has associated himself with tho firm of Arthur Perry & Co., dealers in
An extra dividond o f $1 (1% ) per share has beon declared on tho $34, investment bonds, 150 Devonshire Street, Boston.
092,200 stock along with tho regular quarterly $i 50 ( l f i % ) per share,
— Spencer Trask Sc Co. havo Issued a special circular describing 68 Issues
both payablo April 14 to holders o f record Mar. 31.— V . 104, p. 1270, 659.
of short-term investments, Including railroad, public utility, Industrial,
Union Telephone Co., Alma, Mich.— Slock In crea se .—
foreign government and municipal securities.
The shareholders havo ratified tho proposed Increaso in capital stock from
— Joseph Sc Wlenor, 25 Broad St., Now York, havo Issued for distribution
$1,000,000 to $1,500,000, tho proceeds o f the new stock to bo used for to investors an Interesting booklot on Storn Bros. prof, stock, giving
ej tensions, &c.
history uuu comparative balance sheets.
R. II. Kirkland was elected a director.— V. 90, p. 1048.
s p
L O U I S V I L L E
S IX T Y -S IX T H
A N N U A L
u
r t s
&
a
m
i
R E P O R T — F O R
B oa rd
of
D ir e c t o r s
ot
y o u r ]u o m p a n y
s u b m its th e fo llo w in g r o p o r t fo r th e y e a r e n d e d
r e s p e c tfu lly
D ecem b er 31
M IL E A G E .
Lines Owned and Operated.
M ile s .
(1) Owned— Property deeded___________________________ 4,221.53
(2) Operated but not owned—
(a) Operated as owner of entire Capital Stock— 450.12
(b) Operated under lease------------------------------- 133.4b
(c) Operated under contract--------------------------- 38.92
cd) Operated under t r a c k a g e arrangements----- 2 2 1.U2
---------- 843.52
(3) Owned, leased to N . C. & St. L. R y. operated under
traclcago arrangements-----------------------------------------------5-31
a
Nashville Chattanooga & St. Louis Railway (a majority
of the Capital Stock owned)...........
J82.78
Central Transfer Railway & Storage Co., Louisville (one.67
half of the Capital Stock o w n e d ) - - - - - - - - - - - - ------,- - - Georgia Railroad and Dependencies (interested as joint
lessee)________ - _______ - ____ - ______ - - - - - - _________ o / i .uu
Chicago Indianapolis & Louisville Railway (a majority of
the Capital Stock owned jointly with the Southern Rail
way C o .)...................................................... .. - - — .7------»22.41
Louisville Henderson & St. LouLs Railway, loss mileage of
Louisville & Nashvillo Railroad operated under trackago
181.70
______ ________
__________:
arrangements ,___
(a majority
of the Capital
Stock owned).
i
Woodstock & Blocton Railway (one-half of the Capital
Stock owned)________________________________________
7 ,‘ 3
2,366.29
Less— Miloage used by this Company under trackago ar
rangements:
„
Woodstock & Blocton Railway............................... 7.73
Nashvillo Chattanooga & St. LouLs Railway____50.59
Louisville Henderson & St. LouLs Railway--------.26
58.58
-2,307.71
Y E A R
$869,000 00
Deduct—
. „
, .
Henderson Brhlgo Co. 1st
Mtgo. Bond drawn for
Sinking Fund— Unre
deemed Doc. 31 1915,
Redeomed during tho
year and paid Into Sink
ing Fund-------------------
$858,000 00
31
1916.
$793,000 00 $200,631,164 94
1,267,000 00
1,000 00
2,126,000 00 — 1,334,000 00
Bonded Debt, Dec. 31 1916, total issue. (See Balance
Sheet. Table I I I .)............................ - ........................ $204,297,164 94
Less—
Bonds Owned—
___ _
In Treasury_______________________ $27,271,339 94
Deposited in Trust as Collateral___ 3,929,000 00
Deposited account of Georgia Rail_____ __ _
road Lease______________________
500,000 00
Held in Sinking Funds________________ 1,220,000 00— 32,920,339 94
Total Outstanding Bonded Debt In hands of public,
December 31 1916
__________________________$171,376,825 00
Total Outstanding Bonded Debt in hands of public,
December 31 1915_____________________________ 173,567,825 00
Decrease in Bonds outstanding In hands of p u blic..
Accounted for as follows—
Bonds drawn for Sinking Funds, including
__
Redeemed and Unredeemed Bonds____
$869,000 00
Bonds matured_________________________ 1,267,000 00
Bonds purchased for Sinking Funds_____
58,000 00
Bond canceled, held by Trustee________
1,000 00
$2,191,000 00
$2,195,000 00
Deduct—
Bonds withdrawn from Treas
ury and canceled for Sinking
F u n d ____________________ $3,000 00
Bond withdrawn from Sinking
Fund and Canceled_______ 1,000 00
4,000 00
Decrease as shown above______________________
G E N E R A L
G en eral
h ere
R e s u lts ,
as
$2,191,000 00
R E S U L T S .
g iv e n
in
d e ta il
in
T a b le
N o .
I,
s u m m a r iz e d .
269,15
39.62
39.62
Net Operating Revenues, 35.25% ___ ________ _________ $22,886,009 24
T axes.......................................... - ........................ $2,427,926 75
Uncollectible RailwayRevenues_____________
18,216 85— 2,446,143 60
$20,439,865 64
Other Income—■
From Rents----------------------------------- ;------- $2,699,473 89
155.159 16
From Separately Operated Properties------1,513,208 61
From Investments______________________
808,560
04
From Interest — .................. ........
From Securities held under Georgia Rail
73,703 00— 5.250,104 70
road Lease-----------------------------------------Total Income__________________________ ...................... .$25,689,970 34
Deductions from Income —
Interest on Bonded Debt-------------------------- $7,621,066 61
5,559 85
Other Interest___________________________
876,842 80
R onts__________________________________
169,229 79
Sinking Funds___________________________
23,419 12
ltcservo for Doubtful Accounts__________
Taxes on Miscellaneous Physical Property,
31,041 55—8.727,159 72
& c___________________________________
Net Income carried to Profit and Loss Account------------ $16,962,810 62
The balance to credit of Profit and Loss Account amounts to $56,631,
786 72. For details see Table No. II.
R A IL S .
T h e
r a ils in
m a in
tra ck
op era ted , ex cep t
tra ck a g e
r ig h t s ,
a ro s h o w n b e lo w :
Steel Rails—
,
J
M ile s .
Under 58Vi pounds per yard................................ ..........
45.13
58 M pounds per yard------- -------------------------------------- 245.85
* 60 to 65 pounds per yard------------------------------------------ 223.41
( 8 pounds per yard-------------------------------------------------50.37
) Cpounds per yard____ ____________________________ 1,162.30
80 pounds per yard............................................................ 1,653.51
85 pounds per yard............................................................
23.92
90 pounds per yard.................................... ....................... 1,437.48
141 pounds per yard................................................ - .........
1-45
-4,843.42
.61
Iron Ralls-------------------------------------------------------------------------- -----------------T o ta l____________________________________________________ 4,844.03
T o which add—
Operated under trackage arrangements_______________________ 2 2 b .6 J
Total mileage owned and operated________________________5,070.36
T h e
p a n ie s ,
r a ils
are
in
m a in
show n
tra ck
ow n ed,
o p e ra ted
b y
pounds
pounds
pounds
pounds
pounds
per
per
per
per
per
oth er
com
„ . ,n
M ile s .
b e lo w :
Stool Rails—
60
68
80
85
90
11,000 00
D E C E M B E R
Operating Revenues------------------------------------ $64,928,120 59
Operating Expenses,64.75%------------------------- 42,042,111 35
248.44
Bonded Debt December 31 1915, total issuo.......................$205,631,164 94
$792,000 00
E N D E D
P A N Y
$1,255,000 00
Unredeemed (Not Presented
for Payment)—
Equipment Series
“ AVl 5% Gold. 10,000
St. LouLs Proper
ty 20-Year 5%
2,000
First Mortgage
T h e
D E B T .
B<Unffled Mfty-Year 4% G o l d .....................
Bonds Drawn for Sinking I« unds—
Redeemed—•
Evansville Hen
derson & Nash_„
villo Div.Gold.$107,000
Goncral M . Gold 627,000
Ponsacola Sc At
lantic R lt. 1st
Mtgo. Gold__
11,000
Pensacola Divi
sion 1st Mtgo.
G o ld ...........
29.000
Nowport & Cin
cinnati Bridge
Co. Gen. M tg .
3,000
777,000 00
Unredeemed (Not Presented
for Payment)—
Evansville Hen
derson & Nash
ville Div.Gold. $43,000
General M .Gold. 26.000
Pensacola & At
lantic R R . 1st
Mtgo. Gold—
1,000
Ponsacola Divi
sion 1st Mtgo.
G o ld ________
7,000
IIondcrsonBridgo
Co. 1st Mtgo.
G o ld ________ 15,000
92,000 00
C O M
________$858,000 00
Bonds Matured—
•
Redeemed—
Equipment Series
“ Av> 5% Gold.$640,000
St. Louis Proper
ty 20-Year 5%
First Mortgage 615,000
aro
Total miloago ______ - __________- ___ ____ - - - - - - - - - - - - - - - 7 ,6 4 7 .2 2
Total miloage December 31 1915--------------------------------------7,607.60
B O N D E D
l s .
B r o u g h t f o r w a r d ______,
I I I . Lines Owned by this Com pany but Operated by other
Com panies.
Increase_______________________________________________
Sccountcd f o r a s F o llo io s:
A d d it i o n s —
Winchester Branch_________________________________
26.64
Sundry not additions______________________________
12.98
-----------
r u
$12,000
I I . Lines Operated Under Their Separate Organizations in
which this Company Owns a M a jority o f the Capital Stock or is
Interested as Joint Owner or Lessee.
Olarksvillo & Princeton Branch— Gracoy, ICy., to Prince
ton, Ky. (leased to Ohio Valley Railway Co. at $12,
039 70 per annum)---------------------------------------------------- ---- -0.71
x
Bond Canceled—
Unified 50-Year 4% Gold,
held by Trustee--------------
Total operated...................- - - - - - - — ............- - - - - - - ........... -.5,070.36
Avorago mlleago operated during the year, 5.058.46.
Paducah & Memphis Division (leased to Nashvillo
Chattanooga & St. Louis Railway at 5 per cent on
Cost of Road)______________________________ ..-253.75
Loss—Mileage operated by this Company under
trackago arrangements---------------------------------- 5.31
t n
R A I L R O A D
T H E
1916:
I.
. I l o
N A S H V I L L E
Louisville, K y ., A p ril 4 1 9 1 7 .
To'ltlie Stockholders oj the Louisville &'ANashville Railroad
Compan «
_
T h e
1393
THE CHRONICLE
A p e . 7 1917.]
yard...................................... ———? ...............
yard..............................................................
yard.......................... ............ - ...................
yard............................ - ...............................
yard................................................ - ............
54.12
.17
172.03
23.12
.53
Less— Portion of Paducah & Memphis Division used by L. & N.
R R . under trackago arrangements----------------------------------------Total mileage operated by other companos-------------------------
274.46
5.31
269.15
1394:
THE CHRONICLE
G R O W T H
T h e
g row th
A v era ge
M ile s
O p e ra te d .
YEARS.
1907
o f tr a ffic fo r th e p a s t te n
y e a r s is s h o w n
O p e r a tin g
R even u es.
O F
b y
* O p e r a tin g
E xp en ses.
[Vol. 104
T R A F F IC .
th e fo llo w in g
N e t O p e r a tin g
R ev en u es.
ta b le :
O p e r a tin g
R even u es
P er M ile .
N et
O p e r a tin g
R ev en u es
P er M ile .
O p e r a tin g
E xp en ses
P er M ile .
P e r c e n ta g e o f
E x p e n s e s to
O p e r a tin g
R ev en u es.
.............
190 8
1909
1910
1911
1912
1913
1914
1915
1916
*
4.329.62
$48,894 724 11
$35,475 ,410 12
$13,419,313 99
$11,293 08
$8,193 66
$3,099 42
72.55
4.368.46
43,508 ,681 80
30,087 ,921 54
13,420,760 26
9,959 73
6,887 54
3,072 19
69.15
............................................................
4.459.89
47,925 ,524 06
30,126, ,754 32
17,798,769
74
10,745
90
6,755
05
3,990 85
62.86
....... ..
4,591.95
54,428 ,973 48
38,691, 488 60
15,737,484
88
11,853
13
8,425 94
3,427 19
71.09
................................................................................
4,647.66
54,372 030 52
38,322, 379 90
16,049,650 62
11,698
80
8,245
52
3,453
28
70.48
............................................................
4,724.08
57,814 963 60
41,939, 125 88
15,875,837 72
12,238 35
8,877 73
3,360 62
72.54
........................................
4,927.31
61,129 793 49
46,422, 531 08
14.707,262 41
12,406 32
9,421 47
2,984 85
75.94
...........
4,986.93
54,936 647 12
42,124, 392 96
12,812,254 16
11,016
13
8,446
96
2,569
17
76.68
............
5,040.18
54,026 979 35
38,562, 818 62
15,464,160 73
10,719 26
7,651 08
3,068 18
71.38
......... ..
5.058.46
64,928 120 59
42,042 111 35
22,886,009 24
12,835 55
8,311 25
4,524 30
64.75
Does not Include certain Addition and Betterment and Rental charges which prior to July 1 1907 were made to Operating Expenses.
.........
A D D IT IO N S
D u r in g
A N D
B E T T E R M E N T S — R O A D .
th e y e a r th ere w e re ch a rg e d
e x p e n d itu r e s
fo r
a d d it io n s
and
R E S E R V E
to In v estm en t, R o a d ,
b e tte rm e n ts
as
C r e d its —■
fo llo w s :
Engineering_____________________ __________
__
Land
for transportation purposes_____ IIIIIIIIIIIH I HI I
G rading_________________
Tunnels trestles
and subways_____1.11111111111111111111
Bridges,
and culverts________________
£ “?}-.................- - - ......................... ....... ............................... ........
Other track material.....................312,044
40
___
i>ailast)________________
Track laying and su rfa cin g " ." " " " " " " “ "I" "'"*
Right-of-way
.................
Crossings
and fences....................
signs..........................................................
H H II*
Station
and
office
buildings_______________
Roadway buildings_________________
Waterstations__________
stations..!.________I
.. I H I.....................................
Fuel
I _11111111111111
H i::: 111111111
Shops and enginehouses_______________
Wharves and docks................................... 1.............................
’
Coal and ore wharves.................................... ...............
Telegraph
telephone lines........................................
Signals andand
interlockers___
...........................
Power substation
plant buildings.........................
Power
buildings.......................................H
II...........
Power
transmission
systems________________
Power distribution systems_________________________ "
Power
line polesstructures___________
and fixtures___________________
Miscellaneous
Paving........................
...................................
Roadway
......................................." " " " H I_"
Roadway machines
small tools____________________________
Assessments for public improvements____________
Othor expenditures—Road_______ .
Shop machinery
.........
Power
plant machinery.......................
......................... IIIIII
.
Power
sub-station
apparatus______________
_
Taxes...................
"
a -j
A D D IT IO N S
A N D
$234,011 59
B E T T E R M E N T S — E Q U IP M E N T .
to
I n v e s t m e n t , E q u ip m e n t, d u r in g
th e y e a r:
C h arges—
Locomotives:
Equipping with electric headlights, superheat
ers, Chicago flange oilers, automatic fire
box doors and changing safety appliancos..
$6,930 91
Freight-Train Cars:
Two thousand three hundred
(2,300) bought or built...........$2,410,076 95
Fivo (5) robuilt...........................
4,589 60
One (1) changed from work
equipment ..............................
23100
Applying Farlow draft gears and
changing safety appliancos..
34,187 10
------------------- 2.449,084 65
Passenger-Train Cars—
Twclvo (12) bought or built__ $165,533 99
Changing safety appliances___
117 67
Overhauling and reinforcing__
3,007 52
-------------------168,659 18
Work Equipment—
Two (2) steel underframo tool
and living cars bought or built
$3,912 36
Three (3) Oliver spreaders
bought or built.................. .
3,601 50
Ono ( l) floating pile driver b ’ght
1,364 82
Ono (1) water tank bought___
227 00
Changing safety appliances___
7,146 56
Sixty-eight (68) freight-train
cars changed to work equlp’t .
18,567 04
Eight (8) passenger-train cars
changed to work equipment.
3,602 21
------------------38,421 49
Miscellaneous Equipment—
One (1) auto delivery truck built___________
896 81
--------------------$2,663,993 04
C r e d its —
Locomotives:
Twenty-two (22) destroyed or sold................. $215,051 72
Freight-Train Cars—
Six hundred eighty-six (686)
destroyed or sold___________ $420,992 60
Slxty-oight (68) changed to
work equipm ent...................
32,428 85
-------------------- 453,42145
Passongor-Train Cars:
Three (3) destroyed or sold____
$9,096 80
Eight (8) changed to work
equipment_________________
30,901 21
-------------------39,998 01
Work Equipment:
Ono hundred seventy-six (176)
destroyed or sold__________
$60,482 61
Steam hammer removed from
pile driver, transferred to
Roadway M achines.............
400 00
Ono (1) changed to freight240 91
train car__ _____
-------------------61,123 52
-------------------- 769,594 70
Net charges to Additions and Bottermonts, Equipment,
for tho year...................................................... ........... ............. $1,894,398 34
A C C R U E D
D E P R E C IA T IO N .
ROAD.
Depreciation:
aqo
T h e fo llo w in g e x p e n d it u r e s f o r a d d it io n s a n d b e t t e r m e n t s ,
e q u ip m e n t, w e re ch a r g e d
F O R
♦Ties....................... 1.................. $963,584 21
59i340 50
sn
♦Rails.................. .......................
428,482 69
33’346
99
♦Other
Track Material...............
372,379 37
56 432 48 ♦Ballast...........................
203,196
70
25,181 17
- ................... $1,967,642 97
9i qoq Ar: C hTa r°tal..........................................
s—
25411 89 Accruedg eDepreciation,
Account Renewals, &c.:
51
820
94
81497 41
Ties.........................................
$961,729 77
95
023 76
R ails.......................
453,584 24
70 473
08 Other
Track
Material...............
272,381 25
14
679
01
B a lla s t.....................
187,206 33
4377983
31 286 84 Creosote Work3, Gautier. M iss. 31,840 70
15 541 30
1998 28
T o ta l............................................................. 1,906,742 29
230
254 48
2 3 2 ’ 549 30
l ’’585
35
Not credit for yoar endod December 31 19 1 6 -..
$60,900 68
1994
to credit of Roservo for Accrued Depre
1173690 Balance
ciation—Road, December 31 1915..................10,948,587 72
j 398
’210 96
Balance to credit of Reservo for Accrued Depre
4 731 73
Road, December 31 1916:
4 002 18 Forciation—
T ies.................................. .. .$2,592,522 16
3,325
R a ils.......................
41 0528
2,743,627 40
70 655 32
Othor Track Material_____ 1,538,083 28
’ 2 05
772,505 44
Ballast...................
4,68765
Creosote Works, Gautier,
C r . l 885 82
50 29
9061
Miss------------28,609 14
i op.
Total for the year ended Dec. 31 1916................................ $2,047,455 56
Total for tho year ended Dec. 31 1915.............................. ...... 1,813,443 97
Increase...................................................... ..........................
„
Miscellaneous....................... 3,334,140 98
-------------------
$11,009,488 40
EQUIPM ENT.
C r e d its —
Depreciation:
a Locomotives________________ $386,210 56
a Froight-Train Cars...............
1,649.679 75
a Passenger-Train Cars.............
112,438 53
a Dining Cars.........................
7,534 20
a Work Equipment...............
84,018 58
Total........................................
2,239,88 1 62
C h a rg es —
Accrued Depreciation:
On Equipment Destroyed or Sold:
Twenty-two (22)
L ocom otives.. $184,097 14
Six hundred and
eighty-six (686)
Froight-Train
Cars_________ 296,166 16
Throo (3) Passen
ger-Train Cars
6,092 95
One hundred and
seventy-six(176)
Units of Work
Equipm ent__ 39.3S0 26
„
T, ,
---------------525,736 51
On Equipment changed to an
other class:
Sixty-otght (68)
Freight-Train
C a r s .............. 25,628 42
Eight (8) Passen
ger-Train Cars 28,084 91
Ono (1) Work
Equipment Unit
34 30
---------------53,747 63
Total................ ................... .......................
579,484 14
Not credit for yoar ended December 31 1916__ $1,660,397 48
Balance to credit of Reservo for Accrued Depre
ciation— Equipment, December 31 1915___ 19,665,797 62
Balance to credit of Reserve for Accrued Depre
ciation— Equipment, Decombor 31 1916:
For Locomotives______________ $5,356,768 03
Freight-Train Cars.............. 13,835,801 73
Passenger-Train Cars......... 1,473,102 21
Dining Cars........................
61,726 88
Work Equipment.......... ..
598,796 25
—
-------------
21,326,195.10
MISCELLANEOUS PHYSICAL P ROPERTY.
C r e d its —
Depreciation on Material In Private Sidings__
$45,317 21
C h a r g e s —•
Accrued Depreciation on Material removed, &c.
10,519 12
Net Credit for year ended December 31 1916__
Balance to credit of Reserve for Accrued Depre
ciation— Miscellaneous Physical Property,
December 31 1915............................ ..............
$34,798 09
269,511 99
304,310 08
$32,639,993 58
♦The iJIfference betwoon these amounts and the chargos to Operating
Expensos is duo to credits for tracks abandoned and not roplaced, tho cost
of which was not charged to Proporty Accounts.
a Tho difference betwoon these credits and tho chargos to Operating
Expenses shown in Table No. IX ., is caused by chargos to Investment in
Road accounts for equipment used in construction and addition and botterment work and to lessees of equipment of this Company.
THE CHRONICLE
A pr . 7 1917.]
M A IN T E N A N C E
T h o
averago
cost
per
m ilo
fo r
r e p a ir s
to
e q u ip m e n t
t lio
E Q U IP M E N T .
past
ten
years
has
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
1916.
C e n ts .
C e n ts .
C e n ts .
C e n ts .
C e n ts .
C e n s t.
C e n s t.
C e n ts .
8.337
.997
1.507
8.662
.780
1.345
7.765
.713
1.138
8.238
.799
1.576
8.683
.881
1.457
8.877
1.050
1.543
8.808
1.121
1.340
8.869
1.124
1.356
8.862
.991
1.224
10.072
1.017
1.378
in r e v e n u e s e r v ic o is p r o v i d e d w it h b o t h a ir b r a k e s a n d a u t o m a t i c c o u p l e r s .
E Q U IP M E N T
O W N E D .
L o c o m o tiv e s .
F r e ig h t C a r s .
1,095
On hand January 1 1916
Bought and built_______
Changed-----------------------
22
1,073
47,505
22
On hand Doccraber 31 1916
ta b lo
show s
th e
e q u ip m e n t o n
hand
at
th o
c lo s e o f e a c h
of
th e p a st ten
W ork
E q u ip m e n t .
P a ssen g er C a rs.
45,953
2,305
1
— ---------4
-48,259
68
686
754
1,095
Changed_______________
Destroyed or sold----------
fo llo w in g
a s fo llo w s :
C e n ts .
Locomotive repairs, per mile_________________
Freight Car repairs, per milo_________________
Passenger Car repairs, per mile_______________
T h e
been
C e n ts .
1907.
A ll e q u ip m e n t o f th o s y s te m
O F
fo r
1 3 95
659
12
2,358
7
76
671
2,441
1
176
11
177
2,264
660
years:
LOUISVILLE & NASHVILLE RAILROAD AND OPERATED LINES.
Locomotives________________________________
Freight Cars________________________________
Passenger Cars______________________________
Work Equipment____________________________
O n
N ovom ber
m is s io n
is s u e d
in to r -S ta to
24
an
1916
O rd er
com m erce,
th e
th ir ty -fir s t
th o p e r io d
o f
w ith
p r e c e d in g
year
fe w
of
a ll e x c e p t
a
th is
m on th s
of M arch
th o
rop orts
of
1910.
1911.
1912.
1913.
1914.
1915.
1916.
914
42,131
584
1,405
959
43,791
602
1,519
988
45.242
616
1,652
1,010
43,556
613
2,072
1,057
46,398
661
2,666
1,080
46,666
671
2,583
1,095
45,953
659
2,358
1,073
47,505
660
2,264
in
th o
th a t
th o
each
ended
d a te.
to
th o th ir t y -fir s t d a y
O rd er
has
been
becom es
r e c e iv e d
C o m m is s io n s r e q u ir in g
w ill c a ll f o r
D ecem b er
A ct
in
y e a r , r e p o r ts c o v e r in g
T h is
A d v ic e
S ta te
C om pan y
am ended
31
rop orts
1916.
T h o
fo r
th o
Juno
3 0 th ,
th is
p e r io d
b e in g
annual
by
in v e n to r y
T w o
ber
G overn m en t
fir s t.
p a n ie d
E a ch
p e r io d
th e r e fo r e ,
fo r
w h ic h
been
th o
A tte n tio n
d e t a ils
of
sta tu to,
A nnual
d e s ir a b le
R ep ort
of
W h erovor
to
t in s
have
T h e
B oa rd
w h ic h
th e
w ith
served
its
ch an ge
C om pan y
braced
th o
3 0 th ,
in
1916,
m o o t in g
A nnual
in
ann ual roport
p r e v io u s
years
aro
show n
a c k n o w le d g e s
a p p roved
O ctob er
R ep ort
to
b y
th o
1916,
th o
th o
fis c a l y e a r
S to c k h o ld e r s
and
T h o
d u r in g
n ow
in
in s t a lla t io n
fo r
th o
th o
year
la s t
s e r v ic o
s ix
of
a u to m a tic
Juno
is s u e d
m on th s
over
of
6 3 1 .7 3
b lo c k
30
as
e n d in g
at
th o
th o
s ig n a ls
1916
th is
em
annual
S ix ty -fifth
T h ese
b etw een
th o
in
c o n tin u e d
s ig n a ls
aro
fo llo w in g
New York
Chicago
St. Louis
W o
v ille
have
&
D ecem b er
an ces
b y
and
A m q u i,
T o n n .,
is
in
b etw een
b etw een
U lin o is -I n d ia n a
H o n d o rs o n , K y .,
e x a m in e d
31
or
by
ca te s o f d e p o s it, a n d
revenues
and
th o
of
e ffic ie n c y
w it h
have
D ir e c t o r s ,
S M IT H ,
and
Chairman.
President.
c o m p a r is o n
have
expen ses
fo r
a ll c a s h
w it h
e x a m in e d
and
a cco u n ts
C om pa n y
v e r ifie d
and
to
th o
L o u is
year
ended
s e c u r it y
r e c e ip ts
c a r e fu lly
a ll c h a r g e s
of
th e
<fc
and
b a l
c e r tifi
th e
d e t a ils o f
c a p ita l
a cco u n ts,
and
W e hereby certify
Sheet
and
tio n
th a t
sta tem en ts
and
t r u th fu lly
D ece m b e r 31
fo r th e p e r io d
th e a c c o m p a n y in g
of
In com o
set fo r th ,
and
G e n e r a l B a la n c e
P r o fit
r e s p e c t iv e ly ,
and
L oss
th e
1 9 1 6 , a n d th e r e s u lts fr o m
sh ow n .
p rogress.
T A B L E
books
R a ilr o a d
1916, have
cou n t
c o n d it io n
s ig n a ls
I n d ., a n d
th e B o a r d
N a s h v ille
T h o
th eso
accom
N ew York, M arch 1 5 1 9 1 7 .
H enry W alters, Esq., Chairman o f the Board, Louisville
Nashville Railroad Com pany, 7 1 Broadway, N ew York.
correct,
o f
S ep tem
is
HASKINS & SELLS
CERTIFIED PUBLIC ACCOUNTANTS
Cable Address “ Hasksells”
30 BROAD STREET, NEW Y O R K
Cleveland
San Francisco
Atlanta
Baltimore
Los Angeles
Watertown
Pittsburgh
Denver
London
in
Total.............................................................................................. 531.73 miles
H o w e ll,
s in c e
C om pa n y
H .
Louisvillo and Cincinnati__________________________ _
m
milos
Covington, Ky., and Etowah, Tonn............................................ 345.63 miles
Calora and Montgomery, A la.............................. ..
(j:j
miles
Evansville, Ind., and Hondorson, K y ________ __
12.10 miles
in s t a lla t io n
and
th o
M .
p o in ts :
S ta to L in e a n d
o f
is
June
m e n t io n e d
has beon
year.
m ile s
fid e lity
W A L T E R S ,
S to c k h o ld e r s .
ended
th e
e m p lo y e e s
H .
AUTOMATIC BLOCK SIGNALS.
report
and
th o
in t h is
t o J u n e , i n c l u s i v e , is a l s o
fo r
engaged
G overn m en t
1 9 1 6 , to th o c a le n d a r
I t is u n d e r s t o o d , o f c o u r s e , t h a t t h o d a t a c o n t a i n e d
th o p e r io d J a n u a r y
th e
in te re s ts .
t h is r e p o r t , t h o a m o u n t s g iv e n r e la te t o c a le n d a r y e a r s .
ro p o rt fo r
been
o f
y e a r ’s b u s in e s s .
o ffic e r s
o f t h o fis c a l y e a r e n d in g J u n o 3 0 t h .
c o m p a r is o n s
have
p a rty
fo rc e s
is c a l le d t o t h e r e p o r t o f t h o C o m p t r o l l e r f o r t h e
th o
F or
deem ed
m a d e t o its s t o c k h o ld e r s , e ffe c t iv e w it h
y e a r in s te a d
p a r tie s
fie ld
b y
in p r o g r e s s .
b y o n e o r m o r e o f th e C o m p a n y ’s r e p r e s e n ta tiv e s .
d a r y e a r a s s o o n a s p r a c t ic a b le .
has,
o f th is C o m p a n y
o f t h o I n t e r - S t a t o C o m m e r c e C o m m i s s io n is n o w
of
s ig n ifie d th e ir in t e n t io n o r w illin g n e s s t o c h a n g e t o t h o c a le n
It
o f th o p r o p e r ty
tw e lv e
C o m m is s io n s
fix e d
T h e
e f
th a t
t h o s e S t a t e s t h a t w ill c o n t in u o t o r e q u ir e r e p o r t s f o r t h o y e a r
e n d in g
FEDERAL VALUATION.
C om
ongaged
th o C o m m is s io n o n o r b e fo r o
in
1916.
C om m erce
r a ilr o a d s
o f tw e lv o m o n th s e n d in g w it h
D ecom bor
fe ctiv e
day
1909.
897
41,258
569
1,467
a ll
d e fin e d
r e g u la to c o m m e r c e , to file w it h
th e
1908.
887
40,978
568
1,532
In te r -S ta te
r e q u ir in g
as
1907.
are
fin a n c ia l
th e o p e ra
IIASKINS & SELLS,
C e r tifie d P u b lic A c c o u n t a n t s .
N O .
II— P R O F IT
A N D
L O SS
A C C O U N T .
„ . t,.
C R E D IT S .
Balanco to credit o f this account January 1 1 9 16-........................................................................................................................... S45.126.024
Credit Balanco transferred from Incomo Account____________________ ______ ________ __________________________ _____ - 16,962,810
Profit on Road and Equipment Sold............................................._......................*.________ _____ _____ _______________________
1,121
Donations—
Estimated value o f land, labor and material donated for transportation purposes___________________________________
25,487
Miscellaneous Credits—
Unpaid amounts on Audited Pay-rolls and Vouchers prior to January 1 1912, closed o ff------------------$39,258 77
Sundry amounts................................................................................................................................................ ........
33,380 13
-------------------72,638 90
-$62,188,082 70
.
„o
D E B IT S .
Dividend Appropriations of Surplus—
Cash Dividend, 3 'A per cent, payable August 10 1916.....................................................................................$2,520,000 00
Cash Dividend, 3 >4 por cent, payable February 10 1917.........................- _____________________________ 2,520,000 00
-------------------- $5,040,000
Surplus Appropriated for Investment in Physical Property.................................................................................................- ..........
25,487
Debt Discount Extinguished through S u rp lu sExpense inconnection with various bonds Issued during tho year___________________________________________________
3,075
Loss on Retired Road and E qu ipm en tOriginal cost and expense of removal of facilities abandoned and not replaced, less salvage recovered and depreciation
accruod______________________________________________________________________________________________________
18,387
Miscellaneous Debits—
Loss duo to reorganization of Now Orleans Mobile & Chicago Railroad Company_____________________ $383,765 92
Sundry amounts_____________________________________________________________________________________
85,579 29
-------------------469,345
Balanco Credit__________________________________________________________
56,631,786
-$62,188,082 70
T A B L E
D ec.
31 1915.
$215,348,239 24
54,558,208 47
$269,906,447 71
1,717,471 04
1,226,133 27
1,152,000 00
$74,133 27
3,519,223 05
5,484,290 44
14,913,200 85
$20,397,491
2,711,769
1,593,197
1,033,052
[Vql.
THE CHRONICLE
1396
29
15
28
40
$25,735,510 12
$844,253 66
4,462,827 35
491,358 90
N O .
I I I .— G E N E R A L
B A L A N C E
S H E E T .
INVESTM ENTS:
ASSETS.
Investment in Road and Equipment—■
Road.....................................................................................................................................$217,603,975 28
Equipment____________________________________________________________________ 56,452,606 81
----------------------- $274,056,582 09
Improvements on Leased Railway Property____________________________________________________
Sinking Funds—
$1,298,988 06
Total Book Assets____________________________________________________________
Bonds, this Company’s Issue__________________________________________________
1,220,000 00
1,762,489 90
78 988 06
3,859,407 43
Miscellaneous Physical Property_________ ________ __________________________________ _____ ______
Investments in Affiliated Companies—
(a) Stocks—
In Treasury________________________________________________ $5,496,520 29
Pledged..........................._................................................................14,913,200 85
"
(b) Bonds_____________________________________________________________________
(c) Notes ____________________________________________________________________
(d) Advances__________________________________________________________________
Other Investments—
(a) Stocks_____________________________________________________________________
(b) Bonds...............................................
(c) Notes .....................................
20,409,721
2,716,019
1,591,022
1,045,860
14
15
05
57
25,762.622 91
$460,487 74
4,433,192 35
556,373 64
$5,798,439 91
$306,751,225 10
$15,115,340 18
3,092,708 33
606,320 00
500,000 00
5 00
106,315 00
$106,320
179,924
809,557
1,128,351
2,367,558
5,772,040
238,021
23,228
00
06
54
24
96
15
19
70
$28,833,050 35
46,629 92
5,913,500 00
234,072 78
5,450,0
@FedFRASER