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3
fittanrlal
INCLUDING
&
Bank
Industrial Section
SATURDAY, AUGUST
105
CTtwnxtlje.
^ftje
Clearings at
of Subscription
— Payable la Advance
$
Chicago
*^9 92
,S
00
13 SS
7 60
*2 lit.
*1 118.
$11 60
aSnropean Subscription six inoutlis (including iiostage)....
A.nnual Subscription in London (including postage)
3ix Months Sub.scription in London (Including postage)
CJanadian Subscription (including postage)
Subscription includes following Supplementg—
Cincinnati
Cleveland
Detroit .-
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Sank and quotation (monthly) Railway and Industrial (3 times yearly)
ELECTRIC Kailway (3 times yearly)
railway Earn-inos (monthly)
3TAIB AND CITY (semi-annually) BAJsKEES' tX)^VKNTIOH (yearly)
Terms of Advertising Per Inch Space
rransient matter per inch space (14 agate lines)
84 20
(8 times)
22 00
Two Months
Grand Rapids
Dayton
29 00
Three Months (13 times)
Standing Business Cards
60 00
(26 times)
, Six Months
87 00
(. Twelve Months (52 times)
Chicago Office—39 South La SaUe Street, Telephone Majestic 7896.
ILONDON Office—Edwards & Smith, 1 Drapers' Gardens, &.
Youngstown
—
C
DANA COMPANY,
Fronc, Pine and Depeyster Sts.t
Pnbllshers,
Mew York.
Evansville
Sprhigfleld,
Fort Wayne
Lexington
Rockford
Qulncy
Decatur
Springfield, O...
Canton
Bloomlngton
South Bend
Jackson
Mansfield
Danville
Lima
Owensboro
CLEARING HOUSE RETUNS.
Ann Arbor
~
by Telei/raph.
Adrian
Tot. Mid .West
San Francisco..
Los Angeles
Seattle
Per
Portland
1917.
1916.
Cent.
$2,640,805,364
391,209,561
251,230,438
206,530,047
120,221,655
111,115,210
89,085,623
59,582,015
55,264,202
36,091,497
30.588,315
$2,082,189,020
326,081,010
193,006,782
132,347,523
89,657,404
80,722,642
59,752,307
46,622,976
42,123,768
31,414,823
20,414,926
+26
+ 20
+ 30.2
+ 56 1
+ 34 1
+ 37 7
+ 49.1
+ 27 8
+ 31 2
+ 14 6
+ 49 8
$3,992,623,927
609,923,461
$3,104,333,181
470,298,947
+ 28
+ 29
18.|
Lansing
Jacksonville, III.
The following table, made up by telegraph, &c. .Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,537,826,300, against $5,735,175,988 last week and $4,319,094,457
the corresponding week last year.
—Rtturns
III..
Akron
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Belbert Jr., President and Treaa.; Oeorge S. Dana and Arnold O. Dana,
Vlce-Pre«ldenta; Arnold O. Dana, 8eo. Addressea of all, Ottloe of the Company.
Week ending Aug.
Lake City.
Spokane
Salt
New
York.
Chicago
PhUadelphia
Boston ...
Kansas City
.
.
Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
St
.
.
.
.
.
Eleven cities, 5 days
Other cities, 5 days
.
-
8
6
7
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
North Yakima.
Reno
Long Beach
Total Pacific.
Kansas City
Total
AU
all cities, 5
cities, 1 day ..
Total
all cities for
days
.
.
.
week
$4,602,547,388
935,278,918
$3,574,632,128
744,462,329
$5,537,826,306
$4,319,094,457
+ 28.8
+ 25.6
+ 28.2
The
full details for the week covered by the above will be given next Saturday.
cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending August 11 follow:
We
Minneapolis
Omaha
St. Paul..
Denver
St.
Joseph
Des Moines
Sioux City
Week ending August
—
11.
Inc. or
1917.
1916.
$
$
3.485,448,706 2.328,445,489
300.571,271
210,291,943
66,566,427
56,460,667
Baltimore
40,724,563
42,483,334
Buffalo
19,282,278
16,037,339
Albany
4,563.007
4,387,085
Washington
10,298.515
7,856,102
Rochester
5.609,425
6,087,564
Scranton
3, 0.54 ,.501
2,751.250
Syracuse
4,004,695
2,837,535
Reading
2,216,325
1,959,966
Wilmington
3,285,575
2,703,168
Wllkes-Barre ...
1.984,621
1,573,906
Wheeling
3,702,087
2.269,648
Trenton
2,068,734
1,699,847
York
1,343,717
887,674
Erie
1,769.7.33
1,268,823
Chester
1.261,975
1,211.156
Lancaster
1.820,530
1,525,473
Altoona
600.000
561,384
Greensburg
800.000
750.000
Blnghamton
936,?,00
766,000
Montclalr
431,706
393,949
Total Middle. 3,962,344.691 2,694,209,302
New York
Philadelphia
Pittsburgh
Boston.
-
Providence
Hartford
211,6.59,320
New Haven
8,530,200
7,984,102
4,495.071
Portland
2,,500.000
Springfield
3,437.491
3,221,493
1,631,787
1,466,680
Worcester
Fall River
New Bedford ...
Lowell
Holyoke
Bangor
Tot.NewEng.
Note.
1,0.^0.866
744,098
609,661
247,220.769'
1
Dec.
1915.
%
$
+49.7 1,798,995,706
+42.9 152,237,920
+17.9
49,250,786
—
+20.2
4.1
+4.0
+31.1
+10.2
+11.0
+41.1
+13.1
+21.5
+26.1
+63.1
+21.7
+51.4
+39.5
+4.2
+19.3
+6.9
+6.7
+22.2
+9.6
+33.9
+4.7
+11.3
+13.5
2,216, 187i +12.8
4,174,743! —17.7
3,484,982
1,848,270
1,343,520
972,291
819,631
595 1.58i
192,764,470
28,508,316
11,366,126
4,674,153
7,335,528
4,486,142
2,676,149
2,719,550
1,830,902
2,344,511
1,682.611
1,927,575
2,044,319
979.179
968,648
814,589
1,364,281
472,930
600,746
763,400
325,449
1914.
$
985,139,400
119,368,660
46,066,858
31,446,285
10,999,329
4,951,203
6,146,628
4,380,832
2,904,138
2,551,558
1,617,315
1,405,317
1,496,293
1,790,811
1,597,975
881,159
1,022,515
597,247
1,419,036
603,342
683,928
636,100
367,411
+47.1 2,078,369,517 1,228,073,340
158,108,531
8,149,700
7,091,233
3,960,224
J-9 i
137,807.876
7,244,300
5,883,280
3,665,785
2,183,443
3,097,416
2,564,614
1,060,491
999,693
883,129
579,157
484,871
+ 28.2
166,453,955
—7.8
—11.7
+9.2
+6.0
—9.2
—For Canadian clearings see "Commercial and
2721
11.
109,652,672
5,904,200
4,282,666
3,281,444
1.787,634
2,469,581
2,358,910
953,031
991,761
708.292
585,959
602,605
133,478,645
Miscellaneous News.'
94,999,402
25,043,000
22,810,344
13,198,323
11,726,609
6,500,000
2,969,359
4,998,468
3,320,399
1,842.847
1.048,899
1,812,875
1,671,931
996,620
558,367
450,000
796,918
62,858,036
23,610,234
13,626,090
12,177,330
8,900,000
4,541,962
2,130,442
4,508,480
2,618,628
1,990,765
1,038,359
1,379,852
1,070,670
784,000
380,028
409,567
557,173
194,743,261
142,581,606
161,217,616
21,662,771
30,438,394
11,478.014
14,249,061
14,886,661
7,669,587
6,492,461
2,021,313
2,596,685
933,361
659,382
1,526,659
2,624,367
1,727,860
933,502
614,419
442,339
1,168,437
104,057,081
26,859,122
24,045,914
12,098,878
12,277,497
10,584,936
6,606,481
3,678,100
5,788,898
4,807,330
2,055,674
3,105,492
1,521,202
1,655,084
768,317
472,840
1,532,305
1,641,029
1,546,713
809,899
628,295
510,128
718,132
292,104,406,
226,668,717
125,622,137
29,924,778
19,302,622
9,600,000
3,000,000
26,236,627
10,502,386
8,868,366
22,089,307
8,579,598
6,096.715
5.264.542
3,170.035
3,382,328
2,199,057
3,676,312
97,657,991
21,189,530
15,932.460
7.137,240
3,982,357
15,346,692
7,126.621
5,847,503
14,812,084
7,271,577
4,839,988
3,812,221
2,220,776
3,164,548
1,828,600
2,450,069
1,181,442
1.860,250
4,669,179
1,938,000
1,633,138
3,449,016
1,950,000
232,647
383,137
3,140,381
1,081,058
6.292,596
242,371,029
7,591,998,
3,799,265
3,864,527i
3,605,8371
Colorado Springs
Pueblo
Fargo
Waterloo
Helena
Aberdeen
Fremont
Hastings
Billings
Tot. oth. West
St. Louis
New
Orleans
Louisville
Houston
Galveston
Richmond
Fort Worth
Memphis
Atlanta
Nashville
Savannah
Norfolk
Birmingham
Jacksonville
Knoxvllle
Chattanooga
Mobile
Augusta
1,150,000,
1,766,089,'
Oklahoma
Little Rock
8,143,000
3,162,110
2,141.000
1,393,271
2,340,000
275,243
443,000
5,708,000
1,111,621
10,855,105
Charleston
Macon
Austin
Vlcksburg
Jackson
Tulaa
Muskogee
Dallas
Total Southern
Total
326.99 3.149
5,735;i75,988 47075,397,389
all
Y.
2,249,727,282 17746:951^00
+ 19.3
+ 36.2
+ 54.2
+ 7.7
+ 24.8
+ 32.1
+ 11.5
+ 25.2
+ 69.3
—2.3
—2.9
+ 44.4
+ 62.1
+ 62.2
——5.6
10.2
+ 45.2
+ 30.6
+ 22.7
+ 33.6
+ 43.6
+ 42.9
+ 36.0
+ 13.7
+ 10.0
+ 31.8
—2.3
+ 9.1
+ 142.0
+ 32.5
+ 24.6
+ 22.0
+ 29.5
+23.6
+ 61.1
+ 6.1
+ 67.4
+ 8.4
+ 31.7
+ 43.1
+ 39.4
+ 10.9
+ 26.4
—7.4
+ 1.0
+ 31.4
+ 66.1
+ 27.1
+ 46.8
+ 9.9
+ 42.7
+ 38.6
+ 46.3
—19.3
+ 26.6
—5.1
+ 16.1
+ 40.6
+ 35.0
+ 76.5
+ 31.1
—21.0
+ 88.0
+ 16.1
+ 32.9
+ 67.0
+ 21.6
+ 39.6
—0.4
+ 59.9
+ 11.7
+ 16.3
—2.2
—13.3
+ 62.7
+ 29.3
+ 28.6
+ 41.2
+ 21.2
+ 34.5
—24.7
+ 71.0
+47.4
+ 61.7
+ 49.1
+ 18.0
+ 26.0
+ 38.1
+ 42.8
+ 6.9
+ 20.3
+ 50.0
—2.7
—5.6
+ 78.6
+ 63.2
+ 31.1
—60.2
+ 20.0
+ 18.5
+ 16.7
+ 81.8
+ 2.8
+ 72.5
+ 34.6
1
"
Outside N.
1915.
1914.
%
$
367,203,360
29,295,200
44,041,049
56,011,747
19,189,110
10,480,629
8,800,330
7,546,219
3,200,000
4,633,772
3,180,794
1,966,299
1,543,478
3,337,000
1,410,625
589,932
1,133,967
2,224,570
932,432
707,548
925,980
2.382,266
902,035
915,263
700,000
691,741
563.104
550,000
324,188
848,471
408,778
300,000
63,366
576,802,202
Duluth
Topeka
Davenport
Cedar Rapids
Dec.
1916.
438.170,499
39,903,885
67,898,302
60,310,965
23,941,477
13,840,000
9,812,300
9,444.699
5,097,182
4,429,654
3,082,544
2,839,400
2,502,728
6,412,000
1,331,120
530,000
1,646,797
2,904,889
1,144,084
945,180
1,329,244
3,403,292
1,227,076
1,040,189
770,000
779.498
550,000
600,000
784,823
1,124,879
526,145
365,916
81,945
712.769,712
Wichita
Lincoln
Clearings at
NO.
Week ending August
—
1917.
European Subscription (including postage)
Clearings
State and City Section
Inc.or
3*9r One Year
By)r Six Months
TTILIilAM B.
Railway SectioB
18 1917
PUBLISHED WEEKLY.
Terms
Electric
Bankers' Convention Section
Railway Earnings Section
VOL.
&
Railway
Quotation Section
282,730,483
25,484,200
30,560.387
47.268.794
15.556,087
8,942,482
6,799,800
6,622,292
2,741,765
3,683,539
2,167,891
1,657.723
1,218,562
1,967,000
1,216,509
669,239
917,361
1,606,067
660,181
698,620
728,730
1,805,661
708,247
686,562
540,000
473,946
495,434
486,729
260,234
638,705
244.013
251.092
46.216
450,413,331
62,802,761
20,113,172
10,958,384
9,534,637
6,906,776
3,644,267
1,779,294
3,724,913
2,042,420
2,000,000
791,030
953,651
870,488
800,000
341.912
332.760
538,405i
117,134,799
66,562,437
17.804.568
16,627.875
10.965,293
8,681,195
6,778,158
4,749,009
2,752,539
3,554,020
2,699.881
1,585,969
2,114,760
1,214,797
3,882,371
818,312
391,293
1,141,697
1,403,918
997,363
564,103
326,816
166,736
523,154
259,370,831
21,651,650
23,829,630
38,550,700
16,365,666
9,449,566
6,481,000
6,389,997
3,179,400
3,233,771
2,032,78*
1,275,536
1,110,247
1.426.000
1,338,616
643,596
954.879
1,571,222
829,146
636,489
709,941
1,536,868
830,261
666,001
497,117
496,689
485,669
479,268
320,233
483,076
232,537
232,633
62,046
407,241,659
46.211,481
21,618,113
12,333,205
9,705,141
5,727,906
3,495,177
2,059,108
3,498,638
2,264,384
2,150,538
797,994
891,867
937,206
709,182
360,109
299,141
619,091
113,668,281
156,196,1641
57,842,603
20,328,687
14,898,246
7,920,101
8.206,342
6,605,584
4.397,161
2,800,663
3,695,592
3,027,695
1,641,743
1,983,228
1,163,944
1,581,147
750,362
614,386
1,056,395
1.162,462
1,477,347
635,494
354,702
249,975
361,914
141,635,762
69,753,290
17,278,242
14,733,719
6,400,000
6,889,993
8,816,725
7,042,763
4,428,488
10,335,574
5,309,810
3,034,778
3,156,871
2,109,448
2,409,318
1,734,960
2,163,377
1,053,439
1,214,176
2,552,600
1,901,321
1,172,603
2.212,185
2,102,356
229,891
364,672
1,480,196
727,380
67,369,215
13,563,014
10,779,245
6,672,225
2,000,165
6.866,110
6,158.168
5,493,170
11,020,909
5,874,661
2,817,430
3,179,041
2,419,904
2,666,116
1,679,178
2,606,233
1,188,866
1,036,050
1,936,885
1,922.093
1,142,911
2,809,147
1.504,763
205,331
367.237
1,590,728
796,735
178,608,074
164,642^3M
+ 40.713.147,175,840
+ 28.8 1,348,180.1.33
2.187,740,005
1.203.600,605
THE CHRONICLE
03^
(Vol. 105.
Congress has committed the country not
only to the purchase of this year's crop of wheat, but
THE FINANCIAL SITUATION.
Now that, through the action of the Pope, the also next year's cr«p, and the wording of the statute
thought of the world again converges upon tlie idea is such that it might be construed to apply even to
wheat crop. Moreover, the Government
of peace, the possible after-effects of the war begin the 1919
There has guaranteed the wheat raiser a minimum price
to possess more than mere academic interest.
for his wheat to be fixed in the judgment of the
is a widespread belief that the extraordinary tax
measures and other unusual burdens which grow President, and has provided that the minimum shall
directly out of the war, and which bear so heavily not in any event be less than S2 a bushel at the
upon nearly all classes of the population, will almost Western primary markets.
Think of fixing a minimum price as high as $2 a
immediately become a thing of the past the moment
that peace is concluded and military operations upon bushel to apply to the 1918 crop and possibly also
In the the 1919 crop. Section 14 of the Food Control Act,
the part of the belligerent countries cease.
failure to realize such expectations the country may which contains the price-fixing provision, declares
That whenever the President shall find that an
Sec. 14.
receive one of its unpleasant surprises.
exists
requiring stimulation of the production of
emergency
The chances are that most of the tax burdens now
that it is essential that the producers of wheat,
and
wheat
being imposed as war measures will last a great deal
produced within the United States, shall have the benefits
longer than is thought probable, and some of them, of the guaranty provided for in this section, he is authorized,
notwithstanding their exceptional character, are from time to time, seasonably and as far in advance of seedThere is never the ing time as practicable, to determine and fix and to give
likely permanently to survive.
keeping
to
a
tax
measure upon the public notice of what, under specified conditions, is a reasonantagonism
same
able guaranteed price for wheat, in order to assure such prostatute book that there is to its original placement
ducers a reasonable profit. The President shall thereupon
It is so easy and so simple to maintain it a fix such guaranteed price for each of the
there.
official grain standQuite apart from this, however, ards for wheat as established under the United States grain
little while longer.
the country wUl be called upon to raise unusual standards Act, approved Aug. 11 1916. The President
amounts by taxation for many a month after the war. shall from time to time establish and promulgate such reguThe item of interest alone on the Government's in- lations as he shall deem wise in connection \\ath such guaranteed prices, and in particular governing conditions of dedebtedness is a growing one and will not disappear livery and payment, and differences in price for the several
until the remote future.
In addition, the Govern- standard grades in the principal primary markets of the
is
going
into
all
ment
sorts of industrial ventures, United States, adopting No. 1 Northern spring or its equivaand no one knows what disposition will be made of lent at the principal interior primary markets as the basis.
Thereupon, the Government of the United States hereby
the plants and machinery acquired and the stocks of
guarantees every producer of wheat produced within the
goods purchased during the process when a normal United States, that, upon compliance by him with the regustate of things returns.
Everything the Govern- lations prescribed, he shall receive for any wheat produced
ment buys will be bought at the prevailing enormously in reliance upon this guarantee within the period, not exceedagain.
eighteen months, prescribed in the notice, a price not less
and if these industrial ventures
than the guaranteed price therefor as fixed pursuant to this
are continued after the war closes, and even if they section. In such regulations the President shall prescribe the
are abandoned, the tax-payer will have to foot the terms and conditions upon which any such producer shall
bill.
Losses in running expenses and losses in buy- be entitle to the benefits of such guaranty. The guaring or selling foodstuffs, or any of the other things anteed prices for the several standard grades of wheat for
inflated
war
ing
prices,
authorized to deal in, will inevitably
have to be met out of taxes. No one would think of
continuing to pile up debt, when the war shall
have been definitely terminated, whatever the runthe President
is
ing cost of these undertakings.
The Government is entering upon ventures, neither
the outcome of which nor their ultimate cost anyone
Take the matter
in his senses would care to predict.
as authorized
alone,
of the purchase of foodstuffs
under the Food Control Act which became a law
last week.
The President has the present week
appointed Herbert C. Hoover Food Administrator,
and he has acted without delay. With an easy
confidence which shows that he thinks he is capable
of dealing with any situation Mr. Hoover has announced that he is wHUng and prepared to purchase
the entire wheat crop of the country, and through
the requirement of hcenses he has extended his
control over elevators, warehouses, flour mills, etc.,
With everyone co-operating in a self-sacrificing
etc.
spirit to make the venture a success he wUl doubtless
the crop of 1918 shall be based upon No. 1 Northern spring
or its equivalent at not less than $2 per bushel at the principal interior primary markets.
This guaranty shall
not be dependent upon the action of the President
under the first part of this section, but is hereby made absolute and shall be binding imtil May 1 1919.
When the
President finds that the importation i nto the United States
of any wheat produced outside of the United States materially
enhances or is hkely materially to enhance the Uabilites of the
United States under guaranties of prices therefor made pursuant to this section, and ascertains what rate of duty, added to
the then existing rate of duty on wheat and to the value of
wheat at the time of importation, would be sufficient to bring
the price thereof at which imported up to the price fixed therefor pursuant to the foregoing provisions of this section he
shall proclaim such facts, and thereafter there shall be levied,
collected, and paid upon wheat when imported, in addition
to the then existing rate of duty, the rate of duty so ascertained, but in no case shall any such rate of dutj' be fixed
at an amount which will effect a reduction of the rate of
duty upon wheat under any then existing tariff law of the
United States. For the purpose of making any guaranteed
price effective under this section, or whenever he deems it
essential in order to protect the
Government
States against material enhancement of
of the
United
its liabilities
arising
out of any guaranty under this section, the President is
authorized also, in his discretion, to purchase any wheat
for which a guaranteed price shall be fixed under this section,
down.
no
one and to hold, transport, or store it, or to seU, dispose of, and
which
But what are the larger possibiUties,
deliver the same to any citizen of the United States or to
now gives even a passing thought?
any Government engaged in war with any country with
Nearly all the dictatorship measures which have which the Government of the United States is or may be
passed upon the statute books conveying unlimited at war or to use the same as supplies for any department or
agency of the Government of the United States.
authority upon the President, contain provisos for
be able to carry
it
through along the
lines laid
future action which no one now gives serious consideration, but which are potent with possibUities of
great
evil.
Take
this
matter of wheat purchase
It will be observed that at one point the law provides that the producer of wheat "shall receive for
any wheat produced
in rehance
upon
its
guarantee
Aug. 18
THE CHRONICLE
1917.]
633
within the period, not exceeding eighteen months,
prescribed in the notice, a price not less than the
than for the period in 1916, but is 152,423 fine
ounces greater than in 1915 and 35,016 fine ounces
guaranteed price therefor, as fixed pursuant to this
This would allow the guaranteed price to
remain in operation for an indefinite period, and if
made, say in June of next year, would extend the
in excess of 1913.
less
section."
The Cotton Control Plan which had been under
upon Aug. 10
At by the British Board of Trade and the employers
consideration and was finally agreed
operation of the provision up to Jan. 1 1920.
another point where a minimum of $2 a bushel is
guaranteed, it is provided that the guarantee shall
not be dependent upon the action of the President,
and operatives in the cotton manufacturing industry of Great Britain will go into effect Monday
Sept. 3, but as conditions now are, and are expected
"but is hereby made absolute, and shall be binding to continue to be, somewhat better than had been
expected, it is thought quite possible it will not reuntil May 1 1919."
Thus, Congress has bound the United States to main in operation for a very extended period. In
pay $2 a bushel as a minimum for the 1918 crop and other words the state of things as regards supply
possibly for the 1919 crop also, at the discretion of of the raw material is not as bad as it had been supthe President. Suppose now the war is terminated, posed it would be, and in consequence the belief is
and suppose in the meantime the production of that resort to the comparatively drastic provisions
wheat has been stimulated as desired, that being the of the scheme will be practically confined to a peThe plan comprehends the
Suppose also, all the ele- riod of three months.
object of the guarantee.
ments prove propitious. The United States has in stoppage of some 40% of spindles and looms workthe past, in good crop years, raised as much as a ing on Egyptian cotton and 30% of those employed
bilHon bushels in a single year. With the acreage on the American staple and orders to that effect
very much larger now it might easily happen that have been issued. This will apply to the working
the product would reach 1,200,000,000 bushels or of the mills for the initial month; after Oct. 1, the
even 1,500,000,000 bushels. With peace restored percentage of spindles stopped will be 40% in each
the Russian accumulations would doubtless be re- case. It is provided, however, that companies
leased and all the war-stricken countries of South- desiring to run equipments in excess of the perceneastern Europe would be producing wheat on an tage noted may be licensed to do so and pay gradunheard of scale. The result altogether would be to uated fees for the privilege. The funds accruing
cause a great slump in the price of the cereal. Instead in this way, it is reported, will be devoted primarily
of selling at $2 a bushel it might command only 75c. to preventing losses operatives may suffer- as a
a bushel, and the Government would then be called result of their having withdrawn demands for inupon to stand a loss of $1 or more a bushel for the creased wages, but will also be available for any
whole of one crop and possibly for another. All this other purposes that the Board may deem proper.
may
be avoided in the end, but there
that
it
called
may
upon
not,
is
a possibility
will be
and that the Government
to stand a loss of one billion to
billion dollars.
There was really no need at
in the present instance.
all for
The high
any guarantee conditions noted
prices
now
pre-
minimum price, and quite a totally different
thing for the United States, which even in years of
poor crop yield, raises enough for domestic needs,
a
it
upon a venture
The case is
of that kind, with all that
many
ways there
involves.
that in
indirect
Fall River cotton mills dividend record for
two the third quarter of 1917 reflects in no uncertain
manner a continuation of the very satisfactory
vaihng for wheat ought to act as a sufficient stimuThe guarantee grows
lus to increase production.
out of the general disposition to copy methods in
vogue abroad. But it is one thing for Great Britain,
a country that even in the best of times falls short
enormously in meeting home requirements, to fix
to enter
The
cited here simply to
is
show
almost
a
may have to be
continued for a considerable while, keeping taxes
correspondingly high.
certainty that heavy extra outlays
in recent preceding quarters in the
country's leading centre of the cotton-manufacturIn fact, with the aggregate amount
ing industry.
slated to be distributed
among
the stockholders in
the corporations running nearly 50% ahead of the
total paid out during the like period a year ago,
after the payments at that time had summed up
close to double those of 1915 the matter passes from
the fact that the result is favorable to the more im-
portant one that it establishes a new high record
in quarterly returns to Fall River shareholders.
The showing, while in some measure due to the
payment of extra dividends out of accumulated
profits, is most largely ascribable to increases in the
rates of distribution, which the profitable business
of past months has fully warranted, and this notwithstanding the phenomenal advance in the value
of the
raw material.
Transvaal gold mining operations in July were
In all the stockholders in the establishments will
upon a smaller scale than in any earlier month of the receive for the third quarter of 1917 an aggregate
current calendar year.
The per diem output not of $1,176,375, or an average of 3.65% on the capital
only showed a falling off from previous periods of invested, as against $798,425, or 2.63% in the
1917 but was also the smallest of any month since like period a year ago, only $268,542, or 0.89% in
March 1915, reflecting the effect of the adverse con- 1915 and $291,167, or 0.99% in 1914. Nor does
ditions
high cost of mining supplies, &c. to which this large total represent the full return to sharewe referred a month ago. The latest month's pro- holders in this latest quarter. On the contrary, in
duction is cabled as 757,890 fine ounces, or a daily addition to large cash dividends several mills have
average of 24,445 fine ounces, this comparing with made distribution of new stock the Bourne 20%,
761,087 fine ounces and 24,548 fine ounces in 1916 the Granite and Merchants each 25% and the
and 770,355 fineounces and 24,848 fineounces in 1915. Davis 50%.
The seven months' yield in 1917, moreover, stands
For the nine months of the current calendar year
at only 5,330,826 fine ounces, or 62,128 fine ounces the aggregate distribution of $2,997,475 and the
—
—
—
THE
634
C11R(3NICLE
average of 9.G2% are not only of very gratifying
proportions, contrasting as they do with $1,550,517,
or 5.11% in 1916, and $785,342, or 2.64% in 1915,
but are actually by an appreciable amount a highwater mark. As our record goes, the greatest return for any preceding nine months was 7.27%, in
The low mark was 1.33% in 1898.
1910.
The building operations compilation
for the United
States for July 1917 furnishes added evidence of the
deterrent influence in this important industry of
the high cost of material and labor, and the comparative scarcity of the latter due to the drain of experienced hands from construction work to lines of employment that at the present make a much more
(Vol. ins
have segregated the returns, except the Pacific Coast
section, records a decrease from a year ago for the
seven-months' period, with the loss most pronounced
in the Middle West and Far West.
Returns from the Dominion of Canada give but
cause for comment, as construction work there
remains in the comparatively inactive state noted
month by month since the breaking out of the Euro-
little
Twenty-eight cities in the Eastern
Provinces furnish for July this year a total of intended
pean
war.
outlay of $4,108,054, against $2,773,787 last year,
and for 18 Western cities the contrast is between
$450,697 and $497,765. The aggregate of all (43
cities) is, consequently, $4,558,751, against $3,271,552 in 1916, but the 1914 total was close to 12 millucrative return.
It is close upon a decade since the lions.
For the seven months the contemplated outpermits issued in July called for so small an estimated lay shows only a moderate gain over a year ago, and
outlay as in the month of the current year. The a conspicuously large drop from 1914. In the East,
falling off from last year, while conspicuously great, a total of $18,012,447 contrasts with $15,478,118 and
is in no small part ascribable to the phenomenally
42 millions, and in the West $3,572,875 with $3,399,heavy amount at that time arranged to be expended 446 and 25 millions. For the period since Jan. 1,
under contracts filed for construction work in the therefore, the 43 cities have arranged to expend for
Borough of Manhattan, Greater New York an construction work $21,585,322, against $18,877,564
amount over twenty-five times that of the month this a year ago and about 67 millions in 1914.
year— $49,205,220 comparing with $1,894,095. The
explanation for the enormous total last year is found
Hopes that peace conferences may take practical
in the action of the Board of Estimate of the city in form in the not distant future have been raised by
adopting a building regulation plan that became ef- the presentation to the representatives of all belligerfective July 25 1916.
That plan (familiarly known ent Governments at Rome of a note by Pope Beneas the Zoning Law) placed restrictions upon the dict.
It would not be fair to say that the note has
height of structures, and to escape these many build- been accorded a cordial reception by the Entente
ers of intended skyscrapers hurriedly filed their plans Powers, including our own Government.
The inprior to the date mentioned.
That some of the pro- terpretation is that the terms suggested are German
jects have not been carried out, and may never be, terms and that, while a significant initial move, they
it is hardly necessary to say.
The estimated cost do not yet afford a working basis. Most people do
covered by the permits issued in July in the whole of not doubt that the note is in fact representative of
the Greater New York is only $5,514,753, against the desire of the Central Powers for peace.
There
$54,478,435.
also is encouragement for the belief that the Papal
Outside of this city the work arranged for under peace message has in some important measure
the contracts entered into involves an approximate been inspired by Austria, which is one of the most
outlay of $55,289,573, or lOj/^ millions less than in exclusivel)'' Catholic countries to-day, and which
1916, and shows a decline of 3}4 millions from 1915. admittedly is tired of the war and more anxious for
Notable losses are recorded at some of the larger peace than its German ally, the future of whose
cities, such as Chicago, Cleveland, Boston, Washing- military caste so clearly is at stake.
But there has
ton, Milwaukee, Minneapolis, Baltimore, Indianap- in the past been no reason to doubt Austria's loyalty
olis, Rochester, Jersey City, Seattle, Atlanta, Toledo,
to Germany, and we may feel assured that if Austria
Des Moines and Worcester, while in several instances is really the inspiration of the Papal note that it
smaller municipalities exhibit even more radical per- represents, too, the position of the Fatherland.
centages of decrease. On the other hand, however, Additional confirmation of this view is obtained by
increases worthy of mention appear in the returns a careful reading of the note itself, the text of which
from Philadelphia, Pittsburgh and Buffalo, in the appears on a subsequent page of this issue of the
East; New Orleans and Jacksonville, at the South, "Chronicle."
The Pope suggests that there be no
and St. Louis, St. Paul, San Francisco, Akron, Fort indemnity, that there be a reciprocal restitution of
Wayne, Peoria, Youngstown and Wichita, in the territory now occupied, but confines this suggestion
West. Including New York, the aggregate for 171 "to the total evacuation of Belgium with guarantees
cities is $60,804,326 this comparing with $120,740,-, of its entire political, military and economic inde266 in July 1916 and 73 million dollars in 1915. For pendence toward any Power whatever; evacuation
the seven months of 1917, the projected expenditure of French territory; on the part of the other belligerat the identical 171 ci,ties, as would readily be in- ents a similar restitution of the German colonies."
ferred from recent development in the building in- Serbia and Rumania do not, it is to be observed,
dustry, is very much below the record total of last come specifically under that designation. These are
As we compile the covered more generally in the following paragraph:
year, and also falls behind 1914.
result, the total is only $495,418,999, against $640,"As regards territorial questions, as for instance,
994,550 for the period of 1916 and about 480 millions
those that are disputed by Italy and Austria, by
Greater New York's operations at 72 milin 1915.
Germany and France, there is reason to hope that,
lion dollars, compare with 1683^ millions and 107%
in consideration of the immense advantages of duramillions, respectively, in the two previous years, and ble
peace with disarmament, the contending parties
for the outside cities the aggregate at 423 1-3 mil- will examine them in a conciliatory spirit, taking
—
lion dollars
well
is
some 493^ millions under 1916, though
Each group of cities into which we
above 1915.
into account, as far as is just and possible, as we have
said formerly, the aspirations of the population,
AUG. 18
THE CHfiONICLE
1917.)
and, if occasion arises, adjusting private interests
to the general good of the great human society."
Meanwhile, other suggestions in the note include
provision for the "freedom of the seas," which is a
Durfeature quite difficult to readily appreciate.
ing the war the Entente navies have, it is true, driven
enemy shipping from the seven seas. But before the
war started there does not appear to have been cause
for complaint from any country as to its right to
traverse the seas without let or hindrance in any
"Freedom of the seas" is one of
part of the world.
the German catch phrases, and the desire for an
avoidance of a retaliatory economic struggle after
the war also apparently reflects German thought.
The
action of our
own market
for securities af-
fords no satisfying indication of a practical nature of
the view entertained in financial circles of the real
When the
been prenote
had
first indefinite report that the
pared was received, early in the week, there was some
evidence of stock market liquidation, but later the
importance of this latest peace move.
Peace under current conditions has a different significance as a market facFor intor than under those of a few months ago.
now
our
allies
were
what
have
become
stance, when
purchasing war materials from our manufacturers
market became
irregular.
The
635
British Premier,
David Lloyd George,
in
an
Commons on Thursday,
address
the House of
spoke with renewed cheerfulness of the outlook for
winning the war, although by no means minimizing
the difficult work yet ahead. He agreed that people
of the country were all the better for being told even
unpalatable truths, but urged that they must be told
the truth even if palatable since they could not exercise reasonable judgment or come to decisions regarding facts unless both the cheery and discouraging sides were presented to them. He spoke particularly of the food situation as affected by the submarine menace, because special efforts were being
made, he said, to create an impression not justified in
the least by the facts. Earlier in the year he had called
attention to the very anxious conditions of the food
supply. Since then, owing largely to the energetic
efforts of Baron Devonport, the former Food Comptroller, and the organization finally worked out by
the Shipping Comptroller, the situation had improved
considerably.
The Premier went into details as to
food supplies, showing that while wheat in the country one year ago had amounted to only 6,480,000
quarters (8 bushels to the quarter), to-day it is
8,500,000 quarters. The stock of oats and barley
also was higher.
There had been a considerable
saving in bread consumption. With closer milling
and food economy there had been an addition to the
wheat stock of 70,000 quarters per week. There
had, too, been an increase in the sugar reserves.
Wheat under cultivation indicated an increase of
1,000,000 acres. It was too early to give an indication of this year's harvest because everything
depended on the next two or three weeks. If the
harvest was good as it promised to be and the
weather not particularly capricious, the condition
supplies, taking
of the country regarding food
everything into account, would be very satisin
unlimited quantities at spectacularly profitable
prices, anything suggesting the early ending of the
war meant the culmination of these profits; hence
was an adverse influence on the price level of securiWhen it became obvious that our own parties.
ticipation in the conflict was approaching, increased
activity in our industrial energy was expected to be
coupled 'with a continuance of the large profits.
But events at Washington soon punctured this bubble,
which was founded upon the hypothesis that prosperity could emanate permanently from the destruction of our own wealth, not only in the form of the factory.
The Premier then analyzed the net results to date
flower of our manhood, but in the less valuable forms
Intense activity in industrial of the campaign of submarine "frightfulness" which
of our possessions.
By April, he said, Engcircles cannot mean the same large profits when we had begun in February.
consider that the Administration has started on land had lost 560,000 tons of shipping in one month.
such a broad scale to curb them. To-day our The German official figures, he added, claimed
manufacturers are in the dark as to the prices they that England was losing between 450,000 and 500,are to receive when, after the utmost possible activ- 000 tons monthly after allowing for new construcity, they deliver supplies to the Government.
Fur- tion. The figure of 560,000 tons for April was
thermore, if the President's plan is to be adopted, gross. In June the losses had fallen to 320,000
they will be in the dark as to prices they are finally tons gross and if the improvement were maintained
to receive when they deliver supplies to our associates those for July and August would be 175,000 tons
He believed the shipping losses would grow
in the war, or, for that matter, to the public.
It is each.
Mr. Wilson's idea that manufacturers shall name one smaller and was sure construction would increase
If the United States
price, and that that price shall be "a just one."
The if more ships were still needed
and
he had no doubt
full
capacity
her
puts
forward
"justness" of the price is to be determined by investigation by a commission as to costs, to which a profit she was preparing to do so in her own thorough way,
The experiences of the railroads with there would be sufficient tonnage not only for the
is to be added.
commission control of their product transportation whole of 1918 but if necessary for 1919. The Predoes not contain promise of highly satisfying re- mier said he would not exchange the military situasults.
Peace would of course mean a cutting down tion with the enemy, adding "our difficulties will
The enemy's
of expenditures, and at the same time a curtailment diminish and our powers will increase.
of Government bond offerings and a prompt reaction difficulties will increase and their power diminish."
The official report by the British Admiralty of the
from industrial activity. But if the industrial activity is not profitable, there is less reason to regard a losses of British shipping for last week seemed to bear
reaction as an adverse influence in the general mar- out the Premier's optimistic views, only 14 vessels of
ket for securities. Thus it can readily be seen that 1,600 tons and over having been sent to the bottom,
any movement towards peace at the moment is the as against 21 the week preceding. Two vessels of
subject of so many cross currents that it is difficult less than 1,600 tons were sunk during the week,
to recognize its real bearing on the price level of se- which is the same number as the preceding week.
Three fishing boats met disaster.
curities.
in
—
—
.
—
—
THE CHRONICLE
636
Military
operations
on
the
Western
front
are
showing evidence of a new drive that promises to be
The French and the English jointly
sustained.
have struck a decisive blow in Flanders. The village
of Langemarck and other important regions were
taken on Thursday. Advices from Berlin claim that
Langemarck has been retaken. This latest blow in
the Ypres area was on a front of nine miles, and only
on the extreme right were the Allied forces unaljlc to
make progress. While Lens has not yet been actually
taken, it has been surrounded on three sides, and its
capture seems only a matter of time. The Canadians
on Wednesday took the celebrated Hill No. 70,
dominating the city from the north and occupied
parts of the city itself, engaging the Germans in
I
Vol. 105
crushed would England interfere. There appears to
have been considerable importance attached to the
claim that King George had given any assurances at
Friends of the latter are confident that it will
all.
be proven he did not depart from his usual conservatism when conferring with Prince Henry. A semiofficial announcement in the German press declares
official communique will be issued shortly
regarding ex-Ambassador Gerard's use of tlie Kaiser's
One explanation of German origin is
telegram.
that an
that "possibly during the conversation the Emperor
wrote a memorandum for the Ambassador so that he
might not announce anything to Washington that
In that case it would be a
would be incorrect.
matter of record, destined to assist Mr, Gerard's
desperate fighting at close quarters. The Germans memory, but it would not be a communication from
This, of course,
tried desperately to check the advance, but five the Kaiser to President Wilson."
counter attacks were in vain. Meanwhile the British is splitting hairs, as there is no attempt to deny that
moved forward north of the Ypres-Menin road. the Emperor did, as a matter of fact, write out with
On the left the French occupied the ground between his own hand the communication that immediately
the Ypres Canal and the Martjeveert, and then was cabled to President Wilson by Ambassador
drove the Germans from the important bridgehead Gerard.
of Dreigrachten.
Unfortunately
little
The London
has been heard from the East-
which is clearly suggestive of
recessions on the part of the Russians.
On the
Sereth River in southwestern Moldavia the Rumanians and Russians have been driven across the river
by the Austro-Germans. Northwest of Fokshani
the Rumanians and Russians have made numerous
attacks in efforts to capture Stracani and Pantziu.
In the Trotus Valley, western Moldavia, the AustroGermans' advance apparently continues. Berlin
says that the forces of Field Marshall von Mackensen
have captured more than 3,500 prisoners, 16 guns and
over 50 machine guns in the regions fighting.
ern front,
China, the seventeenth nation to array itself
against the Central Powers, declared war against
Germany and Austria-Hungary
markets as a rule
have
further been cheerful according to cable correspondents; but
as from ten o'clock
morning of Tuesday last. Official notice to
was received at the Chinese Legation at
Washington in cable dispatches from Peking. The
decision to declare war was reached as far back as
Aug. 2, the Chinese Cabinet having given formal
approval on that date, the action having in turn
been endorsed by Feng Kwo-chang, the acting Presi-
financial
apparently is passing in the way of acon the Stock Exchange. The 4)^% war
loan continues in good demand, which is interpreted
very
little
tivity
as ref lee Ling the probability of a
new war
issue in
the near future, since this particular loan has conversion rights and can be utilized as cash at par for
purposes of subscription to any fresh domestic
There
loan other than short dated bills or bonds.
were no surprises in dividends on the home railways,
the shares of which continue in neglect.
Russian
securities have exhibited no increase in strength
despite the slightly more favorable accounts from
Petrograd. Munition shares and rubber and oil
securities have been steady, but shipping shares
have been under more or less pressure, while Marconi
.
have recently shown signs
in the
securities
this effect
as a result of the discontinuance of the transatlantic
dent of the Republic. The seventeen countries now
in the war on the side of the Entente include Great
Britain, France, Russia, the United States, Belgium,
Italy, Japan, Rumania, Serbia, Montenegro, Greece,
Cuba, Portugal, San Marino, Siam, Liberia, and
finally China.
There appears to be some indefiniteness as to the date of the formal entrance of
Greece into the struggle, but the Hellenic Kingdom
is now classified as a belligerent.
of liquidation
Subsequently, they rallied on the news
that compensation will be granted b}^ the British
Government and also that the American Government will pay for the use of the American Marconi
stations on our side of the Atlantic.
Silver on the
London market has touched 44, again a high record.
Further advances are expected unless China sells.
The peace proposals of the Pope may hardly be said
service.
have exerted any influence at all on London
prices owing to the prevailing belief that they were
of German origin and that it is not yet time to treat
to
such proposals seriously.
As to the approaching new war loan the British
Chancellor has intimated that it will not be issued
until October at the earliest.
A select committee
The official text of the note from the Kaiser to has been appointed to inquire into the question of
President Wilson, dated Aug. 14 1914, has been made premium bonds. There has for more than two
public by the State Department.
It appears else- years been a feeling in financial London that an
where in this issue. The letter, or as the German au- issue of this character would prove a distinct sucthorities speak of it, the "memorandum," specifically cess and there has been strong pressure exercised
states that Prince Henry was received by his Majesty to give the question a practical side.
It is argued
transmit
that
King George, who "empowered him to
to me
the premium or lottery feature would permit
verbally that England would remain neutral if war the marketing of a large issue at a very cheap rate
broke out on the Continent involving Germanj^ and to the Government. Last week's Government
France, Austria and Russia." The letter also de- expenditures amounted to £49,007,000. The total
clared that the German Ambassador in London trans- outflow was £83,723,000 which, however, includes
mitted a message from Sir Edward Grey in Berlin, £26,716,000 in Treasury bUls repaid. The preceding
saying that only in case France was likely to be week's expenditures amounted to £58,183,000. The
Aug.
THE CHRONICLE
18 1917.]
revenue for last week aggregated £9,593,000 and the
total inflow from all sources was £84,185,000 which
includes £46,441,000 in Treasury bills and £2,983,000 in other debts besides £14,089,000 in exchequer
bonds sold and £10,500,000 in temporary advances
from the Bank of England. The Treasury balance
at the close of the week was £22,949,000, an increase
from the preceding week of £403,000. Treasury
bills now outstanding aggregate £777,531,000, or
an increase of about £1,900,000 for the week.
Possibilities of a general election appear, too, to
have been responsible for some part of the general
dulness, though at the close of the week these reports
were less definite. Mexican securities rose smartly
on intimations of a proposed American loan to the
south
republic
quarters
of
Inquiry
us.
fails to disclose
any
in
representative
637
Germany a general reduction in the amount of electricity made in the Empire has been decided upon.
The reduction chiefly concerns lighting but industries
generally will only be able to obtain,
40 to
60%
of their
it
is
said,
normal requirements.
European centres continue to be quoted at 5% in London, Paris, Berlin,
Vienna and Copenhagen; 53^% in Italy, Portugal and
Norway; 6% in Petrograd and 43^% in Switzerland,
Holland and Spain. In London the private bank
rate has remained at 4^% for sixty and 4 13-16%
for ninety-day bills.
No reports have been received
by cable of open market rates at other European
centres, so far as we have been able to ascertain.
Money on call in London declined to 3%% from 4%
a week ago.
Official
rates at leading
real basis for the reports
The London
was
The Bank
England
weekly statement
freely decorated with flags on Wednesday in honor announced a further increase in its gold item of
The £241,673. Note circulation declined £322,000; hence
of the visit of the American troops in London.
line of march, however, did not include either Thread- the total reserve registered an expansion of £503,000,
of such a loan.
financial district
of
in
its
while the proportion of reserve to liabilities was
advanced to 18.58%, compared with 17.69% a week
ago and 27.10% last year. Public deposits this week
needle Street or Cornhill.
keeping up with recent totals, the
monthly statement of the Board of Trade for July showed the substantial reduction of £1,956,000,
showing increases of £23,449,987 in imports and of while other deposits decreased £3,465,000 and
£3,510,578 in exports. The excess of imports was Government securities declined £17,000. Loans
£40,348,795, as against £30,409,386 in July 1916^ (other securities) registered a large contraction,
The official figures for the month of July and for namely, £5,972,000. The Bank's gold holdings now
the seven months of the calendar year comparing stand at £53,635,921, comparing with £57,413,771
with the figures of a year ago follow:
in 1916 and £67,125,702 the year before.
Reserves
1-July-Since January
aggregate £32,041,000, against £40,157,976 last year
1917.
1916.
1917.
1916.
and £53,617,867 in 1915. Loans total £101,975,000.
Imports
£90,182,430 £76,732,443 £591,084,041 £551,556,246
Exports
49,833,635 46,323,057 300,982,079 288,130,938
This compares with £83,811,349 in 1916 and £146,Excess of imports. .£40,348, 795 £30.409,386 £290,101,962 £263,425,308
183,559 the preceding year. Threadneedle Street
lu Paris there has been very little passing in the reports as of Aug. 11 the amount of currency notes
financial markets, the Bourse, in fact, having closed outstanding as £156,613,337, comparing with £153,on Friday of last week for the midsummer vacation 141,536 a week ago. The amount of gold held for
and not having reopened ^until Thursday. A re- the redemption of such notes remains at £28,500,000.
ported American decision to adopt French standard Our special correspondent is no longer able to give
war material caused certain advances in war stocks in details by cable of the gold movement into and out
Paris.
The French Minister of Finance has issued of the Bank for the Bank week, inasmuch as the
circular
to all bankers in Paris and other large cities, Bank has discontinued such reports.
a
We append a
requesting a closer supervision of exchange operations tabular statement of comparisons:
British trade
is
and inviting co-operation
for eliminating speculative
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
The Minister called attention to the fact
that the war is not being conducted exclusively along
1917.
dealings.
financial
and economic
lines,
and urged the subordi-
nation of all financial operations to national interests.
All speculation in foreign money or values was, he
said, contrary to the interests of France, if not accompanied by genuine early payments. He declared that the banks must abstain from such oper-
and must warn their clients against them.
Likewise, it was contrary to the interests of France
Aug.
£
Circulation
Public deposits
Other deposits
Government
15.
40,044,000
45,509,000
126,958,000
securs- -56,541,000
Other securities
101,975,000
Reservenotes& coin 32,041,000
Coin and Ijullion... 53,635,921
1916.
Aug.
£
16.
1915.
Aug.
£
18.
1914.
Aug.
£
19.
35,705,795 31,957,835 37,186,495
54,221,928 102,064,486 13,674,470
93,862,127 124,635,900 108,094,287
42,188,270 45,615,369 26,041,152
83,811,349 146,183,559 94,726,086
40,157,976 53.017,867 19,223,364
57,413,771 67,125,702 37,959,849
1913.
Aug. 20.
£
29,343,910
10,342,150
42,214,309
12,453,405
27,813,574
21,403,901
42,297,811
Proportion of reserve
to liabilities
Bank
rate
..
18.58%
27.10%
23.59%
15.80%
58.62%
5%
6%
5%
5%
4J.^%
ations
to export capital except for the purpose of paying
for imports of
merchandise and for
civil
and commer-
debts under lawful conditions or in payment of
the existing needs of people living outside of France,
but having property in France.
cial
Indications of a new crisis in German exchange on
neutral centres are accumulating. Advices cabled
by way
Amsterdam declared that several million
eggs destined for Germany have been held up by the
Dutch authorities on the German frontier, the Germans having promised to pay in gold, but at the last
moment offering paper money, which the Dutch
refused to accept.
Owing to the coal shortage in
of
The Bank
of
France
this
week reports a decrease
200,375 francs. This leaves
the total gold holdings (including 2,037,108,500 francs
held abroad) at 5,305,002,475 francs, comparing with
4,802,140,943 francs (of which 371,965,271 francs
were held abroad) in the corresponding week a year
ago and 4,392,361,472 francs (all in vault) in 1915.
The silver item was reduced 341,000 francs. Note
Bills discirculation expanded 24,201,000 francs.
counted declined 4,431,000 francs, while Treasury
For some undeposits increased 40,509,000 francs.
and general
figures
of
advances
reason
the
explained
Note circudeposits are not reported this week.
A year ago
lation now totals 20,458,825,000 francs.
in
francs
and
1915 12,totaled
16,316,420,975
it
in its gold holdings of
THE CHBONICLE
638
899,300,950 francs. J5_j:lie_week_end[ngjjkdj;^_30
1914 the amount held was 6,683,175,000 franc s, that
being the last statement iss ued b y t he B ank after tlie
[Y«L. It6.
4%
on the
the question of an increase in the rate to
next issue of bonds is being considered seriously by
the Administration.
On
the other hand,
it is also unwhether
as
compensation
for a
commencement
parisons of the various items with the statement of higher rate of interest it would not be desirable to
last week and the correspondingldates in 1916 and omit the tax-exempt feature. We referred to this subject at some length in our remarks on the money posi1915"~are as follows:
tion last week. Obviously, if the bonds to be issued
IT"^"" BANK OF FRANCE'S. COMPAUATIVE STATEMENT^
De c.
of hostilities until
"
'
f^l j^
\\
,,
—
Chanoes
for
——
Stains aslof
''.
Aug. 10
Week
24th.
1917.'.
Avo. 17
-
Com-
der
l6'l915"
that is to say,
are designed for popular subscription
among interests which are not in a large way subject
>
ma '" Avu
.
'
'
.
Dec.
5,305,002,475. ,4,802,140,943 4,392,301.472
200,390,000
338,491.378
307,914,129
011,258,000
440,120,310
279,904,875
1,120,401,000 .1,183,308,941 ^ 589,099,103
Advances
Note circulation.. Inc. 24,201,000 20,458,825,000 10,310.420,975 12,899.300,9.50
80,459,000
141,800,739
11 1,302, .588
Treasury deposits.. Inc. 40,509,000
2..')80,.530.000
2,129.718,223 2, 402 „57 1,300
General deposits..
200,375
341,000
Dec.3
Bills discounted.. Dec.; [4,431,000
Total
Silver
—
'-
'' -'Francs.
Francs.
'•'Francs.
Francs.
Gold Holdings
200,375_3,'207.893,975 _4,430,175.C72 ^_4,302.301,472
.._Dcc.''
In France.
"
No'change.
2,037,108,500 ~371,«65,271
Abroad
''
con.sideration
J.
to the supertaxes
attractive as a
4%
on incomes
— they
issue subject to
will
be more
income taxation
than a Z}/2% issue entirely exempt from taxation
except the tax on inheritances, &c. Meanwhile, an
interesting position will be created with reference to
If it should be dethe bonds distributed in June.
cided that no future issues of tax-exempt securities
be made, there necessarily will be created a demand
Last Saturday's bank statement of New York
Clearing House members, which.' will be found in among the wealthier classes for these securities that
more complete form on a later page' of this issue, already are in circulation. Thus will there be in the
showed heavy losses in reserves, due for the most first place an investment demand for these older
part to payments in connection with the $300,000,- securities by the wealthier classes and at the same
000 Treasury certificates of indebtedness and the time (unless the price should rise materially) there
$100,000,000 loan to the Dominion of Canada. will be a disposition by the smaller investors to take
The loan item registered the large increase of $115.- advantage of the right to convert the 33^%s into
568,000, while surplus reserves were reduced $96,- the new 4%s or 43/2%s, as the case may be.
Of one
Net demand deposits
700,510.
decline
$49,660,- thing there is no question: the Government is to
(Government remain a borrower right along during the continuance
deposits of $204,938,000 deducted).
Net time of the war. Western money rates are firm and
deposits, however, gained $383,000.
Cash in own bankers at Chicago and elsewhere express the belief
vaults (members of the Federal Reserve Bank) that the low level of the year has passed and that with
now stand
000, and
decreased
at $3,551,157,000
$242,000, to $92,390,000 (not counted
Reserves in Federal Reserve Bank
the increasing crop requirements and the constant
reserve).
as
demand by the Treasury in the form of sales of shortmember banks were reduced $87,985,000, to term certificates there will be a demand fully up to
$374,888,000. Reserves in own vaults (State banks the offerings. Similar conditions are reported from
of
and
companies)
decreased $11,062,000, to the Northwest as well as from the Southwest. Loans
and reserves in other depositories of $40,000,000 to Italy and $5,900,000 to Belgium
(State banks and trust companies) showed a con- were made by the Government on Thursday, bringing
traction_of_ $5,202,000', to"^ $61,933,000r 'Cifcula- the total thus far advanced the Allies up to $1,916,tion_^ was^ncreased $150,000.
Aggregate reserves 400,000, which is virtually the full amount of the
trust
$129,617,000,
this^^weekj-egistered the large decline of $104,249,-
000 ,__wH% br(mghtlthe k)tal licwn^
(not counting $92 ,390 ,Q00_cash_ in vault of member
bank s of Reserve system)_,_as against $645,603,600
at t his date in 1916.
As mentioned above, the loss
in surplus was] $96,700,510, there having been a
reduction in reserve requirements of $7,548,490,
$2,000,000,000 Liberty bond offering of June.
Referring to money rates in detail, loans on call
covered a range of
against 2(^4% last
week. Monday 33^% was the high and ruling quo-
2%@3K%,
tation,
On Tuesday
and 334% low.
the
maximum
was still 33^%, although the low receded to 2%%
and renewals were at 3%. Wednesday's range
and the total of excess reserves is now $72,035,370, was 2>@,2t}/2% and 3% again the renewal basis.
on the basis of only 13% reserves for the member On Thursday 33^% continued to be the high figure,
banks o f the Federal, Reserve system (but not count- with 3% the basis for renewals; the low, however,
ing^^cash in^ vault held by these banks), and com- went back to
2%%. Friday the range was not
pares with $103,087, MO^a year ago~on the basis changed from 2%@S}/i% and 3% the ruhng rate.
_
of
18%
reserves for the
member
banks.
Fixed maturities continue to rule firm.
Actual quofrom
4@43^%
43^(^43^%
The money situation is displaying some degree of for sixty days; to
from 434@4>^% for ninety
nervo usne ss b ut with no sign of real activity, ^y days; to 43^@43^% from 43/2% for four months,
general consent new financing is not being attempted while five and six months remain at 4,%@b%. Tradexcept in most urgent instances, all interests recog- ing was exceptionally dull, there being a marked
nizing the necessity of deferring to the Government's falling off in the demand, while offerings were
financial needs.
Secretary McAdoo's statement to light. Anticipations of further demands on the
Members of Congress on Tuesday that an addi- market, including payment of the fourth installtations were
marked up
to
4^%
tioimr$9,(W0,000,000 will be asked of jCongress for
the fiscal jear ending June 30 1918 has created a
much more serious view of the money-m arket's future
than _heretof ore has been widelyv'held.': ^Whether
the_underlying conditions are such'i,as, to. "justify i^Jthe
Secretary of the Treasury in appealing to the public
with another 33^% offering, is a question upon which
1
ment
the Liberty Loan, exercised a restraining influence, although no spectacular stiffening in
rates is looked for in the immediate future.
A year
of
ago sixty-day funds were quoted at
days at 3@33^%, four months at
2%@2>%, ninety
3^(^33^%, five
months at 33/^@33.^%, and six months at 3%%.
For mercantile paper only moderate activity has
Washing- been shown. The tone was steady and sixty and
there is considerable difference of opinion.
ton advices from usually reliable sources state that ninety days' endorsed bills receivable and six months'
.
THE CHKONICLE
Altu. 18 1917.]
639
changed from 4 7555@4 75 9-16 for demand, 4 76 7-16
a week ago. Names not so well known still for cable transfers and 4 72@4 7234 for sixty days;
trading was not active. Dulness again featured
require 53^%.
Banks' and bankers' acceptances were firm and dealings on Thursday and demand bills were pegged
Transactions, at 4 7555@4 75 9-16, cable transfers at 4 76 7-16
slight net advances were recorded.
however, continue small in volume, the demand and sixty days at 4 72@4 723^. Friday the market
from banks being light. Detailed quotations were ruled steady and still unchanged. Closing quotations were 4 72@4 723^ for sixty days, 4 7555 for deas follows
DeUvery
Spot Deliverymand^and!4
76 7-16 for cable transfers. Commercial
within
Thirty
Ntnety
Sixty
30 Dnpt.
Days.
Days.
Days.
sight finished at 4 75^, sixty days at 4 71^, ninety
•iVa bid
EUglble bills of member banks
3M@3H 3%@3i^ S'A@3
days at 4 69^, documents for payment (sixty days) at
Zy> bid
Eligible bills of non-member banks
334 @3
3H@3^8 3M®3J^
4>^@4
.SH bid
Ineligible bUls._
4}<@4
4@3H
4 71^ and seven-day grain bills at 4 74 9-16. Cotton
No changes in rates were announced this week by and grain for payment closed at 4 75^.
any of the Federal Reserve banks, as far as our
In the continental exchanges this week the most
knowledge goes. It was reported yesterday, how- noteworthy feature proved to be the renewal of weakever, that the Federal Reserve Bank of Boston had
ness in exchange on Petrograd.
Persistent, though
advanced its buying rate for prime 90 day bankers' unofficial, reports of the illness of Premier Kerensky,
acceptances to S%%. Prevailing rates for various Russia's
"Man of the Hour," exercised a depressing
classses of paper at the different Reserve banks are
influence and rubles fluctuated unevenly, being
shown in the following:
again forced down to 20.70 the low point of a week
DISCOUNT RATES OF FEDERAL RESERVE BA/vKS.
ago.
Trading, however, was exceptionally quiet,
and
in
some circles the opinion was expressed that
4!
S
1
CLASSES
S
the low quotations were not indicative of any particu1
OF
s
1
1
DISCO J NTS AND LOANS
s
lar
'pressure on Russian exchange, but rather a result
s
1
1
1 i
§ Si
1
of a lack of buying power.
Italian lire continued
Uember Banks. Coll. Leant
to 15 days' maturity
3H •3 3l2 3 3H 3H 3 3H 3 3 3H 3H irregular, although slightly above last week's close.
Discounts:
to 15 days' maturity
3H 3 3 3H 3H 3H 3H 3H 4 4 3H SH Very little business is being put through, and the
16 to 30
4
4
4
4
4
4
4
4
4
4H 4 4
31 to 60
quotation is little better than nominal. As to francs,
4
4
1
4
4
4
4
4
4
IH 4 4
61 to 90
4
4
4
4H 4 4H 4H 4 4H 4H 4H 4H
AgricuUuTat and
movements were unimportant. Initial transactions
Lice-Stock Paver—
91 days to 6 months maturity 5
4 Hi S
6
5
S
S
6
6
6y.
4H
5
in the opening days of the week showed a slightly
Trade .icceptances—
1 to 30 days' maturity
4
3H 3H 3H 3H 3^5 3H 3H 3H 4 3H 3W firmer tone, but later fractional declines were again
•
"
3110 60
4
3}i 3H 3
3H 3H 3H 3H 3H 4 3H 3H
61 to 90
4
3H 3H 4 3H 3^^ 3H 3H 4 4 3H 3H recorded.
Reports that the French Government
Commoattv Paper—
to 90 days' maturity
4
3H 4 3H 3H
3H 4 4 3H 3W had caused a suspension of arbitrage transactions
A'otij. — Rate for bankers' acceptances. 2V^% to 4%.
For notes, drafts and bills
in francs failed to arouse more than passing interest,
of exchange Issued or drawn tor the purpose of buying or carrying twnds, notes or
certificates of Indebtedness of the U. S.. and secured thereby, having a maturity
at time of discount of not more than 90 days. 3 >4 %
as it is asserted that this action was unlikely to have
• Rate of 2% to 4% on member Ivinks' I-day collateral notes In conEectlon with
any other effect than possibly to still further restrict
the loan operations of the Government
quotations on Paris. For a long time past, however,
The sterling exchange outlook has not changed in francs have occupied much the same position as
any essential particular. Rates remain virtually sterling, being well under Government control and
as last quoted and there is no tendency to attempt quoted rates largely nominal in character.
Transbusiness, except at the pegged figures.
There is no actions in German and Austrian exchange of necessity
bargaining of any kind evident. Gold importations continue to be suspended and quotations are not
have ceased for the present, but are expected to be obtainable. The sterling check rate on Paris closed
promptly resumed whenever the local money situa- at 27.18, unchanged. In New York sight bills on
tion shows signs of approaching strain.
In fact, the the French centre finished at 5 78^, against 5 783^;
week's exports of the precious metal include cables at 5 77^, against 5 773^; commercial sight
$1,000,000 from New York to Canada, thus reversing at 5 79, against 5 83, and commercial sixty days
the movement that has been in progress during the at 5 85, against 5 85 on Friday of a w^ek ago.
last few months.
This transaction is understood to Reichsmarks, no quotations. Kronen, no quotations.
have been entirely a banking affair and to have no Lire closed at 7 4 13^ for bankers' sight bills and7 403/^
connection with the British Government's gold trans- for cables, as compared with 7 43 and 7 42 last week.
actions that are undertaken to maintain the sterling Rubles finished at 20.80.
The final quotation of a
exchanges. The week's exports of the precious metal week ago was 21.05. Greek exchange has remained
have aggregated $15,745,000, including in addition at 5 04 for sight bills.
to the$l, 000,000 already referred to as a shipment to
Canada, $2,772,000 to Spain, $10,000 to Mexico,
As to the neutral exchanges, some irregular$6,666,000 to Japan, $1,000,000 (gold bars) to Peru ity developed, although trading was quiet and conand $4,297,000 the destination of which was not fined to a considerable extent to professional operamade public.
Swiss exchange reacted rather sharply, chiefly
tions.
As to day-to-day quotations, sterling exchange on on an increase in the supply of offerings, and on
Saturday, compared with Friday of last week, was Tuesday the quotation declined to 4 47, as compared
firm, though without essential change, at 4 7555@ with the previous high level of 4 38.
Later on, much
4 75 9 -16 for demand, 4 76 7-16 for cable transfers of this loss was regained, though the close was under
and 4 72@4 723^ for sixty days. Monday's deal- the best. On the other hand, the Scandinavian exings attained but moderate proportions; the tone was changes were firm and higher, notably rates on Swesteady and demand continued at 4 7555@4 75 9-16, den. Guilders ruled steady and practically uncable transfers at 4 76 7-16 and sixty days at 4 72@ changed, while Spanish pesetas were well maintained.
4 723^. Very little business was recorded on Tues- No specific activity was noted at any of these centres.
day, and rates were still pegged at the previous day's Bankers' sight on Amsterdam finished at 41J^,
levels.
On Wednesday sterling rates were not against 42 1-16; cables at 41 15-16, against 423^^
names
of choice character are
@4^%
4K@5%,
against 4^/^
-
—
'"I
1
1
•'
••
••
'•
••
'•
'•4
1
. ^ _
THE CHRONICLE
640
commercial sight at 413/^, against 41 O-IG, and commercial sixty days at 41^^^, against 41% the previous
week. Swiss exchange closed at 4 43 for bankers'
sight and 4 41 for cables, as compared with 4 39 and
4 38 a week ago. Copenhagen checks finished at
Checks on Sweden closed at
30.00, against 293^.
with 32.25, and checks on
contrasted
as
33.00,
Norway
30^,
against 30.25 the week
pesetas closed at 22.55; this
finished at
Spanish
compares with 22.65 on Friday
preceding.
of last week.
The New York Clearing House banks,
in their opwith interior banking institutions, have
gained $2,054,000 net in cash as a result of the currency movements for the week ending Aug. 17.
Their receipts from the interior have aggregated
$8,148,000, while the shipments have reached $6,Adding the Sub-Treasury and Federal He094,000.
serve operations and the gold exports, which together
occasioned a loss of $73,738,000, the combined result
of the flow of money into and out of the New York
banks for the week appears to have been a loss of
$71,684,000, as follows:
erations
Week ending Aug.
Banks.
Banks' interior movement
Sub-Treas. and Fed. Reserve operations
and gold exports.
_
Total
The
Net Change in
Bank Holdings.
Out of
Banks.
Into
17.
$8,148,000
$6,094,000 Gain
52,054,000
23,814,000
97,552,000 Loss
73,738,000
831,962,000 8103,646,000 Loss 571,684,000
following table indicates the
in the principal
amount
of bullion
European banks:
August 16 1917.
SUcer.
Gold.
Total.
Silrer.
£
£
£
England.. 53.635,921
53 635,921 57 413,771
57 413,771
640
190 746,668
France a.. 1.30.715,7.59 10,400 000 141 115.759 177 207,028 13,539
Germany
120,109.7.50
3,672 ,8.50 123 782,600,123 419,600
1 ,385 5.50 124 805,1.50
7,910 ,000 162 650,000
Russia *.. 129,100,000 12,804 ,000 141 964,0001.54 740,000
Aus-Hun.c 51,578,000 12,140 ,000 63 718,000
578,000 12,140 000 63 718,000
66,448.000 29,996 ,000 96 444,000
8.58.000 30,254 000 74 112,000
Spain ..
3,731 ,000 42 817,000
33,347.000
2,645 .000 35 992.000
086.0001
Italy...
756 200 49 777,200
Netherl "ds 53.920,000
588 .300 54 ,508,300
,021,000|
600 000 15 980,000
Nat.Bel.h 15,380,000
600 ,000 15 .980.000
380.000
13 765,000
937,600
10 ,937,600
Swltz'land 13,765,000
11 ,368,000
9 217,000
Sweden .
11,368.000
,217,000
9 ,186,000
Denmarlc. 10.964,000
,969,000
217,000
1.38,000 11 ,102.000
6 326,000
Norway
7,155,000
7 155,000
,326,000
Tot. weelc. 697 ,.546 ,4.30 72,984.1.50 770.5.30,580 747,152,999 70,533,390 817,686,389
Prev. week 696,934,772 72.953,750 769,888,522 745,795,397 70,806,940 816,002,337
a Gold hoidings of the Bank of France this year are exclusive of £81,484,340
held abroad.
* The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad. On the
latest reported date, the amount so held, £230,800,000.
h Aug.
c July 30 1914 In both years,
We
POPE'S
6 1914 in both years.
APPEAL FOR PEACE.
was willing to see what reception its antagonists
would give to the Pope's limited but concrete propoitself,
First, "a fair agreethe simultaneous and reciprocal
diminution of armament, according to the rules
and guarantees to be established, in a measure
necessary and sufficient for the maintenance of
public order in each State."
Second, that as to
the question of "damages to be repaired" and "war
expenses," there is "no other means of solving the
question than by submitting as a general principle
are these proposals?
ment by
all
for
complete and reciprocal condonation." Third, that
"on the part of Germany there should be the complete evacuation of Belgium, with the guarantee of
her full political, military and economic independence," also "the evacuation of French territory,
form
first
of settlement, originated solely
with the Vati-
can or was inspired, directly or indirectly, from Vienna or Berlin. The raising of this question did not
in the least impute ulterior motives or sympathies
It was, however,
to the head of the Roman church.
on the facts
because
of
high
question
importance,
a
regarding it depended largely the diplomatic significance of the terms suggested.
As published on Wednesday by the London Foreign Office, the text of the Pope's appeal appears on
its
face to dismiss the theory o^ inspiration from
belligerent source.
any
It describes the Vatican's atti-
of the belUgerent parties."
Yet
German
colonies."
this
statement does not wholly preclude the possibility
thai the Pope may have been asked to intervene by
one or more of the belligerents, or that the suggestion of terms as drawn up by him may have been submitted to such belligerents in advance of publication.
That such a theory is at least plausible was
Fourth, that
as regards territorial disputes, such as those affecting
Alsace-Lorraine and the Trentino, the opposing
powers should, "in consideration of the immense
advantages of a durable peace with disarmament
them with a conciliatory
will examine
disposition, taking into consideration the aspirations
Finally, that "the same spirit
of the peoples."
of equity and justice ought to be followed in the
examination of other territorial and political questions," such as those of Armenia, the Balkan States
and Poland. There is some divergence of language
between this London translation of the letter and
the version subsequently given out by our State
Department; notably in the word "condonation"
in the reference to damages of war, which is re.
any placed by the word "conditions"
tude as that of those "who have no particular political aim, who do not listen to suggestions or to the
interests of
of other belligerent parties similar
restitution of the
question which arose in the
mind of every reader of last Tuesday's dispatches,
describing Pope Benedict's appeal to the belligerent
Powers for peace, was the question whether this appeal, with the accompanying suggestions as to the
presume the
attitude of Austria,
demonstration for peace in the German Reichstag;
h)y the pubhc declarations of the Austrian sovereign
and Ministers, that peace was their one concern, and
that they did not care what interpretation the world
placed on their admission of it, and by the recent
hurried exchange of visits by influential statesmen
between Berlin and Vienna.
It was not strange, in view of these well-known circumstances, that American and foreign opinion should
unanimously have drawn the conclusion that the
Vatican's proposals in substance represented the proTo what extent the concurrence
posals of Austria.
of Germany may be assumed was less clear.
Still,
German statesmen have recently emphasized the
the fact that, while they were desirous of peace, the
rejection of Berlin's request of last December for the
opening of negotiations had put Germany in a position where it could not again take the initiative.
In any case, it was fairly safe to assume that the German Government, while not directly committing
and on the part
THE
known
whose (Jovernment is diplomatically closest of all the
European Powers to the Church; by the fact that the
Catholic party in Germany, apparently under Austrian instigation, had already made an organized
What
August 17 1916.
Total.
strongly indicated by the
sals.
Banks of
Gold.
[Vol. 105.
version.
The
general
purport,
in the
Washington
however,
is
not
changed.
The Pope's appeal to the belligerents in behalf
He
of such a settlement is profoundly moving.
voices the feeling of the civilized world regarding
the desperate situation into which that world has
been plunged by what, in his words, "more and
more appears a useless massacre." But as in the
case of all previous suggestions of terms, and undoubtedly of all which are to follow, considerations
^
AUG, 18
THE CHRONICLE
1917.J
641
and of its effect on the face value the pledges made by any Government exsituation in the future are bound to influence judg- isting in Germany, or undertake to continue the war
ment, even on the part of Governments which have until Germany is conquered and helpless. And even
the second of these alternatives would give no asthe strongest individual reasons to end the war,
Lloyd George, in a recent discussion of possible surance (as the history of France in the two past cenof justice in the settlement
terms of peace, stipulated three provisos as the sine
qua non from the standpoint of the Entente Allies.
These were, restitution, reparation and guarantees
In the Pope's proposals, restitution of conquered and occupied territory is clearly
stipulated, but reparation is virtually dismissed as
a consideration. If the language of the note, as
published by the London Foreign Office, is correctly rendered into English, all injuries inflicted on
any conquered territory are apparently to be passed
over by "complete and reciprocal condonation."
for the future.
This, in the
homely phrase, would mean a general
agreement to "let bygones be bygones." It is not
improbable that such a suggestion would be the
main stumbling block in the way of acceptance of
To
the captured
German colonies against the occupied portions of
Rumania, and perhaps even Serbia, would be reason-
the
Pope's
proposals.
set
off
turies has repeatedly proved) that a spirit of concilia-
would thereby be created.
So far as the official sentiment of the Entente
countries has yet been foreshadowed, there has been
no indication of assent to the Vatican's proposals
tion
This is partly because of the obstawhich we have indicated, but largely also because
as they stand.
cles
of
the uncertainty regarding the attitude of Ger-
many and
Austria, from which countries nothing has
yet been allowed to come to the outside world reflecting official opinion.
But notwithstanding this
attitude of the Powers, our own belief is that the
Pope's intervention is of very high importance, and
that it makes mutual
for this reason above all others
discussion of peace a possibility at a moment when
every European belligerent is unquestionably weary
of war and approaching exhaustion, yet when no
medium even for an exchange of views seemed to
—
remain.
President Wilson las+ December gave such an opconquests were achieved under formal conditions of
war. But the case of Belgium is so different as to portunity to both sides by his request as a neutral for
make its inclusion in the same category very diffi- their terms of peace. Both of them at that time in
cult.
The invasion of Belgium was not conducted reality missed their chance the Central Powers beunder the forms and prescriptions of war, as they cause they refused to make known their own terms
had been solemnly agreed on previouisly by all of the the Entente Powers because they laid down such
present belligerent powers.
It was admitted by the stipulations as would virtually have destroyed the
German Chancellor himself to have been unlawful, and existence of the Austrian Empire. It is impossible,
to call for reparation (on this he was explicit) under as we see it, that in the present condition of all the
able enough in
many
respects, because both sets of
—
circumstances which he conceived to be possible.
The larger question then will arise, as it has arisen
whether peace
could rightly be accepted by Germany's antagonists
until such reparation and reconstitution were pledged
as should of themselves amount to formal admission
by Germany of the wrong done and of the responsibility created by it. The argument that another month
or two of war would involve expenditure greater than
would be necessitated by the peaceful reconstruction
of Belgium has undoubted force from an economic
point of view.
The question is whether, from a
moral point of view, it would not come perilously
in all similar discussions hitherto, as to
close to
tently
Powers, in both a military and economic sense, just
If, as is possithat mistake would be made again.
ble, the Pope's appeal is courteously dismissed as an
impracticable solution in its present form, we are
likely none the less to have the proposals of the Central Powers renewed through the same or some othei:
medium.
DOWNFALL OF THE DYNASTIES— DEMOCRACY'S
"condonation."
In the matter of guarantees for the future, the
Pope proposes "the substitution for arms of the
institution
of
as
arbitration,"
vaguely to "the penalties to
which would refuse either
solution cannot be advanced
different
of the
present to the hoped-for sunburst of liberty in the
we are fondly expectant that monarchies wiU
future
And we
are avid that the ballot, falling
with the purity of the snowflake, will express the
virtues and justice of peoples everywhere.
And in*
this ballot must reside reconciliation as well as
and refers somewhat conciliation; the strength of popular will as well as
be imposed on a State the goodness of the human heart; the power to reto submit a national construct as well as to construct.
For the mere
question to arbitration or to accept its decision."
This is a famihar project; it has in principle been
endorsed by the best minds which are at work on
the mighty problem. As the Pope outhnes it, it does
not go into details; but in fact, the going into details
is precisely the task which has thus far baffled everyone who has approached the question.
Nevertheless, the problem must be solved, and its
must have a
PROBLEMS.
As we look forward through the gloom
what the Vatican's note perhaps inadver- be no more.
describes
NEW
by saying that Germany
form of Government before
negotiations for such purposes, will be considered. In
the same breath as that intimation is occasionally
conveyed, it is always explained that the Entente
Powers will not and cannot undertake to intervene
in Germany's internal poHtics.
It would, therefore,
seem that no other alternative exists for the achieving of a peaceful future than either to accept at their
deposition
of despotic rulers will not furnish to
peoples an adjustment of those powers of government, those conditions of territory and trade, without which peoples cannot be free. Nor will it furnish
that average of intelligence necessary to a wise use
freedom, as typified in the ballot.
And the
downfall of dynasties will not avail our dreams of
world-peace without an abandonment of militarism,
of force in governments, by which the war-procured
boundaries of States are now perpetuated.
In the history of our Republic the question of
expansion has vexed us little. There was room in
abundance; there were no other peoples to contend
against save the North American Indian, whose
rights in many instances were brushed aside by a
superior and conquering race.
And for the most
part an equivalent condition existed in South
of
—
THE CHRONICLE
G4:2
America, where many republics have been formed.
In nearly all these cases the people did not, as far
others.
And
[Vol. 105.
it
cannot
assert
its
independence
selfishly against greater territories and larger peoples.
concerned, erect free States upon
the domain of monarchies deposed, either by war or
common consent many facts are interposed
which may not easily be removed. Race-prejudice
by popular
runs strong. Immemorial rights of first possession
Languages bar a common
to these best lands stand.
And though, as in the present
feeling and ideal.
freedom
in
Europe,
to migrate must be guarancase
teed, there are no near lands that are uncrowded.
Most vicious of all are the laws of trade which seem
as
home
territory
is
will.
^ This will not be the case with European republics
The complete
erected upon the deposition of kings.
will
smaller
states
therefore demand much
freedom of
more than the mere elimination of a king or dynasty.
That these relics of feudalism have been supported
by standing armies 'is true. But if the standing
armies remain to hold territory and at the behest of
To
this
and security by reason of
These must be broken down by a
to give a sort of advantage
restrictions.
a centralized State to fight for the maintenance of recognition of the benefits of free trade to the whole
Then, too, the rights of a citizen of the new
rigid boundaries, these smaller peoples will remain in world.
subjection to a power outside themselves. Belgium, union of States in Europe must arise; be defined;
Spain, Holland, Italy, Greece, may all become and guaranteed out of the common consent. Elimirepublics, but when the United States of Europe is nating a king is not establishing a representative
contemplated, they must be free to join in the great democracy, for even in the United States of America
new concert, and to fix the capitol by common the rights of the citizen, the duties of a citizen in a
And above everything else it is manifest democracy, not autocratic or socialistic, are not yet
consent.
that they must be free to join in making those inter- clearly established; nor the even balance of power betrade laws which their local interests demand.
The tween the dual governments fully and securely decreed
monarch,
therefore, does not alone
Reading the times there would seem to be a
elimination of a
direct the manifest destiny of any people, necessary tendency towards centralized governments growing
Almost it seems that while the lips
as this may be to the procurement and progress of a in the world.
protest liberty the mailed hand closes to strike.
democratic government.
Where the expression of these popular rights will Sudden relief from an oppressive monarchy sends
lead as to the concord and union of independent the pendulum of rule to the side of pure democracy.
States, large and small, can only be determined by a But peoples, to be capable of self-government, must
consideration of the common rights and fundamental be enlightened.
The sudden revolt runs, in ignorant
privileges of all.
For one thing, contiguous terri- peoples, towards revolution and anarchy. Then, a
tory necessarily establishes and fixes this common dictator, a conqueror, a man of iron, comes into
Therefore continents must first be free, in power, seems almost necessary (witness Russia
centre.
the sense that the people rule. Second, it is pro- to-day) and it is years and decades before constituductive territory that constitutes the basis of homo- tional freedom can be established. The fact faces
geneity in government, government which cannot be the world to-day that inperialism dies harder than
Below or back of monarchy. Republics have perished; and their
sust ained save by production.
man's spiritual world are the physical characteristics power to sustain themselves is being questioned
of earth's surface.
Thus the chief valleys of earth to-day. It is found expedient, even with certain
become the centres of Federal power in every case of libert3'--loving peoples, to keep a monarch, though
Against this accomplish- shorn of most of his power, as a sort of symbol of
possible Federal unions.
ment are ages of prejudice, the noncommunication governmental power greater than the people and
opposed to the full consent of the governed.
of confusing languages, the trend of national trade
So that in these times of vast contest and change,
which may seek a world market rather than an
adjacent one. Naturally, in these new adjustments while humanity may indulge new hope even in its
islands, though they become independently free, will darkest hour, when it seemingly sees some of the
follow in allegiance the lands or continents they barriers to liberty burned away in a mighty conadjoin.
We expect, therefore, that great rivers flagration, slow construction and reconstruction of
shall indicate the line around which the peoples nations must ensue before the Tennysonian dream
The ideal can never die. Universal
cluster.
It is conceivable, thus, that the La Plata comes true.
and the Amazon, the Mississippi and St. Lawrence, love is. a natural religion, and only this will suffice.
Representative
the Nile and Congo, the Volga and Dnieper, the It is inspired only as man is inspired.
democracy
and
economic
phases
has social
as well as
Yellow River and Yangtze Kiang, the Ganges and
Indus, the Euphrates and Tigris, and the Rhine or political. The mighty conception comprises tremenElbe and Danube, with lesser valleys in proportion, dous changes. But the visible embodiment of a
furnish forth the cementing power of huge unions of perfect love in fabrics of government, we very much
fear,, must await the millenium.
Yet, though we
States.
These natural territories are the bases of a pro- despair, the upward-looking remains, and we can
duction that pours a necessary wealth into the coffers still believe that good out of evil will come.
Students of the physical earth have drawn us a
of the several united States which are to arise to
The mere death of dynasties will picture of the remnant of mankind in a dying
bless the world.
be but a small step in this mighty readjustment, world, huddling about the equator for warmth and
though a primal one, since freedom frowns upon a sustenance. Someone has called attention to the
king.
But so long as fleets and armies, forts and advantage to the United States from the fact that
Russia will never
arsenals, remain, a power exists to compel the people the Mississippi flows Southward.
When we strive to realize in be free until she freely reaches the warm waters of
against their consent.
thought this far-reaching dream of world-unity we the globe. And little Finland, with three months of
reduce the small State, not to slavery, but to sub- tropical summer, renouncing her autonomy as a
It becomes a road- republic,, without alliance with the vast body of the
serviency to the greater good.
way as well as a country. It serves itself by serving New Russia, but obeys an underlying physical or
—
AUG. 18
THE CHRONICLE
1917.]
Liberty
natural law which no free State can ignore.
But just as the soul is
is not material, far from it.
cabined in the body, so universal and autonomous
democracy is cradled, so must be cradled, in those
fertile areas where the physical life of peoples may
be sustained by the application of labor to sustenance.
Nor will the time ever come when trade, acquisitive
though it be, does not minister to the spiritual development of peoples and races, and the endurance
of free governments, by spreading ideas, crystallized
And
or materialized ideals, throughout the earth.
no one will deny that the seizure of undue advantage
in international trade by governmental power may
cause war; or that the unnatural control of trade by
an artificial and alien law, is, by its interference and
Universal derestriction, itself commercial war.
trade.
universal
will
without
mocracy
never exist
One of the first lessons of the hoped-for democracy
is that trade is and always will be independent of
military boundaries; and that while original production must sustain, and may appreciably give form to,
States, they hold no power to direct it against
natural law.
Admitting, then, that the downfall of dynasties
furnishes a pivotal point upon which turns the future
history of mankind, we have only begun to unfold
this entrancing dream of universal democracy.
Its
consummation compels nothing short of a reconstructed earth.
It demands recognition of physical
facts as well as spiritual.
With continents free, with
free States united, States newly formed by common
consent the seas, already free, remain so, and
fleets may be dispersed and armies disbanded; with
free intercourse of men and things, international law
may, conversely to the present application, be
written on a "scrap of paper"; and with all the
—
nationally
erected
barriers
moved, enlightenment begins
How
communication
to
its
re-
victorious reign.
643
is bein g sounded in
every hamlet of the countr y. Yet h ere small bodies
of men[are endeavoring /to^^secure alleged rights by
to patriotismfandj'self-sacrifice
summar y' methodsW
at least coercion ;J^i|eJ^solated
communities^arejs^taking the law in their
some
in
ow n hands^
instances- to rid themselves of citizens they
consider
undesirables. ^A^The foreign adventure of
the United States would seem to echo but feebly
in ears devoted apparently to self-interest.
is one containing some
most prolific mines, and that copper, now so
sorely needed throughout the world, is one of the
It is true that this region
of our
chief products.
It is also true that a part of those
engaged in the labor are foreign-born— what proportion we have no reliable figures to determine.
But another physical fact of great bearing, it seems
to us, is the remoteness of these districts and communities from the pulsing, eager, thrilling life of
the nation.
Great upper plateaus, of rich fertility
under forced cultivation, divided by uninhabited
mountain ranges of severe grandeur, surround them
on every hand. The familiar phrase of "magnificent
distances" scarcely suffices to characterize the vastness of this part of our national domain.
One can
easily imagine baronial castles on these huge moun-
and plains, and a state of feudal life.
That this environment influences thought and
tains
feehng is undoubted. And while in these local
disturbances the prosaic question of the wages of
labor is at issue, if we look deeper we may find, it is
believed, other potent causes for this seeming lack
of response to the nation's demands for the sacrifice
There
of the personal equation.
is
an old saying
that "mountains rnake men." Certain it is that the
inhabitant of the great West thinks big and acts big.
We refer of course to the immigrant settler from the
Middle and Eastern States. He is inspired and
hberalized by the magnificent possibilities of expan-
away it all seems! What difficulties sion, wealth and freedom that encompass him. If
what an infinite complexity of minor it be in mining, millionaires are often made overdetails must be adjusted!
By what slow and pains- night. The lure of gold, the shining yellow metal,
taking process will progress be made. And though will never die out of the human heart. And the
thrones fall, and empires crash, in fierce and relent- prospector who fortunately discovers an underground
less world-war, the real work begins only when peace lake of oil is rich beyond his vainest dreams.
far
intervene,
comes.
It is inconceivable that all dynasties will
Agriculture, too, invites.
Thinking of the world's
they do the world food supply, and contemplating these innumerable
will be in ruins, and small States be destroyed in the hills and valleys, one feels that their
productive
debris.
The moral lesson to every country and features are really untested. Sheep, goats, cattle
people in this hour stands out, therefore, with com- to feed the world could range here. Orchard fruits
fall
by means
of the conflict.
pelling distinctness
If
—to so define and limit the basis
of peace, that every nation, whether fighting or not,
may know what
the end
is
and when
it is
attained.
were done it might be found, since national
freedom is the goal, that the differences are really
If this
and
the peoples, by cessation of war,
could be given a chance, the dream of a universal
negligible,
if
brotherhood might in the end come close to being
realized.
become perennially
old-world cultivation
these sparsely settled regions, these desert and waste
spaces, alone could sustain a people, though a wall
of iron shut them from the world.
In this environment the appeal to energy is great. Projects that
the sheltered
bountiful.
With
in
spaces,
can
intensive
could never come out of the pent-up life of the East
are fearlessly undertaken.
Life rises to meet the
And these States are an integral part
new occasion
of the Union, with deep loyalty and intense patriotism.
.
DOMESTIC
The
DISTURBANCES: A
PSYCHOLOGY.
scenes of turbulence
now
STUDY IN
being enacted in
the far western territory of the United States must
strike the casual reader as very strange.
And indeed
to any attempted analysis they are almost inexplicable.
By way
of illustration of the unappreciated agricultural possibilities of parts of this region listen to
story.
It is vouched for as absolutely true,
the son of the narrator being a party to the facts.
It was told to us and verified by the production of a
letter:
Not very many years ago a ne'er-do-well
son left the humble ancestral estate in old Virginia
and migrated to the Southwest. His father, by
this
At a time when the nation enters upon its heroic
endeavor to bring peace and democracy to the world,
in New Mexico, Arizona, Idaho, Washington
and way of httle faith, remarked: "The next time I hear
Montana there are strikes and violence. The call from you, you will be on the gallows."
The young
THE CHRONICLE
r>44
man
drifted for a while, but eventually found himthe possessor of twenty acres of land near
Freedom there
[Vol
105
n this region of our country that sporadic
strikes
re occurring
that bodies of men are being
forcibly deported, that communities are arming to
resist their return, that a so-called international
society oi workers are spreading their propaganda,
and.th'xt Governors are calHng for United States
troops ' meet disorder and protect life and property,
while i a States upon our Eastern seaboard every
agency that can be conjured is being called into
being
s foster preparedness in the nation and to
succor the nations across the seas that proclaim
devotion to democracy and universal freedom and
justice
Who can explain this apparent contra-
not freedom here. Nor is liberty
and justice. And there are interminable distances
to go before all men shall be free and all States
democratic. These turbulences indicate that we
have not worked out fully our own problems. But
the resistless buoyancy of our popular effort, the
invincible power of our industrial activity, need to
be guided kindly and not shackled by the chains
None of our industries live to themselves.
of law.
It cannot be expected that enthusiasm for the new
and untried cause will be equal everywhere, or that
all classes of our citizens will h^ve the same estimate
of the duties imposed.
And unless an overt act, a
manifest intent, to subvert the national mission appears, the cry of treason should never be heard.
We must press forward as best we may with tolerance and fellowship.
Vigorous, determined, energetic and faithful to
the Union and the right, as are the people of CaHfornia, it has been said of them, and not without
truth, that any religious sect may find its adherents
among them. It shows an aspect of the liberalism
engendered by life and environment. The law of
our national being is bound always by a recognition
of the scope and diversity of our thought, feehng and
industry.
We should have a righteous fear of our
dictiop
own
self
Phoenix, Arizona. This year, 1917, he planted the
tract in potatoes and has harvested and sold his crop
for $8,365.
He will again plant it in beans, from
which he expects to produce this year (the climate
admitting a double crop) one-half to two-thirds as
much vfslue. It detracts nothing from illustrative
power o'" the narrative to add that the son obtained
a certified statement of the amount of his sale on
deposit, and started for old Virginia and the parental
want
show the old man what a
poor gures he made on me," he said.
home.
'"'I
It is
just
it
to
—
i
is
Such fear is respect. Liberty, equality
The first fact that stands out boldly is that "our and fraternity can find most of their problems on
country" is of immense extent. The problems of our own soil. As in every other waj^, diversity here
our Gov^ernment can never be measured by the yard- is a predeterminant of harmony. Sacrifices of interstick of old-world rule.
The dense populations of ests we must and will make, sacrifices of opinion,
Europ" an States will never be ours if we can avoid even, will become necessary, though they be not
local congestion.
And industrial opportunity, the forsaken. But in the perilous times ahead of us
rights )f labor for room, bear no comparison to con- we will be drawn together by forbearance more than
dition? across the Atlantic.
But this physical by force. And domestic strife will be avoided by a
geograp-hy and its inherent circumstances alone fails realization of the magnitude of our country and its
to expla* "V. There is a state of mind, call it a psychol- commerce and the essential liberty of the individual
ogy if yoi will, that can never be ruled by the repres- consecrated to his own sense of duty to self and to
sive measures adopted for popular government in citizenship.
the progressive States now at war which proclaim
democratic ideals. These sporadic disorders of TWO KINDS OF PROFITEERS: LABOR AND
CAPITAL.
which we speak are of minor importance in themselves and must soon give way to law and order.
Profiteering, as applied to business men and
But they indicate the size of the problems of complete corporations who may seek to take advantage of
unity in our e vn land and country. Freedom with the unusual circumstances growing out of the great
us must be as steadfast as our mountains and as war to make large profits, is very widely condemned
mobile as our seas. But it must never become since this country has become involved in the
license.
In a word, our nation and people cannot struggle. All Washington dispatches bearing upon
become in a year, or by a single cause, international- this subject are displayed upon front pages of the
ized.
We have not yet in our entirety measured up daily newspapers and the idea of any person or cor?
to the "magnificent distances" of our
own freedom.
And this should teach us tolerance. It should
stay the violence of opinion and temporize the laws
intended to cover these diversified and gigantic
interests.
When we use the words "business/_'
"trade," "commerce," "labor," we are speaking
of the industrial activities of this unrivalled domain.
Contemplating the influence of environment and
opportunity upon the thought and feeling of the
citizen, it is not to be wondered at that in the far
West the theoretical sophistries of societies steeped
people.
poration seeking extraordinary gain at the expense
of others or of the nation while the country is plunged
war and many of our best young men are called
upon to sacrifice their lives, is universally discountenanced upon the editorial pages.
But the dispatches and editorial comments tell
only one half of the story. There are two kinds of
profiteers and while it is so popular to denounce
into
openly one class there has been absolute silence
respecting the second class.
Men are being called from all walks of life to take
with socialistic and anarchistic resistance to rule up arms in defense of their country. This divershould find some fallow soil in which to grow, or sion of hundreds of thousands of able-bodied men
that an otherwise staid and orderly community from peaceful pursuits to training camps and evenshould make short shrift of such nonsense, or that tually to the trenches, causes a shortage of labor.
men who live in mountain fastnesses and delve in The demand also for carpenters, steel workers and
deep mines should think strongly and act fiercely. all kinds of mechanics to construct barracks and other
The meaning conveyed to our legislation is that you buildings required by the Government for its concannot put the yoke fastened upon the misrule of centration camps, draws still further upon the
outgrown[.States upon the people of the United States. available supply of labor. Add to these influences
i
Aug. 18
the
demand
THE CHRONICLE
1917.]
men
for
to
make arms and munitions exempt
and to construct ships, of which the country
in need, and also to operate the mines in order
that there may be no shortage of fuel, and it may
is
so
much
readily be understood
and laborers
larly as
is
why
the supply of mechanics
so far below requirements, particu-
immigration since the war began has been
All of this labor shortage is due en-
negligible.
tirely to the
war and
to the struggle of this nation
for self-preservation.
not clear, therefore, that men who band
together in time of war to demand and extort a
higher wage than that which they have been in the
habit of receiving are profiteers just as much as are
Is
their
it
fellows
in
business
life
and that
profiteer-
by the wage earner is fully as censurable as
Is it
profiteering by a business man or corporation ?
fair that the self-sacrifice and patriotism of the
volunteers in the national service, and the coning
scription of others to fight our battles, shall be ex-
ploited to the advantage of those
who remain
at
home and who will receive their full share of the
general benefits when the struggle is brought to a
successful termination ?
645
married men, a mere detail of its adminiswould have voted against it. In short,
though the country is throbbing with anxiety, the
representatives of the people often appear to be
largely engrossed with questions of relatively petty
detail, certainly of secondary importance, and chiefly
influenced, both in speech and action, by considerations quite other than those that should control at
the time of a grave crisis.
Party politico personal
feelings and prejudices, concern for local interests,
come to the surface often enough to provoke surprise
and bitter denunciation on the lips of patriotic citizens.
Twenty years ago, in a far less momentous hour,
a leading English historian in a ringing public address challenged his fellow countrymen over the same
situation.
He said (*) "How little of our political
discussion looks beyond the interests of a party or
an election, beyond the duration of a Ministry or a
Parliament, how little of it is concerned with those
remote and indirect consequences of measures which
are often far more really important than those which
are immediate or direct.
How seldom do we find
the principles that underlie our legislation impartially and judicially examined."
So far as these words may be applied to members
of Congress to-day they pass beyond the question
whether or not any particular legislation was wise
or the best possible under the circumstances, or what
all
tration, he
'
,
Underground reports from Washington have been
to the effect that profiteering by labor would have
been drastically dealt with by Major General Goethals had he been continued as the head of the
Emergency Fleet Corporation. General Goethals, certain constituents
North Carolina, or Oklahoma,
according to these reports, proposed to comman- or Wisconsin, may desire. It becomes a question
deer and regulate labor, exactly upon the same of the trend of representative government. Is it,
principles that the President commandeers ship- or is it not, evidence of the general incapacity of
ping and fixes the prices to be paid by the Govern- democracies to meet great emergencies? Does it
ment for grain, steel, copper, fuel or any other not intimate that the greater, at any hour, the peril,
commodity which it may need.
the less likely will it be to be wisely and bravely faced ?
If it is a crime to exploit the necessities of a peoLarge questions are before us. The war is accepted
ple and a Government at war by exacting prices for as the justification of the nations everywhere enactcommodities which will afford unusual profits, is ing much socialistic legislation. It will not be easy
it not equally a crime to profit by the scarcity of
when the war is over to induce it or to arrest the
labor brought about by men who are called from socialistic tendency. Democracy is everywhere in
their customary avocations to fight and to work evidence.
It is being
It finds strange bedfellows.
for the country in time of war?
committed to many rank doctrines, and invoked to
Profiteering by capital has been justly condemned. support many untried and uprooting policies.
It is
Is not profiteering by labor just as despicable and in danger, both from friends and foes.
From sheer
should it really be tolerated now that the Govern- weariness of war and fear of change many are vauntment has embarked upon the general regulation of ing autocratic efficiency. German kultur is held up
prices ?
in
as guaranteeing general well-being.
STATESMANSHIP IN CONGRESS.
in Congress
What
if it
does
and is heavy handed with its verhoien
decrees; one knows what to depend on, and is not
bothered by the crowd. Kaiserism may override
nationality and crush little peoples; it may tear up
"scraps of paper," and claim divine warrant for
violence and aggression, but it is at least better than
mob rule. Under it one can be rich and comfort"Let us have peace!"
able.
Threatening as this doctrine may be to democracy
in other lands and under some conditions of tumult
rely
on
force,
on occasion,
important legislation has been enacted; more, perhaps, than in any
single period since the Civil War and the Reconstruction period immediately following.
Much has been
accomplished by the Government since we entered
the war in April, far more, indeed, than the country
can be aware of, for necessarily, much has to be done
rapidly and in large degree without public notice.
it is inconceivable as gaining
We cannot venture to particularize; and Congress or national disaster,
ascendency with us. It may make trouble; it canmay be credited with its proper share.
But as the season advances and the long session not control.
But, on the other hand, democracy is in danger
approaches its end some things may be said about its
In the course of the centuries it has
itself.
methods and spirit. The country has heard one within
attained the form of representative government. It
leading member announce that he voted on one of
may retrograde, but it cannot retreat. The past
the most important revenue bills "with his eyes
cannot be undone. It must accept the decision of
shut;" and have since seen him take a general and
the centuries or fail. When, therefore, it is found
persistently obstructive attitude.
Another now says
untrue to itself, distrusting its own methods, as in
that if he had known that the Conscription Bill,
its,, demands for the referendum, the initiative an d
which was long held up for incessant discussion,
E H. Lecky, address before the Public Education Leag
(*) w
would be interpreted by the Government not to 1896. "Life." p. 323.
There is statesmanship
and it is worthy of note.
Much
.
THE CHRONICLE
646
[Vol. 105.
when it attacks its courts and threatens covered by the law are so essential, and everything
when its representatives consent to is so linked with them, that it is not overstatement to
be mere delegates, sent to execute orders, or keep say that, in terms, this law makes an absolute dic-
the recall;
its legislatures:
their "ears to the ground;" in short to follow, rather
than to lead, to subserve interests rather than to do
the thing that is wise and right, then democracy is in
decay
No elaboration of the machinery of government,
no expansion of the territory of the nation, no in-
term of the war, of its chief executive
whose
duties
officer,
have been supposed to lie within
very definite bounds. There are some persons altator, for the
ready declaring that the exigency of the situation
and the entire trend of the times demand a dictator-
whose acts the legislative branch of the
crease in its visible power or in its wealth, in imperial- Government can be no more than a sort of critic
ism, in its pohcy or its aims, will save it.
One of these persons is a Senator, who
Its army and check.
or its navy may protect it from external foes, its has avowed his willingness to accept Mr. Wilson as
disruption will be from within.
It may not fall into dictator (although admitting that he would have
the hands of the mob; the ignorance, the stupidity, chosen somebody else) because, in his conviction,
the passions, the greed of the leaders of a people not only is it impossible to carry on war except under
who know not the law of their own best life or the orders by one mind, but government cannot be
own institutions,
The London "Times"
history of their
will suffice for their
recently said, "The
undoing.
fundamentals of our system are not its statutes, but
its customs and its conventions, and the student
ship, as to
efficiently
conducted otherwise.
It is at present idle to discuss
conjecture whether this bold
such views, or to
jump
into State So-
war and to what it may
of constitutional history will find more of the spirit bring the country.
The die is cast; we are in the
of British government in the records of our law experiment.
Experience is more influential than
courts than in our acts of Parliament.
Its basis theory or precedent, and while we may never be able
perhaps moral rather than legal in the strict sense
of the word, some might even call it spiritual.
There
lie the foundations of that confidence, contentment
and consent, which hold together the British realms
without the constraint of military force. It is the
It quotes, in illustration, the
spirit that matters."
Boer General Smuts, who, speaking of the British
Empire in South Africa, said, "Where they built up
a common partiotism and a common ideal, the instrument of government would not be a thing that
mattered so much as the spirit which actuated the
whole spirit of government."
We are entirely ready to recognize the spirit that
actuates the members of Congress. The spirit of
the American people is disclosing itself with a feeling
and strength which justify its history; it is not to be
believed that its representatives will do less.
The
fly
Stars and Stripes
to-day in any land and on any
sea without dishonor.
We have a right to expect
that our chosen leaders -^appreciate the' greatness
of the hour in which the nation is, that they rise
above petty interests,^' and, at least, show that they
can interpret the times and grasp the great principles which should govern the nation's course.
It is
not too much to ask that they disregard for the time
party politics and "who is to be postmaster at the
Confederate Cross Roads." When they show enthusiasm and grow eloquent only over obstructive
motions, they certainly challenge rebuke, no matter
whom they "represent."
The country looks for statesmanship, and has
honor and reward awaiting the public men who
show it. In the army and^the navy many new names
is
cialism will outlast the
to reach a general agreement whether this upturn of
our precedents and theories aided or retarded us the
more
in the struggle, the disposition to continue it
or revolt against
it will
be as we
we assume
like or dislike
what
Our
to be its results upon ourselves.
present course is to look the novelty in the face,
accept it, regard it hopefully, and make an honest
attempt to get the best out of it.
We have long been dabbling with restrictive regulation of things to which we have first given the bad
name of "monopoly" and then we have pursued
them with a hue and cry. Very few careful persons
would seriously say that our laws against trusts and
our scheme of handling transportation have w^orked
beneficially on the whole and so as to encourage
enlarging the attempt. The anti-trust laws have
been enforced in what might be called a selective
manner, picking out the biggest corporations which
have committed the crime of success; the practice
has not been uniform, or consistent, or satisfactory.
In our treatment of transportation we have attempted the anomaly of separating formal ownership from
actual control, and have turned the latter over to a
political board, whose obstinately narrow views are
still fresh in recollection and have been responsible
in part for the exigency (however irresistible that
really is) which has now produced this last step.
The experience can hardly be deemed encouraging,
yet something has been learned, and now that we
have set out against another foe, the speculator who
supposed to lurk between producer and consumer, and have also adopted informally the postulate of the extreme Socialist that "private profit" is
a
public enemy, it is for time to determine whether
Is it too much
are rising, to shine in splendid light.
there
may not be some compensatory gain by vento expect distinction and a noble patriotism even
from new men in Congress, although at times some turing a little with this exotic of absolutism.
Mr. Hoover's announced aims and hopes like
older men fail?
those of the benevolent despot are excellent. To
THE FOOD CONTROL LAUNCHED.
"so guide the trade in the fundamental food commodiControl over necessaries is now established, as far ties as to eliminate vicious speculation" and stabilize
as an enactment can produce that, and a new experi- prices; to feed our allies without starving ourselves;
ment and experience are beginning for a people whose "to defend honest enterprise against illegitimate
proudest boast has always been the extent of indi- competition;" to utilize perishables to the utmost
vidual liberty under the postulate (from which, how- and thereby be able to part with other products of
ever, we have been steadily departing in the last greater use to our fellow fighters; to eliminate waste
twenty years) that the country is governed best to the utmost all this is the dictate of self-preserwhich is governed least. The articles specifically vation and pubUc duty. The specific suggestion that
is
—
—
|
—
4UG, 18
THE C^'RONICLE
1917.]
647
use might be uncertain of result, although the compensation for property taken under eminent domain
is to be based on market values while here the taker
cause is not necessarily a call to great self-denial, is to make the determination.
Around the question of prices will gather some of
though that may be somewhat involved; it means
careful planning to get the most out of things and the most serious practical difficulties, nor should it
reform our national sin of waste, and that cannot be be overlooked that this bears a relation to the proposed taxes on profits. That prices should be low
too earnestly urged.
Some of our old restrictive statutes have been when one is buying and high when one is selling is a
tolerated because they have not been pushed uni- north-by-south movement possible only in dreams.
versally and to the extent covered by their terms, The aim is to lower them for the consumer, without
and of this new law we may assume that no attempt hurting the producer and trader. It is an undertowards general and literal enforcement will be taking which needs the sanest and coolest judgment,
made. The retailer who buys or seeks to buy five the best experience, the firmest notions of justice,
barrels of sugar, or the consumer who buys or seeks and (for both sides) a large allowance of patience and
The consumer should guard himself
to buy a half-dozen packages of some cereal product, forbearance.
liberal and early alleviations in the
against
expecting
requirements
his
reasonable
having
is exposed to
looked into, but no attempt to reach such offenders is high cost of living; bread, milk, sugar, fuel and
The drastic penalties provided will other prime needs will not necessarily drop because
to be expected.
and are defensible only as the control is "extended" to them. An association
anybody,
hardly alarm
meant to show the determined character of the under- of millers of white corn is already calling the high
price of corn a national calamity and declaring that a
taking.
Governmaximum as well as a minimum price should be put
for
both
our
own
purchasing
centralize
To
the weekly per capita consumption of
wheat flour, meat, fat and sugar and multiply this by
100 millions will immeasurably help the common
lessen
to
a rational step to which nobody
could have objected. Proclamation has already
been made that all parties engaged in handling wheat
or rye must take out license by Sept. 1, exception
ment and our
allies is
on
it.
Mr. Hoover's
ideas are encouraging in the main,
as far as announced, especially his determination to
keep mere theorists away and deal only with men of
He needs every help which
business experience.
good will can give, and he and all of us may well rely
more upon one factor to which he has eloquently
appealed, and that is, patriotism.
It is insidiously said in Russia that this country is
not heartily for prosecution of the war and that it
has been forced by munition-makers. Nothing could
be farther from the truth, but we have not faith
enough in our own national spirit as yet, and we
have not rightly read, in the events of the last five
months, the heights which patriotic feeling can reach
and the firmness it can attain. The reason is that
while we know we are in the war we do not yet
reaUze it; we shall realize that, but we do not now;
we are not yet fully awake. The stir will come when
we are touched in our persons after our men have
gone into action. We shall experience the fires of
patriotism after we have begun to suffer. Let us
count more upon it, and in that spirit try to adapt
being made of elevators and mills below a certain
Wheat is the first objective,
small daily capacity.
and Mr. Hoover announces that the Government is
ready, if necessary, to buy the entire crop; a fiftymilhon grain corporation is organizing, and its office
here is in course of fitting up, with a price-fixing
board in association with it, this being done upon
the postulate that unless wheat and bread can be
materially lowered in price we cannot retain the
present wages scale and shall thus lose efficiency at
the critical time. But the farmer, who is regarded
by some Produce Exchange men as the greediest of
all speculators, is the favored and exempted person
throughout; and although the President may requisition "food, feeds, fuel and other supplies" and may
determine a fair price therefor, this is confined to
what is "necessary to the support of the army or the
maintenance of the navy or any other public use
connected with the common defense." Therefore,
the Government may seek to buy the wheat crop, ourselves reasonably and hopefully to this utterly
but the producer's hand cannot be forced as to the new regime.
price; it is assumed, however, that he will not foresee any advantage in holding off for an advance, at MORAL QUESTION INVOLVED IN INTERFERhis
own
As
cost for interest
may
ING BY INCOME TAX WITH TAX-FREE
COVENANT.
and storage.
many
other articles, notably coal and coke,
the control includes compulsion to sell and take and
at the price determined by the buyer; the President
to
go into the business of buying, storing and
selUng the nation's food, and may force all dealings
in fuel into a governmental agency, at governmental
The Investment Bankers'
Association renews its
statement of objections to the change made by the
concluding sections of the pending Senate War
Revenue
is
Bill,
whereby "information at the source"
required instead of collection at the source.
The
Those shall be based on "a fair and just original requirement of collection and withholding
profit above production cost," and the Federal Trade was objected to, at the time, as coercing corporations
Commission, a body which has not yet justified its and some other debtors to do a laborious work withexistence very fully, is charged with determining out compensation, but this was excused on the plea
this.
Outside of the exempted farmer, compulsion of necessity and on the assumption underlying the
as to prices is clearly enacted, and the very peculiar framing of the Income Tax Law, that evasion could
provision that any dealer who demurs to the price only be prevented by catching certain income at
offered shall take three-fourths of that price (not of the place where it originates.
The pubHc have behis price) and may proceed to get more through the come accustomed to this method, and the Associacourts if he can, is plainly meant to convince him tion renews its objection that the change will throw
An attempt to fall an onerous and difficult labor of making returns
of the poHcy of acquiescence.
back upon the constitutional safeguard of a "just upon many persons of small incomes who are withcompensation" for private property taken for public out personal knowledge of the many intricasies of this
prices.
THE CHRONICLE
648
The only
conceivable reason for such a change
presumption
that the Government's own bonds
the
tax.
is
will
meet a somewhat lessened competition by private
loans, on strictly investment grounds; on the other
[Vol. 105.
with eviction for non-payment of rent, but the process of eviction, sometimes necessary and sometimes
just and wholesome also, is not seriously prevented.
We have had the moratorium since this war began,
and one early instance was when Parliament intervened between the great British industrial life insur-
hand it appears to the Association that the existing method is the better for revenue, inasmuch as
collection at the source yields both information and ance companies and their policyholders who were
a full 100% tax, whereas collection of the normal troubled by war conditions. The intervention was
tax merely by individual personal returns falls con- unnecessary, for the companies were ready to meet
siderably short of a 100% yield.
and did meet the exigency. We have this same senThe absolute prohibiting, by any borrower here- timentalism in the moratorium proposed in this
after, of agreeing to pay any portion of income tax State now on behalf of mortgagors, a step not only
upon "any other person or corporation" or to reim- open to objection as constitutionally barred but as
burse for any such tax may be not unreasonably ob- liable to injure the persons it offers to aid.
All society, and therefore all governments, can
jected to as an interference with liberty of contract;
the language does not even specify any "borrower," stand only on the basis of maintenance of private
but forbids any person or corporation from paying contract. Any attempt to intervene between conor reimbursing for any income tax upon anybody tracting parties and allow an obligor to withdraw
The right to make their own terms is generally when compliance is difficult or apparently impossible,
else.
conceded to borrowers and lenders, and in some im- is in a hazardous direction; this is sometimes done,
portant States, at least, the law prescribes the inter- and we may grant that in some instances it is just
est rate only when the parties have omitted to do so and necessary, but it is always to be avoided to the
for themselves.
But if it were said that the necessity utmost.
The justification for resisting Germany is that Gerof making the Government attractive as a borrower
justifies any degree of interference with the terms of many has openly broken her treaty obligations and
private offerings, it cannot be said that necessity has declared treaties mere scraps of paper, as against
can justify immorality and that interference with any apparent inconvenience in being bound by them.
the obligation of existing contracts is not immorality This country entered the war because reluctantly
in a high degree.
Here lies the most serious objec- dragged in; without thought of conquest, with no
tion to the proposed change in the method of income selfish ends to serve.
We entered it seriously, and
tax collecting, and we cannot think that the gravity with clean hands. Shall we not sedulously keep our
,
of this
is
appreciated as yet.
Many bond
issues,
made openly and
peace, have been planned to be
more
attractive to
agreement to pay interest and
STREET ORATORS AND TREASONABLE
principal free from any existing or future tax by any
UTTERANCES.
State or by the Federal Government; the investor
Pacifists at any cost, under the anonymous title
was desired to consider the offering on the stipulation
that his interest should be net. This certainly had of the People's Council, are as busy as ever, and so
its effect in marketing, and a large effect; in the opin- are those pestiferous beneficiaries of an exaggerated
ion of the Association, at least several bUIions of notion about personal liberty of speech, the I.
outstanding bonds bought since 1909 "have paid an W. W., who have issued, as their latest, a threat
extra price, probably one per cent of the principal, for to call a general strike in four far western States
this tax exemption, which is now, by this legislative unless a list of demands is granted within the next
few days. It is not difficult to conjecture the names
during- war legerdemain, to be destroyed."
Passing any law impairing the obligation of con- of some of the men whom Mr. Root had in mind
tracts is one of the powers denied by the Constitution in his declaration on Wednesday evening that some
Will anybody venture to say that are walking about who ought to be shot at sunrise;
to the States.
this power of quasi-repudiation was thereby merely and some very recent disturbances by the declaimreserved to Congress, and that the United States can ers of the soap-box and street railing class have
do a moral wrong so obviously such that the States started a movement to have seditious language
were forbidden it? The plea that the Federal Gov- brought under a little more restraint.
No person owns his tongue, any more than his
ernment had no part in these tax-exempt bond issues,
and
in
no
manner
rearm
them,
was
and hand, except under such limitations as the
was not a party to
sponsible for them, is correct as a statement of fact, safety of society imposes.
We have Apostolic
but preposterous as a justification for attempting now authority for saying that the tongue is untameable,
It
to impair them by preventing or relieving the obligor a fire, an unruly evil, full of deadly poison.
from carrying out his undertaking. Would a Fed- produced a bad outbreak in Chicago once; it is
eral law, relieving the borrower under State authority capable of producing bad outbreaks in this city;
from some fraction of the agreed interest rate (where- its potency for mischief is even greater in Russia,
by the desired result of making private bonds less as our returned representatives tell us, and these
desirable comparatively might be attained), be a seditious utterances are twisted, in both Russia
much balder and much more gross impairment of and Germany, into evidence that there is a division
of feeling here over the war and a powerful peace
existing contracts?
tendency
is
often
a
to
there
that
party has to be reckoned with.
We must admit
There is always danger of a rising to enforce law,
interfere somewhat, in the professed interest of the
obligor, and the commonest example of this tendency under the form of a volunteer committee, when peoIn a very limited way this is ple lose faith in the regular legal processes. The
is the moratorium.
done constantly in great cities, when the petty courts "Vigilantes" committee now proposed for New
incline a little towards the tenant who is threatened York does not go farther, as yet, than to suggest a
investors
—
•
by a
in time of
hands clean throughout, towards our own citizens as
towards others, and consider no temporary advantage worth while if it is had at a sacrifice of morality ?
distinct
AUG. 18
1917.]
THE CHRONICLE
649
Up to the present time only tentative valuations
voluntary detective work as to persons who talk
wrongfully in public. To start with, the streets have been submitted. These are in the form of
are not for displays, for harangues, for voluntary reports made by the Federal Department of Valuaassemblings without formal permission; they may tion to the Inter-State Commerce Commission.
as properly be closed against loiterings and gather- Upon receipt of these reports the Commerce Commisings as the bridges are now closed.
It is suggested sion notifies the parties at interest, namely the parthat we ought to have a definition of sedition, but ticular carrier or carriers whose property is involved,
the Constitution ought to be sufficient for the the railroad commissioners of the States in which the
present purpose. The Constitution defines treason properties are located, and others, and public hearagainst the United States, in part, as "adhering ings are held at which time objections or "protests"
to their enemies, giving them aid and comfort," are specifically filed; and these are many.
The properties thus far tentatively reported are:
and all harangues in public against the Government
and its military movements fall within the defini- The Texas Midland, the Atlanta Birmingham & Attion.
To obstruct military operations here or to lantic, the Kansas City Southern, the Elgin Joliet
interfere with necessary industries is aiding the & Eastern, the New Orleans Texas & Mexico and
enemy. Under this mandate of the Constitution the Winston-Salem Southbound. In each instance,
ought to be possible to suppress treasonable as an offset and "protest" to the valuation found
it
and reported by the Federal Department, the carrier
action and treasonable utterances.
has submitted its own valuation and the results are
so widely divergent that they would seem almost
SOME INTERESTING FACTS REGARDING THE irreconcilable. The hearings and arguments before
FEDERAL RAILROAD VALUATION.
the Commerce Commission are still on, from time to
12
last
President
Wilson
approved
the
On June
time, and seem likely to be for a considerable period
Sundry Civil Bill, which carried, among other mis- to come, for, not only are results of the Federal
cellaneous items, an appropriation of $3, 500, 000 for Department attacked by the carriers, but the printhe Federal railroad valuation work for the coming ciples involved in bringing about results.
In conseThis makes a total of S13,800,000 appropri- quence the public hearings have been and will conyear.
ated for this work by the Government, and, as the tinue to be long drawn out, tedious and voluminous.
Department of Valuation estimate? it will take three Here are some of the tentative valuation results:
years more to complete even the field work, it is safe
Cost of Reproduction, 'Cost of Reproduction,
to say that $20,000,000 at least will be used up.
Less Depreciation.
New.
Along with this the carriers are spending, right
Carriers'
Federal
Carriers'
Federal
Estimate. Estimate. Estimate. Estimate.
along, about two dollars for every one spent by the
Government, which would indicate a total expenditure Texas Midland*
5,195.149 3,618,694
2,527,417
Atlanta Birm. & Atlantic*.. 49,131,958 29,032,411
19,408,810
of something like $60,000,000 before any final results Kansas City Southern*
42,737,176
50,752,630
76,485,472
81,385,489
Elgin Joliet & Easterna
11,057,598
13,742,023
New Orleans Texas &
are reached.
Mexicoa
11,992,344
8,865,636
7,572,886
5,121,188
4,753,006
For some months prior to last June the fate of the Winston-Salem Southb'da..
* Including land,
a Not Including land.
valuation work seemed to hang in a balance. The
exigencies of war, of war appropriations and of genIn addition to the above, all of the field work has
eral war activities and preparations threatened to been completed and reports turned into the departsidetrack the whole enterprise and there was some ment on the Norfolk & Southern, the San Pedro
doubt whether Congress would see fit to appropri- Los Angeles & Salt Lake and the Chicago Rock Island
ate monej^ for the continuance of the work.
Other & Pacific. Only a general report on these, however,
adverse influences, too, besides war preparations has been submitted, containing no summarized
were bearing upon the situation tending to stop the figures of findings. Furthermore, out of the 250,000
work, for it was found that at the moment the miles of railroad line in the country, valuation ininitial results of the valuations seemed likely soon ventories are now in progress on 136,000 miles and
to become available, representatives of a number of has been completed, so far as the field work is conthe State commissions came forward with arguments cerned on 86,000 miles.
It will be observed that none
that no authority to determine a valuation was ever of the big trunk line systems have yet been reported.
conferred by Congress on the Inter-State Commerce Probably it is the intention of the Department to
Commission. They further argued that to cause experiment on the shorter and less important lines
the expenditure of this vast sum of money without first before venturing upon the complexity of the
arriving at valuation figures that would be accepted big systems.
as official would be such an extravagant trifling with
It would be a long task to enumerate all the differa serious undertaking that it should not be permitted ences that appear in the protests filed and argued by
The objections of the State commis- the carriers. Their recital would be too extended
to continue.
sions were, however, taken at their true worth and for an article of this kind.
In a general way, howthe work has been allowed to continue, at least for ever, it may be said that every principle and method
another year. The position of the State railroad involved and made use of by the Department is
commissions generally has been more or less antago- attacked by the carriers, and, since all the carriers
nistic to any move that tends toward a curtailment are working in close concert, a recital of the protests
of any of their powers.
Congress probably saw filed in any instance will give a fair index to the attithrough this and acted accordingly.
tude of the roads in all cases.
The carriers, too, were a unit in being opposed
The case of the Atlanta Birmingham & Atlantic
to the valuation work at the start, for they could see is fairly representative.
This was one of the first
no real benefit to any one to be derived therefrom. roads to be "valued" and the first tentative reports
But their attitude now appears to be that, having were turned into the Commerce Commission by the
spent so much money on it, it would be folly to stop Department of Valuation considerably morcjthan a
before some visible results are obtained.
year ago, yet the hearings_^and arguments are not
THE CHRONICLE
650
yet over concerning this property. Considerations
of this property, being the first to receive judicial
attention, are called "Valuation Docket No. 1."
For a railroad of comparatively snnall mileage this
road has occupied a gicat deal of the tim(> and attention of the Commission,
and
its
case gives rise to
beyond December, the Government's course, as
by Sir Thomas White, is along quite an
It is not the Government's intention
opposite tack.
income tax for the business profits
the
to substitute
tax, but to use both measures to the limit of their
it
re-explained
possibilities.
disquieting speculation as to the time and attention
it
may
be necessary to devote to the matter when the
some of the really big lines come up for proThe drastic treatment, too,
test and argument.
of this property by the Department raises apprehension among the other carriers as to what is Ukely
to happen when their turn comes.
case of
Some
of the differences
now being argued
in con-
nection with this particular property, operating but
641 miles, are:
[Vol. 105.
Up
is
to the
end of 1918 the situation remains as
for the reason that,
Tax Act
it
although the Business Profits
expires at the end of 1917, the tax on this
If the war should
next
j'^ear, it will be the duty of
continue bej'ond
Parliament, said the Minister of Finance, to re-enact
If the war should end before 1919, the
the measure.
country would hardly desire to carry forward such a
heavy impost during the daj^s of reconstruction.
Sir Thomas added:
year's profits will be paid in 1918.
The company's estimate of cost of reproduction,
"There are firms in Canada which will pay next
now
$49,131,958 year $800,000, $1,000,000 and $1,500,000 in respect
The Department of Valuation estimate of same. . 29,032,411 of their profits on this year's business. There are
Difference
$20,099,547
Capital securities estimate of Valuation Dep't.$59,565,176
The company's estimate of the same
39,290,000
Difference
$20,275,176
(The railroad company admits that the Department estimate of capital was correct at one time, but that it has since
been reduced.)
Excess of Department's estimate of capital securities over carrier's estimate of valuation. -$10,433,218
Excess of Department's estimate of capital over
its own estimate of valuation
30,532,765
Excess of carrier's estimate of capital over Department's estimate of valuation
10,257,589
Excess of carrier's estimate of valuation over
its own estimate of capital
9,841,958
companies in this country which will earn $2,000,000
and they will paj^ the Government out of that $1,There was a case brought to my attention
100,000.
not long ago where a companj^ makes $1,500,000,
and it will pay us $900,000 in tax. The Government stands by the principle that, if abnormal profits, due to the war, are made in business, there must
be abnormal taxation in order that the Government
may
take a substantial share of these profits."
THE CANADIAN GOVERNMENT AND THE
VALUE OF CANADIAN NORTHERN STOCK.
Ottawa, Canada, Aug. 16.
The very
speculative problem of the cash value of
Attention is further drawn by the carrier that in common stock in the financially embarrassed Canaits estimate the Department recognized there was dian Northern Railway Company occupied the House
no value represented in the following items of assets: of Commons for a score of hours this week. With an
Abandoned property; development cost; apprecia- election a few weeks distant, no one was surprised to
tion; working capital; telegraph property, and leased find the Liberal Opposition characterize the Governproperty.
On the other hand, the Atlanta Birming- ment's proposal to "nationalize" the road by purchase
ham & Atlantic claims that these six assets items of the remaining common stock, as a plausible scheme
to enrich "bankrupt promoters," meaning Sir William
represent a value of $6,681,383.
Such wide discrepancies as have been noted in Mackenzie and Sir Donald Mann. The Minister of
this, a fairly representative case, are somewhat Finance managed to find in the past speeches of
staggering to the layman, the outsider and the in- opposition abundant authorization for his policy. To
vestor.
They cannot understand such differences, the charge that the country owed nothing to Mackand the result has been to add still another disturb- enzie and Mann and that, therefore, their railway
ing feature to the already complicated railroad should be snapped up without submitting questions of
equity to courts. Sir Robert Borden replied that the
situation.
The matter
of railroad valuations has long
been
Canada would not be advanced by conany man's property without a reasonable
interests of
considered by public commissions one of the necessary
fiscating
steps to be taken in the great scheme of railroad
hearing as to
To
the layman it appears now, however,
that there is no such thing as a strictly accurate
valuation.
It is pointed out that many of the items
involved are so indeterminate that they appear to
regulation.
its
value.
The Prime Minister charged Sir Wilfrid Laurier
with bringing upon the country the present harvest
had not considered
linking up the Eastern Grand Trunk with the Westrest for their accuracy on the "opinion" of the ern Canadian Northern before committing the counobserver or estimator, and that, before the end is try to the building of the Grand Trunk Pacific and
reached, the difference in "opinion" between two the National Transcontinental.
No one anticipated,
of
course,
that in these hay-making hours before the
observers, each of whose opinions is entitled to equal
weight with the other, might easily amount to a sum parties go to the country either side would modify
money
equal to our entire national debt as
at least, before the Liberty Loan.
of
it
was,
THE INCOME AND BUSINESS PROFITS TAX
IN CANADA.
Ottawa, Canada, Aug. 16.
Although Parliament and the country accepted
some Vv^eeks ago what seemed a very clear inference
of the Minister of Finance, that the Business Profits
Tax came
to an end with 1917,
of the Minister, "it
and that,
in the
words
was not the intention to renew"
of railwaj^ troubles in that he
position.
The Liberal group has recorded its
opinion by a resolution naming the Canadian Northern a defaulter under the terms of the 1914 Federal
Loan Act, and calling for foreclosure bj^ the regulation method, which would automatically reduce the
common stock value to zero.
The Minister of Finance has been able to introduce
some new evidence increasing the Canadian Northern's assets.
The expert of the investigating commission, said Sir Thomas White, has overlooked certain
items in his inventory, so that the assets and liabilities
its
—
AUG, 18
as published
THE CHRONICLE
im.
were not accurate.
The, Minister men-
tioned the following as missing from^previous
C ana-
dian Northern balance sheets as given out by Government auditors: 3,000,000 acres of land; deferred pay-
ments on lands sold amounting to $7,000,000 and
$2,400,000 in the land sales trust account. Another
item not included in the Drayton-Acworth report
was working capital of $25,000,000 and current accounts amounting to $7,800,000.
"We do not admit
that the stock is worth the difference between the
Sir
assets and liabilities" added the Minister.
William Meredith, Chief Justice of Ontario, will be
the Government's arbitrator.
The opinion of the President of the Canadian
Northern, Sir William Mackenzie, as to the value of
the common stock of $60,000,000 is far from obscure.
Asked what price he expected to get for it, he
answered:
"At least par." The Government's
majority commissioners took the view that the stock
represented no cash investment and was absolutely
valueless.
The reason why the Canadian Government proposes to retain the corporate entity of the Canadian
Northern Railway Company and its subsidiaries has
two sides. The country wants no more nationalization if it carries the penalty of political management.
Secondly, the Canadian Northern has in addition to
a large funded debt, a considerable short term and
floating indebtedness totalling $98,000,000.
Should
the
Government expropriate the physical
would be obliged to find the money
to
assets, it
meet the
aforementioned debts and, should it fail, the creditors
would be able to appoint a receiver and collect the
principal.
The chance of such a catastrophe had to
be guarded against by every means. Under the
Government plan, the companies will continue to
finance as companies and will find their own money
for rolling stock, etc.
PIG IRON PRODUCTION IN THE U. S. IN
FIRST HALF OF 1917.
The American Iron and Steel Institute has published the statistics showing the make of pig iron in
the United States in the first half of the current
calendar year. These indicate that the output has
been maintained at a high level, but that nevertheless
there has been no further expansion notwithstanding
the stimulus afforded by the further advance in
prices.
The demand of course has continued unabated and it has been impossible for the furnaces to
turn out enough iron to meet the inquiry. The Iron
and Steel Institute makes the product for the first
half of 1917 19,258,235 tons as against 19,815,275
tons in the second half of 1916 and 19,619,522 tons
in the first half of 1916.
The monthly compilations of the trade papers
the "Iron Age" of this city and the "Iron Trade Review" of Cleveland had made it evident that output
was not keeping pace with demand, was in fact fail-
—
up with the maximum of past records
reached last autumn. The failure of the furnaces to
maintain their best previous record was not however
due to lack of growth in furnace capacity but followed
rather as a result of untoward circumstances and
conditions.
Shortage of coke and at times of other
raw materials played an important part in restricting
output, while in February at least bad weather also
played its part in curtailing production. According
to^the recordsof the "Iron Age" (which do not include
ing -to keep
,
small
amount
of
651
duct in January was 3,150,938 tons; in February
2,645,247 tons; in March 3,251,352 tons; in April
3,334,960 tons; in May 3,417,340 tons and in June
3,270,055 tons. But the monthly totals do not
furnish an absolutely reliable test of the course of
production, since the number of days in the month
varies, though it is well enough to note that none of
the monthly ^j'^totals, whatever the number of days,
comes up to the 3,508,849 tons produced last October
October being a full month of 31 days. The
average production per day for the different montns
shows more^conclusively the downward trend in the
rate of output.
Last October this daily output, according to the figures of the "Iron Age, "was 113,189
In February 1917 it was 94,473 tons per day:
tons.
from this there was an increase to 104,882 tons in
March and to 111,165 tons in April; in May there
was a decline again to 110,238 tons per day and in
June a further decline to 109,002 tons.
As far as prices are concerned the further advance
in the first half of 1917 was prodigious.
Thus No. 2
Philadelphia which in 1916 had risen from $19 75
to $28 50, by the end of June 1917 stood at $50 75;
No. 2 Valley furnace which in 1916 had risen from
$18 50 to $31 00, got up to $53 00 in June 1917; No.
2 Southern at Cincinnati after rising in 1916 from
$17 90 to $25 90, moved up to $47 90 in June 1917,
and No. 2 Birmingham, which in 1916 had risen
from $15 00 to $23 00, was quoted at $45 00 at the
end of the first half of 1917. There have been still
further advances in all cases thus far in the sfecond
half of the year.
Bessemer pig iron at Pittsburgh,
after ri^ng in 1916 from $21 95 to $35 95, jumped
In like manner Gray
to $55 95 the first half of 1917.
Forge iron at Pittsburgh was quoted at $47 95 in
June this year against $29 95 in December 1916 and
$18 45 on Jan. 5 1916.
That the aggregate output for the half year should
have failed to increase in face of such extraordinary
prices is evidence that circumstances and conditions
retarding the growth were too strong to be overcome. We may suppose, too, that production in
the last half of the year will be governed by much
the same considerations. The drawbacks, however, do not appear to have been equally pronounced
in the various different sections of the country.
The South, for instance, seems to have suffered relatively less, and some of the Southern regions actually
succeeded in enlarging their output at a time when
other producing regions were suffering a decline.
For example, Pennsylvania is credited with a
production of 8.286,076 tons the first half of 1916;
8,220,208 tons the second half of 1916 and with
only 7,790,514 tons the first half of 1917. Similarly
the product of New York in the three* successive
half years was respectively 1,214,037 tons, 1,138,498
In like manner the record
tons and 1,118,482 tons.
of Illinois for three respective half years stands at
—
X
1,984,360 and 1,810,137 tons and for
Ohio 4.250,790 tons, 4,352,105 tons and 4,269,708
tons.
V\^hen we come to the Southern States, howThus the record for
ever, the showing is different.
1,938,152,
Alabama
for the three respective half year periods
tons, 1,396,157 tons and 1,494,479
Kentucky, West Virginia and Mississippi
combined it is 268,859 tons, 285,731 tons and 282,548 ton.^; and for Tennessee it is 162,009 tons,
193,365 tons and 201,296 tons. It should be stated
that Indiana and Michigan also have a good record
charcoal iron produced) the pro- of growth, the^output^in thoseJtwoj^tates for._^the
is
1,366,728
tons; for
THE CHRONICLE
652
three half year periods having been 1,073,708 tons,
1,147,940 tons and 1,200,122 tons.
AND NET EARNINGS
RAILROAD GROSS
FOR
JUNE.
Rising expenses are
still
the most conspicuous
feature in the returns of earnings of the steam railroads of the United States. The expansion in the
gross revenues
is
of sufficient
some improvement
magnitude to leave
in the net,
notwithstanding the
large augmentation in expenses, but there is nothing
in the result to crow about, seeing that the roads
by reason of the constant growth of new capital
requirements have an increased capitalization, in
the shape of stock and bonds, on which to earn a
return.
Stated in brief there is an increase in the net
earnings for June as compared with the correspondi ng month last year of $10,474,211, but that is not a
verj^ great amount considering the extent of the gain
In fact it is all that is left out of an adin gross.
dition of nearly fifty million dollars in the gross
revenues, the exact amount of the gain in gross
having been $49,696,242. In a word there has been
a gain of 16.49% in the gross but accompanied by
an augmentation in expenses of 19.82%, leaving
therefore an increase in the net of only 10.13%.
Inc.
(
+
)
or Dec.
(—
)
%
June (455 Toads)—
Miles of road
Gross earnings
Operating expenses
1917.
1916.
242,111
S351,001,045
237,185,019
241,550
$301,304,803
197,962,988
+$49,696,242
+39,222,031
0.23
16.49
19.82
Net earnings,.:
$113,816,026
$103,341,815
+$10,474,211
10.13
Amoujit.
+561
must be admitted that comparison is with
heavily augmented totals of earnings, both gross and
It
net, last year, but too
The truth
much can be made
of that
that last year's gains were merely
a recovery of antecedent losses. The increase in
June last year reached $47,536,779 or 20.01% and
was attended by an increase in expenses of only
fact.
is
$26,593,6677or 16.52% (indicating how much less of
a factor rising expenses then were) leaving therefore
an addition to the net of $20,943,112 or 27.31%.
Only a cursory examination of the figures is required
to show how largely the 1916 gains served merely to
make good];the arrested growth, or the absolute setback, off preceding years. Thus in June 1915 the
earnings was merely trifling in
amount, being only $1,313,837, or 0.53%. In the
increase
in
gross
was much
net, then, the showing
in expenses having
better, reduction
been effected of $10,854,146,
a gain in net of $12,167,983.
But this reduction in expenses in 1915, as we pointed
out at the time, was the result of forced economies,
expenses having been cut to the bone in order to
avoid further losses in net at a time when traffic was
dwindling and railroad managers had to resort to
desperate measures to maintain net, in order to
yielding,
years at that time. The showing for June
1913 was not unfavorable in the matter of the gross
earnings, there having been an increase of $16,873,448, or 6.95%, but unfortunately it was attended by
many
an augmentation in expenses of $17,012,420, or
10.21%, thus actually leaving a small loss in net
$138,972.
In June 1912 there were moderate gains in both
gross and net, namely $14,579,115 in gross and
84,534,151 in net; but this followed $6,519,626
decrease in gross and $4,443,183 decrease in net in
Nor was the
satisfactory.
The
June 1910
gain in the gross was
entirely
reaching
enough,
large
$27,805,640, but only $3,129,346 of this was carried forward as a gain in net. In
June 1909 the comparisons were extremely good, but
June 1911.
exhibit
for
that represented wholly a recovery, or rather a partial
recovery, of the tremendous losses sustained the year
According to the figures compiled by
preceding.
the Inter-State Commerce Commission, there was in
June 1909 an increase of $26,309,748 in gro.=s and an
increase of $14,357,535 in net.
In June 1908 there
were losses of large magnitude,
being the period
following the panic of 1907.
Our compilation at the
time showed $26,987,858 decrease in gross and
$4,557,091 decrease in net; but this covered only
147,436 miles of road. A somewhat fuller statement,
made up so as to include a considerable body of roads
which had furnished returns of gross but not of net,
covered 178,960 miles, and showed a decrease in
gross earnings at that time of no less than $33,126,When giving our final compila964, or 18.47%.
tions, we estimated that for the entire railroad system of the country the loss in gross earnings for the
month of June 1908 must have been $46,000,000 and
the loss in net $10,000,000.
It is not until we go
back fully ten years or to 1907 that we meet with
really encouraging exhibits.
It is the exact truth to
say that prior to 1908 the course of earnings was
steadily upward for a whole decade, and we had an
uninterrupted series of increases, both in the gross and
in the net.
In the following we furnish the June
comparisons back to 1897. For 1909, 1910 and 1911
we use the Inter-State Commerce totals, but for
preceding years we give the results just as registered
by our own tables each year a portion of the railroad mileage of the country being always unrepresented in the totals, owing to the refusal of some of
the roads in those days to furnish monthly figures
it
—
for publication.
therefore,
avoid a further impairment of their credit. Going
back yet a year further to June 1914, we find that
in that year there were very substantial losses in both
The loss in the gross then amounted
gross and net.
to $10,355,877, or 4.30%, and notwithstanding
greater or smaller efforts to reduce expenses which
were crowned with a fair measure of success, this loss
in gross was only partly overcome, and net earnings
—
also registered a decline
6.60%.
[Vol. 105,
As a matter
in
amount $4,678,524,
of fact, the
or
June returns were
This was
concerned,
particularly true as far as the net was
rising expenses having been an adverse feature for
poor or indifferent, even before that.
Net Earnings.
Gross Earnings.
Year.
Year
Year
Given.
Preceding.
June.
Inc.
(+)
Decrease^
or
—
).
Year
Given.
——
Year
Inc. ( ) OT
Preceding Decreased ).
S
$
1897..
1898..
1899..
1900..
1901...
1902...
1903...
1904...
1905...
1906...
1907...
1908...
1909...
1910...
1911...
1912...
1913...
1914...
1915...
1916...
1917...
48,680,992 47,044,545 + 1,636 ,447 14,371,918
50,274,300 46,902,366 + 3,371 ,934 14,943.497
55,978,068 48,136,823 + 7,841 ,245;i7,855,957
67,883,647 60,652,419 + 7.231 ,228 21.843,152
78,026,161 72,941,846 + 5.084 ,315126,223,611
82,996,635 76,865,429 + 6,131 ,206 26.679.487
81,053.177 70,435,646 + 10,617 ,531)23,988, 925
87,298,783 86,656,352
+ 642 ,431 '26,894,483
92,831,56
84,537,809 + 8,293,,758 127, 567.407
100.364,722 90,242,513 + 10,122 ,209 31,090.697
132,060,814 114,835,774 + 17,225,,040 41,021,559
126,818,844 153,806.702 —26,987,,858 41,818.184
210,356,964 184,047,216 + 26.309 ,748174,196,190
237,988,124 210.182,48 + 27.805 ,64077, 173,345
231,980,259 238,499,885 —6,519 ,626:72,794,069
243,226,498 228,647,383 + 14,579 ,115|76,223,732
259,703,994 242,830.546 + 16.873 ,448176.093,045
230,751,850 241,107,727 —10,355 ,877 66,202,410
248.849,716 247,535,879 + 1,313 ,837 81.649,636
285,149,746 237.612,967 + 47.536 ,779|97, 636,815
351,001,045 301,304,803 + 49,696 .242lll3 816026
—
13,120.127
14,045,315
14,068.508
19,666,585
23,318,642
25,4.55.584
22,105,804
24.594,095
26,391,704
27,463,367
36,317,207
46,375,275
59.838,655
74,043,999
77,237.252
71,689,581
76.232,017
70,880,934
69.481.653
76,693,703
103 341815
+ 1 251,791
+ 898,182
+ 3 787,449
+ 2 ,176,567
+ 2 904,969
+ 1 .223,903
+ 1 882,121
+ 2 300.388
+ 1 ,175,703
+ 3 627,330
+ 4 704,352
557,091
+ 14 357,535
+ 3 129,346
443,183
+ 4 5.34,151
138.972
678.524
+ 12 167.983
+ 20 943,112
+ 10 474,211
Note.
In 1896 the number of roads included for the month of June was 121; In
1897, 106: In 1898, 116; in 1899, 95; In 1900, 99; in 1901. 94; in 1902. 94; In 1903,
86; in 1904, 80; in 1905, 77; in 1906. 80; In 1907, 84; in 1908 the returns were based
on 147,436 miles of road; in 1909. 234,183; In 1910. 204,596; in 1911, 244,685; In
1912, 235,385; in 1913, 230,074; in 1914, 222,001; In 1915, 240,219; in 1916, 226,752;
in 1917, 242,111.
no longer Include the Mexican roads or the eoal-minlng
operations of the anthracite coal roads In our totals.
For 1909, 1910 and 1911 the flgtires used are those furnished by the Inter-State
We
Commerce Commission.
.
AUQ.
18 1917.
.
THE CHRONICLE
Examination of the returns of the separate roads
shows that, as in the month preceding, the augmentation in expenses the present year was more of a
feature with roads in the Eastern half of the country than with those in the Western half.
Not a few
of the latter are able to show very satisfactory improvement in net as well as in gross. It is not well,
however, to draw very confident conclusions from
the June comparison standing by itself. In the past
June has been the closing month of the fiscal year,
in which month therefore considerable adjustments
of expenses were usually made in order to make the
footings for the twelve months tally with the results
for
the year.
These adjustments would vary
greatly as between one year and another, yielding
in the current year it may be a credit and the next
year a debit. Now, however, the fiscal year has
been changed so as to correspond with the calendar
year and therefore on the present occasion there
was no need for any adjustments.
Just what effect the absence of such adjustments
in any given case may have had on the comparison
only the officials of the companies themselves can
tell, and perhaps even they would first have to make
653
Most conspicuous, however,
for enlarged expendi-
tures are such typical systems as the Pennsylvania
and the
New York
Central.
The Pennsylvania,
not-
withstanding the huge gain of $4,929,681 in gross,
registers $57,789 decrease in net.
This is the result
for the lines directly operated east and west of
Pittsburgh.
Including all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the showing is a little
better, but even then, with a gain of $5,897,366 in
gross, the improvement in the net amounts to only
$122,486. The New York Central, with an improvement of $2,374,513 in gross, has suffered a decrease
of $62,334 in net.
This covers merely the New
York Central proper. Including the various auxiliary and controlled roads, the whole going to form the
New York Central System, the amount of the gain
in the gross is increased to $4,419,995, out of which
only $205,612 has been saved for the net.
In like
manner the Baltimore & Ohio, with $927,357 gain in
gross, has $335,452 loss in net, and the Erie, with
In
$798,548 gain in gross, loses $77,379 in the net.
the New England States the New York New Haven
Hartford, with $323,726 increase in gross, suffers
&
a special investigation. It is safe to say, however, $226,953 decrease in net, and the Boston & Maine,
that in more than one instance this circumstance with $290,463 increase in gross, loses $543,649 in
has played an important part in affecting the com- net. The Lehigh Valley is an exception to the rule^
parisons,
A conspicuous instance of that kind would having added $884,341 to gross and also $278,363 to
appear to be the case of the Milwaukee & St. Paul. the net. In the following we bring together all
Last year in June with the roads generally regis- changes for the separate roads for amounts in excess
tering conspicuous gains in net and gross alike, this of $100,000, whether increases or decreases, and in
system proved an exception to the rule with no both gross and net.
less than $1,352,876 gain in gross it fell $823,809
PRINCIPAL CHANGES IN Q ROSS EARNINGS IN JUNE.
IncTCdscs
ItICT €Q,S€S
behind in the net. It is therefore no surprise to Pennsylvania - . .o$4 ,929 ,681 Denver & Rio Grande...
1290,355
Southern Pacific
2,508,854 Buffalo Roch& Pittsb..
288,972
find for the present year that with only $246,821 Chicago Burl & Quincy- - 2 ,377 .829 Internat'l & Great Nor. .
281 ,202
&2,374,513 Colorado & Southern...
New York Central.
280,261
gain in gross the addition to the net has been $479,- Union Pacific
cl, 997 ,499 Virginian
272,031
1,874,628 Yazoo & Miss Valley
Atch Topeka & S Fe
260,389
1,707,168 Chicago Milw & St Paul.
125.
Northern Pacific
246,821
Chicago & North West.
1 ,600,020 Toledo & Ohio Central..
235,403
1,378,911
Pacific
Railway
Western
230,296
Southern
But aside from this system Western roads gen1,377,952 Elgin Joliet & Eastern..
215,989
Great Northern
1,273,664 Mobile & Ohio
213,508
erally are able to render strikingly good returns, Illinois Central
—
•
& Nashville. -Philadelphia & Reading.
Louisville
both as to gross and net, for the month of June.
The Union Pacific with $1,997,499 gain in gross
has added $978,984 to the net; the Southern Pacific
with $2,508,854 gain in gross has added $1,355,393
to net; the Northern Pacific with $1,707,168 increase
in gross has added $1,094,810 to net and the Great
Northern with $1,377,952 addition to gross has in-
by $444,701. On the other hand the
North Western with $1,600,020 improve-
creased net
Chicago
ment
&
has fallen $18,560 behind in the net,
and the Rock Island with $1,052,655 addition to
gross loses $452,297 in net.
The St. Louis-San
Francisco on its part, out of $631,332 improvement
in the gross saved $519,202 for the net, and the
Atchison besides an increase of $1,874,628 in gross
reports $734,852 increase in the net; the Ilhnois
Central has added $1,273,664 to gross and $309,600
to
in gross
net.
In the South there are one or two systems distinguished in much the same way and particularly the
Southern Railway, which has enlarged its gross by
$1,378,911 and its net by $489,212. Of a totally
different character, however, are the returns of the
Norfolk & We.^tern, the Chesapeake & Ohio and the
Atlantic Coast Line.
The first mentioned, with an
improvement of $605,463 in gross, falls $171,246
behind in net; the Chesapeake & Ohio, though having
$402,585 gain in gross, is obliged to report $306,924
loss in net, and the Atlantic Coast Line records a
decrease of $82,116 in net, notwithstanding $595,281
addition to gross.
MinnStPaul&SSM...
Chic R I & Pac Lines
Baltimore & Ohio
Lehigh Valley
Delaware Lack & West..
Mo Kansas & Texas
Erie
Phila Balto & Wash
Cleve Cine Chic & St L..
St Louis — San Francisco
Norfolk & Western
Atlantic Coast Line
Chicago & Eastern 111...
Michigan Central.
Delaware & Hudson
Chesapeake & Ohio
Pittsburgh & Lake Erie. .
Wabash
MinnStP&SSM
Seaboard Air Line
Chicago & Alton.
Central of New Jersey. N Y N H & Hartford
Texas & Pacific
N Y Chicago & St Louis.
Boston & MaineCentral of Georgia
1,206,551
1,077,638
1,053,164
1,052,655
927,357
884,341
839,870
812,937
798,548
666,488
645,740
631,332
605,463
595,281
481 ,292
453,948
443,200
402,585
391,112
389,458
374,690
374,551
350,110
328,337
323,726
301,661
299 104
290,463
290,445
,
Hocking Valley
Term RR Ass'nof StL..
Spokane Port & Seattle..
Chic St Paul Minn & Om
Cine New Orl& Tex Pac.
Chicago Great Western.
Kansas City Southern...
Cumberland Valley
El Paso & Southwestern.
Nash Chatt & St Louis. .
DuluthMlssabe& Nor..
Pere Marquette
Wheeling & Lake Erie...
Alabama Great Southern
New Orl Tex & Mexico..
Los Angeles & Salt Lake.
Lake Erie & Western
Rich Freds & Potomac.
Chic Terre H & S E
Maine Central
Western Maryland
Minneapolis & St Louis. .
New Orl & Northeastern
Cine Ham & Dayton
196,663
196,451
191,350
178,375
175,742
166,181
165,100
162 ,496
147,478
1 37 165
134,517
134 ,222
128,646
127 ,280
126,799
124,468
118,435
117,598
112,530
111,175
108,426
104,698
103,864
101,783
,
Representing 75 roads
in our compilation.. $46, 879,435
I)€CT€(lS€t
Pitts
Shaw & Northern.. $106,114
PRINCIPAL CHANGES IN NET EARNINGS IN JUNE.
Itict CCISCS
•
Increases.
$1,355,39.3 Term RR Assn of St L..
$133,004
Southern Pacific.
129,441
Chicago Burl & Quincy. 1,126,653 Cine New Orl & Tex Pac
1,094,810 Toledo & Ohio Central..
122,223
Northern Pacific
1,074,085 Colorado & Southern
114,282
Missouri Pacific
c978 ,984 Central of Georgia
110,151
Union Pacific
734 ,852 Wabash
108,566
Atch Topeka & S Fe
525,542
Missouri Kansas & Texas
519,202
Representing 31 roads
St Louis San Francisco
489,212
in our compilation.. $12, 600,682
Southern
479,125
Chic Milw & St Paul
DcCTCdSBS
444,701
Northern
Great
309,600 Boston &Mame.
$543,649
Illinois Central
308,729 Chic R I & Pac Lines
4,52,297
Delaware Lack & West..
Baltiniore
Ohio
293,544
&
335,452
Texas & Pacific
Ohio
281,696
Chesapeake
&
306,924
Mexico..
&
Tex
Orl
New
280,512 N Y N H & Hartford
226,953
Internafl & Great Nor..
278,363 Norfolk & Western
171,246
Lehigh Valley
Iron
Range
L..
241,323
Duluth
&
St
150,472
Cleve Cine Chic &
Central
186,519
Michigan
149,388
Marquette
Pere
164,367 Denver & Rio Grande
122,783
Hocking Valley
148,215 Western Maryland
114,712
Spokane Port & Seattle..
145,824
Union
(Pa)
Eastern..
101,372
Elgin Joliet &
145,505
Phila Balto & Wash
Representing 11 roads
140,318
V irglnian
in our compilation.. $2,675, 4
135,941
Western Pacific
—
Thpse figures are furnishad by the company.
All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, wo have combined the sopara t
roads so as to make the results conform as nearly as possible to those giv e
in the statements furnished by the companies themselves.
e
2Vo(e.
—
THE CHRONICLE
654
o This is tho result for Uio I'enusylvania ItH.. togcthor with the I'oimsylvania Ci/mpany and tho I'lttsburgh Cincinnati Chicago & St. Louis, the
I'cnnsylvaiii.i RR. roi)OrtinK $2,812,967 Increase, the Pennsylvania Ctrmpany .990."). Ksn gain and the 1'. C. C. & St. L. $1,210,834 Kain. Including
all lines owned and controlled which make monthly return.s to the interstate Commerce (;ommi.ssion, the result is a gain of .$.5,897,366 In gross
and a gain of .«]22.486 in vi-l.
b These figuiiss cover merely the operations of the New York Central
It.self.
Including tho various auxiliary and controlled roads, like the
Michigan Central, the "Big Four." &c.. the whole going to form tho
New York Central System, the result is a gain of $4,419,995 In gross and a
gain of
$20.''>,612 in net.
These
c
fiijurcs are
furnished by the company.
[Vol. 105.
showed an increase of no less than S14,806,058 or
22.76%. However, the July 1916 comparison was
with poor results in the years preceding. Thus for
July 1915 there was a falhng off of S7, 283, 605 or
10.11% and for July 1914 our early aggregates
In
registered a falhng off of $4,061,048 or 5.22%,.
improvement came after
these substantial decreases in the two years immelocation, the fact that the rising cost of operations is diately preceding.
Previous to 1914 July had a
affecting the Eastern roads more severely than the record for moderate gains in earnings for many
Western roads is again strikingly emphasized. For years back. Thus, in July 1913 our early statewords
other
Arranging the roads
in
while every one of the geographical divisions records
improvement in gross, the two Eastern groups the
one comprising the roads in the New England States
—
and the other those
—
^are
in the Eastern
and Middle States
Our sum-
obliged to record decreases in net.
mary by groups
is
as follows:
SUMMARY BY GROUPS.
Section or Group.
jfin^
Group 1 (16 roa(is) New England
Group 2 (83 roads) East & Middle
Group 3 (52 roads) Middle West
Groups 4 & 5 (92 roads) Southern
Groups6& 7 (71 roads) Nortliwest...
Groups8& 9 (94 roads) Southwest.-,
Group 10 (47 roads) Pacific Coast
Total (455 roads)
1917.
s
14,685,287
98,207,907
42,830,138
43,368,522
79,682,790
51,717,894
20,508,507
Gross Earnings
1916.
Inc.( + )orDec.{
%
S
Group No. 1
7,246
Group No. 2
29,371
Group No. 3
21,927
Groups Nos. 4 & 5. _ 41,873
Groups Nos. 6 & 7.- 68,170
Groups Ncs. 8 & 9.. 56.883
Group No. 10
16,641
).
'7'
1917.
S
7,250
29,380
21,972
41,654
67,969
56,875
16,450
I. Includes all ol
3,758,840
28,564,131
13,4.35,.577
13,437,872
28,951,424
16,814,395
8,853,787
the
Oroup II. Includes all of New York
of Pittsburgh and Buffalo; also all of
New England
States.
and Pennsylvania except that portion west
New Jersey. Delaware and Maryland, and
Oroup III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
V.
combined include the Southern States south
ol the
Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota. Wisconsin. Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of W»*lngton, Oregon, Idaho,
and Arizona and the western part of New Mexico.
Gross Earningt.
Mileage.
1916.
i.'Inc.( + )orDec.{r-)
*7
S
$
4,559,512
—800,672 17.56
—322,051 11.16
28,886,182
12, 193,882y"+l,241,6y5 10.18
12,645,260-.? +792,612 6.27
24,934,776 .+4,016,648 16.11
12,673,314 i +4,141,081 32.66
7,448,889 -4+1,404,898 18.87
the extreme northern portion of West Virginia.
Groups IV. and
of $4,027,892, or 5.57%, and
gain
of $5,881,771, or 9.01%.
In
1912
a
in July
July 1911 the increase by our preliminary statement was $2,149,002, or 3.39%. In July 1910 the
If we should
increase was $5,247,226, or 9.02%.
extend the comparisons still further back, we would
find an almost uninterrupted series of increases for
a long time, the only prominent exception being in
1908, when there was a heavy loss, owing to the
great industrial depression prevailing at that time,
We annex a summary
following the panic of 1907.
of our early July totals back to 1896.
ment showed a gain
Net Earnings
1916.
..242,111 241,550 113,816,026 103,341,815 +10,474,211 10.13
Orouv
year's
351,001,045 301.304,803 +49,696,242 16.49
1917.
NOTE.
—
13,837,197
+848,090 6.°12
85,973,062 +12,234,845 14.23
36,818,768
+6,011,370 16.32
36,225,035
+7,143,487 19.72
67,621,965 +12,060,825 17.84
43,171,036
+8.546,858 19.80
17,657,740
+2,850,767 16.14
Mileage
Total...
last
groups according to their
California,
Nevada, Utah
Given.
Roads Miles.
126
93,193
122
98,605
126
90.942
111
94,980
99
93,573
88
91,846
79
94,718
75
97,910
67
85.558
55
75,398
68
96,484
65
97,152
53
82,225
52
78,680
88,593
50
49
89,573
44
89,717
48
90,307
48
92.909
46
89,704
44
92,611
40
91,540
Year.
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
Jan
In the preceding article we have analyzed the
gross and net earnings of United States railroads
In the present article we
for the month of June,
deal with the preliminary returns for the month of
July, but relating only to the gross, since it is too
early to have any information as to expenses and net
earnings so soon after the close of the month. The
results are authority but for one conclusion, making
it apparent that whatever may be the showing as
to the net, the gross revenues continue to expand in a
very noteworthy fashion. Only a small percentage
of the mileage of the country is represented in these
early compilations, which comprise also the three
leading Canadian systems, but in the past the result has reflected quite accurately the character of
the comparison for the railroads system as a whole.
Our table covers 91,540 miles of road and on this
mileage the increase amounts to $10,781,757 or
13.84%. What emphasizes the importance of the
present gain is that it follows an even larger gain
In other words
in the same month of last year.
in July 1916 our early statement, comprising substantially the same roads as are now represented.
(
or
Year
1 to
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906...
1907
1908
1909
1910
July 31.
121
90,918
120
125
108
19U
RAILROAD GROSS EARNINGS FOR JULY.
Increase
July
1912
1913
1914
1915
1916
1917
99
85
78
75
67
54
68
65
53
51
50
48
44
48
48
46
44
40
Year
In-
Preced. cr'se.
Miles.
%
Year
Year
Given
Preceding.
8
39,923,091
43,055,387
39,401,085
49,779,446
48,884,012
52,849,645
61,197,348
69,395,816
54,602,603
50,144,735
Decrease
(
+
—
S
+ 1.4^18,997
+ 1,999,181
+ 579,026
+ 7,154,071
+ 2,798,468
+ 6,515,026
+ 4,347,381
+ 7,414,895
)
)
%
92,413
95.286
90,417
93,906
90,528
89,891
92,947
96,049
83,243
73,629
94,276
96,231
80,944
77,193
85,507
87,624
88,008
88,321
91,304
88,140
90,837
90,292
0.84
90,118
94.729
90,395
93,530
90,528
86,419
92,802
96,049
83,243
73,372
94,276
96,231
80,944
76,170
85,507
87,300
88,008
88,321
91,304
88,140
6.65
0.88 254,840,255 238,948,747
1.38 274,635,194 272,821,160
0.66
11.68
0.58 276,240,565 247,351,746
7.68
1.14 321,435,882 298,502.817
12.41
3.36 336,441,873 299,297.422
10.14
2.03 317,871,965 288,590.907
8.38
1.91 400,633,078 369,655.341
13.29
1.93 462,741,784 408,483.911
1.73
2.78 .365.668,378 372.108.5.50
6.75
2.42 334,014.442 312,876,815
15.56
2.34 541,466,463 468,552,630
0.95 592.730,696 537,562,604+55,168,092 10.24
1.58 .361,745,084 436.752,181;— 75,006,497 17.18
1.90 346,539,778 311,855,551! +34,684,227 11.12
3.61 437,424,445 377,461 .389; +59,963,0.56 15.90
2.26 439,009,431 434,380,212 + 4,629,219 1.07
1.94 467,423,390 4.34,848,109 + 32,575,281 7.49
2.25 511,672,156 466,752,751 + 44,919,405 9.62
1.76 481,901,747 514,197,618 —32,295.871 6.30
1.77 428,064,832 467.801,078 —39,736,246 8.28
1.95 527,255,774 421,333,711 + 105922063 25.11
1.38'583,656,397 511,928.199' +71,728, 198'13.91
96,048
90,290
94,604
93.573
88,374
94,573
97,910
85,558
75,141
96,484
97,152
82,225
77,616
88.593
89,249
89,717
90,307
92,909
89,704
92.611
90.8.37
91, .540
90.292
1.38
0.58
1.14
3.36
2.17
1.91
1.93
2.78
2.42
2.34
0.95
1.58
1.93
3.61
2.24
1.94
2.25
1.76
1.77
1.95
1.38
81, .578,288
90,308,407
56,560,742
53,904,004
63,504,951
65,753,422
71,146,5.56
76,369,850
73,420,804
64,741,032
79,888,291
88,707,336
38,504,094
41,056,206
38.822.059
42,625.375
46.085,544
46,334,619
56,849.967
61.980,921
55,607,185
46,659,292
71,186,181
80,982,305
67,803,094
49,721.071
58.257,725
63,604,420
65,264,785
72,341,958
77,481,852
72,024,637
65,082,233
77,925,579
—1,004,582
+ 3,485,443
+ 10,392,107
+ 9,326,102
— 11,242,352
+ 4,182,933
+ 5,247,226
+ 2,149,002
+ 5,881,771
+ 4,027,892
—4,051,048
—7,283,605
+ 14,806,058
+ 10,781,757
+ 15.891,508
+ 1,814,034
+ 28,888,819
+ 22,933.065
+ 37,144.451
+ 29,281,058
+ 30,977,737
+ 54,257.873
—6,440,172
+ 21,137,627
+ 72,913.833
3.68
4.86
1.49
16.78
6.07
14.06
7.64
11.96
1.80
7.47
14.60
11.52
16.5-/
8.42
9.02
3.39
9.01
5.57
5.22
10.11
22.76
13.84
—
Note.
Neither the earnings of the Mexican roads nor the mining operations
of the anthracite coal roads are Included In this table.
Another fact should be remembered with reference
to the gain in revenues the present j^ear.
entirely
growth
that
in their
is,
It reflects
in the general business of the roads
merchandise and general freight and
in their passenger traffic.
As
far as the
of the leading staples are concerned,
movements
there was a
shrinkage in the Western grain movement and also
a shrinkage in the Southern cotton movement. The
wheat at the Western primary market for
the four weeks ending July 28 were only 9,330,000
bushels, against no less than 28,730,000 bushels in
the same four weeks of last year; of corn, 13,807,000
receipts of
bushels against 17,312,000; of oats, 14,741,000 bushels against .17,243,000; and of barley 1,728,000 bushels against 6,673,000 bushels.
Adding rye, the receipts of the five cereals for the four
weeks
this year
were only 40,154,000 bushels, again.st 70,527,000
bushels in the four weeks of 1916.
The details of
the Western grain movement in our usual form appear in the following:
J
•
Aug.
THE CHRONICLE
18 1917.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
end July 28.
Chicago
1917
1916
Flour,
—
Milwaukee
ibbls.)
—
1917
1916
Si. Louis
1917
1916
—
Toledo
—
—
1917
1910
Wheat,
Corn,
(bush.)
(bush.)
Oats,
(bush.)
Rye.
Barley,
(bush.)
(bush.)
402.000
503,000
970,000
2,897,000
5.0SO.00O
9.912.000
7,468,000
7,662.000
558.000
2,068.000
342,000
148,000
104.000
234.000
208,000
295,000
1.019,000
426,000
1.468,000
2,223,000
380,000
943,000
60,000
58.000
195.000
288,000
1,725,000
3,840,000
1,565,000
1,214,000
1,907,000
1,411,000
28,000
7,000
13.000
31,000
62.000
341,000
78,000
185,000
53,000
129,000
.
1917
1916
23,000
27,000
74,000
77,000
53,000
286,000
179,000
263,000
1917
1916
20.000
42.000
2,000
60,000
127.000
179,000
153,000
294.000
2,000
1,000
12,000
20,000
79.000
147.000
132,000
231.000
2,396.000
2,999,000
1.026,000
836,000
216,000
107,000
8,000
39,000
251 .000
3.526.000
1,000
8,000
326,000
34,000
951,000
6,000
120,000
2,516,000
7,468,000
241,000
300,000
625.000
2.983.000
510,000
2,596,000
107,000
153,000
2,982,000
7,291,000
504.000
1.115.000
591 .000
212,000
Peoria
—
1917
1916
Dulvth
1917
1916
Minneapolis
1917
1916
—
.
—
.
.
Karu^as City—
.
1917
1916
Omaha
-
—
.
1917
1916
408.000
2.704,000
-
Total of All
2,743.000
696,000
823,000
1,241,000
Jan. 1 to July 28.
Chicago
1917
5,964,000
1916
5,433,000
9,330,000
28,730,000
20,815,000
41.119.000
548,000
569,000
13,807,000
17,312,000
14,741,000
17,243,000
50.011,000
61.795,000
59.459.000 10,580,000 2,473,000
76,095,000 1,847,000 2,382.000
1,728,000
6,673,000
Milwaukee
8,438.000
6.156.000
13,214,000
20,016,000
18.197.000
19,958.000
14.900.000
12.549,000
14.450,000
8,958,000
1,2(9,000
2,866,000
1,827,000
2,504,000
1,350,000
1,532,000
M.
1
1,318 ,678 Chicago Great Western.
1,130.000 Toledo St L & Western.
770,000 Minneap & St Louis
684,419 Chicago Ind & Loirisv..
472,929 Atlanta Birm & Atl
Missouri Pacific.
Grand Trunk (4 roads) . .
Canadian Northern
Groat Northern
Missouri Kansas & Texas
Yazoo & Miss Valley
&
Buffalo Roch
.399 ,130
469,765
312,001
298,580
244,516
231,000
212,297
194,199
151.332
Pittsb..
Pacific
.
al04,298
83,813
76,392
60.458
55,608
55,169
47,933
45,906
46,100
35,893
34,778
.
Texas & Pacific
Duluth So Sh & Atlantic
Denver & Rio Grande. .
Ann Arbor
Denver &
Salt
Lake
Representing 31 roads
in our compilation. .$10,684,234
To complete our
7.020,00)
842,000
9,713.000 1.330.000
we
analysis
furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups from which the course of earnings
in any particular case can be definitely traced.
EARNINGS OF SOUTHERN GROUP.
1917.^
S
Ala NO * TPAla A Vlcks.
Vlcks Sh * P
1,263,000
904,000
5,901,000
3,010,000
Grand Trunk
S S
Illinois
July.
—
—
1917
574,000
1916
927,000
Louis—
1917
2,080,000
1916
2,571,000
Toledo—
& Nashville. . .
Central
P&
Louisville
Canadian Pacific
Increases.
S;l06,027
.
$2,044,013 Minneap St
a These figures are for three weeks only.
—
1917
1916
Itictcclscs
Southern Railway
St Louis Southwestern..
Mobile & Ohio
Western Maryland
Colorado & Southern
Detroit
Cleveland—
655
1913.
1912.
$
S
$
1
1
)
Total
1914.
S
124,037
121,097
3,642,577
4,485,843
896,356
[5,299,556
402,147
7.180,600 ( 766,776
293,154
51,328
I
1,058,683
900,789
1
M
1915.
$
143,225
130,122
3,972,154
6,102,605
923.713
170.861
151.954
Cbes k. OWo.c 4,445,083
Lou AN»aliv.6 6,601,735
Mobile A Ohio 1,136,010
Southern Ry..
Al» Grt So-Cln NO*TP ^9,224,613
N
N ENorth Ala..
Yazoo A
Val 1,357,263
O*
1916.
134,216
135,607
3,264,098
4,803,643
1,098,606
5,705,119
413,616
831,499
333,636
40,938
853,191
148,815
147,320
2,923,785
4,945,042
1,059,143
5,513,213
435,651
827,100
361,559
39,323
807,829
150.045
134,439
2,801.974
4.501,175
942,925
5.454,833
374,2 60
776,818
319,616
35,995
726,167
22,987,319 18,511,102 16,983,660 17,614,169 17,208,780 16,218,247
St.
1917
1916
Detroit —
351.000
634,000
168,000
456,000
178.000
193,000
1.317.000
1,254,000
2.168.000
2.930.000
1,900,000
2,416,000
1,000
1917
1916
377,000
433,000
391,000
352.000
1.489.000
2.006,000
1,950,000
2,370,000
37.000
17.000
110,000
46,000
1917
1.074,000
1916
1,503,000
Duluth
1917
1916
Minneapolis
1917
29,000
1916
1.308.000
2,599.000
21,165,000
23,706,000
7.081.000
5,719.000
1,279.000
1,654.000
150.000
338,000
6,604.000
17,767,000
11,000
54,000
294.000
1,332.000
1.418.000
2.894,000
423,000
575,000
—
—
Kansas
City
—
1917
1916
Omaha
—
1917
1916
Total of
0,127,000
3,977,000
20.760,000
33.619.000
8,301,000
16,975,000
17,082,000
14,379,000
A
Atlantic and the Frankfort
of Indiana.
Colo
A
S
1,423,852
2,103,600
3,439,319
1,324.000
1.655.713
South.
MoK A T_a..
SW_.
A Pacific
St Louis
Texas
1916.
1917.
Denv A Rio Gr
Total
9,946,484
1917.
July.
movement in the West appears to
have been, on the whole, somewhat larger the present
year.
At Chicago the receipts for the even month
live stock
1914.
1915.
1912.
1913.
%
1,272,520
2,058.500
3,127.313
1.093,000
1,607,780
S
1,108,394
2,002,400
2,517,205
901,626
1,472,559
S
1,124,494
2,003,630
2,716,701
926,342
1,473,201
$
1,204,356
2,100,303
2,689,825
1,037,540
1,404,713
1,048,895
2,057,138
2,283,431
1,083,397
1,276,823
9,159,113
8,002,184
8,244,368
8,436,743
7,749,684
in all
$
the years and Wichita Falls line from Nov.
1915.
1916.
1
1912.
M
1914.
1913.
1912.
$
$
$
7.895.375 10,481,972 11,993,062 12.052,398
1.128,798 1,082,558 1,204,020 1,069,275
S
$
Canadian Pac. 12.925,000 11,795,000
Chic Gr West* 1.360,455 1,276,642
Dul S S A Atl.
331,025
376,931
Great North'n 8,089,011 7,619,246
Minn A St L.o
844,697
905,155
St P A S
3,102,753 2.996,726
%
i
10,276,000 133,881.000 131.579.000 120.938.000 28,258,000 5,953,000
11,060,000 205.281.000 147.631.000 145.858,000 52,538,000 7,255,000
Cincinnati,
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
3.934.000
2.034.000
8.208.000
5.080,000
A
Ohio
EARNINGS OF SOUTHWESTERN GROITP.
9,098,000 7,572,000 1,787,000
20.306.000 19.159.000 2.102,000
All—
The
A
a Includes Texas Central
48,637,000
64,498,000
8,672.000
18,239,000
1917
1916
Includes Chesapeake
July.
Peoria
—
c
26,000
1917
1916
Clenelond—
b Includes the Louisville
308,483
5,858,124
822,664
2,280,880
SM
293,357
6,840,447
784,748
2,380,785
320,849
7,694,812
742,787
2,511,124
320,143
6,468,921
738,978
2,149,897
26,759,305 24,863,336 18,294.324 21,863,867 24,466,654 22,799,612
Total
* Includes Mason City A Fort
a Includes Iowa Central.
Dodge and
the Wisconsin Minnesota
A
Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
were only 17,357 carloads this year, against 18,199
carloads in July 1916, but at Omaha they were 7,730
cars, against 6,467, and at Kansas City 13,468,
Buff Roch A P
Chic Ind A Lou
$
1.428.891
736,161
$
1.184,375
680,553
961.397
568.140
881.454
596.067
S
1,074,791
581,890
893,219
against 9,233.
Grand Trunk.
Grd Trk W. }6,001,780
5,317.361
4,497.946
4.724.017
5.042.103
4,641,868
5,842,492
96,568
483,991
969,209
4,878,826
92,026
396,568
833,177
5,396,122
114,572
402,559
712,429
5,357,908
114,299
403,984
740,658
5,097.005
109.645
289.330
567.379
of cotton overland for July 1917
DetGHAM
Canada
Illinois
were 131,883 bales, against 107,821 bales in July
1916, but the receipts at the Southern outports were
only 166,846 bales, against 219,840 bales in the same
month of last year, as will be seen by the following:
COTTON AT SOUTHERN PORTS IN JULY AND FROM
JANUARY 1 TO JULY 31 1917, 1916 AND 1915.
RECEIPT.S OF
Since January
July.
1.
Ports.
bales
Texas City, &c
New
Orleans
Mobile
Pensacola,
&c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
1917.
1916.
1915.
1917.
48,588
3,282
29,347
6,419
62,961
57,092
377
63,014
9,598
30,943
200
47,080
15,700
2,452
30,348
10,232
8,773
895.294 1,038,019 2.070.894
64.811
176,550
398.290
515.980
630, .529 1.195.700
36.334
97.939
77.364
24..533
57.260
87,3.52
211.754
389.734
932.109
81.370
90.032
1.54,700
41.793
72.390
184,589
9,191
431
13,347
6,282
19,064
Newport News, Ac
Total
1,841
1,247
1,802
19,548
2,259
1916.
101
Norfolk
2,677
20,215
9.440
191.004
3.738
84.398
33,3.500
49.419
1915.
1,857
166,977
1915.
1913.
1914.
$
S
1912.
%
544,28 ?
160,840 219,840 137,02412,076,051 3,020.537 5,742,797
far as the separate roads are concerned there is a
long hst of increases with only two minor roads re-
porting decreases of trifhng amounts.
The Southern
roads are conspicuous among those recording large
gains.
In the following we show all changes, whether
or decreases,
the separate roads for
amounts in excess of $30,000.
for
1
Atl.
J
Cent.c
7,161.170
96.015
500.383
1.163.408
TolPeoA W..
Tol St L A W.
Western Md..
17,147.808 14,574,549 12,228,080 12,827,220 13,315,633 12.142,729
Total
Southern.
c Includes earnings of Indianapolis
We now
add our detailed statement for the month
of July, comprising all the roads from which it has
been possible to procure returns for that period up to
In a second table we show the
the present time.
comparative earnings of the same roads for the
seven months to July 31.
GROSS EARNINGS AND MILEAGE IN JULY.
Mileage.
Gross Earnings.
Name
of Road.
(+)
Inc.
1917.
391.294
81.671
As
increases
1916.
1
The shipments
Galveston
1917.
July.
N
Ala
O & Tex Pac—
Ala & Vicksburg...
Vicks Shrev & Pac.
Ann Arbor
Atlanta Birm & Atl..
Buffalo Roch
&
Pittsb
Canadian Northern..
Canadian Pacific
Chesapeake & Ohio..
Chicago Great West..
Chic Ind cfe Louisville.
Colorado & Southern.
Denver A Rio Grande
Denver & Salt Lake..
A Mackinac
Duluth So Sh & Atl..
Detroit
Georgia Sou
A
Florida
$
170,661
151,9,54
274.273
308.146
1.428.891
3.844.900
12,925.000
4.445.083
1.360.455
736.161
1916.
$
143.225
130,122
238,380
252,977
1,184,375
3,834,200
11,795.000
3,972,1.54
1.276.642
680..5.53
l,423.8.'-)2
1,272,520
2.103,600
213,000
115.408
376.931
206.843
2.0.58,500
178,222
102.864
331,025
187,909
or
(— ).
Dec.
1917.
1916.
$
+27,436
+ 21.832
+ 35.893
+ 55.169
+244,516
+ 10,700
+ 1.130,000
+ 472,929
+83,813
+ .55,608
+ 151,332
+45,100
+ 34,778
+ 12. ,544
+45.906
+ 18.934
142
171
293
640
586
142
171
293
640
586
8.270
9.296
12,993 12.921
2,380 2.385
1.496 1.427
622
1.842
2.577
255
382
600
402
622
1,842
2,562
2,56
.395
605
402
THE CHRONICLE
656
Gross Earnings.
Name
Mileage.
of Road.
(+)
Inc.
1917,
S
$
Grand Trunk of Can]
Grand Trk West..
Dot Gr llav&Mill
Canada Atlantic
Grand Trunk Pacific.
S
5.317.361
?/.374,383
1/270.085
+ 104.298
8,089,011
7,161,170
6,501,735
92,467
7.619.246
5.842.492
5.102.605
90.615
844.697
+ 1.318.678
+ 1.399.130
+ 1.852
Groat Northern
Central
& Nashv
Louisville
Mineral HanKO
in neap & .St Louis.
Iowa Central
M
905,155
MinnStP&S.SM...
Mo
3.102,753
3,439,314
6,341,000
1.136,010
Kan & Texas. a..
Missouri
I'acific
Mobilo& Ohio
Nevada-Cal-Orcfjon .
32 ,.340
52.619
Rio Grande .Southern.
St Louis Southwestern
Southern Ry System.
Net
. .
923.713
39.321
43.1.39
88,707.336
77.925.579
1 1 ,046
1.6.55,713
+409.765 8,197
916
8,102
+60.458
4,766
5,070
120
1.646
4,767
5,038
119
1,646
+ 106.027
4.227
4,228
916
+312.001 3.805 3,865
+770.000 7.295 7,485
+212.297 1.100 1,122
—6.981
272
275
+9.480
180
180
+231.000 1 .753 1 .7.53
5. .'571.000
96,015
560,383
1,163,408
1.357,263
Tenn Ala & Georgia..
Texas & Pacific
Toledo Peoria & West
Toledo St L& West..
Western Maryland
Yazoo & Miss Valley.
Total (40 roads)
2.996.726
3.127.313
1.093.000
7.180.600
8.767
1.007.780
96..568
483.991
969.209
1.058.083
1,324,000
9,224,613
1916.
1917.
+684.419 4,633 4,533
6,001,780
/
Illinois
or
Dec. (—).
1916.
+2.04/1.013
+ 2.279
7.949
95
1,946
7.935
+47.933
+ 76.392
+ 194.199
247
455
786
247
4.55
+298.580
1,382
1.382
—553
+ 10,781.757
95
1.944
089
91.540 90.292
increase (1.3.84%)
a Includes Texas Central in both years.
U These figures are for three weeks only.
GROSS EARNINGS FROM JANUARY
Name
of Road.
1917.
1916.
$
N O & Tex Pacific
Alabama & Vicksburg
Vicksb Shrev & PacUic.
Ann Arhnr
Atlanta Birm & Atl
Buffalo Roch
Pittsb
1
$
TO JULY
31.
Increase.
Decreases.
%
$
Ala
cfe
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville..
Colorado
&
Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
DiUuth South Shore & Atl.
Georgia Southern
&
Pla
Grand Trunk of Canada
Grand Trunk Western.
Det Grand Hav & Milw
r Canada Atlantic
Grand Trunk Pacific
Central _.
& Nashville
—
.
..
Minneap & St Louis
Iowa Central __
Mimieap St Paul & S S M..
Missouri Kans & Texas
Missouri Pacific
137,883
199,073
135,310
472,319
1,035,048
3,550,500
9,475,054
1,902,421
435,390
572,300
1,325,698
2,158,242
125,128
38,212
380,167
146,688
36,593.344
32.679.208
3,914,136
y2.882.037
48.091.498
48.780.333
42,398,076
687,845
6,046.030
j/2.
608.375
43.494,240
40,603,474
36,155.356
612.628
6,042,082
273,662
4,597,258
8,176,859
6,242,720
75,217
3,948
1
344.754
583.656.397 511,928,199 72,072,952
71,728.198
344.754
a23. 070.018
.
Mobile
Ohio
Nevada-Cal-Oregon
Rio Grande Southern
cfe
St Louis Southwestern
Southern Ry System
Tenn Ala & Georgia
Texas & Pacific.
.
Toledo Peoria & Western..
Toledo St Louis & Western
Western Maryland
Yazoo & Miss Valley
Total (40 roads)
increase (13.91%)
Net
MONEY
RATES.
New York "Tribune" of
Guaranty Trust Co. points out
that rather stiff money rates the coming autumn are not
imlikely as the heavy crop movement encounters car shortage.
In an interesting article in the
last
Sunday
Max May
of the
contends that readjustment of operations to a new scale
is necessary to meet conditions brought about by high priced
crops and railroad congestion. We reprint the article as
He
follows:
With crop values increased bUlIons of dollars over those of any previous
year, which must be financed by this country, the United States faces the
problem of quickly expanding Its financial and commercial facilities in an
unprecedented manner. Bankers throughout the country are awakening
to the realization that they must suddenly readjust their vision as well as
operations to a scale which can successfully cope with a situation imlque In
their experiences and In the history of America.
The result of these unanticipated conditions Is bound to be epochal. The
crop situation is one of the many evidences of colossal expansion in all
directions which Is swiftly but surely leading the United States toward the
world's domination. It is Impossible to forecast the volume of money that
The figures of normal times offer no
will be needed to move the harvests.
criterion for the present because they bear no relation to the conditions
prevailing to-day and, therefore, cannot be used as a basis of computation.
Everything Is so much higher in price that the amount of money required
for the crop
movements
Is
simply tremendous.
Close Money Market in Fall.
not a tight money market this fall is looked for. Interest rates
There will be some measure of relief by
are bound to be well maintained.
the proper functioning of the Federal Reserve system, yet the great demands for money are certain to put it at a premium.
The total production of the food
Prices are higher than ever before.
crops promises a new record and the cotton crop is likely to be as large or
larger than It was two years ago.
Wheat has more than doubled In price,
corn has nearly trebled and cotton is almost twice as high as at this tune
last year.
The difference the increase in value represents billions of
A
close
If
,
—
dollars.
—
their passenger
of troops and
movement
for the transportation of supplies and munitions of war to the places where
they are needed, or where they will be embarked for transportation over-
seas.
fall.
Many
men will be moved to the Southern camps this
many locomotives and cars to take them there
This extraordinary movement of traffic is likely to
thousands of
It will require a great
and bring them back.
disorganize or at least seriously to Interfere with the transportation service
of the railroad systems directly concerned, and will also have a similar
It will retard and make stUI more
Influence upon their connecting lines.
difficult the movement of merchandise and of the great commodities that
have to be financed from the time they leave the place of production until
they reach their destinations here or abroad. Men. their food, munitions,
raw supplies for the military workshops and shipyards, as well as the
finished products, constitute the classes of freight that must be moved
The delay that wUI occur in the transportation of
before anything else.
other merchandise and conunodltles is obvious.
Complicated Cotton Situation.
situation wUl be complicated greatly by the Inability of
shippers to get cotton to the markets. Southern bankers will have to bear
the burden of financing.
In commenting upon the new conditions and the new methods that are
demanded to meet the imlque situation, the Bank of Charleston, S. C,
recently issued the following statement:
The cotton
"The average value of our cotton crop. Jint and seed Is S90.000.000. and
the average debt against the crop before it is gathered is .S75.000.000,
leaving an average surplus of $15,000,000. This year the crop is in fair
condition; prices are so much higher than usual for both cotton and
seed that unless some disaster occurs we may expect from our cotton crop
$165,000,000; and from what I can learn the debt this year is no larger
than the average, $75,000,000, which would leave a .surplus of 590,000,000.
This will give all of our people more money at one time than we have ever
seen before, and we ought to be thinking and making plans as to what we
I earnestly recommend that for our customers the best
are going to do.
investment they can make is to purchase their own obligations that Is,
pay their debts.
"If this comes to pass, all of the banks In our State will have more
money than they can profitably use at home, and it will be necessary to
Cotton being so much higher, the load of carrying It
find outlets for it.
at the ports, where the larger part of the load is, in spite of assistance of
the Interior concentration points, will be very great, and It is urged that the
banks In the State ought to try and keep some money In the banks in
Charleston during the months of October, November, December and
January, at least, in order to facilitate carrying cotton for the exporters
If the banks throughout the State will do this It
b.v the Charleston banks.
will be of the greatest assistance in maintaining prices for cotton, becatise
it will help in keeping all of the exporters constantly in the market for the
purchase of cotton and It will not be necessary for one or more of them to
drop out of the market by reason of having used up all of the money that
their banks can spare them.
"The amounts required will be so large that they can only be obtained
by deposits and not by borrowing on the part of the Charleston banks, and
when cotton reaches a level of 25 cents and upward, it not only takes a
great deal of money to finance it. but the price is less stable at this level
than at a lower level, so that the net amount received by the farmer will
be Influenced a great deal by the extent to which the banks of the Interior
Cotton Is a cash transaction in
large exporters of cotton, and those who
also buy for domestic sale, finance their operations by means of drafts
with compress or warehouse receipts attached. Ordnlarily. when a buyer
purchases a quantity of cotton at one of the centres of production In the
South. In order to protect himself against price fluctuation, he sells what
are called "hedges" against it for future delivery.
Cotton to-day can be hedged In only three markets: New Orleans, New
York and Liverpool.
man who buys a thousand bales of cotton at some
place In the South usually at some point In the Interior In order to
secure himself against the market fluctuations that may occur before It
will be delivered and paid for, will sell "futures" or "hedges" against It in
one of these three cities. Owing to delays In transportation, however, he
may find himself unable to deliver cotton promptly on these hedges because
he cannot get It transported from the Interior of Texas, or wherever he
bought it and where it actually is, to New Orleans, New York or LiverpoolTherefore, the question for the banks this fall, in making loans on cotton
which is stored at Interior points, is a very delicate one. It is one fraught
with a great deal of danger because of the lack of liquidity of the commodity
the
These figures are down to the end of the ttiird week only.
a Includes the Texas Central in both years.
PROSPECTIVE
have discontinued a number of
trains In order to increase their facilities for the
comply with this request."
Cotton Is the Southern "money" crop.
y
MAX MAY ON
financial problems.
Many of the railroads
Co-Operation of Other Banks Required.
19,448,414
18,855,904 4,214,114
43.869.602 37.423.850 6.445,752
842.520
7.778.295
6.935.775
180.205
3.183
183.448
302.784
37,040
339.824
7.036.770 2,259,776
9.290.546
62.261,155 54.398.190 7,862,905
68.119
3,516
71,635
12,198,947 10.678.405 1,520,482
50,063
723,391
673.328
518,954
3.332.722
3,851,676
988,127
0,494.240
7,482,367
9.510,982
7,558,373 1,952,609
19.103,660
Although high prices are a great factor, the difficulties of transportation
They play an unprecedented part in the actual
are no less Important.
financing of this year's harvest, on account of the great congestion in
traffic, the car shortage, and the lack of terminal and elevator facilities,
As time Is the very essence of the
all of which involve delay and expense.
contract In banking, any imusual delay In transportation creates new
—
J
Louisville
Mineral Range
1.006,522
944.490
1.584.373
1.731,642
7,177,381
19,907,600
74,806,722
28,574.875
8,759,930
4.550.475
8.070.277
13.435.663
995.139
715.964
2.058.109
1.420.469
|
Great Northern.
Illinois
1,144.405
1.144.163
1.719.689
2.203.961
8.212.429
23.458.100
84.281.770
30.477.290
9,195.332
5.122.781
10.001.975
15.593.905
1.120.267
754.176
2.438.276
1,567,157
iVoL. 105
first
step of
Its
financing.
—
The
A
—
under such circumstances.
Interchangeable Hedging Contracts.
The most Immediate remedy
for this situation Is a plan that is already
being considered, and that Is for the cotton exchanges throughout this
country and Liverpool to get together and agree that the cotton may
be delivered not only at these three great centres, but also at any other
This would mean that these conport or ports which may be available.
tracts for hedges would be Interchangeable among the various points or
ports.
It might be that it would be entirely impracticable to deliver at
New Orleans and yet would be comparatively easy to ship the cotton to
Savannah or Galveston. In that case it would be optional so far as the
contract was concerned and the ultimate delivery would be expedited in
marked degree. When such an agreement or arrangement is arrived at,
the cotton business will be much safer. The conditions that exist to-day,
under the present circumstances, have a tendency to grow worse.
A new factor in the grain movement Is that some portions of the Southwest, notably in Texas, that in the past have not been grain producing
regions, to-day have tremendous harvests.
Therefore, the crop movements
from the South and Southwest will not be cotton exclusively, but this year
for the first time will include a very large volume of grain.
A feature of this year's crop movement will be a much wider use of
acceptances In Its financing. Not only the cotton crop, but the grain
movement that formerly was financed in England through drafts on
English banks, will be financed almost entirely this year by time drafts on
American Institutions. The exporter, for Instance, who ships cotton or
grain abroad, instead of drawing on a London bank for the value of the
commodity, will draw on a bank in the United .States. When the staple
is delivered overseas. It Is paid for in sterling, the American bank buys
the sterling and liquidates the credit.
In other words, the tribute that
formerly London received for financing the export cotton and grain movement each year is no longer paid. The profits In such transactions now
remain in this country.
Severe Test for Reserve System.
another feature of this year's financing In which It differs from that
of the past Is the test to which the Federal Reserve system will be subStill
AUG. 18
THE CHRONICLE
1917.]
In the first place the local banks in the cotton and grain districts
have to carry all of these commodities they can at the start. When
they have reached the extent of their abilities they will have to call upon
the Reserve banks and their New York correspondents.
If the war continues much longer, and the U-boat activity becomes more
pronounced, there will be fewer ships to carry the crops abroad, and still
jected.
will
Our grain
further delays in financing their movement to the other side.
and cotton are being financed by us now, and we must continue to finance
them until the end of the war. This means that for all of our crops that
are shipped abroad in one form or another this Government will have to
pay and to extend its credit to the belligerent nations which are the buyers.
This country will take as its payment the bonds of these other countries,
and will issue, in its turn, its own bonds, which will form a basis of payment to our own people. Italy, France and England have no gold to spare.
This situation will occasion a further rise in prices, which will mean unexampled prosperity for some, particularly the farmers and the day laborWhen the war ends, however, prices will fall, not only for materials
ers.
and merchandise, but for labor.
OPPORTUNITIESIN ITALY FOR AMERICAN CAPITAL,*
[By
LUIGI CRISCUOLO,
with the Firm of Redmond
Bankers, New York.]
&
Co., Investment
Prior to the outbreak of the European War, several large banking institutions located in the United States had been paying particular attention to South American countries as a profitable field for American capital.
The National City Bank of New York established branches in some of the
large cities and several smaller banks have been organized with the avowed
purpose of securing for Americans a portion of the commerce that has been
for many years in the hands of the British and Germans.
Since the war began, particular attention has been focussed on opportunities in Russia perhaps because Russia as a country
is
similar, in
phy-
the United States of fifty years ago, and therefore susceptible of a great deal of development in the field of industry, agriculture
sical condition, to
mining and transportation. American banks have also made an attempt
to gain a foothold in other countries in Europe, but it is certain that they
will have to meet the strong competition of British and French banks
which, in spite of the war, are already strongly entrenched in all of the
Allied countries, and are now looking far ahead.
Foreign trade and foreign concessions are vital to countries which have
surplus products and surplus capital.
But the expansion of business
should be attained in a fair and friendly manner not calculated to excite
the jealousies, natural to human beings, of other nations with similar
desires. We must not forget that, along with race prejudices and tyrannies
of large States against small ones, trade jealousy was a very important
factor in the conditions which led up to the present horrible struggle, and
enterprising Americans will undoubtedly be very careful as to the manner
in which concessions of any sort are to be secured.
Whether American capital can be attracted to Italy will depend largely
upon what sort of inducements Italy has to offer, and whether these inducements are more attractive than those which Russia, Argentine, Brazil,
Bolivia, China and other countries can offer.
It must be remembered
that the greatest profits in the exploitation of capital are made in the development of virgin lands where little or no modern methods of mining,
manufacturing or agriculture have been used. Such opportunities exist
in a grand scale in the countries mentioned, but not to such a vast extent
Any capital that can find its way from the United States into
in Italy.
Italy must needs be used to improve the many already highly developed
Ansd such financing does not admit of the
enterprises existing there.
great profits that are so attractive to promoters on a large scale.
Italy is not the backward nation that some of our American people suppose it to be. Many of our cicizens have regarded the humble Italian
laborer as the type of the Italian population.
Without desiring to minimize the importance of the Italian laborer to American industry, and his
necessity as an economic factor, it is hardly fair to judge the progress of
The Italy of to-day has really lived
Italy by the day-laborer as a type.
for less than half a century and in the past twenty years has made its
That it is not behind in industrial development is proven
greatest progress.
by some pertinent figures from a circular of the "Credito Italiano," which
are tabulated herewith:
In Lire—
1860.
1913.
National income from agriculture
1,760,000,000
3,000,000,000
National income from cattle industry
700 ,000 ,000
2 ,000 ,000 ,000
Government revenue
552,500,000
2,800,000,000
Capital of corporations.
1,351,000,000
4,590,000,000
Foreign commerce
1,406,000,000
6,243.000,000
Tonnage of ships
10,228
870,000
Railroads in kilometers
2,1 98
17 ,644
Telegraph lines in kilometers
8,000
52,000
(unknown)
Manufacturing plants value
2,500,000,000 1916
Total national wealth
35 ,000.000 ,000 80,000,000 ,000 1914
There are 177 commercial banks in Italy with about 1,000,000,000 lire
in resources, 692 co-operative credit associations with about 200,000,000
lire divided among capital and reserves, while savings banks have a capital
The total deposits in banks and savings instituof 3,254,000,000 lire.
tions are reported to be 6,827,000,000 lire.
One of the objects which Italy hopes to attain is complete emancipation
from control of its finances and industries by Teutonic capitalists. With
the victory of the AlUes, will disappear all objections on the part of the
Central Powers to the expansion of Italian commercial and banking interests in the Balkans and the Levant.
Furthermore, there seems to be
no doubt that Italy will be given an important sphere of influence in Asia
Minor and Northern Africa to permit of the establishment of colonies for
her surplus population, thus contributing to her wealth in the future.
One result of the war will be lack of man-power all over Europe, so that
the speeding-up of reconstruction will be a very serious problem. While
the men and women who remain at home from the war will have become
highly trained to produce unusual amounts of goods, all of this work will
have been for war purposes, and to all intent and purposes economically
non-productive. When the period of reconstruction begins it is expected
that there will be little emigration from Europe unless taxation will be so
severe as to literally drive people away.
Women will be a great factor
—
—
—
—
—
in Industrial fields.
Italy, like the other European countries, will find great need
as she
does now for fuel, raw material, steel, oil, &c., as well as capital. It is
that
some
French
and
English
true
capital is even now finding its way into
Italy, but for the greater supply Italy may have to look elsewhere.
France
will have need of capital for reconstruction of its ruined cities, English
capital will probably have to be extended to Belgium and other countries,
and Italy would not draw upon Germany even if it could.
It is not possible to state whether the United States can take the position
of banker to the world after the war is over.
However, it would be in-
—
Reprinted From the "The Bankers Magazine."
—
New York, July 1917.
657
deed gratifying to many Italians in this country if the United States could
take the place Germany held in Italian finance and industry prior to the
war. One writer says that American capital would be particularly welcome in that Italians could not suspect Americans of ulterior motives or
political ambitions in Italy to the detriment of the latter.
The fuel question might be partially solved by the construction of more
hydro-electric plants, many of which already exist all over Italy.
The
waters from the Appenines and Alps could be further harnessed and conserved in reservoirs so that even in periods of drought there would be an
abundant supply of hydro-electric power. By the popularization of electricity for fuel and light purposes, the demands of Italy for fuel from abroad
might be lessened and in the event of a crises like the present war, all fuel
imported could be used for naval purposes solely, while hydro-electric
power could used by manufacturing plants. American engineers have become exceedingly proficient in the construction of hydro-electric plants
in recent years and many millions are invested in them.
The Italian people do not lack energy or resom-cefulness and this fact
has been proved by the wonderful development of their country in the past
half century.
There being a lack of capital in Italy, it was easy for the
German capitalists to gain a foothold. They secured it, with the result
that they began to dominate the country not only from an industrial
standpoint, but politically as well. Whether it will be possible for American capital to reach Italy is a question of how great the local demand and
the demand from other countries will be. American bankers have known
little regarding Italian industries.
The chances are that any capital invested by Americans in Italy would first consist in government or municipal obligations, and, after connections had been established that inspired
confidence, the development of railroads, tractions and other industries
might be taken up.
It is true that connections were made with American banking interests
when the last Italian internal loan was floated, but this was done through a
trust company whose business has not been primarily the sale of bonds to
investors or that of catering to Italian clients in a position to develop trade
with Italy. The furtherance of interest in Italian industries in America
might be accomplished by the organization of an Italian trust company in
New York. The board of directors could consist of the members of the
strongest Italian commercial firms as well as representatives of the investment banking and conomercial banking interests. In this manner active
communication could be started at once with a view to financing meritorious enterprises after the end of the war.
In the meantime, such an
Italian trust company could facilitate and encourage ordinary commerce
between Italy and the United States in the same maimer that the Canadian,
English, Scandinavian and other banks or trust companies have succeeded
in doing for their respective countries.
If we have capital to invest at the end of the war, or before, we might
better use it to rehabilitate Italy and other friendly European nations,
rather than in extending our own facilities, which in some cases have been
over-developed as far as the requirements of the post-war period are concerned.
And it is quite certain that if the United States wishes to assume
a predominant position in world commerce, it will pay attention to possibilities in Italy before England or France secure a hold there, just as Germany had it in the past.
U.
S.
EXTENDS FURTHER CREDITS TO ITALY AND
BELGIUM.
The United
Government on Aug. 16 extended additional credits of $40,000,000 to Italy and $5,900,000 to Belgium, thus bringing the total amount of loans made to the
Allied Governments up to $1,916,400,000, of which Italy
has received $200,000,000 and Belgium $53,400,000.
States
ARGENTINA TO FLOAT NEW INTERNAL LOAN.
A dispatch from Buenos Aires, Argentina, on Aug. 12
stated that the Minister of Finance had decided to introduce
in the Argentinian Congress a bill providing for the flotation
of an internal loan in the sum of 450,000,000 pesos.
SECRETARY ASKS FOR ADDITIONAL NINE BILLION
DOLLAR BOND ISSUE.
Secretary of the Treasury
McAdoo
in conference
with
Chairman Kitchin of the House Ways and Means Committee,
on the 14th inst. made known the fact that it would be
necessary for Congress to authorize at this and the winter
sessions, an additional $9,000,000,000 for war expenditures, four billions of which will be used to make further
loans to the Allies up to June 30 1918. Five billions in bonds
have already been authorized by Congress and the pending
War Revenue Bill is expected to raise revenue of over $2,000,000,000. Within an hour after the Secretary had conferred with Chairman Kitchin, plans, it is said, were begun
A meeting of the House Ways
for raising the required sum.
and Means Committee was called for Aug. 25, and arrangements were made for the House, now taking three-day
recesses, to resume its regular meetings Aug. 27, in order to
expedite financial legislation. It is stated that the issuance
of between $3,000,000,000 and $4,000,000,000 in bonds to
meet the new Allied loans and authorization of an additional
$500,000,000 in taxes to be added to the War Revenue Bill
now before the Senate will be proposed by the House Ways
and Means Committee and agreed to by the House. The
plan, it is said, is to have the remainder of the $9,000,000,000 authorized at the next session of Congress, beginning in
December. Whether it will be raised by bonds or additional
taxation or in what proportion of both, is as yet undecided.
The Secretary's announcement that a new bond issue to
make further loans to the Allies was desired, came, it is
said, as a surprise to most of the Congressional leaders, who,
THE CHRONICLE
658
is stated, thought the conforcnce the Secretary sought
with Mr. Kitchin was for the purpose of discussing the raising
of probably $1,000,000,000 or $2,000,000,000 for domestic
needs.
it
FOURTH INSTALLMENT ON LIBERTY LOAN PAID
AUGUST 15.
The fourth installment on the $2,000,000,000 Liberty Loan,
to 30%, fell due on Aug. 15.
$23,500,000 was
received in payment by the Federal Reserve Bank of New
amounting
York, $13,500,000 having been received on the 15th inst.,
and $10,000,000 on the 16th. The total paid in the New
York Federal Reserve District now amounts to $586,500
out of the total allotment of $621,218,600. The fifth and
final installment on the loan, amounting to 30%, is due
Aug. 30.
Secretary of the Treasury McAdoo on Aug. 13 issued a
statement warning the public not to be misled by "recurring
unreliable reports" regarding the date, amount and other
details of the forthcoming Liberty Loan.
Hii statement
read:
Some time ago I warned the public agalnat recuirlnf unreliable report*
with regard to the next Liberty Loan. These reportg, purporting to glre
Information as to the date, amount and other detail* relatlye to the next
issue, continue to appear.
I take occasion again to state that these publications are unauthorieed
and untrue. They are merely speculative and the public should not be
misled by them. These matters have not been determined. As soon as
they are I shall make official announcement of the plans. Reports in the
jneantime may be regarded as unfounded.
[V«L. .105.
CHICAGO CLEARING HOUSE BANKS TO SETTLE
DAILY BALANCES BY CHECKS ON FEDERAL RESERVE BANK.
The Chicago Clearing House Committee on Aug. 14
adopted a new plan for settling Clearing House balances,
Under this arrangement, member banka
effective Sept. 1.
will pay their daily Clearing House balances with checks on
the Federal Reserve Bank of Chicago, instead of the present
custom of settling in currency or "trading" balances. The
plan, which is similar in its main features to that now in
operation in New York, Boston, San Francisco and other
central reserve cities, is expected to simplify greatly the daUy
task of clearing enormous transactions in checks and to
eliminate
much unnecessary handling
of currency.
"Banka
which are members of the Chicago Clearing House Association," says the Chicago "Tribune," "but are not members
of the Federal Reserve system, will keep a special account at
the Federal Reserve Bank for this purpose as many of them
now have."
,
SUPREME COURT UPHOLDS COMPENSATION LAWS
OF NEW YORK, IOWA AND WASHINGTON.
The workmen's compensation laws of three States were
declared valid by the United States Supreme Court a few
months ago. The first compulsory workmen's compensation,
or industrial insurance law that of Washington State
to come before the Supreme Court, was upheld as consti-
—
New
York's Compulsory Workmen's Compenwas sustained as generally constitutional and
the Iowa Workmen's Compensation law, voluntary upon
employers, was declared constitutional by the Court. In
tutional.
sation law
mLL FORBIDDING CONGRESSMEN AND CABINET
OWN LIBERTY BONDS
INTRODUCED IN HOUSE.
OFFICERS TO
Representative Diok T. Morgan, of Oklahoma, yester17) introduced in the House a bill making it unlawful "for any Senator or Representative in Congress, or
for the head of any executive department, to purchase or
own any of the Liberty bonds," and requiring that all bonds
now held by Congressmen and the Government officials
designated be turned into the Treasury for redemption.
In explaining his measure Mr. Morgan stated that its purpose was to "relieve from embarrassment" members of
Congress or Cabinet officers who would vote for or recommend an increase in the interest rates of the bonds. In
further explaining the bill, Mr. Morgan, according to a
special dispatch to the "Evening Sun," said:
day (Aug.
I assume that the great majority of Senators and Representatives of
Congress purchased one or more of the Liberty bonds. In so doing they
The Act of April 24 1917
-were prompted largely by patriotic motives.
limits the rate of interest on the $5,000,000,000 bond issue to "not ex-
3H per centum per annum."
Section 5 prescribes that if any subsequent series of bonds shall be
•issued at a higher rate of interest before the termination of the war beitween the United States and the Imperial German Government any previous issue of bonds issued under the Act may be convertible Into bonds
bearing a higher rate of interest than 3H per centum. It wUl require an
Act of Congress to do this.
If the next series of Liberty bonds bears 4 or 4H per cent interest it
would be a direct and pecuniary benefit to every purchaser of the first series
This would require members
o f bonds Including the members of Congress
of Congress to vote upon the question in which they are directly and financeeding
.
.
cially Interested.
I believe that every member of the House and Senate owning such
bonds would vote upon the question solely in the interest of the public.
But the law should relieve him from the position he occupies.
PURCHASING GOLD BULLION UNDER A NEW RULE.
was announced from Washington on Aug.
13 that
It
Du-ector
of
silver,
of
price
rise
in
the
extreme
of
the
because
Orleans
New
at
mints
authorized
the
Baker
has
the Mint
and Carson City, Nev., and the assay offices at New York
City, Salt Lake City, Seattle, Helena, Boise City, Ida., and
Deadwood, S. D., to purchase gold bulhon hereafter on a
basis of fineness, disregarding the previous regulations under
which bullion was purchased on the basis of the value of its
silver
content.
Bulhon containing not less than one part of gold and not
more than 800 parts base metals in a total of 1,000 parts
Heretofore
the new regulation.
gold
the value
in
times
ten
least
containing
at
»nly bulhon
purchased.
been
content
has
)f the silver
The rise in the price of silver from 51 cents to 82 J^ cents
per ounce since the war started, it was stated, had resulted
In the rejection of a considerable quantity of ore containing
gold because the value of the gold was not ten times as great
as the value of the silver at its high market price. This
"situation will be corrected and the low grade gold bulhon
may be purchased under
will
be purchased imder the new regulations.
giving the Court's opinion, first as to railroad employees,
Justice Pitney said the common law rules are not beyond
alteration by the States.
It was held that employees have
no unalterable right to common-law defences in personal
injury damage suit.
"The New York law cannot be said to be arbitrary and
unreasonable from the standpoint of natural justice," said
Justice Pitney.
"On the grounds of natural justice, it is not
unreasonable to require the employer to contribute a reasonable compensation for loss of earning power. Neither is
it arbitrary or unreasonable from the employees' standpoint."
The Court also held that the New York law applies to railroad employees injured in inter-State commerce in the State.
The decision in the case of the New York law was given in
the suit of the New York CennralR. R. against Sarah White,
whose husband was accidentally killed while engaged as a
watchman. After the decision in her favor, handed down
by the State Workmen's Compensation Commission, affirmed by the Appellate Division of the State Supreme
Court and the New York State Court of Appeals the railroad took the ease to the United States Supreme Court on a
writ of error.
The case involved the application of the
State law to employers of inter-State railroads injured without negligence of their employees, otherwise within the provision of the Federal employers' liability law.
Concerning
the opinion the New York "Times" said:
The Court affirmed the decision of the Court of Appeals, sustaining the
New York law, on the broad principle that he who expects to derive an
advantage from an act done by another must answer for any injury the
third person may sustain in such performance.
It was held that there was
no phase of the case which would make it an inter-State commerce case,
or bring it under the Federal compensation statute, bub that as White was
a watchman employed to look after tools and appliances connected with
construction, he was, therefore, employed in the construction department
exclusively.
The Court said that the New York act was intended to obtain a just
settlement of a difficult problem, and that there wa^ no defense against its
operation from the contention that no fault of the employer entered into
the casualty by which the employee lost his life. It was pointed out that
there were many statutes Imposing liability without fault, and they had
been sustained by the courts.
New
The
York law was enacted in 1913 and re-enacted
in 1914, after the State Constitution had been amended
to meet a decision of the
York Court of Appeals in the
New
Ives case, which held that the 1910 Compulsory Compensation law was void because in conflict with the State Constitution.
The law requires employers of labor engaged
in certain hazardous business to insure their employees
against accident, the State Industrial Commission determining the amount to be paid in each case by the insurance
company. Certain corporations able to carry their own
insurance may do so. In four test cases the constitutionality of the statute was brought before the Supreme Court,
the cases involving particularly its application: (1) To employees on vessels, engaged in inter-State commerce, injured while within New York State; (2) to workmen injured
while unloading steamships within New York, and, (3) to
AUG. 18
J
917.
THE CHRONICLE
1
employees of inter-State railroads injured without negligence of their employers, otherwise within the provisions
Its application
of the Federal Employers' Liability Law.
in aU these cases was sustained by the State courts.
The Supreme Court decision in the case of the Washington law was given in a suit brought by the State against
the Mountain Timber Company of Kalama, Wash., to
coUect contributions to the State Compensation fund. The
Washington law is said to differ from that of New York
in that periodical contributions to the State compensation
fund are called for from employers whether injuries have
been suffered by his own employees or not. The U. S.
Supreme Court in upholding the validity of the law said:
The act cannot be deemed oppreMire to »ny class of occupation, provided the scale of compensation Is reasonable, unlass the loss of human
is foimd in experience to be so great, that if cliarced to the
leaves no sufficient margin for reasonable profits.
But certainly. If any industry inTolres so great a human wastage as to leare no
fair profits beyond it, the State is at liberty In the interest of the safety
and welfare of its people to prohibit such an industry altogether.
and limb
life
industry
It
NEW YORK RESERVE BANK CIRCULAR ON RIGHTS
AND POWERS OF MEMBER BANKS.
Supplementing its circular of June 25 calling attention to
the new reserve requirements under the recent amendments
to the Federal Reserve Act (which was given in these columns
on June 30) the Federal Reserve Bank of New York on Aug. 8
issued the following circular giving a brief summary of the
,
rights
and powers
of
FEDERAL, RESERVE
No.
BANK OF NEW YORK.
York, Aug. 8 1917.
the President-
—
We enclose the text of the amendments to the Federal Reserve Act
approved June 21 1917, and the regulations of the Federal Reserve Board
issued thereunder, which malce important changes In the provisions governing membership of State banks and trust companies in the Federal
Reserve system. The general provisions of the law covering such membership are embodied in Section 9 as amended and appear in the appendix to
Regulation "H" on page 24 of the enclosed pamphlet.
Following is a brief summary of rights and powers of member banks
Sir.
RESERVE SYSTEM.
board of directors, made application for admission to the
Federal Reserve System. The Foreman Brothers Banking
Co. was established as a private institution in 1862 and was
incorporated as a State bank in 1897, since which time its
deposits have increased from less than $1,000,000 to over
$16,000,000. The bank has a capital of $1,500,000 and recently reported surplus and profits of $622,666.
The directors of the Union Trust Co. of Chicago on Aug. 14
also voted to join the Reserve System, and it is stated that
application to bring about that result wiU be made immediately.
The Union Trust Co. is one of the larger trust
companies in Chicago. It has a capital of $1,500,000, and
recently reported surplus and profits of $1,747,117 and deposits of $35,205,798.
Chicago has four other State banking institutions in the Federal Reserve System.
The Central
Trust Co. has been a member from the beginning, the Merchants' Loan & Trust Co. and the Standard Trust & Savings
Bank joined a few months ago, and the State Bank of Chicago
announced last week its intention of entering the system.
its
We learn from the New Orleans "Times-Picayime" of
Aug. 14 that the Jefferson Commercial & Savings Bank of
for permission to enter the Federal Reserve
76.]
New
To
NEW MEMBERS OF FEDERAL
Announcement was made on Aug. 15 that the Foreman
Brothers Banking Co., one of the oldest banking institutions
in Chicago, had, in accordance with a resolution adopted by
Gretna, La., has received notification that
member banks:
[Circular
659
its
application
System has been
approved. The Metropolitan Bank of New Orleans, according to our contemporary, has also made application to
enter the system.
The officials of the Jefferson Commercial
& Savings Bank, It is stated, recently voted to increase its
capital from $30,000 to $50,000, and to change the name of
the institution to the Jefferson Trust & Savings Bank.
,
:
RIGHTS AND POWERS.
or trust company becoming a member of the Federal Reserve
system thereby is entitled to all the rights of a member bank, which include
the following:
(a) To rediscount eligible commercial paper with the Federal Reserve
Any bank
Bank;
To
(&)
receive advances from the Federal Reserve
exceeding fifteen days, on the
bank
,
for periods not
member bank's^own promissory
note, secured
by commercial paper or Government bonds or notes;
(c) To obtain Federal Reserve notes and other currency as needed from
,
FEDERAL RESERVE BANK OF KANSAS CITY ELECTS
MANAGER.
O. T. Eastman, heretofore Assistant Cashier of the First
National Bank of Omaha, Nebraska, has been chosen
Manager of the Omaha branch of the Federal Reserve Bank
of Kansas City.
Mr. Eastman had been connected with
the First National Bank for the past nine years. Prior to
that time he was chief clerk of the Assistant General Freight
Agent's office of the Union Pacific at Kansas City, Mo.
the Federal Reserve bank;
(d)
(e)
To receive deposits of postal savings and other Government funds;
To "accept" drafts and bills of exchange based on foreign or domestic
commerce, subject to certain conditions, if State charter permits;
(/) To have checks and drafts drawn upon it received at par by
LEY
all
Federal Reserve banks:
To make
(ff)
its
drafts on the Federal Reserve
ate credit at any Federal Reserve bank;
(h) To participate In the check clearing
and
bank available
for
Immedi-
collection facilities of the
Federal Reserve system.
RESERVES.
provisions of the Federal Reserve Act now in effect governing the reserve to be maintained by banks which are members of the
Federal Reserve system, are as follows:
Country banks: 7% of demand deposits, 3% of time deposits.
Reserve city banks: 10% of demand deposits, 3% of time deposits.
Central Reserve city banks: 13% of demand deposits, 3% of time de-
The amended
posits.
The entire legal reserve of a member bank is now to be maintained on
deposit with the Federal Reserve bank, and there Is no requirement of law
as to the amount or kind of currency to be held by a member bank in its
own
vault.
DEPOSITS OF NON-MEMBER BANKS AND TRUST COMPANIES
FOR CLEARING PURPOSES.
State banks and trust companies which, because of the nature of their
business or for other reasons do not desire to become members of the
Federal Reserve system may enjoy some portion of the facilities of the
system, and may also contribute to its strength, through an amendment
to Section 16 of the Federal Reserve Act, which provides that:
"Any Federal Reserve bank » « * solely for the purpose of exchange
or of collection, may receive from any non-member bank, or trust company,
deposits of current funds in lawful money, national bank notes. Federal
Reserve notes, checks and drafts payable upon presentation, or maturing
notes or bills: Provided, Such non-member bank or trust company maintains"
with the Federal Reserve bank of its district a balance sufficient to offset
the items in transit held for its account by the Federal Reserve bank. * * *•
The banking laws of the State of New York have also been amended
to permit State banks and trust companies to take advantage of the facilities
made possible by the above amendment by depositing with the Federal
Reserve bank a portion of their vault reserves.
Under the provisions of the amendment to Section 16 the Federal Reserve
Bank of New York is prepared to accept from non-member banks and
trust companies deposits of the kind specified and to extend to them the
facilities of its check clearing and collection system.
State banks and
trust companie.? which maintain such deposits in addition to obtaining the
benefit of the check clearing and collection and transfer service, will also
contribute thereby to the strength of the Federal Reserve system and the
nation's financial structure.
ADDITIONAL INFORMATION.
Should you wish any further details concerning the matters dealt with In
bank will be glad to supply such additional
information as may be desired, at your convenience.
this circular the officers of the
Respectfully,
R. H.
FARM LOAN BOARD ENDS CONTROVERSY TN BERKE-
TREMAN,
Deputy Governor.
iCAL.)
BANK— NEW
OFFICERS CHOSEN.
The Federal Farm Loan Board
at Washington on Aug.
14 accepted the resignations of four officials of the Berkeley
(Cal.) Farm Loan Bank, thus bringing to an end a controversy which has estranged the officials of the institution for
several months.
The Board has also appointed new officers
for the Berkeley Bank, which has been pronounced by the
Treasury Department to be in perfectly sound condition.
The officers who resigned, and whose resignations have been
accepted are: Burrell G. White, of San Francisco, President;
R. L. Douglass, of Fallon, Nov., Vice President; Dr. George
W. Thomas, of Logan, Utah., Treasurer, and Dr. El wood
Mead, of Berkeley, a director. The new officers appointed
by the Board are: A. C. Kuhn, President; W. H. Joyce,
Vice President; Willard Ellis, of Ogden, Utah, Treasurer,
and John Guill, Jr., of Chico, Cal., a director. A. W.
Hendrick, of Nevada, has been chosen Secretary of the
bank. The Farm Loan Board on the 14th inst. issued the
following statement regarding the controversy:
The unfortunate estrangement of officers and directors Is the culmination of a series of incidents, each small In itself, and might easily have been
little tact on one hand and frankness and forebearance on the
They were accentuated by unfortunate newspaper publicity, some
other.
of which was surreptitiously given out and some upon authorized state-
avoided by a
ments, all of which were Inexcusable. They have now reached proportions
which. In the judgment of the board, render it Impossible for the parties
involved to co-operate to the degree necessary for efficient public service
wliich, of course, is the one controlling consideration.
There being no other alternative the board is reluctantly compelled to
The
accept the resignations of Directors White, Douglass and Thomas.
resignation of Dr. Mead is accepted for the reasons previously stated.
With a fine sense of responsiblity to the public interests all the parties to
the controversy, of their free will and without pressure or suggestion of
any kind have tendered their resignations in order that this board might
not be embarrassed.by having to differentiate between them.
PRESIDENT PEABODY ON THE PROPOSED MORATORIUM FOR REAL ESTATE MORTGAGES.
The Advisory Council of Real Estate Interests, which has
been conducting a campaign of education against the proposed moratorium of real estate mortgages in New York
State, has^receivedithe following letter from Charles A. Pea-
THE CHRONICLE
660
body, President of tho Mutual Life Insurance Co., expressing
his views regarding the merits of such a bill.
Mr. Peabody's
communication was addressed to Birch Ilelmes, Secretary
of the Advisory Council.
He wrote:
Much might bo said about It, no doubt, much will be said. For my part,
from lack of time, I must bo very brief. It is difficult to boliove that such
a proposal will be taken seriously or seriously considered. It has In view
only the position of the borrower, and gives no thought whatever to the
Not only
lender or to tho direct or Indirect effects upon tho community.
it consider alone the position of the borrower, but It considers only tho
position of a small percentage of the borrowers, and in the main those who
from unwise transactions and borrowings in the past, wish to bo saved from
tho natural and logical conseciuencos of their acts, and in that way and to
that extent it tends to demoralize even the small percentage of borrowers
whom it undertakes to help. It would put an end to loaning upon real
estate during tho duration of the moratorium, for even if it is limited to
mortgages heretofore made, it would operate as a warning to those proposing to loan hereafter of what might be expected.
The pretence that it is needed because the large lenders are calling in
As they have always done in the past,
their loans is without foundation.
they are calling for reduction, or payment, of loans which in their opinion
are not well protected, and in this way are pursuing tho usual procedure of
Investment. The purpose of lending upon real estate is to invest funds,
and to place funds otherwise uninvested in a position to earn for their ownRemoving this natural result, and that, I underers their proper return.
stand, is the purpose of the moratorium, would naturally remove the motive of lending, and the funds thus would seek other channels where their
investment would bring normal and proper results.
The inability of the lenders to collect their loans due upon mortgages
would, of course, remove from the market the funds which they could not
collect, and thus the natural and normal circulation of money, which would
tend to uphold the values of real estate and the various industries in connection therewith, would be brought to a standstill.
The indirect result
upon business connected with the manufacture and production of the various materials that go into the business of building construction, I pass over.
I have no time for the consideration of various ramifications, and possibilities of injury in these more remote directions.
If I were disposed to find
a means of inflicting the greatest Injury upon the values of real estate and
of all the various industries which indirectly are based on the value of real
estate and building construction, I think I should choose the method which
is now proposed by a few improvident borrowers in this copying of a system
which has been adopted in certain other places, under conditions totally
unlike those existing here.
Yours very truly,
does
CHARLES
A.
PEABODY.
INVESTMENT BANKER AND HIS PART IN
DEVELOPMENT OF THE WEST.
"The Relation of the Investment Banker to the Development of the West" was the subject of an address delivered
by F. A. Freeman, Vice-President of the Lumbermen's
Trust Co. of Portland, Ore., before the Idaho Bankers'
Association at Boise recently. The burden of providing
capital for the great development of the West, said Mr.
Freeman, falls upon the investment bankers of America.
Essaying that great quantities of funds were furnished by
English and Scotch capital for Pacific Northwest development prior to the war, he pointed out that that was no longer
available, and added:
The American public must be educated to the advantages of municipa
bond investment. The Western banker knows the Western country
better than any one else and has a better idea of credit values. All banks
buy bonds. Buying Western securities means furthering Western development. Comparatively speaking, municipal bonds are more easily converted and have greater security than any other character of investment
obtainable. Every bank carries secondary reserve investment for quick
conversion into cash upon necessity. It is simply a matter of business
judgment as to whether it is more desirable to carry commercial paper.
Eastern bonds or Western municipals.
There is one thing that the commercial bankers should not overlook,
and that is the advantages of making your country known to the Easterner.
The great supply of money is East. Idaho is reputed to have a better
character of farms than her neighboring States. Idaho farmers are said
to conduct their farming operations along business lines, to keep good records of production, production costs and income. If such is the case let
every Easterner that comes into your community know it. Take an hour
off and show him some of your country.
It would perhaps be impertinent
for me to say "do not try to sell him real estate," but it will not be impertinent for me to say "sell him the credit of your community." When he
goes back home, if he is favorably impressed, what he has to say about
your community will be worth more than many dollars spent in general
advertising.
American municipal bonds to-day are the premier investment of the world.
Municipal bonds in the broader sense include State, county, city, school
district and other district obligations of similar character, payable from
taxes.
The values of all commodities are presumably fixed by supply and
demand and the market value of money. In comparison there is nothing
that provides so great security as the taxing power of a permanent community in a well-developed agricultural territory. The danger of loss from
investment in municipal bonds is less than that in any other character of
investment. The percentage of loss is so small as to be almost negligible.
Laws are constantly becoming more favorable to the protection of the investor and possibility of loss to-day from investment in municipal bonds
when properly secured is practically limited to bonds issued without proper
Decisions of the Supreme Court of the United States
legal authority.
invariably sustain the municipal bond investor, even going so far as to
require the community not only to pay the principal and interest in full
up to time of settlement but to pay all cost of litigation as well. The major
portion of American municipals is purchased throughout New England and
in the IMiddle West.
At a time when secmity values had not yet become
established and the laws were not so good nor court decisions so imvaryingly in the favor of the municipal bond Investor, there were numerous
defaults, principally in the Southern States, which resulted in the passage
of laws defining the character of investments that New Engiand savings
banks and insurance companies may make. These are very stringent.
Eastern investors generally take them as a guide. The United States
Postal Savings regulations provide that if bonds of a municipality otherwise
conform as to the ten-year incorporation requirement, debt limitation, &c.,
[Vol. 105.
the city must not have defaulted on either bond principal or bond interest
during ton years.
This is onlyjone of many things for which community officials often show
It is Invariably the case with officials of the small
lack of ai)prcciation
community to consider the bonds of their town the best bonds In America
and resent that tho bids for their bonds are not as high as some other town
of similar population, indebtedness and having a similar character of supporting country.
The investor's prejudices are many. Tho reason they buy bonds Is because they expect to obtain their interest the day it is due. It is too often
tho case that the people of a community elect men to office who are no better
qualified for their jobs than a Pullman car porter is to direct the army and
navy of tho United States. It all gets straightened out In the end, but In
the meantime the man who owns the bonds is greatly annoyed and the
damage has been done.
Tho credit of a community should be protected at all times. Nothing is
Officials of
so injurious as to have coupons returned marked "no funds."
small communities very often neglect to send funds to the fiscal agency on
time. A bad feature frequently found in bond issues is provision for payment at tho option of the holder at either one of two places. I have observed many instances where Western bonds being payable at the place of
issue or in New York City at tho holder's option occasioned investors great
and unnecessary annoyance. The City Treasurers knew full well that the
bonds were distributed in tho East and would undoubtedly be presented
Nevertheless they held the fimds at
at the fiscal agency in Now York.
home long past the dates they were due and in several instances flatly
refused to send the money East, taking the position that the optional place
of payment was their privilege to determine Instead of the owner of the bonds.
Issuing bonds callable "at any time" after a certain date may work to the
disadvantage of a community.
A matter having an important effect in the ultimate sale and delivery of
bonds is the conduct of legal proceedings. It is a protection to the community from every angle to have the legal steps prepared and taken under
Only a specialist in municipal bond
the direction of competent attorneys
laws fully familiar with the particular law of issue should be permitted to
conduct proceedings precedent to sale.
Idaho is essentially an agricultural State and has the best security in
the world to offer. Idaho bonds are in good repute. There is an excellent
market for them. If the Idaho bankers will interest themselves in seeing
that men of character and ability are elected to office Idaho municipals
will command comparatively higher prices than those of other States
not so favored.
.
.
LAW IN STATE
OF WASHINGTON GUARANTEEING
BANK
The board which
is
DEPOSITS.
to administer the
new bank
deposit
guarantee law of the State of Washington has completed
its organization.
The law providing for the guarantee of
deposits was passed at the 1917 session of the Legislature
and went into effect on June 7. The members of the Board
appointed by Governor Lister are J. E. Chilberg, VicePresident of the Scandinavian-American Bank of Seattle;
R. L. Rutter, President of the Spokane & Eastern Trust
Company of Spokane and John P. Duke, Cashier of the
Security State Bank of Palouse. Governor Lister and
State Bank Examiner W. E. Hanson are ex-officio members
of the Board.
The Governor is Chairman of the Board,
while Mr. Hanson is Secretary. Regulations governing
the admission of State banks to the new system were adopted
on June 29, when the Board issued the following announce-
ment:
The policy of the Board is to promulgate sensible rules for the Government of the fund, with the idea of making the new banking system sucand of great advantage to the banks entering
the depositors absolute safety.
cessful
it,
as well as to give
Under the new law participation in the fund is made
optional with the State banks, and the national banks are
permitted to enter the system if they desire. The fund is
to be created through the deposit of securities equal to 1
of the average daily deposits (minimum $500) and cash
equal to J^ of 1% of the average daily deposits eligible to
guarantee. In case the fund is reduced by more than 25%
of the necessary amount, the Board may make an assessment, but the total assessments in any one year may not
exceed 3^ of 1
of the average daily eligible deposits
The
Board is authorized under the act to fix a uniform rate of
interest to be paid on deposits within each county.
A
digest of the act was furnished in the March News Letter
of the Spokane & Eastern Trust Company of Spokane,
Wash., and we print the same herewith:
Section 1. The various terms used in the act are defined.
Sec. 2. The guarantee fund is created; it consists of:
(o) Securities equal to 1 % of the average daily deposits
minimum S500.
(b) Cash equal to J^ of 1 % of the average daily deposits eligible to guar-
%
%
.
—
antee.
Sec. 3.
The fund will be administered by a Board, consisting of the
Governor, State Bank Examiner, and three members, to be appointed by
the Governor, two of whom shall be officers or directors of member State
banks. Members wil serve for one, two and three years, respectively,
without compensation.
Sec. 4. The Board will meet within 30 days and organize.
The State
Treasurer will be custodian of securities, which will be deposited in a fireproof vault, capable of being opened only by the Governor, the Examiner
and the State Treasurer, jointly.
Coupons may be cut from securities and returned to members, provided
all assessments have been paid.
Sec. 5. Provides for printing the act in pamphlet form and sending it to
each bank in the State.
Sec. 6. -Application for membership must contain an agreement to comply with provisions of the act. Applicants must submit to a rigid examination at their own expense.
Examination will not be necessary if the
Examiner has within 90 days made a satisfactory examination of the applicant.
Aug.
THE CHRONICLE
18 1917.]
Neither he
Sec. 7. The records will be kept by the State Examiner.
nor anyone in connection with his office shall disclose Information concerning the affairs of any bank, to any person, except a member of the Board,
the State Examiner, or a U. S. or clearing house Examiner except as
provided by law.
Sec. 8. On approval of the Board, the applicant will be admitted to
—
Definition of the terms and qualifications of those who may engage
and trust business.
(3) Proceeding as to incorporation and concerning corporate manage(2)
in banking
ment.
Securities equal to
1%
Liquidation and dissolution of such corporations-.
Savings and repeal provisions.
The following are some of the additional provisions added to the banking
(5)
of its average daily, eligible deposits for the
year preceding.
of its average deposits— minimum $500.
(2) Cash equal to J^ of 1
Neither the bonds nor the cash are to be charged out of the assets of the
bank.
%
may
consist of:
(a) Bonds or notes of the U. S., a State, or bonds the payment of which,
both principal and interest, is guaranteed by the U. S. or a State.
(6) Direct and general obligation bonds or notes of any municipality or
political sub-division of the State of Washington, having power to levy
taxes for payment of principal and interest thereof.
(c) Direct and general obligations of any municipality or political subdivision of any other State, having the same power, provided such bonds
are acceptable by the United States Government as security for postal
Securities
savings funds.
must be secured by a surety bond.
By
H
%
CD.
—
,
ACT REVISING LAWS OF STATE OF WASHINGTON.
A revision of the banking laws of the State of Washington
was
and trust company laws, which under this act are combined:
(1) The Bank Examiner has authority to remove incompetent and
dishonest employees.
(2) Examiners are prohibited from borrowing from institutions under
the supervision of the department.
(3) Provisions are made for filing fees and issuance of certificates.
(4) Bank Examiner cap refuse to grant a charter when he has reason to
believe that the incorporators are lacking in responsibility and general
fitness.
(5) The powers have been enlarged by adding the power to do a safety
deposit business, under such terms and conditions as their by-laws may
prescribe.
Provisions are made for the extension of corporate existence.
All meetings of stockholders and directors must be held in the city
or town where the institution is located and all records must be kept at the
place of business.
(8) Directors must hold meetings and make the proper minutes and
records, at least monthly.
(9) Active officers and employees are required to give a surety company
bond for the faithful performance of their duties. The amount of the bond
to be approved by the Examiner.
(10) Assessments to make good the impairment of capital stock can be
enforced, or the stock cancelled.
(11) Failure of stockholders to immediately make good the Impairment
in failed banks is conclusive evidence that the double liabUity of stockholders is necessary, and the Examiner can immediately bring action to
(7)
collect
an act signed by Gov. Lister on March 10.
new legislation, prepared by State Bank
Examiner W. E. Hanson, appeared in the March News
Letter of the Spokane & Eastern Trust Company, and we
effected in
synopsis of the
reprint it below:
The new banking act passed at the last session of the Legislature carried
with it an emergency clause and became a law on March 10, the date on
which it was signed by the Governor.
The new act has cured many objectionable differences and inconsistencies in the trust act which was passed in 1903 and the bank act which
was passed in 1907. Changes in phraseology have been made in aimost
every section, with the idea of making the law more easily understood
and enforceable.
The arrangements of the statutory provisions have been wholly recast;
thelarrangements following being:
(1) Matters relating to the State Banking Department.
such double
liability.
of money to be invested in bank building is limited
of the capital, surplus and undivided profits.
To exceed this
amount, approval must be obtained ftom the Banking Department.
(13) Any debt upon which interest is past due for more than one year
is defined as a bad debt and must be charged off.
(14) Securities in which trust funds may be invested are defined.
(15) Every corporation doing a trust company business must segregate
and keep the same separately and apart from its commercial and other
business and label the same to show the trust to which it belongs.
(16) Unsecured loans are limited to 20% of the capital and surplus.
(17) Loans secured by collateral are not limited, providing the security
has an ascertained market value of at least 15% more than the amount of
the loan secured.
(18) All loans to officers and directors must be authorized by the Board,
in the absence of the applicant, and the proper entries must be made In
the minutes of the meeting at which the loan was authorized.
(19) Securities cannot be pledged to preferred creditors, except for
public funds, and then in the manner prescribed by law.
(20) When it shall appear that any corporation is a habitual borrower
for the purpose of re- loaning, it shall be the duty of the Examiner to have
such amount borrowed paid.
(21) Certificates of deposit caimot be issued for the purpose of borrowing
The amount
(12)
Jan. 30 of each year, the Guaranty Board will determine
the amount of collateral and cash required. In case the cash in the fund is
reduced by more than 25% of the necessary amount, the Board may make
an assessment.
Such assessment shall be proportionate on the eligible deposits of the
member banks for the preceding year.
Total assessments in any one year may not exceed
of 1
of the average daily eligible deposits.
Sec. 12. A bank applying for membership after the annual adjustment,
must deposit collateral and cash equal to its proportionate share of the
These deposits are not required of new banks
collateral security on hand.
formed by reorganization or consolidation of guaranteed banks.
Sec. 13. The Guaranty Board wUl fix a uniform rate of interest to be
paid on deposits within each county.
Any bank which pays interest on savings deposits withdrawn before
cashed before maturity,
Jan. 1 or July 1 next after deposit, or on any
shall be deemed reckless and its membership may be canceled.
This does not affect contracts entered into before the passing of the act.
If any officer of a guaranteed bank shall violate these conditions, or
pledge time certificates or other obligations of the bank as security for personal obligations of himself or another, or advertise that the deposits of
the bank are guaranteed by the State of Washington, its cash deposits
with the Guaranty Fimd shall be forfeited.
Sec. 14. Any bank which violates conditions of the act must comply
with the provisions within 30 days after notice by the Examiner, or forfeit
Its membersliip.
Sec. 15. If a guaranteed bank fails to pay its assessments within 30 days
a penalty of 50% wUl be added and enough bonds sold to pay the assessment and penalty. If the member does not then, within 60 days, remit
the full amount of the bond, assessment and penalty, and restore its bonds
the remainder of its bonds are forfeited.
The Bank Examiner will then make an immediate examination and
liquidate the bank if found unsound.
Whenever membership of any bank is canceled a card not smaller than
20x30 inches, must be displayed in a conspicuous place in the bank, continuously for six months, to the effect that it has withdrawn from the system, and that the guaranty of its deposits will cease.
Sec. 16. Whenever the deposits in a guaranteed bank exceed 20 times
its capital and surpliis for 90 days, said capital and surplus must be increased
to at least 1-20 of the average daily deposits for that period.
Sec. 17. A member may withdraw by giving notice and displaying a
card in its banking room for six months, or by surrendering its charter,
ceasing to do business, discharging its deposit liabilities, and paying all
assessments.
Sec. 18. Bank Examiner will take charge of failed banks and wind up
their affairs.
He will issue warrants on the Guaranty Fund, for the amount
of depositors' proven claims, which warrants will draw 5% interest.
Sec. 19. When Examiner issues warrants on the Guaranty Fund in payment of deposits, all rights of action inure to him for the benefit of the fund.
Sec. 20. Guaranteed banks may form an association with power to
examine associated banks.
Sec. 21. National banks are permitted to enter the system.
Sec. 22. Twenty- five hundred dollars is appropriated to carry out the
provisions of the act.
A
(6)
(6)
Sec. 9. Applicant may not be admitted to membership, if it has an impaired surplus, is financially unsound, or is conducting its business unlawfully, recklessly or unsafely.
It is given 60 days to comply with the conditions imposed by the Board.
Any applicant feeling aggrieved, or believing the conditions unreasonable or unjust, may appeal to the Superior Court of Thurston County.
Sec. 10. Upon admission of any bank, the Secretary will issue a Certificate showing the said bank has complied with provisions of the act; that its
deposits are guaranteed by the "Washington Depositors' Guaranty Fund;
that it is entitled to participate in the benefits of that fund and to advertise
the fact.
No bank shall advertise that its deposits are guaranteed by the
State of Washington.
A guaranteed bank may act as a depository of State, county or municipal
public funds, up to the amount of its capital and surplus. Excess deposits
Sec. 11.
Miscellaneous provisions relating to the conduct of banking and
(4)
trust business.
membership, upon depositing:
(1)
661
to
30%
money.
The amoimt permitted
to be pledged as security for borrowed
Umited to 1}4% of the amount borrowed.
(23) No officer or director can borrow money or rediscouiit notes for
the corporation, unless the same has been authorized by resolution of the
board of directors.
(24) Every officer, director or agent who conceals any fact or suppresses
any evidence against himself, or removes any records of the corporation,
(22)
money
is
is
guilty of a felony.
The Examiner
is given the power to promulgate rules and regulagovernment of banks and trust companies.
Reserve agents
(26) Reserve cities are limited to the United States.
must be approved by the Banking Department.
(27) Provisions of the bank and trust acts which were conflicting have
(25)
tions for the
been made uniform, such as the following:
(a) Banks were required to make at least three reports annually; trust
companies, two. Banks and trust companies are now required to make
at least three reports.
(&) Penalty for failure to report, under the bank act, was SIO per day;
under the trust act, $100. The penalty is now placed at $10 per day for
both bank and trust companies.
(c) Examinations are required at least annually for trust companies,
as well as banks.
(d) Three or more persons could organize a bank and seven or more a
trust company; now five or more citizens of the United States may organize
a bank or trust company.
(e) Articles for trust companies were required to be filed in triplicate,
and for banks, in quadruple. Now to be filed in quadruplicate for both
banks and trust companies.
(J) The following requirements differed, under the old laws:
1. As to certificate of authority.
2. Amendment of articles of Incorporation.
3. Length of term of directors.
4. As to meetings and records.
5. As to dividends.
6. As to stock assessments.
7.
Double
liability.
Purchase of capital stock.
9. Real estate.
10. Deposits by persons under disability.
8.
11. Certifying of checks.
12. Fraudulent conveyances.
13. False statements.
The new banking code contains practically every condition and requirement of the national banking act and the bank acts of other States.
THE WAR REVENUE BILL IN THE SENATE.
Senator Simmons, Chairman of the Senate Committee on
Finance, on Aug. 11 completed his explanation of the
changes made in the House War Revenue Bill by his committee, which he had begun on Aug. 10 (as noted in these columns last week). In speaking of the Finance Committe
BUI tax levies, he said:
THE CHRONICLE
662
I bcliovo this is a righteous war mado necessary by every coiLsideratlon
I know that money is as essential to its
of national honor and safety.
successful prosecution as armies and navies, and I believe that everyone
should pay for Its support according to his ability.
The Senator added that attempts to evade paying the war
taxes would be made only by a few persons "to whom the
war means nothing more than a golden opportunity to profiRegarding the liquor tax section of the
Senator
Simmons said that the Finance
revised Senate bill,
practically
all of the House rates
Committee had accepted
imposed on beverages, and that the changes made were due
to the passage of the Food Control Bill and the necessity for
The
raising a larger amoimt of money through taxation.
higher tax on beer and wines, he said, was deemed necessary
because there would be an enlarged market for them. He
declared that the farmers were willing to bear their share of
the taxes and that no requests for exemption from the proviHe told the
sions of the bill had reached him from them.
Senate that the farmers had received returns for their products on the average beyond their most optimistic dreams,
and that they would continue to reap a splendid net return
under the prevailing prices. In expressing his personal conviction upon the action of the Committee on Finance in
fixing the war tax schedules. Senator Simmons said:
teer
on necessities."
were out of sympathy with the position of my country with respect
if I thought It an unholy war; if I did not feel that it involved
the broad question of liberty and humanity here and everywhere; and if I
thought its eventuality was fraught with no danger, I might feel differently
about the taxes laid in this bill; but I believe that we are engaged in a
righteous war, forced upon us by acts of aggression and outrage to which
we could not tamely submit. I believe that this war must be fought, if
necessary, to the last man and the last dollar.
If I
to this war;
Intimation that debate on the bill would be closed early
coming week, was given by Senator Simmons on
Aug. 13, when he announced that only a few Senators had
signified their intention of speaking, and that he would
move to take up the committee amendments as soon as they
had been heard. Senator Boies Penrose, ranking Republican
member of the Committee on Finance, annoimced his support
of the bill on the 13th, and argued for its prompt passage.
This fact made it evident that there would be no party lines
drawn on the measure, which, as Senator Penrose declared,
is the greatest bill ever proposed to the American Congress.
He said that, while he had voted against the revenue measures
since the present Administration came into power because
they marked a departure in the fiscal policy of the United
States, of largely abandoning the tariff as the source of
revenue, and resorting to direct taxation, the situation was
different now, and the American Government has never
hesitated to raise revenue by direct taxation and loans when
required to do so by a state of war. The taxpayer must
bear in mind, he declared, that the bill is temporary in its
operation, and that when the war is over the whole tax
system of the country will be revised. Senator McCumber,
another Republican member of the Committee on Finance,
He predicted, it is said, a
also spoke at length on the 13th.
war of at least four years, and an expenditure of $40,000,000,000. He said the biU was just the beginning of the taxes
which must be levied, but declared that the future generations
should pay the greater part of the cost, as the present one
will furnish the men and supply them with the materials
which will be necessary to crush German autocracy. During
the debate on the 13th inst. Senator Reed made an attack
upon Herbert C. Hoover, asserting that the Food Administrator's statement of his plan to control wheat, flour and
bread was the decree of a dictator.
On the 14th inst. the Senate, in rapid succession and with
little debate, sitting as a committee of the whole, approved
the Finance Committee revision of the soft drink, tobacco
and most of the public utilities schedules. Extension of the
3% tax on freight transportation to motor vehicle lines competing with railroads, was approved on the 14th, in the
acceptance of the new freight transportation section, designed
to raise $77,500,000. The Senate also accepted the Committee reduction from 10% to 5% in the taxes on passenger
transportation and PuUman accommodations. Committee
elimination of the House taxes on gas, electric light and local
telephone bills of consumers also was accepted without
debate. They were estimated to yield $30,000,000, and were
stricken out because of their direct burden upon the general
public. The tax of five cents on telegraph, radio and longdistance telephone messages costing more than 15 cents was
The eliminapproved
It is estimated to yield $7 ,000 ,000
ation of the House provision taxing all insurance policies was
accepted by the Senate. The House proposed a tax of eight
on
cents per $100 of life insurance policies and about 1
other new or reinsurance.
in the
.
.
%
[Vol. 105.
Senator La Follette on Aug. 14 made public a minority
report, concurred in by Senators Gore and Thomas, urging
that the bulk of all war taxes be laid upon incomes and war
The report charges that the bill as revised by the
profits.
majority makes but palpably inadequate provision for raising
of revenue needed for financing the war through the next
fi.scal year and that most of the taxation has been placed
"upon those least able to bear it." England, Senator La
Follette declared in his report, has taxed her war profits
80%, without inpairing her great industries. Instead, he
said, her wealthy classes "were never in larger receipt of
larger incomes nor were her larger business concerns more
Heavy taxes could be levied on American
flourishing."
corporations without any fear of affecting capital or crippling
If Congress were to adopt the British rate of
industry.
80% on war profits. Senator La FoUette urged, more than
two and a quarter billions of doUars would be realized in a
single year from this source.
Seventy per cent would yield
he said, $2,021,000,000; 60%, $1,732,000,000; 50% $1,433,700,000; 40%, $1,155,100,000, and 30% $866,250,000, according to estimates furnished by the Treasury Department.
In comparison with the average wage of $700 earned by the
American laboring man. Senator La Follette presented
statistics showing that the percentage of war profits over
normal earnings of the du Pont Powder Co. was 1400%;
Bethlehem Steel, 1300%; American Zinc, Lead & Smelting
Co., 1500%; United States Steel, 300%; Anaconda Copper,
400%; American Beet Sugar, 250%; Armoiir & Co., 350%;
and American Hide & Leather, 250%. The minority report
presented by Senators La Follette, Reed and Thomas, sum-
med up
their objections to the
Finance Committee's
bill
as
follows:
First, the bill and report of the majority of the committee assumes that
according to the estimates of the Secretary of the Treasury the additional
revenue necessary to meet the expenditures of the Government for the
fiscal year 1918 is $1,943,458,000; whereas, in fact, according to the estimates of the Secretary of the Treasury and all available evidence before the
committee, the sum necessary to be raised is several times that amount.
Second, by the method of taxation proposed in the bill and the report of
the majority members of the Committee on Finance, the tax burden Is
unjustly distributed in that its greatest burden is laid upon those least able
to bear it, while surplus wealth, excessive profits and large incomes pay
far too little.
In thus distributing the tax burden the majority of the
Committee on Finance have, we submit, not only evolved a system which
is inherently unjust, but which also ignores the valuable experience of
Great Britain and other countries recently subjected to the strain of raising
large amounts of |money for war purposes.
point, that the Finance Committee
of the Treasury's warning that
$5,000,000,000 additional revenue would be necessary, the
minority report said that the effect of this, if not the purpose,
would be to compel another bond issue to take care of that
extra expenditure instead of taking care of It by increasing
In developing the
first
had ignored the Secretary
the tax on incomes and war profits. The report, according
to the "Journal of Commerce," continued:
The report of the majority members of the Finance Committee frankly
ignores the estimate of $5,917,878,347 made to the Committee by the
Secretary of the Treasury while the hearings on this bill were in progress,
it was stated, in the report accompansnng the estimate,
was urgently required to meet the needs of the Government.
That report also ignores the other billions above mentioned (for loans to
the Allies), which must be raised and expended during the present year.
Every member of the Finance Committee, whether of the majority or
minority, fully understands that the bill presented by the majority is only
intended to raise a moiety of the money which must be raised for the support of the Government during the present year.
Yet the country will be
given to understand and will have a right to understand from the majority
report and bill, that the bill fixes the amount of taxation to which the property and industries of the country are to be subject for the present year.
A few months from now, when it becomes necessary to raise other billions
of dollars, there will, no doubt, be great opposition to any plan to raise
more money by additional taxation. A bond issue will be the only alternative.
Of all forms of taxation that involved in bond issues is the worst.
The people must redeem the bonds principal and interest and in a
comparatively short space of time the interest comes to equal or exceed the
which amount,
—
—
principal.
Bear in
mind also that at the close of the war, whenever and however It
end, our resources will be serverly taxed to meet the expense made
necessary in order to maintain the enlarged army and increased mavy, the
pension list, and a multitude of other expenses caused by the war. These
burdens will be heavy enough for those who have them to bear without
our adding to them a still more staggering load of indebtedness, which
should be as far as possible met at this time by taxation.
may
Regarding the admission of Senator Simmons that the
rates upon income and war profits have not been fixed at the
highest level consistent with the best revenue-producing
results because of a desire to leave a margin for subsequent
taxation, the report said:
Here is the distinct admission of the fact, that the rates upon incomes and
war profits have not been fixed at the level which will yield the "best
revenue-producing" results. Why not? The demand for additional
revenue and for many billions of dollars of additional revenue is already
upon us, according to the estimates and evidence furnished to the committee and by which it must be guided. That we have already shown,
To advocate lower tax rates at present on war profits, with a view to
i
leaving a margin for a later day, is to leave out of sight the fact that this
prolific source of revenue will automatically disappear with the end of the
war. Failure to draw upon this source to the fullest possible extent^whlle
I
—
THE CHRONICLE
AiTG. 18 1917.]
the war lasts will therefore result in throwing a much larger burden of
taxation upon the people and the normal industries of the country at a
time when the easily made war profits will be no longer available, and
when business of the country will be staggering under the burden of re-
adjustment.
If it is fair and reasonable to impose a tax of 50% on normal Incomes of a
certain size, as the majority bill proposes to do, why should there be any
hesitation in applying a flat 50% tax, or indeed, a higher rate on excessive
war profits?
In discussing the consumption taxes the minority report
continued:
These include taxes upon transportation, both freight and passenger, and
also upon telephone and telegraph messages, upon automobiles, motorcycles and boats, upon admissions to places of entertainment or amusement, the burdensome and vexatious stamp taxes, an excise tax upon tea,
coffee, cocoa, &c., taxes upon postal rates, greatly increasing the cost of
transmission for first-class mail matter, and second class matter also, and
includes as well an additional tax upon publishers.
So far as meeting the needs of the Government for revenue is concerned
which w© have come to reckon in these times only in billions of dollars
But as a means of increasing
the amount of these taxes is inconsiderable.
the cost of the necessaries of life to the poor, they are oppressive, and, more
than that, they will be, and are intended to be, merely the first of the
taxes to be levied upon the necessaries of the poor in order to finance this
war.
Once we admit the
principle that taxes of this sort are to be levied at
all
we
will find them mounting with every increasing tax levy
which the necessities of this war will demand. The taxes upon tea, coffee,
sugar, medicine, freight, passenger fares, and the laying of all taxes upon
consumption are wholly unnecessary and unjustifiable at this time.
percentage almost negligible added to the war profits and income taxes
at this time,
A
would furnish more revenue to the Government than ^11 these consumption
taxes, and would not cause inconvenience, much less distress, to any one.
Why then are these consumption taxes levied ? The only answer is that
once the mass of the people have submitted to even the minimum of this
form of taxation, it will be easy to increase the consumption taxes both as to
subjects taxed and as to the rates imposed, again and again, as every war
revenue bUl comes before Congress. These taxes will also endure after the
,
,
period of the war.
When the war stops, the war profits tax, that greatest and most properly
The loss
available source of income during the war, can be no longer levied
of that source of income must be made up in part at least from some other
source, for the expenses of the Government will be enormously above the
normal for many years after hostilities have ceased. It will be these consumption taxes upon the necessaries of life that will then be drawn upon to
meet the needs of the Government. It seems to us both unjust and unwise
to levy these consumption taxes or any additional taxes upon the necessaries
of the people at this time.
The prices of food and clothing and all those things necessary to life and
well-being in the average homes of this coimtry have already enormously
Increased over any corresponding increase in wages, earnings or salaries.
.
During the debate on the 15th inst. Senator Weeks of
Massachusetts introduced amendments to the bill, which
would eliminate Section 1101, imposing an addition of onefourth of a cent a pound to the existing rate for second class
postage, and also Section 1106, which imposes an additional
tax upon publishers of newspapers and periodicals of
These two taxes. Senator
of net income in excess of $4,000.
Weeks declared, are excessive. In explaining his amend-
5%
ments, he
said:
opposed to raising the second-class postage rate at this time because
For the same reason I can see no
of the peculiar conditions which exist.
necessity for imposing a special tax on the newspaper and periodical pub
If the statements made by the publishers are dependable, the
lishers.
newspaper and periodical industry has been hit harder by the war than any
other business. While I believe that, when we return to normal conditions, the second-class postal rates should be increased, I think it would
be unfair to increase them now, or to Impose other special taxes upon the
I
am
publishers.
5%
on net incomes as
The postal increase and the tax of
carried in the biU, it is pointed out, are both extra levies,
the publishers coming, besides, under the provisions of the
normal income and other fixed taxes. Although most of
Thursday (the 16th) was spent in general debate, many
important provisions were tentatively approved by the
Senate. These provisions, many of which remain unchanged, included the following:
Sections levying $140,000,000 additional taxes on distilled and rectified
and including clauses effective during the war, prohibiting their
importation and providing a prohibitory tax of $60 per 100 pounds upon
their further manufacture from foodstuffs.
The House bill levied $107,500,000 additional taxes and prohibited the
manufacture of distUled spirits only.
Increase of revenues from beer and other malt and fermented liquors
of $46,000,000 as compared with $37,500,000 under the House bill.
Virtually all of the stamp taxes proposed, except that of bank checks
and parcel post packages which went over.
The amusement tax section, estimated to raise $23,000,000, compared
with $60,000,000 proposed by the House, with the House tax on club
dues eliminated.
Elimination of the House general tariff levy of 10% ad valorem, and
of the House taxes on jewelry, musical instruments and moving picture
spirits,
films.
The Senate on the 16th also adopted committee amendments providing for a new tax upon cameras to raise $500,000
for reduction of the manufacturers' gross sales tax from
6 to 2% on perfumery and patent medicines. The Senate
also accepted committee changes reducing the rates on
sporting goods so as to raise $800,000 instead of $2,000,000
and also accepted a substitute tax on yachts and other
pleasure boats. Senator Hard wick yesterday joined the
opposition forces to the biU by asserting that the tax on war
profits was unjust.
He said such a tax would seriously
affect the cotton milling industries of the South and that it
663
was unfair
to tax their profits by comparing with a pre-war
protest against the committee's provision for a
stamp tax on parcel post packages was filed yesterday by
the Post Office Department, which contended that the
proposed tax of one cent for each 25 cents paid would injure the parcel post and discriminate against the farmer.
The Senate yesterday accepted all the new wine taxes, expected to raise $21,000,000 annually, despite an appeal of
Senator Phelan, who in behalf of California wine producers,
urged a reduction of the tax on sweet wines as fixed by the
Finance Committee. He protested against levying a tax
of $1 10 a gallon on brandy used in fortifying wines, and
urged retention of the House rate of 10 cents a gallon, declaring that otherwise the sweet wine industry in California
would be ruined.
basis.
A
OTTO H. KAHN'S VIEWS REGARDING THE INCOME
TAX.
Commenting on proposals for "War Taxation," in a
pamphlet published on Aug. 12, Otto H. Kahn of Kuhn, Loeb
& Co. argued in favor of the income tax but against undvdy
high rates, saying in part:
The cost of the war must be laid according
to the capacity to bear
it.
It
would be fatuous folly and crass selfishness to wish it laid or endeavor to
have it laid otherwise. All I am advocating In effect is that in the pubUc
Interest not too much be exacted at once, but that by dividing the burden
over a reasonable number of years, capital in no one year, and especially
not during the first year of the war, should be so excessively taxed as to
produce an unscientific and dangerous strain.
I believe an income tax greatly increased over the rates heretofore prevailing, yet keeping within the bounds of moderation, would produce at
least as large a total revenue as an exceedingly high one.
And the consequences of the economic error of placing too vast a burden direct upon incomes would be more serious, I think, to the people In general than to the
Individuals directly concerned.
The question of the individual is not the principal one. The essential
thing Is that no undue strain be placed upon that great fund of capital as a
whole which is derived from incomes of all kinds.
It Is this fund which In its turn is one of the vital forces necessary for the
normal activities and progress of industry. If that fund is suddenly and
too greatly reduced the effect upon commerce and industry is liable to be
abrupt and withering.
I realize but too well that the load weighing at this time upon wage earn,
and still more, perhaps, upon men and women with moderate salaries,
almost too great to be borne, and certainly much greater than it should be.
But I am convinced that relief cannot be found in taxation of incomes at
rates without a parallel anywhere, and In unduly burdensome imposts upon
I am convinced that certain theories being urged upon
business activities.
Congress and the people, and to which the House War Revenue measure Is
in part responsive, while doubtless meant to tend and seemingly tending to a
desirable consummation, are In fact bound, in their longer effect, to bring
about results harmful to the community at large, rich and poor alike.
Within the last few days it has been announced that the Canadian Government has introduced a bill for the imposition of an income tax. The
rates proposed are moderate for a war measure, the highest percentage of
taxation being considerably less than one-half the rates fixed.by our^House
ers,
is
*•
of Representatives.
Moreover, the Act as introduced by the Government provides that income taxation will be remitted to individuals up to the amount which they
are now paying directly, or as members of a co-partnership, or as shareholders in corporations, for excess wai'.profits taxes and other special war^ taxes
under existing laws.
In fact, if the newspaper reports are correct, it is the announced intention
of the Canadian Government, with the adoption of the income tax, to .reduce or abolish the excess profits tax at the end of the present year.
Accordingly, while America, under the bills pending In Congress, would
have an unprecedentedly high income tax, and an excess profits tax, Canada
would have but a moderate Income tax, and that tax apparently would not
be in addition to but largely or entirely in place of the excess profits tax.
While an excess profits
Personally, I believe in both forms of taxation.
tax is not entirely free from economic objections, I believe that from the
moral and social point of view the arguments for it in war time are so strong
—
as to make it a peculiarly appropriate tax limited only by the consideration that It must not reach a point at which business activity would be
crippled, cash resources unduly ciu*tailed, expansion lamed, employment
and wages affected, or the Incentive to maximum effort and enterprise
destroyed.
The enrichment of corporations or persons out of profits resulting from a
war in which this country is engaged Is rightly abhorrent to the public
conscience.
Attention may well be called to the following significant remarks contained in the speech with which the very able Canadian Minister of Finance,
Sir Thomas White, introduced the relatively moderate measure of income
taxation proposed on behalf of the Canadian Government: "We will need
men of enterprise and ability who can bring capital into the country and
develop our immense resources, and in reviewing this measure after the
war I think consideration should be given to the question of whether the
taxation Is so heavy as to operate to prevent men of that type from coming
to this country and giving us the benefit of thalr enterprise and their, capital."
From the figures submitted to Congress by Secretary McAdoo, it appean
that considerably larger appropriations are called for than were originally
estimated. A portion of the additional funds required will presumably be
raised
by
taxation.
In this connection it would seem to me that the suggested tax of say one
per cent (or perhaps only one-half of one per cent) on purchases above five
dollars, excluding foodstuffs and raw materials, deserves serious considertiIt is in effect a tax on expenditures and as such would be borne
tion.
mainly by the rich and well-to-do.
Such a tax ought to produce a very large amount of revenue, with'a' minimum of disturbance, hardship and complication. It would be of the essence
of that tax that it be paid not by the seller, but by the purchaser, andjhat it be
..i
charged as a separate item and not included in the selling price.
A similar tax was imposed in the course of the C ivil War. As far as I
can ascertain. It functioned very well and met with ready acceptance,
proof of which may be found in the fact that it was not repealed. until
several years after the close of that war.
THE CHRONICLE
664
Appropriate taxllon of excess profits, together with an adequately though
not exorbitantly heavy Income tax, would go a long way to prevent the enrichment of a class through the calamity of war, without at the same time
affecting wages or laming the enterprise and business activities of the country.
THE INVESTMENT BANKERS' ASSOCIATION OF
AMERICA AND THE TAX-FREE COVENANT.
Under date of Aug. 10 the Investment Bankers' Association sent out the following letter, re-emphasizing its opposition to the scheme under which the tax-free covenant in
corporate bonds would be rendered nugatory through the
provision in the revenue bill of the Senate Finance Committee providing for information at the source of the income
instead of collection at the source:
The Investment Banlcers' Association of America, realizing the vital
Importance of the pending excess profits tax, has volunteered Its service in
the effort to make this tax productive and fair and to prevent it from stifling
the Industrial life of the country. It asks your interest and support in this
patriotic work.
Another matter, not so vital, but presenting an Issue of governmental
efficiency and fair dealing that must appeal to you is raised by the sudden
and unwarned injection into the Senate War Revenue Bill of income tax
amendments doing away with what is correctly known as "collection at the
source," leaving in its place the emasculated, less productive and bureaucratic red-tape known as "information at the source."
One effect of this change is to relieve the corporations of millions of dollars
a year which they are now obligated to pay under the so-called "tax-free"
covenant in their bonds (requiring them to pay the interest in full without
deduction for any Federal or State tax required to be withheld at the
Outstanding bonds
source) and to put this liability on the bondholders.
purchased since 1909, amounting to at least several billion, have paid an
of the principal) for this tax exemption which is
extra price (probably 1
now by this legislative "dvu-ing-war" legerdemain to be destroyed.
,
%
The corporations voluntarily assumed this liability and it is, we believe,
unconscionable for them to seek the aid of Congress to relieve them from it.
Another effect of this change is to impose on the several mllUon workers
of the country with incomes between $1,000 and $5,000 the difficult and
A corresponding burden
unnecessary burden of making income tax returns
to collect relatively small taxes at an enoris imposed on the Government
mous cost and burden. This burden on the workers of the country and on
the Government could and should be eliminated by continuing the present
system of collecting the normal tax at the source.
This issue was fought out first in 1913, when the income tax law was
enacted, and again in 1916, when it was revised. Each time after full conNow, with the
sideration the policy of collection at the source won out.
reduced exemption, the need of it is increased at least tenfold. From the
Government's viewpoint there has never been any room for real argument
as to the fact that "collection at the source" produces not only the "information" but practically a 100% tax, whereas collection of the normal tax
merely by means of individual personal returns does not produce anything
Notwithstanding this fact, the Treasury Department
like a 100% tax.
has been persuaded to recommend the "substitution" so-called of "information at the source" for "collection at the soiu-ce," which means the burden
of "information" without the tax and the transfer to bondholders of several
million dollars of annual liability now justly borne for them by the cor-
—
.
porations.
It should be said that only a few of the more powerful corporate interests
of the country desire this change. The great competitive Industrial
interests of the West and South and the great investment financial houses
of the country oppose it.
We do not question the motives back of the Treasury Department's
recommendation. We do question most seriously the thoroughness of
Authorities in the Department have
their consideration of the subject.
been fuUy advised as to the effect of this recommendation on investors and
they seem to be personally indifferent to the whole subject.
ON GERMAN PRESS
INTRODUCED IN SENATE.
BILL PLACING CURB
A
which has for its purpose the suppression of disloyal and seditious utterances by German or other publibill
cations printed in foreign languages in this country, was
introduced in the Senate on Aug. 13 by Senator King of
Utah. The bill provides that whenever a foreign language
paper pubUshes any comment upon the acts or policies of
the United States Government during the war, they must
print, in parallel column, an English translation of their
The bill reads:
That during the pendency of the present state of war and until peace
shall be concluded and the fact be declared by proclamation of the President it shall be unlawful for any person to print or publish in the German or
respecting
in any language other than the English language any comments
the Government of the United States, its policies, international relations,
the state or conduct of the war, or of any matter relating thereto without
printing or publishing in a column parallel to such matter a true and complete translation of the same in the English language.
Any print or publication in German or any other foreign language which
does not conform to the provisions of this act shall not be admitted to the
othermails, and it shall be unlawful for any person to transport, carry, or
remarks.
wise publish or distribute the same.
Any person violating the provisions of this act shall, on conviction
imprisonment
thereof, be punished by a fine of not more than $500 or by
of the
for a period of not more than one year, or may, in the discretion
Court, be both fined and imprisoned.
Senator King on the 13th inst. also mtroduced in the
Senate another measure which provides that naturaUzed
this
citizens of the United States who prove disloyal to
and
be
canceled
papers
citizenship
thenhave
country shall
measure
This
interned.
be
enemy,
alien
if
an
deported, or
as introduced in the Senate read as follows:
That if any person who shall have been naturalized as a citizen of the
United States within twenty years prior to the date of approval of this act
shall speak, utter, print, or publish words or statements which shall in their
(Vol. 105.
nature or intent be disloyal to the Government of the United States, or
which shall tend to excite sedition or insurrection, or to impede the prosecution of the war or of the laws relating to the same, such person shall be
deemed to have procured his papers of naturalization by fraud and shall
be deemed to have taken the oath of allegiance to the United States mala
fide and with a mental reservation to retain a qualified allegiance to the
foreign Prince, Government, or potentate to which such person owed
allegiance at the time of taking such oath.
That in any such case the Attorney-General of the United States Ls directed to institute proceedings in any District Court of the United States
having jurisdiction of the person of such naturalized citizen for the canThat upon
cellation of the papers of natutralization issued to such person.
the cancellation of his papers of naturalization, such person shall have
the status as an alien and shall be subject to deportation from the United
States, as provided by law; or if such person have the status of an alien
enemy, he may be interned or otherwise deal with as provided by law.
THE FOOD ADMINISTRATION—ITS PURPOSES AND
PLANS.
Shortly after signing the Food Control and Food Survey
bills on Aug. 10 (the text of which were given in these
columns last week) President Wilson formally announced the
appointment of Herbert C. Hoover, as United States Food
Administrator. Mr. Hoover has acted in that capacity
without official authority for the last three months, during
which time he succeeded in organizing the Food Administration, through which he is now prepared to direct the country's
food supply. Mr. Hoover was in conference with the President on the 10th inst., at which, it was stated, the food
Later Mr. Hoover issituation was discussed at length.
sued a statement setting forth the aims of the Food Administration, declaring its purpose will be to stabiUze and not
Every effort, Mr. Hoover said, will be
distmrb conditions.
made to correct price abuses made possible by abnormal
times, and drastic measures will not be resorted to until it
is seen the purposes of the Administration cannot be accomphshed through co-operation with food producers and
distributers.
Mr. Hoover's statement was in full as follows:
The hopes of the Food Administration are three-fold: First, to so guide
the trade in the fundamental food commodities as to eliminate vicious
speculation, extortion and wasteful practices and to stabilize prices in the
essential staples; second, to guard our exports so that against the world's
shortage we retain siafficient supplies for our own people and to co-operate
with the Allies to preventinflationof prices, and, third, that we stimulate in
every manner within our power the saving of our food in order that we may
Increase exports to our Allies to a point which will enable them to properly
provision their armies and to feed their peoples during the coming winter.
The food administration is called into being to stabilize and not to disturb conditions and to defend honest enterprise against illegitimate competition.
It has been devised to correct the abnormalities and abuses that
have crept into trade by reason of the world disturbance and to restore
business as far as may be to a reasonable basis.
The business men of this country, I am convinced, as a result of many
hundreds of conferences with representatives of the great forces of food
supply, realize their own patriotic obligation and the solemnity of the
situation, and will fairly and generously co-operate in meeting the national
emergency. I do not believe that drastic force need be applied to maintain economic distribution and sane use of supplies by the great majority
of American people, and I have learned a deep and abiding faith in the
intelligence of the average American business man, whose aid we anticipate
and depend on to remedy the evils developed by the war, which he admits
and deplores as deeply as ourselves. But if there be those who expect to
exploit this hour of sacrifice, if there are men or organizations scheming to
increase the trials of this country, we shall not hesitate to apply to the full
the drastic coercive powers that Congress has conferred upon us in this
instrument.
In enforcing the measm-es of the act it is not oiu" intention to proceed with
a host of punitive measures, but rather by co-ordination with the various
trades to effect such constructive regulations as will render gambling,
extortion and other wasteful practices impossible and will stabilize prices.
Indulgence in profiteering in this hour of national danger is far from the
wish or the will of the vast majority of our business people, and I am convinced that while we must have ready in reserve the corrective powers given
us, we shall by these powers free the great majority from necessity to
compete with operations whose sole effort is to inflate prices and bring into
disrepute the majority of honest traders. We propose to proceed as rapidly
as possible with constructive regulation in various commodities and to
announce each programme as quickly as it is properly formulated. We
hope within the next few days to annotmce the method of wheat and floiur
control.
The deep obligation is upon us to feed the armies and the peoples associated with us in this struggle.
The diversion of 40,000,000 of their men
to war or war work the additional millions of women drafted to the places
of theu* husbands and brothers; the toll of the submarine have all conspired to so reduce production that their harvests this autimm will fall
500,000,000 bushels of grain below their normal production. Always
dependent upon import from other countries for a substantial part of their
food needs, our western European allies, because of the destruction of
shipping by submarine and the isolation from the normal markets by
belligerent lines are forced to a large degree upon our market, not only as the
nearest, but as the only market capable of relieving their bitter necessities.
Therefore, whereas we exported before the war but 80,000,000 bushels of
wheat per annum, this year, by one means or another, we must find for
them 225,000,000 bushels, and this in the face of a short crop. Our best
will but partly meet their needs, for even then they must reduce their bread
consumption 25%, and it will be war bread they must eat war bread, of
which a large portion consists of other cereals.
Already the greater call for meat and animal products, due to the stress
of war on the millions of men on the fighting Jine and the enhanced physical
labor of populations ordinarily subsisting on lighter diets, coupled with the
inadequate world supply, have compelled our allies to kill upward of
33,000,000 head of their stock animals. This is burning the candle at both
ends, for they are thus stifling their annual production.
Therefore not only
must we increase their supplies of meat and dairy products, but must
prepare as war goes on to meet an even greater demand for these necessary
,
—
—
commoditiea.
t
.
.
Aug. 18
THE CHRONICLE
1917.]
France and Italy formerly produced their own sugar, while England and
Owing to the Inability of the
Ireland imported largely from Germany.
first named to produce more than one-third of its needs and the necessity
for the others to import from other markets, thay all must come to the
West Indies for very large supplies and therefore deplete our own resources.
Because of the shortage of shipping, only the most concentrated of foods,
wheat, grain, beef, pork and dairy products and sugar can be sent across
the seas. Fortunately, we have for our own use a superabundance of foodstuffs of other kinds
the perishables, fish, corn and other cereals and
surely our first manifest duty is to substitute these for those other products
which are of far greater use to our fellow fighters.
Our second duty is to eliminate waste to the last degree, 70% of our
people are well known to be as thrifty and careful as any in the world and
they consume but little or no more than is necessary to maintain their
physical strength.
They can, however, substitute foods as above. It is
not much to ask the other 30%, by simpler living, to reduce their consumption. The substitutions we ask impose no hardships and the elimination of waste is to-day no more than a patriotic service.
Every ounce of waste is a contribution toward starvation. Our allies
have reduced consumption bn the most drastic measures, but it is impossible
to reduce consumption to those in war who work and engage in other
physical labor.
Therefore the incidence of this drastic reduction among our allies falls
upon the old people and the women and children, and any shortage in the
supplies we may send them will fall upon this class and this class only, for
until they are reduced to starvation they themselves will insist on every
sacrifice in order that their fighters in the trenches and the men and women
in the munition factories may be maintained.
This war is a struggle to assure the dominance of democracy. Every
flag that flies against the Central Powers is by proxy the American flag.
Every man in the ranks of the Allies, every woman and child in Europe
sacrificing in the maintenance of these men are fighting in our defense.
We have in our abundance, and in our waste, an ample supply to carry
them and ourselves over the next winter without suffering. If we fail, it
is because individual American citizens have failed to see and do this loyal
national duty.
This is a service in which every man, woman and child
in this country may enter.
We shall invite all classes and all trades to
sign a volunteer pledge to co-operate with us in the undertaking, and so
become as much members of the Food Administration as we ourselves are.
There is no royal road to food conservation. It can be accomplished only
through sincere and earnest daily co-operation in the twenty million kitchens
and at the twenty million dinner tables of the United States. If we can
reduce our consximption of wheat flour by one pound, our meat by seven
ounces, our fat by seven ounces, our sugar by seven ounces per person per
week, these quantities, multiplied by one hundred million, will immeasurably aid and encourage our allies, help our own growing armies and so
effectively serve the great and noble cause of humanity in which our nation
—
—
has embarked.
This co-operation and service I ask of all in full confidence that America
will render more for flag and freedom than King-ridden peoples surrender
at compulsion.
PROCLAMATION EMPOWERING FOOD ADMINISTRATO FIX
TOR
WHEAT
AND
PRICES
LICENSE STORAGE
TO
&c.
President Wilson on Aug. 15 issued the following proclamation, under the authority of the Food Control law, giving
Herbert C. Hoover, the Food Administrator, authority to
control grain prices and the license of those engaged in the
storage and distribution of grain:
A proclamation by the President of the United States.
Whereas under and by virtue of an act of Congress, entitled "An act to
provide further for the national security and defense by encouraging the
production, conserving the supply, and controlling the distribution of
fuel," approved by the President on the 10th day of August 1917, it is
provided among other things as follows:
"That, by reason of the existence of a state of war, it is essential to the
national security and defense, for the successful prosecution of the war, and
for the support and maintenance of the Army and Navy, toassiu-e an adequate supply and equitable distribution and to facilitate the movement of
foods, feeds, fuel (including fuel oil and natural gas) fertilizer and fertil,
izer ingredients, tools, utensils, implements, machinery and equipment required for the actual production of foods, feeds, and fuel, hereafter in
this act called necessaries; to prevent, locally or generally, scarcity, monop-
olization, hoarding, injurious speculation, manipulations, and pi-ivate consuch supply, distribution, and movement; and to establish
and maintain Governmental control of such necessaries during the war. For
such purposes the instrumentalities, means, methods, powers, authorities,
duties, obligations, and prohibitions hereinafter set forth are created, es-
trols, affecting
The President is authorized to make
tablished, conferred, and prescribed.
such regulations and to issue such orders as are essential effectively to
carry out the provisions of this act."
And, Whereas, It is further provided in said act as follows:
"That, from tune to time, whenever the President shall find it essential to
license the importation, manufacture, storage, mining, or distribution of
any necessaries, in order to carry into effect any of the purposes of this act,
and shall publicly so announce, no person shall, after a date fixed in the annoxincement ,engage in or carry on any such business specified in the announcement of importation, manufacture, storage, mining, or distribution of any
necessaries as set forth in such announcement, unless he shall secvue and
hold a license issued pursuant to this section. The President is authorized
to issue such licenses and to prescribe regulations for systems of accounts
and auditing of accounts to be kept by licensees, submission of reports
by them, with or without oath or affirmation, and the entry and inspection
by the resident's duly authorized agents of the places of business of licensees."
And, Whereas, It is essential in order to carry into effect the provisions
of the said act and in order to secure an adequate supply and equitable distribution, and to facilitate the movement of certain necessaries hereafter
in this proclamation specified, that the license powers conferred upon the
President by said act be at this time exercised to the extent hereinafter set
forth.
Now, therefore, I, Woodrow Wilson, President of the United States of
America, by virtue of the powers conferred upon me by said act of Congress, hereby find and determine and by this proclamation do announce, that
it is essential in order to carry into effect the purposes of said act, to license the storage and distribution of wheat and rye and the manufacture,
storage, and distribution of all products derived therefrom to the extent
hereinafter specified
All persons, firms, corporations and associations engaged in the business
of either storing or distributing wheat or rye, as owners, lessees or operators
of warehouses or elevators, and all persons, firms, corporations and asso,
665
engaged in the business of manufacturing any products derived
from wheat or rye (except those operating mills and manufacturing plants
of a daily capacity of one hundred barrels or less, §d farmers and cooperative associations of farmers) are hereby required to secure on or
before Sept. 1 1917, a license, which license will be issued under such rules
and regulations governing the conduct of the business as may be preciations
scribed.
Applications for licenses must be made to the United States Food Administrator, Washington, D. C, upon forms prepared by him for that purpose.
Any person, firm, corporation or association, other than those hereinbefore excepted, who shall engage in, or carry on the business of either
storing or distributing wheat or rye as owners, lessees or operators of
warehouses or elevators, or manufacturing any. products derived from
wheat or rye after Sept. 1 1917, without first securing such license, will be
liable to the penalties prescribed by said act of Congress.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done in the District of Columbia, this 14th day of August, in the year
of our Lord, one thousand nine hundred and seventeen, and, of the Independence of the United States of America, the one hundred and fortysecond.
WOODROW WILSON.
By
the President:
ROBERT LANSING.
Secretaru of State.
FEDERAL CONTROL OF WHEAT AND FLOUR— FOOD
ADMINISTRATION TO TAKE OVER 1917 HARVEST.
Sweeping plans for the control of the country's wheat
supply and for regulating the manufacture and sale of flour
were announced on Aug. 12 by Herbert C. Hoover, Food
Administrator. The scheme promulgated by Mr. Hoover
contemplates the purchase of the entire 1917 wheat crop,
the licensing of elevators and mills, the appointment of a
commission, to be headed by Harry A. Garfield, son of
former President James A. Garfield, and President of Williams College, which will determine a fair price for the 1917
harvest, the abolition of trading in wheat for future delivery,
and absolute control by the food administration of exports of
wheat and flour. The regulations .Jwhich go vern the control of
wheat from the time it leaves the producer until it reaches the
baker, will go into effect Sept. 1. The first step to be taken
by Mr. Hoover will be the taking over of control of all grain
elevators, and all mills with a daily capacity of over 100
barrels of flour and place them under a system of licenses
which will make hoarding impossible. The conditions of the
licensing regulations are that only reasonable and customary
charges shall be made for warehouse service; that no wheat
shall be stored for more than thirty days without approval of
the Food Administration, and that certain information as to
receipts and shipments be regularly supplied.
Agencies are
to be opened for the purchase of wheat at all the principal
terminals and transactions will be carried on with the regular
dealers.
No restrictions will be made as to quantities which
will be purchased and no charges will be made except a
nominal percentage to cover the costs of operation. A
properly created auditing committee, Mr. Hoover announced, will check all transactions at every point.
In fixing the price to be paid producers for their wheat the
Food Administration will seek to give the farmer a fair price
and at the same time name a figure which will permit the
public to buy bread at a price much lower than that now
prevailing.
Mr. Hoover in his statement gave no intimation
as to the figure to be fixed for the 1917 crop. Congress in
passing the Food Control bill set a price of $2 for the 1918
crop. No intimation has been given as to the price which
The following is Mr.
will be fixed for the 1917 harvest.
Hoover's
announcement;
to the world's commerce and short supplies has caused
a greater disruption of the normal markets for wheat than any other cereal.
As a result of the isolation of certain of the world's wheat producing
1
countries, by either belligerent lines or short shipping, the normal determination of the price of wheat by the ebb and flow of commerce is totally
destroyed.
2. In order to control speculation and to secure more equitable distribution of the available wheat and flour between their countries, the Allied
governments have placed the whole purchase of their supplies in the hands
of one buyer. Also the European neutrals are now buying their wheat
through single government agents instead of in the normal course of commerce. Therefore the export price of wheat and flour, and thus the real
price, if not controlled will be subject to almost a single will of the foreign
purchaser.
3. In normal times American wheat moves largely to Europe in the fall
months. This year the shortage of shipping necessitates its distribution
over the entire year. Therefore, there is danger of a glut in our warehouse
system over a considerable period.
4. There are largo stocks of wheat which cannot be drawn upon by the
Allies during the war, but in the event of peace or defeat of the submarines
these would be available and might seriously demoralize the demand for
American wheat.
5. It must be clearly understood that the guaranteed minimum price of
$2 a bushel for wheat, set out in the food bill, does not apply to the 1917
harvest, but only to the 1918 harvest, and then under conditions which
must be elaborated. There is, therefore, no determined price for the 1917
The disturbance
harvest.
The result of this situation is that the normal price-fixing machinery la
entirely broken down unless some efficient government action is brought
6(56
THE CHRONICLE
Into play, either (a) the American producer may face a slump In wheat,
possibly below his production cost, and (b) the export price of wheat, which
ultimately determines the real price. Is at the will of a slnKle agency,
(c) Some one must buy the surplus wheat at any given moment, and if the
surplus iiassL's into speculative hands It will l)o held for higher prices later
In the year,
(d) With stabilized prices, extra hazards are introduced into
all distribution links which must bo paid for by the consumer.
It must Ijo evident that the United States government can more Justly
deal with the situation than any of the .agencies mentioned.
I Therefore, the food administration has determined to tal£o the following
course:
In order to eliminate speculation in wheat and flour all elevators
t First
and mills over one hundred barrels dally capacity will be required to take
out a government license, and the conditions of this iicen.se to be:
That only reasonable and customary charges shall be made for warehouse
\l
service; that no wheat shall be stored for more than thirty days without
the approval of the food administration; that certain information as to
The grain exchanges
receipts and shipments shall be supplied regularly.
are being a.>^ked to suspend all dealings and quotations in future wheat.
These regulations will come Into force Sept. 1 and the licenses will be
—
prepared this week.
While farmers' co-operative elevators are excepted by the food bill, this,
however, only applies to mutual concerns, and not to stock companies, and
in any event, under the advantages of joining the plan, none is likely to
stand out.
In substitution of the broken down marketing machinery, the food
administration proposes to open agencies for the purchase of all wheat at
the principal terminals, carrying on its transactions with the usual dealers
and is prepared to take the whole harvest if necessary in order to maintain
a fair price, and will resell wheat for export in such quantities as we
can afford to part with in protection of our own people, on one hand, and
to sell, on the other, to the millers for domestic consumption.
The administration will make no charge except a nominal percentage to
cover costs of the operation, and arrangements will be made which will
insure the government against loss.
In order that nothing shall be left to
mischance, we are setting up a properly constituted and independent
auditing committee, which will check all transactions at every point.
The food administration under these arrangements would have large
influence in affecting the price of wheat.
With a view to determining a fair
price the President has approved the appointment of a committee to be
selected from representatives of the producing sections and consuming
elements in the community. This committee will be assembled under the
chairmrnship of President Garfield of Williams* College, and it will be the
duty of this committee to determine a fair price for the 1917 harvest.
Upon the determination of this fair price it is the intention of the food
administration to use every authority given it under the bill and the control
of exports to effect the universality of this fair basis throughout the whole
of the 1917 harvest year without change or fluctuation.
It should this be clear that it will not be to the advantage of any producer to hold back his grain in anticipation of further advances, for he will
do so only at his own cost of storage and interest, and If it is necessary for
the Government to buy the entire wheat harvest in order to maintain this
fair price in protection of the producer we intend to do so.
Furthermore, the holding of wheat or flour contracts by persons not
engaged in the trade, and even when in trade, in larger quantities than is
necessary for the ordinary course of their business, is unlawful under the
Act, and such cases will be prosecuted with vigor. And we would advise
^uch holders to liquidate their contracts at once.
By the above arrangement we believe that we shall stabilize the price
of wheat throughout the year; that the hazards of operation, due to fluctuating prices, which are imposed upon our milling and distributing communities, will be eliminated, and, therefore, their business can return to
the normal lines and the normal margins of profit, and that we shall not
only have stabilized the price of wheat, but stabilized the price of flour,
and that it should enable us to arrive at a stabilized price of bread.
^. The food administration has had the patriotic co-operation of the leading
}^'
m
il lers of the country, and these millers have organized, at the request of
the food administration, a committee to represent the entire trade.
Detailed proposals for an agreed differential of profit and expenses per barrel
of flour and per ton of feed are under discussion.
Under this orrangement
the public will be assured an equitable and stabilized price of flour, based
upon the cost of raw material, and we confidently expect the volunteer
arrangement with the mills which will give satisfaction to the public.
The universal endeavor over the country to reduce consumption of wheat
breadstuffs in order that we may have the requisite exports with which to
carry the Allies over the forthcoming winter will result in a largely increased
amount of wheat available for export. If it were exported as wheat it
would result in diminution of employment in our mills, and, of equal importance, curtailment of supply of mill feed for our dairy cattle. Therefore, the food administration will stipulate for a large proportion of export
of flour instead of wheat, and as the export orders for flour will be given
subject to the approval of the food administration, those mills which cooperate with the administration will be given the benefit of the exports
employment. By thus encouraging the home production of flour the manufacturing cost will be reduced, and therefore the American public will receive indirect benefit in lowered margins of cost in distribution.
In accordance with the policy of the administration to co-operate with
all trades, we are this week also discussing details of voluntary arrangements
with the flour distributers, by which agreed maximum differentials may be
effected in the wholesale trade.
An exhaustive investigation is being made Into the cost of baking and
bread distribution, and active discussions are being carried on with the
bakers' war emergency committee as to plans for the elimination of waste
in' the industry and the production of a standard loaf.
It is impossible to anticipate the price to be enunciated by the "fair
price committee" under Dr. Garfield, and it will probably require two or
three weeks in its determination.
The names of the committee are being submitted to the President and
be early announced.
basis of determination will be to arrive at a price which represents
a fair retm-n to the producer for his patriotic endeavor to increase the supply and a proper reduction of the cost of flour to the consumer.
It must be evident to ail thinking persons that unless the price of wheat,
flour and bread can be materially reduced we cannot expect to maintain
the present wage scale of the country, and that we must in this social readjustment lose efficiency at a time when we can afford no such sacrifice.
will
The
The full personnel of the price fixing committee, of which,
as heretofore stated, Harry A. Garfield is Chairman, was
announced on Aug. 15. Associated with Mr. Garfield on
the committee will be the following:
Charles J. Barrett, of Union City, Ga., President of the Farmers' Union.
William N. Doak, of Roanoke, Va.. Vice-President of the Brotherhood
of Railroad Trainmen.
[Vol. 105
Eugene E. Funk, of Bloomington, III., President of the Nat. Corn. Asso.
Edward F. Ladd, of Fargo, N. D., Pres. of the North Dak. Agri. College.
R. Goodwyn Rhott, of Charleston, 8. C, President of the Chamber of
Commerce of the United States.
J. W. Shorthill, of York, Neb., Secretary of the National Council of
Farmers' C^ooperative A.ssociations.
James \V. Sullivan, of Brooklyn, N. Y., of the American Fed. of Labor.
L. J. Tabor, of Barnesville, Ohio, Master of the Ohio State Grange.
Frank W. Taussig, Chairman of the Tariff Commission.
Theodore N. Vail, Pres. of the American Tel. & Tel. Co.
Henry J. Waters, President of Kansas State Agricultural College.
Announcement was also made by the Food Administration
on the 15th inst. that it had formed a fifty million dollar
corporation, to be known as the "Food Administration Grain
Corporation," with all the stock held by the Federal Government, to buy and sell wheat at the principal terminals. The
corporation has been incorporated in Delaware, and will be
operated along the same lines as the Emergency Fleet Corporation of the Federal Shipping Board The wheat corporation
will be put under the Food Administration's grain division, its
Chairman will be Herbert C. Hoover, and its President
Julius Barnes, a Duluth exporter, now serving as a voluntary
.
aid in the food administration.
of the corporation are:
Gates
The other executive
W. McGarrah,
of
officers
New
York,
Treasurer; F. G. Crowell, of Kansas City, Vice President;
Edward Chambers, of Chicago, Transportation Director;
Curtis H. Lindley, of San Francisco, Counsel, and J. W.
Twelve men were
Shorthill, of York, Neb., Secretary.
named by the Food Administration on the 15th inst. to
represent its grain division at the various terminals. They
are: Edward M. Flesh, at St. Louis; M. H. Houser, at
Portland, Ore.; C. B. Fox, at New Orleans; H. B. Irwin, at
Philadelphia; P. H. Ginder, at Duluth; Frank L. Carey, at
Minneapohs; George S. Jackson, at Baltimore; Charles
Kennedy, at Buffalo; R. A. Lewin, at San Francisco; D. F.
Piazzek, at Kansas City, and Charles T. Neal, at Omaha.
All the grain men who have been taken into the Food
Administration's grain division will dissociate themselves
from business interests and will give their entire time to the
Government without remuneration.
Over one hundred representatives of boards of exchange
and elevator systems were in conference in Washington on
the 15th inst., with the Food Administration officials regarding the Government's plans for food conserv^ation and
control.
At the end of an all-day meeting they issued a
statement approving the Food Administration's proposals.
They also adopted the following resolution:
Realizing, that the operation of Government control in wheats and rye
essential under present war influences in order to adequately protect oiur
home supply and furnish our allies with the aid we owe, and realizing that
the establishment of an efficient Government plan of operation means to
all of us ciu-tailment of our business and to some of us actual retirement
from active business during such period, we do express our pride in the
character of service tendered by the grain trade in the sacrifice by these
men of ability who are placing their experience and energy at the service of
the Government, and we approve the general plan of operation as explained
to us as sound, workable and necessary, and in its general lines it appears
to us as being the most efficient and just plan of operation which we can
is
conceive.
MilUng interests also met in Washington on the 15th inst.,
and named the following committee to co-operate with the
Food Administration in drawing up and enforcing regulations
governing flour manufacture:
James F. Bell, Minneapolis, Chairman; A. P. Husband, Chicago, Secretary; Albert C. Loring, Minneapolis, representing the Northwest; Andrew
J. Hunt, Arkansas City, Kan., representing Southwest; E. M. Kelly,
Nashville, Tenn., representing the Southeast; Mark N. Mennel, Toledo,
representing the Ohio Valley; Theodore B. Wilcox, Portland, Ore., representing the Pacific Coast; Samuel Plant, St. Louis, repre-senting St. Louis
and the State of Illinois; Bernard A. Eckhart, Chicago, representing the
cities of Chicago and Milwaukee.
COMMITTEE TO SETTLE LABOR DISPUTES IN
GOVERNMENT PLANTS—SEAMEN REACH
WAGE AGREEMENT.
Announcement was made by the Navy Department on
Aug. 10 that an inter-departmental committee on the adjustment of wage scales of employees in Government plants
had been organized, under the Presidency of Assistant
Secretary of the Navy Franklin D.Roosevelt. Associated
with Mr. Roosevelt on the committee are Walter Lippmann,
Assistant to the Secretary of War, and William Blackman,
ConcUiator of the Department of Labor. The difference
between the new interdepartmental committee, and the recently created Labor Adjustment Commission of the Council of
National Defense (referred to in these columns last week)
is that the new committee will seek to settle labor disputes
in Government plants, while the Labor Adjustment Commission will interest itself in disputes between labor and
privately owned plants working on Government contracts.
It was origianlly planned, said a special dispatch to the New
York "Times" on the 10th inst., that a special board, repre-
THE
.
AUG. 18
1917.)
(J±mUMlCL.Ji;
senting the Navy Department alone, should prepare wage
scales for the term of a year, but the project was enlarged to
take in work under the War Department as well. The new
interdepartmental committee,
this
month, and
in
it is
September
work
the new wage
said, will begin its
will institute
schedules
Regarding the new committee the dispatch to the "Times"
said:
in determining the wages for the next twelve months,
a basis the average wage paid in any community as that to be
paid by the Government. In some instances the Government is known
to be paying more than the average wage in a given community; in others
the Government is paying less. There will be an equalizing effect, it is
believed, in the amount paid by the Government and by private interests.
The wages paid will not be uniform, as the present wage scales throughout the country are not uniform. In the Puget Sound region, it was sated,
wages are approximately 15% higher than in the East. In the South last
year they were, in some instances, 25% lower than in the North, although
the tendency has been to reach the Northern level in recent months.
The Committee,
will take as
The Committee will take under consideration temporary conditions in
any community which may tend to depress or to lift wages, and will be
guided in determining wage scales by normal, and not by any temporary
conditions, it was stated.
The Department of Labor on Aug. 10 announced that
American seamen and their employers had come to a full
agreement on wages and working conditions during the
war, which, it is expected, will solve the problem of obtaining sufficient men to operate the great merchant fleet
the country is now building. The agreernent was signed
by a committee of sixteen, representing employers, employees, and the Department of Labor, the Department of
Commerce and the Federal Shipping Board. Pacific Coast
and lake seamen and employers vt^ho were not represented at
the conference are expected,
ment.
The wage
scale for
it is
stated, to enter the agree-
seamen was
fixed as follows:
passers, $50; oilers and water
tenders, $65; boatswains, $70; carpenters, $75.
Overtime pay for cargo
work will be figured at 50 cents an hour and for ship work at 40 cents.
50% bonus will be paid to crews entering the war zone, and employers
will pay seamen $100 each compensation for loss of personal effects when
ships are sunk.
Sailors
and firemen, $60 a month; coal
A
The scale of wages and bonus for stewards and cooks
was left unchanged for the present
To increase the number
of men available for work every ship is to carry a certain
number of boys. The number of able-bodied seamen is to
be reduced by increasing the number of ordinary seamen
in the crews.
It was also agreed at the conference that the
bonus and other conditions arising through the war should
terminate with the war, and that the wage scale should
.
remain in force for a year after the ending of the war. An
is to be made by employers and seamen to men who
have left the sea, asking them to return to service. The Provost Marshal General's office, the dispatches from Washington said, is to be requested to exempt seamen from miUtary service on the ground that the scarcity of sailors makes
appeal
the services of those who follow the seas as valuable as those
men who carry guns.
of the
WHAT THE NEW WAR
INDUSTRIES BOARD
ACCOMPLISH.
Intended to make clear to business
MAY
men
of the country
newly appointed
War Industries Board, a bulletin has been prepared by a
committee of the Chamber of Commerce of the United States
which is co-operating with the Council of National Defense.
It is explained, however, that this particular bulletin is
written independently of the Council and issued solely on the
responsibility of the National Chamber Committee.
"Under
the most favorable conditions the War Industries Board must
necessarily labor under great difficulties," the bulletin declares.
"Not being an official department of the Government engaged in procuring war supplies, the Board will not
have problems presented as they arise, but only as they are
referred or may be known after they have developed.
In its
deliberations on these problems the Board must rely upon
information compiled and furnished by staffs of employees
acting under independent supervision and control
When the
Board reaches decisions it will have only indirect means of
what may reasonably be expected
of the
.
putting
these
decisions
into
effect.
Nevertheless,
the
Board will undoubtedly accomplish a great deal. The
problem of a general basis of prices on war materials and
supplies for the Government and for the Allies is already
under consideration and a satisfactory conclusion may be
anticipated. Also, regarding priorities on Government contracts, the Board may be expected at an early date to bring
about improvement in conditions as they have existed. The
opportunity is likewise offered for an arrangement with the
Allies so
that their requirements in this country
may be
t>t>7
determined and contracts let."
Proceeding, this bulletin
says:
"It is difficult, however, to see how the War Industries Board, with its
present function, can bring about such concentration of effort in buying as
exists in the English Ministry of Munitions, or how, without delay and
lost motion, the Industries of the country can be brought to an output
of materials and supplies to meet the war needs of our Government and the
Allies.
Furthermore, the Board is faced with extreme difficulties in the
effort it will make to bring about fair prices to the public, or to formulate
a general plan of priorities to adjust private business to the extraordinary
conditions of this groat industrial war.
"More and more it becomes evident that here, as in other countries at
war, the normal business life is so disrupted by the war that concerted
action is necessary to prevent a breakdown in the distribution of the
country's output. Continued reliance upon uncontrolled prices as the
As a step toward
basis of distribution in war is producing harmful results.
concerted action that will avoid such results, the War Industries Board
must receive a hearty welcome. This Board wil accomplish much, and
not power
will develop the need for a board or department with power
which comes from friendly co-operation but the real power which compels
action and can be judged by results."
—
—
Board Has No Direct Powers.
The National Chamber Committee bulletin goes on to say those who
have in mind that the only'legal function of the Council of National Defense
is to investigate, report and make recommendations, will readily appreciate that a War Industries Board created by it can have no direct powers.
In fact the functions are:
"The Board will act as a clearing house for the war industry needs of the
Government, determine the most effective ways of meeting them and the
best means and methods of increasing production, including the creation
or extension of industries demanded by the emergency, the sequence and
relative urgency of the needs of the different Government services, and
consider price factors, and, in the first instance, the Industrial and labor
aspect of problems involved, and the general questions affecting the
purchase of commodities."
No Powers Vested in Board.
The executive and administrative departments of the Government continue to exercise the same functions and power as heretofore and the
various purchasing bureaus are still under the War and Navy departments, according to the bulletin. Contracts are to be signed, as heretofore,
by men acting under the control of the Secretary of War and the Secretary
of the Navy.
Specifications will be determined in the same departments
as heretofore.
Records are kept under the same supervision as before.
To get information the War Industries Board must, under existing condiNo powers
tions, rely upon staffs of the Secretaries of War and Navy.
are vested in the War Industries Board by statute, executive order or
appointment. To secure legal action the Board must rely upon the power
of some other agency of the Government, as, for example, the War and
Navy departments, which retain their full powers regarding the securing of
war supplies. According to the official announcement, the War Industries
Board is to furnish needed assistance to the departments engaged in
making war purchases.
Board Notable Step Forward.
"The War Industries Board is not the War Board, the need of which was
shown in a recent National Chamber war bulletin," the committee bulletin
goes on, "but it is a great step In the right direction. As stated in the
official announcement the appointment of the War Industries Board, of
which Frank A. Scott, Chairman of the General Munitions Board, is
Chairman, will 'lodge responsibility for effective action as definitely as is
possible under existing law.'
"The recognition of the need of centralized authority In connection with
procuring war supplies, and the effort to direct from a central board the
exercise of such powers as may now exist imder the statutes, is a notable
step forward.
"Furthermore, the War Industries Board has been created under conditions which assure it of the heartiest support of the President, the Secretary of War, the Secretary of the Navy, and others.
"It may be assumed that in securing the information needed to reach
decisions, cordial, friendly assistance will be given the Board by the
different Government departments, and no doubt all hands mean to help
to the utmost in carrying out the decisions reached by the Board."
BILL PROVIDING FOR FEDERAL INSURANCE OF
SOLDIERS AND SAILORS.
A bill embodying the Administration's plans for the insurance of soldiers, sailors and marines in the United Sgates
service was introduced in the House on Aug. 10 by Representative Alexander, and was referred to the Committee on
Inter-State and Foreign Commerce. A similar bill was also
introduced in the Senate by Senator Simmons, and it was
The bill, drawn
referred to the Committee on Finance.
under the direction of Secretary of the Tresaury McAdoo by
the representatives of the various Government departments,
the Council of National Defense and the larger insurance
companies of the country, provides for the granting of a reasonable measure of indemnity against the loss of the support
to a family of its breadwinner, and in ease a man is incapacitated for life the indemnity will be paid to the victim himself.
A feature of the bill is the proposal to compel men and officers to allot a minimum of $15 a month out of their pay to
dependent wives and children. The bill proposes to rest in
the War and Navy departments authority to compel such
payments. To encourage thrift, and to enable a man to pay
the insurance premiums, "and, above all, better to preserve
equality and democracy among the members of our own forces
and between them and the Allies," provision is made enabling the War and Navy departments by regulations to compel men who do not allot one-half of their pay to deposit
with the Government so much of the half pay as is not allotted, these deposits to bear interest at 4% per annum,
compounded semi-annually. As to the provision in the bill
concerning the payment of Government allowances to fami-
THE CHRONICLE
6G8
armed forces, the proposed allowand
$50 monthly, acicording to the
ances vary between $5
This Govenmnent aldependents.
circumstances of the
the
compulsory allotment
lowance would bo in addition to
for
partial
Indemnities
and total disfeature of the bill.
ability would vary from a minimum of $40 a month for privates up to $200 for higher officers. I*rovision also is made
for the payment of allowances to injured men for their reeducation and rehabilitation after leaving the army or navy
Under the terms of the bill, soldiers, sailors and marines
would be enabled to obtain insurance on their lives during the
•war in sums from $1,000 to $10,000, the Government taking
the risk and the men paying the premiums. The premium
rate would be approximately $8 per $1,000 of insurance, and
would be payable by installments out of pay. In a letter to
lies of
men
in the nation's
President Wilson explaining the provisions of the
retary McAdoo wrote in part:
bill,
Sec-
After careful consideration of estimates and after consultation with
S. H. Wolfo of the War Department, one of the leading actuaries
of the country, I have reached the conclusion that if the bill is enacted
promptly into law, the total expenditure for the first and second years
will be as follows:
1st Year.
2d Year.
Family allowance
.-$141,000,000 $190,000,000
Death indemnities
3,700,000
22,000,000
Compensation for total disability
_
5,250,000
35,000,000
Compensation for partial disability.
3,200,000
21,000,000
Insurance against death and disability
23,000,000
112,500,000
Captain
Total
.$176,150,000 $380,500,000
aims to accomplish these ends by granting a reasonable measure
of indemnity against the risk of loss:
1
Of support of the breadwinner.
The
2.
3.
bill
Of life and limb.
Of present insurability at ordinary
"The
risk of
rates.
dependency," in the case of an enlisted man's family,
is
indemnified against by allotment of part of the pay of the enlisted man,
supplemented by a family allowance granted and paid by the Government.
For wife and children up to eighteen, or if incapable of pm-suing a substantially gainful occupation because of mental or physical infirmities, then
without age limit, allotments are compulsory unless waived or exempted
under regulations. For other dependents they are voluntary. The compulsory allotment must equal the family allowance, with a minimum, however, of $15, and a maximum of one-half pay.
The monthly family allowance ranges from $5 to $50 maximum, dependent upon the size of the family, and as to other idndred than wife and children, further dependent upon
their actual needs and upon the amount ordinarily contributed by the man
for their support, a voluntary allotment to these kindred, similar to the
compulsory allotment for wife and children, is required as a condition to
the allowance, but if the compulsory allotment is being made, then as to
the additional allotment, a minimum of $5 and a maximum of one-seventh
pay is a condition to the Government grant. The family allowance continues only for the war emergency.
To illustrate: A private gets $33 a month for service abroad. If he has a
wife and two children, he must allot to them at least $15 out of his pay.
The Government supplements this by giving the family an allowance of
$32 50. This family's minimum income, therefore, would be $47 55.
The father can allot as much more as he pleases. If there is another child,
the Government will allow $5 additional. If that man should have a
mother or father actually dependent upon him, and to whom he has been
accustomed to contribute say $15 a month, he can obtain an allotment of
$10 a month from the Government for the parent by allotting $5 more
of his pay.
If there are more children, or if there is also a dependent
father, the Government would give up to $50 to all, over and above the
man's own allotment.
To instill thrift to enable a man to build up a fund out of which he can
pay the insurance premiums, and, above all, better to preserve equality
and democracy among the members of our own forces and between them
and the Allies, provision is made enabling the War Department and the
Navy Department, by regulation, to compel men who do not allot one-half
of their pay to deposit so much of the half pay as is not allotted, these deposits to bear interest at 4% per anniun, compounded semi-annually.
The risk of disability or death as to officers, men and nurses while in
active service as part of the military or naval forces of the United States is
Indemnified against by compensation on the analogy of the Workmen's
Compensation Act rather than through a pension system. The sacrifice
of, and loss to, the family is, however, taken into consideration by varying
the amount of compensation, both after death and during disability, with
the size of the family.
If total disability results from personal injury suffered or disease contracted in the course of the service, the compensation, based on the percentage of pay, but with a minimum of from $40 to $75 per month, according to the size of the family, may increase for the higher officers to a maximum of $200 per month. Compensation, however, is not payable while
the officer receives retirement allowance.
Partial disabilities are compensated for on the basis of percentages of the
compensation for total disability, dependent upon the average impairment
of earning capacity resulting from such injuries in civil occupations.
Medical, surgical and hospital treatment, supplies and appliances are
given.
Kehabilitation and re-education of the injured men are vital to the
scheme. Compensation is a helpful measure of justice, but rehabilitation
and re-education, fitting him for a life of activity and usefulness, either in
his old or a new vocation, is an obligation fundamental both to him and
his fellow-men.
The bill does not attempt to cover the matter of means and methods of
effecting this.
A study of European experience, both as to the victims of
war and of industry, is essential therefor. Two principles are, however,
established in the bill:
1. The man's obligations to avail himself of such opportunities as the
Government may provide during any period of unreasonable refusal.
2. A man's right to disability compensation regardless of his individual
economic recuperation. This is an essential spur to the full development
of his potentialities.
To illustrate some of these provisions and to contrast them with the
pension provisions by practical examples, assume that a man were disabled
totally by losing both legs and both arms in battle.
Under the existing
pension system he would receive $100 a month, regardless of the size of his
[Vol. 105.
Under the compensation provisions of this bill, if he were a private
and unmarried he would receive $40 per month, and if as is most probable
he needed a nurse or attendant, up to $20 additional. If he had a
widowed mother dependent upon him for support he would get another $10.
If he subsequently married, his monthly compensation would be at once
If later on he had children the compensation would
Increased by $15.
again be increased $10 a month for each of the first two children; a possible
maximum of $105 a month.
In addition to this monthly payment, under either system he would be
Uis compensation
fitted with artificial limbs and would have treatment.
Furtheror pension would not bo affected by any increased earnings.
more, if he wanted to set up as a small storekeeper, under the compensation
system ho would be allowed to commute $20 a month of his compensation;
this might give him $1,000 or more and still leave him protected to some
family.
—
—
extent.
If death results from the injury or disease incurred or contracted in the
course of service, compensation is paid to the widow, children and dependent widowed mother. The amount, based upon percentage of pay, ranges
from a minimum, according to the size of the family, of 815 to $60 per
month, to a maximum for the higher officers of $200 per month. Burial
expenses of not exceeding $100, as may bo fixed by regulations, are allowed.
This compensation ends for widows two years after remarriage, for children
on reaching eighteen, unless they are physically or mentally incapable of
following a substantially gainful occupation.
Death or disability resulting from injury suffered or disease contracted in
the course of the service is covered, irrespective of the date when disability
or death occurs, but if it occurs after discharge or resignation, it is compensated for only if a certificate has been obtained within one year after
discharge or resignation that the person was suffering from injury or disease
so incurred or contracted likely to result later in death or disability.
Risk of non-insurability at ordinary rates is indemnified against by the
issuance of government insurance, covering total disability and death, to
officers, men and army nurses while in active service as part of the military
or naval forces in an amount of $1,000 to $10,000.
The excess cost due to the increased mortality and disability risk should
clearly be borne by the Government.
The cost of administering the insurance bm-eau for the benefit of the fighting men also is a proper governmental
charge. As the Government will not have the other expenses incident to
insurance, the premium rates to be charged by it are based upon the mortality experience tables of peace tunes without "loading."
"Loading" comprises overhead charges, commissions to agents, advertising, &c., and is a
large item in the premium charges of private companies.
The cheapest form of insurance, costing during the war on an average $8
per $1,000 of insurance, and thus bringing even the maximum of $10,000
insurance within the reach of practically every private, is provided for.
After the war the insurance may be converted into other forms with earlier
maturity, the premiums to be based, however, on the same mortality
tables and without "loading."
All Insurance is to be payable in installments, to be non-assignable and free from the claims of creditors either of
the insured or of the beneficiary. It is to be limited to wife, children and
other specified kindred.
It must be applied for within 120 days after the
terms are promulgated or subsequent enlistments or entrance into the
service.
For those who are totally disabled or die before they have had an
opportunity to insure within the prescribed period of 120 days, insurance in
the sum of $5,000 is deemed to have been applied for and granted.
Secretary McAdoo on Aug. 12 issued a statement urging
that the War Insurance Bill before Congress be promptly
enacted into law. "America must not be disgraced," the
Secretary said, "by a failure to provide for the support of
the families of the men whom she takes from their homes and
places upon the battlefields."
The statement, according to
the New York "Times" read as follows:
In September approximately 800,000 men will be sent to army camps
throughout the country to train as soldiers for the greatest war of all time.
America's chance of winning the war and it is the power and resources
of America that must win this war will be immeasurably increased if the
War
—
—
Insurance Bill now pending in Congress is promptly enacted into
As soon as these men go into camp an immediate and pressing problem confronts the country. Their wives and children, or mothers and
fathers, who are dependent on them for support, will be immediately
thrown upon the charity and generosity of the communities in which they
live.
This must not be done.
America must not be disgraced by a failure to provide for the support of
the families of the men whom she takes from their homes and places upon
the battlefields. This is the time to hearten our men as they enter upon
this supreme service of sacrifice for the nation.
This is the time to enhance
their morale and sustain and comfort those who are left behind and are
required to make sacrifices as great as those who died upon the field of
law.
battle.
I earnestly hope that the pending measure will be supported by such an
unmistakable expression of public opinion that it will be enacted into law
before the first soldier of the new national army begins active military duty.
RETAIL DEALERS OF COAL IN WASHINGTON, D. C,
CHARGED BY TRADE COMMISSION WITH
MAKING EXCESSIVE PROFITS.
The Federal Trade Commission has been making an
investigation of the practices
and methods of coal dealers in
Washington, D. C. and the result is pubhshed in the Official
Bulletin for August 15.
The Commission says that the
figures show that there were no grounds for any claim of
actual shortage in the retailers supply of either anthracite or
bituminous coal in Washington during 1917 and that the
coal prices charged yield excessive margins and should be
reduced.
The Commission authorized
the following state-
ment:
For purposes of the Federal Trade Commission's report schedules were
obtained from each of the 113 retail coal dealers of Washington, D. C, and
from each of the three wholesalers. For purposes of comparison data were
required covering each dealer's supply for first five months of the calendar
year 1916 and for the same period of 1917, while for purposes of computing
margins data were secured showing the cost per ton of each dealer's supply
for the months of April and May 1917.
.--^
Comparative data were available for 105 of the 113 dealers of Washington
covering over 98 % of the total supply received in the first five months of
1917 and the same period of 1916.
AUG. 18
THE CHRONICLE
1917.]
Bituminous Coal.
The
total increase in the supply of anthracite coal for these 105 dealers
in 1917 than in 1916.
Forty-two dealers handle bituminous coal. Of these 42 dealers 38
furnished comparative data covering 99% of the bituminous coal handled
by Washington retailers. The schedules of these 38 dealers showed that
their supply was 13,303 tons (9%) greater during the first five months of
was 30,726 gross tons (15%) greater
1917 than for the same period of 1916.
These figures show that there were no grounds for any claim of actual
shortage in the retailers' supply of either anthracite or bituminous coal in
Washington during the first five months of 1917.
For clearness and convenience further discussion of the retail situation is
separated, each branch of the trade, anthracite and bituminous, being
handled separately.
Anthracite Coal.
The function of distributing anthracite coal in Washington is carried on
by two distinct classes of dealers; wholesalers, who own or lease storage
facilities and sell only to retailers; and retailers proper, who sell only to
consumers and make delivery of the coal to the consumers' bin. WholeTheir function is purely
salers own no teams or trucks for local delivery.
that of middlemen supplying storage facilities and selling in small quantities
at wholesale prices to the large number of small retail dealers who have
little or no storage facilities of their own.
Wholesalers.
The three wholesalers, as a group, received 75,290 gross
tons of anthracite during the first five months of 1917. This was 21,507
gross tons (28%) more than was received during the same period of 1916.
In both 1916 and 1917 practically 67% of the coal handled by the wholesalers came from the mines of companies affiliated with the anthracitecarrying railroads.
The margins (difference between cost per ton to wholesaler and price to
the retailer) realized by wholesalers for the month of May were for egg.
Stove, and chestnut 30c. to 50c per ton and for pea 25c. to 46c. per ton.
These magins must supply the cost of maintaining and operating the
wholesaler's pocket, the loss due to breaking down of coal to smaller sizes
and dust removed by screening, and the wholesaler's profit.
Owing to the fact that practically half of the 113 dealers of
Retailers.
Washington handle very small tonnage and keep incomplete records, it was
found that comparable data could be tabulated but for 61 dealers. These
61 dealers, however, handle over 90% of all coal consumed in Washington.
Practicelly all of the small dealers omitted in the tabulation have little or
no storage facilities of their own, purchase entirely from wholesalers, or
from other retaUers In small lots, and peddle the coal out, in many cases,
by the bushel.
Increase in Anthracite Supply.
—
—
The total increase in the supply of anthracite coal received by all dealers;
as stated above, was 30,728 gross tons (15% greater in 1917 than in 1916.
Sixty per cent of all the coal consumed in the city is handled by the 15
Two of these 15 dealers received one-third of the total
largest dealers.
Of the group of 61 dealers, 44 show increases
increase of 30,728 tons above.
in their tonnages handled bearing from 10 tons to 4,899 each, representing
The remaining 17
to 204% for each dealer.
increases of from less than 1
dealers show decreases of from 3 tons to 2,154 tons, representing decreases
to 54.7% for various dealers.
of from less than 1
The existence of such faulty and inequitable distribution, as shown for
Washington dealers, is a bad feature of the market in times of panic demand
on the part of consumers, such as the coal trade of the country has just
passed through. Failure of normal supply to some dealers means loss of
custom to their more fortunate competitors, who, because of good credit
and business standing or by favoritism, obtain tonnages up to 200% greater
than their receipts for the previous year.
%
%
Not
Be Defended.
Moderate increases and decreases in the supply of various dealers are to
be expected, as the production of anthracite during the period considered in
1917 has been greater than for the same period of 1916. Such increases as
shown for several Washington dealers, however, are rendered possible only
by the withdrawal of a like tonnage from some other market to supply the
favored dealers. Such practices are not to be defended at any time and
least of all at the present time, when the all-important means of meeting
the unusual consumer demand is by the fairest possible territorial distribution of anthracite coal as it is mined.
On April 1 1917, the total stock of anthracite in the yards of Washington
dealers was 16,653 gross tons. On June 1 the stock in the yeards of dealers
had increased to 26,612 gross tons, an increase of practically 60.3%. This
Increase indicates that the pressure brought to bear by Washington consumers for immediate delivery of coal has not been as great as it has been
In many other cities where dealers have been unable to build up any reserve
supplies whatever during the two months considered.
Practices
to
Prices Vary Widely.
Washington dealers for May, 1917, varied widely
between the large and small dealers, as shown below, the highest prices
being charged by the larger dealers who have their own storage facilities
and the lowest prices being charged by the smaller dealers. The range of
May prices by sizes were: Egg, $7 15 to $8 50; stove, $8 to $8 75; nut, $8
The
retail prices of
to $8 90; pea, S5 75 to $7 85.
There were wide variations between the margins of different dealers.
(By margin is meant the difference between the cost per ton to the retailer
The larges margins were realized by
and the price charged the consumer.
the larger dealers. These higher margins were partially due to lower cost
per ton of coal to the dealer, but mainly to the higher prices charged, as
The range in margins for each size of coal in May was
indicated above.
as follows: Egg, SI 05 to $2 75; stove, $0 75 to $2 85; nut, $0 70 to $2 90;
pea, SO 80 to 32 83.
Margins of Larger Dealers.
The larger dealers, therefore, have been receiving margins from SI to $2
per ton greater than those of the smaller dealers, who do not have storage
Such a difference is an exorbitant charge for the service of
facilities.
purchasing and storing coal. This function is provided for the smaller
dealer by the wholesaler, whose margin, including a profit, in no case
exceeded 50c. per ton in the month of May.
It would be impossible for all dealers to reduce their margins to the level
of the lowest margins in the table above, for they evidently do not cover
the cost of handling the coal, but the Federal Trade Commission regards
such margins as S2 75 to S2 90 per ton, which were realized on each ton of
egg, stove, and nut coal handled by one dealer in the month of May, as
exorbitant and wholly unjustified.
This dealer estimates his costs of doing business at $1 50 per ton. The
above margins, therefore, yielded not profits offromSl 25 to $1 35 per ton
Such margins and profits are all out of proportion
for the month of May.
to the service rendered the public, and should be promptly reduced to a
figure that will yield a moderate and reasonable return.
In New York City the dealers who are the controlling factors of the
market regarded 2.5c. per ton as a fair and reasonable return in the past,
while an additional 10c. per ton is regarded as sufficient to compensate for
the additional difficulties of management at the present time.
669
Only 42 of Washington's 113 retail dealers handled bituminous coal
during the first five months of 1917. For 38 of these 42 dealers complete
data were available for purposes of comparison.
The total supply received by these 38 dealers during the first five months
of 1917 was 13,303 gross tons, 9% greater than in the same period of 1916.
Of the 38 dealers, 20 showed increases in tonnage handled totaling 31,900
for 1917, 85% of which increase was received by 5 dealers.
The remaining
dealers reported their receipts to be 18,500 tons less, of which decrease 90%
appeared in the tonnage handled by 4 dealers.
The stock of bituminous coal in the hands of retailers increased from
3,435 gross tons on April 1, to 7,320 tons on June 1, an increase of 113.1%
during April and May, showing that the consumers of bituminous were not
demanding its delivery faster than the retailers* supply was received.
Margins Generally
Realized.
The margins
generally realized on bitimiinous coal during the month of
May ranged from $1 to $1 80 per ton. The extreme range, however, was
much greater than this, varying from a loss of S2 19 on contracts to a clear
margin of S5 realized on a small amount of cannel coal by one company.
Excluding contracts and considering only sales at current prices, the
highest margins of the 11 highest margin dealers, per ton, are shown below:
Cannel, $5; Tyson, $3 95; not classified, $2; Georges Creek, $2 63; Jenner,
$2 95; Consolidation Big Vein, $2 85; Georges Creek, $2 68; Georges Creek,
$2 65; not classified, $2 78; Jenner, $2 04; New River, S2 52.
Here again, as in anthracite, the highest margins were generally realized
by the largest companies. The smallest companies do not handle bituminous coal at all. In fact, only 42 of the total of 113 dealers report this
business.
All margins shown above are regarded by the Federal Trade Commission
as being inordinately high for bituminous coal.
With this total tonnage
handled by most dealers in 1917 as large or larger than normal, such
margins jield excessive returns for the service rendered and should be
reduced.
CHICAGO BOARD OF TRADE TO SUSPEND FUTURE
TRADING IN WHEAT.
The directors of the'Chicago Board of Trade at the regular
weekly meeting on Aug. 14, in response to a request from
Herbert C. Hoover, the Food Administrator, voted to discontinue all trading in September wheat after Aug. 25.
As September wheat is the only delivery being traded in on
the Chicago Board, the action of the directors means that
there will be no more future trading in wheat until further
notice.
The Food Administration at Washingtion on Sept.l
will undertake the purchase of wheat for the Government
at interior terminals, and the grain exchanges have been
asked to discontinue future trading in order not to interfere
with the Government endeavor to stabilize prices. The
following, according to the Chicago "Tribune," is Mr,
Hoover's request to the Chicago Board of Trade:
Food Administration, Washington, D. C, Aug. 11 1917.
Board of Trade, Chicago.
Gentlemen
-You are no doubt familiar with the provisions of the food
I am, however, keenly desirous of securing
bill as to exchange trading.
the most friendly co-operation with the exchanges to effect a common
Some 'time since "the exchanges met the total breaknational interest.
down in the international wheat markets by constructive action on their
—
own part.
On Sept.
1 1917 we propose to undertake Government purchase of wheat
at interior terminals Vith a view to stabilizing the price and to furnish a
sure market for all arrivals.
In these circumstances, I feel you will agree that trading or quotations
in wheat futiu-es will no longer serve their fundamental purposes and that
such transactions will confuse rather than stabilize the price.
I therefore would be glad if you will take the necessary steps to suspend
dealings and quotations in futures in wheat after the above date.
Yours very truly,
HERBERT'HOOVER,
United States Food Administrator.
Regarding the action of the^Board'of^ Trade, the Chicago
"Tribune" says:
Trading in wheat has been desultory for several weeks, the volume of
business diminshlng from the time maximum prices were established last
May, when new buying also was prohibited, until recently there has been
only a few traders operating in wheat.
With the date fixed'for the establishment of Government control owners
of wheat have been unloading as fast as the small volume of business would
Officials of the Board are of the opinion all trades will be closed
permit.
out by Aug. 25, but if there are still any opening trades on that date a committee will be appointed to fix a settling price based on the true commercial
value of wheat at which figure the remaining trades will be closed out.
COFFEE AND SUGAR EXCHANGE STOPS
TRADING IN SUGAR FUTURES.
The Board of Managers of the New York Coffee and Sugar
NEW YORK
Exchange on Aug. 16, acting at the suggestion of Herbert C.
Hoover, the Food Administrator, decided to suspend all
trading in sugar for future delivery until further notice.
Trading was suspended on the Exchange at 1:45 o'clock p. m.
an hour ahead of the usual time. The Board's action means
the end of all speculative sugar trading, on the Exchange,
except that involved in closing up business. George W.
Lawrence, President of the Exchange, on the 16th stated
that a committee would go to^Washington to consult with
Mr. Hoover on the situation, and would assure the Food
Administrator of the Exchange's desire to co-operate with
him in any measure deemed necessary to'stabilize prices during the war. Mr. Hoover's request that the local Exchange
suspend future trading in sugar was contained in a letter
THE CHRONICLE
670
received on tho'ilGth, which was addressed to the President
and directors of the Exchange, The letter read:
As you arojawaro, tho decreased production of sugar in France and Italy
and tho isolation of England from its usual C'onlinental supply, has thrust
these countries more largely into the markets from which wo also must
draw our supplies. The consoquonco of an undersupply is to stimulate
speculation and the function of dealings in futures in normal times toward
stabilizatiop of prices is largely lost and such dealings operate as tho means
to Inflate prices.
Under the circumstances it seems to me desirable to ask tho Exchange if it
will not assist the economic solution by suspending all dealings in sugar
futures'and by limiting itself to cash transactions, and further, by establishing such self-regulation as will limit those dealings solely to actual producers
and buyers of sugar for thoir own requriements.
Following the action of the Board of Managers, tho following notice was posted on the Exchange bulletin board:
The Board of Managers of the New York Coffee and Sugar Exchange,
Mr. Hoover of tho Food Administration
trading in sugar futures on the Exchange until
attention of members is called to sections 83 and 84
Inc., acting at the suggestion of
Board, has suspended
all
further notice. The
of the by-laws.
By order of thelBoard of Managers.
C. B.
STROUD,
Superintendent.
desiring to liquidate existing contracts in sugar may do so
through the temporary liquidating committee at prices not below or above
those o.=itablished by the future quotations committee at the time trading
Members
the Joy rider whose pleasure is obtained by covering many miles at high
speed can voluntarily give this up, the man who takes his family on Sunday for a fifty-mile ride or more can cut this in two; any man who drives a
machine daily can ask himself if part of hLs riding cannot be obviated.
To sum up, every automobile owner and driver can be taught to ask
himself each morning whether or not his proposed trip is absolutely necessary, and act accordingly; then the problem is solved, and with only slight
voluntary sacrifices.
On the other hand if the people continue to be thoughtless and unwilling
to do their patriotic bit in this respect, it may be becessary for the United
States to take drastic action which will stop excessive pleasure use of all autmoblles. This is not yet contemplated, so I understand, but it Is the only
alternative for the refusal of the automobile owners to co-operate and make
the necessary voluntary sacrifices.
It Is generally estimated and conceded that one-half of the gasoline use
In the United States (1,250,000,000 gallons) is used In pleasure riding. In
my opinion, a judicious use of the automobile for this purpose will cut
this amount of gasoline in half, which would mean the saving of more
than a million gallons each day In the year.
,
Director Manning concluded his statement by sasang
that his warning did not mean that automobile owners lay
up their cars, or that any one should change his mind about
purchasing a car, but that it did mean that every one must
be thoughtful and judicious in the use of them.
was suspended.
STOCKS OF WOOL IN THE UNITED STATES.
The temporary
liquidating committee appointed on the
16th is composed of the following: Frank Norton, F. W.
Hopkins, A. Schierenburg, M. R. Mayer and V. R. Hess.
TO NEW YORK COTTON EXCHANGE
RULES GOVERNING TRADING IN COTTON
AMENDMENT
FOR FUTURE DELIVERY.
The Board of Managers of the New York Cotton Exchange on Aug. 15 adopted an amendment to the rules of
the Exchange governing trading in cotton for future delivery, effective Aug. 27, which provides that fluctuations in
future prices in any one day shall not exceed three cents a
pound above or below the closing price of the previous day.
The pm-pose of the new rule, which is said to have been
adopted after consultation with Government officials, who,
it is further stated, intimated that such action would be
desirable, is to prevent abnormal fluctuations in prices that
might be caused by conditions arising from the war, and to
eliminate speculation as far as possible.
The new rule, as
posted on the Exchange bulletin board, reads as follows:
Insert theSifollowing as a new rule, to be known as Rule 30:
Rule 30 To avoid abnormal fluctuations of price caused by conditions
—
created by the European war, and injurious speculation incident thereto,
trades for future delivery in any one month shall, during any one day, not
be made at prices varying more than 3 cents per pound above or below the
closing bid price of such month of the preceding business session of the Exchange. Nor shall trades in any month be made in any one day at an advance of more than 3 cents a pound above the lowest previout price for such
month on that date, not at a decline of more than 3 cents per pound below
the highest previous price for such month on that day.
For the pui'poses of this rule the closing bid price shall be not less than
the minimum price prescribed herein. This rule shall be in effect during
the period of the war and for such period after the declaration of peace as
the Board of Managers may hereafter determine.
We
[Vol. 105
of Aug. 10 1917 the Bureau of Markets of the
United States Department of Agriculture issued the follo\\Ting
comparison by States and by cities, of the stocks of wools,
Effort was
tops and noils, in pounds, on June 30 1917.
made to obtain information from all concerns in the United
States having wool, tops and noils on hand June 30 1917,
and approximately 2,200 schedules were sent, it is stated,
In addition to
to textile manufacturers and wool dealers.
the reports tabulated below, 1,138 schedules were returned
showing no stocks held, and 54 firms failed to return sched-
Under date
ules.
STOCKS HELD BY
State
Grease.
Scoured.
Massach'ts. 82,062,529 12,857,405
NewJersey. 29.811,626
669,293
Pennsylv'la 21,295.352
1,710.217
Rhodelsrd. 21,742.299
822,081
New York. 19,164,030 1,770.934
NewHamp. 11,124,116 1,133,059
Ohio
7.423,458
378,738
Connecticut 4,033,669 2,039,035
Maine
3,009,861 2,039,034
602
MANUFACTURERS.
Pulled.
5,806,572
187,717
1,738.478
1,018,988
1,205,075
177,003
304,154
816,066
797,113
Tops.
Noils.
6,029,.TO3
3,507,879
3,595,908
3,304,668
787,790
1,125,517
678,652
407,532
468,352
Totals.
4,215,574 110,971,583
1,406,642 35,583,157
1,739,593 30,079,608
1,137,113 28,025,149
1,069,957 23,997,792
198,617 13,758,312
182,265
8,967,267
797,224
8,093,528
534,092
6,848,452
Tot. for above
States. ..199,666,940 23,419,796 12,051,166 19,905,867 11,281,077 266,324,846
Oth. States. 7,060,416 5,991,388 1,052,182
918,280
785,245 15,807,511
Grand tots.206,727,356 29,411,184 13,103,348 20,824,147 12,066,322 282,132,357
COMPARISON BY CITIES OF STOCKS HELD BY
City
—
Grease.
Scoured.
Boston
108,360,086 13,581,598
PhUadelphla 13,870,490 2,149,704
Chicago... 5.174,699
632,407
New York. 5,056,001
557,027
St. Louis..
San Fran..
3,772,664
2,083,196
234,066
130,294
Pulled.
8,386,626
2,874,680
1,597,175
393,626
Tops.
2,051,074
246,637
467
309,673
406
DEALERS.
Noils.
Totals.
2,491,534 134,860,918
3,318,495 22,460,006
66,575
7,470,856
800
6.007.921
4,006,730
2.523,163
Tots, for above
take from^;the "Journal of Commerce" the following
observation origthe new rule, made by a member of the
other
138,317,136 17,285,096 13,561,780
24,948,243
207,237 2,432,572
2,298,178
500
5,877,404 177,339,594
700 27,589,252
Cotton Exchange:
Grand tots. 163,265,379 17,492,333 15,994,352
2,298,678
5,878,104 204,928,846
The
to limit fluctuations in cotton to 300 points
on a single day. That is, if the close at night were 25 cents it could not
rise higher than 28 cents on the following day, or decline to less than
22 cents. This action will give brokers a chance to recover and make them
feel more comfortable.
It will prevent extraordinary markets and is generally looked upon as a safeguard.
It will also prevent repetition of conditions such as existed about Feb. 1, when the market broke .5 cents a pound
on the opening. While there may be some opposition to the new amendment, I have not heard of any adverse criticism.
object of the latest rule
cities
cities.
is
VICTOR
MURDOCK NOMINATED MEMBER OF
FEDERAL TRADE COMMISSION.
President Wilson on Aug. 15 sent to the Senate for confirmation the nomination of former Representative Victor
Murdock of Kansas as a member of the Federal Trade Commission. There are two vacancies on the Trade Commission, one left vacant by the death of Will H. Parry of Seattle
'DIRECTOR OF FEDERAL BUREAU OF MINES, V. H. in April and the other caused by the refusal of the Senate
to confirm the nomination of George S. Rublee of New
MANNING, URGES CURTAILMENT OF USE
Hampshire as a member of the original commission. Mr.
OF AUTOMOBILES FOR PLEASURE RIDING.
Murdock
was bom in Burlingame, Kan., in 1871. AccordDirector Van ii Manning of the Federal Bureau of Mines
ing to the "Journal of Commerce," he moved to Chicago in
who has been making an investigation into the gasoline
1891 and served as a newspaper reporter, managing editor
situation, on Aug. 13 issued a statement appealing to auof the Wichita (Kan.) "Daily Eagle," clerk of the Central
tomobile owners of the country to put a stop to the practice
Division, Southern Department, Kansas Appellate Court,
of excessive use of automobiles for pleasure riding, in order
1895 to 1897. He was a member of the Fifty-eighth Conthat the gasoline war ne- ds of the United States may be met.
gress, and is looked upon as the father of the Progressive
Enough gasoline to care for the requirements of America
Party.
and perhaps that of its Allies will be saved, in the opinion of
Mr. Manning, "if automobile owners of the country will AMERICA WOOL-TRADE TO GET 25,000 ADDITIONAL
stop unnecessary and extravagant pleasure rising and if
BALES OF AUSTRALIAN WOOL FROM
owners and dealers handle this fuel in a careful and economiGREAT BRITAIN.
cal manner."
His statement continued:
Announcement
was
made on Aug. 8 by Secretary of ComA patriotic, thoughtful and unselfish response to these suggestions
would at once solve one of the perplexing problems now before the war- merce Redfield that through negotiations of the Import
making authorities. In order that the war may be carried on successfully, Division of the Bureau of Foreign
and Domestic Commerce,
the Army and Navy will have to have immediately on hand enough gasothe American Government had obtained a release from the
line for the airplanes, trucks, automobiles, tractors, and other machines.
There must be no dilly-dallying about this supply of gasoline and there British Government of 25,000 bales of Australian wool, which
won't be.
will be brought to the United States by direct shipment.
It is estimated that the Army and Navy will need for the year 350,is in addition to the 45,000 bales, released by Great
This
000.000 gallons, and there are two ways of obtaining it. In the first place,
.
Aug. 18
THE CHKONICUE
1917.]
Britain to the United States on June 12.
The action is
expected to relieve the wool shortage which has prevailed
in this country to some extent for the last three or four
years, owing to British war export restrictions and which
became especially marked when the United States Government sought to place large orders for woolen materials for
m.ihtary use.
Great Britain, it is said, released the wool
shipments under general agreements worked out with the
American officials by the British War Commission to cooperate in every way possible to make the war effective.
The wool shipments, says the "Journal of Commerce," will
not go to London, there to be shipped to the United States,
as has been the practice in the past.
This is due to the fact
that the shipments have been obtained by the Import
Division, which will, it is said, give the proper guarantees
to England that the wool is for domestic consumption in the
United States and will stand sponsor for its equitable distribution among American manufacturers The Division of Imports
of the Bureau of Foreign and Domestic Commerce, was
organized about a month ago. Its work is limited chiefly
to obtaining releases of goods from Allied Governments
for the American industries.
It now has under its jurisdiction, it is said, the imports of wool, platinum, tin,
hemp, jute, palm oil, silk, emery, rubber^ industrial diamonds, shellac and other minor articles.
.
NEW YORK STOCK EXCHANGE CUTS OFF
QUOTATIONS FOR PITTSBURGH EXCHANGE.
The official ticker service of the New York Stock Exchange
removed from the floor of the Pittsburgh Stock Exchange on Aug. 14, thus shutting off the latter institution
from receiving quotations on stocks and bonds from the
New York Stock Exchange. The action was taken by the
officials of the New York Exchange, from which, however,
no formal statement has been forthcoming. It is said that
the step was taken by the New York authorities in the belief that the quotations were not being properly protected
by the Pittsburgh Exchange. The New York Stock Exchange, as is weU known, has been conducting a persistent
campaign against so-called "bucket-shops," and it is reported that its present action was in line with its campaign
to withhold quotations, so far as it is possible, from these
"bucket-shops." It is pointed out, however, that no
specific charge has been made that the Pittsburgh Exchange
had supplied the New York Exchange prices to this class
•was
of traders.
It is further said that there is a public gallery
Exchange from which it would be possible
for the quotations to be taken as they were posted on the
press dispatch from Pittsburgh on the 14th stated
floor.
671
alleged breach of contract.
No answer was received and late in July a
second letter was sent. This also met with no reply. On Aug. 3 a third
letter was sent containing an ultimatum that the quotation service would
be removed unless the previous letters were answered at once. There was
no reply to this letter.
Then the service was discontinued and on the following day the President and Secretary of the Pittsbtirgh Exchange came to New York to
remonstrate against the "arbitrary and unwarranted action" of the local
exchange.
It appeared that the Secretary of the Pittsburgh Stock Exchange had
been on a vacation. He had no assistant, no stenographer, or even an
office boy and the accumulated mail for July and August lay untouched on
his desk.
Under these circumstances, it was explained, the complaints
of the New York Exchange could not have reached the authorities of the
Pittsburgh Exchange.
When this explanation was made it was agreed that the gallery of the
Pittsburgh Exchange should be closed to visitors. The quotation service
was ordered restored at once.
PAPER MONEY ISSUE BY BRAZIL.
The
June 26 prints the following
relative to the increase of paper money circulation in Brazil
through the issuance, under a decree of
9, of $4,800,000
of new money:
The American commercial attache at Rio de Janeiro in a report to the
State Department says:
By a decree signed by the President of Brazil on May 9 last, the Secretary of the Treasury is authorized to issue an additional 20,000,000 milreis
"Official Bulletin" of
May
($4,800,000 United States gold at exchange of 12d.) of Treasury notes, in
accordance with the law of Aug. 28 1915, which sanctioned a total issue of
350,000,000 mUreis ($84,000,000) for (a) liquidating the compromises of
the Treasury prior to 1915, (W meeting the deficits of the budget, (c) providing aid and preventive measures against drouth and (d) assisting the
Banco do Brazil with funds at 3% to develop its operations of discount and
rediscount, &c. Of the total amount authorized, 315,000,000 milreis
($75,600,000) has now been issued. With this latest issue the amount of
paper money in circulation in Brazil now reaches the total of 1 ,157,527,725
mUreis. or $277,806,650.
LAWS GOVERNING THE BANK OF NORWAY.
The following concerning the laws governing the Bank of
Norway, appears in the "Bulletin" issued by the Norwegian
American Chamber of Commerce, Inc., of this city:
The laws governing the Bank of Norway have probably, by the time this
"Bulletin" goes to press, been altered in one important particular, so as to
allow the Bank to use gold deposited in foreign countries as a basis for
domestic note circulation. The new law reads as follows:
"The Bank's supply of gold shall consist of; Coined and uncoined gold
in the Bank's own care or deposited for its account In the public mint, and
under extraordinary conditions and with the consent of the King also gold
which the Bank may have deposited In foreign countries."
Under this new provision the Bank of Norway will probably keep gold
on deposit In this country to a considerable extent. The change in the
law is due to the efforts of the Norwegian bankers, Mr. Knut Bachke, who
is at present In the United States In connection with the opening of the
Scandinavian Trust Co.
in the Pittsburgh
A
that the officials of the Pittsburgh Exchange believed the
"Some time ago,"
action was based on a misunderstanding.
the dispatch from Pittsburgh said, "New York Stock Exchange authorities informed lessees of tickers here that there
was ground for the belief of unauthorized use of quotations
and suggested strict observance of terms on which ticker
The local Stock Exchange received a
service is furnished.
was
not promptly acknowledged in the abletter.
It
similar
who
was away on a vacation, and was
secretary,
of
the
sence
other officials. The opinion is
overlooked
by
temporarily
removal
of
the ticker was one way of treatthe
that
expressed
which was whoUy unintendiscourtesy
apparent
ing an
tional."
It was announced on Aug. 16, folio sdng conferences between the Committee on Quotations of the New York Stock
Exchange and John B. Barbour and Charles J. Holman,
President and Secretary, respectively, of the Pittsburg
Stock Exchange, that the stock quotation ticker would be
The "Wall Street Journal" on Aug. 17 in exrestored.
plaining the action of the New York Exchange said:
Action of the New York Stock Exchange in depriving the Pittsbiu-gh
Stock Exchange of its quotations, followed by the restoration of the quotation service twenty-four hours later, has brought forth criticism, particuThe true story behind these moves has now
larly from Pittsburgh sources.
come to light, and the explanation is unique.
There had been the most friendly relations between the New York and
the Pittsburgh exchanges. Many members of the Pittsburgh organization
are members of the local organization and the Pittsburgh Exchange did
much to rid Pittsburgh of bucket shops. It came as a surprise to the local
organization, therefore, to learn that no drastic action was being taken
to stop the alleged theft of stock quotations relayed from New York to
Pittsburgh.
Quotations arriving at the Pittsburgh Exchange are posted on a large
bulletin board which can be seen from the gallery as well as from the floor.
Detectives employed by the New York Stock Exchange learned that visitors
to the gallery of the Pittsburgh Exchange were copying quotations and sending them to bucket shops through messengers.
Early in July the Conmiittee on Quotations of the local exchange, of
which William C. Van Antwerp is chairman, wrote a letter to tne authorities of the Pittsburgh Exchange asking for an explanation of the
DIMINUTION IN CAR SHORTAGES.
In a circular under date of July 31 the American Railway
Association shows a great reduction in car shortage during
May and June It is pointed out that the unfilled requisitions
.
on American railroads on May 1 1917 amounted to 167,653
cars, while on June 30 this number had been reduced to
105,782 cars. On May 1 the surplus cars, or cars idle at
points where shippers had made no requisitions for their
use numbered 19,026. On June 30 the number was 28,646.
What is ordinarily termed "the car shortage," that is, the
excess of unfilled car requisitions over idle cars was on May
1 1917, 148,627, and on June 30 had been reduced to 77,144.
Continuing the circular says:
The American Railway Association has issued since Jan. 2 1907 monthy
statements of "car shortages" and "car surpluses."
The phrase "car shortage," while it has come into common use, is not
It conveys the thought that on a certain date enough
strictly descriptive.
cars do not exist to fill the requisitions which have been made.
Yet it often happens that there are plenty of cars idle at points in the
country where there are no orders for them. Also, there may be cars
available to
fill
the orders,
if
the shippers unload other cars consigned to
thsm and standing on the tracks.
The phrase "car shortage" includes
all
requisitions
made
for cars, even
For instance, it is
those requisitions involve considerable duplication.
common practice for a shipper on the line of several railroads to ask all of
them for the full supply of cars he needs. He may need only 25 cars, but
if he asks four different railroads for 25 cars each, they become 100 cars
in the total of car requisitions or "car shortage" if the orders are not filled.
It is, therefore, more descriptive to use the less concise but much more
exact phrase "unfilled car requisitions," and that term will henceforth be
employed in these bulletins.
On the other hand, the figures for "car surpluses" or idle cars do represent the actual number of cars idle on sidings or in storage awaiting freight
if
from the shippers.
appears from a statement given out by Fairfax Harrison, Chairman of the Railroads' War Board, on Aug. 14,
that during July there was a still further reduction in the
car shortage, and in a very noteworthy degree; Mr. HarriIt
son says:
Reports just received by the Railroads' War Board show that the railroads of the country, in their co-operative effort to give to the country the
greatest possible amount of freight service, have effected an extraordinary
improvement in freight car supply.
THE CHRONICLE
672
These reports show that the excess of unfilled car requisitions over idle
what is ordinarily but Inaccurately termed car shortage, was only
one-fourth as great on Aug. 1 1917 as on May 1 1917.
The excess of unfilled car requisitions on May 1 was 148,627; on June
1 It was 106,649; on July 1 it was 77,682; and on Aug. 1 it has been reduced
cars, or
to 33,776.
This result has been accomplished at a time when the railroads are supplying from 15 to 20% more freight service with the same number of care
than was being given this time last year, for the railroads handled in July
a tremendous increase in both Government and commercial traffic.
The movement of cantonment supplies alone occupied the full services
of more than 30,000 cars. There was also an extraordinarily heavy demand for cars to transport food products, as well as materials to and from
munition
factories.
result above
achieved has been accomplished by co-operation with
The
the railroads of shippers, regulating bodies and the public in general. This
co-operation has made possible the extensive loading of freight cars, prompter unloading, the elimination of a large amount of unnecessary passenger
train service, and an opportunity generally to utilize the railroad plant
efficiently.
The aim of the railroads at the present time Is to put each car to the
greatest possible use, to have empty cars placed where they are most
needed, to prevent over-lapping and unnecessary service In orthor words,
to mal£e the entire railroad system of the United States the most effective
possible transportation agency in winning this war.
—
THE ADVANCES IN RAILROAD RATES BY INTERSTATE COMMERCE COMMISSION.
The "Wall
Street Journal" in its issue for Aug. 17 had the
following to say with reference to the dates when the different
advances in rates authorized by the Inter-State Commerce
Commission went into effect:
Freight rate advances approved by the Inter-State Commerce Commission at various times during the past four months are for the most part
not yet in effect. A relatively small part of them, measured by effect upon
revenues, namely increases on bituminous coal to tidewater and on cargo
Most of the other coal
coal to lower Lake ports, became effective April 16.
The latest reported earnings of
rates in the East were advanced July 1.
the carriers, those for June, therefore, reflect little of the effect of rate
changes. July statements should begin to show the benefit.
Without going into too great detail, the following summary shows the
effective dates of rate Increases which have already been applied:
April 16 Bituminous coal to New York harbor, 5 cents a ton (on July 1
another 5-cent advance on this traffic became effective)
Same to Philadelphia and Baltimore for outside the Capes, 5 cents. Cargo coal to Lake
Erie ports, 15 cents, and to Lake Ontario ports, 11 cents.
June 15 Coke, in eastern territory, 15 cents a ton.
July 1 Bituminous coal to Philadelphia and Baltimore for points inside
the Capes, 15 cents.
"Line haul" coal in eastern territory, local and to
eastern destinations, 15 cents, except proportional rates to Hudson River
crossings, 10 cents.
Bituminous coal to western New York and to Canada
via Niagara gateway, 15 cents. Bituminous coal to points west of Pittsburgh, with certain exceptions, 15 cents; same increase to apply to other
points in C.F.A. territory on or before Sept. 15.
On coal, coke and iron
ore in southern territory, maximum, of 15 cents a ton.
Coal from Illinois, Kentucky, Tennessee and Alabama mines to Mississippi Valley territory, advance of 10 cents a ton approved, but tariffs not
yet fUed.
The class rate advances of 13 to 15%, approved by the Commission for
the eastern territory, may become effective In part by Sept. 1 but the work
of preparing all tariffs for the new class rates may not be completed before
Oct. 1. This adjustment has been complicated by the I. C. C. order authorizing a general readjustment of all rates in Central Freight Association
territory (included in the so-called eastern district) which Involves commodity as well as class rates. Some of the advances here apparently
allowed may be opposed by shippers when they have been worked out by
traffic officers on the ground that they disturb long-established differentia^
relations between markets or producing centres.
In that case the work of
rate revision oast of the Mississippi and north of the Ohio rivers may not
be completed until early winter or later.
—
(Vol. 105
Replies have also been received from 8 companies, operating 31,299 miles
Canada, and 5,273 passenger train vehicles, with 51 under construction
on the same date.
Tabulations based on these replies are shown as Exhibit No. 1.
Estimates and percentages given hereafter apply only to equipment
operated by roads in the United States.
It will be noted that there were but three wooden paissenger train cars
constructed In 1916, and that but ten such wooden cars were under construction Jan. 1 1917, indicating that the building of wooden passenger
train cars has practically ceased.
Percentages —
Total
Steel
In
—
Acquired In
1909
1910—1911
1912
1913
1914
1915.-1916--Jan. 1
—
Number.
-
1917
(under
,
EXTENSION OF TIME FOR ADOPTION OF SAFETY
APPLIANCE STANDARDS.
In reporting that the railroads have been granted an extension of time to April 1918 in which to equip their freight
cars with United States safety appliances, the Special Committee on Relations of Railway Operation to Legislation
recently made the following statement:
United States Safety Appliance Standards.
At the meeting of the railways, members of this Committee, on Nov. 15
1916, the Committee was directed to make application to the Inter-State
Commerce Commission for an extension of time beyond July 1 1917 in
which to equip freight cars with United States safety appliances.
Application was duly made, a hearing was held by the Commission on
March 1 1917, and subsequently the Commission issued an order, dated
April 12 1917, granting the railways an extension of time of eight months,
or to March 1 1918.
A copy of the Commission's order, together with a statement showing the
progress made by the larger railways In equipping cars from the time the
safety appliance law went into effect Dec. 31 1916, and the situation on
the latter date, was sent you as Bulletin 91, dated May 10 1917.
STATISTICS OF STEEL
AND
STEEL UNDERFRAME
TRAIN EQUIPMENT.
and steel underframe passenger
equipment were furnished as follows by the Special
Committee on Relations of Railway Operation to Government in a circular issued under date of June 14.
Statistics concerning steel
train
To
the Railways:
In order to ascertain the progress of the building of steel and steel underframe passenger train equipment and to develop the cost of reconstruction
In steel of the present wooden passenger train equipment in the country,
Circular No. 86 was Issued to the railways on Jan. 2 1917.
Replies to that circular have been received from 294 roads, operating
235,406 miles in the United States, and 61,309 passenger train vehicles,
with 1,759 under construction on Jan. 1 1917.
Wood.
22.6%
51.4%
55.4
69.0
68.7
63.0
74.6
73.7
92.5
14.8
20.3
20.9*
30.4*
29.9*
20.1*
7.3*
29.8
20.7
10.4
6.6
4.5
6.2
1.759
82.5
16.9
.2
con-
struction)
.6
This figure includes wooden cars reconstructed with steel underframes.
The rapid increase in steel and steel underframe cars is shown below:
Approximately in Service
January 1 1909
January 1 1910...
January 1 1911
J.anuary 1 1912
January 1 1913
January 1 1914
January 1 1915
January 1 1916
January 1 1917
Steel
—
Underframe.
673
Steel.
629
1,117
3,133
5,347
7,271
9,492
12,900
14.286
15,754
-
-
1,098
1,636
2,399
3,296
4,608
5,700
6,060
6.136
-.. 15,125
Increase 1917 over 1909- 5,463
Increase 1917 over 1909
2.405%
812%
The number of wooden cars In service January 1 1912 was 48,126. There
are now In service approximately 39,169, indicating the retirement from
Of this number 2,213 were retired
service of 8.957 cars in foiir years.
during the calendar year 1916.
APPROXIMATE COST OF REPLACEMENT OF WOODEN CARS.
Average
Number.
237
Postal
Mail and baggage
2,251
Mail, baggage and passenger
Baggage and Passenger
547
3,129
6,608
20.906
4,432
Baggage or express
Passenger-Parlor, sleeping, dining
Business
Motor
-
— .-
Total
736
323
Amount.
Cost.
$19,000
17,500
17,500
17,500
14,800
23,000
37,000
26,000
35,000
84,503,000
39,392,500
9,572,500
54,757,500
97,798,840
480,838,000
163,984,000
19,136,000
11,305,000
$881,287,340
$44,064,367
under the classification accounts of the
The
Inter-State Commerce Commission, assuming a value of $4,000 per vehicle
replaced, will be $156,676,000.
39,169
5%
Annual
Interest charge at
charge to operating expenses
Concerning the replacement of wooden cars by those of
the special committee on Relations of Railway Opera-
,
,
Underframe.
26.0%
.
—
—
Steel.
1.880
3,638
3,756
2,660
3,350
4,495
1.696
1.445
steel,
tion to Legislaion says:
The substitution of steel cars for wooden cars Is a safety measure. It
means an added expenditure in railway operation with little or no expectaNevertheless, periods of prostion of corresponding return in revenue.
perity or the reverse are reflected in the numbers of wooden cars replaced
with cars of steel construction. The largest number of all-steel cars acquired in any year was 3,355 in 1914.
large proportion of these were
probably ordered in 1913, which was a prosperous year, and 2,111 steel
cars were acquired within that calendar year.
The next largest numbers
were 2,214, acquired In 1911, and 2,016, acquired in 1910, and 1910 was a
prosperous year. On the other hand, the smallest number acquired in any
years since 1909 was 1 ,250 In 1915, which is a reflection of the depression in
1914 which only began to abate in the later months of 1915. There were
acquired in 1916 or under construction or contract on Dec. 31 1916, 2,787
steel passenger train cars.
There have been no wooden postal cars built in
the last five years, though the law requiring the use of steel or steel underframe cars in postal service goes Into effect only on July 1 1917.
A
THE POPE'S PLEA FOR PEACE.
The noteworthy event of the week has been the message
addressed by his HoUness the Pope to the belhgerent countries of Europe beseeching them to enter into peace negotiations and suggesting a basis for such negotiations
Advance
intimations of the Pope's action came on Tuesdaj', Aug. 14,
and on the night of Aug. 15 the London Foreign Office gave
out the fuU text, it appearing in the morning papers here
Aug. 16. We give this version of the text below:
.
To
the Leaders of the Belligerent Peoples:
Since the beginning of our Pontificate, the horrors of a terrible war let
loose on Europe, we had In view above everything three things to preserve:
Perfect impartiality toward all belligerents as is suitable for him who is
the common Father and who loves all his children with equal affection;
continually to attempt to do all the good possible and that without exception of person, without distinction of nationality or religion as is dictated
to us by the universal law of charity which the Supreme Spiritual charge
has confided to us with Christ; finally, as our pacific mission also requires,
to omit nothing as long as it was in our power which might contribute to
hasten the end of this calamity by trying to lead people and their leaders
to more moderate resolution, to hasten a serene deliberation of a peace,
just and durable.
Whoever has followed our work during those three painful years which
have just passed has been able easily to recognize that, if we have always
remained faithful to our resolve of absolute impartiality and to our attitude
of benevolence, we have not ceased to exhort the peoples and the belligerent
brothers again to become brethren, although publicity has not been given
to all that we have done to attain this very noble aim.
THE CHRONICLE
A¥G. 18 1917.
Toward the end of the first year of the war we addressed to the nations
In conflict most lively exhortations, and more, wo indicated the part to be
Unfortunately,
followed to arrive at a stable and honorable peace for all.
our appeal was not heard and the war continued desperately for another
two years with all its horrors. It became even more cruel and extended
over the earth, over the sea, and in the air, and one saw desolation and
death descend upon the cities without defense, upon peaceful villages and
on their innocent population, and now no one can imagine how the sufferings of all would be increased and aggravated if other months or, worse
other years are about to be added to this sanguinary triennium.
still,
And
Is this civilized world to be nothing more than a field of death?
Europe, so glorious and so flourishing is it going, as if stricken by a universal madness, to run the abyss and lend its hand to its own suicide?
In such a terrible situation, and in the presence of a menace so serious,
we, who have no particular political aim, who do not listen to suggestions
or to the interests of any of the belligerent parties, but are solely compelled
by a sentiment of our supreme duty as the common Father of the faithful,
by the solicitation of our children, who implore our intervention and our
pacifying word, through the voice, even of humanity and of reason, we once
more emit the cry of peace and we renew a pressing appeal to those who
hold in their hands the destinies of nations.
But in order no longer to speak in general terms, as the circumstances
had counseled us in the past, we now wish to make more concrete and prac-
—
proposals and to invite the Governments of the belligerent peoples
to come to an agreement upon the following points, which seem to bo a
basis of a just and durable peace, leaving to them the task of analyzing and
tical
completing them.
First of all the fundamental points must be that for the material force of
arms be substituted the moral force of right, from which shall arise a fair
agreement by all for the simultaneous and reciprocal diminution of armament, according to the rules and guarantees to be established, in a measure
necessary and sufficient for the maintenance of public order in each State.
Then in the substitution for armies of the institution of arbitration, with
its high pacifying function, according to the rules to be laid down and the
penalties to be imposed on a State which would refuse either to submit a
national question to arbitration or to accept its decision.
Once the supremacy of right has thus been established, all obstacles to
the means of communication of the peoples would disappear by assuring,
by rules to be fixed later, the true liberty and community of the seas, which
would contribute to ending the numerous causes of conflict and would also
new sources
of prosperity and progress.
to be repaired and as to the war expenses, we see no
other means of solving the question than by submitting as a general principle complete and reciprocal condonation, which would be justified, moreover, by the immense benefit to be derived from disarmament, so much so
that no one will understand the continuation of a similar carnage, solely for
reasons of an economic order.
If for certain cases there exist particular reasons, they would be deliberated upon with justice and equity, but these pacific agreements with
the immense advantages to be derived from them are not possible without
a reciprocal restitution of the territory at present occupied.
Consequently on the part of Germany there should be the complete
evacuation of Belgium with the guarantee of her full political, military and
open to
As
all
to the
damages
economic independence toward it.
The evacuation of French territory,
(also; and,)
on the part of other
belligerent parties similar restitution of the German colonies.
As regards the territoi'ial questions, as for example those which have
arisen between Italy and Austria and between Germany and France, there
is reason to hope that in consideration of the immense advantages of a
durable peace with disarmament, the parties in conflict would wish to
examine them with a conciliatory disposition, taking into consideration, as
we have said formerly, the aspirations of the peoples and the special interests and the general welfare of the great human society.
The same spirit of equity and justice ought to be followed in the examination of other territorial and political questions, notably those relative to
Armenia and the Balkan States, and the territories making a part of the
ancient kingdom of Poland, whose noble and historical traditions and
sufferings, which it has endured, especially during the present war, ought
to conciliate the sympathies of nations.
Such are the principal bases, whereon, we believe, the future reorganization of the peoples ought to be built.
They are of a nature to render
impossible the return of similar conflicts, and to prepare a solution of the
economic question, so important for the future, and for the material wellbeing of all belligerent States.
Therefore, in presenting to you, who direct at this hour the destinies of
the belligerent nations, we are animated to see them accepted and to see
thus the conclusion at an early date of the terrible struggle, which more and
more appears a useless massacre.
The whole world recognizes that the honor of the armies of both sides is
safe.
Incline your ears therefore to our prayer. Accept the fraternal invitation which we send you in the name of the Divine Redeemer, the Prince
of Peace.
Reflect on your very grave responsibility before God and before
man..
On your decision depends the repose and the joy of innumerable families,
the life of thousands of young people, in a word the happiness of a people
for whom it is your absolute duty to obtain their welfare.
the Lord inspire your decision in conformity to His very holy will.
God grant that while meriting the applause of yoiu- contemporaries
you will also obtain in the future generations the splendid name of pacificators.
As for us, closely imited in prayer and in penitence with all those faithful
souls which sigh for peace, we implore you to light and counsel of the
May
May
Divine
Spirit.
(Signed)
At the Vatican, Aug.
BENEDICT.
1.
In connection with this appeal, the Papal Secretary,
Cardinal Gasparri, addressed this note to the King:
Your Majesty: The Holy Father, anxious to do everything he can in
order to put an end to the conflict which for the last three years has ravaged
the civilized world, has decided to submit to the leaders of the belligerent
peoples concrete peace proposals exposed in a document which I have the
honor to attach to this letter. May God grant that the words of his Holiness will this time produce the desired effect for the good of the whole
of humanity.
The Holy See, not having diplomatic relations with the French Government or with the Governments of Italy or of the United States, I very
respectfully beg your Majesty to be good enough to have handed a copy of
His Holiness' appeal to the President of the French Republic, to his Majesty
the King of Italy, and to the President of the United States. I also beg to
add twelve other copies, which I request that your Majesty be good enough
to hand to the leaders of the nations friendly to the Allies, with the except ion, however, of Russia, Belgium and Brazil, to whom the document has
been sent direct.
673
In expressing to your Majesty my sincere thanks for this extreme kindam happy to take the opportunity to offer you the homage of sentiment and very profound respect with which I have the honor to sign myself.
Your Majesty's very humble and devoted servant,
ness, I
GASPARRI.
As already
stated, the above is the text of the Pope's
peace proposal as given out by the London Foreign Office
on the 15th inst. In addition the State Department at
Washington on Aug. 16 issued a translation of its own
made from the French and this was published in the New
York "Times" of the 17th. We print this version below.
It reads more smoothly than the other and strikes the layman as being on the whole the better translation of the
two:
To
the Rulers of the Belligerent Peoples:
Prom
the beginning of our Pontificate, in the midst of the horrors of
the awful war let loose on Europe, we have had of all things three in mind:
to maintain perfect impartiality toward all the belligerents, as becomes
him who is the common Father and loves all his children with equal affection, continually to endeavor to do them all as much good as possible,
without exception of person, without distinction of nationality or religion,
as is dictated to us by the universial law of charity as well as by the supreme
spiritual charge with which we have been intrusted by Christ; finally, as
also required by our mission of peace, to omit nothing, as tar as it lay in
our power, that could contribute to expedite the end of these calamities by
endeavoring to bring the peoples and their rulers to more moderate resolutions, to the serene deliberation of peace, of a "just and lasting" peace.
Whoever has watched our endeavors
in these three grievous
years that
just elapsed could easily see that, while we remained ever true to our
resolution of absolute impartiality and beneficent action, we never ceased
to urge the belligerent peoples and Governments again to be brothers,
although all that we did to reach this very noble goal was not made public.
About the end of the first year of the war we addressed to the contending
nations the most earnest exhortations, and in addition pointed to the
path that would lead to a stable peace honorable to all. Unfortunately,
our appeal was not heeded, and the war was fiercely carried on for two
years more, with all its horrors.
It became even more cruel, and spread
have
over land and sea, and even to the air, and desolation and death were
seen to fall upon defenseless cities, peaceful villages, and their innocent
people.
And now no one can Imagine how much the general suffering would
Increase, if other months or, still worse, other years were added to this
sanguinary triennium. Is this civilized world to be turned into a field
of death, and is Europe, so glorious and flourishing, to rush, as carried
by a universal folly, to the abyss and take a hand in its own suicide?
In so distressing a situation, in the presence of so grave a menace, we,
who have no personal political aim, who listen to the suggestions or interests of none of the belligerents, but are solely actuated by the sense
of our supreme duty as the common Father of the faithful by the solicitations of our children who implore our intervention and peace-bearing
word, uttering the very voice of humanity and reason we again call for
peace, and we renew a pressing appeal to those who have in their hands
the destinies of the nations.
But no longer confining ourselves to general
terms, as we were led to do by circumstances in the past, we will now
come to more concrete and practical proposals and invite the Governments
of both belligerent peoples to arrive at an agreement on the following
points, which seem to offer the base of a just and lasting peace, leaving
it with them to make them more precise and complete.
First, the fundamental point must be that the material force of arms
shall give way to the moral force of right, whence shall proceed a just
agreement of all upon the simultaneous and reciprocal decrease of armaments, according to rules and guarantees to be established, in the necessary
and sufficient measure for the maintenance of public order in every State;
then, taking the place of arms, the institution of arbitration, with its high
pacifying function, according to rules to be drawn in concert and under
sanctions to be determined against any State which would decline either
to refer international questions to arbitration or to accept its awards.
When supremacy of right is thus established, let every obstacle to
ways of communication of the peoples be removed by insuring, through
rules to be also determined, the true freedom and community of the seas,
which, on the one hand, would eliminate any causes of conflict, and, on
the other hand, would open to all new sources of prosperity and progress.
As for the damages to be repaid and the cost of the war, we see no other
way of solving the question than by setting up the general principle of
entire and reciprocal conditions, which would be justified by the immense
benefit to be derived from disarmament,, all the more as one could not
understand that such carnage could go on for mere economic reasons. If
certain particular reasons stand against this in certain cases, let them be
weighed in justice and equity.
But these specific agreements, with the immense advantages that flow
from them, are not possible tmless territory now occupied is reciprocally
Therefore, on the part of Germany, there should be total
restituted.
evacuation of Belgium, with guarantees of its entire political, military,
and economic independence toward any power whatever; evacuation
also of the French territory; on the part of the other belligerents, a similctr
restitution of the German colonies.
As regards territorial questions, as, for instance, those that are disputed
by Italy and Austria, by Germany and France, there is reason to hope
that, in consideration of the immense advantages of durable peace with
disarmament, the contending parties will examine them in a conciliatory
spirit, taking into account, as far as is just and possible, as we have said
formerly, the aspirations of the population, and, if occasion arises, adjusting private interests to the general good of the great human society.
The same spirit of equity and justice must guide the examination of
the other territorial and political questions, notably those relative to Armenia, the Balkan States, and the territories forming part of the old
Kingdom of Poland, for which, in particular, its noble historical traditions
and suffering, particularly undergone in the present war, must win, with
justice, the sjTnpathies of the nations.
These we believe are the main basis upon which must rest the future
reorganization of the peoples. They are such as to make the recurrence
of such conflicts impossible and open the way for the solution of the economic question, which is so important for the future and the material
welfare of all of the belligerent States. And so, in presenting them to
you, who at this tragic hour judge the destinies of the belligerent nations,
we indulge a gratifying hope, that they will be accepted and that we shall
thus see an early termination of the terrible struggle, which has more and
more the appearance of a useless massacre.
Everybody acknowledges, on the other hand, that on both sides the
honor of arms is safe. Do not, then, turn a deaf ear to our prayer, accept the international invitation which we extend to you in the name of
,
—
THE CHKONICLE
674
the Dlvlno Redeemer, Prince of Peace. Bear in mind your very g^'ave
responsibility to God and man.
On your decision depend tlie qulot and
Joy of numliorless families, the lives of tiiousands of young men, the happiness, in a word, of the peoples, for whom It is your Imperative duty to se-
cure this boon.
May the Lord Inspire you with decisions conformable to His very holy
will.
May Heaven grant that in winning tiie applause of your contemporaries you will also earn from the future generations the great title of
pacificators.
As for us, closely united in prayer and penitence with all the faithful
souls who yearn for peace, we implore for you the divine spirit, enlight-
enment, and guidance.
Given at the Vatican, Aug.
1
BENEDICTUS P. M. XV.
1917.
ACTION OF BRITISH LABOR PARTY ON SOCIALIST
CONGRESS LEADS TO RESIGNATION OF ARTHUR
HENDERSON FROM BRITISH CABINET.
By a vote of 1,046,000 to 550,000, the conference of the
British Labor Party held at Westminster on Aug. 10 voted
to send delegates to the Stockholm Consultative ConferAs a result of this action and the part taken by Arthur
Henderson, Labor Member of the British War Council, in
connection with it, the latter was subsequently forced to
ence.
resign his position in the British Cabinet.
Disorder marked
the session of the Labor Party, and ended only when the
result of the card vote
carried after an
was given
amendment by
out.
The resolution was
the Dock Workers, opposing
had been defeated by a vote
of 391,000 to 1,651,000.
decision of the Laborites to send representatives to
Stockholm was a reversal of the policy to which the party
committed itself at a previous recent convention. The
change was due to an alteration of the plans of the Socialists
it,
The
by which the conference wiU be merely a
consultative gathering for the presentation of the views of the different sections, instead of one for framing peace terms or a platform
of the International Socialists on war questions.
Russian influence has been an important factor in the
Arthur Henderson, Minister without
from Petrograd convinced that British
Laborites should participate in the convention at Stockholm
and British Socialist correspondents at Petrograd kept sending cablegrams stating that it would be a mistake for the
Russians to be left to confer with the Germans and neutrals
British
decision.
portfolio, returned
while the voice of the British workmen was not heard.
The British majority delegates wUl present the British
point of view on war, contained in a memorandum issued by
a special sub-committee of the Labor Party Executive ComThis will be submitted to the special Allied labor
ittee.
conference Aug. 21, prior to its proposed submission successively to the Allied and International Socialist Conferences.
William Purdy, Chairman of the Labor Party, presided
and opened the conference by saying:
The labor movement has given its best to insure to the Entente Allies
a decisive victory over militarism, which has shown itself brutal in application and determined to extinguish all ideals of democracy and liberty.
Labor's inflexible resolution is to see justice done and reparation made,
and that still is the determination of the great masses of the industrial
classes of the country and the colonies.
No peace will be satisfactory unless it guarantees complete freedom from
the aggression of militarism.
Our Russian comrades need all the sympathy the Labor Party can give
them and there is no question of a separate peace. We must stand shoulder
to shoulder until a righteous peace is obtained.
We are sure our Russian
comrades are not going to exchange a hard-won freedom for a sham one
under the heel of Prussian militarism.
The invitation to attend the Stockholm conference deserves careful
consideration, as the decision called for is probably the most important in
the history of the labor movement.
Arthur Henderson, labor member of the British War Counwas cheered when he rose to speak before the vote was
cil,
taken, said:
my
own responsibility. It
I address the conference with a deep sense of
in mind that the situation in Russia is constantly changing.
Otherwise injustice will be done to the merits of the case. Before I went to
arrival in
Russia I opposed the holding of an ordinary conference. On
must be borne
my
Petrograd, however, I met the executives of the Council of Workmen's and
Soldiers' Delegates, and, in view of the condition of public opinion, I intimated to them that, if they were prepared to change the conference from
an obligatory to a consultative one, I would recommend that the British
labor movement reverse its previous decisions and make a consultation
That position I maintain.
possible.
The Russians wanted a binding conference, actually to discuss peace
terms. I made it clear that if our representatives participated there could
be no question of negotiating terms. Our case is not properly understood
In Russia to this day, and to have refused point-blank to consider the
question would have done incalculable harm. The Russians still insist
upon a binding conference. British labor would be placed in a most
dangerous position by sending the delegates to such a meeting.
I leave
I still favor a consultative conference with a proper safeguard.
the decision as to that to the conference, but it should be settled from the
standpoint of national interests and not of party.
I made it clear to the Russians that only governments could negotiate
terms. However, seeing that a conference was inevitable, I concluded that
for the Russians to meet
It would be inadvisable, perhaps dangerous,
enemy and neutral representatives alone. I recommend that the British
attend, provided conditions satisfactory to us are arranged!
I
I
Vol. K 5
Such a conference might be productive of much good.
ment probably would provide the German minority
ant facts hitherto witliheld from the
German
A
frank stateSocialists with import-
people.
The memorandum prepared by a sub-committee of the
Labor Party Executive Committee on the issues raised in the
war and the ideas of British labor in regard to peace proposals
is said to be a strong indorsement of the demand for the
reparation and restoration in behalf of Belgium and other
invaded countries; a declaration in favor of the right of individual people to settle their own destinies; liberation of
oppressed peoples from Turkish misgovernment and a
demand for the establishment of a league of nations for the
maintenance of peace and the elimination of war from the
world. A statement regarding the same, after giving the
above information, says:
The memorandum indicates that Germany is threatening the very
existence of independent nationalities, striking a blow at all faith in treaties
and declares that the victory of Germany would be the defeat and destrucIt disavows the desire to crush Germany
tion of democracy and liberty.
politically and economically and declares that while it is resolved to fight
until victory it is equally resolved to resist any attempt to transform the
war into a war of conquest.
The memorandum heartily congratulates the Russian people on the
destruction of Czardom and warmly welcomes "a.ssistance to the cause
of human freedom in council no less than on the battlefield, that is now
being accorded by the American people." It declares that war is being
waged against the ruthless imperialism of autocratic governments, and
continues:
"The conference asks the peoples of the several nations, particularly
Socialist Labor comrades of Germany, Austria, Hungary, Bulgaria and
Turkey, whether it is not possible for the united action of the working
classes of the world to bring this monstrous conflict to a summary conclusion conformable to the principles of the International."
After welcoming the formula of no annexations and indemnities of the
Council of Workmen's and Soldiers' Delegates the memorandum says:
"Of all war alms none is so important as that there should henceforth
on earth be no more war. Whoever triumphs, the world will have lost
unless some effectve method of preventing war can be found."
For this, reliance is largely placed on the "complete democratization of
Germany and Austria-Hungary, which now cannot fail to place themselves
In line with other civilized nations, on a frank abandonment of every form
of imperialism, on the suppression of secret diplomacy, on the placing of
the foreign policy under the control of elected legislators, on the absolute
responsibility of the Foreign Minister of each country to the Legislature,
on concerted action for the limitation of armaments, and the abolition of
profit-making on armament firms."
It is further declared that the essential condition of a treaty of peace will
be the establishment of "a super-national authority or league of nations
adhered to by all present belligerents, while every other Independent State
in the world should be pressed to join."
The scope and constitution of the proposed league are set forth, including
machinery for settling International disputes judicially and mediating disputes which are in justiciable, and the formation of an international legislature wherein every civilized State will be represented.
The memorandum reprobates "the crime against the peace of the world"
whereby Alsace and Lorraine were torn from France in 1S71, and demands
The
that they be allowed to realize their desire to be restored to France.
necessity is recognized for securing the legitimate interests of the people of
Italy in the Adriatic and Aegean without precluding the same recognition
of the claims of other peoples.
The question of Poland should be settled in accordance with the wishes of
the Poles, and in all cases, Including Luxemburg, where independence has
been temporarily destroyed, each must be allowed to settle its own destiny.
In behalf of the Jews equal citizenship rights, with other Inhabitants, is demanded from all countries, and it is hoped that Palestine will be free from
Turkish domination and become a free State under international guarantees
to which such Jews as desire may return to work out their own salvation
free from interference from other nations and religions.
The memorandum condemns the "handing back to the universally execrated rule of the Turkish Government any subject people once free
therefrom" and proposes that Mesopotamia, Armenia and Arabia be placed
imder the government of a league of nations with the administration in the
hands of a commission.
As regards the African colonies and the Sahara, it is declared that those
ought not to form the booty for any nations or be exploited by capitaUsts,
but as it is impossible to let the inhabitants settle their own destinies the
"interests of humanity would best be served by a full and frank abandonment by all belligerents of any dreams of an African empire, the transfer of
all present colonies in tropical Africa, together with the nominally independent republic of Liberia, to the proposed league of nations and their administration by an Impartial commission under the league's authority."
The memorandum deals with such subjects as food supplies after the war,
and the prevention of unemployment, and declares against projects of an
economic war after peace. It makes suggestions regarding the restoring
of areas devastated by war, calls for a full inquiry into alleged acts of cruelty
and violence during the war and calls attention particularly to the destruction of lives and property by the "inhuman and ruthless" submarine war.
It proposes the establishment of a court of claims to investigate such cases.
The reconstitution of the Socialist Internationalists to discuss and deal
with all questions of international Importance is declared desirable. Finally
it is asserted that an agreement of the warring Governments is only possible
by a free and frank discussion of each other's claims and desires. Such a
discussion the Socialists and labor men of all countries are urged to demand.
The declaration of reparation for Belgium and resotration of that country
to imtrammeled independence is very precisely worded.
The restoration of the territories of Serbia and Montenegro to their
peoples is insisted upon, and the suggestion is made that the whole Balkan
problem be dealt with by an international commission on the basis of complete freedom for the Balkan peoples, irrespective of Austrian, Turkish
or other dominion.
On Aug.
member
11 Arthur Henderson resigned his office as a
of the British War Cabinet.
Premier Lloyd George
that night made public Mr. Henderson's letter of resignation
and his acceptance, both dated Aug. 11. Mr. Henderson's
letter foUows:
Dear Prime Minister. At our interview last night I gathered you had
—
reached the conclusion that
my retention of
the Secretaryship to the Labor
I
I
AUG. 18
THE CHRONICLE
1917.J
Party was no longer compatible with my membership in the War Cabinet.
Recent experiences have impressed me with the embarrassing complicaIn the circumstances, therefore
tions arising from this duality of office.
I deem it advisable to ask you to release me from further membership in
your Government. I continue to share your desire that the war should be
carried to a successful conclusion, and I trust that in a non-Government
capacity I may be able to render some little assistance to this end.
I remain yours sincerely,
ARTHUR HENDERSON.
Lloyd George replied:
Dear Henderson. I am in receipt of your letter of this morning
tendering your resignation of your position as a member of the War Cabinet,
and have received the permission of his Majesty to accept it. My colleagues and I have received with satisfaction your assurance of your unabated desire to assist in the prosecution of the war to a successful conclusion, and they greatly regret that you can no longer be directly and
officially associated with them in that enterprise.
There are, however, certain facts with which it is essential that the public
should be acquainted in order that they may form a correct appreciation
The first is
of the events that have led to this regrettable conclusion.
that your colleagues were taken completely by surprise by the attitude
which you adopted at the Labor Conference yesterday afternoon. You
know that they were in the present circumstances unanimously opposed to
the Stockholm Conference, and you had yourself been prepared to agree
to an announcement to that effect.
Some days ago and at your suggestion,
however, and that of your labor colleagues, it was decided to defer any
such announcement until after the meeting yesterday.
I was under the impression, after several talks with you, that you meant
to use your influence against meeting enemy representatives at Stockholm.
What has happened in Russia during the last few weeks has affected maYou admitted to
terially our position In reference to that conference.
me that the situation had changed completely, even within the last fortnight, and that whatever ground you might have thought there was for
delegates from Allied countries in attending such a conference a fortnight
ago, events of the last few days had shown you the unwisdom of such a
Premier
—
My
That was clearly what you led me to believe. It was also the impression
on the minds of your colleagues in the Cabinet and of your Labor coleagues in the Ministry. It was, therefore, with no small surprise that I
received a letter from you yesterday afternoon stating that you "ought to
Inform me, after most careful consideration, that you had come to the conclusion you could take no other coiurse than to stand by the advice you had
given the day after your return from Russia," and that your colleagues
subsequently read the speech which you ought to have informed the Cabinet
of before you entered the conference.
left
Reproached for Dissimulation.
spoke at that conference you were not merely a member of
the Labor Party, but a member of the Cabinet, responsible for the conduct
of the war.
Nevertheless, you did not deem it necessary to Inform the
conference of the views of your colleagues, and the delegates accordingly
were justified In assuming that the advice you gave was not inconsistent
with their opinions.
The second point is this: yesterday morning we received a most important
communication from the Russian Government In which we were Informed
that "although the Russian Government did not deem it possible to prevent
Russian delegates from taking part in the Stockholm conference, they regarded it as a party concern, and its decision as In no wise binding on the
When you
liberty of action of the Government"; and further, the covering letter which
accompanied this communication contained these words:
"I hasten to lay before you the above information, as I fear that the
impression hitherto has prevailed that. In the words of one of the London
newspapers, Russia ardently desired the Stockholm conference, and this
argument has been put forward in order to influence British public opinion
in favor of the Labor and Socialist parties of Great Britain participating
In the conference."
Immediately on the receipt of this intimation I sent It over to you with the
request that you communicate it to the conference. You omitted to do so.
It is true that in the course of your- speech you made a very casual reference to "some modification" in the attitude of the Russian Government,
but there is a manifest difference between the effect which would necessa
rily be produced upon any audience by an Indifferent simimary of that description and by the communication to them of official information showing
that the attitude of the Russian Government toward the Stockholm conference was very different from what had been supposed.
In these circumstances your action does not appear to have been fair
either to the Government or to the delegates whom you were addressing.
They were left In ignorance of a vital fact which necessarily must have afI
am
their judgment.
sending a copy of this correspondence to the press.
Yovu-s sincerely,
Mr. Henderson
ing
"It is in accordance with the common law of the country."
Speaking in the House of Commons on the same day (Aug.
13), Mr. Henderson made an impassioned defense of his position in the conflict that had arisen between himself and the
Prime Minister. He spoke with bitterness, according to
press dispatches, of what he characterized as the shameful
treatment he had suffered at the hands of the Premier. The
former Minister entered into great detail on recent events,
but still left much mystery regarding his relations with the
Premier since his return from Russia. Mr. Henderson's
supporters contend that the entire misunderstanding arose
through the Government having previously failed to ta*ke
a decisive line on the Stockholm Conference.
No further light was thrown during the debate, the accounts say, on the message from the Russian Government,
in which M. Kerensky, the Russian Premier, is said to have
asserted that the Russian Government not only was not interested in the Stockholm meeting, but that Premier Kerensky himself hoped the conference would not be held. Mr.
Henderson in opening his address complained aganist the
"unprecedented press campaign against myself and the difficulty, if not the impossibility, of finding a precedent in
history for the conduct pursued by the Prime Minister and
his colleagues in regard to the case."
"The press campaign," Mr. Henderson continued, "was
so perfected that the first I
knew
been accepted was through the
course.
fected
675
the
DAVID LLOYD GEORGE.
same afternoon gave out the follow-
statement:
In connection with the Labor Party conference, what are obviously
inspired statements appear in the press of to-day containing reflections
upon Mr. Henderson without being supported by evidence. He deprecates the possibility of his attitude at the conference being made the subject of public recrimination or controversy.
He can only request the
public to suspend judgment imtll they know the facts.
If any statement of his position Is to be made at this juncture it wUl be
made in the proper place, namely, the House of Commons; and even then
his course will be influenced in so far as it wUl affect the nations interested in
the successful prosecution of the war.
The above also applies to a communication which Mr. Henderson has received from the Prime Minister with an intimation that it is being sent to
the press.
that
my
resignation
had
Mall Gazette.'
After
the decision of the labor conference on Friday, I interviewed
the Prime Minister, who made clear that my retaining the
Secretaryship of the Labor Party was incompatible with
my remaining in the War Council. When I came to a
choice, only one course was mine.
"If the full story in regard to the Stockholm conference
must be told, in the national interest it should not be told
now, and I am content to join the list of ex-Ministers, who
are awaiting the opportunity to state the full facts of their
cases without prejudice to the national interests.
"On my return from Russia I proposed a visit to France,
which was under consideration at a special meeting of the
War Cabinet twenty-four hours before my leaving, and which
Mr. Lloyd George did not attend. It being the decision of
the Labor Party that I should go, 1 wired the Prime Minister,
informing him of my position, and I could make this comment, that the Prime Minister and his colleagues, who issued
a document to the press charging me with withholding information about the conference, have been convicted before the
House of intimating that the whole arrangements for the
trip to Paris were made without their knowledge."
Premier Lloyd George interrupted Mr. Henderson at this
point by saying:
I would like to ask my honorable friend what he means by saying that
ue sent a wire to me at Paris stating his position. Does he mean to suggest
'Pall
that he wired me that a decision had been taken by the Labor Party executive?
The only message I received was one stating that he was coming to
Paris with four Russian delegates. There was nothing of the decision of
the Labor Party.
Mr. Henderson
harmony with his
insisted that his statement
was
in strict
"After the decision had been
taken with regard to my visit to Paris," he said, "I intimated that to the Prime Minister, and that was the subject
of a special Cabinet meeting."
Andrew Bonar Law, Chancellor of the Exchequer, interrupted the speaker, saying:
The Prime Minister was
I really must put the facts before the House.
absent and his colleagues here had no knowledge whatever from Mr. Henderson of his intention to go to Paris with Mr. (James Ramsay) Macdonald.
position.
We
discovered it first In this telegram which was circulated to us. After
clearly
seeing the telegram I summoned the Cabinet to deal with it.
expressed to Mr. Henderson our disapproval, but he intimated that It was
decided upon and he must go. In those circumstances I was not able
further to interfere with him.
We
Mr. Henderson accepted Bonar Law's statement, but said
that it did not clear Bonar Law or the Cabinet from the fact
that they had intimated to the House that all the arrangements were made without the Cabinet's knowledge. The
Andrew Bonar Law, the Government spokesman in the speaker added that he informed the War Cabinet of his
House of Commons, on Aug. 13 told the members of the recommendations to the Labor Party executive to accept
lower house that the Government had decided that permission the invitation to the Stockholm conference if the conference
There was
to attend the Stockholm Conference would not ba granted to were made consultative instead of mandatory.
British delegates.
He said:
The law officers of the Crown have advised the Government that it is not
legal for any persons resident In his majesty's dominions to engage in
a
enemy subjects without the license of the Crown Is duly
The Government has decided that permission to attend the Stock-
conference with
given.
holm conference will not be granted.
The same decision has been made by the Governments of the United
States, France and Italy, with which his majesty's Government has been
in
communication on the subject.
Asked by
Com m oner Joseph King on what
officers' decision
statute the law
was based, Bonar Law repUed:
a sharp division within the Cabinet, and he offered to resign.
Continuing, he said:
I gave the Prime Minister a full and faithful stateof my personal position and my reasons for advocating attendance
At the close of the conversation Mr. Lloyd George
at the conference.
asked me to attend a special meeting of the Cabinet, but when I arrived I
was told to wait, which I did for an hour.
The Minister of Pensions, Mr. Barnes, was sent out with the message.
I insisted on my right to address the Cabinet and not to communicate
Mr. Lloyd George said that
tlirough an intermediary, and was invited in.
I protested,
I had been asked to wait outside out of regard for my feelings.
then, that the Paris visit had been discussed. The same evening Stock-
Returning from Paris,
ment
676
THE CHRONICLE
[Vol. 105
holm loomed up In the Commons debate. I was surprised at the week-end
that the subject had not been raised In the Cabinet.
Last Tuesday I asked the Prime Minister when he would consider Stockholm, he replying that he hoped at the next meeting.
be thrown away and not to sheathe the sword until we see
our way to the attainment of a satisfying and enduring peace.
I hope that is the impression the debate will leave on our
Mr. Hendorson dealt exhaustively with the charge that he
Kerenhad broken faith in failing to give the telegram of
allies."
sky, the Russian Premier, to the conference. He pointed
out that he could not, when speaking as the Secretary of the
Labor Party, quote a Government telegram, but said that ho
had told the conference that the new Russian Government
had modified its old position. His least intention, ho asserted, was to withhold any information he was legally enThe speaker concluded by asserting that he
titled to give.
had been forced to discuss the question because of serious
aspersions against his honor in the press, but that he had not
told the full story of the Stockholm business, and did not
intend to, because he believed it highly inadvisable in the
nation's interest at this moment. He urged the House not
to debate the subject in view of the evidence of unrest in
the country and the difficulties which he believed the Government would have to face befroe the Stockholm question
was finally disposed of. He had endeavored ever since the
war began, occasionally at great risk in the ranks of his own
movement, to do only what he thought would lead to a victory for the Allied cause and for a lasting, honorable and, he
hoped, a people's peace.
Premier Lloyd George was received with cheering when he
said that, whatever any one might think about the major
part of Mr. Henderson's speech, they would respond to his
appeal for unity in securing a victory. He was not sure, he
added, that it was necessary to say more than to repeat the
statement he (the Premier) had made in the press. Each
member of the Cabinet had told him that Mr. Henderson
had left the impression on their hands that he intended to
use his whole influence to turn down the Stockholm conference at the labor conference. Mr. Henderson here interrupted the speaker by asking if he had not suggested to Mr.
Lloyd George that if the labor conference decided to favor the
Stockholm conference delegates should go, but no member
Mr. Lloyd George replied that he had
of the Government.
said he would not consent to Mr. Henderson or any delegates representing Great Britain, to attend the Stockholm
Referring to the question of who actually sent
conference.
the telegram and the covering letter, Mr. Lloyd George said
that the telegram was from the Russian Government and
the letter from the Russian Embassy. He contended that
it would have made a great difference had Mr. Henderson
read the telegram to Friday's labor conference, and he again
asked why this was not done.
The Premier then proceeded to discuss the general situation, saying:
I have only one thing to say, namely that while efforts are being made to
restore discipline in the Russian army, nothing would be more fatal than
to hold a conference with the enemy, when the first step toward restoring
meeting on Aug. 14 of the executive committee
of the National Labor party and the Parliamentary committee of the Trades Union Congress the attitude of Arthur
Henderson, secretary of the Labor party, with regard to the
Socialist conference in Stockholm, was indorsed.
The meeting appointed delegates, including Mr. Henderson, to the
Stockholm conference, and resolved to ask the Government
to withdraw its order prohibiting the issuance of passports
The resolutions adopted expressed
to Stockholm delegates.
unabated confidence in Mr. Henderson. During the proceedings a telegram was received from Camille Huysmans
and Hjalmar Branting, promoters of the Stockholm conference, accepting a consultative status for the conference.
They said they would work to get this basis accepted, but
they still considered it important that the Entente Powers
should be represented. A joint meeting of the executive of
the Labor party and the Parliamentary Labor party was
held in the House of Commons.
George Xicoll Barnes, who
succeeded Mr. Henderson in the War Cabinet, and all the
Labor members of the Cabinet attended. Mr. Henderson,
M
.
would be to prevent fraternizing at the front. That is the conclusion arrived at by the four Allied Governments.
I would rather not say anything for the moment about the opinion in
Russia. The United States has decided not to allow delegates to go to
Stockholm, and that is a great democracy. The French, Italian and
British Governments have come to the same conclusion.
The four Allied Powers have arrived definitely at the conclusion that if
terms of peace are to be discussed they must be made by the representatives
of their whole nation.
I am the last man to say anything derogatory of
the power or influence of labor, but they are not the whole community.
In Russia there Is a Socialist Government. It is a Socialist Government
which has not the whole of the facts, and when it discusses peace terms it
must have the authoritative opinion of the nation behind it. I think it
has become clear that the Russian Government has had no responsibility
for the Stockholm conference, and I say we should not be doing our duty
to our allies, and least of all to Russia, if we countenanced such a project.
discipline
Former Premier Asquith, after remarking that the dual
Mr. Henderson had occupied as a member of
the Government and Secretary of the Labor Party was an
impossible one, said that the Prime Minister's concluding
remark would be universally echoed throughout the country
and in the Allied Governments, namely that peace was
desired by all, but that the only peace which would satisfy
and recompense the sacrifices made must be a peace proposed
by the people of all the countries concerned.
"I should be sorry," Mr. Asquith went on, "if I thought
the result of this discussion would be to allow the impression
position that
to go forth to the world that the labor parties of this coimtry
are prepared to go to Stockholm to pave the way for a precarious peace.
I have read the declaration of pohcy approved by the Labor Party. It is a declaration of determination to persevere in the war until the great objects we are
At a
joint
James Ramsay Macdonald and Philip Snowden and most of
the Labor members of Parliament also were present. No
communication was issued to the press, but press accounts
say it is understood no change in the situation resulted, and
and the position of the Labor members of the government
was not discussed, though it is known that a pacifist section
headed by Mr. Macdonald is trying to bring pressure to
force the Labor ministers to resign.
The conciliatory speech in the House by former Premier
Asquith had considerable effect. The newspapers praise his
patriotism in again coming to the rescue of Premier Lloyd
George's administration when it was in difficulties.
It was stated in a dispatch from Petrograd Aug. 15 that
the Russian Government does not desire to place any obstacles against Socialist participation in the Stockholm conference.
The statement, which is issued through the semi-
news agency, says:
The Government considers that the
official
solution of questions affecting
war
and peace appertains exclusively to it in unison with the Allied countries.
The Stockholm conference, as pointed out hitherto, is one of the particular
political parties and as such cannot lay claim to formulating decisions which
bind the Government in any way.
The Government always has been far from refusing passports to Socialists, believing that questions concerning war and peace may be submitted
for decision to the Socialist Internationale.
The Prime Minister and Foreign Minister have informed the Allied Governments that the Provisional
Government does not consider it desirable to place any obstacles against
the participation of Socialists in the conference.
The statement concludes by saying that the Government
does not deny the political bearing of the conference, but
holds that decisions formed at it must not be of a character
belonging to the Government.
The Petrograd correspondent of "The Daily News" on
Aug. 16 telegraphed a conversation he had with Premier
Kerensky. When the subject of the Stockholm conference
was mentioned Kerensky
fired up and said:
There has been a serious misunderstanding. They are drawing a wrong
deduction from our note. We meant simply to state our position. We are
a coalition government, and, therefore, since the conference is a party
matter, we cannot as a coalition be bound by its decisions.
Our conference,
the conference of governments, is the London Conference.
The Swedish
conference is a conference of labor parties.
That is all we wished to say.
That does not mean that we are opposed to it; it is not oiu- business to be
opposed to it or in favor of it.
The correspondent then said: "But it has been said that
Thomas declared you said you were personally op-
Albert
posed to the Stockholm conference." "Nothing of the sort,"
said Kerensky.
"I think it is of great importance, although
personally I think it would have been of greater importance
if it had taken place while we were advancing instead of in
the present condition. But I am not opposed to it; no."
The State Department at Washington has refused to
issue a passport to Morris Hillquit for his proposed journey
to Stockholm to take part in the international SociaUstic
conference upon the settlement of the war. Frank L. Polk,
acting Secretary of State, informed Mr. Hillquit of the Government's decision in the followmg telegram:
In view of the existing conditions, the State Department must decline to
approve your application for a passport for journey to Sweden.
The decision of the Government is based upon the idea
aiming at are achieved.
that the proposed conference
"I believe the Labor Party, with the exception of an insignificant minority, is as determined to-day as ever not to
allow the gigantic sacrifices of our allies and of ourselves to
German Government.
The Associated Press
is
really
an inspiration of the
in a dispatch from San Francisco
Aug. 13 reported that David Starr Jordan, Chancellor Emeri-
Aug. 18
THE CHRONICLE
1917.1
tus of Stanford University, would not be a delegate to the
peace council to be held in Stockholm Sept. 9. Dr. Jordan said that even if the Government should alter its decision to refuse passports to delegates to the council he would
not act for any of the peace organizations. Dispatches
from New York had mentioned Dr. Jordan as one of the
three delegates to represent the People's Council.
.
ELIHU ROOT AND
THE RETURNED COMMISSIONERS FROM RUSSIA.
NEW YORK
CITY'S RECEPTION TO
Former Secretary of State Elihu Root and his associates
on the recently returned American Commission to Russia,
were given an enthusiastic welcome by the city and citizens
The formal
of New York on Wednesday of this week.
reception of the day took place at City Hall where Mayor
Mitchell and Oscar Straus, as Chairman of the Mayor's
Citizen Reception Committee, both bade welcome to Mr.
Root and his colleagues. The reception was held in the
Aldermanic Chamber, which was decorated with Russian
and American flags. The members of the Commission who
accompanied Mr. Root were Major General Hugh L. Scott,
Rear Admiral James H. Glennon, John R. Mott, Cyrus H.
McCormick, Samuel R. Bertron, James Duncan and Charles
Edward Russell. In the ranks of the Mayor's reception
committee were such well known men as William A. Prendergast.
Major General
J.
Franklin Bell, Michail
M.
Oustinoff,
Theodore Roosevelt, Charles E. Hughes, Charles H. Boynton, Arthur Woods, Robert Adamson, George T. Wilson,
Major General Daniel Apple ton. Captain WiUiam H. Haskell, George McAneny, William Fellowes Morgan, George
R. Sheldon and Daniel Guggenheim. In welcoming Mr.
Root and his colleagues. Mayor Mitchel extended the thanks
of the City of New York for the work they had done in aiding
the upbuilding of the new Russia. Oscar Straus, as
Chairman of the Reception Committee, then made an
address of welcome, saying in part:
It will ever be remembered that America was first among the nations to
extend its official recognition to the new Russia and to welcome her into
the family of democratic nations. The President deemed it of the first
in
Importance to interpret the
spirit of
our great democracy, with
its trials,
and triumphs, to our youngest co-partner and ally, and he selected
from among aU of our citizens the foremost of our constructive statesmen,
and placed him at the head of this important and extraordinary commis-
struggles
677
the Czar, and calling for the destruction, not for the setting up, of competent government in Russia, but for the destruction of all governments of
America, of England, of France, of Italy, and, incidentally, of Germany.
They poisoned the minds of the workingmen and of peasants and of soldiers.
Their definite and distinct object was to destroy the whole industrial and
national system of Russia. And they had the power in Petrograd, for
there at the beginning the garrison adhered to them.
Into this condition of vast confusion and bewilderment was thrust a great
German propaganda. Thousands of German agents swarmed over the line
immediately upon the coming of the revolution. They awakened all the
pro-Germans in Russia. They spent money like water. Millions upon
millions were used.
They bought people; they bribed people; they bought
newspapers; they established newspapers; they circulated literature; they
went to and fro among the troops at the front. They said, "Why go on
fighting?
This was the Czar's war; it was not your war; why go on? Let
us have peace."
And the people of Russia, the soldiers of Russia, were wearied of war,
as all the rest of Europe, and peace seemed sO desirable to them that for
the moment it seemed as if this German propaganda had captured Russia,
had done what her arms never could do, captured Russia; and they made
common cause with the internationals, the extremists. These men who
were preaching a great world union of human freedom made common cause
with the bribing and insidious agents of the German autocracy to overcome
the freedom of Russia, and against these influences, with this attempt,
with untrained minds, to build up a new republic, with the enemy at its
gates, and the insidious influences sapping all their power, a few men in
Russia made the bravest, noblest, most gallant fight of our time for the
safety of human freedom and the building up of free self-government in
their country.
It was the function of this mission not merely to carry a message of friendship and good feeling from the United States to Russia. As events developed before we reached Russia, it became the function of this group of
American citizens to carry to the people of Russia a message of faith in
democracy, to say to them: "Take heart, be of good cheer; faint not, despair
not.
We say to you from the hundred million free people of America, who
for 140 years have been fighting the battles of democracy, that there livea
a power in democracy that will overcome all evil, and it is with you, and
with it you will triumph."
And since our departure from Petrograd processes that began before have
been going on along the lines that were explained to us before we left, and
the results that the Government then had in mind have been worked out
and are there to-day, with Kerensky, that man of conviction, of intense
purpose, of tremendous personality, devoted to his groat cause to the last
drop of his blood. Kerensky, who, when we were there, was agreed upon
by the members of the Government for his present position now rules the
destinies of Russia and with him are wise, prudent, sagacious men of
—
,
affairs.
And so we have come back with faith in Russia, faith in the qualities of
character that are the essential tests of competency for self-government,
faith in the purpose, the persistency, and the power of the Russian people
to keep themselves free, and they know that they cannot be free; that they
cannot build up a structure of government based upon and conforming to
the life and character and genius of the Russian people if Germany is allowed to dominate in their land.
Mr. Root had concluded his address, demands
were made by the audience for a few remarks from Colonel
sion.
The past three years have clearly revealed that the Prussian eagle, like Roosevelt, who had stood in the front row of the Aldermanic
the Romanoff eagle, is not a symbol of light, but a vulture of darkness in
The Colonel stepped to the dias and made a
the domain of freedom, and that wherever they wing their flight inter- Chamber.
The Russian short address, which was in effect an exhortation for Amerinational anarchy and moral desolation follow in their wake.
people have brought their bird of prey to earth, and, unless the German cans to translate their words into deeds.
The Colonel
people will profit by the logic of events and destroy the vulture that is
ended by saying: "Let each one of us do all we can and
eating out their souls, the war mu.st go on to the bitter end.
Let our people not forget that this is an American war no less than it is a make the public servants who devote their whole energy
French, a British and an Italian war. It began as a European war, but by
reason of the solidarity of civilization became the world war.
Gentlemen of the Mission, I voice the gratitude not only of the citizens
of our metropolis, but of the people of America, and when the history of
this, the greatest war for democracy and freedom, shall be written, the
record of your services will form an inspiring chapter of patriotic duty
admirably performed, for which the people of Russia will have reason to
be no less grateful than the people of America.
Mayor Mitchel next presented to Mr. Root the National
Arts Club medal for valor in recognition of the personal risks
he had taken in carrying out his services. In replying, Mr.
Root observed that this was the first fruit of the mission
which had not been shared equally among all the members of
the mission. His remarks, according to the New York
"Times," were as follows:
The duty which was imposed upon the special diplomatic mission to
Russia was one of very great importance and significance, but its performance required no extraordinary qualities and involved no extraordinary
The way was plain, and we had, each one of us, merely to do our
merit.
We
bit as best we could in the discharge of a simple and imperative duty.
We did it with the most perfect harmony and
did the best we knew how.
with whatever strength comes from united action. Drawn from all parts
of the country, selected with an evident purpose to represent different points
of view of the American people a soldier, a sailor, a manufacturer, a retired
capitalist, a banker, a labor leader, a Socialist, a New York lawyer
we all
were absolutely united in our conception of the spirit of our mission and in
the union of effort to perform our duty.
It is not the first time that the importance of the cause has been transIt was a great
ferred to the individuals who have represented the cause.
There never was in history a people finding
cause, it was a great mission.
itself in a more difficult and perilous position than the people of Russia
found themselves in a few months ago.
They had been accustomed to receive orders and to obey. They had no
habits of thought which would enable them, the great body of them, to
evolve institutions through which to govern. And so this vast people
which had never been permitted to speak or write or think upon self-government was left confused, bewildered, gathering in little groups in aimless
and endless discussion. Then came the propaganda of the extreme Socialists and Anarchists, of the Internationals, the analogue in Russia to the
I. W. W. of this country; the men whose model is that the worst is the best;
the men who seek to destroy the industrial organization of the world, to
destroy the nationalism of the world with a far-off dream in its place of a
universal brotherhood to govern all the world in harmony and peace.
These men, aided by thousands who had swarmed back to Russia from
America, thousands who returned vilifying and abusing the land that gave
them refuge, gave them security, gave them liberty to think and speak and
act; these men returned to Russia, declaring America to be as tyranous as
—
—
After
to the detriment of this nation, nominally in the interests
and moraUty, feel that they are unhung traitors
of pacifism
United States in the view of every honest American."
After the reception at the City Hall the party drove to
the Chamber of Commerce building on Liberty Street,
where they were received by the President, E. H. OuterHere were
bridge, and escorted to the Assembly Hall.
gathered over five hundred of New York's representative
business men, members of the Chamber of Commerce.
In his address of welcome. President Outerbridge spoke
of the difficulties which the leaders of the new Russian
Government were confronting, and which called for the
sincerest sympathy and the fullest aid for that country
from the United States. Responding to Mr. Outerbridge's
remarks, Mr. Root said in part, according to the "Journal
to the
of
Commerce:"
The mission was intentionally separated from any concern with business,
with trade, investment or enterprise, for money making of any kind.
This was done carefully, and it was insisted upon strenuously by the mission itself in Russia, in order that our message to the Government and
people of Russia might be free from any suspicion or color of selfish purpose.
Yet I wish to say a few words to you about the substantial elements in
Russian life and Russian conditions which should enter into a judgment
on your part, as to the confidence to which Russia is entitled.
Thousands of German agents poured over the border immediately upon
the revolution. All the pro-German sympathizers in Russia were visited
and spurred to action. Newspapers were purchased, and newspapers
were established, literature was distributed, and a great propaganda went
on to fill the minds of the simple-minded people, who had never thought or
talked about political affairs, to fill their minds with the German view of
the war and their duty. The men who correspond to the I. W. W. here,
the extreme socialists and anarchists, with whom the German agents made
common cau.se, preached and sought to bring about the destruction of the
industrial and financial system in Russia, the destruction of nationalism
in Russia, under the promise to the peasants and the workingmen of a
universal brotherhood of the proletariat of the world which should destroy
national government, and bring in a universal reign of peace and brotherly
love, not suggesting to them as to what Germany might do in the meantime if the national force of Russia were destroyed for the purpose of bringing about this millennium.
Notwithstanding all this, in a country with no central government that
had power to force its decrees, in a country with no police, a country in
which the sanction and moral obligation of the laws had disappeared with
THE CHRONICLE
678
the disappearance of the Czar, there relgtied order to a higher degree than
has existed in the United States of America during this period.
In the first enthusiasm for freedom in the liberation of political prisoners
a great many ordinary criminal prisoners were also released and they went
about and committed some depredations which, of course, all found their
way into the newspapers, but even with that, the general average of peace
and order, of respect for property and life in Russia, I say, was higher
than could reasonably be expected from any 180,000,000 people In the world
under any government.
Now that is the test. There can be no more fatal gift to a people than
the beauty of self-government when their characters are not equal to the
performance of the duty. The Question of a people maintaining their
freedom Is not to be determined by the little spectacular incidents which
are picked up and published with headlines In the newspapers. The question Is to be determined by the underlying and real character of the people.
If their character is right, against all enemies and all misfortunes they will
win through to establish freedom.
If their character is unequal to the task, all the aid of all the great
Freedom must
countries in the world can not give them their freedom.
find its foundation, its sure foundation, within the people themselves, and
we think the Kussians have that sure foundation.
Now there is great financial difficulty In Russia; the old regime brought
the country into a very involved and critical condition financially; there is
great disturbance industrially. But when I have met people, and I did,
a great many, who shake their heads over the industrial and financial
conditions there, 1 have thought always, with a cheerful reassui-ance, of
what a fine character are the people, and I have remembered that our
dollar in the Civil War was as low as the Russian ruble, and I haven't any
doubt that the character of the Russian will pull up their finances just as
the character of America pulled up our finances.
I remember also that in a country 85% of the people of which are landowning peasants, industrial and financial difficulties do not cut so deep
as they do in a country which is chiefly industrial in the ordinary sense
of the word. There is no such convulsion caused by troubles, which affect
only 15% of the people as there are by troubles which affect the whole;
that is, the more highly organized, industrially and financially, a country
is, the greater ruin brought by industrial and financial difficulties.
"With Russia, all of any trouble that there is or may be, passing over the
heads of 85% of the people, affects them little or none.
A schedule, an appraisement, of the property of Russia that is, the
available property which could be used for the production of income or sold
It has been made
or applied for protective piirposes has just been made.
under the direction of Mr. Petrosky, a former Minister of Finance under
the Czar's Russian Government, a gentleman whose ability and integrity
are most tiighiy respected, and while It is not applied in detail, he finds that
a moderate appraisement of that property, appraised just as you would
appraise the property of any corporation, exceeds over sixty billion dollars.
So you have a background against which to consider Russia -this vast
property, the value of which, of course, depends upon the maintenance of
stable government protecting property rights, but for the existence of such
a government you find the true character of the Russian people, their respect for property rights when there was no law and policemen to make
them respect property rights, and with that vast country to be opened, to
be developed, the great stretch tlu-ough Siberia, from the Urals to the Pacific, with unimaginable wealth of the same kind wliich has made the power
Youhaue the wealth, you have the character, you
of this great repubUc.
have the opportunity for development, and, with these, I feel certain that
Russia is going to create and maintain a free self-government which will
make her a republic worthy to stand side by side with the great republic
of the United States, and a republic which will spur us to higher effort in
order that we may be worthy to stand by her.
There is but one danger that I see, and that is that Russia God forbid it
may be overwhelmed by Germany; and if that were to happen, the development of the free institutions in Russia, adapted to her life and character and the genius of the Russian people, would be made impossible.
The Russians know that -the thoughtful men of Russia know that and,
with courage worthy of all honor, with courage worthy of imitation by us,
they are wrestling mightily to prevent that great misfortune.
No one can tell what the outcome will be, but this is certain, that Russia,
tired of the war, worn and harried by war, Russia, which has lost seven
millions of her sons, every village in mourning, every family bereaved,
Russia has again taken up the heavy burden; she has restored the discipline
of her army; she has put away the bright vision of peace and rest, and
returned yet again to the sacrifice and the suffering of war, in order that
she might continue free. Ah if we loved freedom, if we are true children
of our fathers, and cherish their ideals, confidence and hope will go out from
us to these brave Rvissians that are fighting our battles as they are fighting
their own, and we will uphold the hands of our Government and encourage
the spirit of our people to do our duty beyond measure, to help them in
their great and noble work.
.
,
—
—
—
—
—
—
—
1
At the
close of
Mr. Root's address the audience adjourned
members of the Commission
to a buffet lunch, while the
and the Mayor's reception committee, with officers of the
Chamber of Commerce, lunched in private. After the
luncheon Mayor Mitchel addressed the gathering. Colonel
Roosevelt also made an address. He asserted that the work
Mr. Root and
his colleagues
had done was of xmexampled
and to the cause of
benefit to the people of the United States
humanity at large. He also said:
If we don't fight the fight for America on the other side of the water we
I remember three or four years ago reading a
will have to fight it here.
booklet issued by a member of the German General Staff describing in
detail the methods to be followed by the German army in the event of an
Invasion of the United States. I remember, while we were still neutral
the neutrality that Pontius Pilate might have envied reading from
Reventlow the fact that they intended that the United States should pay
the expenses of this war. We are fighting for America, gentlemen. We are
fighting for our own liberty and for our rights.
It is our business
safe in the world.
fc .We are fighting to make democracy
When once we pledged ourselves
to turn that from a phrase into a fact.
to make democracy safe in the world we pledged ourselves to smash the
—
Austrian and Turkish empires, because we cannot make democracy safe
while the subject peoples are ruled by the Austrian and the Turk.
The Turk has got to go from Constantinople or democracy is not safe.
trusted
I believe that a democratic Russia, as described by Mr. Root, can be
in Constantinople, but if not, then make it an independent kingdom or
republic, free State of the straits, that will give free access out of Russia
to the great seas, from the great seas into Russia.
Make democracy safe? Yes, and the first thing to do is to make Ru-
mania
safe.
Rumania has
suffered as Belgium has suffered.
[Vol. 105.
Minimize the chances of war by minimizing the
safe.
which must be overcome. And then let me say also that having
done that it remains for us to make democracy safe In our own country,
and we can make It safe only by going forward so far in the direction of
radicalism as to remove all just complaints of the man who has not had his
I want to see that radical movefair share of the good things of this life.
ment sympathized with, and, if necessary, led by the men who would
naturally be in a conservative position, and I want to see the conservative
In this country so impressed with the practical realization of the fact that
he has got to be his brother's keeper and won't rest content unless that
brother has a fair chance as far as he can get it in this life. On the other
hand, I want to see the radical set his face like flint against the inequality
such as we have seen In labor organizations like the 1. W. W. and in the
That has been a party machine in a sense
Socialistic and party machines.
that neither the Democratic nor the Republican machines in their worst
days have over dreamed of being.
Canada has about one-thirteenth of our population. Canada has about
400,000 men under arms. We will deserve as well as Canada wiien we have
5,000.000 men, three-fourths of them over on the fighting line, and not
Make democracy
Injustices
before.
On Wednesday evening a dinner and reception was tendered to Mr". Root and his associates on the Commission at
the Union League Club. Charles Evans Hughes, who presided at the dinner, in introducing Mr. Root, referred to
him as the nation's ablest statesman and finest patriot.
Mr. Hughes
said:
was announced that the President had selected Mr. Root to go
at the head of this Important Commission to Russia we were all extremely
glad that the best thought of the nation was to find expression through this
eminent statesman. I am sure, however, that the friends of Mr. Root
had some little misgivings, because at the time we were filled with uncerThe age which his appearance belies was about
tainty and apprehension.
He might well have sought exemption. Our
to be put to a severe test.
misgivings, however, were without warrant.
When
it
Mr. Root in his address launched into a bitter attack
He stirred his
against German propagandists in America.
auditors by declaring that there were men walking about the
New York
who should have been taken out
and that there are editors here who
should be tried, convicted and executed. Similar utteranoes
were later made by Charles Edward Russell, who was expelled from the Socialist Party after he had started with the
Root mission to Russia. Mr. RusseU also made the following
remarks about an unnamed Senator in Congress:
streets of
and shot at
City
sunrise,
Disloyal American that disgraces the Congress of the United States!
Traitor in disguise that has taken the oath of allegiance and goes to the
Senate of the United States to do the dirty work of the Kaiser
Oh, If I
could have taken you by the throat and dragged you to Petrograd and i)ut
you up there In the Field of Mars on a Sunday afternoon and let you see
For then you would have seen those miserable,
the result of your work
fawning, slimy creatures that take the dirty money of Germany some of
them, I am ashamed to tell you of it, some of them with American passports
in their pockets.
You would have seen them, disloyal Senator, going from crowd to croTfd
upon that field and repeating your words of treason, quoting what you
say in the Senate of the United States when you introduce a resolution
demanding that the Allies state their terms. Within three weeks those
words will be repeated by the agents of Germany.
These agents will say: "We have always told you that the people of the
United States were not in this war; we have always assured you that this
war was made by the Government of the United States, but not by the
people; we have always told you that the Government of the United States
is merely a Government of capitalists, that it is merely a Government of
munition makers; that ttiis war was created by the American munition
makers for their protection, and here is the proof. Tiiis Senator of the
United States has said this in the Senate; he has appealed for peace; he has
declared he represents the people of the United States; it is the voice of
the people, then, not alone the voice of the Senator.*
That, disloyal Senator, is the result of your work, and every word that
you utter in the Senate of the United States in behalf of peace or in behalf of treason, every one of them Is a poisoned dagger plunged toweu-d
the heart of your coimtry. It is terrible work, traitor, that you are doing,
for upon your work hangs the possibility of the loss of a million American
lives, and twenty billion dollars of American money.
I
I
Mr. Root's address
—
before the Union League Club, graphi-
cally relating present conditions in Russia, according to the
New York
"Sun," was in part as follows:
am
to say something about Russia, and I wish also to say something
about America. I thought often whUe in Russia, as I watched the labors
and judged the mental state and feelings of the men who were engaged in
the hard task of building up government in Russia, of those men of the
days of '63, who gathered in the old clubhouse in Union Square to render
the same purpose to the American democracy then struggling against the
impending danger of death to the Republic.
I wish to say to you that I never have seen a more gallant fight with
purer motives and nobler purpose than the few men who are controlling the
Government of Russia to-day have been making against overwhelming
odds for the freedom of their people and the safety of democracy In Russia,
and in the world.
Everything was against them, the soldiers and the people, the peasants,
who make up 85% of Russia, had lost ardor. The/ had not been in the
habit of thinking upon poUtical questions; they had been in the habit of
I
obeying and the word which they had obeyed was gone. The soldiers had
lost the ardor to follow; they had lost their national head; they had lost their
national flag. The laws which received their sanction from the Czar,
when the Czar was gone, no longer seemed to have moral obligation. The
police had disappeared.
The people of Russia are practically without
goverimient, for the temporary provisional Government had no power to
execute a decree.
:^
Without police, without law, their own orderly habits, their own mutual
consideration for the rights of others alone remained to preserve their respect for property and life and human rights.
Throughout Russia, with no
other safeguard, order reigned as perfect as reigns in the United States
to-day, because the people of Russia have ingrained, inherent characteristics, qualities of character, wliich are necessary for the maintenance of free
self-go vernmen t
.
AVG. 18
THE CHRONICLE
1917.]
Germany, making common cause with those extremists who would break
down and destroy all industrial organizations, all national authority,
Germany carried on in the early months of the revolution a great propaTheir
in a score of ways to pervert the minds of the Russian people.
agents swarmed over the border, they spent money by the millions in buying adherents to the Geiinan cause; they purchased newspapers and established newspapers; they distributed literature; their troops under order
swarmed out of the trenches with open arms to fraternize with the Russian
troops
They said to them "Why do you fight us? This was the Czar's war, it
was not your war. Why do you want to kill us who are your friends?
Why do you want to get killed? Why not go home and share in the diIf you don't hurry you will get left, it will all be in
vision of the land?
other hands."
"Why go on with the Czar's war, which was not your war?" And they
have produced an effect on the army of Russia that has made them generally
along all the thousand mile line unwilling to fight. They were tired of the
war, as all the peoples of Europe are tired of the war. And when we reached
Russia it seemed as if the game was over. Sagacious observers there said,
"According to all the rules of the game, Russia is out of the war."
A few men, thoughtful men, realized that the erection of a system of free
self-government according to the life, the customs, the spirit of Russian life,
could never be developed under the suzerainty of Germany. They realized
that subjection to Germany meant the death of Russian liberty, and they set
out to reinspire in the Riissian people a knowledge, a realization, a spirit of
defense for their newly won freedom, and under the splendid leadership of
Kerensky under the wise and sagacious control of Nekrosoff and Tcherenko
and Sarantilly and a score of others, they gradually brought discipline back.
Out of confusion and bewilderment they have brought a knowledge and a
realization of duty, and Russia has found herself and has begun again to
fight for the preservation of her own freedom.
Germany has appealed in Russia, as she has appealed in America and all
over the world, to all the baser motives of mankind. She has appealed to
cupidity, she has bought men in and out of office, right and left, by scores.
She has expended milUons of money in Russia, as sh« has here, to buy
treason for her own benefit.
She has appealed to passion and prejudice, to local interest that quarrels
with the public good, to personal selfishness and ambitions. Wherever in
Russia, wherever in this world, a baser motive was to be found, Germany
has developed a failing for it as swift and irresistible as any chemical comEvery base, every despicable, every damnable
binations that we know of.
Influence that tends to break down law and order and frustrate noble purposes and great designs for good, she has employed.
She has done it in Russia, as she has done it here, with diabolical ingenuity.
But in one thing Germany has failed; she has been incapable of
measuring, of understanding the great moral forces that move mankind,
the great moral force leading modern civilization to higher and better
things.
Germany could not understand that love of country and the
passionate desire for Italia Irredenta would take Italy out of the Triple
Alliance and range her against the German armies.
She could not understand that England, set in the enjoyment of peace and
wealth, had turned a deaf ear to the warning of good old Lord Roberts seeking to bring to their mind the realization of what Germany was proposing;
that England would revolt at the shameful bargain that was proposed to Sir
Edward Grey, and would connive, would wink at the violation of treaties
that protected Belgium and stand idly by while poor Belgium was overrun
with indescribable cruelty and savagery. They could not understand that
down from Piu-itan ancestry and the nobility of the Cavaliers of a hundred
generations there was a spirit of moral power in England that would array
her against the damnable wrong that Germany did to Belgium.
Germany could not understand that the British colonies had replaced the
rule of force that once bound them to England by a bond of sentiment a
thousand times stronger than all the red coats that ever garrisoned the cita-
ganda
,
del of Quebec.
Germany could not understand that the longings for freedom and selfgovernment of South Africa could transmute the fairness and justice of the
final settlement of the relation between England and the Boers into a feeling
of loyalty to England upon the part of the Boers.
Germany could not understand that there was a line beyond which the
comfortable people of the United States of America, rejoicing
in their prosperity and their comfort, would not pass
a line at which the
ideals of their fathers and the ingrained sense of devotion to the liberty
free, rich,
—
of mankind forbade the sordid considerations of prosperity and wealth
longer to govern the free American people.
Then again by treaties in Russia, playing upon their sordid motives and
every degraded impulse to be found in Russia, Germany again has failed
to understand the power of that great empire and that great justice and
liberty loving people.
Time was but a few months ago when a regiment of Germans could have
marched over the border and gone where they would; but they misjudged
the moral force of the Russian people, and they waited too long. They
waited until the power of regeneration, so strong in the Russian character,
had had time to begin its work, and they are moving too late.
I don't know what the fortunes of the battlefield may be, but I do know
that the Russian people have again found themselves and again begun one
of those extraordinary recoveries which the indomitable spirit of Russia
makes possible beyond the experience of any other race.
Now we have sent a mission of congratulation and friendship and cooperation to Russia, and we are committed to help Russia. There are many
things in which she can be helped— in money, for her financial condition is
bad; in munitions, for her soldiers must have munitions with which to fight;
in transportation, in locomotives and cars, for her rolling stock is almost
worn out in these three years of war; in a dozen material ways, as well as
in the courage and hope that come from comradeship and faith and confidence that we
all
need.
I hope that all of you will stand by our Goverimient in rendering the
fullest measure of help to Russia, which is fighting our battles with her own;
poor Russia, that has lost 7,000,000 men, desperately weary of the war, still
gathering herself for another campaign, while we are entering fresh and unharmed. I hope you will all stand by the Government of our country
in rendering the full measure of help to Russia, and I hope that you will aid
the people of the United States to support the Government in rendering
that help by a universal sentiment of desire for comradeship and support
on the part of the people of the United States. Material, substantial,
practical aid is needed that Russia shall go on with the war.
That we must
give if we are true to our assurances, and if we are true to our principles.
I want to say a word
not too many words about the situation in
America. I feel that there are still some Americans who do not quite
understand why we are fighting, why we are about to fight. If they did
these pro-German traitors who are selling out our country, who are endeavoring to make us unsuccessful in the war that we have undertaken who
are endeavoring to make our actions inefficient, who are endeavoring
by
opposition and obstruction, in Congress and out of Congress, to make what
America does in preparation for the war so ineffective, partial and incompetent that when our young men go to the firing line in France and Flan
—
—
679
—
ders they will meet defeat
if our people all understand why it is that we
are going into this war they would rise up and crush these traitors down to
earth.
There are men walking about the streets of this city to-night that ought
to be taken out at sunrise to-morrow and shot for treason.
They are doing their work under false pretense; they are professing to
be for the country and they are lying every day and in every word.
They are covering themselves with the cloak of pretended Americanism,
and if we are competent and fit for our liberty we will find them out and
get at them.
And every one of us can help, not by talking to each other
about what we hear, but by carrying to the authorities charged with the
pursuit and detection of traitors all the Information we can gather.
And understand, and I hope they will understand, it is only a question
of time.
are only a democracy, we have not the swift decision and
competent action of a military autocracy, but we cannot be fooled or played
with too long. There are some newspapers published in this city every
day, the editors of which deserve conviction and execution for treason.
And sooner or later they will get it. The American people are not going to
see their young men led to death through the machinations of these illconcealed friends of the enemy of our country.
It is but an illustration of what we are all to expect if Germany acquires
domination over the world, as Rome dominated the world; and it is to
prevent that domination which will be the death of liberty, the downfall of
democracy, the restoration of tyranny, that America is entering this
war; and it is to preserve not merely the freedom, the democracy of the
world at large, but the freedom and the democracy of our own country
here that we are entering the war
It is an old saying that to govern is to foresee, and the democracy that
governs must be able to foresee. You cannot expect all the people who are
working upon the farms and in the factories and in the stores and shops
to be so familiar with international affairs as to look forward and forecast
the future, but you can expect that in a competent, self-governing democracy there shall be many men who are sufficiently familiar with the
affairs of the world to form a just forecast of what their country is to expect In the near future, judging from what they see in the present, and that
forecast leaves no doubt whatever that if Germany were to win in this war
the liberty of America would be worth not a song. If Germany
ere to
win in this war, it would mean the dismemberment of this Union and the
subjection of this people.
Do you remember what Bismarck said about the Monroe Doctrine ? He
Do you remember what William,
said it was a piece of colossal impudence.
the present William, the great war lord, said at the time of the Venezuelim
affair ?
He said if he had had a larger navy he would have taken the United
Do you remember what Edward Dietrich
States by the scruff of the neck.
undertook to do in Manila Bay when Dewey sent word to him, "If you
want to have a fight you can have it now?" Did you observe what Germany was doing in Haytl just before this war was opened? She was
making her foothold In Haytl for a naval base in the Caribbean, commanding the Panama Canal and robbing us forever of our security and
making it necessary that we should keep forever great navies and great
armies for our protection against sudden and unexpected attack.
We
—
What
has Germany been doing all over the world but meddling with the
every country to extend her own dominions? Africa, Asia, the
About all the world is
islands of the South Seas, she has seized upon.
taken up except the vast and ill-populated and undefended stretches of
incalculable wealth in the New World -South America and North America.
Now, add to the gloss that we have in specific facts upon the character
and purpose of Germany, the avowed principles of Germany. No faith
of treaties is binding on her; no law is to bind her when it is against the
National interest is above all obligations of law
interests of Germany.
affairs of
—
is the supreme law.
she desires is right in her eyes. To lie, when it will benefit
Not one of the prinhis country, is honorable to a German gentleman.
ciples that have illustrated the cilvilization of the nineteenth and twentieth
centuries is held in the slightest regard by the military autocracy that rules
Germany. They have harked back to those dark and dreadful days of
the past when might was the only right and all man could do was to seize
what his strong right hand could hold; to those days when there was no
liberty or justice for plain, common people; to those days when the principles of Rome governed the actions of men.
Then turn your eyes to America, with Germany holding those principles,
moved by such impulses, repudiating all laws and treaties upon which we
rely for protection, with a lust for territory and a pride in conquest, and an
overwhelming belief in the right of their race to dominate the world; and
think what America would have had to meet if this war had closed with
the success of Germany, with the fertile fields and the rich mines of South
and North America lyiug undefended. As clear as daylight on this morning is the lesson; as certain as the sunrise to-morrow was the inevitable
fate of the United States if Germany were to win this war.
We have entered the war to fight for liberty, for democracy, not in the
abstract but in order that our children may inherit a free land and be subject to no master, be subservient to no arrogant military caste of Germany.
That Is why we are fighting, and that calls for every ounce of weight we
have in America; it calls for the sternness and severity of men who understand that we are fighting for Ufe; it calls for a treatment of these recreant
scoundi-els who are trying to help the enemy of our Uberty, treatment as
severe and rigid as otir strength makes it possible to extend.
We are going to fight, that our old men and children shall not be murdered and our women outraged, that our opportunities in life shall not be
cut off, and that our people who have lived with no poUtical superior for
these hundreds of years may not be reduced to a condition of vassals. And
it is no easy thing; we have got to suffer and to endure.
It is no business
We may not like this
in which we should be concerned about Uttle trifles.
or that or the other thing that a public officer does.
The main thing, the great thing is to do nothing that will retard or divert
or hinder the exercise of the full power of the American people in this
mighty conflict, and to do everything that we can to add to that power,
and to press forward to the accomplishment of the great and necessary object of winning the war.
Now, thoughtful Russians feel that. The war is at their doors. Their
young men have died, and mourning is throughout the world, and they are
wearied of the war, but they feel that their liberty will be lost if they do not
gather again for the conflict, and we soon or late must come to feel it, and
the sooner we feel It the sooner it will be over and the victory won. .f. i^
and
faith.
That
To seize what
^
THE KAISER'S CONFIDENTIAL NOTE REGARDING
THE GERMAN INVASION OF BELGIUM.
The complete text of the confidential letter sent by Kaiser
Wilhelm to President Wilson on Aug. 13 1914, just two
weeks after the German troops began pouring through
Belgium, was made public by the White House on Monday
night, Aug. 13. According to the Kaiser's letter, Prince
THE CHRONICLE
680
Henry was assured by King George on July 29 1914, that
England would remain neutral if the conflict were localized
Then the Gorman
to Germany, France, Austria and Russia.
Ambassador was informed the next day by Sir Edward Grey,
the British Secretary of State for Foreign Affairs, that if
entered the war England would "take quick
decisions and grave measures." Another curious reference
in the letter is to the British proposal, made to Prince Henry
by King George, that Austria should take Belgrade and a
few other Serbian towns, with a strip of country as a guarantee that Serbia would comply with all the promises made in
her reply to the Austrian demands. Following is the full
text of the Kaiser's telegram to President Wilson, given to
Ambassador Gerard in the Emperor's own handwriting:
Berlin, via Copenhagen (dated), August 14, 1914 (received Aug. 15,
Germany
7:30 p. m.).
Secretary of State, Washington, August 14, 3 p. m.;
The following was communicated personally to me by the Emperor in
writing:
"Private and confidential.
"For the I'resident personally.
"One The Royal Highness Prince Henry was received by His Majesty
King George V in London, who empowered him to transmit to me verbally
that England would remain neutral if war broke out on the Continent
involving Germany and France, Austria and Russia. This message was
telegraphed to me by my brother from London after his conversation with
His Majesty the King and repeated verbally on the 29th of July.
country to array itself with the Entente countries against
the Central Powers. The decision of the Chinese Cabinet
to enter the war was reached at a special meeting on Aug. 2,
and was approved on that day by Feng Kwo-Chang, Acting
President of the Chinese Republic. The Dutch Minister is
expected to take over German interests in China, while the
Spanish Minister, it is stated, probably will take over the
interests of Austria-Hungary.
Dispatches from Amsterdam on Aug. 8 stated that Austro-Hungarian newspapers,
according to a telegram received from Vienna, regarded the
Chinese Cabinet's decision to declare war as the work of the
Entente, especially of President Wilson. The declaration
was intended, the papers said, as a blow at German and
Austro-Hungarian business interests in China, to oust two
troublesome trade competitors by furnishing the Chinese
with a pretext not to pay their debts, rescind railway and
mining concessions granted to Austrians and Germans,
confiscate Austro-German capital invested in China, seize
their ships,
and intern
—
—
"Two My Ambassador in London transmitted a message from Sir Edward Grey to Berlin, saying that only in case France was likely to be
crushed England would interfere.
"Three on the 30th my Ambasasdor in London reported that Sir Edward Grey, in the course of a private (sic) conversation told him that if the
conflict remained localized between Russia
not Serbia and Austria, England would not move, but if we mixed in the fray she would take quick decisions and grave manoeuvres.
In other words, if I left my ally, Austria,
in the lurch to fight alone, England would not touch me.
—
—
—
Kaiser's Reply to King George.
"Four -This communication being directly counter to the King's
message to me, I telegraphed to His Majesty on the 29th or 30th, thanking
him for kind message through my brother, and begging him to use all his
power to keep France and Russia, his allies, from making any warlike
preparations calculated to disturb my work on mediation, stating that I
was in constant communication with His Majesty the Czar. In the
even ing the King kindly answered that he had ordered his Government to
use every possible influence with his allies to repudiate taking any provoca-
—
tive military measures.
"At the same time His Majesty asked me if I should transmit to Vienna
the British proposal that Austria was to take Belgrade and a few other
Serbian towns and strip of country as a main mise (sic) to make sure
that the Serbian promises on paper should be fulfilled in reality. This
proposal was in the same moment telegraphed to me from Vienna for
London quite in conjunction with the British proposal; besides, I had
telegraphed to His Majesty the Czar the same, as an idea of mine, before
As both
I received the two communications from Vienna and London.
were of the same opinion, I immediately transmitted the telegrams vice
versa to Vienna and London. I felt that I was able to tide the question
over, and was happy at the peaceful outlook.
"Five While I was preparing a note to His Majesty the Czar the next
morning to inform him that Vienna, London and Berlin were agreed about
the treatment of affairs, I received the telephone message from His Excellency the Chancellor that in the night before the Czar had given the
order to mobilize the whole of the Russian army, which was of course
also meant against Germany, whereas up till then the southern armies
had been mobilized against Austria.
—
—
Says Grey Never Replied.
London my ambassador informed me he had
understood British Government would guarantee neutrality of France, and
wished to know whether Germany would refrain from attack. I telegraphed to His Majesty the King personally that mobilization being already carried out could not be stopped, but if His Majesty could guarantee
with his armed forces the neutrality of France I would refrain from attackHis Majesty
ing her, leave her alone and employ my forces elsewhere.
answered that he thought my offer was based on a misunderstanding, and
as far as I can make out Sir Edward Grey never took my offer into serious
consideration.
He never answered it. Instead he declared England had
to defend Belgian neutrality, which had to be violated by Germany on
strategical grounds, news having been received that France was already
preparing to enter Belgium and the King of the Belgians having refused
my petition for a free passage under the guarantee of his country's freedom. I am most grateful for the President's message.
"Six
-In
a telegram from
"WILHELM."
"GERARD."
The State Department gave out the message as it was
received by cable.
Its language differs only slightly from
the original autograph text, though the Emperor's spelling
has been corrected in several instances.
In the paragraph
measures"
"grave
numbered three "grave manoeuvres" is
in the original.
In paragraph four where "to repudiate
taking any provocative mihtary measures" occurs, the
original read "to refrain from taking," &c., and in paragraph
six the Emperor wrote "employ my troops elsewhere"
instead of "my forces."
CHINA DECLARES WAR ON GERMANY AND
AUSTRIA-HUNGARY.
An Associated Press dispatch from London on Aug. 14
stated that Renter's Limited had been officially informed
that China had declared war upon Germany and AustriaHungary, the declaration dating 10 o'clock Aug. 14. The
Chinese Legation at Washington on Aug. 14 also received
cable dispatches from Peking giving official notice of China's
declaration of war. China, it is said, is the seventeenth
[Vol. 105.
DR.
SULZER,
their subjects.
NEW
SWISS MINISTER, ARRIVES—
SWISS MISSION HERE.
Dr. Jean Adolphe Sulzer, the new Swiss iVlinister to the
United States, accompanied by John Nyz, National Counsellor of Switzerland; Professor William Rappard, and Colonel Staempfii, of the Swiss army, comprising Switzerland's
industrial and economic commission to this country, arrived safely at an Atlantic port on Aug. 15.
Dr. Sulzer
succeeds as Swiss Minister at Washington Dr. Paul Ritter,
who (as noted in these columns on June 9) has been transferred to The Hague.
Speaking for the Swiss Alission, Dr.
Sulzer on the 15th stated that the commissioners would
go direct to Washington, where they would take up with
the proper authorities the needs of Switzerland as to food
supplies.
Regarding these needs he said:
We only raise from 10 to 20% of our normal needs, and now, owing to
the war, we are looking after the wants of a large number of interned citizens from neighboring countries. The details of our imports and exports
are carefully watched and checked by a commission representing the Entente Powers, and the conditions they impose are carefully Uved up to.
RUSSIA WILLING TO LIFT BAN ON EXPORTS TO U.
S.
Dispatches from Washington on Aug. 15 stated that the
Russian Embassy there, at the direction of. the Petrograd
Foreign Office, had transmitted to the State Department a
proposal for the abrogation of the Russo-American agreement of 1915, under which Russia restricted the exportation of Russian products by Americans living in Russia.
The agreement was necessary, the Russians believed, because America was not a belligerent. Russia, it is stated,
will now permit Americans to export Russian products
freely.
The agreement referred to (as stated in the "Chronicle" of Oct. 9 1915) became effective on Sept. 23 of that
year, when it was signed by the Russian Ambassador at
Washington. Secretary Lansing having affixed his signature to it on the preceding day. Under the agreement as
originally ratified in order to obtain the release of Russian
it was necessary for American firms to file applications with the commercial agent in charge of the New York
office of the Bureau of Foreign and Domestic Commerce,
goods,
guaranteeing that no part of the shipment received from
Russia would be re-exported from the United States, and to
insure the fulfilling of this provision a bond had to be filed
covering the entire value of the shipment. Application for
the release of the goods had to be passed on by the local
agent of the Bureau of Foreign and Domestic Commerce
and then fon\^arded to the Russian Embassy at Washington. Upon receiving the approval of the Embassy it was
also necessary to obtain the permission of the Russian
Minister of Finance for the exportation of the goods. The
approval of this application, however, did not guarantee
the release of the goods, as the Russian Goverrunent reserved
the right to reject any application for export of goods without giving any reason therefor.
BRITISH STEAMER CITY OF ATHENS SUNK BY A
MINE— FIVE AMERICANS LOST.
The British steamer City of Athens, from New York to
Cape Town, South Africa, struck a mine near the latter
port on Aug. 10, and sank, with the result that fifteen
passengers, five of them Americans, and four members of
the crew were lost, according to dispatches received at the
State Department at Washington on Aug. 13. The Americans lost on the vessel were a Mr. Sumner and four mission-
Mr. and Mrs. John K. Naygard, Miss Helen E.
Robinson and Caroline Thompson.
aries,
J
Aug. 18
.
THE CHRONICLE
1917.
681
and
supplies, together with any contracts, agreements or
understandings, by warranty or otherwise, proposed to be
attached to the future sale or contract for sale by respondent
of its machines and supplies, either for resale or use of such
machines or supplies.
THE JAPANESE WAR MISSION.
The Japanese War Mission to this country, headed by
Baron Kikujiro Ishii, arrived safely at a Pacific port on
Aug. 13. Baron Ishii was formerly Minister for Foreign
Affairs and at one time was Japanese Ambassador to Paris.
Other members of the mission are: Vice-Admiral Isamu
PROCEEDINGS AGAINST ALLEGED BOSTON FISH
Takeshita, formerly naval attache at Washington; MajorCOMBINATION.
General Hisaichi Sugano; Matsuzo Nagai, Secretary of the
An
action aiming at alleged unla'wful combinations in
Japanese Foreign Office; Masatoko Ando, LieutenantCommander of the Japanese Navy; Major Seiji Tanikawa, control of the fish industry has been brought in Boston by
the Federal Government under the Sherman Anti-Trust Act.
and Tadenao Imai, Vice-Consul at Honolulu. The Japanese
The defendants are the Boston Fish Pier Co., the New EngMission was welcomed at the Pacific port by Breckinbridge
land
Fish Exchange, the Bay State Fishing Co., the Boston
Long, Third Assistant Secretary of State, and Gavin McNab,
Fish
Market Corporation and the Commonwealth Ice &
an attorney sent from Washington, with representatives of
Storage
Co. The proceedings were begun on June 21. The
the army and navy. At the port of landing the visitors were
bill of complaint drawn by United States Attorney George
taken under cavalry escort to the City Hall, where applause
W. Anderson is said to allege that the companies named
greeted each member of the mission presented by the Mayor
have agreements involving fixing of maximum prices for
In responding to an address of welcome from
to the people.
buying and minimum prices for selling fish, and that through
the Mayor, Baron Ishii said in part:
We are here as the representatives of Japan on a mission of friendship them practically all the fish coming in on the northern Atlantic Coast is marketed.
The Government asks that the
and good will. We come as allies in a common cause.
This, perhaps, is neither the time nor the place for a detailed exposition
companies be adjudged unla'wful combinations and that
It is sufficient
of the plans and hopes which have inspired our mission.
they be dissolved and that receivers be appointed; also that
that you see in our presence here this afternoon Japan's pledge of loyalty
the defendants who are shareholders of the New England
to the principles for which America has thrown down the gage of battle.
In this crisis of the world's affairs, we are proud to call ourselves the Fish Exchange be enjoined from combining for the illegal
,
Allies of the great
and good-will.
American Republic and we are honored by your trust
can only add that this splendid demonstration at the very moment of
placing our fleet upon your hospitable shores fills our hearts with gratitiude
and inspires every member of this commission with the conviction that the
objects of our visit to America are already guaranteed.
I
Speaking at a dinner given in his honor by the municipality
where he landed on arriving in this country. Baron Ishii on Aug. 14 predicted that we shall see a new
day among nations in which Japan and America "shall forget the little molehills that have been exaggerated into
mountains to bar our good relations," and "march together
as comrades."
Secretary of State Lansing on Aug. 14 sent the following
message of greeting to the members of the Japanese mission:
The President directs me to welcome your high mission to our country,
of the Pacific port
and to assure you of the cordial reception you will have from the American
people, who have ever entertained the warmest feelings for your nation
and have admired the earnestness with which your people of the Far East
have won so honorable a place among nations by devotion to their national
development. May the ties that bind om- nations ever increase
through a fraternal commimity of national aspirations.
A. B.
in strength
DICK CO. PROHIBITED BY TRADE BOARD FROM
RESTRICTING SUPPLIES OF PURCHASERS.
purposes complained of. Forty-one wholesalers are named
as owning aU the capital stock of the New England Fish
Exchange, each dealer owning one share. The Government
charges that the defendants have "perverted an exchange
which should have been a market open to all without discrimination and greatly improved physical facilities, furnished in part at public expense by the Commonwealth of
Massachusetts, into a means of enhancing prices to the consumers and depressing prices to the producers, with the
intended and actual result of enormous profits accruing to the
defendants as middlemen." The biU alleges that the Exchange was formed in 1909 with $5,000 capital stock, and
that it levied an assessment on all fish sold by its members
and others to whom buyers' or sellers' tickets were issued
A statement
until it accumulated over a million dollars.
issued by Mr. Anderson says:
Thus equipped financially, the company obtained a very favorable
lease, amounting to a subsidy, from the Commonwealth for the new fish
pier constructed by the Commonwealth. The cold storage company is
controlled by the same interests. Aside from the 41 defendant shareholders of the Exchange, the defendants permit no fish dealers to buy or sell fish
on the Exchange or on the pier, with the exception of 18 sellers and 13 buyers who have received revocable tickets entitling them to trade on terms
fixed by the defendants.
An
order directing the A. B. Dick Co. of Chicago to cease
placing licensing restrictions on mimeographs, under which
purchasers are required to use only certain supplies manufactured by the Dick Company or one of its subsidiaries,
was issued by the Federal Trade Commission on June 7.
This is the first adjudication by any tribunal of a violation
of the section of the Clayton Anti-Trust Act prohibiting
"tying contracts." In announcing its decision, the Commission said:
In the proceeding before the Federal Trade Commission against the
A. B. Dick Company of Illinois to test the legality of the methods of the
respondent in making sale of its mimeographs, by which the purchasers
and users thereof were required to deal or use only the supplies of the
A. B. Dick Company, the Commission has made its findings of fact and
issued an order requiring the respondent to cease and desist from making
goods under such conditions or restrictions.
findings as to the facts in the proceeding will lay the basis for the
conclusion by the Commission that the methods pursued by the respondfent
In the sale of its goods, or in violation of Section 3 of the Clayton Act,
which prohibits tying contracts where the effect thereof may be to substantially lessen competition or tend to create a monopoly.
This is the
first adjudication by any tribunal of a violation of Section 3 of the Clayton
Act. The Act was passed on Oct. 15 1914.
The Commission in its findings in a general way finds that the respondent
in 1915 controlled from 79 to 86% of the commerce in the United States
In stencil duplicating paper and that the use of such tying contract prevents
competing manufacturers from selling their supplies for use on the Dick
machines by compelling them to pay an increased price for the Dick supplies over what they would be required to pay for the supplies of competitors
It is Interesting to note that only such tying contracts are unlawful where
the effect may be to substantially lessen competition or tend to create a
monopoly in any line of commerce.
No hard and fast rule can be made as to what contracts have such effect.
The effect is a question of fact which must be determined by the CommisIn the Dick case the Commission
sion from the conditions in the industry.
found in its conclusions of law that from the facts so disclosed at the hearing the effect of the Dick contracts is such that it has substantially lessened
and does and may substantially lessen competition in inter-State commerce
In stencil duplicating machines and supplies therefor.
sale of its
The
The Commission gave the company ninety days in which
change its method of doing business, and in addition directed the company within thirty days after making such
to
change to report to the Commission fully setting forth the
nature of such changes, and setting forth in complete detail
the plan or plans adopted for the future sale of such machines
It is stated that the fishing
grounds
off the coast of
aU the ground
New
brought into
England
the United States, including cod, hake, pollock and haddock,
and at certain seasons they furnish also the entire available
supply of migratory fish, of which mackerel is an example.
Approximately 100,000,000 pounds of fresh fish is received
at Boston annually by water and about 50,000,000 pounds
reaches there by rail immediately on being landed at other
New England ports. More than three-quarters of the total
supply practically
amount
is
reshipped to other States for sale.
fish
The biU alleges
that:
In October 1916 some of the wholesalers organized the Boston Fish Pier
Co. for mutual protection against the growing power of the Bay State Pishing Co., and to strengthen their own power, but have now entered into an
agreement with the Bay State Company governing all their dealings on
the Exchange, including the fixing of the maximum prices at which the fish
shall be bought on the Exchange and the minimum prices at which the
fish shall be resold.
According to the Springfield "Republican," the stock of
the Exchange, which has a par value of $100, is said to
have paid dividends aggregating over $1,300 in eight years,
and to have a book value in excess of $2,500 a share.
ALLEGATIONS OF UNFAIR TRADE PRACTICES
AGAINST VARIOUS OTHER CONCERNS BY
TRADE COMMISSION.
A formal complaint against the Victor Talking Machine
Co. of New Jersey, charging it with "unfair trade practices,"
was filed by the Federal Trade Commission on May 24.
In its complaint the Commission, according to the "Journal
Commerce," charged:
That the respondent, during the two years last past, in the course of
Inter-State commerce, has leased and sold and made contracts for sale,
and is leasing and selling and making contracts for sale of its said products,
for use, consumption and resale within the United States, and has fixed and
of
is fixing the price charged therefor, or discount from, or rebate upon, such
price, on the condition, agreement or understanding that the purchasers
thereof shall not use or deal in the goods, wares, merchandise, supplies or
other commodities of a competitor or competitors of respondent, and that
the effect of such leases and sales and contracts of sale and of such con-
THE CHBONICLE
683
dltions, agreements and understandings may be and Is to substantially
lesson coTnpetltlon and to tend to create a monopoly In that line of commerce which relates to the talking machine, sound record and needle
Industries.
A
complaint against the Fleischmann Company of Ohio,
company has attempted to restrict competition by "unfair trade methods," was also filed by the ComThis complaint was set for hearing on
mission on May 21
May 31 The "Journal of Commerce" reports that the complainant alleged that the company distributed gifts, such as
liquor, cigars, silverware, money, theatre tickets, automobile
rides and even contributed largely to the expenses of the annual conventions of the "Master Bakers' Associations,"
alleging that the
.
.
and that other and more
specific allegations were:
or attempting to remove competitors' trial sample
yeast from the possession of users of yeast, by substituting or attempting
to substitute its own yeast therefor, or by purchasing or attempting to
purchase from said users of yeast such competitors' samples.
(6) By purchasing or offering to purchase, or by substituting or offering
to substitute, its own yeast for competitors' yeast in the hands of competi(a)
tors'
By removing
customers.
By following and trailing the delivery and sales agents of its competitors as said agents make the rounds of said competitors' customers and prospective customiers, with the object of hindering and embarrassing such
agents in the sale and delivery of yeast and the transaction of business incident thereto.
(c)
A
[Vol
and he believed this to be true, but
showed that they had not been developed to nearly
the extent they might have been.
In the year before the war, he said, Canada produced fish
fisheries in the world,
the figures
to the value of $35,000,000, while the British fisheries
])roduoed $75,000,000. The Canadian fisheries in 1896
produced $20,000,000, which in 1916 had increased to $35,000,000. This seemed satisfactory, with an increase of
But during that period the market value of the product
75
had increased 70%, so that during that time the actual increase in production was rather less than 8%, which alone
was much more than accounted for by the British Columbia
salmon. There have also been great increases in cost, he
added. To-day it cost $2 50 to produce the same quantity
He
of fish that could be produced for $1 twenty years ago.
%
.
continued:
The fisheries
of Canada have practically stood still during the past
That condition has been due to lack of attention, lack of
appreciation, lack of vision and lack of intelligent progressive policy.
Instead of $35,000,000 our fisheries should be producing 860.000,000, and
twenty years.
with proper care within five years they could produce 3100,000,000.
MONUMENT DEALERS INDICTED
was filedagainst the Standard Car Equipment
Philadelphia.
It was charged that this company has
Co. of
been inducing employees of one of its competitors to change
their employment.
It was also charged that the Standard
Co. has been "ma king representation s to users, or prospective
users, of tank cars, that it is closely aMliated' with one of
its competitors; that the respondent and this competitor
have common financial connections, and that it and said competitor will soon be under one control and management,"
which was alleged not to be the truth. The Standard Company was also charged with the allegation that it "has acquired information of trade secrets and business confidences
from persons heretofore employed by
said competitor but now employed by the respondent."
fourth complaint of "unfair trade practices" was filed
against the National Binding Machine Company of New
York.
One of the trade practices condemned was the
so-called "license agreements."
of a certain competitor
A
On June
13 the Commission issued formal complaints
against 116 Middle Western lumber concerns, charging
conspiracy to suppress competition from mail order houses.
Most of the companies are operating in Wisconsin, Minne-
North Dakota, South Dakota, Iowa and MonComplaints were issued also against the Publishing
sota, Illinois,
tana.
Company
of Minneapolis, publishers of "The Mississippi
Valley Lumberman," and against the editor of the periodical,
Piatt B. Walker, charging collusion with the lumbey men in
suppressing competition.
A complaint against P. P. Williams & Co. of Vicksburg,
Miss., and Warren, Jones & Gratz of St. Louis, Mo., was
also filed by the commission on June 13th. This complaint
alleges restraint in the trade in steel ties and of bagging for
ootton.
EFFORTS TO END CANADIAN FISHERIES DISPUTEFISHERIES PRODUCTION.
FOR VIOLATING
ANTI-TRUST LAW.
third complaint alleging the practice of unfair trade
practi ces
105
An indictment was returned by the Federal grand jury in
the United States District Coiirt at Baltimore on July 24
against the National Retail Monument Dealers' Association
on the charge that it violated the Sherman Anti-Trust Law,
in that it "engaged in a combination and conspiracy in restraint of trade and commerce."
Investigations of Government agents are alleged to have disclosed that the Association, which it is stated has a membership of about 1,400 retail dealers in monuments and memorials in Maryland and
throughout the United States, circulated "honorary Usts"
and hsts
of "legitimate"
and
"illegitimate" dealers.
The
contained the names of the
wholesale dealers in marbles and granite with whom members
of the Association were to deal.
It is further alleged that
retailers who complied with the requirements of the Association as to their capital and the manner of doing business were
characterized as "legitimate" dealers, while those who did
not were characterized as "illegitimate" dealers.
The men named in the indictment, all members of the As-
"honorary
lists," it is alleged,
sociation, are:
O. J. Hammell, Pleasantville, N. J.; G. E. Wemhoff, Decatur, Ind.;
C. B. Holden, Cherokee, la.; J. H. Marsteller, Roanoke, Va.; G. M. Lennen, JoUet, 111.; Frank Mallon, Port Huron, Mich.; F. F. Gaebler, Rockville, Ind.; F. D. Black, Grand Rapids, Mich.; F. R. Stewart, Mannington,
W. Va.; H. C. Hefner, Denver, Col.; G. F. Gelts, Muncie, Ind.; E. A. McCoUy, Latrobe, Pa.; H. J. Sisson, Baltimore, Md.; J. J. Melbach, Utica,
N. Y.; W. D. Sedgwick, Dallas, Tex.; H. P. Rieger, Baltimore, Md., and
S. J. Sullivan, Pencoyd, Pa.
INCOME TAX— WITHHOLDING AT SOURCE OF NONRESIDENT ALIEN RECORD OWNERS.
The Treasury Department has ruled that when a nonresident alien record owner of stock in corporations is an
organization subject to withholding at the source of dividend payments, but is not the actual owner of the stock,
such record owner may claim exemption under the income
tax law from withholding at the source. The ruling follows:
TREASURY DEPARTMENT.
Office of
Commissioner of Internal Revenue,
Washington, D. C, February 27 1917.
Announcement that negotiations were pending with
Washington which promised a speedy settlement of all out-
To
standing differences on the fisheries question between the
United States and Canada was made on June 8 at Ottawa by
the Canadian Minister of Fisheries, J. D. Hazen. Equal
rights in the use of ports and fishing grounds will be the basis
of settlement, it is understood.
On June 9 a resolution was introduced in the Canadian
House of Commons providing for the appointment of a
separate Minister of Fisheries. Clarence Jameson who
introduced the resolution stated that Mr. Hazen had no less
than thirty-seven separate departments under him. Mr.
Hazen, however, said that the matter was not one that could
be provided for by resolution, and referred to the possibility
of alterations in the Government later on. These, he said,
might after the war involve the appointment of a Minister of
Naval Affairs separate from Marine and Fisheries, or
possibly the Australian plan of a Minister of Defense, combining both naval and land forces. As to all these the time
was prematm-e to discuss them. After discussion the motion
was withdrawn. In presenting his resolution Mr. Jameson
said he considered this an absolutely essential move in order
to render the fisheries of the country a more useful source
of food supply.
It was said that Canada had the greatest
a non-resident alien record owner of stock of domestic or resident
corporations is an organization subject to withholding at the source of
dividend payments, as provided by section 13 (f) of the act of Sept. 8 1916,
but is not the actual owner of the stock, such record owner may adapt income tax certificate Form 1087, to disclose actual ownership and to claim
exemption from witliholding by striking out the words "to be filed with
representative in the United States of such foreign principal" in the caption and the words "in the United States" in the body of the form and executing the certificate as the representative of the actual owner, as provided
in the space for signature.
Thus modified, certificate Form 1087 may be fUed, under the penalties
prescribed for misrepresentation, with debtor corporations or their withholding agents in the United States and may be accepted by them as evidence that the record owner is not liable for income tax on the dividends
to be paid and hence is not subject to having tax withheld.
If the record owner does not exercise his right to disclose actual ownership for the purpose of claiming exemption from having tax withheld at
the source, debtor corporations and their withholding agents in the United
States will be held liable on their stock records of ownership for the tax
required to be withheld by section 13 (f) of the Act of Sept. 8 1916.
In the absence of a disclosure of actual ownership filed with debtor corporations or their withholding agents on certificate Form 1087, the norma
tax required to be withheld in accordance with stock records of ownership
can only be released to a record owner not liable for tax, upon a proper
showing to the Commissioner of Internal Revenue of record and actual
ownership, the names and postoffice addresses of debtor corporations and
withholding agents, and the amounts withheld.
As a record owner is held to be "the proper representative having the
receipt, custody, control or disposal" (Section 9 (g). Act of Sept. 8 1916)
of income of the actual owner, this showing should be made by means of a
Collectors of Internal Revenue:
When
,
AUG.
THE CHEONICLE
18 1917.]
return by or in behalf of the actual owner when the actual owner is liable
for a return under the provisions of law.
When a return is not required to be filed by or in behalf of the actua
owner, the showing may be made upon the certification of the record owner.
Upon the showing thus made, either by certification or return, as the
circumstances may require, the Commissioner of Internal Revenue will
make such assessments and issue such instructions to debtors and withholding agents as will insure the proper collection of tax in accordance
with the respective actual tax liabilities.
T. D. 2401 of Nov. 29 1916 is modified accordingly.
W. H. OSBORN,
Commissioner of Internal Revenue.
Approved:
BYRON
R. NEWTON,
Acling Secrelary of the Treasury.
INCOME TAX RETURNS— EXTENSION OF TIME FOR
FILING RETURNS OF NON-RESIDENT ALIENS
AND AMERICANS ABROAD.
A further extension of time (to September 1) within which
non-resident alien individuals and corporations and American
citizens residing or traveling abroad may make their income
tax returns for 1916 was made known in a Treasury ruling
issued under date of April 1. Under a previous ruling
(T. D. 2445 of Feb. 12) the time for filing such returns had
been extended from March 1 to May 1.
The regulation
follows:
D.
(T.
and
in the case of oil and gas wells and mines, a reasonable allowance for
depletion of natural deposits.
The essential requirements of this provision are that the amount deductible on account of depreciation and depletion shall be charged off and shall
be reasonable allowances; that is, an amount sufficient to make good the
loss due to these causes.
The phrase "charged off" contemplates that
the "reasonable allowance" deducted from gross income on account of
depreciation or depletion shall be credited to appropriate reserve accounts
and carried as a liability against the assets, to the end that when the total
of these credits equals the capital investment account, no further deductions on these accounts will be allowed.
While the presumption is that amounts credited to these accounts will
be used to make good the loss sustained, either through a renewal or replacement of the property or a retiu-n of capital, there is no requirement
of law that the funds represented by these reserve liabilities shall be held
intact or remain idle against the day when they may be used in making good
the depreciation of the property with respect to which the deduction is
claimed or in restoring the capital invested in the depleted assets.
The conversion of the depreciation reserve into tangible assets will not
constitute such a diversion as would deny the corporation the right of
deduction, provided in all cases that the deduction claimed in the return is
a reasonable allowance; that is, a fair measm-e of the loss due to "exhaustion, wear and tear of property growing out of its use," and is charged off
or so entered upon the books as to constitute a liability against the assets
with respect to which the depreciation deduction is claimed.
To the extent that articles 130, 132 and 133 of regulation No. 33 are in
conflict with the foregoing, they are hereby rescinded, and this decision is
made applicable to the adjustment of returns of annual net income made
pursuant to the requirements of Section 38, Act of Aug. 5 1909, Section 2
of the Act of Oct. 3 1913, and the present income tax law, except that as to
returns made under the first two acts the writing off of depreciation, if
reasonable in amount, wUl not be insisted upon.
W. H. OSBORN,
2476.)
Extending provisions of T. D. 2445 of Feb. 12 1917, which granted an
extension of tune in which to file returns of income for 1916 by non-resident
alien individuals and corporations and American citizens residing or
Commissioner of Internal Revenue.
Approved:
W. G.
traveling abroad.
To
Commissioner of Internal Revenue,
Washington, D. C, April 5 1917.
Collectors of Internal Revenue:
The
May
provisions of T.
D. 2445 of Feb. 12 1917 (extending "to include
1917," the time in which non-resident alien individuals and corporations and American citizens residing or traveling abroad may make
returns of income for 1916) are hereby extended to Include Sept. 1 1917.
In all such cases there is required to be attached to the return a statement
of the reasons for delay, and if an extension of time beyond Sept. 1 1917,
BhaU be necessary, it is required that an application be made In each particular case, with a statement for the reasons for the request.
1
W. H. OSBORN,
INHERITANCE TAX— PROPERTY PASSING UNDER
GENERAL POWER OF APPOINTMENT TAXABLE.
.
With respect to the inheritance tax law the Treasury
Department has decided that property passing under general
power of appointment is taxable as a portion of the gross
We
estate of the decedent appointor.
print the ruling below:
(T. D. 2477)
Property passing under general power of appointment is taxable as a
portion of the gross estate of the decedent appointor.
Commissioner of Internal Revenue.
Approved:
W. G.
McADOO,
Secretary of the Treasury.
TREASURY DEPARTMENT.
Office of
683
TREASURY DEPARTMENT.
McADOO.
Office of
Secretary of the Treasury.
To
Commissioner of Internal Revenue,
Washington, D. C, April 7 1917.
Collectors of Internal Revenue:
where a decedent exercises a general power of appointment
as donee under the will of a prior decedent the property so passing Is a
portion of the gross estate of the decedent appointor. See Brandies vs.
Cochrane (112 U. S. 344, 352); Olney vs. Balch (154 Mass., 318): Clapp vs.
Ingraham (126 Mass., 200); Rogers vs. Hinton (62 N. C, 101); Tompson vs. Towne (2 Vern., 319); Bainton vs. Ward (2 Atk., 172.)
When property is transferred by a special or limited power of appointment
the question of taxability will depend upon the terms of the Instrument by
It Is held that
INHERITANCE TAX LAW— DIVIDENDS DECLARED
BEFORE, BUT PAID AFTER DEATH.
A dividend on stocks owned by a decedent whose estate
subject to the inheritance tax law, declared prior to the day
of his death
whether received before or after that day is
—
—
to be included in the gross estate.
With regard to bonds,
the actual hiterest accrued to the day of death must be re-
partment makes known
its
cision as to taxability
may
be made.
DAVID
The Treasury De-
turned as a portion of the gross estate.
—
—
which the donee of the power the appointor acts. The facts in every
such case should be reported fully to the Commissioner in order that de-
A.
GATES,
Acting Commissioner of Internal Revenue.
conclusions in the matter in the
following:
(T. D. 2483.)
Computation of dividends upon stock and interest upon bonds owned by
decedent whose estate Is taxable:
TREASURY DEPARTMENT,
INHERITANCE TAX LAW-DUTIES OF CORPORATIONS
AND THEIR TRANSFER AGENTS, REGISTERS ETC.
Supplementing
Office of Commissioner of Internal Revenue,
Washington D C. April 20 1917.
Sir
Receipt is acknowledged of your letter of the 16th Inst, with regard
to accrued Income on stock in corporations owned by a decedent at the
time of death, and In reply you are informed thtat there should be included In the gross estate the entire dividend declared prior to the day of
death, whether received before or after that day. No part of a dividend
declared after death should be included in the gross estate.
With regard to bonds, obviously a different rule applies and the actual
Interest accrued to the day of death must be returned as a portion of the
,
—
cross estate.
.
issue of
tax law
previous regulation (published in our
5) regarding the duties under the inheritance
of heirs, donees, trustees, fiduciaries, transfer agents
and others having or coming into possession of property of
a decedent whose estate is liable for the estate tax, the
Treasury Department on May 14 made public the following
with regard to the duties of corporations and their transfer
agents, registers of bonds and paying agents:
Respectfully,
(T.
DAVID
A.
D. 2490.)
TREASURY DEPARTMENT,
GATES,
Acting Commissioner of Internal Revenue.
Mr.
its
May
Office of Commissioner of Internal Revenue,
Washington, D.
.
collectors of internal revenue
To
INCOME TAX— DEDUCTIONS OF RESERVES FOR
DEPRECIATION— FUNDS NEED NOT BE
KEPT INTACT.
A decision to the effect that reserves for depreciation and
depletion constitute proper deductions from gross income, if
reasonable, but cannot be disallowed where reserves are converted into other forms of assets, was Issued last spring by the
Treasury Department.
We
(T.
quote the decision herewith:
D. 2481.)
Reserves for depreciation and depletion constitute proper deductions
from gross income, if reasonable, and not to be disallowed if converted into
other forms of assets.
TREASURY DEPARTMENT.
Commissioner of Internal Revenue.
Washington, D. C, April 10 1917.
To Collectors of Internal Revenue and Internal Revenue Agents:
The "second" paragraph under Section 12 of Title I of the Act of Sept. 8
Office of
1916 authorizes corporations, joint-stock companies, &c.. In making their
returns of annual net income, to deduct from gross Income:
"All losses actually sustained and charged off within the year,
•
•
including a reasonable allowance for the exhaustion, wear and tear of
property arising out of Its use or employment in the business or trade."
and
C, May
14 1917.
others concerned:
The duties under Title II of the revenue act of Sept. 8 1916, of corporate
transfer agents, registers of bonds, and paying agents and of corporations
performing for themselves the duties customarily performed by such agents
are defined as follows:
(1) Where the transfer of stocks or bonds or payment of dividends or Interest theretofore the legal property of a decedent whether a resident or a
nonresident, is made to or upon the order of an executor or administrator
acting under letters granted in the United States, Hawaii, or Alaska, the
corporate agent or officer will not be required to file the 30-day notice,
make return, or pay tax.
(2) The 30-day notice is required to be filed whenever a corporation. Its
transfer agent, register, or paying agent is called upon to make a transfer of
stock or bonds, or to pay Interest or dividends to any person succeeding In
right thereto a stockholder or bondholder who, since Sept. 8 1916, has died
domiciled outside the United States, Hawaii, or Alaska, unless such successor in interest is an executor or administrator of the nonresident decedent acting imder letters granted within the United States, Hawaii .J^ot
,
Lb
show the name and address at the time of
death of the nonresident decedent, a description and valuation of the property to be transferred or paid, and the name, designation (executor or other)
and address of the person to whom transfer or payment is made and will be
signed by the proper officer or agent of the corporation. A form of notice
to be known as Form 714 is in preparation and will be furnished collectors
In the meantime informal notice giving all the above
for distribution.
required data must be filed.
Alaska.
(3)
The 30-day
notice will
THE CHRONICLE
684
(4) This notice must bo filed for dividends declared prior to the day of
death and for interest payable after death to the extent of the portion accrued to the day of death.
(5) If this notice bo filed as required either within 30 days from death
for immediately upon receipt of the order for transfer or payment, the transThe collector. Immediately upon
fer or payment need not be postponed.
eceipt of the notice, will communicate with the foreign executor or succeeding party in Interest, advising of the requirements of the estate taxing
If,
act and furnishing blanli Forms 706 for the making of the return.
within the legal period, the tax Is not paid, proceedings will be Instituted
under Section 208 of the taxing act for the sale of the property and the
satisfaction of the tax.
(6) In every case, immodiatoly upon receipt of the 30-day notice heroin
referred to, the collector will notify the Commissioner of the facts, so that
from a record kept in the Commissioner's office It may be determined
whether property of the nonresident Is located in more than one collection
district, in which case the proper Information and instructions will be communicated by the Commissioner to the collector at Baltimore. It Is essentail that collectors comply promptly with this requirement, so that in
every case the total estate within the United States and the true tax may
be accurately determined.
(7) This regulation is promulgated In view of present international conditions, and is subject to revocation should it be demonstrated that the
accommodation herein made to corporations and
their agents results in
This regulation is not to be construed In any
Insecurity of the revenue.
degree as modifying the interpretation hitherto given by the Department
of the term "executor" as used in Section 200 of the Act of Sept. 8 1916.
(8) This regulation supplants former regulations affecting corporate
transfer and paying agents and registers of corporate bonds only in so far
as the specific terms of such former regulations are inconsistent herewith.
DAVID A. GATES,
Acting Commissioner of Internal Revenue.
Approved:
BYRON
R.
NEWTON.
Acting Secretary of the Treasury.
BANKING AND FINANCIAL NEWS.
The
public sales of
bank stocks
this
week aggregate 21
shares and were all made at the Stock Exchange. Two
hundred and ten shares of trust company stock, including
one lot of 200 shares of Equitable Trust Co., were sold at
auction.
Shares.
21
BANKS New
Low. High. Close.
169
170
170
York.
Nat. Bank of Commerce
TRUST COMPANY— JVe«)
200 Equitable Trust
Co
10 Brooklyn Trust
—
York.
353
TRUST COMPANY
Last previous sale.
172>^
Aug. 1917
1915—
353
353
Sept.
600
600
Dec. 1916—
410M
Brooklyn.
Co
600
602
*Sold at the Stock Exchange.
The twenty-seventh annual convention
of the Illinois
III.,
Sept. 18-20.
held
in
Quincy,
Bankers' Association is to be
wiU occur,
which
it
Owing to the critical and eventful period in
will be
arrangements
it is announced that aU the convention
bankers
well-known
Among the
of a very simple character.
who have been invited to address the convention are Frank
A. Vanderlip, P. W. Goebel, President of the A. B. A.; John
H. Puelieher of Milwaukee; Joseph Chapman of Minneapolis,
and Bruce Baird, President of the Chicago Chapter of the
American Institute
of
Banking.
The Mercantile Bank
which has
Venezuela for a year
of the Americas, Inc.,
been registered and doing business in
and a half through agents, is opening its own office in Maracaibo, and has taken steps to organize a subsidiary' bank in
Venezuela with headquarters at Cracas, and branches in
other parts of that country. Arrangements are also under
way for branches in Genoa, Italy, and Barcelona, Spain.
The business of the new offices wiU be conducted along the
same lines as that of the branches and subsidiary banks
already established in Paris, Peru, Nicaragua, Ecuador,
&e. The Mercantile Bank of the Americas, Inc., operates
Brown Brothers & Co.,
under the auspices of Messrs.
Messrs. J. & W. Seligman & Co., and the Guaranty Trust
Co., and interests associated with the National Shawmut
Baink of Boston, and the Anglo-London Paris National
Bank of San Francisco.
&
Co., bankers, of this city have been informed
by cable of the death of Captain Louis Egerton of the British
Army, a London partner of the firm. Captain Egerton was
with the Canadian troops in France. He was a son of Sir
Edwin Egerton, served with the British Army at Gallipoli
and Egypt, then returned to England and joined the Cana-
Bonbright
dian forces in an effort to be in the actual fighting.
<
of the Equitable
elected a Vice-President of the institu-
H. Mercer Walker, heretofore Treasurer
Trust Co., has been
Cook, formerly Assistant Treasurer, has
been chosen Treasurer to succeed him.
tion,
and Herman
[Vol. 105
stockholders had the privilege of subscribing to two shares
new stock at par for every share of old stock held.
National Bank on June 20 (the last national
Liberty
The
deposits of $69,092,500.
reported
Harvey D.
call)
bank
Gibson, who is now actively engaged in Washington as
General Manager of the American Red Cross, is still President
of the Liberty National Bank, despite recent newspaper
reiwrts to the contrary.
of the
»
New York on Aug. 15 ana managing committee in order
to facilitate the handling of its rapidly growing business in
the various fields of banking in which it is engaged. ExecuThe Guaranty Trust Co.
nounced the appointment
of
of
tive authority in the direction of the affairs of the company
is vested in this committee under the general supervision of
The committee is comthe President, Charles H. Sab in.
posed of six Vice-Presidents of that institution, viz.: Grayson
M.-P. Murphy, William P. Conway, Albert Breton, N. D.
Decisions on
Jay, Eugene W. Stetson and John J. Lewis.
all matters of current business, questions of office policy, the
extension of the business of the institution, negotiations regarding loans and financing, reorganizations and the general
control of the offices and representatives in other cities of the
United States and abroad are in charge of this committee.
A statement of the Guaranty Trust Co. dated July 31 1917
shows a capital of $25,000,000, surplus and undivided profits
$28,291,164 50, deposits $500,104,475 47, and total resources
$603,212,379 84. The company now has an organization
of more than 1,500 employees.
J. Oldring, Chairman of the advisory committee
Greenpoint Branch of the Corn Exchange Bank of this
city, and who was President of the old Mechanics' & Traders' Bank of Greenpoint at the time of its merger with the
Corn Exchange Bank, died at his home in Brookljm on Aug.
7.
Mr. Oldring was born in this city on Sept. 16 1838 and
had been connected with banking affairs since 1850. He was
first employed by the old Farmers' & Citizens' Bank of
Brooklyn, and later became connected with the First National Bank of Brooklyn.
He went from the latter institution to the Mechanics' & Traders' Bank as Cashier, and sub-
Henry
of the
sequently became
its
President.
Albert Hoffmann, Vice-President of the First National
of Union Hill, N. J., committed suicide at his home on
Aug. 9. Mr. Hoffmann had been suffering from heart trouble
and it is believed that worry over his impaired health was
the chief reason for his act. Mr. Hoffmann was forty years
old and was formerly in the wallpaper business.
He was
also interested in real estate and in a construction company.
Bank
A new epoch
National
in the history of the old
New York began
New York builders,
Bank
of
and substantial
Ilion
week, when Hoggson
turned over to the bank
last
Brothers, the
the keys to its new banking quarters. The new exterior
with four stately looking fluted plasters and cornice has
an aspect of substantial architectural beauty as well as
structural strength and dignity.
Charles Harter, the present President of the Ilion National Bank, has held that
office since 1886, and was one of the founders of the bank
when it was organized in 1867, serving as the first Cashier
of the institution.
The other officers of the bank are Arleigh
D. Richardson, Vice-President, and Goerge H. Watson,
Cashier.
At
annual meeting on Aug. 6, directors of the High
of Providence, R. I., elected Henry A. Grimwood President for the ensuing year to succeed Arthur E
Austin, who declined the nomination for re-election.
their
Street
Bank
An increase of $150,000 in the capital of the Merchants'
National Bank of New Haven, Conn., raising it from $350,000 to $500,000, has been approved by the Comptroller of
the Currency.
Application has been made to the Comptroller of the Currency for a charter for a new national bank in Chelsea, Mass.,
to be known as the National City Bank, with capital of
$100,000.
J.
Charles H. Stearns, Trustee of the Brookline (Mass.) SavBank since its incorporation in 1871 and President of the
bank for the past thirteen years, resigned the latter office at a
meeting of the board of trustees held on the 6th inst., and
Edward M. Farnsworth was elected to succeed him. Mr.
Farnsworth, who has been a trustee of the bank since 1897,
ings
The Liberty National Bank of this city on Aug. 10 announced that it had increased its capital from SI, 000,000 to
S3 ,000 ,000 and its surplus from S2 ,000 ,000 to S3 ,000 ,000.
Under the arrangement voted by the directors of the bank
Aug.
THE CHRONICLE
18 1917.]
and as_Vice-President and TreasiirCT,_jts^^e3reeutive^fficer
during the past sixteen months, will make the office of President an active one, devoting practically all his time to its
affairs.
He will be succeeded as Treasurer by C. William
Merz, who has been connected with the bank since 1908 in
various capacities, lately as chief clerk. Mr. Farnsworth
is of the firm of Edward M. Farnsworth & Co., bond dealers,
at 24 Milk Street, Boston, and is President of the Old Colony
Gas Co.
of the board of directors of the Home SavWashington, D. C, held on Aug. 8, a new position was created of Vice-President and Howard Moran,
formerly Treasurer, was elected to fill such position. Francis
G. Addison Jr. was elected Treasurer upon Mr. Moran's
resigning that position, and two new Assistant Treasurers
were elected. Dale S. Venables and Hans W. Ireland. The
At a meeting
ings
Bank
of
is a list of the present officers of this institution:
B. F. Saul, President; James P. Shea and Howard Moran, Vice-Presidents; Alexander S. Clarke, Secretary; Francis G. Addison Jr., Treasurer;
Edward E. Swan, Dale S. Venables and Hans W. Ireland, Assistant Treas-
685
Edward A. Farmer, President; W. D. Gray, E. J. Kearney
and R. L. Stone; Vice-Presidents; L. E. Kilian, Cashier;
v -c
Raney, Assistant Cashier,
CD.
-i
'
•
',\m'
•
.
_The
stockholders of the Lincoln^Savings'^Bankfof Louis_K3^,at_ a jmeeting on July 31 ratified the^plansjof their
directorsfor broadening the scope of the bank's activities
byadding a commercial banking and trust company business
to the savings department, and by changing the name of the
institution to the "Lincoln Savings Bank & Trust Co."
The stockholders also authorized a reduction in the number
of shares of capital stock from 3,500 of a par_ value of $100
to 1,750 of the same value, and later increased the capital
from $175,000 to $250,000. The new stock, aggregating
750 shares, was sold at $120 per share. The statement of
the bank now stands: Capital stock, $250,000; surplus,
$50,000; contingent fund, $5,000.
ville,
following
urers.
The number of directors was increased to 16 and Mr.
G. Percy McGlue, the attorney for the bank, was elected a
director.
The institution was organized 18 years ago, opening for business Sept. 25 1899, and in every year since its
inception has increased materially in deposits as well as
total assets.
Its deposits now, we are informed, are about
$5,775,000.
Stockholders of the Peninsular State Bank of Detroit,
Mich., on Aug. 2 voted in favor of increasing the capital of
the institution from $1,000,000 to $2,500,000, consisting of
15,000 shares, par value $100. The stockholders are to be
offered the privilege of subscribing to the new issue of stock,
pro rata to their present holdings.
stock dividend of 75%,
representing stock of the aggregate of $750,000, is to be dis-
A
tributed by the bank to stockholders of record on July 27.
stock dividend is to be paid by transferring $750,000
from the bank's accumulated svirplus to capital account.
Proceeds from the sale of additional 7,500 shares of new stock
at $200 are to be divided between capital and surplus. When
the new capitalization goes into effect (Aug. 13) the bank will
have a capital of $2,500,000, surplus of $1,000,000 and
The
approximately $300,000 in undivided profits. The Peninsular State Bank on June 20 reported surplus and undivided
profits of $907,414 and deposits of $23,463,708.
According
to President J. H. Johnson it is planned to maintain dividend
payments on the enlarged capitalization at the present rate
of 12% a year, with taxes.
The Howard National Bank
of Kokomo, Ind., opened to
beautiful building, which has been
thoroughly modernized by Hoggson Bros. The Howard
National Bank may justly be said to have established itself
in one of the most imposing and convenient banking rooms to
be found anywhere. The executive force of the Howard
National consists of John A. Jay, President; Henry C. Davis,
Vice-President; Ernest George, Cashier, and George L.
Davis, Assistant Cashier. The bank was established in
the public last week
its
1878 and its resoiu-ces, according to
ceed $2,000,000.
its
June statement, ex-
At the last meeting of the directors of the Chicago Morris
Plan Bank, James C. Ames, of ^Messrs. Ames, Emerich &
Co., investment bankers, Chicago, was elected a 'member of
the board and also a | member of the executive committee.
Mr. Ames 'graduated from Princeton 'in jl903 and after his
graduation was connected with iboth^the^buymg and selling
depart ments of,N. W. Harris & Co. andjthe Harris Trust
& Savings Bank for seven years. For the past sixfyears
he has been> senior partner of^Ames, Emerich ^& Co. To
date the Chicago Morris Plan Bank has received 2,906
appiications\tor loans,' amounting, to $525,720, of^whichi893
applications, amounting to $166,480 have been completed.
,
t a meeting of the stockholders of the Germ?n -American
Bank iOf^Milwaukee, Wis., on July 31, it was unanimously
voted^to change the name of the institution to^^the American
Exchange^Bank, The foUowing^statement was later issued
by the bank officials regarding the. stockholders' action:
The change is made in response to a general request submitted by the
customers and stockholders of the bnak. It has been in contemplation for
some months, but the directors postponed action until the sentiment of the
patrons of the bank on the subject had become thorci;shly '"•Tmilated.
The G^i'm an- American (Bank jWasJoreanized in 1892 and
at present has a capital ^.of $250,000, surplus" and deposits of
$137,647, and deposits of $4,377,467.]J. The officers are:
The United States National Bank, of Portland, Ore., on
July 30 opened for business in its new building, situated on
the comer of Sixth and Stark Streets. The new structure is
four stories high and occupies a quarter of a block.
Its
massive colonnade of six Corinthian columns and its beautifully decorated cornice and balustrade attract much attenThe United States National Bank began business in
tion.
1891, and now has a capital and surplus of $1,000,000 each;
undivided profits of $137,850, and deposits of $13,413,405.
The officers are: J. C. Ainsworth, President; R. Lea Barnes
and H. B. Ainsworth, Vice-Presidents; R. W. Schmeer,
Cashier; A. M. Wright, W. A. Holt and P. S. Dick, Assistant
Cashiers.
It became known on the 15th inst. that an agreement has
been made between the officers and directors of the Old
Dominion Trust Co. and the Richmond Bank & Trust Co.
of Richmond, Va., under which the two institutions will be
consohdated, the continuing bank to be known as the Old
Dominion Trust Co. The stockholders of the Richmond
Bank are to meet on Aug. 27 to ratify the agreement, after
which the merger will be carried into effect. The Old
Dominion Trust Co., after the consolidation, will be one of
the largest and strongest banking institutions in Richmond.
The Richmond Bank & Trust Co. was organized in January
It now has a capital of
1912, with a capital of $300,000.
$477,400, and recently reported surplus and profits of
$120,507 and deposits of $821,956. The officers are:
Harry R. Pollard Jr., President; W. J. Whitehurst and S. T.
Beveridge, Vice-Presidents; and Chnton L. Williams,
Cashier. The Old Dominion Trust Co. began business in
February, 1913. It has a capital and surplus of $1,000,000
each and recently reported deposits of $1,649,073. William
M. Habbiston is President of the institution. Other officers
are: M. C. Branch, Vice-President; Henry E. Litchford, VicePresident and Treasurer; W. H. Slaughter, Secretary; and
Thomas W. Purcell, Assistant Secretary and Treasurer.
The Canal Bank & Trust Co., of New Orleans, La., has
secured a twenty-year lease on the seven-story TulaneNewcomb Building at 211-213 Camp Street, immediately
adjoining its present banking quarters. The ground floor
of the newly acquired building is to be converted into an
addition to the banking floor of the trust company, the need
of which has been long felt, owing to the rapid increase in
the bank's business. The Canal Bank & Trust Co. has a
surplus and undivided profits of
capital of $2,000,000;
$719,214, and deposits of $18,903,983. W. R. Irby is
President.
Work has been commenced by Hoggson Brothers on the
new bank building which they have designed and will erect
and equip for the Loekwood National Bank of San Antonio,
Texas. The building will be constructed of Bedford limefollowing in architectural design the pure Greek
Doric style, the front having four engaged Dorig columns
supporting a heavy Greek pediment motive. The structure
will present an appearance of dignity, strength and beauty.
Owing to its increasing business, the directors of the bank
have arranged with Hoggson Brothers to provide ample
accommodations not only for present needs, but to take care
The Loekwood National Bank was
of future requirements.
organized in 1865 and has a capital of $200,000. Its present
officers are J. Muir, President; J. D. Houston, Vice-President; M. Freeborn, Cashier, E. W. Richardson and T. V.
Muller, Assistant_Cashiers.
stone,
THE CHRONICLE
686
have been filed for the incorporaCommerce Bank, of San Diego,
Trust
&
tion of the Southern
of
$1,000,000. The new institution
Cal., with a capital
of the Southern Trust & Savings
consolidation
represents a
of
Commerce
Bank
& Trust Co., of San Diego.
Bank with the
Articles of incorporation
new
JuUus Wangcnheim,
Davidson,
Board;
G.
A.
President; Philip
Chairman of the
Morse, Milton Epstein and George Burnham, Vice-Presidents; E. O. Hodge, Vice-President and Cashier; L. G. Bradley, P. R. Jennings, R. B. Thomas and C. J. Holliday,
The
officers of the
institution are:
Assistant Cashiers.
AND EXPORTS
IMPORTS
FOR JUNE.
Washington has issued the
statement of the country's foreign trade for June and
from it and previous statements we have prepared the folowing interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
The Bureau
of Statistics at
(In the following tables three ciphers (000) are In all oases omitted.)
MERCHANDISE.
-Exports
1916.
1917.
January
February
$613,325
467,648
553,986
529,927
551,089
575,583
March
April
May
June
--.-
—
-Imports
1915.
July
August
September
October
November
December
Total
1917.
$267,879
299,806
296,012
294.746
274,218
268,547
268,469
260,610
300,055
336.152
327,670
359,306
5330,036
401,784
410,742
398,569
474,804
464.686
444,714
510,167
514,924
492,814
516,167
523.234
$241,794
199,480
270.257
253,926
280,727
306,628
$5,482,641 $3,554,670
-Exports
1916.
1917.
January
February.
$20,720
22.068
March
May
17.920
16,965
57,697
June
67,164
April
—
-Imports
$10,213
13,685
10.774
11,503
11,919
8,312
9.395
11,780
6,849
July
August
September
October
$692
1,054
924
814
1,277
2,822
2.192
1,128
2,034
2,939
3,001
11,889
7,0.54
November
December
26,335
27,974
Total
1916.
$155,793
1916.
$58,926
103,766
139,499
32,372
62,262
91,339
$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,239
92,562
97,509
46,973
158,620
$6,896
12.727
25.620
16,203
31,136
52,342
17,263
61,641
42.062
79,669
60,982
46,413
$685,990
$451,954
$31,426
1915.
1917.
$5,188
3,425
3,166
4,371
4,741
3,969
3,965
3,378
3,366
6,237
5,971
6,831
$3,346
2,478
2,977
2,376
4,741
2,235
November.
December .
-Exports1916.
$4,636
4,947
5,748
4,856
6,212
4,644
4,336
5,815
6,530
6,016
7,847
9,008
Total ...
$70,695
$53,599
January
February..
$5,887
7,694
5.556
4.353
6,272
8,964
March
April
May
June
July
August
September.
October
—
1917.
1915.
SILVEK.
1917.
$122,148
125,123
157,982
160,576
142,285
157,695
143,245
141,804
151,236
149,173
155.497
171,833
$2,391,635 $1,778,697
1915.
-Imports
—
1916.
$1,852
2,696
2,880
2,176
2.726
3,183
2,426
2,517
2,880
2,892
2,583
3,553
1916,
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2.737
3,219
3.376
2,603
$32,263
$34,484
EXCESS OF EXPORTS OR IMPORTS
Merchandise-
January ..
February .
March
1916.
$
+ 145,686
+ 207,849
+ 187.152
f 180,333
+ 245,615
+ 218.891
+ 261,991
+ 310,861
+ 350,885
+ 314,155
+ 339,199
+ 318,400
+
April
May
June
July
August
September
October ..
November
December.
GOLD.
of England gold reserve against its note Ls.suc shows a very
Gold to the value of
slight decrease as compared with last week's return.
S4,l 1 1 ,000 has been engaged in New York for shipment, the bulk of which
As we foreshadowed in our letter of the 12th of
Is rei)orted for Spain.
The
April. largo amounts of gold are now passing to India from Japan.
total already exceeds £1,000,000, but the withdrawals from America for
Japan during the last month or so have been much more than this. It will
be remembered that, in the spring, considerable sales of gold were made in
By the new enactment,
India on account of the Indian currency reserve.
the Indian Government has the power to acquire compulsorily imported
gold on the basis of £3 17s. lOJ^d. per standard ounce (1.5 rupees to the
sovereign) and will be in a position to resume sales should they be considered desirable, and to release the sovereigns acquired under the enactment above mentioned, or .some portion thereof, to serve as a remittance
for payment of crops in those districts where the circulation of sovereigns
This movement of gold from Japan may be
is preferred to that of rupees.
taken as one of the factors which has enlarged the silver holding of the Indian Treasury to which wo allude further on.
,
market has been toward greater ease. Recent
arrangements of the Indian Government have made supplies more accessible here in London to meet the demand, which, apart from the requirements of the Indian Government, has been by no means heavy for some time
of the
The market, however, has been so sensitive of late that the price
past.
has often fluctuated with very little apparent cause for movement. In
these circumstances, supplies more reasonable in quantity will tend to reIn our letter of May 17th last we called attenstore normal conditions.
tion to possible action on the part of the German Government to withdraw
It is now decreed that two-mark pieces shall
silver coins from currency.
cease to be current from Jan. 1 1918. though accepted by the Government
The following detailed
in exchange for paper currency up to July 1 1918.
returns of the Indian currency show an increase in the silver holding of
212 lacs. The total holding of 24.31 lacs on July 22 last compares with
26.51 lacs held exactly a year before.
July 7. July 15. July 22
{In Lacs of Rupees.)
97,18
95.19
94,34
Notes in circulation
24,31
22.19
20,96
Reserve in silver coin and bullion
6,98
7,11
Gold coin and bullion in India
7,54
4,42
4,42
4,42
Gold in England
The stock in Bombay consists of 1,700 bars, the same as reported last
week. The stock in Shanghai on July 21 1917 consisted of about 19,700,000
ounces in sycee and 15,100,000 dollars, as compared with about 19,900,000
ounces in sycee and 15,100,000 dollars on July 14 1917. Quotations for
bar silver per ounce standard:
July 20
39 15-16 cash July 26
39M cash
"
39.833
Average
-39 13-16 "
21
"
Bank rate
5%
23
39^
" 24
Bar gold per ounce standard 77s. 9d.
39%
"
25
39M
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is 5^d. below that fixed a week ago
ENGLISH FINANCIAL MARKETS— PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
-Silver-
—38,206 —4,795
+
—81,698 +7,669
+998
+ 138.630—121,579
+ 134,170 +15,407 +6,381
+ 131,933 +5,436 —16,403
+ 110,852 —24,176—114.423
—52,713
+ 125,224
—29,459
+ 118,806
—85,713
+ 149,419
—90,455
+ 186,979
—20,638
+ 172,173
—130,646
+ 188,473
1917.
$
+2,541
+5.216
+2.679
+1,978
+2,481
+6,729
—530,197
1916.
$
+ 2.784
2,351
+ 2,868
+ 2,680
+ 3.487
+
+
+
+ 3,288
+ 3.650
+ 3.124
+ 5,264
+ 6,456
+ 38,332
1.461
1.910
Totals for merchandise, gold and silver for twelve months:
Merchandise.
Silver.
Gold.
Twelve
Excess
of
Exports
MoTittis,
(000s
Ex-
Im-
omitted)
ports.
ports.
Ex-
Imn
ports.
ports.
S
1916-17 6,294,180
1916-16 4,333,483
1914-15 2.708,589
1913-1412,304,579
1912-1312,405,884
1911-12-2,204,322
Excess
of
Exports.] ports.
S
S
2,659,351 3,634,829 291,921 977,176
2,197,884 2,135,599! 90,249 494,009
1,674,169 l,094,420:i46,224,171,569
1,893,926 470,6,53 112,039! 00,539
1,813,008 652,876 77,703 09,194
1,653,204 551,057 57,328l 48,936
Im-
Similar totals for the four
the following exhibit:
ports. Exports
$
S
$
i685,256 78,279 36,003
i403,760 59,791|34, 164,
125,345 50,942 29,110!
45,500 54,965 30,327i
8,569 71,614 41,209,
8,392 64,890 47,050l
S
43,270
25,637
21,832
24,038
30,345
17,840
months
since Jan. 1 for six years
Merchandise.
Ex-
Im-
omU-
ports.
ports.
saver.
Gold.
Excess
of
Exports.
Ex-
Im-
ports.
ports.
Excess
Exof
Exports poiU.
Exceu
Jm-
of
portt.
ExporU
ted.)
$
$
$
$
$
$
1917. .13,292, 1591,552,812 1.739,347 202,5341478, 165 il75031
1916..!2,480,e21Il,285,097 1,195,524 66,400'l86,979il20573
1916.. 1, 701,808, 806,809!
835,995
7,583 144.9241137341
1914.. 1,046,844
980,910
65,92S 83,974 30,743 53,231
1913.. 1,166,282
879.587
286,696 63,735 27,910 35.825
1912.. 1.099,616
884,052
214,964 33,397 25.264
8,133
1911..
987.821
703,746
224,075 13,252 33.773 i20,521
i
Excess of imports.
War
French
Loan,
5%
Paris)
The
Mon.
42 1-16
Holiday 65 J^
Holiday 94
Holiday 97Ji
Holiday 61.50
Tues.
Wed.
Thurs.
Fri.
42}^
56
94"^
44
56
44
66
44
56
94H
94K
94H
97H
98
98
61.50
61.50
98Ji
61.50
(in
fr.
Holiday
price of silver in
87.55
New York on the same
SllverlnN. Y.,peroz...cts. ?,2%
S2H
83H
day has been:
S6H
86}i
86%
$
38,727
31,042
24,850
25.510
33.322
33,669
34,443
fol-
lowing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given.
-Slockof Money Aug. I'llIn U. S. aHeld in Treas.
$
$
Money
Aug.
1
$
in Circulation
1917. Aug. 1 1916.
$
Gold coin (including bullion
In Treasury)
Gold certlticates-b
Standard silver dollars
Silver eertiflcates-b
Subsidiary silver
Treasury notes of 1890
632,159,672
748,148,372
cl,736,966,539 1,409,159,259
71,810,175
06,814,227
21,012,643
473,488,048
483,986,699
4,494,741
194,975,416
170,750,365
1,959,195
2,089,047
336,134,708
341,344,629
10,546,308
581,166,945
170,035.695
3,002,855
12,629,730
09,710
8,976,730
694,805,341
714,685,359
20,978,581
3,086,218,498 188,163,487
United States notes
Federal Reserve notes
Federal Reserve bank notes
National bank notes
568,270,061
199,470,157
346,681,016
684,169,800
12,099,440
715,783,922
Total
5,513,292,894 248,268,325 4,852,084,469 4,000,001,672
Population of continental United States estimated at 104,288,000. Circulation
per capita, $46 53.
Six
(000s
Consols, 2 K per cents
British, 5 per cents
British, 4>^ per cents
FrenchRentes (In Paris). -fr.
of
make
M'th.
Sat.
d. 42 1-16
Excess
Ex-
Excess of Imports.
4
Aug.ll. Avg.lZ. Aug.li. Avg.15. Aug.W. Aug.l7.
—
STOCK OF MONEY IN THE COUNTRY.— The
— Imports.
Exports.
Week ending Aug. 17
Silver, per oz
-Oold1916.
1917.
$
$
+3,091,008 + 1,777,072
Total...
+
1915.
$
145,731
+ 174,683
of
The Bank
London,
1917
$
+ 371,531
+ 268,168
+ 283,729
276,001
+ 270,962
268,955
of
July 26 1917:
The tendency
1916.
GOLD.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
SILVER.
—
$184,351
193.935
213,590
218,236
229,189
245,795
182,723
199,316
164,039
178.059
176.968
204,834
[Vol. 105.
i
$
18,152 20,575
15,412 15,630
9,108
15,742
12,590 12,920
8,132 15,190
25,264
8,405
21,962 12,481
a This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money in Federal Reserve banks, and In national
banks and special depositaries to the credit of the TreastireiL of the United States,
amounting to 5512,187,108 59.
b For redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent in amount of the appropriate kinds of money Is held In the Treasury,
and Is not Included In the account of money held as assets of the Government.
c Includes $407,560,650 Federal Reserve Gold Settlement Fund deposited with
Treasurer U. S.
Note. On Aug. 1 1917 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $3,100,000 gold coin and bullion and $409,840,100
gold certificates, a total of $415,940,100, against $155,047,852 on Aug. 1_1916.
—
.
.
AUG. 18
.
THE CHRONICLE
1917.]
DIVIDENDS.
The
following shows
Name
the dividends announced for the
future by large or important corporations:
Dividends announced
all
this
week are printed in
687
of
Company.
Miscellaneous (Concluded).
Goodrich (B. F,) Co., common (quar.)..
Preferred (quar.)
Greene Cananea Copper Co. (quar.)
Harbison-Walker Refract., com. (quar.).
italics:
Common
(extra)
Preferred (quar.)
Name
of
Company.
Per
WIten
Cent.
Payable.
Books Closed.
Days
Preferred
Atch Top
preferred
3
H
(extra)
& Santa Fe, com. (qu.)
& Ohio, common
Aug.
Aug.
Sept.
Sept.
Preferred
Sept.
Canadia.i Pacific, com. (guar.) (No. 85)..
Oct.
Preferred
Oct.
Chestnut Hill iquar .)
75c. Sept.
Chicago Burlington & Quincy (quar.)
2
Sept.
Eitra
10
Sept.
Chicago Milwaukee & St. Paul, common.
2
Sept.
Preferred
3)^ Sept.
Chic. St. Paul Minn. & Omaha, common
2>2 Aug.
Preferred
3>^ Aug.
Cleveland & Pittsburgh reg. guar. (qu.). 87>5C. Sept.
Special guaranteed (quar .)
50c. Sept.
Cripple Creek Cent., com. (qu.) (No. 31)
iy% Sept.
Preferred (quar.) (No. 47)
1
Sept.
Baltimore
Delaware
& Bound
Brook
(No.49)
2y,
2
2>^
2
(quar.)
Great Nonliern (quar.)
Illinois Central (quar.) (No. 127)
Maine Central, preferred (quar.)
Norfolk
&
Western,
commcm
Pacific, common (quar.)
(extra)
Preferred
Common
Street and Electric Railways.
Central .\rkansas Ry. & Lt., pref. (quar.)
Cities Service, com. & pref. (monthly)
Common (payable in common stock) .
Detroit United Ry. (quar.)
Nor. Texas Elec. Co., com. (qu.) (No. 32)
Preferred (No. 24)
,
Philadelphia
Rochester Ry
.
Company 5%
&
pref
Light, pref. (quar.)
West Penn Rys., pref. (No. 1)._ _
West Penn Tr.&W.P., pf. (qu.) (No.
Trust Companies.
11)
Lawyers' Title Insurance & Trust (quar.)
Miscellaneous.
Acceptance Corporallon (quar.)
Acme Tea. first
Adams Express
preferred (quar.)
(quar.)
AJaz Rubber, Inc. (quar.)
Amer. Bank Note, pref. (quar.)
American
American
American
American
American
American
Beet Sugar, preferred (quar.).Cotton Oil, common (quar.)..
Express (quar.)
Gas
Aug. 11
Sept. 22
I'/i
Sept.
Sept.
Sept.
Holders
Holders
Holders
Holders
1
Union
(quar.)
& Leather, preferred
Locomotive, com. (quar.)
Preferred (quar.)
American Pi, ezimatic Service, first pref
Hide
Second preferred
IH
2M
Aug.
I'A
500.
IK2
2
50c.
2
Sept.
-ept.
Oct.
Oct.
Oct.
Oct.
IK
Sept.
Sept.
fy^ Sept.
2
Sept.
1
Sept.
3
.Sept
$1.25 Sept.
IM Sept.
IH Sept.
13^ Sept.
Sept. 16
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept.
$1.50 Sept.
75c Oct.
Oct.
I
Sept.
$1.50 Oct.
Sept.
2
2H Oct.
IH Oct.
IVi Oct.
$1.75 Sept.
75c. Sept.
SI. 50
5
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
1%
-Vug.
1
3K
$2
IM
Aug.
Deo.
5
Sept.
Sept.
Common (extra)
Sept.
Bethlehem Steel, com. (quar.)
Oct.
Common, Class B (quar.)
2H Oct.
Preferred (quar.)
--1M Oct.
Brooklyn Union Gas (quar.)
IH Oct.
Brown Shoe, common (quar.)
IH Sept.
Buckeye Pipe Line (quar.)_
Sept.
$2
California Packing Corp., com. (qu.) (No.2)
50c. Sept.
Cambria Steel (quar.)
75c. Sept.
Extra
75c. Sept.
Canadian Locomotive, com. (No. 1)
IH Oct.
Preferred (quar.)
IM Oct.
Common
Case
(J. I.) Thresh'g Mach., pref. (qu.)
Central Foundry, ordinary pref. (quar.).
Cerro de Pasco Copper (quar.) (No. 7)
Extra
Chesebrough Manufacturing (quar')
Extra
Cleveland & Sandusky Brewing, preferred..
Colorado Poiccr. common (quar.)
Preferred (quar.)
Consolidated Gas (N. Y.) (quar.)
Consumers Co., preferred
Continental Paper Bag, com. (extra)
Common
Preferred
(extra)
(extra)
Copper Range Co.
(quar.) (No. 41).. .
Extra (No. 42)
Crescent Pipe Line (quar.)
Crucible Steel, pref. (acct. accum. dlvs.).
Crucible Slccl, preferred (guar.) (No. 60)-Cuban-American Sugar, com. (quar.)
Common
Cudahy Packing, common
(quar.)
Seven per cent nreferred
Deere & Co., preferred (quar.)
Diamond Match
Eastern Steel,
Common
First
2
3
3
IH Nov.
2H
IH
Hi
(quar.)
common
U
IH .Sept.
3H Aug.
6
Oct.
IH Nov.
IH Nov.
$1.50 Sept.
Sept.
SI
75c Sept.
ft2
IH
2H
(extra)
and second preferred (quar.)
Eastman Kodak, common
(extra)
(quar.)
Preferred (quar.)
Electric Investment, preferred (quar.)-.
Fairbanks. Morse
Co., pref. (quar.)
Federal Mining
Smelt., pref. (quar.)
Federal Sugar Refg., com. (quar.)
General .\sphalt, pref. (quar.) (No. 41).
General Chemical, common (quar.)
General Cigar, Inc., pref. (guar.)
Common
&
&
General Development (quar.)..
_.
General Electric Special (Red Cross dlv.)
General Electric (quar.)
General Petroleum (quar.)
Aug.
Sept.
Oct.
Oct.
Oct.
Sept.
IH
IH
3H Nov.
IH Sept.
2
(quar.)
Nov.
Oct.
Sept.
Sept.
50c. Sept.
3
Sept.
50c. Sept.
IH Sept.
H Oct.
1% Sept.
10
(extra)
Preferred (quar.)
Sept.
2H
5
IH
5
2H
IH
IH
IH
IH
IH
1«
2
IH
2
ul
2
»2H
Sept.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Oct.
Oct.
to
to
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
to
of rec.
of rec.
of roc.
of rec.
of rec.
of rec.
of rec.
Aug.
Sept.
Sept.
Sept.
Sept.
,
Oct.
to
Sept.
Sept.
to
to
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
to
reo.
rec.
rec.
rec.
rec.
rec.
rec.
of
of
of
of
of
of
of
of
of
Sept. 10
Sept. 10
15a
16
15
16a
16a
1 6a
10a
25a
la
16
1
Aug. 20
to
to
1
la
la
Oct. 16
Oct. 16
Sept. 20
Sept. 20
Aug. 21
Sept. 29
Sept. 3
Aug. 19
Sept. la
Aug. 18a
Aug. 15a
Aug. 20
July 21a
Nov. 15a
to
to
to
1
la
rec. Aug. 13a
rec. Aug. 20a
rec. Aug. 13o
rec. Aug. 31a
rec. Sept. 15a
rec. Sept. 15a
rec. Aug. 15a
rec. Aug 31a
rec. Aug d21a
rec. Sept. 10
to
of
of
of
of
of
of
of
la
3
Aug. 20a
,\ug. 25a
Aug. 28a
Aug. 31a
Holders of rec.
Aug. 25
Aug. U
Holders
Holders
Holders
Holders
Holders
Holders
Holders
7a
7a
July 31a
Aug. 15
,
Sept. 21
1
Aug. 6a
Aug. 15
Aug. 31a
.
18
18
15
15
1
la
la
10a
10a
15a
15a
19
Oct. 11
.
of
of
of
of
of
of
of
of
of
of
21a
21a
31u
21a
21a
Sept. 3
Sept. 25
Sept. 25
to
of rec Aug.
of rec Aug
of rec Aug.
of rec Aug.
of rec Aug.
of rec Aug.
of rec Aug.
of rec Aug.
of rec Sept.
6 to
Sept.
Aug.
.^ug.
rec. July
rec. July
reo. July
rec. July
rec. July
rec. Sept.
rec. Sept.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Oct.
IVi
IVi
Steel, common (quar.)
(extra)
Holders
Aug. 21
Holders
Holders
Holders
Holders
Holders
Holders
Holders
IM
IH
Preferred (quar.)
Amer. Sugar Refg., com. and pref. (qu.).
Amer. Sumatra Tobacco, preferred
Carbon
Huldei's
I'A
3
Associated Dry Goods, 1st pref. (No. 1).
Atlantic Refining (quar.)
Atlas Powder, common (quar.)
Aug.
Aug.
Aug.
$1.50 Sept.
Amer. Power & Light, com. (qu.) (No. 19).
Amerlcan Radiator, common (quar.)
Amer. Smelting & Refining, com. (qu.)..
American Tobacco, common (quar.)
Am, Water Works & Elec, Ist pref. (qu.)
Anaconda Copper Mining (quar.)
of
of
of
of
of
of
of
of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Nov.
$1
Pennsylvania RR. (quar.)
Phila. Germantown cfc Norristown (quaT.)_.
Plttst). Cin. Chicago & St. Louis
Pittsburgh & West Va., pref. (No. 1)
Reading Co., 1st preferred (quar.)
Southern Pacific Co. (quar.) (No. 44)
He Iders
Aug.
m
(quar.)
Adjustment preferred (quar.)
of
of
of
of
of
of
of
2
15i
IH
'North Pennsijlca.;ia (quar.)
Holders
Holders
Holders
Holders
Holders
Holders
Holders
\ug. 21
Sept. 20
Sept. 20
Sept.
Sept.
Sept,
Sept,
Sept.
Sept.
9
9
15a
15a
15a
13a
Aug. 21a
Aug. 25
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug. 31
Aug. 31a
Aug. 31a
to
Sept. 20
to
Sept. 20
Nov. 11
to
Nov. 14
Nov, 11
to
Nov. 14
Holders of rec Sept. 10a
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug, 23
Holders
Holders
Holders
Holders
Holders
.Sept,
6
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
reo. Aug. 31o
rec. Aug. 17a
rec. Aug. 17a
rec. Sept. 5a
rec. Sept. 5a
rec. Aug. 15
rec. Sept. 29a
reo. Aug. 31a
rec. Aug.
9a
rec. Aug. 10a
rec. June 30
reo. June 30
rec. June 30
rec. Aug. 22
rec, Aug. 22
to
Sept, 16
of rec. Aug. 16a
of rec. Sept, 15
of rec. Sept, 12a
of rec. Sept. 12a
of rec, Sept. 12a
to
Sept. 14
Holders of rec.
Holders of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Holders of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec,
5Holders of rec
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Sept. 21
to
Oct. 20
Aug, 15a
Aug. 31a
Oct.
1
Aug. 18
Sept.
1
July 31a
Aug. 31a
Aug. rtla
Aug. 11
Aug. 20
Aug. 25
.
Sept. 12
15a
Aug.
Aug.
Aug.
Aug.
When
Payable.
Books Closed.
Days
1
Nov. 15 Holders
IH
Oct.
2
1 Holders
Aug. 27 Holders
IH
Sept.
6
Aug. 25 Holders
1
Holders
IH Oct. 20 Holders
(quar,)
IH Sept. 1 Holders
Hart. Schaffner & Marx, Inc., com. (qu.)
1
Aug. 31 Holders
HasKcil & Barker Car (quar.)
2 Holders
75c. Oft.
Huinestake Mining (monthly) (No. 516).
65c. Aug. 25 Holders
Independcnl Brewing, (Piasb.) prcf.(gu.). 87HC. Aug. 31 Holders
Indian Refining, pref. (account accum.). h7
Aug. 20 Holders
Indian Refining, pref. (quar.)
IH Sept. 15 Holders
Pref. (account accumulated dividends)
hoH Sept. 15 Hol(;ers
Inland Steel (quar,)
Sept. 1 Holders
2
Internal. Cotton Mills, preferred (quar.)..
IK Sept. 1 Holders
Int, Harv. of N. J., pf. (qu.) (No. 42)..
IH Sept. 1 Holders
Int. Harvester Corp,, pref. (qu.) (No. 18)
IH Sept. 1 Holders
International Nickel, common (quar.)..
SI. 50 Sept. 1 Holders
Kerr Lake Mining (quar.) (No. 48)
25c. Sept. 15 Holders
Kings Co. Elec. L. & Pow. (qu.) (No. 70)
Sept. 1 Holders
2
Lanston Monotype Machine (quar.)
IH Aug. 31 Holders
Lehigh Coal & Navigation (qu.)(No. 155) $1
Aug. 31 Holders
Liggett & Myers Tobacco, com. (quar.).
Sept. 1 Holders
3
Lindsay Light, common (quar.)
Aug. 31 Holders
3
Common (extra)
Aug. 31 Holders
17
Preferred (quar.)
IH Aug. 31 Holders
Lit Brothers Corporation
50c. Aug. 20 Aug. 11
E.xtra
25c. Aug. 20 Aug. 11
Mahoning Investment
Sept. 1 Holders
3
Manati Sugar, common (quar.)
2H Sept. 1 Holders
Manhattan Shirt, com. (quar.) (No. 10)
1
Sept. 1 Holders
Maryland Coal (extra)
Sept. 1 Aug. 22
3
Maxuell Motor, Inc., Isl pref. (quar.)
IH Oct. 1 Holders
May Department Stores, com. (quar.)
IH Sept. 1 Holders
Middle West Utilities, preti (quar.)
I'A Sept. 1 Holders
Mitchell Motors, Inc. (quar.)
$1.50 Aug. 24 Holders
Montreal Cottons, common (luar .)
1
Sept. 15 Holders
Preferred (guar.)
IH Sept. 15 Holders
National Acme (quar.)
75c. Sept. 1 Holders
Nat. Biscuit, common (quar.) (No. 77)..
IH Oct. 15 Holders
Preferred (quar.) (No. 78)
IH Aug. 31 Holders
Nat. Cloak & Suit, pref. (qu.) (No. 13)..
IH Sept. 1 Holders
National Lead, common (quar.)
1
Sept. 29 Holders
Preferred (quar.)
IH Sept. 15 Holders
National Sugar Refining (quar.)
IH Oct. 2 Holders
Nebraska Power, pref. (quar.)
IH Sept. 1 Holders
New York Transit (guar.)
4
Oct. 15 Holders
Extra
2
Oct. 15 Holders
Niles-P,ement-Pond, com. (qu. (No. 61).
3
Sept. 20 Sept.
Preferred (quar .)
IH Aug. 20 Aug,
North American Co. (quar.) (No. 54)...
IH Oct. 1 Holders
Northern Ohio Electric Corp., pref. (guar.)
IH Sept. 1 Holders
NovaScotiaSt.&Coal, com,(pay,com.stk.) /20
Nov. 30 Holders
rigiU'ic Flour Mills, Ltd., pref. (guar.)
IH Sept. 1 Holders
Ohio Cities Gas, common (quar.)
$1.25 Sept. 1 Holders
Hartman Corporation
Inclusive.
Railroads (Steam).
Alabama Great Southern
Per
Cent.
22a
24o
15a
July
3
Sept. 15a
Sept. 30
'.
IH
IH
Pabst Brevi'iq, pref. (quar.)
Pacific Mail SS., preferred (quar.)
People's Gas Light
Coke (quar.)
Philadelphia Electric (quar,)
&
Sept. 15 Sept. 7
Sept. 1 Holders
Aug. 25 Holders
43.75c Sept. 15 Holders
Pltlsb. Brewing pref. (guar.)
IH Avig. 31 Holders
Pref. (account accumulated dividends)
hH Aug. 31 Holders
Pittsburgh Steel, preferred (quar.)
IH Sept. 1 Holders
Porto Rican-American Tobacco (quar.).. Oi
Sept. 6 Holders
Pratt & Whitney Co., pref. (qu.) (No. 66)
IH Aug. 20 Aug. 10
Pressed Steel Car, com, (quar.) (No. 28).
IM Sept. 5 Holders
Preferred (quar.) (No. 74)
IH Aug. 22 Holders
Quaker Oats, common (quar.)
3
Oct. 15 Holders
Preferred (quar,).
IH Nov. 30 Holders
Quaker Oats preferred (quar .)
IH Aug. 31 Holders
Republic Iron & Steel, com. (qu.) (No. 4)
IH Nov. 1 Holders
Preferred (quar.) (No. 56)
IH Oct. 1 Holders
Joseph
St.
Lead (quar.)
75c. Sept. 20 Sept. 9
Special (dlstrib. from res've for amort.)
50c, Sept. 20 Sept. 9
Savage Arms Corporation, common
IH Sept. 15 Holders
First preferred
IH Sept. 15 Holders
Second preferred
IH Sept. 15 Holders
Sinclair OH & Refining Corporation
$1.25 Aug. 23 Holders
Southern Pipe Line (quar,)
6
Sept. 1 Holders
Southwestern Power & Light, pref. (qu.)
IH Sept. 1 Holders
Standard Mining, common (quar.)
1
Aug. 31 Holders
Common (payable in common stock). f\
Aug, 31 Holders
Preferred (quar.) (No. 31)
IH Aug. 31 Holders
Standard Oil (California) (quar.) (No. 35)
2H Sept. 15 Holders
Standard Oil (Indiana) (quar.)
Aug. 31 Holders
3
Extra
3
Aug. 31 Holders
Standard Oil (Kansas) (quar.)
3
Sept. 15 Sept. 1
Extra
2
Sept. 15 Sept. 1
Standard Oil of N. J. (guar.)
Sept. 15 Holders
5
Standard Oil of New York (quar.)
3
Sept. 15 Holders
1
.
,
Standard Oil (Ohio) (guar.)
Extra
Studebaker Corporation, common (quar,)
Preferred (quar.)
Thompson-Starrett Co., preferred
Underwood Typewriter, common (quar.)
Preferred (quar .)
Union Tank Line
United Cigar Stores of Amer., pref. (qu.)
United Drug, second preferred (quar.)..
3
1
1
\H
4
IH
\H
2H
IK
IH
IH
Oct,
Sept. 1
Oct,
Sept. 1
Sept.
Holders
Sept.
Holders
Oct.
Holders
Holders
Oct.
- Holders
Oct.
Sept. 25 Holders
Sept. 15 Holders
Holders
United DyewoodCorp,, common (quar.).
Oct.
1 Holders
dividend)
Coramon (Red Cross
ul
Aug. 28 Holders
United Paperboard. preferred (quar.)
IH Oct. 15 Holders
United Profit Sharing (extra)..
10c, Sept. 1 Holders
U. S. Gypsum, preferred (quar.)
\H Sept. 30 Holders
U.S. Industrial Alcohol common
16
Oct.
1 Holders
Common
16
Deo. 1 Holders
10c. Sept. 1 Holders
U. S. Steamship (bi-monthly)
50. Sept. 1 Holders
Extra
United States Steel Corp., com. (quar.).
IH Sept. 29 Sept. 1
3
Sept. 29 Sept. 1
Common (extra)
Preferred (quar ,)
\H Aug. 30 Holders
$1
Sept. 24 Holders
Utah Consolidated Mining (quar.)
•lOc.
Sept. 11 Holders
Wayland Oil & Gas, com. (quar.)
White (J.G,) Co,, pref, (qu.) (No. 57)..
IH Sept. 1 Holders
White (J.G,) Engin'g, pf. (qu.) (No. 18)
IK Sept. 1 Holders
White(J.G,)Mgt.Corp,, pf,(qu,) (No. 18)
IK Sept. 1 Holders
Sept. 29 Holders
White Motor (quar.)
$1
3
Sept. 1 Aug. 23
Wilmington Gas, preferred
2
Sept. 1 Holders
Woolworth(F.W.)Co.,com.(qu.)(No.21.)
IK Oct. 1 Holders
Preferred (quar.)
.Sept.
1
,
Inclusive.
rec.
rec.
rec.
rec.
rec.
rec.
reo,
rec.
reo,
rec.
rec,
reo.
rec,
rec,
rec,
rec,
rec.
rec.
rec.
rec.
rec,
rec.
rec,
rec.
rec.
rec.
rec.
to
to
rec.
rec.
rec.
to
Nov.
5a
Sept. 21a
Aug. 15a
Aug. 20a
Aug. 15o
Oct. 10a
.A.ug. 15a
Aug, 20a
Sept. 15a
Aug. 20a
Aug. 23
Aug. 4
Sept.
Sept.
1
Aug.
Aug.
Aug.
Aug.
Aug,
10a
16
10a
10a
16a
Sept.
lo
1
Aug. 21a
Aug. 21
July 31a
Aug. 15a
Aug. la
Aug. la
Aug. la
Aug. 19
Aug. 19
Aug. 24
Aug. 29
Aug. 200
Aug. 31
rec,
rec,
rec.
rec.
rec,
rec.
rec,
rec.
rec,
rec,
rec.
rec.
rec,
Sept. 10a
rec,
rec.
rec.
rec,
Aug. 20a
Nov. 20a
Aug. 23
Aug. 15a
Aug. 2O0
Aug. 15
Aug. 10
Sept.
Sept.
5
5
.\ug. 15a
Sept. 28o
Aug. 17a
Aug. 21a
Sept.
7a
Aug. 24
Sept. 10
rec Aug. 15
rec, Sept. 22
rec Sept. 22
to Sept .20
to Aug.20
rec Sept. 15
to
Sept. 16
Aug.
Aug.
Aug,
Aug,
Aug.
rec Aug.
rec Aug.
to
Aug.
reo, Aug.
rec. Aug.
rec,
rec,
reo.
rec.
rec.
rec.
Oct.
rec
Nov.
rec.
Aug.
18a
la
18a
20
20
15a
15a
20
150
1
la
la
la
150
150
20
Oct,
rec. Sept.
to
Sept.
to
Sept. 20
rec
Aug. 31a
Aug. 31
Aug. 31
July 31a
rec Aug. 15a
rec. Aug. 21
rec, Aug. 210
rec, Aug. 21a
rec, Aug. 210
rec Aug. ISO
rec. Aug.
6
rec, Aug.
6
reo.
rec,
reo.
reo.
to
to
Sept. 15
Sept. 15
rec.
rec.
Aug. 200
Aug. 24a
to
to
Sept. 19
Sept. 19
rec,
rec.
rec.
rec.
rec,
rec.
rec.
rec,
rec,
rec.
rec,
rec.
rec.
rec,
reo.
rec,
rec,
Aug. 200
Aug. 20a
to
to
Sept. 22
Sept. 150
Sept. 150
Aug. 30
Aug. 310
Aug. 15a
Sept. 14a
July
Oct.
2a
1
Aug. 15
Sept. 15a
Aug. 200
Oct. 200
Aug. 16
Aug. 16
Sept.
Sept
4
4
rec. Aug.
60
rep. Sept. 8
rec, Sept.
1
rec, Aug. 150
rec, Aug. 150
rec. Aug. 150
rec. Sept. 15
Aug. 31
Aug. 10a
rec Sept. 100
to
rec.
6 Less British income tax.
d CorP.ay.able in scrip.
Payable In stock. /Payable in common stock.
« Special dividend for the purpose of
h On account of accumulated dividends.
enabling stockholders to make contributions of the same to the Red Cross Association $100,000,000 fund.
» Declared 10% payable In quarterly Installments begin-
a Transfer books not closed for this dividend.
rection,
e
ning Oct.
(7
1.
—
Auction Sales. Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
York, Boston and Philadelphia:
at auction in
New
By
Messrs. Adrian H. Muller
Shares.
Stocks.
10 Brooklyn Trust
10 Seattle Film Co.
Blass
20 Thomas
&
Per cent.
Co
cum. pref
600
&
Shares.
Sons,
New
Per cent'
200 Equitable Trust Co
Bonds.
..$50 lot $5,000 Yosemlte
5
300 Tropical Timber Co., Inc. ..$340
lot
York:
Stocks.
Lum.
353
Per cent.
1st 6s, 1919. 94
THE CHRONICLE
688
By
Shares.
Mes.srs.
R
Day &
L.
30 Second National Bank
National Union Hank
Weetamoe
1
Shares.
77
109
&
Messrs. Barnes
Shares.
5
J4
,
Slocks.
i per sh
Plymouth Cordage
210
Salmon Falls Manufacturing.. 38
I
Shares.
Slocks.
% per sh.
5 Fire Assoc, of Phlla., $50 ea. 308-310
10 In<lopendenceF. I. Scc.,S25ea. 21
10 Peoples Nat. F. Ins., S25 each. 15
5 Norristown Ins. & Wat. ,850 ea.lOO
15 Philadelphia Life Insurance
lOH
7 Tioga Trust Co
78}i
67
16 Bcecher Kay Realty
334
2 John B. Stetson, common
7M Rights to subscribe to Franklin
15
Trust Co. at $125
40 Miners Nat. Bank, Pottsvllle,
100
$50 each..
5 Farmers Trust Co., Mt. Holly. 120
576
4 Fidelity Trust Co.
5 Market St. Title &Tr., $50 ea. 102
90
10 Merch.ants Union Trust
132 J^
3 Pelham Trust
Trust.
315
Title
Ins.
&
2 Real Kst.ate
..174^
2 West End Trust
10 Phlla. Co. for Guar. Mtge3_..160
from
.$.50,000 to
Bovds.
Per cent.
Lehigh Power Securities 6s,
1927 (when issued)
82
$2,000 York Haven Water & Power
1st .5s, 1951
87
$9,333.33 Coosa Portland Cement
.?1,000
Inc. deb. 6s, Series
25,000
$75,000
A
$1,000 lot
—
16.5%.
Week ending Aug.
—
Inc. or
1917.
Canada
Halifax
$
,263 ,060
,029 ,187
,240 ,178
,904 ,553
,904 ,849
,283 ,313
,898 ,295
,668 ,738
,734 ,020
,624 ,492
,183 045
St.
John
London
,171 875
,018 638
Regina
,437 ,963
,844 470
,000 000
,015 ,356
451 ,796
Montreal
Toronto
Winnipeg
Vancouver
Calgary
,
Ottawa
Quebec
For Organization of National Banks:
The First National Bank of Haxtun, Colo.
Sask atoon
Capital
Bank of New Bedford, 111. Capital
Long Island National Bank of Hicksville, N. Y, Capital..
Commercial National Bank of Miami, Okla. Capital
Camp Lee National Bank of Camp Lee, Va. Capital
Farmers' National Bank of Glenwood City, "VKis. Capital.
Tlie Farmers' National
For Conversion of State Banks:
The First National Bank of Neche, N. D. Capital
Conversion of the Bank of Neche, N. Dak.
25,000
Capital
First National Bank of Winner S Dak
Conversion of the Lamro State Bank, Winner, S. Dak.
.
$50,000
25,000
25,000
50,000
25,000
25,000
25 ,000
.
Edmonton
Moose Jaw
Lethbridge
Brandon
753 653
500 000
301 ,421
Brantf ord
Fort William
New Westminster.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
475 ,000
646 128
585 058
492 824
Total Canada.
Total Capital
Dec.
1916.
1915.
1914.
%
61,621,428
35,312,051
43,371,729
5,658,440
4,352,715
4,362,365
3,713,904
,635,641
,964,617
,802,649
,469,387
,143,691
1,889,005
2,364,546
1,477,528
951,648
742,453
577,926
542,437
442,852
293,173
469,458
477,081
473,616
457,480
210,337,912 180,567,829
+ 27.0
+ 44.5
—25.7
+ 39.7
+ 33.4
+ 21.1
+ 2.6
+ 2.0
+ 26.0
+ 45.6
+ 28.9
+
+
+
+ 24.8
+ 5.1
+ 36.8
—21.8
+ 38.9
+ 12.9
+ 2.8
+ 1.2
+ 35.4
+ 23.6
+ 7.7
+ 16.5
1.3
6.8
3.1
54,975,632
34,177,544
14,174,662
6,7.53,528
2,359,469
3,616,.578
3,061,346
1,567,506
3,2.52,396
1,879,689
1,991,985
1,551,031
1,863,370
1,228,704
7.35,228
548,431
3.56,587
360,933
412,412
305,111
245,436
151,524
285,934
42,291,684
32,439,077
20,043,127
7,059,047
4,214,989
3,481,577
2,798,399
2,246,690
2,384,800
2,750,755
2,055,681
1,377,188
1,555,374
1,576,944
1,137,570
750,483
370,723
387,784
408,614
542,355
392,543
290,784
352,797
135,8.55,036 130,909.585
$250,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Mount Hope, W. Va. Capital
$30,000
The First National Bank of Niagara, Wis. Capital
25,000
The Army National Bank of Scholield Barracks, Honolulu, H.T. 100,000
To succeed Branch at Schofield Barracks of banking house of
Bishop & Co.
Total Capital
.-.
$155,000
EXTENSION OP CHARTER.
The Farmers' National Bank
close of business
9.
Clearings at-
National Banks. The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTEB.
,
Capital increased from
Canadian Bank Clearings. The clearings for the week
ending Aug. 9 at Canadian cities, in comparison with the
same week in 1916, shows an increase in the aggregate of
Victoria
The
$50,000
Ky.
Total increase
Hamilton
The
The
The
The
increased
Increase
$100,000.
First National Bank of Russell,
$25,000 to $50,000. Increase
The
99 >i
150
210
Lofland, Philadelphia:
%persh.
Slocks.
.
The Pen Argyle National Bank, Pen Argyle, Pa. Capital
Co., Boston:
% per sh.\ Shares.
Slocks.
30 Merrimack Mfg., com., cx-dlv. 62
V2,b%
2 Columbian Nat. Life Insur
13%
63 Waltham Watch, com
By
&
Henshaw
Messrs. Francis
S per sh.
Rubber, prof., old stock. 102
Riil)bcr, com., rlKhta
i'A
15
16 Union Twist Drill, pref
5 Sullivan Machinery
2 Fall River Gas Works
lOOK
pref. ex-dlv..
Slocks
.
Hood
Hood
12
U)r,'A
Boston Belting
By
Shares
.300
Mills
Merrimack Mfg.
1
1
INCREASES OF CAPITAL APPROVED.
Co., Boston:
$ per sh
Stocks.
[Vol. 105.
Aug.
1
of Vinton, Iowa.
1937.
Charter extended until
The Federal Reserve Banks. — Following
is
—
Imports and Exports for the Week. Under instructions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the
New York Custom House
definitely.
is
have been suspended
in-
Under the circumstance our usual compilation
omitted until such time as the figures
may
again be given
out.
the weekly statement issued
by the Federal Reserve Board on August
11:
Loan operations of the United States Government, preceded by transfers of funds through the Gold Settlement Fund from New York to the interior,
and followed by a return movement of funds to New York for Government account, are largely responsible for the changes in reserve and deposits reported by the Federal Reserve banks as at close of business on Aug. 10 1917. In order to provide funds for the payment of the 300 millions of United
States Certificates of Indebtedness allotted during the week, the banks in the interior apparently drew heavily upon their correspondents in New York.
The funds received by the Government are being concentrated in New York for disbursement by the Federal Reserve Bank. Similar movements of
fvmds, though on a smaller scale, probably were also occasioned by the Canadian Government loan of 100 millions, which was placed to the credit of
that Government at New York on Aug. 9, the day when payments for the latest issue of Certificates of indebtedness were made.
The week witnessed
further disbursements by the New York bank of $93,000,000 in favor of the British, French, Italian and Serbian Governments.
Total cash reserves of the banks show an Increase for the week of 2.7 millions. The New York bank records a decrease of 38.5 millions in total
Large credit balances due these banks by New York have
reserve, largely in favor of Chicago, Philadelphia, Cleveland, St. Louis and San Francisco.
been substantially reduced or even turned into debit balances. The aggregate of balances due from Federal Reserve banks, which usually exceeds the
This is caused probably by the receipt in less
total of balances due to other Federal Reserve banks, is this week $1,655,000 below the total "due to."
than schedule time of items forwarded for credit or collection to other Federal Reserve banks, the receiving banks having given credit for these items
before the forwarded banks had charged them to the account of the banks to which they had been forwarded. The reserve position of the banks shows
a further improvement, the note reserve percentage in particular showing a gain of 1.9%, following the substitution, mainly by the New York Bank,
of large amounts of gold for commercial paper held by the Agents against Federal Reserve notes.
Largely as the result of the discount in some volume of collateral notes, the total discounts held show an increase for the week of about 3.3 millions.
Of the total of 134.2 millions of discounted paper on hand, 44.1 millions, or about one-third, is represented by collateral notes discounted for
member banks, and of the latter 12,6 millions, as against 9.2 millions the week before, are secured by United States securities issued in connection with
Liberty Loan operations. Liquidation on a large scale of acceptances is indicated by the comparative holdings of this class of paper, the more recent
An increase of 7.1 millions in the total of United States short-term securities reflects
figures being 24.4 millions below those reported the week before.
largely the temporary holdings of 3}4% Treasury certificates pending disposal to ultimate purchasers.
below
the total shown the week before, and constitute at present about 620% of the
Aggregate earning assets, 359.2 millions, are 15.1 millions
banks' paid-in capital. Of the total, acceptances constitute 41.7%; discounts, 37.4%; United States securities, 20.6%, and warrants, 0.3%.
Increases in capital and surplus of member banks and admission to the Federal Reserve system of the Bankers' Trust & Savings Bank of Minneapolis and the Iowa Loan & Trust Co. of Des Moines, account for the increase of about $89,000 in the capital account of the Federal Reserve banks.
Government deposits show an increase for the week of 83.7 millions, while reserve deposits show a decline of 91.3 millions. The Federal Reserve Bank
of Kansas City reports an increase of $1,354,000 in its liability on Federal Reserve Bank notes in circulation.
Federal Reserve .\gents give the total
of notes outstanding as $601,227,000, secured by $485,467,000 of gold and $125,588,000 of paper. The banks report a total actual Federal Reserve
note circulation of $549,244,000, an increase of $8,459,000 for the week
for the system as a whole are given in the following table, and in addition
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
Combined Resources and Liabilities op the Federal Reserve Banks at the Close of Business August 10 1917.
_|The figures of the consolidated statement
we
Aug. 10 1917. Aug. 3 1917. July 27 1917. July 20 1917. July 13 1917. July 6 1917, /une29 1917. June 22 1917. Aug. 11 1916.
RESOURCES.
.
Total gold held by banks
Gold with Federal Reserve Agent
Gold redemption fund. . .
Total gold reserves
Legal tender notes, silver,
Bills
Bills
<fcc
Total reserves
discounted members
—
...
bought In open market
bills on hand
Government long-term securities.
Government short-term securities
Total
U.
U.
S.
S.
Municipal warrants
i'i'
Total earning assets
other F. R. banks
Uncollected items
Due from
5%
—net
Total deduc'na from gross deposits.
redemp. fund agst. F. R. bank notes
All other resources
Total resources
488,119,000
403,821,000
52,500,000
$
471,492,000
388,353,000
52,501,000
470,359,000
371,380,000
52,501,000
484,264,000
345,845,000
52,362,000
492,742,000
267,910,000
52,600,000
258,952,000
106,121,000
52, .500 ,000
$
460,764.000
405,739,000
52,500,000
890,438,000
467,845,000
9,390,000
919,003,000
434,193,000
9,067,000
944,440,000
423,889,000
11,691,000
912,346,000
428,338.000
12,687.000
894.240,000
413,715,000
9,748.000
882,471,000
402,693,000
9,402,000
813,252,000
390,765,000
8,001,000
365,073,000
162,085,000
1,852,000
1,370,942,000 1,367,673.000 1,362,263,000 1,380,020,000 1,353,371,000 1.317,703,000 1,294,566,000 1,212,018,000
51,789,000
50,301,000
53,709,000
47,545,000
53,117,000
38,314,000
35,680,000
39,840,000
529,010,000
11,127,000
1,424,059,000 1,421,382,000 1,414,052,000 1,430,321,000 1,400,916,000 1,356,017,000 1,334,406,000 1,247,698,000
138,459,000
161,386.000
130,948.000
140,163.000
134,229,000
129,853,000
197,242,000 t240 ,984.000
195,097,000
197,725,000
174,183,000
194,937,000
149,790,000
201,664,000
202,270,000 tl94,303,000
540,137,000
28,459,000
80,512,000
S
Gold coin and certificates In vault
Gold settlement fund
Gold with foreign agencies
.
$
413,849,000
409,852,000
52,500,000
399,785,000
438,153,000
876,201,000
485,467,000
9,274,000
284,019,000
41,276,000
32,604,000
1,274,000
305,131,000
42,422,000
25,464,000
1,249,000
333,556,000
41,135,000
35,818,000
1,469,000
359,111,000
42,265,000
33,050,000
2,186,000
359,173,000
1,655,000
205,761,000
374,266,000
4,746.000
197,058,000
411,978,000
all, 106, 000
436.612,000
4,113,000
204,106,000
500.000
425,000
201.804.000
500,000
492,000
193,650,000
500,000
1.057,000
$
S
S
S
335,100,000
43,961,000
30,359,000
2,441,000
331,517,000
42,935,000
28,659,000
2,442,000
399,512,000
36,426,000
34,302,000
2,446,000
21,850,000
435,287,000
36,427,000
78,491,000
2,444,000
108,971,000
46,703,000
8,351,000
27,975,000
411.861.000
7,005,000
242,1-67,000 t253,722,000
405,553,000
19,465,000
251,374,000
494,536,000
1,448.000
221,705,000
552,649,000
2,501,000
195,826,000
192,000,000
16,447,000
247,08< .000 t260, 727,000
270,839,000
500,000
851,000
223,153,000
500.000
799,000
198,387,000
500,000
408,000
16,447,000
500,000
3,731,000
1,988,263,000 1,998,444,000 2,021,237,000 2.11P J24,u00 t2074 790 000 2,033,760,000 2,053,394,000 1,999,642,000
752,815,000
204,756,000
5rj,000
1,611,000
500,000
786,000
—
——
AUG. 18
.
THE CHRONICLE
1917.]
Aug. 10 1917. Aug. 3 1917
Jul!/
27 1917. July 20 1917. July 13 1917.
LIABILITIES.
57,970,000
140,447,000
1,101,614,000
Due to members ^reserve acoouQt_.
10,274,000
Due to non-members clearing account
Member bank deposits net
122,493,000
Collection items
Capital paid iu..
Governmeat deposits
—
—
—
689
57 ,881,000
50 ,765,000
,192 8S7,000
12 269,000
57,825,000
143,032,000
,135,456,000
8,547,000
S
$
57,723,000
57,081,000
184,631,000
300,872,000
,104,993,000 1,019,072,000
4,767,000
6,847,000
132,053,000
137,815,000
105,284,000 tl53, 303,000
July 6 1917.
June29 1917. June 22 1917. Aug.
57.657,000
57,176,000
143,626,000
300,366,000
,112.347,000 1,033,460,000
5.000,000
11 1916.
S
55,130.000
53.259.000
$
57,171,000
495,807,000
806,209,000
489.219,000
164.588.000
149,527.000
137,581.000
Total gross deposits
1,374,828,000 1,393,974,000 1,424,850,000 1,519,677,000 tl480 754,000 1,425,561,000 1,483,953,000 1,439,597,000
534,226,000
532,508,000
534,015,000
527,459,000
499,721,000
F. R. notes in actual circulation
549,241,000
540,785.000
508,807,000
2,306,000
2,459,000
1,960.000
1.175.000
934,000
776,000
4,182,000
2,828,000
F. R. bank notes in circulation, net llab.
2,033,000
2,192,000
1,887,000
21.908.000
2,970,000
2,524,000
2,377,000
All otber liab. Incl. foreign Govt, credits
2,039,000
597,608,000
153,228.000
1,691,000
288,000
1.988,263,000 1,998,444,000 2,021,237,000 2,116,124,000 t2074 790,000 2,033,760,000 2,053,394,000 1,999,642,000
752,815,000
,
Total
liabilities. -
Gold reserve against net deposit llab .
Gold and lawful money reserve against
74.8%
74.6%
74.6%
74.2%
74.7%
76.1%
69.9%
65.5%
net deposit liabilities
res. agst. F.R. notes in act. circ'n.
79.3%
90.1%
79.1%
88.2%
78.8%
83.0%
78.1%
81.5%
78.6%
82.8%
79.3%
80.3%
73.1%
81.0%
68.4%
79.8%
Gold
Aug. 10 1917. Aug. 3 1917. July 27 1917. July 20 1917. July 13 1917. July 6 1917. June 29 1917. June 22 1917, Aug. 11 1916.
Distribution by Maturities—
1-15 days bills discounted and bought.
1-15 days municipal warrants
16-30 days bills discounted and bought.
16-30 days municipal warrants
31-60 days bills discounted and bought.
3,819,000
49,000
107,006,000
51,000
42,796,000
1,028,000
94,698,000
20,000
56,506,000
101.000
4,135,000
49,000
$
115,223,000
321,000
44,799,000
51,000
94,431,000
1,028,000
73.893,000
20,000
5,210,000
49,000
$
129,642,000
1,084,000
59,099,000
51,000
87,864,000
1,028,000
77,852,000
20,000
4,654,000
3,000
116,730,000
1,117,000
59,380,000
222,000
80,995,000
1,079,000
73,367,000
20,000
4,628,000
3,000
S
106,557.000
417.000
47.412.000
923.000
98,797,000
1,079,000
74,323,000
20,000
4.428.000
3.000
$
172,168,000
6,000
53,754,000
1,132,000
91,213,000
259,000
77,420,000
1,026,000
4,957,000
23,000
601,227,000
51,983,000
590,389,000
49,604,000
584,464,000
50,449,000
583,937,000
49,711,000
679,957,000
47,449,000
670.725.000
43.266,000
550,504,000
41,697,000
539,976,000
40,255,000
175,602.000
22,374.000
549,244,000
540,785.000
534,015,000
534,226,000
532,508,000
527,459.000
508,807,000
499,721.000
153.228.000
1,002,960,000
171,297,000
983,160,000
169,490,000
983,160,000
166,545,000
974,960,000
164.777,000
965,460,000
161,237,000
944,100,000
159,949,000
924,740,000
155,570,000
903.700.000
154.096.000
299.520,000
63,977.000
831,663,000
230,436,000
813,670,000
223,281,000
816,615,000
232,151,000
810,183,000
226,246,000
804,223,000
224,266,000
784,151,000
213.426,000
769,170,000
218,666,000
749.602,000
209.626,000
235,543,000
59,941.000
601,227,000
590,389,000
584,464,000
583,937,000
579,957,000
570,725.000
550,504,000
539,976,000
175.602,000
277,698,000
262,328,000
230,331,000
218,358,000
218,118,000
203.120.000
198,239,000
187,667,000
112.006.000
115",76b,6o6
24,676,000
183,093,000
122,544,000
22,864,000
182,653,000
150,271,000
21,568,000
182,294,000
160,048,000
22,801,000
182,730,000
151,619.000
23,190,000
187,030,000
157.010,000
22,805,000
187,790,000
147,865,000
23,620,000
180,780,000
149,211,000
24,268,000
178.830,000
13.517,000
10,659,000
39,420,000
601,227,000
590,389,000
584,464,000
583.937.000
579,957,000
670,725.000
550,504,000
539,976,000
175,602,000
Commercial paper delivered to F. R Agt
170,664.000 ,168.233.000
158.473,000
162,733,000
125,588,000
133,478,000
153.398.000
153.136,000
a Amount due to other Federal Reserve banks. 6 Amended figures increasing correspondingly the grand total of Uabllitlea. tRevlaed figures.
16,152,000
S
31-60 days municipal warrants
61-90 days bills discounted and bought.
61-90 days municipal warrants
Over 90 days bills discounted and bought
Over 90 days municipal warrants
^^Federal Reserve Notes
Issued to the banks
—
Held by h.inka
In circulation
Fed. Res. Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller . _ . .
—
.
Amount chargeable to Agent
In hands of Agpnr,
Issued to Federal Reserve banks..
Secured
gold coin and certificates
lawful money
—
How
By
By
By commercial
paper
Gold redemption fund . .
With Federal Reserve Board
.
S
94,373,000
51,000
47,515,000
1,028,000
80,982,000
146,000
57,330,000
.
Total
S
$
S
222,344,000
5,000
60,510,000
370,000
90,445,0001
l,021,000l
1
1
1
1
}
l,028,000i
4,058,000
20,000|
1
1
.
.
136,946,000
57,930,000
WEEKLYSTATEiVlENTofRESOURCESandLIABILITIESofEACHofthel2FEDERALRESERVEBANKSatCLOSEof BUSINESS AUG. 10
Boston.
New
York. Philadel'a. Cleveland. Richmond.
RESOURCES.
Atlanta.
Chicago.
$
S«
St.
Louts.
S
Minneap. Kan. City
Dallas.
ISan Fran
$
'17
Total.
S
Gold coin & ctfs. In vault 25.266.000 216,580,000 25,443,000 32.174,000 6,217,000 7,139,000|40,057,000 4.951.00016.629,000 8,935,000
5.811.000 187,101,000 13,496,000 45,989,000 23,353,000 3.464.000 45.666.000 28,701,000; 8,558,000 31,980,000
Gold settlement fund
Go with for'n agencies. 3.675.000 18,112,000 3,675,000 4,725,000 1,837,000 1,575.000 7.350.000 2,100,000' 2,100,000 2,625,000
,132,00017 ,326,000 413,849.000
,042,00013 ,691,000 409,852,000
,838,000 2 ,888,000 52,500,000
Total gold held by bks. 34,752,000 421,793.000 42.614,000 82,888,000 31,407,000 12,178,000 93.073.000 35,752,000 27,287,000 43.540.000
wlthF. R. Agents, 24,868,000 218.462,000 32,813,000 30,794,000 8,416,000 18,984,000,59,943,000 14,871,000 21,140,000 14.548.000
277,000
500,000
5.250.000
550,000
513,000
13,000
866,000
412,000
242,000
386,000,
redemption Jund..
012,000 33 905,000 876,201,000
076,000 26 552,000 485,467,000
260,000
5,000
9.274,000
60,120,000 645,505,000 75,977,000 113695000 40,689,000 31,574,000 153258 000 51,009,000 48,704, ,000 58, 601,000
Total gold reserves
360, ,000
396,000
,588,000
759,000 2,654,000 2,108,000,
189.000
Legal-ten .notes. silv..&c. 3,276,000 39,718,000 1,601,000
348,000,60, 462,000
355,000
1370942000
113,000 53,117,000
63,396,000 685.223.000 77,578,000 114283000 40,878,000 32,333,000 155912 000 53,117,00049,064,000 58,997,000 32.703.000 60,575,000 1424059000
Total reserves
Bills:
Discounted — Members 15,810,000
market 16,207,000
13.311.000 10,216,000:iO,558,000 14,574,000 4,965,000 16,769,000 9.191,00011.285, ,00012, 428.000
130. 00010, ,739.000
56.510.000 16,894,000]18,026,000 3,626,000
680,000,19.220.000 3.201.000!
113.000 9,009,000 134,229,000
036.000 2,521,000 149,790,000
32,017,000 69,821,000 27,110,000 28,584,000 18,200,000 5.645.000!35.989.000 12,392,00011,415, 00023 167,000
Total bills on hand
610,000
1,306,000
549,000, 5,918,000 1,152,000
704.000 11,651,000 2,255,000, 1,859, 000 8 849,000
U. S. long-term secur's..
U. S. short-term secur's. 2,194,000 5,038,000 2,548,000 3,083,000 1,969,000 3,522,000 3,630,000 1,471,000, 1,564, ,000 1 ,789,000
,149,00011, 530,000 284,019,000
Bought
in
open
Municipal warrants
131,000
,896,000
46,000
1,097,000
Total earning assets.. 34,821,000 76,165,000 30,338,000,38,682,000 21,321,000 9,871,000 51,270,000
Due from
,970,0001 2 453,000
16, 1 18 ,00014,238 ,000133 ,805 ,000 14
3,
41,276,000
900,000 32,604,000
1,274,000
061.000 17,883,000 359,173,000
other Federal
Reserve banks
4,554,000
— Net. 13,931,000
Uncollected Items
Total deductions from
44",6'96".600
3,373,000
5,028,000
2,302,000 1,278,000 14,069,000
27,417,00016,411,000 9,843,000 10,589,000 32,263,000 12,356.000 6.401.000,10.715.000
255',o56
884,000 al,655,000
884,000 205.761,000
18,485,000 44,696,000 30,790,000,16,411,000 12,145,000 11,867,000 46,332,000 12,356,000, 6,401,000 15,743,000 9,255,000 14,768,000 204,106,000
gross deposits
5%
redemp. fund against
Fed. Res. bank notes.
135',600
"i",o66
All other resources
III I
28,000
23,000
400,000
5,000
100,000
233,000
500,000
425,000
116702000 806,084,000 138706000 169377000 74,344,000 54.206.000 253514000 81,619,000 70,326,000,108950000 56,352,000 93,226,000 1988263000
Total resources
LIABILITIES.
5,135,000
Capital paid In
12.125.000 5,277,000 6,365,000 3.443,000 2,387,000 7,513,000 3,267,000; 2,524,000 3,203,000
2,231,000: 4,430,000! 3,767,000
4,415,000 94.601.000 3,007,000 2,764,000 5,903,000 1,418,00013,581,000
Government deposits.
Due to members Re-
—
757,000
354,000
974,000 57,970,000
976,000 140,447,000
68,393,000 431.518.000 65,829,000,94,601,000 36,528,000 25,048,000 146205000 43,100,000 36,136,000,66,697,000 28,915,000 58,644,000 1101614000
serve account
Due
to non-members
clearing account
Collection Items
Due to F. R. banks
—
10,018.000
256,000 10,274,000
io.2bV,6o6 24,046,000 21.774,000,12.636,000 9,347".600 5,083",060 15,568,000 7,593,000 2,597,000 6,347,000 2,860,000 4,441,000 122,493,000
13,946,000
308,000
6,205,000
589,000
Net
14.095.000
*'^Total gross deposits.. 83,009,000 574,129,000 90,610,000124096000 51,778,000 31,549,000 175354000 59,129,000 43,471,000 76,811,000 34,718,000 65 317,000 1374828 000
F.R.
notes in act. clrcul. 28,203,000 218,478,000 42,582,000,38,916,000 19,086,000,20,270,000 70,609,000 19,223,000 24,331,000 24,754,00018,877,000 23 915,000 549,244,000
4,182,000
4,182,000
F. R. B'k notesin clrcul.i
All other liabilities, Incl.
foreign Govt, credits.;
Total
liabilities
355,000
1,352,000
237,000
20,000
3§,000
37,000
2,039,000
116702 000 806,084,000 138706 000 169377 000 74,344 ,000 54,206 ,000 253514000 81,619,000 70,326,000108950000 56,352,000 93,220,000 1988263000
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUGUST
Boston.
New
York. Philadel'a
Cleveland.
Richmond
Atlanta.
Chicago.
St Louis.
Minneap. Kan.
City
10
Dallas.
1917
San Fran.
Total.
$
Federal Reserve Notes
$
Rec'd from Comptrol'r 62,680,000 459,760, 000 66 900,000 54 ,000,000 34,080,000 37,180,000 108820000 31,100,000 38,640,000 42,720,000 36,920,000 30,160,000 1002960000
Returned to Comptr'r 11,312,000 87,778, OOOIO 287,000; 6 ,266,000 11,915,000 7,025,000 2,927,000 5,952,000 6,414,000 8,038,000 9,775,000 3,608,000 171,297,000
Chargeable to F. R. Agt 51,368,000; 371,982 00056 613,00047, 734,000 22,165,000 30,155,000 105893 000 25,148,000 32,226,000 34,682,000 27,145,000 26,552,000 831,663,000
230,436,000
In hands of F. R. Agent. 16,.500,000| 128,520 ,000 13 000,000 4 940,000 2,640,000 8,200,000 29,900,000 3,240,000 6,090,000 9,280,000 8,126,000
Issued to F. R. Bank. 34 ,868 ,0001 243 ,462 ,000 43,613,000 42,794,000 19,525,000 21,9.55,000 75,993,000 21,908,000 26,136,000 25,402,000 19,019,000 26,552,000 601,227,000
Held by F. R. Agent
21,210,000 207,805 ,000 4, 220,000 8
Gold coin and ctfs
Gold redemption fund 1,6.58,000 10,657, ,000 2, 234,000 2
With Fed. Res. Board 2,000,000j
26, 359,000!20
Commercial paper
10,000,000 25,000,000 10 800,00012
Total
3,353,000 14,102,000 2,370,000 12,610,000
586,000
277,698,000
3,442,000
878,000 1,288,000 1,118,000 1,062,000
862,000 24,676,000
208,000
393,000
416,000 1,002,000
404,000 25,690,000 183,093,000
000,000 8,000,000 13,640,000 59,550,000 10,640,000 5,750,000 11,060,000
115,760,000
000,000 11,109,000 2,971,000 16,050,000 7,037,000 4,996,000 10,854,000 4,943,000
34,868,000243,402,000 43,613,000 42,794,000 19,525,000 21,955,000 75,993,000 21,908,000 26,136,000 25,402,000 19,019,000 26,552,000 601,227,000
of commerc'l paper!
delivered to F. R. Agt 10,149,000
Amt.
26,706,000 10,804,00012,000,000 18,150,000 2,978,000 16,244,000 7,044,000 4,996,000 11,289,000 5,228,000
F.R. notes outstanding . 34,868,000 243,462 00043 613,000 42 794,000
F.R. notes held by banks; 6,665,000, 24,984 000, 1 031,000 3 878,000
125,588,000
19,525,000 21,9.55,000 75,993,000 21,908,000 26,136,000 25,402,000 19,019,000 26,552,000 601,227,000
648,000
142,000 2,637,000 51,983,000
439,000 1,685,000 5,384,000 2,685,000 1,805,000
F.R. notes In act.clrc'ni28,203.000!218,478,000l42, 582 ,000'38, 916,000 19,086,000 20,270,000 70,609,000 19,223,000 24,331,000 24,754,000 18,877,000 23,915.000 549,244.000
THE CHRONICLE
690
(Vol. 105
—
Statement of New York City Clearing House Banks and Trust Companies. The following detailed statement
The figures for the
shows the condition of the New York City Clearing House moinljors for the week ending Aug. 11.
In tlie cas(! of the totals, actual figures at end of the week are also
separate banks are the averages of the daily results.
The surplus reserves are calculated on the basis of new reserve requirements as fully explained in "Chrongiven.
icle," Volume 105, pages 229 and 127.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
IState
Loans,
Discounts.
Investments.
Gold.
Hank
and
Legal
Tenders.
Average.
%
42,178,000
Reserve Bank.
of N. Y.. N.B.A.
Merchants' Nat. Bank.
$
$
5,220,000
2,000,000
2,500,500
2,000.000
9,979,400
6,000,000
25,000,000 €45.955,600
8.676.100
3,000.000
871.800
1,000,000
84,200
300,000
5,315,100
5,000,000
25.000,000 20,236,000
3,500,000
2,294,200
3,000,000 16,601,300
2,550,000
2.594,800
2,107,800
1,000,000
3,600,000
6,875.900
1,500,000
7,868.000
6,000,000 16,807,900
250.000
85.100
1,000,000
3,627,000
10,000,000 26,399.900
4,000.000
4,558,900
1,299,800
500.000
10.000,000 12,603,100
1,000,000
1,990,500
1,000,000
1.362,700
250,000
432,000
1,000,000
3,168,300
1.000,000
4,001,900
1,000,000
848,300
1,000,000
1,170,900
1,000,000
1,142,900
1,500,000
1,123,000
Mech.A Motal8 Nat...
National City Bank...
Chemical Nat. Bank...
Nat Bank
.
Nat. Butchers & Drov.
American Exch. Nat...
Nat. Bank of Comm..
Chat. & Phenlx Nat...
Hanover Nat. Bank
CItlrens' Nat. Bank...
Market & Fulton Nat..
Com Exchange Bank..
Importers' & Trad. Nat.
Nat. Park Bank
East River Nat. Bank.
Second Nat. Bank
First Nat. Bank.
Irving Nat. Bank
N. Y. County Nat
Chase Nat Bank
Lincoln Nat. Bank
Garfield Nat. Bank
Fifth Nat. Bank
Seaboard Nat. Bank...
Liberty Nat. Bank
Coal & Iron Nat. Bank.
Union Exch. Nat. Bank
Nassau Nat., Brooklyn
Broadway Trust Co...
.
Average.
$
321,000
22,866,000
137,000
134,904,000 6,946,000
459,175,000 1,606.000
54,990,000
518,000
14.510,000
84,000
2,385,000
32,000
101,185,000 1,898,000
292,008,000 2.447,000
68,151,000 1.742,000
140,699,000 10,067,000
32,806.000
146,000
10,847,000
241,000
104,993,000 2,142,000
32,754.000
487,000
167.629,000
864,000
2,746.000
45,000
19,260,000
191,000
168,872.000 2,244,000
88.367,000 1,323,000
9,537,000
211,000
255,500,000 4,502,000
18,200,000
414,000
10,759.000
162,000
54,000
6,879,000
44,733,000 1,111,000
74,255,000
982,000
226,000
10.818,000
11,631,000
176,000
120,000
12,000,000
25,970,000
447,000
Average.
S
108.000
Average.
$
182,000
115,000
536,000
3,823,000
1,586,000
805,000
336,000
50.000
750.000
928.000
920,000
1,963,000
742,000
426.000
2,044,000
147,000
797,000
129,000
407,000
1,240,000
2,783,000
108.000
2,219.000
250,000
3,140,000
372,000
179,000
34,000
687.000
2,458,000
648,000
946,000
46.000
33,000
399,000
1,085,000
513,000
31.000
72,000
572,000
494,000
54,000
3,493,000
300,000
96,000
90,000
707,000
46,000
117,000
105,000
90,000
180,000
1 1 1
,000
286,000
216,000
800.000
139.000
168,000
267,000
230,000
641.000
Totals, avge. for week 123,850,000 217,811,900 2,441,667,000 41,886,000 17,534,000 25,595,000
actual
actual
actual
actual
Totals,
Totals,
Totals,
Totals,
condition
condition
condition
condition
State Banks.
Bank
Bank
Aug. 11..
Aug. 4
July 28...
July 21...
Not
of Manhattan
of America
Co.
Mem
bers
Bowery Bank..
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Gennanla Bank
Bank of the Metropolis.
West Side Bank.
N. Y. Produce Exch...
State Bank
week
12,150,000
26,681.700
Greenwich Bank
Pacific
Bank.
Bank.
People's
Metropolitan Bank
Totals, avge. for
Trust Companies.
Mem
Bank
Circula-
Deposits.
Deposits.
Average.
S
36,174,000
18,760,000
141,018,000
Average.
i
3,287,000
126.000
6.389.000
7,464,000
1,488.000
1,064,000
taries.
Average.
S
26,1.54,000
93,746.000
8,320.000
1,779.000
215.000
14,587,000
41,829.000
8,844,000
29,260.000
4,260.000
1,649.000
13,141,000
4,012,000
21.443,000
489.000
2,117,000
49,429.000
15.885,000
,000
206,000
15,000
119,000
105,000
326,000
205,000
104,000
30,000
69,000
376,000
19,000
96,000
28,000
150,000
1,2.32,000
37.054,000
2.404.000
1,597,000
770.000
11,257,000
17.448,000
1,401.000
1.734.000
1,221,000
3,265,000
7.730,000 426,419,000
Sant.
5,857,000
5,108.000
996,000
391,000
154)000
1,245,000
365,000
826.000
6.571,000,
17,358.000 2,402,000
313,000
5,254,000
686,000
6,523,000
859,000
15,799,000
349,000
4,091.000
17,462,000 1,315,000
22,514,000 2,116,000
561 ,000
1,129,000
250,000
251,000
74,000
391,000
27,000
102,000
114,000
44,000
56.000
201.000
106,000
283.000
529,000
398,000
534,000
390,000
335,000
144,000
541.000
55,000
24,000
1,189,000
111,000
201.000
591,000
8,616,000
148,000
802,000
478,000
173,000
1.414.000
228,000
297,000
18,665
38,000
460,000
529,000
157,000
42,000
350,000
134,000
36,000
104,000
45,000
4,000
32,000
90.000
110,000
70,000
38,000
121.000
352,000
228,695,000 22,982,000
4,118,000
6,593,000
1,685,000
15,951,000
21,330,000
22,723,000
22,738,000
21,338,000
4,061.000
4,027.000
4,301,000
5,199,000
5,444,000
5,560,000
5,624,000
5,787.000
1,670,000
1.488,000
1,770,000
1,740,000
12,652,000
17,991,000
17,653.000
13,932,000
1,411,000
11,126,000
2,715,000
1,417,000
18,602,000
409.000
839.000
3,406,000
1,117,000
5,218,000
876,000
620,000
2,647,000
2,381,153.000
2.383.701.000
2,332.276.000
2,340,541,000
91 ,000
20,000
65,000
56,000
2,173,000
66,466,000
33,449,000
13,360.000
9,567.000
2.885.000
16,814,000
3.860.000
6,204,000
18,435,000
4,665,000
6,729.000
14.430,000
4,009,000
17,995,000
25,145,000
..
150,000
35,000
2,518,000
234,013,000
389,000
2,087,000
2.502.000
1,714,000
1,741,000
228,578,000
234,796,000
233,212,000
228,466,000
389.000
421,000
404.000
425.000
3,402.000
7,562,000
3,780.000
1,298,000
4,721,000
660.000
323,000
3,134,000
1,445,000
3,450.000
1,019.000
399.000
2,992,000
28,209,000
222,520,000
54,307.000
28.345.000
372.045.000
8.207.000
16.770,000
68,119,000
22,334,000
63,942,000
17,515.000
12,406,000
52,933,000
4,639.000
29,678,000
11.431.000
1.271.000
37,376,000
742,000
711.000
20.889.000
1.164.000
7,049.000
1,574.000
1.511.000
4.113,000
393,000
92,000
114,000
188,000
541,000
70.000
421.000
250.000
114.000
93.000
398.000
84.000
50,000
272,000
253,000
183,000
140,000
484,000
72,000
37,000
684,000
261.000
32.000
175,000
279.000
66.000
308,000
446,000
180,000
193.000
681,000
36,000
54.000
330,000
221.000
74,000
150,000
67.000
493.000
Totals, avge. for week
62,750,000
98,040,000 1,125,627,000 92,375,000
2,808,000
2,938,000
3,233,000
50,403,000 34,185,000
967,652,000 122148000
Aug. 11...
Aug. 4...
July 28...
July 21...
1,112,218.000 88,435,000
1,139,588.000 98,406,000
1.132.572,000 109707000
1.129,609,000 99.877,000
2,700,000
2,959,000
2,729,000
3,088.000
2,870.000
3,107,000
2.975,000
3,148.000
3,457,000
49,381,000
49,144,000
48,956,000
48,389,000
941,426.000
982.320.000
978.726.000
966.023.000
condition
condition
condition
condition
51,656
3,552,000
60.000
759,000
4,587,000
640,000
198,000
650,000
897,000
400,000
247,000
70,000
499,000
414,000
398,000
50,000
26.000
146,000
32,000
Bank.
of Fed eral Reserve
35,306,000 1,826.000
3,194,900
16,268,100 249,168,000 21,582.000
66,387,000 4,965.000
4.619.300
44,601.000 2,316,000
12,454,900
411.079,000 41,103.000
28,274.400
659,000
10,431,000
1,224.100
24,831,000 1,145,000
5.378.600
90,103,000 5,613.000
6,547.700
24,425,000 1,212.000
1,537,900
78,978,000 4,712.000
11,664,500
19,248,000 1,394,000
1,282.100
819,000
13,409,000
526,000
57,661,000 5,029,000
5,067,500
actual
actual
actual
actual
1,738,000
200.000
1.015,000
121.000
Reserve
1,500,000
11,250.000
2,000.000
5,000.000
25,000,000
1.000,000
4,000,000
5,000,000
1,000,000
3.000,000
1,000,000
1,000,000
2,000,000
Totals,
Totals,
Tc'als,
Totals,
779.000
1,833,000
3,768,000
1,782,000
440,000
150.000
49.000
4.958,000
83,160.000 30,365,000
81,9.57,000 80.215.000
76.783.000 30.157.000
75,921,000 29.960,000
Brooklyn Trust Co
Bankers Trust Co
U.S. Mtge. & Trust Co.
Title Guar. & Trust Co.
Guaranty Trust Co
Fidelity Trust Co
Lawyers Title & Tr. Co.
Columbia Trust Co
Peoples Trust Co
New York Trust Co...
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust Co.
Not
Average.
S
bers
2,.541,000
3,413.000
3,160,000
31,314,000
39.988.000
42.578.000
19.501,000
122027 000
122815000
125240000
124602 000
Grand aggregate, avge. 198,750,000 342,533.600 3,795,989,000 157243 000 24.460.000 34,126,000 12,648,000 491,773,000 36.703.000 a3599.072.000 205580000 30,295,000
+ 43,244.000 -1,830,000
Comparlson prev. week
condition
Grand
Grand
Grand
Grand
condition Aug. 4... 3,756,208,000 K,34740nO
condition July 28... 3.773.538.000 176427000
condition July 21... 3.761,823.000 164426000
3.886,820.0001166839000
condition 'July 14
actual
actual
actual
actual
-31,944,000 -7.461,000
+ 10.236.000 + 1011000
+ 33.000
Aug. 11... 3,871,776.000 152230000 24,145,000 33,406,000 12,226,000 436,821,000 33,401,000 b3551157,000 205576000 30.365.000
+ 115,568,000 -11244000 —1735000 + 1183000 + 492,000 —93187 000 —9089000
49,660.000 + 383,000 + 150.000
Grand aggregate, actual
Comparison prev. week
aggregate,
aggregate,
aggregate,
aggregate,
+ 279,000 + 376,000
-1,035,000
—
b U.
a U. S. deposits deducted, $144,706,000.
25.880,000 32,223.000 11,734,000
26,762.00(1 35,453,000 12.700,000
27,344,000 35.249,000 12,980,000
32.537.000 35,705,000'14,025,000
S. deposits deducted, $204,938,000.
530.008.000 42.490,000
447.748.000 44,292.000
492,975,000 21.242,000
399,538.000131,099,000
b3600817,000 205193000 30.215,000
b3544214.000 202427000 .30.157.000
b3 535 030 000 21)0948000 29,960.000
b3602747000 194588000 '29.754,000
c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Members Federal
Casli
Reserve
Reserve
in Vault.
In
Depositaries
Inc.
a
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
425,419,000 425,419.000 314,154,200 111,264,800
Reserve Bank...
8,206.660
34,378,000 15,951,000 50,329.000 42,122,340
State Banks*
Trust Companies*. 101,354,000 50,403,000 151,767,000 145,147.800; 6,609,200
Total
Total
Total
Total
•
S
c
Dec
or
e from
Previous
Week
——30,394,910
4,780,920!
+ 2,364,150,
Cash
Reserve
in Vault.
Reserve
In
Depositaries
b
Total
Reserve.
Inc.
Reserve
Required.
Surplus
Reserve.
or
Dec.
e from
Previous WeeX.
$
S
d
374,888.000 374,888.000 312,044,690 62,843.310 —87,689,850
32,505,000 12,552,000 45,057,000 41,144,040
3,912,960
—5,612,760
97,112,000 49,381.000 146,493,000 141,213,900
6,279,100
—3,397,900
Aug. 11... 135.732.000 491.773.000 627.505.000 .Ml .424.340 126.080.660 —32,811,680 129,617.000 436.821.0001.566.438.000 494.402.630 72.035.370 —96.700,510
Aug. 4... 135.468,000 523.717.000 659.185.000 500.292,660 158,892,340 + 26.854.260' 140.679 .000 530 ,00S .000 R70 ,687 .000'501 .951 1 20 168.735.880 + 61,844,310
July 28... 151.716.000,477.6.53.000,029.269.000 497,230,920132.038.080 + 66,884,530, 1.13.430.000 447,748.000 601,178.000 494.286.430106.891.570 —37,154,140
.
July 21... 135,785.000'418.834,000l554.619.000 489,465.460 65,153.550
Not members
of Federal
Reserve B.ink.
,137.760! 143 .646 .000 492 .976 .000 636,62 1 ,000!492 ,675 ,290 144 .045,7 10
+ 107,900.770
w v
the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank Includea
on net time deposits, which was as follows: Aug. 11, $2,491,290; Aug. 4. $2,405,970: July 28. $2,289,330: July 21, $2,315,580.
b This Is the reserve required on net demand deposits In the case of State banks and tru3t_eomp:inIe9. but In the case of members of the Federal Reserve Bank Includea
also amount of reserve required on net time deposits, which was as follows: Aug. 11, $2,494,800: Aug. 4. $2,458,710: July 28. $2,303,490: July 21. $2,277,630.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 11, $92,746,000: Aug. 4. $95,219,000;
July 28, $99,616,000: July 21. $97,462,000.
^
. .^
x, .,
,„
d Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 11, $92,390,000: Aug. 4, $92,632,000;
July 28, $97,912,000; July 21, $96,363,000.
a This
also
Is
amount
of reserve required
;
i
1
?
.
'
2,397,407,000 83.043,000 30,295,000
374,888,000
462,873,000
381.239.000
430,654,000
189,000
404,000
827.000
240,000
1,210,000
1,073,000
,
1
474,984,000
50,120,000
12,893,000
1,881,000
88,051,000 9,675,656
274,718,000 11.582,000
65,484,000 6,712,000
157,939,000
28,654,000
519,665
10,563,000
104,398,000
27,283.000
100,656
157,361.000 3,431,000
2,837,000
15.801,000
166,858,000 1,130,000
96.350.000
221,000
9.896,000
240,789,000 23,927,000
17,463,000
29,000
9,882,000
200,000
5,468,000
387,000
52,404,000
16,000
73,396,000 2,362,000
10,405,000
430.000
10,827,000
456.000
10,115,000
660.000
24,635,000 1,488.000
7,449,000
7,271,000
7,782,000
7,783,000
228,379,000
228.354,000
227.259.000
224,511,000
Totals, actual condition July 21...
Net
Time
2,-388, 000
48,000
9,000
275,000
128,000
697.000
209,000
49,000
344,000
2,173,000
18,000
400,000
1 1
Net
Demand
25,092,000
24,122,000
26,416,000
26,302,000
50,309,000
34,878,000
12,950.000
9.606,000
3,161,000
17,955,000
4,264.000
Totals, actual condition Aug. 11...
Totals, actual condition Aug. 4...
Totals, actual condition July 28...
taries.
Average.
%
6,489,000
Average.
S
122,000
53,000
195,000
1,083,000
68,000
National
teitn
Legal
Deposi-
17,384,000
18,894,000
19,732,000
19,057,000
of Fed eral
5,283,800
6,884.500
1.337.600
994,200
488.000
2,109,400
806,200
848,000
2,431,000
831,900
778,100
2,244,300
110,000
677,600
587,100
Deposi-
Additional
Deposits
42,465,000
42,345,000
43,982,000
43,211,000
2,531,179,000
2,388,266,000
2,413,707,000
2,407,703,000
2,050,000
1,500,000
500,000
600,000
200,000
2,000,000
250,000
750,000
100.000
200,000
400,000
1,000,000
200,000
1,000,000
1,500,000
Reserve
mlth
Legal
Federal
Reserve
Notes.
•Slicer.
Banks June 20/
of Federal
Bank
Atlantic
Net
ProfUs.
/Nat. Banks June 20\
Autt. 11 1917.
Members
National
•
Capital.
||
.
AUG. 18
THE CHRONICLE
1917.]
In addition to the returns of "State banks and trust companies in New York City no< in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State.
The figures are compiled so as to distinguish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the vai*ious items
are made up, see "Chronicle," V. 98, p. 1661.
i
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22 1917
were published in the "Chronicle" May 19 1917 (V. 104, p.
The regulations relating to calculating the amount
1975).
of deposits and what deductions are permitted in the computation of the reserves were given in the "Chronicle" April 4
1914 (V. 98, p. 1045).
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
In New York City not in the Clearing House, and these are
shown
in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from
(Figures Furnished by State Banking Department.)
Loans and Investments
Specie
Currency and bank notes
DuefromF.R. Bank of New York..
Total deposits
Deposits eliminating amounts due from reserve
Aug. 11.
$832 ,055 ,800
59.836,200
10,398,900
3,166,700
1,031,970,100
and Irom otlier banks and trust
companies In N. Y. City, and exchanges and
U. S. deposits..
previous week.
Dec. $1,349,400
390.900
Dec.
640.200
Inc.
<
1,000,700
6,547,400
Inc.
Dec.
depositaries
Reserve on deposits
Percentage ol reserve, 29.2%.
Cash in vaults
Deposits in banks
and
835.687.000
225,876,000
RESERVE.
$31,335,100
Total
Dec.
— Trust Companies
State Banks
$12,026,000 10.63%
19,309,100 17.08%
trust cos
3,080,000
216,200
Inc.
27.71%
$61,375,800
133,165,100
9.30%
20.18%
$194,540,900
29.48%
STATE BANKS AND TRUST COMPANIES.
New York
City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Wt omit two ciphers in all these figuret.
The averages
Loans
and
Demand
Investments
Deposits.
Specie.
$
4.462.874.0
4.509,946,4
4,568.490.8
4.595.549.2
4.663,499.0
4.674,645,6
4.687,753,2
4.717.858,8
4,710,961,4
4,648,569,3
4,619,359.2
4,586,150.2
4.628,044.8
$
4.459.324,2
4.697.379.1
4,510.318.2
4,501,821.4
4.469,643,2
4,326,846.6
4.301,435,6
4,347,431.5
4,470.813.5
4,357,673.4
4,414,094,9
4.421.443,0
4.434,759.0
490.314,9
473.596,9
475,815.8
422.145.7
384,989.4
329,535,0
291,239.7
266,628,2
259.984,4
253,222,4
272,244,7
253,147,1
251,205,2
Week
Ented
—
May
M»y
June
June
June
June
June
JiUy
July
July
July
Aug.
Aug.
19...
26...
2
9...
16...
23...
30...
7...
14...
21...
28...
4...
11..
of the
Total
t
Legal
Tenders.
$
54,030,7
52,629,4
51,011,1
49,912,3
53.462,7
53.222,1
63.677,3
66,170,5
57,716.8
51,494.8
50.081,6
42,216,7
42.943,0
Cash in
Reserve in
Deposi-
Weekenied Aug.U.
$
461,187.3
476,879,4
448,008,4
426.299,4
433.165,4
436,413,5
510,708,4
611,983,4
619,631,5
542.251,6
622.761,8
677,656,8
644,247,2
%
544.345,6
526,226,3
526,826,9
472.058.0
438,452,1
382,757,1
344.917,0
322,798,7
317,701,2
304.717,2
322,326,3
295,363,8
294,148,2
Surplus as of Jime 20
Loans and investments..
Change from last week.
Non-Member Banks and Trust Companies.
institutions
which are not included
$
24,050,000
S
89,550,000
$
*12,238,000
41,732,300
178,822,000
15,228,300
17,526,400
433,573.800 1,857,513,000
+ 2,469,900 —12,105,400
182,205,300
+ 797,100
304,255,200
+ 2,689,900
193,543,400
+ 819,800
313,953,000
+ 3,570,700
Specie
Change from last week.
35,328,000
+ 541,000
147,299,200
471,200
Currency and bank notes.
Change from last week.
18,027,800
+ 167,800
13,257,100
+ 617,600
Due from F.R.Bk.ofN.Y.
Change from
Change from
19,774,400
9,732,800
week.
—8,698,000
+ 4,199,300
last
week.
553,701,700 2,234,241,700
+ 901,200 —17,634,800
Reserve on deposits
Change from last week
109.961,100
397,161,000
—7,872,100
—7,826,100
31,054,800
+ 781,300
+ 1,114,000
25.1%
26.0%
23.6%
24.0%
19.2%
18.8%
16.2%
16.0%
P. C. reserve to deposits.
Percentage last week..
+
Increase over last week.
— Decrease from
last
week.
Week Ending Aug.
Capital.
Net
Loans,
Profits.
Discounts,
Investments,
11 1917. /Nat. bank 8 June 201
\ State banlcs June20f
Members of
Federal Reserve
Bank
Battery Park Nat. Bank
First Nat. Bank. BrooklsTi...
Nat. City Bank. Brooklyn...
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken
Second Nat. Bank, Hoboken.
Total
.
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Columbia Bank
International
-
Bank
New Netherland Bank
W. R. Grace & Co.'s Bank...
York vllle Bank
Mechanics' Bank, Brooklyn..
North side Bank, Brooklyn..
Total
Reserve
Bank
&
Legal
Tenders.
Gold.
Average.
February 28.
is the report made to the Clearing House by clearing
"Clearing House return" on the preceding page:
National
&c.
»
39,065,000
—Following
in the
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE
CLEARING
NON-MEMBERS.
19.606,700
—
last
Deposits ..
t Included with "Legal Tenders" are national bank notes and Fed. Reserve notes.
non-member
Trust Cos.
State Banks
State Bank*
Trust Cot.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N.Y. Or eater N.Y.
Capital as of Jime 20
taries.
Vault.
691
Average.
$
400,000
300.000
300,000
400.000
250,000
220,000
125,000
S
442.700
697.800
626,500
1,318,200
768,700
629,400
338.200
%
5,608,000
6,496,000
5,818,000
6,236,000
5,390,000
6.802.000
5,843,000
i
90,000
65,000
93,000
218.000
101,000
58.000
43,000
1,995.000
4.820.500
42,193,000
100.000
400.000
300.000
500,000
200.000
200.000
500.000
100,000
1.600.000
200.000
453,300
1.003.400
725,100
133,000
500,800
226,000
562.700
564,500
781.800
173.400
4,100.000
Silver.
Average.
%
76,000
17,000
47,000
Average.
$
with-
Reserve.
Legal
Deposi-
Notes.
taries.
Average.
Average.
Federal
•
Additional
Deposits
Legal
Deposi-
Net
Net
Demand
Bank
Time
Circula-
taries.
Deposits.
Deposits.
tion.
National
with
Average.
$
1.281.000
552,000
770.000
4,106,000
852,000
783,000
702,000
Average.
$
5,830,000
5,193,000
4,882.000
5,776,000
3.940.000
2.670.000
2.749,000
221,000
3,368.000
2.415,000
294,000
120.000
396,000
194,000
217,000
99,000
7.003,000
1,514.000
Average.
$
27,000
555,000
586,000
11,000
10,000
20,000
64.000
94,000
102.000
75.000
84.000
30.000
54,000
$
4,000
8,000
12,000
52,000
124,000
71,000
23,000
$
1,048,000
551,000
505,000
850,000
298,000
333,000
278,000
668,000
767,000
503,000
294,000
3,863.000
9.046,000
31,040,000
2,426,000
8,482,000
9,881.000
4,704.000
7.566.000
4,344,000
6,560.000
6.649.000
19.234.000
4,705.000
164,000
450,000
666,000
364,000
671,000
166,000
302.000
499.000
880,000
280,000
10,000
172,000
23.000
56,000
450,000
300,000
38,000
157,000
216.000
22,000
60,000
85,000
147,000
93.000
38.000
85,000
174,000
35,000
275,600
699.000
98,000
95,606
356,000
115,000
118.000
539,000
574,000
325,000
472,000
319,000
150,000
436.000
1,178,000
235,000
40,000
677.000
300.000
864,000
224,000
69,000
452,000
249,000
2,772,000
391,000
1,966,000
8,977,000
9,575,000
4,560,000
7,616,000
4,341,000
2,683,000
7,266.000
19.630.000
4,313,000
308,000
286.000
2,765,000
7,000
50.000
400,000
5,124,000
74,551,000
4,442,000
644,000
2,289,000
1,011.000
4,346,000
6,028,000
70,927,000
4,038,000
500.000
200,000
1,095,800
335,000
9,759,000
6,717,000
507,000
109,000
38,000
39,000
26,000
68,000
84,000
64,000
376,000
183,000
978,000
472,000
7,534,000
3,652,000
1,347,000
2,984,000
700.000
1,430.800
16,476,000
559,000
1,450,000
11,186,000
4,331,000
ss'.ooo
91,000
1,000
417,000
Average.
S '•*
194,000
222",666
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
616,000
77,000
94,000
148,000
Grand aggregate
Comparison previous week
6,795,000 11,375,300 133,220,000
+ 865,000
5,726,000
+ 64,000
1,488,000
+ 260,000
2,886.000
+ 46.000
1,453,000
37.000
8,768,000 16,524,000 all3, 153,000 15,372,000
+ 221.000 + 432,000 + 1,197.000 —26,000
1,514,000
Grand
Grand
Grand
Grand
Grand
6.795.000
6,795.000
6.795.000
6,795,000
6.995,000
132,355.000
133.119.000
133,104,000
131.355,000
132.552,000
5,662.000
5.805.000
6,335.000
6.210.000
6.018,000
1.228,000
1.216.000
1,280.000
1.419.000
1.346.000
2.840,000 1.416.000
3,000,000 1,524.000
2,986,000 1,430,000
3,301,000 1,483.000
3,253,000 1,408.000
8,547,000 16.092,000 alll,956.000 15.,598 ,000
9,094.000 13.421.000 all4.636.000 15,l!38.0n0
9,419.000 13.128,000 all5.591.000 15,337.000
9.930.00(1 13,792.000 all5,285.000 14,644,000
9.015.000 14.628,000 0114,921,000 14.194,000
1,514.000
1.512.000
1.515.000
1,514,000
1,509.000
Total
aggregate
aggregate
aggregate
aggregate
aggregate
a U.
Aug.
4
July 28
July 21
July 14
June 7
11,375.300
11.375. 300
11.375.300
11.319.900
11.235,000
B. deposits deducted, $3,829,000.
• "National
bank notes" and "Federal Reserve notes," previously reported separately, now consolidated.
—We
Boston Clearing House Banks.
summary showing the totals for all the
give below a
items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug. 11
Change from
Aug. 4.
1917.
previous week.
1917.
Circulation
$5 ,681.000
Loans, disc'ta* investmenta. 451 ,796,0001
Individual deposits, Incl.U.S. 3.58 ,845.000
124 ,266,000
Due to banks
36 ,.554.000
Time deposits
Exchanges for Clear. House. 13 ,943,000
other
banks
76 ,757,000
Due from
Cash In bank A In F, R. Bank 56 ,781,000
Reserve excess In bank and
Federal Reserve Bank
16.443.000
I
—
Inc.
Inc.
$4 .000 $5,677
3.985 000 455,781
642 0003.58,203
36 ,000 124,2.30
2.709 000 33.845
4.251 ,000 18,194
3.069 ,000 73,688
1,215 000 54,966
Inc.
1,547,000
Inc.
Dec.
Inc.
Inc.
Inc.
:
Dec.
:
:
Jtttu
28
1917.
000 $5 655.000
000 463 .3.39.000
000 355 .843.000
000 127 014,000
000 34 ,155.000
000 15 .097,000
000
69 820.000
58 ,110,000
14,896,0001
17,291,000
000;
Banks. Beginning with July 21 the
Philadelphia Clearing House returns have been issued in
altered form, and excess reserves are now calculated on the
Philadelphia
+
basis of 10% reserve for demand deposits and
for time
Previously the basis was 15% against demand
deposits.
Reserve requirements of trust companies
deposits alone.
remain on old basis of 15%. See volume 105 page 333.
3%
Week ending Aug.
Two
Ciphers
(00)
Nat. Banks Trust Cos.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear .House
Due from banks.
.
-
Bank
deposits
Individual deposits
Time deposits
U.S.depositsCnot Included)
Res've with Fed. Res. Bk.
Cash reserve
In vault
Total reserve held
Reserve required
11
1917.
omitted.
$20,475.0
46,071,0
395,509,0
17,733,0
113,421,0
156,155,0
332,237,0
3,894.0
492,286,0
11.000.0
33.432.0
152.722.0
2.553,0
3,239,0
3,545.0
131.675,0
4'0",68b",6
T5',262',0
17,436,0
58,116,0
35,839,0
22,277,0
7.379,0
22,641,0
19,414,0
3,227,0
13"5",22b",6
Aug. 4
Total.
31,475,0
79,503,0
548,231,0
20,286.0
116.660.0
159,700,0
463,912,0
3,894,0
627,506.0
13,629,0
55.942.0
24.815.0
80.757.0
55.253.0
25,504,0
1917.
July 28
1917.
$31,475,0
79.500,0
548.829,0 J5'5'4,567'6
22,417,0
18,849,0
122,060.0 117.609.0
163,500,0 164.547,0
465,605,0 457,260.0
3,852,0
3.519,0
632.957,0 625.326,0
14,421,0
20.684,0
55,052,0
65.990.0
25,167.0
26,116,0
80.219,0
82,106,0
55.018,0
55,060.0
25,201,0
27.046.0
THE CHRONICLE
693
I
Vol. 105.
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER MAY
Undi-
No.
May
1
CapUal.
0/
1917.
Banks
Nat.
Due
New
—
-
Ilumpshlre-
Verraont
Massachusetta..
Hoston
Rhode
Banks,
and
States
Securi-
Apprv'd
dec.
Net.*
Dis-
Bonds.
ties.
Reserve
Agents.
404
95,747
11
17
Island
Connecticut
New
Eng. States
434
New York
Albany
3
5
Brooklyn
New York
New Jersey
Pennsylvania
33
203
785
30
—
Philadelphia.
Pittsburgh --.
18
23
83
Delaware
Maryland
12
Baltimore
Dlst. of Columbia
1
.
13
Eastern States.
1,643
Washington
Virginia
Richmond
West Virginia..
North Carolina
>
—
Savannah —
Florida
Alabama
Birmingham..
Mississippi
Louisiana
New Orleans..
--
Texas
Dallas
Fort Worth...
Galveston
Houston
San Antonio..
Waco
-.
115
80
72
5
94
5
2
54
89
2
35
29
4
505
5
5
2
6
8
5
Kentucky
7
105
Louisville
Tennessee
Chattanooga
.
48,238 36,573
2,100
2,200
2,200
2,000
119,950 137,375
22,337 22,862
69,085 73,301
21,055 38,875
27,750 19,110
16,188
35,005
24,697
369,523
1.775
28,701
23.200
505
6,319
25,190
29,371 1,161,266 1,601,529
14,505
18,809
220,685
58,890
8.453
391,431
8,740
179,336
319,949
16,772
126,299
199,288
1,283
700
9,358
4,025
619
21,820
4,929
38,227
55,814
244
28
1,254
6,120
7,435
37,745
1,639
5,094
10,861
252
6,925
900
6,415
8.885
1,750
3,875
3,635
4,200
36,585
4,650
2,300
500
66
126
Arkansas
53,101
13,994
5,700
10,037
8,785
7,605
1,600
8,029
4,100
8
South Carolina..
Charleston
Georgia
Atlanta
2
Nashville
5,500
3.150
1,750
5,511
11,746
4,995
9,650
1,750
2,900
Southern States. 1,579
180,497
348
35,664
13,900
11,000
3,100
21,313
6,700
33.365
44,000
10,795
7,000
12,288
6,300
Ohio
8
Cincinnati
Cleveland
7
Columbus
8
249
Indiana
Indianapolis
Chicago.
Michigan
Detroit
Wisconsin
Milwaukee
6
459
Illinois
—
10
103
3
135
5
Minnesota
Minneapolis..
St. Paul
277
4
Iowa
Cedar Rapids.
Des Moines..
337
2
4
3
Dubuque
Sioux City...
Missouri
Kansas City..
St. Joseph..
St. Louis.-.
1,645
4,102
8,395
298
4,990
1.711
926
621
70,517
10,688
23,107
8,234
5,404
676
1,321
2,350
97
831
6
6
108
12
4
7
14,321
10,300
6,538
19,500
800
2,350
500
1,350
6.235
9,550
1,100
20,200
8,545
4,591
6,691
3,918
2,557
691
4,358
3,500
700
3,295
4,660
1,550
3,057
1,498
2.211
2,511
1,414
784
2,303
1,470
1,841
873
730
11,357
3,025
8,969
6,180
5,064
Western States.. 1,316
76,715
Washington
4,210
4,100
2,450
1,000
5,016
5,000
23,253
7,400
28,500
3,686
1,205
2,200
Pueblo
Mexico
Oklahoma
Muskogee
Oklahoma City
5
2
39
327
4
Seattle
5
Spokane
3
Tacoma
1
Oregon
Portland
California
Los Angeles..
San Francisco.
Idano
Utah
! Salt Lake City
Nevada
Arizona
Alaska
Pacitic States
76
4
249
9
9
61
18
6
10
12
1
532
1
,435
1,125
32,565
9,465
31,753
15,909
13,840
4,286
9,514
8,299
85
21,313
8,839
5,584
5,704
6,105
29,548
31,126
17,802
20,826
1,599
17,714
4,668
107,766
18,601
92,520
1,881
8,343
30,702
69,491
6,709
69,747
995,409 1,772,873
1,121
19,418
1,615
1,650
2,476
8,223
1,389
1,000
2,270
12,485
5,931
11,709
8,017
6.694
92,175
54,864
66,595
62,106
34,994
9.505
34,762
35,731
4.068
43,085
36,725
12,836
17,846
24,457
28,305
172,310
33,372
20,151
13,053
3,464
9,682
6,800
5,296
1,048
6,041
3,945
905
6,054
8,197
1,768
3,469
2,820
2,989
26,303
4,522
1,736
3,791
506
40,240
15,155
4,690
3,827
1,540
4,059
12,366
6,212
8,682
1,838
2,465
7,461
27,881
53,520
37,841
51,878
15,061
20,078
10,445
3,479
10,933
2,708
690
1,838
1,166
1,170
135
8,193
4,170
2,040
3,810
2,041
2,616
5,457
708
707
283
1,777
1,042
213
1,749
5,834
6,579
3,085
1,040
4,549
Reserve
$
1,323
11,081
889
3,808
76,092
22,421
22.806
13,462
8,902
49,070
44,182
4,980
2,176
17,123
8,079
14,116
1,662
796
203,803
7.209
20,270
16,494
11,300
6.180
353
792
30,738
4,277
4,487
7,431
2,797
3,883
812
24,651
2,869
2,169
214,476
17,409
28,156
40,786
22,313
308
55
2.030
237
547
2,413
22
678
223,345 281,684
62,952
27,793
75,675
32,994
23,885
1,416
4,360
4,830
251
3,992
8,559
1,426
12,799
4,058
2,219
688
104,172
5,012
10.227
35.080
28.467
252
839
8,820
17
4,569
1,205
2,276
353
904
3,710
1,220
390
6,757
5,047
1,164
2,788
5,839
3,054
39,079
4,031
1,946
797
6,429
1,656
622
4,998
10,529
2,994
9,202
1,184
3,947
5,631
645
69,980 33,816
19,667
7,522
13,904 12,967
7,910
1,926
28,344 20,370
5,608
2,937
44,588 45,450
28,898
32,707 11,518
10,225
7,715
24,824 16,556
9,313
7,043
12,998 16,783
5,480
4,851
9,217
7,348
7,165 32,342
912
1,971
540
1,276
902
494
1,873
2,986
2,950
6,616
5,051 15,572
867
2,505
12,226
10,002
9,057
12,306
3,680
6,454
5,696
14,300
129,512
4,806
11,144
3,564
7,155
7,641
14,161
8,436
10,251
2,197
3,717
3,426
1,247
2,783
991
1,231
648
692
13,964
9,039
10.049
2,019
8,045
3,100
14,477
46,243
5,142
5.419
4,988
4,809
6,237
6,863
4,617
8,124
1,571
1,542
3,533
1,940
32,947
5,472
26,431
9,339
3,520
4,609
1,030
6,813
2,119
9,324
25,837
3,711
1,877
3,452
1,873
4,118
1,756
3,499
4,536
399
1,008
185
763
1,245
3,705
525
2,893
660,620 2,422,080 193,945
356,149 260,564
334,670
97,136
40,644
2,614
2,918
2,120
412
2,638
6,109
654
897
1,434
5,476
2,057
9,230
14,978
4,247
846
8,566
589
4,676
3,397
4,708
4,231
2,984
17,167
7,335
2,719
1,413
1,517
1,979
505
469
571
156
1,042
4,117
66
108
354
3,424
988
2,698
5,030
341
724
2,933
243
615
97,609
2,025
6,688
4,154
869
906
652
2,127
4,727
7,849
5,930
12,773
1,487
546
8,081
6,346
2,473
16,069
27,052
28.740
46,958
7,544
45,903
73,706
3,884
4,356
7,413
46,584
17,678
50,680
42,556
6,761
16.116
113.630
6,243
14,300
27,968
24,102
30,296
390
7,337
24,325
273
150
3,477
21,541
8,600
16,143
17,147
2,122
5,695
18,392
4,324
4,025
7,260
656
3,059
9,852
577
1,923
3,472
49,487
45,906
64,398
11,610
71,185
78,545
5,70
4,202
11,915
48,335
21,310
41,490
41,844
3,849
19,405
101,539
7,766
14,438
213.353
642,928
59,826
70,461 149,906
31,093
32,557
20,344
4,981
29,393
33,239
135,557
66,672
161,575
26,105
10.602
18,479
6,764
9.407
3,132
1,616
2,624
700
4,144
4,060
19,092
5,457
22,583
3.499
1,304
2,731
1,379
1,056
7,527
11,262
3,466
1,686
4,289
9,043
30,149
5,039
28,854
3,024
793
2,156
268
161,743
586,829
73,377
110,180
90,696
89,881
1,265
2,653
2.52
44
671
1,842
323
511
119
627
201
318
36
47
3,918
296
2,513
834
646
519
83
755
43,536
19,667
60,051
Hawaii
75
300
32
93
58
465
Non-member bks
650
375
125
523
22
14, .571
950
503
4,213
1,815
4,857
3,755
460
2,092
9,662
779
986
61
883
6,923
6,174
3,097
4,064
10,175
3,074
2,316
13,203
1,584
5,122
6,593
12,263
41,388
3,097
356
2,570
2.915
928
3,092
14,408
1,000
277
1,009
1,292
1,226
1.745
723
2,590
14,487
1,208
2,650
785
430
776
489
529
1,291
1,402
42
1,160
277
195
42
111
379
1,055
140
2,023
223
35
128
414
1,811
193
3,619
486
210
1,676
2,093
10,793
1,481
16,506
37,667 188,007
438
668
2,500
2.720
4,338
877
5,173
5,554
684
631
1,074
3,239
1,253
3,560
3,835
63
85
578
1,102
8,381
307
219
406
309
848
581
56
1,050
954
73
50
201
633
190
485
254
100
195
21
63
402
102
1,276
130
467
31
549
167
1,544
28,364
7,526
5,344
47,281
2,025
3,375
311
563
336
96
283
199
79
153
155
36
50
10
247
355
122
102
2,224
2,438
1,178
1,611
3.186
1,111
436
1,488
1,551
19
562
776
45
11
630
1,993
2,002
234
1,.393
Total V. S... 7,589 1,079,669 761,654 329.712 656,100 3,370.558 7,618,011 2,078,448 8,751,679 768.114 1,856,983 948,069
Banks
785
231,581 31,046
9,252
69,240
5,282
103,383
2,868
25,755
129,634 21,402
40,045
6,871
229,511 29,446
484,905
4,226
87,051
9,087
59,576
2,500
92,836
9,841
66,968
4,450
130,421 10,281
94,778
2,270
59,394
1,585
149,583 16,440
837
18,018
992
24,754
392
2,736
992
17.992
35,038
5,616
119,635
5,635
17,145
1,164
132,101 11,470
546,230
100
550
562
1,821
3,168
3,651
3,223
70,661
1
897
71
318
436
347
409
405
60
8,128
187,647
419
7,075
1,262
263
2,951
1,224
17,287
11
25
91
3,287
1,422
36,106
7,689
13,177
143
328
695
874
1,181
1,820
2,501
11,702
122,583
191
51
1,080
21
159
156
89
88,457 143,746
500
2, .500
199
2,807
2,314
256,259 1,046,793 154,877
32,893
31,067
12,097
5,522
32,679
28,248
136,699
51,257
147,076
25,363
7,749
590
365
1,837
2,812
1,971
3,441
560,104
4R3
240
272
4,744
4,925
3,999
2,364
1,768
896
2,057
14,313
9,505
1,129
1,218
15,146
14,969
25,072
88,528
3,975
1,536
62
2,930
42,293 366,672
5,493
2.106
1,096
4,377
2,310
4,191
5,382
212,194
3.870
6,123
7
401
70
27
94
276
104
2,192
1,435
2,132
700
3,487
2,559
16,767
4,261
18,329
2,961
1,058
2,141
1,216
813
5,.521
1,968
8,194
1,281
51,365
351
600
410
609
24
732
177
716
54S
800
273
22,179
3,107
5,796
2,196
2,485
135
309
10,878
3,200
1,940
2,119
3,529
3,454
18,087
6,472
6,407
15,939
143
2,444
2,300
9,667
2.845
17,715
478
128
724
475
147
92
223
114
2,453
1,240
376
1,234
S
2.676
1,519
1,062
9,474
24,493
2,059
7,797
969
37,696
275
680
124
317
S
520
336
252
2,674
3,408
4,992
8,779
4,811
6,730
2,382
554
520
1,262
4,346
468
1,241
1,043
225
3,259
1,653
4,523
2,600
cates.
cates.
765
2,404
274
263
1,844
2,825
57
60
77
1,424
and
1,858
16,730
905
650
4.160
2,424
89
450
3,435
5,857
Silver
and
$
665
619
212
3,475
6,783
772
2,136
736
572
350
1,782
8,754
621
749
835
1,825
Gold
Silver
Gold
Certifi- Certifi-
Notes.
Banks.
6,661
11,415
12,441
9,396
62,534
14,630
5.766
2,777
11,882
8,762
4,026
4,009
24,731
4,010
2,059
16,075
2,382
8,638
90,605
Alaska. a
13,261
47,582
1,421
4,339
6.109
251
7,141
Legal-
Federal Tender
$
6,007
3,630
2,033
17,492
22,590
3,109
20,619
657,229 3,389,489 226,403 1,061,824 226,646
97,478
7,042
1,699
4,329
44,854
1,925
103,854
15,723
69,465
776
70,374
20,810
83,294
14,566
6,340
75,616
3,441
2,594
924
2,547
6
Denver
165,296
11,474
7,000
312,113
103,842
262,955
05,301
85,683
5,554
18,107
10,830
691
12,978
212,269
53,949
83,601
27,991
117,692
32,684
188,872
359,002
57,620
70,452
56.865
46,298
68,455
58,133
53,448
87,314
3,573
7,782
3,017
1,378
3,189
2,950
New
38,803
2,159
835
52,953
10,955
02,912
12,797
19,728
14,920
40,483
59,714
7,547
17,286
20,000
31,166
336,535
8,480
21,654
8,055
26,556
6,330
2,040
6,525
3,400
600
2,485
13,692
750
1,400
Colorado
327,280
131.793
30,038
6,476
19,179
185
67.638 1,707,940
177,075
71,888
406,439
305,630
324.509
3,354
22,802
186,260
3,661
8,196
34.540
32,110
3,215
72.593
729
34,051
9,417
21,149 11,292 29,279
6,650
2,647
7.988
6,600
2,500
4.334
1,917
899
2,646
10,251
3,671 19,643
3,006
1,434
6,413
19.779
9,392 26,052
27,090 12,597
750
5,923
3,306
8,390
3,500
1,082
1,741
4,936
2,695
9.146
3,300
1,344
4,046
7,179
3,295
9,647
6,260
2,370
2,063
1,045
3,900
1,324
4,639 15,447
9,154
772
550
214
800
516
794
110
350
169
866
576
163
2,888
1,430
5,340
4,100
3,750
3,859
841
750
250
9,000
10,427
2,669
85
36
114
Wichita
169,266
826,712
211
352
475
220
600
Montana
Wyoming
68,853
244,881
97,896
1,269
1,785
1,187
2,099
500
400
800
9
661,047
42.517 136,116
455
2,351
5,429
2,735
3,685
1,000
1,692
2
3
3
158
126
178
4
128,948
1,721
19,162
5,071
1,774
8,138
2,978
23.060
9,740
4,756
10,854
215
Omaha
631,388
449
2,657
1,902
4,483
2,111
$
27,034
9,255
9,345
43,323
37,809
12,205
30,296
1,801
4,207
2,897
1,500
3,028
10,942
4,468
7,850
1,650
2,161
465
233
5,825
5,345
8,650
1,150
5,350
11,473
Lincoln
129,450
10,493
25,011
7,389
8,695
3,443
2,371
4,570
8,453
1,156
11,415
2,322
2,629
2,528
5,397
13,542
23,097
13,647
11,469
14,302
31.201
24.933
5,513
16,194
$
5,888
5,301
4,512
17,220
7,949
4,718
13,265
34,824
95
1,110
10,114
967
1,018
4,014
3,484
7,109
539
1,933
9,143
399
397
Kansas
Kansas City..
Topeka
12,859
98,333
2,122
8,159
,4S0
38,578
21.702
21,492
150. 4S3
290.014
30,908
101,810
S
29,192
24,904
11,784
150,260
262,443
33,254
119,491
1
counts.
1,006
2,508
2,530
20,204
3,150
1,600
300
2,050
1,310
266
1,690
1,718
81
882
6,104
3,342
795
5.106
7.612
1,636
2,846
2,441
2,481
24,012
3,660
1,452
73,757 172,120
North Dakota.
South Dakota..
Nebraska
i
3,270
3,227
Time
64,301
30,036
53,500
34,197
17,865
4,123
22,754
26,289
2,480
35,703
32,311
9,711
16,178
23,524
23,689
169,234
28,998
15,291
2,223
28,618
14,631
6,116
26,815
49,029
22,742
45,335
7,184
13,835
298,169 159,018
Mid .West. States
S
36,747
S
2,488
337,286 351,926 140,960 182,824 1,600,949 3,276,786
138
I
bDemand
71,207
,
Banks,
&c..
Net.*
Bank
60
4,'JS5
from
Notes
2,070
10.402
10,512
2,579
0,985
13'J
from
vided
25,593
27,400
6,570
19,849
7,115
5.235
Due
from
Pro/Us.
S
6,531
4,839
4.312
15,980
5,046
4,355
12,432
S
05
55
4S
Dae
Other
Sur-
$
3,827
3,500
2,155
10,714
29,380
4,062
11,509
In thousands of d oUars
Due
UnUed
plus.
Out.
Maine
Loam
DEPOSITS.
to
1 1917.
,422
452
689
2 82
76
172
9
69
28
72
81
216
588
2,106
2,575
8,841
3,976
11,980
1,630
540
1,183
492
745
19
6
8
45,596
5,197
1,493
40,504
296
459
22
64
890,592 512,347 147,154 103.828 761,995
auU bankers other than Federal Reserve Bank and Reserve Agents, a One report for March 5 used. biDemand deposits are made up of
Individual
deposits subject to check, 56,627.833,000; certificates of deposit due In less than 30 days, $428,959,000; certified checks, $144,913,000; cashier's checks outstanding,
$149,987,000; U. d. deposits, $35,626,000; postal savings deposits, $88,235,000; State and municipal deposits, $66,834,000, and deposits with notice "of less than 30
days, $48,777,000; other, $26,847,000.
:
...
Aug. 18
THE CHRONICLE
1917.]
693
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER MARCH
Due
Undi-
Nat.
Due
vided
i°rofUs.
Bank
Banks,
Notes
&c.,
Out.
Net.*
No.
March 5 1917
InthoiLs'dsofa'Ua
i
Sur-
Capital.
of
ianks
plus,
s.
66
56
48
140
Rhode Island...
11
17
Connecticut
70
7,265
5,285
4,985
26,193
24,900
5,570
19,949
408
94,147
New Hampshire.
Vermont
Massachusetts
Boston
New
.
England.
New York
Albany
434
5
New York
New Jersey
33
203
786
30
Pennsylvania ...
Philadelphia..
Pittsburgh ...
18
24
83
Delaware
Maryland
Baltimore
Dist. of Col
12
1
Washington
. _
13
Kastern States 1,645
Virginia
Richmond
West Virginia...
North Carolina.
South Carolina. _
Charleston
Georgia
Atlanta
. .
Savannah
136
8
115
81
71
5
Mississippi
Houston
San Antonio..
Waco
Arkansas
Louisville
.
Nashville
South. States
Ohio
.
10
103
3
135
5
277
4
6
337
Dubuque
Sioux City...
Missouri
Kansas City..
St. Joseph
St. Louis
2
4
3
500
6
1,3.50
108
6,235
8,550
1,100
20,200
12
4
7
Mid. Western. 2,112
North Dakota..
South Dakota..
Nebraska
836,800
1,901
10,428
3,006
19,814
26,590
5,925
3,500
4,950
3,300
7.081
6,260
3,900
9,004
3,194
1,310
9,373
11,142
3,130
1,024
2,630
1,289
3,486
2,244
1,366
4,227
16,710
50,611
66,692
8.511
18,153
22,728
35,014
394,663
10,432
22,793
8,681
28,721
14,814
50,847
32,942
33,719
20,359
26,762
2,080
19,086
5,698
122,543
21,966
116,001
217,811
53,935
78,149
28,511
113,031
31,482
190.225
326,829
57,112
60,112
58,087
45,268
69,344
56,364
52,618
98,302
3,954
9,288
2,059
7,443
32,244
68,042
8,260
70,922
800
110
566
2,888
3,650
750
9,000
459
Chicago
Michigan
Cedar Rapids .
Des Moines..
284,721
11,051
3,125
2,715
5.50
6
Illinois
Milwaukee
Minnesota
Minneapolis..
St. Paul
39,681 136,453
3, .500
455
2,352
5,534
2,735
3,686
750
1,691
295,923 158,164
157
125
178
4
4
5,800
5,320
8,645
1,150
4,850
11,473
500
400
800
6.140
2,040
6,400
3,400
600
2,385
13,618
750
6
1,300
3,000
1,378
3,169
2,950
520
1,235
4,249
275
680
Western States 1.307
75,571
37,704
4,210
4,100
2,451
1,240
2,4.50
500
140
2,444
Lincoln
Omaha
9
Kansas
Kansas Clty..
Topeka
Wichita
Montana
Wyoming
215
2
3
3
82
36
114
Colorado
Denver
5
2
Pueblo
Mexico
New
Oklahoma
Muskogee
OklahomaCity
Washington
37
325
68
Seattle
5
3
Spokane
Tacoma
1,000
5,016
5,00C
23,076
7,40r
1
Oregon
76
Portland
4
California
246
Los Angeles..
San Francisco.
Idaho
S
28, .506
58
3,644
Utah
IS
1,20.=
e
2.20r
ic
12
1,43.5
1,12.=
1
25
. .
Lake City
Nevada
Salt
Arizona
Alaska - Pacific States.
(
2,649
1,894
4,448
2,697
1,229
1,929
2,387
1,230
735
2,100
1,418
255
84
732
6G7
975
9,194
1,515
953
116
424
202
1,180
1,437
1,158
1,873
423
351
9,600
19,.561
6,406
26,299
749
8,506
1,707
9,078
4,027
9,599
2,063
1,039
15,417
676
778
226
477
160
154
347
865
1,265
3,754
5,417
4,131
224
2,360
938
14,229
832
896
4,003
3,508
7,138
729
1,982
9,150
399
3,227
1,634
4,534
2,563
380
1,775
8,746
625
555
6,601
11,410
12,272
10,358
66,201
17,304
7,335
3,439
12,322
8,133
3,953
4,490
25,381
3,954
2,028
17,711
2,426
9,983
27,157
27,385
49,970
7,877
42,179
73,399
3,812
4,706
7,186
44,126
16,549
51,401
40,984
6,422
16,192
114,004
14,568' 51,573
1,727
40
400
225
62
1,193
431
1,155
883
141
210
1,943
55
223
685
384
120
41
706
255
5,062
3,921
5,477
351
230
248
61
345
1
.
,
1
2,379
1,435
2,104
672
3,484
2,5.56
16,732
4,335
17,933
2,943
1,051
2,101
1,211
814
12
United
Other
Securi-
from
from
States
Apprv'd
Banks,
Dis-
Bonds.
ties.
Reserve
&c..
Net.*
counts.
Agents.
$
29,080
20,816
5,377
17,185
123,493
669,157
127,047
320,394
5,186
29,547
117
17,421
53,756 1,824,753
69,852
172,376
292,511
399,275
3,046
318,926
21,141
178,475
3,736
8,144
30,718
33,422
2,871
73,451
753
'8',676
32,701
S
6,013
6,236
4,560
17.090
6,749
4,623
13,659
26,554
9,210
9,186
43,220
33,938
11,944
29,956
$
5,449
3,953
2,984
16,615
23,416
3,470
16,615
57,930
164,006
72,601
160,834
11,472
6,949
293,651
100,444
261,103
63,952
78,947
5,632
17,248
10,424
681
12,368
42,542
4,608
2,464
$
37,634
1,859
590
34,501
16,108
60,678
9,846
16,620
1,411
4,199
5,934
251
6,516
32'',072
75,654
37,313
31,178
1,237
4,178
6,704
165
2,878
618,657 3,409,638 196,147 1,013,606 240,993
32,040
11,592
30,825
15,128
12,695
4,362
Due
Due
Loans
and
38,803
21,515
20,101
147,208
308,561
30,336
102,633
70,735 175,492 1,150,526 1,739,392
248
2,845
28,983
7,963
4,091
2,623
809
1,984
2,483
62
17,715
1,524
587
1,080
328
695
453
4,350
1,050
450
2, .300
857
6,341
3,271
792
5,149
7,596
1,624
2,908
2,423
2,480
24,043
3,545
1,459
1,743
1,594
3,685
5,827
475
220
600
11,170
3,040
8,947
6,319
5,027
S
35,101
1,973
13,961
63,226
26,485
51,077
36,041
18,229
4,477
23,431
26,307
2,431
36,442
32,954
9,706
16,925
23,210
24,580
179,501
27,796
14,894
2,208
26,869
15,155
6,656
26,977
51,285
23,021
45,451
6,947
14,519
20,991
6,650
6,550
800
8
250
Wisconsin
616
1,242
97,075
2,350
8
Detroit
23,510
355,520
35,814
21,092
28,689
1,764
23,055
565
6,183
29,193 1,227,581 1,441,927
218,517
17,975
15,023
383,194
8,562
58,311
296,5.57
182,222
9,655
131,931
184,250
15,652
627
9,079
1,329
639
20,635
4,021
54,320
39,597
5,127
25
1,168
247
34,002
8.080
6,047
2,899
1,500
3,034
10,978
4,513
7,907
1,650
2,178
35,664
13,900
11,000
3,100
21,613
6,700
33.340
43,000
10,770
7,000
12,250
6,300
14,051
10,300
6,450
19,400
7
Indianapolis..
$
2,876
12,526
29,140
7,880
9,584
3,438
2,443
4,835
g,869
1,179
10,742
2,594
2,910
2,810
6,912
15,158
25,320
17,348
14,351
2,143
26,630
6,255
2,385
9,548
3,141
28,592
11,198
5,168
11,622
348
8
5
Cleveland
Columbus
616,194
906
179,748
6
Cincinnati
Indiana
141,088
298
1,575
4
5
2
7
Tennessee
Chattanooga
54,592
4,990
105
2
5
2
66
126
Kentucky
37,380
252
6,925
700
3,340
4,629
1,550
1,840
2,501
2,530
20,150
2,550
1,600
300
1,950
1,310
4
Galveston
27,814
24,989
11,155
144,754
261,514
32,124
113,844
2,100
104
900
6,260
8,870
1,750
3,875
3,635
4,200
36,414
4,150
2,300
500
5,500
3,150
1,750
5,511
11,771
4,995
9,650
1,750
2,900
54
88
504
Dallas
Fort Worth...
3,501
1,715
12,788
109,904
1,987
8,317
15,543
841
597
69,508
10,390
21,867
8,238
5,179
Time.
S
2,534
1,695
1,997
10,543
11,206
2,555
6,850
4,102
8,378
8,517
4,591
6,724
3,932
2,557
691
4,410
35
29
Louisiana
New Orleans.
bDemand
$
5,638
4,868
4,317
16,308
6,270
4,300
12,891
$
1,664
5,094
10,861
13,891
5,700
10,037
8,960
7,597
1,600
8,032
4,100
2
Alabama
Birmingham..
1,652
-
337,371 351,882 137,131 182,748 1,675,621 3,043,316
95
5
Florida
65,861
48,416 36,734
2,100
2,200
2,000
2,200
119,950 137,375
22,228 22,961
69,076 73,132
21,055 38,850
27,750 19,010
3
Brooklyn
S
3,898
3,549
2,136
16,722
23,880
4,062
11,614
DEPOSITS.
to
89,493
63,810
64,921
61,646
33,115
9,697
33,570
35,314
3,875
42,938
36,529
11,864
18,163
24,311
28,006
171,912
34,613
21,098
3,692
39,369
15,022
7,187
28,224
51,500
35,202
51,108
14,450
18,981
10,986
2,899
13,166
5,166
2,484
Gold
Legal-
and
Federal Tender
Reserve Notes.
Banks.
Gold
from
$
.
693
654
391
$
2,497
1,4?8
990
2,037
15,844
9,167
29,649
684
3.148
1,899
6,738
23,451
13,325
7,563
24,452
3,077
13,399
1,708
1,216
4,897
313
635
24,336
4,184
7,379
5,725
2,820
61
2,613
194,788 344,693
48,520 325,527
797
12
4,343
15,710
27,057
37,892
21,020
592
1,894
7,885
5,585
4,485
1,064
14,789
636,619 2,418,887 189,166
348,000 325,053
1,745
4,917
6,149
2,628
978
4,083
248,041 1,029,610 147,276
94„555
7,037
1,691
4,302
41,984
1,938
100,448
14,499
67,673
25
69,518
21,204
80,451
14,753
6,880
71,106
3,310
2,401
908
2,329
7,860
5,035
1,469
15,243
27,024
23,057
27,728
84
7,105
22,595
250
133
2,058
20,862
8,904
15,278
15,098
226,760
71,010
105.938
25,010
125.668
39,039
226,625
499,290
84,923
57,227
90,146
65,410
126,374
96,085
61,152
147,614
17,918
22,232
2,835
17,187
34.494
117,224
17,555
141,171
48,026
43,999
64,222
10,863
68,762
75,962
5,722
4,080
11,888
44,399
19,996
39.7.52
30,166
8,880
4,822
2,869
21,149
6,815
29,059
1,191
9,124
2,000
9,688
4,401
10,054
2,270
1,585
16,102
817
992
392
967
4,206
3,848
7,303
833
2,509
9,756
402
900
303
4,070
1,803
4,870
3,306
>
3,068
2,988
1,949
383
2,340
5,661
670
767
1,651
5,248
1,749
8,778
14,410
4,207
703
8,300
387
3,200
6,436
9,415
21,913
1,719
15,421
27,173
693
576
1,506
15,247
4,746
17,495
6,477
9,856
3,414
2,745
1,981
1,973
2,805
16,552
3,412
1,433
1,104
2,1.33
10,421
1,633
20,057
385
766
123
2,849
1,225
3,861
599
3,599
42
176
442
1,773
164
2,951
379,746 196,060
36,653
98,677
38,729
1,368
1,481
1,858
515
456
525
162
998
889
87
68
145
640
1.37,938
5,054
9,132
3,781
7,602
8,860
16,050
8,635
12,026
3,868
8,279
457
4,515
2,560
35,946
7,872
36,623
2,281
26,859
492
2,466
1,689
296
219
377
265
656
548
48
30
94
374
116
414
708
46
80
628
43
252
668
537
1,009
3,075
1,230
3,474
3,726
67,463
66,259 162,385
106,426
46,324
15,928
12,212
11,187
2,207
9,957
29,811
26,720
17,631
4,875
28,078
32,173
2,796
1,616
2,473
700
3,779
3,210
17,600
5,096
19,191
3,247
1,174
2,460
1,299
1,036
6,907
11,059
3,032
1,824
3,948
9,292
28,397
4,391
21,593
2,614
749
1,950
1,836
7,360
4,295
631
1,709
5,819
6,886
12,742
43,199
3,305
1,224
4,393
2,038
2,128
1,094
1
11
8,867
5,021
2,017
416
7,937
3,974
25,823
4,464
14,832
5,780
2,160
2,275
2,223
2,625
75
4,021
2,525
8,493
1,449
1,034
1,897
2,219
63,769
159,.527
24,689
9,692
18,063
6.700
9,211
1,241
1,332
51
493
1,077
178
181
53
62
2,463
2,459
4,174
891
5,315
6,474
619,352
132,3.56
151
9,255
4,729
4,451
1,096
5,439
2,213
9,329
25,133
3,527
1,840
3,439
1,844
4,082
2,709
3,682
4,366
199,154
41,737
15,861
14,345
8,267
3,719
4,920
370
335
36,913
30,345
28,765
10,785
5,693
30,156
25,762
129,290
45,287
120,409
24,828
7,842
14,925
7,.536
12,939
125
28,5.33
93,8.56
1,764
1,160
3,211
2,737
809
663
607
1,588
496
2,482
14,638
1,074
2,290
750
398
743
1,121
553,464
13,8.52
790
497
392
929
744
483
169
636
461
87
839
692
226
322
622
518
8,279
1,812
13,960
7,339
847
1,400
15,406
17,438
1,337
6,588
1,196
1,166
14,220
8,354
9,241
2,041
7,863
2,884
14,187
50,465
5,158
5,329
5,001
4,810
6,203
7,357
4,777
8,049
2,260
1,808
210
1,609
3,262
4,966
4,329
4,265
20,670
8,037
4,204
1,745
5,722
5,810
2,901
5,064
8,985
2,951
2,487
14,665
1,425
4,948
1,471
684
584
754
53,720
73,147
225,301
746
53
36
83
146
101
70
345
398
436
432
586
152
1,020
1,094
145
1,497
1,697
693
464
47
14,056
6,0.59
1,340
2,475
1,503
2,474
1,217
1,943
15
235
1,035
2,106
1,332
2,316
155
621
2,121
5,645
16,313
1,944
2,955
460
961
150
680
510
159
64
211
128
27
773
203
24
175
174
90
234
546
499
424
335
570
621
486
793
157
314
41,356
3,349
18,309
96,638
7,473
14,556
2,077
9,317
756
655
301
29,312 243,504
3,006
7,166
5,812 20,226
1,709 20,980
2,603 11,737
148
316
422
1,062
460
1,416
10
47
428
2,750
7,621
3,061
5,321
12,266
11,776
11,369
12,419
5,677
6,451
7,627
16,229
851
213
11,032
487
512
221
22,806
138,691
1,527
932
622
4,164
3,766
67,818 41,982
19,459 12,764
13,716 12,779
3,079
6,597
26,160 20,.522
4,559
6,367
44,974 49,067
29,459
31,948 V4',402
5,256
10,199
24,626 20,479
9,118 10,477
12,472 20,266
5,244
4,764
9,018
10,733
6,427 41,250
2,543
956
6,652
470
765
983
3,697
1,356
8,813
2,732
5,050 28,068
3,481
823
11,893
399
582
246
1,322
351
261
2,344
3,230
310
8,133
78,943 187,064
129
6,871
3,991
1,907
3,669
1,513
2,317
4,748
$
460
52,318
873
1,721
82,825 200,719
8,221
10,068
29,406
29,526
208
cates.
746
3,770
3,956
20,885
6,120
5,779
844
7,892
2,951
1,660
5,282
2,624
6,200
5,838
2,184
4,629
918
905
5,827
7,962
1,753
3,199
2,595
2,589
25,335
3,742
1,501
506
4,490
3,282
1,540
3,288
11,863
5,417
8,405
1,798
2,440
$
1,918
272
2,963
2,442
805
1,274
1,910
3,046
12,240
3,804
1,727
317
3,456
1,132
636
1,853
3,172
3,507
3,329
946
1,638
408
4,623
1,611
231
6,862
5,730
1,874
3,766
7,416
3,729
47,269
4,497
2,837
932
9,172
3,366
1,266
6,010
14,713
9,816
11,460
1,516
3,269
.
$-
CertifU
3,847
278
8,050
69
19,924
8,730
5,661
6,499
5,830
1,098
18,335
1,349
1,556
2,503
7,533
1,305
1,003
2,223
11,562
5,344
11,587
7,815
6,665
973
6,609
3,685
and
Silver
Certificates
1,177
4,748
4,588
3,761
2,690
1,634
492
8,8.58
Silver
886
5,360
10,065
4,406
6,049
2,690
1,004
4,431
5,899
8,944
3,269
10,371
2,426
706
1,796
1,051
12,698
3,199
9,512
6,897
5,266
5 1917.
569
1,857
21
425
1,078
8,169
688
387
2,116
2,237
8,377
3,829
10,927
1,599
280
936
173
870
326
2,706
2,814
90
199
346
3,425
959
2,534
4,832
370
703
3,234
13,076
990
278
976
1,435
1,164
530
550
1,436
61
189
194
479
279
107
188
751
2,760
218
623
1,233
5,194
27,640
7,310
94
148
82
29
56
18
216
294
88
113
1,959
3,743
1,243
941
2,052
4.285
7.932
6.847
10.471
306
473
289
1,.500
.542
500
9
1,200
78
30
60
1,081
467
763
748
1,862
8
493
7G9
39
119
226
91
282
222
1,293
456
682
285
80
215
82
171
12
527
90,386
43,509
17,798
59,750
198,114
494,687
158,308
563,346
65,677
98,340
88,389
95,846
1,314
43,897
4,939
Alaska. a
2
106
28
Hawaii
61
3
5
91
488
10
1,392
3,865
243
135
639
2,233
312
552
119
811
387
955
16
190
1
63.5
75
351
303
533
17
110
735
426
119
549
13
5,257
398
2,872
864
930
1,342
206'
1
836
127
37,660
Non-Member
banks
7
i
Total 17. S
•
7,581 1,073,8 75 754,621 1317.412 661,157 3,675,384 7.289,110
1,984,6.50 8,712,862 714,523 1,770,083 1,077,727
Banks and bankers other than Federal Reserve Bank and Reserve Agents,
b Demand
made up
939,054 750.202 107,994 556,295 133,613
Individual deposits subject to check, .?6,368,293,000: certificates of deposit due In less than 30 days, 5429,561,000; certified checks,
$129,215,000: cashier's checks outstanding, 8125,410,000: U. S. depo.slts. S34,6 95,000;
postal savings deposits, 386,321,000; State and municipal deposits,
$62,424,000, and deposits with notice of lessthan 30 days, $53,191,000. aOne report lor Dec.27 used.
deposits are
of:
THE CHKONICLE
694
tV»L.
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER DEC.
No.
Dec. 21 1916.
Capital.
0/
Surplus.
Banks
$
3,174
NewEng. States-
412
95,397
New York
a*
Vermont
Massucbusctts
Boston
Rhode
. .
-
143
U
17
Island
Connecticut
Albany
Brooklyn
N. Y. Clty.--
New Jersey
Pennsylvania
Philadelphia..
Plttsburih
Delaware
Maryland
3
5
33
202
786
30
18
34
83
Baltimore
Dlst.ofColumbla
12
Waslilngton ..
13
1
Eastern Statea.. 1,644
Vlrelnla
137
Richmond
West Virginia...
116
North Carolina.
South Carolina.
Charleston
Georgia
Atlanta
8
81
70
S
97
5
Alabama
Birmingham..
MlsslBslppl
Louisiana
New Orleans..
Texas
Dallas
Fort Worth...
834
606
65.725
1.789
13,891
5,200
10.037
8,968
7,617
1,600
8,014
4,100
8,233
4,288
6,687
3,739
2,619
691
4,358
3,600
260
Indianapolis..
6
469
IlUnois
Chicago..
.
10
103
3
Wisconsin _
134
Milwaukee
Minnesota
Minneapolis..
275
4
Michigan
Detroit
St.
..
Paul
Iowa
Cedar Rapids.
Des Moines..
Dubuque
Sioux City...
Missouri
Kansas City..
St. Joseph
St. Louis
6
5
337
2
4
3
6
109
12
4
7
Mid.West. States 2,110
North Dakota..
South Dakota..
Nebraska
Lincoln
Omaha
Kansas
Kansas City..
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
Pueblo
Mexico
New
Oklahoma
Muskogee
OklahomaCity
157
126
179
3,460
2,174
2,236
2,614
1,380
709
2,385
1,514
199
6,-390
64,647
38,322
61,114
37,473
19,760
4,196
28,761
26,091
2,188
33,016
34,740
9,430
17,186
23,924
24,790
187,631
29,226
16,071
2,322
27,369
15,839
6,691
27,990
43,091
22,247
42,603
6,993
13,020
37,185
29.336
10.448
28,870
13.260
11.374
4.382
7,876
7.694
70
18,649
7,823
6,347
4,757
4,967
13,836
37.565
58.126
7.099
15.272
22.279
29,142
314,182
8,620
22,099
7,176
23,526
14,181
47,363
30,626
21,769
12,132
14.487
208,600
65,724
83,366
28.532
115,742
31,802
168,055
339,491
53,614
63,550
51,333
40,254
69,066
57,441
54.977
76,078
3,335
7,342
1,693
12,085
6.627
118,318
16,773
105,576
2,1.58
886
7,210
30.41-6
1,971
7,061
64,245
7,619
71,378
4,369
1,345
14,406
1,901
10.484
3,003
19,421
26,590
6,841
3,500
4.853
3.300
6.782
6,260
3,850
8,616
550
750
110
541
2,989
3,250
750
8,940
967
681
937
11,843
1,369
1,341
122
1,229
1,334
1,816
1,164
2,235
428
442
1,331
6,888
2,223
1,418
4,924
232
558
173
231
1,494
4,186
233
1,739
•
29,103
7.860
4.074
2,601
19,522
6,289
26,462
1,118
8,534
1,686
9,141
3,992
9,526
2,036
1,047
15,401
625
794
346
873
5,636
4,156
942
15,372
76,886 177,135
2,619
1,814
4,464
1,737
1,456
2,213
450
215
2
3
3
600
400
800
465
220
500
76
36
5,883
2,040
115
6
2
3,400
2,894
1,335
3,121
2,950
306
2,406
3,283
64
66
176
2,110
600
520
37
328
2,315
13,271
1,157
4,012
4
750
6
1.300
272
545
3,185
5.671
454
527
410
694
1,880
1,096
215
600
2,999
131
382
3,989
3,623
7,162
732
1,981
9,100
397
396
225
3,237
1,707
4,721
2,574
379
1,766
8,845
620
565
959,552 1,691,216
26,961
26,200
38,702
0,746
38,288
71,515
4.134
1,046
15,674
1,198
1,950
2,552
6,705
1,139
66,094
2,9.53
2,416
Utah
Salt Lake City
Nevada
Arizona
Alaska
Pacific States
Alaska
Hawaii
Non-member bks
69
18
1
1,185
2,200
1,435
1,125
25
529
89,916
6
10
12
2
5
325
685
6,186
4,024
5,825
660
238
262
141
433
43,083
21,462
12,701
16,161
2,608
14.236
32.364
112.131
15,318
134.947
18,000
8,505
13,936
16,253
2.168
5.097
13,842
1.530
2,072
183,396
593,802
29.914
28,590
18.242
20,7.54
92,035
4,203
3.287
11,003
830
1,691
1,087
60,943
195.697
7
10,.592
37.6.56
15.500
14,630
7,520
3,440
4.770
1.825
1,942
30,237
8,775
4,820
2,875
21,133
0,819
29,089
1,691
4,186
3.842
7,315
834
2,508
9,691
402
627
303
2,0.50
2,258
9.320
12.515
9
9
221,519
66,489
99,215
24,017
123,559
37,920
217,633
465,909
80,943
50,540
85,677
59,866
126,937
94,815
62,569
137,303
25,489
21,203
25,786
104
0,814
20,527
230
131
5,151
Los Angeles..
San Francisco.
Idaho
27,899
31.485
131,165
01.574
160. S25
23,040
8,982
17.197
6,530
9,042
48
5,509
7,330
12,375
219
686
2,085
5,428
8,133
26,730
835
730
735
020
460
1,303
6,242
2,199
7,987
15,098
4,070
2,0B5
9,373
755
746
595
7,929
422
3.095
1,227
10,811
5,030
15,342
7,245
1,206
3,108
28,014
13,162
9.662
3,013
4,868
1,021
5,441
2,261
8,898
23.750
3.587
1,551
3.396
1.804
4.118
3.178
4,232
4,146
3,164
1,499
776
38.709
96,950
32,482
1,398
1,494
1,869
3,657
2,660
1,751
11.483
8,004
4,507
319
2,609
2,852
99
307
7.967
3,388
27.960
5,823
18.998
5,710
2,922
2,726
2,670
2,339
26
48,036
3.294
1,764
0,003
679
1,946
14
104,150
2,837
865
853
1,043
Total U. S... 7,584ll.070,793 744,6.53 343,139 606.409 3,248,929 7.148.302 1.854.740 8,340.626 710.960 1,725,347 045,812
346
107
2,444
1.991
337
897
219
367
3,913
41,369
424
619
1,181
1,739
1,954
6,337
4,263
1,411
742
279
792
1,196
4.377
93.885
8,669
3.943
630
2,402
11,612
931
65
114
31
120
684
3,337
496
1,649
342
745
174
613
6.112
10.354
3,020
1,801
3.794
8.576
27,373
4,801
23,106
3,284
671
3,152
1,220
1,285
10
119
734
5,203
329,496 179.905
36,849
65,110 143,570
94,858
676
428
9,013
2,740
1,016
2,474
700
3,834
3,230
17,604
5.347
19.661
3.248
1,109
2,400
1,334
1,030
98,619
191
897
1,143
1,634
2.966
12,787
4,110
1,647
57,347
313
552
364
355
2,641
2,509
710
2,094
66.459
735
368
7.398
3.848
2,682
1,615
3,813
3,171
22,782
7,621
6,818
2,764
2,656
36,290
4,843
34,330
ifi
5,044
4,803
3,688
2,990
1,712
642
2,414
3,417
206
033
2,204
60
616
82,602
722
323
3,183
923
2,476
4,464
560,289
41
150
208,664 823,191' 46,476 277,686
60
2.4951
1,7.34
240
97
65
299
824
977
6.522
6,585
3.423
4,039
10,149
2,742
1,990
15,760
1,517
4,059
4,048
1,817
5,070
3,305
5.1.50
3,090
3.001
1,770
148,715
100
635
36
2,139
5.881
10,490
3,960
7,275
3,984
1,164
6,065
6.733
513,274
1.421
3,842
11
6,963
12
3,682
338,306 256,766
7.031
14,933
11.742
California
312
1,134
1,944
204
34,930
35,118
4,320
905
6,329
44,659
7,862
37,134
13,262
1 ,753
19,448
3,202
23,404
2,590
31,174
2,590
170,922 25,454
36,608
3.742
21,203
1,501
4,977
505
43,034
3,940
3,282
14,830
7,351
1,540
30,327
3,298
51,490 11,911
31,953
5,417
52.334
8,351
14,280
1,798
18,505
2,440
7,220
45.219
10,098
47,135
41.528
5,358
15.677
107,350
0,078
13.237
30,016
26.009
132,980
47,732
134,601
24,688
7,960
16.,509
7.029
12,061
114
151
466
266
602,194 2,301,3.S3 190,553
1.987
96,752
14.073
64.383
25
67,196
20,772
75,782
14,560
29.757
27.099
10,452
394
582
1,968
990.672 190,661
430
433
150
1.828
8.453
239
795
9,112
2,001
9.542
4.400
9.972
2,270
1,585
16,015
740
992
392
972
5,883
4,485
1,064
15,789
38.220
1,957
12,307
7,339
1,212
1,131
14,300
17,331
2,446
2.300
9.521
2,845
17,685
1,489
582
1,080
1,873
3.868
5,385
13,160
8.184
8,799
1,819
7,653
3.341
12.674
49,424
4,729
4.734
4.471
3.952
5.790
0.035
4,925
6.270
1,425
1.107
193
1,062
2,029
9.205
1.218
10.934
201,117
78
4
246
1,811
690
832
108,024 176,543 24.358 202,196
7,700
7,736 16.383; 8.446
9,302 26.2801 6,093 19,780
29,755 41,827
2.486 16,496
21,696 20.634! 2,340
9,426
9,306
10,249
14.313
5,162
6,071
7,048
13,833
111,928
4,160
10,391
3,602
7,889
7,130
15,022
9,293
6,550
1,630
4,602
1,926
3.973
2,388
1,422
2,144
690
3,478
2,547
16,832
4,663
18,588
2,933
1,046
2,129
1,253
Portland
710
30.676
67.127
24,034
23,830
3,073
2,906
464
9
4,766
27J
888
63.06t
4.048
6.234
6.626
2,ior
279
084
2,938
64,414
18,406
13,641
6,489
24,600
5,705
42,269
31,009
29,598 13,275
10,940
4,925
24,265 16,055
8,031
6,973
12,065 17,494
4.085
4,628
11,879
4,845
6,707 23,292
724
1,854
412
3,275
950
792
1,.323
1,754
2,995
8,474
4,765 24,036
849
3,270
11,919
87,730
6,617
51,919
Oregon
11,958
13,848
1,609
76.573
1,176
81
1,081
20.486
4.»26
13,797
5,863
1,897
6,972
140,290
21,714
649
405
0,036
22,219
37,878
970
8,010
26,823
74,346 182,982
2,447
1.040
600
138
40,409
22,090
6,400
67,032
158,861
11,916
C,877
298.606
96.427
238.766
60.684
74,724
5.124
16.211
9.762
691
12.126
12,704
3,200
9,460
6,863
6,318
1,153
6,696
3,686
227.086 1,041,057 147,495
36,094
1
9,791
2.968
5.296
639
2,042
I
679
2,054
2,544
2,896
3,391
969
1,638
898
2,133
10,717
4,784
11,224
7.172
6.241
4,210
4,300
2,250
1,000
5,116
5,000
22,832
7,100
28,500
3,638
5
3
1,411
4.224
0,034
261
6,616
1,241
948
628
4.264
8,296
896
4.097
t
2,323!
1,614!
450
74.726
Spokane
60,636
9,846
10,670
%
1,368
167,441
1.721
1.607
Silver
Certl/I'
cotes.
407
335
491
658
374
1,802
16,064
491
3,349
S
and
GoUl
Certificates
;
Silver
and
(
611
t
5,201
3.786
2,616
16,994
20,470
2,623
16,642
11,584
29,108
i
f
Banks.
4,341
1,322
Western States.. 1,306
Seattle
16,211
Legal'l'ederal\Tender
Reserve Notes
(fee.
27 1916.
GoU
Due
from
683
Washington
Tacoma
690
34.086
I
6,914
3,287
2,018
5,922
1,190
4,232
5.081
1,800
3,099
521,603
68
88,826
64,018
63,633
50,895
32,611
0,807
9,615
8,277
6,973
45.296
15,308
6.568
3,296
11.469
8,524
4,397
3,948
27,811
4,127
2,218
20,977
2,753
12,633
4.1.52
1,869
580.605 3.196.968 196,618
11.596
2.844
2.663
733
4,172
1,368
10,396
10,938
3,388
1,029
3,139
294,532 156,326
6,.'500
12,909
27,196
68.723
20,845
6,650
6,550
450
1,871
1,694
141
5,800
5,285
8,670
1,100
4,650
11,462
4
9
11,214
3,066
8,861
6,316
5,115
1,063
6,561
3,322
795
5,777
7,538
1,636
2,936
2,431
2,474
24,283
3,647
1,492
646,290
321.072
118,219
28.693
4,883
152
18.367
49,999 1,633,940
64,698
176,190
396,670
277.190
307,241
2,470
19,610
168,202
8,223
3,614
32,720
28,911
71,485
2,791
739
32,436
7,962
846,508
35,539
13,900
11,000
3,100
21,613
6,700
33,340
43,000
10,720
7,000
12,197
6.300
12.891
10.300
6.300
19.347
800
2.350
500
1,350
6,435
8,550
1.100
20,200
Columbus
S60
112,408
298.9811
180,062
Indiana
6,136
t
25,428
8,949
8,793
43.080
30.499
47,222 137,298
Southern States. 1,576
7
8
109
941
1,793
13,492
26,953
18,340
3,127
16,663
S
6,163
5.236
4.560
17.623
6,899
4.623
13.619
95,055
7
105
2
6
349
8
1,341
4,052
5,208
Bonds.
counts.
S
38,847
21,362
20,848
154,067
279,944
30,877
99,356
S
33,040
3,665
2,912
1,500
3,076
11,029
4,541
7,869
1,650
2,196
2,302
5.401
2,726
3,642
750
1,590
Cleveland
650
1,407
2,863
21.556
361.694
27.703
17,699
6.104
23,765
1.098.629 1,363,691
15.146
220,208
8.620 371,847
161.193
299. S88
112.518
174.766
624
9.Z86
706
20,322
36.123
56,108
28
1,1S9
7.642
32,976
Time.
11,883
5,013
3,518
7,226
10,324
1,832
9,897
2,771
3,470
2,636
6,963
14,965
31,821
21,543
17,960
2,719
31,263
6,476
3,910
12.975
2.137
16,936
10.545
4.589
9,119
300
Cincinnati
562
29.487
15.128
68,378
9,630
15,667
10,655
23,474
7,606
5,259
i
336,435 347,657 137,689 182,961 1,486,490 2,948,889
1,750
1,285
Ohio
$
622,649
600
Nashville
Net."
107.088
6,600
3,150
1,750
5,621
11,801
4,995
9,550
1.750
2,900
.
ties.
bOemandi
36.333
2
Louisviile
DU-
Net.*
55.687
6
8
Kentucky
<tc..
Out.
17.561
Galveston
Tennessee
Chattanooga
Notes
37,976
700
5
Banks,
Reserve
Agents.
66.074
3,650
4,569
1,560
1,824
2,464
2,530
19,758
2,550
1,350
67
127
Appr'vd
47,478 36,334
2.200
2,100
2,200
2,000
119,460 136.575
22,147 23,055
68,909 72,274
21,065 38,650
27,760 19,010
1,652
1,664
4,009
6,094
7,545
10,611
298
2S2
4,965
6,925
900
Waco
Securtr
2,634
7,067
Houston
San Antonio..
Arltansas
Stales
28.179
25.514
11.436
153,700
256.272
34.247
113.202
7,260
8,846
1,750
3,875
3,610
4,200
36.378
4.150
2,250
2
and
DEPOSITS.
$
2,272
2,960
1,719
10,981
80,248
1,778
7.130
2
35
28
4
500
4
5
Banks,
to
6,817
4.873
4.340
16.923
6.330
4.327
12.977
i
7.415
66
88
Savannah
Florida
trom
Bank
70
New Uampsblre.
from
vided
Pro/its
1,791
2,135
10,836
10,438
67
60
48
Other
Due
$
3,759
3,502
2,128
17,149
23,880
4,062
11,594
llart
Due
United
Nat.
6,286
4,985
27,293
24,900
6,670
19,949
In thousandi of do
MulDc
Due
Loans
Undi-
10ft.
365
806
3,092
249
711
5,294
27,420
6,408
1,318
47,107
2,433
2.003
1,009
770
369
1,523
5,451
7,220
14.236
1.937
2.272
8.422
3.027
11,907
1,547
679
1.172
443
704
8
38.050
296
790
286
1,086
86
898,890 707,497 108.847 506,490 148,111
b Demand deposits are made up of: Individual deposits subject to check, S6,254,• Banks and bankers other than Fetlcral Reserve Bank and Reserve Agents,
549.000: certificates of deposit due in less than 30 days, $423,493,000: certified checks. S127,947.000; cashier's checks outstanding, $112,467,000; U. S. deposits, $36,418,000; postal savings deposits, $80,970,000; State and municipal deposits, $67,627,000; and deposits with notice of less than 30 days, $55,831,000.
.
-
Aug.
THE CHKUMCLF
18 1917.1
fJ95
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER NOV.
Due
Due
No.
Nov. 17 1916.
Capital.
of
Banks
Surplus.
Undi-
Nat.
Due
vided
Profits.
Bank
Banks,
&c..
Net.*
Notes
Out.
In thousands of do
DEPOSITS.
to
bDemand
47.456
116.757
323,603
4,856
27,980
137
18,045
46,308 1.731,473
65,121
173,924
269,606
300,831
3,008
320,111
10,108
16J!.963
3,320
8,283
28,474
32,785
2,870
69,537
714
"
7,033
31,608
38,597
1,859
4.244
7,030
251
6,568
159.070 23.680
13,244
2.365
6,848
1.74*
300,203 176.368
95,302 14.500
231,933 34.383
60,177 28.088
72,836 17,702
4,eflO
643
16,676
1,815
9.«7fl
7,470
701
60
12.188
2.533
567,204 3,291,847 200,196
982.720 300,000
125,305
New York
435
48,553 35,836
2,100
2.200
2,000
2,200
119,450 131,520
22,127 23,049
68,033 72,246
21.055 38,550
27,750 19.010
1.664
1.650
5,119
4,013
10,811
7.645
252
298
6,925
4,065
17,091
801
367,782
26,510
36,358
19,266
30,739
1,782
22,857
649
5,709
30,615 1,117,265 1.543,326
217.432
17,526
14,850
361.136
57,397
8,589
168,872
308.858
9,489
169.260
116,397
15,365
607
8,818
1,314
947
20,836
4,011
65,601
38,753
6,063
26
1,154
241
33,194
7,809
6,991
Brooklyn
N. Y. City-..
New Jersey
Pennsylvania...
Philadelphia..
Pittsburgh ...
Delaware
33
201
787
30
18
24
84
Maryland
Baltimore
Dtst.ofColumbta
12
Washington
13
.
1
Eastern States.. 1,646
Virginia-.-
581
68,046
10,946
22,441
7,286
5,378
598
1,290
2,702
104
798
336.639 343,072 138,062 184,025 1,539,749 3,129,320
3,599
2,901
1.600
3.047
10.895
4,473
7,857
1,650
2,172
95,351
44,481 137,565
297,689
834,136
20.727
6.650
6,150
11,098
2,662
2,376
702
3,667
1,284
9,936
10,133
3,381
884
3,014
28,898
7,799
4.032
2.607
19.400
6.241
26,574
1,246
8,461
1,857
9,111
3,967
9,373
2,039
13,192
36,226
62,028
6.681
14,236
20,961
25,793
322,352
8,158
25,878
6,349
23.409
13,164
50,105
31,455
16,475
9,414
9,861
1,302
10.314
4,995
122,726
14,734
113,617
202,585
54,723
82,331
26,969
117,170
32,483
8,222
4,288
6.682
3,714
2,519
691
4,788
3,500
3.279
2.032
2,165
2,506
1,273
674
2,307
1,532
11,201
3,438
8,736
6,302
6,077
1.061
7,335
3,308
900
700
230
3,516
4,539
1.550
1.835
2.464
2.530
19,712
2,550
1,350
1,834
1,579
110
5
7.260
8.845
1.750
3,925
3,610
4,200
36,475
4,150
2.250
500
5.500
3,150
1,750
5.521
11.801
4,995
9,550
1,750
2,900
795
5,729
Southern States- 1,581
180,825
5
35,589
13,900
10.000
3.100
21.598
6.700
33.190
43,000
10,720
7,000
12.167
6.300
275
4
5
337
12.891
10,300
6,300
19,345
6,771
2
800
4
2,350
3
500
550
750
110
6
1,350
6,435
8,550
1.100
20,200
541
2,989
3,250
750
8,940
Richmond
West Virginia...
North CarolinaSouth Carolina..
Charleston ...
Georgia
Atlanta
Savannah
Florida
Alabama
Birmingham..
Mississippi
Louisiana
New Orleans-.
Texas
Dallas
Fort Worth...
Galveston
Houston
San AntonlO-.
Waco
6
100
5
2
65
88
2
36
28
4
501
4
6
2
6
8
5
67
127
Arkansas
Kentucky
LouisvUle
Tennessee
Chattanooga
7
105
.
NashvlUe
Ohlo.
Cincinnati
Cleveland
2
350
8
7
Columbus
8
Indiana
250
Indianapolis --
minols- .
Chicago
70
6
460
.
Michigan
10
103
Detroit
3
Wisconsin
133
Milwaukee
Minnesota
Minneapolis..
St. Paul-
Iowa
Cedar RapldsDes Moines.
Dubuque
Sioux City...
Missouri
Kansas City..
St. Joseph
St. Louis
109
12
4
7
Mid. West. States 2,111
North DakotaSouth DakotaNebraska
156
125
179
4
Lincoln
Omaha
9
Kansas
Kansas City-.
Topeka
214
300
1,750
1,285
450
2,302
5,407
2,725
3,642
750
1.590
1,901
10,421
3,003
19,444
26,590
5.838
3.500
4,838
3,300
6.260
3,850
8,612
293,385 155,735
6,775
5,285
8,645
1,100
4,650
11,402
2.516
1,813
4,454
945
668
806
10,958
1,335
1,252
100
1,152
552
356
1,201
1,645
1,079
2,066
390
455
1,511
5.040
2,044
1,304
4,515
203
547
168
158
1,481
4,010
234
1,937
1,240
1,154
2,139
450
287
3,185
5.647
2,354
3,181
109
415
220
500
5,815
2,040
6,500
3,400
2.865
1.325
3.125
2,950
600
520
1,152
4,013
272
6
2,315
13,219
750
1,300
513
613
1,605
951
104
373
2,594
114
375
Western States-. 1,300
74.496
35,935
Washington
4,210
4,100
2,250
1,000
5,066
5,000
23,023
7,100
28,500
3,600
2,446
1,490
2
3
3
73
36
115
Montana
Wyoming
Colorado
Denver
5
2
Pueblo
New Mexico
Oklahoma
Muskogee
Oklahoma City
37
327
4
68
Seattle
5
Spokane
3
Tacoma
1
Oregon
Portland
California
Los .Angeles..
San Francisco.
Idaho
Utah
78
4
247
9
9
57
Salt Lake City
Nevada-
17
6
10
Arizona
Alaska
12
500
7.483
1,631
2,054
2,418
2,483
24,057
3,539
1,470
454
1,025
15,310
523
801
345
861
5,609
4,148
939
15,134
72,289 176,300
500
400
800
Wichita-
62,485
29,817
48,084
37,040
18,522
4,030
32,018
25,636
2,334
30,181
32,687
9,303
16,990
21,515
23.264
194.328
30,261
15,308
2,695
25,181
14,930
6,935
28,380
39,792
21,319
41,507
6,606
13,228
12,460
26,682
5.813
11,713
5,295
3,885
9.302
11,641
2,003
8,292
2,741
3,120
2,922
6,668
14,847
33,297
22,891
18,878
2,991
32,413
6,664
4,168
13,526
1,495
12,577
10,141
3,647
7,837
13.879
6,200
10,037
8.953
7,617
1,600
8.657
4,100
137
8
116
81
71
135
1,899
3,959
3,465
7,115
736
1,972
9,008
391
396
225
3,242
1,633
4,685
2,804
'
44,817
15,039
6,044
2,945
11,321
8,142
4,548
4.276
3,278
6.047
3,764
1,630
3,572
1,322
2,386
4,937
1,959
19,611
6,368
7,842
1,753
3,252
2,680
2,590
25,413
3,632
1,501
4,736
41,940
13,478
8,396
30,068
50,483
28,482
51,270
13,772
18,039
505
217
3,740
3,282
1,540
3,295
11,912
5,417
8,408
1,798
2.440
1,211
1,404
4,506
5,178
2,367
761
3,066
223,892 1.016,474 148,863
.
896
2,080
10,890
5,049
11,306
6,893
6,182
86,284
6,434
2,015
3.691
35,327
2,011
94,237
15,237
63.275
25
64,983
20.093
73,395
14,748
6,699
64,835
2,828
2,388
859
2.102
6,966
4,310
1,317
14,637
216,176
63,806
94,273
22,813
122,174
37,266
214,410
471,357
80,660
54,343
83,539
59,017
126,165
98,445
63,122
136,374
11,678
16,307
2,365
13,100
31,640
102,490
14,420
129,389
2.091
17,380
8,0.50
47,692
43,171
59,321
10,543
60,721
68,931
4,405
3,573
9,749
39,858
17,372
39,104
42,588
3,125
16,043
363
27
1,040
1,498
2,706
12,420
3.065
1.686
685
3.285
1.223
666
1.866
2.341
2.267
2.014
603
1.261
71,084
67,520
30,248
8.758
4,821
2,877
21,137
6,817
29.369
2,091
9,138
2,374
9,554
4,401
9,898
2,271
1,575
15,985
62,773
19,130
13,640
6,528
24,132
6,373
40,862
12,533
6,013
7,083
1,830
6,916
3,102
11,257
41,313
4,266
4,035
4,372
3,771
5,626
6,476
4,978
5,284
590
992
392
972
676
347
760
5,882
4,485
1,064
15,789
588,696 2,265,335 191,480
24,232
20,948
25,342
70
7.192
19.923
224
129
560
339
2.427
2,240
098
2,980
2,941
835
196
2,102
5,194
672
402
628
303
4,047
1.814
1.795
667
1,768
8,213
949
2,387
2,263
2,756
678
3,040
4,020
348
313
843
2,717
1,134
2,893
3,656
460
1,017
5,712
2,019
7,581
14.705
3.920
7,347
15,782
2,060
9,358
755
746
7.140
471
3.170
1,070
6.219
432
1,336
70
31,267
28,090
10,912
5,734
32,086
26,444
131,370
47,774
139,177
25,182
7,353
14.101
7,552
12,623
125
14,250
11,141
10,267
2,190
8,575
11,967
35,536
15,101
15,292
7,280
3,502
4,604
1,758
1,815
30,673
28,896
17,376
5.207
27,684
30,616
124,578
58,622
156,411
22,915
8.703
15,309
6,152
8,873
46
2,731
1,616
2.473
5,500
9,974
3,054
1,885
3,635
8,523
27.041
4.426
23,051
3,065
1,949
2.088
978
825
26,8.33
_
I
2,200
1,435
1,125
25
Pacific States...
527
89,789
43,530
20,802
60,531
202,006
Alaska a
Hawaii -.-
2
5
100
635
65
299
58
145
46
502
Non-member bks
7
735
364
203
548
16
8
6,1.59
83,.552
5,
3,590
700
3.753
3,251
17,809
5,347
19,663
3,198
1,169
2,460
1,334
1,106
578
493
68,412
36.311
8,102
22,322
12,699
45,418
3,924
1,734
14.396
10.198
3,952
772
14.161
1,611
6.260
3b",5ii
64,430
36,869
20,130
030
4,614
6,594
174
2,808
767
116.481
8,438
9,303
38,981
23,437
387
972
8,968
17
4,128
226,826 236,420
11.489
2.506
10.745
6.169
3.030
391
7.453
3,418
237
3,801
6,461
1,652
2,591
7,239
2,199
60,047
8,252
7,314
1,600
10,714
4,662
1,748
7,643
6,282
3,351
8,464
6,4»5
12.570
3,026
8,503
4,125
1,308
7,046
7,362
519
6,062
3,118
2,300
1,867
3,530
3,167
23,607
0,802
8,061
550
439
657
8
42,160 201.061
79,624
10.361
18.276
11,356
302
408
10
308
1,072
2.888
016
36,067
10,541
16,856
3,273
21,239
4,464
32,457
13',349
9,331
16,197
7,798
17,893
5,803
6,570
15,702
1,273
1,818
758
1,618
8,070
37,177
3,103
177
153
655
114
340
3
1.250
1.068
118
1.385
1.473
551
184
190
569
608
208
1.256
6.401
1,277
61
37
580
180
1,487
67
13
1,559
17,0.53
6,292
16,967
9,081
1,086
4,634
35,525
1,007
2,676
9,493
4,831
2,166
6,821
28,111
7,523
2,893
2,459
2,5.54
2,395
21
2,4,53
7,018
4,548
1,213
1,812
7,533
8,410
14,073
5,184
3,939
1,781
6,038
773
2,005
217
193
127
474
434
233
500
591
345
711
165
16,095
2.791
0,648
3,528
5,837
1.122
5.364
2.254
8.038
27,082
3,472
1,634
3,284
1,719
3,951
3,385
4.458
4,121
331
911
151
3,321
1,562
1,083
622
566
726
1,657
601
2,435
14,299
1,168
2,811
724
420
822
1,250
373
966
169
134
33
76
406
804
660
619
1,902
971
2,839
14,972
012
424
965
1,316
1,103
407
400
1,267
48
145
48
136
447
1,162
4,411
701
4,498
2,151
35,978 102,422
38,657
166
2,559
51
89
628
26
132
110
286
21
39
43
25
208
320
72
113
8
33
1,411
128
1,419
1,489
1,886
520
449
539
364
2,399
2,988
65
173
146
898
913
89
63
103
471
162
442
238
76
349
2,523
923
2,505
4,393
441
679
3,556
137
1,315
255
650
144
147
27,057
6,852
1,791
286
298
194
59
273
198
2,848
1,130
517
1,946
5,572
7,892
8,776
13.989
1,4.30
422
1,297
413
721
229
49
21
81
437
774
68
152
71
112
14
1,080
48,738
4,366
519,790
143,278
542,061
66,610
96,179
7
1,.534
3,169
232
177
612
2,176
313
552
85
659
674
587
27
207
16
9
4,703
409
2,788
866
744
1,261
234
16
35.744
3,219
38.450
15
114,451 111.795
283
099
1,755
1.447
2.001
181
145
328
568
203
8.431
4,736
649
609
2,046
1,283
370
868
718
415
97
819
442
67
658
632
214
161,065 103,187
462
817
364
1.282
652
352
242
378
228
689
574
92
32
£6
317
94
407
448
11,145
24,239
40
600
486
164
4,853
3,745
2,480
1,843
12,240
7,729
3,986
1,780
6,686
6,863
3,772
4,285
11,504
4,197
2,410
17.923
1,707
5,184
8,070
7,887
12,124
280
2.397
1.606
2.474
1.250
102,736 140,604
838
1,631
1,161
627
1,844
2,100
5,317
2,333
3,441
126
4,103
5,070
1,552
3,638
7,880
3,509
2,233
6,443
2,875
6,041
326
771
49.184
4,093
7.233
6.116
2,859
228
642
2,379
19
746
250
894
22,886 212.076
7.067
2,806
46
217
169
93
352
374
234
300
500
103
347
485
467
511
234
1,336
9,806
3,511
31,520
1,105
$
10,295
951
3,994
385
710
899
628
4,186
.
440
1,902
2,178
7,971
3,640
10,406
1,547
2,862
1,157
1,280
10
280
$
1,369
and
Silver
Certificates
830
3.160
270,357 356,109
4,830
696
12,188
S
661
348
Silver
2,162
3,065
337,800 150,946
1,392
2,912
042
884
177
872
Legal-
2,161
18.623
16,386
.33,302
28,938
11,204
23,569
8,695
12,103
4,780
12,430
5,531
4,186
3,816
7,315
2,458
9,691
506
666
359
8,604
0,266
18,773
3,813
6,001
7,336
12,625
121,424
4,327
13,213
3,658
8,603
7,611
15,887
10,767
4,796
1,226
1,993
451
2,197
2,312
39,181
4,301
47,744
37,498
400
645
244
251
864
130
62.860
685
579
1,080
324
5,952
4,108
5,707
630
2,640
57,534
101
1.1.55
460
1.835
1.052
573,537
94,237
5,440
3,337
9,906
1,284
1,059
71
1,005
643
4.518
8.671
3.226
2.611
1,627
179,404
2,160
593
3.448
2.517
16,887
4,342
18,716
2,885
1,023
2,111
1,230
138
2,446
2,300
9,724
2.645
17.685
1.488
905
7.062
3.088
9.298
1,036
517.886
2,371
,423
30,269
26,650
37.299
6.699
39,904
65,734
3,400
4,119
6,315
44,645
16,492
48,723
39,593
6,027
16,165
107,078
13,004
3,750
9,356
6,863
5,315
1,153
7,563
3,686
2,337
13,600
7,436
1,292
1,445
16,369
17,431
51,680
1,006
1
28,822
64,683
7,712
68,715
1,411
211.438
19,298
479
365
3,351
7,726
2,108
6,933
86,643
61,815
61,664
49,370
30,386
10.109
37,831
32,821
4,150
42,288
36,728
12,863
20.130
22.258
29.454
172.024
34,866
36.073
16,277
60,680
9,846
16.870
12.615
615
664
1,747
8.753
348,569
53,552
65,816
51,211
41,501
72,714
61,318
59,106
70,051
28,201
10,621
27,840
12,762
10.803
4,130
7.045
7.155
75
18.522
8.148
6,270
4,908
4,668
1.144
15.566
1,233
1,519
2,613
7,270
1,008
590
&c..
Net.*
3
$
14,007
15,096
2,244
5,023
13,775
1,593
2,085
31,410
4.681
2.822
24,621
3,198
13,407
370
163, .3.33
963,425 1.693,481
8,919
10,391
7,916
6.942
Agents.
168,569
54,610
3
5
Banks.
Certificates.
58,926
37,323
Albany
Gold
Notes.
653,742
65,349
Connecticut
17
Tender
113.473
95,247
Island. .-
11,631
S
and
Reserve
623,372
412
Boston
Rhode
counts.
Gold
Reserve
154,178
261,797
33,562
107,984
NewEng. States.
.-
ties.
5,973
4,715
2,951
15.986
20,713
2,621
16,453
70
Vermont
Securi-
2,247
1.459
960
9.026
25.700
1,052
6,111
S
2,561
3,461
1.520
10,897
96,339
2,574
7,953
Ma.=sachusett8
States
Bonds.
$
24,441
8,835
8,649
43,372
31.993
11.440
29.839
$
5,734
4,803
4,281
16,602
6,334
4,219
12,637
$
and
Dis-
Due
from
from
Federal Approved Banks,
from
6,208
5,216
4,560
17,699
6,999
4,623
13,620
3,028
1,714
2,067
10,738
10,444
2,508
6,824
%
$
Other
$
38,956
21,495
20,369
154,989
290,089
30.880
96,964
3,759
3,502
2,128
17.054
23.350
4.062
11,494
56
48
144
10
Time.
United
$
32,347
1,888
13,293
27,688
19,432
3,182
15,643
S
28.720
25,500
7,415
5,285
4,985
27,343
24,700
6,570
19,949
liars.
67
New Hampshire
Loans
17 1916.
1,146
173
462
ei
635
74
Total U. S... 7.584 1,071,116 739,336 332,458 665,259 3.339.628 7,322,688 1,816,446 8,345,784 724,4731 1,709,956 640,171 1,035,107 983,659 100,592 529.585 157,267
* Banks and bankers other than Federal Reserve Bank and Reserve
Agents, b Demand deposits are made up of: Individual deposits subject to check, $6,350,/51,000; certificates of deposit due In less than 30 days, t415,842,000: certified checks, $205, 805,000; cashier's checks outstanding, J 125 ,0,50 ,000; U. S. deposits, $35,308,000;
postal savings deposits, $77,367,000; State and municipal deposits, $58,591,000, and deposits with notice of less than 30 days. $53,908,000. a. One report lor Sept. 12 '16.
THE CHRONICLE
696
[Vol. 105.
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER SEPT.
Due
Undi-
Nat.
IJue to
vided
Profit)
Bank
Hanks,
&c..
Net.*
No.
Sept. 12 1916.
SUT-
Capital.
0/
plU3.
Banks
Notes
Out.
—
In thousands of do
MalDC
Connecticut
67
66
48
145
10
17
71
New Eng. States-
414
New Hampahlre.
Vermont
Massachusetts..
BOHtOIl
Rhode Island
—
New
437
3
6
33
201
786
30
YorkAlbany
Brooklyn
N. Y. City...
New Jersey
Pennsylvania
—
Philadelphia.
Pittsburgh ...
18
24
84
Delaware
Maryland
Baltimore
12
Columbia
Washington -
13
Dlst. of
1
1.647
Eastern States.
Virginia
136
Richmond
West Virginia...
117
North Carolina
81
South Carolina.
Charleston
Georgia
Atlanta
70
Florida
Alabama
Birmingham..
Mississippi
Louisiana
New Orleans-.
Texas
S
2.945
1.602
1.935
10.927
10.330
2.455
6,601
5,823
4,848
4,335
17,087
6,396
4,334
12,821
95,347
65,204
36,795
49,461
2,100
2.000
114,350
22,127
69,000
21,055
27,750
1,664
6,119
10,611
252
6,925
36,063
2,200
2,200
126,435
23,002
72,027
38,375
18,010
1,650
4,003
7,545
332,414 336,753 136,995 187,868 1,412,431 2,867,662
544,162 3,121,162 202,354
298
8,207
4,288
6,693
3.724
2,519
691
4,894
3,900
700
3,516
4,589
1,550
1,835
2,464
2,530
19,670
Southern States. 1.688
181,967
95,957
350
35,589
13.900
10,000
3,100
21,598
6,700
33,190
43,000
10,720
7,000
12,125
6,300
Waco
5
67
130
Arkansas
Kentucky
7
Louisville
Terinc'see
-
Chattanooga
-
Nashville
Ohio
Cincinnati
Cleveland
8
7
Columbus
8
250
Indiana
Indianapolis --
6
Illinois
461
Chicago
Michigan
10
103
3
Detroit
132
Wisconsin
Milwaukee
Minnesota
5
Minneapolis --
274
4
5
St.-Paul
Iowa
Cedar Rapids,
Dea Moines.
Dubuque
Sioux City...
Missouri
Kansas City..
St. Joseph
St. Louis
338
2
4
3
6
109
12
4
7
MId.West. States 2,111
North Dakota.
South DakotaNebraska
4
Lincoln
Omaha
9
Kansas
Kansas City-.
Topeka.Wlcnlta..
Montana
Wyoming
156
125
180
213
2
3
3
72
36
114
..
Colorado
Denver
5
2
Pueblo
Mexico
New
Oklahoma
Muskogee
Oklahoma City
Western States.
Washington
Spokane
Tacoma
Portland
Los Angeles.
San Francisco
Idaho
--Utah'-Salt Lake City
Arizona
Alaska
Pacific States
179,337
711.596
211,266
29,041
7,865
4,270
2,575
19,527
6,335
26,779
1,585
8,383
2,032
9,134
4,058
9,297
2,045
1,040
15,390
623
14,587
33,748
56,342
7,465
13.674
19,337
24,932
306,349
7,235
21,076
5,463
21,918
10,692
44,542
24,913
17,483
10,020
11,040
197,803
60,841
73,343
26,429
110,116
29,838
164,100
314,962
54,023
62,854
49,025
39,089
60,766
58,613
57,653
69,452
2,975
7,492
2,004
6,978
27,848
57,647
7,382
64,264
82,881
6,356
1,870
3.379
34,312
1,487
91,578
14,399
60,656
690
2,136
1,654
207
1,762
1.518
140
802
597
710
9.272
1.218
1,111
109
990
439
274
991
1.366
1,038
1,826
353
437
12,851
10,300
6,300
19,389
800
2,350
500
1,250
6,560
8,5.50
1,100
20,200
293,372 155,131
453
67,981 178.147
5,775
5,276
8,695
1,100
4,650
11,377
500
52,122
653
363
92
736
404
5,486
4,114
6,612
2,404
1,435
2,174
600
3.519
2.598
17,022
4.418
18.387
2.957
1,472
11,075
25,993
26,419
9,634
5,876
26,188
23,644
122,160
44,163
133,631
22,397
6,423
11,140
6,994
12,534
122
12,432
10,559
9,844
2,018
7,911
11,378
32,827
14,558
13,430
6,816
3,556
4,480
1.618
1.948
764
82
248
213
2,435
1,390
1
526
89,654
600
135
2,456
2,300
9,585
2,645
16,685
1,482
527
1,080
324
785
445
286
267
66
452
3,274
1,655
4,739
2,850
380
1,716
8,865
1.051
2.153
1.270
939
4,918
1,151
1,267
11,047
15,877
26,461
83,036
3,181
2,066
7,460
1,117
1.309
10
42,329
100
635
65
299
Non-member bks
735
364
20,642
153
2,.570i
2,590
25,289
3,032
1,501
505
3,740
3,282
1,540
3.288
12.130
5.417
8.477
1,798
2,440
570,988 2,149,034 193,488
14,829
442
399
400
225
1,7531
3,220]
62,355
19,513
72,737
14,435
6,356
64,063
2,521
2,523
815
1,905
6,867
4,283
1,265
14,433
529.451
1,279
3,999
3,507
7,207
741
1,987
8,978
12,979
3,791
9,434
6,863
5.275
1.153
7.571
4.220
905
6.374
7,810
923,748 149,553
172,923
2,040
6,455
3,400
36,671
18,177
460,312
45
210
1,407
4,210
4,000
2,250
1,000
6,066
5,000
22,888
7,100
28,500
3,600
1.155
2.200
1.435
1,225
25
32,719
13,170
5,800
23,343
49,895
28,335
46,944
12,214
164,384
400
700
.6,788
74,076
15,311
4,173
625
675
257
68
864,948 1,695,497
36,434
30,636
4,139
39,720
34,104
10,576
16,048
20,195
23,831
160,990
26.851
24,517
20,409
24,177
87
1,684
1,296
98,683
14,057
85,260
2,029
10,818
4,901
10,634
6,895
5,781
8,271
26,620
24,396
36,452
6,633
39,358
62,788
3,237
3,774
6,008
36,575
13,022
41,345
38,045
5,099
13,514
87,804
5,476
10,166
2,212
2,646
88
600
1,024
11.167
3.941
857
82,473
46,624
69,716
44,874
28,185
7,592
10,441
8,473
7,448
42,921
12.464
4,881
2,447
8,969
5,314
2,787
3,039
21,783
3,111
1,630
12,108
1,867
7.109
748
804
1,649
51
57
17
6
1,471
2,941
2,428
2,488
24,103
3,546
1,435
6,695
4,210
942
16,404
750
9
9
800
6,745
7,479
798
350
869
Alaskaa
Hawaii
Total V.
39,655 138,855
2,788
1,767
1,930
2,359
1,171
1,300
10
13
Nevada
26,649
10,994
26,603
11,404
10,389
3,865
7,532
5,161
77
16,023
8,076
5,057
4,723
4,454
1,003
14,804
1,188
1,309
2,555
6,297
1,118
6
1
California
58,366
25,750
44,795
31,255
14,442
3,943
25,425
25,377
2,094
30,482
28,384
8,634
14,248
16,917
20,284
142,437
25,158
13,425
2,283
25,371
13,551
4,935
19,836
38,441
19,385
37,341
6,493
12,544
2,315
12.955
78
4
245
Oregon
3,612
2,936
1,600
3,040
11,213
4,468
7,938
1,650
2,223
7,301
19,466
5,220
7,394
2,477
1,920
6,291
6,196
1,646
7,284
1,787
2,092
2.008
3.442
10,203
17,606
10,240
7,770
1,866
16,834
6,154
1,973
5,504
1,489
12,245
5,527
3,000
6,402
37
325
4
6
3
Seattle
11,398
3,529
8,836
6,319
5,069
1,026
7,368
3,842
7,341
7.231
18.557
201
111
1.753
16,862
7,477
14,031
14,303
2,270
4,771
12,600
1,645
Certificates.
781
S
586
S
1,448
648
328
407
330
944
633
19,822
23,073
3,740
15.829
2,041
12,035
750
2,276
2,880
2,626
34.789
76.891
148,226 18,145
13,208
2,380
0.472
1,439
305.559 161,468
88.010 11,616
215,466 19,146
58,696 25,559
68,334 13,118
4,239
441
14,534
1,341
9,353
6,686
701
62
12,469
1,860
46,277
6,301
1,668
152,005
207,006
350,438
280,012
150,759
8,508
20,163
51,069
1,160
31,529
&c..
Net.*
and
4,995'
3,094;
59,234
27:i.SI3
29, .563
Reserve
Agents.
Silver
S
6,338
624,390
115,629
320,271 39,384
26,02.5
1. 800
5,023
.WO,
10,904
188
42,838 1,010,942 37.0S6
108,755 16.264
62,481
256,745
385,295 60.418
298,076 10.174
2,585
154,718 17.020
18,147
1,411
8,408
3,212
4,217
32,712
27,342
7,111
2,439
67,235
251
697
6,568
30,464
7,633
4,945
Notes.
92,847
103,760
,372,833
Reserve
t
1,769
1.158
774
7.015
17,928
1,437
4,708
350,942
21,410
21,833
16,172
717
and
Gold
23,200
7,815
8,058
41,575
32,067
11,235
28,055
t
38,520
20,810
19,875
149.102
Gold
Legal-
Tender
$
6,222
5,294
4.660
17.916
6.999
4,623
13,620
691.743
$
Due
from
from
Federal Approved Banks,
Banks.
26,804
29,015
6,123
,013,573
16.656
8,311
156,795
112,003
737
623
35,425
25
105
2
5
8
ties.
116,933
500
2
6
Bond).
37,423
1,749
654
668
69,673 31,840
10,347 15,072
20,923 67,902
9,857
7,562
6,009 16,557
1,325
557
4,016
1,170
6,232
2,359
245
102
6,096
836
6,500
3,150
1,750
6,521
12,056
4,995
9,550
1,750
2.900
Houston
San Antonio-
5
Dis-
Due
from
count).
56,644|
900
4
States
Other
Securi-
1,249
11,190
87,282
2,365
7,908
2,550
1,350
300
1,750
1,285
450
2,305
5,457
2,725
3,677
750
1,588
Dallas
Fort Worth...
Galveston
$
2,808
3,131
Time
United
S
31,270
1,722
12,892
20.966
14.744
3,002
13,164
7,260
8,845
1,750
3,925
3,610
4,200
36,495
4,150
2,250
65
88
2
36
28
4
502
bDemand
Loans
and
%
28.389
24,855
11,293
150,538
240,085
33,106
103,477
13,837
6,200
10,067
8,946
7,617
1,600
8,943
4,700
8|
5
102
6
2
Savannah
4,986
27,443
24,700
5,570
19,949
$
3,757
3,501
2,128
17,011
23,350
4,062
11,395
S
7,415
6,285
liars.
DEPOSITS.
12 1916.
$
-945,257 262,250
5,743
2,622
7,729
1,646
3,258
2,962
2,512
456
969
329
1,630
763
1,038
130
5,723
3,745
1,113
3,500
1,102
2,413
4.248
1.591
475
1,570
3,147
8,696
24,117
12.268
13,229
8,800
4,894
14,907
657i
1,407
6.652
787
13
3,922
886
2651
23,304 210,561
7,415
3,419
5,544 19,521
2,682 21,321
2,605 10,188
110
280
340
1,114
363
2,401
4
77
483
2,122
3,861
8,997
3,648
5,033
2,561i
1,045
4,349!
4,424
993
315
658
484
212
143
292
167
24
600
183
311
713
27.601
4.329
7,209
6.902
2.284
235
674
1.849
12
732
67.303
2,248
1,769
2,376
1,3181
5651
100
1,016
1,168
152
1,318
1,363
306
309
428
1,925
1,697
721
4,443
5,370
2,545
2,780
3,738
3,108
27,748
4,313
2,751
6,386
2,447
1,945
1,540
2,158
2,149
11,768
6,330
4,643
584
575
2,252
1,039
5,643
2,789
828
1,023
327
935
4,263
5,178
2,227
680
3,482
1,774
1,884
2.232
819
1,002
6,382
3,061
1,654
3,434
1,062
3,259
3,401
1,675
2,565
72
267
84
68
299
370
297
443
650
130
123.167 100,780
8,807
34,990
14,430
3,055
9,217
3,615
5.212
1,254
5,426
2,244
9,206
28,805
3,780
1,746
3,492
2,204
4,271
3,367
4,506
4,412
3,163
1,616
337
222
988
329
27
765
1,145
1,624
6,965
1,455
808
405
63,954 46,588
59.162
17.907
13,667
6,666
22.967
5.210
37,797
29,988
28,013
11,125
22,727
8,365
10,970
5,092
12,401
6,403
9,599
4,920
5,833
1,411
6,321
2,298
9,599
41,453
3,491
3,665
3,449
3,096
4,126
4,519
4,252
4,211
589
488
686
824
851
3,408
5.919
2,222
6,327
1.296
894
37,204
9,075
13,254
3,628
20,597
5,400
39,037
12,003
8,336
14,207
8,828
12,280
5,811
8,212
17,864
1,702
1,772
9,363
9,210
16.054
4.620
5.084
7,622
12,446
108,766
3,955
10,630
3,178
6,167
5,333
13,077
8,874
5,336
1,613
2,243
632
272
2,286
7,328
31,527
3,833
1,323
2,701
3,998
141
776
1,351
6,336
658
697
12,536
13,259
2,977
1,787
31,054
4,379
30,733
320,339 134,467
264,616 304,773
2,495
2,509
1,662
183
1,924
4,221
1,729
1,607
2,148
495
679
515
4,968
247
244
456
619
2.946
3.158
9.160
8,510
13,655
1,682
14,756
22,188
556
628
3,468
4,311
2,655
2,195
12,366
5,636
2,767
1,545
5,397
4,342
2,224
3,334
9,079
2,031
1,374
9,674
1,456
3,833
j
9
1491
157
246
1,418
71
6
656
451
672
1,694
653
2,617
12,051
1,284
2,374
756
397
802
1,691
563
1,134
248
193
50
105
633
811
180
2,932
494
582
582
1,082
5,683
1,370
795
400
2,231
1,176
224
955
1,830
1,414
1.860
84
836
1,446
1,622
1,987
352
2,521
3,077
121
26,169
136,309
77,6871
5,596
27,556
26,940
26,415
15,260
4,885
25,731
28,070
120,147
57,658
144,964
20,640
8,570
14,570
5,659
9,207
49
2,736
1,616
2,474
700
3,740
3,251
17,771
5,496
19,668
3,248
1,169
2,487
1,334
1,206
4,514
8,606
2.430
1,886
3,226
8,593
25,128
4,458
22,643
2,335
709
2,457
1,140
1,603
10
1,317
1.735
7,372
4,855
1,662
69
259
89
36
33
1,732
2,868
1,144
7
6,682
2,740
27,245
5,680
31,767
6,782
2,039
1,691
2,344
2,453
17
1,573
6,182
3,665
1,054
1,271
5,427
6,353
12,743
42,851
2,780
26.765
103,757
374
723
60,927
171,437
477,308
133.375
508,765
66,896
89,737
36
516
2
231
40
1,386
3,379
71
625
2,062
312
652
85
672
552
42
4,765
302
2,687
864
657
317
666
1,736,766 7,859,837)729,777 1,624,627 531.028
S... 7,689 1,067,665 731.4091317,050 674,115 2,908,512 6,708,883
638
1,097|
557
454
629
162
1,087
t
220
443
62,678
1.258
1.644
5,869
2,946
8,018
1.058
341
793
38
291
63
184
431
37,822
411
254
429
269
929
594
86
38
89
416
90
406
568
46
166
612
33
170
57,388
674
322
603
462
1,320
36,902 105,663
366
789
324
662
375
1,024
1,147
1,140
1,804
164
3,028
3,938
563
692
2.007
2.571
621
3,074
13,007
1,024
1,206
3,963
689
4,838
6,659
393
2,134
1,419
7,060
12,120
3,779
1.766
902
601
1.760
413
947
168
684
1,419
11,726
3,744
12,083
7,618
847
1,994
23,690
717
1,636
1,921
634
19,465
230,502]186,917l 44,670 292,200
1.761
3,624
4,656
2.187
5,848
9,338
2,199
10,306
4,673
2,301
383
4,912
2,040
474
640
263
3,8281
85,096
7,044
9,545
30,494
20,498
224
65,285
34,629
30,064
1,299
4,241
6,493
172
2,937
4. ,568
11.600
1.090
X
1,493
817
3l",i30
Silver
Certificates.
2,693
857
2,613
4,213
469
724
3,409
265
635
949
122
67
95
495
158
455
248
64
167
1.302
135
157
7,193
!
270
260
286
633
<i6
^ 2el
88
1,962
3,219
8,854
7,755
12,077
1,321
17
209
395
93
177
1,330
375
568
211
3
429
19
35
72
896
470
801
70
61
80
91
157
17
90,762
1,417
44,221
4,200
29
187
14
239
741
14
65
216
14
980
79
805
3,907
570
1,568
13
936,339780,600 105,101 529,727 133,29
• Banks and bankers other than Federal Reserve Bank and Reserve agents. bDemand deposits are made up of: Individual deposits subject to check, $5,840,5
certified checks, §137,184,000; cashier's checks outstanding, S98, 137,000; U. S. deposits, S34,927,000; certificates of deposit due In less than 30 days. $408,731,000:
822,000'; postal savings deposits, $69,168,000: State and municipal deposits. $62,507,000, and deposits with notice of less than 30 days, $57,407,000.
a One report for June 30 used.
A
Aug. 18
THE CHRONICLE
1917.]
Friday Night, Aug. 17 1917.
^Another
appeal for peace issued early in the week from the Vatican at
Rome awakened a good deal of interest and was widely discussed in the press and elsewhere throughout the world.
Wall
697
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
ganlttrs^ ^uzttU.
Street,
The Money Market and Financial Situation.
STOCKS.
—
Week ending Aug.
17.
Range for Week.
Sales
for
Week.
Highest.
Lowest.
Range since Jan.
Lowest.
M
A
Am
proposition the matter might soon be forgotten. The news
of the week from the front in France and Belgium is not of a
character to lead the Entente to consider such terms as are
hinted at in the message referred to and evidently the time
has not yet come when terms acceptable to both sides can
H
H
K
UA
WH
K
be framed.
Business at the Stock Exchange continues to be largely
professional.
There is no outside demand for investments
and almost no securities are being offered by the real owners.
Sentiment in the Street has been little if any affected by
domestic news. The latter includes the announcement of an
extra 10
dividend on Burlington Railway shares which had
been expected the continued outflow of gold to Spain and
Japan and also a small amount to Canada advices from the
iron and steel industry that "the supply in the open market
is increasing and prices yielding," which is the first report
of that krud in many months.
It is also reported, moreover, that the iron and steel industry "is wholly dominated
by Government orders." What effect this will have on the
export movement remains to be seen. Perhaps last year's
record, which showed an excess of over 2,000,000 tons when
compared with the previous year, will not be maintained.
The Bank of England reports an increase of $1,200,000 in
gold holdings for the week.
K
,
M
—
H
A
news
To-day's (Friday's) actual rates for sterling exchange were 4 72*^4 72.^
for sixty days, 4 7555 @4 75 9-16 for checks and 4 76 7-16 for cables. Commercial on banks, sight, 4 75 J^ sixty days, 4 71 J^ ninety days, 4 69^ and
documents for payment (sixty days) 4 71 J^
Cotton for payment, 4 75?^
and grain for payment, 4 75HTo-day's (Friday's) actual rates for Paris bankers' francs were 5 85 for
long and 5 79 for short. Germany bankers' marks were nominal for sight,
nominal for long and nominal for short. Amsterdam bankers' guilders were
41 H for short.
Exchange at Paris on London, 27.18 francs; week's range, 27.18 francs
high and 27.18 francs low. Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual
Sixty Days.
Cheques.
Cables.
High for the week.
4 72)i
4 75 9-16
4 76 7-16
Low for the week
4 72
4 7555
4 76 7-16
Paris Bankers' Francs
High for the week
-.5 84M
5 77 V
5 76H
Low for the week
5 85
5 78^1
5 77^g
,
;
.
,
—
—
—
Germany Bankers' Marks
High for the week
for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
Domestic Exchange. Chicago,
Low
N
K
H
K
A
H
A
H
H
—
415^
41%
41%
42 1-16
4115-16
41Ji
10c. per $1,000 discount.
Boston,
par.
St. Louis, 15c. per $1,000 discount bid and .05c. discount asked.
San Francisco, lOc per $1,000 premium. Montreal, $1.40625 to $1.5625
per $1,000 premium. Minneapolis, 5c. per $1,000 premium. Cincinnati
gr. New Orleans, sight 50c. per $1,000 discount and brokers 50c. premium.
—
niA
H
from Petrograd.
,
A
N
—
,
A
K
M
Foreign Exchange. Sterling exchange remains as last
quoted with no new features of direct interest. Continental
business has been negligible.
Rubles have displayed considerable nervousness, reflecting the oscillations of the
A
A
Am
,
—
1.
Highest.
Par. Shares $ per share.
S per share. $ per share. S per share.
Aug 13 38 Aug 13 38
Aug 43
Jan
100 38
Preferred
50
Aug 14 48 5i Aug 53
Jan
400 48Ji Aug 13 49
AraBrakeSh&FdypflOO
Apr 200
June
200 195
Aug 11 195 Aug 14 176
Tel & Tel subs 3d pd
Aug
Aug 15 94 Aug 13 92 >^ Aug 94
800 92
Associated Dry Gds.lOO
Apr 21
Feb
200 15
Aug 13 15 Aug 13 12
2d preferred
100
Aug 43
Mar
200 35
Aug 17 35 Aug 15 35
Atlanta Blrm & Atl.lOO
100 1414 Aug 15
Aug 15 13K Feb 17A Apr
Batopilas Mining
20
2
Jan
900
IH Aug 13 Wi Aug 16
V> June
Brunswick Term'l
100 5,700 lOJi Aug 15 WVi Aug 14
7A Feb liVs June
Burns Bros
100
Jan 125 K Apr
100 96M Aug 13 96H Aug 13 89
Butterick
Jan
100
Aug 14 12
May
400 12^ Aug 16 13
Calif Packing
No par
June
Aug 39
300 373-^ Aug 11 37M Aug 13 36
Case (J I) pref
100
July 88
Jan
Aug 13 84 Aug 15 80
400 83
Central Foundry
100
Aug
500 34% Aug 14 36M Aug 11 3iH Aug 36
Preferred
100
Aug 53
Aug
600 51
Aug 14 53 Aug 15 51
Cent & So
Teleg.lOO
June 155
Jan
90 114
Aug 15 115M Aug 13 114
Chicago & Alton
100
Jan
200 123^ Aug 13 \2A Aug 13 12'^ Aug 21
Preferred
100
Aug 26
Mar
100 22
Aug 17 22 Aug 17 22
Chic Rock Isl & Pac.lOO
200 18M Aug 16 18Ji Aug 16 ISA Aug 34% Jan
Cluett Peabody & Co 100
Aug 75
Jan
100 64
Aug 17 64 Aug 17 64
Computlng-Tab-Rec 100
Jan
100 39
Aug 17 39 Aug 17 385i May 46
Continental Insur
25
100 51H Aug 16 51
Aug 16 51A Aug 59% Jan
Cripple Creek Cent. . 100
Aug 35
Jan
100 33
Aug 13 33 Aug 13 33
Deere & Co pref
Feb 100 K Aug
100
200 100
Aug 16 lOOJi Aug 16 96
Elk Horn Coal
50 2.675 30
Aug 38 H June
Aug 15 33 Aug 13 30
Federal
& Smelt.. 100 100 22H Aug 16 22M Aug 16 IIH Feb 26 A Aug
Preferred
Aug 14 37
100
600 51
Aug 11 51
Jan 54% July
Fisher Body Corp. ATfl par
100 38
June 40 J^ Aug
Aug 11 38 Aug 11 35
GastonW&WInc. Nopar 3,600 36M Aug 14 39 Aug 17 28
July
Feb 41
General Chemical... 100
May 250
Jan
Aug 15 210 Aug 15 205
200 210
Preferred
Apr
100 112
Feb 113
100
Aug 14 112 Aug 14 108
General Cigar Inc
Aug 17 35
July 44
Mar
100
200 36K Aug 15 39
Hask & Bark Co. Nopar
June
Aug 15 37^ Aug 40
300 38 Ji Aug 13 39
Int Harvest
Apr 121
Jan
29 117H Aug 16
Aug 16 114
J pref . 100
Int Harvest Corp... 100 1,300 75J^ Aug 11 79
Jan
Aug 16 65
June 88
Preferred
Jan
July 114
100
Aug 16 105 Aug 16 101
28 105
Int Nickel pref v t c.lOO
Mar 108
Jan
200 103
Aug 15 103 Aug 16 103
Kress (S H) &Copf.lOO
Aug 107% June
100 105
Aug 17 105 Aug 17 105
Laclede Gas
May 103% Jan
100
300 98
Aug 13 98 Aug 15 93
Liggett & Myers
Jan
July 281
100
100 225
Aug 13 225 Aug 13 222
Preferred
11
Jan
Aug
Aug 125
100 1,100 110
Aug 16 112
110
Rights
Aug IH Aug
1
Aug 16 1% Aug 15
1
9,500
Lorillard (P) pref... 100
Aug 120^ Jan
100 111
Aug 11 111 Aug 11 111
Mathieson Alkali
Feb
200 54
May 60
50
Aug 17 54 Aug 17 50
May Dept Stores... 100 200 54J^ Aug 11 55 Aug 14 52 Ji July 66% Mar
National Acme
50
200 35
Aug 13 35 Aug 13 335i July 35% July
Nafl Cloak & Suit.. 100
Jan
Aug 17 70
May 84
100 73H Aug 17 73
Aug
O Texas & Mex v t c. 400 31 Aug 17 33 Aug 13 155i June 36
New York Dock
Aug
100 2,200 19
Aug 14 21 Aug 14 12Ji Mar 21
Nova Scotia S & C-.lOO 7,100 104H Aug 17 110 Aug 13 90
Jan
Feb 125
Ohio Fuel Supply
Feb
25 2,400 50
Aug 14 52 Aug 15 45H May 54
Owens Bottle Mach..25
Apr 106
Jan
100 92
Aug 13 92 Aug 13 80
Pacific Tel & Tel
Jan
Aug 14 24 J^ Aug 34
100
200 2414 Aug 14 24
Preferred
Apr 98 H Jan
100
10 95 H Aug 13 95 H Aug 13 95
8 'A Aug 14
Peoria & Eastern... 100
Aug 12
Jan
100
&A Aug 14 7
Pierce-Ar'w Mot.no par
July 41% June
600 39
Aug 16 40 Aug 14 39
Preferred
100
Aug 14 96!^ July 98 H Aug
200 97^ Aug 15 98
Aug
Pitts Coal (Pa) pref
Aug 16 87A Aug 90
200 87 H Aug 14 90
Pitts Steei pref
Jan
Aug 14 99
Feb 102
100
300 99H Aug 13 100
Pond Crk Coal_.no par 2,100 25K Aug 15 26,'i Aug 13 25 '4 Aug 26% Aug
Quicksilver Min pref .100
600
\% Aug 17 IH June iA Feb
I'A Aug 17
Royal Dutch ctfs dep--- 4,475 64
Aug 14 66H Aug 17 59
May 67 July
Jan
St I^San Fran pref A 100
Aug 17 27H Aug 42
200 27 H Aug 17 29
June
June 108
Savage Arras
Aug 16 88 Aug 16 72
.100
200 85
May
So Porto Rico Sugar. 100
Feb 209
400 182
Aug 15 186 Aug 15 165
Jan
July 90
Standard Mill pref.. 100
Aug 16 85 Aug 16 84
100 85
Superior Steel
Aug 11 46 Aug 14 34
May 51% June
100 1,200 43
July
Texas Co rights
I5,7.'>0 19'A Aug 14 20K Aug 11
19H Aug 23
Aug
Tide Water Oil
100
200 206
Aug 11 206 Aug 11 194H June 206
Feb
74
80
United Drug
74
Aug
16
Aug
16
Jan
100
100
69)4
Jan
200 53
Aug 17 53 Aug 17 51
Apr 54
1st pref
.50
Jan
July 91
2d preferred
200 86A Aug 11 87
Aug 11 84
100
June 68% July
United Dyewood
100 65
Aug 17 65 Aug 17 65
100
July
95
93
Aug
15
94
Aug
15
93
Aug
Preferred
J^
100 1,720
K
May
June 33
United Paperboard
300 28
Aug 17 28 H Aug 14 26
Jan 22% Jan
S Realty & Impt.-lOO
Aug 16 121^ Aug 16 10
300 12
Aug Ifi 16k Aug 11 12K Apr 18 >^ May
Western Pacific
100 3,000 16
July
Aug 15 46H Aug 11 39 >^ May 48
Preferred
100
400 46
Mar
Feb 107
Wilson & Co pref
Aug 13 102 Aug 13 97
100
100 102
American Bank Note -50
Its effect upon financial affairs was practically nil, however,
and but for the importance of what is involved in the Pope's
%
.
—
State and Railroad Bonds. No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been
relatively dull and narrow.
Of a hst of 18 active issues 7
have advanced, 9 are lower and 2 unchanged.
Among the exceptional features St. Louis & San Francisco
inc. 6s are notable for an advance of 2J^ points. Un. Pacific
1st 4s are l}i points higher to-day and Bait. & Ohio issues
and Cent. Leath. 5s are substantially higher than last week.
The various foreign war loans, State and municipal, have,
as usual, of late held a prominent place in the transactions.
United States Bonds. Sales of Government bonds at
the Board include $5,000 4s coup, at 105 H, $17,000 4s reg.
at 105^ to 105 1/^, and a large total of the Liberty Loan at
99.60 to 100. These advanced on the prospect of a new issue
—
at a higher rate in the near future.
For to-day's prices of all
the different issues and for the week's range see third page
following.
H
U
—
f^Outside Market. The Vatican peace proposals on Tuesday of this week had a depressing effect on "curb" prices,
and there was a general recession. Thereafter a better tone
developed, though the market became very quiet, with no
The aeroplane and ruunitions
definite trend to values.
Curtiss Aerostocks were, of course, the most prominent.
plane from 48 advanced to 52 ^ dropped to 47 and ends the
week at 483^. Wright-Martin Aeroplane com. sold up from
The pref
12 to 13 ^ then down to 10 3^ and at 10 M finally
Aetna Explosives com. lost over half a
lost 5 points to 50.
point to 5H but recovered to 6. Submarine Boat, after a
gain of about a point to 29, sank to 25 and rallied to-day to
27 M- Maxim Munitions was off from 1% to 1^4, with the
,
,
.
,
1^. Motor stocks were comparatively
Motor on only few transactions lost 3
points at first to 88, recovered to 92 and was traded in finally
Railroad and Miscellaneous Stocks. ^As noted above at 91. Republic Motor Truck com. was off from 62 to 54,
the developments of the week have had little effect in the recovering subsequently to 55. Smith Motor Truck at the
stock market and fluctuations, although wide in some cases, opening lost IH points to 33^ but movedlupward thereafter,
have been meaningless. It has been "a traders' market" reaching 4J^, with the close to-day at 45^. United Motors
close to-day at
quiet. ^?;Chevrolet
—
throughout the week and to-day the bears were partially
successful in a raid which included practically all classes of
stock.
In a later recovery a large part of the morning
dechne was wiped out, however, and closing prices are
nearly up to last night's level.
Of a hst of 14 most active
railway shares 5 show a net gain for the week, 7 have declined and two are unchanged.
>)!?The industrial issues have been more erratic.
General
Motors led the upward movement by an advance of 9 points,
about half of which it retains. Bethlehem Steel new B's
recovered a part of the decline noted last week, but subsequently reversed the movement and close 5 below the highest
quotation of the week.
Inter. Mer. Mar. and Tobacco Products both advanced
nearly 5 points and retain a large part of the advance.
On the other hand U. S. Ind. Alcohol has covered a
if
range of nearly 12 points and closes with a net loss of 43<^.
For daily volume of business see page 706.
23^ to 243/^ but reacted to 223^. Air Reduction attracted considerable interest by reason of a talkedof absorption by the Union Carbide, the stock of the former
moving up from 973-^ to 99, then down to 933^, with a final
recovery to 97 5^. Standard Oil stocks were very quiet.
Of {the other oil stocks the high-priced issues were weak.
Merritt Oil was active and lower, losing about 3 points to 39.
The close to-day was at 3934- Midwest Refining, from 186
sold up to 188 and down to 179, recovering finally to 184.
Mining stocks about steady, with only fractional change.
In bonds the Dominion of Canada 5s were actively dealt lu.
They fluctuated between 965^ and 96% most of the week,
then jumped to 973<C, the final figure to-day being 97 3^.
General Electric 6s advanced almost a point to 102 and eased
Russian Govt. 63^s dropped from 84 to 80
off to 101^.
The 5 3^s weakened from 74 to
and ended the week at 82 J^
72 but to-day sold at 733''8- A complete record of "curb"
market transactions will be found on page 706.
advanced from
.
698
Stock Bxcnange— Stock Record, Daily, Weekly and Yearly
New York
OCCUPYING TWO PAGES.
For record of aales during the weak of atocke uauelly inactive, see preceding page.
PER
HIGH AMD LOW SALS FRJCSS—PEK SHARE, NOT PER CENT.
.•iittejfoT
tin
Mondau
Saturday
Aug.
$ per
sli'tre
$
It' ire
vi-T
99% 100
9512
9til2
'.m-z
96i->
nils
llOU
G9''8
6918
69%
69
69
•110
(J9'8
•6034
159
6018
1013
3U'»
(KlU
107
32
711.1
5638
•40
•70
25
•53
•43
109-18
•210
•7
16
2454
•36
•28
105
337g
•101
9»4
112
_ .
60%
160
•
no
69I4
69i!
09%
69%
.
6'>%
091
Aug
10
S per nhare
OO'ij
97
112
per shOTf
<)i);,4
'.m->
09%
4,100
95%
95%
0518
9518
900
•110
09
09
112
01
160
60%
00%
01
100%
160
60%
6034
58%
5934
•IOI2
•311a
10«4
33I2
10%
•lOU
10%
•1014
10%
33% 33%
*31l2
r,v,^^
BfiU
07%
67
33% •31% 33
07
66% 66%
108
10912
150
33I2
71I2
501
32I4
71
56lz
3314
7II2
567|
42
72
27
56
49
41*4
41*4
71«4
•70
•25
*53
•43
109»8 •109
210
224
27
56
49
113
210
•7
8
8l2
I6I4
•15
10
24»4
37I2
24%
2!)
33%
24*4
•36
37l'>
•27I2
2912
106
105
06 14
IO6I2 100% •106
•107
107
108
108
loau im^i. 100 109% •IO8I2 10034 •100 10934
•147
150 •147
150 •145
150 •140
150
32I4 33%
32I2 32%
3212 33
3138 32%
7II4
71
71
71
6934 70
70% 71
5f;»4
56
55*4 561j
55
5534
5434 55
•«1
•00
•50
•58
•40
•40
42
42
40
40 *
40
70 71*4 •70 71»4 •70 7134 •70 71»4
•2512 27
•26
•26
27
27
28
28
•53
•53
•53
53 57
50
57
57
•43
•42
•43
43 47
49
49
49
UII2 IIII2 •110 112
109% 10038 103 109%
210 210 •200 210 •201 210 200 210
•8
•7
8
9
8%
9
9
9
l«l4
•16
IOI4
I7I2 •16
•16
17
17%
24I2 24«4
24I4 24»4
24% 25
24
245x
107
9'4
21%
•52
16
28
•63
*39
1712
2S
63«4
43
•28
106
34
•55
5612
21%
•21%
56
•52
•16
•26
22
55
16
28
64
44
30
6312
106%
38%
21
I6I2
•39
29I4
9I2
§55%
97,
361;,
26
30
03«4
•6212
44
•39
124
29
55%
21%
26
•UI4
111?
32I4
5612
32»4
561?
111?
33I4
57I2
•1114
3218
5612
88%
88
88
88%
*55l2
807,
3612
34I4
881?
35»4
341
35I4
3414
22%
•22
33
33%
*56l2
88I4
•3534
•22
22%
120%
•79
85
•10134 102«4
57%
I2OI4 121
I2II4
•79
•80
85
32%
22%
•22
52%
52%
52%
52%
20
I9I2
191?
*19»4
58
88
341?
121
121
82
•80
84
121
26%
62%
39
521?
20
19
124
15%
102
115
31%
56
57
84% 86
33
33%
19
103%
523,
52%
19%
19%
32%
"31"
32'
66I2
94I4
4012
•65
94
•40
•4OI2
•1634
*31l2
42W
41
*16l2
*31l2
66'4
947,
401?
41
17
•44
47I2
13
*40
•1184
28I2
94I2
2834
5834
1712
•21
17
32
•45
•12
•28
281'>
136% 136%
•85
137
•11%
79I2
9I2
21
12
49% 49%
*26l4
27
1434
147,
32I2
32%
•46
49
•1314
1518
•66
eV
4678
97
47
75I2
751'.
87
•85
137
47I9
12
40
16%
30%
46
12
29
95
•27%
94%
41
I7I4
3IU
12%
28% 28%
28%
58%
5834
5834
I7I4
I7I4
17«4
18
201?
87
137%
137
791?
797i
10
•18
7«4
20
18
I3710
13634
79%
8%
80
18
§734
40%
201,1
20
20
36
20
20
20
2OI4
26I4
I9I0
2,500
3,600
1,300
•31
36
1978
151?
321?
•15
321?
•32
§49
49
•46
49
•45
•1314
I5I3
*13l2
I5I4
67
•66
69
5
5%
29
•85
*92
•378
5
4
29I4
S6l!
29»4
29>4
86
•90
94
*
97
4612
109
75*4
77I4
104
14
4612
*108
•38
•86
291?
40
•108
95
69
*66l4
29%
94J4
75%
37
85
85%
95
07
461?
110
75%
39
95
151s
1334
14»4
08%
O4I2
I4I2
661?
141i
533,
50
61%
60
281,,
27I2
O3I4
6OI4
27I2
63I2
70%
707,
*I02
04%
104
70
104
29
99%
14U
5234
Oil,
90
48
•13%
15
300
30
26
69
•66
•91
93
•9812
991'>
I4I2
69%
9II2
13%
04%
69
U4
15
5334
60
29
*097|,
•101
103
5278
•98
40
23«4
•22I4
60
•59
100
75I2
108
•61
•00
•Bid and aakw)
52I2
103
•98
09
40
24
60
39I2
•2212
301'
76
75I2 761
IO5I2 10078
62
71%
TOO
pritea.
59
24%
59
•61
7OI2
63
72
•99%
101
no
sales
on
54%
205
207
101
104
52%
521?
98%
lO'il?
7012
103
527,
118
521?
0734 98%
3OI2 391?
•22I2 24%
•5812 60
75I2 76%
IO4I2 10714
01%
703,
100
this
d»7.
63
71%
46
40%
11014
•103
12%
68
90
•91
•98
04
70
100
15
69 14
93
100
102% 10231
112% 113%
60% 70%
70%
120% 122% 121% 122%
118
120
118
53
118
54
II9I4
119%
205
205
205
105
103
103
52
205
•102
52%
52-%
98
98
•39
•22
•58
76
104%
•61%
09%
53%
54%
II8I4 llO's
51%
3''9"%
60
37
23
58
77
76
70%
IOOI4
40
24
5934
101%
IO.5I4
02%
02
02
71
0S%
70is
100% lOOU
100
JEx-righta.
25
|
Do pref (or Inc bonds) do
New York Central
100
N Y N H * Hartford
100
..100
50
IOO
Do prior pret V t c
100
Do pref V t 0.
IOO
PlttHb A
Va Interim ctfs 100
Preferred luterlm ctfs
100
Reading
50
Do iBt prel.
50
Do 2d pref
...50
St Louis A Sun Fran new . 100
St Louis Southwestern
100
t
c
W
.100
.100
.100
.100
Southern Hallway
166
Do pref
100
Te.\a« A Pacific
100
Third Avenue (New York) IOO
Twin City Rapid Transit. . 100
Union Pacific
lOO
Do pref
100
United Railways Invest... 100
Do pre!
100
Wabash
100
Do pref A
lOO
Do pref B
100
Western Maryland (new). 100
Do 2d pref..
100
Wheeling A Lake E Ry...l00
Do preferred
lOO
Wisconsin Central
lOO
Industrial & Mlicallaneou*
Advance Rumely
lOO
Do pref
100
A)ai Rubber Inc
.50
Alaska Gold Mines
10
Alaska Juneau Gold Mln'g.lO
AUls-Chalmers Mfg v t c._ 100
Do preferred v t c
lOO
Do
'5,100
200
pref
ioO
loO
American Can
[>o
Do
"lOO
pref
6,500 American Car
11 884
30% 40
•85
95
13% 14
04% 65%
14 15
50 5334
*
IOO
Te.taa. 106
_.100
200
500 Amer Agricultural Cbem..l00
200
Do pref
_. 100
10,700 American Beet Sugar
lOQ
97
28%
103%
53%
92%
6OI4
113
119«4 11934
80
03
101
28
64
113
70
117
29I4
70
IO2I4
121% 122
100
2,800
6tV)
113
70
70
900
4%
OO'i
0234
ioo
53r
5934
IOH4 103
113
69
110
7434 75
13%
5934
30
108%
6438
14
50
323«
91%
*
40
90
85
28%
03%
15
29
85
•91
99%
11834
99
68%
3%
40%
0134
OSis
5l8
97
701?
104
•45
110
7418 75
•115%
36I4
1,200
1314
04%
40
15
48
93
108%
20
35
,300
700
50
101
91%
64
2853
147s
323a
5%
4%
29%
85%
5%
3%
86
I4I2
•52
I3I4
OOI9
101
65
I414
•45
25
4
*
76I4
118»4
101?
75%
•115U
I5I4
3238
5%
9OI2
97
47
110
15
32%
13%
30
30
35
15%
4
•99%
•>
*
633i
7034
104
14
86
94
30
33
48
5%
*84
IOOI2 1001?
93»4 951
46»4
109
I3I4
•26
•06
4
IOOI2 1001?
94
957r
15%
I5I2,
32I2
19%
35
99%
70%
100
49%
921?
70
400
9%
20
20%
*98l2
70
1,300
4934
•on-
IO7I4
106
6II2 6134
'9,100
49%
20%
021?
*9Si2 99I2
100%
100% '02% IOII4 102
*112l2 113«4 §11212 II2I2
•II2I4
69
7012
72
7012 7134
70
I23I2
122
123
123
1231? 121
•118
•117
120
118
118
119
56l»
551 1
5612
531
50
55%
•11912 120
11978 120
11978 120
213I4 21612 216
212
217
210%
75I2
400
100
49%
26U
15
•59
15,900
3,702
49%
•30
pref
pref
800 Seaboard Air line
Do pref
0,300 Southern Pacific Co.
•2014
60
40
88
Island oerlfs of deposit..
Do
497«
26»4
6834
2334
400
26»4
12%
98%
000
16,400
100
100
2,000
49%
69%
•98
•39
8,466
26»4
28%
53I2
21U
•85
*
"
17
21
50
8,900 Northern Pacific
7,900 Pennsylvania.
400 Pere MarQuptte v
so
2SI4
0334
6934
103
28%
57%
Western
300 N y Ontario 4 Western... IOO
1,100 Norfolk A Weelern
100
Do adjustment pref... 100
100
26
2838
6412
7014
•52I4
28
57
8
734
20
*085g
•101
94%
136% 137%
•79% 80
138%
80
•
1R1-.
1134
281'
9434
17
20
1,700
15,300
12,750
32
47l'>
it
Do pref
300
40,600 Missouri Paclflo(new) when las
49I2
611?
O9I2
10078
1134
27%
28
95
Do
1
60
03
45
47%
12%
•91
•9812
31
39U
41%
100
100
100
100
100
pref
700 Missouri Kansaa
1114
OO-'-a
147,
681
16%
1634
32
14%
09%
•68
10
41lo
Long
11%
•11512 n.S34 •11512 11S»4
•38
•38
40
4012
•85
*86
95
05
I4I4
1334
1334
15
65I4
•65
66
6834
15
15
1418
14'4
•5318 54
53% 53%
59I4
28I4
6412
6912
__
1478
17«4
211?
79%
•8%
791?
91?
19
5838
•1714
J0l2
65lt
9334
92%
100
700 Louisville A N».ihville
100
200 Mlnneap 4 St L (»««)_.. 100
400 Minn St PaulASaM
100
1114
•378
*107l2 109
59
65I4
38I4
100
No par
Do pref
100
3,100 Lehigh Valley
UI4
67
•5
95I2
287,
40
Do
200 Lake Erie
111?
4
•10012 101
•21
94%
28%
95%
17«4
211?
1178
05%
94%
40%
,
2,600 Illinois Central
4,000 Interbor Con Corp, vcc
712
Do pref..
700 Kansaa City 8outhern
•11%
32I2
87
92
*27l2
65
9334
•3914
4 Hudson
S per ihare
98% May 9
95% Auk 17
107% July 3
07%
May
O8I4
July31
May 8
54
148% Feb
55
10
29
May
May
May
05% July
9
5
30
May
6934
5434
Aug
AuK
07
July 9
20
Feb 10
9
17
17
i/25l4 I'cb
8
3.V8 July 6
50% May 9
42 Marl2
103 Aug 17
A Foundry, 100
pref
100
lOO
Do pref
100
American Hide A Leather 100
Do pref...
IOO
AraerloiiD Ice (new)
100
Do pref (new)
100
Amer International Corp. 100
American Cotton
5,266
6,150
600
Oil
100
19,000
10,800 .\raerlcan Unaeed
2,400
Do pref
7,000 American Locomotive.
400
Do pret..
_
600 .American Malting
,
1,100
Do
.
.
_
"
.
pref
100
_
too
100
IOO
100
100
100
Feb
1
3
May 15
50»4 May 5
18% May 9
52 May 9
I5I4 May 9
8I4
25
JulylO
57I4
May
May
4
Mayl5
1434
99
114
9
May26
30
119
July 9
Aug
May
10 May
23»4 May
51 Mar
5
2
4
9
9
7
84% Aug 17
32% Aug 16
MaylO
21
May
116%
9
81% Aug 16
198% July 9
May
5138
9
17% Mayl5
53% Mayl2
40
June 8
Apr 16
53% Apr 17
2034
83% May
9
40
May21
May20
16
May
25
46
Feb
3984
May
Aug
II84
25I4
8834
5
3
3
17
Mayl6
May
May
23
9
9
51% Mayl5
May
I3I4
9
17% Mayl5
8434
128%
76I4
May 12
May 9
May 9
6% Feb 1
15% Junel4
10% MaylO
44% May 9
May
17% May
23
35
Apr
13
May
31% Apr
9
9
9
7,
10;
45
July 9
1234
MaylO
27
66
Julyl7
5
Feb
79I4
83
3
May 29
3% July
20% Feb
Feb
Feb
3
3
Less than 100 slurti
Bz-<Ut.
nd
rlgbta.
«
Jan
82
3
0.5»4Jan
4
3
81
Feb
1
Feb
3
May
7
Feb
3
91% May 9
36
103
57
114% Julyll
36
92
10
52
July 7
69l2Juue27
51 Jan 16
80 Jan 29
30 Jan 4
57% Jan
46 Marl7
I5I78Jan 19
238 Mar24
17 Jan 6
41 Jan 2
3434 Jan
3
49i4Jan 2
39»4 Jan
3
118i4Jan 4
38% Mar 4
Jan
17% Jan
10638
2
2
72i4Jan 2
2578 Jan 2
58% Jan 30
2514 Jan
3
53»4 Jan
3
79% Jan 2
43«4Apr 14
1.3.384 Jan
4
32i4Jan 29
Jan 3
Apr 13
Jan 2
20% Jan
34 Jan
61 Jan
103% Jan
527s Jan
2OI4 Jan
1.38% Jan 24
891 Feb 3
119
127
1 1
llOUJan 3
57% Jan 25
2
3634 Jan
73i''Jan 17
Feb
2
1534
48
Feb
Feb
62% Feb
102
May
3
3
2
4
8% Mayl4
53
Bi-djTiaena
81% Decl
72% Aug,
81
Dec
zI62i2 Marl
58
Aprj
1134 AprI
33
89
123
123
Jan 8
June 1
68 JunelS
IO4I4 Jan
3
45 Jan 29
45% Jan 16
2638 Jan
2
32 June26
53 Jan 4
18 Jan 3
30% Jan 3
631
38
70
2434
46
40
Apr
Dec
Dec
Dec
Apr
Nov
Jan
Jan
8878 June
Jan
1 8334
Oct
71
16% Dec
4712 Oct
102% Jan
136% Jan
I347g Jan
96
80
170
Dec
Dec 638% Dec
Apr
62% Oct
86 June
Feb
Oct
Apr 37
Apr 62% Oct
Mar
148% Dec
156
June
Oct
Mar
Mar
Mar
242
Nov
216
878
15
Apr
Dec
Dec
115
Dec
32
Dec
9934 Apr
15% Dec
69
Dec
23% Apr
56% Dec
32
46
40
10
32
May
Apr
74% Jan
121%
26
116
Mar
Oct
Dec
128% Sep
3% Sep
Apr
22% Sep
10
47»4
IOOI4
Sep
Apr
49% Dec
26
114
May
Mar
84% Feb
Dec
108
55
3634
72
Sep
Dec
Dec
5734
23I4
Oct
Oct
Jan
Jan
Jan
127% Jan
50*4 Jan
10978 Oct
21% Jan
77% Jan
3214 Jan
047g Jan
Dec
30
55% Nov
87% Oct
52%
45%
59%
54%
140
36
130
137
Oct
Oct
Oct
Jan
Dec
Dec
38% Dec
64% Dec
I3I4
24I4
II4I4
Oct
77% Jan
3438 Dec
147% Oct
89% May
118% Jan
Oct
60
38% Dec
Dec
73%
57
3534
98i2Mar21
33% Jan 3
70% Jan 30
Jan 4
Jan 2
95 Jan 20
149% Jan 2
85 Jan 24
2
1 138 Jan
2334 Jan
1534 Jan
58 Jan
30% Jan
23 Apr
1934
4834
75% Jan
Feb
Feb
ISi-May
4178
4II4
16
May
37% Sep
14
Apr
34% .Apr
11.5%
46
52
Sep
Feb
May
30% Dec
32% Dee
Dec
57
19I4 Dec
42% Oct
Apr 104% Jaii
3634 Dec
Apr
73U Dec
Apr
6% Feb 2134 Dec
48 Nov
68% June
94 Mar
99 June
12934 Apr 1.53% Oct
84% Sep
i80
Sep
94I4
18
56
734
May
Sep
13% Sep
17
2114
3934
17
Jan
Jan
Jan
41% Mar
25
Apr
60% Dec
33
Dec
Dec
Apr
27% Dec
5SI2 Dec
56% July
14
Aug
2IS4
3278
Dee
Mar27
41
22% Jan
50% Jan
2
22
5414 Jan
2
18% Jan 9
37% Jan 5
80 Jan 25
11% Jan 4
8%Mar26
32%May31
8678
9510
Mario
Mav
102% Feb
2
15
98 Jan 24
53 May28
llli2June 6
8038 June26
11834
May28
50% Jan
MaylO 101%Jan
JulylO
8% July 9
52 July20
53 JulylO
106% Apr, 126
172% Feb 10 §165
38% June26
84% Apr 14
Apr 14
71
98% Feb 10 103% Jan 24
June 4
Amer .'^raeltcrs Sec pref B
90^4 May25
Do pref 8er A stamped
166
07% MaylO
15,000 Amer Smelting A Rellnlne 100
04% Feb 2
Do pref
210
_
.100 rn0l2 M.ayll
9,200 American Steel Foundry
52 Feb 3
100
7,800 AmerlcAn eu«ar Refining .100
104% Feb 3
On pro! ..
300
116% Mav23
.100
10,700 Am Sumatra Tobacco... .100
30 May26
2,800 Amer Telephone A Teleg, 100
IIOI4 Mayll
6,800 American Tobacco
184 Apr 21
lOO
451
Do pref (new)
100 Apr 24
loO
1.100 Am Woolen of Mass
IOO
37% Feb 3
500
Do pret
94 Feb 3
_ioo
400 \m Writing Paper pref... 100
.36% JulylO
100 Am ZlDc Lead A S...
22 Julyl7
25
100
Do prel
59 Aug 14
25
10,040 Anaconda Copper
70 Feb 1
60
5.000 Atl Gulf A \V I as Line ctfs 100
80% Feb 3
400
Do pref oertfs
54 Feb 8
lOO
20.600 Baldwin Locomotive
43 Feb 3
100
200
Do pref
99 May 5
100
.
4
767s Jan 17
14% Jan 10
41>4Jan 2
02 Jan 4
125% Jan 20
124i4Jan 19
July 3
100
1
Jan 18
85
Htglieil
I per iHare i per thare
IOOI4 Apr 10878 Oct
Feb
2:98% Dec' 102
I
8
9
9
144^8 July 7
June
lOOi'-Fcb
119 Jan
167%Mar23
106% Aug 15
108
107%Jau
7
9
400 Delaware Lack A Western.. 50
5% May25
A Ulo Grande
100
12 Julyl3
Do pref
...KtO
300
22I4
May 9
-.100
0,400 Erie
34% Mayl4
400
Do I(rt pref
100
26% Mayl4
Do 2d pref
500
100
100 110114 July 5
5,700 Great Nortbern pref
2734 Feb 3
Iron Ore properties. .A'h pur
64,340
62
29'34
pref
HigUUt
2,300 Denrer
20%
'29%
100
..100
100
Lowut
Lotoett
% per tttart
200
82
3Y14
2d
pd
100
100
-
lal pref
12,435 Delaware
22
"29%
pref
Do
Do
III4
•31
*15
29l'>
29
•16«4
31
66I4
9414
Do
full
Louis.
flt
300 Colorado A Southern
lll<
51s
•94
10234
521?
19
ChR I * H»c (itf» of dep
n%
*378
*
102%
52%
lUO
prel
400 Cler CIn CLlo A
11%
*5
•29
•86
•89
•45
94I2
2812
5812
137%
19
17%
311?
471?
121?
12
17»4
79I2
*8l2
421?
167»
*27
59
•39
•40
40
3112
29
95I4
66I4
93»4
651?
94»4
94
•45
287s
'36% 'sT'
31%
40
•40
32
2812
68S4
•17
•21
"36»4
6514
471?
13
94%
94»4
2873
59I2
1712
2II2
•79
*8
*19
120%
*
6212
*32l4
•6512
9378
22
120
80
dt i>aul..l00
I
104
119
30%
*
14,800 Cble Rock 111 * Pao (new) w
3,500
7% preferred wbeu Ltiued-.
7,300
6% preferrM wbeo laaiipd-.
15%
32%
56%
22%
Do
44
124
6
.
100
Do pr«f
500
500 Cblcatfu A. NoMbweatem.. 100
63%
113s
Par
Rallraads
Atcb louekuix daulM te .100
.100
Do pref
Atlaotlc Uoaitt Uoe UA. .100
.100
BallUnore A Oklo
.100
IJo
i>ret.. ,
Brooklyn lUpld Traualt .100
100
C»ji»Ul«ri Hnul/lo
100
Chauueokt A Ublo
Cbioa^o Oreal We«tera...l00
100
Do preL
0,400 ftbleago Mllw
16
6
121
300
200
30
11%
34I4
ilOO
2,700
10,100
21%
55%
III4
81% 81%
103
IO3I2 103»4
52% 521?
57I4
•15
87
22
22%
121%
103% IO4I2
IO2I2 10378
321?
50%
21%
53
41
IIU
31%
56%
85%
32%
10%
16
63 14
•39
44
27%
10
56
30
63I4
631?
30I,s
10534 105
35I4 30%
101% IO2I4
102
10
•21
•53
16
17
30%
27%
10r)%
3634
55%
55%
21%
5fi
37%
•28
100
102
10
id
•52
•16
36%
3534
_
_ _
•9I2
O7I4
3OI2
3612 301?
27«4 28
108«4 107»4
33»4 34%
33>4 34
IO3I2 IO3I2
•gij
10
*.54l2
5Cl2
103>4
10»4
52I2
•1978
62%
I0»4
67
107
6,800
700
69
3312
67I4
10»4
*
O9I4
150% 160
I24I4 125% I25I4
124% 124%
•I2412 I25I2 •12412 126
*15Sg 1678 *15l8 lfll2 •15% J 67, •15% 16%
1534
1534
•102
IO3I2 IO4I4 104% 104»4 •102
104
103
104 •102
•114
112 117
112 117
•IIOI2 117
•IIOI2 117
117
6I4
6I4
6I4
•6
6'8
6
6%
6%
12038
112
6OI2
•107
109
•147
59%
09
•60
•31%
108
60'4
IOI2
08^8
69
»10i2
00
60
•110
69I4
IOI2
22
56
*22
Week.
PER ShARb
Range for PrevUtut
Year 1916
I
0/ 100-sliare iolt
l,(Ui$
I
^iUAtiE
Since Jan.
Riirtge
NHV yOUiC .STOCK
liXCUANUi^
Shares
17
901 2
lOOis
60«4
160
Aug
3158
OOI2
•21-18
•39
•110
941
i hliTf.
Friday
Thursd.iy
6UI2
56
6334
112
6II2 6II2
0212
I59I4 •159
160
•53
•52
•16
•26
$
9(>l2
!)!)'»
9«>l2
t prr
0912
•9512
i)er fhiirr.
<Mh
9!)'''3
Wednctday
Aug. li.
Tucsdug
Aug. 14
Aug. 13
11
STOCKS
5
9
17i4Mar29
Jan 4
75
1678
Aug
.55
Julyll
21
46
303g
63
IOI4
684
Oct
July
Dec
Oct
70%
July
July
63
06
Mar
10
6I34
03
44
-Apr
Feb
Apr
Dec
Apr
89% Dec
26% Jan
43
1014
Jan
38
92
102
Nov
Nov
Nov
IO314
Dec
10S% Nov
102 June
68% Sep
11.538 Sep
10778
Dec
Dec
52
July
78i'>
Dec
Aug
48% Dec
II910
.58%
Mar
Jan
834 June
45 Mar
102
Mar
11538
98
Oct
20% Oct
847g Dec
6
Aug 9
29% Aug 7
6434 Aug 6
6234
8234
1067s
Jan 4
Jan 20
17
Dec
38% Mar
58
99%
July
July
2778
0234
081 1
109
Nov
Nov
Nov
Nov
1934Mar30
71i2July2S
99i4Jan 31
84% July
Mario
9134 July
IO2I4
11234
June 2
117% Jan 19
75 June 7
12633 June
88% Apr
Apr
Apr
104
Dec
IO9I4
44
9714
102
12278
Nov
Nov
Nov
118% Oct
73
Dec
125% Oct
123% Oct
121i9jan 25
115% May
56% Aug 11
128% Jan 24 1123% Dec 11.34% Sep
220 Marl2
188
Feb 22978 Nov
Sep
10934 Jan 18
IO5I4 Apr 113
.58S4June 9
Dec
37
58% Nov
100 June 9
92
Jan 102 Mar
54% Mario
11
Jan 26
72% Jan 26
29% July
59% July
41-38
87
May26
121% Jan 22
66 Jan 4
76% July 2
102% Jan 15
B Before
Daymen!
77
56
Jan
Apr
76I4
Nov
07% Apr
87
10538
14734
7334
Nov
Nov
Dec
July
Nov
60% Dec
52
Dec 118% Jan
9878 Dec 110 May
of Ist InatsIlmeDt
2
1
1
New York
Stock
For record of lalaa during the weak of
BIQH AND
LOVr SALB PKICBS—PBH SHAHS,
Saturday
Monday
Tuesday
Aug.
Aug.
Aug.
11.
13.
14.
IVcdnesday
Aug.
15.
NOT PER CENT.
Thursday
Aug
16
Record—Concluded—Page
itoclca
utuaMv •n»<:fwm
SalesfOT
the
Friday
Week
.\ug 17
Shares
•••
S per shnije
10612 106'4
II512 II8I2
112
II512
% vtr share
107
105
% per than
10434 Mayl5
115% Aug 15
120
I
1
U
,
I
!
1
M
I
;
I
;
M
!
I
i
1
115i4Aug 10
36 Julyl6
17% Apr 24
Mayl2
46
70 Feb 1
109i2Mayl6
32% May 9
75% July 6
1878
Aug
48% Feb
38% Feb
34% Feb
17
3
2
3
82% Feb 3
108l2May31
18 Feb 2
96«4Apr
11
$ per share
136 Jan 2
Jan 4
156 Juuell
135 Jan 5
52i4Jan 26
30% Jan 25
62% Jan 25
515
101i2Junell
11578 Jan 26
41 Feb 20
Mar20
27%Marl2
6.384 Mar 7
10434
58
June 7
4778
Apr 4
18
103% June30
7
1 12% Feb
37i4Julyll
112% Jan
2
2
50% Feb 2 91% July
1100% Aug 16 117«4Jan 3
551 (Jan
4
35«4 Feb 3
94% Jan 3
85% Feb 14
159 Feb 14 205 Apr 16
99l2MaylO 107% Aug 7
32 Jan 2
1 134 Apr 20
2434 Jan
9
9%Junel9
14934
Julyl9
98% Apr 20
85 Apr 24
45 July 2
104i4June30
75% Feb 3
Apr 23
99% Feb 3
102 Feb 3
117 Feb 10
48 Feb 1
40
ISUFeb
5
5
9
3514 Feb
107% May
1934 Feb
1
62% Feb 8
37% Feb 3
32% June28
67% Aug
7
June29
44
Feb
70% Feb
40
163s
1
3
July 5
79% Aug
9
6334July27
29% Aug
JulylS
20
Aug
81%
Mar
May
3
Feb
1
May
9
Aug
15
90
34
54%
88
110
105
112
•
13
59
17
1
July26
May
May
1
5
33%June29
24 Feb 3
90% May 9
52 Feb 3
May
17134
Jan 26
125
93
Marl6
Jan 4
61i4Jan 19
112 Jan 4
92% Jan 17
47 Jan 26
137 Jan 3
110 Junel3
117% Feb 2
66i2Junell
21%May22
60%July23
May
9
Feb
1
May
70
100
117
136
43
9
7
Apr 21
July26
91 July 5
31% June29
.52
13
185
Feb
2
Julyl9
48% Feb
3
98
40
May28
Feb
3
92
10
May
3
Mayl6
40 Jan 20
106% Jan 10
9778 June 8
43% Apr 30
67% June 7
lOOUJan 25
117i2Mar28
122% Jan 6
127 Jan 6
39 Junel4
45i2July28
9934 Julyl2
63l4Mar23
Jan 6
2638 Junel 1
June
S
17
54
Feb
May
42
Jan
5878
Aug
4
6
Julyll
Jan 26
Jan 31
131
Jan 6
167% Jan 26
58 Junel
101
Jan 22
122
.S314
7434Mar30
110% Jan 17
108% Jan 20
5334
Aug
Jan 26
19% J'Jne20
243 Jan 10
Aug 14
Marl2
78
105
48% June
100%Marl2
15l4Mar22
Jan 22
4938 June 2
Aug 14
Marl4
1.5438,Ian
22
2
24% June26
Jan 29
171i2Junel3
03
106
67
.Iunel4
Aug 14
11 134 Jan
3
6734
Jan
Jan
Jan
80
July
34
June
71
87
May
May
May
42% Apr
11
Aug
Dec
37
108% Jan
013% Feb
88% June
89% June
33
Aug
68I4
109
118
124
97
July
114
Jan
I597g
Apr
96% Mari
20
42
101
Dec
Dec
Apr
135
93
80
Mar
Nov
Nov
Nov
Nov
Nov
Nov
11634
120
5612
193
115
190
7434
2973
74
Jan
Jan
12678
Nov
i'5078
Sep
Sep
Jan
1)125%
56%
76% Nov
85% Sep
64% Nov
Nov
107
6834
99
93
49% Nov
131% Oct
129% May
Dec
Aug
48
Deo
Dec
Dec
Oct
5834
II5I4
88U Nov
108
137
177
Nov
6134
IO3I4
Nov
Nov
Nov
Nov
Nov
17
Dec
Jan
113s
37
93
July
Nov
Nov
31
118
Dec
37
Sep
Oct
75% Dec
I24I4 Dec
Junej
June]
22
Nov
186
6378 Dec!
8434
I68I4 Mar 233
Sep
Sep
Sep
Nov
40% Feb
9314
Nov
100% Dec
167
Jan
Sep
14
Mar
IOSI4
48% Dec
I5S4 Dec
79% Sep
191-. Deo
17714 June 241% Nov
48% Sep 59% Dee
99
4
86
414
July
109% Mar
47»4
57
Dec
50.
June
3-7934
Mar
46
Mav
Aug
43% May
9
9
9
4
Mario
92
58
120
June28
Fob 1
MaylO
151
12284
June25
126% Jan 17
37% Juneie
Mar
106% Feb
May25
18
18
10.534
Aug
Aug
170% Apr
114
Jan
46 MaySl
112i4Jan 26
77 Mar30
19
Nov
94% Dec
99% July
11834
2434
May28
1,8%
129
169% June
1
Jan 22
Oct
Oct
110
69
Feb
Feb
136% Jan
15% Jan
48% Feb
ftlli2
3
8
3
3
Jan
May
87% Oct
9
1 •'<v t ti)0
May
32
May
50
Oct
Nov
42% July
Feb
9
16
May 9
July
6S4
Feb
23% Feb
91 Apr
Sep
June
IH4 Jan
100% May
38 June
26% July
100% Aug
1734
34I4
100
187% Oct
Mar 114% Dec
Jan II7I4 Nov
65% Apr
97
70% .Ian
52% Jan
38% Jan
64% Apr
29% Feb
361 >
1984 Apr
90% Dec 100
67
Dec
74%
IIII4 Dec 117%
15
Jan
34%
115
24%Mayl9
June
110
June
Sep
Jan
607s June
129% Jan
105% Jan
Dec
Dec
Dec
44
65
32
121i4Jan 19
56
Oct
100% Oct
2697g Sep
6478 Dec,
9
9934 .Ian
99% Mar
Deo
12478
7638
56% June
91
Feb
May
45I4
6634
Dec
Dec
2934
113% Dec
25% Dec
78
Apr
116%
Feb
90»4Mayll
Mar
9% Mar
136%May31
Mav
Jan
100% Dec
24
Dec
18
Dec
169
Apr
120
Dec
88% Dec
49% Dec
110% Dec
1
10434
Sep
Dec
Jan
Sep
Dec
Dec
1)61%
3878
63I4
6378
14434
Nov
50% Dec
72
Nov
Nov
74
114
43
152
June
39I4
zlU
IO8I4
91»4
Jan
Nov
117% Nov
Jan
13% Aug
June
Feb
521,1
8038
123
Feb
85
49
99
14
42% Jan
6
9
100% Apr 21
97% Apr 28
5OS4 Feb 9
104l2May21
523gMaylO
7514
106
75
12778
12034
130i4July 6
46%
38% Apr
30% Sep
129»4 Dec
July
143% Apr 19
7% Feb 14
30% June27
91% Feb
113
19% July
118
18
Nov
Mar
186
10514
88% Apr 131
Mar21
72%Mar21
112
3
1087s Jan
May
17
15
6134Jan 17
74% Jan 18
May 17
40% May 4
7484
Apr
64
Feb
67% Jan
8934
June20
Feb 2
96% June26
23 Feb 1
32% Apr 3
60 Feb 1
94% June 7
90 Feb 1 10578 May25
15 July 3
68 Jan 4
162i2Mayl5 238% Jan 22
2218 Feb 2
2934 Mar 9
3938 June28
5934Mar29
4278
49
Junel3
Jan 2
30
June28 Tl07
Aug
40
40
68% May29 lOeUJan
107% Jan 15
Dec
June
June
15
60% May26
156
35
4178
Dec
Dec
127 JulylO
59 Aug 7
J.5234July20
5 Feb 3
18 Feb 3
3234
July
126
66
10378
HigheBt
$ per than i per shar*.
al27% Dec 167% Dec
415
Jan 700 Nov
4
6412 Jan
114
20% Feb
2
3678Mar23
95i2Mar24
4738Mar21
49% Jan 4
77% June 6
8
3
101
Jan
123
Xaugt for Prttiotu
year 1916
Loieeit
il04%Mayl0 134% Jan
SAP
N
Mar
103
'
;
mglicsi
LototsI
SHARE
PElt
Itang4 Siace Jan. 1
t>a$it of lOOsbare lott
On
S pe^ sharf
*105i2 107
I
SHARE
/A'A
STOCKS
NEW YORK STOCK
RXCH.ANOE
lndustrJal&Mlac.(C»n.) Par
Barren Co (The)
lOO
Beihlehem
Steel
2,100
lOO
117% 118% *U5
class
B
202,025
Do
common
100
II9I2
11234
II7I4
11234
115%
116
112%
115%
119U
1157s
Do pref
*115l2 120
*115l2 120
100
•115% 118
Butte
*37l2
*37l2
*
Su
Derlor
900
Copper
*37l2 39
10
39
38%
38
38
36% 37% 3634 3634
550
CalComla
Petroleum
v
I9S4
I8I2
I9I4
t
c.lOO
*19
*19
20
19%
*1S12
19%
20
19
I914
400
Do pre!5OI4 5OI4
100
50
50% •49% 5II4
dOU 51 *50 51 *50 51
92I2 94%
92I2 93%
100
9OI4 92%l
9334 94S4
90% 91% 44,600 Central Leather
93U 94
Do pref
*112l2 114% •113
200
*112l2 114
II2I2 II2I2 *112
.--100
115
115
115 •113
Cerro
36l2
34
de
Pasco
3,500
Cop
par
No
3612
z34
*35
36
3534
301;
37
36%
3538
36
14
79I2 81% •79
78I4 80
2,300 Chandler Motor Car100
80% 80%
78% 7918
81% *78l2 81
I9I4
I9I4
4,000 Chile Copper
25
1912
19% 19%
18% 19
19%
19% I9I2
193s
191s
55I4
ig
Chlno
Copper
7,000
6
5534
5534 56
55
5618
54^8 55I4
54% 55
55% 56%
49I4
48I4 4Sl2
49I4
Colorado
Fuel
*48l8 49
1,400
Iron
•48%
<fe
49
49
100
49
49
48%
43I4 25,700 Columbia Gas &Elec
43I4
44
4234
100
4278
42%
43%
42%
44
43%
42%
42U
1,800 Consolidated Qas (N y)-.10O
*109
lOS
108
109% 10975 IO8I2 IO8I2 107% 108 107 109
111
*96l2 101
*96i2 101
100 Continental Can
*97
*97% 101
100
101
97% 97% •97% 101
*
*
*
Do prr-J
•
111
100
111
111
111
111
111
100
33% 33% 33I4 33% 33I4 34I8, 33% 35% '34r2 3534 34% 35% 40,800 Corn Products ReXlnlne
Do prel
*97
600
*97
•98
98
100
98
98
98
98
98
99%
8OI2 Si's
81
82% S0«4 83
81»4
80% 8134 79
78% 8OI4 54,700 Crucible Steel of Americ«.100
*102l2
Do
*102l4 103
500
pref
•100%
103
1027,
103
100
102%
103
103% 1100% 100%
38I4 39
39I2 *38l2 3912
14,000 Cuba Cane Sugar
No par
3878 39
381
36% 371
39
30
Do pref
*90
400
*90
9OI2 *88
100
901? *90
91
90% 90
90
89% 89%
*196l2 20212 §200
940 Cuban-American Sugar
•185 202
195
195
•185
200
196
196
100
195
Do pref
*100 105 *102 111 *100 109 *104 108 •105 110 •105 108
--100
26I2 27
36,400 Distillers" Securities Corp. 100
2712 281o
2634 27I4
29
3038
28% 29
2SU 30%
•9% 10
•9% 10
300 Dome Mines, Ltd
*958
•9% 10
10
9»4
10
10
10
9%
•149
I54I4 155
I5212 15412 *151
153
155%
1 ,800 General Electric
100
155
155
155
153
General
IIII4
Motors
II5I4
101,900
tem
108
110»4
113
ctfs-.lOO
10512 lOS
111% 113% 117
111
112
*85l2 87
Do pref tem ctfs
*86
*87
500
87
8;
•86% 88
.100
88
87% 88
49I4 49I4
*48l2 49I2
*49
*49
•49
400 Goodrich Co (B F)
49»4 50
50
100
50
49%
Do pref
*105
300
106
105
105
106 *105
106
105
100
104% 104% •104% 105
•80
*80
81
GranbyConsM
*80
100
85
80
SO
85
100
83
85
80
85
*42l2 4234 •42
42% *42l4 43
Z40!2 40%
1,100 Greene Cananea Copp«r.-100
41% 42
40% 41
•112
•112
•112
*115
114
300 Gulf States Steel tr ctf«..-100
118
118
112
118
113
Do 1st prst tr ctf»
•108
*108
100
»109
114
114
114
108
108
100
•107
*107
Do 2d pref tr cU»
•108
108
114
160
160
160
100
55»4 SOU
5518 55%
6,000 Inspiration Cons Copper
557g
55
55% 55%
55% 5612
55% 56
30
*18
•18
•18
•18
•18
100 Internal Aericul Corp
20
20
18
18
20
20
20
JOO
»57
Do pref
*57
500
58
59
58
57% 57%
56
58
100
59
57% •56
*113
*111
114
116
1,200 Intern Harv»it«r of N J.. 100
116
116
115
115% 114% 116 «113 116
32I4
29»4 30l2
32
2934 3OI4
30
32% 34%
32»4 34%
33% 1.53,600 Int Mercantile Marine
100
9II4 92%
Do praf
92
9112 9234
92
93
91% 93%
90% 92 108,900
100
93%
40
40
40
40% 40% 40% 40% 40% i:38% 3914 38I4 3834 9,000 Intern Nlokel (The) t t C-.26
*34l2 35I2
International
35
Paper
35
35
35
35
1,000
35%
35
34% 34% 3t
100
68 69 •68 69
*68
Do stamped pref
200
69
68
70
68% 68% *68
68
100
46I4 •45% 47% •45% 4934 *45% 4934
45I4 46
*45
47
46
500 Kelly-Sprlngfleld Tire
96
43I2
43
43
43
4334
43
43% 43
3,600 Kennecott Copper
iVe par
43% 43% 4334 •43
9II4
90
9034
91
7,800 Lackawanna Steel
90% 91
90% 91% 89
91
89% 90%
100
*20l2 21
2II2 2II2 •21
211. •20
•20
20»4 2112
21
21
700. Lee Rubber * TIre...A^» par
*78l2 81
•7812 81
80
80
78% 82 78% 82
200 Maokay Companies
80
80
100
64l2 *64
*64
*64
•64
6412 641- •64
Do pref.-6412
65
100
65
05
100
29I4 30
3OI4
3112 33
29% 32%
31
30
30% 29% 30% 17,390 Maxwell Motor Ino tr ctfs. 100
67I4
*66
Do
66
lit
pref
stk
tr
66
66
65% 66
67
67%
1,000
ctfs.
100
67% 67%
67%
24I4 24I4
23I4 23I2
24
2134 22%
Do 2d pref stk tr ctfs-lOO
24%
20
4,250
21% 22% 20
95I4 96
971
96
95
96
100
95% 94»4 96
97% 96% 97I4 10.800 Mexican Petroleum
*33l2
•93
•93% 97
•93% 97
Do pref
•93% 97
93% 97
97
97
100
*37l2 3734
37I2 37%
Miami
Copper
3712 37%
37% 38
38
38
38
38
2,000
6
57I2 58%
5718 57U
57
57% 58
58%
57% 58
57% 58
6,365 Mldvale Steel A OrdnaDca. -SO
*88
*88
91
88
89
90
90
88
88
300 Montana Power
88% •86
1(X)
*110 113 •110
•110
•110
Do pref
110
112
112
113
112 •110
112
100
•108 112
110
102 108
no 107»4 10734
200 National Biscuit
100
•116
116
116% 120
Do pref..121
'114% 120
120
100
3512 36
35% 3512
35% 35% 35
35
35% 3.5I2
35
35% 3,500 Nat Conduit A Cable No par
•42I2 43
43I2
43
4218 42%
43
43
42
42% 42
42% 3,100 Nat Eruun'K A St«mp'g-..100
99I2
99I2 *98
•98
•98
98 100
Do pref
99% 99% •98
99
100
100
--,100
•54
55
55
55
55
54% 55
55
54% 54% 54
-.100
55%
500 National Lead
•105
105
105
110 *105
110
Do pref
110
110
105
110 •105
110
100
•2234 23
22% 22»4
2234 2234 22% 23
22% 22»4 22% 22%
5
1,300 Nevada Consol Copper
•133
•133
140 *133
142
*131
New
140 *133
136
133
York
Atr
133
Brake
135
100
100
•58^8 62
•58% 62
•58% 61
•59
58% 62
58% 61
North American Co
61
100
56l2 57I2
55^8 56U
56»4 57U 155% 56%
54
54% 55I4 20,069 Ohio Cities Gas (The) ... 26
57%
5I2
5I2
5I2
6I4
514
*5%
6
5%
5% 6%
6
4,7.50 Ontario Silver Mining
100
5%
28l2 2812
•28
28
28
28
29
28% 27% 27% 271'> 27%
1,200 Pacific Mall-8
•74
•74
7414 74I4 •74
74 75
75
75
75
76
200 People's G L A C (Chic) -.100
•36
37I2
3612
•35
36
36
36
36
36
36% 3.5I4 36%
500 Philadelphia Co (Plttsb)...50
*55l2 56l2
5512 56I4
54% 56
54% 55
53»4 55
53% 54I4
7,700 Pittsburgh Coal ctfs dep..l00
*115
*115
•117
•115
*115
122
122
116 121
122
122
122
Do pref ctfs deposit.. 100
721,
i71
73
73
73
711.)
•70% 71
73
71
73
ino
71
1,900 Pressed Steel Car...
*102
•101
102
103
102
103 •101
103 •102
103 102
Do pref
103
100
200
•116
»116
•116
•116
116 118 116 lis
118
118
118
lis
Public Serv Corp of
J. ..100
14112 143 •141 142
•142
142
142
144
142
142 141% 143
Pullman
Company .
530
100
•5II2 5234 *51l2 5234 *51l2 5234 •51% 523;
51
51% 51
51%
300 Railway Steel Spring
100
98I4 •98
•98
§9812 9812
9812 •98
98% 98I4 98
Do pref
99
110
100
27I4
27I4
27
27
27
"2Y18
27% 27% 27%
27»4
27% 27%
6,800 Ray Consolidated Copper.. 10
91!
8884
89
89
89%
9012
90%
88%
Republic
89%
8878 89% 26,800
Iron A Steel
89%
100
•103% 104
•10312 IO4I4 * 10312 IO4I4 104
103% 104
104
103% 103%
Do pref
,100
240
•I7I2 20
•17% 20
•17% 20
171^
•17% 19
18
17% 18
SaTon Motor Car Corp... 100
•167
"366 Sears, RoebucJi A Co
173
168% 1681, •167 173 •167 1691 167 170
168
168
100
*24
•24
24I3 2418 24
24 14 25
•23^8 2412
25
25
25
1,100 Shaltuck ArU Copper
10
42I2
41% 42
42% 42I2 41% 42% 42
41% 42%
4134 413.1
5,600 Sinclair Oil 4 Refg...A'« par
*52
53 56 53% 55
58
54% 541 •54
55
100 Sloss-Shcffleld Steel A Iron 100
53I2 54%,
5234 .54%
52
5212 53I2
5234 53%
53%
53% 5338 15,400 Studebaker Corp (The)... 100
96
96
96
96
96
96
Do pref..
100
'42"
41
•41
§4312 4.3I2I •42% 43% •40% 43
42
43
43
150 Stuti Motor of Am Inc.iVo par
18
1734
17% 17%; *17«4 18
18
17% 17%
1734
1734
I734
1,100 Tennee.see Copper A Chero w
I87I4 I8SI
I87I4 188
185
186»4 189
187
187% 188% 187 188%
100
5,175 Texas Company (The)
76S4
7434 77I4
74
75
75%
78
75% 77
76% 77 125,500 Tobacco Products Corp
100
104
104% 104% 1047 105 105 104»4 105 •IO4I0 105
Do pref.
100
1 ,585
*40l2 43
•4012 43
*40% 43
40% 43
41% 42
20c TransueAWIlllamBStoelA'opar
•106"
*108
*I08
•106
109
109
109
107 106
109 •106
Underwood Typewriter
109
100
*10
•10
10
11
11
10% 10% IOI4 11% IOI4 ll'l
200 Union Bag A Paper
100
•80
•80
80
85
85
•SO
•78
85
85
7.5
85
Union Bag A Paper (new) 100
85
43I' 4334
•43I2 441^.
4t
44
44
44
42% 43% 42% 4234 4,.500 United Alloy Steel
No par
124.% 125% 12434 126
124% I25I2 12534 127%! 125 127% I23I4 126
100
69,700 United Cigar Stores
•115
121
115 121 115 121
Do pref
100
137
136% 136% 1.34% 136" 1.33% 135
135
135 •1.34
133
134
4.482 United Fruit
100
•20
•20
22
21% *20% 21% •20% 21% 20% 21% 20I'> 211
U
S Cast I Pipe A Fdy
100
*.")4
•.54
*.54
57
58
55
55
.56% •54
.5610
56% .54
Do pref
100
lOO
16258 163
162% 164% 162% 1667g 162 163
162
103
1.55
162
100
39,000 U S Industrial Alcohol
•100 105 •100 105 §103% 10.3% 10434 10434 •100 105
10334 1033
Do pref..
205
100
63I4
64% 60%' 6434 67
6438 6534
6312 64%
65
0334 64% 47,200 United States Rubber-., 100
'105
•106%
106
107
107
109
106%
108 106% 109 106% 109
Do
432
SI preferred
iOfl
.57I4; •.55I4
57I4 58
•.5514
57 14
56
56
5738 58%
57% 5710
400 US Smelting Ref A
SO
4934I
•49
49
•48% 49% 49
49
4934 •49
50
4973 4978
Do pref
300
SO
I23I1 1247, I23I4 125% 122% 124% 123% 124% 12334 125% 428,800 United States Steel
123% 124
1 00
•117% 118
117% 117% 117% 117% 11734 118
117% 117%|*n7l7 118
Do pref
2.129;
100
IO4I4 10.51
1041; 10518
103% 105
10434 106
104% 10.5%| 101% 105
,.^„. Utah Copper
10
8,300;
•18
I8I2
•18
18% 18%
18
IS
18% 18
18%:
100
20o! Utah Scouritlos v t o
*.39% 41
41
41
40
41% 40% 4OI4
39% 39%
3934 3934
70C| Virginia-Carolina Chem... 100
•109
•109
*110 111 •110
112
111
111
110 111 110 111
Do pref
100
•68
•67% 71
•68
70
•OS
68 71 •68 70
71
71
Vlrglnl.* Iron C A C
100
•93I4 94%
93% 94
n4i'>
93% 93% •93
9318 93% •93% 94%
500| We«t«ra Union Telegraph . 1 00
48I4 48%
48% 48%
48% 4834 48% 48% 48% 48% 48
48%
4,040i Westlnghouse Kler A Mfg.. .50
•65
•66
*65
•65
70
65 90 65 90
70
70
70
Do let preferred..
50
46
•45
45% 46
46
{46
46
45 46 •45 46
46
.SO
575 White Motor
3II4 32
31% 33
31U .32%
31% 32
31% 32
31% 3134 14,200 Willys Overland (The)
25
•94
•94
•9514
94I4 94U
96
96
96% •95
95%
95
95
200
Do pref sub rects full p<l 100
•66
68
66 67
68% 63
66
65% 66
66
651o 66
2.000 Wilson A Co, Inc. t t c.^lOO
•125
•125
126
12.5»4 126
127
125
127 123
125 •125
128
300 Woolworii (F W) _
100
•122
124 •122
•121
124
123
121
121 123 122 12t
123
Do pref
100
•35
36341 •35
•34
37
35
35
34 37
37
36% 36%
t t c 100
300 Wortblngton P A
•93
•93
97
•93
97
94
94
93
97
•93
97
97
100
Do pref A V t
.100
•S8>4 61% •58% 613s •58I4 61
•58% 61%
100'
60% 60% •58% 60%
Do pref B T t o
leo
'Bid and a-sked prieen: no sal»< on idi» >!»*
» Lens than 1(10 .inrn-e-i
Ex-rlgtiM
/S<-d'v wri.l rie:it-<
* Kt-nxm.^
Bx-dlvldend.
S per share S ijcr share $ iKr share
109
*107
lOS *107
lOS »107
II6I2 122
*120
122
120U 121
699
2
precadinc
<aicond pas*
May
74S4 July
I6I4 June
120
28% Nov
671''
70'4
11514
Nov
Dec
Deo
SU- Nov
53% June
12934
123
130
Nov
Nov
Nov
27% Dec
36
108
Apr
Apr
41
July
7234
Nov
87
Mar
IO.5I2
Oct
5II4
Dec
71% Mar
Apr
79 Mar
Dec 5938 Oct
Dec n325 June
Dec 117 J>me
70
45
34
94
51
.Ian
114% Dec
84% Mar30
971
63
.Ian
1
22
Junel
1
.lunel.i
per ahara
•
118
123
25
95
52
Jan
June
Julv
July
July
CartJfieatai ot
14134
126
Oct
Nov
36% Sep
100
Sep
66% Sep
dap
'flit
700
New York
In Jan. 1909
the
Price
Week's
Frtdav
Range or
Aug. 17.
Last Sale
BONDS
Y BTOCK EXCHANOE
.
Week ending Auguut
17.
U. S. Govarnmont.
J
99.84
-
Foreign ajvarnmant.
Exter dt 53 of '1
External loan Hia
1919
1921
1926
1931
Vrenob Reoub 5^9 gecured loan.
£ loan 4)^8- 1925
J(U)aae3e Govt
1925
Iteoond aerleg 4^9
Do do "German stamp''
1931
Sterling loan 43
1919
Lyons (City of) 3-yr 69
Mar9ellle9(Cltyof) 3-yr69..1919
Mexico— Exter loan £ 5a of 1S99
1954
Gold debt 4g of 1904
1921
Paris, Clly of, 5-year 63
Tokyo City 59 loan of 1912.
Dominion
Canada
of
Do
Do
« 5a
do
do
—
UKof Gt
N
—
80
68
:
100 Sale
94 Sile
86 12 00
9618 Sale
94i2 95
9514 Sale
98 Sale
t 8712 Sale
t
4H%
NY
Canal Imorovement 4s
1960
Canal Improvement 4J49.I964
Canal Improvement 41^3. 1985
Highway Improv't 4H9..1983
Highway Improv't 4)is..l965
Virginia funded debt 2-39. . . 1991
Brown Brog
69 deferred
Registered
Sale
9934 Sale
9912 Sale
9712
97%
94
93
61
CI Lor
&
W
Ist
eg 4J^8..1930
con 1st g Ss. . .
River Ist gu g 53..
Ohio River RR Ist g 5s...
General gold 5s-.
Pitts Clev & Tol Ist g 8a. .
Monon
1933
19 19
1938
1937
1922
Pitts & West 1st g 43
1917
Buffalo
Pgen g 53
1937
Oonsol 4Vi9
1957
A11& West I3tg4ggu
1993
Clear* Mah 1st gu g 5s.. 1943
Ro-ihA Pitts Ist gold 63.. 1921
Consol 1st g 8s
1922
Canada Sou cons gu A 59
1982
Car Clinch A Ohio Ist 3(>-yr Ss "38
Central of Ga Ist gold 5s-.pl945
Consol gold 5s
1945
Chatt Dlv pur money g 4s 1951
Mac & Nor Dlv 1st f, 53.. 1946
MIdGa.fe Atl Dlv 59
1947
Mobile Dlv Ist g 5a
1946
Bof Gacolg 59.. 1937
Oen
Cent of N J gen'l gold Ss
1987
Registered _
11987
Am Dock <fe Imp gu 59 192
Leh & Ilud Rlv gen gu g 5s. '20
N Y & Long Br gen g 48.. 1941
Oent Vermont Ist gu g 48..el920
Chesa & O fund * Impt 5s- . 1929
1939
1st consol gold 5s
Res'lstered
1939
General gold 4(^9
1992
Registered
1992
20-year converti ble 4 ^i 3. . 1930
SO-year eonv secured 5s.. 1946
Big Saridy 1st 4fl
1944
Coal River Ry Ist gu «3..19t5
Craig Vtll»y lstg5s
lOtO
Potts Creek Br 1st 4s
1948
R A A Dlv 1st con g 48... 1989
^Q
2d r>r»Ti«OI enld -J^ .
R&
RR&
63
72I4
07
100
88
06i8
100%
ChlcA IndC Ry
94 14 100
100'4
9734 101
81
8834
8018 88%
82
73%
93%
93%
40%
76%
97%
35
92
39%
4
9414
'17
Aug
'17
'16
11
Juiyi7
97
IOOI4
94
102%
94%
10218
102%
101
1107g
100
101»4
84
100%
110%
91%
101
105
100»4 106%
Juiyi7
100
July'17
102%
Aug
)% 106%
107% 117%
Jaly'17
10934
'17
dspt'lfl
117%
108% 110
Mar'17
18
62%
62%
8S14
87-34
8734
82
Aug
Aug
'17
50
61%
61
87
73%
97
87% 93
80% 88I4
'17
8II4 Sale
9912 Sale
9912 IOOI2
99%
90%
IOO14
91
75
83
82%
90%
8II4
0934
10
50
53
May'17
96
78
94% June'17
85% Apr '17
8412
83
9934 July'17
85
IOOI4
122%
129% Aug
.
70)4
100^8
9812
^i^ii
9038
79
80
85
Sale
85%
9714 101
9034
IOOI2
104
10412
99I4 IO7I2
'17
234
8
Mar'17
88
86%
35
9534
08
16
88
83
91
--
9334
100
99S4
104%
'12
'17
'17
8538
Apr '17
90
92
79I4
84I4
Aug
Aug
107%
93»4
98%
9 5 '8
84% 94%
91
92%
85
97%
9534 101%
90^8 June'17
Nov'18
107% Feb '17
107% Nov 16
Feb '17
107
79
16
»94%
79
90
84%
84%
100
100
90% 90%
IOII4
9935 June'17
'17
101% Aug
99
80
10134
M»rl7
97
N07'18
103% Fob 16
102% 108 108% Dbo '16
104% IO712 10934 Jan '17
107% 107%
107
10;
99% 99%
101% 111%
101»4 102%
IO8I2
99%
100
83
100
May' 17
85
10034 IOII2 10034
96% dale 98%
78
103
81
100
109
105
100
95
Sale
IO8I2
92%
78
83
78
96
Sale
76
7612
82
80
95
70'2
108%
Apr '17
Jaa9'13
100% Jan '13
78 Feb '17
July'17
90
87
8834
84
92
9«
78
103
78
103
Apr
'17
94% 97%
7954
94%
100% 108%
10 4% 104%
20 S3
94
86'4 92
25 7S
86%
28 84
94»4
84
87
73
*
Miiv'17
Du«
April. «
81% 83%
73
Doe Mar.
<fe
N
W l8t3Hg.l941
J
J
J
J
J
J
-D
-D
F-A
F -A
M-N
Q-F
M-N
M-N
M-N
A-O
A-O
A-O
A-O
A-O
A-O
M-N
M-N
M- S
A-O
J
J
-
1983
Registered
193s
Refunding gold 49
1934
20-year debenture 59
1932
Coll trust Series P 49
1918
R I Ark A Loulg Ist 4 S^a. . 1934
Burl C R A
1st g 53.. 1934
CRI
IstguSg .1921
Choc Okia A G gen g 59. .01919
Congo! gold Ss
1952
Keok A DesMolneg 1st 59.1023
. .
N—
FAN W
StPaulAKCSh L 1st 4^9 '41
P M A O eons 63... 1930
Chic St
Cong
6s reduced to 3 ^i 3.. 1930
Debenture 59..
44%
99
70%
80
99
79
90
91
90%
10034
101%
101
Aug
90%
Aug
I003g
97% 98% 98
94J4
94
96%
Sale
76
92
"94"
82
84
72
92%
86% 87%
105% 107%
June'17
June'17
Feb '13
Mar' 17
64%
73lj
1123g
115%
Apr
100% 10034
65%
91
7514
89
86
'17
85%
96%
84
83% 96
July'17
82
84
July'17
9634
97
72%
Aug '17
Aug
83%
'17
8634
87%
72%
Apr
79
8II4
Oct
8934
86%
July'17
86
Aug
'17
'16
'17
'16
100% 100 Aug
100
102% Oot
106' 10134 100
July'17
90% IO4I4 June'16
'85%
111
71
87
88
Aug
Jan
100
Apr
Sale
A-
69%
Sale
87
J -
72
MM- S
A- O
A- O
98%
J
97
M
N
W
80%
80
69%
80
98
70
Aug
'17
May'17
67% Aug '17
65% 69
96% 100
97I4 July'17
100
97% June'17
56%
68
110
9934
60
85%
96
110
91
97
110%
101% 103
95I4
80
105% 107
71
110
Sale
July'17
110
'17
Apr
96%
96%
111
118
June'17
82
Jan -17
Nov'16
102% July'17
105% Nov'16
lOSio
7034
IO512
71
111
104
105%
100
1023g
88
88
103% 107%
104% 10484
84
9434
9934 10838
10078
99%
100% lOOSg
3
'46
79
90
85%
85S4
69
70
98
78%
65
84
98%
74%
96% 1027g
97% 97%
55
6334
110
91
62
75
II884
91%
96% 103
118%
111
101% 104
82
82
10.5% 108
70
77
90
May'17
90
9634
90
90
May'17
70
90
25
Juii'15
96
68
98
67
68
88
65
96
68
84% 83%
99% 101
7434
6534
7438
7434
8II4
8378
Mar'll
July' 14
Jan '17
68
July'17
t'eb '17
Mar'17
Feb '17
81%
83% 87
100% 101
83% 87
79
81
83%
73% 73%
7478
100% 100%
84
85%
102% 102%
106% 116%
A-O
W
Warren
111
85
72
79
Dlv l9t g43..199
St L Dlv Ist coll tr g 43. .1990
75% 74% July'17
Spr A Col Dlv Istg 43. ..1940
73% June'17
Val Dlv lgtg4g
84 Nov'16
71%
..1940
CIStLACconsol63.. .1920 M-N 101% 104% 100% June' 17
1st gold 4a
85%
85% Sale 85%
tl936
Registered
88% May'16
83%
*1936 Q- F
Cln 3 A CI cons Ist g 59..1923 J - J
97
102% J»D '17
C C C A I gen cons g 6s.. 1934 J - J 107%
107% July'17
Ind B A
July'08
Ist pref 49
79 ...
94
1940
O Ind A 1st pref 59...<tl938 Q- J 90 ...
Peoria A East 1st cons 4g.l040 A-O
55
51
57% Junel7
Income 4s
1734 20
July'17
18
1990 Apr
Cleve Short L 1st gu 4^8... 1961 A-O
96% Sale 96%
96%
Col Midland Ist gold 4s
334
May'17
6%
7%
J
1947 J
Trust Co certlfs of deposit
2% 7% 6% May'17
Colorado A Sou 1st g 4s
84% 86% 8478 Aug '17
1929 F-A
771-.
Refund A Ext 4Hs
7838 78%
7838
1935 M-N
Ft
A DenC Ist f 6s.. .1921 J -D 99% 100% 10034 July'17
Conn A Pas Rlvs Ist g 4s ..1943 A-O
84
Cuba RR 1st 50-year 53 g. .1952 J - J
93
94 Feb '16
Del Lack A Western
Morris A Ess Ist gu 3H9 .2000 J -D
80
July'17
81% 82
N Y Lack A let 6s... .1921 J - J 105 107% 104% July'17
Construction 6s
July'17
1923 F-A
98%
100
Term A Improve 4s
94% '96% 96% July'17
1923 M-N
W
W
98%
95%
'16
Oct
97% July'15
56 Aug '17
72% 69
Sale
•
W AM
'17
8II4
Mar- 17
86
86
112% 118%
10334 July'17
10038
81
8638
"99% 103%
'16
'17
'17
101% Oot
113"% II2I4
75
104% 118
June'17
-
-D
J -D
M- 3
90% 98%
97% 97%
'17
'16
103% Apr
J J -
J
97% 101%
104%
HI Jan '17
'16
Apr
109%
104
105
100% 101%
100
104%
July'17
July'17
16
July'17
J
J
103
Deo
Aug
104
106%
104%
90% 95%
IOOI4
July'17
75
99
97
100
10334
Junel3
76%
104%
96%
98%
84
96%
96'4 107%
72% 82%
92% 105%
83% 94%
86% 10234
81
102
97%
102% Deo '16
90% June'17
9712 Jan '17
10478 Sale
IO414
87%
103-34
'17
'17
June'17
-
33
102
Aug
-
M-N
A -0
F-A
35
82
9278
-
M-
19
90
107
96
41
32
Marl7
84%
102% 106% 104
105% 108 110
100% 10054 100%
100% 101 100
91
87
76
84% Apr '17
70 Nov'16
96% Jan '17
9738 Deo '16
Sale 102
100% 101 101
78
84% 90%
96%
95%
90
90
90
8O34
July'17
102
IO2I4
99%
09
Mar'17
13
10334 Jan '17
100%
98
94:4
97%
88
30% 33
27% 35
87% Sale
80% 81% 81
80
100
89
98
July'17
July'17
92% Feb '16
87%
87%
9634 Sale
6284
5312
100% 102%
'17
July'17
947g June' 17
98
July' 16
90% June' 15
88I4
88%
33
33
33
35
102% 105 106
75
84% 887
75
76
76
90
97-34
51
30
32
65 Sale
65
103 108
112%
80
100%
99
70
89
'17
80
J
J
-
J
1
High
59%
44%
45
10434 Apr "17
11178 Deo '15
105% ..
105% ..
111% Nov'16
86% 87% 89 July'17
90% 101
9934 July'17
-
Cln
4412 Sale
10434
103
-.
1930
Ch 3t P A Minn 1st g 6s.. 1918 M-N
North Wisconsin 1st 6g... 1930 J - J
StP ASClty l8tg6s
1919 A O
Superior Short L Ist Sgg. (71930 M- S
Chio T H A So-East Ist 53. . 1960 J -D
Chic A West lud gen g 63..»1932
Consol 50-year 48
J
1952
Cln H A D 2d gold 4^3
J
1937
1st A refunding 43
J
1959
Ist guaranteed 49
J
19.59
Cln D A I Ist gu g 5s
1941
C Find A Ft 1st gu 43 g. 1923
N
Cln I A
Ist gug43
J
1953
Day A Mich 1st 00034^^3. 1931
J
Clev Cln Ch A St L gen 4g. 1993
-D
20-year deb 4Hg
1031
J
General 5s Series B
-D
1993
Cairo Dlv Ist gold 4s
J
1939
W
II314 Feb '15
5978 June'17
W
85% Nov'16
9834 Ket) '16
8434 Jan '13
8238
82%
J
J
J
Low
88% aept'ie
J
J
J
D
High No
Aik Low
59% 00
88-38
Since
Jan.
Q-F
109
120%
108% 118
10 tU
102
78
90
J
WW
10'?
104% 101%
101
100%
101% Jan 17
83%
83
Sale
86'4 Mir' 1
78%
Sale
78
8634 Sale
105%
85
'17
'17
109
102
93
10054 110
97% 97%
100
103%
I093j, 109.34
June'17
104% Apr
94% Apr
102
98>4 10114 100
91
101
97
78
Mar' 17
97%
101%
97%
10034
-
Q- J
J -D
W
Railway general gold 48.
Jan
112
79
100
9534
91
Apr
92
J
-
A
W
W
115
10
-
GBn&ref4V^3(temporary form)
Gen ref conv Ser B 53
a2014
Mich Dlv 1st gold 6S-.1924
Mil Spar <feN
lat gu 4a. 1947
St L Peo A N
I3t gu 53.1948
Chicago Rock Isl A Pac 69. .1917
Reglgtered
1917
'18
D98
90%
107
77% 89
118%
July'17
July'15
J
J
Range or
Last Sale
72
f
85ls
IOOI4
89'4
U
'15
'17
Aug
79
115
103
9II2
90
90i8
8512 85'8
9218
86 Sale
957j Sale
'silj '8714
M%y
89
103%
87% 9838
85% 95%
100%
IOJI4 Sale
*88i8 88
78
115
'
88%
85%
83%
85%
J
-
Mllw&d L 1st gu3H3... 1941 J Mil L S & West Ist g 63-. 1921 MExt & Imps gold 5S...1929 F Ashland Dlv 1st g 63. .. 1925 M-
100%
94% 99
83
-
A-O
ManG B
lOO's
92% 93% May'17
9934 10.1
8738 88%
81
99
99
1925
-
J
J
a2014
M
HI
94
el9.89
Gen'l gold 3 Ha Ser B
el989
General 4!^s Series C...el989
25-year debenture 43
1934
Convertible 4!^3...
1932
ChlcA L dup Dlv g 5s. ..1921
Chic & .Mo Rlv Dlv 5s... 1926
Chic & P
lat g 5s
1921
C & Puget Sd Ist gu 43. 1949
Dubuque Dlv 1st g f 63
1920
Fargo & Sou a33um g 8g..l924
La Crosse & D 1st 53
1919
Wis 4 Mian Dlv g 5s
1921
Wis Vall iy Dlv 1st 63
1920
Mllw &. No Ist ext 4^9.-1934
Cons extended 4^^g
1934
Chic & Nor West Ex 48 1888-1926
Registered
1886-1926
General gold S^^s
1937
Registered
.pl987
General 49
1987
Stamped 48
1987
General 59 stamped
1987
Sinking fund 68
1879-1929
Registered
1879-1929
Sinking fund 59
1879-1929
Reglgtered
1879-1929
Debenture 58
1921
Registered
1921
Sinking fund deb Ss
1933
Registered
1933
Des PlalnesVal Ist gu 4)^sl947
Frem Elk & Mo V Ist 6s. . 1933
97I4 104%
9738 10534
9734 106
101
101
110'4
84
Aug
Registered
Permanent 43
Gen & ref Ser A iVia
98% 101%
101=4
July'17
July'17
1947
Refunding 49 Series C
1917
Loulsv
Ind &
Ist gu 49
1958
Chic lud & dou 50-yr 4s
1956
Chic L d & East l3t 4^^3...1969
Chicago .Milwaukee & St Paul'
Gen'l gold Is Serieg A...el989
97
50
98
F-A
l9t .53...1938 J
R'ifuudlng gold 59
Friday
Aug. 17.
Bid
78
Chicago Great West 1st 4s_. 1959 MChic Ind & Loulsv— Ref 63.1047 J -
04%
78
—
Guar Tr Co ctfs of dep
Purch money 1st coal 53.. 1942
'i
760
559
36
10
102
9534
93
75% 80%
05% 93%
95
98%
93*4 98%
3
'17
'17
Jan
98%
00%
20
127
352
5OI4 June'17
80
82% S vie
8212
73
price Frtdjur: i>t«at tan week a Doe Jan
1
53
102
102
102%
85
(.Con)
A-O
85% Nov'16
W
R
Aug
Aug
94% Aug
8734 Sale
8734 89i2
80ig 82
W
Cent Ohio
0734
9734
10134
10134
9414
9418
97
1
98
971;
85
3onv gold 49
Donv 4s l93ue
PLEA W
9734
9734
4978
1995
A1995
1955
of 1910
1980
lO-year 59
1917
East OkH DIv Ist g 49... 1928
Rocky Mtn Dlv 1st 49. ..1985
Trans Con Short L 1st 49. 1958
Cal-Arlz Ist&ref 4!-i3"A"1962
8FePre3& Ph 1st g 5s-.. 1942
Ad Coast L l3t gold 4s
/il952
Gen unified 4^is
1964
Ala Mid l3t gu gold 53-. .1928
Brun9 &
1st gu gold 49. 1938
Charleg & Sav l9t gold 7s. 1936
L & N coll gold 4s
01952
8avF& Ist gold 6s
1934
Ist gold 5s
1934, A
SllSoOca&Ggug43
1918
Bait & Ohio prior 3!^3
1925
Registered
41925
lat 50-year gold 4s
A1948
Regl9tered
^1948
20-yr COQV 4^s
1933
Refund & gen 53 Series A. 1995
Pitts Juno Ist gold 69.. .1922
PJuac .fe \I Dlv l3t g 3^3 1925
VaSygref 4S..I941
Southw Dlv Ist gold 3 i^9- 1925
99 Mi
9714
IOII2 10134 10134
lOO's IOOI4 100%
101
10134 10134
8234
84
101
90%
100^4
99% 10218 10018
99%
9»78
IO712 109
107%
10934
10714 II314 109'4
IO814
ctfs
4
18
9954
104'» 110
93
Ohio
ChlcA
92% 98%
22
98
98
95
100
99%
66
7712
9734
9533
9438
9934
9712
10134 10178
IOH2 1017s
94
9412
9ti4
94
..ftl995
)il995
Stamped
O3I4
77I2
90
"3
2
35
94
35
99 14
03% 98%
40% July 17
33
95
A1995
Adjustment gold 49
9312
74
94
94
93%
93^8 Sale
7712 78
9773 Sale
9534 Sale
t
g 49... 1995
Registered
9312 dale
33
Railroad.
Ann Arbor lstg4s
Atoh Top & 3 Fe gen
74
9934
39<4
<t
Greenbrier Ry 1st gu g 49. 1940 M-N
Warm Springs V 1st g 59.. 1941 M- S
Alton RRref g38...1949
1950
ll'iUW'iy iHt lien SHs
ChlcBA Q Denver Dlv 43-. 1922
1949
Illinois Dlv 3^8
IllluolsDiv43
1919
Iowa Dlv sinking fund 53.1919
.Sinking fund 43
1019 A-O
See Great North
Joint bonds.
Nebraska Extension 4g...l927
1927
Registered
Southwestern Dlv 48
1921
1953
General 4s
Chic & E III ref A Imp 48 g. . 1955
U S .Mig & Tr Co ctfs of dep..
1st consol gold 63
1934 A -0
General C01190I 1st 53
1937 .M-N
3
Mtg
Tr
ctt9
of
CJ
<fe
Co
dep
lUO'io
98%
"io
98%
87i2
37
87%
87i2 Aug '171-.
80%
80%
51
t
174
740
34
824
74
93 12 Sale
90
HO
945g
—
Chesapeake
104% 111%
"5
9512
1
Range
Week's
Price
si
Week ending Augu.^t 17.
98% 101%
17
88% Aug '17
9818
06%
94I2
94%
98
86is
80-8 Sale
:
95%
9514
03 12
94
85 July' 17
O3I2
94
68 .Aug '17
100
90%
91
94
90
9312 Sale
Brlt& I2-yr53..1918
1919
3-year 5'-i temp aote9
1921
5-year 5!^ temp notes
1918
Temporary notes 51^9
Temporary notes 5^9
1919
XThese are prices on the baila of S5ta£
Stats and CItv Sacurltles.
YClty—tJis Corp stock. 1980
1964
4)is Corporate stock
1986
4Jis Corporate stock
1965
4>4s Corporate stock
1963
4Hs Corporate stock
1959
4% Corporate stock
1953
4% Corporate stock
1957
4% Corporate stock
1956
4% Corporate stock
1957
New 4)^9
New 41^3
1917
Corporate stock
1957
1954
3)4% Corporate stock
State— 4s
1981
Canal Imorovement 4s
1961
Canal Improvement 49
1962
7185
Weekly and Yearly
Friday,
— "and interest" —except for income and defaulted bonds.
BONOS
aTOCK EXCHANGE
N. Y.
High
N'l. Loio
May' 17
Feb '15
90
9558 Sale
93'8 Sale
—
—
100
100
1919
Forulgn Secur 53
Aniilo-FrencU Vyr 59 Kxter loan.
Internal 53 of 1909 .
Argentine
Bordeaux (City of) 3-yr 69.1919
59 of '11
53 of 1904.
1 9er A. . . 19 19
Jan.
High
99.60
80
Amer
(HukuansfRy)
Sale
Itange
Since
9714
9612 July'17
9834
99'4 Jan 17
9914
99 Mayi;
9914
9912 July 17
IO514 105>8 IO512
IO514
105
IO512
IO512
98I4 Oct 15
96
July 15
96
97
c.)iii).)D
Cuba — External debt
Ask Low
Bid
U 8 3Jia Llburty Loau (w 1)1947
D S 2g oonjol roi{l9tore(l...rflU>iO
dlOSO
U 8 29 000301 coupon
*191«
U 8 39 ro,'lst8ro(l
tl9H
U 8 33
1925
U 8 43 reilstorod
1925
U 8 49 o> ipoa
U 8 Pan Cmal Itt-SO-yr 23.41936
193S
23.
10-30-yr
.
D 8 Pan C.inil
1961
Ua Paniini Onisil 33 n
U 8 PalllD.Jlae HIaad 49.1911-31
Oliln«3e
Exchange— Bond Record,
Stock
Exchange method of quoting bonds was changed and prices are now
Ist ref
gu g 3 H9..2000
F-A
Daa Aas
Dae
82% 102% Feb
57%
18
95%
2%
2
75
30%
10284
1784
II84
84% 96
7838
8784
100% 105%
80
88%
104% 107%
100 102%
96% 99%
'03
8134
*
Uue
Jiute. t
Due
July, t
•
Oot. v
Du« Nov.
f
Due Deo. (OptlOB
sale
.
Aug. 18
A
A
1
New York Bond Record— Continued—Page
1917.]
BONDS
PHce
NY. STOCK EXCHANQE
Week ending August
Del
& Hud
Pa Div
1st
Friday
Aug.
17.
73 ..1917
Registered..
Ist Hen equip g
1917
1922
4H3
1st & rel 4a
1943
20-year conv 53
1935
Alb & Susq conv 3Ha
1946
Renas >fe Saratoga Ist 7s.. 1921
Denv & R Gr 1st cons g 43. . 193fi
Cousol gold 4H3
193S
Improvement gold 5s
192S
Ist & refunding o3
1955
Rio Gr Juno 1st gu gag... 1930
Rio Gr Sou 1st gold 4s-..1940
Guaranteed
1940
Rio Gr West 1st gold 4s-.iy39
Mtge&coll trust 43 A_. 1949
Des Moines Un Ry 1st g 53.1917
Det & Mack— 1st lien g 4s. . 1995
Gold 43
1995
Det liiv Tun— Ter Tun 4 j^s 1961
Dul Mlasabe & Nor gen 53.. 1941
Dul<fe IronRange Ist 53
1937
Registered
1937
Dul Sou Shore & Atl g 5s-..1937
Elgin Joliet & East 1st g 53.1941
EMe l3t eonsol gold 7s
19J0
N Y&Erio
M- S
M- S
J
-
J
M-N
A-O
A-O
tW-N
77
58
-
J
6712
7012
57
58
-D
J
-
J
-
J
J
-
J
J
J
-
J
IVI-N
J - J
J - J
J - J
J
J
5934 S.ile
88
55
88I2
56
5234 Sale
66
100
*97
Sale
IO212
J
J
-
J
J
J
J
-
J
J
J
J
J
-
J
-D
-D
-
J
J
-
105
80
.1
-
i
J
-
J
J
-D
J
-
95
90
62
97
IO2I2
82I4
821;
100
70
101
76I4
F-
J
J
J
-
J
J
J
J
8912
8778
9578 Sale
95I2 97
9612
95
96
no 114
114
'96I2 Sale
99
9058
"8712
9212
'm
lOHs
70
IOI2
"82"
817s
75I4
8712
'92
'97' 100
9134
93
79
8412 Sale
83
8012
84
84
J
J
J
61
-
J
-
J
J
-
J
J
J
-
J
-
FF- A
J -D
.1923
lat gold 48
19:32 iVI- 3
Chic St L A N O gold 53. . 1951 J -D
Registered
1951 J -D
-D
-D
-D
J -D
J -D
M- S
J
J
J
J
-
J
M-N
J -D
A-O
A-O
Apr 1950 J
Kansas City Term lat 48... 1960 J
Lake Erie A West lat g 58.. 1937 J
J
7858
7834 ..
79I4 --
86
2812
100
181
81
2812
102
96
60
69I4
9533
95I4
93
10134
9058
99
121
118
IOI2
9818
I5I2
86I2
9334
June'17
July'17
88
88
88
90i8
Feb
Nov'16
Apr "17
98
72
Aug
Aug
96I4
8512
"8'6l2 "85'l2
83
80
Mar'17
Nov'15
June'17
'so' "so"
80
JuIy'OH
80
80
'14
'17
90
'17
'15
85
88I4
9OI3
9934
92
Sep '12
'
84l2
10
'17
'17
84
89
74
May'14
Apr '17
Feb "14
7618
May '17
83
Aug
"84li '9.5
8553
8II2
7618
8558
8978
94'4
'83"'
"12
80
Juue'16
80^8
8458
Nov'16
May' 17
92
Nov'll)
7212
71
69
72I2
71
8712
8458
Mav'lO
Jan
'17
90
90
10758 Oct '15
Feb
11
'17
'17
June'17
Apr
Safe'
93
88
81
89
'17
11212
83
95I2
9412
95
8212 June'17
62I2
62
63 Oot '00
94I2 100
8212 93
aOSg 7II2
8II2
97I2
95I8
82I2
8212
8238
82'3s
9612 Aug '17
8058 Feb '17
8978 Mar'17
96 Aug '17
95I8
9Sl8
87
94
July'17
9578 July'17
'63'
83
83
83
99
82
95
8058
8978
96
91
9OI2
101
83
90
102
9518 IOII4
8312 9II2
8.3I2
MkadtbUwaA. cDuaJaa.
A1952
Manila
RR—
Sou lines 43. .. 1936
Internat 1st cons g 4s.. 1977
1977
58 1925
Minn A St L 1st gold 78.. 1927
Pacific Ext 1st gold 6s
1921
lat conaol gold Sa
1934
1st A refunding gold 4s.
1949
Ref A ext 50-yr Ss Ser A. . 1962
Des
A Ft 1st gu 4s.. 1935
Iowa Central 1st gold 58.. 1938
Refunding gold 4s
1951
Mex
D
'578
t
Dm
102
Feb. «
J
M- S
M- S
Q- J
Q- J
J -D
M- S
J -D
iVI-
J
fW-N
IVI-
M927
1938
Montgomery Div lat g Ss 1947
St LouLs Div 53...
1927
St
Cairo guar g 49... 1931
Nashv Chatt A St L 1st Ss.. 1928
Jasper Branch Ist g 6s... 1923
Nat Rys of Mex i>r lien 4^3. 1957
Guaranteed general 4s
1977
Nat of Mex prior lien 4 )^s. . 1926
Ist consoi 43
1951
Mob A Chic Ist ref S3.. 1900
New Orleans Term Ist 48. 1953
N O Tex A Mexico Ist 63.. .1925
Non-cura Income .5s A
1935
Y Cent RR conv deb 63.. 1935
Consoi 49 Series .4
1 998
Ref A Imp 4Hs "A"
2013
N Y Centnal A H R g 3>i3..1997
Registered
1997
Debenture gold 4a
1 934
Registered
1934
Lake Shore coll g 3 H3
1998
Registered
..1998
Mich Cent coll gold 3^3-- 199S
Registered
1998
Battle Cr A Stur Ist gu 3a. 1989
Beech Creek lat gu g 48.. 1936
Registered
1936
2d guar gold 5s
1936
Registered
1936
Beech Cr Ext Ist g 3Hs. 61951
Cart A Ad l8t gu g 4s
1981
Gouv A Oswe l3t gu g SB. 1942
Mob A Mai l3t gu g 49.. -1991
N J June Rguar lat 48. -.1986
N Y A Hariem g 3Hs
2000
Northern lat g 68-1923
LA
Due
N
NY*
June.
ADueJuly.
aDaeOot.
Ask Low
Bid
10213 112
10333 ..
114
113
IO312
High
Feb '17
Mar'17
IO312
105
Oot
'13
87
Apr
86
IOOI2 105
J
J
M-N
-D
M-N
J
J
J
-
-
J
FMM-
3
S
M-N
J
-D
MJ
S
- J
Q-
90
'85I4
9812
M-N
A-O
M-N
M- 3
Q- F
J
-
J
J -D
M- S
M-N
M- S
F-A
F-A
8018
-D
-
F-A
- J
A-O
A-O
J
J
-
J
-
J
M-N
M- S
-D
J
-
J
89
90
8512
9573
797s
8OI2
89
90
July'17
May'17
9578
8OI2
FoD
83
80
83
95
'17
8OI2
83
Jan
J
-
J
-
J
A-O
J
J
94
98
J
J
-D
84
May'17
9910
9934
9II2
7612
96
80
94
Aug
Aug
J
J
-
J
J
M-N
M-N
F-A
F-A
F-A
F-A
J
J
J
J
J
-D
-
-
1
'17
'17
94
100
79
95
99
103
94
813g
100
104
77
75
IO8I2
Mar'lO
Nov'lO
97
103-3S Hot '16
80
8238 July'17
85
4734
48
48 Sale
45 June'17
55
60 Feb '15
80
85
84 Aug '17
46
47
47 Aug '17
8778 88I2 88
88
92 Jan '17
94I2 95
Apr '17
93
94
95 Dec '16
68
70
68
6912
4018 Aug '17
401s 42
2718 Sale
2718
SO
Sale
34I2
50
35
40
3234
52
5218
76
58
52
July'17
July'17
45
61
Deo
3973
45I4
Feb
Sale
7234 75
5612
9473 Sale
9478
92
9218 92
89I3
8912 Sale
58l2
5334 Sale
IOII2
10034 101
106
103
8218
60
79I2
76
9018 -10434 ..
101
-.
92I2
10034
9512
Aug
7934
80
8078 Oct '17
7212 Aug '17
78
Sep
9678
30
59
70
94
48
4812
1013s Sale 101
Sale
Sale
70
67I4
71
6734
70
78
49
91
99«4
9812
89
95
S8I2
92
70
67 14
68U
IO6I4
1061j
60
61
82
7534
"egii
86
"34'
'15
IO6I4 II4IJ
'16
Deo '15
May'17
Aug
Feb
Oot
Deo
4812
IO2I2
Deo
Aug
7868
93
93
30
30
68
94
35
99U
'16
'13
'16
"16
July'17
94
Aug
68
84
91»4
10158 108
July'17
Mar'17
May'17
'17
93I4
9258
7612
77
78I4 June'17
86I2
8538
70
76
67
15
IO6I4 July'17
30
35
77
45I4
IOOI2 101*4
95I2 103«4
9512
IIOI4
85%
79
86
80
46
July'14
lOOis
777s 79
9258 Sale
76
54
31
lOlSs 103
Deo
Mar'OS
Dec '16
Apr '17
102
96
6912
71
52
60
80
July'17
July'17
94
45
69lj
7OI4
100
106
'17
'17
'13
'16
'13
68
93
89
84
102
6312
6912
55I2
82
100
67
9834
SO
34
Apr
Apr
Feb
Feb
85
482
'17
109
8412
5
96
63
97
92
7812
54I4
6OI2
102
75
'
64
6718
3753
2618
93I8
May'17
Jan
6178
60
7712
'95I4 '97
'16
'17
17
8912
5953
Aug '17
9II2
July'17
110
'.'.'.
13
95
Aug
8238
47
46
92
95
Nov'16
Apr '17
Mar'17
52
9II2
8778
51
34I2 June'17
64
9II2
84
46
271
69I2
7OI4
6684
'S4"
98I4 109
10318
811j
91I2 June'17
11313 Do* '16
85
'16
'17
67 14
70
Mar'17
6
11
72
6018
248 101 11353
76I4 3334
"'6
9334
89
7612 8678
78I4 SS's
94I4
15 35
70
65
70
75
81
961g
97
80
8OI2
80
63I4
8912
F-A
M-N
A-O
94
II2I4 114ig
10418 10418
8918 9OI2
IO3I2 106
73I2
60
82
9118
10834 10834
105 10513
81
8518
97 10834
89I4
9753 May'16
108' 10834 Nov'16
98I4 105
98I4 July'17
99I2 100
Aug '17
72
79 Apr '17
10134
8133
107
8834 9734
9618 9658
10012 10684
10338 IO312
99
93
-D
-D
M- S
lli258
22
July'17
99
J
J
J
J
94I2
85
IIOI4 II3I4
8OI2
J
J
A-O
'
16314
96l2 103
May'17
Feb '05
J
A-O
M-N
F-A
A-O
ids
'17
83
J
-
Aug
79
98
J
-
94
9812
81
90l8
'
1041s IIII2 II2I4 Mar'17
99I2
104is Feb '17
'85' 9OI2 Apr '17
8118
July'.17
10214
104
S614 'eois 6OI2 May' 17
Aug '17
8212 8413 82
10834 Jan '17
101
lOSlg
10513
IOS13
A-O
J - J
A-O
J
100
88
'11
'17
'17
16
July'17
111
111
10014
10258 May'17
90I4
8884 Safe' 8834
9658 Jan '17
9918 IOOI2 IOOI2 July'17
10338 10,Sl2 10338 July'17
F-A
-D
10212 loeij
106
89
M- S
J
113
85
90
97I2
8034
J
J
"i
113
100
Feb
IO3I4
9612 10418 9612
M-N
F-A
F-A
J
High
II3I2 114
'17
8514
88
M- S
M- S
J
1
99I4 Got "06
J
M- S
M- S
J -D
J -D
Low
90
Aug
Aug
-
A-O.
87
M- S
Q- J 90 '90'
M- S
J -D ndi2 111
-
Since
Jan.
'17
Apr
M-N
Rang*
100 June'17
94I4 June'16
96
J
J
53
Co
8934
s
A Waco 1st gu g ,5s 1940 M-N
Kan City A Pac 1st g 4s. 1990 F-A
Mo K A E Istgu g 5s... 1942 A-O
M K A Obld 131 guar 58.. 1942 M-N
M K A T of T lat gu g Sa 1942 M- S
Sher Sh A So Ist gu g Sa 1942 J -D
Texas A Okia 1st gu g Sa. . 1943 M- S
Missouri Pacific (reorg Co)
Ist A refunding Sa
1923
1st A refunding Sa ..
1926
let A refunding Ss
1965
latextgoIdSs
Last Sale
IW- s
A-O
F-A
M-N
W
Aug. 17.
S
Mississippi Central 1st 53.-.1949 J - J
Kan A Tex 1st gold 48 1990 J -D
2d gold 43
(;1990
lat ext sold Ss...
1944
lat A refunding 4s
2004 M- S
Gen sinking fund 443.. .1936 J - J
St Louis Div 1st ref g 4s 2001
General 43
Missouri Pac 1st cons g 63 ' 1920
Trust gold Ss stamped. ol917
1st collateral gold Sa
1920
Registered
1920
40-year gold loan 4s. .
1945
1st A ref conv Ss
1959
3d 7s extended at 4%
1938
Boonv St L A S 1st 53 gu 1951
Cent Br Ry ist gu g 4s
1919
Cent Br U P 1st g 4a. .
1948
Leroy A C V A L lat g Sa 1926
PacRof Mo l8textg48 1938
2d extended gold .53. .
1938
StLIrM ASgea con gSs. 1931
Gen con stamp gu g Ss. 1931
Unified A ref gold 48
1929
Registered
1929
Riv A G Div Ist g 43
1933
Verdi V I A
1926
1st g 53
Mob A Ohio new gold 63 . 1927
Week'i
Range or
-D
MStPA.SSMcong4sIntgu.1938 J - J
1st Chic Term
f
1941 M-N
M S S M A A Ists g 4s
4s Int gu.'26 J - J
NO
8458
J
Price
Friday
J
NFIaAS IstgugSs
1937 F - A
N A C Bdge gen gu g 4 ^s. 1945
J - J
Pensac A Atl Istgug 68.. 192 FSAN Ala cons gu g Sa..-1936
FGen cons gu 50-year 53.1963 A-O
L A Jeff Bdge Co gu g 48... 1945 M- 3
General gold 4s
89
J
-
A-O
9512 IO5I2
8912
J
J
Dall
Jan
Aug
Registered
Mo
97
99
9734
Jan
LAN &M A .M Ist g 4 Hs 1945
L & N-South M joint 48.. 1952
M
89
115
118
1034
89
95
82I2
8238
92
108
'16
'16
81
9612
wi-nI
Aug
Dec
90
95
J
107
67
10473 II5I2
Apr
76I4
-
10618 108
May'06
May' 17
88
IVI-Nl
100
June'17
90
J
J
100
86I4 98
10838 108-38
113 12473
7412
'95%
109
Nov'll
Oot "09
61
103
103
A-O
A-O
Hender Bdge 1st 3 f g Os. . 193 M- S
Kentucky Central gold 43.1987 J - J
Lex A East 1st 50-yr Ss gu 1965 A-O
84
80
82
90
NOAM
Stamped guaranteed
Midland Term— 1st s f g
'17
'17
Jan
Jan
Aug
7834
52
65
102i2May'I6
95I4
8412
8558
8II2
N
M
N YARB
68I4
6878
IO212 IO6I4
IO2I2
101
82I4 IOOI2
'17
90
77
95
5214
Deo '00
No»'17
94
J
J
Aug
9638
83i8
'15h '7312
IO7I2
11238 11238
Mar' 17
92
72
8714
99I2 109
10678 1067s
'17
Jan '17
July' 17
10334
Aug '17
9Si2
116
9574 July'17
9534
97
96 June' 16
90^8 Aug '17
115
Apr '17
118
Apr '17
96i2
9612
114
-
-
*IfODrloa Friday: UlflftUd and
..
9812 --
-
J
9
66
Aug
JuDe'12
8978
90
92 Aug '10
July'17
60
85I2 Juue'16
'.'.ZZ 10734 11712
-
A-O
14!
9934
192
June' 16
61
__
7212 Jan '17
6214 69
71
Mar'17
69
7778 7778 Aug '17
J
J
-
53I2
85 Is May' 17
-D
-
5
67 June' 17
28i2 Jan '17
IOOI2 Juue'17
8518 Juue'17
136I4
10478
10934
7912 6934
1078
1034
78
83
78I4
.1932
..1949
1934
20-year temp deb Ss
1937
Guar refunding gold 4s. -.1949
Registered
1949
Y B A B 1st con g ,53.1935
1st gold Ss
1927
Nor Sh B 1st con g gu 5s. 01932
Louisiana A Ark Ist g S3...1927
Louisville A Nashv gen 6s.. 1930
Gold OS
1937
Unified gold 4s
1940
Registered -..-1940
Collateral trust gold 53...193I
E H A Nash Ist g 6s
1919
L CIn A Lex gold 4^3.. .1931
Ist gold 63
1930
2d gold 6s
1930
Paducah A Meip Div 43.. 1946
St L0UI3 Div Ist gold 6S-.192]
2d gold 33
1980
Atl Knox A Cln Div 43. ..1955
Atl Knox A Nor Ist g Ss 1946
90
56,
113
-
J
J
J
J
17
1031s
J
FF-
5934
1:
July' 17
112
86I4
AN
June' 16
8912
8912
9512 Mar'16
8512 Nov'15
8614 July'17
10838 Jan '17
87
7834 ..
A-O
A-O
M-N
J - J
M-N
M-N
74
108
108
108
95
80
...I
66
103
99
I'i
801
Deo '16
5234
9912
lOO's
94
104
9753 IOOI2
99I2 IO212
June' 17
IO212 July'17
J
A-O
J
73
88
56
99
'17
100
J
J
J
Aug
5933
10384 10334
1123a
- J
-
8018
8414
7412
9812
1047s 10912
9812 9912
Mar'17
107i2Deo
84
6884
A-O
Isr 63.
2d gold 53
1941
North Ohio lat guar g 68.. 1945
Leh Val N Y 1st gu g 4}i8-.1940
Registered
1940
Lehigh Val (Pa) cons a 4S-.2003
General cona 4H8
2003
88
67l2
94
104
May' 17
99
lat gu g 5s. .1941
Registered
1941
Leh Val Coal Co 1st gu g Ss.l933
Registered
1933
l3t int reduced to 4s
1933
Leh
Y 1st guar g 43
1945
Registered
1945
Long Isld 1st cons gold 5a--A1931
Ist consoi gold 43-.
A1931
General gold 4a...
.1938
Ferry gold 4>^3
1922
Unified gold4s.
Debenture gold Ss
38
8478 93
IO414 lOSls
IOOI2 104
'17
Jan
9712 Juue'17
9912 Juiyi7
94J4 Nov'Ia
lOlig 1095s
80
8112
90
68
38
58
98
Fob "17
Apr "17
Mar'08
Jan '17
90
IOOI4
A
i9.-,0
IO7I2 lOSis
9712 9812
91
'16
95I4 100
9858
F-
N
A Impt .5s
9412
F-
Registered
1999
Col A H V 1st ext g 4a
1948
Col A Tol 1st ext 4s..
1955
Houston Belt 4 Term 1st Ss 1937
llltnoia Central 1st gold 4a
1951
Registered
1951
ist gold 3 Hs
I. Ill 1951
Registered
195
Extended Ist gold 3 ^sllll95
Registered
195
let gold 39 sterling. ini" 195
Registered
"195
Collateral rrust gold 48 .1952
Registered
'1952
lat refuiidmg 48
1955
Purchased iinega^s
1952
L O A Texas gold 43.. 1953
Registered
]953
Cairo Bridge gold 4.'i..
1950
Utchtleld Div l8tgold33 1951
Loulsv Div & Term g 3 Hs. 19.53
Reglsterefl
1953
Middle Div reg 53.
1921
"'
Omaha Div 1st gold 33
1951
8t Louis Div A Term g 3s 1951
Gold 3Hs
19S1
Registered
1951
SprUigf Div lat g 3^3.. 1951
Western lines l3t g 4a
1951
Registered
-«1
. 19"
Registered
105
9334
ctfs "B"
Gulf
SI 1st ref tg53'"61952 J - J
Hocking Val Ist cons g 4)^8 1999 J - J
Rel
104
IW-N
Feb
Feb
ta' 19
Sal 1950
94
99
86
76
78
Leh V Term Ry
Gold 4a
68
58
Mar' 17
90
1
'11
Deo
1051s
IOOI4
iOOlj
7OI4
49I2
July' 17
82
9634
99 Is
97
M-N
A-O
Aug '17
Nov' 16
9812
86
IVI-N
J - J
J
78
103
104
A-O
J
73
77
78
60
37
7512 July'ie
84"8 Aug '17
84
II212
-
72
77
101
100
1
97I2 IOII4
9912
83
9512 107
7813 893s
9712 Juue'17
91I4 Aug '17
97I8
97'3
7812 Aug '17
112^8 Deo '16
38
68
58
N. Y. STOCK EXCHANGE
Week ending August 17.
Since
Jan.
701
2
BONDS
Range
High No. Low High
IOII2
101
Apr '17
101% lOlis
Mar' 17
6U4 Apr
J
A-O
A-O
A-O
W deb ctfs "A
James Frank A Clear 1st
Kansas City Sou lat gold
95
35
F-
1
1951
Registered
19SI
Joint 1st ref 53 Series A. 1963
Memph Div Ist g 4a
1051
Registered
1951
St Louis Sou Ist gu g 4s..l9.'51
Ind III A Iowa Ist g 4a
19,150
Int A Great Nor 1st g 6s
19 19
5'Jl2
J
M- 5
i9iil
Gold 3Hs
77
78
J
J
ASF
BtHev A Car
Carb A Shaw
slfe'
-
A-O
933
lat consoi gold 6s
1933
Registered
1933
Reduced to gold 4Ms. 1933
Registered
1933
Mont ext 1st gold 4s.. 1937
Registered
1937
Pacific ext guar 43 £
1940
E Minn Nor Div Ist g 48.1948
Minn Union Ist g 68
1922
Mont C 1st gu g 03
1 937
Registered
1937
1st guar gold Ss
1937
Win
ist gold Ss. 1938
A
9934
9OI4
9713
79^8
11
Last Said
101
101 18
-
J -D
J - J
Evansv & T H 1st cons 63 1921 J - J
1st general gold Ss
1942 A-O
Mt Vernon 1st gold 63 1923 A-O
Bull Co Branch 1st g 5s
1930 A-O
Plortda E Coast 1st 4)^8
1959 J -D
Fort St U D Co 1st g 4 Ha 1941 J - J
Pt Worth A Rio Gr 1st g 43 192S J - J
Qalv Hous & Hen Ist Ss.
1933 A-O
Great Nor C B & Q coll 43 1921 J - J
Registered
A1921 Q- J
let & ref 4^8 Series A ... 196 J - J
Green Bay A
Debenture
76I4
Week's
Range or
AsK Low
J
J
M- S
M- S
W
.
78ls
10634
72
-
M-N
J - J
A-O
A-O
J - J
M-N
M- S
M-N
N YLE* W
M A .Man 4a.
90
97
J
J
-
A-O
..1919
1923
4th ext gold 53...
1920
6th ext gold 4s
192S
istgfd 7s. .1920
Erie 1st cons g 4s prior... 1996
Registered
1996
l3t consoi gon Hen g 43.1996
Registered
1996
Penn coll trust gold 43. .1951
60-year conv 4a Series A 1953
do
SerleaB
1953
Gen conv 4a Series D. . . 1952
Chic & Erie 1st gold Ss... 1982
Clev & Mahon Vail g 5s.. 1938
Erie & Jersey 1st a t 63. ..1955
Geneasee River Ist s f 6s. . 1957
Long Dock consoi g 63
1935
Coal & RR 1st cur gu 6s. 1922
Dock & Impt 1st ext 53.. 1943
Y <fe Green L gu g 5s.. 1946
Y Susd & 1st ref 53.1937
2d gold 4>i3
1937
General gold 53
1940
Termiual Ist gold 5s... 1943
Mid of N J Ist ext 5s
1940
WUk <fe East 1st gu g Ss. 1942
Ev&Iad 1st cons giig 63... 1926
Registered
9712
17.
.M-P4
J -D
J -D
2d ext gold 53..
3d ext gold 4Hs
8t Paul
Bi4
100
-D
FJ -D
J
J
J
1st ext g 4s...l'j47
N
N
A
1
—
96I3
9534
104
Apr
Nov'16
May'16
89
Nov'16
94
80
Mar'16
Feb "16
May'17
80
101
.Tune'17
101
'17
73
89
76
89I4
101
Option Sale.
Sllj
10214
New York Bond Record—Continued— Page
702
BONDS
STOCK EXCUANGB
N. Y
Week oudlaa
If
PHce
Aui?ust 17.
Y Cent H II RR {Con.)—
N Y & Pu iBl COM gu K is 1993 A
Pino Crceh reg guar 0»
1032 J
R W AOcon l8text.'>3._»l!)22 A
R W&OT tt l8tgijg5H.-l!HS M-
Atk
-
Rutland
1st coil « 4''iH-.l'J4l .1
OgAl^Cliam 1st gu 4s«l!H.S J
liut-Canadtt lat|gu g 4a. ly 19 J
StLawrA
Adir Istg 53...1990
2d Kold Os
1990
IJtlcaA Ulk Rlvgug4a--lU22
Lake .Shore gold 3>is
1997
Reglatercd
..1997
Debenture gold 4a
192H
25-year gold 4s
1931
Registered
1931
J
Ka A & O II 1st gu c 58...193S
Molion CM HR lat Ss
1934
J
Michigan Central 5s
80
90
02I2
705g
Apr
Apr
-
70
87
92
.Tune'OO
101
Nov'16
Nov' 16
-
MM-
1931
LAS
N
J
1st gold 3 Hs... 1951
Istgold aVis
1952
20-year debenture Is. . . 1929
Y Chic A St L lat g 4s. . 1937
Registered
1937
-
J
-
M-
Equip
trust 4
tr
53.. 1916-22
Hs. .
Non-conv
Non-conv
Non-conv
Non-conv
Non-conv
deben 43
.1947
deben 3 Ha
1947
deben 3 Ha
1954
deben 4a
1956
deben 4a
1956
Conv debenture 3 Ha
1956
Con v debenlure 63
1948
Cons Ry non-conv 43
1930
Non conv deben 43
1954
Non-conv deben 4s
1955
Non-conv deben 48
1955
Non-conv deben 4s
1950
Harlem R-Pt Ches Ist 43.1954
BAN Y Air Une Ist 43.. 1955
98
97
95
97
97I2 July- 16
7918
80
78
Nov 16
IO4I2
Doe '15
May' 17
AAA-
.
103
.
107
123U Mar'12
9934
99I2
Apr
Feb
98
87
90
80
88
Juno'17
62
79
82
Mar' 17
8218 Sale
8178 Sale
94I4
95
J
5734
-
57
-
J
-
A-
J
MF
57
56
'9512 Sale
New Eng lat gu 43.. 1961 J
Ry 1st 4s
1930 MHousar/)nlc R cons g 5s. . . 1937 M-
797g
8118
85
88
79
July'17
57
56
4
9612
28
95I2
1
Jan "17
9112 Jan '12
7912 Apr '16
75
103»4
68
75I4
56
64
9334 IIOI2
79
79
'66* IIII
July'17
8818
Apr
Apr
74
'17
'17
80
92
8818
88i8
72
7812
Naugatuck
9OI4
-
Boston Terminal Ist 43. _ . 1939
New England cons 63
1945
Consol 4s
194
Providence Secur deb 4a- . 1 957
Prov A Springfield 1st 53. 1922
Providence Term 1st 43. . . 1956
WACon East 1st 4 Ha... 1943
"i
N YOA
W
ref 1st g 4a
ff 1992
Registered $5,000 only..ffl992
GeneraUs
1955
Norfolk Sou 1st A ref A 53.. 1961
Norf ASou Istgold 5s
.1941
Nort A West gen gold 63
1 93
Improvement A est g 6s. . 1934
New River 1st gold 63
1932
A Ry 1st cons B 43- . 1996
Registered
„
1993
Div'l l8t Hen A gen g 4s- 1914
10-25-year oonv 4a
1932
lO-20-.vear conv 43
1932
10-25-year conv 4H3... 1938
Pooah C & C Joint 48... 1941
C C A T 1st guar gold Ss. . 1922
Scio
let gu g 48. . 1989
W
N
Nor
VANE
Pacific prior lien g 48.
.
.
19<)7
RR
1st gold 4
-
J
7818
J
80
-
MMJ
F
F
-
A
A
•
-
1»4,8
C 3Ht.
gu g
C
81
MIVI-
J
J
MQ-
8414
99^8
8118
87
8312
J
F
-
104
QFA
J
.1
'94'
J
M
94
M-
10134
9258
IWIVI-
F
•
J
MV
M
J
J
M-
88I4
Deo 16
Juiyi7
Sale
93
Aug
79
Aug
93
4*
E g Ha
gi.ar gold
M
942
040 A
043 A
042
945 M040 F
92
102
asked
Aug
'17
'16
'17
Jao
93
8734
9714
85
9318
n8'4 134
117U 13534
II8I2 135
8618 94
49
16
33
86
92
8618
8434
96»4
93
62
6918
67I4
61
OlSg 9I7s
104^4 IIOI2
IOOI2
887« 8878
100
'
i09li 110
79
8758
931? 99
99
101
99I2 99I2
IOII2 IO2I4
99I2
95
1
92 101
107»4
5 100
93 10412
14
9778
130 93
9758
97
92
100
Aug
99 ig IO2I4
10()»8
Apr
Feb
'17
"17
'17
'17
8II4
87
81
8534
81U July'17
87J4 D«o 16
92
89
Aug
9978
10038 10214
87
80
8II4
87
8S»4
8II4
'
9234
1
86
8734
O8I4
I
De«
:
Apr
88
'17
89
Apr '17
Aug '17
May' 17
Apr
102
104
9234
86
97
03
91
SflU IOOI2
'17
'15
'12
'13
"17
-17
102
102
99
Mar' 17
86
.
93
109
M»yi4
091?,
,
88
94
991s
9734
981.
98
99
99
91
88I2
8914
88
88
90
'17
'17
'16
08«t
99I;
Da«
9834
99I2
'16l
M«r'17
P^aD. «
J
-
J
J
J
-
J
J
-
J
-
J
J
J
-
J
-
J
-
J
J
J
.
95>t
Daa May
96
«
10318
Soutljern Pacific Co
Gold 4s (Cent Pac coll).. *1949
Registered
tl940
20-year conv 4»..
ffl929
20-year conv 68
1934
Cent Pac 1st ref gu g 4s. . . 1049
Registered
1949
Mort guar gold 3H9.-itl920
Through St L 1st gu 4s-1964
A S A A P lit 5a.. 1931
2dejcten 58 guar
1931
-
lOIU'lOO
82
87
70
M-N
A-O
A-O
M-N
J
J
-
J
-
J
-D
J
J
-
J
-
J
J
-D
J
A-O
A-O
F -A
A-O
.M-
8
J
J
-
J
J
J
J
-
J
-
J
J
-
-
-
J
J
J
J
J
-D
-D
M- S
J -D
J
J
Louisiana Wast Ist 6s... 1921
Morgan's I ji A T Ist 7a.. 1918
lBtgoW6s
1920
No of Cal guar g 5s
1938
Ore A Cal lat guar g 6s
1927
So Pac of Cal Gu g Ss
1937
80 Pac Coast Ist gu 4s g 1937
Ban Fran Terml 1st 4s... 1950
Tex A N O con gold 5s.. 1943
SoPacRR let ref 49
1955
Southern
1st cons g 5s .. 1994
Registered
1994
.
Develop A gen 4s Ser A ... 1 956
Mob A Ohio coll tr g 48
1938
DIv lstg4Hs-6s.' 1996
St Louis dIv Ist g 48..
1951
AlaCenlstg68
1918
Ala Gt Sou St cons A 5a ' 1943
Atl A Char A L 1st A 4Hs 1944
lat 30-yr 5s ser B
.1944
Atl A Danv lstg4s
1948
—
—
Mem
F
-
A
F-D
J
J
-
J
-
J
A -0
J
A-O
- J
M-N
J
J
-
J
A -0
J
J
42
60
9512
95I4
9OI2
88
-
J
-
6578
J
-
J
J
-D
J
-
J
J
-
J
A-O
Mar
2fr-year
Ist
. . .
60-y«sr gold 4s
OoII tr 4s « Ser A
Tor Ham * Buff Isf c 48..il04fi
UUter A Del Ist eon g Si... 1928
lit refund g 4b...
1952
Union Paofflc Itt g 4s
1047
Regl««<Ted
ll047
20-yeaf conv 4d
10J7
lit* ref 48
--p3008
Ore
A Nav con g 48.. 1946
RK
Da* June, t Due Jaly
t
Doe Aug.
«
-
J
A-O
J -D
A-O
77«4
42
109
Nov'll
907g
89i2
OOI2
22
May'17
88
Mar' 17
615g
795g
6618
121
47
83
63
273
Apr
95
97
79
82
6078
7712
71ig
88I2
65
46
'17
111
100
July'17
78 May' 16
7412 Mar'17
75
Mar'I7
96)2
87
76
111
567g
II2I2
100
104
74I2
75
75
8334
80»4
7834
Oct '16
Mar' 11
Feb '17
78I4
7834
74I4
10312 10412 IO3I2
Sap '1«
«3l2
6912
711;.
6912
«0
_
88
7OI2
72
7OI2
56
6312
6II4
63I4
62
67
57
62
64
62ig
63
78
75I2
5778
6238
6312
85
76
Aug
102
'17
6912
6912
July 17
Aug
Aug
87
88
90
lllSg
79I8
90
80
88
70i2
6878
Juiyi7
-17
'17
'14
98it Jan
6212 July'17
lOOij f«D '17
78
75I4 78
5778 Sale
57
62
6512
6312
71lg
72
6212 65
lOOig lOOlg
8212
78
75I4 825g
5778 68
623g 7012
86I4 87
May'17
Aug '17
5812
6238
Mar'17
Jan '17
OOI4 June'17
Dei '15
101
*97l4
'16
103»4
90 iooig 97 Aug '17
9858
88
88
99I4
99I4
Dm
97
97
June'17
lOOU jnne'17
96I4
7578 Sale
82
Sale
9838 Sale
83 Sale
897,
86I4
89
75
813s
7578
'14
30
75
82
20
81
98»4
8312
99|
7534
90
Feb
8I12
O8I4
83
'17
'17
Feb
IOOI2 Feb
101
95
96I4
67
June'17
95>8
9314
IOOI4
001]
Jan '16
99lg
88
88*4
9634 IO4I2
937g
82
13
8712 Sept-16
86 Aug '17
84
102
99 1023g
IOOI4 IOOI4
09
9 lis
8434
84
8712
IOOI2 102
9612 9812
Apr '17
0«t '16
lOSij Aug '17
9II2 95*8 O211 June'17
100l| Nov' 15
100 IOII2 Deo '16
99 '8 1053, 100 Juue'14
IOOI2 IOII4 104»4 JuIy-16
IOOS4 101»4 105
Jan '16
99I2 IO212
100
103
*102
105
103
9II4
"
90
Sale
Sale
100
"6612 Sale
95
Nov-16
8538
8634
9778
Aug 16
6658
Apr 17
Apr '17
97
IOOI4
66is
77I2
10612
9612
'16
Oot
97I2 "99" 097g May'17
104 IO7I4 IO7I2 Sept'16
93I4 0312 Aug -17
'
"81
8II4
Sale
81
99^8 1017g
"osii^go"
89I4
7978
'
8478 '95
9612 10234
21
15
•
65I4
77I2
60,
9OI2 96lj 08*8
66I4 71
June'17
71
10078 104
102»8 Sep '18
9S»4| 08I» Apr '17
96i8
70
'72"
77
98
7812
lOllg
71
84
100
i
J
-
M-
8
D
Du«
99
65
90
97
75
105
9934 108
July'17
July' 17
103
103
100
Apr '17
May'17
73
'12
84
75
100
Mav'17
106
72
9812
96I4
103ig
83I4
Feb '17
July 17
72
9858 Sale
99
64
103
IOII4
102
10934
72
100
10434
98
lOlig
65
107
9«pr.'16
Sep
9858
985s
10-212
Juno' 11
103 is Aug '16
IO4I2 Dca 16
9978 IOOI4 100
July'17
74
ioi'sl
92
76
103
84
8212
"92""
'95»4
97
99I2
83I4
"95I2 IOII2
9412 96
98
60
9818
75ls
-
J
75
IO3I2 June'17
J
-
I
iof
"62"i:
52
80
-
97
IO212
927s
A-O
8U2 Mar'16
103
J
J
J
J
83I2 Jan '17
9812
July'17
97
63
IOII2 107
J
J
97»4!
7978'
80
IOOI2 100
9978 101
100
-
FJ -O
J -D
00
100
-
A-O
91
1
J
J
J
Jan
95
00
W MIn W A N W ist gu '5sl930 FJ
Feb
70
42
109
'17
'17
I
J
A-O
1935
1935
1935
1990
1927
1917
1935
1950
1917
70
COVg
787g
65»4
51
85
J
-
86I2
8758
8312
J
J
J
-
1
Mar'16
70
63
90
68
-
High
95I2 95>2
9OI4 97
9834 1033j
... IO3I4 IO314
100
...IjlOO
Aug '17
May'17
t
WO W
Istgugis
80
747g
77
M-
A-O
June'
87
Sale
79 Sale
66 Sale
5258 Sale
1041s 110
9612 99
'86
97
J - J
:i948 J - J
Atl A Yad Ist g guar 4s.
1949 A-O
E T Va A Ga DIv g 6s. . 1930 J - J
Con 1st gold 5s
1956 M-N
E Ten reo lien gSa...
1938 M- S
Ga Midland I8t3s
1946 A-O
Ga Pac Ry 1st g 68.
1922 J - J
Knoi A Ohio lit g 68.
1925 J - J
Mob A BIr prior lien g 58.1945 J - J
Mortgage gold 4s. . .
1945 J - J
Rich A Dan deb 5s stmpd 1927 A-O
Rich A Meek Ist gu 48
1948 M-N
So Car A Ga lat g 5s
1919 M-N
Virginia Mid ser D 4-5s
1921 M- S
Series E 58
1926 M- S
Series F 5s...
1931 M- 3
General5s
1936 M-N
Va A So'w'n 1st gu 58'r2003 J - J
Isl cons 50-year 6s.. 1958 A-O
A
latcy gu48-.. 1924 F -A
Spokane Internal 1st g 63
1955 J - J
Ter Aof St L IslgiHs.. 1939
Ist COD gold 5s
1894-1944 FGen refund 8 fg48..
1953 J - J
St L
Bridge Ter gu g 68 1930
Tei A Pac lat gold 58...
2000 J -D
2d gold Inc 5s.
,2000
La Div B L Ist g 5s..
1931 J - J
M
II3I4
OOij
0012
9034
Sale
eUj
J
J
J
J
-
2d is
Kan*
87
87
70
42
109
Sale
71
J
A-O
M-N
M
J - J
Glla V G A N 1st gu g 6a. 1924 M-N
Hou* E A WT 1st g 58... 1933 M-N
l»t guar 58 red
..1933 M-N
H ATC Ist g 58 tat gu... 1937 J - J
Gon gold 48 Int guar... 1921 A-O
Waco A N W div 1st g 6s '30 M-N
A A N W IstgugSs
J
1941 J
OC
•6i{ May'17
90>4 Aug '17
98>4 98>4 July'17
IO3I4 May'l7
81
SFANP
5s
PAW gold
LAW pr Men4gg 3 Hs
99
98
S09
June'17l
I
-
nigh No., Low
Aik\Loie
91
91
...
M-N
M
M
M
W
2d
Tol
Tol St
9784 1033s
10318
0»i3
97»4
July 17
esu Oct
96
aOueJan.
Apr
r«b
Apr
J
1951 1
Trust Co ctfs of deposit.
do
Stamped..
K C Ft S A cons g 6s. . 1928
K C Ft 8 A Ry ref g 4s. 1936
K C A R A B 1st gu 5s. 1929
St L S
lat g 48 bond cUs. . 1989
2d g 4s Income bond ctfg.z)1989
Consol gold 4s
1932
Ist terml A unlf 5s
..1952
Gray's Pt Ter 1st gu g 58.1947
S A A A Pass Istgug48
1943
Istsk fdg68
1919
Seaboard Air Une g is
1950
Gold 48 stamped
.1950
Adjustment 5s
ol949
Refunding 4s
1959
Atl Blrm 30-yr 1st g 4a..el033
Car Cent st con g 4s
1949
FlaCent A Pen lstg58...1918
1st land gr ext g 58
1930
Conaol gold 58
1943
Ga A Ala Ry Ist con 5i..ol945
GaCar A No Ist gu g 6».. 1929
Seab A Roan 1st 58..
1926
A
Istgu 68
Wost«m DIv 1st e 58
General gold 58
vjay'lO
98»4
931s
931s
J
J
Ist g 68.. .1947 A-O
Refunding gold 4s
1951 J - J
Tol
9ai» Juty'ia
9234
J
-
July
M
I
Aug
J
-
A-O
1
9978
1
-
J
-
9978
83
83
9734
122
Mar' 17
01<4 Feb
001* •>r881. Feb
99I4
825g
9978
_
92I4
92I4
M
*«> urieo Friday. latest bid tuid
92
9712 Feb
8412 Sep
98I4
'17
10138
941s
94I8
93
Sale
92l'>
9134
'17
J
.
80
Deo' 16
Apr '17
997* lOOig Fob '17
9912 Juiyi7
IOU2 July'17
MF
W
guar
guar
4« guar
86
110
Oct '16
Jan -17
8878 Mar' 17
86I2
83
9612 101
107
100
9958 10218
751s
751s
871s
S2is
77
74
88I4
12378 May' 17
II7I4 May' 17
123
12058 July'17
123
86I2 July- 17
86
Sept 18
' 103
86I2 July 17
'86
87l2
8678
Sale
8434
Sale
85»4
6212
Sale
63
6II4 June'17
9158 Mayi7
90
10434 June'17
IO5I4 109i2 0ot '15
110
79
95
57
Nov'16
Nov'16
86
86
92
95
86
93
97
75
75
67
'17
I20I2
8734
941J
9314 92
92
10078 Sale 10078
93
9314 Sale
93
H" B
Per; AStLiru4Hi A..
75I2
J
A-O
GH
11278 July'17
80
79
Aug
122
114
104ii 110
J
J
J
57
74
96-'>g
1055g 107
9934
8212 84
Q
.
D
120
120
8434
6212
I
C
B
C
74
8734 Sale
J
1950
19*0 J
.1940 .T
Gr R A -s: 'ar gn g 4,Hs. 1941 J
Ohio Connert Ist gu 4s. . 1943 MPitts Y A Ash Isf cons 5a
37 MTol
V AOgu4H« A
31 .1
Series B 4 Hi
933 I
Pltt/<
Series
112
109
'16
14
'14
6758 Aug '17
9212 June'12
79
Mar 17
78
98
A
J
,
Series
Series
Series
Series
7814
82l2
11278
IW
M
m
A
691;
M
.
C 3Hs
55
Marl2
Apr
997» Deo
83*8 Feb
67^8
-
D
Series
9912
M-
Hs
1
Erie
Juljr'14
'13
'17
'09
57
60
-
192 J
Reglst^rnd
1921 J
Guar 3 i^s coll tj-usrt reg A. 1937 MGuar 3 H col tnwt ser B 1 94 F
Guar 3 ^s trust otfsC . .1942 .1
Guar 3 '-is tjijst, ctfs
1914 J
Guar 15-25-ye3ir gold 43.. 1931 A
40-year guar 48 i^tfs Ser E. 1952
Cln r^h A Nor gu 4s 3 ... 1942 MCIA Max Istgu g 4H3...1935
CI A P gnn gu 4 H» sflr A . 1942 I
Series B..
1942 A
ln( reduced to 3 Hs.. 194
A
Series
Series
Aug
Aug
Aug
Co
Pennsylvania
Guar
.
87
88
55
107
102
M-
Q
.
W
J
Q
Q
N
DR
J
-
1997
St Paul-Duluth DIv g 4s.. 1996
St P A
P gen gold 6s.. . 1923
Registered eertlfloate8..1923
St Paul A Duluth lat 5a.. 193
2d 53
_
1917
Ist consol gold 4s
1968
Wash Cent iBt gold 4s.. 1948
Nor Pac Term Co lat g 68. . 1933
Oregon- Wjish 1st A ref 48. . . 196
Pacific Co.'iet Co 1st g 53 .
1946
Padueali A Ills Ist s f 4H3.. 1955
Pennsylvania
Ist g 4s... 1923
Consol gold 68
1919
Consol sold 4s...
I1943
Consol cold 4s
.
1948
Consol 4H8
..1980
General 4 !^s
_
lofls
General 4Hs (wh Is8).funel '05
Alleg Val gen /uar g -ia.. 1942
RRAB'ge Ist gu 4s g 1936
Phlla Bait A
Ist g 43. . 1943
Sodua Bay A Sou Ist g 59 1924
Sunbury A Ixswls 1st g 4s 1936
U N J RR A Can gen 4s. 1944
May'lS
A-
a2047
02017
Registered
lien gold 38
Registered
General
IO512
-
Soulhw DIv
Registered
5612
Since
Jan. 1
Stamped..
1
80
J
Jersey Central coll g 4a
1951
Atlttiiilc City guar 48 g... 1951
St Jos A Gr I.sl l§tg4s
1947
St LouLs A Sau Fran (reorg Co)
Prior Lien ser A 4s
1950
Prior lien ser B 5s
1950
Cum adjust ser A 6a
1955
Income aeries A 68
1960
Bl Louis A San Fran gen 68.1931
General gold 58
1931
St L A S F
cons g 48. .1996
General 15-20-yr 5s
1927
Trust Co ctfs of deposit
80
Hartford St
RR ist 4s
1954 IWN Y Prov A Boston 43... 1942 ANYWcbesAB 1st ser I 4H8'46 J
N H A Derby cons cy 53. .1918 m-
...61921
2d gold 4H8--.
Pere Marcjuette Isl Ser A 6a 1966
lat Scrlea B 48
1956
Philippine Ky I8t30-yr8f 4a 1037
Pitta 8h A L E let g 58
1940
iBt convil gold 6a
.1943
Reading Co gen gold 48
1997
Reglst<;red
1907
9134
95I2
59
-D
M-N
FA-O
Q-F
M-N
wjns gu 4H8...1963
do
IIII '80
77I4
J
1067
C St L A P iHt cons g 6b. . 1932
Peoria A Pekin L'n 1st 68 g.. 1921
86
8212
8II2 94
8178 93 Is
IOOI2 IOOI2
98>8 100»4
90ig 9934
79
-
Cent
9712
96«4
Nov'16
Deo '17
56i2
56
FJ
87
I
48 guar
Range
Range or
Ln$t Sale
aid
81 L (Cob.)
F guar 48 gold... 1953
G
RR
95
71
68
59
J
103
8218
8178
8178
100 '2 Jan '17
98^8 July'17
7958 Sep "18
J
8978
87»4
June'08
56
-
91
705g
'12
'14
MMA-
77
78
90
'16
87
-
M-
7058
7978 July'17
8II3 Aug '17
8578
87
8214
8718
Serlon
Series
Series
Wetk't
Fridav
Aug. 17.
Price
II
17.
P C C A
94
July'16
106
M-
F-
Aug
IO6I4
8418 ...
'857^
High
,
130ig Jan '09
7934
90
9II4
9138
95
Lou>
8978
BONDS
STOCK EXCHANGE
Week ending August
1
997g 104»4
July'17
July'17
91
9138
Safe"
9II2
N. Y.
Since
lOOU IOOI4
-17
'17
iOS's
70
1917-1925 J
N Y Connect Ist gu 4 Ha A.. 1953
N Y N H A Hartford—
Oils
M-
...2301 J
Registered
103
96
78
78
91
IW
Debenture 48
1931 IVI
West Shore Ist 48 guar... 236 J -
NYC Lines eq
70 12
(rt-
...1U31 Q1940 J
I. .1940 J
Registered
4s
Registered
IOII2 Juno'17
IOOI4 Feb "17
A-
1934 J
68.1918 J
1st g
90
113
-
-
J
J
J
High No.
Apr '17
May'lS
Lotc
81
IO8I4
10018
9312
Range
Jan.
-
Pitta A L iirle 2d g 5s.. .31928 APlttaMoKA Y 1st gu 6a.. 1932 J -
McKeosit B V
79
^1
Last Saie
17.
<1c
2d guaranteed Oa
Week'i
Ranua or
Friiay
Aug.
[Vol. 105.
3
9378
95
96
97
1015g
99I2
80
M«rI7
100
00
78
93
52
80
May-17
64
64
Apr -17
No»'04
July 17
89
89I4
98
IO4I2
Jan
Feh
100
82
78
93
41 52
17
-17
July'17
Aug
'17
52
Aug
5058
I
'171
1.80
505s!
50
18»s Mar-oej
80 Apr '17
98 Aug '17
74
Uar'l5
9178
0112
91
41
62
8312
60
91
100
90
8878
19
85
36
Dua
9734
87I2
9512 IOOI2
867g
«
100
90
84
80
June' 1
88I4
84<4
8678
Due Nov
9378
99I2 102
88I2
86
95I2 100
9433 102
95I2 July'17
94I2
9412
98
9078 93
88I2 Sale
84S4 Sale
8512 88
v
Mar'17
Mar'17
May'17
Aug '17
03
89
Sale
105
07
10«l2
991s 9818
801.
0318
9934 108
IOOI2
»0l2 9112
War'17
F(ib '17
0378
05»4
70
90
05
S3
5058 Sale
22
.
797, 83
0858
96
78
"91% 9II2
Oat.
105
01
Deo.
2
(
'
'
88I4
8412
8658
Option
9812
9918
95
95I2
sala
—
Aug. 18
N
8
!0
-W
«
*^
BONDS
WeeK
ending August 17.
—
Union Pacific (.Con.)
Ore Short Line Ist a 69... 1922
1
i;a;
F-A
10418
J
-
J
-D
J
-
J
86lj Sale
9818
J
-
J
92
1946
1929
1926
53
1st extended 43
1933
Vandalla cons g 4s Ser A
1955
Consol 43 Series B
1957
Vera Cruz & P Ist gu 4 H s- - 1 934
Virginian 1st 53 Series A
1962
Wabash 1st gold 5s
1939
2d gold 53
1939
Debenture Series B
1939
1st lien equip s fd g 53
1921
Ist Hen 50-yr g term 43. . . 1954
Det&ChExt lstg5s
1941
Des Moines Dlv 1st g 4s.. 1939
OmDlv IstgSHs..
1941
Tol & Ch Dlv 1st g 48
1941
WashTerml lstgu3H3
1945
Ist 40-yr guar 4s
1945
West Maryland 1st g 4s
1952
WestN Y & Pa Ist g 5s
1937
Gen gold 4s
..1943
J
F-A
M-N
J - J
IVI-N
IVI-N
F-A
J
-
J
M- S
J
-
J
J
J
-
J
-
J
A-O
F-A
F A
A-O
J - J
A-O
iW- S
-
RR
1928 J
1930 F-A
1966 M- S
1949 M- S
-
A
1st consol 43
J
Trust CO clf3 of deposit
Winston-Salem S B 1st 43.. 1960 f'-'j
Wis Cent 50-yr Ist gen 4s. .. 1949 J - J
Sup & Dul div & term 1st 4s '36 M-N
Street Railway
Brooklyn Rapid Tran g 5a.. 1945 A1st refund conv gold 4s... 2002 J - J
ft-year secured notes 5s... 191
J - J
Bk City 1st con 43.. 1916-1941 J - J
Co& S con gu g 53-. 1941 M-N
Bklyn Q Co & S 1st 5s
J
1941 J
Bklyn Un El Ist g 4-5S...1950 F-A
Stamped guar 4-53
1950 F-A
Kings County E 1st g 43.. 1949 F-A
Stamped guar 43
1949 F-A
Nassau Elec guar gold 48.1951 J - J
Chicago Rys l3t 63
1927 F-A
& ref g 4^81951
J
-
J
Stamped guar ii^a
1951 J - J
Det United 1st cons g 4 Hs- . 1932 J -J
FtSmlth Lt & Trlst g 5s
1936 M- S
Hud & Manhat 5s Ser A
1957
1957
1932
Adjust Income 5s
Y & Jersey Ist 53
Interboro-Metrop coll 4^3-1956
Interboro Rap Tran 1st 53, . 1966
Manhat Ry (N Y) cons g 43.1990
Stamped tax-exempt
1990
Metropolitan Street Ry
Bway 4 7th Av Ist g 58.1943
Col & 9th Av 1st gu g 53.. 1993
Lex Av & P F 1st gu g 5s- .1993
Met
S El (Chic) l3t g 4a.. 1938
Mllw Elec Ry & Lt cons g 5s 1926
Refunding & exten 4>i8..1931
Mlnneap St 1st cons g 53... 1919
Montreal Tram Isl & ref 53.1941
New on Ry & Lt gen 4 Ms . 1935
Y Municlp Ry Ist s f 5s A 1966
N Y Rys 1st R E & ref 4s . 1942
30-year adj Inc 53
al942
Y State Rys Ist cons 4 i^s. 1962
Portland Rv 1st <t ref 5s
1430
Portld Ry Lt i P 1st ret 5s. 1942
Portland Gen Elec 1st 53 1935
8t J03 Ry L H & P Ist g 53.. 1937
et Paul City Cab cons g 5s. . 1 937
Third Ave 1st ref 49
1960
N
W
88
84I4
76I4
76I4 Sale
86I2
'.(II2
68I4 6858 68%
100
10412 101
Jau' 17
84
46
86
N
.
N
AdJ Ins 59
Third Ave Ry
al960
J
J
J
J
-
J
J
J
J
-
J
-
J
67
100
Un Gas Ist cons g 5s. 1945
Buffalo City Gas 1st g 63. . . 1947
Clncln Gas <t Elec IstAref 5a 1956
Columbia G 4 E 1st 5s
1927
Columbus Gas 1st gold 53 1932
Consol Gas conv deb 6s
1920
ConsGasE L<tP of Bait 5^yr5a'21
Detroit City Gas gold 5g. . 1923
Detroit Gas Co cons 1st g 53 1918
Detroit Edison lat coll tr 5s 1933
Bklyn
Ist
A
ref 5s ser
A
A1940
-
J
-
J
A-O
J
J
J
-
J
-
J
Q- F
M-N
J
M-
.
N
NYAQ
Co—
.
.
.
-
J
A-O
M-N
J
J
-D
-D
F -A
J
F
-
-
M
J
F
M
.1
75
99
6578
3818
101
97
68
3934
104
99:18
85
56
6434
69
S
A
M- S
M- S
J
J
J
D
osKed
Aug
77
73
76I4
84% 84%
7534 86U
2
'15'
66%
69
13
Juiyi7 _-__
Mar' 17 _-__
99
75"»4
105<4
85% 86
86
91
July'17
9834
'17
101%
77%
56 97% 101%
---- 100% 101%
68
2
161%
92
75
IOII4
8634
90
15
'17
'17 __
9734
101% lOl's
100 101%
79
9
86%
79
'14
17
21
Feb '17 -•.63i2
3
91
91I2
84
84
84
83%
79
99
63
24
92""
77% 87
70
74%
June'l7
91
Jan
80
80
'17
1534
9684
91
3
May'17 --.May'13
Aug
50
1
4
May'17
May'I7
Apr '17
Mar'14
69%
12% 25%
100
100%
61% 73%
91
99%
81% 94
8234 94%
68
94
95
100
100
9934
9914
100% 103
Nov'16
4
79
May'17
Aug
'17
19
2412
77% Aug '17
Nov'16
72% July'17
90I2 Feb 17
Juiyi7
95
I0212 Mar'17
3II4
99
3312
8518
109
93I4
90
60
84
70
Aug
89% 97%
79I4
79
99
99»4
71«4
52%
22% 47%
75
86%
9914
99I2
8312
111
102
98
__
'17 -. --
b
__
4
June'17
Aug'17
97I2
8454
Aug
__
2
_.
a
96
101
100
93
98
—
—
Aug'l/
May'lS __
Feb '13
8
93
July'17
89I4
99
97
73
98%
98
77%
101
96% Aug'17
98
98
86%
87%
95
100
115
9778
Jan
'17
July'17
Jan '17
2
13
9914
2
10
—
110
89%
102%
98% 102%
90
93%
103% 104%
98
105>4
77% 88
95
101
86% 93%
95
100
95
100
llfl
US
July'17
Apr '17
Mar'17
fl«
...
100
July'17
Dim i&% 4 Ojp
Aorll
83
85
89
87
June'17
101
99
105
Apr
Mar'17
99
102
'17
98
101%
87% 96%
3
101
82%
8434
Great Falls
Pow
Ist s f 53..
M-N
1940
Mercan Marine 8 f 6s.. .1941 A-O
Monuna Power 1st 5s A. ..1943 J - J
Int
A Co
Morris
1st s
4H8
1939
Mtge Bond (N Y) 4s ser 2.. 1966
10-20-yr 5s series 3
1932
Y Dock60-yr Ist g 48
1951
Niagara Falls Power lat Ss. . 1932
Ref A gen 63
al932
Nlag Lock A O Pow Ist 6s-.1954
Nor States Power 25-yr 5s A 1941
Ontario Power N F Ist 58... 1943
Ontario Transmission 5s
1946
Pub Serv Corp N J gen 5s .1959
Tennessee Cop Ist conv 63.. 1925
Wash Water Power 1st 5a-. 1939
Wilson A Co Ist 25-yr s 1 68. 194
Manufacturing & Industrial
Am Ag Chem Ist c 58
1928
Conv deben 53
1924
Am Cot Oil debenture 5s... 1931
Am HideAL Istsf g6s
1919
Am Sm A R Ist 30-yr 59 ser A «i'47
Am Thread let coll tr 4s
1919
Am Tobacco 40-year g 68 1944
Gold 4s
1951
Am Writ Paper lat s f 5a
I9I9
Baldw Loco Works 1st 58... 1940
Cent Leather 20-year g 6s.. 1925
Consol Tobacco g 43
1951
Corn Prod Ref sf g58
1931
Ist 25-year s f 59
1934
Cuban-Am Sugar coll tr Os. . 1918
Distil Sec Cor conv Ist g 63 1927
E I du Pont Powder 4 Ms. ..1938
General Baking 1st 25-yr 68-1936
Gen Electric deb g 3H8... 1942
Debenture 68...
1952
Ingersoll-Rand lat 53
1935
Int Agricul Corp Ist 20-yr 58 1932
Int Paper Co Ist con g 68
1918
Consol conv s f g 5s
1936
Liggett A Myers Tobac 78. 1944
f
Co
M-
NY
1st 5s ..
Air Brake 1st conv 6s
Railway
8
-
J
-
J
A-O
F-A
J
M-N
A-O
F-A
M-N
M-N
A-O
A-O
-D
-D
J
J
F-A
M- t
J
-
J
M-N
F-A
J - J
A-O
F-A
A-O
F-A
A-O
A-O
-
J
103
101
106
-
J
1930
-
J
-
J
J.J
U S Realty A conv deb g 6a 1924 J - J
U S Rubber 10-yr col tr 68. 1918 J -D
1st A ref 5s series A
-1947 J - J
U S Smelt Ref A M conv 68-1926 F-A
-
V-Car Chem Ist 15-yr 6s. ..1923 J -D
Conv deb 6s
el924 A-O
West Electric lat 5s Dec
1922 J - J
Weetlngh 'se B A
notes 5s . 1 9 1 A -0
M
&
103%
101%
8fl
92
94
101%
1926
1942
Buff
1932
Debenture 5s
aI926
Cahsba C
Co Ist gu 6s.. .1922
ColF* ICogensr58
1943
Col Indus 1st A coll 68 gu... 1934
Cong Ind Coal Me Ist 58... 1036
Cons Coal of Md IstAref 58-1950
Continental Coal 1st g 5a...l952
Gr RlvCoalAC lat g 63...A1919
111 6t<>el deb 4 4s
1940
Indiana Bt<>el 1st Ss..
1952
Ist eit a
f
5s
89
97%
94%
102
101
87%
98% 101%
84
.-.
.
> i>
t>>
M*»
t
M
1st 8
f
g 5s. - 1951
Lacksw
Steel 1st g Ss
cons 5s Series A
1923
1950
Mid vale Steel A O conv s f .5sl938
Pocah Con Collier Ist g f 58.1957
Repub I * S 10-30 yr 5g f 1940
Si LRockMt AP53Stmpd.]055
Tcnn Coal I 4 RR gen 53.. 1051
.
—
88S4
113%
94
94
86
82%
13 109
100%
100
0734
9734
i
94
94%
224
94%
88%
94%
8978
90
83
94
74%
101%
105%
84%
91%
92
84
9
95
90
June'16
June'17
88% Sale
10234
9914 100
94% 94%
91% 99
94%
92
10
90
Juno' 1
..
84
1
86% 93
88% 94%
100
5
9934 i63"78
5
99% 104%
98% 105
100
99%
100
98%
98%
93% July'17
'17
10
9214
9734
..--"100% 104%
92%
95% 99%
119
June'17 __-- 119 119%
88% Apr '17
83% 86
88%
92
88% "11 86
101% July'17
98%
100%
99
120% 120
98%
84
6
120
99
9OI4
103
87%
88
94I4
94%
103% Jan '14
9S»
Sale
118% 119
9912 Sale
107% 112
107% 110
937g
__
9914
9138
-
101
27
97
81
Mar'I7
81
97% 99
97% July'17 -_-- 97%
98
98% 98% Aug'17 ""3 96%
100% 100% 100%
100%
100
7538 Sale
72 59
75
75%
103% 104 May'17 .. — 103
90
85% Mar'16
78% 81% 78%
2 78
78%
9978 100
9978
8 99%
100
100 Oct '13
'7412 '76*
3'
71"%
76
76%
IOOI4 Sale
10934
74% 75%
100
Juiy'17;
Oct '16
Jan '17
Aug '17
247
91%
92
97% 97% 97% Aug '17 _ -119
82
132
101
"14
100% 10 % Aug
100
93%
90%
118
97% 102%
88% 96%
93% 10034
July'17
Apr
94
98
89
85% 87%
08% 109%
Juno' 17
July'17
June'17
9734
9414 Sale
Sale
85
92% 101%
I
71 120
1 100
122
99
120%
99%
101
Aug '17
-.1
5
120
100
103
81
90
99%
102
75%
104%
81%
106%
18
129
98
104%
4 110% 1'28
9 97
103
106% 110
120%
100
107% June'17
107
1
12
104%
79%
99% 102
08% 100%
17
105% 109%
July'17
00% June'17
91% Aug'17
08
90
1
102
02
100% Sale 100%
101
IO2S4 102% Aug '17
101
18
102%
98% 100
6 100% 102%
98% 99
94 lOI
64 102 108%
9878 103
101% 106
95
102%
09
94
102% 102% 102%
82
102%
Aug
'17
July'17
102%
Aug'17
88% M»y'17
50%
50%
82»4
83%
60
53
102
83%
100%
97
Sale
Sale
102
Sale
102
83%
102
97
99% 9934 99»4
99% 100
99
100
100% 100
100
Sale
8I34
1
1
1
9984
100
July'17
93%
88%
903s
49
04
42 101
140 833r
6 102
2 97
2t
00
8 09
100
102
84
102
97
F-A
F-A
J
60
J
J
-D
-D
-0
F-A
A-O
A-O
M-N
} - J
A-O
M- B
M-S
J - J
A-O
J
J
-
-
J
t
1043g
9234
109
10034
103
10234
101%
-
J
,1
.
m.
M-N
m-N
M-N
<
Uu« Auw
92%
'88"%
86
100
94'
100
73
Mar'
01
July'17
99% reb
"98% Safe' 97%
101% Sale 101%
9134
93I4
92% 93
98% 99
84% 87
85% 86%
91
20,
95
94
103%
1
08%
30
11
91»4
92%
98%
100
92%
Dee
86%
100
11;
July '15
97% 101%
93% 107%
73
•)
3
51
92% 9534
98% 101%
84% 86
1
95
''100% 103%
259 104
107%
103% 107
1
'16
'\
87
87
97%
77% 81
'14
101%
92%
«0
93%
90
2
Hale
75
9638
91
14
•8 Apr 17
101% 100% July'17
104
104%
IO514 103% July 17
104
96% 102
11
94% Mar'16
87
86%
87
Sale 100
101%
00
9858 104
96
6
86
90
1
J
M-N
.
July
94
7
-D
M- 8
J
193C M- S
1933 M- e
TT
temp coll tr Ss
1946 J -0
SO
f>nt DIst Tel 1st 3()-yr 5s. J943
-D
Commercial Cable 1st s 4s 2307 Q- i
Rr«isiered
2307 Q- J
Cumb T A T l8t A gen Ss. . . 1937 J - J
Keyat/)ne Telephone lat 59. .1935 J - J
Metropol Tel * Tel Ist gf Ss 1918
MIoJ) State Telepb 1st 58.
1924 T -A
N y * N J Telephone Ss g. 1020 W-N
N Y Telep Igt A gen s f 4
1939
Par Tel A Tel lat 5s.
1937 J - J
South Bell Tel * T lat 8 f 6s 1041 J - J
West Union roll tr rur 6g...I9S8 J - J
Fd and real oof r 4 ^s
1050
Milt On Tc) gu ext 59
1941
Northwest Tel gu 4 H9 g. . 1934 J - i
Dun
92
95
Aug'17
12
J
Convertible 4s
20 yr conTcrtlble 4 !^8
A
84
84%
84^8
89% 94%
86%
100%
-
U S Sl^el Corp lcoup-..<1963 M-N
S F IO-60-yr Ssfreg
dl963 M-N
Victor Fuel iBtsf 5s..
1953 J - J
Va Iron CoalACnke Ist g Ss-I94e M- e
D leJqnn
Apr '17
Aug'17
Apr '17
96% Sale 96%
98%
92% 96
95
July'17
91% 01 Apr '17
101
Deo '14
90% 3alo 90%
90%
79
79% 79
79'4
J
M-N
.
100
_
11
31
_-
Steal
* ref 6s guar A
* Susq Iron s f 5s
St
'17
62
91
Spring
St^-el
A-O
M-N
1
74
62
62
July'17
Aug
86»4 July'17
102% 100
108% 102
-D
M-N
M-N
1952
1928
Lfttrobe Plant 1st af 5s. -.1921 J
Interoc-ean P Ist sf 58
1031
Standard Milling 1st 5s
1930
The Texas Co conv deb 6s.. 1931 J
Union Bag A Paper 1st 5s. .1930 J
lat
*
84
9158 Sale
J
74
62
62
90
94
96
88
122% 120
100% 10038
-
Mexican Petrol Ltd con 68 A
1st lien A ref 68 series C..192I
Nat Enam A Stpg 1st 5s... 1929 J
Nat Starch 20-yr deb Ss
1930 J
Tube
94
93
118
100
83
102
102
-
1951
1944
1951
192
(P) 78
J
96%
A-O
J
J
F-A 72" "II
102
J - J
102
A-O
91»4
88
M-N
91%
A-O
F-A 92 Sale
M-N 81
A-O s87% Sale
M-N 94 94%
100
J
J
A-O 100 100%
A-O 99% Sale
99%
F-A
M-N 92 9334
N
6s
Lorlllard
68
-
J
70
65
109% 113% 112%
1
.
Nov'16
98i8Aug'17
Sale
Aconv 6s ser A w
Computing-Tab- Rec a f 6s. .1941 J - J
Granby Cons
8 A P con 6s A '28 M-N
Stamped
1928 M-N
Coll tr
TcUgraph A T«l*ph*n*
AmTelepATelcoli tr4g--.1920
101
94% 102%
July'17
92
100% 100% Julv'17
9418 V9
9712 May'17i
00
84 •July'17|
'i
116%
Sep '03
04
98I4
102
88
99
96%
94% July'17
99
'91" "95" 98
9778 100
92
89
94
92I2
'17 --
78
105% June'17
90
100
110
92
91
Apr
62
62
91
90
96
Consol 5»
..1955
Bldgs 5s guar tax ex
i960
Cerro de Pasco Copp cnv 68 1925 M-N
Chic Un Stat'n 1st gu 4 J^s A 1 963 J - J
Chile Copper 10-yr conv 73.1923 M-N
Beth Steel
101
96% 105%
no
iV
June'17
Sale
9618 98
8638 Sale
98
90
IO312
M
Kan A H C 4 C
'17
99%
99%
98% 98% Aug '17
90'8
>
90% 94
98 103%
105
9978 100
9834
93%
'16 __
June'17
June'17
Apr
95
74% 75
A-O
F-A
A-O
J - J
A-O
Booth Fi9herles deb a f 6s. ..1926
Braden Cop
coll tr s f 68.1931
Bush Terminal 1st 48
1952
99% 106%
97%
9612 June'17 ----
105
I2OI2 110
....
53
42
-
S
e
1
61%
-
MM-
1948
1923
M deb 6s A
Coal iron
Aug'17
90% Deo
110
85
70
70
60
50
32
83
'17
84'4 91
Feb '15 __
97
2 106
10834
129
10834
102 Aug '17
101% 108%
9838 July'17
98% 101%
IOII2 Oct '16 --_Aug'17
101
100
105%
IOOI2
g 48
coll tr
Stamped
'17 .---
June' 13
108
96»4 101
Sept' 16 -.-_
54
102
9812
64% 80%
36% 73%
89% 90
63%
8312
99% Aug
87%
1
High
M!scellan««us
National
60
'17
60%
83
100
102% 102%
100
Mar'17
Oct '08
Mar'17
3212
100
94
100
84
95
9912
Aug
78%
00%
72%
90%
40
Juiyi7
50
103
I9I4
97I2
6534
40
101
99I2
101
M
'16
Oot
60%
6OI2
A
Syracuse Lighting Ist g 6s.. 1951 J -D
Byracusp Light A Power 59.-1954 J - J
Trenton G A El Ist g 68
1949 IW- S
Ho orioe Friday; latMt bid »Bd
2434
7912
J
N
-
Apr
"12
-17
80
88I2
A
IndNatGas*Oll.lO-yT5il03« M N
Mu Fuel Gas Ist RU t 68. . 1 947 M- N
Philadelphia Co ronv 58
1919 F- A
Conv dphen gold 5b
1922 MStand Gas A r:i conv » f fls. . 1926 J - D
*
'53" "5412
S
tJ-F
105%
5
July'17
99I2 101
Aug '16
9712 Juiy'17 ....
90
86
M- S
J
l6()%
78
100
99
Mayi7
19
93
99
J »100i2 101
FA
99'
Conv deb 69 series B
1926 M- 8
Armour A Co 1st real est 4H9'39 J -D
'16
59%
30
J
-
Alaska Gold
Aug
100%
96
J
-D
Adams Ei
5812
95
-
106%
100% Feb
100% Apr
94
J
J
Since
Jan.
Last Sale
87% 88% 87%
100%
J
101
78
70
90
92
90
-
81%
78
70
63%
J
6
98%
100
S
-
92%
100% Apr
79
84
M-
M-N
J
J
F-A
93"% 160"%
77I2
July 17
80
Union Elec Lt A P 1st g 5s. . 1932
Refunding A extension 5s. 1933
United Fuel Gas 1st s f 68. ..1936
Utah Power A Lt 1st 5s
1944
Utica Elec L A P Ist e 5s. ..1950
Utica Gas A Elec ref 5s
1957
Westchester Ltg gold 58
I95C
Ranot
Ask Low
High No. Low
6 98
97% 98
98
101% Nov'16
90
97% 99 Aus'17
98
Bid
99
7712
Sale
Week't
Range or
9
7712
F -A
J
68
Price
Friday
Aug. 17
8
95
-D 101%
M-N
A-O
A-O
91
?-
r-
100%
Oct
703
'15
IOOI2 June'I7
M-N
J
J
92
ending August 17.
K
4
i;a-
9534
May'17
9II2
J
J
86
37
86
Aug
93
100
6312 Sale
91
Sale
83
8378 88
9OI2
Eg G L N Y Ist cons g 59 1932 M- S
Oas & Elec Berg Co e g 5s.. 1949 J -D
Havana Elec consol g 53-. 1952
Hudson Co Gas Ist g 5s.. 1949 M-N
Kan City (Mo) Gas Ist g 59. 1922 A-O
Kings Co EI LA PbSs
1937 A
Purchase money 68
1997 A-O
Convertible deb 6s .
.1925
Ed El III Bljn Ist con g 49 193U
LacGasLof St L Ist 5 68..<:1919
Refandext lstg5s
1934
Milwaukee Gas L 1st 48
1927
Newark Con Gas g 59-..
1948
Y G E L H A r g 5t
1 948
Purchase money g 4». .
]P49
Ed Elpc 111 1st cons B 5s 1095
El L A P Isl con g 5x 1930
Pacific G A El
C»l
4E
Corp unifylns A ref 6s ..1937
Pacific G A E een A ref 5». 1943
Pac Pow A Lt Ist A ref 20- yr
58 Intornatloual Seriea
1930
Pat A Passaic G A E) 5s1 949
Peop Gas A C 1st cons t 6s. .1943
Refunding gold 58-1947
Registered
1947
Ch G- L A Coke 1st ju g Bg 1 937
Con G Co of Ch Ist gu 1 5«1B3«
7778
FA
-
88I2
8978 80
99>2 101
9312
95
94I1
7478
.
Gas and Electric Light
G L Co Ist g 5a. . 1947
90
N
M- N
g 53
Atlanta
93I2
9312
A-O
1937 J - J
TrI-City Ry A Lt 1st s f 5s. 1923 A-O
tJndergrof London 4 J^s
1933 J - J
Income 6s
1948
Union Elev (Chic) 1st g 5s. . 1949 A- 6
United Rys Inv 5s Pitts is3.1926 M-N
United Rys St List 8 4s_.. 1934 J - J
St Louis Transit gu 5a
1924 A
United RR3 San Fr s f 43
1927 A
Va Ry & Pow 1st & ref 5a.. 1934 J - J
1st
9114
7018
9812 Sale
24
M
90
'
FA
J
-
102
4 84% 87%
10034 Apr '17 ---- 100% 103
102
Feb
100
17
100 100
9212 99%
99% 09%
98»4 99% Mar' 17 --__
76
77
77
66
82
76
July'17
7378 76
82
76
77
86
88%
71
89
85 May' 17
80
88%
80 Aug '17
80
8314 July'17
83% 91
83
78
Sale
85
-
86% 94%
81% 92
-D
M- S
M- S
F-A
-
'"l
87
Juno'17
88I4
581? Sale
Sale
17
J
86I2
7
;
BONDS
STOCK EXCHANGE
Week
1
92
81%
4212
35
9534 Sale
9454
100 IOOI4 100
9278
93
95
80
105
98
99
78
67
9934
100
80
72
74»4 75
83l8
100
F-A
F-A
A-O
J - J
A-O
A-O
J
N. Y.
Since
Jan.
Last Sale
80
-
Ist
Range
or
Mar'16
Apr .16
Apr '17
Bk Q
Conn Ry & L
Range
High No. Low High
Ask Low
11 103% 108%
106
104%
IO512
103 108%
103% 103 Aug '17
let oonsol g 53
Income 53
pl943 Nov
Western Pac 1st ser A 53... 1946 IW-S
Wheeling & LB 1st g 53
1926 A-
i
Bii
5-0
Week's
Price
Friday
Aug. 17
Guar refund 43.
Utah & Nor gold
Wheel Dlv 1st gold 53
Ext«n & Impt gold 6s
Refunding 412S series
711
New York Bond Record— Concluded— Page
1917.]
NY. STOCK EXCHANGE
!
—
.
<t
86% Sale
99
9714
IOOJ4
'os'
97I4
86%
87%
9734 03% Aug'17
100% 100 Aug '17
9al«
97%
97%
103% 101% Aug '17
'73' 78 Nov'16
69
98
07
86%
93%
1
100
t5
100
187
July'17
97I4
W
38'
07%'
Apr
8,1
..
101% Jaa '17
Sale
03%
04
'20,;
96% Sale
96% Sale
98i'>
073s
42
94
98%
OS!,
97t2
02
92% 03%
l)«> O01
08
otiT «•>»
101%
1(13
69
69
05
10178
100
09
101%
101%
;
101% 101%
93% 100%
*r.u 102
10134
14i: 06
96%
Aug '171..
07
.it
92%;
2
101%: 101% May'17
-1 04 WOT'IO'
If
106'4
'16
89% 1«0% 100 May'17
98
09% Apr '17
101%
9234
101
Uao Ue
91%
103%
9934
101% 101%
1.
tC>ptloa sale
BOSTON STOCK EXCHANGE -Stock
704
8HARB PRICES— NOT PER CENTUM
Monday
Aug I'i
Snturday
Aug
11
59U
5'JU
•104
•29
•190
104
104
30
28
•190
30
*
5
33I2
3313
100'
129
61
•125
60
•124
•8434
9434
•8454
•94
95
•5I4
5I2
•5I4
24I2
3578
24I2
3578
24I2
34I2
20
•101
26
2612
103
100
45
44
44I2
57I2
•5612
•90
•100
112
135
6512
*90
100
92
IOOI2
114
1014
11.1
12.1
•1014
11
•I22I4 123
119
*52l2
9812
53
9812
9812
•72
72
10
73
•10
61
17
8
*8
•77
•143
"93""
1
•88
•93
114
•130
107
143
•34
78
148
100
92
76
143
1
212
*88
90
92
11434
5
34
I
143
I*
25
35
112
2612
102
63
29
30
136
49I8 49I2
•27I4 2734
12318 12334
II7I2 11712
•6I4
6=8
•2
100
100
5
5
.56
.56
•6238
•23I4
•5814
•I2I4
*.55
62 12
24
59
834
•38
•79
645
•16
55
39
.55
3712
79I2
7934
545
6118
2I4
5I2
•1138
1134
6I2
•618
•81
•42
14
•2
68
3
6884
88I2
3012
•478
212
2I2
10
*3l8
5
10
3I2
92
143
1
14
15518
I.54I4
64
31
4912
2712
6U
63
29
6l8
•2
3
99I2 100
5I8
5
.50
60
1234
.65
85
43
14
10
10
2I2
..55
6II4
1112
6I4
78
4212
I3I2
2I4
68
8734
30
5
U
2
85
2578
86
•27
•78
1
7I2
•24
•3
56
85
2578
86I2
2734
79
1
•56
49I2
3
16
•104
458
•3I2
•3
•47
.35
Us
II,
712
18
11?
2
56
85
56
86
2.534
26I3
87
87
27I4
27I4
7Slo
78
6I4
1
57
49I2
3
16
10434
4^8
4
4
2
18
lis
II2
.50
85
26
87
27
78
3
7I2
4l8
6
1
5612
49
258
16
7I2
7I4
2.5I2
24I2
4
8I2
4l8
7I4
1
58
49I2
3
16
3
7I2
378
634
312
438
4
•3
4
47I2
4612
.40
*.35
471
.40
• Bid and asked prices,
3I2
•3
2I2
63
29
90
119
62
17
92
76
I45I2
130
3I4
734
18
II2
2
5612
86I2
20
8SI
2734
78
ll-Te
7I2
26
4
81
i\<t
7
3
16
4%
378
3I2
47I2
475s
.25
.30
53
25
2,950
130"
10434
35
14
15334 154
63
63
15358 15434
63
64
July'17
Last Sale 29
135
136
13312 I3412:
49I4
49
26I2
263i
12458
11734
123
666
4914!
1,417
2612 26I2'
12334 12533;
955
6,430
49
13
O's
6
61s
3
2I2
2I2
480
I
10012 101
100
101
9
I
490
.50
.65
*.50
65I2
2334
05
.50
66I2
2334
6414
.65
64I4
23
23
58
58
100
211
50
43
435
65
24I2
59
61
13
13
.55
.65
37I2
3812
I2I2 12i'2 Y2'34
Last Sale 55
Augl7
Last Sale 381 2 Aug'17
I2I2
79
80
79
540
543
550
16
16
56
62
6II4
2I4
6U
25
80
550
17
1734
10
10
3I4
7I4
31
1158
1134
2I4
2I4
2
8II2
2
8II2
2212
3l8
14
SO
734
1734
Us
lu
738
23
7I4
5I2
2I2
IOI2
312
773
5I4
2
10
3I2
712
III2
12
2
17
56
79
2I4
85
5I4
2
10
3I4
7I2
1134
2
2I4
S'2"
80
80
S
8
8
177s
I7I2
1734
Us
I'S
lis
II2
Last Sale 2
56
57
86
85
251
881
27=4
2513
87
27
77
II4
7I4
78
1%
1
7I4
7I4
25I4
2.5'4
.S7l2
881
2734
27
76
1
1
733
738
•1
l'/<
lis
57I2
5812
49I2
57
57I2
49I4
50
8I2
4
4
684
49I4
278
IOI4
2'%
161
10.51s 106
4I2
312
41'>
3li
IM'e
IVe
57I4
49I2
3
57
49I4
38
150
108
140
July 3
July 2
6512
119
34
200
4I2
Jan 5
Juno 6
June 12
June28
Junel9
June 2
84 Feb 14
9Sl2Fob 13
I'sApr 9
8U Jan
2
IO5I2
Feb
3
116
Mar
I
lI638Mayl2
40 Feb 1
9412 Feb 3
67i2May21
SUMaylO
Feb 23
Feb 9
1314 Feb 3
8912
5512
7i2Apr 13
175
July21
Julyl9
151
100
87
Feb
Feb
71
143
June21
July20
1
Mario
3
3
Feb
Mar28
Mar22
7812
Jan 17
92i2Jan 9
133
Mar
100i«
638June26
Apr
3
Jan «
34i2Feb 13
105
135
Jan 15
110
5612
Marl7
74
Jan
6
May
2
9434
10312
Jan 27
Jan 9
22s
Mar
14
75
July 17
97ij Jan
Aug
1134
Mar
81
169
134
Mar30
Jan 31
Julyie
June 15
Jan 17
11
I2412
Mario
Jan 19
Jan 11
leOUJan 25
46
16
16278
130
148
June 19
58I4
30i8
29
Aug
16
Feb 3
116i2May 9
6 Apr 10
2612
9933
7
147
112
July 11
3
3
9
July 6
Fob
Feb
Apr
Mar26
Jan
3
Mar29
Apr
16
68 June 7
35 May28
155l2Jan 22
Jan
135
121
3
Mar 8
May28
Jan 27
878 Jan 26
145 Feb
52 Feb
235i2May
5 Jan
4012 Feb
Jan
July
July
July
5I2
69 '4 Sept
122 Jan
l31»4Deo
Jan
Sept
zHd
98
4I2
26
50
97
Dec
Dec
Dec
Jan
I34I4
Dec
20 May
100l2Aug
255 Sept
60 July
Apr
95i2Mar
34 Dec
7
Dec
106 Apr
114i2Mar
123 Dec
64
Aug
42
92
66
98
Jan
Jan
July
27
42
Jan
Jan
K18I8
Apr
Dec
Dee
Apr
I.5914
102 Jan 18
10012 Mar23
88i2Jan
154
110
162
170UJan
Ifi
Feb
198
Feb
Oct
102i2Apr
123 Sept
225
92i2Aug
133
55
5
7
Feb
42
150
121ijJan 22
66 Jan 4
2018 June22
10 Jan 22
226 Jan 4
60
10
8
126i4Juno 9
121i2Jan 24
128l4Jan 25
58 June 8
100i4June 9
40
95
100
25
Do pref
25
United Fruit
100
United Shoe Mach Corp.. 25
Do pref
25
U 3 Steel Corporation
100
Do pref
100
Ventura Consol OH Fields. 5
7
3114 July 3
2
6234 Jan
11 Junel5
3212 June26
30 Jan 9
Jan 10
IO912 July26
127 JuIylO
90 Apr 24
138 June20
30 Feb IS
5
Jan 5
Jan 27
Dec
Apr
Dec
Aug
Aug
Dec
3
4
13
433
312
41
3
37s
334,
47
47I2
4
.25
e
.30
4'/e
31'>
3
47I2
.25
M
Do
pref
1
25
4.50
126
25
25
25
25
5
Mohawk
New
8I4
June
Sept
Sept
95
79
78
155
May
I4N0V
Dec
10
35
Nov
23i2July
50 Jan
12034 Dec
10218 Jan
Dec
15812 Apr
3512 Dec
15 Feb
125 Feb
102
Jan
Jan
13612 Jan
50 June
2812 Jan
35
28
7934
Mar
11,514
658
Feb
Sept
N'ew River
Do pref...
Nlplsslng Mines
4 Boston Copper.
Tamarack
Do
Utah-Apex Mining
Utah Consolidated
Utah Copper Co...
1,120 Utah Metal & Tunnel
9.50
4.55
150 Victoria
4
4
47I2
.20
Wvsndotf
h Ex-rights,
i2Mayl6
68 Feb 3
lUJan
2212 Julyl7
58
Aug 16
1038
.50
Feb
73I2
16
Feb 3
Feb 3
July 3
61
67
Apr 23
Feb 3
525
li2Apr 23
4i4May 4
1058 July27
x Ex-dividend,
Jan 12
7i4Jan 16
3
16 Jan
3
July25
9
92
May 10
13
178
58
88
28
Feb
Jan
16
2
July 16
May 10
4I4 Apr 9
II4
10
June
Aug
8
9
278Mayl6
6 Feb 9
lli2Feb
2
2
6
70 Mar
41l4Jan 26
73 Jan 3
15I4 Junell
2i4Jan 26
52 Jan 26
85i4Jan 26
590 Feb 20
27i4Jan 16
63 Mar 7
68 Jan 17
Apr 23
3934 Apr 23
6
78
2
134
Feb
Mar
6
Jan 17
4OI2 Jau
3
20i2Jaa 19
4 Mar22
76i2Junel8
94 Anr 28
38 Jan 18
6I2
Aug
434
Jan 27
Jan 2
Jan 16
18
5
838
Aug
15l2J.-4n
2
2
Aug
Aug
3
77
Feb
16
2
17
May23
512 Mar24
Aug
10 Dec
91
34
50
May
Dec
29i2July
60 July
758July
II2
42
66
510
Aug
Dec
4513
Feb
Feb
87
94
Deo
102
Jan
44
Aug
Aug
77»4
Jan
834
Sept
107
157
Feb
Deo
3512
Mar
125
6712 Jan
86
Feb
102
105
Nov
Deo
Apr
314
May
16
Oct
Oct
I.3412 Sep
12514
124
No»
Mar
5634
10158
NOY
79
Feb
10114
Dec
7212N0V
14734
2573 July
1338 Jan
250
Mar
186
Oct
102l2Sept
10034
Nov
89
181
Feb
Nov
Jan
2I4
Apr
Feb
19
44
42
66
140
Deo
Dec
Mar
Nov
165
155I4N0V
Oct
Oct
175
59
May
I6I2
Oct
177
70
33
Nov
Mar
16834 Aug
6312 May
31 Sept
12953 Nov
12234 Nov
13 Jan
July
July
5412 July
2 July
Dec
June
July
3434 June
IOI2 June
2 July
42 Sept
88 Jan
25 July
I3I4
6
3i2Mar
234
Feb
9i4July
314 July
II2
10
II2
Jan
261a
Jan
2
100
100
22
76
nijApr 3
30 Mar20
92I4 Mar20
5
15
July 2
15i2Junel8
25
25
25
25
.90
10
25
10
25
10
10
10
25
25
10
50
5
5
034
Feb
lijMay
55
78l2
I712
81
23
7412
1
i7
24
3
8
18
4
Feb 3
Feb 3
Feb 3
Apr 24
Feb 1
Feb 3
Apr 14
July31
Julyl9
May 9
May 15
334 .Aug
1
Feb
2
47
aUMayie
1
52
25
w Half-paid.
.25
July
June
July
Mar 12
95 Marl2
2834JunelS
941 J Feb 21
3213 -Apr 3
89'4 Mar 6
2 Jan
2
10 Jan 5
3018 Mario
6I4 Jan
2
1658 Mar 6
8I4 Jan
6
60 Jan 15
Julyll
2% Jan
3
7
98 Feb 1
4 Apr 23
SljApr 23
3
20
87*4 Jan
621: .Tan
14i2Apr
40
Mar28
Jan 3
27«Jan 12
8I2
June 12
Apr 24
Aug
14
9
4
4
314 Jan
2
21ijFeb 20
11838
May 26
658
Jan 16
Jan 2
Jan 25
6
51s
63i2
Dec
Dec
Mar
234
6734
77
6
Feb
Aug 3
178 Mar28
1
24I4
20
2
Jau
Mayl2
4812
10
334
Mar
2i8Jan
6
3
.50
lis
Deo
Deo
Nov
May
43
533
Apr
Feb
8
1912
6I2N0V
9
14
9
6UN0V
7334
9312
191^
5
434
55I4
23'2NoV
Aug
Jan
July
July
Nov
Nov
Nov
Nov
120
July
15
Deo
7I4
20
7712 July
6
Nov
Nov
27 Nov
7353 Nov
8734 Nov
373 Mar
lli2JuIy
79
Apr
Nov
Nov
512 Feb
105i4Mar
101
14
Nov
Nov
212
8312
9758
8613
18
640
7
Jan 27
Jan 25
Jan 24
26I2 Jan
Dec
46
434
578 Deo
12512N0V
June
3
... 25
_
3
June 15
July 17
36
26
25
30 Winona
202 Wolverine
1.575
lli2Jan
Mar
25
25
pref
May25
5
Jan
1,105 Trinity..
1,675 Tuolumne Copper..
1
98 U S Smelt Refln & MIn... 50
418
94
2
98
25
Company
Apr 26
414 Jan
Feb 3 108 Jan
214
2134 Feb
2
July 9
5
Idrla Quicksilver
10 Superior
872 Superior
43g
Assessment paid,
25
Ahmeek
25
AlaskaGold
10
Algomah Mining
25
Allouez
25
Amer Zinc, Lead,& Smelt. 25
Do pref
25
Arizona Commercial
5
Butte- Balaklava Copper.. 10
Butte & Sup Cop (Ltd)... 10
Calumet & Arizona
10
Calumet & Hecla.
25
Centennial
25
Chino Copper
5
Copper Range Cons Co
25
Daly-West
20
Davis-Daly Copper
10
East Butte Copper
In . . . 10
Franklin
25
Granby Consolidated
100
Greene Cananea
100
Hancock Consolidated
25
Indiana Mining
25
Island Creek Coal
1
220 Osceola.
Pond Creek Coal
40 Qulncy
110 Ray Consolidated Copper.
35 St Mary's Mineral Laud..
610 Santa Fe Gold & Copper..
185 Shannon..
Shattuck-Arlzona
300 South Lake
3
3
lOis
1618
16
Last Sale 102i.iJuly'17
3
47I2:
a Ex-dividend and rights,
50
,490
1534
3
.30
100
100
Mexican Telephone
10
Mississippi River Power.. 100
100
Do pref
New Eng Cotton Yam
100
100
Do pref
New England Telephone.. 100
Nipe Bay Company
100
Nova Scotia Steel & C
100
Pullman Company
100
Morth Butte
North Lake
OJibway Mining
100 Old Dominion Co
3
47
.30
W
5
25
25
25
100
SO
69
610
565
35
77
1
4
Art Metal Construe Inc-.-lO
Atl Gulf &
1 ri S Lines.. 100
-.100
Do pref.10
Cuban Port Cement
10
East Boston Land
100
Edison Electric Ilium
100
Geueral Electric
McElwaln (W H) 1st pref. 100
100
Mas.sachusettg Gas Cos
Nevada Consolidated
165 Mew Arcadian Copper
July'17
56 57
8534 86
634
20
33l2Augll
8734 July27
pref
La Salle Copper
305 Mason Valley Mine
61 Mass Consol
75 Mayflower-Old Colony
150 Michigan
3I8
773
25I2
100
100
Do pref
Amer Pneumatic Service.. 50
50
Do prof
100
Amer Sugar Refining
100
Do pref
100
.\mer Telep & Teleg
of
Mass.
100
American Woolen
100
Do pref
Amoskeag Manufacturing
248 Isle Royale Copper
985 Kerr Lake
20 Keweenaw Cooper
205 Lake Copper Co
3I4
758
1734
7I9
10
1134
July' 17
Last Sale 24
4
3
3
7I2
8
8
9
4
4
4
4
Last Sale 59I2 Mar' 17
6I2
I"
7
Gh
3
75
10
Us
78
85
5I2
2I4
2
27I4
7
14
81
18
88
595
285
100
134
2
2
2
8II4 81
82
81
Aug'17
Last Silc 23
778
86
1
17
55I2
67
313
86
24
550
80
550
Last Sale 42
Aug'17
I3I2
I3I2
14
38
Last Sale
Aua'17
O8I2
o:i-'4
683i
88I4 8SI4 8712 SSI4
3OI2
30
30
30's
14
*23!9
557i
78
85
31
"sT
56
79
6II2
6II4 6II2
61
Last Sale 2
Aug'17
5I2
5I2
534
534
III4
III2
llSs
1138
6I4
6I2
d'A, 6',f6
141
5578
253s
.86I2
27I4
5538
2I2
stampdlOO
Adventure Con
2
512
65
3
30
172
Highest
Mining
2
512
*23l2
July 3
99
.\grlcul
Do
Mar22
Marl6
46
June28
120
60
122
Miscellaneous
Chemical
Amer
11
May22 213 Jan 30
9
100
100
48
295 Punta Allegre Sugar
12 Reece Button-Hole
607 Swift & Co
80 Torrlngtoh
143
5I4
*23
"so"
136"
104
5I4
68I3
88I4
3OI2
5
I4I2
17
92I2 Aug'17
130
140
July"'
June'17
July'17
8884 Aug' 17
11
33
5I4
67
S734
30
2I4
134"
17
13
Lowest
Jan 19
79
133
2
150
15
10
21
Do pref
5 Mergenthalor Linotype
78
5
6834
8834
312
7I2
165
86
''8I2
190
*76
78
13I2
12
190
Last Site 153i2July'17
101
101
IOOI4
100
92I4 9214
93
OI3
2I2
2I2
20
""8r2
8I2
190
14
30
15
18
8I2
188
II7I4
100
1,40.5
62
6l8
3
101
338
40
47
72
8934
Last Sile 1134 Aug' 17
105
105
105
IO5I2
6l8
2
ii8i"2
8934
11734
123
15
72
1378
136
100
11
2,398
49I2
2634
12414
11814
26S4
11
85
II9I8 11934 II3I2 II9I2
Last Sale 53 18 Aug' 17
98
98
983s 9878
34I2
30
10
79
I3I2
155
63
5612
1Y9"
¥4'5s
2I4
1
4I2
117
*13l2
IO4I4 10478 •10412 105
438
I20I2
11
I2112
834
190
154
101
93
76
145
2I2
57I2
491
2%
11
IO7I2
6212
18
11
14
1
16
74
90
45
lOOSs 101
10034 IOII2
Last S'lle II4
Aug' 17
*S0
5612
491s
134
11
I22I2
Aug
Aug
103
28
175
NYNH&
92
85
41
2
7I2
101
5634
92
SO
40
82
23
80
92I2
67i2June20
83
100
9434 Aug 13
100
3 May 8
100
20 Apr 28
100
32l2Aug 16
Hartford
100
6u7
Northern New Hampshire .100 zlOO MarI2
100 112 Aug 2
1 Old
Colony
2434 Feb 2
100
00 Rutland, pref
48 Vermont <fc Mas.sachusutts. 100 100 Aug 14
44 Aug 9
177 West End Street
50
6512 Aug 13
100
58
Do pref
25
4434
5OI2
Highest
Aug 2 176 Jan
150
Y...100
pref
Ity <fe Elce
Do pre!
22 Maine Ceiilral
VI8S8 Electric Cos
137
Do pref stamped
100
78
43
134
3i8
44I2
5634
100
44I2 45
Do
&US
Fllcliburg prcf
2.
Aui?'I7
Range for Previous
Year 1916
1
Electric Cos- -
pret
30 Georgia
25
100
Do
Connecticut Ulver
60
24
25
534
1134
8II2
14
24
& Wore
Boston
95
134
5I2
III4
OI4
10
IMi
7I2
24
1378
60
prcf
Chic Juuc Hy
100
Last Sale 5I2
214
534
1112
61'
10
3I4
7I4
95
10478 IO5I2
I.54I4
Nov'16
128
m
114
*130
Do
July'17
12
60
131
IO5I2 106
88
93
July' 17
100
124
100
..100
100
100
100
Providence
Uoalon
Bo.ston Suburban Elec Cos
Last Sale 125"juue'i7
*
55I2
23I2
81
1
7I2
25
4
10
4
6I4
1734
17
5
82
*
Railroads
Albany
&
190 July' i7
34
5534
6134
2
23I2
IS
7958
550
55
81
3I4
39
7812
540
23I2
714
64
38
23I2
I7I2
.65
2334
15
*ll2
5534
6l8
I2I2
550
*
&
109lnoatoii iCIevated
3'li08lon & Lowell
150'iJoaton <fe -Maliio..
2834
Last Sale
Last Sale
Last Sile
Last Sale
Last Sale
113 114
49
60
5
1
135
13634
4934
2034 27
I23I4 12.->l2
11734 11734
23
*1
30
23I2
2
7I2
155
64
1258
.00
3812
79I2
212
81
I4I4
61
6834
8S12
3012
3
2I2
49
14
31
148
136
I4I2
314
•14
76
145
63
8734
134
92
7018
64
24
2I4
8II2
93
34
22I4
23
•134
4
101
l".5
8
187
153
100
14012
1334
22I4
•22I4
"
02
17
34
345s
*lll2
•81
8I2
IO.5I4
34
143
534
2
62
18
10 s"
143
333
2>X6
2
811
11
10034
103
Lowest
35 Boston
59
103
32I2 34
33
33
Last Sale 103 Apr' 17
112
II4I2
11412
27
2612
11834 11.834
11958 120
52I4 5278
98l2 9878
1Y4'
1134
2I0"
2
Sll2
2^6
119
100
143
31s
7i8
7I4
12
134
11
II4
IOI2
I2II2
113
130
1134
7
*lll2
101
90
134
3012
5
10034
88
92
90
5I2
1153
6I2
'
90
76
2I4
*42l2
*13i2
14I4
92
8I2
180
153
100
2I2
4412
5684
72
5I2
1153
*6l8
80
44I2
57I2
*88
*10
134
61
100
72
I6I2
55
86
43
•8734
30I2
14R
2fll2
90
17
5534
6II2
I6I2
17
55
5I2
9214
7712
124S.1
I2I2
545
6OI2
•IS4
101
112
72
106
62
18
18
123-''8
23
59
26
100
90
10
*2
3
*99l2 100
5I8
5
*.50
.60
1234
.60
2412
3414
llOSs 1197s
*521i 53
98% 987s
62l{.
13.578
64
2412
3414
119
11/58 1175s
2I2
'•su
U
73
95
24I2
II4I2
Week
1,52 la
5812
[Vol. 105.
Next Pag*
EXCHANGE
Shares
17
120
Last Sale S45g Aug' 17
24I2
3413
12178 12178
53I4
9812
60
5I2
35
152
Last Sale 3
Last Sale 30
Last Sale 4I2
8434
-_
95
II4
11
135
49
27
6I4
124
Aug
JBONDS
Range Since Jan.
BO.STON STOCK
Last Sale 155'MaV'i7
129
*90l2
IS4
34
100
44I2
55I2' *56l2
l'o'984
155
.-
5I2
lOO
28
L'lst Sale
129
01
441?
IOOI2
*
STOCKS
Sales
of the
Friday
155
59
104
5812
30
*5l4
*112
26
100
92
104
1 o'o"
95
1
5l2(
114
*13l2
•eo
•152
59I2
•160
I
9434
108
143
34
35
•1358 14
15418 15418
•62
6212
•
•13.5'
•150
100
15
155
PRICES.
TliuTsday
Aug 16
30
1*124
•8434
114
130
10'8i2
190
30
•
IS6I4 ISfiVi
•I54I2 I55I2 •I54I2 I55I2
•92I4
•28"
28
,*
•186
•100
105
5
34
11
10612 10634
11
IO6I4 IO714
•6112 6212
•17
18
*
2
100
129
60
59I4
59I2
]•-
123
119
119^8 120
II9I2 11978
•52
•152
152
'•lOO
123
lis
119
Aug
30
150
•150
•
104
29
•2
•2
61
152
*59
•104
28
I5II2 15112
5Sl2 5812
•15112 152
Wednesday
Tuesdity
Aug 14
Record
Nov
Nov
Nov
Nov
434
108
33I2N0V
Jan
Jan
IOI4
2434
313s
9314
Nov
Nov
Nov
914
3212N0V
Jan
Apr
412
27s
Nov
Nov
lll2Mar
83
105
2334
81 July
2034 June
6II2 Jan
3634
110
Nov
Nov
59
70
Dec
July
2434
July
July
July
4
Aug
II4
7
12i2July
II2
35
Jan
Aug
4I4
July
.15 Jan
5418 Jan
49 Feb
278
Dec
12i2Jan
75 June
5I4
Dec
234
Jan
3»4Mar
Oct
lU AM"
45
Deo
IO9I2N0V
373 Jan
12i2Feb
Feb
Jan
2812 Jan
834 Oct
56I4 Jan
12S4 Jan
2i2Deo
4038
8I2
8138
5334
Nov
12733
Nov
Apr
513 Apr
3012N0V
lli2Mar
8I2N0V
8I4
6712
23.
Nov
Feb
Feb
—
K
AUG. 18
H
H
—— —
.
—
.
THE CHRONICLE
1917.]
705
Friday
Last Week's Range
Outside Stock Exchanges
—
Boston Bond Record. Transactions in bonds at Boston Stock Exchange Aug. 11 to Aug. 17, both inclusive:
Friday
Last Week's Range
Sale
Price.
Bonds-
U S Liberty Loan JHs 1947
Am Tel & Tel coll 4s_ ,1929
W
U
99
99.90 109,700
87
87
3,000
97 H 97 U 12,0U0
2,000
93}^ 93^
24,000
79 Ji 80
4,000
96 H 97
98
98
5,000
99
99
1,000
105
105
5.000
5.500
84J4 85
99
99
4,000
96
96
2,000
80
Y
97
Cumberland Telep 5s_1937
N. E. Telephone 5.s_..1932
Pond Creek Coal 6s. _ 1923
Punta Alegre Sugar 68.1931
Swilt
& Co
1944
Tel 5s.l93i
Ist OS
Western Tel
&
July
99
June
87
95 Ji Aug
91%
Feb
Apr
78
96 Jf
May
May
85 J^
102 H
Jan
98
98
May
102 >i
Feb
Mar
Aug lOOH Mar
101
Mar
83
99
95
May
Aug
June
Ind Brewing 6s
Pitts Brewing 6s
Pitts Coal deb 5s
Pitts
& Con 5s.
.
H2H
June
Jan
96
102 K Jan
lOOK Jan
40% 40%
1949.
SO
50
1931
1931
99%
99%
official sales lists, is as
follows:
Friday
Last
Week's Range
Stocks
Par.
Amer
Low.
Shipbuilding
Preferred
100
Ry
pt sh
com
22K
Preferred
67 H
197
118
118
Chic Pneumatic Tool__100
Chicago Title & Trust. 100
Commonwealth-Edison 100
Cudahy Pack Co com. .100
Deere & Co pref
100
Edmunds & Jones com. 100
Diamond Match
100 120
Hart.Shaff & Marx comlOO
niinois Brick
Llnde Air Prod
100
Co com
39
69
National Carbon new
Preferred
No Am
new
& Paper com.
People's Gas Lt & Coke 100
Pulp
Prest-O-Llte Co Inc
Pub Serv of No III com . 100
>« Preferred
100
Quaker Oats Co
100
^Preferred
100
Sears-Roebuck commonlOO
Shaw
W W common
100
100
liPreferred
Stewart- Warner Sp comlOO
Swift & Co
100
Union Carbide Co
100
MDo
73 5i
152 H
88 K
96
lOOK
169 Vi
70
58
154 Ji
195
rights
United Paper Bd com. . 100
28
& Co pref..
& Co common. .100
Ward, Montg,
Wilson
Preferred
100
66
102
Bonds —
Armour & Co 414s. ..1939
Chicago City Ry 5s-.1927
Chic City & Con Rys os "27
Chic Pneu Tool 1st 5s. 1921
Chicago Rys 5s
1927
Chic Rys 4s-. series "B"
91)i
Commonw-Edlson 5s. 1943
Cudahy Pack 1st M 5s 1946
Lake Street El 1st 5s. 1928
Liberty Loan 3Hs when Iss
Metr W S El 1st 4s. . . 1938
99H
N
W Elev Ss
Peo
GL & C
95
83 K
South Side Elev 4!^s.l924
Swift & Co 1st g 5s. ..1944
Wilson & Co 1st 6s. ..1941
6
24
68 H
197
120 H
98 K
Ex-50%
40
200
150
39
69
83 5i
130
28
40
72
83 M
130
4J4
4K
90 >4
92
63
98
91
65
995^
95
56
c
Pittsburgh Stock Exchange.
Apr
iA
60
195
Feb
78
668
250
118
108
125
5
5
5
70
3,052
58
77
3,574
2,904
2,756
2,357
515
Jan
Jan
June
Aug 220% Feb
Aug 142% Jan
Feb 129M Apr
96K Feb 100% Aug
27
Aug 34
Jan
lUA May 132% Mar
Aug 90
69
Jan
H
73
250
16?i
39
July
May
Feb
Aug
65H May
83 M Aug
Aug
130
iH Aug
A
68
102
85
95
290
20
600 lOOA
427 C163
50
60
2
88 A
A
53
June
Feb
83% Aug
130
Aug
9%
Jan
Jan
106
155% Aug
Jan
Jan
Jan
115
Jan
Feb
74
96
101
July
May
Aug
Feb
Mar
Jan
165% May
210
Apr
19% Aug
34%
Jan
Jan
Mar 117%
Jan
84% May
Aug 107% Mar
S5,000
13,000
90
1,000
10,000
62% Aug
65
99}^
95
55
Mar
239
115
58
101
91
Apr
Aug
Feb
169
Feb
15
June
June
26Ji
98
300
35
58
78
Jan
Jan
June
May
132H
91 Jf
88%
May 114
May 102%
May 340
33
505
184
Ex-25%
25
94
61
31
2,000
65
6,000
99 if
12,000
95
7,000
1,000
56
99.50 99.901 6,550
60% 60 H 5,000
79
1,000
79
91 '4
91
8,000
4,000
88
89 M
6,000
83H 84
34,500
98}^ 99
100% 100 HI 1,000
stock dlv.
Feb
2A Aug
July
35%
27
^
July
Aug
100
120
105
73% 75
150 H 155M
88 }i 91
98
96
310
310
100 }i 102 'A
168H 100 A
70
70
93
93
53 H 60 A
154
156
193
197
18M 19Ji
28
28 K
115H 116
67
66
lOlH 103
57
23
81'
High.
21
35
39
20
266
90 K
91
63
1.
June 445
Feb
Feb
95% Aug
Jan
Feb
70
223
314
10
100}^
33
121
69
75
H
Low.
164 6275
39
265
IW'A
91
1941
X Ex-dlvldend.
21
67 H
197
118
118
100 'A
33
1120
69
73
98
ref g 5s. . 1947
1st ref g 5s '56
Pub Serv Co
2M
27M
Preferred
)6i
2H
265
Lindsay Light
Middle West Utilities com.
Range since Jan.
High. Shares.
300
300 M
94
93
60 H 60 K
25
25
86
86
American Straw Board
Booth Fisheries com new
Chic Clty&C
Sales
for
Week.
of Prices.
100
100
June
Aug
94% Jan
99% Mar
Apr
80
99
Aug
97:
May
Jan
Mar
Jan
Jan
Jan
Jan
70%
Aug 103%
Aug 100%
Aug 56
Aug
99.50 Aug 100. 10 June
60% Aug 70 A Jan
79
Aug 80
Aug
91
Aug 96}4 Jan
88
Aug 963^ Jan
Jan
83 Ji
89%
98^ Aug
102
99%
103%
stock dlv.
July
Jan
Jan
Jan
a Ex-rlghts.
—The complete record
of
transactions at the Pittsburgh Stock Exchange from Aug. 11
to Aug. 17, both inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Stocks
Last
Sale
—
Par
Amer Sewer Pipe
100
Amer Wind Glass MachlOO
Ut Preferred
100
Cable Consol Mining
.1
Price.
54
94
60
Week's Range
Sales
for
of Prices.
Week.
Low.
320
200
127
'.
Preferred
50
Iron Works. . . 100
Lone Star Gas...
100
Mfrs Light & Heat
50
Nat Flreprooflng pref
50
Ohio Fuel on
Ohio Fuel Supply.
Oklahoma Gas new
Plttsb Brewing com
Pitts Con
M &T
M
1
25
50
1
Ross Mining & Milling. . . 1
Union Natural Gas
100
United Coal pref
100
U S Glass
100
U S Steel Corp'com
100
West'house Air Brake.. 50
W'house Elec A Mfg oomSO
pref
12
19
51
29%
Plttsb-Jerome Copper
1
Pitta & Mt Shasta Copp. . 1
Pitts oil & Gas
100
West Penn Rys
66%
100
100
68c
430
6%
6c
43%
300
40
103
27c
19c
127
14
116
97
65
3
103
45c
20c
127
2%
14
116%
97
16
25
63,075
4,400
40
280
10
135
85
2,583
12
19
67%
12%
19%
49%
26%
52
7,757
30
1,871
2%
100
660
400
6%
170
44
62
2:94
54 ^
2
La Belle
45
125
13,765
94%
173
75
44
2%
90
440
12c
82c
51c
100
12,200
21,225
13,100
7
19c
1,320
1,000
175%
83
10
705
125
150
299
60
75
47
123%
114%
123% 123%
114
114%
48%
48% 49
79% 79%
4o
1
High.
285
54
94
3
Low.
19%
100
Consolidated Ice com ...50
Crucible Steel pref.. -.100
100
1
100
Baltimore Stock Exchange.
May
Jan
Jan
Jan
Aug 124%
Aug lie Mar
35%
Feb
3
Aug
47% Apr
4%
Jan
102% July 112% Mar
22c
Mar
150
122
July
1%
8
71%
90%
61%
12
Jan
June
June
Feb
Jan
July
May
17% May
43% Jan
26% Aug
1%
8c
47c
400
June
Feb
May
May
4% May
12c
Apr
48c
130
3%
Jan
May
Feb
Jan
Mar
Jan
Jan
17%
118% Aug
99% June
73% Apr
17% Jan
Jan
Jan
22
56
30
Aug
16c
July
July
4%
1
.55
Jan
1.20 Jan
17% Mar
28c
168% May 185
70
33
102
112
Apr
1
77
47
Range since Jan.
Sales
for
50 %
68
Apr
Apr
36
45
99
100
81,000
5.000
1,000
3,000
1.
High.
Low.
Week.
Jan
Aug
Jan
Jan
100% Mar
101% Jan
— Complete
record of the
transactions at the Baltimore Stock Exchange from Aug. 11
to Aug. 17, both inclusive, compiled from the official salea
lists, is given below.
Prices for stocks are all dollars per
For bonds the quotations are per cent
share, not per cent.
of par value.
Last
Sale
Par. Price.
Stocks
Alabama Co 2d
Jan
Jan
June
Aug
136% May
May 157% Feb
45% May 58% May
75
Jan
79% Aug
Sales
for
of Prices.
Week.
Low.
50
37
7
10%
10%
16c.
'27"
96
112
105
11%
21c.
4%
62
91
74
72%
75%
11
11
27
20
28
20
40%
41
4
85% 85%
97% 97%
100
4%s
98
'35
99%
98%
1950
1923
Convertible 6s
100
100
103% 103%
95
97
Florida South 1st 4s.. 1945
Georgia & Ala cons 5s. 1945
80
1st 5s.
6s
.
95
97%
97% 97%
99% 99%
80
98% 98%
99
1929
99
99% 99%
Maryland Dredge
Mt V-Wood notes 6s. 1918
Norf & At Ter 5s small '29
Seabd & Roanoke 5s. 1926
United Ry & E 4s... 1949
100% 100%
85
100
80
.
85
100
80%
62% 62%
84% 85
85
85%
Income 4s
1949
Funding 5s small ... 1 936
1941
5s
100
100
98
91% 91%
86% 86%
99% 100%
98
98%
89% 89%
Cosden & Co 63 certls
Certf3"B"63
Cosden Gas 6s certfs
Elkhorn Coal Corp 6s. 1925
Wash B & A
Low.
16
25
130
10
556
20
4,974
71,695
1,280
145
110
60
Mar
34% Apr
5%
Philadelphia Stock Exchange.
Aug.
to
May
44%
67%
July
91
60% Mar
70% June
Aug
73
84
July
60
55
71
9
27
15
39
3%
sales lists, is given below.
per share, not per cent.
cent of par value.
Sale
100
100
98
91%
86%
99%
97%
89%
103%
'90"
57
vtc
100
50
Elec Storage Battery.. 100
10
Insurance Co of N A
Lake Superior Corp... 100
50
Lehigh Navigation
50
Lehigh Valley
..50
Minehlll & S
50
Pennsyl Salt Mfg
50
Pennsylvania
Co (Pitts)
Philadelphia
50
pref (cum 6%)
Philadelphia Electric... 25
Phlla Rap Tr vot tr rets. 50
Philadelphia Traction.. 50
.50
Phlla & Western.
50
Reading
50
Second preferred
Preferred
Steel
Tono-Belmont Devel
Tonopah Mining.
1
1
...50
100
50
United Gas'Irapt
U S Steel Corporation. 100
.50
West Jersey & Sea Sh. .
50
WestmorelandTCoal
100
Cramp & Sons
50
York Railways pref
Union Traction
United Cos of N J
"59%
of Prices.
103
9H
90
70
55
52
155
400
83
82
3,000
—The
62ys
103%
9%
90
70
57
52
165
60
94
96% Feb
67%
July
May
90
June
93
78%
124%
93
40% 40%
4%
6%
46
216
4%
6JC,
46%
216
78% 78%
123
49
75
80
125%
49
75
82
37% 37%
5s.. 2007
2007
Elec & Peo tr ctfs 48.. 1945
Leh C & N cons 4 %s. 1954
Pa RR gen 4 %s ser A . 1965
93
Phlla Co
Phil Elec 1st (new) 58.1986 'io6%
1966
Small
1997
Reading gen 48
1951
J-Cconat48
Iron 68.. 1927
Spanish
1st 5s tr rets
Am
E'6s...l926
1 930
Welsbach Co 58
Mar
June
Aug
June
Jan
June
Jan
Jan
Feb
Aug
Aug
June
Jan
Jan
Jan
Jan
complete record
Exchange from
official
all dollars
Low.
1.
High.
July
49
May
5
111
100
Feb
77
805
139
131
25
92
135
2.853
7,646
103
70
10
100
2,269
113
39
93
46
Jan
Jan
Aug 93% Jan
Aug 107% Jan
Aug 98% Aug
Aug 95% Mar
103
8
90
38%
31
U S Liberty Loan 3 %B 1947
G&
May
99
50
4
100
87
45
1,858
29%
31
32%
77
77%
10% 10%
4%
Jan
Aug 102
May
July 102% Jan
July 102% Jan
Range since Jan.
52% 52%
z28% l28%
6%,
Sales
for
370
1
49
54%
Mar
June
Feb
June
58% May
24% July
15
Feb
75% June
58
55
92
May
July
May
121
9%
98
76
66
58
163
Feb
Apr
Jan
July
Jan
Jan
June
67% Jan
27% Feb
24
85
Mar
Jan
79% Jan
58% May
100
June
51% May
57% Jan
37% Apr
43
i28% Aug
27% Apr
76
June
34%
34%
84
10
May 10%
84% May 103%
40% Aug 45
4
5%
41%
214
May
Jan
July
July
4%
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
7% Mar
47% Jan
226
Jan
383
18,226
27
29
205
76% May 91% Mar
99% Feb 134% May
48% June 53% Feb
31
Jan
Bonds
Standard
5
Week.
High. Shares.
59%
25% 25%
16% 17
76% 77
63% 64
55% 55%
94
Wm
Amer Gas &,Eleo
WSmall -.
July
102% May 110
93
Aug 99%
97
Aug 97%
95
Aug 104
99
Feb 101%
80
Aug 94
July 103%
98
98% July 103%
99
June 101%
98% Feb 101%
Aug 85
85
100
June 100%
80
Aug 84%
61%
Jan
For bonds the quotations are per
Par. Price. Low.
American Gas of N J.. 100
10
American Milling
100
American Rys pref
Baldwin Locomotive. .100
Buff & Susq Corp v t C.IOO
Cambria
June
June
Prices for stocks are
Friday
Last Week's Range
Stocks
Aug
85% Aug 92%
97% Aug 100%
$200
Jan
Jan
12% Mar
35% Jan
20% July
42% June
Feb
both inclusive, compiled from the
17,
June
Jan
9% Mar
34% June
of transactions at the Philadelphia Stock
Aug. 11
65
39%
June
May 123% Jan
90
109% May 127
Jan
100% Feb 114
Jan
10% Aug 13% June
13c. Aug
25c. Aug
4% Aug
4% May
94
25
920
25
18
90
2,000
11,000
2,000
5,000
1,000
1,000
16,000
38,000
1,000
2,000
22,000
9,000
31,000
2,000
1,000
1,000
1,000
1,000
5,000
100
2,000
8,000
10,000
1.
High.
50
RR
City & Suburb 1st 5s. 1922
City & Sub (Wash) 1st 5s '48
Consol Gas gen 4 !^s. . 1954
Ga Car & Nor
7
36%
4
5
50
37
61
72%
75
Atlantic Coast Line
Conv deb 4s small. . 1939
Bait Electric stmpd 5S.1947
Central Ry exten 5s.. 1932
Consol G E L & P
Notes 5s
Notes 6s
Consol Coal ref 5s
4%
Range since Jan.
High. Shares
36
90
M
—
111
105
"4%
'ei"
pf V t r. 100
Pennsyl Wat & Power. 100
Sapulpa Refining
5
United Ry & Elec
50
Wash Bait & Annap
Preferred
50
Wayland Oil & Gas
Bonds
6%
96
ill"
Houston Oil pref tr ctfs.lOO
Mer & Miners Trans. . . 100
Mt V-Wood
Week's Range
100
pref
Arundel Sand & Gravel. 100
Atlantic Petroleum
Baltimore Tube
100
Consol Gas E L & Pow. 100
Consolidation Coal
100
Cosden & Co certificates..
Rights
Cosden Gas pref certifs
Davison Chemlcal.no par.
H
Range since Jan.
16% May
17
43
Diana Mines
.1
Gold Bar Mines.
1
Harb-Walk Refrac com 100
Independent Brewing
50
High. Shares.
17
& Elec -.100
Columbia Gas
1
Friday
both inclusive, compiled from the
American Radiator
High.
1955'.
—
Chicago Stock Exchange. Complete record of transactions at Chicago Stock Exchange from Aug. 11 to Aug. 17,
Sale
Price.
of Prices.
Low.
X Ex-divldend.
June
100
92 H Jan
Jan
102
94
Sale.
Price.
Bonds-
McK
1.
High.
Low.
Week.
High.
Low.
Range since Jan.
Sales
for
of Prices.
99.76
5s temporary receipts. _
Anglo-French 5-year 5s
Atl
& I SS L 5s_ _ 1959
S
Chic Jot &
5s- - 1940
G
.
99.50 99.96 $77,800
8,000
90
91
91
600
91
75% 76% 14,000
1,000
98% 98%
94
19,000
93
101
2,000
101
32,000
100% 101
2,500
100% 101
90% 90% 5,000
91
91
1,000
101
101
2,000
99
99% 2,000
97% 97% 2.000
75
66
36
Apr
Feb
Feb
Aug
Aug
90% July
75% Aug
99
90
98
93
July
Aug
99% Aug
100% Aug
100% May
89% July
90% Apr
100%
99
97
July
Aug
Aug
80
92
39
Feb
Apr
THE CHRONICLE
706
[Vol. 105
Friday
Volume
Last
Stock Exchanges
of Business at
Former Stand. Oil Subsidiaries (Coacl.).
TRAN.SACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Aug. 17 1917.
Shares.
161.900
342,883
482.121
529,477
484,287
369.275
Saturday
Monday
Tuesday
-
Thursday
Friday
_
$553. .500
1,017,000
— No. shares
Foreign
Bonds.
1,244,000
940,500
$5,863,000
shares, par
S.
Bonds.
S297.000
1,7.30. .'".00
2,53r),000
1,127,000
1,247,000
669,500
54,495,500 7,007,000
Jan.
1 to
Aug. 17.
1917.
98,808,939
.$8,607, 351,590
$171, .500
Bunds.
Government bonds
State, mun &c bonds
RR. and misc. bonds.
.
,
.
,
Total bonds
(Jhlo on
Pralric Pipe Line
Standard Oil (Calif)... 100
100
J
Staiidaru Oil of
Y...100
Standard Oil of
N
N
$7,607,000
4,495,500
5,863,000
$2,000
10,728,500
14.910,000
$42,165,2.50
$640,4.50
220,818,000
348.814,500
169,943,000
488,139,500
$17,965,500
$25,640,500
S611.797.750
$658,728,950
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Bond Sales
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
2,697
$21,300
46,750
17,960
50,050
23,150
18,000
3,083
8,098
8,573
5.233
10,336
6,692
5, .306
6,516
7,083
9,259
6,819
37,680
$177,200
42,015
New York "Curb"
Market.
Bond Sales
Shares.
$25,000
42.600
19,850
46,100
1,109
1,719
1.655
1,603
34, .350
598
17,000
1,965
$184,900
Bond Sales.
\
$10,200
55,600
27,100
31.100
72,700
15,000
8,649
$211,700
—Below we give a record of
the transactions in the outside security market from Aug. 11
It covers the week ending Frito Aug. 17, both inclusive.
day afternoon:
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are
permitted to deal only in securities regularly listed that is,
securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to deahngs. Every precaution, too, is taken
to insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
—
security may be dealt in and any one can
prices and have them included in the
lists of those who make it a business to furnish daily records of
the transactions.
The possibility that fictitious transactions
may creep in, or even that dealings in spurious securities
may_ be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Any
whatever.
meet there and make
Week ending Aug.
Stocks
Friday]
Last Week's Range
Sale.
of Prices
17.
Par
Price.
Aetna Exulosivea
r (no par)
Ctts of deposit r
Air Reduction Co r(no par)
Am Nltrog & Chem r
Amer Writ Paper com. 100
Brit^Amer Tob ord bear £1
Carbon Steel, com
100
Car Ltg
Carwen
&
Power.r
Cities Service
Curtiss Aerop
w
97 M
93 >^
20
4
97
92
100
i.r(no var)
&M
com
(t)
Emerson Phonograph
5
Everett Heaney & Co r.20
Havana Tobacco com r 100
iS'4
25
First preferred r
Lima Locoin com
r
100
Marconi Wirei Tel of Am_5
Marlln Arms v t o (no par)
Maxim Munitions r
10
N Y SWpbldg Corp.r.Ct)
N Y Transportation
10
North Am Pulp
Paper(t)
<fe
Prudential Pictures. r
5
Republic Motor Tr r.(t)
St Joseph Lead r
10
St L R Mt & Pac Co r. 100
Smith Motor Truck r. . . 10
Smith & Terry Trana pi . 10
Standard Motor Const r 10
Steel Alloys Corp r
5
Submarine Boat. .(no par)
Union C.irblde w
United E Aero r
4
5'A
20K
37
4H
lOH
8
27 'A
1
.
(no par)
United Moton r-.(no par)
U 8 Aeroplane Corp .r.. 5
r.lO
U S Light & Heat
U SSteanmhlp
10
World Film Corp v t c
5
Wrlsht^Martln Alro r..ft)
Preferred r
100
Former Standard Oil
Subsidiaries
Anglo-Amer OU
£1
Buckeye Pipe Lino
,50
Cumbprland Pine Line. '00
200
4
200]
3
18H
18}^
97
11>^
88
28 Ji
47
92
29 M
5254
24 H
22 ,^
"2)4
i%
H
8H
6H
25
3M
4
5
63
11
IIM
57
2H
116
IK
100
375I
2.8501
6,100
1,500
1,625
1,020
22.300
1.970
1,300
750
150
340
500
7
1,7.50
8H
100
350
2,700
57 Ji
S'A
121
44
IK
i6H
I7M
18
1,400
30.500
300
500
4H
5M
54
62
20 K 20 M
33
37
SA 5
21,400
lOM
700
3Vs
'-^
10
11
11
7M
8
25
80
29
80
4
22 H
24 H
6
2'A
4A
10 ?i
10
50
50
19^
3H
62
S'A
l^s.
2
I'A
4
6H
57
5K
800
65
20
2'A
10
19.800
5.900
6
Preferred r
100
Holly Sugar Corp com (t)
Intercontinental Rubb.lOO
Lake Torpedo B't com r 10
TVs
3H
SH
H
H
4H
7
2N
4^
H
3,400
9,775
1,280
1,300
900
Apr
8
Apr
7K
Mar
Aug
May
17« May
May
85
Feb
Feb
Apr
Feb
88
28y, June
Feb
16
2H
6«
10
55i July
20 Ml Apr
IH Feb
4
Aug
40
Feb
May
6K May
10 M
Feb
8
47 J4 Jan
2V, June
•47
Jan
IH July
•36 M Feb
3'^
4
May
Aug
May
54
Aug
14><i
16).<
Jan
H Feb
3H July
8H Mar
5« Jan
6H Jan
29
100
3,550
12,500
100
4,700
5,600
2,500
1,000
4,700
Aug
80
June
3
22 H July
Aug
6
iH
July
500
'A
Apr
13Ji 136,000
55
200
19,H 20 H
101
103
190
190
1.
High.
Low.
99
21
lOM
10
Am. 10
Range since Jan.
Week
High. Shares.
5H
25
Steel Tool
Charcoal Iron Co of
Chevrolet Motor
Low.
Sales
for
2,500
70
10
ISH
IH
Feb
June
4M M»T
July
July
99H Aug
21
5K
21
109
5%
Aug
Feb
Jan
Jan
July
14
Mar
9'i June
Jan
146
June
30
62)^ July
13Ji
Jan
Aug
Aug
Aug
6M
63
Aug
25
3Ji
13
Jan
10
Feb
Feb
WA
mvi Mar
3H Juno
Aug
121
4^ Feb
•47 5i May
18,1-5
9H
& Gas
BosLon-VVyomlng
r
Aug
Jan
26.J
611
010
290
I'A
1
r
Mcx Oil Corp
CoiitlticiUal Refining
1
10
10
certfs.r.
Preferred r
CoHdcn Oil <t Gas
Crosby Petroleum t
Cumberland Prod & Ref
Esmeralda
Oil
Federal Oil
r
Corp
1
r
1
11
lOJi
60C
15-16
48c
15-16
U'A
lOJi
6
6
%
3-16
4K
1
I'A
1
r
Henderson Farm r
Houston Oil com r
Internal Petroleum
1
1
%
Oil r
*iH
45i
lOVi
'A
A
I'A
1.40
I'A
1
Midwest Rtfinlng r
Nat Oil & Relg pref
N Y-Oklahoma Oil r
50
Northwestern Oll.r
1
Oklahoma
1
imc
1
50c
Oil
Preferred
com
5
1
r
r
2'A
Jan
July
July
6H Mar
1
5'A
I'A
2,400
20 'A
375
2,900
24,700
4,145
12,550
2,730
5,705
12,500
13H
Vs
5-K
5'A
WA
%
188
5'A
12
Rice Oil
lOJ-^
27c
10
'A
M
r
1
7-16
5-16
7-16
Sapuipa Refining t
5
5
U'A
11
11^8
10
10
I'A
Oil & Ref
J
SlnelalrGuKCorp r {no par)
Tuxpam
Star Oll.r
United Western Oil
Victoria
on new
Low.
%
1
7H
8tk r-.lO
.580
May
May
270
Jan
445
800
346
r. 10
Alaska-Brit Col Metals. .1
Alaska Standard Cop r..l
Arizona-Cornelia r
1
Atlanta Mines r
1
Austin Amazon.r
1
Big Ledge Copper Co
1
2'A
9-16
25c
15-16
Butte-Detrolt Cop i Z
Butte &
Y Copper
Caledonia Mining
72c
9'A
7-16
1
1
N
i
8
4
t
Emma
I
1
1
54c
5c
M r..l
2K
5
5
10c
"9-16
Kerr Lake
La Rose Consolidated
Louisiana Consol
Chief. r
Magna
I
Magmatio Copper r...l0c
Magnate Copper
1
Marsh Mining r
1
Maaon Valley
6
McKinley-Darragh-Sav. . 1
Mllford Copper r
1
Mogul Mining
1
Mohican Copper.r
1
Mojave Tungsten r
2
Monster Chief r
1
Mother Lode r
1
Nancy Hanks-Montana
11-16
24c
Vs
16c
7A
59c
2
65c
H
"7-32
37c
r 1
National Leasing r
1
National Zlno & Lead r..l
Nevada Rand
r
1
Ohio Copper new w
Portland Cons Cop
Red Warrior r
I
..6
r..l
70c
1
(no par)
1
2A
8
D
July
65
June
Tri-Bullion S<fe
Trinity Copper r
16
98
162
Feb
June
J\me
21
June
Jan
Troy-Arlaona Cop Co
United Eastern
1
United Mines of Arliona.l
U S Tungsten. r
1
United Verde Exten_r.50o
7c
2M
9H
'A
Vs
6
IVs
500
\'A
7K
7«
8H
5-16
I'A
32C
7A
28c
6K
24c
36 H
19o
4
13,100
12.200
500
I28.,500
lie
21-32
11-32
31c
6K
43. .100
1,000
9
10c
IVs
iVs
2 7-16 2 3-16
4Jl
23c
56c
57c
13c
5-16
1%
19c
34C
Vs
19c
52e
53c
13c
88.000
34.000
2.700
2.375
6.800
9.500
10,800
4.100
IJ-
45,
2M
6H
Vi
7H
20c
i'A
Vs
'A
24c
36!^
24c
37 '4
7.700
3.000
3.000
11,900
1,700
1,280
3,100
200
100
2,100
13,000
1,930
2.900
5.600
1.300
July
Feb
3
6^ Mar
Aug
Apr
24
Jan
15H Mar
%,
'A
Jan
Apr
9H
July
IV,
June
H May
650
Jan
860
Jan
115
May
i'A July
'A July
480
July
60 July
46c Aug
8H July
200
July
7'A Jan
43
Aug
'A
Aug
5A
July
12'A
May
8H May
8
May
I
May
24
'A
7c
630
7%
Vi
I'A
480
1
UH
750
10 >i
48
11-16
Feb
12K Mar
12
2H
'4
Aug
1
Aug
1
July
7
'A
6M
Jan
Jan
2Vs
2%
2H
15c
•770
lOo
2H
OH
IH
IM
35o
Feb
Apr
Apr
8'A
H
lOc
June
37o
90
June
23c
76o
14o
Apr
2
Jan
Jan
IH Apr
Aug
8^
6?i July
Apr
Apr
Aug
Aug
IH Mar
IH Jan
46o
'A
Jan
June
61c
2 Hi July
Mar
880
Jan
Feb
Aug
2K Aug
5H Aug
% Mar
IH June
H Jan
1
Aug
June
Jan
Mar
%
230
'4.
Jan
July
490
Jan
290
Jan
Feb
Mar
Aug
25 H 3 July
SOo June
1
Aug
910
3
Apr
May
Jan
Jan
He Aug
13
Mar
'A
Aug
K Mar
7H Jan
IH July
Feb
June
Apr
Mar
9H Aug
Mar
Aug
Jan
June
1% May
Aug
'4
Jan
Apr
2H
Feb
9-16
Apr
Aug
15-16
3
I60
H May
Aug
% June
3'A July
'A May
28
July
K
230
8O0
43c
190
7Sc
90
6
46c
900
2M
July
June
14
•2
Jan
2'A Mar
July
75c
IVii July
690
Apr
Aug
Aug
12c
82o
4Kc May
%
Jan
%
5H
%
2O0
% May
Aug
14c
480 May
4 J^ CM ay
Jan
Apr
H Mar
Jan
Feb
June
iVs June
July
3-16
52c
M
May
Aug
1
1%
>4
I'A
5
3
IH
Apr
IH
Jan
Jan
Jan
Jan
iO'A
UK
Feb
m
Aug
Aug
Aug
Apr
Aug
60
Jan
Jan
Mar
12'A
July
Apr
Feb
Jan
July
May
I'A
Aug
Aug
Aug
IH Mar
June
Jan
July
July
July
Aug
1%) Aug
Jan
3-16 Jan
M
IH
1.80
9-16
July
160
Aug
1.3-16
June
188
July
5
H
\H
42 K
Jan
1
Aug
7-32
Aug
8
10
June
9
470 May
IlJi Jan
1.50
1
3-16
1% 133,800
14c
15c
2,500
10,500
53c
56c
2,000
5c
6c
6.400
lie 12'AC
11-16 15-16 17,500
8M 9H 5,420
800
1
1 1-16
13-16
2.700
2
44.000
IVi
91c
16.200
83c
9-32 9-16
4.500
25c
29c
16.700
2% 2Vs 13,500
150
5M
5'A
7-16 9-16
9,500
2,400
1
1
9-16 11-16 14,400
3.475
23c
25c
14.900
Vs 15-16
li'Ac 16c 14.000
7
7K 15.300
52c
6,900
61c
16.400
2
78C
65c
5,400
9-16
5,400
'A
9-16
1,500
3-16 7-32 32.500
49,000
36c
42c
H
%
•i'A
1
5
25
r..l
IH
2%
1-16
1
17
Feb
I'A
73c
June
June
1-16 June
Mar
14
Feb
1,000
33,500
9,900
24.100
500
22,200
36,400
14,600
11.200
42.720
40,700
8,000
2,300
200
7,200
I'A
6
I
Success Mining r
1
Superior Cop (prosp't) (t)
Tonopah Belmont Dev r.I
Tonopah Extension MIn.l
Tonopah Mining
9-16
2'A
6c
\3'A.
62c
1
July
26.0-50
13-16
1
7H
17
II
Jan
Jan
Aug
4% Aug
1« Aug
IVs
1
H
Jan
8c
76c
105^
23c
43c
13c
20c
55c
55c
7H
9Hc Jan
'A
IH
95i
3-16 July
70o
Feb
17,200
2.300
1
34c
Vs
July
Apr
11
May
Vs
lie
19c
37c
12c
1
1
280
H Apr
1
Rex Consolidated
1
Richmond Min MII&Rr.I
Rochester Mines
1
San Toy Mining
..1
Aug
Aug
Aug
Aug
8'A
oVi
23. .500
23c
39c
1
1
31c
15-16
7-16
IQc
Nlcklas Mining
Nlpisslng Mines
%
%
5-16
15C
Great Bend r
1
lie
Green Monster Mln r
1
H
Heola Mining
2So 9 1-16
Hudson Bay Zlno Mines.
Iron Blossom r
..lOo 15-16
Jerome Verde Cop i
1 113-16
Jim Butler r
1
90c
Josevlg-Kennecott Cop..l
9-32
Jumbo Extension
1
29c
New
'A
10.100
8,000
7,600
I'A
Goldfleld Consolidated- 10
Goldfleld Merger r
1
of
800
2 'A
1
Copper r
Fortune Cons r
Jumbo Mln
5'A
I'A
9
M M
Dundee Arizona Cop
5
72c
"72c"
Calumet & Jerome Cop r 5 1 11-16
Canada Copper Ltd
5 2 9-16
Cash Boy
1
63-2C
Coco River Mining r
5 1 1-16
Consol Arizona Smelt
5 2 9-16
Consol Copper Mines
5
9H
Consol-Homestead r
1
Cresson Con Gold
& 1
Denbigh Mines r.
..1
34c
7.200
1,700
12,800
41,175
iy2
8c
Booth r
1
Boston & Montana Dev-.6
Butte Cop & Zinc T t e...5
Aug
June
H
10c
%
H
i)A
50c
1
24c
lO^c
July
•6
July
3'A Aug
9-16 July
7A
r ct)
150
420
Vs
Mines
Aug
Aug
11, .'300
13-16
Hill
4.5c
H
'A
Mining Stockt
IK
Aug
IH Aug
IVi
13-16
Acme Cop
June
y»
11-16
,1
15,055
11.000
21.200
1.900
45c
42c
I'A
I'A
26 M
Wayland Oil & Gas com..
""y%
West Statet Petrol. r
1
Wyoming Oil & Ref r
Wyoming United Oil
300
Jan
Jan
Jan
Jan
Jan
Jan
114
Apr 435
June 444
333
260
249
July
July
I
26
3 'A
1.
High.
May
91
250
48,300
200
56,800
9Vs
1%
1
r
5,980
WA
5Vb
12'A
Savoy Oil
Sequoyah
3. .500
8,500
%
'A
88c
98c 124.000
9^^c 12!^c 277.000
17.000
46c
oOc
lOJ^ 17.800
40.500
270
28c
13,900
9K 10
43
400
48
3-16
1,9.50
6
12 K
Jan
Aug
18,160
48
30
122
190
IH
Oklahoma Prod & Ref...
Omar Oil & Gas com
1
Osage-Homlny OH r
5
Pan-Amer Pet r
100
Pawhuska Oil r
1
Penn-Kentucky Oil r
6
Penu Ohio Oil & Gas r. . 10
7-16
July
5%
90c
2-32
7 'A
1
""h
Standard Silver-Lead
Stewart Mining
5«
n%
41 Ji
8,-500
I'A 19-16
1.32
1.48 125,000
5-16
I'A 29.000
179
184
35,500
14.200
1% 23,800
50c 535,000
43c
2,040
100
8>A
100
9'A
17,395
11.045
60c
13,700
1
1134 14.700
% 11,200
I'A
45c
39
Z9'A
1
r
5
lO'A
Silver King of Arizona.. .1
Sliver Pick Cons r
1
40
I'A
19
13
100
£1
...1
Kenova
Keystone Con Oil Corp. 10
Knlckerb-Wyo Pet. r... 10
Preferred r
10
1
Lost City Oil r
Merritt Oil Corp r
10
Metropolitan Petroleum 25
Seneca Copper
Aug
1
i%
r
Jan
May
Vs
Oil
Apr
9^
I'A
9H
15
35
80
290
33c
34c
8'A
May
Jan
15
106
43
20
611
44c
40c
75
21
37
9
12
May
389
282
270
I'A
1
Aug
Aug
Shares
25
90
100
42c
6
July
High
44c
1
Oil r
ConBol
Preferred
Baltimore.
263
1
Barnett Oil
Midwest
Philadelphia.
Boston
Week ending
Aug. 17 1917.
Low.
Range since Jan.
Week.
of Prices
100
383
282
100
Sales
for
Other Oil Stock*
Allen Oll.r
Arkansas Petroleum
Elk Basin J'etroleum r
Elkland Oil & Gas r
1910.
3,616,307
2.370,033
121,118,512
$229,945,900 $312,255,350 $11,111,583,655
$2,100
$,58,700
Par value
U.
$488,000
392,000
1,211, 000
433,000
1,200,000
762.500
1,0U.()()0
1 ,094 ,000
1916.
1917.
Exchange.
Bank
$15,583,000
33,398,300
47,268,100
51,148,200
47,108,800
Week ending Aug. 17.
Sales at
New York Stock
&
Bonds
35.439..500
Mun.
Slate,
Par Value.
2,370,0.33'$229.945.900
Total
Stocks
Railroad,
dkc.
Stocks.
50
25
100
Indiana Pipe Line
Sale.
Price.
Week's Range
1%
Aug
June
Aug
May
Jan
June
1« Apr
1
9-16
Feb
Jan
Aug
Aug
560
July
72o
20c
7H1
Aug
Jan
16
13-16 Jan
9H0
July
'A
Feb
Apr
19c
52c
47c
imcMay
M May
Vx
27o
July
May
4
May
May
2
5K Feb
3-16 May
6« Aug
Aug
19c
3M May
I
H
•I80
33 K
Hi May
May
260
%
May
Jan
Jan
11-16 July
Jan
6O0
1 Vb
4J^
4H
7
H
8H
62o
Aug
Jan
Feb
Mar
Jan
July
Mar
5H Jan
IH Jan
Aug
Feb
270
Feb 41 H June
Apr
i
— ——
.
K
.
Friday
Latl Week's Range
Mt Cod
High.
Low.
4H
1
1,300
5
4!.
SH
800
2J
IVs
1,700
31 ,400
10,800
5,000
9,400
65,700
650
20c
52,900
20o
23c
H
1
68c
72c
30c
27c
68c
64c
26c
21c
.
&W
Chic
Ind
6s
Cosden
Oil
&
RR
98 H
98 K
5c
97 H
5c
96 M
99 H
1918
Gas 68 r. 1919
98 J^
97 K
General Eleo 6% notes '20j 101
Great Nor Ry 5% notes '20. 98 M
82 '/i
Russian Govt 6V4» r.l919
1921'
73 H
5Hs
lOlH
98 «
80
72
98H $72,000
35,500
20c
97 K 499,000
99 H 32,000
5,000
97}^
102
177,000
98 H 260,000
84
135,000
74
31,000
Mar
4
July
July
July
.300
June
780
H4o
300
600
May
64c
62o
July
m
Ho
July
July
Apr
Bonds
Beth Steel 5% notes^ 1919
Canada Copper rights
Canada (Dom of) 53,.1919
6
7H
May
97 J<
Aug
97K
lots,
t
Jan
102
983^
98
94
K
H
Aug
Aug
Jan
Jan
No
CURRENT NOTICE.
—
Edwin S. Hooley & Co., New York and Boston, members New York
Stock Exchange, and Simons, Day & Co., Chicago, are offering, by advertisement on another page to-day a block of the 7 % cumulative preferred
stock of the Bon Air Coal & Iron Corporation at $80 per share, carrying
with it a bonus of 25% in common stock.
Poor's Manual of Industrials for 1917 has just been issued. The
general information is, we are informed, revised to Aag.l The book is
as usual, an extremely valuable compilation for the investor or banker
,
—
interested in industrial securities.
— Douglas
&
Co., N. Y., are offering the unsold portion of
$100,000 5-year 7% gold notes of the New York-Irvine Oil Co. DescripSee advertising pages.
tive circular upon request.
Fenwick
—
J. A. Clark & Co. of 120 Broadway, have issued a circular"' domparative Analysis of 21 Public Utilities Stocks."
Copy on application.
'
,
TREASURY CURRENCY HOLDINGS.— The foUowing
made up from
the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of April, May, June and
July 1917.
compilation,
Holdings in
Sub-Treasuries.
April
1
May
1917.
1
S
1917. June
S
1
1917. July
S
1
1917.
S
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes.
Net national bank notes. _
Net Fed. Reserve notes..
Net Fed. Res. bank notes
Net subsidiary silver
Minor coin, &c
203,868,088
23,501,656
11,544,435
16,628,415
2,226,540
55,690
4,965,377
1,969,992
218,127,892
18,561,573
8,091,661
15,959,496
2,649,735
39,960
6,247,131
1,789,010
202,506,350
17,889,054
7,103,606
15,935,170
2,441,615
40,100
4,800,417
1,799,803
Total cash in Sub-Treas
Less gold reserve fund.
264,760,193
152,979,026
271,466,458
152,979,026
252,516,115 *261,688,982
152,979,026
152,979,026
Cash balance in Sub-Treas
Dep. in special depos'ries
Account certs, of Indebt
Liberty Loan deposits.
Cash in Fed. Res. bauks.
Cash in national banks:
111,781,167
118,487,432
To
To
credit Treas. U.S..
credit disb. officers.
Total
Cash
in Philippine Isl'ds.
Net cash
in
99,537,089
128,593,000
111,642,168
50,268,598
77,282,443
202,325,168
22,567,632
10,429,162
16,787,619
2.658,745
90,585
4,417.785
2,312,286
*
108,609,956
154,179,000
500,662,218
305,743,527
32,540,550
6,357,874
33,235,919
5,588,401
36,778,468
5,995,308
45,858,327
6,739,731
38,898,424
5,581,992
38,824,320
4,363,035
42,773,776
3,724,686
52,598,058
5,171,775
banks, Sub-
Treasuries
City Realty and Surety Companies
All:
70
120
240
Amer Surely
Bond *
a
Casualty Co
M
77
125
250
__
0!t7 Invest K
13'
16
Prsferrwl..
58
65
Deduct current llabiilties.
206.530,181
113,645,717
273,316,955
114,687,612
351,910,994 1,186,964,534
121,352,611
122,878,284
Available cash baiance.
92,884,404
158,629,343
230,558,383 1,064,086,250
Includes July 1, $5,605,081 62 silver bulUon and $2,312,286 47 minor coin,
&c., not included in statement "Stock of Money."
123
Mtgs Bond.
Nat Buret;;
90
210
N
bond
Atlantic
Battery Park
Bowery *
Bronx Boro*
Bronx Nat..
BryantPark*
Butch & Dr
Chase
Chat
&
Phen
Chelsea
Ex
*
Chemical
Citizens
City
Coal & Iron.
Colonial*...
Columbia*..
Commerce..
Com Exch*.
Cosmopol'n*
East River..
Fifth Ave*..
Fifth
Fh-st
Garfield
Germ- Amer*
German Ex*
Germania*-.
Gotham
Greenwich*.
Hanover
Harrlman..
Imp <fc Trad.
Irving.
Liberty.
Lincoln.
Bid
545
237
175
170
400
150
150
140
90
360
225
100
385
200
450
200
450
315
tl69
315
85
60
4200
200
990
180
136
390
200
220
340
695
250
500
218
«65
300
Ask
Banks and Trust Companies
555
243
182
180
..
Banks.
Manhattan
*
Mark & Fult
Mech & Met
Merchants..
Metropolis*.
*
200
Metropol'n
170
150
100
Mutual*
New Neth*.
370
230
120
395
210
460
NewYorkCo
New York..
Pacific *
Park
People's*
Prod Exch*.
Public*
Seaboard
Second
Sherman
tl70
325
95
70
4700
225
1010
State*
23d Ward*.
Coney M'd*
3 00
300
185
2Y5"
210
First
Flatbush ...
Greenpolnt .
Hillside *...
Homestead
•
Mechanics'
*
Montauk*..
Nassau
100
115
125
255
140
155
110
m'
Nation'lCity
North Side*.
90
200
265
175
People's
1.30
Banks marked with a (*) are State banks,
« New stock
ehange thia week
u Ex-rights
.
New York
Bankers Tr.
B'way Trust
CentralTrust
"and
Sundry
Pierce Oil
Boads.
Corp conv
Per Cent.
82
6s. 1924
Ordnance Stocks Per S hare.
32
Aetna Explosives pref
100
5
American A British Mfg. 100
20
Preferred
100
Atlas Powder common
100 175
99
Preferred
100
Babcock & Wilcox
100 122
Bliss (E W) Co common. .50 »475
Preferred
50 •75
Canada Fdys & Forglngs. 100 165
Canadian Explosives com 100 2200
Preferred
100 105
90
Carbon Steel common
100
90
Ist preferred
100
56
preferred
2d
100
Colt's Patent Fire Arms
Mfg
100 100
duPont (E I) de Nemours
100 260
A Co common
Debenture stock
Eastern Steel
100
100
Empire Steel A Iron com. 100
Preferred
100
Hercules Powder com
100
Preferred
100
Hopkins A Allen Arms.. 100
Preferred
100
Nlles-Bement-Pond com. 100
Preferred
100
Penn Seaboard Steel (no par)
Phelpa Dodge A Co
100
Scovill Manufacturing.. -100
Thomas Iron.
50
Winchester Repeat Arms. 100
Woodward Iron
100
Eleo
com
Preferred
Amer Lt A Trac com
Guaranty Tr
Hudson
240"
Lincoln Tr..
Metropolitan
Mut'l (West^
4Y5'"
130
no
130
160
LawTit&Tr
Chester) .
Lite Ins
NY
A Trust.
N Y Trust..
Title
Gu&Tr
Transatlan 'c
Union Trust
220
610
135
270
155
USMtg&Tr
UnitedStates
Westchester.
Amer Power A Lt com
460
470
170
790
295
Preferred
Public Utilities comlOO
Preferred..
100
100
Cities Service Co com
100
Preferred
208
260
375
135
108
98
380
300"
4"5"5"
215
275
382
142
114
105
395
125
925
598
340
3"8"5'"
425
975
130
165
120
115
130
105
210
Brooklyn Tr tcoo
Franklin
240
Hamilton
265
Kings Co... 650
275
200
140
Queens Co..
Amer
Com'w'lth
950
608
350
155
400
440
1010
140
Brooklyn.
Manufact'rs.
People's
50
50
100
100
100
100
Ask
164
780
Atll
85
93
200
75
&M
"85"
173
180
84
37
250
275
140
1,50"
285
75
295
85
f Sale at auction or at Stock Ex-
Pow RyAL.lOO
100
Elec Bond A Share pref.. 100
Federal Light A Traction. 100
-.100
Preferred
Preferred
Pow 53 1946.JAJ
Mississippi Riv Pow com. 100
Great West
100
Preferred
First
Mtge
5s 1951...
North'n States
Preferred
JAJ
Pow com. 100
100
North Texas Elec Co com 100
100
Preferred
Pacific Gas A Eleo com. .100
100
1st preferred
PugetSd
TrLAPcom.lOO
100
Preferred
100
Republic Ry A Light
100
Preferred
South Calif Edison com.. 100
100
Preferred
Southwest Pow A L pref. 100
Standard Gas A El (Del). 50
50
Preferred
Tennessee Ry L A P com 100
100
Preferred
United Gas A Eleo Corp. 100
100
Ist preferred
100
2d preferred
100
United Lt A Ryscom
100
1st preferred
Western Power common. 100
100
Preferred
Ohio
4Hs
Pittsburgh
4Ms
Equipment 4s
Canadian Pacific 4}^8
Caro Ciinchfield A Ohio 6s..
Central of Georgia 5s
Equipment 4Hs
Chicago
Chicago
A Alton 4s
A Eastern 111
5 Ha..
Equipment 4H8
Chic Ind & Loul8v4!^8
Chic St Louis
5S
Chicago A N
41^8
Chicago R I APac4Hs
Colorado A Southern 5s
AN0
W
'Erie 5s
Equipment 43^6
Equipment 4s
Hocking Valley 4s
Equipment 63
5.40
IlUnois Central 5s
Equipment 4Ks
Kanawha A Michigan
Louisville
4)^a..
A Nashville 58
Michigan Central 58
Minn St P A S S
iHs
Missouri Kansas A Texas 6s.
M
Missouri Pacific 5s
MobUe A Ohio 5a
Equipment 4Hs
New York Central Lines 58..
Equipment 4}4a
N Y Ontario A West 4^8...
A
Norfolk
Western 4}^s
Equipment 4s
Pennsylvania
Equipment
5.10
5.20
6.20
5.65
5.80
5.60
5.60
6.00
6.35
6.35
5.25
6.10
4.98
6.90
5.60
5.40
5.40
6. 40
RR 4Ms
4s
St Louis Iron Mt A Sou 5s.St Louis A San Francisco 58.
Seaboard Air Line Ss
Equipment 4HR
Southern Pacific Co 4J^8...
Southern Railway 43^8
Toledo & Ohio Central 4s...
5.40
5.10
5.10
6.75
4.98
5.10
6.10
6.35
6.15
5.60
5.60
5.40
5.40
6.60
4.95
4.95
4.90
4.90
5.90
6.50
5.90
6.90
5.20
6.40
5.60
Ask.
4.80
5.00
6.00
6.10
5.20
6.10
6.10
5.25
6.60
5.50
4.80
4.86
4.70
5.20
5.10
5.00
5.00
5.00
5.00
5.00
4.80
4.80
5.00
4.70
4.80
4.80
6.20
5.20
5.10
5.10
5.00
5.00
5.10
4.70
4.70
4.55
4.55
5.16
5.50
5.20
5.20
4.90
6 00
5.10
Tobacco Stocks
Per Sha
re.
American Cigar common. 100 108
il2
Amer Machine A Fdry..l00
95
80
*17
100
90
18
173
300
96
96
62
101
265
160
109
53
310
650
50
GOO
65
40
115
48
294
108
67
87
31
66
275
8512
60
79
100
III2
13
47
49
84
70
90
97
A
&
525
83
30
155
105
48
300
620
40
700
60
81
12
35
Bid.
Baltimore
Buff Roch
179
101
125
125
53
84
251
117
48
77
99
PerCf Basis
10
40
99lj 101
8412
marked "f"
RR. Equipments
122
48
80
247
115
*112
*47
291
105
04
84
27
63
272
Securities
interest" except wbere
Par Bid. Ask.
2OI4
Anglo-American Oil new. £1 *20
Atlantic Refhilng.
995
lOO z985
Borne-Scrymser Co
100 410 430
Buckeye Pipe Line Co
50 105 107
Chesebrough Mfg new. ..100 390 410
Colonial Oil...
70
60
100
Continental Oil
100 635 650
40
Crescent Pipe Line Co
50 *38
Cumberland Pipe Line.. 100 180 190
Eureka Pipe Line Co
100 213 218
Galena-Signal Oil com... 100 150 152
Preferred
100 139 142
Illinois Pipe Line
100 230 234
Indiana Pipe Line Co
50 *99 101
International Petroleum. £1 •13 jnu
National Transit Co.. .12. 50 14
16
New York Transit Co... 100 210 215
Northern Pipe Line Co. .100 105 110
Ohio Oil Co
25 *390 392
49
Penn-Mex Fuel Co
25 *45
Pierce Oil Corporation
25 »12l2 13
Prairie Oil & Gas
100 585 595
Prairie Pipe Line
100 282 285
Solar Refining
100 360 380
Southern Pipe Line Co.. 100 200 205
South Penn Qll
100 330 335
Southwest Pa Pipe Ltnea.lOO 110 115
Standard Oil (California) 100 263 266
Standard Oil (Indiana) . . 100 775 785
Standard Oil (Kansas)... 100 535 545
Standard Oil (Kentucky) 100 380 390
Standard Oil (Nebraska) 100 500 515
Standard Oil of New Jer.lOO 610 615
Standard Oil of New Y'k 100 288 290
Standard Oil (Ohio)
100 450 460
Swan& Flrch
100 100 110
Union Tank Line Co
100 106 108
Vacuum Oil.
100 387 390
34
Washington on
10 *30
Bid
Columbia «.. 285
Commercial. 100
Empire
290
Equitable Tr t353
Farm L & Tr 445
470
220
Brooklyn.
•
.
"
Fulton
1.50
410
225
225
340
255
Fidelity
500
275
190
200
590
Yorkvllie*..
Trust Go's.
270
460
200
200
210
455
395
120
Unit States*
Wash H'ts*.
Westch Ave*
West Side*.
Ask
40'o"
Union Exch.
186
142
705
260
515
223
375
320
Bid
330
240
305
275
275
175
375
205
90
USTItloGAI
Wes A Bronx
Title
prices are
Preferred
Banks-AT. Y.
America*
Amer Exch.
215
85
.MlSl!
Standard Oil Stocks Pc rSltare
Amer Gas &
City
Bit
ReaJty Assoe
(Brooklyn;
U 8 CuBualty
128
100
*
V Title
Public Utilities
New York
AH
Bill
Lawyers Mtg
Quotationis for
All
Feb
Aug
Aug
Aug
98 Ji Aug
July
97
July
100
98
Aug
79 H May
June
69
Alilance R'ty
Aug
Mar
par value, i Listed as a prospect. I Listed on the Stock Exchange this weel<, where additional transactions will be found, o New stock, r Unlisted, u Ex-oash and stock dividends,
w When Issued, x Ex-divldend. y Exrights. 2 Ex-stook dividend.
Odd
*
New York
Apr
98 5i
20c
Aug
96^ Aug
5c
707
BM
Feh
Jan
Apr
Aug
%
1.
High.
Low.
Week.
IK
1
"68c'
30c
25c
Range since Jan.
Sales
for
3)^
21c
230
West End Consolidated. .5
Wllbert Mining
1
Yerrington
of Prices.
Sale.
iCon.)Par Price.
United Zinc
(no par)
Unity Gold Mines
5
Utah Nat Mines r.
1
Utlca Mines r
.1
Verde Comb Cop r
50c
Verde Inspiration r
1
——— —A
THE CHBONICLE
AUG. 18 imiA
Mining Stocks
—
.
14
38
92
98
Par Bid. Ask
Preferred
100
British-Amer Tobao ord..£l
Ordinary, bearer
£1 •I7I2
Conley Foil
100 250
Johnson Tin Foil A Met. 100 100
MaoAndrewB A Forbes.. 100 205
Preferred
98
loo
Reynolds (R J) Tobacco. 100 560
Preferred
100 111
Young (J S) Co.
.100 150
Preferred
100 105
Short-Term Notes
Per Ceac.
100
Amer Cot Oil 5s 1917. MAN
Amer Tel A Tel 4 Hs 1918.
Balto A Ohio 5s 1918
6s 1919
Beth Steel 6s 1919,. FAA 15
Canadian Pao 6s 1924-MA8 2
Chic A West Ind 6s' 18. MAS
RR 5s 1919
A-O
General Rubber 5s 1918.JAD
Gen Elec 63 1920
JAJ
Hocking Valley 6s 1917. M-N
Int Harv 5s Feb 15 '18.F-A
K C Rys 5!^s 1918
JAJ
Erie
K C Term Ry 4^8 '18. MA N
4Hs 1921
JAJ
Laclede Gas L 5s 1 9 1 9 . . F&
Mich Cent 63 1918
MorganAWright
53
Deo
1
'IS
N Y Central 4).^s.May 1918
N Y N H A H 5s. Apr 15 1918
Penn Co 4Hs 1921. .JAD 15
Pub Ser Corp N J 5s '19. MAS
Rem Arms U.M.C.6s'19FAA
Southern Ry 58 1919.. M-S 2
United Fruit 6a 1918.. -M-N
Utah Sec Corp 61 '22 .M-S 16
Winches RepArms5a'18.MA8
New Yorl£ City Notes
6s Sept
1
1917
IOOI4
9978 IOOI3
99I2 9934
98I4 9812
981s 98-38
IOOI2 IOII2
9834 99I8
97I2
97
98^8 99
10138 10178
100 IOOI4
100 IOOI4
9812 99I4
98
97
100
American Hardware
100
54I2 57I2 Amer Typefounders com. 100
81
76
Preferred
100
55
54
Borden's Cond Milk com. 100
89
90
Preferred -100
23
19
Celluloid Company
100
66
60
Havana Tobacco Co
100
36
34
Preferred
100
66
64
1st g 5s June 1 1922.. J-D
88I2 Intercontinen Rubb com. 100
87
101 105
Internat Banking Co
100
97I2 International Salt .
90
100
•10
11
1st gold 68 1951
A-O
*36
37
International Silver pref. 100
5
6
Lehigh Valley Coal Sales. 50
28l2 30
Otis Elevator common
100
3
7
Preferred
100
50
66
Remington Typewriter
9
5
Common
100
41
39
Ist preferred
100
72
70
2d preferred
100
14
16
Baking
Royal
Pow com.. 100
55I2 67l2
Preferred
100
99
99
981
99I4
9933
IOOI2 IOII4
99^8 9958
94
95I4
9812 99
99I2
98
9i)l;
78
83
97I2
97
9978 IOOI4
9II2
90
47I4
96
100
Industrial
and Miscellaneous
American Brass
..100 310
American Chicle com
51
100
Preferred
68
100
Am Graphophone com 1 00 83
Preferred
19
300
130
215
103
600
114
165
110
97
131
38
86
103
104
175
2I2
4
/48
lOOis
314
54
72
86
101
l.SO
40
90
106
107
185
31).
6
53
10
11
160
59
fil
75I2
98
•77
60
82
761?,
102
83
55
86
I2I2
131«
06
46
69
143
148
100
98
.50
• Per share.
d Purchaser also pays accrued dividend. « New stock.
6 Basis,
/Flat Price. nNomlnal. zEx-dlvldend. yEx-rlghts. zEx-200 % cash dividend.
THE CHRONICLE
708
[Vol. 105.
and ^axlr^ad %nUllxQtntt.
RAILROAD GROSS EARNiNGS.
^wxrjestm^ttt
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The fir.st two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary statement to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July. This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new
The returns of the electric railways are brought together separately on a subsequent page.
practice.
Latest Gross Earnings.
Jan. 1
ROADS.
Week or
Month.
Ala N
Ala
O & Tex Pac& Vicksburg. July
Vicks Shrev & P- July
1st wk
Ann Arbor
Atch Topeka & S Po June
Atlanta Birin & Atl 1st wk
Atlanta & West Pt. June
Atlantic Coast Line June
Chariest & W Car June
Lou Hend & St L June
a Baltimore & Ohio. June
B & O Ch Ter RR June
Bangor & Aroostook June
Bessemer & L Erie- June
Birmingham South. May
Boston & Maine
June
Buff Roch & Pittsb 2d wk
Buffalo & 3 usq RR-I June
Canadian Nor Syst. 1st wk
Canadian Pacific 1st wk
Current
Year.
Previous
Year.
to Latest
Current
Year.
S
$
$
143,225 1,144 ,405
006.522
130,122 1,144 ,163
944.490
Aug
54,691 1,776 ,790
.6.39,064
11934 400 78.671 ,495
,782,613
Aug
67,046 2.274 .037
,798,688
107.298
792 .247
695.711
2.781,529 22.121 ,244
037.125
158.410 1.078 .233
979.725
138.580 1 ,037 ,118
835.630
10345418 61.170 ,347
,628,376
174.653
980 .179
921.628
298,862 2,395 .247
.081.788
1.370,350 4,869 ,137
.570.865
92.912
479 .161
458,413
4.692,208 28,049 .618
441,123
Aug
291.517 8,866 .608
.760.415
137.087
830 ,311
823.125
Aug
868.000 24,233 ,600
775.600
Aug
2.985.000 ,86,840 ,776
791,722
OaroClinchf&OhiO June .
278,551 2.091 184
686.116
•',249.991
Central of Georgia June
959,545 7.176 773
088.268
Cent of New Jersey June
3.323.125 3,121,363 17.936 055
,932.314
Cent New England. June
504.580 464,281 2.718 235
,394.840
Central Vermont-. May
388,932 371,863 1.708 ,588
,826,943
Ches & Ohio Lines 1st wk Aug 935,092 855.156 31.412 ,388
430,031
Chicago & Alton-. June
1.821,488 1,471.378 9.730 .862
171,978
Chic Burl & Quincy June
10660,943 8.283.114 158.869 .204
,100.015
111
June
6 Chicago & East
1,797.835 1,316.543 ,10.047 .319
,045.011
C Chic Great West- - 1st wk Aug
283.927
280.078 9.479 .259
040,014
Chic Ind & Louisv. 1st wk Aug 180.686 160,552 5.203 ,467
711,027
Chicago June RR.. June
271.800
231.172 1.606 .891
.362.601
ChicMilw & St P-- June
9,410.567 9.163,746 52.282 358
,243.736
dChic & North West June
9, 969 ,.550 8.593.696 51.275 ,098
498,365
Chic Peoria & St L June
187,367
143,353 1.043 ,740
866.241
Chic Rock Isl & Pac June
6.975.662 5.986.653 40.340 758
.254.015
Chic R I &Gulf-- June
300,313
236,669 1.838 ,403
500.487
& Om June
d Chic St P
1.842.546 1.676.452 10,124 ,880
788,390
Chic Terre H & S E June
314.851
,285.916
202.321 1.730 .984
Oin Ham & Dayton June
1.045.143
943,359 5,253 ,478
,694,738
Colorado Midland, June
637 .940
674,145
117,429
121.281
e Colorado & South- 1st wk Aug
322,350 305.854 10,324 ,325
.982.131
Cornwall & Lebanon June
40,012
254 ,359
250,399
48.042
Cuba Railroad
June
815,773 604.112 2.723 ,215
,594,394
Delaware & Hudson June
2,685,809 2.242.610 13.983 ,804
,981,607
Del Lack & West
June
,929,327
5,253,802 4,413,932 27.738 ,569
Denv & Rio Grande 1st wk Aug 511,000 493,800 16,104 ,905 .929.463
Denver & Salt Lake 4th wkJuly
995.139
81,847
59.753 1.120 ,267
Detroit & Mackinac 1st wk Aug
780 ,329
739.002
26,153
23.038
Detroit Tol & Iront June
225,226
,121.647
193.005 1.268 ,393
Det & Tol Shore L- June
935 ,821
920.649
148,920
116,570
Dul & Iron Range- - June
951,449 1.042,942 2.261 ,672 2 .620.095
Dul Missabe & Nor June
2,124,430 1.989,912 4.164 ,685 4 ,659,797
Dul Sou Shore & Atl 1st wk Aug
86,851
73,722 2.525 ,127 2 ,131.831
Duluth Winn & Pac June
131.367
134.535 1.122 ,717 1 .002,005
Elgin Joliet & East. June
1,398,626 1,182.637 7.639 .440 7 .095,297
El Paso & So West. June
1,173.468 1.025,990 7.258 ,286 5 ,697,848
Erie
June
7,337,141 6.538.593 37,605 .516 36 ,113,550
Florida East Coast. June
652,309
565,106 4.863 .286 4 ,675.148
Fonda Johns & Glov June
482,460
511,.100
87.087
82,781
Georgia Railroad- June
283,639 213,966 1.741..975 1 519,028
Grand Trunk Pac_. 3d wk July 119,325 102.356 2.882,,037 2 608.375
Grand Trunk Syst. 1st wk Aug 1,320.706 1.256.376 37.914,,050 33 935.584
Grand Trunk Ry 3d wk July 1,113.582 889.567 27.362..568 23. 703.162
Grand Trk West- 3d wk July 182,493 185.491 5.202,,268 5. 118.146
Det Gr H & Milw 3d wk July
61.897
65.128 1.848,,805 1 835.028
Great North System July
8.089.011 7.619.246 48.091.,498 43 494.240
Gulf Mobile & Nor. June
183,175
173,605 1,020. 487 1 050.790
Gulf & Ship Island- June
985.866
973. 787
170,588
150.686
Hocking Valley
June
982,617 785.954 4.716. 200 3. 611.583
Illinois Central
July
7.161.170 5,842,492 48,780. 333 40 603.474
Internal, & Grt Nor June
973,206
692,004| 5.640. 443 4, 587.560
Kansas City South. June
911,145 6,415, 817 5 254.780
1.100,035
Lehigh & Hud Riv. June
195,649
193,252 1,106, 374 1 015.068
Lehigh & New Eng. June
315.650 247,650 1.700, 008 1 482.510
Lehigh Valley
June
5,113,085 4.228,744: 25.435. 817 23 141,353
Los Angeles & S L- . June
1,206,612 1.082.144 6.289. 149 5 709,707
660,691
Louisiana & Arkan. May
606. 332
125.250
138,326
Louisiana Ry & Nav June
975,796
176,413
163,810 1.083 944
/Louisville & Nashv 1st wk Aug 1,520,610 1,250,700 43.918 686 37 406,056
Maine Central
June
1,217,359 1,106,184 6.824 690 6. 016,568
227,303
Maryland & Penn.. June
250 .648
42,140
36,933
943.715
Midland Valley
June
164.305 1.322 875
247,109
631,088
Mineral Range
953
1st wk Aug
710
23,108
18,460
Minneap & St Louis 1st wk Aug 204,377 211,497 6,250 407 6 253,579
MinnStP&SSM. 1st wk Aug 670.083 707,158 19,773, 743 20. 155,573
401.192
Mississippi Central- June
347. 671
66.811
66,231
g Mo Kan & Texas, 1st wk Aug
833,696 684,116 23.903. 714 19, 540.020
ft Missouri PacificJuly
6,341,000 5.571.000 43.869. 602 37. 423.8.50
Nashv Chat & St L. June
1,140,266 1,003.100 7,115 676 6, 402.477
190.106
Nevada-Cal-Oregon 1st wk Aug
189 301
9.841
5.852
170.661
151.954
57,100
13809 027
70.076
127,976
3.376.810
183.475
178.345
11272 774
177.817
313.637
1.468.590
99.796
4,982,670
342.275
157.424
775.500
2,559.000
376,179
,
I
M
Week
Current
Year.
Previous
Year.
Increase or
Decrease.
%
or
ionth.
Now Orl Great Nor.
i New York Central
Boston & Albany
n Lake Erie & WMichigan Central
Clove O O & St L
Cincinnati North.
Pitts cfe Lake Erie
Tol & Ohio Cent-
Kanawha & Mich
Tot all lines above
N Y Chic & St Louis
N YN H & Hartf-.
N Y Ont & Western
N Y Susq & West..
Norfolk Southern..
Norfolk & Western.
Northern Pacific
Northwest'n Pacific
Pacific Coast Co
p Pennsylvania RR.
Bait Ches & Atl..
Cumberland Vail.
Long Island.
Mary'd Del & Va
N Y Phlla &
Norf
& Wash
W
Jersey & Seash
Pennsylvania Co..
Phil Bait
1 to Latest Date.
Current
Year.
Previous
Year.
8
174, 413
Previous
Year.
S
80. 446
S
892.898
8.33.679
19544 344 17308 066 101679.333 97.682.8.58
10.362.902
3.467,817
21,901.981
22.156.175
895,209
2,017, 889 1.879. 6.55110.800.779
723, 918
605, 483 4.016. ,579
4.350, 70713,896, 759 24.945.624
4,491,,251 3.845 511 24.577.352
238,,675
161 534 1.120.515
2.300, 514 1.909 402 11.836.653
742, 652
507 250 3.409.184
337, 291
322. 642 1.639.803
34747 241
1,485, 674
7,404, 054
804, 718
388. 432
504. 079
5,593, 349
8,371. 745
458, 409
338, 058
22197 160
110. 336
436. 708
1.489. 218
81. 688
534. 287
2.809. 630
11.477.032
2.753.631
1.823.113
30436 302 184025 822 172520 748
1,186, 570 8,186,499 7,523.939
7,080, 327 41,149,677 38.489.037
726, 018 4,109,637 4.149,809
306, 386 2.046.163 2.188,910
416, 212 2.691,507 2.368.614
4,987, 886 30.801.939 29.142.057
6,664, 577 42,148.323 36.538.577
2.112,027
4.54, 992
1.9.33.381
520, 569 2,100.2.57 3.364.725
19384 193 122571459 111644193
460.262
109, 935
467,386
274, 213 2,289,623 1.778.951
1,408 469 7,063,908 6.707.340
75 815
401,927
364.698
506, 568 2,477,390 2.476.000
2,143 142 14,608,517 12.086.349
710. 581
646 515 3,538,465 3.3.39.695
7,718. 601 6,812 721 36,494,434 35.614,209
480, 753 3.072.015 2.767,607
545. 589
& Ind
ZPitts C O & St L
Total lines
East Pitts & Erie June
West Pitts & Erie June
All East & West. June
Grand Rap
Current
Year.
$
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
6,369 058 5.158 223 35,654.763 30,581,445
28740165 24909 786 155419 758 140757 532
14821 978 12604 275 76.253.325 69,847,517
43562 143 37514061 231673 083 2106050)9
June
1,915.685 1.781,363 11,413.088 10,679.636
Reading Co
,916,757
Phila & Reading June
8.025,217 4.982,022 32,779 ,932
,566.804
Coal & Iron Co. June
4,249,853 2,848,286 23,006 .991
,483,561
Total both cos.. June
10275070 7,830,308 55,786 .923
,903,870
Rich Fred & Potom June
313,369 2,374 ,741
430.967
314,506
Rio Grande South.. 1st wk Aug
906
14,082
11,722
353
,958,851
Rutland
June
374,892 329.621 2.063 ,940
948,582
St Jos & Grand Isl. June
172.019 1.193 ,897
195.944
,243,452
St L Brownsv & M. June
296.070 213.281 1.984 ,992
.364.450
St Louis-San Fran. June
4,767,565 4,136.233 27.631 ,821
.286.770
St Louis Southwest. 1st wk Aug
302.000 250.0001 9.598 5461
Seaboard Air Line.. June
2,265,153 1,890.601 15,036 ,320 13 .042,910
Southern Pacific
June
16079323 13567 669 91,070 039 72 ,596,917
Pere Marquette
k Southern
Ry Syst.
1st
wk Aug
2,153.801 1,783.956 64.414
3.280
6.313
2.294
8.026
1.616
3.116
73
Ala Great South _ June
639.409
512.129
Cine N O & Tex P June
1.147.149
971.407
New Orl & N E.. June
415,827
311.963
Mobile & Ohio... 1st wk Aug 247,945 221.421
Georgia So & Fla. 1st wk Aug
48,565
45.875
Spok Port & Seat.. June
651,617 460.267
Tenn Ala & Georgia 1st wk Aug
2,198
1.947
Tennessee Central. June
144,278
140.052
Term RR Assn. StL June
494,783 298.331
St
B Term.. June
2.52,926
178.900
Texas & Pacific
1st wk Aug
376,359 354.747
Toledo Peor & West July
96,015
96.568
Toledo St L & West 4th wkJuly 151,789
122.989
Trin & Brazos Vail. June
74,429
60.592
Union Pacific Syst. June
11347560 9,350,061
Virginian
June
956.210 682.556
Wabash
June
3,381.519 2,992,061
Western Maryland 1st wk Aug 260.957 239.076
Western Pacific
June
902.635 672.340
Western Ry of Ala- June
119.907
98.936
Wheel & Lake Erie. June
1.086.880
958.234
Yazoo & Miss Vail. July
1,357,263 1,058,683
LM
Various Fiscal Years.
Canadian Northern
Duluth South Shore
Mineral Range
Pacific Coast
&
St Louls-San Francisco
St Louis Southwestern
Southern Railway System
Alabama Great Southern
Cine New Orleans & Tex Pac
New Orleans & No Eastern..
Mobile & Ohio
Georgia Southern & Florida
*
Monthly Summaries.
Mileage.
July
July
July
July
July
July
July
July
July
July
July
July
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
Aug
Aug
Aug
June
June
Aug
Aug
June
June
June
Aug
Aug
956 66 ,182,146
864
,486
,875
240
722
,263
,930,768
,866,024
.902,697
.157.196
,466,344
,305,436
833
864 408
70,066
803.370
1,920 076
1.492 741
12,575 306
723, 391
3.851, 676
.833.498
.179.507
.033,212
673,328
,332,722
408,187
462 742
58.730 189 50 696,976
5.364 712 4. 218,714
19,283, 137 17 827,015
7.743, 323 6. 733,316
4.447 079 3 517,289
647,287
744 350
4.701 829 4 780.874
9,610, 982 7 558.373
Current
Year.
Period.
Atlantic
AGGREGATES OF GROSS EARNINGS— Weekly and
* Weekly Summaries.
Jan.
Latest Gross Earnings.
Date.
Previous
Year.
Previous
Year.
$
$
4,620.400 4,702,200
404.747
463.782
109,075
115.675
5.859.494 7,212.557
56.388,367 48.402.991
1.626.000 1.343.000
11.391.485 8.979.690
6.337.924 5.641.402
12,466.859 11,060.440
4.403.622 3.781.662
1.383.955 1.145.134
233.784
255.408
Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Cur. Yr. Prev. Yr.
$
$
$
$
$
October
246,683 246,000 345,790,899 310,740,113 +36,060,786 11.21
4th week May (30 roads)
21,906,929 18.608.549 -(-3,298.380 12.35
November.. 248.863 248.058 330.258,745 306.606,471 +23.652,274 7.7a
1st week June (27 roads)
14,477,736 12.289.002 -1-2.188.734 17.82
December ..216,811 215.669 262.171,169 242.064.235 +20,106,934 8.3i
2d week June (28 roads)
14,823,511 12.827.696 + 1,995,815 15.57
January
248.477 247.327 307,961.074 267,115,289 + 40,845.785 15.29
3d week June (31 roads)
14.792..555 12.908.767 4-1,883,788 14.60
February.. .249, 795 248.738 271,928,066 269,272,382 + 2.655,684 0.99
4th week June (31 roads)
20,312,246 17.367.652 + 2.944.594 16.95
March
248.185 247.317 321.317, .560 294.068,345 +27,249,215 9.27
1st week July (32 roads)
14.239,448 12.573.738 + 1.665.710 13.25
April
248.723 248.120 326,560.287 288.740.6,53 +37.819.634 13.10
2d week July (31 roads)
14,779,798 13,119,199 + 1,660,599 12.66
15.02
May
1,970,985
248,312
13.125,306
+
247,842 353,825,032 308,132.969 + 45.692.063 14.82
3d week July (31 roads)
15,096.291
June..
242,111 241,550 351,001.045 301,304,803 +49.696.242 16.49
4th week July (29 roads)
20,483.799 18,082,217 +2,401,582 13.28
July
+598.632 4.47
91.540
1st week Aug (30 roads)
90,292 88.707,336 77,925,579 + 10.781.757 13.84
14.103.978 13,505,346
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute, c Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, e Does not include earnings of Colorado Springs & Cripple
Creek District Ry. /Includes Louisville & Atlantic and the Frankfort & Cincinnati, o Includes the Texas Central and the Wichita Falls lines,
ft Includes the St. Louis Iron Mountain & Southern,
j Includes the Lake Shore & Michigan Southern Ry.. Chicago Indiana & Southern RR., and
Dunkirk Allegheny Valley & Pittsburgh RR. * Includes the Alabama Great Southern, Cine. New Orleans & Texas Pacific, New Orleans & Northeastern
and the Nor. Alabama. Z InoJudes Vandalla RR. n Includes Nor. Ohio RR. p Includes Northern Central. • We no longer include Mexican roads
In any of our totals
— — —
.
AUG,
-
THE CHRONICT.E
18 1917.)
—
Latest Gross Earnings by Weeks. In the table wliicli
follows we sum up separately tlie earnings for the first week
The table covers 30 roads and shows 4.47%
of August.
increase in the aggregate over the same week last year.
First M^eek of Avgust.
Increase. Decrease.
1916.
1917.
S
2,409
3,030
20,387
S
Ann Arbor
54,691
57,100
67,046
70,076
Atlanta Birmingham & AtlanticPittsburgh
291,517
&
311,904
Buffalo Roche>;ter
868,000
775,500
Canadian Northern System
2,559,000 2,985,000
Canadian Pacific
9:^5,092
855,156
Chesaneake & Ohio
280,078
283,927
Chicago Great Western
160,552
180,686
Chicago Indianap & Louisville.
322,350
305,854
Colorado & Southern .
493,800
511,000
Denver & Rio Grande
23,038
26,153
Detroit .& Mackinac _.
73,722
86,851
Duluth South Shore & Atlantic
45,875
48.565
Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav & Milw.
Canada Atlantic
Louisville
&,
Nashville
Mineral RangeMinneapolis & St Louis
Total (30 roads) _increase (4.47%)
37,075
149,580
26,524
3,989
2,360
52,000
369,845
251
21,612
21,881
566,684
Net Earnings
Current
Year.
t|p
Grand Trunk of Canada
June 4,978,429 3,930,185
Grand Trunk Ry
24,151,709 21,046,395
Jan 1 to June 30
858,450
Grand Trunk West-.June 927,311
Jan
1
to June 30
Det Gr Hav & MUw.June
Jan
1
to June 30
Gross
Earnings.
Genesee
Net
Earnings.
Other
Total
Income.
Income.
Charges
& Taxes.
& P Corp.. April
g Paducah Tr & Lt Co June
Pensacola Electric Co June
Phlla Rapid Transit. June
& Western Ry. June
Port(Ore)Ry,L&PCo. June
oPuget Sd Tr, L & P. .June
^Republic Ry & Light July
Rhode Island Co
June
Richmond Lt & RR. May
St Jos Ry, L H & P. .Tune
Santiago Elec Lt & Tr April
1,350,210
5,662,901
296,856
1,165,525
55,478
102,683
Balance,
Surplus.
93,338
82,585
•16
Toledo Peoria
493
348
58,583
55,397
32,022
27,950
26,561
27,447
366
12,000
12,524
134,954
88,608
12,366
21,380
190,627
165.960
8,923
26,883
173,517
187.544
3,443
de{5,503
17,110
def21,594
& West
96,015
96,568
723,391
673,328
July '17
mos
58,090
55,049
'16
'17
'16
8,856
55,673
77,342
Road
Week or
Month.
Adirond El Pow Corp June
Atlantic Shore Ry
cAur Elgin & Chic Ry
Bangor Ry & Electric
Baton Rouge Elec Co
July
June
June
June
BeltLRyCorp(NYC) May
Berkshire Street Ry- June
Brazilian Trac, L & P June
Brock & Plym St Ry June
Bklyn Rap Tran Syst May
Cape Breton Elec Co June
Cent Miss V El Prop. June
Chattanooga Ry & Lt June
..
..
..
..
..
..
..
..
..
..
..
-.
..
July ..
Cities Service Co
Cleve Painesv & East June ..
Oleve Southw & Col April -.
{/Columbia Gas & El. June ..
Columbus (Ga) El Co June ..
Colum (O) Ry, L & Pl June ..
Com'w'th P Ry & Lt. June ..
June .
Connecticut Co
Consum Pow (Mich) June .,
Cumb Co (Me) P & L June .,
o Dallas Electric Co. June .
Dayton Pow & Light July .
.July .
p Detroit Edison
Detroit United Lines June .
D D E B & Batt(Rec) May .
Duluth-Superior Trac June .
East St Louis & Sub. June .,
Eastern Texas Elec. June El Paso Electric Co.. June .
42d St
& St N Ave May .
Federal Lt & Trac. May .
Galv-HouB Elec Co.. June .
Grand Rapids Ry Co June .
Great West Pow Syst June .
Hagers'n & Fred Ry. April.
Hamsburg Railways June .
Havana El Ry. L & P Junel
Honolulu R T & Land June .
M
Houghton Co Tr Co. June
Hudson & Manhat. June
b
Traction
June
Interboro Rap Tran. May
Jacksonville 'Trac Co. June
Illinois
Keokuk
Jan.
1 to latest date.
of
Company.
or
Electric
Co. June
.
.
.
.
.
-
Current
Year.
Previous
Year.
.
Current
Year.
Previous
Year.
$
$
$
$
118,178 110,917
787, 086
739,025
23,326
44,761
152, 547
190,682
186,330 177,845
998, ,088
946,833
65,662
64,368
416, 385
383,495
18,373
112 ,698
17,551
102,240
60,290
70,817
287. ,556
322,411
91,447
82.913
510 ,250
458,222
/7642000 /7178000 /44646 ,000 /41 179. 000
11,103
10.734
54, ,616
51,668
2607,401 2571,180 12,201 ,995 11,588,614
37.078
211
30,946
,962
180,084
24,886
23,882
147 ,607
143,698
128,805 102,680
674, 425
604,126
1365.312 672,190 11,186 ,109 4,737,345
47,431
43,527
243 ,321
210,616
116,813 106.612
448 ,186
409,641
762.992 694,444 5,707 ,430 4,731,000
83,127
67,953
609 ,699
402,831
311,975 280.350 1,919 ,346 1,709,255
1550,770 1322,295 9,272 .735 8,087.833
861,398 816,941 4,763 ,660 4,495,551
459,187 364,335 2,756 ,259 2,258,898
244,435 242,379 1,406 ,983 1,298,708
164,780 146,621 1,076 ,074
946,046
129,772 116,895
928 ,161
887,091
877,283 705,667 6,874 ,787 6,555,928
1517,668 1395,721 8,728 ,634 7,694,288
37,730
44,221
180 ,224
204,504
126.287 113,004
762 ,440
651,691
296,753 244,082 1,744 494 1,409,783
80.026
68,127
458 067
389.066
101,371
83.158
641 ,705
535.906
150,474 178,864
715 193
808.504
206,448 194,772 1. 138 ,905 1.056,561
164,448 158,080
939 965
924,932
104,828 108.702
645 244
639,739
324,246 296.828 1.961 .686 1, 809.811
44.979
39.306
176 505
148.370
99.664
97.588
560 149
546.634
654.982 476.935 3,251 ,042 2.893.997
60,182
54.976
346 941
321.750
27.759
26.656
170 260
156.678
503.651 476.959 3,134 .311 2.961,215
1048.208 933.019 6.436 517 5,854,160
3511.497 3231.008 17.685 884 16,100.716
55.516
50.081
345 556
316.320
20.125
19.705
117 .603
117.70 2
627 632
184, 599
242, 482
194 493
.
.
190, 109
1 to latest date.
Current
Year.
Previous
Year.
67,574
813,922
56,674
722,320
.599,574
1,396,693
356,794
86.252
1,257,968
3,433,456
822.604
734,252
1,154,629
476.923
305,316
156.669
62,922
577,098
399,267
8g,297
271,778
883,008
022,0,56
252.444
203,175
553,648
307,661
159,836
596
66 278
36. 6.54
37 942
61,0.54
14 625
15 214
97 584 136 677
490,349
,042.052 5,.597.672
1045 801 1192 036
174,560
38 781
36 .597
168.252
44 887
274,446
46, 280
256,189
102,567
17, 488
16 319
98,392
,121.605 2,411,289
527 232 443 392
,064,226
179 .406 149 460
906,153
34,856
10 ,134
10 564
34,641
,091.399 1,017,244
276 ,191 255 828
150,515
23 ,6.52
24 201
151,584
30 ,148
24 321
158.696
141,382
2525 ,779 2312 ,970114 ,696,468 13,422,370
262,432
62 .186
45 420,
241,274
490 ,652 473 .6641 2 ,863,060 2,681,976
7,55 ,872 632 ,891j 4 ,549.689 3,844.945
388 ,002 326 ,707 2 ,617,373 2,260,626
511 ,983 500 ,107 2 ,829.690 2,728.612
34 ,3141
163,968
36 ,881
147,022
117 ,819 105 ,132
744,711
668,138
40 ,963
42 ,7551
174,407
178,305
451,965
79 ,184
68 .111
389,154
69 ,222
79 548!
313,010
331,750
20 ,143
86,764
18 ,841
92,060
,966,088 2,047,412
305 ,686 431 917
29 ,128
122,196
28 553
115,503
514,950
78 ,235
73 ,380,
484,298
360 ,327 348 ,111 1 ,705,118 1,688,054
853 196 853 .1911 5 ,176,945 5,009,416
260 676 274 ,5161 1 .165.959 1,176,362
625 776 484 ,2081 3 .066.814 2,859,191
93 ,604
494.989
68 619
419,811
44 ,570
50 ,2361
204,997
220,703
22 ,668
22 880
115,197
118,535
228
286
314 ,468
1 ,917.732
1,404,216
637 ,180 514 .013 3 ,673,205 2,967,041
72 489
315,513
72 ,122
317,689
82 946
75 .523
514,648
472,038
418'
29 228
29
163,971
158,400
111 ,929
.
91,
64 502
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
June
June
May
June
June
6 Represents Income from
dated company. / Earnings
companies.
all
sources,
now given
c
These figures are
In mllrels.
for consolig Includes constituent
Electric Railway and Other Public Utility Net EarnThe following table gives the returns of ELECTRIC
ings.
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—
-Gross EarningsCurrent
Previous
Year.
Year.
Companies.
Atlantic Shore
Ry
July
Jan 1 to July 31
Iowa Telephone
Jan 1 to June 30
Adir El
Bangor
23.326
152.547
June
336,769
2,017,606
Gross
Earnings.
Pow Corp.June
'17
'16
'17
'16
118,178
110,917
787,086
739,025
Elec. June |17
65,662
64,368
416 ,,385
383,495
mos
6
Ry &
mos
6
Caddo
Name
.
RR-. June
oWest Penn Power..
gWest Penn Rys Co.
Yonkers Railroad
York Railways
Youngstown & Ohio.
9 ,370
139 003
229 723
72. 030
22 074
274 583
547, 897
160, 906
116 717
75 669
21 111
268. 675
.
May
May
Statenlsi'd Midland. May
Tampa Electric Co.. June
Third Avenue
May
Twin City Rap Tran. June
Union Ry Co of NYC May
Virginia Ry & Power. June
Wash Bait & Annap. June
Westchester Electric. May
Westchester St
743
153. 996
268, 711
Southern Boulevard.
Southern Cal Edison.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
11
.
.
Savannah Electric Co June
Second Avenue (Rec) May
& Wyom
3 months to
June 30 '17
7
1,308,117
4,955,071
177,140
4,594,218
59,614
320,215
5,840
1,630,031 defl87,361
4,683,761
320,945
1,664,096
Previous
Year.
ijp
tQ)
Ry & Light June
Newp N&H Ry G&E Juno
N Y City Interboro... May
N Y & Long Island.. May
N Y & North Shore.. May
N Y & Queens Co
May
New York Railways. May
N Y & Stamford By. June
N Y Westches & Bost June
Phila
companies.
In the following we give all statements that have come
in the present week covering a later or a different period
from that to which the issue of the "Railway Earnings"
Section is devoted.
Roads.
Milw El Ry & Lt Co. June
Mllw Lt, Ht & Tr Co June
Pacific Lt
results for all the separate
Gross Earnings
Current
Previous
Year.
Year.
May
Mav
Long Island Electric,
Louisville Railway..
Previous
Year.
Current
Year.
.
Northampton Trac. .Tune
Nor Ohio Elec Corp. June
North Texas Electric. June
Ocean Electric (L I). May
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple-
June
Lehigh Valley Tr.ansit July
Lewist Aug & Watorv June
64,330
—
details regarding the
Key West Electric
June
Lake Shore Elec Ry_ June
79,936
3,849
20,134
16,496
17,200
3,115
13,129
2,690
Net Earnings Monthly to Latest Dates. In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the June figures of
earnings of all steam railroads which make it a practice to issue
ment for full
Week or
Month.
.
14,103,978 13,505,346 1,165,316
598,632
._
Net
Road or Company.
.
_-/
Jan.
of
Monongahela Vail Tr June
7,120
670,083
707,158
Minneapolis St Paul & S S M.684,116
833,696
Missouri Kansas & Texas
221,421
247,945
Mobile & Ohio
9,841
5,8.52
Nevada-California-Oregon
11,722
14,082
Rio Grande Southern __ .. _
250,000
302,000
Southwestern
Louis
St
2,153,801 1,783,956
Southern Railwav System
2,198
1 ,947
Tennessee Alabama & Georgia
354,747
376,35S
Texas & Pacific
239,076
260,957
Latest Gross Earnings.
Name
Nashville
269,910
4,648
1,520,610 1,250,700
18,460
23.108
204,377
211,497
\
Iowa Central-
92,600
426,000
1,320,706 1,256,376
___-
$
709
Oil
&
'16
'17
'16
June 17
'
Refining
6
mos
•17
June 17
Ry
167,858
1,060,453
128,805
102,680
674,425
604,126
July 17 1.366,312
Cities Service
16
672,190
7 mos 17 11,186,109
16 4,737,345
47,431
Cleveland Paines- June 17
43,627
16
ville & Eastern
243,321
6 mos 17
210,616
16
June '17
311,976
Columbus (O)
'16
280,350
Ry, Pow & Lt
6 mos '17 1,991,346
'16 1,709,255
459,187
Consumers Power June '17
'16
364,335
(Michigan)
6 mos '17 2,756,259
'16 2,258,898
June 17
244,435
Cumberland Co
'16
242,379
(Me) P & L
6 mos '17 1,406,983
'16 1,298,708
164,780
Dallas Electric Co.June '17
•16
146,621
6 mos '17 1,076,074
•16
946,046
129,772
Dayton Pow & Lt.-July '17
•16
116,895
928,161
7 mos '17
•16
887,091
877.283
Detroit Edison.. -.July '17
'16
705,667
'17
6,874,787
7 mos
'16 5,655,928
Jime '17
296,753
East St Louis
'16
244,082
& Suburban
'17
1.744,494
6 mos
'16 1.409,783
104,828
Grand Rapids Ry June '17
'16
108,702
•17
645,244
6 mos
•16
639,739
37,813
Huntington Devel June •17
526,277
12 mos •17
& Gas
Chattanooga
&
Light
6
mos
'16
'17
'16
$
44.761
190,682
272,827
1,588,527
Net
after
Taxes.
$
35,817
41,796
262,610
344,033
26,240
26,105
170,848
165,796
50,006
233,048
47,682
39,305
218,168
231,555
1,331,301
652,157
10,978,232
4,604,360
16,799
21,108
90,761
89,156
75,243
119,853
645,794
704,852
218,313
201,566
1,273.062
1.321,029
68.592
94.936
402.318
478.936
59,656
48.426
411,806
352,830
41,654
41,801
328,547
401,669
214,048
220,704
2,182,422
2.098.780
98.132
101.117
606.572
557.243
32,695
36,057
199.515
231.138
20,341
305,486
-Net EarningsCurrent
Year.
$
10,278
23,172
94,351
634,172
Fixed
Charges.
$
21,231
21.125
128,247
129,784
Previous
Year.
$
15,505
31,651
72,247
469,183
Balance
Surplus
$
14,586
20,670
134,363
214.249
18,738
17,586
112,594
106,040
6.502
7.519
68.254
69.756
12,600
75,000
29,628
29,992
181,461
176,946
37.506
158.018
17.954
9,313
36,697
54,609
1,331.072
641,688
10,976,485
4,347,411
4,184
9,641
20,193
20.992
28.224
76.978
272,389
446,335
229
10,469
1,747
256,949
11,615
11,467
70,668
68,163
47,019
42,875
273,405
268,497
66,908
68,394
456,815
460,735
68,465
66,736
402,049
397,231
39,978
36,471
243,741
219,927
25,139
19,662
177,568
128,489
86,138
86,712
594.194
632,744
64,698
62,714
387,109
374,921
18,972
13,036
108,232
84,007
16,422
179.636
152,405
133,172
816,247
870,294
127
28,200
269
81,705
19,678
zl3,954
168,065
1144,903
117,271
223.088
a:166,891
1276.958
127,910
133.992
1.688,228
1,466,036
33.534
38.403
219,463
182,322
13,723
23,021
91,283
147,131
3,919
125.850
THE CHRONICLE
710
Gross
Earnings.
July
Keystone Telep
mos
7
June
Lake Shore Elec
Ry System
6
mos
June
WatervlUe St Ry
Lewiston Aupriista
&
'17
'16
'17
•16
"17
'16
'17
•16
'17
'16
^17
•16
New York
1.53,996
lialance.
Surplus.
28,065
.34,830
27,4.53
32,6h3
242,952
227,338
19.779
194.815
192.170
34.206
36.237
206,044
217,813
15,678
16,094
93,447
96,536
40,321
42,512
244,688
256,684
176,699
181,032
1,085,003
1,089,486
215,5.54
211,564
1,296,393
1,147,185
301,555
1224,448
1,783,290
1.293.696
130,019
129,840
843,024
914.581
92,859
79,198
345,975
362,706
16.479
42.814
20.622
3,339
12,897
den7,219
10,197
28,029
24,107
176,512
192,115
38.8.55
30.532
211, .390
57,699
110,116
39,797
636,693
189,482
156,142
161,346
1313,248
1452,292
z42,677
249,006
1100,242
2182,842
191,4,39
184,651
1.146,597
1.104,214
84,221
68,816
563,559
471,466
51,993
36,805
289,.591
220,889
Fixed Chgs
Taxes.
%
Net
Balance,
Surplus.
$
&
Earnings.
$
State
mos
3
Rys
June 30
62,895
60,136
437.767
419.508
63,985
52,716
248,858
238,435
19,017
28,991
76,228
106,733
68,350
66,709
421,200
448,799
139,003
813,922
722.320
75,669
Gross
Earnings.
Fixed
Charges.
after
Taxes.
130.548
122..509
908.375
840.742
72,030
399,267
356.794
194.493
June'17
Nashville Ry
190,109
'16
& Light
6 mos ^17 1,203,175
•16 1,154,629
490,652
June ^17
Portland (Ore)
473,664
^16
Ry. Lt & Pow
'17
2,863,060
6 mos
•16 2,681,976
755,872
Puget Sd Tr,L & P.June ^17
'16
632.891
6 mos ^17 4,549.689
'16 3,844.945
388.002
July '17
Republic Ry &
326,707
16
Light
'17
2,617,373
7 mos
•16 2,260,625
176,376
June '17
Tennessee Power
147,220
*16
Co
873,965
6 mos 17
•16
706,994
6 mos
Net
to
Niagara Lockport June
& Ontario and Salmon
River Pow Co 6 mos
^17
•16
^17
^16
'17
•14
673,958
739,399
88,595
83.854
545.201
516,471
2,067,903
2,043,625
104,040
99,538
638.497
604.962
492,594
469,687
59,956
55,118
355,945
333,138
2209,321
2305,362
230,061
2.33,947
2201,315
2195,847
steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
The latest index will be found in the issue
it is published.
The next wiU appear in that of August 25.
of July 28.
of
Missouri Kansas & Texas Railway.
New Fiscal Year ending Dec. 31 1916.)
Receiver C. E. Schaff, St. Louis, June 15 wrote in subst.:
{Report for
—
The results for the year (intercorporate items excepting freight
Results.
charges on company material from Sept. 11916 excluded) show that operating revenues increased $4,280,220, or 13%, while operatmg expenses
increased .S6, 215, 884, or 27%, so that net operating revenue suffered a
Miscellaneous income, on the other hand,
decrease of $1 ,935,665, or 21 %
increased $166,700, or 73%, but as taxes showed an increase of only 1%
and rentals and other payments a decrease of $148,334, or 17% the Income
available for interest indicates a decrea.se of $1,629,921, or 23%. The
interest accrued during the year amounted to $6,577,653, an increase of
$19 595 or 0.3%, and the net loss for the year therefore amounted to
$1,134,634.
...
,^
^ ^
^
results:
the foregomg
The operations of the following hues are mcluded
Kansas & Texas
Missouri
miles;
Texas
Ry.,
1,744.30
&
Missouri Kansas
Ry. of Texas, 1,791.98; Wichita Falls & Northwestern Ry. Co., 328.68;
total miles operated Dec. 31 1916. 3,864.96.
The following charges remained unpaid on Dec. 31 1916:
Default.
Interest and Sinking Funds Matured During Receivership {which began
Sept. 27 1915), but Not Paid Dec. 31 1916.
(1) Interest ($5,242,828 out of $6,577,653 accrued)—
M. K. & T. Ry. 1st M. Ext. bonds, due Nov. 1 1915 and May 1 $243,975
„ ^^ „^,
--------and Nov. 1 1916
Sherman Shreveport & Sou. Ry. Co. 1st M. bonds, due Dec. 1
126,675
-.1915 and June 1 and Dec. 1 1916
M. K. &T. Ry.2-yr. notes ext., due Nov. 1 1915 and May land 1,710,000
Nov 11916468,945
land July 1 1916 --M. K.'&T. Ry. Gen. M. bonds, due Jan.due
„44,580
Jan. 1 & July 1 1916
Southw. Coal & Imp. Co. 1st M. bonds,
1916
Aug.
Feb.
1
bonds,
due
1
&
M. K. & T. Ry. 2d M.
^QS'RSS
50,000
Kansas City & Pacific Ry. 1st M. bonds, due Aug. 1 1916-----117.350
Texas & Okla. RR. Co. 1st M. bonds, due Mar. 1 and Sept. 1 16
399.()80
Sept.
1
16
1
&
M.K.&T. Ry. Co. 1st &Ref.M. bonds, due Mar.1 1916
112,625
&T. Ry. of Texas 1st M. bonds, due Sept.
M.
M. K. & T. Ry. St. Louis Div. 1st M. Ref. bonds, due Apr. 1 and
76.9blJ
-Oct 1 1916 100.000
bonds, due Oct. 1 1916----------M. K.' & Eastern" Ry. IstM.bonds,
^g.^OO
due Apr. 1 and Oct. 1 1916-M. K. & Eastern Ry. 2d M.
Boonville RR. Bridge Co. 1st M. bonds, due Nov. 1 1916
In-fkn
Dallas & Waco Ry. 1st M. bonds, due Nov. 1 1916
,:<g'5xx
1 1916
M. K. & Okla. RR. 1st M. bonds, due Nov.
in^'Ann
'^9,990
1916Dec.
1
bonds,
due
M.K. &T. Ry. IstM.
.
,
.
,
,
m
.
—
K
Total
Sinking Funds
$5,242,828
—
,
,
^
,
.
t
i mie
Wichita Falls & So. Ry. IstM. bonds, due Jan. 1 & July 1 1?16-1916--July
1
1
and
Jan.
due
IstM.,
Co.
&Impt.
Coal
Southw.
M. K.&T. Ry.Genl.M.,dueJan. 1 andJulyll91b
Boonville RR. Bridge Co. 1st Mtge.. dueNov. 1 1916
(2)
—
Arcrnge Expenditures for Repairs
—
,
i
? ono
q^?99
.^o-i'y
^lo'il^t
i-'-i"^
$578,848
-Ry^
Financial'— An issue of $1,750,000 San Antonio Belt & Terminal
having be3-year notes was sold, the proceeds of $1,550,000 of sa.d notes
incurr^
come available for construction and for the payment of obligations
are deposited
in land piu-chases, and the proceeds of the remaining $200,000
aPPro^ed by the
with the trustee and will become available as and when
principal
Railroad Commission of Texas. These notes are guaranteed, receiver
fnd interest, by the receiver of the M. K. & T. Ry. of Texas and
Total
Outstanding securities we're decreased as follows: boonville RR.
notes i$190,000.
Co. 1st M. 4s $11,000: M. K. & T. Ry. lO-yr. 5% eq^uP.A. o% serial or iyi4,
& T. Ry. of Texas 10-yr. equip, notes, series
K
Co. equip.
Locomotive
K & T. Ry. of Texas American
%e,k 0005s,
rental-nurchaseaCTeeiiient .5265,902; W. F. & N. W. Ry. 1st M.there
During the year
5s. $9,000.
FirlfLTen ColK fm^^
trust
equip,
K ,fe R. Ry. (Chas. E. Schaff, receiver) 4.7%
were issued
1st M.
of 1916, $996,510, and San Antonio Belt & Termmal Ry.
3-year 6% notes (V. 102. p. 1718), $1,550,000.
.^^„^
has
investment ^.,,
Properly Investment .—WhWe the company;s property
on
been increased from $191,621,046 on Dec. 31 1907 to $232,116.01/
Dec. 31 1916; the return on the investment has declined as lollows.Dec. 61.
Per Cent of Income on Company's Property Investnient 10 Yrs. end.
Avge.
1907 1908 1909 1910 1911 1912 1913 1914 1915 1916
Amount.
Increases.
%
Incr.
$1,042.79 42.88
975.33
363.08 59.20
109.88
51.37 87.80
During the year 43 locomotives, 46 passenger cars, 2,351 freight cars,
including cabooses, and 123 work cars were retired.
The value of equipment to be replaced under various mortgages as of
Dec. 31 1916 was $2,359,837. There was .$210,280 in suspense account on
I3ec. 31 1916, which, when charged out, will reduce the above amount to
$2,149,557. Equipment purchased by the receiver has not been assigned
to vacancies under the various mortgages.
Depreciation.
The annual rate of depreciation on equipment is 2%, and
the amount charged to operating expenses for depreciation during the year
was $574,554, an increase of $54,933 over 1915. The' amount of accumulated depreciation on Dec. 31 1916 was $2,066,331, an increase of 8356,276.
This char^re for depreciation was in addition to the amount charged to
operaliiiK cxpensps on account of retirements during the year.
Roadway and Structures. During the year $2,286,090 was spent for permanent additions and betterments to the property, exclusive of equipment,
viz.: (1) 214 miles of new 85 and 90-lb. rail was laid in the main line, releasing worn rail and rail of lighter weight, which was u.sed on branch lines,
releasing rail requiring renewal.
(2) 149 miles of new ballast was applied
and 100 miles of track was reballasted. (3) 1.809,985 cross-ties were reswitch
ties
sets
of
were
used, &c.
newed and 853
Jvocoiiiotlves
$3.474..56
-
'asscngcr train cars
Freight train and miscellaneous cars
I
—
—
AND
COMMODITIES CARRIED FOR
6
Agriculture. Animals.
{Allintons)
314,309
1916 ( 6 mos.)-- 1,501,708
229,244
1915 ( 6 mos.)-. 1.384.528
552,106
1916 (12 mos.)-. 2.4.52.768
1915 (12 mos.)-- 2,380,710
447,520
GENERAL STATISTICS FOR
6
MONTHS END.
12
Mines.
Forests.
2,504,649
2,098,699
4,531,497
4,378,935
AND
3,
Passengers carried
3,670 ,685
do 1 mile
236,896 ,000
Rev. per pass, per mile.
2.23 cts.
Revenue tons carried
6,297 150
do 1 mile (000s)
1,322 ,816
1.08 cts.
Rev. per ton per mile
Rev. per mile of road
$5 ,435
mos.
— — 6 1916.
1916.
Miscellaneous
1915.
3,865
3,865
3,865
3,494,465
6,604,249
6,379,367
197,259,000 413,950,000 356,020,000
2.23 cts.
2.23 cts.
2.24 cts.
5.329.783 11,125,854 10,217,948
1.082.166
2,413,801
2,216,222
1.04 cts.
1.03 cts.
1.00 cts.
$4.3.35
$9,504
$8,397
end. Dec. 31
1915.
$14,309,651 $11,211,654
4,397,489
5,291,867
387,444
397,329
531,953
412,152
474,292
348,177
Mail
Express
31.
Years ending Dec. 31
INCOME ACCOUNT.
Operating Revenues
Freight traffic
Passenger traffic
31.
1,521,388
1,191,704
2,747,351
2,184,847
MO^. ENDING DEC.
12
1915.
865
DEC.
M'fac, &c.
455,096
425,608
842,132
825,936
—6 mos. ending Dec. 31
Average miles operated-
ANNUAL REPOR TS
Reports. —An index to annual reports
105
The equipment inventory as of Dec. 31 1916 was as folRolling Slock.
lows; Jvocoraotives. 665, increa.se, 7; passenger train cars, 464, decrease, 2i;
freight^lrain and miscellaneous cars owned and lea.sed. 26,417, increase, 685.
Twelve I'acific type locomotives, 35 Mikado type locomotives and 3 switch
locomotives, 15 baggage cars, 2 postal cars, 4 dining cars. 1.500 coal cars,
210 ballast cars, 2 steam shovels, one rail sawing machine, 2 Jordan spreaders, 2 sli^am wreckers, one wrecking crane and one pile driver were received
and placed in service; and 5 dining cars, 189 box cars, 179 automobile cars,
24 flat cars, one coal and stock car, 27 caboose cars. 30 cinder cars and
1 ,029 other company service cars were rebuilt or overhauled during the year.
New equipment was acquired and improvements made on existing equipment during the year, costing $3,418,870. The value of equipment retired during the year was $2,020,695, leaving a net increase of 11,398,175
in the value of equipment owned.
1916
X After allowing for other income received.
Annual
fVoL
—
Years ending Dec. 31
1916.
1915.
$24,795,720 .$22,142,576
9,215,627
7,966,913
783,676
770,382
1,055,446
858,629
883,214
714,962
Total oper. revenues. $2 1,005,091 $16,756,916 $36,733,682 $32,453,462
$3,920,470 .$3,019,767 $7,635,695 $5,277,655
2,508,061
7,273,804
3,917,676
4,657,977
Traffic expenses
725.564
371,858
338,556
658,523
Transportation expenses 6,655,214
5,478,466 12.400,521
11,494,485
Miscell. operations
131,471
91,724
240,615
226,695
General expenses
540,320
588,207
1,169,910
1,047,282
Cr. 6,408 Cr. 138,801
Cr. 4. 614
Cr.41,967
Transp. for invest
Maint. of way, &c
Maint. of equipment
Total oper. expenses-$15,580,285 $11,934,929 $29,439,701 $23,223,816
Operating ratio
(74.17%)
(71.22%)
(80.14%)
(71.56%)
Net earnings
$5,424,806 $4,821,988 $7,293,981 $9,229,646
131,815
Other income
163,395
396,389
229,689
Gross income
Hire of equipment
Taxes
Rentals
Other deductions
Int. on bonds, notes, &c.
Int. on equip, t rust
Total deduct ions
,588,201
.$4,953,803
.$7,690,371
760,313
339,194
13,089
3,212,732
79,163
$863,822
330.865
14.819
3,230,512
68,857
$1,546,659
678,079
22,614
6,429,156
148,496
$9,459,335
$137,939
1,537,369
673,817
37,270
6,439,020
119,038
$4,404,491
$4,508,876
$8,825,005
$8,944,454
Balance, sur. or def-sur$l, 183,710 sur$444,927def$1134,634 sur$514,881
GENERAL BALANCE SHEET
Dec. 31 '16. June 30 '16.
Assets
.?
S
Road & equip. 3230,049,687 227,965,437
Securs. of prop..
affil. &
con-
—
trolled
cos.
pledged
Physical prop'y
Securs. pledged
955,907
255,380
under bills pay
Other investm'ts
738,467
62
Securs. Iss'd or
ass'd. pledged:
Cons.
Cons.
(und
25,825,000 Traffic. &c.. bal.
2,749,000
2,011,750
1,265.339
Vouchers unpaid
4, .300 .087
M. bonds
pay) 4,467,000
4,467,000 W.ages unpaid-
& secur. in
sink. & red em.
Cash
lunds
Cash
Loans
& bills rec
Traffic, &e., bal
Miscell.^neous_-
Matured
2,762,551
b2 ,357 ,878
618
625,540
Agts. & conduc.
643,900
Miscellaneous -- 2,190,590
Material & supp 4,267,381
Special deposits
403,856
Securs. in treasury .unpledged:
Securs. of and
adv. to prop'y.
affil.
& controlled co's-..
Other securities
Deferred assets
352,323
17,043
1,112,436
63.283,257
17,043
M. bonds
in sink, fundLoans&bills pay.
25,825,000
bills
Held by public 63,283,257
Held by CO--.
17,043
Gen.
M. bonds
.
Dec. 31 '16. y«ne30'16.
S
S
Pref. stock held
by public
13,000.000 13,000,000
955,907
26,700
220,765 Stock (sub. cos.)
26,700
Bonds & notes
held by publicl42,762,970 141,689,400
738,467
2,282 Consol.M .bonds
held by co--- 30,292,000 30,292,000
(under 2-year
notes)
LiaMlilies—
Common stock:
2,767,288
1,628,653
3,837
302,278
297.656
1.882,635
3„S31,944
742,682
int.
1.465.773
492.111
2,749,000
2,012,750
770,888
3,894,739
1,211,353
756,191
6.596.843
4.000
4,499,834
12,000
&
divs. unpaid
do fund. debt.
aban-
Reserve
doned prop'ty
for
Unmat.
175,701
interest.
&
rents-
1,245,051
Taxes accrued..
653
595,759
1,287,788
445,834
453,595
1,606,356
1,592,205
273.760
273,760
4,105,023
divs.
Deferred credits
Add'ns to property through
Inc.
&
surplus
Res. invested in
skg.&red. fds
349,902 Profit
17,043
550,284
&
loss--. c5,037,173
Bridge
°
M
M
SoHSdM
.
Ss.
.
3.96
2.74
3.54
3.05
2.92
3.56
3.02
3.27
3.10
2.34
3.14
Total
277,025,624 272,549.061
Total
2
77,025,624 272,549,061
a After deducting accrued depreciation on existing equipment, $2,066,331.
b Includes cash, $1,959,600. and cash on deposit for interest, $398,279.
c .\fter deducting $210,537 depreciation prior to July 1 1907 on equipment
destroyed and miscellaneous items aggregating (net) .$41,023.
The company is also guarantor (1) of Kansas City Terminal Ry. 1st M.
bonds due 1960 (jointly with 11 other railway co's), $43,910,000; (2) of
Union Terminal Co. (of Dallas, Tex.) 1st M. bonds due 1942 (jointly with
7 other railway co's). $2,193,000; (3) of Joplin Union Depot Co. 1st M.
bonds due 1940 (jointly with 3 other railway co's). $650,000; and (4) of
Houston & Brazos Valley Ry. 1st M. bonds due 1937, $210,000.
Note.
There exists a possible liability in connection with State rate cases
"
underappcal:— V. 105v p.-3897-73r -
—
.
.
AFG. 18
.
—6
Months ending June 30 1917.)
CONSOLIDATED INCOME ACCOUNT (INCL. AFFILIATED COS.).
{Semi-Annual Report
6 Mos. end.
Ju7ie30'17.
Gross earns., gas, oil, &c- $4,421,315
Years ending Dec. 31
1916.
$6,642,541
$2,149,539
1,553,761
$1,598,883
868,934
1914.
$5,271,612
$5,647,141
Net earnings
$1,875,786
1,454,926
$1,872,856
1.364,124
$1,953,498
407,525
Int., divs., &c., received
$2,939,241
504,276
$2,034,632
460,772
$2,316,429
Gross income
$2,361,023
on bonds, &C-.
$137,356
496.000
Dividend (10% p. a.)..
Not stated
Depreciation
Cr. 12,346
Miscellaneous
$3,443,617
$317,798
1,000,000
815,908
39,057
$2,495,404
$372,307
l.OOO.COO
793,178
54,407
$2,316,429
$364,685
1,000.000
745,372
Cr. 2, 202
Total deductions
Surplus
$2,172,763
$1,270,754
$2,219,892
$275,512
Interest,
$621,010
$1,740,013
—
J're 30'17. Dec 31'16.
Liabilities
S
S
S
9,840,000 10,000,000
a21,315,651 19,848,391 Capital stock
626,618
423,381 Bonds, "Union".. 3,159.000 3,659.000
Warehouse mat'l.
698.000
708,000
S64.979 1,430.086 Attil. CO. bonds
Notes & accts. rec.
52,005
48,200
682.013
313,320 Mat'd bds. & coup.
Cash
476,155
799,649
203,038
203,038 Notes payable
Cash In escrow...
874,094
1,026,510
48,200
52,005 .4ccts. payable
Cash for bds., &c.
203,0.38
Contingent earns.
203.038
Prepaid rents, roy5,579
94,747
Reserves
8,711
123,596
alties, &c
Surplus
18,404,481
6,063,603
23,864,095 22,364,968
23,864,095 22,364,968
Total
a After deducting as of June 30 1917 $5,050,541 for depreciation.
X After deducting plant inventory, adjustments, &c., $600.865. V. 104,
—
p. 1143, 869.
(The) Thomas Iron Co., Easton, Pa.
Annual Report Year ended June 30 1917.)
Pres. W. A. Barrows Jr. Aug. 1 wrote in substance:
—
(63rd
'
.
—
—
.
—
—
Susp. constr. accts.
Secur & stk owned
—
—
1.
INCOME STATEMENT FOR YEAR ENDING: JUNEISO
Revenue from
Cost of
sales:
ending June 30 1917
Inventory July 1 1916, $88,110; materials
sales for year
& supp.
& accts. rec-_
Material
Bills
Cash
labor,
renewals. $146, 363; depreciation.
&c.. $2. 231. 231; ex. repairs &
$94,019; development. $72,401; miscellaneous, $12,381; total,
$2,644,505; less inventory June 30 1917, $9,359
$2,635,146
Gross profit on sales
Less: Selling expense, insurance, taxes,
Net operating
$202 ,286
&c
117,215
profit
Other income: Rev. from cinder
securities owned, $188,136
$85,071
sales, &c., $16,563;
.
1917.
1916.
—
1917.
1916.
5,622,443 5,119,396
Total
MW^i
Charleston,
W. Va.
(Report for Fiscal Year ending' Dec. 31 1916.)
Earnings
Gas
—
1915.
1916.
627,454
Total
20.840,564 17,901,-522
(net).
— V. 104, p. 1708, 1270.
—
—
New Plant. The outstanding event in the late fiscal year is the acquirement by your company of the entire capital stock of the Ammo-Phos Corporation.
Among the assets' of the company thus acquired was the factory plant then in course of construction on the waterfront of New York
Harbor. This plant was designed primarily for the manufacture of a new
high-grade fertilizer material, ammonium phosphate, to which has been
given the patented trade name of "Ammo-Phos." The work of construction is now practically complete.
Certain portions of the plant have been
in operation for the past six months, mantifacturing sulphuric acid, also
sulphate of ammonia, for which there has been and still is a keen demand.
The initial production of Ammo-Phos is expected to begin In August.
Your company is just now undertaking the production of aqua ammonia
under contracts already entered into (V. 103, p. 1303; V. 104, p. 258).
Production at Niagara Falls.
This plant has been running at practically
full capacity for the entire year, the only limiting factor there being the
scarcity of nitrogen gas, which condition was remedied in January by the
placing in operation of the new liquid air plant.
There has also been instituted the manufacture of a low-grade cyanide from cyanamid, or lime
nitrogen.
Thefresult of this process has exceeded expectations and promises profitable results, even with the return of normal pre-war conditions.
Developments have also been made in the manufacture of urea from lime
nitrogen, and commercial quantities are now being profitably marketed.
Phosphate Deposits. Among the assets of the Ammo-Phos Corporation
acquired was all of the outstanding stock of the Amalgamated Phosphate
Co., owning extensive and well-equipped phosphate rock mines in the
These mining properties are
centre of the Florida pebble rock deposits.
now being operated by the American Cyanamid Co. under the terms of a
lease beginning Jan. 1 1917.
Among the assets of the Amalgamated Co.
thus acquired were sales contracts for substantially all of the rock which
is capable of being produced with the present mines equipment for the next
five or six years.
Extensions for the purpose of doubling the capacity of
the mines are now in progress, and should be completed by Jan. 1 1918.
Financing
The demands upon your company's treasury to defray the
cost of the phosphate mines extensions, coupled with the extensions and
improvements at the Ammo-Phos plant and at Niagara Falls, have been
such, together with the imdue risk at this time of the world's history in
assuming large loans, as to involve the necessity of passing the dividend on
the preferred stock, amounting to 6%, for the fiscal year ended June 30
The preferred stock is cumulative, so that this action is only a de1917.
ferment. Your directors believe that this reinvestment of earnings in
plant extensions and improvements at this time will result in extraordinary
and immediate benefit to both the preferred and common stock.
Results. -The net sales for the year amounted to .$2,705,054, against
$1,881,532 for the preceding fiscal year. Your company has in hand as of
June 30 1917 contracts for the delivery, prior to June 30 1918, of various
products estimated to have a sales value of $2,025,812. After making
provision for plant depreciation, there remain net profits for the year of
$638,649. While extraordinary charges have been made to surplus account with respect to the old copper nitrogen and gas plants abandoned
during the course of the year, the net amount carried to surplus from the
year's operations is in excess of the dividend requirements on the full amount
of preferred stock issued, notwithstanding that the properties acquired
through the absorption of the Ammo-Phos Corporation have not yet
reached the stage of their maximum profits, which, however, they should
do during the fiscal year upon which your company is now entering.
—
—
—
INCOME ACCOUNT FOR YEARS ENDING JUNE
1915-16.
1916-17.
$2,735,682 $1,936,816 Gross profits
Sates
55,284 Other income
Allow.&fr't on sales -^30,628
30.
1916-17.
1915-16.
$937,387
al44,641
$684,224
25,173
Gross income. .$1,082,028
Admin., &c., exp. $190,613
Int., taxes, &c...
63,141
189,625
Cost of stk. mfd.. $1,604,8.36 $1,165,189 Deprec'n reserve. .
850 Divs. paid (6%)..
133,160
Decr'seinlnven'y31,269 Divs. In arrears. . . (6) 196,578
29,671
Bags & shlp'g exp.
$709,397
$186,992
46,014
100,000
196,578
Net
$2,705,053 $1,881,532
sales
$937,387
Gross profit
$684,224
Balance, surplus
$442,071
$179,813
a Includes in 1916-17 $80,410 profit arising from payments received for
construction of cyanide plant contingent upon completion of contract
Sept. 21 1918, and $64,231 other miscellaneous profits.
In 1916-17 the company paid (Dec. 1 1916) its deferred dividend of
6% of June 30 1915, but omitted its regular payments for the year ending
June 30 1917, the unpaid dividends as of that date being $439,838.
The profit and loss surplus June 30 1917 was $525,403, after deducting
$148,952 losses through dismantling part of Niagara Falls plant.
BALANCE SHEET JUNE 30.
1917.
—
1916.
Liamiities—
$
Assets
$
S
6,514,000 2,500,000
Lands, bldgs., &c_-x3 ,898,042 2,047,811 Common stock
183.737 Preferred stock
*7, 895, 200 3,276,300
Notes & accts. rec'le 258,566
210,006 Accounts payable
262,995
105,066
76,367
Cash
352,501 Notespayable
979,696
359,114
Inventories
150,000
47,169 Pref. div. July 1
Advance pay'ts, &o. 152,874
98,289
62,335
License, patents, &c.5 ,484,033 3,526,917 Acer, int., taxes, &c.
34,900
Dueaffll. cos. (Amal.
Inv. in Amalg. Phos.
Phos.
Co.)
241,418
Co., paid for in CO. 's
Surplus
4 982,187
525,403
232,284
stock
15,860,464 6,368,140
Total
15,860,464 6,368,140
^-s^MM
Ro yal Dutch Co forthe Working~o f Petroleum Wells
.
[in
i
Netherlands, India.
{Report for Fiscal Year ending Dec. 31 1916.)
a.. The texrwill be cited another week.
PETROLEUM PRODUCTION OF ROYAL DUTCH CO. AND SUBSID'S.
— —
Calendar Years
Netherlands-India
(1)
(rf)
South-Sumatra
North-Sumatra
Borneo
Java
(e)
Ceram
(a)
(b)
1915.
$4,005,719 52.940,061 Net earnings, after
288.920
141,556
exp. and taxes. .$2,955,808 $1,473,101
Gasoline
370.900
Interest charges..
474,569
430,993
Miscellaneous
27.050
7,554
Gross surplus. »S2,481,239 31,042,108
Total
$4,7.52.589 $3,089,171
the above surplus, $2,481,239 In 1916, there were paid in dividends (17%) $1,530,000, leaving a balance for. 1916 of .$951,239.
Total
* Pref. stock authorized, $10,000,000, and issued $7,895,200.
Accumulated dividends on pref. stock to June 30 1917, .$439,838.
X Includes lands, buildings and equipment, $4,269,3.38, and construction of cjanide plant (operated for a customer until completion of contract Sept. 21 1918), $80,410. less reserve for depreciation, $451,707; balance, as above, $3,898,042.— V. 104, p. 258.8
^-rMM^ «S
(c)
Oil
From
26,183
1,695/
loss... al, 746.399
American Cyanamid Company.
INCOME ACCOUNT FORICALENDARIYEARS.^
1916.
428,560
29, 405
Annual Report Year ended June 30 1917.)
Pres. Frank S. Washburn, Aug. 1917, wrote in substance:
5,622,443 5,119,396
» * Includes in 1917 stocks. $1 ,963.875: bonds and mortgages, $1,475. and
bonds "Liberty Loan," $22,450.— V. 105. p. 613.
,„__
United Fuel Gas Co.,
.20,840,564 17,901,522
'
~.
Liabilities
$
$
$
s
Iron wks. & real est. 1,766,065 2,654,264 Capital stock
2,500,000 2,500.000
Richard mine prop.. 379,488
350,519 Dowers on real est..
7,478
7,478
Outlying properties.
89,652
68,318 20-year Ist M. 63... 669,500
274,000
Depos in Ueu of mortBills payable
470 ,098
gaged prop'ty sold 110,535
2,535 Accounts payable
259,716
330,789
Stocks, bonds, &c..*l,987,800 1,020,750 Accrued Interest
10,043
5,818
Cash
212,664
76,968 Reserves
130,779
6,639
Bills & accts. recelv. 396.040
454,118 Tax liability
12,684
5,695
Inventories
566,065
466,120 Suspense
9,363
3,244
Miscellaneous
114,134
25,805 Profit and loss.
2,022,881 1,515,634
Total
and
a After adding $167,706 misc. adjustments
204.699
Balance, surplus, for year ending June 30 1917
$184,873
The profit and loss surplus June 30 1917 was $2,022,881, after crediting
$358,043 adjustment of values, property and securities, and deducting
sundry JtemSi(net). aggregating $35,669. «(|
""
BALANCE SHEET JUNE'iSO.
—
I
Security deposits.
Unclaimed accts.-
4,600)
150,000
Profit
Total _._
I
I
escrow
Prep'd rental res.
income from
Total income available for interest and dividends. . ...
$289,770
Deduct: Int. on fund, debt, $34,072; disc, on fund, debt, $20,825
54,898
Dividend appropriation of income (2%)
50 ,000
Assets
bonds in
for
200,000
9,289^ 2,048,811
191.
$2,837,433
&
31.
1916.
1915.
»
%
9,000.000 9,000,000
83,204 1st M. bonds, 6% _ 8,967,000 6,199,073
92 Accounts payable.
458,2161
—
347,293
76,592
Bills payable
80,2321
Bills discounted.
454,9331
807,714 ^ 1,221,245 Unmatured aecr'd
accounts
.
Cash
—
payable Aug.
1915.
'
—
Our producing operations during the year have consisted
Operations
of one furnace each at Hokenclauqua, Hellertown and Alburtis. and No. 5
Furnace operations have in the main been satisshaft at Richard mine.
factory, although the scarcity of fuel and the difficulty experienced in
getting materials transported have added to our difficulties in operating,
as well as increased our costs. Material costs have been high and labor
costs about twice the normal figures, but the price of iron has also advanced
and we are able to report a modest profit from pig iron manufacture.
Contracts for a part of our supplies made before the general advance of
this year have resulted to your advantage.
Various repairs are in progress at our furnace plants.
Mines. At our Richard mine we have resumed sinking the new shaft
and have bought entire new surface and underground equipment. We
intend installing, where possible, mechanical devices to replace hand labor,
We have secured
and we expect thereby to lower our cost to produce ore
a long-time option at a reasonable price to purchase additional tonnage of
ore tributary to our present operation; title to this ore can be taken by us
when we are ready to mine it, and the new shaft and equipment will be
available for extraction of this optioned tonnage. Mming operations at
our properties have not been satisfactory, due to poor facilities for handling
materials, arbitrary workmen and too long delayed development work.
This has resulted in decreased tonnage and high costs. We expect improvement when work now being prosecuted is concluded.
The Island Park furnace property has been sold for $108,000,
Sale.
which sum has been placed in the sinking fund to assist in retiring our bonds
Other sinking fund charges have been made in accordance with the terms of
the^mortgage. During the year we were able to market the bonds of the
company held in the treasury and retire the bank loans, thus funding our
obligations and placing our financial affairs in more satisfactory shape.
Our yards are cleared of iron and we have large tonnages booked
Outlook.
for future delivery at remunerative prices.
Bemg convinced there was no financial responsibility back of
Sale Off.
the offer to buy the company's assets, made at the last annual meeting,
your directors very properly called off further consideration of the matter
Adjustments Valuation. Certain adiustments in our property account
have been made and we feel the values now expressed are conservative.
Our security holdings have been appraised by the company engaged regularly to audit our accounts.
Such reserves as we consider adequate to care
for taxes accrued and to accrue this year have been set aside.
Dividend. After careful consideration of the financial condition, the
directors declared a dividend of 2% out of the profits of the past year,
—
1916. j-.
.
.
' '
-.
1
$
$
Assets—
Liabilities
Gas and oil invest. 18,919,200 16,596,980 Capital stock
$2,107,855
$208,574
Investment
Total
711
{5th
CONSOLIDATED BALANCE SHEET.
J'reSO'n. Z)ec.31'16.
r-V ' S-'^ \...
.
1915.
Taxes, drilling, rentals,
—
\
GENERAL BALANCE SHEET DECEMBER
Union Natural Gas Corp., Pittsburgh.
Assets
-
THE CHRONICLE
1917.]
royalties, &c
Gas purchased
.
.
.
-
Total all.(2)
(3)
(4)
(5)
Serawak (tons)
Egypt (tons)
.-
1916.
No.
tons.
284,522
206,024
957,025
228,025
3,263
1,678,859
89.000
.'56,800
1,539,081
Russia (ton.s)
Astra Romana (11 mos. eacUyr.)-. x366,000
1915.
No.
tons.
1914.
No.
Ions.
240,.396
223,9,58
Not
893,674
235,424-
separated
in 1914.
1,101
1,594,553
67,000
34,961
1,.520,064
311.000
1.539,236
65,000
102,201
1,526,849
Not stated
THE CHRONICLE
112
(6)
North America—
1916.
No.
Oklahoma (bbls.)
Koxana I'otroloum Co
(a)
1015.
No.
1,784,000
4,68'1,000
—
1914.
No. tms.
tons.
Ions.
561,000
California (bbls.)
SholUJo. of California
4,809,403
3,186,800
4,400,000
564,828
552,495
1,940.779
(7) Mexico (bbls.)
disaster
caused
German
owing
to
by
Invasion
X Only 11 months in 1916
Rumania.
ROYAL DUTCH
CO. -PROFIT
—
AND
LOSS ACC'T
(1 Florin 40.2 Cls.).
Calendar Year 1915
-Calendar Year 1916
In
In Florins.
Divs. from Shares
Bataaf.schc I'otr. MiJ... 20,400,000
1 ,908,1 18
Shell Trans. & Trad. Co.
5,.5.59, 120
Anglo-Sax. I'et. Co. (est.)
Other companies (est.). 2,323,826
1,910,239
Int. & diff. in exchange.
39.735
Exploita'n of office bldgs.
616,088
revenues
Sundry
32 ,823 ,126
Total ncome
Doprccia'n of invest
French tax on priority
69,210
shares
123,991
Admin., &c., expenses..
Balance for dividends 32,629,925
60,000
Preference shares (4%).
1.282,500
Priority .shares (4'A%).
4,687,632
shares
Ordinary
(6%)..
x706,951
Gov. income tax on above
25,892,843
Balance, surplus
Available for Ordinary Divs.:
93% of above surplus. 24,080,344
4.687,632
6% on ord. shares
201,332
Undiv. surp. car'dforw'd
y825,714
Commissaries' excess
- . 29 795 021
Total
i
—
In Florins.
Dollar.'!.
8,200.800
791.183
2.234,766
934,178
770,328
15,973
247,667
13,194,896
21,000,000
27,822
49,844
13,117,230
24,120
515,565
1,884,428
282,194
10,410,923
06,696
123,095
29,978,917
60,000
1,282„500
3,398,724
538,567
24,699,126
In Dollars.
8,442.000
369,640
1,616.780
1,231,434
291,373
19.374
919,.')02
4,021.842
3,063,270
724,808
48.195
041,092
30,4I8;709
250,000
2.57,719
12,228,320
100,.500
26,812
49.484
24,120
515„565
1,366,287
216^504
9,929,048
BALANCE SHEET DECEMBER
31.
1 florin. ED.]
1916.
193.
1915
1916.
Liabilities
$
S
$
S
48,240,000 28,140,000
Unissued sh.ares_-16,832,866 5,S68,.549 Share capitiil
603,000
603,000
Sh's foreign cos.. x51, 368,216 48,8.';0,523 Pref. share capital
Sh's American cos. 13,930, 841 13,230,797 Priority share cap. 1 1 ,457 ,000 1 1 ,457 ,000
11,577,325
Creditors
12,248,416
Option on £2.50 ,000
20,796
19,649
(1 florin) Relief fund
Shell Co. shares
73,214 Unclaimed dlv. on
73,234
Office buildings...
72,619
103,612
priority stock-.
.12,987,086 2,267,316
Cash
1,891,035 2,381,850 Unclaimed divs... 3,828,117 2,072,072
Securities
325,902
80,935
Undivided
dlv
15,357,354
13,662.655
Debtors
21,394,770 21,471,685
4,537 Reserve
16,794
Intere,st account-257,782 Prof. & loss acc't. 13,117,230 12,051,524
Div.on priority Stic. 257,782
[Converted Into U.S. currency on basis of 40.2 cents to
—
Assets —
(Astra
sh's
Romana)
72,220
Total
111,092,729 87,791.923
..111,092,729 87,791,923
Total
X Includes in 1916 shares in the (1) Bataafsche Petroleum Maatschappij,
$33,768,000; (2) Anglo Saxon Petroleum Co. (£4.800.000). $23,155,200;
(3) Shell Transport & Trading Co., Ltd. (£483,732), $2,333,523; (4) Societe
Commerciale et Industr. de Naphte Caspienne et de la Mer Noire Kb.
(5.160.000f.), $2,489,184; (5) Societe Commerciale et Industo de Naphte
Mazout Rb. (9.288.000f.) $4,480,531; (6) Nouvelle Societe du Standard
Russe de Grozny Rb. (6,192,000f.). $2,987,021; (7) Societate Anonlma,
Astra Romana (Lei 4,110,300), $793,123 and (8) other petroleum companies, $1,115,275; total all shares, $71,121,657, less $19,753,441 reserved
difference between par and book values; balance as above, $51,368,216.
.
BATAAFSCHE PETROLEM MIJ—BALANCE SHEET DECEMBER
1916.
$
Assets—
(1 Fl. equals 40.2 cts.)
47,145,270
Properties and rights
Shares Geconsolideerde Hollandsche Petrol Mij. 2,137,434
Dordtsche Petroleum Mij
12 ,723 ,000
do
Nederlandsch-Indische Industrie & Hando
8,040,000
del Mij
—
Nederlandsch-Indische
do
1
.
31.
1915.
$
45,144,888
2,579,368
12,723,300
8,040,000
Tank-stoomboot
4,020,000
Mij ...
4,020,000
Petroleum-Mij, La Corona..
1,608,000
Curacaosche Petroleum Mij
22,920
Government (Dutch) bonds441,309
New office buildmg. $412,421; office furn., $28,888
9,486,528
Cash in bank and at bankers
26,000.943
Debtors
4,862,142
Materials ashore and afloat
5,347,017
Products in stock on Dec. 31
5,943,371
Netherlands-India administrations
7,035,000
Interim dividend
(
—
—
CON SOL. INCOME ACCOUNT FOR YEAR ENDING JUNE
Net, after deproc, &c
4,020,000
2,010,000
do
do
do
""22"920
222,448
11,645.410
8,299.909
1.742.300
3,383,477
6,730,907
8,442,000
1916-17.
1915-16.
1914-15.
30.
1913-14.
$182,296
$152,019
$76,746
$36,000
$106,437
$36,000
(1)7,.500
(7)52,500
833,246
$17,937
Bond interest
$36,000
$36,000
24,000
Bond redemption fund..
Preferred dividend. ..(8M%)01,875 (45^)43,125
Balance, surplus
12,051 „524
9,680.298 22,970.187
9,234.015
1,884,428
3,398,724
1.366,287
80,935
810.702
325,902
331,937
777,965
312.742
11,977,598 27,9,57,578 11,238,946
11,934,711(49)27756246 11,158.011
Ordinary"di"v"id"en"d"."(38"% )29',688',336
42.887
201,332
80,935
Undivided balance...
106,685
On account of the above dividend of 38% declared on ordinary shares
out of earnings of cal. year 1916. an interim dividend of 15% was distributed
on Jan. 15 1917, leaving 23% paid .July 20 1917 on dividend coupon
No. 36 (V. 105, p. 185, 77). See ba.sis for distributing profits V.103. p.2243.
X Includes in 1916 6.65% Government income tax on (F. 1,342. 500)
$539,685 preference and priority shares, and (F. 29,688, 336) .§11,934,711
on ordinary shares, making a total of (F. 2,063, 551) .S829,547, less Government income tax on dividend Bat. Potr. Mij. (F. 1.356, 600) $.543,353,
y Includes in 1916 Comleaving a balance as above (F. 706,951) $282,194.
missaries 4% on the (F.25.892.843) $10,410,923 surplus (F. 1,035, 714)
(F.
210,000) .$84,420, to (7) Commis$416,357, less maximum allowance
saries, whose maximum is (F. 30, 000) $12,060, leaving a balance as above of
Compare V. 103, p. 2243.
(F. 825, 7 14) $331,937.
Claim on new
During the past year your directors have declared the full
Dividends.
regular dividend of 7 % on the pref. shares, and have also declared a dividend
of ii '/ payable Aug. 1 5 on account of arrears, thus reducing these arrears
Further payment on account of
of dividiinds to prof, shareholders to 6%
d(;furro<l dividends may be made from time to time, if conditions warrant,
but in \i(;\v of the increased working ca)jital net(«sarj', oving to tht^ enormously nhanctd price of all our raw materials, your directors have decided
that it will be prudent to reasonably conserve the liquid and cash resources
of your company until the business outlook can be more accurately gauged.
Our inventory has, as usual, been taken conservatively, and
Inventory.
practically no bad or doubtful debts have been made during the year.
Balance Sheet. Net quick assets ov<T liabilities, after payment of bond
interest and sinking fund, due July 3 1917, and after making provision for
the 3% dividend on pref. shares, payable Aug. 1.5; also provision for the
business profits tax for the fiscal year ending June 30 1917, amount to about
$520,000, against $450,000 last year.
.
(b)
of
Vol. 105
$60,421
Assets
1917.
—
1916.
$
$
Liabilities
138,833,235 115,006,928
—
56,280,000
7,638,000
3,721,216
8,571,111
56,280,000
8,040,000
3,190,124
2,060,676
Insurance fund (own risk) in 1916: Ordmary, $7,10,854,000
453,080; war risk, $3,400,920
Provision for local charges, taxes, tantiemes and
5,468,400
bonuses to staff, &C32,476,871
Depreciation since 1907...
13,668,000
Dividend for 1916 and 1915, respectively
155,638
Carried forward
3,620,066
20,360,890
14,070,000
149,172
Share capital.
5% debentures
Advances on consigned products
Creditors
Total
—V.
-
7,236,000
138,833,235 115,006,928
105, p. 185, 77.
Ontario Steel Products Co., Ltd., Gananoque, Ont.
Year ending June 30 1917.)
{Fourth Annual Report
Pres. W. Wallace Jones, Gananoque, Aug. 14, wrote:
—
—
In spite of the many adverse manufacturing conditions that
Results.
very
have handicapped the management during the year, the profits show alarger
substantial increase over last year. This increase is due to much
ajia tne
sales, the loyal co-operation of the majority of your employe^
introduction of improved methods of manufacture, as oiu- products were
aurmg
obtained
prices
sold at a comparatively trifling advance over the
are
the previous year. The sales for the year, both in tonnage and value,
comomea
the largest in the company's history, and much larger than the formation
the
sales of all subsidiary companies in their best year prior to
of Ontario Steel Products Co., Ltd.
,„*„*>,-,
tne
War Orders and Exports Business. Dtu-ing the year, owing mainly tonave
adverse conditions of British exchange, war orders for your company
loreign
our
that
been negUgible, but your directors are pleased to report
export business for commercial products has largely increased, ana your
management is hopeful of retaining a large portion of this newly deveiopea
the motor
trade after the war is over. In spite of the increased activity
car business, our tonnage output of springs and axles for horse-drawn
vehicles though much smaller than some years ago shows practically no
decline as compared with the previous year.
—
m
—
—
Liabilities—
stock
Preferred stock
Common
Cash
Funded debt
l«llls
&
accts. recelv.
Inventories
Securities
Deferred items
—Total
V. 105,
98,182
158,663
338,060
6,202
2,250
69,224
182,912
309,849
21,845
2,807
2,430,076 2,391,471
30.
1917.
I
Real est., plant, pow.,
rights & good-will. 1,816,718 1,801,835
&acc'ts payable
int. due July 2
Deprec'n, &c., res've
Surplus
Bills
Bond
Total
S
750,000
750 ,000
575,100
59,717
17,550
94,211
183,498
1916.
S
750,000
750,000
600,000
93,087
18,000
57,307
123,077
.2,4.30,076 2,.391.471
p. 613.
United States Rubber Co.,
New
York.
Dated June 19 1917.)
statement to the N. Y. Stock Exchange
{Official Statement
The
official
June 19 1917, shows in substance:
New Bonds. These $60,000,000 First & Refunding Mortgage 5%
—
gold
bonds, series A, due Jan. 1 1947 (offered last January by Kuhn, Loeb &
Co. -V. 104, p. 254, 262, 1803), are part of an issue limited to an aggregate principal amount at any one time outstanding oi .'>97,252,900, being the
par amount of the company's full paid prefen-ed stocks and common stock
outstanding Jan. 15 1917, plus any additional stock issued at not less than
par for cash actually paid in, to the extent that such increase In the authorized amount of the bonds may be consented to by the stockholders;
and further limited, as provided in the mortgage, so that no bonds in addition to the $60,000,000 of Series A at present Issued (1) shall be sold or
pledged prior to Jan. 1 1918, except witli the consentof Kuhn, Loeb&Co.;
(2) shall be issued, except for refunding $9,000,000 of debentures of General
Rubber Co., due Dec. 1 1918, and $2,600,000 of mortgage bonds of Canadian
Consolidated Rubber Co., Ltd., due Oct. 1 1946, unless the unencumbered
quick assets of the company and subsidiary companies (as defined in the
mortgage) exceed their aggregate debt (as defined in the mortgage) including the outstanding bonds and any increased indebtedness resulting from
such issue; (3) shall be issued, except tor said refunding, unless the annual net
income of the company and subsidiary companies (as defined in the mortgage) lor each of the three fiscal years next prior to such issue has been at
least twice the annual interest upon the entire debt of the company and
subsidiaries (as defined in the mortgage) including interest on any increased
indebtedness resulting from such issue.
Important Covenants Protecting Bonds {see also V. 104, p. 254).
The net unencumbered quick assets (as defined in the mortgage) of subsidiary companies, excluding the General Rubber Co. and its subsidiaries,
at all times are to equal at least $30,000,000, of which at least $20,000,000
is to be in companies whose stock is directly pledged under the mortgage.
The company is not to pay any dividend on common stock other than a
dividend in common stock, unless imencumbered quick assets (as defined in
the mortgage) of the company and subsidiary companies, after deducting
therefrom such dividend, shall then exceed the aggregate debt (as defined
in the mortgage) of the company and subsidiaries, including outstanding
bonds. No dividends (except January and April 1917, dividends upon the
pref. stoclis) are to be paid, except from earnings made after Dec. 31 1916.
The mortgage also contains appropriate provisions restricting the creation of indebtedness except current accounts by subsidiary companies or
companies whose stock is owned, or pledged, as therein provided, and
restricting the issue, sale and guaranty of bonds, the creation of mortgages
or liens, the increase of capital stock and the sale, lease or other disposition
of real estate and plant by such companies.
With respact to the General Rubber Co., the company reserves the
right, subject to the conditions and restrictions set forth in the mortgage,
to cause or permit it to increase its capital stock and to issue and sell or
dispose of such increased stock, to create and issue and sell or dispose of its
unsecured bonds, debentures or notes, to merge or consolidate with or sell
or lease its property as an entirety, and to extend, refund or renew its
$9,000,000 5% debentures, due Dec. 1 1918. provided that all indebtedness
of subsidiary companies to General Rubbber Co and the contingent liability
of the Rubber Goods Mfg. Co. as guarantor of the $9,000,000 debentures
of General Rubber Co., shall have been first paid or provided for, and that
cash equal to the principal amount of the bonds issued under the mortgage
in respect of such debentures shall have been deposited with corporate trustee.
Purposes for which the Proceeds of the $60,000,000 Bonds Have Been Used.
(1) Cash deposited to retire the foliowing obligations maturing
on or before Dec. 11918 (this refunding has already been partially accomplished)
(o) U S Rubber Co 6 % bonds of 1 908
due Dec. 1 1918, $16,000,000; (&) Eureka Fire Hose Mfg. Co.
5% debentures due Dec. 1 1918, $970,000; (c) Canadian Consol. Rubber Co., Ltd., 5% debentures, due Dec. 1 1918,
$2,500,000; (d) Morgan & Wright 5% debentures, issued under indenture dated Dec. 1 1915. due Dec. 1 1918, $5,000,000;
(e) Mechanical Rubber Co. 6% 1st M. bonds, due Jan. 1
1918 ($687,000), less sinking fund deposited with trustee for
said bonds ($459,852), $227,148
$24,697,148
26,703,866
(2) To pay cm-rent notes and loans
in
additional
and
premiums
For
working
capital,
discounts
(3)
connection with refunding and for other corp. purposes
8,598.986
The mortgage provides that the cash deposited as above stated shall be
applied to the purchase and retirement of the aforesaid outstanding bonds
and obligations at not more than the face value thereof and that outstanding bonds and obligations so purchased for retirement shall be held by the
corporate trustee as additional security for the bonds, without impairment
of lien, until the purchase and retirement or pajonent of the bonds or obligations of any one issue and the satisfaction and discharge of the mortgage
or other instrument securing the same.
Of the balance of the authorized issue of $97,252,900 of bonds, $10,000,000 may be issued for additional working capital, for development and other
corporate purposes. In addition, $9,000,000 bonds are reserved to provide
for refunding the General Rubber Co. 5% debentures, due Dec. 1 1918, and
$2,600,000 Can. Consol. Rubber Co., Ltd., 6% bonds, due Oct. 1 1946.
The remainder of the bonds now or hereafter authorized, and any bonds
not used for refunding the obligations last referred to, are issuable to provide
or to reimburse the company for not exceeding 75% of Its capital expenditures made after Jan. 1 1917, for additions, betterments and improvements
or for new real estate and plants, and not more than one-third of such
additional bonds are issuable to provide or to reimburse the company for
not exceeding 60 % of its capital expenditures for other securities and stocks,
all subject to the limitations and restrictions set forth in the mortgage.
Lien and Collateral First & Refunding Mortgage {V. 104, p. 254, 262, 1806).
Rubber Goods Mfg. Co. As the bonds were intended to constitute a
direct first mortgage debt, the company itself acquired and subjected to
the mortgage the plants and properties of its subsidiary companies, with the
exception of two plants which it has covenanted to acquire and subject to
the mortgage and the properties and plantations of General Rubber Co.
and its subsidiary companies, which are not subject to the lien of the mortgage, and excepting the plants and properties of the Rubber Goods Mfg. Co.
—
,
,
. ,
:
Total
872,894
CONSOLIDATED BALANCE SHEET JUNE
—
.
—
.
.
..
AUG.
18 1917
addition it pledged the capital stocks, except directors' qualifying shares
of its subsidiary companies, including the shares of stock which it owned
of the Rubber Goods Mfg. Co. (hereinafter called the Rubber Goods Co.)
and the Canadian Consohdated Rubber Co.. Ltd. (hereinafter called the
busiMost of the subsidiary companies continue
Canadian Company)
ness and retain their current assets.
As the company was not at the time the owner of all the capital stock of
the Rubber Goods Co., that company acquired the plants and properties
of its own subsidiary companies and executed its own First & Refunding
Mortgage, sucured by mortgage on the plants and properties formerly of
its subsidiary companies and by pledge of the capital stock, except directors
quaUfying shares, of those companies; .121 ,500,000 First & Refunding Mortgage 5% bonds of the Rubber Goods Co. were issued under this mortgage,
acquired by the company and pledged by it under the mortgage.
Subsequently the company acquired all of the capital stock of the Ruboer
Goods Co. and thereupon acquired all of the plants and properties which the
Rubber Goods Co. had proyiously acquired from its subsidiaries and all of
the capital stock of its subsidiaries-, and conveyed the same to the trustees
under the mortgage bv supplemental indenture dated June 1 1917, subject,
first, to the lien of the mortgage securing the $21 ,500,000 of bonds so issued
by the Rubber Goods Co., and, secondly, to the contingent liability of the
Rubber Goods Co. as guarantor of the .$9,000,000 of debentures of the
General Rubber Co. The capital stock of the Rubber Goods Co. was
then reduced to S100,000.
Canadian Consol. Rubber Co. The Canadian Company likewise executed
its own trust deed and mortgage, on and of its plants and properties, which
it had previously acquired from its subsidiary companies, and pledged
thereimder the capital stocks of its subsidiaries; .56,900,000 First & Refunding Mortgage 5% bonds of the Canadian Company were issued under this
mortgage, acquired by the company and pledged by it under the mortgage.
Certain of the stocks owned by the company in subsidiary companies,
including its holdings of stock in the Rubber Goods Co. and the Canadian
Co., are pledged as collateral security for the ,$16,000,000 6% gold bonds
of the company duo Dec. 1 1918, for the retirement of which cash has been
deposited as above stated. Until the retirement of said bonds, the lien of
the mortgage upon said stocks upon the plants and properties formerly of
said companies and upon the above-mentioned bonds of the Rubber Goods
Co. and Canadian Co. is subject, as set forth in the mortgage, to the lien
of the indenture securing said bonds, but this encumbrance is purely nominal, inasmuch as S16,000,000 in cash has been deposited with depositaries
as provided in the mortgage to retire said bonds at or prior to maturity. •
In connection with the issue of the §9,000,000 o
General Rubber Co.
debentures ol the General Rubber Co.. due Dec. 1 1918, 19,970 shares of
stock of the General RuDber Co. owned then by the Meyer Rubber Co. and
now by the company, ,-ind 10,000 shares of said stock, then owned by the
Rubber Goods Co. and now by the company, svere pledged to secure said
debentures and hence the pledge under the mortgage is made subject to
said prior pledge until the maturity of said debentures on Dec. 1 1918.
The lien of the Rubber Goods Co. mortgage on the plants and property
formerly of the JNIechanical Rubber Co. and the New York Belting & Packing Co. and on the capital stock of the latter company, is subject to the
rights of the trustees under the mortgage made by the Mechanical Rubber
Co.. securing bonds which fall due Jan. 1 1918; but the principal amount
of said bonds still outstanding (over and above the amount of the sinking
fund), namely S227,148, has teen deposited with depositaries as provided
in the mortgage to take care of said bonds at maturity, so that this en-
m
.
—
—
,
cumbrance is merely nominal.
Morgan & Wricht Debentures.
—
Pui-suant to the provisions of the indenture securing the $5,000,000 debentures of Morgan & Wright, these
debentures participate in the lien of the mortgage of the Rubber Goods Co.
as to the property formerly belonging to Morgan & Wright, on a parity
with the bonds secured thereby, until paid on or before Dec. 1 1918. As a
sum in cash equal to the principal of these debentures has been deposited
with depositaries pursuant to the mortgage, this condition is also nominal.
Lien of First & Ref. Mtge. Subject to the above statement, the First &
Ref. Mtge. covers plants and property, mortgage bonds and stocks owned
by the company, together with other property owned by the company or
acquired in the future, including indebtedness from the companies below
mentioned and other companies at least a majority of whose stock is owned,
excepting ca.sh, current accounts and bills receivable and materials and
supplies consumable in their use and manufactured products, all as described and provided in the mortgage, as follows:
—
Mfg. Plants, Real
Location.
New
Brunswick, N. J
Jersey City, N. J
Chelsea. Mass
&
Estate, Equipment, &c.. Covered by First
Ref. Mtge.
Principal Product.
Operated by
Rubber footwear
United States Rubber Co.
Fire hose
Eureka Fire Hose Mfg. Co.
Misc. mechanical goods
Revere Rubber Co.
Sulphuric acid, &c
Naugatuck Chemical Co.
Reclaimed rubber
Rubber Regenerating Co.
Reclaimed rubbar
Rubber Regenerating Co.
American Rubber Co.
Footwear and clothing
Millville, Mass
Rubber footwear
Woonsocket Rubber Co.
Uxbridge, Mass
Rubber footwear
Woonsocket Rubber Co.
Maiden & Melrose, Mass-Rubber footwear
Boston Rubber Shoe Co.
Providence. R. I
Tires, sundries and thread_Revere Rubber Co.
Bristol, R. I.
Footwear & Insulated wire. National India Rubber Co.
Woonsocket. R. I
Rubber footwear
Woonsocket Rubber Co.
Waterbury. Conn
Buckles
Shoe Hardware Co.
New Haven. Conn
.Rubber footwear
L. Candee & Co.
Naugatuck, Conn
Rubber footwear
Goodyear's
India
Rubber
Naugatuck. Conn
Naugatuck, Conn
Mishawaka, Ind
Cambridge, Mass
Naugatuck. Middlebury
Oxford Conn
Mich
New
Brunswick, N. J
North Bergen, N. J
Stoughton. Mass
Providence, R. I
Hartford, Conn
Indianapolis, Ind
Passaic,
N.J
Newtown, Conn
Chicago.
Ill
Cleveland, Ohio
Detroit.
Glove Mfg. Co.
&
,
Hastings,
Mich
Rubber footwear
Wool boots
Hard rubber
Goody Metal'c Rub Shoe Co
Hastings Wool Boot Co.
India Rubber Co.
.
.
Misc. mechanical goods
Peerless Rubber Mfg. Co.
Rubber clothing
American Rubber Co.
Card cloth & rubber thread Mechanical Fabric Co.
Tires
Hartford Rubber Works Co.
Tires
G. & J. Tire Co.
Misc. mechanical goods
N. Y. Belting & Packing Co.
Fire hose
Fabric Fire Hose Co.
Misc. mechanical goods
Mechanical Rubber Co. and
United States Rubber Co.
Misc. mechanical goods
Mechanical Rubber Co.
Tires
Morgan &. Wright.
^
In addition to the above the company owns the land and building on
llth Ave., N. Y. City, occupied by development department, and also
leasehold and office building at Broadway and 5Sth St.. N. Y. City.
Capital Stock {Except Directors' Qualifying Shares) Pledged under First
(2)
and Refunding Mortgage.
General Rubber Co
Revere Rubber Co.. pref
Bay State Rubber Co
Maiden Rubber Shoe Co
Melrose Rubber Co
$10,000,000
2.500,000
2.000,000
Rubber Regenerating Co
1,000,000
Naugatuck Chemical Co
250,000
Eureka Fire Hose Mfg. Co..
500.000
Marvel Rubber Co. __
100,000
American Rubber Co
1,000,000
Joseph Banigan Rubber Co. 1,250,000
Boston Rubber Shoe Co
5,000,000
L. Candee & Co
600,000
Goodyear's India
Rubber
Glove Mfg. Co
500,000
Common
Goody MetallicRub ShoeCo
Hastings Wool Boot Co
Lycoming Rubber Co
Meyer Riibber Co
Mishawaka Woolen Mfg. Co.
.
.
Nat. India Rub. Co., pref
Common ._
New Brunswick Rubber Co.
Shoe Hardware Co
Woonsocket Rubber Co
Boston Rubber Co
1
Continental Caoutchouc Co.
Rub. Regenerating Co., Ltd.
Rubber Goods Mfg. Co
American Dunlop Tire Co
Fabric Fire Hose Co., pref..
Common
& J. Tire Co
G.
India Rubber Co.
Mechanical Fabric
Co
Mechanical Rubber Co
.000 .000 Mi'lgeley Manufacturing Co.
120,000
400,000
5.000,000
700,000
800,000
400.000
i
Peerle.ss Rubber Mfg. Co
Sawyer Belting Co.
Stoughton Rubber Co
N. Y. Belting & Packing Co.
Morgan & Wright,
pref
Common
Hartf. Rub.
.!00,000
Common
100,000
Wks. Co.,
pref.
United States Tire Co
50.000 25 Incorporated selling cos.
1,.500
.000
i
gS.OOO
5,000
5,000
60,000
£30,00:i
*S100.000
77,:100
50,000
50.000
1.000,000
200,000
150,000
1.400.000
25,000
200,000
35,000
100,000
600,000
3,000.000
2.500,000
500,000
1,000,000
500,000
1,551.000
Pursuant to the reduction of capital stock mentioned above.
Other Slocks and Bonds Pledged Under Mortgage.
(3) Stock of Canadian Consolidated Rubber Co., Ltd.: S2.731 300 out of
prof,
outst'g; S2, 705,200 out of $2,805, .500 common outst'g.
$3,000,000
(4) S21..500,000 First & Ref. Mtge. 5% gold bonds of Rubber Goods
Mfg. Co.. bearing interest from Jan. 1 1917. duo Jan. 1 1947.
*
-
THE CHRONICLE
.J
and the Canadian Consolidated Rubber Co., Ltd., as stated below; in
(1)
—
.
713
(5) $6,900,000 First & Ref. Mtge. 5% gold bonds of Canadian Consolidated Rubber Co., Ltd., bearing interest from Jan. 1 1917, due Jan. 1
1947 (V. 104. p. 2554. 2638).
CONSOLIDATED INCOME ACCOUNT
(3 Mos.
Mos. to
Mar. 31 '17.
of 1917 Partly Estimated)
Years end. Dec. 31
3
Net Income
Interest charges
Income charges
Part of discount and expenses in connection with refunding
.
•
1916.
1915.
§4,494,293 $14,743,774 $11,486,705
$3,517,565
$2,790,616
S992,95I
338.508
828.013
1,349,844
Balance for dividends.
. $2,151,497 $10,398,195
Istpf. div.U. S. Rub. Co. (8% p. a.)
4,810,284
1,233,822
2dpf. div.U.S. Rub. Co. (6% p.a.)25.560
6,054
Common div.U. S. Rub. Co. (114%)
Div. to minority stockh'rs (sub. cos.)
119.238
6.226
$8. 357. .581
4.764.632
30,906
510.000
139,995
_
$905,396 $5,443,113 $2,882,048
For comparative income account for calendar years see V. 104, p. 950.
Balance, surplus
CONSOLIDATED BALANCE SHEET
(March 31 1917, Partly Estimated).
Mar. 31 '17. Dec. 31 '16.
Assets
$
Prop., plant & invest'ts, incl. rubber plantations. 122, 401. 499 130,187,629
Inventories, manufactured goods and material.. 55,691.800 48,530,398
Cash
8.607.131 10,123,709
Notes and loans receivable
1,764,000
2,176,301
Accounts receivable
29,432,335 26,052,707
Sccur.. incl. stk. of U.S. Rub. Co., held by sub. cos. 6,570,648
3,481,655
Sinking fund cash in hands of trustees
509,8.52
461,102
Miscellaneous
5,656,020
1.716.620
Rubber Goods Mfg. Co. 1st & Ref. M. 5% bonds. 21,500,000
Canadian Consol. Rub. Co. 1st & Ref. M. 5% bds. 6,900,000
Cash to pay U. S. Rub. Co. 6s, .$13,131,000; bonds
paid and held by trustees. $2,869,000
16,000,000
Cash to pay Morgan & Wright 5% debentures, $3,5,000.000
910,000; SI. 090.000 paid and held by trustees.
p,ash to pay Can. Consol. Rub. Co. 5% debentures.
^$1,435,000; $1,065,000 paid and held by trustees 2.500,000
Cash to pay Mech. Rub. Co. 6s, $207,148; $20,000
paid and hold by trustees
227.148
Cash to pay Eureka Fire Hose Mfg. Co. 5s additional to sinking fund (see above). $70,000;
970.000
$900,000 bonds paid and held by trustees
—
Total
Liabilities
284.093.993 222.366,569
—
First preferred stock
Second preferred stock
Common stock
Rub. Goods Mfg. Co.. pref. stock, $10,351,400,
less owned by U. S. Rubber Co., $10,320.300_Rub. Goods Mfg. Co. common stock, $16,941,700,
less owned by U. S. Rubber Co., $16,941,700.Minority Canadian Consolidated Rubber Co.,
61,691,100
403,600
36.000.000
60.773.600
403,600
36.000,000
31,100
948,600
43.300
358,845
Ltd., pref. .stock, ,$268,625; common, $90,220.& Ref. M. 5% bonds of U. S. Rubber Co... 60,000,000
debentures
9,000.000
General Rubber Co. 5%
Can. Consol. Rub. Co.. 40-year 6% coll. tr. bonds 2,600,000
Bonds acquired or to be acquired (ca.sh on deposit
therefor see above) and pledged under First
& Ref. Mtge. of U. S. Rubber Co.
10-year 6% coll. tr. s. f. gold bds. U. S. R. Co-. 16,000,000
2. ,500, 000
Canadian Consol. Rubber Co. 5% debentures.
do
do 1st & Ref.
5% bds. (all owned) 6,900,000
385.080
Fh-st
9,000,000
2,600,000
—
M
.
Morgan & Wright 5% debentures
5,000,000
687,000
Mechanical Rubber Co. 6% bonds
970,000
Eureka Fire Hose Mfg. Co. 5% debentures
Rub. Gds.Mfg. Co. lst& Ref. M. 5s (all owned) 21,500,000
5,835,981
Notes and loans payable
1,377,311
Acceptances for importation of crude rubber
6,6.34,056
Merchandise accounts payable
2,955.570
Accrued interest, taxes, &c
1,239,876
Reserved for dividends
Insurance fund reserve, $932,288; employees' accident fund, $383,461
Reserve for depreciation
Fixed surpluses (subsidiary companies)
Surplus
—Total
V. 105, p.
16,000,000
2,500,000
1,315,749
5,000,000
6,709,275
29,384,530
5,000.000
737.000
970.000
26.703.866
1.891.093
6,526,168
801,527
1,223,040
1,300,329
5,000,000
15,080,231
28,479.135
.284,093.994 222,366,569
395.
Asbestos Corporation of Canada, Ltd.
Annual Report Year ending Dec. 31 1916.)
President W. G. Ross says in substance:
—
{Fifth
—
The gross profit, before providing for interest on the bonds and
Results.
provision for renewals and betterments, &c.. was $637. 935. against ,¥386,377
Deducting $172,462 expended on renewals and betterments,
for 1915.
and interest on bonds, $150,000, the net surplus profits fcr the year were
$215,473. against $93,595 for 1915. an increase of $121,879. The propertics have been in full operation the entire year, excepting a shut-down in
Augu.st due to a strike at the mines.
The production of the mines for the year was the greatest in the company's history, and the demands for the company's products are excellent.
Increased Costs of Material, <kc.- Labor conditions were unsatisfactory,
and both wages and cost of supplies have increased very materially during
the year, adding heavily to the cost of operation.
New Tunnel, &c.. Completed. The new 1,600-ft. tunnel at Black Lake
has been pushed vigorously during the year, and after two years of discouraging results as to the finding of paying asbestos rock, has now been
completed to the objective point under the old Manhattan Pit, and we are
pleased to say has opened up good asbestos ground, the previous expectations being realized.
The new pit opened on the Beaver property continues to look promising.
The work of this will be carried on during the coming jear, and will help
out the production of the old Beaver pit. which for some time past has not
shown satistaccory results. The Kings new hoisting and storage plant was
completed during the year, as also necessary changes and additional eqviipment in the mill. Some adjustments have still to be made, but the plant
new storage shed
has fully realized the expectations of your directors.
400 feet long has been completed, and will be available for use as soon as
—
—
A
the conveyor system is installed.
Bonds Acquired. The company acquired, through subscription and purchase, a further .$100,000 of the Dominion of Canada war loan bonds, and
purchased $263,000 of the company's own bonds at market prices.
Dividends. Your directors have declared a quarterly dividend of 1%
on the preferred stock, payable Feb. 15 1917 to holders cf record Feb. 1.
—
—
Statement by Manager J. D. Sharpe.
While tons of finished product lor the year 1916 are greater for the three
operating properties than for any previous year, it is between 10% and 15%
Comparing results
less than it would have been under normal conditions.
with the year 1915. we find as follows: Mill hours were 13% greater; tons
of material handled were 12% greater; tons of material milled were 22%
The
greater; and tons of finished product were 9%, greater than for 1915.
yield per ton of mill rock was 0.57%, loss; shipments of crude and fibre were
greater, with a higher average value, but the average cost of production
was very much increased, for the reasons above stated.
The increase in mill hours, tons of material handled and milled, and tons
of finished product is due to the steady operations at the British-Canadian
The decrease
mine, and which did not operate for three months in 1915.
in yield is due to a dropping in yield at the Beaver mine, while Kings mine
increase.
mine
shows
an
InBritish-C-anadian
and
decrease
shows a slight
crease in value is due to an increase in the percentage of crude and long
The increase in cost
fibres obtained. aLso to an increase in selling prices.
is due to the increase in price of labor, materials and supplies.
mine, electric
the
British-Canadian
completed
at
tunnels
are
As soon as
haulage should be adopted, which will be
present locomotives.
much more economical than
the
rUE CHRONICLE
714
iVoL.
INCOME ACCOVNT FOR CALENDAR YEARS.
1915.
1916.
Net
profits
Konewals, better'ts,
Uond interest
Special reserve
I'relerred dividends
&c.
BALANCE SHEET DEC.
1915.
i
9,059,601
1916.
Assets
S
Proptirty account. 9,055,360
Royal Trust Co..
Invt'sl. In Cauad'n
war bda. & co.'s
own bonds
457,000
252,196
411,689
450,140
(less reserve)
Cash
Unexpired
Insur.,
taxes prep'd,&c.
$68,183
$54,706
1916.
1915. i^
14,245
S
Acc'ts payable, &c.
171.625 Accrued accounts.
290,165 Bal. due acc't of
$100,000 Canadian war bonds.
401,469
Reserve
553,220
Surplus 11,573
105,342
5.717
40,000
500,102
87,500
40,000
284,626
&
.10,051,161 10,487,967
Tot.ll
Coke
Co.,
Kansas
City.
(Report for Year ending Jan. 1 1917.)
RESULTS FOR YEA RS ENDIiVG JAN.
Coal
1916.
-al
1917.
—
Gross.
Department
Wholesale coal
Retail coal
Wichita coal
St. Joseph coal
$905,520
158,537
29,530
22,940
57,483
.
.
Washer
Stores lumber dept
Mining stores
1.
&
D.L.&T.
1917.
1916.
Net.
Net.
$
$
S777.846 3 396,543 $291,511
120,184
32,544
14,780
19,405
3,381
394
16,019
7,461
3,711
27,360
13,218 lossl,528
1917.
Net.
Gross.
%
$
3b", 693
Rentals coal.&c.dept.
Wholesale lumber
Miscellaneous
Total
133",4i0
100",928
se'T'si
32,616
41,870
44,707
28,272
36,812
62,980
l"icr,2i9
"
8",976
628,504
1,710
$ 1,307,420 $1 ,071,033 3 673,269 $523,684 $669,877
INCOME ACC OUNT FOR YEARS h'NDING JAN. 1.
-Central Coa & Coke Co
Delia Land & rim.
.
1917.
Net earnings
as above. _
Deprec'n & impts. accts.
coal&timber ids, &c.
$673,269
130,959
3,170
77,277
66,480
61,159
Retail yards.
General expense
Interest on bonds
Interest and exchange. _
Co.-
:
1916.
$523,6!54
1917.
1916.
$669,877
$511,641
135,2'30
431,858
405,854
74,9] 8
46",096
70,9 13
75,095
25,504
42,780
69,333
21,834
28,8()4
Total
$3.39,045
.$309,926
$539,802
$578,553
Balance, sur. or def-..sur.$334,224sur.$213,757 sur.$91,324 def.$28,100
Divs. ou pref. stk. (5%)
93,750
93,750
.
xBalance after divs.sur. $240,474 sur .$120,007 sur.$91,324 def.$28,160
X These items have been suppUed; they do not appear in the reports.
other deductions or credits there were, we do not know. Ed.
—
What
BALANCE SHEET YEARS END. JAN.
Assets
—
1
S
Coal lands
C.
(^Cent.
1916.
I'JIT.
Liabiltties
—
Miscellaneous
303,602 Pay-roll balances.
1,773,126 Freight charges un245.034
adjusted
286,113 Sink, fund for ins.
Bills payable
other companies
265,602
Accts. tor coUec'n. 1,840,569
Inventories
291,765
Cash
282,106
lands
22,471
Sundry balances..
86,288
Delta L. & T. Co. 1,205,533
Stump
Total
1916.
S
S
Bonds,
in
C. Co.)
Common
4,219,212
1,737,130
1.574.772
100,731
123,279
150,000
&c.,
&
1917.
4,200,680
1,707,300
Coal shafts &bl;ig. 1,664,203
Yards (feeuulpm't.
99,234
Personal property.
118,385
Bev. & So. RR_._
150,000
Timber lands
5,125,000
1,875,000
1,049,000
5,125,000
1,875,000
Gen. Cons.M.bds. 1,049,000
stock
Preferred stock
Sweetwater Coal
Mln. Co. bonds.
Audited bills
59,000
727,310
92,631
91,925
59,000
887,711
128,617
104,173
88,475
39,210
874,650
1,493,183
109,245
22,251
895,000
UndlvldeJ profits. 1,679,140
—
1917.
1916.
S
S
Timber lands
7,666,883
Milss, mach., &c. 1,825,682
Sundry accts. due161,470
Cash
28,844
Inventories
463,744
Deposits for sinking fund
192,757
Sundry balances. _
46,126
Profit and loss
87, .595
8,053,822
1,822,026
84,775
33,949
413,456
11,934,137 11,515,384
Total
Liabilities
1st & ref. M. bds.
Delta Lbr.Co.bdSAudlted billsBills payable
notes.
& Coke
500,000
2,050,500
624,000
103,072
100,000
866,000
9,100
21,225
1,002,383
18,027
5,484,168
500,000
Capital stock
Timber
Total
10,473,101 10,778,571
104, p. 455.
,812,000
523,000
158,409
100,000
741,500
6,615
17,998
1,205,533
10,196
5,397,848
10,473,101 10,778,571
Total
Toronto Paper Mfg.
481,-542
Raw niuterlal, &e
lillls & accts. recelv.
160,753
100,916
19,020
55,227
22.213
UoudH purch'd. &c.
Co., Ltd., Cornwall, Ont.
March 31 1917.)
Pres. R. S. Waldie, Toronto, April 25, wrote in substance:
To the profit and loss credit of $70,648 on April 1 1916 we have added
the earnings for the year, $212,794, making a total of $283,443. From
this we have deducted bond interest. $29,352; dividends (5<>;). S37.500,
and carried to depreciation reserve $25,000, leaving $191,590 credit to
profit and loss.
In spite of freight embargoes and other difficulties in
obtaining supplies, and also in spite of the high cost of both labor and mathe mill has been kept running continuously and profitably.
There has been a very brisk demand for our product, and therefore an
additional paper-making machine was put into successful operation in
Feb. 1917. This gives us four machines with a daily output of about
30 tons of book, writing, bond and ledger papers. Our pulp mill, which
is an especially valuable asset now, when the price of pulp is high, has a
daily capacity of over ten tons, which, of coiu-se, is all used in our own mill.
All of our product is sold in Canada.
Your directors have purchased $61 .500 of the company's bonds, which we
consider not only a profitable investment, but one that greatly strengthens
the financial position of the company.
dividend
In our last annual report we stated that you might expect a 2
half-yearly^ We were in a position to pay 3% for the second half-year.
terial,
•
i
%
INCOME ¥ACCOUNT,) YEARS ENDING MARCH
E1916-17.
'
:
interest
Dividends
Directors, &c., fees
Depreciation reserve
Written off
—
1917.
$
750,000
500,000
9,100
92,235
150,000
191.591
1916.
S
7.50.000
500,000
8,565
44,136
125,000
70,648
19,294
1,321
1.458
Miscellaneous
Total
1,692,926 1,498,349
Total
1,692,926 1,498,349
-V. 101, p. 2123, 1806.
Thej,Provident2^LoaniSociety of
—
New York.j^iai
(22nd Annual Report
Year^ending Dec. 31 1916.)
Pres. James Speyer, Feb. 5, -wrote in substance:
The general business prosperity that characterized conditions in our
city
and country during 1916 was directly reflected in our financial results and
transactions. While llie demand for loans was heavy in amount. .$19,879,306 for the year, the repayments were larger still. .$20,332,011. showing a
decrea.se in outstanding loans of $452,705 on Dec. 31 1916.
The loans
made showed a decrease of 42,802 in num.bers, being 571.059 in 1915
against 528.257 in 1916. The analysis of loans for the past year shows
some interesting facts. Jf loans from .§1 to $90. the society made 46,351
loans less than in 1915. Of loans from S')0 and upward, the society made
3,549 loans more than la 1915. The difference between 46,351 and 3,549
loans gives the decrea.se in total loans for 1016, or 42.802. A reasonable
conclusion from these facts is that people of small means were less in need
of loans, while more people of larger resources borrowed for business or
other purposes.
The amount of loans remaining unpaid when due was inconsiderable In
comparison with the volume of loans made. There was great demand for
the collateral at our auction saljs and prices w'ere satisfactory. Surplus of
$92,799 was realized for borrowers, while the loss to the society was only
During the year, $63,719 of surplus realized on sales was paid
S2.,517.
over to borrowers. Our records show that during the last ten years,
$280,537 of surplus has thus been jjaid over to borrowers, who have been
unable to redeem then' loans.
It is gratifying to the trustees of the society to sec the constantly growing
in the city to reduce their rate below the rates
allowed by law, viz: to 1% per month. This tendency is apparent from
the increased advertising setting out this rate. We also have encouraging
evidence that conditions in the pawnshops have greatly improved to the
benefit of borrowers. We are pleased at this progressive policy and hope
it will be continued.
The large amount of idle funds on hand towards the end of the year
caused the executive committee to purchase for purpose of retirement
3200.000 of the society's 4M % gold bonds. These were bought on a 5%
basis, and we are endeavoring to purchase further amounts of this issue
of $2,000,000 prior to their maturity in 1921.
In 1894 we started with a capital of $100,000; to-dav the society has a
working capital of $11,374,603. On May 21 the first small office opened
its doors in one room in the United Charities Building tendered free of rent
by the Charity Organization Society, with a staff of four men. The
society now owns free and clear eleven office buildings exclusively occupied
for its own work, which represent with their equipment an investment of
about $1,450,000. We maintain an executive office and twelve loaning
offices which require a staff of 166 men and women, with an annual payroll
of about .$225,000.
During this period the society has loaned altogether
$185,000,000, the average loan being about $33.
tendency of pawnijrokers
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC.
Stalislics
—
1916.
Loans made
Loans outstanding
Number
loans outst'g..
Funds employed
Income
—
31.
1913.
1914.
1915.
$19,879,306 $19,544,535 $18,824,802 $16,730,889
$9,362,468
,815,173 $9,725,2.57 $7,955,435
298.696
237,758
262,418
294,093
$11 ,374 ,603 $11,071,091 $10,300,9.34 $8,392,348
Interest ou loans
$1,217,005
Int. on invest, in bldgs.*
66,545
Other interest received35,741
$1,260,871
66,063
10,172
$1,130,699
57.224
8.024
$942,055
57.024
7,714
Total income
$1,319,291
Deductions
on funds employed.
$522,058
General expenses
56 ,958
Salaries
189,218
Insurance
20,983
Rents
98,372
Miscellaneous .
6,008
$1,337,105
$1,195,947
$1,006,793
$521,478
50,700
165,376
22,553
91,855
9,323
.$466,036
35,325
143,051
20,917
81,376
8,624
$394,449
46,851
130.638
17,828
81.962
6.663
$861,285
$755,329
$440,618
$678,391
$328,402
—
Int.
Total deductions
Balance, surplus
$212,794
29,353
(5)37,500
25,000
1915-16.
;•
.1914-15.
31.
1913-14. "a
$75,693
30.000
3O,OO0v-5
(1^)11.250 (654)50,625
2,319
6,857
10,000
12,152
4,412
$75,871
Balance, sur. or def. .sur.$120,942 sur.$35.871
Total profit and loss.. .$191,590
570,648
$58,762
30,000
sur.$7.243 def.$19.403
$34,777
$27,53-±
$893,598
$425,693
.$475,820
* Includes interest on investment in buildings
the Society and charged as rent.
owned and occupied by
CONSOLIDATED BALANCE SHEET DEC.
—
1916.
X Assets
$
Loans outst.inding 9,362,468
Acer. int. on loans.
525,876
Treasury securities
200,000
Deposits in banks. 1,389,420
Cash on hand
143,815
Insur. adjust. &c..
1,083
Total
31.
1916.
1915.
LiabilUies—
S
$
9,815,173 Certif. of contrib'n 7,200,000
565,496 i'yi% gold bonds. 2,000,000
Acer. &c., interest
27,664
791,073 Surplus due bor204,676
rowers
114,227
16,718
544 Miscellaneous
Profit and loss
y2, 174, 603
xll, 023, 661x11, 286, 513
1915.
S
7,200,000
2,000.000
30,484
175,596
9,342
1,871,091
11,623,661 11,286,513
Total
X Exclusive of real estate, which has cost up to 1916 $1,436,694, against
$1,330,897 up to 1915. v After deducting real estate (8th Ave. office),
$49,072; construction (8th Ave. office), $56,724, and Federal income tax
$16.385.— V. 104, p. 957.
(Report for Fiscal Year ending
Deduct bond
Liabilities
823,797 Bonds-422,724 Bills payable
97, .377 Accounts payable
124,837 Depreciation reserve
9,000 Profit and loss
791,797
Much., tools, flxt.,&c.
1916.
S
1917.
S
—
132,366 Pay-roll balances
59,269 Accrued interest-.
178,908 Cent. C. &C. Co.
Sund. accts. pay..
Surplus (unavail.)
—V.
Profits
$
Capltalstock
&c
will,
1916.
(
good-
1,002,383
11,934,137 11,515,384
BALANCE SHEET JAN. 1 (Delta Land & Timber Co.).
[Owning all the timber and lumber properties of Central Coal
Co., which owns the entire capital stock.]
Assets
bldga..
1917.
S
4,000,000
3,000,000
3,000,000
73,037
2.205
Total
_. 10,651, 161 10,487,907
105, p. 391.
Land,
Cash
,000,000
,000,000
,000,000
—V
Central Coal
—
Lial>lHties
Assets —
InvestnientB
31.
6% panic, pfd.stk.
Common stock
IstM. 5% s.f.bds.
314
10,532
Inventories
Acc'ts & bills rec.
$270,932
$67,416
148.750
$93,595
$175,476
k,....
—
1913.
$343,236
$85,053
150,000
40,000
(1)40,000
Balance, surplus
.
BALANCE SHEET MARCH 31.
1914.
$386,377
$142,782
150.000
$537,938
$172,462
150.000
105,
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Albany Southern Ry. — New Mortgage — Note Issue.
—
This company has filed a petition with the P S Commission for authority
to make a General Mortg.age of $600,000 to sectire an equal amount of 5%
10-year bonds, and a Collateral Trust Indenture to secure .$500,000 3-year
6% notes and to issue now $272,000 of the bonds and $227,000 of the
notes.
V. 101. p. 1010.
.
.
—
Atchison Topeka
&
Santa Fe Ry.
Contract for the construction of the Osage
to Ow(!n. Okla.. about 62 miles, is reported
homa City, Okla. V. 104, p. 2341.
—
Atlanta Birmingham
&
— Contract.^
&
Santa Fe Ry. from Ralston
let to Maney Bros., of Okla-
—
Atlantic Ry. Interest at Full
p. a. Rate Declared on Income Bonds for Last 6 Months.
The third installment of interest on the ($5,165,787) new 15-year 5%
Income Mtge. bonds at the full rate of 5% per annum from Jan. 1 1917 to
June 30 1917, amounting to 825 per $1,000 bonds, will be paid Sept. 1 at
the Coltmibla Trust Co., New York. V. 105. p. 68.
5%
—
—
& North Carolina "RR.— Guaranteed Bonds
Offered. —The Equitable Trust Co., N. Y., is offering, at
Atlantic
6%
100 and int., to yield 6%, this company's First Mtge.
gold bonds dated July 1 1917, due July 1 1922.
Int. J. & J.
Authorized and outstanding, $32.5,000. Guaranteed, principal
and
interest,
by Norfolk Southern RR.
5
:
AUG
Principal and interest will be payable without deduction on account of
any tax, assessment or governmental charge (except any Federal income
tax), present or future.
of Letter from the Chairman of Norfolk Southern RR.
—
A direct
mortgage on 96. 11 miles of road, constituting
per mile, and on
the entire mileage of the company, at the rate of
Summary
first
.$3,381
terminals, lands, yards, buildings, shops and all property now owned
or hereafter acquired.
Lease.
This property is operated by the Norfolk Southern RR. under
lease until Jan. 1 1996 at a progressive rental, with the additional guarantee
to pay all taxes ajid interest on this issue of bonds.
Earnings. Gross earnings are $5,880 per mile, equal to 1.7 times the
bonded debt. Under this agreement the income available for interest on
this issue amounts to $76,076, or nearly four times the interest requirement
of $19,500.
Stock.
This is the only mortgage obligation of the company and is followed bv $1 ,797.200 par value capital stock on which dividends of 3% have
been paid for 13 years. The State of North Carolina owns $1,266,500 of
the outstanding stock. -^-V. 96, p. 108 8. '
all
—
—
—
"'Baltimore
& Ohio RR. — Maturing
—
—
Bonds Settlement.
paying from time to time on presentation the $82,000
4% First Mtge. bonds of the Pittsburgh New Castle & Lake Erie RR. Co.,
maturing Juno 1 1917, and also the $650,000 Pittsburgh & Western Ry. Co.
Provision is made in the B. & O.
1st M. bonds, matxired July 1 1917.
RR. Co. 's Pittsburgh Lake Erie &We.st Virginia System Refunding Mtge.
that upon retirement of these old bonds a like amount of bonds secured by
the Refunding Mtge. may be issued. These latter bonds are to be refunded
by the l.ssue of B. & O. RR. Co. Refunding «& General Mtge. bonds at
par, but no such action has as yet been taken.
See Cincinnati Hamilton & Dayton Ry. below. V. 105, Pi 601, 605.
This company
is
—
Bay State Street Ry.
— Six Cent FareinN.H. — V-Pres^
of a six cent fare unit on
ruling makes the new rate permanent instead of provisional as is the case
for six months on the company's urban lines in Mass.
R. B. Stearns, Vice-Pres. of Milwaukee Electric Ry., has been elected
senior Vice-Pr os., effec tive Sept. 1.— V- ip5, p. 496
„
— Successor
Co.
— President. —
successor to the Boise RR., which was recently sold at
Mr.
foreclosure .sale to David K. Miller and W. E. Pierce for $100,000.
Miller has been elected President.
This 10-mile road gets the electricity
for operating its lines from the Idaho Power Co. (as stated in V. 105, p. 603;
—V. 95,
p.
is
480.)— SeeV ^J£5 p._180^_
^
& Albany RR. — Neiv^Loan Offering. — Harris,
Forbes & Co., N. Y.; Harris, Forbes & Co., Inc., Boston,
Merrill, Oldham & Co., Boston, and Harris Trust & Savings
.^^^
,
.
Boston
price of 98 and
about 5J-8%, a new loan of $1,000,000 25-year
5% bonds, dated June 1 1917, due June 1 1942. Interest
Denom. $1,000, $5,000 and $10,000, c&r. GuarJ. & D.
anteed, principal and interest, by endorsement by the New
York^CentraljlR. The bankers report:
Bank, Chicago, have sold at a subscription
int., yielding
The boniloddebt'outstanding, including this issue " is $26^000 ,000
The
owns real estate in Mass., not including right of way or bridges,
.
railroad
having an assessed valuation in 1916 of over $38, 0(50. 000.
No new mortgage can be placed upon the property without providing
that these b onds shall share equall y in t he lien.
""'
""
Official EarnTngs for the Fiscal year'"e7i'dcd!'i)ec'3l"l916'.""'
'
Net income
,410
$6.096
Interest
and rentals
1
Balance
,344 ,8 1
$4,751,595
The New York Central RR. operates the Boston & Albany RR. under
under the terms of which it guarantees 8% dividends on $25,000,000
Bos t on & A lbany RR^^apit al stock. V. 105, p. 605. 180.
lease,
—
"Boston Elevated Ry. — Dividend Policy. — Pres. Brush, in
circular letter to the shareholders, says in substance:
Your directors declared a quarterly dividend of 1 '^ '^. payable on Aug. 15
This is at the rate of 6% per annum,
to stockholders of record Aug. 2.
which we believe is the minirhum rate to which stockholders are entitled,
it really being about 5 1-3 % on the money actuall.v paid into the corporaIn the past the dividend paid on Aug. 15 has been
tion by its stockholders.
the first for the fiscal year, but by Act ot the Legislature the year of the
company has been changed so that in the future it is to end with Dec. 31
in place of June 30, and this dividend is therefore the third for the new
— —
of 1% on May 15 and the
The dividends paid 1J^% on Feb. 15,
present dividend of 1 14 %
make the total for the three dividends 3 i^
The final quarterly dividend for the year will be due
or $.3 50 per share.
on Nov. 15, when the policy which has been pursued by the company for
several years will be followed of making the last dividend for the year, if
any, at whatever rate the earnings of the company warrant.
Our estimate of the probable results for the fiscal year (no fixed amount
being allowed for depreciation) indicates that the net income may be sufficient for the payment of a fourth dividend of from !^< of 1 % to 1 % which
would make total dividend paid during year 4 or 4H%. V. 105, p. 496.
H
%
—
.
—
&
This (Michigan Trust) compaiiyTias not been'"'discharged as
inasmuch as the court has approved of a financial plan, they
receiver;
not
discharge the receiver vmtil the road is completed. The present road
extends 26 miles west from Alpena and about 15 miles east of Gaylord,
leaving about 5J^ miles to complete to fill up the gap.
Work Is now progressing on the railroad and we will send out on Aug. 18
checks in paj-ment of the unsecured claims against the railroad, approved
will
in court.
There was authorized by the Michigan State RR. Commission a 5% bond
20 years. Of these bonds $195,000 goes to the
Alpena people in payment of the collateral notes given them to provide
funds whereby the extension from Alpena west was built, $330,000 goes to
us as receiver of the W. H. White Co. in payment of that company's claims,
and the remaining $275,000 has been sold at par for cash.
After the railroad is completed the debts will consist of $800,000 of First
Mortgage bonds described above, and an issue of notes amounting to $47,000
maturing .July 1 each year for five years. These notes constitute a pa y
ment of the interest past due on the old Alpena coll. notes. V. 104, p. 663
issue of S800.000, running
—
Co. — Reorganization
Brazil Ry.
Completed.—A. cable received from William Nelson Cromwell in Paris, counsel for
the French Ban ques andfthe reorganization of this co s ay s
Notwithstanding the war and difficulties of negotiation and coramiinication during the past two years between the many countries and numerous
.
,
interests involved the reorganization of the Brazil Ry Co has been brought
to a successful result by complete accord between the seven bondholders'
,
.
.
France, England and Belgium and by all the French and
English banks. The reorganization plan has just been signed at Paris
committees
in
and London.
By the plan, first, all bond i.ssues are extended to the uniform date of
1969: second, all Interest is placed upon an income basis becoming again
fixed as net earnings warrant under special conditions; third, a uniform
system of sinking fund payments beginning in 1922 is established for all
series of bonds; fourth, all floating debt is discharged in full by secured
creditors accepting their present collateral in payment and by unsecured
creditors accepting new secured debentures subordinate to the other issues'
fifth, fresh capital of 80.000.000 francs is provided for by the creation of
25-year e'^r prior Hen bonds and of this issue the French Banques. fulfilling
their original agreement, take the entire flr.st issue of 21 ,000,000 francs at a
price approximating par.
A unique feature of the reorganization Is the complete preservation of
the legal autonomy of the company, the preservation of the entire Brazil
railway system of railroads, cattle companies and other Industrial enter-
—
—
Bristol (Va.-Tenn.) Trac. Co., Inc.
Foreclosure Sale.
This company's property is advertised to be sold at pubUc auction on
Sept. 15 at Bristol. Tenn. V. 104, p. 1590.
—
Brooklyn Rapid Transit Co.
Judge Veeder
—New
Car Order.—
United States District Court at Brooklyn on Aug. 15
declined to issue a temporary order in the company's favor restraining the
P. S. Commission from carrying out its order directing the company to
purchase 250 n ow cai^^-JV^lOS P^j;99 _386.
^^^__
in the
,,
Buffalo Lockport
Calendar
Gross
Years
Earnings.
1916
$402,613
1915
407,458
V. 104, p. 2116.
&
Net
—
,
Rochester Ry.
—
Canadian Northern Ry.
The
Balance,
Rents, etc.
Deficit.
$192,243
190,109
$70,832
25.668
— Debate in Canadian Parliament
—
— V.
105, p. 496, 180.
Pacific ""Rjri^^^^eelm^^
was adjourned
—V^104,
p^ 2552.
special meeting of the shareholders, which
13, has again been postponed sine die.
Aug.
till
_
Interest,
Income.
$622
599
as to Government Purchase of.
See editorial columns on a preceding page.
Canadian
— Earnings. —
Other
after
Taxes.
$120,789
163,843
Chicago Burlington* & Quincy RR.
last
May
— Extra Dividend. —
An extra dividend of 10% has been declared on the $110,839,2%.
100 stock in addition to the regular quarterly
Of the company's $110,839,100 stock, $107,613,500 is owned jointly,
one-half each by the Great Northern Ry. and the Northern Pacific Ry.,
and in 1910 was deposited in trust to secure their joint 20-year 4% bonds
-4
on the basis of $20() in bonds for $100 in stock.
The report of the company for the calendar year 1916 showed a surplus
from the operations of the year of $4,998,715, after deducting the u.sual
8% in dividends ($8,867,128), and also additions and betterments to the
amount of $8,864,595 and "miscellaneous appropriations of income">of
$6,000,000. For the 6 months ended June 30 1917 the company reports
an increase in gross earnings of .$8,769,188 and in net earnings of $2,017,194,
as co mpared with the sanie^periocn£_the^ar_1916.^^^^105, p. 6 05, 39 (i.___
—
Cincinnati Hamilton & Dayton Ry. Settlement with
Minority Holders of General Mortgage Bonds of 1909, Due
1939.—All of the $17,529,000 Gen. Mtge. bonds, due 1939,
except less than $2,000,000, were purchased by Baltimore &
Ohio at 70 and int., preparatory to the reorganization. An
agreement has now been reached between the Baltimore &
Ohio and representatives of non-assenting holders of Gen.
Mtge. bonds, by which the minority Gen. Mgte. bondholders
are allowed for each $1,000 bond surrendered: (a) $1,000 in
the B. & O.'s new Toledo Division 4%' bonds plus $140 in
cash; or (6) $800 in Toledo Division bonds, plus $280 in cash,
the B. & O. reserving an option to purchase the bonds for
$840 apiece in cash.
The minority (non-assenting) holders of the Gen. Mtge. bonds contende
that the B. & O.'s offer of 70 and int. was not reasonable, in view of its
previous agreement to buv the bonds at 85, or at its own option give a
C H & D 4 bond guaranteed by B & O in exchange V 105 p 389
.
%
.
—
Cities Service Co. — Suh. Co. Gas
.
.
.
.
Rates.
See Kansas Nat. Gas Co. under "Industrials" below.
&
Cleveland
Judge
—
.
—V. 105,
.
,
p. 606,
497.
—
Chagrin Falls Ry. —Receiver Appointed.
the Common Pleas Court at Cleveland recently ap-
Phillips in
pointed Sec. & Gen. Mgr. Robert D. Beattie receiver for the company on
application of the Guardian Savings & Trust Co., Cleveland, O., representbonds. The trustee claims that the road
ing holders of the First Mtge.
is unable to pay a judgment of .$50,000 awarded to a Mrs. Stroup for dam-
6%
ages received on July 19 1915 when her automobile was struck by one of
thecomp any's^cars-^^V. 90._p._7 71...
„„
—
—
,
Boyne City Gaylord
Alpena RR. Receivership
Matters.
The Michigan Trust Co., Grand Rapids, Mich.,
as receiver, informs the ''Ch ro nicle" as follows in substance:
—
715
majority control continues with the French under a French President.
V. 104. p. 2116, 2010.
,
fiscal year.
.
and the restoration to the company of all its property and affairs
upon the consummation of the reorganization and the consequent dissolution of all receiverships in America and England, and without foreclosure.
To conserve all interests, a joint committee, composed of representatives
of each series of bonds is established, with adequate powers and with the
right of nominating a majority of the directors of the company with diminishing number as interest is resumed successively from the income basis
to the fixed basis.
The equity of stockholders is preserved b}^ their uniting
with bondholders and creditors in carrying out the reorganization. The
S. Commission has approved the establishment
this company's lines in the Nashua District. The
Boise (Idaho) Ry.
—
•
prises,
The New Hampshire P.
This company
.
THE CHRONICLE
18 1917.]
Securily.
•
Connecticut Company. Fare Increase Sustained.
Judge Gager in the Superior Court of New Haven (Conn.) County has
dissolved an injunction restraining the company from discontinuing the
sale of tickets at six for 2.5c. or 25 for $1 in Waterbury, Conn, until after
an investigati on_andjlecjsjonj3y_the_P ._U. Connnission. V. 1 04, P|. 1263
•
Cuba Railroad Co.
Whigham
— Dividend
—
Delayed.
—Pres.
W.
G.
letter to shareholders on July 25 1917, says:
For several years past it has been customary for the directors, when the
earnings of the company for the year are determined to declare a dividend
This year, on account of the temporary
on the prof, stock payable Aug. 1
severing of communications with several portions of the system, and other
complications arising from the recent political disturbances in the island it
will take longer than usual to close the books of the company and to determine results of the financial year, and the directors must, therefore, postpone for a few weeks the taking of any action with respect to the dividend
which ordinarily would have been payable on Aug. 1. V. 103, p. 938.
4
in
a
,
.
,
—
We
7%
;
—
&
Sioux" City RR-'—PayrnenTof Bonds.
1
are advised that the $2,800,000 Iowa Falls & Sioux City First Mtge.
~*I)ubUQUe
bonds, due Oct.
1
1917,^ will
be paid offat maturity .^;-V. 89, p
Gary*& Interurban RR.
— Foreclosure
—
.
j
470_.
-1
Sales.
;)
The Master's notice of foreclosure sale announces that the several divisions will be sold at public auction at Crown Point. Ind.. on Sept. 18, and
The bids received
will again be offered at La Porte, Ind., on Sept. 19.
on the latter date will bo accepted if higher than those received on Sept .18.
stated
the
Master as follows:
divisions
are
by
several
of
the
prices
upset
The
Gary Connecting Ry.. $.50,000; Goshen South Bend & Chicago, $60,000;
Valparaiso & Northern. $40,000; Gary & Interurban. $200,000. V. 104,
'
—
p. 1701.
Georgia Ry.
&
Co.— Temporary
Po'wer
Loan.
—-The
6%
collateral gold notes, by means of which the
$2,-500,000
company has arranged to finance the construction program
outlined last week (p. 606), will mature Feb. 1 1920 and \\ill
be secured when and as issued by deposit of $3,334,000
Ref. Mtge. 5s of 1914.
First
Notes dated Aug. 1 1917 and due Feb. 1 1920, but .subject to call on or
after Aug. 1 1918 in amounts not less than $500,000 at par and int.
DeInterest payable F. & A. at office of Drexel & Co., Philadelphia.
nom. $1,000. Free of any tax other than inheritance tax, which the company may be required to withhold. The issuance of notes is subject to
the approval of the RR. Commission of Georgia; a hearing on the matter
was to be held Aug 14 .—V 1 05 p 606
&
Grand Rapids & Indiana Ry. — Death
.
The death
of Pres. J.
.
,
.
H. P. Hughart
Great Northern Ry.
— Notes
i.s
announced.
All Sold.
President.
—
of
V. 105, p. 69.
—
—
5%
offering of this company's $20,000,000 Collateral Trust 3-year
notes by the First National Bank, N. Y., at 98 and int., we learn, was so
largely oversubscribed that allotments had to be made on the basis of 30%
Compare V. 105, p. 606.
of the applications.
The
THE CHRONICLE
7iG
—
—
Central RR. Payment of Bonds.
& Sioux City above. — V. 105, p. 389, 73.
Interstate Railways, Philadelphia.
Agreement.
Illinois
Soo Oubuiiuo
—
—
"J'hiladelpliia New.s Bureau" on Aug. 2 say.s: "A decree has been
Plea.s No. 2 favorinR the plea of the United
filed in Court of
Transportation Co. that the tripartite agreement of Dec. 20 1902
&
Power
be declared terminated. The bill was filed more than six years ago and
was a part of the reorganization or refinancing of Inter.stato Kailways Co.
The rehabilitation of the company was accomplished by the issue of pref.
stock, so the bill was not pressed to a conclusion at that time.
It is felt
that a more flexible tripartite agreement would prevent a recurrence of the
difficulties encountered by Interstate Kailways in 1908 and 1909.
For this
reason judicial finding that the agreement had been violated and was
''
The
Common
therefore void was sought.
"It is now proposed to enact another tripartite agreement whereby the
same securities which are now in the hands of the trustees be again deposited
as security for United Kailways 4s and Interstate Kailways 4s, with, however, more flexibility and with the right to substitute other securities i.ssued
by the companies for those deposited. It is not the purpose to impair the
value of the security, but to prevent a recurrence of past difficulties." See
also V. 103, p. 2238.— V. 104, p. 952.
i
—
3
—
Payment of Bonds.
Falls & Sioux City RR.
Dubuque & Sioux City above. V. 44, p. 439.
Iowa Ry. & Light Co., Cedar Rapids, la. Affil. Co.
Towa
—
below. — V.
See
See Nebraska Eioctric Co.
City Railways. —
—
Injunction. —
103. p. 1.508.TPS
-
—
& Hudson
"^Lehigh
River
(glij
" '^
Lehigh & New England RR.—New Stock.—
We are advised that §300,000 of the additional stock, the issue of which
Lehigh Power Securities Corp.
—
amount
—
Voting Trustees.
announced, will be voting trustees for this company's
stock: Irving W. Bonbright, Bonbright & Co., Inc.. George H Frazier,
Brown Bros. & Co., S. Z. Mitchell, Pres. Electric Bond & Share Co.,
Lewis E. Pierson, Chairman of the Board of Irving National Bank, N. Y.,
S. D. Warriner, Pres. Lehitih Coal & Navigation Co., G. M. Dahl, VicePres. Chase Nat. Bank, N. Y., Alexander J. Hemphill. Chairman Guaranty
Trust Co., N. Y., Thomas Newhall, Edw. B. Smith & Co.. Daniel E.
Pomeroy. Vice-Pres. Bankers Trust Co., N. Y., and William West, Henry
& West. Philadelphia.
The
following,
it is
Mortgage Closed— Option—Alliance —
&
—
Valley RR. — Decision. —
—Old
Cost-
See Lehigh Coal
~Lehigh
Navigation below.
Contract.
—
Swayze in the New Jersey Supreme Court at Trenton on Aug. 14
an opinion denying a motion to quash the indictment found against the
company and others charging manslaughter as an outcome of the
Black Tom terminal disaster of last year, when large quantities of munitions
Justice
London & Suburban Traction
Co.
A London
pay an
—No Dividend. —
financial paper reports that this company does not propose to
interim dividend on the pref. shares for the half-year toJune301917.
Long Island RR.
— Mileage
Rate.—
This company has informed the P. S. Commis.sion for the First District
of N. Y. that in view of a decision of the Second District Commission in
March last the company will continue to charge 2'f c. per mile for its mileage
books and that if the JFirst District Commission issues an order requiring
a different rate on that portion of the road within its jurisdiction "the
courts will have to nass on the jurisdictional question."
The Public Service Commission has dismissed the appUcation of the company to increase its fare from 5 to 10 cents between Flatbush Ave. and
Railroad Ave. stations, Brooklyn, and between Flatbush Ave, and East
New Yor k stations, Brooklyn. V. 105, p. 389, 290.
—
Los Angeles
The
& San
Diego Beach Ry.
RR. Commission has
— Fares Raised. —
company to Increase
prices of its monthly commutation tickets and abolish family commutation
tickets, and also to withdraw a number of trains.
V. 101, p. 1553.
Calif.
authorized this
—
—
—
Midde West
Utilities Co.
Purchase.
Samuel Insull and associates have purchased from John I. Beggs a controlling interest in the Wisconsin Power, Heat & Light Co. It is also understood that the Middle West Utilities Co. has purchased all of thestockof
the Southern Illi nois Ry. & Power Co. (whicii see)— V. Jj5, p. 607, 498.
Missouri Kansas
Texas Ry. Sub. Co. Committee.—
See Wichita Falls ct Northwestern Ry. below.— V. 105, p. 389, 73.
—
&
—
Missouri Pacific RR.— Syndicate Closed.
The syndicate of bankers which in Aug. 191 6 underwrote the !S46,000,000
cash requirements of the reorganization of this company has been closed
and checks have been mailed to the syndicate members by Kuhn, Loeb &
Co., reorganization managers. It is .said the subscribers to the syndicate
realized a profit of about 3% and were liable for more than a year for the
ca.sh requirement!^ o_f_ the plan
V. 105,_^^;^498, 3_8 9.
.
—
—
—
National Rys. of Mexico. Deposits of Bonds and Notes
Committee.
The committee named below at the request of
holders of large amounts of the bonds and a majority of the
notes, having agreed to serve as a committee for the protection of bondholders' interests, ask deposits of the same with
Glyn, Mills, Currie & Co., London.
—
Committee: Laurence Currie (Chairman), Robert Ben.son, George
Robert Fleming, George Ernest May and Frank Cyril Tiarks.
Holders of the below-named securities are invited to deposit their se-
Collis,
bankers, with Glyn, Mills,
Co., 67 Lombard St., London, E. C, where the deposit agreement can be inspected.
Securities to Be Deposited with Glvn, Mills, Currie t^ Co., London.
3-months 6% Sec. notes, 1914 (exPrior Lien 4 J^% bonds, 1957;
curities,
Currie
&
either personally or through their
tended to 1915.)
Gtd. Gen. Mtge. 4s, 1977.
Pr. L'n4Hs, Nat. RR. of Mex.,1926.
2- Year 6% Secured notes, 1915.
1st Consol. 4s, Nat. RR.ofMex., 51.
3-Year 6% Secured notes, 1917.
6% Secured Notes, Ser. "B," 1917. 414% Pr. L. bonds Mex. Int.RR.. 47
6% Secured Note s, Ser. "C," 1917. 1st Consol. M. 4s, Mex. Int. RR., 77
Extracts from Circular Dated ..'uly 30. Addressed to Holders of the
Above=Named Issues.
,
,
In the report of the National Rys. Co. of Mexico for the year ended
June 30 1916, appears the following statement: "All parties mterested
the large sums invested in the railway enterprises of the country will know
that even if the present situation is deplorable, a continued improvement
is taking place, which may in the near future re-established completely a
m
normal and remunerative service."
Holders of large amounts of the above securities, including a majority
of the notes issued in London, are of opinion that, whether such stat_ement
will prove correct or not, the time has come for the deposit of bonds and
notes with a representative committee, with a view to safeguarding the
interests of all holders.
The mortgages and trust agreements relating to
the bonds and notes render action by an individual holder difficult: united
action is therefore essential through a committee supported by the bond and
.
note holders.]
jfjfl
New port News & Hampton
company has
Gas
Ry.,
&
Elec. Co.
—
an application with the State Corporation Commission at Richmond, Va., to increa.se the authorized capital stock from
.?2, 375, 000 (.$1,250,000 6% cum. pref., with SI. 000, 000 outstanding), and
Tiiis
$1,125,000
common,
filed
all
out, to $4,000,000.
— V.
104, p. 2452.
New York Central RR. — Passenger Tariffs— Gtd.
Bonds.
This company has withdrawn the pa.ssenger tariff filed with the P. S.
Comniis.sion on July 31 1917, which showed marked increases in rates between N. Y. City and other points in New York State. The withdrawal
of the proposed increases has the effect of leaving present rates in force.
See Boston & Albany RR. above. V. 105, p. 607, 499.
&
Hartford
RR.— Time
Extension Sought.—
Trustees appointed under the dissolution decree of Oct. 17 1914 have
entered a petition in the court for a further extension of time within which
they may dispose of certain holdings of stock according to the decree. The
trustees state that present financial conditions make it impossible to sell
V. 104, p. 2343.
the stock without unreasonable sacrifice.
—
Norfolk Southern RR.
Wo
— Payment
of Bonds.
—
Mtge. 6%
—
are advised that the $176,000 Raleigh & Southport Gen.
bonds, due Oct. 1 1917, will be paid off at maturity
—
—
—
Bond Guaranty Old Bonds Refunded Offering.
& North Carolina RR. above. —V. 104, p. 2445.
Oakland Antioch & Eastern Ry. Discontinuance
—
of
Operation of Branch Line. A California paper says in subst.:
The Calif. RR. Commis.sion has authorized this company to discontinue
the operation of the line of the Sacramento Valley Electric RR from Dixon
Junction to Dixon, 11.8 miles. The company has been operating this line
The stateas a branch line since Jan. 1 1915, under a verbal agreement.
ment filed with the Commission shows that during the calendar year 1915
the branch line was operated at a net loss of $9,423, and for 1916 at a net
loss of $9,358, while the loss for the five months ending May 31 1917 is
reported at $3,839, including no allowance for taxes or depreciation.
V. 104, p. 2235.
— Subsidiary Company Plan. —
Ry.
—
Pennsylvania RR. — Subsidiary Company Plan. —"^^P'^
Ry.
—
Wayne &
Pine Bluff Sheridan & Southern Ry.— SoW. —
i
from
company's
Pennsylvania Co.
See Pittsburgh Fort
Wayne
&! Chicago
Chicago
See Pittsburgh Fort
below.
below.
V. 105, p. 290, 181.
V. 105. p. 290, 181.
'-
•
extending
Sheridan, Ark., to Saline River,
Ark., 14 miles, was purchased at receiver's sale by J. F. Mclntyre & Sons,
of Pine Bluff, who, it is said, ^vill ust^it in_connection with their lumber mill.
railroad
p. 181.'*^
104. p. 1489.
This
V. 105, p._498.
filed
exploded.— V. 105,
— V.
See Atlantic
We are advised that this company's .'$164,000 2d Mtge. bonds, due
July 1 1917, were paid off at maturity.
No new securities were issued.
V. 101, p. 2225.
total
and Robert Fleming.
Steps have been taken to arrange for the bankers associated with the
'.ssues of the above securities in the United States of America, France.
Holland and Switzerland, to co-operate with this committee. Bond-s ai.d
notes, together with all unpaid coupons, must be deposited between the
hours of 10 and 2 (Saturdays excepted), either personally or by a London
agent or banker, and must be left at least seven clear days for examination.
—
Paid. —
was recently affirmed, is now being issued, making the
outstanding. SG.IjOO 4)00.— V. 10 5. p. 181, 73._;_'
The Mexican Central Ry. Securities Co. .Ltd., owns (subject to the charge
thereon in favor of the trustees for its debenture holders) .822,762,200 Prior
Lien 4'A7c bonds and .S12,329,.525 General Mortgage 4% bonds of thelNatThe directors of that company have agreed to
lonal Rys. of Mexico.
co-operate and will bo represented on the committee by Laurence Currie
N. Y. N. H.
Strike
Kansas
This company on Aug. 14 obtained in the Federal Court at Kansas City
a restraining order forbidding the striking employees from interfering with
the operation of cars and the officials from taking any court action that
would hamper the company in operating its lines both in Missoiiri and
Kansas. The action followed a move by a joint committee of aldermen
The strike
to have a State receiver appointed for the railways company.
began Aug. 7 and is focused on rocosnition of the union and the demand
that all men employed shall join the union. V. 104, p. 1145.
Ry. — Bonds
[Vol. 105
.
line,
& Chicago Ry^Capital Read— Neiv Stock Wayne
Be Available for Additions, &c. — Ap-
Pittsburgh Fort
justment
to
—
Fund. The aggregate capital stock outstanding at the present time is $72,150,586, including .$19,714,286 of "Original Capital stock" and $524,436,300 "Guaranteed Special stock." An official circular says:
"It is proposed, in order to pro^dde for the future requirements and expansion of the company, that the authorized
issue shall be increased to $100,000,000, which would permit
of the issuance from time to time of additional "Guaranteed
plication of Surplus
Special stock" to the amount of $27,849,414; and in order
to more clearly define the relation between the two issues
of stock, it is further proposed that the "Original Capital
stock" shall hereafter be denominated and known as "Preferred stock," and the "Guaranteed Special stock" as "Common stock," the "Preferred stock" to continue to have the
sole benefit of the dividend fund of $1,380,000 belowreferred
to, and the "Common stock" to be entitled to dividends payable by the lessee of
per annum, or at such other rate as
may tie agreed upon for future issues."
The shareholders will vote on the plan on Oct. 17.
Further Particulars from Official Circular.
The "Original Capital stock" represents stock which had been issued by
the company prior to the lease to the Pennsylvania RR. Co.; the "Guaranteed Special stock" has been issued to the lessee since the date of the
lease, pursuant to the terms thereof, in payment for improvements upon
and additions to the leased property made by the lessee and approved by
your company, and additional stock of this class will necessarily be issued
7%
in the future for like pxirposes.
Under the terms of the lease, the sum of $1 ,380,000, equal to 7% on the
par of the "Original Capital stock," is payable by the lessee to yotu- company annually in quarterly installments as a 7% dividend fimd for the
holders of such stock. The lessee is further required by the terms of the
lease to provide for the payment of dividends at such rate as may be agreed
upon by the parties to the lease upon all "Guaranteed Special stock" issued pursuant to the terms thereof.
The preferred and common stock are to have equal voting rights at all
meetings, .subject to the condition that no resolution either (1) creatirg
indebtedness, (2) modifying the lease to the Pennsylvania RR. Co., (3)
increasing or decreasing" the amount of preferred stock, or (4) selling any
of the company's franchises, roadbed, terminals or other property necessary and proper for the operation of its railroad system, shall be effective
or operative, unless the majority of the preferred stock voting at such meetings is cast in favor thereof.
Your company has in its treasury a surplus fund of about $1,300,000,
which your directors are of the opinion should now be distributed, and
with the consent of the lessee your board propos&s to disburse the same in
the manner following: There will first be paid thereout the costs and expenses which will be incurred in effecting the increase in the amount of the
outstanding capital stock as above outlined, and in the issuance and substitution of certificates of preferred and common stock for the certificates
of the "Original Capital stock" and "Guaranteed Special stock," which
are now outstanding, and the balance of said fund will bo paid pro rata to
the holders of preferred stock and to the holders of common stock, excepting therefrom, however, any common stock owned by the Pennsylvania
RR. Co. or by the Pennsylvania Co.
As the increase of capital stock must be approved by holders of twothirds of the outstanding stock, it is important that stockholders who do
not expect to attend and vote in person at the meeting should promptly
send their proxies to Charles Lanier of Winslow, Lanier & Co., P. O. Box
486, N. Y. City.
[Signed Charles Lanier, President, and R. M. Coleman,
Secretary and Treasurer.]
Charles Lanier, Charles A. Peabody, Lewis Cass Ledyard and Stacy C.
Richmond, as stockholders and representatives of other stockholders of
the company, announce their approval of the plan.
V. 104, p. 2011.!
—
&
Lt., Ht.
Pow. Co., Ltd.- New Treasurer.
R. A. Wilson has been appointed Treasurer to succeed'
J. Lynch.
f
V, 104, p. 560.
J
Raleigh
Southport RR. Payment of Bonds'.
See Norfolk Southern RR. above. V. 94, p. 488.
Quebec Ry.,
&
W
—
—
—
AUG. 18
.
THE CHRONICLE
1917.1
—
—
Plan. Arrangements are
St. Louis & Hannibal Ry.
being made for the foreclosure sale of the property under the
decree entered May 29 1917 by the U. S. District Court for
East. Dist. of Mo., Nor. Div., preparatory to reorganization
per plaji of June 1 1917.
AU except some $5,000 or $6,000 of the bonds of both classes have been
deposited with Robert Winthrop & Co., 40 WaU St.. as depositary under
the plan. Reorganization committee, C. Ledyard Blair and Charles W.
Cox. The plan shows:
Present Capitalization.
462 ,000
Capital stock outstanding
,
Income Account June 30 Years (Deductions include bond
1915-16.
1914-15.
1913-14.
int..
1912-13.
$39,100).
1911-12.
$242,431 $238,072 $244,684 $236,720 8245,264
31,9.30
23,579
30,182
27,351
24,265
30,182
33,373
30,093
27,762
27,400
67,961
66,093
68,855
67,884
70,010
Gross earnings
Net earnings
Total net income
Alldeductions
Deficit for year
Capitalization Ac, of
$38,762 $42,248 .$40,484 $.37,779
Be Formed under Laws of Missouri.
Common stock
$370 ,000
Pref. stock 5^^ non-cum. voting, participating equally with com.
in any year that 5% is paid on each class of stock
250,000
Floating debt, about
12.000
'~p
The 7 mortgage is being foreclosed and it is intended further, if possible,
to cancel and discharge also the 5% mortgage.
To carry out the reorganization, not over $20,000 cash is needed, and
in so far as other funds shall not be sufficient therefor, the same will be
met by a charge on bonds of both classes, deposited under agreement of
June 1 1916. Holders of 5% (deposited) bonds will receive in exchange
$1,000 pref. stock for each .$1,000 bond, upon payment of aforesaid charge.
Holders of 7% (deposited) bonds with unpaid coupons attached will receive
in exchange, upon pajTnent of aforesaid charge, $1,000 new common stock
for each $1,000 bond.— V. 46, p. 413; V. 42, p.366.
.
$32,720
New Company
to
—
—
Income Interest. The
St. Louis-San Francisco Ry.
directors on Aug. 16 declared, payable Oct. 1, the full
(semi-annual) interest on the $38,718,700 Adjustment
bonds, and one year's interest (6%) on the $35,192,000 In-
come Mortgage bonds.
3%
6%
—New Members. —
Board and Executive Committee Enlarged
The number
of directors having been increased from 15 to 17, and the
executive committee from 7 to 9, J. W. Kendrick and Frederick N. Ecker
were elected additional directors, and Mr. Kendrick was elected a member
of the executive committee. At the same meeting, James Speyer tendered
his resignation, and in his place his partner, Jesse Hirschman, was elected
a director and member of the executive committee.
—
—
Additional Prior Lien Bonds Immediate Sale Unlikely.
The Missouri P. S. Commission has approved the proposition to issue
$6,440,000 additional Prior Lien bonds ($4,578,000 on account of expenditures for improvements, and $1,862,000 for refunding), but no immediate
sale is stated to be likely, owing to the condition of the bond market.
V. 105, p. 383. 73.
United Rys. Investment Co.
— Abandoned. —
San Francisco-Oakland Terminal Rys. — President. —
G.
G. K.
— been
—
Savannah & Atlanta Ry. — New
&
Eastern Ry.
V. 105, p. 73.
"Weeks, resigned.
Officers.
Gannon has been
Hunter, who has been made a
Frank
elected President to succeed John Heard
Vice-President. Mr. Gannon was General
Superintendent of the Bait. & Ohio RR. for eleven years, Vice-Pres. of the
Southern Ry. for six years. President of the Atlanta & North Carolina RR.
for two years, during which he constructed the connecting link between
that railroad and the Norfolk Southern and he was then President of the
S.
,
Norfolk Southern for two years
Statement made by Pres. Frank S. Qannon in Savannah Aug. 8.
The Savannah & Atlanta Ry. is a property with a great future. I am
convinced. It traverses a spelndid territory and is bound to become one
of the most valuable railroad properties in this section. We propose to
improve it and bring it up to a high standard. At the present time, with
the high prices of materials and uncertainty of delivery we cannot do the
tilings we would like to do.
We will have to be patient.
It is not our purpose to seek to induce business through our splendid
railroad connections until we have brought the railroad to a high standard.
With our present facilities we are assured of enough business to keep us
busy and we propose to give our attention to that. The industries already
along our line and those contemplated promise to keep our rolling stock
steadily engaged.
I might add that we expect a wonderful development
in agriculture and industry along our line in the next few years.
We have
a big proposition in the Port Wentworth development, but the enterprises
we have there now are only the beginning I feel ccif ident V. 105,p. 1 8 1 73
Ry. —
,
Seattle
Renton & Southern
.
—
,
Receivers Dismissed.
Judge A. W. Frater in the Superior Court at Seattle, Wash., recently
signed an order dismissing the receivers, Scott Calhoun and Joseph Parker.
See V. 102, p. 2343.
Southern
Illinois
Ry.
& Power
Co.
— Status.—
This company, whose entire capital stock is understood to have been
acquired by the Middle West Utilities Co., has outstanding $740,000 First
Mortgage 5s, dated 1912 and due Oct. 1 1942. Interest payable A. & O.
at the Port Dearborn Trust & Sav. Bank, Chicago.
t)enom. $500, &c.,
subject to call as a whole or in part on any interest date at 105 and interast!
Capital stock auth. and outstanding, $1,600,000; par, $100, of which
$1,300,000 is conamon and $300,000 is pref. stock. The officers arePres., Marshall E. Sampsell; Sec, C. F. Richardson; Treas., C. E. Cripe
Harrisburg, 111. See Middle West Utilities Co. above.
—
—
Tonopah & Goldfield RR, Bond.^ Paid Off.
We are advised that this company's .5200,000 First Mtge. 6%
gold bonds,
off at maturity from current funds, at the office
Trust Co., Philadelphia. V. 104, p. 164.
due July 2 1917, were paid
—
London. — Sub. Div. —
See London Suburban Traction Co. above. — V. 105, p. 608, 390.
of the
Land
Title
&
Underground
Electric
Rys
of
—
United Rys. Co. of
St. Louis.
Committee for General
Gold Bonds. The below named committee having
no interest in any other of the company's securities urges
holders of the general mtge.
gold bonds ($32,231,000
outstanding) to notify the St. Louis Union Trust Co. of St.
Louis of their address and number of bonds owned in order
that the committee may keep them informed of the situation
as it may develop. See also advertising pages.
The committee sa.vs: A number of conferences have been held recently
Mtge.
—
4%
4%
for the purpose of adjusting a long .standing controversy between the city
of St. Louis and the company over the mill tax, extension of franchise, &c.
The result will probably mean a readjustment of the company's capitalization.
As no definite plan has been agreed upon between the city and tlie
company, this committee docs not consider it necessary to liave bonds
deposited at this time.
Committee. N. A. McMillan, Chairman (Pres. St. Louis Union Bank
Chan-man St. Louis Union Trust Co.); Edwin G. Merrill (Pres. Union
—
Paid.
—
—
Sub. Co. Acquisition.
& San Fran. Pow. Co.
See Sierra
in last
week's
'
Chron." T.104, p. 2012.
Western Maryland Ry.— ro'Foie on Authorizing MortAt the regular annual meeting of the shareholders to
gage.
—
17, stockholders will be asked to vote on the
authorization of the $150,000,000 mortgage to be created in
accordance with the refinancing plan of Oct. 27 1916 (details
of which appear in V. 103, p. 1700).
No arrangements are
proposed at the present time for the placing of any of these
bonds, the present action being merely the authorization
thereof, as previously contemplated.
The shareholders will also vote Oct. 17 on a propo.sition "to authorize
and approve the acquisition by this company of all the properties now owned
by Western Maryland RR. Terminal Co. and Baltimore Fidelity Warehouse Co., and subject the same to the above-mentioned mortgage of this
company as a lien thereon, subject only to existing mortgages or liens upon
be held Oct.
certain portions of said properties.
aforesaid plan.
Coal Merger.
See Davis Coal
This, too,
is in
accordance -with the
—
& Coke
Co. under "Industrials" below.
— V. 104, p. 2225«
Falls & Northwestern Ry. — Deposits Requested
—Wichita
Committee. —This company having been placed m the
hands of a receiver and interest on the First Mtge. 5% bonds
(due 1939) due July 1 not having been paid, the below named
upon request of the holders of a large number of said bonds
have agreed to act as a protective committee.
_„___
Bondholders are requested to deposit their bonds with the unpaid July
coupons and all subsequent coupons attached with the Bankers Trust Co.,
the depositary, N. Y., or with the Wisconsin Trust Co., agent of the de-
positary.
—
Oscar L. Gubelman, Chairman (Knauth, Nachod & Kuhne,
Committee.
120 Broadway, N. Y.); Oliver C. Fuller (Pres. Wisconsin Trust Co., Milwaukee) Henry W. George (Asst. Treas. Metropolitan Life Insurance Co.,
,
N. Y.), Austin McLanahan (Alexander Brown & Sons, Baltimore), David
Forgan (Pres. Nat. City Bank, Chicago), F. W. Seymour, Secretary,
120 Broadway, N. Y.; Carter, Ledyard & Milburn, counsel. V. 105, p. 73.
Jl.
Wisconsin Interurban Ry.
—New
—
Mortgage.
—
This company has filed a trust deed to the Chicago Title & Trust Co.,
Chicago, as trustee, securing an issue of $9,000,000 bonds. The Wisconsin RR. Commission has authorized the first instalment amounting to
$600,000. It is said that construction work is expected to be resumed
shortly.—V. 105, p. 182.
INDUSTRIAL AND MISCELLANEOUS.
95, p. 680.
elected President pro tern., replacing
Miller has
C. O,
— V.
— Notes
This company on Aug. 15 paid off the last $100,000 of its 6% Serial
Notes of 19(58. With this payment it has retired out of earnings all of the
$3,500,000 notes issued, to provide the United Railroads of San Francisco with money for rehabilitation following the San Francisco earthquake and fire. This, it is pointed out, will mean that the company is
relieved of paying $400,000 annually for retirement of notes, a sum equal
to 2)4% on preferred stock of the Investment Go.
Sacramento Valley Electric RR.
See Oakland Antioch
717
Trust Co., N. Y.), Edward Mallinckrodt (Pres. Mallinckrodt Chemical
Works, St. Louis), J. Ilerndon Smith (Smith, Moore & Co., St. Louis),
M. Kotany (St. Louis). Compare V. 105, p. 390, 291.
M. 7%
bonds of 1886, due Jan. 1 19.S6, covering the line from
$380,000
Hannibal to Gilmore. Mo., 81H miles
731,500
Int. due thereon Jan. 1 lS90toJan. 1 1917, in default, about
First Mtere Purch. Money 5s of 1893. due 1933, issued in payment for former St. Louis Hannibal & Kansas City Ry. and
coverins; the line from Hannibal to Oakwood 2.8 miles, and
250,000
branch Perry to Ralls Junction, Mo., 17.8 miles
12,000
Floating debt, about
1st
—
—
.
Air Reduction Co., N. Y.
— Reported Plans
Still
Indefinite.
Secretary M. W. Randall, on Aug. 15, when a.sked to pass on a published
statement regarding pending financial plans purporting to affect the company, said: "The matter is as yet too indefinite for me to be able to confirm
or correct this article."
—
Compare UnionXarbide Co. below. V. 105, p. 608.
Alabama Water Co.-— Three-Year Notes Offered. Liggett
& Drexel, N. Y., Boston and Buffalo, are offering at 983^ and
int., to yield 6.80%, by advertisement on another page,
$250,000 Three-Year 6% notes due Jan. 1 1920. Denom.
—
$ 1,000c.
Interest
Company
A
circidar shows:
payable J. & J. at Equitable Trust Co., N. Y., tnistee.
pavs the normal Federal income tax.
is
Capitalization
First Mtge.
—
6%
Authorized.
Issued.
bonds due Jan. 1932
$2,500,000 $1,000,000
250,000
250,000
Three-Year6% notes
200,000
200,000
Preferred stock, 5%
800.000
800.000
CommoQ stock
No floating debt other than the usual current operating expenses.
The Company. Supplies, without competition, the cities of Anniston,
Decatur and New Decatur, and Bessemer, Ala., and their environs, with
an aggregate population estimated at about 50,000 to 55,000.
A permanent artillery and training camp of the U.S. Army will be at
Anniston, which, it is estimated, will require 1,500,000 gallons of water
In addition, the resulting increased consumption in Anniston wUl
daily.
be almost as much. Contracts have been made for the delivery of 16 miles
of cast iron pipe and 12 miles of service pipe to construct mains and branches
of the Anniston City Water Co. pipe line to and through the camp.
Revenue Twelve Months ending June 30 1917.
$56,941
$190,162 Balance
Gross
15,000
main., &c_ 116,941 Annual note interest
taxes,
Net, after
$41,941
60,000 Balance for dividends
Annual bond interest
A full description of this company's bond issue, property, organization,
fi-anchises, &c., may be found in V. 104, p. 865.
—
1
1
1
—
/imalgamated Sugar Co., Ogden, Utah. Stock In;
This company has filed a certificate with the Comity Clerk increasing
its capital stock from $6,000,000, par $100, to $25,000,000, par $10.
Pre.ss advices from Salt Lake City say that a merger, to include a number
of sugar companies in which the Eccles estate, of Ogden, is interested, and
the formation of one of the largest sugar companies in the intermountain
West, is said to be contemplated as the result of this increase. V- 104. p.
—
""American Brake' Shoe
& Foundry
Co.
— Gun
Order.
—
This company last week was reported to have received an order from the
United States Government, involving the manufacture of 3,000 pieces of
six-inch artillery, valued, according to estimates, at upwards of .$60,000,000.
Work on a new plant at Erie, Pa., where the order will be filled, it was
The "Chronicle" learned yesterday that this
.stated, has commenced.
matter is still in the negotiation stage, details not yet being available.
-^V. 105, p. 74.
American Cyanamid Co.
— Report. —
See "Annual Report" on a preceding page.
Bonds
of
Amalgamated Phosphate
Co. {Sub. Co.) Called.
—
Fiftv-nine ($59,00Ci) Fir.st Mtge. 5% gold bonds, due Sept. 1 1926, have
te<r drawn for redemption Sept. 1 at 102 J^ and int. at Safe Deposit &
Amoimt outstanding on these bonds is $1,345,000.
Tl'^lst Co. Baltimore.
-^V. 104, p. 258. 1 (.. L_, i..
American Gas Co.
See WaukeshalGas
&
—Guaranteed
Electric Co. below.
Bonds.
—
— V. 105, p: 182.
American Hawaiian Steamship Co.
— To Defer Dividend.
Street Journal" of Aug. 15 says: "T'ne American Hawaiian
SB. Co. intends to defer its next quarterly dividend until such times as the
"The Wall
THE CHRONICLE
718
the workings of now taxes. This company has boon
particularly prosperous durlnt? the war, although three ships, the Kansan.
have been torpedoed. Since 1915 the comColumbian,
MIssourian and
pany has been paying at the rate of 10%, while In 1916 extra dividends
amounting to 190';; wen; declared.
"Of the 18 steamers of the fleet, 14 are oil burners. The advi.sability
of converting anv of those ships to Diosol power is under (consideration,
although it is not"lil<ely that the ships now out on profitable charters will be
At tho end of the war
laid ui) for a few months to install new engines.
such a step may bo taken if the ships are restored to their nigular service.
economical
operations.
of
more
question
With tho present
and it becomes a
oil-burner syslem. ships can carry fuel for 20.000 miles, with a maximum
amount of <"argo. Only two of the ships have l)0on kept in the San Francisco-Hawaiian servico to take care of sugar contracts." V. 104, p. 16.5.
company can gauge
—
&
American Hide
Leather Co.
— Stock Purchases. —
J. Stevens Ulman, I'rcs. of the F. niumenthal Co. of N. Y., and interests
representing a Richmond (Va.) banking firm, are credited with having
accumulated of late a largo block of the stock, aggregating, it is said, some
10.000 shares (.151,000,000 par value).— V. 105, p. 390.
— Notes
American Locomotive Co.
We are advised that this company's
Paid.
—
K 5%
$1,.336, 000 Series
July 1 1917, were paid off at maturity at the company's
V. 105, p. 182.
—
American Rolling
due
N. Y.
notes,
office,
—
now effected the avithorlzed capital stock has been increased from $8.000.()00
common to $20,000,000 and from $800,000 preferred to .SI ,500,000. Compare V. 105. p. 291. 74.
American Shipbuilding
June
Co., Cleveland.
— Consol. Earns.
yeas1916-17.
1915-16.
1916-17.
Net earnings
_S4,866,012 $1,643,645 General, &c., exps. $424,310
165,124 Depreciation, &c. 1,645,635
Other Income..
751,973
Preferred
dlv.
829, .500
Rate per cent..
Total income... $5, 617,944 $1,808,769
(10 H)
Special allow, for
Com. div. (7%)..
532,000
excess profits tax
Bal., surplus.. -$1,768,540
(cxt.)
x400,000
.30
191.5-16.
S3G9.305
860.068
276.500
(3H)
Profits from copper,
&c
— Earnings 6 Mos.
£816,981 (Interest
to
(net)
Mar. 31 1917.
—
£40,483
Net earnings
£783 ,898 Deductions
121 ,323
Other income
36,4(52 Preference dividends
12,266
Gross income
£820,360 Balance, surplus
646 ,288
"Deductions" included £96,323 proportion set aside for the redemption
of current terminal debentures (estimated), and £25,000 carried to reserve
1
for capital outlay. &c.
— V.
103, p. 2157.
Atlas Powder Co., Wilmington, Del. — Extra Dividend. —
An extra dividend of 3% has been declared on the common stock, in
addition to the regular quarterly 2%, both payable Sept. 10 to holders of
record Aug. 31. A Uke amount was paid Marchand June. V. 104.p.2120.
—
Bethlehem Steel Corp.
lished statement
— Financing. —The following pub-
believed to be substantially correct.
have to do some financing in the near future
may be regarded as practically certain. The company is doing an average
monthly business of over $20,000,000 and its quick assets are in the
That
this
is
company
will
neighborhood of $40,000,000. In view of the fact that much of its business
is for the Government and that payment on Government contracts is slow,
is Insufficient for the monthly turnover.
What form the financing will take is much in doubt at present. It is
thought, however, that the issuance of additional Class "B" stock, which
has been suggested, would|be unnecessary and unwise. V. 104, p. 25.54.
capital
Bon
Air Coal
&
Iron Corp.
—
—
—Edwin
Stock Offering.-
S.
Co., N. Y. & Boston, and Simons, Day & Co.,
Chicago, are offering at 80 this new corporation's pref. stock
The
(par $100) with a bonus of 25% in common stock.
property showed substantial earning power many years ago
and has just made a fresh start under a new management,
including representatives of the old Carnegie Steel Co. of
Pittsburgh. (See advertising pages.) A circular dated Aug.
9 1917 shows:
Organization.
Incorporated in 1886 in Tenn. and started operations at
that date. After the original management ceased to exist conditions forced
the compariy into the hands of a receiver in 1910. From that time little or
no development was accomplished. The new company, the Bon Air Coal
Hooley
&
—
&
Iron Corporation, has been organized after thorough investigation of the
properties by Andrew M. Moroland, formerly of the Carnegie Steel Co.
These properties, which are located near Nashville, Tenn., consist of 125.000
acres rich in hardwood and other timber and containing valuable deposits
of coal, iron ore and phosphate, with iron furnaces, coke ovens, &c.
Capitalization.
Pref. stock (par $100), $7,500,000 auth. 7'-}. cumulative
There will
after Jan. 1 1918; common stock (par .$100), $12,500,000 auth.
be no bonds or prior liens. Pref. stock to the amount of $2,500,000 and
$2,500,000 common stock will remain in the treasury. There will be issued
$5,000,000 of pref. stock and $10,000,000 of common.
Property.
There are estimated to be 43,000 acres of coal land on the
property; 82.000 acres of iron ore land at present producing an average of
350 tons per day, which will soon be greatly increased; 27 ,000 acres of virgin
hardwood timber in the iron division alone; and phosphate lands which
will be immediately developed.
Officers.
Pres.. Alex. R. Peacock (formerly Vice-Pres. and General Sales
Mgr. of Carnegie Steel Co.); Treas. & Chairman, John McE. Bowman of
N. Y. City (Pres. of companies owning hotels Biltmore, Ansonia and Manhattan); Sec. in Charge of Operations and Con.struction, Andrew M. More(^omT)are
land; V.-Press. & Gen. Mgr.. William J. Cummins. N. Y. City.
V. 81. p. 666: V.03 n.l46fi: V.94 n.pli V. 104, p. 25.'S4: V. 105. n. .'')00. 609.
—
—
—
Buda Co. (Railway
Clark & Co., Phila., are
^^
Supplies).
— Stock Offering. — E.
W.
offering at 96, to yield about 7.30%,
$1,000,000 7%, cumulative preferred stock of this company,
manufacturers of railway supplies and internal combustion
engines.
Proceeds of the sale of this stock will provide for
the company's expanding business.
Buffalo (N. Y.) Gas
Co.Sold.—
Louis Gethofer, Pres. Pittsburgh Trust Co., on July 16 last purchased
company's property at foreclosure sale for $2,360,000. See V. 105,
this
p. 391.
—
Buffalo General Electric Co. Five-Year Convertible
Debenture Bonds Offered. Lee, Higginson&Co. are offering,
at 100 and int., yielding 6%, this company's new issue of
$4,400,000 Five-Year 6% Convertible Debenture bonds,
dated Aug. 1 1917, due Aug. 1 1922. A circular shows:
Int. F. & A. in N. Y. and Buffalo in U. S. gold coin of the present standards.
Denom. $1,000, $500 and $100 c*. Convertible, at any time after
—
105
While any of these bonds are outstanding no furInterest and dividends.
ther mortgages or liens can be placed without equally securing these bonds.
The bonds are callable, as a whole, but not in part, on any int. date after
five weeks' notice; during 1920. at 103 and int.; during 1921, at 102 and
int.; and on Fob. 1 1922, at 101 and int., but if so called may nevertheless
be convcTtod if presented at least ton days before the redemption date.
Trusloi!. Bankers Trust (3o. of Buffalo. Auth. and outstanding. .$4,400,000.
Extracts from Letter of Pres. Charles R. Huntley. Buffalo, N. Y.,
Aux. 10 1917.
Incorporated Aug. 10 1892 as a consolidation
Organization and Business
and supplies all the public and commercial electric light and power in
Buffalo, N. Y., and also furnishes electric service in several adjacent cities
and towns including Lackawanna, BlaLsdoll, Kenmore. Williamsville and
Tonawanda. Also owns the entire capital stock of the Niagara Electric
Service Corp.. which latter company supi)lies the City of Niagara Falls,
N. Y. Total popiilation sorvol. about 600,000.
New Generating Unit. The company obtains a considerable part of its
power from the Niagara Falls Power Co., and in addition has a modern
80.000 h. p. steam generating station at Tonawanda, N. Y., which is about
to be (mlarged by an additional 50,000 h. p. unit in order to take care of its
Tho proceeds of these bonds will be sufficient
rapidl.v incrca.sing busine.ss.
to construct the now 50,000 h. p. unit, and in addition will cover all further
estimated construction requirements up to Jan. 1 1019.
Outstanding Capitalization as Now Constituted.
(Total Annual Int. Charge,
$80.S.480).
—
—
First Mtge.,5s, due 1939. -$2,375.000 Cataract Pow. & Conduit
Co. 1st .5s, '27 (assum)*$l. 384.000
l.stRef. .5s,dueApr. 1 1939 7,029.0001
(^onv. Debs.. 4,400.0001 Cap. stock fall one class). $5,545,700
.5- Year
* Tho Buffalo General Electric Co. has created a sinking fund to retire
6%
these bonds at maturity.
The company has no floating debt, except for current accounts payable.
Earnings of the Company, as Now Constituted.
Gross Rev. Net, Appl.tolnt Interest.
Balance.
Year ended
Dec. 31 1914
$2,578,168
$781,131
$247,429
$.533,702
600.221
Dec. 31 1915
2.849,713
912,717
312,496
785,398
Dec. 31 1916
3.3.56,952
1,226.006
440,608
June30 1917
3,700,360
1.326.712
460,932
865,780.
Net earnings for year ending June 30 1917, $1,326,712. were more than
2'!i times interest charges for that year and approximately 1 2-3 times the
$803,400 interest charges on tho entire present funded debt, which includes
this issue of $4,400,000, the proceeds of which will be used for new construction from which no revenues are yet being derived.
Continuously 5% to 7% per year since 1900; present rate, 7%
Dividends.
II. Sold for Cal. Years.
Number of Customers Jan. 1 and K.
1910.
1912.
1914.
1916.
Customers.
7,514
11,630
17.750
29.145
a39,388
K.w.h.sold 190.784.563 218,397,160 221,863.371 282,187,924b321.359.123
a July 1 1917. b June 30 1917.
Franchises in Buffalo have been stated by the
Franchises and Bates.
Rates since July 1 1913 have been esP. S. Commis.sion to be perpetual.
tablished and directed by the Commission.
V. 105. p. 500. 289.
—
—
$302,807
X Denotes special allowance for excess profits tax (est.) for past 6 mos.
The profit and loss surplus June 30 1917 before deducting $400,000
estimated allowance for excess profits tax (for late 6 mos.) was $5,547,564;
divided as follows: (1) American Shipbuilding Co.. .$3,787,052; and (2) sub,
COS., $1,760,512; viz. (a) Detroit Ship Building Co., $470,412; (b) Chicago
Ship Building Co., $23,841; (c) Superior Ship Building Co.. $17,542;
(d) Buffalo Dry Dock Co., $1,217,268; and (e) Milwaukee Dry Dock Co.,
$31,449.—V. 104, p. 2643, 1265.
Arizona Copper Co.
Vol
1
Mill Co.
Stock Increased
Change
From a New Jersey lo an Ohio Charter Effected.
In connection with the reincorporation of this company in Ohio from N.
J. and the consequent merger with the Columbus (Ohio) Iron & Steel Co
—
I
Aug. 15 1919 into common capital stock, par for par, with an adjustment of
W
.
—
—
—
—
Buffalo Mines Co., Ltd. Stock Reduced.
This company gives notice that the capital stock has been decreased
from $1,000,000 (consisting of 1,000,000 shares of $1 each) to $750,000.
or 1 .000,000 shares of 75 cts. each, and that this will be effected by returning
Payment to be made at the office of
to the stockholders 25 cts. a share.
the U. S. Mortgage & Trust Co., N. Y., or at the Toronto office of the
Imperial Trust Co. of Canada. V. 105. n. .501.
—
Cadet Hosiery Co., Phila.
—
Pref. Stock Offering.
6
—Miser
Co., Chicago, are receiving subscriptions at the rate of
$100 for one share of common stock (book value $7) and one
share of 7% cumulative sinking fund pref. (a. & d.) stock par
$100, of this company incorporated in Delaware.
Capitalization
%
Shares
Shares
Authorized. Issued.
1 ,500
1 .600
—
Cumulative preferred stock (par $100)
stock, no par value
20,000
20.000
This pref. stock is secured by net tangible assets of nearly two times its
par value, and by net liquid assets of more than .$130 per share. Dividends
assured by earnings, equalling nearly ton times dividend requirements. The
company's earnings, after allowance for preferred dividends, are at the rate
of over .$4 per share on the 20.000 shares of common stock.
$125 per share
net liquid assets must be maintained or common div. cannot be paid.
7
Common
.
Cambria Steel Co.
—Extra Dividend.—
An
extra dividend of '[]4% has been declared on the stock in addition to
the regular quarterly l}<i%, both payable Sept. 15 to holders of record
Aug. 31. A like amount was paid In June. V. 104, p. 1803.
—
Canada Steamship
Lines, Ltd.
— Debenture Payment. —
This company having purchased the assets of the Richelieu & Ontario
Navigation Co., and having assumed payment of its outstanding debentures, offers to purchase said outstanding debentures at 105 and int.
Payment will be made on presentation and delivery at the Bank of Montreal,
in London, Eng and, or in Montreal, Canada.
V. 105, p. 501.
—
— New Bonds, &c. —
— V.
U.
Rubber Co. under "Reports"
Certain-teed Products Corp. — Pref. Stock Offering.—
Canadian Consol. Rubber Co.
See
above.
S.
104, p. 2638.
William Salomon & Co. are offering a limited amount of this
company's First Pref. stock at 98 and divs. yielding 7.10%,
purchasers having the option of buying common stock at $45
per share to the extent of 25% of the amount of First Pref.
stock purchased. The bankers report:
Capitalization
First Pref. stock
Authorized.
7% cumulative (par $100)
7% cumulative (par $100)
Outstanding.
$3. .500,000
$10,000,000
5.000.000
1 ,925,000
Common stock (without par value)
.shares
100.000
60,000
Tho company has no funded debt outstanding. Regular quarterly dividends at the rate of 7% per annum are being paid on both the first and
second preferred stocks.
The second preferred stock is quoted at 87 bid, and the common has
advanced steadily during tho past six months from about $40 per share to its
present market price of about $51 per share. Tho.se quotations indicate a
market value of more than $4,600,000 for the equity junior to the first
Second Pref. stock
. . .
preferred stock.
Earnings.
For the six months ended June 30 1917, the company reports
net profits of $627,559, or over five times the amount necessary for the
di\ idends on the first pref. stock for that period.
The.se earnings are
equivalent, after allowing for first and second preferred dividends accrued,
to $7 80 per .share on the common stock for the six months' period, or at the
rate of $15 60 per share per annum.
At the above price of $45 per share
for the common stock, these earnings are at the annual rate of 34% on the
cost price of the common
For a full description of the history, growth and previous earnings of this
business, and of the charter rights of the pref. stock, including thesinking
fund provision, etc.. see previous offering V. 104. p. 954. V. 105. p. 74.
—
Chandler Motor
—
Co.^— Output. —
Press reports state the following: "Chandler Motor Co.'s sales sheets
for the month of July 1,720 cars, as compared with 1,320 cars for
July a year ago. The first seven months of this year sales were 12,451
cars as compared with 8,235 to July 31 1916.
"July was the first month in which the new $200 price increase became
effective, -—v. 105, p. 609.
show
Cleveland Akron Bag Co.
An
—Extra Dividend. —
%
extra dividend of '4 of 1
has been declared on the stock in addition
to tiie regular quarterly 1'^%, both payable Oct. 1 to holders of record
Sept. 22.~V. 104. p. 2120.
—
—
Colt's Patent Fire Arms Mfg. Co.
Govt. Order.
This company, it is currently reported, has received an order from
United States Government for 20,000 Browning machine guns. V.
p. 501, 183.
—
he
5
—
Aug. 18
),
.
THE CHBONICLE
System. — Earnings. —
1917.1
Columbia Gas
—
—
—
.
&
Electric
—6 1917.
June 30— — 12 Mos.
Mos.
1917.
1916.
to
Gross earnings
$5,707,431
Oper. exp. and taxes... 2,662,627
to
June 30
1916.
$4,730,892 $10,034,790
5,039,668
2,246,735
$8,439,402
4,297.636
719
Co, in amounts equal to 30% of their hold*
$100 of 1st pref. receiving also $22 stock of
Coke Co. and $25 stock of Monongalia Coal Lands Co. (V.
1st pref. stock of the Railway
ings. the subscriber with each
Davis Coal
&
103, p. 2157; V. 104, p. 766), thus distributing the entire outstanding stocks
of the coal cos., namely $3,960,000 and $4,500,000, respectively (as increased)
The aforesaid plan also provided for the lease to the Davis Coal
& Coke Co. for 99 years of all the railway's coal mining properties and the
transfer of the railroad's reserve coal lands to the Monongalia Coal Lands
Co., the new railway company to receive under the lease as rental 6 cts.
per ton on coal mined and to transport all the coal. The Davis C. & C.
Co. now operates 31 mines having an annual capacity of 2,500,000 tons,
and reporting for fiscal year 1915-16 an output of 2,004.000 tons and net
profits of $206,000.— V. 105. p. 392.
.
Net earnings
$3,044,804
969,448
$2,484,157
242,611
$4,995,122
1,554,440
$4,141,766
527,904
Total income
$4,014,252
Rentals and prior fixed
charges
1.731,659
$2,726,768
$6,549,562
$4,669,670
1,685,410
3,457,293
3,358.261
$1,041,358
$266,167
$3,092,269
$567,439
$1,311,409
$522,292
79,338
139,496
162,986
$2,385,334
$626,131
Other income
Balance applic. to Col.
Gas & Elec. bonds. $2,282,593
Int. on 1st M. 5s
$293,470
Int. on deb. bonds and
miscellaneous interest
65,412
Balance, surplus
V. 105, p. 610.
$1,923,711
—
Columbia Gas
&
$695,853
Electric Co.
—Ordinance
Rejected.
—
voters in Cincinnati on Aug. 14 rejected the proposed 35 -c. gas rate
ordinance by a vote of 21,897 to 12,353.
The rejection of the ordinance will not change the price of gas, but will
serve to transfer the fixing of the rate from the City Council in Cincinnati
See V. 105. p. 610.
to the State P.N. Commission.
The
—
(The)
Connecticut Light
& Power
—
Co. — Merger—
This company, in
Extensive Power Development Proposed.
which it is reported unofficially that the United Gas Improvement Co will own a majority interest has been formed
under special act of the Connecticut Legislature with $6,600,000 capital stock, aU of one class, by merger of Housa tonic
Power Co., United Electric Light & Water Co. and Seymour
Electric Light Co., with Rocl^ River Power Co.
The consoUdated company takes over existing steam and
hydro-electric generating properties and distributing systems, which in 1916 showed gross earnings of $2,881,199 and
proposes greatly to enlarge its scope of operation in the
territory served which embraces important industrial sections, by the immediate development of a hydro-electric
plant at Ste\ enson on the Housatonie River of approximately
18,000 k.w. and a steam plant at tidewater with an initial
capacity of 20,000 k.w.
Digest of Statement Issued by Sutro Bros. & Co., Bankers, 120 B'way
Under an Act passed by the General Assemlily of Connecticut at its
last session, The Rocky River Power Co., a Connecticut company owning
valuable undeveloped water power rights on the Housatonie and Rocky
Rivers, was authorized to acquire the property of the Housatonie Power
Co. This company owned and operated a hydro-electric plant at Bulls
Bridge on the Housatonie River, a steam generating plant at Waterbury,
together with transmission lines and numerous substations from which it
furnished power to various distributing and trolley companies, and also
valuable undeveloped water power rights on the Housatonie River.
The Act provided that after such acquisition, the name of the company
should be The Connecticut Light & Power Co. The company was also
authorized to purchase the properties and franchises of other corporations
authorized to do a light, heat or power business, in pursuance of the United
Electric Light & Water Co., which company supplies electricity in New
Britain, Berlin, Newington, Plainfield, Watertown, Waterbury, Cheshire,
Naugatuck, Norwalk, New Canaan, Greenwich, and various other communities in central and western Connecticut, and also the Seymour
Electric Light Co., which supplies electricity in the Town of Seymour.
The Connecticut P. U, Commission having duly approved the purchase,
after public hearing at which no opposition was offered, the transaction
was completed on Aug. 9 and the properties transferred to the Connecticut
Light & Power Co. for the sum of $6,600,000 ca.sh.
The total gross revenue of these companies for the calendar year 1916
was $2,881,199. The territory covered by the companies' franchises
includes the large manufacturing and industrial sections of the Naugatuck
Valley, and the population served is approximately 250,000.
The result of
this consolidation is to bring together three companies which were not
competing one of which was a gener.ating company and the other two
distributing companies, and it is the only company serving this territory.
The new company is now proceeding with the development of a hydroelectric plant at a site known as Stevenson on the Housatonie River, and
the total electric development at this site will be approximately 18,000
It
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