Full text of Commercial and Financial Chronicle : February 17, 1917, Vol. 104, No. 2695

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Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

S A T U R D A Y , F E B R U A R Y 17 1 9 1 7

V O L . 104
T

k

e

.

f f l i v

o

n

i t

1917.

.F o r S i x M o n t h s .

European Subscription six months (including postage).
Annual Subscription In London (including p o sta g e )....
Six Months Subscription in London (including p ostage).............
Canadian Subscription (including p o s ta g e ).....................................

$10
0
13
7

00
00
00
RO
1U
*1 11*.
$11 50

S u b sc rip tio n in c lu d e s fo llo w in g S u p p lem en ts—

B *NK AND QUOTATION (monthly)
R a il w a y E arnings (monthly)
STATE and C ity (semi-annually)

RAILWAY AND I ndustrial (3 tim es yearly)
K lectrio R a ilw ay (3 times yearly)
B ankers ’ C onvention (yearly)

T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inchspaoo (14 agate lin es).......................................
' T w o Mouths
(8 tim es)..........................
Three Months
(13 tim es)..........................
Standing Business Cards
Six Months
(2(5 tim es)..........................
T w elve Months (52 tim es)............................
CHICAGO O ffice —39 South L a Sallo Street, Telephone R andolph7396.
L ondon Office —Edwards & Sm ith, 1 Drapers’ Gardens, EL C.

*4

20
2S 0 0
29 00
60 00
87 00

W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r * ,
F ro n t, F in e an d D cp e y ste r S ts., N ew Y o r k .____________
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jaoob Seibert Jr., President and Troas.: George 8 . Dana and Arnold G. Dana,
Vloe-Prealdents; Arnold O. Dana, Seo. Addressee of all, Offloe of tne Company.
C LE AR IN G H O U SE RE TU RN S.
The following table, made up by telegraph, A c., indicates that tho totnl^bank
clearings of all the clearing houses of the United States for tho week ending to-day
have been $4,678,416,478, against S6,229,674,676 last week and $5,028,826,548
the^corrcspondlng week last year. Lincoln’s Birthday holiday In week this year.
Clearings— Returns by Telegraph.
Wee* ending Feb. 17.

1917.

1916.

New York................................... .
Chicago____________________________
Philadelphia__________________
Boston_______________________
Kansas City ........ ............. ..........
St. Louis_____________________
San Francisco_________________
Detroit...... ...................................
Pittsburgh______________ _____
Baltimore__________ __________
New Orleans__________________

$2,113,420,107
359,571,104
228,896,734
183,201,830
99,316,867
90,010,400
61,718,901
40,933,000
52,902,216
30,057,284
33,436,130

$2,652,002,550
342,908,570
246,445,520
183,374,013
69,875,675
76.110.900
60,862,404
39,769,171
50,310,281
37.225.900
22,139,809

— 20.3
+ 4.8
— 7.1
— 0.1
+ 42.1
+ 26.9
+ 6.3
+ 2.9
— 6.1
— 19.3
+ 51.0

Eloven cities, five days.
Other cities, five days___

$3,303,004,573
508,922,417

S3,787,090,919
500,403,288

— 12.8
+ 1.7

Total of all cities, five days.
All cities, one day___________

$3,811,986,990
866,429.488

$4,287,494,207
741,332,341

— 11.1
+ 10.9

Per
Cent.

$4,678,410,478 $5,028,820,548
— 7.0
Tho full details for the week covered by the above will bo given next Saturday.
.We cannot furnish them to-day, clearings being made up by tho clearing houses
at noon on Saturday, and hence In tho above tho last day of tho week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Fob. 10 follow:
IVeek ending February 10.

Clearings at1017.

1910.

Inc. or
Dec.

1915.

$

S

%

S

New York.......... 3,972,655,572 2,177,993,921
335,439,330 195,426,311
Philadelphia----72,912,130
46,007,459
Pittsburgh..........
42,994,802
41,525,344
Baltimore..........
16,334,005
12,579,855
Buffalo................
4,922,263
6,149,551
Albany................
8,748,076
10,032,040
Washington____
4,108,517
6,858,186
Rochester..........
2,933,137
Scranton............
3,607,968
2,552,723
3,911,222
Syracuse............
Reading________
1,816,996
2,206,886
Wilmington____
2,021,183
3,405,239
Wilkes-Barre___
1,026,031
1,843,312
Wheeling_______
3,077,241
1,922,409
T ren ton ............
1,950,201
3,844,187
979,870
734,701
1,487,283
1,290,250
<ireensburg------647.670
565,005
Binghamton----935,800
850,900
<Tiester............ .
1,174,936
1,163,691
Altoona-----------600,000
451,077
Lancaster--------2,110,986
1,578,654
Montclair ..........
510,937
350,640
Total Middle. 4,490.598,005 2,515,360.741
261,325,917
Boston-------------189,300,040
9,148,700
Provltlenco------9,354,6110
7,823,739
5,672,390
Hartford---------4,716,014
3,340,632
New Haven------4,000,000
•3,289,415
Springfield_____
3,391,844
3,099,145
Worcester..........
2,700,000
2,372,097
Portland........ .
1,528,375
1,640,457
Fall River..........
1,637,292
1,258,114
New Bodford - . .
1,091,301
890,543
Lowell.............. .
807,201
1,050,000
Holyoke..............
627,869
Bangor_________
800,000
Tot. Now Eng. 299,213,242 221,665,409

1914.
8

+ 82.4 1,391,810,454 1,637,299,443
+ 71.0 120,041,240 130,882^297
+ 58.3
39,476,208
42.335,887

+ 3.5

44,747,740
31,344,282
10,338,052
9,154,356
6,241,466
4,428,828
7,085,9.32
7,152,158
3,402,511
4,109,248
3,014,011
2,621,845
2,385,054
2,497,345
1,375,949
1,525,183
2,103,333
1,616,012
1,428,276
1,400,004
’ 1,990,713
1,633,19,8
2,527,519
1,909,170
839,072
+ 33.3
723,629
944,931
+ 15.3
857,543
572,044
445,741
+ 14.5
625,000
030,700
+ 10.0
529,70.3
609,679
+ 0.9
511,952
+33.0
375,200
+ .3.3,7
1,254,383
1,369,180
+ 45.6
353,022
464^321
+ 78.5 1,639,896,750 1,889,225,730
+ 38.1 136,621,441 146,717,165
— 2.3
6,845,100
8,366,000
+ 37.9
0,395,032
5,088.073
+ 41.2
2,882,302
2,985,800
+ 21.0
2,629,422
2,781,179
+ 9.4
2,529,120
2,348,757
+ 13.8
1,820,181
1,771,447
— 7.2
1,398,999
1,105,383
+ .30.1
1,035,054
1,239,302
+ 22.0
828,98G
841,145
+ 30.1
081,411
008,518
+ 27.4
380.523
370,376
+ 35.0 103,531,458 174,740,470
Note.— For Canadian clearings see “ Commercial and Miscellaneous Nows."
* Returns not available,
a Country clearings department abandoned.
+ 29.8

— 4.4
+ 14.7
+ 40.5
+ 23.0
+ 53.2
+ 21.0
+ 08.5
+ 13,3
+ 60.0
— 49.3

Chicago________
Cincinnati______
Cleveland______
Milwaukee........
Indianapolis___
Columbus______
P eoria................
Grand Rapids__
Dayton ..............
Springfield, 111..
Fort Wayne___
Youngstown___
Lexington_____
Rockford_______
Quincy................
Bloomington___
Canton...... .........
Decatur________
South Bend........
Springfield, O__
Jackson.............
Lansing________
Mansfield ..........
Jacksonville, 111.
Danville..............
Lima___________
Owensboro........
Ann Arbor........ .
Adrian........ ......
Tot.MId.Wcst.
San Francisco__
Los Angeles____
Seattle_________
Portland_______
Salt Lake C ity ..
Spokane..............
Oakland________
Sacramento........
San Diego..........
Fresno_____
Pasadena...........
Stockton . . .
San Jose..............
North Yakim a..
R e n o ___
Long Beach____
Total Pacific..
Kansas City___
Minneapolis___
Omaha................
St. Paul..............
Denver_________
St. Joseph..........
Dos Moines____
Sioux City--------Duluth.... ......... ..
Wichita.......... .
Lincoln ..............
Davenport_____
T op ek a________
Colorado Springs.
Cedar Rapids__
Pueblo................
Fargo__________
Frem ont............
Waterloo_______
Helena................
Billings__ _____
Hastings..........
Aberdeen............
Tot. Oth. West.

N O . 2695
Week ending February 10.

Clearings at—

l *

P U B L IS H E D W E E K L Y .




Electric Railway Section
State and City Section

Inc.
Dec.

1916.

S
S
449,094,246 273,688,30!
37,895,130
29.561.65C
53,567,748
33,903,65!
48,798,745
23,556,991
20,775,111
10,996,000
8,571,021
9,422,001
7,921.70C
9,855,311
3 t900|00f
4,700.00C
4,490,662
2,941.93C
3,773,40'
3,149,51:
1,523,54£
2,691,295
1,737,498
1,478,207
1,831,545
1,034,812
3,162,741
1,753,085
4,690,001
2,555,00(
1,360,058
1,030,787
1,309,375
899,795
942,418
848,905
873,875
670,880
2,268,032
2,227,661
829,458
664,84!
575,00(
575,00(
888,87(
779,265
745,052
739,92(
1,073,630
849,270
772,837
563,772
359,138
231.295
600,000
1,054,70!
G83.107
572,080
1,000,000
403,075
313,012
243,661
76,395
49,345
685,158,650 438,542,980
72,687,471
49,265,315
* 29,079,000
19,650,000
16,213,759
9,362,560
12.658,407
8,224,436
11,441,237
8,489,847
4,932,640
3,020,312
2,320,255
1,514,598
5^1821379
3,027,498
2,595,085
1,764,185
2,351,513
2,014,256
1,979,435
1,034,379
1,412,851
775,880
1,669,482
1,092,745
765,080
514,610
506,809
200,000
450,000
249,829
692,360
451,414
166,937,763 110,717,870
119,956,473
81,953,282
23,266,204
20,149,720
29,965,377
18,496,559
10,850,799
10,078,106
13,660,079
8,172,331
13,601,708
8,715,469
7,558,727
4,769,360
5,000,000
4,305,055
4,455,784
3,642,771
5,725,664
4,540,870
3,248,859
2,042,819
2,500,000
1,298,648
2,491,273
1,699,240
867,744
644,937
1,819,904
1,278,323
537,877
388,385
1,230,524
1,456,553
601,935
649,047
2,450,731
2,031,950
1,555,698
932,403
782,955
441,137
445,609
279,843
700,000
702,709
253,279,924 179,269,517

1915.

|

1914.

%
+ 64.
+ 28.2
+ 58.I

S
254,057,882
21,234,806
23,423,256

$
281,561,722
24,051,600
23,860,394

+ 13.4
+28.C
+ 18.!

20,410,048
6,889,37:
6.324.40C

18,811,145
7,201,574
7,465,700

+ 52.1
2,791,45!
3!l68!808
-f-19.1
1,618,32?
2,176,336
4-76.7
842,733
1,250,368
+ 17.C
950,OOC
929 I274
+ 77.C
1,143,152
1,050,126
+ 80.'
1,084,982
1,429,858
+ 83.6
1,231,0(X
1.546,000
+32.2
926,474
1,015,462
+ 45.6
941,706
1,016,028
+ 11.1
664,49:
783,607
+ 53.1
603,08:
556,533
+ 1.8
1,250,000
1,334,921
+25.(
413,105
379,125
+ 39.1
520,765
558,725
+ 14.(
703,659
654,166
+ 0.1
405,961
417,570
+ 26.4
380,373
451,005
+ 37.1
514,853
395,748
+ 65.4
237,603
217,599
— 43.1
483,285
455,612
+ 19.4
360,000
371,512
+ 116.0
507,295
550,133
+28.5
187,015
228,774
+ 54.8
29,238
35,544
+56.2 378,257,382 416,380,068
+ 47.5
43,089,318
45,907,569
+ 48.6
17,120,556
22,711,123
+ 73.2
10.628.54C
10,886,145
+ 53.6
9,885,164
10,749,750
+ 34.8
4,730,290
4,989.547
+ 63.0
3,012,255
3,610,188
4-53.2
+ 71.2
2,963,988
3,319,150
+ 47.1
1,701,524
1,836,987
+ 16.7
1,630,684
2,160,616
+ 91.4
850,000
822,374
+ 82.1
773,441
992,014
+ 52.8
897,495
674,209
+ 48.8
589,797
692,268
+ 95.0
269,969
340,000
+ 80.1
214,878
221,247
+ 53.4
468,559
+ 50.8 100,545,701 111,961,012
+ 46.4
71,823,400
52,181,455
+ 15.5
22,392,714
19,403,795
+ 02.0
16,815,568
10,319,343
+ 7.7
9,501,989
8,410,418
+ 67.2
7,598,530
7,330,629
+ 56.1
8,067,273
7,583,476
+ 58.5
4,233,555
4,757,742
+ 16.1
2,683,131
2,999,525
+ 22.3
3,510,654
2,755,270
+ 26.1
3,805,342
3,264,260
+22.9
2,038,364
1,912,022
+ 92.5
1,081,869
1,554,348
+ 46.4
1,391.798
1,291,237
+ 34.6
557,163
601,776
+ 42.3
1.413.9S2
1,645,469
+ 38.4
488,865
666,289
— 15.1
1,228.825
449,658
— 7.1
318,230
328,231
+ 20.6
1,529,881
1,015,320
+ 66.8
838,067
930,897
+ 77.5
318,120
384,928
+ 59.7
186,163
162,013
—0.4
416,172
393.285
+ 41.3 162,239,601 136,241,386

St. Louis............
New Orleans___
Louisville............
Houston____ _
Galveston ........
Richmond_____
A tlanta_______
Memphis______
Fort Worth____
Nashville______
Savannah _____
Norfolk ..............
Birmingham___
M obile................
Knoxville............
Charleston..........
Augusta..............
Chattanooga___
Little Rock........

121,779,713
37,064,588
26,500,000
12,500,000
5,557,234
22,522,725
21,345.933
10,441,978
11,844,014
8,783,407
4,372,660
5,178,196
2,805,713
1,279,005
1,947,515
2,499,108
1,944,466
3,257,165
3,154,387

86,690,329
23,414,447
21,726,299
9,950,484
3,825,246
14,945,512
17,127,277
7,439,262
8,110,589
7,320,927
5,721,729
4,324,921
2,650,820
1,073,528
1,949,941
1,804,970
1,646,350
2,792,833
2,307,327

+ 40.5
+ 58.3
+ 22.4
+ 25.5
+ 45.3
+ 50.7
+ 24.6
+ 40.4
+ 40.0
+ 19.9
— 23.6
+ 19.7
+ 5.8
+ 19.2
— 0.1
+ 38.0
+ 18.1
+ 16.6
+ 30.7

74,275,197
19,200,993
14,225,014
10,323,213
4,757,000
8,830,747
13,946,451
7,739,984
9,400,246
6,202,651
6,350,981
3,792,824
2,285,823
1,172,894
1,758,411
2,000,000
1,975,668
2.224,308
2,525,653

75,179,363
18,773,991
16,645,374
10,269,682
4,060,000
8,205,164
16,700,126
9,399,101
7,810,630
7,341,263
4,914,902
4,340.175
3,493,702
1,415,263
1,914,897
2,345,423
1,935,532
2,837,788
2,733,774

Oklahoma..........
Macon a ............
Austin............ ...
Vicksburg........ ..
Jackson..............
Tulsa..................
Muskogee ..........

5,755,626
1,337,416
3,200,000
316,338
662,354
5,588,917
1,386,389
11,461,639

3,681,048
3,732,522
3,500,000
313,847
625,962
2,166,965
921,782
321,076

+ 50.3
— 64.2
— 8.6
+ 2.0
+ 5.8
+ 157.9
+ 50.4
+ 37.7

2,409,934
3,591,334
6,793,515
384,045
429,152
1,170,708
751,104

2,162,473
4,616,113
5,771,253
392,355
495,514
1,870,989
989,600

Total Southern 334,487,086 248,097,993 + 34.8 208,583,850' 210,523,513
Total all.......... 6,229,674,676 3,713,654,510' +67.7 2,653,054,742 2,945,178,179
Outside N . Y. 2,257,019,104 1,535,660,589 '+ 47.0 172617238,288 1,307,878,736

[Vol. 104.

THE CHRONICLE

586
T H

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A

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C

I A

L

S I T

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N

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While the House Banking and Currency Com­
mittee has vetoed the most objectionable of the
amendments to the Federal Reserve Act proposed
by the Reserve Board, it has given its approval to
some of the Board’s propositions, and these are con­
tained in the bill which the Committee has now re­
ported to the House. The probabilities are that
these changes will be enacted into law, unless very
vigorous opposition to the same is manifested. The
most important of the amendments contained in the
bill is that dealing with the reserve requirements.
The amendment proposed by the Committee in that
regard embodies the chief of the Reserve Board’s
recommendations; it nevertheless does not embody
the whole of the proposal, but makes an important
modification in at least one respect. The Board
proposed an increase in the portion of the reserve of
the member banks that must be kept with the Re­
serve Bank of the district in which the member bank
is located. That particular recommendation is
adopted in toto by the House Banking Committee.
Instead, however, of the further recommendation
of the Reserve Board that vault or till reserves be
fixed at the uniform figure of 5% for all classes of
banks, namely country banks, banks in the Reserve
Cities, and banks in the Central Reserve Cities, the
House Committee makes no requirement whatever
as to vault reserves, but leaves it optional with the
member bank as to what reserves, if any, shall be
held in vault. The only statutory reserve, therefore,
will be the reserve which the member bank is obliged
to hold with the Reserve banks.
Here, then, are two very striking alterations pro­
posed in the country’s fundamental banking law:
(1) An increase in the amount of reserve on deposit
with the Reserve Banks; and (2) the abolition of
all requirements as to vault reserves. The wisdom
and propriety of either the one or the other of these
alterations may well be doubted, and certainly they
should not lightly be enacted into law. In our issue
of Jan. 20 we expressed ourselves quite fully on the
proposal to enlarge the portion of reserve that must
be kept with the Reserve banks. As there pointed
out, the increase would be very considerable. Banks
in the Central Reserve cities would have to keep
against their demand deposits, 13% cash with the
Reserve banks instead of 7%, banks in the ordinary
Reserve cities 10% against 6%, and the country
banks 7% against 5%. The effect altogether would
be to compel the member banks to transfer $300,­
000,000 more of their cash to the keeping of the
Reserve banks.
We can see no necessity for the step; it seems to us
it involves elements of danger instead of affording
additional strength. The Advisory Council sugges­
ted that these new percentages should-be 1% less
in each instance than proposed by the Board, saying
that 5% cash on hand or in vault could hardly be
deemed sufficient in the case of the Reserve city
banks and the Central Reserve city banks, but even
when thus cut 1% the cash balances to be kept with
the Reserve institutions would be very materially in
excess of present requirements, and we are not per­
suaded that any increase at all in the balances with
the Reserve banks over what is now required is at
all necessary. As pointed out by us in our previous
comment, where the cash is held by the member
banks themselves it must always exist in the shape of



actual cash, whereas, when in the custody of the
Reserve banks, it need not be kept intact at all, but
may be used in the making of investments, and some
of it would be sure to be used in that way, the cash
to that extent being dissipated instead of remaining
on hand. The more cash, therefore, that is trans­
ferred to the keeping of the Reserve banks, the more
cash there will bo that is in danger of disappearing.
The added $300,000,000, if made the basis of new
issues of Reserve notes, would tend to promote gold
exports instead of keeping them in check, and
should any of the added cash be used in acquiring
new investments, as is certain to be the case, the
result would be to bring about further credit inflation
instead of working to curtail credit which the Reserve
Board considers the great desideratum at present.
As for leaving the member banks free from all
statutory requirements to hold any cash on hand,
that is a very grave departure. It involves broad
considerations of public policy. The House Bank­
ing Committee in its report concerning the amend­
ments gives as a reason for the departure that the
question of how much cash reserve should be held
by each bank may well be left to the business judg­
ment and discretion of the bank itself. The Reserve
Board would not go so far as this, at least at the
present time, but would fix a statutory minimum
and would leave to the discretion and judgment of
the managers of the bank how much cash in
of this minimum should be kept in each case. Both
the Banking Committee and the Reserve Board,
however, go on the assumption that cash on hand or
till reserves are a matter of minor consequence; that
the important thing is ample reserves with the
Reserve banks—that if a bank is in need of cash it
can always get it from the reserve banks by pre­
senting paper for rediscount. The weak point in
this theory is that if the practice were generally
indulged in—if the banks availed of their privilege to
get rediscounts on any and every occasion—a basis
for new credit inflation would be laid that would
soon undermine the whole credit structure.
With no statutory requirement as to vault reserves,
the
reserve under the proposed amendment will
be less than the total legal reserves at present re­
quired, but that is an advantage which would be
availed of onlyby thepoorly managed institutions, and
these are just the banks that ought not to be endowed
with such an advantage. The percentages of the
different classes of banks are so graded in the amend­
ment as to leave a difference of just 5% to represent
vault reserve, and in present circumstances it seems
hardly conceivable that any carefully managed bank
will consider it wise to hold less Jthan 5% of cash on
hand to meet current demands. We notice that the
Advisory Council thinks that in the case of country
banks 5% cash on hand would be sufficient, but
instances could be cited where even double the 5%
would hardly be adequate. Where more than 5%
cash on hand is required the effect of the amendment
will be to
the total reserve required, and it is
in such instances, (particularlyinthe case of the coun­
try banks) that the keeping of greater cash balances
with the Reserve banks will work a special hardship.
In the last analysis the matter comes down to this:
That in the case of the soundly managed banks the
effect of the amendment will be to raise the total of
reserves, since such banks will not deem that they are
justified in keeping no more than 5% cash on hand,
while in the case of the recklessly managed banks—the
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587

very banks that must be and should be held under say that in this district the Federal Reserve Agent
legal restraint—the privilege afforded by the absence holds no less than $114,949,000 of gold coin and
of legal requirement as to cash on hand would be certificates against Federal Reserve notes issued.
abused.
Yet this individual instead of being required, in the
A better, a safer course, would be to let the clear­ event of his absence or sickness, to consign his duties
ing houses determine how much vault reserve should and responsibilities to a properly accredited deputy
be kept in addition to the portion of cash that must of equal rank and standing with himself, and ap­
be held with the Reserve banks, and make the per­ pointed in the same manner, is to be allowed to desig­
centage not less than 5% in the case of banks at nate subordinates responsible only to himself to fill
places where there are no clearing houses. In the his place.
leading cities we may suppose clearing house action
The only reason urged in support of this amend­
would follow even without requirement in the ment is, as expressed by the Reserve Board in its
statute since it is hardly conceivable, at least in annual report last week, that—
the big cities, that each bank would be allowed to
Experience has shown that there is difficulty in
pursue a go-as-you-please policy in that respect. filling the office of Deputy Federal Reserve Agent.
Clearing House volition would ensure sound con­ This officer is required to have the same qualifications
servative action in any event, and in that regard as the Federal Reserve Agent; he must have had
might be preferential to existing arrangements ex­ banking experience, and he must not be an officer,
cept for the great increase in the portion of the re­ director, or stockholder in any bank. At the same
serves required to'be held with the Reserve banks. time, he is not, as a rule, a salaried officer, and re­
There are so many objections to such increase and ceives only the customary fees paid directors for
the constant tinkering with the law is so prejudicial attendance upon meetings, and he is obliged to be
prepared to assume the duties of the Federal Reserve
to the development of the system that the best Agent in case of the absence or disability of that
course would be to drop the amendment altogether officer, which involves a transfer and audit of se­
and leave the law as it now stands, since there are curities and accounts. It is believed that the change
no substantial reasons why it should bo changed. suggested will operate to fix responsibility more
It seems idle, however, to hope for any such sensible definitely, and will give the Board more latitude in
treatment of the matter. The subject is too pro­ the selection of the Class C directors other than the
Federal Reserve Agent.
found for the Congressional lay mind and on the
specious plea that its hands ought to be strengthened
In other words, it is found hard to get men of the
the Reserve Board will probably find Congress re­ right calibre to fill the position of Deputy Reserve
sponsive to its insistent demands.
Agent and accordingly the Reserve Agent is to be
We notice that the House Committee has included given authority to provide substitutes from among
in its bill another amendment of the Reserve Board his subordinates. If these assistants are properly
and a particularly objectionable one. We have ref­ bonded, will there not have to be “an audit of se­
erence to the proposal to abolish the office of Deputy curities and accounts” when they act as Reserve
Federal Reserve Agent and to let the Reserve Agent Agent, the same as when a regularly appointed
appoint, with the approval of the Federal Reserve deputy succeeds to possession, and if they are not
Board, one or more assistants who are to be eligible properly bonded—so that they could waive the re­
to perform all his functions and duties. The pro­ quirement of an audit of securities—would there not
posed amendment reads as follows:
be an obvious menace in the proceeding? As the
“Subject to the approval of the Federal Reserve compensation of the proposed assistants is “to be
Board, the Federal Reserve Agent shall appoint one fixed and paid in the same manner as that of the
or more assistants. Such assistants, who shall be Federal Reserve Agent”—that is, is to be paid by the
persons of tested banking experience, shall assist the Reserve bank, why should there not be a full fledged
Federal Reserve Agent in the performance of his
duties and shall also have power to act in his name Deputy directly responsible to the Reserve Board?
and stead during his absence or disability. The It looks as if the effect of the amendment would be
Federal Reserve Agent may require such bonds of his to place some lucrative positions at the disposal of the
assistants as he may deem necessary for his own pro­ Reserve Agents, while leaving the interests of the
tection. Assistants to the Federal Reserve Agent banks and the Government wholly unprotected.
shall receive an annual compensation, to be fixed
The position of these “assistants” would in any
and paid in the same manner as that of the Federal
event
be an anomalous one, obligated in the first
Reserve Agent.”
instance to the Federal Reserve Agent and bound to
It will be observed that the assistants to be ap­ receive orders only from him, and yet trusted with
pointed by the Federal Reserve Agent are to “have millions upon millions of cash and securities belong­
power to act in his name and stead during his ab­ ing to the Reserve banks. Such easy shifting of
sence or disability.” It is provided that the Federal responsibility where such enormous sums are con­
Reserve Agent may require bonds of his assistants, cerned could not fail to involve serious risks and
such as
may deem necessary for his
protec­ would certainly be inexcusable. To us, the proposal
tion. llius the Federal Reserve Agent is allowed looks monstrous. If the present arrangement does
to provide himself with his own deputies—men who not work satisfactorily, the best remedy , it seems to
would owe responsibility only to him. The Federal us, would be to make the position of Deputy Reserve
Reserve Agent is in some respects the most important Agent attractive, by offering adequate compensation,
personage in the Federal Reserve system. He is and thus have a qualified, responsible and competent
charged with the emission of Federal Reserve notes, Deputy, ever ready to step into the shoes of the
he handles the collateral that must be deposited as Reserve Agent if that official for any reason had to
security for the notes, and he has the custody of the vacate his office. The “transfer and audit of securi­
money that may be deposited for their retirement. ties and accounts” would afford additional security
As indicating the extent of the financial responsi­ all around.
bility attaching to the office it is only necessary to
lie




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[Vol. 104.

statement of the release of the seamen had been re­
ceived. It has also been announced unofficially that
the German Government has modified its orders
which would have compelled retirement from Belgium
of American relief workers.
This evidence of tendency to avoid friction with
our own Government may possess greater signifi­
cance than appears on the surface. It, however, is
difficult to appreciate how the current strain can
continue much longer without the breaking point,
which will mean the declaration of hostilities, being
reached either by accident or design. To date
122 vessels have been reported sunk since the new
submarine policy was introduced on Feb. 1 by the
German authorities. These vessels approximately
represent 222,000 tons. Of the total number 69
The distribution of dividends by the Fall River vessels are British, 7 flew the flags of other belligerents,
cotton manufacturing corporations during the first 2 are Americans and 34 are on the registers of other
quarter of 1917 would seem to reflect a much more neutrals. Keen interest has especially been taken
satisfactory condition in that industry than for the in the sinking reported early in the week of the
same period a year ago, or, in fact, for some time past, American schooner Lyman M . Law by an Austrian
thus confirming reports that have been recently submarine in the Mediterranean. Full particulars
current. Not only is the amount to be paid out to have not been received, though it appears that the
shareholders very much greater than in 1916, but crew was saved. The British consul has taken
most of the mills that had been passing dividends for affidavits from the captain and the crew in which
a more or less extended interval have again resumed they say that their vessel was suddenly approached
payments to stockholders. The favorable nature of by a submarine which gave no indication of her
recent operations, moreover, is clearly indicated by nationality. They scarcely received time to save
the fact that in several instances there have been ex­ themselves before the schooner was torpedoed and
tra distributions from accumulated surpluses, these set on fire. The incident may have considerable
ranging from 1% to 3J^% and swelling the grand bearing upon our future relations with Austria
aggregate of dividends to the extent of something whose new Ambassador while he has arrived in
over $160,000. It is to be stated, furthermore, that Washington has not yet presented his credentials.
the general condition, physical and financial, of the Advices by way of Paris declare that Americans in
establishments, according to current reports, is bet­ Austria have been warned from Washington to leave
ter than for a long time. It is true, however, that that country. Thus far our State Department at
with cost of production as high as now, an element of Washington has neither confirmed nor denied the
uncertainty is injected into the problem of future statement but it is known that for some days efforts
earnings. In other words, it is a question, unless have been made to insure the safety of Americans
there be an advance in the price of products, whether there. The American Ambassador to Berlin, who
the net return from operations in succeeding quarters has now arrived in Paris on his way home, is quoted
by a press dispatch from that city as confirming
of 1917 will fully measure up to those of 1916.
Our compilation of dividends declared by the Fal the report that he was detained for nearly a week
River mills for the initial quarter of 1917 shows that in Berlin against his will after his recall. A special
of the 38 corporations included therein, 2 make no cable from Berne from the correspondent of the New
return to shareholders, 7 resumed payments as com­ York “ Times” states that he was in a position to
pared with a year ago, 24 increased the rate of dis­ make certain positive statements regarding the
tribution, and 5 adhered to the rate hitherto prevail­ closing days of Mr. Gerard’s stay in Berlin. Ger­
ing. The total amount to be paid out in the perioc man officials made strong efforts through Mr.
this year reaches $761,975 on an aggregate capitaliza­ Gerard to secure the emendation and reaffirmation
tion of $30,336,670, or an average of 2.51% , whereas of the Prussian treaty of 1799. A draft of an agree­
in 1916 the distribution was only $342,417, or an ment was presented to Mr. Gerard containing nine
average of 1.13% . In all earlier years back to anc articles ostensibly covering the specific reaffirmation
including 1910, too, the return to shareholders was of the Prussian treaty with slight emendations. One
less than now, but in 1907 and 1909 the first quarter’s of the most important of the proposed changes con­
distribution was a little in excess, having been 2.71% tained the remarkable proposition that in the event
of the outbreak of war between the contracting
and 2.70% , respectively.
parties, the ships of one lying in the ports of the
The acute strain in the relations between Wash­ other, should not only have the right to leave when
ington on the one hand, and Berlin and Vienna on they please but also should have a contract binding
the other, that has been increasing almost daily upon all enemy sea powers giving them safe conduct
this week moderated slightly yesterday when an­ to a home port. Mr. Gerard refused to take any
nouncement was made that Berlin had released action whatever.
The German Ambassador to Washington, Count
the 72 American seamen that had been made prison­
ers when the British steamer Yarrowdale was taken von Bernstorff, who recently received his passports,
into a German port as a prize. A note having been sailed for home on Wednesday on the Scandinavian
prepared by our State Department to be served im­ steamer Frederik V III. She reached Halifax yester­
mediately on the Berlin Government as a peremptory day and will be searched before being permitted
demand for freeing the Americans, it was decided to by British authorities to proceed. Accompanying
actually forward the document, since no official Count von Bernstorff were his family and a large

Gold mining results in the Transvaal for the open­
ing month of 1917, although not quite up to those for
the corresponding period of the previous year, indi­
cate a comparatively normal working of the mines,
especially when it is stated that the labor force is
somewhat less now than it was a year ago, and en­
courage expectations of virtually full production, if
not a new high record of output, for the current cal­
endar year. The yield for January, as cabled, was,
however, moderately greater than for December
1916, reaching 782,634 fine ounces, or a daily aver­
age of 25,246 fine ounces, against 787,467 fine
ounces, or a per diem of 25,402 fine ounces last
year, and 714,984 fine ounces and 23,064 fine
ounces, respectively, in 1915.




F eb .

17 1917.]

THE CHRONICLE

number of German consular officials. In addition
many passengers took advantage of the oppor­
tunity to sail on a steamer that had been granted
safe conduct by the Allies and which the Germans
had themselves such a keen incentive to protect.
Steamers under American register belonging to the
International Mercantile Marine are still being
held on this-side of the Atlantic awaiting action of
our own Government to assure them a safe passage
through the prohibited zone that has been announces
by Germany. The vessels will, it is understood,
not proceed until they either receive convoy by
American warships or are enabled to arm for defense.
A feature of the week has been a proposal made
ostensibly on behalf of Berlin by the Swiss Minister
at Washington, in whose hands German interests
have been placed, stating that Germany desired to
discuss means of preserving peace. Our State D e­
partment promptly replied that no issue could be
discussed until Germany restored the pledges, re­
cently withdrawn, and abandoned the present ruth­
less submarine warfare. The Swiss Minister’ s
memorandum to the State Department declared
distinctly that the “ Swiss Government has been
requested by the German Government to say that
the latter is now, as before, willing to negotiate,
formally or informally, with the United States pro­
vided that the commercial blockade against England
will not be broken thereby.” Germany subse­
quently disavowed responsibility for the Swiss
Minister’s action, declaring that the latter was alone
responsible for it.
Meanwhile, to all outward ap­
pearances, Germany is becoming even firmer in its
determination to push its campaign of frightfulness.
An official statement has been issued from Berlin
saying that M onday was “ the last day of grace”
allowed neutral shipping before the unrestricted sub­
marine warfare went into full effect. The latest
Berlin declaration declares that “ regard for neutrals
prompts the clearest declaration that unrestricted
war against all sea traffic in the announced barred
zones is now in full swing and under no circumstances
will be restricted.” The “ Lokal-Anzeiger” of Berlin,
on Thursday, expressed the hope that cabled reports
stating that American merchantmen wore sailing
in defiance of the submarine blockade are unfounded.
“ The plan for such sailings,” it says, “ amounts at
the bottom to nothing else than most wickedly tempt­
ing G od.” Germany has made a new loan to Turkey
of 42,500,000 Turkish pounds, according to advices
from Amsterdam, quoting a Constantinople dispatch
in the German newspapers. A bill authorizing the
acceptance of the loan was introduced in the Turkish
Senate on Tuesday.

589

out sensational features. Small actions between Kovel
and Lutsk netted the Germans 71 Russian prisoners,
and north of the Zlochoff-Zarnopol Railroad a Teuton
storming detachment burst into a Russian post and
captured the garrison of 6 officers and 275 men. Minor
operations only are reported from the Rumanian front.
In M acedonia, where Berlin reports no activity, Paris
declares the Italians have recaptured all the trenches
they recently lost and have held them against all
counter attacks. The largest steamer recently sunk
by submarine is the White Star Liner Afric of 11,999
tons gross, whose destruction was reported on Tues­
day. The Exchange Telegraph Co. reports that the
Afric was sunk by a submarine and that 17 of her
crew are missing.
In an identical note to the various neutral nations
a copy of which was delivered to Secretary of State
Lansing on M onday, the de facto Government of
Mexico urges the United States, Argentina, Brazil,
Chile, Spain, Sweden, Norway and other nations
to join with Mexico in an international agreement to
prohibit the exportation of munitions and food­
stuffs to the belligerents in Europe. The only em­
bargo which Mexico could effect would be upon
exportations of petroleum. The British oil fields
in the Tampico district are the chief source of supply
for the British fleet, and are therefore of vital interest
to Great Britain and her allies. Any effort to em­
bargo oil would be met by prompt resistance by the
British Government. In view of our position on
the Monroe Doctrine it is possible that complica­
tions may arise and the entire affair seems to suggest
a German plan either to cause a renewal of compli­
cations with Mexico from which our troops have just
been withdrawn or to force a serious controversy
with Great Britain. Thus far our own Government
has apparently taken no definite action.
Another complication has arisen in Cuba where
there has been a more or less serious uprising as a
result of a political crisis that has existed since the
Presidential elections last November. President
Menocal was at that time opposed for re-election
by Dr. Alfredo Zayas, leader of the Liberal Party.
On account of contests in the Provinces of Santa
Clara and Oriente the issue of the election is still in
doubt. A short time ago a decision of the Cuban
Supreme Court threw Santa Clara into Dr. Zayas’s
column and apparently assured his victory. This
decision was resented by followers of Menocal, who
have refused to concede victory to the Liberals and
are pinning their hopes on the new election ordered
in Oriente, which will be held at an early date.
President Menocal is proceeding energetically to
put down the uprising. He has issued a call for
volunteers for ninety days and has empowered army
officers to enlist men between the ages of 18 and 45
years. He has assured diplomats at the Cuban
capital that he has no doubt of his ability to confine
the rebellion to a small area and has expressed the
conviction that the special election in Santa Clara
will be accepted by the people as the solution of
the electoral deadlock.
Secretary Lansing on
Wednesday sent to the Cuban people a warning that
any Government that might be established by revolt
could not be recognized by the United States.

The spring drive which everybody has been ex­
pecting has not yet assumed tangible form, the mili­
tary operations of the week being comparatively
unimportant. British troops are exerting severe
pressure on the German line north of the Somme, and
the German official statement admits a withdrawal
under oiders in the region between Serre, which
the British have clearly indicated they mean to take
and the bend of the river near Peronne. The Ger­
mans began an attack in the Champagne yesterday.
The War Office announces that they captured ground
half a mile deep over a front of one and one-half miles
and took 858 prisoners. Heavy fighting took place
on Hill 185. Fighting on the eastern front from the
Press correspondents cable from London that Stock
Baltic to the Black Sea and the Aegean has been with­ Exchange estimates of the new funds (the total ex


590

THE CHRONICLE

elusive of conversions) subscribed to the new “ victory
loan” is close to £1,000,000,000 ($5,000,000,000), a
truly huge sum that it seems most likely will prove
much too enthusiastic. The subscription books
closed yesterday, the date having obviously been
extended from Feb. 12, as originally reported by
cable. The authorities will not mention figures,
particularly since one Under Secretary of State
ventured upon a forecast which the Chancellor
of the Exchequer had later to describe as fantastic
and even sensational. There seems no question,
however, that the result has been a phenomenal
one. Estimates made early in the week claimed
£600,000,000 as an outside figure.
In the
House of Commons on M onday two new votes of
credit aggregating £550,000,000 ($2,750,000,000)
were introduced, one for £200,000,000 ($1,000,000,­
000 ) to cover expenses to the end of the fiscal year,
March 31, the second for £350,000,000 ($1,750,­
0 0 0 ,000) to start the next financial year. The grant­
ing of credits, it may perhaps be explained, is the
necessary formal authority to permit the British
Exchequer to borrow by means of bonds or in what­
ever form the Treasury officials deem wise. An
evidence of the intensity of the war loan campaign
may be mentioned. During its final seven days
30,000 war savings associations worked day and night
as also did insurance corporations which are carrying
out the plan of combining life insurance with war
loan subscriptions. Great Britain's daily average
war expenditures, according to Andrew Bonar Law
(Chancellor of the Exchequer), in his speech in the
House of Commons, have now increased to $28,­
950,000 per day. There is a difficult road ahead,
the Chancellor added, but Britain would be able to
stand the financial strain longer than her enemies
and would never be forced into a disastrous peace
by lack of funds. The Chancellor explained that
the increase in war expenses was due to recent ad­
vances to Britain's allies and dominions and to the
increased cost of munitions and food. The increase
of the home production of munitions was continuing,
he added, and as a result “ we have a superiority not
only in men but in equipment.” Continuing the
Chancellor said that the total expenditures for the
war since its inception were $21,000,000,000 and that
at the end of the current year the national debt
would stand between $19,500,000,000 and $20,000,­
000 ,000. He pointed out that the total of the votes
of credit for the current financial year would be
$9,750,000,000. Average expenditure had increased
$5,000,000 daily as compared with the first 63 days
of the financial year. There also had been an in­
crease in the expenditures for the army. This, how­
ever, was only proportionate to the increase in the
number of troops, the army now being about fourteen
times as large as when the war began. In making
advances to her allies Britain had considered one
thing only— whether it would be in the general
interest. He spoke of the necessity of co-ordination
in every field and said that the conference at Rome
had resulted in a decision in regard to the policy
to be adopted toward Greece, which policy now was
being followed. Its object was to prevent the
Entente forces from being attacked from the rear
in the event of a German-Bulgarian invasion. The
Entente commanders, he added, are now satisfied
that the danger from that source is much less than
it was a few weeks ago. The Government agreed
on Monday to set aside a day for discussion in the



[Vol. 104.

House of Commons of the Irish administration as
requested by the Nationalists.
One form of creating enthusiasm in the war loan
subscription was tried on the Stock Exchange and
proved a success. This was the organization of what
was known as a “ war loan sweepstakes,” a form of
raffle for which tickets sold freely, the prizes being
war loan bonds to bearer in various amounts. The
English security markets have ruled steady during
the week, there having been a termination of the
liquidation that was recently evident for the purpose
of transferring cash to the new war loan. The reve­
nue of the United Kingdom for the week as reported
on Wednesday was £27,262,000 and the expenditure
£73,140,000. The Treasury borrowed from the
Bank of England £84,253,000, but the amount of
Treasury bills outstanding was reduced £39,488,000.
Home railroads disbursed in dividends £3,000,000
on Wednesday. Reports have been current without
definite confirmation that England proposes to
restrict imports to foodstuffs and munitions because
of the increasingly difficult transportation problem.
The Premier, David Lloyd George, however, will
make on Monday an important statement with refer­
ence to the further restriction of imports and the
encouragement of agriculture in view of the subma­
rine menace. It is intimated that, while the list
of prohibited imports will be extensive and cover
many trades, there will be no sudden reduction to the
bare necessaries of life. The prohibition will be made
at the instance of the Comptroller of Shipping, after
careful consideration of the tonnage available
and the risks to be run, and is intended to pro­
vide a margin of safety for an ample food
supply.
A movement is reported from Manchester designed
to secure relief from the conditions hampering the
export trade in cotton goods. A deputation will
shortly wait upon the Chancellor of the Exchequer
and the President of the Board of Trade. The pro­
posal is that an Order-in-Council be issued requiring
manufacturers, dyers, bleachers and finishers, after
executing Government orders, consistently to give
precedence to contracts for export over other work.
Replying in the House of Commons to criticism of
the Government’s method of requisitioning the wool
clip of the Empire, H. W. Forster, Financial Secre­
tary to the War Office, explained that the shrinkage
in the world's supply of wool had compelled the Gov­
ernment to safeguard the enormous supplies needed
for the Entente armies. He declared with emphasis
that this action was solely a war measure and without
ulterior motives. Recognizing the importance of
exporting wool in order to maintain the rates of ex­
change, Mr. Forster said that if it proved practicable
the Government would do its utmost to stimulate
exports, even at the sacrifice of some part of the wool
required for home consumption.
On the Paris Bourse irregularity and nervousness
have been the features of the week, though without
distinct selling pressure. The correspondent of the
“ Evening Post” gives some interesting details of the
approximate amount of foreign securities handed over
by French investors to the Government through the
Bank of France as a basis for foreign credit. These
securities had, lie explained, not only to be foreign,
but also negotiable in foreign markets. This is not
usual with securities issued in France, and burdened
with the French fiscal stamp. An example was the

Feb . 17 1917.]

THE CHRONICLE

591

3/4% Pennsylvania Railroad loan of $50,000,000. put an end to all importations that are not rigorously
Still, as^ French savings have long gone into foreign necessary.”
securities and often without fiscal intervention of the
French State, and as the French Treasury has tried
A dispatch from Berlin forwarded by the Reuter
to accommodate its peace exigencies to the present correspondent at Amsterdam states that Germany's
conditions of war, and furthermore as $8,000,000,­ war costs to date have reached the total of 68,000,­
000 of foreign securities had been openly placed on the 000,000 marks (nominally $17,000,000,000). That
French market, very fantastic rumors had been spread the condition on the Berlin Bourse is more or less
when this movement of pledging such securities for nominal is indicated by the absence of excitement
French credit was negotiated through the London when the submarine warfare was announced. A re­
market. But up to the present time (exact figures turning American correspondent who is accompany­
being unavailable) estimates place the amount of ing Ambassador Gerard states that at the time of his
these securities thus placed at the disposal of the departure the general financial and political temper
French Government at between $300,000,000 and of the country was confident. It is true, he said, that
$350,000,000. The moderate total of these figures remarks were frequently heard of a pessimistic na­
destroys many illusions. Perhaps American in vest- ture concerning the financial future, and the great
tors, the correspondent adds, can profit by learning strain which the accumulating interest payments
the difference thus made manifest between a foreign will make upon the economic strength after the war.
investment and an investment abroad, that is, be­ But such expressions have not influenced the Bourse.
tween securities foreign by their origin and securities He believed that a considerable number of operators
negotiable in foreign markets. The latter are ex­ were disposed to speculate for the rise upon the ex­
portable from France; the former may not be so no pectation that the submarine campaign will force the
matter what need might arise.
war to an early conclusion favorable to Germany.
Indirect taxes and monopolies in France produced
The sixth German war loan, due in March, has not
a revenue in January o f $21,800,000larger thanin the yet been announced. It is not expected that past
corresponding month last year and $7,300,000 larger records of subscriptions can be repeated, since the
than in that month in normal years. Only $9,600,­ capacity of the people to save has been diminished
000 of this increase was due to importations, the re­ so greatly by the increased cost of living. The
mainder being in consequence of recovered econ­ impression in Berlin, says the correspondent, is that
omic activity and of the new taxes voted at the the total of subscriptions will show a considerably
end of last year. The yield of the new sugar tax was smaller result than in the instance of the fifth loan.
$1,700,000. The additional tax on wines resulted in
The reports from correspondents who have left
a gain of $500,000 and on tobacco $700,000. The Germany are suggestive by their frankness of the
Cabinet on Friday last decided on the reduction in restrained conditions under which they formerly sent
the number of pages of greater newspapers in order to their news. Germany is now living under such ab­
curtail the consumption of coal and the purchase normal circumstances, one correspondent avers, that
abroad of cut paper and the raw materials required business conditions in the ordinary sense hardly ex­
for its manufacture.
ist. The language of peace,, he continues, “ fails to
The French Food Ministry has decided that be­ meet the present case. Virtually all industries are
ginning Feb. 19 maximum prices are to be fixed dominated by the war. All the energies of the men
throughout France for milk, butter and cheese. In and machines are bent on producing and distributing
the Department of the Seine, including Paris, the war materials. Within a half year, for example, the
price of milk must not exceed 10 cents for a litre great German iron industry has become almost a de­
(about a pint and three-quarters) if bought in a shop, partment of the Government. Prices, which under­
or 11 cents if delivered. The maximum prices for went a final sharp advance last autumn, were then
butter vary from $1 12 to $1 34 per kilo (roughly fixed by means of an understanding with the Govern­
two pounds), according to quality. The only cheese ment, which is now almost the sole buyer. Private
prices fixed so far are Camembert, from 13 to 26 cents customers obtain little iron and exports have been
the small box, according to quality, and Pont suspended for months. The coal trade, also, is
l'Eveque, at slightly higher prices. A report of the made subservient to war purposes as far as possible.
Agricultural Information Bureau, published in the Private consumers are compelled to meet their re­
“ Officiel Journal” on Thursday, gives the average quirements with minimum quantities in order that
condition of the 1917 winter crops as 10% below war industries and railroads may be amply supplied.
those of 1916. With 100 signifying very good, 80 In many cases schools, theatres and other public
good and 60 rather good, the averages for 1917, as institutions in Berlin are closed temporarily owing to
compared with those of 1916, are: Winter wheat, 62 the lack of coal. Other industries, such as textiles
as against 70; rye, 67 against 72; winter barley, 65 and chemicals, likewise are dominated largely by the
against 73; winter oats, 66 against 72.
war. Entire branches of these industries have been
Alexandre Ribot, Minister of Finance, yesterday shut down or restricted sharply because they do not
asked the French Chamber of Deputies to appropriate minister to the requirements of the war. Others
9,574,000,000 francs to cover the Government's which supply military needs are working to their
expenditures for the second quarter of the present utmost capacity. The machinery and electric trades
year. This was an increase of 900,000,000 francs are exceedingly active, because most of their output
over the amount of the appropriations for the first is required for war purposes. There is great activity
quarter. Referring to the growing expenditures of in the shipyards, many of which are turning out sub­
the French Government, Minister Ribot said, “ the marines.
greatest of our tasks is not to raise money at home
Americans who have reached Rotterdam from Ber­
for the growing expenditures. It is in reducing the lin state that the break between America and Ger­
loans made abroad to pay for foreign purchases. We many has caused no excitement, that Americans in
must better utilize our own forces of production and Germany are being well treated, and that no ap


592

(Vol. 104.

THE CHRONICLE

prehension need be felt for the welfare of those left
behind. While agreeing that most articles of food
were still to be had by persons with well-filled purses *
they said the poorer classes were suffering, but that
the country was not near the starvation point.
American insurance companies in Berlin have been
besieged by persons wanting to know if it was safe
for them to continue paying premiums. The repre­
sentatives, according to a Berlin dispatch, have con­
vinced them that the companies have deposited
more than enough security with the German authori­
ties to cover all German business. They explained
that even in case of war, arrangements probably
would be made for business to go on as usual. The
official press agency at Berlin announced on Thurs­
day that the Bavarian Minister of the Interior had
increased the weekly meat ration. A few days pre­
viously the ration in Berlin was increased.
The Deutsche Bank has acquired two large insti­
tutions— the Schlesische Bankverein at Breslau, with
a capital of 50,000,000 marks, and the Norddeutsche
Crevitanstaldt Bank at Konigsberg, with a cap­
ital of 24,000,000 marks. The Deutsche Bank
willraise its capital and reserve to 500,000,000
marks.
Official rates at the leading European centres have
remained at 5 % in Paris, Vienna and Copenhagen;
5 ^ % in London, Italy, Portugal and Norway; 6%
in Petrograd and 4 ^ % in Switzerland, Holland and
Spain. In London the private bank rate is now
quoted at 5 }4 % f ° r sixty and ninety day bills, against
5@ 5 3 ^ % , last week. Reports from Berlin still give
4 ^8% as the nominal private bank rate at that centre.
N o reports have been received by cable of open mar­
ket rates at other European centres, so far as we
have been able to learn. Call money in London has
not been changed from 4% % .

BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1917.
1916.
1916.
1914.
1913.
Feb. 14.
Feb. 10.
Feb. 17.
Feb. 18.
Feb. 19.
£
£
£
£
£
32,565,730 34,167,265 28,077,995 27,788,470
Circulation............ 39,450,000
Public d e p osits.... 51,923,000
51,514,369 40,316,039 17,224,530 23,539,861
Other deposits____ 145,157,000
99,156,058 117,617,623 45,057,903 37,676,348
Govern’t securities. 134,959,000
32,839,300 24,562,642 11,255,998 13,035,483
Other securities___ 44,034,000
05,152,596 101,700,537 37,142,721 37,957,246
Res’ve notes & coin. 36,140,000
40,704,002 49,828,707 32,899.463 28,373,913
Coin and bullion-.. 57,141,037
54,819,732 05,545,972 42,527,458 37,712,383
Proportion ol reserve
18.33%
27%
31.54%
62.06%
46.32%
to liabilities........
Bank rate................
5^%
5%
5%
3%
5%

In loyal performance of its compact with the other
Entente Powers, the Bank of France continues to
put new amounts of gold at the joint disposal of these
Powers. This week, according to the cablegram
from our special correspondent, it has transferred a
further sum of 101,044,275 francs to the joint pool,
making the total contribution to date 1,945,603,275
francs. In the amount of gold held in vault there
was a reduction of 95,020,875 francs, so that the net
change for the week in the total gold holdings (both
at home and abroad) was an increase of 6,023,400
francs. The total holdings of gold (at home and
abroad) now aggregate 5,134,734,400 francs. Last
year the amount held (all in vault) was 5,031,110,436
francs and in 1915 4,237,457,002 francs.
Since June 8 1916, when the item of gold held
abroad was first shown in the weekly returns of the
Bank, the amount so held has been increased from
69,182,975 francs to 1,945,603,275 francs. During
the same period the amount of gold held by the Bank
has decreased from 4,676,061,938 francs to 3,189,­
131,125 francs. Combining the two items, we have
a net gain in the grand total since June 8 1916 of
389,489,487 francs, or from 4,745,244,913 francs to
5,134,734,400 francs. In the following table we
show the changes week by week in the gold reserve
of the Bank from June 8 1916 to date :
GOLD RESERVE OF THE BANK OF FRANCE.
I n Bank
W e e k e n d in g —

F ra n cs.




T o ta l.
Fra n cs.

69,182,975 4,745,244,913
8 ......... 4,676,061,938
15
- _.4,580,401,022
170,107,636 4,750,508,658
22
4,586,811,159
170,107,636 4,756,918,795
29_.............4,492,201,097
271,055,668 4,763,256,765
July 6
____4,498,645,443
271,055,668 4,769,701,111
13
4,504,487,355 271,055,668 4,775,543,203
20
.4,509,222,283
271,055,668 4,780,277,951
27
.4,515,457,548
271,055,668 4,786,513,216
Aug. 3 - . - ....... 4,522,135,934
271,055,668 4,793,191,602
10 _______ 4,426,380,856 371,965,271 4,798,346,127
17
4,430,175,672371,965,271 4,802,140,943
4,335,172,029 472,885,788 4,808,057,817
24
31
..4,238,958,193 573,773,871 4,812,732,064
____4,243,545,828
573,773,871 4,817,319,699
Sept. 7
1 4 _______ 4,247,825,666 573,773,871 4,821,599,537
21 _______ 4,152,170,201 674,553,075 4,826,723,276
28 _______ 4,158,198,210 674,553,075 4,832,751,285
Oct. 5_______ 4,165,888,287
674,558,075 4,840,446,362
12
4,181,975,850 674,558,075 4,856,533,925
19
4 211,226,617 674,558,075 4,885,784,692
26’ ”
4,247,421,247 674,558,075 4,921,979,322
Nov. 2
4,115,807,288
876,212,957 4,992,020,245
9
4 133,179,615
876,219,957 5,009,399,572
16
3*944,965,602 1,078,038,626 5,023,004,228
23
"
3,957,016,578 1,079,072,906 5,036,089,484
30
3,764,625,496 1,280,921,624 5,045,547,120
Dec 7
3,669,587,329 1,385,185,949 5,054,773,278
14
3,680,827,770 1,385,185,949 5,066,013,719
21
..3,483,945,385 1,592,680,318 5,076,625,703
28
-..3,382,826,828 1,693,087,732 5,075,914,560
Jan
4
--3 ,3 9 2 ,6 9 4 ,2 9 6 1,693,088,532 5,085,782,828
11
.3,405,929,855 1,693,088,532 5,099,018,387
18 _______3,316,125,506 1,794,122,312 5,110,247,818
25
3,326,901,3841,794,122,812 5,121,024,196
Feb. 1
3,336,006,050 1,795,157,100 5,131,163,150
8
3,284,152,000 1,844,559,000 5,128,711,000
15 '
. 3,189,131,125 1,945,603,275 5,134,734,400
_

_

June

The Bank of England in its weekly statement
announced an additional gain in its gold item of
£216,623. Notes in circulation decreased £85,000;
therefore, the total reserve was increased £301,000.
The proportion of reserve to liabilities, in contrast
with the sharp drop of the previous week, was ad­
vanced to 18.33%, against 13.34% a week ago. At
this date last year it was 27.01%. Public deposits
this week increased £9,661,000. Other deposits,
however, registered the unusually heavy reduction of
£81,313,000 (obviously connected with the sub­
scriptions to the war loan) and Government securities
of £77,437,000. Loans (other securities) were in­
creased £5,455,000. The English bank's gold hold­
ings now stand at £57,141,037, against £54,819,732
in 1916 and £65,545,972 the year preceding. Re­
serves aggregate £36,140,000, which compares with
£40,704,002 a year ago and £49,828,707 in 1915.
Loans amount to £44,034,000, as against £95,152,596
and £101,700,537 one and two years ago, respective­
ly. The Bank reports as of February 10, the amount
of currency notes outstanding at £131,862,105, com­
paring with £129,681,728 last week. The amount
of gold held for the redemption of such notes remains
at £28,500,000. Our special correspondent is no
longer able to give details by cable of the gold move­
ment into and out of the Bank for the Bank week,
inasmuch as the Bank has discontinued such reports.
We append our usual tabular statement of compari­
sons:

A broad .
Fra n cs.

PiiB. 17 1917.J

THE CHRONICLE

Note circulation this week was increased 47,319,­
000 francs, and now stands at 17,747,070,000 francs,
against 14,203,464,965 francs in 1916 and 10,831,­
546,995 francs the previous year. In Treasury de­
posits there was a reduction of 22,269,000 francs to
33,785,000 francs, which compares with 81,443,225
francs, and 49,123,797 francs, one and two years ago,
respectively. Other changes were insignificant.
Comparison of all the various items with the state­
ment for the previous week and with the correspond­
ing dates in 1916 and 1915 is as follows:

593

financed in an entirely arbitrary manner. This will
mean active demands for funds and in turn higher
money rates. Thus banks and other lenders, as inti­
mated above, are finding little inducement to enter
commitments even at the advances in figures that
already have been announced.
Last Saturday’s statement of New York Clearing
House members, which will be found in more com­
plete form in a later page of this issue, while show­
ing another important decrease in aggregate reserves,
registered only a comparatively nominal loss in sur­
OF FRANCE'S COMPARATIVE STATEMENT.
plus. This was the natural result of liquidation—
C h a n g e s ------------------------ Status as of-----------------------loans
having been reduced and thus inducing a
for Week.
Feb. 15 1917. Feb. 17 1910. Feb. 18 1915.
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
substantial
reduction in deposits. Payments on
In bank...................Dec. 95,020,875 3,189,131,125 5,031,110,430 4,237,457,002
A b r o a d .--............ Inc. 101,044,275 1,915,003,275 ...................................................
the new British loan were also a factor in the lessen­
T ota l
.................. In o.
0 ,0 2 3 ,4 0 0 5 ,1 3 4 ,7 3 4 ,4 0 0 5 ,0 3 1 ,1 1 0 ,4 3 0 4.2 3 7.4 57 .C 02
Loans were decreased
Silver . .............. Dec. 2,290,000
274,500,000
358,870,409
375,632,720 ing of the deposit item.
N o t o c ir c u la t io n -- . I n c . 4 7 ,3 1 9 ,0 0 0 1 7 ,7 4 7 ,07 0,0 0 0 1 4,2 0 3 ,4 6 4 ,9 6 5 1 0,8 3 1 ,5 4 6 ,9 9 5
$79,603,000.
Net
demand
deposits
showed a con­
C en era l d e p o s i t s - - Ino.
4 ,9 9 9 ,0 0 0 2 ,3 4 6 ,4 6 2 ,0 0 0 1 ,9 2 9 ,3 6 4 ,8 6 0 2 ,3 3 1 ,7 4 8 ,8 6 0
Bills d i s c o u n t e d ..- D e c . 7 ,2 8 6 ,0 0 0
6 2 1 ,0 3 2 ,0 0 0
4 4 3 ,1 9 8 ,1 0 5
228,50 5,3 11
traction of $104,514,000, and net time deposits of
A d v a n c e s __________D e c . 6 ,1 1 1 ,0 0 0 1 ,2 6 2,0 21 ,00 0
1,258,4 78 ,08 1
8 3 4 ,6 8 1 ,9 7 8
Treasury deposits.Dec. 22,209,000
33,785,000
81,443,225
49,123,797
$3,045,000. Reserves in “ own vaults” were again
reduced, $12,337,000, and now stand at $520,651,­
The Imperial Bank of Germany’s weekly state­ 000, of which $458,780,000 is shown to be specie.
ment, issued as of Feb. 7, shows the following Last year the total in own vaults was $527,094,000,
changes: Total coin and bullion increased 831,000 including $451,147,000 in specie. The reserve in
marks, gold increased 1,072,000 marks, Treasury Federal Reserve vaults declined $7,063,000, to
notes expanded 3,939,000 marks, notes of other banks $190,971,000 and compares with $171,059,000 a
were increased 1,511,000 marks, bills discounted year ago.
Aggregate reserves recorded a loss
gained 8,681,000 marks, advances increased 2,058,­ of $19,938,000, which brings the total to $768,­
000 marks, investments increased 4,762,000 marks, 445,000, in comparison with $756,724,000 at this
other securities showed an expansion of 17,413,000 date the previous year.
The reserve required
marks, notes in circulation increased 33,803,000 coincidental with the reduction in deposits, declined
marks, while deposits increased 52,618,000 marks, $18,927,210. In consequence surplus reserves were
and other liabilities were reduced 47,226,000 marks. reduced by only $1,010,790. Total excess reserves
Total gold holdings now amount to 2,525,489,000 now held amount to $164,458,750, as against $168,­
marks, which compares with 2,454,910,000 marks 822,950 a year ago.
'
in 1916 and 2,195,057,000 marks the preceding year.
Referring specifically to money rates, call loans
Note circulation totals 7,892,402,000 marks, against this week covered a range of only 2@ 23^ % , against
6,449,500,000 marks a year ago and 4,671,970,000 2 @ 3 % a week ago. Monday was a holiday. Tues­
marks in 1915.
day the high and ruling quotation was 2 }4 % and
2M % the low. On Wednesday the range was
In local money circles increased firmness has de­ 2 @ 2 ^ % , with 23^ % still the basis of renewals.
veloped. Lenders, in view of the active demands Thursday 2 lA % continued the maximum quota­
that are in sight on the capital market, are showing tion, and 2% low, although renewals receded
increased restraint in entering long-term commit­ to 234%.
Friday’s range was 23^@ 23^% , and
ments. Of the $44,600,000 in gold that has arrived 2 lA % the ruling figure.
Fixed maturities have,
in New York and Philadelphia this week, $25,000,000 as already noted, again shown a firmer tendency,
has been acquired by the Federal Reserve Bank as due to the unwillingness of lenders to negotiate
part of its policy of pushing Federal notes into cir­ for any large amounts while facing the possibility
culation as substitutes for gold. No change was of heavy Government borrowing in the near fu­
announced in the Bank of England rate on Thurs­ ture.
Quotations were further advanced and
day, but private bank discounts at the British cen­ sixty-day money is now at 4 @ 4 A % ,
against
tre arc a shade firmer. With the successful comple­ 334@ 4 % , ninety days and four months at 4@ 43^ % , •
tion of the offering of the new war loan, the neces­ against 4 % , and five and six months at 4 @ 4 ^ % ,
sity for maintaining arbitrarily an easy English money against 4 @ 4 A % last week. A year ago sixty days
position has obviously diminished. Hence it would was quoted at 2 ^ @ 2 % % , ninety days at 2 % % ,
not be entirely surprising if higher money rates should and four and six months at 2 % @ 3 % . For mer­
become the feature of the London market in the near cantile paper there is also very little doing and rates
future. This in turn would permit rates in New York have shown fractional advances. Sixty and ninety
and other American centres to be raised without un­ days’ endorsed receivable and six months’ names
covering the danger of a recall of American funds. An of choice character have been advanced to 4 @ 4 A % ,
argument heard quite freely in banking circles here against 4 % the previous week, with names not so
is that, war or no war, our own Government will well known at 4 ^ % , against 4 ^ @ 4 > £ % .
have to borrow considerably in excess of the sums pro­
Banks’ and bankers’ acceptances have ruled firm
vided for in the new revenue bill that recently passed and discounts are higher in sympathy with the gen­
the House. The current crisis has certainly been ef­ eral strength in the money situation. Rates for
fective in producing legislative and executive action eligible bills are A @ lA % higher. Ineligibles are
in favor of preparedness. Funds now must be pro­ without change except that the bid rate for accep­
vided for the precautionary measures of defense that tances, deliverable within 30 days, has advanced
already have been decided upon. Should war actu­ lA % - Excepting for brief intervals of moderate
ally come then the expenditures at the outset, at activity, the market may be called quiet. De­
least, will necessarily be without limit and will be tailed quotations follow:



THE CHRONICLE

594

------------- Spot Delivery------------Ninety
Sixty
Thirty
Days.
Days.
Days.

Delivery
within
Days.
3% bid
3 % bid
i ’A bid

[Vol. 104.




j St. Louis.

and practically unchanged; demand ranged at
4 75 7-17@4 75% , while cable transfers continued
Eligible member ban ks................ ........... 3 ) 4 @ 3
3 J i@ 3
3 )4 @ 3
at 4 76 7-16 and sixty days at 4 71% . Monday
Eligible non-member bills_____________ 3 J 4 @ 3 M 3% ® 3'A 3 5 4 @ 3 )4
Ineligible bills........................................... 4 ) 4 @ 3 M 4 M @ 3 M 4 ) i @ 3 H
was a holiday. Weakness developed at the opening
Prevailing rates for various classes of paper at the on Tuesday, despite the arrival of a large consign­
ment of gold from Ottawa for account of J. P.
different Reserve banks are shown in the following:
Morgan & Co., and demand receded slightly to
DISCOUNT RATES OP FEDERAL RESERVE BANKS.
4 7 5 % @ 4 75 7-16 and sixty days to 4 71% , chiefly
8
3
i
as a result of the further delay in sailing of the
&
CLASSES
§
jj
l
OF
©
S. S. Lapland which had been scheduled for that
3
DISCOUNTS A N D LOANS
t
i
i
!:
,
§
0
i
§
date; cable transfers were quoted at 4 76 7-16, un­
a i
£
5
«
6
*
changed. Wednesday’s market was dull, but rela­
Commercial Paper—
3
tively steadier; owing to the suspension of mail
3)4
4
4
3
3)4 3)4 4
3)4 3)4 4
3)4
3)4
4
service, practically all of the business transacted
4
4
4
4
4
4
4)4 4
4
4
3) 4
4
4
4
4
4
4
4
4)4 4
4)4 4
31 to 60 "
"
......... 4
was by means of cable transfers, which continued
4)4 4)4 4)4 4 ) 4
4
4*4 4
4
01 to 90 M
“
......... 4
4)4 4)4 4
Agricultural and
to rule at 4 76 7-16; the nominal rate for demand
Live-Stock Paper—
6
5
5
5
5
6)4
5
91 days to 0 months maturity 6
4)4 5
4)4 5
bills was not changed from 4 7 5 % @ 4 75 7-16 and
Promissory Notes o f Member
Banks—
4 71% for sixty days. Extreme dullness prevailed
4
3)4 4
3
3)4 3 h 3 >4 3)4 3)4 3)4 4
1 to 15 days maturity------- 4
on Thursday and quotations were again at 4 7 5 % @
Trade Acceptances—
3)4 3
3 H 3)4 3)4 3)4 3)4 4
1 to 30 days maturity------- 3)4 3)4 3)4 3
4 75 7-16 for demand, 4 76 7-16 for cable transfers
3)4 3
31 to 60 “
"
......... 3)4 3% 3)4 3)4 3)4 3)4 3)4 3)4 3)4 4
3)4 3)4
3)4 3)4 3)4 3)4 3)4 4
01 to 90 M
"
......... 3)4 3)4 3)4 4
and 4 71% for sixty days. On Friday the market
Commodity Paper—■
3)4 3) 4 ruled quiet but steady and without substantial
. . . 3)4 — 3)4 3)4 — 3)4 3)4 4
1 to 30 days maturity......... 4
3)4 4
3)4 3)4
3)4 3)4 4
3)4
......... 4
31 to 60 “
'■
3)4 3)4 4
Closing quotations were 4 71% for sixty
3)4 3)4
3)4 4 ) 4 change.
3)4
61 to 90 •*
"
......... 4
__
6
61 days to 0 months maturity
days, 4 7 5 % @ 4 75 7-16 for demand and 4 76 7-16
OPEN M ARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
for cable transfers. Commercial sight finished
RESERVE BANKS.
Bankers Acceptances.— Authorized discount rate lor all Federal Reserve banks;
at 4 75, sixty days at 4 70% , ninety days at 4 68% ,
minimum, 2% : maximum, 4% .
Trade Acceptances.— Bills with maturities of 90 days or less, purchased In open
documents for payment (sixty days) at 4 70% and
market without member bank endorsement, by Now Orleans branch of Atlanta
seven-day grain bills at 4 74% . Cotton and grain
Federal Reserve Bank; 3)4 to 4% .
Commercial Paper.— Bills purchased In open market by Dallas Federal Reserve
for payment closed at 4 75.
Bank; 3 to 5% .
Bills of Exchange.— Bills purchased In open market by Atlanta Federal Reserve
The Continental exchanges this week have shown
Bank; 3)4 to 6)4% .
Bills With or Without Member Bank Endorsement.— Bills with maturities of 90 days
impressive inactivity, the disposition everywhere
or less purchased In ooen market by St. Louis Federal Reserve Bank; 2 to 4% .
being to await, wherever practicable, the outcome of
The sterling exchange situation may be said to the international crisis. Another factor in the dulremain in its former position notwithstanding the ness has been the great difficulty in transacting rout­
stirring times that had the market not been under ine business in consequence of the almost complete
such complete control would unquestionably have led cessation of mail facilities following the renewal of
to wild fluctuations. The week has witnessed the German submarine “ ruthlessness,” and nearly all
beginning of a new gold importation movement, exchange operations are in the form of cable transfers.
$25,000,000 of gold (largely Russian) having been Fluctuations for the week have been narrow and
received by way of Canada (presumably a part of devoid of interest, except in the case of Italian lire,
Russia’s contribution to the Entente gold pool) while which were again at a low ebb, and in fact established
other shipments, including $7,000,000 received at a new low record on Tuesday, namely, 7 31, or nearly
Philadelphia, have brought the total amount up to 30 points below the recovery of a week ago, mainly
$44,600,000. It is expected that this movement as a result of diminished buying power. Later in the
will considerably exceed the $100,000,000 point.
A week a moderate reaction became evident. The
considerable part ($25,000,000) of this gold has been Teutonic exchanges opened firm, but as German
promptly acquired by the Federal Reserve Bank with selling of securities in this market commenced to
a view to strengthening the Federal Reserve position. subside, weakness set in and both reichsmarks and
Reports are current that a new French loan or credit kronen registered substantial declines. Rubles moved
is under negotiation. H. P. Davison, of J. P. M or­ irregularly with a tendency towards lower levels.
gan & C o., conferred at Washington on Wednesday Francs continue firmly held and without quotable
with the Secretary of the Treasury regarding inter­ change. Demand bills on Berlin finished at 68%
national loan matters. Beyond confirming the fact and cables at 68% , compared with 69% and 69% last
of the conference and that it concerned international week. Kronen closed at 10.98, against 11.05 the
loan matters, M r. Davison refused to make any state­ week previous. The sterling check rate on Paris
ment. There nevertheless is a belief that it had to do continues to rule at 27.81%. In New York sight
with a new French or Anglo-French loan, some appar­ bills on the French centre closed at 5 84% against
ent confirmation of this view being contained in the 5 84% ; cables at 5 83% against 5 83% ; commercial
weakness that developed in the original Anglo-French sight at 5 86 against 5 85% ; and commercial sixty
5% bonds which sold below 91 on Wednesday. The days at 5 90% against 5 89% , at the close of Friday
interference with our exportations resulting from the of last week. Lire finished at 7 24 for bankers’
German submarine peril is an unsettling influence sight and 7 23 for cables, which compares with 7 26
that would undoubtedly make itself felt by a sensa­ and 7 25, respectively, a week ago. Rubles closed
tional movement in rates if the sterling situation at 28.60, against 28.80, the previous close.
In the neutral exchanges, too, dealings were princi­
were not so completely under the control of the
British Treasury. The week’s gold export engage­ pally through cable transfers, with operations upon a
ments have included $1,500,000 to Japan, $1,300,000 restricted scale. Swiss exchange continued firm.
Scandinavian rates were more or less nominal and
to South America][and $595,000 to Spam.
Compared with Friday of the week previous, without definite trend either way. Guilders ruled
sterling exchange on Saturday remained inactive I easier at further fractional declines, while Spanish
30

Feb . 17 1917.]

THE CHRONICLE

exchange was about steady. Bankers’ sight on Am­
sterdam finished at 40% against 40 11-16; cables at
40 11-16 against 40% (given as 40% through a typo­
graphical error last week); commercial sight at 40 7-16
against 40% , and commercial sixty days at 40 5-16
against 40% a week ago. Swiss exchange closed at
5 01 for bankers’ sight and 5 00 for cables. This
compares with 5 00% and 4 99 on Friday of last
week. Greek exchange (which is still regarded as
neutral) continues to be quoted at 5 00 for sight
bills. Copenhagen checks closed at 27.35 against
27.40. Checks on Norway finished at 2 7 .CO, com­
paring with 27.90, and checks on Sweden closed at
29.45, against 29.50 the preceding week. Spanish
pesetas closed at 21.10. A week ago the close was
21.25.

595

other. It was clumsy diplomacy, to be sure, to
address the second of these proposals to Ambassador
Gerard when his Government had already recalled
him. To the first proposal, the answer of our State
Department that no such negotiation could be enter­
tained “ until the German Government renews its
assurances of the 4th of May and acts upon the
assurance,” was the only possible reply. Later
advices indicate that the initiative in this case was
that of the Swiss Minister to the United States, not
that of the German Government. Nevertheless, the
wish to avert a final crisis has been evident on both
sides.
The danger which still overhangs the situation is
of a double nature. That the action, authorized or
unauthorized, of a submarine commander might
precipitate that crisis, it is impossible to ignore. But,
The New York Clearing House banks, in their oper­ quite aside from that, the malign influence, always
ations with interior banking institutions, have lost present in such moments of international tension—
$2,222,000 net in cash as a result of the currency the influence of misinformation and misunderstand­
movements for the week ending Feb. 16. Their re­ ing— has already come into view. Within the past
ceipts from the interior have aggregated $8,942,000, week, German opinion has been not unnaturally
while the shipments have reached $11,164,000. Add affected by erroneous cabled reports that our Govern­
ing the Sub-Treasury and Federal Reserve opera­ ment had seized the interned German merchant
tions and the gold imports and exports, which to­ ships and imprisoned their crews. At the same
gether occasioned a gain of $12,537,000, the com­ moment, foolish and unfounded cables to New York,
bined result of the flow of money into and out of the declaring that Ambassador Gerard had been detained
New York banks for the week appears to have been at Berlin as hostage, were actually made the basis of
a gain of $10,315,000, as follows:
excited newspaper editorials in this country. Such
Into
incidents as these are a real source of peril; other wars
Week ending Feb. 10.
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
have been directly caused by them; their recurrence
Banks' Interior movement--............
$8,042,000 $11,104,000 Loss $2,222,000
Sub-Treas. and Fed. Itcs. oper. and
now emphasizes the paramount necessity for the
gold Imports and exports.......... .
37,452,000
24,915,000 Gain 12,537,000
people at large to exercise cool judgment and strong
$46,394,000 $30,079,000 Gain $10,315,000
self-restraint.
The following table indicates the amount of bullion
All these aspects of the situation lend deep interest
in the principal European banks:
to the course of events, as it concerns both Govern­
Feb. 16 1017.
mental and popular opinion. When the President’s
Feb. 17 1910.
Banks of
Total.
dismissal of Ambassador Bernstorff and recall of
Gold.
Silver.
£
£
Ambassador
Gerard had placed squarely before the
England-. 57,141,037
57,141,037 54,819,732
54,819,732
France a .. 127,565,245 10,080,000 138,545,245 201,244,400
Germany. 126,274,450
830,100 127,113,550 122,792,500 14,354,800 215,599,200 world the attitude of the American Government,
2,153,500 124.946.000
Ilussla
147,480,000 11.017.000 150,403,000
4.399.000 160.202.000 attention was naturally directed to the response
Aus-Hun.c 51.578.000 12.140.000 03.718.000 101.803.000
51.578.000 12.140.000 03.718.000
Spain___ 51.807.000 20.740.000 81.556.000 36.374.000
30.198.000
00,572,000 which should be made in three different quarters— by
Italy------- 35.078.000 2,044,000 38.022.000 -13,094,000
Nethcrl 'da 40.130.000
553,800 40,083,800 40.003.000 4.192.000 47.286.000
433,800
40.430.800
Congress and the American people; by the neutral
Nat.Bel.h 15.380.000
600,000 15.980.000 15.380.000
600,000 15.080.000
Switss’land 13,757,600
13,757,600 10,122,800
10.122.800
Powers,
and by the German Government, press and
Sweden . . 10.304.000
10.304.000 7.379.000
7.370.000
Denmark . 8,822,000
03,000 8,015,000 0,184,000
172,000 6.356.000 people.
The response of our own people was suf­
N orw ay.. 6,000,000
0,900,000 3.517.000
3.517.000
ficiently
emphatic. A resolution, endorsing the
Tot. week. 702,183,332 60,815,000 771,090,232 754,351,432
Prov.wcek 705,300,244 70,084,850 775,391,094 751,230,314 68,043,100822,904,532
68,354,650 819,590,964 President’s action heartily and unreservedly, was
heW°abroad!<1,n88 ° f th° Bank ° l FronC° thls year a™ exclusive of £77.824,131
proposed in the Senate by Senator Stone for the
* Tho gold holdings of tho Bank of Ilussla for hnih
i„ ..
,
Though it was stated
have been revised by eliminating tho so-called g o l / b E e heUl^abroad8'tatement Foreign Affairs Committee.
c July 30 1014 In both years, h Aug, o 1914 in both years.
that the President had not asked for this formal en­
dorsement, the fact that its proposer was a statesman
GERM AN Y, THE UNITED STATES, A N D THE
who had at no time during the war been an ardent,
OTHER NEUTRALS.
anti-German propogandist, and whose constituency
With half a month elapsed since Germany’s re­ is largely German-American, had unquestionable
adoption of ruthless ocean warfare and since our own meaning. So, also, did the Senate’s vote of 78 to 5
diplomatic break with Germany, the question of the in favor of the resolution.
longer diplomatic outcome still remains in doubt.
The attitude taken by the treaty-making branch
That actual war will not be deliberately provoked by of Congress merely echoed and embodied the senti­
either side, however, has seemed increasingly prob­ ment, so far as it has been visibly displayed, of the
able. President Wilson has made known his own
American people as a whole. German-American
purpose of leaving the final and irreparable act to organizations, speaking through their officers, have
Germany. The Berlin Government, on the other
publicly asserted their loyalty and their acquiescence
hand, has made some tentative and not wholly in the Administration’s action. Such isolated de­
skillful overtures, which at least reflect a wish to
clarations to the contrary as that of the Mayor of
avoid hostilities. The somewhat vague intimations
Milwaukee have directed their protests primarily to
of possible relaxation of submarine barbarities, in the war with Germany; in other words, they set forth no
case of American ships, seemed to indicate this feeling. convincing objection to the correctness of the Presi­
So, perhaps, did the effort to renew with some addi­ dent’s policy under the circumstances, except their
tions an old Prusso-American treaty providing for assumption that the policy must lead to war. For
safety of citizens of the one country residining the ourselves, we have never believed that any othie



596

THE CHRONICLE

attitude than that adopted by Dr. Hexamer in be­
half of the loyalty of German-Americans, in a crisis
forced by Germany on this country, was conceiv­
able. What did not appear so certain in advance,
but has been altogether gratifying and reassuring in
the actual result, is the restraint with which even that
portion of the press most openly hostile to the German
Government has displayed. Such deliberate settingon of the dogs of war as marked the newspaper com­
ment and discussion, in the days when SpanishAmerican relations hung in the balance during 1898,
has been hardly in evidence during the present
episode.
The nature of the response by neutral Powers has
been somewhat obscured by different interpretations
of the President’s reference to the action of such
Governments, in his speech.of Feb. 3 to the Senate.
This part of M r. Wilson’s speech followed his an­
nouncement of the rupture of diplomatic relations
and his statement of the policy which our Govern­
ment would pursue, if American ships and American
lives were to be destroyed by German submarines
under the Berlin Government’s program as announced
on Jan. 31. To the statement of our own intentions,
under such circumstances, the President added, “ I
take it for granted that all neutral Governments will
take the same course.”
It was natural that readers of the speech should
have assumed at the start that this was prediction of
a similar break with Germany by the neutral Powers.
Judged by this interpretation, Mr. Wilson’s sugges­
tion failed entirely of fulfilment. Practically all of
the neutral States have now spoken officially on the
matter, and none of them has broken off relations
with Germany.
We think that the President’s statement might
have been more guardedly and distinctly worded.
As a matter of fact, however, his remark regarding
other neutrals will be found, on careful re-reading of
the speech, to apply primarily and perhaps exclusive­
ly to the declaration of the Administration’s purposes
in case of outright defiance by Germany. If our
lives and ships should be destroyed, then, said Mr.
Wilson:
“ I shall take the liberty of coming again before the
Congress to ask that authority be given me to use any
means that may be necessary for the protection of our
seamen and our people in the prosecution of their
peaceful and legitimate errands on the high seas. I
can do nothing less. I take it for granted that all
neutral Governments will take the same course.”
That situation has not yet arisen in concrete form,
with the United States or with other neutrals. But
meantime, those other neutral States have in most
cases intimated, officially and very plainly, that such
an act by the German submarines might force their
hand. Holland and the Scandinavian States, situated
as they are between the upper and nether millstones
of the powerful belligerents, have naturally spoken
with restraint. Yet even Holland protests energeti­
cally and solemnly against the German policy, which
it describes as “ violation of the rights of nations, not
to say an attack upon the laws of humanity.” Spain
voicing a similar protest, formally reserves decision
on her future attitude. Brazil, denouncing the
German policy as “ in disregard of the recognized
principles of international law and of conventions
signed,” refuses to recognize the submarine blockade,
and holds Germany responsible for all acts against
Brazilian merchantmen in defiance of the law of



[Vol. 104.

nations. Argentina makes a similar declaration.
The Peruvian Government “ reserves all rights for
the protection of Peruvian citizens, ships and cargoes”
from attacks which it considers “ opposed to inter­
national law and the legal rights of neutrals.” Cuba
plainly intimates her purpose of following, in a similar
case, the lead of the United States. Finally the
Chinese Government, after repeating the protest of
the other neutrals, tells the German Minister that if
its protest be ineffective, “ China will be constrained,
to its profound regret, to sever diplomatic relations.”
Now it is easy to minimize the importance of such
declarations by the States of South America and
Asia. But when allowance is made for the peculiar
and exceptional circumstances which restrain, in the
case of European neutrals, the threat of action, the
unanimity of sentiment in the rest of the neutral
world becomes a matter of profound significance. It
is impossible to suppose that the German people—
who, in any case, will have to live with the other
civilized communities when this war is over—-can miss
its meaning.
Yet at no time during the war has it been possible
for the outside world to feel certain as to the German
people’s actual feeling, in regard to such matters as
the submarine controversy. At present, we have had
by cable the German Foreign Minister’s declaration
that “ there is no step backward,” and the statement
of Dr. Helfferich, now Minister of the Interior, that
in the submarine war, “ there is no way back for us;
we shall go on in the way we have chosen to the end.”
The experience of all nations in other wars has taught
that the sense of patriotism and loyalty will in nearly
every instance ensure the support of governmental
policies by a people during a crisis of the sort. Noth­
ing is more familiar in history than the open approval
of military actions and policies which would probably,
in time of peace or when practiced by another Govern­
ment, have been the mark of popular denunciations.
When, therefore, such informants as the Associated
Press correspondent at Berlin, cabling from Denmark,
tells us that the German people endorse the program
of submarine ruthlessness, on the ground that it will
save Germany and shorten the war, the thing is not
in the least inconsistent with experience.
.
On the other hand, however, there have certainly
been indications that public feeling on this matter was
not altogether unanimous. Evidence of what might
be called misgiving or restlessness, over the position
into which Germany was drifting in regard to the
neutral world, was visible a year ago, both in guarded
interviews with well-known citizens and in German
newspaper comment, not always equally guarded.
At the time, last spring, when the orders for sub­
marines to torpedo without warning were revoked in
response to the American demand, the German press
showed unmistakably that a clearage of opinion had
existed, both in political circles and with the public
generally.
No doubt, the facts must be allowed for that, since
last May, Germany’s land victories, from which the
people must have expected decisive results, have
settled nothing; that the ocean blockade of Germany
has not been relaxed, the shortage of supplies having
almost certainly been aggravated, and that the
German proposal for a conference on peace has been
rej ected. All of these circumstances were bound to be
reported to the German people, and to impress the
German mind, in a different way from that in which
they would be reported and regarded even in neutral

F eb . 17 1917.]

THE CHRONICLE .

communities. The belief that Germany was fight­
ing for existence has undoubtedly been urged with
emphasis on the people, and this would lead very
easily to endorsement of any policy which the Govern­
ment assured the people was the sure road to success­
ful termination of the war.
But the larger question must remain, whether such
assurances can be made good, and whether the more
far-seeing and experienced part of the German public
believes that they can. On this question hangs the
course of events in the next few months. Bcthmann
Holhveg, in his speech to the Reichstag Jan. 31, did
indeed emphasize the assertion that “ where the most
ruthless methods are considered best calculated to
lead us to victory, then they must be employed;”
and he also gave as the reason for last year’s suspen­
sion of submarine ruthlessness that “ the time was not
yet ripe,” but that now “ the moment has come,”
chiefly because “ the number of our submarines has
been very considerably increased.” These utterances
aside from the somewhat sinister light which they
cast on German diplomacy’s dealings with the United
States Government, do not emphasize the fact of
a supreme emergency.
On the other hand, the Chancellor’s further state­
ment, that in this new venture “ we stake every­
thing,” is open to a different interpretation. But
if this action, persisted in against the rupture of
relations with the United States and the formidable
protest of the rest of the civilized world, is purely a
counsel of desperation, then even Germans must
occasionally ask, What if it fails? Would Germany
then renew her overtures for peace; and if so, with
what grace could the world receive them, after this
later chapter of defiant and illegal warfare?
It is early as yet to predict the probable outcome of
this new submarine campaign, purely as a measure of
war. Destruction of ships and cargoes has been very
great; so great, that its continuance for several
months at a similar pace would probably work real
hardship to England. Yet it cannot be ignored that
the former submarine campaign started out with
very similar evidence of formidable achievement, yet,
after the first few weeks, steadily decreased in
results. At the time, that decrease’ was ascribed
partly to the fact that many of the original successes
were due to the factor of surprise, partly to the fact
that, after the first few weeks, destruction of German
submarines by the British navy progressed with great
rapidity. It will be remembered of that period that
every merchant ship .sunk by a submarine was
promptly reported in the cables, whereas no reports
were forthcoming as to submarines destroyed . Since
the British Admiralty is undoubtedly pursuing the
same policy to-day, regarding its own achievements
over the enemy under-sea boats, it will be wise to
await results before drawing confident conclusions.
This is all the more true, when the possible outcome
oi the policy of arming merchantmen or escorting
them with war-ships is as yet untested.
WAR A N D SOCIALISM.
Those who have watched the course of events in
war-blasted France and Germany, events other than
those embraced in direct military movements, have
not failed to note that these Governments, one
democratic and the other imperialistic, have insti­
tuted a form of socialism which is being hailed by
adherents of the belief in this country as a “ demon­
stration” that this system of industrial life will



597

“ work.” And the recent tender of industrial plants
for the use of the Government, should this country
engage in the conflict, while unselfish and patriotic
in itself must, therefore, be a matter of grave concern
to those who adhere to our present , representative
form of Government and the individualistic system
under which we live and prosper.
Because of our geographical position dangers of
oversea invasion are considered remote, even in the
event of open hostilities, but there is an invasion
(though not so intended) of ideas and ideals, born
of centuries of oppression in Europe, which are
contrary to the very spirit and form of our Govern­
ment, which we revere and offer to the world as the
pattern of highest progress. That the so-called
“ demonstration” is the product of the diresrt straits
into which a colossal misfortune and calamity can
force a people contradicts in large measure the as­
sumption that these conditions of “ industrial mobiliz­
ation” can be or will be continued after the war is
over. It is violence to the dictates of reason to
believe that with millions of men fighting, with
incredible decimation in the ranks of the workers,
with starvation stalking the streets and highways and
women toiling in shops and fields, with the very
existence of the nations at stake, with force enthroned
in every agency of Government, there is more than
sacrificial acquiescence in these measures and in these
conditions of life and work. Yet, in a long continued
war by the United States, these instrumentalities
having been similarly evoked, we would face the same
after-the-war problems in this country. And, as
mentioned last week, not the least of present con­
siderations as to our course of action are the economic
consequences any war would force upon us, however
altruistic and humanitarian its intent.
In a recent interview, speaking for the Socialists,
Mr. Morris Hillquit, after reciting the commandeer­
ing of supplies such as coal and metals, the taking over
of industrial plants, and the organization of the
civilian population behind the lines to work for the
Government and by its direction, declares:
“ Socialists do not over-estimate the importance of
these measures as general advances toward their
ideals. They are war measures intended to be
temporary. They are not the results of a demo­
cratic popular movement nor an extension of demo­
cracy. They are, on the contrary, all dictated from
above by the Governments. But whatever the origin
and present character of these movements may be,
the Governments of Europe will find after the war
that they have conjured a spirit they will be power­
less to banish. These various things must serve to
break down the prejudices against collectivism and
socialism, because the world now knows that collectiv-'
ism and socialism work, that they are more than mere
theories. It will also be impossible to set them aside
after the war, because long after hostilities have
ceased economic conditions will be so unsettled and
the existence of such large masses of soldiers re­
turned to civil life will be so precarious that the
measures of social relief and State responsibility will
have to be maintained for a long time to come.
Otherwise there will be social revolution.”
The force of this reasoning is contradicted by the
facts and by the essential principles of socialism.
The European Socialists, while opposed to war, are
yet loyally engaged in war on the ground that it is
defense. While such conduct is open to admiration,
and not entirely inconsistent, it is opposed to the
Tolstoyan idea that war will never cease so long as
Governments have the right to force men to fight,

598

THE CHRONICLE

so long as men yield to this pressure, and do not
refuse even at the sacrifice of their own lives, and as
individuals, to bear arms under any circumstances
and in any cause. And again, socialism, being
opposed to a Government of force, cannot argue that
industrial obedience under th esc unparalleled circum­
stances is a “ demonstration" of the right or feasibility
of the system in time of peace.
Many of our most profound statesmen and philoso­
phers see beyond the gloom of this “ ordeal by battle/
this crucifixion of civilization, the transfiguration of
life and Government—they see the transcendent
gleam of a new democracy. But if the Socialist is
right in his argument, not only is imperialism at'
stake but democracy as well. For democracy and
socialism are never the same. The pure democracy of
ancient Greek history, when “ every man was fit to
sit in the councils of State," was far from modern
socialism. And if republics do not endure, it may
be said that all communistic experiments, though
small even, sporadic, and protected by stronger
governments around and over them, have quickly
subsided. Not even the intellectual quality and
high character of Brook Farm could keep it alive.
But the danger of the future lies not in the complete
revolution of any great State or people into absolute
socialism, but in its insidious inroads into the demo­
cracy of republics so as to' destroy the principles of
liberty, centralize the Government through its
domination of special industrial pursuits, and enslave
the individual by making him, though unconscious
of it, the vassal of the State.
The real lesson in industrial conditions occasioned
by this desperate and despairing struggle is found in
the stationary life of the peoples. Almost, hope dies
in the heart. Desire to do is stifled in the utter
negation that is everywhere. Literature languishes.
Science ministers not, but destroys. The chisel and
the brush are idle. Though religion may be upon
the lip, an infinite sorrow stands at the door of a
mighty tomb, and asks, why, why? And that intel­
lectual urge which has jewelled the earth with beauty
is shrouded in dejection and apathy. Self-preserva­
tion takes no concern over the form of government.
There is but one thought—country and loved ones.
So that it is submission to the inevitable and
unavoidable, and not the embracement of industrial
conditions of theories of government, that make
possible this so-called “ demonstration" that socialism
“ works." If it does, it is under the most abject and
heart-rending slavery that ever befel brave and sincere
peoples. If it does, it is the product of death and
destruction, not of life and love. And when the pall
is lifted, there will creep back to the heart, however
slowly, the old ambition to be and to do, which,
nourished in the freedom of a republic, as we in the
United States believe, fills life with the glory of
accomplishment, the citizen with the valor of good
deeds, and the State with the magic of liberty. The
fact that it does work now, under these conditions,
is proof positive that it never should work in times
of peace and progress.
If then, we too, stand upon the brink of war, its
economic implications and consequences must give
us pause. Is our ideal a representative democracy
or a socialistic commune? If we go forth to battle
in a cause, though far in the distance it may be, is it
possible that we too shall compress endeavor into
the strait-jacket of this new industrial regime? It is
not an answer to s i this is not an issue. Higher than



[Vol. 104.

the ideal of free traffic on the seas is the free toiler
at his trade and in his home. We are free men, be­
cause we are citizens of a republic—and it is a
distinctive form of government. Duty* watches ever
more closely in the hour of danger. We are individuals
free to plan and strive, free to achieve and own, free
to produce and exchange, free to build in and through
and by the material, the heaven-ascending spiritual,
that “ light that never was on sea or land." This is
our heritage, shall we bequeath it as the most glorious
legacy of all time?
THE EXCESS PROFITS TAX.
The Senate Democratic Caucus amendment mak­
ing the “ excess profits" tax expire by limitation in
four years, brings clearly before the country the “ last
resort" nature of this method of raising revenue.
Apparently the House felt no such compunction.
We travel far and fast in these days of war and
rumors of war from the simple ideas of the founders
of the Government that any tax, however equitably
levied upon the people,isa burden and not a benefit.
Living under a dual form of government, and with
fifty per cent of the population in cities and towns
having special municipal needs, the array of taxes is
truly bewildering, if not amazing and appalling.
Privilege, or license, taxes, property taxes, general
and special, incorporation and inheritance taxes, in­
ternal revenue taxes, tariff taxes, income taxes, and
now an “ excess profits" tax. It is difficult to see to
what further lengths we can go—and yet the “ in­
creasing cost of government" and the ingenuity of
the law-maker go on forever.
Take the ordinary merchant as an example. He
begins by paying a nominal license tax for the privi­
lege of doing business in his local community. Then
he pays on an average amount of stock, a municipal,
township, county and State tax. He pays stamp
taxes on certain classes of goods. He pays tariff or
excise taxes on goods imported. Then he pays a tax
on the net income from his business. And if he be
incorporated or in a partnership, he is now to pay an
excess profits tax on his profits above five thousand
dollars and 8% on his capital, if he have any profits
left.
And it is for this reason that parties must beheld
responsible for what they do. We cannot dispute the
right of parties to choose methods of taxation, but
taxation itself to sustain the Government is not a
party measure. And it may be asked, why, then,
take the tariff out of politics by the formation of a
commission, non-partisan, and then make this bill
an Administration measure in the closing hurried
days of a session to be followed by an almost evenly
divided House? The fact is, the Government finan­
ces are becoming sadly confused—and instead of
hewing to the line of strict economy because we do
not know what either income or outgo will be for the
next few years, we adventure upon unknown fields
and invoke untried expedients. It is emphatically
not good business.
Without in any way discussing the tariff per se, or
the effect of any of its laws, let us reconsider a little
history. In the progress of three or four campaigns
on the tariff the Democrats win under Cleveland,
lose, and win again, specifically on the issue. A low
tariff is enacted and they lose again. A high tariff is
enacted and remains through several successive terms.
They win under Wilson—and again enact a low tariff.
War intervenes and it is difficult to know the results

F e b . 17 1917.]

THE CHRONICLE

of a low tariff policy as to revenue. And again they
win under Wilson, whatever the complicated issues.
There is no change in the low tariff save the conclu­
sion to take it out of politics. The income tax
ensues—and because of a foreign war a policy of
“ preparedness” is.adopted, which, as tauntingly said,
may be ascribed to both leading parties—and be­
cause of this policy the present excess profits tax,
eked out by a hundred million dollar bond issue,
ostensibly for other expenditures, but all to meet
an impending deficit. Not knowing what an in­
direct tax in normal times will bring forth, a new
policy of preparedness is adopted, which must be
cumulative in cost. There is an estimated deficit for
this year, and possibly the same condition for 1918,
but the statisticians do not go farther with figures.
Then follows an estimated revenue by this new tax.
That was a naive remark of the House Committee
in presenting the bill:
“ Your committee believes that the margin of
$41,000,000, above shown, between the estimated re­
ceipts under the proposed bill and the estimated
revenue required is necessary to be on the safe side.
Allowance must be made for the fact that the
amount of revenue which it is estimated the excess
profits tax will yield is after all only an estimate, and
because of this a substantial margin is advisable.”
But what if it should produce more than the esti­
mate? Imagine an auditor and manager coming
before a business board and on an expense to be in­
curred of $248,000,000, asking for a margin of
$41,000,000, to be on the safe side? And, too, to
meet a continuing policy, the end of which is
shrouded in mist and mystery? But what, pray, are
forty-one millions? Only a sort of “ penny ante” in
modern taxation. It all goes to show that we are
not only juggling with hundreds of millions in utter
abandon of principles of economy, but we are using
taxation to meet future conditions which no man can
measure. Perceiving this, the Senate puts in a stop­
loss order, and the tax is to expire in four years if
the amendment shall be finally embodied in the bill.
And if actual war should come upon us,lookingatthe
nature of this new tax, and a hundred hiillions
should, as it would, become ten hundred millions,
where would the tax gatherer turn?
There is always danger in ill-considered legislation.
Taxation is the ever-present serious problem of all
forms of government. With the utmost wisdom and
care it is difficult to make it bear equally on those
who are equally protected and benefited by govern­
ment. And for this reason it should be reluctantly
and solemnly imposed. And above every other con­
sideration it should be kept free from bias. It is not
in any sense a weapon. It should never be used to
countenance and confirm a previous condition that is
unusual. It must necessarily increase to meet need,
but it is not a rightful means to fill every vacancy
that may occur. It is one of its virtues when proper­
ly imposed that it is permanent in nature. The
tariff and the income tax were thoroughly discussed,
but here is a change in method with heavy conse­
quences, both direct and collateral, that the people
have no chance to discuss. Means and methods may
bo changed, but it would be hard to say that in the
rapid turns of the present we arc not using taxation
without due regard to what it is to pay for and
without regard to equity and system in its laying.
And there are good reasons for believing that this
excess profits tax is neither right, just nor expedient.



599

It is not right because it violates a fundamental
principle that taxes shall bear equally on all the
people. It is not right because it confesses that the
taxation of the present time does not lie lightly on all
the people, since it affects an excess of profits only.
It is not right because it is fastened upon the business
of the country, and in its imposition practically sets •
a mark in the profits of business beyond which it is
perilous to go. It absolutely limits above a percent­
age named the natural increment of capital. It is a
governmental rake-off on honest endeavor. By
preventing the natural increase of capital, it tends
to limit production. If it were to be applied to the
intensive acre, it would be equivalent to penalizing
the continued efforts to grow more and better ears
of corn and sheaves of wheat. In so far as it absorbs
and diverts accumulation, as a tax, it destroys the
very substance it feeds upon, preventing the creation
of property upon which a just tax may be levied.
In it there is a covert spirit of reprisal, declaring it a
crime to grow rich too fast, however honest and
helpful the industry. Because of the locale of indus­
try, it tends to create dissension among the people
and to arouse sectional prejudice. It is an income
tax gone mad. And it is makeshift legislation.
It is not just because it is class legislation—becomes
so by specifically and brazenly exempting the farming
and professional classes from its operation. It is
not just because it aggravates the inequality of an
income tax which it supplements and which is already
unequally laid. If it is class legislation, can any
court sustain it? And since successful resistance to
it must throw the finances of the country into greater
confusion, and put off the day when there shall be
created a fund for which it is levied, it is, therefore,
not even expedient. It is unsafe, and therefore not
expedient, because it is laid upon an indefinite foun­
dation, as witness the clause: “ Capital invested
means (1) actual cash paid in; (2) the actual cash
value at the time of payment of assets other than cash
paid in, and,” &c. Endless contention must arise
here. We cannot and have not yet been able to
properly value the railroads. It is economically in­
expedient, because it is doubtful, as written, if it
falls upon the excess profits of single ownership and
operation, often declared the most vicious of all
monopolies. And it is not expedient because it
subjects method to need.
And lastly, it is economically unsound because it
tends to discourage enterprise, and prevents the turn­
ing of profits into equipment at a time when there is
need for new and enlarged factories to meet foreign
trade, and for sadly needed betterments for all rail­
roads now heavily pressed with new needs in the face
of inability to borrow. Corporations and partner­
ships, it is to be remembered, aggregate wealth for
use in production; this tax tends to diffuse wealth
by spending it for a cause questioned and combated
by a considerable portion of the population; and, by
lessening the increase of property within the States,
prevents them from meeting their increasing expen­
ditures by direct levies.
UNIONISM AND STATE CONSTABULARIES.
A joint hearing was held a few days ago by the
committees of the two legislative branches in Albany
upon the Mills bill for creating a State constabulary.
Civic organizations, chambers of commerce and
boards of trade generally favor the bill, and on
Wednesday the monthly meeting of the Board of

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THE CHRONICLE

Trade and Transportation of this city declared ap­
proval, saying that the proposed body would not be
personally related to any one locality and would thus
“ be free from the sentimental considerations which
are inseparable from a body of militia or citizen sol­
diers.’’
The only opposition came from the labor repre­
sentatives, who were very frank, saying that the
proposed force would be used against labor in times
of what they mildly called industrial unrest, and as
a strike-breaking arm. They evidently count on
defeating it, as they were able to do last year. So
they insisted upon an exemption, by which the activi­
ties of the proposed force should be confined to patrol
duty and the general suppression of disorder in the
farming districts. When asked whether he would
be satisfied with a provision that the State police
shall not serve in cities having a regular police of
their own until the local authorities declare that the
trouble is beyond their control, President Holland
of the State Federation of Labor was not prepared
to answer until he had consulted his associates. In
his opinion, industries that wished special protection
should pay for it, and not seek to shift the cost on
the taxpayers.
In saying this, which was convenient for his present
purpose, he quite passed by the immovable economic
law that the consumer pays all expenses whatever,
and therefore the taxpayers (being included in the
consumers) must pay for all protection needed, in
whatever form that may be furnished; also, that
whenever industries which desired special protection
have furnished it on their own initiative, and at their
own first cost, the employment of such special force
has been bitterly denounced, the guards being called
hired mercenaries, just as the proposed State con­
stabulary is now called *‘Cossacks,” not for the first time.
It is recalled to mind that in the latter part of
May, 1915, Mr. Gompers appeared in Albany, at
the head of representatives of the Federation in this
State and like organizations elsewhere, to present
to the Constitutional Convention the changes which
labor demanded. The first called for prohibition
of any suspension of habeas corpus, “ at any time
and in any circumstances,” also “ an absolute prohi­
bition against establishing military rule until condi­
tions shall have rendered the sitting of courts of jus­
tice impracticable.” Another demand was for pro­
hibition of “ the creation of a‘ State constabulary and
the employment of private officers to maintain the
peace,” also a provision that the militia can be called
out only by the Governor as commander of the Na­
tional Guard. A week or two before, the Walsh
inquisition for pilloring wealth in the name of labor
had a wholesomely frank witness in the head of the
Pennsylvania Federation, who denounced the con­
stabulary of that State as Cossacks, and was very
bold in his minatory language. “ It is time we met
force by force,” he said, and he intended to organize
labor for that purpose. Specifically:
“ I intend to recommend that our men shall be
trained in the military arts. We have got to stop
the kind of tactics that are employed by the Pennsyl
vania constabulary. The institution of the constabu­
lary was the beginning of a military despotism in this
country; the system has attracted attention in other
States and the establishment in such States of just
such a plan is under consideration.”
Mayor Lunn of Schenectady said more than he
realized when he told the joint committees in Albany



[Vol. 104.

that the better method of coping with labor dis­
turbances which become threatening is “ to keep
strikebreakers and policemen as far away as possible
and make the strikers themselves responsible for the
maintenance of order.” Certainly this is the desire
of organized labor, which can offer no constructive
suggestion for solving the industrial problems of the
day and has nothing to propose except a continuance
of the strike, for which it would like the utmost freeplay. With the police kept absent and with the em­
ployment of special guards banned (according to
the demand submitted in 1915), the strikebreaker
could not be readily availed of; there would be indus­
trial peace, when employers had surrendered to every
successive demand and the right of the individual to
sell his labor (through organization) and to prevent
every other man from selling his (except under and
through organization) had been established. As for
holding the strikers themselves responsible for the
maintenance of order, responsibility for any other
kind of “ order” than is obtainable by the boycott
and the closed shop is the one thing which organized
labor has most strenuously resisted.
The great mischief of unionism, as we have it, is
its constant blinding the minds of wage-earners to
the fundamentals of industry and the social state.
They become imbued with the notion that they are
among, instead of a part of, the people, a distinct
class with a distinct interest and banded in a defen­
sive war against capital and employers. They are
deceived into using and trusting in antagonisms, re­
taliation, scarcity and a continual pressure to force
up wages as expressed in dollars, instead of looking to
abundance and a rise in the purchasing power of the
dollar. They are unable to perceive the essential
oneness of all the people, in respect to conditions of
living and community of interest. They enunciate
a narrow and pervertedm otto, “ the injury of one is
the concern of all,” whereas they should affirm that
the injury and welfare of all are the concern of each.
They fail to realize that they have a full stake injus­
tice, order and the supremacy of law and court. In­
stead of interminable quarreling over the apportion­
ment of what industry produces, they should bend
themselves to coming and staying together (with
everybody) for uninterrupted industry, for conserva­
tion instead of waste, and for peaceful instead of
hostile and separative combination. Co-operation,
and not an impenetrable labor phalanx, should be
their aim.
The education must come, and the surest hastening
of it is to interpose an immovable negative to this
destructive notion of [a privileged class that shall get
formal exemptions in the terms of law and be in prac­
tice above the law. The personal concern of the
union leaders in holding their pleasant places is the
obstacle. Towards this, neither low nor public
opinion can afford any tolerance.
THE CONTROVERSY REGARDING NEWSPAPER
AND LETTER POSTAGE.
By a vote of 45 to 25, the Senate on Wednesday
decided to support its Committee on Post Offices and
Post Roads on the proposition of Mr. Burleson to
substitute motor service for pneumatic tubes iiijthis
city, Boston, Philadelphia, Chicago and St. Louis.
The appropriation for continuing the tube servicejwas
made, this being the direct form of the question
voted upon; but it was provided that this money can­
not be used for any other purpose, because, asjaaid

F e b . 17 1917.]

THE CHRONICLE

601

by the Washington correspondents, some of the Sen­ are unworthy of a people who manage their own per­
ators had heard that the Postmaster-General had said sonal affairs with good average sense.
he would not renew the tube contracts, although the
If each “ class” of mail matter should pay its own
appropriation was made for them.
way, then we must assume that each such class is
The proposed change was said to be in the interest initiated by and is for the use’ and benefit of a “ class”
of economy, and it is of course open to inquiry of the people, a supposition too absurd to survive
whether the contracts with the tube concerns are the simple statement of it. The persons who use firstquite as reasonable as they should be; there might class matter are the persons who use second-class
conceivably be reason for criticism of these contracts, matter, if it is rational to attempt any separation at
but nobody conversant with conditions in our great all between the great population for whom mails exist.
cities can imagine that the proposed change would
1he suggestion that rates on second-class matter
be economical in the sense of business or consistent should or might be adjusted somewhat according to the
with public safety. Senator Wadsworth told the amount of advertising matter carried is also without
Senate that traffic accidents occur in this city at the any good foundation. Publications issued solely to
rate of one person injured every 23 minutes and one further some specific private business (for example,
killed in each 24 hours, 18% of these mishaps being the “ company” papers of insurance corporations)
due to motor trucks, the mail trucks being the worst are properly denied entry as second-class matter,
offenders, because of the less strict responsibility ex­ since they are in effect private advertisements, and
acted of them. It often takes 24 hours to get a let­ if the recipients derive benefit, as doubtless they
ter from Manhattan to Brooklyn, he said, and this somewhat do, then the cost should not be transferred
recalls a recent instance within our own knowledge to the whole public through any concession on the
of a plainly addressed letter, postmarked at an up­ mailing rate. But it has long been true that in many
town substation in Manhattan on Friday afternoon instances the money received from regular subscrib­
and reaching the addressee on Brooklyn Heights on ers does not pay anything above the cost of the un­
the following Thursday. The tube service should be printed paper, sometimes not quite meeting that
extended to the Bronx instead of being in the least cost; this is probably more the fact now, so that it is
curtailed, said Mr. Wadsworth; but any attempt to the advertising which makes the existence of journal­
carry on the surface such material as mail matter, ism possible, speaking in a general manner. To
which can be moved below the surface, would clearly say that periodical postage rates should bear most
be retrogression.
severely upon journals with the largest advertising
We have already pointed out that narrow views revenue would be an erroneous proposition, and in­
and propositions concerning commerce, transporta­ cidentally it would involve one of the objections to
tion and the relation borne by the Metropolis to the the pending “ excess profits” tax, in that it would re­
industrial life of the nation are most prominently quire a difficult and objectionable prying into pri­
urged by public men from the interior, men who vate business in order to attain the information for
naturally come least into touch with modern instru­ apportioning the burden.
mentalities such as the telephone, for example; and
The best course to take with our postal scheme is
in this vote upon continuing the tube service we find to administer it efficiently and well, and then let it
that almost every one of the 25 Senators favoring substantially alone. To this end, we need to aban­
return to surface trucking is from a State which has don false pretense of a balance sheet which shows
no large city. This is surely more than coinci­ self-support or a margin above that, when such
dence, and indicates that the majority were in the claimed results are attained only by maltreating the
right.
railways and doing without any genuine accounting.
A few days ago the Senate also seemingly disposed
of the proposition to raise the rate of postage on sec­
ond-class matter. The committee had reported the IMMIGRATION AND EMIGRATION IN 1916.
regular appropriation bill, containing a provision for
Without attempting to draw any too fine distinc­
reducing the rate on “ drop” letters to one cent and tions, we are probably safe in saying that never be­
raising that on second-class matter, first to l)/£ and fore in the history of the United States has the paucity
in the next fiscal year to 2 cents a pound. The test of immigration into the country had so important a
vote was on a motion to make the amendment in or­ bearing upon the labor situation here as during the
der by suspension of rule, this being lost by 34 to 37. late year. And it is equally true that cause and ef­
It is generally assumed and believed that the 2-cent fect are intimately correlated, but in a direction op­
rate on letters pays a profit and bears in some degree posite to usual. In other words, the European war,
the loss on the lower-class rates, especially that on that has been instrumental in furnishing a demand
second-class. This is probably correct, but if strict upon the United States for various articles that has
accuracy in attempting to readjust according to cost taxed our utmost endeavor to meet, has also in one
is to be sought, the “ drop” or local rate, especially way or another, served to reduce to a minimum the
in cities, should be lowered and the rates on other tide of immigration to our shores. When the war
letters should be varied according to distance and broke out, depression was discernible here, and the
the quantity carried. Such a suggestion brings us shutting off of the flow of labor hitherward was in
instantly against the certainty that a uniform post­ no sense a hardship; on the contrary, it could be
age rate is necessarily a solecism as a hard business viewed with perfect equanimity. When, however,
proposition, judged intrinsically, and that the bur­ our manufacturing establishments, packing houses
dens of a postal scheme, rationally administered, are &c., became filled with orders, the situation was
not such except on the balance sheet, to which we quite different, and labor, then found not to be in
might add that attempts to make that appear self­ too full supply, came to command a premium.
sustaining which in its nature is not so, together with
Usually under such conditions it would not be long
an utter absence of anything which would stand the before the fact was known abroad, and the alien trend
tests of accounting in any decent private business, i this way would quickly show important acceleration.



603

THE CHRONICLE

Recently (the past two years), however, not only
has means of transportation been greatly curtailed,
through the requisitioning of vessels for war purposes,
but destruction of shipping by submarines or mines
has caused a very serious reduction (the tonnage de­
stroyed to date approximates 4 million tons), and
there is to be added the hesitancy in traveling with
the submarine menace ever present. But the same
factor that has restricted the inward movement has
acted to cut down appreciably the outward flow, al­
though probably the remuneration that labor is now
able to obtain has been more fully operative in that
direction. At any rate, not only were alien arrivals
greater in 1916 than in 1915, but departures were
very appreciably less, giving a net gain in foreignborn population much ahead of that year, slightly
greater than in 1914 and well up to the 1911 total.
The number of aliens who entered the United States
in the late year was 428,671 (of which 355,767 immi­
grant and 72,904 non-immigrant), this contrasting
with 327,641 the previous year, 848,231 in 1914 and
1,616,903 in 1913 (which is the high record of arriv­
als). On the other hand, the alien outflow reached
only 164,784, against 284,636 in 1915 and nearly
600,000 in 1914. Consequently, the n,et gain in
foreign-born population reached 263,887,against but
43,005 a year earlier, 262,853 in 1914 and 1,017,957
in 1913. Details for the last five years are appended:
Allen Arrivals—
1916.
I m m i g r a n t ..........................................355,767
N o n - I m m ig r a n t ................................. 72,904

1915.
25 8,678
68,963

1914.
688,495
159,736

T o t a l ................................................ 428,671
Allen Departures—
E m i g r a n t .............................................. 69,725
N o n - e m ig r a n t .................................... 95,059

327,641

848,231

1,616,903

1,221,630

160,641
123,995

293,635
291,743

274,209
324,737

299,385
275,503

T o t a l ...............................................164,784 284,636
N e t g a in in p o p u la t io n ................... 263,887
43,005

585,378
262,853

1913.
1,387,318
229,585

598,946
1,017,957

1912.
1,026,360
195,270

574,888
646,742

With the inflow of aliens so comparatively small,
the various features of the official immigration bulle­
tin do not possess the usual interest, and therefore
call for only passing comment. Suffice it to say that
the influx from practically every country exhibited
a more or less pronounced drop from normal and in
one or two instances the return movement exceeded
the flow this way. Of Italians the net arrivals for
the 12 months were 36,885, against a net outflow of
67,011 in 1915, largely reservists returning for ser­
vice in the army. The net inflow of Poles, at 4,394,
exceeded that of 1915, and so did the Hebrew ar­
rivals of 17,776, but they were very much less than
in earlier years. Russian departures were greater
than the arrivals, but of Mexicans, due to the chaotic
conditions in their country, and English, Scotch
Irish, Germans, French, Dutch, Greeks, Scandi­
navians, Spanish and Portuguese the net inflow was
in excess of 1915. As to the occupations of those who
came here in 1916, carpenters, machinists, masons,
miners, tailors, dressmakers and seamstresses made
up the greater part of the gain in skilled workmen,
and among the unskilled the same is true of ordinary
laborers, farm laborers and servants.
RAILROAD GROSS AND NET EARNINGS FOR
DECEMBER.
The December compilation of the gross and net
earnings of United States railroads which we present
to-day emphasizes the growing importance of the rise
in operating expenses in the affairs of the roads.
Each succeeding month latterly has furnished new
evidence going to show that the increase in operating
expenses was assuming serious dimensions, en­
croaching more and more upon the gains in gross rev­



[Vol . 104.

enues and threatening sooner or later to completely
overtop the same and leave actual losses in net. The
December statement shows that that point has been
reached and that now net results are running smaller
than in the corresponding period of the preceding
year, notwithstanding that the improvement in gross
earnings still continues to be of substantial propor­
tions. In this we are viewing the railroad system of
the country as a whole. In the case of many sepa­
rate roads and companies, losses in net have been in
evidence for some time.
In this matter of net results a great change was
wrought between the beginning and the end of 1916.
At the opening of the year the roads were still using
materials and supplies obtained before the gigantic
rise in prices which has become such a feature in iron
and steel and in practically everything else entering
into the accounts of railroad operations. As a con­
sequence, the carriers were able to show not merely
extraordinary gains in gross receipts, but no less note­
worthy gains in net. As a matter of fact, in the ra­
tios of gains, the record of the net was then even more
striking than that of the gross. Now, as already
stated, gains in net, speaking of the roads collectively,
have entirely disappeared, owing to the continued
augmentation in the expense accounts, and the pros­
pect in that respect does not appear entirely encour­
aging for the immediate future.
Stated in brief, in the gross earnings our December
compilations record an increase as compared with
the same month of the preceding year of $20,106,934,
or 8.31%, but this has been attended by an augmen­
tation in expenses of no less than $23,171,647, or
14.87%, leaving, therefore, a loss in net of $3,064,­
713, or 3.55%, as will be seen by the following:
December (417 Roads —
1916.
216,811
M ile s o l r o a d ....................................
G ro s s e a rn in g s .................................. 5262,171,169
O p e r a t in g e x p e n s e s ........................ 178,933,774

1915.
215,669
5242,064,235
155,762,127

Amount
+ 1 ,1 4 2
+ 5 2 0 ,1 0 6 ,9 3 4
+ 2 3 ,1 7 1 ,6 4 7

Inc.%
0.53
8.31
14.87

N o t e a r n in g s .............................. S8 3.237.395

58 6,302 ,1 08

— 53 ,0 64,71 3

3.55

The further improvement of $20,106,934 in the
gross must be considered highly gratifying, bearing
in mind the magnitude of the gain in the preceding
year. Even in the net, the loss now disclosed could
be viewed with equanimity following the tremendous
increase established in the previous year, except for
its significance in disclosing a tendency which is sure
to grow stronger rather than weaker in the near fu­
ture, and from which no relief seems possible until
there is a collapse in the high level of values prevail­
ing for all the things needed in the railroad transporta­
tion service. To recall to mind the extraordinary
nature of the previous year’s improvement, it seems
only needful to state that in December 1915 (with
which comparison is being made) our compilation
showed an addition of no less than $62,438,948 to the
gross earnings (the ratio then being 26.82%), and this
was accompanied by an addition to expenses of only
$17,746,748, leaving, therefore, an increase in the net
of $44,692,200, or fully 73%. To be sure, this large
improvement in December 1915 followed losses in
both 1914 and 1913, and therefore represented to
that extent merely a recovery of such losses, but in
truth, the 1915 gains far exceeded the decreases of
the twro previous years combined. In other words,
for December 1914 our compilations showed $25,­
686,901 decrease in gross and $7,139,472 decrease in
net, and for December 1913, $12,005,787 decrease in
gross and $13,822,245 decrease in net. For the two
years combined, therefore, there was a shrinkage of
$37,692,688 in gross and of $20,961,717 in net. If,

F eb . 17 1917.]

T H E C H R O N IC L E

now, we repeat that the gain for December 1915 ag­
gregated $62,438,948 in the gross and $44,692,200 in
the net, it will readily appear that this latter repre­
sented a respectable margin of absolutely fresh addi­
tion to railway income. Accordingly, that there
should now be for December 1916 a further increase
of $20,106,934 in the gross, even though accompanied
by a decrease of $3,064,713 in the net, is a highly
gratifying feature.
It is always interesting to extend the comparison
still further back, and in this instance we find that
prior to 1913 there were substantial additions to the
gross earnings in some of the years, but hardly more
than moderate additions to the net, except in 1908,
following the shrinkage in the panic year, 1907. In
December 1912 there was an improvement in gross
earnings of no less than $29,681,242, but augmented
expenses consumed $20,911,628 of this, leaving only
$8,769,614 increase in net. In December 1911
earnings were very indifferent in character, and tre­
mendous efforts were made to effect savings and
economies in operation. Yet the best it was possible
to do, speaking of the railroad system as a whole,
was to cut expenses in amount of $3,108,672. The
gain in gross then was only moderate, namely $1,­
339,735. The two combined caused an improvement
in the net of $4,448,407. In December 1910 a gain
of $15,965,153 in gross yielded an addition to net
of only $2,498,454, according to the compilations
of the Inter-State Commerce Commission, and in
December 1909 a gain of $16,720,194 in gross was
attended by an actual loss in net of $185,996. In
the following we furnish the December summaries
for each year back to 1896. For 1910, 1909 and
1908 we use the Inter-State Commerce totals but
for preceding years (when the Commission had not
yet begun to require monthly earnings) 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 at that time to
give out monthly figures for publication.
Grots Earnings.

Dec.
1 8 9 0 ..
1 8 9 7 ..
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 ..
1 9 0 1 ..
1 9 0 2 ..
1 9 0 3 ..
1 9 0 1 ..
1 9 0 5 ..
1 9 0 0 ..
1 9 0 7 ..
1 9 0 8 ..
1 9 0 9 ..
1 9 1 0 ..
1 9 1 1 ..

1012..
1 9 1 3 ..
1 9 1 4 ..
1 9 1 5 ..
1 9 1 6 ..

Year
Gleen.

Year
Preceding.

S

S

5 1,2 20 ,114
,520,887
0 7,542 721
,449,009
7 0,810 178
,979,889
78,214
.
324
,010,127
9 0 ,7. 89 , 057
405,495
9 0,208
.
122
028,931
104,232
.
385
100,941
224
.
100,978,
928 ,99 0
981
110,253
,070,412
.
133,775
020
125,948
.
135,735 220
,733,435
,312,429
132,199 ,702
,222,311
205,777 ,451
,971,898
222,092 ,092
,870,151
230,835 ,301
,275,177
233,614 .912
203,708 ,0031234 ,087,301
254,218 ,8911200 ,224,078
232,598 ,3 6 0 2 5 8 ,285,270
295,202 ,0181232 ,703,070
202,171 109242 ,064,235

Net Earnings.

Increase or
Decrease.
S

— 1,300,773
+ 8 ,093,712
+ 3 ,830,289
+ 7 ,234,197
+ 9 ,324,102
+ 3 ,039,191
+ 11 ,071,444
+ 4 ,049,234

+ 7,,583,509
+ 14 ,049,072
+ 11 ,001,791
— 9 ,112,067
+ 11 ,555,140
+ 10 ,720,194
+ 15 ,905,153
+ 1,339,735
+ 29 ,081,242
— 12 .005.7S7
—25 ,080,901
+ 02 ,438,948
+ 20 ,100,934

Year
Given.

Year
Preceding.

Increase or
Decrease.

•S

17,883,104 17,930
2 3 ,7 00 ,71 3 2 0,1 29
2 4 ,7 90 ,22 7 23,2 20
2 7,0 3 7 ,0 7 3 24,9 08
3 3,0 9 3 ,8 0 0 29,050
3 3 ,3 54 ,27 2 33,700
3 3,2 4 5 ,0 4 9 30,891
3 3,7 2 0 ,5 7 0 34,199
3 0 ,7 9 4 ,6 2 7 32,411
40,5 25 ,45 4 38,842
4 3 ,8 31 ,18 2 4 2,9 43
3 4 ,3 5 4 ,1 5 8 45,9 98
0 8 ,4 9 5 ,7 4 0 51,533
0 8 ,4 07 ,30 5 08,053
7 0 ,3 57 ,00 4 67,858
0 1 ,2 25 ,37 7 50,7 70
8 1,7 0 1 ,9 7 4 72,932
0 8,8 00 ,02 0 82,022
0 1 ,1 3 4 ,7 5 0 08,274
105,87.8,758 01,1 80
8 3 ,2 3 7 ,3 9 5 80,302

— 47,294
+ 3 ,5 7 1 ,3 9 9
+ 1 ,5 6 9 ,5 6 3
+ 2 ,729,001
+ 4 ,0 3 7,5 02
— 412 ,55 9
+ 2 ,3 5 3 ,3 9 0
— 473,209
+ 4 ,3 8 2 ,9 3 9
+ 7 ,0 8 3,3 43
+ 887,282
— 11,644,048
+ 1 6,9 02 ,05 1
— 1S5.990
+ 2 ,4 9 8 ,4 5 4
+ 4 ,4 4 8 .4 0 7
3 00 + 8 ,7 0 9 ,0 1 4
2 7 1p— 13,822,245
222 — 7 ,1 3 9,4 72
558 + 4 4 .0 9 2 ,2 0 0
108' — 3 ,0 0 4,7 13

1890 the nu m b er o f roa ds Included fo r th e m on th o f D e ce m b e r \va
lo r .’
*!?0; lri 1898, 122: 111 1899. 110: In 1900, 121: In 1901, 104; In 1902,
*{,«'VnM.Jn
1 9 !);J n 1914. 95: In 1905, 90:
In 1 9 0 0 ,9 0 ;
In 1 9 0 7 ,8 9 : In 1908,
In 1 0 1 1 9 1 0 c n ’ T 0 *1 0,1 2 3 2 ,0 0 7 m iles o f roa d: In 1009. 2 3 9 ,48 1: In 1910, 241,364;
248 437- In 1910 •'>’[ 1 !)l2 , 2 38 ,07 2; In 1913, 2 4 3 ,32 2; In 1 9 1 4 ,2 4 0 ,8 0 7 ; In 1915,

The returns of the separate roads this time are in
keeping with the character of the general totals. B}r
this we mean that augmented expenses arc a feature
with them all, and in not a few instances, especially
in the case of the larger systems of the East, gains in
gross earnings have by reason of that fact been con­
verted into losses in net. That typical railroad sys­
tem, the Pennsylvania Railroad, furnishes a conspic­
uous instance of the kind. On the lines directly oper­
ated east and west of Pittsburgh it reports $1,146,630



603

increase in gross, but $1,395,011 decrease in net.
Including all lines owned or controlled which make
monthly returns to the Inter-State Commerce Com­
mission, the result for the Pennsylvania Railroad sys­
tem is a gain of $1,654,044 in gross, with a loss of
$1,298,134 in net. Last year the combined lines of
the Pennsylvania Railroad showed for the month of
December a gain of $7,999,938 in gross and of $5,­
450,875 in net. The December figures of the New
York Central have not yet come to hand, and a few
other large systems are also missing this time, due
to the fact that December is the closing month of the
year, when adjustments and revisions are made.
The Baltimore & Ohio has moderate gains in both
gross and net, namely, $379,830 and $238,900, re­
spectively, but the Erie has $285,518 decrease in
gross and no less than $1,328,594 decrease in net,
while the Delaware Lackawanna & Western, with
$74,021 gain in gross, has $361,242 loss in net.
Among the Western roads in which operating ex­
penses have played a striking part in affecting re­
sults, we may mention the Union Pacific, with $1,­
063,604 gain in gross but $618,363 loss in net, though
here a special circumstance adversely affected the
results in the fact that the entire amount of extra
compensation allowed to employees, as announced
on Dec. 21, was included in the expenses for that
month.
The Atchison Railroad is distinguished in the same
way, reporting no less than $1,730,679 addition to
gross and yet having suffered a shrinkage of $613,544
in the net. The Northern Pacific, with $317,164 gain
in gross, has $243,253 loss in net; the Great Northern
R y., on account of the poor spring-wheat yield, sus­
tained a diminution of $443,803 in gross; its loss in
net is yet greater, reaching $1,000,504; the M il­
waukee & St. Paul falls $46,350 behind in gross and
loses $559,056 in net; the Minneapolis St. Paul &
Saulte Ste. Marie reports a contraction of $607,932
in gross and of $596,046 in net.
Southern roads do not reflect the presence of rising
expenses in the same marked way as those of other
sections, and the two New England roads, namely the
New Haven and the Boston & Maine, also have satis­
factory statements this time, having carried a goodly
amount of the gains in gross forward as gains in
net. In the following we show all changes for the sepa­
rate roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Tncreascs .
Southern Pacific--------------$2,638,642
Atch Topeka & Santa Fo 1,730,679
Pennsylvania----------------- a l, 146,630
Chic & North W estern.. 1,106,974
Union Pacific___________
1,063,604
Southern Railway______
805,997
Missouri Pacific_________
795,402
Missouri Kansas & Texas
736,603
N Y N I U Hartford. _.
734.628
Illinois Central__________
626,525
Chic It I & Pac L in e s ...
626,250
Atlantic Coast Line____
501,073
Boston & Maine________
477,930
St Louis— San Francisco.
435,339
Wabash_________________
413,310
Scab ard Air Line______
393,205
Baltimore & Ohio______
379,830
Yazoo & Miss Valley___
328,422
St I xvjIs Southwest_____
327,620
Northern Pacific_______
317,164
El Paso Southwestern___
296,084
Phila Balt & W ash_____
278,111
Duluth Missabc & North
268,278
New Orl Texas & Mexico
255,395
Texas & Pacific_________
248,636
Chicago & Alton_______
229,995
Florida East Coast_____
229,488

Western Pacific_______
Virginian_____________
Denver & Rio Grande..
Clev Cin Chic & St Louis
Chesapeake & Ohio____
Internat & Great North.
Cine Notv Orl & Tex Pac
Los Ang & Salt Lake___
Chicago Groat Western.
Long Island__________
Kansas City Southern..
Duluth & Iron Range__
Mobile & Ohio________
Hocking Valley_______
Maine Contral________

Increases. >
‘'224,152
205,930
200,481
190,209
146,918
146,092
136,179
133,068
130,113
125,063
116,410
106,515
104.352
103,542
101,188

Representing 4 2 roads
In our compilation..$19,562,026
Minneap St P & S S M .
Great Northern_______
Erie__________________
Pittsb. Shawmut & Nor.
Delaware & Hudson___
Wheeling & Xake Erie..

Decren <tp?

$607,932’
443,803
285,518
131,758
107,269
101,476

Representing 6 roads
in our compilation.. $1,677,755

N o te .—All tho figures in the above are on the basis of the returns filed

with the Inter-State Commerco Commission. Whero, however, these re­
turns do not show the total for any systom, we have combined the separate
roads, so as to make tho results conform as nearly as possible to those given
in the statements furnished by tho companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsyl­
vania C om pany, andtho Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania lilt, reporting $553,835 increase, tho Pennsylvania C om pany
$318,833 gain and the P. C. C. & St. L. $273,962 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, tho result is a gain of $1,654,014.

(504

THE

C H R O N IC L E

[Vol . 104.

Sept. 2 without amendment by a vote of 43 to 28, Senator
La Follette being the only Republican to vote for tho bill, and
only two Democratic votes being cast against it. Tho Presi­
dent signed the measure on Sunday, Sept. 3, thus complying
with the requirement of the labor union leaders that the bill
must bo a law or the strike order would go into effect the next
morning. To make absolutely sure, however, of the legality
of the Act, the President again affixed his signature to it on
Sept. 5. In signing, the President used four different pens,
each of the heads of the railroad brotherhoods receiving one
of them. The strike order was rescinded on Saturday night,
Sept. 2, but not before the labor leaders wero thoroughly
assured that the legislation would be enacted into law by
Monday morning, Sept. 4. The main features of tho Act are:
(1) That beginning Jan. 1 1917, eight hours shall be deemed
a day’s work for the purpose of reckoning tho compensation
Representing 17 roads
Representing 19 roads
in our co m p ila tio n .. $8,323,639
In our co m p ila tio n .. $5,637 ,694
for services of all employees who are engaged in any capacity
a This is the result for the Pennsylvania R R ., together with the Pennsyl­ in the operation of trains, except railroads independently
vania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, tho
owned and operated, not exceeding 10 0 miles in length,
Pennsylvania R R . reporting $743,059 decrease, the Pennsylvania Company
$706,934 loss and tho I’ . C . C . & St. L. $54,982 gain. Including all lines electric street railroads, and electric interurban railroads.
owned and controlled which make m onthly returns to the Inter-Stato The exception, however, does not apply to railroads though
Comm erce Comm ission, tho result is a loss o f $1,298,134.
less than 10 0 miles in length whoso principal business is leas­
When the roads are arranged in groups or geograph­ ing or furnishing terminal or transfer facilities to other rail­
roads, or are themselves engaged in transfers of freight be­
ical divisions, every group shows an improvement in tween railroads or between railroads and industrial plants.
gross but three of the seven groups record losses in (2) The President was authorized to appoint a commission
of three to observe the operation and effects of the institution
the net. Our summary by groups is as follows:
of tho eight-hour day and the facts and conditions affecting
SUM M ARY BY GROUPS.
the relations between the common carriers and employees
------------------- G ro s s E a r n in g s ------------------during a period of not less than six months nor more than nine
Inc. ( + )or Dcc.(— )
Section or Group—
191(5.
1915.
months, in the discretion of the commission, and within
December—
S
S
$
%
thirty days thereafter such commission to report its findings
12,490,821 + 1,485,039 11.S8
Group 1 (13 roads), New England__ 19,981,800
(3) That ponding the roport
+ 913,729 1.84 to the President and Congress.
Group 2 (65 roads), East & M iddle.. 50,643,458 49,729,729
Group 3 (46 roads). Middle W est___ 29,420,074 28,030,527 + 1,396,147 4.98 of the commission, and for a period of thirty days thereafter
Groups 4 & 5 (86 roads), Southern... 35,378,322 31,651,560 + 3,726,702 11.77 the compensation of railway employees for tho eight-hour
Groups 6 * 7 (74 roads), Northwest.. 58,944,488 50.281,670 + 2,602,818 4.73 work day shall not bo reduced below the existing standard
Groups 8 & 9 (88 roads), Southwest.. 53,383,537 46,694,889 + 6,688,048 14.32 day’s wage, and for all necessary time in excess of oight hours
Group 10 (45 roads), Pacific Coast . 20,412,830 17,179,039 + 3,233,791 18.82 the employees to be paid at a rate not less than tho pro rata
rate for such eight-hour work day.
Total (417 roads).......................... 262,171,169 242,064,235 +20,106,934 8.31
The Republican Presidential candidate, Charles E. Hughes
------ Mileage------ ------------------------ Net Earnings----------------------at once took issue with President Wilson on tho matter. He
1916.
1915.
1916.
1915.
Inc. ( + or Dec. (—
insisted that the demands of tho railway brothorhoods should
3
S
S
%
Group No. 1 . . ........ 7,472
7,471
4,061,070
3,437.867
+613,203 17.84 have been submitted to arbitration and ho sharply chal­
Group No. 2 . . . . . .
19,540 19,429 12,558,206 15,440,650 — 2,882,390 18.67 lenged the President’s action in surrendering tho principle of
Group No. 3.............. 19,625 19,574
7,630,428
9,471,502 — 1,841,134 19.44 arbitration.
In view of Mr. Hughes’s bold course in thus
Groups Nos. 4 it 5 .. 34,465 34,154 13,851,748 12,100,921 +1,750,827 14.47
taking up the issue, the result of the Maine election, which
Groups Nos. 6 & 7 .. 59,019 58,685 20,563,606 23,193,102 — 2,629,496 11.34
Groups Nos. 8 <t 9.
57,833 57,070 17,782,597 10,194,459 +1,588,138 9.81 had been looked forward to with no little intorost, was re­
Tho vote showed a plurality
Group No. 10______ 18,857 18,680
0,799,680
6,463,541
+336,139 5.20 garded with much satisfaction.
of about 13,000 for the Republican gubernatorial candidate
T o t a l . . . ..............216,811 215,669 83,237,395 86,302,108 — 3,001,713 3.55 and indicated that the bulk of tho Roosevelt Progressive
N OTE.—Group I . includes all of the New England States.
vote was going to tho Republicans rather than to tho Wilson
Group II . includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and Democrats.
Another event of the month which exerted no little influ­
the extreme northern portion of West Virginia.
Group II I . includes all of Ohio and Indiana: all of Michigan except the northern ence in stimulating the feeling of optimism, was tho closing
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
of an order for copper of unprecedented magnitude on behalf
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and of the Entente countries.
On Sept. 23, -John D. Ryan,
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of President of the Anaconda Copper Co., and Joseph Clendenin
Minnesota, Wisconsin. Iowa and Illinois; all of South Dakota and North Dakota Manager of Sales for the Amer. Smelting & Refining Co.,
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 acting as the representatives of the leading copper producers
passing through Denver.
of the United States, made a contract with Great Britain and
Groups VIII. and I X . combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south her allies, through tho agency of J. P. Morgan & Co., for
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of 200,000 gross tons of copper, or 448,000,000 pounds, of elec­
New Mexico north of a line running from the northwest corner of tho State through
trolytic copper to be delivered over the first six months of
Santa Fe and cast of a line running from Santa Fe to El Paso.
1917 at prices supposed to bo between 20c. and 27c. per
Group X . includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
pound. Tho transaction signified that tho Allied Govern­
ments had agreed to take about one-third of tho country’s
total production for six months, also that monthly exports
RETROSPECT OF 1916.
probably would establish new records. In tho first six
In publishing on Jan. 6 our review of the calendar months of 1910 the exports had totaled 147,943 tons, of which
year 1916, we printed the monthly narratives only the Entente Powers took 130,035 tons, and in tho same period
of 1915 the exports were 130,527 tons, of which the Entente
for the first two months. In the issue for Jan. 13 we Powers took 123,373 tons.
Continued large importations of gold occurred and an
gave the narratives for two months more; on Jan. 20
of tho month was the announcement on Sept. 27
we gave the summary for M ay; on Jan. 27 that for incident
that a syndicate, headed by Kuhn, Loob & Co., had under­
the month of June; on Feb. 3 that for the month of written a loan of 850,000,000 to the City of Paris. The loan,
the first of its kind ever made by Paris outside of France, took
July; on Feb. JO that for the month of August; and the
form of 5-yr. bonds bearing 0 % interest. Nono of tho
to-day we add the narrative for the month of Sept.
proceeds were to bo used for war purposes, and tho loan was
intended to reimburse the city of Paris for heavy expendi­
MONTH OF SEPTEMBER.
Current Events .—There were multiplying evidences that tures made by it for the alleviation of suffering caused by tho
the war in Europe would be prolonged, and that as a con­ war, and to provide for additional similar expenditures and
sequence, the exceptional demands upon this country from for other municipal purposes. Tho principal and interest of
the European belligerents for supplies of all kinds would the bonds were mado payable, at the option of tho holder,
remain unabated. This further stimulated trade activity either in United States gold coin in New York, or in francs
and caused a speculative revival on. tho Stock Exchange. in Paris, at tho fixed rate of 5.50 per dollar, thus giving to tho
Relief was also felt that a tie-up of the railway transportation holder tho prospect of a very substantial profit in exchange,
system of the United States, with tho industrial paralysis it inasmuch as tho normal rate of exchange before the war was
was certain to have caused, had been averted. In response about 5.18 francs per dollar. The Government of tho French
to the threat of tho four bodies of railway trainmen to pre­ Republic undertakes to furnish, if necessary, to tho city of
cipitate a general strike on Monday morning, Sept. 4, if their Paris, gold in the amount needed to permit tho payment of
demands should not be complied with, Congress, after the the principal and interest of the loan in New York. The
appearance before it on Aug. 29 of President Wilson, out­ bonds were offered on Oct. 2 by the Kuhn, Loeb & Co. syn­
lining a schemo of legislation for dealing with tho situation, dicate at 98%, netting the investor about 0.30%, and wero
acted with marvelous expedition in enacting the Adamson reported all sold the following morning, though tho sub­
Bill, embodying tho President’s recommendations. The scription books were not to have been closed until 3 p. m.
House passed the bill on Sept. 1 by a vote of 239 to 56, only Oct. 4. It was stated that subscribers got only 30% of the
two Democrats voting in the negativo. The House changed amount applied for. Another French trade credit for 815,­
the date when tho 8 -hour day should go into effect from 000,000 was negotiated with American bankers through
Dec. 1 1916 to Jan. 1 1917. The Senate accepted the bill Bonbright & Co. of Paris, in conjunction with tho Bankers
P R IN C IP A L C H A N G E S IN NE E E A R N IN G S IN D E C E M B E R .
Tnrrpn<iPR
Decreases.
$799,326 Pennsylvania___________ a $ l ,395,011
1,328,594
(504,158 E rie _____________________
519,079 Great N orthern_________ 1,000,504
618,363
421,(565 Union P a cific___________
613,544
347,958 A tch Topeka & Santa Fe
596,046
306,057 M inneap St P & S S M . .
559,056
273,437 Chicago M llw & St P a u l.
361,242
265,153 Delaw Lack & W estern.
355,0S2
254,686 W heeling & Lake E r i e ..
295,315
238,900 Delaware & H udson____
243,253
223,997 N orthern P a cific_______
196,477
221,70 5 Pere M arquette_________
187,356
207,753 Elgin Joliet & E a stern ..
171,485
186,682 Clev Cln Chic & St Louis
149,622
163,358 T rinity & Brazos V alley.
142,921
163,017 C hic & Eastern I llin o is ..
109,768
161,594 Bessemer & Lake E r ie ..
141,728
137,440

Southern P a cific..............
Southern R ailw ay______
C hic It l & Pac L i n e s ...
Illinois Central__________
N Y N II & H a r t fo r d ...
C hicago & N orth W e s t ..
St L ouis— SanFrancisco.
M issouri Kansas & Texas
M issouri P acific_________
B altim ore & O h io______
Boston & M aine_________
A tlantic Coast Lino____
N ew Orl Texas & M exico
Y azoo & M iss V a lle y .. .
Seaboard Air Line______
W estern P a cific_________
W abash_________________
Florida East C oast_____
St Louis Southwest_____




I'EB. 17 1917.]

T H E C H R O N IC L E

605

Trust Co. and William P. Bonbright & Co. of New York. the issue price was 973-6, payable 1 0 % on application, 30%
Liko the two earlier credits of similar amounts, these credits Oct. 16, 30% Nov. 15 and 273-6% Dec. 15. The allotment
were evidenced by drafts drawn by leading French banking was not to exceed $10 0 ,0 0 0 ,0 0 0 , exclusive of the amount (if
houses on American banks which had agreed to accept and any) paid for by the surrender of bonds as the equivalent of
discount the drafts at a prearranged rate (understood to be cash, under tho terms of the war loan prospectus of Nov. 22
close to 636%). The drafts could then either bo held by the 1915. The subscriptions aggregated over $200,000,000 and
banks themselves, or sold, or yet again (as pointed out at the allotments had to be made on a percentage basis, smaller
time) “if desired they may be rediscounted in the Federal subscribers receiving the largest proportion of the amounts
Resorvo banks.” In this way, the proceeds were made avail­ applied for.
able in American dollars in New York and were to be ex­
pended under the supervision of William.P. Bonbright & Co.,
the American syndicate managers, for American products
exported to France. The arrangement contained provisions Groat Central Ry., was the head, and which had been ap­
for renewals so as to make tho duration of the credit one year. pointed to consider tho best means of meeting the needs of
The credit had the sanction of the French Government, and British firms after the war, with particular reference to fi­
was also understood to have been supported by the deposit nancing large overseas contracts. The committee suggested
of French Government one-year notes.
that the proposed bank could fill the gap between the home
In an interviewwith the Paris correspondent of the London bank and the Colonial and foreign British institutions and
“Times” on Sept. 8 , M. Alexandre Ribot, tho French Minis­ dovelop facilities not provided by tho existing system.
ter of Finance, asserted that France looked forward to the
In tho European war fields the developments were of great
future with buoyant hope and serene confidence. He stated importa-nco. With the entrance the previous month of
that tho point which was occupying very sorious attention, Rumania into the war, fighting was carried on at a greatly
at tho momont, was how to dovise ways and means of paying increased number of points, tho additions to the area being
for French purchases abroad. Ho announced that a very mainly in the Balkan regions. More and more the Teutonic
satisfactory arrangement had been arrived at during tho last I oAvers found themselves hemmed in on every side and had
mooting ho had had at Calais with Mr. Asquith andMr. Mc­ to repel well co-ordinated attacks from every direction on the
Kenna on Aug. 24. England was anxious to strengthen her part of tho Entente Powers. On the western front the strug­
gold reservo in order to maintain her gold standard and en­ gle
kept going only one way; tho Germans were gradually
large tho scope of her credit in the United States. The Bank forced
out of their entrenched positions. Tho French and the
of Franco had, even at that stage of the struggle, a gold re­ English reconquered many villages from tho Gorman foe
serve exceeding 160 millions sterling. France, therefore, was On bept. 26 there occurred tho fall of Combles, the pivotal"
in a position to promiso England a considerable sum out of point in the German lines guarding the approach to Bapaume
her abundance. Russia had also promised a certain amount on the north and Peronne on tho south of the Somme front
of gold and Italy likewise in porportion to her capacity. This was followed by the fall of the hardly loss important
Thus, tho Allies wore pooling their gold in order to render centre of Thiepval, at the northwestern end of the British
their collective financial position still more solid. France linos. A statement given out from tho Grand Headquarters
was placing this gold at the disposal of the British Treasury of tho French Army on Sept. 30 stated that in the first thir­
as a loan and tho Treasury would open a credit in pounds teen weeks of the Somme offensive (since July 1 ) the French
sterling in French favor in London. The gold loan would bo and British had captured more ground than had been taken
returned to the coffers of the Bank of France after tho war. by the Germans in more than six months of battling at Ver­
M. Ribot also announced that tho French Government would, dun. It was pointed out that tho French and British had
tho next month, issue its second war loan. It would not bo reconquered 285 square kilometers of French territory (about
for any specified sum, but this time no portion of tho amount 102 square miles), exceeding by 15 square kilometers the
would be diverted by tho conversion of the 3% rentes. Sub­ territory gained by tho Germans at Verdun. Forty-five
scriptions would bo “inhard cash or Treasury bills and short­ villages, the statement Avent on to say, each one organized
term exchequer bonds, of which only forty millions sterling
a A-eritable fortress by the Teutons, had fallen before the
aro outstanding.” This new war loan would not bo redeem­ into
battering of French and British artillery. In every instance
able at any given date and Franco would only have to provide tlio
berman position was so strong, it was added, that it had
for tho intorest on it. M. Ribot pointed out, as indicating to be
down by shell fire before infantry could storm it
tho basis for French confidence in the strength of tho financial It Avasbroken
also claimed that a total of 62,000 prisoners, 285 canposition of France, that tho loan placed tho previous year
0nn’nha f °,f .w h lc l1 w«ro heavy artillery pieces, and more than
had provided Franco with a capital of 15,000,000,000 francs ?1,000
achine guns had been captured. In an order of the
($3,000,000,000) and that this loan stood 3 points abovo tho day sentmby
Gen. Joffre to the armies of the north, under
issuing price—that is, was being quoted at 90, as against the date of Friday, Sept. 29, the claims Avere not quite so
87)4, tho issuing price. Official announcement came some extreme, though it referred evidently only to the French
two weeks later, stating that subscriptions for the newFrench
The General Commander-in-Chief expressed
loan would be received from Oct. 5 to Oct. 29, incl.; that the operations.
satisfaction to the troops avIio had been fighting un­
rate of interest would bo 5%, and that tho prico would bo great
on the River Somme for nearly three months
87.50 francs for cash, or 88.75 for installments—15 francs in ceasingly
After speaking of the valor and perseverance of the armies
cash, 23.75 Dec. 16 and 25 francs each Fob. and April 16 he
exclaimed: “Verdun relieved, 25 villages reconquered’
V i’
was stated that Obligations of tho Defenso, Bonds more than 35,000 prisoners and 150 cannon taken, successive
of tho Defense and 336% rentes would be accepted in part enemy lines broken for a depth of 10 kilometers—such are the
W e n t . . Beginning with Jan. 1931, tho loan may be paid results already obtained.” The British account of the oper­
i j or in one transaction or in installments. By decree, ations (given out Oct. 4) Avas to tho same effect, and served
dated Sept. 20, tho Fronch moratorium was extended for to supplement the French report. It said (in part): “At
another period of ninety days. It was stated that out of a tho
end. of September the situation may bo summarized as
total of 4,480,000,000 francs which had been given tho bene­
s: Since the opening of the battle on July 1 avo have
fit of tho moratorium at tho outbreak of tho war not more follow
taken 20,735 prisoners, and engaged 38 German divisions,
than 1,393,000,000 francs still remained outstanding
29 (about 350,000 men) have been withdrawn ex­
Tho British Treasury on Sept. 29 issued a prospectus for of whichor
broken. We hold the half-moon upland south
throe-year Exchequer bonds paying 6 % interest. The prico hausted
of the Ancre, occupy every height of importance, and so have
was fixed at par and they were made redeemable in Feb. 1920. direct
round to the east and the northeast The
Both principal and interest were made oxompt from British onemyobservation
has fallen back upon a fourth lino behind a Ioav ridge
taxation if held by porsons neither domiciled nor ordinarily just
Avest of tho Bapaume-Transloy road. The importance
resident in tho United Kingdom. It was stated that no fur­ ot the
threo months’ offensive is not to bo judged by the dis­
ther issue of Exchequer bonds paying 5% and redeemable in tance advanced,
the number of enemy trench lines taken.
1919 would bo made. The sales of these latter had been de­ It must be lookedorfor
the effect upon the enemy’s strength
creasing, owing to the superior attractions furnished by in numbers, material,in
and morale. The enemy has used up
Treasury bills. Tho rates on all Treasury bills sold by tho lus reserves in repeated
costly and unsuccessful counter­
Bank of England wero now 536%. against tho previous rato
without causing our allies or ourselves to relax our
of 5 %%.for six-months bills and 6 % for twelve months, attacks
methodical pressure.” These victories for the British
."ho British Chancellor was criticised on tho ground that the steady
the Fronch were apparently gained at a frightful loss
interest rate in the now Exchequer bonds was unnecessarily ot life.
Statements from Berlin on Sept. 2 0 th claimed that
ingh. lhoy wore not the kind of securities attractive to conservative
ates showed a loss of 350,000 men by the
banks, or to other short-term professional investors, but they British up toestim
Sept. 15, since tho 1st of July, Avhen the great
appealed to tho general public, tho more so as applications Somme drive began,
and said that with the French losses in­
cluded, the total Avould be brought up to 500,000 men.
f igures given out at London on Sept. 30 did not entirely con­
firm these extreme estimates, but showed, nevertheless, that
”3 ?,, ^ A^«quer Donas nad been taken be­ tho losses had been extremely heavy. For the month of
cause the time did not appear propitious for putting out a September tho British casualties on all fronts were reported at
long-dated loan.
1
&
men and 5,439 officers, making 119,549 together
A further war credit of $50,000,000 was established at 114,U0
1his compared Avith 127,945 casualties in August and 59,675
Ottawa at the end or September, for tho purposo of financing tor
the month of July, giving for tho three months a total of
purchases by tho British Government of munitions and sup­ 307,169.
plies in Canada. This brought tho total of such credits un
Great Britain indicated, hoAvever, that she Avas fully pre­
to $2 0 0 ,0 0 0 ,0 0 0 , tho initial $50,000,000 having been set aside pared
to make these heavy sacrifices, since they were regarded
from tho procoeds of the first domestic war loan. Tho as
assurances of ultimate victory, to achieve which
Canadian Government, on Sept. 9, brought out its second noaffording
price was considered too high to pay. In an interview
domostic war loan. It consisted of $100,000,000 5% gold with
Lloyd George, the British Secretary for War, the
bonds. Subscriptions were receivable until Sopt. 23 and latterDavid
declared that Britian had only begun to fight and he



606

T H E C H R O N IC L E

[Vol . 104.

sanguinary character. Deprived of any practicable roads,
the remnants of the Rumanian troops had been obliged to
flee into the Fogaras Mountains. The number of prisoners,
it was stated, was increasing hourly, while the amount of
booty was enormous, as the enemy had to abandon a wagon
park which he did not have timo to destroy. An offensive
resumed on Sept. 28 by the Rumanians against the Transyl­
vanian eastern front, it was declared, had not been able to
“ Tho whole w orld, Including neutrals o f the highest purposes and hu­
manitarians with tho best m otives, must know that there can bo no outside alter tho result of this battle, although north of Fogaras and
interference at this stage. Britain asked no intervention when she was not near Szekely Udvarhely and Oderhellen advanced troops had
prepared to figh t. She will tolerato none now that slio is prepared, until
Prussian m ilitary despotism is broken beyond repair. There was no regret to retire on the main forces.
voiced then In Germany over tho useless slaughter. There were no tears
In Macedonia, however, the troops of the Entente Powers
b y German sympathizers when tho few thousand British citizens who never
expected to be soldiers, whoso m ilitary education started only a few months were generally successful in their operations and succeeded
previously, went out to bo battered, bom bed and gassed, to receive ten in pushing the Bulgarians back. French troops recaptured
shells for every one they could fire— went out, fought and died like sports­ the town of Fiorina, Greece, from the Bulgarians, who then
men without even a grum blo. I repeat, that there was no whimpering
then, and tho people who are now m oved to tears at the thought o f what Is retired in the direction of Monastir; and at many other points
to com e watched the early rounds o f the unequal contest dry-eyed. N one the Entente forces made it uncomfortable for the Bulgarians,
o f tho carnage and suffering which is to com e can be worse than tho suffer­
In
ings o f those Allied dead who stood tho full shock o f the Prussian war m a­ oven where they did not succeed in driving them back.
chine before It began to falter.
Greece the situation became very much disturbed and the
“ But in tho British determ ination to carry tho figh t to a decisive finish Ministry under Zaimas was forced to resign. A now Minis­
thoro Is something m ore than tho natural dem and for vengeanco. T ho
Inhumanity, tho pitllcssness o f tho fighting that must com e before a lasting try was formed under Kalogeropoulos, but failed of recog­
peaco Is posslblo Is not com parablo with tho cruelty that would bo Involved nition by the Entente Powers, because the latter viowed it
m stopping tho war while thcro remains a possibility o f civilization again
bolng menanced from tho same quarter. Peace now , or at any tim e before with suspicion. By order of tho Greek Government tho
tho final and com plete elimination o f this menace is unthinkable. N o man Greeks, the early part of the month, surrendered to the Bul­
and no nation with tho slightest understanding o f tho temper o f this citizen
arm y o f Britons, which took its terrible hammering without a whine or garians the last of the forts defending tho Grook seaport of
Kavala on the Aegean Sea. The fourth Greok Army Corps,
grum blo, will attem pt to call a halt n o w ."
The German Government, on its part, seemed no less de­ which was in garrison, voluntarily surrendered when tho
termined to continuo the struggle rather than accept an in­ forts were occupied. They were transported to Germany
conclusive or ignominious peaco. Tho German Reichstag with their entire arms and equipment, but were to bo treated
convened in formal session on Sept. 28 and the Imperial as neutrals and enjoy the hospitality of Germany until Greece
Chancellor, Dr. von Bethmann-IIollweg, delivered an address should be free from the Entente invasion. This caused great
in which ho referred to Great Britain as Germany’s “most discontent on tho part of tho Greeks sympathizing with the
egotistical, fiercest and most obstinate enemy,” and said tho Entento Powers, and finally led to revolutionary uprising,
German nation firmly believed in the assurance of victory, former Premier Venizelos going to join in tho movement.
and was ready for any sacrifice. Ho concluded with tho Admiral Coundouriotis also joined the movement. A pro­
declaration that “Germany will not be permitted .to think clamation was issued by these two, pointing out that civil war
of peaco while her house is burning. She must first ex­ would ensue in the event that the Government failed to ally
tinguish the fire.” Ho furthermore asserted that the year’s itself with the Entente Powers. Tho proclamation con­
harvest in Germany had been much better than those of 1915 cluded witli the statement that “it would be a happy ovont
and made Germany’s position correspondingly more secure. if at the eleventh hour the King should decide to take tho
It deserves to be noted, too, that earlier in tho month Lord lead of the national forces. In a contrary event, it is our
Derby, the British Under-Secretary for War, after a visit to duty to do the needful to save the country from tho threaten­
tho officers at tho western front, made tho statement that ing ruin. We are entering the strugglo convinced that tho
nation, independently of the State, will accomplish tho
tho war could not possibly end within six months.
In Rumania things went infavor of thoCentral Powers; the miracle and bring the country back to the status of eighteen
German and Bulgarian troops continued their advance in tho months ago.”
Advices from London under date of Sept. 14 made known
Dobrudja sector and two Rumanian fortresses, Tutrakan and
Silistra, fell to the invaders early in the month. Wireless new restrictions affecting tho trado of tho United States.
dispatches from Berlin on Sept. 7 stated that the Germans Tho announcement stated that tho plan of rationing tho
and Bulgars had taken the strongly fortified town of Tutrakan neutral countries of Norway, Sweden, Denmark and Hol­
by storm and that the count of prisoners already exceeded land, under which no further licenses would bo granted for
20,000, among whom were two generals and over 400 other tho present to British exporters, had been extended to apply
officers. It was also stated that more than 100 cannon had to the United States by tho expedients of refusing to allow
been captured. Kaiser Wilhelm sent a telegram of con­ the Netherlands Overseas Trust to accept further American
gratulation to the King of Bulgaria “on this brilliant feat of consignments and by declining to grant letters of assurance
arms of thy brave soldiers, fromwhich our enCmy may realize for American shipments destined for these countrios. It was
that we not only know how to defend outselves, but may further stated that in consequence American shipments for
strike him even in his own country. May God help fur­ Holland would bo stopped absolutely, while tho regular
ther.” The invaders continued their advance, and on Sept.16 transportation companies trading between tho United States
official dispatches from Berlin by way of London stated and Scandinavia would not take cargoes without assurances
that Field Marshal von Mackensen had gained a “ decisivo of their innocent destination by tho British authorities.
victory” over the Rumanian and Russian troops in tho Ru­ Tho reasons assigned for tho action were tho simplicity of tho
manian Province of Dobrudja and that German, Bulgarian plan, which enabled tho British Government to control sup­
at the source, and, second, tho growing bill with which
and Turkish troops were pursuing them. Dispatches from plies
Britain was being pressed by noutral Governments lor
Sofia, Bulgaria, added that the “enemy was completely de­ Great
urrage and other expenses incurred by taking suspectod
stroyed.” Sofia also reported that in tho battles at the Tut­ dem
rakan bridgehead, at Silistria, and at Dobric 522 officers and ships into Kirkwall and other ports for examination. Lord
28.000 men had been captured, together with 132 guns and Robert Cecil, Great Britain’s Minister of War Trado, in
much war material. This was up to Sept. 12 it was stated. explaining on Sept. 15th the noworders of the British Govern­
A Sofia dispatch Oct. 4, via London, Oct. 5, stated that from ment, said that tho orders applied only to certain prohibited
12.000 to 10,000 Rumanian troops had crossed tho Danube articles and not to trado in general. Groat Britain, ho con­
has forbidden tho oxport of various articles to Euro­
in tho rear of the main battle lino in Dobrudja, but had been tended,
neutrals on tho ground that they have alroady received
scattered and virtually wiped out. Somo accounts gavo tho pean
number that crossed as high as 24,000. The Sofia statement in the first seven months of this year moro than an ordinary
.
said that 15 or 10 Rumanian battalions, without artillery, year’s supply.
There was renewal by tho Germans of Zeppolin raids on
had crossed the Danube near Rahovo and occupied tho vil­
tho southern and easten coasts of England. On Saturday,
lages of Siwopol Kajamhle, Boroissawo, Maolowranowo, Sept.
23, 38 persons wero killed and 125 injured in such an
Golemowrajowo and Breschlien. To repulse them tho Bul­ attack,
on Monday, Sept. 25, 30 were killed and 27
garians had sent two columns from Rustchuk and Turtukai, woundedand
in another such attack. Germany lost two of her
which on Oct. 3 attacked the Rumanians and forced them latest super-aircraft
in these raids and failed to causo (accord­
to seek refuge in the direction of their pontoon bridge, which
was destroyed by Austrian monitors. The Rumanians re­ ing to tho official British statement) any significant amount
military or industrial damage.
treated eastward, it was stated, in disorder, thereupon meet­ of Expressions
of regret for tho action of a British torpedo
ing the Bulgarian troops advancing from Turtukai. The boat on Sept. 11
in holding up and examining the Philippine
surrounded Rumanians then were scattered, it was claimed, steamer Cebu within
tho territorial waters of tho Philippines,
in all directions.
.
ero formally convoyed to tho United States by Groat
In Transylvania the Rumanian forces also sustained an w
It was explained that becauso of a heavy fog the
important defeat. Dispatches from Vienna and Berlin, via Britain.
mander of tho British cruiser was not awaro that tho
London, Oct. 1, stated that near Hermannstadt German and com
was so near shore. The presenting of a now list of
Austro-Hungarian forces under command of General von vessel
demands by Japan upon China and tho developments
Falkenhayn, who had been removed as Chief of Staff of tho secret
in connection with tho same wero a sourco of somo concern.
German Army tho previous month, had gained a completo The
demands arose out of a disturbance of tho poaco at Chengvictory. Four days before, by a wide encircling movement, a Chiatun,
involving Chinese and Japaneso troops. rIhe clash
column of Bavarian troops had blocked the road through occurred Aug.
13, and somo 50 Chineso and 17 Japanese wero
Rothenthurm Pass, in the enemy’s rear. All the enemy’s killed or wounded.
Japan made formal demand upon China,
attempts to reopen the road had proved fruitless. Simul­ requiring (1) dismissal
of tho Chineso officers in command of
taneously Austro-Hungarian and German troops from the
troops; (2) tho withdrawal of Chinoso troops from tho
west, north and south had advanced against the Rumanian tho
in which the trouble arose; (3) indemnification of tho
divisions operating south of Hermannstadt. The enemy had district
fought desperately in the battle, which had been of tho most families of tho Japaneso killed, and (4) tho granting to Japan
indicated marked displeasure with suggestions that neutral
countries might contemplate the idea of intervening, with a
view to forcing peace proposals, or offering mediation to
the belligerents. The British Empire, said Lloyd George,
had invested thousands of its best lives to purchase future
immunity for civilization. This investment was too great
to be thrown away. He went on to say:




F db . 17 1917.]

T H E C H R O N IC L E

607

of police rights in inner Mongolia. In addition to these of capital importance to the defense, the economic progress
formal public demands, however, Japan made a number of and wholesome life of the country.”
secret demands, and it was these that were particularly
Representative Fitzgerald, Chairman of the House Com­
viewed with anxiety. There were conflicting reports con­ mittee on Appropriations, in a review of the appropriations
cerning the origin of the troublo. The Chineso claimed that made by the session, said that the specific appropriations
it was caused by Japanese soldiers attacking the Chinese amounted to $1,626,439,209 63, while contracts were author­
garrison and seizing the local magistrate who had ordered the ized to be entered into obligating Congress to appropriate
punishment of a Japanese merchant who had refused to obey hereafter $231,945,275 20. The appropriations for mili­
instructions issued by tho Chinese because bandits were tary and naval purposes and for addition to sea coast defenses
operating in the city. Tho Japaneso contended that the alone amounted to $685,709,823 09. Senator Smoot, the
Chinese had arrested tho merchant illegally and fired on a Republican expert on the Finance Committee, estimated that
small body of Japanese troops sent to investigate. On tho total direct and authorized expenditures would amount
Sept. 6 tho American Ambassador at Tokio was instructed to $1,947,259,048.
to inquire as to the secret domands upon China, and received
The work of Congress was practically closed with the
assurances that thero was nothing in tho demands infringing approval by both branches on Sept. 7 of the conference agree­
tho sovereignty of China, and nothing impairing tho Root- ment on the Omnibus Revenue Bill, designed to raise $205,­
Takahira agreement. Announcement was also made by our 000,000 annually from taxes on inheritances and war muni­
State Department on Sept. 14 that both Japan and Russia tions and from increases in the income tax, &c. Several
had given formal assurance to tho United States that tho amendments were incorporated in the Senate designed to per­
Russo-Japanese treaty of alliance, signed a short timo pre­ mit the President of the United States to adopt reprisal and
viously, did not ropeal or modify the treaties of 1907 and 1910 retaliatory measures against belligerent Powers discrimin­
in which Russia and Japan pledged themselves to maintain ating against Americans. These were said to have the ap­
tho “open door” policy in China.
proval of the State Department. The conference, however,
Tlio American and Mexican Joint Commission began its struck out the amendment of Senator Phelan authorizing
deliberations in New London on Sept. 5; it held a number of the President to deny use of the mails, telegraph, telephone
conferences during the month, and while the Mexican Com­ wireless, express and cable facilities to citizens of foreign
missioners were insisting upon the withdrawal of American belligerents which interfere with American mails. It was
troops from Mexico as tho first prerequisite to a settlement stated that the committee had consulted the State Depart­
of tho border dispute, nows came of a new attack by troops ment regarding the Phelan amendment and was told counter­
led by Francisco Villa on Chihuahua City, or by forces in retaliations might operate to the hardship of American citsympathy with him. The Villistas later evacuated tho city, zens in foreign countries. Besides the income and inheri­
taking with thorn, according to reports, a number of recruits, tance taxes, the law imposes a munitions net profit tax of
some cannon and machine guns, and also some ammunition 12%%, a tax of 50 cents on each $1,000 of stock of corpora­
stores. Accounts, however, wero more or less conflicting tions in excess of $99,000, and provides for beer, wine, liquor
as to tho success of tho movement and tho chief feature of and theatre taxes. All stamp taxes (including those on stock
impprtance was the renewed evidence afforded that Villa certificates, bonds, notes, &c.) and a proposed tax on re­
or his followers was still active against tho Carranza Govern finers of copper wero-eliminated.
ment.
•
The s5eci^<? tax.°f $100 imposed upon bankers for each
Metal prices all tended higher. Lake copper at Now York $1,000
of capital (including surplus and undivided profits)
got up to 28% cts., with the close at 28 cts., and electrolytic carried in the Emergency Revenue Act of Oct. 22 1914 was
advanced to 28% cts., with tho close 28% cts. Lead at Now omitted from tho new law, but the $30 tax on brokers, also
York advanced from 6% cts. to 7.10 cts., and tin, after imposed under the Emergency Revenue Law, was continued,
touching 38% cts., got up to 39% cts. Spelter ranged within as also tho S50 tax on pawnbrokers, the $20 tax on ship
a narrow field and closed at (New York price) 9% cts., brokers, the $10 on custom house brokers; the new law also
against 8.75 cts. Sept. 1. Grain prices again showed great retains tho tax on theatres, circuses and other exhibitions,
strength with, however, somo easing off in quotations at the
ling alleys and billiard rooms. It materially changed
close. The December option for wheat at Chicago from bow
the tax on tobacco and cigarette manufacturers on and after
$1 42% Sept. 1, advanced to SI 57% Sopt. 25, with tho close Jan. 1 next.
Sopt. 30 SI 54. The Brooklyn Boss Bakers Association
ine normal income tax is increased from 1 to 2% and the
asked President Wilson to put an embargo on the exportation sur-taxes
are also raised. On incomes in excess of $2,000,000
of wheat from the United States, and announcement came tho rate is 13%, making, with the normal rate of 2%, 15%
of Argentina shipments for the United States. December altogether. The inheritance tax provision imposes a tax
corn at Chicago, after rising again to 70% cts. Sopt. 8, fell on the transfer of tho net estate of decedents dying after
to 71 cts. Sept. 15, but recovered to 74% cts. and closed passage of the Act of 1% of the amount of such net estates
Sopt. 30 at 73% cts. Tho December option for oats, after not in excess of $50,000; 2%, $50,000 to $150,000; 3%, $150,­
selling at 50 cts. Sept. 0, touched 46% cts. Sopt. 12, with the 000 to $250,000; 4%, $250,000 to $450,000; 5%, $450,000 to
close 48% cts. Tho price of cotton cased off a little,’middling $1,000,000; 6% on $1,000,000 to $2,000,000; 7% on $2,000,­
uplands in New York declining to 15.15o Sept. 11, but the 000 to $3,000,000; 8% on $3,000,000 to $4,000,000; 9%
closo Sept. 30 was at 16 cts., against 16.40 cts Aug 31
to $5,000,000, and 10% of the amount by Which
President L F. Loreo of the Del. & Hudson Co.,' made $4,000,000
such estate exceeds $5,000,000. Thero is also provision for
public the results of another inquiry into the subject of the a
tariff commission, besides anti-dumping provisions and
foreign selling of American R.R. securities. It appeared from a clause
imposing duties on dyestuffs, to foster home pro­
this that whereas on Jan. 31 1915 tho aggregate of railroad duction; and
the measure also makes changes in the tariff
securities (par value) hold abroad was 82,704/102,364, by law regarding printing paper.
July 31 1915 the total had been reduced to $2,223,510,229,
The Tariff Commission is charged with the duty of in­
and now for July 31 1916 had decreased to $1,415,628,563, vestigating the administrative and fiscal and industrial ef­
tho liquidation in the eighteen months, therefore from fects of tho customs laws of this country, including their re­
Jan. 31 1915 to July 31 1916 reaching no less than $1,288,­ lation to the Federal revenues, their effect upon the industries
773,801. 1ho inlormation was based on returns received and labor of tho country, and to submit reports of its in­
from 144 railroads, being all the roads in the United States
Tho anti-dumping provision is designed to
over 100 mile? m length, out of which 105 reported securities vestigations.
unfair competition from foreign business interests.
ho d abroad. No attempt was made to computo the markot prevent
Tho reprisal and retaliatory measures against belligerent
value for Jan. 31 1915, when the first inquiry was under­ Pow
ers discriminating against Americans are directed against
taken, but tho 8-,2^3,ol0,229 held abroad on July 31 1915 tho blacklist
policy of Great Britain and France. The'law
had a market value of $1,751,437,912, and tho $1,415 6 28 563 empowers tho President to refuse clearance papers to any
held July 31 1916 had a market value of $1,110,099,000. belligerent merchantman, when ho is satisfied that such
Tho next month a now statement of tho sharo holdings of the vessel is giving undue or unreasonable preference or advan­
U. S. Steel Corporation brought down to Sopt. 30 1916, was tage to any particular person, company, firm or corporation
mado public and this also showed further extensive liquida­ or is subjecting any company, firm or corporation to undue
tion of foreign holdings. In tho case of tho common shares or unreasonable prejudice, disadvantage, injury or discrim­
tho holdings abroad Sept. 30 1916 wore only 537,809 shares ination. One of the provisions, also, has for its object the
against 1,285,636 shares Mar. 31 1914, and in tho case of tho adoption of retaliatory measures against Great Britain for its
preferred stock, only 171,096 shares, against 312,311 shares. embargo against the importation of American tobacco. It
In tho two classes of shares combined, thoro was a decrease provides that whenever, during tho existence of war, any
irom 1,597,947 shares, to 708,905 shares between tho dates country, colony, or dependency shall prevent the importation
given.
of any article tho product of the United States, tho President
Congress adjourned Sopt. 8th at 10 a. m. Much of tho shall have power to prohibit during the period such pro­
legislation enacted has already been referred to. It included hibition is in force the importation into tho United States
tho Rural Credits Act; tho Railroad Eight-IIour Law; of similar or other articles, products of such country, colony
or dependency. The unfair trade provisions of tho Act make
it unlawful for any person importing articles from a foreign
country to tho United States to sell tho same in this country
and providing for an inheritance tax along with tho incomo ‘‘commonly and systematically” at a price substantially less
tax; Federal Workmens Compensation Act; an Act for tho than tho actual market value or wholesale price at tho time
Establishment ot a Merchant Marino; Child Labor Law; of exportation in the principal markets of tho country of their
Philippine Bill; Enlargement of Navy and Increase in Army, origin, after adding to such market value, or wholesale price
&c., &c. With tho adjournment, President Wilson issued a freight, duty and other charges.
statomont saying a very remarkable session of Congress had it The Child Labor Bill became a law Sept. 1. It provides
just closed, ‘‘full as all the recent sessions have been of help­ ‘‘that no producer, manufacturer or dealer shall ship or
ful and humane legislation which constitutes contributions deliver for shipment in inter-Stato or foreign commerce any



(>08

article or commodity the product of any mine or quarry,
situated in the United States, in which within thirty days
prior to the time of the removal of such product therefrom
children under the age of sixteen years have been employed
or permitted to work, or any article or commodity the pro­
duct of any mill, cannery, workshop, factory, or manufac­
turing establishment, situated in the United States, in which
within thirty days prior to the removal of such product there­
from children under the age of fourteen years have been em­
ployed or permitted to work, or children between the ages
of fourteen years and sixteen years have been employed or
permitted to work more than eight hours in any day, or more
than six days in any week, or after the hour of seven o’clock
post merdian, or before the hour of six o’clock ante meridian.”
The Act does not become effective until Sept. 11917—that is,
not until one year after its approval.
Important amendments were made to the Federal Reserve
Act. An amendment to Section 11 empowers the Federal
Reserve Board, upon an affirmative vote of not less than five
of its members, to permit member banks to carry in the
Federal Reserve banks any portion of their reserves pre­
viously required to be held in their own vaults. The new
law also broadens the provisions governing the acceptance
by member banks of paper for discount. Another amend­
ment permits Federal Reserve banks to make advances to
member banks on their promissory notes for a period not
exceeding fifteen days at rates to bo established by such
Reserve banks, subject to the approval of tlio Reserve Board.
Still another amendment permits national banks doing busi­
ness in a locality having a population of not exceeding 5,000
to act as agents for any fire, life or other insurance company
and as agonts for the negotiation of loans on real estate lo­
cated within a radius of 100 miles. A very important change
was made in Section 16 of the Reserve Act, which deals with
the right to issue Reserve notes. This has been amended so
as to allow Federal Reserve banks to turn over to Federal
Reserve agents as collateral for Federal Reserve notes, in
addition to paper rediscounted under Section 13 of the law,
“bills of exchange indorsed by a member bank of any Federal
Reserve district and purchased under the provisions of Sec­
tion 14 of this Act, or bankers’ acceptances purchased under
the provisions of said Section 14.” Section 14 is the section
dealing with the open market operations of tho Reserve
banks. A further amendment to Section 16, which would
have authorized and encouraged Federal Reserve banks to
issue Federal Reserve notes based upon gold or gold certifi­
cates was dropped in conference. Tho amendments to tho
Act also provide new measures for the furtherance of the
foreign commerce of the United States through the establish­
ment of foreign branches, by national banks having a capital
and surplus of $1,000,000 or more. The proposal to permit
national banks in cities of 100,000 inhabitants and having a
capital and surplus of over $1,000,000 to establish domestic
branches was stricken out in conference.
The Administration Ship Purchase Bill becamo a law on
Sept. 7. Besides creating a Shipping Board the Act provides
for the creation of one or more corporations for the purchase,
construction, equipment, lease, charter, maintenance and
operation of merchant vessels in the commerce of the United
States. The total capital is not to exceed $50,000,000, “and
the Board may, for and on behalf of the United States, sub­
scribe to, purchase and vote not less than a majority of the
capital stock of any such corporation.” Tho law also stipu­
lates that “tho Board with the approval of the President may
sell any or all of the stock of tho United States in such cor­
poration, but at no time shall it be a minority stockholder
therein.” Actual Government operation would result onlv
with the inability of the Board to enter into a contract with
private parties for the purchase, lease or charter of the vessels.
Operation of ships by tho Government corporation is limited
to five years. The bill also authorizes tho Board to have
constructed and equipped in American ship yards and navy
yards, or to purchase, lease, or charter vessels, suitable, as
far as the commercial requirements of the marine traclo of
the United States may permit, for uso as naval auxiliaries
or army transports, or for other naval or military purposes.
It is oxpressly provided under tho Act “that foreign built
vessels admitted to American registry or enrollment and
license under this Act, and vessels owned, chartered or
leased by any corporation in which the United States is a
stockholder, and vessels sold, leased, or chartered to any
erson in which a citizen of the United States is a stockolder, and vessels sold, leased, or chartered to any person
a citizen of the United States, as provided in this Act, may
engage in tho coastwise trade of the United States.” Im­
portant provisions giving the Shipping Board regulatory
authority over wator carriers of the country in inter-State
commerce with power to regulate rates, are carried in the
Act. Inland water traffic, except on the Great Lakes, is
exempted from tho regulations. The Act stipulates that no
water carrier shall, directly or indirectly, pay or allow or
enter into any combination, agreement or understanding,
express, or implied, to pay or allow, a deferred rebate to any
shipper; nor make any unfair or unjustly discriminatory con­
tract with any shipper based on the volume of freight offered,
or unfairly treat or unjustly discriminate against any shipper
in the matter of (a) cargo space accommodations or other
facilities, due regard being had for tho proper loading of the
vessel and the available tonnage; (b) the loading and landing
of freight in proper condition; or (c) the adjustment or settle­
ment of claims. Each carrier is required to file with the



[Vol. 104.

TPIE C H R O N IC LE

Board and keep open to public inspection, in tho form and
manner and within the time proscribed by the Board, its
maximum rates, fares and charges, and no carrier may charge
a greater compensation than the rates filed, except with the
approval of the Board.
An order extending the time dflring which the domestic
laws relating to the survey, inspection and measurement of
vessels shall not be applied to foreign vossols taking out
American registry under tho Ship Registry Act of Aug. 18
1914, was signed by President Wilson Sopt. 1. With the
enactment of the law these provisions wero suspended for
two years; the new order suspended the provisions for another
year. It likewise further suspended tho provisions of tho law
prescribing that the watch officers of vessels of tho United
States registered for foreign trade shall be citizens of tho U. S.
Railroad E vents and Stock E xchange M a tte r s .—On tho Stock
Exchange the month will long remain memorable. Trans­
actions were on a steadily rising scale and the feeling of optim­
ism and buoyancy knew no bounds. Dealings aggregated
in excess of 1,000,000 shares day after day, and on one day,
went above 2,000,000 shares. For the whole month, the
sales reached 29,992,582 shares, against 18,399,286 shares in
Sept. 1915, which was also an active period. Tho rise in
prices was commensurate with the magnitude of tho dealings.
At first the so-called war stocks wero chiefly prominent in
the speculation, then the copper stocks came to tho front,
and finally the railroad shares also moved upward along with
the rest, though less rapidly, and in more moderate degree.
The first manifestation of reviving activity came on Tuesday,
Sept. 5, the day after Labor Day, and following the passage
by Congress of the Railway Eight-Hour Bill. A feature
that day was a great rise in International Mercantile Marine
shares, on the announcement that such was the prosperity
now enjoyed by this shipping combination that arrangements
had been made for the early taking of the company out of the
hands of the courts and the dissolution of the receivorship.
All industrial stocks participated in the upward movement
on that day. The railroad shares wero laggards, but were
finally earned along with the general current. Thereafter,
new high records for the year by all classes of stocks were
established day after day. On Sept. 6 Steel common touched
100, and that was considered remarkable at tho time, but
later in the month these same shares reached 120^. On
Monday, Sept. 25, following the announcement the provious
Saturday of the conclusion of the large copper contract, still
further activity developed, the copper shares being, of course,
unusually prominent, and Anaconda shares rose to 102,
against 84 on Sept. 1; in the afternoon of that day, however,
a sharp and general slump in prices unexpectedly occurred.
This reaction continued through the next day, but the market
soon regained its tone and resumed its upward tendency, -with
the close Sept. 30, strong, though in a number of cases at
some reaction from the best figures of the month.
Stock Fluctuations.
R a ilr o a d s — •

Atch Top & Santa Fe.
Baltimore & Ohio___
Canadian Pacific........
Chesapeake & O hio.. .
Chicago Mllw A St P .
Erle..............................
Great Northern, pref.
Louisville A Nashvllle.
New York Central___
N Y N II A Hartford.
Norfolk A W estern...
Northern Pacific........
Pennsylvania (par $50)
Reading Co (par $50).
Southern Pacific........
Southern Railway___
Union Pacific________
Industrials—
Allls-Chalm Mfg v t C.
Preferred v t c ........
Amer Agrlcul Chem ..
American Beet Sugar.
American Can............
Amer Car A Foundry.
Amor Hide & L, pref..
American Locomotlvo.
Amer Smelt & Refining
Amer Steel Foundries.
Amer Sugar Refining.
American Tel A Tel__
Amer Woolen of Mass.
Amer Writ Paper, pref
Am ZInc,LAS(par $25)
Anaconda Cop(par$50)
Baldwin Locomotive..
Bethlehem Steel Corp.
Central Leather--------Chile Copper(par $25).
Chino Copper (par $5)
Colorado Fuel A Iron.
Continental Can------Crucible Steel of Amer
Cuban-Amer Sugar__
General Electric--------General Motors______
Goodrich (B F )--------Gulf States Steel tr ctfs
InspIrConCop(par$20)
Int Agrlc Corp v t c . .
Int Merc Mar tr ctfs..
Preferred trust ctfs.
Int Nickel (par $25)vtc
International Paper..
Lackawanna Steel___
Maxwell Motors tr ctf.
National Lead.......... ..
Pittsburgh Coal .
Pressed Steel Car___
Railway Steel Spring..
Republic Iron A Steel.
Studcbakcr Corp (The)
Texas Co (The)_____
U S Industrial Alcohol
U S Rubber.............. .

Sept. 1.

Range for Itonth.

Sept. 30.

Lowest.
Prices in doll ars per share.
102X Sept.
103X
106X
85 Sept.
89
86
zl74 X Sept.
*175 X
178X
60 X
59X Sept.
66 X
94 X
91X Sept.
96 X
40
35X Sept.
37X
116X Sept.
;119X
116X
134
128 Sopt.
129X
104
109X
102X Sept.
59 X
57X Sept.
60 X
129
127 Sopt.
136 X
non
108X Sept.
113 X
55 Sopt.
55 X
58
102X Sopt.
105X
112X
95X Sopt.
97 X
101X
23 Sopt.
23 X
25 X
7137 Sept.
150
Z139X
23 X
26X
70X
81X
) 80
76 X
89 X
96 X
65 X
60 X
71
62 X
52
60 X
77 X
J79 X
99
113X
63 X
61X
**107 110
112
131
;i3 3 X
44X
;48
26><
32 X
34
41 X
85 X
97 X
87X
79 X
*540 565
480
73
56 X
20
21X
53
J50 X
48 X
60X
J103
97X
76 X
93 X
235
265
169
7182
♦500 580 *730 760
72
75 X
94
76 X
58 X
66 X
*11
13
44 X
43 X
120X
104X
53 X
41X
28 X
15X
788
77 X
84 X
793 X
65
70
*27
29
67
53 X
46
55
53 X
SOX
124
132 X
7220
192X
110X
128X
01 X
57 X
♦77

22
78X
76X
36X
60X
60X
S IX
75X
96X
53X
108X
130X
44X
26X
34
84
76X
480
50X
19X
52
46X
96
73
235
167
574
70
70
56X
11X
41
103X
40X
15X
75X
281
264 X
97
52X
44X
52X
110X
192X
108X
50

Sopt.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sopt.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sopt.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sopt.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Snnf,.

Sept.
Sept.
Sopt.
Sept.
Sept.
Sept.
Sept.

1
2
1
2
11
1
2
14
1
5
2
2
12
5
2
2
2

Highest.
107X Sept. 27
00X Sept. 18
181 Sept. 27
68X Sept. 27
98 Sept. 16
41X Sept. 27
121 Sept. 18
134X Sept. 27
110X Sept. 27
62X Sept. 18
137X Sept. 30
113X Sept. 18
58X Sept. 27
115X Sept. 27
103X Sept. 27
26X Sept. 27
152X Sept. 27

1 27X Sept. 29
6 83X Sept. 28
1 83X Sept. 14
1 99 Sept. 27
1 68 X Sept. 29
1 73X Sept. 29
2 67 Sept. 12
2 82X Sept. 14
1 117 Sept. 25
2 02 Sept. 29
2 113X Sept. 28
1 *134X Sept. 29
1 51X Sopt. 12
1 30 Sept. 11
2 44X Sept. 22
1 102 Sept. 25
2 93 Sept. 14
5 580 Sept. 14
1 74X Sept. 25
15 23 X Sept. 25
1 ,159X Sept. 25
1 63X Sept. 30
7 t ill
Sept. 20
2 97X Sept. 14
6 269X Sopt. 26
2 J186X Sopt. 28
9 750 Sept. 14
I
77X Sept. 29
1 96 X Sept. 15
1 69X Sept. 2S
8 18X Sopt. 12
2 50X Sept. 14
1 125X Sept. 11
1 55X Sept. 25
5 31X Sept. 12
2 >90 Sept. 29
1i 99 Sept. 25
f
74X Sept. 21
11
33X Sept. 18
2 69X Sept. 30
1 50X Sept. 29
1
83X Sept. 29
2 134X Sept. 25
5 1228 Sept. 20
2 133 * Sept. 18
1 63X Sept. 29

Feb . 17 1917.]
Stock fluctuations.

T H E C H R O N IC LE

Sept. 1.

Sept. 30.

Prices in doll arsper share.
Industrials (Con
USSm,R&M(par$50)
DM
77%
x00%
United States Steel--.
117%
Western Union Teleg. ♦94 % 95^J
J100%

Range for Month.
Highest.
Lowest.
70% Sept. 2 79 Sept. 12
x05 Sept. 1 120% Sept. 29
94% Sept. 2 102% Sept. 16

609

W H O P A Y S T H E E X T R A IN C O M E T A X ON T A X
EXEM PT.

An interesting question comes up in connection with the
increase in the income tax in the case of bonds carrying the
J Quoted ex-dividend during the month and prior to this date, x Ex-dividend so-called tax exempt feature.
The rate of the tax has been
* Bid and asked price; no sale.
doubled that is, is 2% for the calendar year 1916 as against
M o n e y M a r k e t .—In tlio money market there were no special
1 % for the calendar year 1915.
The increase did not
features, continued ease being the dominant and tlio only only
come
until
September,
but
Congress
made
the law retro­
characteristic. The range for call money for the month was
2 @3, while time money at the close was 3 @3% for 60 days active so as to cover the whole of the calendar year. In
and 3% @ 3 %% for 90 days, 3>6% for 4 and 5 months, the meantime the companies that had obligated themselves
and 3 %@3 %% for 6 months. Paper rates were lower at to pay interest or coupons “without deduction for any tax
3%@3%% for choice double and prime single names and 4% or taxes which said railway company may be required to
for names not so favorably known. Money holdings of the
or to retain therefrom” were obliged by law to withhold
Clearing House institutions fell from $456,330,000 Aug. 26 pay
only
the original 1%, though the rate has now been raised
to $401,136,000 Sept. 9, then recovered to $450,051,000
Sept. 23, and were $436,616,000 Sept. 30. Gold on deposit to 2%. The question that arises is whether Congress, having
with the Federal Reserve bank fluctuated from week to week made the increase retroactive but having in the first in­
and was $166,394,000 Sept. 30, against $167,871,000 Aug.26. stance required a deduction of only 1%, tho company or
Surplus reserves fell off sharply from $125,390,360 Aug. 26 the owner must pay the additional 1%.
to $69,801,070 Sept. 9, then moved up again to $114,134,130 An executor of an estate which holds a variety of railroad
Sept. 23, and were $89,189,570 Sept. 30. Loans showed bonds
has communicated with the officials of the different
expansion and were $3,347,438,000 Sept. 30, against $3,­
243,902,000 Aug. 26. Deposits were $3,391,714,000 Aug.26, companies, in order to settle the point, and has placed at
$3,424,709,000 Sept. 2, $3,404,723,000 Sept. 9, and $3,­ our disposal the answers received to his query. The re­
467,833,000 Sept. 30.
’ sults are interesting and are also conclusive. His inquiry
F oreign E xch an ge , Silver , & c .—The foreign exchange related to the bonds of eight different companies, and in
market was absolutely devoid of feature, as far as sterling every case, without any exception, the answer is that the
exchange was concerned. Quotations remained under the holder of the bond must pay the extra 1%. We print be­
complete control of the British Treasury and rates for the
leading classes of bankers’ bills were altogether unchanged low the answers received without, however, disclosing the
day after day and week after week. In sixty day bills there names of the companies:
was no change whatever from 4 713^, while the range for
R A IL R O A D N O . 1.
sight bills was compassed within 4 75 11-16 @4 75%, and Dear Sir:— R eplying to yours
o f the 3rd inst., I have to advise that the
that for cable transfers within 4 76 7-16 @4 76%. In rates
o f the bonds you name m ust assume the liability for the added 1 %
on the Continental centres the feature was further great owner
Federal Incom e N orm al T ax fo r the year 1916, this corporation assuming
weakness in reichsmarks, sight bills on Berlin Sept. 5 getting under the so-called “ tax free clause” in its General M ortgage 4 % Bonds
tho per cent, o f the Federal Incom e N orm al T ax it is required to collect
down to 68%, but here there was marked recovery, the price only
Sept. 30 being 70%. French exchange showed an improving at Ithowillsource.
add for you r further inform ation that It is a serious question as to
tendoncy, as was natural , in view of the arrangement of new
the so-called “ tax free clause” in this com pany's General M ortgage
crodits here and the placing in New York of the $50,000,000 4whether
Bonds is sufficiently broad to require this com pany to assume even the
loan to the city of Paris. From 5.89% francs to the dollar per% cent,
which, under the Federal Incom e T ax Law, it is required to collect
Sept. 1 there was an improvement to 5.84 Sept. 30. Russian at the source.
far as we are aware there has never been any court d e­
rubles displayed a weakening tendoncy again, getting down cision as to the Soexact
nature o f the com p a n y’s liability under this clause
to 31.40 Sept. 27, with the price Sept. 30 32.10. Open and In tho absence o f such court decision this com p a n y’s board o f directors
has
given
instructions
that
for the present the interest on this issue o f bonds
market discounts in London declined fractionally and were
be paid in full w ithout deduction o f the per cent, which th e Federal
5%@5% for both 60 and 90 day bills at the close of the shall
Incom e T a x Law requires to be collected at the course, provided proper
month. The private bank rate at Berlin fell to 4%. Gold certificates
in tho form s required b y tho United States Treas­
imports again reached largo dimensions, aggregating for the ury Departmareentfurnished
R egulations. In thus paying the full interest w ithout
month (all ports) $92,562,247, with the exports $6,849 141. deduction, i.o, paying 100 cents on the dollar the directors o f this com pany
Silver in London advanced still further and was quoted considers it fully com plies w ith its covenant.
32%d. Sept. 30.
R A IL R O A D N O . 2.
Dear Sir.— In reply to your fa vor o f the 3rd In st., in relation to the incom e
The
remaining
months
of
this
monthly
narrative
will
be
given
in
succeeding weeks.
BO O K N O T IC E .

I ncome T ax P rocedure. By Robert H. Montgomery,
of Lybrand, Ross Bros. & Montgomery; Certified Public
Accountant; Attorney-at-Law; Momber Income Tax Com­
mittee, National Tax Association, &c. 1917. The
Ronald Press Co., 23 Vesey Street, New York. Price,
$2 50 postpaid.
This is a timely and a useful book. It is not unduly
voluminous and yet is thorough and comprehensive. It
evidences painstaking care and a complete understanding of
the subject. It deals with many technical questions and
yet is wholly non-technical. In style and appearance it is
all that could be desired, the paper being good and the typo
large and clear. As to the usefulness of the book to the
ordinary individual, the first five sentences in the Prefaco
show the aim of the author, and it may be truthfully affirmed
that he has succeeded in accomplishing his purposo. Mr.
Montgomery says: “This is not a treatise on tho income tax.
It is not a history. It is not a digest. It does not even
purport to contain all of tho Treasury Department regula­
tions and decisions. It will, however, answer about 98 out
of 100 anxious questions.” Incidentally, it may be said that
tho author, out of the fulness of his knowledge, presents some
valuablo criticisms—and he does not spare the Govern­
ment.
STOCK E X C H A N G E

F O R B ID S M E M B E R S

TO E M P L O Y

N E W S P A P E R R E P R E S E N T A T IV E S .

Tho Stock 'Exchango committeo adopted a resolution
yesterday declaring that it would be considered an act
detrimental to the interests of the Exchange for any mem­
ber to employ, directly or indirectly, a representative of any
newspaper for tho purpose of obtaining advance information
of any character.



tax on certain general m ortgago 3M % bonds owned b y tho estate o f ______
______ _ I beg to advise you as follow s:
The indenture o f the a b o v e bonds contains the follow ing;
All paym ents upon this bond o f both principal and Interest are to be m ade
without deduction for any tax or taxes which said railway com pany m ay be
required to pay or to retain therefrom , b y any present or future laws o f the
United States o f A m erica, or any o f the States thereof, said railway com ­
pany hereby covenanting and agreeing to pay all such tax or taxes.
T he com pany is advised b y counsel that its obligation under said p ro­
vision is quite clear. I t is to pay tho principal and interest w ithout de­
d uction for any tax or taxes which the Railway Company may be required to
pay or to retain therefrom. There is no agreem ent either expressed or im ­
plied, to reimburse bondholders for taxes which bondholders them selves
are required to pay upon their Incom e.
A reimbursement by the com pany to a bondholder o f incom e taxes paid
b y such bondholder, which the com pany is n ot obligated to p a y, would
be an unlawful appropriation o f funds o f tho C om pany, and in a suit b y a
stockholder o f the com pany for waste o f funds the directors and officers
authorizing and m aking such paym ents, would p robably be required to
account to the com pany fo r all such paym ents.
Y ou will therefore appreciate that this com pany cannot reim burse a
bondholder for incom e taxes paid b y him on incom e received from bonds
o f this com pany.
Y ours very truly.

R A IL R O A D N O . 3.
Dear Sir: — W e have you r letter o f Feb. 3, concerning Incom e T a x w ith­
held from General M ortgage G old Bonds o f this com pany belonging to
tho above m entioned estate. T ho Federal Incom e T ax Law and Regula­
tions governing the operation o f it, required the debtor com pany to w ith­
hold from the interest only 1 % during the year 1916. T herefore, th e com ­
pany assumed the responsibility for the 1 % whero it was necessary in that
year— the additional I % being properly chargeable to the bond ow n e r..
Y ours very truly.
R A IL R O A D N O . 4.
Dear Sir: — I have you r fa vor o f F eb. 3 addressed to this com p a n y and
n ote you r questions.
In every instance this com pany pays the interest upon its First and R e­
funding M ortgage bonds in full. "Where the certificate o f ownership shows
that the owner o f the bonds was him self liable to pay the incom e tax to the
United States, this com pany acknowledges to the United States its liability
for such tax in accordance with the laws in force at the tim e. In the year
1916 the laws then In force required the source to withhold only 1% in­
com e tax. There was n o liability and is no liability resting upon the
obligor in this case t o pay the other 1 % tax which was laid upon the owner
o f the incom e.
I f you will look at form 1040, revised O ctober 1916, you will find that
in all cases tho United States expects this additional 1% tax to be paid
b y the owner o f the incom e. Y ours very truly.

010

T H E C H R O N IC LE

R A IL R O A D N O . 5.
Dear Sir: — Referring to your letter o f tho 3rd int., in regard to the normal
tax on the interest on this com pany's R efunding M ortgage 4 % Bonds, I
beg to ad vise that the C om pany has paid the holders o f these bonds in­
terest in full in accordance with tho terms o f the con tract. Yours truly,
R A IL R O A D N O . 6.
Dear Sirs:— I am in receipt o f your letter o f tho 3d inst., addressed to
this com pany.
In accordance with tho incom e tax law, and the provisions o f the taxexem pt clauses o f our m ortgages, tho railroad com pany lias assumed and
paid to tho Governm ent tho Federal Incom e tax o f 1% deductible at the
source from coupons owned b y parties not claiming exem ption, i. e ., such
coupons havo been paid at their face value. Inasmuch as tho amended
incom e tax law provides for paym ent direct to tho Governm ent o f the
additional 1% tax for the present year b y the individual, the responsibility,
therefore devolves upon the owners o f the bonds.
Yours very truly,

[Vol. 104.

range to have the funds remain on deposit with thoir corre­
spondent in Paris at tho owner’s risk up to the timo when the
definitive Rentes aro ready for exchange for the temporary
certificates, subject to being drawn prior to that time at the
current rate of exchange on presentation of temporary
certificates to them for stamping.
SECURITIES SERVING AS COLLATERAL FOR BRITISH
LOAN OF

$250,000,000.
We publish below tho list of securities serving as collateral
for the $250,000,000 o ' A % 1 and 2 year secured convertible
gold notes of the United Kingdom of Great Britain and
Ireland for which subscription books were closed by J. P.
Morgan & Co., syndicate managers, on Jan. 29, the loan
having been subscribed well in excess of the $250,000,000
R A IL R O A D N O . 7.
Dear Sir: — R eplying to tho inquiry contained in you r letter o f Feb. 3, l offered.
beg to say that tho 1 % incom e tax assessed b y tho G overnm ent for tho year
There are two distinct groups of securities of $150,000,000
1916 on interest paym ents, in addition to the 1 % d ebtor corporations wore each.
The first group of $150,000,000 consists of stocks,
required under tho law to w ithhold at tho source, is tho personal obligation
bonds and other securities of American municipalities and
o f tho holder o f tho bonds.
T ho covenant contained in this com p a n y’s ----------- bonds is that it will corporations and of the Canadian Pacific Ry., and bonds
pay tho interest without deduction for any tax which it m ay bo b y law and other obligations (either as maker or guarantor) of the
required to withhold or p a y. In paying tho interest without any deduc­
tion , tho covenant referred to was fully com plied w ith, and the com pany Government of tho Dominion of Canada, tho colony of
is liable to the G overnm ent only for the 1 % which tho law and regulations Newfoundland, Provinces of the Dominion of Canada and
required it to w ithhold at the source.
approved Canadian municipalities. Of the foregoing there
Yours very truly.
are somewhat over $100,000,000 securities of municipalities
and corporations of tho United States and of the Canadian
R A IL R O A D N O . 8.
Dear Sir:— W e beg to acknowledge receipt o f your favor o f the 3d inst. Pacific Railway Co.
with respect to tho normal incom e tax on interest paid during tho year 1916
The second group of securities, totaling $150,000,000,
on bond issues o f ------------------ R R . C o. Tho issues cited in your letter
contain a covenant substantially to the effect that principal and interest is made up of bonds and other obligations (either as maker
are payable without deduction o f any tax or taxes which the debtor com ­ or guarantor) of the Governments of Argentina, Chile,
panies m ay bo required to pay thereon or to retain therefrom under any Cuba, Commonwealth of Australia, Egypt, Japan, New
present or future law o f the United States, or o f any State, territory,
Zealand and Union of South Africa, and bonds and other
cou n ty or m unicipality therein.
Under tho withholding at the source clause o f tho Federal Incom e Tax obligations of approved railways in Argentina, and of tho
A ct o f O ct. 3 1913, the debtor companies were required to retain from tho Grand Trunk Ily. Co. of Canada, and approximately
interest paym ents 1% normal income tax and therefore thc-executive com ­
$25,000,000 in bonds and other obligations of dividend­
mittees o f t h e ------------------C o. resolved that as a matter o f policy they would
not contest tho meaning o f the covenant but would pay the interest without paying British railway companies.
deduction o f th o normal income tax upon presentation o f tho coupons
The particulars of the $250,000,000 loan which was of­
accom panied b y the ownership certificates “ not claiming exem ption” as
rescribed b y the United States Treasury regulations. T hey made the fered for public subscription the latter part of January by
Reservation, how ever, that if tho courts should at any later dato determine a syndicate, headed by J. P. Morgan & Co., wore given
■hat the covenants were not broad enough to cover the Federal income tax
in these columns on Jan. 20, pages 207 and 208. The loan
aw the companies would probably change their policy to accord with such
matures $100,000,000 Feb. 1 1918 and $150,000,000 Feb.
decision.
T he provision o f the amended income tax law o f Sept. 8 1916, increasing
1 1919. The 1 year notes were offered at 99.52 and in­
the rate o f the normal income tax from 1% to 2 % and making such rate
terest and the 2-year notes at 99.07 and interest, netting
retroactive as o f Jan. 1 1916. is only binding upon the bondholders in regard
The loan of $300,­
to the additional 1 % , for the reason that b y tho terms o f tho now law the investor about 6% in both cases.
the withholding at the source clause as to tho 2 % did not bcom ec effective 000,000 put out in October last netted the investor 5 % %
until Jan. 1 1917, but up to that time was governed b y the law existing at
for the 3-year notos and 5.85% for the 5-year obligations.
the tim e o f tho passage o f the new A ct.
Inasmuch as the com panies were not required to pay any tax on the
The list of securities as given below consists (in the first
interest paid to its bondholders and in this case were not required to retain group) of 44 railroad stock issues, 57 shares of industrial and
more than 1% for tho year o f 1916, they cannot assume liability for tho
additional 1% imposed b y the law upon tho bondholders. In regard to miscellaneous companies, 476 railroad and industrial bonds
interest paym ents on bonds made or to bo mado during tho year 1917, the and (in the second group; 123 Canadian and noutral govern­
companies will pursue the same course, under the same reservations, as ment securities, including, as already stated above, bonds
they did heretofore under the A ct o f O ct. 3 1913 and assume liability for
the full normal incom e tax o f 2 % where the bonds contain the aforemen­ of the Grand Trunk Ry Co. and bonds and other obliga­
tioned covenant and the couopns are accom panied by certificates not claim­ tions of dividend-paying British railway companies. The list
ing exem ption.
Yours truly,
of securities back of tho $300,000,000 loan mado in October
contained 54 railroad stock issues, 73 shares of industrial
and miscellaneous companies, 615 railroad and industrial
FIRST QUARTERLY INTEREST P A Y M E N T ON REPUB­
bonds and 111 Canadian and neutral government securi­
LIC OF FRANCE 5% N A T I O N A L LOAN OF 1916.
list of American securities pledged for the $300,­
Brown Brothers & Co., 59 Wall St., and A. Iselin & ties. The
loan was published by us on Nov. 18, 1916, pages
Co. of 36 Wall St., both of New York, have issued a circular 000,000
to subscribers to the Republic of France 5% national loan of 1834 and 1835.
GROUP 1.
1916, particulars of which were given by us on Oct. 7 1916, Railroad Shares—
Southern Railway Co., preferred.
Top. & Santa Kc R y. Co., common. Tunnel Railroad of St. Louis.
pages 1260 and 1261, announcing that tho first quarterly Atch.
Union Pacific Railroad Co., common.
Preferred.
Preferred.
interest payment on the French 5% Rentes represented by the Atlanta
* Charlotte Air Line Ry.
Atlantic Coast Line RR. Co., common. United New Jersey RR. * Canal Co.
bankers’ temporary certificates would be due and payable in Baltimore & Ohio HR. Co., common.
I ml u st rial «tcMiscellaneous Shares—
Preferred.
Paris on Feb. 16. On and after that date the bankers will Central
American Agricultural Chcm. Co., pref.
Railroad of New Jersey.
American Boot Sugar Co., preferred.
& Ohio Railway Co.
be prepared, unless otherwise directed, to pay to the holders Chesapeake
American Smelting & Refining Co., com.
& Northw. Ry. Co., common.
Preferred.
of certificates interest in dollars at the current rate of ex­ Chicago
Chicago Great West. RR. Co., preferred.
Chicago Milw. & St. Paul Ry. Co., com. American Smelters Socur. Co. "A " pref.
change. In order to collect the interest, the temporary Preferred.
"B ” preferred.
& Plttsb. IUt. Co., 7% guar. American Telcph. & Tcleg. Co. stock.
certificates should bo presented at or forwarded to the office Cleveland
Clev. Cin. Chic. & St. L. Ry. Co., pref. American Thread Co., preferred.
American Tobacco Co., preferred.
& Hudson Co.
of either of tho banking firms mentioned above to have the Delaware
American Woolen Co., preferred.
Krle Railroad Co., first preferred.
payment stamped thereon.
Great Northern Railway Co., preferred. Anaconda Copper Mining Co.
Brown Shoe Co., preferred.
Illinois
Central
Railroad
Co.
Attention is called in the circular issued by the bankers to Leased lines.
Central Leather Co., preferred.
Cities Service Co., preferred.
Lehigh Valley Railroad Co.
the fact that they will be unable to pay the interest Louisville
Consol. Gas, El. L. & P. of Balt., com.
& Nashville Railroad Co.
Preferred.
unless tho temporary certificates are accompanied by income Minn.
St. P. & S. S. M. Ry. Co., com.
Crucible Steel Co., preferred.
Preferred.
tax certificates properly executed with tho amount of interest
Cubau-Amcrican Sugar Co., preferred.
Eastman Kodak C o., common.
Birmingham RR. Co., pref.
in dollars left blank, as this will vary with the rate of ex­ Mobile0*
Preferred.
Morris * Essex Railroad Co.
Electric Bond & Share C o., preferred.
New Yotk Central Railroad Co.
change.
Norfolk * Western Ry. Co., common. General Electric Co.
Tho bankers also announce that they expect to collect in Adjustment preferred.
General Motors Corporation, preferred.
Great Northern Iron Ore Properties—
Pacific Railway Co.
Paris the coupons duo Feb. 16 1917, upon tho ontire amount Northern
Certificates of Beneficial Interest.
North Pennsylvania Railroad Co.
Ingersoll Rand Co., preferred.
Railroad Co.
of Rentes represented by their temporary certificates out­ Pennsylvania
Intermit.
Harvester Co. of N. J., pref.
Ft. Wayne & Chic. Ry. Co., guar.
Internal. Harvester Corp., preferred.
standing. They further state that in caso holders of these Plttsb.
Reading Co., common.
International Nickel Co., preferred.
Reading Co., 2d preferred.
temporary certificates do not wish to have their interest St. Louis Bridge Co. 1st preferred.
Lorillard Co. (P.), preferred.
Mackny Companies, common.
2d preferred.
paid in dollarsat this time, but to await a morefavorable rate Southern
Preferred.
Pacific Co.
Munhattau Railway Co., guaranteed.
of Interest.
of exchange, they will upon notification to that effect, ar­ Certificates




Feb . 17 1917.]

T H E C H R O N IC LE

Minnesota A Ontario Power Co., pref.
Moline Plow Co., 1st preferred.
Montgomery Ward Co., Inc., preferred
National Cloak A Suit Co., preferred.
New England Telephone & Telegraph Co
Pacific Cas A Electric Co., 1st prcfeired
Philadelphia Co., common.
Preferred.
Pittsburgh Steel Co., preferred.
Pullman Co., common.
Quaker Oats Co., coramou.
Preferred.
Hallway Steel Spring Co., preferred.
StudeDaker Corporation, preferred.
Swift & Co.
United Fruit Co.
United States Rubber Co., 1st preferred
U. S. Smelt., Ref. A Min. Co., common
Preferred.
United States Steel Corp., common
Preferred.
United Utilities Co., preferred.
Utah Copper Co., common.
Western Union Telegraph Co.
Weyman-Bruton Co., preferred.
Railroad Bonds—
Alabama Great Southern R R. Co.—
1st M . Extension Gold 5s, 1927.
General M. Sterling 5s, 1927.
Ala. Midland lty. 1st M . Gold 5s, 192S.
Allegheny Val. Ry. Gen. M. Gold is, ’42.
Ann Arbor RR. Co. 1st M. 4s, 1995.
Atchison Topeka A Santa Fe Ry. Co.—
Convertible Gold 53, 1917.
Convertible Gold 4s, 1955.
Convertible Gold 4s, 1900.
Callfornla-Arizona Lines 1st A Ref. M.
414s, 1962, Scries "A .”
Callfornla-Arizona Lines 1st * Ref. M .
414s, 1902, Series "B .”
Adjust. M . Gold 4s, 1995, stamped.
Adjust. M . 4s, 1995, stamped, reg.
Adjust. M. Gold 4s, 1995, unstamped.
General M . Gold 4s, 1995.
Atlantic A Danville Ry. 2d M. Is, 1918.
Atlantic Coast Line R lt. Co.—
First Consol. M. Gold 4s, 1952.
General Unified M. 4J4s, 1904.
Baltimore A Ohio RR. Co.—
Prior Lien Gold 3Ms, 1925.
Prior Lien 314s, 1925, registered.
Convertible 4J4s, 1933,
First M. 50-year Gold 4s, 1918.
First M. 50-ycar Gold 4s, 1918, reg.
Southw. Dlv. 1st M. Gold 314s, 1925.
Southw. Dlv. 1st M. 314s, 1925, reg.
Pitts. L. E. A IV. Va. Ref. Gold 4s, ’41.
Bangor & Aroostook RR. 1st M. 5s, 1943.
Battle Creek A Sturgis 1st M. 3s, 19S9.
Beech Creek RR. 1st M. Gold Is, 1930.
Buff. A Susq. RR. Corp. 1st M. 4s, 1903.
Carthage* Adlr. Ry. 1st M. Gold Is, ’81.
Cent. Pac. Ry. 30-year Sk. Fd. 314s, ’29.
First Refunding M. Gold 4s, 1949.
Central RR. * Banking Co. of Georgia—
50-year Collateral Trust 5s, 1937.
Cent. RR. of N. J. Gen. M. Gold 5s, ’87.
General M. 5s, 1087, registered.
Central Vermont Ry. Co. 1st M. 4s, 1920.
Chesapeake * Ohio Ry. Co.—
First Consol. M. Gold 5s, 1939.
General M. Gold 4Ms, 1992.
Convertible 20-yoar Gold 414s, 1930.
Conv. 20-ycar Gold 4J4s, 1930. reg.
Rich. & Alleg. Dlv. 1st Cons. 4s, 1989.
Chicago & Erie RR. lstM .G old 5s, 1982.
Chicago A Northwestern Ry. Co.—
General M. Gold 3J4s, 1987.
Gen. M. Gold 3Ms, 1987, registered.
Sinking Fund Debenture 5s, 1933.
Sinking Fund Os, 1929.
Extension 4s, 1926.
Chicago & Western Indiana RR. Co —
Consolidated M. Gold 4s, 1952.
Chicago Burlington A Quincy RR Co —
Denver Extension Sink. Fund Is 1922
Illinois Division 3Ms, 1949
Illinois Dlv 3J4s, 1949, registered.
Nebraska Ext. M. sink. Fd Is 19>7
General M. 4s, 1958.
Chicago Great Western RR C o __
First M. Gold 4s, 1959.
'
Chicago Ind. A Louisville Ry. C o __
Refunding M. 4s “ C ,” 1947 '
Chicago Mllw. A St. Paul Ry. Co.__
Chicago A Mo. Riv. Dlv. 1st M. 5s '26
Chicago A Pacific West. Dlv 1st M
Gold 5s, 1921.
Wise. A Minn. Dlv. 1st M. Gold 5s ’21
General M. Gold 4s, 1989, “ A.’’ ’
General M. Gold 4s, 1989, “ A,” re"
Gen. M. Gold 4J4s, 1989, ’’C ,’’ reg
Gold Debenture 4s, 1934.
Gold Debenture 4s, 1934, registered'.
Convertible Gold 4Ms, 1932.
Chicago Rock Island A Pacific Ry. Co.—
Equip. Trust 4Ms, Sor. I), May 1 T 7 .
Equip. Trust 4Ms, Ser. D, Nov. 1 '17.
Equip. Trust 4J4s, Sor. D, May 1 '18.
Equip. Trust 4J4s, Ser. I), Nov. 1 ’ 18.
Equip. Trust 4J4s, Ser. D, May 1 T9.
Equip. Trust 4Ms, Ser. D, Nov. 1 T9.
Equip. Trust 4 Ms, Sor. D, May 1 ’20.
Equip. Trust 4Ms, Ser. D, Nov. 1 '20.
Equip. Trust 4 Ms, Ser. D, May 1 '21.
Equip. Trust. 444s, Ser. D, Nov. 1 '21.
Equip. Trust 4Ms, Ser. 1), May 1 ’22.
Equip. Trust 414s, Ser. 1), Nov. 1 ’22.
Equip. Trust 4 J4s, Ser. D, May 1 '23.
Equip. Trust 444s. Sor. D, Nov. 1 '23.
Equip. Trust 4 Ms, Sor. D, May 1 '24.
SjJUiS’ X n m 4 ^ 8' Sfir- E . Nov. 1 ”24.
8cr-4sD -lOTi
May 1 ’25.
1st Itcfclg. M , Gold
^ t
& 9 °»M o3 4 ?
1st A Rfdg. M. Is, 1934 ctf of den
General M. Gold 4s 1988
UCp’
Chicago St. L. A Pittsburgh R R __
1st Consolidated M. 5 », 1932 ’
Chicago St. Paul Minn. * Omaha T»v__
Consolidated 6s, 1930.
’
Cine. Ind. St. Louts A Chicago R y ___
General 1st 4s, 1936, registered. '
Clove. A Marietta Ry. 1st M. 4 Ms, 1935
Clove. A Pitts. RR. Gen. M. 4Ms, 1942,
Scries A.
General M. 4 Ms, 1942. Ser. B.
Clev. Cine. Chic. A St. Louis Ry.—
Cairo Vincennes A Chicago Ry. 1st
M. 4s, 1939.
General M. 4s, 1993.
St. Louis Dlv. 1st CoU. Tr. M . 4s. '90.
Cine. Wab. A Mich. Dlv. 4s, 1991.
Gold Debenture 4 Ms, 1931.
Gold Debenture 4M*. 1931, reg.*

t




Clove. Lorain A Wheeling R y.—
Consolidated 1st M. 5s, 1933.
Cleveland Short Line Ry. Co.—
1st M . Guaranteed 4Ms, 1961.
Colo. A Sou. Ry. 1st M. Gold Is, 1929.
Rcfog. A Ext. M. Gold 4Ms, 1935.
Col. A Itock. Val. R R. 1st M . 4s, 1948.
Delaware A Hudson Co.—
1st A Refunding M. 4s, 1943.
1st A Refunding M . 4s, 1943, reg.
Denver A Rio Grande RR. Co.—
1st A Refunding 5s, 1955.
Improvement M. Gold 5s, 192S.
1st Consol. M. Gold 4s, 1936.
1st Contol. M . Gold 4Ms, 1936.
Detroit A Mack. Ry. Mtg. Gold 4s, 1995.
Det. Grand Hav. A Mllw. Ry. Co.—
1st Equip. M. 6s, 191S.
Consolidated 6a, 1918.
Duluth South Shore A Atl. Ry. Co.—
1st M. 5s, 1937.
East Tenn. Virginia A Georgia Ry. Co.—
1st M. Gold 5s, 1930.
Consolidated M. Gold 5s, 1956.
Eric Ry. Co. 1st Consol. M. Gold 7s, ’20.
Eric R R. Co. Gen. M. Conv. 4s, Ser. A,
1953.
Gen. M. Conv. Is, Ser. B, 1953.
1st Consol. M . Gold Pr. L. 4s, 1996.
1st Consol. M. Gold Gen. L. 4s, 1996.
Florida Central A Peninsular R R .—
1st M . 5s, 1918.
Ft. Worth A Denver City Ry. Co —
1st M . 6s, 1921.
Hocking Valley Ry. 1st Consol. M. Gold
4 Ms, 1999.
Illinois Central RR. Co.—
Trust 3Ms, 1950, Sterling.
1st M. 4s, 1951, Sterling.
1st M . Gold 3Ms, 1951.
1st M. Extension 3Ms, 1951.
Gold 4s, 1952.
Gold 4s, 1952, registered.
Gold 4s, 1953.
Cairo Bridge Gold 4s, 1950.
Cairo Brldgo Gold 4s, 1950, registered.
Loulsv. Dlv. A Term. 1st M. Gold
3M», 1953, registered.
Chicago St. L. A New Orl. Joint 5s,
1903, Ser. A.
Chicago St. L. A New Orl. Joint 5s,
1953, Ser. B.
St. L. Dlv. A Term. 1st M. 3Ms, 1951,
registered.
Interborough Rapid Transit Co.—
1st A Ref. M. 5s, 1906.
International A Great Nor. Ry. Co.—
Purchase Money 6s, 1919.
Kansas City Fort Scott A Mem. RR. Co.
Ref. M. 4s, 1936.
Kan. City Sou. Ry. 1st M. 3s, 1950.
Ref. A Imp. Gold 5s, 1950.
Kan. City Term. Ry. 1st M. Gold 4s, ’60.
1st M. Gold 4s, 1960, registered.
Kentucky A Indiana Term. RR. Co —
1st M . 4M», 1961.
Lake Shore A Mich. Sou. Ry. Co —
1st M. Gold 3Ms, 1997. '
1st M. Gold 3Ms. 1997, registered.
Debenture Gold 4s, 192S.
Debenture Gold Is, 1931
Lehigh Valley Ry. IstM .GoId IMs, 1940
Consolidated M. 6s, 1923.
"
Long Island IIR. Ref. M. Gold Is, 1949.
Debenture Gold 5s. 1934.
Louisville A Nashville R lt. Co.—
Gen. M. Sink. Fd. Gold 6s, 1930.
1st M. Trust 5s, 1931.
Unified M. 4s, 1940.
Mobile A Mont. Dlv. latM . 4Ms, 1945
New Orl. A Mob .D lv.1st M. g. 6s,1930.
South East A St. L. Dlv. 2d M . 3s, ’80.
Equip. Trust 5s, Ser. A, 1923.
Manhattan Ry. Consol, is, 1990.
Michigan Cent. RR. 1st M. 3Ms 1952.
Minn. S. S. M. A Atl. Ry. Co.—
1st M. 4s, 1926.
Minn. St. P. A S. S. M. Ry. Co.—
1st Consol. M. Gold 4s, 1938.
1st Consol. M..4s, 1938, registered.
2d M. Gold 4s, 1949.
Chicago Term. 1st 4s, 1941.
Minn. A St. L. RR. Co., Pacific Ext.
1st M. 6s, 1921.
1st Consol. M. 5s, 1931.
Mo. K. A T. Ry. Co. 1st M. Gold 4s, 1990.
Mo. Pac. Ry. Co. 1st Consol. M . 6s. 1920.
1st Consol. M. 6s, 1920, ctfs. of dep.
Mob. A Birm. RR. Co. 1st M. 4s. 1945.
Mohawk A Mai. Ry. Co. I s t M .is , 1991.
Montana Cent. Ry. Co. 1st M. 6s, 1937.
Montauk Ext. R R. 1st M. 5s, 1945.
Morris A Essox RR. Co. 1st A ref. M.
3 Ms, 2000.
Muskegon Grand Rapids A Indiana RR.
Co. 1st M. 5s, 1926.
Nashv. Chatt. A St. Louis Ry. Co.,
Jasper Branch Ext. 1st 6s. 1923
Nashv. Florence A Sheffield Ry. Co.
1st M. 5s, 19.37.
N. Y. A Erie R lt. Co. 2nd M. 5s, 1919.
^ C e n t r a l RR. Co. Consol. M. 4s,
Series A, 1998.
N. Y. Central Lines Equipment Trust
4Ms, series 1910, duo 1920. registered.
N. \ . Central A Hudson River RR. Co.
1st M .3M s, 1997.
•
1st M. 3Ms, 1997, registered.
Debenture 4s, 1934.
Debenture 4s, 1934, registered
Lake Shore coll. 3 Ms, 1998, asstg. bds.
L. Shore coll. 3Ms, 1998, non-asste. bds.
Ref. A Impt. 4Ms, 2013, " A .”
Michigan Centtal collateral .3Ms. 1998.
N. Y. Chle. A St. L. RR. 1st M. Is, 1937.
N. Y. Pennsylvania A Ohio RR —
Reorganization prior lien 4 Ms. 1935
Norf.A Wcst.Ity. 10-25-yr. conv. Is, 1932.
1st Consol. M. 4s, 1996.
Dlv. 1st lien A Gen. M. Is, 1941.
General M. 6s, 1931
Pocahontas Coal A Coke Co. Purchase
Money 1st M. 4s, 1941.
Norf. South. RR. 1st A Refund. 5s, 1961.
North. Pacific-Great North. Joint Gold
Bonds. C. B. A Q. Coll. Is, 1921.
Prior Lien 4s, 1997.
General Lion 3s, 2047.
Ore. A Calif. RR. Co. 1st M. 5s, 1927.
Ore. Short L. R R. Ref. M. 4s. 1929.
Oregon-Wash. RR. a Navlg. Co.—
1st A Ref. M . 4s, 1961, Series A
1st A Refund. M. 4s. 1961, Scries B.
Pennsylvania Co. 1st M. 4Ms, 1921.
1st M. 4 Ms, 1921, registered.
Guar.3M% Gold Tr. Ctfs., l914,Ser.D.

611

P e n n s y lv a n ia R R . C o n s o l. M . 4s, 1943.
City of New York— (.Concluded.)
C o n s o l. M . 3 M s , 1945, s te rlin g .
4 H % . Sept. 1960.
C o n s o l. M . 4s, 1948, s te rlin g .
4M % . Sept. 1960, registered.
P e n n s y lv a n ia G e n e ra l F r e ig h t E q u ip m e n t
4M % . March 1962.
4 M s , 1917-23, re g is te re d .
4 M % . March 1962, registered.
P e o r ia A N o r t h w e s t e r n R y . C o . —
4M % , May 1957.
1st M . 3 M s , 1926, re g is te re d .
4M % , May 1957, registered.
P e rk io m e n R R . C o ., 2 n d S e r. M . 5s, 1918.
4M % , Nov. 1957.
P h ila d e lp h ia A E r i e R R . C o . 6s, 1920.
4 M % , Nov. 1957, registered.
6s, 1920, re g is te re d .
4M % , March 1963.
P h ila . A R e a d . R R . I m p t . M . 4s, 1947.
4M % , Match 1963, registered.
Pitts. C in . C h ic . A S t . L o u is R y . C o . —
Assessment 4M % , Nov. 1917.
C o n s o l. 4 M s , 1940, S e rie s A .
City of Bklyn. 6% Park Bonds, 1924,
C o n s o l. 4 M s , 1942, S e rie s B .
registered.
Consol. 48, 1945, Series D.
6% Revenue Bonds, Sept. 1917.
Reading Co. and Phila. A Reading Coal
6% Revenue Bonds, Sept. 1917, reg.
A Iron Co. Gen. M . 4s, 1997.
City of St. Louis— Public Bldg. A Impt.
G e n e ra l M . 4s, 1997, re g is te re d .
4s, 1929.
R e a d in g C o . , J c r . C e n t . C o ll. T r . 4s, 1951. City of Tacoma, Electric Light A Power
R ic h m o n d - W a s h in g t o n C o . —
Funding 5s, 1924.
G u a r . C o ll. T r . 4s, “ E , ” 1943.
Funding 5s, 1925.
R i o G ra n d e J u n c t . R y . 1st M . 5s, i939.
Funding 5s, 1926.
R i o G r a n d e W e s t e r n 1st T r . M . 4s, 1939 Colorado Power Co. 1st M. 5s, 1953.
R o c k I s l. - F r is c o T e r m . R y . 1st M . 5s, 1927. Connecticut Ry. A Ltg. Co.—
S t . L o u is A C a ir o R R . 1st M . 4s, 1931
1st Ref. M. 4Ms, 1951.
S t . L o u is A S a n F r a n . R R . C o . —
Consolidated Gas, El. L. A Pow. Co. of
G e n . L ie n 15 -2 0 -yr. 5s, 1927, ctfs. o f dep.
Baltimore Gen. 4Ms, 1935.
M o . A W e s t . D i v . 1st M . 6s, 1919.
Detroit United Rys. 1st Cons. 4Ms. 1932.
C u m . A d ju s t . M . 6s, 1955, S e r. A .
Duluth Street Ry. 1st M. 5s, 1930.
St. Louis A San Fran. R y . Co —
General Electric Co. Deb. .3Ms, 1942.
Prior Lien 4s, 1950, Ser. A.
Debenture 5s, 1952.
Prior Lien 5s, 1950, Ser. B.
Great Falls Power Co. 1st M. Sink. Fund
St. Louis Bridge Co. 1st M . 7s, 1929.
5s, 1940.
S t. L . I r o n M t . A S o u t h . R y . C o —
Great Northern Power Co. 1st M . 5s, ’35.
G e n . C o n s o l. R y . A L d . G r a n t M .5 s , 1931 . Hackensack Water Co. 1st 4s, 1952 .
U n if y i n g A R e fu n d in g M . 4s, 1929.
Hudson A Manhattan RR. Co. 1st Lien
R i v e r A G u lf D i v . 1st M . 4s, 1933.
A Ref. M. 5s, "A ,” 1957.
S t . L o u is P e o ria A N o r t h w e s t e r n R y . —
Hudson County Gas Co. 1st M. 5s, 1949
1st M . 5s, 1948.
Illinois Northern Utilities Co. 1st A Ref,
S t . L . S o u t h w . R y . C o n s o l. M . 4s, 1932.
M . 5s, 1957.
S t. L o u is S p rin g fie ld A P e o r ia R R . —
Illinois Steel Co. Deb. 4Ms, 1940.
1st A R e fu n d in g 5s, 1939.
Ingersoll-Rand Co. 1st M . 5s, 1935, reg.
1st A R e fu n d in g 5s, 1939, re g is te re d .
Interborough Metropolitan Co. Coll. Tr.
S t. P a u l A K a n s a s C i t y S h o r t L in e R R —
4Ms, 1956.
1st M . 4 M s , 1941.
International Mercantile Marine Co.
St.P.M inn.A M.Ry.Consol. 4Ms, 1933.
1st M . Coll. Trust 6s, 1941.
Consol. 4Ms, 1933, registered.
Lehigh Valley Coal Co. 1st M . 5s, 1933.
C o n s o l. 4s, 1933. re g is te re d .
Liggett A Myers Tobacco Co. 5s. 1951.
Montana Ext. 1st M . 4s, 1937.
5s, 1951, registered.
P a c ific E x t . 1st M . 4s, 1940, s te rlin g .
7s, 1944.
S a n A n t . A A ra n .P a s s R y . l s t M . 4s, 1943.
7s, 1944, registered.
S a v . F la . A W e s t . R y . 1st M . 6s, 1934.
P. Lorillard Co. 5s, 1951.
S c io to V a l . A N . E n g . R R . 1st M . 4s. 1989.
5s, 1951, registered.
S e a b o a rd A i r L in e R y . A d j . M . 5s. 1949.
7s, 1944.
R e fu n d in g M . 4s. 1959.
7s, 1944, registered.
S io u x C i t y A P a c ific R R . —
Mich. State Telep. Co. 1st M. 5s, 1924.
1st M . 3 M s , 1936, re g is te re d .
Mllw. El. Ry. A Lt. Consol. M. 5s, 1926.
S o . A N o . A la . R R . C o n s o l. M . 5s, 1936. Minn. A Ont. Power Co. 1st M . 6s, 1922.
S o u th e rn P a c ific C o . C o n v e r t . 5s, 1934.
1st M . 6s, 1923.
1st R e fu n d in g M . 4s, 1955.
1st M . 6s, 1927.
C e n t ra l P a c ific S to c k C o ll. 4s, 1949.
1st M . 6s, 1928.
C o n v e r t ib le 4s, 1929.
Miss. River Power Co. 1st M. 5s, 1951.
C o n v e r t . 4s, 1929, re g is te re d .
Montana Power Co. 1st A Ref. M . 5s,
2 0 -y e a r G o ld 4 M s , 1929.
1943, ’’A .”
S o u t h e r n R a il w a y —
Nashv. Ry. A Lt. Co. Ref. A Ext. 5s, ’58.
D e v e lo p . A G e n . M . 4s, 1956, “ A . ”
Newark Pass. Ry. 1st Cons. M. 5s, 1930.
D e v e lo p . A G e n . M . 4s, 1956, " A ” New York Air Brake Co. 1st M . Conv.
c tfs . o f d e p .
6s, 1928.
E a s t T e n n . Ite o r g . L ie n 5s, 1938.
New York Gas, El. Lt., Ht. A Power Co.
M o b ile A O h io C o ll. G o ld 4s, 1938.
Purchase Money 4s, 1949.
T e r m in a l R R . A s s n , o f S t. I.. 4 M s , 1939. New York Telephone Co. 1st A Gen. M .
1st C o n s o l. M . 5s, 1944.
4Ms, 1939.
G e n e ra l M . 4s, 1953.
1st A Gen. M. 4Ms, 1939, Sterling.
G e n e r a l M . 4s, 1953, re g is te re d .
Northern California Power Co. 1st M .
T e r r e I I . A Pe o . R R . 1st C o n s o l. 5s, 1942.
Sinking Fund 5s, 1932.
T e x a s A P a c ific R y . 1st M . 5s, 2000.
Northwestern Telegraph Co. 1st Fund­
T o l . A O h io C e n t. R y . , W e s t . I,. 5s, 1935.
ing 4Ms, 1934.
T o le d o W a lh o n d in g V a l l e y A O h io R R . — Pacific Telephone A Telegraph Co. 1st
1st M . 4 M s , 1931, S e r. A .
Coll. Trust 5s, 1937.
1st M . 4 M s , 1933, S e r. B .
Pennsylvania Water A Power Co. 1st
U n io n P a c ific R R . C o n v e r t ib le 4s, 1927.
Sinking Fund 5s, 1940.
C o n v e r t ib le Is , 1927, re g is te re d .
People s Gas Light A Coke Co. of Chi­
1st M . L a n d G r a n t 4s, 1947.
cago Ref. M . 5s, 1947.
1st L ie n A R e fu n d in g 4s, 2008.
Philadelphia Co. Conv. Deb. 5s, 1922.
1st L ie n A R e f . 4s, 2008, s te rlin g .
Portland
Ry. Co. 1st A Ref. M. 5s, 1930.
U n it e d N e w J e r s e y R R . A C a n a l —
Portland R y., Lt. A Power Co. 1st Ref.
G e n e ra l M . 4s, 1944.
5s, 1942, Series A.
G e n e ra l M . 4s, 1944, re g is te re d .
1st Ref. 5s, 1942, Series "A ,” reg.
G e n e ra l M . 4s, 1923, re g is te re d .
Service Corp. of New Jersey Gen.
V a n d a lia R R . C o n s o l. M . 4s. 1957, S e r B Public
M. 5s, 1959.
V ir g in ia n R y . 1st M . 5s, 1962, ” A . ”
Puget
Sound
Elec. Ry. Co. 1st Cons. 5s,
1st M . 5s, 1962, “ A , ” re g is te re d .
1932.
W a b a s h R R . 2 n d M . 5s, 1939.
San
Joaquin
Light
A Power Corp. 1st A
W a s h in g t o n T e r m . 1st M . 3 M s , 1945.
Ref. 5s, 1950, ” B .’’
1st M . 3 M 8 . 1945, re g is te re d .
Seattle Electric Co. 1st M . 5s, 1930.
W e s t S h o re R R . 1st M . 4s, 2361.
Tennessee Power Co: 1st M . 5s, 1962.
1st M . 4s, 2361, re g is te re d .
United Fruit Co. 5% Notes, 1918.
W . V a . A P it t s . R R . 1st M . 4s, 1990.
Sinking Fund 4 Ms, 1923.
W e s t . N . Y . A P a . R R . 1st M . 5s, 1937.
U. S. Steel Corp. 50-Year 5s. 1951, Ser.B.
W e s t e r n P e n n s y lv a n ia R R . 4s. 1928
10-60-Ycar Sink. Fund 5s, 1963.
W h e e lin g A L a k e E r ie R R . —
10-60-Year Sink. Fd. 5s, 1963, reg.
1st C o n s o l. M . 4s, 1949.
Washington Ry. A El. Co. Cons. 4s, 1951.
1st C o n s o l. M . 4s, 1949, ctfs. o f d e p .
W ll m a r A S io u x F a lls R y . 1st M . 5s. 1938. Western Elec. Co. 1st M. 5s, 1922.
Western Telep. A Teleg. Co. Coll. Trust
W in s t o n -S a le m S o u t h b o u n d R y . —
5s, 1932.
1st M . 4s, 1960, re g is te re d .
Western
Union Telegraph Co. Funding
W ls . C e n t . R y . 1st R e f. M . 4s, 1959.
A Real Estate 4Ms, 1950.
I n d u s t r i a l a n d M is c e lla n e o u s B o n d s .
A m c r . C a n C o . S in k . F u n d 5s, 1928
Canadian P acific Railway Co.
A m e r . T e l . A T e l . C o ll. T r . 4s, 1929
Obligations—
C o n v e r t ib le 4 M s , 1933.
Canadian Pacific Ry. Co.—
C o n v e r t ib le 4s, 1936.
4% perpet. cons, deben. stock.
A in e r . T h r e a d C o . 1st M . 4s. 1919.
4% non-cum. pref. stock.
A r m o u r A C o . R e a l E s t . 1st M .4 M 8 , 1939.
6% Note Certificates, 1924.
B e th le h e m S te e l C o . 1st L ie n A R e f . 5s,
Common stock.
1942, " A ."
Canadian Securities—
B r o o k ly n R a p id T r a n s i t C o . S e c u re d 5 % Dominion of Canada 3% Sterling bonds
N o te s , 1918.
or stock, 1938.
B u ff a lo R y . 1st C o n s o l. 5s. 1931.
3M% Sterling bonds or stock, 1909-34.
B u s h T e r m in a l C o . C o n s o l. 5s, 1955.
3M%
Registered stock. 1930-50.
C a lif o r n ia G a s A E le c . C o r p . U n if y in g
Can. Pac. Ry. 3M% Land Grant bonds
A R e f. S in k . F u n d 5s, 1937.
or stock, 1938.
C a lif o r n ia E le c . G e n e r a t in g C o . 1st 5s.
3M% bonds, 1925-28.
1948, " A . ”
3M % bonds, 1914-19.
C h ic a g o J u n e . R R . 1st M . 4s, 1945.
4% stock, 1940-60.
C h ic a g o R y s . C o . 1st M . 5s, 1927.
4M% bonds, 1920-25.
C in c in n a t i G a s T r a n s p o r t a t io n C o . 1st
4M% bonds, 1925-45.
M . 5s. 1933.
Canadian Northern Alberta Ry. Co.
C i t y o f B u ff a lo R e f . 4 M s , N o v . 15 1932,
3M% Debenture stock, guar, by Ca­
re g is te re d .
nadian Government, 1930.
C i t y o f J e r s e y C i t y 4 M % S c h o o l B o n d s , Canadian Northern Ontario Ry. Co.—
J u n e 1942, re g is te re d .
3M% 1st M . Deb. stock, guar, by
City o f N e w a r k 4% S c h o o l B o n d s , 1959.
Province of Ontario.
City o f N e w Y o r k 3 % , N o v . 1924, reg.
3M % stock, guar, by Can. G ovt..1961.
3 M % . A p r i l 1954.
Canadian Northern Pacific R y. Co.—
3 M % . N o v . 1953, re g is te re d .
4% 1st M. Deb. stock, guar, by Govt,
3 M % , O c t . 1917, re g is te re d .
of British Columbia.

3 M % , Nov. 1928, registered.
3M % ,
3M % .
3M % .
4% , M
4%, M
4% , M

M a y 1954.
M a y 1954, re g is te re d .
N o v . 1954.
a y 1957.
a y 1959.
a y 1959, re g is te re d .

4 M% . March I960.

4M%, M a r c h I9 6 0 , re g is te re d .

Canadian Northern Ry. Co. 1st M . 3%
Deb. stock, guar, by Can. Govt., 1953.
3M % Deb. stock, guar, by Canadian
Government, 1958.
4% Deb. stock, guar, by Canadian
Government, 1934.
Grand Trunk Pacific R y. Co. 3% 1st
M. Sterling bonds, guar, by Canadian
Government, 1962.

Province of New Brunswick—
Province of Alberta—
4% Registered Stock, 1949.
4% Sterling Debentures, 1938.
Provlnco of Nova Scotia 3 43 % Deben.
4% 10-Year Debentures, 1922.
3% Stock, 1949.
4>4% 10-Year Debentures, 1924.
343% Red. Stock Inscribed, 1954.
443% Registered Stock, 1943.
443 % Consol. Stock Inscribed, 1934-64.
5% Sterling Bonds, 1888, 1923.
Province of Ontario 343 % Reg. Stk., '46.
Province of Manitoba—
4% Registered Stock, 1947.
4% Sterling Debentures, 1928.
443% Registered Stock, 1945-65.
4% Debenture Bonds (Tclep. & Teleg.
City of Montreal 343 % 40-yr. bonds, ’33.
Systems), 1947.
3% Permanent Debenture Stock.
4% Debentures, 1949.
4% Sterling Cons. Deb. Stock, 1932.
4% Registered Stock, 1950.
3 43% Sterling Reg. Cons. Deb.Stk,'42.
Canadian Northern Ry. 4% 1st M .
4% Sterling Registered Stock, 1948-50.
Consol. Debs., 1930 (guar, by Prov­
443 % Sterling Reg. Stock, 1951-2-3.
ince of Manitoba).
City of Ottawa Sterling 4% Deb., 1926-46.
Colony of Newfoundland—
Sterling 443% Debentures. 1932-53.
343% Sterling Bonds, 1941, 1947,
City of Quebec 4% Sterling Deb., 1923.
r , 1948 & 1951.
4% 50-year Debentures, 1958.
£.3 % Sterling Bonds, 1947.
343% Consol. Reg. Stock redeemable.
t 4% Inscribed Stock, 1913-38.
Sterling 4% Debentures, 1961.
r 4% Inscribed Stock, 1895-1935.
Sterling 443% Debentures, 1963.
K 4% Cons. Inscribed Stk., 1896-1936.
City of Toronto—
i 343% Inscribed Stock, 1905-45.
4% Sterling Bonds, 1922-28.
343% Inscribed Stock, 1910-50.
343% Gen. Consol. Loan Deb., 1929.
3
43% Inscribed Stock, 1912-52.
4% Gen. Consol. Loan Deb., 1936.
Province of Quebec 443% Obligations.
4% Gen. Consol. Loan Deb., 1944-48.
4% Sterling Bonds, 1888-1928.
443% Gen. Consol. Loan Deb., 1948.
4% Sterling Bonds, 1934.
City of Winnipeg—
3% Inscribed Stock, 1937.
Sterling 4% Debentures, 1921-3G.
443% Registered Stock, 1954.
4% Consolidated Reg. Stock, 1940.
Province of Saskatchewan 4% Bonds, ’49.
4% Consol. Registered Stock, 1940-60.
4% 10-Year Debentures. 1923.
443% Consol. Reg. Stock, 1943-63. ■
4% Registered Stock, 1951.
443% Registered Stock, 1954.
GROUP 2]
Chilian Nor. R y. Co. 1st M . Deb. 5s.
Commonwealth of Australia—
Republic of C u b a 443% Bonds, 1925-45.
External Loan 5% "A ,” 1944.
543% Debentures, 1920-22.
External Loan 5% “ A ,” 1949.
543% Registered Stock, 1920-22.
External Loan 5% ” B ,” 1914.
Union of South Africa—
External Loan 443% “ C ,” 1919.
443 % Bonds, 1925-45.
Egyptian Government Guar. 3% Loan.
4% Debentures, 1919-24.
343% Preference Loan, 1941.
443% Debentures, 1920-25.
4% Unified Debt. 1941.
Consol. 4% Stock, Inscribed, 1943-03
Argentine Great Western R y. Co.—
443% Inscribed Stock, 1920-25.
5% Debenture Stock.
Dominion of New Zealand—
Buenos Aires & Pacific Ry. Co., Ltd.—
443% Bonds, 1925-45.
443% Consolidated Debenture Stock.
4% 10-ycar Conv. Debentures, 1923.
Buenos Aires Gt. South. R y. Co., Ltd.—
4% Consol. Stock, Inscribed, 1929.
4% Debenture Stock.
343% Stock, 1940.
Cent. Argentine Ry., Ltd., 4% Deb. Stk.
3% Inscribed Stock, 1945. ”
Grand Trunk Ry. Co. of Canada—
4% Inscribed Stock, 1943-63.
Perpetual 4% Consol. Deb. Stock.
Argentine Government—
Borrowed Capital Perp. 5% Deb. Stk.
343% Bonds, External, 1889.
“ Great Western Borrowed Capital”
Argentine 4% Bonds, 1897.
5% Perpetual Debenture Stock.
4% Ry. guar. Rccisslon Bonds, 1897-9.
Barry Ry. Co. Consol. 3% Deb. Stock.
4% Loan, 1898.
Caledonian R y. Co. 4% Deb. Stock.
4% Bonds, 1899.
East London Ry. 343% 1st Deb. Stock.
4% Bonds 1900, Laws 3378, 3783.
Forth Bridge Ry. Co. 4% Deb. Stock.
4% Bonds, 1900, Laws 3378, 3885.
Furness Ry. Co. 3% Debenture Stock.
4% , 1908.
Glasgow & S. W . Ry. Co. 4% Deb. Stk.
Argentine Govt. 4% Loan of 1910.
Great Cent. Ry. Co. 4)3% Deb. Stock.
443% Internal Gold Loan, 1888.
343% Second Debenture Stock.
443% Sterling Conv. Loan, 1888-9.
3 43% Debentures, 1925.
5% Loan. 1884.
Great Eastern Ry. Co. 4% Deb. Stock.
Argentine 5% Loan, 1886-87.
Great North of Scotland Ry. Co.—
Argentine Government—
4% Debenture Stock.
5% Treasury Conversion Bonds, 1887.
5% Loan, 1887-8-9 Nort.hCent.Ry.Ext. Great Northern Ry. Co. 3% Deb. Stock.
Groat Western Ry. Co. 4% Deb. Stock.
5% Railway Bonds, 1890.
443% Debenture Stock.
Argentine 5% Buenos Aires Water Supply
443% Debenture Stock.
and Drainage Bonds, 1892.
5% Debenture Stock.
Argentine Government—
243% Debenture Stock.
Port of Buenos Aires 5% Debentures.
Port of the Capitol (Buenos Aires) 5%. Highland Ry. Co. 4% Debenture Stock.
H ull* Barnsley Ry. Co. 3% 1st Deb. Stk.
5% Internal Gold Loan, 1907.
3% , 4% Second Debenture Stock.
5% Internal Gold Loan, 1909.
Lancashire & Yorkshire Ry. Co.—
5% Internal Gold Loan, 1910.
3% Debenture Stock.
5% Irrigation Bonds, 1st Series, 1949.
London Brighton & South Coast R y. Co.
6% Treasury Bonds, 1920.
4% Perpetual Debenture Stock.
Chilian Govt. 443% Loan, 1885.
443% Perpetual Debenture Stock.
443% Loan, 1886.
London Chatham & Dover Ry. Co.—
443% Loan, 1887.
443% Arbitration Debenture Stock.
443% Gold Loan, 1889.
4 43% “ B” Debenture Stock.
443% Bonds, 1893.
London & Biackwall Ry. Co.—
443% Loan. 1895.
443% Perpetual Debenture Stock.
443% Coqulmbo Railway Bonds.
London & Greenwich Ry. Co.343% Deb.
443% Gold Loan, 1906.
4% Perpetual Debenture Stock.
443% Bonds (Laws 9th Sept. 1910).
London <fc North Western Ry. Co.—
5% Loan, 1892.
3% Perpetual Debenture Stock.
5% Loan, 1896.
London South Western Ry. Co.—
5% Loan, 1905.
3% “ A” Debenture Stock.
5% Loan, 1909.
3% Consolidated Debenture Stock.
5% Loan, 1910.
Metropolitan Ry. Co. 343% F)eb. Stock.
5% Loan, 1911, First Series.
343% "A ” Debenture Stock.
5% Loan. 1911, Second Series.
Midland R y. Co. 243% F)cb. Stock.
5% Annuities " A ,” 1942.
North British R y. Co. 3% Deb. Stock.
5% Annuities “ B ,” 1943.
North Eastern Ry. 3% Debenture Stock.
5% Annuities “ C .” 1944.
North London Ry. Co. 443 % Deb. Stock.
Imperial Japanese Government—
North Staffordshire Ry. Co.—
First Series Sterling 443s, 1925.
3% Consolidated Debenture Stock.
Second Series Sterling 443s, 1925.
South Eastern Railway Co.—
Sterling 4% Loan of 1905, 1931.
4% Perpetual Debenture Stock.
Sterling 4% Loan 1910, 1970.
5% Perpetual Debenture Stock.
Sterling 4% Loan of 1899, “ A .”
3% Perpetual Debenture Stock.
Sterling 4% Loan of 1899, “ B.”
3
43% Perpetual Debenture Stock.
Sterling 4% Loan of 1899, "C .”
Taff Vale Ry. Co. 3% Debenture Stock.
Sterling 5% Loan 1907, 1947.

C E N T R A L A R G E N T I N E R Y . N O T E S C A L L E D FOR U N ­
DER G R E A T B R I T A I N ’ S M O B I L I Z A T I O N P L A N .
N o t i c e to th e e ffe c t t h a t , in fu rth e r a n c e o f th e a r ra n g e m e n t
p r o v id in g for th e m o b iliz a tio n o f A m e r ic a n se c u ritie s, a ll of
th e o u ts ta n d in g

[Vol. 104,

T H E C H R O N IC LE

613

$ 1 ,0 0 0 ,0 0 0

0%

3 -y e a r

C o n tr a l A rg e n tin e

R y . , L t d . , n o te s d u e N o v . 1 5 1 9 1 7 , a n d th e $ 2 ,0 0 0 ,0 0 0 5 %
5 -y e a r n o te s o f th e ro a d duo M a y 1 5 1 9 2 0 , w ero c a lle d f o r ,
w a s issu e d b y th e B r itis h T r e a s u r y u n d e r d a to o f J a n . 1 6 .
W e p r in t th e n o tic e h e re w ith :
R E G U L A T IO N OF T H E F O R E IG N E X C H A N G E S .
T he Lords Commissioners o f His M a jesty’s Treasury hereby give notice
that, in connection with the arrangements for regulating the Foreign
Exchanges, thoy requiro the whole o f the notes outstanding o f the following
issues o f Central Argentine R ailw ay, Lim ited:
£1,000,000 6 % 3-Year N otes, issued in N ovem ber, 1914, and falling due
for paym ent on N o v . 15 1917: and
£2,000,000 5 % 5-Year N otes, issued in April 1915, and falling due for
paym ent on M a y 15 1920.
T ho price to bo paid for the securities Is 100% for tho 6 % N otes and
9 8 K % for tho 5 % N otes. Accrued interest will also bo paid up to the date
o f paym ent o f the purchase m oney, but in no caso later than tho 28th F eb­
ruary, b y which date the Treasury will requiro tho notes.
Holders o f tlieso notes aro therefore asked to sell them to tho Treasury
without delay, and in any caso not later than tho 28th February, through




their broker or banker, by whom tho transaction will bo com pleted free o f
com m ission.
A ll inquiries should bo addressed to
THE SEC R ETA R Y,
Tho National D ebt O ffice,
19 Old Jowry, E .C .
D ated 16th January, 1917.

O F F E R I N G OF R U S S I A N T R E A S U R Y BI LL S B Y B A N K
OF E N G L A N D .
T h o fo llo w in g n o tic e r e la tiv o to th o o ffe r in g b y th o B a n k
o f E n g la n d o f R u s s ia n

T r e a s u r y b ills

(th o o ffe r in g close d

J a n . 2 5 ) , a p p e a re d in th o L o n d o n “ S t a t is t ” o f J a n . 2 0 :
IM P E R IA L

R U SSIA N

G O V E R N M E N T S T E R L IN G T R E A S U R Y
D IL L S.
Issue o f £10,000,000 bills, dated Jan. 29 1917, and payable Jan. 28 1918.
Tho bills for a similar amount which maturo on Fob. 21 1917, will bo paid
o ff.
T he Governor and C om pany o f tho Bank o f England aro authorized by
the Imperial Russian Governm ent, with tho approval o f his M a jesty’s
G overnm ent, to recoivo applications for tho above-m entioned bills, which
will bo issued at the fixed price o f £94% .
T he bills will bo in amounts o f £1,000 and £5,000. Thoy will bo dated
Jan. 29 1917, and will be payable at tho Bank o f England on Jan. 28 1918.
Applications must bo m ade on printed form s, which m ay bo obtained at
tho Chief Cashier’s offico, Bank o f England, and at tho branches o f tho
Bank o f England.
Persons who obtain allotments will bo required to pay tho full amount due
(viz., £94% ) in respect o f bills allotted to them , at tho Cliiof Cashier’s
office, Bank o f England, not later than tw o o ’clock on M on day, Jan. 29
1917. Paym ent must bo made b y cash or banker’s draft on tho Bank o f
England. Imperial Russian Governm ent Sterling Treasury bills, duo
Fob. 21 1917, will, however, bo accepted at £996 10s. 9d. per mile (repre­
senting tho nominal valuo o f tho bill less discount at 5J^% per annum
calculated from Jan. 29 1917) in lieu o f cash, up to such nominal amount as
m ay be necessary to cover paym ent for new bills allotted; adjustment to
bo mado on day o f paym ent for any balance payable b y , or returnable to ,
allottees.
T ho list o f applications will bo closed on, or before, Thursday, Jan. 2
1917.
*
Bank o f England.
Jan. 19 1917.

T H E F R E N C H I N C O M E T A X — O T HE R S P E C I A L T A X E S .
I n fo r m a tio n re la tiv o to th o n ow F re n c h in q o m o a n d o th e r
ta x e s is c o n ta in e d in th o fo llo w in g a d v ic e s a n o n t th o F re n c h
G o v e r n m e n t ’ s b u d g e t la w fo r 1 9 1 7 , ta k e n fr o m “ C o m m e r c e
R o p o r ts ” (p u b lis h e d b y th e B u r e a u o f F o r e ig n a n d D o m e s tic
C o m m e r c e o f th o D e p a r t m e n t o f C o m m o r c e ) o f th o 1 0 tli i n s t .:
T ho Budget Law for tho first quarter o f tho year 1917, published in
tho “ Journal O fficial” for D ec. 31 1916, contains in all 16 provisions or
groups o f items designed to produco revenue. Sovcral o f these measures
were proposed in M a y 1916 Iseo “ Comm erce R ep orts" for Juno 15 19101,
and rojected b y the legislative bodies
T he taxes adopted b y tho present
law becamo effective on Jan. 1 1917, with tho exception o f the new duties on
pharmaceutical specialties, which will be put into effect b y a decree at a
later date.
T ho list o f measures shows a wide variety, as it includes personal taxes on
men not m obilized, an increase in m onopoly prices for tobacco, charges for
inspection o f margarino factories, a tax on tho salo o f vessels, taxes on seats
in theatres and other places o f amusement, increased postal, telegraph
and telephone taxes, changes in tho incomo and excess profits taxes, in­
creased charges on various kinds o f property and securities, an increased
im port duty on sugar, and a largo number o f consumption taxes.
Increased D u ty on SiiQar and Products

la x

on P eer. & c.

T ho import duty on refined sugar o f any origin is raised from 25 francs
per 100 kilos to 40 francs. T he samo duty is applied to raw sugar for re­
fining and is levied on tho estimated equivalent in rofinod sugar. Further
Increases aro as follows: Candy sugar, 42.80 francs per 100 kilos; refinery
molasses (melasso do rafinerio), 2 francs per 100 kilos. A tax o f 9 francs
per 100 kilos is charged on glucoso. [F ranc=$0.193; kilo 2.2 pounds.]
Tho manufacturing tax on beer is increased from 0.25 franc to 0.50 franc
per hectoliter and per degree (hectolltor==26.42 gallons); tho circulation
tax on cider, perry, and mead is increased from 0.80 franc to 1.60 francs
per hectoliter, and on wine for ordinary consumption from 1.50 to 3 francs.
Raisins for making wino for fam ily consumption aro subject to a tax o f 10
francs per 100 kilos. Tho consumption taxes on natural and artificial min­
eral waters, both foreign and dom estic, aro graded according to tho whole­
sale price, and a small tax is lovied on powders, salts, & c., for compounding
mineral waters.
F or pharmaceutical specialties, tho taxes, when applied, will bo at the
following rates, on tho bases o f the prices that must bo indicated on tho label:
For those sold for 0.50 franc or less, 0.05 franc; for tlioso sold for more than
0 50 franc, but not moro than 10 francs, 0.10 franc per franc or fraction
thereof; for thoso sold for moro than 10 francs, 0.50 franc per 5 francs or
franction thereof.
C offco and prepared coffee substitutes, both foreign and dom estic, aro
subject to a consumption tax o f 30 francs per 100 kilos; roasted or ground
coffee, 40 francs. T ea is taxed at tho rato o f 40 francs per 100 kilos, and
increased consumption taxes aro also imposed on cocoa, chocolate, vanlla
ind spices.

Incom e

and Other T axes.

.

The incomo tax established b y law o f July 15 1914 and effective from
ran 1 1916 [seo “ Commerce R eports" for Fob. 9 1916], has undergone im jort'ant m odifications. T ho exemption limit has been reduced from 5,000
rancs ($965) to 3,000 francs ($579). T he now rato is 10% instead o f 2 % .
is formerly, payable on graduated fractions o f tho incomo as follows: (a) On
mo-tenth o f tho Incomo from 3,000 francs to 8,000 francs; (6) on two-tenths
>f tho amount between 8,000 and 12,000 francs; (c) on
Pr°P ° rt i.° 1
nf ,o f
'renter amounts up to nine-tenths o f tho incomo between 100,000 and 150,)00 francs; (d) on tho wholo o f tho incomo ovor 150,000 francs. Deductions
ire allowed when tho taxpayer has other persons dopendont upon him.
A number o f taxes hitherto in forco aro doubled b y tho presont law, viz.,
,hoso on mines, vehicles, horses, billiard tables, clubs and privato hunting
'r T ho'tax on excess profits realized during tho war, which was established
>y a law o f July 1 1916, is changed in part. A rato o f 6 0% is charged on
my portion o f profits abovo 500,000 francs, using as a basis only profits

THE CHRONICLE

F eb . 17 1917.]

realized since Jan. 1 1916. For smaller amounts tho former rate o f 60%
remains in effect.
A n incrcaso from 4 to 5 % in tlio tax on incom e from securities is provided
for, as well as an Increase from 8 to 10 % on lottery prizes in connection with
private and public credit operations. Tho incom e from foreign securities.
Government bonds, & c.. is taxed at 6 % instead o f 5 % as form erly. Profits
distributed b y foreign com panies, in accordance with a statutory provision,
to members o f their boards o f directors, residing in France, aro now subject
to tho 5 % tax already established for similar profits o f French companies.
[The Budget Law (in French) and a cop y o f the additional regulations for
tho application o f the income tax, published Jan 18, aro on filo in the
Bureau o f Foreign and Dom estic Com m erce and will bo loaned upon re­
quest.]

1916.
A cablegram from tho American Consul-General at Paris
under date of Feb. 7, printed in “Commerce Roports” of the
10th inst., gives tho following concerning tho foreign trade of
.Franco for 1916:
FOREIGN TRADE OF FRANCE FOR

Provisional figures give tho total value o f the foreign trade o f France for
1916 as $3,913,094,686, com pared with $2,889,820,159 (revised figures)
for 1915. T he imports increased in value from 82,129,908,242 for 1915 to
$2,925,766,516, and tho exports from $759,912,217 to $987,328,170. Tho
1916 figures are based on tho 1915 rates, therefore comparisons arc not prac­
ticable, as no percentage price increase is given for 1916, and military im ­
ports are not included. Tho following table shows tho trade b y classes:
---------------- Imports-------------------------------- Exports-------------

1915.
Items—

S

1916.

1915.

1916.

$

$

$

Food products------- 639,755,821
786,678,036 125,247,929 93,269,566
Industrial materials. 898,106,972 1,245,297,760 148,131,553 154,610,370
Manufactures........... 592,045,449
893,790,720 451,874,181 692,295,632
Postal packages . . . ............................................ 34,658,554 47,l52!e02

613

under 8 the £12 shares £2 10s. paid yield 5 M % - Barclay & C o. have allo­
cated £500,000 this year, following £250,000 last year: L loyds £520,000.
following £410,000: tho C ounty and W estminster £319,000, following
£265,000; the N ational P rovincial £695,000, following £447,800; the Union
o f London £400,000, follow ing £250,000. These represent huge sums that
will bo available for future dividends in full or in part if profits are main­
tained, and necessity ceases to call fo r allocations on account o f invest­
ment depreciation.
q _ j . jj _

TAX-EXEMPTION FEATURE OF FARM LOAN ACT
UPHELD.

The constitutionality of the provision in the Federal
Farm Loan Act exempting from Federal, State, municipal and
local taxation first mortgages executed to Federal Land banks
or to joint stock Land banks and farm loan bonds issued under
tho Act, is upheld in an opinion rendered by United States
Attorney-General Gregory. His conclusions were submitted
to Secretary of the Treasury McAdoo, who sought an opinion
in tho matter as a result of numerous inquiries lodged with
him. The particular provision (Section 26) which is the
subject of the opinion, made public on the 11th, reads:
First m ortgages executed to Federal Land banks, or to join t stock Land
banks, and farm loan bonds issued under tho provisions o f this A ct, shall be
deem ed and held to bo instrumentalities o f the G overnm ent o f the United
States, and as such thoy and tho incom o derived therefrom shall bo exem pt
from Federal, State, municipal and local taxation.

Tho Attorney-General in upholding tho constitutionality
of tho above says in part:

I assume that it is tho constitutionality o f that portion o f tho section
which exem pts first m ortgages and farm loan bonds from Stato, municipal
Total.....................2,129,908,242 2,925,766,516 759,912,217 987,328,170 and local taxation which is in question, and I confine m yself to that m atter.
W hile there are m any casos dealing with the taxation b y tho States o f the
instrumentalities o f tho Federal Governm ent, it is sufficient in tho present
INFLUENCE OF BRITISH STATE CONTROL UPON case to refer to M cC ulloch vs. tho Stato o f M aryland, and certain cases
follow ing, and similar to , that case. In M cC ulloch vs. tho State o f M a ry ­
SECURITY VALUES.
land , after holding that tho A ct incorporating the Bank o f tho United States
was constitutional, it was held that tho Stato had no power to require a
stam p tax on tho circulating notes o f said bank. It should be noted that
these notes were not obligations o f the United States nor legal tender.
T h ey wero merely issued b y tho bank to borrowers in exchange for notes
o f tho borrowers discounted b y tho bank.
Gradually State Control o f tho Scalo o f Credit, the standard b y which
T he Supremo C ourt did not deny the power o f tho State o f M aryland to
markot prices o f all fixed interest securities aro regulated, is being extended.
Our old method o f “ lotting things slido” is being definitely abandoned. tax tho property o f the bank within the Stato, but held that it could not tax
tho
operations o f tho bank as such. This case was followed in Osborne vs.
T ho Government is nbw vitally concerned in tho terms on which m oney
is obtainable from investors and, having tho power, is evidently deter­ tho Bank, 9 W heat., 738, where it was held that the State could not levy
mined to maintain a tight hold upon tho borrowing market. Prior to the a license tax upon the United States Bank for doing business in tho State.
* * *
war all and sundry woro allowed to issue new companies and float new
T ho quostion is whether a Stato tax upon tho bonds and first mortgages
loans in London, with tho result that for m any years yields on oxisting
fixed interest securities had been rising and market values falling, as now contem plated b y tho Federal Farm Loan A ct is a tax upon the operations
securities offering increasingly attractive terms appeared. Consols had o f tho system created b y the A ct, so that such a tax m ay ham per it in its
fallen from 114 in 1896 to 71 in 1913, not because British Government efficient and successful operation; or, looking at it m ore narrowly, whether
credit had declined in those years, but in spite o f tho nation’s wealth having tho above quest ion is o f sufficient doubt to m ake the declaration o f Congress
increased b y a stupendous amount in that period. Tho decline was mainly that such a tax would ham per tho operations o f tho system conclusive
upon tho courts.
tho result o f com petition, with the Boer W ar and the extension o f the
I d o not deem it necessary to analyze tho A ct in detail. It is sufficient
Trustee A ct to Colonial Government securities as accessory factors. The
British Government is now recognizing the wisdom o f protecting its own to say that the mortgages and farm loan bonds are o f the very essence o f
tho system created b y it.
credit.
T he original capital o f tho Federal Land banks is to bo loaned, through
In an article on O ct. 21 wo showed the important influence that Govern­
the
agency o f national Farm Loan associations, to bona fide cultivators
ment control o f now issues was having, almost unperceived, upon markets
o
f
the soil on first mortgages on farm lands. W hen a sufficient am ount in
In existing securities. W ith investors compelled to buy securities already
known to tho markot and held b y other investors, quotations o f most such mortgages has accum ulated they are to be turned over to a ‘registrar’
speculative descriptions and those entailing somo risk were being forced appointed b y tho Farm Loan B oard, and, with tho approval o f that B oard,
up to a lovel approaching that to which the safer investment stocks carry­ farm loan bonds aro issued b y tho Land bank and sold. W ith the proceeds
further loans are m ade on m ortgages, which mortgages in their turn be­
ing fixed interest wero being forced down b y Government borrowing at
com e tho basis for an additional issuo o f bonds. This continuous flow
increasingly high rates o f interest. T o find "bargains” in tho rubber and
and reflow o f mortgages and bonds constitutes the primo function o f the
mining markets was becom ing increasingly difficult, and wo suggested
whole system .
that tho time was approaching when investors would regard tho declining
A tax upon these bonds and mortgages w ould, therefore, bo a tax upon
difference in yield on securities entailing certain risks with that obtainable
tho m ost im portant operations o f the system , and m ight hamper it to so
on securities offering practical safety o f interest as militating against tho
great an extent as to render it unsuccessful. In other w ords, it m ight be
selection o f tho former in preference to tho latter. Tho Excess Profits Tax
found impossible to raiso capital by means o f the bonds, and it m ight be
has helped to check tho scope for speculative anticipation o f Increasing
dividends on ordinary shares, which have to carry ail tho risks in times found impossible to loan m oney on the m ortgages at tho reasonable rate
o f interest desired if these tw o fundam ental instrumentalities were taxed
o f adversity anil now have to surrender 6 0% o f any profits earned in excess
o f a period whon many industries were exceptionally depressed. Wo b y tho States. A t any rate, Congross m ight well think so, and its decla­
ration upon tho subject is conclusive.
stated that if tho Government could maintain its hold upon now issues for
I have the honor to advise you , therefore, that, in m y opinion, that
a sufficient period, it would, by tho laws o f supply and demand, which
portion o f Section 26 exem pting tho m ortgages and bonds from State,
really control market prices o f securities, as o f com m odities, drive money
m unicipal and local taxation is constitutional.
into tho investment class o f securities and lead inevitably to appreciate
their valuo.
Tho only influence that was chocking this was tho Governm ent’s own
financial policy o f issuing loans on terms which were m ore and inoro at­ PROPOSED REDEMPTION OF PACIFIC COAST GOLD
tractive— first 3 )3 % . then 4 43 % , and 5 % , culminating in 6 % Exchequers,
A T FACE VALUE.
and 5 % tax free W ar Saving Certificates. The m ost important fact in
connection with the new W ar Loan for all holders o f existing securities is
that tho Government has now called a halt to this policy o f competing
against itself. M r. Bonar Law stated very definitely in his Guildhall
speech that tho terms on which the present loan is offered m ay be regarded
as tho m ost attractive that will be obtainable b y investors in connection
with any voluntary loan, and wo have little doubt that if this position is
maintained the British Governm ent will bo able to obtain all the monoy
that is needed for as long as m ay bo necessary on a 5-5)4 % basis. Inter­
national considerations could not at ordinary times be ignored, but British
investors generally must under present circumstances invest at hom e, and,
even so, a British 5 )4 % yielding loan is as attractive as any security offer­
ing on any other markot. in N ew Y ork American registered bonds, owing
to tho plethora o f m oney and tho predilection o f tho American investor for
homo goods, are selling on a 4 % basis, and there is no other great neutral
markot available for com petition.
A check to tho decline in investment security values now extending over
tliroo decades must have im portant influences. One group o f companies
prim arily affected will be the great Joint stock banks o f tho country, which
liavo with a regularity that has developed almost into a custom allocated
a substantial portion o f their earnings each year to writing tho book values
o f their existing investments. In m any instances half their profits have
been dovotod o f lato years to this purpose. The London C ity and M idland
Bank last year set aside £643,000, and this year is allocating £632,500 out
o f rovenuo on this account. Y et to pay the 18% dividend now maintaino
annually for somo years requires only £746,000. N ow quoted slightl

Tho following on tho extension by Great Britain of tho
control of credit is taken from tho London “Money Market
Roviowand Investors’ Chronicle” of Jan. 20:




Reports from Washington on the 12th inst. state that
plans for bringing much of tho gold coin in circulation on
the Pacific slope into the vaults of tho banks aro being
shaped into proposals for legislation by the Treasury De­
partment and the Federal Reserve Board. The move
under consideration would provide for the redemption,
during a period of ninety days, by tho Government of all
gold coin offered by banks and individuals at its face value
instead of by weight. The present practice of redeeming
gold at its weight value tends to keep lightweight coins from
tho banks, and under the proposal now being considered
tho Government would stand the loss duo to abrasion, in­
stead of the bank or the individual. Much of tho gold
coin in circulation on the Coast, it is said, is from 5 to 10%
light, and the cost to the Government of bringing the gold
into its vaults by redemption at minted value, it is thought,
would bo considerable. This would bo offset, however, pro­
ponents of the plan believe, by advantages resulting from
possession of the gold in the Government’s vaults.

614

THE CHRONICLE

PHILIPPINE NATIONAL BANK M A D E CORRESPOND­
ENT OF SAN FRANCISCO RESERVE BANK.

Tho Federal Reserve Board on the 13th inst. formally
appointed the Philippine National Bank in Manila to be
correspondent in the Philippines of the San Francisco Re­
serve Bank. This is the first actual appointment of a for­
eign correspondent bank. John Perrin, Chairman of the
Board of the San Francisco Federal Reservo Bank, is credited
with stating that the designation of the Philippine National
Bank as correspondent of the Federal Bank there means
that international trade in the islands, especially with
America, is to shift from the pound sterling to a dollar basis.
Instead of goods being bought and paid for with drafts on
London, it would bo possible to deal in drafts on the Reserve
Bank here, the unit of exchange being the American dollar.
He said trade between the United States and tho Philippines
would be greatly stimulated by means of the new banking
__________
facilities.
REDUCTION IN EARNING ASSETS OF RESERVE
BANKS SUGGESTED BY RESERVE BOARD.

In reporting that the Federal Reserve Board has indicated
to officials of the Federal Reserve banks that it considers it
wiso for the banks to substantially reduce their earning
assots in view of the present ease in money, tho New York
“Times” of the 11th inst. said:

T he B oard believes that b y so doing some o f the recently imported gold
will be absorbed b y these institutions. T he earning assets o f tho 12 banks,
which in Decem ber exceeded 5225,000,000, have already been cutjdown to
$169,000,000. Y esterday’s statem ent, however, showed an increase to
$191,000,000. A few weeks ago the various Governors got together and
arranged for the sale o f about $7,000,000 o f United States Government
3 % bonds, and since the beginning o f the year the holdings o f Governm ent
securities have been reduced b y approxim ately $11,000,000. T he banks
have not been active buyers o f acceptances in the open market.
T he question o f what general policy should be pursued by the banks of
the cou ntry, and particularly b y tho Federal Keserve Banks, in view o f the
gold situation and the continued expansion o f bank loans, says tho Board,
promises to continue to be a matter o f first importance for some time to
com e.

The following statement issued by the Board is quoted:

“ The B oard’s view o f the general situation has been fully set forth during
tho past few weeks, and its program o f action with respect to legislation has
been made clear. It is evident, how ever, that the immediate policy o f the
Federal Reserve banks in regard to discounts and open market operations
must be shaped in consonance with the B oard's ideas as to the general
situation.
“ In view o f the fact that the rate for bankers’ acceptances recently main­
tained b y the Federal Resere banks has been somewhat higher than tho
op en market rate, the holdings o f acceptances b y the Federal Reserve banks
havo been materially reduced during tho last weeks. During the month
D ec. 12 to Jan. 12 the net gold imports into the United States amounted
to about $112,000,000. Excess reserves have materially increased in con­
sequence. It m ay be assumed that this plethora o f gold is not entirely a
natural one and that m uch o f it will be absorbed in consequence o f Issues
o f new securities, after which the country will probably witness again the
same developm ent that has been chargcteristic o f similar periods in tho
recent past— a condition in which the deposit and loan structure will again
expand so as to absorb large portions o f tho new g o ld .
“ There is general agreement that this continuous and rapid growth o f
deposits and loans is not without danger. W ith tho present ease o f m on ey,
it would appear, therefore, to bo a wiso policy to permit the earning assets
o f tho Federal Reserve banks to bo reduced b y a substantial percentage,
and thereby to absorb, tem porarily at least, an equivalent amount o f the
newly im ported gold. O f course, such a policy will be carried out in a
careful way, and no definite figure to which tho investments o f the Federal
Reserve banks should be reduced can be set. Changes in conditions m ay
occu r at any moment which m ay render it necessary to reverse such a policy
o r to apply it even more energetically. During the last few weeks Federal
R escrvo banks have operated along these lines with very good results, and
acceptances and rediscounts have been reduced. So long as the present
ease continues there should bo little difficulty in continuing the present
policy. B y permitting the open market to absorb the bankers’ acceptances
tho additional object is gained o f acquainting member banks with dealing
in acceptances and their becom ing accustomed to investing in them .”

[Vol. 104.

Since M a y 1 1916 tho country banks havo increased their resources 759
million dollars, or 1 2% . In tho samo period tho resources o f national banks
in the central reserve cities declined 77 million dollars, or 2 % , and tho re­
sources o f the national banks in other reserve cities increased 455 million
dollars, or 11% .
These figures indicate that the tendency, noted for some time past, to ­
wards a wider diffusion o f tho banking resources o f tho country, continues.
Tho figures show that there has been added to tho resources o f the na­
tional banks since Jan. 13 1914 $4,037,000,000, an amount greater than the
present aggregate resources o f all national banks in tho central reserve cities
o f N ew Y ork , Chicago and St. Louis, which aggregate $3,946,000,000.
T he following are the principal changes shown in the condition o f national
banks D ec. 27 1916 as compared with tho previous call, o f N o v . 17 1916,
and tho corresponding call a year ago.
Resources, 15,333 million dollars, a decrease o f 186 million as compared
with N o v . 17 1916; and as compared with D ec. 31 1915 an increase o f 1,865
million dollars.
Loans and Discounts, 8,340 million dollars, a dccreaso from N o v . 17 1916
o f 5 million, and an increase over D ec. 31 1915 o f 982 million.
Cash on hand and due from Federal Reserve banks, 1,493,443,000, an
increase over N ov. 17 1916 o f $55,928,000 and over D ec. 31 1915 o f $281,­
579,000.
Due from Banks and Bankers, other than Federal Rescrvo banks, D ec. 27
1916, $1,844,702,000, a decrease from N o v . 17 1916 o f $174,064,000, and
an increase over D ec. 31 1915 o f $311,389,000.
Securities, other than United States bonds, 1,725 million dollars, an in­
crease over N ov. 17 1916 o f 15 million, and over D ec. 31 1915 o f 350 million.
Deposits, Dec. 27 1916, $12,264,662,000, a decrease from N o v . 17 1916
o f $223,227,000, but an increase from D ec. 31 1915 o f $1,884,971,000.
As compared with the N o v . 17 1916 statement, Time Deposits increased
Dec. 27 1916 38 m illion, while Balances Due to Banks and Bankers decreased
87 million; and Demand Deposits shrunk 174 million. O f tho 1,884 million
dollars increase shown sinco D ec. 31 1915, 437 million were time deposits,
924 million demand deposits and 523 million in amounts duo banks and
bankers.
Surplus and Profits, D o c .2 7 1916. 1,106 million, an increase since N o v . 17
1916 o f 16 million, and sinco D ec. 31 1915 o f 87 million.
T he amount o f Acceptances based on imports and oxports was 100 m il­
lion dollars Dec. 27 1916, an increase sinco N o v . 17 1916 o f $2,111.000.
Cash Letters o f Credit, 35 million, an Increase sinco N o v . 17 1916 o f $ 3 ,­
637,000.
Bills Payable and Rediscounts, D ec. 27 1916, 89 m illion, an increase sinco
N o v . 17 1916 o f 16 million, but a reduction sinco Dec. 31 1915 o f 8 million.
Changes in Resources between Calls by Stales and Reserve Cities:
Between tho calls o f N o v . 17 1916 and Dec. 27 1916 the national banks
in New Y ork C ity reduced their resources 200 million dollars, in Chicago 15
million and in St. Louis 5 million. T he reduction for the same period in
Boston was 15 million, Philadelphia 22 million and San Francisco 7 million.
The largest increase for reserve cities was shown in Louisville, 5 million;
Des M oines and Salt Lake C ity increased about 4 million each. T ho In­
creases in other reserve cities were for smaller amounts.
Am ong the country banks, Pennsylvania leads with an increase o f 20 mil­
lion, followed by Iowa with 12 million and Illinois with 10 million. The
cou ntry banks in Ohio and N ow Jersey increased about 8 million dollars
each: Kansas 7 million, C onnecticu t, West Virginia and Florida about 5
million each. Virginia, K entucky and California about 4 million each, and
Louisiana, Indiana and W isconsin 3 million each.
T ho States in which tho banks showed a decline between tho tw o calls
were New Y ork , with 10 million dollars; Texas 8 m illion, Georgia 7 million
and Oklahoma and North D akota about 3 million each.

REGULA TIONS GOVERNING INSURANCE OPERA TIONS
A ND REA L ESTA TE LOA NS OF NA TIONA L BA NICS.

The regulations governing the conduct of insurance opera­
tions by national banks and the making of loans on real
estate (authorized under the amendment to the Federal
Reserve Act enacted last September) were made public by
the Comptroller of the Currency this week. Tho amend­
ment permits national banks in places having a population
of not exceeding 5,000 inhabitants to act as the agent for
any fire, life or other insurance company authorized by the
authorities of the State in which the bank is located to do
business in the State, by soliciting and selling insurance
and collecting premiums on policies. Tho regulations an­
nounced by Comptroller Williams are set out in the “Journal
of Commerce” as follows:

Quoting tho amendment relating to insurance agencies, the Com ptroller
points out that this new section provides:
(а) T he bank must be located in a place the population o f which does not
exceed 5,000 as shown by tho last preceding decennial census.
(б) T ho Insurance com pany for which the bank acts as agent must have
FALLING OFF IN RESOURCES OF RESERVE CITY
been authorized by the authorities o f the State in which tho bank is located
BANKS— GROWTH OF COUNTRY BANKS’ RESOURCES. to d o business in that State.
(c) T he activities o f the bank as such agent must bo restricted to the
soliciting and soiling o f insurance and the collection o f premiums on policies
Issued b y the insurance com pany.
(d) T he bank m ay receive for services so rendered such lawful fees or
commissions as m ay be agreed upon between tho bank and the insurance
com pany for which it m ay act as agent.
(c) T he bank is prohibited from assuming or guaranteeing the paym ent
o f any premium on insurance policies issued, through its agency, by its
principal.
(f)
T he bank is prohibited from guaranteeing the truth o f any statement
made by an assured in filing his application for insurance.
(0) T he powers conferred are to be exercised under such regulations as
m ay be prescribed by the C om ptroller ol the Currency.
Each contract o f agency shall be form ally approved by the board o f
directors o f the bank, according to the C om ptroller’s regulations. Further­
m ore, separate accounts o f this business must bo kept, certain records filed
with the Com ptroller, and all the details o f tho business be kept on record
for the inspection o f the N ational Bank Examiner. Those regulations
further provide:
“ T h e bank will bo required to keep a record as to each com pany for which
Tho resources o f the cou ntry banks on Dec. 27 1910 amounted to approxi- it acts as agent, showing: For fire insurance—T h e amount o f each policy,
the
rate and prem ium , date o f com m encem ent, term and dato o f expira­
atcly seven billion dollars, showing that the country banks now hold more
an the total resources o f all the national banks, including the vast accum u­ tion, as well as a description o f property Insured, with name or assured
lations in all the reserve and central reserve cities, plus the country banks, and to whom loss is payable. As to life insurance—Am ount and date o f
p olicy, with premium, and a statement as to under what form the Insurance
as lato as the year 1901.

While resources aggregating 15,333 million dollars shown
by the national banks under date of Dec. 27 last are larger
by 1,865 million dollars than those of a year ago (Dec. 31
1915), they are 186 million dollars lower than the figures re­
ported for Nov. 17 1916. Comptroller of the Currency
John Skelton Williams, in making public the details of the
returns under the last call, namely, Dec. 27, states that the
reduction of 186 millions from the call of the previous month
is wholly due to a shrinkage in the resources of the national
banks in tho central reserve and other reserve cities; the coun­
try banks, he states, show an aggregate growth of 879,000,­
000 in resources as compared with the November call, their
resources on Dec. 27 1916 being greater than on any previous
call. The statement, issued under date of the 9th inst., con­
tinues:




Feb . 17 1917.]

is writton, giving also name of assured and beneficiary. As to any and all
other forms o f insurance—The fullest, possible particulars as to amounts,
dates, rates, premiums, and what is insured by the policy, and of collec­
tion of all premiums collected for account o f the company, refunds made,
the proportion o f premium credited to the profits o f the bank under its
agreement with the company, the proportion duo tho company, tho
amounts and dates of all remittances made to tho insurance company of
account o f premiums collected, and the balance, if any, due from the bank
to tho insurance company.
The bank will be required to carry on its general lodger an account which
will, at all times, show the amount due to insurance companies for which
it is acting as agent, on account of premiums collected but not remitted,
and this liability must be shown in reports of condition and in the published
statements o f the bank under the heading ‘other liabilities— on account of
insurance premiums collected and not remitted,’ unless specifically pro­
vided for in the report.”
Tho amendment to the law permitting a national bank to act as broker or
agent in making or procuring loans on real estate contains the following
provisions:
(a) Tho bank must be located in a placo the population o f which does
not exceed 5,000 as shown by the last preceding decennial census.
(b) The real estate by which the loans negotiated arc secured must be
located within 100 miles of the place in which the negotiating bank is
located.
(c) The bank may receive for such services a reasonable fee or commis­
sion.
(d) The bank shall in no case guarantee either the principal or interest
of any such loans.
(e) Tiie powers conferred are to bo exercised under such regulations as
may be prescribed by the Comptroller o f tho Currency.
Regulations similar in intent have been drafted under this new provision
of law. Among these regulations arc the following:
“ No bank shall charge more than one commission or brokerage on the
making of any loan; that is to say, if it shall charge a brokerage or com­
mission to the party borrowing the money, it shall not charge a brokerage or
commission to the party to whom money is so loaned, and vice versa.
“ Each bank acting under this provision o f law will bo required to keep a
record showing as to each loan negotiated by the bank,
"(a) The name and address of the principal for whom the bank is acting.
“ (b) Date of written instructions from the principal.
"(c) Name and address of maker of note.
“ (d) Date o f note.
"(c) Date of maturity of note.
“ (/) Brief description of property securing note, showing location and
distance from place in which bank is located.
“ ( g ) Character o f improvements, Ac.
“ (h) Name and address of party to whom note was transferred or deliv­
ered by the bank.
“ (() Date o f such transfer or delivery.
“ ()) Amount o f principal of note.
“ (k) Rato o f interest or discount.
“ (/) Rate of commission or brokerage charged by bank for acting as
broker or agent.
" ( 7>i) Amount of such commission or brokerage, and whether said com­
mission was paid by borrower of the money or by the party for whom it
was loaned.
“ National banks acting as broker for tho placing of loans should prepare
blank forms o f application to be executed by applicants for loans. These
applications should show:
“ (a) Location of property.
“ (b) Acreage.
"(c) Assessed valuation.
“ (d) Estimated present value.
“ (e) Brief descriptions of buildings thereon and estimated value o f them.
“ (f) Whether buildings are insured, and if so, for what amounts and in
what companies.
"(g) Whether property Is already encumbered, and if so, for what amount*
“ (h ) If property is farm property applicant should state whether or not
the dwelling is provided with sanitary arrangements approved by the local
board o f health, and if not, what sanitary arrangements there are.”

KITCIIIN BILL ACTED UPON ADVERSELY BY HOUSE
BANKING COMMITTEE.

In calling attention to tho fact that tho House Banking
and Currency Committee on .Jan. 28 turned down tho Kitchin
bill, designed to permit tho banks to make a reasonable charge
for tho collection of checks and drafts, McLane Tilton Jr.,
President of the First National Bank of Pell City, Ala., who
has labored to secure tho enactment of tho bill, says:
I speak from personal experience as a country banker, as well as from
thousands o f letters from country banks, that it is impossible for many o f us
to pay expenses under existing conditions and impossible for m any, m any
m ore to earn fair dividends to which our investments and efforts are right­
eously entitled. If the injury was confined only to bank stockholders to
the benefit o f the com m unity as a whole, I would be tho last to com plain.
But tho greater injury will ultimately fall upon tho people to whom these
small banks supply credit and other facilities upon which their prosperity
depends, because these essentials can be supplied by no other agency.

Mr. Tilton also says:

G ov. W old o f the Minneapolis Federal Reserve Bank has sent out a cir­
cular rocently, suggesting amendments in favor o f the collection plan, and
in this ho declares that a m ajority o f all banks, doing 85% o f tho nation’s
total business, make no charge for the remitting o f their checks. This m ay
or m ay not bo true, but if true tho observation again holds that tiie condi­
tion is through coercion and not voluntary as he implies.

In a letter to the members of Congress last month, seeking
their support of the Kitchin bill, Mr. Tilton said:
January 19 1917.
T o th e M e m b e r s o f C o n g ress:

T he Federal Reserve system is like a graveyard in that the national banks
instdo can’t get out and the State banks outside have no wish to get in.
D o you want to know the reason?
T he enclosed article will explain one o f them , and why you should support
tho Kitchin bill, H.' R . 17600, that aims to correct tills injusttco.
M ore than 18,000 State banks have been invited to join the system , and
to pursuado them to take advantage o f its blessings the gam ut lias been run
from official cajolery to threats.
Less than 100 State banks have accepted the invitation
Why t




615

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Business men, even bankers, aro not supposed to dodge a profit. T hey
usually jum p at them. And yet here is a case where the refusal has been as
hearty as it was unanimous.
The enclosed article will tell y o u w hy, and country bankers everywhere
will appreciate your giving it the consideration it deserves.
It will also explain the first step necessary to make the Federal Reserve
system what it ought to be, truly national, which can be accomplished w ith­
out the surrender o f a single vital principle o f finance.
Lastly, it will tell w h y the N ational W holesale D ry G oods Association,
and othors o f that ilk, are raising the M acedonian cry to get busy and beat
the Kitchin bill.
R espectfully,
M cL A N E T IL T O N Jr.

Mr. Tilton, it will be recalled, was formerly Secretary and
Treasurer of the Alabama Bankers’ Association, but resigned
that post last November in order to devote more of his time
to country bank problems.
HOUSE

C O M M ITTE E

AMENDMENTS

RESERVE

TO

FEDERAL

ACT.

The amendments to the Federal Reserve Act drafted by
the House Committee on Banking and Currency (as a result
of its consideration of the recommendations of the Federal
Reserve Board) were committed to the Committee of the
whole House on Feb. 2; the bill as committed is in the form
in which it was reintroduced by Chairman Carter Glass on
Jan. 31. The latest draft, which bears House No. 20661,
is substantially the same as the earlier one (II. R. 20538)
introduced by Mr. Glass on Jan. 26 and published in our
issue of Feb. 3. One particular in which the present bill
differs from its predecessor concerns the proposed amend­
ment of the paragraph relating to the appointment of Class C
directors. Where the earliest draft had stipulated that “one
of the directors of Class C, who shall be a person of tested
banking experience, shall bo appointed by the Federal
Reserve Board as Deputy Chairman to exercise the powers
of the Chairman of the Board i n case o f absence or disability
o f his pr in c ip a l, tho words “when necessary” have been
substituted for those italicized. The only other difference
between the two bills lies in the addition of two sections 7 and
8 (relating to the establishment of foreign and domestic
branches of Federal Reserve banks) and an addition to
section 6 of the bill so as to provide “that notes, drafts, bills
of exchange or other evidences of debt executed or indorsed
by directors of a member bank may be discounted with such
member bank on the same terms and conditions as other notes, *
drafts, bills of exchange, or evidences of dobt upon the
affirmative vote or written assent of a majority of the Board
of directors of such member bank.” We print below in full
section 6 as it appears in the latest draft, and also give
herewith the two additional sections of the bill:
Sec. 6. T hat that part o f section tw enty-tw o which reads as follows:
“ Other than tho usual salary or director's fees paid to any officer, director,
or em ployee o f a m ember bank and other than a reasonable fee paid by said
bank to such officer, director, or em ployee for services rendered to such
bank, no officer, director, em ployee, or attorney o f a member bank shall
bo a beneficiary o f or receive, directly o f indirectly, any fee, commission,
gift, or business o f the ban k,” be, and hereby is, amended and reenacted
so as to read as follows:
“ Other than the usual salary or fee paid to any officer, director, em ployee,
or attorney o f a member bank, and other than a reasonable fee paid b y said
bank to such officer, director, em ployee, or attorney for services rendered
to such bank, no officer, director, em ployee, or attorney o f a member bank
shall be a beneficiary o f or receive, directly or indirectly, any fee, co m ­
mission, gift, or other consideration for or in connection with any transac­
tion or business o f the bank: Provided, however, That nothing in this A ct
contained shall be construed to prohibit a director, officer, or em ployee
from receiving the same rate o f interest paid to other depositors for similar
deposits made with such bank: And provided further. That notes, drafts,
bills o f exchange, or other evidences o f debt executed or indorsed b y direc­
tors o f a member bank may be discounted with such member bank on the
same terms and conditions as other notes, drafts, bills o f exchange, or
evidences o f debt upon tho affirm ative vote or written assent o f a m ajority
o f tho board o f directors o f such member bank.
Sec. 7. T hat section three o f the A ct be amended and reenacted so as
to read as follows:
“ Sec. 3. The Federal Reserve Board m ay permit or require any Federal
Reserve bank to establish branch banks within the Federal Reserve district
in which it is located or within the district o f any Federal Reserve bank which
m ay have been suspended. Such branches, subject to such rules and regula­
tions as the Federal Reserve Board m ay prescribe, shall be operated under
the supervision o f a board o f directors to consist o f not m ore than seven
nor less than three directors, o f whom a m ajority o f one shall be appointed
b y the Federal Reserve bank o f the district, and the remaining directors
b y the Federal Reserve Board. Directors o f branch banks shall hold office
during the pleasure o f the Federal Reservo B oard.”
Sec. 8. That section fourteen, subsection (e), o f the A ct be amended
and reenacted so as to read as follows:
"(o ) T o establish accounts with other Federal Reserve banks for exchange
purposes and, with tho consent or upon the order and direction o f the Federal
Reserve Board, and, under regulations to be prescribed b y said Board, to
open and maintain accounts in foreign countries, appoint correspondents,
and establish agencies in such countries wheresoever it m ay be deemed best
for tho purpose o f purchasing, selling ,and collecting bills o f exchange,
and to buy and sell, with or without its indorsement, through such corre­
spondents or agencies, bills o f exchange (or acceptances) arising out o f
actual com m ercial transactions which have not more than ninety days to
run, exclusive o f days o f grace, and which bear the signature o f tw o or more
responsible parties, and, with the consent o f the Federal Reserve B oard, to
open and maintain banking accounts for such foreign correspondents or

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agencies. W henever any such account has been opened or agency or corre­
spondent lias been appointed b y a Federal Reserve bank, with the consent
o f or under the order and direction o f the Federal Reserve B oard, any other
Federal Reserve bank m ay, with the consent and approval o f the Federal
Reserve B oard, bo perm itted to carry on or con du ct, through the Federal
Reserve bank opening such account or appointing such agency or corre­
spondent, any transaction authorized b y this section under rules and regula­
tions to be prescribed b y the B oard .”

The newly drafted measure was submitted by Mr. Glass
with the following report:

[To accom pany II. R . 20661.]
T h e Com m ittee on Banking and Currency, to which was referred II. R .
20661, to amend the A ct approved Decem ber 23 1913, known as the Federal
Reserve A ct, as amended b y the A cts o f August 4 1914, August 15 1914,
M arch 3 1915 and September 7 1916, report the bill with the recommenda­
tion that it d o pass.
The m odifications o f the Federal Reserve A ct proposed b y tills bill were
all suggested and are strongly recomm ended b y the Federal Reservo Board
and, in largo measure, aro approved by the advisory counsol to tho Fed­
eral Reserve Board.
T he suggestion in tho first provision o f the bill to abolish the title and
office o f D eputy Federal Reserve A gent and to authorize tho Federal
Reserve A gent to appoint one or m ore assistants qualified to act for tho
Federal Reserve A gent, when necessary, was suggested b y the Federal
Reserve Board for the reason that the practical administration o f tho A ct
has developed tho fa ct that there has been m uch difficulty in filling tho
office o f D epu ty Federal Reserve Agent from the Class C directors. This
officer is required to havo the samo qualifications as the Federal Reserve
Agent; ho must have had banking experience and must not bo an officer,
director, or stockholder in any bank. A t tho samo time ho is n ot, as a
rule, a salaried officer and receives only tho custom ary fees paid directly
for attendance upon meetings. Ho is obliged to bo prepared to assume tho
duties o f tho Federal Reserve Agent in case o f absence or disability o f that
officer, which involve a transfer and audit o f securities and accounts. Tho
Federal Reserve B oard suggests, and the Comm ittee on Banking and
Currency believes, that the proposed change will operate to fix responsibility
m ore definitely and will give tho Board m oro latitude in tho selection o f
Class C directors.
Section 2 o f the bill proposes an amendment to section 13 o f tho Federal
Reserve A ct to permit non-mem ber Stato banks and trust com panies,
even though too small to bo eligible for membership in tho Federal Reserve
banks, to avail themselves o f the clearing and collection facilities o f tho
Federal Reserve system , provided they cover at par checks on themselves
sent for collection b y the Federal Reserve bank, and provided further that
they keep a compensating balance with the Federal Reserve banks in an
am ount to be determined under tho rules prescribed b y tho Federal Reserve
Board. On this point the Federal Reserve Board, says:
It is contem plated that the com pensating balances which non-member
banks participating in the clearing plan will bo required to keep with
Federal Reservo banks will be sufficiently large to protect member banks
and justify Federal Reserve banks in undertaking tho service. A ny clear­
ing and collection plan to be effective must be so comprehensive as to
include all checks. A t present tho par lists o f the Fedoral Reserve banks
include the names o f banks checks on which can be collected In any circum ­
stances at a minimum o f tlm o and expenso, but do not em brace a largo
number o f towns in every Stato where thoro are no member banks; and in
order to make collections on such points many banks aro obliged to maintain
accounts in addition to their reserve accounts with tho Federal Reserve
banks. A necessary factor in any successful clearing plan is tho offset
whereby balances only require settlement instead o f tho total volum e o f
transactions. As long as the clearing system does not embrace all o f tho
banks, this offset is last in a corresponding degree and the value o f tho
system diminished in proportion.
Section 3 o f the bill is an amendment o f section 13 o f the Federal Reserve
A ct designed to restore the provision which was, b y error, stricken from
tho A ct in the amendments o f September 7 1916, thus restoring to national
banks, with tho approval o f the Federal Reserve Board, the right to accept
up to 100% o f their capital and surplus in transactions based upon tho
exportation and im portation o f goods.
Section 4 o f tho bill proposes an amendment to section 17 o f tho Federal
Reserve A ct to m ako clear the intention o f the A ct to cancel all provisions
o f tho national-bank A ct which require national banks to maintain a
minimum deposit o f Government bonds with tho Treasurer o f tho United
States. National banks aro no longer required to keep outstanding a
minimum amount o f circulating notes, and a nowly organized bank is not
obliged to purchaso or carry any bonds o f the United States; but there aro
a number o f national banks organized before the passago o f tho Federal
Reserve A ct which have retired their national bank circulation in full, yet
they aro, under a construction o f the old law, required to keep on deposit
with the Treasurer o f the United States a certain minimum o f United States
bonds. Tho Federal Reserve Board feels, and tho Comm ittee agrees,
that it Is just to these banks that they bo relieved o f this obligation.
Section 5 o f the bill proposes to amend and reenact section 19 o f the
Federal Reservo A ct so as to reduce the statutory reserves o f member banks
and to require all o f the reserves o f theso banks to bo deposited in tho Federal
Reservo banks. T ho primary purpose o f tho proposed chango is to increase
the gold holdings o f the Federal Reservo system so as to enable tho system
the better to withstand any exigency that m ay ensue b y reason o f condi­
tions that might arise out o f tho European war. The amendment suggested
would add approxim ately S300.000.000 o f gold to tho present holdings o f
the Federal Reserve banks, while slightly reducing, rather than Increasing,
tho reserve requirements o f member banks. The law thus m odified would
leave to the business judgm ent and discretion o f member banks the de­
termination o f the amount o f currency they should carry in their own vaults
to meet their dally business requirements. Respecting this amendment
the Federal Reserve Board says:
T he control o f gold b y Federal Reserve banks in times o f abundance,
such as at present, will decrease the danger o f inflation o f dom estic credits
and at tho same tim e will enable the country when the tide turns to part
with large sums o f gold with less Inconvenience or shock, thus enabling
us m ore safely and effectively to proceed with the developm ent o f our foreign
trade and to give the necessary credit facilities for its extension. The
United States should bo in a position to face conditions which m ay call
for an outflow o f gold without any disturbances o f our own or to the w orld’s
business, and without making necessary drastic changes in our interest or
discount rates. Tho amendments suggested b y the Board aro designed to
enable tho Federal Reserve banks to withdraw gold from actual circulation
while enabling member banks at the samo time to release gold which at
present is tied up in their own vaults. Tho amendments are based upon
the theory that all o f the individual banks should strengthen tho gold hold­
ings o f the Federal Reserve banks. Tho country’s holdings o f gold are not
used m ast effectively when they aro in the vaults o f a large number o f banks
scattered all over the country, but its greatest uso would com e from concen­
trating it to a greater degree in the vaults o f tho Federal Reservo banks,
where it can be effectively protected when not required and effectively
used when needed. The m ember bank does not require gold with which
to supply tho ordinary demands o f its depositors so much as currency.
Section 6 o f tho bill proposing an amendment to tho penal section o f tho
Federal Reserve A ct is intended to define more clearly tho rights and limita­
tions o f directors o f member banks in tho matter o f accepting fees and
com pensation other than tho ordinary fees p a id lfor legitimato*servlces




[Vol. 104

rendered in the regular course o f business, tho performance o f which service
is not incumbent upon them in their capacity o f directors.
Sections 7 and 8 o f tho bill proposo m odifications o f tho Federal Reserve
A ct in tho matter o f establishing dom estic and foreign branches. Under
existing law Federal Reservo banks aro required to establish dom estic
branches; section 8 o f this bill sim ply empowers tho Federal Reserve Board
to enforco this provision o f existing lav/. In tho matter o f foreign branches
existing law confides the sole discretion to tho Reservo banks, whereas the
bill under consideration empowers tho Fedoral Reserve Board to permit or
require Federal Reserve banks to establish connections abroad.

SENATE AMENDMENTS TO FEDERAL RESERVE ACT.

In referring to the approval by the Senate Committee on
Banking and Currency of several amendments to the Federal
Reserve Act proposed by the Reserve Board, the press dis­
patches on the 10th inst. stated that the Committee members
were also considering a suggestion that if war comes all eli­
gible banks should bo compelled to become members of the
Reserve system. National banks are now compelled to be
members, but membership is optional with other institutions,
and there are about 15,000 eligibles which have never come
in.
Yesterday it was announced that Senator Owen had on
the previous day favorably reported from the Senate Banking
Committee the bill carrying the recommendations of the
Reserve Board. The “Journal of Commerce” had the fol­
lowing to say concerning the same:
Theso amendments havo for their object the m obilization o f tho gold
reserve o f the country under tho direct jurisdiction o f tho Federal Reservo
B oard. A similar bill, differing only in minor details, has been reported to
tho House b y the Houso Banking and Currency Com m ittee. It was
learned to-day that a m ove is on fo o t in tho House to havo tho bill taken
up there some tim e next week. Sonator Owen will press for action in tho
Senate prior to the expiration o f Congress next M arch 4.
The Senate bill provides that tho Federal Reservo agent m ay have one
or m oro assistants. It also provides, as does the Houso bill, that the re­
serve banks m ay carry accounts for non-mem bor banks “ solely for the
purposes o f exchange or o f collection ." In the Houso, it is understood.
Representative Kitchin intends to proposo an amendment to this part
o f the bill which would permit country banks to continue to chargo clients
for cashing out o f town checks. This amendment will bo opposed b y
Representative Glass and it is understood Is not supported b y tho Board.
The Senate bill, however, retains that provision which was recommended
b y the Federal Reserve Board, which would permit a Reservo bank to
Issue Federal Reservo notes upon “ gold or gold certificates.” Llko the
House bill, the Senate bill proposes to mako tho changes in reservo require­
ments o f member national banks as recommended b y tho Board, and also
contains a similar clause interpreting that section o f tho law which defines
what fees, & c., officers and directors o f national banks m ay and m ay not
lawfully receive.
In the general scheme o f mobilizing the gold o f tho country, the Senate
bill makes provision for tho deposit o f gold with tho Treasury b y tho R e­
serve banks. This proposed amendment to tho law reads as follows:
T hat tho Secretary o f tho Treasury is hereby authorized and directed to
receive deposits o f gold coin or o f gold certificates with the Treasurer or
any assistant treasurer o f tho United States when tendered b y any Federal
Reserve bank or Federal Reservo agent for credit to Its or his account with
tho Federal Reservo Board. The Secretary shall prescribe b y regulation
the form o f receipt to be issued b y tho Treasurer or Assistant Treasurer
to the Federal Reservo bank or Federal Reservo agent making tho deposit,
and the duplicate o f such receipt shall bo delivered to tho Federal Reserve
Board b y the Treasurer at Washington upon proper advices from any
assistant treasurer that such deposit has been m ade. Deposits so made
shall be held subject to the orders o f tho Federal Reserve Board and shall
be payablo in gold coin or gold certificates on the order o f tho Federal R e­
serve Board to any Federal Reserve bank or Federal Reservo agent at the
Treasury or at tho subtreasury o f the United States nearest tho place o f
business o f such Federal Reservo bank or such Federal Reserve agent.
Provided, howover, that any expense incurred in shipping gold to or
from tho Treasury or sub-treasuries in order to mako such payments, or as
a result o f making such paym ents, shall be paid b y tho Federal Reservo
B oard and assessed against tho Federal Reservo banks. The order used
b y tho Federal Reserve Board in making such payments shall bo
m
b y tho governor or vice governor, or such other officers or members as tho
Board m ay b y regulation prescribe. The form o f such order shall bo
approved b y the Secretary o f tho Treasury.
T ho expenses necessarily incurred in carrying out tho provisions o f this
act. including the cast o f tho certificates or receipts Issued for deposits
received and all expenses Incident to tho handling o f such deposits shall be
paid b y tho Federal Reservo Board and included in its assessments against
tho several Federal Reserve banks.
G old deposits standing to tho credit o f any Federal Reservo bank with
tho Federal Reservo Board shall, at tho option o f said bank, bo counted
as part o f the lawful reserve which It is required to maintain against o u t­
standing Federal Reservo notes, or as a part o f tho reserve it is roquired
to maintain against deposits.
N othing in this section shall bo construed as amending section 6 o f the
act o f M arch 14 1900, as amended b y the acts o f M arch 4 1907, M arch 2
1911 and Juno 2 1916, nor shall the provisions o f this section be construed
to apply to the deposits made or to tho receipts or certificates issued under
_________________________________
this section.

A CONGRESSIONAL ATTACK ON FEDERAL RESERVE
BOARD.

Articles of impeachment against tho five members of tho
Federal Reserve Board were preferred in the Houso of Rep­
resentatives on the 12th inst. by Representative Lindbergh
of Minnesota, Republican member of the Banking and Cur­
rency Committee. Representative Lindbergh charged the
members of tho Board “of high crimes and misdemeanors
in aiding, abetting and conspiring with certain persons and
firms hereinafter named and with other persons and firms,
known and unknown, in a conspiracy to violate tho Consti-

r‘Eu. 17 1917.]

THE CHRONICLE

tution and laws of the United States and the just and equita*
ble policies of the Government.” The articles, which are of
considerable length, charge the late J. P. Morgan, the firm
of J. P. Morgan & Co., Paul M. Warburg, Kuhn, Loeb &Co.,
Lee, Higginson & Co., Kidder, Peabody & Co., the National
City Bank of New York and the First National Bank of
New York of conspiring ‘‘to deceive the people of the United
States, the Congress and the President of the United States
for the purpose and with the object to secure an Act of Con­
gress providing for a new monetary and banking system to
have in it a provision for a managing board vested with un­
usual and extraordinary powers and to secure tho appoint­
ment upon the board of management * * * persons
for membership on the board who would by subterfuge,
manipulation and false administration * * * induce
and secure such board to enter into the conspiracy aforesaid
to administer the Act for the special benefit and advantage
of all of said conspirators.” It is further charged—
T hat there were m any secret meetings held b y tho conspirators for this
purposo, which under the very circumstances would be screened and kept
from the public and m ado practically Impossible to discover, but neverthe­
less made certain o f tho fact because o f tho acts which point back to their
creation; that ono o f such meetings— which you r relator does not under­
take to verify tho truth o f its holding, but is reliably informed that it was
held— is described in “ Leslie’s Illustrated W eekly M agazine” in tho O cto­
ber 19 1916 number thereof, which is hereby referred to as showing tho
m ethod m ost likely to have been follow ed for planning the then contem ­
plated A ct o f Congress, which is now tho A ct known as tho Federal R e­
serve A ct.

Mr. Lindbergh will retire from Congress on March 4, and
it is not expected that any action on his impeachment articles,
which were referred to the Committee on the Judiciary, will
be taken during the remaining days of the session. After
citing his charges Representative Lindbergh said:
I want to say this; I havo spent enough tim o and m ade enough investi­
gation o f this case to know that I can demonstrate— not accurately, I m ay
say, but to a m athematical certainty— that tho charges in this impeach­
ment are substantially true. I m ay not be ablo to establish b y direct p roof
that somo o f these meetings to which, tho impeachment refers wero held,
but that the charges aro substantially true, I will certainly show.

There are altogether fifteen articles of impeachment and
the foregoing extracts furnish a fair idea of their nature
and character, and show on what an unsubstantial basis
they rest. It would be a waste of space to publish them in
full. Wo print merely Articles 7 to 13, which indicate how
it is sought to connect the “conspiracy” with the present
day work of the Reserve Board:
Charges Attempt to Boycott Non-member Banks.
Seventh. T hat there aro approxim ately 20,000 State banks and trust
companies in tho United States, incorporated and organized under the
Stato laws o f tho respective States in which their offices and places o f busi­
ness aro located, and doing a general banking business, Stato and inter­
sta te, m any o f which are eligible to becom e members o f tho Federal Reserve
system , and m any not now eligible could becom e so without an increase
o f their capitalization; that o f those now eligible and that could qualify for
membership in tho Federal Reservo system w ithout an Increase o f their
capital, they have m ore than half o f the capitalization o f all tho banks not
now included in the Federal Reserve system; that the capitalization o f State
banks and trust companies which aro not members o f tho Federal Reserve
system exceeds tho capital o f tho banks which aro members o f tho Federal
Reserve system; that the Governors and other high and administrative
officials o f the 12 Federal Reserve banks, through their Influence with
member banks, wittingly or unwittingly, but m ost o f them wittingly, be­
cam e accessories to tho said conspiracy o f tho said persons and parties
named in these articles o f impeachment in the paragraph herein designated
as "F irst" and have caused a b oycott o f all banks not members o f the
Federal Reserve system b y influencing the member banks to hamper, in­
convenience and annoy tho patrons o f tho non-mem ber banks b y discrimi­
nation against them in the clearing o f checks drawn upon them and other­
wise; that they threaten and seek to cajolo the non-mem ber banks in an
attem pt to force them to becom e members o f tho Federal Reserve system;
that tho said fivo active working members o f tho Federal Reservo Board
aro cognizant o f tho same; that the intent, purpose and aim o f each and all
o f tho said conspirators aforesaid is to com pel tho Sfato banks to join the
Federal Reserve system for tho purpose o f bringing tho said banks under
tho jurisdiction o f tho Federal Reserve Board in order that all o f tho banks,
national and Stato, m ay becom e one gigantic com bination with an absolute
and com pleto m onopoly and havo tho power o f exploiting tho people for
tho benefit o f tho conspirators aforesaid.
Alleges Systematic Inflation o f Bank Credits.
Eighth. That Congress in creating tho Federal Reservo Board had in
m ind, and it is the spirit o f the Federal Rcservo A ct, that the said Board
should keep a guardian watch over the operations o f tho banking and
currency system and report to Congress and tho country from time to time
such facts and occurrences relating to banking and currency as affect the
business o f tho pcoplo ih trade and com m erce exchanges, dom estic and for­
eign, so that Congress should receive information that would give to C on­
gress tho facts upon which to base any necessary amendments to tho A ct
in order to make it responsive to tho general welfare; that, contrary to the
spirit o f tho Federal Reserve A ct, tho aforesaid fivo active working members
o f tho Federal Reserve B oard havo wilfully failed to keep tho public and
Congress informed o f tho inflation o f bank credits and tho effect o f it that
has taken place under the “ administration” o f tho said A ct, and in violation
o f the spirit thereof said members havo conspired with the members o f the
Fedoral Reserve Advisory Council and their business associates hereinbefore
named and havo aided and abetted in a conspiracy to a system atic Inflation
o f bank credits for the benefit o f the said conspirators and against the public
welfaro; that in consequence o f said unlawful acts and mlsfeasanco in office
o f tho said members o f tho Federal Reserve Board tho banks havo, for pri­
vate gain, increased tho bank credits o f tho country since tho passage o f
said A ct approxim ately seven thousand millions o f dollars and without
effecting a corresponding reduction in the Interest rate, thus increasing




617

the aggregate am ount o f interest paid b y the people to the said banks equal
to that charged upon said sum ; that the effect o f the inflation o f bank credits
has been and is to also increase speculative credits enormously more than
equal to the inflation o f bank credits, and that such increase since the F ed­
eral Reserve A ct took effect has been billions o f dollars; that the increase
in the aggregate sum o f interest paid to the banks upon the said inflated
bank credits and the increase caused b y the said inflation in the speculative
values upon com m odities required to supply the necessities o f life for the
peoplo has been m any billions o f dollars, which have been added to the cost
o f living for the people to pay; that said increase in the cost o f living is
m ainly the p rofits that the conspirators have added to their individual
fortunes to the equivalent loss o f the peoplo generally and to the Govern­
m ent as well.
Large Exports, Based on Bank Credits, Increase Cost to American Consumers.
N inth. T h a t as part o f the said conspiracy and in furtherance o f the
same the said aforesaid conspirators, in violation o f the nation’s heretofore
established econom ic p olicy o f conservation o f material and natural re­
sources, conspired with European speculators to draw upon the material
resources o f this nation for export w ith no correlation between the value
o f tho materials exported and the value o f the materials Imported; that in
consequence o f the conspiracy to affect said export o f material resources
belonging to this nation and to the people o f it approxim ately eight thousand
millions o f dollars in value o f the material resources have been exported
since the war in Europe began; that as a result thereof the said conspirators
acted with the said fivo members o f the Federal Reserve B oard in manipu­
lating bank credits, and through credits tho markets increased the cost to
American consumers in the same period approxim ately sixteen thousand
millions o f dollars in excess o f the real values, which extra cost has m ainly
been the profits that have been added to the fortunes o f the aforesaid con ­
spirators; that as an additional and future loss to the people o f this nation
in consequence o f the facts aforesaid, the natural material resources o f the
nation are forever less, and tho costs m ade forever higher than they would
be if trade and com m erce were not manipulated through a false adminis­
tration o f finances.
Reserve Board Seeks Greater Power to Further Inflate Credit.
T enth. T hat to further carry out the said conspiracy the aforesaid c o n ­
spirators have, ever since the Federal Reseve A ct took effect, sought to
influence, and in fa ct have influenced, said five members o f the Federal
Reserve B oard in an attem pt to further deceive Congress to secure legis­
lation granting to the said Board enlarged powers o f "adm inistration;”
that in the Sixty-third Congress tho said Board, concealing the real purpose
to aid said conspirators, deceived the Senate Banking and Currency C om ­
m ittee to get it to report for passage the then Senate bill 6505, and it passed
tho Senate and subsequently cam e before tho House Banking and Currency
Com m ittee and was favorably reported, your relator, how ever, filing a
m inority report in opposition. Later, on the floor o f the H ouse, the Chair­
man o f the Banking and Currency Comm ittee withdrew action on the bill;
that the aim o f said bill was to give tho Federal Reserve B oard greater
“ administrative” power over the gold supply, so that it cou ld , whenever
tho conspirators aforesaid wished it, inflate still further tho banking credit
b y an issue o f tho Federal Reserve notes for the benefit o f said conspirators;
that again in this Sixty-fourth Congress said five active w'orldng members
o f tho Federal Reserve Board alleged, repeatedly sought the H ouse Banking
and Currency C om m ittee to report a bill giving greater “ administrative”
powers to said Board than is authorized b y the original A ct; in fa ct, to give
said Board power to force from banks all over the country the gold in their
vaults and into th e 12 Federal Reserve banks, there to form a basis upon
which to issue still m ore Federal Reserve notes and further inflate credit
without causing a reduction o f interests that in the aggregate would equal
tho charge made on the inflated currency, but serving mainly as a guaranty
to re-enforce the conspirators hereinbefore named in exploiting o f the people
for private gain.
Arrangement with Bank of England Criticized.
Eleventh. T h a t the Federal Reserve A ct obligates the United States to
redeem in gold at the United States Treasury all Federal Reserve notes,
and as a part o f the said conspiracy and in furtherance o f the same, and to
extend the speculation o f the operators and perpetrators o f the said con ­
spiracy to include Europe and other foreign territory, they, m ost o f them
being international as well as dom estic bankers, seek to dom inate the rela­
tions o f tho United States with foreign countries and to selfishly influence
tho samo b y means o f the control o f finances, and in furtherance o f said
branch o f their speculations have conspired with the said five active work­
ing members o f tho Federal Reserve Board to secure aid from the Federal
Reserve system for said selfish purposes and not in the interest o f the public,
the conspirators in connivance with the said five active working members
o f tho Federal Reserve Board had the said Board select and appoint, through
the Federal Reserve Bank o f New Y ork , the so-called Bank o f England as its
agent, thus putting the credit o f tho Government o f the United States back
o f this foreign corporation, organized for private gain, which is no longer
able to make payments in gold and fails to give a statement o f its true con­
ditions; that said Federal Reserve Board is threatening to perm it and also
to render aid to the international bankers in America who dom inate the
banking system, to enter into further entangling alliances with bankrupt
countries o f Europe at the very tim o this Governm ent contem plates issuing
hundreds o f millions o f dollars o f interest-bearing bonds upon tho credit
o f the people o f the nation to meet the Governm ent expenses.
Irani $150,000,000 Greenback Gold Reserve Fund as a Itasis fo r Additional
Bank Inflation.
Tw elfth. T hat during the Civil W ar the Government o f the United
States issued m oney com m only called “ greenbacks” ; the same being issued
upon the credit o f the people o f the nation; that o f said “ greenbacks” so
issued there have been ever since their issue and now are outstanding and
in general circulation based upon the credit o f tho people o f the United
States $346,681,016, for which a reserve o f $150,000,000 in gold is held b y
tho Governm ent to guarantee their redemption if demanded; that said cir­
culating “ greenbacks” have already saved the Government from paying
approxim ately $1,000,000,000 interest during the time they have been in
circulation and are now saving the Governm ent approxim ately $6,000,000
annually; that in furtherance o f said conspiracy in these articles o f im pcaclunent alleged and as a part thereof, the conspirators have sought and
b y secret connivance now seek to have the said “ greenbacks” retired and
tho $150,000,000 o f gold guarantee placed in the Federal Reserve banks
on which to base tho loaning o f “ bank credits” as a substitute for the m oney
owned b y the people; that if the Federal Reserve banks are allowed to secure
possession o f said g o ld , when the tim e comes that the conspirators aforesaid
shall bo able to use additional bank credits to their advantages in exploiting
tho people, tho same would becom e the basis for additional bank inflation,
directly and Indirectly, to the extent o f over a billion dollars upon which
tho banks would collect a great sum o f interest, and the speculators would
scalp even greater profits from additional manipulation o f the markets,
all o f which would be added to the cost o f living for the people to pay.

618

THE CHRONICLE

[Vol . 104

R ediscount R ates o f Reserve B anks H igh er tha n R ates Charged by Reserve an d member bank out of whoso resources this great reserve has been con­
C entral Reserve B anks.
structed. Tho foundation of this reserve, with its assurance of safety to

Thirteenth. That in furtherance of the said aforesaid conspiracy and
as a part of the samo tho said five acting working members of the Federal
Reserve Board, In their capacity as members, have arbitrarily at all times
and with intent to prevent the legitimate business interests of tho country
securing the advantages that Congress sought to give by the passago of tho
Federal Reserve Act, and in connivance with tho big Reserve and Central
Reserve banks controlled by tho conspirators aforesaid, established redis­
count rates for member banks desiring to borrow from Federal Reserve
banks above tho rates charged by tho Reserve and Central Reserve banks,
which creates an excuse for the member banks in the country to charge
higher rates of interest to legitimate borrowers than they otherwise would;
that the interest rates charged by the Reserve and Central Reserve banks,
on tho one hand, and tho higher rates charged by tho Federal Reserve banks
on the other hand, is maintained at certain times when tho conspirators
aforesaid desire to draw tho reserves of tho country banks to tho Reserve
and Central Reserve cities for tho interest that these Reserve banks pay
on deposit balances and in anticipation of times when tho country banks
may wish to rediscount paper with said banks; that by following the arbi­
trary practice of rediscounts aforesaid the said conspirators are enabled to
and do go on with their speculations, manipulate tho markets, and exploit
the peoplo, and whenever they find themselves in financial stress they can
raise tho rates of interest in tho Reserve and Central Reservo banks, which
they control, abovo tho Federal Rescrvo bank discount rates, thus forcing
the country banks, which may havo rediscounted with Rescrvo banks in
order to give accommodations to their borrowers, to rediscount with the
Federal Rescrvo banks to enable them to repay the Reservo and Central
Reserve banks, in order to create free money and credit for said conspirators
to carry on their speculations; that tho Federal Reserve Act contains several
provisions which when applied under tho “ administrative” power of tho
Federal Reserve Board serve as a means of taking or imposing a toll in tho
nature of discriminatory interest rates in order to forco a shift of money
and credits from one section of tho country to another, or out of the country
and to foreign countries; that this discriminatory power vested in the Fed­
eral Reserve Board is wilfully abused by tho said five active working mem­
bers of tho said Board for tho benefit and in tho interest of tho said afore­
said conspirators; that tho peoplo of tho United States havo been injured
to tho extent of several billions of dollars by reason thereof.

the banks and to tho public, is tho first and fundamental achievement of
the Federal Reservo system. It means tho creation in this country of
a broad and dependable discount market.
The Important question of foreign trade, which was so recently brought
forward in Pittsburgh, and the part tho Federal Reserve act plays in the
development of that trade, also wero discussed by Mr. Harding. The
act had made possible the American acceptance and the use of dollar ex­
change, “ and when we contemplate tho future development of tho Federal
Reserve system there is hardly any banking function that will play a more
important part than tho acceptance business.” The more the banks
participated in tho acceptance market, went on Mr. Harding, the more
would grow their habit of purchasing acceptances originating out of com­
mercial transactions, recognizing in such paper the most liquid invest­
ment for which a broad and dependable market at minimum rates might
always be cxpoctcd. But tho most important feature in the successful
development of tho acceptance market, in fact, a vital principle, he de­
clared, must be tho intrinsic liquidity of the paper dealt in.
Tho Federal Rescrvo system, said the governor of the board, was no
longer an experiment. Established upon a firm and enduring foundation,
it was not being conducted for tho benefit of any group or interest, but the
policies governing it were, and must continue to be, broad enough to serve
tho banks and thoso who deal with tho banks throughout tho country.
While regulatory and conservative, it was still none the less a constructive
force, and with tho return of normal world conditions it would be recog­
nized both as a dominant factor in our own financial affairs and an im­
portant influence in the commcrco of tho world. Through forco of circum­
stances tho United States had bccomo one of the great banking powers of
tho world; with proper use of our opportunities we might expect to re­
tain that position permanently. In the attainment of that end tho Federal
Reserve system would bo a great factor.

A . J. FRA M E CHAR A CT ERT7.ES PROPOSED RESERVE
REQUIREMENTS
'‘ LAST POUND OF FLESH.”
U n d o r
F r a m e ,
k e s h a ,

W . P. G. H A R D IN G ON.NECESSIT Y OF B A N K S
PREPARING FOR PEACE I N T IM E OF W AR.
T h e

lik e lih o o d

in d ic a t e d

b y

R e s e r v e
o f

W

o f

.

r e fe r e n c e
e x p e r t ,

to

I

m a y

a r is e

o n

t o

s c h e d u le s .

I

k n o w

R e s e r v e

in

t im e

o f

tim e

o f

a

t o

A var

o f
b e

n e e d

o f

m u s t

is

o f

r e a liz o
to

o f

c e r ta in

a s

c o n t in u e d

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fo r

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o r

m u c h

p e a c o

is
o r

fin a n c ia l
fr o m

th o

in

M

r .

is ,

th o

e n d

p r e p a r a tio n

in

s a id ,

th e
is

o n e
o th e r

th o

fr o m
a ll

lik e
th e

o th e r

G o v e r n m e n t

H a r d in g ,
a n d

in

h e

c o u n t r y ’s

AAro u l d

th a t
t h a t

c o u n t r y ,

th e r e

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w a r

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w h e t h e r

n o t ,

a n d
T h o

A m e r ic a n
h e

a d d in g

th o

th o

t a r iff

F e d e r a l

a d a g e

T h e r e

th a t

o f

s a id

th o

t h a t

b y

in

o n e

e n d .”

p r e p a r a t io n ,

w h ic h

ta r iff

a s

c o n d it io n s

w a r ,

th e

m e t ;
o r

d e m a n d s

w a r ,

th is

q u o t e

b o

th a t

p r e p a r e d n e s s

a s

w a r

m

E r a
o r

p e a c e .

S t a te s

fr o m

a c c e s s

fo r

a

s o m e

w a s

o n

b r ie f

C o m m is s io n

N e w

p e a c e

h is

n o t

o f

r e c o m

im p r o v e

A n d

w h e th e r

fa r

in

m u s t

U n it e d

p e a c e

t h a t

s a y

‘ ‘T h o

F e d e r a l

t a r iff

t h a t

T a r iff

s h a ll

c o n fr o n t in g

r e g a r d e d —

e a s y

fe e l

r e m a r k s

p r e p a r e

v ie w —

I

a m

w a s

C h a m b e r

I n

th o

“ G a z o t t e ,”

to

p r e p a r e

th o

b o

b e

p r o b le m

it

C o m e

e v e n t u a lly
H e

m u s t

p o in t

th e m o

A m e r ic a

p r e p a r a t io n .

p o s s ib le .

d iffic u lt

h is

“ I

o f

r e v is io n

th o
it

H a r d in g ’s

m u s t

b y

in

p o lic y

m u s t

d o u b le

h a \ re

m u s t

w e

b u t

th e

th e

in s t.

s a id

s p e a k

th o

P it t s b u r g h

w o

w h ic h

fin a n c ia l

s h a ll

a n d

th e

fa c e d

a s p e c ts

r .

tim e s

p e a c e

p o s s ib le

p h a s e
is

M

t o

n e c e s s a r y

w h a t

o f

t o

th e s e

H a r d in g

o f

b e fo r e

1 0 th

to

s c h e d u le s

G o v e r n o r

th o

s u b je c t ,

D is c u s s in g

a c c o r d in g

r .

t a r iff

m a d e

o n

in te r e s te d

s y s t o m ,

F in a n c e .”

ta s k

a m

s u b je c t

M

th e

th o

H a r d in g ,

a t t e m p t

m a k o

a n x io u s

t o

n o t

o f

a d d r e s s

s u b je c t

d o

a u t h o r it y

a n

P it t s b u r g h

th e

a n d

r e v is io n

G .

in

o f

w it h

m a in

P .

B o a r d ,

C o m m e r c e

a

th o

it
b o
is

th e

g o ld

w o u ld
th o

a s

n a tio n
b e

c o u r s e

c o n c e r n e d .

“ G a z o t t o ” ):

In a few months wo oxpect to have in tho Federal Reserve banks $1,158,­
000,000 in gold as against tho total in tho Government banks of lCuropo
of $3,000,078,000, theso banks including those of England, France, Rus­
sia, Germany, Holland, Switzerland, Sweden, Norway and Spain. There
is this feature to bo remembered to our advantage. That while the Eu­
ropean banks have increased their note issues, tho Federal Reserve banks
have been developing their strength right along and havo 78% gold reserve
against all liabilities. There Is now held over $500,000,000 in gold by tho
national banks in addition to that in tho Federal Reserve banks; much of
this is expected to come into tho Federal Reserve. AVe also hope by ex­
changing Federal Reserve notes for gold to got a good part of the $815,­
000,000 now in circulation throughout tho country.
The United States now lias about one-third of tho gold of tho world,
but much of that gold is going to was to by reason of so much of it being
in people's pockets—that is, it is kept where it can do only the work Its
face value calls for, but if it was in tho Federal Reserve banks, 40% gold
would permit of tho issuing of an additional 60% of credit.
The gold in the country has increased somo $800,000,000 since the war;
the resources of tho banks are over $4,000,000,000; but if wo should be
called upon suddenly to send back tho $800,000,000 to Europe, tho banks
might havo to call in their credits in radical fashion unless some plan had
been arranged to fill tho vacuum. And we all can imagino what such a
condition would mean. That is tho eventuality of peaco against which
we must bo prepared.
T h o

‘ ‘G a z e t t e ”

fu r t k o r

s a y s :

Mr. Harding reviewed to somo extent tho history of the Federal Reserve
system, declaring its severest critics must admit tho co-ordinated growth
of the member banks and tho Federal Rescrvo banks, "and must concedo
that the establishment of a great system of mobilized reserves, amounting
at present to $521,760,000, the actual and potential valuo of which is no
longer open to doubt, has been effected without the slightest injury to the




title

o f

“ T h e

L a s t

P r e s id e n t

th e

o f

th o

a u k e s h a

W

is .,

F e d e r a l
p a y

th e

in

b a n k s

b a n k s

c a p it a l a n d
u n d e r

th o

$ 3 7 5 ,0 0 0 ,0 0 0
0 0 0 ,0 0 0 .
s t o c k

o f

W

o \ re r

N

c a p ita ls .
T h e

o .

is

w o

th is
in

r e c a ll,

n a t io n a l
a n d

2 0 5 3 8

p r o t e s t

H o u s e

d e m a n d e d ,

th e

I s

M

a lr e a d y

c a n

g r e a t e r

th e

a

o f

th a t

th e

b a n k s
b e g in

g r a n d
“

p o in t s
t o

to

o f

‘th e

th a n
la s t

th a t

F e d e r a l

d e p o s it s ),

o f , r o u g h ly ,

to ta l

o f

$ 1 ,0 S 0 ,-

t o t a l

c a p ita l

S t a te s
h e ld

c o m p r e h e n d

m o r e

o f

($ 5 5 ,0 0 0 ,0 0 0

th e

r a r e ly

J .
a u ­

b a n k s

o u t

th o

s u m

U n it e d

lia A ’ e

W

p r o p o s a l

n a tu r e

fu r th e r

s a y s ,

d e m a n d in g
p a r t

th o

m a k in g

d e m a n d in g

n o t

F r a m e

in

o f

n a tio n a l

$ 7 0 5 ,0 0 0 ,0 0 0

b a n k s

th e s o

avo

in

r .

th e

th e

A n d r e w

B a n k

s u r r e n d e r e d

b ill

h o

F le s h ,”

a g a in s t

r e q u ir e

$ 0 5 0 ,0 0 0 ,0 0 0

p o n d in g

$ 9 0 0 ,0 0 0 ,0 0 0 ,

B ill

t o

o f

N a t io n a l

p r o t e s t

a p p r o x im a t e ly

$ 1 ,0 7 0 ,0 0 0 ,0 0 0 ,

o f

P o u n d

r e s e r v e s .

h a v o

a b o u t

h e n

a ll

a

B o a r d

a d d it io n a l

R e s e r v e

a n d

lo d g e d

R e s c r v o

n a tio n a l

fo r

h a s

W

o u r

th e

o f

b u t
c a s h

in ju s tic e

t o t a l

p o u n d

is
in

c a s h

o r

fle s h ’ ? ”

fo llo A v s :

As a representative of the independent banking system of tho United
States which has done wonders in upbuilding this nation, as against monopo­
listic branch banking in any form, also against unjust and unparalleled
burdens, we respectfully appeal to tho Congress and people of the United
States for justico.
Unmst Demands.

First, what is tho true mission and functions of tho Federal Reserve banks?
To our mind, and 1 am certain the thought is endorsed by tho great bulk
of the patriotic bankers of tho country, the mobilization of, say, $300,000,­
000 of cash, by Central Reserve city banks contributing 6% of deposits,
general reserve city banks ‘2 A % and country banks 2%, tho Federal
Reserve Banks would have an amplo fund for all ordinary rediscounting
that banks need, and with power to issue extra currency in times of stress
under restrictions to prevent inflation, no sound bank would over suspend
cash payments, nor would the burdens bo great upon them, and tho wheels
of commerce would never be clogged again.
But what does the Federal Rescrvo Board now seek? Tho national
banks of tho country havo already surrendered, under compulsion, to the
Federal Reserve banks (approximately):
For capital___________________________________________
355,000,000
650,000,000
Deposits with them, say........ — ------- --------------------------$705,000,000

Now come II. It. bills 206381)1 demanding addition, sa y__

375,000,000

Making a grand total of..................... ....... ........................$1,080,000,000
Theso calls under Section 5 of II. It. 20538 cover 7' .' instead of 5% of
demand deposits from country banks; 10',' instead of 6% from general
reserve city banks; 13% instead of 7%. from central reserve banks; also 3 %
instead of approximately 2% of timo deposits from them all.
AVo must not forget that common prudence demands that banks main­
tain one-half or more of 1% of their deposits above legal rescrvo require­
ments, aggregating $50,000,000 or upwards, to tho end that banks be not
penalized for daily shortage of reserves, caused by fluctuation of de­
posits, &e.
AVhon wo recall the fact that the total capital stock of all tho national
banks of tho United States is but $1,070,000,000, and these banks have
rarely held in cash over $000,000,000, wo can begin to comprehend the
injustice of Bill No. 20538 in demanding more than our total cash
or capitals. Is this not demanding “ tho last pound of flesh?" Does Jef­
fersonian democracy reign or despotic power? Tho honeyed reason for
theso colossal calls is given to the end that we be not drained of our gold
when war ceases, but let us reason together a little. Thanks to our exports,
exceeding imports of late by billions of dollars, wo are now not a debtor
but a creditor nation. Our coffers are bulging with gold wo do not need.
If so, may we not fairly ask, how can the world drain away our gold supply
without our consent when wo owo the world nothing? Is tho Board's plea
logical, or is it sophistical, to tho end that more despotic power bo given It?
If more gold is locked up in Federal Reserve banks, then how can banks
get their own for uso when tho tido is turned?
To our mind, if the absurd pleas of tho Federal Reserve Board bo granted,
wherein it overstepsjits legitimate functions by asking for or demanding:

619

THE CHRONICLE

Feb . 17 1917.]

First. Internal branch banking that would upbuild monopoly and destroy
the best independent system the world ever knew. (Proof will follow later.)
Second. That member banks bo forced to transfer funds at a loss to them,
while the Government charge for P. O. orders has averaged at least double
tho charge heretofore made by the banks. This absurd rulo doubled the
float and thereby Increases cost and labor. It Is not a reasonable function
of the Act.
Third. That member banks bo compelled to report daily their balances
with tho Federal Resorvo Banks, and if they aro unintentionally short of
tho requirements for Immaterial amounts for oven a day, through unusual
Increaso of deposits, they are to bo penalized. I am not aware that any
such petty annoyance has over been practiced in tho history of tho National
Bank Act.
Fourth. Although over seven hundred millions of dollars have already
been transferred to tho Federal Reserve Banks, the Federal Reserve Board
now asks Congress to domand under penalty of your monoy or your life
that a sum approximating tho total capitals of 1,070 millions of dollars of
all the national banks of the United States bo commandeered and turned
over to tho Federal Reserve banks, when less than ono-third of that vast
sum will suffice for all reasonable needs.
I repeat, If these illegitimate pleas are granted, then it would seem that
tyrannical power is substituted where American liberty should reign su­
preme.
Wo must not forget that but 6% per annum is agreed to bo paid, if earned
(only 6% has been earned In two years), on say fifty-five millions for capital
of tho Federal Reservo banks, but upon tho 1,000 millions of dollars for
deposit In them, not a dollar of compensation Is over to bo paid.
Wo m u s t a ls o not forgot that but 369 millions of dollars of AldrichVreeland currency was used under tho sovero stress of 1914. This issue
gave the banks all needed rediscounts; it prevented tho suspension of cash
payments by banks; it kept the wheels of commerce in motion at an expense
of but $125,000 in tho six years of its operation, while tho exorbitant cost
of the Federal Reserve system for 1916 was over $2,000,000. Who pays
tho freight but tho dear pcoplo in tho end?
With these pictures before tho nation, may wo not well ask, will twenty
thousand State banks and trust companies voluntarily Join the system and
bo compelled to contribute their total capitals of a billion or more additional,
even If tho Federal Reserve Board pleads for it as "a patriotic duty” ? Tho
answer seems to be apparent, because in over two years less than forty
State banks and trust companies liavo joined tho Federal Reserve system
without awaiting the last fallacious plea and unwarranted demand for 375
millions more from member banks. Wo ought all to feel grateful that our
State banking systems may yet prove to bo a haven for national banks if
oppressions do not cease. But let us digest the

Sum U p.
The Federal Reserve Board wants contributions as follows;
From national banks, about___________________________ $1,080,000,000
From Stato banks and trust companies, about----------------- 1,080,000,000

6% formerly, may we not fairly plead the justness Of our cause, and ask
for relief from further oppressive burdens? Especially so, because in all
human probability the granting of them will sound the death knell of the
best banking system the world ever knew.

B ranch B a n k in g as a C ancer.
Now comes H. R. Bill No. 20540, presented Jan. 26 1917, which permits
branch banking in cities, under certain restrictions, which to our minds
would bo simply an entering wedge for the establishment of branch banks
generally.
We earnestly plead for the preservation of our democratic, independent
banking system, which has done wonders in upbuilding this nation, as
against branch banking in any nation, which simply skims the cream from
the country to enrich the exchequers of the monopolists.
If right, may Congress defend our cause. We again repeat that “ eternal
vigilance is not only the price of liberty, but also of our vestod rights.”
Again, the serious question arises, is tho doom of the independent bank­
ing system impending because of the cancerous growth in a few States
of the monopoly? In common parlance, has Wall Street swallowed the
Democratic Party? If State banks in New York under its laws are eating
out tho vitals of the independent system, is it not better for the nation
to take steps to “ cut out” the cancer than to inject the slow poison into
the great national banking system?
Wo have some grounds for hope, because the Federal Reserve Board
last summer advocated the passago of H. R. Bill 15734, which would permit
internal branch banking under the national system, but later was with­
drawn. Its passage was undoubtedly fostered by some big city bankers.
If passed as an entering wedge, it probably would soon give us 100 or more
great central banks, with 25,000 to 30,000 now independent banks as
branches. Like unto Victoria and Vancouver in Canada with none but
branches, such cities as Atlanta, New Orleans, Denver, Seattle, St. Paul,
Minneapolis and like cities, would lose their independence. Our whole
democratic system would become revolutionized and Canadianized. The
apparent reason for the withdrawal of tho bill seemed to be the protest
of democracy vs. plutocracy.
To be more explicit, country bankers became aroused, and as I had the
honor of addressing several Stato Bankers’ Associations in battering down
this same heresy, which was advocated by some leaders of the A. B. A.,
the State Bankers’ Association of Colorado called upon me for an address
against this bill. After delivery in July last a copy was sent to every
member of the Congress. Thousands of copies were called for by tho coun­
try as well as many city bankers from coast to coast. The loud protest
from them brought about the withdrawal of the bill. This fact gives
us hope.
Later in September last some 1,500 country bankers held a special session
of the A. B. A. Kansas City convention to enter their protest by resolu­
tions against branch banking. After open discussion the following reso­
lutions wore unanimously adopted:

“R esolutions A g a in s t B ranch B a n k in g .
“ W hereas, Bill No. 15734, in the House of Representatives, providing

for branch banks in city and country, and which was lately withdrawn,
but we fear will be again revived in some form, if passed, permits an entering
wedge as a branch banking measure, which doubtless soon would blossom
into a general branch banking bill and thus Canadianize and monopolize
tho banking business of the United States; and
“ W hereas, Some fifteen years ago a few big city bankers attempted to
commit the American Bankers’ Association to a domestic branch banking
scheme, which utterly failed; and
” W hereas, Instead of its democratizing the banking business, the bill
Again, will any sane man deposit his whoio capital in tho bank without would tend toward substituting 100 or 200 great central banks with 25.000
interest or right to withdraw it at any tlmo, oxcopt under penalty, for tho to 30,000 tails to their big kites, thus destroying our independent banking
which has done wonders in upbuilding this nation; therefore, be it
wonderfully valuable privllogo of borrowing or rodiscounting at that bank system,
“Resolccd, That tho Country Bankers’ Conference of the American
occasionally, or wo might say once in ten or twenty years, when panic Bankers’ Association, in session assembled, respectfully enter a solemn pro­
threatens? In other words, borrow from your own doposits drawing no test against Congress authorizing any domestic branch banking measure,
as it is clearly undemocratic, un-American and monopolistic in its v/hole
interest and pay interest thereon.
tendencies; further
No answer seems necessary when intelligent men digest tho facts.
“Resolved, That we respectfully ask Congress to repeal Section 5154-5
of the United States Revised Statutes, which permits national banks to
R ediscounts.
buy State banks with branches and retain them; further
“ R esolved , That in the few states in which branch banking is permitted,
Just a word as to tho fallacious noise about rodiscounting. Tho masses and
thereby independent banking is threatened, that we approve of a re­
and ovon intelligent writers unwittingly are mislod in relation thoroto. In peal of those Acts to the end that the menace of a dangerous monopoly
over fifty years of banking experience our bank has rarely, oxcopt in panic bo removed, and the independent banking system be preserved in all its
periods, wanted a rediscount. Whenever we havo, our city correspondents usefulness.”
were eager to grant it, panic periods only excepted. Although Wisconsin
Later the subject was submitted to the general convention, and, although
National Banks have deposited some eight millions of dollars In Federal
Resorvo Banks outside of Wisconsin, yet in Septomber 1916 tho total re­ branch banking was earnestly advocatod on tho floor of the convention, the
discounts wero but $22,300; in October $10,000, and in November but monopolists were utterly routed and the convention unanimously regis­
$3,000; all in crop-moving periods, too. But lot us broaden tho subject. tered its condemnation of internal “ branch banking in any form.” Al­
Tho national banks of tho United States havo now over 700 millions of though I was Chairman of tho Resolutions Committee, much to my regret,
dollars In tho 12 Federal Reserve Banks, which havo been in operation over because of a misunderstanding, I was not prosent when the debate occurred;
two years, and yot tho avorago rediscounts with the whole 12 Federal Re­ nevertheless the battle was won through tho able efforts of W. J. Couse.
sorvo Banks aro less than twonty-fivo millions of dollars, a sum less than President of the Asbury Park Trust Co. of New Jersey; the philippics of
tho investments of tho First National Bank of Milwaukee alone. An am iz- ex-Governor W. J. Bailey of Kansas, and George M. Reynolds, President
ing revelation to most people. But what about say 175 millions of dollars of tho Continental & Commercial National Bank of Chicago.
of other investments of tho Federal Reserve Banks? Simply this: They aro
Mr. Couse was leader in the fight in Now Jersey in 1915, which effected
purchased in the markets out of tho oxcessivo deposits of tho national banks the repeal, over the Governor's veto, of tho State Banking Act permitting
and in competition with them. I say competition, b e c a u s e the banks are branch banks. Under it the big banks were eating up the little ones
tumbling over themselves to obtain livo paper, but the supply is far short, throughout the state, and therefore he fully realizes what a calamity it
because:—Trade and commerce do not produco ono-third or tho demand for would bo to ennit branch banking under tho national system.
Although the Federal Legislative Committee of the A. B. A. wero in­
it.
Banks rarely rediscount, because their apparent sound conservatism structed to protest against internal “ branch banking in any form,” yet no
warns them against pyram iding credit on credit, and beeauso they ob ject efforts to that end appear on tho surface. As the Chairman openly advo­
to entering a field worse than brokerage. Bankers m ust oiulorso rediscount cated tho heresy, he and any other advocates should be asked to resign.
For foar I may be misunderstood will say, I now and always have ap­
paper, which brokers do not. W ith those facts before us, it would scorn
proved winning world-wide trade by throwing out our arms to tho euds
anothor erroneous, popular propaganda is badly disfigured.
of tho earth, like unto the noble work now being pioneered by tho great
Unparalleled.
National City Bank of New York through foreign branches. 1 only take
Another fallacy which good men seem to think is truo is that such grasp­ issue with internal monopolization.
ing for power is like unto those of tho groat central banks of Europe. Per­
*
*
*
*
*
*
*
*
*
*
*
*
mit us to ask:
Brother bankers, if you value your liborty, then protest to your represen­
(a) W hore is the European Governm ent that arbitrarily com pels any
bank to contribute a p en n y, otthcr for capital or deposits, in its central ban k ? tatives in Washington to vote against any internal branch banking bill,
(b) What Government has compelled country banks to transfer funds and thus preserve your vested rights.
I grieve to speak so plainly, but after over a half a century in honest
from homo banks to distant points at a loss?
(c) What Government has had the hardihood to commandeer tho whole ondoavor to upbuild a good bank, as well as the nation, we feel we havo a
capitals of the banks undor their jurisdiction without compensation on right to defend our very existence.
say nineteen-twentieths of It?
This grasping for more power, more power, more power, using not their
In 1906 tho twenty greatest central banks of Europo had total doposits own money, but ours; commanding practically our whole capitals; tacitly
of but 1,120 millions of dollars, including tho deposits of thosoveral Govern­ Implying that bankers are incompetent to manage their ordinary business,
ments, which probably covers more than one-half of tho total deposits. seems astounding, especially so in the face of tho fact that history does not
record an instance of equal progress with ours, which was brought about
They aro largely banks of Issue and not banks of deposit.
They appear to be servants of tho banks and not thoir arbitrary masters. under the protection of that greatest document for the guidance of nations,
They confiscate no vested rights.
“ the Constitution of the United States.”
Lot us not forget that this Constitution was penned by Thomas Jefferson
In view of tho facts, not theories, and tho further fact that members
of the Federal Reserve Board frankly admit that country banks especially to end tyranny and substitute therefor American freedom. May we not
aro burdened and they havo made a "heavy sacrifice” in complying with well ask, are we undermining the staute of “ Liberty Enlightening the
the demands of the Act, which ties up 12% of demand deposits in place of World?”
Grand total, say-------- ----------------------------------------------$2,160,000,000

As this sum exceeds tho total cash held by all tho banks o f tho United
States b y several hundred millions o f dollars, where does tho "till m on oy”
com o in for banks to d o business upon? Or, m ust they turn over to the
Federal Reserve Banks say a billion or m ore o f intcrest-boaring securities
in order to retain enough “ till m oney” for their d aily needs?




THE CHRONICLE

630
E.

C.

W
M
o f

e

McDOUGAL PROTEST A G A I N S T FEDERAL
RESERVE’ S A CT IO N FOR COLLECTION
OF STATE CHECKS BY NOTARIES.
g iv e

th e

h a s

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p r o p o s a l

w h e r e

c o p y

to

o f

a

th e

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o n

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tr u s t

E .

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th e

is

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B a n k s

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e x c e p t io n

F e d e r a l

b e e n

o f

P r e s id e n t

b a n k s

Y o r k

n o t a r ie s

c ir c u la r

A s s o c ia t io n

Y o r k ,
S t a to

N e w

c h e c k s

le tte r

o f

N e w

th o

b y

s u c h

T h e

o f

s e n t

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a

P r e s id e n t

S t a te

B u ffa lo ,
in

b e lo w

c D o u g a l,

ta k e n

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o f
n o t

t o

fo r

a

th e

in s t it u t io n s in c a s e s

d is h o n o r e d .

fo llo w s :

OFFICE OF THE PRESIDENT.

B u ffa lo , N . Y ., Feb. Qlh, 1917.
D ear Sir: —A country banlcor in a neighboring village has just shown mo

[Vol. 104.

availablo at par drafts drawn by membor banks against Federal Reservo
banks, with ono modification, to wit, that all mombor banks and not merely
those which aro country banks, may bo allowed to participate in tho ar­
rangement, the limitation, however, in all cases to remain at $10,000 per
day as tho total that may bo drawn by any ono bank.
Tho Board regards tho plan suggested by tho governors' committeo as
tho first and essential step that must bo taken, and suggests that tho circu­
lar which you propose to send out stato clearly that it is proposed to develop
the plan and that the limitation adopted is not Intended to bo permanent,
but only a temporary safeguard. It might bo well to point out also that as
tho limitation to $10,000 per day would to a great extont prevent tho larger
banks in the cities from making use of tho now facilities, the country banks
will bo the immediate beneficiaries. Tho Board would suggest that tho cir­
cular, which should contain a facsimile of tho proposed form of draft, be is­
sued as soon as it can bo prepared, and that tho plan bo made effective as
early as possiblo, and not later than April 1. Tho Board feols it is important
that Federal Rcservo banks should get themselves in roadiness to extend to
their members moro of the facilities which have hitherto been given by city
banks to their country corrospondonts, such as tho collection of drafts and
maturing paper, and tho Board believes that it would bo well for a state­
ment regarding this to bo mado in tho circular. It is understood that tho
circular will bo prepared and signed by tho committeo of governors who
mado tho report and that copies of it will bo sent by tho committeo to each
of tho Federal Reserve banks for distribution.
The Board will bo obliged if you would kindly havo a draft of tho circular
sent to it for its information beforo it is made public or distributed.

a letter from tho Federal Reserve Bank of New York to a notary public
in that village, which indicates that it is tho purpose of the Federal Reserve
Bank of New York to collect checks upon Stato banks by express. The
letter asked tho notary public if ho would recoivo from tho express company
and protest any such checks which wero dishonored. The country banker
told mo that ho was perfectly willing to remit to tho Federal Reserve Bank
at from one-tenth of 1% to one-twentieth of 1%, depending on tho size A m eeting o f the com m ittee fo r discu ssio n o f the p la n to m ake d ra fts u p on F ederal
Reserve banks acceptable to im m ed iate availability at p a r in a ll Federal
of tho items, but that ho saw no good reason why ho should do business for
Reserve banks. F leetin g held M o n d a y , J a n . 22 1917, W ashing ton ,
nothing nor why ho should bo forced to do so by a threat that otherwise
D . C ., at 10:25 o'clock a. m .
checks upon his bank would bo collected by express.
Present: Messrs. Treman (Chairman), McDougal, Seay, Rhoads, FanProviding country banks are willing to remit at such reasonable rates,
any such arrangement as that proposed in the above mentioned circular cher, McICay and Hendricks. Mr. Hendricks was appointed Secretary
savors of coercion. You doubtless remember, not long ago, it was pro­ to tho meeting.
At tho last conforonco of governors there was a joint session with members
posed to present through the post office department checks upon State
banks and trust companies, although tho charges of tho post office de­ of tho Federal Reserve Board, at which the above-mentioned topic was dis­
cussed,
and at that timo tho following voto was adopted:
partment would have been much higher than tho charges of tho very Stato
“ Voted: That tho Chairman bo authorized to appoint a committeo of
banks and trust companies upon which tho checks were drawn. That,
if I remember correctly, was tho suggestion of tho Federal Reservo Board five to confor with tho Federal Rcservo Board and assist in preparing a
at Washington. For reasons best known to themselves, the authorities plan in connection with tho immediato availability of drafts on Federal
in Washington did not seo fit to use that method of coercion. Apparently, Reserve banks.”
After informal discussion of tho plan as outlined by Gov. Seay, it was
tho present action is tho action of tho Federal Reservo Bank of Now York.
Tho Directors of the Federal Reservo Bank of New York aro estimable gen­ tho unanimous opinion of this committeo that when tho final transfer of
tlemen. Wero not tho evidence beforo us, it would bo almost inconceivable reserves becomes effective, in accordance with tho amendment which is now
beforo Congress, somo machinery shoidd bo in readiness to provido for tho
that they should approvo of such action.
Stato banks and trust companies simply ask to bo left alone. They transfer of funds for such banks as havo been in tho habit of using drafts
have no desiro to interfere with tho Federal Reserve System. They ask on central rescrvo cities; and in conformity with this view tho committeo
that It shall not improperly interfere with them. Tho subject of collec­ unanimously agreed upon tho following plan:
(1) That tho privilego of drawing “ Federal Reserve oxchango” drafts
tion charges is a vital ono to them. Tho backers of the Federal Rcservo
System havo repeatedly been guilty of attempted coercion, and in moro should bo limited to tho country banks, or, in other words, to those banks
ways than havo appeared on tho surface or could bo proven in a court of carrying a 12% reserve;
(2) That tho drafts should bo limited as to tho amount drawn in any ono
law. A systematic attack upon our Stato banking system has been under
way for somo timo. Wo aro compelled to defend ourselves. So far as is day by a momber bank to $10,000;
(3) That tho drafts should bo drawn by member banks upon their own
possible. State banks and trust companies should forget their differences
and stand together against these unfair attacks or they may be beaten in Federal Reservo bank and mado receivable for immediato availability at
detail. Tho average Stato banker Is asleop. “ United wo stand, divided par at any ono Federal Rescrvo bank specified in tho draft;
(-1) That a special uniform form of draft bo adopted by all tho Federal
wo fall." State banks have no quarrel with national banks. It is not the
fault of either that tho present situation exists. Tho fault lies with tho Reserve banks, such drafts when drawn upon this form to bo tho only ones
Federal Reserve Board and with tho Comptroller of the Currency. A which aro receivable for immediato credit at par;
(5)
That tho drawing bank bo required to give immediato advice to its
Stato bank and a national bank, if left to themselves, would llvo together
in tho same harmony as would two State banks. It is not their fault that Federal Iteservo bank of all “ Federal Reserve cxcliango” drafts drawn, and
that such drafts bo immediately charged to tho member bank's account on
they are not allowed to do so.
I am not in favor of a nation-wide system of Stato Institutions, which receipt of advice;
(0) That this plan becomo oporativo when tho final transfer of reserves
would bo a rival of the Federal Rcservo System. Stato banks aro not
jealous of tho Federal Reserve System. Tlioy aro perfectly content to has becomo effective and bo mado availablo to such momber banks as may
allow it to becomo tho dominant system in this country but not the only agree to terms formulated by tho Federal Reserve bank.
The committeo then discussed whothcr it would bo necessary to imme­
system. If every State has its own independent system, each can bo ad­
justed to suit tho business requirements of its own locality. Without in diately Inaugurate daily settlements in tho Gold Settlement Fund, and, on
motion
of Gov. Seay, it was moved and carried that, in tho opinion of tho
any way interfering with tho Federal Reserve System. Stato systems can
take caro of much business for which tho Federal Rcservo System is not committee, under tho existing conditions and tho terms above recited, there
would
bo
no necessity for daily settlements through tho Gold Settlement
so well equipped. It is hardly possible to design a national systom which
will meot all of tho needs of all localities. What will suit California may Fund at tho present timo.
Tho committeo next considered tho advisability of putting into operation
not suit Massachusetts. Wero it possiblo to unito all Stato institutions
in one nation-wido system, it might bo just as unwieldy and unresponsive at this timo tho Gidney plan of a silver and legal fund. After discussion,
on motion of Gov. Seay, it was moved and carried that, under existing con­
to local business needs as is tho Federal Rcservo System.
Wero tho wish of tho Federal Reserve Board accomplished, wero all the ditions, there is no necessity for establishing such a fund at this timo.
banks in this country, both State and national, members of tho Federal
Reserve Systom, wo should have a monopoly in banking which would bo
harmful rather than helpful. With monopoly probably would come G E R M A N Y ’ S OVERTURES TO UN ITE D STATES IN
SU B M A R IN E ISSUES A N D THEIR REJECTION.
arbitrary mothods and moro coercion. It must bo remembered that even
tho very best men with tho very best intentions becomo arbitrary in tho
T h is
w e e k ’s
d e v e lo p m e n t s
in
th o
s itu a tio n
b o t w e o n
th e
absenco of all competition.
I will bo extremely obliged to you if you will adviso mo whether you know U n i t e d S t a t e s a n d G e r m a n y h a v o i n c l u d e d t h o p r o f f e r o f a n
of any such proposition or suggestion as tho ono mentioned in the first o r a l s u g g e s t i o n t o t h o U n i t e d S t a t e s G o v e r n m e n t b y t h o
paragraph of this letter being made to any notary in your vicinity. Please
do not fail to do so as the matter is most important. Not only is it neces­ S w i s s M i n i s t e r , D r . P a u l R i t t e r , w h o r o p r o s o n t s t h o G e r m a n
sary to know that such circulars havo been received; it is necessary to i n t e r e s t s h e r o , t h a t t h o G o r m a n G o v e r n m e n t w a s o p e n t o
know every caso, no matter how many. Yours very truly,
n e g o t ia t e
w it h
th o
U n it e d
S t a te s
p r o v id e d
th o
c o m m e r c ia l
E. C. McDOUGAL, President.
b lo c k a d e

a g a in s t

m e m o r a n d u m

DRAFTS D R A W N BY MEMBERS ON RESERVE BA N K S
TO BE M A DE I M M E D I A TEL Y A V A I LA BLE A T PAR.
D o t a ils
u p o n

a

a v a ila b le

c o n c e r n in g

r e p o r t
a t

e m b o d y in g

p a r

d r a ft s

R e s o r v o

b a n k s

t in ”

F o b r u a r y .

fo r

a c t io n

a r o

b y
a

d r a w n

fu r n is h e d
W

e

q u o t e

th e

p la n
b y
in

fo r

B o a r d

im m e d ia te ly

b a n k s

F e d e r a l
th o

R e s e r v e

m a k in g

m e m b o r

th o

fr o m

F o d e r a l

o n

R e s e r v e

“ B u lle t in ”

F e d e r a l
“ B u lle ­

a s fo llo w s :

o f

S t a te

th o

n o t

D r .

fe e l

G e r m a n

w a r fa r o
u n til
4 t li

th is

R it t e r ,

th e
o f

t h a t

M

it

a n d

c a n

b o

in te r fe r e d

s u b m it t e d
fo r t h

a s h in g t o n
e n te r

in t o
th o

n o w

u p o n

is

r e n o w s

th e

a

th o

r e p ly

a n y

c o n c e r n in g
it

to

a n n o u n c e d

w h ic h

G o v e r n m e n t
a c ts

n o t

la te r

b r o u g h t
W

n e u tr a ls

G e r m a n
a y

a t

G o v e r n m e n t

a g a in s t

w o u ld

o ffe c t ,

A d m in is t r a t io n

“ d o e s
th o

b y

E n g la n d

t o

in

o f

A

w h ic h
t h a t

d is c u s s io n

p o lic y

its

w it h .

S e c r e t a r y

it

w it h

s u b m a r in e

p u r s u in g u n le s s a n d
a s s u r a n c e s

a s s u r a n c e .”

O n

th o

o f

th e
l l t l i

Acting upon a report submitted by a committeo appointed by governors i n s t . i t b e c a m o k n o w n t h a t D r . R i t t e r h a d p r e s e n t e d t h o
of Federal Reserve banks, tho Federal Rescrvo Board on Jan. 23 approved a b o v o s u g g e s t i o n t o t h o S t a t o D e p a r t m e n t o n t h o p r o v i o u s
a plan for making immediately available at par drafts drawn by momber
banks on Federal Resorvo banks. While it was recommended by the com­ d a y , b u t n o o f f i c i a l a n n o u n c e m e n t w a s m a d o i n t h o m a t t e r
mitteo of governors that at tho outset tho prlvilego of drawing such drafts u n t i l t h o 1 2 t h , w h e n t h o r e j e c t i o n o f t h o s u g g e s t i o n o n
should bo limited to country banks, or, in other words, to those carrying a t h e p a r t o f t h o U n i t o d S t a t e s w a s m a d o k n o w n .
T h o S t a te
12% reserve, tho Board suggested that all member banks bo permitted to
participate in tho arrangement, with a limitation of $ 10,000 per day as the D e p a r t m e n t ' s a n n o u n c e m e n t o f t h a t d a t e i s a s f o l l o w s :
D epartm en t o f State, Feb. 12 1917.
total that may bo drawn by any ono bank. Tho lottcr of tho Governor of
In view of tho appoaranco in tho newspapers of Fob. 11 of a report that
tho Board to tho Chairman of tho committee, sent out on Jan. 25, is given
below. Following It is tho report submitted by the committeo. In addi­ Germany was initiating negotiations witli tho United States in regard to
tion to tho committeo, Gov. Aiken of Boston was present at tho conference. submarine warfaro the Department of Stato makes tho following statement;
Tho Federal Reservo Board this afternoon approved and adopto i the reA suggestion was made orally to tho Department of Stato late Saturday
ort of tho committeo of governors in the matter of making immediately afternoon by tho Minister of Switzerland that tho German Government is




THE CHRONICLE

F eb . 17 1917.]

willing to negotiate with the United States, provided that tho commercial
blockado against England would not be Interfered with. At the request
of tho Secretary of State this suggestion was mado in writing and presented
to him by tho Swiss Minister Sunday night. Tho communication is as
follows:
“ MEMORANDUM.
“ The Swiss Government has been requested by the Gorman Government
to say that tho latter is now, as before, willing to negotiate, formally or
informally, with tho United States provided that tho commercial blockade
against England will not be broken thoreby.
(Signed) P. RITTER."
This memorandum was given Immediate consideration and the following
reply was despatched to-day:

" M y -D e a r M r . M in ister:

“ I am requested by the President to say to you in acknowledging tho
memorandum which you were kind enough to send to mo on the 11th inst.
that tho Government of the United States would gladly discuss with tho
German Government any questions it might proposo for discussion were it
to withdraw its proclamation of tho 31st of January, in which, suddenly and
without previous Intimation of any kind, it cancelled the assurances which
it had given this Government on the 4 th or May last, but that it does not
feel that it can enter Into any discussion with tho German Government
concerning tho policy of submarine warfare against neutrals winch it is
now pursuing unloss and until the Gorman Government renews its assurance
of tho 4th of May and acts upon tho assuranco.
I am, my dear Mr. Minister. * ^ bBBRT LANSING/.
No other interchange on this subject has taken place between this
Government and any other Government or person.
I t

w a s

s t o r ff
a n

d is c lo s e d

in fo r m e d

e ffo r t

to

fla t ly

R e p o r t s

t o

d e n ie d

g e s tio n s

fo r

p a t c h e s

s a id :

t o

th e

S ta te s

in

th o

th e

th e

o t h e r

a v o id a n c e

o f

a

B e r n -

a d v ic e s

(o n

th o

1 4 th

T h o
s u n k

h a v e

a c t u a l

d o n

s t a t e d

t h a t

t h r o u g h

fe r e n c e

o n

th e

G e r m a n

th o

S w is s

s u b m a r in e

M

in

n o t e

w a s

w a r .

it

w a s

t o

th o

in v it in g

T h e

b y

q u e s t io n s

v e r s io n

in

W

s u g ­

p r e s s

d is ­

w a y

o f

w h o

te le g r a m

o f

th e

t h r o u g h

la s t

u n d e r

in

fo r

th e

R e u t e r ’s

o u t

b y

th e

D e c e m b e r ,

s im ila r

t o

G e r m a n
a n d

h a v e

s o m e

c o n d it io n s

in

b e e n

S e c r e t a r y

o f

a lle g e d

t h e

M

t o

e d it e r ­

OF

AMBASSADOR
GERMANY.

.

s e v e r a n c e
th e

3 d

G e r a r d ,

r e c a lle d
o f

le ft

s t a ff

a n d

a n n o u n c in g

h is

W

th e

th e

a s h in g t o n

A m e r ic a n

U n it e d

d ip lo m a t ic

in s t .,

e n tir e

b y

1 2 0

fo r

o n

th e

1 0 th

b y

o n

th e

a t

in s t . fr o m

U n it e d

1 0 th

in s t .

th e

S w is s

B e r n e ,

B e r lin ,
w it h

th e

S t a te s

o n

w it h

h is

S w it z e r la n d ,

th e

r e c e iv e d

a t

G o v e r n m e n t

Z u r ic h ,

A m e r ic a n s

d e p a r t u r e ,

FR O M

A m b a s s a d o r

S t a te s

r e la tio n s

B e r lin

GERARD

A

m e s s a g e

L e g a t io n

a t

s a id :

The American Ambassador, Mr. Gerard, with all his personnel and fifty
American citizens, will leavo Berlin Feb. 10, in the evening, by special train,
for Zurich. The Ambassador will be received at the Swiss frontier with
all consideration due him.
M

r .

G e r a r d

h a u s e n

a t

r e a c h e d

4

a r r iv e d

p .

m .

Z u r ic h

h a u s e n

b y

a n d

th e

a t

o n

th e

th e

le ft

fo r

A m e r ic a n

S w is s

1 1 th

B e r n e .

M

b o u n d a r y

in s t .;

s h o r t ly

H o

in is t e r

t o

w a s

a t

S c h a ff-

a ft e r w a r d

m e t

a t

S w it z e r la n d ,

h e

S c h a ff-

P le a s a n t

L o n ­
S t o v a ll,

a n d

r e p r e s e n ta t iv e s

o f

th e

S w is s

a r m y ,

in c lu d in g

p r o p o s a ls

a s h in g t o n

w a s fu r n is h e d

t r a n s m itt e d

s u n k

W

w a s

a

C o lo n e l

B r e u g g e r

m ilit a r y

g u a r d

a n d

C a p t a in

R u d o lp h

w a s

in

I s e lin .

A

S w is s

c o n ­
o f

h o n o r

a ls o

w a it in g ,

a n d

a

b ig

d e le ­

fo llo w in g
g a t io n

o ffic ia l

e a r ly

DEPARTURE

a g r e e in g

t h a t

a

r e c e iv e d

o ffic ia l

in is t e r

b e e n

lis t o f v e s s e ls a lle g e d

r a n e a n .

A .

m a d o

th e

g iv e n

A d m in is tr a tio n ,

s t a t e d

m e d iu m s ,

g iv e s

B r it is h , a s

A ffa ir s

J a m e s
in s t .

th e n

th e

F o r e ig n

it .

in s t .)

p a p e r

b y

p o lic y

It Is reiterated that the Imperial Government Is not permitting doubts
In any quarters regarding the position actively assumed in tho U-boat
warfare, and that there can be no talk or thought of recession from the
program already being carried out.
In view of this, it is declared in authoritative circles that any further
parley or exchange of notes with the United States may bo dismissed as
unwarranted and improbable.
Tho origin of the report is ascribed to the recent announcement, made
through tho Swiss Government, that Germany was willing to negotiate
respecting tho amended treaty of 1799.
L a t e r

When tho English Government in the fourth month of the war—that is
Nov. 3 1914—declared the whole North Sea a military area, and thus put
into practice an absolutely new principle with respect to sea war zones, It
then expressly warned all neutral ships, “ merchantmen of all kinds, mer­
chantmen from all districts, fishing vessels and other ships,” against enter­
ing the proscribed zono, as they would bo exposed to great danger from
English mines and English men-of-war.
Tho German declaration with respect to the barred zone on Feb. 1, which
followed tho English declaration, announced exactly the same thing and
pointed out that neutral ships entering this zon would do so at their own
risk, exactly as had already been set forth Jan. 15 1915, in a letter by an
English Minister to the Dutch Ministers—“ vessels may do so at their own
risk.”
The German sea forces have thus never torpedoed without warning, since
the sinking of all ships without previous particular warning occurred In a
war district which had been declared as dangerous. The same cannot be
said of England, since British submarines repeatedly havo attacked and
sunk steamers by torpedoes outside tho sea-war district and without warning

d is c u s s io n ,

S t a te s

t h a t

G e r m a n y ,

t h r o u g h

v o n

G e r m a n

a b o u t

U n it e d

a n d

1 3 th

t h a t

C o u n t

n e w

b r in g

c o n s id e r

o n

w h e n

o f

t o

a c t io n ,

th e r e

o r

t h a t

w e e k

r e s u lt

B e r lin

S t a t e s ,

1 0 th

s e r io u s

d e c lin e d

fr o m

a b s o lu t e ly
U n it e d

la s t

d e s ig n e d
a n y

th o

U n ite d

m a d e

ta k o

o ffic ia ls

th e

w a s

a p p a r e n t ly
n o t

o n

621

o f

c itiz e n s

g r e e t e d

th e

fo r m e r

A m e r ic a n

A m b a s s a d o r

A m s t e r d a m
t o

G e r m a n y .

M

r .

G e r a r d

in t e n d e d

a t

fir s t

t o

r e m a in

in

c o r r e s p o n d e n t :

What lies at tho bottom of this report is tho following: A telegram from
the Swiss Minister in Washington was transmitted to Germany by Switzer­
land in which the Minister offered, if Germany was agreeablo, to mediate
in negotiations with tho American Government about tho declaration of
prohibited areas, as thereby tho danger of war between Germany and tho
United States might be diminished.
The Swiss Government was then requested to inform its Minister at
Washington that Germany, as before, was ready to negotiate with America
in caso the commerco barrier againts our enemies remained untouched.
As is obvious, Germany could havo entered into such negotiations only
on condition that, firstly, diplomatic relations between America and Ger­
many should bo restored, and, secondly, that the object of tho negotiations
could only bo certain concessions respecting American passenger ships.
Tho interdiction of overseas imports proclaimed against our enemies
through unrestricted submarine warfare would thus, oven if diplomatic
relations with America were restored, be in no circumstances relaxed.
Tho reply of the SwLss Minister at Washington expressed very clearly
that in the resolute carrying out of our U-boat war against the entire over­
seas imports of our enemies there is for us no turning back.

Z u r ic h ,

in s t .

m a d o

n e u tr a l
b y

s t a te m e n t

k n o w n

s h ip s

r e s p e c t

t o

T h o

th e

o f

th o

e d ite r r a n e a n

M

F e b .

th o

1 2 ,

fo r

th e

z o n o

a n d

a ll

th a t

E n g lis h

F e b .

o n

p e r io d s

a n n o u n c e d

s a id

N o r t h
o n

A m s t e r d a m

o f

z o n e s

s t a t e m e n t

A t la n t ic

n ig h t

a t

e x p ir a t io n

e n te r in g

G e r m a n y .

in

th o

r e c e iv e d

a s

z o n e

1 0 .

I t

o n

1 3 th

g r a c e

fo r

p r o h ib it e d

im m u n it y

C h a n n e l

S e a

o f

th e

z o n e s

F e b .

6

c e a s e d
o n
a n d

th e
fo r

(h e

a r r iv e d

o n

F e b .

w e e k

From now on, therefore, in all prohibited zone tho warning which has.
been issued Is in full force, and shipping can no longer expect individual
warning. Vessels which enter tho prohibited areas do so with a full knowlodgo of tho dangers threatening them and their crows. It is expressly
stated that all news spread from enemy sourcos about any torpedoing of
neutral ships without previous warning, beforo tho dates mentioned, for
tho various prohibited areas, is incorrect.
The periods of grace mentioned were also in forco for cnomy passenger
vessels bccauso it was possible that they wero carrying neutral passengers
who were, perhaps, ignorant of tho new blockado regulations.
S t ill

a n o t h e r

r e fe r r in g
b a r r ie r

t o

o ffic ia l

n o w s

a g a in s t

a n d

m in e s

th e

U n it e d

h a d

B e r lin

fr o m

a b r o a d

G r e a t

B r it a in

b e e n

S t a te s

o r

o r

th o

e ffe c t

m a in ta in e d

w o u ld

fo r

s t a t e m e n t
t o

b e

o t h e r

w e a k e n e d

r e a s o n s ,

d a t e d
t h a t
w it h
o u t

F e b .
th e

1 4 ,

m a r in e

s u b m a r in e s
o f

r e g a r d

fo r

s a id :

Regard for neutrals prompts tho clearest declaration that unrestricted
war against all sea traffic in tho announced barred zones is now in full
saving and will under no circumstances bo restricted.
T h e
fo r c e s
th is

fo llo w in g ,
h a v e

w e e k

B e r lin

in

n e v e r
b y

u n d e r

th o
th o




w h ic h

it

t o r p e d o e d

is

a s s o r te d

w it h o u t

“ N o r d d e u t s c h o
h e a d

“ T o r p e d o e d

t h a t

th e

w a r n in g ,

A llg e m e in e
W

it h o u t

G e r m a n
w a s

s e a

p r in te d

Z e it u n g ”
W

a r n in g ’’ :

o f

2 7

(o n

fo r

o n

th e

o n

6 t h )

le a v e

B e r lin

a s

th e

m e n t .
o n

M

P r e s s u r e

is

a ls o

G e r a r d

t o

P r u s s ia n

in g

t h a t

tr e a tie s

th e r e

w e r e

o f

m e n

a s

M

G e r a r d

N e w

t o

r .

b e fo r e

h e

N e w s ”

Y o r k

1 7 9 9

h in ts

c r e d it e d

h im

h o s ta g e s

“ T im e s ” )

if

h a v e
s ig n

h e

r e p o r t s

A

th e
M

s t a t e ­

r .

th e

G e r m a n
G o v e r n ­

in s t .

G e r a r d

o f

r e p ly

h e r e

a s

t o

b e a r

r e a ffir m in g

r e p o r t s

A

t o

s a tis fie d

S t a te s

d is p a t c h
1 1 th

a llo w e d

w a s

d e t e n t io n

“ s it

c it y

o ffic ia l
b e

b r o u g h t

th e s e

P a r is

t h a t

L a s t

p r o t o c o l

d e c lin e d .

w o u ld

o n

a n
n o t

b e e n

a

1 8 2 8 ,

c o n s e n t .

Z u r ic h

b e

U n it e d

p o s s ib le

t h a t h e

w o u ld

fr o m

t o
t o

t o

le ft

I s a b e l.

B e r n s t o r ff,

t h e

a n d

o f

w e n t

I n fa n t a

w o u ld

v o n

B e r n e ,

s a il f r o m

G o v e r n m e n t

b y

r e p o r t e d

in d u c e

n e w s p a p e r

e ”

C o u n t

a t

h e

t o

t o

G e r a r d

a s h in g t o n ,

th e

“ D a ily

r .

G e r m a n

o f

B e r n e
p la n s

p u r p o r t e d

M

th e

h e

s te a m e r

W

r .

a t

F r o m

1 5 t h );

w h a t

tr e a t m e n t

A m b a s s a d o r

a c c o m m o d a t io n s

S p a n is h

t h a t

u n til

o f

c it y .

th e

th e

a n n o u n c e d

t o

a s s u r e d
t h a t

th e r e

m e n t ,

in t im a t ­

A m e r ic a n
h a s

b e e n

u n t il k in g d o m
t o

th e L o n d o n

(c a b le d

t o

th e

s a y in g :

I am determined not to make any statement on the international situ­
ation before I have presented my report at Washington. I know that I
was described in tho press as a hostage, but perhaps it would be more exact
to say that my departure depended on the attitude adopted toward Count
von Bernstorff at Washington.
T h e

c o n t in u e d :

w h e n

im m e d ia t e ly

c o m
A n . o ffic ia l

b u t

r e la t iv e

L o n d o n
t o

M

r .

c a b le s

o f

G e r a r d ’s

th e

1 0 th

in s t .

b r o u g h t

th e

fo llo w in g

d e t e n t io n :

Dr. William von Stumra, German Under Secretary for Foreign Affairs,
says in an interview printed in the Amsterdam Ilandelsblad, that Germany
regrets that she was compelled to take the measures she adopted against
Ambassador Gerard, but that the United States had prevented Count von
Bernstorff, the retiring German Ambassador, from telegraphing that he
had received his passports.
The interview, according to Reuter’s Amsterdam correspondent, was
had in Norden, Prussia. Dr. von Stumm is quoted as having said that
Germany had received no report from the United States about the treatment
of Count von Bernstorff, nor of the German Consuls or German subjects
in the United States. Tho American Government, according to tho Under
Secretary, evidently had stopped Count von Bernstorff from telegraphing
immediately after the severance of diplomatic relations with Germany by
tho United States, and the Ambassador had been unable to announce even
the receipt of his passports. Germany had only learned from the Swiss
Government that the Ambassador had received his passports.
Such treatment, Dr. von Stumm is credited as having said, had compelled
Germany to adopt the measures she had taken against tho American Am­
bassador, although she deplored such measures, which would have been
superfluous with some mutual courtesy.
"I hope,” Count von Stumm is quoted as having said, “ that the reports
of the seizure of German ships and the restriction of the liberty of their
crews are untrue, as such measures would be contrary to the GermanAmerican traty of 1799. We do not wish a system of warfare against non­
combatants such as Great Britain introduced by the internment of civilians."
The Amsterdam correspondent of the “ Times” sends a fuller account of

THE CHRONICLE

622

the interview with Dr. von Stumm, who is quoted as saying that after it
was learned from Switzerland that Count von Bernstorff received his pass­
ports “ such treatment compelled us to adopt the same measure toward the
American Ambassador hero.”
“ With the United States especially,” Dr. von Stumm continued, “ wo
do not wish to apply a system of warfare to noncombatants such as Groat
Britain introduced in the internment of civilians. Therefore, by the medi­
ation of tho Swiss Government, we are negotiating with the United States
for tho mitigation, according to treaty, of any harshness that might pos­
sibly rosult to the subjects of both sides from the rupture of relations. We
hopo theso negotiations will have a happy result.”
Dr. von Stumm is quoted as having stated that he thought it unnecessary
to justify Germany’s submarine warfare. David Lloyd George called it
savagery and barbarism, but Germany had adopted it from humane con­
siderations, and, in a desire to avoid the sinking of neutral vessels and en­
dangering lives, had assigned limits to the danger zones and warned neutrals
from, them.
Therein Germany had followed the example of Great Britain, which, he
said, had declared a war zone along the German and part of tho neutral
coasts of tho North Sea. Everybody, tho Under Secretary said, would be
able to avoid danger by keeping out of tho barred areas—even enomy ships
could avoid destruction.
“ Germany, since the beginning of the war,” Dr. von Stumm continued,
“ has boon obliged to renounce her oversea traffic. England only needs
to discontinue hors, and her seamen who do not belong to tho navy will not
bo exposed to danger. That’s what wo wish to obtain by our submarine
war, so that England and hor allies may be compelled to make war under
the samo conditions as Germany and her allies. I am decidedly of the
opinion that our submarines shortly will establish the equal conditions.”

GERMANY
T h e
P a u l

C o u n t
d o r

t o

J o h a n n

th e

U n it e d

lo w in g

th e

U n it e d

S t a te s

a ft e r

4

v o n

S t a te s ,

s e v e r a n c e

p .

a n d

m .

W

C o u n t e s s v o n

t r y ,

s t o r ff
th e

G e r m a n y ,

th e ir

a n d

h is

p a r t y
V I I I

N e w

J e r s e y

T h e

le ft

a n d

1 8 2 8 ,
t e n d
in

r e la tio n s

d e n t .

a n d

th e

h e r

th e

th e

e v e r y

U n it e d

a n d

le a v in g

fo llo w in g

w a s

W

th e

w a s

th e

d ip lo m a t ic

a n d

t o

w e r e
b y

th e

a s h in g t o n

th e

N o w

a n d
b y

n o

C o u n t

U n ite d
a n d

o ffic ia ls .
d ip lo m a t ic

G e r m a n y ,

w a s

u n t o w a r d

in c i­

v o n

B e r n s t o r ff

s ta te m e n t:

In loaving tho United States after a stay of eight years, I wish to extend
to my many porsonal friends my heartfelt thanks for the great kindness
and cordial hospitality which has beon shown me.
My heart is full of gratitude to those whoso personal friendship never
wavered during the trying years of the war. In the last few days I havo
recoived so many cordial farowell messages that it is impossible for me to
express my thanks for them individually.
Countess von Bernstorff joins me in this expression of our deepest per­
sonal gratitude.
I hopo that war may be averted and that tho old friendly relations be­
tween the United States and Germany will soon be restored.
U p

t o

“ b o n

th e

tim e

v o y a g e ”

w ife .

J u s t

D u d le y

o f

s a ilin g

p a c k a g e s

b e fo r e

F ie ld

M

m a n y

w e r e

s a ilin g

a lo n e ,

g ift s

r e c e iv e d

C o u n t

s e n t

o f

v o n

th e

flo w e r s

b y

th e

a n d

C o u n t

fo llo w in g

o th e r

a n d

B e r n s t o r ff,

h is

th r o u g h

s ig n e d

m e s s a g e

a s h o r e :

I cannot refrain from a last expression to the American pooplo for the
wealth of flowers and gifts sent to tho Countess and mysolf. It is hard to
tell of tho good-will sent us both. No expression of gratitude would be
adequate to speak an affectionate farewell.
BERNSTORFF.
T h e
S h e

F r e d e r ik

w ill

s t e a d

o f

B r it is h
h e ld .
fo r

b o
a t

K ir k w a ll,

is

s a id

s a fe

t o

v e s s e l

th e

t o

th e

b e

p a r t y ,

c o n d u c t

a s s u r e d

b o a t s
th e

a t

la r g e

th e

p o in t

th e

S t a te s

t h a t

fa c t

K ir k w a ll

s h e

w o u ld

a n d

t a k in g

o f

lis t

c a s e

la s t

o f

w a r ,

o f

fo r m
a t t a c h
a s

w h e n

o f

a
h is

g e n e r a l

in

d iffe r e n t

c o n s t it u t e

M

o s t

o f

is

w a r

c o n d u c t
b lo c k a d e

it

n a tio n a ls

a n d

c h a n t s 'n i n e
a n d

N e w

Y o r k

o n

p a s s e n g e r s
th is

p o r t

o n

r e la t io n s
h e r ,

w h e n

T h e

F e b .

h e r

in

2 9

fo r

m a ils ,

th e

N e w

c o u r s e

w a s




w h ic h

n e w s

U n it e d

Y o r k

R y n d a m

w a s

R y n d a m

R o t t e r d a m

a n d

5 , w h e n

b e t w e e n

a r r iv e d

m ile s .

J a n .

a n d

lin e r

o n

o f

c h a n g e d

th e

S t a te s

F e b .

w it h in

v ia

w a s

1 4 ,

,

w h ic h

b r e a k
a n d
a fte r

fo u r t e e n

to w a r d

N e w

in

b a c k
th e

a

o f

Y o r k .

b y

t o

th e

a t

b e

th e

c lo s e

o ld

u p

in v io la b ilit y

o f

a

t h a t

t h e

s u b je c t .
b y
in

a n d

m e n t io n in g

o f

th e

p o r t
e v e n

o u t b r e a k

o r

g iv e n

in

fa c e

s a fe
o f

S e c t io n s
o r

m o v e m e n t

p r o v is io n s

th e ir

D e ­
in

s e iz u r e

in te r n m e n t

o f

th is

s u g g e s te d

G o v e r n m e n t s .

fr e e d o m

h e ld

in

‘ ‘m e r c h a n t s

in

p r e s u m a b ly

b e

v ir t u a lly

th e

fr o m

tim o

fo r b id d in g

o r

o n

s p e c ific a lly
th e

n o t

a p p a r e n t ly

w o u ld

o f

le ft fr e e

h o s t ile

r e a ffir m in g

T h e

G e r m a n

in fo r m a l
w h ic h

w e r e

s p o n d e n t
v e r s io n

o f

t h e

th e

a t

a

a r e

r e s t r ic ­

o f

e n e m y

a llo w in g

b u s in e s s e s

a n d

m e r ­

d e p a r t ,

p a t e n t s .

H e r r

1 4 th

L o n d o n

a p p r o v a l o f

th e

o n

(a d v ic e s

th e

P r e s s ,

1 5 th )

t r e a t y
th o

S t a te s .

a n

c o r r e ­

a m e n d e d

1 7 9 9 ,

S w is s
T h e

th e

th e

o f

in

c o n c e r n in g

w it h

e x p la in e d

th r o u g h

U n it e d

Z im m e r m a n n ,

in s t.

A m e r ic a n -P r u s s ia n
s u b m it t e d

w h ic h

G o v e r n m e n t

d is p a tc h e s

s ta te :

Herr Zimmermann declared that tho interning of civilians and the con­
fiscation of privato property were propostcrous steps, to which his Gov­
ernment was unalterably opposed.
The proposed amended treaty deals in tho broadest manner with tho
private commercial interests and personal liberties of tho subjects of both
countries. Tho German proposal would make Articles 23 and 24 of the
treaty effective immediately upon tho soveranco of diplomatic relations,
as well as in the ovent of a declaration of war, and would extend their pro­
tection over all German merchants in tho United States, but would only
affect American merchants in Prussia, not in tho ontiro Gorman Empire.
Under tho treaty, as it stands at present, citizens of either country domi­
ciled in tho other havo a guarantee of unmolested rosldonco for nino months
after a declaration of war, but may bo excluded from fortified cltios or places
of military Importance. Tho German proposals guarantee to German
subjects in tho United States and Americans in Germany freodom to lcavo
the country of thoir respective residence at a timo anti by routes to bo as­
signed. Thoy may take with them all their personal property, including
money, valuables and bank credits, oxcept as otherwise prohibited by exist­
ing embargoes: and protection of themselves and their property shall be
guaranteed in accordance with the laws of tho country of thoir residence.
There shall bo no restrictions of their privato rights othor than tho judicial
enforcements imposed on neutrals.
Special provision is made that civilians shall not bo put in concentration
camps or thoir property sequestered except under laws applying aliko to a
neutrals, and a goneral provision is inserted that German property in the
United States and American proporty in Germany shall bo treatod as
neutral. Another provision protects patent rights and contract relations.
A significant section is ono guaranteeing tho protection of tho sixth
Hague Convention in regard to enemy merchant ships to merchantmen of
both parties as well as thoir cargoes. Tho provision is extended, howovor,
to forbid tho enforced clearance of such vcssols from thoir ports without
a binding pass from all enomy countries guaranteeing a froo voyage to a
home port. Tho samo protection would also bo oxtonded to tho crews of
theso ships, and tho treaty would apply, in all particulars, to the colonies
of both parties.
T H E R E L E A S E OF Y A R R O W D A L E PRISONERS.
T h e

T h e

B e r lin

G e r m a n

G o v e r n m e n t ,

o n

1 5 ,

F e b .

e x ­

s e a m e n , b r o u g h t

th e

in

G e r m a n y

F r a n c e .

in

th is

fr o m

w it h

th e

A s s o c ia t e d

th e
h a s

S e c r e t a r y ,

o n

r e c o iv e d

o f

G e r m a n y
fo r

F o r e ig n

d is c u s s io n

1 2 0

to w a r d

c o u n t r y

B e r lin

th e

A m e r ic a n s ,

o n

a ft e r
W

th o

n o t e

h a d

b e e n

o n

r e a c h e d

G e r a r d ,

th e n

o f

4 ,8 0 0

in t o

th e

m a t t e r .

F a lm o u t h

a c t s

a s

it

n o

J a n .

a s

h a d

w a s

M

A m b a s s a d o r

W

S t a t e
t o

w h ic h

t o
th e

s e r v e d

t o

th o

n e w s
a s

D o p a r t m o n t

G o r m a n

fo r

th o

S t a te

im m e d ia t e ly

th o

t o

s o , a n d o n e

r e c e iv e d

b y

a c t u a lly

c o u n t r y ,

a r r a n g e

w a s

d e m a n d

o f

fr o m

A m e r ic a n

w e r e b e in g h e ld

r o p o r t

G o r m a n y ,

r . G e r a r d d id
w a s

h e n

th is

r e p o r t

p r e p a r e d

s t a t e m e n t

r e a c h e d
th e

b e

d e c id e d

a

w h o

T h o

p e r e m p t o r y

r e c e iv e d .

2 7 ,

t o

s e v e n t y -t w o

b e e n

t o

a

A m b a s s a d o r

s a ilo r s ,

w a r .

o ffic ia l

fir s t

th o

Y a r r o w d a le ,
o f

a s h in g t o n

a n d

s in c o

d e t e n t io n

A m e r ic a n

a

a c c o r d in g

r e le a s e d

G o v e r n m e n t

d o c u m e n t ,
s e a m e n

h a s

p r is o n e r s

a t

th e

c a n s ’

in

a s

c o lu m n s

v o y a g e

h o u r s

p o r t

p o r t ,

it

th o

d id

S t a te

is

p r o v is io n s

c o u n tr ie s

h e

e x p r e s s e d

e x e m p t io n

e x e m p t io n ,

r e p o r t e d ,

g u a r a n te e in g

e x ­

d ip lo m a t ic

G e r m a n y

o w n

is

s e v e r ­
in

fa m ilia r

it

n e g o t ia t io n s

n e w

m u s t

t h a t

d o u b t

th e

t w o

in

lib e r t y

o f

s a ile d

F a lm o u t h ,
tu r n e d

th a t

th e

if

R Y N D A M R E T U R N S TO N E W Y O R K TO A V O I D W A R
ZO NE.
H o lla n d -A m e r ic a

s a id

th e

a n

m o n t h s

D e p a r t m e n t

T h e

is

th e

h a v e

tr e a tie s

th e

th o

o ffic ia ls

is

h im

m ig h t

t o

e x ­

c o n s id e r

G e r m a n s

t h a t

in t o

a r e

o f

s ta te d

e n te r

th e

c o n d u c t e d

u p o n

is

T h is

if

G e r m a n y

a n d

t o

t o

th a t

s u b m it t e d

s t r o n g

e ith e r

th e ir

a d d e d ,

tio n s

in t o

w h ic h

t o

w a s

it

a

a n d

r e s id e n ts

a ft e r

s e n t

tr e a t m e n t

e x p a n d in g

w h ic h

in

in s t .

O ffic e ,

D r .
fo r

1 7 9 9

e n e m y

r e fu s e d

S t a te s ,

a n d

b e t w e e n

s h ip s
a n d

g o o d

a m o n g

o n e

1 2 th

in t im a t io n

o r ig in a l

w o u ld

e ffe c t s ”

w a r

a ls o

th e
o n e ,

im p o r t a n t

th e

o f

m o d e r n iz e
o f

G e r a r d

F o r e ig n

n a tu r e

n e w

S t a te s

G e r m a n y

o f

its

fr o m

a

o n

A m e r ic a n s

I t

t o

b y

p r o p o s a l

tr e a tie s

tr e a t m e n t

th e

d o c u m e n t

w it h

D e p a r t m e n t

G e r m a n y ’s

c la u s e s

th e

U n it e d

w it h

F r e n c h .

w a y

U n it e d

th e

in s u r e

T h e

p a r t m e n t

a d d e d
t o

G e r m a n

b y

s ig n a tu r e

c o u n t r y .

s o

th e

t o

S t a te

o f

A m b a s s a d o r

p r o t o c o l

h o s ta g e s

o f

a n n o u n c e d

fo r m e r

r e la tio n s

th e

P r u s s ia n -A m e r ic a n

lis t

w a s

t o

in is t e r ,

r e la tin g

th e

b e c a u s e
a n d

o f

w e e k

a n c e

h a v e

z o n e .

B r it a in

th e

th a t

w o u ld

o u ts id e

p a s s a g e

G r e a t

th is
th e

a r e

a r r a n g in g

th e

z o n e ,

in ­

w h e r o

A t la n t ic

w a s

r e q u e s te d

d a n g e r s

v e s s e l b y

y e s t e r d a y .

a u th o r itie s

o f

p a s s e n g e r

m a n y

S .,

u s u a l

b e c a u s o

th e

.

c r o s s in g

s u b m a r in e

a

th e

B e r n s t o r ff

e x a m in e d

t o

N

B r it is h

U n it e d

v o n

p a r t y

c a r r ie d

th e

H a lifa x ,

G e r m a n

V I I I

H a lifa x ,

b y

O r k n e y s ,

a ll

in

A m b a s s a d o r ’ s
s a fe

o f

C o u n t

B e r n s t o r ff

F r e d e r ik

th e

w h e n

h e ld

w e r e

tr a v e r s e

p o s e

b e

th e r e
in

t h a t

p a s s a g e

e x a m in a t io n
th e

r e a c h e d

e x a m in a t io n s
I t

h is

V I I I

e x a m in e d

lo n g

p r o p o s it io n

u n til

Y o r k

o f

a

th e

M

B e r n ­

g u a r d e d

s te a m s h ip

S t a te s

c o u n ­

v o n

p r e v io u s ,

t h e y

s e v e r a n c e

m a r r e d

th is

C o u n t

c o u r t e s y

a n d

S c a n d i­

h im

n ig h t

w it h

s h o r t ly

th e

E m p ir e

v o y a g e ,

r a ilr o a d

b e t w e e n

it h

tim e

c o m p l e t e d 't h e

q u ie t ly

B e fo r e

s s u e d

o n

W

G e r m a n

th e

c o -o p e r a t io n

w h ic h

b e t w e e n

a c c o m p lis h e d

1 5 0

a s h in g t o n

fo l­

b o a r d

w it h

S w is s

o f

p r o v is io n s

th e ir

p a s s p o r ts

tr a n s m is s io n

th e

r e a ffir m a t io n

e n e m y

A m b a s s a ­

C o p e n h a g e n

o n

G e r m a n

a c c o r d e d
in

p o lic e

d e p a r t u r e ,

W

fo r

V I I I .

F r o m

h is

r e la tio n s

1 4 ,

o v e r

th e

G e r m a n

g iv e n

s a ile d

F e b .

o f

s t a r t e d

G o v e r n m e n t

w a s

F r e d e r ik

fa m ilie s .

v ig ila n t ly

S t a te s

lin e r

fo r m e r

d ip lo m a t ic

B e r n s t o r ff a n d

F r e d e r ik

m o s t

o f

r e p r e s e n t a t iv e s

w it h

w h o

e d n e s d a y ,

n a v ia n -A m e r ic a n

c o n s u la r

B e r n s t o r ff,

S E E K S R E A F F I R M A T I O N OF T R E A T I E S .

fo r m a l

R it t e r ,

c a s e

D E P A R T U R E OF C O U N T VON BERNSTORFF FOR
GERMANY.

[Yol . 104.

fo r

fo r w a r d

r e le a s e
o f

th e

n o t e d

o f h is

th e

A m e r i­
in

th e s e
M

r .

in q u ir ie s

la s t

r e le a s e

G o v e r n m e n t

th e

o f

r e q u e s te d
m a k o

th e

o n

fr e o in g

o ffic ia l
o f

a g r e e d

th e
t o .

THE CHRONICLE

Feb . 17 1917.]
I t ap p ea rs
se n te d

th a t

a fte r

th e

G erm an

to release th e s a ilo rs,

G overn m en t

fa lse

ru m ors

had

con ­

re a ch e d

G er­

m a n y th a t th e U n it e d S ta t e s h a d im p riso n e d th e crow s o f
th e

G erm an

v e sse ls

in

su ra n ce s w ere g iv e n

A m e r ic a n

G erm an y

h arbors.

A lt h o u g h

t h a t n o n e o f th e

as­

G erm an s

in this c o u n tr y h a d b e e n im p riso n e d or o th e rw ise d e p r iv e d
o f th e ir r ig h ts , D r . P a u l R i t t e r , th e S w iss M in is te r to th is
c o u n tr y ,

w ho

is lo o k in g

a fte r

G e r m a n y ’s

in te r e sts

b e re le ase d u n til a ssu r a n c e s w ere g iv e n t h a t th e G e r m a n s
in

th is

c o u n tr y
on

circles

h e re ,

w o u ld

G e rm a n y ’s
b e c a u se

not
part

it

be

h e ld

c a u se d

w as

or

im p ris o n e d .

am azem ent

th o u g h t

th a t

in

p atriotic. P ut to the test, I d o not fear the outcom e, and yet I feel that
tho spread o f materialism has been a 'm en a ce to our national character,
to which we should not bo indifferent, a menace which ought not and must
not continue.
T o preserve in their high place in the life o f the Republic those great
impulses which have mado us a virile and proud nation we must cultivate
sentiment and emphasize tho ideal m ore than we havo done in recent years.
W e must cease measuring accom plishm ent b y dollars and cents. Senti­
ment o f overy sort, provided its ob ject is noble, is worth while.

h e re ,

a n n o u n c e d o n F e b . 1 2 t h a t th e A m e r ic a n sailo rs w o u ld n o t

a c tio n

623

T h is

CHINA'S INDORSEMENT OF ACTION TAKEN BY U. S.
AGAINST GERMANY— JAPAN’ S APPROVAL
OF CHIN A’ S ACTION.

o ffic ia l

I n d o r s e m e n t b y th e C h in e s e C a b in e t o f th o a c tio n ta k e n

c o n v in c in g a s ­

b y th e U n it e d S ta t e s a g a in s t G e r m a n y w a s a n n o u n c e d a t

su ran ce s h a d a lr e a d y re a c h e d th e G e r m a n G o v e r n m e n t o f

P e k in g o n F e b . 9 .

th e s a f e ty o f th e G e r m a n s in th is c o u n t r y .

C a b in e t h a d a ssu re d th e A m e r ic a n M in is t e r , D r . P a u l S .

s in g ,

on

Feb.

13,

a c tin g

th r o u g h

S e c re ta ry L a n ­

th e S w iss G o v e r n m e n t ,

I t w a s s ta te d o n th a t d a te th a t th e

R e in s c h , th a t C h in a a ss o c ia te s its e lf fir m ly w ith th e U n ite d

m a d o fu rth e r in q u ir y in to th e m a t t e r w ith th e re s u lt th a t

S ta tes.

o n F e b . 1 5 , a fe w h ou rs b e fo ro th e a r riv a l o f th e B e r lin re ­

C h in e s e G o v e r n m e n t h a d a d v is e d th e G e r m a n G o v e r n m e n t

p ort

t h a t C h in a w o u ld b r e a k o ff d ip lo m a tic re la tio n s if th e n e w

a n n o u n c in g

th e

release o f

th e

A m e r ic a n s ,

th e

S ta te

I t w a s a lso a n n o u n c e d a t th e s a m e tim e th a t th e

D e p a r t m e n t d e c id e d to m a k o a p e r e m p to r y d e m a n d u p o n

su b m a rin e m e a su r e s w ere p u r s u e d .

G e r m a n y fo r th e im m e d ia te roleaso o f th e im p riso n e d A m e r i­

e x p la n a to r y o f it s a c tio n h a n d e d to D r . R e in s c h , th e C h in e se
G o v e rn m e n t says:
China, like the President o f the United States, is reluctant to believe
that the German Governm ent will actually execute measures which imperil
the lives and property o f tho citizens o f neutral States and jeopardize legiti­
mate com m erce, and which tend, if allowed to be enforced without opposi­
tion, to introduce new principles into international law. China, being in
accord with tho principles set forth in your E xcellency’s note and firm ly
associating itself with the United States, has taken similar action by p ro­
testing energetically to Germany against tho new blockade measures.
China also proposes to take such other action in tho future as will be deemed
necessary for tho maintenance o f the principles o f international law.

can s.

A n u n o ffic ia l d is p a tc h f r o m B e r lin o n F e b . 11 q u o te d

F o r e ig n S e c r e ta r y Z im m e r m a n n a s s a y in g

t h a t h e h a d re.

q u e ste d th e S w iss G o v e r n m e n t to m a k e a n in q u iry in W a s h
in g to n re g a rd in g th e s ta tu s o f th e crew s o f in te rn e d G e r m a n
sh ip s in A m e r ic a n p o r ts .
H e is a lso re p o r te d a s h a v in g
sa id :
W o could not consent to the roleaso o f tho Yarrowdalo prisoners which
was taken to bo agroed to a week ago.
Tlieso men had been taken o ff armed merchantmen and their status
had been established. T hey will be liberated just as soon as we learn tho
fato o f tho German crows in Am erican ports.
Tho

e x p lo its o f

th e

G erm an

ra id e r in S o u t h A m e r ic a n

w a te rs w ere r e la te d in o u r issu e o f J a n . 2 0 , a n d th e a rriv a l
in G e r m a n y o f th e B r itis h v e sse l Y a r r o w d a lo a s a p rize sh ip
w ith

th o

crow s

of

se v e ra l

of

n o te d in o u r issue o f J a n . 2 7 .

th o

r a id e r ’s

v ic tim s

w as

L a s t w e e k w o re p o r te d th e

fir s t a g r e e m e n t o f th e G e r m a n G o v e r n m e n t to re le a se th e
A m e r ic a n sa ilo rs.

SECRETARY LANSING WHILE ADM ITTING WE ARE
NEAR VERGE OF WAR HOPES WE M A Y NOT BE
DRAWN IN .
W h ile a sse rtin g th a t

w o c a n h a r d ly clo se o u r e y e s to th e

fa c t th a t w o aro sta n d in g n e ar to th o vo rg o o f th e w a r ,”
S e c re ta ry

of

S ta t e

L a n s in g ,

in

a d d re ssin g

th e

A m h erst

I n th e c o m m u n ic a tio n

W e also g iv e h e re w ith th o te x t o f th e C h in e s e n o te h a n d e d
to th e G e r m a n M in is t e r b y th e M in is te r o f F o r e ig n A ffa ir s
in re sp o n se to G e r m a n y ’ s d e c la ra tio n

of

her

in te n tio n to

c o n d u c t a n u n r e s tric te d s u b m a rin e w a rfa re :
T he new measures o f submarine warfare inaugurated b y Germany are im ­
perilling the lives and property o f Chinese citizens even m ore than the
inoasures previously taken, which have already cost China m any lives,
and constitute a violation o f international law . T he toleration o f their
application w ould introduce into international law arbitrary principles
incom parable with legitimate intercourse between neutrals and between
neutrals and belligerents.
C hina, therefore, protests energetically to Germany against tho measures
proclaimed on Feb. 1 and sincerely hopes that the rights o f neutral States
will bo respected and that tho said measures will not be carried out. I f
contrary to expectation this protest be ineffective, China will be constrained,
to its profound regret, to sever diplom atic relations. It is unnecessary to
add that China’s action is dictated b y a desire for further peace and the
maintenance o f international law.

A lu m n i a t W a s h in g to n o n th o 1 0 t h in s t . a d d e d t h a t ‘ ‘ thero

F r o m T o k io it w a s a n n o u n c e d o n th e 1 2 th t h a t V is c o u n t

is a lw a y s th o h o p e th a t o u r c o u n tr y m a y bo sp a re d th e terrib le

M o t o n o , J a p a n e se M in is t e r o f F o r e ig n A ff a ir s , a t a c o n ­

c a la m it y o f b e in g fo rc e d in to th o c o n f lic t .”

M r . L a n s in g ,

feren ce w ith th o C h in e s e M in is t e r o n th e 1 1 th i n s t ., a p p r o v e d

w h o in c id e n ta lly n o te d t h a t w o c a n tr u st th o P re s id e n t to d o
th e r ig h t th in g in a n y e x ig e n c y , is q u o te d a s fo llo w s :

r e p ly to th e G e r m a n n o te o n u n r e stric te d s u b m a rin e w a r f a r e .

It is a tim e o f anxiety for us all— a time o f heavy responsibility for somo
o f us. W o arc looking forward into the uncertainties o f the future, and
we aro striving to read what it holds in storo for us and for our country. W e
can hardly close our eyes to tho fact that wo aro standing near to the verge
o f tho war which lias for tw o and a half years wasted tho great Empires o
Europo and brought untold woes to mankind.
Ominous though tho situation m ay seem, there is always tho hope that our
country m ay bo spared tho terrible calam ity o f being forced into the conflict.
It is now , as it lias boon from tho beginning, tho wish and endeavor o f this
Governm ent to remain at peace with all tho world if it can do so with honor.
1 cannot discuss here tho supremo subject o f American thought to-day,
either to review tho past or to prophesy for tho future. It is not a time to
speak— it is a tim e-to think, to think earnestly and deliberately
It Ls a
time for coolness and self-restraint, rather than for surrender to tho natural
impulses which aro aroused by groat events affecting tho national honor,
tho national d u ty , and tho national wclfaro o f our country.
I can only say this. 1 hat with tho samo patience, tho samo forbearance,
tho samo deliberation and caro, with which ho has m ot tho previous difficul­
ties in our foreign affairs, tho President will moot tho prosont crisis. Tho
nation can trust him to act justly and honorably and fearlessly, whatever
m ay lio beforo us. In his hands, tho destiny o f tho United States is sure,
tho national honor is safe.
T h e S e c re ta ry to o k fo r h is s u b je c t ‘ ‘ C o lle g o S p i r i t .”

Tho

lo y a lt y o f a co lle go m a n fo r h is a lm a m a te r , ho s a id , is a
so n tim e n t m a k in g fo r p a tr io tis m

b e c a u se it is o n e o f th o

e lo m o n ts o f n a tio n a l life n o t b a se d o n m a te r ia l in te r e s t or
se lfish m o t iv e .
H o c o n tin u e d :
Wo should rejoice that in somo things at least wo can bo sentimental in
aa
whon the general disposition o f men is to reduce everything to terms
or u JIlty and when tho standard o f oxcollonco is sought in answering tho
question, “ T o what material use can it bo p u t?” That question embodies
to m y mind tho general tendency o f m odern thought toward the various
phases or tho relationship o f man to man and o f man to society.
, American peoplo— and I think they aro not different from other
peoples have been growing moro and moro utilitarian in these later years,
their thoughts and acts moro and m oro influenced b y what is called the
practical and less and less b y what is called tho ideal. Im mediate and
tangible benefit is tho apparent goal o f American effort.
It is indeed a com m entary on tho American peoplo that not a few thinking
men have been asking with serious concern: H avo American eyes grown
(Urn to tho achiovemnts o f tho past? Has tho blood o f patriotism ceased
to throb in American veins? H avo wo forgotten that our heritago o f
liberty was sealed with tho lives o f devoted men and that it is a sacred trust
which wo must hold and transmit unimpaired to tho generations to com e?
I believe m ost firm ly that every ono o f these questions can bo answered in
tho negative. I believe that at heart the American peoplo aro loyal and




th e a t tit u d e o f C h in a to w a r d G e r m a n y as e x p re sse d in C h in a ’ s
T h e a p p r o v a l, i t is s a id , w a s o n th e g r o u n d th a t th o p o s itio n
ta k e n b y C h in a w o u ld a id in u p r o o tin g G e r m a n in flu e n c e
in th e F a r E a s t a n d b e o f b e n e fit to th e E n t e n t e .
fu rth e r s ta te d o n th e

It w as

1 4 t h in s t . t h a t J a p a n h a s p ro m ise d

C h in a a ll p o ssib le s u p p o r t , in c lu d in g th e m a in te n a n c e o f o r ­
d e r in C h in a , w h ere G e r m a n in flu e n c e is c o n s id e r a b le .

AUSTRIA’ S ATTIT UDE ON SUBMARINE ISSUE.
A s e m i-o ffic ia l s ta te m e n t fr o m V ie n n a a n e n t th e re la tio n s
o f A u s t r ia -H u n g a r y a n d th e U n it e d S t a t e s , in v ie w o f th e
fo r m e r ’ s a s s o c ia tio n w ith G e r m a n y o n th e s u b m a rin e issu e ,
w a s a n n o u n c e d o n th e 1 4 th in s t . a s h a v in g a p p e a re d in th e
‘ ‘ G e n e ra l A n z e ig e r ,” o f D u s s e ld o r f, as fo llo w s :
N egotiations havo been taking place between C ount Czernin (AustroHungarian M inister o f Foreign Affairs) and Frederic C . Penfield (the
American Am bassador at Vienna) since tho rupture o f relations between the
United States and Germ any, on the question o f tho future relations o f the
United States and A ustria-H ungary, in view o f the fact that Austria-H un­
gary associated herself with G erm any’s declaration o f intensified submarine
warfare.
On the Am erican side a desiro has been shown to avoid a rupture with
Austria-H ungary, because W ashington shrinks from severing all relations
with tho Central Powers. Berlin, to o , would prefer that this last bridge
were left unbroken.
T ho opinion prevails in Vienna and Berlin that the decision to embark
upon an intensified submarine warfare did not constitute an action which
should havo forced the United States to such a p olicy as has been chosen
b y W ashington towards Germ any. . . . T he Central Powers have no
intention o f cancelling the new submarine warfare, especially in view o f the
impossibility o f establishing under present m ethods o f submarine fighting
whether thero aro any Americans on board torpedoed vessels. N o conces­
sions could bo mado to tho United States which would render negative the
nature o f tho now submarine warfare, not even for the sake o f the highly
valued friendship o f the United States.
It therefore remains with Am erica to find means wrhich will perm it the
maintenance o f normal relations, according to the American conception
between America and the Dual M on archy— even with the continuance o f
intensified submarine wrarfare.
T ho negotiations between tho Austro-H ungarian Foreign O ffice and the
Americaii Am bassador have up to now led to no result, but a negative or
positive settlem ent m ay bo reached in a few days. C ount Tarnowski
(Austro-H ungarian A m bassador to tho United States) has not yet presented
his credentials, but has already had a conversation with Secretary o f State
Lansing.

624

THE CHRONICLE

RUSSIA’S OPINION CONCERNING ATTITUDE OF U. S.
TOWARD GERMANY’ S SUBMARINE EDICT.
R u s s ia ’ s e x p re ssio n o f a p p re c ia tio n in tlio a c tio n o f th e
U n it e d S ta te s G o v e r n m e n t in se v e rin g r e la tio n s w ith G e r ­
m a n y b e c a u se o f th e la t t e r ’s n e w su b m a rin e d e c la ra tio n s is
c o n ta in e d in th e fo llo w in g s ta te m e n t g iv e n to th e A s s o c ia te d
P re s s o n th e 8 t h in s t . b y th e F o r e ig n O ffic e a t P e tr o g r a d :
T he decision o f tho Governm ent o f the United States to sever relations
with a nation which has persisted in the violation and perversion o f all the
laws o f warfare has produced a deep impression in Russia. W o felt assured
in advance that tho United States would not tolerate this last threat o f
Germ any, b ut we are none the less appreciative o f the prom pt and decisive
manner in which President W ilson has shown his disapproval o f Germany’s
m ad submarine program and his reluctance to continue on friendly terms
with a nation which ignores tho first principles o f civilization and hu­
m anity.
W hatever m ay be the further consequences o f the present diplom atic
rupture, Germany at least has been shown that any continuance o f her
past methods will m eet the open hostility o f the civilized world. It is im ­
possible for any o f the warring nations, how ever confident in the justice of
the cause for which they are fighting, to remain insensible to the approval or
disapproval o f a great neutral Power.
For this reason we cannot too deeply acknowledge our appreciation o f
President W ilson's verdict. Everywhere that men are fighting for the
triumph o f right and justice the action o f the United States will call forth
new courage and consolidate their conviction o f a necessity o f finishing
forever with German militarism and its atrocities.

[Vol . 104

sentatives o f firm s, who would suffer alm ost irreparable loss should they
leave tho cou ntry. Establishm ents onco closed, and tho personnel dis­
persed, will have difficulties in reopening and m any years o f valuable labor
would be lost. N o m atter how tho situation m ay develop we believe that
Americans in Germ any, who con du ct thomselves properly and circum spect­
ly , will have nothing to fear and will in no w ay bo disturbed.
T ho trea ty o f 1799 betweon Prussia and tho United States as well as
subsequent treaties between the tw o countries guarantee full p rotection to
tho citizens o f tho respective countries.

SWITZERLAND TO ADMINISTER GERMAN
INTERESTS IN JAPAN.
T h e G e r m a n in te r e s ts in J a p a n , w h ic h w ere ca re d fo r b y
th e U n it e d S ta te s b e fo re th e b r e a k w ith G e r m a n y , w ere ta k e n
o v e r b y S w itz e rla n d o n th e 9 t h in s t .

MEXICO SUGGESTS INTERVENTION OF NEUTRALS
TO STOP WAR OR A N EMBARGO ON SHIPMENTS.
I n a n o te to th e n e u tr a l n a tio n s th e d e f a c t o G o v e r n m e n t
of M e x ic o

p ro p o ses th a t th e y

m e d ia tio n

to w a r d

in d u c in g

c o o p e r a te th r o u g h fr ie n d ly

th e

b e llig e re n ts

to

te rm in a te

th e w a r , a n d in th e e v e n t th a t su ch e ffo r ts p ro v e u n a v a ilin g
it su g g e s ts th a t th e n e u tra ls re fu se to th e b e llige re n ts “ all
k in d s o f e le m e n ts ” a n d s to p “ th e m e r c h a n t tr a ffic w ith th e
n a tio n s o f th e w o rld u n til th o e n d o f th e w a r is a c h ie v e d .”

HOLLAND PROTESTS AGAINST GERMANY’ S
SUBMARINE EDICT.

T h e n o te to th e U n it e d

A d v ic e s fr o m T h e H a g u e o n th e 1 0 th in s t. r e p o r t th e issu ­
a n c e b y H o lla n d o f a n o ffic ia l W h i t e P a p e r g iv in g th e te x t
o f th e G e r m a n a n d A u s tr o -H u n g a r ia n n o tific a tio n s re sp e c t­
in g th e d a n g e r zo n e s e sta b lish e d in th e su b m a rin e b lo c k a d e
a n d id e n tic p r o te s ts b y th e D u t c h G o v e r n m e n t , d a te d F e b . 7 .
T h e D u t c h n o t e p o in ts o u t th a t th e z o n e p r o c la im e d a s d a n ­
g e r o u s in th e M e d ite r r a n e a n c o m p le te ly b a rs p a ssa g e b e ­
tw e e n P o r t S a i d 'a n d th e c h a n n e l fr o m G ib r a lt a r to G r e e c e ,
so th a t th e I n d ia n r o u te , w h ic h is e sse n tia l to th o c o m m e r c e o f H o lla n d a s a c o lo n ia l p o w e r , is c u t o f f .

T h e D u tch G o v ­

e r n m e n t re c a lls its earlier p r o te s ts a g a in s t th e B r itis h a n d
G e r m a n m e a su r e s r e la tin g to th o p r o c la m a tio n o f w a r z o n e s
in th o N o r t h S e a .
T h o n o te c o n tin u e s:
W ith all the m ore reason the Governm ent is obliged to ob ject with
extrom o energy against the regime now announced, which not only applies
to m uch vaster areas, b ut also includes attacks on neutral ships, whatever
their cargo or destination, and w ithout discriminating as to whether their
presence in said zones is volu ntary or not.
I t is fu r th e r p o in te d o u t th a t e v e n h a d G e r m a n y q u a lifie d
th e n e w m e a su r e a s a b lo c k a d e , th e m e rc ile ss d e stru c tio n o f
n e u tr a l sh ip s w o u ld b e c o n tr a r y to in te r n a tio n a l la w , w h ic h
o n ly p e r m its th e c o n fisc a tio n a n d n o t th o d e stru c tio n o f
b lo c k a d e r u n n e r s.
T h o n o te fu r th e r s a y s :
Germ any does not use the term blockade, and rightly so, because it can­
not be applied to such vast areas and becauso b y tho rules o f international
law It can only be directed against tra ffic with hostile ports, and In no wise
against direct navigation between tw o neutral countries.
N ow , tho German warships are ordered to destroy ships, irrespective o f
their trafficking with enemy ports or between neutral ports.
Faithful to tho principle which has always been observed in this war, the
Queon’s Governm ent can only see in such destruction o f neutral ships
violation o f tho rights o f nations, to say nothing o f an attack upon tho laws
o f hum anity, i f this happened regardless o f the security o f the persons
aboard.
T he responsibility o f the eventual destruction o f D utch ships and loss o f
life will fall on the German G overnm ent, and all tho m ore heavily in tho
foreseeable event o f D u tch ships being forced to enter the danger zono b y
constraint o f adversary warships exercising tho right o f search.

BERLIN TRADE ASSOCIATION URGES AMERICANS
IN GERMANY NOT TO BE ALARMED.
A m e r ic a n s in G e r m a n y h a v e b e e n u r g e d n o t to b e c o m e
a la r m e d

at

th e

situ a tio n

w h ic h

has

d e v e lo p e d

b e tw e e n

G e r m a n y a n d th e U n it e d S ta te s a n d to c o n d u c t th e ir b u sin e ss
as

u s u a l.

T h is

appeal

th o

d isp a tc h e s

fro m

B e r lin

S ta te s

w as

p re se n te d to th e

S ta t e

D e p a r tm e n t o n th e 1 2 th in s t . b y R . P . d e N e g r i, c h a rg e o

(v ia

L o n d o n ) a n n o u n c e d o n th e 1 4 t h in s t . is c o n ta in e d in th e

th e M e x ic a n E m b a s s y ; in p a r t it s a y s :
Over tw o years ago there began on tho old continent the m ost gigantic
armed con flict which history records, spreading death, desolation, and
misery am ong tho belligerent nations. This tragic strugglo has deeply
wounded tho sentiments o f hum anity o f all tho countries not taking any
participation in tho strugglo, and it would not be just or humano that these
nations should remain indifferent before such great disaster. A deep sen­
tim ent o f human brotherhood therefore obliges tho M oxican Government
to offer its m odest cooperation in order to bring about tho cessation o f
tho struggle. * * *
The present European war seems to the wholo world as a great confla­
gration, as a great plague that ought to have been isolated and limited
long ago in order to shorten its duration and avoid its extension. Far
from that, tho commerce o f tho neutral countries o f the world, and par­
ticularly that o f America, has a great responsibility before history, because
all o f tho neutral nations, more or less, have lent their assistance in m oney,
in provisions, in munitions, or In fuel, and In this way have fed and pro­
longed this great conflagration.
B y reason o f high human morals and for their own national preservation,
the neutral nations aro obligated to abandon this procedure, and also to
refuso to continue lending this assistance that has made possible the con­
tinuation o f tho war for over two years. T o this end tho M oxican G ov­
ernment, acting within the m ost strict respect for tho sovereignty o f tho
countries at war, inspired b y the highest humanitarian sentiments, and
guided at tho same time b y tho sentiment o f self-conservation and defonso.
permits itself to propose to the Governm ent o f your Excellency, as it is also
doing to tho other neutral Governments, that working in mutual accord
and proceeding upon the basis o f tho m ost absoluto equality for both
groups o f com batant powers, to invito them to put an end to the present
war, either b y themselves or taking advantage o f tho good offices or o f the
friendly m ediation o f all tho nations that jointly m ay accept this invitation.
I f within a reasonable length o f timo peaco cannot be established b y this
means, the noutral countries will thon take tho necessary measures in order
to confine the conflagration to its strict limits, refusing to tho belligerents
all kinds o f elements and stopping tho merchant traffic with tho nations o f
the w orld, until the end o f tho war is achioved.
Tho M exican Government recognizes that in Its proposition it steps
asido a little from the principles o f international law, which until now have
been in force in tho relations o f tho neutrals with tho belligerents. But wo
ought to recognize that tho present European war is a conflict without any
precedent in tho history o f hum anity, which demands supremo effort and
new romedies that cannot be found within the narrow and somowhat
egotistical limits o f international law as known up to date.
Tho Governm ent o f M exico understands that no noutral nation, powerful
as it m ay bo, could b y itself tako a step o f this nature, and that tho result
o f this measure only can bo reached with the co-operation o f tho noutral
Governments possessing tho groatost international Influence beforo the
belligerent nations.
It pertains especially to the United Statos, Argentina, Brazil, and Chile,
In Am erica, and to Spain, Sweden, and N orw ay, in Piuropo, which aro moro
influential and more at liberty to talce a dotormlned stand beforo the bellig­
erents concerned, to foster this initiative, which, not becauso it proceeds
from a nation which is supposed to bo weak at tho present time and there­
fore incapablo o f an effective international effort, is nevertheless worthy
o f serious study and minute consideration.

w e e k ly b u lle tin o f th e A m e r ic a n A s s o c ia tio n o f C o m m e r c e
a n d T r a d e , a n o r g a n iz a tio n re p re se n tin g A m e r ic a n

bu sin e ss

in te r e s ts in G e r m a n y .
T h e b u lle tin s a y s :
T he situation which recently developed between Germ any and the United
States was quite unexpected to tho Association and its officers. So far as
our Information extends we could see nothing In tho relations betwoon both
countrios but friendship, goodw ill, and the very best intentions toward
each other.
Americans resident in Germany should always boar in m ind, during the
present war, that reports and inform ation reaching Germ any must pass for
tho greater part through cables and censorship o f nations waging war on
Germ any. It is n ot to be supposed that these nations will perm it favorable
reports to reach tho ears o f Americans residing in Germany or countries
allied with Germ any. W e say, w ithout the slightest hesitation, that re­
ports o f overy nature m ust bo taken with a grain o f salt. W o cannot know
definitely what the situation is and certainly cannot know the intentions
o f those w ho are at present at tho head o f tho Governm ent o f tho United
States. It is our belief that they d o not desiro war with any nation In the
world and certainly the traditional friendship o f morej than 100 years
between Germ any and the United States Is a good guarantee that these
relations should continue.
(*> A t tho present tim e wo cannot see any reason why Americans should
becom e alarmed or hysterical and neglect or abandon thoir business. W e
know thero are m any Americans in Germ any, owners o f businesses or repre­




NEW YORK STATE INSURANCE SUPERINTENDENT
DECLARES GERMAN INSURANCE POLICIES SAFE.
A s ta te m e n t a d v is in g h o ld e rs o f p o licie s issu e d b y U n it e d
S ta te s b r a n c h e s o f G e r m a n fire in su ran ce c o m p a n ie s th a t
su ch p o licie s aro safe w a s g iv e n o u t b y J esse S . P h illip s ,
N ew
in s t.

Y ork

S ta te S u p e r in te n d e n t o f In s u ra n c e o n th e 9 t h

M r . P h illip s ’ s ta te m e n t re su lte d fr o m th e a p p re h e n ­

sion in so m e q u a r te r s ,

c a u se d b y

th e se v e ra n ce o f d ip lo ­

m a tic r e la tio n s b e tw e e n th o U n it e d S ta to s a n d G e r m a n y .
T h e r e are fo u r G e r m a n in su ra n ce c o m p a n ie s o p e ra tin g in
th o U n it e d S ta t e s , n a m e ly

th e H a m b u r g -B r o m e n , A a c h e n

a n d M u n i c h , P ru ssia n N a t io n a l a n d N o r d D e u t s c h e .
P h illip s ’ s ta te m e n t s a y s :
T ho United States branches o f these
supervision as American com panies.
designed to bo maintained exclusively
and creditors in the United States, and
acter prescribed b y 'th e State laws.

M r.

com panies aro subject to tho same
Thoir funds in this country are
for the protection o f policyholders
investments are required o f a char­

THE CHRONICLE

Feb . 17 1917.]

Thero aro tw o measures applied b y law to Insurance com panies o f other
countries which carry on tho business o f fire insurance In this State. The
m ost severe is that imposed b y section 27 o f tho N ow Y ork insurance law
which allows credit only for funds hold b y insurance departments and b y
United States trustees. Against such assets aro charged all United States
liabilities. The difference is recognized as tho U nited States capital under
section 27. This treatm ent results in tho com p a n y receiving no credit
for funds in tho possession o f the United States manager or for premiums
in tho course o f collection.
T he second measure allows credit for tho a bove items in tho general
statem ent, which is m ade up on tho same basis as that required o f a d o ­
m estic fire insurance com pany or o f a firo insurance com pany o f another
State.
S u p e r in te n d e n t P h illip s ’ s ta te m e n t a lso c ite d th e increase
in th e a sse ts o f th e A m e r ic a n b ra n c h e s o f th e se co m p a n ie s since
th o b e g in n in g o f th e w a r a n d s ta te d th a t th e ir ag g re g a te c a p ita l
w h ic h o n D e c . 3 1 1 9 1 3 , a c c o r d in g to h is fig u r e s, w as $ 1 ,8 4 9 ,­
1 8 0 , h a d in cre ase d to $ 2 ,0 7 2 ,1 6 9 b y D e c . 3 1 1 9 1 5 a n d a g g re ­
g a t e su rp lu s to th e p o lic y h old e rs o n D e c . 3 1 1 9 1 3 $ 2 ,9 8 8 ,3 7 7
in cre a se d to $ 3 ,2 0 5 ,7 5 9 in th e tw o y e a r s .
H e added:
In view o f tho fa ct that the figures quoted above show a material increase
o f net assets held by these United States branches since tho beginning o f
the war and a large increase o f trusteed funds, I feel warranted in stating
that, in m y judgm ent, p olicy holders in these com panies m ay havo con­
fidence in tho protection which they furnish.
F r a n k B a ilo y , V ic e -P r e s id e n t o f th e T it le G u a r a n te e &
T r u s t C o . , m a d e k n o w n o n th e 9 t h i n s t ., th a t h is o ffic e h a d
tr an sfe rre d fr o m G e r m a n to A m e r ic a n c o m p a n ie s th e p olicie s
o n p r o p e r ty a g a in s t w h ic h it h o ld s m o r tg a g e s .

A c c o rd in g

to th e B r o o k ly n “ E a g le ” M r . B a ile y m a d e it cle ar th a t th is
w o rk w a s b e g u n m o re th a n tw o y e a r s a g o a n d h a s j u s t a b o u t
b e e n c o m p le te d w ith th e c a n c e lla tio n o f e ig h t p o licie s w h ich
w ere a ll h e ld b y o n e c o m p a n y a n d th e p la c in g o f th e b u s i­
n e ss w ith A m e r ic a n c o n c e rn s.
W h ile it is u n d e r sto o d th a t th e M a n h a t t a n o ffic e o f th e
c o m p a n y h a s n o t p u rsu e d a sim ila r c o u rse , it is s ta te d th a t
C la r e n c e

H.

K e ls e y ,

P r e sid e n t o f

in te r fe re d w ith th e p o lic y o f th e

th e

com p an y,

B r o o k ly n

has

not

b r a n c h , w h ich

h o s ta te s a c ts in d e p e n d e n tly o f th e M a n h a t t a n o ffic e .

M r.

B a ile y is q u o te d a s s a y in g :
N o discrimination against German com panies was m eant. I would give
tho same advice concerning policies written b y branches o f French or Rus­
sian corporations under similar circum stances. T he law provides that sub­
stantial funds must bo maintained here, but they would not be enough to
cover a conflagration like the San Francisco disaster, say. A conservative
business policy prom pted tho advico I gave clients in B rooklyn and Long
Island, which was heightonod b y tho uncertainty o f international rela­
_______________________________
tions.

T h o L y m a n M . L a w , a f o u r -m a s t e d A m e r ic a n sc h o o n e r,
w a s su n k b y a su b m a rin e o n F e b . 1 2 s e v e n ty m ile s s o u th ­
T h e crew o f th o v e s s e l,

n u m b e r in g te n , e ig h t o f w h o m w ere A m e r ic a n s , w a s re scu e d
a n d h a v e b e e n la n d e d a t C a g lia r i, S a r d in ia .

A c c o r d in g to

r e p o r ts fr o m C o n s u l-G e n e r a l T r e d w e ll a t R o m e to th o S ta te
D e p a r tm e n t a t W a s h in g t o n , th e L a w

w a s “ se t firo b y

bom b

an

A u s tr ia n

su b m a rin e

on

Feb.

fo rw a rd e d

put

w ith o u t

aboard

f l a g .”

th o v e sse l b y

C on su l

T r e d w e ll

14

th re e d is p a tc h e s , tw o o f w h ic h ho h a d re c e iv e d fr o m

a

th e

I ta lia n M in is t e r o f M a r i n e a n d on o fr o m th e B r itis h C o n s u l
a t C a g lia r i.

T h e British-India liner M antola, 8,500 tons, L ondon to C alcutta, with
general cargo, crow o f 165 and 19 passengers, was torpedoed w ithout warn­
ing 85 miles southwest o f Fastnet at 1:40 p . m . F eb. 8, in a m oderately
rough sea. Ono American on board, Ship Surgeon Earl R ice, 628 Salmon
S t., P ortland, Ore. All crow and passengers saved except seven Lascars
drow ned, due to mism anagem ent. T h e submarine com m enced shelling
the M antola when within 4,000 yards. H ad approached to 300 yards,
when A dm iralty vessel hovo in sight, causing submarines to submerge
instantly. Survivors landed this m orning. M antola carried 4-7 gun.
with tw o gunners on board.
S h ip S u rg e o n E a r l R ic e , u p o n h is a r r iv a l in L o n d o n on
F e b . 1 1 , g a v e th e fo llo w in g a c c o u n t o f th e v e s s e l’ s s in k in g :
T he first we knew was the sound o f a violent explosion which shook the
ship from end to end at 1:40 p . m . on Thursday. T he sea was fairly rough,
but tho ship m aintained an even keel and excellent order was preserved.
C apt. Chavas im m ediately ordered the boats launched. Seven Lascars
were killed b y the explosion. T he remainer o f those on board were unhurt.
E very b ody got safely into the boats w ith the exception o f the captain, the
ch ief engineer and the wireless operator, w ho were to follow us later.
N o b o d y had y e t seen the submarine, and everybod y in the boats was
peering into the haze iii a vain effort to catch a glim pse o f the telltalo peri­
scope. A n hour and a half after the torpedoing the captain, th o engineer
and the wireless m an got the wireless working and began sending out S O S
calls giving details o f the position.
T he reply cam e alm ost instantly, but from an unexpected quarter. The
submarine, which evidently was lying o ff in the haze tw o miles o r so away
picked up the wireless and began shelling the M antola from 4,000 yards
distance, meanwhile approaching at full speed so that the range rapidly
decreased. Som e o f the shells were loaded with shrapnel, which burst
about the M antola and around the lifeboats. The latter had returned
close to the M a n tola , but the sailors now put all their m uscle into the
oars to increase their distance from the submarine’s target. Fortunately
n ob od y was hurt b y the shells, although everybody was badly frightened.
B y this tim e the submarine was plainly visible to everybody, her guns
em itting angry little flashes as they sent their missiles toward tho M antola.
A cool-headed passenger on m y boat took out a pocket notebook and care­
fully marked down a cross every tim e tho submarine fired. Ilis record
shows that forty-seven shells were fired.
The submarine was within 200 or 300 yards o f the M antola when an un­
identified vessel began to loom up on the horizon. T ho subm arine’s com ­
mander decided that discretion was the better part o f valor, closed his
hatches quickly, submerged and disappeared, to tho unspeakable relief o f
us all. T ho new arrival proved to be a British sloop, which gradually
picked up the survivors.
^ 0 wer0 on our b oat six hours. The M antola sank in the evening.

THE SINKING OF THE AFRIC.
T h e W h i t e S ta r L in e s te a m s h ip A fr ic w a s su n k b y a su b ­
m a rin e o n F e b . 1 3 , a c c o r d in g to a n a n n o u n c e m e n t m a d e b y
L lo y d ’ s S h ip p in g A g e n c y in L o n d o n o n th a t d a t e .

Seven­

te e n m e m b e rs o f th e A fr ic ’s crew are said to b e m is s in g .T h e
A fr ic w a s c o n sid e re d on e

o f th e la r g e s t fre ig h ters in

th e

w o r ld , a n d is sa id to b e th e b ig g e s t p rize e x a c te d b y G e r ­

THE SINKING OF THE L Y M A N M. LAW .

w e s t o f C a p e S p a r t iv e n to , I t a l y .

635

T h e la tte r s ta te d th a t C a p t a in M c D o n o u g h ,

m a n s u b m a rin e s since th e u n r e s tric te d su b m a rin e w a rfa re
decree w e n t in to e ffe c t. T h e A fr ic w a s o w n e d b y th e O c ea n ic
S te a m

N a v ig a t i o n

C om pany,

of

c o m p a n y o f th e W h i t e S ta r L in e .

L iv e r p o o l,

a

s u b s id ia ry

S h e w a s la s t r e p o r te d

in th e m a r itim e re g iste r a s le a v in g C a p e T o w n , A fr ic a , o n
D e c . 3 , w ith h e r d e s tin a tio n n o t g iv e n .

A t th e N e w Y o r k

office o f th e W h i t e S ta r L in e it w a s said t h a t th o s h ip h a d
b e e n e n g a g e d in th e se rv ic e o f th e B r itis h A d m i r a lt y , b u t
w h e th e r so e n g a g e d w h e n su n k th e y d id n o t k n o w .

The

A fr ic w a s o f 1 1 ,9 9 9 g ross to n s , 5 3 0 fe e t lo n g , h a d a b e a m o f
6 3 f e e t , 3 in c h e s , w a s 3 1 fe e t , 9 in ch es in d e p th , a n d h a d a n
a v e ra g e sp e e d , i t is s a id , o f fr o m th irte e n to fo u r te e n k n o t s .

w h o h a d ch a rg e o f th e L a w , a n d nin o m e n c o m p ris in g th e
cro w h a d la n d e d a t C a g lia r i.
fr o m C o n s u l T r e d w e ll r e a d :

T h o first o f th o tw o d is p a tc h e s

T h o M inistry o f M arino rocoivod following telegram from M alta: “ L ati­
tude north 38 degrees, 32 minutes: longitude oast Greenwich, 7 degrees,
58 minutes. American four-m asted'sailin g vessel Lym an M . Law, in
flam es. N o trace crow .”
A se c o n d d isp a tc h fr o m C a g lia r i d a te d F e b . 13 s a id :
Four-m asted American sailing vessol Lym an M . Law , owned b y M aritlm o
Transportation C o. o f Now Y ork, 1,300 tons, at 9 o'clo ck on 12th, set firo
b y bom b 70 miles southwest Capo Spartivento b y Austrian submarine
w ithout flag. Com ing from S tockton, M aine, directed Palerm o, cargo
lum ber. Crow ten persons saved. T w o boatloads. Submarine length
40 motors. Painted ash color. D ock black. W ith cannon o f 75. One
porlscopo, stern turret. Crow all American citizens except two Englishmen.
T h o L y m a n M . L a w w a s o f 1 ,3 0 0 to n s g r o s s , 2 1 1 fe e t
lo n g a n d w a s b u ilt in 1 8 9 0 in W e s t H a v e n ,

Conn.

She

sailo d fr o m P e n o b sq o t B a y o n J a n . 6 w ith 6 0 ,0 0 0 b u n d le s
o f le m o n b o x sh o o k s ta k e n o n a t S to c k t o n a w e e k earlie r.
T h o M a r i t im o T r a n s p o r t a t io n
w ere hor N e w Y o r k a g e n ts .

Co.

at

25

B eaver

S tr e e t,

U. S. PASSPORTS— ARREST IN ENGLAND OF AL­
LEGED GERMAN WITH AMERICAN PASSPORTS.
T h e S ta te D e p a r tm e n t a t W a s h in g t o n in d e n y in g re p o rts
to th e e ffe c t th a t th e issu a n ce o f p a s s p o r ts w a s to b e d is­
c o n tin u e d , m a d e th e fo llo w in g a n n o u n c e m e n t o n F e b . 2 :
In order to correct au impression gathered from press reports that the
Departm ent o f State is refusing to issue passports on account o f the German
declaration o f Jan. 31 1917, the D epartm ent o f State wishes to announce
that it is not declining to issue passports to prospective travelers on this
ground or any other ground not heretofore governing tho p ractice o f tho
D epartm ent in the issuance o f passports.
A lt h o u g h th e S ta t e D e p a r tm e n t m a k e s cle ar its s ta n d in
th o m a tte r , it is g e n e ra lly u n d e r s to o d , it is s a id , t h a t n e w
re stric tio n s h a v e b e e n p la c e d u p o n th e g r a n tin g o f p a ss p o r ts
since th e G e r m a n n o te o f J a n . 3 1 , a n d th e arre st o f th e alle ge d
G e r m a n , C a p t a in H a n s B o e h m , a t F a lm o u t h , E n g la n d , w h o
h a d in his p osse ssio n a n A m e r ic a n p a s s p o r t issu e d in th e n a m e
o f J e lk s L e R o y T h r a s h e r , o f Q u it m a n , B r o o k s C o u n t y , G a .
C a p t a in B o e h m w a s ta k e n o f f th e D u t c h s te a m e r Z e la n d ia

THE SINKING OF THE M A N TOLA.
T h e B r itis h In d ia lin e r M a n t o l a w as su n k w ith o u t w a rn in g
o f f th o Irish c o a s t o n F e b . 8 .

T h o M a n t o l a w a s o f 8 ,5 0 0

b o u n d fro m S p a in fo r H o lla n d , a t F a lm o u th b y th e B r itis h
a u th o r itie s, w h o c la im th a t h e is a m e m b e r o f th e G e r m a n
S e c re t S e r v ic e .

T h o B r itis h a u th o r itie s are sa id to asse rt

th a t h e h a d b e e n in th e U n it e d S ta te s fo r th e G e r m a n S ec re t

to n s , b o u n d fr o m L o n d o n to C a lc u t t a , c a rr y in g a crew o f

S erv ic e a n d w h e n h e d e c id e d to re tu rn to E u r o p e he h a d tw o

1 6 5 a n d n in e te e n p a sse n g e rs.

citizen s o f Q u it m a n , G a . , c e r tify th a t h is n a m e w a s T h r a s h e r

Sev en L a sca rs, m em bers o f

th o b o a t ’s cro w , w ere d ro w n e d d u rin g th o la u n c h in g o f th e
life b o a t s .

a n d th a t h e w a s b o r n in Q u itm a n in 1 8 8 1 .

W i t h th e ir le tte rs

T h o S ta te D e p a r tm e n t a t W a s h in g t o n o n F o b . 11

o f id e n tific a tio n , B o e h m , or T h r a s h e r , it is s a id , a p p ro a c h e d

re c e iv e d th e fo llo w in g m e ssa g o fr o m W e s le y F r o s t , A m e r ic a n

firm s in P h ila d e lp h ia a n d N e w Y o r k o ffe r in g to re p re se n t

C on su l a t
tio n :

Q u e e n sto w n , re g a rd in g




th e

M a n t o l a ’ s d e s tru c ­

th e m as a b u y e r in E u r o p e .

T h e B r itis h a u th o r itie s , it is

s t a te d , asse rt th a t th e se firm s v o u c h e d fo r h im a t W a s h in g -

THE CHRONICLE

636

to n w h e n h e o b ta in e d h is p a s s p o r t in th e n a m e o f T h r a s h e r .

[Vol . 104.

FINANCIAL STABILITY BEING RESTORED IN PERU.

I t is a lso sa id t h a t th e A m e r ic a n p a ssp o r t ca rried b y B o e h m

D e t a ils a s to w h a t h a s b e e n a c c o m p lis h e d in d isch a rg in g

w a s th e first im p ro p e r on o to h a v e b e e n d isc o v e re d b y th e

th o in d e b te d n e s s in cu rre d b y th e G o v e r n m e n t o f P e ru d u r­

B r itis h a u th o r itie s in so m e tim e .

in g 1 9 1 5 are fu rn is h e d in th e fo llo w in g a d v ic e s re c e iv e d b y
th o D e p a r tm e n t o f C o m m e r c e u n d e r d a te o f J a n . 13 fr o m

THE IMPORTATION OF RUSSIAN RAW MATERIALS.
“ T h a t R u s s ia n ra w m a te r ia ls are o f fa r g r e a te r im p o r ta n c e
to A m e r ic a n in d u strie s a n d th a t A m o r ic a n fir m s w ill p u r­
ch a se a s te a d ily in cre asin g a m o u n t o f R u s s ia n ra w m a te ria ls
d ire c t f r o m

R u s s ia ” are tw o fa c ts e m p h a s iz e d in a re p o r t

o f th e A m e r ie a n -R u s s ia n C h a m b e r o f C o m m e r c e , in re v ie w in g
R u s s ia n -A m e r ic a n tr a d e re la tio n sh ip s u n d e r w a r c o n d itio n s .
“ T h e E u r o p e a n w a r ,” th e r e p o r t c o n tin u e s , “ re su lte d in a
b r e a k in g d o w n o f th e fo r m e r m e th o d s o f p u rc h a sin g R u ss ia n
raw m a te r ia ls a n d n e c e ssita te d th o o r g a n iz a tio n o f n e w fo r m s
o f p ro c e d u r e .
A s ta te m e n t issu e d b y th e C h a m b e r s a y s :
In Sept. 1915 an agreement was entered Into between Russia and tho
United States, providing for definito procedure for Am erican firm s desiring
to im port Russian merchandise. This agreem ent, which was tho result o f
the active efforts o f M r. C . J. M edzikhovsky, com m ercial attache to tho
Im perial Russian Em bassy, and Dr. E . E . Pratt, C hief o f tho Buroau o f
Foreign and D om estic C om m erce, has, in spite o f m any difficulties and
restrictions, m ade possible the direct im portation o f a largo quantity o f
Russian raw materials to the United States. In fact, M r. A . J. Barnaud,
now Assistant Secretary o f tho Am eriean-Russian Cham ber o f C om m erco,
form erly Com m ercial Agent o f tho Buroau o f Foreign and D om estic C om ­
m erco, in direct charge o f the im portations o f Russian raw materials under
tho protocol agreement, states that during tho last year and a half nearly
$7,000,000 w orth o f Russian raw materials havo actually been brought to
tli is cou ntry. Permission has been granted b y tho Imperial Russian G overn­
ment for the exportation o f approxim ately §14,000,000 w orth o f material,
and applications have been filed b y Am erican firm s for almost every variety
o f m erchandise for nearly $27,000,000 worth o f Russian raw materials,
and it is evident that there is an inunenso m arket in this cou ntry for Russian
raw materials. In fact, it is estim ated that between 60 and 70 million dollars
w orth o f Russian raw materials per year could bo consum ed in this market,
which in itself form s a sound nucleus for tho developm ent o f a largo reciprocal
trado botween Russia and tho United States after tho war.
T ho Im perial Russian Governm ent is undoubtedly anxious to allow as
largo am ount o f Russian materials to go to the United States as posslblo,
but in m any cases it was impossible to grant all tho applications m ade by
Am erican firm s, as about 26% o f tho different materials were needed for war
purposes and tho Russian Governm ent has refused to allow exportations,
oxcept under special permission, o f calfskins, goatskins, sheepskins, flax
and w ool.
In addition to the difficulties resulting from war conditions, transporta­
tion facilities b oth on land and sea havo added to tho difficulties o f tho
Amorican im porter. Tho Russian Governm ent has beon straining every
effort to keep its arm y supplies m oving regularly and in m any cases it was
impossible to secure sufficient transportation facilities for tho m ovem ent
o f large quantities o f Russian raw materials from Russia to tho United
S fccites
T h o bulk o f the materials m oved to the United States havo com o from
Russia via the Trans-Siberian route to Viadlvostock and across tho P acific.
T ho m ost im portant o f the im portations from Russia has been sugar-beet
seed, and the needs o f the sugar-beet industry in tho United States have
beon supplied from Russian sources. Previous to tho war tho United States
was buying from Gorman houses Russian seed and tho im portations o f
sugar-beet seed diroct from Russia is a distinct advantage to both countries.
In addition to tho difficulties o f transportation, thero havo been certain
restrictions relative to procedure for paym ent o f goods purchased in Russia
which havo interfered with im portations o f goods from Russia to tho United
States. This now procedure calls for tho doposit in full o f tho valuo o f the
purchases m ado in Russia w ith tho N ational C ity Bank to the credit o f the
Russian M inistry o f Finance. I f tho American im porter directly or through
his roprosontativo in Russia is ablo to satisfy the Russian authorities as to
paym ont, this procedure can be dispensed with. An Am erican im porter,
with a letter o f crodit in American dollars, can obtain from tho correspondents
o f his bank in Russia a certificate which will be approved and accepted
b y tho Russian M inistry o f Finance.

C o m m e r c ia l A t t a c h o W illia m F . M o n t a v o n a t L im a , a n d p u b ­
lish e d as fo llo w s in “ C o m m e r c e R e p o r t s ” fo r F e b . 1 0 :
B y a decreo dated Jan. 11 1917, tho M inister o f Finance announces tlio
progress m ado since Jan. 1 1917 in tho paym ent o f tho indebtedness incurred
b y tho Governm ent o f Peru during 1915 as a consequence o f the war. The
Governm ent o f Peru depends for its income almost entirely upon the im ­
port and export taxes collected on foreign trado, and tho result o f tho ou t­
break o f war was a deficit in tho national treasury. M any obligations could
not bo m ot, oven tho interest becom ing duo on public indebtedness could not
bo paid, and employees o f the Government were ablo to collect only a frac­
tion o f their salaries. During the first ten days o f January, 1917, payments
amounting in the aggregate to over a million soles ($500,000 U. S. gold)
were m ade. T ho following is a list o f the items p a id , expressed in American
equivalents:
_
Salaries and pensions for the first 15 days o f August, 1915, and paid
during January, 1917-------------------------------------------------------------------- $58,340
Treasury notes issued during 1914 and 1915----------------------------------2,910
Cancellation o f tho Salavcrry D ock Concession--------------------------------139,64o
Consolidated internal debt, amount duo tho cleariug house for ad- _ ^ _
vanccs mado on this account prior to Aug. 18 1915......... ................... 154,775
T o the Bank o f Peru & London for an advance in current a cco u n t.. 97,330
T o tho International Bank on account o f interest accumulated in ae_
cordance with the agreement o f N o v . 20 1912......... — .......... ..........
3,925
T o the Bank o f Peru & L ondon , interest accumulated in accordance _
with agreement o f N o v . 20 1912------ 1----------------------------------------- 37,0,5
B y tho refund o f $97,330 to the Bank o f Peru & London, the Government
secures a reduction from 10% to 8 % in the interest paid on tho balance due
on this account o f $277,390.
T he amount duo the clearing house had likewise been paying interest at
tho rate o f 1 0 % . T ho above paym ent liquidates this obligation.

PRESIDENT WILSON FORMALLY DECLARED
ELECTED.
P re s id e n t W ils o n w a s f o r m a lly a n d o ffic ia lly d ec la re d r e ­
e le c te d o n th e 1 4 th in s t. w h e n C o n g re ss in j o in t s e s s io n , as
p ro v id e d b y th e C o n s titu t io n , c a n v a s s e d th e e le cto ra l v o te
o f th e S ta t e s .

A s p re sen te d a n d c e r tifie d , th e o ffic ia l retu rn s

g iv e W ils o n a n d M a r s h a ll 2 7 7 e le cto ra l v o te s ; H u g h e s a n d
F a ir b a n k s

254.

Tho

c a n v a s s in g

of

th e

v o te ,

as

a lw a y s ,

w a s c o n d u c te d w ith m u c h c e r e m o n y .

SHIPPING BOARD ASICS FOR IDLE TRANSPORTS FOR
COASTWISE TRADE.
W h a t is said to b e th o first p ra c tic a l s te p to bo ta k e n b y
die F e d e r a l S h ip p in g B o a r d to w a rd re h a b ilita tin g A m e r ic a n
n a r itim e c o m m e r c e , is c o n ta in e d in a r e q u e s t, m a d o b y th e
C h a irm a n o f th e S h ip p in g B o a r d , W illia m D e n m a n , to P r e s ii e n t W i ls o n to tu rn o v e r to it id le a r m y tr a n s p o r ts fo r se rv ice
in th o c o a stw ise tr a d e b e tw e e n A t la n t ic a n d
th rou g h th e P a n a m a C a n a l.

M r.

D enm an

P a c ific p o r ts
in a le tte r to

the P r e s id e n t, m a d o p u b lic o n th o 1 1 th in s t ., p o in te d o u t
th a t n e a r ly all o f th e A m e r ic a n -b u ilt ve sse ls w h ic h h a v e b e e n
p ly in g in th is tra d e h a v e b e e n w ith d r a w n fo r m o ro p r o fita b le
sh arters or s o ld to fo re ig n f la g s , a n d a s k e d th a t a v a ila b le
vessels th a t c a n b e sp a red fr o m m ilita r y u se s bo tran sfe rre d
to th o B o a r d a t th e e a rlie st p o ssib lo m o m e n t .

T h o B oard

seeks p a r tic u la rly to g e t c e rta in o b so lo to fo r e ig n -b u ilt tr a n s ­
p orts w h ic h th o W a r D e p a r tm e n t h as b e e n a u th o r iz e d to se ll.

DAMAGE SUITS AGAINST KRONPRINZESSIN CECILE
REMANDED.

T h e re aro tw o s u c h v e s s e ls , th o M o a d e a n d th o C r o o k .
The
C r o o k , o f 4 ,8 0 0 t o n s , is b o in g u se d in c o n n e c tio n w ith tho

T h o U . S . C ir c u it C o u r t o f A p p e a ls a t B o s t o n o n F e b . 7

A la s k a n R y . , a n d th o M e a d e , o f 5 ,4 0 0 t o n s , is id le a t N e w ­

rem anded

to

th e U .

S.

D is t r ic t C o u r t

th e

dam age

su its

p o r t N e w s , a n d re c e n tly w a s a d v e r tis e d fo r s a le .

A

p ro­

b r o u g h t a g a in st th e N o r t h G e r m a n L l o y d S te a m s h ip C o . ,

v is io n o f th o p e n d in g A r m y A p p r o p r ia tio n b ill w o u ld a u t h o r ­

ow n ers o f th o K r o n p r in z e ssin C e c ilo , b y th o G u a r a n ty T r u s t

ize th o u se o f th o sh ip s o n c o a s tw is o tr a d o , b u t th is a u t h o r ­

C o . a n d th e N a t io n a l C i t y B a n k o f N e w Y o r k , to r e c o v e r fo r

iz a tio n w o u ld bo u n n e c e ssa r y if th o y w ere tu r n e d o v e r to th e

th e n o n -d e liv e r y o f th e ir g o ld s h ip m e n ts in 1 9 1 4 .

S h ip p in g B o a r d .

T h is w a s

d o n e , it is s t a t e d , in ord er t h a t th e lo w e r C o u r t m ig h t assess
p rop er d a m a g e s , in a c c o rd a n c e w ith th o decree o f th e A p p e l­
la te C o u r t , a n d to h ear a m o tio n b y th e b a n k s th a t th e sh ip bo
s o ld to s a tis fy su ch ju d g m e n t .

T h o ste a m s h ip c o m p a n y h as

ask e d fo r a re v ie w o f th e ca se b y th e U n it e d S ta t e s S u p re m e
C o u rt.

C o u n s e l fo r th e c o m p la in a n ts in fo r m e d th e C o u r t o f

A p p e a ls t h a t th o b a n k s h a d p a id a ll fe e s in c o n n e c tio n w ith
a g u a rd fo r th e C e c ile sin ce lib e l p ro c e e d in g s w ere in s titu te d
n e a r ly tw o y e a r s a g o .

T h is a m o u n t , it w a s s t a t e d , h a d in ­

crea sed to $ 7 0 0 a d a y sin ce th e F e d e r a l M a r s h a l to o k p h y s ic a l
p osse ssion o f th e v e sse l o n th o 3 d

in s t .

C o u n se l fo r th o

s te a m sh ip c o m p a n y sa id th e sa le o f th e v e sse l a t th is tim e
w o u ld m a k e i t im p o ssib le fo r th e o w n e rs to p r o te c t t h e m ­
s e lv e s .

T h e C o u r t a lso w a s in fo r m e d th a t th e ow n e rs h a d

n o k n o w le d g e o f a n y d a m a g e to th e C e c ile ’ s m a c h in e r y , as
re p o rte d b y th o F e d e ra l a u th o r itie s , a n d t h a t if a n y d a m a g e
h a d b e e n c a u se d it w a s w ith o u t a u t h o r it y .

T h e fin d in g s

o f th e U . S . C ir c u it C o u r t o f "A p p e a ls in w h ic h it w a s d e c id e d
th a t

th e

tw o

in stitu tio n s

w ere

e n title d

to

th e

dam ages

c la im e d w ere referred to in th e se c o lu m n s o n J a n . 2 0 .




C h a ir m a n D e n m a n ’ s lo tto r to

th o P r e s i­

dent
fo llo w s :
N early all o f tho Am erican-built tonnago, with its participation in tho
statutory m onopoly o f tho coastwiso trade, which has boon serving tho needs
of1prodiiCCTS a n d c o nsu mers on tho Atlantic and P acific Coasts through the
Panam a Canal, has been withdrawn for moro profitable charters, much o f it
not serving any American com m ercial need, or sold to foreign flags.
W o understand that tho W ar Departm ent has several vcssols capable
o f carrying these products and serving tho urgont domands o f tlieso p ro­
ducers and consumers. Thousands o f tons o f products are awaiting the
roturn o f these facilities or havo been subjected to higher rail rates. The
concentration o f car resources o f tho transcontinental railways on the
munitions traffic has intensified this need.
Section 6 o f this Shipping A ct provides as follows: “ That tho President
m ay transfer, oitlier permanently or for limited periods, to tho Board such
vessels belonging to tho W ar or N a vy Departments as aro suitable for co m ­
mercial uses, and not required for military or naval use in time o f peace, and
cause to bo transferred to tho Board such vessels owned by tho Panama
R R . C o. and not required in its business.
n
. .
W o beg o f you that you will at tho earliest dato transfer to this Board a
such tonnage as can bo properly spared from military uses
Wo understand
that a number o f theso vessels now owned b y tho War Department woro
built in foreign yards. This will not prevent our using thorn in tho coast
to coast trado wo havo abovo outlined. Soction 9 o f tho A ct provides as
fo llo w s-“ * * * Vessels sold, leased or chartered to any porsou a citizon
o f tho United States, as provided in this A ct. may ongago in tho coastwiso
trade o f tho United States.”

THE CHRONICLE

F eb . 17 1917.]

W o purpose to charter at onco to Americans such tonnage as wo receive.
W o do not purposo to overwhelm this trade with tonnage, nor do otherwise
than mako good at this timo tho diversion o f vessels b y those upon whom
the Government has conferred benefits for which they should have con ­
tinued to render this service. W o d o not contem plate entering any trades
whatever which are now adequately served b y water routes.
W o aro taking tho liberty o f sending copies o f this letter to tho Secretary
o f War, to tho Chairmen o f tho Com m ittees on M ilitary Affairs o f tho House
and Sonate, and the Chairmen o f tho C om m ittee on Commerce o f the
Senato, and tho Com m itteo on M erchant M arine and Fisheries o f the House.
The need is pressing, and wo wish to avoid any delay in obtaining their
opinion on our request if your Excellency feels tho need o f enlightenment
from that source.

627

1916, be, and is hereby, amended so as to require the suspension o f the
operations o f tho act within four years from the date o f said act o f Sept.
2 1914 as approved.

WITHDRAWAL OF AMERICAN TROOPS FROM
MEXICO— MEXICO'S NE W CONSTITUTION.
C o m m e n d a tio n fo r th e w o rk o f th o U n it e d S ta te s a r m y o n
th e M e x ic a n b o rd e r w a s exp re sse d b y S e c re ta ry o f W a r B a k e r
in le tte r s (m a d e p u b lic on th e 7 th i n s t .) to M a j o r G e n e ra l
F u n s to n , c o m m a n d in g th e b o rd e r fo rc es a n d M a j o r G e n e ra l
P e r s h in g , w h o

THE NAVAL APPROPRIATION BILL.

h as

T h o N a v a l A p p r o p r ia tio n B i ll, c a rr y in g a n a p p ro p r ia tio n

ju s t

com m an ded

re tu rn e d

to

th e p u n itiv e e x p e d itio n w h ich

A m e r ic a n

te r r ito r y .

M a jo r

G en.

P e r s h in g ro d e o u t o f M e x ic o a t th e h e a d o f m o re th a n 1 0 ,0 0 0

o f o v e r $ 3 6 8 ,0 0 0 ,0 0 0 , w a s p a sse d b y tho H o u s e o n F e b . 13

so ld ie rs o f th e p u n itiv e e x p e d itio n o n th e 5 t h .

b y a v o te o f 3 5 4 to 2 2 .

th e issu a n c e b y th e W a r D e p a r t m e n t o n J a n . 2 0 o f ord ers fo r

T h o m e a su r e , w h ic h is said to b o th e

w ith d r a w a l

of

“a

s u b s ta n tia l

n u m b er”

F o llo w in g

la r g e st n a v a l a p p ro p ria tio n bill in th o h is to r y o f th e c o u n t r y ,

th e

w a s a p p ro v e d b y tho H o u s e C o m m itt e e o n N a v a l A ffa ir s o n

G u a r d s m e n f r o m th e b o r d e r , it w a s a n n o u n c e d o n th e fo llo w ­

of

N a tio n a l

I t p ro v id e s f o r th e

in g d a y th a t m o re th a n 2 5 ,0 0 0 G u a r d s m e n h a d b e e n d esig­

c o n stru c tio n o f three b a ttle s h ip s a t a c o st o f $ 8 4 ,5 3 5 ,7 4 6 ;

n a te d b y M a j . G e n . F u n s to n to re tu rn h o m e a n d b e m u s te r e d

on e b a ttlo cruiser a t $ 2 6 ,6 9 4 ,4 9 0 , th re e sc o u t cru ise rs fo r a
to ta l o f $ 2 0 ,2 8 8 ,4 3 5 ; fifte e n d e stro y e rs fo r a to ta l o f $ 2 6 ,­

o u t o f F e d e ra l se rv ic e .

F e b . 7 b y a p ra c tic a lly u n a n im o u s v o t e .

2 2 9 ,1 8 0 ;

o n e d e stro y e r te n d e r a t $ 2 ,8 0 8 ,9 2 9 ;

T h e issu a n ce o f ord ers fo r th e w it h ­

d ra w a l o f th e P e r s h in g m ilit a r y e x p e d itio n , w h ic h e n te re d

o n e su b m a rin e

M e x ic o fo llo w in g th e m a ssa c re o f s e v e n te e n A m e r ic a n s a t

te n d er a t $ 2 ,2 1 7 ,5 0 4 a n d e ig h te e n c o a s t d efe n ce su b m a rin e s

C o lu m b u s , N . M e x . , o n M a r c h 9 o f la s t y e a r , w as a n n o u n c e d
b y S e c re ta ry B a k e r o f tho W a r D e p a r tm e n t o n J a n . 2 8 as
fo llo w s:
General Pershing has been ordered to bring his troops out o f M ex ico.
T he m ovem ent is to bo an imm ediate one and is probably already under
way.

a t a to ta l o f $ 2 5 ,8 1 3 ,6 7 4 .

T h o b ill also p ro v id e s th a t th e

lim it o f c o s t fo r th o fo u r b a ttle cru isers a u th o r iz e d la s t session
sh all b o in cre a se d to $ 1 9 ,0 0 0 ,0 0 0 e a c h , an d th e lim it o f c o s t
for th o th re e sc o u t cruisers p re v io u sly a u th o r iz e d to $ 6 ,0 0 0 ,­
0 0 0 e a c h , e x c lu siv e o f a r m o r a n d a r m a m e n t .

T h e b ill as

I n h is le t t e r , re ferre d to a b o v e , c o m m e n d in g th e w o rk o f

re p o rte d b y C h a ir m a n P a d g e t t o f th e H o u s e C o m m itt e o on

G e n . P e r s h in g , S e c re ta ry B a k e r sa id :
I have Just received word that your com m and has recrossod the M exican
border and is again on the territory o f tho United States. From the original
organization o f this force until the conclusion o f its work it has been an
ob je ct o f constant pride and pleasure to tho Departm ent by reason o f its
high m ilitary efficien cy, its vigorous and effective pursuit o f its o b je ct and
tho restraint imposed b y b oth officers and men upon themselves in their
consideration for the peopio o f M exico w ith whom they cam e in con tact
and the public authorities o f the cou ntry.
T ho expedition thoroughly dispersed and scattered tho bandits who
menaced the safety o f Americans on our side o f the border; for long m onths
its presence in M exico served to secure our border from attack and depreda­
tion, and it is a conspicuous dem onstration o f the fine character o f the
entire expedition that upon its retirement it was voluntarily followed b y a
largo number o f the civilian population am ong whom it had been and who
had learned to regard tho American soldier as their friend. T ho circum ­
stances under which the expeditionary force remained in M exico m ight well
have aroused against it distrust and hostile popular feeling. It is, so far as
I know , unprecedented in tho history o f such expeditions that a quite
unanimous good will and confidence has been gained am ong tho civilian
population in which the arm y was stationed.
I desire to congratulate you and tho officers and men o f you r com m and
upon the accom plishm ent o f great servico to tho cou ntry, and also upon tho
splendid manner in which th ey have sustained the best tradition o f our
armies.

N a v a l A ff a ir s , a p p ro p r ia te d a b o u t $ 3 5 1 ,0 0 0 ,0 0 0 , b u t $ 1 7 ,­
1 0 0 ,1 4 3 w a s a d d e d d u rin g co n sid e r a tio n o f th e m e a su re in tho
H o u s e to p ro v id o fo r C o m m it t e e a m e n d m e n ts w h ich h a d th e
ap p ro va l

of

th e

N avy

D e p a rtm e n t.

The

a m e n d m e n ts

c a rried in th o b ill a u th o r iz e th e P re sid e n t to c o m m a n d e e r
s h ip y a r d s an d m u n itio n s fa c to r ie s in tim e o f w a r or n a tio n a l
e m e r g e n c y , a n d p ro v id e s $ 1 ,0 0 0 ,0 0 0 fo r th e a c q u is itio n b y
p u rc h a se o r oth erw ise o f su ch b a sic p a to n t o r p a te n ts as m a y
b e co n sid e re d n e ce ssa ry fo r th o d e v e lo p m e n t o f a irc r a ft in
th e U n it e d S ta t e s .
I n a d d itio n , th e H o u s e a u th o r iz e d a n
a p p ro p r ia tio n o f $ 1 2 ,0 0 0 ,0 0 0 , a sk e d fo r b y S e c re ta ry D a n ie ls ,
to in crease th e b u ild in g c a p a c ity o f n a v y y a r d s .
m e n t p re p a re d

b y C h a ir m a n P a d g e t t ,

A n am end­

w h ic h w o u ld

have

g iv e n th o P re sid e n t a u t h o r ity to a p p ro p r ia te $ 1 5 0 ,0 0 0 ,0 0 0
fo r th o m o ro e x p e d itio u s c o n str u c tio n o f a n y n a v a l ve sse ls
w h ich h e m ig h t regard as n e c e ssa r y , w a s n o t in c lu d e d in th e
bill p asse d b y th o H o u s e .

T h o p ro v isio n w o u ld h a v e a u th o r­

ized th o P re sid e n t to issu e $ 1 5 0 ,0 0 0 ,0 0 0

o f b o n d s o f th e

U n ite d S ta t e s , b e a r in g in te r e st n o t to e xce e d 3 % , a n d m a tu r ­
in g in fiv e y e a r s .

T h e H o u s e R u le s C o m m it t e e , it is s a id ,

d id n o t fee l ju s tifie d in re p o r tin g a sp ecial ru le fo r a b o n d
issue w h ich h a d n o t b e e n co n sid e re d b y th o W a y s a n d M e a n s
C o m m it t e e .

W h ile e n g a g e d in a p p ro p r ia tin g h u n d re d s of

m illio n s fo r p re p a re d n ess

th e

H ou se

p a u se d

to

a d o p t an

a m e n d m e n t o ffe re d b y M r . M a n n r e a ffirm in g th e c o u n tr y ’ s
b e lie f in a p o lic y o f a r b itr a tio n

in in te r n a tio n a l d is p u te s .

T h e a m e n d m e n t, w h ich w a s a d o p te d u n a n im o u s ly , w ith o u t
d e b a te , re a d s:
It is lioroby reaffirm ed to bo tho policy o f tho U nited States to adjust and
sottio its international disputes through m ediation or arbitration to tlio end
that war m ay bo honorably avoided.
T h e s u b -C o m m i t t c e o f th o S e n a to N a v a l A ffa ir s C o m m it t e e
w h ich w illl n o w ta k e th o N a v a l A p p r o p r ia tio n B ill u n d er
c o n sid e r a tio n , is c o m p rise d o f S e n a to rs T illm a n ,

S w a n so n

a n d B r y a n , D e m o c r a ts , a n d P e n r o se a n d L o d g e , R e p u b lic a n s .

T h e le tte r to G e n e ra l F u n s to n sa id :
I have just received word that General Pershing’s expeditionary force has
returned across the border into the United States. I write this letter to
expross to you , as tho Departm ent Com m ander, m y deep satisfaction with
the organization and support o f this force and tho work it has accom plished.
From its entrance into M exico its work has been characterized by efficiency
in the pursuit o f its o b je ct and consideration for the peopio with whom it
cam e into con tact and the Governm net upon whose soil it was in effect
a guest. T ho supply and com m unication service, although beset with
d ifficu lty , has been finely m aintained, and the incident is a highly credit­
able episode in our m ilitary history.
A n n o u n c e m e n t w a s m a d e a t W a s h i n g t o n o n J a n . 3 0 th a t
fu ll d ip lo m a tic re la tio n s w ith M e x ic o w o u ld b e im m e d ia te ly
r e s u m e d in a n e ffo r t o n th e p a r t o f th e U n it e d S ta te s to s o lv e
th ro u g h

fo r m a l

ch a n n e ls th e

q u e s tio n s

C a rra n z a d e f a c t o G o v e r n m e n t .

p e n d in g w ith

th e

I t w a s m a d e k n o w n a t th e

sa m e tim e t h a t H e n r y P . F le t c h e r , c o n fir m e d a s A m b a s s a d o r
to M e x ic o o n F e b . 2 3 1 9 1 6 , w o u ld s h o r tly le a v e fo r h is p o s t,
a c c o m p a n ie d b y h is e m b a s s a y s t a f f .

T h o U n it e d S ta te s h a d

b e e n w ith o u t a n A m e r ic a n A m b a s s a d o r a t M e x ic o C i t y since

BILL

EXTENDING WAR RISK INSURANCE
PASSED BY HOUSE.

BILL

T h o H o u s e o n F e b . 6 p a sse d a b ill o ffe re d o n J a n 13 b y
F ish e rie s e x te n d in g

th o

p ro v isio n s

of

th e

W ar

In su ra n ce a c t fo r a n o th e r y e a r , or u n til S e p t . 2 1 9 1 8 .

R is k
As

o r ig in a lly p a sse d in 1 9 1 4 p ro v isio n w a s m a d o fo r th o c o n ­
tin u a n c e o f th o B u r e a u fo r tw o y e a r s ; la s t s u m m e r C o n g re s s
o x to n d e d th o p ro v isio n s o f th o a c t fo r a y e a r — u n til S e p t . 2
1917.

A

r e q u e st fo r a fu rth e r e x te n sio n o f th o life o f th o

B u r e a u fo r a n o th o r tw e lv e m o n th s w a s ad d ro sse d to C o n ­
gre ss o n J a n .

10

by

S e c ro ta r y

of

th o

T reasu ry

M cA doo

w h o ask e d th a t a c tio n bo ta k e n a t th is tim o in a s m u c h as
C o n g re ss w o u ld n o t bo in session w h e n th o B u r e a u w o u ld
exp iro b y lim it a tio n .
T h o b ill p a sse d b y th e H o u s e o n th o
6 th in s t . re a d s a s fo llo w s :
A bill (H . R . 20082) to amend an act, entitled "A n act to authorize the
establishment o f a Bureau o f W ar-R isk Insurance In tho Treasury D e ­
p artm ent,” approved Sept. 2, 1914.
Be it enacted, A c ., That section 9 o f an act establishing a Bureau o f WarRisk Insurance, approved Sept. 2 1914, as amended b y tho act o f A ug. 11




D ip lo ­

m a tic in te rc o u rse b e tw e e n th e tw o G o v e r n m e n t s h a d b een

C h a ir m a n A le x a n d e r o f th e C o m m itt e e o n M e r c h a n t M a r in e
and

H e n r y L a n e W ils o n w a s re ca lle d a fte r th e k illin g o f M a d e r o
a n d H u e r t a ’ s a s s u m p tio n o f p o w e r fo u r y e a r s a g o .

se v e re d o n A p r il 2 3 1 9 1 4 , w h en C h a r g e N e ls o n O ’S h a u g h n e s s y
w a s h a n d e d h is p a s s p o r ts b y H u e r t a o n th e o c c u p a tio n o f
V era

C ruz

by

A m e r ic a n

m a r in e s .

U n o ffic ia l

a g e n ts

or

su b o rd in a te o ffic ia ls h a v e re p re se n te d A m e r ic a n in terests in
M e x ic o for n e a rly th re e y e a r s .

A m b a s s a d o r F le tc h e r le ft

for M e x ic o o n th e 1 0 th in s t. a c c o m p a n ie d b y C a p t . F r a n k
R . M c C o y , m ilit a r y a tta c h e o f th e E m b a s s y .

I t -was a n ­

n o u n c e d on th e 1 2 th in s t . th a t Y g n a c io B o n illa s , o n e o f th e
M e x ic a n r e p re s e n ta tiv e s on th e A m e r ic a n a n d M e x ic a n jo in t
C o m m is s io n h a s b e e n n a m e d b y G e n . C a r r a n z a as M e x ic a n
A m b a s s a d o r to
D e s ig n a te
M in is te r

th e U n it e d S ta te s su cc e e d in g A m b a s s a d o r

E lis e o

A rred on d o .

o f C o m m u n ic a tio n s

M r.
in

B o n illa s

G en.

h as b e e n

th e

C a r r a n z a ’ s C a b in e t

sin ce th e fo r m a tio n o f h is G o v e r n m e n t .
P re ss a d v ic e s f r o m

Q u e re ta ro , M e x i c o , o n J a n . 3 1

an­

n o u n c in g th e c o n c lu sio n o f th e w o rk o f th o d e le g a te s to the
C o n s titu tio n a l A s s e m b ly sa id :

638

THE CHRONICLE

T ho delegates to th e C onstitutional Assem bly, which concluded its
labors last night, assembled to-d ay and signed the C onstitution on which
they had been working for tw o m onths.
Tho cerem ony was attended by
great enthusiasm . A ll tho members o f tho C abinet wero present except
Luis Cabrera, M inister o f Finance, and Y g nacio Bonillas, M inister o f
Fom ento and Com m unications.
T ho new C onstitution contains som e advanced legislation. A m ong the
provisions aro: A bolition o f tho office o f Vice-President, prohibition o f tho
re-election o f a President, labor laws, which provide for an eight-hour day,
seven hours o f night work and six working days a week, com pulsory arbitra­
tion , profit-sharing, freo em ploym ent bureaus, anti-trust laws, a national
departm ent o f lvoalth with plenary powers, and com pulsory m ilitary
instruction.
M a n y o f tho articles aro based on tho theory o f keeping M exico for
M exicans. Provisions in tho C onstitution givo M exicans tho preference
n obtaining em ploym ent and acquiring lands and concessions,
i Under tho terms o f tho now C onstitution, foreigners m ust renounce
allegiance to tho countries whence thoy com e to acquire title to real estate,
in so far as foreign citizenship concerns such prop erty. T he land laws aro
stringent. T hoy provide for tho cu tting up o f largo estates and tho return
o f cum m unal and tribal lands.
Tho provisions regarding separation o f tho Church and State virtually
moan tlio taking over b y tho Governm ent o f tho entire property in M exico
o f tho R om an C atholic Church, inasmuch as religious orders aro prohibited
from owning or administering real estate or m ortgages, and all churches,
as well as denom inational, educational, and charitablo institutions, pass
into tho hands o f tho G overnm ent. A ll clergym en m ust bo o f M exican
birth . T hey aro prohibited from teaching in public schools, and aro per­
m itted to givo instruction in only the higher grades o f privato schools,
which will bo under tho supervision o f tho G overnm ent, as all churches
will be.
Criminal proccduro is reform ed in such a w ay that court costs are
abolished.
T ho succession o f tho Presidency through absence or death Is stringently
regulated, and placed in tho hands o f Congress.
A ll natural resources in M exico aro declared to bo tho property o f tho
G overnm ent.
B efore tho Congress was adjourned it was decided that tho question o f tho
reorganization o f tho arm y should bo dealt with b y tho next Congress.
A
measure providing that candidates for Governor in Certain disturbed States
need not bo natives o f these States was defeated.

Secretary of State Lansing was reported on Jan. 25 to
have sent to General Carranza, through Charles B. Parker,
American Charge cl’Affaires at Mexico City, a communication
in regard to certain provisions proposed to bo included in
tho new Mexican Constitution. The communication called
attention to the article vesting the Executive with power to
expropriate property without judicial recourse, and also tho
tho article providing that civil commercial companies cannot
own properties of a greater area than is necessary to accom­
plish the purpose for which thoy aro formed, and placing the
power to determine what area is necessary in the hands of
the Executive. The communication stated that if tho latter
provisions were made retroactive, it might bo confiscatory,
since no provision was made for compensation. Attention
was called to tho article providing that there bo no exemption
from taxation. If this were given a retroactive effect, said
Secretary Lansing’s communication, it would impair con­
tracts of many foreign corporations now operating under
agreements providing periods of exemption by the Federal
or State governments. Regarding the article dealing with
the expulsion of obnoxious foreigners, objection was made
because it would permit the Executive to expel anyone,
without recourse to appeal, whose presence was deemed in­
advisable by him. Tho letter stated that this is not in accord
with the usual practice of nations that causo be clearly
shown. Mr. Parker also sent to General Carranza a state­
ment from Secretary Lansing protesting against tho proposed
article in tho new constitution stipulating that special con­
cessions must bo obtained by exploiters of oil lands, and
allowing companies now owning such lands one year in which
to secure new concessions, in order to protect the rights they
already have acquired. The statement said this articlo
apparently would mean virtual nationalization of Mexican
oil lands, and that it might provo confiscatory of foreignowned property. __________________
DEVELOPMENTS GROWING OUT OF ALLEGED LEAK
IN PEACE PROPOSALS.

The public hearings of tho Congressional Committee which
has been inquiring into tho question as to whether anyone
profited in Stock Exchange operations as a result of advance
information concerning President Wilson’s peace note, wero
concluded on the 15tli inst. The final hearing was had in
New York, the Committee having resumed tho inquiry hero
on the 14th. Tho time within which tho Committee is to
make its report was extended by tho IIouso on tho 13th inst.
from Feb. 17 to Feb. 27. Coincident with tho conclusion of
the public hearings, announcement came from Washington
that R. W. Bolling, a brother-in-law of President Wilson, has
severed his connection with the Washington brokerage house
of F. A. Connolly & Co. which, the investigation established,
had furnished a forecast of the note to clients in advance of its
publication. Mr. Bolling denied any knowledge whatever
of the “leak,” and J. Fred. Essary, a newspaper corre­



[Vol. 104.

spondent, testified that it was ho who wrote the forecast.
Sherman L. Whipple, Counsel to the Committee, commenting
upon Mr. Bolling’s resignation, is quoted in the “Tribune”
as saying:

M y interpretation o f this action on tho part o f M r. Bolling would bo that
ho felt that his confidonco had boon violated.

At the hearing in Washington on the 9th inst. eight news­
paper men who were advised confidentially by Secretary
Lansing on Dec. 20 of the coming of what developed to bo
President Wilson’s peace note told of tho circumstances
surrounding the conference and declared they did not violate
the Secretary’s confidence. They wero Stephen T. Early
and Arthur Sweetser, tho Associated Press; G. E. Garvin and
Richard Boeckel, the International Nows Service; Carl D.
Croat, tho United Press; Aaron Rosenthal, the Milwaukee
“Journal;” A. J. Clark, the Washington “Star,” and Charles
D. Warner, the “Christian Science Monitor.” Mr. Clark
was questioned regarding his statement that tho Secretary
had said ho did not want news of tho statement to become
public prematurely because of the effect it would have on the
stock market. This was in contradiction of testimony
previously given by the Secretary, but in corroboration of the
testimony of another reporter, A. L. Jamieson.
When the hearings were resumed in New York on Wednesday
George A. Ellis, Jr., a member of tho firm of E. F. Hutton &
Co., was called to tho stand, and was questioned concerning
the health of H. J. Barrett, another partner in tho firm;
the Committee had previously been informed that Mr. Barrett
was in such a condition that if his presence beforo it was
required he would have to be carried on a stretcher. It is said
to have developed since that on account of tho illness of a
relative, Mr. Barrett has gono to Memphis, Tonn. Mr.
Ellis is said to have told the Committeo at Wednesday’s
hearing that Mr. Barrett was “just ill” not “critically ill.”
Mr. Hutton, who, according to Mr. Ellis, is now in Palm
Beach, told tho Committee at an earlier hearing that Mr.
Ellis was a nervous wreck when the latter was first wanted at
the inquiry. Mr: Whipplo, Counsel for tho Committeo,
at Wednesday’s hearing made tho following statement con­
cerning tho firm’s members and their absonco:
W hen last seen in N ew Y ork before this com m itteo F. A . Connolly o f
W ashington testifed that ho personally was the author o f a telegram which
had recently been produced before the com m itteo, and impressed its mem­
bers as giving advance inform ation. M r. Ilu tton was present in tho city ,
and I think in the room , and knew what M r. C onnolly had testified under
oath. It appeared later in W ashington that M r. Connolly not only did
not write this telegram, but that ho was not even in his ofrico when it was
sent out, but that a M r. Essary, o f tho ‘ ‘Baltimore Sun,” had com posed
it, and caused a telegram to bo sent over the privato wire o f Ilutton & C o.
in tho absence o f M r. C onnolly.
It appears that that telegram was sent in tho namo o f Essary.
i ho con­
clusion and inference, therefore, are irresistiblo that M r. H utton, whoso
partner testified this m orning that M r. H utton saw tho telegram, know that
M r. C onnolly was making a misstatemont with regard to it. and tho infer­
ence is that he must have know n tho reason which actuated C onnolly in so

Cl it'w o u ld , o f course, bo o f great assistance to this com m itteo if M r. H ut­
ton could com e hero prom ptly and make som o statem ent that would recon­
cile Ills position with honesty and good faith. Under tho circum stances,
how ever, it does not seem to mo that it would bo a wiso oxorclso o f tho power
o f the com m ittee to com pel M r. H utton to return if ho doos not seo fit to
do so.
This com m itteo in its report can make tho inferences which circum stances
and tho absonco o f M r. H utton would seem to ju stify, and thus Congress
will liavo all o f this m atter that seems necessary for it to deal with; but if
M r. H utton and tho members o f his firm d o not think it to their advantage
that this gentleman [Hutton] should com e hero and lay beforo this com ­
m ittee the benefit o f his knowledge tho responsibility must rest with them ,
and with them alone.
So with M r. Barrett, w ho, it appears, was ill when tho com m itteo was in
N ow Y ork before, but has so recovered that ho has been able to m ake a trip
to tho South, where ho now is. Upon tho ovidenco now before tho com ­
m ittee, M r. Barrett, as is shown b y a tolegram which ho him self sent t o
C hicago, was “ selling stocks again” at least tw o hours beforo his firm gave
the benefit to their customers o f their advance inform ation from W ashing­
ton. From such con du ct, o f courso, inferences that aro serious in tlioir
effect upon this firm m ust bo drawn by tho com m ittee.
M r. Barrett apparently is tho only m an who can lay inform ation beforo
this com m ittee which would oxonorato his firm from tho inferences which
must otherwise bo drawn. But tho com m itteo can, and perhaps is, bound
to m ake tho report upon tho inferences from existing facts and tho absence
o f M r. Barrett under theso circum stances, that neither ho nor his part­
ners wish to justify themselves beforo tho country and boforo this com m ittee
from tho inferences that otherwise m ust inovitably bo drawn. T ho respon­
sibility, therefor, it has seemed to m e, as counsel for tho com m ittee, m ust
rost upon tho firm and tho firm alono.

On Thursday Mr. Ellis read letters to show that Mr.
Barrett is really sick.
The testimony on Wednesday of Harry Content, of
II. Content & Co., ono of tho Now York brokerage houses
through whom Thomas A. Lawson dealt, brought out tho
fact that Mr. Lawson made $32,000 between Dec. 9 and 19;
this brought from tho inquisitors tho question, “How do you
account for Mr. Lawson’s statement that ho could not tell
within $500,000 tho amount of his profits or transactions?”
to which Mr. Content replied: “I can’t account for Mr.
Lawson’s statements.”

F eb , 17 1917.]

THE CHRONICLE

The name of Joseph P. Tumulty, President Wilson’s
Secretary, was again brought into the inquiry on Wednesday
when James B. Regan, proprietor of the Knickerbocker
Hotel, was asked the direct question whether, during a visit
of Mr. Tumulty in New York, Dec. 17 and 18, ho gave M r.
Regan any hint as to a prospective peace note. “Decidedly
not. I wish he had,” replied Mr. Regan, who added that he
had no discussion with Mr. Tumulty regarding affairs at
Washington. Mr. Regan denied the rumors that he himself
• sold short heavily in United States Steel during the “leak”
period.
C. I. Hudson, of C. I. Hudson & Co., was also examined
on Wednesday. Mr. Hudson testified that he had no
Government clerks or officials among his customers. Stuart
G. Gibboney, a lawyer, who was also before the Committee
on Wednesday, contradicted Mr. Lawson’s statement that he
had acted as a “go-between” for certain brokers and Secre­
tary McAdoo or Malcolm McAdoo, the brother of the Secre­
tary of the Treasury, in stock or other transactions. J.
Horace Harding of C. D. Barney & Co., likewise denied that
Secretary McAdoo or any other Government official had
any dealings with his firm. He added that he had had no
advance knowledge of the peace note except what appeared
on the stock ticker.
Jules S. Bache, senior member of J. S. Bache & Co., gave
figures on Wednesday from his books to show that in the
week of Dec. 18 the short sales of his customers were negli­
gible as compared with purchases. He said his books
showed 710,200 shares long and 36,900 shares short. The
Now York Times also had the following to say concerning
Mr. Baclie’s testimony:
M r. Bache told an inside financial story abou t a meeting o f sixteen brokers
a t the M etropolitan Club on the night o f D ec. 13. He said ho had caused
tho m eoting to discuss the loan situation, which ho characterized as danger­
ous. Ho said that in September his borrowings from banks were $35,000,­
000, and b y D ec. 12 this had clim bed to $51,000,000, whon ho was loaning
ou t for spoculativo purposes $77,000,000, tho difference representing tho
firm ’s m oney and margins. He said that was too large, and that ho callod
tho brokers together to discuss som e m ethods for halting the “ lon g " buying.
H o said tho men at tho conference represented borrowings o f $450,000,000.
" I callod the m eotin g ," ho said, “ becauso I thought that a lot o f waste
could bo done away w ith. W o talked over tho situation, but reached no
con clu sion s."

Wo likewise take the following from the “Times”:

Arthur Lipper o f L ip p e r& C o . testified that not m ore than 1% o f the
transactions o f his customers wero “ short” sales. H o said he was agent
for M iddendorf, Williams & C o. o f Baltim ore, a m em ber o f which firm is a
brother o f the C om ptroller o f tho C urrency. In reply to a quostion he donied ho had receiv.ed from tho Baltimore firm orders to sell Anglo-French
bonds In advance o f tho statement b y tho Federal Resorve Board discour­
aging investment b y American bankers in unsecured paper o f tho belliger­
ents.
W o should not be surprised to see developm ents later in the day regarding
peace, which m ay sentim entally a ffect the m arket unfavorably. W esuggest
no purchaso, but rather do nothing, or soli. W e cannot bo m ore definite.

At Thursday’s hearing Clifford Buckman, Manager for
Raymond, Pynchon & Co., was questioned concerning tho
following telegram, which was sent to his firm’s branches
and correspondents on Dec. 20:
Mr. Buckman testified that it was based upon telegraphic
advices received by his firm from A. M. Clement, of Clement,
Curtis & Co. of Chicago, five minutes before noon on Dec.
20. Tho dispatch was similar to one the Chicago house sent
to E. F. Hutton & C o .
Concerning the records shown at Thursday’s hearing by
Oliver Harriman of Harriman & Co., and the inference
developed there from that Jesse L. Livermore realized
profits in the neighborhood of 81,000,000 on Dec. 20, 21
the “Times” of yesterday said:
T he last session o f the inquiry developed that a custom er o f Harriman
& C o ., brokers, m ado m ore m oney out o f tho m arket break o f D ec. 20 and
21 than did Bernard M . Baruch, who told tho com m lttoo his p rofits were
$476,000. Oliver Harriman testified that at tho tim e o f tho break this cus­
tom er had accumulated a “ short” interest o f 80,000 shares, representing a
value o f $7,000,000. M r. Harriman said that tho operator covered while
tho m arket was breaking, when stocks fell from 10 to 20 points. T he wit­
ness m ado no estiniato o f tho profits o f the operator, but financial authori­
ties said that ho must have won between $800,000 and $1,000,000.
M r. Harriman said ho had rather not give the name o f the operator, but
from the signature “ J. L. L .” to telegrams sent over tho Harriman wire to
vvasnington on tho peace situation, it was surmised that he was Jesse L.
Llvorm oro, who is known to have been recently, a "s h o r t" trader. M r.
Harriman said his custom er was in the South. M r. Liverm ore is at Palm
B each, Fla.

The “Evening Post” last night stated that Mr. Whipple
yesterday cleared tho name of Mr. Livermore by pointing
out that Mr. Livermore had boen short of tho market since
Oct. 1, and had done the majority of his selling beforo the
period in question.
Francis L. Hino, President of the First National Bank of
this city, testified on Thursday that tho loans to brokers had
increased 20% from last October to Decembor. His bank
had outstanding in December, ho said, about 875,000,000
or 880,000,000. William A. Simonson, General Executive



629

Manager of the National City Bank, when asked by the Com­
mittee on Thursday about loans his bank made to brokers,
gave the following dates and amounts: Oct. 2, 888,000,000;
Oct. 21, 866,000,000; Nov. 1, 866,000,000; Nov. 15, 878,­
000,000; Dec. 1, 889,000,000; Dec. 4, 876,000,000; Dec.
11,873,000,000; Dec. 19, 874,000,000; Dec. 20,873,000,000;
Dec. 21, 873,000,000; Dec. 22, 872,000,000; Dec. 26, 869,­
000,000. Mr. Simonson denied that the National City
Co., an adjunct to the bank, bought or sold stocks.
E F F O R T S TO R E L I E V E C A R S H O R T A G E A N D

F R E IG H T

C O N G E S T IO N .

Summary action was taken on Thursday by the chief rail-­
roads of the country to relieve the shortage of freight cars and
the traffic congestion at Eastern seaports, again assuming
an acute stage because of the curtailment of transatlantic
shipments as a result of Germany’s submarine campaign.
At a meeting in Washington on that day, attended by Inter­
State Commerce officials, representatives of thirty roads,
reached a “gentlemen’s agreement” for a new and drastio
campaign of relief, including the following measures:
A doption o f regulations tantam ount to a virtual em bargo on all export
shipments through Eastern ports, until a part o f tho vast accum ulation
already awaiting steamships can be cleared away.
Liberal use o f “ an intelligent em bargo” on all dom estic eastbound ship­
ments. Such an em bargo, already effective on som e roads, m ay be ex­
tended.
A p olicy o f separating em pty from loaded cars in tho congested yards and
sending tho em pties back, with others released b y unloading, to W estern
lines in solid trafnloads, ahead o f all other traffic except passenger trains.
Eastern roads agreed to give in addition an em pty car to their W estern
connections fo r every loaded car received.

Export traffic through the East will remain virtually at a
standstill during the period of adjustment, and eastbound
domestic traffic will be greatly curtailed, it is stated, if the
plans work out. The amount of freight for export has in­
creased greatly at Eastern ports, because of the great decrease
in steamship sailings since the severance of diplomatic
relations with Germany, the congestion at some Eastern
yards, it was said, having become so serious that it is ex­
tremely difficult to move anything. One road is reported to
have every track crowded and, in addition, cars loaded with
export wheat standing on forty-nine barges in New York
Harbor. Every Eastern grain elevator is said to be over­
flowing, and in addition, there are
bushels of ex­
port wheat in Minneapolis, which have been awaiting trans­
portation East for more than two months. In New England,
tho railroad men say, there is a threatened shortage of
grain, while the flour supply of Pittsburgh, Philadelphia,
Now York, and Now England cities is none too large. At
Thursday’s meeting it was decided to move two train­
loads of fifty cars each East from Minneapolis daily, one
laden with wheat, for New England, the other carrying flour
to New England and the three cities named.
The two daily trainloads of wheat and flour are to be given
tho right of way over all other traffic, except passenger
business. Railroad officials believe the plan will succeed in
averting any foodstuffs shortage in Eastern cities. The
embargo applying against eastbound shipments, it was said,
will not apply to foodstuffs for domestic use, which will be
expedited as much as possible. The roads also will move
coal promptly to Eastern cities and to any points where a
shortage threatens, directing their first energies to keeping
tho lines open for coal and food. As fast as sailing ocean
steamers diminish the accumulation of freight awaiting
export at Eastern ports the railroads will lessen the embargo,
permitting the shipment, ton for ton, of supplies to replace
those taken away. In this manner, it is thought, tho old
accumulation can be disposed of and fresh shipments will
await their turn.
The Commission on Car Service, which has authority to
act for the American Railway Association in relieving the
car situation, announced on Thursday that tho plan for
eastward movement of grain and flour from Minneapolis would
be carried out through the following detail:
4 ,0 0 0 ,0 0 0

T w o trains w eekly, each o f fifty cars o f flour, from M inneapolis to the
Pittsburgh territory, via Pennsylvania lines and-tho Baltim ore & Ohio R R .
One train weekly o f fifty cars o f flour from M inneapolis to Philadelphia,
via Baltimore & Ohio R It.
T w o trains wookly, each o f fifty cars o f flour, from M inneapolis to N ew
Y ork , via the Pennsylvania R R . and the Baltim ore & Ohio R R .
Ono train weekly o f fifty cars o f flour from M inneapolis to B uffalo, via
tho New Y ork Central lines.
^ T w o trains weekly, each o f fifty cars o f flour, from M inneapolis to N ew
England territory, via the New York Central and Pennsylvania lines.
A daily train o f fifty cars o f feed stu ffs, oats and corn (including seed
oa ts), from M inneapolis to N ew England points. These trains will run
alternately over tho Pennsylvania, New York Central, Erie, M ichigan Cen­
tral. Lackawanna, N orthern P acific, Lehigh Valley, ami W abash rail­
roads.

630

THE CHRONICLE

On the 14th inst. the Delaware Lackawanna & Western
RR. announced a complete embargo on freight for points
west of Buffalo. Tho Pennsylvania RR. which three weeks
ago placed an embargo on all eastbound freight except
perishables, foodstuffs, live stock and Government ship­
ments, this week put into effect a temporary embargo on
shipments for delivery by truck in New \ork on all except
perishable freight, foodstuffs, Government supplies, and
newsprint paper. Tho New York New Haven & Hartford
■ placed an embargo against shipments in less than carload
lots for delivery in Now Haven or for transfer at New Haven.
Other embargoes include the following:
N ew Y ork C entral— All points in Canada and points west o f Chicago.
Erie— All points in Canada, and carload lots for points west o f Kent, O.
Baltim ore & Ohio— R eceiving freight for all points W est and South.
Lehigh Valley— Carload lots for points west o f B uffalo and Niagara Falls.
Shipments less than carload lots are being accepted, but an em baigo m ay
be declared alm ost im m ediately.

The Lake Shore, Recording to the “Herald,” has an embargo
on everything but perishables, and is taking no carload lots.
The Michigan Central, the Grand Trunk and the Nickel
Plato, it states, are taking less than carload shipments.
Advices from St. Louis on the 15th inst. stated that a farreaching embargo has been placed by most of the trunklines
running east of St. Louis on nearly all carload freight. The
Big Four and tho Chicago Burlington & Quincy aro among
the roads which will not accept through carload shipments of
non-perishable freight for tho East. Announcement of
embargoes by the Atchison Topeka & Santa Fo and tho
Union Pacific railroads wero also made on the 15th. They
will not accept shipments except of perishable products, for
delivery east of Chicago and north of the Ohio River.
The Texas & Pacific has placed an embargo on export grain
to New Orleans and Galveston and tho Missouri Kansas &
Texas on everything except perishable freight to points east
of Illinois.
The freight congestion at Chicago was said on tho 15th
inst. to be more serious at the present time than ever beforo.
For many months, it is stated, the congestion has been work­
ing westward from the seaboard. At first it was war muni­
tions which blocked other traffic, but gradually, as yards
became congested, other products accumulated until now,
as an instance cited by an expert on traffic to-day, there aro
30,000,000 bushels of grain in Chicago elevators and 7,000,­
000 bushels are in railroad cars which cannot be moved
because it would merely intensify tho congestion east of
Chicago. North, south and west of that gateway instruc­
tions are out holding back shipments of everything except
perishable goods, live stock and fuel. Unusually cold weather
and heavy snowstorms did their part in increasing the evils
.
of the situation. ____________

[Vol. 104.

o f tho States have been forced to meet demands for increased wages and
shorter hours, increased cost o f material and equipment, have been required
to m eet the demands o f the new parcel post law, without an increase in
com pensation and at an increased cost to themselves, and as a reward and
recompense for assuming and meeting these burdensome conditions have
been forced to reduce the freight and passenger rates under which they
form erly operated.
In other words, the railroads have suffered at both ends o f tho line,
whereas the farmer has gained at both ends. Only b y tho restoration o f
former freight and passenger rates can tho railroads bo restored to their
form er days o f prosperity.
Missouri has a new Governor and a stronger Legislature than it has had in
m any years. The Governor should take the initiative and the Legislature
should have the courage to com e to the relief o f the railroads.
Let us continue to help the farmer as much as is possible and In every
way that is possible, but let us not neglect tho other arm o f tho tw o greatest
industries in the United States, and upon tho progress and success o f which
the prosperity o f the U nited States so materially depends.
Missouri can take one firm and determined step in the right direction by
following the example o f her sister States, Arkansas and Nebraska, in re­
storing the three-cent-per-m ile passenger rate. W ith such action in M is­
souri as an example and incentive, it is reasonable to assume that other
States soon will follow . B y all means, wo should take some action to make
tho prosperity o f the railroads real instead o f superficial.

SUPREME COURT AWARDS INTEREST IN DANBURY
HATTERS' CASE TO LOEWE & CO.

In an opinion handed down on Jan. 8 tho United States
Supremo Court decided that D. E. Loewe&Co., and not the
United Hatters of North America, is entitled to $20,000
accumulated interest on bank deposits of members of the
union attached (at the time the proceedings were first insti­
tuted by Loewe & Co. in 1903) for tho satisfaction of the
judgment against the union by tho firm under the Sherinan
Anti-Trust Law. Counsel for the hatters contended that tho
accrued interest should not be used toward the payment of
tho judgmont, their argument being that as the interest was
not in existence at tho time the attachment was levied it
could not bo held thereunder and belonged to tho union as
purchaser and owner of the respective bank accounts of the
members concerned. Judgo Edwin S. Thomas in the United
States District Court of Connecticut decided in favor of the
hatters, but tho United States Circuit Court of Appeals
roversed Judgo Thomas’ decision. The hatters carried the
case to tho United States Supreme Court, with the result that
the latter upholds the findings of tho Circuit Court of Ap­
peals and awards the interest to Loowo & Co. The “Wall
Street Journal” of the 9tli inst. had the following to say
concerning the decision of tho Supreme Court:

In referring to attem pts o f defendants to distinguish botween tho owner­
ship o f tho principal o f a fund, and the interest which has accumulated
thereupon, Justice Holmes, who wrote tho opinion o f tire C ourt, said:
"d ’ ho obligation to pay the one stands on tho same footing as tho obliga­
tion to pay the other; the two aro ono, they are limbs o f the same contract,
and there is no reason for splitting them u p .”
IIo then held that tho same rule applied to dividends on savings banks
deposits as in tho case o f ordinary interest bearing debts. When the $20,­
000 involved is turned over to Loewo & C o ., as it will be after tho mandate
o f tho Supreme Court has been sent dow n, the total collections toward the
GIVE THE RAILROADS NEEDED HELP.
paym ent o f tho judgm ent will bo slightly in excess o f $55,000, and steps
will then prom ptly be taken to sell at public auction the 110 homes in
[From tho St. Louis "T im es ,” Feb. 6 19171.
D anbury, Bethel and N orwalk in connection with tho pending foreclosure
Duo to tho largo increase in total operating rovenue earned by tho rail­
. . . ..
roads during 1916 and tho published statement o f tho Interstate Commerco proceedings.
Tho importance o f this case lies not in tho size o f the recovery, but in the
Commission that such earnings, for tho first tim o in tho history o f tho
far reaching principles o f law, established by tho liighest legal tribunal lor
cou n try, exceeded ono billion dollars, m any persons aro o f the erroneous
the protection o f employers and workmen from tho unfair aggression o f
impression that a high tide o f prosperity has returned to tho railroads.
organized labor. T he case has led to an abandonment ot the unfair list ot
T ho St. Louis “ Tim es” showed that, according to the latest statistics
the American Federation o f Labor, lias acted as a general restraint on
available, tho m uch talked o f "billion dollars” did not equal 6 % on the
b oycotting activities throughout tho cou ntry, and has also provoked dis­
total amount o f capital invested in tho railroads which made tho "blllioncussion which has led to many political planks o f various political parties.
dollar” showing.
Tho principles o f law established in this caso, and in tho Arkansas C oal
Further inquiry into the matter, and investigation for reasons w hy tho
cases by tho Supreme Court, have practically revolutionized labor unionism.
"billion dollars’ ” not earnings did not show a healthier and larger return on
T
he
principles established in tho Danbury hatters’ case are:
tho capital invested, discloso that not only has tho cost o f materials and
1. The Sherm an A nti-Trust Law applies to all activities o f organized
supplies, equipment and labor, operating and maintenance charges greatly
labor which seek to restrain or interforo with inter-Stato commerco.
increased, but also that the interest rates which the railroads were required
2. Mem bers o f labor unions aro liable for what is dono by their union
to pay during 1916 were higher, than in previous years, and that tho taxes
through its officers within their delegated authority.
for tho year 1916 had increased approxim ately .$6,250,000. The exact
3. In speaking for the C ourt. Justice Holmes o f the Supremo Bench said:
figures, com piled by tho Interstate Commerce Commission, show that tho
" I t is a tax on credulity to ask any ono to believo that members o f labor
increase in taxes during 1916 amounted to $6,232,000.
unions did not know that theso boycotts wero means expected to be em ­
These figures call attention, in a m ost forceful and striking manner, to
the tendency to advance assessments against all railroads. Tho propor­ ployed in the efforts to unionize shops.”
4. Salesmen o f a boycotted concern, It is held, may testily as to the
tion o f railway expenses which is represented by taxation has increased
explanations given them by customers as to why they discontinue patronage,
steadily, with ono or two exceptions, sinco 1897, and during tho past year
without tho necessity o f securing tho testimony ot those reluctant custo­
amounted to 4 3-10% o f tho total earnings o f the railroads. In other
mers from all parts o f tho country. Damages due to the acts upon which
words, tho 4 3-10% o f the abnormal revenues o f 1916 show a larger taxation
this suit was based are recoverable, even though they accrue after tho suit
against tho railroads than at any other time in their history.
T ho St. Louis “ Tim es” has always contended, and still contends, that had been commenced.
T he National Association o f Master Steam and Hot W ater Fitters
the railroad and farming industries aro tho tw o greatest industries in tho
publishes in their Law Notes that tho United States Circuit Court o f Appeals
United States, and that unless the railroads and tho farmers aro permitted
at Minneapolis has recently handed down a decision which threatens the
to prosper there can bo no general prosperity. The so-called prosperity
very existence of tho entire trade union m ovement. It says:
o f 1916 was not real or general and existed only in spots, duo to abnormal
"T h is decision reverses a previous decision o f a lower court and makes a
conditions brought on by the Europoan war.
union liable for threefold damages under the Sherman Anti-Trust Law.
In order to insuro genuine prosperity, tho United States Government and
This is the exact point on which the Danbury hatters case was decided,
the several States must bend their energies towards helping and assisting
the railroads in tho same manner in which tho Government and tho States says “ Law N otes.”
“ T w o concerns involved in this recent decision, the B ache- D enm an oa
are now endeavoring to assist tho farmer.
C o. o f Arkansas and tho Pennsylvania M ining C o ., each brought suit against
For tho farmer, tho Government is establishing farm loan banks, Is ap­
propriating many millions o f dollars, to bo used in the erection, building and the United M ine W orkers. Tho Bache-Denman C o. sued for $t,2o0,000
construction o f now postal roads, thus giving tho farmer financial and prac­ and the Pennsylvania C o. for $600,000.
“ T ho allegation under which damages wero claimed and which was ap­
tical assistance in cultivating his farm and disposing o f his products. And
proved b y the Court was much moro dangerous than tho basis o f tho Dan­
such action in so assisting tho agricultural Interests o f tho country meets
bury hatters’ case.
with approval and should bo encouraged and supported.
"T h o complaints in the coal mine suits, in the words o f tho Wall Street
On the other hand, the railroads, representing an equally large and im por­
Journal,’
’set forth the attempts o f the United M ine Workers to prevent
tant industry, have been discriminated against by adverse rulings on tho
part o f the Interstate Commerce Commission, adverse legislation in many the operation o f open shop mines in tho States o f Pennsylvania. ’West




Fe b . 17 1917.]

THE CHRONICLE

Virginia and C olorado, and allege that these attacks were part o f a general
scheme to m onopolize inter-Stato trade for union coal, and to further pre­
vent the operation o f open shop mines; that in furtherance o f this scheme
the defendants determined to destroy tho com petition o f open shop mines
b y preventing the operation o f these m ines.’
" I f this decision stands, any union that calls a strike will bo liable for
any damage that em ployer m ay meet as a result o f that slriko. I f the
strike prevents tho salo o f com m odities and causes tho loss o f a market
the union must meet tho damages.
' The attorneys for tho defendants pleaded the famous section o f tho
< Iayton Lav.' as a reason w hy they should not bo prosecuted under tho
anti-trust law.
I he C ourt paid no attention to this clauso, but ruled that labor organiza­
tions can be sued and held responsible to the samo extent as individuals and
• corporations.
"M oreov er, the Court referred to that section o f tho decision in tho Dan­
bury hatters' case which held that the members o f labor unions are liable
for whatever is done by their union through its officers within their dele
gated authority.
This is tho very thing against which unions have been fighting from tho
day o f their form ation. It was not until this provision o f tho com m on law
was rem oved in England and in tho United States that unions were possible',
except as secret conspiracies.
“ N o union can fight without damaging tho property interests o f em­
ployers. It is tho business o f a union at times to damage such interests
that the interests o f employees m ay be im proved.”
In tho Danbury hatters’ case tlicro remains now only the m atter o f
collection o f the judgm ent which with interest, C ourt costs and counsel fees
amounts to about $353,000, which, how ever, has been reduced b y tho
paym ent o f $33,000 principal o f tho bank accounts and $20,000 accum u­
lated interest involved in tho present decision o f the Supremo C ourt o f the
United States.
It is understood that tho American Federation o f Labor
and the United Hatters or N orth America have collected about $200,000
toward tho satisfaction o f the original judgm ent. Loowo has notified the
defendants that ho is about to foreclose on L10 pieces o f real property
located in Danbury, Ilcthel and N orwalk, belonging to tho defendant.
■This, h o c \ e i , he is reluctant to d o, but action o f tho American Federation
o f Labor, under the advice o f Samuel Gom pers, and the United Hatters o f
Nortli America, o f which tho Danbury local union is a part, leaves Loewo
no option. Counsel for tho plaintiffs in this suit state tlioy have always
been ready to settle Tor an amount covering tho actual dam age sustained
b j reason o f the b oycott, but tho individual defendants have been pre­
vented b y Gompers and tho United Hatters Union from making any sottloment. When tho homes and bank accounts o f tho looal hatters were
a ached the United Hatters o f N orth America and tho American Federation
o f Labor entered into a written agreement with tho m en, indem nifying tho
latter from any financial lass provided they would resist any claims o f
Loewe & C o. The intorost since accrued on tho bank account was tho
subject o f the United States Supremo Court decision just rendered.

G31

Thereby the Deutsche Bank has become the largest private
banking institution in tho world. This is particularly sig­
nificant in view of the anticipated strife for the world’s trade
markets after the war, as the Deutsche Bank is the central
point in the oversea distribution of German commerce and
German industry.
1 he important growth of tho Bank becomes still more
apparent when one draws into comparison the annual figures
foi the fiscal year 1915. These show an increase in the
deposits now of about 1,150 million marks ($273,809,524),
and in the reserves of some 45 million marks ($10,714,285).
EVEN 1NG STUDY COURSES FOR WOMEN A T HUNTER
COLLEGE.

Many business women find that college training is of ad­
vantage in their work. Hunter College, at Lexington Ave­
nue and 68th Street, is now undertaking to give women such
training through evening classes—the same opportunity that
City College has for several years afforded men. If there is
sufficient response on the part of business women, teachers
and others occupied during tho day, the city will undoubtedly
provide a free evening college; at present it is necessary to
cnarge a small fee. Courses are offered in stenography,
business English, French, German, Spanish, elements of
accounting, trigonometry, college algebra and geometry,
geography of commerce and industries, short story writing,
home economics, home nursing, first aid to the injured]
botany, electricity, physiography, physiology, history, gov­
ernment, economics, studio practice in drawing, design, cos­
tume design, voice culture, theory of music, music apprecia­
tion and piano. Classes meet from one to three evenings a
weok. College credits, a sufficient number of which will en­
title the holder to a degree, are given whenever the student is
entitled to them. The fee for registration is two dollars, and
the fee for each point of credit is four dollars. Each course
lasts sixteen weeks. Women who wish to enter these classes
are urged to register immediately at the office of the Direc­
tor, near tho entrance to Hunter College on Lexington Ave­
REOPENING OF SHREVEPORT RATE CASE.
The reopening of the Shreveport rato case was ordered on nue, where full information regarding the courses may be
the 2nd inst. by tho Intor-State Commerco Commission upon obtained. The office hours are from 5 to 8 p. m. from Mon­
the petition of tho Attorney-General of Texas, tho Texas day to Friday.
Railroad Commission and others. In announcing the re­
opening of tho case for further hearing tho Commission A UGUSTA COTTON EXCHANGE PROPOSES CLOSING OF
states that its order of last July (mado known on Aug. 12, COTTON EXCHANGES BECAUSE OF GERMAN NOTE.
and referred to in these columns Aug. 2G) is to remain in ful Tho Augusta Cotton Exchange recently adopted a resolu­
force and effect pending tho rehearing and decision. In its tion under which all cotton exchanges throughout the country
decision of last summer tho Commission found that rates were requested to close because of the international crisis
between Shreveport, La., and points in Texas were unreason­ and its effect on the cotton market. rI he Board of iYIanagcrs
able and unduly prejudicial to Shroveport as compared with of the New York Exchange held a meeting before the open­
rates for like distances in Texas. Reasonable maximum rates ing of the Exchange on Feb. 2 to consider the question, and
between Shroveport and Texas points wero prescribed.' The it was decided that the best interests of the trade would be
Attorney-General of Texas and various localities and com­ served if the Exchange remained open. It is said that a
mercial interests in Toxas challenged the jurisdiction of the similar view of the problem was taken by the directors
Commission to make tho order, and presented what they of tho New Orleans Cotton Exchange. The following reso­
claimed to bo instances of hardship which would result to lution was unanimously adopted by the board of the New
various interests in Texas from tho operation of rates pro­ York Cotton Exchange on Feb. 2:
posed by tho Commission. In making known its decision to W hereas the action o f yesterday’s m arket has resulted in m aterially re­
ducing the volum e o f outstanding contracts, leaving a large m ajority o f
reopen tho case tho Commission says:
those open for the account o f trade interests and merchants as hedges; and

Our order was m ade after careful consideration u p o n tho basis o f a volum i­
nous record. ’I o vacate this order m ight have tho effect o f reinstating
many o f the discriminations form erly existing which have been shown to be
real and material and o f long standing. Argument lias been had since that
order was entered, but no further ovidcnco in tho strict sense o f tho word
has been submitted.
In the absence o f a showing o f error in our report and order we arc o f tho
opinion that the order should stand pending further proceedings now con ­
templated.
The desirability o f co-operation with tho Stato authorities is, however
obvious. Under tho circumstances wo conclude that these proceedings
should 1)0 reopened for further hearing, the order o f July 7 lo u j to remain
in full force and effect pending such hearing and decision thereon.

DEUTSCHE BANK SAID TO BE LARGEST PRIVATE
BANK IN THE WORLD.
[ t ranslated from Now York “ Staats Zeltung,” F eb.

13 1 9 1 7 .]

lhe resident agency of tho Deutsche Bank has received
a wireless dispatch from the Central offico in Berlin, which
confirms tho amalgamation of the Schlessischo Bankverein
and the Norddeutscho Credit Anstalt with that institution,
and tho increase in the capital stock of tho Bank by 25
million marks ($5,952,381), recently reported by the Over­
seas News Agency.
Y ith this latest addition tho capital and reserves of the
Deutsche Bank reach tho amount of one-half a billion marks
($119,047,019), while tho doposits aro increased to 3 700
million marks ($880,952,381).



AV hereas, our Clearing House has dem onstrated conclusively its ability
to p rotect the trade; and
W hereas, experience has taught us that the perem ptory closing o f the
Exchange does not prevent a decline in values; therefore, bo i:
Resolved, T hat this meeting adjourn without action.

The Atlanta and Charleston cotton exchanges, it is said,
also requested the New York Cotton Exchange to suspend
business under present circumstances. The Houston (Texas)
Cotton Exchange and Board of Trade, it is stated, was op­
posed to suspension, and so advised the New York Cotton
Exchange.
CAPTAIN DOLLAR INDICATES SHIPPING LOSSES
A N D PROBABLE CONDITIONS AFTER WAR.

Tho loss to England of some 12% of her deep-sea shipping
as a result of the war, while Germany has lost some7.5% of
hers, through mines or otherwise, was announced (according
to available statistics) in the report of the Committee on the
Merchant Marine of the National Foreign Trade Council,
of which Robert Dollar is Chairman, at the National Foreign
Trade Convention three weeks ago. The report said further,
concerning the war losses:
T ho 13.4% o f German tonnage now in the hands o f the Allies has not
been wiped o ff the register, nor is it necessary to take into consideration
Hie 3 9 .1 % o f German tonnage laid up in neutral harbors. In the case o f
N orw a y, tho loss o f shipping due to the war has been even greater than that
sustained b y England. The merchant shipping o f the world to-day is
probably only 83 or 9 0% o f what it was when the war broke out after

633

THE CHRONICLE

taking into consideration all new tonnage built during tho past tw o years,
which is the smallest for almost a generation.
C ollectively with this process o f destruction, we must include some V A
million tons o f shipping laid up to avoid tho risk o f capturo, while at least
another 12 m illion tons is in constant uso b y tho Allies in connection with
their transport service. Altogether it has beon estimated that only slightly
m oro than 50% o f the whole mercantile fleet o f tho world is now available
for peaceful trade, so that no great effort o f the imagination is needed to
understand tho position as regards both the present level o f freights and
tho prices which neutral ships are com m anding in tho sale market.

With regard to measures for the remedying of the losses,
Capt.
Dollar said:
T he next question in order is tho nature o f tho steps taken to rem edy

the loss o f that 10% m oro or less o f tho w orld’s tonnago which has been
destroyed as a result o f tho war. It is here that the greatest difficulty
will bo found in arriving at anything like comprehensive figures upon which
to base positive deductions. In 1913, for instauco, Uritish shipyards
turned out approxim ately 1,975,000 tons o f shipping. Last year their
output was reduced to 580,000 tons, but concurrently there was a pro­
portionate increase in other countries, particularly in the United States,
where, including tho tonnago built on foreign account, somo 560,000 tons
o f shipping were launched. In H olland, France, N orway and Denmark
last year’s output was slightly reduced owing to difficulty o f securing
m aterial, while little is known o f what is going on in German shipyards.
Japan and Holland together turned out about as much tonnage as tho
United States and adding the British total to that o f all other countries,
the total for 1916 is slightly above 1,820,000 tons o f now ships, which is
less than the output o f tho United Kingdom alone for tho year 1913. The
output o f new tonnage throughout tho world has been reduced b y 50%
since the beginning o f the war.
A ccording to tho figures given o f the Bureau o f N avigation o f the U . S.
Departm ent o f Com m erce, not less than 1,428,000 tons o f steel ships alone
had been ordered from American shipyards on D ec. 1 1916, and in the
United K ingdom , according to tho figures o f “ L loyd ’s R egister,” ap­
proxim ately 1,800,000 tons o f shipping are in various stages o f com pletion
and could be put into service within a few m onths, should the cessation
o f hostilities permit em ploym ent o f sufficient labor to push work on these
ships.
Figures are lacking as to tho amount o f tonnago under way in Germany,
Franco, Italy, Japan and Holland. But it is known that this tonnago
is considerable and amounts to at least as much as has beon ordered in this
cou ntry, so that thero is every reason to beliovo that should hostilities
terminate this year, tho mercantile marine o f the world after another year
w ould show a not loss less than anticipated. In other words, it would
havo suffered from arrested developm ent, a condition open to various
interpretations, for the reason that in years past trado depressions were
followed b y terrible slumps in tho shipping industry so that any slackening
in the m ovem ent o f international traffic resulted in depriving ordinary
cargo ships or tramps o f a living wage, forcing m any o f them into idleness.
This surplusage, therefore, will havo been wiped out b y tho destruction
wrought during the war and the slackening o f shipbuilding operations;
making tho exploitation o f oversea transports a loss precarious industry
than it has been since tho last boom period o f 1900, which was then brought
about wholly b y tho enormous requisitions o f tonnago b y Great Britain
for the transport o f troops and supplies to tho seat o f war in South Africa.
T he last phase o f tho problem o f rehabilitation o f merchant shipping
after tho war is that which has to do with tho probable amount o f traffic
that will bo available when tho guns are silenced and tho legitimate sharo
o f such traffic which m ay accruo to tho American merchant marino.
W hen studying tho merchant marino problom in its particular relation­
ship to tho ownership and operation o f tonnago under tho American flag,
It must not be overlooked that thero exists in our foreign trade a serious
deficiency from tho traffic point o f view; the fact that tho normal tonnago
o f American exports is about twico that o f imports, so that there exists
at all times a greater domand for tonnago to carry exports than is usually
to bo found disengaged in tho ports o f tho United States.
T o sum up, this is tho situation: Tho traffic is here and m ore traffic
m ay spring up as a result o f m oro intensive exploitation o f our coal mines,
increased Imports o f ore and nitrates and greater expansion o f our expoit
trado in manufactured goods. From tho transportation o f about half o f
this traffic, not only can our people derive a very largo rovenuo, which w 1
be a welcom e addition to our national wealth, but tho ability ot tho na on
to defoncl itself against foes will also bo well sorved b y tho ownership o f so
largo a fleet. Tho investment that would bo represented in such a fleet
amounts to probably ten times tho $50,000,000 appropriated b y tho Ship
Purchase A ct.
. ,
Therefore, tho duty which lies boforo tho Shipping Board created b y t
samo law is not so much tho expondituro o f that appropriation utu or 10
dangerous conditions existing at present, but tho evolution o f a po cy
enabling American ships to com pote on equal torms with thoso that havo
in tho past carried tho preponderating sharo o f our foreign com m erco.
It is not generally realized that tho authorization for a $50,000,000 bone
issuo to give effect to tho Shipping A ct, is tho m ost unrestricted appropria­
tion over made b y Congress, for no regulations aro laid down, i pu lc
building bill always specifies tho location and limit o f cost o f post offices
and custom houses. A river and harbor bill does tho samo for ongineeung
works. But tho Shipping Board is in powor to build, buy or lease vessels
and to lease or sell them and with tho funds thus derived it m ay built , m y
and leaso m oro and again lease or soil thorn. T ho way is open On
1C
Governm ent to assist private enterprise b y chartering vessols to inillv iclua s
or companies at less than tho market rates, but a distinct danger ui ^s n
tho possibility o f political influence being exerted to determine the recipients
o f such aid. Tho Shipping Board will require a m aximum o f Independence
and vision to resist such influence, for it is unlikely that tho public wi
ever consent to sufficient appropriations for tho Governm ent construe ion
or purchase o f tho six to ton million tons necessary to rendci Amenean
com m erco reasonably independent o f foreign transportation.
T ho Governm ent control o f European shipping during the war has lea
to somo projects for a similar control during tho reconstruction pt uo< ant
permanently thereafter, and this has created a rather academic apptehension that European merchant fleets m ay not, with tho return o f peace,
be again so thoroughly at tho servico o f American commerce as >, ore
e
war, but that b y somo co-operativo policy tho various bciligeien s w i^
uso their shipping only for tho oncouragemont o f their own com m erce.
This overlooks two important facts: First, that im portation from , an
export to, tho United States will bo tho m ost important oleme it o f Euro­
pean com m erce and, second, that when ships now impressed n G o u r i .
ment service and immobilized aro released, thero will probably bo moro ship
than freight and unrestricted com petition will servo tho national intercs
o f all countries better than European Governm ent control.
T ho first duty o f the Shipping Board obviously is to acquaint tho Ameri­
can peoplo witli the fundamentals o f ocean transportation, especially as
relates to American foreign com m erco. And its
o n d duty is to mako
recommendations to Congress, which will perm t tho developm ent by




[Vol. 104

privato enterprise o f a merchant fleet sufficient to give the United States
what, for m any years, econom ic and legislative construction havo denied
it, a sharo in tho ocean carrying trado o f the world.
A p olicy consisting o f a few Governm ent steamship lines i\itl not be a
solution o f tho problem , in which probably, abovo all others, tho American
people aro interested.
T ho United States Shipping Board will bo accompanied in its labors by
tho earnest wishes o f the American business public that its labors m ay result
in a broad and constructive p olicy. T o this end it is tho duty o f every
American citizen, engaged in foreign trado, to give his cordial co-operation
and best inform ation to the Board.
Comm ercial and industrial organizations should bo encouraged to study
this question in its broadest aspects as an industrial proposition. ^

In. interjections during the courso of the presentation of
the report, Capt. Dollar, speaking of tho Government
Shipping Board is quoted as having said:

M em bers o f tho Board are an excellent group o f men, b u t they know
little o f shipping. W hen I get a suit o f clothes I do not go to a shoemaker.
There is a lawyer, a lumberman, a railroad man and thero aro only two
shipping inon on the Board. The Seamen’s Union have dono their utm ost
to provent tho ratification o f the tw o shipping men. These men know too
much about shipping and tho Seaman’s Union. In England they select
as members o f the shipping board the men who aro m ost active in shipping.

U

S. SUPREME COURT UPHOLDS M A N N
SLAVE ACT.

WHITE

Tho Federal White Slavo Law, othorwiso known as tho
Mann “White Slavo” Act, was upheld by tho United States
Supremo Court in a decision handed down on Jan. 15. In
three test cases tho Court, in a divided opinion, affirmed tho
convictions of F. Drew Caminetti and Maury I. Diggs, of
Sacramento, Cal., and L. T. Ilays, of Alva, Okla. Iheir
imprisonment sentences and fines will become effective
within thirty days after the issuanco of tho Court’s mandate.
Tho Court divided fivo to three in interpreting tho law
enacted in 1910. Chief Justice White and Justices Mc­
Kenna and Clarke, in a minority opinion, held that Congress
intended to havo the law apply only to actual traffic in
women and not to personal immoralities. Justico McReynolds, who was Attornoy General during tho prosecution
of Caminetti and Diggs, took no part in tho cases. The
majority opinion, given by Justico Day, held that while
Congress may havo intended tho law to prohibit only traffic
in women for pecuniary gain its plain terms included inter­
diction of their transportation “for any other immoral
purpose.” If it was not so intonded tho majority said it
was tho function of Congress, not tho courts, to amend tho
law. Wider scope in enforcing tho law now is open to tho
Department of Justice, which contended for tho broader
interpretation. The ruling affects many ponding cases.
Whether tho law makes “accomplices” of women involved
in personal escapades was not definitely decided by tho
Court, but their testimony against men indicted was upheld
as permissible. Caminetti and Diggs wero found guilty in
1913 in the United States District Court at San Francisco
of violating the Mann Act. Tho convictions wero affirmed
in March 1915 by tho United States Circuit Court of Appeals
at San Francisco. Diggs was sentenced to two yoai’s im­
prisonment and to pay a fine of $2,000, while Caminotti was
given a sontenco of eighteen months’ imprisonment and was
fined $1,500. The U. S. Circuit Court of Appeals at San
Francisco on May 10 1915, donied a petition for a rehearing,
but on May 28 of that year tho U. S. Supreme Court at
Washington granted an application for a rehearing Ilays
was sentenced to eighteen months in prison. Tho defonso in
tho Diggs-Caminotti cases contended that the purpose of
tho Mann Act was to deal with commercialized vice, and not
with escapades. It was urged that only when women were
transported for purposes of gain in immoral practices was tho
statuto applicable. Tho fact that tho title of tho Act was tho
“White Slavo Act” was argued to show tho intention of
Congress. Tho Court, liowover, did not givo consideration
to the language of tho title, but pointod out that thero could
be no doubt of tho meaning of tho language employed in the
body of tho Act, Justico Day in tho majority opinion saying:
In none o f these cases was it charged or proved that tho transportation [of
tho wom en involved) was for gain or for tho purpose o f furnishing wom en for
prostitution for hire.
Thero is no am biguity in tho terms o f this A ct. It is elementary that tho
meaning o f a statute must in the first Instance bo sought in tho language o f
tho A ct as fram ed, and if that is plain tho solo function o f tho courts is to
enforco it according to its torms.
T o cause a woman to bo transported for dobauchory or for an im m oral
purposo, for which Diggs and C am inetti were con victed , w ould seem b y tho
very statement o f tho facts to em brace transportation for purposes de­
nounced b y the A ct. W hile such immoral purposo would bo m oro culpable
in morals if accom panied w ith expectation or gain, such considerations do
not prevent tho lesser of. en to against morals from tho execution o f purposes
within the meaning o f tho law. T o say to tho contrary would shock tho
com m on understanding o f what constitutes an imm oral purposo.

Tlio dissenting opinion filed by Justico McKenna, which
was not read from tlio bench, hold it was clearly tho intent
of Congress to reach only commercialized vice. It said
in part:

Feb . 17 1917.]

THE CHRONICLE

“ I m m o r a l ” la a v e r y c o m p r e h e n s i v e t e r m .
I t c o v e r s e v e r y fo r m o f v ic e .
I t w i l l h a r d l y b o c o n t e n d e d t h a t i n t h i s s w e e p i n g s e n s o I t is u s e d i n t h e
s t a t u t e . T h e r e is n o u n c e r t a i n t y a s t o t h e c o n d u c t i t d e s c r ib e s . I t is
c o m m e r c i a li z e d v i c e ; i m m o r a l i t i e s h a v i n g a m e r c e n a r y p u r p o s e .
I t is
v i c e a s a b u s in e s s a t w h i c h t h e l a w is d i r e c t e d .
A n y m e a s u r e t h a t p r o t e c t s t h e p u r i t y o f w o m e n f r o m a s s a u lt o r e n t i c e ­
m e n t o r d e g ra d a t io n fin d s a n in s t a n t a d v o c a t e in o u r b e s t e m o tio n s . B u t
t h e ju d ic ia l fu n c t io n c a n n o t y ie ld t o e m o t io n .
I t [ t h e c o u r t s h o u ld n o t
s h u t i t s e y e s t o w h a t c v e r b o d y k n o w s . A n d e v e r y b o d y k n o w s t h e r e Is a
d i f f e r e n c e b e t w e e n t h e o c c a s io n a l i m m o r a l i t i e s o f m e n a n d w o m e n a n d
t h a t s y s t e m a t i z e d a n d m e r c e n a r y i m m o r a l i t y e p i t o m i z e d i n t h e s t a t u t e ’s
g r a p h ic p h ra s e — “ w h it e s la v e t r a f f ic . ”
A n d it w a s s u c h I m m o r a lit y th a t
w a s in t h e l e g i s l a t i v e m i n d a n d n o t t h e o t h e r .
T h e . o t h e r is o c c a s io n a l,
n o t h a b i t u a l — in c o n s p ic u o u s — d o e s n o t o f f e n s i v e l y o b t r u d e u p o n t h e p u b l i c
n o tic o .
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T E X T OF A C T R E G U L A T I N G B IL L S OF L A D I N G .

The Pomorene Bill, making the carriers responsible for the
acts of their agents in cases whero bills of lading aro issued
for goods not actually delivered, went into effect on Jan. 1.
As indicated in these columns Sopt. 2, the bill became a
law with its approval by President Wilson on Aug. 29. We
give the text of the law herewith:
lie it enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled, T h a t b i ll s o f l a d i n g i s s u e d b y a n y c o m m o n
c a rrie r fo r t h e t r a n s p o rt a t io n o f g o o d s In a n y T e r r i t o r y o f t h e U n it e d S ta te s ,
o r t h e D i s t r i c t o f C o l u m b i a , o r f r o m a p la c e i n a S t a t o t o a p la c e i n a f o r e i g n
c o u n t r y , o r f r o m a p la c o i n o n o S t a t o t o a p la c e i n a n o t h e r S t a t o , o r f r o m a
p la c o i n o n o S t a t o t o a p la c o i n t h o s a m e S t a t o t h r o u g h a n o t h e r S t a t e o
f o r e i g n c o u n t r y , s h a ll b o g o v e r n e d b y t h i s A c t .
S e e . 2 T h a t a D ill in w h i c h i t is s t a t e d t h a t t h o g o o d s a r o c o n s ig n e d o r
d e s t i n e d t o a s p e c if i e d p e r s o n is a s t r a i g h t b i ll .
S e e . 3 . T h a t a b i ll i n w h i c h i t is s t a t e d t h a t t h o g o o d s a r o c o n s ig n e d o r
d e s t i n e d t o t h o o r d e r o f a n y p e r s o n n a m e d i n s u c h b i ll is a n o r d e r b i l k
Any
p r o v i s i o n i n s u c h b i ll o r j r . t n y n o t i c e , c o n t r a c t , r u l e , r e g u l a t i o n , o r t a r i f f
t h a t i t is n o n - n e g o t i a b i o E hn .'l b o n u l l a n d v o i d a n d s h a ll n o t a f f e c t i t s
n e g o t i a b i l i t y w i t h i n t h o m e a n i n g o f t h i s A c t u n le s s u p o n i t s f a c e a n d i n
w r it in g a g re e d t o b y th o s h ip p e r.
S e c . 4 . T h a t o r d e r b ills is s u e d in a S t a t o f o r t h o t r a n s p o r t a t i o n o f g o o d s
t o a n y p la c e i n t h o U n i t e d S t a t e s o n t h o C o n t i n e n t o f N o r t h A m e r i c a ,
e x c e p t A l a s k a a n d P a n a m a , s h a ll n o t b o i s s u e d i n p a r t s o r s o t s .
I f so
I s s u e d , t h o c a r r i e r i s s u i n g t h e m s h a ll b o lia b lo f o r f a i l u r e t o d e l i v e r t h e
g o o d s d e s c r ib e d t h e r e i n t o a n y o n e w h o p u r c h a s e s a p a r t f o r v a l u e i n g o o d
fa ith , o ve n th o u g h th o p u rc h a s o b o a fte r th o d e liv e r y o f th o g o o d s b y th o
c a r r i e r t o a h o l d e r o f o n o o f t h e o t h e r p a r t s : Provided, however. T h a t n o t h i n g
c o n t a in e d i n t il l s s e c t io n s h a ll b o i n t e r p r e t e d o r c o n s t r u e d t o f o r b i d t h o
I s s u in g o f o r d e r b ills in p a r t s o r s o t s f o r s u c h t r a n s p o r t a t i o n o f g o o d s t o
A la s k a , P a n a m a , P o r t o Itic o , t h o P h ilip p in e s , H a w a ii, o r fo re ig n c o u n trie s
o r t o I m p o s e t h o l ia b il it i e s s o t f o r t h i n t h i s s e c t io n f o r s o d o i n g .
S e c . 5 . T h a t w h e n m o r e t h a n o n o o r d e r b i ll Is is s u e d in a S t a t e f o r t h o
s a m o g o o d s t o b o t r a n s p o r t e d t o a n y p la c o i n t h o U n i t e d S t a t e s o n t h o C o n ­
t i n e n t o f N o r t h A m e r i c a , e x c e p t A l a s k a a n d P a n a m a , t h o w o r d “ d u p li c a t e ”
o r s o m e o t h e r w o r d o r w o r d s i n d i c a t i n g t h a t t h e d o c u m e n t is n o t a n o r i g in a l
b i l l , s h a ll b o p la c e d p l a i n l y u p o n t h e f a c e o f o v e r y s u c h b i ll e x c e p t t h o o n o
f i r s t is s u e d . A c a r r i e r s h a ll b e l ia b le f o r t h o d a m a g e c a u s e d b y h is f a i lu r e
so t o d o t o a n y o n o w h o h a s p u rc h a s e d t h o b ill f o r v a lu e in g o o d f a it li a s a n
o rig in a l, o v e n t h o u g h t h o p u rc h a s o b o a f t e r t h o d e l i v e r y o f t h o g o o d s b y
t h o c a r r i e r t o t h o h o l d e r o f t h e o r i g in a l b i ll : Provided, however, T h a t n o t h i n g
c o n t a in e d i n t h i s s e c t io n s h a ll i n s u c h c a s e f o r s u c h t r a n s p o r t a t i o n o f g o o d s
t o A la s k a , I a n a m a , P o rt o Itic o , t h o P h ilip p in e s , H a w a ii, o r fo re ig n c o u n trie s
b o in t e r p r e t e d o r c o n s tru e d s o a s t o re q u ir o t h o p la c in g o f t h o w o r d “ d u p li­
c a t e t h e r o o n , o r t o i m p o s o t h o l ia b il it i e s s e t f o r t h i n t h i s s e c t i o n f o r f a i lu r e
so to d o .
S e c . 6 . T h a t a s t r a i g h t b i ll s h a ll h a v o p l a c e d p l a i n l y u p o n i t s f a c o b y t l i c
c a r r i e r is s u i n g i t " n o n - n e g o t i a b l o " o r " n o t n e g o t ia b le . "
T h i s s e c t i o n s h a ll n o t a p p l y , h o w e v e r , t o m e m o r a n d a o r a c k n o w le d g m e n t s
o f a n In fo rm a l c h a ra c te r.
S e c . 7 . T h a t t h o i n s e r t io n i n a n o r d e r b i ll o f t h o n a m e o f a p e r s o n t o b o
n o t i f i e d o f t h o a r r i v a l o f t h o g o o d s s h a ll n o t l i m i t t h o n e g o t i a b i l i t y o f t h o
b i ll o r c o n s t i t u t e n o t i c o t o a p u r c h a s e r t h e r e o f o f a n y r i g h t s o r e q u it i e s o f
s u c h p e rs o n In t h o g o o d s .
S e c . 8 . T h a t a c a r r i e r , i n t h o a b s e n c o o f s o m e l a w f u l e x c u s e , is b o u n d t o
d e l i v e r g o o d s u p o n a d o m a n d m a d o e i t h e r b y t h o c o n s ig n c o n a m e d i n t h o
b i l l f o r t h o g o o d s o r , i f t h o b ill is a n o r d e r b i l l , b y t h o h o l d e r t h e r e o f i f
s u c h a d e m a n d is a c c o m p a n ie d b y —
(a ) A n o f f e r I n g o o d T a l t h t o s a t i s f y t h o c a r r i e r ’s l a w f u l l io n u p o n t h e
goods;
(b ) P o s s e s s io n o f t h o b ill o f l a d i n g a n d a n o f f e r I n g o o d f a i t h t o s u r r e n d e r
p r o p e r l y i n d o r s e d , t h o b ill w h i c h w a s I s s u e d f o r t h o g o o d s , I f t h o b i l l Is a n
o r d e r b i ll ; a n d
(c) A r e a d in e s s a n d w i l li n g n e s s t o s i g n , w h e n t h o g o o d s a r o d e l i v e r e d ,
a n a c k n o w le d g m e n t t h a t t h o y h a v o b e e n d e l i v e r e d , i r s u c h s i g n a t u r e is
r e q u o s t e d b y t h e c a r r ie r .
I n c a s o t h o c a r r i e r r e f u s e s o r f a i ls t o d e l i v e r t h o g o o d s , i n c o m p l i a n c e
w i t h a d e m a n d b y t h o c o n s ig n e e o r h o l d e r s o a c c o m p a n i e d , t h o b u r d e n s h a ll
b o u p o n t h o c a r r i e r t o e s t a b lis h t h o e x i s t e n c e o f a l a w f u l e x c u s e f o r s u c h
r e f u s a l o r f a l lu r o .
S e c . 9 . T h a t a c a r r i o r is j u s t i f i e d , s u b je c t t o t h o p r o v i s i o n s o f t h o t h r e e
f o l l o w i n g s e c t i o n s , i n d e l i v e r i n g g o o d s t o o n o w h o is —
(a ) A p e r s o n l a w f u l l y e n t i t l e d t o t h o p o s s e s s io n o f t h o g o o d s , o r
(1)) T h o c o n s ig n c o n a m e d i n a s t r a i g h t b i ll f o r t h o g o o d s , o r
(c) A p e r s o n i n p o s s e s s io n o f a n o r d e r b i ll f o r t h o g o o d s , b y t h o t e r m s
o f w h i c h t h o g o o d s a r o d e l i v e r a b l e t o h is o r d e r ; o r w h i c h h a s b e e n in d o r s e d
t o h i m , o r i n b l a n k b y t h o c o n s ig n e e , o r b y t h o m e d i a t e o r i m m e d i a t o i n ­
d o r s e e o f t h o c o n s lg n o e .
S e c . 10 . l h a t w h e r e a c a r r i e r d e l i v e r s g o o d s t o o n e w h o is n o t l a w f u l l y
e n t i t le d t o t h o p o s s e s s io n o f t h e m , t h o c a r r i e r s h a ll b o l ia b lo t o a n y o n o
h a v i n g a r i g h t o f p r o p e r t y o r p o s s e s s io n i n t h o g o o d s i f h o d e l i v e r e d t h o
g o o d s o t h o r w i s o t h a n a s a u t h o r i z e d b y s u b - d i v i s i o n s (b ) a n d (c) o f t h o
p r e c e d in g s e c t io n ; a n d , t h o u g h h e d e l i v e r e d t h o g o o d s a s a u t h o r i z e d b y
c i t h e r o f s a id s u b - d t v i s lo n s , h e s h a ll b e s o l ia b le i f p r i o r t o s u c h d e l i v e r y h o — •
(a ) H a d b e e n r e q u e s t e d . b y o r o n b e h a l f o f a p e r s o n h a v i n g a r i g h t o f
p r o p e r t y o r p o s s e s s io n I n t h e g o o d s , n o t t o m a k e s u c h d e l i v e r y , o r __
(b ) H a d i n f o r m a t i o n a t t h o t i m e o f t h e d e l i v e r y t h a t i t w a s t o a p e r s o n
n o t l a w f u l l y o n t l t le d t o t h o p o s s e s s io n o f t h o g o o d s .
S u c h re q u e s t o r in fo r m a tio n , to b o e ffe c t iv e w it h in t h o m o a n in g o f th is
s e c t io n , m u s t b o g i v e n t o a n o f f ic e r o r a g e n t o f t h o c a r r i o r , t h o a c t u a l o r
a p p a r e n t s c o p e o f w h o s o d u t i e s i n c lu d e s a c t i o n u p o n s u c h a r e q u e s t o r




633

i n f o r m a t i o n , a n d m u s t b o g i v e n i n t i m e t o e n a b le t h o o f f i c e r o r a g e n t t o
w h o m i t is g i v e n , a c t i n g w i t h r e a s o n a b l e d i li g e n c e , t o s t o p d e l i v e r y o f
th e goods.
S e c. 11. T h a t e x c e p t a s p r o v id e d in s e c tio n t w e n t y - s i x , a n d e x c e p t w h e n
c o m p e ll e d b y l e g a l p r o c e s s , i f a c a r r i e r d e l i v e r s g o o d s f o r w h i c h a n o r d e r b i ll
h a d b e e n is s u e d , t h e n e g o t i a t i o n o f w h i c h w o u l d t r a n s f e r t h o r i g h t t o t h e
p o s s e s s io n o f t h e g o o d s , a n d f a ils t o t a k e u p a n d c a n c e l t h o b i l l , s u c h c a r r i e r
s h a ll b o l ia b le f o r f a i l u r e t o d e l i v e r t h e g o o d s t o a n y o n e w h o f o r v a l u e a n d
i n g o o d f a i t l i p u r c h a s e s s u c h b i ll , w h e t h e r s u c h p u r c h a s e r a c q u ir e d t i t l e
t o t h e b ill b e fo re o r a f t e r t h e d e l i v e r y o f t h e g o o d s b y t h e c a rrie r a n d n o t ­
w it h s t a n d in g d e l i v e r y w a s m a d e t o t h e p e rs o n e n t it le d th e r e t o .
S e c . 12. l h a t e x c e p t a s p r o v id e d in s e c tio n t w e n t y - s i x , a n d e x c e p t w h e n
c o m p e ll e d b y le g a l p r o c e s s , i f a c a r r i o r d e l i v e r s p a r t o f t h o g o o d s f o r w h i c h
a n o r d e r b ill h a d b e e n is s u e d a n d f a i ls e i t h e r —
(a) T o t a k e u p a n d c a n c e l t h o b i l l , o r
(b ) T o p la c o p l a i n l y u p o n i t a s t a t e m e n t t h a t a p o r t i o n o f t h o g o o d s h a s
b e e n d e liv e re d w it h a d e s c rip tio n w h ic h m a y b e in g e n e ra l te rm s e ith e r o f
t h e 8 ° o d s o r p a c k a g e s t h a t h a v o b e e n s o d e li v e r o c l o r o f t h o g o o d s o r p a c k a g e s
w h i c h s t il l r e m a i n i n t h e c a r r i e r ’s p o s s e s s io n , h o s h a ll b e l ia b lo f o r f a i l u r e t o
d e l i v e r a ll t h o g o o d s s p e c if ie d i n t h o b i ll t o a n y o n o w h o f o r v a l u e a n d i n
g o o d f a i t h p u r c h a s e s i t , w h e t h e r s u c h p u r c h a s e r a c q u ir e d t i t l e t o i t b e f o r o
o r a ft e r t h e d e l i v e r y o f a n y p o r t io n o f t h o g o o d s b y t h o c a rrie r, a n d n o t w it h ­
s t a n d in g s u c h d e l i v e r y w a s m a d o t o t h o p e r s o n e n t i t l e d t h e r e t o .
S e c . 13 . T h a t a n y a l t e r a t i o n , a d d i t i o n , o r e r a s u r e i n a b i ll a f t e r i t s is s u e
w i t h o u t a u t h o r i t y f r o m t h o c a r r i e r is s u i n g t h e s a m e , e i t h e r i n w r i t i n g o r
n o t e d o n t h o b i ll , s h a ll b o v o i d , w h a t e v e r b o t h e n a t u r e a n d p u r p o s e o f t h e
c h a n g e , a n d t h e b i l l s h a ll b o e n f o r c e a b le a c c o r d in g t o i t s o r i g i n a l t e n o r .
S e c . 11. T h a t w h e r o a n o r d e r b i ll h a s b e e n l o s t , s t o l e n , o r d e s t r o y e d a
c o u rt o f c o m p e te n t ju r is d ic t io n m a y o r d e r t h e d e l i v e r y o f t h o g o o d s u p o n
s a t i s f a c t o r y p r o o f o f s u c h lo s s , t h e f t , o r d e s t r u c t i o n a n d u p o n t h o g i v i n g
o f a b o n d , w i t h s u f f ic ie n t s u r e t y , t o b e a p p r o v e d b y t h e c o u r t , t o p r o t e c t
t h e c a rrie r o r a n y p e rs o n iu ju re d b y s u c h d e l i v e r y f r o m a n y l ia b li it y o r
lo s s i n c u r r e d b y r e a s o n o f t h e o r i g in a l b i ll r e m a i n in g o u t s t a n d i n g .
The
c o u r t m a y a ls o i n i t s d i s c r e t io n o r d e r t h o p a y m e n t o f t h e c a r r i e r ’s r e a s o n a b l e
c o s t s a n d c o u n s e l fe e s : Provided, a v o l u n t a r y i n d e m n i f y i n g b o n d w i t h o u t
o r d e r o f c o u r t s h a ll b o b i n d i n g o n t h o p a r t i e s t h e r e t o .
T h e d e liv e r y o f th e g o o d s u n d e r a n o rd e r o f th o c o u rt, as p r o v id e d in th is
s e c t io n , s h a ll n o t r e l i e v o t h e c a r r i e r f r o m l i a b i l i t y t o a p e r s o n t o w h o m t h o
o r d e r b i ll h a s b e e n o r s h a ll b o n e g o t ia t e d f o r v a l u e w i t h o u t n o t i c e o f t h e
p r o c e e d in g s o r o f t h e d e l i v e r y o f t h o g o o d s .
S o c . 15 . T h a t a b i ll , u p o n t h o f a c o o f w h i c h t h o w o r d “ d u p l i c a t e ” o r
s o m e o t h e r w o r d o r w o r d s i n d i c a t in g t h a t t h o d o c u m e n t is n o t a n o r i g i n a l
b i ll is p la c e d , p l a i n l y s h a ll im p o s e u p o n t h e c a r r i e r is s u i n g t h o s a m e t h o
l i a b i l i t y o f o n o w h o r e p r e s e n t s a n d w a r r a n t s t h a t s u c h b i ll is a n a c c u r a t e
c o p y o f a n o r i g in a l b i ll p r o p e r l y is s u e d , b u t n o o t h e r l i a b i l i t y .
S e c . 10. T h a t n o t i t l e t o g o o d s o r r i g h t t o t h e i r p o s s e s s io n a s s e r t e d b y
a c a r r i e r f o r h is o w n b e n e f it s h a ll e x c u s e h i m f r o m l i a b i l i t y f o r r e f u s i n g t o
d e l i v e r t h o g o o d s a c c o r d in g t o t h o t e r m s o f a b ill is s u e d f o r t h e m , u n le s s
s u c h t i t l e o r r i g h t is d e r i v e d d i r e c t l y o r i n d i r e c t l y f r o m a t r a n s f e r m a d o b y
t h o c o n s ig n o r o r c o n s ig n c o a f t e r t h e s h i p m e n t o r f r o m t h e c a r r ie r ' s lie n .
S e c . 17 . T h a t i f m o r o t h a n o n o p e r s o n c l a i m t h o t i t l e o r p o s s e s s io n o f
g o o d s , t h o c a r r i e r m a y r e q u i r o a ll k n o w n c l a i m a n t s t o i n t e r p le a d , e i t h e r a s
a d e f e n s e t o a n a c t i o n b r o u g h t a g a in s t h i m f o r n o n - d e l i v e r y o f t h e g o o d s o r
a s a n o r i g in a l s u i t , w h i c h e v e r is a p p r o p r ia t e .
S o c . 18 . T h a t i f s o m e o n o o t h e r t h a n t h e c o n s ig n e e o r t h e p e r s o n i n
p o s s e s s io n o f t h o b i ll h a s a c l a i m t o t h o t i t l e o r p o s s e s s io n o f t h e g o o d s , a n d
t h e c a r r i e r h a s i n f o r m a t i o n o f s u c h c l a i m , t h e c a r r i e r s h a ll b e e x c u s e d f r o m
l i a b i l i t y f o r r e f u s i n g t o d e l i v e r t h o g o o d s , e i t h e r t o t h o c o n s ig n e e o r p e r s o n
i n p o s s e s s io n o f t h o b i l l o r t o t h o a d v e r s e c l a i m a n t , u n t i l t h e c a r r i e r h a s h a d
a r e a s o n a b le t i m e t o a s c e r t a in t h o v a l i d i t y o f t h e a d v e r s e c l a i m o r t o b r i n g
le g a l p r o c e e d in g s t o c o m p e l a l l c l a i m a n t s t o i n t e r p le a d .
S e c . 19 . T h a t e x c e p t a s p r o v i d e d i n t h e t w o p r e c e d in g s e c t i o n s a n d i n
s e c t i o n n i n e , n o r i g h t o r t i t l e o f a t h i r d p e r s o n , u n le s s e n f o r c e d b y le g a l
p r o c e s s , s h a ll b o a d e f e n s e t o a n a c t i o n b r o u g h t b y t h e c o n s ig n e e o f a s t r a i g h t
b i ll o r b y t h o h o l d e r o f a n o r d e r b i ll a g a in s t t h e c a r r i e r f o r f a i lu r e t o d e l i v e r
th o goo ds o n d e m a n d .
S e c . 2 0 . T h a t w h e n g o o d s a r o lo a d e d b y a c a r r i o r s u c h c a r r i e r s h a ll c o u n t
t h o p a c k a g e s o f g o o d s , i f p a c k a g e f r e i g h t , a n d a s c e r t a in t h o k i n d a n d q u a n ­
t i t y i f b u l k f r e i g h t , a n d s u c h c a r r i e r s h a ll n o t , i n s u c h c a s e s , i n s e r t i n t h e
b ill o f la d in g o r in a n y n o tic o , re c e ip t, c o n tr a c t, r u le , r e g u la t io n , o r t a r if f ,
“ S h i p p e r ’s w e i g h t , l o a d , a n d c o u n t , ” o r o t h e r w o r d s o f l i k e p u r p o r t , i n ­
d ic a t in g t h a t th e g o o d s w e re lo a d e d b y th e s h ip p e r a n d th o d e s c rip tio n o f
t h e m m a d e b y h i m o r i n c a s o o f b u l k f r e i g h t a n d f r e i g h t n o t c o n c e a le d b y
p a c k a g e s th e d e s c rip tio n m a d o b y h im .
I f so In s e rte d , c o n tra ry to th e
p r o v i s i o n s o f t h i s s e c t io n , s a i d w o r d s s h a ll b o t r e a t e d a s n u l l a n d v o i d a n d
a s i f n o t In s e rte d th e re in .
S e c . 2 1 . T h a t w h e n p a c k a g e f r e ig h t o r b u l k f r e i g h t is lo a d e d b y a s h i p p e r
a n d t h e g o o d s a r o d e s c r ib e d i n a b i l l o f l a d i n g m e r e l y b y a s t a t e m e n t o f
m a r k s o r la b e ls u p o n t h e m o r u p o n p a c k a g e s c o n t a i n i n g t h e m , o r b y a s t a t e ­
m e n t t h a t t h o g o o d s a ro s a id t o b o g o o d s o f a c e rta in k in d o r q u a n t it y , o r
i n a c e r t a i n c o n d i t i o n , o r I t is s t a t e d i n t h o b i l l o f l a d i n g t h a t p a c k a g e s a r e
s a id t o c o n t a in g o o d s o f a c e r t a i n k i n d o r q u a n t i t y o r i n a c e r t a i n c o n d i t i o n ,
o r t h a t th o c o n te n ts o r c o n d it io n o f th o c o n te n ts o f p a c k a g e s a ro u n k n o w n ,
o r w o r d s o f l i k e p u r p o r t a r e c o n t a in i d i n t h e b i l l o f l a d i n g , s u c h s t a t e m e n t s ,
i f t r to , s h a ll n o t m a k e l ia b le t h o c a - r l e r is s u i n g t h o b i l l o f l a d i n g , a l t h o u g h
th o g o o d s a ro n o t o f th o k in d o r q u a n t it y o r in th o c o n d it io n w h ic h th e
m a r k s o r la b e ls u p o n t h e m I n d ic a t e , o r o f t h o k i n d o r q u a n t i t y o r i n t h e c o n ­
d i t i o n t h e y w e r e s a id t o b e b y t h o c o n s ig n o r .
T h o c a r r i e r m a y a ls o b y
i n s e r t in g i n t h e b i ll o f l a d i n g t h e w o r d s “ S h ip p e r ' s w e i g h t , l o a d , a n d c o u n t ”
o r o t h e r w o rd s o f lik e p u r p o r t in d ic a te t h a t th e g o o d s w e re lo a d e d b y th e
s h ip p e r a n d th e d e s c rip tio n o f th e m m a d o b y h im ; a n d i f s u c h s ta te m e n t
b o t r u e , t h o c a r r i e r s h a ll n o t b o l ia b lo f o r d a m a g e s c a u s e d b v t h e i m p r o p e r
l o a d i n g o r b y t h o n o n - r e c e ip t o r b y t h o m is - d c s c r i p t i c n O f ' h o g o o d s d e ­
s c r i b e d i n t h e b i ll o f l a d i n g : Provided, however, W h e r e t h e s h i p p e r o f b u l k
f r e i g h t I n s t a l ls a n d m a i n t a i n s a d e q u a t e f a c i li t ie s f o r w e ig h in g s u c h f r e i g h t ,
a n d t h o s a m e a ro a v a ila b le t o t h e c a rrie r, th e n t h o c a rrie r, u p o n w r it t e n
r e q u e s t o f s u c h s h i p p e r a n d w h e n g i v e n a r e a s o n a b le o p p o r t u n i t y s o t o d o ,
s h a ll a s c e r t a i n t h o k i n d a n d q u a n t i t y o f b u l k f r e i g h t w i t h i n a r e a s o n a b le
t i m e a f t e r s u c h w r i t t e n r e q u e s t , a n d t h e c a r r i e r s s h a ll n o t i n s u c h c a s e s
i n s e r t i n t h o b i ll o f l a d i n g t h o w o r d s " S h ip p e r ' s w e i g h t , ” o r o t h e r w o r d s o f
l i k e p u r p o r t , a n d i f s o i n s e r t e d c o n t r a r y t o t h e p r o v i s i o n s o f t h i s s e c t io n ,
s a id w o r d s s h a ll b e t r e a t e d a s n u l l a n d v o i d a n d a s i f n o t in s e r t e d t h e r e i n .
*
S e c . 2 2 . T h a t i f a b i ll o f l a d i n g h a s b e e n is s u e d b y a c a r r i o r o r o n h i s
b e h a lf b y a n a g e n t o r e m p lo y e e th o s c o p e o f w h o s e a c tu a l o r a p p a re n t
a u t h o r i t y in c lu d e s t h o r e c e i v i n g o f g o o d s a n d I s s u in g D ill o f l a d i n g t h e r e f o r
f o r t r a n s p o rt a t io n in c o m m e rc e a m o n g t h e s e v e ra l S ta te s a n d w i t h fo re ig n
n a t i o n s , t h o c a r r i e r s h a ll b o l ia b le t o (a ) t h e o w n e r o f g o o d s c o v e r e d b y a
s t r a i g h t b i ll s u b je c t t o e x i s t i n g r i g h t o f s t o p p a g e i n t r a n s i t u o r (b ) t h e h o l d e r
o f a n o r d e r b i ll , w h o h a s g i v e n v a l u e i n g o o d f a i t h , r e l y i n g u p o n t h o d e s c r i p ­
t i o n t h e r e i n o f t h o g o o d s , f o r d a m a g e s c a u s e d b y t h o n o n - r e c e ip t b y t h e
c a r r i e r o f a ll o r p a r t o f t h o g o o d s o r t h e i r f a i l u r e t o c o r r e s p o n d w i t h t h e
d e s c r i p t i o n t h e r e o f i n t h e b i ll a t t h e t i m e o f i t s is s u e .
S e c. 23. T h a t If g o o d s a ro d e liv e re d t o a c a rrie r b y t h o o w n e r o r b y a
p e rs o n w h o se a c t in c o n v e y in g t h e t it l e t o t h e m t o a p u rc h a s e r f o r v a lu e

634

THE CHRONICLE

I n g o o d f a i t h w o u l d b i n d t h e o w n e r , a n d a n o r d e r b i l l is is s u e d f o r t h e m , t h e y
c a n n o t t h e r e a f t e r , w h i l e I n t h o p o s s e s s io n o f t h e c a r r i e r , b e a t t a c h e d b y
g a r n i s h m e n t o r o t h e r w is e o r b e l e v i e d u p o n u n d e r a n e x e c u t i o n u n le s s t h o
b i ll b o f i r s t s u r r e n d e r e d t o t h e c a r r i e r o r i t s n e g o t i a t i o n e n j o i n e d .
The
c a r r i e r s h a ll i n n o s u c h c a s e b o c o m p e ll e d t o d e l i v e r t h e a c t u a l p o s s e s s io n
o f t h e g o o d s u n t i l t h e b i ll is s u r r e n d e r e d t o h i m o r i m p o u n d e d b y t h e c o u r t .
S e c . 2 4 . T h a t a c r e d i t o r w h o s o d e b t o r is t h o o w n e r o f a n o r d e r b i l l s h a ll
b e e n t it le d t o s u c h a id f r o m c o u rts o f a p p r o p r ia te ju r is d ic t io n b y in ju n c t io n
a n d o t h e r w is e i n a t t a c h i n g s u c h b i l l o r i n s a t i s f y i n g t h o c l a i m b y m e a n s
t h e r e o f a s is a l lo w e d a t l a w o r i n e q u i t y i n r e g a r d t o p r o p e r t y w h i c h c a n ­
n o t r e a d i l y b e a t t a c h e d o r l e v i e d u p o n b y o r d i n a r y le g a l p r o c e s s .
S e c . 2 5 . T h a t i f a n o r d e r b i ll is is s u e d t h e c a r r i e r s h a ll h a v e a l i o n o n t h e
g o o d s t h e r e i n m e n t i o n e d f o r a ll c h a r g e s o n t h o s e g o o d s f o r f r e i g h t , s t o r a g e ,
d e m u r r a g e a n d t e r m in a l c h a rg e s , a n d e x p e n s e s n e c e s s a ry f o r t h o p r e s e r v a ­
t io n o f t h e g o o d s o r in c id e n t t o t h e ir t r a n s p o r t a t io n s u b s e q u e n t to th e d a te
o f t h e b i ll a n d a ll o t h e r c h a r g e s i n c u r r e d i n t r a n s p o r t a t i o n a n d d e l i v e r y ,
u n le s s t h e b i ll e x p r e s s l y e n u m e r a t e s o t h e r c h a r g e s f o r w h i c h a l io n is c l a i m e d .
I n s u c h c a s e t h e r e s h a ll a ls o b e a l ie n f o r t h o c h a r g e s e n u m e r a t e d s o f a r a s
t h e y a r e a l lo w e d b y l a w a n d t h e c o n t r a c t b e t w e e n t h e c o n s ig n o r a n d t h e
c a rrie r.
. ,
S e c . 2 6 . T h a t a f t e r g o o d s h a v e b e e n l a w f u l l y s o ld t o s a t i s f y a c a r r i e r s
lie n , o r b e c a u s e t h e y h a v e n o t b e e n c l a i m e d , o r b e c a u s e t h e y a r o p e r is h a b le
o r h a z a r d o u s , t h e c a r r i e r s h a ll n o t t h e r e a f t e r b e l ia b le f o r f a i l u r e t o d e l i v e r
th -' g o o d s t h e m s e l v e s t o t h e c o n s ig n e e o r o w n e r o f t h e g o o d s , o r t o a h o l d e r
o f t h e b ill g iv e n f o r th e g o o d s w h e n t h e y w e re s h ip p e d , e v e n if s u c h t i l l b o
a n o r d e r b i ll .
,
,
S e c . 2 7 . T h a t a n o r d e r b i l l m a y b o n e g o t ia t e d b y d e l i v e r y w h e r e , b y t h e
te rm s o f th e b ill, th e c a rrie r u n d e rta k e s to d e liv e r th o g o o d s t o th e o rd e r
o f a s p e c if ie d p e r s o n , a n d s u c h p e r s o n o r a s u b s e q u e n t i n d o r s e e o f t h e b i l l
h a s in d o r s e d I t I n b l a n k .
,
, ,
. „
S e c . 2 8 . T h a t a n o r d e r b i l l m a y b o n e g o t ia t e d b y t h o i n d o r s e m e n t o f
th e p e rs o n to w h o s e o rd e r t h e g o o d s a ro d e liv e r a b le b y th o t e n o r o f th o b ill.
S u c h i n d o r s e m e n t m a y b e I n b l a n k o r t o a s p e c if i e d p e r s o n .
I f In d o rs e d
t o a s p e c if i e d p e r s o n , i t m a y b e n e g o t ia t e d a g a in b y t h o I n d o r s e m e n t o f
s u c h p e r s o n i n b l a n k o r t o a n o t h e r s p e c if i e d p e r s o n .
S u b s e q u e n t n e g o t ia ­
t i o n m a y b e m a d e i n l ik e m a n n e r .
S e c. 29. T h a t a b ill m a y b e tra n s fe rre d b y th o h o ld e r b y d e liv e r y , a c ­
c o m p a n ie d w i t h a n a g r e e m e n t , e x p r e s s o r I m p l i e d , t o t r a n s f e r t h o t i t l e t o t h e
b ill o r t o th e g o o d s re p re s e n te d t h e r e b y .
A s t r a i g h t b i l l c a n n o t b o n e g o t ia ­
t e d f r e o f r o m e x i s t i n g e q u it i e s , a n d t h o I n d o r s e m e n t o f s u c h a b i l l g i v e s t h o
tra n s fe re e n o a d d it io n a l r ig h t .
S e c . 3 0 . T h a t a n o r d e r b i l l m a y b o n e g o t ia t e d b y a n y p e r s o n I n p o s s e s s io n
o f t h e s a m e , h o w e v e r s u c h p o s s e s s io n m a y h a v o b e e n a c q u ir e d . I f b y t h e
te rm s o f th e b ill th o c a rrie r u n d e rta k e s t o d e liv e r th e g o o d s t o th o o rd e r o f
s u c h p e r s o n , o r i f a t t h e t i m e o f n e g o t i a t i o n t h o b i l l Is I n s u c h f o r m t h a t i t
m a y b e n e g o t ia t e d b y d e l i v e r y .
. .
S e c . 3 1 . T h a t a p e r s o n t o w h o m a n o r d e r 1)111 h a s b c o n d u l y n e g o t ia t e d
a c q u ir e s t h e r e b y —
(a ) S u c h t i t l e t o t h e g o o d s a s t h o p e r s o n n e g o t i a t i n g t h o b i l l t o h i m h a d
o r h a d a b i l i t y t o c o n v e y t o a p u r c h a s e r I n g o o d f a i t h f o r v a l u o , a n d a ls o
s u c h t i t l e t o t h e g o o d s a s t h e c o n s ig n e e a n d c o n s ig n o r h a d o r h a d p o w e r t o
c o n v e y t o a p u rc h a s e r in g o o d f a it h f o r v a lu e ; a n d
(b ) T h e d i r e c t o b l i g a t io n o f t h o c a r r i e r t o h o l d p o s s e s s io n o f t h o g o o d s
f o r h i m a c c o r d in g t o t h e t e r m s o f t h e b i l l a s f u l l y a s I f t h o c a r r i e r h a d c o n ­
tra c te d d ir e c t ly w it h h im .
. .
S e c. 32. T h a t a p e rs o n t o w h o m a b ill h a s b e o n tra n s fe rre d , b u t n o t
n e g o t ia t e d , a c q u ir e s t h e r e b y a s a g a in s t t h e t r a n s f e r o r t h o t l t l o t o t h o g o o d s ,
s u b je c t t o t h e t e r m s o f a n y a g r e e m e n t w i t h t h o t r a n s f e r o r .
I f th o b ill
Is a s t r a i g h t b i l l s u c h p e r s o n a ls o a c q u ir e s t h o r i g h t t o n o t i f y t h o c a r r i e r o f
t h e t r a n s f e r t o h i m o f s u c h b i l l a n d t h e r e b y t o b e c o m e t h o d i r e c t o b lig e e o f
w h a t e v e r o b l i g a t io n s t h e c a r r i e r o w e d t o t h e t r a n s f e r o r o f t h o b i l l I m ­
m e d i a t e l y b e f o r e t h e n o t i f ic a t i o n .
P r io r to th e n o t ific a tio n o f th e c a r r ie r b y th o tra n s fe ro r o r tra n s fe re e o r a
s t r a i g h t b i l l t h e t i t l e o f t h e t r a n s f e r r e e t o t h o g o o d s a n d t h e r i g h t t o a c q u ir e
th e o b lig a t io n o f th e c a rrie r m a y b o d e fe a te d b y g a r n is h m e n t o f b y a tt a c h ­
m e n t o r e x e c u t io n u p o n t h e g o o d s b y a c r e d i t o r o f t h e t r a n s f e r o r , o r b y a
n o t ific a tio n to th e c a rrie r b y th e tra n s fe ro r o r a s u b s e q u e n t p u rc h a s e r fr o m
t h e t r a n s f e r o r o f a s u b s e q u e n t s a le o f t h e g o o d s b y t h e t r a n s f e r o r .
A c a r r i e r h a s n o t r e c e iv e d n o t i f i c a t i o n w i t h i n t h o m o a n i n g o f t h i s s e c t i o n
u n t e s s a n o f f ic e r o r a g e n t o f t h o c a r r i e r , t h o a c t u a l o r a p p a r e n t s c o p e o f
w h o s o d u t ie s I n c lu d e s a c t i o n u p o n s u c h a n o t i f i c a t i o n , h a s b e e n n o t i f ie d ;
a n d n o n o t i f i c a t i o n s h a ll b e e f f e c t iv e u n t i l t h e o f f ic e r o r a g e n t t o w h o m i t Is
g i v e n h a s h a d t i m e , w i t h t h e e x e r c is e o f r e a s o n a b le d i li g o n c o , t o c o m m u n i c a t e
w i t h t h e a g e n t o r a g e n t s h a v i n g a c t u a l p o s s e s s io n o r c o n t r o l o f t h e g o o d s .
S e c . 3 3 . T h a t w h e r e a n o r d e r b i l l is t r a n s f e r r e d f o r v a l u o b y d o l l v e r y ,
a n d t h e I n d o r s e m e n t o f t h e t r a n s f e r o r Is e s s o n t ia l f o r n e g o t ia t i o n , t h o
t r a n s f e r e e a c q u ir e s a r i g h t a g a in s t t h o t r a n s f e r o r t o c o m p e l h i m t o in d o r s e
t h e b i l l , u n le s s a c o n t r a r y i n t e n t i o n a p p e a r s . T h o n e g o t i a t i o n s h a ll t a k e
e f f e c t a s o f t h e t i m e w h e n t h e in d o r s e m e n t Is a c t u a l l y m a d o . T h i s o b l i g a ­
t i o n m a y b e s p e c if i c a l ly e n f o r c e d .
S e c . 3 4 . T h a t a p e r s o n w h o n e g o t ia t e s o r t r a n s f e r s f o r v a l u e a b i l l b y
I n d o r s e m e n t o r d e l i v e r y , u n le s s a c o n t r a r y i n t e n t i o n a p p o a r s , w a r r a n t s
(a ) T h a t t h e b i l l is g e n u in e ;
(b ) T h a t h e h a s a le g a l r i g h t t o t r a n s f e r I t;
(c) T h a t h e h a s k n o w l e d g e o f n o f a c t w h i c h w o u l d i m p a i r t h o v a l i d i t y

S e c . 3 9 . T h a t w h e r e a n o r d e r b i l l h a s b e o n I s s u e d f o r g o o d s n o s e l le r ’s
lie n o r r i g h t o f s t o p p a g e I n t r a n s i t u s h a ll d e f e a t t h o r i g h t s o f a n y p u r c h a s e r
f o r v a l u e I n g o o d f a i t h t o w h o m s u c h b i l l h a s b e e n n e g o t ia t e d , w h e t h e r
s u c h n e g o t ia t io n b o p r i o r o r s u b s e q u e n t to th o n o t if ic a t io n to th e c a rrie r
w h o is s u e d s u c h b i ll o f t h e s e l le r ’s c l a i m t o a l i e n o r r i g h t o f s t o p p a g e I n
t ra n s itu .
N o r s h a ll t h o c a r r i e r b o o b l i g e d t o d e l i v e r o r j u s t i f i e d i n d e l i v e r i n g
t h e g o o d s t o a n u n p a i d s e lle r u n le s s s u c h b i l l is f i r s t s u r r e n d e r e d f o r c a n c e l­
la t io n .
S e c. 4 0 . T h a t , e x c e p t a s p r o v id e d in s e c tio n t h lr t y - n l n o , n o t h in g In th is
A c t s h a ll l i m i t t h o r i g h t s a n d r e m e d ie s o f a m o r t g a g e e o r l i e n h o l d e r w h o s e
m o r t g a g e o r l ie n o n g o o d s w o u l d b e v a l i d , a p a r t f r o m t h i s A c t , a s a g a in s t
o n e w h o f o r v a lu o a n d In g o o d fa it h p u rc h a s e d f r o m th o o w n e r, I m m e d ia te ly
p r i o r t o t h o t i m e o f t h e i r d e l i v e r y t o t h e c a r r i e r , t h e g o o d s w h o c h a r o s u b je c t
t o t h e m o r t g a g e o r l ie n a n d o b t a i n e d p o s s e s s io n o f t h e m .
Sec. 41. T h a t a n y p o rs o n w h o , k n o w in g ly o r w it h In te n t to d e fra u d ,
f a l s e l y m a k e s , a lt e r s , f o r g e s , c o u n t e r f e it s , p r i n t s o r p h o t o g r a p h s a n y b i l l
o f la d in g p u r p o r t in g t o re p re s e n t g o o d s re c e iv e d f o r s h ip m e n t a m o n g th e
s e v e r a l S t a t e s o r w i t h f o r e i g n n a t i o n s , o r w i t h l i k e I n t e n t u t t e r s o r p u b li s h e s
a s t r u o a n d g e n u ln o a n y s u c h f a l s e l y a l t e r e d , f o r g e d , c o u n t e r f e it e d , f a l s e ly
p r in t e d o r p h o to g ra p h e d b ill o f la d in g , k n o w in g it t o b o fa ls e ly a lte re d ,
f o r g e d , c o u n t e r f e it e d , f a l s e ly p r i n t e d o r p h o t o g r a p h e d , o r a i d s i n m a k i n g ,
a l t e r i n g , f o r g i n g , c o u n t e r f e it i n g , p r i n t i n g o r p h o t o g r a p h i n g , o r u t t e r i n g o r
p u b l i s h i n g t h o s a m e , o r Is s u e s o r a i d s i n I s s u i n g o r p r o c u r i n g t h e I s s u e o f ,
o r n e g o t ia t e s o r t r a n s f e r s f o r v a l u e a b i l l w h i c h c o n t a in s a f a ls e s t a t e m e n t
a s t o th o re c e ip t o f th e g o o d s , o r a s to a n y o t h e r m a t t e r , o r w h o , w i t h In te n t
t o d e f r a u d , v i o l a t e s , o r f a l ls t o c o m p l y w i t h , o r a id s i n a n y v i o l a t i o n o f , o r
f a i l u r e t o c o m p l y w i t h , a n y p r o v i s i o n o f t h i s A c t , s h a ll b e g u i l t y o f a m i s ­
d e m e a n o r , a n d , u p o n c o n v i c t i o n , s h a ll b e p u n i s h e d f o r e a c h o f f e n s e b y
I m p r i s o n m e n t n o t e x c e e d i n g f i v e y e a r s , o r b y a f i n e n o t e x c e e d in g 3 5 ,0 0 0 ,
o r b o th .
S e c . 4 2 . F i r s t . T h a t I n t h i s A c t , u n le s s t h e c o n t e x t o f s u b je c t m a t t e r
o t h e r w is e r e q u i r e s —
“ A c t i o n ” I n c lu d e s c o u n t e r c la im , s e t - o f f , a n d s u i t I n e q u i t y .
" m i l ” m e a n s b ill o f la d in g g o v e rn e d b y th is A c t .
" C o n s ig n e e " m e a n s t h o p e r s o n n a m e d I n t h e b i l l a s t h o p e r s o n t o w h o m
d o l l v e r y o f th o g o o d s is to b o m a d e .
" C o n s i g n o r " m o a n s t h o p e r s o n n a m e d i n t h o 1)111 a s t h o p e r s o n f r o m w h o m
th e g o o d s h a v e b ee n re c e iv e d f o r s h ip m e n t.
" G o o d s ” m e a n s m e rc h a n d is e o r c h a tte ls In c o u rs e o f t r a n s p o rt a t io n o r
w h ic h h a v o b e o n o r a ro a b o u t to b e tra n s p o rte d .
" H o l d e r ” o f a b i l l m e a n s a p e r s o n w h o h a s b o t h a c t u a l p o s s e s s io n o f s u c h
b ill a n d a r ig h t o f p r o p e r t y th e re in .
“ O r d e r ” m e a n s a n o r d e r b y In d o rs e m e n t o n th e b ill.
" P e r s o n ” I n c lu d e s a c o r p o r a t i o n o r p a r t n e r s h i p , o r t w o o r m o r e p e r s o n s
h a v in g a jo in t o r c o m m o n In te re s t.
T o " p u r c h a s o ” i n c l u d e s t o t a k e a s m o r t g a g e e a n d t o t a k e a s p le d g e o .
“ S t a t e " in c lu d e s a n y T e r r i t o r y , D i s t r i c t , I n s u l a r p o s s e s s io n , o r i s t h m i a n

o r w o r t h o f th e b ill;
, . . . ..
( d ) T h a t h o lia s a r i g h t t o t r a n s f e r t h o t l t l o t o t h o g o o n s , a n d t h a t t h e
g o o d s a re m e rc h a n ta b le o r f i t f o r a p a r t ic u la r p u rp o s e w h o n e v e r s u c h
w a r r a n t ie s w o u l d h a v e b e e n i m p l i e d i f t h o c o n t r a c t o f t h o p a r t i e s h a d b e e n
t o t r a n s f e r w i t h o u t a b i ll t h e g o o d s r e p r e s e n t e d t h e r e b y .
S e c . 3 5 . T h a t t h e I n d o r s e m e n t o f a b i l l s h a ll n o t m a lc o t h e I n d o r s e r l ia b le
f o r a n y f a i l u r e o n t h e p a r t o f t h o c a r r i e r o r p r e v i o u s I n d o r s e r s o f t h e b i ll
t o f u l f i l l t h e i r r e s p e c t i v e o b l i g a t io n s .
S e c . 3 6 . T h a t a m o r t g a g e e o r p le d g e e o r o t h e r h o l d e r o f a b i l l f o r s e c u r i t y
w h o I n g o o d T a i t h d e m a n d s o r r e c e iv e s p a y m e n t o f t h o d e b t f o r w h i c h s u c h
b i l l Is s e c u r i t y , w h e t h e r f r o m a p a r t y t o a d r a f t d r a w n f o r s u c h d e b t o r f r o m
a n y o t h e r p e r s o n , s h a ll n o t b e d e e m e d b y s o d o i n g t o r e p r e s e n t o r w a r r a n t
t h e g e n u in e n e s s o f s u c h b i l l o r t h e q u a n t i t y o r q u a l i t y o f t h o g o o d s t h e r e i n
d e s c r ib e d .
..........
t
.
S e c . 3 7 . T h a t t h e v a l i d i t y o f t h e n e g o t i a t i o n o f a b i l l is n o t I m p a i r e d b y
t h e f a c t t h a t s u c h n e g o t ia t i o n w a s a b r e a c h o f d u t y o n t h o p a r t o f t h o p e r s o n
n ja k ln g th e n e g o t ia t io n , o r b y th o fa c t t h a t th o o w n o r o f th e b ill w a s d e ­
p r i v e d o f t h e p o s s e s s io n o f t h e s a m e b y f r a u d , a c c id e n t , m ls t a k o , d u r e s s ,
lo s s , t h e f t , o r c o n v e r s io n , i f t h o p e r s o n t o w h o m t h o b i l l w a s n e g o t ia t e d , o r
a p e r s o n t o w h o m t h e b i l l w a s s u b s e q u e n t l y n e g o t ia t e d , g a v o v a l u o t h e r e f o r
i n g o o d f a i t h , w i t h o u t n o t i c e o f t h e b r e a c h o f d u t y , o r f r a u d , a c c id e n t ,
m is t a k e , d u r e s s , lo s s , t h e f t , o r c o n v e r s io n .
S e c . 3 8 . T h a t w h e r e a p e r s o n , h a v i n g s o l d , m o r t g a g e d , o r p lo d g c d g o o d s
w h i c h a r e i n a c a r r i e r ’s p o s s e s s io n a n d f o r w h i c h a n o r d e r b i l l h a s b e e n I s s u e d
o r h a v i n g s o l d , m o r t g a g e d , o r p l e d g e d t h e o r d e r b i l l r e p r e s e n t in g s u c h
g o o d s , c o n t i n u e s i n p o s s e s s io n o f t h e o r d e r b i l l , t h e s u b s e q u e n t n e g o t ia t i o n
t h e r e o f b y t h a t p e r s o n u n d e r a n y s a lo , p le d g e , o r o t h e r d i s p o s i t io n t h e r e o f
t o a n y p e r s o n r e c e i v in g t h e s a m e i n g o o d f a i t h , f o r v a l u e a n d w i t h o u t n o t i c e
o f t h e p r e v i o u s s a le , s h a ll h a v o t h o s a m e e f f e c t a s i f t h o f i r s t p u r c h a s e r o f
t h e g o o d s o r b i l l h a d e x p r e s s ly a u t h o r i z e d t h e s u b s e q u e n t n e g o t ia t i o n .




[V ol . 104.

S e c . 4 3 . T h a t t h o p r o v i s i o n s o f t h i s A c t d o n o t a p p l y t o b i ll s m a d o a n d
d e liv e r e d p r io r t o t h o t a k in g e ffe c t th e re o f.
S e c . 4 4 . T h a t t h o p r o v i s i o n s a n d e a c h p a r t t h e r e o f a n d t h o s e c t io n s a n d
e a c h p a r t t h o r e o f o f t h i s A c t a r e I n d e p e n d e n t a n d s o v e r a b lo , a n d t h o d e ­
c l a r in g o f a n y p r o v i s i o n o r p a r t t h e r e o f , o r p r o v i s i o n s o r p a r t t h e r e o f , o r
s e c t io n o r p a r t t h e r e o f , o r s e c t io n s o r p a r t t h e r e o f , u n c o n s t i t u t i o n a l s h a ll
n o t Im p a ir o r re n d e r u n c o n s titu tio n a l a n y o th e r p r o v is io n o r p a r t th e re o f
o r s e c t io n o r p a r t t h e r e o f .
S e c . 4 5 . T h a t t h i s A c t s h a ll t a k e e f f e c t a n d b o I n f o r c o o n a n d a f t e r t h e
f ir s t d a y o f J a n u a r y n e x t a fte r its p a s sa g e .
A p p r o v e d , A u g . 29 1916.

The Merchants’ Association of New York, through its Traf­
fic Bureau, in indicating some time ago some of the important
changes effected through tho new law, pointed out that it
will put an end to the conflicts of Stato laws and the differ­
ences of carriers. Where heretofore it was necessary to
rely upon the laws of the different States as to hills of lading,
such bills used in inter-State and foreign commerce are
uniformly governed under tho new regulations. We quote in
part the Traffic Bureau’s statement below:

T h e m o s t im p o r ta n t c h a n g e in th e la w p e rta in in g to th o l ia b ilit y o f
c o m m o n c a r r ie r s u n d e r t h e i r b i ll s o f l a d i n g is t h o f o l l o w i n g : I n 1889 t h e
U n it e d S ta te s S u p re m o C o u r t h e ld th a t “ A b ill o f la d in g f r a u d u le n tly
I s s u e d b y t h o s t a t i o n a g e n t o f a r a i lr o a d c o m p a n y , w i t h o u t r e c e i v i n g t h e
g o o d s n a m e d i n i t f o r t r a n s p o r t a t i o n , b u t i n o t h e r r e s p e c t s a c c o r d in g t o t h e
c u s t o m a r y c o u r s e o f b u s in e s s , im p o s e s n o l i a b i l i t y u p o n t h e c o m p a n y
t o a n i n n o c e n t h o l d e r w h o r e c e iv e s i t w i t h o u t k n o w l e d g e o r n o t ic e o f f r a u d
a n d f o r a v a l u a b l e c o n s id e r a t io n . ”
T h e n e w F e d e r a l B i l l o f L a d i n g A c t m o d i f ie s t h o l a w a s a b o v e l a id d o w n ,
b y d e c la r i n g : “ T h a t i f a b i ll o f l a d i n g h a s b e e n I s s u e d b y a c a r r i e r , o r o n h is
b e h a lf b y a n a g e n t o r e m p lo y e e , th o sc o p e o f w h o s o a c tu a l o r a p p a re n t
a u t h o r i t y in c lu d e s t h e I s s u a n c e o f b ills o f l a d i n g t h e c a r r i e r s h a ll b e lia b le
t o (a ) t h e c o n s ig n e e n a m e d i n a s t r a i g h t b i l l : o r ( b ) t h e h o l d e r o f a n o r d e r
b i l l , w h o h a s g i v e n v a l u o i n g o o d f a i t h , r e l y i n g u p o n t h o d e s c r i p t i o n t h e r e in
o f t h e g o o d s , f o r d a m a g e s c a u s e d b y t h o n o n - r e c e ip t b y t h e c a r r i e r o f a ll
o r p a r t o f th e g o o d s o r t h o ir fa ilu r e to c o rre s p o n d w it h th o d e s c rip tio n
t h e r e o f i n t h e b i l l a t t h e t im e o f i t s I s s u e . ”
.
.
A m o n g o t h e r i m p o r t a n t p r o v i s i o n s c o n t a in e d i n t h e A c t a r e t h e f o l l o w i n g :
(1 ) Order bills of lading. W h e r e b i ll s o f l a d i n g a r c is s u e d s t a t i n g t h a t
t h o g o o d s a r o c o n s ig n e d o r d e s t i n e d t o t h e o r d e r o r a n y p o r s o n n a m e d in s u c h
b i ll s u c h b i l l Is a n " o r d e r b i l l ” a n d Is n e g o t ia b le .
T h e in s e r t io n o f t h e n a m e
o f t h e p e r s o n t o b e n o t i f i e d o f t h e a r r i v a l o f t h e g o o d s s h a ll n o t l i m i t t h e
n e g o t i a b i l i t y o f o r d e r b i ll s o f l a d i n g .
(2) Duplicate bills of lading. O r d e r b i ll s o f l a d i n g s h a ll n o t b e I s s u e d in
p a r t s o r s e t s . I f is s u e d i n p a r t s o r s e t s , t h e c a r r i e r I s s u in g t h e m s h a ll b e
lia b le t o a n y o n e w h o p u r c h a s e s a p a r t f o r v a l u o i n g o o d f a i t h , o v e n t h o u g h
th e p u rc h a s o b e a fte r d e l i v e r y o f th e g o o d s b y th o c a rrie r to a h o ld e r o r
o n e o f th e o th e r p a rts .
,
E x c e p t i o n . — T h e is s u a n c e o f o r d e r b i ll s o f l a d i n g i n p a r t s o r s e ts f o r t r a n s ­
p o r t a t i o n o f g o o d s t o A l a s k a , P a n a m a , P o r t o K i c o , t h e P h il ip p in e s , H a w a i i ,
o r f o r e i g n c o u n t r i e s , is n o t p r o h i b i t e d .
(3) Altered bills of lading. A n y a l t e r a t i o n , a d d i t i o n , o r e r a s u r e i n a b ill
o f l a d i n g a f t e r i t s is s u e w i t h o u t a u t h o r i t y f r o m t h o c a r r i e r i s s u i n g s a m e
(4 ) Spent bill of lading. I f a c a r r i e r d e l i v e r s g o o d s f o r w h i c h a n o r d e r
b i l l o f l a d i n g h a s b e e n is s u e d , t h o n e g o t a t lo n o f w h i c h w o u l d t r a n s f e r t h e
r i g h t t o t h o p o s s e s s io n o f t h o g o o d s , a n d f a i ls t o t a k e u p a n d c a n c e l t h e b i l l ,
s u c h c a r r i e r s h a ll b o l ia b le t o t h o p a r t y w h o , f o r v a l u e a n d i n g o o d f a i t h ,
p u rc h a s e s s u c h b ill.
, .
„
E x c e p t i o n — T h e c a r r i e r is n o t l ia b le f o r f a i l u r e t o d e l i v e r t h e g o o d s t o t h e
c o n s ig n e e o r o w n e r a f t e r g o o d s h a v o b e e n l a w f u l l y s o ld t o s a t i s f y a c a r r i e r s
l ie n , o r b e c a u s o t h e y h a v e n o t b e e n c l a i m e d , o r b e c a u s e t h e y a r e p o r i s h a )ie
o r h a z a r d o u s , a n d e x c e p t w h e n c o m p e ll e d b y le g a l p r o c e s s .

Feb 17 1917.]

THE CHRONICLE

635

total of 403 vessels of 1,495,601 gross tons the builders
expect to launch during the current calendar year 357
vessels of 1,250,722 gross tons and in the calendar year 1918
46 vessels of 244,879 gross tons.
The Bureau of Navigation reports that from June 30 last
up to Jan. 1 13 vessels with a gross tonnage of 28,943 have
been admitted to American registry under the Act of Aug. 18
1914. There have been admitted to date 197 vessels with
a gross tonnage of 651,014. American shipyards, accord­
ing to the Bureau, are devoting themselves in increasing
M E R I C A N S H I P B U I L D I N G I N 1916.
to building steel cargo boats. The following tabu­
The building during 1916 of 1,163 merchant vessels of measure
lation
shows
of steel merchant vessels building or
520,847 gross tons for American ship owners was reported in under contracttheon types
July 1 1916 and on Jan. 1 1917 respectively:
a statement issued on Jan. 6th by the Bureau of Navi­ Types—
— July 1 1 9 1 6 —
— Jan. 1 1 9 1 7 —
No. (Iross Tons.
No. Gross Tons
gation, Department of Commerce, at Washington. In C a r g o v e s s e l s _________________________ _ ____
240
6 3 9 ,8 1 7
294
1 ,0 0 2 ,3 8 9
. 80
5 0 0 ,6 0 8
addition, American shipowners also built50 vessels of 39,392 OP ai ls saenndg e mr oa lan ds s ecsa rtgaon kveersss________
76
4 2 9 ,9 1 6
e l s ___________
„X
5 2 ,3 2 8
7
5 0 ,7 2 8
gross tons for foreign owners, making a total output of 1,213 TCoawr ifnlog a vt es sas no lds ___________________________I
f e r r i e s _____________________ 224
4
2 0 ,0 6 4
8
5 ,9 1 4
14
14
2 ,5 7 2
11
2 ,3 8 7
vessels of 560,239 gross tons for tho twelve months. The A l l o t h e r s _________________________________. 1919 1 0 ,3 9 5
7
4 ,2 5 8
late year’s output has been exceeded on but two previous
.3388 5
403
1 ,2 2 5 ,7 8 4
1 .4 9 5 ,6 0 1
occasions, in the fiscal year ended 1908, and 1855. Tho T o t a l . .......................
Bureau’s statement was as follows:
January 6 1 9 1 7 .
(5 )
Forged bills of lading. A n y p e r s o n w h o k n o w i n g l y o r w i t h i n t e n t t o
d e f r a u d f a l s e ly m a k e s , a lt e r s , f o r g e s , c o u n t e r f e i t s , p r i n t s o r p h o t o g r a p h s
a n y b ill o f la d in g p u r p o r t in g to re p re s e n t g o o d s re c e iv e d f o r s h ip m e n t, o r
a id s t h e r e i n , s h a ll b o g u i l t y o f a m is d e m e a n o r , p u n is h a b l e b y a f i n e n o t
e x c e e d in g $ 5 ,0 0 0 , o r b y i m p r i s o n m e n t n o t e x c e e d i n g f i v e y e a r s , o r b o t h .
I n th e b ill a re p r o v is io n s w i t h re la t io n t o th e r ig h t s o f d e b to rs a n d
c r e d i t o r s , a s w e l l a s t h o s e o f t h e h o l d e r o f t il e o r d e r 1)111 o f l a d i n g a n d r e g u ­
l a t io n s g o v e r n i n g t h e t r a n s f e r a n d n e g o t i a t i o n o f b ills o f la d in g .
M e m b e r s d e s i r in g m o r e d e t a i l e d i n f o r m a t i o n w i t h r e s p e c t t o t h e F e d e r a 1
B ill o f L a d in g A c t a re re q u e s te d to c o m m u n ic a te w it h th o T r a f f ic B u re a u .

B A N K IN G AN D F IN A N C IA L N EW S.

T h e B u re a u o f N a v ig a t io n , D e p a r t m e n t o f C o m m e rc e , re p o rts th a t
d u r i n g t h o c a l e n d a r y e a r 1916 p r i v a t e A m e r i c a n s h i p y a r d s b u i l t 1 ,1 6 3 m e r ­
c h a n t v e s s e ls o f 5 2 0 ,8 4 7 g r o s s t o n s , w h i c h h a v e b e e n o f f i c i a l l y n u m b e r e d
f o r A m e ric a n s h ip o w n e rs , a n d a c c o r d in g ly a re n o w in tra d e o r a b o u t to
e n g a g o i n t r a d e . A m e r i c a n s h i p b u i l d e r s a ls o b u i l t 5 0 v e s s e ls o f 3 9 ,3 9 2
g r o s s t o n s f o r f o r e i g n o w n e r s , m a k i n g a t o t a l o u t p u t o f 1 ,2 1 3 v e s s e ls o f
5 6 0 .2 3 9 g r o s s t o n s f o r t h e t w e l v e m o n t h s .
T h o re c o rd o u tp u t fo r th o
U n i t e d S t a t e s w a s 6 1 4 ,2 1 6 g r o s s t o n s b u i l t d u r i n g t h o t w e l v e m o n t h s e n d e d
J u n e 3 0 19 C 8 , a n d t h o 1 9 16 r e c o r d w a s a l s o e x c e e d e d d u r i ig t h o f is c a l y e a r
1 8 5 5 . w h e n 5 8 3 ,4 5 0 g r o s s t o n s w e r e b u i l t , a l l o f w o o d , e x c e p t 7 i r o n v e s s e ls
o f 1,8 9 1 g r o s s t o n s .
O f t h o 19 16 o u t p u t 1 5 2 v e s s e ls o f 4 1 4 ,0 2 9 g r o s s t o n s w o r o b u i l t o f s t e e l
w h i c h w a s e x c e e d e d b y t h e o u t p u t o f 149 s t e e l v e s s e ls o f 4 5 0 ,0 1 7 g r o s s t o n s
d u r i n g t h e f is c a l y e a r 1 9 0 8 . T h e o u t p u t o f t h a t y e a r , h o w o v e r , w a s m a i n l v
f o r t h e G r e a t L a k e s , w h i l e m o s t o f t h e s t e e l t o n n a g o o f 19 16 h a s b e e n
b u ilt f o r th e o c e a n fo re ig n tra d e .
R e t u r n s o f m e r c h a n t t o n n a g e b u i l t i n f o r e i g n y a r d s d u r i n g 19 1 6 , i n c o m ­
p le te t h u s fa r , s e e m to w a r r a n t th o o p in io n t h a t d u r in g th o p a s t t w e lv e
m o n t h s A m e r ic a n s h ip y a r d s h a v e d o n e n io r o to m a in t a in o ce a n fo re ig n
t r a d e u n i n t e r r u p t e d l y t h a n t h e s h i p y a r d s o f a ll o t h e r n a t i o n s t o g e t h e r
e xc e p t G re a t B r it a in .
F o r t h e f i r s t n i n e m o n t h s o f 1 9 16 o c e a n s to o l
m e r c h a n t t o n n a g e o f A m e r i c a n s h i p y a r d s e x c e e d e d b y 3 0 ,0 0 0 t o n s t h o
B r i t i s h o u t p u t , b u t a f t e r M a y 3 0 B r i t i s h y a r d s b e g a n co in c r e a s e w o r k o n
m e rc h a n t s h ip p in g .
T h e f o l l o w i n g d e t a i l s o f v e s s e ls b u i l t a n d o f f i c i a l l y n u m b e r e d i n t h o
U n i t e d S t a t e s i n 1 9 1 6 , c o m p a r e d w i t h 19 1 5 , a r o r e p o r t e d b y t h o B u r e a u
o f N a v ig a tio n , D e p a r t m e n t o f C o m m e rc e :
S A IL IN G , S T E A M . G A S A N D U N R IG G E D V E S S E L S B U IL T IN T H E
U N IT E D S T A T E S A N D O F F IC IA L L Y N U M B E R E D D U R ­
IN G T H E
C A L E N D A R Y E A R S 1916 A N D
19 15.
1916.

Atlantic
and Gulf.

Pacific.

Great
Lakes.

Western
Rivers.

Total.

No. Gross. No. Gross. No. Gross. No. Gross No.
Wood.

45
26
229
U n r i g g e d _____ 24 2

S a i l i n g ................
S t e a m - - ____

1 2 ,8 9 2
3
3 ,9 9 9 14
7 ,4 2 3 166
8 2 ,0 7 4 7 9

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

T o t a l ........... .. 5 4 2 1 0 6 ,3 8 8 2 6 5 2 9 ,1 7 4

79

795
615
4 ,6 2 5

16 1 ,7 0 6
9 7 1 ,6 1 3
26
922

51
66
526
382

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

6 .0 3 5 13 9 4 ,2 4 1 1 ,0 2 5 1 4 5 ,8 3 8

Metal.
S a i l i n g ________
S t e a m ________
G a s __________
U n r i g g e d _____
T o t a l ...........

1
562
5 0 1 9 3 ,8 2 7 ' l O 6 3 ,9 3 1
8
7 ,6 7 2
1
213
9
3 ,9 7 7

1
35
6
4

6 8 2 0 6 ,0 3 8

4 6 1 0 2 ,2 0 0

11 6 4 ,1 4 4

2 ,3 2 0
8 8 ,4 6 4 " 7 1\094
9 ,8 0 8
4 1 ,5 0 9
1 ,6 0 8
2
24

2
2 ,8 8 2
102 3 4 7 ,3 1 6
19 1 9 ,2 0 2
5 ,6 0 9
15

13 2 ,6 2 7

13 8 3 7 5 ,0 0 9

2 ,3 2 0
8 !),2 5 9 23 3 .8 0 0
1 0 ,4 2 3 101 3 ,1 2 2
6 ,2 3 3 2 8
946

53 1 9 .6 7 7
16 4 3 6 1 .2 8 8
5 4 9 3 7 ,5 7 2
3 9 7 1 0 2 ,3 1 0

Totals.
S a i l i n g ________ 4 6 1 3 ,4 5 4
6 3 ,9 0 3
S t e a m ________
7 6 1 9 7 ,8 2 6 2 4 7 1 ,4 0 3
G a s ___________ 2 3 7 1 5 ,0 9 5 167 8 ,9 3 2
U n r i g g e d ........... 251 8 6 ,0 5 1 79 9 ,0 8 0

1
41
44
39

G r a n d t o t a l . 6 1 0 3 1 2 ,4 2 6 2 7 6 9 3 ,3 1 8 12 5 1 0 8 ,2 3 5 1 5 2 6 , 8 6 8 1 ,1 6 3 5 2 0 ,8 4 7
1915.

|

Wood.
S a i l i n g ................ 4 8
S t e a m ----------------- 2 8 9
U n r i g g e d ........... 196
2
(*)
T o t a l ..............

Metal.
S a i l i n g ________
S t e a m ________
U n r i g g e d ...........
T o t a l _______

535
1

1 2 ,9 1 6
2
7 ,5 2 6 2 3 4
4 5 ,0 3 7 93
565

31
8 ,2 5 1 110
6 ,2 1 8 2 9

6 6 .0 4 4 3 2 9 1 4 ,5 0 0 139

50
729
345
2

12 9 4 7
1 9 .4 0 3
5 4 .3 5 3
565

4 ,4 5 3 123 2 ,2 7 1 1 ,1 2 6

8 7 ,2 6 8

1 .7 3 6
2 ,7 1 7

9 6 1 .8 9 0
27
38 1

36
5

27
9 6 ,1 1 7
2 ,4 8 9

6
1

9 ,6 4 6
434

17
3

1 8 ,3 5 8
50 9

13
8

658
96

1
97
7 2 1 2 4 .7 7 9
3 ,5 2 8
17

42

9 8 ,6 3 3

7 1 0 ,0 8 0

20

1 8 ,8 6 7

21

754

9 0 1 2 8 ,3 3 4

2 0 ,0 9 4 109 2 ,5 4 8
477
3 ,2 2 6 3 5

51 1 2 ,9 7 4
80 1 1 4 4 ,1 8 2
3 6 2 5 7 ,8 8 1
2
565

Totals.

S a i l i n g ________ 4 9 1 2 ,9 4 3
31
2
S t e a m ________ 3 2 5 1 0 3 ,6 4 3 24 0 1 7 ,8 9 7 127
U n r i g g e d _____ 201 4 7 ,5 2 6 94 6 ,6 5 2 3 2
(*)
?
565
G r a n d T o t a l 5 7 7 1 6 4 ,6 7 7 3 3 6 2 4 ,5 8 0 159

2 3 ,3 2 0 144 3 ,0 2 5 1 ,2 1 6 2 1 5 ,6 0 2

* B u ilt o f c o n c re te .
I n a d d i t i o n t o t h e a b o v e , t h e r o w e r e b u i l t d u r i n g 1 9 16 f o r f o r e i g n e r s 3 6
w o o d e n v e s s e ls o f 3 7 2 g r o s s t o n s a n d 14 s t e e l v e s s e ls o f 3 9 ,0 2 0 g r o s s t o n s ;
t o t a l , 4 0 v e s s e ls o f 3 9 ,3 9 2 g r o s s t o n s .

N o s a le s o f b a n k o r t r u s t c o m p a n y s t o c k s w e r e m a d e t h i s w e e k e i t h e r
a t th e S to c k E x c h a n g e o r a t a u c tio n .
C o n c e r n in g t h o c h a rte rs a s k e d fo r a n d c h a rte rs g ra n te d in J a n u a r y a
s t a t e m e n t is s u e d a t t h o o f f ic e o f t h e C o m p t r o l l e r o f t h e C u r r o n c y , u n d e r
d a te o f F e b . 12, s a y s :
I n J a n u a r y 1917 t h o C o m p t r o l l e r o f t h e C u r r e n c y r o c e i v e d f o r t y a p p li c a ­
t io n s f o r c h a r t e r s f o r n o w n a t i o n a l b a n k s , w i t h c a p it a l o f $ 3 ,5 5 5 ,0 0 0 . a s
c o m p a r e d w i t h e ig h t e e n a p p l i c a t i o n s i n J a n u a r y 19 1 6 , w i t h c a p i t a l o f
$ 1 ,2 0 0 ,0 0 0 .
I n J a n u a r y 1917 13 c h a r t e r s w e r e g r a n t e d , c a p it a l $ 1 ,0 0 5 ,0 0 0 , a s c o m ­
p a r e d w i t h 9 c h a r t e r s g r a n t e d i n J a n u a r y 1 9 1 6 , w i t h $ 7 0 5 ,0 0 0 c a p it a l .
I n J a n u a r y 19 1 7 , 2 4 n a t i o n a l b a n k s in c r e a s e d t h e i r c a p it a l s t o c k i n t h o
s u m o f $ 1 ,8 7 5 ,0 0 0 , a g a in s t 12 b a n k s in c r e a s i n g t h e i r c a p it a l i n J a n u a r y
1 9 16 b y $ 5 0 0 ,0 0 0 .
O n e b a n k r e d u c e d i t s c a p it a l i n J a n u a r y 1 9 1 7 , $ 5 0 ,0 0 0 , w h i l e i n t h e
s a m e m o n t h l a s t y e a r o n e b a n k r e d u c e d c a p it a l $ 2 0 ,0 0 0 .
N i n e n a t io n a l b a n k s w o n t in t o v o l u n t a r y liq u id a t io n ( e x c lu s iv e o f th o s e
c o n s o li d a t i n g w i t h o t h e r n a t i o n a l b a n k s ) i n J a n u a r y 1 9 1 7 . t h e i r c a p it a l
b e i n g $ 6 2 5 ,0 0 0 , a s c o m p a r e d w i t h 13 b a n k s l i q u i d a t i n g i n J a n u a r y 1 9 1 6 ,
w i t h a c a p it a l o f $ 1 ,2 1 5 ,0 0 0 .
S e c r e t a r y F e n t o n o f t h e I n v e s t m e n t B a n k e r s ’ A s s o c ia t i o n o f A m e r i c a
h a s is s u e d t h e f i f t h a n n u a l p r o c e e d i n g s o f t h e A s s o c i a t i o n .
T h e b o o k is
b o u n d in t h r e o -q u a rt e r s le a t h e r , o n a n t iq u e p a p e r , w i t h p h o t o g r a v u r e
p i c t u r e s o f a ll t h e o f f ic e r s .
I t c o n t a in s t h e a d d r e s s e s d e l i v e r e d b e f o r e t h e
C i n c i n n a t i C o n v e n t i o n , r e p o r t s o f c o m m i t t e e s , l is t o f m e m b e r s a n d o t h e r
m a t t e r o f i n t e r o s t t o b a n k e r s a n d s t u d e n t s o f f in a n c e .
A l b e r t I t . F is h a n d T h e o . F . R e y n o ld s te n d e re d t h e ir r e s ig n a tio n s as
I m e m b e rs o f th o G o v e r n in g C o m m it te e o f th e N e w Y o r k S to c k E x c h a n g e , a t
a r e g u l a r m e e t i n g o f t h o G o v e r n o r s o n F o b . 14. T h e r e t i r e m e n t o f E r n e s t
G ro e s b e c k , a m e m b e r o f th o G o v e r n in g C o m m it t e e f o r n in e te e n c o n s e c u ­
t iv e y e a r s , a n d w h o w a s o n e o f t h re e h a v in g lo n g e s t t e rm s o n t h e C o m ­
m it t e e , w a s m a d e t h e o c c a s io n o f r e s o l u t io n s o n t h e p a r t o f t h o C o m m i t t e e
t o s h o w t h e i r a p p r e c ia t io n o f h i s e f f o r t s a n d r e g r e t a t h i s r e s i g n a t i o n .
T h e G o v e r n o r s h a v e e x p e ll e d f r o m m e m b e r s h i p A . C*. W h e e l e r J r . , n o w
in b a n k r u p t c y , w h o s e s c a t w a s s o ld a t p u b lic a u c tio n s o m o t im e a g o to
Jo s e p h W e in s t o c k o f th is c i t y , fo r $5 0 . T h e G o v e r n o r s , b y t h e ir a c tio n ,
a u t o m a t i c a l l y b a r W e i n s t o c k f r o m t h e p r i v i l e g e s o f t h e E x c h a n g e a n d a ls o
b a r a n y o n e e ls e w h o w o u l d a t t e m p t t o u s e t h e m e m b e r s h i p f o r m e r l y h e ld
b y W h e e le r.
T h e S e c r e t a r y o f S t a t e a t A l b a n y o n F e b . 10 a u t h o r i z e d t h e i n c o r p o r a t i o n
b y a g r o u p o f n a t i o n a l l y k n o w n m e n o f a c o m p a n y f o r t h e s a le o f s m a l l
d e n o m in a t io n c e rtific a te s , b a s e d e x c lu s iv e ly o n m u n ic ip a l, c o u n t y , S ta te
a n d n a t i o n a l b o n d s , t h r o u g h r e t a i l m e r c h a n d i s in g c h a n n e ls . T h i s c o m ­
p a n y , t h e N a t i o n a l T h r i f t B o n d C o r p o r a t i o n , is e x p e c t e d t o b e g in b u s in e s s
e a r ly in M a r c h .
A m o n g th e tru s te e s o f t h o c o rp o ra tio n a rc th e fo llo w in g :
C la re n c e I I . K e ls e y , P re s id e n t o f th e T i t l e G u a ra n te e & T r u s t C o .; A d o lp h
L o w i s o h n , h e a d o f t h o L o w i s o h n c o p p e r in t e r e s t s ; H e n r y R o g e r s W i n t l i r o p ,
o f H a r ris , W in t h r o p & C o ., a d ire c to r o f th o E q u it a b le T r u s t C o .; W illia m
F e l l o w e s M o r g a n , P r e s i d e n t o f t h e M e r c h a n t s ' A s s o c ia t i o n o f N e w Y o r k ;
R . B a y a r d C u t t i n g , o f N e w Y o r k , a n d A n d r e w S q u ir e , o f C l e v e l a n d .
T h e d ire c to rs a re L i n d l c y M . G a r ris o n , fo r m e r S e c re ta ry o f W a r , a n d n o w
a m e m b e r o f t h e l a w f i r m o f H o r n b l o w o r , M i l l e r , P o t t e r k. f e a r le ; H e n r y
B ru e re , f o r m e r ly d ir e c t o r o f th o B u re a u o f M u n ic ip a l R e s e a rc h a n d C h a m ­
b e rla in o f N e w Y o r k C i t y , a n d n o w V ic e -P r e s id e n t o f th e A m e r ic a n M e t a l
C o .; H e n r y E . C o o p e r, V ic e -P re s id e n t o f th e E q u it a b le T r u s t C o .; E . C .
D e la f ie ld , P re s id e n t o f th e F r a n k lin T r u s t C o .; E . Y . G a lla h e r, V ic e - P r e s i­
d e n t o f th e W e s t e r n U n io n ; J a m e s Im b r ie , o f W m . M o r r is I m b r ie & C o .,
b a n k e r s ; C h a r le s P . H o w l a n d , o f t h o l a w f i r m o f M u r r a y , P r e n t i c e & H o w ­
la n d a n d a d ir e c t o r o f th e M o r t g a g e B o n d C o .; D a r w i n R . J a m e s J r . , P r e s i­
d e n t o f th o A m e r ic a n C h ic le C o .; In g a lls K i m b a l l, P re s id e n t; J o h n H a rs e n
R h o a d e s , h e a d o f th e in v e s t m e n t b a n k in g f ir m o f R h o a d e s & C o ., a n d Je s s e
I s id o r S tra u s s , o f th e f ir m o f R . I I . M a c y & C o ., o n e o f th e b e s t k n o w n
d e p a r t m e n t s t o r e s in N e w Y o r k .
T h e c o m p a n y w ill u n d e rta k e a n e n e r­
g e t i c , c o u n t r y - w i d e c a m p a ig n t o f a m i l i a r i z e s m a l l i n v e s t o r s w i t h “ t h r i f t
b o n d s , " a n d t o s e c u re t h e w i d e s t p o s s ib le m a r k e t a m o n g t h o s e s a v e r s w h o
a r e n o t s e r v e d , o r I m p e r f e c t l y s e r v e d , b y e x i s t i n g t h r i f t a n d s a v i n g a g e n c ie s .
T h e c o r p o r a t i o n in t e n d s t o b u y c i t y , c o u n t y . S t a t e a n d G o v e r n m e n t b o n d s
— t h o s e w h ic h a r e s e c u r e d b y t h e p o w e r o f a n o r g a n iz e d g o v e r n m e n t t o l e v y
t a x e s — a n d d e p o s i t t h e m a s s e c u r i t y f o r t h e c e r t if ic a t e s i t s e lls . U n d e r t h e
t ru s t a g re e m e n t, o v e r y “ t h r if t b o n d ” — th e p o p u la r n a m e g iv e n to th e c e r­
t if i c a t e s — w i l l b o b a c k e d b y s u c h t a x - s e c u r e d b o n d s ; a n d , a s f u r t h e r s e ­
c u r i t y , a s a f e t y r e s e r v e f u n d w i l l b e e s t a b lis h e d .
I n d e n o m in a t io n s a s
l o w a s $ 1 0 , t h e s e “ t h r i f t b o n d s " w i l l b e p u t o n s a le i n d e p a r t m e n t s t o r e s ,
c i g a r s h o p s , d r u g s t o r e s , a n d o t h e r r e t a i l d i s t r i b u t o r s , a s w e ll a s i n b a n k s
a n d e x p r e s s o f f ic e s — w h e r o v e r p e o p le g o t o s p e n d o r d e p o s i t m o n e y .

An announcement matlo by the Department of Com­
that according to builders’ x-oturns to the Bureau of Navi­
gation steel vessels building or under contract to bo built
in private American shipyai'ds on Jan. 1 1917 number 403,
of 1,495,601 gross tons, tho largest tonnage in tho history of o f Ti ht se GCerneodai t oB rIat na lic ha n, ; i)t s( Irteapl rye) s eh na st a at ipv pe ofion rt etdh eF eUl inciet e Bd a Sv taa,t eJ so.i n tMMr .a nBaagvear
American shipbuilding. During D ecem ber 1916 American h a s o p e n e d h i s o f f ic e a t 6 6 B r o a d w a y , N e w Y o r k , w h e r e h o h o l d s h i m s e lf
yards finished ' 9 steel merchant vessels of 24,363 gross tons oa nt tIht ea l idaisnp obsaanl koi nf gb aonr k cs oamnmd efrocriea ilg nm at rtat ed resr so gr efnoer r aa lnl yy f po er r as onnya li n af os rsmis taatni ocne
and made new contracts for 29 vessels of 105,120 gross tons. I t h a t m a y h e lp t h o f u r t h e r d e v e l o p m e n t o f a f f a i r s b e t w e e n t h o t w o c o u n t r i e s .
A table showing the distribution of this work among the
several builders of steel vessels reporting merchant vessels ! S t a t e S u p e r i n t e n d e n t o f B a n k s R i c h a r d s h a s s e c u r e d a S u p r e m e C o u r t
under contract or under construction indicates that of the o r d e r a u t h o r i z i n g h i m t o p a y a n a d d i t i o n a l 1 0 % d i v i d e n d t o t h e c l a i m m erce, available for publication on January 20, reported




63(5

THE CHRONICLE

h o l d e r s o f t h e f a i le d I n d u s t r i a l S a v i n g s a n d L o a n C o . , o f t h i s c i t y .
The
t o t a l a m o u n t t o b e p a i d o n t h i s d i v i d e n d , i t is s a i d , is $ 2 4 0 ,2 7 0 . T h o I n ­
d u s tr ia l S a v in g s a n d L o a n C o m p a n y w a s ta k e n o v e r b y t h o S t a t e B a n k in g
D e p a r t m e n t J u n o 2 9 1 9 1 2 , w i t h t o t a l b o o k a s s e t s e s t i m a t e d a t $ 2 ,5 1 4 ,8 4 4 .
I t h a d a t t h a t t i m o a p p r o x i m a t e l y 5 ,3 0 0 d e p o s i t o r s w i t h t o t a l d e p o s i t s o f
$ 2 ,3 8 0 ,7 0 8 .
T h e f ir s t d iv id e n d (1 5 % ) w a s p a id in D e c e m b e r 1913. A
1 0 % d iv id e n d w a s d is trib u te d in O c to b e r 1913. A f u r t h e r p a y m e n t o f
1 0 % w a s m a d e in D e c e m b e r 1910, a n d t h o d iv id e n d o f 1 0 % n o w t o b o p a id
m a k e s a t o t a l o f 4 5 % , o r o v e r $ 1 ,0 0 0 ,0 0 0 , t o b e d i s t r i b u t e d s in c e t h e
b a n k ’s f a i l u r e .
A n a t t r a c t i v e d e s k p a d a n d c a l e n d a r c o m b i n e d h a s b e e n is s u e d b y t h e
B r o o k ly n T r u s t C o .
T h e c a l e n d a r is a t t a c h e d t o t h e p a d in s u c h a w a y a s
t o p e r m it i t t o re s t o n t h e p a d a s a w e ig h t , o r i t m a y b o ra is o d f r o m t h e p a d
s o a s t o b e p e r m a n e n t ly v is ib le .
T h e s i lv e r f in is h ca se m a k e s t h e w h o le
a n o rn a m e n ta l d e s k a c c e sso ry.
T h o F i r s t N a t i o n a l B a n k o f S o m e r v i l l e , N . J . , c a p it a l $ 1 0 0 ,0 0 0 , s u r p l u s
f u n d S 1 5 0 .0 0 0 , a n d u n d i v i d e d p r o f i t s $ 3 5 ,9 7 0 2 2 , b y u n a n i n o u s v o t e o f
i t s s h a r e h o l d e r s o n t h e 1 4 t h i n s t . , d e c id e d t o g o i n t o v o l u n t a r y l i q u i d a t i o n ,
a n d o n o r a b o u t M a r c h 1 w ill b e s u c c e e d e d b y t h e S o m e r v ille T r u s t C o ., w h ic h
h a s b e e n o r g a n i z e d f o r t h a t p u r p o s e a n d w h i c h w i l l h a v e t h o s a m e c a p it a l ,
s u r p l u s a n d u n d i v i d e d p r o f i t s , t h e s a m e s h a r e h o l d e r s a n d t h e s a m o o f f ic e r s .
T h o F i r s t N a t io n a l B a n k w a s o n e o f t h o f ir s t o r g a n iz e d u n d e r t h o N a t io n a l
B a n k i n g A c t , a n d i t s n u m b e r w a s 3 9 5 . I t b e g a n b u s in e s s i n J u n e 1 8 6 4 .
J . N . V a n D e r b e e k is P r e s i d e n t ; J o h n G . G a s t o n , V i c e - P r e s i d e n t , a n d
' W il l ia m I I . T a y l o r , C a s h i e r .
S t a t e S u p e r in te n d e n t o f B a n k s E u g o n e L a m b R ic h a r d s h a s re c e iv e d
a u t h o r iz a t io n f r o m t h e S u p re m o C o u r t t o c o m p le te t h e liq u id a t io n o f th e
B a n k o f W a y n e , o f L y o n s , N . Y . , w h i c h c lo s e d i t s d o o r s o n N o v . 9 1 9 1 0 .
T h o B a n k o f W a y n e h a d a c a p it a l o f $ 5 0 ,0 0 0 , a n d d e p o s i t s a t t h e t i m o o f
i t s c l o s i n g w e r e s a i d t o h a v e a m o u n t e d t o a b o u t $ 8 0 ,0 0 0 .
D e p o s ito rs o f th o
d e f u n c t in s t it u t io n a re to re c e iv o A f in a l d iv id e n d o f 3 .2 2 % , m a k in g a
t o t a l p a y m e n t t o t h e m o f 9 3 .2 2 % .
T o t a l c l a i m s o f $ 4 8 ,1 9 4 a r e u n d e r ­
s t o o d t o h a v e b e e n file d .
T h e re g u la r m id -w in t e r m e e tin g a n d d in n e r o f th e N a t io n a l B a n k
C a s h i e r ’s A s s o c i a t i o n o f M a s s a c h u s e t t s w a s h o l d a t Y o u n g ’s H o t e l , B o s t o n ,
o n t h o 9 t h in s t .
T h e s t o c k h o ld e r s o f t h e U n i t e d S t a t e s T r u s t C o m p a n y o f B o s t o n , M a s s . ,
a t a m e e t in g o n F e b . 9 v o t e d in f a v o r o f In c re a s in g t h o c a p it a l o f t h o in ­
s t i t u t i o n f r o m $ 3 0 0 ,0 0 0 t o $ 1 ,0 0 0 ,0 0 0 . I n f u r t h e r a n c e o f t h e p l a n s t o
in c r e a s o t h e c a p i t a l t h e d i r e c t o r s h a v e d e c la r e d a c a s h d i v i d e n d o f $ 1 0 0
p e r s h a re o u t o f s u r p lu s e a rn in g s .
W i t h i t s c a p it a l o n l a r g e d t o $ 1 ,0 0 0 ,0 0 0 ,
t h o i n s t i t u t i o n w i l l h a v e a ; u r p ' u s o f $ 1 ,0 0 0 ,0 0 0 , a n d u n d o v i d e d p r o f i t s
o f $ 3 5 0 ,0 0 0 .
H e n r y P . T ild e n , S e c re ta ry o f th e c o m p a n y , h a s b ee n ch o son
a V i c e - P r e s i d e n t , a n d C h a r l e s F . F o r d , h o a d p a y i n g t e l le r , a n d C h a r le s
H . C o l e m a n , h o a d n o t e t o l le r , h a v o b e e n a p p o i n t e d A s s i s t a n t S e c r e t a r ie s .
T h e d ir e c t o r s o f t h e U n io n N a t io n a l B a n k o f P h ila d e lp h ia , I ’a ., o n F o b .
6 , te n d e re d a d in n e r t o a ll th o e m p lo y e s o f th e in s t it u t io n a t t h e M a n u fa c ­
t u r e r s C lu b , P h ila d e lp h ia . A n n o u n c e m e n t w a s m a d o a t t h e d in n e r o f
a p l a n o f in s u r a n c e w h e r e b y t h e c le r k s a r e a l l i n s u r e d f o r o n e f u l l y e a r ’s
s a la ry .
T h o I n s u r a n c e o f e m p l o y e s b y l a r g o f i n a n c i a l i n s t i t u t i o n s is p r o v ­
i n g p o p u l a r t h r o u g h o u t t h e c o u n t r y s in c e i t is r e a l iz e d t h a t i n t h u s p r o ­
v i d i n g f o r t h e i r w o l f a r o t h e l o y a l t y a n d e f f i c i e n c y o f t h e e m p l o y e s is f o s ­
te re d .
J a m e s B . F o r g a n , C h a ir m a n o f t h o C h ic a g o C le a r in g H o u s e C o m m it t e e ,
o n F e b . 9 a n n o u n c e d t h a t t h e S c h iff & C o . S ta te B a n k , a t T w e lf t h a n d
H a ls t e d S ts ., C h ic a g o , h a s b e e n a d m it t e d t o a ffilia t e d m e m b e r s h ip in t h o
C h ic a g o C le a r in g H o u s e A s s o c ia tio n .
T h o S c h i f f & C o . S t a t e B a n k , i t is
s t a t e d , w ill c le a r t h r o u g h F o r e m a n B r o t h e rs B a n k in g C o .
D o n a ld M a c k e r c h a r , V ic e -P r e s id e n t o f th o F i r s t a n d S e c u r it y N a t io n a l
B a n k , o f M i n n e a p o l i s , M i n n . , d i e d o n F o b . 4 , in h i s s i x t y - f i r s t y e a r .
M r.
M a c k e r c h a r w a s b o r n in S c o tla n d , w h o re h e o b ta in e d h is fir s t b a n k in g
e x p e rie n c e .
A f t e r lo a v in g S c o tla n d h o lo c a te d in C a n a d a a n d o n to re d
th e e m p lo y o f a C a n a d ia n b a n k , a n d la te r b e c a m e c o n n e c te d w it h th e
N e w Y o r k b ra n c h o f th e B a n k o f B r it is h N o r t h A m e ric a , a n d w a s s u b ­
s e q u e n t ly t r a n s fe r r e d t o t h o C h ic a g o b r a n c h o f t h a t i n s t it u t io n .
Ho
e n te re d t h e o m p lo y o f t h o o ld F i r s t N a t io n a l B a n k o f M in n e a p o lis , in t h e
e a r ly 90s a n d w o r k e d h is w a y u p f r o m a c le rk s h ip t o a V ic e - P r e s id e n c y .
W i t h t h o c o n s o lid a tio n o f t h o F i r s t N a t io n a l a n d t h o S e c u r it y N a t io n a l
b a n k s in A p r i l 1915, M r . M a c k e r c h a r w a s c h o s e n a V ic e -P r e s id e n t o f th o
e n la rg e d b a n k , a p o s it io n h e h e ld u n t il h is d e a th .
F o r m e r O o b t r e s s m a n T h o m a s R . I l a m e r , h a s b e e n e le c t e d P r e s i d e n t o f
t h o I d a h o iN ,« ,U o n a l B a n k o f B o is o , I d a h o , t o s u c c e e d T h o m a s M e l l e n , w h o
h a d h e l d t h o p r e s i d e n c y o f t h e i n s t i t u t i o n s in c e t h o d e a t h o f G e o r g o W
F l e t c h e r , a n d w h o r e s i g n e d b e c a u s e o f t h o p r e s s o f b u s in e s s a f f a i r s .
M r.
H a m e r , I t is s a i d , h a s a ls o b e e n a p p o i n t e d b y P r e s i d e n t W i l s o n t o t h e
r e s e r v e c o r p s o f t h o U . S . A r m y , a n d h a s b e e n a s s ig n e d t o t h e J u d g e A d v o ­
c a te D e p a rtm e n t w it h th e ra n k o f M a jo r .
A c t i n g o n t h o g r o w i n g s e n t i m e n t o f a l l o w i n g e m p l o y e e s t o p a r t i c ip a t e
in t h e p r o f it s d e r iv e d f r o m t h e ir e ffo rts , th e d ire c to rs o f th e L i v e S to c k
N a t i o n a l B a n k o f O m a h a h a v e d o n a t e d a s u b s t a n t ia l l u m p s u m t o a m o n t h l y
c u m u la t iv e f u n d o r ig in a lly s ta rte d s ix y e a r s a g o w i t h th is o b je c t in v ie w .
N o w t h a t t h e f u n d h a s a s s u m e d a d e q u a t e p r o p o r t i o n s , b o t h t h e o f f ic e r s a n d
e m p l o y e e s o f t h e i n s t i t u t i o n w h o d e s ir e t o b e c o m e b e n e f ic ia r ie s t h e r e b y
w i l l c o n t r i b u t e a s m a l l p e r c e n t a g e o f t h e i r m o n t h l y s a la r ie s .
T h e b e n e f it s
o b t a i n e d a r o i n t h o f o r m o f p e n s io n s , w h i c h a r e r e c e i v e d b y t h e e m p l o y e e s
a t t h e a g e o f s i x t y , a n d a ft e r t w e n t y y e a r s o f s e rv ic e w it h th e in s t it u t io n .
U n d e r c e r t a i n c o n d i t i o n s p e n s io n s m a y b o g i v e n i n c a s e o f r e t ir e m e n t o n
a c c o u n t o f s ic k n e s s o r t o t h e w i d o w s a n d c h i l d r e n o f d e c e a s e d e m p l o y e e s .
T h e b a n k h a s a c a p i t a l o f $ 2 0 0 ,0 0 0 , s u r p l u s o f $ 1 0 0 ,0 0 0 a n d u n d i v i d e d
p r o f i t s ( D e c . 2 7 ) o f $ 9 7 ,9 9 8 ; i t s d e p o s it s o n t h o d a t o m e n t i o n e d w e r o
$ 6 ,4 5 4 ,8 9 5 , w h i l e i t s r e s o u r c e s s t o o d a t $ 7 ,0 1 1 ,6 3 8 . L . M . L o r d is P r e s i ­
d e n t , W . A . C . J o h n s o n , V i c e - P r e s i d e n t , a n d F . W . T h o m a s is C a s h i e r .
T h e A s s is t a n t C a s h ie rs a re A l v i n J o h n s o n , C . F . A n d e r s o n a n d I I . E .
B a k e r.
T h o N o r t h w e s t T r u s t & S a fe D e p o s it C o . , o f S e a t tle , W a s h . , h a s c h a n g e d
it s n a m e t o t h e N o r t h w e s t T r u s t & S a v in g s B a n k . T h e c h a n g e in t h o t it le
is s a id t o h a v e b e e n m a d e i n o r d e r t o i n d i c a t e t h o o p e r a t i o n o f a s a v i n g s
d e p a r t m e n t b y t h e in s t it u t io n a n d t o s h o rte n t h o o ld n a m o . T h e N o r t h ­
w e s t T r u s t & S a v i n g s B a n k h a s a c a p it a l o f $ 1 0 0 ,0 0 0 a n d d e p o s i t s a s o f D o c .
2 7 , $ 1 ,6 0 8 ,0 0 9 .
I t w a s o r g a n iz e d in 1900.




[Vol. 104:

O n F o b . 5 t h e U n io n T r u s t C o . o f S p o k a n e ( f o r m e rly U n io n T r u s t &
S a v in g s B a n k ) m o v e d in t o t e m p o r a r y q u a r te rs o n t h e e ig h t h f lo o r o f t h e
O l d N a t io n a l B a n k B u ild in g , p e n d in g c o m p le t io n o f it s n e w q u a r te rs in th e O l d N a t i o n a l b a n k i n g r o o m , r e m o d e l i n g o f w h i c h is n o w i n p r o g r e s s . W h e n
th e n e w q u a rte rs a ro c o m p le te d th e O ld N a t io n a l a n d U n io n T r u s t w ill
o c c u p y a f lo o r s p a c e 1 0 0 x1 4 2 fe e t, e x c lu s iv e o f b a s e m e n t a n d m e z z a n in e f lo o r s — w h i c h is b e l i e v e d t o b e t h e l a r g e s t a r e a o c c u p i e d b y a n y b a n k in
th a t p a rt o f th e c o u n try .
T h o t w o in s t it u t io n s r e ta in t h e ir s e p a ra te id e n ­
t it ie s a s I n d iv id u a l c o r p o ra tio n s , b u t a ro o p e ra te d u n d e r o n o b o a rd o f
d i r e c t o r s . T h e o f f ic e r s o f t h o b a n k a r o : D . W . T w o h y , P r e s i d e n t ; T . J .
IT u m b ird , V ic e -P re s id e n t; W . D . V in c o n t, V ic e -P re s id e n t; J . A . Y e o m a n s ,
C a s h ie r; W . J . S m it h s o n , G . I I . G re e n w o o d a n d J . W . B r a d le y , A s s is t a n t
C a s h i e r s . T h o o f f ic e r s o f t h o t r u s t c o m p a n y a r o : T . W . T w o h y , P r e s i ­
d e n t; W . J . C . W a k e fie ld a n d W . J . IC o m m e rs , V ic e -P re s id e n ts ; J a s . C ,
C u n n i n g h a m , V i c e - P r e s i d e n t - M a n a g e r ; F r a n k C . P a in e , S e c r e t a r y ; A r t h u r
S . B lu m , T r e a s u re r: I I . E . F r a s e r , A s s is ta n t S e c re ta ry .
N o ch a n ge w ill be
m a d e i n t h o c h a r a c t e r o f t h e b u s in e s s t r a n s a c t e d b y t h o O l d N a t i o n a l ,
w h ic h w ill c o v e r b a n k in g in a ll its b ra n c h e s , in c lu d in g c o m m e rc ia l a n d
s a v i n g s a c c o u n t s , c o l l e c t io n s a n d e s c r o w s , e x c h a n g e a n d m o n o y o r d e r s .
T h o U n i o n T r u s t w i l l d e v o t e i t s e n e r g ie s e x c l u s i v e l y t o t h o c o n d u c t o f i t s
o x t e n s i v o t r u s t b u s in e s s , t h o p r i n c i p a l b r a n c h e s o f w h i c h i n c l u d o t h o c a r o o f
e s ta te s , th o m a k in g o f fa r m a n d c i t y m o rtg a g e lo a n s , th o In v e s t m e n t o f
f u n d s , t h o m a n a g e m e n t o f p r o p e r t y , in s u r a n c e , & c .
It n o w has o ve r
s e v e n m illio n s in t r u s t fu n d s .
T h e a s s e ts o f t h o O l d N a t i o n a l n o w a r e
m o r e t h a n $ 1 8 ,0 0 0 ,0 0 0 , a n d t h o s e o f t h o U n i o n T r u s t C o . $ 8 ,0 0 0 ,0 0 0 , g i v i n g
t o t a l r e s o u r c e s o f t h o t w o c o r p o r a t i o n s o f $ 2 6 ,0 0 0 ,0 0 0 . T h o f o r m e r q u a r ­
te rs o f t h o t r u s t c o m p a n y in t h o M a r b lo B a n k B u ild in g a ro b e in g re m o d e le d
b y t h e F i d e l it y N a t io n a l B a n k , w h ic h e xp e c ts t o o c c u p y t h e m s o m o t im e
d u r in g th e la tte r p a r t o f th e m o n t h .
Y o u n g o r A le x a n d e r h a s re s ig n e d f r o m t h o P r e s id e n c y o f t h o P h o e n ix &
T h i r d N a t io n a l B a n k o f L e x i n g t o n , K y . , b o c a u s o o f ill-h e a lt h , a n d h a s b e e n
s u c c e e d e d as P r e s id e n t b y W . A . M c D o w e l l , f o r m e r ly V ic e -P r e s id e n t *
M r . A le x a n d e r h a s b e c o m e C h a irm a n o f th o b o a rd o f th o in s t it u t io n .
S ir D a n ie l I I . M a c M illa n h a s re s ig n e d a s P re s id e n t o f t h e N o r t h e r n
C r o w n B a n k ( h e a d o f f ic e W i n n i p e g ) , o w i n g t o a p r o b a b l e l o n g - c o n t i n u e d
a b s e n c e f r o m W in n ip e g , a n d h is c o n s e q u e n t i n a b i l it y to g iv e t h o n e c e s s a ry
a t t e n t i o n t o t h o b u s in e s s o f t h e b a n k .
C a p t a in W il l ia m R o b in s o n , h e re ­
to fo re V ic e -P r e s id e n t , h a s b e e n c h o s e n t o th e P re s id e n c y o f th o in s t it u t io n
to s u c c e e d S ir D a n ie l, a n d J a m e s I I . A s h d o w n h a s b e e n c h o s e n V lc e -P re s i*
d e n t to s u c c e e d C a p t a in R o b in s o n .
J . W . H a m ilt o n , h e re to fo re E a s t e r n S u p e r in te n d e n t o f th e U n io n B a n k oi
C a n a d a ( h e a d o f f ic e W i n n i p e g ) , h a s b e e n c h o s e n A s s i s t a n t G e n e r a l M a n a g e r
o f t h o I n s t it u t io n , a n d I I . B . C a rt e r , f o r m e r ly a n In s p e c to r, h a s b e e n
c h o s o n E a s t e r n S u p e r in t e n c e n t t o s u c c e e d h i m .
O th e r changes announced
b y G e n o ra l M a n a g e r I I . B . S h a w o n F o b . 8 a rc : G e o rg e W ils o n , f o r m e r ly
M a n a g e r in T o r o n t o , g o e s to N o w Y o r k ; D . M . N e o v o , M a n a g e r a t W in n i ­
p e g , goe s to T o r o n t o ; P . V i lb c r t , In s p e c to r in W in n ip e g , su c c e e d s M r .
N e e v o , a n d W . M . C h a n d le r, o f S a s k a to o n , goes to W in n ip e g as In s p e c to r.
D a n ie l W a t e r s h a s r e t ir e d a s A s s is t a n t G e n o ra l M a n a g e r o f th o B a n k o .
N o v a S c o t i a ( h o a d o f f ic o H a l i f a x ) a n d h a s b e e n s u c c e e d e d b y J . A . M c L e o d f
f o r m e r l y C h i e f S u p e r i n t e n d e n t o f B r a n c h e s . M r . W a t e r s r o t ir o s a f t e r
t h i r t y - s e v e n y e a r s ’ s e rv ic o w i t h t h o b a n k , t w e n t y - f o u r o f w h ic h w e re s p e n t
i n i t s h e a d o f f ic o a s I n s p e c t o r , C h i e f I n s p e c t o r , S u p e r i n t e n d e n t o f B r a n c h e s
a n d s in c e 1 9 0 6 a s A s s i s t a n t G e n e r a l M a n a g e r .
M r. M c L e o d , th e n ew
A s s is ta n t G e n e ra l M a n a g e r , h a s b e e n c o n n e c te d w i t h th o B a n k o f N o v a
S c o tia f o r o v e r t h i r t y y e a r s .
T h o C o n t in e n t a l B a n k in g & T r u s t C o ., o f P a n a m a C i t y , R e p u b lic o f
C o l o m b i a , S . A . , is r e p o r t e d t o h a v e c lo s e d i t s d o o r s o n F o b . 6 - T h e c o m ­
p a n y is s a id t o h a v e b e o n c a p i t a l i z e d a t $ 1 0 0 ,0 0 0 .

THE ENGLISH GOLD AN D SILVER MARKETS.

We reprint tho following from the weekly circular of
Samuel Montagu & Co. of London, written undor date of
Jan. 25 1917:
G O LD .
T h o B a n k o f E n g l a n d g o l d r e s e r v e a g a in s t i t s n o t e is s u e s h o w s a n in c re a s e o f £ 5 0 2 ,1 4 5 a s c o m p a r e d w i t h la s t w e e k ’s r e t u r n .
T h e “ T im o s ” u n d e r d a te
o f J a n . 2 0 1 9 1 7 a n n o u n c e d t h a t t h e B o a r d o f T r a d e h a d a u t h o r i z e d t h o d is ­
t r ib u t io n o f c e rta in q u a n t it ie s o f g o ld f o r th e p o t t e r y I n d u s t r y u n d e r t h e
f o l l o w i n g c o n d it i o n s : T h o s a id g o l d m u s t b o e m p l o y e d d i r e c t l y a n d e x ­
c l u s i v e l y f o r t h o d e c o r a t io n o f p o t t e r y w a r e i n t e n d e d f o r e x p o r t f r o m G r e a t
B r i t a i n , a n d i n n o c a s e m u s t i t b e u s e d i n c o n n e c t i o n w i t h p o t t o r y in G r e a t
B r it a in .
T h e a m o u n t r e q u i r e d f o r t h i s p u r p o s o is s m a l l. A R o u t e r t e le ­
g r a m f r o m D e l h i o n F r i d a y la s t s t a t e d t h a t t h o G o v e r n m e n t h a v o a n n o u n c e d
t h e i r i n t e n t i o n t o s e ll g o l d b u l l i o n w e e k l y a s f r o m J a n . 18 t h r o u g h t h e
B a nk o f B o m b a y.
T h o G o v e r n m e n t r e s e r v e t h e i r d i s c r e t io n r e g a r d i n g
t h e a m o u n t , b u t a n t i c i p a t e t h a t t h o v a l u e s o ld w i l l a v e r a g e h a l f a m i l l i o n
s te r lin g .
S IL V E R .
T h e c e s s a t io n o f s a le s f r o m C h i n a a n d t h o p a u c i t y o f s u p p li e s f r o m
A m e r i c a h a v e i m p a r t e d c o n s id e r a b l e s t e a d in e s s t o t h o m a r k e t . A t o n e
t i m o t h o e n t r y o f I n d i a n b a z a a r b u y e r s t o c o v o r b e a r s a le s c a u s e d a n a p ­
p re h e n s io n t h a t , o n s o s t a r v e d a m a r k e t , th o p ric e m ig h t b o fo rc e d u p c o n ­
s id e r a b ly , b u t w h e n 3 7 M d . w a s re a c h e d o n th e 2 2 d in s t. c o m p e tit io n ca se d
o ff.
T h i s q u o t a t i o n is H d . h i g h e r t h a n a n y r e c o r d e d d u r i n g t h o w a r a n d
a f r e s h r e c o r d s in c e 1 8 9 3 . T h o is s u o o f a s t e r l i n g lo a n i n I n d i a m a y a t t r a c t
s o m o r u p e e s o u t o f c i r c u l a t io n i n t o t h e T r e a s u r y .
I t w i l l b o in t e r e s t in g
t o s e e w h e t h e r s a le s o f g o l d , a s f o r e s h a d o w e d b y t h e a n n o u n c e m e n t t o w h i c h
re fe re n c o h a s b e e n a lr e a d y m a d e , w ill h a v o a n y e ffe c t u p o n th o I n d ia n
c u r r e n c y f ig u r e s . O n D e c . 8 t h o f o l l o w i n g e n a c t m e n t w a s m a d o i n H o n g ­
k o n g : " R u l e 3 7 . N o p e r s o n s h a ll e x p o r t w i t h o u t t h o s p e c ia l p e r m i s s io n o f
t h o S u p e r in t e n d e n t o f I m p o r t s a n d E x p o r t s o r a t t e m p t t o e x p o r t , o r p r o c u r e
f o r th o p u rp o s o o f e x p o rt a t io n , a n y s ilv e r d o lla rs o r s ilv e r b u llio n . ”
The
s t o c k i n B o m b a y c o n s is t s o f 2 ,2 0 0 b a r s a s c o m p a r e d w i t h 3 ,3 0 0 b a r s la s t
w e e k . T h o s t o c k i n S h a n g h a i o n J a n . 2 0 1 9 1 7 c o n s is t e d o f a b o u t 2 3 ,4 0 0 ,0 0 0
o u n c e s i n s y c e e a n d $ 1 6 ,7 0 0 ,0 0 0 a s c o m p a r e d w i t h a b o u t 2 5 ,6 0 0 ,0 0 0 o u n c e s
i n s y c e e a n d $ 1 6 ,6 0 0 ,0 0 0 o n J a n . 13 1 9 1 7 . Q u o t a t i o n s f o r b a r s i l v e r
p e r o u n ce s ta n d a rd :
N o
B a n k r a t e , . , ...................... ..........
J a n . 1 9 ____ 3 6 c a s h !
J a n . 2 0 ____ 3 7
“
q u o ta t io n
B a r g o ld p e r o z . s t a n d a r d .' , i 7s. 9 d .
J a n . 2 2 ____ 3 7 M
“
f ix e d
J a n . 2 3 ____ 3 7 3 -1 6 “
fo r
J a n . 2 4 ____ 3 7 3 -1 6 “
fo rw a rd
J a n . 2 5 ____ 3 7 3 -1 6 “
d e liv e ry .
A v e r a g e ___ 3 7 .1 1 4
T h e q u o t a t i o n t o - d a y f o r c a s h d e l i v e r y Is 9 -1 6 d . a b o v e t h a t f i x e d a
w eek ago.

Feb . 17 1917.]

THE CHRONICLE

ENGLISH FIN AN CIAL M ARKET— PER CABLE.

‘‘"The^daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Feb. 16.

Feb. 10.
Sat.
..A.37%
— .51%
....9 9 %
- f r .........
(In

■French W a r L o a n , 5 %

Feb. 12. Feb. 13. Feb. 14.
Mon.
Tues. Wed.
____
38 7-16 38%
51%
51%
51%
99%
99%
99%

Feb. 15
Fri.
Thurs.
38 %
3S%
52
51
100
99%

62.25

62.15

62.00

62.00

87.65

87.65

____

87.70

78H

78%

62.00

The price of silver in New York on the same days has been:
S liv e r in N . Y . t p e r o z _ . c t s .7 7 J i

H o li d a y 79

78%

T R A D E AN D T R A F F IC M OVEMENTS.

637

Imports and exports of gold and silver for the 12 months:
Gold Movement at New York.
Month.

Imports.
1916.

S
J a n u a r y . . 13,025,093
F e b ru a ry.
4 ,25 8,059
M a rc h . . .
2 ,36 8,344
A p r i l ..........
4 ,32 8,407
M a y _____
1,598,288
J u n e ..........
2,79 0,174
J u l y .......... 17,881,388
A u g u s t ___
1.432.146
S e p te m b e r 11,773.504
O c to b e r - .
1.515,309
N ovem ber
1,197,787
D ecem ber
1,258,973

1915.

Silver—New York.

Exports.
1916.

j

S
S
6,220,132
2,082,618
1,531,031 10,589,971
3,377,102
4 ,53 2,820
3,59 0,774 6,44 3,234
12,531,054 4,97 6,677
1,204,397 6,726,705
6,301,292 8,09 6,907
2,281,541
5,759,159
8,992,572 2 ,65 1,454
1,311,114
27,999,731
49,8 27,91 8 11,244,658
36 ,371,277 18,318,717

j Imports. | Exports.

1915.

i9 ;o .

S
1
639,000
996,300
873,400
754,808
1,196,820
2,779,190
2.064.670
1.032.670
1,817,500
2,82 4,000
1,127,370
3,05 4,228 j

$
749,381
1,431,404
1,619,163
1,231,080
1,240,112
1,831,629
1,521,172
1,403,423
1,600,076
1,722,342
917,029
1,788,147

1916.
S
4 ,13 0,016
3 ,81 8,210
3 ,45 0,204
4,367,911
6,02 6,236
4 ,24 1,499
4,213,651
4.20 6.413
4,664,171
5,39 5,226
5.417.413
6,591,579

UNFILLED ORDERS OF STEEL CORPORATION.— T o t a l . . 6 3 ,4 27,46 9 155.091.307 86,8 71,54 8 1 19,159,956 1 17,054,058 56,522,529
The United States Steel Corporation on Saturday, Feb. 10,
issued its regular monthly statement, showing the unfilled
ID E N D S .
orders on the books of the subsidiary corporations at the close The following shows DallIV the
dividends announced for the
of January. From this statement it appears that the aggre­
gate of unfilled orders on Jan. 31 was 11,474,054 tons, or a future by large or important corporations:
decrease of 73,232 tons from tho record total of 11,547,286 Dividends announced this week are printed in italics.
tons established on Dec. 31 1916.
In tho following wo give the comparisons with the previous
Per
When
Books Closed.
months.
Name of Company.
Cent. Payable.
Days Inclusive.
Ton*.
Tora.

Ja n .
Dec.
2 f0 V .
U c t.
S e p t.
Aug.
J u ly
Ju n e
M ay
A p ril
M a r.
Feb.
Ja n .
Dec.
N o v.
O c t.
S e p t.
Aug.
J u ly
Ju n o
M ay
A p r.
M a r.
Feb.
Ja n .
Deo.

31
31
30
31
30
31
31
30
31
30
31
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31

1 9 1 7 .-1 1 ,4 7 4 ,0 5 4
1 9 1 6 .-1 1 ,5 4 7 ,2 8 6
19 1 6 .-1 1 ,0 5 8 ,5 4 2
1 9 1 6 .-1 0 ,0 1 5 ,2 6 0
1916— .9 ,5 2 2 ,5 8 4 J u l y
1 9 1 6 .-9 ,6 6 0 ,3 5 7
1 9 1 6 .-9 ,5 9 3 ,5 9 2
1916— 9,64 0,458
1916— 9,93 7,70S
1 9 1 6 ...9 ,8 2 9 ,5 5 1
1 9 1 6 .-9 ,3 3 1 ,0 0 1
1 9 1 6 .- 8 ,5 6 8 ,9 6 6
1916— .7 ,9 2 2 ,7 6 7
1915— 7,806,220 O c t .
1 9 1 5 .-7 ,1 8 9 ,4 8 9
1 9 1 5 .-6 ,1 6 5 ,4 5 2
1 9 1 5 .-5 ,3 1 7 ,0 1 8
1915— .4 ,9 0 8 ,4 5 5
1915— 4 ,92 8,540
1915— .4 ,6 7 8 ,1 9 6
1915— 4,264,598
1 9 1 5 .-4 ,1 6 2 ,2 4 4
1 9 1 5 .- 4 ,2 5 5 ,7 4 9
1 9 1 5 .-4 ,3 4 5 ,3 7 1
1915— 4,248.571
1 9 1 4 .— 3 ,836,643

.3 ,3 2 4 ,6 9 2
-3 ,4 6 1 ,0 3 7
-3,7 8 7 ,6 6 7
-4 .213 .3 31
.4 .1 5 8 ,5 8 9
.4 .0 3 2 ,8 5 7
.3 ,9 9 8 ,1 6 0
.4 .2 7 7 ,0 6 8
.4 ,6 5 3 ,8 2 5
-6 ,0 2 6 ,4 4 0
-4 ,6 1 3 ,6 8 0
4,28 2,108
-4 ,3 9 8 ,3 4 7
-4 .5 1 3 ,7 6 7
.6 ,0 0 3 .7 8 5
-6 ,2 2 3 ,4 6 8
-5 ,3 0 9 ,3 5 6
.5 ,807 ,3 17
.0 ,3 2 4 ,3 2 2
.6 .9 7 8 ,7 0 2
.7 ,4 0 8 ,9 5 0
.7 ,0 6 0 ,7 1 4
.7 ,8 2 7 ,3 6 8
.7 ,9 3 2 ,1 6 4
.7 .8 5 2 ,8 8 3
-7 ,5 9 4 ,3 8 1
.6 ,5 5 1 ,6 0 7

Aug.
J u ly
Ju n e
M ay
A p r.
M a r.
Feb.
Ja n .
Dec.
N o v.
O c t.
Sept
Aug.
J n lv
Ju n o
M ay
A p r il
M a r.
Feb
Ja n .
D ec.
N o v.
O c t.
S e p t.
Aug.
J u ly

Tons.

31
31
30
31
30
31
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31

1912. ..6 ,1 6 3 ,3 7 5
1912. -5 .9 6 7 .0 7 E
1912. -.5 .8 0 7 .3 4 6
1912. -6 .7 5 0 .9 8 3
1912. .6 ,6 6 4 .8 8 5
1912. - 5 , 3 0 4 ,8 4 i
1912. -5 .4 5 4 .2 0 1
1012. -5 ,379 ,7 21
1911. - 5 ,0 8 4 ,7 6 5
1911. -.4 ,1 4 1 ,9 5 8
1911. - 3 ,6 9 4 .3 2 7
1911. - 3 ,6 1 1 ,3 1 5
1911. - 3 ,6 9 5 ,9 8 5
1911. -.3 ,5 8 4 ,0 8 8
1911. -.3 ,3 6 1 ,0 8 7
1911. .3,113,154
1011. .3,218 ,7 06
1911. .3 ,447 .3 01
1911. .3,400 .6 43
1 9 1 1 .. -3 ,1 1 0 ,9 1 9
1 9 1 0 .. .2 ,6 7 4 ,7 (0
1 9 1 0 .. .2 ,7 0 0 .4 1 3
1 9 1 0 .. .2 ,8 7 1 ,9 4 9
1 9 1 0 - .3 ,1 5 8 ,1 0 6
1 9 1 0 - .3 ,6 3 7 ,1 2 8
1 9 1 0 - .3 ,9 7 0 .9 3 1

The figures prior to July 31 1910 were issued quarterly
only. Thoso, extending back to 1901, were given in the
“Chronicle” of March 13 1915, page 876.
ANTHRACITE COAL SHIPMENTS.—The shipments
of anthracite coal for January 1917, as reported to the Antliracite Bureau of Information at Wilkes-Barre, amounted to
5,940,725 tons, an increase of 56,375 tons over the corre­
sponding month last year and of 357,978 tons over December
1916. This gain over December, says the Bureau, “was duo
to the fact that the calendar and fewer church feast days
provided a larger number of working days in January than
in tho closing month of 1916. Thero wero a few instances
of labor disaffections which resulted in temporary suspen­
sions during the month, and, except for these, shipments
would have exceeded 6,000,000 tons.” In tho following we
compare the shipments over tho various carriers for the
month of January for several years past:
1917.
Road—
P h lla . & R e a d in g ____to n s . 1,150,147
L e h ig h V a l l e y ____________ 985,830
C e n t r a l R R . o f N e w J e rs e y ■ 618,188
D e la w a r e L a c k . <fc W e s t . . 1,000,383
D e la w a r e A H u d s o n
607,035
P e n n s y lv a n ia ..
458,896
E r i e ............
683,047
N e w Y o r k O n t. & W e st
164,075
L e h ig h & N e w E n g l a n d . . . •212,524
T o t a l ............

5,940,725

1916.
1,106,899
1,018,098
62 3,860
860,230
626,959
640,908
666,994
175,020
165,382
5,88 4,350

— January—
1915.
1914.
700,757 1,015,126
95 4,072
810,588
608,296
704,491
575,538
618,938
623,947
586,893
451,200
536,118
577,007
706,303
183,718
197,275
99,064
104,912
4,83 3,599

5,280,644

1913.
1,257,132
1,175,151
813,367
922,099
653,177
576,552
717,235
22 1,706
53,670
6,390,089

• A fte r d c flu c U n g (t0 a v o id d u p lic a tio n ) 71,497 to n s d e liv e r e d t o t h o C e n t r a l R R .
o f N e w J e r s e y b y t h e L e h ig h & N e w E n g la n d U R . a n d in c lu d e d as p a r t o f th e t o n n a g o o r tn e la t te r.

© e m

m

c v c t a X

a M

I t t t s c e l l i m

c i m

s

Q evoe

omFA
(S ^ ITENT.—i
DSmTRADE
P.F NEW
S/l
AILM
n addition
to the YORK—MONTHLY
other tables given in
this department, made up from weekly returns, wo give the
following figures for tho full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Month.

Imports.
1916.

J a n u a r y ..
F e b ru a ry.
M a r c h ___
A p r i l ..........
M a y _____
J u n o _____
J u ly ....:
A u g u s t ...
S e p te m b e r
O o to b e r . .
N o ve m b e r
Decem ber

S
99,988,117
103,084,535
110,198,589
115,290,462
115,104,918
143,086,378
95,614,439
107,920,942
80,486,311
85,883,225
87,639,487
102,935,533

1915.

Exports.
|

1916.

S
3
70,992.10 717 3.791 ,8 84
7 1 ,0 10.80 022 3,934 ,9 40
9 0 ,4 03.23 129 2,412 ,8 58
92,252,02 918 6,671 ,4 41
70,341,381;253,765,247
87,890,071:243,448,500
75 ,8 12,94 924 3.808 ,0 29
76,260,845 273,027,773
85,617,505,205,387,737
77,121,468,238,474,910
97,666,815 233,708.432
9 4 ,1 97,777j328,173,541

1915.
S
104,025,265
113,203,172
129,845,743
139,410,642
135,623,590
144,888,850
150,746,121
144,117,486
103,008,127
170,847,566
189,813,099
191,268,097

Customs Receipts
al New York.
1910.

|

1915.

S
1
$
11,608,270 12,028,863
14,019,504 10,888.461
14,9 70,42 5 13,782,945
12,401,095 10,784,887
13,902,170. 11,258,671
13,321,203 11,916,018
11,314,255[ 11,112.048
12,392,700 10,873,044
11,579,296[ 11,030,703
13,487,160; 12.035,882
12,878,590 13,708,275
12,166,341 11,924,418

T o t a l . . 1253232936 99 5,639,0442794295892 17 8 9 3 9 8 3 7 3 'l5 4 ,1 0 4 ,6 1 5 1 4 1 .3 4 4 .6 i5




R a ilr o a d s (S te a m ).
A la b a m a G r e a t S o u t h e r n , p re fe r r e d ____
P r e fe r r e d ( e x t r a ) _____ ___ _____ ______
A t c h is o n T o p e k a & S a n ta F e , c o m . ( q u . ) .
B a lt im o r e & O h io , c o m m o n . . .......... ...........
P r e f e r r e d _____ ________________________

Canadian Pacific, common (guar.)..
Preferred................. .............................

C h e s t n u t H i l l ( q u a r . ) ..........................
C h ic a g o M i l w . & S t . P a u l, c o m m o n
P r e f e r r e d ................................... ...........

Chicago A North Western, com. (quar.)___
Preferred (quar.).......... ............. ..
Cine. New Orl. A Texas Pacific, pref. (qu.)
C h ic . S t . P . M i n n . & O m „ c o m . <Sc p fd —
C le v e la n d & P it t s b . re g . g u a r, ( q u a r .) ___
S p e c ia l g u a ra n te e d ( q u a r . ) . . . . .
C r ip p le C r e e k C e n t r a l, c o m . ( q u .)(N o .2 9 )
P r e fe r r e d (q u a r.) ( N o . 4 5 )____________

Delaware A Bound Brook (quar.)..
D e la w a r e & H u d s o n C o . ( q u a r J ________

Illin o is C e n t ra l ( q u a r.) ( N o . 125)_______

Maine Central, preferred (quar.)__________
N o r f o lk & W e s t e r n , a d j. p re f. ( q u a r . ) . . .
N o r f o l k & W e s t e r n , c o m m o n ( q u a r . ) ____
C o m m o n ( e x t r a ) _______________
North Pennsylvania (quar.)_______
P e n n s y lv a n ia ( q u a r . ) .........................

mPhila. Germantown A Norristown (quar.)
Pittsb. Youngst. A Ashiab., com. A pf.(qu)

F e b . 23 H o ld e r s o f re c . J a n . 22a
F e b . 23 H o ld e r s o f r e c . J a n . 22a

1% M a r . 1 [ H o ld e rs o f re c . J a n . 31a
2% M a r . 1 [ H o ld e rs o f re c . J a n . 20a

2

M .ar.

1 H o ld e r s o f re c . J a d . 20a

2
M a r.
75c. M a r .
2% M a r .
3 % M a r.
1 % A p r il
A p r il
2
1% M a r .
3% F e b .
Vs M a r .
H M a r.
1% M a r.
1
M a r.
2
Feb.
2% M a r .
1% M a r.
I % M a r.
1
Feb.
1% M a r.
1
M a r.
SI
Feb.
75c. F e b .
S I . 50 M a r .
1% M a r.
50c. M a r .
1% A p r i l
2
A p ril
50e A p r i l
2
A p ril

3 1 [H o ld e rs o f r e c . F e b . 22
5 | F e b . 21
to
M a r. 4
1 1H o ld e r s o f re c . F e b . 6a
l! H o ld e rs o f r e c . F e b . 6a
2 [ H o ld e rs o f re c . M a r . la
2 H o ld e r s o f re c . M a r . l a
l jH o ld e r s o f re c . F e b . 2 0
20 H o ld e r s o f re c . F e b . l a
1 [H o ld e rs o f re c . F e b . 10a
1 H o ld e r s o f re c . F e b . 10a
1 :H o ld e r s o f re c . F e b . 15a
1 1 H o ld e rs o f re c . F e b . 15a
2 0 ;F e b . 10
to
F e b . 19
2 0 jH o ld e ra o f re c . F e b . 26a
1 [H o ld e rs o f re c . F e b . 6
1 [ H o ld e rs o f re c . F e b . 15a
19 H o ld e rs o f re c . J a n . 31
19 H o ld e r s o f re c . F e b . 28a
19 H o ld e r s o f re c . F e b . 28a
26 F e b . 15
to
F e b . 19
2 8 | H o Id e rs o f re c . F e b . l a
5 F e b . 21
to
M a r. 4
1 [ H o ld e rs o f re c . F e b . 20a
8 H o ld e r s o f re c . F e b . 20a
2 | H o ld e rs o f re c . F e b . 28a
2 ;I Io ld e rs o f re o . M a r . l a
2 H o ld e r s o f re c . M a r . l a
2 H o ld e r s o f re c . M a r . l a

2% M a r . 3 l j lI o l d e r s o f re c . M a r . l a

R e a d in g C o m p a n y , fir s t p re fe rre d (q u a r.)
S o u t h e r n P a c ific C o . ( q u a r.) ( N o . 4 2 ) . . .
U n io n P a c ific , c o m m o n ( q u a r . ) ______
C o m m o n ( e x t r a ) __________________
P r e f e r r e d _________________________
S tre e t a n d E le c t r ic R a ilw a y s .
B r a z ilia n T r a c . , L t . & P o w . , o r d . (q u a r.)
M a r . 1 H o ld e r s o f re c . J a n . 31
1
C e n t ra l A r k . R y . & L t . , p f . (q u .) ( N o . 16)
1 % M a r . 1 H o ld e r s o f re c . F e b . 15a
C it ie s S e rv ic e , c o m . & p re f. ( m o n t h l y ) . .
% M a r . 1 H o ld e r s o f re c . F e b . 15
C o m m o n (p a y a b le In c o m m o n s t o c k ) . .
f% M a r . 1 H o ld e r s o f re c . F e b . 15
D e t r o i t U n it e d R y . ( q u a r.) ..........................
1 % M a r . 1 H o ld e r s o f re c . F e b . 16a
D u lu t h -S u p e r io r T r a c t . , p re f. ( q u a r . ) . . .
1
A p r i l 2 H o ld e r s o f re c . M a r . 15a
El Paso Electric Co., com. (qu.) (No. 2 3 ) . .
2% M a r . 15 H o ld e r s o f re c . M a r . 6a
North. Texas Elec. Co., com. (qu.) (No. 30)
M a r . 1 H o ld e r s o f re c . F e b . 20a
1
Preferred (No. 2 3 )........................................
3
M a r . 1 H o ld e r s o f re c . F e b . 20a
P h ila d e lp h ia C o . , 5 % p r e f e r r e d ............ ...... S I . 25 M a r . 1 H o ld e r s o f re c . F e b . 10a
Sheboygan Electric Co., pref. (quar.)............
1% M a r . 1 H o ld e r s o f re c . F e b . 20
Wisconsln-Minnesola L. A P., pf. (qu.) . .
1 H M a r . 1 H o ld e r s o f re c . F e b . 20
M is c e lla n e o u s .
A c m e T e a , fir s t a n d s e c o n d p r e f e r r e d ____
to
M a r. 1
1 % M a r . 1 F e b . 18
Adams Express (quar.)____________ _______ $1.50 M a r . 1 H o ld e rs o f r e c . F e b . 19
A m e r ic a n B e e t S u g a r , c o m . ( q u a r . ) ............ 12
A p r i l 30 H o ld e r s o f re c . A p r i l 14a
C o m m o n ( e x t r a ) ............................................ 12
M a r . 1 H o ld e r s o f re c . F e b . 17a
P r e fe r r e d ( q u a r.) ( N o . 7 1 )......................
1 % A p r i l 2 H o ld e r s o f re c . M a r . 17a
American Coal....................................................
3
M a r. 1
Extra ........................... ....................................
2
M a r. 1
A m e r ic a n C o t t o n O i l , c o m m o n ( q u a r . ) . .
1
M a r . 1 H o ld e r s o f re o . F e b . 15a
American Express (quar.).............................. S I . 50 A p r i l 2 H o ld e r s o f re c . F e b . 28a
American International Corporation, com.
75c. M a r . 31 H o ld e r s o f re c . M a r . 15a
A m e r ic a n M a n u fa c t u r in g , c o m . ( q u .) ____ kl% A p r i l
M a r . 17
to
M a r . 31
2
C o m m o n ( e x t r a ) ................... ..........
A p r il
M a r . 17
to
M a r . 31
u C o m m o n ( p a y a b le In c o m m o n s t o c k ) . 33 1-3 A p r i l 15 H o ld e r s c f re c . M a r . 16
u C o m m o n ( p a y a b le in p re fe rre d sto c k ) 16 2-3 A p r i l 15 H o ld e r s o f re c . M a r . 16
P r e fe r r e d ( q u a r . ) .............................
n% A p r i l 1 M a r . 17 t o M a r . 31
A m e r ic a n R a d ia t o r , c o m . ( q u a r . ) . ............
3
M a r . 31 M a r . 22 t o
M a r . 31
C o m m o n ( p a y a b le in c o m m o n s t o c k ) . . /50
M a r . 15 M a r . 8 t o
M a r . 15
American Sewer Pipe...........................
50c M a r . 20
A m e r ic a n S e w e r P ip e ( q u a r.) ______
r50c . J u n e 20
A m e r . S m e lt. & R e f in in g , c o m . ( q u a r . ) . .
1% M a r . 15 F e b . 24 t o M a r . 4
P r e fe r r e d ( q u a r . ) . . .....................................
F e b . 14
to
F e b . 22
1% M a r .
Amer. Sugar Refining, com. (qu.) (No. 102)
H o ld e r s o f re c . M a r . l a
1% A p ril
Preferred (quar.) (No. 101)........................
H o ld e r s o f re c . M a r . l a
1% A p r i l
A m e r ic a n S u m a tr a T o b a c c o , p r e f e r r e d . . .
H o ld e r s o f re c . F e b . 15
3 % M a r.
A m e r ic a n T o b a c c o , c o m m o n ______
M a r.
5
F e b . 16
to
M a r . 15
P re fe rre d ( q u a r . ) _______________
F e b . 16
to
M a r . 15
1% A p r il
American Window Glass Co., preferred___ 3 % M a r .
A n a c o n d a C o p p e r M i n in g ________
$2
F e b . 26 H o ld e r s o f re c . J a n . 20a
Atlantic Refining (quar.)_________________ 5
M a r . 15 H o ld e r s o f re c . F e b . 21
B e a tric e C r e a m e r y , c o m m o n ( e x t r a ) ____ 10
M a r . 10 H o ld e r s o f r c c . M a r . 3
B e th le h e m S te e l, c o m m o n ( q u a r.) .
10
A p r i l 2 H o ld e r s o f re c . M a r . 15a
t/C om . ( p a y . In n e w C la s s B c o m . s to c k ) 200
F e b . 17 H o ld e r s o f rc c . F e b . 16a
P re fe rre d ( q u a r.) ___________ _____ ____ wl% A p r i l 2 H o ld e r s o f re c . M a r . 15a
B o o t h F is h e rie s , c o m m o n (s p e c ia l)______
2
M a r . 1 H o ld e r s o f re c . F e b . 15a
C o m m o n ( q u a r.) ..........................................
1
A p r i l 1 H o ld e r s o f re c . M ar.a'20a
P r e f e r r e d ( q u a r . ) ______ ______ ________
1 % A p r i l 1 H o ld e r s o f r e c . M a r . 20a
Borden's Condensed Milk, pref. (quar.)___
t o M a r . 15
1% M a r . 15 M a r . 2
Brier Hill Steel, common (quar.)..................
1 % A p r i l 1 H o ld e r s o f re c . M a r . 20
Common (extra)________________________ 2
A p r i l 1 H o ld e r s o f re c . M a r . 20
Preferred (quar.)______________________
l H A p r i l 1 H o ld e r s o f re c . M a r . 20
Brooklyn Union Gas (quar.) (No. 6 4 )_____
1 % A p r i l 2 H o ld e r s o f re c . M a r . 15
B r o w n S h o e , I n c . , c o m m o n ( q u a r . ) ..........
l% M a r . 1 H o ld e r s o f re c . F e b . 21a
B u c k e y e P ip e L i n e ___________ _____ _____ S2
M a r . 15 H o ld e r s o f re c . F e b . 23
C a lu m e t & A r iz o n a M in in g ( q u a r . ) . .......... S2
M a r . 1 9 | M ar. 2
to M a r. 4
E x t r a _________________________________ S I
M a r . 19. M a r . 2
to M a r. 4
Cambria Steel (quar.)___________ _________
75c. M a r . 15 H o ld e r s o f re c . F e b . 28
Extra __________ ______________________
75c. M a r . 1 5 !H o ! d e rs o f re c . F e b . 28
C a n a d a S te a m s h ip L in e s , p re fe r r e d ______ h.7
M a r . 1 H o ld e r s o f re c . F e b . 15
C a n e y R i v e r G a s ( q u a r . ) .............................. 62%o. F e b . 20 H o ld e r s o f re c . F e b . 9
Case (J. I.) Thresh. Mach., pref. (quar.)..
1 H A p r i l 1 H o ld e r s o f re c . M a r . 12a
C e n t r a l & S . A . T e l e g . ( p a y a b le in sto c k ) e46
A p r i l 1 H o ld e r s o f re o . F e b . 5a
Cerro dt Pasco Copper Corp. (qu.) (No. 5 ) .
M a r . 1 H o ld e r s o f re c . F e b . 23
$1
Extra .............................................................. ..
50c M a r . 1 H o ld e r s o f re c . F e b . 23
C h a rc o a l I r o n o f A m e r ic a , p r e f e r r e d .......... h20o. F e b . 28 H o ld e r s o f re c . F e b . 15
C h a r c o a l I r o n o f A m e r ic a , p r e f e r r e d ..........
20c. M a r . 31 H o ld e r s o f re c . M a r . 15
Chesebrough Manufacturing (quar.)............
3
M a r . 19 H o ld e r s o f re c . M a r . 1
Extra................................................... .............
50c. M a r . 19 H o ld e r s o f re c . M a r . 1
M a r . 27 M a r . 11
C it iz e n s ’ G a s o f In d ia n a p o lis ( N o . 15 )___
5
to
M a r . 27

THE CHRONICLE

638
N a m e o f C om pany.

P er
Cent.

W hen
Payable.

Books Closed.
D a ys In clu sive.

[Vol. 104

N a m e o f C om pany.

Per
Cent.

W hen
Payable

Books Closed.
D ays Inclu sive.

"A
M i s c e ll a n e o u s ( C o n c l u d e d ) .
M i s c e ll a n e o u s ( C o n t i n u e d ) .
U . S. Cast I r o n P ipe A F d y., pref. (guar.) n x
M a r. 15 H old ers o f r c c . M a r . 1
4
F e b . 20
C o lo ra d o f u e l & I ro n , p r e f . .........................
3 )4 M a r. 1
U . S. Envelope, com m on
M a r. 15
C o n solid a ted G a s ( q u a r . ) . ..............................
IX
M
a r . 14
Com
m
on
(extra
)
2)
F
e
b
.
20
C on su m ers C o m p a n y , preferred _________
3 )4
to
M a r. 15
P referred
3) M a r. 14
M a r . 16
3
Continental Oil (guar. ) _____________ _______
M a r. 31 H olders o f r c c. M a r . 20
U . S. G ypsum , preferred (g u a r.)
IX
$1.50 M a r . 15
C op per Range Co. (g u a r.)__________________
10c. M a r . 1 H old ers o f rec. F e b . 15
U . 3 . Stea m ship (q u a r .). ________________
M a r . 15
E x t r a __________________ , ..............................
SI
5 c.
M a r. 1 H old ers o f reo. F e b . 15
E x tra ....................................................................
1 0 c. F e b . 24
C o sd en & C o . (q u a r .).......................................
M a r . 11
U . S . Steel C o r p ., co m m o n (q u a r .)_______
I X M a r. 30 M a r . 2 t o
25c. F ob. 24
E x t r a _____ ______ - ------------- --------------------M a r . 11
F e b . 19
C o m m o n (e x t r a )____ ________ ___________
1
I X M a r. 30 M a r . 2 t o
8 M c. M a r.
Cosden Oil A (la s, preferred (g u a r.).............
to
F e b . 18
M a r. 15
P referred ( q u a r . ) . ............................. ...........
I X F e b . 27 F eb . 6
75c. M a r . 15
C rescen t P ip e IJn o (q u a r .).......................... . !
H
old
ers
o
f
rec.
M
a r. 1
M
a
r
.
10
W
ayland
O
il
A
Gas,
com
m
on
10c.
F
eb
.
28
C ru cib le Steel (a c e t. d e f. d lv .) (N o . 5 2 ) . -j 7(2
H olders o f rec. F e b . 2
M a r.
W h eelin g Steel & Iron (s tock d iv id e n d ).. e20
M a r. 15
Cudahy Packing (g u a r. ) _ ..................................
IX
H old ers o f r c c. F e b . 15a
W h ite (J . G .) & C o ., p f. ( q u .)(N o . 5 5 ) - M a r. 1
1)4 M a r.
D eere & C o ., preferred ( q u a r . ) . . .................
IX
H olders o f rec. F e b . 15a
M a r.
W lilte (J .G .) E ngineerin g, p f.(q u .)(N o ,1 0 )
IX
M a r. 1
2
D ia m o n d M a t c h ( q u a r . ) . ................................
H olders o f rec. F e b . 15a
W h it e (J .G .)M a n a g e m ’ t, p f .(q u .) (N o .(1 6 )
M a r. 1
I X M a r.
1
E x t r a ................................................................ F eb. 18
to
F eb . 28
M a r.
3
W ilm in g ton Gas C o ., preferred
D o m e M in e s, L t d ................................................ 5 0c. M a r. 1
M a r.
2
H old ers o f reo. F eb. 10
W o o lw o r th (F . W . ) , co m m o n (q u a r .)------D o m in io n Iron A Steel, p referred ...............
3 )4 A p ril 1
A pril
H olders o f rec. M a r . 10a
W ool worth (F .
C o., preferred (g u a r .)..
IX
to
F e b . 28
M a r. 1 F e b . 23
5
D om in ion Steel F oundries, com m on_______
A pril
2
H olders o f rec. M a r . 20
Y oungstow n Sheet A Tube, com m on (quar.)
!3
to
F e b . 28
M a r. 1
Preferred (g u a r.)_________________________
IX
April
H olders o f rec. M a r . 20
3
Com m on (extra )
2 )4 A p ril 16 H olders o f rec. A p ril 2
E a stern S teel, c o m m o n _____ ______ _______
H olders o f rec. M a r . 20
I X A p ril
Preferred (g u a r.)
M a r. 15 H old ers o f rec. M a r . 1
F irst a n d secon d preferred (q u a r .)_____
IX
M a r . 1 H old ers o f r e c . J a n . 31a
E a stm a n K o d a k , c o m m o n (e x t r a )............. 1 0
F e b . 21 H old ers o f rec. F e b . 10
a T ra n sfer b o o k s n o t closed fo r this d iv id e n d . 6 Less B ritish Incom e ta x . d C o r ­
E le ctric In v estm en t, preferred ____________
IX
M a r . 1 H old ers o f rec. F e b . 21
rection . e P a y a b le in s t o c k . / P a y a b l e in com m on s to c k , g P ay a ble In scrip .
Fairbanks, M orse & C o., preferred (q u a r .).
IX
M a r. 15 H olders o f rec. F e b . 23a
h O n a cco u n t o f a ccu m u la ted d iv id en d s, i D ecla red 8 % p a y a b le 2% q u arterly as
Federal M in in g A Sm elting, p ref. (g u a r.).
IX
M a r. 31 H o ld e r s o f rec. F e b 28
a b o v e a n d 2 % J u ly 31 t o holders o f record J u ly 14; 2% O ct. 31 to h old ers o f record
3
G alen a -S ign a l O il, co m m o n (q u a r .)..........
M a r . 31 H olders o f rec. F e b . 28
2
O ct. 13 and 2% J an. 31 1918 to holders o f record J an. 12. ft D ecla red 6% p a y ab le
P referred (q u a r .)............ ......... ........... .........
M a r. 1 H olders o f rec. F e b . 15a
in q u a rterly Installm ents. I D ecla red 5 % p a y a b le In q u a rterly Installm ents.
G eneral A sp h a lt, pref. (guar.) (N o . 3 !))___
IX
M a r . 1 H olders o f reo. F eb 2 la
2
m E rron eou sly rep orted In ou r last Issue as Philadelphia Germantown A Chestnut I lill.
G eneral C h em ica l, c o m m o n (q u a r .)_____
M a r. 1 H old ers o f rec. F o b . 15a
2
n D ecla red 7 % , p a y a b le In q u a rterly Installm ents, o D ecla red 7 % , pa y a b le In
G eneral D e v e lo p m e n t _____________________
A p ril 15 H old ers o f rec. M a r . 17
2
q u a rterly Installm ents—
as a b o v e ;
Ju ly 2 to holders o f record J une 15;
G eneral E le ctric (q u a r .)__________________
A p ril 1 H olders o f rec. M a r . 20
2
1 X % O ct. 1 to h olders o f r c c. S e p t. 15, and 1 )4 % J an. 2 1918 to h olders o f record
G en era l F irep roofin g , co m m o n ( q u a r . ) . .
A p ril 1 H olders o f rec. M a r . 20
D e c . 15. p D e cla r e d 6 % on 2d p r e f., pa y a b le in qu ar. Installm ents on sam e d a tes as
IX
P referred (q u a r .)............................................
M a y 15 H olders o f reo. M a y 4a
1
1st p ref. s t o c k — see n ote ( o ) . r D ecla red 3 1 .50, p a y a b le 5 0 c . ea ch Juno 20, S e p t . 20
G o o d r ic h (B . F .) C o ., co m m o n ( q u a r . ) . .
A p ril 2 H old ers o f rec. M a r . 23a
and D o c . 20. s P a y a b le In new C lass B c o m . s to c k . I D ecla red 2 % In cash and 2%
IX
P referred (q u a r .).......... .................. ..............
J u ly
2 H olders o f rec. June 22a
In s to c k , the cash d iv id en d p a y a b le In q u a rterly in stallm ents a n d the sto c k d iv id e n d
IX
P referred (q u a r .)_______________________
A p r. 1
2
in sem i-annual Installm ents, u S u b je c t t o auth orization b y stock h old ers, v T ra n s­
G rea t L ak es S team ship (q u a r .).................
A p r. 1
2
fer b o o k s close fo r annual m eeting F e b . 6 and reopen F e b . 27. w D eclared 7 % .
E x t r a .................... ...............................................
F e b . 26 H olders o f rec. F e b . 9a
2
pa y a b le I X % as a b o v e ; I X % J u ly 2 to h olders o f record J une 15; I X % O ct. 1 t o
G reen e C a n a n ea C o p p e r ..................................
A p ril 2 H old ers o f rec. M a r. 15a
2
holders o f record S ep t. 15; I X % J an. 2 1918 to holders o f record D e c . 15. z C apital
G u lf States Steel, com m on (g u a r.).................
A p ril 2 H olders o f rec. M a r. 15a
Increased from $ 50 0,0 00 t o 3 1 ,0 0 0 ,0 0 0 , stock h old ers being giv en the privilege or
F irst preferred (g u a r.)...................... ........... 0 I X
A p ril 2 H olders o f rec. M a r . 15
su bscribing to the new ca p ita l a t par.
Second preferred (g u a r.)_________________ p l X
M a r . 1 H olders o f rec. F e b . 2 0
IX
Ila rblson -W a lker Refractories, com . (guar.)
F eb . 20 H old ers o f reo. F e b . 10a
6
I la rb ls o n -W a lk e r R e fr a c t ., c o m . (e x t r a ).
M a r. 1 H old ers o f rec. F e b . 20a
1
H a rt, S ch a ffn er & M a rx , I n c ., co m . (q u .)
— Tho clearings for
week
M a r . 1 H old ers o f rec. F e b . 16
3
Heywood Bros. A W akefield, preferred
6 5 c. F ob . 26 H old ers o f rec. F e b . 20a
I lo m e sta k e M in in g (m on th ly ) (N o . 5 1 0 ).
ending Fob. 8 at Canadian cities, in comparison with the same
2 5 c. M a r . 15 H olders o f rec. M a r . 5
Independent Brew ing, Pittsburgh, com m on
week in 1916, show an increase in the aggregate of 3 8 .3 % .
87>4 c . F e b . 28 H olders o f rec. F’c b . 19
Preferred (g u a r .)...........................................
XX F ob . 26 H olders o f rec. F e b . 10
In dian R e fin in g , p ref. (q u a r .)....................
x x M a r . 1 H olders o f rec. F e b . 10a
I n t. H a rv ester o f N . J .. pref. (q u .) (N o . 10)
W eek ending February 8 .
XX M a r . 1 H olders o f reo. F e b . 10a
In t. H a rv ester C o rp ., pref. (q u .)(N o . 1 0 ).
31.50 M a r . 1 H old ers o f reo. F e b . 13a
In tern a tion a l N ick e l, co m m o n ( q u a r . ) . .
Inc. or
A p ril 1 H olders o f reo. M a r . 20a
Jew ell T e a , I n c ., preferred (q u a r .)..........
XX
1914.
1915.
Dec.
1916.
1917.
25c. M a r. 15 H olders o f r e c . M a r . la
K err L ak e M in in g (q u a r.) (N o . 4 6 ) ___
M a r . 1 H old ers o f reo. F e b . 9a
2
K in g s C o u n t y E le c. L t.& P . (q u .) (N o.OS)
$
$
S
S
%
M a r . 1 H old ers o f rec. F eb . 24
2
Lake o f the W oods M illin g , com . (g u a r .)..
81,715,255 55,558,925 + 47.1 43,076,156 53,470,111
1M M a r . 1 H olders o f rec. F eb . 24
P referred (g u a r.)____________ ______
57,034,118 42,494,062 + 31.2 31,049,756 39,126,123
L an ston M o n o t y p e M a ch in e (q u a r .)____
114 F e b . 28 H old ers o f rec. F e b . 17
F e b . 28 H old ers o f rec. J an . 31a
W innipeg................ ....... 38,723,968 26,906,921 + 43.9 22,121,242 19,885,943
31
L ehigh C oa l & N a v ig a tio n (q u a r .).
7,886,707
5,081,601
17 t o
M a r . 12
4,618,011 + 26.1
5,824,281
M a r . 1 F eb .
3
Vancouver...... ......... ..
L ig g ett & M y e rs T o b a c c o , co m m o n (q u .)
3,861,545 3,295,029 + 17.2 2,767,283 3,154,840
F e b . 28 H olders o f rec. F e b . 15a
Calgary...... .....................
3
L in d sa y L ig h t, co m m o n (q u a r .)___
3,482,640
+
30.4
3,731,291
H
old
ers
o
f
rec.
F
e
b
.
15a
4,939,424
3,787,138
F
e
b
.
28
Ottawa........ .......... .......
IX
P referred (q u a r .)................................
1 to
F e b . 19
1,967,143 2,023,877 — 2.8 2,088,013 3,238,276
50o. F e b . 20 F e b .
Edmonton ----- -----------L it B r o s............... .....................................
1 to
F e b . 19
3,968,642 3,024,951 + 30.2 2,675,922 2,835,934
2 5 c. F eb . 20 F eb .
Quebec................ ...........
E x t r a ........................................................
H
olders
o
f
rec.
F
e
b
.
23a
1,324,146
1,128,778 + 17.4
1,499,128 2,549,926
M
a
r.
1
M anhattan Shirt, com . (guar.) (N o . 8 ) ___
to
F e b . 27
3,835,544 3,096,285 + 23.9 2,295,931
2,534,555
F eb . 27 F eb. 16
2
M a n u fa ctu rers’ L ig h t & H e a t (extra)
1,470,736 + 48.6
1,130,453
1,663,183
2,185,448
M a xw ell M o to r, I n c ., com m on (g u a r .)____
2X A p ril 2 H olders o f r c c. M a r. 10a Regina___________ ___
H old ers o f rec. M a r . 10a
1,868,666
1,012,248
2,595,660 2,309,505 + 12.4
Halifax ______ _________
F irst preferred (g u a r.)_____ ______
I X A p ril
1,048,124
H olders o f rec. M a r . 10a
1,202,873
1,006,906 + 19.5
705,175
Second preferred (g u a r.)...................
114 A p ril
1,521,521
H olders o f rec. F e b . 19a
1,518,197
2,314,133
1,748,648 + 32.4
M a y D e p a rtm e n t S tores, c o m m o n (q u a r.)
I X M a r.
1,279,035
1,449,438
H olders o f rec. F e b . 5a
2,030,291
1,600,830 + 26.8
A p ril
St.John.......... ............. .
M e x ica n T e le g ra p h (p a y a b le In s t o c k ) ___e39
741,544
645,557
797,019 + 12.9
900,000
M id -C o n l. C ons’d Oil A U tilities “ A ” stock
10c F e b . 28 H old ers o f rec. F e b . 15
424,805
642,428
H old ers o f rec. M a r . 15
339,216 + 58.1
536,320
Fort William__________
I X A p ril
M id d le W e st U tilities, c o m . (N o . 1 )------471,319
602,240
H olders o f reo. M a r . 15
637,401 + 14.9
A p ril
a
732,579
C o m m o n ex tra (p a y a b le In c o m . sto c k )
354,079
229,510
158,933 + 47.9
235,014
New Westminster_____
I X M a r. 1 H olders o f reo. F e b . 15
P referred (q u a r .)_______________________
375,676
436,930
415,019
—
11.5
H
old
ers
o
f
rec.
F
e
b
.
10a
F
e
b
.
24
367,438
$1.50
M itch e ll M o t o r s , In c . (q u a r .)......................
381,794
385,022 + 53.8
311,858
592,587
1)4 M a r . 1
N a tion a l A c m e (q u a r .)....................................
200,844
406,125
250,235 + 12.0
355,346
N ation al B iscuit, com m on (g u a r.)_________
Medicine Hat.... .............
I X A p ril 14 H olders o f rec. M a r . 29a
H
olders
o
f
r
c
c.
F
eb
.
16a
400,068
+30.5
399,400
F
eb
.
28
522,037
Preferred (gua r.) (N o . 7 6 )...........................
Peterborough__________
IX
574,674 Not Includ ed In to tal.
N a tion a l C loa k & S u it, c o m . ( q u . ) ( N o . l )
I X A p ril 14 H old ers o f rec. M a r . 31a
499,746 Not Includ ed in to tal.
P referred (q u a r.) (N o . 1 1 )_____________
I X M a r. 1 H olders o f rec. F e b . 19a Kitchener............ ....... M a r. 31 H olders o f rec. M a r . 9
1
N ation al Lead, com m on (g u a r.)....................
Total Canada............ - 217,763,822 157,453,575 + 38.3 126,480,311 148,854,306
N a tion a l L e a d , p ref. ( q u a r . ) . . ....................
I X M a r. 15 H olders o f rec. F e b . 23a
M a r. 1 H olders o f rec. F e b . 15a
N ew York Transportation (g u a r.)............... .. 25
t o M a r . 20
M a r . 20 M a r . 8
3
N ile s -B e m e n t-P o n d , c o m . (q u a r.) (N o.5 9 )
to
F e b . 20
I X F e b . 20 F eb. 9
N a t i o n a l B a n k s .— T h o follow in g in form a tion rogarding
P referred (q u a r.) (N o . 7 0 ).........................
H
olders
o
f
rec. M a r . 22a
April
2
N o r th A m erica n C o . (q u a r .).........................
IX
n ational hanks is from the o ffice o f the C om p troller o f the
H olders o f rec. F e b . 16
N orthern Ohio F.leclrlc, preferred (N o . 1 ) . .
I X M a r.
H olders o f rec. F e b . 22a
C u rren cy, Treasui’y D ep a rtm en t:
I X M a r.
Ogilrie F lour M ills , pref. (g u a r.).................
H olders o f r c c . F e b . 15a
O h io C ities G a s, co m m o n (q u a r .)............... 62)40. M a r.
1 H olders o f rec. F ob . 15a
APPLICATIONS FOR CHARTER.
C om m on (e x t r a ).................................. ........... 12)4o. Mar
M a r. 14
SI.25 M a r . 20 F eb . 16 to
O h io OH (q u a r .).......... .....................................
__ __„
For organization of national banks:
. ,
6
to
M a r . 14
E x t r a ................................................................... $4.75 M a r. 20 1
Tho
First
National
Bank of Huntersville, Ala. Capital........ -- $2o,000
6
to
M a r . 14
M a r. 20 1
S to ck d iv id e n d __________________________ $75
Tho Farmers Merchants National Bank of Kimberly, Idaho.
__
7
to
M
a
r.
15
M
a
r.
15
Pabst Brew ing, preferred ( g u a r . ) . . .......... ..
IX
Capital- .
................................................................... 25,000
s o f rec. F eb 17a
P a cific M a ll S tea m sh ip , prof, (q u a r .)-----IX M a r 1 I
Tho
West
Side
National
Bank
of
Chicago,
HI.
Capital............
200,000
s o f reo. J an . 20
I X F eb . 24
P e o p le ’s G as L ig h t & C o k e (q u a r .) ............
The First National Bank of Wakefield, Mich. Capital............ 25,000
■s o f r c c. F eb . 21
50c. F eb. 26
P eop le’ s N atural Gas A P ipeage (extra) —
The First National Bank of Rapeljo, Mont. Capital------------- 25,000
P hiladelphia Kleclric ( g u a r . ) . . ...................... 13 M e. M a r . 15
The First National Bank of Danvers, Mont. Capital............
25,000
F e b . 28 .
Pittsburgh Brew ing, preferred (g u a r.)-------IX
The First National Bank of Hershcy, Neb. Capital--.---------- 25,000
F eb . 28
P ref. (on account o f aecum . divid en d s). .
hX
Tho First National Bank of Albemarle, N. C. Capital---------- 25,000
M a r. 1
1X
P ittsb u rg h S teel, p r e fe r r e d ...........................
Tho First National Bank of Ollton, Okla. Capital................... 25,000
M a r. 8
4
Porto R lcan-A m erlcan Tobacco ( g u a r . ) ___
The First National Bank of ICusa, Okla. Capital------------------ 25,000
9
t o F e b . 20
P ra tt & W h itn e y , p ref. (q u a r.) (N o . 64;
I X F e b . 20
Tho First National Bank of Matador, Tex. Capital--------------- 30,000
:s o f reo. F e b . 14
IX M a r. 7
Pressed Steel C a r, c o m . (q u .) (N o . 2 6 ) . .
Tho Spearman National Bank, Spearman, Tex. Capital-------- 25,000
9
t
o
F
e
b
.
28
30e.
M
a
r.
1
P ure O il (q u a r .).....................................
Tho First National Bank of Clio, Ala. Capital........ ................. 25,000
9
to
F
e
b
.
28
M a r. 1
2 0 c.
E x t r a _____________________________
The First National Bank of Alzada, Mont. Capital_________
25,000
:s o f rec. A p ril 2a
Q uaker O a ts , co m m o n (q u a r .)-----2 )4 A p ril 16
The First National Bank of Broadus, Mont. Capital----------- 25,000
:s
o
f
rec.
M
a
y
la
M
a
y
31
P referred (q u a r .).......... ..................
1)4
The
Stockmen’s
National
Bank
of
Hardin,
Mont.
Capital----40,000
rs o f rec. F eb.
la
I X F eb 28
P referred (q u a r .)............................................
Bergcnfield National Bank, Bergenfiold, N. J. C apital--.25,000
rs o f reo. M a r. 15
A p ril 2
u S ears, R o e b u c k & C o ., co m m o n ________ /2 5
The First National Bank of Hot Springs. N. Mox. Capital
25,000
rs o f reo. J an. 31a
31.25 F eb. 20
S in clair O il & R efin in g C o r p . (q u a r .)-----The National Bank of Contorville Station.
Y. Capital----- 50,000
6
M a r. 1
Sou th ern P ip e L ine (q u a r .)...........................
Tho Oil City National Bank of Helena, Okla. Capital---------- 25,000
M a r. 1
Southwestern Power A Light, p ref. (g u a r.).
XX
The Exchange National Bank of Billings, Okla. Capital........ 25.000
1
F e b . 28 H olders o f r c c. F e b . 19
Sta nda rd M illin g , c o m . (q u a r.) (N o . 6 ) . .
Tho Stato National Bank of Corsicana, Tex. Capital............. 100,000
■cc. F e b . 19
F eb. 28
C o m m o n (p a y a b le in co m m o n s t o c k ) . . n
For
conversion of State banks:
,, ,,
XX F eb . 28 H olders o f rec. F eb 19a
P referred (q u a r.) (N o . 2 9 ) ..................—
The Farmers & Merchants National Bank of Stanley, Va. Capital 2o,000
H
olders
o
f
rec.
F
e
b
.
15
M
a
r.
15
2 )4
Sta nda rd O il (C a lif.) (q u a r.) (N o . 3 3 ) . .
Conversion
of
tho
Farmers
&
Merchants
Bank.
S tock d iv id e n d --------------------------------------- «33 1-3 A p ril 16 H olders o f rec. F e b . 15
Tho First National Bank of Scappoose, Ore. Capital..............- 25,000
M a r. 1
F eb . 28 F eb. 2
3
S ta n da rd OH (In d ia n a ) (q u a r .)---------------M a r. 1
F eb. 28 F eb. 2
3
$895,000
E x t r a ............................. ......................................
F e b . 28
F eb.d 28 F e b . 15
3
S tandard O il (K a n sa s) (q u a r.) (N o . 4 1 ) . .
CHARTERS ISSUED.
F e b . 28
Fob. (728 F e b . 15
2
E x t r a _____________________________
A p ril 2
A pril 2 M a r. 16
4
Standard Oil (K entucky) ( g u a r . ) . . .
° 1Tho^irst <Nat<
toria^SBank of New Vienna. Ohio. Capital.......... $25,000
A p ril 2
A pril 2 M a r. 16
1
E x t r a .................................. ..................
Tho First National Bank of Shelby, Mont. Capital.................. 25,000
M ay
1 H old ers o f rec. A p ril 16
100
S p e c i a l . . .......... .................... - ............
Tho First National Bank of Geyser, Mont. Capital
............ 25,000
M a r. 15 H olders o f rec. F eb . 20a
5
Standard O il o f N ew Jersey (guar.)
Tho Croghan National Bank, Croghan, N. Y. Capital............ 25,000
M a r. 15 H olders o f rec. F e b . 23a
2
Sta nda rd O il o f N . Y . (q u a r .)-------- ----------The First National Bank of Woodlawn, Pa. Capital............... 100,000
M
a
r
.
3
to
M
a
r
.
21
A pril 2
3
Standard Oil (O hio) (g u a r.)----------Tho Peoples National Bank of Lemastors, Pa. Capital.......... 25,000
3 to M a r . 21
A p ril 2 M a r.
1
E x t r a ........................ ...........................
Succoods The Lcmasters National Bank.
S tu d eb a k er C o r p o ra tio n , co m m o n (q u a r.)
2 )4 M a r . 1 H olders o f rec. F e b . 20a
Conversion
of State banks:
_
XX M a r. 1 H old ers o f r c c . F o b . 20a
P referred (q u a r .)............................................
Tho First National Bank of Brewster, Minn. Capital.............. 2o,000
M a r. 31 H olders o f rec. M a r. 26
4
T h o m p so n -S ta r re tt C o ., preferred
Conversion of the Farmers Stato Bank of Brewster.
M
a
r
.
14
to
A
p
ril
3
A
pril
2
2
U n ion Carbide (g u a r.)-------- ----------------------Tho First National Bank of Channing, Tex. Capital................ 2o,000
2 )4 M a r . 24 H olders o f r c c. M a r . 2
U n ion Tank L i n e . ---------------- --------------------Conversion of The First Stato Bank of Channing.
________
United Cigar M a n u fa ctu rers, p ref. (guar.)
XX M a r. 1 F e b . 24 to M a r . I
H
olders
o
f
rec.
F
e
b
.
28a
M
a
r.
15
$275,000
IX
U n . C iga r S tores o f A m .,p f.(q u .) ( N o . 18)
1)4 M a r . 1 H olders o f r c c . F e b . 15a
CHARTERS EXTENDED.
U n ited D ru g , se c o n d preferred ( q u a r . ) . .
X X A p r. 2 H olders o f reo. M a r . 14
U n ltcd D y c w o o d C o r p o ra tio n , c o m m o n ..
Tho Ohio National Bank of Columbus, Ohio. Capital..................$400,000
P referred (q u a r .)---------- --------- --------------- n X X A p r. 2 H old ers o f reo. M a r . 14
Until close of business Feb. 3 1937.




__________
............................___________________
........ —
...............

---------IF.)
---------------- ---______________

XX%

IX %

Canadian Bank Clearings.

tlio

&

N.

THE CHRONICLE

Feb . 17 1917.]

IN C R E A S E S OE C A P IT A L A P P R O V E D .
The American Exchange N ational Rank o f D u lu th , M inn. Capital
increased from 8500,000 to $1,000,000. Increase______________ $500,000
The First National Rank o f M arietta, O hio. C apital increased
from $150,000 to $300,000. Increase___________________________ 150,000
The Third National Rank o f K noxville, Term . Capital increased
from $200,000 to $300,000. Increase___________________________ 100,000
The N ational Hank o f Harper, K an. C apital increased from
25,000
$25,000 to $50,000. Increase___________________________________
The Okemah N ational Rank, Okemah, Okla. Capital increased
from $25,000 to $30,000. Increase_____________ _____________
5,000
The First N ational Rank o f W estw ood, N . J. Capital increased
from $25,000 to $50,000. Incroaso____
. . _ ______________ 25,000
Tho W aynesboro N ational Rank, W aynesboro, Va. C apital in­
creased from $25,000 to $40,000. Increase.....................................
15,000
$820,000

LIQUIDATIONS.

The First N ational Rank o f Reechor, 111. C apital________________$50,000
Liquidating agent: Carl Eln-hardt, B eecher, 111. Succeeded
b y Farmers State Bank.
_____ „
Tho First N ational Bank o f Fulton, N . Y . C apital--------------- - - 57,500
Liquidating agent: L. W . E m erick, Fulton, N . Y . Succeeded
by The Oswego C ou n ty Trust C o. o f Fulton.

B y Messrs. Francis Henshaw & C o ., Boston:
Shares. Stocks.
$ per sh. Shares. Slocks.
S per sh.
2 Lawrence Manufacturing____ 110
7 Waltham Watch, pref.......... . 82A
2 Pemberton Co...... ..........
80
20 Fairbanks Morse Co., pref___ 98
2 Holmes Mfg., com., New Bedt. 245
100 Technicolor Motion Picture
5 Massachusetts Cotton Mills__ 125 'A
Corp., $1 each____________ 17
10 Naumkeag Steam Cotton____ 200

B y Messrs. R . L. D ay & C o ., Boston:
Shares. Slocks.
s per sh. Shares. Stocks.
$ per sh.
58 National Shawmut Bank____ 190
3-10 Amer. Graphophone, pref___ 40
3 Merch. Nat. Bank, NcwBedf_169
25 Quincy Mkt.C.S.AW.rights. 11-11A
8 York Manufacturing____ 125-125 K
6 Quincy Mkt. C. S. & W. Co.
8 Dartmouth Mfg., common____212A
ex-rights.................. ............. 153
10 Wamsutta M ills..____ ______ 114
3 Merrimack Chemical, $50each. 88
11 Union Cotton M fg____ _____ .205'A
5 Draper Corporation.............. ..129
33 Sagamore Manufacturing......... 283 K
Bonds.
.
Per cent.
15 Springfield Railways, pref_____54 'A $1,000 Pneumatic Scale Co. deb. 7s,
3 American Graphophone, com .. 131H
07’A
1921........... ................. .......... ..
5-10 Amer. Graphophone, com___ 60

Imports and Exports for the Week.— The following are
the roported imports of merchandise at New York for the
week ending Feb. 10 and since the first week of January:

T otal ca p ita l__________ _____________________________________$107,500

A u c tio n

FOREIGN IMPORTS AT NEW YORK.

Sales.—Among

other securities, tho following,
n ot u s u a l l y d ea lt i n at the Stock E x c h a n g e , were recently sold
at auction in New York, Boston and Philadelphia:
B y .. Messrs. Adrian 11. Muller & Sons, New York:
Shares. Stocks.
1 *r cent.
4 First Nat. Hank of Jer.CIty.326
180 Ain. A British Mfg., com .. 8'A
5 Sanborn Map C o .------------224
31,000 Stanley Smelting W orks..($25
$2,000 Notes of No. Aracr. Smelt.1.
lot
Co., Ltd........ ................. i
10 China Inv. A Const. C o.S l 20 lot
2,775 Hamapo Water C o__ $56.50 lot
500 Lucky Leonard, Ltd., tr.ctf.
.$7 10 lot
20 Lynchburg Ice & Ref. Co.,
$50 each............ ......... $4 20 lot
333 Am. Tclegraphone, $10 each
46c. per sh.
100 Boston Ilart. & Erie R lt..$ 6 lot

1917.
For the week_____________
Previously reported..............

Shares. Slocks.
Per cent.
1,000 Comstock Tunnel C o.,$2 ea.
$56 40 lot
13.000 So. Comstock Cons. Mines,
- SI each-----------------.$11 60 lot
30.000 Umatilla Tonopah Mg. Ass't
No. 0 paid, SI each___ $17 lot
10.000 Tonopah Gipsy Queen Mg.
Ass’t No. 10 paid, $1 each
4c. per sh.
95.000 Zanzibar Mg. Co., $1 ea.*94 lot
53.000 YuscaranCons. Mlncs.Corp.
of Amcr., $5 each___ $828 lot
20,966 Round Mtn. Mg. Co.,SI ea.
18c. per sh.

1916.

j

1915.

!

1914.

S18.596.497 S18.95S.159, $12,792,316, 514,785,982
161,806,670 129,G59,895| 84,856.230 97,456,673

Total 6 weeks___________ S180,403,167 $148,618,05 L $97,648,545!$112,242,655
EXPORTS FROM NEW YORK.
1917.
For the week______________
Previously rep orted ............

1916.

|

1915.

|

1914.

593,144,060 $23,561,448' $21,051,61l| 519,011,234
284,544,724 268,309,682] 131,249,806] 104,310,947

Total 6 weeks____ ______ $377,688,784 S291,871,130 $152,30I,417!$123,322,181
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Feb. 10.

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
S per sh.
2 West End Trust C o.......... .. 172
100 Quaker City Apt. Il'se, pref. 5
50 Newton Pav. Co., Tren__S25 lot
72 Logan Trust C o................... 150
5 Un. Gas & El. Corp., 2d pref 12
35 Keystone Watch Case____ 78
8 Commercial Trust.......... ..415
10 Bridgeton (N.J.) Nat. B k.,375
11 Central National Bank___ 418
10 Central Trust A Sav.,$50 ea. 63' (
20 Contlncntal-Equit’ic Trust,
$50 each........ ..................... 88
2 Fairmount Savings Trust. .100
10 Fidelity Trust____________ 751
6 Girard T ru st.......................896
16 GuaranteeTr. A S. D . . 159J-i-160
10 Iladdington Title A Trust. .110
5 People's Trust, $50 each__ 38
2,000 Amor. Manganese, pref___ 0'A
10 Real Estate Trust, pref___ 100\i
2 Robert Morris Trust..........65
11 Fire Ass’n of Phila., 550 ea.340
80 Independence F. I. Secur.. 25 'i
2 2d A 3d Streets Pass. R y .. . 21.3)4
2 John B. Stetson, pref.. ...1 7 0
3 American Dredging............. 100

639

Exports.

Imports.

Gold.

Since
S per sh.
Shares. Stocks.
Week.
Jan. 1.
30 Am. Pipe A Const. Secur.
Corp., pref-------------------- 90
Great Britain........ ...........
S10.828
5 Amer. Pipe A Construe. C o. 20
France__________
32,182
10 II. IC. Mulford Co., $50 ea. 65
Germany______________ _________
4 Phi la. Bourse, com .,$50ca. 10 H
West Indies............
826,000
25 Aguacato Mines, $5 each. .$4 lot Mexico__________________________ ’ $20*666
171,022
10,090 Round Mtn. Sho. Mg.,Slea$l lot.
South America__________________ 2,787,965 8,667,544
50 The Girard Co., $10 ca ch ..$ l lot
All other countries______
55,000 3.649,463
500 Germania Petrol., $5 cach.Sl lot
100 Arling Brooke R. E. C o ._ .$ l lot
Total 1917..................................
$2,862,965 S13,357,039
72 Tabard Inn Corp., com.,
Total 1916.......... ...................
1,811,690 7.793,185
.$10 each................... ....... $5 lot
Total 1915.....................................
444,000 1,033,000
80 Wenonah Glassboro A Clay­
Silver.
ton Elec. Co., $50 e a ch ...$5 lot
Great Britain.................................... $1,524,043 $5,710,153
5 Girard Life Insurance........ 9H
France______
2,500
10,000
Ponds.
per cent.
Germany_______________
$1,000 Bergncr A Engel3 Brew. 1st
West
Indies............
1,973
6s, 1 9 2 1 ..............................
75
X
Mexico____
_____
4,749
$500 State Tclep. Co. 1st 5s, Feb.
South America____ _____________
499
1904 coupons on.................
4
..............
All other countries..................
8,280
$1,000 City Lt. A Heat Co., Fostoria, 1st 5s 1928 (stamped)........ . 8 'A
Total 1917............ .......................
$5,735,654
55,500 Gary A Intcrurban Ry. 1st
Total 1916..................................... 1,269,706 5.213,834!
ref. 5s (certlf. of deposit)_______45'A
Total 1915_____________ ______
329,088 4,761.036
$2,000 Gary Connecting Itys. ist 5s,
(certificate of deposit)................. 15
Of the above exports for the week In 1917 $2,375,000 were

Week.

$260,010
129,657
67,501

Since
Jan. 1.

$56,061
1,267,766
824,481
239,671

$457,198 $2,387,979
643,609 13,703,419
200,913 2,354,258
*$455

$1,151

911
131,878
176,499
37,278

70,801
1,239,891
772,375
261,025

$347,021 $2,345,243
264,519 2,143,040
179,736
611,630
American gold coin.

The Federal Reserve Banks.—Following la the weokly statement Issued by the Federal Reserve Board on Feb. 10:
, .R e s u m p tio n o f investment operations b y tho Federal Reserve banks, resulting in substantially increased holdings o f acceptances and m oderate
additions to discounts and warrants on band Is Indicated b y tho statement as at close o f business on Feb. 9 1917.
N et liquidations, b y 2 5 % , o f the Federal Reserve banks' earning assets during the early part o f the year was coincident with low market
rates on com m ercial and bank paper. During tho past week, with larger offerings o f paper at rising rates, tho Federal Reserve banks were able
ftcely to extend their facilities to the banking com m unity and still maintain their com bined cash reserve at about 7 5 % .
B-.nb«k'S rw u iin n S ® ?® if0 o f 32 9 mllllons m ore than fully accounted for b y net withdrawals o f gold from the N ew Y ork .
, !Va? ° and St. Ixnus banks. Com bined cash reserves show a reduction o f 34.4 millions. A considerable part o f tho gold withdrawn from the
banks reserves has been transferred to tho fe d e ra l Reserve agents against Federal Reserve notes. As the banks hold at present $722,000 less o f
fed eral Reserve notes than the week boforo, it Is manifest that tho amount o f Federal Reserve notes thus received from the agents during the
past week was all paid out in the purchase o f paper and securities.
b
show a gain °^r?_ear'y 1-5 millions. T he total shown includes $3,465,000 o f m ember banks’ collateral notes, as against
...................
“ paper
There
Total earning assets $191,242,000 show an increase for the week o f $21,562,000, and constitute at present 343% o f the banks’ pa'ld-in capital,
com pared w ith .>05% the week before. O f tho total, 58.6% is represented b y acceptances: 15.4% by U. 8. bonds; 9 .7 % b y Treasury notes; 8 .5 %
by discounts, and i .8% by warrants. Ih o decrease in “ all other resources" is caused b y the disposal o f a large part o f national bank notes on

$278,523,000, and aggregate liabilities thereon o f $13,093,000.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of tho eight preceding weoks, thus furnishing a useful comparison. In the second table we
show tho resources and liabilities separately for each of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agents’ Accounts (the third tablo following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and tho Reserve Agents and between tho latter and the Federal Reserve banks.
C

o m b in e d

R

eso u rces and

L

ia b il it ie s of t h e

F

ederal

R

eserve

B

an k s at th e

C

lo se op

B

u s in e s s

Fe

b

. 9 1917.

Feb. 9 1017.Jf’ei. 2 1917. Jan. 26 1917. jjan.18-19 ’ 17 Jan. 121917. Jan 6 1917 Dee. 29 1916. Dee. 22 1916. Dee. 16 1916.
RESOURCES.
.............. $274,194,000 $306,064,000 $302,341,000 3280.509,000 $292,829,000 $267,169,000 $281,688,000 $269,627,000 $256,418,000
Gold coin and certificates In vault
Gold settlement fund
212,961,000 212,961,000
206.641,009
ltd .UAA*l/V-HJ
Gold redemption fund with U. S. Treasurer...
1,734,000
1,783)000
1,782,Cob
1,835,000
L 8 13 I000
1 )600)000
l)654)000
L.479,000
1,643,000
Total gold reserve.,
$488,889,000 $521,760,000 $517,925,000 $500,343,000 $501,152,000 $460,770,000 $453,713,000 $449,917,000 $435,302,000
legal tender notes, sliver, a n................ ..
10,633,000
10,338,000
17,579,000
16,769.000 10,180,000
12,185,000
17.638,000
6.025.000
___________ _ .. ____ ___
Total reserve........
$499,522,000
6% redemption fund ug’st F. It, bunk notes-.*400,000
400)000
400)000
400,000
400,000
400.000
400.000
400,000
420,000
Bills discounted— Members..
116,200,000
$15,711,000 $17,219,000
Acceptances bought..................
United States bonds---------------------------29,47())000 8C)550)000 30 ! 122)000 37 )899)000 41)106,000 41.052.000 44.247.000 43.604.000 42.648.000
Ono-year U. S. Treasury notes______H I " !" *
18,647,000
18,314,000
14,857,000 14.857.000
19.647,000
18,647,000
11.167.000
11.167.000 11.167.000
Municipal warrants.............. — .........
........

Federal Reserve notes—Net________________
Due from othor Federal Reserve banks- -N ot.I
Uncollcotcd Items. _______________________
All other resources...........................................

23.290.000 $25,515,000 $27,061,000 $24,064,000 $19,902,000 $21,664,000 $21,300,000 $19,236,000 $19,604,000
5,364,000
11,632,000
13.255.000 12,687,000 a4, 123,000
6,666,000 46.958,000 49.318,000 47,686,000
121,225.000 126,611,000 126.437,000 132,116,000 120,846,000 142,629.000
12,729,000
11.078.000
6.236,000
3,608,000
4,656.000

Total resources_____ . . . . . . _______ ___ $800,012,000 $881,991,000 $880,314,000 $877,819,000 $889,118,000! $869,730.000 $768,226,000 $750,560,000 $741,061,000




THE CHRONICLE

640

[VOL. 104

Feb. 9 1917. Feb. 2 1917. Jan. 26 1917. ./an.18-19*17 yan. 12 1917. Jan. 5 1917. Dec. 29 1916. Dec. 22 1916. Dec. 151916.
355.713.000 855.725.000 $55,694,000 $55,642,000 $55,706,000 $55,695,000 $55,695,000 $55,765,000 $55,731,000
15,525,000 23,333,000 25,007,000 28,410,000 27,759,000 25,566,000 28,837.000 29,472,000 28,762.000
678.170.000 689.878.000 687,841,000 669,874.000 680.5S6.000 656,422,000
6687786",666 648,787,666 643",136",666
97.207.000 101,232,000 97.374.000 109,734,666 111,238,000 118,559,000
15,754,000 12,606,000
13.093.000 11,471,000
13.509.000 13,890,000 13,558,000 13,245,000 14,130,000

Capital paid In--------------------------------------------Government doposlts------------------------------------Due to members— Reserve account__________
Federal Reserve notes— N e t.____ __________

304,000

All other liabilities--------------------------- -------------

352,000

269,000

289,000

271,000

243,000

778,000

782,000

816,000

$860,012,000 $881,991,000 $880,314,000 $877,819,000 $889,118,000 $869,730,000 $768,226,000 $750,560,000 $741,051,000
Gold reserve ag’st net dep. A note liabilities..
Cash reserve ag’st net dep. A note liabilities..
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag­
gregate net liabilities on F. R. notes in
circulation.....................................................
Distribution by Maturities—
1-15 days bills discounted and b ou gh t...

73.0%
74.6%

76.0%
77.8%

73.8%
76.3%

73.4%
74.6%

71.5%
73.9%

69.3%
71.8%

68.2%
70.9%

69.8%
70.7%

68.3%
69.6%

75.3%

78.4%

77.0%

75.3%

74.6%

72.4%

71.6%

71.3%

70.2%

$24,394,000 824,839,000 $29,402,000 $31,661,000 $37,079,000 $34,617,000 *$30,256,000 *$24,348,000 *$23,817,000
1.949.000
1.177.000
1.526.000
302.000
392.000
1,108,000
26.876.000 23.943.000
18.794.000 22.543.000 25.837.000 29.301.000 y 41,514,000 y 47,381,000 y 51,307,000
417,000
1.120.000
1.127.000
1.241.000
1.225.000
327.000
51.140.000 44.877.000 51.790.000 48.786.000 46.884.000 48.106.000 47,*772*666 49,375,666 ra.Vi8.566
2.146.000
1.847.000
1.687.000
1.945.000
1.718.000
2.388.000
24.924.000 13.240.000 12.414.000 21.665.000 29.546.000 35.055.000 37,l65.666 34,759*666 32,342,565
1.100.000
1.637.000
2.273.000
631.000
696.000
889.000
1,682*665
1,011,000
088,000
£.6*67.666
945,000
i,6i*e‘t666
958.000
920.000
1.008.000
5,756,000
3.729.000
1.700.000
8.633.000
10.714.000
7,537,000

16-30 days bills discounted and b ou gh t...
16-30 days municipal warrants__________
31-60 days bills discounted and bought—
31-60 days municipal warrants__________
61-90 days bills discounted and bought__
61-90 days municipal warrants__________
Over 90 days bills discounted and bought.
Over 90 days municipal warrants________
Federal Reserve Notes—

3308,348,000
Held by banks_________________________ ‘ 29,825,000

30,54.7,000

3 l ’,925I000

$292,014,000 $293,440,000 $300,280,000 $300,511,000 $296,766,000 $289,778,000
29,047,000 25,272,000 27,407,000 25,158,000 21,720.000 23,402,000

$278,523,000 $260,030,000 $259,768,000 $262,967,000 $268,168,000 $272,873,000 $275,353,000 $275,046,000 $266,376,000

In circulation_______________________ —

Gold and lawful money with Agent__________ $288,720,000 $274,074,000 8273,320,000 $273,141,000 $274,512,000 $281,292,000 $282,523,000 $278,528,000 $273,274,000
Federal Reserve Notes (Agents Accounts)—
Received from tho Comptroller.................. $515,880,000 $470,220,000 8469,380,000 $462,380,000 $462,380,000 $462,380,000 $462,380,000 $453,380,000 $447,380,000
Returned to the Comptroller____________ 108,262,000 106,394,000 104,358.000 103,217,000 101,056,000 05,796,000 94,935,000 94,080,000 92,283,000
Amount chargeable to Agent........ ..... $407,618,000 $303,826,000 $365,022,000 $359,163,000 $361,324,000 360.584,000 $367,445,000 $359,300,000 $355,097,000
67,884,000 06,304,000 66,934,000 62,534,000 65,319,000
99,270,000 73,249,000 73,329,000 67,149,000
In hands of Agent______________________
Issued to Federal Reserve banks___ $308,348,000 $290,577,000 $291,693,000 8292,014,000 $293,440,000 $300,280,000 $300,511,000 $296,766,000 $289,778,000
How Secured—
By gold coin and certificates------- ----------- $178,344,000 $166,374,000 $166,174,000 $163,S77,000 $162,877,000 $166,827,000 $164,567,000 $162,117,000 $154,817,000
By commercial paper............................—
Credit balances In gold redemption fund..
Credit balances with Federal Reserve B’d .

19,628,000
15,126.00C
95,250,000

16,503,000
12.050.00C
95,050,000

18,373,000
13.436.00C
93,710,000

18,873,000
13.554.00C
95,710,000

18,928,000
14,125,000
97,510.000

18,238.000 16,504,000
18,988,000 17,988,000
16,677.000
15,376,000
15.981.00C
14,855,00C
99,010,000 102,580,000 100,430,000 101,780,000

T o ta l_____________________________ 8308.348,000 8290,577,000 $291,093,000 $292,014,000 $293,440,000,$300,280,000 $300,511,000 $296,766,000 $289,778,000
Commercial paper delivered to F. R . A gent..

821,715,000 $19,692,000 $19,115,000 $20,366,000 $20,845,000 1 $20,272,000 $18,402,000 $19,077,000 $17,030,000

a Net amount due to other Federal Reserve banks,

t Amended figures.

* One to ten days,

y Eleven to thirty days.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 9 '17.
New York. PhlladeVa

Richmond, Atlanta.

Chicago.

St. Louts. M inneap. Kan. City,

San FranJ

Total.

S
I
$
S
!
S
I
S
S
RESOURCES.
I
S
I
S
I
$
Gold coin A ctfs. In vault 12,838.000124,074,00027,792,000 16,101,000 5,280,000 5.801.000 31,042,000:12,851,000 :i ,059,000 7,295,000 6.535.000 13,526,000274,194,000
Gold settlement fund — 19,901,000 46,089,000. 8,633,000 25,251,000 18,379,000 7.012.000 35,298,000 1,510,000 5,831,00028,363,000 9.101.000 7,593,000 212,961,000
28,000
15,000, 1,734,000
125,000
156,000
502,000
200,000
47,000
234,000
27,000
50,000
250,000!
100,000
Gold redemption fund..
Total gold reserve------ 32,789.000170,413,00036,525,000 41,379,00023,893,000 13,315,000,66,540,00014,408,000 17,015,00035,814,000 15,664,000 21,134,000 488,889.000
755,000!
24,0001 10,033,000
043,000
88,000
536,0001
62,000; 1,225,000; 996,000! 3,176,000
511,000 2,158,000, 459,000
Legal-ten .notes ,sllv ., Ac
Total reserve............. 33,300,000 172,571,00036,984,000 41,915,00023,955,00014,540,000,67,536,000 17,584,000 17,658,00035,902,000 16,419,000 21,158,000499,522,000
5% redemp. fund—F.R
100,000
400,000
300,000
bank notes__________
Bills:
199,000 16,200,000
512,000 1.278.000
541,000 1.949.000
1,345,000
832,000 1,068,000 3,444,000 2,540,000 1,700,000
Discounted—Members 792,000
Bought In open m k t.. 13,292,000 33,615,000 14,815,000 8,217,000 4,717,000, 3,538,000 8,338,000 6,237,000 6.384.000 2,735,000 1.286.000 8,918,000112,092,000
Total bills on hand__ 14,084,000
Investments* U. 8. bds.
One-yr. U.S. Tr. notes 1,666,000
631,000
Municipal warrants..

34,960,000 15,647,000 9,285,000 8,161,000 6,078,00010,038,000* 6,778,000; 8,333,000 3,247,000 2,504,000| 9,117,000128,292,000
70,000
4.985.000
440,000
50,000 5.963.000 2,203,000 1,409,000 8,518,000 3,403,0001 2,429,000. 29,470,000
963.000 1,430,000 1,500,000 18,647,000
891.000 1,230,000
726,000 1,999,000 1.820.000 1,969,000 1,491,000 2.962.000
254,000
965,000 14,833,000
924.000
530,000
340.000
4,631,000 1,431,000 2,401,000
15,000
123,000 2.588.000

Total earning assets.. 16,381,000 40,387,000 19,077,000 18,491,00010,585,000 7,742,000 21,551,00010,796,000|11,502,000 13,068,000 7,651,00014,011,000191,242.000
220.000 2,472,OOOj 23,290,000
1 ,739 ,000!
11,000
882,000 16,948,000
1,018,
Fed. Res’ve notes— Net
Due from other Federal
403.000 1,102,000 al3,255,000
3,783,000
982,000
460,000
7,175,000
137.000
2.357.000
1,091,000
915,000
Reserve Banks—Net
Uncollected Items--------- 9,387,000 23,640,000 18,319,000 8.823.000 7,321,000 8,160,000 16,270,000! 7,496,000 3,654,000 7,359,000 4.907.000 5,829,000121,225,000
395,000 11,078,000
326,000 1.240.000
516,000| 3,215,000
85,000
168,000
137,000 1,979,000
313.000 2,343,000| 361,000
All other resources------Total resources______ 60,400,000263,064,00074,741,000 72,772,00043,089,000|33,336,OOOjll 1395 000|40,073,000^3.370,OOO^O,955,00031,000,000 44,967,000 860,012,000
LIABILITIES.
4,990,000 11,860,000 5,230,000 6,020,000 3,363,000 2,420,000 6,946,000, 2,799,000 2,405,000 3.074.000 2.693.000 3,013,000. 55,713,000
Capital paid In...........
98,000 1.070.000 2,042,000^ 15,525,000
169,000 2,077,000
965,000 1,472,000 2,599,000 1,731,000 1,566,000 1,844,000
*108,000
Government deposits—
Due to members— Re­
serve account________ 47,658,000229,947,00046,314,000 56,774,000 26,181,00017,059,000 94,248,00026,807,00026,086,000 45,401,000 24,769,000 35,966,000678,170,000
Collection Items............ 7,778,000 21.088,00016,349,000 9,013,000 0,864,000 8.397.000 8,470,000 6,180,000 2,135,000 5.502.000 2,408,000 2,963,000 97,207,000
13,093,000
1.845.000
2,721,000
457,000
,209,000 2.861.000
Fed. Res've notes— N et.
975,000
4,175,000
Due to F.R.banks— Net
304,000
83,000
139,000
All other liabilities
82*000
Total liabilities........... 60,400,000^263,064,000 74,741,000 72,772,000 43,089,000 33,336,000(111395 000 40,073,000.33,370,000 56,955,000.31,000,000 44.907,000860.012,000
Federal Reserve Notes—
Issued to banks______ 13,785,000il20,767,000 18,790,000 11,672,000 17,582,000 22,085,OOo! 8,446,000 16,676,000;i9,806,000 21,014,00021,190,000 16,526.000308,348,000
390,000
220,000 2,472,000! 29,825,000
920,000: 1,739,000 1,126,000| 2,511,000
882,000 16,948,000
943,000 1,018,000
650,000
Held by banks___
F R. notes In circulation 12,903,000103,819,000 17,847,000 10,654,000 16,926,00021,165,000 6,707,000 15,550.000|17,295.00020,024.00020,979,000|14,054,000,278,523,000
Gold and lawful money
with agent--------------- 13.785,000120,767,00017,390,000111,672,000 11.717.00018,304,000 8.446.000'l2.829.00017,306,00018,779,00021,199,00016,526,000288,720,000
a Difference between net amounts due from and net amounts due to other Federal Reserve banks,

* Overdraft.

STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS FEB. 9 1917.
Total.
Boston. New York. PhlXadel’a. Cleveland. Richmond. Atlanta. Chicago. St. Louts. Mlnneap. Kan. City. Dallas. San Fran.
$
S
$
s
$
$
S
S
Federal Reserve Notes—
S
$
$
$
S
Reo’d from Comptrolr 28,880,000 224,260,000 30,480,000 22,660,000 29,500,000 36,380,000 12,680,000 22,540,000 26,500,000 28,120,000 35,320,000 18,500,000 515.880.000
Returned to Comptrol 8,385,000 60,813,000 0,830,000 4,188,000 8,018,000 4,360,000 1,734,000 2,824,000 1,074,000 2,448,000| 5,554,000 2,034,000 108.262.000
Chargeable to Agent— . 20,495,000 163,447,000 23,650,000 18,472,000 21,482,000 32,020,000 10,946,000 19,716,000 25,426,000 25,672,000j29,706,000 16,526,000 407,618,000
In bands of F.R.Agent 6,710,000 42,680,000 4,860,000 6,800,000 3,900,000 9,935,000 2,500,000 3,040,000 5,620,000 4,658,000 8,567,000
.......... 99,270,000
Issued to F. R . bank 13,785,000 120,767,000 18,790,000 11,672,000 17,582,000 22,085,0001 8,446,000 16,676,000 19,806,000 21,014,000 21,199,000 16,526,000 308,348,000
Held by F. R. Agent—
178,344,000
5,165.000 13,230,000 4,370,000 10,110,000
Gold ooln A certfs___ 12,850,000 114,949,000 3,730,000 10,980,000
2,960,000
Credit balances:
566,000 15,126,000
854,000
826,000 1,149,000 1,059,000
In gold redemption f’d
136,000
935,000 6,818,000
930,000
692,000
717,000 1,444,000
With F. R. Board___
11,000,000 13,900,000 8,310,000 6,810,000 3,250,000 13,200,000 10,030,000 15,900,000 95,250,000
........... 12,730,000
Notes secured by com­
mercial paper_______
.......... 19,628,000
..........
.......... 1,400,000
5,865,000 3,781,0001
..........
.......... 3,847,000 2,500,000 2,235,000
T o t a l...................... 13,785,000 120,767,000 18,790,000 11,672,000 17,582,000 22,085,0001 8,446,000 16,676,000 19,806,000 21,014,000 21,199,000 16,520,000 308,348,000
Amount of comm’l paper
21,715,000
delivered to F.R.Ag’ t
—
1,401,000
.......... 3,848,000 2,500,000 2,236.000' 1,143,000
..........
........... 6,778,000 3,809,000>1




THE CHRONICLE

b'EB. 17 1917.]

641

Statement of New York City Clearing House Banka and Trust Companies.—The following detailed statement
•hows the condition ot the New lo r k City Clearing House members for the week ending Feb. 10. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the throe irrouD3 and
also the grand aggregates for the three preceding weeks.
&
1
______________________________ N E W
CLEARING HOUSE
MEMBERS.

Capital.

Week Ending
Ecb 10 1017.
(OOj omitted.)

Net
Profits.

S
2.000,0
2,000,0
6,000,0
25.000.
3.000.
1.000.
300.0
6,000,0
25.000.
3.500.0
3.000.
2.550.0
1.000.0
3.500.0
1.500.0
5.000.
250.0
1.000. 0
10.000.
4.000.
500.0
10,000,0
1.000.
1,000,0
250.0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1.500.0

W EEKLY

Loans,
Discounts,
Investm'ts,
&c.

Nat. B’ks Deo. 27
,StateB'ksNov.29

Members o f Federal
Reserve Bank.
Bank of N. Y., N.B A
Merchants’ Nat. Bank
Meob. A Metals Nat
National City Bank
Chemical Nat. Bank
Atlantic National Bank
Nat. Butchers' A Drov.
Araer. Exoh. Nat. Bank
National Rank of Com.
Chetham * Phentx Nat.
Hanover National Bank
Citizens' Central N at..
Market A Fulton N at..
Corn Exchange Bank..
Im porters' A Traders'..
National Park Bank__
East River Nat. Bank..
Beoond National Bank.
Flret National Bank__
Irving National B ank..
N. Y. County Nat. Bk.
Chaso National Bank..
Lincoln National Bank.
Garfield National Bank
Fifth National Bank__
Seaboard Nat. Bank .
Liberty National Bank.
Coal A Iron Nat. Bank.
Union Exchaneo N at..
Nassau Nat. Bank___
Broadway Trust C o ...

YORK

*
5,200,9
2.476.4
9.593.0
043,210,4
0
8.425.6
0
841.1
0
75,8
5.281.1
18.865.8
0
2.145.7
16.144.9
0!
2.462.1
2.070.5
7.408.6
7.850.5
10,268,0
0
81,7
3.483.1
0
25,243,4
0
4.354.7
1.250.0
12,025,2
0
1.911.8
1.310.7
420.2
3.095.1
3.067.5
771.2
1,119,0
1,131,4
954.2

Average.
$
35.308.0
21.455.0
116.167.0
390.854.0
35.106.0
13.056.0
2.019.0
86.172.0
246.708.0
67.079.0
110.864.0
29.600.0
11.179.0
87.302.0
35.721.0
151.150.0
2.144.0
18.795.0
183.835.0
76.082.0
10.646.0
220.613.0
16.847.0
10.778.0
5.392.0
39.560.0
56.885.0
10.360.0
12.108.0
10.914.0
23.133.0

C L E A R IN G H O U S E

Legal
Tenders.

Average. Average Average Average. Average. Average.
$
$
$
%
$
S
1.596.0
3.809.0
457.0
5.0
6.0
290.0
1.108.0
518.0
38.0
28,0
33.839.0 2.066.0 3.951.0
199.0
140.0
102,987,0 5.657.0 3.310.0
188.0
830.0
1.028.0
3.736.0
719.0
26.0
15.0
1.094.0
268.0
370.0
27.0
13.0
89,0
36.0
129.0
4.0
5.075.0 2,106,0
800.0
65.0
83.0
21.227.0 3.531.0 2.159.0
344.0
4.629.0
1.031.0
994.0
396.0
252.0
21.727.0
1.025.0
876.0
26,0
124.0
1.051.0
110,0
973.0
29.0
16.0
1.327.0
630.0
199.0
30.0
162.0
13.996.0 5.302.0 4.642.0
1,937,0
1.471.0
1.406.0
554.0
12.031.0
1.052.0 2.665.0
76.0
119.0
152.0
33.0
184.0
2,0
8,0
1.214.0
245.0
452.0
29.0
82,0
13.437.0
1.609.0
872.0
16.0
36.0
9.789.0 5.007.0
3.817.0
10,0
166.0
436.0
388.0
297.0
85.0
25.0
21.513.0 5.622.0
3.575.0
159.0
151.0
2.144.0
1.095.0
515.0
121.0
131.0
673.0
152.0
470.0
21.0
122.0
163.0
135.0
767.0
9,0
4.0
5.570.0
1.331.0
1.036.0
26,0
45.0
5.355.0
874.0
894.0
22,0
127,0
573.0
195.0
159.0
14.0
13.0
296.0
166.0
683.0
31.0
5.0
414.0
300.0
270.0
29.0
10.0
1.805.0
196.0
548.0
62.0
44,0

Totals, avgo. for week, 123,850,0 209,181,6 2,178,032,0 292,700,0 45,072,0 37,861,0
actual condition Fob. 10
2.153.417.0 294,882,0
actual condition, Feb.
3
2,214,333,0|299,510,0
actual condition Jon. 27
2.195.715.01310.057.0
aotual condition Jan- 20
2.181.576.0
304,167,0

Totals,
Totals,
Totals,
Totals,

State Ranks.
Not Afembers of
Federal Reserve Rank.
Bank ot Manhattan Co
Bank of America
Greenwich Bank........ .
Paclflo Bank_________
People's Bank_______
Metropolitan Bank___
Bowery Bank_________
German-Amerlran Bank
Fifth Avenuo Bank___
German Exchange Bank
Germania Bank_____
Bank of Metropolis__
West Side Rank_____
N. Y. Produce Ex. Bk
State Bank__________

RETURN.

Nat. Bank Nat .Bank
Notes
Notes
Federal
[Reserve
[.Not
Reserve
for State Counted
Notes
Institu­
as
INot
tions1. Reserve]. Reserve],

Addil'al
Reserve Deposits
with
tcitb
Net
Legal
Legal
Demand
Deposi­ Deposi­ Deposits.
taries.
taries.
Average. Average
$
$
2.768.0
1.360.0
10.351.0
36.282.0
2.661.0
1,068,0
171.0
7.678.0
22.054.0
6.168.0
13.889.0
2.973.0
842.0
7.860.0
2.510.0
12.057.0
228.0
1.188.0
14.688.0
6.733.0
833.0
17.186.0
1.401.0
942.0
452.0
5.615.0
5.480.0
920.0
946.0
665.0
2.050.0

Net
Time
Deposits

Average. Average Average.
$
%
t
34.681.0
1.269.0
786.0
17.822.0
560,0
1,811,0
142.448.0 4.885.0 3.800.0
468.233.0 5.650.0
1.782.0
34.520.0
450.0
13.597.0
568,0
150.0
2.240.0
47.0
80.798.0 6.170.0 4.771.0
256.014.0 1.822.0
155.0
67.740.0 5,513,0
1.764.0
159.778.0
130.0
27.522.0
1,099,0
1.011.0
11.152.0
185.0
110.523.0
32.468.0
" 51,0
152.769.0 1,890,0 3.538.0
2.782.0
50.0
16.144.0
752.0
175.593.0
1,455
3.115.0
88.739.0 4,880,
640.0
10.884.0
198.0
234.376.0 12,340
450.0
18.570.0
48
891.0
10.584.0
399.0
5.880.0
221,0
247.0
49.194.0
70.0
62.536.0
1,927,
498.0
10.212.0
224,
413.0
11.625.0
30.
395.0
10.435.0
25,
50.0
24.716.0
532,

3,682,0

3,101,0 190,019,0

2,344,575,0 51,108,0 28,599,0

4.391.0
2.720.0
3.392.0
3.402.0

3.332.0
2.150.0
2.950.0
3.403.0

190.971.0
198.034.0
205.910.0
194.878.0

2.317.505.0
2.404.120.0
2.420.873.0
2.382.896.0

49.158.0
53.016.0
52.303.0
51.598.0

84,0

3.256.0

500,0

304",6
392,0
252.0
934.0 1,065,0
262.0
1.064.0 2,698,0
1.696.0
201,0

53.116.0
34.748.0
13.829.0
7.048.0
2.866.0
13.172.0
3.548.0
7.105.0
19.918.0
5.065.0
6.396.0
15.572.0
4.726.0
15.039.0
28.855.0

7.495.0
4.871.0
1.094.0
818,0
182,0
1.209.0
301.0
1.173.0
1.857.0
467.0
670.0
994.0
267.0
1.271.0
2.189.0

2.531.0
2.681.0
221,0
320.0
61,0
945.0
19.0
135.0
761.0
93.0
72.0
519.0
196.0
335.0
729.0

567.0
848.0
517.0
96.0
131.0
493.0
69.0
49.0
1,845,0
124.0
172.0
394.0
146.0
456.0
545.0

88,0
142.0
349.0
117.0
4,0
44.0
35.0
11.0
41.0
155.0
120.0
93.0
33.0
61.0
182,0

Totals, avgo. for week. 11,950.0 27.193.0

217,249,0 24,858,0

9,618,0

6,452,0

1,475,0

247,0

9.140,0 5.107,0

231,003,0

550,0!

Totals,
Totals,
Totals,
Totals,

212.907.0
220.235.0
218.591.0
218.679.0

0,354,0
7,5‘77,0
6,801,0
6.419.0

1.599.0
1.306.0
1.288.0
1,200.0

479.0
94.0
108.0
89.0

4.975.0
6.136.0
7.711.0
7.786.0

225.700.0
240.992.0
233.470.0
231.103.1

549.0
653.0
552.0
744.0

447,0
502,0
59,0
16,0
177,0
2,496,0
65,0
614,0
222,0
89,0
126,0
309,0
182,0
144,0

332,0
448,6
118,0
149,0
96,0
1,203,0
101,0
181,0
779,0
257,0
105,0
246,0
277,0
127,0

241,0
9,0
180,0
29,0
138,0
712,0
33,0
26,0
187,0
104,0
20,0
59,0
103,0
378,0

,136,0
,789,0
.539,0
,844,0
.941,0
,572,0
949.0
550.0
,213,0
,165,0
,874,0
,549,0
294.0
,724,0

29.780.0
213.086.0
55.206.0
25.726.0
22.963.0
353.336.0
7,963,0
20.051.0
71.165.0
22.257.0
53.802.0
18.175.0
14.297.0
57.025.0

5.441.0
20.019.0
10.285.0
6.605.0
2.108.0
26.159.0
1.290.0
849.0
21.834.0
1.558.0
8.985.0
4.574.0
966.0
4.092.0

5,448,0

4,419,0

2,219,0

actual
nctual
actual
actual

2.050.0
1.600.0
600,0
500.0
200.0
2,000,0
250.0
750.0
100.0
200.0
200.0
1,000,0
200,0
1,000,0
1,500,0

5.297.7
6.630.3
1,250,0
994.0
468,9
2,092,6
801,5
830,3
2.271.2
869.2
1.092.4
2.201.8
487.3
1.088.2
812.0

oondltlon Feb. 10
condition Feb.
3
condition' Jen. 27
oondltlon’ Jan. 20

45.795.0
34.134.0
12.861.0
7.299.0
2.685.0
14.683.0
3.997.0
6.582.0
18.018.0
5.032.0
6.360.0
15.803.0
4.567.0
13.765.0
25.768.0

Trust Companies.
Not Members of
Federal Reserve Rank
1.500.0 4.398.4
Brooklyn Trust C o ..
Bankers’ Trust Co........ 10,000,0 17.016.6
U. a. Mtge. A Trust Co. 2,000,0 4.738.7
1.960.8
1.250.0
Astor Trust C o............
Title Guar. A Trust C o. 5.000. 0 12.587.9
20,000,0 33.999.9
Guaranty Trust C o ..
1.259.9
1.000.
0
Fidelity Trust C o........
5,774,6
0
Lawyers’ Title A Trust. 4.000.
8.591.0
2.000.
0
Columbia Trust Co__
1.000,0, 1.722.0
People’s Trust C o___
11.548.6
3.000.
0!
New York Trust C o ..
1.000. 0; 1,445,2
Franklin Trust C o___
501,2
1.000.01
Lincoln Trust C o___
2.000,0! 5.484.4
Metropolitan Trust Co

36.017.0
1.987.0
224.257.0 20.437.0
64.265.0 5.204.0
32.026.0 2.277.0
39.469.0
1.945.0
363.333.0 37.410.0
10.156.0
610,0
27.056.0
1.536.0
90.169.0 5.933.0
23.241.0
1.792.0
68.974.0 5.341.0
22.031.0
1.329.0
14.564.0
877,0
59.868.0 5.107.0
Totals, avgo. for week. 64.750,0( 111,029,2 1,075,426,0 91,791,0
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
aotual

condition
condition
condition
condition!

Feb.
Feb.
Jan.
Jon.

1.065.610.0
1.076.969.0
1.059.673.0
1.041.167.0

Grand Aggregate actual condition
Grand Aggregate actualicondltton
Grand Aggregate actual condition
a Includes capital set aside for

’ "655,6
3,0
25,0
14.0
63.0
58",6

3,694,0
+ 199,0

" 172",6

36,0

’ 213,0
332.0

19.0
1.488.0
21.0 10.654.0
9.0 2.760.0
1.273.0
31,6 1.148.0
224.0 17.666.0
3.0
397.0
19.0
1.003.0
125.0 3.558.0
34.0
1.113.0
149.0 2.706.0
8.0
909.0
18.0
715.0
34.0 2.851.0

28.713.0
28.705.0
28.745.0
28.653.0

15,0
’ 1,0

34,0

694,0 48,241,0 41,139,0

964,832,0 114,765,0

47.938.0 31,465,0
48.060.0 59,074,0
47.290.0 81,876,0
47,503,0.76,198,0

958.343.0 115,638,0
960.950.0 114,821,0
945.510.0 114,691,0
949,811.0 jll2 ,327,0

92.324.0
85.099.0
91.257.0
105,801,0

Grand Aggregate, avge. 190,550,0 347,403,8 3.470,707,0 409,439,0 60,138,0 48,732,0
Comparison prev. week
week! -------------- - - - — i — 40,379,0 —6,434^0 — 915,0 — 1,185,0
Grand Aggregate,actual.condition Feb. 10 3,431,034,0 410,936 0
Comparison prev. week
.......... — 79,603,01— 1,571.0

National
Bank
Circula­
tion.

3,682,0
+ 430,0

4,042,0.247,400,0 46,246,0 3.540.410,0 166+23^0
+ 735,0 -11,442,0 -3.640,6
63,026,0! — 681,0
4,391,0 4.720.0,247.794.0 36.440.0 3,501,548,0! 165,345.0
+ 1.671,0 + 1.795,0,-7.601,0|-287700l—104,514,0|— 3,045,0

Feb. 3 3,511,637,0j412,607,0
Jan. 27 3,473,979,0 427,996,0
Jan. 20 3,441,422,0 435,201,0
Foreign Branches, $5,000,000.

2.925.0 255,395,0;65,210,0 3,606,062,0! 168,390.0
3.815.0 262,662,0 89,587.0 3,599,853,0'167,546.0
4.175.0 251,609,0 83,984.0 3.563,810,0 161,669,0

STATEMENTS OF RESERVE POSITION.

Inc. or Dec
naih Rflrri, Reserve (
Total
a Reserve
Surplus
from
in Vault lepositari
Risit e.
Required.
Reserve. Previous Week
*
Members Federal
*
$
$
$
Reserve Bank----- 175.723.000 190.019.000 565.742.000
141,163,100 — 14,191,100
State Banks*. _
42,403,000 9,140.000 51,543,000 424,578,900
41,580,540 9,962,460
+ 862,380
Trust Companies*.. 103.877.000 48.241.000 152.118.000 144,721,800
7,393,200 + 5,217,000

$

Cosh Reservi Reserve in
in Vault. Depositaries

Total
Reserve

b Reserve
Required.

Surplus
Reserve.

Inc. or D u .
from
PrtviousWsel

$
$
S
$
s
S
370.901.000 190,971,060 561.872.000 119,608,800 142,263,200 — 7,890,400
11.420,000 8,885,000 50,305,000 40,626,000 9,679,000 — 3,565,440
108.330.000 47,938,000 156.268.000 143,751,450 12,516,550 + 10,445,050

Total Feb
3
530,338,000258,842 000 TSO l Sn’nnnAoo’nj o’ K
o
S
— 8 ,111,720'.520,651,000 247,794,000|768,445,000 603,986,250 164,458,750 — 1,010,790
Total Jan. 2 7 . . 553,824,000 256.454,'ono 8 10 3 7 H000 619^57 o "560 iqn’ 7 n9 ’x2 n ~ j: a
r?nn?'r'°nnoro '395'000 788'383,0°0 622,91.1,460 165,469,540 —25,914,070
622,223,390 191,383,610 — 11,089.020
* Not members of Federal Reserve bunk.
■
-------------------------------------------------------— -------:— _615.571,370 202.472.630 + 21.0.14.101

™.»««:SSoS!S:S:»S+11ffiSS

** 1 mo itj lihj reservi! reijuireu uii

m l/Ciiiaui] UfiDOSlffl In tha

a a # a » ., .

ni,a

S2-SS

. r,,

Inoludes also the amount of reserve require.I on Net Time Dent sits whu^h
n ,he
of Members of the Federal Reserve Bank
b This Is the reserve required on Net Demand D e p o t s 7 n thl’ easo of
nin k ! . ^ S V 0, * ^ 555'40? : Fe„b - 3- M34.021.400: Jan. 27. $2,585,850: Jan. 20, $2,578,150
Incudes also the amount of reserve required on Net Time Deposits, which w m as follows:
^
W.MsIlTO j L * ? M . 5 ^ ? 9 S o




THE CHRONICLE

642

[Vol. 104

Iu addition to the returns of “ State banks d trustan com­
The State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panies in New York City not in the Clearing House” furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from guish between the results for New York City (Greater New
(Figure* Furnished by Slate Banking Department.)
previous week.
Feb. 10.
Loans and Investments___________________________ 8752.100,700 Inc. $8,447,400 York) and those for the rest of the Stato, as per the following:
G o ld .............
65,804,100 Inc. 1,404.900
For definitions and rules under which the various items
305,900
Currency and bank notes_________________________ 10,111,600 Inc.
Total deposits__________________________________ 980,356,300 Dec. 10,552,600 are made up, see “ Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts due Irora reserve
The provisions of the law governing the reserve require­
depositaries and from other banks and trust com­
panies In New York City, and exchanges------------ 798,312,500 Deo. 1,569,700 ments of State banking institutions were published in the
Dec.
6,433,400
Reserve on deposits______________________________ 250,424,000
Percentage ol reserve, 32.6%.
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula­
RESERVE.
— Trust Companies----- tions relating to calculating the amount of deposits and what
------- Stale Banks------$62,072,000
9.63%
Cash In vaults....................................$13,843,700 11.16%
deductions are permitted in the computation of the reserves
154,402,000 23.95%
Deposits In banks and trust cos___ 20,106,300 16.21%
were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
$216,474,000 33.58%
$33,950,000

Total

27.37%

STATE BANKS AND TRUST COMPANIES.

The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
Ended—

Deo.
Deo.
Jan.
Jan.
Feb.
Feb.

1 8 ...
25—.
2 ...
9 ...
1 6 ...
2 3 ...
30—
6 1917
1 3 ...
20—
27—
3 ...
10—

Loans
and
Investments

Demand
Deposits.

Specie.

Other
Money.

Total
Money
Holdings.

Entire
Reserve on
Deposits.

$
4,203,603,3
4,197,251,1
4,166,284,4
4,100,398.2
4,119,849,8
4,108,482,9
4,087,289.2
4,099.002,9
4,119,897.3
4,172,608,3
4,216,025,9
4,254,745.3
4,222,813,7

$
4,229,468,0
4,190,946.5
4,114,410,3
4,064,288.3
4,090,889,1
4,094,525.9
4,098,827,8
4,160,751,3
4,230,341,0
4,333,415,0
4,389,954,3
4,403,318,2
4,338,722.5

S
442.854.0
410,973.3
387,700,4
402,429,0
412,662,2
418,483,9
424,819.1
455,225,7
505,303,3
536,436,5
651.060,3
530,189,2
523,975,1

S
68,277,9
67.383,8
72,047,8
74,500,7
74,989,5
72,791,1
75,592,2
77,977.5
82,471,5
83,323,8
76,059,0
74,353,7
73,943,6

$
511,132,5
478.357,1
459,748,2
476,929,7
487,651,7
491,275,0
500.411.3
533,203,2
587,774,8
019,760,3
627,119,3
604,542,9
597,918,7

$
890,342,0
848.605,1
805,744,0
814,149,2
825,012,2
834,734,5
856.072,3
915,437,2
970.956,4
1,031,310,7
1,057,394,0
1,046,031,4
1,019,827,0

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

Week ended Feb. 10.

Capital as of June 30___

s
23,450,000

S
75,550,000

Surplus as of June 30___

40,068,500

$
14,900,000

S
11,783,000

173,239.300

14,654.000

14,381.600

Loans and Investments— 406,496,600 1,719,712,100
Change from last week. — 12,053,700 + 11,493,100

168,249,800
+ 788,700

278,901,600
+ 2,572,500

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

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

Gold
Change Irom last week.

54,856,100
+ 6,536,600

152,910,500
+ 7,182,500

Currenoy and bank notes.
Change from last week.

27,236,700
+ 5,490.900

15,732,400
— 5,600

Deposits_______________
Change from last week.

583,245,700 2,138,840,700
+ 2,667,900 — 46,480,800

180.836.100
— 1,492,200

295.515,800
+ 1,990,000

Reservo on deposits------Change from last week.

131,868,100 428,746,000
+7,873,200 — 34,320,500

30,752,500
— 2,009,800

41,709,700
— 388,800

25.6%
27.3%

20.1%
21.3%

17.6%
18.0%

P. C. reserve to deposits.
Percentage last week..
+ Increase over last week.

29.0%
27.1%

______. . . .

— Decrease Irom last week.

Non-Member Banks and Trust Companies.—Following Is the report made to the Clearing House by clearing
non-member Institutions which are not included in the “ Clearing House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.________ _
CLEARING
NON-MEMBERS.
Week Ending
F eb. 10 1917

Net
Profits.

Loans,.
Discounts,
Invest­
/N at. bks. Deo. 271
State bks. Dec. 27 ments, Ac.
Capital.

Members o f
Fed'! Reserve Bank
Battery Park N a t..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N .f J.C .
Flrst Nat., Hoboken
Second Nat., Hobok

s
$
369.800
400.000
691,700
300.000
611,600
300.000
400.000 1,276,200
768,600
250.000
616.800
220.000
316,300
125,000

T o ta l.................... 1,995,000 4,651,000
State Banks.
Not Members of the
Fedtral Reserve Bank.
Bank of Wash. H't*. 100,000
400.000
Colonlal Bank___ _
Columbia Bank------ 300.000
200.000
Fidelity B a n k ...
International Bank. 500.000
200.000
Mutual B a n k ...
200,000
New Netberland___
100,000
Yorkvllle Bank—
Meobanlcs’ , Bklyn— 1,600,000
North Side, Bklyn— 200,000

436.500
930.100
703.800
197.100
134,000
495.200
208.800
642.500
933.200
204,300

aotci.

Legal
Tenders.

Silver.

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

Average. Average. Average. Average. Average. Average. Average. Average. Average.
S
S
$
$
S
$
$
$
%
3.000 522.000
3.000
85.000
85.000
4.626.000 282,000
339.000
482.000
13.000
9.000
137.000
37.000
155.000
5.450.000
159.000
7.000 701.000
5.000
65.000 119.000
5.823.000 175.000
25.000 1,723,000 4,450,000
12,000
83.000
5.066.000 299.000 541,000
685.000
510.000
3.000
125,000
96.000
14.000
5.155.000 144.000
403.000
22.000 444.000
16,000
36.000
28.000
6.144.000 155.000
303.000
4.000 425.000
2.000
38,000 120.000
41,000
4,973,000
77,000 4,807,000 6,339,000
172,000
37,237,000 1,251,000 808,000 676,000

162,000
682,000
742.000
115.000
403.000
796.000
223.000
455.000
932.000
371.000

2.207.000
9.161.000
9.262.000
1.419.000
3.650.000
7.216.000
4.126.000
6.704.000
19,914,000
4.034.000

T o ta l..................... 3,800,000 4,885,500 67,693,000 4,881,000

53.000
468.000
285.000
36.000
21.000
214.000
168.000
309.000
985.000
107.000

25.000
32.000
107.000
12.000
1,000
16,000
25.000
106.000
86.000
18,000

600,000 2,646,000

428,000

21,000
157.000
30.000
11.000
8,000
55.000
44.000
85.000
139.000
50.000

Trust Companies.
Not Members of the
federal Reserve Bank.
HamiltonTruat,Bkln.
Mechanics' .Bayonne

500.000 1,147,400 8.351.000
303,000 6.225.000
200.000

571,000
74,000

54.000
48.000

27.000
70.000

38.000
35.000

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

700,000 1,450,400 14,576,000

645,000

102,000

97,000

73,000

Grand aggregate----Comparison.prev.wk
Excess reserve,
Grand aggr’te Feb. 3
Grand aggr’te Jan.27
Grand aggr to Jan .20
Grand aggr’ to Jan.13
Grand aggr’te Jan. 6

Increase
10.986.900
10,977,500
10,977.600
10.752.700
10.752.700

1.476.000 3,195,000
1.537.000 3,425,000
1.520.000 3,353,000
1.568.000 3,637,000
1,512,000^3,574,000

Net
Time
Deposits.

National
Bank
Circu­
lation.

Average. Average. Average.
*
$
t
180,000 189.000
4.004.000
63,000 293.000
4.983.000
119.000
5.890.000
5.425.000
388.000
198.000
4.258.000
2.798.000 3.259.000 217.000
2.372.000 2.278.000
97,000
29,730,000 5,780,000 1,501,000

,847,000
137
107.000
,824,000
409
589.000
,053,000
373
603.000
,350,000
283
81,000
,442,000
111
18,000 206.000
,718,000
657
28,000 503.000
,126,000
261
7,000 247.000
,370,000
393
442.000
1,306,000 1,242 000 21 ,760,000
734 ,000 4 ,011,000
241.000
13,000

263,000
263,000

222,000
401.000
353.000
68.666
400.000

66,000 4,325,000 4,600,000 71,501,000 1,441,000

11,000
17,000

336.000 1,665,000 6.720.000 1.047.000
658,000 2.948.000 3.170.000
147.000

28,000

483,000 2,323,000 9,668,000 4,217,000

171,000 9,615,000 13,262,000 110899000
+ 38,000 + 374 000 — 3792 000 + 1928000

8.495.000 10.986.900
$466,350
6.495.000
6.495.000
6.495.000
6.495.000
6.495.000

Reserve Additional
Nat .Bank
Deposits
with
NoteslNot Federal
Net
Legal with Legal
Counted Reserve
Demand
Depos­
NoteslNot Depos­
as
Deposits.
itaries.
itaries.
Reserve.] Reserve]

133.000
126.000
145.000
160.000
144,000

9.241.000
9.556.000
9.655.000
9.627.000
9.578.000

17.054.000
16.861.000
17.414.000
14.824.000
12.371.000

,438,000 1,501,000
—99,000 + 80,000
,537,000
,505,000
,481,000
,223,000
,956,000

108971000
110139C00
110978000
113351000
113073 000

1.421.000
1.505.000
1.519.000
1.513.000
1.511.000

Boston Clearing House Banks.—We give below a
Philadelphia Banks.—Summary of weekly totals of
summary showing the totals for all the itoms in the Boston
Clearing House banks and trust companies of Philadelphia:
We omit two ciphers (00) In all these figures.
Clearing House weekly statement for a series of weeks:
Loans,
Disc'is A
Invest'ts.

Due
from
Banks.

Deposits.
Bank. 1Individ'l.

Total.

Reserve
Held.

Eicess
Reserve.

S
$
%
$
S
$
Feb . 10.
$
Nat. bank- 391,344,0 77,670,0 177,869,0; 333,021,0 510,890,0 87,448,0 25,659,0
Trust1COS-- 154,308,0 5,594,0 3,719,0, 147,245,0 150,964,0 29,960,0 8,688,0
Total . . .
Feb. 3 . . .
Jan. 2 7 ...
Jan. 20—Jan. 13—
Jan. 6 . . .
Deo. 30—
Deo. 23—
Deo. 18—
Deo. 9 . . .

545,652,0
542,995,0
535,591,0
533,628,0
532,565,0
529,395,0
529,874.0
535,586.0
544,309.0
551,772.0

83,264,0
96,0S9,0
92,034,0
94,744,0
88,786,0
97,350,0
93,283,0
83,226.0
83,489,0
78,206.0

181,588,0 480,266,0
189,503,0 500,788,0
185,960,0 486,846,0
182,053,0 489,741,0
177,264,0 481,299,0
176,374,0 470,750,0
170.198.0 463,811,0
168,444,0 458.787,0
170,655,0 459,986,0
172,747,0 462,764,0

661,854.0
690,291,0
672,806,0
671,794,0
658,563,0
647,124.0
634,009,0
627,231,0
630,641,0
635,511,0

117,408,0
130,303,0
132,577,0
127,515,0
117,768,0
102,864,0
96,565,0
95,132,0
90,177,0
93,354,0

34,347,0
45,497,0
48,543,0
44,406,0
36,343,0
24,471,0
19,323,0
17,319,0
11,684,0
13,016,0

Note.— National bank note circulation Feb. 10, $9,089,000: exchanges for Clear­
ing House (Included In “ Bank Deposits” ), banks, $21,290,000; trust companies,
$3,555,000: total, $24,845,000. Capital and surplus at latest dates: Banks,
$64,175,600: trust companies, $41,295,200; total, $105,470,800.




BOSTON CLEARING HOUSE MEMBERS.
Feb. 10
1917.

Change from
previous week.

Circulation..........................— 186.343.000 Dec.
Loans, dlso’ts & Investments 472.819.000 Inc.
Individual deposits, Inol.U.S. 372.690.000 Inc.
Duo to banks.......... .............. 144.501.000 Dec.
Time deposits........................ 35.534.000 Inc.
Exchanges for Clear. House. 24.559.000 Inc.
Due from other banks.......... 40.019.000 Dec.
Cash reserve.......................... 25.395.000 Inc.
Reserve In Fed. Res’vo Bank 31.855.000 Inc.
Reserve with other banks— 33.089.000 Dec.
Reserve excess In bank and
3,898,000 Inc.
Federal Reserve Bank----Excess with Reserve Agents. 19.751.000 iDec.

Feb. 3
1917.

$14,000 $6,357,000
12,098.000 460.721.000
5,848,000 366.842.000
0,819,000 154.320.000
1,074,000 34.400.000
4,981,000 19.578.000
1,557,000 41.570.000
563,000 24.832.000
885,000 30.970.000
15,244,000 48.333.000

Jan. 27
1917.
$0,352,000
455.241.000
300.562.000
147.485.000
34.170.000
15.236.000
42.564.000
25.760.000
30.775.000
43.982.000

446,000 3,452,000 1 4,873,000
15,494,000 35.245.000 1 31,005,000

Imports and Exports for the Week.— See third page

THE CHRONICLE

F eb . 17 1917.]

M c tn h & x s 9

(B ttz z iU .

Wall Street, Friday Night, Feb.
The

M on ey

M arket

and

F in a n c ia l

16 1 9 1 7 .

S itu a t io n . —

It

o fte n h a p p e n s th a t b u sin e ss a t th o S to c k E x c h a n g e is d u ll
d u rin g th o m o n th o f F o b r u a r y — in d e e d , su c h is u s u a lly th e
c a se — b u t it n o w se e m s lik e ly t h a t th is m o n t h ’ s re co rd w ill
e x ce e d a ll o th e r s in th is p a r tic u la r .

T h o c a u se is so weU

a n d u n iv e r sa lly u n d e r sto o d t h a t it is , p e r h a p s , su p erflu o u s
to m e n tio n i t , a n d w h e n th o p o ssib ilitie s o f th o p re se n t in te r­
n a tio n a l situ a tio n are c o n sid e r e d , it is re m a rk a b le th a t se­
c u r ity v a lu e s h a v e n o t su ffe ro d a c o rre sp o n d in g d e c lin e .
I t se e m s im p o ssib le t h a t tho n a v a l a c tiv itie s o f a n a t io n ,
w h o so w lio lo te rr ito ry is sm a lle r th a n th o S ta t e o f T e x a s , a n d
w h o se le g itim a te n a v y is b lo c k a d e d in p o r t , sh o u ld bo a b le
to p a r a ly z o o r terrorize th o sh ip p in g b u sin e ss o f p r a c tic a lly
th o w h o le w o r ld , an d y e t th a t is th o p re se n t s itu a tio n .
A t th o m o m o n t c o m m e rc e in th is c o u n tr y is g r e a tly im p e ­
d e d , o w in g to c o n g e stio n a t se a b o a r d p o in t s .

I n s o m e ca ses

p referen ce is g iv e n to fo o d s tu ffs n e e d e d in largo c itie s , b u t

643

p o r ta tio n d iffic u ltie s , a f a c t w h ic h is b o u n d to h a v e fa r -r e a c h ­
in g e ffe c t o n d o m e s tic p ro d u c tio n a n d tr a d e , b u sin e ss a t th e
S to c k E x c h a n g e w a s d ull th is w e e k .
P ric es w ere irre g u la r,
b u t a m a jo r it y of a d v a n c e s w ere n o t e d .
A tc h is o n m o v e d u p
fr o m 1 0 1 % to 1 0 3 , th e fin al q u o ta tio n b e in g 10 2 % .
C ana­
d ia n P a c ific flu c tu a te d b e tw e e n 1 5 1 % a n d 1 5 4 % .
L e h ig h
fell fr o m 7 4 % to 7 1 % , w h ile N o r f o lk & W e s t e r n m o v e d u p a
p o in t to 1 2 9 .
U n io n P a c ific a d v a n c e d fr o m 1 3 4 % , th e c lo s­
in g p rice la s t F r id a y , to 1 3 9 % , th e fin a l fig u re to -n ig h t , h o w ­
e v e r , b e in g 1 3 7 % .
A m o n g th e in d u stria l issu e s, A m e r ic a n B e e t S u g a r w a s ir­
re g u la r; f r o m 9 6 % it m o v e d u p to 1 0 0 , fell to 9 8 a n d c lo s e d ,
e x -d i v ., a t 8 9 .
A m e r ic a n C a r & F o u n d r y g a in e d a p o in t for
th e w ee k a n d A m e r ic a n L o c o m o tiv e , a fte r a d v a n c in g fr o m
6 9 % to 71 % , c lo se d a t 6 9 % .
U n it e d S ta te s S te e l c o v e re d a
ra n ge o f 2 % p o in ts .
R e v e r s in g th eir m o v e m e n t o f la s t w e e k ,
In te rn a tio n a l M e r c a n tile M a r in e c o m . a n d p r e f. a d v a n c e d
fr o m 2 1 % a n d 6 4 % to 2 2 % a n d 6 7 % , r e s p e c tiv e ly .
The
c o p p e r s to c k s m o v e d u p s lig h t ly , w h ile th e h ig h , lo w a n d la s t
p rices o f B e th le h e m S te e l, B a ld w in L o c o m o t iv e , C r u c ib le
S te e l, M a x w e ll M o t o r s a n d M e x ic a n P e tr o le u m w ere 3 9 5 ­
3 8 0 -3 8 0 , 5 4 % - 5 1 % - 5 2 % , 6 6 % - 6 3 % - 6 4 % , 5 5 % - 5 1 % - 5 4 %
a n d 9 0 - 8 5 % - 86 % .
For daily volume of business see page 6 5 2 .
T h e fo llo w in g sales h a v e o c cu rre d th is w e e k o f sh are s n o t
re p re se n te d in o u r d o ta ile d list o n th e p a g e s w h ic h fo llo w :

b la s t fu rn a ce s are b e in g p u t o u t o f c o m m is s io n , p a p e r a n d
o th e r large m ills sh u t d o w n a n d th o u sa n d s o f o p e r a tiv e s te m ­
p o r a rily

th r o w n

out

of

b e ca u se

a

w a te r s ,

n o tw ith s ta n d in g

d e c lin e d

“ w ar z o n e ”

m o re

E v id e n t ly

th a n

th e

e m p lo y m e n t .
has

b e lief

is

th is

boon e s ta b lis h e d

w h ic h ,

tlio y

A ll

s e c u r ity

fr e q u e n tly
go n e ra l

do

th a t

in

v a lu e s
in

is

have

not

tim e s .

c o n d itio n s

c a n n o t lo n g c o n tin u e .

F o r e ig n E x ch a n g e. —

S te rlin g e x ch a n g o w a s w ith o u t new

fo atu ro n o tw ith s ta n d in g th e interfe’renco w ith o x p o rts as a
re su lt o f th o n ew G e r m a n s u b m a rin e p o lic y .
tio n s

re p re se n te d

slig h t

co n ce ssio n s

fo r

F in a l q u o ta ­

tho

w eek.

The

C o n tin e n ta l e x ch a n g e s w ero q u ie t a n d irre g u la r.
T o d a y 's (F riday’s) actual rates for sterling exchange wero 4 71% for
sixty days, 4 75% @ 4 75 7-1(5 for checks and 4 70 7-10 for cables. C om ­
mercial on banks, sight, 4 75: sixty days, 4 7 0 % : ninety days, 4 6 8 % , and
docum ents for paym ent (sixty days), 4 7 0 % . C otton for paym ent, 4 75,
and grain for paym ent, 4 75.
T o -d a y 's (F riday’s) actuai rates for Paris bankers’ francs wero 5 90% for
long and 5 80 for short. Germany bankors’ marks wero 68% for sight,
nominal for long and nominal for short. Amsterdam bankers’ guilders
wero 40 7-10 for short.
Fxchango at Paris on London, 27.81% fr.; week’s rango 27 81 '<5 fr
high and also 27.81% fr. low.
’ ‘ o l™
Kxchange at Berlin on London, not quotable.
T he rango for foreign exchango for tho week follows:

Sterling Actual—

High for-the week—
Low for tho w eek___

Sixty Days.
4 71%
4 71%

Paris Bankers' Francs—

High for tho week---Low for tho week___

5 8 9%
5 90%

High for the week___
Low for the week___

______
______

Germany Bankers' Marks—

Amsterdam Bankers’ Guilders—

High for tho w eek___
Low for tho week___

40%
40 5-16

sight 50c. per 81,000 discount, and brokers 50c. premium

S tate a n d R a ilro a d B o n d s . —

N o sale s o f

S ta t e b o n d s

h a v e b e e n re p o rte d a t th e B o a r d th is w e o k .
C o n tr a r y to th o m o v e m e n t n o te d la s t w e e k , v a lu e s in th e
m a r k e t fo r ra ilw a y a n d in d u stria l b o n d s a d v a n c e d .

F rom

a list o f 2 5 m o s t a c tiv o issues o n ly tw o — A m e r ic a n W r it i n g
P a p e r 5 s a n d C h ic a g o B u r lin g to n &
c lin e d , th e fo rm e r lo sin g fr o m 8 9 to
9 8 to 9 7 % .

Q u in c y jo in t 4 s — d e ­

88

a n d th o la tte r fr o m

C h ili C o p p e r 7 s , in s y m p a t h y w ith th e sh a re s,

m o v e d u p fr o m 1 2 4 % to 1 2 5 % , a n d E rio 1 st g e n . 4 s g a in e d

1 % p o in ts for th e w e o k . I n te r b o r o -M e t r o p o lit a n 4 % s
g a in e d fr o m 6 5 % to 68, w h ilo u p w a rd m o v e m e n ts o f f r o m 1
to 3 p o in ts w ero c o m m o n .

a n d U n it e d R a ilr o a d s o f S a n F ra n c isc o 4 s a d d e d 4 %
to th eir clo sin g price o f 3 7 la s t F r id a y .

p o in ts

S a le s o f b o n d s o f th e v a rio u s fore ig n G o v e r n m e n t s , su ch
as A n g lo -F r e n c h 5 s , th o sov eral G r e a t B r ita in a n d Ire la n d ,
A m e r ic a n F o r e ig n S e c u ritie s
w ere largo a n d

5s

a n d th o D o m in io n o f C a n a d a

sh o w e d

so m e

slig h t a d v a n c o in

v a lu e s.
U n it e d S ta te s G o v e r n m e n t b o n d s
as w ere th o b o n d s o f th o v a rio u s S ta t e s .

w ero in a c tiv e ,

S ale s o n a s -2 0 -f b a sis, in d ic a tin g p r e s u m a b ly sales o n
oreign a c c o u n t, h a v e fa lle n a w a y s h a r p ly , b e in g o n ly $ 4 , 000,
a s a g a in st $ 5 0 ,0 0 0 p ar v a lu o a w eo k a g o .

U n ite d States B o n d s . — S ale s o f G o v e r n m e n t b o n d s a t
th o B o a r d are lim ite d to $ 1 ,5 0 0 3 s c o u p , a t 1 0 0 to 1003%
$ 1 ,0 0 0 2 s re g . a t 9 9 , a n d $ 1 ,0 0 0 4 s r e g . a t 1 0 9 % ,
For to­
day's prices of all the different issues, and for the week's ranae
see third page following.
R a ilro a d a n d M iscella n eou s S to ck s .— C o n fr o n te d w ith
p r o lo n g a tio n o f tho in te rn a tio n a l crisis a n d in cre ase d tran s




Sales
for
Week

Range for Week.
Highest.

Range since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share.

A c m e T e a ......................100
100 55
Feb
1st p r e fe r r e d _____ 100
Feb
200 95
A d a m s E x p r e s s _____ 100
Feb
30 120
A m e r B a n k N o t e ____50
200 4 2 % F e b
124 5 0 % F e b
P r e f e r r e d ............... - . 6 0
Feb
A m M a lt c tfs d e p ___
100 7
Feb
100 49
P r e fe r r e d c tfs d e p .
A s s e ts R e a li z a t i o n . .1 0 0
300 3 % F e b
A s s o c ia te d O i l ______ 100
Feb
300 72
A t l B i r m & A t l a n __ 100
100 1 4 % F e b
B a to p lia s M i n in g ____20 1,000
1% Feb
B e th le h e m Ste e l r ig h t s . . 1,000 1 9 % F e b
C la s s B c o m m o n . .
900 1 1 9 % F e b
B k ly n U n io n G a s ___100
100 125
Feb
B r o w n S h o e , p r e f ___100
10 100
Feb
B r u n s w ic k T e r m i n a l - 100
300 8 % F e b
B u rn s B r o s . . ................100 5,510 1 0 4 % F e b
C a n a d a S o u t h e r n . . . 100
325 55
Feb
C e r r o d e P a s C o p no par.
GOO 39
Feb
C h ic a g o & A l t o n ____100
100 1 5 % F e b
C h ic S t P M & 0 m . _ 1 0 0
Feb
300 105
C lu e t t . P e a b ’y & C o . 100
Feb
200 70
200 121 % F e b
C o n s G E L & P ( B a lt ) _ 1 0 0
C o n s I n t e r s t a t e C a l l . . 10
100 1 8 % F e b
C o n t in e n t a l I n s u r ____25
Feb
200 52
C r e x C a r p e t _________ 100
Feb
100 44
D e e r e A C o , p r e f ____100
Feb
100 98
D e t r o i t E d is o n _____ 100
150 140
Feb
R ig h t s .............. ............. 1,000 4 % F e b
E le c S to ra g e B a t t ’y . 1 0 0
100 62
Feb
G a s t o n W & W __ no par
275 30
Feb
H a r t m a n C o r p n ____100
200 6 9 % F e b
I n t e r b o r o - M e t v t c .1 0 0
100 1 2 % F e b
900 7 8 % F e b
I n t H a r v e s t C o r p __ 100
P r e f e r r e d ................... _.
100 1 1 2 % F e b
14 118
I n t I l a r v N J , p r e f . . 100
Feb
100 4
I o w a C e n t r a l ________100
Feb
K e lly - S p r ln g f , p r e f . . 100
300 9 1 % F e b
K in g s C o E L A P ...1 0 0
277 114
Feb
R i g h t s ______________ | 1,800 1 % F e b
L a c le d e G a s ..................100 1,100 98
Feb
300 2 1 % F e b
L o o s e -W ile s B i s c u i t . 100
M a n h a t t a n S h ir t ___100
200 72
Feb
M a y D e p t S t o r e s __ 100
400 5 9 % F e b
500 1 0 % F e b
M is s o u r i P a c if ic ____100
N a t C lo a k & S u it ___100
420 79
Feb
100 57
N Y C & S t L 2d p f . ,1 0 0
Feb
330 26
N o r f o l k S o u t h e r n ___100
Feb
N o v a S c o tia S & C . . 1 0 0
300 101
Feb
O h io F u e l S u p p l y ___
8,500 52
Feb
O w e n s B o tt le -M a c h ._ 2 5
300 97
Feb
P a c ific T e l A T e l ____100
300 2 9 % F e b
Q u ic k s ilv e r M i n in g . .1 0 0 2,100 2 % F e b
P r e f e r r e d _________ 100
100 4 % F e b
R u t la n d , p r e f ............ 100
100 33
Feb
S e a rs , R o e b u c k , p re f 100
550 1 2 6 % F e b
S o P o r t o R ic o S u g .p f 100
100114
Feb
T e x a s C o fu ll p d r e c t s . . .
200;218
Feb
T o l S t L A W e st tr c tfs ..
200 8 % F e b
T r a n s u c A W m s . .no par
700, 42
Feb
U n it e d C ig a r M f r s . - l O O
100! 44
Feb
P r e f e r r e d _________ 100
4 5 010 0
Feb
U S E x p r e s s _________
100 2 0 % F e b
U S R e a lt y A I m p t - - 1 0 0
100 1 5 % F e b
W h i t e M o t o r (new)..50
200' 4 7 % F e b
W ils o n & C o v t c ___100 1,100
< Feb
P r e f e r r e d ................. 100
100 !
Feb

T h o S t . L o u is & S a n F ra n c is c o

issu e s, c o n tr a r y to th e ir re co rd fo r w e e k s p a s t , a d v a n c e d

secu rities

STO C K S.

Week ending Feb. 16.

E uropean

norm al

p re so n t

c h ie fly

S per share. $ per share. S per share.
15 55 F e b 15 52
F e b 58
Ja n
15*96
F e b 10 95
Feb 96% Ja n
15 120
F e b 15 1 2 5 % F e b 140
Ja n
10 4 2 % F e b 14 4 1 % F e b 4 3 % J a n
15 5 0 % F e b 15 5 0 % F e b 5 3 % J a n
16 7
F e b 16
7
Feb
Ja n
9
16 49
F e b 16, 4 6 % F e b 4 9 % J a n
15 4
Feb
3
4
F e b 14
Feb
16 7 2 % F e b 16 6 8 % J a n 7 8 % J a n
16 1 4 % F e b 16 1 3 % F c d 1 6 % J a n
15 2
Ja n
F e b 14
2
1% Feb
16 2 2 % F e b 10 16
Feb 33% Ja n
10 122
F e b 10 116
Feb
Feb'130
10 125
F e b 10 125
Ja n
F e b il2 9
10 100
F e b 16 9 3 % F e b 100
Ja n
14 9
F e b 16j 7 % F e b
9% Ja n
13 1 1 4 % F e b 16; „89
„
J a n 1 1 4% F e b
14 5 5 % F e b 14 55
Feb 56% Ja n
15 3 9 % F e b 15 39
Feb 39% Feb
10 1 5 % F e b 16 1 5 % F e b 21
Ja n
15 105
F e b 15 105
F e b 112% Ja n
10 70
F e b 13 08
F e b 75
Ja n
10 123
F e b 13 119
F e b 1 2 6% J a n
14 1 8 % F e b 14 17
Ja n
J a n 21
15 5 2 % F e b 15 52
Feb *59% Ja n
14 44
F e b 14 44
F e b 45
Feb
13 98
Ja n
F e b 100
F e b 131 98
15 141
F e b 13 140
J a n 145
Ja n
16 4 % F e b 14
4% Feb
4% Feb
13 62
F e b 13 62
“
F e b 66
Ja n
15 32
F e b 16 28
Ja n
F e b 40
15 70
F e b 14 6 9 % F e b 78
Ja n
10 1 2 % F e b 10 1 2 % F e b 1 4 % J a n
10 80
F e b 10 7 8 % F e b 88
Ja n
15 1 2 % F e b 15
14 118
F e b 14 118
J a n 121
Ja n
15 4
4
F e b 15
Feb
Ja n
6%
14 9 1 % F e b 14 9 1 % F e b 9 2 % J a n
14 1 1 4 % F e b 14 114
Ja n
F e b 124
14 2 % F e b 16
Ja n
2%
1% Feb
10 100
F e b 10 98
F e b 10 3% J a n
15 2 2 % F e b 15 20
Feb 27% Ja n
16 73
F e b 14 72
Fe b 77% Ja n
10 60
F e b 14 5 8 % F e b 65
Ja n
13 1 0 % F e b 14 1 0 % F e b 1 6 % J a n
10 81
F e b 13 79
F e b 84
Ja n
15 57
F e b 15 57
F e b 57
Feb
16 2 0 % F e b 16 26
Feb 28% Ja n
14 101
F e b 14 90
F e b 125
Ja n
15 5 3 % F e b 16 52
Feb 53% Feb
10 99
F e b 10 96
F e b 106
Ja n
16 3 0 % F e b 15 2 9 % F e b 3 4 % J a n
10 3
F e b 14
2
Ja n
3
Feb
10 4 % F e b 10
4% Feb
4% F e b
13 33
F e b 13 33
J a n 35
Ja n
13 127
F e b 14 1 2 6% F e b 1 2 7 % J a n
14 114
F e b 14 114
F e b 114% F e b
10 219
F e b 10 218
F e b 238
Ja n
14 8 % F e b 14
7
Ja n 10% Ja n
10 43
F o b 14 40
Feb 46%
Ja n
15 44
F e b 15 4 2 % F e b 47
Ja n
13 105
F e b 13 100
F e b 110
Ja n
16 2 0 % F e b 16 2 0 % F e b 2 1 % J a n
15 1 5 % F e b 15 10
Ja n 2 2 % Ja n
14 48
F e b 13 46
Feb 52% Ja n
10 6 1 %4 F e b 13
13; 5 8 % J a n 68
Ja n
15 97
““
F e b 15 97
F e b 106% Ja n

O u tsid e S e c u ritie s .—
‘ " W s o f se cu ritie s a t th e B r o a d
S tr e e t “ c u r b ” h a v e a d v a n c *■» this w e e k .
A e t n a E x p lo s iv e s
m o v e d u p fr o m 5 % to 6 % , fa llin g a w a y a t th o c lo se to 4 % .
A m e r . S u m a tr a T o b a c c o flu c tu a te d b e tw e e n 1 7 % a n d 2 6 % ,
th e la s t q u o ta tio n b e in g 2 5 .
C a r w e n S te e l g a in e d f r a c tio n ­
a lly , a s d id L im a L o c o m o tiv e a n d M a x im M u n it io n s . M a r lin
A r m s a d v a n c e d fr o m 9 2 to 9 4 , fell to 8 5 a n d c lo se d a t 8 7
a n d th o h ig h , low a n d la s t p ric es o f M i d v a l e S te e l, S u b ­
m a rin e B o a t , T o d d S h ip y a r d s a n d W r i g h t -M a r t i n A ir c r a ft
w ero 5 4 % - 5 3 % - 5 4 % , 2 6 % - 2 4 - 2 4 % , 8 0 - 7 8 - 7 9 a n d 1 2 % 1 1 % -1 2 % .

/8

S ta n d a r d O il issues w ere in a c tiv e .
S ta n d a r d O il o f N e w
J e rs e y m o v e d b e tw e e n 6 6 5 a n d 6 9 3 .
S ta n d a r d O il o f N e w
Y o r k b e tw e e n 2 8 0 a n d 3 0 1 , w h ilo P ra irio P ip e L in o g a in e d
9 p o in ts fo r th o w e e k .
A m o n g th e b o n d s tra d e d in a t th e “ c u r b ” w ere $ 4 4 ,0 0 0
F re n c h M u n ic ip a ls 6s a t 9 4 % to 9 5 % , $ 7 4 ,0 0 0 .
M id v a le
S te e l 5 s a t 9 6 to 9 6 % , $ 5 2 ,0 0 0 .
R u s s ia n G o v e r n m e n t n e w
5 s a t 8 5 to 86 % a n d $ 8 5 3 ,0 0 0 U n it e d S ta t e s R u b b e r n e w
5 s a t 9 4 % to 9 5 % .
A c o m p le te re co rd o f “ c u r b ” m a r k e t tr a n s a c tio n s fo r th e
w ee k w ill bo fo u n d o n p a g e 6 5 2 .

644

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O

PAGES.

For record o f sales during the week o f stocks usually Inactive, see preceding page.

HIQB AND LOW SALB PRICES—PER SHARE, NOT PER CENT.
Saturday
Feb. 10

Monday
Feb. 12

.......,

Feb. 13

Wednesday
Feb. 14

Thursday
Feb. 15

Friday
Feb. 16

$ per share S per share S per share $ per share S per share S per share
lO lli IO U 2
1021? 102*8 101*4 1021.1 1021, 102U
101*8 103
9 9 12 99>2 9 9 i2 991?
9 9 i2 99*2
9 9 i2 991?
99*s 991?
114
111
111
111
*111
111*8 *1107, 114
I l l ' s 111*8
76
76*, 76*2
75*4 75*4
76*8
76
76%
7 5 "s 76'8
§727S 727g
*72*4
74
73*4 73*4
*72*4 74
74
74
671? 681.,
67
67
6 6 i2 67 lg
68
68
§67*i 07*4
1 5 H 2 152
152 154*8 1523, 15434 151*8 153
150*2 1521?
59
591.1
59
58
58*8
5 9 14 5812 59*4
5878 59
*10*4 11*4
*11*4 1212 *11*8 12
11*4 12
*11*2 12
34
35
35
*3434 36
34U
34*1 347g *34
351?
82
SOU SO '4
80>4 8214 80
7978 80'g
791, 80*i
1187g 119 *1177g 1 1S«2 11S78 119*4 118*8 1 19
*11712 119*8
118
U 7 i 2 118
116*2 11812 1 1578 11714 116*2 118
117*4
♦170
175 *170
175 *170 175
*170 175
17212 1721?
2514 2512
26 lg 281.1
27's 271.1
26
26
2618
26*8
*39
46
46
*40
46
*40
*40
48
*40
48
*72
*72
80
80
*72
80
*72
*72
79
79
20
20
26
*22
*21
26
*22 25
*22 25
55
55
*50
*50
*50
55
55
*50
55
*50
45 *31
45
*30
50
*31
45
*31
*35
45
144 144
*143
145
138*4 110*8 140 1431? 139 140
*228 230
*227*4 230 *227*4 230
227*4 227*4 *227 235
14
*11
16
*11
14
*11
14
*13
14
14
21
25
25
24
29
26'2 2 6 l2
30
2612 29
26
26
26>2
26*4
257, 20'g
25*8 201,1
25% 20
3S78 39*4
3812 401.1
391.1 3 9 1.1
391? 391?
38*4 38*4
31
*31
31
32>2 532
30<s 30'g
32
*31
33
111 1 I I I 4 1137, 113(8 112*4 112*4 112*2 1127s
113 113
31
3 H ? 321.1
31
3 1>4 31*4
32*8
*30*4 32
3U?
101
101
101 101's *101*8 101*4 101*8 101*8 101 1 0 H 2
12
12*8
12*4 131.1
12*4 13
12*3 13
13
13
625g 62Vg
62
62*4 63
63*4
62
021?
63
63 '1
2113 2 U ?
21<8 22
21 >8 2H.1 *21
23*8 *211.1 21*4
*541 2 57
*5412 571? *541? 56*4 * 5 U 2 56
541? 5412
*17
*17
18
17*4 17*4 *16
18
IS
*16
18
40
40
40
*30
10
40
*35
*30
10
40
727g 7378
74
*73
7312 747g
707g 72ig
7 H i 73
41
12*2 *40
*39
4 U ? 4 1 12 *41
41
4U?
*40
122*4 123 *123
1261? *1231? 1201? 126 126
*123
126
129*2 *126 129
*126 128 ♦126
128 128
127*2 123
24
24*2 2412
211, 24*.i *24
25*2
26
112
112
*108
107
107
*107
108 108 + 107 109
*125 133 *125 133
*125 133
* 125 133
8
8
8
8
8
8
*714 8
8
7*2
*14
17
*14
15
18
15
*141.1 18
*14
18
* 10*8 11
l()i 1 10*8
11
11
10*8 11
10*8 11
287s 29*8
29
29
528*4 28*4
29>4 *28
28
28
53
5 3 12
54*2 54*2 §53
53
53*8 54
194*8 96>8
931?
91
95>2 93*8 94
93
94
951?
31
34
31
*29
*3 0 12 31
31*4 32
*31
34
40
40*.|
381? 40'8
37*2 391|
37's 38*8
36*4 38
22*a 23
23*8 2 3 19 231? 23*2
23I8 23's
23*8 23*8
127*1 1291? 129 1291.1 129
128 128
129
l2S7g 129
90
*87
90
*87
*87
90
87
87
*85
90
103
103*8 1 0 U 2 10378 104*8 103 103*4 103 10312
10314
54>g 54*8
5412 5434
5412 54*.i
54*8 54*4
54*8 5 1*4
28*g
2
9
l2
*28
28
29*4
*28
29
28
28
*27
70
*68
70
*68
08*2 681? *68'.i 69*4
68*1 68I4
*
*
+
55
♦
*
*
79
81
78
81
*73
78
78
*
92
9 l 7s 93
9 U ? 9 3 's
90
90*2 91>4
91i8 917g
91*8
42*4 423i *42*2 431? *t212 43*2
*4212 4 3 i 2
I 3 I 2 4312
a
*42
44
*421g 41
*12
45
♦111? 44
*12’-8 41
a
21
*2012 2 1 l2 21
211?
21
20*4 20*4
h
211?
2 ll2
a
*22*4 27
*221, 27
*22>4 27
*23*4 25
*23*4 27
*
*
50
50
*46
*40< 1 50 *
50
50
15
15
15
IU 2
♦ 14l2 15
14i2 1412
*14*2 15
31
34
*33
34
34
33
*33
*33
33*4 *33
£
921? 93*1
937g
93
93
93
93*8
92lg 92*8
93*4
29*1
28
2778 28*8
28
2 8 l2 29
28*2
27*4 28
621? 63*8
62
62
62
62
*02
62
65
63*1
16
16
16
16
*16
161? 16>2
* 1-412 1612
171.,
Y
*36
10
*38
38
*37
38
37*2 40
*92
9412 *93
9H?
9412 *93
9H 3
*90<i 9 4 12 *93
135*8 135*4
138
135*4 139*1 137>2 1387s 137
13614 137*4
83
83
#831.1 831.1 *82
83
83 >8 8 3 's
9
9
9
*81,
9
8
8
81?
9*4
*8
22
*19*? 22
191? 19l2 20
20
*18
20*4 *20
117g 12*2 * 1 178 121.1
*121.| 13
*121, 13
*12*8 127,
487., 49*8
49
4 7 l2 48
48
47*8 481?
48*4 48*4
25
257g 26
2512 25*2
24*4 25 lg
25
*25
251g
241?
24
24
23
24
*23
*23
25
23
*23
*37
40
to
*37
40
40
*37
39*4 39*4 *37
171? 18*i 18'i 18*4 16*8 17
1714 17'4
16*8 171,1
47
*42
47
47
46*.t 46*i *14
*40
467, 471?
48
47
*45
47*4
47*4 47*4
45*2 47
*15*4 17
35
*30
*69
71
7*4
7'2
7
7
25*4 26
83
83
84
*80
98*8 100
97
971.1
100
*95
42*8 42*4
*104 110
6l7g 6234
43
12
6012
*2 4i2
I 6I4
49
701-t
•103
*7
*44
95*8
*97
96
1141,
*130
*103
*59
*10512

43
101
12
62
261?
I 6I4
49
71
106
8
48
95*8
98
971,1
1141?
145
103
60
100l2

1237* 124*8
♦207 214
109
*106
4014 471?
*9512 97
*423.i 451?
3612
7 4 i2
9H2
*55
5278
*100
U6*t

717g
93
551?
53*4
103
1 10*4

*151? 171?
35
*30
*69
71
71?
77.,
*67s
7*1
261 j 26*4
83
*80
84
85
98*4 98*4
100
98
*95
99lg
43
431?
*106
11012
02
63
1 17
44
*43
*98 10()l*>
13 '
*12
60*4 61*4
25*2 2 5 l2
IO I 4 17*8
501 1 501?
70'4 7 111
*103
106
*7
71?
*45
471?
96
96
98 <i 98*s
97*4 98
*11212 114>2
*130 145
*103
108
59% 60
124
2131?
*100>2
47'?
*951?
4 5 l2
30
66
75
93
55*2

5312
101
*11712

124*8
21412
109
48*4
97>2
451?
301?
66
76*8
95*i
55*,
54*s
101
12*

*1512
32
*69
7*8
7
*24l2
80
*83
*98
98*4
*95
42*4
*106
625g
*110
43
*98

12

62*4
25*2
17is
50*8
*71
*10312
*7
*44
96
981?
90
*112
*130
*103
59
1061?
* 1141*
*1241.1
214
106*8
47*8
961?
4512
36
*60
75*8
91
*54
52*8
1161?

S TO C K S
N E W YO R K STO C K
EXCH ANG E

5,800
895
500
3,610
224
1,420
16,100
2,300
200
500
9,400
1,120
4,950
300
4,300

R a ilr o a d s
Par
A t c h T o p e k a & S a n ta F e . _ l0 0
Do
p r o f , .......................... 100
A t la n t ic C o a s t L in e R R . . . 1 0 0
B a lt im o re A O h i o . . ............ 100
Do
p r e f .......................... .1 0 0
B r o o k ly n R a p id T r a n a l t - . l O O
C a n a d ia n P a c if ic ________ 100
C h e s a p e a k e & O h io ______ 100
C h ic a g o G r e a t W e s t e r n ___100
Do
p r e f ............................ 100
C h ic a g o M l lw A S t P a u l . .1 0 0
Do
p r e f ............................ 100
C h ic a g o & N o r t h w e s t e r n . .1 0 0
Do
p r o f . . ........................100
C h ic R o c k Is l A P a c c tfs o f d e p
C le v C ln C h lo A S t L o u i s . .1 0 0

200 C o lo r a d o & S o u t h e r n _____ 100

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

2,500
100
100
2,700
23,150
3,000
250
2,300
4,450
1,150
5,000
2,500
900
100
11,0
300
10,200
100
300
800
800
200

D e la w a r o A H u d s o n ______ 100 138*4 F e b 14
D e la w a r e L a c k A W e s t e r n . .5 0 227*4 F e b 16
D e n v e r A R i o G r a o d o ____100
11 >2 F e b 8
Do
p r e f ............................ 100
22 F e b 3
E r i e .............................................100
25 F e b 2
Do
1st p r o f ..................... 100
37*i F e b ,3
30 F e b 9
D o 2d p r e f . ................... 100
1117g F e b 3
G r e a t N o r t h e r n p r e f.......... .1 0 0
I r o n O r e p r o p e r t i e s . . N o par
27*4 F e b 3
100 F e b 3
Illin o is C e n t r a l......................100
I n t e r b o r C o n C o r p , v t o No par
11*4 F e b 9
61 F e b 9
Do p r e f ............................ 100
21 F o b 2
K a n s a s C i t y S o u t h e r n ____100
54 F o b 7
Do
p r e f ....... .................... 100
17 F e b 3
L a k o E r i e A W e s t e r n _____ 100
40 F e b 10
Do
p r e f ............................ 100
707s F e b 16
L e h ig h V a l l e y _____________ 50
34 J a n 8
L o n g I s la n d _______________ 50
L o u is v ille A N a s h v i ll e ____100 1221? F e b 6
M a n h a t t a n E le v a t e d _____ 100 127*2 F e b 16
23 F o b 3
M ln n e a p A S t L (new)___100
M in n S t P a u l A S S M ____100 105 F e b 7

1,100
100
2,100
1,120
1,250
12,700
300
38,400
1,200
1,810
200
5,300
7,250
1,200
600

M is s o u ri K a n s a s A T e x a s . 100
Do
p r e f ______________ 100
M is s o u ri P a c ific c tfs o f de p o sit
M is s o u ri P a c lflc ( n o w ) w h e n Iffl.
D o p re f (o r ln e b o n d s ) d o . . _
N e w Y o r k C e n t r a l ...............100
N Y C h lo A S t L o u i s . .......... 100
N Y N I I A H a r t f o r d _____ 100
N Y O n t a r io A W e s t e r n . . . 100
N o r f o lk A W e s t e r n ...............100
D o a d ju s t m e n t p r e f . . . 100
N o r t h e r n P a c ific _________ 100
P e n n s y lv a n ia ............................ 50
P o re M a r q u e t t e v t c . .......... ..
D o p r io r p re f v t c ..............

100 P it t s C ln C h lo A S t L o u is . . 100
19,300 R e a d i n g _____ _____________ 50
1st p re fe rre d .......... .............50
200
1,200 S t L o u is A S a n I ra n n o w (w 1).
S t L o u is S o u t h w e s t e r n ___ 100
' 600
200
7,900
23,400
1,600
600
500

S e a b o a rd A i r L i n e ________ 100
Do
p r e f ______ ________100
S o u th e rn P a c ific C o ............ 100
S o u t h e r n R a il w a y ................. 100
Do
p r e f ............................ 100
T e x a s A P a c if ic ....................100
T h i r d A v e n u e ( N e w Y o r k ) 100
T w i n C i t y R a p id T r a n s i t . . 100
31,600 U n io n P a c ific _____________ 100
213
Do
p r e f ............................ 100
1,400 U n it e d R a ilw a y s I n v e s t __ 100
Do
p r e f ............................100
600
1,400 W a b a s h ................................... 100
D o p re f A . ..................... 100
9,000
D o p re f B d o .................100
1,700
500 W e s t e r n M a r y l a n d _______ 100
Do
p r e f ............................ 100
200
3,500 W h e e lin g A L a k e E R y w 1 ..
D o p re fe rre d w h e n Is s u e d .
200
3,000 W is c o n s in C e n t r a l______ .100
I n d u s t r i a l & M is c e lla n e o u s
100 A d v a n c e R u m e l y .................100
200
Do
p r e f ............................ 100
300 A j a x R u b b e r I n o ..................... 60
4,000 A la s k a G o ld M in e s ________ 10
800 A la s k a J u n e a u G o ld M l u ‘g .1 0
700 A llls -C h a lm e r s M f g v t o . - lO O
2,200
D o p re fe rre d v t o ____100
2,500 A ra e r A g r ic u lt u r a l C h o m . - l O O
Do
p r e f ______________ 100
650
A
m
e ric a n B e e t S u g a r ..........100
35,900
Do
p r e f ______________ 100
5,600 A m e r ic a n C a n . . ................... 100
Do
p r e f ..... ...................... 100
100
2,800 A m e r ic a n C a r A F o u n d r y . 100

7 Feb
141.1 F e b
lOi-i F e b
27 F e b
53 F e b
91 F e b
30 F e b
30*t F e b
221? F e b
1271.1 F e b
87 J a n
101 F e b
537g F e b
27 F e b
OSl-i F o b
55 J a n
75 F e b
87 F e b
881? F e b
42*.i F e b
42 F o b
19*4 F e b
25 F e b
50>4 J a n
14 F e b
32*4 F e b
90 F e b
27 >8 F e b
61 F e b
14*i F e b
36 F e b
93U Ja n
131 F o b
83 J a n
6*2 F e b
18 F o b
1 178 F o b
(O'? F e b
21*8 F e b
22 .Feb
39*4 F e b
16*2 F e b
45 Fell
-15*2 F e b

9
9
16
3
9

2

2
16
3
3
13
3
3
3
16
17
1
2
3
13
9
2
3
12
3
3
3
3
9
9
9
9
3
8
1
5
15
2
3
3
14
2
8
14

15*2
30*4
69
7*4
S's
713
71.,
2 4 ij 241?
81
82*2
86
90
*98
101
90*8
*91
95
43
43*8
*106
10912
62
02
* l If,
117
44 *41
44
1001* *98 10012
I7 l2
35
70
7'2
7
26
8U?
86
101
10212
99 lg
4412
1077s
621?
117

t E x - r lg h t a ,

151?
30'|

68*4

i L o s s t h a n 100 s h a re s ,

a E x - d l v . a n d r ig h t s ,

z E x - d l y ld e n d ,

PER SBARB
Range /or m v i o s i
Year 191(1
Loweil

Highest

S per share
100's F e b 3
9 8 i2 J a n 2
1 1012 F e b 8
71 F o b 1
73 F e b 5
05 >4F e b 5
1 18I 2 F e b 7
5678 F e b 3
1012 F e b 3
3278 F e b 3
7 8 l2 F o b 9
118i2 F e b 9
1157g F e b 15
170 J a n 19
25*4 F e b 8
40 F e b 3
70 F e b l
20 F e b 10
8

15*8 F e b 3
30i4 F e b 16
66 F e b 3
O il F e b 8
6*4 F o b 8
20's F o b 3
7911 F e b 3
83 F e b 3
98*8 F e b 10
81 F e b 1
95 F o b 7
36 F e b 3
106 F e b 3
57 F o b 3
4
42 F o b 9
300 A m e ric a n C o t t o n O H ____100
100*4 J a n 17
10 F o b 2
12
12
12
1,000 A m e r ic a n H id e A L e a t h e r . 100
58 F o b 3
1,700
Do
p r e f ............................ 100
63*8
62*2 621?
24 F o b 2
251?
900 A m e r ic a n Ic e S e c u ritie s ___100
25*2 25lf>
15*4 F o b 3
181?
8,000 A m e r ic a n L lu s e e d ________ 100
18
18*8
48 F o b 3
Do
p r e f ............................ 100
52
5H?
2,500
51
62*2 F e b 2
5,600 A m e r ic a n L o c o m o t iv e ____100
69*2 70
70*8
Do
p r e f ______ ________ 100 103 F e b 15
103 *100 103
100
7 Feb 2
100 A m e r ic a n M a lt C o r p _____100
*7
71?
7*2
43 F o b 3
D
o
p
r e f ........................ .100
49
100
48
*47i2
93'? j a n 2
1,737 A r a e r S m e lte rs Sec p re f B .1 0 0
95*2 961 1
95*4
9811 F e b 13
D o p re f S e r A s t a m p e d . .
99
99
669
99
94*8 F e b 2
97
96
13,200 A m e r S m e ltin g A R e f i n i n g . 100
96*8
300
Do
p r e f ............................ 100 112*4 F o b 15
112*4 + 11214 1131.1
112
145
142
200 A m e r ic a n S n u f f ..................... 1011 135 F e b 2
103 F o b 16
Do
p r e f . . ........................106
100
108
103 103
52 F e b 3
1,10(1 A m S te e l F o u n d r y ............ .100
59
59
59
103
103 109
1,600 A m e r ic a n S u g a r R e f in in g . . 100 101*8 F e b 3
121 *116
122
Do
p r e f ............................ 10(1
117 F o b
12412 12-H2 12 u 2 2,100 A ra e r T e le p h o n e A Te le g _ _ 1 0 0 122*4 F o b 1
21412 *200 210
1,200 A m e r ic a n T o b a c c o . . ..........100 201 F o b 3
101*4 F o b 16
D o p re f ( n e w ) ................ lOfl
500
108
101*4 lo t ' s
37's F e b 3
4712 3,900 A m W o o le n o f M a a s ______ IOC
48
47
94 F o b 3
9712 *95
971?
IOC
Do
p r e f ............................ IOC
37 F e b 3
1,000 A m W r it in g P a p e r p r e f . . IOC
H I 4 *131? 45*4
31'? F e b 2
36
2,300 A m Z in c L e a d A 3 ________ 25
3512 36 '1
64'? F e b i
61
05
Do
p r e f ...............................25
05
200
75'g
70 F e b i
70*8 29,200. A n a c o n d a C o p p e r _________ 5C
75
891? F e b ;
93
93*8 95*4 10,800 A l l t lu ' t A W I S S L in o c tfs IOC
55
55
5 1 Feb i
56
600
D o p ro f c e r t f s ________ IOC
43 F o b i
53*4
521.1 5S12 6,000 B a ld w in L o c o m o t iv e _____ IOC
102*2 *101 102
♦an
20C
Do
p r o f. ........................IOC
100 F o b 2
1 17*1 *1151? 1161? *115 120
400 Bari-off. m ( T h n l
100 1 1 1 F o b 3

l/ lg * 1512
32
*30
70
*69
71?
712
67g
7
26
*24
81
8 112
84
85
104
*99
99*i
9912
991, *95
43
431.1
10778
no
621?
63
117 + 116
*41
43
100
*98
121? *113.4
631?
63*8
25*i
2512
17*8
17*4
5L
50*8
69
71*2
103
107
*7
7'2
481? *44
90
95*8
99
99
9 7 12 95*2
1 123-1
III
145 *130
109 *103
59
591.1
107i2 107
120 *110
125
123*4
215 *208
106*8 *104
471?
471.1
9 0 l2 *9.5
44
451?
36
30
*60
66
71*4
76
92
94
*5?5
56
51%
531.1

• B i d a n d a sk e d p ric e s; n o sales o n th is d a y .




Salestor
the
Week
Shares

Highlit

$ vet share S vet share
$ per share
107'? J a n 8
lO O U A p r
10878 O o t
102 F e b
100i2 F o b 1 19812 D e o
119 J a n 4 100i2 A p r
120 N o v
,85 J a n 18
96 Tan
8U 2 D e o
767g J a n 17
7 2 12 A u g
80 J a n
82 J a n 4
88's J u n e
81 D o c
165 J a n 2 r l6 2 i2 M a r 18 3»4 Ja n
58 A p r
65% J a n 3
71 O o t
M is J a n 10
16 U D e o
1 1*4 A p r
33 A p r
41*4 J a n 2
4712 O o t
92 J a n 4
89 D e o
10212 J a n
12512 J a n 29
I.36I3 J a n
123 D e c
124*4 J a n 19
1347g J a n
123 D e c
I72la F o b 16 #105 A p r
176 D e o
34*8 J a n 2
383S D e o
31 D e c
51 J a n 10
6258 O o t
38 A p r
29
80 J u n e
70 F e b
30 J a n 4
243,j A p r
37 O o t
57*2 J a n 9
46 A p r
6218 O o t
5734 J u n e
40 M a r
15178 J a n 19 1487« D e o
150 O o t
236 J a n 9 210 M a r 242 N o v
17 J a n 6
87s M a r 2314 O o t
41 J a n 2
15' M a r
5212 O o t
34*4 J a n 3
32 A p r
4358 J a n
49*4 J a n 2
46 D e o
5 9 is J a n
39*.| J a n 3
S llj Ja n
40 D e o
11814 J a n 4 115 D e o
127>2 J a n
5034 J a n
38 J a n 29
32 D e o
106*8 J a n 2
99*4 A p r 109?8 O o t
17's J a n 2
21i8 J a n
lS ia D e o
72 i t J a n 2
7712 J a n
69 D e c
2578 J a n 2
3214 J a n
231,8 A p r
647g J a n
5 8 i2 J a n 30
56*8 D e o
3
25i.i j a n
10 M a y 30 D e o
53 3.i J a n 3
32 A p r
5512 N o v
791? J a n 2
7 H 2J a n
87's O o t
471? J a n 24
20 J a n
4U 2 J u n o
133*4 J a n 4 12118 M a r 140 O o t
1291a J a n 16 128 A p r
132 O o t
321.1 J a n 29
26 O c t
36 O c t
119 J a n 3 116 D e o
130 O o t
12S12 S e p t 137 J a n
11 J a n 2
1314 D e o
3ig S o p t
20'2 J a n 4
10 A p r
2414 D e o
10*2 J a n 2
314 S e p t 2 2 U D e o
34 J a n 2
38»2 D e o
2218 S e p t
61 J a n 3
4734 S e p t 6478 D e o
103*8 J a n 4 10 0 U A p r
11 4 U O o t
4534 N o v
33*8 J a n 8
33 A p r
527S J a n 2
777g J a n
4913 D e o
291.1 J a n 2
26 M a y
3438 D e o
138*8 J a il 24 114 M a r 147>8 O o t
S 0 l2 F o b 3
8 4 lg F e b
8918 M a y
110<4J a n 3 108 D e o
1187s J a n
57% J a n 25
55 S o p t
60 O o t
36*4 J a n 2
38ig D e o
36*4 D e o
731? J a n 11
7313 D o c
72 D e c
57 J a n 8
82 J a n 26
88 J u n e
78 F e b
i
80 J a n
98*4 J a n
88 J a n
10 H i J a n 3
115>2 S o p t
75'8 J a n
45 J a n 29
4178 F e b
48 F e b
16
52 M a y
4U 4F e b
20*8 J a n 2
15<2M ay
30>2 D e o
31 J a n 3
16 M a y
32>2 D e o
53 J a n 4
3/12 S e p t 67 D e o
18 J a n 3
14 A p r
1914 D e c
391? J a n 3
4218 O o t
3H8 A p r
9 U 4 A p r 104'a J a n
98 >4J a n 18
33*8 J a n 3
36*4 D e o
18 A p r
701? J a n 30
50 A p r
7312 D e o
01* F e b
21*4 D e o
19*4 J a n 4
48*4 J a n 2
68*2 J u n e
48 N o v
95 J a n 20
94 M a r
99 J u n e
149>g J a n 2 12934 A p r
153*8 O o t
85 J a n 21 *80 S e p t
841s S o p t
11*8 J a n 2
734 M a y 21 >4J a n
23*4 J a n 2
39*4 J a n
17 S e p t
15*4 J a n 5
17 J a n
13M S e p t
58 J a n 2
4U 2M ar
60ia D e c
30>? J a n 2
327g D e o
25 A p r
28*4 J a n 2
341, M a r
2 4 12 F e b
42 J a n 11
40 M a r
65 O o t
2278 J a il 2
21 D e o
27*8 D e c
46 D e o
50*8 J a n 22
5312 D e c
33 A p r
5 ti.| J a n 2
66i* J u l y
181? J a n
37's J a n
80 J a n
111?.Jau
7>? J a n
29 J a n
851? J a u
931? J a n
1031? J a n
1021? F o b
98 J a n
51>2 J a n
110*8 J a n
097g J a n
11812 J a n
50'2 J a n
10112 J a n
I47s J a il
75 J a n
32*4 J a n
20'4 J a il
53>? J a n
82*.t J a n
10678 J a n
9 J a il
4 9 78 J a n
991.1 J a n
100 J a i l
1 l()i i J a n
117>8 J a n
142 F e b
103 F o b
63 J a n
114 J a il
121>? J a n
128'? J a n
219*4 J a n
109*4 J a n
49*4 F e b
97 J a n
50i.i J a n
41*8 J a n
72 >2 J a n
86*8 J a n
121 >2J a n
06 J a n
62 J a n
1021? J a il
136 J a n

9
5
25
4
2
9
2
22
24
15
24
26
25
26
23
5
9
4
4

2

23
23
4
20
4
26
31
22
19
19
10
16
3
4
25
21
18
18
7
24
4
26
26
16
22
4
3
15

14 A u g
21*4 D e o
43 A p r
3 0 3 gO ot
63 J u l y
891g D e c
20i* J a n
10i 4 D e o
IO I 4 J a n
6*4O o t
19 J u l y
38 N o v
92 N o v
70*2 J u l y
102 N o v
63 A p r
96 M a r 10.314 D e o
6 13.i F e b IO S I 2 N 0V
102 J u n e
93 A p r
681* S e p t
44 D e o
1153g S e p t
1077g D e o
52 J u l y
7 8 l2 D e o
119i2 M a r
115*8 A u g
48>8 D e o
6 8 18 O o t
102 M a r
98 J a n
8*4J u n t
20i* O o t
8478 D e c
45 M a r
25 J a n
32*4 D e o
17 D e o
277gN ov
62*4 N o v
38'4 M a r
58 J u l y
98 U N o v
09>2 J u l y
109 N o v
512 J u n i
12is O c t
*3l5g J a n
5 1*4D e o
97UNov
8412 J u l y
102 N o v
9134 J u l y
12278 N OV
881* A p r
1 18lg O o t
109U A p r
130 M a r
161 D e o
1081* M a r
110 J a n
41 A p r
73 D e o
104 D e o
125*8 O o t
1 15'g M a y m ' g O o t
x l2 3 lg D e o Z 1 3 U 2 Sept.
229*8 N o v
188 F e b
113 S e p t
105U A p r
5 8 7s N o v
37 D o o
102 M u r
92 J a u
1 1 Ja n
78U N o v
9778 A p r
29*s J u l y
59'2 J u l y
87 N o v
77 A p r
105*8 N o v
60 J u l y
147*4 D e o
| 60*2 D e o
73*4 N o v
118*8 J a n
62 D e o
110 M a y
9S78 D e o
at 271- Deo 1 1071. D o e

New York Stock Record—Concluded—Page 2

645

For record o f sales during the week o f stocks usually Inactive, see second page preceding

H IG H A N D L O W S A L E P R IC E S — P E R S H A R E . N O T P E R C E N T .
Saturday
Feb. 10

Monday
Feb. 12

$ per share 3 per share
391 391
___ ____
43% 44
22*4 22*4
52
52
82 % 83%
♦111
115
*95
98
21
21%
52% 53
43*4 43*4
38
383.i
♦42
4712
121*4 122%
86 % 87
*110 113
20% 21%
*100 101
64% 66
111
111
37% 38%
877, 88
*155
175
•101
105
*2512 26%
20*2 20%
57
*53
*11% 15
39
39
•200 250
•108 115
162 162
104 105
88*1 89
54
55
♦109*4 110%
83
*81
*40% 41%
*114 117
*103
105
117 117
54*4 54%
*12% 16
*361.i 38
*112 119
22
23
053-1 67%
42% 43%
37
38%
06
97%
61
61
*51
03
42% 43%
76
75*4
*20
22
*250 280
*200 2297*
*84% 80*4
65
65
51*4 62
657S 66%
*34
35
r-1
88 % 89%
94
*90
35*4 36
W
96*4 97
H
*112 117%
Pi
*110 120
*120 120
29% 30'g
*94
08
54% 54*4
*110 112*2
2234 23
135 135
68
68
95% 95%
6
0%
•21
23
8 6 i2 018.J
37*2 3778
44
45%
110 110*2
7 6 i2 7634
*104
106
*125 131
*160 162
46 % 461*
*90
101
261* 25*2
741;; 75 ;
1011* 101*4'
46
51%
*210 225 i
25*4 261*
*58
00
•170 185 I
102U 103141
*106 108%
*49
50 ;
*14% 15 j
20 912 215%
52
527*
*99l"g 1*0*5*
*12
12U
*921, U8
96*4 9714
1371*
*18
*58
1231°
*95
52%
♦106
*5412
*50
10414
117*4

106*4

20's
*37
110
♦45
*94
50*2
*60
3178
•931*
*143
*125
*23
------*52%

1371*
19
60
I 24I4
105

5214

108%
58 |
51
105l2'
1177s,
i o 678 :
20%
39 j
110 I
50
9434;
5 1 '4
71 i
32 j
1*4*5*"1
*2*7* *
100
____

Tuesday
Feb. 13

Wednesday
Feb. 14

3 per share S per share S per share
391 391
390 390
380 380
*116 130 *116% 130 *117
130
4478 45
44% 44*4
44% 44%
22% 22%
22% ‘2 2%
22% 22*4
52% 62%
52%
52
51*4 52%
83% 84*4
83% 86%
84*4 87
*111
114% *111
115
115 *112
98% 98% *95
9.8
98
98%
21% 22%
21% 21*t
21*4 22
53%
53% 54%
5334 54
53
43% 44
43% 43%
43% 43*4
39
40io
387g 40%
38% 39%
447,
447g *42
*42
47% *42
122% 122*4 122% 122% 119% 122%
94
90
*88
91
87*4 88
*110 115 *110% 115 *110% 115
20% 21%
20% 21%
207g 21%
102
101% 101% *100
101 101
63% 65
63% 65%
64% 66%
114
*108 113% *108 114% *108
35% 37%
37
39%
36% 38
85% 87
867g 88%
877g 88
159 159
165 165
160
100
105 *100 110 *101
*101
104
267g 26% *26
267,
26
26
21
*20
*20% 21%
20% 20%
*53
57
50
50
*50
55
*n
14% *11% 15
*11
17
*39 40
*39% 42%
42% 44%
*220 250 *220 250 *220
*108 115 *108 115 *108
115
163% 163% *163 164
163% 164
105 106
106 106
1027g 101*|
89
89
887g 89
88% 88%
*53% 56%
54% 54*4
54% 54%
*109*4 110% *109% 110% *109% 110%
*81
85
83
83
81
81
*40
44
41
41
41
41%
115 115
112% 115
111
112 "
*102 105 *103
105 *103% 104
*107 130
*107
130
547g 55%
55
54^4
65%
*14% 16
15
15
*11% 16
*36% 38
*36
38
*36
38
*110% 118 {11 2% 112% *111% 118
23
24%
22*4 23%
22% 23
68% 09%
67% 69
677,
z4 1
41
41%
41%
40% 4112
38*4 39*4
38
38*4
361, 37%
98% 99
9.87g
98
96% 97%
61
61%.
62
*02
04
63
*52
54
*52
55
52*4 52*4
43% 44
43% 43%
42% 43%
75% 76
77
77
76*4 77
22
22 *21
22
22
22
*250 295
200% 265*4 *250 285
*200 300 *200 300 *200 232
80
80% 88
86
87
88
*64
08
*05
68
66*4 66%
52
53%
53
5)512 53
547,
67
67%
68
os
60
60
*34
35
34*4 35
34*4 35*8
88% 90
85% 8.8*4 84 % 80io
*90
94
*90
93
*87
94 ~
37
37%
37
37%
36*4 37
*96
99
*96
99%
97
97
*112 117% *112 117% *112
117%




Friday
Feb. 16
$ per share
*375 415
125 125
4434 4 5 i 2
23
24*4
5312 54
84*4 86*2
112U 11212
9734 9734
21is 221,
531, 5414
43*4 44*8
39
39*8
*42
46
1197g 122
9014 9214
*110*2 115
20>2 21%
101 101
64
65*8
107 114
38
40*4
8713 893s
160 100
101i2 101*2
254, 257g
z2 0
20
*45
55
*13
17
44
44>2
250 250
*108 115
104 16412
10118 105
88
88
55
55
10012 1091
83
85
42
42
111
112
104 104

52i
100
2.900
3,100
2,000
96,000
200
300
6,200
5.900
2,200
9,400
3,800
3,300
12,750
400
40,400
100
72,800
4,600
500
100
820
600
100
1.300
100

S TO C K S
N E W Y O R K STO CK
EXCHANGE
In d u strla !& M ls c.(C o n .) P a r
Bethlehem Steel__________ 100
D o pref...............
100
Butte A Superior Copper___10
California Petroleum, vto.100
io o
Do pref...............
Central Leather__________ i o o
D o pref...............
io o
Chandler M otor Car........ 100
Chile Copper_______________25
Chino Copper................
5
Colorado Fuel A Iron_____ 100
Columbia Gas A E le o ____100
Computing-Tab-Record ..100
Consolidated Gas (N Y )..1 0 0
Continental Can__________ 100
Do
pref........................ 100
Corn Products R efin in g ... 100
Do
pref........................ 100
Crucible Steel of America. 100
Do
pref_______________ 100
Cuba Cano Sugar_____ N o p a r
pref........................100
Do
Cuban-Amerlcan Sugar___100
Do
pref________
.100

Do
pref.
tcnerat Chei
Do
pref.

.100
..10
.100
.100
.100
.100
.100
.100
.100
.100
.100
.100
.100
.100
.100
..20
.100
100
.100

’ Y , l0 7
9,600
Do
pref
1.300
1,100 ktodrlch Co
100
Do
pref.
650
700
1,100
100
D o 1st pref trctfs .
100
D o 2d pref tr ctfg.
047g 557g 18,700
*12% 15
100
Do
pref.
* 3 6i, 40
114
247g 28,800
23
72,300 , ” 0 P t e f....................... 100
6 7 14 70
40*s 41
5,400 Intern Nickel (The) v t 0 ...2 5
30% 38%
8,900 International Paper...........100
96% 97*4
3,200
Do pref......................... 100
*61
63
1,100 Jewel Tea, Ino.................... 100
53
53ls - 600 Kelly-Sprlngfleld T ire.........25
4 2 l2 4312 11,900 Kcnnecott Copper___ N o p a r
754, 76
2,800 Lackawanna Steel............ .100
*21
22
400 Lee Rubber A T i r e . . . N o p a r
260 285
400 Liggett A Myers Tobacco. 100
200 232
Lorlllard Co ( P ) ................ 100
8812 8 9 12 2,800 Mackay Companies______ 100
*06
67
300
Do p r e f........................ 100
533,i 55% 13,300 Maxwell M otor Ino tr ctfs.100
67
67*4
1,300
D o 1st pref gtk tr ctfs.100
347g 35
1,200
Do 2d pref gtk tr ctfg. 100
8 1:)4 87% 32,800 Mexican Petroleum_______100
*87
94
Do pref.........................100
37
37%
3,900 Miami Copper_______________ 6
9034 96*4
500 Montana Power__________ IOC
112 117*2
D o pref......... ............. .IOC
*115 119
100 National Biscuit__________ IOC
125 125 *120 “ 127 ,*120 128 *118*4 130
Do pref_______________ 100
100
313» 3234 3 n 2 32
32
32% 16,800 N at Enam'g A 8tamp,g . . . l 0 0
98
*94
98
*94
98
D o pref.........................100
54121 5 4 l2 5 4 l2 5412 5412
900 National Lead____________ 100
*110 11212*110 11212*110*11212 *110 112*2
Do pref_______________ 100
237g 2 4
4,500
Nevada ConsolCopper_______ 5
*135 140 ♦132
142 *137 142
1414, 142%
400 New York Air Brake_____ 100
*68
69
68
68
*66
69
*07
68
200 North American C o______ 100
98 105
99*4 104
*97*1 97*i! 97*2 99
5,600 Ohio Cities Gas (T h e )____ 25
*6%
6%
6%
7%
0 l2
6 l2
6*1 0*4 9.300 Ontario Silver Mining____ 100
22
22% *22
23
*21
22
*23
1.300 Pacific M a ll........................... 6
23*,
88% 92
90% 91
8712 90
*88
90*i 14,000 People’s O L 4 C (C h ic ).. IOO
38
38
38% 38%
38
39
38*8 383g
1,700 Philadelphia Co (P itts b )...6 0
45% 4634 41% 46
44
417g 18,300 Pittsburgh Coal ctfs dep.100
43*2 4514
111 111 *111
111% *110 112 *110 111
600j D o pref ctfs deposit.. 100
76% 77
*74% 75%
74*1 747S 75
75
1,800 Pressed Steel C a r ............... 100
*101
106 *104 106 *104 106 *104
106
Do p r e f_______________100
*125 130% *125 130% *125 130ig *125 131
Public Serv Corp of N J ___100
160% 160% ♦ 160 162
IO O I 2 160*2 *100 162
400 Pullman Company________ 100
*40
47
47
47
46
46
46
46
400 Railway Steel Spring........ 100
*97 101
*99 101
*99 101
*99 101
Do pref........................ 100
25% 25*4
25*i 26
2512 257g
25% 257g
7,075 Ray Consolidated C opper.. 10
75*t 76*i
75% 76
73?g 7512 74
75% 13,100 Republic Iron A Steel_____ 100
1017, 1017, *101 102 *101 102 *101
102
300
Do pref........................ 100
52
52
*49
50
51*2 53*2 *5 llo 54%
1.700 Saxon M otor Car C o rp .. 100
*220 227 *221 227
221*4 221*, *221 230
100 Sears, Roebuck A C o ........100
26
26%
26% 26%
26% 26% *25*2 20*2
1.700 Shattuck Ariz Copper____ 10
60
60
59
59
58
58
*50
60
800 Sloss-Sheffield Steel A Ir ..l0 0
*170 190
179
180
179 179
178 178
900 South Porto Rleo Sugar___100
103 103*4 102% 103% 10034 102
100*4 104
9,800 Studebaker Corp (T h e )...100
107% 107% *104 108% 108 106
106 106
400
Do pref........................ 100
*48
50
48*t 49%
48
48
48
48
700 Stutz M otor of Am Ino .N o par
15
15%
15% 15%
15*, 1512
2,600
15*4
15*4
Tennessee
Copper A Chem w 1.
215% 219*4 215 218
215 216*4 215% 222
20,000 Texas Company (T h e )____ 100
52*4 54
53
53%
52*4 5314
52% 52;
14,800iTobacco Products Corp ..IOO
♦98U 100
......... ! D o
pref........................ 100
*98% 100
*9<r 105 " *98% 100 ‘ *101 101
101 105
2C0,Underwood T y p e w rite r... 100
13
*12
*12
13
*12
12ig *12
13
..........IUnion Bag A Paper_______100
97
*92
*92
98
*92
95
94
051,
200 Union Bag A Paper (n ew ). 100
98
99
98 . 98%
*97
98*2
97% 97%
3,500j United Cigar Stores_______100
____ *110 120
115 120 *115 120
-------Do
pref....................... 100
138" 138% 138% 138% *137 139
138 139*4
1.300 United Fruit................... 100
19*i 20%
20
19
191a 20
*19
20*2
1.300 U S Cast I Pipe * Fd y____100
*58
60
*58% 60
*58
60
*58
00
--------1 D o
pref................
100
12412 12712 123 125
123 12512 1221, 124
20,450 U 8 Industrial Alcohol____ 100
*05 105
100 100
*97 105
*90 105
lOOj D o
pref....................... 100
5214 5234 52*i 52*i
52*s 63
51*2 53
2,100 United States Rubber____ 100
'100 IO8I2 106 108% ►106% 108*2 *106 1081 ........D o 1st preferred.................. 100
56
56I4
58
*5412 56*2
54% 55
700 U 8 Smelting Ref A M ........ 50
507g 507g *50
51
*50
51
*50
51
100
Do
pref......................... 50
1055g 107
105% 1067g 101% 100
105 1057g 270,600 United States 8tecl________ 100
117 11712 1171g 117*4 117% 117*2
117*2 117%
2.300
Do
pref_______________100
107 1077g 106% 1077g 105*4 107
108*2 20,125 Utah Copper_______________ 10
*2014 21 U *20*4 21*2 20 '2 20% 10012
21
21
700 Utah Securities v t 0______ 100
3712 38
*38
39
37*4 38
*37% 39%
500 Vlrglnla-Carollna Chem...1 0 0
100 112
109 112 ►109 112 S H 2
112
250
Do
pref................
100
48
485g *45
50
50
*47
49
600 Virginia Iron C A C .........100
*9414 9434 94% 94l2 *48
9334 94% *93
94
900 Western Union Telegraph. 100
51*8 5134 50*2 51U
50
50*2 150
50% 15,400 Westlnghouse Elec A M fg ..5 0
*69
71
*69
75
*09
75
*09
75
--------' Do 1st preferred_______ 50
32
321»
321, 33
32*4 33
32%
33%
5,900 Wlllyg-Overland (T h e )____ 26
97
OS's
98
98%
5001 D o pref Sub recta full pd 100
147 147
146 146
144 146
143% 143%
600 Wool worth (F W ).............. 100
*125
. . . ♦125
*125
125
...
--------! Do
pref....................... 100
24
*2312 27
24
*24
*24
25
100 Worthington P A M v t 0..100
*____ 100 * ------- 100 |*____ 100
*
100
.
.
.
J
Do
pref
A v t o . . .........100
•52Sg 55
*52% 55 I *53
55
53
53
200 Do n r n I R f U .
inn

• Bid and asked prices; no sales on this day.

c K*-dividend.

Thursday
Feb. 15

Sales/or
the
Week
Shares

} Less than 100 shares.

i

Ex-rtgbts.

a Ex-dlv. and rights.

O n b a sis 0/ 100-share lots
L ow est
Highest

PER SHARE
Range Since Jan. 1

PER SH A RE
R ange fo r P revious
Y e a r 1916
H igh est
Lowest

S per share
$ per share
363 Feb 1 515 Jan 4
123 Jan 31 135 Jan
38% Feb
52% Jan 26
20% Feb
30%Jan 25
47 Feb
02% Jan 25
70 Feb 1 977g Jan 4
112% Feb 16 1157g Jan 25
90% Feb
103% Jan 4
20 Feb 3 26% Jan 10
48% Feb 3
56% Jan 17
38% Feb
48% Jan 4
34% Feb
47% Jan 20
44 Feb 1 46 Jan 4
119% Feb 15 134% Jan 18
82% Feb 3
94 Feb 15
110 Feb 8 112% Feb 7
18 Feb 2
24% Jan 19
98% Feb 3 112% Jan . 2
50% Feb 2
69% Feb 7
107 Feb
117*4 Jan 3
35*4 Feb
55% Jan 4
85% Feb 14
94% Jan 3
159 Feb 14 194 Jan 2
101% Feb 16 102 Feb 2
22 Feb 3 32 Jan 2
20 Feb 3 24*4 Jan 9
397, Feb 2
60 Feb 6
11 %} Feb 6 15 Jan 18
37 Jan 10
44%5Feb 16
249 Jan 22 250 Jan 15
108 Feb 8 112 %>Feb 7
161 Feb 3 171*4 Jan 26
99 Feb 3 146%t Jan 4
88 Feb 2 93 Jan 4
x5l Feb 2 61%i Jan 19
109% Feb 16 112 Jan 4
75% Feb 3
92%1Jan 17
r407g Feb 9
47 Jan 26
99% Feb 3 137 Jan 3
102 Feb 3 105%1Jan 12
117 Feb 10 117%■Feb 2
48 Feb 1
597, Jan 3
13% Feb 5
18 Jan 4
35% Feb 5 447, Jan 4
113 Feb 9 123 Jan 2
19*4 Feb 1 35%Jan 22
62% Feb 8 92%Jan 22
37% Feb 3
44%Jan 29
36% Feb 15
49% Jan 4
96 Feb 2 1047g Jan 2
60% Feb 3
73 Jan 4
49 Feb 3
64% Jan 4
40 Feb 1 47%Jan 17
70% Feb 3 89% Jan 4
21 Feb 9 30 Jan 2
250 Feb
281 Jan 16
220 Feb
232 Jan 19
83 Jan
89% Jan 17
65 Feb 10
67% Jan 15
47%Feb 2
6U4Jan 17
04 Feb 1 74% Jan 18
32 Feb 2
40 Jan 20
82 Feb 3 106i» Jan 10
92 Feb 2
96 Jan 24
34 Feb 1 42% Jan 31
95 Feb 2 109%Jan 25
114 Jan 20 116 Feb 5
118% Feb 14 122% Jan 5
122 Jan 20 127 Jan
24 Feb 3
32*4 Jan 25
95% Feo 8 98 Jan 19
52 Feb 3
61% Jan 4
111*4 Feb 1 114 Jan 6
207g Feb 3 25 Jan 17
128 Feb 3 155 Jan 26
66 Feb 3 71i»Jan 20
87 Feb 3 116 Jan 20
5 Feb 3
7% Feb 14
18 Feb 3
25*4 Jan 22
88% Feb 10 106%Jan 18
37% Feb 3 42 Jan 4
35 Feb 1 52% Jan 19
107%Jan 15 111% Jan 31
72% Jan 11
83% Jan 26
102 Jan 8 zl07 Jan 31
125 Feb 1 131 Jan 6
159% Feb 3 167% Jan 26
43 Feb
53*4 Jan 26
100 Jan
101 Jan 22
23 Feb 1 28% Jan 4
60 Feb 1 83% Jan 4
99 Feb 1 105*4 Jan 2
46 Feb 10
68 Jan 4
215 Feb 3 238%Jan 22
22% Feb 2
28 Jan 17
50 Feb 2
71 Jan 4
165 Feb 6 181 Jan 9
94% Feb 3 110% Jan 17
105% Feb
108%Jan 20
46% Feb
53*4 Jan 26
13 Feb _
16*2 Jan 3
200 Feb 3 243 Jan 10
48% Feb 3
58% Jan 2
100 Jan 5 103% Jan 23
100% Feb 1 105*4 Jan 19
11 % Feb 2 14 Jan 22
90% Feb 3 112 Jan 22
91% Feb 3 103% Jan 5
119 Jan 2 119% Jan 31
135 Feb 3 154%Jan 22
17 Feb 2
23% Jan 25
55 Feb 1 63 Jan 29
111 Feb 2 130% Jan 17
98 Jan 8 104% Jan 8
50*4 Feb 9 65 Jan 3
1057g Feb 2 114*4 Jan 3
52*4 Feb 3 67*4 Jan 4
507g Feb 13 52% Jan 3
99 Feb 1 1157g Jan 4
117 Feb 2 121%Jan 19
97 Feb 1 111% Feb 5
19% Feb 3 24*i Jan 22
45 Jan 26
34% Feb 3
109% Jan 10 112% Jan 26
46 Feb 3 58 Jan 22
93 Feb 3 99*4Jan 19
46 Feb 3 55% Jan 2
70 Jan 4 70% Jan 4
30 Feb 3 38%Jan 18
95 Jan 2
98% Jan 31
139*4 Jan 3 151 Jan 22
125 Jan 2 126% Jan 17
23% Feb 9
28 Jan 4
95 Jan 10 95 Jan 26
50% Jan 13 57%Jan 22

$ per share 8 per share
415 Jan
700 N o v
126 July 186 N o v
417g Deo 105% M ar
42% Jan
15 June
40 June
80% Jan
49 Apr
123 N o v
1087g Jan
117% N o v
88% Apr 131 June
19% July
39% N o v
46% July
74 N o v
38% Apr
63% Sept
30% Sept
537g Deo
40% July
52% Jan
144*4 Jan
129*4 Dec
75% Jan r i l l Sept
106 Feb
114 N o v
13% Aug
29*4 Deo
85 June 113% Deo
50% Deo
99% M ar
108% Jan
1247g Deo
43 Deo
76% Oct
100% Oot
91*4 Deo
152 Jan
2697g Sept
100% Deo
110 June
24 Deo
54*2 Apr
18 Deo
29*2 Feb
45% Dec
119*4 Sept
12% July
35 Jan
34*4 Deo
57*2 Jan
{265 Jan
350 M ar
{113 Jan
117 Deo
159 Apr
187% Oct
120 Deo
135 Deo
88% Dec
93 Deo
49% Deo
80 Apr
110% Deo
116*4 M ar
80 July 120 N o v
34 June
5612 N o v
71 M ay 193 N o v
87 M ay 115 N o v
72 M ay 190 N o v
42% Apr
74*4 N o v
297a Jan
11 Aug
37 Deo
74 Jan
108*2 Jan
1267gNov
cl 3% Feb
c507g Sept
e01% M ar c l 25% Sept
3S7g Dec
5 6 % Jan
9*2 M ar 75% N o v
42*2 Feb
109% Deo
67 Mar
96 Apr
56 Deo
85% Sept
40 Deo
64% N o v
64 M ay 107 N o v
25% Dec
56*2 June
240 Apr
305 N o v
179% Jan
2397g Aug
78 Apr
91 Feb
647g Deo
68*4June
41 Deo
99 Sept
65 Dec
93 Jan
607g June
32 Dec
88% June 129% Jan
89% June 105%Jan
33 Aug
49% N o v
68% M ar 1147, Deo
109 Jan
117% N o v
118 Sept 131% Oot
124 June 129% M ay
19*4 Apr
36*2 Deo
90% Deo
100 N o v
57 Deo
74% Sept
111% Deo
117% Oct
15 Jan
34% N o v
118 July 186 N o v
65% Apr
757, Deo
75 Oot
124% Deo
5*4 N ov 11% Jan
31 Aug
11*4 Jan
100% M ay 118 Oct
38 June
48 Deo
25% July
58*4 Dec
100% Aug 115% Deo
42% July
88% N o v
97 July 108 N o v
114
an
137 Sept
1597g M ay 177 Sept
32 Apr
61*4 N o v
95*4 M ar 103% N o v
20 June
37 N o v
42 June
93 N o v
101 Dec 117 N o v
637g Dec
84*4 S e p t
168% M ar 233 N o v
22 Dec
40% Feb
37 July
93% N o v
146 Jan
240 June
100% Deo
167 Jan
108% Sept 114 M ar
48% Dec
79% Sept
15*4 Deo
19% Deo
177% June 241% N o v
48% Sept
59% Deo
99 July 109% Mar
86 Jao 110 Oct
4% M ay
18% Oot
87% Oot
129 N o v
59 Feb
105*4 Aug
611% Feb
120 Aug
136% Jan
169% June
15% Jan
28% N o v
48*2 Fob
67% N o v
94*2 Deo 170*2 Apr
99*2 July 114 Jan
47*4 M ar 70*4 Deo
106% Feb
115% Deo
57 Deo
81% N o v
50 June
53*2 June
* 79*4 Mar 129*4 N o v
115 May 123 N o v
74*4July 130 N o v
16% June
27% Deo
36 Apr
51 Jan
108 Apr
114% Deo
41 July
72*4 N o v
87 Mar 105*2 Oot
51% Dec
71% M ar
70 Apr
79 M ar
34 Deo #325 June
94 Deo
117 June
118 Jan
141*4 Oot
123 June 126 N o v
25 July
36% Sept
95 July 100 Sept
52*g July
66*2 8ept

n

Par 8100 per share,

c Certificates o f deposit.

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

BONDS
N . Y . STO C K E X C H A N G E
W e e k e n d in g F e b . 16.
l>. S . G o v e r n m e n t .
2a o o n s o l re g is te re d . . . d ___
2s o o n s o l c o u p o n _____<11930
3s r e g is te re d _________ *1918
3s c o u p o n ....................... *1918
4s r e g is t e r e d ..................... 1925
4s o o u p o n ........................ .1 9 2 5
P a n C a n a l 1 0 -3 0 -yr 2 s.*1 938
P a n C a n a l 1 0 -3 0 -y r 2 s . . 1938
P a n a m a C a n a l 3s g ____1961
P h ilip p in e Is la n d 4 s . 1914-34
F o re ig n G o v e rn m e n t.
A m e r F o r e ig n S e c u r 5 s ________
A n g lo - F r e n c h 5 - y r 5s E x t e r lo a n .
A r g e n t in e — I n t e r n a l 5s o 1 1 9 0 9 -.
C h in e s e ( H u k u a n g R y ) — 5s o f ' l l
C u b a — E x t e r n a l d e b t 5s o f 1904.
E x t e r d t 5 s o f '14 s e r A . -.1 9 4 9
E x t e r n a l lo a n 4 J4 a ................1949
D o m in io n o f C a n a d a g 5 a . . .192 1
Do
do
Do
do
1931

O
U
0
U
U
U
0
U
U
U

3
8
S
S
8
8
8
8
S
8

Price
Friday
Feb. 10.
Bid

Q
Q
q
Q
Q
Q
Q
Q
Q
Q

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

Week's
Range or
Last Sale

Ask

99 S a le
99 ____
100 102
100*4____
109% S a le
109 111
98 * 4 ____
98 *4____
99 % 101
100 ____

9 6 % S a le
F -A
92 S a le
A -O
88
91
M- S
J - D t 71% 72
98 % 99
M- S
93
95
F -A
86 % 87
F -A
9878 s a le
A -O
98% d a le
A -O
98% S a le
A -O
F - A t 87 S a le
J - J t ------ 8673
79 Sa lo
D o d o " G e rm a n s ta m p ” .
S t e r lln g lo a n 4 s ................... 1931 J - j t 75% Sa le
Q - J t --------- 45
35
10
J - O
93 % S a lo
P a rts . C i t y o f , 6 - y e a r 6 s____1921 A - O

x_________

99
99
993.1 J a n T 7

Bonds
Sold

In Jan. 1909 the Exchange method of quoting bonds teas changed, and prices are now all—"and interest”—except for income and defaulted bonds.
Interest
Period

646

No. Low High
1

99
99*4
99*4 99*4

1 100% 101%
1 109% n o
no
111%

98% O o t '15
97 J u l y ’ 15

....
96%
90
90 .
70
98*8 :
93
80% .
98%
98%
97I2
87
88 :
7834
75%
41 .
39 .
93
9 S lj .
77 :
9634
9534
95%
98
98*8

Range
Since
Jan. 1

168
2078
*” 5
" ii

” 24
21
38
14

” 11
2
58

102*4 102*4
96
90
90
70
98 %
93
86%
98 %
98%
97%
87

9812
93%
93
72%
100
96%
86%
100%
100
100%

78%
73%
41

82
75%
41

88

88*4
88%

92

97

76
- S :—
77
97% Sa le
- S
"334 96%
96% Sa lo
-N
203 95 %
95% Sa le
-N
168 95 %
98% S a le
99
—
749 98
9878 Sa le
-- -940 98%
IThese are prices on the balls of S5 tot
S t a t e a n d C i t y S e c u r it i e s .
101
M - 8 101 101%
19 101
102 L
M - 8 102% Sa le
40 101%
102% 102% 1043S F e b '17
A -O
104%
A- O
J - D 107% Sa le
57 106%
M - S 106% Sa lo
1 106%
99*4 Sa le
99*2
M -N
26 99%
99 % 100
9934
M- N
5 99*4
99 % 100%
M -N
100%
98
99%
M -N
Feb T7
M - N ------ 110
160"%
M
M
M
M

N Y S ta te — 4 s.

106% Sa le

-N
-N
-N
- S
- J

J
J
J
M
M
J

Deo
j Ja n
110% 116% 117is J a n
------ n o
- S 11378 115 117 F e b
110 J a n
- 8 *------ n o
85 A u g
- J ------ 88
62
58
60 J a n

....
102

91%
____

J - J *104*4 ____

R a il r o a d

106%
LOOl* l. _____
94 D e o '16

M
M
M
M
i

- J
- J
- J

Q - J
A -O
A -O
Nov
M -N
J -D
J -D
J -D
M - S
J - J
J - J
M- S
M- S
M- 8
J -D
M- N
J - J
J - J
M -N
A -O
(A -O
J - J
J - J
Q - J
j A -O
Q - J

—
J -D
J - J
M- N
M -N
J - J
M- S
A - O
F - A
J -D
A -O
'A -O
J - J
M- S
M -N
i A - O
J - J
F -A
j -n
A -C
-D
F- A
M -N
J -D
; J - J
J - J
J- J
M -N
J - J
7Q - J
J - J
J - J
M - S
Q - F
J - J
) M -N
M- 8
M- f
1 F - A
i A - C
j -n
J -D
9J - J
) J - J
9 J - J

------ 105

68% 70
94 S a lo
91 ____
84
86

78*8
98%
9878
98%
99
9878
104%
105*4
100

111
110*4
102%
102%
102%

110 %

17 106% 110%
—

'16
'17
'17
'17
'17
'16
'17

71 F e b '17
9312
94
"65
9 4 12 D 0 0 '16
88 J a n '17
8512 N o v'1 6
8 4 l2
84% S a le
1
.02
102 104
8
1027S Sa le •Olia
16
100*4 1007* 100>4 F e b '17
------ 947s 9 8 i2 J a n '17
------ 87% 86 F e b '17
92
------ 91% 91%
"16
____ 98% 99 J a n '17 . . . .
104 100 104%
92% . 92% 9238
19
93% Sa lo
9 3 ‘2
22
100 106% 07%
9334 J a n '17
93% 97
1 3 3 % ____ 12978 A u g '15
83
8378 83%
2
1 1 6 % ____ 119% J u l y '16
107 ____ 105 J u l y 16
9 8 % ____ 993g D e o '16
923S
93
93 Sa lo
37
90 ____ 95 J a n '17
92% S a le
91%
” 90
90% N o v ' 1 6
____ 92
94 S a io
9338
94
154
993s
99*8 S a le
105
101 ____ 112 J a n '12
90
92
94% J a n '17
86 Sa le
85%
” 44
91%
91% Sa le
8
100 ------ 101% N o v ' 1 6
105% 107% 10034 O o t '10 ___
100 102 101% N o v ’ 16
1 0 5 % ------ 107% F e b '17
104% 108 107% N o v ' 1 6
I
107 S a le 107
107
1
9 9 % ____ 093s S e p t’ 16
1 0 8 % ------ 111% J a n '17
1 0 2 % ------ 102% J a n '17
9 2 % ------ 97 N o v ' 1 6
1 0 6 % ....... 103% F e b T 6 ___
10512 108 106% D e o '16 ____
1 0 8 * 4 ------ 109*i J a n '17
101 104 105% F o b '17
____ 91
92 J a n '17 ’ ’
1 0 8 % ------ 110 J a n '17 I I I I
100% 101
99 F e b '17
84% 87% 84% M a y ’ 16 I I I I
1 0 2 % -------- 103% o o t '16 ____
103*4--------- 100% M a r '15 ____
102 -------- 1043g F e b '17 ____
96% -96*4 97 F e b '17 . . . .
117 118 1173s
117% 120 1173s F e b '17 - •- 103% 104% 104% J a n '17
100 --------- 100 J u n e ’ 13 m i
96 - - 100% J a n '13 ____
78
80% 78 F e b '17
94 % 90*8 9 4 % F e b '1 /
106% 106*4 100%
i
104% J a n '17
88% 89% 89%
"12
92 J a n '17 ___
* . . . 91
81
84
83% S a le
47
91 S a lo
90%
91
71
84% 80% 87
___
____ 84% 85% N o v ’ 16 ____
9034 F o b '16 ____
90 100
____ 84*4 J a n
____
____ 87
____
88 J a n
____ 83
82 % O o t '16 ____
88% S e p t'1 6 ____
-J ............... 113% F e b '16 ____

160% 106%
106% 106%
115% 117%
115% 117%
no
no
57

61%

71
93%

73%
97

85%

88%

84%
101%
101%
100%
97
85*4
91%
97%
104
92%
93 %
106*4
93*4

89
106%
107
100%
99
86
93*4
100
104%
96%
95%
107%
93*4

83 %

89

92’%
95
91%

96%
95*8
94%

93% 97%
99% 101%
88% *94%
85*2 90
91% 94%

107% 107%
107

107

n o % in %
10212 102%

109*4
103*4
92
108%
99

109*4
105%
92
110
103

104%
90
117%
117%
103%

104%
97%
120%
118
104%

'7 8 " 79*4
94% 94%
106% 108%
104% 104%
8 9 % 94
90
92
81
86%
90
94*4
87
87

87 %

88%

BONDS
N . Y . S TO C K E X C H A N G E
W e e k e n d in g F e b . 16.

Price
Friday
Feb. 16.
Bid

Week's
Range or
Last Sale

Ask Low

High

O h io <fc A l t o n R R r e f g 3 s___1949 A - O
60% 61%
60%
60%
Railway 1st lie n 3 >43...........1950 J - J ____ 50% 50
50
O h io B & Q D e n v e r D l v 4 s . . 1922 F - A
99 % 102% 99% F e b '17
I llin o is D l v 3> <s__________1949 J - J
84 % 85% 84%
85%
I llin o is D l v 4 s ........................1949 J - J
94 % 96% 98 F e b '17
I o w a D l v s in k fu n d 5s____1919 A - O
102 . . .
102%
102%
S in k in g fu n d 4 s................ 1919 A - O
99% 102
99% D e o '16
J o i n t b o n d s . See G r e a t N o r t h
N e b r a s k a E x t e n s io n 4 s___1927 M - N
-------- 98
98
98
R e g is t e r e d ____________ 1927 M - N
98
J u l y ’16
S o u t h w e s te rn D l v 4 s_____ 1921 M - S
9 9 % ____ 99% J u n e ’ 15
G e n e r a l 4 s ._ ........................... 1958 M - S
94% S a le
94%
95
C h ic & E H I r e f & Im p 4s g . . l 9 5 5 J - J
25 % 30% 33 J a n '17
U S M t g & T r C o c tfs o f d e p . .
25
33% 33% J a n '17
1st c o n s o l g o ld 6s .................1934 A - O
104% 106 107% J a n '17
G e n e r a l c o n s o l 1st 5 s.......... 1937 M - N
--------- 93
8034 J a n '17
R e g is t e r e d _____________1937 M - N
82 M a y ’ 16
U 8 M t g & T r C o c tfs o f d e p
88 % 90
90 J a n '17
G u a r T r C o c tfs o f d e p _____
88
85
85
P u r m o n e y 1st c o a l 5 s____1942 F - A
38 ____ 97% F e b ’ 13
C h ic & I n d C R y 1st 6s ___1936 J - J
25 ____ 40 J a n '17
O h io G r e a t W e s t 1st 4 s .......... 1959 M - S
70% 70% 70 %
70%
C h ic I n d & L o u is v — R e f 68.1 947 J - J
114% F e b '17
R e f u n d in g g o ld 6s ...............1947 J - J
9 9 % ____ 100*4 J a n '17
R e fu n d in g 4s S e rie s C ____1917 J - J
82 ____ 85% J a n '17
I n d 4 L o u is v 1st g u 4 s___1956 J - J
70
75
70 N o v ’ 16
C h ic I n d 4 S o u 5 0 - y r 4 s____1950
90 _____ 96 % J a n '17
- J
C h ic L S 4 E a s t 1st 4 « s ____1909 J - D
92 ____
97*8 D e o '16
C h ic a g o M ilw a u k e e 4 S t P a u l—
G e n ' l g o ld 4s S e rie s A ___«1989 J - J
91% S a le
91%
92%
R e g i s t e r e d ..................... *1989 Q - J
92 % F e b '16
93% 94% 93%
P e rm a n e n t 4 s ........................1925 J - D
94%
90 S a io
G e n 4 r e f S e r A 444s____a2014 A - O
95%
. 96
G e n r e f c o n v s e r B 5 s____a2014 F - A 103% S a le 102%
10384
G e n ' l g o ld 344s S e r B ____ e l9 8 9 J - J
81
81% 81% F e b '17
G e n e r a l 444s S e r C . .......... *1989 J - J 101 S a le 101
101
90% S a le
2 5 -y e a r d e b e n 4 s_________1934 J - J
9034
913s
C o n v e r t ib le 444s________ 1932 J - D
98 S a le
97%
98
C h ic 4 L S u p D l v g 5 s____1921 J - J 1 0 3 % ____ 103*4 J a n '17
C h lo 4 M o R i v D i v 6s . . . 1926 J - J 1 0 5 % ____ 106% J a n '17
C h ic 4 P W 1st g 5 s.......... 1921 J - J 102% 103% 102%
102%
C M 4 P u g e t S d 1st g u 43.1949 J - J -------- 93
93% F o b '17
D u b u q u e D l v 1st s f 6s . . . 1920 J - J 105% 106 106 D e o '16
F a r g o 4 S o u a s s u m g O s . . 1924 J - J 1 0 9 % ____ 110 Ju n c '1 3
L a C ro s s e 4 D 1st 5 s_____ 1919 J - J 101 ____ 101% F e b '17
W ls 4 M in n D l v g 5 s.......... 1921 J - J 102 104% 103% F e b '17
W I s V a i l D l v 1st 6s ............ 1920 J - J 1 105 ____ 107 D e o '16
100 ____ 102% N o v ’ 16
M i l 4 N o 1st e x t 4448____ 1934 J - D
1 0 2 % ........ 102% D e o 1 6
C o n s e x te n d e d 444s____1934 J - D
97% Sa lo
C h ic 4 N o r W e s t E x t 4 sl8 8 6 -1 9 2 6 F - A
97 %
97%
04
R e g is te re d ............ 1886-1926 F - A
97% J a n '17
82% 86
G e n e r a l g o ld 3448...............1987 M - N
86 J a n '17
R e g is t e r e d ......................p l9 8 7 Q - F
--------- 80% 81% O o t '16
G e n e r a l 4 s _______________ 1987 M - N -------- 96% 96 % F e b '17
95 % 97
95% F e b '17
S t a m p e d 4 s ........................1987 M - N
G e n e r a l 5s s t a m p e d ............ 1987 M - N ---------117% 117% J a n '17
S in k in g fu n d 6s .......... 1879-1929 A - O 110 ____ 111 J a n '17
R e g is t e r e d ______ 1879-1929 A - O
109% A p r '16
S in k in g f u n d 5 s .......... 1879-1929 A - O
---------105% 105% J a n '17
103
R e g i s t e r e d ............ 1879-1929 A - O
103% A p r '16
D e b e n t u r e 5 s____________ 1921 A - O
101 102% 1023g J a n '17
R e g is t e r e d ........................1921 A - O
102% O o t '16
S in k in g fu n d d e b 5 s............ 1933 M - N 103% S a lo 103%
103%
R e g is t e r e d ........................1933 M - N 100 ____ 104% J u n e ' 16
99 103% 101% O c t '16
D e s P la ln e s V a l l s t g u 444 a 1947 IV1 - S
F r e m E l k 4 M o V 1st 6s . . 1933 A - O 119 120% 121% N o v ' 1 6
M a n G B 4 N W 1st 3448.1941 J - J --------- 88% 88 J a n '17
M l l w 4 S L 1st g u 344 8. .. 1 9 4 1 J - J
M i l L 3 4 W e s t 1st g 6 s . . .192 1 M - 8 106 ____ 1
100 107 1
E x t 4 I m p s f g o ld 5 s . . .1 9 2 9 F - A
A s h la n d D l v 1st g 6s ___1925 M - S 1121 a ____ 1
M ic h D l v 1st g o ld 6s ___1924 J - J 110*4 . . .
1
90
M i l S p a r 4 N W 1st g u 4 8 .1 947 M - 8
92% 94 F e b '17
____ 1
N o r t h w U n io n 1st 7s g ___1917 M - S
M a y’l
8t L P e o 4 N W 1st g u 5 s . 1948 J - J 105 107 1
105
C h ic a g o R o c k I s l 4 P a c 6s . . 1917 J - J ____ 101 1
100%
R e g is t e r e d ........................1 9 1 7 J - J ____ 100% 1
S e p t’ 16
88 Sa le 88
Ry g e n e ra l g o ld 4 s ................1988 J - J
88%
R e g is t e r e d ____________ 1988 J - J ____ 90% 85% J a n '17
75 S a le
R e fu n d in g g o ld 4 s ................1934 A - O
74%
75
09% 70
2 0 -y e a r d e b e n t u r e 5 s.......... 1932 J - J
72 F e b '17
98%
C o ll t r u s t S e rie s P 4 s .......... 1918 M - N
98% F e b '17
71% '7 2 % 71%
R I A r k 4 L o u is ls t4 4 4 s .- 1 9 3 4 M - S
71%
99% 104
B u r C R 4 N — 1st g 5 s . . . 1934 A - O
99% F e b '17
99% ____ 1
C R I F 4 N W l s t g u 5 s . . 1921 A - O
M 4 S t L 1st g u g 7 s.......... 1927 J - D
09
C h o c O k la 4 G g e n g 5 s . .01919 J - J
09% O o t '16
92
C o n s o l g o ld 5 s ................. 1952 M - N
97% J u ly ' 1 6
K e o k 4 D e s M o in e s 1st 5s 1923 A O ____ '6 4
62 J a n '17
70
S t P a u l 4 K C S h L 1st 4 J<s '41 F - A
72
73% 72
117 118% 1118*4 J a n '1
O h io S t P M 4 O c o n 6s ____1930 J - D
90%
91% F e b '17
C o n s 6s re d u c e d t o 3 44a. .1 9 3 0 J - D
D e b e n t u r e 5 s........................1930 M - S 101 io i' % 1102 F e b '17
C h S t P 4 M in n 1st g 6 s . . 1918 M - N 117 ____ 1 118% J a n '17
N o r t h W is c o n s in 1st 6 s . . .1 9 3 0 J - J 116 118 1118 N o v ' 1 6
103% 104% 104 J a n '17
S t P 4 S C i t y 1st g 6s ____1910 A - O
S u p e r io r S h o r t L 1st 5s g.< tl9 3 0 M - S 105 . . . . 1105% N ov
08
80
C h l o T I I 4 S o -e a s t 1st 5s . . . 1960 J - D
82 J a n '17
106% ____ 1 107 F e b '17
C h ic 4 W e s t I n d g e n g 6 s . ; 1 0 3 2 Q - M
73% 75
C o n s o l 5 0 -y e a r 4 s________1952 J - J
75 F e b '17
C l n H 4 D 2d g o ld 4 M s ____1937 J - J 92
96 % J a n '17
1st 4 r e f u n d in g 4 s ________1959 J - J 60 "76 ' .
1st g u a ra n te e d 4 s ________ 1959 J - J 78
78 A u g '10
40 : : : : 25 J u l y ’ 15
C l n D 4 I 1st g u g 5 s____1941 M - N
M a r’ l l
88
C F i n d 4 F t W 1st g u 4s g 1923 M - N
65 J il l y ’ 14
C l n I 4 W l s t g u g 4 s____1953 J - J
90 J a n '17
94
D a y 4 M ic h 1st c o n s 4 M s . 1931 J - J
70%
70(2 S a le
77%
C le v e C ln C 4 S t L g e n 4 s . 1993 J - D
85% SO
87 J a n '17
2 0 -y r d e b 4 M s ...................... 1931 J - J
90
99*4 101 F e b '17
G e n 5s S e rie s B _________ 1993
83% 80
80% J a n '17
C a ir o D l v 1st g o ld 4 s ..........1930
77% 80% 81 J a n '17
C i n W 4 M D l v 1st g 4 s . . 1991
82% 85
S t L D I v 1st c o ll t r g 4 s . . . 1990
83% F e b '17
1 --------- - - - _ 82% M a r ’ 14
R e g is te re d ...............
1990
, 81
S p r 4 C o l D l v 1st g 4 s____1940
86% 83 Sept'1 6
80
84 N o v 16
W W V a l D l v 1st g 4 s ____1940
103% t047(i 05 J u n o ’ 16
C I S t L 4 C c o n s o l 6s ____1920
02% 92*4 O o t '16
1st g o ld 4 s ........................ *1936
88% M a y ' 1 5
R e g i s t e r e d _________*1936
I 62" 102% i .02% J a n '17
C l n S 4 C l c o n 1st g 5 s___1923
115 ____ 116% F e b '17
C C C 4 I ge n c o n g 6s ___1934
1 83%
94 J u l y ’08
I n d B 4 W 1st p r e f 4 s____1940
O I n d 4 W 1st p r e f 5 s . . . <11938
, *70 ’ *71 ' 74% J a n *1 7
P e o 4 E a s t 1st c o n 4 s ____1940
25
30
30% F e b '17
In c o m o 4 s ........................... 1990 A p r
1 99% Sa le 99%
9934
C l e v e S h o r t L 1st g u 4 44s . -.1001
1
0% 14
15% J a n '17
C o l M id la n d 1st g 4 s ............... 1947
.
7% 15% 17 D e c '10
T r u s t C o c c rtfs o f d o p o s lt
.
91
93%
93% 93%
C o lo r a d o 4 S o u 1st g 4 s____1929
f 84 Sale
83 %
84%
R e f u n d A E x t 4 4 4 s............. 1035
1 103 104% 104*4 F e b '17
F t W 4 D e n C 1st g 6 s . . .192 1
l ---C o n n 4 P a s R i v s 1st g 4 s___1943
1 --------- ‘ 93*8 " o i" F e b '16
C u b a R R 1st 5 0 - y r 5s g ____1952
D e l L a c k 4 W e ste rn —
80
86
1 80
87
M o r r is 4 E s 1st g u 3 4 4 s .. 2000
1 105 106% 106% F e b '17
N Y L a c k 4 W 1st 6s ____1921
1
102
%
103*4
O
o
t
'16
C o n s t r u c t io n 6s ________1923
1 97 ' 9 S ' 99% J a n '17
T e r m 4 I m p r o v e 4 s ____1923
102% F e b '03
4 84 —
W a r r e n 1st r e f g u g 3 M * - - 2000

Range
Since
Jan. 1
Low High
5978
50
997g
84*4
96%
102%

62
63%
99?8
89
98
102%

98

99

94%
31
31
105%
80*4

97%
33
33%
107%
90

90
85

90
90

40
70%
114%
100*4
85%

41
73%
114%
100*4
85%

90

96%

91*4 96
93*4
95 %
102%
81%
101
9034
97
103*4
106%
102*4
93

96%
98%
107%
82%
105%
94%
102*4
103*4
106%
104%
95%

101 % 101 %

103% 104*8

97 %
97%
84%

98%
07%

86*8

'95'% '98'%
95 % 95t 2
110 118
111 111
105% 105%
102'% 102%
10 103% 103%

88

88

107% 107%

93%

94*4

105 108%
100% 10078
80*4
85 %
74%
70 %
98%
70
9978

90
85%
78%
74%
987g
74%
1027S

61%
72
118*4
91
102
118

62
75
118*4
91%
103
118%

104

104

82
82
107 108
75
77
06% 96*4

90
96
76% 81%
86 87
100% 101
85*4 87
79% 81
83% 83%

102% 102%
116% 116%
737g 76
30
30%
09% 102*4
15% 17*4
93% 90
83 % 87*4
104% 105%

86
88%
106% 107%

99% 09%

iM- 8
•No price Friday: latest this week, a Due Jan. d Due April, e Due May. g Due June, h Due July. * Due Aug. o Due Oct. p Duo Nov. q Due Dec. s Option sale.




New York Bond Record—Continued— Page 2

F eb . 17 1917.1
BONDS
N . Y . STO C K EX C H A N G E
W e e k e n d in g F e b . 16.

11

Price
Friday
Feb. 16.

Week’s
Range or
Last Sale

Range
Since
Jan. 1

647
Price
Friday
Feb. 16.

BONDS
N . Y . STO C K E X C H A N G E
W e e k e n d in g F e b . 16.

Week's
Range or
Last Sale

Range
Since
Jan. 1

Bid
D e la w a r e A H u d s o n {Con0
Bow
High
Low High
Bid
Ask Low
High
Low High
D e l A H u d 1st F a D i v 7 S ...1 9 1 7 M - S 101
101*2 J a n '17
101*2 101*2 L e h V T e r m R y l s t g u g 6s . . 1941 A - O
114 F e b '17
111% —
113% 114
R e g is t e r e d ____________ 1917 M - S
102 D o o T O
R e g is t e r e d ________________ 1941 A - O
111% Ju n e '1 6
1st lie n e q u ip g 4>$s______ 1922 J - J 100% I O H 4 100*2
100*2
100*2 101*4 L e h V a l C o a l C o l s t g u g 58.1933 J 1 0 4 % ____ 105 F e b T 7
105 105
1st A ret 4a______________ 1943 M - N
9634
97
9634 99*2
97 S a le
R e g i s t e r e d . . . ................
1933 J 105 O o t T 3
20- y e a r c o n v 6a__________1935 A - O 10234 S a lo 10234 10278
102*2 107
l s t ln t re d u c e d t o 4 s_____ 1933 J 93
98%
A l b A S u sa c o n v 3>$s____1946 A - O
86 893s L e h 4 N Y l s t g u a r g 4 s____1945 M - S 86% 87
86 Sa le 86
86
90 J a n T 7
R e n s s 4 S a ra to g a 1st 7 S ..1 9 2 1 M - N 111 ____ 11278 D e o '16
R e g is t e r e d ________________ 1945 M D e n v 4 R O r 1st c o n g 4s 1936 J - J
80*2
S it s S a le
80*2
81*«
L o n g la id l s t c o n s g o ld 5 s ..h l9 3 1
105
106 J a n '17
106 106
C o n s o l g o ld 4>$s............... 1936 J - J
877S
88
88 S a le 88
l s t c o n s o l g o ld 4 s............... ftl931
94
J
94% J u n e ’ 16
857S
I m p r o v e m e n t g o ld 6s . .
1928 J -D
83
86 857a 86
G e n e r a l g o ld 4 s.......................1938 J -D
85
89
85*4 F e b '17
1st 4 r e fu n d in g 5 s ____
1955 F - A
67 S a le
66*2 67*2
63%
F e r r y g o ld 4> $s.................... 1922 M - S
98
98% 9834 D e o '16
R i o G r J u n e 1st g u g 6s ” 1939 J - 13 88
87 N o v ’ 16
95
G o ld 4 s..................
1932 J
99*4 O o t '06
6134 A p r ' l l
R i o G r S o u 1st g o ld 4s
1940 J - J
35% 50
U n if ie d g o ld 4 s ___________ 1949 M
86*2 89
87 J a n '17
85*2 87*2
G u a r a n t e e d _____
1940 J - J 3 6 * 4 ____ 3512 Ju n e '1 6
D e b e n t u r e g o ld 5 s_______ 1934 J -D
94*2 98*2 95% F e b '17
95% 98%
8034
8034
R i o G r W e s t 1st g 4 s” " ‘ l9 3 9 J
79*2 84*2
8034 81
G u a r r e fu n d in g g o ld 4 s . . .1 9 4 9 M
87
87% 877S F e b '17
87
% 90%
68
F
e
b
T
7
68 74%
M t g o 4 c o ll t r u s t 4s A ” l9 4 9 A - O
____ 6 9 14
R e g is t e r e d ______________ 1949 M - 8
8 7 % ____ 95 J a n ' l l
98*2 98*2
9 8 12 ____ 98*2 J a n '17
N Y B & M B 1st c o n g 5 s .1935 A - O
E ® ! £*?J, nes U n R y 1st g 68.1917 M - N
103*4____ 103*4
103%
103 103%
81 ____ 82 D e o '16
D e t 4 M a c k — 1st lie n g 4a . 1995 J - D
N Y A R B l s t g o ld 5 s . . .1 9 2 7 M - S
103 F e b '17
103 103
75*2 J u l y ’ 16
80 % 81
■ Q o W 4 s................................. 1095 J - D
N o r S h B l s t c o n g g u 5 s .o l9 3 2 Q - J
100 A u g '16
91
91
90
93
91
93
L o u is ia n a & A r k l s t g 5s ____1927 M - S --------- 93% 9 4 % J a n '17
g f * £ 7 T u D T e r T u n 4 ^ 8 1 9 6 1 M - N 1051s
94 % 94%
Sa
le
105*8
105*8
J
J
104*4
105*8
D u l M ls s a b e 4 N o r g e n 5s 1941
L o u ls v A N a s h v g e n 6s ___: i9 3 0 J -D 112% 113% 113
113
112% 113*4
100 103 103 F e b '17
102*2 104
G o ld 5 s.....................................1937 M - N 109*4 110% 110*8 D e c '16
D u l 4 I r o n R a n g e 1st 5 s . ."19 37 A - O
100*2 M a r'0 8
1937 A - O
R e g is t e r e d ......................
U n if ie d g o ld 4 s . . .................. 1940 J - J
93*4 S a le 93*4
94%
93% 97%
94
95
94 J a n '17
94
94
D u l S o S h o re 4 A t l g 6s ____ 1937 J - J
R e g is te re d ___________
1940 J - J
96 % J a n '17
96% 96%
104 104
K lg ln J o lie t 4 E a s t 1 s t g 6s . 1941 M - N 10238 ____ 104 J a n '17
C o lla t e r a l t r u s t g o ld 5 s . . . 1931 M - N --------- 1063 4 10678 F e b '17
106*2 10678
107*2
B r ie 1st c o n s o l g o ld 7s_____ 1920 M - S 107>2 S a le 106*2
106% 109%
E H & N a s h 1st g 6s .......... 1919 J - D 1 0 7 % ____ 10734 D e c '16
97 ____ 9912 J a n T 7
N Y A E r ie 1st e x t g 4s___1947 M - N
99*2 99*2
L C l n A L e x g o ld 4 > $ s . .. l9 3 1 M - N 102 103*2 103 J a n T 7
103 103
_____________
101*4
Ju n e '1 6
2 d e x t g o ld 6s _________ 1919 M - S 10134
N O A M l s t g o ld 6s _____ 1930 J - J ---------113
113%
113%
113% 114%
1003g____
M
8
IO
O
I
2
F
e
b
'17
3d e x t g o ld 4 M s _______ 1923
100*2 100*2
2
d g o ld 68........................... 1930 J - J 104*2 . . .
104*8
F
e
b
'17
104% 104%
A
O
10135 102i 2 1017s J a n '17
4 th e x t g o ld 5s________ 1920
101% 101%
P a d u c a h A M e m D i v 4 s . . 1946 F - A
8834 89*8 89*4 N o v ' 1 6
9 1 * 4 ____ 9434 N o v'1 6
6th o x t g o ld 4s________ 1928 J - D
S t L o u is D i v 1st g o ld 6 s . . 1921 M - 8 104% 106 108 A p r '16
106 108% 107*2 D e o T O
I t Y L E A W 1st g fd 78..1 9 2 0 M 2 d g o ld 3 s ______________1980 M - 8
63% F e b '17
63 % 63%
E r ie 1st c o n g 4s p r io r ____ 1996 J - J
81 >8 82
8078 82
80% 87%
A t l K n o x A C ln D i v 4 s . . .1 9 5 5 M - N
86*4 88*4 88*4
88*4
88*4 91%
R e g is t e r e d ___________ 1996 J - J *83 ____ 81 D e o T O
A t l K n o x A N o r l s t g 5 s . . 1946 J
106
108*4 J a n '17
108*4
108*4
1st con sol g e n lio n g 4 s___1996 J
6034
68
67 <s Sa le
66*2 73*2
H e n d e r B d g e l s t s f g 6 s . . 1931 M - S 106 . .
106U Ju n e '1 6
R e g is t e r e d ______
1996 J - J
73 Ju n e '1 6
K e n t u c k y C e n t r a l g o ld 4 s . 1987 J - J ------ 88*4 88% S e p t ’ 16
P e n n c o ll t r u s t g o ld 48. - I " l 951 F - A
90
94
90 F e b '17
90
90
L e x A E a s t l s t 5 0 -y r 5s gu.1 9 6 5 A - O 101% 102 100*2
100*2
100% 103%
6 0 -ye a r c o n v 4s S e rie s A
1953 A - O
63
64% 61
01*8
61
68*4
L A N A M A M l s t g 4 > $ s 1945 M - S 100 101 101 O o t '16
62
do
S e rie s B ____ 1953 A - O
64% 63
64
63
68%
L A N - S o u t h M J o in t 4 s . .1 9 5 2 J - J
81
84
81 F e b '17
80 % 81%
G e n c o n v 4s S e rie s D
1952 A - O
75 S a le
73*2
75
73*2 84
R e g is te re d .........................A1952
95 F e b '05
O h io 4 E r i e 1st g o ld 5s . I " 1982 M - N 108 110 109 F e b T 7
107% 109
104 ____ 105*4 Sept'1 6
N F l a A 8 l s t g u g 5s ____1937 F - A
C l e v 4 M a h o n V a i l g 5s . . 1938 J - J I O 4I4 ____ 10678 J a n T 7
106% 106%
9
7
*
4
____
N
A
C
B
d
g
e
ge
n
g
u
g
4
K
s
.
1945
J
J
97% M a y ' 1 6
L o n g D o c k c o n so l g 6s ___ 1935 A - O
120>4____ 12234 O o t T O
P e n s a c A A t l l s t g u g 6a . . 1921 F - A 107% 109% 108*4 N o v ' 1 6
C o a l 4 R R 1st c u r g u 6s ” 1922 M - N 101 i 2 ____ 102
M a r ’ 16
B A N A l a co n s g u g 5 s . . . 1936 F - A 1 0 6 % ____ 106% F e b '17
106% 109
D o c k 4 I m p 1st e x t 5 s . . . 1943 J - J 105i2 ____ 100*4 J a n T 7
106% 106%
101*4 102% 102 F e b '17
G e n c o n s g u 5 0 -y e a r 5 s . 1963 A - O
102 103%
N Y 4 G re e n L g u g 5 s . 1946 M - N 103 ____ 101 J a n T 7
101 101
L A J e f f B d g e C o g u g 4 s . . . 1945 M- 8
8
1
%
____
81%
F
e
b
'17
|
81 % 8 1 %
N Y S u s q 4 W le t r e f 63 1937 J - J
94
9634 100*2 J a n T 7
100*2 100*2
2d g o ld 4>$s______
193/ F - A
100*4 D e o '00
Ms
.
.
197
F
A
G e n e ra l g o ld 6s . .
"1940
60
697S 74 N o v ’ 16
...1 9 7 M 79 N o v ’ l 1 ,
. . t e r m i n a l 1st g o ld 6 s l ” l9 4 3 M - N ---------108*4 108 J a n '17
106% 108
58.192 J - C —
101 O o t '0
106 . . .
107 108
108 J a n '17
0* N J B it e x t 5s .......... 1940 A - O
__________ 113*8 D e o T
...1 9 2 J - E
75
81
75 J a n '17
--------- 77
t
.L a s l s t
g 6s ___1942 J - D
...1 9 2 A - C —
103*8 O o t T . . . .
■ T 4 I n d l s t c o n g u g 6s ____1926 J - J
2S *2 J a i l T 7
25
28*2 28*2
M- N
88*2 90
90
90
88*4 91%
100 102
E v a n s v 4 T H 1st co n s 6s 1921 J - J 100 103 102 J a n '17
593j 58*4
..1 9 4 1 M - 8 58
60
1 £ 58 64
63 M n y ' 1 6
1 s t g e n e ra l g o ld 6s ._
1942 A - O
77%
L..1 961 Q - F --------- 62
6178 J a n T
—
61% 61%
108 N o v ' l l
75 . . .
M t V e r n o n l s t g o ld 6 s . I ” l9 2 3 A - O
3. .193,. J - .
60 F e b T ,
95 J u n e ’ 12
75
B u ll C o B r a n c h 1st g 6s . 1930 A - O
90
917s 92
3..1938 J - D
941
89% 95
953s F e b '17
93 . . .
0434 96
F lo r id a E C o a s t l s t i u 8
1959 J - D
. .1 9 5 M - 8 57*2 59
59
60
1 57% 63
8234 . . .
92 A u g T O
- J
F o r t S t U D C o 1st g 4 U s ” 1941
93% 94
u.19
35
J
J
93*2
93*
92*2
97
:
- J 69*4 09*4 F e b T 7
F t W 4 R i o G r 1 st g 4s . .
1928
69% 69*4
93 ____ 92 J a n T 7
..1 9 4 M - H
92
92
81
88 85*2 J u n e ’16
G a l I I o u s 4 H e n 1st 53. . . ! 1933 A - O
97*4 97* 97 % F e b ’ I"
it g u ' 2f J - J
97% 98%
G re a t N o rth e rn —
__1941i J - J . . .
94% 95 D e o ’ ll
9734 S a lo 975s
9778 396 9 7 % 9934
O B 4 Q co ll t r u s t 4 s . . . 1921 J - J
76
S
a
le
3..199C
J
D
45
75%
76*,
75*% 7 8 %
97% Sa le
«73s
975S
R e g is te re d &...............
1921 Q - J
9788 99
50
51
F -A
51
51
1 ; 50% 54%
9 9 i 2 101 100 F e b '17
1st 4 re f 4 > is S e rie s A . *1961 J - J
99 % I O I 84
37
44
M - r,
____
1961 J - J
R e g is t e r e d _____
90 J u n e ’ 16
..2
0
0
4
M- S
67% S a le
67*4
67%
1 67 69%
8t P a u l M 4 M a n 4e " " 1933 J - J 9512 977s 99 F e b T 7
98*2 99
..1 9 3 1 J - J
3612 40
40 F e b '17
40
45
l s t c o n so l g o ld 6s ____I "1933 J - J 119*8 120 121 F e b T 7
121 121
- . 200; A A C
. . .
37
40 N o v ' l f
R e g is t e r e d ________ 1933 J - J
11934 A u g T 8
..1 9 4 0 M - N
SO D e o '16
R e d u c e d t o g o ld 4J 4a . l 933 J - J 101*2 103*4 1025S F e b '17
10258 105*2
68% ____ 71 F e b T 7
..1 9 9 0 F - A
71
71
R e g is t e r e d ............ 1933 J - J
102*2 M a y ’ 16
..1 9 4 2 A - C
69*2 70
70 F e b '17
70
79
947g 9534 95 F e b *17
M o n t e x t l s t g o ld 4s . . .1 9 3 7 J -D
05
98%
..1 9 4 2 M - N
77% 85
84 J a n '17
84
85
R e g is t e r e d __________1937 J -D --------- 98% 95*2 M a r ’ 16
8.19
42
M
S
--------79
79
J
a
n
'17
80
78*2
J
P a c ific e x t g u a r 4s £ . . . 1 9 4 0
85*2 N o v ’ 15
- .1 9 4 2 J - D --------- 60
51 D e o '16
E M in n N o r D i v l s t g 4s 1948 A - O
9334 . .
08 J a n '17
94*2 98
- .1 9 4 3 M - S
46
49*2 49 J a n '17 —
49
49
J 108 . . . 10838 J a n T 7
M in n U n io n l s t g 6s . . . *1922
108% 108%
M o n t C l s t g u g 6s___" 1 9 3 7
J 123*2 — . 123*2 F e b '17
123% 1247g
ss 1923
98 S a lo
98
98
13 98
99%
R e g is t e r e d _____
1937 J - J
13 6U M a y ’06
_
_
_
95
96
33 1926
97 F e b '17
97
98*2
l e t g u a r g o ld 6s . . I ” 1937 J - J 10938 . . .
110*2 J a n '17
110% 110%
91
95
94% N o v ' 1 6
3S 1965
R e g is t e r e d ___ " 1 9 3 7 J - J
G e n e ra l 4s w h e n Issued
65%
65%
86 651*
W il l A S F l s t g o ld 6 s " 1938 J -D 110 . . .
10934 A u g T O
..1 9 2 0 M - N 104% 104% 103 '
104*4
5 103 ' 106*4
G re e n B a y 4 W d e b c tfs “ A ”
Fob
7934 D e o '16
____ 82
.019 17 M - S
106% J a n '17 ____ 106*4 106%
D e b e n t u r e c tfs " B ”
Feb
13% 15%
12*2 15*8 13*2 F e b '17
M- H
82 O o t '15
J
J
____ 84% 85% J a n '17
84*2 86*2
A f l *?*,r c f A 1 * 6s” 61952
1920 F - A
103 J a n T 7
J - J -------- 90
90
90r
90
9334
con8 * 4>$8.1999
F - A
R e g is t e r e d _______
1999 J - J
97*4 J a n T 4
52 ____ 55% F e b '17
- .1 9 4 5 M - S
55*2 59
A
-O
° ° j * s v i s t e x t V i ; : : : 1948
88 88*4 88 F e b T 7
88 8834
l s t A re f c o n v 5 s .
M- S
52 ____ 61 J a n T 7
60
61
C o l 4 T o l l s t e x t 4s ____1955 F - A
84*4 . . .
88 N o v ’ 16
83 ____ 82 N o v ’ 16
..1 9 3 8 M - N
90*2 96
H o u s t o n B e lt 4 T e r m l s t 6s" 1937 J - J
90 J a n '17
90
90
11.1951 F - A
100
F
e
b
'13
983* Sa le 983S
I llin o is C e n t ra l 1st g o ld 4s 1951 J
98%
98 % 9934
61 ____
..1 9 1 9 F - A
R e g is t e r e d ______
” 1951 J
92 A u g T 6
1948 J - D
6 4 % ____ 77*2 D e c '13
l s t g o ld 3 >$e...............
1951 J - J
85*2 90
80 N o v ’ 16
5434 _ ___ 110 M a r '05
J
J
..1
9
2
6
84 . . .
R e g is t e r e d ____
"1951 J - J
83 N o v ' 1 6
87 ____ 92% D e c '16
..1 9 3 8 F - A
E x t e n d e d 1st g o ld 3 > $ s :’ ‘ l951 A - O
85
86 85*2 D e o T O
..1 9 3 8 J - J 101 % . .
101% F e b '17
161% 101 %
R e g is t e r e d _____
1951 A - O
8 3 *2___
s.1931
A
O
101
101% 101%
i 101% 103%
101*2
l s t g o ld 3s s t e r lin g .
1951 M- 8
80 J ' l y '09
..1 9 3 1 A - O
R e g is t e r e d ............
1961 M - 8
..1 9 2 9 J - J --------- 83% 85 J a n T 7
84
86
C o ll tr u s t g o ld 4s____ ” ‘ 1952 A - O
, 88
89*2 90
90*4
J - J
8 0 78 O c t '12
1952 A - O
R e g is t e r e d _______
95*4 S o p '12
.1 9 3 3 M - N
78*2 80
1
78%
78%
78% 84
l s t re fu n d in g 4 s___
1955 M -N
91*2 S a lo
91*2
93
91*2 95
.1 9 2 6 M - 8
9 2 % ____ 87 Se pt'1 5
P u rc h a s e d lin e s 3 H s : ” ” l9 5 2 J - J --------- 84
85% J a n T 7
85*8 8558
.1 9 2 7 J - D 112% 114% 114% J a n T 7
114% 114%
L N O 4 T o x a s g o ld 4s
1953 M -N
86*4 S a le 86
87*4
86 89%
51927 Q - J 104 108% 109 F e b T 6
R e g is t e r e d ................... " 1 9 5 3 M -N
8 2 *2____ 84 M a y ' 1 4
M- S
7 8 *2____ 78% F e b '17
77
78%
C a ir o B rid g e g o ld 4 s_____ I960 J - D
943a J a n T 7
94% 94%
F
A
.194 7
____ 101
101 O o t T 6
L itc h f ie ld D i v l s t g 3 s___1951 J - J
74 F o b T 4
9 1 % ____ 89 D e o T 6
.1 9 2 7 J - D
J
J
L o u ls v D i v 4 T e r m g 3>$s 1953
83 J a n '17
79
83
86 ____ 89% J a n T 7
.1931 J - J
89*4 89%
R e g is t e r e d ____________ 1953 J - J
83 A u g T 2
N a s h v C h a u A S t L l s t 6s".. 1928 A - O
1 0 5 % ____ 108 J a n '17
108 108
M id d le D i v re g 6s ___
1921 F - A 100*2 •
102 Ju n e '1 6
.1 9 2 3 J - J 106 ____ 110% M a r ’ 16
F
A
O m a h a D i v l s t g o ld 3 s . 1951
72% J a n '17
72*2 72%
.1957 J - J
30 ____ 30*4 A u g '16
7 0 i2 77
68*2 S o p t ’ 15
B t L o u is D i v 4 T e r m g 3s 1951 J - J
.1 9 7 7 A - O
35 A u g T 6
G o ld 3>$s.................
1951 J - J ____ 84*8 86*2 J a n T 7
83
86*2
.1 9 2 6 J - J
967s F e b '13
R e g is t e r e d ............. "1951 J - J
80 Ju n e '1 6
A - O
30 O c t '16
B p rln g f D i v 1st g 3 H s " : i 9 5 1 J - J
80% N o v ’ 16
80
- I9 6 0 J - J
59 D e o T 6
W e s te rn lin e s l s t g 4s . .
1951 F - A
91*s D e o T O
88*2
.
1953
J
J
72
D e o '16
____
71*2
R e g is t e r e d ____
"1051 F - A
92 N o v ’ 10
98
98% 9834
98%
.1 9 2 5 J - D
1 ! 96*2 99*4
B ^ C a r 1st 0 s l " : " l 9 2 3 J - D
---------108*2 117*2 M a y ’10
.1 9 3 5 A - O
____ 46
47 J a n T 7
47
48%
A
8°ld 4 s . . 1932 M- 8 88 ____ 90 J a n '17
90
90
.1
9
3
5
M
N
108%
Sa
le
107%
108%
1081
107 113%
C h ic S t L 4 N O g o ld 6s . 1951 J -D 108
107% O c t '16
7 85*2 88%
F -A
85
85*2 85*2
86%
R e g is t e r e d ______
10*1 J -D
14 F e b ' l l
.2 0 1 3 A - O
96*4 Sa le
96
97
71 96
98%
G o ld 3>$s-------------- "
1951 J -D
90 O o t '09
.1 9 9 7 J - J
82% Sale
80*4
82%
49 80*4 86%
R e g is t e r e d _______ " l 05i J
I - J 81% 83% 85 F e b '17
84*2 85%
J o in t l s t r e f 6s Serles'/i" 1963 J - D
100% 101*2 100% F e b T 7
100% 102*2
.1934 M - N
90*2 S a le
19 90*2 94%
90 %
91*4
M e m p h D i v l s t g 4 s . 1951 J - D
85
S 8'i 86% D e o T 5
M - N ____ 93% 92 D e o T 6
R e g is t e r e d __________ 1951 J - D
7G34 Sa le
.1 9 9 8 F - A
3 76*4 80%
76*4
76%
B t L o u is S o u l s t g u g 4 s . . 1931 M- S
95*2 J a n T 7
95*2 95*2
F -A
____ 79% 79% J a n '17
76*2 SO
I n d 111 4 I o w a ls t g 4 s..........1950 J - J
91*2 98
92
92
92
94*2
.1 9 9 8 F - A
76% S a le
9 76% 801*
76*2
76%
I a t 4 G re a t N o r l s t g 6s ____1919 M- N 94*2 100
97 F e b T 7
97 100
____ 79% 80 J a n '17
.1 9 9 8 F - A
80
80
J a m e s F r a n k 4 C le a r l s t 43.1959 J - D
90
94*2 927a J a n '17
9234 93
.198 9 [ - o
6 3 % ____
K a n s a s C i t y S o u l s t g o ld 3 s . 1950 A - O
68 09 78 71 J a n '17
69% 71*2
B e e c h C r e e k 1st g u g 4 s . . 1936 <- J
96
97
97 F e b '17
97
97
R e g is t e r e d _______________1950 A - O
63 O o t '00
- J
9 3 % ____
R e f 4 Im p t 5 s.............. A p r 1950 J - J
88 S a lo 87
88
87
91
- J 1 0 0 % ____ 04 M a y ’ 16
J
K a n s a s C i t y T e r m 1st 4 s . . . I960
87*2 Sa lo
8058
88
8058 90*4
- J
J
L a k e E r ie 4 W e s t ls t g 5 s . . 1937
99 100
9S34 F e b '17
9834 101
51951 K - O
2d g o ld 6s ...................... ..1 9 4 1 J - J
8038 83
82% J a n T 7
80*4 83
- O
89 ____ 89 N o v ' 1 6
.1981
N o r t h O h io l s t g u a r g 6s . . 1945 A -O
90
90
90
90
.1 9 4 2
-D
104 ____
L e h V a l l N Y l s t g u g 4 > $ s ..l9 4 0 J - J 101*2____ 102 J a n '17
101*2 102
M o b A M a i 1st g u g 4 s . . ..1991 M - S
92 ____ 91
M a r'1 6
99 ____ I O H 4 J a n '17
R e g is t e r e d ______ : _______ 1940 J - J
101*4 101*4
N J J u n e R g u a r 1st 4 s__.1 9 8 6 F - A
89% F e b T O
89*4 91*4 91*4
L e h ig h V a i l (P a ) c o n s g 4 S ..2 0 0 3 M - N
91%
90*2 91%
.2 0 0 0 W - N
3 81% 81%
81*2
Sa
lo
81%
81%
G e n e ra l co n s 4 >$ a_____2003 M - N 100*2 101*4 1003i
10034
100*4 102
.192 3 \ - O 1 0 6 % ____ 06*4 Sept'1 6

QQ-

Q- J

• No price Friday; latest bid and asked this week, a Duo Jan. 6 Duo Feb. g Due June, h Due July. 0 Due Oct. s Option sale.




648
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 16.

New York Bond Record—Continued—Page 3
Price
Friday
Feb. 10.

Week’s
Range or
Last Sale

p

Range
Since
Jan. 1

High No. Low High
Sid
Ask Low
N Y Cent 4 H R R U (Con.)—
92*2 94
N Y * t’u let cona gu g 48 1993 A - O 8978 91*2 92*2 Feb T7 —
Pine Creek reg guar 6a___ 1932 J - l* 113 ____ 113 May’ 15
R W * O con 1st ext 53..A1922 A - O 102 ____ 103 Feb '17 ___ 103 104*4
R W & O T K 1st g u g o a ..1918 M -N 100*4____ 100*4 Feb '17 ...... 100*4 100*4
Rutland 1st con g 4*2a ...1 94 1 J - $ 86*8____ 81*t Dec '15
Og * L Chain 1st gu 4s gl948 J - J 70*8____ 70*8 Feb '17 . . . . 70*8 70*8
Rut-Canada 1st gu g 43.1949 J - J 70 ____ 92 June'09
Bt Lawr * Adlr 1st g 6s . . . 1996 J - ■» 96 ____ 101 N o v ’ 16
103 N o v '16
2d gold 6s.......................1996 A - O
0tlca * Blk Rlv gu g 4S...1922 J - J 98*s____ 97*2 July’16
85*8 10 85*8 87*4
85*s Sale 85'8
Lake Shore gold 3*23_____ 1997 J - D
86 87*2 87 Jan '17 ___ 86*4 87
Registered..................... 1997 J -D
94*2 Sale 94*2
94*4 18 94*2 97*4
Debenture gold 4s.........1928 M- S
94 Sale 94
9414 35 94 96*4
25-year gold 4s............... 1931 M -N
95 N ov ’ 16
Registered................. 1931 M -N
Ka A & G R 1st gu 0 5a__ 1938 J - J
104*2 Deo '15
Mahon C'l RR 1st 6s........ 1934 J - J
Pitts * L Erie 2d g 5s__ al928 A - O 103 104 103*4 Feb '17 . . . . 103*4 103*4
Pitta MoK * Y 1 st gu 6s .. 1932 J - J 114 ____ 130*8 Jan '09
123U Mar’ 12
2d guaranteed 6s.......... 1934 J - J
McKees * B V 1st g 6s. 1918 J - J
Michigan Central 6a.........1931 M- S 104 ____ IO6 I4 Aug '16
105 July'16
Registered..................... 1931 Q -M
4s.....................................1910 J - J 91*4____ 98 Apr '12
87 Feb '14
Registered_________ 1940 1 - J
J L * S 1st gold 3H S...1951 M - S 82*4 86% 90 June'08 ___
82*4 86*s 82*2 Feb '17 ___ 82*2 86
1st gold 3>Ss................... 1952 M -N
90 Feb '17 ___ 90
91*4
20-year debenture 4s__ 1929 A - O ____ 90
93*4 Feb '17 —
93*4 94
93*4 95*2
N Y O h io* St L is t g 4s. .1937 A -O
90*4 Aug TO
Registered___________ 1937 A -O
80
81
81 Feb '17 ...... 80*2 82*2
Debenture 4 s................1931 M -N
12 89 94
89 Sale 89
90
West Shore 1st 4s guar__ 2361 J - J
92 Feb '17
91*8 93*8
Registered___________ 2301 J - J ____ 90
N Y C Lines ea tr 5 s.. 1916-22 M- N 100 ------ 100*2 Jan '17 ___ 100*2 100*2
100*4 100*4
Equip trust 4HS..1917-1925 J - J 9914 ____ 100*4 Jan '17
2 97% 99*2
97*8
If Y Connect 1st gu 4 Ws A — 1953 F - A 97*8 Sale 97*i
S V N H 4 Hartford—
Non-oonv deben 4s.......... 1947 M- S
Non-conv doben 3 . 1 ____1947 M- S 57 ------ 71 N ov’ 16
57 ------ 68 Deo '16
1954 A -O
Non-conv deben 3>is
67
68 77*2 Deo '16
Non-conv deben 4s.......... 1955 J - J
6 67 75*4
67 Sale 67
67
Non-conv deben 4s.......... 1956 M -N
5 58
58 Sale 58
58
64
Conv debenture 3Ma........ 1956 J - J
100*2 92 99 110*2
Conv debenture 6s ............ 1948 J - J 100*2 Sale 99
77*2____ 79 Jan '17
79
79
Cons Ry non-conv 4s........ 1930 F - A
91*2 Jan '12
Non-conv deben 4s___ 1954 J - 3 ____ 80
79*2 Apr '16
Non-conv deben 4s___ 1955 J - J
Non-conv deben 4s___ 1955 A - O
Non-conv deben 4s___ 1956 J - J ____ 79*4
89
92*2 92 Jan T7 . . . . 92
92
Harlem R-Pt Ches 1st 4s . 1954 M -N
B * N Y Air Line 1st 4 s.. 1955 F - A 89*g------ 89 Nov'10
78*2 Jan '17 . . . . 78*2 78*2
Cent New Eng 1st gu 4 s.. 1961 J - J ____ 77
---- --------Hartford St Ry 1st 4s___ 1930 M - S —
105*2 May'15
Housatonlo R cona g 5s ..1937 M-N
87 July’ 14
Naugatuck R R 1st Is___ 1954 M -N
90*4------ 88 Aug '13
N Y Prov * Boston 4s. . 1942 A -O
74 Jan '17 . . . . 73*8 75*2
NYW'chesAB Istserl 4 H s ‘46 J - i ____ 70
N H * Derby cons cy 5a.. 1918 M-N 100*8 ____ 107 Aug’09
Boston Terminal 1st 4 s ... 1939 A -O
New England cons 6s___ 1945 J - J 108 ____
88 ____ 99i2 Mar'12
Consol 4s........................ 1945 J - J
68 69U Sept‘ 16
Providence Secur deb 4 s.. 1957 M - N 63
9978 Deo '14
Prov * Springfield 1st 58.1922 J - J
83*8 Feb '14
Providence Term 1 st 4s . . . 1956 M- 8
86 ____
W & Con East 1st 4>$ s... 1943 J 8 77*2 83
78
If Y O * W ref 1st g 4 s ... (/1992 M- S 77*4 78*2 7712
92*2 June’ 12
Registered $5,000 only. (71992 M- 8
80 Jaa '17 . . . . 77
70
81
General 4s...........................1955 J -D
80
82*2 85 Deo TO
Norfolk Sou 1st & ref A 5 s..1961 F - A 80
101 101
N orfA Sou 1st gold 6s.......... 1941 M -N 101 ____ 101 Jan 17
120 122
Norf A West gen gold 6s___ 1931 M- A 119*4 120 120 Feb '17 —
Improvement A ext g 6s .. 1934 F - A 120*2 ------ 122 Nov'16
New River 1st gold 6s___ 1932 A - O 118 119 120*2 Nov'16
92
93 Sale 93
10 93 97*4
N A W Ry 1st cons g 4 s...1996 A -O
Registered.....................1996 A - O ____ 96i4 94*2 Deo TO
92*4
3 92*8 93*8
Dlv'i 1st Hen A gen g 4s. 1944 J - J 92*2 93*4 92*4
132*4 133
10-25-year conv 4a........ 1932 J -D
136*4 Jan '17 ___ 13414 136*4
10-20-year conv 4s........ 1932 M- S
127*4
127*4 21 12012 135
10-25-yoar conv 4 > is ... 1938 M- S
5 90*2 94
Pocah C A C Joint 4 s ...1941 J - D 91 Sale 90*2 ’ 91
-O O A T 1st guar gold 5s. . 1922 J - J 102*2 ____ 103 Sept. 16
Bcio V A N E 1st gu g 4s. . 1989 M- N 91 's 92*8 93 Deo T 6
94*i 45 93*4 96*4
Nor Pacific prior Hen g 4 s . .. 1997 Q - J 94' i Sale 93*2
2 92*2 92*2
92*2
Registered......................1997 Q - J 92*2 Salo 92*2
31 05*4 69*8
60
General Ilea gold 3a_____ a2047 Q - F 66 Sale 65*4
------ G578 67*4 Jan '17 ___ 66*2 67*4
Registered...................a2047
91*4 92i,i 9178 Jan '17 ___ 9178 917g
8 t Paul-Duluth Dlv g 4s .. 1996 J
Bt P A N P gen gold 6 s . . . 1923 F - A 109*8' IIOI3 110*2 Jan '17 . . . . 110>4 110*2
109'" Oct TO
Registered certificates.. 1923
107 ____ 10'.■ Oot T 6
Bt Paul A Duluth 1st 5 s.. 1931
100 ____ 100 Jan T7 . . . . 100*2 100*2
2d 5s...............................1917
88 ------ 91*2 Sept'16
1st consol gold 4s.......... 1988
86*2 Deo '16
Wash Cent 1st gold 4s
1948
Nor Pac Term Co l s t g e a . . . 1933 J - J 109 110*8 111*2 Sept'16
86*2 85
85*8 id 85
87*8
Oregon-Wash 1st A ref 4 s...1961 J - J 85
96 Feb T7
95
96
90
99
Paclflo Coast Co 1st g 5s. . . 1946
08U 9D7S 100's Feb T7
Paducah A Ills 1st ? f 4*23..1955
99*2 101
90 u ____ OUT N ov’ 16
Pennsylvania R R 1st g 4 s ... 1923
Consol gold 5s............... 1919
10214 — 102*4 Jan '17
102*4 102*4
99>2 Fob T7 ___ 09*8 99*2
100 —
Consol gold 4s............
1943
25 99*4 100*8
100
99*4 Salo 99*4
Consol gold 4s..........
1948
1 10178 107*4
10478 Salo 10478
105*8
Consol 4 >48.........
1960
102
63 100 104*2
102 Sale 100
Oeneral 4 M s...................... 1965
2 97 97*3
97i2 Sale 97*2
AHeg Val gen guar g 4 s...1942
97*2
9414 ____ 9412 Sept'16
D R RRAB’ge 1st gu 4s g-1936
97*2____ 100 Jan T7
100 100
Phlla Balt A W 1st g 4s 1943
102 Jan '03
Sodus Bay A 3ou 1st g os.2924
Sunbury A Lewis 1st g 4 s.1936
U N J RR A Can gen 4s. 1944
100 ____ 99*3 Oot 'lfl
...............
Pennsylvania Co—
Guar 1st gold 44*8............. 1921
101 102*8 100*2 IOU4 11 100*2 102*4
10078 102 102*4 Jan T7
Registered..................... 1921
101*2 102*4
80*2 Jan ' 11
87
89
Guar 34*s coll trust reg A .1937
Guar 3,Hs coll trust ser B.1941
84t8 ____ 86*4 Jan T7
86*4 80*4
84 ____ 80*8 July lfl
Ouar 344s trust ctfs C___ 1942
Guar 3 44s trust ctfs D ___ 1944
85*4 861s 87*4 Dee 'lfl ___
____ 95*4 96*8 Jan T7
Guar 15-25-year gold 4s. .1931
95*2 97
40-year guar 4s ctfs Ser E.1952
92*4____ 93U Deo TC .III
Cln Leb A Nor gu 4s g__.1942
90*4____ 91 N ov’ lP
100*2 Jan 'lJ
Cl A Mar 1st gu g 444a...1935
ioo‘ *2 100*2
102 ____ 10378 Oot 'It . . . . .................
Cl A P gen gu 444s ser A ..1942
Series B........................... 1942
103*2____ 104 . Deo '1£
Int reduced to 344s..1942
86*2 ____ 91*4 Feb '12
8778 ____ 90>8 Oct '12
Series C 344s................... 1948
88*4____ 89U Feb '17
Series D 344s................. 1950
89*4 89*4
Erie A Pitts gu g 344s B ..1940
87*8___ 88 >g Oot 'If IIII
00*8 July'12 ___
Series C...........................1940
87*8
Gr R * I ex 1st gu g 4 44sl94I
____ 100 *! 100 N ov ’ lt ___
Ohio Connect 1st gu 4a...1943
941 3 ____ 93 M ay'll ___
102 ------ 109 May'K ___
Pitts Y A Ash 1st cons 58-1927
09 ____ 100 Deo 'U ___
Tol W V A O gu 444s A ...1931
Berios B 444s................. 1933
100*4 Oot 'It ___
90 . . .. 94 Apr 'If
Series C 4a..................... 1942
103*8 Feb 'I '
102*4 103*8
P C O A St Lgu 444s A ...1940
____103
102 Dec T ___
Series B guar................. 1942
______
Series C guar................. 1942
97*4 July’ l,
Series D 4s guar........... 1945
95*4____ 95*4 Oot ’ 1( ___
Series E 344s guar gold. 1949
95*4 Feb T" ___ 95*4 95*2
95*2 . . .

BONDS
N . Y . STOCK EXCHANGE
Week ending Feb. 16.

[V o l . 1 0 4 .
Price
Friday
Feb. 10.

Week's
Range or
Last Sale

Bid
Ask Low
P C C A St L icon.)
High
Series F guar 4s gold__ 1953 J - D 9534____ 95i4 Jan T4
Series Q 4s guar_______ 1957 M- N 9534____ 97 Jan T7
Series I cons gu 444s___1963 F - A
03 Jan '17
O St L A P 1st cons g 6 s..1932 A - O 107*2____ 107i2 Sept’ 16
Peoria A Pekin Un 1st 6s g ..l9 2 1 y - F 100 ------ 102 N o v’ 15
2d gold 444s.................... 61921 M -N
87*2------ 87 Mar’16
93*4 Sale 93
Pere Marquotto 1st Ser A 5sl958
93U
75 Sale 75
75
1st Series B 4 s ................. 1956
42 Feb '17
Philippine Ry 1st 30-yr 3 f 4s 1937 J - J ____ 48
109 Jan '17
Pitts Sh A L E 1st g 5s.........1940 A - O
113>4 N ov’ l l
1st consol gold 5s............... 1943 J - J
17
Reading Co gen gold 4s........ 1997 J - J 95 Sale 04*8
95
Registered..................... 1997 J - J 92*2 95
95 Jan '17
90
Jersey Central coll g 4 s...1951 A -O
90*2 95 Fob '17
Atlantic City guar 4s g ...l9 5 1 J - J
82
St Jos A Gr Isl 1st g 4s........ 1947 J - J 79
82 Jan '17
St Louis A San Fran (reorg C 07—
6834
Prior Lien ser A 4s_______ 1950 J J 68*4 Sale GG7g
85*4
Prior Hen ser B 5s________ 1950 J - J 85 Sale 8412
727S
Cum adjust ser A 6s........ 1955 J - J 72*s Sale 71
5111
53i2
52
53
Income series A 6s............. 1960 July
St Louis A San Fran gen 6S.1931 J - J 112*8 112*2 1121a Feb '17
104
General gold 5s______ 1931 J - J 104 105 101
78 May'16
St L A S F’ RR cons g 4 s..1998 J - J
72
75
General 15-20-yr 6s ___ 1927 M -N
75 Jan '17
77
Trust Co ctfs of deposit-----70
72
70
do
Stamped..
76 Deo '16
91*2
Southw Dlv 1st g 6s___ 1947 A -O
95ig Deo '16
J
J
Refunding gold 4s____ 1951
8334 Oot '16
80*4 M a r'll
Registered................. 1951 J - J
78*4
78*4
Trust Co ctfs of deposit.,
74*4 Sep '16
do
Stamped..
K C Ft S A M cons g 6s . . 1928 M -N 109*4 112 111 Feb '17
75 Sale 75
76
K C Ft S A M Ry ref g 4s. 1936 A - O
90 Sale 90
90
K C A M R A B 1st gu 63.1929 A -O
77*8 77*2 77*2
St L S Wjlst g 4s bond ctfs.. 1989 M -N
7712
64
64
2d g 48 incomo bond ctfs.pl9S9 J - J 63 7s 64
66*4 07*4 68
Consol gold 4s..................1932 J -D
08
1st terml * unlf 5s............. 1952 J - J 66*2 Sale 60l2
0012
98*4 Jan '14
Oray’s Pt Ter 1st gu g 6 s..1947 J - D
63^4 65*4 63i2
63*4
8 A A A Pass 1st gu g 4s___ 1943 J - J ____
101 10178 Oct T 6
8 F A N P 1st sk fd g 5s........ 1919 J - J
Seaboard Air Line g 4s........ 1950 A - O ____ 82*2 7978
7978
80 Sale 80
80
Gold 4s stamped........ ...... 1950 A - O
63
Adjustment 5s.................01949 F - A 62i2 Saie 61'8
66*4 67*2 6914 Feb '17
Refunding 4s.............
1959 A - O
Atl Birm 30-yr 1st g 4s..«1933 M- S 84*2 87
86I4 Jan '17
Car Cent 1st con g 4s.........1949 J - J
88 Jan '17
Fla Cent A Pen 1st g 5s__ 1918 J - J
99*4 Sep '15
1st land gr ext g 5a........ 1930 J - J 101 . . . . 101 Deo '15
103*4 Deo '16
Consol gold 5s________ 1943 J - J
102*4 N ov’ 10
Ga A Ala Ry 1st con 5s..ol945 J - J
102*8 Jan '17
Ga Car A No 1st gu g £s..l929 J - J 101
102
—
99U Aug '15
Seab A Roan 1st os.......... 1926 J - J
Southern Paclflo Co—
83
Gold 4s (Cent Pao c o ll)..*1949 J - D 83ig 84*2 83
90 Feb '14
R egistered__________ *1949 J - D
94
85*8
20-year conv 4s.................<71929 M- S 85*g Salo 85
101 240
20-year conv 6a_________ 1934 J -D 100*8 Salo 10018
78
90
Cent Pao 1st ref gu g 4 s .. 1949 F - A 90 Sale 88i2
Registered...............
1949 F - A
87>2 Sopt’ 16
89*a; 90
Mort guar gold 3 4*8--*1929 J -D
89*4 Feb '17
Through St L 1st gu 4s. 1954 A -O ____ 86*2 84 Feb *17
G II A 8 A M A P 1st 5 s..1931 M -N 101*2; 104*2 102 Jan '17
2d exten 6s guar.......... 1931 J - J 98 100 |100 Oot '16
Gila V O 4 N 1st gu g 5 s.. 1924 M -N
Hous E A W T 1st g 6s . . . 1933 M -N l o o ' 105" 10212 Jan '17
1st guar 5s red............... 1933 M -N 100 103 100 Oot '16
. _ 106*2
IOG'3
H A T C 1st g 5s lnt gu.,.1937 J - J 106
90
97
96I4 Deo '16
Gen gold 4s lnt guar__ 19211A - O
t. N
XT W
TIT dlv
,11., 1st
1„, g.. 6
flo
M .-N
XT 105 109 10912 N ov’ 15
Itrann
Waco A
s "111
’30 M
101*2 Deo '16
A A N W 1st gu g 5s........ 1941 J - J 100
Louisiana West 1st 6s____1921 J - J 105*a1 108*2 109 June’14
Morgan's La A T 1st 7 s.. 1918 A -O 100*2; 105*8 104*4 July'16
1st gold 6s.......................1920 J - J 103*2; 104*4 105 Jan '16
105 Oct '16
No of Cal guar g 5s........... 1938 A - O 107*a
Ore A Cal 1st guar g 5 s...1927 J - J 100 { 02**8 101 Feb '17
10712 Sept’ 16
So Pac of Cal—Gu g 5 s ... 1937 M-N 107*8
94*8
96 Jan '17
So Pao Coast 1st gu 4s g..l9 3 7 J - J
88 ' *89* 87*4
8 an Fran Terml 1st 4 s ... 1950 A -O ____
88
90
Tex A N O con gold 5 s ... 1043 J - J
95 N ov’ 10
So Pao R R 1st ref 4s........ 1965 J - J 92*a1 Sale 91*8
92'4
Southern— 1st cons g 5s____ 1994 J - J 101*81 Salo 100
IOU2
Registered___________ 1994 J - J ____ 102*8 IOOI4 Aug '16
73 ljl 73*8 73is
73i2 129
Develop A gen 4a Ser A . . . 1956 A - O
77'2 Jan '17
Mob A Ohio coll tr g 4 a ... 1938 M- S 786
101 Jan '1 7 ----Mem Dlv 1st g 44*8-5a.--1996 J - J 100
78
9
St Louis dlv 1st g 4a____ 1951 J - J 78*2 79*2 77'2
Ala Cen 1st g 6s................. 1918 J - J 101*4____
081;! 99*2
Ala Gt Sou 1st cons A 5s. .1943 J -D
Atl A Char A L 1st A 44*8 1944 J - J 93*2 95*2 90U Jan '17
101 102 101 Feb '17
1st 30-yr 6a ser B ___ 1944 J80*4____ 83*2 Jan '17
AtIA Danv 1st g 4s______ 1948 J 2d 4s...............................1948 J - J — . 81 ■ 81*2 Mar'16
75 Feb '17
Atl A Yad 1st g guar 4s__ 1949 A -O
10512 Deo '10
E T Va A Ga Dlv g 5s___ 1930 J - J 105
108 Feb '17
Con 1st gold 5s......... ...1 95 6 M- N 106*:
E Ten reor Hen g 5s........... 1938 M- S 100*2 101*4 101'2 Oot '10
00*2 Deo '16
Ga Midland 1st 3s............. 1946 A - O 60*2 60
Ga Pao Ry 1st g 0s_______ 1922 J - J 100 7s ____ 107 Feb '17
Knox A Ohio 1st g 6s ___ 1925 J - J 100
109*4 Jan '17
Mob A Blr prior Hen g 58.1945 J - J 10412 ____ 100 Sopt’ 16
82
Mortgage gold 4s......... .1945 J - J 74
71*4 May’ 16
Rich A Dan deb 5a atmpd. 1927 A -O 103*8____ 10312 Feb '17
73 Sept'12
Rich A Meek 1st gu 4 s ... 1948 M- N
So Car A Ga 1st g 5s......... 1919 M-N 100 *;2 10178 101 Jan '17
102*2 June’ ll
Virginia Mid ser D 4-5s.. . 1921 M- 8 101
203‘8 Aug '16
Series E 5s.....................1926 M- S 102
Series F 5a.......................1931 M- S 103* •»____ 104*2 Deo '10
General 5s...............
1036 M -N 100*4____ 108 Jan '17
Va A So’w’n 1st gu 5 s..2003 J - J 103 . . . 106*2 Feb '17
1st cona 50-year 5a__ 1958 A - O ___ - *901*2 91 Fob '17
93*2 94 Deo '10
W O A W 1st cy gu 4s___ 1921 F - A 93
90
90 Jan '17
Spokane Internat 1st g 6a__ 1955 J - J 93
__ - 101*8 101*8 Feb '17
Ter A of St I, 1st g 4 4ja........ 1939
1st con gold 5s........ 1894-1944 F - A ___ - 105 101*8 Deo '10
86*2 87*8 Feb '17
Gen refund a t g 4a_______ 1953 J -J 86
St I, M Bridge Ter gu g 5a. 1930 A - O ___ . 101 100U N o v '16
Tex A Pao 1st gold 5a______ 2000 J -D 100 *2101*4 101*4 Fob '17
64
70
04 Jan '17
2d gold lno 5a__________ }2000 M a r
89'4 Jan '17
La Dlv B L 1st g 5a........... 1931 J - J ___ . 93
W Min W A N W 1st gu 6al930 F - A ___ . 95 100'2 Nov’04
10358
___ 104*2 Jan '17
Tol A O C 1st g 5a................. 1935 J - J
Western Dlv 1st g 5s........ 1935 A -O ____ 10 1 *s 100 JaD '17
87
93
90
90
General gold 5a................. 1935 J -D
8212 gt
Kan A M 1st gu g 4a........ 1990 A - O
82*2
82*2
96*2 Feb '17
2d 20-year 5s................. 1927 J - J 94U 90
55 Nov'18
Tol P A W 1st gold 4a........... 1917 J 83'2
83*2
Tol St L A W pr lien g 3 Ha. 1925 J - J 8011 85
5978 59*2 Feb ’ 17
60-year gold 4a__________ 1950 A - O 59
18*8 Mar’00
50
Coll tr 4a g 8er A............... 1917 F - A 25
Tor Ham A Buff 1st g 4 s ..61946 J - D 8 Us 8412 83 Apr TO
Ulster A Del 1st con g 5 a ... 1928 J -D 100 IOOI4 100'8 Jan ’ 17
1st refund g 48................... 1952 A - O ____ 71*2 74 M ar'15
07
Union Pacific 1st g 4s______ 1947 J - J 97 Sale 9014
98*2 Jan '17
Registered___________ 1047 J - J ____ 98
9212
20-year conv 4s................. 1927 J - J 9212 Sale 02*4
921
lat A ref 4a____________ p2008 M- 8 91l2 Sale 91*2
93*2 95 J 0312 Feb '17
Ore RR A Nnv eon g 4a.. 1946 I -D

A- G

Range
Since
Jan. 1
Low High

97

97
103

103

93
75
42
109

95
77*4
42
109

94
95
95

9612
95
97

79>2 82

66

7118
83
88*4
70*4 76
55
50

112

103

112*2
104
75
72

78*4 78*4

111

75
90
77*2
64
67*2
06l2

1 1 1*8

79>a
90
80
6G*a
72
7Us

63*2 65
7978 82*2
80
827g
01*8 08
6914 7012
86*4 86*2

88

88

102 i( 102 *g
83
85
100

88*2

88
88*4

104i2
9378

89*4 9U2
84
87i2

102

102

102*2 102*2
100*2 106'2

101

10 1 7s

90

90
89*4

86*2

90*4 95
100 102*4
73lg 77
77*2 77«2

101

101*8

77*2 84

95*4 96U
103*4
83*4 84

101

75 * 75 "

108

ios*

10078 107
109*4 109*4

103*2 1041g

100*2 101*8
10778 108
106*2 106*2
00*2 9U2
96

96

86

88I2

100*4 101*8
100*4 102
04
64
89i4 89*4
104*8 10412

100 100

87
90
821a 83*2
0C*2 97*4
83 *2
81
59*8 60

100

100*4

96*4 10O
98*2 98*2
92
95*2
91*4 95*8
93
95

* No price Friday; latest bid and asked, a Due Jan. > Due Feb. e Due May. 9 Due Jdn0 ADue July, it Due Aug. 0 Due Oot. v Due Nov. * Due Deo. * Option sale.



New York Bond Record—Concluded—Page 4

F eb . 17 1917.1
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 16.

!a gl

Price
Friday
Feb. 16.

Week’s
Range or
Last Sale

Range
Since
Jan. 1

BONDS
Y. STOCK EXCHANGE
Week ending F'cb. 16.

IIIf

Price
Friday
Feb. 16.

649
Week's
Range or
Last Sale

Range
Since

Jan. 1 3?

Ask. Low
Union Pacific (Con)
Did
High
Low High
Bid
Ask Low
High N o. uloid High
Oro Short Lino 1st g 08 — 1922jF -A 107 1071s1106*4
108*4
106% 10812 Syracuse Lighting lat g 5a.. 1951 J -D 101 103 102 % N ov’ 16
1st consol g 5a------------ 1916 J - J 106 10 ; 106
106%
106 108% Syracuse Light A Power 5a. . 1954 J - J 84
00
85%
June'12
93% 93
Quar refund 4a------------1929 J - D 93
93
9212 9473 Trenton Q A El lat g 5a___ 1949 M - S 10 1 % ____ 10 1 % June’ 14
Utah A Nor gold 5a-----1920 J - J 101
102 MarUfl
Union Elec Lt A P 1st g 58. . 1932 M - S
101*2 Deo *16
1st extended 4s_____ 1933 J - J 93 100
90 Apr T 6
Refunding A extension 58.1933 M -N
101% N o v ’ lB
Vandalla cons g 4a Ser A ___ 1955 F - A 91
92
92
92
92
United Fuel Gas 1st a f 6s . 1936 J - J 98 100 100 Feb ’ 17
100 10 1 %
Consol 4a Serlea B ______ 1957 M -N
91
91%
Utah Power A Lt 1st 5a___ 1944 F - A
92
92
95 Sale 94
95
96%
Vera Cruz A P 1st gu 4 Hs. -1934 J - J ____ 87
Utica Elec Lt A P 1st g 5 s .. 1950 J - J
42*2 Aug '15
102 % Mar’ 15
Virginian l 8t 5s Series A ___ 1962 M -N
Sale
1957
J
J
Utica
Cus
A
Elec
ref
5a____
98-8
99
98*2
98% 100*2
103
101 Feb ’ 17
ilOl
101
Wabash lat gold 5a............. 1939 M -N
105 106 Feb ’ 17
105% 10678 Westchester Ltg gold 5s___ I960 J - D 104 1041; 104% Feb ’ 17
104% 106
2d gold 58......................... 1939 F - A 99% 100
Miscellaneous
99%
100
99% 100*4
Debenture Scries B ......... 1939 J - J 80
Adama Ex coll tr g 4a.......... 1948 M- 8
105 Oot ’ 16
79
83« 83% Feb ’ 17
I
83% 84*2
1st Hen equip s fd g 5a___ 1921 M- S 97
100 May’ 16
Alaska Gold M deb Gs A ___ 1925 M - S ------ 80
69 Feb *17
09
85
lat lien 50-yr g term 4a.. . 1954 J - J SO
80 Jan ’ 17
80
80
Conv deb 6s series B ........ 1926 M - S
78 Sale 78
78
111 72
84%
Det A ( U Ext 1st g 5s___ 1941 J - J 105
105% 105% Armour A Co 1st real est 4 Ha ’ 39 J - D
105*2 Fob ’ 17
93% Sale 93*2
94
61 i 93% 94%
80 A u g’ 12
Des Moln I)iv let g la . 1939 J - J
Booth Fisheries deb s f &• ..1926 A - O
90
92
92% N o v ‘ 16
70
77
Orn Dlv 1st? 3 He........... 1941 A -O
72*2 73% 76*2 Jan '17
Braden Cop M coll tr a f 6s. 1931 F -A
96
97
96*2 Fen '17
96% 98
84% 84% Bush Terminal 1st 4s.......... 1952 A - O
84% Jan ’ 17
Tol A Ch Dlv lat g 4s___ 1941 M- 8 S2*8 86
86
% 89
86%
86* 131 86*4 89
% Jan '17
%
Wab Pitts Term la tg 4 s____ 1954 J - D
2
Consol 5s............................ 1955 J - J
91%
91
91% 91%
2j 91% 93*2
1*2
Jan
’
17
1%
*4 %
Centaud Old Col Tr Co certs
Bldgs 58 guar tax ex____ 1960 A - O
8 S Sale 88
88%i 0 88 90*4
2 Oot '16
2
Columbia Tr Co certfs.-.
Chic UnStat’n lstgu 4 H» A 1963 J - J 9978 Sale 99*4
100 % I] 99% 101%
1% N ov’ 16
3
Col Tr ctfs for Cent Tr ctfa___ ,_____
Chile Copper 10-yrconv 7a.1923 M -N 126 Sale 124%
65 123% 132
126
%
Aug
*16
'4
2d gold 4 s ___________
1954:J- D
Computing Tab-Rec s f 6a_. 1941 J - J 87
87% 87
0 85*2 87*2
87%
’4 July’ ie
'4
Trust Co certfa...................... I------Granby C on sM S A P con 6a A ’28 M -N 105 107 105
13 104 109%
106%
83
80% 86 % Jan *17
85% 86 %
Wash Terra 1 lstgu 3H8___ 1945|F - A
S tam ped.......................... 192 s M -N 104% 108 105% Feb ’ 17
104 109*4
04
91*2 Aug '15
lat 40-yr guar 4a............. 1945 jF - A
Great Falls Pow 1st a f 5a..1940 M- N 100% ___ 102% Jan ’ 17
101 % 102 %
73% 7:t7s
71' 1
73
West Maryland 1 st g 4a___ 1952 !A - O 73
75*4 Int Mercan Marine s f 6s___I941 A - O 91*4 Sale 90*2
88*8 95%
91*4
105% Jan ’ 17
10 1 % 105*4 Montana Power 1st 5a A ...1943 J - J 99*4
West N Y A Pa lat g 5a___ 1937: { - J 103%
Sale 99
100
99 100*4
Gen gold 4a______________ 1943 A - O 84*2 86 % 80 Doo '15
Morris A Co 1st a f 4 Ha___ 1939 J - J
93% 93*4 93*4
93*4
93% 93%
42%
37 Oot 'I(i
Income 5a______________ 271913 Nov
Mtge
Bond
(N
Y)
4a
ser
2
.
.
1906
A
O
83 Apr *14
Wheeling A L E lat g 5s----- 1926 A - O 101*2 ____ 10112
I 0 1 t2
100% 10 1 %
10-20-yr 5s series 3.........1932 J - J
94 June’ 16
Wheel Dlv let gold 5a----- 1928 J - J
99*2 Oot ’ 16
N Y Dock 50-yr lat g 4 s . .. 1951 F - A 75
76
75 Jan ’ 17
75
75%
Exton A Impt gold 5a----- 1930 F - A 99%
99% Deo *10
Niagara Falls Power 1st 5s. 1932 J - J 102 ._ . 102 Feb ’ 17
101% 103
RR 1st consol 4s________1949 M- S
79
80
79*2
79*2
78% 82
Ref A gen 6a.................... al932 A - O 107 ____ 105*2 Oot '16
20-year equip a f 5a........ .1922 J - J
80 Hopt'lU
Nlag Lock A O Pow 1st 5s. . 1954 M- N 92
94
94% Jan ’ 17
94*2 94%
Winston-Salem 8 B lat 4a__ 1960 J - J
86 87% 88% Jan ’ 17
8 S % 88 % Nor States Power 25-yr 5a A 1941____
97% Sale 96%
97%
96% 99
WIs Cent 50-yr lat gen i s . . _1949 J - J 85*2 Salo 85*2
86
85% 887g Ontario Power N F 1st 5s. .1943 F - A ------ 93% 93%
93%
93*2 94*2
89% Jan ’ 17
Sup A Dul dlv A term 1st 4s ’30 M -N
80*2 88
88 91
Ontario Transmission 5s___ 1945 M - N
83
95
86 Sept’ 16
Street Railway
Pub Serv Corp N J gen 5a. .1959 A -O
9 1 Sale 90*4
91
23. 90*4 93
Brooklyn Rapid Tran g 5 s.. 1945 A - O 100*2 102 100ls Fob '17
100 % 10 1 % Tennessee Cop 1st conv 6a. .1925 M- N 88% 89 90 Jan *17 . . . 90 90%
75% Sale 75%
75%
1st refund conv gold 4s__ 2002 J - J
75*4 771.1 Wash Water Power 1st 5 s.. 1939 J - J
103*2 Jan ’ 14
6-year secured notes 5 s ... 1918 J - J 99% Sale 99
99%
99 lOUj
Wilson A Co 1st 25-yr s f Gs. 1941 A - O 10 1 % 102 101*2
101*4 10;,10I*2 103%
Bk City lat con 5s..1916-1941 J - J
10 1 % 10li2 Jan ’ 17
101% 1()178
Bk Q C o A S congu g 5 s.. 1941 M -N
95% OH, N ov’ 18
Manufacturing & Industrial
Bklyn Q Co A 8 lat 5s___ 1941 J - J
98 101 May’ 13
Am Ag Chera 1st c 5a...........1928 A - O 10 1 % 102 101*4
101*4
11 101*4 104%
Bklyn Un El 1st g 4-5S...1950 F - A 99% 100
99%
100
99*4 10U.
Conv deben 5a.................. 1924 F - A 101 Sale 99*4
101 I 33,| 99% 105
Stamped guar 4-5s.........1950 F - A
100 % 100% Fob '17
100
Am Cot Oil debenture 5 a ... 1931 M -N
94% 96
95 Feb ’ 17
94% 97*4
Kings County E lat g 4s. 1949 F - A ------ 84
85 Feb ’ 17
85
86% A m H IdeA L lata fg 6a___ 1919 M- S 103% 104% 103
103
103 104%
Stamped guar 4a.......... 1919 F - A ____ 84
85 Jan '17
85
87
Amer Ice Secur deb g 6a___ 1925 A - O
99% 100% 100
100
97*2 100%
Nassau Elec guar gold 4s. 1951 J - J ____ 73% 74% Feb *17
74% 74*2 Am Thread 1st coll tr 4s___ J919 J - J
98% 98*2 98% Feb '17
98*4 99*2
Chicago Rya 1st 5a.............. 1927 F - A
97 Sale 90*2
97 " " o 95% 97% Am Tobacco 40-year g 6a . . . 1944 A -O 119 120% 119
119
119 119%
Oonn Ry A List A ref g 4 He 1951 J - J 100 ____ 101% Feb ’ 17
101 % 101 %
Gold 4s.................. ........... 1951 f - A
83*2 87
85 Feb ’ 17
83*2 85
Stamped guar 4H s............ 1951 J - J 100 ____ 101% Feb ’ 17
101% 101% Am Writ Paper 1st a f 5 s ... 1919 J - J 88*2 Sale 88
88*2
86*4 90
Det United lstcon sg 4 H s .1932 J - J 83% Sale 83*2
84 " 2 5 83% 80*4 Baldw Loco Works 1st 5 8 ... 1940 M -N 103% 105 104% Jan ’ 17
104 104%
84 Jan ’ 14
Ft Smith Lt A Tr 1st g 5s___ 1930 M- 8
Beth Steel 1st ext a f 5s____1926 J - J 101 Sale 100
101
100 104
08
34 04*2 60%
Hud A Manbat 5s Ser A ____ 1957 F - A 05% Sale 04'2
lat A ref 5a guar A...........1942 M -N 100% Sale 100
100 %
99% 102
20 Sale
Adjust Income 5a________ 1957
10's
231* 121 19% 25*2 Cent Leather 20-year g 5 s .. 1925 A -O 101% Sale 101
10 1 %
100*2 103
N Y A Jersey 1st 5s______ 1932 F - A ____ 100*2 100 Jan ’ 17
100 100*2 Consol Tobacco g4 a ............ 1951 F - A
80 ____ 84% Oot ‘ 16
216
68*2 Salo 08
Interboro-Metrop coll 4^8.1956 A -O
0SI2
65% 73*2 Corn Prod Ref a f g 5a........ 1931 M-N
99 Feb ’ 17
98% 99
Interboro Rap Tran lat 5 s..I960 J - J 98% Salo 97
98*2 167 97
99%
1st 25-year a I 5s............ 1934 M-N
98*i 99
99
99
97% 99*2
Manhat Ry (N Y) cons g la. 1990 A -O
90*2 Sale 90*2
91
34 90*2 04
Cuban-Am Sugar coll tr 6s .. 1918 A -O 10 1 % 10 1 % 101*2 Feb ’ 17
101*2
102
Stamped tax-exempt..........1990 A -O
4 91% 04*2 Distil Sec Cor conv 1st g 5s. 1927 A -O
91%
91*4 93% 91*4
69*2 Sale 69
69*4
67*4 70
Metropolitan Street Ry—■
E
I
du
Pont
Powder
4
Ha__
1936
J
D
10 1 % ____ 103% 103%
103% 104*2
Bwav A 7th Av lat c g 68.1943 J - D 97
98*2 0934 Jan '17
99*2 100
General Baking 1st 25-yr 6s. 1936 J - D ------ 95
85 Mar’ 16
Col A 9th Av lat gu g 5s. .1993 M- S 98
99% 100 Jan *17 ___
99*2 100
Gen Electric deb g 3Ha___ 1942|F - A
80% 81% 80*2 Jan ’ 17
80
81%
Lex Av A P F lstgu g 5s. .1993 M- S ------ 99% 99% Feb ’ 17 ___
99*4 90%
Debenture 5a.....................1952 M - 8 106 Sale 105%
106
105 106*8
30 Mar’ 14
Met W S El (Chic) 1at g 43..1938 F A
111 Steel deb 4 He.................. 1910 A -O
92% Sale 91*2
92%
91*2 94
MIIw Elec Ry A Lt cons g 5a 1926 F - A 102 ____ 102U Oot 'le.
Indiana
Steel
1st
5s...............
1952
M
-N
103
Sale
101%
103
101
103%
Refunding A exten 4 H a .. 1931 J - J 9214 ____ 93 N o v '16
Ingersoll-Rand 1st 5a.......... 1935 J - J
100 Oot '13
Mlnnean St 1st cona g 5 s...l9 1 9 4 * J 100 ____
Int Agrlcul Corp 1st 20-yr 5s 1932 M -N
71*- 75
72 Feb ’ 17
72
75
J ____ 96
Montreal Tram lat A ref 58.1941
90% Jan ’ 17 __
06
96*4 Int Paper Co 1st con g 6a . . . 1918 F - A 100% Sale 100*2
100
%
100
102
J ------ 86
83% Aug ’ 16
New Orl Ry A Lt gen 4 H**- -1935
Consol conv a f g 5s...........1935 J - J
98% Sale 98%
98%
98% 100
J 99% ____ 100 D e o '10
N Y Munlclp Ry lat a f 5a A 1966
Lackaw 8 toel 1st g 5s.......... 1923 A -O
101% Sale 101
10 1 %
100*2 101 %
J 66*4 Salo 65*1
N Y Rya lat R E A ref 4a...1912
66*4 29 65 71%
1st cons 5s Series A ........ 1950 M- 8
94% Sale 94
95**>
93*2 99*2
30-year adj Inc 5a______al942 A -O
38 Sale 37>2
38
15 35*4 47% Liggett A Myers Tobac 7a.. 1944 A - O 127% 128% 127% Feb '17
127% 127%
N Y State Rya lat cons 4 Ha. 1962 M- N 82*2 85% 86 Jan '17
86 87%
5s........................................ 1951 F - A 101*4 Sale 10 1 %
102
101% 104%
Portland Ry lat A ref 5s____1930 M- N ------ 91
88*3 N ov’ 16
Lorlllord
Co
(P)
7a...............
1944
A
-O
127*2
129
127% Feb ’ 17
124% 127%
Portld Ry Lt A P lat ref 58.1942 F - A ------ 78% 78*2 Jan ’ 17 . . . . 77% 78*2
5s........................................ 1951 F- A 100 % 102 % 10 1 %
10 1 %
101 103
Portland Gen Elec 1st 5s. 1935
J
00>2 Feb ' 17
90*2 90*2 Mexican PetroILtdcon 6a A 1921 A -O 106% 109 106 Feb ’ 17
105*2 106
St Jos Ry, L .H A P 1st g 5s. 1937 M- N loo ____ 100 Feb *17
100
100
1st
lien
A
ref
6
s
series
C..1921
A
-O
106 109 106 Feb *17
105*2 109
9t Paul City Cab cons g 5 s.. 1937 J - J ____103*2 102*8 Oot TO
Nat Enam A Stpg lat 5 s.__ 1929 J -D
100 % 100
100
100 102
Third Ave 1st ref 4s............. i960 J - J 77 Sale 77
78
12 77 80% Nat Starch 20-yr deb 5s___ 1930 J* J 100
90 Sale 90
90
91
Adj Inc 5s........................ a m o A -O
67 Sale 64*2
67*2 50 64% 73% National Tube 1st 5s.......... 1952 M -N 101 % 102 101*2
101*2
103
Third Ave Ry 1st g 5a........... 1937 J - J ____106% 106*i
1 106% 108
100*4
N Y Air Brake 1st conv 6 s ..1928 M -N 102 J03 102 Feb '17
106
Trl-CIty Ry A Lt l s t s f 5 s ..1923 A -O 100 ____ 100
100
5 100 101
Railway Steel Spring—
undorgr of London 4 Ha___ 1933 J - J ____ 93
95*2 July’ 14
Latrobe Plant 1st a f 5 s.. 1921 J - J 100*4 101 100*4 Feb ’ 17
100 % 101
Income 6s ....................
19 4 8 _____ ____ 80 72 N ov’ lG
Interocean P 1st s f 5 s . .. 1931 A - O
98*2 99% 99% Jan *17
99*8 99%
Onion Elev (Ohio) 1st g 5 s .. 1949 A - O ____ 84
84 Oot ’08
Repub I A S 10-30-yr 5a a f . 1940 A - O 100*4 Sale 99%
100*1
99% 101%
18
United Rys Inv 5s Pitts las. 1926 M -N ____ 70
75*2 Deo T 6
Standard Milling 1st 5a___ 1930 M -N 101 Sale 100
101
7
99%
101
61*2 Feb T7
United RysSt L l 8tg 4a ___ 1934 J - J ____ 72
61
01*2 The Texas Co conv deb 6s . . 1931 J - J 104*2 Sale 104*2 105
24 104*2 106%
St Louis Transit gu 5a___ 1924 A - O
50 Sale 50
50
2 50 53 " Union Bag A Paper 1st 5a_.1930 J - J -----90
89*2
89*2
89%
93%
10
42
Onltod RRaSan Frs f 4 s ... 1927 A - O 41% Sale 38
101 34*2 40
Stamped............................1930 J - J ------ 89% 90
90
6 90 90%
Va R y A Pow 1st A ref 5 s..1934 J - J 90
93% 90*2 Feb T7 —
90
93*2 U S Realty A I convdeb g 5s 1924 J - J 50
59
59 Feb '17
55% 64
Gas and Electric Light
US Rubber 10-yr col t r 6a .. 1918 J -D 103% Sale 102*4
103% 61 102 104%
Atlanta G LOo lat g 5a.........1047 J - D 102*2 . . . . 103 Sept’ 15
U S Smelt Ref A M conv 6s. 19261F - A 103*2 105 105
106
11 105 109
Bklyn Un Gaa lat cons g 5a. 1945 M - N 104 106 107 Jan '17
107 107*2 U 8 Steel Corp— 1coup___ </1963 M -N 105*2 Sale 105*2
105% 126 105% 107%
Buffalo City Gas 1st g 5 a ... 1947 A - O
19%____ 54 Juno'13
S f 10-60-yr 5 s/reg........ dl903 M-N 105% Sale 105%
105%
2 105% 107
Clnoln Gaa A Eleo latAref 6s 1956 A -O
99% ____ 1001a Deo '18 ,
Va-CarChem 1st 15-yr5s___ 1923 J - D 99*2 Sale 99*2
99% 28 09 100%
Columbia C A E 1st 5a___ 1927 J - J ------ 88
88'2 Feb '17
Conv deb Gs.....................*1924 A -O ------ 102
88*2 90%
101
101
2 100 103
ColumDus Gaa lat gold 5s. .1932 J - J
07 Fob 'IS
West Electric 1st 5s D e c ... 1922 J - J 101*4 102% 102
102
3 101*2 102 %
Consol Gas conv deb 6s___ 1920 Q - F 117*4 Sale
117*4 32 116 129
Wcstlngh’se E A M notes 5s. 1917 A -O 100 % 101 101 Feb ’ 17
6 100% 10 1 %
ConsGasE LAP of Balt 5-yr 6s’21 M - N
100 Feb ’ 17
106 108%
Detroit City Gas gold 5 s...1923 J - J 100 % 10 1 % 10078 Feb '1
10078 101%
Coal & Iron
Detroit Gas Co cona lat g 5a 1918 F - A 101
101% Oot ’ 16
Buff
A
Susq
Iron
s
f
5s........
1932
J
96*2____ 96% Jan ’ 17
96-% 9 6 %
Detroit Edison lat coll tr 5s. 1933 J - J 105 Sale 1017*
105
10 1 % 105%
Debenture 5s.................. a 1926 M- 8 ------ 95% 93% Jan '17
93% 93%
lat A ref 5s ser A ______ h 1940 M- 8 ------ 10178 101 Feb ’ 17
101 10 1 % Col F A I Co gen s f 5s___ 1943 F - A ____ 90%! 96
Jan ’ 17
95% 97*2
Kq G L N Y lat cona g 5a.. 1932 M- 8
100% May’ 15
Col
Indus
1st
A
coll
5
s
g
u
...
1931
F
A
78% 80
77%
79
77% 80*4
Gas A Elec Berg Co 0 g 5a.. 1949 J - D i6o~
100 Feb *13
Cons Ind Coal Me 1st 5 s .. .1935 J -D
50 ____ 73 Mar’ 14
Havana Elec consol g 5s__ .1952 F - A 91 .
94 Feb '17
94
94
Cons Coal or Md lstAref 5s. 1950 J - D 93 Sale 93
93
'92”
94*8
Hudson Co Gaa 1st g 5s___ 1949 M -N 103 . . . . 103% Jan ’ 17
103% 103% Continental Coal 1st g 5 s .. . 1952 F - A
35 ____ 99% Feb ’ 14
Kan City (Mo) Gaa lat g 5a. 1922 A -O
9078 Dec ’ 16
Gr Rlv Coal A C 1st g 6s__M919 A - O ------ 94% 94% Mar’ 16
A
O
10
3
'
:
:
:
:
Kings Co El L A P g 5s___ 1937
105% Jau ’ 17
104*4 105% K a n A H C A C lstsf g 5s. .1951 J - J 46*4___
99 July’ 15
Purchase money 6*._ _ 1997 A O 116% 117 116% Jan ’ 17
116 116% Pocah Con Collier 1st s f 5s. 1957 J - J 95 Sale 95
95
94% 95%
Convertible deb 6a.......... 1925 M- 8 ____ 120
128 Oot *16
St L Rock Mt A P 5a stmpd. 1955 J - J 85*2 86*2 86 Jan ’ 17
86 86
Ed El 111 Bkn lat con :4 s . 1939 J - J 88
88% 88 Fob ’ 17 . . .
88 88
Tenn Coal ►.eu 5s...................1951 J - J 101 102 101% Feb *17
101% 103%
101%
101%
LaoOlus L o ( 8 t L 1 st g 59..tl91U Q - F ioo78 i n
101
%
102
%
Cah
C
M
Co
1st
gu
6
s___
1922
J
D
101 Deo *14
Ref and ext 1st g 5 s ..
1034 A - O 10078 Sale 100
10 1 %
100 102 % Victor Fuel 1st s f 5s_______ 1953 J - J
75
80 Dec '16
Milwaukee Gas L 1st 4a ” l927 M -N
93 Sale 93
93
93
93*4 Va Iron CoalACoke 1 st g 5s. 1949 M- S
85
85*2 85
85
87%
Newark Con Gas g 5a
" " l a m J - D 10-478 ____ 103% Doo ’ 16
N Y G E L n A P g 5 s ;: 1948
D ____103% 103%
103'
Telegraph & Telephone
103% 105*4
Purchase money g 4 a ... 1949 F A 81% 85% 81%
85
84%
88
Am
Telop
A
Tel
coll
tr
4
s..
.
1929
J
J
91%
Sale
90*2
91%
90*2 92%
E<1
1st cong j? 5a._ 11995 j
J 107 ____ 108% Deo ’ 10
Convertlbe 4s...................1936 M- S
98
98
98 101
N YAQ El L A P 1st con g 5a I93n F - A 100 % ____ 100*4 Aug *16
20-yr convertible 4 H*___ 1933 M- 8 11)4" 104% 104%
104%
103% 106%
Pacific O A El Co Cal G A E
30-yr
temp
coll
tr5
s........
1940
J
D
100*4 Sale 100 % 101
100 101 %
Corp unifying A ref 5 s . .. 1937 M- N 100 Salo 99%
100
99% 101
Cent Dlst Tel 1st 30-yr 5s. .1943 J - D 102% Sale I 02 *i
102 *t
102*4 103
Pa ilflo O A Egen A ref 5s__ 1942 J - J 91% 91*4 91%
92%
91% 9373 Commercial Cable 1st g 4s__2397 Q - J 73
77
73
N ov’ 16
Pac Pow A Lt 1st A ref 20-yr
Revistered........................ 2397 Q - J
71 May’ 16
6s Internat Series............... 1930 F - A
94%
Jan ’ 17 ----- 95
95
C u m b T A T 1st A *en 5a__ 1937 J - J 100 % 101 100*2
100 %
99% 101%
Pat A Passaic G A El 5a----- 19491M- s 100
_._t 99% Oot ’ 15 .
Keystone Telephone 1st 5s. .1935 J - J ____ 100
98 Apr *16
Peon Gas A C lstconag68._1943|A - o! - - .............115 Jan ’ 17 .
115 115
Metropol Tel A Tel ls t s f 5s 19 IS M -N 100 % 101 100
100
100
101 %
Refunding gold 5s------------1947 M- S 100 % 100%' lOUg Jan '17 .
1017s 102 % Mich State Telep 1st 5s___ 1924 F - A
99*4 99% 100
100
100 10 1 %
Registered...............— 1947 M- Si 7 - - ---------j 99 3ept'13 .
N Y A N J Telephone 5s g.1920 M -N 10 112 ____ 101*2 Jan T7
101
% 101 %
C hG -LA Coke lstgu g5s. 1937 J - J; 102% 103%! 103 Jan ’ 17 .
103"" 103% N Y Telep 1st A gens f4 H s . 1939 M-N
98*4 Sale 98
98*2
98 100%
C onO C o of Chi latgUgGs 1936 J -O 100%------ 1101% Jau ’ 17 .
101 % 101 % Pac Tel A Tel 1st 5s............ 1937 J - J 100*2 Sale 100*1 100 %
100 102
Ind Nat Gas A Oil 30-yr 5s 1936 M- N 90
91
92 Feb ’ 17 .
91
92
South Bell Tel A T 1st a f 5s. 1941 J J 99% 100*8 99*4
100%
99%
101%
Mu Fuel Gas 1st gu g 5 s.. 1947 M- N 100% .
101% Jan ’ 17 .
10 1 % 10 1 % West Union coll tr cur 5 a ... 1938 J - J 101 103 103
105 I
102 103%
Philadelphia Co conv 5a___ 1919 F - A ------ 100
09% N ov’ 16 .
Fd and real est g 4Ha___ 1950 M -N
94% 95
95
95
05 99%
Conv deben gold 5a...........1922 M- N
93% 95 I 94% Feb ’ 17 .
92% "04%
Mut Un Tel gu ext 5s___ 1941;M-N
99% . . .
101% Apr '16
Stand Gas A El conv s 1 6s . 1926 J - D 100 % 101 100 % 100 %
100 % 102
NorthwestTelgu 4 H 8 g ..l9 3 4 !J - J 93% . . . 94 N ov’ 16

•N o price Friday; latest bid and asied. aD ueJan. rfDue April. < Duo May. i Due June. (D ue July. tDuoAue. oDueOct. pDueNov. t Due Dec.




s Option sale.

BOSTON STOCK EXCHANGE—Stock Record See N ext P as*

650

SHAME PRICES—NOT PER CENTUM PRICES.
Saturday
Feb. 10.

Monday
Feb 12.

Tuesday
Feb. 13.

I Wednesday
| Feb. 14.

Sales
of the
Week
Shares.

Thursday
Friday
Feb. 15. | Feb. 16.

•
•
•
•
•160
•105
•130
*70
•

170*4
70
* 111 ___
*40*4 41*2
*212 ___
____________ * ___
4
4
____________ *___
30
30
____________ * ___
4
4
____________ *___
40
40
*150 155
155
*105 ___
*130 140
140
*71
72
71*2
*___ 131
133
_

•212

_

*99’ 100
•4 . . .

•

170
70

170*2
70
120
40*2

*99*2 100
*4*4 5
*23*2 25
39
40*2
*102 105
* ___ 125
33
34l2
*102 105*2
53
55
74
74

25

_

3934 41
♦102 105
•
125
♦31
34
•102 105*2
♦52
53
•72
74

170
70

* 111
40*4
*212

170
70

«.
*150
*105
*130
71
*127

40*4
4
30
4
40
55
.40
71*2
131

99
99*2
*4
*24
25*2
3734 3934
*102 105
124 [25
32
*31
103*2 10312
53
53
72
72

70
70
70
70
Last Sale lllF e b '17
40
40
4Mb 39
!13 213
Last Sale 4l2” May* 16
Last Sale 27*2 Jan’ 17
Last Sale 4*2 Nov’ 16
Last Sale 38 Feb’ 17
Last Sale 150 Jan'17
L05 ____ 107 107
Last Sale 135 Jan'17
71*4 71*4 71*2 7134
Last Sale 133 Jan’ 17
Jan'17
Last Sale 92
99*2 99*2 99*2 99*2
4
4
4*4 4*4
23
23
*23
25
37*2 38*2 363a 3778
101 101
* 102 105
122 125
124 124
31
31
*
52
52
53
70
70
72

90
*87
*84*2 86
84
99
98*2 99 100*2 99
2
2*8 *2
2*8
2
12*8
12
1131 12
11*2
•10 11*2
107*2 107*2
107
106 106
117*2 117*2 117 118
120
118
*118 120
124 1243s
12434 124 1243.1 124*2 125
124*4
47*i 47*4
48
♦47*4 4734
*47*4
967b 9678
96*2
963.i 9634 97
96
96*2
72
72
*71
...
*71
71
*71 . . .
*95
♦95 . . .
95*2 *95 . . .
92
923i 923S 95*2
94
913s 93
93*4
*54*2 56*2
555a
56
*55
60
1431 1434
*14
15
15
14*2
*9
10
9
*8*2 9
8*4
207
205
*206 210
20 s 205 208 205
*163
104*8 16334 164*4 164*4 164*4
16134 1613i
100*2
100*2
101
101
*100 101*2 *100 101*2
*100 101*2
89*2 89*2
*88 90
90
89*2 89*2 *88
88*2 88*2
79
79
79
79
79
79
80
*78
79
79
Last Sale 167 Feb117
*167 168 *166 169
*166 169
Nov’ 16
Last Sale l
•
____________ *___
1*8 1*8 *___
l's
Last Sale 11*8 Dec* 16
Last Sale 40 Feb’ 17
65
65
*55 .
*55 ___ *65
Last Sale 76 ” "Feb"’ 17
*76 ..
*76 ___ *75
120 121
121*2 1213_t 120 121*2 120 121
12H2 1217a
Last Sale 147 Jan’ 17
* ___ 142
*___ 142 *
137
Last Sale 112 Jan’ 17
*98 105
*90 101
*95 102
160 160*8
33
30
31*8 32
•31
33
31
31
32*2 31
15
*15
15*8
15
15*g *15
15'8 15
13534 1367s 136 136
*135*2 136
135*2 136*2 135 137
58
58
58
*50
58
58
58*2 *57
*31*4 32
32
*30
32
31*i 31*4 *31
137*4 139
<
136 137*2
137*4 138*2 138 138*2 138 139
55*2
55
5534 55
56
56
55*2 56
55*2 56
2934 293t 2934 30
30
30
2978 30
*29*4 30
1045a 105*2
10534 107
10534 106*2 105 10578 105 10578
1175a 1175S *117 117*2 "117 ll73i 117*2 117*2
117*2 117*2
67S 7
67S
7
678 7
7
7*a
678 678
*84
98*2
178
1134
106*2

*80
85
99 101
* 1*4 173

85
84
99*2 98*2
178 *178
1134 *11
107
107
120 117*2
12434 124*2
*47
48
9634 96*2
___
71
___
95
95*2 92
55*8 *54
14*2 *1412
9
8*4
205
208
104
164*8

s

*3
3*2
99
98
7*2 734
1
.99
61*2 62
35
36*2
65
65
13*2 13*4
178
*1*8
*43*2 44*2
78
78*2
549 549
22
•20
•5258 53
61
61*4
*2*4 2*4
6*a 55a
*13
13i2
7
7
86
•80
*40*2 42*8
16
16
*15a 2
60
60
•89
90*2
32*4 33
4*2 434
*312 4
13
13
*358 4
5*8 5*a
13
13
*2*2 3
3
3
81
81
♦23
2334
4*4 414
16
16
*23*2 24*2
•833s 84
778 7 %
2034 21
2*4 2*4
*2*4 234
*23g 3
69*2 59*2
83
83
19
19*4
87
88
*25*4 26
*79
80
*1*2 134

*3
3*2
97*2 98
7*2 73.
*.99
l*a
62*4 62l4
36
36*2

*3
3*8
99
99
7*2 71k

1

1*4

63
63
36
30
66*2 66*2 *64 66
13*2 1334 13*2 1334
1*2 1 *
13S 1 %
*4434 45*2 *44*4 45
7934
78*2 79
79
550 550
550 550

*20

22

*541a 5434
62
63
♦2*4 234
578
5?a
13*4 13*2
—
7*2
*7*4
85
*80
*40*4 41
1412 14*2
134 1*4
'
62
62
81
91
3212 32i2
*434 5
*3*2 4
*13U 14
*35a 4*2
5*2
*5*8
13
13
*2*2 3
234 278
80*2 81
*23*2 24
*4*4 4*2
16*4 16*4
*23*2 24
84
84
778 778
21
21

*20

21

54
54*4
62*4 63*2

2*2

53g
*13*2 1358
*7*4 7*2
*40*2
15*4
•Ha
62
91*2
33
47a
*3*2
13*4
*3»8

*53a

41*2
15*2
91*2
33
13*:

4*4

534

3*4
334
3
3
100 100
9978 100
7*2
734
7*2 7*2
*1
1*2
*1
1*4
62
62*2
62
63
35*2 36*4
3512 36
67
67
13*2 1334 " 13 ’ T #
13,i 2
13i 134
43
43
45
45
7934 80
79*4 80
550 550
550 550
*20
22
20
20
543.1
53*2 53*2 54
63*2 043,1
63*i 65
238 23a *238 23.i
5*2
5*2
53a 5*;
13*4 13*2 135a 1358
7*2
7*2
7*4 7*4
F e b ’ 17
Last Sale 84
*40
42
42*8 42*8
*1534 16*4 16*2 16*2
1®8 1%
*1*2 2
62
62
*62
63
*90*2 91*2
*90*2 92
33
33
33
33
*43.i
5
47S 5
F e b ’ 17
Last Sale
13
13*4
13
13
4
4
*3®a 4




*2*2
*2*2
803®
*233a
4*4
16
24
*84

13

534

534

*538

5»4

Highest

Highest

147 Boston A Albany............... 100
482 Boston Elevated.------------ 100
Boston A Lowell-------------- 100
219 Boston A Maine-------------- 100
9 Boston A Providence......... 100
Boston Suburban Eleo Cos..
Do pref_______________
Boston A Woro Eleotrlo Cos
Do pref..........................
Cblo Juno Ry A U 8 Y ...1 0 0
Do p r o f-----------------Connecticut River----------- 100
Fitchburg pref----------------- 100
Georgia Ry A EIco stampdlOO
Do p r e f..-__________ 100
53 Maine Central___________ 100
115 Mass Eleotrlo Cos............... 100
40 Do prof stamped----------- 100
3,361 N Y N H A Hartford.........100
10 Northern New Hampshire. 100
88 Old Colony......................... 100
215 Rutland, pref------------------100
1 Vermont A Massachusetts. 100
253 West End Street----------------50
260 Do pref.......... - ........... 100

170
69
105
39
212

Feb
Feb
Jan
Jan
Jan

6 175 Jan 11
9 79 Jan 19
22 119 Jan 9
30 43*2 Jan 8
24 213 Jan 30

Deo
6512 Apr
119 Deo
34 Aug
200 Aug
4i2 Feb
30 Dec
4 M ar
42 Fob
150 Oct
1021J Apr
123 Sept
69*4 Sept
122 Jan
z 86 Jan
98 Sept
4*2 Dec
26 Deo
60 Deo
97 Jan
134*4 Deo
20 May
100*2 Aug
x65 Sept
09 July

198 Feb
88*2 Jan
145 Feb
62 Feb
235*2 May
5 Jan
40*2 Feb
5*2 Jan
45*8 July
154 July
110 July
162 Feb
87 Feb
131*4 Deo
94 Deo
102 Jan
8*4 Aug
44 Aug
77*4 Jan
107 Sept
167 Feb
35*2 Deo
125 Mar
07*2 Jan
86 Feb

102 N ov
'105 Deo
3*4 Apr
16 May
125*4 Oot
124 Oct
134*2 Sept
56*4 N OV
101*8 Mar
79 N ov
101*4 Fob
147*1 Doo
72i2N ov
2578 July
13*a Jan
250 Mar
186 Oot
102i2 Sept
100*4 N ov
89 Feb
181 N ov
2*4 Jan
19 Apr
44 Fob
42 Doo
66 Deo
140 M ar
105 N ov
155*4 Nov
175 Oot
59 Oot
16*2 May
177 Oot
70 N ov
33 Mar
188% Allg
63*2 May
31 Sopt
12953 N ov
12234 N ov
13 Jan

172

2712 Jan

24

33 Feb
150 Jan
105 Feb
135 Jan
70 Feb
132 Jan
92 Jan
99 Feb
4 Jan
23 Feb
363s Feb
101 Jan
122 Feb
2434 Feb
103*2 Feb
51*4 Feb
70 Fob

5
5
3
15
1
15
29
14
4
16
16
25
16
2
14
1
16

10 Amer Agrloul Chemloal---100
317 Do pref......................... 100
1,270 Amor Pneumatlo Service.. 50
359 Do pref---------------------- 50
185 Amor Sugar Refining......... 100
58 Do pref..........................100
1,982 Amor Telep A Toleg........... 100
25 American Woolen of Mass. 100
391 Do pref......................... 100
20 Amoskeag Manufacturing
55 Do pref— ........... .......
3,532 Atl Gulf A W I S S Lines. .100
15 Do pref..........................100
75 Cuban Port Cem ent........... 10
240 East Boston Land-------------- 10
109 Edison Electric Ilium--------100
40 General Eleotrlo-------------- 100
22 MoElwaln (W H) 1st pref. 100
85 Massachusetts Gas C o s ... 100
45 Do pref----------------------100
100

84 Feb
98*2 Feb
13a Jan
8*4 Jan
105*2 Feb
117 Feb
123 Jan
40 Feb
94i2 Feb
70 Jan
95 Jan
90 Feb
55*2 Feb
13*4 Feb
8*8 Jan
19734 Jan
16l34 Feb
100 Feb
87 Feb
79 Feb
167 Jan

14 93*2 Jan
13 103i2 Jan
233 Jan
8
12*8 Jan
2
3 112 Jan
16 12U2Jan
12 128*4 Jan
47*4 Feb
97 Jan
16 74 Jan
31 97i2Jan
121*2 Jan
9 66 Jan
3 19 Jan
10 Jail
2
24 226 Jan
10 170*4 Jan
3 102 Jan
3 94 Jail
82 Jan
9 169 Jail

26
64 Apr
27
95*2 Mar
9
34 Deo
16
7 Deo
27 106 Apr
24 1 1412 Mar
25 123 Doc
15
42 Aug
27
92 Jan
3
66 Jan
5
98 July
22
27 Jan
4
42 Jan
2
(08*8 Apr
22
8*4 Deo
4 225 Deo
10 159*4 Apr
18
95 June
6
79 Sept
26'
78 Sept
31 155 May

100
100
100
100
100
100
100
50
10
100
25

38 Jan
30 Jan
GO Jan
120 Feb
144 Jan
112 Jan
160 Feb
30 Feb
14 Jan
133 Feb
55 Feb
30% Fob
1341a Feb
55 'F eb
29*4 Jan
9938 Feb
1Kill Feb
65a Feb

20 40 Jan
9 05 Feb
10 70 Feb
14 124 Jan
16 147 Jan
11 112 Jan
15 Ktol.l Jan
15 46 Jan
15*2 Jan
25
3 150 Jon
3 63 Jan
8 53 Jan
0 154*2 Jan
9 58*4 Jail
2 30 Jail
3 1153a Jan
2 121 Jan
878 Jan
3

17
15
8
4
19
11
25
3
6
2
6
4
22
3
11
4
27
20

M iscella n eou s

Do pref.
lew Eng Cot
Do p re f...

27*2 Jan 24
38 Feb
150 Jan
108 Jan
135 Jan
74 Jan
133 Jan
92*2 Jan
100 Jan
434 Jan
27*2 Jan
5284 Jan
101 Jan
135 Jan
34*2 Feb
110 Jan
56 Jan
74 Jan

26 Pullman Company...
500 Punta Allegro Sugar .
175
245
41
13 Do pref.
.100
681
25
966
25
124
4,099 U S Steel Corporation.. .100
22 Do pref----------------- 100
2,295 Ventura Consol Oil Fields. 5
Mining
3 Jan 12
25
115
25 94 Feb 3
150
10
6*4 Feb 8
863
25
.99 Feb G
750
25 58 Feb 3
375
25 3034 Feb 3
1,630
25 65 Feb 8
71 Do pref..
5 103a Feb 3
1,160
1*2 Feb 13
10
1,705
393i Feb 2
10
30
10 73*2 Feb 3
649
25 525 Feb 3
45
19 Feb 3
25
5
5 53 Jan 6
150
5,020 Copper Range Cons C o .. 25 57 Feb 3
20
2% Feb 8
185
10
478 Fcb 3
1,725 Davis-Daly Copper .
12
Feb 3
10
590
7 Feb 1
25
173
100 80*2 Feb 5
100 42 Feb 5
10
14*2 Feb 13
. 25
67
lfy Feb 10
25
280
. 1
53 Jan 2
457 Island Creek Coal..
. 1 89 Feb 5
110 Do pref..........
25 29*2 Feb 3
225
5
107
25
3*2 Feb 1
25
11 Feb 2
145
25
3*8 Feb 3
15
5
5 Feb 9
240
11 *2 Feb 5
25
1,285
2*4 Feb 3
25
455
2*2 Jan 10
25
140
25 77 Feb 3
170
. 5 2134 Feb 2
25
860
. 5 14 Jan 27
3,610
.100 22 Jan 25
8r New River Company76 Jan 24
.100
160 Do p ref________773 Feb 10
. 5
955
. 15 20*4 Feb 2
765
.
25
1 Feb 13
100
. 25
120
2*a Jan 12
. 25
25 55 Feb I
712
25 78*2 Feb •'
108
.
10
17'a Fob :
1,655
25 84 Feb :
120
10
35
74i. Fob :
150
8,790
712 Feb !
1,185
10 20*2 Feb *
4*8 Fob 1(
. 25
360
13*4 Feb 5
_ 25
245
5 Feb 2
. 10
1,275
47 Feb 2
3,469
4
Feb
21
735
1*2 Feb 15
1,620 Tuolumne Copper,
52 Feb 3
. 5(
95 r S Smelt Refln A
(Ml 50 Fqb
107 Do pref______
1
2*2 Feb 1C
625
16*2 Feb
.
3,284
310
705 Utah Metal A Tunncl120
740
3 0 ____________________
..2 5
1
1 Fob 1
5 5 0 W v a a d o t t ..............................
251

123.1 13*8 13*4 13*2
2*8 2*2
278 278
e4
4
3*2 4
80*2 80*4 80*4 *80*2 81
2334
Last Sale 23*2 F e b ’ 17
4
4
4*4
4
4i2
17*4 16*2 1678 1534 163s
21
24
24
85
85
84
84
85
8
8*8
8*4 8*4
778
8*4
2038 21
2034 21
2034 21
*13i 2
*13_i 2
*13.1
1
1
2*4 2*4 *2*4 2*2
*2*4
2*2 *2*4
*238
*23a 3
Last Sale 23g Feb’ 17
62
62*2
60
60*2 6038 60*2 60*2 62
86
86
83
85
86
86
86
86
19*4
19
1912 19*2 1934 19*2 193.1 19
91
91
91
88
88
*88*2 90*2 91
26
26
*25*2 26
*25*2 26
*25*4 26
80
*79
80
80
80
80
81*2 80
134 134
1*2 1?8
1*2 15s
lMi 1*4
8*2
8*8 8*4
8 *a 8*4 8*s 83s
8*2 8*2
2634
Last Sale, 26*2 Feb’ 17
*26
*26
27
*25*4 26
4*a 4*8
4*2 *4*4 4i2
4*4
*4*2 5
4*2 4*2
14*2
14
•14
14
14*4 14*2
1412 14*2 * 14
1412
6
6*4
6*4 Mb
6*4 63a 6*8 6*8 6 6*4
5734 56 57
55
56
56
57
56*2 56*2
57
4
*4
4*2
4 4
43s 438
4*4 4*4
1*4 13i
16a 178
1*2 1 *
1&8
134 1*8
134
55
55
56
56
55 56*4 *54*2 55
♦55*4 56*4
51
51
50*2 50*2
50*2 51
*50*2 51
50*8 50*a
2 % 25a
2*2 2*2
2l2 2*2
2*2 2*8 *2*2 25a
173.1 19
18
18
19*4 20*2 1912 20*2 19*2 20
106 106*2 107*2 108
107*4 107*4 ►106*2 107
*106*2 107
533 538
5*4 5*4
5*a 5*2;
*5*4 6*2
5*4 5*4
5*4 5*4
5*4
6*4! 5*8 5*8 *5*4 5*2
*5
5*4
43a 438
4*2 4*2
4
4*2
*4
4*2
4
4*2!
47*2 47*2 *47*2 48*2:
♦47
48
*47
48*2' 48
48
*13s 134
1
1*4I *1
1*2'
*1*8
1*2 *1*8___ 1*2^
• Bid and ashed prices, a Ex-dlvidend and rights, e Assessment paid, h Ex-rights,
1278

Range for Previous
Year 1916

Range Since Jan. 1.

ST O C K S
BO ST O N ST O C K
EXCHANGE
R a ilro a d s

170*2
69*2
•111
40*2

[V ol . 104

x Ex-dlvIdcnd.

to Half-paid.

5
5
27
18
8
17
9
6
10
9
2
25
6
13
15
16
6

35 N ov
23*2 Jul v
50 Jan
120*4 Deo
102*8 Jan
102 Deo
158*2 Apr
35*2 Deo
15 Feb
125 Feb
35 Jan
28 Jan
136*2 Jan
50 June
28*2 Jan
7934 Mar
115*4 Feb
638 Sept

4l4 Jan 2
1»4 Feb
108 Jan 2
91 Aug
111 , Jim 2
10 Deo
u , Jan 2
34 May
56 Deo
0,3 Jim 3
4 1 i4 Jan 20 29*2 July
73 Jan 3
60 July
ISIhJim 4
7fa July
2*4 Jail 26
11, Allg
52 Jan 26
42 Deo
85*4 Jan 26
00 Juno
505 Jan 22 610 Doo
27*4 Jan 16
14 July
56 Jail 17
46 July
68 Jail 17 54*2 July
3 Jan 12
2 July
7 l2Jan 16
434 Deo
10 Jan 3
11*2 July
834 Jan 2
6 Juno
92 Jan 17
79 July
34*4 Juno
46l2 Jail 3
20*2 Jan 19 10*2 Juno
3 ioJan 4
2 July
70*2 Jan 25
42 Sopt
92*2 Jan 19
88 Jan
36 Jan 18
25 July
3*2 Mar
5 Fob 15
2*4 Feb
434 Jan 27
18 Jan 2
9*4 July
5 Jan 16
3U July
6*2 Jan 16
1*8 Aug
15*2 Jan 17 10 July
3*2 Jan 6
2 July
e l Feb 10
1*2 Jan
98 Jan 3
77*2 July
25 Jan 26
15 Jan
4*4 July
0 Jan 2
9 July
17*4 Feb 14
20 Deo
28 Jan 31
77 Doo
83 Jan 31
6 Mar
8^4 Jan 2
20 July
24 Jan 4
.50 June
23.i Jan 3
278 Jan 12
1*8 July
3 Jail 31
1*4 July
6534 Jan 17
59 Deo
89 Jan 2
70 July
ll* 2 Mar
23% -bin 4
92 Jan 31
81 July
28 Jan 4
2034 June
01*2 Jan
89 Jan 2
1*4 July
2 Jan 2
7 July
10 Jan 5
28 Jan 22
24*4 July
4 Aug
0*4 Jan 2
12*2 July
16 Jan 6
8*4 Jan 0
1*2Jan
35 Aug
4*4 July
6 Jan 4
.15 Jan
2 % Jan fl
54's Jnn
673.1 Jan -1
49 Feb
52i, Jim -1
2% Deo
3*4 Jan 2
12*2 Jan
201, Fob 14
75 Jun
111 Jim 3!
fiSg.Iim 1(
5*4 Deo
2*4 Jan
ii Jnn
3*4 Ma
5% Jan 2r
49 Jail
45 Oot
l*a Auk
2*8 Jan

578 Doo
125*2 N ov
26*2 Jan
2*2 N ov
83*2 N ov
97% Apr
861a N ov
18 N ov
5*2 Feb
105*4 Mar
101 N ov
640 N ov
27 NOV
733a N ov
87*4 N OV
378 Mar
7*4 Deo
20 N ov
13*4 NOV
120 N ov
55*4 N ov
23*2 N ov
0*2 N OV
73*4 Deo
93*2 Deo
43 N ov
538 May
8 Apr
19*2 Feb
6*2 N ov
9 N ov
19*2 N ov
5 Feb
4*4 N ov
108 N ov
33*2 N ov
10*4 Jan
24*4 Jan
31*8 Nov
93*4 Nov
9*4 N ov
32*2 N ov
4i2 Jan
278 Apr
4 Jan
83 N ov
105 N ov
23*4 Deo
109*2 N ov
36*4 N ov
110 N ov
378 Jan
12*2 Feb
40*8 Feb
8*2 Jan
28*2 Jan
8*4 Oot
66*4 Jan
12*4 Jan
2*2 Deo
81% N ov
53*4 Apr
6*8 Apr
3012N ov
127*8 N ov
llia M a r
8*2 N ov
8*4 N ov
67*2 Feb
2>i VeD

F eb .

THE CHRONICLE

17 1917.]

651

Outside Stock Exchanges

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

Stocks— (ConcVd) Par.

B o s to n B o n d R e c o r d . —
t o n

S t o c k

E x c h a n g e

F e b .

T r a n s a c t io n s

1 0

t o

F e b .

in

1 6 .

Friday
Last Week’s Range Sales
Sale.
of Prices,
for
Price. low. High. Week.
-1924
1929
ts.._
Atl G & W I SS I. 53. .1959
1940
4s.
1940
1934
1931
1951
1932
1934
1931
Swift & Co 1st 5s__ 1944
United Fruit 4 H s--- 1923
68. 1932

100
1004*
91
914*
100 101
794* 80
1014* 1014*
87
87
834* 8344
93
93
77
77
1014* 10144
804* 804*
90
90
1014* 1014*
985* 984*
105
105
100 100

10044
101
794*
1014*

804*

l6 6 ~ l

C h ica g o S to ck E x ch a n g e. —
tio n s a t C h ic a g o

S t o c k

I n c lu s iv e , c o m p ile d

E x c h a n g e

fr o m

th e

tr a n s a c tio n s
1 0

to

o ffic ia l

s a le s

d o lla r s

p e r

a r e

p e r

c e n t

a t

h e b .
lis t s ,
s h a r o ,
o f

p a r

Stocks—

th o
1 6 ,
is

g iv e n

not

p e r

lis t s , is a s

fo llo w s :

Low.

High.

435

410
1344*
39
60
81
24
60
69
19
134
1084*
965*
119
98
33
69
83
116
824*
285
164*
295
129
1714*
88
102
14*
1074*
100
300
1104*
211
784*
50
90
1325*
169
274*
73
58
1024*
1154*

Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Fob
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Jan
Jan
Jgn
Jan

934*
91
99
68
GO
40
1014*
1014*
1014*
985*
68
68
97 4*
100'*
954*
101
1015*

Jan 94 4*
Feb 934*
Feb 995*
Feb1 705*
Jan 604*
Feb 444*
Jan 102J*
Jan 1035*
Feb 1035*
Jan 1004*
F’eb 704*
Fob 68
Jan 98
Feb 1024*
Fob 904*
Feb 102
Jan 1034*

T h e

Feb
136
Jan
675* Jan
69
Jan
86
Jan
35,4* Jan
70
Jan
71
Feb
25
Jan
1424* Jan
1154* Jan
Jan
•100
1304* Jan
101
Jan
34
Jan
784* Jan
90
Jan
118
Jan
885* Jan
300
Jan
20
Jan
335
Jan
132
Jan
1774* Feb
106
Jan
1465* Jan
54*
114
Jan
1024* Jan
340
114
239
101
Jan
524* Jan
Feb
95
150'/* Jan
199
Jan
344* Jan
75
Jan
08
Jan
106
Jan
1175* Jan

c o m p le t e

fo r

b o n d s

th e

fr o m

fr o m

s t o c k s

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High Shares.
119
110
954* 96
102
102
56
56
45
45
63
03
68
68
254* 26
8 4*
84*
28
30
124* 13
164* 174*
8144 84
714* 745*
2544 26
45
454*
53
53
574* 574*
95
95
544* 55
38
384*
41
41
324* 324*
284* 29 4*
81
81'/*
904* 924*
4 5-10 44*

Wm Cramp & Sons..
York Railways, pref.
Bonds.
Allegheny Val gen 4s
Amer Gas & Elec 5s.
do
small___
Chester & Phlla 5 s ..

P i t t s b u r g h
P it t s b u r g h

th e

a r e

a ll

q u o t a t io n s

13 110
14 954*
65 100
10 55
25 45
5 604*
8 67
106 254*
10
84*
22 28
160 1244
3,480
15
074 794*
512 714*
485 21
245 42
3 53
3 5044
35 05
2,645 54
190 38
38 41
3,197 32
3,475 28
50 804*
191 89
3,940 4 3-16

High.

Fob 120
Feb 08
Feb 102
Jan 58
Jan 454*
Feb 674*
Feb 704*
Feb 2744
Feb
84*
Feb 31
Feb
14
Feb 2144
Feb 85
Feb 794*
Feb 274*
Feb 474*
Feb 54 !*
Jan 574*
Jan 90
Feb 574*
Fob 414*
Jan 43
Feb 344*
Feb 344*
Jan 84
Feb 103 4*
Feb
45*

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1 0

t o

E x c h a n g e .—

$1,000
4,000
700
5,000
4,000
16,000
300
8,000
3,000
4,000
6,000
4,000
1,000
1,000
1,000
11,000
20,000
4,000
4,000
1,000
1,000
74,800
67,200
3,600
1,000
23,000
1,000
1,000
1,000
1,000
1,000
5,000

R e c o r d

F e b . 1 6 , c o m p ile d

o f

fr o m

American Sewer P ipe.. 100
Am Wind Glass Machine..
Preferred__________ 100
Cable Consol Mining___ 1
Caney River Gas.......... 25
Citizens Traction_____ 50
Columbia Gas & E lec.. 100
Crucible Steel com___ 100
Gold Bar Mines__________
Ilarb-Walker Refr, pf.100
Independent Brewing...5 0
Preferred................. ..5 0
La Belle Iron Works__ 100
Preferred__________100
Lone Star Gas________ 100
Mfrs Light & Heat_____50
Nat Fireproofing pref__ 50
Ohio Fuel Oil.......... ......... l
Ohio Fuel Supply______25
Oklahoma Natural Gas.100
Plttsb Brewing com___ 50
Preferred___________ 50
Pitts Cons M, M A T .. .1
Plttsb Jerome Copper ..1
Pitts A Mt Shasta C op p.. 1
Pitts Oil A Gas_______ 100
Pittsburgh Plato Glass. 100
Pittsburgh Steel, pref.. 100
Pute Oil common........ . .5
Ross Mining A Milling__ 1
San Toy Mining............... l
Union Natural Gas___ 100
U S Steel Corp com___ 100
Wcst’house Air B rake..50
West’house Elec & M fg .50
Rights______ _________
W Penn Tr A W P, pref 100
Bonds.
Columbia Gas A El 5s.1927
Plttsb Coal deb 5s. ..1931
West Penn Rys 5s___ 1931

Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb

Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

984*
974*
97
98
101
84
86
104
88
99
564*
914*
91
102
1064*
1044*
1074*
102
904*
107
934*
1024*
1024*
1024*
1134*
965*
934*
07
994*
102
73
994*

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

t r a n s a c tio n s

o f fic ia l s a le s

a t

lis t :

Range Since Jan. 1.
Low.

115 17
184* 194*
50
51
10C 48
108 108
1C 103
6c
0c
2.50C
5c
444* 45
125 *434*
55
55
10 54
39
275 354*
40 4*
65
664*
15C 65
35c 3.5o
35c
2,200 31c
104
104
104
20 104
3 4* 34*
1,172
3
34*
154* 16
225
154*
7544
754* 70
135 714*
125
125
50 124
93
94
20 904*
16 4
395 634*
655*
154* 16
75 154*
2044
195* 21
2,970
175*
51
524*
544* 17,111
435*
95
95
95
258 *95
34*
10
34*
34*
17
175*
265
17
80 10c
So
1.800
8c
100
90c 1.10 7,950 65c
750
73c
90c 48,600 50c
124*
1,225
11
114* 124*
130
1304*
30 129
x 99J* *994* *994*
18 *994*
204*
195* 205*
1,826
195*
24o
22o
24c
2,900 20c
15c
15c
700
13c
183
183
50 180
105 105
50 102
148
1475* 150
165 1475*
5044
212 464*
504* 52
4*
5* 3,946
4*
70
165 70
V0 4*
89
89
995* 100
1004* 1004*

High.
Jan
64* Feb
Feb 474* Jan
Jan 226
Jan
Feb 91
Feb
Feb 1154* Jan
Feb
95* Jan
Feb 534* Feb
Feb 80
Feb
Feb 864* Jan
Feb 39
Jan

98
96
96
98
994*
82
85
103
834*
974*
50
90
90
1004*
105
102
1054*
10145
884*
106
90
1014*
1014*
102
1124*
944*
934*
954*
995*
1015*
724*
974*

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

Stocks—

High.

Jan
Feb
F’eb
Jan
Feb
Jan
F’eb
F’eb
Feb
Feb
Jan
Feb
F’eb
F’eb
Jan
Jan
F’eb
Jan
Jan
Jan
F’eb
Feb
Feb
Feb
Feb
F’eb
F’eb
F’eb
Feb
Jan
Feb
Jan
F’eb
Feb
Feb
Feb
Jan

.$1,000 874*
2,500 99
1,000 100

19 4* Jan
G2
Jan
1244* Jan
7c
Jan
474* Jan
55
Feb
47
Jan
684* Feb
39c
Jan
109
Jan
34* Jan
174* Jan
824* Jan
1284* Jan
96
Jan
68
Jan
174* Jan
22
Jan
56
Jan
100
Jan
44* Jan
184* Jan
15c
Jan
1.55 Jan
1.20 Jan
13
Jan
1334* Jan
102
Jan
224* Jan
28c
Jan
16c
185
Jah
1154* Jan
15745 F’eb
55
Jan
4* Jan
704* Feb

Feb 91
Jan 100
Jan 1004*

Jan
Feb
Feb

x Ex-divldend.

B a ltim ore S to ck E x ch a n g e . —
tr a n s a c tio n s
to

F e b .

lis t s ,

is

1 6 ,

a t

s h a r e ,

not

o f

v a lu e .

p a r

Stocks—

th e

b o t h

g iv e n

Range Since Jan. 1.
Low.

98
964*

S t o c k

F e b .

Low.

1,725
64*
54*
17C 43
434*
225 4*
26 223
91
509 874*
1074* 11,210 994*
94*
40
94*
534*
15 504*
80
1 80
78
535 66
37
47 36

98
98
96
96 4*
964* 9644
98
98
98
994* 100
834* 834*
80
80
Harwood Electric 6 s.. 1942
1034* 104
Kentucky Trac & Term 5s.
875* 874*
Keystono Telep 1st 5s. 1935
984* 984*
Lake Superior Corp 5s 1924
52
52
Leh Val gen cons 4 s ..2003 904* 904* 914*
Registered 4s.......... 2003
90
90
Gen consol 4 4*8____2003
1004* 1004*
Lehigh Val Coal 1st 5s 1933
10644 10644
Penn RR gen 444S...1965 102
102
1024*
Consol 44*s............ 1960 1054* 1054* 105 4*
Philadelphia Co 1st 5s.1949
10144 1014*
Cons A coll trust 5s. 1951
90
90
90
Phlla Elec tr ctfs 5 s.. 1948
106 106
Trust certlfs 4s___ 1950
90
90
Interim ctfs for 1st 5s ’66
1014* 102
1st 5s (temp rects).1966 101J* 1014* 1024*
do
small_________
102 1024*
Phlla & Read Term 5s. 1941 --------- 113
113
Reading gen 4s_____ 1997
04 %
944* 944*
Registered 4s_____ 1997
9344 934*
J-C collateral 4 s ...1951
955* 954*
Schuylkill Rlv E S 4 s.1925
994* 994*
Spanlsh-Amer Iron 6s. 1927
102
102
Unit Rys gold tr ctf 4s. 1949
724* 724*
Welsbach Co 5s.......... 1930
974* 974*

r e c o r d

E x c h a n g e

c o m p ile d

P r ic e s

tr a n s a c ­

Range since Jan. 1.

S t o c k

F o r

o f

v a lu o .

American Gas of N J..100 116
American Rys, pref__ 100
954*
Baldwin Locom, pref. .100 102
Buff* SusCorp pf y t c.100 50
Cambria Ir o n ................ 50
Elec Storage Battery.. 100
General Asphalt, pref__ioo
Insurance Co of N A __ 10
20
Inter-State Rys pref___ 10
844
Kentucky Securities... 100
Keystono Telephone___ 50 -------Lake Superior Corp__ 100
Lohlgli Navigation........ 50
84
Lehigh Valley.................50 714*
Lehigh Valley Transit..50
^ P referred .................... 50 45 5*
Little Schuylkill.......... .50 ___ _
Mlnehlll A S I I .............. 50
95
Pcnnsyl Salt M fg ..........50
Pennsylvania..................50 644*
Philadelphia Co (Plttsb) 50
Pref (cumulative 6% ) 50 41
Philadelphia Electric__ 25
324*
Phlla R T vot tr rccts..50
2844
Philadelphia Traction..50
814*
Reading---------------------- 50 91
Tono-Bolmont Dovel___ 1
44*




b e lo w .
c e n t .

Jan

1004*

1 0 t o F e b . 1 6 , b o t h

F o b .

in c lu s iv e ,

6
64*
43
43
______ 225
91
874*
1054* 104 4*
94*
534*
534*
80
78
70
38
36

High.
Jan
104
924* Jan
102
Jan
854* Jan
1024* Jan
87
Jan
84
Feb
954* Feb
77
Feb
1024* Feb
805* Feb
96
1024* Jan
984* Jan

Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan

100
91
994*
794*
1014*
86
834*
93
704*
100
79
90
1014*
984*
105
994*

fr o m

o ffic ia l s a le s

Tonopah Mining.

Range Since Jan. 1

r e c o r d

P h ila d e lp h ia
b o t h

B o s

C o m p le t e

P h ila d e lp h ia S to ck E x ch a n g e. —
F e b .

a t

in c lu s iv e :

Low.

S11,000
21,000
28,500
23,000
15,000
1,000
1,000
1,000
1,000
1,000
9,000
3,000
23,000
2,000
2,000
12,000

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks—
Par. Price. Low. High. Shares.
American Radiator___ 100 435
425 435
ID
Preferred____ _____ 100 134 5* 1344* 13444
34
Amor Shipbuilding___ 100
60
52
153
Booth Fisheries, com .. 100
66
66
1(
l1 Preferred ...................100
84
85
36
Clilo City & C Ry, pref__
32
29
32
69f
Chic Pneumatic T o o l.. 100 67 5* 66
67 5*
422
Chic Rys part ctf " l ” ___
71
71
71
25
Chic Rys part ctf " 2 " ___
20
19
20
952
Commonw-Edlson___ 100 135
135
136
79
Cudahy Pack Co com. .100 114
112
114
192
Deere A Co, pref.......... 100
96 5* 99
64
Diamond Match.......... 100
122 1224*
20
Dodge Mfg Co preferred..
98
10C
Edmunds & Jones com. 100
34
2C
Hartman Corporation___
14C
714*
Hart Schaff A M . com. 100 83
84
374
Preferred____ ________ 1174* 1174* 1174*
150
Illinois Brick_________ 100 845*
235
834* 844*
Unde Air Prod Co com
2874* 300
30
Lindsay L ig h t..................
164* 19
184:
493
National Carbon_____ 100
308 308
70
Preferred__________ 100 1305* 1304* 131
50
Oxwcld Acetylene C o .. 100 1774* 1774* 17744
10
People’s Gas Lt A C ..100
88
93
904*
1,630
Prcst-O-LIte Co, Inc____ 124
112 125
612
R ig h ts___ _____ ______
14* 24*
849
Pub Serv of N 111, com. 100
1074* 1074*
251
Preferred__________ 100
100 100
3
Quaker Oats Co_____ 100
310 325
79
k Preferred................... 100
112
114
15
Sears-Roebuck, com__ 100
221 224
464
StcwaitWarn Sp, com. 100
83
87
1.957
Shaw W W ................... 100
51
51
25
Preferred................... 100
95
40
95
Swift & C o........ ........... 100 137
1,015
1354* 1374*
Union Carbide Co___ 100 190
182 194
1,262
Unit Paper Bpard com. 100 294*
284* 294*
470
t* Preferred................... 100
73
73
16
Wilson & Co com m on.. 100 61
60
61
446
Preferred ...........
loo 104
104 104J*
35
Ward, Montg & Co, prof.. 116
52
11544 116
Bonds.
Armour A Co 45*8...1939
944* 944* $5,000
Booth Fisheries s f Gs.1920 91
91
91
15,000
Chicago City Ry 5 s.. 1927 994*
994* 994*
8,000
Chic Rys 4s ser “ B” ..........
68
68
68
2,000
Clilc Ry pr m M g4s 1927 604* 604* 604*
1,000
Chicago Rys adj Inc 4sl927
42
434*
3,500
*34*
Chicago Telephone 5s. 1923
102
102 4* 2,000
Commonw-Edlson 5s. 1943 1024* 1024* 1024* 35,000
Commonw Elec 5s. 1943
1,000
1014* 1014*
Cudahy Pack 1st M 5sl94R
6,000
9944 994*
Metr W SideEl 1st 4s. 1938
68
69
3,000
Extension gold 4 s.. 1938
68
6.8
1,000
Ogden Gas 5s________1945
4,000
974* 974*
Poop G L * C ref g 5s. 1917
1004* 1004*
8,000
Pub Sorv Co 1st ref g 5s '55 954*
3,000
964* 954*
S w ift* Co 1st gold 63.1944
1014* 10144 28,000
Wilson A Co 1st 6s__ 1941
7,000
1014* 1014*

of

b o n d s

b o t h

Range since Jan. 1.

p e r

B a lt im o r e

in c lu s iv e ,

b e lo w .
c e n t .

fo r

b o n d s

fr o m

s t o c k s

th o

fr o m

th e

a r e

24
290
7
25
75
10
604
351
3,007
5,109
1,0S5
167
125
20
2
55
5

7

50
131
280
90
113
355
25
415
1.225

the

o f
F e b .

o ffic ia l

a ll

q u o t a t io n s

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

Alabama Co 1st prof.. 100
80
80
Baltimore Tube............. 100
1094* 111
Preferred____ _____ 100
102 104
Chalmers OH A Gas____ 5
5
5
Preferred____________ 5
4
4
Commercial Credit pf B 25
26
26
Cons Gas, E L A Pow.100
120 1234*
Consolidation Coal___ 100
101
103
Cosden A C o................... .5
15
144* 154*
Cosdcn Gas..................... .5
144*
14
145*
Preferred........ ..............5
5
54*
55*
Davison Chemlcal.no par 41
405* 415*
Elkhorn Coal Corpn___ 50
235* 24
Preferred_____________ ’ 464*
465* 464*
G-B-S Brewing v t c __ 100
4*
44
hi
Houston Oil trust ctfs. 100
18
184*
Preferred trust ctfs.. 100
624* 624*
Monon Vail Trac____ 100
60
60
Mt V-Woodb Mills v t rlOO 17
17
17
Preferred v t r.......... 100
64
644*
64 4*
Pennsylv Water A Pow.100
79
80
7944
Public Service Bldg, p f__
1015* 102
Sapulpa Producing........ .
12”
12
12
Sapulpa Refining.............5
9
944
94*
Seaboard Air Line pref. 100
324* 324*
United Ry A Elec_____ 50
311* 314* 32
Way land OH A Gas........ 5
44*
5
45*

r e c o r d

E x c h a n g e

c o m p ile d

P r ic e s
F o r

C o m p le t e

S t o c k

a r e

1 0

s a le s

d o lla r s
p e r

p e r

cent

Range Since Jan. 1.
Low.
75
105
101
5
4
26
119
1005*
144*
134*
44*
38
225*
46
18
61
60
17
64
784*
1014*
12
9
324*
314*
4

Jan
F’eb
Feb
F’eb
Jan
F’eb
F’eb
F’eb
F’eb
Feb
Feb
F’eb
F’eb
Jan
F’eb
Feb
Feb
F’eb
Jan
F’eb
Feb
F’eb
Feb
Feb
F’eb
Feb
Feb

High.
80
1234*
109
7
4
264*
127
114
184*
165*
54*
445*
254*
474*
4*
23
674*
68
19
72
84
1025*
12
104*
324*
355*
5

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
F’eb
Jan
Feb
Jan
Jan

THE CHRONICLE

652
Friday
Last ireri's Range Sales
for
of Prices.
Sale.
Price. Low. High. Week.

Bonds—
Ala Co gen Os small btls '33
Atlan & Charlotte 1st 5s'44
Atl Coast L R R conv 4s '39
Balt Elec stmp<l 5 s.. .1947
Balt Spar Pt & C 4 « s 1903

99 >
X
96 :?i

Ches A Pot Tel of Va 5s. _.
Chicago CItyRy 5 s .-.1927
Chicago Ry 1st 5s___ 1927
City & Subur 1st 5 s.. 1922
City & Sub(Wash) 1st 5s'48
Consol Gas gen 4KS..1954
Cons G,E L & P 4)43-1935
N otes..............................
Consol Coal ref 5s----- 1950
Convertible Gs........ 1923
Cosden A Co 6s............ ..
Cosdcn Gas 6 s ...................
Elkhorn Coal Corp Gs. 1925
Elkhorn Fuel 5s ...1 91 8
Fair & Clarks Tr 5s. .1938
Florida South 1st 4 s.. 1945
Ga Car & Nor 1st 5s. .1929
Ga Sou & Florida 5s. .1945
IClrby I.umb Contr 6s 1923
Knoxville Trac 5 s __ 1938

97 M

94 A
93
105
103
107 )4
99 X

102
101X
104',

Mary’d Elec R y 1st 5s 1931

99)4

MtlW El R y A L 4 K s .l9 3 1
94
Minn St & St P C Jt 5s 1928
Mobile & Ala small 5s 1919
Mt V-Wood notes Gs.. 1918
Norf & Atl Term 5 s .. . 1929 92
Norf & Ports Trac 5s. 1936 86 X
Norf St Ry 5s.......... .1944
Nor Balt True 5s___ 1942
Omaha Council Bluffs 5s. .
Pennsylv W & P 5 s.. . 1940 95 )4
United Ry & Elec 4 s .. 1949
G5
Income 4 s................... 1949
Funding 5s small__ 1936
Va Mid 5th ser 5s___ 1926 104 M
Wll & Weldon 5s____ 1935

79
101)4
91)4
90
101
99 A
96 x
90
100
97 X
99 X
96 A
102)4
102
94)4
92 y»
105
93 )4
104)4
102 X
106
99
101
101)4
86
102
101)4
99 X
104 >4
100 H
99)4
99
100'!
94
102
100
100
92
86)4
103
106
95)4
95
83
64 '4
89)4
104)4
107)4

Friday
Last Week's Range

Range since Jan. l.

79
101)4
91)4
90
101
99)4
96)4
90
100
97)4
99 X
96)4
102
102
94)4
92)4
105
93)4
104)4
102
104 K
99
101
100)4
86
102
101)4
99)4
104)4
100)4
99)4
98)4
100)4
94
102
100
100
92
80)4
103
106
95)4
95
83
64)4
89
104)4
107)4

Stocks— (Cont’cO Par.

High.

Low.

$400
4,000
2,000
400
5,000
3,000
7,000
1,000
4,000
1,000
9,000
3,000
1,000
2,000
14,000
28,000
2,500
2,000
2,000
42,000
52,000
17,000
1,000
25.000
3,000
10,000
1,000
9,000
8,000
500
2,000
8,000
2,000
3,000
2,000
500
3,000
1,000
5,000
2,000
1,000
1,000
14,000
21,001)
9,000
1,000
3,000
3,000

79
101)4
91)4
90
101
99)4
97)4
90
100 Vi
97)4
09 K
96)4
102)4
102
94)4
93
105)4
93)4
104)4
103'4
107)4
99)4
101
101 H
86
102
101)4
99)4
104)4
100)4
99 )4
99)4
100'4
94
102
100
100
92
86)4
103)4
106
95)4
95)4
83)4
65
89'4
104)4
107)4

Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Fob
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb

79
104
93
92)4
101
100)4
98)4
90
100)4
97)4
99)4
97
102)4
102)4
96)4
93)4
107)4
94)4
108
109)4
110)4
101 x
107 U
101)4
86
102
102)4
100
105
100)4
101)4
100
103)4
94
102)4
100
100)4
92)4
86)4
103)4
106
95'4
95)4
84)4
07)4
90
105
107)4

Feb
Feb
Feb
Feb
Fcd
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb

Volume of Business at Stock Exchanges
Par Value.

160.900 $14,859,500

Saturday....................
Monday.....................
Tuesday-...................
Wednesday................

415,500
286.900
299.900
332,850

Friday........................

38,754,500
26.775.000
28.246.000
29,736,500

$1,177,000
HOLIDAY
1,856,500
1,942,500
1,422,000
1,797,000

1,496,050$! 38,371,500

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

1916.

1917.

$819,000
1,764,000
058,500
1,000,000
771,500

$1,500

—

2,000
$3,500

Jan. 1 to Feb. 16.
1916.

1917.

24,718,051
2,640,964
26,712,995
1,496,050
Stocks—No. shares.. .
Par value...... ......... $138,371,500 $213,495,575 $2,420,003,680 $2,173,222,495
$50,000
$14,700
' $1,200
Bank shares, par
Bonds.
$55,500
$62,000
$3,500
$10,000
Government b on d s...
27,796,500
49,765,000
5.013.000
2,742,500
Stato, mun.,Ac.,bonds
151,112,000
123,269,500
8.195.000 14,399,000
R R. and misc. bonds..
$13,211,500 $17,151,500

Total bonds............

8173,096,500

$178,964,000

DAILY TRANSACTIONS AT TOE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.

Saturday...............
Monday................
Tuesday................
Wednesday...........
Thursday..............
Friday..................
t o t a l ................ 11

Shares. Bond Sales.
8,364
23,613
15,184
17,636
17,117 1
81,914

Baltimore.

Philadelphia.

Boston
Week ending
Feb. 16 1917.

Shares.

1Bond Sales.

Shares.

Bond Sales.

2,900

$68,500

50,500
42.000'
22,100 '
20,000!

5,392j
$27,300
IIOLI DAY.
57,700
10,912
125,900
6,465
39,900
5,868
30,000
6,717

4,213
3,630
1,548
1,998

89,000
81,900
59,500
83,000

$154,600'

35,3541 $280,800

14,289

$381,900

$20,000

—Below we give a record of
transactions in the outside security market from Feb. 10
to Feb. 16, both inclusive. It covers the week ending Fri­
day afternoon:

N ew Y o r k “ C u r b ” M a rket.
the

Week ending Feb. 16.
Stocks—

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

4M
Aetna Explos.r__ (no par)
4) 4
Preferred.............. __ 100
35) 4
6
A m * Brit M fg c o m ... 100
25
Preferred__________100
*50
Amer Int Corp S50 pd.100
Amer Sumatra T o b .. . 100 “ 25”
22 .
Amer Writ Paper com. 100;
4)4
29
Canadian C a r * Fdy r.100
Preferred r. ............ 100
69
Canadian Natural Gas__ l
)/
)4
12)4 12 X
Oarwen Steel Tool____ 10
Charcoal Iron Co of Am . 10
7)4
Emerson Motors Inc r . .l 0 ~~~2H
Emerson Phonograph___ 5
10
OH
1
Flemlsh-Lynn Phonog r.5
Preferred r ___________ 5
IX
38)4
llask A Bark Car. (no par)
Havana Tobacco com r 100
1)4
40
Holly Sugar Corp. (no par)
96
Preferred__________100
Imp Carbon Chaser r----- 1
)«
12'
Intercontinental Rubb.100
*40
Jones Bros Tea, Inc__ 100
30c
31c
Joplin Ore &Spelter r___ 5
Kathodlon Bronze, pref..5 ..........
3)4
KeystoneTlreA R com .,1 0
13 >4
12)4
Kresge (S 8 ), com r . ..1 0




Range since Jan. 1.
Low.

|

r

r

Anglo-Amcr Oil_______£1
Indiana Pipe Line.......... 50
National T ransit...12.50
Ohio Oil..........................25
Pierce Oil Corp.............. 25
Prairie Pipe Line........ 100
Standard Oil of N J - - -100
Standard Oil of N Y ...1 0 0
Standard Oil (Ohio). . . 100
Vacuum Oil..................100
Other Oil Stocks.
Am Ventura Oil r............ 1
Barnett Oil & Gas r........ 1
Cosden Oil & Gas com r. .5

U. S.
Bonds.

$8,195,000 $5,013,000

Week ending Feb. 16.

Sales at
ATC
mm
* IVnrh
IO
OTK £>WCK
Exchange.

State, 41/tm.
& Foreign
Bonds.

Railroad,
Ac..
Bonds.

Stocks.
Shares.

High.

3)4 Jan „ 7M
6)4 19,800
Jan 37
100 *21
35)4
Feb
10
610
8
Feb 25
60 25
25
57
1,600 49)5 Feb
51 w
Feb 26)4
700 15
26)4
1,700
5)5
3)5 Feb
5)4
Jan 37
50 20
29
Jan 88
50 60
69
1
45 Jan
)4 2,300
Feb
13
10
13
4,400
8
8
600
7)5 Jan
3)5
3
486 .
2)5 Feb
13)4
3,223
9)4 Jan
10)4
1
Feb
1
1
500
1)4
1,000
1)4
1)5 Feb
200 37)4 Feb *44)4
39
600
1)5
IK Feb
ix
Feb 50
208 40
43
Feb 102
305 96
97
900
'A
)4
X Jan
Jan
13
12
300
11
Feb 48
47
110 *40
34c
Jan 35c
5,100 25C
*5)4
3)4
3
Jan
200
Feb
13)5
100 13
17)5
500 12)5 Jan
13)5
13M

Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb

Price. Low.

Lake Torpedo Bo’t com rlO
8)4
9
1 st preferred r . .......... 10
Lima Locomotive com rlOO 58
99
Lukens Steel 1st pref ..100
Manhattan Transit----- 20
Marconi Wirel Tel of Am.5
2)5
Marlin Arms v t o . (no par)
Maxim Munitions r ----- 10
54)4
Midvale St & Ord r___ 50
Mitchell Mot Inc r(no par)
47)4
35
National Acme Co r___ 50
North Am Pulp A Paper(t)
7)4
Pyrene M fg r ...... ........... 10
St Joseph Lead r_______10
7)4
Smith Motor Truck r . .10
Smith (A O) Corp, pf r ICO 95
Smith A Terry Transp pflO
9)4
Standard Shipbuilding.. 10
Steel Alloys Corp r.......... 5
8)5
Submarine B oat..(no par)
24 K
Todd Shipyards r.(n o par)
Triangle Film Corp v t c.5
2)5
United Alloys St Corp r (t)
42)5
United Motors r ..(n o par)
39)5
United Profit Sharing----- 1
United Sugar Cos w 1. .50 35)5
U S Light & Heat com r.10
U S Steamship............... 10
World Film Corp v t c __ 5
)4
Wright-Martln Alrc r ..( t )
12 K
Zinc Concentrating __ 10 ..........
Rock Island w I .r ........ 100
34)5
Former Standard OR

Elk Basin Petroleum r__ 5
Esmeralda OH Corp r___ 5

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Week ending

[Vo l . 104

Intermit Petroleum r— £1
Kenova Oil........ ............. 1
Merritt Oil Corp r ____ 10
Metropolitan Petroleum.5
Mid-Cont Cons OA UtllrlO
Midwest Oil r.................. 1
Monongah OH r_________1
N Y-Oklahoma Oil r ........ 1
N Y & Texas Oil r_______1
Ohio Fuel Oil r............ ..1
Oklahoma OH com r........ 1
Oxlahoma Prod & R ef__ 5
Omar Oll A Gas com----- 1
Osage-IIominy Oil r ........ 5
Pennsylvania Gasoline— 1
Rice OH r...................... -.1
Royal Dutch Co r.(no par)
Sapulpa Rclining r . ........ 5
Sequoyah OH & Ref------- 1
Sinclair Oll & Ref r(no par)
United Western OH r ----- 1
Utah Petroleum(prosp’ t)-l
Vacuum Gas & O Ltd----- 1
Victoria Oil r.................... 1
Wayland Oil & Gas com. .5
West End Oil & Gas r ___ 1

105

297
475
435

2
20 c

2)4

14)4

2
5
12)4
lA
19
2)4
12)4
69c
90c
7-16
2)4
21)5
10J5C

11

58c
9
1 1-16
11-16
59)5
9)5
1 9-16
56 54
13-16
7-16
1 5-16
28c

8)5
9
57
98
X
2)4
85
2)5
53)5
47)4
33
0)4

10

High. Shares.
9
9
58
99
%
2)4
94
3
54)4
49)4
35
7)4

10

18)4 19
7
8
95
95
9)5
9)4
5
5
8)4
8)4
24
26)4
78 *80
2)5
2)4
42)4 43 K
38
40
)5 7-16
35)4 35)4
IK
1)4
4)4
5K
K
K
11)4 12)4
3
3)5
34)5
16
105
19
385
12)4
300
680
277
475
420

35)5
16
105
19
393
13
315
693
301
475
435

r

r

r

1,800

200

900
140

100
1,000

8,800
2,300
19,000
450
1,265
3,800
30
300
2,900
75
800
300
2,550
8,500
193

1,110

3,100
0,300
1,900
2,800

2,000
3,500
2,200

3,000
2,300
2,600

Range since Jan.

Feb
Feb
8
47K Jan
Feb
96
K Feb
2)4 Feb
Jan
*47
2)4 Jan
Feb
50
47 K Feb
Feb
32
5K Feb
Jan
10
16K Jan
5K Jan
Feb
95
9K Feb
Feb
5
6)4 Jan
18)4 Feb
Feb
77
IK Jan
42)4 Feb
Feb
35
Vi Jan
Jan
35
IK Jan
4)4 Feb
Feb
Jan
11
Feb
3
34

16
10 105
19
25
60 381
200 12)4
23 300
132 675
925 270
5 475
30 395

1,200

16,000
49,100

11,200

3,00(1

2,200
5,500
1,100

•A
l
3-16
44o
K
9Mo
IK
48
IK
3)4
X
K
IK
65c

1

1)4
7K
K
1)4
*48o.
K
1)4
IK
5
6c

9,800
0,800
29,880
6,70(1
6,00(1
9,200
2,900 34
600
1)4
9,000
IK
4,500
%
4,600
6)4
8,700
K
3,000
IK
13
16,000
19,950 1 1-16
1,500
2K
I,()()(
0-16
61c
6,725
6c
12,00(
8C
0,50(
IK
30,00(
1 1 ,()()( 14
-1,630
7K
2()(
5K
5-16
3,300
751
13,500 1 5-16
200
IK
15,80i 1 72c
8,50i 1 24c
8511
4)4
14c
12,00
K
6,70 )
1
2,10 1
4,00 ) 42o
9,80 ) 80c
8,80 0 40
2,50 0
M

10 K
10
69)4
100

16)4
4X

Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Feb

42

Jan

Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan

*18)4
114

Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jnn

•A

300

9,100
35,200
6,400
56,560
3,200
37,700
10c
500
4,550
7,470
45,350

High.

Low.
*6 K

2
2
1,500
IK
25c
31c 25,400 25c
5,700
2)4
3
2K
1,675
14K *15)5
14K
14
14)5
7,550
13K
300
4A
8)4
8 M 7,500
7)4
♦1)4
2)4 23,400 70o
2,400
4)4
5
4K
0,200 11
11)4 12)5
7-16
)4 13,300
Vs
15)4 19)5 11,500
UK
2
2
2)4 13,400
1,200 1 2 K
12)5 12)4
68c 70c
7,200 550
88c 90c
3,600 8 GO
1,700
K
K
K
1,200
)4
)4
X
2 3-16 2 9-16 8,000 1 13-16
4,130
19
19)4 21)5
10 c lie 38,000 10 c
0,000 10
1075 11K
17,500
33c
55c
66c
9,200
7)4
8)4
9K
1 1-16 1 !» 7,700
1
0-16 11-16 27,600
X.
3,450
59)4 61
58 K
8 54 9)4 6,900
8K
*1)4
IK 08,400
*1 K
53)4 56)4 10,500 50
9,100
Vi
13-16
1
200 45c
45c
45c
2,900 5-16
K 7-16
1 14 *1 7-16 18,800
1)4
4
1,800
4)4
5
25o 30c
7,400 15C

Mining Stocks.
55
Alaska-Brit Col M etals.. 1
14 7-16
1)4
Alaska Mines Corp(no par)
IK 13-16
3-16 31c
Alaska Standard Cop r . . . 1 2Do
'A 11-16
Arizona Chloride r ----- 10c
X
Arizona Copperfields r— 1
%
)4
K
Atlanta Mines r.............. 1 14)5c
14c
15c
m
1x
18
48
Big Jim........................ 10c 1 5-16
1)4
IK
Big Ledge Copper Co----- 1
4)4
5
4)5
Blsbce Cop M A Dev r . . . 1
K
IK
1)4
K
M
Bitter Creek Cop r.......... 1
1)5
IK
Boston Creek r...... ......... 1
1)4
66c 77c
75c
Boston & Montana Dev. .5
1)4
IK
Bradshaw Copper M
.. 1
IK
1)4
1)4
Buffalo Mines, Ltd.......... 1
1)4
8)5
9)4
Butte Cop A Zinc v t c — 5
9)4
1 1-16 1)4
Butte-Dctrolt Cop & Z . . 1
Butte A N Y Copper----- 1
IK
1)5
58o
57c
59c
Caledonia Mining---------- 1
34 *1
Calzona M ines................1
)5
Calumet A Jeromo Cop 1
1)4
1% 1%
Canada Copper— .......... 5 1 9-1C
1X
1)5
Carlisle M ining._r-------- 5
5)4
5)4
5)4
r>c
7c
ICeiro de PascoCop(uo par)
38 K 40)5
1)4
2
2
2K
Consol Arizona Smelt___ 5 2 1-16
0-16
55
Consol-IIomcstead r........ 1
X
6)4
OK
Cresson Con Gold M A M 1
6 )4
9-16 ll-H
Dexteretta Mines r.......... 1 11-11
1)4 1 11-16
Dundee Arizona C o p .f.-l
1)5
14
15
14
Ely Consolidated_____ 1<
1)4
IK
Emma Copper r............ -1 1 7-1 (
3
3K
3
First National Copper .. .5
)5
55
Globe-Dominion Copper. 1
K
64c 67c
65c
Goldfield Consolidated. K
7Ko 9c
Goldfield Merger r.......... 1
8c
8c
8A (
Great Bend r___________
Greene Monster Min r—
1)5 l 7-16 1 9-i<
19
21
20
Hecla Mining_______ 25c
7K
775
7)4
Holllnger Gold M ines.. ..r _____
5 54 5 K
5-16 7-1
InspirationNeedlesCop r l
K
IK 1 5-1 (
Jeromo Verde Cop i ........ *17-if 1 7-16 1 9-lf
IK
IK
Jerome Victor Extcn l . .
1)4
74c 81o
Hie
Jim Butler r......................
28o 31c
29o
Jumbo Extension............
5
475
5
15)40 19c
19c
9-16
)
La Roso Cons Mines........
1!
Loma Prtota Cons Mines.
1'/ 1 1-16
53c 57c
Loon Lake ................ 25 ........
80c 90c
0 85c
Magma Copper................ 5 50)
47 K 51'
i
Magma Chief r................
)

r.

Sales
for

3

K

101

4)4
65 K
55
38K
0)4

10

19)4
9

o10r,

5
9)4
28
85
3K
52)4
49
K
36)4
1)4
6)4

1

20

435
13
444
800
345
475
490

Jan
2
Jan
31c
Feb
3)4
Feb
18X
Feb
16)4
Feb
5)4
Jan
9)4
Feb
2)4
Feb
6K
Jan
14)4
Jan
X
Jan
19)4
Jan
4)4
Jan
12)4
Jan 83c
Jnn 99c
Feb
3)4
Jan
1
Jan 2 11-16
Jan 22
Feb
16o
Feb
14X
Jan
750
Jan
9)4
Feb
IK
Feb
%
Feb *67)4
Feb
UK
Feb
2)4
Feb 63 K
Jan
1)4
Feb 63c
Jan 11-16
Feb 2 3-16
Feb
5
Jan 60c

Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jaa
Va.
Jan
1)4
Jan 5-16
Jan
1
Feb
)4
Jan
20c
Feb
IK
Feb 48
Feb
IK
Jan
6)4
Jan
IX
Jan
K
Jan 1 7-16
Feb
80c
Fob 1 11-16
Feb
IK
Feb
UK
Feb
*2
Jar
2
Jan
59c.
Feb
♦1
Feb
2)4
Feb
1)4
Jan
5)4
Jan
7c
Feb 40)4
Jan
2)4
Jan
2X
Feb
H
Feb
7K
Jan
%
Feb
2)4
Feb
19
Feb
2)4
Fcl
3)4
Jan
H
Jar *77o
Jan
10c
Feb
9c
Fet
2)4
Jar
23
Jar
8)4
Feb
5)4
Feb
9-16
Jar
1)4
Fet
1)4
2
Fet
87c
Jar
40o
Jar
Jar
5
21c
Jat
9-10
Jai
Fe 3
1)4
FelJ 57o
Fe 0
1)4
Ja a 56 yi
Ja a
V*

Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jnn

THE CHRONICLE

Feb . 17 1917.J

Mining (Concl.)—

Friday
Sales
Last Week's Range for
Sale.
High. Shares.
Par. Price. Lotc.

Magmatic Copper r . ..l 0 c
Majcatto Mines................ 5

30c
13-16

Marysville Gold Min----- 1
1%
Mason Valley--------------- 5
MoKinley-Darragh-Sav.. 1 55o
Miami Merger Cop r___ 1 1 7-16
Mojave Tungsten r____ 2
MonitorSil L A Z M A M 1
Monster Chief r________1
Vs
Montana Gold Mines r__l
45o
Mother L oder...... ........... l
39c
Nancy Hanks-Montana r 1 85c
NevadaUtahBlngh’m r2.50
!H
Newray Mines Ltd r___ 1
N Y A Honduras RosarlolO
15%
Nlplssing Mines.............. 5
8
Nixon Nevada r .............. 1
79c
Ohio Copper new w 1 r__ 1 1 3-16
45c
Old Emma Leasing r..lO o
80c
Peerless Jennie r.............. 1
1%
Pittsburgh-Idaho............ 1
9-16

1%
31e
60c
Round Mountain r-------- 1
1%
Sacramento Vail Cop r__l
St Nicholas Zinc r............ 1
Santa Rita Develop r----- 1
Vi
San Toy Mining------------1
Scratch Gravel Gold M ..1 _____
Section 30 Mining---------10
11
Seneca Copper----- (no par)
Scnorlto Copper C o r p .-.l
1%
Silver King of A rizona...1
%
Silver King Con of Utah r 1
iVa
Standard Silver-Lead----- 1
Vs
9-32
Stewart Mining................ 1
Success r ..........................1 40o
Superstition Mining------- 1
38o
Tommy Burns G M com rl
27c
Tom Reed r_. ............ ..1
2
Tonopah Belmont r____ 1 ...........
Tonopah Extension........ 1
Tonopah M ining............ 1
6%
Trl-BuIllon S A D . . ........ 5
Troy-Arlzona Cop Co r . . l
52c
Tuolumne Copper r____ 1
United Eastern--------------1
4Vs
United Mines of Arizona. 1
Vs
So
U S Continental r........ ..1
United Verdo Exten r..50c
Unity Gold M in e s ______5

39%
3H

West End Consolidated..5

660

27c
%
9% c
1
5%
50o
1%
30c
%
%
5-16
45c
38o
83c

32c
%
ll % c
1%
5%
57c
1%
39o
%
%
Vi
56c
40c
85c
11-16
l 1-16 1 1-16
14% 15%
8%
7%
79c
76c
1
1%
43c 50c
80c
78c
1 7-16
1%
1%
1%
H
%
4%
4 'A
1
1%
330 36c
59o 61c
44c
44o
J lA
1%
5-16
Vi
Vi 9-16
14%c 15c
59c
%
11% 11%
13
14%
1%
1%
5-16
%
4%
4 >8
17c
17c
/S
%
9-32 9-32
38c
41c
33c
40o
25c
35c
2
2
4%
4%
3%
4%
6
6%
H
50c
55c
i%
1%
4%
4%
%
%
8o
7o
20c
22c
34% 39%
3%
3
1%
1%
05o
71c
10c
100
42o 48o
%
24c
25c

White Caps M ining... 10c
White Cross Copper r . . . l
%
Ycrrlngton Mt Cop........ 1
24c
Bonds—
94%
fChlo Mil A St P 4%s r2014
102
Cosden A Co 6s r----- 1926
Cosden Oil A Gas 6s rl919 106% 106%
99%
Cudahy Packing 5 s.-1946
French Municipals 5%s ‘ 19 95 'A 94%
95%
Midvale St A Ord 5s r 1936 95%
95
Poole Eng A Mach 6s r ’26
Russian Govt 5%s r__1921
85
85
6%s r .................. ..1919
95%
95
Sinclair Oil A Itcf 6s r. 1926 110% 110%
U S Rubber now 6s__ 1947
94%
94%
Western Pacific RR 6sl946
89%

95%
103
106%
99%
95%
96%
95
86%
95 %
110%
95%
89%

C U R R E N T N O T I CE .

Range since Jan. 1
High

Low

Fob
0,350 27o
5,000
% Jan
9c
13,300
Feb
1
6,450
Fob
5
1,390
Jan
13,200 48o
Jan
5,400 20o
Jan
4,300 280
3.290
% Feb
700
% Jan
8,500 5-16 Jan
2,400 450 Feb
Feb
18.500 38o
Feb
5,200 80o
2,400
Vi Jan
2,000
1 %8 Feb
675 14% Feb
7,700
7% Feb
Feb
4,000 76c
6,400
% Feb
29,700
35c Feb
3,600 76c
Feb
1,500
1 % Jan
1,000 1 1-16 Jan
18,300
Feb
200
3% Fob
5,100
Feb
1
27,500 30c
l ’cb
•8,700 54o
Feb
200 38c
Jan
8,100
1
Jan
1,500
% Feb
1,100
% Jan
2,300
Jan
14c
3,500 54o
Feb
Jan
500
10
Feb
13
2,600
5,150
1% Jan
12,900 5-16 Feb
700
4
Jan
16c
Feb
2,500
5,300
% Feb
1,000 9-32 Feb
12,600 33o
Feb
22,140 33o
Feb
45,700 25o
Feb
400
1% Jan
2,450
4% Jan
7,900 3 11-16 Feb
1,370
5% Feb
200
%
Feb
13,450 45o
1% Feb
3,700
4
Feb
300
5,000
% Feb
17,000 7%e Feb
Feb
19c
4,900
27,400 33% Feb
4,800
2% Jan
Feb
750
Feb
4,500 650
5,000
100
11,800 34c
Jan
1,100
Jan
19,200 21c
Feb

35o
1
11 % 0
1%
7
57c
2 5-16
65c
1%
1%
%
81c
46o
85c
13-16
1 'A
16%
8%
79c
1%
68c
81o
1%
1%
Vi
5
i%
66o
67c
47c
1%
%
%
15c
65o
13
16
1%
13-16
4%
26c
%
9-32
00c
00c
70c
2%
4%
4%
6%
%
01c
2%
5%
1Vi
ll% c
20c
40
3%
1Vi
72o
100
49c
30c

Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

150,000 94% Feb
96
Jan
25,000 102
Fob 109
Jan
16,000 105
Feb 110% Jan
1,000 98% Jan 100% Jan
97% Jan
44,000 94% Feb
79,000 95% Jan 97% Jan
Feb 95
Feb
10,000 95
Feb 94% Jan
92,000 85
27,000
95
Feb 98% Jan
10,000 110
Jan 115% Jan
Jan
94% Feb
1310000
97
10,000 89% Feb
91% Jan

* Odd lots, t No par value, i Listed as a prospect. I Listed on tlie Stock Ex­
change tills week, where additional transactions will he found, o New stock, r Un­
listed. u Ex-cash and stock dividends, to When Issued, x Ex-dlvldend. y Kxrlghts. 2 Ex-stock dividend.
'

N e w Y o r k C ity B a n k s a n d T ru s t Co m p a n ie s
Banks-N.Y.
A m erica*...
Amor Exch.
Atlantic____
Battery Park
Bowery*__
Bronx Boro*
Bronx N a t..
BryantPark*
Butch A Dr.
Chaso..........
Chat A Phcn

Bid
660
240
180
170
400
200
162
145
90
345
245

Ask
580
245
185
185
___
__ _
170
160
105
355
256
125
400
202
515
205
----....
185
350
100
80

390
Chemical—
CltlzonsCent 195
C ity............ 500
•Coal A Iron. 198
C olon ial*... 450
Columbia* . 315
Commerce.. 181
Corn Exch*. 340
85
Cosmopol'n*
70
East R iver..
Fidelity * . . . 150
Fifth A ve*.. 4300 4800
F ifth .......... 250
275
First___
975 1040
Garfield____ 180
ISO
Germ-Amor* 140
150
German Ex* 390
Germania *. 600
625
Gotham------ 200
___
Greenwich*. 310
325
Hanover___ 695
715
Harrlman . . <230
240
Imp A Trad. 610
625
Irv in g------- 220
230
Liberty------ 985 1010
330
Lincoln------ 300

Banks.
Manhattan *
Mark A Fult
Mech A Met
Merchants .
Metropolis*.
Mctropol'n *
Mutual*___
New Neth*.
New YorkCo
New Y ork ..
Paclflo *___
P a rk ...........
Peoplo’s * __
Prod Exch*.
Public *___
Seaboard __
S e c o n d .....
Sherman__
Stato *------23d Ward*.
Union Exch.
Unit States*
Wash Il’ts*.
Westch Av*
West Side*.
Yorkvllle*..
Brooklyn
Coney Isl’d*

Bid
325
250
315
250
290
180
375
216
__ _
400
270
540
220
188
220
430
395
120
110
100
155
600
276
190
___
690
125
255
170
150
110

Flatbush . . .
Greenpolnt .
Hlllsldo * . . .
Homestead *
Mechanics*. 125
Montauk*.
90

Natlon’lClty 265
North Side*
175
Peopio’a__
130
• Banks marked with a (*) are State banks,
obange this week. I New stock, y Ex-rlghts.

Ask
335
265
325
__ _
300
190
220
725
415 ‘
235
198
235
___
415
130
120
135
163
___
___
___
365
610
135
270
165
120
115
135
105

Trust C o’s.
New York
A stor..........
Bankers T r.
B’way Trust
CentralTrust
Columbia t _

Bid

Ask

490
450
155
770
305
115
E m pire__
300
Equitable Tr 1320
Farm L A Tr f 470
Fidelity___ 208

510
460
162
780
315
310
330
480
215

448
140
128
100
390

45 4
150
135
112
405

n u d son ___
Law Tit A Tr
Lincoln T r ..
Metropolitan
Mut’l (Westcheater) . .
N Y Life Ins
A T rust..
N Y T rust..
TltloG uATr
Transatlan’o
Union Trust
U S M tg A T r
UnltedStatos
Westchoster.

960
600
365

980
610
380
155

420
450
1005
130

400
1020
140

Brooklyn
Brooklyn Tr
Franklin__
Hamilton__
Kings C o ...

600
260
270
650

125

620
200
280

Peoplo’s ___ 286
275
200
Queens C o ..
80
65
140
t Sale at auction or at Stock E i

N e w Y o r k C ity R e a lty a n d S u r e ty C o m p a n ies

Bid
Alllanco R ’ty 70
Amer Surety 135
Bond A M G 270
Casualty Co
City Invest g
15
Preferred..
60




Ask
77
145
280
___
21
67

Bid
Lawyers Mtg 155
Mtgo Bond. 103
Nat Surety. 220
N Y Tltlo A
M tg e ----90

Ask
102
108
225
100

Bid
Realty Assoc
(Brooklyn)
97
U 8 Casualty 200
USTItleGAI
68
Wes A Bronx
Tltlo AM G 165

653

Aik
101
75
180

— R . W . P . Barnos and E . O. B ufkin, specialists in Standard Oil secur­
ities, have form ed a partnership under the firm name o f It. W . P . Barnes
& C o ., with offices at 35 B road St.
— M iller & C o . have rem oved their offices from 29 Broadway to quarters
on the twenty-first floor o f the Equitable Building.
— A special circular on M arlin A rm s, giving latest inform ation relative
to this com pany, has been issued b y Gw ynne Bros.

Q u o ta tio n s for S u n d r y S e c u r itie s
All bond prices are “ and Interest” except where marked “ f ” .
Standard OH Stocks Per Share
Par Bid, Ask.
Anglo-Amer Oil new___ £i *10
I 6I2
Atlantlo Refining_______ 100 1000 1010
Borne-Scrymser Co____ 100 450 475
Buckeye Pipe Line C o__ 50 *105
108
Chesebrough Mfg new__ 100 425 440
Colonial Oil____________ 100 50
70
Continental Oil............... 100 600 610
Crescent Pipe Line C o___ 50 *37
42
Cumberland Pipe L in e ..100 120 130
Eureka Pipe Line Co___ 100 205 215
Galena-Signal OH com__ 100 165 170
Preferred____________ 100 140 145
Illinois Pipe Line_______ 100 237 242
Indiana Pipe Line C o___ 50 100 105
Internat Petroleum______£ij *12
12>»
National Transit C o ..12.50 *17
19
New York Transit C o ...100 210 220
Northern Pipe Line Co . . 100 98 103
Ohio Oil Co........................ 25 388 392
Penn-Mex Fuel Co.............25 *53
58
Pierce OH Corp__________ 25 *13
X3>2
Prairie OH A Gas............. 100 582 587
Prairie Pipe Line.............100 317 320
Solar Refining.................100 365 385
Southern Pipe Line C o ..100 198 203
South Penn Oil.................100 330 335
Southwest Pa Pipe Lines.100 105 115
Standard OH (California) 100 300 305
Standard Oil (Indiana).. 100 860 865
Standard Oil (Kansas).. 100 540 560
Standard Oil (Kentucky) 100 700 710
Standard Oil (Nebraska) .100 575 600
Standard OI1 of New Jer. 100 680 685
Standard OH of New Y'rklOO 294 297
Standard Oil (Ohio)____ 100 460 480
Swan A Finch__________ 100 105 115
Union Tank Line Co___ 100 88 92
Vacuum Oil.......................100 436 440
Washington OH.................10 *30 40
Bonds.
Percent.
Pierce Oil Corp conv 6 s.1024 80
Ordnance Stocks—Per S hare.
Aetna Explosives pref.._10C 34
Amer A British M fg____ 100
7
Preferred.......................ioo 20
Atlas Powder comm on.. 100, 164
Preferred.......................ioo 100
Babcock A W llcoi...........100 115
B1183 (E W) Co com m on..50 *530
Preferred..................... ..5 0 *73
Canada Fdys A ForglngslOO 175
Preferred.......................100 90
Canadian Explosives comlOO 400
Preferred....................... 100 104
Carbon Steel common__ ICO 80
1st preferred............ ..100
93
2d preferred................. 100 65
Colt's Patent Fire Arms
J M fg...............................100 775
duPont (E X) de Nemours
A Co, common______ 100 234
Debenture etock___ 100, 102
Empire Steel A Iron com . 100 27
Preferred............ ..........100 65
Hercules Powder com__ 100 275
Preferred.......................ioo 116
Hopkins A Allen Arms. .100,
5
Preferred...............
100 30
Mllllken Bros prof_____ 100 30
Niles-Bement-Pond com .100 170
Preferred.......................ioo 105
Penn Seaboard Steel (no par) 49
Scovlll M fg.......................ioo 590
Thomas Ir o n .............
50 20
Winchester Repeat Arms 100 800
Woodward Iron.............. 100 59

37
12
30
168
102
117
560
78
185
95
500
110
90
96
75
800
237
105
30
70
280
119
15
50
40
173
110
55
615
27
900
64

Public Utilities—
Am Gas A Elec com_____ 60 *140 145
Preferred....................6 0 *51
52
Am Lt A Trao common..100 358 362
Preferred.......................ioo 112 114
88
Amer Power A Lt com . ..10 0 86
Preferred...............
ioo 92
94
Amer Public UtlUtles comlOO 37
40
Preferred.....................100 69
71
Cities Service Co co m ...100 272 274
Preferred..
100 89
90
Com'w'Ith Pow Ry A L ..100 58
60
Preferred.......................ioo 81
83
Dayton Pow A Lt pref. . . 100 92
95
Eleo Bond A Share pref. .100 99 101
Federal Light A TractlonlOO 1312 15%
Preferred____________ 100 53
55'2
Great West Pow 6s 1940 JAJ 89% 90
Indiana Lighting Co___ 100 85
4s 1958______
F-A 78 79
North’n States Pow com . 100 100 103
Preferred____________ 100 98
99
Paclflo Gas A Eleo co m .. 100 64 65«4
1st preferred_________ 100 92
94
Republic Ry A Light___ 100 47
48
Preferred....................... 100 75
76
South Calif Edison 00m .. 100 93 9512
Preferred....................... 100 106 108
Southwest Pow A L pref. 100 d97% 100
Standard Gas A EI (Del) . 5 0 *12
13
Preferred........................ 60 *38 40
Tennessee Ry L A P comlOO
8>2 912
Preferred.......................100 38
42
United Gas A Eleo C orp.100
8
12
1st preferred_________ 100 74
77
2d preferred.................IOO 10
14
United Lt A Rys com . . .100 47
49
1st preferred_________ 100 76
78
Western Power common.100 17
19
Preferred____________ 100 65
67

R R. Equipments— PerCt. Basis
Bid. Ask.
4.40 4.25
4.50 4.25
4.50 4.25
4.554.35
5.00 4.70
4.62 4.38
4.62 4.38
5.25 4.75
5.75 5.25
5.75 5.25
4.70 4.40
4.50 4.25
4.30 4.00
5.1 4.65
4.80 4.40
4.00 4.40
4.601 4.40
4.60! 4.40
4.55 4.30
4.55 4.30
4.354.20
4.35 4.20
4.60 4.40
4.30 4.05
4.00 4.30
6.50 5.00
5.50 5.00
4.80 4.50
4.80 4.60
4.55 4.30
4.55 4.30
4.40 4.25
4.30 4.00
4.304.00
4.254.00
4.25 4.00
5.25 4.75
5.25 4.75
4.60 4.40
4.60 4.40
4.40 4.20
4.55 4.35
4.80 4.40

Baltimore A Ohio 4% s____
Buff Roch A Pittsburgh 4%s
Equipment 4s___________
Canadian Pacific 444*---____
Caro Clinchf A Ohio 5s____
Central of Georgia 5s_______
Equipment 444s__________
Chicago A Alton 4s________
Chicago A Eastern 111 644*.Equipment 444s_________
Chic Ind A Loulsv 444s____
Chic St L A N O 5s................
Chicago A N W 444*.......... .
Chicago R I A Pac 444s____
Colorado A Southern 5s___
Erie 5s______________ . . . . .
Equipment 444s_________
Equipment 4s___________
Hocking Valley 4s_________
Equipment 5s________. . .
Illinois Central 5s__________
Equipment 444s_________
Kanawha A Michigan 444s..
Louisville A Nashville 6s___
M InnStP A S S M 444*___
Missouri Kansas A Texas 6*.
Missouri Pacific 5a_________
Mobile A Ohio 5s__________
Equipment 444s_________
New York Central Lines 6 s..
Equipment 444s_________
N Y Ontario A West 4 4 4 * -Norfolk A Western 444*___
Equipment 4s____________
Pennsylvania R R 444*______
Equipment 4s____________
St Louis Iron Mt A Sou 6*..
St Louis A San Francisco 6*.
Seaboard Air Line 5s_______
Equipment 444s........ .......
Southern Paclflo Co 444s...
Southern Railway 444*........
Toledo A Ohio Central 4 s ...

T obacco Stocks—Per sha re.
Par B i d .
American Cigar commonlOO 108
Preferred____________ 100 98
Amor Machine A Fdry.,100 80
Brltlsh-Amer Tobae c r d ..£ l *18
Ordinary, bearer______£1 *18
Conley Foil____________ 100 250
Johnson Tin Foil A M e t.100 100
MacAndrews A Forbes.. 100 195
Preferred.................... 100 100
Porto Ulcan-Amer Tob-.lOO 235
Reynolds (R J) T obacco.100 575
Preferred____________ 100 122
Young ( J S) Co________100 160
Prelerred____________ 100 105

Ask.
114
100
90
20
20
300
130
210
103
250
610
125
170
110

Short Term Notes. Per Cent.
Am Cot Oil 5s 1 9 1 7 ...MAN
Amer Locom 6s, July ’ 17.J-J
Am T A T 444* 1918..
Anaconda Copper 5s T7 M-S
Canadian Pac 6s 1924.MAS2
Chic A West Ind 5s '17-MAS
Erie R R 544* 19 17___ A-O
General Rubber 6s 1918 JAD
Hocking Valley 6s 1917-M-N
Int narv 6s Feb 15 '1 8 .F-A
K C Rys 544* 1918___ JAJ
K C Term Ry 444* '18-MAN
444s 1921.....................JAJ
Laclede Gas L 6s 1919.FAA
MorganAWrlght 6s Dec.1.18
New Eng Nav 6s 1917.M-N
N Y N H A H 4%» May 1917
Penn Co 444* 1921..JAD15
Pub Ser Corp N J 5s T9 MAS
Rem Ams U.M.C.6ST9FAA
Southern Ry 6s 1917.-M-82
United Fruit 5s 1918.. M-N
UtahSecurCorp 6s’22 M-Slfi
Winches RepArms5sT8M&S
New York C ity Notes—
6s Sept 1 1917......................
Canadian G ovt. Notes—
58 Aug 1 1917.................FAA

100t.i 100*4
100'g IOO**

100*4 101

100 IOOI4
101*4 102l2
99*4 10118
100 100**
99*4 100 l2
100t4 100*4
100*4 101%
IOU4 101*4
IOOI4 100*4
100 10012
10014 101
10012IOD2
96*2 97>2
991* 997*
100*8 1007*
100l2 lOlU
83
85
100 100*4
1001* 101
90 97
9412 90
101

101»s

1001* 100*8

Industrial
and Miscellaneous
American Brass________ IOC
American Chicle com___ 100
Preferred____________ 100
Am Graphophone com ..100
Preferred____________ 100
American Hardware___ 100
Amer Typefounders com . 100
Preferred____________ 100
Borden's Cond Milk com.100
Preferred____________ 100
Celluloid Company____ 100
Havana Tobacco Co___ 100
Preferred____________ 100
1st g 5s June 1 1922..J-D
Intercontlnen Rub com ..100
Internat Banking C o___ 100
International Salt_____ 100
1st g 6s 1951............. A-O
International Silver pref. 100
Lehigh Valley Coal Sales. 60
Otis Elevator com______100
Preferred____________ 100
Remington Typewriter—
Common_____________100
1st preferred................. 100
2d preferred..............1 0 0
Royal Baking Powd com . 100
Preferred_____________100

• Per share. 6 Basis, d Purchaser also pays accrued dividend,
/F la t price. ■ Nominal. * Ex-dlvldend. y Ex-right.1

310 315
58 5812
80
77
148 153
148 153
133 136
40
43
90
93
106 109
105 107
180 190
2
1
3
6
53
/48
111* 1212
160
56
59’
78
80
55
58
•85
95
58
61
94
98
1412 10
79
8 H2
44
46
155 165
10212 104

e New stook.

654

THE CHRONICLE

[Vol. 104

ami ffUilrmtl
R

A

I L

R

O

A

D

G

R

O

S S

E A R N

I N

G

S .

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
■ tatement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
M onth.

Current
Year.

J u ly 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

ROADS.

Latest Gross Earnings.
Week or
M onth.

Current
Year.

J u ly 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

A la N O & T ex P a cS
$
Ala & V icksburg. January___
173.871
147,178 1,158,178
997,805 N ew Orl Great N o r . December
134,800
853,803
876,018­
154,930
Vicks Shrov & P . January
181,929 135,767 1,199,160
N O M obiio & C h ic. N ovem ber
983,315
172,120
840,235
807,852
180,544
A nn A rb or--------------1st wk Feb
43,513
49,795 I , 753,766 1,586,109
N Y Chic & St Louis Decem bor 1,259,575 1,231,210 7,863.988 6,854,674
A tch T opeka & S Fe December 13133866 11403 187 77,507,625 66,979,779 N Y N I I * H a r t f.. Decem ber 6,792,182 6,057,554 41,943,129 37,822,615
A tlanta Birm & A tl 4th wk Jan 102,596
81,512 2,160,525 1.816.304 N Y Ont & Western December
621,376 705,024 4,644,357 4,792,443
A tlanta & W est P t . Decem ber
N Y S u s q * W e s t .. N ovem bor
141,112 121,924
671,573
774,011
299,273 374.671 1,460,889 1,720.657
A tlantic Coast Line Decem ber 3,893,524 3,392,451 18,284,960 15,407,985 N orfolk Southern. _ December
432,774 407,515 2,570,558 2,223,309
Chariest & W Car Decem ber
196,382
186.446 1,045,645
905,900 N orfolk * W estern. Decem ber 4,799,592 4,715,143 30,307,924 28,162,529
L ou Ilend & St L Decem ber
154.776
136,883
781.613 N orthern P acific___ D ecem ber 7,025,617 6,708,453 43,742,765 39,400,653­
915,483
a B altim ore & O h io. Decem ber 9,544,592 9,164,762 61,340,505 56.040.304
Northwestern P a c. Decem ber
329,684 284,600 2,582,181 2,386,216
B & O Ch T or HR Decem ber
151,751
P acific Coast C o ___ N ovem ber
143,838
874,875
504,264 653,031 3,385,836 3,258,768
940,729
Bangor & A roostook N ovem ber
368,415 287.541 1,593,406 1,381,277
p Pennsylvania RR. Decmober 18725511 18171676 118634339 108469164
Bessemer & L E rie- December
Balt Ches & A t l . . December
80,430
659,859 638,801 6,539,820 6.443.286
771,759
80,426
667,665
Birmingham S ou th . Decem ber
Cum
berland
Vail.
453.962
94,755
307,300 293,116 1,905,693 1,699,227
December
86,108
557,785
Boston & M a in e___December
Long Island_____ Decembor 1,120,544 995,481 8,264,497 7,500.780
4,738,023 4,260.093 28,942,421 25.634.304
B u ff R o ch & P ittsb . 1st wk Feb 208,634 254,952 8,124,250 7,336,568
559,590
M a ry ’d Del & Va December
525.481
74,012
71,874
B uffalo & Susq R B . December
N Y Phlla & N orf Docembor
858,338
138,479
393.320 353,890 2,718,156 2,288,735
175.632
855,547
Canadian N or S yst. 1st wk Feb 493.600 429,400 24,957,700 19,867,800
Phil Balt & Wash Docember 2,257,339 1,979,228 13,460,075 11,594,520­
Canadian P a c ific .- 1st wk Feb 1,890,000 1,876,000 8,8548,965 70,726,164
W Jersoy & Seash Decomber
495,914 490,300 4,489,623 4,164,263
Central o f G eorgia. N ovem ber 1,394,146 1,132,769 6,282,101 5,297,628
Pennsylvania Co___ December 5,716,886 5,398,053 39,954,815 35,641,455
C ent o f N ew Jersoy N ovem ber 2,953,952 2,982,029 14,999,439 14,126,789
Grand Rap & Ind Decombor
479,887 482,531 3,129,958 2,864,398
Cent N ew E ngland- December
Pitts C C & St L . Decembor 4,258,586 3.984.624 26,343,380 23,007,079
429.125 388,439 2,813,358 2,476,093
Central V e rm o n t.. Decem ber
V a n d a lla _______ Docember 1,210,049 1.143.743 7,112,671 6,269,272
365.776 343,669 2,217,673 2,078,770
Ches & Ohio L ines. 1st wk Feb 743,518 791,487 30,101,311 28,490,857 T otal lines—
C hicago & A lton ___Decem bor
East Pitts & Erie Docember 23763798 22736621 152932525 138800656
1,552,570 1,322,575 9,609,301 8,153,310
C hic Burl & Quincy N ovem ber 9,886,661 9,409,594 49,341,774 43,332,160
W est Pitts & Erio Decembor 11817311 11150065 77.472,840 68,652,016
b Chicago & East 111 December 1,528,880 1,502,568 8,775,312 8,365,598
A ll East & W est. December 35581109 33886686 230405365 207452673
c Chic Great W e s t .. 1st wk Feb
Pero M arquette___ 1st wk Feb 347,037 381.007 13,994,768 12.589,943
167,969 243.447 10,121,814 9,053,213
Reading Co—
C hic Ind & L ou isv. 1st wk Feb
146,585
138,129 5,220,388 4,541,540
Phila & R eading. Novem ber 5,521,56S 5,083,490 26,277, 254
088,941
C hic M ilw & St P\ D ecem b er- 9,165,801 9,212,150 59,365,951 54,402,746
Coal & Iron C o . . Novem ber 4,877,019 3,616,595 18,995, 059
131,853
C hic M il & Pug S[
T otal both co s ___ Novem ber 10398587 8,700,085 45,272, 313
220,794
dC hlc & N orth W est Decem ber 8,654,935 7,546,601 54,439,652 47,868,977
340.321
421,848
273,343 1,817, 332
886,559 R ich Fred & Potom December
155,793
C hic Peoria & St L . Decem bor .
143.632
944,220
475,782
110,984
R io Grando June___ N ovem ber.
527, 985
93,207
C hlc R ock Isl & Pac Decem ber 6.961,442 6,367,982 42.228,895 36,935,261
386, 859
345,099
5,468
12,559
R io Grando S o u th .. 1st wk Fob
340.488 307,698 1,902,435 1,650,567
Chic R I & G u lf. Decem ber
916,247
344,319 274,722 2,076 804
R u tla n d___________ Decembor
d C hic St P M & Om Decem ber 1,869,302 1,789,759 I I ,
10,190,751
544,965
892,317
164,569 1.184 842
186,398
297,021 270.227 1,527,844 1,242,131 St Jos & Grand Isl. D ecem ber
C hic Terre II & S E D ecem ber
362,994
418,916 201,267 2.690 518
St L Brownsv & M . Decomber
Cin Ham & D ayton Decom ber .
785,411 799,204 5,523,123 5,867,011
597,757
842.614 St L Iron M tn & So December 3,745,259 3.088.744 20,303 440
126,373
125,662
C olorado M id lan d . Decombor
992,668
St Louis & San Fran Decembor 4,764,996 4,329,667 28,768 044
035,769
287,605 275,896 10.924,338 9.882.304
e C olorado & S outh. 1st wk Feb
186,000 9,577 ,459
,447,778
St Louis Southwest. 1st wk Feb 286,000
73,537
C o rn w a ll__________ Decem ber .
22,251
133,805
17,376
,423.016
220,526 Seaboard A ir L ine. _ D ecem ber 2,671,313 2,278,108 13,141 ,577
44,427
275,151
C o rn w a ll*L eb a n on D ecem b er.
37,060
,097,311
Southern P a cific___ December 15396828 12758222 90,830 506
517,402 513,370 3.175.176 2,540,299
C uba R ailroad____ Decem ber
,335,715
Delawaro & Hudson D ecem ber 2,132,733 2,240,002 13,614,367 12,952,067 k Southern R y S yst. 1st wk Feb 1,802,044 1,734,779 62,120 169
,986,291
192,567 7,551 239
195,814
M o b ile * O h io___ 1st wk Feb
Delaw Lack & West December 4,296,219 4,222,198 26,651,572 24,406,412
,481,057
57,761
54,687 1.751 ,300
Georgia So & Fla 1st wk Feb
D en v & Rio Grande 1st wk Feb 408.600 356,300 16,693,423 15,589,821
436,768 405,341 2,910 416
667.602
35,700
D enver & Salt Lake 4th w k Jan
46,197 1,220,109 1,224,795 Spok P ort & Seattle December
72 049
55,412
2,687
1,669
16,497
D e t r o it * M ackinac 1st wk Feb
19,638
671,820 Tenn Ala & Georgia 1st wk Feb
752,887
904 ,151
148,368 134,237
815.867
183,169 185,937 1,203.631 1,090,619 Tennessee C entral. Decem ber
D etroit T ol & Iront Decem ber
,956,367
836,894
785,869 T e x a s * P a cific____ 1st wk Feb 370,266 311,277 13,923 ,340
150,296 175,690
D ot & T ol Slioro L . Decem ber
745 ,136
104,201
732,785
91,415
T oled o Peor & West January . .
206,041
99,526 4,550,770 3,873,188
Dul & Iron R a n g e .. December
101,001 3.691 869
111,845
,354,985
366,535
Dul M issabo & N or Decem ber
98,257 9,729,480 6,810,206 T oledo St L & W est 1st wk Feb
3 9 4 ,9 0 8
520 ,985
94,003
132,990
56,478
D ul Sou S h o r o * A tl 1st wk Feb
56,741 2,376,247 2,083,892 T rinity & Brazos V . N ovem ber
,020,029
690,715 Union P acific S yst. December 9,973,682 8,910,078 63,715 631
880,883
146,705 129,986
D uluth W inn & P ac Decem ber
,487,677
756,015 506,242 4,680 ,307
Elgin Joliet & E a s t. D ecem b er. 1,080,884 1,103,178 7,043,026 6,258,160 V irgin ia n __________ Decem ber
,877,871
E l Paso & Sou W est Decembor 1,138,1491 842,065 6,916,156 4,973,780 W a b a s h ___________ December 3,313,770 2,900,460 19,894 ,087
,498,957
Erie________________ N ovem ber 6.357,854 6,321,085 32.421.136 30,760,586 W estern M arylan d. 1st wk Feb 207,084 200.008 7,670 ,768
715,969 491,817 4.752 ,973
,948,715
851,346 621,858 4,037,931 2,529,334 W estern P a cific____ December
Florida East C oa s t. Decem ber
717 ,988
115,400
661,471
131,031
W estern R y o f A la . Decem ber
471,551
77,088
517,507
Fonda Johns & G lov Decem ber
75,215
,403,642
672,869 774,345 5,222 ,734
337,352 289.210 1,914.041 1,578,837 W heel * L ake E rio. December
Georgia R a ilro a d .. December
,171,752
89,801
77,114 3,124,146 3,677,623 Y a zoo & M iss V ail. January _ . 1,379,381 1,119,011 10,014 ,814
Grand Trunk P a c .. 3d wk Jan
Grand Trunk S yst. 1st wk Fob 928,462 937,937 38,684.632 32,650,907
Grand Trunk R y 3d wk Jan 824,477 744,657 28,946,277 23,471,038
152,696 154,696 5,051,392 4,845,203
Grand T rk W est. 3d wk Jan
Previous
Current
49,697
51,527 1,775,882 1,824,951
D ot G r II * M ilw 3d wk Jan
Year.
Period.
Year.
Various Fiscal Years.
Great N orth System January . . 5,817,196 4,701,363 53,094.219 50,059.461
1,000,291
978,311
165,606
174,006
G ulf * Ship Island. December
$1,678,673 $1,532,863
B uffalo & Susquehanna R R ____ Jan 1 to D oc
662,891
559,348 4,588,837 3,799,943
H ocking V alley____Decem ber
26,485,969 23,733,363
Illinois Central____ January . . 6,536,382 5,660,659 45,515,666 39,977,020 Delawaro & H udson___________ Jan 1 to D ec
88,534,687 60,374,627
to N o v
E rio ...................................................Jan l
Intornat & Gi t N or D ecom ber 1,054,012 907,920 6,179,384 4,832.731
185425100 152182219
New York Central.^___________ Jan 1 to N ov
Kansas C ity S ou th . D ecem ber 1.003.878 887,468 6,034,544 5,328,850
19.783,054 16,031,543
Boston * A lbany____________ Jan 1 to N o v
159,128 177,008 1,128,529 1,094.789
Lehigh & Hud River Decem ber
6,786,321 5,626,003
to
N
ov
Lake
Erie
*
W
ostorn
.n____
.
Jan
1
268,846 297,077 1,563,822 1,796,458
Lehigh & Now E n g. Decem ber
42,265,005 33,009,435
M ichigan C e n tr a l___________ Jan 1 to N o v
Lehigh Valley_____ |Novem ber 4,391,990 4,340,536 21 ,878.947 20,436,891
34,596,138
42,720,082
to
N
ov
Clevo
Cine
C
hic
&
St
L
o
u
is
..
Jan
1
Los Angeles & S L . Decem ber 1,062,174 929,105 5.947.177 5,534,647
1,753,515 1,473,494
Cincinnati N orthern________ Jan 1 to N o v
899,269
760,205
124,841
149,175
Louisiana & A rk a n . Decem ber
22,157,758 16.374.398
Pittsburgh * Lake E rie_____ Jan 1 to N o v
212,420 205.210 1,166,368 1,204,234
Louisiana Ry & Nav December
5,680,713 4,288,181
to N o v
T oledo & Ohio C entral______ Jan l
/ Louisvillo & Nashv 1st wk Feb 1,175,480 1,168,060 40,936,750 35,474,446
3,264.293 2.842.484
to N o v
Kanawha * M ichigau_______ Jan l
M aino C en tra l____ Decomber 1,025,528 924,340 6,808,108 5,985,104
329835842
to
N
ov
266423894
T
otal
all
lines______________
Jan
1
262,591
248,349
39,638
34,841
M aryland & P e n n .. December
15,387,928 12,536,380­
918,893 N ew Y ork Chicago & St L o u is .. Jan 1 to Doc
203,127 175,634 1,177,452
M idland V alley____ Decem ber
3.649.799 3.729,688
N Y Susquehanna * W e stern .. Jan t to N ov
638,967
712,252
13,316
20,306
M ineral R ange____ 1st wk Feb
230278533 196628170
123,483
188,695 6,793,172 6,589,866 p Pennsylvania Railroad------------- Jan l to D ec
M inneap & St Louis 1st wk Fob
1,232,020 1,154,422
Baltimore Chesap & A tlantic Jan 1 to D ec
M inn St P & S S M . 1st wk Feb 333,839 447,156 20,721,831 21,572,825
3,684,644 3,091,214
Cumberland Valloy___________ Jan 1 to D ec
411,504
422,173
61,008
66,076
Mississippi C entral. Decem ber
13,553,780
to
D
oc
14,971,839
Long
Island__________________
Jan
1
g M o Kan & T exa s. 1st wk Feb 657,998 565,923 24,930,540 19.791.286
904,155
924,287
M a ry ’d Delawaro & Virginia Jan 1 to D oc
h Missouri P a c ific .. December 6,497,746 5,792,344 38,119,961 32,519,450
5,194,158 4,154,985
N Y Philadelphia & N orfolk- Jan 1 to D oc
Nashv Chatt & St L December 1,183,911 1,089,028 7,117,112 6,268,211
25,540,425
21,311,137
to
D
ec
Phlla
Baltimore
&
W
ashlng’n
Jan
1
j New Y ork Central N ovem ber 16796118 16104354 87,742,241 76,223,230
7,829,320 6.942.485
West Jersoy & Seashoro_____ Jan 1 to D ec
Boston & Albany Novem ber 1,883.716 1,645,461 9,420,151 7,912.036
75,569,026 60,857,677
647,096 579,262 3,318,474 2,859,863 Pennsylvania Company__________Jan 1 to D ec
n Lake Erie & W . Novem ber
5,897,565 5,330,928
to
D
oc
Grand
Rapids
*
Indiana____
Jan
1
M ichigan Central Novem ber 4,074,302 3,351,511 20,363.023 16,451,381
50,706,455 41,445,690
Pittsb Clue C hic & St L ou is. Jan l to D ec
Clevo C C & St L Novem ber 4,022.823 3,561.167 20.563,905 17,553,877
11,426,270
13,330,042
to
D
oc
V
andalla______________________
Jan
1
766,014
165,350
858,305
146.221
Cincinnati North N ovem ber
293690057 251072447
T otal linos— East Pitts & Erie Jan 1 to D ec
l ’ ltts & Lake Erie N ovem ber 2.077.878 1,967,731 10,680,721 9,336,454
147320359 120669995
— W est Pitts & Erie Jan l to D ec
583,539 485,374 2,927.082 2,216.118
T ol & Ohio Cent N ovem ber
441010417 371742444
— All lines E & W . Jan 1 to D oc
2 6 t ,697 312,844 1.441,180 1,516.666
Kanawha & M ich Novem ber
to N ov
1,051,910
938,558
R io Grande Junction--------------- 1
T o t all lines above Novem ber 30493395 28173055 157315091 131835615
4,035,655 3,549,591
R u t la n d ________________________ Jan 1 to D ec
234,550
273,801
5,888
N evada-Cal-Orcgon 4th wk Jan

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
• Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

* Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
$
M ileage.
Cur. Yr. Prev. Ye.
$
$
$
A p r i l ............246.615 245,773 288.453.700 237.512.648 + 50,941,052 2 1 . 4 4
week N ov (30 roads)____ 19,651,127 18,420,477 + 1.230.650 6.73
M a y .............. 248.006 247.189 308,029,096 244.580,685 +63,448,411 25.99
week D ec (32 roads)____ 15,114.954 13,568,040 + 1,546,914 11.46
June________ 226,752 225,803-285.149,746 237,612,967 + 47.530.779 20.00
week D ec (27 road s)____ 13,533,477 12,504,858 + 1,028,619 8.23
J u l y .............. 244,249 243.563|308.040.791 263.944.649 + 44,096,142 16.77
+ 367,150 2.67
week D ec (35 roads)____ 14,139,888 13,772,738
A ugust--------245,516 244,765 333.460.457 278,787.021 +54.673,436 19.66
1.55
—
280.690
17,863,676
18,1
1
1,366
(34
road
s)____
week Dec
Septem ber. .2 4 8 .156 247,466 332.888,090 294,333,449 +38,555,541 13.11
week Jan (35 road s)____ 12,636,866 11,211,406 + 1,425,460 12.71
246.000 345,790,899 310,740,113 +35,050,780 11.22
O c to b e r____ 246,683
week Jan (33 road s)____ 12,705,473 10,708.927 + 1,996,546 18.58
N o vem b er. .218,863 248,058 330,258,745 306,606,471 +23,652,274 7.71
week Jan (33 roads)____ 12,738.938 11,463,054 + 1,275,884 11.13
D ecem ber ..21 6 ,8 1 1 215,669 262,171,169 242,064,235 +20,106,934 8.31
week Jan (32 roa d s)____ 19,155,988 16,363,202 + 2,792,786 17.07
82,760 71,812,990 61,972,209 +9,840,781 14.26
Jan uary____ 84,609
+ 111,633 1.02
week Feb (30 roa d s)------ 11,094,640 10.983,013
a Includes Cleveland Lorain & W heeling R y . b Includes E v a n s v ille * T erre H aute, cln c lu d o s M ason O lty & Fort’ D odge
,t^° W lsronsln
M innesota & Pacific, d Includes not on ly operating revenue, but also all other receipts.
^les° tlio<‘r o x a^ Oontm^ ^ncl ?ho W?cPhlta F tlis l C
Creek District R y. /I n c lu d e s Louisvillo & A tlantic and tho Frankfort & Cincinnati.
- M
*—
- ■
— ,, C hicago Indiana & Southern R R ., and
h Includes the S t' Louis lron M ountain * Southern, j Includes the Lake Shore &
ichigan
Southern
I’oxas
acific, N
N ow
ow Orioans
&N
Northeastern
Dunkirk Allegheny Valley & Pittsburgh R R . k Includes tho Alabam a Great Southern. Cine. N ow Orleans & lo
xas P
I aclfic,
Oilcans &
ortneM tern
and the N orthern A labam a, n Includes N orthern Ohio R R . p Includes tho N orthern C entrai. *W o no longer includo M exican roads in any o f our totals.

4th
1st
2d
3d
4th
1st
2d
3d
4th
1st




THE CHRONICLE

Feb . 17 1917.]

Latest Gross Earnings by Weeks.—In tko table which
follows we sum up separately the earnings for the first week
of February. The table covers 30 roads and shows 1.02%
increase in the aggregate over the same week last year.
First Week o f February.

1917.

1916.

Total (30 road s)...................... 11,094,646 10,983,013
N et incrcaso (1 .0 2 % )-----------

9,475
7,420
6,990
65",212

58,989
10,844
7,016
514,676
111,633

113,317
34*570

"T 6 I8

Net Earnings Monthly to Latest Dates.— I n o u r R ail­
w a y E a r n in g s
Section or S u p p lem en t, which a ccom pa n ies
to -d a y’ s iss u e o f the “ C h r o n i c l e w e give the D e c . fig u r e s o f
earnings o f all steam railroads which m ake it a practice to issu e
m onthly returns or are required to do so by the In ter-S ta te
C om m erce C o m m issio n .
T he reader is referred to that S u p p le­
m ent f o r f u l l details regarding the D e c . results f o r all the
separate c o m v a n ie s .

”

In the following we give all statements that liavo come
in the present week covering a later or a different period
from that to which the issuo of the “Railway Earnings”
Section is devoted.
Gross
Earnings.

N et
Earnings.

5
S
Hocking Valley—
002,891
180,070
Deo ’ 10
108,709
559,348
’ 15
6 mos ’ 10 4,588,837 1,078,898
’15 3,799,943 1,534,316
Toledo Peoria & Western—
10,140
Jan ’ 17
104,201
2,547
■16
91,415

Other
Income.
5

Total
Income.
S

Charges
& Taxes.
$

Balance,
Surplus.
S

01,700
00,888
294,224
109,200

247,830
229,657
1,973,122
1,043,576

191,320
138,464
914,567
879,382

56,510
91,193
1,058,555
764,194

25,000
12,119

35,140
14,666

27,183
26,900

7,957
dcfl2,234

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name o f Road
or Company.

Week or
Month.

A tlantic Shore R y ___ December
cA ur Elgin & Chic R y Decom ber
Bangor R y & Electric December
Baton Rouge Elec Co December
B elt L R yC orp (N Y O ) N ovem ber
Berkshire Street R y . December
Brazilian T ra c, L & P D ecem ber
B rock & Plytn St R y . December
B klyn Rap Tran Syst N ovem ber
Capo Broton Elec C o Docomber
Cent Miss V El Prop December
Chattanooga R y & Lt D ecem ber
Cities Service Go . . December
Clove Painesv & East N ovem ber
Clevo Southw & C o l. December
(/Columbia Gas & El December
Columbus (Ga) El Co December
Coiurn (O) R y , P & L D ecem ber
(/Com ’w ’lth P R y & L December
C onnecticut C o _____ December
Consum Pow (M ich ). December
C um b C o (M o) P & L D ecem ber
Dallas Electric C o ___ December
D a yton Pow & Light December
a D etroit Edison __ December
D otroit United Lines Decembor
D D E B & Butt (R ec) N ovem ber
Duluth-Superior Trac Novem ber
East St Louis & S ub. December
Eastern Texas E le c .. December
(/El Paso E lectric C o . December
42d St M & St N A vo N ovem ber
a Federal L t & T ra c. . December
G alv-Ilous Elec C o . Docomber
Grand Rapids R y Co D ecem ber
Groat W est Pow Syst December
Harrisburg Railways Decombor
H avana El R y, I. & p Decem ber
Honolulu R T & Land N ovem ber
Houghton C o T r C o . December
b Hudson & M anhat. November..
Illinois T ra ction _____ December
Interboro Ran T ran. Novem ber
Jacksonville T rac C o. Decombor
Keokuk E le c tr ic ____ December
K ey West E le c tr ic .. December
Lako Shore E lec R y . N ovem ber
Lehigh Valley Transit January . .
Lowist Aug & W aterv December
L ong Island E lectric. N ovem ber
Louisville R a ilw a y .. December
M ilw El R y & Lt C o . December
M ilw L t l i t & T r C o . December
M onongaheia Vail Tr December .
N ashvlllo R y & Light December
N ew p N & H R y G & E Novembor
N Y C ity In te rb o ro .. Novem ber
Novem ber
N Y & Long Island
N Y & N orth S h o re .. N ovem ber
N Y & Queens C o
N ovem ber
New York Railways.! Novem ber




Current
Year.

Previous
Year.

J a n .l t
Current
Year.

Jan. 1 to latest date.

Previous
Year.

Current
Year.

Previous
Year.

6 Represents Income from all sources, c These figures are for consoli­
dated com pany. / Earnings now given In milreis. g Includes constituent
com panies.

3,141
263

3,074

7,091
100,000
67,265

Current
Year.

“

47,969
75,478

8,456
11,709
52,300

92,075
3,247

Week or
M onth.

403,043

6,282
46,318
64,200
14,000

Latest Gross Earnings.

Name o f Road
or Company.

N Y & Stam ford R y_ December
25,296
23,650
357.815
3*1.585
N Y State R ailw ays. December
651.989 561,901 8,256.470 7.264,675
N Y W estches & B o s. December
49,155
42,795
564,652
481,897
N ortham pton T r a c .. December
17.286
16,104
200,070
180,399
N or Ohio T ra c & L t . Decem ber
480.665 379.817 5,170.441 3,890,750
N orth Texas Electric December
182,358 156.941 1,930.321 1,713,213
Ocean E lectric (L I ) . N ovem ber
5,931
5,642
147.651
145.585
P a cific Gas & E l e c . . . December
19,099,179 18,944,180
Pac L t & P ow C o rp . . December
283", 431 257".606 3,261,126 2,925.653
oPaducah T r & Lt C o December
28,285
28,945
310,963
289,156
Pensacola E lectric C o December
26,844
23,936
280,101
258,042
Phila R apid T ransit. December 2487,287 2213,473 27,279,512 24,315,451
Phila & Western R y . December
45,810
40,056
516,980
463.901
P ort (Ore) R y L& P C o Decem ber
512,594 482,938 5,483,110 5,511,345
(/Puget Sd T r, L & P . December
788.881 699,702 8,107,371 7,559,583
0 R opublic R y & L t . . Decem ber
373,412 320,869 3.987,617 3,121,297
R hode Island C o ____ D ecem ber
481,639 440,663 5.811,895 5,052,381
Richm ond L t & R R _ N ovem ber
30,641
374,793
28,301
368,415
S t.Ios R y , L, 11 & P . Decem ber
138,501 124,578 1,374,449 1,275,282
Santiago Elec L t & Tr N ovem ber
47,315
43,239
495.775
432,261
Savannah E lectric C o December
80,097
68,903
826,091
794,214
Second Avenue (R ec) N ovem ber
46,486
68.420
707,868
809,110
Southern B oulevard. N ovem ber
12,131
18,828
167,796
210.373
Southern Cal E dison. December
412,182 412,912 4.901.375 4.808,607
Staten Isl’d M id lan d . N ovem ber
23.309
22,391
316.319
307,857
Tam pa E lectric C o . . December
91,443
85,770
967.086
981,049
Third A venue______ N ovem ber
263,528 320.226 3,272,523 3,536,010
Tw in C ity Rap T ra n . 4th wk Jan 300,455 275,386
887,907
821,077
Union R y C o o f N Y C N ovem ber
183,027 226.079 2.321,537 2.567,953
Virginia R y & Pow er. December
526,315 503,448 5,836,870 5.262,881
W ash Balt & A nnap. December
76,739
65,047
946,202
815.683
W estchester E lectric. N ovem ber
23,669
43,360
403.872
535,896
W estchester St I t R . . December
14,763
17,514
225,732
250,087
a W est Penn Trac C o N ovem ber
568.381 449.257 6.705,741 4.593.667
Yonkers R ailroad___ N ovem ber
12,193
62,158
523,813
673,647
York R ailw ays_____ December
94,679
82,118
979.558
840,116
Youngstow n & O h io. December
29,994
26,482
337,553
290.374

Increase. Decrease-

Ann A rb or-------------------------43,513
49,795
B uffalo Rochester & Pittsburgh
208,634
254,952
Canadian N orthern________
493.600
429,400
Canadian P a cific....................
1,890,000 1,876,000
Chesapeake & O hio________
791,487
743,518
C hicago Great W estern-----243,447
167,969
C hicago Indianap & LouLsvillo.
138,129
146,585
C olorado & Southern...........
275,896
287,605
D enver & R io Grando_____
356,300
408.600
D etroit & M a ck in a c___________
19,638
16,497
56,741
D uluth South Shore & A tlantic
56,478
Georgia Southern & Florida___
54,687
57,761
Grand Trunk o f Canada___
937,937
928,462
Grand Trunk Western
D etroit G rd H av & M ilw ___
Canada A tla n tic..................... ,
Louisville & N ashville_________ 1,175.480 1,168,060
13,316
20,306
M ineral R an ge__________ _______
188,695
123,483
M inneapolis & St Louis_______ \
Iowa C entral............................/
333,839
447,156
M inneapolis St Paul &S S M _ .
657,998
565,923
M issouri Kansas & Texas-------195,814
192,567
M ob ile & O h io_________________
347.037
381,607
Pere M arquette________________
12,559
5,468
R io Grando Southern--------------286,000
186,000
St Louis Southw estern...............
Southern Railway System -------- 1,802,044 1,734,779
1,669
Tonn Ala & G eorgia----------------2,687
370,266
Texas & P a cific-------------------311,277
T oled o St Louis & W estern____
111,845
101,001
207,084
W estern M arylan d------------------200,068

655

latest dale.
Previous
Year.

$
$
%
$
21,935
22,659
351,215
349,864
176,571 154,562 2,056,362 1,909,545
73,741
67,306
829 ,9s8
788,832
20.207
18,058
211,694
190,852
44,299
66.940
623,197
708.229
73.106
87,478
999,885
925,920
/7082000 /6627000 /8 2 3 11,000 f7 7l 13,110
8,145
8,789
122.614
115.207
2381,638 2238,674 26,852,242 25,099,758
36,268
40,287
393,667
357,214
26,237
26,956
294.893
282.178
110,760 105,343 1,235,623 1,087,344
1570.820 532.195 10,110,343 4,479,81'0
33.941
35.958
426,104
392,346
118,204 105,903 1.335.839 1,240,832
1011,077 861,182 9,056,762 8,044,53?
84,384
70,227
881,354
721,217
336,954 300,315 3,537.399 3,113,175
1733,278 1475,889 16,962,607 14,459,677
808,198 704,552 9,566,435 8,220,857
499,286 418,040 4,747,201 3,902,609
245.904 224,254 2,866,997 2.636,364
198,746 168.164 1.990,420 1,828,489
170,104 131,579 1,613,917 1,098,060
1112,433 881,856 10,066,786 7.759.932
1407,452 1194,185 16,036,669 13,235.551
28,494
40,077
388,876
442,372
123,667 105,256 1,268.342 1,053.122
296,312 238.667 3,027.699 2,466,969
69,454
75,473
826,314
723,091
117,344 101,469 1.110,718
981,889
115,421 164,776 1,545,397 1,789,026
230,174 229,556 2,502,142 2.352,015
163,2131
176.496
1.944.840 1,936,228
119,184 112,010 1,297,586 1,176,450
331,211 311.9261 3,743,345 3,038,204
87,141 1,021,666
100,699
927,123
560,270 487.667 6,017,709 5,541,303
49.107
595,743
56,311
532,509
26,888
326,398
29,777
276,661
512.904 477,688 5,358,222 5.014.932
1165,641 1059,665 12,133,886 11.018,266
3451.757 3050,906 34,457.270 30,759.052
62.303
53,618
611.568
627.194
21.457
21,069
232,593
240,182
11.711
9,505
112,840
116,372
125,610 112,682 1,468,736 1,263.332
215,928 185,576
185,576
215,928
63,270
57,929
737,850
803,660
16.718 „ 16,240
228,011
235,846
270,131 255,815 3,078,296 2,940,501
673,276 588,154 6,961.152 5,971,715
170,353 125,794 1.852,072 1,480,625
196,691 133,453 1.580,790 1,009,834
216,914 204,364 2,383,041 2.143,903
87.654
72,872
955,732
834,411
49.612
59,144
574,145
637,959
32.083
32.247
381,409
397.230
12.451
13,285
148,101
153,435
107,600 112,640 1.278,617 1.272,281
837,383 1134,595 11.216.136 12.383,957

Electric Railway and Other Public Utility Net Earn­
ings.—The following table gives the returns of ELECTRIC

railway and other public utility gross and net earnings with
charges and surplus reported this week:
■

------- Gross Earnings----------------N et Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

„
,
Roads.

Arkan Val R y L t & P ow .D ec
Jan 1 to D ec 31............

116.188
1,260,287

108,111
1,171,628

5*1,096
564,762

5*0.539
505.824

Brazilian T rL t& P ow ..D ec c7.082.000 c6,527,000 c3,863,000 c3,412 000

Jan 1 to D ec 31--------- c82.311.000c7 7 ,113,110c45,730,000c44,114,420
Cumberland Tel & T o l.D e c
757.822
675.756
77,568
215,622
Jan 1 to D ec 31............ 8,485,198 7,880,374 2,189,303 2,046,727
Kansas City Home T e l.Dec
130.381
114.039
49,695
45.654
Jan 1 to D ec 31............ 1,449,472 1,336,679
575,347
519.843
P acific T el & T e l------------D ec 1,727,335 1,591,576
453,839
458,261
Jan 1 to D e c 3 1 ----------20,248.565 19,025,728 5,657,418 5,580.685
P orto R ico R y s ------------- D ec
70,775
62,354
42,860
35,824
Jan 1 to D ec 31............
829,056
747,180
416,626
377,361
Utah Securities C orp (sub­
sidiary companies only) Jan
533,736
454,979
257.852
293,816
W estern Union T e le g ._ .D e c 5,677,855 4,750,494 1,276,366
_
1,270,502
Jan 1 to D e c 3 1 ............ 61,919,141 51,342,060 17.039,245 14,249,958
c M ilreis.
Gross
N et
Fixed Chgs.
Balance.
Earnings. Earnings. & Taxes.
Surplus.
S
$
S
Lehigh Vail T ra n s ..J a n ’ 17
215,928
69,245
50.846
*22,759
’ 16
185.576
78,239
51,644
*30,007
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
$
Keystone Telephone. Jan ’ 17
127.531
59,771
27,791
31,980
’ 16
117,109
58,710
27.453
31.257
R epublic R y &
D ec ’ 16
373,412
159,342
81,747
*82.274
L t and sub­
'15
320,689
152,978
70,783
*82,158
sidiary cos_ 12 m os ’ 16 3,987,617 1,660,210
827.570
*853,606
'15 3,121,297 1,247,214
688,952
*560,01$
x After allowing for other incom e received.

ANNUAL

Annual Reports.—An

REPORTS

index to annual reports of 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 includo reports in the issue of the “Chronicle” in which
it is published. The latest index will be found in the issu?
of Jan. 27. The next will appear in that of Feb. 24.
Chesapeake & Ohio Lines.

31 1916.)

(Results f o r Y ea r en d in g D e c .
— Years ending Dec. 31--------Years ending June 30—

Average miles operated.
Revenues—

1916.
2,379

1915.
2,373

1915.
2,369

1914.
2,346

Merchandise----------------S17.386.176 $15,618,651 \$31,288,537 $28,866,516
Coal and coke_________ 22,502,757 19,579.707/
1
9
Passenger ...............
6,435,025
5,713,463
5,696,088
6,098,059
M ail----------472,982
443,004
438,667
426,967
Express---------------------669,029
594,988
602,912
636,786
Miscellaneous-------------- 2,368,344
1,631,028
1,437.833
1,431,536
Total oper. revenues.$49,834.312 $43,580,841 $39,464,037 $37,459,864
Expenses—

Maint. of way & stru c.. $6,067,658
Maint. of equipm ent... 10,210.498
Traffic-----------------------675,380
Transportation________ 14,355,565
Miscellaneous operations
348,783
General_________
1,035,932
Transp. for invest. (Cr.)
25,139

$5,112,084
8.980.825
631,012
13,197,860
232,443
886,142
41.739

$4,694,522
8,243,170
650,406
12,896,079
232,347
873,883
33,994

$4,149,457
7,827,660
669,283
12,532,329
248,347
986.822
________

Total oper. expenses.$32,698,676 $28,998,626 $27,556,414 $26,413,898
Net earnings................... 17,135,636 14,582,215 $11,907,623 $11,045,966
Tax accruals, &c--------- 1,648,959
1,461,857
1,349,497
1,330.935
Operating income----- $15,486,677 $13,120,358 $10,558,126
Other income (net)----563,038
25,758
203,453

$9,715,031
1,191,433

Gross incom e----------- $16,049,715 $13,146,116 $10,761,579 10,906,464
Interest on debt........... $8,382,833 $8,054,095 ■$8,098,042 $7,934,648
D ividen ds--------------(2% ) 1,255,852
-----------(1)627,816 (4)2,511,264
Balanco, surplus.........$6,411,030 $5,092,021 $2,035,720
$160,552
The company has changed Its fiscal year to Dec. 31.— V. 104, p. 451.

THE CHRONICLE

656

Missouri Kansas & Texas Railway.
( S u m m a ry o f Report on P rop erty by E xpert J . W . K e n d r ic k .)

The receiver’s summary, dated Feb. 12, says in substance:

General.— Declaration that the system will requiro tho expenditure of
practically $65,000,000 during an eight-year period for necessary rehabili­
tation and Improvements and tho conclusion that ultimately $4,o00,000
should be saved annually through increased efficiency and physical Im­
provem ents, are the outstanding features Of the report just made b y J. W .
K endrick o f Chicago. Probably not m oro than $10,000,000, he says, can
bo expended advantageously during the next tw o years. Certain ot tho
econom ies In operation cannot bo realized for some tim e, but It is estimated
that the net saving for tho year 1920 should bo $1,420,000.
M r. Kondrlclc approves a budget prepared b y C . E . Scliaff, receiver ol
the p roperty, covering tho work o f rehabilitation, im provem ent and ex­
pansion necessary to place tho lines In condition properly to perform their
functions with tho greatest operating econ om y, at an estimated expendi­
ture o f approxim ately $65,000,000, o f which amount $10,000,000 is charge­
able to operating expenses.
.
, ,
,,
, , ,
Future N eeds.— “ Tho reorganization should undoubtedly take into con­
sideration the fact that tho future requirem ents o f tho property for inonoy
will bo considerable. T hey will b y no means end with tho expondituro o f
$65,000,000, and the railroad must bo provided with facilities to m eet tho
requirem ents o f tho futuro w ithout tho necessity for another reorganiza­
tion . T he reorganization should bo effected upon a basis which will mako
it possible to soil any am ount o f securities that m ay bo roquired for tho le­
gitim ate purposes o f tho p rop erty .”
Present Budget $64,764,750.— T ho ch ief Items for rehabditation and im ­
provem ent aro as follows:
B uildings, scales, cross­
Hail replacem ent___ $4,535,000
ings , assessments______ $1,786,000
B a lla s t _____________ 4,085,000
Fencing & cattle g u a r d s..
350,000
Standardizing, draining,
__
and widening roadbed- 1,265,000 Shops, roundhouses . and
m achinery______________ 2,745,000
962,000
B rid g es_____________
Signals, teleg., telop ., & c . 2,193,000
R eplacing wooden trestles
T rack m otor cars_________
70,000
and cu lverts______ 1,481,000
Hock crushers___________
95,000
Yard industry and passing
Grade revisions, new pro­
t r a c k s ____________ 2,060,000
jects and extensions___14,075,000
547,000
W ater stations_____
Fuel station s....... ...........
195,000 U n a n ticip ated___________ 2,186,800
.Equipment_______________ 26,133,750
Estimated Saving.— On tho basis o f increase indicated b y tho showing in
recent years, Air. Kendrick estimates that tho M . K . & T . gross earnings
in 1920 will bo about $39,000,000 or approxim ately $6,000,000 m oro than
thoy were for the fiscal year ending Juno 30 1916. M r. Kendrick estimates
that the net saving In expenses for 1920 on account o f ultimate Improved
operation should bo $1,420,000.

[Vol. 104.

Operating revenuo______ $39,400,000 Deduct— T a xes..... ........... $2,100,000
Rentals, jt. tracks, &c.
700,000
Oper. expenses (6 4 -7 % )- 25,500,000
Other d eductions-----------50,000
N et oper. re v e n u o .. .$13,900,000 Interest (7 2 .2 6 % )---------- 8,130,000
200,000
Other incom e_________ .
S u rp lu s________________ $3,120,000
Gross Incom e_________$14,100,000
T ho operating expenses here include an annual depreciation charge o f
4 .1 % on the value o f tho equipm ent, which Air. Kendrick calculates at
$33,000,000, as follows: Assumed value o f equipment as o f Juno 30 1916,
$20,000,000: add $1,250,000 as representing one-half o f tho charges for
im proving equipment and $11,750,000 as representing one-half o f tho pro­
posed expenditures for new equipment: total, $33,000,000.
In calculating tho amount o f intorost, Air. Kendrick has added to the
am ount o f $6,480,465 accrued in 1915 tho sum o f $1,650,000 as representing
interest at 6 % on $27,500,000, one-half o f the proposed expenditures for
additions and betterments and equipment chargeabto to property ac­
co u n t.— V. 104, p . 559, 256.

Detroit United Railway.

31 1910.)

(Kith A n n u a l Report— Y ea r en ding D ec.
In 1916 liberal expenditures havo been made for the m aintenance o f its
tracks, rolling stock and other properties. On Jan. I 1916 depreciation
reservo amounted to $3,476,427, $19,200 charged against operating ex­
penses and $800,000 out ol the Income o f 1916, leaving a balance D ec. 31
' W n FebVy* 1916 tho com pany Issued and sold $3,500,000 5 % collateral
trust gold notes to mature A lay 5 1918: $2,000,000 o f tho proceeds ot thoso
notes wero used to pay o ff and retire a like amount o f 6 % gold notes which
fell duo that (lato, $1,000,000 o f the proceeds o f these notes wero used to
pay o ff $1,000,000 o f the Detroit Electric R y . 5 % bonds, which matured
Juno 1 1916, and a like amount o f Detroit United R y . 4 % bonds has been
issued and these bonds aro held as part collateral to tho 5 To collateral trust
gold notes, tho remainder o f tho proceeds o f thoso notes being Invested In
additions and betterments. (V . 102, p . 65.)
„
.
On A lay 1 1916 $300,000 bonds or the R apid R y. fell due and were paid
and a liko amount o f D etroit & Fort Huron Slioro Line Ity. bonds was
issued. On Dec. I 1916 $50,000 bonds o f tho D etroit R y . fell duo and wero
taken up by tho Detroit United R y .
During tho year $3,721,998 was expended for additions to property.

electric equipment o f cars, $233,252; grading, $217,752, and ballast,
$208,828. In P rovince o f Ontario, Canada, $40,273.

COM BIN ED RESUETS FOR C AL E N D AR YEAR S.
(Detroit United Ry., Rapid Ry. System, Sandwich Windsor & Amherstburg
Ry. Detroit M onroe & Toledo Short Line and Detroit Jackson A Chic. Ry.)
$4,544,000 o f Ultimate Estimated Annual Savings
1913.
1914.
1915.
------. ...1 9 1 6 .
R evenu e]
Loss and damage— freigh t. .$190,000 Freight equipment— m ain­
tenance__________________ $576,000
Transfer i
Freight handling___________ 41,000
E m ployee pass’*,— , ----- ----------------------------. . . . . ----......
25,000 Passenger car repairs_______________ 95,000
Handling packago cars.........
4.49 cts.
4.53 cts.
4.96 cts.
Personal injury claim s_____ 337,000 Cross ties__________________ 650,000 Receipts per rev. p a s s .. 4.50 cts.
10,000 Car m ileago...................... 54,008,437 46,327,634 44,882,720 46,126,994
T ra n sp ortation ____________ 285,000 S ta tion ery _________________
28.57 cts.
27.27 cts.
27.08 cts.
General office organization. 100,000 Purchases and stores______ 541,000 Gross earns, per car m ile' 29.70 cts.
8.43 cts.
7.88 cts.
S.74 cts.
A totlvo pow er_____________ 450,000 F u e l _____ •_________________ 500,000 N et earns. per car m ile- 8.093 cts.
Track m otor cars__________ 70,000 Gros^earnPngs_________$16,036,669 $13,235,551 $12,240,004 $12,723,829
Freight equip.— bills against
9,331,804
8,702,660
8,694,231
foreign roads____________ 242,000 Grade revisions____________ 432,000 Operating exjienses____ 11,215,802
“ O f these economies a certain portion cannot bo realized for some time
N et ea rnings................. $4,820,867 $3,903,747 $3,537,344 $4,029,598
to com e— for Instance, the item o f cross ties, $650,000, cannot be saved Other Incom e__________
351,335
286,815
273,728
251,937
until tho main lino Is fully supplied w ith chemically-treated ties o f a class
superior to thoso that aro now being used.”
T otal net Incom e____$5,172,202 $4,190,562
$3,811,072 $4,281,535
W ith reference to tho saving In connection with freight loss and damage, In t. on bonds, taxes, &c. $2,291,410 $2,229,801 $2,166,072 $2,151,058
A ir. Kendrick notes that while considerable progress in this m atter has been
D iv id e n d s____________ (6 ^ )8 4 3 ,7 5 0
(6)750,000 (6)750.000
(6)750,000
made in tho last five years, tho ratio for 1912 being 3.0 1 % and for 1916 Depreciation charged o ff
800,000
750,000
294,000
'.’Q&’SSy
1.60% : this contrasts with 1.75% and .94% on tho Frisco for tho corre­ C ontlng. liability res’v o .
------------------50,000
100,000
sponding years and It Is certainly possiblo to secure as good results upon tho
AI. K . & T . as upon tho Santa Fe or B'rlsco.
$3,501,058
T otal deductions____$3,935,160 $3,729,801 $3,260,072
Personal Injury Claims.— Although thero was a m arked increase, ap­ Surplus Incom e_________$1,237,042
$780,477
$460,761
$551,000
proxim ately $255,000, In tho sums paid on account o f personal Injuries In
transportation service in 1916 as com pared with 1915, “ tho cam paign o f CONSOLIDATED B AL A N C E SHEET DEC. 31 {IN C I,. SUB. COS.).
rehabilitation now being actively prosecuted must result In fewer train
1916.
1915.
1
1916.
1915.
casualties and personal injuries ana in Im proved morale o f employees as
.1,5, s - — I
S
$
Liabilities—■
5
$
well. If tho unit o f personal Injuries per 100 revenue train miles obtained
Land bldgs plant,
'Capital stock----- 12,500,000 12,500,GOO
b y the Santa Fo system In 1915— nam ely $1 72— bo applied to the train
equ’lpm’t, &e. .58,907.211 50,024,140 Funded debt (see
■ fd.
fd deposits
deposits for
“ Elec.Ity. Soo,,)3.),974,000 35,324,000
mileago o f tho M . K . & T . system In 1916, the personal injury claims for Sk.
for
Def.mtgo.paym'ts
that year w oidd havo amounted to $241,629, a sum $337,000 t e s than tho
Redcmp. of Dot.
161,135
on real est. pur.
284,008
amount actually paid, a rosult that can and should bo realized.
Jack. 3c Chic.
774,741
Transportation Expenses, Estimated Annual Saving of $285,000.— Because
86,555 Notes payable___
90,704
Ry. bonds____
888,285
o f greater mileago to m any points, tho AI. K . & T . schedules, as a rosult o f Ins.res.fd.(atcost)
31,003 Audited vouohers. 1,268,107
31,003
213,707
tho efforts o f tho management to meet com petition, aro too fast for the m ost Materials & supp.
237,107
550,710 Accrued Interest..
917,306
199,753
econom ical operation. As soon as tho side-track extensions which aro now Notes receivable. .
298,150
6,000 Unred’d tickets__
15,505
Taxes
accrued,
Ac.
21,651
under construction aro com pleted it will bo practicable to increase tho Accts. receivable.
123,907
143,139
906,560
length and tonnago o f trains m aterially. T ho rovenuo train-load has In­ Cash...... ......... - - ­
117,963 Reserves............... *1,135,798
191,125
creased from 268 for tho fiscal year 1914 to 323 last year, as against 297 Prepaid taxes, &c.
124,155 Profit and lo ss...x7 ,871,403 6,801,420
24,599
and 334 on the Frisco for tho corresponding years.
........ 60,305,148 57,070,433
In vlow o f tho fact that “ passenger business Is unremuneratlvo at best,
T o ta l................60,305,148 57,070,433
Total
tho dictates o f good judgm ent should apparently limit this business to a
♦Includes In 1916 reserves for contingencies, $393,273; for Injuries and
m inimum. U nfortunately trains that aro now run cannot bo discontinued
without difficulty. It Is fair to stato that during tho receivership this class damagos, $560,583; for Insurance, $91,178, and for bond, sinking fu n d,
o f service has been curtailed and tho good work should bo carried farther.
$90,764. x After deducting $167,000 discount on bonds sold .— V. 104,
General Expenses.— A saving o f $100,000 in salaries and oxpensos m ay bo p . 559, 163.
effected b y consolidation o f general office organization.
Ih o management
has estimated a possiblo saving o f $225,000 if it wero practicable to consoli­ E. I. du Pont de Nemours &
Wilmington, Del.
date tho lines o f tho system as a unit, but this cannot be realized. How­
ever, tho spirit and letter o f tho law can bo observed without maintaining
( Report f o r Fisca l Y ea r en d in g D ec.
“ a separate and in a largo moasuro independent organization in Kansas.
Grades— Rolling Stock.— "G enerally speaking, tho grades aro unfavorable
to econom ical operation b y light power, and this fact has been recognized
War Orders.— T ho first o f tho new plant units for tho filling o f war orders
by the present management. It is ovident also that a great doal o f tho m o­
tive power is so old that it is impracticable to secure such efficiency o f opera­ was put in operation in M arch 1915. In April 1916 our extraordinary
tion as to warrant Its perpetuation. The reports show 395 freight engines construction, involving an expenditure o f about $60,000,000, had been
available for service. Tlio modern freight locom otives (those o f Consolid­ com pleted. T ho total contracted deliveries o f 1915 and 1916 wero m ot and
ation and Alikado types) aro averaging 2,800 miles per m onth, which Is fair. a surplus delivered in excess o f contract requirem ents. This required in
1916 an averago daily m anufacture o f m ilitary smokeless powder greator
“ Considering tho design and construction o f m any o f tho freight cars,
which is inferior, the showing as to bad order is creditablo, especially as a than our groatest m onthly production prior to tho war. This Invo ved tho
largo number aro equipped with dovices which aro obsolete and continually purchaso and assembling o f raw materials Involving an expenditure o f
.
.
. . .
failing. Liko all railroads that havo a largo miscellaneous equipment about $160,000,000.
T ho warring nations woro unwilling to place orilors extending over a
purchased during a long term o f years, tho AI. K . & T . lias a great m any
cars that need reinforcem ent. The cast o f maintaining freight equipment groat length o f tinio and theroforo our early contracts wero closed at prices
for tho year ended Juno 30 1916 is given as .0097 per car m lo, whilo other about 25% higher than tho prices at which wo sold powder abroad In com railroads in tho same territory aro said to bo maintaining freight equipment upfifioTi with foreign manufacturers beforo tho war. Out o f this*price
which is sufficient to am ortize tlio cost
at a cost varying from 6 to 7 m ills per car m ile. T ho botterment o f pas­ there has been sot
o f constructing now plants to fill such contracts. C onsequently it became
senger equipment is alroady under w a y .”
.
.
.
. ,
Tie Plates.— Unless ties are protected b y tie plates, tho m oney spont for p L siM o to q^otoT ow or prices on later contracts those for 1917 delivery
preservative treatment will bo wasted. T he number o f tio plates required being closed at prices below tho prices prevailing beforo tho war. I*urthcrm oro, tho com pany has been able to nanio prices for m ilitary powders to
for the principal lines will cost practically $900,000.
Fuel Economy.— With tho adoption o f recomm endations regarding fuel tho U. 8. Governm ent within tho limit imposed b y law, though prices o f
and a campaign to secure increased intorost in fuel econom y, savings on raw materials aro very m uch higher than before tho war.
T ho reduction in prices doubtless enorm ously increased our volum e
account o f reduced consum ption should reach 15% .
Ballast— Rails, & c.— T ho ballast program o f tho management Is well o f sales which in tho year 1916 aggregated $318,845,685, which am ount is
considered, the section conservative, and as tho work is com pleted tho track
will be brought into first-class con d ition ."
,
,
Tho miles o f rail to bo laid as provided b y the receiver s estimate are:
22,300 tons In 1917. 23,080 tons in 1918, 27,670 tons in 1919, and 17,250 under*tho te r m s 'o f tho contracts ^ tlcrp aF ed vthe“actua[ financial needs to
tons In 1920: thereafter tho normal requirements will bo 19,000 tons a year pay for Construction and materials so tliat it has boon dosirablo to invest
or about 130 miles o f 90-pound section. T he tonnago required in each o f tem porarily large sums o f m oney. T ho total am ount o f such investments
the four years specified in excess o f 19,000 tons, and Its value represents in bonds, short-tim o notes, com m ercial paper, & c., has aggregated $149,­
arrearage in maintenance amounting to 24,300 tons at $30 per ton, or 985,283, which has been accom plished w ithout loss to date— o f this amount
$729,000. The estimato is based upon prices or Juno 1916 and is probably $93,557,704 has alroady boon paid at m aturity or sold.
Bonuses.-—T ho stock required for bonuses is purchased b y tho com pany
2 5% too small to meet presont conditions. Tho arrearage charge to main
in tho open m arkot. T ho bonusos aro paid usually in com m on stock o f tlio
tenanco will therefore be about $911,000.
com pany and to “ em ployees who havo contributed in an unusual degree
'I'here is an acute need for roundhouse and turntablo facilities.
Relation o f Interest Charges to N et Revenues.— On tho basis o f reported t o “ fm success o f tho com pany b y their inventions ability ‘ udus ry and
operations for 1915 tho ratio o f tho interest or fixed charges to tho incom e lo ya lty , and whom it is doomed desirable to havo Interested In tho business
as stockholders.” Sinco tho adoption o f tlio plan In
thero has boon
available for Interest Is as follows:
distributed to tho em ployees stock which cost about $ 5 ,000 ,000 , but tho
A f. K . & T. Santa Fe. Burlington. N or. Pac. Gt. N or. C. & N . W . U n.P ac
nrosonfc valuo o f whicn is over .‘$23»000t000.
„ lf
.
8 1%
35%
27%
43% J
24%
4 5% i
33%
Pl Under tho " B ” bonus plan thero is available for distribution oach year
7 % o f tho earnings after allowing for 5 % dividend on tho com m on stock.
Estimated Income Account for Year 1920.— M aking such adjustments from
tho results for 1915 as he considers probablo and making duo allowances T ho bonus plan, together with tho stock subscription plan undor which
thoro is offered oach year for subscription a iloflnito am ount (usually 2,000
for operating economies, Air. Kendrick estimates for tho year 1920:




Co.,

31 1916.)
President Pierre S. du Pont says in substance:

Feb . 17 1917.J

THE CHRONICLE

to 3,000 shares) o f debenture stock on liberal term s, Is largely responsible
for the Interest o f employees In tho stock o f tho com p any. T ho am ount
available for bonus distribution for tho year 1916 is represented b y 19,260
shares o f com m on stock and 14,928 shares o f debenture stock . Under the
stock subscription plan 4,000 shares o f debenture stock havo been offered
for subscription in 1917.
Commercial Business.— Tho com m ercial part o f tho explosives industry
has continued to prosper even though som ewhat handicapped b y higher
soiling prices m ade necessary b y tho increased cost o f raw materials and
labor. Tho allied industries in which tho com pany Is interested, such as
tho m anufacture o f “ fabrik oid,” “ p yralin,” lacquers, solvents, chemicals
and tho extraction o f nitrato in C hllo, havo been placed on a satisfactory
footin g and tho com pany Is now deriving a suitable p rofit from all such
investments.
Tho laboratories and developm ent departm ents aro now bonding their
efforts to find a means o f diverting part o f tho groat factories now engaged
in tho m anufacture o f military powder to other uses at the ond o f tho war.
For this purposo wo expect to em ploy tho .$60,000,000 o f now capital that
was authorized in tho reorganization o f tho com pany in O ct. 1915.
Tho acquisition o f the Arlington C o ., manufacturers o f “ pyralin, was
recorded in tho last annual report. Since then tho purchase o f a com pany
m anufacturing paints and chemicals has been arranged. T ho develop ­
m ent o f those linos o f industry promises profitable roward.
Taxes.— Under tho C orporation T ax and Am m unition T ax laws tho tax
levied against our com pany for tho year 1916 alone will result in our paying
to the U. S. G overnm ent an am ount oqual to tho entiro profit m ado on sales
o f m ilitary powders to tho U. S. G overnm ent b y this com pany and its predecossors since tho inception o f tho industry about 20 years ago. T o state it
another w ay, tho tax levied against our com pany for 1916 under those laws
will aggrogato an am ount equal to 170% o f our entire net earnings for tho
year 1912, in which year wo had tho largest earnings in tho history o f tho
com pany prior to tho war.
Dividends.— For 1917 tho reduction in prices o f m ilitary powders and tho
continued extension o f largo credits to tho purchasers o f theso powders
m ako It oxpodiont to curtail extraordinary dividend disbursem ents. M o re ­
over, uncertainty as to industrial conditions after the term ination o f the
war m ako it advisable to maintain groat financial strength. B y this moans
tho m ost unexpected financial storms will bo weathered safely and tho com ­
pany will bo In position to take advantage o f opportunities for investm ent
that m ay bo presented.
T o this ond tho Treasurer has recom m ended a dividend that it is beloved
can bo continued without interruption after tho war. The present m arket
value o f tho com m on stock sooms warranted b y tho com p a n y’s assets and
prospective profits and is in lino with tho dividend recom m endation.
In addition to tho paym ont o f 6 % dividends on tho debenture stock , the
follow ing distribution has been m ado to tho com m on stockholders during
tho yoar 1916: M arch, 2 4 % : Juno, 2 5 % ; S ept., 2 5 % , and D e c ., 2 6 % ; tota l,
1 00 % . This com pares with 3 0 % paid in 1915.
Number o f Stockholders.— O f tho 4,221 stockholders on D ec. 31 1916.
1,448. or 3 4 % . woro em ployees.
CONSOL. RESULTS FOR C A L. YEARS (IN C L . S U B S ID IA R Y CO'S).
1916.
1915.
Gross receipts for year ending D oc. 3 1 .................. $318,845,685 N o t stated
N ot oarnings, less am ortization................................$82,013,0201
E xtraor.ad just.,p rof.& lossonsaloofroalest.,sec.,& c.
94,673 J$57,840,758
T o t a l............................................ .................................. $82,107,693 $57,840,758
_________
$583,450
In t. on bonds o f K. I. du P. do N ein. Pow der C o . .
D iv s. paid on d ob. stk. o f E . I. du 1*. do N . & Go(6)$3,648,222 y l . 715,033
D lvs. on com . stk. o f E . I. du P . do N . & 0 o.(1 0 0 % )5 8 ,8 5 4 ,2 0 0 x24,136,672
D ivs. on subsidiary com pany stocks_____________
6,450
-------------Earnings capitalized in roorg. and now represented
by a portion o f stock o f E . I. du P. do N . & C o.
_________ 29,955,799
issued in O ct. 1915_____________________________
T otal deductions.................... .................................... $62,508,872 $56,390,954
Balanco carried to p rofit and loss-------------------------- $19,598,821 $1,449,804
P rofit and loss brought forward Jan. 1 . ................... 8,968,217
7,518,413
P rofit and loss as per balanco shoot D oc. 3 1 ------ $28,567,038

$8,968,217

x Includes dividends on E . I. du P . d o N . Pow der C o. and does n ot includo tho distribution o f tw o shares o f com m on stock o f E . I. du P . d o N . &
C o. to each share o f com m on stock o f E . I . du P . do N . Pow der C o . y In ­
cludes dividends and accrued on pref. stock o f tho E . I . D u P . d o N . P ow .C o.
C ON SOLIDATED B A L A N C E SH E ET D E C . 31 (IN C L . SUB. CO'S).
1915.
1916.
1916.
1915.
Liabilities—
§
5
$
$
Assets—
Cash, accts. rec.
„ , . __ Deb .stock issued 60,813,950 60,774,033
materials, &c. 82,325,103 64,894,107 do (held in res)
b45,00G
b45,00G
Inv. In notes,&c.a57,172,511 a49,332,874 Com. stk. Issued 58,854,200 58,854,200
Sccurs. for perdo (held in res)
b31,426
b31,420
man’t invest. 26,540,680 21,295,368 Acc’ts payable. 7,883,623
9,108,627
Realty (excl.pl’ t
Misc.defd items 19,461,171
4,102,674
real estate)..
50-1,023
510,698 Contlng’t liabil.c42,195,220c 110,379,037
Perm't lnvest.in
Profit and loss.. 28,567,038
8,968,217
mfg. property
patents, A c .. 51,309,323 122,224,174

657

Colum bia, and seven black powder plants, located in P enn., K a n ., 111.,
T onn ., Okla., Cal. and British Colum bia. W ith tho purchase o f tho black
powder plant in Western Pennsylvania there was also acquired a plant for
tho m anufacture o f blasting supplies— a new departure for the A tlas Powder
C o . This is now in process o f developm ent.
Stockholders.— In 1916 there were 2,213 stockholders, o f whom 480 were
em ployees.
Increase in Stock.— In April 1916 tho authorized capital s to c k was in­
creased to $20,000,000, consisting o f $10,000,000 6 % cum ulative pref.
stock and $10,000,000 com m on stock (V . 102, p . 1542). T o care for extra
equipm ent, financing o f additional construction work and to provide in­
creased working capital, a join t offering o f preferred and com m on stocks
was m ado in April 1916. aggregating a total increase o f $2,273,300. T he
entiro amount o f stock offered for subscription has been taken up. There
is now outstanding $7,198,000 preferred stock and $5,002,400 com m on
stock. W o d o not contem plate further offerings o f stock in the near future.
Dividends.— Tho dividends on the preferred stock have been paid regu­
larly, beginning with tho initial dividend o f A ug. 1 1915. C om m on d fvidends in 1913 aggregated 1 H % : in 1914, 6 % ; in 1915, 1 1 M % ; and in
1916 (see below ), 2 5 % .
IN C O M E A C C T . FOR YE AR E N D E D DEC. 31 1916 (IN C L . SUB. COS.).
Gross sales........................... -$20,052,916 Net income.............................. $2,939,790
Cost of goods sold, delivery
Preferred dividends (6 % )*__
388,706
and other expenses.......... 17,817,904 Common dividends (2 5 % )* -. 1,164,180
Net profit.......................... $2,835,013
T o t a l.................................... $1,552,886
Other Income (net)_________
104,777 Balance, surplus...................... 1,386,904
Net in c o m e .--.................. $2,939,790
Total surplus.......................... $2,834,248
* Includes interest on tem porary receipts.
Tho net incom e for tho year (less preferred dividends and interest on
prof, temporary receipts) equivalent to annual rate on com . stock was 5 1 % .
For com parative incom e account for previous years, excluding subsidiary
com panies, see V . 102, p . 604.
B A L A N C E SH EET DEC. 31 1916 (IN C L . S U B S ID IA R Y COS.).
Assets (Total $18,427,880)—
Liabilities (Total $18,427,880)—
Plant properties, equipment,
Preferred stock...................... x$7,198,000
good-will, &c................... ..$10,210,608 Common stock____________ 5,002,400
Cash.........................
1,487,746 Bills A accts. payable, incl.
Bills and accounts receivable. 2,245,658
accrued int. & 6 % div. on
Finished product___________
972,877
preferred stock.................. 1,909,410
Materials and supplies........ . 2,952,662 Reserves.................................. 1,483,821
Outside real cst. & inv. secur.
519,593 Undistributed profits............ 2,834,248
Deferred items (net)________
38,735.
x Includes $21,725 not fu lly paid or issued. F or tho com parative balance
sheets as o f D ec. 31 1915 and 1914, which does not include sub. c o .’s a ccts.,
see V . 102, p. 604; V . 103, p . 2081.

Winchester Repeating Arms Co., New Haven, Conn.

(R eport f o r F isca l Y ea r en d in g D e c . 31 1916.)
^The report, signed by the board of directors and dated
Fob.
9 1917, says in substance:
Finances.— On M a r. 1 1916 tho directors placed a loan for $16,000,000 In

ta c form o f tw o-year 5 % notes. Interest payable semi-annually, duo M a r. 1
1918 and rotlrablo in whole or in part at any Interest dato at 100 'A . From
tho proceeds o f these notes there were retired tho $8,250,000 o f notes out­
standing and tho remainder was devoted to the com pletion o f plant expan­
sion theretofore projected and to working capital for use in connection with
advance purchases and operations upon an enlarged scale. [V . 102, p .
olO , 891.
Our deliveries havo boen delayed and our manufacturing costs havo been
greatly increased as a result o f abnormal conditions com m on to the entire
country and to all Industries, and affecting this Industry in particular.
W hile abnorm al Increases in labor and material costs havo taken place, it
has not been practicable to Increase our selling prices to a commensurate
extent because o f trade conditions and o f contractual obligations entered
Into previously.
Certain differences and difficulties in connection with the contracts with
tho British Governm ent for Enfield rifles have m ade It necessary to provide
a different basis for operation than that provided originally. T he com pany,
accordingly, as o f O ct. 21 1916, has boen able to amend such contracts to
provide for tho further prosecution o f tho work under an arrangement
whoreby tbo British G overnm ent, in lieu o f the purchase price fixed in the
original contracts, reimburses the com pany, partly in cash and partly In
British Treasury notes, for all expenditures on account o f m achinery, equip­
ment and materials purchased for use In connection with such contracts,
and all cost o f m anufacture, past and future. [See also Remington ArmsUnlon M etallic Cartridge C orporation, in V . 103, p . 2083.
RESULTS FOR YE AR E N D IN G DEC. 31 1916.
Net sales...............................$26,441,075 Total net profits.............
$4,448,851
Cost of goods sold................ .. 21,076,564 Int., debt discount, A c.........
901,204
Selling and general expense.. 1,083,705 Taxes (not charged to costs).
105,104
Discount on sales__________
377,375
Net profits.......................... $4,280,806 Rearrangement of plant........
140,000
Discounts on purchases____
$124,167 Betterments, A c.............
140,374
Miscellaneous income______
43,878 Depreciation reserve........ .
1,157,015

T o ta l............ 217.851,640 258,203,221
T o ta l............. 217,851,040 258,263,221
a Investm ents in short-term notes and quickly m arketable securities,

Total net profits................ $4,448,8511 Net income_______ _______ $1,627,779
T ho special business taken from A ug. 1914 to D ec. 31 1916, exclusive o f
tho contracts for Enfield rifles, which havo recently been amended,
o f tho subsidiary com panies aro owned b y E . I. du Pont do N em ours & C o ., amounted to $37,149,169. O f the foregoing, cancellations havo been made
and tho dobonturo and com m on stock shown as “ hold in reserve” represent aggregating $7,153,681, leaving a net amount o f such business booked
tho estimated valuo o f tho fow remaining shares not actually ow ned, c In­
There remains unfilled o f these orders D ec. 31 1916, gross,
cludes advanco paym onts on contracts, rosorves for depreciation, accidents, $29,995,488.
$3,664,113, and tho am ount realizable b y the com pany, after deducting
& c.— V . 104, p . 167.
tho advances, on these unfilled orders, is $1,706,015.
B A L A N C E SHEET D EC. 31 1916 A N D FEB. 5 1916,
Hercules Powder Co., Wilmington, Del.
Dec. 31 ’16. Feb. 5 ’16.
Dec. 31 '16. Feb. 5 T6.
(.Report f o r F isca l Y ea r en din g D e c
Asset?—
$
$
Liabilities—
$
$4
Land, bldgs., ma­
Capital stock____ 1,000,000 1,000,000
chinery, A c ...*17,719,079 19,167,357 Notes payable___ 16,000,000 8,250,000
Cash...................... 1,625,450 5,303,807 Accrued interest..
266,667
Investments.........
181,594
248,375 Accts. pay. A tax.
637,795
651,053
Acc'ts receivable.
560,293
726,285 Pay-rolls due, A c.
231,856
1916.
1915.
1914.
1913.
94,221
76,341 Adv. on contracts
Gross receipts....................$63,419,030 $15,715,860 $7,927,801 $7,640,741 Notes receivable..
59,959
A def’d shlpm'ts 5,835,090 8,618,170
Not earns, (all sou rces).$16,658.873
$4,922,402 $1,434,755 $1:407.212 Miscellaneous___
_____
3,154,137
Bond interest___________
-------§ 36.300
$187,500
$390,000 Inventory........... 20,414,118 13,521,130 Deprec’n reserve.
Adv. to vendors..
500,067
.......... Deferred credits..
123,367
10,289
374,500
368,308
223,589
______
Preferred d ividend______
Deferred charges. 1,283,481
973,279 Surplus.............. xl8,343,488 18,332,925
T otal deductions____
$374,500
$404,608
$411,089
$390,000
T o ta l................ 42,438,263 40,016,574
T o ta l.................42,438,263 40,016,574
... „ ___ „
A vail, for impts. or com .
* After deducting $5,756,910 reservo for depreciation and am ortization.
dividends.................--.$ 1 6 ,2 8 4 ,3 7 3
$4,517,793 $1,023,666 $1,017,212
x After deducting $1,500,000 reserved for special amortization o f plant,
A m t.avail for divs.equiv.
$100,922 not charges for adjustments o f valuations o f fixed assets, and
to ann.rato on com o f
227.75%
63.18%
14.32%
15.65%
$161,295 miscellaneous adjustments.— V . 103. p. 2084.
D ivs. paid on com . stock
9 5.00%
16.00%
8 .0 0 %
3 .00%
N et earns, (all sources)
cq u lv. to annual rate
Driggs-Seabury Ordnance Co., Sharon, Pa.
on total investment o f
46.64%
13.97%
8.5 5 %
9.52%
-— V • 10ot P» z lo o .
(R eport f o r F isca l Y ea r en d in g D e c .

b T ho consolidated balanco sheot, as given a bove, assuinos that all shares

. 31 1916.)
On an advertising pago will bo found tho romarks of
Prosidont R. H. Dunham and also tho comparative income
account and balanco sheot for several years.

Atlas Powder Co., Wilmington, Del.

(A n n u a l Statem ent f o r F isca l Y ea r en din g D e c . 31 1916.)
Pros.
W. J. Webster, Wilmington, Fob. 10, says in subst.:
There is submitted herewith genoral balanco sheet and sum mary o f

incom o and p rofit and loss for the calendar yoar 1916 o f the A tlas Powder
C o . and subsidiaries, which includo tho Giant Powder C o ., C o n ., o f Cali­
fornia and tho Giant Powder C o ., o f Canada, L td.
Business.— The gross business for tho year 1916 is b y far tho largest in
tho history o f tho com pany. While some o f the incroaso is due to tho
m anufacture and sale o f chemical products, not ordinarily a largo factor
in our normal business, thoro was a substantial Incroaso In regular com ­
mercial business.
. . . „
Additions.— It has boon necessary to install extensive additional plant
equipment to care for extraordinary business in chem ical products. Wo
continued In 1916 amortizing such additional plant Investment over con­
tracts in hand, thereby charging earnings and sotting up in reserve equivalent
o f plant expenditures made for this purposo.
New Plant.— During tho year wo acquired b y purchase a black powder
plant to care for our business in Western Pennsylvania. W o now havo six
dynam ite plants, located in N . J ., P enn., M ich ., M o ., C al. and British




31 1916.)
Pres.
A.
E.
Borie,
N.
Y.,
Jan.
30,
wrote
in
substance:
Results.— W hile tho earnings shown are m uch below those estimated in

D ec. 1915. at tho tim e o f tho purchase o f the Savage Arms C o . (V . 101,
p . 2074), wo feel that, considering all the adverse conditions during the
yoar 1916 in the manufacture o f munitions o f war, such as scarcity and high
cost o f labor, Increased cost o f raw materials, inability to obtain deliveries
o f stool prom ptly, severe Inspection and the necessity for extending and
altering plants during heavy production, tho showing is a good one and en­
couraging for tho future.
Improvements.— Y ou r plant at Utica, for the m anufacture o f m achine
guns, sporting rifles and pistols, has, b y the expenditure o f a large amount
o f m onoy, been greatly Increased b y the com pletion o f the plans under­
taken early in 1916, and Is In a high state o f efficiency and is turning out
a largo product. T ho plant at Sharon has been greatly Unproved, and Is
capablo o f turning out a good production o f ordnance material and com m er­
cial products. It will be desirable to make further expenditures at Sharon
in order to further increase the capacity, but not for some tim e and only
as tho business expands.
Outlook.— In our opinion, we have, in the Lewis machine gun, the best
macliino gun so far perfected, and there will always be a certain demand
for it. W o havo m any Inquiries for these guns and hope to secure substan­
tial further orders.

The outlook for orders for small ordnance, such as 3-inch guns and
mounts, Is encouraging, both from our own Government and from other
sources, and we have on hand and expect to securo sufficient orders to op­
erate that portion o f our plant at Sharon on a profitable basis.
Our commercial business Is progressing satisfactorily. Shipments are
Increasing, we have large orders on our books and we are already making
arrangements to use portions o f our plants now used for war material for
the production o f commercial work after the end o f the European war. It
Is estimated that after the necessary readjustment of business conditions
throughout this country following the European war your company will,
with its present plants, be ablo to do a gross business of from $4,000,000
to §5,000,000 per annum, yielding a reasonable manufacturing profit,
depending on conditions as they develop, and eventually to increase the
volume of business. This estimate Is based on peace business only, con­
sisting mainly o f sporting rifles, pistols, pressed steel frames, drop forgings,
crank shafts, motor truck and automobile parts and similar products. Any
war business that Is secured, and we expect substantial orders for war ma­
terial even after the end o f the present European war, would add to this
estimated volume of business.
F in a n cia l .— On Dec. 30 1916 $300,000 bonds then maturing were paid
off, leaving $1,200,000 bonds outstanding; $32,500 2d pref. stock has been
exchanged for an equal amount o f common stock.
S u p p lies .— Wo are well covered as to raw materials and supplies for con­
tracts on hand.
COM BINED IN C O M E ACCT. FOR C AL. YEAR 1916 (Inter-Co. Items Eliminated).
Sales_________ _________ ..$9,1-17,748 Munition reserve, &o............. $257,286
259,000
Cost of sales, &o .................... 5,998,312 Miscellaneous reserves______
1st pref. dlvs. (D.-S. O. Co.)
43,750
36,825
Trading profits.................. $3,149,438 2d pref. dlvs. (D.-S. O. Co.)
140,275 Common dlvs. (D.-S. O. Co.) 659,550
Other Income............. ............
Cora. dlvs. (Savage Arms Co.)
140
Total profits...................... $3,289,711
Balance, surplus................. $35,492
Deduct bond interest-........... ' $88,827
Depreciations...................— 1,908,841
COM BINED BALA N C E SHEET.

[Including Drlgg3-Seabury Ordnance Corp. and Savage Arms Co.]
Dec.31 T6. Feb .29 T6.
D ec .31 T6. Feb .29 T6.
.$
$
Liabilities—
Assets8
8
500,000
11,605,693 9,850,613 1st pf.stk.(D.S.O-) 500,000
500,000
1,370,338 1,370,338 2d pf. tk. (D.S.O.) 467,500
245,724 Com. stk.(D.S.O-) 8,835,500 9,000,000
35,000
Investments.......
-------Inventories......... 2,669,055 1,935,728 From, on cap. stk. 949,521
865,389
407,800 1st M. 6% bonds- 1,152,000 1,500,000
Notes & accts. reo
Dlvs. pay. Mar. 15
.........
257,500
Accts. payablo... 583,380
333,540
91,150
on purobasc___
Advanced paym’tsxl,353,445 2,815,270
Notes payablo___
675,000
..........
1,028,854
Unmat.royal’s,&c. 640,370
..........
86,584
300,072 2,524,085 Acor.pay-rolls.&c.
Reserves............. y2,545,3661 1,560,803
126,824 Surplus............... 294,068/
’ 117,181
18,082,733 16,467,113

T o t a l ...............-.1 8 ,0 8 2 ,7 3 3 16,467,113
♦ In c lu d e s $5 ,769,086 excess o f p u ro h a s e p ric e o f c a p ita l s to c k o f S a v a g e A r m s C o .
o v e r p a r v a lu e , x In c lu d e s In 1916 a d v a n c e d p a y m e n ts a c c o u n t o f c o n tra c ts $ 1 ,3 5 3 ,­
445, a g a in s t $ 2 ,8 05,27 0 In 1915. y In c lu d e s $1,9 76,98 9 re s e rv e fo r d e p re c ia tio n
o f p l a n t — V . 103, p . 2081, 846.

N ew Y o r k A ir B rake C o ., N ew Y o r k C ity .
(R eport f o r F iscal Y e a r en din g D e c .
P r e s .

C .

[Vol. 104

THE CHRONICLE

65 8

A .

S t a r b u c k ,

N

.

Y

. ,

F e b .

1 4 ,

3 1

w r o t e

1 9 1 6 .)
in

s u b s t a n c e :

Munilons.— In this statement munitions are entitled to bulk largely in
the aggregate, and, now that munitions must sooner o f later com e to an end.
It Is assuring to know that our regular brako business has n ot only more
than doubled the business o f tho previous year, but the booked orders on
hand, which am ount to five times those o f any previous year, indicate
that tho brake business will be still m ore favorable, while munitions will
continue to be profitable for som e tim e.
D ivid en d s. — A year ago the quarterly dividends wero advanced to 2 % .
and six m onths later advanced again to 2 H % , and in D ec. advanced again
to 2 ' A % regular and 2 A % extra, thys establishing for tho present year
5% a quarter, or 20% a year. Thus you r com pany has paid in the year
1916 11 A % , and will pay tho prosent year 20% .
,
R esu lts. — Tho com p a n y’s business in 1915 amounted to $4,731,529 and
in 1916 $24,051,103, with practically the same organization. T ho net
profits in 1916. before deducting dividends and depreciation, wero $9,414,­
962, equal to $94 14 per share on the entire capital stock.
C O N S O L ID A T E D I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
1916.
1915.
1914.
1913.
Sales.............................. ...$ 2 4 ,0 5 1 ,1 0 3 $4,731,529 $2,915,932 $3,186,543
Receipts from investm ’ ts,
,
___ __ _
int. & discounted bills
93,894
38,624 18,524
57,769

N iles-B en ien t-P on d C om p an y.

31 1916.)
Pres. Jas. K. Cullen, Feb. 7 1917, says in substance:
(Report fo r Fiscal Y ear ending D ec.

R esu lts. — The profits for the year, aftor deducting all general, selling and
other expenses, all ordinary repairs to buildings and equipment and ample
allowances for depreciation, wero $5,090,259, and aftor deducting dividends
during the year, $969,688, tho surplus was $4,120,571. The total surplus
Dec. 31 1916, after deducting adjustments duo to writing off surplus of
Itidgway Machino Co., &c., $243,166, was $10,784,546.
The item “ Inventories” includes a largo amount of work upon special
contracts for which wo have received advanco payments of more than
$3,500,000 (without being called upon for any bond).

R idgway C o. B onds. — T ho outstanding bonds on the Ridgway works and
all o f tho pref. stock o f the R idgw ay M achine C o . have been paid and
canceled, and the R idgw ay M achine C o . has gone out o f existence, its
accum ulated surplus being written o ff as against b ook value o f tho R idgw ay
plant at time o f transfer which went into effect on Sept. 30 1916.
U n filled Orders.- —-The unfilled orders on our books are somewhat greater
in am ount than at the beginning o f last year. Those orders aro not subject
to cancellation; few o f them represent equipment orders for purposes
incident to tho war. T he only one o f your plants which has at any tim e
m anufactured munitions is the Bertram works at Dundas, Ontario, C an .,
which is m anufacturing parts o f shells for the British G o v t.; theso orders
am ount to approxim ately 5% o f the unfilled orders on our books at present.
D iv id en d s .— Tho usual dividends have been paid on the outstanding pref.
stocks and the dividend on tho com m on stock was increased from a 6%
basis to a 10% basis for tho second half o f the year.
G eneral. — During the period o f readjustm ent following tho closo o f the
war we m ay find it to tho com pany’s advantage to allow long credits in
connection with sales for rehabilitating railway and other equipments that
havo been destroyed b y the war. Furtherm ore, considerable expenditures
will have to bo m ade at you r several plants with a view to bringing their
efficiency up to tho m axim um .
,
T O T A L I N C O M E FOR C A L E N D A R Y E A R 1916.

M anufacturing p ro fit____ $ 6,526,120[Other i n c o m e .................... $125,479
M isc. d ep ’t gross p r o f i t ..
608,765 T otal incom e (see b e lo w ).$7,311,001
Interest__________________
125,4791
S U R P L U S A C C O U N T FOR Y E A R S E N D I N G D E C . 31.

1916.
Net, after taxes, &c.............
$5,090,259
Preferred dividends (6% ) ...................
$289,688

1915.
$3,772,458
$303,369

C om m on dividends_________________ (8% )6 80 ,000(1 ><5)127,497

D epreciation........................................

............................... —

1914.
$35,685
$303,444
--------------

18,597

Balance, surplus or de ficit. .........sr.$4,120,57l sr$3,341,592d e f.$286,355
Previous surplus_____________________
0,907,141
3,505,549
3,861,904

$11,027,712
Total_______________
Charges applying to prior period-----243,166

$6,907,141 $3,565,549
...............
...............

Total surplus Dec. 31...................... $10,784,546 $6,907,141 $3,565,549
B A L A N C E S H E E T (I N C L . A S S O C IA T E D C O M P A N I E S ).
Dee. 30’ 16 Dee. 31 T5
Dec. 30 T8 Dec. 31 '15
S
Assets —
$
$
Liabilities—
S
Property account.15,028,130 14,850,953 Common stock__ 8,500,000 8,500,000
38,641
127,402 Preferred stook__ 1,595,700 1.746.300
Investments........
Inventories......... 7,981,292 6,593,540 Pf.stk.(assoo.cos.) 2,883,300 3.289.300
Bonds (assoo. cos.) .............
125,000
Accounts & notes
receivable........ 4,287,688 3,994,339 Accounts payablo. 1,072,322 1,175,723
Cash.................... 2,470,574 1,636,884 Adv.pay’ts on con­
804,601
tracts............... 3,536,243 3,194.067
Securities............. 2,729,092
Dopreo’n reserve.. 3,563,300 3,070,193
Surplus............... 10,784.540 0,907,141
CONSOL.

T otal________ 32,535,417 28,007,724
— V. 104, p. 56.

Total...............32,535,417 28,007,724

T h e P e o p le ’s Gas L ig h t & C oke C o., C h ica g o .

(Report for Fiscal Year ending Dec.

3 1 1 9 1 6 .)

C h a ir m a n S a m u e l I n s u ll, C h ic a g o , F o b . 1 0 , w ro te in s u b s t .:

In tho last annual report attention was drawn to a communication of
Dec. 9 1915, which had been sent to the city authorities suggesting the de­
sirability of a change of,the standard for gas sorvlco from tho obsolete can­
dle-power requirement to a heat unit standard.
It was pointed out
that if permitted to supply gas on tho heat unit standard wo could manufac­
ture gas from coal instead of from oil; and that this would lead to decreased
cost o f manufacture, cheaper gas for the consumer, and would render tho
company independent of tho widely fluctuating oil prices.
In a letter of Feb. 10 1916, and again on May 8, wo emphasized our
T otal in c o m e ...............$24,144,997 $4,770,153 $2,934,456 $3,244,312 willingness to treat any rates that might bo fixed upon a change of standard
C ost o f m anufact’g , & c- 14,083,282 $2,358,249 $1,740,436 $2,104,936 as merely temporary, and subject to revision whenever tho appraisal is
219,761 completed. On Sept. 22 1916 wo addressed a letter to tho Chairman of
A dm in., & c., exp en ses..
361,691
437,249
292,935
17,517 tho Committee on Gas, Oil and Electric Light, In which we offered to con­
32,172
20,237
18,682
T a x e s ....... ..........................
67,586 sider not only a schedule of'lower rates, but also a settlement of tho old
R oyalties_______________
72,890
195,976
61,357
D epreciation___________
1,200,000
200,000
---------litigation if a change of standard could bo secured.
180,000 gasUp
Interest on bonds______
180,000
180,000
180,000
to the present time, however, tho commltteo has not come to a con­
Interest on loans_______
______
35,156
---------clusion either as to tho standards to bo observed, or tho rates to bo charged.
D iv id e n d s ............ ( 1 1 A % >1,149,126
(6)599,544 (6)599,544 (6)599,544 Tho result is that during tho year tho company has paid out enormous sums
for gas oil with no benefit to tho consumers or to tho company. In tho
Total deductions----- $17,079,161 $4 026,411 $2,892,954 *3,189,343 meantime, also, prices for structural material havo been greatly advanced,
Balance, surplus_______$7,065,836
$743,742
$41,502
$54,969 and it is safe to assert that tho cost of constructing a coal gas plant neces­
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.
sary for tho purposes of tho company would bo in tho neighborhood of
1916.
1915.
1915.
$3,000,000 greater at tills timo that at tiio tlmo tho company sought a
1916.
Liabilities—
$
s
change in standard that would enable it to start Its coal-gas plant.
Assets—
S
$
Capital stock___ 10,000,000 10,000,000
it is hoped that eventually tho committee will como to a conclusion on
Factories, patents,
1st M.conv. bonds 3,000,000 3,000,000 tho subject. If its recommendation permits tho company will immediately
water power,
land, Ac______ 13,010,822 11,320,869 Accounts payable- 233,051 1,301,878 begin tho construction of its coal-gas plant.
Bills
payable------------2,496,760
Stocks and bonds. 681,1S9 1.229.0S9
Digest of Statem ent by President E. G. Cowdery, Chicago, Feb. 10.
30,000
30,000
C a sh ...,............. 4,858,319 1,174,444 Accrued bond intR esu lts .— Tho gross receipts for tho yoar wero $17,084,878; for 1915 they
200,000 were $17,037,894. In 1915 tho company paid a total of $2,080,284 for
Accts. & bills rec. 1,681,143 1,309,112 Deprec’n reserve. 1,400,000
Profit
and
loss__
8,082,591
1,016,754
gas oil; in 1916 it paid $3,295,751, or an lncreaso of $1,215,467. There has
Inventory______ 2,514,168 3,011,878
also been a groat lncreaso in tho price of generator fuel, tho prico of coke
T o ta l............. 22,745,642 18,045,392 becoming almost prohibitive. Anthracite coal, which wo aro preparing to
Total........... -.22,745,642 18,045,392
use in place of coke, is also extromely high in prico.
- V . 103, p. 1895.
During the year 59 miles of mains wero laid, tho total amount of
mileage now being upwards of 3,035 miles. Tho lncreaso In tho number of
meters set was 31,680, and in tho number of gas stoves installed was
(Report fo r Fiscal Y ear ending D ec. 31 1916.)
28,865, and a loss in the number of arc lamps was 688.
Stockholders .— There aro now 6,293 stockholders, 3,535 being residents of

K in g s C o u n ty E le c tr ic L ig h t & P o w er Co.

The text of the report, including a comparative income
account and balance sheet for two years, will be cited later.
C O M B I N E D E A R N I N G S (In clu d in g E d iso n E lec. I liu m . C o. o f B k ly n .).
1913.
1915.
1914.
1916.
C alendar Y ea rs —

N o.of customers Dec. 31
Gross operating rovonuo
Operating expenses___
Taxes...............................
Depreciation charges__
Net operating rovenuo
Non-operating revenue.
T o ta l...........................
D ed u ct — Bond discount
written off, &c______
Res. for contingencies..

49,487
58,172
72,843
$8,130,199 $6,928,115 $6,244,385
$3,582,683 $2,821,066 x$2,591,412
441.691
470,218
663,237
974,497
1,278.246
768,130
$3,116,149 $2,358,585 $2,236,785
72,504
72,700
74,609
$3,190,759 $2,431,285 $2,309,289

41,647
$5,655,200
$2,430,001
428,462
788,897
$2,007,840
72,080
$2,079,920

$20,269
569,175
741,360
1,202,564

$20,269

$20,269

$20,269

In te re s t on bonds, & c ..'
D ivid e n d s paid (8 % ) —

843,515
1,072,270

844.186
1,057,228

856,826
970,428

P r o fit & loss, su rp lu s.

89,630
1,385
$566,376

78,468
Cr521
$417,284

66,596
7,221
$313,789

56,654
15.044
$160,699

1,866,367
2,180,156 ___________

1,705.668

Employees profit-shar­
ing fund____________
Other appropriation-----Previous profit and loss
balance, as adjusted..

2,597,440

Total p. & 1. balance. $3,163,816 $2,597,440 $2,180,156 $1,866,367
x Adjusted for items amounting to $160,252 charged in 1914 to expenses,
but which have been, during 1915, transferred to construction on request
of P. S. Commission.— V. 104, p. 564, 76.




N eed fo r Coal-Gas P la n t .— At tho time of tho last annual meeting tho price
of gas oil was approximately 4 l-3c. per gallon. That was regarded as an
extremely high price. Tho price, howover, lias continued to advance even
beyond those figures until now tho company is compelled to pay approxi­
mately 5 l-3c. per gallon. Tho Increased price is perhaps, to some extent,
occasioned by tho war, but principally it is due to tho expansion of the
automobllo Industry.
When it is borno in mind that an lncreaso of lc . per gallon in tho price of
gas oil moans an lncreaso of nearly 5c. per 1,000 or gas mado, or an annual
expense of approximately $800,000 (more than 2% on our outstanding
capital stock), it will be readily appreciated how dependent the earnings are
upon the prico of oil and how vital it has become to tho Interest of tho con­
sumers and tho company that thero should bo a change in tho process of
manufacture that will permit tho company to mako itself Independent of
tho cost of gas oil.
,
W age A d va n ce .— Realizing tho difficulties which tho present economic
conditions havo forced upon our employees, wo felt obliged to grant, on
Nov. I 1916, an increase of 10% to all employees whoso compensation was
loss than $200 per month. This wago increase has added approximately
$356,000 to our annual operating expenses.
V alu ation .— Tho engineers employed to mako a valuation of tho property
havo been continuously engaged In that work, and it is expected that
within a few months tholr work will bo finished, thus giving to tho company
a detailed inventory of all its physical properties togethr with a complete
valuation as fixed by engineers of national reputation. Iho expense of
this work will be spread ovor several years, and (with tho exception o f tho
portion charged in tho operation for 1916) will be found in tho balance
sheet under tho titlo "Deferred Expense” [$489,331].
tJ i,|

F eb . 17 1917. J

THE CHRONICLE

D iv id en d s .— Tho results for the year were:

Grossrecolpts................. $17,084,8781Deprec’n reserves, A c . . . $1,281,689
Net, after oper. expenses $5,746,009[Bond Intorest..................... 2,387,062
Leaving net earnings for the year.............................................. $2,077,258
This Is equivalent to 5.39% on tho outstanding capital stock, $38,500,000.
Dividends paid (first quarter at rate o f 8% ; three quarters at 6% ) aggre­
gated $2,502,147.
It Is to bo noted that tho net earnings for the year were not equal to tho
dividends paid upon the outstanding capital stock. This has necessitated
a withdrawal from tho contingent reservo account [to tho oxtent o f $424,889,
leaving a credit in this account of $609,536. Tho depreciation and other
reserves show a total o f $5,980,997; total o f all reserves Dec. 31 1916,
$6,590,533.— Ed.]

For usual comparative tables see last week’s issue, p. 556.
(S. H .) K ress & C o., N ew Y ork .
( R eport f o r F isca l Y ea r en din g D e c .

31 1916.)

The percentage o f Increase o f sales in 1916 over 1915 is 21.16% , while
the percentage o f incroaso o f profits in 1916 over 1915 is 27.38% , tho in­
crease in the percentage o f not profits to sales being from 8.55% in 1915 to
8.99% In 1916. Thocompany operated a total o f 130stores on Dec. 311916
I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
C alendar Y ea r s —
1913.
1914.
1915.
1916.
Sales.............. .. ............... $107776,597 $11,897,989 $12,429,590 $15,059,683
Net profit____________
1,082.414
L064.384
1,063,067
1,354,093
Deduct 2 quarterly prof, dividends on $4,GOO,0OO 7% sto ck -(3H %)140,Q00

Balance, surplus, for tho calendar year 1916...........................$1,214,093
C O M B I N E D B A L A N C E S H E E T D E C . 31 (.IN C L . S. I I . K R E S S CO. o f T ex .)
1915.
1916.
1916.
1915.
S
Liabilities—
$
Ansels—

s

G o o d - w ill, lease-

12,000,000 12,000,000
*1,255,836]
I m p ’t s ., A c . , o n
) 1,901,085
734,909
leased p r o p e r t y .
1,158,530 1,083,424
70,000
C a s h fo r p ro f, d l v 2,810,305 1,579,326
i. 350,319
061,023
49,904
32,549
A c c ts . re o ’le , A c . .
34,933
4,596
P r e p a id e x p e n s e s .

Surplus------------ 1,542,152
18,476,744 17,322,603
17,322,603
Total...............18,476,744

s

7 % c u m u la t iv e
p re fe rre d s t o c k . 4 ,0 0 0,000 4,000,000
C o m m o n s t o c k . ..1 2 ,0 0 0 ,0 0 0 12,000,000
A c c o u n t s p a y . fo r
m e r c h ., A c ____
502,2381
A c c o u n t s p a y . fo r
) 930,370
m e rc h . p u r c h ’d
I
f o r c o m in g sea­
I
s o n ..... ............. ....
320,840)
U c s e rvo fo r ta xe s .
41,508
64,174
P r e f . d l v . p a y a b lo
J a n . 1 1917____
70,000

328,059

Total...............18,476,744 17,322,603

♦Furniture and fixtures is stated at cost less depreciation.— V. 104, p.168.

U n io n O il C o. o f C a lifo rn ia .

31 1916.)
The report, signed by Chairman Lyman Stewart and
Comptroller It. D. Matthews, Los Angeles, Feb. 1, says in
substance (see also advertisement on a preceding page):
(R eport f o r

F isca l

Y ea r ended D e c .

659

In crea se —
| D ecrea se —
First mortgage bonds---------$609,0001Coll. Tr. 6% ser. gold notes-$681,000
Purchase money obligations 619,4471Current liabilities_________ 137,334
Tho total assets (allowing for depreciation reserve for tho Lompoc pipe
lino) increased $7,007,825. The bonded debt o f tho Producers’ Transpor­
tation Co. was reduced $362,000. Of tho purchase money obligations,
$1,146,362, the sum of $1,081,321 Is duo subsequent to Jan. 1 1918. Tho
Increaso in these obligations was occasioned principally by a long term note
given on account of balance o f purchase price of the San Pedro property.
Current liabilities are $1,982,213, or $137,334 less than at the end of 1915.
Bills payablo amounting to $1,200,000 were paid off, leaving no commercial
paper obligations at the close of the year.
17-Year R ecord .— From Jan. 1 1900 to Dec. 311916, based on the average
outstanding capital stock for the 17-year period, the cash dividends paid
have equaled 5% per ann. and stock dividend 5*4% per ann., total 10M %
per ann.; and there was added to the undistributed surplus 5% nor ann.;
total, 15Ji% per annum.
Tho total dividends disbursed In cash approximate $14,900,000 and stock
dividend $15,800,000, or total dividends paid of $30,700,000, and there was
added to the surplus $15,400,000. The total operating and capital profits
combined amount to $46,100,000.
Status .— Tho California oil industry has recovered from the long depres­
sion prevailing up to the fall o f 1915. Wo have had a remarkably successful
year; sales and profits were the largest in our history and our business
position in tho oil industry o f tho State is decidedly satisfactory. The
outlook for the year 1917 is very promising, tho existing prosperity o f the
oil business in this State being assured, wo believe, for some time to come
and tho fulfillment o f the plans your board have in mind will fully safe­
guard our business and the requirements of our natural growth.
U N I O N O IL CO. I N C O M E A C C O U N T FOR C A L E N D A R

YEARS.

[Including proportionate share of tho operations o f controlled cos.]
1916.
1915.
1914.
1913.
Gross sales....................... $27,745,009 $19,248,143 $20,096,659 $20,230,620
Gross profits---------------- $11,197,053 $6,301,224 $6,075,839 $5,287,036
9,210
20,424
9,413
45,216
Itoyaltics and misc..........
Dividends affiliated cos______
______
______
27,583
Total profits............... $11,206,263
D educt —
General expenses______
$308,682
Taxes.................
456,247
158,158
Empl. share in p rofits..
Depreciation................... 2,432,465
Interest on bonds______
477,541
In t.on coll.tr. notes, Ac.
108,370
Miscellaneous.................
40,236
Dividends paid.........(6%)2,045,532

$6,321,648

$6,085,252

$5,359,835

$339,460
308,779

$478,088
332,352

$360,592
283,755

2,148,502
450,878
161,275
93,625

1,783,173
1,426,191
527,453
529,984
181,712
130,858
46,949
102,224
...........(4.2)1,311,781

Total deductions___ $6,027,231
$3,502,519 $3,349,728 $4,145,385
Balance, surplus...........$5,179,032
$2,819,129 $2,735,524 $1,214,450
N o te .—Tho company’s proportion of the net profits of controlled com­
panies included in the above statement for the year 1916 Is $1,629,317,
against $692,547 for 1915, $1,082,291 for 1914 and $1,026,272 for 1913.
U N I O N O IL CO. OF C A L . B A L A N C E S H E E T D E C . 31 (in cl. oumed c o s .) .
1916.
1915.
Assets—
$
S
O il la n d s , r ig h t s ,
gas a n d w a te r
lin e s , A c ..........a 3 6 ,403,566 36,149,261
I n v . in a ffil. c o s . .
165,597
159,234
I n v . i n c o n tr . c o s . 11,755,881 11,012,077
O U I n v e n t o r i e s . . . 7,294,311 5,625,570
M a t e r ia ls A s u p p . 1,262,394
821,013
B i l l s A a c c t s . r e c . . 4,56 5,114 3,25 3,788
P r e p ’d ta xe s A in s .
167,412
71,613
2,082,753 1,061,218
C a s h --------------121,093
20 4,240
M is c e lla n e o u s ____

1910.
1915.
Liabilities—
$
§
C a p it a l s t o c k ____34,0 92,20 0 34,0 92,20 0
1st m t g e . b o n d s . . 8 ,6 1 1,000 8 ,00 2,000
N o t e s . . .................... 1,319,000 2,00 0,000
P u rc h a s e m o n e y ,
A c . , o b lig a tio n s 1,146,362
526,915
T r a d e acc e p ta n c e s
41,491
B ills p a y a b le _____
------------ 1,200,000
O p e r a t in g re s e rve s
108,756
.............
S u rp lu s a p p r o p . A
in v e s t , in a d d ’n s
t o f ix e d assets,
w o r k in g c a p ita l 15,000,000 10,000,000
A c c o u n t s p a y a b le . 1,87 8,900
851,617
A c c ru e d i n t e r e s t . .
61,822
67,931
P r o f it a n d lo s s ____» 1 ,561,592 *1,617,351

R esults .— Tho profit earned in 1916 was equivalent to 28 14 Vo on the
issued capital stock as compared with 14!$% in 19 5, tho not profit after
deducting depreciation being 2 1 14% as compared with 8M % • Tho net
profit increased $4,405,434. or 156%.
P rod u ction .— The company and controlled companies produced 6,681 015
net barrels, an Increase o f 1,379,896 net barrels, or 26% . This production
together with regular purchases and agency deliveries approximates 19 600,000 net barrels, or a control o f 22% o f tho 90,000,000 net barrels of
marketable oil produced in the State. Tho production o f tho Stato was
slightly larger than in 1915, but wholly insufficient to meet tho unprece­
dented demand for petroleum. It is planned to maintain more drilling
T o t a l ................... 63,821,123 58,358,014
T o t a l __________ 63,821,123 58 ,358,014
crows in operation during tho current year. Production o f refined and
lubricating oils shows a substantial increaso over 1915, the demand for our
a Oil wells, gas and water lines, Ac., in 1916 include oil lands, rights and
products at the present time taxing our refining facilities to capacity.
leases, $22,903,005; oil wells and development, A c., $7,768,132; pipe lines
S ales .— Tho sales amounted to $27,745,009, an Increaso or $8,496,866,
and storage system, $1,527,983; steamships and tank cars, $5,205,876:
or 44% , over 1915. Tho value of fuel business increased 36% and refined refineries and compressor plant, $3,569,346; marketing stations, $4,223,632
and lubricating businoss 57% , tho export trado showing a remarkable and other properties, $817,761; total, $46,015,734, less reserve for depre­
growth. Better prices for our products prevailed during the year and are
and exhaustion, $9,609,168; balance as above, $36,406,566.
stoadlly increasing as tho consumption continues to exceed production. ciation
♦Profit and loss ($1,561,592 in 1916) was after deducting discount on
Deliveries o f fuel oil have been largo and tho State’s stocks were depleted salo
of
bonds
written o ff and adjustment o f valuation of stocks o f controlled
by about 12,300,000 barrels, but our larger production and purchases
enabled us to go into 1917 with more crudo oil in storage than was carried cos., A c., $234,791, and amt. transferred to appropriated surp., $5,000,000.
at tho commencement o f tho year 1916.
P R O D U C E R S ’ T R A N S P . C O .— I N C O M E A C C O U N T FOR C A L . Y E A R S .
Controlled C om panies' P r o fits .— These profits show a marked increase
1916.
1915.
I
1916.
1915.
over prior years, tho percentages o f net profit, after deducting depreciation, P r o f i t ........................$ 1,928,677 $1,218,014 D i v i d e n d --------(1 0 % )$ 7 0 0 ,000(6)8 420 ,0 00
to tho respective issued capital stocks boing as follows; Producers Transpor­ Written off--------------$750,0001
Balance,
surplus..$1,298,677
$48,014
tation Co.
* '
“
P R O D U C E R S ' T R A N S P O R T A T IO N C O . B A L A N C E S H E E T D E C . 31.
Union
Outer A.U1 WV. A.VWA V* ,, . 11*1 . vw., u / 0 " AUD 1>1 VI11/ lUt bUU ilOTliUVU
1916.
1915.
1916.
1915.
Asse ts—
$
s
Co., 1 H % , and loss for tho California Coast OH Co., 12%, is after de­
Liabilities—
$
$
ducting heavy provisions for exhaustion of territory. The company’s F r a n , ,r t s . o f w a y , A c . 1,958,140 1,959,348 C a p it a l s t o c k ............ 7,00 0,000 7,00 0,000
proportion of net profits o f controlled companies in excess of dividends re­ P ro p e r tie s x ...............x 6 , 615,003 7,355,477 1st M . 5 % b o n d s . . . 920,000 1,282,000
ceived for the year 1916 was $1,108,742.
U n io n O U o f C a l i f . . 568,381
109,395 A c c o u n t s p a y a b l e . . .
48 ,4 43
23 ,2 30
P roperties .— The additions during tho year aggregated $2,902,606, viz.:
M a t e r ia l A s u p p lie s . 150,267
72,604 A c c ru e d In t e r e s t ____
23,575
34,500
Oil lands, rights and loases. $83,1591Refineries and comp, plants $770,188 A c c o u n t s re c e iv a b le .
1,924
10,337 D e p r e c ’n r e s e r v e ....................
1,092,188
Oil wells, pipe lines, A c___ 853,739 Marketing stations________ 225,411 C a s h ..............................
2,324
4,893 S u r p l u s .........................1,317,550
88,873
Steamships and tank ca rs.. 955,5271 Other properties__________
14,582 S u s p e n s e a c c t., A c . .
13,529
8,737
On tho other hand, tho salo price o f tho Lompoc pipe line to Producers’
Transportation Co., accrued depreciation thoroon and expenditures wrltton
T o t a l ........................9,30 9,568 9,520,792
T o t a l ........................9 ,30 9,568 9,520,792
o ff to rosorvo for depreciation totaled $1,399,204.
During tho year there was acquired 600 acres o f oil land In fee simple In
x Includes cost of gathering lines, trunk lines, pumping stations, storage
Korn County and a loaso o f 1,000 acres in tho Dominguez territory. Tho system, delivery facilities, Ac.— V. 104. p. 566, 160.
company now owns or controls about 220,000 acres o f oil and other lands
and oil rights, tho value stated in tho balance sheet herewith being con­
U n d e r w o o d T y p e w rite r C o ., I n c ., N ew Y o rk .
siderably less than independent appraisements thereof. Our total pro-

miles o f trunk pipe lines and 353 miles o f gathering linos; also crudo and
refined storage facilities with a total capacity o f approximately 17,870,000
barrels. With our two new steamships La Brea and Los Angeles wo now
own 19 steamers and barges, having a total carrying capacity o f 529,099
barrels, and 113 tank cars; also a chartered fleet o f 5 steamers, with a
capacity o f 333,000 barrels.

_, ,
.
----------- —— ...... ...... v,
------------------------i o f every character
combined- Current assets are $4,442,984 more and current liabilities
$137,334 less than at Doc. 31 1915.
The quantity o f crudo oil owned by the company is close to 11,000.000
not barrels, an increaso in 1916 o f 300,000 net barrels, tho oil stored in tho
State decreasing during tho year about 12,300,000 barrels. Our stocks,
together with storage controlled through tho agency, aro about 13,300,000
not barrels, the total storage o f tho Stato being about 43,600,000 barrels,
tho lowost reserve carried since 1911. since Doc. 31 wo have consummated
an arrangement which will Increaso our available oil reserves by several
million barrels. Refined[Inventories aro about 25% greater, which is due
to tho increasing cost and January oxport commitments.
C apital S tock .— Application has been made to tho Stato Corporation Com­
missioner for pormit to offer. >0,000 shares o f tho unissuod capital stock to
stockholders at par—$100 per [share—the proceeds to bo used for tho acqulsitlon o f dosfrablo oil properties, now steamships, when tho same can
bo favorably obtained, tho erection o f tho new refinery at Los Angeles
Harbor and other requirem en ts of tlio company. This offering In any event
will not bo mado until next month, lh o book valuo o f our stock is $149
per share, an Incroaso during tho year of $15 per share.
L ia b ilities .— ‘Tho total debt retirements for 1917 (including Producers’
Transportation C o.’s sinking fund Installment] amount to approximately
$2,250,000, some portion or which has already been provided. During
1916 liabilities increased, net, $410,113, as follows:
8




(Report f o r F isca l Y ea r en d in g D e c . 31 1916.)
Pres. John T. Underwood, N. Y., Feb. 10, wrote in subst.:

R esu lts .— The not surplus for tho year 1916 was $2,379,738.

In point of
ever mado, and the foreign
Regular quarterly dividends
------------. . . --------------------------------stocks, tho rate on tho com­
mon being Increased from 4% to 6% beginning with the quarterly distribu­
tion in Jan. 1917.
P re f. Stock R etired .— As tho retirement o f $1,000,000 pref. stock Is required
before any increase in dividends could bo paid on tho common stock, beyond
4% per annum, your directors acquired by purchase tho balance of the pre­
ferred stock necessary to complete tho cancellation o f $500,000 additional
during tho year 1916. The total amount o f $1,000,000 has now been can­
celed; balanco outstanding Doc. 31 1916, $4,000,000.
Profit-S h aring P la n .— The directors have adopted a profit-sharing plan for
tho benefit of our employees, and this action was taken prior to tho increas­
ing o f the dividend rate. Tho plan provides that after payment of the pref.
dividends and setting aside 6% on tho common stock and necessary reserves,
including the amortization of $100,000 for tho canceUation of pref. stock,
20% of tho net income remaining for the year is to bo paid over to trustees,
b or such distribution the remaining net income for 1916 amounted to $1,­
466,988; and 20% of such sum, amounting to $293,398, will be deposited in
a trust company and your company has guaranteed interest at the rate of
5 % per annum on all sums to the credit of an individual employee. As soon
as the deposit of any employee reaches a sufficient amount, the trustees
will invest it In common stock of tho company and a stock certificate will
be Issued in tho name of tho employee and delivered to him. For calcula­
tion for the year 1916, the price at which stock will be allotted will be at par.
A d d itio n s, A c .— During tho year four new sections have been added to the
plant at Hartford. These buildings, embracing something more than six
acres of additional floor space, were entirely completed in December, and
tho company is commencing to receive the benefit of an increased output of
machines by reason of theso added facilities. In N . Y . City at the present
time the rapid growth of the company has necessitated occupying portions
of seven separate buildings for tho conduct of its business. Last spring
your company arranged for the erection o f a twelve-story modern buUalng,
i

ai

•

■-

||

’

(Vol. 104

THE CHRONICLE

to bo known as tho Underwood Service Building, and located on Vesey St.
closo to tho general office headquarters. Tho steel work o f this building
Is substantially completed to tho 12th story and It will bo occupied within
the noxt fow months.
Outlook. — Orders actually In hand and carried over from last year were
never larger, and our reports seem to Indicate a satisfactory outlook for 1917.
I N C O M E A C C O U N T FOR Y E A R S E N D I N G D E C . 31.

1916.
1915.
Net earnings
.............$2,548,671 $1,464,787
Other lncomo.................
*75,519
52,372

1914.
1913.
$841,434 $1,803,079
51,210
74,989

Total net lncomo___ $2,624,190 $1,517,159
Depreciation__________
244,452
180,573

$892,644
213,247

$1,878,068
213,563

Net profit for y e a r ... $2,379,738 $1,336,586
$679,397 $1,664,505
D educt —
Profit sharing_________
293,398
______
______
______
Prof. dlvs. (7 % )_______
302,750
316,750
$322,000
$339,500
Common dlvs............. (4 H )382,500 (4 %) 340,000 (4 %)340,000 (4 %)340,000
$662,000
$679,500
Total deductions____
$978,648
$656,750
Balance, surplus_______ $1,401,090
$985,005
$679,836
$17,397
* Includes’ lnterest, $36,397; dlvs. on pref. stock o f company held In spe­
cial capital reservo fund, $8,057; and miscellaneous, $31,065.
B A L A N C E S H E E T D E C . 31.
1910.
1916.
1915.
Assets—
Liabilities—
*
S
$
C a p it a l in v e s t m ’t x l0 ,2 5 5 ,5 9 4 10,273,848 P r e fe r r e d s t o c k ___ 4,0 0 0 ,0 0 0
C o m m o n s t o c k ___ 8,5 0 0 ,0 0 0
I n v e n t o r ie s
(co st
820,258
o r le ss)________ 3,65 8,635 3,841,382 A c c o u n t s p a y a b le .
N o t e s p a y a b le ____
A c c t s . * n o te s rc o .
293,398
less r e s e rv e s ___ 3,402,312 3,46 8,904 B o n u s to e m p lo y e s
197,500
C a s h _____________ 1,714,020 1,065,174 D l v s . p a y . J a n . 3 .
270,800 S p e c ia l s u r p . c a p t263,414
F u m „ f lx t s ., A c . .
30,056
ta l re s e rv e a c c t.
P r e p a id In s ., & c . .
61,548
S u r p l u s ................... y 5 , 544,367
T o t a l ................... 19,355,522 18,950,169

1915.

S

4,50 0,000
8,500,000
743,143
900,000
163,750
128,841
4,01 4,435

T o t a l ................... 19,355,522 18.950,169

x Includes patents, trade-marks and good-will, $7,995,720; real estate,
buildings, plant, machinery, tools, &c., $2,083,793, and stock in other cos.
at cost or less, $176,081. y After adding $587,283 for cost o f $500,000 of
capital stock reduction and $458,442 special surplus capital reserve.— V.
103, p. 1797.

(T h e ) J. G . B rill C o., P h ila d e lp h ia .

31 1916.)
Pres. Samuel M. Curwen, Phila., Fob. 14, wrote in subst.:
(R eport f o r F isca l Y ea r en d in g D e c .

Tho total output o f our fivo plants amounted in sales value to $6,180,896,
comparing as follows (000s omitted):
1908.
1909. 1910.
1911. 1912.
1913. 1914.
1915.
1916.
$3,845 $4,261 $5,960 $5,870 $7,842 $9,154 $4,904 $4,403 $6,181
Tho not combined profit for tho year 1916, after deducting $376,475 for
depreciation and tho cost o f all necessary repairs, was $93,257.
The general businoss o f electric car and car truck manufacturing, In which
wo are engaged, showed such improvement late In 1915 that wo wore hope­
ful o f nearly normal results for tho year now ended. Your company,
however, carried over Into 1916 orders taken at very low prices and based
upon estimates at the thon lower costs o f labor and material. While the
demand for cars and car trucks Improved during tho year, it was not nearly
sufficient to meot the normal capacity o f all the concerns engaged in tho
Industry, and consequently It did not lessen very materially tho competi­
tion. In addition, the cost o f all raw materials, tho difficulty in obtaining
prompt deliveries at any price, and tho groat scarcity and increasing cost
o f labor seriously affected tho ability o f tho company to exocuto orders at
satisfactory costs and within reasonable and profitable time.
Tho principal orders for projectiles on hand at tho beginning o f 1916
resulted in far loss profit than was anticipated, largely duo to tho fact that
the sub-contractors with whom we arranged for material and for machining
and completing shells from forgings made by your company, failed to meet
their engagements, which resulted in the cancellation by tho purchasers of
tho unfinished portions o f theso contracts. While settlements as to these
gave some profit to your company, from this activity, it was not sufficient
to affect materially the general results for tho year. Wo mado no serious
expenditures in machinery or equipment to engage in tho manufacture of
munitions; your company has, therefore, suffered no loss in the purchase of
equipment fit only for such purpose.
Tho regular preferred dividends at tho rato o f 4% per annum were paid.
The improvement in tho electric car and car truck industry which began
in tho latter part o f 1915 and continued during 1916 has continued into
the present year, with prospects o f increasing demands from tho railway
companies. Wo have obtained our full share, if not more, o f all businoss
that was placed.
C O M B I N E D W O R K O N H A N D A S O F F E B . 9 1917 A N D F E B . 5 1916.
1917.
1916.
Cars, trucks, parts and miscellaneous material______ $3,858,988 $2,058,918
613,766 2,741,197
P rojectiles_______________________________________
T o t a l ........................................................................... $4,472,754 $4,800,115
T H E J . G. B R IL L C O .'S A N D S U B S I D I A R Y C O M P A N I E S ’ S A L E S A N D
E X P E N D I T U R E S FOR T H E Y E A R S E N D I N G D E C . 31.

1916.
1915.
1914.
1913.
Total sales.......................$6,180,896 $4,403,117 $4,903,511 $9,154,434
Oper., gon.&adm.oxp.T $6,087,638 /$ 4 ,122,817 $4,590,4051 $8,245,290
Depreciation reserve.- j
l
183,973
154,222/
Net profit...................

$93,258

$116,326

$158,884

$909,144

L ess div. on pref. stock (4%)183,200(4%)183,20 0(6^ )286,250(7%)320,600

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

12,645,599 11,817,213

(I N C L . A F F I L I A T E D C O S .).
D e c .3 1 ’ 16. Jan. 1 T 6 .
3
S

Liabilities—

1,056,499 C a p it a l s t o c k 1 2,000,000 12,000,000
M1,270,246 U n d e r ly in g b o n d s
(s u b . c o s .)______ 20 5,000
220,000
6,00 9,092 N o t e s p a y a b le ____
775,000
220,000
601,171
489,215
378,536 M d s o . a cc ts. p a y ’Ie
A c e r , c o m m is s io n s ,
192,036
239,563
ta x e s , I n t ., & c . .
18,427
598,541
4,99 2,992 C o n t ln g .res ,& d e p r . 786,541
S u r p l u s ................... 1,802,033

T o t a l .................1 6 ,4 0 9 ,3 0 8 13,725,792

T o t a l ................... 16,409,308 13,725,792

— V. 104, p. 563.

M itch e ll M otors C o., I n c ., R a cin e , W is.

(Report f o r F isca l Y ea r en ding O ct. 31 1916.)
This company was incorporated in N. Y. State in July 1916
and acquirod the business of the old Mitchell Lewis Motor
Co., &c., as of June 1.
RESULTS FOR PERIOD ENDED OCT. 31 1916.
Manufacturing profits for 12 months, after deducting from sales
tho manufacturing costs, depreciation o f plant, soiling, admin­
istrative and gonoral oxpenses_______________________________$1,282,762
Other income from discounts and purchases, &c_______________
119,354
Net trading profits for year_________________________________ $1,402,116
Wise, and Federal lncomo taxes, $68,104; organization & extra­
ordinary oxpenses, $68,974_________________________________
137,078
Interest on funded and floating debt________________________76,640
Net income for year________________________________________ $1,188,398
Deduct— Earnings o f Mitchell-Lewis M otor Co. for 7 mos. end.
M ay 31 1916.....
514,142
Balance, not income o f Mitchell Motors C o., Inc., for 5 mos.
ended Oct. 31 1916....................................................................... $674,256
Reserve for car guarantees, obsolescence o f repair parts stock,&c. 105,000
Wisconsin income tax, accrued prior to N ov. 1 1915___________
20,137
Balanco for dividend_______________________________________
Dividond o f $1 50 per share declared Oct. 18 1916_____________

$549,119
187,500

Surplus as per balance sheet below__________________________ $361,619
BALANCE SHEET OCT. 31 1916 {Total Each Side $6,312,948).
Real est., bldgs., equip.,&c$2,501,632 Capltalstock, 125,000 shs.
no par val., “ stated” at $4,518,427
Investments____________
41,074
C a sh ___________________
384,706 6% dob. notes, M .-L . M o­
tor Co________________ x275,000
130,138
Sight drafts for cars shlp’d
676,370
Notes & acc’ts receivable.
491,727 Accounts payable----------Inventories______________ *2,729,599 Div. declared Oct.18 ’ 16.
187,500
184,032
Deferred charges________
34,072 Accr’d int., taxes, &c-----Reserves________________
110,000
361,619
Surplus (as above)______
* Includes finished cars, $226,717; work in progress, $1,089,448; raw ma­
terial and manufacturing supplies, $1,002,352, and repair parts,$581,082
(less roservo for obsolescence $170,00O), $411,082. x Assumed by the
Mitchell M otor C o., Inc.
N o te . — Bills aggregating about $80,000 for materials In transit at Oct.
31 1916 are not Included in tho accounts payable (as above), nor are the
materials included in tho inventories.
C ontingent I te m s . — (1) $175,000 1st M . 6% bonds o f Mitchell-Lewis
M otor Co. for the paymont o f which cash with bankers at Oct. 31 1916,
and which bonds have since boon paid. (2) Notes receivable under discount
(paid since Oct. 31 1916), $29,864.— V. 104, p. 565.

K e lly -S p r in g fie ld T ire C o., Jersey C ity , N. J.
(Report f o r F isca l Y e a r en d in g D e c .

31 1916.)

1916.
Gross profits........................................... $3,464,458
Oper., admin., &c., oxpenses_______ 1,404,388

1915.
1914.
$2,880,080 $2,203,762
1,195,874
1,014,016

Net operating income______________ $2,060,070
Interest, &c., received (net)________
57,243

$1,684,206 $1,189,746
22,538
25,398

Net lncomo_______________________$2,117,314
$21,600
Int. & sink, fund on income bonds__
Sink. fd. o f 2% on 1st prof, stock____
75,164
Dlvs. on 1st pref. stock (6 % )----------215,598
2dprof. dlvs. at 7% per annum--------334
Dividends on common stock________
735,316

$1,706,744
$21,600
75,164
225,492
46,491
265,578

$1 ,2 1 5 ,1 4 4
$249 ,64 0
75,164
*186,302
47,628
6 0 ,0 0 0

Balanco, surplus__________________ $1,069,302
Previous surplus___________________
2,126,739

$1,072,419
1,134,639

$ 596 ,41 0
1 ,449,800

$ 2 ,0 4 6 ,2 1 0
T o t a l................................................. $3,196,041 $2,207,058
X902.358
Accum .div. 78H % on 6 % prof, stock
150,328
R ec’d in patent litigation________
218,022
13,020
Miscellaneous credits____________
4,081
dob.9,213
Deduct— Bonus reserves, &c________ deb.I l l , 731 dob.93,339
A d d — Pref. stock retired___________

Total surplus Dec. 31____________ $3,456,741 $2,126,739 $1,134,639
* Includes ono quarterly dividend o f $ 17,243 on tho old preferred stock,
x Paid by tho issuo of 7% cumulative convertible 2d preferred stock, as
per plan in V. 98, p. 1319.
B A L A N C E S H E E T D E C . 31.
1915.

400,000
589,231
1,247,982

Total...............13,162,552 11,607,761
Total............... 13,162,552 11,607,761
a Includes $75,164 sinking fund for 6% pref. stock and $158,651 for 4%
income debentures bonds.— V . 103, p. 2347.

31 1916.)

The net profits o f afflliatod companies whose stocks are owned by the
Hartman Corporation for the year ended Dec. 31 1916 were $1,802,033, or
an increase o f about 43 1-3% over tho profits o f tho previous year. This is
at tho rato o f 15% earned on the stock o f tho company, compared with
about 1014 % for 1915. Tho tangible assots in the balanco sheet indicate a
book valuo o f over $73 per share o f stock compared with $58 a year ago.
P R O F IT & LOSS A C C T . O F A F F I L . COS. W H O S E S T O C K S A R E O W N E D
B Y T H E H A R T M A N C O R P O R A T IO N .
C alendar Y ea rs —
1916.
1915.

Total profits and lncomo after deducting all expenses
o f merchandise and administration, and losses on
customers’ accounts____________________________ $2,014,406 $1,302,610
D ed u ct — Interest chargos__________________________
$24,374
$20,835
Contingent reserve and depreciation______
488,000
25,000
Balance, being net profit and income for cal. y e a rs..$1,802,033 $1,256,775




SH EET

400,000
1,519,406
1,146,193

T o t a l ................... 12,645,599 11,817,213

(R eport f o r F isca l Y ea r en din g D e c .

S
B e a le s t ., f lx t . , & c . 1,117,704
M d s e . & s u p p lie s . 1,964,012
D u e f r o m c u s to ­
m e rs ( n e t) _____ 7,964,605
C a s h . ........................
260,842
I n v e s t m e n t s _____
75.000
D e fe rr e d c h a rg e s .
34,092
G o o d - w ill, & c ____ 4,99 2,992

1915.
S
4,580,000
5,000,000

— V . 102, p. 605.

H a rtm a n C o r p o r a tio n .

BALANCE

Dec.ZVlC. Jan. 1 '16.

1916.
$
4,58 0,000
5,000,000

Total surplus_______ $1,146,193 $1,247,982 $1,368,370 $1,535,417
* After allowing for adjustments, $11,846 debits in 1916, $53,514 in 1915,
$39,680 in 1914 and $286,685 in 1913.
J . G. B R IL L CO. & S U B . COS. C O M B I N E D B A L . S H E E T D E C . 31.
1915.
Liabilities—
S
8,107,826 P r e fe rre d s t o c k ___
C o m m o n s t o c k ___
1,739,319 B o n d s ( J o h n S te phenson C o . ) . .
328,206
1,216,392 B ills & acc'ts p a y .
425,469 S u rp lu s __________

Asscts~~~~

1910.
Assets—
S
P la n t a c c o u n ts a n d
p a te n ts ,
good­
w ill, & C ............... 7,887,357
C a s h ..........................
983,512
D e b . s in k . f u n d . .
147,851
S .F .lo rr c d .ls t p f.
______
l s t p f . s t k . l n t r e a s .....................
N o t e s r e c e iv a b le ..
52,732
A c c o u n t s r e c e lv ’le 1,850,585
D e fe rr e d c h a rg e s .
22,374
I n v e n t o r ie s (c o s t). 2,218,142

Balance, sur. or def._def.$89,942 def.$66,874def.$127,366sur.$588,544
Previous surplus*______ 1,236,135
1,314,856
1,495,736
946,873

1916.
Assets—
S
C o s t o f p ro p e rtie s . 8,397,541
M a t e r ia l, r a w , In
p ro c e s s ................. 2,242,563
326,246
I n v e s t m e n t s _____
B ills & a c c ’ts re c ’lo 1,333,944
C a s h ..........................
345,305

C O N S O L ID A T E D

_

660

S

7,807,524
705,051
131,751
82
80,800
104,227
1,117,082
30,030
1,024,608

1910.
Liabilities—
$
1st p re f. s t o c k ____ 3,59 3,300
2 d p ro f, s t o c k .................... .........
C o m m o n s t o c k ___ 4,907,200
A c c o u n t s p a y a b le .
187,910
A c c ru e d c h a r g e s . .
98,328
I n t . & d lv s . p a y ’lo
64,700
S in k in g f u n d ---------- a2 33,815
Dobenturo b o n d s .
270,000
B o n u s r e s e r v e ____
111,731
C u m b T d p l't a c c t.
238,828
S u r p l u s ................... 3,45 0,740

1915.
S
3,75 8.200
72,600
4,83 4,600
60,172
52,850
69,047
292,870
270,000
70,674
2,12 6,739

(T h e) L a cled e G as L ig h t C o., St. L o u is, M o.

(R eport f o r F isca l Y ea r en d in g D e c . 31 1916.)
C. L. Holman, Pros, and Gen. Mgr., says in substance:

R esults. — Tho gross earnings show a docreaso of $68,307, duo entirely to
reduction In tho rates charged for gas, tho gas lncomo having been reduced
$125,579. This represents tho net saving to our customers on their gas bills
during tho 4 months tho now rato has been in effect. Tho other depart­
ments show an Incrcaso In gross earnings amounting to $57,272. Total net
earnings Increased $255,313.
Tho decreaso of $323,672 in operating expenses was duo to advantageous
contracts entered into several years ago, covering tho purchaso o, raw ma­
terials and sale of residuals, and to tho favorable market developed for cer­
tain by-products, duo to tho abnormal conditions which prevailed.
E xtra D ivid en d . — Tho surplus earnings, aftor deducting tho regular
preferred and common dividends, a bonus of 10% to employees on salaries
and wages, and all other proper charges, was credited to tho common stock
dividend fund, which brought tho total in that fund to $1,086,559, as of
Dec. 311916.
,,
.
. , ,
,
An extra cash dividend [of 10 %] to holders or common stock of record
Dec. 26 1916 was declared, payable out of tho common stock dividend fund
Jan. 2 1917 (V. 103, p. 2433).

Feb . 17 1917.]

Replacements and Contingencies.— D u r i n g t h o y e a r $ 3 5 9 ,5 5 2 w a s r e s e r v e d
f o r r e p l a c e m e n t s a n d c o n t in g e n c ie s . I n a d d i t i o n a l a r g e s u m w a s , a s
u s u a l, e x p e n d e d f o r m a i n t e n a n c e a n d r e p a i r s .
Construction.— D u r i n g t h o y e a r $ 7 0 1 ,9 6 7 w a s e x p e n d e d f o r n e w e x t e n ­
s io n s a n d Improvements. T h e n e t I n c r e a s o I n t h i s a c c o u n t s h o w s a n a d d e d
I n v e s t m e n t a m o u n t i n g t o $ 5 5 8 ,1 7 7 . T h e d i f f e r e n c e o f $ 1 4 3 ,7 9 0 r e p r e s e n t s
t h e v a l u o o f a ll c o n d e m n e d p r o p e r t y w r i t t e n o f l d u r i n g t h e y e a r .
T h o $ 1 4 3 ,7 9 0 w r i t t e n o f f t h e p l a n t a c c o u n t d u r i n g t h o y e a r r e p r e s e n t s
t h e o r i g i n a l c o s t v a l u e o f o b s o le t e a n d c o n d e m n e d e q u i p m e n t , s u c h a s c o n ­
d e m n e d m e t e r s , g a s a n d e l e c t r ic m a i n s a n d s e r v i c e s a n d o t h e r m is c e lla n e o u s
^PfiedmUon in Oas Rate.— I n J u l y 1 9 1 6 w o f i l e d w i t h t h e M o . P . S . C o m ­
m is s i o n a n a m e n d e d s c h e d u le o f g a s r a t e s , r e d u c i n g t h e a m o u n t c h a r g e d
f r o m 8 0 c . a n d 6 0 c . p e r 1 ,0 0 0 c u . f t . , a c c o r d in g t o q u a n t i t y u s e d , t o 7 5 c .,
5 5 c . a n d 4 5 c . p e r 1 ,0 0 0 c u . f t . , w h i c h Is l i k e w i s e b a s e d u p o n t h e q u a n t i t y
u s e d . I n a d d it io n , t h o I n itia l q u a n t it y t o b o c h a rg e d f o r a t s u c h b a s e
r a t e w a s a ls o r e d u c e d , f r o m 1 0 ,0 0 0 t o 7 ,8 0 0 c u . f t . , 9 7 % o f o u r c u s t o m e r s
b e n e fit t ln g in b o t h w a y s . A l l c o n s u m e rs u s in g o v e r t h e ir I n itia l q u a n t it y re ­
c e i v e d a f u r t h e r r e d u c t i o n i n r a t o f r o m 6 0 c . p e r 1 ,0 0 0 c u . f t . t o 5 5 c . a n d
4 5 c . p e r 1 ,0 0 0 c u . f t . , d e p e n d e n t u p o n t h e a d d it i o n a l q u a n t i t y u s e d .
T i l l s r o d u c t l o n w i l l r e s u l t I n a s a v i n g t o o u r c u s t o m e r s o f a b o u t $ 3 0 0 ,0 0 0
p e r a n n u m . I t Is t h o o p i n i o n o f y o u r d i r e c t o r s t h a t t h e r e d u c t i o n i n r e v e n u e
w i l l b o o f f s e t , i n a s h o r t t i m e , b y t h o in c r e a s e d c o n s u m p t i o n o f g a s , d u e t o
t h e o p e n in g o f n o w f ie ld s o n a c c o u n t o f t h o l o w e r r a t e s o f f e r e d .
Employees' Bonus.— I n D e c . 1 9 1 6 t h o d i r e c t o r s d e c la r e d a n d p a i d t o
e m p l o y e e s a b o n u s o f 1 0 % o n a ll s a la r ie s a n d w a g e s e a r n e d d u r i n g t h e y e a r .

INCOME ACCOUNT FOR YEAR ENDING DEC. 3 1 .
1916.
1915.
1914.
1913.
$ 4 ,6 2 9 ,6 8 9
$ 4 ,5 3 3 ,4 9 2
G r o s s e a r n i n g s ...................$ 4 ;5 0 9 ,4 2 4 $ 4 ,5 7 7 ,7 3 1
O p e r a t i n g e x p e n s e s ,I n c l
$ 1 ,9 8 6 ,8 5 0 $ 2 ,2 4 5 ,5 9 2
$ 2 ,2 0 7 ,2 3 8
m a i n t e n a n c e & t a x e s . $ 1 ,6 6 3 ,1 7 7
3 5 9 ,4 9 9
2 7 2 ,2 4 9
2 7 8 ,5 2 0
D e p r e c i a t i o n ........................
3 5 9 ,5 5 2
i n t o ? L t a rn ln 8 - : : : : ' - " - $ i f f i s o o
P ro f, d iv id e n d s (5 % ) - - i ‘^ o ' o n o
C o m . d iv id e n d s ( 7 % ) - 7 4 9 ,0 0 0

66 1

THE CHRONICLE

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

$ 2 ,1 0 5 ,5 7 7
$ 1 ,1 0 3 ,1 2 9
1 2 5 .0 0 0
7 4 9 .0 0 0

$ 2 ,0 5 4 ,0 0 5
$ 1 ,0 5 5 ,4 0 5
1 2 5 .0 0 0
7 4 9 .0 0 0

$ 1 ,9 2 9 ,4 0 5
T o t a l d e d u c t i o n s ____ $ 2 ,0 3 6 ,5 0 0 $ 1 ,9 9 1 ,1 6 7 $ 1 ,9 7 7 ,1 2 9
B a la n c e , s u r p l u s ________
$ 4 5 0 ,1 9 5
$ 2 4 0 ,2 1 5
$ 1 2 8 ,4 4 8
$ 1 2 4 ,6 0 0
A s t o a n e x t r a c o m m o n (ca sh ) d iv id e n d p a id J a n . 2 1 9 17, se e t e x t a b o v e .
CONDENSED BALANCE SHEET DEC. 3 1 .
1916.
1915.
1916.
1915.
Liabilities (Con.)
$
$
Assets--------S
S
P la n t & I n v c s t ' t . .3 7 ,8 2 4 ,5 3 4 37,266,357 R e f . & e x t . M . 5 8 .1 0 ,0 0 0 ,0 0 0 10,000,000
S to re s .......... .............
685,246
783,906 5 % d e b e n tu re s ___ 3,2 5 0 ,0 0 0 3,2 5 0 ,0 0 0
C a s h _____ ________
430,041
227,199 A c c o u n t s p a y a b le .
342,138
457,612
321,355
A c c ’ts re c e lv ., & c .
623,527
55 3,211 L ia b ilit ie s a c c ru e d
338,964
801,812
R e s e r v e s ________ 1,048,621
T o t a l a sse ts____39,563,348 38,830,673 R e s e r v e c o m . s to c k
73 3,776
Liabilities—
d iv id e n d f u n d . . 1,086,559
181,592
181,592
C o m m o n s t o c k ___10,700,000 10,700,000 S u r p l u s ...................
P re fe rre d s t o c k . . . 2,500,000 2,5 0 0 ,0 0 0
T o t a l lia b ilit ie s .39,5 63,34 3 38 ,8 3 0 ,6 7 3
F ir s t m o rtg a g e 5 s. 10,000,000 10,000.000
— V . 104. D . 456.

S tu tz M otor Car C o. o f A m erica , In c .

(lsJ A n n u a l R eport— Y ea r en d in g D e c . 31 1916.)
Pres. H. C. Stutz, N. Y. City, Feb. 1 1917, says in subst.:
T h e y e a r j u s t c lo s e d l ia s b e e n t h o m o s t p r o s p e r o u s y o a r t h e o p e r a t i n g
c o m p a n y h a s o v e r h a d . W it h i n th e p a s t y o a r It h a s c o m p le te d it s n o w b u ild ­
i n g s o t h a t i t n o w o w n s a n d o c c u p ie s t h e o n t i r o s q u a r e o l o c k r u n n i n g f r o m
1 0 th S t . t o M i d d l e S t . a n d C a p i t o l A v o . t o R o a n o k e S t . , I n d i a n a p o l i s , I n d .
I t s o u t p u t w a s 4 2 % m o r e t h a n t h e p r e c e d in g y o a r a n d i t s n o t p r o f i t s w e r e
g r e a t ly in exce ss o r th o p r o fits o f 1915.
Year—
1916.
1915.
1914.
1913.
1 ,5 3 5
1 ,0 7 9
649
759
O u t p u t o f c a r s ____________
N e t p ro fits
........... ............ $ 6 4 9 ,0 4 2
$ 3 6 6 ,4 7 5
$ 1 5 1 ,1 0 6
$ 2 9 2 ,0 8 0
T h i s c o m p a n y w a s o r g a n iz e d in J u n e 1916 a n d o w n s a ll o f t h e c a p it a l
s to c k o f t h o o p e ra tin g (In d ia n a ) c o m p a n y .
S in c e its o r g a n iz a t io n i t h a s
r e c e i v e d f r o m t h e o p e r a t i n g c o m p a n y $ 2 0 0 ,0 0 0 I n d i v i d e n d s , o f w h i c h $ 1 8 7 .­
5 0 0 h a s b o o n h e r e t o f o r e d i s b u r s e d a s d i v i d e n d s t o t h o s t o c k h o ld e r s o f t h i s
com p a n y.
I n a d d it io n t o its n o w b u ild in g , t h o o p e ra tin g c o m p a n y h a s
le a s e d a n o t h e r b u i l d i n g w h e r e i n i t h a s i n s t a l l e d n o w m a c h i n e r y a t a c o s t o f
a b o u t $ 7 5 ,0 0 0 f o r t h o m a n u f a c t u r e o f i t s n e w 1 6 - v a l v o m o t o r s .
T h is now
t y p o o f m o t o r h a s p r o v e d a g re a t success. T h o e n tire e x p e c te d m a x im u m
o u t p u t o f c a r s f o r 1 9 17 h a s b e e n c n o t r a c t e d f o r .
I t is e x p e c t e d t h a t t h e n e t
p r o f it s f o r t h is y o a r w i l l b e c o n s id e ra b ly In c xc o s s o f th o s e f o r 1916.

STUTZ, MOTOR CAR CO. OF AMERICA. IN C., INCOME ACCOUNT.
JUNE 22 1 9 1 6 TO Jan. 2 1 9 1 7 .
D i v i d e n d s r e c e i v e d f r o m S t u t z M o t o r C a r C o . o f I n d . , $ 2 0 0 ,0 0 0 ;
i n t e r e s t r e c e i v e d o n b a n k b a la n c e s , $ 4 3 5 ------------------ -------------------------------- $ 2 0 0 ,4 3 5
G e n e r a l e x p e n s o s a n d t a x e s -------------------------------------- ----------------------------------------8 ,6 2 3
D i v i d e n d s p a id : O c t . 2 1916, $1 2 5 , a n d J a n . 2 19 17, $1 2 5 p e r
s h a r e , $ 9 3 ,7 5 0 e a c h ------------------------------------------------------------------------------------------------ 1 8 7 ,5 0 0
B a la n c e , s u r p l u s , f o r p e r i o d ........... ..................................................................... ’ $ 4 ,3 1 2

STUTZ MOTOR CAR CO. OF AMERICA, BALANCE SHEET DEC. 3 1 ’ 16 .
Assets (Total $ 3 ,2 2 8 ,4 4 2 ) —
t
^
_ /r J %

1 ,0 0 0 s h a r p s c a p i t a l s t o c k o f S t u t z M o t o r C a r C o . ( I n d . ) , p a r v a l u o
$ 1 0 0 e a c h , r o p r e s o n t in g : L a n d & b l d g s . , $ 2 1 9 ,1 4 9 ; m a c h i n e r y &
e q u i p . , $ 1 0 7 ,2 1 4 ; o f f ic e f u r n i t u r e & f i x t u r e s , $ 3 ,2 4 1 ; p a t t o r n s ,
$ 1 0 0 0 ....................................... - ................................. ................................. .............. $ 3 3 1 ,6 0 4
( i o o d w i l l ____________________- .......... .....................................................................2 ,1 0 0 ,0 0 0
C a s h ( in c l. $ 10,812 o f S t u t z M o t o r C a r C o . o f A m . , I n c . ) .............. __
7 4 ,0 6 0
A c c o u n t s r e c e i v a b l e , $ 1 4 4 ,7 3 0 ; n o t e s r e c e i v a b l e , $ 8 0 0 ; m e r c h a n ­
7 2 2 ,7 7 8
d is e i n v e n t o r y , $ 5 7 7 ,2 4 8 .......................
Liabilities (Total $ 3 ,2 2 8 ,4 4 2 ) —
C a p i t a l s t o c k a u t h . . 7 5 ,0 0 0 s h a r e s o f n o n o m i n a l o r p a r v a l u e d e ­
c l a r e d u n d e r t h © N . Y . S t o c k C o r p . L a w a t $ 5 p e r s h a r e ________ $ 3 7 5 ,0 0 0
N o t e s p a y a b l e , $ 2 5 3 ,0 0 0 ; a c c o u n t s p a y a b l e , $ 1 0 3 ,9 8 1 ; d e p o s i t s o n
c a r s , $ 1 7 ,7 0 0 ; a c c r u e d t a x e s , $ 8 ,5 0 0 ----------------------------------------------------------- 3 8 3 ,1 8 1
R e s e r v e s : (a) D e p r e c i a t i o n o f p l a n t a n d e q u i p . , $ 2 4 ,7 3 9 ; (b) i n ­
c o m e t a x , & c . , $ 6 ,5 0 0 - _ -----------------------------------------------------------------------------------3 1 ,2 3 9
S u r p l u s a s o f D e c . 3 1 1 9 1 6 - ......................................................................... — 2 ,4 3 9 ,0 2 2
C o m p a r e V . 103. P - 1893-

D e tr o it (M ich .) E d ison C o.

Y ea r en din g D e c . 31 1916.)
Pres. Alex. Dow, New York, Jan. 17, says in substance:
(.Report f o r Fiscal

Results.— G r o s s r e v e n u e in c r e a s e d 2 9 . 7 % a n d t h e n o t i n c o m o a f t e r d e ­
d u c t i n g in t e r e s t o n f u n d e d a n d u n f u n d e d d e b t w a s $ 2 ,7 1 7 ,4 1 3 , a g a in s t
$ 1 ,8 4 8 ,6 5 8 i n 1 9 1 5 , o r a n in c r e a s e o f 4 6 . 9 % . T h o o u t p u t o f e l e c t r i c i t y
f o r t h o y o a r in c re a s e d 3 9 .2 % .
,
T h e y e a r ' s r e v e n u e is m a d e u p o f t h e u s u a l c o m p o n e n t s .
S a le s t o m u ­
n i c i p a l it i e s a r o o n l y 2 . 1 % o f t h o t o t a l ; s a le s t o s t r e e t a n d i n t o r u r b a n r a i l ­
w a y s , 7 % ; s a le s t o o t h e r p u b l i c s e r v i c e c o r p o r a t i o n s ( t h o M i c h i g a n C o n t r a l
R R . f o r its t u n n e l a n d t e r m in a ls a n d th o C o n s u m e r s ’ P o w e r C o . a t P o n -

T l i e n o t a d d i t i o n o f c u s t o m e r s i n 1 9 16 w a s 3 2 ,6 4 0 , b r i n g i n g u p t h o t o t a l
n o w s e r v e d f r o m 1 3 6 ,1 5 2 t o 1 6 8 ,7 9 2 .
A s a lw a y s , th e m a jo r it y (8 3 % ) o f
t h e n o w c o n n e c t io n s a r e t o p r i v a t e r e s id e n c e s , d u o a l m o s t s o l e l y t o t h e b u i l d ­
in g o f n o w h o u s e s a n d a p a r tm e n ts re q u ir e d b y i n f l u x o f p o p u la t io n .
T h e l a r g e s t a d d i t i o n t o e a r n i n g s Is b y s a le s o f c u r r e n t f o r i n d u s t r i a l p o w e r
a n d f o r o t h e r m a n u fa c tu r in g u se s. E v e r y I n d u s t r y in o u r t e r r it o r y h a s h a d
a b u s y a n d p ro s p e ro u s y e a r.
Extensions.— D u r i n g t h o y e a r w e e x t e n d e d o u r t r a n s m i s s io n lin o s t o t h o
v illa g e s o f O a p a c a n d P l y m o u t h , e a c h f o r m e r ly s e rv e d b y a m u n ic ip a lly
o w n e d p la n t.
W e b o u g h t a ls o in 1916 t h o m u n i c i p a l o l e c t r l c p l a n t o f N o r t h v i i l e , w h i c h w o h a d b e e n o p e r a t i n g u n d e r le a s e . E a c h o f t h e s e s a lo s t o u s
w a s a p p ro v e d b y p o p u la r v o to .
8 a le s o f c u n ; o n t i n t h o E a s t e r n M i c h i g a n

O u r e x t e n s i o n s d u r i n g t h e l a s t t w e l v e y e a r s h a v e f o l l o w e d (1) r e c o g n i t i o n
o f t h o a d v a n t a g e o f c o m b in in g , w i t h D e t r o i t , th e s e rv ic e o f t h e n e a re r v i l ­
la g e s a n d t h e n e i g h b o r i n g c it ie s o f M t . C l e m e n s , Y p s i l a n t i a n d A n n A r b o r ;
(2) t h e s e r v i c e o f l n t e r u r b a n r a i l w a y s , l e a d i n g n a t u r a l l y t o t h e e l e c t r ic l i g h t ­
i n g c o m m u n i t ie s a l o n g t h o s e lin e s ; (3) t h e s a le t o u s o f v i l l a g e l i g h t i n g p l a n t s ,
m o s t o f th e m m u n ic ip a lly o w n e d .
Profit and Loss.— I n a d d i t i o n t o c h a r g i n g 1 9 1 6 w i t h i t s s h a r e o f t h e m i d ­
w i n t e r e x c e s s c o s t o f c o a l, w e h a v e m a d e a f u r t h e r a p p r o p r i a t i o n o f $ 2 0 5 ,­
4 7 3 t o a c o a l s u p p l y r e s e r v e a g a in s t t h e c o n t i n u a n c e a n d p o s s ib l e r e c u r r e n c e
o f s u c h in t e r ru p t io n s o f o u r r e g u la r c o a l s u p p ly .
W e h a v e w ritte n o ff
$ 1 5 8 ,9 5 1 o n a c c o u n t o f I n c a n d e s c e n t a n d t u n g s t e n l a m p s o n c u s t o m e r s '
p r e m i s e s ( o l d a c c o u n t s . — E d . ) , a n d $ 2 2 2 ,3 1 3 f o r r e n e w a l s a n d c o n t i n g e n t
re s e rve s o f E a s t M ic h . E d is o n C o .
Capitalization.— T h e In c r e a s e o f c a p i t a l s t o c k f r o m $ 1 3 ,5 1 5 ,2 0 0 t o $ 1 9 ,­
8 1 2 ,9 0 0 is d u e t o t h e c o n v e r s i o n i n t o s t o c k o f n e a r l y a l l t h e c o n v e r t i b l e s o f
1 9 2 4 , a n d s m a l l a m o u n t s o f t h e r e m a i n d e r s o f e a r l ie r I s s u e s ; t o t h e s a le t o
s t o c k h o ld e r s a t p a r a s o f A p r . 1 o f $ 2 ,8 6 8 ,5 0 0 o f n e w s t o c k ( V . 1 0 2 , p . 5 2 5 ) .
a n d t o t h e s a le i n N o v e m b e r a t a n a v e r a g e p r i c e o f 1485-6 o f $ 1 0 0 ,0 0 0 u n ­
is s u e d s t o c k . T h e c o n v e r t i b l e s o f t h e s e r ie s o f 1 9 2 5 b e c a m e c o n v e r t i b l e o n
J a n . 15 1 9 1 7 . T h e s m a l l r e m a i n d e r s o f t h e o l d e r is s u e s a r e p r e s u m a b l y i n
th o h a n d s o f tru s te e s f o r e s ta te s , o r o t h e r h o ld e rs w h o a re n o t fre e t o c o n v e r t
th e m in to sto c k .
[ T h e s h a r e h o l d e r s v o t e d F e b . 5 1 9 1 7 t o in c r e a s e t h e a u t h .
s t o c k f r o m $ 2 5 ,0 0 0 ,0 0 0 a n d w e r e a l l o w e d t o s u b s c r ib e f o r 1 5 % o f a d d i t i o n a l
s h a r e s p a y a b l o i n i n s t a l lm e n t s . !
V . 104, p . 260, 562.
T h e r e w e r e s o l d i n J u n e $ 2 ,0 0 0 ,0 0 0 a n d i n D e c e m b e r $ 1 ,5 0 0 ,0 0 0 o f t h e
F i r s t a n d R e f u n d in g g o ld b o n d s m a t u r in g in 1940, ra is in g t h e a m o u n t o u t ­
s t a n d i n g f r o m $ 3 ,5 0 0 ,0 0 0 t o $ 7 ,0 0 0 ,0 0 0 ( V . 1 0 3 , p . 2 2 4 0 ; V . 1 0 2 , p . 1 9 9 0 ).
Construction.— T h e n e t in c r e a s e o f p l a n t i n v e s t m e n t d u r i n g t h e y e a r w a s
$ 5 ,3 5 0 ,3 1 7 . A d d i t i o n s w e r e m a d e t o t h e t r a n s m i s s i o n a n d d i s t r i b u t i o n
s y s te m s , a n d t o s u b s ta tio n e q u ip m e n t , r e q u ir e d b y t h e in c re a s e d lo a n .
T h e P a r k P l a c e s u b s t a t i o n w a s c o m p l e t e d a n d i s i n s e r v i c e w i t h t h r e e 2 ,6 0 0
k . w . r o t a r ie s . T h e f l o o r a r e a o f t h r e e s u b s t a t i o n s — B e e c h S t . , S e c o n d A v e .
a n d H ig h la n d P a r k — h a s b e e n d o u b le d .
Michigan Railroad Commission Appraisal.— T h e S t a t e a p p r a is e r s ' f i g u r e
f o r r e p r o d u c t i o n v a l u e , le s s d e p r e c i a t i o n , a s o f J u n e 3 0 1 9 1 5 , I s $ 3 5 ,0 8 7 ,4 7 8 .
O u r c o rre s p o n d in g b o o k f ig u r e re q u ir e d t o b a la n c e o u t o u r c a p it a l a n d d e b t
( d e p r e c ia t i o n r e s e r v e b e i n g d e d u c t e d ) i s $ 3 5 ,1 9 9 ,1 4 2 .

CONSOL. INCOME ACCOUNT (INCL. ALL CONSTITUENT COS.).

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

1914.
1 0 9 ,5 3 0
2 2 7 ,8 0 0
$ 6 ,4 9 5 ,8 1 5
3 ,6 7 4 ,7 5 1
5 2 0 .0 0 0

1913.
9 0 ,5 2 2
1 9 0 ,4 0 0
$ 5 ,5 4 6 ,5 8 7
3 ,2 2 2 ,2 2 6
5 1 0 ,0 0 0

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

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

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

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

. $ 1 ,6 2 5 ,9 5 0
1 ,5 5 8 ,0 0 1

$ 9 0 4 ,4 4 4
* 1 ,1 8 9 ,8 0 3

$ 4 7 7 ,1 8 7
* 8 3 7 ,6 2 6

$ 3 4 4 ,0 1 8
5 9 9 ,0 2 8

. $ 3 ,1 8 3 ,9 5 1

$ 2 ,0 9 4 ,2 4 7

$ 1 ,3 1 4 ,8 1 3

$ 9 4 3 ,0 4 6

.* C $ 3 9 6 ,2 5 8
.
a 2 3 2 ,0 2 4
b 6 4 9 ,4 8 3
C o a l s u p p l y r e s ’v e , & c . _-

C $ 2 7 0 ,3 0 4
5 9 ,3 6 5
2 0 6 ,5 7 8

(d )
$ 6 9 ,2 5 5
5 0 ,0 0 0

(d )
$ 5 5 ,4 2 0
5 0 ,0 0 0

1916.
1 6 8 ,7 9 2
N u m b e r o f c u s t o m e r s . ..
G c n .c o n n e c te d Io a d .k .w ,
.$ 1 0 ,0 6 6 ,7 8 6
. 5 ,4 8 9 ,0 9 3
7 8 2 ,0 0 0
D e p r e c ia t io n r e s e r v e — .

^

1915.
1 3 6 ,1 5 2

T o t a l s u r p . D e c . 3 1 . . $ 1 ,9 0 6 ,1 8 5
$ 1 ,5 5 8 ,0 0 1
$ 1 ,1 9 5 ,5 5 8
$ 8 3 7 ,6 2 6
* S l i g h t l y a d j u s t e d , a I n c l u d e s i n 1 9 1 6 d e p r e c ia t i o n r e s e r v e a g a in s t
E a s t e r n M i c h . E d i s o n C o . p r o p e r t y t o J u n o 3 0 1 9 1 5 , $ 2 2 2 ,3 1 3 , a n d W a s h ­
t e n a w E l e c t r i c S h o p p r o f i t a n d lo s s p r e v i o u s t o 1 9 1 6 , $ 9 ,7 1 1 . b I n c l u d e s
i n 19 16 a b a n d o n e d p r o p e r t y ( in c a n d e s c e n t l a m p s ) , $ 1 5 8 ,9 5 1 ; a p p r o p r i a t e d
f o r I n s u r a n c e f u n d , $ 1 0 1 ,9 9 8 ; c o a l s u p p l y r e s e r v e ( t o c h a r g e b a c k 1 9 1 6 e x ­
c e s s c o s t ) , $ 9 8 ,2 9 6 , a n d a d d i t i o n a l a p p r o p r i a t i o n , $ 2 0 5 ,4 7 3 , a n d m is c e l ­
l a n e o u s ( n e t ) , $ 8 4 ,7 6 5 . c S e t u p a s a l i a b i l i t y ,
d A d d it io n a l d iv id e n d s ,
$ 2 3 6 ,0 2 4 i n 19 14 a n d $ 2 3 4 ,7 7 0 i n 19 13 w e r e d e c la r e d , b u t w e r e n o t s e t u p
as a lia b ilit y .
CONSOLIDATED BALANCE SHEET DEC. 3 1 .
1916.
1915.
1916.
1915.
Liabilities—
S
S
Assets—
S
S
P r o p e r t y ................. 42,3 17,14 7 36,960,830 C a p ita l s t o c k ____ 19,812,900 13,515,200
I n s t a llm e n t s p a id
I n v e s t m e n t & sp e ­
o n c a p ita l s to c k
150
c ia l a d v a n c e s ____
95 1,922
811,454
C a s h .......................... 2 ,52 5,747
41 5,512 F u n d e d d e b t ____r2 3 ,7 7 0 ,9 0 0 23,6 01,60 0
500,000
700,000
N o te s A a c c t s . re c . 1,757,289 1,259,034 N o t e s p a y a b le ------270,304
396,258
M a t e r ia ls & s u p p . 1,792,380 1,255,636 D iv id e n d s p a y ’l e .
748,948
S p e c ia l d e p o s it s . .
21,685
276,594 A c c ’ts p a y a b le ___ 1,156,544
603,859
937,567
S u s p e n s e ....................................
195,123 A c c ru e d a c c o u n t s .
1,528,577
D e b t d t s c . ,e x p ., & c . 1,028,592
794,074 R e s e r v e s ________ y 2 , 160,575
P r e p a id a c c o u n ts .
129,757
148,409 S u r p l u s __________ 1,906,185 1,558,001
I n s u r . in v e s t m e n t s
316,560
203,821
To ta l
.............. 50,841,079 42,3 26,48 8
T o t a l ....................50 ,841,079 42,3 26,48 8
y I n c l u d e s i n 1 9 1 6 r e n e w a l , r e p l a c e m e n t a n d c o n t i n g e n t ( d e p r e c ia t io n )
r e s e r v e , $ 1 ,5 1 4 ,9 2 6 ; c a s u a l t y in s u r a n c e r e s e r v e , $ 3 1 6 ,5 6 0 , a n d o t h e r r e
s e r v e s , $ 3 2 9 ,0 8 8 . r I n c l u d e s i n 1 9 1 6 $ 1 0 ,0 0 0 ,0 0 0 1 s t M . 5 s , $ 7 ,0 0 0 ,0 0 0
1 s t & R e f . M . b o n d s a n d $ 2 ,7 6 2 ,4 0 0 6 % c o n v e r t i b l e d e b e n t u r e b o n d s o f
t h o D e t r o i t E d i s o n C o . ; $ 4 ,0 0 0 ,0 0 0 E a s t e r n M i c h i g a n E d i s o n 1 s t M . 5 s .
a n d m is c e lla n e o u s , $ 8 ,5 0 0 .— V - 1 0 4 . p . 5 6 2 . 2 6 0 .

A u to m a tic E le ctric C o ., C h ic a g o .
•
31 1916.)
President Joseph Harris, Jan. 15 1917, says in substance:
( Report f o r F isca l Y ea r en d in g D e c .

T h o y e a r 1916 h a s b e e n o n e o f t h e b e s t in o u r h i s t o r y , D o th In p o in t o f
n o w b u s in e s s b o o k e d a n d o u t p u t d e l i v e r e d .
U n d e r n o r m a l c o n d it io n s th e
p e rc e n ta g e o f n e t t o g ro s s In c o m e w o u ld h a v e b e e n th o h ig h e s t in o u r h is ­
to ry.
N o t w it h s t a n d in g a b n o r m a l c o n d it io n s , t h e e a rn in g s f o r t h e y e a r a re
h i g h l y s a tis fa c to ry .
„
,
, ,
, „
T h o I n c r e a s e d c o s t o f m a t e r ia ls h a s , o f c o u r s e . I n c r e a s e d t h o c o s t o f p r o ­
d u c tio n . A la rg o p a r t o f t h e c o s t o f p r o d u c t io n o f o u r e q u ip m e n t , h o w e v e r .
Is I n s k i ll e d l a b o r , t h e r e f o r e w e w e r e n o t a f f e c t e d a s s e r i o u s l y a s s o m e o t h e r
l in e s o f b u s in e s s .
F o r t h i s r e a s o n w e h a v e m a d e n o in c r e a s e i n t h e s a le s
p ric e o f o u r p r o d u c t .
.
„
N e v e r I n o u r h i s t o r y h a s t h e o u t l o o k f o r b u s in e s s b e e n a s b r i g h t .
In ­
q u ir ie s fo r t h e p a s t s ix m o n t h s a re m o r e th a n d o u b le a n y fo r m e r lik e p e r io d .
D u r i n g t h o p a s t y e a r t h e c o m p a n y p a i d o f f a n d r e t i r e d a l l o f i t s [$5 9,900 1
b o n d e d d e b t.
INCOME ACCOUNT YEARS ENDING DECEMBER 3 1 .
1913.
1916.
1915.
1914.
$ 6 2 8 ,1 9 6 $ 5 6 2 ,9 0 9 $ 9 0 3 ,3 8 2
G r o s s p r o f i t .............................................. $ 7 5 8 ,8 4 1
3 0 3 .3 2 1
S e ll in g , & c . , e x p e n s e s ____________ 3 7 5 ,1 0 8
2 9 3 ,4 9 8
2 9 0 ,3 6 3
N e t e a r n i n g s _____________________$ 3 8 3 ,7 3 3
M a c h in e r y & re p la c e m e n t r e s e rv e - - - - - B o n d I n t e r e s t _______________________ $ 2 3 ,< 9 0
D i v i d e n d s ( 4 % ) ...................................... 1 8 4 ,3 6 8
B a la n c e , s u r p l u s ................ ..

--.$ 1 7 5 ,5 7 5

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

$ 3 9 ,3 0 8

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

BALANCE SHEET DECEMBER 3 1 .
1915.
1916.
$
Assets—
S
P r o p e r t y a c c o u n t - .* 4 ,6 0 5 ,3 1 4 5, 605,462
S e c u ritie s o w n e d ------- 1,019,002 1, 131,337
635,093
M a t e r ia l & s u p p lie s . 866,664
31 9,634
N o t e s re c e iv a b le ------- 320,463
502,265
A c c o u n t s r e c e iv a b lc . 68 5,903
64,233
A d v .o n c o n tra c tw o rk
3,56 7
4,253
A d v a n c e d in s u r a n c c .
86,166
C a s h __________
399,449
A d va n ced
c o m m is ­
9,665
s io n s ..........................

T o t a l ........................7 ,901,047 8,35 7,423

1916.
1915.
Liabilities—
$
S
C a p ita l s t o c k ............4 ,6 1 3,200 4,61 3,200
B o n d s .................................. ...........
759,900
A c c o u n t s p a y a b le ___ 296,435 182,136
N o t e s p a y a b le ..........- 689,816
586,118
P a r t p a y ’ts , & c ,, o n
u n c o m p l’d c o n tr's a 8 3,879
50,874
A c c ru e d in t . & ta x e s
15,386
E q u ip , e x c h . s u s p .
a c c o u n t s .................
5,541
3,64 3
767,864
P a t . d e p re c . r e s e r v e . 465,885
159,756
R e p ia c e m ’t , A c . , re s . 159,756
U n a p p ro p . s u rp lu s ..
32 ,7 85
S u rp lu s
................ 1,538,363 1,233,933
T o t a l ....................... 7,90 1,047 8,35 7,423

w * I C o n s ls t s o f p l a n t a n d e q u i p m e n t , i n c l u d i n g S t r o w g e r A u t o m a t i c T e l e ­
t r f e t s a n d s u m m e r r e s o r t s — - w it h a t o t a l p o p u l a t i o n w h i c h w o e s t i m a t e a t
o v e r 9 0 0 ,0 0 0 .




p h o n e E x c h a n g e f o re ig n a n d d o m e s tic p a t e n t r ig h t s .
a l l n o l u d e s i n 1 9 1 6 p a r t i a l p a y m e n t s o n u n c o m p le t e d c o n t r a c t s , $ 2 9 7 ,1 6 1 .
lo s s s h i p m e n t s o n s a m e , $ 2 i3 , 2 8 2 . — V . 1 0 4 , p . 2 5 9 .

662

THE CHRONICLE
D o m in io n B ridge C o., L td ., M on trea l.

31 1916.)
Pres. Phelps Johnson reported in substance:
{Report f o r F isca l Y ea r en din g Oct.

T h e c o m p a n y h a s r e c e i v e d la r g e o r d e r s f o r m u n i t i o n s a n d o u r L a c h i n e
1 “ a v e b e e n c h i e f l y o c c u p i e d w i t h t h e m a n u f a c t u r e o f s h e lls .
A la r g e
a d d it io n h a s th e re fo re b e e n b u ilt to y o u r g ir d e r s h o p , a n d a b u ild in g a n d
p l a n t f o r t h e f o r g i n g o f s h e ll b l a n k s h a s a ls o b e e n i n s t a l le d . T h e f u l l c o s t
o f t h e s e a d d i t i o n s a n d e q u i p m e n t h a s b e e n c o v e r e d i n t h e a l lo w a n c e f o r
d e p r e c ia t i o n . T h e W i n n i p e g s h o p s h a v e a ls o b e e n e n g a g e d i n t h e m a n u ­
fa c t u r e o f m u n it io n s , a n d w i t h v e r y g o o d su c c e ss. T h e S t . L a w r e n c e
B r i d g e C o . , L t d . , h a s b e e n a w a r d e d a c o n t r a c t f o r t h e m a c h i n i n g o f 1 0 0 ,0 0 0
9 . 2 s h e lls . A c o m p l e t o a n d v e r y e f f ic i e n t e q u i p m e n t o f m a c h i n e r y f o r t h e
w o r k h a s b e e n i n s t a l le d i n t h e R o c k f i e l d s h o p s , a n d w o r k o n t h e o r d e r h a s
b e e n w e ll s ta r t e d w i t h v e r y s a t is fa c t o r y re s u lts .
T h e r e h a s b e e n a f a ir v o lu m e o f b rid g e a n d s t r u c t u r a l w o r k a t r e m u n e ra ­
t i v e p r ic e s d u r i n g t h e y e a r , a n d t h e p r o s p e c t f o r t h e c o n t i n u a n c e o f t h i s
b u s in e s s is v e r y g o o d , t h o u g h t h e u s e o f s t r u c t u r a l s t e e l f o r b u i l d i n g o p e r a ­
t io n s is g r e a t l y le s s e n e d b y t h e r u l i n g h i g h p r ic e s f o r r o l le d m a t e r ia l.
T h e c o m p a n y h a s a c q u ir e d 3 5 0 9 ,5 0 0 N a t i o n a l B r i d g e C o . o f C a n a d a ,
L t d . , b o n d s o u t o f a t o t a l o f 3 5 8 5 ,0 0 0 w h i c h w a s is s u e d . ( V . 1 0 3 , p . 2 0 8 1 .)
T h e w o r k s o f t h e N a t i o n a l B r i d g e C o . o f C a n a d a , L t d . , a r e le a s e d t o t h e
M o n t r e a l A m m u n i t i o n C o . , L t d . , a s is a ls o a g o o d p o r t i o n o f y o u r m a i n
p re m is e s a t L a c h in e .
O u r p r o p e r t y l y in g b e tw e e n th e U p p e r L a c h in e R o a d a n d th e L a c h in e
C a n a l h a s b e e n le a s e d t o t h e D o m i n i o n C o p p e r P r o d u c t s C o . , w h i c h h a s
r e b u i l t t h e o l d b u i l d i n g a n d m a d e s e v e r a l la r g e a d d i t i o n s t h e r e t o . T h e l a t t e r
c o m p a n y h a s a ls o i n s t a l le d a la r g e a n d e f f ic i e n t p l a n t f o r t h e m a n u f a c t u r e
o f b ra s s a n d c o p p e r p r o d u c ts , a n d h a s o rd e rs in h a n d to k e e p it b u s y m a n y
m o n th s.
O u r c o m p a n y h a s a c o n tr o llin g in te re s t in b o t h th o M o n t r e a l
A m m u n it io n C o . a n d th e D o m in io n C o p p e r P ro d u c ts C o .
T h e w o r k o n th e Q u e b e c B r id g e p ro g re s s e d v e r y f a v o r a b l y u n t il S e p t. 11,
w h e n th o c e n tra l o r s u s p e n d e d p o r t io n o f th e b r id g e w a s lo s t b e c a u s e o f th o
f a i l u r e o f a c a s t i n g f o r m i n g a p a r t o f t h o e r e c t i o n a p p li a n c e s . T h o m o n e y
lo s s a t t e n d i n g t h o a c c id e n t w o u l d , u n d e r n o r m a l c o n d it i o n s , h a v e b e e n
a b o u t 3 6 5 0 ,0 0 0 , b u t t h o p r e s e n t v e r y h i g h c o s t o r s t e e l f o r r e p l a c i n g t h e
s p a n w i l l m a k e t h o lo s s a b o u t 3 8 0 0 ,0 0 0 , a n d y o u r c o m p a n y ’s s h a r o o f t h e
p r o s p e c t i v e p r o f i t o n t h e w o r k is r e d u c e d b y $ 1 0 0 ,0 0 0 .
I t is a n t i c i p a t e d
t h e b r i d g e w i l l b e c o m p l e t e d i n 1 9 17 a n d t h a t t h e u n d e r t a k i n g w i l l s t il l
y ie ld a s a tis fa c to ry p r o f it .
( V . 1 0 3 , p . 1 2 1 3 .)
T h o p r o f