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financial
The
INCLUDING
hrenttele
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 2 1918
VOL. 106
gilt (atonicIt.
Week ending January 26.
Clearings at
1918.
PUBLISHED WEEKLY.
Terms of Subs%.:ription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
22 14s.
Annual Subscription in London (including postage)
21 lie,
Six Months Subscription in London (including postage)
$11 50
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following
SupplementsSubscription includes
SANK AND QUOTATION (monthly)'RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
AND CITY(semi.annually) BANKERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agate lines)
$420
Two Months
(8 times)
22 00
Three Months (13 times)
29 00
Cards
standing Business
(26 times)
Six Months
50 00
Months
(52
times)
Twelve
87 00
CllIcAo0 OFFICE-39 South La Salle Street,Telephone Majestic 7396.
LONDON OFFICE-Edwards 80 Smith,1 Drapers' Gardens, E. C.
WILLIAM( B. DANA COMPANY, Publisheri,
Front. Pine and Deveyoter Ste., New York.
Published every Saturday morning by WILLIAN B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana,
The-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, Sm., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,543,837,014, against $5,553,561,176 last week and $5,856,986,060
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending February 2.
1918.
1917.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
82,282,618,530
352,529,264
*253,620,612
186,118,478
151,181,425
110,572,645
79,317,069
50,376,020
36,506,567
31,735,2211
53,520,145
$2,769,056,815
392,723,575
281,697,617
187,588,977
102,25.5,830
99,863,580
77,244,249
64,023,045
42,060,735
39,928,031
29,443,104
Eleven cities, belays
Other cities, 5 days
$3,588,095,984
715,498,763
$4,085,885,558
591,013,274
NO. 2745
Per
Cent.
-17.6
10.2
-10.0
-0.8
+47.8
+10.7
+2.7
21.3
13.2
-20 5
+81.8
1917.
Inc. or
Dec.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill_ _
Youngstown
Fort Wayne__
Lexington
Akron
Rockford
South Bend
Canton
Quincy
Springfield, 0._ Bloomington_
Mansfield
Decatur
Jacksonville, Ill_
Danville
Lima
Lansing
Owensboro
Ann Arbor
Adrian
Tot,Mid,West,
436,858,372
44,682,884
70,637,630
49,314,321
23,906,323
11,123,000
9,163,500
9,225,896
4,510,892
4,419,235
2,953,481
2,998,085
1,548,274
3,139,363
1,051,412
1,060,000
5,436,000
1,501,595
949,307
3,000,000
1,110,432
1,173,593
937,360
1,040,629
792,342
457,754
460,169
715,000
950,000
550,997
320,000
72,793
696,070,639
$
1 %
450,221,996 -3.0
39,892,4771 +12.0
57,868,919, +22.1
49,793,100' -1.0
20,729,4041 +15.3
12,599,358, -11.7
9,806,5001 -6.6
11,627,8651 -20.7
4,000,000' +12.8
4,136,266 +6.8
3,737,281 -21.0
2,437,828 +23.0
1,788,278 -13.4
3,236,695 -3.0
1,751,814 -40.0
1,130,528 -6.2
5,072,000 +7.2
1,233,492 +23.7
830,000 +14.4
3,259,118 -3.9
888,523 +25.0
1,100,474 +6.6
968,407 -3.2
865,746 +20.2
686,275 +15.5
355,149 +28.7
484,664 -5.1
850,000 +10.0
1,069,162 -11.1
1,047,924 -47.4
300,000 +10.0
64,126 +13.5
693,633,169 +0.4
San Francisco__ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
Pasadena
San Jose
North Yakima_ _
Reno
Long Beach
Total Pacific..
87,264,001
28,194,000
27,378,102
16,738,715
11,753,315
6,981,409
3,628,462
5,000,881
3,393,399
2,106,506
1,891,038
2,107,184
836,221
809,126
542,089
525,000
782,736
197,932,184
79,308,984
30,734,000
17,585,246
13,383,842
12,113,132
5,004,667
2,252,559
4,516,546
2,197,512
2,483,804
1,481,583
1,395,706
1,241,411
733,062
466,476
500.000
614,999
176,017,240
+10.0
+55.7
+25.1
-3.0
+39.5
+61.1
+10.7
+54.4
-15.2
+27.7
+51.0
-32.6
+10.4
+16.3
+5.0
+27.3
+12.4
1916.
1915.
355,990,827
30,488,800
37,366,480
32,811,275
17,812,248
9,348,953
7,872,500
8,202,297
3,649,866
3,662,374
2,625,468
1,657,353
1,097,219
2,025,578
1,264,734
959,758
3,331,000
998,088
787,736
1,929,670
765,128
862,141
599,820
599,662
583,211
251,632
447,573
567,621
988,020
432,167
237,600
36,819
530.253,618
288,085,237
22,384,100
24,253,944
19,940,694
16,283,485
6,538,169
5,724,100
5,117,728
2,890,655
2,643,665
1,871,439
951,635
915,274
1,041,142
1,189,254
941,089
1,470,000
798,490
509,341
1,250,000
625,374
726,714
607,349
427,652
389,526
204,876
446,867
401,524
426,407
343,530
223,219
34,054
409,719,533
50,694,138
21,044,634
10,899,450
9,324,000
6,722,977
3,587,325
1,440,394
3,152,935
2,000,314
1,600,102
1,017,137
810,824
733,101
540,340
255,000
300,000
412,140
114,534,811
45,712,934
16,834,124
9,493,911
9,714,394
5,026,273
2,868,755
1,698,081
2,935,050
1,658,398
1,559,282
802,008
700,000
811,303
490,616
247,685
275,000
475,240
101,303,054
-12.2
+21.1
76,778.713
73,851,059
-- Kansas City_ _ 197,787,685 127,386,741 +55.3
_ $4,303,594,747 $4,676,898,832
29,767,362
24,780,442 +20.1
24,006,655
25,922,130
Total all cities, 5 days
_
-8.0 Minneapolis
1,240,242,267
46,500,000
All cities, 1 day.
30,847,597 +50.7
20,881,407
16,836,222
1,180,088,228
+5.1 Omaha
14,083,998
14,452,534
St. Paul
11,955,737 +17.8
10,566,754
19,869,551
$5,543,837,014 $5.856.98a nsn
13,419,672 +48.1
Total all cities for week
9,882,038
-X / Denver
7,782,697
16,436,375
13,174,283 +24.8
St. Joseph
9,013,150
6,956,473
*Partly estimated.
7,532,504
6,280,218
+20.0
4,619,979
Moines
Des
4,196,241
The full details for the week covered by the above will be given next Saturday
7,232,316
6,358,652 +13.7
4,418,362
Wichita
3,710,849
We cannot furnish them to-day, clearings being made up by the clearing houses Duluth
4,405,981
4,486,353 -1.8
4.641,542
3,366,809
at noon on Saturday, and hence in the above the last day of the week has to be in Sioux City
7,102,493
4,972,315
+58.9
3,900,000
2,953,355
all cases estimated, as we go to press Friday night.
3,774,238
2,987,434' +26.3
2,224,140
Lincoln
1,828,543
Detailed figures for the week ending Jan. 26 follow:
2,282,556
2,200,000 +3.8
1,542,021
Davenport
1,400,192
3,426,475
2,673,516 +28.2
Topeka
1,550,899
1,353,109
1,698,204
1,720,548 -1.3
1,503,531
Cedar Rapids__ _
1,302,214
Week ending January 26.
2,249,437
1,952,188 +15.2
Waterloo
2,125,298
1,331,108
Clearings at
1,724,282
1,643,278 +4.9
Helena
930,476
1,037,278
Inc. or
739,998
858,028 -13.9
Colorado Springs
692,880
Dec.
560,000
1917.
1918.
I
1916.
1915.
612,461
520,390 +17.7
Pueblo
408,289
479,888
1,797,667.
1,402,740 +28.2
Fargo
1,632,158
1,068,937
%
$
$
I
$
$
1,069,627,
679,400 +57.4
731,968
New York
460,190
3,095,523,826 3,139,635,725 -1.4 2,71 .167,420 1,665,427,669 Aberdeen
786,980
598,950 +31.4
428,561
Philadelphia. __ - 310,575,6221 281,593,932 +10.3 197,845,628 144,309,436 Fremont
395,287
1,102,695
730,771' +50.9
434,712
304,161
Pittsburgh
81,257,373 -5.2
77,048,208
59,999,481
45,194,349 Billings
516,667
364,391
Baltimore
+41.7
214,999
Hastings
147,087
:16,841,9331 42,137,170 -12.6
42,625,157
31,936,782
Buffalo
17,060,196, 16,410,147 +4.0
13,626,222
Tot. 0th. West 373,299,552 261,993,644, +42.5 187,014,312 167,810,583
10,262,782
Washington
8,999,927 +26.2
11,357,4531
8,454.987
7,070,462
Albany
5,171,969 -20.1
4,130,590.
141,265,003 120,778,015 +17.0
4,287,500
88,634,175
75,691,867
6,193,041 St. Louis
Rochester
6,181,141 -15.8
5,203,7041
4,862,516
52,547,147
31,838,924 +65.0
23,102,718
19,216,589
3,546,566 New Orleans_ _ _ _
Scranton
3,353,650. ' 3,225,217 +4.0
2,840,998
17,071,561
21,218,552 -18.2
18,577,631
-11,520,337
3,040,328 Louisville
Syracuse
3,014,178 +11.0
3,345,5561
2,514,781
16,300,000
9,622,664
2,102,892 Houston
16,000,000 +1.9
10,000,000
2,531,405 -22.0
Reading
1,974,774!
1,988,249
6,000,000
5.827,0911 +3.0
3,760,671
4,326,086
1,329,620 Galveston
Wilmington
3,070,603 -19.2
2,480,449,
2,835,509
41,702,626
21,939,669, +90.1
15,169,707
8,852,073
1,398,290 Richmond
Wilkes-Barre- _.2,004,310 -1.2
1,980,569,
1,578,676
51,013,847
24,353.282 +109.5
16,404,802
13,183,665
1,538,564 Atlanta
Wheeling
3,609,426 -3.0
3,500,000.
2,654,260
10,t00,000
10,708,479 -2.0
7,532,300,
1,703,565 Memphis
7,488,095
Trenton
2.093,240 +0.1
2,095,6171
1,911,429
1,404,320 Fort Worth
15,548,885
10,359,958 +50.1
8,226,516,
9,206,293
Lancaster •
2,156,871
+2.2
2,204,3161
1,74
914
7,129,287
5.264,780 +35.4
1,235,930 Savannah
5,099,367
5,622,021
York
1,075,507 -4.5
1,027,184i
10
:24843
10,484,967
785,900 Nashville
8,195,256' +27.9
6,732,881
4,980,761
Erie
+6.7
1,517,574
1,618,645
1,098,607
6,710,842
4,703,795 +42.7
852,894 Norfolk
4,786,047
4,144,253
Chester
1,549,649 -23.7
1,182,901'
1,041,262
4,664,901
_
3,217,217 +45.0
2,178,544
639,215 Birmingham
2,860,378
Binghamton _ _ _
820,800 +1.2
830,800
704,100
3,593,004
Augusta
2,305,887 +55.9
1,749,435
2,146,734
Greensburg
352,039 +70.7
600.000
758,452
4,933,423
3,664,408 +34.6
6
3(N
Jacksonville _ _ _
1C,101:1
3,500,000
2,600,000
Montclair
577,927 -9.7
522,678
339,125
366,999 Macon
2,100,000
1,098,076 +91.3
3,927,379
3,833,418
3,047,612
2,228,133 +36.8
2,547,497
2,718,549
Total Middle_ 3,584,458,701 3.608,985,930 -0.7 3,064,789,486 1,931,512,356 Charleston
8,832,862
5,391,998 +63.8
Oklahoma
2,637,742
2,760,000
3,058,766
3,058,7661 +45.3
Boston
2,331,060
2,145,971
215,805,574 209,516,201
+3.0 175,453,429 136,940,005 Little Rock
Providence
2,416,500
2,208,025 +9.4
2,347,394
1,625,000
9,178,600
9,801,500 -6.4
9,081,100
6,527,200 Knoxville
1,544,134
Hartford
1,271,288, +21.5
1,096,8111
1,075,000
7,878,374 -16.2
6,604,608
6,587,629
4,861,089 Mobile
4,261,812
3,703,7011 +15.1
2,580,579
2,368,228
New Haven
3,700,000
4,718,500 -21.6
3,884,494
2,936,460 Chattanooga _ _
Springfield
6,000,000
4,000,000 +50.0
3,746,883:
1,863,907
3,626,622 -14.2
3,110,007
4,054,057
2,354,218 Austin
20,295,586
Portland
10,994,305 +84.6
7,579,822
2,150,000
2,500,000 -14.0
1,975,000
1,632,218 Dallas
Worcester
592,679
273,358
221,092'+167.9
276,432
2,977,592
3,611.812 -20.3
3,087,475
2,089,852 Vicksburg
522,208
769,240 -32.1
490,895,
Fall River
522,965
1,610,068
+8.6
1,482,672
1,742,364
1,136,536 Jackson
6,646,053
6,259,552 +6.2
2,242,791
Now Bedford
1,313,201
1,536,649
9.5
1,697,149
1,179,712
998,838 Tulsa
Holyoke
2,639,855
1,256,219+110.1
1,239,091
757,212
764001
,.
903,478 -15.4
741,447
624,403 Muskogee
Lowell
1,005,576
1,087,958 --7.6
880,240
567,516
Total Southern 452,809,216 332,408,02
-51 +35.2 248,810,595 202,166,201
Bangor
648,209
464.938 +39.8
381,957
366,592
Total All
5,553,561,176 5,320,751.1901 +4.4 4,354,751-,726 2,973,546,654
Total New Eng. 248,990,884 247,289,204
+0.7 209,048,964 161,034,927
Outside N. Y_ 2,458,637,3U:12,181,115,465i +12.7 1,644,284,296 1,308,118,985
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
418
THE CHRONICLE
THE FINANCIAL SITUATION.
In advance of the pending price-fixing bill (which
has not yet made its appearance), a usually wellinformed Washington correspondent reports the
President as desiring to go very slowly in this important matter, "realizing that the system of pricefixing on the necessities of life must result from a
popular demand for Governmental interference
rather than from any sense of forearmedness on the
part of the Administration." If the bill waits for
such a popular demand it is likely to wait long, and
this correspondent is probably right in saying that
the methods followed in regulating coal distribution
and fixing its price "have not been calculated to increase the popularity of general price-fixing legislation in Congress."
The Food Administration has issued an explanation of "the meaning of food control." The public,
says this statement, conceived a mistaken notion
that a radical lowering of wholesale and retail prices
was the object sought, whereas the object was to
feed America and her allies at the most reasonable
obtainable prices, and since reasonable prices are not
necessarily low, and war inevitably pushes to higher
levels, the real question is to get produced and distributed enough food to feed the people. "Low
prices in America," proceeds this statement,"will not
win the war, but increased food production in Amer'ca will." Speculative profits have already been
almost or quite eliminated in many food lines;
speculation and actual profiteering on food necessaries are being or have been stopped, and "for the
first time in history an attempt, which now seems
assured of success, has been made to curb the greed
of speculators during a time of national peril."
Now there was a clamor over scarcity and prices,
especially of vegetablQs, in the early months of last
year, and a loud cry (vaguely addressed to Government, as usual) that somebody should do something,
and do it speedily. It is also undeniable that what
the consumer wants is that some retailer be found
with a supply of necessaries, on sale without uncomfortable restrictions and at prices tending down
rather than up; only in this way can the consumer be
helped. Viewed from this angle, it is not unjust to
say that the control, now three months in statutory
existence, has not demonstrably accomplished any
material good. Yet it is idle to enter upon argument about this, because the advocates of such measures can always fall back on the impossibility of
proving a negative, and they always have the recourse of asserting (what, of course, nobody can
prove or disprove) that even if prices have not fallen
as desired they would have risen out of sight but
for the Lever Law. We willingly admit, however,
that whatever be said of some of the methods adopted,
there [seems considerable truth in the statements
regarding speculation.
But now we find, with regret and also with some
surprise, that Mr. Hoover seems to have caught the
infection, and is calling for more law and more
power. He is quoted as saying that the extension
of the Lever Law ought to cover control of distribution, in order that all may fare alike and needless
consumption be prevented, and that foodstuffs in
food manufactures should be controlled in order to
eliminate those less essential; to quote his words:
"It appears to me that we should attack the nonessential use of foodstuffs and that we should at-
[VoL. 106.
tack the points of unnecessary consumption of foodstuffs. By this means we can place the burden where
it belongs—on the luxurious and greedy, and not
upon the poor. This implies some further measures
of control in distribution and in non-essential use."
The context indicates that this relates only to the
trades and not to the consumer, although something
has lately been said about a possible undertaking
of a scheme of rationing, and it has been ordered
that the retailer shall not sell wheat flour to
the consumer unless he would buy a specified minimum of other cereals for mixing—this sort of "combination" sale having been one of the matters lately
complained of in connection with sugar. Mr.
Hoover's ration card for an "honor system of food
saving," printed on Thursday, suggesting no limit
on sea food, poultry, game, non-wheat cereals, vegetables, fruits and milk, mentions a per capita consumption of some other articles which appears liberal
enough; yet it is against the obvious drift to more and
more minute and extended compulsion that we feel
bound to protest. Towards Mr. Hoover himself the
country has no feeling other than respectful admiration; his appointment was one eminently fit, and if
any man can successfully carry out an unnatural and
probably impossible task, he is the man. Yet even
he is liable to be pushed away from the moderation
which at first commended him, and it may be that
the holding back of speculation and profiteering
which he claims (however low in the scale of being
we classify the speculator in necessaries in war-time)
has come in some large part from the voluntary action
to which he has appealed. At this point, also, we
must say that too much praise cannot be given him
for his appeals to the reason and patriotism of the
people along the lines of economy and the topping
of wastes; here we did sorely need a lesson, and the unpleasant situation has been supplying it. We still
need it; we still have room for it; and Providence has
perhaps not given us its full measure.
All this controlling is extra-constitutional as well
as exotic; there is no place in our scheme for dictators, and there has been in our history only a little
of dictation, quickly abandoned as peace returned.
Yet now, if we take the newspaper accounts, men
have assumed to order persons not to open their
business places on Monday, although using neither
fuel nor lights, notwithstanding the Lever Law undertakes to control only the distribution and prices
of fuel. As for the validity of that and like laws,
the Supreme Court will not pass a judgment until a
case arises through resistance and an attempt to
punish; if such a case arises it would be unsafe to
assume that they will be pronounced contrary to the
Constitution, although admittedly outside of it.
Emergency will be pleaded, and let us cheerfully
concede to emergency its utmost force. When this
is done, however, sotnething remains. Probably
there is not one of us who would not patiently give
up all food on one day of the week, if convinced that
the sacrifice would materially help the cause; but
there is a difference between reaching such conviction for one's self and being ordered thus and so because an official says he has reached it. The right
of private judgment is an ultimate right; and in contending for the preservation of rights for all time we
may stand upon that right as to matters of private
conduct.
Even this statement recognizes some limitations
which need not be pointed out. But this is our un-
FEB. 2 1918.]
THE CHRONICLE
419
General von Stein, former Prussian Minister of War
and now Commander of the home forces, possibly
with a view to suppressing the strikes by military
force, further angered the men and women, for the
latter also in many cases have gone out. Advices by
way of Amsterdam declare that the Social Democratic party representation in the Reichstag has sent
a demand to the President of that body for the
immediate calling of the Reichstag on account of
the serious situation. The next plenary sitting of
the House was fixed some time ago for Feb. 15.
As the labor troubles and popular disaffection in
Berlin follow so closely recent similar developments
in Vienna there seems reason to believe that the
call on the people of other countries by the Russian
Bolsheviki is bearing some measure of fruit. Singularly enough very little of a definite nature has
come forward from Austria this week concerning
In view of the rigid and effective censorship of the uprisings in that country and from the advices
news at the German borders there appears encourage- at hand it is difficult to judge what the real
ment to accept with caution the sensational accounts situation is.
reaching here, via London and Amsterdam, this
These labor uprisings appear to have created a
week of the labor strikes and the revolts of the Socialand
other
Hamburg
Berlin,
large
sentiment in financial circles in New York
distinct
in
element
ist
German centres and manufacturing communities. that peace negotiations of a really serious character
It is not altogether improbable that the circulation are much closer than appeared probable but a few
of reports of this character would be considered not weeks ago. Certainly no other specific developundesirable by the military authorities for their ments appear to have been sufficiently important
psychological effect upon their enemies—their ten- to account for this change of attitude. President
dency to create the impression that the war will soon Wilson's letter to the Farmers' Conference at Urbana,
end, thereby causing a slackening down on the part Illinois, on Thursday attracted wide attention because
of the Entente of preparations for a long struggle. of his statement that he believes the crisis of the war
However, there is no doubt something going on. close at hand and because of his confident forecast
In Berlin alone, according to news agency dispatches as to the outcome. The letter appears in full on a
reaching neutral countries from Germany, 700,000 subsequent page of the "Chronicle." "You will
men and women have ceased work, while in Kiel, in realize," said the President, "as I think statesmen
towns along the Rhine, in the Westphalian coal on both sides of the water realize, that the culminatregions and other districts in the Empire including ing crisis of the struggle has come and that the
Bavaria, the situation is said to be serious. Martial achievements of this year on the one side or the
law is reported to have been proclaimed in Hamburg other must determine the issue."
Abroad there appears to have been no really imand other centres. In Hamburg the military comto
said
is
the
the
have
of
cessation
ordered
mander
portant pronouncements by Governmental authorstrikes and to have demanded that further demonstra- ities casting any light on possible negotiations.
tions bylabor,or in the form of public meetings of the The Marquis of Lansdowne, leader of the Opposipeople, be discontinued. There are also said to have tion in the House of Lords, on Thursday in an address
been wholesale arrests of Socialist leaders on the in London said that he concurred entirely with the
charge of fomenting strikes or because of their hostile recent speeches of David Lloyd George, the British
attitude toward the policy of the militaristic elements Premier, and President Wilson on peace aims. As
with regard to peace and franchise reforms. Among the speaker a few weeks ago published a letter, it will
the industries connected with the war that are suffer- be recalled, ccintaining the suggestion of a peace by
ing from the shut-down of labor are said to be the compromise, this latest statement of his position is at
great ship building yards of Kiel, the military air- least interesting. "I believe," he said, "all of us
plane plants at Adlarshof, the great arsenals and are ready to prolong this war, terrible as it is, until
munition works at Spandau and the great coal and we can get a clean peace." Continuing he said,"But
iron mine's and foundries in the Westphalian region. it is our desire that the time for obtaining that clean
Berlin papers received at Amsterdam contained the peace should, if possible, not be too long delayed,
characteristically German explanation that the and that no opportunity should be neglected of
authorities do not refuse to treat with the proper bringing it nearer. By a clean peace, I mean a
labor leaders. They merely take the position that peace which will be honorable and durable." "It
on important political questions they cannot negoti- has been stated," he said, "that there is no half way
ate with the workers and in any case with strikers. house between defeat and victory. If that is so,
The Berlin "Tageblatt" states that at a meeting of then what we are looking for is complete victory in
Berlin strikers on Wednesday a resolution was the fullest sense of the word." But it was untrue,
adopted declaing that the strikers will oppose to the speaker said, that a victory in the field could
the utmost of their power any reprisals against their not be a really complete victory until one belligerent
leaders or representatives. These reprisals, accord- had got the other completely at his mercy. The
ing to one report, already had begun throughout Allies had had some glorious successes in the field, but
the country following the refusal of Herr Wallraf, he did not know whether any high authority "at
Minister of the Interior, to meet the strikers. Wall- this moment is prepared to tell us that a crushing
raf's action in going into conference with Lieutenant- decisive victory in the field is within sight. On
natural and unprecedented situation: we are asked to
make sacrifices, to trust our temporary rulers, to
push patriotism, to carry voluntary aid to the utmost. Let us do so; we cannot wisely and safely do
less. But also remember that the country is moving on dangerous lines and incurring the hazard of
commitment against return to the tried and normal
path. Grant that we must accept emergency;
challenge it, and make sure we do not yield too much.
Instead of facing towards and yielding readily to the
call for new and untried powers and laws, face from
all such and avoid the mistake of supposing that virtue is in statute and not in the serious action of the
people. Above all, let us constantly remind ourselves (lest we forget) that such things are accepted
only as necessities of war and that we will positively
abandon them as soon as that is past.
420
THE CHRONICLE
the contrary, we constantly are told and are led to
accustom ourselves more and more to the ideas of
victory which can be accomplished by the gradual
exhaustion of the resources, military and economic,
of the enemy." Such a process of attrition necessarily must take a very long time to accomplish. He
had seen it stated that it would take two years and,
if that were so, "are we not justified in asking ourselves what a delay of two years really means?"
[VoL. 106.
may have to suffer for attacking open towns of their
enemies. An Associated Press dispatch announces
that 4 American aviators attached to a French
squadron had participated in a bombing raid over
Germany. All returned safely. The Germans on
Wednesday made an attack on a small American
post, killing 2 and wounding 4 others. This position
on the French front had been searched for for several
(lays, but on Wednesday morning, aided by heavy
fog and covered by a violent artillery barrage, the
Replying to a question in the House of Commons Germans decided to attack.
on Thursday, Andrew Bonar Law, Chancellor of the
Exchequer, said that the assertion that the war aims
The mortality among British merchant ships from
of the Entente Powers were to be drawn up by a enemy torpedo boats and mines increased for the week
conference now sitting in Paris, was incorrect. This ending Jan. 27 to 15 vessels, comparing with 8
the
conference is attended by representatives of Great week preceding. Of the total, 9 were above 1,600
Britain, France, Italy and the United States, and is tons and the remainder under that size, which comreally a meeting of the Supreme War Council. It is pares with 6 large and 2 small vessels for the week prepresided over by Georges Clemenceau, the French vious. Announcement was made in France and caPremier. The United States is represented by bled to this side on Wednesday that the total tonnage
General Tasker H. Bliss, Chief of Staff of the of former German steamships ready for the high seas
American Army. The other participants are: for service, most of which are now transferring men and
Great Britain, Premier Lloyd George and Major- materials to France, is approximately 500,000. The
General Sir Henry Hughes Wilson, sub-Chief of list gave the number of these steamships that had
the British General Staff; for Italy, Premier Orlando, already arrived in France as 16, including the LeBaron Sonnino, the Foreign Minister, and . General viathan, formerly the Vaterland, and the Mount VerCadorna; for France, Stephen Pichon, the Foreign non, formerly the Kronprincessin Cecilie. Latest
Minister; General Ferdinand Foch, Chief of Staff of reports are that the Turkish cruiser Sultan Wawuz
the Ministry of War,and General Maximo Weygand. Selim, formerly the German cruiser Goeben, which
ran aground last week at the entrance to the DardaThe Italian front has been the scene of the most nelles, had been refloated and has entered the Dardaactive of the military operations this- week. A nelles. The transport and the fleet auxiliary which
spectacular drive was successfully carried out against was sunk about a month ago in the Mediterranean
the Austro-German lines in the mountain region of were the Aragon and the Osmanieh. Both were
northern Italy on the Asiago Plateau sector on Tues- merchant ships before being taken over for war serday. The enemy positions which were penetrated vice. Spanish ships in American ports are experiwere tenaciously held despite strong counter attacks. encing difficulty in obtaining coal to proceed, which
Later in the week additional gains were reported, is supposed to be a measure decided on as a retaliathough the Berlin War Office, in admitting the tion for Spain's interference with the shipment of
reverse to the Teutonic Allied line, asserted that the goods across her frontier into France. Our own War
Italians repeatedly tried to bring up reinforcements Trade Board denies that any general order has been
to widen the breaches they had made, but that their issued. "It is not correct to say," declares the
efforts failed. The Italian victory at this particular Board in a formal statement, "that Spanish ships are
point assumes importance because the Austro- being generally held up, by means of refusing bunkers
Germans since their recent strong attempt to break or otherwise. It is expected further clearances will
through from the hill region to the Venetian Plain be granted. Each case is dealt with on its own facts,
failed around Monte Tomba and sectors west have and in a few cases bunker licenses have been withheld,
been bringing up reinforcements in the Asiago as where a ship has been loaded in whole or in part
district preparatory to a further series of attacks with commodities as to which export licenses could
designed to reach the lowlands around Bassano and not be allowed under the policy of the War Trade
Vicenza. In France,and also in Belgium, fighting Board." Announcement has been made officially
consists mainly of operations by the artillery divisions by the German Government of an extension of the
on both sides, the infantry work being confined to submarine blockade to the Azores and Cape Verde
small trench raiding operations and reconnoissances. Islands. The text was transmitted to the State
A feature of the week has been greater activity Department from the German Government through
of air raids. Paris was subjected to a bombardment the Swiss Legation, which represents German inon Wednesday night, 14 tons of bombs, according to terests in the United States. The decree bears
the Berlin War Office, having been dropped on the date of January 5 1918, and is described as a supcity and considerable damage occasioned. Twenty plement to the decree of January 31 1917. It espersons were killed and about 50 wounded and one tablishes two very large barred areas in the North
of the raiding machines was brought down. Two Atlantic Ocean. One is around the Cape Verde Islraids also have occurred on London, the first being ands, off the Senegalese coast of Africa. The other
on Monday, in which 47 were killed and 169 injured, extends from Madeira and Azores Islands and includes
while the second, which began on Tuesday night, both these groups. The metes and bounds of the
crossed the coast of Essex in Kent, and some of the new barred zone areas, charted on the naval hydromachines tried to penetrate into London about an graphic chart of the North Atlantic Ocean,show that
hour later, but apparently without success. Mean- both zones cover the routes between South Ameriwhile reports from Geneva speak of an air raid by can ports and Europe and North American and Eurothe British on Mannheim on Thursday night, which pean ports and Africa.
gave the German people a hint of the penalties they
FEB. 2 1918.]
THE CHRONICLE
News from Russia is highly indefinite. The Government Commissaries announce that diplomatic relations with Rumania have been broken and that the
Rumanian Legation and all the Rumanian representatives in Petrograd will be sent out of the country by the shortest route. At our own State Department, advices from Petrograd indicate "a general
mix-up of the whole situation." The Red Guard
and some Russian soldiers' organizations have been
dissolved. Telegraphic communication has been
re-established between Sweden and Helsingfors, and
the Finnish Senate has moved from the latter place.
Threats have been made upon the life of American
Ambassador Francis at Petrograd by Russian anarchists "if anything happened to their comrades "in
this country.
The security markets in London have this week
ruled firm. Some improvement has been 'evident
even in Russian bonds at the English centre, which
suggests that British interests are beginning to take
a more hopeful view of the Russian situation. Shipping shares in particular have ruled better. Gilt
edged securities have faced the competition of an
intensive "Tank" campaign for the sale of war
bonds, which is now in active progress. Weakness
in Spanish issues accompanied the announcement
in America of the stoppage of Spanish transatlantic
service with New York. The resumption of air
attacks not unnaturally resulted in considerable
nervousness, but hardly sufficient to be called an
important factor of restraint in the markets. On
Thursday an unusually dense fog restricted business. The statement by Andrew Bonar Law,
Chancellor of the Exchequer, that the expenditures
of the nation were contracting slightly was one
reason for the week's firmness.
Arrangements are proceeding for another New
South Wales Government loan at 53
4%, to be issued at par and redeemable in 1922, this to meet
the £12,648,000 loan maturing in September.
The British Chancellor's remarks in the House of
Commons this week touching possible conscription
of capital were not as satisfying as those on the decrease in war expenditures. He stated that he has
an open mind on capital conscription, that he regards the matter an academic question and intends to look into its merits. His remarks were
referred to at the various annual meetings of the
London banks which were held this week Sir Felix
Shuster at the meeting of the Union of London &
Smith's Bank said that if capital were nothing more
than the helpmeet of the idle rich he would say take
it. But workers should know that capital is essential to industry, to new enterprise, employment,
better conditions, and a higher standard of living
for the people. Referring to the future, Sir Felix
declared that it will test the powers of the wisest
statesmen to devise means of raising money by taxation and at the same time interfere as little as possible with industrial developments. The country
must produce more and buy less, he added, advocating taxation on expenditure, especially luxuries.
Sir Edward Holden, Chairman and Managing
Director of the London City & Midland Bank, in
his annual address to stockholders, praised the
American banking system as a model for Great
Britain, urging that considerable changes in the
421
British banking laws be made as soon as possible
in order to cope with the changed conditions brought.
about by the war. He explained in detail the working of the American system, declaring that "from a
financial point of view" the entry of the United
States into the war had vastly strengthened the
Entente position. He also detailed the. extensive
measures which Germany has taken to bring her
banking resources up the requirements of war times
and reconstruction. "The United. States," he said,
"has widened her banking system since the war began
and Germany has entirely changed hers. Great
Britain has tried to get along under the Act of 1844.
This is not enough. The time has come for the
repeal of the old Act and I ask the Chancellor of the
Exchequer to appoint a committee of six bankers for
its immediate consideration." "In Germany," he
said, "the ratio of gold to notes was 72% and the
ratio of cash to liabilities 63% in July 1914. In
Dec. 1917 the ratio had been reduced to 21% and
20%, respectively. The total issue of paper money
had reached £144,000,000 in Dec. 1913, £335,000,000
in Dec. 1914 and £984,000,000 in Dec. 1917. War
loans, he said, totaled £3,647,000,000, and floating
debts £1,450,000,000, a total of £5,100,000,000,
against £4,900,000,000 for great Britain. If the
Bank of England's January balance sheet were
reconstructed on the basis of other Government banks
instead of being divided into issue and banking departments, Sir Edward showed that the ratio of
gold to notes would be 129% and the ratio of cash
to liabilities 33.5%, comparing With 76% and 19%
respectively under the present system.
The British Treasury statement for the week ending Jan. 26 showed a substantial gain in the amount
of Treasury bills sold, though the amount of Treasury bills repaid also, showed a considerable increase
over the figures of a week ago. Revenues registered
a further slight falling off. This, however, was
counteracted by a reduction of over £20,000,000 in
expenditures. In round numbers, the week's expenditures totaled £37,485,000 (against £58,369,000
for the week ended Jan. 19), while the total outflow,
including repayment of Treasury bills, advances and
other items, was £139,061,000, as against £128,789,000 the previous week. Repayments of Treasury bills were £73,520,000, compared with £58,786,000, and advances repaid were £22,000,000,
Receipts from all sources
against £6,500,000.
amounted to £138,937,000, as contrasted with £127,758,000 the week previous. Of this total, revenues
contributed £21,447,000, against £23,962,000. Treasury bills were issued to the sum of £73,298,000, which
compares with £53,724,000 the previous week; war
savings certificates amourit to £2,500,000, against
£2,600,000, and other debts incurred' £4,125,000,
against £16,127,000 the week preceding. National
war bonds totaled £37,497,000 and compare with
£26,145,000. No new advances were needed this
week, as against a total ,of £5,000,000 last week.
Treasury bills outstanding amount 'to £1,084,865,000. A week ago the total was £1,085,081,000. The
Treasury balance stands at £16,517,000, in comparison with £16,642,000 a week ago.
The Paris markets have shown a tendency towards
depression, an air raid by German planes having
apparently produced some degree of nervousness.
It was officially announced on Thursday that four
squadrons of German air craft had attacked the
422
THE CHRONICLE
French capital on Wednesday night, killing 20 persons and injuring 50 others. Some material damage
was done in the raid. Berlin reports that 14 tons
of bombs were dropped in Paris, "as a reprisal,"
and the statement saysithatithe raid on the French
capital was the first systematic attack in the air.
The condition of winter wheat in France on Jan. 1
compared with that of a year/ago shows a gain of
8%. If this is maintained to maturity, it means
a remarkable increase in the yield per acre, the
"Journal Officiel" giving the acreage of winter
wheat this year as 800,000 acres greater than a year
ago. A bread ration of 3007grammes (slightly less
than 11 ounces) a day for each person was approved
by the Chamber offDeputies on Tuesday by a vote
of 385 to 92, after an interpellation by the Socialists
who held that the quantity is insufficient for a
laborer. Victor Bouret, Minister of Provisions,
explained that the present bread cards were provisional and that through the efforts of the agricultural commissionersIthergrain production will be
increased.
In a review of the German financial situation a
correspondent of the "Evening Post" sends from
Zurich some interesting figures. The total result
of Germany's seven war loans, he shows, is 72,797,000,000 marks. The credits for war expenses up to
date as voted by the Reichstag are 94 milliards,
which was to be sufficient until the end of November, and a further 15 milliards the expenditure of
which began in December. The non-covered amount
is therefore more than 21 milliards, or 22.56% of the
whole direct war expenses. Superficially regarded,
the correspondent argues, this appears satisfactory
enough. But it is obvious that the 72 milliards raised
during the first three years of the war are made up
not only of profits or savings of the German
national economy, but are also to a very large extent
results of national liquidation. When retail merchants and big importers have sold out their whole
stocks of goods, when farmers and peasants have a
diminished quantity of livestock and fields not properly manured, their accumulations of capital during
the war time from which purchases of war bonds
are made was not profits and not expenses saved,it
was really a part of the productive capital held by
them before the war. According to Dr. Helfferich,
the correspondent continues, the German national
income when he was in office was 35 billion marks
at a maximum, from which only about 10 billion
marks could be considered as available for increasing
the national capital. The rest served for consumption. It is obvious, continued the correspondent,
that in view of the high prices of all commodities,
high wages and high prices of war materials, the
national income has been more than 105 billion marks
during the three years of war, at least in its monetary
value. It is necessary to add to these 105 billion
about 50% increase of wages and profits. This
would mean a national income of 160 billion marks
during the first three years of war.
German newspapers, as reported by cable, declare
that the supply of barley for German breweries is
to be stopped, thus bringing the whole brewery
industry to a standstill; not'even beer for the army
will be produced. This action is the result of the
exceedingly bad harvest of oats necessitating the
use of barley for fodder for the army's horses. Indirect advices from Vienna announce that the grain
[VoL. 106.
warehouseslthere have suffered severely by fire,
causing enormous losses. Revolutionists are suspected of responsibility for these fires. Another
dispatch states that only one flour mill—but the
largest in Kaiser Ebersdoif in the suburb of Vienna—
was burned, all the grain, flour and machinery being
destroyed. This mill played an important part in
provisioning Vienna.
Official .bank rates at leading European centres
continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 532% in Italy and
Portugal; 6% in Petrograd and Norway; 432% in
Switzerland, Holland and Spain, and 7% in Sweden.
In London the private bank rate has remained at
4 1-32% for sixty days and 4 1-16% for ninety days.
Money on call in London is still quoted at 332%•
No reports have been received by cable of open
market rates at other European centres, so far as
we have been able to learn.
This week's statement of the Banklof England
showed a decline in its stock of gold on hand of
£307,734. This loss compares with a reported gain
a week ago. Note circulation was increased £673,000; hence total reserves registered the large reduction
of £981,000. Deposits, however, were reduced and
the proportion of reserve to liabilities was advanced to
19.37%, as compared with 19.33% a week ago and
16.60% last year. The decrease in public deposits
totaled £3,578,000, while other deposits were reduced
£1,796,000. Government securities were contracted
£964,000. Loans (other securities) decreased £3,325,000. Threadnepdle Street's gold holdings aggregate £58,606,952, comparing with £56,664,712 a
year ago and £52,687,976 in 1916. Reserves total
£31,160,000, as against £35,513,637 in 1917 and
£36,938,556 the previous year. Loans now stand
at £91,889,000. At this date last year the total was
£35,727,351 and in 1916 £105,140,129. The Bank
reports, as of Jan. 26, the amount of currency
notes outstanding as £188,992,981, as against
£189,241,394 a week ago. The amount of gold held
for the redemption of such notes remains at £28,500,000. Our special correspondent is no longer
able to give details by cable of the gold movement
into and out of the Bank for the Bank week,inasmuch
as the Bank has discontinued such reports. We
append a tabular statement of comparisons:
BANE OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1915.
1914.
Jan. 30.
Jan. 31.
Feb. 2.
Feb. 3.
Feb. 4.
Circulation
45,896.000
Public deposits_
38,236,000
Other deposits
122,644,000
Govern't securities_ 55,875,000
Other securities_ _
91,889,000
Res've notes & coin 31,160,000
Coin and bullion_ _ _ 58,606,952
Proportion of reserve
to liabilities
10.37%
Bank rate
5%
39,601,075
44,764,140
108,777,346
160,373,392
35,727,351
35,513,637
56,064,712
34,100,420
58,245,525
98,583,710
32,838,661
105,140,129
36,938,556
52,087,976
34,820,925
38,611,418
123,936,641
21,324,358
103,088,718
51,271,057
67,648,582
28,439,095
10,722,058
51,793,890
11,255,998
35,092,752
33,366,041
43,355,136
16.63%
3 %
'23.55%
5%
31.13%
5%
53.38%
3%
The Bank of France in its weekly statement shows
another increaseln its gold holdings, namely 1,552,000 francs. The gain was in the amount held by
the Bank itself, no change having occurred in the
amount of gold held abroad during the week. Total
gold holdings (both at home and abroad) now stand
at 5,362,207,116 francs, comparing with 5,131,163,153 francs in 1917 (of which amount 3,336,006,060
francs were held in vault and 1,795,157,092 francs
abroad) and 5,019,580,549 francs (all in vault) in
1916. During the week silver holdings increased
THE CHRONICLE
FEB. 2 1918.]
574,000 francs. Note circulation showed the substantial increase of 371,704,000 francs. Bills discounted gained 121,844,000 francs. Treasury deposits declined 36,468,000 francs. General deposits
registered a gain of 116,712,000 francs and the Bank's
advances diminished 6,254,000 francs. Notes in
circulation are now 23,534,337,810 francs. At this
time last year the total was 17,514,325,755 francs,
and in 1916 the amount was 14,034,413,320 francs.
On July 30 1914, the period just preceding the outbreak of the war, the amount outstanding was
6,683,184,785 francs. Comparisons of the various
items with the statement of last week and the corresponding dates in 1917 and 1916 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Feb. 3 1916.
Jan. 31 1918. Feb. 1 1917.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
1,552,000 3,325,098,632 3,336,006,060 5,019,580,549
InFrance
Inc.
2,037,108,484 1,795,157,092
Abroad
No change
1,552,000
Inc.
Total
574,000
Inc.
Silver
Bills discounted Inc. 121,844,000
Dec. 6,254,000
Advances
Note circulation Inc. 371,704,000
Treasury deposits_Dec. 36,468,000
General deposits Inc. 116,712,000
5,362,207,116
248,492,857
1,110,296,684
1,226.875,510
23,534,337,810
17,113,246
2,973,103,952
5,131,163,153 5,019,580,549
279,282,575
353,149,517
709,193,326
468,980,266
1,268,254,669 1,274,582,602
17,514,325,755 14,034,413,320
52,605,936
114,958,743
2,340,048,377 1,909,550,633
The Imperial Bank of Germany in its weekly
statement, issued as of Jan. 23, shows the following
changes: Total coin and bullion increased £790,000
mks.; gold increased 102,000 mks.; Treasury notes
were reduced 63,664,000 mks.; notes of other banks
increased 1,716,000 mks.; bills discounted showed
the large reduction of 395,547,000 mks.; advances
decreased 10,341,000 mks.; investments declined
2,183,000 mks.; other securities were contracted
49,815,000 mks.; notes in circulation decreased
125,114,000 mks., while deposits registered a heavy
decline, namely, 348,471,000 mks. Other liabilities
were reduced 36,152,000 mks. As comparisons with
the statement of the previous week are not available,
it is not possible to give the total of note circulation,
loans and dicounts, &c. The Bank's stock of gold
is given as 2,406,032,000 mks., which compares
with 2,523,184,000 mks. a year ago and 2,451,980,000
mks. at the corresponding period in 1916. •
Saturday's bank statement of New York Clearing
House members, which will be found in more complete form on a later page of this issue, made a more
favorable showing, owing to the increase in reserves.
There was, however, a substantial increase, namely
$78,963,000, in the loan item—due mainly to important new corporate financing. Net demand
deposits declined $50,000, to $3,666,713,000 (Government deposits of $243,546,000 deducted), although net time deposits were expanded $5,573,000.
Cash in own vaults (members of the Federal Reserve
Bank) was reduced $5,392,000, to $104,618,000
(not counted as reserve). Reserves in the Federal
Reserve Bank of member banks increased $30,826,000, to $558,031,000. The reserve in own
vaults (State banks and trust companies) showed a
contraction of $1,372,000, to $18,514,000, while
reserves in other depositories (State banks and trust
companies) declined $563,000, to $9,155,000. Aggregate reserves were increased $28,891,000, thus
bringing up the total to $585,700,000. At the corresponding date last year the amount on hand was
$813,607,000. The gain in surplus reserves totaled
$29,005,520, there having been a small reduction in
reserve requirements—$114,520. Excess reserves
now stand at $96,681,750, that is on the basis of
only 13% reserves for member banks of the Federal
423
Reserve system (but not counting $104,618,000
cash in vaults held by these banks), and compare
with $191,383,610 surplus held in 1917, on the basis
then ruling of 18% reserves, including cash in vault
of member banks.
The local money situation gradually is assuming a
position almost as arbitrary as that occupied by
sterling exchange. So far as financing war contracts
is involved the Treasury is understood to be making
payments in advance of sufficient volume to relieve
contractors of the necessity of applying to the banks
for first accommodation. This leaves the banks to
deal with more or less minor transactions. Any
important financing of corporations must first receive the consent of the Treasury before appeal may
be made to investors. The plan proposed by the
Secretary of the Treasury for the formation of a
$500,000,000 national' corporation is referred to in
greater detail in another column. It proposes by
the use of the facilities of the Federal Reserve banks
to meet the financial requirements ofIconcernslivhose
products are in the category of war essentials. Presumably railroads as well as various classes of industrial concerns could qualify under this designation
though the Secreary, in a published interview some
time ago, suggested that the railroads of the country
having the Government guarantee of earnings as an
asset could probably from now on be depended upon
to obtain their own financial accommodation by
issuing notes, bonds, &c., rather than applying
directly to the Government. It is significant that
three large note issues by railroads have been announced during the current week, namely,$8,000,000
by the Baltimore & Ohio, which were taken jointly
by Kuhn, Loeb & Co. and Speyer & Co.(on private
terms but reported to be about 6%), and $5,000,000
each by the Pennsylvania and the Chicago & North
Western Ry.,these notes being taken also by bankers
4%.
at a rate understood to be in the vicinity of 53
J. P. Morgan & Co. have discontinued their weekly
offerings of $15,000,000 British Treasury bills.
The one-year 532% secured notes of the United
Kingdom of Great Britain and Ireland became payable yesterday at the office of J. P. Morgan & Co.,
who requested holders to present their notes as early
as possible as the number of separate pieces in the
issue will require considerable time in handling.
It is understood that payment for these loans was
arranged in part by a triangular transaction, including Yokohama as well as London and New York.
The British Government, under this plan, issued
to the Japanese Government 80,000,000 yen in one
year Treasury bills. Of these the whole proceeds
are receivable in New York giving a credit for $40,000,000. In addition $10,000,000 is payable by
Japan for British account of New York in consideration of 300 lacs of Indian rupees.
The banks at New York are making preparations
as far as possible for aiding the Government in the
forthcoming Liberty Loan. That the campaign
for distributing this Loan will soon begin is indicated
by the news that Frank R. Wilson, now Assistant
Secretary of the Federal Farm Loan Board has been
chosen as publicity director for the third Liberty Loan
campaign to succeed Oscar A. Price, who has become
private secretary to Secretary McAdoo, as DirectorGeneral of Railroads. The $400,000,000 Treasury
certificates of indebtedness announced on Jan. 22,
subscriptions for which were closed on Tuesday,
424
THE CHRONICLE
were heavily oversubscribed,according to the official
announcement by the Treasury, which will make
proportionate allotments after the subscriptions
have been properly tabulated in order to keep the
amounts within the limit set.
Referring to money rates in detail, loans on call
have covered a range for the week of 3M@6%, as
against 23/2@6% a week ago. On Monday 4% was
the high and low for the day, as well as the basis
for renewals. On Tuesday there was a decline to
391% for the maximum and 33/2% low, while rerenewals were also made at 33
4%. On Wednesday
and Thursday the range was 3M@4%, and 3%%
still the ruling rate. Friday's rates were 4@6%
with 4% the renewal basis. For fixed maturities
rates were not changed from 5M@6% for sixty
and ninety days and four months' funds and 5%@
6% for five and six months. Lenders were firm
with trading restricted to only absolute requirements. Large interests continue to evince a disinclination to put out funds for extended periods,
but as most borrowers seem to be out of the market
for the time being, the demand has been correspondingly light and quotations largely nominal. Observance of the "heatless" Monday holiday was also
a factor in restricting operations. At the corresponding date a year ago sixty day money was
quoted at 23/2@3%, ninety days and four months
at 29'@3%,and five and six months at 3%.
Mercantile paper discounts remain as heretofore at
5M@5%% for sixty and ninety days' indorsed bills
receivable and six months' names of choice character, while names less well known still require 5%@
6%. Transactions continue on a small scale with
the supply of bills light.
Banks' and Bankers' acceptances showed a slight
increase in activity, and brokers are now looking
for a broader market in the not distant future.
Rates ruled without important change. Detailed
quotations were as follows:
Spot Delivery
Delivery
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
Eligible bills of member banks__.414(431Xe 4(
6@3% 4@3% 43‘ bid 4 offered
Eligible bills of non-memb.banks_4 @4 4 @4
4% @4 4% bid 4% offered
Ineligible bills
5€44A 5@434 6 bid 5 offered
51B4%
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal
Reserve banks. Prevailing rates for various classes
of paper at the different Reserve banks are shown in
the following:
Member Banks,Coll. Loans.
1 to 15 days' maturity
4
334
• Discounts1 to 15 days' maturity
4
334
16 to 30 '
"
5 4%
31 to 60 "
"
5 4%
61 to 90 "
"
5 435
Agricultural and
Live-Stock Paper91 days to 6 months maturity 5 5
Trade Acceptances1 to 30 days' maturity
434 4
31 to 80
4344
"
61 to 90 "
"
4344
4
I
1
4;
1
Kansas City.
.
1.
Minneapolis.
Boston.
CLASSES
OF
DISCOUNTS AND LOANS
New York.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
1
4
4
4
4
4
4
4
4
4
4
4
434
434
43,4
4
434
414
435
4
434
434
434
4
4%
434
434
4
434
4%
5
4
434
434
434
4
4%
4%
5
4
434
4%
434
4
434
4%
434
4
4%
434
434
531
5
8
434 5
534 534 534 5
5
4
4
4
4
4
4
4
4
4
334 4
3344
4 4
3A 4
3344
4 4
4
4
4
334 4
3344
4 4
Rate of 3 to 434% for 1.4 ay discounts in connection w th the loan operation
of the Government.
Note.—Rate for acceptances purchased in open market, 3 to 434%, except for
Boston, Chicago and Minneapolis, whose rates range from 3 to 5%. In the case
of San Francisco the rates range from 234 to 434%.
In case the 60-day trade acceptance rate is higher than the 15-day discount rate,
trade acceptances maturing within 15 days will be taken at the lower rate.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
Sterling exchange, which for a long time has been
in a completely arbitrary condition, will become even
[Vol,. 106.
more exclusively so about the middle of February,
when the Federal Reserve Board will take direct
charge of the situation. The Secretary of the
Treasury, Mr. McAdoo, on Tuesday made public an
executive order issued by the President under the
Espionage Act, putting this regulation into effect.
This announcement is given in full on a subsequent
page of the "Chronicle." In brief, under the terms
of the order dealers were required to file applications
for registration certificates by Jan. 31. On and after
Feb. 10, persons other than customers are not permitted to engage in transactions covered by the order
unless they hold a registration certificate issued by
the Federal Reserve Board. The Board is author:zed
to waive these requirements and in order that dealers may be given full opportunity to procure the
necessary certificates, it has extended the time for
filing applications to Feb. 5, and also has waived
for a period of 5 days the requirement that no transactions covered by the order shall be engaged in by
others than certificate holders after Feb. 10. This
prohibition, therefore, will in fact become effective
on Feb. 15 instead. The net effect of the new order
is not essentially important to operators in foreign
exchange, since it merely places in more definite and
official form conditions under which transactions have
been going on for some weeks. The purpose of the
order is to place dealings in foreign exchange and
transactions of those engaged in the sale of securities
for foreign account under such control as will prevent the use of the banking facilities and markets of
the United States for the benefit of its enemies.
Another development of interest in foreign exchange
circles is the report that Fred I. Kent, Vice-President
of the Bankers Trust Co. of New York, is to become
official Director of Foreign Exchange under the regulation above referred to. Mr. Kent is now in Washington on leave of absence. Recently he was appointed by the Federal Reserve Board to take charge
of investigating, supervising and authorizing foreign exchange operations.
As regards the day-to-day rates, sterling exchange
on Saturday, comparing with Friday of the week
previous, was firm and practically unchanged;
demand bills were quoted at 4 75 5-16@4 75323/
2,
cable transfers at 4 76 7-16@4 7645 and sixty days
at 4 713/
2@4 72. Monday's market was a dull,
narrow affair with trading at a low ebb; quotations
were a trifle easier, at 4 75 5-16 for demand,4 76 7-16
for cable transfers and 4 713'@4 72 for sixty days;
the check placed upon general business through
the observance of the Fuel Administrator's closing
order was an added influence in the dulness. No
changes were recorded in Tuesday's trading and
sterling rates ruled at the levels of the preceding day.
On Wednesday no new feature developed; business
was not active, and demand was still quoted at
4 75 5-16, cable transfers at 4 76 7-16 and sixty days
at 4 713/2@4 72; announcement of the new regulations issued by the Secretary of the Treasury for the
control of foreign exchange, while making a good
impression in exchange circles, was not regarded as
an important factor as it was not thought likely
to produce any appreciable alteration in existing
methods of operation. Friday's market was quiet
but steady and still'unchanged. Closing quotations
were 4 713/2@4 72 for sixty days, 4 75 5-16 for demand, and 4 76 7-16 for cable transfers. Commercial
sight bills finished at 4 75@4 753/8, sixty days at
FED. 2 1918.]
4 714
1 1@4 699',
3 @4 713., ninety days at 4 69/
documents for payment (sixty days) 4 703@4 713
and seven-day grain bills at 4 74JA@4 74%. Cotton and grain for payment closed at 4 75@4 75JA.
Dealings in the Continental exchanges the past
week have reflected in some degree the more hopeful
feeling prevalent over the latest phases of the World
War situation. Constantly recurring and insistent
reports of the seriousness of the labor unrest in Germany and internal disturbances in Austria, are interpreted as indications of an earlier ending of the
war than has heretofore seemed probable. Nevertheless, a cautious attitude is being adopted and
transactions were exceptionally light with the
tendency towards a somewhat lower level. Considerable attention was attracted by the weakness in lire, which have shown substantial declines
despite cable reports of the highly favorable progress
recently by Italian troops at the Asiago Plateau. In
the opinion of usually well-informed banking circles here, the chief source of weakness lay in the
heavy selling of exchange on Rome by foreign interests, presumably for speculative account. No
specific reason was assigned for this selling, though
possibly the delay of the project of Italian authorities, decided on some time ago, for the stabilization
of exchange rates in affording material relief, may be
one influence of the depression. News of Secretary McAdoo's plans for the regulation of foreign
exchange business here was well received, although it is not expected that it will result in any
widespread change in the present method of transacting business. Francs ruled steady and without
important change for the week. Rubles continue
on a practically nominal basis, at previous levels.
All transactions in German and Austrian exchange
have been suspended and quotations for reichsmarks
and kronen are unobtainable. The unofficial check
rate on Paris closed at 27.15, against. 27.16 a
week ago. In New York sight bills on the French
centre finished at 5 71%, against 5 724
1 ; cables at
5 69%, against 5 703/8; commercial sight at 5 2%
5,
against 5 72%, and commercial sixty days at 5 78%,
3 last week. Lire closed at 8 59 for
against 5 78%
bankers' sight bills and 8 58 for cables. The final
quotations of the week previous were 8 48 and 8 44,
respectively. Rubles finished at 13 for sight bills
and 13% for cables (unchanged). Greek exchange
closed at 5 133 for checks and 5 123/ for cables,
against 5 133/b and 5 123 a week ago.
In the neutral exchanges trading was dull and featureless, and here, also, fractional declines were
noted in nearly all of the exchanges. This, however, was largely the result of a lack of demand. Enforcement of the Government restrictions upon imports and exports is still an important factor in
checking exchange dealings, while uncertainty regarding the outlook for mail facilities was an added
influence. Swiss francs have shown declines, while
the Scandinavian exchanges were for the most part
irregular and slightly easier. Guilders were a shade
easier. Spanish pesetas were quiet. Bankers' sight
on Amsterdam finished at 4332, against 43%; cables
at 44, against 443; commercial sight at 43 7-16,
against 43 11-16, and commercial sixty days at 43 5-16
against 439 a week ago. Swiss exchange closed at
4 53 for bankers' sight bills and 4 51 for cables, as
compared with 4 46 and 4 44 for the week preceding.
Copenhagen checks closed at 31 and cables at 313',
425
THE CHRONICLE
against 31 and 313i. Checks on Sweden finished at
333 and cables at 33%, in contrast with 33% and
34, while checks on Norway closed at 32 and cables at
323/
2, against 323' and 333/b on Friday of last week.
Spanish pesetas finished at 24.20 for sight and 24.30
for cables. This compares with 24.18 and 24.28, the
final quotation of a week ago.
As to South American quotations, the check rate
on Argentina closed at 43.90 and cables at 44,
against 44.34 and 44.44. For Brazil the check rate
is 26.57 and cables 26.67, as contrasted with 26.64
and 26.74 last week.
Far Eastern rates are as follows: Hongkong,
73@733I, against 71@71.15; Shanghai, 108®109,
against 105@106; Yokohama, 51.60@51.75, against
513/2@519; Manila, 49%@50 (unchanged); Singapore,56%@57(unchanged), and Bombay,35@3532,
against 35@353"2.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,398,000 net in cash as a result of the currency movements for the week ending Feb. 1 1918.
Their receipts from the interior have aggregated
$8,694,000, while the shipments have reached $4,296,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss of
$76,118,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $71,720,000, as
follows:
Week ending February 1.
Banks' interior movement
Sub-Treasury and Federal Reserve
operations
Total
Into
Banks.
Out of
Banks.
Nd Change in
Bank Holdings.
$8,694,000
$4,296.000 Gain 84,398,000
35,606,000
111,724,000, Loss 76,118,000
$44.300,0001 $116,020,000 Loss $71,720,000
The following table indicates the amount of bullion
in the principal European banks:
Jan. 311918.
Feb. 1 1917.
Banks of
Gold.
Total.
Gold.
Silver.
Total.
England_ _ 58,606,952
58,606.952 56,664,712
56,664,712
France a_ 133,003,94
9,920,000142,923.94 133,440,242 11,171,32 144,611,562
Germany _ 120,301,600 5,727,7 • 126,029,350 126,220,850
851,150 127,072,000
Russia _ 129,650.000 12,375,000142,025,000 147,486,000 11,917,
159,403,000
Aus-Hun c 51,578,000 12,140,000 63,718,000 51,578,000 12,140.000 63,718,000
Spain _ _ _ 78,690,000 28,296,000 106,986,000 50,980,000 29,754,000 80,734,000
Italy
33,409,000 3,431,000 36,840,000 35,978,000 2,944,000 38,922,000
Netherl'ds 58,098,000
578,300 58,676,300 49,132,000
567,100 49,699.100
Nat.Bel.h 15,380,000
600,000 15,980,000 15,380,000
600,000 15,980,000
Switeland 14.422,000
14,422,000 13,764,800
13,764,800
Sweden __ 13,580,000
13,580,000 10,363,000
10,363,000
Denmark _ 9,622,000
137,000 9,759,000 8,822,000
93.
8,915,000
Norway _ _ 6,413,III
6,413,000 6,904,000
8.904,000
Tot.week_ 722,754,492 73,205,050795,959,542 706,713,mi 70,037,570776.751,174
Prey.week 722,432,046 76,669,300 799,101,346705,498,89 69,J18,300 775.417.196
a Gold holdings of the Dank of France this year are exclusive of £81,484.340
held abroad.
• The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad. On the
latest reported date the amount so held was £230,860,000.
c July 30 1914 in both years. h Aug.6 1914 in both years.
THE LABOR DEMONSTRATIONS IN GERMANY.
With the avenues of news communication from the
Central Empires what they are, there is some risk
of jumping too rapidly at conclusions regarding the
labor demonstrations in those countries. It is not
wholly easy to determine either the scope or the
purpose of the strikes which have marked the new
year in Germany and Austria. The dispatches give
no indications of particular demands for higher
wages or different hours of labor, and yet, with the
inflated currencies and rising cost of necessaries in
the Central Empires, discontent with existing conditions of life can hardly have failed to play a part.
In that respect the Teutonic situation does not altogether differ from that in many other countries,
belligerent or neutral. There is also a curiously persistent theory, reflected especially in the cables from
426
THE CHRONICLE
London, that the labor demonstration in Germany
may have been partially fomented and deliberately
exaggerated by the German authorities, with a view
to creating industrial unsettlement in enemy countries.
This is a theory which must be regarded with considerable reserve. It is true that accounts of the
scope of the movement, derived from German newspapers, have been extremely confusing. Such estimates of the number of men who had quit work at
Berlin have ranged all the way from 120,000 to
700,000. The higher estimate might have been intended to cover all Germany, to which still other
dispatches have given a total of more than a million
strikers. But even the intimations as to the magnitude of the movement at provincial centres have
been conflicting. It was equally difficult last week
to get a clear idea of how extensive was the refusal
to work at Vienna. The estimate of 1,200,000
strikers for all Austria was apparently in large
measure a guess.
Nevertheless, the particulars of the German strike
point in some ways to a critical situation. That it was
spreading to war munitions factories was indicated by
Hindenburg's warning to the strikers at Berlin:
"Every hour you lose means the weakening of Germany's defense. You are committing a crime
against our army and an act of cowardice against
your brethren in the front trenches." This week's
dispatches have stated that the dock hands at the
Government shipyards at Kiel had struck work,
and there has apparently been trouble in the Krupp
works at Essen.
Some of the dispatches have suggested that the
demonstration at Berlin was in the nature of a
"holiday strike," in which the workers were the more
ready to join because of the continued pressure of
heavy work and long hours to which they had been
subjected. But on the other hand, indications are
far more distinct than is usual in such episodes that
both the Austrian and German labor movements
were either inspired by political discontent or else
were used by the leaders to give point to political
opposition. All the comments of the German press
which have been received here are of a character
which would suggest political animus in the strikes,
and their connection with peace terms. No doubt,
when the Socialist "Vorwaerts" editorially declares
of the strike that "nobody believes this to be merely
the fruit of a dangerous agitation," but that "it is
rather the fruit of an intolerable system of government," there is the possibility that the editor was
endeavoring to turn the incident to the profit of his
own party. But the newspaper organ of the Central
Committee of German Trades Unions explicitly
declares that the demand of these unions comprises:
"First—An answer by the German Government
to the speech made by Lloyd George to the deputation of English trade unions.
"Second—The fixing of German war aims in the
west.
"Third—The serious attention of the Government
to the demand that in the peace negotiations there
shall be direct representation of the working-class
interests in full proportion to the representation of
capitalistic interests.
"Fourth—No further postponement of Prussian
franchise reform."
The semi-official Wolff Bureau describes these demands as "of a very mild character." They will
hardly impress the outside world to that effect.
[VoL. 106.
Aside from the possibility of an early collapse of
this demonstration, because of appeal to patriotism
or because of exercise of military force, there remains
—assuming the reality of the Unions' purposes—
the question, what tangible results may follow it.
The political demands are directed to two somewhat
different questions—electoral reform in Germany
and adoption of diplomatic methods which would
make toward a speedy peace. In the first contention, the German strikers and labor unions occupy
much the same position as the so-called Revolutionists
in 1848. The position of to-day is the stronger in
that, whereas the students and other malcontents
who resisted the Prussian and Austrian Governments
in the earlier period were very loosely organized into
secret organizations, the present labor unions are
closely organized, and publicly recognized by Government. On the other hand, the movement of to-day
is weaker than in 1848 from the fact that it is directed
against a Government with a large army under
active orders, and not against the feeble imperial
authority and small standing armies of seventy
years ago. Nevertheless, it is wholly probable that
the present demonstration will be at least as successful in extorting political concessions as was that of
1848.
The demand for a more honest statement of war
aims by the German Government, and for a sincere
effort at peace, would not be so easy to enforce.
Concession of that demand, under present circumstances, would virtually involve the political overthrow of a powerful faction already entrenched in
the German Government. Yet if such demand is
privately re-enforced by concurrence of public opinion throughout Germany, and if it is emphasized by
really acute economic suffering, then it may turn
out that the strikers and the unions are in reality
only giving voice to the feelings of the population
at large. In that case events might move quickly.
The Austrian and German Governments may be
compelled to give way, with what grace they can
command, even to the demand for a change in their
political program. Yet even in that case, one would
have to know exactly what even the German labor
organizations have specifically in mind, before concluding that the new Teutonic terms could meet
the terms of the Allies.
The upward movement on the Stock Exchange
this week, in the face of many seemingly adverse
industrial developments, has been ascribed in many
quarters to belief that this German labor movement
is genuine and politically formidable, and that it is
bound to operate in the way of bringing peace
negotiations nearer. It may indeed be the fact
that nothing but the uprising of the people against
its war policies can force the hand of the German
Government, and that action by the organized
workingmen is the only practicable means of giving
form to such a revolt. Yet it cannot be wholly
overlooked that there is an unpleasant side to this
political dictation of organized labor. It is so even
when (as in Germany) that dictation is directed to
a rightful end and is challenging a tyrannical autocracy. The position of the labor element differs
widely in the different countries; ranging all the
way from the avowed though dubious support of
our Government's.war policy by the Buffalo labor
convention to the resolutions of the British trades
unions declaring for continuance of the war, but
insisting on conciliatory terms of peace, and to the
FEB. 2 1918.]
THE CHRONICLE
Bolshevik program that nobody but laborers shall
have anything to say about government.
The American unions make no stipulation about
political representation at home; but it should be
noted that at the Buffalo labor convention last
November the Executive Council, after declaring
that "working people have never been properly represented in diplomatic affairs" and that "the future
must be constructed upon broader lines than the past,"
insisted "therefore that the Government of the United
States provide adequate and direct representatives
of wage-earners among the plenipotentiaries sent to
the Peace Congress, and urge upon the labor movements of other countries to take like action." The
German unions insist on representation of the working
classes in the peace negotiations, and Trotzky has
declared this week to the Socialists of Russia that
"either we shall be destroyed or the 'bourgeoisie'
throughout Europe will be destroyed"—meaning by
"bourgeoisie" the property-holding element. Butthe
fact exists in all theseinstances that the unions,acting
as labor organizations and not as assemblies of
private citizens, are laying down policies and submitting terms to the duly elected legislators and
officers of government. The attitude changes in
character and scope in the different countries with
the varying degree of genuine democracy and popular
representation in one or another of such countries;
but in a large sense, the assumption of the right to
dictate policies is world-wide. We do not pretend to
know what this movement, if it succeeds in the one
case and becomes stronger as a consequence, will
mean to the longer political future. That is one of
the obscure problems which will surround the period
of social and political reconstruction which will
follow the war.
THE SPECTRE OF FEAR—IS THE BARBARIAN
TO OVERRUN THE EARTH'?
Perhaps, if we could all hear the deep boom of
the terrible cannonading, if we could each go down
into the craters plowed by monster shells, or look
but for a moment upon the swaths of ghastly dead
after the battle, we would be quickened to the fact,
sometimes indifferently appreciated, that the United
States has entered,- for weal or woe, the most awful
war that ever stained the annals of time. And there
can be no doubt, that, if we stood in the midst of
the suffering, saw the agonized faces of mothers with
babes at their skeleton breasts, the bony fingers of
famished children stretched out hungrily for a crust
of bread, we would know, as we cannot know in
our daily living, the paralyzing horror of the insensate conflict. And this week men who have
seen and who know have set out upon the mission
of informing the people of conditions, that they
may the sooner respond to the duties of the day.
But there are some very curious effects which
this wp,r has on the minds of men. , And it is profitable to consider them for they point us to the future
as well as reveal the present. One would think
that to paint the picture of such a war would take
the place of all argument. One would naturally
leap to the conclusion that there is enough sanity
left in the world, that once this war is stopped,
peoples and States would not rest a moment until
the power to make war is abolished, and the compact of perpetual peace signed and sealed with all
the virtue that yet lives in the human heart and has
hope of heaven. Surely the United States makes
427
war to end war, believing that when the chief motive power of this war is brought to its knees.it will
be possible to reconstruct the world on a peace basis.
More than this, one must believe, that the most
warlike nation of earth now realizes, though the
end hang trembling in the balance, that the futility
and crime of all war is completely demonstrated,
and that conquest by arms is the most fatal delusion that ever engaged. a strong and prosperous
State. And many offer this as an argument for the
conclusion of an immediate peace by "understanding"—in a word it is tantamount to saying that
once the German people return to the arts and industries of civil life they will by revolt, peaceful or
otherwise, take the reins of government full into
their own hands, and for themselves preventing a
return of this colossal and continuing misery, this
cumulative plague, will eagerly join that immortal
concert which forever after will make the world a•
place "fit to live in." But there are others
who scout this idea and take quite the opposite
view.
We have been interested in a statement recently
made by John Masefield, the English poet and playwright, now traveling in this country. He says:
"I aml'serious about this matter of the safety of the
world. If we are not awakened by this enormous
conflict, in another twenty years the barbarian will
be master, unless the finished intellect can find some
means of checking him. Who knows but the day
may arrive When the barbarian will have at his disposal some scientific secret that can blast a nation
to pieces by touching a button? Who knows but
the time may come when man discovers how to tapatomic energy, or is able to direct consuming rays
against his antagonist and destroy a nation wholesale
and accurately, instead of piecemeal and clumsily,
as we are doing at present?"
Now we shall not examine into the philosophy
indicated by this utterance that the way to prevent
such a calamity is by destroying a people alleged to
be the one most likely to use such a discovery once
it be made. What is more important is to realize
this Spectre of Fear that seems sometimes to haunt
the human mind. Is the savage just beneath the
skin of the civilized man? Has the "babarian" in
fact returned, and is it possible that he may again
overrun the earth? Granted that the atrocities of
the "Huns" are not all told, is it even potentially
true that rioting, it maybe, in victory, they can or
will reduce civilization to a state of barbarism,
blotting out the institutions of culture, the agencies
of advancement, and the liberties of men? If so,
then, admitting the intent, which indeed is not
separable from the inherent character, it is doubly
important that the possibility of such a progression
of fiendishness be prevented) and now and forever.
But, and it is said not in palliation or excuse of conditions that now prevail, if we believe this we cannot believe in a divine ordering of the world, and in
a progress that is "onward and upward forever."
If such a complete retrogression can ;come about,
then the peace we fight for becomes a wraith, a
myth—for the forces of evil may still sometime
triumph. Again, and still granting that this "barbarian" exists, history seems to point to the recurrence of these sweeping floods of conquest that bear
down everything before them. And yet we forget
that civilization is not alone a matter of mentality,
or of racial or national character. Assyria, Greece
428
THE CHRONICLE
[Vol, 106.
and Rome went down successively carrying with agencies of civilization we now have, chief among
them a species of art-culture, of didactic learning, which is the life-giving, the liberty-exemplifying,
of social relations, almost wholly wanting in those the love-and-learning-promoting of a freed comphysical agencies of personal benefit and communal merce.
It is peace by consent of the governed.
welfare that now liberate the individual and unify Attainment of these does not compel the use of
peoples, increasingly, throughout the whole earth— force to overcome force, though it be admitted
printing, steam, electricity, trade, and the fixed that the exigencies of the time allow of nothing else
forms of manufacture, mining and transportation. for the present. But the "barbarian" in the sense
It is not conceivable that we can lose these. And of old is not bearing down on humanity in one
possessing and using them we can never return to all-encompassing horde to blot out the last vestige
man's primitive state.
of civilization. Evidently, as we interpret his words,
We may be drawing this too closely, upon the the President is not obsessed by this "fear." He is
author's statement. But it is a fact that there is a deeply concerned at a system of rule which fosters
growing belief, that these fearful agencies of war- war and which enslaves a people. And by this very
domination, in hands cruel and ferocious, will extend token he may make peace, which is his predestined
over into periods of calm, if they should triumph prerogative, at any time when that system is sufficiently
now. Men are actually afraid that until this spirit broken on the wheel.
of evil evidenced by an enemy's conduct of war, is
This does not constitute an argument for an
killed, absolutely exterminated, there is no "safety understanding first and a peace afterwards, or the
of the world." And it may be so; we do not argue opposite. Peace is of that nature that it becomes
that question. But it must he apparent that an its own herald, its own excuse, its own exemplar.
autocrat is not necessarily a barbarian. To be this, It waits alone on its own pleasure. And peace could
as a literal fact, he must take his bloody bludgeon come without further war, and without a forcible
and go champing his hellish glee in murder and annihilation of autocracy, which would absolve
destruction through the world forever, at last itself by entering into a compact that cannot exist
turning on himself and exterminating the race. Or, save among peoples in reality emancipated from
capable of a species of scientific attainment, he must autocratic rule. For this reason we dare not dehave the heart to destroy wholesale and guiltily whole mand, outright, as part of our endeavor radical
nations to satisfy the caprices and whims of his own changes in the forms of governments. To do so
power. And we say that this picture blots out God would put off peace to an indefinite time. The
from the world.
Allies would have to change as well as the enemy.
May it not be pertinent to say that for ourselves as At the last it is the spirit of democracy that must
a people it will clarify our vision and clean our minds, be our concern now we have entered on this momenif we adhere in thought to the distinctions which tous undertaking. And looking to this we need not
the President does not fail on every occasion to make fear the dissolution of all law and order, the bloody
between a people and the civilization of a people, bludgeon of the "barbarian" as the sceptre that may
and a system of Governmental rule which he holds rule the world. And keeping clear the vision of a
responsible for the terrorism of the German arms. peace, which dwells eternal in the heart of democThe time must come, even though but a remnant racy, we shall not become barbarians ourselves
remains, when a contrite Germany ,shall look upon while we prosecute the war to a successful concluthis "system" as something to be exorcised altogether sion.
from the possibilities of future history. And in
Fear palsies reason and befogs hope. The cry
that lies the hope of lasting and universal peace. It "Carthage must be destroyed" did not save Rome
is not good, as we conceive it, that this huge and when her time of downfall came. Wild beasts
towering spectre of Fear enter the heart of mankind. kennelled in the temples and palaces of her ancient
For when it does all peoples tend to fight with rival then, but wilder beasts inhabited her own heart,
desperation and abandon. By.a feeling of impend- dilated with power and degenerate with the lust of
ing ruin and return to savagery "nothing matters," victory and the licentiousness of living. This war
and might assumes the form of right. There is should not be extended too long, nor peace delayed
reason to believe, despite the protestations of good beyond the hour of accomplishment. The world
intent upon .the part of their adversaries, that the is not in danger of destruction. Our Republic
German people, surrounded by a world in arms, should stand fast, through it all, by our ancient
entertain some such abiding fear. Fear of the un- principles. The eternal right will triumph. It
known is a dangerous doctrine. And though may be that this great war "had to come." If so,
nations, even civilization itself, seem to stand upon it has almost spent its power for evil. We cannot
the brink of ruin, they are not entering into universal make the whole world over by the triumph of our
decay. And here, indeed, futile, false and unneces- arms. When the way is clear for peace, when love
say as it may be, there enters the nobility of war. of liberty inborn in every people resumes its sway,
These fighting nations are expending, misdirected when the fatal misunderstandings make way for
though they be, energies that, rightly used, would the understandings, then peace will come like a benebring joy to every heart and happiness to every diction and bring with it its own divine absolution.
fireside, that would fill the world in common with "Democracy" is an abstract term, but it is a not
instruments and objects of advancement and benefit, altogether vague vision when we see it "in spirit and
that would not only make the world fit to live in, in truth." It is the royalty of "consent," it is the
but a veritable paradise of comfort, learning, and abnegation of "service," it is the commune of an
individual liberty!
individualism free to aspire and to achieve, it is the
In this war we should visualize definitively our sovereignty of the citizen, and'it is the willingness
goal. It is peace by universal concert of the nations. to abjure war and embrace peace by mutual comIt is peace by the abolition of the instrumentalities pact and conciliation. When that hour strikes, as
of war. It is peace by the constructive use of the it will, we should fight no more.
FEB. 2 1918.]
THE CHRONICLE• •
429
to his closet for prayer and meditation. Or, he
SAVING FUEL AT THE COST OF SAVING SOULS. may do as our great prototype, George Washing-
In Washington, where they breathe the air of offi- ton, did at Valley Forge, he may go out into the
cialdom, the District Fuel Administration last week woods, and kneeling in the snows of winter, offer
issued an order closing two-thirds of the churches of his supplications to the Most High. It is organized
that city for a period of three weeks beginning and in- and co-ordinated religion that is to be suppressed
cluding Jan. 27. Though obeying this order, the for three weeks. The "service of song" is dispensed
clergymen of the various denominations protested. with. The sermon, even though it show the duty
The Baptists, by resolution, said: "Be it resolved, and privilege of patriotism, must await a more proThat for patriotic reasons we obey this order, but pitious time. The chime of bells no longer rings
at the same time we most emphatically protest out the glad tidings on the frosty air, the nave is
against it as unfair, unnecessary and an unwar- filled with shadows, the vacant pews are more inranted abridgment of religious liberty."
hospitable than they have ever been, and the "mournThe Disciples of Christ pastors declared: "We ers' bench" is colder than the charity sometimes
protest against the gross injustice and manifest attributed to those who sit in the "Amen corner."
discrimination against the churches of Washington
There are many whose minds will turn to the
involved in this order which closes the churches averdupois of this famous order. And when the
on all seven days of the week, including Sunday, balance sheet of final costs is at last made, it may be
the one day of the week when the great number shown just what part of the multiplied billions was
of Government employees and Sunday school saved by this remarkable edict. But that need not
pupils may have opportunity for religious worship concern us now. If it be but a "widow's mite" it
and instruction, and permits the theatres and pic- is still acceptable, in a religious sense, and none
ture shows, vaudeville houses, concert and amuse- should cavil at its necessity or its perspicacity.
ment halls to keep open six days out of seven, in- Not every community is so situated, is so permitted,
cluding Sunday."
as it were, to "do its bit" in the all-absorbing cause.
The Protestant Episcopal churches remonstrated By their acquiescence, the ministers and their flocks
as follows: ". . . we put on record our pro- may show to the world how greater than works is
found conviction that the Church of God is the faith; and they may set an example in that freedom
most important agency for creating the spirit which of opinion, which, while it implicitly obeys the law,
is essential for the winning of the war; and that still speaks by resolution of lawful assemblies,
in the conditions in which we are now placed, the though in this case they may not congregate in their
public worship of God is of supreme value to our own houses of worship, hitherto held immune to
country." The Washington "Post" in its issue of Governmental interference. If deprived of the inJan. 26, in reporting these various protests, stated estimable happiness of snatching "brands from the
that practically all the church heads had agreed burning" through lack of heat, these churches may
upon a plan of opening for Jan. 27 (last Sunday) look forward to the "good old camp-meeting days"
and that many of the churches would rotate, while of midsummer, and find a humility which scoffers
some would hold services in cold rooms. The sometimes say they do not possess. And here we
"Post" also announced that "after weeks of stren- are able to discover one of the real compensations.
uous work John L. Weaver, the District Fuel Ad- Union services being thus officially declared as just
ministrator, left Washington last night for a Florida and proper, not only is there a saving in the maresort where he will stay next week. On Monday, terial agencies of religion, but the consolidation of
Jan. 28, Acting Fuel Administrator E. F. Colladay creeds must tend to induce a strength and unity
modified the order by providing that: "All Catholic which will perpetuate a spiritual economy in
rechurches may be heated from 6 a. m. to 12:30 p. m. ligion that will make it easier for the sinner to take
each day. All Protestant churches may be heated the "right road," and be saved. As for the theatres,
from 8 a. m. to 1 p. m. each Sunday. All of the they charge an admission fee on which they pay
a
churches to remain cold for all of the rest of the Government tax, while religion is free, or would
be
week.
if it could still be practiced in the old way. And
When, in the far years to come, a complete his- herein the country has an example of the difference
tory of the Great War is written, this little incident between economy and thrift in the winning of a war.
will, no doubt, have a place as one of the interesting
It is a source of congratulation to the people of
curiosities of the struggle. We would not go so the United States to note that this burden
laid
far as to say that it will show how the mountain of upon the religion of our capital city is cheerfully
conservation labored to bring forth a mouse, or borne, under protest of course, and that the
law is
that it will be recalled for the purpose of illustrating rigidly obeyed. This is one of the things that our
the systematic thoroughness with which coal con- ebullient individualism must learn. We have long
sumption was saved in a crisis, but it will have its labored under the belief that "personal liberty"
was
place in the true annals of this wonderful time. Not everywhere and in all things the same. But
we
all the local Fuel Administrators have issued this find now it is necessary to give up some of our
kind of an orcler. And no other city is blessed on privileges—that a fuel administrator's views on
the occasion by a "tabernacle," and a Billy Sunday, waste in religious energy must be taken into conand "a sawdust trail," none of which are interfered sideration. And we are to learn to apply this prinwith. It is only the old and time-tried religion ciple of Government in many other ways. Disthat finds itself suddenly under the ban. And criminations are not the bogy they once were. The
though churches may close elsewhere, it is in the blanket form of liberty is to be less in favor than
Capital of the Nation that men for a brief period formerly. Many men of many minds are to adat least find that to "worship God according to the minister the new laws.
dictates of their own co sciences"—has some draw"It is our duty to obey and we will obey"—so say
backs. Of course, the worshipper may still retire the people everywhere. And in all seriousness let
430
THE CHRONICLE
[Vor4. 106.
value, replacement value, going value, obsolescence,
and so on, academically, of course; but he prudently
refrained from defining the value.
The law, however, did not stop with directing
an undefined and really undefinable work, but went
farther. The investigators were bidden to find
"the original cost to date, the cost of reproduction
new, the cost of reproduction less depreciation,"an
analysis of the methods used for getting at these
several costs,"and the reasons for any differences."
They must also find and report amount and value
ONE WAY TO HELP THE RAILROADS—USE- of any aid, gift, grant of right of way, or donation,
LESSNESS OF PHYSICAL VALUATION.
to any carrier "or to any previous corporation operating
The latest general order of the Director-General such property," either from the nation, the State,
of Railroads directs that no operating revenues of or from any other source; the first cost of all lands,
any road under Federal control shall be expended right of way, and terminals, ascertained as at the
upon any persons employed in any way to affect time of dedication to public use and their present
legislation, or upon attorneys not doing actual and value, and "separately the original and present cost
necessary legal work, or upon the expenses of any of condemnation and damages" must be given "separassociations of carriers (unless approved in advance ately and in detail." There is more of the same
by him), or for furthering any election or "any nature in the law, but we forbear to specify it further;
political purpose;" also that no free passes shall be it is about equivalent to demanding a complete
issued except in strict conformity to the Federal Act .history in detail of railway construction in the United
of 1887. In the present circumstances, no objection States, reaching back some 70 years.
The Commission was directed to begin within 60
can be raised against this order, and any expenditures for the purposes mentioned which may still days, to work "with diligence and thoroughness,"
continue come very properly under the statement and to report results to Congress at the beginning
that, while the roads are in Federal control, it is of each regular session until completed. A year
necessary to "be very careful in the handling of later, Mr. Prouty of the Commission conjectured
moneys and in dealing with transportation matters." that the work might be finished in four to six years;
Of course, this action is for the timely purpose of and the country could well spend 12 millions on it;
lightening the carriers of any needless burden, and as to the "value," he said some persons deem that
that is well. But there is another burden which "the money invested in the property," but he was
might well be removed, if there is a genuine disposi- "not saying that it may not finally come to pass
tion to help the carriers in their trouble; we refer to that the cost of reproduction will be the controlling
the "physical valuation."
factor." Some work has been expended upon this
After hanging over the country for seven years, procedure since, although it is hardly worth while to
the bill directing this valuation was enacted in hunt the record for ascertaining relatively how much
1913 and was signed by Mr. Taft a few days before and at what cost. In 1914, Mr. W. J. Wilgus
the close of his term. It directs the Inter-State testified that a hundred men, working fourteen
Commerce Commission to "investigate, ascertain, months, had reached the conclusion that the Lehigh
and report the value of all the property owned or Valley road was worth and would cost to reproduce
used by every common carrier," &c. But this did about 325 millions; the cost of ascertaining this was
not define—and nobody has since defined or under- over $120,000, and some railroad men estimated,
taken to positively define—what is "value" in such at about thattime,that the entire inquiry would cost
a sense.
the roads of the country 125 millions. This was
As one test, the two great terminals in New York an estimate, and may be allowed to pass as such.
are costly and valuable properties. But should
Not long ago, Mr. Prouty told the House Comthey be valued as for railway uses merely, or as mittee on Appropriations that the Government
pieces of real estate, or as both, or as what they had expended over 9 millions, and the division of
cost to construct, or as what replacement would valuation would require some 33/b millions per ancost now? Nobody answers or even attempts to num for three or four years to come. Less than
answer such questions, which. go to the marrow of one-half the work has apparently been done, and
the matter. In 1912 a consulting engineer, Mr. the "field labor" (which does not include all the
Henry Floy;issued a book on "Valuation of Public statistical part) is likely to require several years yet.
Utility Properties," in which he said that, some years
Tax departments, some individual lenders, and all
before, the National Association of Railway Commis- corporations that lend on real property have their
sioners, in the belief that a true valuation of the assessors; these assessors make their guesses, and
tangible properties is the first step to "fixing the the assumed correct figure is reached by a sort of
basis upon which a carrier can fairly claim the right combining or averaging of the guesses. It is also
to earn," made inquiry about what the States had a recognized difficulty that, in large cities especially,
been doing_in that direction. They found that while "centres" of value are in a state of shift, and the
all but two had commissions, twenty-four had not shrewdest foresight is at a loss to determine how
undertaken any valuing; for taxation, the States values in some specific quarter will endure; so true
used various methods. One added together market is this that large lenders in New York usually revalue of_bonds and floating debt, plus market value quire mortgagees to pay off a portion of maturing
of stock; in another, each town taxed the fragment mortgages, to cover depreciation and keep the marwithin itself; another multiplied the number of gins safe.
capital shares by the current market quotation.
Apply this to the matter in hand. This valuation
Mr. Floy,himself_discussed physical value, scrap has been dragging along some years. If some road
us admit, with the pastors in Washington, that it
is necessary to obey. But may we not strive to
read in :these sporadic conditions and local orders
the lesson not only of voluntary contributions to
the cause but the ephemeral nature of the whole
scheme under which we now live. The burden and
obligation is certainly on our food and fuel administrators to show that their "orders" do not
neutralize each other, and that the estimated savings really aggregate into the desirable whole.
FEB. 2 1918.]
THE CHRONICLE
431
was worth, on the basis of assumed cost of repro- tion, figures old by that time cannot have service
duction, 100 millions or 50 millions, several years for anybody.
ago, what would it be similarly worth to-day? If
Why not, upon any supposition, call off this futile
it were possible to have a positively unquestionable and wasteful attempt? Public attention being so
report on first cost or present reproduction cost intently directed to the military field and to our
as to all roads to-day, how long would that figure many places of struggle and trouble at home, probbe good? As to such imagined unquestionable fig- ably few think of this old matter, in Congress or
ures obtained for certain roads a few years ago, how elsewhere. But why not think of it and act upon it?
would such figures compare now? Suppose we knew Any objection raised would seem to arise (if we are
to an unassailable dollar how much money would frank with ourselves) in unwillingness to confess .a
have reproduced the Pennsylvania or the New York past error; or in unwillingness to seem to take even
Central system in 1914, would that give us the like one step in reverse of the present trend; or in the
amount on the present basis? We know that all insistent notion that this would be "in the interest
real estate values must be frequently revised; and of" the railroads. In their interest and for their
since it is not doubted that this railroad valuation help, yes; but also for the interest and help of us all.
must be the work of years, at the best, of what con- Is there not some man in Congress independent
ceivable utility, for any conceivable purpose, can enough to make the proposition, and strong enough
statistics be which will not stand still until the last to put it forcibly to the country?
of them is gathered?
Of course, everybody has known from the first
that what pushed this law to final enactment was
GOLD AND SILVER PRODUCTION AND
the assumption and expectation that the roads would
MOVEMENT IN 1917.
be shown to be largely over-capitalized. It is not
Again we have to record a diminution in the proworth while to cite evidence and reasons for be- duction of gold from the mines of the world as a
lieving that the reverse is the real truth; so let us whole, a falling off shared in by practically every
imagine the valuation work completed and so im- prominent producer, including the United States.
partially and authoritatively done that nobody could With the leading nations of the earth engaged in a
rise to challenge it. What would be the effect upon war that is drawing upon home and colonial man
railway employees and the public? If over-cap- power, the result is not surprising. It is true, of
italization were made out, as to all roads or any course, that to only a very limited extent
is gold
particular road, the employees would acclaim that obtained from territory within the area where
the
result as justification of their demand for higher conflict is actually raging, but from Australia, Africa,
wages and the shippers would protest the injustice Canada and now the United States men have been
of rates based on dividends on "water". Is there called in large numbers to assist the Entente Powers,
any possible question that this would be the effect? and this cannot but have had some effect upon the
On the other hand, suppose under-capitalization were forces working in the mines. In Africa we note a
shown, as to all or any of the roads, would not the further depletion in the number of
native laborers
employees quietly try to pass over the finding, and in the Transvaal, a development inferentially
exwould the shippers take notice of the unexpected plainable by the employment of some of
them in the
result? Would not the really just and sound propo- subjugation of the German colonial possessions.
sition that the cost of a road is not an accurate Heretofore we have not been inclined to
give much
measure of proper rates upon it be promptly ac- credence to opinions that the war was having
any
claimed in the latter case, and as promptly ignored mentionable effect upon gold mining; now there is
Men can usually find any figures evidence that such was the case in 1917. And aside
in the former
they want; at least, they will always publish and from the labor feature of the question, increasing
argue upon those which suit their purpose, and cost of the various supplies needed in mining has
seek to keep unnoticed those that do not.
served to check work, especially in localities where,
What utility, therefore, could there be in the the grade of ore being low, the metal can
only be
result of this work, even if it were finished ready mined profitably with the materials
necessary to be
to hand and were as unassailable as the propositions employed in the operation ruling on a moderate
price
of geometry?
basis.
This question could have been pertinently put
As already stated, stoppage of gold mining operfour years ago; it is vastly more pertinent in the situa- ations in the war zone involves no
appreciable retion to-day. Four years ago, Mr. Prouty said of the duction in production, as outside
of
Russia
there is
inquiry that "its greatest immediate value is political; only a comparatively
small amount of gold secured
the state of the public mind towards our railways is in Europe. And, moreover, the
greater part of
such that this information is absolutely necessary." Russia's yield is from the
mines of Siberia, in Asia.
Is it conceivable that "the state of the public mind" At the same time, it is reasonable to infer,
in the
has not changed—if not before, then in the events absence of definite news, that the disturbed
or chaand stress of the past month? If a real and rational otic conditions in Russia have had no little influence
desire exists to 114 the struggling roads, and if in curtailing mining operations in both European
and
their vital importance is now measurably realized, Asiatic districts. It is equally evident that in Mexhow shall any unwillingness, or even any hesitation, ico the situation in 1917 was such that the yield of
to halt this inexcusable waste be explained, since gold from the mines was much below normal.
Congress could do that by a five-line Act? We Africa, too, has contributed less to the world's
new
have begun a term of "control." If that control supply, the decrease being most noticeable in the
terminates (say in 1920 or, let us hope, a little Transvaal, where, as already stated, it has been imsooner) waste would be saved and nothing of value possible to arrest the diminution in the native labor
lost by halting this procedure; on the other hand, force. All that can be said of Canada at this time is
if the country goes on drifting to permanent assump- that a carefully compiled estimate of the year's pro-
432
[VoL. 106.
THE CHRONICLE
duction puts it at quite a little less than in 1916, all There was a time back in the closing year of the 19th
century, and for a short time thereafter, that, as
the leading fields sharing in the diminished yield.
The United States would seem to have decreased a result of the development of the Yukon fields, it
its production of gold during the year to quite an ap- was expected our northern neighbor would quickly
preciable extent. The mines of the country, ac- acquire considerable prominence as a gold producer,
cording to the joint preliminary estimate of the Bu- but the latest result is over 500,000 five ounces less
reau of the Mint and the Geological Survey, show a than that of 1900.
India, and in fact Asia as a unit, apparently proloss in product of 393,468 fine ounces, making the
less gold in 1917 than in 1916, but it seems
duced
to
back
all
in
earlier
years
than
year's yield smaller'
and including 1905. This result was due primarily safe to assume that there has been some augmentato poorer returns from the workings in Colorado and tion in the amount secured from the mines of South
Nevada, and it seems clear that the high cost of and Central America, continuing the development
mining had much to do with the failure of some other of the industry in those countries the last few years.
localities to increase their output. The loss in As regards Russia, no recent statistics are available,
Australasia follows an identical outcome in prac- and it is, perhaps, unnecessary to say that with
tically every year since 1905, and merely accentuates chaos reigning in that country for some little time
the explanation frequently offered as to the low past, it was hardly to be expected that mining operaquality of the ores obtained as the mines are pushed tions would be prosecuted upon anywhere near a
normal plane. No stretching of the imagination is
to deeper levels.
The feature of the year is, of course, the decline in required to perceive that the output has been much
output in the Transvaal district of Africa, but we restricted. The latest official returns for Russia
find a sufficient explanation therefor in the decrease cover the year 1915, and they show a moderate
in the force of native labor utilized in the mines. decline from 1914. In the absence of any later news
At the close of 1916 that force numbered 191,547, that can be relied upon, we estimate the yield of 1916
and thereafter during 1917 there was a quite steady and 1917 as still less than the 1915 result.
The following detailed compilation of the gold
decrease month by month to the end of November,
when it had fallen to 169,083, increasing to 172,740 product will enable the reader to trace the growth of
in December. In other words, between the begin- the contribution from the various sources of supply
ning and end of the year the native labor contingent since 1885. Corresponding information from 1871
fell off no less than 11%,and in December was smaller to 1886 will be found in Volume 70 of the "Chronithan at the same time in any year since 1914. It cle," page 256, and from 1851 to 1871 in Volume
was hardly to be expected that under such conditions 54, page 141, or in 1887 issue of the "Financial Reproduction could be increased. It certainly could view.
not; but at the same time the decline from period to GOLD.-PRODUCTION IN THE WORLD-OUNCES AND VALUES.
period was moderate, withal, and for the 12 months
w.0.0.0.°1
4 *Novae
aggregated only 273,326 fine ounces, or 3%. InN Pi:14M';
8 8;ZIP;21?-6
cidental to the foregoing, and a development probably making for a better situation as regards the working of the mines, reports from Johannesburg in December were to the effect that the friction long existing between the white miners on the Rand and the
management of the mines had apparently been removed. By an agreement entered into between the
Chamber of Mines and the Mine Workers' Union
rA1:7442
all disputes arising from important changes in work80
1318
°
4-. "N70
4 .4
"
CO t-Aciun
1.g p.t,172,o;t1 4t.,44,-;
ing conditions are to be referred to a joint board for
g)grazi
.4.,-;•aat,
adjudication, and other causes for complaint are to
1
be removed. This, it is inferred, will have a beneficial influence in general. The other African gold zi0,,=.,-.3'.NN
fields also reduced their production in the late year,
N sra
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the decline being most marked in Rhodesia, which adil§
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pared therewith. For the whole of Africa the outco:a NN ,c.`42
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put at 10,315,000 fine ounces shows a diminution of
g 32202 '
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with
1916, and
398,101 fine ounces as contrasted
4115-1 S 5 ERE.Fa' §§§g.F.4
'
1 iirgkti E. 0.E..E.§.
falling off of 283,411 fine ounces from 1915. Still,
iC,3;g9i s zigo.2t.ig'
the year's African total runs only a little behind the
§. .
ac4{4e.A.1 ,,,
,e;.7:7.
yield from all other fields of the world combined for
------ 4' - e* in
eit-5.§.
the same period and is in excess of the world's total
too..
product in as late a year as 1896. In that interval of
tz aaaa CO .t.34., it, ccir-oec000 co oeticeci
21 years Africa's yield has increased 8 million fine
C.
g.1: :11:itti Ft F.&
.410
8
1;5
- r2 1"1,9i;
ir,"41,is.
14,
ml.
ounces, against a gain of but 3 million fine ounces in a R.FIXSA .,,..Filtiri
3i ci .ogiAio,25g;tAici
0
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:ad
;0
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2 4,42r
the remainder of the world collectively.
1a
ce ,4.-z-Na a; 444v4., tr) cor),r4m. o
The reduction in Canada's gold production in
8
8
i
1917, as indicated by the tentative estimate of Mr.
,?..
...
.7 •
P
John McLeish, Chief of the Division of Mineral qiii3g1?„, ji ajcpg 4 mit§4 van .4 Eklirri EREE.
Resources and Statistics of the Department of Mines *For figures from 1851 to 1885 see Vol. 70. pages 256 to 280.
to 1871 see Vol. 54. p. 141 to 144 or 1887 Financial Rev.
turned
of Canada, is rather imporant in amount, the reduc- The ounces in the1851
foregoing table for any of the countries given may be also
be
dollars by multiplying by 20.6718. The value in pounds sterling may
tion indicated from the 1916 outcome being some- Into
ascertained by multiplying the ounces by 4.2478. Thus, according to the above.
sterling,
in
and
$213,229,617,
Is
dollars.
in
stated
1917.
in
Africa
in
product
what in excess of 100,000 five ounces, or 11.6%. the
£43,818,057.
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FEB. 2 1918.]
a
THE CHRONICLE
433
As summarized above, the gold production of the in the country at the close of the year having been
world in 1917 was approximately 20,722,965 fine reported as $3,040,439,343, against $2,864,841,650
ounces, valued at $428,380,988, or a decline of on Jan. 1. This addition is explained, of course, as
1,364,792 fine ounces, or $28,212,707, from the in 1916, in large part by net imports, which reached
previous year and a loss of 2,029,264 fine ounces, 166 million dollars, a total very much less than the
or $41,948,539 from 1915. Note, too, that the yield amount that came either directly or via Canada fr-om
of the late year falls behind the figures of 1908 to Great Britain.
1914, inclusive. Notwithstanding the recent deSummarizing the results for the European banks
cline in the African output, this newest field of any and the United States gives us a net augmentation
great importance is the only one that has made in gold holdings of 265 million dollars. But we
any noteworthy progress in the mining of gold during must go further to fully cover the subject,as various
the last decade. In other words, while between sums have found lodgment in localities not comprehended above, and should be included. Net
1906 and 1917 the total production of the world exports from the United States to South
America,
advanced 1,352,307 fine ounces, the gain in Africa West Indies, Japan, &c. for example, account for
alone was 3,713,315 fine ounces, indicating that some 215 millions, and tile industrial consumption
elsewhere collectively there was a decline of 2,361,008 of gold in the world must be allowed for as it is
fine ounces, the retrogression in Australasia being largely made up of new metal. That item for 1916,
as estimated by the United States Bureau of the
almost wholly responsible for it.
Mint, was $55,936,356, with several important
The tracing of the annual yield of gold in the world countries
(Great Britain, France, India, Germany
to its place of ultimate lodgment, which has been and Russia for instance) omitted from the statement,
made a feature of this review for a long period of years, the total as given covering the consumption of less
needless to say has been carried on with extreme than .5 million dollars outside of the United States.
difficulty since the breaking out of the war in Europe. Accepting that estimate as applying to 1917, alPrior to that time, with conditions normal, our in- though it probably should be higher, we have
vestigations met with very satisfactory results and accounted for the absorption of 536 million dollars,
or an amount considerably in excess of the producwere singularly accurate. But immediately after tion of gold in the
world in 1917, and indicating that
the beginning of hostilities privately hoarded gold the bringing into visible channels of further large
began to come out, and the stock of the metal was sums of privately hoarded metal was a feature of
further increased by the turning into bullion of the year.
Concrete evidence that past hoarding was not
vessels, jewelry, &c. In fact in 1915 and 1916 the
stock of gold in the Bank of Germany, which prac- confined to Germany and less enlightened nations,
tically has no sources of new supply from within the. is now being furnished by the "Tank" campaign inaugurated in Great Britain to bring out gold from
Empire, was considerably added to in just that way. its
hiding places. Results thus far attained are
In the late year, however, with that means of increas- taken as confirming opinion that large, if not iming its holdings practically exhausted, the Bank mense, sums of gold are hoarded in the country, and
sustained a loss of some 29 million dollars. Further- the desirability of some plan of recoinage as a means
more, several other Continental European banks of getting it out (the.Government to pledge itself
materially reduced their holdings of the metal. The against any confiscation of these savings) has been
Bank of France, for instance, lost 15 million dollars, suggested. Indicating how successful had been the
Tank" bank campaign during the
period of its
reflecting the transfer of the metal out of the coun- operation to the close of 1917 short
we observe that
try,presumably to Great Britain, and from thence in English advices make the amount of gold taken in
large part, if not wholly, to the United States. up to that time approximately £23,000,000, or over
Russia's holdings at home, too, dropped off to the 110 million dollars.
extent of 87 million dollars (taking the figures as
Official Details from Gold-Producing Countries.
of date, October 29, since which time no returns have
From the returns we have obtained from the mines,
been available owing to the political upheaval), mint bureaus and other official and semi-official
and Italy's stock was depleted in the amount of sources, respecting gold mining in 1917, we are able
13 millions. The Netherlands Bank, on the other to deduce the following:
hand, has continued to gain, its holdings of the metal
United States.-A somewhat important reduction in the
at the close of the year exceeding those at the opening yield of gold from the mines of the United States is indicated
by no less than 46 millions. This was doubtless by the preliminary estimate issued jointly by the Bureau of
in greatest measure drawn from Great Britain. The the Mint and the Geological Survey, the output being put at
fine ounces less than in 1916 and 802,015 fine
stock of gold in the Bank of Spain was augmented 393,468
ounces smaller than in 1915. The output, in fact, is the
by fully 147 million dollars during the year, the smallest since 1904, and all the leading producing States
United States furnishing much the greater part of share in the decrease from the preceding year, with the losses
it, and the institutions in Sweden, Denmark, Norway in Colorado and Nevada the greatest, having been 156,247
and Switzerland collectively added 19 millions to fine oundes and 103,611 fine ounces, respectively. A very
satisfactory increase is indicated in Arizona, where the mintheir holdings. The Bank of England made a small ing
of copper and silver advanced appreciably during the
gain-21 millions-despite the eforwarding of large year. The ounces and values as estimated for each State
amounts of the metal, via Canada, to the United in 1916 contrast as follows with the final figures for 1915 and
1914:
States.
GOLD PRODUCTION IN UNITED STATES.
The net gain in the European banks above disGold
1917
1916
1915-Produclion. Fine ozs.
Fine ozs.
Value.
Value.
Fine ozs.
Value.
closed is 89 million dollars, this following a decline Colorado ____ 771,828 515,955,100 928,075 819,185,000
1,089,928 822,530,800
California __A,006,969 20,815.900 1,063,302 21,9520,400 1,090,731 22,547,400
733,911 15,171,300 780,037 16,124,800 808,346 18,710,000
Alaska
of 190 million dollars in 1916, which succeeded gains South
Dakota 357,619
7,392,600 361.444
7,471,700 353,145
7,403.500
181,720
Montana
3,756,500 209,3f-6
4,328.400 240,825
4,978.300
of 329 millions in 1915 and 690 millions in 1914. In Arizona
5,533,800 197,989
267,700
4,092,800 220,392
4,555,900
175,133
3,620,300 186,679
3,859.000 139,045
addition to this increase in the gold holdings of the Utah
3.907.900
334,894
6,922,900 438,505 9,064.700 574,874 11,883,700
Nevada
34,419
711,500
51,195
1,058,300
56,628
1,170.600
financial institutions of Europe, it is to be stated Idaho
81,144
1,677,400
Oregon
91,985
1,901,500
90,321
1,867.100
Mexico. 49,590
1.025,100
65,306
1,350.000
70,632
1,460300
that the visible stock in the United States, as com- New
Washington__ 21,036
434.900
28,087
5°0,600
22,330
461,600
1,682
34,900
South. States
2,797
57.800
10,803
223.300
piled by the Treasury Department, rose $175,597,693 Other
67,944
1,404,400
States_
1.535,300
74,270
64,604
1,335.500
in 1917, the general stock of gold coin and bullion Totals - _4,085,589 $84,456,600 4,479,057 192.590,300 4,887,6041101,035.700
Africa.-A moderate loss in the volume of gold obtained
from the mines of Africa in 1917 is denoted by the returns
at hand. In every month of the year with the exception of
May there was a smaller return from the Rand workings than
in the corresponding period of the previous year, and subsegum:It to June the output was also less than in 1915. In
the first six months the decrease in output as compared with
1916 was only 52,405 fine ounces, but for the last half of the
year the loss was 204,268 fine ounces. For the twelve
months, therefore, the diminution from the high-record mark
of 1916 was 256,673 fine ounces. The output of the Rand
monthly for the last seven years is subjoined:
Ounces.
January__
February_
March__
April __
May
June
July
August
September
October....
November
December
WITWATERSRAND DISTRICT-FINE OUNCES.
1915.
1916.
1912.
1913.
1914.
1911.
625,826 709,280 760,981 621,902 689,817 759,852
585,863 674,960 702,394 597,545 653,213 727,346
649,247 796,755 760,324 657,708 727,167 768,714
638,421 700,763 755,858 655,607 717,225 728,399
658,196 746,948 761,349 689,259 737,752 751,198
657,023 722,588 716,267 688,232 727,924 735,194
679,881 735.941 625,107 703,136 742,510 733,485
682,405 732,197 597,686 684,607 749,572 752,940
669,773 716,495 670,411 677,063 749,235 744,881
677,923 738,082 687,515 703,985 769,798 764,489
691,462 727,699 644,320 685,450 753,605 756,370
680,782 745,860 642,786 669,075 755,101 748,491
1917.
756,997
696,955
760,598
717,598
753,351
732,799
731,848
731,405
712,881
724,846
698,271
697,137
Totals _7,896,802 8,753,568 8,430.998 8,033,569 8,772,919 8,971,359 8,714,686
Districts of the Transvaal outside of the Rand did less well
than a year earlier. In Rhodesia production decreased from
930,157 fine ounces to 834,000 fine ounces, and from West
Africa, Mozambique, Madagascar, &c., the collective contribution to the world's new supply, according to such information as has come to hand, was moderately under 1916.
Finally, the yield of the whole of Africa was 398,101 fine
ounces less than in 1916 and 283,411 fine ounces below
1915. The subjoined compilation, which covers the progress
in gold mining in all districts of Africa since 1886, requires
no further explanatory comment.
AFRICA'S GOLD PRODUCTION-FINE OUNCES.
Other
Total
-Witwatersrand
Ounces.
Ounces.
Ounces.
£
Year122,140
28,754
1887(part yr.)
122,140
28,754
212,390
240,266 1,020,600
50,000
1888
190,266
808,210
479,302 2,035,980
71,552
303,939
1890
407,750 1,732,041
270,000 1,146,906 2,115,138 8,984,685
1895
1,845,138 7,837,779
1898
3,562,813 15,134,115
341,908 1,452,357 3,904,721 16,586,472
1899
305,784 1,298,909 3,665,875 15,571,927
3,360.091 14,273,018
166,922
709,051
562,307 2,388,569
1900
395,385 1,679,518
235,701 1,001,211
474,696 2,016,414
238,995 1,015,203
1901
307,286 1,305,299 1,998,811 8,490.559
1902
1,691,525 7,185,260
458,183 1,946,290 3,317,662 14,092,784
1903
2,859,479 12,146,494
788,040 3,347,436 5,494,473 23,339,094
1905
4,706,433 19,991,658
1911
7,896,802 33,544,036 1,469,199 6,240.863 9,366,001 39,784,899
1912
8,753,568 37,182,795 1,541,086 6,546,225 10,294,654 43,729,020
1913
8,430,998 35,812,605 1,609,420 6,837,083 10,040,418 42,849,688
1914
8,033,569 34,124,434 1,775,371 7,541,421 9,808,940 41,665,855
8,772,919 37,265,605 1,825,492 /,754,324 10,598,411 45,019,929
1915
8,971,359 38,107,900 1,741,742 7,398,572 10,713,101 45,506,472
1916
8,714,688 37,017,628 1,600,314 6,798,429 10,315,000 43,816,057
1917
Australasia.-A further contraetion in production in Australasia in 1917 (due largely to the poorer grade ores in the
lower levels, as well as to some extent to exhaustion) is indicated by our reports, the latest year's yield being little more
than half of that of 1909. The subjoined table indicates the
product of each colony and the total of all, year by year,
since 1899.
PRODUCT OF GOLD IN AUSTRALASIAN COLONIES-FINE OUNCES.
South Tama- Total AusNew So. Queens- Western
New
Years. Victoria. Wales. land. Australia.Zealand.Australia. nta,&c. trains-la.
1900
726,666 281,209 855,959 1,438,859 335,300 26,458 65,710 3,729,961
1901
711,046 216,884 733,975 1,616,933 412,868 29,668 70,990 3,792,364
1902
728,380 254,432 653,362 1,769,176 459,408 23,662 60,974 3,949.394
1903
767,351 258,488 686,469 2,064,798 479,738 24,401 38,678 4,317,923
1904
771,298 269,817 624,917 1,985,230 467,647 17,913 60,000 4,198,822
1905 ____,.810,050 274,263 577,559 1,955,316 520,040 20,547 74,316 4,232,091
1906
786,054 253,987 493,120 1,794,542 532,922 14,078 50,888 3,925,597
1907
710,269 247,363 457,596 1,698,553 477,303 11,870 65,354 3,668,308
1908
676,001 224,788 452,451 1,648,505 474,415 14,500 60,453 3,551,113
1909
654,222 204,709 455,577 1,595,269 472,464 20,052 44,777 3,447,070
1910
578,860 189,214 440,784 1,470,632 450,433
7,108 40,434 3,177,405
1911
502,914 177,418 359,999 1,371,848 426,813 20,000 52,418 2,911.410
1912
480,131 165,283 317.946 1,282,654 310,962
6,592 43,310 2,606,878
1913
434,932 149,657 265,735 1,314,043 343,595
6,558 54,793 2,569,311
413,218 124,507 248,395 1,232,977'227,954
7,052 47,049 2,301,152
1914
1915
329,068 132,498 249.711 1,210,110 422,825
7,916 37,491 2,389,619
1918
256,643 109,145 215,162 1,061,398 292,620
4,180 16,626 1,954,774
1917
4,000 16,000 1,750,000
Partly estimated.
Canada.-A falling off in the yield of gold in the principal
producing districts of the country accounts for the decrease
in the output of gold from the mines of Canada in 1917. As
regards the 1917 yield of the mines, Mr. John McLeish,
Chief of the Division of Mineral Resources and Statistics,
Department of Mines, of Canada, on such information as is
available, estimates the output at $17,000,000, or 822,376
fine ounces. This is a much poorer result than in either
1916 or 1915, and only moderately better than in 1914. The
course of gold mining since 1901 is shown in the following:
1902
1903
1904
1905
1906
1907
1908
1909
[VOL. 106.
THE CHRONICLE
434
CANADA'S PRODUCTION SINCE 1901. •
Vilue.
Ounces.
Value.
1,003,359 1910
$10,205,835
$20,741,245
9,781,077
18,824,500
911,118 1911
16,400,000
12,648,794
793,350 1912
16,598,923
14,486,800
700,800 1913
12,023,932
15,983,007
581,660 1914
8,382,780
405,553 1915
18,936,971
19,234,976
9,842.100
476.112 1916
473,592 1917
9,790.000
17,000,000
Ounces.
493,708
473,159
611,885
802,973
773,178
916,078
930,492
822,376
India.-The returns from the Colar field, from which
very much the greater part of the East Indian gold product
is obtained, denote that the yield of the country in 1917 was
a little under that of the preceding year, the decline being
largely accounted for in the Champion Reef workings.
The details for the last seven years are sppended:
EAST INDIA-GOLD PRODUCTION PRINCIPAL MINES.
1913.
1912.
1911.
1917.
1915.
1914.
1916.
Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces.
98,439 114,586 127,488 137,255 133,375 132,338 123,195
Champion Reef
90,685 90,619 86,643 96,261 95,235 92,177 94,034
Ooregum
198,446 197,258 20'1,981 230,665 232,100 231,687 230,135
Mysore
Nundydroog
79,686 80,401 76,063 79,924 80,379 86,995 90,173
19,929 17,725 18,083 -17,403 17,495 17,379 17,027
Balaghat
5,282
7,271
13,547 13,462 15,570 13,350 10,780
North Anantapur
20,230 27,025 26,768 27,045 19,745 16,991 13,723
Hutt!, &c
Totals
520,962 541.076 558.598 601.903 589.109 584,838 573,569
Russia.-Such information as is at hand from Russia, and
that very meagre, indicates that production is gradually declining, in part the result of the falling off in yield in the
Lena River district. The 1915 figures have been corrected
to conform to official reports. Later results are estimated.
Details for the last 14 years are appended.
1984
1905
1906
1907
1908
1909
1910
RUSSIA'S PRODUCTION SINCE 1903.
Value.
Ounces.
833,151,600
1.199,857 1911
22,199,000
1,078,356 1912
26,507,800
943,056 1913
28,587,000
1,290,840 1914
26,322,746
1,357,027 1915
25,909,248
1,566,448 1916
20,671,800
1,721,163 1917
$24,803,200
22.291,600
19,494,700
26,684,000
28,052,200
32,381,300
35,579.600
Ounces.
1,555,333
1,073,875
1,282,313
1,382,897
1,273,362
1,253,362
1,000,000
Other Countries.-With the restrictions the war has placed
upon the sources of information and means of communication in Europe it is not to be expected that from other sections of the Continent, any more than from Russia, reliable
data as to gold production can be secured now. France and
Austria are the only countries to be credited with a mentionable yield, and with both involved in the war the amount
of gold secured must have been negligible. In Mexico,
moreover, conditions have not been conducive to increased
activity in mining. In fact, there is reason to believe that
in 1917 there was a further falling off in output. South and
Central America, on the other hand, it is to be presumed,
contributed a little more largely to the world's new stock of
gold in 1917 than in 1916. But "Other COuntries" collectively, and not including Mexico, which appears separately in our compilation, have apparently increased their
production by about only 5,000 fine ounces.
Silver Production of the World.
In making investigation as to the production of silver in the
world, the difficulties encountered in following the course of
gold mining in 1917 are greatly increased. The estimate of the
Bureau of the Mint covering the result in the United States
is available as usual, and it shows a slight decrease, satisfactory gains in Arizona, Colorado and Utah having been more
than offset by a declining yield in Montana, Nevada and
New Mexico. For Canada Mr. MoLeish puts the silver
yield at 23,500,000 ounces, or some 2 million ounces less than
in 1916. This includes practically all the reliable information
we have at hand regarding 1917. There is a possibility, however, that elsewhere there has been some increase in yield,
stimulated by the high level of price at which the metal has
ruled. The price of silver in London fluctuated much more
widely during the year than in 1916, the close having been
at 43d., against 363/2d. at the opening, with the highest
price 55d., on Sept. 21 (the highest level reached since 1878),
the lowest,35 11-16d.,and the average 40.85d. In 1916 the
average was 31.314d., or 93d. lower, and the averages
in earlier years were 23%d. in 1915, 25 5-16d. in 1914,
27 9-16d. in 1913, 28 1-32d. in 1912, 24 19-32d. in 1911,
24 11-16d. in 1910 and 23 11-16d. in 1909.
We now present a statement of silver production covering
each year since 1890. See "Chronicle" of Feb. 11 1899,
page 258, for results back to 1871:
SILVER.-WORLD'S PRODUCTION IN OUNCES AND STERLING.
AU Other
Total.
United
Values.
ti &ice).
Total
Australia. Producers.
States.
Pine
Ounces
£a
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
1901._ 55.214.000 57.656.549 10.230.046 49,910.688 173,011.283 19.598.934
1902.-- 55.500.000 60.176.604 8.026.037 39.080.842 162.763.483 16.318.731
1903___ 54.300,000 70,499,942 9.682,856 33.206,394 167.689.192 17.292.944
1904- 57,682,800 60,808.978 14.558.892 31:144.5116 164,195,266 18,044.172
1905._ 56.101.600 65,040,866 12.561.600 35.884,774 169,588,839 10,652,873
Total
'01-05178.798.400 314,182.938 55,059.431 1896207.294 837.248.063 90,908.654
56.517.900 55.225.268 14.237,246 39.660,226 165.610.640 21.308.978
1905..
1907_ 56,514,700 61,147,203 19,083,031, 48,289,689 185.014,623 23,271.822
52.440,800 73,664,027 17,175,099 59,900,444 203,186,370 20.636.116
11409_ 54,721,500 73,949.432 16,359.284 66.185,417 211,215.633 20.846.543
1910.... 57,137.900 71,372,974 21,545,828 72.822,660 222.879,362 22,926,398
Total
1906-10.277.332.800 335.358.904 88.400,488 286,841.436 987,930,628 108,989,652
1911....__ 60,399.400 79,032,440 16.478,421 69,362.583 225,372,844 23,094,547
1912- 63,766,800 74.640,300 14,737,944 71,165,610 224.310.654 26,198,781
1913____ 66,801,500 70,703,828 18,128,577 68,273,938223,907,843 25,714,416
1914.... 72,455.100 27,548,752 3,573.077 57,051,090 160,626,019 16,941,026
1915_ 74,961,075 39,570,151 4,295,755 60,023,519 178,850,500 17,605,596
'11-15 _338,383,875 291,493,471 57,313,774 325,876,740 1013067,860 100,554,368
1916._ 74,414,802 22,838,385 3,863,418 55,509,916 156,626,521 20,435,845
1917 est. 74,244,500 25,000,000 4,200,000 58,000,000 161,444,500 27,479,872
a Values of silver in this table are commercial values and are computed on the
average price each year of silver as given by Messrs. SamueliMontagu & Co., London. Value of X in this table. $4.8665.
FEB. 2 1918.1
THE CHRONICLE
Tnrreut gututs awl Placussions
--------
.5
WITHDRAWAL BY J. P. MORGAN & CO. OF WEEKLY
OFFERINGS OF BRITISH TREASURY BILLS.
The withdrawal of the weekly offering of British Treasury
bills by J. P. Morgan & Co. was announced on Saturday
last. The first block of these short-term Treasury bills
was offered on Aug. 22; the offerings were limited to
$15,000,000 weekly, and the total amount outstanding at
any one time was not to exceed $150,000,000. As a matter
of fact, the amount outstanding never reached the $150,000,000 limit. At present it is about $100,000,000. The
sale of the bills was originally effected on a discount basis
of 53.%; later the rate was increased to 53/2%, while in
recent weeks the discount basis had been 6%. Sales have
taken place in the open market recently on a 53/2% basis.
435
Committee, which the dissolved Constituent Assembly had
rejected, as follows:
1. Making valid the transfer of land.
2. The giving of control to the workmen.
3. The establishment of a Soldiers' and Workmen's republic, and,
ultimately, the federation of Soldiers' and Workmen's republics.
4. The nationalization of banks and the repudiation of national debts.
M. Zalkind, assistant to Foreign Minister Trotzky,
explanation of the last measure , is said to have stated to
the Associated Press:
This measure has been passed in principle and it has become a law, but
its enforcement is in the hands of the National Commisaries. If they find
It expedient, necessary or desirable they have the right to refuse to pay the
debts.
The approval by the Constituent Assembly of the decree
calling for the repudiation of foreign debts and the invalidating of all State loans made by the "Governments of Russian land owners and of the Russian bourgeoisie" was reported in our issue of Saturday last, page 368. The decree
was put before the Assembly by the Executive Committee
of the Soldiers' and Workmen's Delegates which was exBRITISH GOVERNMENT PAYS OFF LOAN.
the
$100,000,000
one-year pected to promulgate the decree, but determined that it
The principal and interest on
was better to permit the Constituent Assembly to pass on it.
53/2% secured convertible gold notes of the British Governdecree provides:
ment which matured yesterday (Feb. 1), are being paid at The
1. For the annulment of all State loans, on which it is declared the DeThere
were
Co.
&
approximately cember coupons shall not be paid.
the office of J. P. Morgan
2. For the annulment of all guarantees given by the Government for the
$92,000,000 of the notes outstanding, the balance of the
of open loans advanced by institutions and companies.
$100,000,000 issue being accounted for by conversion and payment
3. For the annulment, without exception, of all foreign loans.
bonds
due
Feb.
1
1937.
redemption into 532%
4. That short-term bond issues of the State Treasury are valid, but that
The above loan is part of a total issue of $250,000,000 no interest on them shall be paid, although they may remain in circulation
the
same as bank notes.
placed in this country in January 1917 and offered to the
5. That persons in moderate circumstances who possess interior loans
by
J.
P.
Morgan & Co. The to a value not exceeding 10,000 rubles face value, shall receive from the
public by a syndicate headed
State a life-long annuity equal to the interest on the securities.
remaining $150,000,000 will mature on Feb. 1 1919.
GREAT BRITAIN'S DAILY WAR BILL.
Announcement that the daily average of national expenditures of Great Britain during the seven weeks ended Jan.11
was $37,585,000 was made by Andrew Bonar Law, Chancellor of the Exchequer,in the House of Commons on Jan. 23.
6. That citizens possessing such annulled securities for a sum exceeding
10,000 rubles shall not receive any recompense whatsoever.
7. That deposits in State savings banks and interest on them shall be
decreed inviolate. All securities or annulled loans which belong to savings
banks shall be replaced by an acknowledgment of debt delivered by the
Russian Peasants' and Workmen's Republic.
8. That rules shall be formulated to reimburse and prevent loss to cooperative. Municipal, democratic, and other societies who possess repudiated securities, if it is proved they were obtained before the publishing
of the present decree.
NATIONAL WAR DEBT OF FRANCE—BILL INCREASING SINKING FUND PAYMENTS.
A bill raising from 30,000,000 to 50,000,000 francs the
monthly payments constituting the special sinking fund for
strengthening the market for national defense loans Twas
introduced by the French Minister of Finance in the Chamber
of Deputies on Jan. 16.
A Paris dispatch of Jan. 25 gave the following from the
"Official Bulletin of French Information" relative to the
national debt of France:
Other conditions, it is said, propose a council of national
economics to direct the execution of the decree, with the
assistance of the State Bank, which must register the owners
of State securities. It is provided also that special commissions shall be formed to decide the financial status of citizens, these commissions to be empowered to annul completely all savings not obtained by means of labor, even
should such savings not exceed the sum of 5,000 rubles.
They also are to determine what organizations shall be considered democratic.
The Budget Commission of the Chamber announces that the civil expenditure of 1918, including the interest on the national debt, amounts
to 7,769,000,000 francs ($1,553,800,000), covered by budgetary receipts
up to 7,539,000,000 francs.
In order to make up the differences the Commission purposes 300,000,000
francs of new revenues, derived particularly from the levying of taxes on
transportation, docking taxes and the suppression of fiscal frauds.
The report indicates that since Aug. 1 1914 the military expenses of
France have reached 87,200,000,000 francs; the interest on the national
debt 10,700,000,000 francs; civil expenditures, 8,600,000,000 francs.
This situation was met without hesitation in-the following manner:
Reserves and issues of the Treasury, 66,400,000,000 francs in France and
19,300,000,000 abroad; postponed payments, 5,400,000,000 francs.
The fiscal measures adopted since the opening of hostilities represent
annually even in wartime, 2,245,000,000 of new revenues.
SUBSCRIPTIONS TO ITALY'S FIFTH WAR LOAN.
According to Rome dispatches of Jan. 28, the subscriptions during the first eleven days of the canvass for Italy's
fifth national loan totaled $511,000,000. Of this amount
it is stated, $304,000,000 was in cash.
JAPAN TO LEND GREAT BRITAIN $10,000,000 IN
EXCHANGE FOR RUPEE CREDITS.
According to the New York "Tribune" of Jan. 29, Japan,
in return for credits on India to the amount of 30,000,000
rupees, has arranged to lend Great Britain $10,000,000 in
addition to the loan of $40,000,000 of funds on deposit in
New York recently made in exchange for British Treasury
bills. The rupee credits, it is stated, are needed by Japan to
offset an unfavorable balance of trade against that country
brought about by its heavy purchase of raw materials from
India.
DECREE NULLIFYING RUSSIAN DEBTS.
A resolution of'confidence in the Government if the National Commissaries at)Petrograd is reported to have been
adopted on Jan. 26 by thelAll-Russian Congress of Soldiers'
and Workmen's Delegates; the resolution also approves all
the measures enacted byithe Commissaries. The Congress
likewise approved declarations of the Central Executive
SEIZURE OF GOLD IN RUSSIA.
On Jan. 29 it was stated that the People's Commissaries
had decreed a State monopoly of gold. Gold articles
weighing over sixteen zolotnik, ninety-six of which go to
make up the Russian pound, belonging to private persons
or shops must be handed over to the State at fixed prices.
They will be confiscated unless delivered within a month.
Informers will receive one-third the value of the articles.
Churches, museums, and other public institutions are
required to place their gold articles at the disposals if the
State.
PROPOSED SEIZURE OF RUMANIAN GOLD BY RUSSIA.
According to a London dispatch of Jan. 29 Leon Trotzky,
Bolshevik Foreign Minister, announced to the Congress of
Workmen's and Soldiers' Delegates on Jan. 26 the decision
of the Government respecting reprisals against Rumania.
These include, according to a dispatch, the breaking off of
diplomatic relations, the seizure of Rumanian gold reserves
in Moscow and the outlawing of Lieutenant-General Stcher, the former commander-in-chief on the Rumanian
batcheff,
front. Trotzky is said to have stated that the Rumanian
gold reserve amounted to $600,000,000 and that the custodian of this fund had been placed under arrest. The dispatch added:
It is understood that General Stcherbatcheff has been co-operating with
the Rumanians in disarming Russians in Rumania and Bessarabia.
A Reuter dispatch from Petrograd dated Monday says that the Rumanian Legation received ten hours' notice to leave Russia and would start
for Stockholm at midnight.
J. P. MORGAN TO RECEIVE TENDERS FOR INTERNAL
GOLD LOAN OF ARGENTINE GOVERNMENT.
Announcement by J. P. Morgan & Co. that they were
prepared to receive tenders for the amortization of 601,224
Argentine gold dollars nominal of the Argentine Government 5% internal gold loan of 1909 was made on Jan. 29.
Payments for bonds accepted will be made from March 5
436
THE CHRONICLE
to April 5 1918. Tenders for the sale of bonds with coupons
due Sept. 1 1918 at a price to be stated in the tender, must
be lodged not later than 12 o'clock noon Feb. 19 with J. P.
Morgan & Co. Tenders will be received also in Paris by
the Banque de Paris et des Pays Bas; in London by Baring
Brothers & Co., Ltd., and in Buenos Aires by the Credito
Publico Nacional. Each bond has a par value of 973 U. S.
gold dollars, and tenders must be made at a flat price under
par expressed in dollars per bond. Forms of tender may be
obtained on application to J. P. Morgan & Co.
[VOL. 106.
4. To become a party to clearing house transactions in the ordinary course
of business where an "enemy" or "ally of enemy" may be a member of such
clearing house;
Provided that a written report of every such transaction of trade with
the "enemy" or "enemy allies" shall be mailed to the War Trade Board,
Washington, D. C., on the fifth day of each month, covering the transactions of the preceding calendar month under 1, 2 and 3 above. Such
report must state the dates of the respective transactions, the respective
names of the drawers, drawees and endorsers, and the respective amounts
of the drafts and checks involved. Any United States corporation or
other American house joining a clearing house under 4 above shall immediately mail to the War Trade Board, Washington, D. C., a statement of
the facts in the case.
INSTITUTIONS ADMITTED TO FEDERAL RESERVE
COMPARATIVE FIGURES OF CONDITION OF
SYSTEM.
CANADIAN BANKS.
Among
the
institutions
recently admitted to membership,
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the in the Federal Reserve system are the Lincoln TrustCompany of New York, the State Street Trust Company of
return for June 30 1914:
Boston and the Home Bank & Trust Company of Chicago.
ASSETS.
Dec. 31 1917. Nov. 30 1911. June 30 1914.
Gold and subsidiary coin—
In Canada
Elsewhere
54,531,971
28,647,758
28,948,841
17,160,111
Total
82,032,857
83,179,729
Dominion notes
167,509,121 165,515,137
Deposit with.slinister ofFinance
for security of note circulation
5,769,631
5,764,060
Deposit in central gold reserves 97,270,000
91,120,000
Due from banks
191,400,677 195,452,8i3
Loans and discounts
1,016,241,854 1,010,028,235
Bonds, securities, &c
968,406 273 470 128 272
Call and short loans in Canada 71 779 020
72,178,345
Call and short loans Elsewhere
than in Canada
134,483,482 139,832,552
Other assets
88,270,706
87,071,480
46,108,952
92,114.482
Total
55,348,784
26,684,073
6,667,568
3,050,000
123,608,936
925,681,966
102 344 120
67,401,484
137,120,167
71,209,738
2,323,163,621 2,320,270,623 1,575,307,413
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
189,866,666
112,091,466
111,673,776
114,100,693
189,866,666
112,088,966
111,669,770
114,046,753
192,866,666
115,434,666
114,811,775
113,368,898
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
192,923,824 196,135,810
82;180,074
90,470,598
744,220,975 714,514,375
995,978,013 1,008,657,874
33,508,646
34,502,346
3,479,765
3,387,855
28,842,025
30,432,301
99,138,029
44,453,738
495,067,832
663.650,230
32,426,404
20,096,365
12,656,085
C. E. SPENCER, JR., ELECTED DEPUTY-GOVERNOR'
BOSTON FEDERAL RESERVE BANK.
Charles E. Spencer, Jr., Treasurer of the Colonial Trust
Co. of Waterbury, Conn., has been elected Deputy-Governor of the Federal Reserve Bank of Boston; he assumed
his new duties Feb. 1. Mr. Spencer is a native of New
Jersey; his banking career began with the National Bank
of New Jersey of New Brunswick. At the age of 22 he
entered the National Bank of Commerce in New York.
The following year he went with the National Bank of Commerce in Kansas City, Mo. Later he returned to New
York , to accept a position with the Trust Company of
America. In 1906 he was appointed Assistant Treasurer
of the Colonial Trust Co. of Waterbury and in 1911 became
its Treasurer. Mr. Spencer is a member of the Executive
Committee of the Morris Plan Company.
William N. Kenyon, heretofore with the Massachusetts
Trust Co. of Boston, has been made an Assistant Cashier
of the Federal Reserve Bank of Boston.
RESIGNATION OF C. J. RHOADES AS GOVERNOR OF
PHILADELPHIA FEDERAL RESERVE BANK.
C. J. Rhoades has resigned as Governor of the Federal
Reserve Bank of Philadelphia, his resignation to take effect
Total, not including capital
or reserve fund
2,081,733,322 2,078,101,159 1,330,488,683 as soon as his successor is elected. Mr. Rhoades will take
Note.—Owing to the omission of the cents in the official reports, the up Y. M. C. A. work. He has been Governor of the bank
footings in the above do not exactly agree with the total given.
since it began business in 1914. It is expected that he will
first go to New York temporarily, and later probably to
U. S. FIRMS AUTHORIZED TO ACCEPT "ENEMY" France in the Y. M. C. A. work.
RENTALS.
The War Trade Board on Jan. 24 authorized branches of C. C. HARRISON CLASS C DIRECTOR OF PHILADELAmerican corporations and other American houses estab•
PHIA FEDERAL RESERVE BANK.
lished and engaged in business in neutral countries, or in
Charles Custis Harrison has become a Class "C" Director
countries associated with the United States in the war, in of the Federal Reserve Bank of Philadelphia. He will serve
cases where a lease has been made without knowledge of the during the unexpired term of J. Davis Brodhead. Mr.
"enemy" character of the tenant or landlord, as the case may Harrison was at one time a Director of the Reading Combe:
pany and was for many years Provost of the University of
1, To receive rent from "enemies" or "allies of enemies" where refusal
Pennsylvania.
to accept the same will result in failure to collect the debt.
2. To pay rent to "enemies" or "allies of enemies" where refusal to pay
the same will result in forfeiture of the lease or damages.
Provided that a report of every such lease shall be mailed to the War
Trade Board at Washington, D. C., after the discovery cf such "enemy"
interest. Such report shall state the date when the lease was made, the
date when the lease expires, the amount of rental payable, the name or
names of the "enemy" tenant or landlord, as the case may be, and the
names of other parties to the lease.
FOREIGN BRANCHES OF U. S. COMMERCIAL HOUSES
AUTHORIZED TO ACCEPT ENEMY ENDORSEMENTS.
The War Trade Board announced on Jan. 27 that it had
authorized branches of United States corporations and other
American houses, established and engaged in business in
neutral countries or in countries associated with the United
States in the war to accept commercial paper endorsed by
"enemies" or "allies" of enemies, where refusal to accept
same may result in failure to collect the debt. The announcement of the Board,indicating other privileges granted
by it to foreign branches of United States commercial houses,
follows:
The War Trade Board has authorized branches of United States corporations and other American houses, established and engaged in business in
neutral countries, or in countries associated with the United States in the
war1. To receive in payment of indebtedness, and to collect drafts or checks
drawn or endorsed by "enemies" or "allies of enemies" where refusal to
accept the same may result in failure to collect the debt.
2. To pay drafts or checks drawn in favor of, or endorsed by, "enemies"
or "allies of enemies" where refusal to pay the same will result in a violation of law or commercial obligation.
3. To receive for collection drafts or checks drawn by, or accepted, or
endorsed by "enemies" or "allies of enemies"; and
COMPTROLLER OF CURRENCY WILLIAMS' ANNUAL
REPORT—DECLINE IN EARNING CAPACITY
OF PUBLIC UTILITIES.
In his annual report, made public on Jan. 31, the Comptroller of the Curreony, John Skelton Williams, reviewing
briefly the financial and business conditions during the year,
the inflation in commodity prices, and the depression in
securities, declares that the enactment of emergency laws,
entrusting the President with powers unexampled in this
country to fix prices for food, fuel, &c., has averted'calamities which no financial system, however strong or powerful
could have prevented or overcome. He predicts that,
with the return of peace, we may look forward to an era of
great activity and development in the work of rebuilding
and equipping, with the implements and equipments of
peace and industry, the countries now engaged in unprecedented destruction. Attention is called in the report
to the decline of earning capacity of public utility corporations and the consequent shrinkage in the value of their
securities. The danger, the Comptroller insists, is a real
one, which should stimulate the efforts of Congress and of
every patriotic citizen. Upon the efficiency and strength
of these corporations, he says, we are largely dependent for
speed and success in preparing for and prosecuting the war.
With an increase in the cost of labor and of all materials
necessary for operation and upkeep, increasing demands are
being made upon them for quicker service and greater facilities.
•
FEB. 2 1918.]
THE CHRONICLE
The first and most direct relief to the public utilities corporations can be given, he thinks, by the State public
utilities commissions and municipal and local authorities
understanding the necessities of war and realizing that the
more promptly its burdens are accepted the sooner they will
be lifted. He bespeaks forbearance and consideration by
the State commissions and municipal authorities, and comments upon the importance of permitting charges for services which "will keep in them the breath of solvency,
protect their owners against unjust loss, and give them a
basis of credit on which they may obtain the funds with
which to meet the strain put on them by the Government's
needs." The breaking down of these corporations would
be a national calamity. He also expresses the hope that
the Congress may give early consideration to some measure
to provide, directly or indirectly, for advance of funds on
some conservative basis to such of these corporations as
need help most urgently, so that they may give adequate
service to the Government. The remedy, he concedes,
would be unusual—but the times are unusual. The amount
of railroad and other public service bonds owned by the
national banks June 20 1917 was reported at $763,000,000.
This, the Comptroller says, is equal to approximately 70%
of the capital stock of the banks.
In expressing the hope that corporations may receive considerate treatment from State and municipal authorities,
the Comptroller says it is of equal, if not still greater, importance that corporations should not become the prey of
any profiteers, whether those who supply materials needed
for operation or who furnish the funds and capital required
for needed extensions and enlargements or for renewals of
existing issues. The bankers, he says, who selfishly exact
a 9 or 14% rate, as interest or commission, from clients,
whether individuals or corporations, for high grade issues
which in peace times they would have been glad to take at
6%, are paving the way for the just condemnation of patriotic men. The Comptroller shows that in the past three
calendar years the aggregate balancE3 of trade in our favor
has exceeded eight billion dollars. We have imported about
a billion dollars of gold; have practically paid off the five
billions which we owed at the outbreak of the war in the
shape of American securities held abroad; and have loaned
over wo billions in various foreign countries exclusive of
the large advances made by our Government to the Allies.
A summary of some of the other leading features of the report is furnished as follows:
National Banks Increasingly Stronger, Safer, and More Law-Abiding.
The national banks of the United States, says the Comptroller, are
stronger, safer, and more closely observant of the laws and more efficiently managed than ever before. This encouraging fact, he declares, is
espeically impressive and important now while the life of the nation and
the great alliance of which we are a part depend so largely upon our ability
to furnish the enormous financial resources indispensible for victory.
Their resources—$18,553,197,000—exceed by $2,009,698,000 the greatest resources ever before reported, and are $2,527,878,000 greater than the
combined resources of all the State banks (doing a commercial business)
and of all reporting private banks and trust companies as of June 20 1917,
the latest date as of which State bank returns have been compiled.
Growth of National Banks Under Federal Reserve System.
The latest statement of condition prior to the inauguration of the Federal Reserve System was that of Oct. 31 1914 when the resources of the
national banks were 11,492 million dollars. After three years operation
under the Federal Reserve Act the resources on Nov. 20 1917, are reported
to be 18,553 millions, an increase of 7,060 millions, or 61%.
The report just prior to the inauguration of the Federal Reserve System
of all State banking institutions was for June 30 1914 when the resources
of all reporting State banks and trust companies amounted to 15,489
millions. The date of the last compilation of State banking statistics was
June 20 1917 when their resources were 20,838 millions, an increase of
34%. While the average increase in resources of all banks, both State
and national, was 45%, the national banks increased 61%, and the State
banks and trust companies only 34% in the three-year period referred to.
This Country the Dominating Banking Power of the World.
The banking power of the United States, represented by capital, surplus, profits, circulation, and deposits of national banks and other reporting
banks and trust companies, including also the paid-in capital and deposits
of the twelve Federal Reserve banks, is now estimated at 37,529 million
dollars, having increased by 14,348 million dollars since the commencement
of the present Administration.
The banking power of the world in 1890 was estimated by Mulhall at
15,558 million dollars. The banking power of this country is now 2M times
as great as the banking power of the whole world, according to Mulhall, as
late as 1890. The banking power of the United States now is more than
seven times as great as in 1890.
The Comptroller gives warning that, with the immense development of
our financial resources, our duties and responsibilities have grown proportionately. Upon us now devolves the task of supplying not only our own
vital needs, but of keeping ourselves strong and ready to meet the demands
which are being and will continue to be made upon us by our Allies in the
world struggle. It is, he points out, of supreme importance that allurements of profit from commerce or industry in this country or in neutral
countries, for purposes not essential to our success in the war, should not
induce us to divert or dissipate the capital or financial resources of our
people.
This country has become the great financial reservoir and banking headquarters of the world and, in large measure, the dependence of those great
437
financial nations whose enterprise in the past had provided so largely the
capital for the commerce and industries of two hemispheres, and who now
look to us to supply to so great an extent the sinews of war, as well as the
needs of industry and world commerce.
Five State Bank and Trust Company Failures for Each National Bank Failure
in Past Twenty Years.
Comparative statistics in regard to the failures of State and national
banks in the past 20 years show that of the 1,339 State and national bank
failures reported for this period, 1,119 were State banks and trust companies, and only 220 were national banks.
In 1897 there were 5,847 reporting State banks, estimated to represent
90% of the total number, with resources of 4,258 million dollars, and there
were in operation 3,610 national banks with liabilities of 3,563 million
dollars.
The liabilities of State banks which failed in this period were placed at
$507,000,000; of national banks at only $156,000,000.
The resources of the 20,319 State banks and trust companies reporting
in June 1917 were 20,836 million dollars, and of the 7,604 national banks
at the same time, 16,151 million dollars.
Twenty Years' Growth of National Banks.
Oct. 5 1897 the total resources of the national banks were 3,70.5 million
dollars. Aug. 22 1907 they amounted to 8,390 million dollars; and on
Nov. 20 1917 they aggregated 18,553 million dollars—an increase in ten
years of more than ten billion dollars, about three-fourths of the increase
since 1907 having taken place in the last five years.
Proportion of Loans to Deposits and Deposits to Capital.
The proportion of loans to deposits Oct. 5 1897 was 82.11%; Aug. 22
1907. 76.99%; and on Nov. 20 1917, only 64.43%.
In 1897 the deposits of national banks amounted to four times their
capital; in 1907 to six and three-fourths times their capital; and on Nov.
20 1917, the deposits of the national banks amounted to thirteen and onehalf times their capital, and nearly eight times their aggregate capital and
surplus.
New Charters and Liquidations.
During the twelve months ending Oct. 31 1917, applications were received for 326 new national bank charters with capital of $20,715,000, as
compared with 223 applications with proposed capital of $11,285,000 the
previous year. During the year 30 applications for charters were refused,
as compared with 16 applications refused the year before; and 147 new applications were under consideration at the close of the report year.
Earnings of National Banks Exceed All Previous Years.
National banks submit their statements of earnings and expenses semiannually Dec. 31 and June 30. For the twelve months ending June 30
1917, the gross earnings were $667,406,000, an increase of $76,764,000 over
the previous year; and net earnings were $191,321,000, an increase of
$36,778,000, or 23%. $125,538,000 was disbursed in dividends, an increase of $10,813,000, or an average of 11.61% on capital stock.
National Bank Failures.
During the twelve months ending Oct. 31 1917 only seven national banks
failed and were placed in the hands of receivers. The previous year there
were thirteen national bank failures.
The losses to depositors from failed national banks during the past three
years have amounted to only about three one-thousandths of 1%; while
similar losses for the thirty-three years prior to 1914 averaged annually
twenty-eight one-thousandths of 1%. This great reduction in the percentage of losses to depositors was due largely to the enforcement of the
laws and the thoroughness of bank examinations.
Guarantee of Bank Deposits Recommended.
The Comptroller recommends to Congress the enactment of a law to
provide for the guarantee of all deposits in national banks where the amount
to the credit of each individual Is $5,000 or less. He says the greatest
misery resulting from bank failures has been suffered by the poorer classes
whose deposits in banks represent their entire savings. He believes the
guarantee of deposits will bring much hoarded money from hiding places
into circulation, and that the guarantee by the Government will contribute
immensely to the comfort and peace of mind of small investors while not
eliminating competition, for depositors with balances of over $5.000 will
continue to discriminate in favor of those banks which are honestly and
efficiently run.
Exemption From State Taxation of National Banks Whose Capital Is Invested
in Government Bonds.
Although the capital of individuals invested in United States Government bonds is exempt from taxation, the shares of national banks, even
though the entire capital of the bank may be invested in bonds of the
Government, are still liable to State taxation.
It is recommended that Section 5219, U. S. R. S., be amended so that,
in determining the value of the shares of national banks for purposes of
State taxation, the par value of any bonds or other interest bearing obligations of the United States Government owned by the national bank shall
be deducted from the bank's assets. Such a provision would materially
increase the value of United States Government bonds as an investment
for the national banks.
To Authorize National Banks to Subscribe to Red Cross.
The Comptroller recommends that national banks, during the period
of the war, be authorized to subscribe, through their Boards of Directors.
to the Red Cross for war purposes.
Another recommendation relates to the restriction of the use of "debit
slips" or "charge tickets," looseness in connection with which has resulted
in heavy losses during the past year to various banks.
Other Legislation Recommended.
The Comptroller repeats the recommendations for amendments to the
national bank Act, made in previous reports, urging that if these amendments and certain others embraced in this year's report should be carried
out, national bank failures can be made virtually things of the past.
Currency Issued Through Comptroller's Office.
During the twelve months ending Oct. 31 1917, there were issued by the
office of the Comptroller of the Currency. $1,301,970,430 of national bank
and Federal reserve notes, of which $325,570.430 were the notes of national
banks and $976,400,000 were Federal reserve notes. At the close of the
report, year Oct. 31, 1917, the amount of national bank notes outstanding
was $716,276,375, and of Federal reserve notes $928,243,730.
Revenue Derived By Government From Operations of Comptroller's Office,
The net revenue derived by the Government from the operations of the
Comptroller's office for the past fiscal year, arising primarily from taxation
on circulation, after payment of expenses, was approximately $3,000,000.
THE CHRONICLE
438
Money Carried in All Banks.
The cash reported on hand by national, State, savings, private banks
and trust companies as of June 1917, plus the cash held at the same time
by the twelve Federal Reserve banks, was reported to be $2,750,200,076 06.
This is an increase, as compared with June 1916 of $838,482,754 11.
National Banks and the Second Liberty Loan.
Approximately 3,500,000 subscribers to the second issue of Liberty bonds
sent in their subscriptions through national banks. These subscriptions
aggregated about $2,500,000,000 of the $4,617,000,000 applied for.
The total subscriptions to Liberty 4% bonds sent in through national
banks for themselves and customers amounted to slightly more than 13%
of their total resources.
The amount of the Second Liberty loan allotted to national banks for
themselves and customers approximated two billion dollars of the total
of $3,808,766,150 allotted. The national banks were awarded a total of
$348,000,000 of Liberty bonds for their own account—being approximately
1 1-3% of their total resources.
On Nov.20 1917 the national banks were loaning on Liberty 33,5% bonds
only $48,000,000 approximately; and the amount of Liberty 4% bonds,
upon which they had agreed to make advances if desired, was approximately $294,000,000.
Foreign Government Bonds Owned by National Banks.
The total amount of foreign Government bonds and other foreign bonds
and securities owned by the national banks on June 20 1917, was $352,000,000, which compares with $157,071,000 owned June 30 1916.
0111=1111•1I
AMERICAN TRADE ACCEPTANCE COUNCIL: ITS
ORIGIN, PLAN AND PURPOSE.
The American Trade Acceptance Council, which has
offices in the Woolworth Building, has issued a pamphlet
covering its origin, plan and purpose. In the composition
of the Council are represented the three national American
business organizations which it is considered are best qualified to speak authoritatively on matters of commercial
credit—the Chamber of Commerce of the United States, the
American Bankers' Association and the National Association
of Credit Men.
The purpose of the Councirw ill be to co-ordinate the acceptance activities
of these organizations, and of other organizations throughout the country,
to the end that a more highly intensified national trade acceptance campaign will be made possible.
The Council's plan of activity embraces the appointment of Trade
Acceptance Committees representing financial, trade and educational
bodies throughout the country—also a speakers' bureau, the personnel of
which will be available for the purpose of discussing the Trade Acceptance
method effectively before local associations, civic bodies and other gatherings where the subject will be of interest.
An extensive acceptance literature campaign also is in process of development. All phases of the subject will be treated. Inquiries will be answered, circulars distributed, pamphlets issued, both by the Council,
and it is proposed by private concerns which can be induced to contribute
to the general cause the benefit of their experiences.
The officers of the Council are: Lewis E. Pierson, Chairman; Robert H. Treman, Vice-Chairman; J. H. Tregoe,
Secretary, and W. W. Orr and Jerome .Thralls, Assistant
Secretaries.
NEW ISSUE OF $400,000,000 TREASURY CERTIFICATES
OF INDEBTEDNESS HEAVILY OVERSUBSCRIBED.
With the closing of subscriptions to the $400,000,000
Treasury Certificates of Indebtedness on Jan. 29, it was announced by the Treasury Department that the issue had
been heavily oversubscribed. The allotments will be made
as soon as all the subscriptions are reported. The certificates bear date Jan. 22 and are made payable April 22.
They bear interest at 4%. The certificates will be received
in payment of Third Liberty Loan subscriptions. Other
details regarding them were given in our issue of Jan. 19,
page 235, and Jan. 26, page 347.
N. Y. FEDERAL RESERVE BANK'S NOTICE OF WITHDRAWAL OF GOVERNMENT FUNDS FROM BANK.
With regard to withdrawals of Government funds from the
banks the New York "Times" of Jan. 30 said:
The banks have been advised by the Federal Reserve Bank of New York
that that withdrawals of Government funds would be made tomorrow.
Previously the banks had been told that transfers would also be made
yesterday, but later the notification was revised, the withdrawal date being
restricted to tomorrow. The Federal Reserve Bank, as fiscal agent for
the Government, has been paying out money at the rate of about $150,000,000 a week, and in making these disbursements it has been obliged to
call upon deposits with the various Now York institutions, the Reserve
Bank making it a practice to hold only a very small balance in favor of the
Government. In effecting the disbursements, transfers are usually made
to the New York Reserve Bank from Federal Reserve and member banks
of other districts.
ADDITIONAL CREDITS TO GREAT BRITAIN AND
BELGIUM BY UNITED STATES.
With the placing on Jan. 31 of an additional credit
by the United States Government to Great Britain
• of $65,000,000, the total advanced to that country
for the month of January amounted to $250,000,000, the
sum of $185,000,000 on the January account having previously been extended to it. For the month of February a
[VoL. 106.
credit of $210,000,000 was advanced to Great Britain on
Jan. 31. On Jan. 25 an additional credit by the United
States to Belgium of $9,000,000 was announced, making the
total loans to that country from the United States $86,400,000. The aggregate of all credits placed at the disposal of
the Allies by the United States since its entrance into the
war is $4,522,400,000, of which Great Britain's share is
$2,320,000,000; France's $1,285,000,000; Italy's, $500,000,000; Russia's, $325,000,000; Belgium's, '4:6,400,000, and
Serbia's, $6,000,000.
EXECUTIVE ORDER REGULATING CONTROL OF FOREIGN EXCHANGE BY FEDERAL RESERVE BOARD.
Under an executive order issued by President Wilson on
Jan. 29, foreign exchange is to be regulated by the Federal
Reserve Board. The order, made public by Secretary
of the Treasury McAdoo, was issued under the Espionage
Act and the Trading with the Enemy Act. While the
order stipulates that foreign exchange dealers must file
applications for registration certificates by Jan. 31, the
Federal Reserve Board, under the authority conferred on it,
has extended the time for filing the certificates to Feb. 5.
While the order prohibited all persons other than customers,
beginning Feb. 10, to engage in transactions governed by it,
unless they possess a registration certificate issued by the
Federal Reserve Board, the Board has waived for a period
of five days the requirement that no transactions covered
by the order shall be engaged in by others than certificate
holders after Feb. 10. The prohibition therefore, becomes
effective on Feb. 15 instead of Feb. 10. The registration
certificates, which may be obtained upon application to the
Federal Reserve Bank of the district, are to be grouped
in three classes, according to the nature of their business.
Customers of these dealers are called upon to sign a statement for each purchase or sale, showing the purpose of
the transaction and declaring that no enemy or ally of
enemy interest has any interest in it.
The statements
must be filed with the Federal Reserve banks, together
with weekly detailed reports from the foreign exchange
dealers. Coupons and dividends collected or securities sold for foregn account must be acompanied by
declarations in prescribed form or the effect that such
sales or collections are not made for or on behalf of or for
the benefit of any enemy or ally of enemy, and that the
proceeds of such sales or collections will not be made available to any enemyer ally of enemy, and that the securities
on which such dividend or interest is being paid are not the
property of any enemy or ally of enemy and have not been
owned or held for account of any enemy or ally of enemy
since Jan. 26, and that they were not purchased by the
present owner from any enemy or ally of enemy or any person acting on their behalf since Feb. 3 1917. Checks for
dividends or interest on registered bonds issued to foreign
holders must bear a corresponding declaration.The foreign
correspondents of all the holders of registration certificates
must sign a declaration that such correspondents will not
deal or attempt to deal directly or indirectly with their
correspondent in the United States in respect of any transaction for or on behalf of, of for the benefit of any enemy or
ally of enemy of the United States, and that any funds, or
property, or credits received through any transactions in
connection with such account will not be made available ta
any enemy or ally of enemy, and also that they will not
transmit for collection or credit any negotiable instrument
bearing the signature or endorsement of any enemy or ally
of enemy.
These declarations must be signed within time limits to
be prescribed by the Federal Reserve Board, and where such
declarations are not signed within the proper time limits, or
where the Board has reason to believe that such transactions
having been signed are not being complied with, or in any
case where, in the judgment of the Board, the best interests
of the United States may require such action,. the Board
may prohibit any dealer or dealers in the United States from
engaging in any transactions•directly or indirectly with such
foreign correspondent.
The duty is placed upon all holders of registration certificates to report any transaction coming within their knowledge
which they believe may directly or indirectly involve the
payment of funds, or delivery of securities, or the transfer
of credit or securities for the benefit of any enemy or ally
of enemy. The Federal Reserve Board, as agent of the
Secretary, has issued instructions to the Federal Reserve
Banks as to the manner in which the order is to be carried
FEB. 21918.]
THE CHRONICLE
439
out, and all applications for information, it is stated, should
be addressed to the Federal Reserve banks or to the Federal
Reserve Board in Washington. A statement issued by the
Treasury Department says:
but they demand, and are entitled to, guidance as to which industries
and pursuits are to be considered as necessary for the best interest of the
country, and, therefore, are to be stimulated, and which, on the other
hand, are to be held as unnecessary and, therefore, to be discouraged under
present circumstances.
The problem affects with peculiar force our banking operations because
The regulations will put into the hands of the Secretary and the Federal credit improperly granted not only wastes to that extent funds that should
Reserve Board full information as to the manner in which the credit facili- be made
available to the Government, but misdirects at the same time the
ties of the United States are being used. Through the power vested in the use o'labor
and material which should be devoted to our national purposes.
Secretary and the Federal Reserve Board to prohibit any bank or banker in
To
bring
about a proper control of credit is, therefore, one of the forethe United States from doing business with any foreign correspondent most endeavors of nations at war, and it is for this reason that European
suspected of acts incompatible with the interests of the United States, a belligerent countries
have created some central organizations whose duty
weapon is furnished to the Government which will be used to control any it is to state authoritatively whether or not the sale of securities (stocks or
misuse of our credit facilities and which can be wielded with the necessary bonds or notes) is in the public interest, no securities being placed, by volamount of vigor to accomplish the results sought.
untary agreement or by Act or law, except with the approval of these bodies.
The procedure established has been carefully devised so as to preserve
In a letter dated Jan. 11 1918, Secretary McAdoo invited the Federal
the confidential relations existing between the bank and its customers Reserve Board:
except in those cases where suspicions point to the advisability of a detailed "as another patriotic service to assume the responsibility of passing upon
examination.
such proposals as may be submitted to them in respect to capital expenditures or issues of new securities."
At the same time, the Secretary issued a public statement which is
F.I. KENT MADE DIRECTOR OF.FOREIGN EYCHANGE.
below.
Fred I. Kent, Vice-President of the Bankers Trust Com- printed
The Board, acting upon this letter, passed a resolution accepting this
appointed
Director
of
the
Dibeen
York,
has
of
New
pany
charge, appointing three of its members, Messrs. Warburg, IIamlin and
the committee
vision of Foreign Exchange by the Federal Reserve Board. Delano, to act as a Capital Issues Committee, authorizing
to engage the necessary staff and to appoint an expert advisory committee
The appointment merely makes official Mr. Kent's super- to assist it in investigating and passing upon all cases that might come
vision of foreign exchange actions of the Federal Reserve before it.
Messrs. Allen B. Forbes, senior partner o fthe firm of Harris, Forbes &
Bank, which have been in his charge since Dec. 5.
Company, New York City, F. H. Goff, President of the Cleveland Trust
Company, Cleveland, and Henry C. Flower, President of the Fidelity Trust
Company, Kansas City, were then invited to become members of the
COMMITTEE TO PASS ON CAPITAL ISSUES.
advisory committee, and in a fine spirit of patriotism, they have agreed
Following last week's announcement of the appointment to serve in this capacity. The committee will not pass upon the intrinsic
merit of securities to be offered for sale; it will only examine into two
of a committee of three, with Allen B. Forbes of Harris, questions:
Forbes & Co., as Chairman, to act in an advisory capacity
(1) whether the offer is time with respect to the financial operations to
with respect to the issuance of securities, the Reserve Board be undertaken by the Government from time to time, and
whether the objects for which the funds are to be raised by the offer
has announced the creation of a Capital Issues Com- of(2)
securities are compatible with the public interest as above described.
mittee, which will pass upon applications of issues of
In developing its policies as to the various classes of cases involved and
advice
private securities. The Capital Issues Committee will in passing upon them individually, the committee expects to seek
from the various departments and boards at Washington and, in addition,
temporarily concern itself with security issues of $500,000 it expects, whenever necessary, to call upon the Chairman and Governor of
and over in the case of industrial and public utility cotpora- each Federal Reserve bank for a local investigation and report, authorizing
thap
tions and $250,000 and over in the case of States, counties them to invjte, from a list to be approved by the Board, not more case.
three
likely to be able to give expert and judicial advice in the
and municipalities, running for a term of not less than one to joinmen
with them in particular examination and report.
year. While it is intimated that the committee does not
The committee is mindful of the fact that, on the part of the banks and
necessarily plan to exclude from its observations issues of bankers, there is no legal obligation to submit their cases. It will be an
entirely voluntary act by them. The committee has no doubt, however,
smaller sums, it is not yet prepared, it is said, to pass upon that it may count upon their single minded patriotic co-operation. The
investments of lesser volume. The members of the Capital committee hopes that before offering for sale stocks, bonds or notes of corand in the case of States,
Issues Committee are Paul M. Warburg, Charles S. Hamlin, porations in amounts of $500,000 and above,
counties and municipalities of $250,000 and above, advice will be sought
and Frederick A. Delano, members of the Federal Reserve from it as to whether such sale at the time will be held to be compatible with
Board, and the advisory committee consists of Allen B. the public interest. While the committee will be glad to give advice to
best of its knowledge and ability, in all questions of credit submitted
Forbes of the firm of Harris, Forbes & Co. of New York; the
to it, it does not in general expect to pass upon notes having less than one
F. H. Goff, President of the Cleveland Trust Co. of Cleve- year to run.
You are requested to bring this letter to the notice of the banks and
land, Ohio, and Henry C. Flower, President of the Fidelity
houses of your district and to invite their cordial co-operation.
Trust Co. of Kansas City, Mo. Mr. Forbes is Chairman of investment
Application forms are in course of preparation, and they should be adthe advisory committee. The counsel of the committee will dressed to Federal Reserve Board. Capital Issues Committee, Washington.
Very truly yours,
be Bradley W. Palmer of Storey, Thorndike, Palmer & D. C.
PAUL M. WARBURG,
Dodge, Boston. Stephen L. Selden, an engineer formerly
Chairman, Capital Issues Committee.
(
of Denver, at present identified with the Aircraft Board,
will be the Executive Secretary of the Committee, and
James Hugh Newton of Denver will be Assistant Executive
Secretary. All these have offered their services without
compensation. Legislation was this week introduced in
Congress with a view to providing some measure of compulsion in the Government regulation of securities issues. This
is referred to in another item. The Board, however, counts
strongly on voluntary co-operation, and cities that already
many applications have been received from prospective
issuers of securities. At each of the 12 Federal Reserve banks
locao committees will be organized to assist the Capital
Issues Committee. It is distinctly understood, says the
Federal Reserve Board's announcement, "that the capital
Issues Committee will not pass upon the intrinsic merits of
individual cases, but only upon the question of whether or
not the objects for which money is to be raised and spent are
essential to and compatible with the national welfare of
this time."
Cases dealing with railroad financing will not be taken up
by the Committee at this time, but will be left entirely to
the Railroad Administration. The activities of the Capital
Issues Committee will be under the Federal Reserve Board.
The workings of the Committee are explained in the following letter addressed to the Federal Reserve Banks by Paul
M. Warburg, Vice-Governor of the Reserve Board, on Jan.
26.
FEDERAL RESERVE BOARD.
Washington, Jan. 26 1918.
Beni. Strong, Esq., Governor, Federal Reserve Bank of New York, New York
City.
Dear Sir.—In order to win the war,it is imperative at this time that goods,
credit and savings be placed at the disposal of the Government in the largest
possible measure. Any unnecessary production or consumption of goods,
and any unnecessary use of credit, saps and weakens the fighting strength
of the nation.
There is no doubt about the willingness of the people of the United States
to meet the Government's requirements generously and without reserve;
The statement issued by Secretary McAdoo and referred
to in the above letter was printed in our issue of Jan. 19,
page 236.
Allen B. Forbes, President of Harris, Forbes & Co., who
has been appointed Chairman of the Capital Issues Advisory
Committee, was credited in the New York "Times" on Jan.
27 as stating, that it would pass upon applications and make
recommendations to the Committee of the Federal Reserve
Board, composed of Messrs. Warburg, Delano, and Hamlin.
The "Times" added:
Mr. Forbes said that he desired to give publicity to the fact that the
committee's duty was only to determine whether it was essential for a
State, county, municipality, or corporation to raise money, and that it
had nothing to do with the character of securities to be offered.
The committee's approval of a proposed financial undertaking should.
not be construed, said Mr. Forbes, to mean that the committee had passed
upon the credit standing of the concern issuing the securities, or that it was
recommending the security to the public as a desirable investment. Mr.
Forbes said that too much emphasis could not be placed on this point.
Mr. Forbes will make his office in Washington, but expects to spend a
few days a week in New York. He will retain his place as member of the
Liberty Loan Committee of the New York Federal Reserve District.
BILL CREATING WAR FINANCE CORPORATION TO
MAKE ADVANCES TO ENTERPRISES ESSENTIAL
TO PROSECUTION OF WAR.
The creation by the Government of a• corporation which
would make advances to persons, firms, corporations and
associations whose operations are essential to the prosecution of the war, is peoposed in a bill recommended for enactment by Congress by Secretary of the Treasury McAdoo on
Jan. 28. The bill would also prohibit the sale of all private
security issues of more than $100,000 without the approval
of the new Government body to be created under the bill,
and to be known as the War Finance Corporation. The new
body would have a capital of $500,000,000, to be subscribed
by the United States. The management of the corporation
would be vested in a board of directors, consisting of the
4:40
THE CHRONICLE
Secretary of the Treasury, who would be Chairman of the
Board, and four other persons to be appointed by the Secretary of the Treasury with the approval of the President.
The proposed corporation would have power to make advances to banks which finance industries essential to the
carrying on of war or to buy direct the securities of such
corporations, subject to certain restrictions concerning price
and length of the loans. The Government advances would
be for periods not exceeding five years and could not be
more than 75% of the face or market value of the industrial
obligations, or 100% if 25% additional collateral acceptable
to the corporation were offered. The corporation would
also make short-time advances to savings banks. For the
advances to savings banks (limited to 90 days), securities
amounting to 125% of the loan would be required, and the
interest rate would be at least 1% more than the Federal
Reserve Board's discount rate on ninety-day commercial
paper. Further powers of the corporation would be "to,
subscribe for, acquire and own, buy, sell and deal in bonds
and obligations of the United States." It could issue notes
or bonds of its own of an amount not more than eight times
its capital, which sould be supplied originally by the Government. The life of the corporation is limited under the bill
to ten years, but it would be required to begin the liquidation of its assets six months after the termination of the war.
The notes or bonds to be issued by the corporation would
have, it is stated, much the same value as regular Government certificates or bonds as collateral for commercial paper
acceptable by Federal Reserve banks. They would carry
the same tax exemptions as Treasury certificates or Liberty
bonds. Penalty for violation of any provision of the measure
would be a fine of not more than $5,000, or in the case of
Individuals not more than four years' imprisonment or the
tine, or both&The following is the text of the bill:
That for the purpose of affording financial assistance, either directly or
indirectly, to persons, firms, corporations and associations whose operations
are necessary or contributory to the prosecution of the war, in cases were
such persons, firms, corporations or associations shall be unable to procure
funds on reasonable or practicable terms from the general public, or through
the regular banking channels, and for the purpose of regulating and controlling the offering for sale or subscription of securities hereafter issued
and for other purposes in aid of the prosecution of the war, the Secretary
of the Treasury, together with four additional persons (who shall be the
directors first appointed as hereinafter provided) are hereby credited a
body corporate and politic in deed and in law by the name, style and title
of the"War Finance Corporation"(herein called the corporation), and shall
have succession for a period of ten years, provided that in no event shall the
corporation exercise any of the powers conferred by this Act,except such
as are incidental to the successful liquidation of its assets and the successful
winding up of its affairs, after six months after the termination of the war,
the date of such termination to be fixed by proclamation of the President
of the United States,
Section 2. The capital stock of the corporation shall be $500,000,000.
all of which shall be subscribed by the United States of America, and such
subscription shall, upon the approval of the Secretary of the Treasury,
be subject to call, upon the vote of three-fifths of the Board of Directors
of the corporation at such time or times as may be deemed advisable;
and there is hereby appropriated out of any money in the Treasury, not
otherwise appropriated, the sum of $500,000,000, or so much thereof as
may be necessary for the purpose of making payment upon such subscription when and as called. Receipts for payments by the United States of
America for, or on account of such 'stock, shall be issued by the corporation
to the Secretary of the Treasury, and shall be evidence of stock ownership.
Section 3. The management of the corporation shall be vested in a
Board of Directors, consisting of the Secretary of the Treasury, who shall
be Chairman of the Board, and four other persons, to be appointed by the
Secretary of the Treasury, with the approval of the President of the United
States. Any director or directors so appointed may be removed by the
Secretary of the Treasury, with the approval of the President, and vacancies
however arising may be filled by the Secretary of the Treasury, with the approval of the President. Whenever a vacancy shall occur among the directors so appointed, the person appointed director to fill any such vacancy
shall hold office for the unexpired term of the member whose place he is
selected to fill. Three members of the Board of Directors shall constitute
a quorum for the transaction of business.
Section 4. The principal office of the corporation shall be located in the
District of Columoia, but there may be established agencies or branch offices in any city or cities of the United States under rules and regulations
prescribed by the board of directors with the approval of the Secretary of the
Treasury.
Section 5. The four directors of the corporation appointed as hereinbefore provided shall devote their entire time to the business of the corporation (except such part of their time, if any, as shall be devoted to other
Governmental business),and shall receive annual salaries, payable monthly,
the amount of which shall be fixed by the Secretary of the Treasury ivith the
approval of the President of the United States, not, however, exceeding the
annual salary of the principal officer of an executive department of the
United States. Any director receiving from the United States any salary
or compensation for services shall not receive as salary from the corporation
any amount which, together with any salary orcompensation received from
the United States, would make the total amount paid to him by the United
States and by the corporation exceed the amount fixed as the annual salary
of a director of the corporation, as hereinbefore provided. Of the four directors appointed, as hereinbefore provided, the Secretary of the Treasury
shall designate two to serve for two years, and two for four years and thereafter each director so appointed shall serve for a term offour years. No
director or officer of the corporation shall continue to be an officer, director,
or trustee of any other corporation or member of any firm of bankers; and,
before entering upon his duties, each director and officer shall certify under
oath to the Secretary of the Treasury that he has complied with this requirement, and shall also take an oath faithfully to discharge the duties of his
office. But nothing contained in this Act or in the Federal Reserve Act
[VoL. 106.
shall be construed to prevent the appointment of a member of the Federal
Reserve Board or of any other Governmental administrative body or of a
director of a Federal Reserve bank as a director of the corporation.
Sec. 6. The corporation shall be empowered and authorized.
(a) To adopt, alter and use a corporate seal; to make constracts; to
purchase or lease and hold or dispose of such real estate as may be necessary
for the prosecution of its business; to sue and be sued; complain and defend
in any court of law or equity, including courts of the United States; to
appoint, by its board of directors, and fix the compensation of such officers,
employees, attorneys and agents as are not otherwise providde for in this
Act, to define their duties, require bonds of them and fix the penalties
thereof, and to dismiss at pleasure such officers, employees, attorneys
and agents; and to prescribe, amend and repeal by its board of
directors, subject to the approval of the Secretary of the Treasury, by-laws
regulating the manner in which its general business may be conducted and
the privileges granted to it may be exercised and enjoyed, and prescribing
the powers and duties of its officers and agents.
(b) To make advances, upon such terms, not inconsistent herewith, as
it may prescribe, for periods not exceeding five years from the respectable
dates of such advances, (1) To any bank, banker or trust company, which
has made, and which has outstanding, any loan or loans to any person,
firm, corporation or association, whose operations shall be necessary or
contributory to the prosecution of the war, and evidenced by a note or
notes, or (2) To any bank, banker or trust company which has rendered
financial assistance, directly or indirectly, to any such person,firm, corporation or association by the purchase of its bonds or other obligations: Provided, that advances so made by the corporation on the basis of any such
loan or loans shall not exceed 75% of the face value thereof; and provided,
that any advances so made by the corporation, in cases where such financial
assistance shall have been rendered by the purchase of such bonds or other
obligations, shall not exceed 75% of the market value of such bonds or
other obligations at tho time of such advance, as estimated and determined
by the board of directors of the corporation; and provided further, that all
such advances shall be made upon the promissory note or notes ofsuch bank,
bankers or trust company,secured by the notes, bonds or other obligations,
which are the basis of any such advance by the corporation,.together with
all the securities, if any, which such bank, banker or trust company may
hold as collateral for such notes, bonds or other obligations. The corporation, shall, however, have power to make advances (a) up to 100% of the
face value of any such loan or loans made by any such bank, banker or
trust company to any such person, firm, corporation or association, or
(b) up to 100% of the market value at the time of such advances (as estimated and determined by the board of directors of the corporation) of
such bonds or other obligations by the purchase of which financial assistance
shall have been rendered to such person, firm, corporation or association,
provided every such advance shall be secured in the manner prescribed in
the preceding part of this paragraph, and in addition thereto by collateral
security, to be furnished by the bank, banker or trust company, of such
character as shall be prescribed by the board of directors, with the approva
of the Secretary of the Treasury, of a market valueAat the time of such
advance (as estimated and determined by the board of directors of the
corporation), equal to at least 25% of the amount advanced by the corporation. The corporation shall retain power to require additional collateral
security at any time.
(c) To make advances from time to time, upon such terms, not inconsistent herewith, as it may prescribe, for periods not exceeding 90 days, to
any savings bank or other banking institution which receives savings dePosits, on the promissory note or notes of the borrowing institution, whenever the corporation shall deem such advances to be necessary or contributory to the prosecution of the war or important to the public interest;
provided, that such note or notes shall be secured by the pledge of securities
of such character as shall be prescribed by the board of directors of the
corporation with the approval of the Secretary of the Treasury, the market
value of which, at the time of such advance (as estimated and determined
by the board of directors of the corporation) shall be equal in amount to at
last 125% of the amount of such advance; and provided further, that the
rate of interest charged on any such advance shall not be less than 1% in
excess of the rate of discount for 90 day commercial paper prevailing at
the Federal Reserve bank of the district in which the borrowing institution
Is located. The corporation shall retain power to require additional collateral security at any time.
(d) In exceptional cases to make advances directly to any person, firm,
corporation or association, whose operations shall be necessary or contributory to the prosecution of the war, for periods not exceeding five years
from the respective dates of such advances, upon such terms, and upon the
security of such bonds, notes or other obligations, and subject to such rules
and regulations as may be prescribed by the board of directors of the
corporation, with the approval of the Secretary of the Treasury. The
corporation shall retain power to require additional collateral security at
any time.
(e) To subscribe for, acquire and own, buy, sell and deal in bonds and
obligations of the United States to such extent as the Secretary of the Treaury may from time to time determine.
(f) To issue and have outstanding at any one time its notes or obligations
in an amount aggregating not more than eight times its paid-in capital,
such notes or obligations to mature not less than one year nor more than
five years from the respective dates of issue and to bear such rate or rates
of interest, and may be redeemable before maturity at the option of the
corporation, as may be determined by the board of directors, subject to the
approval of the Secretary of the Treasury. Such notes or obligations shall
have a first and paramount floating charge on all the assets of the corporation, and the corporation shall not at any time mortgage or pledge any of
its assets. Such notes or obligations may be issued at par in payment of
any advances authorized by this Act, or, for any of the purposes of this
Act, may be offered for sale publicly or to any individual, firm or corporation at such price or prices as the board of directors may determine, subject to the approval of the Secretary of the Treasury. Such notes or obligations may be dealt in by Federal Reserve banks in the same manner and
to the same extent as bonds or notes of the United States not bearing the
circulation privilege, and Federal Reserve banks shall be authorized,
subject to the regulations of the Federal Reserve Board, to rediscount and
purchase paper secured by such notes or obligations in the same manner and
to the samdextent,and at the same rate or at such higher rates as the Federal
Reserve Board may approve, as they may purchase or rediscount paper.
secured by such bonds or notes of the United States, under authority of
the Federal Reserve Act. Any'Federal Reserve bank acquiring by purchase or rediscount such paper secured by the notes or obligations of the
corporation may, with the approval of the Federal Reserve Board, use such
paper so acquired for any purpose for which it is authorized to use paper
secured by such bonds or notes of the United States, provided, however,
that whenever Federal Reserve notes are issued against the security of
such paper the Federal Reserve Board may make a special interest charge
on such notes, which, in the discretion of the Federal Reserve Board, need
not be applicable to the Federal Reserve notes which may from time to
time be issued and outstanding. All provisions of law, not inconsistent
FEB. 2 1918.1
THE CHRONICLE
herewith, in respect to the purchase or rediscount of any Federal Reserve
bank of paper secured by such bonds or notes of the United States, and in
respect to Federal Reserve notes issued against the security of such paper,
shall extend, in so far as applicable, to the purchase or rediscount of paper
secured by the notes or obligations of the corporation and to the Federal
Reserve notes issued against.the security of such paper, Nothing done or
omitted by the corporation hereunder shall be construed as carrying the
approval of the corporation or of the United States of the legality, validity,
worth or security of any securities.
(g) To exercise by its board of directors and its duly authorized officers
or agents all powers specifically granted by the provisions of this Act and
such incidental powers as shall be necessary or proper to carry out the purposes of this Act; provided that the powers specifically enumerated herein
shall be deemed additional to, and not in limitatin of, any implied powers
granted by this Act; and provided, further, that it shall not exercise any
of these powers or perform any business except such as is incidental and
necessarily preliminary to its organization until it has been authorized by
the President of the United States to commence business under the provisions of this Act.
Section 7. For the purpose of assisting in the prosecution of the war, and
providing for the public security and defense through the restriction of
unnecessary capital expenditures, the corporation may, under rules and
regulations to be prescribed by the corporation, with the approval of the
Secretary of the Treasury, investigate and license, or refuse to license, the
sale or offering for sale or for subscription, of securities, as hereinafter
provided. No person, firm, corporation or association shall sell, or offer
for sale or for subscription, any issue, or any part of any issue, of securities
hereafter issued, the par or face value of which shall be in excess of $100,000
except in accordance with such rules and regulations as the corporation,
with the approval of the Secretary of the Treasury, shall prescribe, nor
when required by such rules and regulations, except as permitted by license
granted by the corporation. The corporation shall, however, grant
licenses for any such sale, or any such offer for sale or for subscription,
which it shall determine to be consistent with the foregoing purposes.
Shares of stock of any corporation or association without nominal or par
value shall for the purposes of this Act be deemed to be of the par value
of $100 each. Any securities, which upon the date of the approval of this
Act, are in the possession or control of, or have been hypothecated by, the
corporation, association or obligor issuing the same, shall not be deemed
to have been issued prior to the date of the approval of this Act, within the
meaning hereof. Nothing in this Act shall be construed to prohibit, or to
require any license from the corporation in respect of, any borrowing by
any person, firms, corporation or association in the ordinary course of
business as distinguished from borrowing for capital purposes. This section shall not be construed to apply to any securities issued by any railroad
corporation the property of which may be in the possession ond control
of the President of the United States. This section shall not take effect
until rules and regulations shall have been prescribed by the corporation,
as hereinbefore provided, and may continue in effect until the expiration
of six months after the termination of the war, the date of such termination
to be determined by a proclamation of the President of the United States.
Section 8. Whoever shall willfully violate any of the provisions of this
Act or of any license, order, rule or regulation issued hereunder, whoever
shall willfully violate, neglect or refuse to comply with any such license,
order, rule or regulation ssued hereunder, shall upon conviction in any court
of the United States of competent jurisdiction be fined not more than
$5,000, or, if a natural person, imprisoned for not more than four years,
or both; and any officer, director or agent, of any corporation or association,
or member of any firm, who shall knowingly participate in any such violation, neglect or refusal shall be punished by a like fine, imprisonment or
both.
Section 9. All net earnings of the corporation not required for its operations shall be accumulated as a reserve fund until such time as the corporation liquidates under the terms of this Act. Such reserve fund shall, upon
direction of the Secretary of the Treasury, be invested in bonds, notes, or
certificates of indebtedness of the United States, or upon like direction
may be deposited in member banks of the Federal Reserve system, or may
upon like direction be deposited in any of the Federal Reserve banks. The
Federal Reserve banks are hereby authorized to act as depositaries for and
as fiscal agents of the corporation in the general performance of the powers
conferred by this Act. Beginning six months after the termination of the
war, the date of such termination to be fixed by a proclamation of thb
President of the United States, the directors of the corporation shall proceed to liquidate its assets and to wind up its affairs. Any balance remaining after the payment of all its debts shall be paid to and become
the property of the United States, and thereupon the corporation shall be
dissolves.
Section 10. Any and all notes and obligations issued by the corporation
shall be exempt, both as to principal and interest, from all taxation now or
hereafter imposed by the United States, any State, or any of the possessessions of the United States, or by any local taxing authority, except (a)
estate or inheritance taxes, and (b) graduated additional income taxes,
commonly known as surtaxes, and excess profits and war profits taxes,
now or hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations or corporations. The interest
on an amount of such notes and obligations the principal of which does not
exceed in the aggregate $5,000 owned by any individual, partnership, association or corporation, shall be exempt from the taxes provided for in subdivision (b) of this clause. The corporation, including its franchise and
the capital and reserve or surplus thereof, and the income derived therefrom,
shall be exempt from all taxation now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or by any
local taxing authority, except that any real property of the corporation
shall be subject to State, county or municipal taxes to,the same extent,
according to its value, as other real property is taxed.
Section 11. if any clause, sentence, paragraph, or part of this Act shall
for any reason, be adjudged by any court of competent jurisdiction to be
Invalid, or, in case any court of competent jurisdiction shall adjudge to be
invalid any provisions hereof in respect of any class or classes of securities,
such judgment shall not affect, impair, or invalidate the remainder of this
Act, but shall be confined in its operation to the clause, sentence, paragraph, part or subject matter of this•Act directly involved in the controversy in which judgment shall have been rendered.
Section 12. The term securities, as used in this Act, includes stocks,
bonds, notes, certificates of indebtedness and other obligations.
Section 13. The right to amend, alter or repeal this Act is hereby expressly reserved.
Claude Kitchin, majority leader of the House, has been
chosen by Secretary McAdoo to pilot the bill through the
House. The New York "Sun" of Jan. 30, in referring to
this as significant, points out that all such lgeislation would
ordinarily be handled by Representative Carter Glass,
Chairman of the House Committee on Banking and Currency.
441
LOCAL BANKERS'VIEWS REGARDING WAR FINANCE
CORPORATION.
Several of the local bankers have given public expression
to their opinion regarding the proposed measure creating
a War Finance Corporation, details of which are given in
another item. A. Barton Hepburn, Chairman of the Advisory Board of the Chase National Bank of this city, was
quoted as follows in the New York "Times" of Jan. 31:
This war can only be won by keeping business in full volume, by fostering individual activity and business prosperity. People can only pay
taxes and buy bonds, in other words can only furnish the Government with
money to carry on the war,from their net earnings, savings, what they have
left from their earnings after paying all their expenses, including the cost of
living. With general prosperity the people will cheerfully endure the
hardships and place their surplus funds at the disposal of the Government.
In order to meet the Government's demands, inevitable demands, just demands, business prosperity must not be interfered with; and in addition
the most extreme economy must be observed in order that the savings
of the people may be commensurate with the Government's needs. Interference with the usual method of supplying coal to the public, by means
of coal conservators, is of more than doubtful wisdom. It certainly has
Interfered with and restrained business too generally.
The obstinate refusal on the part of the Inter-State Commerce Commission to allow the railroads to increase their charges to the public, when
the cost of labor, the cost of coal, and all other costs of administration
were increasing by leaps and bounds, certainly put the railroads in a position where relief must come from some quarter. It seems the relief is to
come in the form of taxation, as evidenced by the bill now before Congress.
The railroads were not permitted to require shippers and passengers to
pay the additional costs and now the taxpayers must. The Government
has taken over the railroads and some means must be adopted to provide
for their financial needs, and the railroads' necessities are equally the necessities of the public.
I hesitate to comment upon the proposed bill without more study. It
goes way beyond the railroads and applies to business "whose operations
are necessary or contributory to the prosecution of the war." Where
would that line be drawn? I wonder. I think that the maintenance of
all business in addition to general prosperity is "necessary to the prosecution of the war."
The proposed board is to regulate all issues of securities that equal $100,000 in amount. That would include the activities of small villages and
towns. Our officials at Washington are staggering under enormous and
laborious responsibilities. Is it prudent to enlarge their labors by this
sweeping responsibility? Is it prudent to send every locality to Washington for permission to manage its local affairs? And members of the Supreme Court, of the Inter-State Commerce Commission, of the Federal
Reserve Board—in short, nearly all important United States officials—
are appointed by the President by and with the advice and consent of the
Senate. The proposed board is given very unusual powers, perhaps
necessary in this war crisis, and is composed of the Secrrtary of the Treasury, who appoints four additional men, approved by the President, to act
with him. Is so much autocracy necessary to preserve democracy?
Francis L. Hine, President of the First National Bank of
this city, was credited in the New York "Sun" of Jan. 30
with saying:
The reserve financial strength added by the proposed corporation is
highly constructive. It will supplement the Federal Reserve system during the war emergency.
An important feature of the Aldrich bill, which was omitted from the
present financial system, was the opportunity in case of emergency to issue
currency based on stocks and bonds as collateral. At present railroad
and industrial stocks and bonds, some of them the best security in the
world, are valueless for rediscount purposes. The financial situation will
be strengthened greatly if this matter is handled properly.
PRICE OF NEW YORK DAILIES INCREASED FROM
ONE TO TWO CENTS.
An increase in the price of the New York dailies (morning
and evening), which had been selling at one cent, went into
effect on Saturday last, Jan. 26. With the price now raised
to two cents the papers of the metropolis have fallen in line
with those of other large cities like Philadelphia, Pittsburgh,
Chicago, St. Louis, &c., where the price of both morning
and evening papers has for some time been two cents. With
the increase of the one cent papers in New York to two cents,
the New York "Evening Post," beginning with Monday
of this week,reduced its charge from three cents to two cents,
the new price applying to all its issues except the Saturday
edition, the price for which remains at five cents. The
Brooklyn "Daily Eagle" maintains its price at three cents.
In announcing the increased price, Frank A. Munsey of the
New York "Sun" made the following statement in the issue
of that paper on the 25th:
Beginning to-morrow, Saturday,the price of the "Sun" and the "Evening
Sun," together with all other New York newspapers now selling at one
cent, will be advanced to two cents.
For more than a year the owners of New York newspapers have fought
against the increased selling price, hoping that some way somehow the cost
of print paper and other materials used in publishing offices would come
down to a point that would make it possible for us to continue our selling
newspapers at one cent.
And we made this fight for a continuance of the old price in the face of
the fact that nearly all of the other important cities of the country changed
months and months ago to two cents. They were forced to make the
change; we are now forced to make the change.
The cost of production this year, editorial, mechanical and materials,
considered as a whole, is emphatically greater than last year and last year
the cost made one cent journalism Impossible.
At the beginning of last year we were not in the war. Salaries and wages
were on a pre-war basis and advertising revenues were on a lavish pre-war
basis. This year salaries and wages are on a war basis and advertising
revenues on a shrivelled war basis.
442
THE CHRONICLE
.
106.
again, and every man in every
In these war times we must have bigger papers to carry all the war news our own Revolution had to be fought over
know by this time that his whole future
in addition to the usual run of news. And this war news, much of which business in the United States must
national life and our whole economic
is gathered at great cost abroad and brought here by cable, mounts high' fortune lies in the balance. Our
the sinister influences of foreign control if
in the expense of newspaper making. Altogether war newspapers are development will pass under
to pledge your lives and fortunes with
you
ask
not
need
I
we do not win.
produced at a cost that compels a war selling price.
accomplishment of the great end.
No business has been hit harder by the war and war costs than the news- those of the rest of the nation to the
You will realize, as I think statesmen on both sides of the water realize,
paper business. The size of investment considered and all wear and tear
of the struggle has come and the achievements
and risk considered, there isn't a newspaper in New York now showing a that the culminating crisis
or the other must determine the issue. It
decent return, and most papers so considered are running at an enormous of this year on the one side
has turned out that the forces that fight for freedom, the freedom of men
loss. Hence this increase in price.
our own, depend upon us in an extraordinary
Our neighbors in Philadelphia, Pittsburg, Chicago, Cleveland, Buffalo, all over the world as well as
sustenance, for the supply of the materials by
St. Louis and other cities months ago pointed the way for us and saved and unexpected degree for
fight, and It will be our glory when the war is
to
and
which men are to live
their newspapers from a hopeless fight.
over that we have supplied these materials, and supplied them abundantly,
We also quote the following from the New York "Tribune" and
it will be all the more glory because in supplying them we have made
of the 25th, concerning the advance in price:
our supreme effort and sacrifice.
"Tribune'
York
New
the
of
the
price
issue
In the field of agriculture we have agencies and instrumentalities, forBeginning with to-morrow's
advances to two cents.
tunately, such as no other Government in the world can show. The
This action is necessary not only because of the greatly increased cost of Department of Agriculture is undoubtedly the greatest practical and scienproduction due to the war, but also because of the necessities of the news tific agricultural organization in the world. .. .
dealers, who in all sorts of weather faithfully deliver your papers to your • The banking legislation of the last two or three years has given the farmhome or sell it direct from their stands, and who have to meet the increased ers access to the great lendable capital of the country, and it has become
the duty both of the men in charge of the Federal Reserve banking system
cost of living like every one else.
One cent newspapers receive but half a cent for their product, far less and of the Farm Loan banking system to see to it that the farmers obtain
than the actual cost of the paper stock itself. The other half cent goes to the credit, both short term and long term, to which they are entitled, not
the news companies who distribute and to the dealer.
only, but which it is imperatively necessary should be extended to them
It is impossible to increase the margin of profit to the dealer at the one If the present tasks of the country are to be adequately performed.
the
of
fairness
the
will
appreciate
public
the
believe
we
and
Both by direct purchase of nitrates and by the estaolishment of plants
cent price,
to produce nitrates, the Government is doing its utmost to assist in the
advance.
Department of Agriculture and other agencies
It is rather noteworthy, in view of the statement in the problem of fertilization. The
actively assisting the farmers to locate, safeguard, and secure at cost
are
dealers"
news
foregoing regarding the "necessities of the
an adequate supply of sound seed. The Department has $2,500,000
that these news dealers with the advance in price inaugurated available for this purpose now and has asked the Congress for $6,000,000
a strike, not feeling satisfied with the margin of profit more.
The labor problem is one of great difficulty, and some of the best agencies
allowed to them under the higher price. When the price of the nation are addressing themselves to the task of solving it, so far as
of the dailies was one cent, the news dealer was allowed it is possible to solve it. Farmers have not been exempted from the draft.
know that they would not wish to be. I take it for granted they would
four-tenths of a cent as his share—that is on every ten copies Inot
wish to be put in a class by themselves in this respect. But the attensold, he made four cents. Now with the price two cents, tion of the War Department has been very seriously centred upon the task
and under
the margin allowed him is six-tenths of a cent, giving him of interfering with the labor of the farms as little as possible,
new draft regulations I believe that the farmers of the country will
six cents on every ten copies sold. The dealer argues, the
upon than
drawn
less
seriously
much
very
is
find that their supply of labor
however, that where formerly out of every $2 00 he got 80 it was under the first and initial draft, made before we had had our present
of labor in all
cents, now out of every $2 00 he gets only 60 cents—ignoring full experience in these perplexing matters. The supply
is a matter we must look to ad are looking to with diligent care.
altogether the fact that formerly he had to sell 200 papers industries
have
enumerated
I
agencies
the
of
And let me say that the stimulation
in order to realize the gross sum of $2 00, while now he need has been responded to by the farmers in splendid fashion. I dare say
that you are aware that the farmers of this country are as efficient as any
sell only 100 papers.
other farmers in the world. They do not produce more per acre than the
farmers in Europe. It is not necessary that they should do so. It would
for them to attempt it. But they do produce
PRESIDENT IN MESSAGE TO AGRICULTURAL CON- perhaps be bad economy
by two to three or four times more per man, per unit of labor and capital,
FERENCE REGARDS THIS AS DECIDINd YEAR
country.
European
than the farmers of any
OF WAR—AID TO FARMERS.
They are more alert and use more labor-saving devices than any other
in the world. And their response to the demands of the present
That the present is the deciding year in the war is the farmers
emergency has been in every way remarkable. Last Spring their planting
message conveyed by President Wilson in a communication exceeded by 12,000,000 acres the largest planting of any previous year, and
were record-breaking yields. In the Fall of 1917
addressed by him to an agricultural conference at Urbana. the yields from the crops
a wheat acreage of 42,170,000 was planted, which was one million larger
Ill., on Jan. 31. The President's message, which he had than for any preceding year, three millions greater than the next largest,
planned to deliver personally, but was unable to do because and seven millions greater than the preceding five-year average.
But I ought to say to you that it is not only necessary that these achieveof a cold which prevented his attendance at the conference, ments
should be exceeded. I know what this advice involves. It involves
was read by President James of the University of Illinois. not only labor, but sacrifice, the painstaking application of every bit of
will
realize,
"you
that
stated
scientific knowledge and every tested practice that is available. It means
In his message the President
the utmost economy, even to the point where the pinch comes. It means
as I think statesmen on both sides of the water realize, that the
kind of concentration and self-sacrifice which is involved in the field of
the culminating crisis of the struggle has come and that the battle itself, where the object always looms greater than the individual.
must
other
the
And yet the Government will help and help in every way that it is possible.
achievements of the year on the one side or
The impression which prevails in some quarters that, while the Governdetermine the issue." Among other things, the President ment
has sought to fix the prices of foodstuffs, it has not sought to fix other
great
of
one
"is
he
said
which
problem
labor
referred to the
prices which determine the expenses of the farmer, is a mistaken one.
has actively and successfully regulated
difficulty," and added that "some of the best agencies of the As a matter of fact, the Governmentmaterials
underlying all the industries
the prices of many fundamental
nation are addressing themselves to the task of solving it." of the country, and has regulated them not only for the purchases of the
the
from
the
exempted
general public, and I have
of
been
not
Government, but also for the purchases
While stating that farmers have
believe that the Congress will extend the powers of the
draft, the President, however, said that "the attention of every reason intothis
important and even essential matter, so that the tenGovernment
the War Department has been very seriously centered upon dency to profiteering, which is showing itself in too many quarters, may
little
as
farms
of
the
labor
the
be effectively checked. In fixing the prices of foodstuffs, the Government
the task of interfering with
has sincerely tried to keep the interests of the farmer as much in mind as
as possible and under the new draft regulations, I believe, the
interests of the communities which are to be served, but it is serving
that the farmers of the country will find that their supply mankind, as well as the farmer, and everything in these times of war takes
was
it
than
upon
rigid aspect of duty.
on
drawn
the
less
seriously
of labor is very much
I will not appeal to you to continue and renew and increase your efforts.
under the first and initial draft." The message follows:
I believe that you will do it without any word or appeal from me,
I am very sorry indeed that I cannot be present in person at the Urbana because you understand as well as I do the needs and opportunities of this
Conference. I should like to enjoy the benefit of the inspiration and great hour, when the fortunes of mankind everywhere seem about to be
exchange of counsel which I know I should obtain, but in the circum- determined and when America has the greatest opportunity she has over
stances it has seemed impossible for me to be present, and therefore I can had to make good her own freedom and in making it good to lend a helping
only send you a very earnest message expressing my interest and the hand to men struggling for their freedom everywhere.
thoughts which such a conference must bring prominently into every mind.
You remember that it was farmers from whom came the first shots at
I need not tell you, for I am sure you realize as keenly as I do, that we Lexington that set aflame the revolution that made America free. I
supreme
demands
which
task
great
a
of
presence
the
in
nation
a
as
are
hope and believe that the farmers of America will willingly and conspicusacrifice and endeavor of every one of us. We can give everything that is ously stand by to win this war also. The toil, the intelligence, the energy,
needed with the greater willingness and even satisfaction because the object the foresight, the self-sacrifice and devotion of the farmers of America
of the war in which we are engaged is the greatest that free men have ever will, I believe, bring to a triumphant conclusion this great last war for the
undertaken. It is to prevent the life of the world from being determined emancipation of men from the control of arbitrary government and the
and the fortunes of men everywhere affected by small groups of military selfishness of class legislation and control, and then, when the end has come,
masters, who seek their own interest and the selfish dominion throughout we may look each other in the face and be glad that we are Americans and
the world of the Governments they unhappily for the moment control.
have had the privilege to play such a part.
You will not need to be convinced, that it was necessary for us as free
people to take part in this war. It had raised its evil hand against us. The
rulers of Germany had sought to exercise their power in such a way as to PRESIDENT WILSON IN MESSAGE TO GOVERNOR
shut off our economic life so far as our intercourse with Europe was conCOX OF OHIO SAYS HE WILL SIT TIGHT.
cerned, and to confine our people within the Western Hemisphere, while
The following telegram was forwarded to President
they accomplished purposes which would have permanently impaired and
impeded every process of our national life and have put the fortunes of Wilson by Governor James M. Cox of Ohio:
America at the mercy of the Imperial Government of Germany.
Just sit tight in the boat. The reaction now concreting will overwhelm
This was no threat. It had become a reality. Their hand of violence
those whose politics has engulfed their patriotism.
had been laid upon our own people and our own property in flagrant violaPresident Wilson sent the following in reply:
tion not only of justice but of the well-recognized and long-standing covenThank you heartily for the message. You may be sure I shall sit tight,
ants of international law and treaty. We are fighting, therefore, as truly
for the liberty and self-government of the United States as if the war of for the boat is sound, and nobody can overact it.
FEB. 2 1918.]
THE CHRONICLE
443
to organize in co-operation with our State and local Food Administrators to
see that these rules are obeyed by that small minority who may fail.
Part of the rules will be enforced under the Lever Food Act; other parts
are voluntary, and will depend for their success upon public sentiment.
Our experience hitherto has shown a willingness of the vast majority of cone
sumers, and a full co-operation of the trades, to undergo the self-sactificnecessary to render such measures effective. The small minority who refuse to co-operate should not be allowed to defeat the nation's necessities.
As their part in reducing the consumption of wheat flour, the consumers
of the country are called upon,in purchasing such flour, to buy at the same
time an equal weight of the other cereals (cornmeal, corn starch, corn flour,
hominy, corn grits, barley flour, rice, rice flour, oatmeal, rolled oats, buckwheat flour, potato flour, sweet potato flour, soya bean flour, and feterita
flour.and meals). The housewife may use these products separately in
making bread, cakes, and pastry, or mix them as she thinks best.
The retailers are to sell wheat flour only with an equal weight of these
other cereals.
2. Consumers will be able to obtain mixed cereal bread from their bakers,
who will be required under the license regulations to mix five per cent(5%)
of other cereals with their wheat flour, both in bread and rolls, and will be
required gradually to increase this substitution until, beginning Feb. 24,
a minimum of 20% of such cereals is to be used. The Food Administration
strongly urges on consumers the buying of this bread, which will be known
as Victory Bread, and will contain not lass than 20% of cereals other than
wheat. Graham or wholewheat bread will also be given that name,because,
containing, as they do, 25% more of the wheat grain than ordinary white
bread, they, too, will serve the purpose of saving wheat flour.
If you bake bread at.home, use wheat substitutes; if you buy it, buy
only Victory Bread.
3. Manufacturers of macaroni, spaghetti, noodles, crackers, breakfast
foods, pie, cake and pastry are not to purchase to exceed 70% of the wheat
flour they used during the corresponding months of 1917. These manufacturers will be performing a patriotic service by using cereals other than wheat
in their productions.
4. Wholesalers will be required, under license regulations, not to buy more
than 70% of their purchases of flour from millers as based on their purchases for the corresponding months of the preceding year, and their sales
to the retail trade must be in the proportion of one pound of wheat flour
to one pound of other cereals, this being the same proportion in which the retailer sells to the consumer, unless the wholesaler satisfies himself that the
substitutes have been already purchased from another source.
A ruling has been made that in making any combination sales under this
program, dealers shall name a price for each of the articles so sold, which
shall not represent more than a normal prewar profit on any one of the articles sold.
5t Millers of flour are to distribute their output through their customary
channels and markets in such a manner that each city, town, and district
A PROCLAMATION.
may receive its usual proportion. The wheat millers have been required to
Many causes have contributed to create the necessity for a more inten- produce one barrel of flour (196 pounds) from 264 pounds of wheat. This
in
food
save
order
to
people
that
we
our
of
part
may
supthe
is a white flour and represents from 2% to 4% higher extraction than from
sive effort on
ply our associates in the war with the sustenance vitally necessary to them last year's harvest.
reduced
productivity of Europe
6. To assist further in conservation. Monday and Wednesday of each
in these days of privation and stress. The
because of the large diversion of man power to the war, the partial failure o I week are to be observed as wheatless days, and one meal of each day as a
distant
more
markets
the
of
for
elimination
the
foodstuffs
wheatless meal. This applies both in the home and in the public eating
harvests, and
through the destruction of shipping places the burden of their subsistence place, and on such days and at such meals no crackers, pastries, macaroni,
breakfast foods or other cereals containing wheat should be used. The only
very largely on our shoulders.
which, if followed,
The Food Administration has formulated suggestions
exception to this is such small amounts of flour as may be needed for thickwill enable us to meet this great responsibility without any real inconveni- ening soups or gravies or as a binder in corn bread or other cereal breads.
ence on our part.
7. On wheatless days, and at wheatless meals, the Food Administration
In order that we may reduce our consumption of wheat and wheat prod- urges that bread baked in the home be other than wheat bread. Where
to
necessary
imperatively
provide
the
reduction
30%—a
supply
for bread is purchased either for use in public eating places or in the home, Vicucts by
overseas—wholesalers, jobbers and retailers should purchase and resell to tory Bread should be used, if no wheat substitutes can be found.
in
used
1917. All manufacturers
their customers only 70% of the amounts
The Federal Food Administrator in each State will announce the meal to
of alimentary pastes, biscuits, crackers, pastry and breakfast cereals be observed as a wheatless meal in his State. If no meal is designated, the
should reduce their purchases and consumption of wheat and wheat flour United States Food Administration prefers that the evening meal be wheatto 70% of their 1017 requirements, and all bakers of bread and rolls to 80% less.
8. It is further desired, in order that meat and pork products be conof their current requirements. Consumers should reduce their purchases of
wheat products for home preparation to at most 70% of those of last year, served, that one meatless day (Tuesday) in every week, and one meatless
cereal
mixed
breads
purchase
from
should
the
bread
bakers.
buying
meal in every day, be observed, and, in addition, two porkless days (Tuesor when
To provide sufficient cereal food, homes, public eating places, dealers and day and Saturday) in ever,week be strictly kept. By "meatless" is meant
potatoes,
vegetables,
corn,barley, oats and without hog, cattle or sheep products. On other days use mutton and lamb
manufacturers should substitute
rice products, and the mixed cereal bread and other products of the bakers in preference to beef or pork. By "porkless" is meant without pork,
cereals.
other
of
admixture
an
which contain
bacon, ham, lard, or pork products, fresh or preserved. Use fish, poultry
In order that consumption may be restricted to this extent, Mondays and and eggs:
days
wheatless
each week, and one meal
Wednesdays should be observed as
9. For local situations where exceptions are necessary, application should
each day should be observed as a wheatless meal.
be made to the State Food Administrators.
In both homes and public eating places, in order to reduce the consumpJohn Mitchell, Chairman in New York of the Federal
tion of beef, pork and sheep products. Tuesday should be observed as meatless day in each week, one meatless meal should be observed in each day, Food Board, received the following telegram from Mr.
while, in addition, Saturday of each week should further be observed as a
Hoover on Jan. 28 regarding the new regulations:
day upon which there should be no consumption of pork products.
A continued economy in the use of sugar will be necessary until later in
The sale of flour by retailers, millers or other dealers in towns or cities
the year.
to individual consumers shall be in one-eighth to one-fourth barrel quantity
unnecessary
and
consumption of all sorts or less. In rural or foreign communities in one-fourth to one-half barrel
It is imperative that all waste
quantity or less. Gross maximum profit for wholesalers in flour should
of foodstuffs should be rigidly eliminated.
The maintenance of the health and strength of our own people is vitally not exceed from 50 to 75 cents per barrel. Profit exacted by retail dealers
no
be
dangerous restriction of the in original mill packages should not exceed from 80 cents to $I 20 per
necessary at this time, and there should
food supply; but the elimination of every sort of waste and the substitution barrel, depending upon character of service performed. Where retailers
of other commodities of which we have more abundant supplies for those sell in amounts less than original mill package, the gross profit should not
which we need to save will in no way impair the strength of our people and exceed one cent per pound.
will enable us to meet one of the most pressing obligations of the war.
Any profits in excess of these or in excess of that obtained in pre-war time
I, therefore, in the national interest, take the liberty of calling upon will be considered cause for an investigation. Substitutes for wheat flour
every loyal American to take fully to heart the suggestions which are being should be sold at not more than a resaonable advance over actual purchase
circulated by the Food Administration and of begging that they be fol- price of particular goods sold without regard to market or replacement
lowed. I am confident that the great body of our women, who have labored value at time of such sale.
so loyally in co-operation with the Food Administration for the success of
On January 26 it was stated that increased prices for.
food conservation, will strengthen their efforts and will take it as a part of
their burden in this period of national service to see that the above sugges- war bread under the new Government regulations were
tions are observed throughout the land.
forecast at the meeting in Chicago of the Executive Commit• WOODROW WILSON,
tee of the National Association of Master Bakers, Henry
The White House, Jan. 18 1918.
U. S. GOVERNMENT'S NEW FOOD CONSERVATION
MEASURE—NEW WHEATLESS AND MEATLESS
RESTRICTIONS—VICTORY BREAD.
Further steps in the effort to effect greater conservation
in food in order to meet the needs of the Allies were taken
by the Government on Jan. 27, when President Wilson made
public a proclamation calling for a 30% reduction in the
consumption of wheat, and also for the observance of new
wheatless and meatless restrictions outlined in an announcement made on the same day by U. S. Food Administrator
Herbert C. Hoover. Under the new rules promulgated by
Mr. Hoover, two wheatless days are decreed—Monday and
Wednesday—instead of Wednesday only, as heretofore
provided for; in addition the request is made that one
wheatless meal be observed each day. Besides meatless
Tuesday, already in vogue, the public is asked that one
meatless meal each day be observed, and that on Tuesday
and Saturday no pork products be consumed. Furthermore, wheat substitutes are asked for in the making of bread
at home, while bakers, hotels and restaurants are called
upon to conform to new requirements in the making of bread;
the new product, which is designated as "Victory Bread,'! is
to contain at the start (Feb. 3—the date had originally been
Jan. 28, but the time was extended on Jan. 29) not less than
5% of cereals other than wheat, the amount to be increased
until a minimum of 20% of such cereals is established on Feb.
24. Millers are required to increase their milling percentage
from 2% to 4%, by producing the standard, barrel (196 lbs.)
from 264 pounds of wheat, which represents a 74% flour.
Continued ecdnomy in the use of sugar, says the President in
his proclamation, will be necessary until later in the year.
The following is the proclamation of the President, which,
although bearing date Jan. 18, was not made public until
Jan. 26:
with
The following is the statement issued on Jan. 26 by Food W. Stude, President of the Association, being credited
the statement that the demand for wheat substitutes would
Administrator Hoover regarding the new food regulations:
no doubt tend toward higher prices. On the 28th, in reply
The following is a summary of the rules that have been formulated by the
reports that bakers were preparing to raise their prices,
to
United States Food Administration, with the approval of the President, in
order to effect the further conservation in foodstuffs necessary to support the Food Administration made clear that the Victory Bread
the Allies and our own armed forces over the next four months. These must be sold at prices which obtain for its equivalent of
rules are effective from the morning of Monday, Jan. 28.
The effectiveness of those rules is dependent solely upon the good-will of, wheat bread. Increases, it was said, would be permitted
and the willingness to sacrifice by, the American people. In the last analy- only after investigation had shown that bakers could not
sis, the success or failure of any plan such as that here outlined rests with
make a profit manufacturing the new war bread at the
the people. We are dependent upon the co-operation of the trades. We
have but one police force—the American woman—and we depend upon her prevailing prices.
444
THE CHRONICLE
[VOL. 106.
Food Conservation Act. Under existing regulations proclaimed by the President in November last, all bakers, clubs,
hotels, etc., using ten barrels of flour or more a month are
licensed.
We won't be able to put the 5% substitute into effect right away. It
Reports of shortages of food and clothing among General
will take a day or two to arrange matters in accormince with the new regula- Pershing's forces in France led Secretary Baker on Jan. 19
tions. Barley, corn and rice are not as economical as wheat flour because
they contain no gluten. Considerable difficulty will be encountered in to announce that no complaints had come to him from either
obtaining an adequate supply of substitutes, no warning having been official or unofficial sources. Had there been shortages,
received by the bakers that would justify them in keeping any great supply
Mr. Baker said, not only would a report have been received
of these materials on hand.
from General Pershing in the ordinary course, but such a
The distribution of 18,000,000 food cards detailing the new report would have been required by army regulations.
regulations is being arranged among the millions of homes
It was announced on Jan. 26 that the crews of all American
throughout the country. These cards, in addition to exships sailing from Atlantic and Gulf ports will be put on a
that
request
also
days,
meatless
and
wheatless
the
plaining
special Food Administration ration, beginning Feb. 1. They
every day be made a fat-saving day (butter, lard, lard subwill eat less beef and pork than now and will observe ten
stitutes, &c.), saying:
Explanation.—Fry less; bake, broil, boil or stew foods instead. Save wheatless meals a week. The new conservation diet was
meat drippings; use them and vegetable oils for cooking instead of butter. worked out with the approval of the Department of ComButter has food values vital to children; therefore give it to them. Use it merce and the Shipping Board. Food officers say it will
only on the table. Waste no soap; it is made from fat. Be careful of
all fats. We use and waste two and a half times as much fat as we need. provide a much better balanced ration than is the rule now.
The use abundantly of fruits, vegetables and potatoes is The program later will be extended to American ships on
the Pacific.
urged. With regard to milk, the following advice is given:
The fact that the ingredients called for in the Victory
Bread are not as economical as wheat was pointed out by
Frederick H. Frazier, Secretary of the General Baking Co.,
on Jan. 27, when he was quoted in the "Times" as follows:
Explanation.—Use all of the milk; waste no part of it. The childrn
must have whole milk. Use sour and skim milk in cooking and for cottage
cheese.
Concerning the hoarding of food, the card says:
Any one buying and holding a larger supply of food now than in peace
time, except foods canned, dried or preserved in the home, is helping to
defeat the Food Administration in its attempt to secure a just distribution
of food and the establishment of fair prices. The food hoarder is working
against the common good and even against the very safety of the country.
Hoarding food in households is both selfish and unnecessary; the Government is protecting the food supply of its people.
The following appears on the reverse side of the card:
•
UNITED STATED FOOD ADMINISTRATION.
"Why We Must Save Food."
"See Other Side Showing How We Can Do It."
To the Members of the United States Food Administration:
The men of the Allied nations are fighting; they are not on the farms.
Even the men of the European neutral countries are under arms. The
fields of both Allies and neutrals lack man power, fertilizer, and machinery.
Hence the production of food by these countries has steadily lessened ever
since the beginning of the war while, at the same time, the shortage of
shipping has grown more and more serious, with the consequent steady
increase of difficulties in bringing food from the far-a-way markets of India,
Australia, and the Argentine.
The situation has become critical. There is simply not enough food in
Europe, yet the soldiers of the Allies must be maintained in full strength;
their wives and children at home must not face famine; the friendly neutrals
must not be starved; and,finally, our own Army in France must never lack
a needed ounce of food.
There is Just one way in which all these requirements can be met. North
America must furnish the food. And we must furnish it from our savings
because we have already sent our normal surplus.
We do not need to starve our own people. We have plenty for ourselves,
and it is the firm policy of the Food Administration to retain for our people, by its control of exports, a sufficient supply of every essential foodstuff. We want nobody in our country to eat less than is necessary for
good health and full strength, for America needs the full productive power
of all its people. Much of the needed saving can be effected by substituting one kind of food for another. But the time has come to put aside
all selfishness and disloyalty. The time has come for sacrifice.
The Allies ask us to meet only their absolutely imperative needs. They
are restricting the consumption of their own people to the minimum necessary for health and strength. They are controlling their food by drastic
Government regulation. There is even actual privation among their
women and children; there is starvation in Belgium.
The Allies need wheat and meat and fats and sugar. They must have
more of all of these than we have been sending, more than we shall be able
to send unless we restrict our own consumption. We can do it without
harm, for as a nation we are to-day eating and wasting much more food
than we need.
The whole great problem of winning the war rests primarily on one thing:
The loyalty and sacrifice of the American people in the matter of food. It
is not a Government responsibility, it is the responsibility of each individual. Each pound of food saved by each American citizen is a pound
given to the support of our Army, the Allies, and the friendly neutrals.
Each pound wasted or eaten unnecessarily is a pound withheld from them.
It is a direct personal obligation on the part of each of us to some one in
Europe whom we are bound to help.
If we are selfish or even careless, we are disloyal, we are the enemy at
home. Now is the hour of our testing. Let us make it the hour of our
victory; victory over ourselves; victory over the enemy of freedom.
HERBERT HOOVER,
United States Food Administrator.
On Jan. 31 President Wilson issued a proclamation requiring that all persons, firms, corporations and associations
manufacturing bread in any form, cake, crackers, biscuits,
pastry or other bakery products, must procure a license on
or before Feb. 4, excepting those already licensed and those
whose consumption of flour and meal is less than three barrels
a month. The order includes hotels, restaurants, public
eating places and clubs, which serve bread or bakery products
of their own baking. The proclamation also orders that
persons, firms, corporations and associations engaged in importing or distributing green coffee also must produce license on or before Feb. 4. All applications for license are
to be to the United States Food Administration. Violations
are punishable by a penalty prescribed by Congress in the
George C. Shane, Vice-President of a corporation which
operates a large flour mill in Philadelphia and ten others in
Minnesota, Kansas and Wisconsin, announced on Jan. 24
that his company had decided to begin supplying at once a
mixture of flour made of combinations of wheat and barley,
wheat and rye, and wheat and corn, in about the proportions required to maintain a uniform mixture until the next
harvest in July and August. Mr. Shane was quoted as
saying:
We realize that there will not be enough wheat flour to last the country
until next harvest time. Rather than grind all the wheat flour now and
later have to depend on substitutes entirely, we have decided to begin at
once furnishing these mixtures.
H. C. HOOVER ON ADDITIONAL LEGISLATION NECESSARY TO EFFECT CONSERVATION OF FOOD.
An outline of legislation which he considers necessary to
effect a greater conservation of food, is contained in a letter
addressed by Federal Food Administrator Herbert C.
Hoover to Representative Anderson of the House Agricultural Committee. Mr. Hoover's ideas of legislation necessary to bring about the food saving essential to the proper
rationing of the Allies were given in reply to proposals contained in a draft of a food bill submitted to him by Representative Anderson. The extension of the measures of the
Lever Act, the Food Administrator says, should include:
Control of distribution in order that all classes and localities may fare
alike and that unnecessary consumption should be prevented.
Control of use of foodstuffs in food manufacture with a view to limiting
the less essential manufactures.
Control of commodities critically necessary for the production and
preservation of foodstuffs in order to prevent great losses and military
sacrifices.
Mr. Hoover's letter was made public on Jan. 29. We give
it herewith:
Jan. 26 1918.
The Hon. Sydney Anderson, House of Representatives, Washington, D. C.
My Dear Mr. Anderson—I am greatly obliged for your letter of Jan. 23
inclosing draft of an Act which you believe would be adequate to cover the
present situation. I fear it does not go far enough to meet the emergency.
The points covered by your proposal are:
(a) Licensing public eating places.
(b) Percentage of wheat in flour.
(c) Mixing other cereals in flour.
(d) Wheatiess or other "less" days per week.
(e) Use of foodstuffs in nonfood products.
(f) Limitations on food served in public eating places.
Section (a) is effectively covered by section (f), which is much more
effective and direct, and would save the expense of some $5,000 to $10,000
per month in licensing 225,000 public eating places.
Sections (b) and (c) can be compassed under the Lever Act as they are
practicable. Sections (d) (e), and (f) are admirable.
The extension of the measures in the Lover Act, which our experience and
the present situation lead us to believe are vital for conservation,should also
include:
1. Control of distribution in order that all classes and localities may fare
alike and that unnecessary consumption should be prevented.
2. Control of use of foodstuffs in food manufactures with a view to limiting the less essential manufactures.
3. Control of commodities critically necessary for the production and
preservation of foodstuffs in order to prevent great losses and military
sacrifices.
In the first instance, I would refer.you to the copy I inclose of a statement which we issued this morning outlining the necessity and the plans
for further conservation in certain commodities which you will see'covers
a much wider range than the Act which you propose would cover.
While it is vitally necessary to regulate the consumption of food in public
eating places, the consume on various estimates, from 12 to 20% of the
total foodstuffs, and if they were reduced out of all reason they would not
solve the problem. Some method must be devised which will cover a much
wider area of consumption.
It appears to me that we should attack the non-essential uses offoodstuffs,
and that we should attack the point of unnecessary consumption of foodstuffs. By these means we can place the burden where it belongs—on the
FEB. 2 1918.]
THE CHRONICLE
luxurious and greedy, and not upon the poor. This implies some further
measures of control in distribution and in nonessential use. If you will
give the whole problem study I believe you will find that somewhere in
the nation we consume or destroy over 30% more food than we need for
health and strength, and that this margin, if it can be implemented, will
supply all Allied demands. But we should not draw it from that class to
which economy and moderate use is a daily necessity.
Take, for example, the case of sugar, the shortage in which will, we
hope, not exceed 10%. We should be able to accomplish this by a reduction in the manufacture of confectionery and sweet drinks of, say 20%.
and these very manufacturers could substitute other things and maintain
their volume of production. During the recent shortage we made a
patriotic appeal to such manufacturers to reduce their consumption of
sugar by 50% and placed it at this figure because we did not wish to destroy the livelihood of 250,000 women and girls pending fuller supplies of
sugar. I have specifically before me the case of one very large manufacturer who followed this suggestion implicitly, only to find that over a
score of manufacturers of imitation goods sprang up on all sides, supplied
the trade to his great damage and loss, and we were powerless to give him
any protection in his patriotic action. Surely, it is better that the conservation of sugar should be made in the luxury trades and that they should
have protection in making it, than that we should draw upon household
supplies.
The recent experience with sugar also serves to prove the necessity to
have some further powers in distribution. During the entire 'recent Sugar
shortage the gross supply amounted to 80% of normal consumption, yet
we had sporadic famines and privation all over the country because no
organized distribution could be effected. The greedy got sugar and others
went without.
As to conservation measures necessary to apply to commodities needed
for the production and preservation of foodstuffs I may cite the case of
ammonia, which is critically necessary to maintain our cold storage warehouses, in which must repose over $500,000,000 worth of food from time
to time. The production of ammonia in 1917 was about 130,000,000
pounds; of this the demands of the Army and Navy for explosive purposes
are estimated to us as being 150,000,000 pounds per annum and the amount
necessary to maintain cold storage warehouses is 40,000,000 pounds per
annum. In other words, there is an absolute shortage of 60,000,000 pounds
per annum at the present moment which may later on be partially reduced
by increased production. Yet ammonia is being used to a very considerable extent in the maintenance of skating rinks, in cold storage of furs,
alcoholic drinks, household ammonia, &c. I think the War Department
has recognized that the maintenance of the cold storage warehouses is vital
to the food supply of our people and that they may, therefore, themselves
be obliged to reduce the amount of explosives manufactured and thereby
possibly jeopardize our military possibilities until production can be built
up.
Another typical case of this kind lies in the question of tin cans. The
amount of pig tin produced in the world to-day is too little for the total
demands. We are able to obtain only a porportion of the requirements for
manufacturing tin plate. The increased demands for tin containers for
our own and the allied armies render it absolutely impossible to maintain
the supply to the whole of the for container users. It would seem to
effect no great hardship on the American people if the use of tin plate and
tin foil in toilet articles, and for containers for such other articles which
can be established in either glass or paper cartons, were limited. We are,
however, powerless to-day to effect these measures, except so far as they
can be done voluntarily. I feel certain that ugless some effective control
of the matter is taken that we will yet be unable to preserve the very large
amount of fruit, vegetables and meat which must necessarily go into tin
containers.
I will not weary you with more than these typical cases which lie outside
of the authorities which you propose should be conferred upon the President. Not only do more exist at the present moment, but as the war goes
on. new ones will arise from day to day.
We have carried on an extensive campaign for voluntary conservation.
This effort has brought beneficial results in many directions, through the
fine sense of service and self-denial in our people. The great majority'
of trades co-operate with us in the most patriotic manner, but the minority
who will not follow not only prejudice the patriotic but discourage and
undermine their efforts. The demands, as they have developed during
the last sixty days, are, I believe, greater than can be borne on a purely
voluntary basis. I am perfectly willing to go on and make every effort to
succeed with voluntary methods and in fact the situation is one of such
gravity that we are now sending out further and further requests for more
self-denial, for more voluntary action amongst the trade in support of
conservation. I hope that it will succeed, but I think it only right to
point out that if it shall fail, the grave responsibilities can not be left upon
my shoulders, if Congress should consider that nothing further is necessary
by way of legislation.
Yours faithfully,
HERBERT C. HOOVER.
445
individual sacrifice, have so far refused nothing that is needed for the war,
but it now lies with America to decide whether or not the Allies in Europe
shall have enough bread to hold out until the United States is able to throw
its force into the field. I have not minced words because I am convinced
that the American people, if they know the truth, will not hesitate to meet
the emergency."
We have replied: "We will export every grain that the American people
save from their normal consumption. We believe our people will not fail
to meet the emergency."
In addition to this amount for the Allies, we must find 15,000,000 bushels
for the Belgian relief, or these people whom we have supported all these
three years will starve; and we must also furnish some 10,000,000 bushels
for Cuba and other neutrals upon whom we are dependent for other foods
in return. We estimate the American people have saved as much as
30,000,000 bushels out of last harvest, and if we are to meet the increased
demands we must rigidly reduce our wheat consumption to 30% below
normal until next harvest.
In addition to wheat, we are shipping large quantities of corn and other
cereals with which to mix in their bread, but Europe must have a wheat
foundation for the loaf just as ourselves.
In beef our pre-war exports to the Allies averaged less than 1,000,000
pounds per month. During the last two years we have averaged about
22,000,000 pounds per month. They are sending their boats to load an
average of 70,000,000 pounds per month during the next three months.
Our own Army apparently uses about 10,000,000 pounds per month more
than normal to these same men. Our cattle have not increased. We can
only provide these drafts upon us by reducing our consumption. As we
eat more meat than we need to preserve health, this will do no harm.
Our production averages roughly 650,000,000 pounds per month, and
these demands represent a little over 10% of our consumption. Our own
domestic beef consumption has increased from about 70 pounds per person
per annum to about 80 pounds during the past five years. The public
health has been no better during this last period. If we could get back
to our pre-war meat consumption 'a e should solve our present problem.
The meatless day has made it possible for us to maintain these exports
for the present.
In pork products we exported to the Allies about 50,000,000 pounds
monthly before the war. We have shipped them about 100,000,000 pounds
per month during the past two years. During the next three months they
are asking for over'150.000,000 pounds monthly. Our hogs have decreased
since the war began. Our own consumption is far above our health
necessities and we can easily save this amount. Our average monthly
production of hog products is roughly 750,000,000 pounds. We need to
export an increase over pre-war averages of 100,000,000 pounds, and, as
our supplies are below normal, we need to save at least 20% until such a
time as our hog supply increases.
If the Cuban sugar crop yields as estimated, we will need to save from
200,000 to 400,000 tons of sugar from our normal consumption if the Allies
are to be supplied—about 10%.
Not only the increased demands, but also the sharp and distressing
reduction in rations amongst the Allies are evidence enough of the acute
situation we must meet.
The President is to issue a program for food conservation. The program
In many particulars is of necessity largely voluntary, but in some particulars
it can be enforced under the food bill. In any event, no measure that has
not the loyal support of the majority of our people can ever succeed. The
results of voluntary conservation during the last six months abundantly
prove the desire of the vast majority to make the sacrifice necessary to
feed the Allies and our own soldiers. There is, however, a national risk
that we fail to secure the necessary conservation through opposition of a
minority disheartening the majority. We should like to have the authority
to make the minority bear its share of the burden. The situation does not
bear delay and we propose to do the best we can on a voluntary basis, plus
what authority we do possess.
it would be easier for us to ask less than necessity demands. What we
do ask are not large percentages—there is no privation in them. In any
event, we have no intention of exporting more than our savings, for we
must and will protect the food supply of our own people. Therefore, the
fullness with which we can meet these demands is determined simply by
our monthly saving. We have abundant other foods which we can substitute for the exports wanted and if we could only eliminate all waste and
all unnecessary consumption it would solve the problem. A large number
of our people are not in a position to reduce consumption. Their daily
life is of necessity one of continuous economy and saving. The responsibility and the burden of these savings must therefore, fall in a large degree
upon those more fortunately situated. Those who have most must save
most.
Addressing the farmers of Monmouthshire on Jan. 26,
Lord Rhondda, the Food Controller, said that in one week
in December submarines destroyed 3,000,000 pounds of
bacon and 4,000,000 pounds of cheese. The enemy, he
SAVING FLOUR TO FURNISH ALLIES 75,000,000 said, might put the Allies to a great deal of trouble, inconvenience and privation, but they could further pull in their
BUSHELS MORE WHEAT.
belts and laugh at the Germans. He said he had reduced
Food
Administration planned new
Indications that the
the price of thirteen of twenty-one articles of prime necessity.
measures to bring about a greater saving of flour in the
interest of the Allies were contained in reports from Washington on Jan. 24, which stated that as the Allies are now calling
BREAD RATIONING PROGRAM ABROAD.
for 75,000,000 more bushels of wheat, the Food Adminis30%
over
of
bread rationing program in some of the nations
The
take
the
to
tration had arranged
flour production
of the United States, out of w)lich supplies would be taken abroad was set out as follows in the New York "Times" of
for export. Following these reports, the Food Administra- Jan. 27:
France—Ration, 10 ounces daily; milling standard, 90%; other cereals
• tion issued the following statement on Jan. 25 relative to
than wheat, 40%.
the wants of the Allies:
pounds a week: milling, 90%;other cereals than wheat,
England-1M
The food situation in Europe has become steadily more difficult, and 30 to 40%.
larger demands have now been made upon us than ever before.
Belgium-250 grammes a day; milling. 82%; other cereals than wheat,
On Jan. 1 we had already exported the 60.000,000 bushels of wheat 30%.
which comprised our normal surplus from the last harvest. The latest
Italy—No figures on ration; milling. 8.5%.
cable from Lord Rhondda, who speaks on behalf of the wheat control of
Germany-350 grammes a day; milling, 82%.
the French, English, and Italian Governments, needs no added word
from me.
In Italy there are no definite figures of the percentage of other cereals
"Unless you are able to send the Allies at least 75,000,000 bushels of used in the mixture. as there have been made changes, and much corn
wheat over and above what you have exported up to Jan. 1,and in addition flour is used without mixing it with wheat flour. In Germany the mixture
to the total exportable surplus from Canada, I cannot take the responsibility at one time contained not more than 15% of wheat flour, but the situation
of:assuring our people that there will be food enough to win the war. Im- Is much improved there now because of added supplies obtained from
perative necessity compels me to cable you in this blunt way. No one Rumanian harvests. Other cereals, such as rye, are also used in large quanknows better than I that the American people, regardless of national and tities in bread in Germany.
446
THE CHRONICLE
REPORTED SEIZURE BY CANADA OF WHEAT IN
ELEVATORS.
The seizure by the Canadian Government of all wheat
in elevators throughout Canada, amounting to approximately
100,000,000 bushels was reported in dispatches from Winnepeg on Jan. 31. Lake shippers, it is stated, must cancel
all orders in the United States and transfer them to the
Wheat Export Co., a Government corporation, for export
overseas. The "Journal of Commerce" of yesterday in
stating that the announcement in the Winnipeg dispatches
was said by a member of the Wheat Export Company in
this city to be exaggerated, added:
[VOL. 106.
1st and 15th of each month until practically all creamery
butter is released from storage. This increase is designed
to compensate for storage expenses.
It is stated that the new scale of prices is based on a
careful investigation of the cost of storage butter and allows
a reasonable profit for the holders. The usual trade differentials are to be allowed the various classes of handlers.
Stable prices at these two principal butter centres under
voluntary agreements with principal butter exchanges is
regarded, it is said, as sufficient assurance that corresponding prices will rule throughout the country.
REDUCTION BY FEDERAL MILK COMMISSION IN
FEBRUARY PRICES FOR MILK.
A slight reduction in the price of milk to the consumer for
the month of February was announced by the Federal Milk
Commission of New York State on Jan. 28, following executive sessions held in this city last week. The Commission
is under the chairmanship of Dr. W. H. Jordan, Director
of the New York Agricultural Experimental Station, who
since last November has been investigating the costs of
producing and distributing milk. The February price of
Grade A milk, quart bottles, delivered to consumer is 163/2
cents, against 17 cents fixed for January and for Grade B
milk 143/i cents, against 15 cents in January. The price
for pint bottles of Grade A milk is now 9 cents, as compared
with 10 cents last month, while that of Grade B milk has
dropped from 9 to 8 cents. The following are the February
DISCONTINUANCE OF JANUARY TRADING IN CORN prices in detail:
Price which the producers shall receive for 3% milk In the 150 mile zone,
BY CHICAGO BOARD OF TRADE.
$3 34 per 100 pounds, as against $3 52 for January.
The discontinuance of trading in January corn on the
Price to be charged by distributors for Grade A milk, delivered to cusChicago Board of Trade was announced on Jan. 25 by tomers, 163i cents per quart.
Price to be charged 13/ distributors for Grade A bottled milk delivered to
Secretary J. R. Mauff, who stated that a committee would consumers;
pints, 9 cents.
establish a fair price for the settlement of exisiting contracts.
Price to be charged to the stores for Grade B loose milk, 10% cents per
quart.
The settlement price was later fixed at $1 28. The Chicago
at which stores may sell Grade B loose milk to consumers, 11 cents
"Tribune" of Jan. 26 had the following to say regarding the perPrice
quart.
action:
Price to be charged to stores for Grade B bottled milk, 133i cents a
It was stated that there had been no seizure of wheat and that the only
drastic move taken by the Canadian Government had been the granting
of priority to shipments of grain destined for the account of the Wheat
Export Company, an organization headed by officials of the British Goveminent and maintained for the purpose of guaranteeing a proper amount
of grain to the Allies. An official at the offices of the Wheat Export Co.
stated yesterday:
"The reference in the dispatch from Winnipeg does not convey the proper
tone. . There was really no seizure. That point should be made clear.
What was done, I am informed, was to make a ruling whereby all consignments at elevators to the account of the Wheat Export Co. will be granted
priority over shipments held by private interests.
"For instance, there are huge quantities of grain in the elevators at
Fort William. Say that 2,000,000 bushels are held for the account of
private interests. Then let us suppose that there are some 4,000,000 bushels of grain being held for the account of the Wheat Export Co. Both of
the consignments are awaiting car space. Under the ruling just made by
the Canadian Government, there cati be but one solution to the problem.
The Wheat Export Co., being a Government organization with official
standing, will receive all preference in the matter of granting car space.
"It is a just move and one that should do much to start the grain moving.'
Action of the directors in stopping trading in January corn was due to the
fact that it was so close to the maximum price there was little opportunity
for action, particularly as selling was discouraged by big premiums prevailing for cash corn. Only a big movement can reduce these premiums,
and there was no possibility of this during the few remaining days of this
month.
quart.
Price to be charged to tonsuiners by stores for Grade B bottled milk, 14
cents a quart.
Price to be charged to stores for Grade B bootie milk, 7 cents per pint.
Price to be charged to consumers by stores for Grade B bottled milk, 8
cents per pint.
,Price to be charged by distributers for Grade B milk, delivered to consumers, 143 cents per quart.
Price to be charged by distributers for Grade B milk, delivered to customers, pints, 8 cents.
Price of milk, delivered in wholesale lots to hotels and restaurants, for
ten gallon cans, 11 cents per quart.
Less than ten gallon lots delivered, 113 cents per quart.
COMMITTEE TO INVESTIGATE TRADING IN OATS
FUTURES ON WINNIPEG EXCHANGE.
The appointment of a committee by the Canadian Grain
Council to investigate trading in oat futures on the Winnipeg
Exchange was announced on Jan. 25. The committee
In a report of its inquiry into the milk situation presented
consists of the President and Vice-President of the Exchange,
R. R. Dobell and G. W. Fisher, and F. 0. Fowler. The to the Federal Administration at Washington Dr. Jordan's
Commission pointed out that the attention of the consuming
Chicago "Herald" of Jan. 26 said:
The investigation has grown out of an attempt on the part of a few holders public of New York City should be called to the fact that
to secure fancy prices for seed oats. This has been overcome by an arrange- the cost of milk has not advanced more, and in fact not as
ment made by Seed Commissioner with line elevator companies and others, much, as in the case of other foods. Incidentally, the new
who have agreed to give the Government a large line of seed oats at a fixed
price. This will reduce the premium which has been a factor in making the York "Sun" of Jan. 29 states, the Commission declared that
it is "not unmindful of the fact that the system of distributing
oat market there so strong, so Winnipeg men said yesterday.
milk in New York City is needlessly wasteful and expensive,"
FRENCH IMPORTS OF COFFEE DISCONTINUED TO and has appointed committees which it hopes will work out
economies in distribution. With regard to the further conRELEASE TONNAGE FOR AMERICANS.
Victor Boret, the French Food Minister, on Jan. 27 clusions of the Commission the "Sun" says:
The Commission said that in reaching its conclusions as to the cost of
nformed the public that, as the supply of coffee on hand producing
milk it had the records of milk production over a large and diwas sufficient for France's needs for more than a year, the versified area from above 9,000 cows, which data included surveys of many
Coffee Exchange at Havre would be closed and coffee agricultural colleges as well as individual farmers.
For the purpose of ascertaining the costs of distributing milk through the
importations would be discontinued. This step was taken, various
stages from the milk station In the country to the consumer," the
he said, to release tonnage for the transportation of American report set forth, "no method was possible for the Commission within the
troops, material, and wheat. The Minister warned the available time, except to analyze the figures taken from the books of several of the larger milk companies. . . . The confidence of the Compeople against excessive buying and hoarding.
mission in the figures reached for the cost of distribution is strenghtened by
WHOLESALE PRICES FOR BUTTER FOR NEW YORK
AND CHICAGO FIXED BY FOOD ADMINISTRATOR.
Wholesale prices for storage creamery butter for New
York and Chicago, the New York prices to govern other
points in seaboard territory were announced by the United
States Food Administration on Jan. 19. The new scale,
it is stated, has been established with the voluntary cooperation of the butter trade, and all exchanges have been
notified to observe the following wholesale quotation:
New York: 47 cents a pound "for the remainder of the
season." This means about two months, when most of the
present storage creamery butter will have been released.
This price will remain unchanged, without allowances for
accumulating storage charges.
Chicago: 453 cents a pound until Feb. 1. Beginning
then the price will be advanced one-fourth of a cent on the
the fact that the City Milk Commission, whose accountants examined the
books of the distributers, arrived at essentially the same result."
The Commission showed that a quart of Grade B milk costs the distributer 7.7 cents and the consumer 14.5 cents, or a difference of 6.8 cents.
Loose Grade B milk sold direct from stores costs the distributer 7.7 cents a
quart and the consumer 11 cents, or a difference of 3.3 cents.
"Families of moderate means," the Commission says, "should be encouraged in noting that they are obliged to pay only 3.3 cents a quart more
than the distributers are obliged to pay the producers, which must be considered a very reasonable spread between the original cost and the consumer's cost under existing circumstances.
"In the case of bottled milk delivered to the consumer testimony furnished from the books of the distributers showed that under prevailing
conditions it cost more than 3 cents a quart to carry the milk from a distributing centre to the consumer's door."
The Commission found that the different classes of milk were sold in this
city in approximately this proportion: Grade A bottled, delivered to consumers, 6%; Grade B bottled, delivered to consumers, 34%, and Grade B
loose, 60% •
The Commission said it is its judgment that under present conditions of
production and distribution the families of moderate means in Now York
City are able to obtain a supply of milk, which is sanitary when purchased, at a very reasonable price.
FEB. 2 1918.]
THE CHRONICLE
NO INCREASE IN MEAT PRICES BECAUSE OF
TEMPORARY SCARCITY.
A warning that a temporary scarcity in meats due to transportation difficulties will not be permitted as an excuse to
increase prices was contained in a communication addressed
by the U.S. Food Administration to the State Food Administrators on Jan. 28. This communication said:
There is likely to be in the next few days, and perhaps for some time
thereafter, a temporary scarcity of fresh meat, especially in the East.
This is not due to lack of supplies of live stock but to difficulty in transporting meat. The normal tendency of' such a scarcity would be to advance the prices to retailers and consumers out of line with costs of production.
This must not happen. The Food Administration has instructed meat
packers not to sell at prices representing more than a normal average
margin above cost, and to distribute such meat as it is available fairly
among customers. You are directed to enforce this Order.
You will also inform the public of this action immediately through the
press, the local Food Administrators, and otherwise.
You should also give notice in a similar way to retail dealers in meats
and substitutes therefor that they must not at this time charge prices
giving more than a normal average margin above cost, and that they must
distribute such meat as is available fairly among their patrons.
The Food Administration will on notice from you direct packers and
wholesalers not to sell to any retailer who is proved to have violated this
instruction. Unless the conditions in your State are peculiar, so that the
statement would not be Justified, you should inform the public that there
will be little if any increase in the prices of live stock or the cost of preduction of meats during the near future, and that any material advance in the
prices of meat is therefore unreasonable.
DIFFERENCES OF MEAT PACKERS AND UNION EMPLOYEES TO BE ADJUSTED BY ARBITRATOR.
A settlement of the differences between the meat packers
and their union employees which had threatened a strike in
the ten largest packing house centres of the country, was
effected at Washington on Jan. 27, when an agreement was
reached stipulating that there shall be no discrimination
against union members and that question of hours and labor
shall be referred to an arbitrator appointed by the Secretary
of Labor. The awards of the arbitrator, not yet appointed,
will be effective as of Jan. 14. Under the agreement,
grievance committees appointed by the workers will be received by the employers, whether their membership consists
of union or non-union men. It affects many thousand
workers in Chicago, East St. Louis, Kansas City, Oklahoma
City, Fort Worth, St. Joseph, Omaha, Denver, St. Paul
and Sioux City. A statement of the settlement basis, made
by attorneys for the packers, said:
447
that they met the representatives of the workers solely as
individuals and that their action was not to be construed as
recognition of any union. The union leaders on their side
asserted that recognition of the union was not one of their
demands. The suggestions by the union men that the Government take over the packing plants during the period of the
war are not affected by the agreement. President Wilson,
it is said, still has the suggestions before him. Federal
control of the packing industry during the war was urged
upon President Wilson by representatives of the men at
several of the conferences; on Jan. 18, the spokesmen for the
unions pictured to the President a critical situation in all
of the great packing centres and asked that the Government
interfere and, if necessary, take over the operation of the
plants. The President at that time was said to have stated
that mediation would be tried first before considering alternatives. Samuel Gompers, President of the American
Federation of Labor, participated in the conference between
the President and the labor delegation, which was headed by
John Fitzpatrick, President of the Chicago Federation,
Secretary of War Baker, as Chairman of the Council of
National Defense, and Secretary of Labor Wilson, also took
part in the conference. At its conclusion Mr. Gompers
issued a statement saying:
The attitude of the packers toward their employees is intolerable. The
employees are in a state of unrest, and the union heads feel scarcely able
to control the situation. Unless justice is done, in my opinion, the men
will quit work. They cannot stand the brutality handed out to them,
the lack of appreciation for efforts, the low pay and the long hours.
The President listened with attention and was sympathetic and said
that he would undoubtedly consider what can be done. He said that he
would first place the matter into the hands of his mediation committee.
which would endeavor to settle it by taking it up with all parties concerned.
If this does not bring action the only alternative would be to consider
Government control.
Secretary Wilson's appointment of an arbitrator will be
subject to approval by the Council of National Defense.
Both sides to the controversy will suggest men for the place,
but agree to accept the man named.
COUNTRY'S SALT SUPPLY ABUNDANT.
The "Official Bulletin" of Jan. 22 states that the rumor
that there is a general shortage of salt in the United States
has no foundation, as is shown by the following statement
made by the United States Geological Survey, Department
of the Interior. Estimates of the production in 1917, compiled by R. W. Stone, show a total of more than 6,946,000
There is to be an open shop during the period of the war; there is to be short tons, an increase of 583,000 tons, or 9% over the prono recognition of any union and no preferential shop. The matter of ad- duction in 1916. As the largest domestic consumption on
justment of wages and hours is to be left to the determination of the Ad- record, that of 1916, was less than 6,500,000 tons, and as
ministrator appointed by the Secretary of Labor with the approval of the
the imports in 1916 were less than 2% of the total consumpCouncil of National Defense.
The agreement reached is in all respects in accordance with the offer tjon, it is evident, says the "Bulletin," that the country is
made by the packers in Chicago after the employees had refused to accept in no way dependent on a foreign supply for its salt. Any
the Increase in wages offered by the packers.
It is stated that there were. eighteen questions at issue local or temporary shortage that may have occurred in the
between the packers and their union employees. Those last few weeks of 1917 was due, it is said, mainly to conconcerning the rights of union members, wages, and hours gestion of freight.
were regarded as the most important. Six of the eighteen
go to arbitration, including demands for $1 a-day flat in- ADDITIONAL TIN PLATE FOR CANNERS RELEASED.
The release of additional tin plate for bean packers is
crease in wages, equal pay for women and men, a guaranteed number of hours of work, a basic eight-hour day, time announced by the U. S. Food Administration in the "Official
and a half for overtime, and double pay for Sundays and Bulletin" of Jan. 25, reporting this as follows:
The United States Food Administration announces that it has secured
holidays. It was agreed that there should be no discriminrelease of sufficient tin plate to permit canners to begin operations on
ation against union members, either in employment or in the
an additional 25% of their indicated pack of dry white colored, or lima
distribution of work, this clause taking the place of the beans. They had already been granted permits to can an initital 25% of
union men's demands for preferential employment of union the amounts they had indicated would be packed by March 1.
In addition to amounts canned under permits for dried beans, the Food
men. Seniority will be observed in promotions. Standing Administration
is urging canners to pack the greatest possible quantity
committees on grievances were not provided for, but it was of wet beans. Beans containing more than 20% of moisture are included
they are canned before warm weather they will be
in
this
class.
Unless
said by the union men that there was to be no objection to lost.
Special permits must be secured for the
beans. The Food
appointment of the same representatives again and again. Administration will grant these as freely as possible.wetThe
pig tin situation
The employees will not be required to join the insurance Is still serious. With part of it utilized to save wet beans now in storage,
when
there
is
some
question
as
to
the
Food
Administration
will be able to
societies maintained by the companies. The companies
secure an additional release of tin plate. Every possible effort is being
agree to provide sanitary lunchrooms, lavatories, and other made, however, to insure a supply sufficient to prevent the spoilage
of the
wet bean crop.
improved working conditions.
early
frost
Late
summer
rains
and
partly
explain
the
large
proportion
of
The differences between the packers and their union em- wet beans resulting from last summer's crops. In
food value they are
ployees reached a crisis just before Christmas, after a strike equal to the dried beans, and the Food Administration will endeavor to have
vote had been taken, which was said to have resulted 98% the entire crop made available in the form of canned goods. In a letter
to all canners, the Food Administration says: "As a patriotic food
in favor of a.cessation of work if necessary to force better- sent
conservation measure we suggest that you can the maximum quantity posment of their wages and working conditions. The Mediation sible of this wet stock."
Federal food administrators in every State have been notified by teleCommission brought the two sides together in an agreement
graph to grant authority to begin canning immediately, pending receipt
for arbitration. Later it was charged by the workers that of
official permits mailed from Washington.
the packers failed to abide by this agreement, and the men
then took the matter to the White House with the suggestion REDUCTION IN PAINT SHADES AND SIZE OF CONthat the plants be commandeered by the Government. The
TAINERS—SAVING IN COAL.
President again asked his Mediation Commission to straighten
The proposed reduction in the number of paint shades and
out the tangle, and after many days of conference with both the size of containers was made known by the Council of
sides the agreement of last Sunday resulted. In joint meet- National Defense in the following statement issued on
ings of the packers and union leaders the packers declared Jan. 21:
448
THE CHRONICLE
[VOL. 106.
at least. There is to be a further conference on Tuesday
next, when a decision as to the remaining period will be
reached. On Jan. 29 representatives of department stores
in New York, Philadelphia, Boston, Chicago and other
cities called on Fuel Administrator Garfield with a view
to securing a modification of the order which requires
the retail stores to observe the Monday closing
down of business. The Fuel Administrator, it was
reiterated on the 29th, would not modify the order
unless specific cases were shown in which there are
excellent reasons for so doing. The merchants, it was said,
suggested that more coal could be saved if stores were limited
to a six-hour business day, six days a week. Dr. Garfield
asked them to present their figures to the Fuel Administration's conservation department, where they would be
given consideration. It is estimated by officers of the
New York State and County Fuel Administration that some
20,000 tons are saved in the city on Monday through the
fuel conservation order. County Administrator Reeve
With regard to the proposed reduction in paint shades and Schley, concerning the efficacy of the order, was quoted in
the size of containers the "Oil, Paint and Drug Reporter" in the "Times" of the 30th as saying:
advices from Washington under date of Jan. 18 said:
Personally I would not agree to another five days industrial closing as a
To conserve tin and linseed oil and other ingredients of paint that are
necessary for carrying on the war paint manufacturers now making in some
cases as high as 100 shades of house paint will limit themselves after July 1
to 32 shades. They will also eliminate several sizes of containers. Recommendations to this effect have just been issued by the Commercial Economy Board of the Council of National Defense. The Board consulted with
practically all manufacturers and representative dealers in preparing the
recommendations and is already assured of the co-operation of practically
the entire trade.
The detailed limitations refer to all kinds of paint and varnish. Enamels
for instance, will be restricted by the manufacturers to 8 shades, floor paint
to 8,roof and barn paint to 2, shingle stains to 12, oil colors to 30, carriage
paint to 8, architectural varnishes to 10 grades, marine varnishes to 4. and
soon. In many cases this will mean a reduction of50% or more.
Half-gallon cans are to be discontinued altogether for both paints and varnishes, as are also all cans smaller than half pints. In several kinds of
paints, pint containers are to be eliminated and all cans smaller than
gallons in barn and roof paint and shingle stain are to be dropped. The reductions are expected to involve little inconvenience to consumers.
With the reduction in the number of kinds of paint and varnish and of the
sizes of containers dealers will be able to operate on smaller stocks, and this
will mean the release of large quantities of materials and capital that
would otherwise be tied up on the dealers' shelves.
The program represents the voluntary action of paint manufacturers and
dealers in meeting a national problem presented to them by the Board.
For several days last week representatives of the paint and varnish indus- matter of coal conservation. The one day a week plan has proven more
try, master painters and decorators, were in conference with officials here efficacious.. The closing order is being strictly observed here, and it has
of the Fuel Administration and of the Council of National Defense with a brought a real saving in coal. It has also given us a chance to coal steamview to reducing the number of shades of paints, varnishes, enamels, and ships and at least keep up with the more pressing demands.
also of reducing the number of container sizes to be used in distributing
Albert H. Wiggin, State Fuel Administrator, was credited
the products. The conference had a double application to the conservation program in that a result was made by the Fuel Administration look- with the following statement in the "Journal of Commerce"
ing to a voluntary reduction by the manufacturers in the number of tons of
of the 29th:
coal to be used in 1918.
Fuelless Monday has been well observed, and I should say better than
It is planned by the War Board to effect a saving in the so-called non-war
industries-paint and varnish, wall paper, brewing, boxboard, confection- last Monday. The greater amount saved, however, has been counterery, &c.-of not less than 50,000,000 tons of coal during the present year, acted by the greater number of exemptions. And, of course, the exempand the result of twelve conferences held in this city during the past few tions have been the greatest users of coal. There has been saving in
weeks has been the voluntary pledge by twelve industries to reduce their offices and public service corporations, but it has been impossible to estimate the exact amount of coal saved.
consumption by 20,000,000 tons.
The principal topic of discussion from the point of view of the paint and
On Jan. 25 County Fuel Administrator Schley made public
matter
of
paint
and
however,
the
represented
was,
varnish industries
varnish shades and of container sizes, following upon the action taken by the following list showing the exemptions from Dr. Garthe manufacturers themselves and pledged at the annual conventions of the field's order:
Paint Manufacturers' Association and the National Varnish Manufactur1. Industries for producing, transporting and distributing fuel are
ers' Association last fall. Since that time many firms have more than met
the suggestion for a radical cut in the number of paint shades,&c.,and in the exempt.
Warehouses, firms and corporations are permitted to operate their
2.
elimination of odd-sized containers that there might be an effective saving
storehouses to the extent of receiving incoming freight and for this puprose
of tin plate.
The conference was an executive session, and while the recommendations may operate freight elevators only.
3. Manufacturers engaged in making duck into tents and equipage for
of Malcolm 0. Dizer of the Commercial Economy Board of the Council of
National Defense have not been made public, it is known that sharp cuts the United States Government are exempt.
4. Manufacturers of 12 4-10 and heavier duck for the United States
were effected even in the maximum list of the manufacturers. In outline
the cuts agreed upon were as follows, although it is anticipated that the Government are exempt.
5. Schools are exempt.
action is not final and that still further reductions may be made:
6. Manufacturers of print papers are exempt.
Exterior house paints on color cards cut to 32, which represents a re7. Plumbers are permitted to operate to the extent necessary to take
duction of 50%; porch and floor paints to 6 each;flat wall apints to 18; oil,
care
of emergency work for the preservation of the health of the comacid and varnish stains to 6 each; architectural varnishes to 2 exterior and
munity.
3 interior; paste colors in oil to 50 colors; ready mixed automobile varnish
8. Canneries are permitted to operate to an extent necessary to prevent
paints cut about 50%, to 6.
start new work.
Further eliminations were made in the list of tin containers, and if the loss of goods in process. Must not
9. Manufacturers of farm machinery necessary for spring orders are
recommendations of the conferees are carried out, colors in oil will be marexcempt.
keted in one-pound and five-pound tins only.
10. News dealer are exempt to an extent sufficient to distribute the newsThe paint and varnish industries will be called upon, with other nonwar production, to cut their consumption of power 25% , or one day in six papers issued.
11. Tobacco manufacturers may finish stock in process which would
at least.
become useless otherwise.
No trouble is anticipated by the War Economy Board as the trade gener12. Manufacturers of fire brick are exempt.
ally is freely co-operating with the Government in its efforts to conserve
13. Manufacturers of optical glass are exempt.
both fuel and tin plate.
14. Optometrist and eye specialists are exempt.
15. Ice harvesting is exempt.
16. Laundries are exempt.
SEVENTH ADVANCE IN CAN PRICES IN TWO YEARS
17. Blacksmith shops are exempt,
In recording the new schedule of can prices put into opera18. Offices of the Playground and Recreation Association of America
are
exempt.
"Oil,
the
tion by the American Can Company on Jan. 2,
19. Manufacturers of aeroplanes and aeroplane parts are exempt.
Paint and Drug Reporter" says:
20. Manufacturers of necessary medical supplies and surgical instruThe American Can Co. put into effect on Jan. 2 a new schedule of ments are exempt.
The
new
higher
than
products.
prices
are
from
11% to 15%
prices for its
21. Manufacturers of sixteen to thirty-ounce meltons are exempt.
those announced a year ago and 74% to 100% higher than prices as of
22. Spongers and shrinkers of meltons are exempt.
Jan. 2 1916. The principal price changes are shown below, with compari- 23. Manufacturers of woolen and cotton yarns for the purpose of weaving
sons with prices of January 1917:
into sixteen and thirty-ounce meltons are exempt.
Hole and Cap Cans.
Sanitary Cans, per 1,000.
24. Manufacturers of necessary equipment for mining are exempt.
1918. 1917.
1918.
25. All dry docks are exempt.
h
No 1
51950 $1725 No. 1
$1800 $1575
26. Manufacturing plants operated by hydro-electric power may con27 50 24 25 No. 2
25 50 22 25 tinue to operate, but must only use sufficient fuel to keep their plants from
No 2
No, 234
35 25 31 25 No. 234
33 25 29 25. freezing.
36 00 31 25
27. Plants operated by burning waste fuel only, such as shavings and
No. 3 ___$37 BO and 38 44 33 25 No. 3
79 50 71 50 No. 10
80 00 71 00 saw dust may be operated to an extent sufficient to produce waste required
No. 10
to keep their plants from freezing.
This is the seventh advance in can prices during the past two years.
28. Barber shops are permitted to be open on Mondays to the extent
they usually open on holidays.
MONDAY SHUT-DOWN OF BUSINESS IN COMPLIANCE
29. Street railways may operate to the extent necessary for the purpose
of transporting employees to and from plants which are exempt.
WITH FUEL ADMINISTRATION'S ORDER.
30. Manufacturers of thread and cotton yarns for the manufacture of•
A closer observance of the Fuel Administration's order cotton duck, who have contracts for such duck, as well as finishing plants
directing the curtailment of the use of coal for the purpose engaged in dyeing these ducks, are exempt.
Stores selling surgical instrument and optical glass may be open to
of conserving fuel and assisting in the clearing up of the the31.
extent necessary to sell such goods only.
congested freight situation, was observed on Monday last- 32. Wholesale food dealers ace exempt from this order. Retail food
to keep open until noon and must then close, except
the second of ten Mondays which are thus virtually made dealers are permitted
for the receiving of food merchandise from wholesalers.
holidays in the territory affected by the order. This terrioperate
Garages
may
elevators for incoming and outgoing cars.
33.
34. American Red Cross Society-All offices of the American Red Cross
tory embraces that east of the Mississippi River, including
exempt.
the whole of. the States of Louisiana and Minnesota. The are35.
Drug stores may remain open for the purpose of selling medical and
, question of rescinding the order was considered at a confer- drug supplies and may also sell food supplies until noon.
36. All shipbuilding plants, aeroplane companies and manufacturers
ence yesterday between Fuel Administrator Garfield and
explosives are exempt. Sub-contractors for the above must not operate
Director-General of Railroads McAdoo, but it was finally of
before receiving specific exemption by applying to the Secretary of War
decided to continue the order in effect theicoming Monday or the Secretary of the Navy or the Resident Director of the Emergency
FEB. 2 1918
THE CHRONICLE
Fleet Corporation upon whose recommendation the Fuel Administrator
at Washington will issue exemption.
37. Government arsenals are exempt.
38. Companies using wood waste for fuel or companies furnishing wood
waste as fuel for domestic purposes are permitted to operate to an extent
necessary to supply such domestic purposes.
On Jan. 26 the Federal Fuel Administration gave out the
following rules and regulations under the fuel conservation
order:
Section 1. The word fuel as used in the order covers every kind of fuel
which may be burned for heat, power and light; it includes coal, coke,
wood, oil, charcoal, natural and artificial gas, gasoline, kerosene, alcohol,
&c. The preferential list given in this section is intended to constitute a
general preferential class, and the degree of preference does not necessarily
follow the sequence in which they are mentioned in the order. It will be
noticed that this section continues in force until further notice.
Section 2 expired Jan. 23.
Section 3. General relings.—There are three general classes of manufacturing plants whose entire plants have been exempted from restrictions of
this section, viz.: All shipbuilding plants, aeroplane manufacturers, mills
manufacturing explosives. All other exemptions cover specific articles
and may or may not apply to the entire product of the plant. State Fuel.
Administrators are instructed to see that the various manufacturers operate during the remaining Mondays only such part of their plants as has been
specifically exempted.
Work for Government.
In interpreting the order with regard to firms exempt because of Government work, it should be understood that nearly half of the manufacturers
of the country are working directly or indirectly on Government work,
and that the possession of a Government contract of Itself is no reason for
an exemption to the order.
The various Government departments, co-operating with the Fuel Administration, have gone over their lists of cOntractors in detail, and, at their
request, we have issued exemption as per list of firms already sent you. All
other firms having Government contracts come under the terms of the order
the same as any other manufacturer and the exempted firms are exempt only
in so far as they are manufacturing the particular part or parts mentioned
in the exemption.
Woolen and Cotton Manufacturers.
All manufacturers of woolen and cotton goods and clothes used by the
Government have been exempted to the extent that their product comprises
the following: The manufacturers of woolen and cotton yarns for the purpose of weaving into 16 and 30-ounce meltons; also manufacturers of 16 to
30-ounce meltons, the spongers and shrinkers of this cloth; manufacturers
of woolen coats, breeches, overcoats and blankets for Army and Navy
uniforms and subcontractors for the same; also manufacturers of 12.4 and
heavier ducks for the United Staets Government, and thread and cotton
yarn manufacturers and other contractors or subcontractors for such duck,
as well as the finishing plants engaged in dyeing these ducks; also manufacturers engaged in making them into tents and equipage for the United States
Government.
Hydro-electric Power.
Hydro-electric power is not covered by the order. Plants not otherwise
exempted using this power may operate, if they wish, but they are permitted
to burn fuel only such as is necessary to produce heat sufficient to prevent
damage from freezing or serious injury to product. While the Fuel Administration has no authority to prevent the use of hydro-electric power, it
urges all manufacturers using this power to conform, as a matter of patriotism,as closely as possible to the rulings covering power derived from fuel.
Woodworking Mills.
(a) Woodworking mills not otherwise exempted may operate only to the
extent that their product is placed in their own yards for seasoning. This
•
applies in general to mills sawing green timber into lumber.
(b) Other woodworking mills not otherwise exempted, which use their
own waste as fuel, may operate to produce sufficient fuel to prevent injury
to their plant from freezing.
(c) Such woodworking mills as are accustomed to supply fuel to householders in their immediate neighborhood must apply to their local fuel
administrator for permission to operate to such extent as is necessary for
the welfare of the community, such power of discretion being given local
fuel administrators under Section 8.
Mines and mining—All mines are exempt from the order.
Exemptions for Government Work.
The various Government departments have furnished the Fuel Administration with a list of firms manufacturing certain articles which the
Government considers so vital that the Fuel Administration has exempted
such firms from the terms of the order in so far as concerns the manufacture
of the particular article or articles in question. Lists have been sent you
giving the name of each firm exempted, together with a statement showing
the general product covered by the exemption. It should be clearly understood that the exemption covers only the work specified and that in all other
reseects the order remains in force.
Subcontractors.
The present situation with reference to subcontractors is this: We are
saying in general that sub-contractors should be able to furnish the parts
or parts essential to the exempted firm in five days' operation. The
general test we are applying is that if a subcontractor has commercial work,
this work should be delayed sufficiently to enable the firm to produce the
necessary Government work in five days. With this basis we have made
the following rulings: Subcontractors are exempt only in the case the entire
production of their plant during each day of the week is engaged in the
manufacture of supplies absolutely essential to the specially exempted
industry.
Exception.— Subcontractors who are operating each day of the week all
that portion of their plant capable of work on the particular parts required
by the exempted firm may continue to operate only such portion of their
plant on Mondays.
Manufacturers having exemption have either telegrams or letters from
us which you may consider as the authority for their exemption. In a few
cases exemptions were made by contractors direct to their subcontractors
This should stand until the local fuel administrator has communicated with
Washington for verification.
Section 3-B and 3-0. Food exemptions.—Grain elevators, potato or
vegetable houses, cold storage, all forms of grain storage, grain and feed
mills, cereal product manufacturers, bakers, canners', milk dealers, creameries, condensers and all other milk products manufactories, packing and
slaughter houses, ice plants and refrigerators, sugar manufacturers, bindertwine manufacturers, ammonia manufacturers, insecticide and fertilizer
manufacturers, manufacturers of farm machinery for spring use, manu-
449
facturers of cereal mill machinery, bag manufacturers, manufacturers of
food containers (glass, tin and wood), and labels for same.
Section D.—Price lists, giving quotations of market information relative to securities or commodities, published regularly on business days,
may be published on Monday.
Section 3-E.—This section applies to all magazines and publications,
other than daily papers, and includes weekly and semi-weekly country
papers, which should be able to produce their regular editions without
running Mondays.
•
Miscellaneous Exemptions.
Colleges, churches, schools, public libraries and public museums; also
the operation of automobiles are not covered by the order and are exempt.
Exempt.
Glass.
Can manufacturers for food only.
Horse shoeing. Cottonseed oil manufacturers.
Lime, for coke and continuous ovens and for ferilizer.
Garage.
Railroad locomotive manufacturing.
Laundries.
Medical supplies—only the following: Surgical implements, surgical
dressings, biological serums, medicine needed by Government and Red
Cross. Manufacture of other medicines can be permitted if, in the judgment of the local fuel administrator, such manufacture is necessary for
public health.
Mine supplies for coal and oil production.
Optical glass.
Power necessary for loading or unloading cars or ships.
•
Open-hearth steel furnaces.
Trans-Atlantic steamers.
Not Exempt.
Candy manufacturers.
Tobacco manufacturers.
Woolen socks and underwear.
Shoes.
'Section 4-A.—The exemption of one or more offices in a building does not
exempt the remainder of the building. The spirit of the order is that heat
should be turned off from such nonexempt offices and that they should not
be used; also that elevator service be provided only sufficient to provide the
necessary service to the exempted offices. Building and loan associations
may be kept open the same as banks, if necessary, for the payment of obligations coming due. Consular and other offices of foreign Governments
are exempt. Brokers' offices are not exempt.
Section 4-B.—Wholesale stores and warehouses may remain open without heat for the unloading of freight. All wholesale or retail stores selling
food are urged by the Food and Fuel Administrations on patriotic grounds
to close on Mondays, except whenever necessary distribution of food is endangered by closing, in which case they are at liberty to remain open all
day, the necessity for remaining open to be determined by the local Food
Administrator, who will notify the Fuel Administration in each case of
exemption. All such food stores will sell nothing but food on Mondays.
This does not apply to stores selling food for animals. News stands, cigar
and stationery stores may remain open only for the purpose of selling
newspapers and periodicals. Drug stores may sell drugs, medical supplies
and newspapers only. So-called "news stands" in hotels and other public
places are requested to sell nothing but newspapers and psriodicals Candy
stores are not exempt.
Section 4-0.—The various places'of amusement endmerated in this article remaining open Mondays may continue open Monday night until their
usual closing hour„Ivan if it is after mdinight. Entertainments or specia
functions which have been advertised on or before Jan. 19 to the extent that
tickets have been sold or invitations issued, either public or written, or
which have been • otherwise advertised through printed public notice,
may be held as planned. Lodges or other fraternal organizations accustomed to hold meetings on Mondays may continue to do so.
Section 5. The spirit of this law is to discontinue the sale of liquor everywhere on Monday.
Section 6. The local fuel administrator is authorized and urged to make
such changes in the local railway service provided in the order as is necessary to provide adequately for the transportation of the employees of
exempted industries.
Section 7. All stores selling fuel may remain open on Mondays for the
purpose of selling fuel only. Coal mines and oil wells, together with
machine shops and foundries in the coal and oil fields making equipments,
supplies and repairs for same; also plants making mine explosives may
operate on Mondays.
Section 8. The purpose of this section is to give to local fuel administrators authority to modify the order in any manner which the local administrator feels necessary to prevent injury to health, the idea being that
many times local modifications can and should be made which ought not
to be covered by a general ruling applicable to the entire country. Furthermore, State fuel administrators are authorized in each case to so
interpret the order as to prevent serious damage to plant or product.
RIGHTS OF ENEMY ALIENS DECIDED IN CASE OF
OPERA SINGER.
A point of law as to the rights of enemy aliens was decided
this week in the suit brought by Margarete Arndt-Ober,
an opera singer, against the Metropolitan Opera Company,
and accordingly we reproduce the following, bearing on the
court's ruling from the New York "Evening Post" Of Jan. 24:
JusticSkavegan, in the Supreme Court, denied to-day the application of
the Metropolitan Opera Company for the dismissal of the suit • brought
by Margarete Arndt-Ober, known professionally as Margarete Ober, who
asked for $50,000 damages because of her dismissal from the company's
staff of singers. The suit was a test case brought to determine the right
of the Opera Company to terminate contracts with enemy aliens, or alleged
enemy aliens.
"While I should be inclined to bold that the plaintiff is entitled to maintain her action on the ground that within the purview of the Act she is not
an alien enemy engaged in trade subject to suspension by the Federal Government," says the Court,at the conclusion of the decision,"1 prefer to deny
the motion on the broad ground that the resident subjects of an enemy nation are entitled to invoke the process of our courts as long as they are guilty
of no act inconsistent with the temporary allegiance which they hold for this
G overnment."
Justice Gavegan reviews the terms of Mme. Ober's contract, and continues:
"Defendant argues, among other things, that plaintiff, as an opera singer,
is a trader and an enemy alien, that she has procured no license, and therefore she is prohibited from doing business here or suing the person or corporation with which she trades, for breach of contract.
"Plaintiff argues, among other things, that plaintiff is not an enemy alien,
that she is an employee and not a trader; thattan employee does not need a
450
THE CHRONICLE
license either to carry a hod or sing in opera, and that plaintiff is protected
in her enterprises by the treaties existing between the United States and
the Kingdom of Prussia.
"Subdivision C of the second section of the Trading with the Enemy Act
provides that a citizen of PrusAa like plaintiff may be declared an enemy by
proclamation of the President. In his proclamation of April 6 1917, the
President declared that all German male subjects over fourteen years of
age here, which obviously does not include this plaintiff, are 'alien enemies.'
But he also declared thit 'so long as they shall conduct themselves in accordance with Um Jaw, they shall be undisturbed in the peaceful pursuit of their
lives and occupations and be accorded the consideration due to all peaceful
and aw-abiding persons.'
"The necessary conclusion from that declaration, which, although an
administrative measure, has the force of statutory law, is that plaintiff has
an absolute right to pursue her occupation as an opera singer, and to claim
such consideration as that accorded to America's most favored sons and
daughters. Tim; is the main proposition, and the corollary is that ,the
Light to contract as a singer carries with it as an incident the right to enforce her contracts or to recover damages for their breach. To extend the
right to work, but to withhold the remedy to collect compensation, won d
be as much of a mockery as to present the shell*after extracting the meat.
"The definition of 'trading' in the Act under consideration is very comprehensive, but I am not disposed to find within it any terms sufficiently
elastic to include the occupation or the contracts of a singer in opera. If
I should so find, the dictionaries would probably coniute me.
Civil Rights of Neutrals.
"But even if it should be assumed that the plaintiff :s both an enemy.and
a trader, I cannot find that it was the intention of either Congress or the
President to deny her the same civil rights enjoyed by mutral aliens. If
there is any such provision it contradicts the assurance that she shall 'be
accorded the consideration due to all peaceful and law-abiding persons.'
"No limitation is placed on the freedom of resident subjects of a foreign
State with which we are at war, unless that limitation is deemed necessary
to withhold from the enemy the aid or comfort which may advance his cause.
Mere technical or arbitrary rules are neither enacted nor, when found in
ancient usage, enforced. How could our own plans be served or those of
Germany defeated or impaired by closing against this plaintiff the doors of
our courts?"
FREIGHT CONGESTION SITUATION—COAL CONDITIONS IN BOSTON—MODIFIED DEMURRAGE ORDER.
•
As an indication of the little headway that the Railroad
Administration had been able to effect in clearing up the
freight congestion on the Eastern railroads, it was announced
on Jan. 30 that the Administration officials figured that the
situation would not clear up entirely before the middle or
latter part of March. The bad weather of this week has
served to increase the difficulties in the way of relieving the
congestion of the railroads, which is the most serious feature
of the situation. It was reported on the 29th that priority
would probably continue to be given fuel for many weeks
and that general freight would have to take its chances in
moving. Food will have similar preference and materials
and supplies essential for war are to go forward under the
preference given such commodities by Director-General
McAdoo's recent order. It was stated on Jan. 29 that it
was probable that no general embargoes would be declared
by Director-General McAdoo, although individual railroads
would be given free hand in refusing to accept shipments
whenever local conditions make this course advisable.
The Railroad Administration decided on Jan. 29 to modify
the demurrage regulations put into effect on Jan. 21 by
restoring the so-called average agreement for cars held for
unloading only, and by reducing rates, after the two days'
free time, to $3 a day for four days, $6 a day for three succeeding days and $10 a day thereafter. Under the order
which went into effect on Jan. 29, a charge of $3 a day was
made for the first day after the two free days, $4 for the
second day and $1 additional for each succeeding day until
the charge reached $10 a day. With regard to the modified
order, which is effective Feb. 10, it is stated that by the
average agreement, if a consignee unloads a car within a
day, for instance, he receives credit for one day balance of
his free time, and pays demurrage only on the aggregate
balance for all cars.
While the snowstorm forced a slowing down on Monday
last of important war work operations at industrial and
railway centres in the East not affected by the heatless
Monday order, one thing accomplished by the five day
suspension order and the Monday holidays has been the
improvement effected in the bunker situation. It was
stated on Tuesday that as a result of the work in that direction no supply ships were being detained in the harbor for
lack of fuel. The statement was made, however, that the
movement of anthracite was still far below normal, and that
indications were that it would be several weeks before
an adequate supply reached the city. One factor which
served to better conditions so far as New York was concerned
was the fact that the receiving departments of business
houses were made exempt from the closing order to the extent of permitting them to burn fuel for the operation of
freight elevators and necessary lights for the purpose of
enabling them to receive freight consigned to them. In a
[VOL. 106.
letter to William FeHowes Morgan, President of the Merchants Association, A. H. Smith, Assistant Director-General of Railroads at New York, asking the co-operation of
the association toward securing the maximum movement of
freight from all terminals at the Port of New York, it was
pointed out that on the previous Monday, Jan. 21, "apparently through a general misunderstanding on the part
of merchants, wholesalers, warehouse and drayage Managers, only about 40% of normal freight deliveries were made
from local terminals, and trucking was almost wholly suspended at the noon hour." Mr. Smith also said:
The scope and meaning of the suspension order is clear and should be
understood by every receiver of freight. On Thursday, Jan. 17, I telegraphed all Eastern railroad Presidents and made public through the press
the following notice:
"Anything which helps in the movement of cars is not forbidden by Dr..
Garfield's order. Formal notice will be issued by the Fuel Administrator
at Washington. I am giving you information in advance, however, in
order that you disseminate it as widely as possible in your immediate
territory. This means that freight can be loaded into cars and unloaded
from cars at all industrial plants, and suggest the possibility of diverting
labor now otherwise engaged to unloading freight and releasing railroad
equipment."'
Warehouses can be kept open on Monday to receive freight without
violation of the fuel order, and they should do so, every consignee exerting
himself to take from the railroad the largest possible quantity of freight now
accumulated and necessarily blockading and holding back other needed
shipments. The trucking activities can proceed undiminished in any way
under the regulations and they also should make special effort to perform
full capacity service on Monday, when suspension of other industries
affords possible employment of extra labor and facilities and removes
obstructions of some other business traffic.
If every person concerned can be impressed with the importance of this
part of the task and will enter into the work with a spirit of full co-operation
each Monday can be made a banner day in freight clearance.
In Boston, which has been, experiencing very cold weather
the present week, the local Fuel Committee on Jan. 29
issued an order to retail coal dealers prohibiting distribution
of coal to office buildings, stores, and factories for 48 hours,
beginning at 4 a. m. on Jan. 30. The order applied to
factories with war contracts as well as to those without.
The order did not prohibit the use of wood.
The committee ordered that coal should be distributed
only to the following:
The United States, for strictly Governmental purposes, not including
factories or plants working on contracts for the United States.
The water and sewerage works serving Boston and certain other like
essential public activities.
Public utilities.
Shipping for bunker purposes.
Hospitals and similar institutions for the sick and infirm.
Plants for the production or refrigeration of food, perishable, or for necessary immediate consumption.
Homes, including dwelling houses, tenements, apartments, lodging
houses, restaurants and hotels.
Coal might also be furnished, the committee explained,
for banking fires to prevent damage from freezing in buildings
not covered in the exemptions.
The commitee forbade the use of anthracite of domestic
sizes even for essential purposes where bituminous coal could
possibly answer. The announcement said:
Deliveries for the preferred purposes should not be made in greater lots
than 48 hours' supply, or, in the case of domestic consumers, a week's
supply. No deliveries should be made to domestic consumers who have
more than a week's supply on hand, or to the other consumers who have
more than 48 hours' supply on hand.
The public should not confuse these orders with closing orders. They
do not directly'close anything. They simply forbid Boston retail dealers
to supply coal for any uses except those mentioned above. They may
result in the closing of some places, but are not closing orders as such.
In explanation of its order the committee issued a statement in part as follows:
We reached this decision relunctantly and only after grave consideration.
We have on hand only three days' supply of bituminous coal and five days'
supply of anthracite coal, according to the most optimistic estimates of
dealers.
Reports reaching the New England Fuel Administrator
at Boston are said to have indicated that supplies in other
New England cities were considerably lower than in Boston.
In Worcester, coal was being taken from the schools to keep
the homes warm.
On Jan. 30 Director-General McAdoo, after a conference
with J. J. Storrow, Federal Fuel Administrator for New
England, said he did not think that section would get into
very serious trouble, so far as the war industries were concerned, adding: "We have vessels at Norfolk, Va., to take
coal to New England, and the war industries will get it."
Mr. Storrow, who also had a talk with Fuel Administrator
Garfield, announced on Jan. 30 that he had obtained a
priority order for the loading of about fifty coal carrying
vessels at Hampton Roads. He'said he expected to get
about 150,000 tons of coal released immediately, and this
would afford temporary relief.
On Jan. 28 Director-General McAdoo, in the matter of
embargo on the Pennsylvania lines east of Pittsburgh,
Baltimore & Ohio east of the Ohio River, and Philadelphia &
FEB: 21918.]
THE CHRONICLE
Reading, issued instructions in General Order No. 7 that the
following exceptions be made:
(a) Food for animals.
(b) Material used in the operation and upkeep of coal mines.
It was also announced that to provide for the rail movement
of food and supplies consigned to the . French, British and
Italian Governments, for ports on the North Atlantic seaboard, already accepted or under permit, arrangements have
been made to consolidate these shipments and move them in
solid trains, or groups of cars, east from Chicago, St. Louis
and intermediate terminals.
Director-General McAdoo announces that Judge John
Barton Payne has permanently retired from the firm of
Winston,Payne,Strawn & Shaw of Chicago and has accepted
appointment as General Counsel to the Director-General of
Railroads.
WARNING AGAINST OVERTIME TO MAKE UP
FOR HEATLESS MONDAYS.
A warning against industrial establishments working
overtime to make up for the time lost through the closing
down on heatless Mondays, was contained in the following
telegraphic advices sent to all State Fuel Administrators
by U. S. Fuel Administrator H. A. Garfield:
Any increase of the working time on other days of the week by industrial
establishments for the purpose of making up the lost time brought about
by the Fuel Administration's order prohibiting work on Mondays will be
considered by the United States Fuel Administrator as an evasion of that
order and a violation of its spirit.
FUEL ADMINISTRATION'S PLAN FOR CONSERVATION OF FUEL BY NON-WAR INDUSTRIES.
The policy of the United States Fuel Administration as
regards the consumption of coal by so-called "non-essential" industries, that is, industries not considered essential
for the successful prosecution of the war, was outlined by
Fuel Administrator Garfield in statements issued on Jan.
9 and Jan. 12. The Fuel Administration, he announced,
has adopted a method of supplying coal and other powerproducing fuel to these industries, which is called the "coal
budget plan."
Committees representing the large industries not engaged
in war work are to be called into conference with officials
of the Fuel Administration, to devise plans and agree on
methods under which their coal consumption can be curtailed. Conferences with twelve committees representing
non-war industries have already taken place, and have
resulted in voluntary agreements under which fuel savings
of about 15,000,000 tons are expected to be effected. The
total savings of coal from all non-war industries under the
new plan, will, it is hoped, amount to from 36,000,000 to
50,000,000 tons during 1918. The operation of the new
"coal budget plan" is expected by the Fuel Administration
to "forever lay the ghost of the cut off the non-essential
industries agitation, which has been going on since the
United States entered the war, and automatially will balance
the relation between the production and consumption df
coal and prevent and repretition of the present coal shortage.
The following is the statement regarding the new "coal
budget plan," issued by Dr. Garfield on Jan. 9:
The United States Fuel Administration has made public the method
adopted of supplying coal and other power-producing fuel to the industries of the country classed as not absolutely necessary to the conduct of
the war. The method is called tho "coal budget plan."
Committees representing the large industries not engaged in war work—
more than 100 in all—will be called into conference with officials of the
Fuel Administration. They will be shown the amount of coal available
for all purposes the amount required for war purposes and for domestic
onsumers, and the total curtailment of the use of coal which must be
ffected to satisfy these demands. They will be asked on patriotic grounds,
as well as for their own future interests, to volunteer in behalf of their
industry a reduction of the coal -consumption for the year 1918. They
will be asked to show the Fuel Administration the best method of accomplishing this curtailment. They will also be asked to advise the Fuel
Administration as to how to arrange these restrictions so as to affect only
the less essential portions of their own business if possible.
When an agreement is thus reached as to the quantity of coal to be conserved in each industry the Fuel Administration order will be issued,
making this agreement effective as regards the total industry involved.
The voluntary annual saving shown by the first dozen industries called
into conference promises to be between 15,000,000 and 20,000,000 tons.
The total offering from all non-war industries will be between 36,000,000
and 50,000,000 tons for the year 1918.
One of the striking instances of curtailment is in the brewing industry.
Representatives of the American Brewers' Association and others affiliated
with the industry came to Washington last week and after a conference
with the Fuel Administration volunteered a reduction of 700,000 tons
annually. Other industries whose representatives have been to Washington already are paint and varnish, wall paper, confectionery, artificial ice,
boxboard and glassware. The voluntary reduction of one day's running
per week on the part of the boxboard manufacturers amount to 1,000,000
tons a year and will take 30,000 carloads of merchandise freight off the
congested railroads.
451
The Fuel Administration asks that other industries affected get in touch
with Washington without waiting for formal notice.
It is believed that the operation of this plan of voluntary conservation on
the part of non-war industries will forever lay the ghost of the "cut off the
non-essential industries" agitation which has been going on since the United
States entered the war, and automatically will balance the relation between
the production and consumption of coal and prevent any repetition of the
present coal shortage.
It is not the least of the merits of this plan, according to the Fuel Administration, that it is simple. Perhaps its greatest merit lies in that fact
that such restrictions on fuel consumption as are absolutely necessary to
keep the budget balanced will be arranged by the industries restricted and
will be volunteered by them. The Fuel Administration merely comes in
at the end with an order to make the voluntary curtailment fully effective.
Fuel needed in 1918 for Army and Navy purposes, for munitions works,
for public utilities, for, domestic consumers, and for factories working on
war material is scheduled in the budget for 100% fulfillment. With this
figure, and the estimated production of coal during 1918 as a basis, a subtraction shows the amount offuel left for non-war industries.
These industries, sometimes miscalled "non-essential industries," it is
pointed out, are the backbone of the country's economic system. They
employ 10,000,000 workers and from them must come the taxes and bonds
which will pay for the war. These industries have never objected to any
curtailment of coal or material or men which could be shown to be necessary to win the war. It was the indefinite threat of annihilation by restrictive orders which during the last two or three months has alarmed the
leaders of business and finance.
The percentage of reduction asked of the different industries by the Fuel
Administration will, of course, vary, partly upon advice of the leaders of
the industry as to what is practicable and safe shrinkage as compared with
the great business activity of 1917; partly, also, it will vary with the character of the business. In proportion as an industry contributes less to the
war of domestic necessities, it will naturally increase its contribution of
self-limitation.
One advantage of the plan is elasticity. The total curtailment of coal
consumption when completed will theoretically equalize the coal demand
of the country with the coal supply for 1918. If later it turns out there is
still a prospect of scarcity, a slight increase of the voluntary curtailment can
be arranged instantly and without confusion. Every industry through
this first order will be in touch with the Government and its requirements.
It can put into effect a still further curtailment if necessary, or it can quickly
increase its activity if notified by the Government at a later date that the
curtailment already arranged appears to be excessive.
In other words, the new plan bitches up all the industries of the country
to the fuel budget and gives them, which is all that they ask, the fullest
liberty of action, excepting liberty to use coal needed for war purposes.
All the large American industries which have so far met with the Fuel
Administration have Shown a willingness to go volunatrily just as far as
necessary in curtailing their activity.
It will be seen that this plan, if completely successful, will quickly solve
the fuel problem and will introduce a new and valuable principle into the
settlement of many difficult war problems. First: Advantage is taken of
the unquestioned patriotism of a large majority of business men to devise
with their aid an intelligent program of curtailment, sufficient for Government purposes but not destructively exaggerated. Second: An order of the
Fuel Administration backed by the authority and penalties of the Lever
Law will compel an equal compliance by every member of each industry
and would assure those who would gladly make their share of the sacrifice
that no advantage will be taken of their patriotism by unscrupulous competitors. All are placed on the same basis.
In his statement issued on Jan. 12 Dr. Garfield declared
the designation of industries engaged in manufacturing
non-war products as "non-essential" has resulted from a
"very unfortunate misuse of words." "Certainly," he said,
"no industry is 'non-essential' to the workmen and capital
employed therein, and when one considers that over 10,000,000 people and $13,000,000,000 of capital are employed
by `non-war' industries, the need of caution in dealing with
this problem is manifest." In continuing his outline of
the "coal budget plan," Dr. Garfield in his statement of
January 12 stated that the steps under which the plan is
to be carried into effect are two: first, the voluntary agreement by each non-war industry to limit their production,
and, secondly, by the issuance of a formal the Fuel Administration making legal and binding upon the entire industry the various restrictions voluntarily sgreed upon.
Among the various ways in which non-war industries may
conserve the use of coal, are, according to the Fuel Administrator, the following: (a) reduction of hours, (b) reduction of lines manufactured, (c) elimination of new lines
or designs, (d) more efficient management, and (e) transferr
of product from non-war to war. The statement 'issued
by Dr. Garfield on Jan. 12 read as follows:
The discussion of the "limitation of 'non-essential' industries" started
with a very unfortunate misuse of words. The idea, as exploited in the
newspapers, that the Government intended to cut off "non-essential"
Industries had in it possibilities for disaster.
All industries are closely interrelated. For instance, pianos and jewelry
may be sent to Chile to pay for nitrates needed for ammunition, and no
large class can be arbitrarily cut off without seriously upsetting the entire
industrial fabric of the country. Certainly, no industry is "non-essential"
to the workmen and capital employed therein, and when one considers that
over 10,000,000 people and $13,000,000,000 of capital are employed by
"non-war" industries, the need of caution in dealing with this problem is
manifest.
On the other hand, our industrial equipment is limited. We do not have
materials, machinery, transportation, labor, or capital sufficient for fighting the great war and for normal business at the same time. The war
must be prosecuted to the utmost, and business must shrink to provide
the necessary equipment. The problem is to provide this necessary equipment with the least possible injury to the business of the country.
If so-called "non-essential" industries are "cut off," as suggested, many
of them would be ruined and others permanently crippled. The Fuel
Administration has worked out a plan which provides for necessary restrictions with the least possible injury to industries. This plan is as follows:
452
THE CHRONICLE
A. A complete coal budget with a detailed estimate showing:
1. Total coal production in 1918 (Bureau of Mines estimate).
2. Coal needed in 1918 for direct war work.
3. Balance left for non-war industries.
4. Coal used in 1917 by non-war industries.
.5. Total coal curtailment necessary for non-war industries.
B. Provide for necessary coal curtailment by the following steps:
1. Voluntary agreement by each non-war industry to limit the least essential parts of its product--each industry making the reduction where it
will do the least harm.
2. Formal order from Fuel Administrator making legal and binding on
the entire industry the various restrictions voluntarily agreed upon.
This plan applies directly to actual coal consumption only. The actual
effect is to limit production. Consequently, limitation in the use of coal
will make a corresponding saving in transportation and in the materials
needed for the war.
Committees representing each of the principal industries will be called to
Washington and the necessary saving of coal arranged for along the lines
suggested by the industry itself. Among the methods of saving are the
following:
(a) Reduction of hours.
(b) Reduction of lines manufactured.
(e) Elimination of new lines or designs.
(d) More efficient management.
(e) Transfer of product from non-war to war.
The coal saved will vary according to the character of each industry.
Our figures show that if each industry does its share, the coal necessary
can be obtained without cutting down any industries so as to permanently
injure them. Experience shows that these retsrictions may even prove a
benefit by eliminating wastefulness and inefficient practices which have
grown up by careless management or stress of competition.
The above plan has already been tried out enough to prove its practicability. In each case the industry has given its heartiest support and shown
its desire to co-operate wuith the Government in every possible manner.
The voluntary saving shown by the industries already called into conference promises to be over 15,000,000 tons. The brewers have voluntarily agreed to save 700,000 tons; the boxboard manufacturers will cut
their running time to five days a week. This will save 1,000,000 tons of
coal and take 30,000 cars of merchandise off the railroads.
Finally this plan places the country in an ideal position for the "war
after the war." Each industry will be stripped for action and can enter the
fight for its share of the world commerce with the confidence of men fully
prepared.
U. S. FUEL ADMINISTRATION APPROVES RETAIL
PRICES FIXED BY LOCAL ADMINISTRATIONS.
The United States Fuel Administration has made public
a regulation adopting and approving all retail prices and
price margins fixed by local fuel administrators and local
fuel committees throughout the country. The regulation
was made public, it is stated, because of many apparent
misunderstandings as to the method by means of which
retail prices fixed by local fuel officials are finally approved
by the United States Fuel Administration. The regulation
was published as follows in the "Official Bulletin" of Jan. 29:
UNITED STATES FUEL ADMINISTRATION.
Washington, D. C., Dec. 8 1917.
Relative to retail prices and retail gross margins designated by State Fuel
Administrators or local committees:
The United States Fuel Administrator, acting under an Executive order
of the President of the United States, dated Aug. 23 1917, appointing said
Administrator, and in furtherance of said order and of the Act of Congress
therein referred to and approved Aug. 10 1917, and pursuant to the direction of the President of the United States,
Hereby orders and directs that all retail prices and retail gross margins
heretofore and hereafter designated by any State Fuel Administrator or
by any local committee with the approval of the State Fuel Administrator,
who appointed such committee, are hereby adopted and fixed by the United
States Fuel Administrator as the retail prices or retail gross margins for
the sale of coal in the locality or by the dealers designated by such fuel
administrator or local committee, subject, however, to modification either
by the State Fuel Administrator making or approving the same or by the
United States Fuel Administrator; and further subject to all orders, rules
and regulations heretofore or hereafter issued or made by the President of
the United States or the United States Fuel Administrator or by any State
Fuel Administrator affecting the sale, shipment or distribution of coal;
And it is hereby further ordered that any one or more persons who feel
aggrieved by the prices heretofore or hereafter designated by any State
Fuel Administrator or by any local committee may appeal to the United
States Fuel Administrator to have such designation of prices or gross margins modified by forwarding to the Legal Department, United States Fuel
Administration, at Washington, a verified written petition setting forth
in detail the facts relied upon by such petitioner and by forwarding a copy
of such petition to the State Fuel Administrator who made or approved
the designation of prices or gross margins which it is sought to have modified.
Pending the determination of such appeal and until the decision of such an
appeal by the United States Fuel Administrator, such designated prices
or gross margins shall remain in full force and effect unless otherwise ordered
by the State or United States Fuel Administrator.
H. A. GARFIELD, United States Fuel Administrator.
COTTON EXCHANGE CLOSES ON HEATLESS
MONDA YS.
In line with the Stock Exchange, the New York Cotton
Exchange was closed last Monday; while the Cotton Exchange was the only local exchange to close on the first heatless Monday, no action toward the course to be pursued with
regard to the succeeding nine Mondays was taken until
Jan. 25, when it decided not to open on those days. Notice
of its action was issued as follows:
At a meeting of the Board of Managers of the New York Cotton Exchange held yesterday afternoon. it was decided to close the Exchange on
Monday, Jan. 28, and on all of the following Mondays up to and including
March 25, unless otherwise ordered.
The New York Produce Exchange, the only local exchange
which opened last Monday, remained open only until noon.
[VoL. 106.
HOURS OF BUSINESS OF RETAILERS IN CONNECTICUT RESTRICTED BY PROCLAMATION.
Under a proclamation issued on Jan. 25 by Governor
Marcus H. Holcomb of Connecticut, the daily business
of retailers is restricted for a period of two months, beginning Jan. 29, to the hours between 7 a. m. and 7 p. m.
with the exception of Wednesday and Saturday nights.
The restricted hours will not effect saloons, hotel bars,
club bars, tobacco shops and pharmacies, for which the
closing hour is fixed at 10.30 p. m.; the closing hour for all
places of public amusement, including theatres, moving
picture shows and dance halls, and for pool, billiard rooms,
bowling alleys and barber shops is also fixed at 10.30 p. m.
except in the case of Saturdays and days preceding holidays.
The action was taken in furtherance of the Government's
efforts to conserve fuel.
REPORT ON FIRST U. S. WAR LABOR SURVEY COVERING CONDITIONS IN NEW YORK STATE.
A report of the first survey made under Government
auspices of industries engaged in war work to ascertain labor
supply has been made public by the United States Employment Service. The report covers the New York survey
conducted by Miss Marie L. Obenauer, while head of the
Women's War Work Section of the U. S. Employment
Service. We learn from the "Official Bulletin" which gives
details of the report, that it covers the war industries of
41 cities in New York State, and according to John B. Densmore, New Director of the U. S. Employment Service,
may be taken as a basis for judging labor conditions in manufacturing centres in other parts of the country. According
to Miss Obenauer, 500 factories in New York State visited
in the course of the survey employ 261,117 persons, and
about 176 of these are calling for additional labor; 34,135
workers, or a number equal to about 13% of the existing
labor forces in these industries, are called for, it is stated
in definite terms; skilled labor is requested in nearly threefourths of the cases and woman labor in a little more than
one-tenth; unskilled labor is wanted only in about oneseventh of the unfilled jobs. We quote further from the
"Official Bulletin" as follows:
Of the additional labor called for in 176 of the factories not all is required
immediately, the dates of the calls extendinglo June 1918, the report says.
The industries making the largest call for labor and the number of workers
they request are listed in the report as follows:
(1) Aeroplanes and seaplanes
13,474
(2) Ordnance and ammunition
9,667
(3) Iron and steel castings and forging' s
2056,
(4) Scientific instruments and optical supplies
1.755
(5) Knit goods
1,025
(6) Electrical apparatus and supplies
756
708
(7) Needle trades
447
(8) Machinery.
(9) Tools and hardware
417
The calls for workers involving the largest number of workers and
demanding immediate attention are from the cities in the western part
of the State, the report says: "The industries which are making the
largest reductions in their labor forces because of the new industrial conditions are located principally in the eastern part of the State ,New York
Oity, the boroughs of Manhattan and the Bronx being conspicuous in
this respect."
The principal industries in the State which are laying off workers, though
engaged directly or indirectly in filling war orders, are:
(1) Garment trades, especially custom-made suits, coats, and high-grade
skirts.
(2) Carpets.
(3) Fine leather.
(4) Fine kid gloves.
(5) Trunks, suit cases, &c.
(6) High-grade woodwork.
(7) Wagons and parts.
(8) Mattresses and spring beds.
(9) Typewriters.
(10) Brass and bronze castings and art metal work.
(11) Tin cans.
(12) Differentials for pleasure automobiles.
(13) Machinery (paper box, wood-working', sewing machines, &c.).
• "At the outset," says the report, "It should be stated that the survey'
made it clear that there are both shortages of labor and unemployment
in the same industries in New York State. Of the large number of establishments in the State engaged di casting and forging iron and steel products,
those engaged in manufacturing gears or differentials for pleasure automobiles,sewing machines,cream separators, calculating machines, bicycles,
display fixtures, art metal goods, and kindred lines have lost a large part
of their commercial business. As a result, there has been a sharp decrease
in the labor force in these branches, which are centred largely in the eastern
half of the State.
"On the other hand, there has been a heavy decrease in war orders
involving castings and forgings for ordnance, aeroplanes, motor trucks.
submarine tractors, railway supplies, and castings for parts of machinery
used in the manufacture of war supplies. Consequently there is a considerable number of urgent calls for labor—mostly skilled—in these branches of
the iron and steel industries which are clustered largely, though not
entirely, in the western and central parts of New York State.
"The establishment of this fact not only explains the puzzling conflict or
opinion as to whether there was or was not a shortage of labor in the State
of New York, but it carries its own concrete suggestion whether by an
agreement with organized labor, covering a temporary adjustment of such
FEB. 2 1918.]
THE CHRONICLE
craft lines as are involved, the 1,600 skilled mechanics called for in the
important war-order branches of the Iron and steel forging and casting
industries of the State can not be supplied from the allied industries in
eastern New York which are not essential to the winning of the war and
which have been hard hit by the falling off of commercial orders, and are
laying off help or running short time.
"In view of the fact that under the Treasury conference agreement
England came to just such an understanding with the unions concerning
'demarkations of work' for the period of the war, it should not be impracticable for the heads of the labor organizations concerned in this country to recommend to their locals similar arrangements—with equal guarantees against any abuse of the concessions—for the period of the war."
Says the report in conclusion:
"The situation suggests as a logical first step in making the facts factors
In the winning of the war that a conference be held with the heads of labor
organizations concerned in the craft lines running between the shorthanded and slack industries in order to effect necessary adjustments in
the interests of the Nation's emergency.
"While the distances between the cities in which there is a labor shortage
and those where there are industries laying off labor are not great, the transportation is a material item, and if it becomes necessary to shift labor from
New York City or more distant points, the railroad fare becomes a problem.
The circumstance suggests this concrete question: With the Government
controlling the railroads, is it feasible to make arrangements whereby
transportation charges for workers on war orders would be borne equally
by the Government and the manufacturer if the worker stayed a certain
period ?"
In New York State, the report states, the cities in which the labor
shortage is most acute are Buffalo and Rochester. The demands in these
cities are ch;efly for skilled workers in metal industries and the most
promising sources of supply, according to the report, are Syracuse, Rome.
Amsterdam and ,Albany.
NUMBER OF WOMEN IN U. S. IN INDUSTRIAL
WAR WORK.
Approximately 1,266,061 women in the United States
are engaged in industrial work either directly or indirectly
necessary to carry on the war, according to an estimate
based on surveys made in 15 States by the National League
of Women's Service by Miss Marie L. Obenauer with the
sanction and assistance of the Department of Labor. The
figures given are conservative, Miss Obenauer states. It is
estimated that the normal increase in the number of women
employed in the industries surveyed since the census of 1910
was 20%. There were approximately 3,500 women employed in the munition factories in 1910. The number is
now 100,000, according to Miss Obenauer. This gain, she
states, is a conservative estimate. She includes aeroplanes
when speaking of munition factories.
"The thing our survey impressed upon us," said Miss
Obenauer, "is that woman can not escape her world-old
job—the job of feeding and clothing. She finds this to be
her job outside as well as in the home if she is to be an important factor in winning the war.
"She longs to do her bit in picturesque fashion, but she is
needed most for the work which she considers more or less
drudgery because it has been her work through the ages.
The women employed in the industries necessary to the
winning of the war are, for the most part, weaving, sewing,
and preserving food."
Miss Obonauer suggests, as a way to help relieve the clothing shortage in the army, the establishment of community
sewing places under Government supervision.
WALDO H. MARSHALL TO ASSIST COLONEL
TRIPP IN ORDNANCE DEPARTMENT.
The appointment of Waldo H. Marshall of New York,
formerly President of the American Locomotive Company
and now associated with J. P. Morgan & Co., as Assistant
Chief of the Division of Production of the Ordnance Department has been announced by Colonel Guy E. Tripp,
Chief of that Department. Mr. Marshall's wide experience
in manufacturing and recognized ability to solve various
production problems will be, it is felt, of great advantage
to that division. Mr. Marshall is first Vice-President of
the Merchant's Association and was on the staff of Edward
R. Stettinius (now Surveyor-General of Supplies in the
War Department) in the munitions department of J. P.
Morgan & Co.
DUTIES AND POWERS OF E. R. STETTINIUS AS
SURVEYOR-GENERAL OF ARMY PURCHASES
—OTHER APPOINTMENTS.
We referred last week (page 358) to the appointment of
Edward R. Stettinius of J. P. Morgan & Co. as SurveyorGeneral for Army purchases. On Jan. 27 Secretary Baker
also made known the appointment of Colonel Palmer E.
Pierce as Director of Purchases in the office of the Chief of
Staff and the organization of four separate sections under
him—those of Supplies, over which Edward R. Stettinius will
have charge; Information and Statistical, with Dr. Leonard
453
P. Ayres in charge; Fiscal, headed by Dr. Milo R. Maltbie,
former New York Public Service Commisioner, and Organzation and Methods, presided over by R. R. Montgomery.
The duties of Colonel Pierce, who is also detailed as Assistant to the Chief of Staff, will be to correlate all arrangements
for the purchase of supplies for the use of the American forces
at home and abroad, and to facilitate the industrial activities of the nation. Supplementing the brief statement issued
on Jan. 25 by Secretary of War Baker, announcing the appointment of Mr. Stettinius, a further statement indicating
the duties and powers of the new director of purchases for
the War Department was made public as follows by Secre
tary Baker on Jan. 27:
Mr. Edward R. Stettinius, Surveyor-General of Supplies in the office of
the Director of Purchases, will have behind him the authority vested in
the Director of Purchases, Colonel Palmer E. Pierce, who, as an Assistant
Chief of Staff, has many delegated powers of the Secretary of War. The
duties and powers of the Director of Purchases are expressed in General
Orders No.5 of the War Department, dated Jan. 11 1918, as follows:
• "To enable the Chief of Staff to exercise effectually his supervisory and
co-ordinating powers in respect to the procurement of material, there is
hereby created in the office of the Chief of Staff for the period of the existing war a section to take charge of, and to have general oversight of,
the acquisition by purchase, or otherwise, of all supplies and munitions
required for the use of the army, and to exercise, under the Chief of Staff,
the direct control incident to this service.
"The officer in charge is designated as Director of Purchases, and he will
be given such assistance, commissioned and civilian, as may be necessary to
fully execute this purchasing service, with office tooms in the War Department Building.
"The function of this section, to be known as the Purchasing Service, is
to provide for the proper co-ordination of the procurement of activities of the
several branches of the army. It will have general oversight over the procurement of munitions and supplies of every kind, whether by purchase,
manufacture or otherwise, and will advise and assist the Chief of Staff
in reference thereto. This section will have direct supervision, under the
Chief of Staff, of all those activities having to do with the procurement of
an adequate supply of raw materials, for use either as such or in finished
supplies, with the placing of purchase orders for manufactured products,
and the drawing of contracts for supplies, with the following up of produotion, with plans for increasing production, and with the inspection of finished products. This section will represent the army in all arrangements
made for co-ordinating the procuring activities coming under the jurisdiction of the War Department with other branches of the Government service.
"It is made the duty of the chiefs of supply bureaus to keep the Director
of Purchases fully informed of the condition of purchasing in their several bureaus, both as to finished products and those in process of manufacture, and to this end they will correspond directly with that officer.
"Under the supervision of the Chief of Staff, the Director of Purchases
is eharged with the duty of providing that all arrangements made for the
purchase of supplies for the use of our forces in this country and in Europe
shall be so co-related and otherwise scheduled as most effectually to forward the military program and to other wise facilitate the industrial activities of the nation. To this end the Director of Purchases is authorized to
call upon the supply departments for information, and to exercise control in
matters of purchases made both within the territory of the United States
and in foreign countries.
"Colonel Palmer E. Pierce, General Staff, is hereby appointed Director
of Purchases and detailed as an assistant to the Chief of Staff."
Four sections have been organized in the office of the Director of Purchases, namely:
Section of Supplies, over which Mr. Stettinius, the Surveyor-General, will
preside.
Thq Information and Statistical Section, with Dr. Leonard P. Ayres in
charge.
The Fiscal Section, with Mr. Milo R. Maltbie at its head.
Section of Organization and Methods, with R. R. Montgomery in charge.
The Director of Purchases has the following assistants on his personal
staff:
W. F. Willoughby, Colonel George II. Estes, General Staff; Major Guy
Kent, General Staff; Lieut.-Col. Douglas I. McKay has been named as
assistant to the Director of Purchases.
The appointment of Mr. Stettinius to his post in the War
Department, which, it is stated, is in effect that of a munitions supervisor and director for all War Department purchases, was viewed as the Administration's answer to the
Munitions Ministry bill pending in the Senate. When advised of Mr. Stettinius's appointment, Senator Chamberlain
said it would not cause the committee to halt its proposal
for a munitions director, although he and other committee
members regarded the appointment as progress in reorganization. They had discussed Mr. Stettinius as representative
of the type of man they favor for a director of munitions.
When the Allied Governments, particularly Great Britain,
with the breaking out of the European war in 1914, came to
the United States for munitions and money, it was found
necessary by J.P.Morgan & Co., who floated the Allied loan,
in this country, to centralize expenditures under one man in
order to obtain efficient results. Mr. Stettinius had since
been engaged on that task, and is regarded by the Administration as the best-informed man available for such a post
as that to which he has now been assigned. Mr. Stettinius
was formerly President of the Diamond Match Co.
Viscount Northcliffe in an interview on Jan. 26 stated that
the appointment of Mr. Stettinius in charge of war purchases
for the American Army was a piece of world news of the highest importance. "In my considered opinion," Lord Northcliffe is quoted as saying, "he is easily the ablest business
organizer in the ranks of the Allies or the enemy."
COAST-TO-COAST DRIVE TO "RECRUIT" ARMY OF
250,000 MEN SUITABLE FOR SHIPBUILDING.
With the aid of the Council of National Defense, the Shipping Board, Governors of States, organized labor and business, the Department of Labor began on Monday last
the "recruiting" of an army of 250,000 men to fill all present
454
THE CHRONICLE
and future needs of the shipbuilding yards of the United
States. Every man in the country with some skill in a
mechanical trade used in shipbuilding and willing to accept
employment in this branch of war industry, will be enrolled
and registered in the United States Public Service Reserve, a
division of the U. S. Employment Service and the war labor
"reservoir" which the Labor Department is creating to meet
the coming needs of every war industry. With the institution of this coast-to-coast drive for shipbuilders, the independent efforts of the Shipping Board, Council of National
Defense and the individual shipyards cease and the entire
'shipyard labor-supplying question is turned over to the
U. S. Employment Service of the Department of Labor.
Men fitted for shipbuilding work and yards in need of men
will hereafter be brought together through the medium of
the Federal Employment Service, which with the co-operation of State and municipal employment services, now has
more than 200 labor exchanges throughout the United States.
Beginning last Monday, a small army of 20,000 "FourMinute Men" entered into a two weeks campaign to explain
the importance of shipbuilding to the war program, tell of
the requirements of the yards and encourage enrollment in
the Public Service Reserve. Every part of the United States
will be covered in this educational campaign. This will culminate on Feb. 11 with "National Shipbuilders' Registration
Week," during which all the volunteers for shipbuilding will
be registered as to their experience, skill and trade by
experts of the U. S. Employment Service. Enrollment and
registration in the Reserve of the Federal employment service will, however, begin immediately in those States which
already have organized the Reserve. There are 32 such
States and the remaining 16 are expected to be similarly
organized within the next fortnight. The East, Middle
West and Northwest are especially well organized and the
Southern tier is now completing organization.
The international labor unions whose members are, in
trades concerned with shipbuilding have officially joined in
the campaign and have appointed enrolling agents. The
various State councils of defense also aro behind the educational and enrollment work and representatives of the
councils, together with enrolling agents of the trades unions
and the Reserve, are stationed in every county and township
in the United States to follow up the "missionary work" of
the Four-Minute Men with enrollment blanks. Each volunteer shipbuilder enrolled will receive a badge, 75,000 of -which
are now on their way from Washington to the West.
During "Registration Week" the several hundred thousand
men enrolled will be interviewed by traveling examiners
sent out by the U. S. Employment Service. These will
ascertain the exact experience and fitness of each man and
make a record of the kind of shipyard work for which he is
trained. "The right man in the right job," is the slogan
which the Labor Department and the employment service
have adopted. Each of the 48 States has been allotted a
certain quota, according to its density of population and industries. The direction of the campaign in the Northwest
is being handled by I. W. Litchfield, of Boston, an associate
director of the Public Service Reserve. That of the Middle
West is in charge of Sanford H. E. Freund, a zone director,
of St. Paul, Minn. The campaign in the East and South
will be directed from the headquarters of the Federal Employment'Service and Reserve at Washington. An explanatory statement issued by the Department of Labor on
Jan. 26 said:
[VOL. 106.
Of labor, the Department asks that every man enroll in the Public
Service Reserve and stick to his present position until be is given notice
of opportunity for shipbuilding work.
Let the entire country understand that there is no general labor shortage
at this time, that the problem is purely one of distribution and that the '
distribution facilities are now provided through the U. S. Employment
Service and its Public Service Reserve.
NEW BUNKER RULES OF WAR TRADE BOARD FOR
SHIPS.
A now set of bunker rules and regulations effective Feb. 1
was announced by the War Trade Board on Jan. 18. The
new regulations which supersede the old rules have been
found necessary, it is stated, because of the largely increased
number of vessels of all nationalities which have to get
bunker licenses before they can clear from American ports.
The rules govern the granting of licenses for bunker fuel,
port, sea and ship's stores and supplies for all vessels clearing
from ports of the United States or its possessions. As a
condition to receiving fuel and supplies for their vessels,
owners or chartereis of neutral ships must sign an agreement with the War Trade Board giving the latter broad
authority over the officers and crews of ships, their destinations, their cargoes, the use of their wireless and their sale
or transfer. Failure to comply with any of the conditions
in the agreement in the case of one vessel may involve refusal of fuel and stores to all of the vessels of the person,
firm, or corporation managing, owning, chartering, or
controlling the vessel in question. Government agents,
it is said, have found that employees on neutral ships have
been mediums of communication between Germany and its
agents in this country, and to break up this practice the
War Trade Board will require owners of such vessels to dismiss any Captain, officers, or members of the crews at its
request as a further means of preventing communication
with the enemy, the Board will require that wireless apparatus on neutral ships be sealed in such a manner that no message can be sent without the knowledge of the masters, who
will be responsible for seeing that no message to the enemy .
is sent by wireless, that no reports are made of any vessels
sighted or of any weather conditions, and that no wireless
messages of any kind are sent within 200 miles of England,
France, Portugal or Italy, except emergency messages relating to vessels or persons in distress.
To prevent ships from falling into the hands of enemy
agents, the regulations require that no neutral vessel shall be
bought or sold without the previous approval of the United
States Shipping Board, the War Trade Board, or the Interallied 'chartering executive. Also, no neutral vessels may
be laid up in port without the approval of the War Trade
Board or the Interallied chartering executive. As a further
precaution that neither communications nor goods may reach
the enemy or any ally of the enemy, neutral ships proceeding from or to the United States, to or from Norway,Sweden,
Denmark (including Iceland and the Faroe Islands), Holland, Spain, or to or from any neutral port in the Mediterranean Sea, must agree to call for examination as may be
directed by the War Trade Board. It is further provided
that no vessels shall proceed on any voyage or be chartered
on trip or time charter without the previous consent of the
War Trade Board or the Interallied chartering executive.
Aside from the provisions governing neutral vessels, it is
stipulated that all vessels must obtain licenses for fuel and
stores, and that no fuel and stores shall be supplied to sailing
vessels for a voyage in the submarine zone; that no fuel shall
be given any vessel which shall have disobeyed any order of
the United States Navy or the Shipping Board, and that no
application for fuel and stores by any American vessel not
requisitioned by the Shipping Board shall be approved except for a voyage and in a trade approved by the War Trade
Board, and if under charter, unless the charterer and the
terms and conditions of the charter are approved by the
War Trade Board. The following are the regulations in
full as embodied in General Rules No. 1:
The purpose of this national registration of all men fitted for and willing
to work in shipyards is to eliminate the past demoralizing independent
efforts to obtain shipyard labor, which frequently have resulted in the
premature and unnecessary removal of workers from the so-called "nonessential" industries, the unintentional taking away of men by one yard
from another, and the luring of men from one section of the country to
another where they have found that the advertised calls for labor did not
exist at that time.
Every man registered during the next three weeks will not be immediately
required and the Department urges all workers to stick to their present
posts until they are so needed. It should be thoroughly understood that
after registration no man is compelled to accept employment at shipNo vessel shall be allowed to clear from any port of the United States,
building, but it is expected that every one enrolled in the Reserve will
serve when notified of opportunity. All such notices will be definite as or any United States possession, without having secured a license or licenses
from the War Trade Board, through its Bureau of Transportation, coverto time, place, wages and living conditions.
Hereafter every shipyard in the United States in need of men will notify ing all the bunker fuel aboard the vessel at the time of sailing (including
the United States Employment Service of its requirements, and these coal, coke, oil, kerosene and gasoline) and port sea and ship's stores and
will be filled without delay from the lists of unemployed and front the supplies. Stores and supplies are for convenience hereafter included with
members of the Public Service Reserve. By knowing in full the number bunker fuel under the general designation of "bunkers." Before the
and ability of the men in the country available for shipbuilding as well loading of any "bunkers" on any vessel at any port of the United States
as the immediate and future labor needs of the shipyards, the U. S. Em- or its possessions shall be permitted, Ate license for "bunkers" must be
ployment Service of the Department of Labor will be able to meet every obtained. All applications for licenses for "bunkers" must be made upon
application from Form B-1, or such other form as may hereafter be adopted
shipbuilding labor requirement as long as the war shall last.
To the employers of the country other than the shipyards, the Depart- by this Board. Applications for such licenses shall be approved only in
ment of Labor gives assurance that it is to their benefit that employees be accordance with the following and such other rules as may from time to
enrolled in the Reserve, for through this tegistration a fair distribution of time be adopted:
I. No application for "bunkers" by a sailing vessel for a voyage into the
labor can be made, uneconomic unregulated competition for men eliminated
submarine war zone shall be approved. Sailing vessels equipped with
and the drain on industry generally equalized and minimized.
FEB. 2 1918.]
THE CHRONICLE
455
Whereas the holding of so-called expositions of aircraft is a method of
auxiliary motive power shall, in the application of these rules, be classified
as sailing vessels. A motor ship having no sailing power whatsoever shall collecting and distributing information important to the enemy.
steamship.
Now, therefore, I, Woodrow Wilson, President of the United States,
be deemed to be in the same class as a
II. No application for "bunkers" by any vessel which has disobeyed any by virtue,of the authority vested in me by the Constitution and the laws
order of the United States Navy or of the United States Shipping Board, of the United States, do hereby, for the protection of such forces, proclaim
to all whom it may concern that, under the pains and penalties prescribed
hereinafter called "Shipping Board," shall be approved.
III. No application for "bunkers" by any vessel of American registry by the laws of war and the statutes of the United States, throughout the
not requisitioned by the "Shipping Board" shall be approved, except for a present war no exposition of aircraft shall be held in the United States or
voyage and in a trade approved by the War Trade Board, and, if under its possessions.
In witness whereof I have hereunto set my hand and caused the seal of
charter, unless the charterer and the terms and conditions of the charter
the United States to be affixed.
are approved by the War Trade Board.
Done in the District of Columbia this 1st day of January, in the year of
IV. No application for "bunkers" by any neutral vessel shall be approved unless the person or persons managing, owning, chartering or con- our Lord 1918, and of the independence of the United States the 142d.
in
filed,
WOODROW WILSON.
duplicate, with the
trolling such vessels shall have reported to and
By the President:
War Trade Board, the name of all vessels and the masters, and any changes
Robert Lansing, Secretary of State.
that may from time to time have occurred respecting said vessels and
masters, managed, owned chartered or controlled by him or them.
V. No application for "bunkers" by any neutral ship shall be approved
unless the person or persons owning, managing, chartering or controlling DISSOLUTION OF BOARD OF CONTROL FOR LABOR
such vessel shall enter into an agreement in a form to be apProved by the
STANDARDS IN ARMY CLOTHING.
War Trade Board, agreeing to comply with and be bound by each and all of
the following regulations. Failure to comply with any of these regulaAnnouncement of the dissolution of the Board of Control
the
involve
refusal
of
"bunkers"
may
vessel
tions in the case of any one
all of the vessels of the particular person, firm or corporation managing, for Labor Standards in Army Clothing was announced by
owning, chartering or controlling the vessel in question.
Secretary of War Baker on Jan. 23. The Board was es(a) No vessel shall be chartered to a subject (including a person, firm or tablished in August 1917 with a view, it is said, to preventcorporation) of Germany or its possessions, or of any power allied with
Germany, or to any person, firm or corporation who or which shall not be ing Army clothing contracts from reaching plants employacceptable to the War Trade Board.
ing sweat shop methods. In his announcement of Jan. 23
b) No vessel shall trade with, or be bound to, any port in Germany or
,Secretary Baker stated that the primary purpose of the
its possessions, or to any country allied with Germany, nor shall a vessel
aid any vessel employed by or for Germany or any country allied with. Board having been accomplished its duties could be perGermany.
formed by the Quartermaster-General's office. The Board
(c) No vessel shall, without the consent of the State Department carry
any subject of Germany or its possessions, or of any country allied with was made up of Capt. Kruese, of the Quartermaster's Department, and two civilian members, Mrs. Florence Kelly
Germany.
(d) No vessel shall carry any cargo which comes from or through or is and Louis Kirstein, a retail dry goods dealer of Boston.
destined to Germany or its possessions, or to any country allied with GerSecretary Baker's statement announcing the dissolution of
many.
the United States, to or from the Board said:
(e) Every vessel which proceeds from or to
and
Iceland
the
Faroe
Islands),
(including
Jan. 23 1918.
Denmark
Norway, Sweden,
The Board of Control for Labor Standards in Army Clothing was estabHolland, Spain or to or from any neutral port in the Mediterranean, shall
lished by the Secretary of War on Aug. 24 1917, as a result of a prelimicall for examination as may be directed by the War Trade Board.
(f) No vessel shall carry from a port outside the United States to any nary investigation, wnich indicated that Army clothing was being manupreviously
approved
been
by
the
War
not
has
which
factured in acme cases under conditions which were not in accord with
European port cargo
standards wnicla should be maintained on all work done for the Government.
Trade Board or the Interallied Chartering Executive.
Through the action of the Board these conditions have been brought un(0) No vessel shall carry any cargo from Norway, Sweden, Denmark
Holland,
Spain,
or
Islands),
Switzerland
der conool.
(including Iceland and the Faroe
by
a
accompanied
certificate
nonof
is
cargo
such
After conferring with General Goothals it has been decided that trae prito any ports unless
mary purpose for whicn the Board was created has been finally accomenemy origin.
(h) No vessel shall carry any goods which are consigned to "order" plished; that the work is now so organized that the remaining activities are
of a named person, firm administrative in character and can best be crone under the direct control
(goods may, however, he consigned to the order
or corporation when such person, firm or corporation is the actual con- and supervision of the Quartermaster-General. The Board has theresignee). This provision shall not apply to goods shipped from a port in fore this day been dissolved and the formal contract approved by me on
the United States or its possessions to countries other than Norway, Oct. 3111917 for the manufacture of Army clothing will be modified acSweden, Denmark (including Iceland and the Faroe Islands), Holland, cordingly.
Spain and Switzerland.
The contract referred to contained a clause requiring ad(I) No vessel shall carry any coal or mineral oil (including naphtha and
herrence by the contractor to a standard of labor conditions
gasoline) unless the consginee is approved by the War Trade Board,
(I) If a vessel is fitted with wireless telegraphy the sending apparatus in his plant which had been approved by the Board of Conshall be sealed in such manner that no message can be sent without the trol.
knowledge of the master. The master shall be responsible for seeing
first, that no message to the enemy is sent by wireless telegraphy; second,
that no reports are made of the vessels sighted or of any weather conditions experienced; third, that no wireless messages of any kind are sent SECRETARY BAKER'S DEFENSE OF WAR DEPARTwithin 200 miles of England, France, Portugal or Italy, except emergency
MENT IN ANSWER TO SENATOR CHAMBERmessages relating to vessels or persons in distress.
LAIN'S CRITICISMS.
to
request
do
so
by
upon
the
shall
War
charterer
Trade
•
or
owner
(k) The
Before the Senate Committee on Military Affairs on MonBoard, dispense with the services of the master, officers, or any members
of the crew.
day la'st, Newton D. Baker, Secretary of War, gave volumi(1) No vessel shall proceed on any voyage or be chartered on trip of time
nous testimony in defense of the War Department, in answer
War
Trade
the
of
consent
Board
or
the
Interprevious
the
charter without
allied Chartering Executive.
to Senator Chamberlain's assertions (referred to in the
is
which
consigned to or shipped by
(m) No vessel shall carry any cargo
"Chronicle" of last week) that.the military establishment of
any person, firm or corporation with whom citizens of the United States
America had fallen down. In his testimony Secretary Baker
trading.
from
law
by
are prohibited
(n) No vessel shall carry to or from any European port any cargo which made the statement that an army of 500,000. would be in
or
firm
corporation With whom
Is consigned to or shipped by any person,
France early this year, and that we will have one and onecitizens of any of the Allied countries are prohibited by law from trading.
(o) No vessel shall be bought or sold without the previous approval of half million men who can be shipped to France in 1918.
the United States Shipping Board, War Trade Board or of the Interallied That portion of Secretary Baker's statement dealing with
Chartering Executive.
in considerable part below:
(p) No vessel shall be laid up in port without the approval of the War the plan of the war we quote
Secretary Baker—Now, gentlemen, about the plan of the war. It will
Trade Board or the Interallied Chartering Executive.
(q) Every vessel clearing from a port of the United States shall observe all
be remembered that this war broke out in August 1914. We went into it
orders and requirements of the Committee on Ship Protection of the in April 1917, so that for two and one-half years, or more than two and
Navy
the
of
Department,
of
Fleet
the
Corporation
Emergency
Depart- one-half years, the war had been going on. It was not as though war
ment of Commerce and of the Bureau of War Risk Insurance of the Treas- had broken out between the United States and some country, each of them
ury Department.
prior to that time having been at peace with one another and with every(r). All "bunkers" received by any -vessel shall be used solely for the body else, so that an immediate plan should be made in the United States
purposes of the vessel, and no portion of the bunkers shall be landed in any for conducting war against its adversary; but we were coming into a war
which had been going on for two and one-half years, in which the greatest
port or transferred to another vessel.
(s) A report in duplicate shall be furnished to the War Trade Board each military experts, all the inventive genius, all the industrial capacity of
month showing in detail the movement of all vessels subject to the regula- those greatest countries in the world, had for two and one-half years been
tions.
solving the problem of what kind of war it was to be and where it was to be
waged.
•
It was not a thing for us to decide where our theatre of war should be.
cf war was France. It was not for us to decide our line of
theatre
The
AIRCRAFT EXPOSITIONS FORBIDDEN BY PRESIDENT
communications. Our line of communications was across 3,000 miles of
WILSON DURING WAR.
ocean—one end of it infested with submarines. It was not for us to decide
The holding of aircraft expositions during the war is whether we would have the manoeuvring of largo bodies of troops in the
antagonists on opposite sides of No-Man's Land in
forbidden in a proclamation issued by President Wilson on open. There lay the
the trenches at a death grapple with one another. Our antagonist was
reason
by
his
of
prompted
1,
the
action
being
fact that on the other side of that line, and our problem was and is to get over there
Jan.
they would make possible the collection and distribution of and get him.
It was not the problem of tieing it our way and letting everybody else
information important to the enemy. The proclamation take
care of himself. In the first place, we were going to fight in France,
follows:
not on our own soil and not on our adversary's soil, and therefore at the
very beginning it was obvious that the thing we had to do was not to map
By the President of United States of America
out an ideal plan of campaign, not to have the War College, with its
Proclamation.
A
speculative studies of Napcioon and everybody else, map out the theoreticWhereas a state of war exists, and the military and naval forces of the ally best way to get at some other country, but it was the problem of studying the then existing situation and bringing the financial, the industrial,
United States are endangered by enemy aircraft, and
Whereas this danger will be increased by communicating to the enemy and the military strength of the United States into co-operation with that
of Great Britain and France in the most Immediate and effective way.
the present state of aircraft invention in the United States, and
•
456
THE CHRONICLE
That problem could not be decided here. I fancy in this audience there
are men who have been in the trenches. The altogether unprecedented
character of that problem is the thing which every returning visitor tells
us cannot be described in words, cannot be put down in reports; it is a thing
so different from anything else that ever went on in the world, so vast in
its desolation, so extraordinary in its uniqueness that it must be seen and
studied on the ground in order to be comprehended at all.
It is easily imagined that we might have perfected an Army over here
and carried it across the ocean and found it wholly unadapted to its task,
and it might well have been that the Army that we sent over was just one
thing that they did not need and that some other thing which we might
have supplied would have been the thing essential to their success.
So that from the very beginning it was not a question of abstract speculation here, but a question of study there to find out where our shoulder to
the wheel could be put. They realized that. And so Great Britain sent
over to us Mr. Balfour and General Bridges and a staff of experts. They
came over here, and you saw Mr. Balfour in the House of Congress and at
the White House and in public meetings at one place and another, but the
group of experts whom they brought over with them you did not see much
of, and yet they distributed themselves through the War Department,
and their ordnance exports sat down with General Crozier, their supply
experts with General Sharpe and his assistants, their strategists sat down
with the Army War College, and all over this city there were these confidential groups exchanging information, telling how the thing was over
there, what we could do, what they advised us to do, what experience they
had had in developing this, that and the other implement or supply, how
certain plans which one might naturally have evolved out of the past
experience of the world had been tried there and found not to work at all.
They were exchanging information, giving us all that they thought was
helpful. And then came Joffre, with his wonderful reputation and his
great and charming personality, and he made a great figure here and we
welcomed him. It was a tremendous inspiration to see the hero of the
Marne. But with him came his unobserved staff of fifteen or twenty or
twent-five young men, the most brilliant men in the French Army—
strategists, mechanical experts, experts in arms, experts in supplies, experts in industry and manufacture—and they told us not merely the formal
and military problems, but they brought over with them men who were
In from the beginning in their reorganizations of their industries, in their
mobilization of their industrial plants, and we sat down with them in little
groups until finally we collated, and collected and extracted all the information which they could give us from their respective countries. And
every country which has been brought in the war has brought us that sort,
or sent us that sort of a staff of experts, and it has been necessary to compare notes, and with this as a basis, to form such an idea as might be
formed of what was the thing for us to do over there.
But that was not enough. They admitted that it was impossible to
draw that picture. They could describe to us and bring the specifications
and drawings for a piece of artillery, but they could not tell us why the
British theory of the use of artillery was by the British preferred to that of
of the French. They could not picture to us a barrage of heavy howitzers
as compared to a barrage of 75-millimeter guns. They could not picture
to us the association of aircraft, balloons and mobile aircraft, with artillery
uses. They could tell us about it, but even while they told us the story
grew old.
The one thing they told us from the very beginning to the end was that
this war, of all others, was not a static thing; that our adversary was a
versatile and agile.adversary; that every day he revamped and changed his
weapons of attack and his methods of defense; that the stories they were
telling us were true when they left England and France, but an entirely
different thing was probably taking place there now, and they told us of
large supplies of weapons of one kind and another which they had developed
in France and England, and which even before they got them in sufficient
quantity manufactured to take them from the industrial plants to the front
were superseded by new ideas and had to be thrown into the scrapheap.
They said to us: This is a moving picture; it is something that nobody
can paint and give you an idea of. It is not a static thing.
Therefore, it became necessary for us to have eyes there in instant and
immediate communication with us, and we sent over to France General
Pershing, and we sent with him not merely a division of troops—to that
I shall refer in a moment—but we sent with him perhaps I can say safely
the major part of the trained, expert personnel of the army. You know
the size of the official corps of the regular army in this country when the war
broke out. It was a pitiful handful of trained men,and yet it was necessary
to divide them up and send over to France officers of the highest quality
so that they would be at the front and see in the workshops and in the
factories and in the war offices and in the armies, where consultations would
take place immediately back of the front, so that they could see the thing
with their own eyes and send us back the details by cable every day of the
changing character of this war.
General Pershing's staff of experts and officers over there runs into the
thousands, and they are busy every minute, and every day that the sun
rises I get cablegrams from General Pershing from ten to sixteen and twenty
pages long, filled with measurements and formulas and changes of a millimeter in size, great, long specifications of changes in details of things which
were agreed upon last week and changed this week, and need to be changed
again next week, so that what we are doing at this end is attempting by
using the eyes of the army there to keep up to what they want us to do.
Already you will find in your further examination into some of the bureau
Ivork of the Department, some of the divisions, when they come down—
you will find that schedules which were agreed upon—weapons which were
selected and we had started to manufacture—have been so far discarded that
people have forgotten the names of them almost, and new things have been
substitued in their place.
So that if one gets the idea that this is the sort of war we used to have or
if he gets the idea that this is a static thing, it is an entirely erroneous idea,
and when you remember that we had to divide this little handful of officers
that we had and send so large a part of them to France, and then think of
those who remained at home you will realize, I am sure, that those who
remained here had the double duty, insufficient for either aspect of it, in
numbers—and they still have this double duty—they had to go forward
with manufacturers, work out industry and industrial relations; they had
to see about supplies of raw materials and manufacture finished product,
and make from day to day alterations and changes that had to be made,
• and they had to be ingenious with suggestions, to see whether they could
devise on this side something which had not been thought of over there.
They had been hospitable to suggestions which came from the other side;
they had to confer with the foreign officers who were here, who were constantly changed so that men fresh from the front could be here to advise
with us, and, in addition to that, every one of them had to be a university
professor, going out of the life of the community and selecting men who had
mercantile experience and knowledge and training, but not military mechanical experience and knowledge and training, and adding to his original
equipment the scientific training, that finishing touch which made him
equipped for use as a military scientist.
[VoL. 106.
As a consequence, this little group which stayed here has built the great
special departments of the army. The Ordnance Department, starting,
I think, with 93 or 96 officers, has now, as I recall the figures,something like
3,000 officers. They have had to be trained; they have had to be specialized,
and that has had to go on contemporaneously with this tremenodus response to the changing conditions on the other side in the meantime. When
we started in this war, I think it was commonly thought throughout the
country that our contribution at the outset might be well financial and industrial. The industries of this country were largely devoted at that
time—the appropriate industries and many converted industries were
largely devoted—to the manufacture of war materials for our allies.
As I suggested this morning, when we went into that market we found it
largely occupied, so that our problem was not going to a shoe factory and
saying, "Make shoes for us," but it was going to a factory which never
made shoes, because all the shoe factories were busy making shoes for people
from whom we could not take them, and saying, "Learn how to make
shoes in order that you may make them for us."
Now,of course, that is not true of shoes, but it is true of machine guns,
it is true of other arms, it is true of ammunition, it is true of forging capacity, which was the greatest defect in the country, and all of this time
we had not merely not to disturb the program of allied manufacture in
this country, but we had not to cut off the supplies of raw material' to our
allies, and we had not to disturb the industry of this country to such an
extent that products upon which they depended for the success of their
military operations would be interfered with, both agricultural and commercial and industrial products.
At the outset the idea was that we would be a financial and industrial
assistance to our allies during the year 1918, and I think I probably can
read from the "Metropolitan Magazine" for August a suggestion which
will show what the current expectation of the country was. The editor
of the "Metropolitan Magazine" was protesting against what he believed
to be the intention of the Government at that time.
Senator Weeks—Is that the one in which Mr. Roosevelt is associate
editor?
Secretary Baker—He is a contributing editor to this magazine. This
magazine came out in August 1917, and this editorial says:
"Since it is our war, we want to put everything into it so as to finish it
in the shortest possible time, so that the world may be restored. To our
mind the whole plan of the War Department has been flavored with a
desire to hold off until the Allies finish the war for us."
You see, the editor was dealing with what he supposed to be the intention
of the War Department at that time, that we were holding off so far as
actual military operations were concerned, and letting the Allies do the
fighting.
What he says we should have done, and I ask your particular attention
to it, is this:
"We should have strained every energy to have gotten from 50,000 to
100,000 men to France this year."
That is, the year 1917. I tell no secret, but it is perfectly welik nown to
everybody in this group that we have far exceeded what in August 1917
was regarded as a program so ideal that the editor of this magaine refers
to it as a thing which we ought to have strained every nerve in a vain
but hopeless effort to accomplish.
The Chairman—You had more than that there then, did you not?
Secretary Baker—In 1917?
The Chairman—Yes, in August 1917.
Secretary Baker—No, Senator. In August 1917 we had more than the
minimum. No, not more than the minimum, not in August, not in
August 1917.
And then the editor goes on:
•
"And by next year, 1918, we could have had 500,000 men to send over,
or any part of 500,000 men which we could ship."
Now, instead of having 50,000 or 100,000 men in Franco in 1917, we
have many more than that in France, and,instead of having a half a million
men whom we could ship to France if we could find any way to do it in
1918, we will have more than one-half million men in France early in 1918,
and we have available to be shipped to France if the transportation facilities are available to us—and the prospect is not unpromising—we will have
one and one-half million who in 1918 can be shipped to France.
Senator Weeks—Do you know who wrote that editorial?
Secretary Baker-L-I think it is attributed to Mr. Wiggin, the editor-inchief of that magazine.
The Chairman—Why have you not felt it proper to let the public into
your confidence with reference to those things that you are toiling now?
Secretary Baker—Senator, I confess I have hesitated and I still hesitate.
I have here a statement from Field Marshal von Hindenburg, in which he
Is quoted as saying in a German newspaper in contemptuous fashion of us
that we have advertised our preparations for this war in an unworthy
manner.
The Chairman—Do you think for a moment, Secretary Baker, that there
has been any time within the last year that the German Secret Service has
not been fully advised as to everything we have done?
Secretary Baker—Yes, Senator, I know. If I may rely upon the confidential information which we get from confidential sources, the German
Government is still mystified as to the number of men we have fa France,
or have had there at any time. . . .
I have no further point to make in the matter of the number of troops
there than to show, as I was showing when I read that extract, that our
original intention was to make our military effort in 1918; and in August of
1917 a zealous advocate of immediate military activity laid down as the
maximum obtainable program a thing which has since been multifold
exceeded.
Why did we decide to send some troops to France in 19171 It is no secret. When Marshal Joffre came to this country from France, when the
British Mission came from France, they told us of a situation which we had
not up to that time fully appreciated. There had been in France recently
conducted before that an unsuccessful major offensive. The French people
had suffered, oh,suffered in a way that not only our language is not adapted
to describe, but our imagination cannot conceive. The war is in their country. This wolf has not only been at their door, but he has been gnawing
for two years and a half at their vitals, and when this unsuccessful offensive
in France had gone on there was a spirit not of surrender, but of fate, about
the French people, and this mighty military engine which they had seen
prepared to overcome them for forty years was at them, and their attitude
was that no matter whether every Frenchman died in his tracks, as they were
willing to do, or not, it was an irresistible thing, and so they said to us:
"Frankly, it will cheer us; it will cheer our people, if you send over some of
your troops."
We did send some troops. At that place we had a choice. We could
have sent over, as Great Britain, our redder army, and in a very short
preparation have put it into action and suffered exactly what Groat Britain
suffered with her "contemptible little army" as it was called by their adversaries. Our army would have given as good an account of itself as the Britsh Army did but it would have been destroyed like the British Army.
FEB. 2 1918.]
TIIE CHRONICLE
and there would have been no nucleus on which to build this new army
that was to come over a little later, and it was deemed wiser to send over a
regular division, but not to send over our whole regular army at that time.
Then what happened was that that regular division went over and the
people of France kissed the hems of their garments as they marched up
the streets of Paris; the old veterans, wounded in this war, legless or
armless, stumping along on crutches, perhaps as they went up the streets
of Paris with their arms around the necks of the American soldiers. Not a
single man in that division was unaccompanied by a veteran. America
had gone to France, and the French people rose with a sense of gratitude
and hopefulness that had never been in them before.
Of course they welcomed the British, but their need was not so great
when the British went. Of course they welcomed the British, but there
were ties between them and us which there had not been between them
and the British, and so when our troops went there was an instant and
spontaneous rise in the morale of the French, but an equally instant and
spontaneous insistence that these soldiers who came from America should
continue to come in an unbroken stream.
And so we made the election. We decided not to send the regular array
as a whole, but to send regular divisions and National Guard divisions
selected according to the state of their preparation,and keep them back here
some part of' our trained force in order that it might innoculate with Its
spirit and its training these raw levies which we were training. One after
another these divisions have gone over until in France there is a fighting
army, an army trained in the essentials and in the beginnings of military
discipline and practice and trained, seasoned fighters in this kind of a war
on the actual battlefields where it is taking place.
Early in this war, when Joffre was here and when Balfour was here, they
said to us: "It may take you some time to get over to us a great fighting
army, but you are a great industrial country. Our man power is fully
engaged in our industries and in our military enterprises. Send over
artisans, special engineering regiments, and troops of a technical character."
and although it was not contemplated at the outset and only a phrase in
the emergency military legislation shows that the thing was thought of as
a possibility, yet in a very short time we had organized engineering regiments of railroad men and sent them over there and were rebuilding
behind the lines of the British and French the railroads which were being
carried forward with their advance, reconstructing their broken engines
and cars, and building new railroads, back of both the French and British
lines. Those regiments were of such quality that at the Cambrai assault,
carried on by General 13yng, when the Germans made their counter-attack,
our engineer regiments threw down their picks and shovels and carried
their rifles into the battle and distinguished themselves by gallant action in
the war itself.
We began to see that we were going to be over there in large force, and
the question that then had to be answered was how will we maintain an
army in France? Special studios had to be made of that problem, and this
Is what they showed.
They showed that the railroads and the facilities of France during this
war had been kept in an excellent condition—far better than was supposed
possible under the conditions. And yet, they showed that those railroads
were used to the maximum to take care of the needs of the French and the
British themselves, and that when our army became a great army it would
be necessary for us to build back of our own line an independent line of
communication.
In other words, France was a white sheet of paper so far as we were
concerned, and on that we had not only to write an army, but we had to
write the means of maintaining that army. From the first time when a
careful and scientific study of the opportunities of France to help us was
made—from that hour until this we have been building in France facilities,
Instruments, agencies, Just as many as we have here in the United States,
and more—many of them of the same character. For instance, the French
had naturally reserved the best ports in France for their own supply.
The Channel ports have been reserved for the British. When we came
In it was necessary for us to have independent ports of entry in order that
there might not be confusion and a mixture of our supplies going through
these ports of disembarkation with those of other nations.
We were given several ports. As you perhaps recall, the ports of France
are tidal ports—ports with deep water and tidal basins at high tides, with
insufficient water for landing at the docks when the tide is out.
As a consequence, the construction of docks and wharves for tidal basins
In ports of that kind is very much more difficult than where you have a
deep-sea harbor, and all you need to do is to erect a pile wharf. We have
had to build docks, we have had to fabricate in this country and send over
dock-handling machinery; we have had to send from this country even the
piles to build the docks. We have had to have cranes manufactured in
this country and sent over to be erected on those docks. We have had to
erect over there warehouses at the ports of disembarkation in order that
thes6 vast accumulations of stores and supplies which go over can be properly housed and cared for, until they can be distributed into the interior.
We have had to take over and are in process of rebuilding and amplifying
a railroad 600 miles long. In order to carry our products from our ports of disembarkation to our general bases of operation. And all of that, gentlemen,
has to be done, not only studied out, as a necessary thing to do,but when so
studied out and reported here, the manufacture of those things has to be carried out in this country, and the things shipped over there—nails,cross-ties,
spikes, fishplates, engines, cars, buildings. We have had to build ordnance
depots and repair shops and great magazines of supply in the interior.
All of that problem has been carrying forward step by step the plans for a
single ordnance repair shop, which I saw some time ago. It covered acres
and acres of ground, design&I over here, the iron work fabricated over here,
dis-assembled, and put in ships and carried abraod to be reassembled over
there.
We have had to build barracks over there for our soldiers, and in the meantime to billet then] around in the French villages. Building barracks over
there and building them here is a very different thing, gentlemen.
When we summoned the lumber industry of this country to produce the
lumber to build our own cantonments it came in a great and steady stream
from all over the country; but when we talk about building barracks in
France it means this: It means to organize, as we have organized, regiments of foresters, and sending them over into the forests of France which
they have assigned to us for our use, cutting down the trees, setting up sawmills, making the lumber of various sizes, transporting it to the places where
it is to be used, and then finally using it.
We have had to go back to the planting of the corn in France,in order that
we might some time make a harvest. Our operations began in the forests
of France, not in the lumber yards, as they did in this country. . . •
This war had a more or less set character until the Russian situation
changed, as it has changed. In the last few months, when we had gotten
more or less used to the situation created by the uncertainty as to Russia
there came the great Italian defeat, which calledfor even greater changes,
in our plans in many ways.
So that what might have been a perfectly acceptable plan as to major
operations prior to the change in the Russian situation, or prior to the
457
change in the Italian situation, had to be restudied instantly, and for that
reason, among others, there is now organized, as you know in France,
pursuant to the suggestion of Mr. Lloyd George, the Rapallo Conference,
or the Supreme War Council, and the United States is represented on that
by the Chief of Staff of the American Army, and the major international
arrangements in regard to the military are working out there, while General
Pershing and his staff of experts are working out these other questions.
That is a picture of what has been going on over there, gentlemen.
On this side much of that has had to be done, and, in addition to it, all
the things wt have done; and I ask you to remember among the achievements on this side is the building of this army, not of 50,000 or 100,000 or
500,000, but of substantially 1,500,000 men.
And now, let me be frank with you, and let your judgment be frank with
me about this. Has any army in history ever, since the beginning of time,
been so raised and cared for as this army has? Can the picture be dupli
cated? We have raised this army, taking the regular army and the
National Guard, raising it to war strength and supplementing it by the
operation of a draft, and there are Senators in this room who said to me
with grief when we proposed that that form of raising the soldiers be had
—they shook their heads and said:"Mr. Secretary, it can't be done. It is
too sudden to address to the American people that mode of selecting so!'
diers." And yet, has any great enterprise within the knowledge of any
man in this room ever been carried out with more unfailing justice, with
more intelligent legislation and commendation to the good sense of patriotism of the American people, and has any great and revolutionary change
in our mode of practice ever been accepted so eplendidly as the operation
of the selective service system?
We have got those young men in camp,and they are surrounded from the
day they left home until the day they come back to it, if in God's providence they can come back, with more agencies for their protection and
comfort and health and happiness, physical, spiritual and mental, than
any army that ever went out on a field.
The fact that Secretary Baker and Senator Chamberlain,
who is Chairman of the Senate Military Committee, lunched
together at the Capitol on Jan. 30 is taken as an indication
of efforts to secure a better understanding on the points at
issue. The committee's bill for a War Cabinet, Senator
Chamberlain said after the luncheon, was the principal subject discussed. It was urged by the Chairman as absolutely
essential to successful co-ordination of America's war efforts.
Although agreeing that co-ordination is necessary, Secretary
Baker, it is said, takes the position that co-ordination is
being accomplished by reorganization already made and
being planned further. Senator Chamberlain is quoted as
saying:
The chief difference between us was that I believe affirmative legislative
action is necessary and Mr. Baker does not. I asked him to think it over
and suggest any changes he might desire. The committee is not wedded
to any particular plan, but we believe some legislation to establish centralized authority with legal control is necessary.
Senator Chamberlain assured Secretary Baker that the
only purpose of the committee was to help and not hinder
the Administration.
NO INDUSTRIAL TIE-UPS IN GREAT BRITAIN
AND PRANCE.
How England and France in the midst of the war have
been able to avoid industrial tie-ups such as now exist in the
United States is explained by the National Thrift Bond
Corporation of New York in a statement issued last week,
which we quote below:
In the light of present day happenings Americans can well ask how is it
that thus early in the war we have been jerked up to a standstill while our
Allies carry on month after month with apparent success.
The answer, we believe, is found in the fact that from the beginning the
program both in England and France has been "production, more production, and still more production."
While we have been holding academic discussions about essential and
non-essential industries, our two allies have been putting at least 50%
more effort into the job and converting everything into national strength.
France, for example, is at this time turning out large quantities of fine
perfumes and cosmetics and Is exchanging them with other countries for
food and war stuffs. That, however, is only one phase of the matter. One
of our French correspondents sends us the following somewhat surprising
figures:
Aug. July July
Aug. July July
1914. 1915. 1916.
1914. 1915. 1916.
Foodstuffs
44
78
88 Metals (ordinary)_ 32
84
125
Chemicals
43
78
96 Metals (fine)
lb
43
48
76 Building, &c
Rubber, paper.&c. 34
64
22
38
49
Books & printing_ 36
49
54 Pottery, &c
18
39
48
Textiles
76 Warehouse and
29
71
Clothing, &c
32
transportation _ 49
70
79
83
96
84 Various commer'l_ 51
Leather
72
39
65
70
67 General percentage 33
Wood
20
51
70
87
263% increase in number employed in industry.
A casual study of this table will indicate that the French people in most
important particulars are producing more materials to-day than in the first
year of the war. In other words, France, with a large percentage of her
man-power mobilized, is putting nearly everyone else to work, and by some
magic means is persuading them to work harder and longer than hereto.
fore.
Our English advices bring the same story. In the British Isles there are
twice as many persons actively employed at present as in peace times.
As in France. this has been accomplished through wholesale employment.
the Government where necessary, providing elaborate training schools for
the preparation of those untrained.
As far back as the spring of 1916, women were going into industrial work
five or six times as rapidly as in normal years, and at that time about five
and a half million women were in industrial employment. It is believed
that at present the figures are at least half a million larger.
It is known that munitions have absorbed nearly one million female workers. who in some branches of this industry are in actual majority. For instance, 80% of the persons employed for shell, fuse and grenade work are
women. In light shell manufacture only 6% of men are employed:1n picric acid plants half the workers are women, and in T. N. T. plants over
four-fifths are female workers.
458
THE CHRONICLE
[VoL. 106.
regular rate of dividends during the three years ending June thirtieth,
nineteen hundred and seventeen: Provided, however, That such carriers
as have paid no regular dividends or no dividends during said period may,
with the prior approval of We President, pay dividends at such rate as the
President may determine.
Sec. 6. That the sum of $500,000,000 is hereby appropriated, out of the
Public Treasury, from any funds not otherwise appropriated, which, together with any funds available from any operating income of said carriers.
may be used by the President as a revolving fund for the purpose of paying the expenses of the Federal control, and so far as necessary the amount
of just compensation, and to provide terminals, improvements, engines,
rolling stock, and other necessary equipment,such terminals,improvements,
and equipment to be used and accounted for as the President may direct
NO LIST OF NON-ESSENTIAL FARM PRODUCTS TO and to be disposed of as Congress may hereafter by law provide.
- BE ISSUED BY DIRECTOR-GENERAL OF RAILROADS.
The President may also on or in connection with the property of any carrier, make or order any carrier to make any additions and improvements
Information to the effect that the Director-General of necessary
or desirable for war purposes or in the public interest. He may
Railroads had neither promulgated nor contemplated the from said revolving fund advance to such carrier all or any part of the exand improvements so ordered and constructed by
issuance of a list of non-essential farm products which would pense of such additions
such carrier or by the President, such advances to be charged against such
be denied transportation facilities was given out by Mr. carrier and to bear interest at such rate and be payable on such terms as
McAdoo on Jan. 22, following a conference of representa- may be determined by the President, to the end that the United States
for any sums so advanced.
tives of the United States Department of Agriculture at the may be fully reimbursed
Any loss claimed to accrue to any carrier by reason of any such additions
office of the Director-General. Request was made that the or improvements so ordered and constructed may be determined by agreeDepartment of Agriculture disseminate this information as ment between the President and such carrier; failing such agreement the
of such loss shall be ascertained as provided in Section 3 hereof.
widely as possible to the farmers of the country. The amount
From said revolving fund the President may expend such an amount as
Director-General believes that under the plan now being he may deem necessary or desirable for the purchase, construction, or utilizformulated it will be possible to provide adequate transpor- ation of operation of canals, boats, barges, tugs and other transportation
on the inland, canal and coastwise waterways, and may in the
tation for farm products this year. Farmers should place facilities
acquisition, operation and use of such facilities create or employ such
orders for cars when needed with local freight agents, as agencies and enter into such contracts and agreements as he shall deem in
the public interest.
has always been the practice.
Sec. 7. That for the purpose of providing funds requisite for maturing
obligations, or for other legal and proper expenditures, or for reorganizing
RAILROADS REQUIRED TO DROP LEGISLATIVE
railroads in receivership, carriers may, during the period of Federal control,
Issue such bonds, notes, equipment trust certificates, stock and other forms
AGENTS AND OBSERVE REGULATIONS
of securities, secured or unsecured by mortgage, as the President may apREGARDING PASSES.
prove as consistent with the public interest. The President may purchase
for
the United States all or any part of such securities, at prices not exceedof
Under General Order No. 6, issued by Director-General
par, and may sell such securities whenever in his judgment it is desiraRailroads McAdoo under date of Jdn.. 28, railroads are ing
ble at prices not less than the cost thereof; any sums available from the
called upon to dispense with the services of legislative and revolving fund provided in Section 6 may be used for such purchases.
Sec. 8. That the President may execute any of the powers herein and
political agents and all attorneys not engaged in the perheretofore granted him with relation to Federal control through such agenformance of necessary legal work, and to observe strictly cies as he may determine, and may fix the reasonable compensation for
the law governing free passes. The order, it was stated, the performance of services in connection therewith, and may utilize
personnel and facilities of the Inter-State Commerce Commission and
will cut off large and well paid staffs maintained by many the
call upon members of such Commission, or any of its employees, or emcompanies and will eliminate from payrolls hundreds of ployees of any department of the Government for such services as he may
lawyers throughout the country who draw annual retainer deem expedient. No such Federal official or employee shall receive any
compensation for such services.
fees. If it is complied with to the letter, as the Director- additional
Sec. 9. That the President may prescribe a reasonable system and schedGeneral's office intends to see that it is, it is added, thousands ule of compensation for the disability or death resulting from an injury
of free passes now held by State, county and municipal occurring or that may have occurred at any time after the beginning of
Federal control and sustained in the course of his employment by a
officials and others will be cancelled. We give the order such
person employed, either directly by the United States, or indirectly through
herewith:
such carrier, in connection with such Federal control and operation; and
Jan. 28 1918.
may likewise prescribe the moans and method for the administration of such
General Order No. 6, to Officers and Directors of Railroad Companies:
system and the determination and adjustment of any claim for such comDuring the period of possession, operation, and Government control of pensation and the payment thereof as well as the expenses of the adminisrailroads it is necessary that officers, directors and agents of railroad com- tration thereof, out of the operating revenues derived from the Federal
panies be very careful in the handling of moneys and in the dealing with operation of the carrier, or out of any reserve fund or funds created theretransportation matters. Without attempting at this time to give general from. The President may,from time to time, revise and modify such sysdirections, there are a few matters involving the expenditure of moneys tem, schedule, means and method. HO may,in his discretion, transfer the
for purposes having no direct relation to transportation, which should administration thereof to the United States Employees' Compensation
Commission. The rights and remedies so provided shall exclude all other
receive immediate attention, as well as the issuance offree transportation.
It is therefore ordered that the carriers' operating revenues shall not be rights and remedies of the person injured, his personal representatives,
dependents, or next of kin, either at common law or by statute, whether
expended:
1. For the payment of agents or other persons who are employed in any Federal or State, against either the carrier or the United States, on account
of such injury or on account of the disability or death resulting therefrom.
way to affect legislation.
The President may further prescribe that a reserve fund or funds shall be
2. For the employment of attorneys who are not actually engaged in
company.
the
for
created to be charged to operating expenses for the commuted value of any
the performance of necessary legal work
3. For the payment of the expenses of persons or agencies constituting or all claims for compensation allowed or accrued during such Federal conassociations of carriers unless such association is approved in advance by trol.
Sec. 10. That nothing herein contained shall be construed as modifying
the Director-General.
4. For any political purpose or to directly or indirectly influence the or restricting the powers heretofore conferred upon the President to take
possession and assume control of any or all systems of transportation;
election of any person or an election affecting any public measure.
No passes or free transportation shall be issued by any carrier under and the President, in addition to the powers conferred by this Act, shall
Federal control or any official of such carrier unless the issuance of such have and is hereby given such other and further powers necessary or approfree transportation is expressly authorized by the Act of Congress, entitled priate to give effect to the powers herein and heretofore conferred. The
"An Act to regulate Commerce, approved Feb. 4 1887, and amendments provisions of this Act shall also apply to any carriers to which Federal conthereto;" and any such passes or free transportation heretofore issued not trol may be hereafter extended.
Sec. 11. That carriers while under Federal control shall, in so far as is
in conformity with said Act must be recalled.
• This order applies to all carriers under Federal control, whether inter- not inconsistent therewith,or with the provisions of this Act, or any other
W.G.McADOO,
Act applicable to such Federal control, or with any order of the President,
State or Intra-State.
be subject to all laws and liabilities as common carriers, whether arising
Director-General of Railroads.
under statutes or at common law; and suits may be brought by and against
such carriers and judgments rendered as now provided by law. But no
PROVISIONS OF RE-DRAFTED BILL PROVIDING FOR process, mesne or final, shall be levied against any property under such
FEDERAL CONTROL OF RAILROADS.
Federal control. The President shall prescribe the means and methods
operating revenue derived from such Federal
In printing lait week the rewritten text of the Adminis- for the payment out of the
control of any judgments and the enforcement of any decrees or orders that
tration railroad bill designed to carry out President Wilson's may be rendered against the carrier arising out of any acts or omissions
recommendations for Governmental control of the railroads in the course of such Federal operation and control.
Sec. 12. That every person or corporation, whether carrier or shipper,
during the war, we gave the provisions of the redrafted bill
or any receiver, trustee, lessee, agent or person acting for or employed by
as nearly complete as it was possible to give it from the 'a carrier or shipper, or other person, who shall knowingly violate or fall to
newspaper accounts. Since then we find that from Sections observe any of the provisions of this Act, or shall knowingly interfere with
impede the possession, use, operation, or control of any railroad property,
4 to 14, inclusive, the official copy of the newly written bill or
railroad, or transportation system hitherto or hereafter taken over by the
differs materially from that published by us, and we print President, or shall violate any of the provisions of any order or regulation
anew these sections As they appear in the bill presented to the made in pursuance of this Act, or of any other Act concerning such possession, use, operation or control, shall be guilty of a misdemeanor, and shall,
House Committee on Inter-State Commerce on Jan. 24.
upon conviction, be punished by a fine of not more than $5,000, or, if a
that
may
compensation
be
just
the
That
determined
as
4.
Sec.
herein- person, by imprisonment for not more than two years, or both. Each inbefore provided by agreement or that may be adjudicated by the Court of dependent transaction constituting a violation of, or a failure to observe,
Claims, shall be increased by an amount reckoned at a reasonable rate per any of the provisions of this Act, or any order entered in pursuance hereof,
centum to be fixed by the President upon the cost of any additions and im- shall constitute a separate offense. nor the taking or conversion to his own
provements, less retirements, to the property of such carrier made by such use or the embezzlement of money or property derived from or used in concarrier with the approval or by order of the President while Such property nection with the possession, use, or operation of said railroads or transporIs under Federal control.
tation systems, the criminal statutes of the United States, as well as the
Sec. 6. That no carrier while under Federal control shall, without the criminal statutes of the various States where applicable, shall apply to all
prior approval of the President, declare or pay any dividend in excess of its officers, agents, and employees engaged in said railroad and transportation
England is producing about as much coal as usual, and is moving it, as
Is indicated by the fact that she is able to send bunker coal to the United
States in order to move her ships now tied up in our harbors for lack of
fuel.
England has been able to induce her workers to stay on the job and although a special war Act provides life sentence for all who incite strikes or
interfere with production, there has been no need for enforcing the Act.
The unions have waived the custom of the closed shop and have allowed any
and all to work.
The hours of labor are less, the pay higher than ever. The whole attitude of England to-day is WORK.
FEB. 2 1918.]
THE CHRONICLE
service, while the same is under Federal control, to the same extent as to
persons employed in the regular service of the United States. Prosecutions
for violations of this Act or of any order entered hereunder shall be in the
district courts of the United States, under the direction of the AttorneyGeneral, in accordance with the procedure for the collection and imposing
of fines and penalties now existing in said courts.
Sec. 13. That all pending cases in the courts of the United States affecting railroads or other transportation systems brought under the Act to
regulate commerce, approved February 4 1887, as amended, and supplemented, including the commodities clause, so called, or under the Act to
protect trade and commerce against unlawful restraints and monopolies,
approved July 2 1890, and amendments thereto, shall proceed to final judgment as soon as may be, as if the United States had not assumed control of
transportation systems; but in any such case, the court having jurisdiction
may upon the application of the United States stay execution of final
judgment until the further action of Congress in respect or control of
transportation systems by the United States.
Sec. 14. That the Federal control of transportation systems herein and
heretofor provided for shall continue for and during the period of the war
and until Congress shall thereafter order otherwise. But this Act is expressly declared to be emergency legislation enacted to meet conditions growing out of war; and nothing herein is to be construed as expressing or prejudicing the future policy of the Federal Government concerning the ownership, control or regulation of carriers or the method or basis of the capitalization thereof.
CONGRESSIONAL DELIBERATIONS ON ADMINISTRATION RAILROAD BILL.
Hearings on the Administration Railroad Bill before the
House Committee on Inter-State Commerce were concluded
on Jan. 29. The committee yesterday went into executive
session to consider the bill, the debate, it is stated, having
concerned the amendment limiting Government control to
one year after the war. The Senate Committee on InterState Commerce by a vote of 7 to 6 on Jan. 29 adopted an
amendment limiting Government control of the railroads to
one year after the end of the war. Some of the members
of the committee who were opposed to the amendment were
said to have stated that they would endeavor to have the
committee rescind its action, and in the event of failure of
their efforts would submit minotity reports. On Jan. 31
the Senate committee decided to refer the bill to a sub-committee to work out the differences. The sub-committee
named included Senator Robinson of Arkansas and Senator
Townsend of Michigan. Besides the question as to the duration of control, &nether point of difference was as to whether
the power to d4ternilne rates lodged with the Director-General should be subject to more specific limitation. On
Jan. 30 before the bill was turned over to the sub-committee
the full committee tentatively voted 7to 6 to retain the ratemaking power in the hands of the Inter-State Commerce
Commission, instead of as the bill proposes, turning the ratefixing power over to the Director-General. It is stated
that an attempt is to be made to bring about a compromise
whereby a time limit will be fixed on Government control,
but compensation powers shall be placed in the hands of
the President.
RULING OF NEBRASKA RAILWAY COMMISSION ON
GRAIN MOVEMENT.
The Nebraska Railway Commission is reported to have
ruled that of all movement of grain 80% must be of corn of
20% moisture or higher.
FINDINGS OF COMMISSION IkQUIRING INTO
EFFECT OF EIGHT HOUR RAILROAD LAW.
The report of the Commission appointed in 1916 under
the Adamson eight hour law to make a study of the effect
of the eight hour standard work day upon wages and hours
established for railroad employees under the Act was presented to the President and to Congress on Jan. 23. The
report is signed by George W. Goethals, Chairman of the
Commission, and the two other members, Edgar E. Clark,
of the Inter-State Commerce Commission, and George
Rublee, formerly of the Federal Trade Commission. M.0.
Lorenz served as Secretary to the Commission. In its
report the eight hour commission says:
Ott will require further study to make anything like a final showing.
459
ments and additional allowances, typical wages by occupations in relation to services performed, and the average
hours of service. Treating of conditions found on 104.355
miles of road, of which 20.093 were in the Eastern district,
24.502 in the Southern and 59.760 in the Western, the
report states that upon this trackage the eight hour law increased the costs, based on 1916 estimates, as follows:
Passenger service, $2,532,097; freight service, $31,668,998; yard service.
$27,333,437; total for the United States, $61,534,532. This does not include increases paid to hostlers, which would amount to about $1.875,000
additional, if all roads paid hostlers on the eight hour basis, the increase
for this occupation being generally nearly 25% for January 1917.
In pointing out that the law does not limit the actual
•
duration of work to 8 hours a day, the report says:
Although the distinction is elsewhere noted in this report, it is well to
emphasize the fact that while the law requires eight hours to be the measure
or standard of a day's work for the purpose of reckoning compensation
for services of train employees, it does not limit the actual working time to
eight hours. Overtime does not begin at the expiration of eight hours if
the run is more than 100 miles, and is made at the rate of 12% miles per
hour or bette . For runs of 100 miles, the actual eight hour day, as ordinarily understood, is the same as the speed basis of 123 miles per hour.
Very generally in the freight service this average speed is not attained.
The engine and train crews average considerably more than eight hours
per day or less than 12% miles per hour. In the discussion preceding the
enactment of the law it was contended for the railroads that they could nut
to any large extent, eliminate this overtime by increasing the average
speed of trains to the 121-4 mile per hour basis without exorbitant cost.
As a result of the law, even with pro rata overtime there have been
numerous instances of changes in the operation of trains in road service
shortening the time of runs; but generally speaking, no marked change
in operation or in road service is observable. This is not true of yard service, in which an actual eight hour day has been generally introduced. To
what extent it would'be practicable ultimately to limit the hours of road
train employees to eight hours per day it is impossible to say.
Taking the 1916 schedule as the basis, the law caused an
increased expenditure of $985,803, or 24.59% in January
1917 by railroads having expense of $1,000,000 or more annually. The report adds:
To what extent this change will be permanent we do not know, but a reduction in hours means to the men that they do not get the wage increase
indicated above, and in some cases it means considerable decrease, as
where men formerly worked twelve hours they now work eight hours for the
former ten hours' pay. To the carriers the reduction in hours does not
necessarily mean the escape from all of the increased costshown in January.
It was stated that various plans for overcoming the extra
expense of the eight hour day in road service had been studied
and that the only practical solution was to let the roads ay
the overtime. This was considered the cheapest way of
meeting the law. It was concluded that "the roads cannot
speed up all of their freight trains to 123/ miles per hour,
including delays by any universal method." According
to the report, except in short turn-around and suburban
service, the passenger service is but little affected by the
law. In road freight service the increase in wages averages
about 15%, and about 25% in yard service. Where, however, there has been an actual reduction in hours, the total
pay of the individual worker is not necessarily increased by
the eight hour law, and his pay may actually be less than
it was in the year 1916 before the law became effective.
A detailed study of the payrolls, says the report, indicates
that 12.6% of the employees in the classes named received
no increase in pay in January 1917, under the eight hour
law; 30.2% received less than $10 per month increase; 22.7%
received from $10 to $20 a month increase, and 34.5% received $20 or more per month increase. These figures are
subject to modification to the extent that hours of work
have subsequently been reduced. Concerning the hours
of labor, the report says that in the Eastern district in slow
freight service the actual time during which engineers are on
duty is from 12 to 13 hours per run. In the Southern and
Western districts the corresponding figures are considerably
smaller. In local freight service men work from 11 to 12
hours per run in all districts. Among the subjects which
receive special treatment are the following: The speed and
delays of freight trains; railway wage schedides and agreements; employment conditions in road and yard service;
and the practicability of an actual eight hour day in railroad
train service.
Nevertheless, we believe that certain truth.s regarding the operation of the RESULTS OF CURTAILMENT OF PASSENGER SERVICE
eight hour law are now apparent and the presentation of such facts as have
ON PENNSYLVANIA RAILROAD.
been collected will be of some service.
We find that the railroads in actual practice have applied the eight hour
The Pennsylvania Railroad has issued the following stateday as a basis for reckoning compensation of the following employees:
relative to what has been accomplished through the
ment
Enginemen, firemen, conductors, assistant conductors, baggagemen,
brakemen and flagmen in road and yard service and generally hostlers. reduction in passenger train service on Jan. 5:
Jan. 24 1918.
The average was 308,373, which is 17.37% of the total number of railway
employees.
Reports which have been received from all divisions of the Pennsylvania
• Railroad Lines East of Pittsburgh and Erie, show that as a result of the
The figures, the report said, apply to railroads having an
in passenger train service, made effective on Jan. 6 1918, when
annual operating expense of $1,000,000 or more. Among reductions
104 week-day and 51 Sunday trains were taken off, the following economies
thelmatters taken up by the Commission are the increase In motive power and man-power have been achieved:
29
Locomotives saved per day
.
in.cost_to the railroads, the increases in wages in each occu55
Locomotive crows saved per day
pation'and class of service, the increase in wages as affecting
47
Train crews saved per day
2,708,212
Train miles saved per year
the individual employees, the amount of overtime pay-
460
THE CHRONICLE
The locomotives which have been saved are being used in part to replace
others in the passenger service which are urgently in need of repairs, and
in part for moving the lighter forms of freight.
The engine and train crews saved have been assigned to new duties in
accordance with the seniority rules of the railroad. In most cases the
crews actually affected remain in the passenger service, but the junior men
in the various grades of employment, on each division, have been transferred to other duties, either in the freight train service or elsewhere in the
passenger train service.
Thirty-five lines of parlor and sleeping cars were discontinued in the
general reduction, each parlor or sleeping car taken off being replaced by
one or more day coaches of approximately triple the carrying capacity.
MORATORIUM AGAIN PROPOSED IN NEW YORK
LEGISLATURE.
Assemblyman Wm. C. Amos of New York writes us as
follows concerning the bill introduced by him in the Legislature on Jan. 16, and referred to in these columns on Jan. 19,
providing for a moratorium to protect not only residents of
the State who are in the Federal and State service, but all
New Yorkers affected by circumstances caused by the war:
I am confident that there will be a moratory law passed at this session
of the Legislature. Before introducing this bill I interviewed a large
number of persons in all stages of life and in different vocations, and I have
also interviewed many others since I introduced the bill. So far I have
found only one objector. In considering this bill, we should keep in mind
that it is highly probable that a moratory law will be passed at this session
of the Legislature, therefore, it becomes, not a question of whether a
moratorium should be created, but what kind of one. I am opposed to
one, rigid, sweeping and all inclusive. You will note that the bill I have
introduced is peremptory, mandatory and immediate in its application to
soldiers, sailors and their dependents. It stays pending actions and forbids the institution of actions against such individuals during the period
of the war. In this respect it is rigid, but hero its rigidity ceases. Its
application to all others is based on the facts of the individual cases, before
a court of jurisdiction located, in probably 90% of cases, in the community
in which all the parties interested are known.
The full text of the bill referred to follows:
AN ACT
To provide for a moratorium on certain classes of property, in favor o
soldiers, sailors and marines in the active service of the United States,
and their dependents, and in favor of other persons under certain
circumstances, during the period of the war.
The People of the State of New York, represented in Senate and Assembly, do
enact as follows:
Section 1. The execution or enforcement of any judgment, order or
decree of any kind, and of any levy, right of entry or foreclosure, lien,
power of sale, forfeiture or default which may hereafter be entered or rendered, or which may exist or arise during the continuance of the present
war between the United States and the German Empire and its allies, is
hereby suspended against any soldier, sailor or marine or other person now
In or who may hereafter enter the military or naval service of the United
States, or their dependents, while such persons are engaged in such service
and for a period of six months after the termination of such service.
Sec. 2. The execution or enforcement of any judgment, order or decree,
or of any right or power, mentioned and described in Section 1 of this Act,
may be suspended against any property or stayed upon application to the
court in which such action is pending by or on behalf of any person, except
those mentioned in Section 1 of this Act, against whom or against whose
legal or equitable interest in any property, real or personal, the same may
be executed or enforced, provided the court in which such application is
made shall find that such person so liable or interested is unable by reason
of circumstances directly attributable to such war, to make such payment
or satisfaction as may be necessary in order to satisfy, release or discharge
such judgment, order or decree or other power or right as aforesaid.
Sec. 3. Any suspension or stay granted under the terms of Section 2
of this Act may be for such period of time as the court granting the same
shall deem proper but in no event for a period longer than the duration
of the present war and six months thereafter, and shall be upon such conditions, as to the giving of bond or other security or undertaking, or as to
the making of any deposit or as to any other matters or things, which the
court may deem proper to impose as conditions of such suspension or
stay.
Sec. 4. The court In which any suspension or stay may be granted, as
provided in Section 2 of this Act, shall have the power, in its discretion,
to rescind such suspension or stay at any time that such court deems that
the interests of justice will be thereby subserved, such rescission to be upon
such conditions, to date from the expiration of such time and be preceded
by such notice, or by service upon such person interested, or his attorney
or representative, or by publication, as the court may deem proper; and
thereafter such judgment, order or decree, or such power or right as aforesaid, may be executed or enforced as if the same had not been suspended
or stayed, subject, however, to any reasonable conditions which the court
may impose in relation to such rescission and which such court deems to be
in the interests of substantial justice between the parties interested.
Sec. 5. Upon the'termination of the period of any suspension or stay
granted under the terms of Sections 2,3 and 4 of this Act, such suspension
or stay, if not continued or renewed, shall cease, and thereafter such judgment, order or decree or such other power or right as aforesaid, may be
executed or enforced as if the same had not been suspended or stayed,
subject, however, to any reasonable conditions which the court may impose or which such court deems to be in the interests of substantial justice
between the parties interested.
Sec. 6. No judgment, order or decree, and no right or power as aforesaid, shall be suspended or stayed under the terms of this Act, except as
to any person or persons entitled to the benefit of this Act, unless the
court deems that the same is necessary for the proper protection of the interests of any such person or persons entitled to the benefit of this Act.
Sec. 7. Any person who, after this Act takes effect, begins an action
or proceeding or makes a motion for the execution or enforcement of any
judgment, order or decree, or of any right or power, as described in Section
I of this Act, shall include in the complaint or moving papers, an affidavit
signed and sworn to by him, to the effect that the person or persons against
whom proceedings are directed, is not at that time engaged in the military or naval service of the United States nor left such such service nor
died within the six months preceding the beginning of such action or proceeding and that such person has no dependents.
Sec. 8. Whenever it shall be brought to the attention of any court of
record or not of record that an attempt is being made to deprive any person mentioned in Section 1 of this Act of any protection or right mentioned
[VoL. 106.
therein, it shall be the duty of such court or the judge thereof, to issue what
ever order, within the jurisdiction of the court, as may be necessary to
prevent any such person, or other dependent, from being thus deprived
of such protection or right.
Sec. 9. This Act shall not apply to any judgment, order or decree, or
to any right or power as aforesaid, for:
(a). The recovery of taxes, assessments or other public dues, duties,
imposts or charges of any and every kind;
(b). The recovery of wages or salary;
(c). Moneys due in any trust or fiduciary capacity.
Sec. 10. This Act shall take effect immediately.
NEW YORK STATE INCOME TAX—CORPORATIONS
HELD NOT EXEMPT FROM SCHOOL TAYES.
Below we publish in full the opinion given on Dec. 20 by
Attorney-General Merton E.Lewis of New York,and referred
to in these columns on Dec. 22, holding that manufacturing
arid mercantile corporations are not exempted from school
taxes upon their personal property by the payment of the
3% annual franchise tax on net incomes, which the Legislature substituted at the last session for a personal property
tax against such corporations. We published the full
text of the Corporation Income Tax Law in our issue of
July 14 last:
Chapter 726 of the Laws of 1917 added a new Article numbered 9-a, to
the Tax Law for the purpose of assessing and taxing manufacturing and
mercantile corporations for the privilege of exorcising their franchises and
doing business within the State of New York. The tax is based on the net
income of such corporations and is to be collected at the rate prescribed in
the Act. Section 219-h directs the Comptroller to pay two-thirds of all
interest and penalties provided by the Act into the State treasury; the
balance to be paid over quarterly to the treasurers of the several counties
of the State to be distributed by such treasurers to the cities, towns and
villages within the counties, as provided by the Act, but no mention is
made of a school district, and no provision is made for the apportioning
of any of such taxes to any school district.
It is provided by Section 219-j of such Act that after the same takes
effect, "manufacturing and mercantile corporations shall not be assessed
on any personal property" nor upon its capital stock,as provided by Section 12 of the Tax Law, nor be required to pay a franchise tax under Section 182 of the Tax Law, and closes with this sentence: "But if any manufacturing or mercantile corporation shall pay taxes on personal property or
capital stock assessed in any tax district in the year 1917, such corporatism
shall be entitled to credit for the amount of such taxes so paid on its account
for taxes first assessed against it under this article by the Tax Commission, not exceeding, however, the amount of such first aesessment."
It would seem that if the Legislature intended tha.; such exemption
should apply to taxes payable under the provisi(m of tiections 410-413.
or Article 33-a of the Education Law, it would le fo mentioned such provisions as well as Sections 12 and 182 of the Tax Law, inasmuch as such
provisions of the Education Law are left intact, and without change as to
the right of the school districts to assess and tax the personal property of
such corporations within their districts. I think it more reasonable, more
consistent and more in harmony with the general scheme of the legislation
to hold that the Legislature intended that the school district should not
be included within the exemption provided in Section 219-J. No reference
Is made in Section 219-j to such districts and no part of the taxes provided
by the Act are to be paid to them. This seems significant, particularly
as the provisions in the Education Law for taxing such corporations for
their personal property within each district are preserved to the respective
districts.
If it should be held that the personal property of such corporations is
exempt, under Section 219-J, from the payment of school taxes, then it
follows that the above mentioned sections of the Education Law, which
clearly give the right to trustees of school districts to tax all such corporations for their personal estate, for school purposes are repealed by implication so far as such provisions apply to the taxation of personal property of
such corporations for school purposes. Repeals by implication are not
favored by the courts.
"When both the latter and former statute can stand together, both will
stand unless the former is expressly repealed or the legislative intent to
repeal is very manifest."
People ex rel. Kingsland vs. Palmer, 52 N. Y. 83.
Hawkins vs. Mayor, 64 N. Y. 18.
Watson vs. City of Kingston, 114 N. Y. 94.
Certainly the provisions of the Education Law hereinbefore referred to
were not named in the Act, and there is no manifest purpose disclosed of an
intention on the part of the Legislature that they should be repealed by
implication. The indications are to the contrary. The failure to refer to
the school law, the failure to send any of the taxes collected under the Act
to the school districts, and the fact that the provisions of the school law
remain intact so far as the taxation of the personal property of such corporations within the several districts is concerned, all indicate that the
Legislature intended to reserve the right to the school districts to assess
and tax such corporations for their personal property for school purposes.
There can be no logical reason advanced why such corporations should
be exempted from paying school taxes upon their personal property as
well as upon their real estate. The Legislature formulated and passed the
bill, taxing their personal property for State, city, village and town purposes, and directed how such municipalities, but made no mention of school
taxes, and then left upon the statute this broad and sweeping power in the
hands of school district officers:
"2. The trustees shall also apportion the district taxes, upon all persons
residing in the district, and upon all corporations liable to taxation therein,
for the personal estate owned by them and liable to taxation."
There is no repugnancy in the two acts if each is given the force which
under the well understood rules of construction are applicable. The Education Law applies to the taxation of the personal property of such corporations for school districts purposes, and Article 9-a applies to the taxation
of the same class of property for State, city and village purposes.
To hold that this large volume of personal property, scattered all over
the State, is exempt from the payment of all school taxes would be contrary
to the long established policy of the State. Exemptions of such character
are not favored or allowed unless the statute is specific or the intent of the
Legislature is clear and unmistakable. This principle is so well established
that the citation of authorities is unnecessary. The leading sentence of
Section 219-j is sufficiently plain and explicit, standing alone, to exempt
such corporations from the payment of school and all other taxes except the
franchise taxes mentioned in the Article, but it must be considered in con-
FEB. 2 1918.]
THE CHRONICLE
nection with the purposes of the Act; the application of the taxes raised
under it; the silence of the Act as to school taxes; the undisturbed condition of the Education Law, and the severe blow that is dealt to the school
districts if such corporations are exempted from the payment of all school
taxes upon their personal property.
It has been stated that the school districts were not considered by those
who collaborated in drafting the bill. If this were the case, it only adds
another reason for holding that the exemption specified in Section 219-j
does not apply to taxes imposed upon the personal property of all corporations for local school purposes as provided by Sections 410-413 of the
Education Law. Certainly if sirh taxes were not thought of or considered
in the drafting of the bill, or the passage of the same by the Legislature, it
cannot be claimed that there was any intent to exempt such corporations
from the payment of local school taxes. It would be contrary to all the
rules of construction to hold that such a large amount of personal property
is exempted from taxation through inadvertence and without any intent
on the part of the Legislature to allow such exemption. It cannot be possible that the courts would hold that such an amount of personal property
should be exempted from taxation for local school purposes by the enactment of a law which was only intended to apply to taxes for State, city, vilr
lege and town purposes and in the drafting of which, such school taxes We
not considered. • If it were not intended to exempt such corporations from
the payment of local school taxes, and it could not have been intended
unless it was considered, it cannot be claimed that they became exempted
through inadvertence and by implication. Such a construction would
be an absurdity. It was held in Comm,kikalth vs. Kimball:24 Pick.
would lead to an absurd
370, that "where any particular construelron
w
consequence, it will be presumed that some exception or qualification was
conclusion."
intended by the Legislature to avoid such
"A reasonable construction should be adopted in all cases where there is
doubt or uncertainty in regard to the intention of the Legislature." People
ex rel. Wood vs. Lacombe, 99 N. Y. 49, and numerous other cases.
It seems to me very clear that the spirit, intent and purpose of Article
9-a was to formulate a method which would impose a tax upon personal
property of certain corporations for State, city, town and village purposes,
and that it did not intend to impair the right of school districts to continue
to tax such personal property for local sch001 Inirposes. If there is doubt
`,P uld be resolved against the
as to the intention of the Legislature, then it 41i
claims for exemption rather than to adopt ' construction which would
work a repeal of an important Act by implica on and exempt a large class
of personal property from taxation for local school purposes.
It has been stated that if the bounds of a school district are coterminous
with those of a village or city that such school districts would not be harmed
by the adoption of a construction that such corporations are exempt from
local taxes upon their personal property, but this does does not appear to
me to be sound reasoning. It is true that in such districts the amount
payable under the statute would be turned over to the city, town or village
authorities, and such municipalities could Probably apply to it whatever
purDoses it might desire and could devot,e the whole, or such portion of it
as the authorities should direct to schoolt Pirposes, but even in those districts the school authorities would be at the mercy or caprice of the city,
village or town authorities and might or might not receive direct benefits
from such taxes. Such districts would be deprived of all right to levy
taxes against a certain elm)of property which has heretofore been a prolific
source of revenue for many districts. It is fair to assume that if the Legislature had intended that such corporation should not pay any taxes upon
its personal property except that ptrovided in Article 9-a, it would have
included the school districts in the division thereof and increased the amount
which should be paid under the Act to make up the loss which the districts
sustained by being deprived of the right to tax locally for school purposes,
the personal property of such corporations as such property had always
been taxed.
The tax specified in the article is at the rate of 3% upon the net income.
If a corporation has no net income, and is exempt from local school taxes,
it will have no taxes to pay upon its personal property, despite the fact that
It may have large value in such property within a school district. Instances
have already arisen where just such conditions exist. I am also informed
that there are districts in the State where such corporstions have been
paying upon their personal property within such districts, about 20% of
all the local school taxes. Can it be possible that the Legislature intended
that such school districts should be deprived of all right of taxing such
volumes of personal property and not be entitled to share in the taxes raised
through the process provided in Articles 9-a?
Taxation for general purposes and taxation for local school purposes are
two distinct systems of taxation. They are both general statutes, applicable to two separate and distinct purposes. The State, county, town and
highway taxes are raised under one general warrant and the local school
taxes are raised under a separate and distinct warrant and the assessment
and collection'of such school taxes are provided for under separate and distinct provisions of law. While the general exemptions provided for in
Section 4 Of the Tax Law apply to the school system as well as to general taxtion, it must be borne in mind that the class of property under consideration
exempted from taxation under either system prior to the enactment of
Chapter 726, and is not exempted from school taxes by any direct provision
of such Act, and that such prpoerty is taxed by such Article for all other
purposes and that it is apparent that the Legislature never intended to
exempt such property from school taxes.
It was apprehended, however, that personal property in many portions
of the State would have been assessed in 1917 prior to the time the statute
took effect, and so the statute makes provision that franchise taxes due
before Jan. 15 1917, and taxes on personal property assessed before the
Act of 1917 took effect, should be paid as theretofore. The statute then
proceeds:
"But if any manufacturing or mercantile corporation shall pay taxes on
personal property or capital stock assessed in any tax district in the year
1917, such corporation shall be entitled to credit for the amount of such
taxes so paid on its account for taxes first assessed against it under this
article by the Tax Commission, not exceeding, however, the amount of
such first assessment."
The result accomplished would seem to be this: A tax on personal
property assessed in 1917 must be paid. But personal property of what
nature? The statute declares it shall be a tax on personal property "asssessed in any tax district." Now a school district is not a tax district, for
it is excluded from the definition of a tax district as that definition appears
In Section 2 of the Tax Law which governs the use of the word "tax district"
throughout the entire Tax Law.
•
"Sec. 2, subd. 4. 'Tax district' as used in this chapter, means unless
otherwise herein provided,a city or town of this State."
I think that the extent of the credit given outlines the extent of the exemption given. An exemption is given from the payment of taxes on personal property except where the assessment is in the year 1917. A credit
is given for the payment of such taxes in a tax district. Therefore the exemption from personal property taxation must be an exemption in a tax
district only which leaves the personal property of such a manufacturing
or mercantile corporation still subject to taxation in a school district.
461
This interpretation accords with Section 219-h which directs the State
Comptroller to turn back to county treasurers one-third of the amounts
collected in the county to be apportioned and distributed by the county
treasurer to the different cities.
"Sec. 219-h. subd. 6. As to any county not wholly included within a
city the county treasurer shall within ten days after the receipt thereof
pay to the chief fiscal officer of a village or to the supervisor of a town the
portion of money received by him from the State Comptroller to which
such city, village or town is entitled, which shall be credited by such officer
to general city, village or town purposes."
Not sharing in the distribution of 3% tax paid by manufacturing and
mercantile corporations, it would seem that for that very reason the authority of the school district to collect taxes on personal property of these
corporations within the district was continued,.
The only way we can possibly construe the statute so that manufacturing
and mercantile corporations in school districts shall be exempt from the payment of taxes on their personal property for school purposes, would be
to read "tax district" occurring in Section 219-j as meaning "taxing district," which entirely disregards the definition of "tax district" as found
in Section 2 of the Tax Law.
I am therefore of the opinion that there is but one logical, reasonable
construction to be placed upon the exemption provided in Section 219-j,
and that is, that it was never intended or considered applicable to school
districts and does not exempt personal property of such corporations from
taxation for local school purposes, and that such manufacturing and mercantile corporations will remain liable to taxation upon their property
within the several school districts, for local school purposes.
Dated Dec. 18 1917.
MERTON E. LEWIS, Attorney-General.
To Hon. John H. Finley, Commissioner of Education, Albany,N. Y.
ACQUISITION OF U. S. CITIZENSHIP BY VIRGIN
ISLAND RESIDENTS.
Advices concerning the celebration on Jan. 17 by the
residents of the Virgin Islands, formerly the Danish West
Indies of their acquisition of United States citizenship
were contained in a dispatch received by Secretary of the
Navy Daniels from Rear Admiral James H. Oliver, Governor
of the Islands. In his dispatch, Rear Admiral Oliver said:
This, the day when the large majority of residents of the Virgin Islands
of the United States acquire American citizenship in accordance with the
terms of the convention is being universally celebrated by all classes of our
new citizens with appropriate ceremony. Professional, business, and
laboring men and women, and in particular the little children, have absorbed a true spirit of affection and love for our country and its symbol,
our flag.
I have just returned from a gathering of people, men, women, and
children, assembled together to salute the flag at morning colors, to pass
in parade, and to testify publicly to the patriotic spirit which animates
them. The celebrations, including sports in good American fashion, are
entirely self-originated by our new citizens, the Government being represented only as honored guests.
I understand the people have expressed their sentiment to the President.
I send you this message only as a sincere testimonial to the ,splendid
patriotic demonstration it has been my pleasure to witness this day in the
Virgin Islands of the United States, for the honor of American citizenship
Is fully appreciated and correlative duties willingly assumed.
U. S. SUPREME COURT UPHOLDS CONVICTION OF
EMMA GOLDMAN AND BERKMAN
UNDER SELECTIVE DRAFT LAW.
The conviction of Emma Goldman and Alexander Berkman, found guilty in New York last July on charges of conspiring to prevent the carrying out of the Selective Draft
Law, was upheld by the United States Supreme Court on
Jan. 14. As made known in these columns Jan. 12, page
147, the constitutionality of the law was upheld by the
United States Supreme Court on Jan. 7. In that decision
the Court did not touch upon the issues raised in the pending
cases and which involved charges of conspiracy to obstruct
the carrying out of the Act. Berkman and Miss Goldman
were found guilty of conspiring to induce persons of military
age not to register for selective draft, the indictment against
them having been based on articles signed by them in the
publications known as "Mother Earth" and the "Blast."
They were given the maximum penalty of two years' imprisonment and $10,000 fine each by Federal Judge Julius
M. Mayer. In sustaining the convictions in these two
cases on Jan. 14 the United States Supreme Court also affirmed at the same time the conviction of Louis Kilmer
and Morris Becker, on charges of conspiracy to prevent
persons of draft ages from registering in New York. Kramer
was sentenced to two years' imprisonment and $113,000
fine, and Becker to twenty months' imprisonment. The
Supreme Court likewise sustained on Jan. 14 the Ohio
decrees, sentencing Charles E. Ruthenberg, Alfred Wagenknecht and Charles Baker to one year imprisonment for
violating the draft law. Ruthenberg and the other Ohio
men were, it is stated, convicted on charges of conspiring
to prevent Alphons J. Schue from registering under the selective service act. In order that sentences imposed by
lower courts in the draft conviction cases and upheld by
the Supreme Court might be carried out without delay,that
tribunal on Jan. 21, according to the daily papers, ordered
mandates returned at once in all the cases except those of
Berkman and Emma Goldman, Feb. 21 being the date
fixed as for the issuance of the latter. On Jan. 24 the Su-
462
THE CHRONICLE
[VoL. 106.
preme Court was asked to grant a new hearing in the cases FOREIGN
HOLDINGS OF U. S. STEEL CORPORATION.
of Berkman and Miss Goldman. The Court, however, on
of the common shares of the United
Foreign
holdings
Jan. 28 declined to grant a rehearing and ordered the manStates Steel Corporation showed a slight increase for the
date issued at once.
quarter ending Dec.31 1917, the total now held being 484,190
shares, which compares with 477,109 shares held at the end
U. S. SUPREME COURT DECIDES PORTO RICO IS NOT of the third quarter of the year. There has also been a
A TERRITORY.
trifling increase in the foreign holdings of the preferred
Porto Rican decrees holding that island to be an organized shares, the amount to Dec. 31 1917 being 140,077 shares,
incorporated territory of the United States, with the Fed- contrasted with 140,038 on Sept. 36 1917. Compared with
eral Constitution in full force there, were reversed by the the period before the war, however, the shrinkage in the
U. S. Supreme Court on Jan. 21.
foreign holdings has been very great; in the case of the comThe lower courts, it is said, held that the passage of the mon stock, while the foreign holdings now are only 484,190
Jones Act by Congress in 1917 and which was signed by the shares, on March 31 1914 they aggregated as much as 1,285,President on March 2, granting American citizenship to 636 shares. The foreign holdings of the preferred at 140,077
Porto Ricans, was the final act incorporating that insular shares Dec. 31 compare with 312,311 on Manch 31 1914.
possession in the United States as an organized Territory.
Below we furnish a detailed statement of the foreign
Representatives of the island government contended that, holdings at various dates during the past four years:
despite the grant of American citizenship, the 1917 Act FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
Dec. 31 lune 30 Dec. 31 Dec. 31
Dec. 31 Mar. 31
purposely avoided stipulating that the whole of the Federal
1914.
1917. 'J17. 1916. 1915.
Common Stock1914.
Constitution was applicable there.
1
23 '45 23
5
2
15
Africa
290
150
340
Algeria
the
release Argentina
The proceedings, it is stated, resulted from
43
34
8
23
9
34
30
3
38
23
29
23
Australia
of Carlos Tapia and Jose Muratti, charged with murder, Austria-Hungary
648
472
472
690
472
532
the lower court holding that under the Constitution they Belgium
1,339
3,509
2,625
2,625 2,625 2,639
95
46
40
97
95
95
Bermuda
could not be held for trial except under indictments.
17
7
18
7
7
7
Brazil
PROHIBITION IN THE DOMINION-ALL CANADA
TO BE "DRY."
Complete prohibition will prevail throughout the Dominion of Canada, beginning May 1 next, now that the
Province of Quebec, being the last to declare itself, has
voted to go "dry" on that date. Such action, it is said,
was decided upon at a caucus of the local government on
Jan. 22.
NORTH DAKOTA LEGISLATURE RATIFIES NATIONAL
PROHIBITION AMENDMENT. '
On Jan. 25 the State Senate of North Dakota, with only
two dissenting votes, concurred in the House resolution
ratifying the national prohibition amendment. North
Dakota is the fourth State to ratify the amendment, the
States of Mississippi, Virginia and Kentucky having previously done so.
NEW YORK CITY WOMEN TO VOTE AT SPECIAL
ELECTIONS.
Women will be given their first opportunity to vote at a
special election ordered by Governor Whitman on January
23, to be held March 5, to fill four New York •City vacancies in Congress caused by the resignations of John J. Fitzgerald and Daniel J. Griffin of the Seventh and Eighth districts, Brooklyn, respectively, of Murray Hulbert of the
Twenty-first district, Manhattan, and Henry Bruckner of
the Twenty-second district, The Bronx.
•As the result of an opinion handed down on Jan. 23 by
Attorney-General Lewis the elections will be on the lines of
the new districts created by the Congressional reapportionment enacted by the 1917 Legislature. The Legislature,
It is said, will rush through the necessary legislation in order
to provide 'for the registration of the women before March
5. Such legislation the Governor has said will be approved
by him immediately.
British India
Canada
Central America_
Chile
China
England
France
Germany
Gibraltar
Holland
Ireland
Italy
Japan
Malta
Mexico
Norway
Peru
Portugal
Russia
Scotland
Spain
Sweden
Switzerland
Turkey
Uruguay
Wales
West Indies
33
24
24
38
41,639 36,064 31,662 38,011
1
235
78
30
24
11
18
13
79
73
10
173,074 176.307 192,250 355,088
30,059 .9,982 34,328 50,193
612 % 628
1,178
628
229,181. 229,195 234,365 238,617
19
29
914
1,730
281
277
279
280
75
75
250
140
2020
3
17
54,259
382
8
13
710,621
64,537
2,664
100
342,645
2,991
146
5
75
300
70
15
42,390
273
7
9
801,497
68,269
2,151
100
357,293
2,491
156
5
75
25
60
75
154
20
____
75
154
20
75
300
64
1,442
740
5.10
614
1.4(47
482
510
68
1,512
3,435
800
13
1,267
16
190
10
4,208
1,225
1
1.470
16
190
10
3,708
1,325
36
535
16
10
30
3,690
10
35
2,990
45
1.952
315
1,568
623
1,872
593
1,800
1
484,190 481,342 502,632 696,631 1,193,064 1,285,636
Total
Preferred Stock37
58
55
44
9
9
Africa
75
75
75
105
105
105
Algeria
11
17
18
24
24
19
Argentina
484
484
403
379
379
370
Australia
316
2,086
683 3,683 3,683 3,483
Austria-Hungary
120
120
120
Azores
689
697
339 • 341
339
331
Belgium
4
21
25
25
25
53
Bermuda_ _,
22
31
16
82
84
84
Brazil
81
80
119
354
352
357
British India
35,548
34,673
36,201 34.891 35,876 36,453
Canada
149
146
237
33
Central America
3
12
24
23
23
23
Chile
43
42
50
57
50
50
China
30
30
30
30
Colombia
40
40
140
140
140
178
Denmark
140
140
40
Egypt
39,779 39.604 50,429 147.453 174,906 181.045
England
35,643
36,749
25,763 26,327 27,863 32,524
France
3,541
3,252
1.330
935
935
862
Germany
38
38
38
38
38
65
Greece
28.860
29,000
25,274 25,274 25,384 26,494
Holland
3,954
4,119
826 3,929
525
450
Ireland
1,718
1,678
2,028 2,023 2,185 2,148
Italy
81
81
61
61
61
61
Japan
15
16
15
15
Luxemburg
405
405
405
405
405
405
Malta
269
235
16
16
16
6
Mexico
7
7
Morocco
17
27
27
31
29
26
Norway
5
5
6
6
6
6
Peru
120
120
Portugal
43
33
40
7
7 .
7
Russia
13,747
13,253
367
734 12,256
252
Scotland
220
220
220
220
220
220
Serbia
432
622
421
710
750
880
Spain
1,137
1,137
1,130
1,136
1,136
1,136
Sweden
2,617
2.556
2,923 3,043 2,695
2,848
Switzerland
100
100
100
100
100
100
Turkey
532
1.068
788
29
45
24
Wales
501
874
863
1,052
1.188
1,259
West Indies
A REDUCTION IN TAXES SOUGHT BY MAYOR
HYLAN.
A committee representing all boroughs of New York City
140,077 142,226 156,412 274.588 309,457 312,311
Total
was appointed by Mayor Hylan on Jan. 30 to co-operate
PREFERRED.
COMMON.
taxaof
basis
the
revising
Shares. PerCent.
DateShares. PerCent.
with the Tax Commissioner in
Date312,311 8.67
31 1914
Mar.
25.29
1,285,636
1914
31
Mar.
tion, and also to consider the situation regarding mortgage June 30 1914
312,832 8.68
1914
30
June
25.07
1,274,247
309,457
8.59
1.193,064 23.47 Dec 31 1914
Dec. 31 1914
loans.. The committee is to be called the Mayor's Committee Mar.
308,005 8.55
1,130,209 22.23 Mar. 31 1915
31 1915
303,070 8.41
957,587 18.84 June 30 1915
on Taxation and Investigation of Mortgage Loans. Nathan June 30 1915
8.26
297,691
826,833 16.27 Sept. 30 1915
Sept. 30 1915
274,588 7.62
Hirsch was made Chairman and other Manhattan members Dec. 31 1915
696,631 13.70 Dec 31 1915
262,091 7.27
31 1916
Mar.
12.48
634,469
1916
31
Mar.
Jacob
Ruppert,
May,
B.
William
Hearst,
are William R.
171,096 4.75
537,809 10.58 Sept. 30 1916
Sept. 30 1916
156,412 4.34
502,632 9.89 Dec. 31 1916
31 1916
Jr., and Bryan L. Kennelly. The Brooklyn representatives Dec.
151,757 4.21
494,338 9.72 Mar. 31 1917
Mar. 31 1917
142,226 3.94
481.342 9.45 June 30 1917
are Charles Partridge and Sig Cederstrom, while The Bronx June 30 1917
140,039 3.59
477.109 9.39 Sept. 30 1917
Sept. 30 1917
3.88
is represented by William C. Bergen, Queens by George J. Dec.
140,077
484,190 9.521Dec. 31 1917
31 1917
Ryan, and Richmond by Walter S. E. Hall.
An investigation is to be made by the Committee of inPARCEL POST CONVENTION BETWEEN U. S.
stitutions and individual money lenders who, Mayor Hylan
AND CHILE IS TERMINATED.
believes, are unduly oppressing the small owner of real
Announcement of the termination of the Parcel Post
estate by calling mortgages, obtaining excessive rates in Convention between the United States and Chile is made
case of renewal, and in general "using their power to reduce as follows by the Post Office Department:
in value the most valued asset that the City of New York
Notice is hereby given that the Parcel Post Convention between the
United States and Chile is terminated by mutual agreement between the
has."
FEB. 2 1918.]
THE CHRONICLE
two postal administrations concerned in accordance with the provision
contained in Article XIV. of the Parcel Post Convention in force between
the United States and Chile. said termination to become effective Dec.
25 1917.
The list of countries, between which and the United States parcel post
service is in operation, as published on page 131 of the Postal Guide for
July 1917, is modified so as to omit Chile therefrom.
Parcels mailed in Chile before Dec. 25 1917, which are received at post
offices of address in this country after Dec. 25, should be delivered to ad..
dresses subject to the usual formalities. Parcels for Chile mailed in the
United States subsequen. to Dec. 25 and prior to the receipt by postmasters
of this notice will be allowed to go forward to destination.
Postmasters will please cause due notice of the foregoing to be taken,
and the widest possible publicity to be given thereto.
OTTO PRAEGER,
Second Assistant, Postmaster General.
THE GERMAN CHANCELLOR'S REPLY TO PRESIDENT
WILSON AND LLOYD GEORGE.
The long-delayed peace speech of Count von Hertling, the
Imperial German Chancellor, delivered before the Main
Committee of the Reichstag on Jan. 24 and summarized
briefly in these columns last week, has continued to be the
subject of world-wide discussion, not only because of its
direct and categorical reply to the peace terms enunciated
by President Wilson and Lloyd George in their recent addresses, but also because of the'pronounced difference in the
spirit pervading von Hertling's speech and that of Count
Czernin, the Austrian Foreign Minister,delivered at Vienna
the same day. Whereas Count Czernin's address is considered to have been decidedly conciliatory in tone, especially in its references to America and Russia, Chancellor
von Hertling, treating of President Wilson's fourteen peace
principles, was distinctly hostile to a majority of them.
The President's expression of views. he said, "contained cer-s
tain acceptable principles," but "concretely, the outline
are unsatisfactory," and he demanded that "enemy leaders"
set forth new proposals.
As noted in our summary on page 319 of last week's issue
the German Chancellor declared in substance:
That there could be no talk of giving back Alsace-Lorraine to France;
That Germany did not desire forcible annexation of Belgium;
That adjustment of colonial claims chiefly interested England;
That the evacuation of Russian territory was a question for Russia and
the Central Powers to decide;
That on the questions of open covenants of peace,freedom of the seas, removal of economic restrictions and reduction of armaments, "agreement is
obtainable without difficulty," Britain's surrender ofstrongly fortified naval
bases, however, being "highly important";
That Germany refers to Austria-Hungary the questions fo adjustment
of Italy's frontiers and autonomous development of the Austro-Hungarian
peoples and the future of the Balkan States;
That Turkey must answer for herself the Allied terms as far as they refer
to her, but may count on Germany's "energetic support":
That the Central Powers must settle the question of an independent
•
Poland;
That discussion of the question of a league of nations must await the espeace.
tablishment of a durable
In concluding his speech he warned the Entente that the German Army
officers and men were still imbued with "the Joy of battle."
•
The following is the German Chancellor's address in full,
as published in the daily press:
Our negotiations with the Ukrainian representatives are in a more favorable position. Here, too, difficulities have yet to be overcome, but the
prospects are favorable. We hope shortly to reach conclusion with Ukraine
which will be in the interests of both parties and will be economically advantageous.
One result, gentlemen, might be recorded, as you all'know. The Russians last month proposed to issue an invitation to all the belligerents to
participate in the negotiations. Russia submitted certain proposals of a
very general character. At that time we accepted the proposal to invite
the belligerents to take part in the negotiations, on the condition, however,
that the invitation should have a definite period for its acceptance.
At 10 o'clock on the evening of Jan. 4 the period expired. No answer
had come, and as a result we were no longer under obligations and had a
free hand for separate peace negotiations with Russia. Neither wore we
longer bound, of course, by the general peace proposals submitted to us by
the Russian delegation.
Instead of the reply which was expected, but which was not forthcoming.
two declarations were made by enemy statesmen—Premier Lloyd George's
speech and President Wilson's speech. I willingly admit that Lloyd George
altered his tone. He no longer indulges in abuse, and appears desirous of
again demonstrating his ability as a negotiator, which I had formerly
doubted. I cannot go so far, however, as many opinions which have been
expressed in neutral countries, which would read in this speech of Lloyd
George a serious desire for peace and oven a friendly disposition.
It is true he declares he does not desire to destroy Germany, and never
desired to destroy her. He has oven words of respect for our political,
economic and cultural position. But other utterances also are not lacking, and the idea continually comes to the surface that he has to pronounce
judgment on Germany,charging her with being guilty of all possible crimes.
That is an attitude with which we can have nothing to do, and in which
we can discover no trace of a serious purpose to attain peace. We are to be
the guilty ones, over whom the Entente is now sitting in judgment. That
compels me to give a short review of the situation and the events preceding
the war at the risk of repeating what long ago was said:
The establishment of the German Empire in the year 1871 made an end
of dismemberment. By the union of its tribes the Gorman Empire in Europe acquired a position corresponding to its economic and cultural achievements and its claims founded thereon. Bismarck crowned his work by the
alliance with Austria-Hungary. It was purely a defensive alliance, so conceived and willed by the exalted allies from the first.
Not even the slightest thought of its misuse for aggressive aims ever occurred in the course of decades. The defensive alliance between Germany
463
and the Danube monarchy, closely connected by old traditions and allied
to us by common interest, was to serve especially for maintenance of
peace.
But Bismarck had even then, as he was often reproached for having, an
obsession in regard to coalitions, and events of subsequent time have shown
it was no vision of terror. The danger of hostile coalitions which menaced
the allied Central Powers often made its appearance. By King Edward's
isolation policy the dream of coalitions became a reality. The German
Empire, progressing and growing in strength, stood in the way of British
Imperialism. In French lust of revenge and Russian aspirations of expansion this British imperialism found only too ready aid. Thus future
plans, dangerous for us, were formed.
The geographical situation of Germany in itself had always brought near
to us the danger of war on two fronts, and now it became increasingly visible. Between Russia and France an alliance was concluded whose participants were twice as numerous as the population of the German Empire
and Austria-Hungary. Republican France lent the Russia of the Czar
billions to construct strategical railways in the Kingdom of Poland in order
to facilitate an advance against us. The French Republic drew on its
last man for three years of service. Thus France, with Russia, built up
armaments extending to the limit of the capabilities of both, thereby pursuing aims which our enemies now term imperialistic.
It would have been a neglect of duty had Germany remained a calm spectator of this game and had we not also endeavored to create an armament
which would protect us against future enemies. I may, perhaps, recall
that I, as a member of the Reichstag, very frequently spoke on these matters, and on the occasion of new expenditure on armament pointed out that
the German people, in consenting to thsee, solely desired to pursue a policy
of peace, and that such armaments were only imposed upon us to ward off
the danger threatening from a possible enemy. It doesn't appear that any
regard was paid to these words abroad.
And Alsace-Lorraine, of which Lloyd George speaks again? He speaks
of the wrong Germany did in 1871 to France. Alsace-Lorraine—you need
not be told, but abroad they appear still to be ignorant of things—AlsaceLorraine comprises, as is known, for the most part purely German regions
which by a century-long violence and illegality were severed from the
German Empire and until finally,in 1779, the French Revolution swallowed
up the last remnant. Alsace and Lorraine then became French provinces.
When in the war of 1870 we demanded back the districts which had
been criminally wrested from us, that was not a conquest of foreign territory, but rightly and properly speaking what to-day is called disannexation, •
and this disannexation was then expressly recognized by the French National Assembly, the constitutional repro ientatives of the French people at
that time. March 29 1871, by a large majority of votes.
And in England, too, gentlemen, language quite other than is heard today has been heard. I can appeal to a classic witness. It is none other
than the famous British historian and author, Thomas Carlyle, who, in a
letter to the "Times," wrote: "No people has had such a bad neighbor as
Germany has possessed during the last 400 years in France. Germany
would have been mad had she not thought of erecting such a frontier wall
between herself and such a neighbor when opportunity offered."
Observe that I have not repeated a very hard expression which Carlyle
used about France. I know of no law of nature, no resolution of heavenly
parliaments, whereby France alone of all earthly beings was not obliged to
restore stolen territories if the owners from whom they had been snatched
had an opportunity of reconquering them. And respected English press
organs expressed themselves in a like sense. I mention, for example. the
"Daily News."
I now come to President Wilson. Here, too, I recognize that the tone
appears to have changed. The unanimous rejection of Mr. Wilson's attempt,in reply to the Pope's note, to sow discord between the German Government and the German people, has had its effect.
This unanimous rejection might of itself lead Mr. Wilson on the right
path. A beginning to that end has perhaps been made, for now there is
at any rate no longer talk about oppression of the German people by an
autocratic Government and the former attacks on the house of Hohenzollern have not been repeated.
I shall not enlarge upon the distorted representation of German policy
which is contained in Mr. Wilson's message, but will deal in detail with the
points which Mr. Wilson lays down there, not less than fourteen points,
in which he formulates his peace program; and I pray your indulgence in
dealing with these as briefly as possible.
The first point is the demand that there shall be no more secret internnational agreements. History shows it is we above all others who would be
able to agree to the publicity of diplomatic documents. I recall that our
defensive alliance with Austria-Hungary was known to the whole world
from 1888, while the offensive agreement of the enemy States first saw the
light of publicity during the war, through the revelations of the secret
Russian archives. The negotiations at Brest-Litovsk are being conducted
with full publicity. This proves that we are quite ready to accept this
proposal and declare publicity of negotiations to be a general political
principle.
In his second point, Mr. Wilson demands freedom of shipping on the
seas in war and peace. This also is demanded by Germany as the first
and one of the most important requirements for the future. Therefore,
there is here no difference of opinion. The limitation introduced by Mr.
Wilson at the end, which I need not quote textually, is not intelligible,
appears superfluous and would therefore best be left out. [The limiting
clause reads: ". . . . except as the seas may be closed in whole or in
part by international action, for the enforcement of international
covenants.")
It would, however, be highly important for the freedom of shipping in
future if strongly fortified naval bases on important international routes,
such as England has at Gibraltar, Malta, Aden, Hongkong, the Falkland
Islands and many other places, were removed.
Point 3. We too are in thorough accord with the removal of economic
accord with the removal of economic barriers which interfere with trade
in a superfluous manner. We too condemn economic war, which would
Inevitably bear within it causes of future warlike complications.
Point 4. Limitation of armaments. As already declared by us, the idea
of limitation of armaments is entirely discussable. The financial position
of all European States after the war might most effectively promote a
satisfactory solution. [Cries of "Hear_ Hear_"] It is therefore clear that
an understanding might be reached without difficulty on the first four
points of Mr. Wilson's program.
I now come to the fifth point, settlement of all colonial claims and disputes. Practical realization of Mr. Wilson's principles in the realm of
reality will encounter some difficulties in any case. I believe that for the
present it may be left for England, which has the greatest colonial empire,
to make what she will of this proposal of her ally. This point of the program
also will have to be discussed in due time,on the reconstitution of the world's
colonial possessions, which we also demand absolutely.
Point 6. Evacuation of Russian territory. Now that the Entente has
refused, within the period agreed upon by Russia, and the Quadruple
Alliance, to join in the negotiations, I must in the name of the latter decline
464
THE CHRONICLE
to allow any subsequent interference. We are dealing here with questions
which concern only Russia and the four allied Powers. I adhere to the
hope that with recognition of self-determination for the peoples on the
western frontier of the former Russian empire good relations will be established, both with these peoples and with the rest of Russia, for whom we
wish most earnestly a return of order, peace and conditions guaranteeing
the welfare of the country.
Point 7. Belgium. My predecessors in office repeatedly declared that at
no time did the annexation of Belgium to Germany form a point in the program of German policy. The Belgian question belongs to those questions
the details of which are to be settled by negotiation at the peace conference.
So long as our opponents have not unreservedly taken the standpoint
that the integrity of the Allies' territory can offer the only possible basis
of peace discussion I must adhere to the standpoint hitherto always adopted
and refuse the removal in advance of the Belgian affair from the entire
discussion.
Point 8. The occupied parts of France are a valuable pawn in our hands.
Here, too, forcible annexation forms no part of the official German policy
The conditions and methods of procedure of the evacuation, which must
take account of Germany's vital interests, are to be agreed upon between
Germany and France.
I can only again expressly accentuate the fact that there can never be a
question of dismemberment of Imperial territory. Under no fine phrases
of any kind shall we permit the enemy again to take from us territory of
the empire which with ever increasing intimacy has linked itself to Germanism. which has in a high gratifying manner ever and increasingly developed
in an economic respect, and of whose people more than 87% speak the
German mother tongue.
The questions dealt with by Mr. Wilson under points 9, 10 and 11 touch
both the Italian frontier question and questions of the future development
of the Austro-Hungarian monarchy and the future of the Balkan States,
questions in which for the greater part, the interests of our ally AustroHungary preponderate. Where German interests are concerned we shall
defend them most energetically. But I may leave the answer to Mr.
Wilson's proposals on these points in the first place to the Austro-Hungarian
Foreign Minister.
Close contact with the allied dual monarchy forms the kernel of our
present policy, and must be the guiding line in the future. Loyal comradeship in arms, which has stood the test so brilliantly in war time, must
continue to have its effect in peace. We shall thus on our part do everything for the attainment of peace by Austria-Hungary which takes into
account her Just claims.
The matters touched upon by Mr. Wilson in point 12 concern our loyal,
brave ally Turkey. I must in no wise forestall her statesmen in their attitude. The integrity of Turkey and the safeguarding of her capital, which
is connected closely with the question of the straits, are important and vital
interests of the German Empire also. Our ally can always count upon
our energetic support in this matter.
Point'13 deals with Poland. It was not the Entente—which had only
empty words for Poland and before the war never interceded for Poland
with Russia—but the German Empire and the Austro-Hungarian monarchy
who liberated Poland from the Czaristic regime which was crushing her
national characteristics. It may thus be left to Germany and AustriaHungary and Poland to come to an agreement on the future constitution
of this country. As the negotiations and communications of the last year
prove, we are on the road to this goal.
The last point, the 14th, deals with a bond of the nations. Regarding this point I am sympathetically disposed, as my political activity
shows, toward every idea which eliminates for the future a possibility
or a probability of war, and will promote a peaceful and harmonious collaboration of nations. If the idea of a bond of nations, as suggested by
President Wilson, proves on cloesr examination really to be conceived in
a spirit of complete Justice and complete impartiality toward all, then the
Imperial Government is gladly ready, when all other pending questions
have been settled, to begin the examinatkon of the basis of such a bond
of nations.
Gentlemen, you have acquainted yourselves with the speech of Premier
Lloyd George and the proposals of President Wilson. I must repeat what
I said at commencement: We now must ask ourselves whether these
speeches and proposals breathe a real and earnest wish for peace. They
certainly contain certain principles for a general world peace, to which
we also assent, and which might form the starting point and aid negotiations.
When, however, concrete questions come into the question, points which
for us are of decisive importance, their peace will is less observable. Our
enemies do not desire to destroy Germany, but they cast covetous eyes on
parts of our allies' lands. They speak with respect of Germany's position,
but their conception ever afresh finds expression as if we were the guilty
who must do penance and promise improvement. Thus speaks the victor
to the vanquished, he who interprets all our former expressions of a readiness for peace as merely a sign of weakness.
The leaders of the Entente must first renounce this standpoint and this
deception. In order to facilitate this I would like to recall what the position really is. They may take it from me that our military position was
not so favorable as it now is. Our highly gifted army leaders face the future
with undiminished confidence in victory. Throughout the whole army,
in the officers and the men, lives unbroken the Joy of battle.
I will remind you of the words I spoke Nov. 29 in the Reichstag. Our
repeatedly expressed willingness for peace and the spirit of reconciliation revealed by our proposals must not be regarded by the Entente as a license
permitting the indefinite lengthening of the war. Should our enemies
force us to prolong the war they will have to bear the consequences resulting from it.
If the leaders of the enemy Powers really are inclined toward peace let
them revise their program once again, or, as Premier Lloyd George said,
proceed to reconsideration.
If they do that and come forward with fresh proposals, then we will
examine them carefully, because our aim is no other than the re-establishment of a lasting general peace. But this lasting general peace is not
possible so long as the integrity of the German Empire and the security of
her vital interests and the dignity of our fatherland are not guaranteed.
Until that time we must quietly stand by each other and wait.
As to our purpose, gentlemen, we are all one.
Regarding methods of "moralities," there may be differences of opinion,
but let us shelve all those differences. Let us not fight about formulas,
which always fall short in the mad course of world events, but above the
dividing line of party controversies let us keep our eyes on one mutual
aim—the welfare of the fatherland.
Let us hold together the Government and the nation, and victory will
be ours. A good peace will and must come.
The German nation bears in an admirable manner the sufferings and the
burdens of a war which now is in its fourth yeat. In connection with these
burdens and sufferings I think especially of the sufferings of the small
artisans and the lowly paid officials. But you all, men and women, will
hold and see it through.
[Vol,. 106.
With your political knowledge you do not allow yourselves to be fooled
by catch phrases. You know how to distinguish the realities of life and
the promises of dreams.
Such a nation cannot go under. God is with us and will be with us also
in the future.
SCHEIDEMANN WARNS GERMAN MILITARY
LEADERS TO MAKE PEACE.
Following the address on peace terms by Chancellor
von Hertling, in the German Reichstag on Jan 24,
Philipp Scheidemann, leader of the majority Socialists and heretofore generally a strong supporter of the
Government's policy, made a fiery speech in which
he warned the military leaders that if they did not
bring about peace between Germany and Russia they
"would be hurled from power." He further asserted,
according to a press dispatch from Amsterdam, that the
chief result of the U-boat campaign had been to bring the
United States into the war, and that this had prevented the
general peace that would have followed the Russian revolution. Furthermore, he said, the conquest of France and
England would not now mean peace, for the Central Powers
"would still have to conquer America. The reply of Scheidemann., as published in "Vorwaerts," said:
"Two chief arguments were advanced by the militarist party for the
prolongation of the war, namely the success of the U-boats and the strength
of our army. But these were to have given us a decisive victory in six
months, according to the announcement made in 1916.
"Alas, that period has long since passed, and while the U-boat has admittedly harmed England enormously, its chief visible effect has been the
entry of America into the war.
"If the United States had not entered the war we may be sure the Russian
revolution would long ago have brought a general peace.
"What about the army? Suppose the army should capture Calais and
Paris, would that mean peace? I say 'No.'
"Suppose the army conquered France and England; would that mean
peace? I say 'No,' for we would still have to conquer America."
Herr Scheidemann fiercely attacked the militarist leaders, asserting that
their attitude toward Austria was likely to lose for Germany her last friend.
"If our Government leaders cannot free us from these 'patriots," said
the Social Democratic leader, "they had better go. I warn them that if
they do not bring us peace with Russia they will be hurled from power."
Herr Scheidemann held that an agreement was easily possible on eleven
points of President Wilson's statement.
"But Mr. Wilson must be told plainly," the speaker said, "that Alsace
Is Germany's and will remain so. If one clear word is spoken regarding
Belgium England's war-mongering will end. An honorable, complete reinstatement of Belgium is our duty."
"I cannot see the day," Herr Scheidemann went on, "when Germany
will say to the Entente: 'We accept your terms. We are beaten.' But
just as little can I see the day when England, France and the United States
will say the same to us."
Regarding relations between Germany and Austria, Herr Scheidemann
said that an indication of the Austrian feeling toward the present German
regime might be gathered from the fact that during the recent demonstrations in Vienna the Austrian Emperor was never once attacked by
speakers, but that the German Emperor was openly and repeatedly insulted. This was flue, he said, to attacks of the German Junkers on
Austria. He said the Junker press had been demanding that "Germany
should be freed from Austria."
Touching on President Wilson's peace terms, Herr Scheidemann said:
"Regarding Alsace, there is nothing for us to redress. It will remain
ours. But as for Belgium, lei us cease meddling in Flemish politics.
"Let us seek in honor to save the world from new bloodshed in the
spring. Let us give up illusions on both sides. Remembering that the
feeling among our people is most serious.
"If you permit the Russian negotiations to break up and the people's
hope to be disappointed, what else can be expected but catastrophe?"
COUNT CZERNIN OUTLINES AUSTRIA-HUNGARY'S
POSITION ON PEACE.
On Jan. 24, the same day that Chancellor von Hertling
delivered his peace speech before the German Reichstag,
Count Czernin, the Austro-Hungarian Foreign Minister,
delivered a notable address on the same topic before the
Reichsrath at Vienna. In this address, which was decidedly
conciliatory in tone, Count Czernin expressed the opinion
that the recent proposals of President Wilson were "an approach to the Austro-Hungarian point of view," and later
on he invited President Wilson "to use,his great influence to
make the Entente countries declare on their part the terms
on which they were ready to speak." After discussing
President Wilson's terms in detail, Count Czernin said:
We, therefore, are in agreement in the main. Our views are Identical
not only on the broad principles regarding a new organization of the world
after the war, but aim) on several concrete duestions, and differences which
still exist do not appear to me to be so great that a conversation regarding
them would not lead to enlightenment and a reapproachment.
This situation, which doubtless arises from the fact that Austria-Hungary on the one side and the United States on the other are composed of
States whose interests are at least at variance with one another, tempts one
to ask if an exchange of ideas between the two Powers could not lIe the point
of departure for a personal conversation among all States which have not
yet Joined in peace negotiations.
On page 319 of our last week's issue we gave a brief outline
of Count Czernin's address, based on the early cabled summaries. Below we give the address in more extended form
as published in the New York "Sun" of Jan. 26:
Count Czernin, who is quoted as speaking before the Foreign Affairs
Committee of the Austrian delegation, said that he considered it his first
FEB. 2 1918.]
THE CHRONICLE
duty to present a faithful report of the peace negotiations with the Russians at Brest-Litovsk, to correlate the different phases of the events which
had occurred previous to them and to draw from them conclusions which were
logical and justified. As a reply to those who found the course of the negotiations too slow Count Czernin explained the difficulties attending them,
difficulties of which one could not even give an approximate idea.
He dwelt upon the entire difference between the Brest-Litovsk negotiations and any previously known to history, one of the chief differences being
the publicity given to the various phases of the negotiations, the details of
which were daily telegraphed throughout the entire world.
"It is quite natural, in view of the nervousness which prevails all over the
globe," Count Czernin said, "that they should produce the effect of electric shocks which agitate public opinion. We are in no doubt as to the inconvenience of this system, but nevertheless we yielded to the Russian
Government's desire for publicity because we have nothing to hide. If we
had wished to keep to the former secret system, that might have created
a false impression."
Count Czernin emphasized the fact that to counterbalance this publicity
it was necessary for the public as well as its leaders to remain calm. The
business would be conducted to the end with coolness, he asserted, and
would achieve good results if the peoples of the dual monarchy supported
their responsible delegates at the conference.
Count Czernin went on to declare that the basis of the negotiations
between Austria-Hungary and what he alluded to as the various
recently created Riussian States was peace without annexations or indemnities.
"I shall not abandon this program," he announced, "and those who
thought I should allow myself to be led away from the path which I determined upon are bad psychologists. I have never left public opinion in
the least doubt as to the path which I am following and I have never allowed myself to be diverted an inch from this path, either to the right or
to the left.
"While the Pan-Germans and all those in the monarchy who take them
as their model have honored me with their undoubted support, I am considered by those who wish peace at any price as being in favor of war. But
neither the one side nor the other has ever worried me. Their insults are,
on the contrary, my only distractions in these serious times.
declare once again that I demand not a square meter or a kreutzer [an
Austrian coin valued at two-fifths of a cent in American money]from Russia, and that if Russia, as seems to be the case, adopts the same point of
view peace ought to result.
"Those who wish peace at any price might be able to cast doubts upon my
loyalty if I did not tell them to their face with the same categoric frankmess
that I shall never agree to conclude a peace exceeding the limits which I
have just indicated. If our Russian interrogators asked us to cede territories and pay indemnities I should continue the war despite the desire for
peace which I share as much as you, or I should resign if I were unable to
make my opinion prevail."
The Minister said the two most serious difficulties which are the cause of
the negotiations not proceeding as quickly as every one could wish were:
"That we are not dealing with one interrogator, but have to negotiate
with various newly created Russian states—with Russia as represented by
Petrograd, with the Ukraine, with Finland and with the Caucasus directly,
and with others who for the moment are not represented at the BrestLitovsk negotiations.
"With the Ukraine we already have advanced far. We have come to an
understanding on the basis of no annexations or indemnitites, and we already have agreed to a great extent that commercial relations hould be
resumed, as they ought to be; but the great difficulty is that the Ukrainian
Republic has adopted this principle on the understanding that in negotiating with us she is negotiating as a completely independent State and
with absolute autonomy, while the Russian delegation asserts that as the
frontiers of the Ukraine have not yet been definitely fixed Russia has a
right to take part in our negotiations with the Ukrainian delegation, a
right which the latter does not wish to admit.
"Uncertainty as to the internal situation in Russia is causing considerable
delay, but we also have overcome this difficulty, and I believe that an early
date will see the way free for a resumption of the negotiations."
Count Czernin confessed that he did not know what the situation was today. M.Joffe, Chairman of the Russian peace delegation at Brest-Litovsk,
had notified the delegation of the Central Powers that the delegation of•the
Republic of workmen and peasants of Ukraine, which sits at Kharkov, did
not recognize the Kiev Rada as representing the Ukrainian people, and
would not recognize any agreement made by that Rada and that the
republic of workmen and peasants was sending its own delegation to BrestLitovsk to support the delegation of all Russia.
"Thero is a new difficulty," said Count Czernin, "because we do not
wish to meddle in the internal affairs of Russia, but if the way is once
cleared other difficulties will not arise. We will agree with the Ukrainian
Republic that the old frontiers of Russia and Austria-Hungary also will
apply to the Ukraine.
"Regarding the Poland frontier, which up to the present has not been
exactly fixed, we do not desire anything at all from this new State."
Count Czernin said he would willingly have seen Poland participating in
the peace negotiations, for in this view Poland was an independent State.
"But," he added, "as the Russian Government did not recognize the
present Polish Government as qualified to represent their country, we, in
order not to cause conflict, did not insist. The question certainly is important, but it undoubtedly is more important still to remove difficulties
which are calculated to delay the negotiations.
"Another difficulty undoubtedly is the divergence of view between Germany and the Russian Government on the interpretation of the right of the
Russian peoples to decide their own destinies in the territories occupied by
German troops. Germany has no intention of making any territorial
conquest by violence at the expense of Russia, but the difference of opinion
is of a twofold character. Germany adopts the legitimate point of view
that the numerous expressions of the will of the people for independence
and autonomy, as evinced by legislative corporations and communal representatives in occupied provinces, should be considered as the provisional
basis of the opinion of the peoples, which subsequently could be ascertained
by popular vote on extended bases.
"The Russian Government still opposes this point of view as regards
Courland, Lithuania and the Polish provinces. Another difference of
opinion arises from the Russian demand for the withdrawal of all German
troops and administrations from occupied territories before a popular vote
Is taken.
"In my opinion, the difference is not so serious as to justify a rupture
in the negotiations, but negotiations of this character cannot be finished
in one night. When peace has been concluded with Russia it will no
longer be possible, in my opinion, to prevent for long the conclusion of a
general peace, in spite of the efforts of the Entente statesmen.
"Although I am under no delusion and know that the fruit of peace cannot be matured in twenty-four hours, nevertheless I am convinced that it
is now maturing and that the question whether or not an honorable general
peace can be secured is merely a question of resistance.
465
"President Wilson's peace offer confirms me in this opinion. Naturally
an offer of this kind cannot be regarded as a matter acceptable in every
detail, for that obviously would render any negotiations superfluous.
"I think there is no harm in stating that I regard the recent proposals of
President Wilson as an appreciable approach to the Austro-Hungarian
point of view, and that to some of them Austria-Hungary joyfully could
give her approval. But she must first lay down this principle—that in so
far as these propositions concern her allies, whether in the case of Germany's
possession of Belgium or in the case of Turkey—Austria-Hungary, faithful
to her engagements to fight to the end in defense of her allies, will defend
the possessions of her war allies as she would her own. That is the standpoint of our allies, in regard to which there is perfect reciprocity."
Count Czernin proceeded to state that he must politely, but categorically,
refuse dictation as to the manner in which Austria and Hungary should
manage their internal administration, and he asserted that there was not
a more democratic parliament in the world than the Austrian Parliament,
which, in agreement with the other authorized constitutional organizations,'
alone has the right to decide the internal affairs of Austria.
Referring to President Wilson's peace program, Count Czernin said that
he had no objection to the suppression of secret diplomacy, although he
doubted whether that method was in every case the most practical or rapid
way to arrive at results. The public discussion of diplomatic treaties
might, for example, in the case of economic agreements, make impossible
the conclusion of such agreements, which are nothing but commercial
transactions, and might increase friction between two States.
"It is the same in the case of political agreements," the Foreign Minister
continued. "If by the suppression of secret diplomacy is meant that there
should no longer be any secret treaties I have no objection to make to the
realization of this idea, although I do not know how one can execute and
control this organization. But those are supplementary details which
could be discussed."
Count Czernin said as to the second point in President Wilson's peace
aims, freedom of the seas, the President had responded to the views of all,
and that he (Czernin) absolutely and entirely supported this paragraph.
Regarding paragraph 3 in President Wilson's proposals—the removal of
economic barriers and the establishment of equality of trade conditions—
Count Czernin said:
"This article, which pronounces in a formal manner hostility against a
future economic war, is so just and reasonable and its application so often
has been urged by us, that we have nothing to add to it."
Count Czernin said that article four of President Wilson's proposals,
which demanded the reduction of national armaments to the lowest point
consistent with domestic safety, "expresses in a particularly clear and just
manner the necessity of bringing rivalries in armament to the limit already
indicated in the present profession of faith, and therefore I greet with
gratitude any voice which makes itself heard in the sense of my prefious
statement."
Turning again to Russia, the Minister said:
"We already have shown by acts we desire good neighborly relations with
Russia."
On the subject of Italy, Serbia, Montenegro and Rumania Count Ozernin
repeated what he already had said to the Hungarian delegation.
"I refuse to place a premium on the military adventures of our enemy,"
said the Minister. "I refuse to make our enemies, who obstinately persist
in wishing to wage war until a final victory by one side, concessions by
which the monatchy would permanently suffer and which would give them
an infinite advantage in being able to drag on the war, relatively without
risk."
Count Czernin then invited President Wilson to use his great influence
to make the Entente nations declare on their side the conditions on which
they were ready to speak, and added:
"I will speak as freely and frankly as I have done here with President
Wilson, and will with all those who would like to speak. But naturally
the duration of the war will not be without its influence on this situation.
"Italy is a striking illustration of this. Before the war Italy had the
opportunity of realizing a great territorial expansion without firing a shot
She refused this and joined in the war. She has lost hundreds of thousands in killed or wounded and millions of money in war expenses and
destroyed her riches. Her population is in distress and misery—all
this solely in order to lose the advantage which she would have been
able to gain."
Count Czernin proceeded: "We also are supporters of an independent
Polish State, which would include all territories and populations which
Indisputably are polish. On this point also we believe we should quickly
come to an understanding with President Wilson.
"Finally, in his idea of a league of peoples the President probably will
meet with no opposition in the monarchy. We thereafore are in agreement
in the main. Our views are identical not only on the broad principles
regarding a new organization of the world after the war, but also on several
concrete questions, and differences which still exist do not appear to me
to be so great that a conversation regarding them would not lead to enlightenment and a rapprochement.
"This situation, which doubtless arises from the fact that Austria-Hun;
gary on the one side and the United States on the other are composed of
States whose interests are at least at variance with one another, tempts
one to ask if an exchange of ideas between the two Powers could not be
the point of departure for a personal conversation between all States
which have not yet joined in peace negotiations.
"I now return to the most important point of the declaration which I
have made—the negotiations with Russia and particularly with the Ukraine.
I wish to use the peace with those Russian States which possess foodstuffs
available for export to assist our population. I do not wish out of any
hysterical anxiety to conclude a peace some days or a week earlier to have
to give up this advantage for our population.
"It is necessary to ascertain whether the Ukrainian negotiators can send
us goods, and, if so, what goods, and how. The Ukraine, for her part,
does not wish to conclude an agreement after a treaty of peace has been
• concluded, but at the time of its conclusion, but the uncertainty of the
position in which the new States find themselves naturally has caused some
delay in the negotiations.
"If you attack me in the rear, if you compel me to conclude an agreement
in great haste, then we shall derive no economic advantage, and our population will have to forego the advantages which they might derive from the
conclusion of peace.
"If you create the totally erroneous impression among our enemies that
we must absolutely conclude peace immediately—a peace at any price—
then we shall not have a single bushel of wheat. I repeat for the tenth
time that it is not a question of imperialistic aims or of annexationist plans.
It is a question of assuring for our population the reward they have deserved for their energetic resistance.
"Our associates are good calculators and will observe carefully whether
or not you take away my liberty of action. If you spoil peace, if you wish
to do without imports of cereals, then it is logical that pressure should be
brought to bear by speeches, strikes, resolutions and demonstrations. If
not it is a mistake and utterly false to say that we are in such a situation
466
THE CHRONICLE
that we ought rather to conclude a bad peace without economic advantages
to-day than a good peace to-morrow with its attendant advantages.
"The transport organization difficulties will be surmounted. The strikes
make the crisis more severe and the arrival of food and coal more difficult.
That is to strike a blow against oneself, and those who believe that they are
hastening peace by such methods are deceiving themselves terribly."
Count Czernin mentioned the rumor that the Government itself was not
unconnected with the strikes, and said:
"As the Government wishes exactly the same thing as the majority in
the monarchy—that is, to obtain as quickly as possible an honorable peace
without annexationist aims—it is folly to attack it from behind and to
embarrass and perplex it. Those who try to do that are not fighting the
Government, but, as if blind, are fighting the people who may pretend to
aid and themselves."
Count Czernin finally asked for a vote of confidence, and concluded:
"Nothing but a feeling of duty and confidence in the Emperor and the
majority delegation is keeping me to my post. No Minister of Foreign
Affairs can conduct negotiations of this importance if he does not know, if
the whole world does not know, that he is supported by the confidence of
the majority of the constitutional organs.
"Now, if you have confidence in me to conduct peace negotiations, then
you ought to assist me. If you have not that confidence, then you ought
to dismiss me. There is no third way."
[Vol,. 106.
JAPAN'S POSITION IN THE WAR—TIME NOT YET
COME TO TAKE UP PEACE NEGOTIATIONS.
The statement that "not only has Japan not received
up to this day any proposition from any Allied Power whatsoever concerning peace conditions, but we do not believe
the time has yet come definitely to take up negotiations,"
was made before both houses of the Papanese Parliament
on Jan. 22 by Viscount Motono, the Japanese Foreign Minister. He added that it was "entirely superfluous to declare
.that Japan will continue with loyalty to support her allies
with every means of assistance materially possible." Referring to the widely differing bases of peace enunciated by
the belligerents the Foreign Minister stated that "so long
as the views are thus widely apart there is little hope of
peace in the near future."
He also had something to say with regard to the special
Japanese mission which visited the United States last year;
the members, he stated, exchanged frank views with the
American authorities, and the result was the establishment
of a full mutual accord with regard to military co-operation. The following is the account of a speech made by the
Foreign Minister, as received in press dispatches here Jan.26:
We are unable to foresee now what may be the stuation in the world
after the war, but it is certain that while the common interests of Japan
and Great Britain in Asia exist the Governments and peoples of the two
nations will understand more and more the necessity of a loyal maintenance
of the alliance, and I am firmly convinced that this should be the guilding
principle of our nation.
With regard to our policies toward China, I, on a previous occasion,
declared the Japanese Government had no intention of interfering or taking
sides in internal political dissensions in China. The Japanese Government
will maintain good relations with a stable Government in China without
regard to party or faction. Such a stable Government will have always
our assistance and recognition so long as the attitude and policies of that
Government are compatible with the interests of our country. Since this
statement was made the Government scrupulously has followed the course
outlined. We now are able to greatly felicitate ourselves upon the appreciable improvement in the relations resulting therefrom.
One thing I desire particularly to speak of, namely, the decision taken
by our neighbor [China] to declare war against Germany in August 1917.
The increased German power was the greatest menace to the security of
the Far East. All the Powers having large interests bordering on the
Pacific recognized the danger. It was for this reason that Japan forced
Germany from Tsing-tao. China recognized that her interests marched
with ours, and I wish now with you gentlemen to extend the heartiest
congratulations to China for her wisdom in deciding to place herself resolutely in the camp of the Entente Allies.
The Chinese Government expressed a desire to increase the customs tax,
to suspend indemnity payments, and also to modify certain conditions.
Japan, therefore, in accord with all the interested Powers, and wishing to
show sympathy With China in recognizing the just demands, acceded to
these requests.
The question of the customs increase required careful regulation, and a
conference of delegates of the Powers interested has now gathered at Shanghai for a discussion of the details. The Government will convey to you
the results of this conference as soon as possible.
The Government last year sent a special mission to America for the
purpose ofconveying our sincere felicitations and at the same time to consult
with the American officials regarding the co-operation of the two countries
in the European war. The members of that mission exchanged frank
views with the American authorities and the result was the establishment
of a full mutual accord with regard to military co-operation.
Profiting by this opportunity the Chinese question was made the subject
of a full and frank discussion. Being convinced of the sincerity of our determination to maintain and safeguard the independence of China and the
integrity of Chinese territory, the American Government gave recognition
to the special Japanese position in regard to China. Official notes were
exchanged between the two Governments. Japan and America may well
feel gratification at this outcome of the negotiations, because it demonstrates that the relations which already wore cordial have been cemented
more closely.
For some time there existed a certain doubt in America with regard to
Japan's intentions toward China, while at the same time it is a fact, clearly
proved, that by intrigues and underhand methods our enemies conspired
to create antagonism between the two nations. It is an inestimable result
obtained by our mission that it has been able to convince the people of the
United States of the true sentiments of Japan and thus dissipate all misunderstandings. I desire to express the profound gratitude of the nation
and Government of Japan for the reception and treatment, so spontaneous
and warm, extended by the American Government to our mission.
With regard to Russia, events have followed quickly. The Government
which is at present in power already has concluded an armistice with our
enemies and appears to be at the point of signing a separate peace. Information reaching us regarding the negotiations are more or less contradictory. We are unable to secure definite information, but it will be necessary to exercise extreme prudence in considering measures which we may
be called upon to take. We are unable to say whether the negotiations
at Brest-Litovsk will reach a definite conclusion, but in view of the friendly
relations hitherto existing between Japan and Russia, the Japanese Government earnestly hopes the Russian nation will be able to establish a
strong and stable government without prejudice to the interests of their
allies or the honor and prestige of Russia.
In this connection the enemy powers have frequently attempted by
indirect means to draw the Entente Powers into pourparlers, but it is
necessary to regard with much circumspection alleged proffers of peace
from our enemies. We know from declarations of our friends and allies
what they consider the basis of future peace. These differ appreciably
from those well known to be the objects of our enemy.
We must conclude, then, that so long as the views are thuS widely apart,
there is little hope of peace in the near future. Nevertheless, I desire to
show you the position of the Imperial Government regarding peace. You
know that by the Anglo-Japanese Treaty of Alliance the two countries
have engaged reciprocally not to conclude a separate peace. At the outset
Japan adhered to the Declaration of London of Sept. 5 1914, which obliges
the signatory Powers and those which may hereafter adhere to make peace
only in common, and to consult mutually upon conditions proposed by
the enemies. Not only has Japan not received up to this day any proposition from any Allied Power whatsoever concerning peace conditions, but
we do not believe the time has yet come definitely to take up negotiations.
Japan is continuing to exert every effort to co-operate. It is entirely
superfluous to declare that Japan will continue with loyalty to support
her allies with every means of assistance materially possible. This would
merely be honorably carrying out the duties and the obligations of loyalty
toward our allies.
Gentlemen, the responsibility for maintenance of the security of the Far
East lies entirely with Japan. It is proper that we should not hesitate
at a moment's notice to take necessary steps in the event that our seniority
should be menaced. I will add that in order to assure lasting peace in the
future we are firmly convinced that Japan must not recoil from any sacrifice she may be called upon to make in the war.
The great war which has bathed Europe in blood for the last three years
continues its grievous course, and it would seem difficult to predict the end.
The valiant sea and land forces of all our friendly Allied Powers have fought
throughout these long years amidst sufferings of every kind with supercourage and unalterable confidence which call for the admiration and esteem
of the entire world.
Japan, faithful to her international engagements, has made every effort
to aid the Entente Allies to secure the objects of the war and has cooperated by every possible means with her military and navy.
I am happy to be able to state that Japan's co-operation is highly appreciated by the peoples and the Governments of the Entente Allies. Our
alliance with Great Britain always has been the fundamental basis of our
foreign policy. It was, above all things, the reason why Japan participated
in this war. Since then Japan has spared no effort to assist her ally. It
is an undeniable fact that the relations existing between our two countries
have become more firmly cemented and more intimate.
DEVELOPMENTS IN THE RUSSIAN SITUATION.
The Russian situation has not become cleared as a result
of the events of the past week. Following the decision of
the Russian delegates to the conference at Brest-Litovsk
to reject the German terms, the Bolshevist Government
referred the question of war or peace to the All-Russian
Congress of Soldiers and Workmen's Delegates. Foreign
Minister Leon Trotzky, in an extended address before that
body, explained the present status of the negotiations with
Germany. The Germans, he said, had marked their intentions with fine words, but were in reality demanding all
Some little excitement was caused by the publication in
the daily papers of Jan. 28 of a dispatch from The Hague
dated Jan. 27, and quoting the "Cologne Gazette" to the
effect that Count Czernin's speech to the Austrian delegates
had already been laid before President Wilson when he delivered it. We give the dispatch as follows, as printed in
the New York "Times":
The Hague, Jan. 27.—The "Cologne Gazette" publishes the following
dispatch from its Vienna correspondent:
"Count Czernin's statement to the Austrian delegations to-day that the
text of his speech had already been laid before President Wilson when he
delivered it has created a sensation here, It is taken to confirm,the view that
Czernin's reply to Wilson represented a step which had already been taken
along a line intended to lead to inducing the Western Powers to come to a
discussion of terms with Germany."
Official denial was promptly made, however, by the State
Department at Washington, that any recent communication
had been received from Count Czernin by President Wilson,
either direct or through neutral diplomatic channels. It is
not believed that Count Czernin took any steps to have his
speech sent to Washington through the good offices of any of
the neutral Powers, and this opinion was strengthened on
Jan. 29 when the Washington Government received and made
public the following except from an article in the "Berliner
Tageblatt" of Jan. 28:
It would be wrong to take Czernin's statements too literally and to believe
that the American President received directly or indirectly from Austria
a special report on the speech. The facts are as follows:
A Socialist delegate requested Czernin to transmit his reply to Wilson
through the intermediary of a neutral country. Czernin refused, saying
that Wilson would get the speech immediately by telegraph. Thus the
expression "at the same hour" is not to be taken literally. With the exception of the Czechs and the Socialists, who preferred direct communication to Wilson, all others were satisfied with Czernin's reply. It can be
reiterated that there was no direct communication and that the good offices
of neutral Powers were not requested.
FEB. 2 1918.]
THE CHRONICLE
they could get. "They thought Russia needed peace at
any price," Trotzky said. "They were mistaken. This
is not the position of the Workmen's and Soldiers' Government. We still insist on a democratic peace. When the
nation has become exhausted, and when all the efforts that
have been made have proved unsuccessful, then it might
be possible for the natidn to conclude an undemocratic
peace, but the present Government has not yet reached that
position. But if, under force of circumstances, it would
be forced to sign an undemocratic peace, it would never
tell the people that it was a democratic peace." With regard
to further steps in the negotiations, Trotzky asked to be
allowed a free hand. In any case, he said, he would not sign
an undemocratic peace.
Press dispatches from Petrograd on Jan. 28 reported that
resolutiotis were adopted by the Congress which, while
deploring the imperialistic tone of the German peace terms,
approved all the actions of the Russian delegates and charged
the Government to continue the negotiations. Trotzky
has returned to Brest-Litovsk, where the peace conference
was to have been resumed on Jan. 29, but was postponed
for another day at the request of the Russian delegates.
Meantime internal conditions in Russia seem to be going
from bad to worse. In Petrograd there is said to be a serious
epidemic of typhus and kindred diseases, due to malnutrition and bad sanitary conditions, while all the organizations concerned with public health have either been abolished or have ceased operations because of the revolution.
The smoldering revolution in Finland has blazed up in
full fury and threatens to form one of the bloodiest incidents of the Russian revolution, according to dispatches to
London from Haparanda, Viborg and other points by way
of Stockholm. The uprising seems to be most pronounced in
the eastern provinces. The Bolsheviki are aiding the revolutionaries against the so-called bourgeois government of
the country. All the foreign consuls have left Helskingfors and sharp fighting is reported around Viborg. A Provisional Social Democratic Government has been formed at
Helsingfors, headed by Senator Kullerwo Manner, with
M. Simla as Minister of Foreign Affairs, and 0. Tokoi, the
former Premier, as Minister of Food Supplies. The members of the Finnish Government, including the former
Senators, are reported to be safe. They have notified
Sweden that the Government cannot be responsible for the
lives of Swedish subjects, of whom there are 400,000 in Finland. All of Southern Finland as far as Tammerfors, is
reported to be in the hands of the Red Guards, but the
Government troops, having vanquished the Red Guards in
Northern Finland, are now marching southward.
In Ukrainia (Southern Russia) civil war is also raging,
with the Bolsheviki forces apparently gradually extending
the area they control. An Associated Press dispatch reports that by a vote of 308 to 4 the Ukranuian Central Rada
(which opposes the Bolshevik') has decided to proclaim the
complete independence of the Ukraine republic. The
proclamation reproaches the Petrograd commissioners for
delaying peace and for invoking the sol-called new "holy
war," and adds that the Ukraine wishes to live on terms
of concord and friendship with Rumania, Turkey and other
neighboring Powers.
A wireless dispatch from Brest-Litovsk, however, quotes
a declaration of the representatives of the Workmen's and
Peasants' Government of Ukraine as saying:
The general Secretariat of the Central Ukrainian Rada
can in no case be recognized as representative of the whole
Ukrainian people. The declaration adds that the BrestLitovsk representatives fully agree with the Council of
People's Commissaries and in conjunction with the Quadruple Alliance.
The strained relations between Rumania and the Bolshevik Government at Petrograd have culminated in a
complete break in diplomatic relations. It was announced
at Petrograd on Jan. 28 that the Rumanian Legation and
all representatives would be sent out of Russia "by the
shortest route." General Steherbatcheff, commanding
the Russian forces in Rumania, has been outlawed as an
"enemy of the people." He was suspected of working with
the Ukranians and the Rumanians against the Bolshevilti
There has been heavy fighting between Rumanian troops
and certain Russian regiments which were attempting to
return to Russia through Rumanian territory. In his address before the Workmen's and Soldiers' Delegates, Leon
Trotzky accused the Rumanians of plotting to seize the
Russian Province of Bessarabia, and the city. of Kishinev
was reported to be surrounded by Rumanian troops.
467
NEW HUNGARIAN MINISTRY.
The resignation of the Hungarian Cabinet on account of
failure to obtain necessary support for the military program
was reported in an Associated Press dispatch from London
on Jan. 16. A dispatch from Budapest on Jan. 27 reported
that King Charles had accepted the resignations and charged
the retiring Premier Wekerle with the reorganization of the
Ministry. The new Cabinet is reported to be composed
as follows:
Minister of the Court, Count Aladar Zichy.
Minister of Instruction, Count Albert Apponyi.
Minister of Defence, General Alexander von Stzurmay.
Minister of Interior, Johan Toth.
Minister of Croatia. Karl Unkelhausser.
Minister of Justice. Wilhelm Vassomyi.
Minister of Commerce, Joseph Szyerenyi.
Ministers without portfolio, Bela Foeides, Count Oritz Esterhazy and
Price Ludwig Windisch-Graetz.
SEPARATE PEACE AGREEMENT SAID TO HAVE
BEEN SIGNED BY RUSSIA AND BULGARIA.
Reports that a separate peace agreement had been signed
by Russia and Bulgaria were credited to the "Bund" in a
Berne dispatch of Jan. 10. This dispatch said:
A Bulgarian correspondent of the "Bund" says Premier Radoslavoff
read the following dispatch from Brest-Litovsk, in Parliament:
"War between Russia and Bulgaria ceases. Diplomatic and economic
relations between Russia and Bulgaria are resumed. Russia recognizes
Bulgaria's right to nominate a delegate to an international Danube commission. The first peace is thus concluded, with the consent of Bulgaria's
allies."
The "Bund" says Bulgaria has appointed a Minister to Petrograd and a
Consul-General to be stationed at Odessa, and has ordered the resumption
of navigation to Odessa.
•
The dispatch also sets out:
Bulgaria took part With Germany. Austria and Turkey in the first negotiations at Brest-Litovsk, and it has been assumed that no peace terms
would be agreed to by the Central Powers except in concert. Advices
yesterday, however, giving the names of those who took part in the first
session of the Brest-Litovsk conferences when they were resumed this
week made no mention of a Bulgarian representative. King Ferdinand
of Bulgaria is credited with opposing the formula of peace without annexations or indemnities, declaring that Bulgaria should retain the territory she had won. This would not interfere with a peace between Russia
and Bulgaria, however, inasmuch as the territory Bulgaria desires consists of parts of Servia and Rumania. Premier Radoslavoff was quoted
in a Sofia dispatch last month to the effect that Bulgaria had accepted the
Russian proposals, providing for ending the war, restoring commercial
treaties in effect before the war, and settling the Danube question.
DAVID LLOYD GEORGE DECLARES GREAT BRITAIN
"MUST GO ON OR GO UNDER."
Besides giving the Government's reasons as to the necessity of raising more men for the army, David Lloyd George,
the British Prime Minister, in addressing on Jan. 18 the
final conference of the representatives of the trades unions
affected by the Man Power Bill which passed the House of
Commons on Jan. 17, also referred at length to his own
and President Wilson's speech regarding the war aims of
the Allies and the United States. The Premier advised his
hearers that there was no other alternative for raising men
except that of raising the military age or sending wounded
men again to the firing line. Declaring that "we are fighting now against privilege claimed by a military caste,"
Lloyd George asserted that "if any man standing in my place
can find an honorable, equitable and just way out of this
conflict without fighting it through, for Heaven's sake let
him tell me. My own conviction is this—the people either
must go on or go under." The following is the Associated
Press account of the British Premier's speech:
After thanking the representatives for the spirit in which they had met
the Government, the Premier said there was no other alternative for raising
men except those of raising the military age or sending wounded men again
to the firing line.
As to the urgency of raising more men, Mr. Lloyd George said that he
and his colleagues, who were on the watch tower, could not deny it, and
that unless the need had been urgent they would not have brought forward
the demand now.
"There are men who thought it should have been done before," said
Lloyd George. "There are men who believe we ought to do it on a much
more sweeping scale. There are a few who say we ought not to do it at
all, and there are some who say both things simultaneously.
"The Government's view is this: It would be folly to withdraw men
from the industries one hour sooner than the need arose. On the other
hand. it would be treason to the State, treason to our country, to democracy
and to the cause of freedom if, when the need did arise, we had not made
the demand.
"I assume that all of you here in your hearts believe that the war aims
declared by that great labor conference represent the minimum of justice
which you can possibly accept as a settlement of this terrible dispute. If
we are not able to defeat the German forces, if we are not able to resist
the military power of Prussia. is'there any man here in the possession of
his wits who believes that one of your terms—the least of them—would
be enforced?
"I am not talking about the demands of the imperialists. I am not talking about the demands of the extreme war men, who want to grab everything and annex the earth and all of the heavenly firmament. I am talking
about the moderate demands of the most pacifist souls in this assembly.
468
THE CHRONICLE
[VOL. 106.
Try to cash that cbeck at the Hindenburg bank. It will be returned disMr. Lloyd George resumed:
honored. Whatever terms are set forward by any pacifist orator in these
"We have given you the best opportunity because we introduced a
lands, you will not get them cashed by Von Ludendorff or the Kaiser, or franchise bill
adding 8,000,000 to the electorate. You can have you opany of these great magnates unless you have got the power to enforce them.
portunity whenever you like. It is not the Government which shrinks
"I felt very strongly that the time had come for restating our war aims
from it."
and for restating them in a way that would carry with us all the moderate
Then he was asked whether, if the Germans decided on a Government
rational opinion of this land and all other lands. Almost simultaneously similar
to that of the present Russian Government, England would recogthe same idea came to President Wilson, and without any opportunity nize
their representatives. Lloyd George replied:
of previous consultation, because there was none, President Wilson and
"We will recognize the representatives of any Government whatever
myself laid down what was substantially the same program of demands set up by the German
people."
for the termination of this war. How has that program been received
The Premier was then heckled for a time regarding objections to allowing
throughout the whole of the Allied countries? It has been received with an international conference of working-class represonttaives,
apart from
acclaim. There has hardly been a voice raised in criticism, except from the Governments; as to whether he
considered military training in the
a few men who wish that I had made more extreme demands.
schools consistent with democratic, anti-militarist ideals, and as to whether
"The Socialists of France, the Socialists of Italy, as well as the Socialists the acceptance of the Allies' peace terms
was the necessary condition to
of this country, have in the main accepted them as very fair general de- convening conference,
or if it was the function of a conference to debate
a
mands to put forward.
the terms from both sides.
"What has been their reception in Germany? I beg you to consider
Mr. Lloyd George said that all the Allies, including America, had agreed
this, especially those who think that we are responsible for perpetuating unanimously that negotiations could be
conducted only between reprethis horror. I would not have this war for one second on my soul if I sentatives of the respective Governments,
and that negotiations ought
could stop it honorably. The only enemy comment has been, 'Behold not to be conducted between sections of the
peoples. It was a fundamental
how England is weakening. Go on and they will come down.'
misconception of democracy, he added, that any section, however powerful,
"Again, there has been no response from any man in any position in really represented the whole people.
Germany that indicates a desire on the part of the ruling powers in that
Concerning the school drill, the Premier said:
land to approach the problem in a spirit of equity.
"As long as you have a powerful military autocracy in the world you are
"We demanded the restoration of Belgium. Is there one man here who not going to defeat it merely by preaching even the highest
ideals."
would make peace without the complete restoration of Belgium and reparaHe admitted the difficulty of the problem of deciding the proper moment
tion for its wrongs?" Cries of "No."
when it would be desirable to enter into a peace conference.
"What is the answer from Germany?" Mr. Lloyd George continued.
"You may enter in one moment and find that you have put your head
"There has been but one answer, and it came from Von Tirpitz's soul— into a noose," Mr. Lloyd George observed. "My
personal opinion is that
'Never.'
it is not desirable to enter a conference unless there is a fair chance of
"There was a demand for the reconsideration of the wrongs of Alsace- emerging with a satisfactory settlement.
Lorraine. What is the answer from Germany—'Never.'
"I am firmly convinced from the attitude of the leaders of the German
"When I suggested that Mesopotamia and Palestine should never be Government that such a conference now would not result in anything
like
restored to the tyranny of the Turk, what was the answer from Germany? an equitable understanding. Therefore, it would aggravate instead of
'We will go on until they are restored.'
improving the matter."
"Is there a single condition laid down by you in your trade union aims
Replying to a suggestion that the Socialists might override the Governto which you have had any response from anybody in Germany who has ment in Germany if a conference were allowed, the Premier pointed out
got any authority to speak? Not one. I will tell you another fact which that Dr. Karl Liebknecht had been imprisoned, and said that was what
Is very significant: There has been no civilian answer at all.
would happen to Herr Scheidemann if he attempted to "cash peace checks"
"There have been conferences hurriedly called together. Generals von in Germany. He also announced himself as in sympathy with the idea
Hindenburg and von Ludendorff Fere brought back from their armies of nationalizing the whole production of armaments.
in a great hurry to Berlin. but Herr von Kuehlmann has not been allowed
Considerable discussion ensued on the question of whether the peace aims
to speak. Why? If it means anything, it means this: That the Prussian of the Allies ever reached the ears of the German people, and whether an
military power is dominant, and the answer which'is to be given to civiliza- international conference of labor would not remove this difficulty. Mr.
tion is an answer which will be given from the cannon's mouth.
Lloyd George admitted that the Allied declarations had been misrepre"Do not let us harbor any delusions. You might as well stop fighting, sented in Germany. President Wilson's speeches, for instance, had apunless you aro going to do it well. If you are not going to do it with all. peared with not only whole passages omitted, but with words altered to
your might it is real murder of the gallant fellows who have stood there convey a garbled meaning. The Premier said that he would be surprised,
for three years. You either have got to put your whole strength into it, however, if the German people were not acquainted now with the declaraor just do what is done in the Russian army and tell those brave fellows tions of President Wilson and himself. He still considered that a conferthat they can go home whenever they like, and no one will stop them.
ence would be a dangerous expedient, nevertheless.
"Believe me, if there are men who say they will not go into the trenches,
A delegate inquired whether President Wilson's reference to the freedom
then the men who are in the trenches have a right to say: 'Neither will we of the seas in his speech agreed with the views of the British Government.
remain here.' Suppose our men should leave the trenches, would that Mr. Lloyd George replied:
end the war? Yes, it would; but what sort of an end?
"I wish to know what freedom of the seas means. Does it mean free"When the Russians ceased fighting and simply talked ideals and prin- dom for submarines, and does it mean starvation for this country? After
ciples with the German army, did the German army retreat?. No. They all, we are in a very different position from America, or Germany, or
took Riga and the islands. Fraternization did not prevent their marching France, or any other Continental country. We islanders must scrutinize
forward. If Petrograd had been nearer they would have taken it also.
with the greatest care any proposal which might impair our ability to pro"The Channel ports are not so far from the fighting line, and unless we tect our lines of communication across the seas.
are prepared to stand up with the whole might of the people who are
"The freedom of the seas is a very elastic term. There is a sense in
dominating Germany now, and will dominate the world to-morrow, if which we would rejoice to accept it, but we must guard very carefully
we allow them, we will find that Great Britain and the British democracy, against any attempt to interfere with our capaicty to protect our shores
the French democracy and the democracy of Europe will be at the mercy and our shipping that has alone enabled us to keep up to the present
of the most cruel military autocracy the world has ever seen.
moment."
"What sort ofterms do you think we would get from General von HindenA long discussion ensued upon the fitness of presenting the Allies' war
burg if we said to him: 'We want you to clear out of Belgium'? He would aims and the question of Alsace-Lorraine, without bringing forth any
say in his heart: 'You cannot turn me out of Belgium with trade union striking statements beyond the Premier's reference to the great hindrances
resolutions.'
and difficulties in the way of Allied conferences on war alms through the
"But I will tell you the answer you can give him: 'We can and will turn defection of Russia.
you out of Belgium with trade union guns and trade unionists behind
Lloyd George was then asked whether he would give an undertaking
them.' They have broken his line already, and if we endiure with the that, in the event of a satisfactory settlement, compulsory military service
spirit of our fathers and the spirit that has made the greatness of this in Great Britain would immediately be abolished. He replied:
land, its power, its prestige and its honor, we shall yet be able to carry to
"That is my hope, and what we are fighting for; but it must be stopped
conviction, to carry to triumph, to carry to reality, to carry, as an essential in other countries, otherwise you cannot stop it here. We must defend
part of the story of this world, the great aim that you in your own language, ourselves here and nut an end to militarism throughout the world".
that the Government in their language, and President Wilson in his noble
language, have been proclaiming in the last few days has over-long survived
the failure of its adherents to be ready to die for it.
FRENCH GOVERNMENT CHARTERS GERMAN SHIPS
"Last night this measure was carried in the House of Commons without
SEIZED BY BRAZIL.
a dissenting voice. Democracy, put in plain terms, is government by a
majority of the people. If one profession, one trade, one section, or one
The
Government
has ehartered for war purposes
French
class in a community claims to be immune from obligations which are imposed upon the rest, that is a fundamental travesty of the principles of the 30 German ships seized by Brazil when the latter entered
democracy; that is the setting up of a new autocracy. You and I in the the war last October. The announcement of this, made by
past have been fighting against privilege. I hope we shall be fighting on
the State Department on Jan. 22, gives further evidence of
the same side again.
"We are fighting now against privilege claimed by a military caste. the inter-Allied agreement that the provisioning of France
Democracy, if it means anything, must mean that the people of all classes, should not be hampered by troop movements from the
all sections, all trades, and all professions must merge their privileges and
United States. This country, it is stated, had considered
their rights in common stock." •
A voice:"And wealth." "Certainly," replied the Premier, who continued: entering into negotiations for the vessels to supplement the
"If any man standing in my place can find an honorable, equitable and transport and supply the fleet of the expeditionary
forces,
just way out of this conflict without fighting it through, for Heaven's sake
let him tell me. My own conviction is this—the people either must go but need of tonnage by France to bring in food was recognized
on or go under."
as being more urgent. It is reported that the terms under
A great number of questions were put to the Premier by the delegates which France has chartered the ships from
Brazil include an
regarding the advisability of entering into peace negotiations or the permitagreement to move the Brazilian coffee crops. It is expected
ting of a conference at Stockholm. Mr. Lloyd George, in replying, said:
"Germany always has ben ready for peace at her own price, but that that the vessels will be used in moving much of the 2,500,000
Is not a price that we are prepared to pay. The moment the Germans tons of
wheat recently sold by Argentina to the Allied Govshow a disposition to negotiate a peace on equitable terms—and they are
the terms the Labor Party itself has, in substance, adopted—there will ernments.
be no reluctance to outer into peace negotiations."
The Premier's objection to a conference at Stockholm or elsewhere was
SWISS SAMPLE FAIR.
that delegates of the German Government would be chosen. A delegate
here interjected: "Not necessarily."
The Administration of the Swiss Sample Fair, with headMr. Lloyd George replied to this:
•
quarters and permanent exhibit rooms in Basle, 30 Gerber"Do not let us deceive ourselves with delusions. You can only make
peace with a Government. If the Government does not represent the gasse, has just announced that a sPecial exhibition will again
people of Germany, let them change their Government."
be held in that city, from April 15 to 30 next. The Fair
In the same breath the Premier challenged his audience to change their
dissatisfied,
and a delegate called out: will, as in the past, maintain, it is stated, rigorously its naown Government if they were
tiona charaCter, in that only Swiss firms will be permitted
"Give us an opportunity"
THE CHRONICLE
FEB. 2 1918.]
469
Following its usual custom, the Irving National Bank of
to participate at the same with products manufactured exclusively. in Switzerland. Basle is situated at the extreme this city publishes its annual report as of Dec. 28 1917, to
northwestern end of the Swiss Republic, where the Alsatian stockholders, after an examination of its accounts by an
examining committee and a leading firm of certified public
and German frontiers join.
accountants. The Chairman, Lewis E. Pierson observes
that the net profits of the bank for the year 1917, after full
DIVIDENDS IN RELATION TO INCOME TAX.
As an aid to its stockholders in preparing their 1917 in- provision for bad debts, depreciation of securities to present
come tax returns, the Bankers Trust Co. of this city has market values and reserves for Federal taxes amounted
issued the following statement with regard to its 1917 divi- to $1,364,092. From these profits, cash dividends amounting to $475,000 were paid to stockholders, of which $40,000
dend payments:
Dividend No. 51, paid Jan. 2 1917, on the capital stock of this company, represented a special Red Cross dividend and $435,000
was declared out of earnings made during the year 1916 and, pursuant to regular dividends, the disbursement for the last quarter of
Section 31(b) of the Federal Income Tax Law of Sept. 8 1916, as amended the year having been at the rate of 12% per annum. The
by the Act of Oct. 3 1917, is. taxable to the stockholders at the Income
year's increase in new business, it is stated, has been larger
Tax rates in force for the year 1916.
Referring to dividend No. 53 special, paid April 23 1917, we quote than that of any year in its history. To meet the demands
dividend:
with
distributed
that
was
for your information the notice which
of the bank's increasing foreign trade, additional space and
"As one of the terms and conditions of the merger of Astor Trust Co.
into Bankers Trust Co., a dividend to equalize the book values of the stocks improved facilities have been provided for the Foreign
of those companies has been declared by Bankers Trust Co. of $23 a share, Department, which now ranks among the largest in the
payable this date (April 23 1917) to stockholders of record April 20.
Also a special Liberty Loan Department has been
''Such dividend is paid out of the paid-in surplus of Bankers Trust Co. country.
created through which Liberty Loan subscriptions of over
as such surplus existed on and prior to Mar. 1 1913."
Dividends No. 52 paid April 2 1917; No. 54, paid July 2 1917; No. 55, $25,000,000 were secured from 15,600 subscribers. The
paid July 2 1917 (Red Cross dividend); No. 56, paid Oct. 1 1917; and No.
surplus and undivided profits,
57, paid Dec. 31 1917, were declared out of earnings made during the year bank's capital is $4,500,000,
$5,126,030, deposits $113,262,219, and aggregate resources
1917.
Dec. 28 1917 were $134,042,338.
The Central Trust Co. of New York has notified its
stockholders that dividend No. 170 paid by it Jan. 2 1917
The certificates of deposit of the Central Trust Company
was earned in the year 1916.
of this city for stock of Irving National Bank and Irving
Trust Company, issued under the agreements of May 24
The Title Guarantee &'Trust Co. reports that dividends 1917, for the exchange and deposit of stock of the Bank and
during the year 1917 were paid out of profits earned in 1917. Trust Company, have 'been listed and have been admitted
to trading on the New York Stock Exchange as of Feb. 1
The Lawyers Title & Trust Co. dividend of Jan. 1 1917 1918. On that date the stock of the Irving National Bank
was paid from earnings of 1916; that of April 2 1917, July 2 was taken off the list.
1917 and Oct. 1 1917 from earnings of 1917.
Henry Whitehouse Reighley, Vice-President of the Fulton
The dividends paid to shareholders of the Brooklyn Trust Co. of this city, died on Thursday from apoplexy.
Trust Co. in 1917 were declared from profits accumulated
as follows:
An orders just signed by Supreme Court Judge Edward R.
Paid Out of 1916 Profits.—Rogular dividend 5% and extra dividend of
15%, paid Jan. 2 1917.
Finch authorizes the Germania Bank of the City of New York
Paid Out of 1917 Profits.-5% paid April 11917, 5% paid July 11917, to change its name to Commonwealth Bank on April 15 1918.
5% paid Oct. 11917.
The bank was started in 1869 with a capital of $200,000,
year by payment of
Bank
of
National
New York reports which was increased to $400,000 last
The Coal & Iron
assets of over $9,has
now
It
100%.
of
dividend
stock
a
that its dividend of Jan. 1 1917 was paid from earnings in
surplus and undivided profits of $800,000, all
1916; the dividends of April 1 1917, July 1 1917 and Oct. 1 000,000 and
earned. It joined the Federal Reserve system last year.
1917 were paid out of 1917 earnings.
BANKING AND FINANCIAL NEWS.
Ten shares of bank stock were sold at the Stock Exchange
this week and no sales of either bank or trust company
stocks were made at auction. Extensive tables reporting
bid and asked quotations, deposits, surplus, &c., of banks and
trust companies in all important cities in the United States
are published monthly in the "Bank and Quotation Section,"
the February issue of which accompanies to-day's "Chronicle." Bid and asked quotations for all New York City
bank and trust company stocks are also published weekly in
another department of this paper, and will be found to-day
on page 489.
Shares. BANK—New York.
10 Nat. Bank of Commerce
Low. MO. Close.
175
180
180
Last Previous Sale.
Jan. 1918-175
Raymond H. Fiero of the firm of R. H. Fiero & Co. was
expelled from membership in the New York Stock Exchange
on Jan. 31, the action of the Exchange following the refusal
of Justice Bijur, in the special term of the State Supreme
Court on Jan. 30 to continue an injunction obtainbd by
Mr. Fiero to restrain the Governors of the Exchange from
expelling him. The proceedings were brought by him in
December, when his business conduct was under investigation. He was found guilty by a committee of the Exchange of "conduct inconsistent with just and equitable
principles of trade." Mr. Fiero sought to prevent the
announcement Of his expulsion on the ground that his trial
was unfair. In deciding that the Governors of the Exchange had acted within their authority, Justice Bijur said:
Two new directors have been added to the Board of the Empire Trust Co. of this city, viz., Hamilton M. Barksdale,
Vice-President of the du Pont de Nemours Powder Co., and
Alfred P. Sloan Jr., President of the United Motors Co.
Following the announcement recently made by the Equitable Trust Co. of New York of the Equitable Co-operative
Plan for Banks and Dealers in Bonds, the company reports
that arrangements have been concluded with 180 banks
and dealers in leading cities in the following States:
Alabama,California, Colorado, Connecticut, Delaware, Florida, Georgia.
Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
Michigan, Massachusetts, Minnesota, Missouri, Montana, Nebraska,
New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma,Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota,
Tennessee, Texas, Virginia, Washington and Wisconsin.
In announcing the plan, the Equitable Trust Co. pointed
out that the giving of this co-operative service would operate so as to greatly reduce overhead charges for many
dealers and banks throughout the country and at the same
time would materially broaden the investment markets.
A special meeting of the stockholders of the Genesee Valley
Trust Co. of Rochester, N. Y., is called for Feb. 11 to vote
upon the proposition to increase the capital from $500,000,
made up of 5,000 shares of the par value of $100 each, to
$650,000, to consist of 6,500 shares of $100 each.
The City National Bank of Gloversville, N. Y., has just
increased its capital from $200,000 to $500,000 by the
The form of trial by the Governors of the Exchange has been repeatedly
of 100% and the sale to
upheld by the courts, and although I have carefully examined the record .payment from surplus of a dividend
of the proceedings I can find no evidence of ill will or prejudice to warrant the public of $100,000 of new stock at $225 per share. The
the temporary relief prayed for. There is no merit, either, in the point Bank now has surplus and undivided profits of over $375,made by the plaintiff that he was never confronted with witnesses to the
000. This, it is claimed, is the largest capital as well as
transactions involved in the charges.
capital and surplus shown by any bank between Albany
to
the
still
court
is
on
compel his reinstatement
A suit
calendar. Mr. Fiero became a member of the Exchange and Utica. Deposits are in excess of $3,500,000. The
bank is now occupying its new building recently completed
on Dec. 26 1907.
under the designs and supervision of Mowbray & Uffinger
470
THE CHRONICLE
of New York. The officers are Chas. N. Harris, President;
Edward S. Parkhurst, Vice-President; Charles L. Smith,
Cashier; Fred H. Harris and William B. McLaren, Assistant
Cashiers.
James E. Ryder has been elected Cashier of the National
Shawmut Bank of Boston to succeed W. A. Burnham, Jr.,
who had heretofore held the dual office of Vice-President and
Cashier. Mr. Burnham continues as Vice-President. The
new Cashier was formerly Credit Manager of the bank and
at one time was connected with the First National Bank.
[VOL. 106.
The distinction of being the first bank to establish a credit
department is claimed by the bank, whose President, William Post, is an authority on credits, having wrtitten extensively on the subject. Mr. Post's elevation to the presidency occurred recently, after a service of 46 years. Like
President Post, Vice-President William Y. Conrad also
entered the employ of the bank as a boy. A. D. Swift and
Albert H. Ashby have been made Assistant Cashiers. Mr.
Ashby has been with the bank since 1888. Mr. Swift
comes from the Elk County Bank of Ridgway. Stanley
E. Wilson, an Assistant Cashier, volunteered or service
almost immediately following the breaking out of the war.
H. L. Carter and Frank P. Speare were added to the
directorate of the Metropolitan Trust Co. of Boston at the
A new banking institution, the Northern Central Trust
recent annual meeting.
Co. of Philadelphia, will shortly commence business at
Broad Street and Erie Avenue, Philadelphia. The capital
The First National Bank of Newport, N. H., opened for stock of the new company is $200,000. Walter Gabell
business on Jan. 28 in its former banking quarters, which been chosen President and Charles H. Bridenbaugh, Vicehave been modernized and fitted out with up-to-date equip- President.
ment by Hoggson Brothers. The banking room is commodious and efficiently arranged. The working space has
A new Philadelphia bank, the Oxford Bank of Frankford,
been carefully planned to provide for the expeditious trans- has been organized with a capital of $100,000. It will be
action of the business of the bank. An important feature is located at Frankford Avenue and Overington Street. The
a large room for the exclusive use of the bank's customers. following officers have been elected: A. Ernest Margerison,
The First National Bank has rounded out a half-century of President; J. Harry Schumacker and John Walton, Vicebusiness activities, having been organized in 1865 with a Presidents; Howard George, Treasurer pro tern; Clarence
capital of $100,000. The present officers are John McCrillis, E. Outerson, Solicitor.
President; Sam D. Lewis, Vice-President and Cashier, and
Cyrus E. Varney, Assistant Cashier.
The Guarantee Trust & Safe Deposit Co. of Philadelphia
—•-- •
on Jan. 21 opened a branch office in West Philadelphia
Roland G. Hazard, Vice-President and director of the at 9 South 52nd Street. J. Smith Shoemaker, formerly
Mechanics National Bank of Providence, and one of the connected with the uptown office, is manager.
prominent textile manufacturers of Rhode Island, died sudWilliam S. Hammond resigned on Jan. 23 as Cashier of
denly at Santa Barbara, Cal., on Jan. 23. As an indication •
of Mr. Hazard's wide business interests, it may be noted the Farmers & Merchants National Bank of Baltimore.
that in addition to his office in the bank he held the following His resignation became effective at once. Mr. Hammond
positions: President and director of the Peace Dale Manufac- was elected Cashier of the Farmers & Merchants about a
turing Co.; director of the Kentucky Solvay Coke Co.; year ago. Prior to that he was for many years Cashier of
President and director of the Narragansett Pier Railroad Co.; the First National Bank before that institution was merged
director of the Providence Journal Co., the Providence with the Merchants-Mechanics. No action has yet been
Mutual Fire Insurance Co., the Providence Telephone Co.; taken with regard to Mr. Hammond's successor.
President and director of the Providence Warehouse Co.;
At the annual meeting on Jan. 22 of the Fidelity Title &
Chairman of the board of directors of the.Semet-Solvay Co.;
Vice-President of the Solvay Process Co., and a Fellow of Trust Co. of Pittsburgh, Malcolm J. McGiffin, Trust Officer of the institution, was promoted to the Presidency to
Brown University. Mr. Hazard was 63 years of age.
take the place of the late Cyrus S. Gray. Before his apWilliam A. Law, President of the First National Bank of pointment as Trust Officer, of the Fidelity Title & Trust Co.
Philadelphia, entertained the officers and employees of the in 1914, Mr. McGiffin held the position of Assistant Trust
institution at a dinner at the Down Town Club on Jan. 25. Officer for eight years, and prior to that time was Trust
J. Henry Scattergood, a director of the bank, who spent Officer of the Equitable Trust Co. of Pittsburgh for two years.
several months in France in reconstruction work, gave an With Mr. McGiffin's election to the Presidency, William A.
interesting and instructive talk showing views of the destruc- Shaw, a director offhe company, was elected Chairman of
the Board to succeed the late James J. Donnell. Mr.
tion and how they were meeting the conditions.
Shaw is also Chairman of the Board of directors of the Bank
of Pittsburgh, N. A.
The Logan Trust Co. of Philadelphia, which on Nov. 21 of
last year took over the Robert Morris Trust Co. of that city,
Philip C. Berg, Ohio State Superintendent of Banks,
has purchased the assets of the Fairmount Savings Trust Co. makes the following announcement relative to recent changes
of Philadelphia. Final arrangements for the amalgamation in incorporated banks of Ohio:
were made on Jan. 26. Rowland Comly, President of the
The Brighton German Bank Co. of Cincinnati, Ohio, name changed to
Logan Trust Co., is quoted as saying "the purchase price in the Brighton Bank & Trust Co., adding trust powers. Jan. 9 1918.
The Western German Bank, Cincinnati, Ohio, capital stock increased
this transaction is one which the board of directors and officers from
$375,000 to $500,000; name changed to the Western Bank & Trust
of the Fairmount Savings Trust Co. not only consider fair, Co. Jan. 111918.
The West End Bank & Trust Co., Cincinnati, Ohio, capital stock inbut one which will properly conserve the interests of the stockcreased from $100,000 to $125,000; name changed to the Cincinnati Bank
holders." In its statement on Dec. 11 to the State Banking &
Trust Co., adding safe deposit powers, Jan. 111018.
Department, the Fairmount Savings Trust showed deposits
The Detroit Avenue Savings & Banking Co., Cleveland, Ohio, capital
of more than $1,300,000 and total resources of $1,765,000. stock increased from $100,000 to $200,000; name changed to the Detroit
Avenue Savings & Trust Co., Jan. 14 1918.
Surplus and undivided profits amounted to $114,480. It
The Mohawk German Bank Co., Cincinnati, Ohio, name changed to
had a capital of $250,000., The Logan Trust Co. has a capi- the Mohawk State Bank, Jan. 21 1918.
tal of $1,000,000, surplus and profits of over $500,000; the
deposits before the taking over of the Fairmount Savings
J. W. Seidensticker has been advanced from the post of
Trust were slightly in excess of $7,000,000. The offices of Assistant Cashier of the Market Exchange Bank of Columthe Fairmount Savings Trust Co. at Fifteenth and Race bus, Ohio, to the Cashiership. He is a nephew of Louis
streets will be retained as a branch of the Logan Trust Co., Seidensticker, Vice-President of the institution. As Cashier,
and the officers of the absorbed institution will be appointed J. W. Seidensticker is successor to 0. A. Schenck, who was
to positions with the enlarged company.
promoted to the Presidency several months ago following the
death of W. V. Baker. Raymond Zirkel has resigned as
In the 52 years since the Central National Bank of Phila- Assistant Cashier of the bank. The executive staff of the
delphia commenced business, upwards of $9,000,000, has bank as now constituted is as follows:.
o. A. Schenck, President; W.R.Gault, Louis Seidensticker and Chauncey
beenI earned; for its stockholders. The resources have
B. Baker, Vice-Presidents; J. W. Seidensticker, Cashier; Warren C. Gares.
gone beyond $28,000,000 and in the late year dividend pay- Assistant Cashier.
ments amounted to 20%,4% being in the form of an extra
distribution. These results are attributed in large measure
Joseph R. Nutt, formerly a Vice-President Of the-Citizens
to the care with which the credits have been saf—
eguarded. Savings and Trust Co. of Cleveland, has been elected Presi-
FEB. 2 1918.]
THE CHRONICLE
dent of that institution. Mr. Nutt is well known in Ohio
banking circles. In 1897 he organized the Central Savings
Bank of Akron, now the Central Savings and Trust Co.,
and became its executive officer. He is still a director of
the institution. In.1901 he was elected Secretary and Treasurer of the Savings and Trust of Cleveland and on its consolidation with the Citizens Savings and Loan Association,
he became Secretary of the new institution,' the Citizens
Savings and Trust Co. In Jan. 1913 he was elected a VicePresident of the company of which he is now President.
The legal taking place of the merger of the Union National
Bank of Cleveland, and the Bank of Commerce, National
Association, under the name of the Union Commerce National Bank, takes place to-day, Saturday, Feb. 2, and on
Monday, Feb. 4 the Union Commerce National Bank will
begin business in the present quarters of the Union National
Bank on Euclid Ave. The Union Commerce National Bank
will operate in affiliated ownership with the Citizens Savings
and Trust Co. The directors of the Union Commerce are:
From the Commerce: Frank Billings, Charles W. Bingham, Harvey H.
Brown, A. S. Chisholm, Henry G. Dalton, II. E. Hackenberg, Samuel
P.
Mather, Otto Miller, David Z. Norton, James Parmelee, William
H.
Palmer, George S. Russell, Frank A. Scott, Andrew Squire, Jeptha
Wade.
From the Union: Warren Bicknell, B. F. Bourne, C. L. Bradley, N. S.
Elmer
J.
Calhoun, F. C. Chandler, George A Coulton, W. Crawford, Jr.,
S.
E. Creswell, J. H. Dempsey, F. E. Drury, C. A. Grasselli, Warren
Hayden, J. I. Lanaprecht, Bascom Little, M.J. Mandelbaum, F. E. Myers,
E.
J. R. Nutt, F. P. Root, C. W. Scofield, E. J. Sillor, F. A. Sterling, S.
Strong, William E. Ward, Albert Waycott.
4H
will have offices in the building of the Mercantile Bank of
Norfolk. It is understood that a merger of this institution
with the Bankers Trust Co. is contemplated. John D.
Abbitt, who became President of the Mercantile Bank on
Jan. 1 1917, has been chosen President of the trust company.
The other officers will be: J. B. Morgan, First Vice- President; W. A. Gardner, Second Vice-President; W. F. Story,
Treasurer; 0. B. Wooldridge, Secretary, and Braden Vandeventer, General Counsel.
•
Through the acquisition of a new site the American Trust
Co. of Richmond, Va. plans to equip itself with enlarged
offices. The company has purchased, subject to existing
leases, the building at 1005 East Main Street. The purchase price is $110,000. The newly acquired property adjoins the building of the American National Bank in which
the trust company is now housed. With the expiration of
the leases of the present occupants, the building just purchased will be remodeled to meet the needs of the trust
company and it will locate therein as soon as the alterations
are completed. The stock holders and directors of the
American Trust Company and the American National Bank
are identical.
Rupert Eldridge, A. B. Kendrick and Frank Ayres have
been appointed Additional Assistant Cashiers of the Security National Bank of Dallas, Texas. Floyd Ikard has
been chosen Auditor. Newton Ayres has been elected a
director of the Security National to succeed H. Z. Duke,
The officers are: Chairman of the Board, Warren S. Hay- who retired on account of his health.
den; President, George A. Coulton; Vice-Presidents, George
J. S. Pyeatt has been elected a Vice-President of the
S. Russell, William E. Ward, E. E. Creswell and William
Saunders;
Cashiers,
Assistant
C.
Bank of Commerce of Houston, Texas. W. W.
W.
National
Cashier,
Caine;
C.
Harry E. Hills, Carl R. Lee, Frank A. White and Fred W. Fondern and A. M. Holmes have been elected to the board
Cook. The resources of the new bank are around $70,- of the National Bank of Commerce to succeed T. M. Scoggins and G. C. Street. C. W. Foster has also been added
000,000.
to the board of the bank.
At a meeting of the directors of the Northern Trust Co.
Dewitt C. Dunn, formerly Cashier of the Union National
of Chicago this week, the following four additional VicePresidents were appointed: Bruce D. Smith, who was pro- Bank of Houston, Texas, has been elected a Vice-President
moted from the position of Assistant Cashier and Assistant of the institution to succeed Jesse H. Jones. Mr. Dunn
Secretary; William S. Miller, who has acted as the attorney has been succeeded as Cashier by Denton W. Cooley, forfor the company; Martin S. Lindsay, who has been Manager merly Assistant Cashier. G. A. Kelley of Lufkin, Texas,
of the Bond Department; Albert W. Bullard, formerly of and B. B. Gilmer have been elected directors of the Union
National to succeed Jesse H. Jones and Arch MacDonald.
Bullard, Hetherington & Co.
Announcement of the purchase of new property by the
The election of A. D. Dorman, President of the Steel
was made by
Sales Corporation, as a director of the Mercantile Trust & Hibernia Bank & Trust Co. of Nwe Orleans
on Jan. 15.
the
institution,
of
President
Gannon,
on
J.
occurred
John
bank
17.
Jan.
The
Chicago
of
Bank
Savings
as the
known
structure
the
includes
purchase
bank's
to
$37,500
The
from
$50,000.
has increased its surplus
Federal Reserve Building at the corner of Carondelet and
Union streets, and the adjoining building on Carondelet
George B. Norris, Vice-President of the Metropolitan Street occupied by the Citizens Investment Co. The purwas
elected
the
Minneapolis,
at
President
National Bank of
chase of these two sites gives the bank the possession of the
annual meeting to fill the vacancy caused by the resignation entire block on the lake side of Carondelet Street from
of Vader Van Slyke several months ago, Mr. Van Slyke at Gravier to Union Street. The plans under consideration
that time having become Chairman of the board of directors. contemplate the erection of a new building on the plot which
Mr. Van Slyke has now entirely severed his connection with
the trust company controls, the company itself to occupy
the Metropolitan National. He will devote his time to the
the entire banking floor of the structure which will be a
Holland Investment Co., of which he is Treasurer. J. W. modern office building probably sixteen stories high. The
Barton will be active Vice-President and in charge of the present twelve-story building of the company at Carondelet
business operation of the bank. Edmund P. Allen suc- and Gravier streets will eventually be sold. Neither the
ceeds Mr. Van Slyke on the bank's directorate.
Federal Reserve Bank nor the Citizens Investment Co.,
which have leases on the building just purchased, nor the
. At the annual meeting of the Minneapolis Trust Co., War Savings Committee and the Red Cross Chapter to
Horace M. Hill and Russell M. Bennett were elected to the whom the bank has donated the remaining buildings for
board of directors.
their patriotic work, will be disturbed until all the plans
are worked out and building conditions permit their execution.
Owing to the condition of his health, Donald S. Culver
made known his decision to retire as President of the MerWilliam R. Pentz and Arthur L. Black, heretofore Aschants' National Bank of St. Paul, Minn., and his resigna- sistant Cashiers of the Bank of California, of San Francisco,
tion was reluctantly accepted by the directors on Jan. 24. Cal., have been elected Vice-Presidents. The directors
Mr. Culver, however, remains a director of the bank and of the bank at the annual meeting on Jan.9 declared an extra
of its affiliated institution, the Merchants' Trust & Savings dividend of $2 a share in addition to the regular quarterly
Bank. Richard C. Lilly has been elected President to fill dividend of $2.25, both payable Jan. 15 to stock of record
the vacancy caused by, Mr. Culver's resignation, and Gor- at the end of last year. This is an increase of $1 per share
don C. Smith, formerly Western representative of this in the extra dividend for last year, making the total disbank, has been elected a Vice-President. George H. Prince bursement for 1917, $11 per share.
•
is Chairman of the board of the Merchants' National.
Charles H. Kroll, of the firm of Atkins & Kroll, has been
A new banking institution, the Bankers Trust Co., was elected a director of the First National Bank of San Franorganized in Norfolk, Va., on Jan. 17 with a capital of cisco, Cal., to fill the vacancy caused by the resignation of
$1,000,000. The capital will be distributed among about Vice-President James K. Lynch, now Governor of the Fed1,500 stockholders, many of whom have official connection eral Reserve Bank of San Francisco.
with other banks. For the present the new trust company
472
THE CHRONICLE
I. H. Sanborn, formerly Cashier of the American National
Bank, of San Francisco, Cal., has been elected a Vice-President, and has been succeeded in the Cashiership by George
M. Bowles, heretofore Assistant Cashier. George W. McNear has been elected a director of the American National
Bank.
E. A. Wyld, Vice-President and Cashier of the First
National Bank, of Portland, Ore., has relinquished the
Cashiership of the institution, and has been succeeded by
E. R. Corbett, formerly Assistant Cashier.
SILVER.
Exports.
1917.
January
February
March
April
May
June
July
August
September.....
October
November_
December
Total
At the annual election of officers of the Hibernia Savings
Bank, of Portland, Ore., several changes were made in the
executive staff. Lansing Stout, heretofore Cashier, was
promoted to the office of Vice-President; C. B. Sewall,
formerly an Assistant Cashier, was eldcted Cashier, and
F. I. Weber, who had been note teller, was appointed an
Assistant Cashier. The following officers were re-elected:
Andrew C. Smith, President; Frank E. Dooly, Vice-President, and Joseph E. Wiley and H. W. Hughes, Assistant
Cashiers.
Depositors a the Northern Bank & Trust Co., of Seattle,
Wash., which closed its doors Jan. 30 of last year, and whose
affairs have since been in course of liquidation by the State
Banking Department, received on Jan. 21 a first dividend of
20%.
[VoL. 106.
Imports.
1916.
1915.
1917.
1916.
_ 1915.
$5,887
7,694
5,556
4,353
6,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125
$4,636
4,947
5,748
4,856
6,212
4,644
4,336
5,815
6,530
6,016
7,847
9,008
$5,188
3,425
3,156
4,371
4,741
3,969
3,966
3,378
3,366
5,237
5,971
6,831
$3,346
2,478
2,977
2,376
4,741
2,235
.3,420
5,681
5,796
5,050
9,086
6,155
81,852
2,596
2,880
2,176
2,725
3,183
2,420
2,517
2,880
2,892
2,583
3,553
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2,603
584.131
570.595
553.590
253.341
532.263
834.484
EXCESS OF EXPORTS OR IMPORTS.
Merchandise.
1917.
Jan _
Feb_ _ _ _
March _
April _
May.-June...._
July _ _
Aug .._
Sept __
Oct_ ___
Nov
Dec _
+371,531
+268,168
+283,720
+275,992
+269,337
+266,970
+146,832
+220,801
+219,801
+322,005
+267.658
+360,966
1916.
Gold.
1915.
$
+145,685
+207,849
+187,152
+180,333
+245,615
+218,891
+261,991
+310,851
+350,885
+314,155
+339,199
+318,400
1917.
Silver.
1916.
+145,731 -38,206 -4,795
+174,683 -81,898 +7,669
+138,630-121,579
+998
+134,170 -15,407 +5,381
+131,933 +5,436 -15,403
+110,852 -24,175-114,423
+125,224 +41,748 -52,713
+118,806 +27.357 -29,459
+149,419 +27,161 -85,713
+180.979 +7,004 -90,455
+172,173 +4,317 -20,638
+187,474 +2,072-130,64
1917.
1916..
$
+2,541
+5,216
+2,579
+1,977
+1,531
+6,730
+2,118
+1,823
+4,669
+1,933
-4,297
+3,970
+2,784
+2,351
+2,868
+2,680
+3,487
+1,461
+1,910
+3,298
+3,850
+3,124
+5,264
+5,455
Total +3,273,790 +3,091,006 +1,776,074-165,970-530,197 +30,790 +38,332
+ Exports. - Imports.
Totals for merchandise, gold and silver for twelve months:
12
Merchandise.
Gold.
Silver.
Mos.
The eighty-sixth annual report of the Bank of Nova (0003
Excess
Excess
Excess
of
ExIntImScotia, head office, Halifax, N. S., just published, shows omit- Exof
ExImof
ports. Exports. ports. ports. Exports ports. ports. Exports
led.) ports.
that net profits for year ending Dec. 31 1917 were $1,295,$
$
3
3
315, or 19.93% on the paid up capital. The paid up capi- 1017.6,226,256
2,052,466 3,273,790 371,884 537,854 1165970 84,131 53,341 30,790
1918.5,482,641 2,391,635 3,091,006 155,793 685,99015301971 70095 32,263 38,332
tal is $6,&00,000 on which quarterly dividends of 14% per 1916.3,554,670
1,778,596 1,776,074 31,426451,9551420529: 53,599 34,484 19,115
annum were paid, in addition to which there were the fol- 1914.2.113,624 1,789,276 324,34851222,616 57,388 165,228i 51,603 25,959 25,644
1913.2,484,018 1,792,596 691,421 91,799 63,705 28,0942, 62,777 35,868 26,909
lowing appropriations: $65,000 war tax on circulation, 1912.2,399,218
1,818,073 581,14 47,425 66,549 /19.121 71.962 48,401 23,561
$100,000 to Halifax relief fund; $44,700 to patriotic, Red 1 Excess of imports.
Cross and other funds; $50,000 to officers' pension fund and
Similar totals for the six months since July 1 for six years
$150,000 written off bank premises account. The surplus make the following exhibit:
fund is $12,000,000-the highest proportion of surplus
6
Merchandise.
Gold.
Silver.
to capital of any Canadian bank-and there remains in Mos.
Excess
undivided profits account $560,269. Deposits and other (000s
Excess
Excess
omitEx'Fe.
of
Exlotof
Exlotof
liabilities to the public increased 22% during the year and ted.) Ports.
ports. Exports. ports. ports. Exports ports. ports. Exports
now amount to $118,363,136. Cash, bank balances and
5
1017.2,937,712 1,399,649 1,538,063 169,349 59,689 109,660 45,404 35,188 10,216
deposits in the central gold reserves amount to $40,264,860, 1916.3,002.020
1,106,539 1,895,481 89,387499,011 409624 39,552 16,851 22,701
or a cash reserve of 33.77%, while the addition of market- 1915. 1,852,862 912,787 940,075 23,843307,03 83187 28,749
18,742 10,007
1914 1,066,781 808,36
258,421 138,642 26,644 111,998 26,093 13,369 12,724
able bonds and secured demand loans make total quick 1913.. 1,317,736 913,010 404,726
28,065 35,79 /7,730 29,456 17,736 11,720
assets of $92,035,247, equal to 77.07% of liabilities to the 1912 _ 1,209,602 933,422 366,180 14,028 41,284 127.256 38,293 23,137 15,156
I Excess of Imports.
public. Total assets are $138,297,245. The executive
offices of the bank are in Toronto, Ont., and it has 191
ENGLISH FINANCIAL MARKETS-PER CABLE.
branches throughout Canada, Newfoundland and the West
The
daily closing quotations for securities, &c., at London,
Indies, as well as three in the United States-Boston, Chias reported by cable, have been as follows the past week:
cago and New York.
IMPORTS AND EXPORTS FOR DECEMBER.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for December and
from it and previous statements we have prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF TIIE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
London,
Week ending Feb. 1Silver, per oz
d
Consols, 2% per cents
British, 5 per cents
British, 43.. per cents
French Rentes (in Paris) fr_
French War Loan(in Parls)fr.
Jan.26. Jan. 28. Jan. 29. Jan.30. Jan. 31. Feb.1,
Sat.
Mon.
Tues.
Wed.
Thurs. Frt.
43%
435
43)4
4314
433(
433
Holiday 55%
54%
54%
54 X
54%
Holiday 93%
93%
93%
933.4
"93g
Hollday100
100
100
100
100
____
58
58
57.75
57.75
--_ __
88.70
88.70
88.70
88.70
The price of silver in New York on the same days has been:
Silver In N.Y., per oz._ _cts. 873
873.
87%
86%
86%
86%
MERCHANDISE.
czyults.
1917.
January
February
March
April
May
June
July
August
September
October
November_
December _
Total
3613,325
467,648
553,986
529,928
550,064
573,593
372,758
488,656
455,998
543,232
488,193
588,875
JInpurts.
1916.
1915.
$330,036
401,784
410,742
398,569
474,804
464,686
444,714
510,167
514,924
492,814
516,167
523,234
$267,879
299,806
296,612
204,746
274,218
268,547
268,469
260,610
300,055
336,152
327,670
359,306
1917.
$241,794
199,480
270,257
253.936
280,727
306,623
225,926
267,855
236,197
221,227
220,535
227,909
1916.
1915.
$184,351 $122,148
193,935
125,123
213,590
157,982
218,236
160,576
229,189
142,285
245,795
157,695
182,723
143,245
199,316 - 141,804
164,039
151,236
178,659
149,173
176,968
155,497
204,834
171,832
80226.256 55.482.641 53.554.670 52.952.466 52.391.635 51
778 MUI
GOLD.
p:xports.
January
February
March
April
May '
June
July.
August
September
October
November_
December
Total
Imports.
1917.
1916.
$20,720
22,068
17,920
16,965
57,698
67,164
69,052
40,049
31,333
11,154
7,223
4,538
$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7,054
26.335
27,974
$692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2,930
3,661
11,889
$58,926
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,150
2,900
2,466
$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,239
92,562
97,509
46,973
158,620
56,896
12,727
25,620
16,203
31,136
52,342
17,263
61,641
42,003
79,669
60,982
45,413
5371.884
5155.703
551.4211
5537 RA4
51105 0011
5.151 050
1915.
1917.
1910.
1915.
Commercial anclMiscellaneonsgems
Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per Cent. Shares. Stocks.
Per Cent.
116 Brooklyn City RR., 510 each_141% 10 Fay & Bowen Engine Co.,
26 Cincinnati St. Ry., $50 each,
2d series,preferred
100
$49% per sh.
Bonds.
Per Cent.
400 Breslin Hotel Co., prof
$51 lot 5500Nicklas Mg. Co., 1st 6s, 1921- 78
By Messrs. Millett, Roe & Hagen, Boston:
Shares. Stocks.
5 Continental Mills
4 Taber Mill
.
10 New Boston Music Hall
5 York Manufacturing
$ per sh. Shares. Stocks.
$ per sh.
80
30 QuInby de Cheney, Inc., pref.,
115
510 each
5
15
3 American Mfg. Co., pref
84g
113
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
5 Nat. Shawmut Bank
188
5 Naumkeag SteamCotton rights.. 153
10 York Manufacturing
113
3 Merrimack Mfg., pref
76g
4 Bates Mfg., ex-dividend
251
ghares. Stocks
$ Per sh.
6 Mass. Lighting Cos., common.- 10X
4 Plymouth Cordage
190
10 Draper Corporation
112%
12 Quincy Mkt. C. S. & W., common, ex-dividend
137 138%
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
400 Pennsylvania Power & Water
100 Farmers & Mechanics National IN
of Pa
62
Bank
_144X-145g
10 Provident Life & Trust
425
3 Tloga Trust Co., $50 each.83g-83X
28 Fire Assocn. of Phil., $50 ea_300-306
7 Frank. & So'wark Pass. By-- _315
8 Phila. Bourse, com., $50 each-5X-6 100 Enterprise Mfg. Co
kH
1 Atheneum of Philadelphia_...i35
10 United Gas & Elec. Corp ,••
1 Philadelphia Trust Co
826
1st preferred
[5254
•
473
THE CHRONICLE
FEB. 2 1918.]
Canadian Bank Clearings.-The clearings for the week
ending Jan. 24 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
10.3%.
Name of Company.
Per
11Then
Cent. Payable.
Books Closed.
Days Inclusive.
;
Miscellaneous (Concluded).
Consumers Co., preferred
356 Feb. 20 Holders of rec. Feb. 10
Feb. 20
Feb. 21 Feb. 9 to
Continental Can.com.(pay. in corn. stk.) 135
Continental Paper Bag, corn. (qu.)(No. 50) 136 Feb. 15 IIolders of rec. Feb. 8
Preferred (guar.) (No. 70)
13% Feb. 15 Holders of rec. Feb. 8
10c. Feb. 10 Holders of rec. Jan. 31a
Continental Refining, corn. (monthly)
Week ending January 24.
Cresson Cons. G., M.& M.(monthly)_
10c. Feb. 9 Holders of rec. Jan. 31
Clearings atCuba
Feb. 1 Holders of rec. Dec. 31
Company,
preferred
355
inc. or
Deere & Co., pref. (quar.)
1915.
13% Mar. 1 Holders of rec. Feb. 15
1916.
Dec.
1917.
1918.
Diamond Ice & Coal, pref. (guar.)
13% Feb. 1 Holders of rec. Jan. 26
Mar. 15 Holders of rec. Feb. 28
2
Diamond Match (quar.)
$
$
%
Canada$
Feb. 15 Holders of rec. Jan. 31
2
+8.0 55,423,025 42,450,390 Dominion Bridge (guar.)
73,551,387
Montreal
Eastern
Steel,
April
common
15 Holders of rec. April 1
(guar.)
29,071,583
23%
40,745,872
+5.8
52,630,493
Toronto
First and second, pref. (guar.)
13% Mar. 15 Holders of rec. Mar. 1
+9.4 29,780,316 22,484,931
34,623,308
Winnipeg
Feb. 15 Holders of rec. Feb. la
5,345,133 Eisenlohr (Otto) & Bros., Inc.. corn.(cm.) 1
4,681,089
+27.3
8,527,783
Vancouver
15c. Feb. 25 Holders of rec. Feb. 5
+17.3 4,127,260 3,953,442 Frrst National Copper
5,866,855
Ottawa
Feb. 15
Feb 15 Feb. 9 to
2
+37.7 3,404,134 2,428,364 Foundation Co., pref. (guar.)
6,616,401
Calgary
Feb. 15 Holders of rec. Feb. la
2,343,922 Gaston,W1Illams & Wigmore (qu.)(No.7) $1
3,103,154
+2.3
3,600,826
Quebec
Feb. 20
rec.
holders
of
General
Chemical,
common
(guar.)
2
Mar.
1
+11.9 3,238,802 2,365,537
4,612,885
Hamilton
I% Mar. 1 Holders of red. Jan. 30
1,326,251 Gillette Safety Razor (quar.)
1,233,489
+5.1
1,577,683
Victoria
1
Goodrich (B. F.) Co.,common (quar.)
Feb. 15 Holders of rec. Feb. ba
1,824,391
1,634,845
+34.3
3,146,089
Edmonton
May 15
1
+35.6 1,924,136 1,625,622 Goodrich (B.F.) Co., corn. (guar.)
3,022,873
Halifax
Preferred (guar.)
glU April 1
1,276,067
+16.7 1,492,471
2,059,701
St. John
Feb.
Paper
I Holders of rec. Jan. 26
Northern
Great
23%
1,442,888
1,557,105
+8.3
1,930,587
London
Feb. 25 Holders of rec. Feb. 8a
2
1,019,723 Greene-Cananea Copper Co. (quar.)
+8.4 1,598,719
2,529,190
Regina
Feb. 1 Holders of rec. Jan. 28
2
Guaranty Securities Corp. (guar.)
617,893
990,455
+12.6
1,524,008
Saskatoon
136 Mar. 10 Holders of rec. Feb. 18a
618,195 Harblson-Walker Refract., com. (quar._
+2.3
843,871
1,067,165
Moose Jaw
Preferred (quar.)
13% Apr. 20 Holders of rec. Apr. 10a
265,667
358,509
+0.1
716,074
Lethbridge
Feb. 28 Holders of rec. Feb. ISa
1
d;,1farz, Inc., com.(qu.)_ _
Schaffner
Hart,
407,459
549,439
+49.3
925,304
Fort 'William
13% Feb. 15 Holders of rec. Feb. 5a
468,599
331,377 Hercules Powder, pref. (guar.)
+17.0
525,000
Brandon
13% Feb. 15 Illoders of rec. Jan. 31
403,493 Illuminating & Power Secur., pref. (qu.)_
568,800
+15.9
798,403
Brantford
5
261,084 Imperial Tobacco, Ltd
180,997
+66.0
463,590
New Westminster
Feb. 15 Holders pf rec. Jan. 25
$2
208,402 Indiana Pipe Line
287,935
+9.7
610,000
Medicine Hat
Feb. 15 Holders of rec. Jan. 26
Extra
$3
352,657
418,394
+33.5
649,623
Peterborough
Mar, 1 Holders of rec. Feb. 7
2
Steel
(guar.)
Inland
+23.4
633,343
Sherbroolse
13% Mar. 1 Holders of rec. Feb. 9
Int. Harvester of N.J., pref. (guar.)
+19.9
524,949
Kitchener
13
Int. Harvester Corp., pref.(guar.)
% Mar. 1 Holders of rec. Feb. 9
I% Apr. 1 Holders of rec. Mar. 20a
.212 flf22.727 192.754,683 +10.3 158.611,416 122,324,471 Jewel Tea, Inc., preferred (quar.)
Total Canada
Feb. 15 Holders of rec. Jan. 31
2
Kaministiquia Power, Ltd. (quar.)
25c. Mar. 15 Holders of rec. Mar. la
Kerr Lake Mines, Ltd.(guar.)(No. 1)...
April 20 Holders of rec. Mar.30
2c.
Ltd
Mines,
Rose
La
DIVIDENDS.
Feb. 28 Holders of rec. Jan. 3Ia
Lehigh Coal & Navigation (qu.)(No. 157) 51
1 Holders of rec. Feb. 15
3
_
_
Mar.
_
(quar.)..
&
Tobacco,
corn.
Liggett
Myers
dividends
announced for the Lindsay Light, corn. (quar.)
The following shows all the
Feb. 28 Holders of rec. Feb. la
5
28 Holders of rec. Feb. la
Feb.
Extra
15
corporations.
important
or
largo
future by
Preferred (quar.)
13% Feb. 28 Holders of rec. Feb. la
50c. Feb. 20 Holders of rec. Jan. 29
Lit Brothers
Dividends announced this week are printed in italics.
Feb. 19
25c. Feb. 20 Jan. 30 to
Extra
Mar. 1 Holders of rec. Feb. 23
3
Mahoning Investment
When
Books Closed.
Per
$1.50 Feb. 15 Holders of rec. Feb. la
Miami Copper (guar.)(No.22)
Days
Payable.
Cent.
Inclusive.
Name of Company.
lA Mar. 1 Holders of rec. Feb. 15
Middle West Utilities, pref. (guar.)._
Mobile Electric Co., prof. (guar.)
13% Feb. 15 Holders of rec. Jan. 31
Railroads (Steam).
Feb. 15 Holders of rec. Jan. 31
(quar.).
2
_
Power
&
Light
Heat
Montreal
Feb.
Holders
of
21
rec. Jan. 21a.
$1.50
Alabama Great Southern, preferred
April 15 Holders of rec. Mar. 30a
79)..
(No.
(quar.)
Biscuit,
cons.
National
13%
2.5o. Feb. 21 Holders of rec. Jan. 21a
Preferred (extra)
Feb. 28 Holders of rec. Feb. 16a
Preferred (quar.) (No. 80)
13%
Mar.
1
Holders
of
135
rec.
Jan.
31a
corn.
Fe,
(guar.)
Atch. Topeka & Santa
1 Holders of rec. Feb. 20a
Mar.
(guar.)
pref.
Suit,
&
Cloak
National
13%
2% Mar. 1 Holders of rec. Jan. 19a
Baltimore & Ohio, common
13% Mar. 15 Holders of rec. Feb. 21
Mar. 1 Holders of rec. Jan. lfla National Lead, pref. (guar.)
2
Preferred
Feb. 15 Holders of rec. Feb. la
f4
National
Refining,
common
Feb.
20
2%
_
Holders
of
rec.
corn_
Feb. la
Chicago St. Paul Minn. & Omaha,
Feb. 9 Holders of rec. Jan. 30
4
New Jersey Zinc (quar.)
3% Feb. 20 Holders of rec. Feb. in
Preferred
31.50 Feb. 26 Holders of rec. Feb. On
River Co., pref. (No. 16)
___
1/i Mar. 1 Holders of rec. Feb. 9 New
Cleveland & Pittsb., reg. guar. (guar
Feb. 15 Holders of rec. Feb. '5
3
preferred
Dock,
New
York
Mar.
1
Holders of rec. Feb. 9
Special guaranteed (quay.)
North American Co. (quar.)
13% Apr. 1 Holders of rec. Mar.21a
2% Mar. 20 Holders of rec. Feb. 26a
Delaware & Hudson Co. (guar.)
13% Feb. 15 Holders of rec. Jan. 31
Ontario Steel Products, pref.(quar.)__
Feb. 8 Holders of rec. Feb. 5
5
Green Bay & Western
(guar.)
Corp.
13% Feb. 15 Holders of rec. Jan. 24
Pacific
Development,
Mar. 1 Holders of rec. Feb. la
Illinois Central (guar.) (No. 129)
Feb. 15 Holders of rec. Jan. 31
3
354 Feb. 11 Holders of rec. Jan. 21a Pacific Lighting Corp., corn. (guar.)
Louisville & Nashville
13% Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
Mar.
19
Holders
of
rec.
28a
Feb.
Norfolk & Western, corn. (guar.)
Mar. I Holders of rec. Feb. 15a
(quar.).
Steamship,
_
pref.
Mall
Pacific
151
1
Feb. 19 Holders of rec. Jan. 31a
Norfolk & Western, pref.(guar.)
I Feb. 15 Holders of rec. Feb. 5
75c. Feb. 28 Holders of rec. Feb. in Penmans, Limited,common (guar.)
Pennsylvania lilt. (guar.)
Feb. 15 Holders of rec. Feb. 5
1
(extra)
Common
$2.50
Feb.
1
Holders
of
rec. Jan. 25
Pittsburgh & Lake Erie
75e. Feb. 9 Holders of rec. Feb. 6
Pennsylvania Coal & Coke (guar.)
1% Mar. 1 Holders of rec. Feb. 13
Pittsb. & West Virginia, pref (quar.)
Feb 15
Feb. 15 Feb. 1 to
..2
Feb. 14 Holders of rec. Jan. 25a Pittsburgh 011 & Gas (guar.)(No. 4)._
Reading Company, common (quar.)- - - $1
13% Mar. 1 Holders of rec. Feb. 15
Steel, pref.(guar.)
Pittsburgh
50e.
Mar.
14
Holders of rec. Feb. 26a
First pref. ((luar.)
Feb. 13a
rec.
Holders
of
6
Mar.
(quar.)
corn.
Car,
(No.
Steel
30)Pressed
13%
115 Feb. 1 Feb. 1
Feb. 10
to
Utica Clinton & Binghamton
Preferred (quar.) (No. 76)
13% Feb. 26 Holders of rec. Feb. 5a
Feb. 15 Holders of rec. Feb. 1
2
Price Bros. & Co., Ltd. (bonus)
Street & Electric Railways.
Feb. 15 Holders of rec. Jan. 25a
5
(quar.)._
common
Gamble,
Procter
&
1% Feb. 4
Albia Light & Ry., pref. (quar.)
Feb. 15 Holders of rec. Jan. 31a
2
Pullman Co. (quar.) (No. 204)
Feb.
(guar.)
31a
of
15
Jan.
rec.
Holders
pref.
American Railways,
Feb.
28 Holders of rec. Feb. la
Preferred
Oats,
154
Quaker
(guar.)
2
Fels, 1 Holders of rec. Jan. 25
Bristol dc Plainville Tramway (quar.)
336 Mar. 1 Holders of rec. Jan. 31
Mar. 1 Holders of roe. Feb. 15a Santa Cecilia Sugar, pre( (guar.)
Cities Service, com. & pref. (monthly)- Mar. 15 Holders of rec. Feb. 28
Savage Arms Corp.,common
134
_
_
stock)
Mar.
1
common
in
Holders of rec. Feb. 15a
Common (payable
First preferred (guar.)
13% Mar. 15 Holders of rec. Feb. 28
Feb. 15 Holders of rec. Jan. 31
Civic Invest. & Industrial (qu.)(No.61) 1
135 Mar. 15 Holders of rec. Feb. 28
Second preferred (guar.)
gUi
Holders of rec. Jan. 28
Commonwealth Power, 11y. & L., pref
Feb. 15 Holders of rec. Jan. 31a
(quar.).
_
2
common
Co..
Roebuck
&
Sears,
(qu.)
pf.
Feb. 15 Feb. 1
to
Feb. 15
Connecticut Ry.& Ltg., corn. &
Feb. 15
Feb. 15 Feb. 1 to
2
(quar.)
Co.
Semet-Solvay
Feb. 15 Holders of rec. Feb. 1
Illinois Traction, common (guar.)
Feb. 15 Holders of rec. Jan. 31
Sierra Pacific El. Co., pf. (qu.)(No. 34)- 2
1%
_
(guar.)
pref.
Transit,
Jan.
Feb.
rec.
31a
of
Valley
Holders
9
Lehigh
Jan. 3Ia
rec.
Holders
of
28
Feb.
(quar.)
Refining
dr
$1.25
011
Sinclair
145 Feb. 15 Holders of rec. Jan. 31a
Pacific Gas & El., 1st pf.(qu.)(No. 14)_ _
pref. (qu.)(No. 5)_ _ _
13% Feb. 15 Holders of rec. Feb. la
135 Feb. 15 Holders of rec. Jan. 31a Smith (A.0.) Corp.,
Original pref. (quar.)(No.48)
1% Feb. 15 Holders of rec. Jan. 31a
$1.25 Mar. 1 Holders of rec. Feb. On Southern Calif. Edison, com. (qu.) (No.32) 6
Philadelphia Co., 5% pref.
Mar. 1 Holders of rec. Feb. 15
Linesi(quar.)
Pipe
Southern
136 Mar. 15 Holders of rec. Mar. 2
West Penn Railways, pref. (quar.)
Feb. 28 IIolders of rec. Feb. 18a
1
Standard Milling, common (quar.)
28 Holders of rec. Feb. 18a
stock)_ _ fl
Feb.
in
common
(payable
Common
Trust Companies.
13% Feb. 28 Holders of rec. Feb. 18a
Preferred (quar.) (No. 33)
4)4 'Feb. 1 Holders of rec. Jan. 10a
Farmers' Loan & Trust (guar.)
Feb. 6
$2 Feb. 7 Jan. 8 to
Standard Motor Construction (extra)_ _ _
Standard 011 (California (quar.) (No. 37) 23% Mar. 15 Holders of rec. Feb 15
Miscellaneous.
28 Holders of rec. Feb. 4
Feb.
3
(mum)
(Indiana)
Standard
Oil
2
Alaska Packers Association (guar.). _ _ _
Feb. 9 Holders of rec. Jan. 31
Feb. 28 Holders of rec. Feb. 4
3
Extra
20 Feb. 0 Holders of rec. Jan. 31
Extra
Feb. 28
Feb. 28 Feb. 15 to
3
Standard Oil (Kansas)(guar.)(No.41)_ _ _
2
Special (from insurance fund income)_
Feb. 9 Holders of rec. Jan. 31
Feb. 28
Feb. 28 Feb. 15 to
3
Extra
American Bank Note, common (guar.). 750. Feb. 15 Holders of rec. Feb. la
Mar. 15 Holders of rec. Feb. 21
3
York (guar.)
New
of
Standard-Oil
134 Feb. 15 Holders of roe. Jan. 31
American Brass (quar.)
154 Feb. 9 Holders of rec. Feb. 6
Standard Sanitary Mfg., cont. (guar.)
3;6 Feb. 15 Holders of rec. Jan. 31
Extra
Preferred (guar.)
13% Feb. 9 Holders of rec. Feb. 6
1
Feb. 10
American Caramel, pref. (guar.)
Feb. 9 Feb. 2 to
Feb. 20
Feb. 15 Jan. 31 to
(quar.)__ _
Speedometer
-Warner
134
Stewart
Amer. Graphophone, pref. (qu.)(No. 79) 1% Feb. 15 Holders of rec. Feb. la Superior Steel Corp., 1st& 2nd pref. (guar.) 2
Feb. 15 Holders of rec. Feb. 8
2% April 1 Holders of rec. Mar. On Symington (T. H.) Co.. pref. (quar.)__
American Hide & Leather, pref
Feb. 15 Holders of rec. Feb. 5
2
Eng.;
8
Fire
Inc.,com.(qu.) 1% Feb. 15 Holders of rec. Feb.
Amer. LaFrance
Feb. 15 Holders of rec. Feb. 5
2
Extra (on account of accum. divs.). _
3
American Radiator, comnzon (guar.)
Mar. 30 Holders of rec. Mar 21
Tobacco Products Corp.,common (quar.) 154 Feb. 15 Holders of rec. Feb. 4a
Common (payablein Liberty Loan bonds) i4
Mar. 30 Holders of rec. Mar..21
Jan. 26 Jan. 27 to Feb. 15
4
Amer. Cigar, pref. (quar.)
Union
Preferred (guar.)
Feb. 15 Holders of rec. Feb. 6
April 2 Holders of rec. Mar. 9
$1
Unton'earbide& Carbon Corp
American Sewer Pipe (quar.)
P54 Mar.
Mar. 15 Feb. 16 to Feb. 26
el0
Union 011 of Calif.(payable in stock)
Amer. Soda Fountain (guar.)
1% Feb. 15 Holders of rec. Feb. 1
Feb. 15 Holders of rec. Jan. 28a
11.)(No.21) 2
Unit.CigarStores.ofAm.,corn.(q
Amer. Sumatra Tobacco, pref. (No. 16).. 3% Mar. 1 Holders of rec. Feb. 15a United Drug 2nd pref. (quar.) (No. 8)._
154 Mar. 1 Holders of rec. Feb. 15a
American Utilities, pref. (quar.)
Feb. 11 Holders of rec. Jan. 31a United Dyewood Corp., pref. (quar.)
113% Apr, 1 Holders of rec. Mar. 15a
Amer. Water-Works St Elec., pref.(qu.)
1% Feb. 26 Holders of rec. Feb. 20
Feb. 1 Holders of rec. Jan. 22
1
United Wire dc Supply, com. (guar.)
Anaconda Copper Mining (guar.)
$2
Feb. 25 Holders of rec. Jan. 19a
154 Feb. 1 Holders of rec. Jan. 22
Senior preferred (guar.)
__
Asbestos Corp. of Canada, pref. (guar
1
Feb. 15 Holders of rec. Feb. la
13-1 Feb. 1 Holders of rec. Jan. 22
Preferred (guar.)
8
4
Feb.
rec.
of
Holders
Bond & Mortgage Guarantee (guar.)
15
Feb.
U.S. Cast Iron Pipe & Fdy.,pref.(qu.). _ 013% Mar. 15 Holders of rec. Mar. in
Borden's Condensed Milk, com.(No. 45) 4
Feb. 15 Holders of rec. Feb. In
Mar. 15 Holders of rec. Feb. 20
4
U. S. Industrial Alcohol 'corn. (quar.). __ _
Preferred (quar.) (No. 65)
Mar. 15 Holders of rec. Mar. 1
Mar. 4
13% Mar.30 Mar. 2 to
U. S. Steel Corp.,common (guar.)
20
Mar.
rec.
of
Brier Hill Steel, common (quar.)
rl
Apr. 1 Holders
Mar. 4
3
Mar.30 Mar. 2 to
(extra)
Common
Preferred (guar.)
r 1% Apr. 1 Holders of rec. Mar. 20
Feb. 5
1% Feb. 27 Feb. 3 to
Preferred (guar.)
1% Feb. 7 Holders of rec. Jan. 31
Brompton Pulp & Paper, Ltd. Cquar.)
10o. Mar. 1 Holders of rec. Feb. 7
U. S. Steamship
Buckeye Pipe Line (quar.)
32 Mar. 15 Holders of rec. Feb. 23
Sc. Mar. 1 Holders of rec. Feb. 7
Extra
Extra
Si
Mar. 15 Holders of rec. Feb. 23
e25
Wheeling Steer& Iron (stock dividend)_
la
Feb.
rec.
of
Holders
15
Burns Bros., corn. (quar.) (No. 18)
Feb.
145
134 Mar. 1 Holders of rec. Feb. 15
(7.) & Co., Inc., pref. (quar.)_
(J.
White
Feb. 15 Holders of rec. Feb. la
Cons.(guar.) (payable in corn. stock)._ fl
13% Mar. 1 Holders of rec. Feb. 15
White (J. G.) Engineering, pref. (quar.)_ _ _
136 Feb. 15 Holders of rec. Jan. 28
By-Products Coke Corp. (quar.)
White (J. G.) 11I'g'rn't, pref.(0.)(No.20) I% Mar. 1 Holders of rec. Feb. 15
e2
Feb. 15 Holders of rec. Jan. 28
Stock Dividend
Mar, 1 Holders of rec. Feb. 90
W.) Co., common (quar.) 2
(F.
Woolworth
$2 Mar. 18 Holders of rec. Mar. la
Calumet (lc Arizona Mining (guar.)
Feb. 16 Feb. 1 to Feb. 10
Canada Cement, Ltd., preferred (quar.).
b Less British income tax. d Cordividend.
this
for
not
closed
books
Transfer
a
Feb. 15 Holders of rec. Jan. 31
Canada Foundries & Forgings, corn.(qu.) 3
rection. e Payable in stock. f Payable In common stock. g Payable in scrip,
Preferred (guar.)
Feb. 15 Holders of rec. Jan. 31
h On account of accumulated dividends. i Payable in Liberty Loan bonds. k Pay
1
Feb. 15 Holders of rec. Jan. 31
Canadian Converters, Ltd.(quar.)
in 4% Liberty Loan bonds at par, with all coupons attached. I Payable in
able
54
Mar. 30 Holders of rec. Mar. 26a
Carbon Steel, first preferred
, payable in quarterly
Loan (Canadian Govt.) bonds. a Declared
July 30 Holders of rec. July 26a Victory
Second preferred
6
beginning with March 15 1918. p Declared 2% pay. In quar. installInstalments
_
(quar.).__
31
Cedar Rapids Mfg. & Power
Si Feb. lb Holders of rec. Jan.
pref. and 7% on com, stocks, payable quarterly April 1,
on
7%
Declared
r
ments.
Feb. 1 Holders of rec. Jan. 26
Chic.Willa.&FranklinCoal,corn.(qu.)(No.4) 5
July 1, Oct. 1 1918 and Jan. 1 1919 to holders of record of tne 20th of tne preceding
146 Feb. 1 Holders of rec. Jan. 26
Preferred (guar.) (No. 8)
month. t Declared 7% on'pref. payable in quar. instalments as follows: 1 % as
1
Columbia Gas & Electric (quar.)
Feb. 15 Holders of rec. Jan. 31
% Oct. 1 to holders of rec. Sept.
% July 1 to holders of rec. June 14:
Connecticut Power, pref.(guar.)(No.20) 134 Mar. 1 Holders of rec. Feb. 15a above;
and 13%% payable Jan. 2 1919 to holders of rec. Dec. 14 1918. o Declared
14
15a
Feb.
roe.
of
Consolidated Arizona Smelling
Sc. Mar. I Holders
on Aug. 1 1918 to holders of record July 15.
pref. payable
%
on
dividends
1% Mar. 15 Holders of rec. Feb. 8
Consolidated Gas (guar.)
Declared 8%,payable 4% as above and 4% Sept. 30 to holders of record Sept. 26.
3
Feb. 11 Holders of rec. Feb. in z
Consolidation Coal, extra
y Declared also 1 %'on prof., payable in July.
.)_
.)_
474
[VoL. 106.
THE CHRONICLE
Member Banks of the Federal Reserve System.-Following is the seventh of a new series of weekly
statements issued by the Federal Reserve Board giving the principal items of the resources and liabilities of
the Member Banks and dated Jan. 18. Definitions of the different items contained in the statement were given in the
weekly statement issued under date of Dec. 14 1917 and which was published in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND
OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JANUARY 18, 1918.
Liquidation in some volume by the banks of Government securities, mainly Treasury certificates and Liberty bonds, is indicated by reports from
662 member banks giving their principal assets and liabilities as at close of business Jan. 18 1918.
Holdings of Government securities (including U. S. bonds on deposit with U. S. Treasurer) of all reporting banks show a decrease of
35 millions, while loans secured by these Government obligations declined 10.4 millions. Other loans and investments show an increase for theabout
week of 23.1
millions. Member banks in Now York City report decreases of 39.2 millions in U. S. securities owned and of 19 millions in loans protected by such
securities, as against an increase of 12.4 millions in other loans and investments. Member banks in the three central reserve cities show decreases of
51.2 and of 12.7 millions for the first two items, as against an increase of 42.9 millions in other loans and investments. Liquidation of Government
war loan securities and of loans protected by such securities apparently was confined largely to banks in the financial centers. Banks outside the central
reserve cities report an increase of 16.2 millions in Government, chiefly war loan, securities, and of 2.2 millions in loans collaterated by such securities,
as against a decrease of 19.8 millions in other loans and Investments. Aggregate reserves with the Federal Reserve banks, $1,147.3 millions, show a
decrease of 55.1 millions, all groups of banks reporting smaller reserves than the week before. The same is true of vault cash, which shows a total decrease
for the week of 30.5 millions. Calculated excess reserves with the Federal Reserve banks are 90 millions, as against 124.7 millions the week before.
Net demand deposits of all reporting banks are shown to have decreased 183.9 millions, of which 122.1 millions represents the decrease for the banks
lnisthe three central reserve cities, and 95.9 millions the decrease for the New York City banks. Time deposits decreased slightly, while Government
deposits went up about 10 millions.
For all reporting banks the ratio of total loans and investments to aggregate deposits works out at 106 2%, as against 104.4% the week before.
For the banks in central reserve cities this ratio remains unchanged at 11)0.2%, while for the New York City banks this ratio increased from 99.9 to
100.8%. The ratio of combined vault cash and reserve to aggregate depsoits of all reporting banks shows a decline from 14.9 to 14.5%. For the banks
in the central reserve cities this ratio declined from 16.3 to 16% and for the New York City banks from 16.5 to 16.1%.
1. Data for all reporting banks in each district.
Two ciphers (00) omitted.
Member Banks.
Boston.
Number of reporting banks___
New York.
35
Phila.
96
Cleveland. Richmond Atlanta.
46
77
67
Chicago. St. Lewis. Minneap. kan.City. Dallas. San Fran.
33
91
34
30
47
69
Total.
43
662
$
$
3
$
$
$
$
3
8
$
$
$
$
30,157,0 445,469,0 28,398,0 121,292,0 41,913,0 29,381,0
U.5.securities owned
75,020,0 34,955,0 13,550,0 31,545,0 30,442,0 5:3,672,0 *955,794,0
Loans see. by U.S. bonds & ctf. 37,854,0 212,908,0 25,286,0 22,555,0 12,404,0 2,530,0
42,786,0 9,287,0 2,386,0 2,942,0 3,989,0 6,403,0 381,310,0
All other loans & investments._ 671,024,0 4,143,874,0 626,612,0 894,988,0 311,416,0 259,449,0 1,322,694,0 386,370,0 231,821,0 448,752,0 196,526,0 461,701,0 9,958,227,0
Reserve with Fed. Res. Bank
49,627,0 616,801,0 54,325,0 82,184,0 28,095,0 25,079,0 134,684,0 34,967,0 18,384,0 42,648,0 19,895,0 40,585,0 1,147,274,0
Cash In vault
22,645,0 129,628,0 23,158,0 45,454,0 16,866,0 12,950,0
64,631,0 14,116,0 9,940,0 18,290,0 13,406,0 23,772,0 304,858,0
Net demand deposits on which
553,402,0 4,249,491,0 585,835,0 688,540,0 246,020,0 201,927,0 997,142,0 278,716,0 173,652,0 379,398,0 193,941,0 353,866,0 8,901,939,0
reserve Is computed
Time deposits
76,591,0 325,864,0 15,194,0 199,885,0 51,021,0 65,051,0 341,156,0 80,539,0 47,151,0 46,199,0 23,271,0 89,878,0 1,361,800,0
Government deposits
30,484,0 151,011,0 25,972,0 53,099,0 12,377,0 1,823,0
35,234,0 7,244,0 8,397,0 12,136,0 5,933.0 11,024,0 354,734,0
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.
New York.
Chicago. St. Louis. Total Central Res. Cities.
Other Reserve Cities.
Jan. 18. Jan. 18.
Jan. 18.
Two ciphers omitted.
Jan. 18.
Number of reporting banks_ _ _.
U. S. securities owned
56
$
404,698,0
Jan. 11.
56
3715
$
$
s
443,925,0 23,406,0 21,417,0
Jan. 18.
$
Jan. 11.
108
108
410
500,742,0
404,661,0
$
449,521,0
3
Jan. 11.
Country Banks.
Jan. 18. Jan. 11.
144
403
Total.
Jan. 18.
Jan. 11.
143
662
659
387,938,0 81,612,0 82,059,0
935,794,0
970,739,0
$
$
$
$
$
Loans secured by U. B. bonds
100,540,0 209,551,0 27,544,0 7,592,0 225,676,0 238,330,0 134,129,0 132,226,0 21,505 0 21,155,0 381,310,0 391,711,0
and certificates
All other loans & investments 3,725,923,0 3,713,544,0 845,500,0 280,548,04,851,971,0 4,809,052,0 4,415,706,0 4,417,511,0 690,550,0 703,568,0 9,958,227,0 1,935,131,0
Reserve with Fed Res. Bank
579,732,0 602,146,0 96,293,0 26,944,0 702,969,0 729,931,0 399,790,0 426,186,0 43,515,0 48,272,0 1,147,274,0 1,202,389,0
Cash in vault
113,041,0 120,677,0 40,898,0 8,434,0 162,373,0 174,560,0 199,595,0 214,743,0 32,888.0 36,031,0 394,858,0 425,334,0
Net demand deposits on which
3,866,101,0 3,962,030,0 681,099,0 198,523,0 4,745,723,0 4,867,968,0 3,591,853,0 *3636830,0 564,363,0 581,234,0 8,901,039,0 *9085832,0
reserve is computed
Timadeposits
284,356,0 284,324,0 135,021,0 62,521,0 481,898,0 482,796,0 737,577,0 *718,524,0 142,325,0 147,378,0 1,361,800,0 *1348698,0
Government denosits
137.911.0 125.035.0 24.994.0 6.265.0 169.170.0 186.433.0 170.749.0 21(1.775.0 14.815.0 21.81(1.0 354.734.0 410.018.0
Amended figures.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Jan. 26.
Heavy withdrawals of Government deposits coupled with substantial increases in member bank reserve deposits, mainly at the four Eastern and
the San Francisco banks, are indicated in the Federal Reserve Board's weekly bank statement as at close of business on Jan. 25 1918. Aggregate gold
reserves show a decrease of about 3 millions, while total cash reserves fell off about 1.5 millions.
New York reports a gain of 35.2 millions in total reserves accompanied by an almost equal increase In member bank reserve deposits. The bank
liquidated about 26 millions of investments, mainly U. S. certificates of Indebtedness, held temporarily for the accommodation of member banks, and
collateral notes, secured by Liberty bonds and certificates of indebtedness; it also paid off an aggregate balance of over 25 millions In account with other
Federal Reserve banks. Chicago's decrease of 34.7 millions in reserves is due largely to the withdrawal of 31.8 millions of Government funds, also to
an increase of 5.3 millions in Investments. Changes in reserves reported by other banks are due largely to the withdrawal of Government deposits or
to the shifting between banks of credits in the Gold Settlement Fund.
Bills discounted on hand show an increase of 24.2 millions, the Cleveland, Chicago, Kansas City and San Francisco banks reporting substantial
additions to their holdings of member banks' collateral notes, secured largely by Government obligations. Of the total discounts held, the amount of
paper secured by Government obligations Is 312.5 millions as against 300.3 millions the week before. Holdings of Government short-term securities,
largely certificates of indebtedness, show a decline for the week of nearly 50 millions, the Now York and Cleveland banks reporting the largest sales
of this class of securities.
Acceptances held increased by about 16.1 millions, Boston and New York accounting for practically the entire increase shown. U. S. bonds, on hand
show a gain of 4.6 millions, mainly at the New York and Minneapolis banks. The increase of over 1 million dollars in all other earning assets shown
by the Chicago bank is due almost entirely to the purchase of warrants. Total earning assets decreased about 4 millions and represent about 69% of
aggregate net deposits, as against 70.7% the week before. Of the total, discounts constituted 60.9%; acceptances 26.6%. U. S. securities 12.0% and
other earning assets 0.5%.
Payment for Federal Reserve stock by newly admitted members accounts for an increase of $501,000 in the total of paid-in capital, New York and
Cleveland reporting the largest additions under this head. Over 23% of the capital stock of the Federal Reserve banks stands at present In the name
of State banks and trust companies. Government deposits show a decrease of 104.1 millions, all the banks except Atlanta, St. Louis and Dallas reporting substantial withdrawals of Government funds. Member banks' reserve deposits increased 59.2 millions. the Boston and New York banks showing the largest gains under this head.
But little change is indicated in the total amount of Federal Reserve notes outstanding. Against the total amount of notes issued to the banks, the
Agents hold collateral of $793,819,000 in gold and $634.363,000 In paper. Total Federal Reserve notes in actual circulation show a further decrease
of $3,863,000 dollars. The ratio of the banks' total reserves to their net deposit and Federal Reserve note liabilities combined shows a rise from 65.2%
to 65.4%.
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 the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 25, 1918.
Jan. 25 1918. Jan. 18 1918. Jan. 11 1918t Jan. 4 1918. Dec. 28 1917. Dec. 21 1917. Dec. 14 1917. Dec. 7 1917. Jan.26 1917.
RESOURCES.
Gold coin and certificates in vault._
Gold settlement fund-F.R. Board._ _
Gold with foreign agencies
$
472,012,000
388,210,000
52,500,000
$
477,301,000
383,232,000
52,500,000
478,839,000
361,522,000
52,500,000
480,072,000
338,687,000
52,500,000
499,917,000
317,520,000
52,500,000
524,350,000
304,604,000
52,500,000
502,840,000
393,810,000
52,500,000
500,656,000
376,778,000
52,500,000
302,341,000
213,771,000
Total gold held by banks
Gold with Federal Reserve Agent
Gold redemption fund
912,722,000
793,829,000
19,956,000
913,033,000
796,727,000
19,710,000
892,861,000
784,326,000
19,643,000
871,259,000
797,191,000
19,270,000
869,937,000
781,851,000
19,345,000
881,454,000
746,307,000
17,782,000
949,150,000
683,378,000
17,710,000
929,934,000
683,939,000
17,485,000
516,112,000
273,320,000
1,813,000
Total gold reserves
Legal tender notes, sliver, &o
1,726,507,000 1,729,470,000 1,696,830,000 1,687,720,000 1,671,133,000 1,645,543,000 1,650,238,000 1,631,358,000
56,252,000
54,837,000
51,201,000
49,635,000
45,310,000
48,127,000
50,146,000
51,949,000
791,245,000
17,579,000
Total reserves
Bills discounted-members
Bills bought in open market
1,782,759,000 1,784,307,000 1,748,031,000 1,733,030,000 1,720,768,000 1,693,670,000 1,700,384,000 1,683,307,000
627,662,000 603,488,000 570,665,000 625,813,000 680,706,000 693,509,000 713,431,000 686,902,000
273,912,000 257,804,000 258,710,000 271,338,000 275,366,000 277,943,000 254,428,000 190,682,000
808,824,000
15,711,000
97,697,000
Total bills on hand
U. B. Government long-term securities_
U. B. Government short-term securities
All other earning assets
Total earning assets
Due from other F. R. banks-net
Uncollected Items
Total deduo'ns from gross deposits_
5% redemp.fund agst. F.R.bank notes
All other resources
Total resources
t Amended figures.
901,574,000
50,525,000
72,669,000
4,902,000
861,292,000
45,911,000
122,310,000
4,224,000
3
829,375,000
49,506,000
137,227,000
5,063,000
$
897,151,000
51,167,000
92,058,000
5,167,000
$
956,072,000
48,350,000
58,883,000
t4,990,000
$
971,452,000
50,438,000
58,130,000
1,102,000
$
$
$
967,859,000
53,774,000
48,046,000
994,000
877,584,000
49,198,000
50,424,000
914,000
113,408,000
36,122,000
19,647,000
12,249,000
1,029,670,000 1,033,737,000 1,021,171,000 1,045,543,000 t1068295.000 1,081,122,000 1,070,673,000
23,229,000
35,818,000
32,505,000
45,244,000 t11,976,000
31,494,000
41,375,000
323,703,000 381,708,000 306,593,000 302,007,000 t301,689,000 323,574,000 319,656,000
978,120,000
26,332,000
310,572,000
181,426,000
a4,123,000
126,437,000
336,904,000
537,000
2,968,000
130,560,000
400,000
13,609,000
nnn
I VIL C/I'l Ann
356,208,000
537,000
201,000
417,526,000
537,000
379,000
.2 um .115 AAA .1 ORR 112A
nnn
334,822,000
537,000
519,000
2 105 ASIA
nnn I
347,251,000
537,000
537,000
313,043,000
537,000
2,813,000
364,949,000
537,000
2,678,000
351,150,000
537,000
2,810,000
195 120Q AAA •2111.)5t2,1 MA .2 1,1 ciput MA •2 195 MCI AAA 2 AM 0.111
THE CHRONICLE
FEB. 2 1918.]
475
Jan. 25 1918. Jan. 18 1918. tJan.111918. Jan. 4 1918. Dec. 28 1917. Dec. 21 1917. Dee. 14 1917. Dec. 7 1917.1 Jan. 26 1917.
LIABILITIES.
$
$
$
$
3
$
$
$
71,603,000
71,938,000
Capital paid in
•
72,439,000
70,825,000
69,048,000
69,852,000
70,142,000
60,440,000
Surplus
1,131,000
1,131,000
1,134,000
1,134,000
57,850,000 131,006,000 108,213,000 221,761.000 129.285,000 168,568,000
Government deposits
135,691,000 239,829,000
Due to members-reserve account
1,480,743,000 1,421,563,000 1,498,482,000 1,4413,230,000 1,453,166,000 1,339,134,000 1,549,030,000 1,437,174,000
Due to non-members--clearing account
Collection items
164.955,000 221,723,000 203,073,000 192,649.000 1'191.639 ,000 205,819,000 196,767,000 189,861,000
30,779,000
20,315,000
37,697,000
Other deposits, incl. for. Gov't credits...
14,258,000
20,594,000 1'17,969,000
11,282,000 t15,586,000
$
55,694,000
25,607,000
687,841,000
97,374,000
Total gross deposits
1,849,086,000 1,913,899,000 1,779,726,000 1,793,479,000 1,771,037.000 1,831.272,000 1,889,364.000 t1 811 189 000
1,234,934,000 1,238,797,000 1,242,199,000 1,251,205,000 1,246,488,000 1,227,642,000 1,153,385,000 1.110,537,000
F. R. notes in actual circulation
8,000,000
8,000,000
F. It. bank notes in circulation, net(lab_
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
2,718,000
All other liabilities
3,782,000
2,418,000
6.190,000
1'6,722,000
2,255,000
t3,062,000
5.363,000
810,822,000
259,768,000
289,000
Total liabilities.
3,169,375,000 3,236,486,000 3,105,080,000 3,126,898,00043102689,000 3.142,956,000 3.125,554.000 3.001,836,000 1,126,573,000
Gold reserve against net deposit liab__ _
61.8%
61.0%
61.5%
59.7%
75.9%
60.1%
60.2%
63.1%
61.7%
Gold res. agst. F. R. notes in act. circ'n.
65.9%
65.9%
62.2%
64.3%
65.3%
64.7%
105.9%
60.8%
63.2%
Ratio of gold reserves to net deposit and
Fed. Res. note liabilities combined__ _
63.2%
61.8%
63.3%
63.1%
64.2%
84.2%
'
Ratio of total reserves to net deposit and
61.1%
61.3%
63.1%
65.2%
Fed. Res. note liabilities combined__
65.1%
65.1%
62.9%
63.6%
62.5%
63.2%
86.0%
65.1%
Jan. 25 1918. Jan. 18 1918. Jan. 11 1918. Jan. 4 1918. Dec. 28 1917. Dec. 211917. Dec. 14 1917. Dec. 7 1917.'lan. 26 1917.
S
$
Distribution by Maturities$
$
$
$
$
5
$
1-15 days bills discounted and bought- 390,212,000 360,890,000 372,652,000 387,017,000 395,697,000 403,671,000 471,689,000 463,644,000; 29,402.000
149,000
141,000
1.15 days municipal warrants
116,000
10,000
213,000
10,000
69,000
1,108,000
8,000
16-30 days bills discounted and bought. 169,795,000 180,759,000
96,322,000 118,545,000 121,060,000
88,375,000
18,794,000
84,359,000
82,098,000 1
513,000
510,000
10-30 days municipal warrants
10,000
141.000
125,000:
10,000
141,000
327,000
142,000
81-60 days bills discounted and bought_ 203,437,000 188,712,000 267,619,000 289,414,000 280,136,000 273,339,000 191,626,000 143,070,000! 51,790,000
133,000
131,000
81-60 days municipal warrants
652,000
634,000
652,000
634,000
2,388,000
150,000;
151,000
51-90 days bills discounted and bought_ 124,822,000
99,663,000 114,629,000 152,704,000 164,729,000 213,195,000 182,232,000! 12,414,000
337,000 117,153,000
61-90 days inunicipal warrants
123,000
123,000
889,000
631,000;
632,000
13,308,000
13,778,000
9,739,000
Over 90 days bills discounted and bought
8,986,000
10,090,000
8,593,000
6,540,000'
6,990,000
1.008,060
' 1,005,000
335,000
Over 90 days municipal warrants
335,000
104,000
101,000
335,000
7,537,000
_
_
Federal Reserce Notes1,373,622,000 1,373,105,000 1,369,545,000 1,366,335,000 1,341,752,000 1,295,069,000 1,229,007,000 1,184,667,000 291.693,000
issued to the banks
138,698,000 134,308,000 125,265,000 115,130,000
Held by banks
95,264,000
75,622,000
74,130,0001 31,925,000
67,427,000
1,234,924,000 1,238,797,000 1;244,280,000 1,251,205,000 1,246,488,000 1,227,612,000 1,153,385,000 1,110,537,000
In circulation
Fed. Res. Notes (Agents Accounts)1,875,661,000 1.863,510,000 1,854,060,000 1,825,700,000 1,796,340,000 1,747,760,000 1,693,820,000 1,640,600,000
Received from the Comptroller
261,001,000 257,975,000 254.005,000 248,065,000 247,163,000 239,571,000 242,953,000 236,033,000
Returned to the Comptroller
469,380,000
104.358,000
Amount chargeable to Agent
In hands of Agent
1,614,657,000 1,605,565,000 1,599,155,001) 1.577,635,000 1,549,177,000 1,508,189,000 1,450,867,000 1,400,967,000
241,035,000 2:32,460,000 229,610.000 211,:300,000 207.425,000 213,120,000 221,860,000 219,300,000
365,022,000
73,329,000
Issued to Federal Reserve banks
How SecuredBY gold coln and certificates
By lawful money
By eligible paper
Gold redemption fund
4,1th Federal Reserve Board
1 373,622,000 1,373,105,000 1,369,545,000 1,366,335,000 1,341,752,000 1,295,069,000 1,229,007,000 1,134,667,000
291,693,000
259,768,000
276,894,000
374,000,000
265,759,000
269,951,000
250,423,000
227,302,000
239,833,000
240,351,000;
166,174,000
579,803,000
45,536,000
471,339,000
576,378,000
46,182,000
476,545,000
587,771.000
42,496,000
473,519,000
569,144,000
41,158,000
486,032
559,901,000
41,479,000
489,949,000
548,962,000
41,231,000
477,524,000
545,629,000
39,471,000
404,074,000
500,713,000
35,773,000
407,815,000
1
18,373,000
13,436,000
93,710,030
1,373,622,000 1,373,105,000 1,369,545,000 1,366,335,000 1,341,752,000 1,295,069,000 1,229,007,000 1,184,667,000; 291,693,000
Total .
Ell glide paper delivered to F.R. Agt.___ 634,363.000 609,056.000 615.675.000 611.136.000 606.705.000 602.074.000
a Net amount duo to other Federai Reserve banks. S This item includes foreign Gov't credits.
t Revised figures.
602.967.000
536.473.000!
19.115.00.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS JAN. 25 1918.
Two ciphers (00) om(tted.
Boston.
RESOURCES.
X
Gold coin and cents. in vault_ __ 13,865,0
34,290,0
Gold settlement fund
3,675,0
Gold with foreign agencies
New York. Philadet. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap Kan. City Dallas. San Fran.
Tetal.
$
$
s-_
11
5
$
$
11
5
5
5
5
317,072,0 18,790,0 20,362,0 6,257.0 6,531,0 31,519,0 5,474,0 15,181,0 1,390,0 9,310,0 26,231,0 472,012,0
1)7,111,0 37,196,0 40,184,0 12,367,0 16,893,0 39,014,0 26,656,0 14,554,0 24,635,0 19,368,0 25,942,0 388,210,0
18,112,0 3,675,0 4,725,0 1,837,0 1,575,0 7,350,0 2,100,0 2,100,0 2,625,0 1,838,0 2,888,0
52,500,0
Total gold held by banks
51,830,0
Gold with Federal Res. Agents_ 44,354,0
Gold redemption fund
2,000,0
432,295,0 59,661,0 65,271,0 20,461,0 24,999,0 77,913,0 34,230,0 31,835,0 28,650,0 30,516,0 55,061,0
2:36,467,0 64,916,0 64,610,0 26,305,0 47,575,0 120,514,0 34,882,0 37,522,0 48,369,0 22,181,0 46,134,0
10,000,0 1,500,0
888,0 1,159,0
815,0
251,0 1,483,0
61,0
465,0 1,253,0
81,0
Total gold reserves
98,184,0
5,346,0
Legal-tender notes, silver, &o_ _ _
678,762,0 126,077,0 129,942,0 47,017,0 74,057,0 199,242,0 70,000,0 70,516,0 77,484,0 53,950,0 101,276,0 1,726,50,0
37,901,0 2,243,0 1,327,0
871,0 4,462,0 1,336,0
627,0
176,0
90,0 1,445,0
428,0
50,252,0
Total reserves
103,530,0
131113:
Disco.-Member &F.R.banks 52,844,0
Bought In open market
9,307,0
716,663,0 128,320,0 131,269,0 47.193,0 74,928,0 203,704,0 71,336,0 71,143,0 77,574,0 55,395,0 101,704,0 1,782,759,0
222,620,0 33,810,0 49,360,0 32,254,0 11,348,0 110,924,0 29,966,0 13,140,0 32,545,0 9,499,0 29,352,0
168,278,0 14,179,0 12,978,0 13,403,0 6,824,0 8,521,0 5,930,0 2,226,0
35,0 13,263,0 18,968,0
627,662,0
273,912,0
Total bills on hand
U. S. long-term securities
U. 9. short-term seeurities
All other earning assets
390,898,0 47,9813,0 62,338,0 45,657,0 18,172.0 119,445,0 35,896,0 15,366,0 32,580,0 22,762,0 48,320,0
5,120,0 5,307,0 8,265,0 1,231,0 1,747,0 7,007,0 2,233,0 3,617,0 8,862,0 4,071,0 2,455,0
15,213,0 4,034,0 26,271,0 1,969,0 1,491,0 5,878,0 1,444,0 2,322,0 5,784,0 2,430,0 1,500.0
511,0
10,0
280,0 1,003,0
66,0
608,0 1,651,0
60,0
707,0
601,574,0
50,525,0
72,669,0
4,902,0
62,151,0
610,0
4,344,0
Total earning assets
67,105,0
Due from other F.R.banks-Net
Uncollected items
16,395,0
Total dedue'n3 from gross dep. 16,395,0
6% redemption fund against Fed'
eral Reserve bank notes
MI other resources
912,722,0
793,829,0
19,956,0
411,742,0 57,329,0 96,874,0 48,923,0 22,018,0 133,981,0 39,853,0 22,308,0 47,226,0 29,970,0 52,341,0 1,029,670,0
:364,0
14,573,0 5,164,0
10,330,0 4,015,0
6,087,0 1,792,0 1,961,0 a32,505,0
75,298,0 38,917,0 21,653,0 18,609,0 20,496,0 45,772,0 17,028,0 10,236,0 27,728,0 18,465,0 13,106,0 323.703.0
75,662,0 38,917,0 31,983,0 22,651,0 20,496,0 60,345.0 22,162,0 10,236,0 33,815,0 20,257,0 15,067,0
400,0
356,208,0
137,0
537,0
71,0
130,0
201,0
resources
Total
187,030,0 1,201,067,0 224,566,0 260,126,0 118,900,0 117,513,0 :398,030,0 133,381,0 103,687,0 159,015,0 105,759,0 169,112,0 3,169,375,0
LIABILITIES.
Capital paid In
5,929,0
19,212,0 6,775,0 8,221,0 3,736,0 2.855,0 9,170,0 3,481,0 2,651,0 3,396,0 2,796,0 4,217,0
72,439,0
Surplus
75,0
649,0
40,0
116,0
216,0
38,0
1,134,0
Government deposits
5,247,0
16,227,0 10,970,0 20,899,0 6,103,0 5,280,0 13,603,0 11,619,0 7,943,0 11,038,0 10,274,0 16,457,0 135,691.0
Due to members-Reserve acct. 79,296,0 080,314,0 84,061,0 110,521,0 42,979,0 37,696,0 173,351,0 49,015,0 38,814,0 73,366,0 42,147,0 69,184,0
1,480,743.0
Collection Items.
12,480,0
55,006,0 29,025,0 15,206,0 12,792,0 11,675,0 18,793,0 12,840,0 3,573,0 7,551,0 5,830,0 9,281,0 194,955,0
Due to 0th. F. It. banks-Net
7,832,0
2,084,0
225,0
1,670,0
0th. deposits Incl. for Gov't ered.
32,275,0
231,0
3,0 2.580,0
111,0
2,448,0
28,0
37,697,0
21,0
Total gross deposits
101,854,0 784,722,0 126,140,0 1413,857,0 61,905,0 54,879,0 208,327,0 73,585,0 52,028,0 91,976,0 58,251,0 97,373,0 1,849,086,0
F. It. notes in actual circulatlon. 75,872,0 397,462,0 91,430,0 104,750.0 53,143,0 50.739,0 180,165.0 56,061,0 48,930,0 55,278,0 44,617,0 67,481,0 1,234,934,0
F. It. bank notes in eiro'n-Net_
8,000.0
8,000,0
All other liabilities
300,0
2,022,0
221,0
292,0
152,0
41,0
254,0
95,0
3,782,0
365,0
40,0
Total liabilities
187,030.0 1.204.067.0 224.566.0 260.126.0 118.900.0 117.513.0 298Ay0 man 351.0 105_R57 nir,0.615.0 105.759.0 169.112.0 3.169.375.0
a Difference between net amounts due from and net amounts duo to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JANUARY 25 1918.
Two ciphers (00) omitted.
Boston.
New York. Philadel. Cleveland. Richmond Atlanta. Chicago. St.Louis. Minneap. Kan. City Dallas. San Fran.
Total.
S
Federal Reserve notesReceived from Comptrolisr__ 106,500,0
Returned to Comptroller
20,586,0
S
$
$
$
$
S
S
S
$
$
$
$
710,680,0 133,200,0 133,760,0 81,740,0 80,620,0 240,181.0 73,860,0 67,980,0 82,740,0 68,500,0 86,900,0 1,875,661,0
123,27:1,0 20,721,0 9,910,0 16,045,0 11,359,0 7,862,0 8,896,0 10,272,0 12,648,0 12,757,0 6,672,0 261,004,0
Chargeable to F. R. Agent
In hands of F. It. Agent
85,911,0
5,160,0
587,407,0 112,476,0 123,850,0 65,695.0 78,261,0 232,319,0 64,964.0 57.708.0 70.092,0 55,743,0 80,223,0 1,614,657,0
109,800,0 15,240,0 15,440,0 4,420,0 14,440,0 41,980,0 6,625,0 6,840,0 10,220,0 10,870,0
241,035,0
Issued to F. It. Bank
80,754,0
Held by F. It. AgentGold coin and certificates__ - - 33,109,0
Gold redemption fund
4,245,0
Gold Sett. Ed., F. R. Board.... 7,000,0
Eligible paper, min. req'd
36,400,0
447,607,0 97,236,0 108,110,0 61,275,0 63,821,0 190,339,0 58,339,0 50,868,0 59,872,0 44,873,0 80,228,0 1,373,622,0
Total
80,754,0
184,262,0 4,220,0 24,017,0
3,604,0
13,102,0
14,580,0
276,894.0
12,205,0 5,167.0 5,593,0 1,305,0 2,951,0
427.0 2,379,0 1,920,0 2,509,0 2,427,0 4,458,0
45,586,0
40,000,0 55,529,0 35,000,0 25,000,0 41,020,0 120,087,0 32,503,0 22,500.0 45,860,0 5,174,0 41,666,0 471,339.0
241,140,0 32,320,0 43,800,0 34,970,0 16,246,0 69,825,0 23,457,0 13,346,0 11,503,0 22,692,0 34,104,0 579,803,0
,
477,607,0 97,2:36,0 108,410,0 61,275,0 63,821,0 190,339,0 59,339,0 50,868,0 59,872,0 44,873,0 80,228,0 1,373,622,0
Amount of eligible paper deity
ered to F. R. Agent
36,703,0
245,780,0 37,322,0 62,338,0 45.657,0 16,303,0 70,776,0 28,032,0 14,170,0 12,856,0 22,762,0 41,664,0
F. It. notes outstanding
F. R. notes held by banks
80,754,0
4,882,0
477,607,0 97,236,0 108,410,0 61,275,0 63,821,0 190,339.0 58,339,0 50,868,0 59,872,0 44,873,0 80,228,0 1,373,622,0
80,145,0 5,806,0 3,654.0 8,132,0 4,082,0 10,174,0 2,278,0 1,938,0 4,594,0
256,0 12,757,0 138,698,0
75.872.0
397.462,0 91.430,0 104,756.0 53,143,0 59.739.0 180.165.0 56.061.0 48.930.0 55.278.0 44.617.0 67.471.0 1.234.924.0
F. It. notes in actual cIrculat'
634,363,0
476
THE CHRONICLE
[VOL. 106.
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the Now York City Clearing House members for the week ending Jan. 26. The figures for the
eparate banks are the averages of the daily results. In the case of totals, actual figures at end of the week.are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital. I
Week Ending
Jan. 26 1918.
Nei
Profits.
Loans,
Discounts,
Investments,
Gold.
Average.
Average.
Legal
Tenders.
National
Bank
and
Federal
Reserve
Notes.
Silver.
JNat. Banks Dec. 31.k
State Banks Nov. 14J
Members of Federal
Reserve Bank.
Bank of N Y. N B A.
Bank of Manhat Co_
Merchants' National_
Mech & Metals Nat_
Bank of America__ __
National City
Chemical National
Atlantic National__ _
Nat Butch &Drovers'
American Exch Nat_
Nat Bank of Comm_
Pacific Bank
Chat & Phenix Nat
Hanover National
Citizens' National_ _
Market & Fulton Nat
Metropolitan Bank. _
Corn Exchange Bank
Importers &Trad Nat
National Park Bank_
East River National_
Second National_ _
First National
Irving National
N Y County Natlonal
German-American__ _
Chase National
Germania Bank
Lincoln National__
Garfield National
Fifth National...
Seaboard National
Liberty National_ _ _ _
Coal & Iron National
Union Exch National
Brooklyn Trust Co
Bankers Trust
U S Mtge & Tr Co_ _
Guaranty Trust Co
Fidelity Trust Co._
Columbia Trust Co
Peoples Trust Co__
New York Trust Co
Franklin Trust Co_ _
Lincoln Trust
Metropolitan Tr Co_
Nassau Nat, 13klyn_ _
Irving Trust Co
2,000,000
2,050,000
2,000,000
6,000,000
1,500,000
95,000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
1,000,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
500,000
750,000
10,000,000
400,000
1,000,000
1,000,000
250,000
1,000,000
:3,000,000
1,000,000
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
:3,000,000
1,000,000
1,000,000
2,000,000
1,000,00
1,500,000
43,911,000
5,095,500
5,221,200
39,377,000
2,381,900
19,959,000
10,510,000 161,394,000
31,084,000
6,572,500
46,954,600 532,600,000
8,636,200
70,833,000
14,759,000
847,000
73,400
2,391,000
5,391,400 111,870,000
20,371,200 298,315,000
1,002,900
10,853,000
2,337,600
68,853,000
16,033,000 145,063,000
2,667,200
34,334,000
2,112,700
9,828,000
2,128,600
20,997,000
7,510,200
97,301,000
7,513,800
34,660,000
17,536,200 178,742,000
65,600
2,689,000
3,696,300
20,028,000
28,949,300 207,314,000
5,102,400
86,587,000
144,400
8,321,000
885,000
5,888,000
11,120,400 298,315,000
816,400
5,979,000
2,008,300
15,977,000
1,324,900
10,759,000
381,600
6,144,000
3,448,200
48,920,000
3,970,900
81,695,000
891,100
10,801,000
1,001,500
12,399,000
2,155,400
31,148,000
12,980,400 278,760,000
4,691,500
62,267,000
26,125,400 460,559,000
1,213,200
11,165,000
6,210,700
83,593,000
1,331,800
23,663,000
11,032,700
84,142,000
1,168,700
17,965,000
568,200
14,083,000
4,070,900
52,283,000
1,116,100
12,887,000
1,082,200
26,130,000
Reserve
with
Legal
Deposi-
Average.
Average.
Average.
Average.
$
$
53,000
138,000
174,000
124,000 6,192,000
1,315,000
277,000
344,000
412,000 7,138,000
125,000
140,000
474,000
97,000 2,213,000
8,635,000
300,000 2,171,000
451,000 27,227,000
564,000
297,000
438,000
209,000 4,365,000
8,112,000 3,138,000 1,515,000 1,702,000 98,639,000
259,000
236,000
586,000
800,000 10,552,000
131,000
87,000
383,000
165,000 2,164,000
31,000
34,000
52,000
8,000
290,000
760,000
422,000
862,000 1,115,000 15,113,000
168,000 1,254,000
912,000
852,000 35,364,000
391,000
54,000
477,000
171,000 1,451,000
1,408,000
481,000 1,396,000 1,991,000 9,448,000
6,284,000
439,000 2,179,000
535,000 22,156,000
129,000
28,000
319,000
125,000 4,637,000
173,000
27,000
377,000
468,000 2,647,000
641,000
272,000
551,000
487,000 2,545,000
1,452,000
313,000 2,103,000 2,896,000 14,280,000
72,000
854,000
38,000
277,000 4,001,000
101,000
667,000
060,000
528,000 20,326,000
14,000
17,000
179,000
16,000
458,000
30,000
56,000
419,000
389,000 2,326,000
508,000 1,197,000
54,000
63,000 24,678,000
2,168,000
366,000 3,019,000
388,000 13,768,000
105,000
58,000
224,000
331,000 1,392,000
24,000
17,000
19,000
57,000
786,000
3,366,000 2,465,000 1,745,000
519,000 37,158,000
59,000
45,000
238,000
70,000
96S,000
189,000
315,000
117,000
393,000 2,846,000
63,000
28,000
266,000
204,000 1,027,000
56,000
127,000
334,000
57,000 1,072,000
348,000
307,000
607,000
167,000 6,461,000
127,000
26,000
178,000
619,000 9,818,000
16,000
38,000
112,000
352,000 1,388,000
8,000
32,000
166,000
183,000
1,551,000
92,000
49,000
221,000
323,000 3,943,000
650,000
78,000
197,000
550,000 39,411,000
356,000
74,000
120,000
269,000 6,850,000
2,818,000
98,000
547,000 1,159,000 56,123,000
94,000
46,000
78,000
133,000 1,561,000
295,000
125,000
407,000
497,000 9,393,000
59,000
79,000
281,000
318,000 2,223,000
34,000
13,000
16,000
11,000 9,316,000
104,000
170,000
61,000
231,000 2,387,000
410,000
153,000
303,000
271,000 1,671,000
204,000
41,000
83,000
266,000 4,524,000
11,000
206,000
66,000
70,000 1,117,000
42,000
176,000
540,000
807,000 2,912,000
Additional
Deposits
with
Legal
Depositaries.
Average.
State Banks.
Greenwich
People's
Bowery
Fifth Avenue
German Exchange__ _
13k of the Nfetropolls_
West Side
N Y Produce Exch._
State
Totals, avge for wk
on
on
on
on
Jan.
Jan.
Jan.
Jan.
26
19
12
5
3,945,368,000 41,074,000
3,852,513,000 42,387,000
3,883,082,000 42,67-1,000
3,935,735,000 42,476,000
Not Mem hers of Fed oral Reserve
Bank.
500,000
1,372,700
13,502,000 1,022,000
200,000
503,400
3,262,000
44,000
812,900
250,000
4,227,000
278,000
100,000 2,300,200
16,991,000 1,073,000
200,000
868,300
5,767,000
378,000
1,000,000 2,353,600
14,279,000
596,000
326,600
54,000
3,984,000
216,000
1,000,000
1,014,100
18,579,000 1,110,000
1,500,000
654,100
24,107,000 2,276,000
5,076,600
Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on
9,933,300
Jan. 26
Jan. 19
Jan. 12
Jan. 5
National
Bank
Circulalion.
Average.
Average.
Average.
1,494,000
778,000
2,000,000
783,000 1,824,000
20,180,000 3,774,000
13,030,000 1,756,000
3,123,000
445,000
603,000
147,000
50,000
6,985,000 4,931,000
5,271,000
700,000
7,030,000 1,887,000
290,000
265,000 1,021,000
87,000
51,000
3,679,000 4,103,000
50,000
937,000
3,407,000 6,735,000
461,000
640,000
199,000
18,834,000 1,300,000
1,000
62,000
292,000
2,527,000
441,000
450,000
3,753,000
31,899,000
9,543,000
36,959,000
1,070,000
0,902,000
1,553,000
6,950,000
1,161,000
1,115,000
1,512,000
516,000
1,190,000
465,000
234,000
192,000
596,000
238,000
528,000
37,000
347,000
349,000
801,000
145,000
338,000
232,000
502,000
983,000
314,000
799,000 3,080,000
240,000
158,000
1,199,000
138,000
1,374,000
26,000
14,133,000
3,417,000
3,864,000
18,174,000
5,789,000
13,314,000
3,996,000
19,847,000
26,882,000
55,000
104,698,000 6,993,000 1,759,000 3,244,000 2,986,000
6,087,000 4,242,000
109,416,000
83,000
105,341,000
104,282,000
107,018,000
104,879,000
5,000
23,000
1,783,000
1,633,000
1,648,000
1,854,000
3,233,000
3,448,000
3,844,000
3,522,000
2,998,000
2,988,000
3,095,000
3,009,000
6,532,000
6,652,000
5,618,000
6,352,000
4,670,000
4,193,000
4,574,000
6,272,000
109,536.000
109,907,000
111,819,000
108,963,000
101.000
57,000
81,000
63,000
Trust Companies. -./Vot Mem hers of Fed oral Reserve
Bank.
Title Guar dc Trust.. 5,000,000 11,706,300
39,580,000 1,764,000
Lawyers Title & Tr__
4,000,000 5,184,000
23,653,000
618,000
198,000
201,000
211,000
46,000
336,000
167,000
1,247,000
1,331,000
648,000
143,000
24,936,000
15,200,000
1,379,000
545,000
Totals, avge for wk
9,000,000 16,890,300
Jan.
Jan.
Jan.
Jan.
26
19
12
5
63,233,000 2,382,000
399,000
257,000
503,000
2,578,000
791,000
40,136,000
1,924,000
63,173,000
78,124,000
77,362,000
76,819,000
395,000
616,000
576,000
509,000
274,000
572,000
536,000
655,000
552,000
800,000
828,000
813,000
2,623,000 1,051,000
3,066,000
689,000
2,983,000 1,137,000
2,985,000 3,626,000
40,021.000
54,555,000
52,602,000
51,155,000
1,924,000
3,102,000
3,166,000
3,381,000
2,310,000
3,005,000
2,922,000
2,655,000
50,000
3,517,156,000 202,278,000 34,109,000
3,502,301,000 195,571,000 14,070,000
3,579,022,000 193,647,000 34,114,000
3,486,326,000 187,717,000 34,016,000
6,969,000
6,824,000
6,929,000
6,839,000
Totals, actual conditi on
Totals, actual conditi on
Totals, actual comilti on
Totals, actual conditi on
896,000
399,000
248,000
70,000
550,000
414,000
399,000
3,491,974,000 198,741,000 34,031,000
15,357,000 26,829,000 21,358,000 558,031,000
16,085,000 29,181,000 22,357,000 527,205,000
18,550,000 31,498,000 24,568,000 548,771,000
17,719,000 29,146,000 23,902,000 518,218,000
207,000
382,000
36,000
109,000
12,000
37,000
111,000 1,194,000
71,000
149,000
316,000
267,000
114,000
94,000
543,000
489,000
349,000
523,000
Net
Time
Deposits.
36,419,000
40,129,000
15,871,000
145,784,000
28,624,000
541,749,000
62,885,000
13,898,000
2,184,000
95,434,000
264,875,000
10,406,000
67,249,000
145,081,000
29,859,000
11,404,000
21,226,000
100,950,000
28,828,000
155,976.000
3,195,000
16,790,000
159,363,000
92,053,000
9,270,000
5,123,000
246,904,000
6,151,000
15,304,000
9,873,000
6,263,000
48,133,000
67,365,000
10,655,000
11,648,000
27,285,000
241,152,000
51,466,000
376,929,000
8,551,000
71,007,000
21,094,000
63,562,000
16,104,000
13,641,000
40,374,000
9,590,000
23,398,000
Average for week _k 187,300,000 308,550,500 3,907,585,000 42,219,000 15,303,000 28,800,000 22,131,000 538,376,000
Totals, actual conditl
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Net
Demand
Deposits.
Grand aggregate,avge 201,376,600 335,374,100 4,075,516,000 51,594,000 17,461,000 32,301,000 25,620,000 547,041.000 5,033,000 a3,641,526,000 200,748,000 34,031,000
Comparison prey wk_
+3,971,000 -565,000-217400 -3393000 -1733000 +3,562,000 -951,000 -89,912,000 +3,265,000 -24,000
Grand ag'gate, actual condition
Comparison prey wk_
Grand
Grand
Grand
Grand
ag'gate, actual
ag'gate, actual
ag'gate, actual
ag'gate, actual
condition
condition
condition
condition
Jan. 26___ 4,113,882,000 50,353,000 17,535,000 30,336,000 24,908,000 567.186,000 5,730,000 b3,666,713 000 204,303,000 34,109.00
+78,963,000 -1863000 -709,000 -2865000 -1237000 +30263000 +848,000
-50,000 +5,573,000 +39,000
Jan. 19___ 4,034,919,000 52,216,000 18,334,000 33,201,000 26,145,000 536,923,000
12... 4,067,462,000 52,525,000 20,814,000 35,878,000 28,491,000 557,372,000
Jan. 5___ 4,117,433,000 51,970,000 20,082,000 33,323,000 27,724,000 527,555,000
Dee. 29.... 4,118,775,000 52,999,000 19,427,000 33,802,000 28,094,000 569,618,000
JAIL
4,882,000
5,712,000
9,898,000
4,131,000
3,666,763,000
3,744,343,000
3,646,444,000
3,580,168.000
198,730,000 34,070,000
196.894,000 3,411,000
191,161,000 34,016,000
198,492,000 34,104,000
a U.S. deposits deducted, $209,916,000. b IL S. deposits deducted, $243,546,000. c Includes capital set aside for foreign branches, $6,000,000.
Note.-In the statement for week ending Jan. 26 the aggregates of the Lincoln Trust Co., which were formerly included in the Trust Company group, were transferred
to the group composed to members of the Federal Reserve Bank.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Total
Reserve.
a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dee.
Reserve
Cash
from
Reserve
in
PreviousiVeek in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc. or Dee.
from
PreviousiVeek
Members Federal
3
3
$
$
1
$
3
$
$
$
$
$
538,376,000 538,376,000 459,918,850 78,457,150 +13,436,450
c
Reserve Bank_
558,031,000 558,031,000 403,298,620 94,732,380 +28,693,640
d
14,982,000 6,087,000 21,069,000 19,694,880 1,374,120
State banks
1,798,520
+290,340 14,983,000 6,532,000 21,515,000 19,716,048
+36,780
TrustCompanies. 3,541.000 2,578,000 6,119,000 6,020,400
98,600
-62,050 3,531,000 2,623,000 6,154,100 6,003,150
150,850
+275,100
Total Jan.
Total Jan.
Total Jan.
Total Jan.
26.
19_
12_
5_
18,523.000 547,011,000 565,564,000 485,634,130
20,310,000 543,479.000 563,789,000 497,523,870
20,365,000 510,988,000 561,353,000 492,097,620
In OAR non C11 0(19 non Act one non den 953 non
79,929,870 +13,664,740
66,265,130 -2,990,250
69,255,380 -2,369,600
71 119.1 non -199ann 9son
18,514,000 567,186,000 585,700,000 189,018,250
19,866,000 536,923,000 556,809,000 189,132,770
20,418,000 557,372,000 577,790,000 499,218,990
to 9OAR non c97 Cqc nnn 547 411 nnn 486.140.480
06,681,750 +29,005,520
67,676,230-10,896.780
78,573,010 +17,302,496
61.270.520 -51.106.316
Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case et members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Jan. 26, $5,962,230; Jan. 19, $5,827,500: Jan. 12, $5,836,890: Jan. 5, 35,680.920.
b This is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Jan. 26, $6,068,340; Jan. 19, $5,867,130; Jan. 12, $5,809,410; Jan. 5, 55,631,510.
c Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. 26, $108,453,000: Jan. 19, $113,5'31,000; Jan. 12, $116,674,000; Jan. 5, 3112,331,000.
d Amount of cash in vaults, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. 26, $104,618,000; Jan. 19, $110,010,000; Jan. 12, 5117,290,000; Jan. 5, $113,243,000.
477
THE CHRONICLE
FEB. 2 1918]
In addition to the returns of "State banks and trust comThe 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
the Department also
In New York City not in the Clearing House, and these are by the State Banking Department,
presents a statement covering all the institutions of this class
shown in the following table:
so as to distincompiled
in the whole State. The figures are
SUMMARY OF STATE BANKS AND Tausr COMPANIES IN GREATER
guish between the results for New York City (Greater New
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences Irons York)and those for the rest of the State, as per the following;
previous week.
6
For definitions and rules under which the various items
Inc.i $2,361,400
$823,613,500
Loans and investments
Dec.
249,700 are made up, see "Chronicle," V. 98, p. 1661.
17,576,000
Specie
Dec.
91,700
12,581,500
Currency and bank notes
The provisions of the law governing the reserve requireInc. 1,861,900
64,067,500
Deposits with the F. R. Bank of New York
Dec. 1,524,100 ments of State banking institutions as amended May 22 1917
027,839,200
Total deposits
Deposits, eliminating amounts due from reserve dewere published in the "Chronicle" May 19 1917 (V. 104, p.
positaries and from other banks and trust comDec. 9,430,100 1975). The regulations relating to calculating the amount
panies in N. Y.City,exchanges and U.S.deposits 838,032,600
Inc. 4,802,200
166.279,800
Reserve on deposits
of deposits and what deductions are permitted In the comPercentage of reserve, 22.3%.
putation of the reserves were given in the "Chronicle" April 4
RESERVE.
-State Banks- -Trust Companies
(V.98, p. 1045).
1914
$81,412,600
11.30%
12.90%
$12,812,400
in
Cash vaults
Deposits in banks and trust cos__
Total
13,810,000
12.19%
$26,622,400 23.49%
58,244,800
9.22%
STATE BANKS AND TRUST COMPANIES.
$139,657,400 22.12%
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Total
Reserve in
Loans
Legal
Cash in
DeposiDemand
and
Week
Tenders.
Vault.
Specie.
lanes.
Deposits.
investments
Ended$
588,667,7
5,428,246,7 4,473,000,6 142,132.9 76,739,1 218,872,0
Nov. 3
625,012,3
5.491,980,2 4,473,207,0 138,626,2 85,904,7 224,530,9
Nov. 10.
84.363,2 221.691,0
623,908.6
Nov. 17.- - 5,557,891,9 4.477,113,2 137,330,8 83,834,2
208,638,0
611,381,8
Nov. 24__ 5,619,230.7 4,252,162,1 124,803,8
209,872,2
650,784,6
Dec. 1___ 5,559.742,4 4,297.610,1 113,749,3 96,122,9
682.360,1
Dee. 8..... 5,827.062,0 4,353,272,1 112,093,5 96,747,7 208.841,2
671,117,1
5,575,672,8 4,417,314,1 110,725,3 96,692,9 207,418,2
Dec. 15_
602.178,4
Dec. 22_ _ 5,011,186,0 4,357,133,8 103,501,8 95,878,3 204,383,1
608,984,8
4,952,579,3 4,352,163,0 101,273,2 98,861,9 203,138,1
Dee. 29_
617,798,8
Jan. 5___ 5,915,390,8 4,443,769,4 104,006,5 100,321,2 201,327,7
613,402,6
Jan. 12.... 4,893,792,4 4,520,394,9 101,736,0 102,483,2 207,219,2
98,375,5
203,054,2
101,678,7
612
,272,4
4,578,900,7
,797,1
4,892
Jan. 19...
619,095,8
Jan. 26_ _ _ 4,899,129,5 4,479,558,6 101.471,0 97,599,0 199,070,0
and
notes
bank
national
Fed.
are
Reserve
Tenders"
notes
Inclu led with "Lega
bald by State banks and trust cos. but not those hold by Fed. Reserve members.
Week ended Jan.26.
Trust Cos.
Trust Cos.
State Banks
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. F. Greater N. F. Greater N. Y.
$25,938,700
Capital as of Sept.8
$19,775,000
$88,950.000
$16,573,000
Surplus as of Sept.8
38,506,722
162,901,400
16,937,000
25.748,040
419,072,900 1,901,019,200
-2,035,600 +29,224,400
193,991.600
+76,61 1
322,532,400
-85.200
523,690,900 2,110,207,100
Deposits
Change from last week_ -14,288,100 +36,295,000
201,684,600
-163,500
309,438,400
-892,700
101,877,200 332,134,000
-660,900 +12,637,400
30,179,700
-1,543,900
37,776,900
-327,200
18.9%
20.8%
23.8%
P. C. reserve to deposits_
19.4%
19.0%
23.6%
Percentage last week
+ Increase over last week. -Decrease from last week.
16.6%
16.9%
Loans and investments
Change from last week_
Specie
Change from last week_
18,831,500
+230,100
19,937,500
-243,100
Currency and bank notes_
Change from last week_
22,504,600
-713,800
14,890,900
-417,600
Deposits with the F. R.
Bank of New York_ _ _ _
Change from last week_
33,168,700
+1,621,300
204,953,800
+8,973,600
Reserve on deposits
Change from last week_
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by olearing
non-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-ME MBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
Profits.
Loans,
Discounts,
Investments,
etc.
Week Ending Jan. 26 1918. (Nat. banks-Dec.311
1State banks Nov.141
CLEARING
NON-MEMBERS.
Members of
Federal Reserve Bank
Battery Park Nat. Bank
W. It. Grace & Co.'s Bank
First Nat. Bank, Brooklyn
Nat. City Bank, Brooklyn...
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey CIO
First Nat. Bank, Hoboken__
Second Nat. Bank. Hoboken
Total
Capital.
423,000
400,000
599,500
500.000
673,400
300,000
584.400
300,000
400,000 1,307,600
767,800
250,000
684,300
220,000
310.000
125,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
Total
Grand aggregate
Comparison previous week...
Excess reserve
Grand aggregate Jan. 19Grand aggregate Jan. 12___.
Grand aggregate Jan. 5,,..
Grand aggregate Dec. 29__ -Grand aggregate Dee. 22
Gold.
467,000 2,615,000
970,800 9,164,000
748,900 11,682,000
142,800 4,849,000
491,500 8,526,000
201,100 3,932,000
687,900 6,84:3,000
829,100 20,501,000
210,600 4,535,000
Reserve
with
Legal
Depositante:.
Additional
Deposits
with Legal
Deporttaries.
Net
Demand
Deposits.
8,917,000
7,460,000
700,000 1,341,400 16,377,000
6,895,000 11,442,000 136,400,000
-333,000
315,050 increase
6,895,000 11,442,000 136,733,000
6,896,000 11,616.700 134,594,000
6,895,000 11,616,700 132,937,000
0,795,000 11,241,200 133,154,000
6,795,000 11,375,300 132,719,000
Net
Time
Deposits.
National
Bank
CirculaKos.
Average. Average.
3
67.000
196,000
6,029,000
750.000
1,677,000
652,000
298,000
5,185,000
386,000
120,000
5,229.000
399.000
6,816,000
464,000
199.000
3,689,000
219,000
3,050.000 3,446.000
100,000
2,662,000 2,494,000
Average.
456,000
483,000
464,000
851,000 4,268,000 7,514,000
34,337,000 8,259,000 1,531,000
89,000
592,000
642,000
154,000
471,000
187,000
446,000
567,000
152,000
1,000
169,000
•
19,000
62,000
145,000
80,000
325,000
40,000
61,000
368,000
355,000
99,000
197,000
178,000
307.000
816,000
136,000
127,000
115,000
585,000
136,000
720,000
294,000
217,000
255,000
533,000
369,000
247.000
82,000
449,000
104,000
448.000 1,293,000
231.000
206,000
2,118,000
9,753.000
11,995,000
4,510,000
8,494,000
4,130.000
7,486.000
21,550,000
4,311,000
3,700,000 4,749,700 72,647,000 3,300,000
500,000 1,002,900
200,000
338,500
Miser.
National
Bank
& Federal
Reserve.
Notes.
Average.
Average.
Average, Average. Average. Average. Average.
$
$
$
$
$
6,443,000
94,000
642,000
219.000
22,000
3,000
16,000
3,953,000
652,000
2,000
1,000
525,000
6,686,000
544,000
64.000
18,000
118,000
12,000
511,000
6,132,000
541,000
20,000
57,000
86,000
34,000
6,959,000
172,000 1,000.000 4,188,000
92,000
253,000
365,000
876,000
4,585,000
303.000
127.000
89,000
85,000
4,000
775,000
7,035,000
329,000
157.000
62,000
20,000
11,000
545,000
5,583,000
257,000
53,000
33,000
18,000
41,000
2,495,000 5,350,900 47,376,000
State Banks.
Not Members of thy ,
Federal Reserve Bank.
100,000
Bank of Washington Heights_
500,000
Colonial Bank
300.000
Columbia Bank
500,000
International Bank
200,000
Mutual Bank_
200,000
New Netherland Bank
100,000
Yorkville Bank
Mechanics' Bank, Brooklyn.. 1,600,000
200,000
North Side Bank, Brooklyn
Legal
Tenders.
407,000
358,000
407,000
213,000
186,000
832,000
311,000
375,000
221,000
174,000
79.000
149,000
400.000
841,000 2,517,000 2,009,000 4,402,000 2,714,000
74,347,000 1,398,000
382,000
35,000
66,000
41,000
25,000
96,000
96,000
51,000
360,000
495,000
572,000
116,000
7,208,000
812,000
4,498,000 3,007,000
417,000
107,000
121,000
147,000
855,000
688,000
11,706,000 3,819,000
4,173,000 1,431,000 3,102,000 3,007,000 9,525,000 10,916,000 a120,390.000 13,476,000 1,531,000
+5,000 -98,000 +155,000 +118,000 -929,000 --1,209,000 +10,000 +10,000
-11,000
4,184,000
4,256,000
4,289,000
4,283,000
4,363,000
1,426,000
1,559,000
1,622,000
1,602,000
1,468,000
3,200,000
3,297,000
3,336,000
3,550,000
3,383,000
2,852,000
2,896.000
2,887,000
2.883,000
2,687,000
9.407,000 11,845,000 a121,509,000 13,466,000
9.576,000 12,428,000 119,577.000 13,289,000
9,463,000 15,093,000 117,984,000 13,113,000
8,610,000 11,682,000 117,107,000 13,017,000,
8.658.000 10,291.000 115,738,000 13,039,000
1,521,000
1,523,000
1,520,000
1,520,000
1,518.000
a U. S. deposits deducted, $3,993.000.
_ --
Boston Clearing House Banks.-We give below a vaults" is not a part of legal reserve. For trust companies
summary showing the totals for all the items in the Boston not members of the Federal Reserve system the reserve
Clearing House weekly statement for a series of weeks:
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
BOSTON CLEARING HOUSE MEMBERS.
Jan.26
1918.
Change from
previous week.
Jan. 19
1918.
Jan. 12
1918.
$5,444,000 Dec.
$7,000 $5,451,000 $5,459,000
Circulation
432,000 482,062,000 481,650,000
Loans, dise'ts & investments_ 481,630,000 Dec.
386,549,000 Dec. 17,151,000 403,700,000 :189,312,000
Individual dePoslts.
119,965,000 Dec. 10,780,000 130,745,000 137,285,000
Due to banks
736,000 22,254,000 22,486,000
22,990,000 Inc.
Time deposits
Exchanges for Clear. House. 12,946,000 Dec. 6,954,000 19,900,000 17,825,000
86,580,000 Dec. 9,105,000 95,685,000 102,847,000
Duefrom other banks
Cash in bank & In F. R. Bank 56,939,000 Dec. 3,934,000 60,873,000 59,323,000
Reserve excess in bank and
Federal Reserve Bank._.... 16,169,000 Dec. 2,752,000 18,921,000 18,056,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Jan..26, with comparative
figures for the two weeks preceding is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
west ending Jan. 26 1918.
Two ciphers (00) omitted.
Mem. of
F. R. Syst.
Capital
Surplus and profits
Loans, diso'ts & invesets.
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed. Res. Bk.
Res've with legal deposles
Cash in vault
Total reserve Sc cash held_
Reserve required
Rireess ran. Itc Ranh in vault
$25,975,0
65,890,0
534,453,0
19.930,0
116,746,0
163,877,0
421,532,0
3,421,0
588,830,0
Trust
Cos.
$5,500,0
13,956,0
44,793,0
506,0
182,0
984,0
31,853,0
32,837,0
50,559,0
18,928,0
69,487,0
44,975,0
24.512.0
4,875,0
1,807,0
6,682,0
4.822,0
1.550.0
Jan.19
1918.
Jan.12
1918.
331,475,0
79,852,0
585,073,0
23,242,0
128,105,0
173,078,0
466.883.0
3,377,0
643,338.0
25,124,0
47,525,0
4,739,0
22,045,0
74,309,0
50,618,0
23.60111
$31,475,0
79,827,0
583,504,0
22,419,0
136,562,0
174,630,0
473,486,0
3,392,0
651,508,0
29,188,0
54,204,0
5,520,0
23,134,0
82,858,0
50,692,0
22 1RR (I
Total.
$31,475,0
79,846,0
579,246,0
20.436,0
116,928,0
164,861,0
453,385,0
3,421,0
621,667,0
25,844,0
50,559,0
4,875,0
20,735,0
76,169,0
49,797,0
28.372.0
• Cash In vault Is not counted as reserve for F. R.Bank members.
478
THE CHRONICLE
[VOL. 106.
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER SEPT. 11 1917.
TOM
No.
Sept. 11 1917. of Capital.
Banks
Surplus.
Undi- Nat.
vided
Bank
Profits. Notes
Out.
Due to
DEPOSITS.
Banks,
dec.,
Net.* bDemand Time.
In thousands of dolla rs. $
$
$
$
63
6,965 3,851 2,582 5,351
Maine
55
5,235 3,602 1,633 4,822
NewHampshire
Vermont
48
4,985 2,157 2,042 4,269
Massachusetts_ 139
25,565 16;645 11,110 15,921
12
27,600 29,430 12,468 5,557
Boston
5,570 4,077 2,799 4,423
17
Rhode Island_ _
69
19,999 11,746 7,275 12,370
Connectiout..
New England
403
New York_ _
Albany
Brooklyn
New York
New Jersey..
Pennsylvania
Philadelphia.
1 Pittsburgh_ _
Delaware
Maryland
Baltimore.._ _
Dist. of Colum.
Washington_
436
3
5
34
203
784
30
18
22
83
12
1
13
Eastern
Vlrginia
Richmond _ _
West Virginia_
North Carolina
South Carolina
Charleston_ _
Georgia
Atlanta
Savannah..
Florida
Alabama
Birmingham.
Mississippi_ _ _ _
Louisiana
New Orleans
Texas
Dallas
Fort Worth..
Galveston._
Houston.. _
San Antonio..
Waco
Arkansas
Kentucky
Louisville_ _ _
Tennessee
Chattanooga
Nashville
1,644
139
8
115
80
71
5
93
5
2
55
89
2
34
29
4
509
5
5
2
6
8
5
67
126
7
105
2
5
Western ____ 1,349
Pacific
Alaska
Hawaii
Non-mem. b'ks
69
5
3
1
78
4
253
8
9
62
14
4
6
10
14
1
541
==
2
2
138,729
3
6,761
7,084
5,114
24,139
12,520
5,944
14,930
$
$
27,013
5,653
9,218
4,419
9,367
2,748
41,094
19,363
34,389
30,435
11,883
3,636
29,139-16,560
76,492
162,103
82,814
52,473
2,866
1,444
183,339
26,235
90,076
21,750
34,572
1,615
5,972
6,893
311
9,790
163,561
10,585
6,994
331,1185
103,728
266,283
63,961
78,678
5,336
18,644
11,119
655
12,653
53,456
9,972
2,222
93,750
31,307
79,224
50,568
38,269
1,635
5,098
12,565
148
10,497
340,350 352,961 154,263 186,753 1,438,260 3,274,017
743,094 3,570,435
437,327 1,074,182
388,709
14,218 9,036
5,700 4,606
10,055 6,752
8,810 4,134
7,667 2,596
1,600
891
8,008 4,407
4,100 3,500
900
700
6,460 3,268
8,816 4,580
1,750 1,550
3,825 1,831
3,635 2,508
4,200 2,530
36,979 20,547
4,650 3,150
2,300 1,650
500
300
5,500 2,100
3,150 1,470
1,750
455
5,511 2,375
11,771 5,530
4,995 2,800
9,650 3,912
1,750 1,000
2,900 1,743
2,966 11,9177
1,666 3,067
2,420 9,008
2,428 6,322
1,287 5,201
557 1,085
2,270 6,258
1,596 3,344
800
266
1,819 5,172
1,708 7,585
90 1,632
767 2,817
774 2,501
1,103 2,485
9,993 24,461
1,121 3,659
1,032 1,426
103
434
1,151 4,355
339 2,922
302 1,500
1,257 3,018
1,622 10,975
1,197 4,513
1,819 7,876
252 1,650
425 2,206
302,462 161,847 80,819 173.872
Washington__
Seattle
Spokane....
Tacoma..
Oregon
Portland.... _
California
Los Angeles..
SanFrancisco
Idaho
Utah
Ogden
SaitLakeCity
Nevada
Arizona
Alaska
608,873
$
41,778
22,638
21,605
150,115
298,160
32,284
103,915
670,495
Middle West 2,114
158
127
178
4
9
221
2
3
4
105
36
114
5
2
41
322
4
6
8
107,411
$
36,194
2,982
14,450
35,260
23,055
8,150
18,638
148,056 340,237
5,884
31,148
1,878
19,616
84,973 1,889,170
82,527 186,260
338,364 418,031
6,104 324,988
24,749 202,726
3,779
8,360
34,216
36,915
3,392
73,493
737
10,072
38,754
16,710
869
660
79,455
10,919
23,722
10,030
6,694
696
1,336
2,223
101
848
181,150 99,921 42,330 138,189
North Dakota..
South Dakota_
Nebraska
Lincoln
Omana
Kansas
Kansas City,
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
Pueblo
New Mexico
Oklahoma _
Muskogee_
Oklah's City
Tulsa
$
30,154
26,985
12,796
147,513
251,019
31,279
109,127
Cash
Due
Lawful
Silver
incl.
from
Reserve
and
Banks,
with
Gold Minor Paper. Clear.
House
dec., Fed. Res. Coin. Coins
Certfs.
Net.*
Banks.
Other
Securlties.
35,749
22,580 367,928
1,780
26,600
23,248
554
5,861
22,899
32,314 1,026,419 1,584,090
14,663
16,383 225,823
58,992
8,611 391,946
8,788 158,188 313,326
17,411 122,319 213,450
812
1,273
9,416
4,029
1,156
23,682
56,191
40,671
4,920
40
1,079
227
40,939
8,620
6,053
95,919 71,508 39,909 52,713
48,648 36,283
2,100 2,200
2,000 2,200
122,700 138,025
22,367 22,919
68,909 73,659
21,155 39,120
27,750 19,135
1,589 1,617
5,094 4,120
10,861 8,395
252
298
6,925 4,990
Southern ___ 1,583
=_- _348
8
7
8
252
6
456
11
102
3
137
5
278
4
6
337
2
3
3
6
108
13
4
7
Ohio
Cincinnati _ _
Cleveland
Columbus.._ _
Indiana
Indianapolis_
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee_ _
Minnesota _ _ _ _
Minneapolis_
St. Paul..
Iowa
Cedar Rapids
Des Moines_
Dubuque
Sioux City
Missouri
Kansas City_
St. Joseph
St. Louis
$
3,119
3,070
1,175
9,891
81,621
1,998
6,537
Loans
U. S.
and
Bondsand
DisCifs. of
counts.
Indebt.
10,872
27,418
7,277
10,469
3,720
2,645
6,575
8,380
1,546
-. 8,027
2,408
2,701
2,542
4,307
11,450
19,384
11,455
10,399
2,305
22,731
5,995
1,860
6,353
2,729
18,447
8,360
3,845
8,073
71,543
28,729
59,574
37,951
19,274
3,514
25,885
30,918
1,667
32,496
34,647
10,738
17,494
21,876
27,916
173,306
29,103
16,462
2,053
29,357
16,791
6,260
26,085
49,832
21,875
45,330
9,356
13,358
232,273
863,390
280,978 1,072,788
16,427
41,661
58,812
10,104
17,875
22,502
33,934
290,626
7,356
17,296
6,717
22,064
11,447
43,701
22,966
26,314
13,558
16,104
1,265
15,366
6,057
106,469
15,765
89.051
224,921
59,821
99,903
26,812
122,558
34,729
188,270
342,121
54,923
66,448
52.228
40,508
70,851
64,097
50,668
84,772
4,230
8,742
1,881
7,630
33,280
67,924
7,003
71,209
107,447
7,369
2,550
7,265
52,170
2,958
113,520
16,141
75,387
6,103
71,155
23,051
87,525
15,024
7,087
79,472
3,339
2,947
910
2,607
8,760
6,070
2,785
16,423
38,855
11,409
35,008
17,371
14,271
5,713
10,121
9,517
759
21,851
8,969
6,044
6,074
6,690
1,889
19,992
1,796
1,942
2,464
8,432
1,389
1,027
2,962
12,415
5,846
13,609
8,981
5,582
99,725
58,325
71,487
52,893
34,775
9,221
36,804
38,210
4,364
42,641
35,411
13,384
18,657
25,645
25,959
179,193
33,638
19,185
3,947
41,987
15,095
7,242
27,622
54,936
33,094
53,420
16,368
19,560
22,631 10,897 29,525
6,650 3,334 8,315
7,100 2,689 4,247
1,917
947 2,636
10,345 3,888 19,749
2,990 1,549 6,248
19,751 10,195 26,064
27,110 16,088
749
5,928 3,183 8,355
3,500 1,366 1,635
5,012 2,924 9,118
3,350 1,677 4,001
7,147 3,593 9,735
6,260 2,782 2,033
3,975 1,532 1,042
9,380 4,240 15,829
550
213
773
750
608
805
210
74
400
576
186
870
2,900 1,476 5,338
4,000 4,224 4,059
845
800
253
9,015 2,901 11,701
10,900
3,172
11,424
2,955
1,026
2,425
1,324
1,025
135
8,461
4,572
1,933
4,184
2,027
2,252
5,635
483
598
318
1,518
762
213
2,021
6,059
7,884
2,944
942
3,829
15,384
8,851
18,969
12,383
6,475
1,597
9,213
8,181
952
10,271
10,270
4,079
4,341
5,518
7,731
49,170
7,092
7,043
1,366
11,820
5,606
1,922
6,755
9,796
6,052
11,942
3,239
3,614
199,261
90,721
249,632
240.844
69,996
114,248
26,490
133,924
39,550
240,306
465,836
87,380
61,138
91,899
63,435
137,745
92,928
54,489
154,855
14,464
22,295
2,557
16,105
38,041
123,135
16,789
129,749
41,164
11,328
8,193
3,817
28,778
9,264
40,052
9,693
12,998
3,508
13,234
7,065
13,465
3,663
4,469
23,510
1,114
1,901
461
1,570
6,974
6,496
1,945
14,591
70,060
18,823
12,383
8,228
28,588
5,552
43,147
32,455
33,989
9,822
24,190
7,845
12,746
5,783
8,533
7,742
1,136
700
714
1,866
2,922
4,875
834
12,295
49,154
18,738
24,231
6,652
30,617
10,935
54,101
97,121
14,615
16,358
15,054
11,866
20,866
22,821
15,920
28,136
3,638
3,154
872
5,111
10,428
49,814
5,540
27,809
718,065 2,436,198
E
36,139
13,900
11,500
3,100
21,857
6,700
33,450
44,200
10,940
7,000
12,425
6,300
14,746
10,300
6,600
19,500
800
2,250
500
1,350
6,255
11,550
1,100
20,200
16,439
4,118
12,632
9,705
7,029
1,214
8,084
5,517
1,001
8,871
9,432
2,274
4,825
4,812
3,839
33,264
6,583
3,173
565
5,786
4,479
1,788
4,960
15,189
6,491
11,120
2,940
2,731
E
913,437 1,785,529
269,253
355,228
543,551
4,070
3,528
7,117
539
1,930
9,220
399
396
225
3,359
1,676
4,587
2,600
375
1,776
8,245
620
573
609
5,141
12,854
15,681
7,641
48,261
13,065
4,635
2,367
10,499
5,914
3,335
3,413
18,108
2,815
2,326
7,922
1,740
7,519
8,063
27,777
30,377
47,748
6,676
44,028
78,783
3,683
3,958
8,841
45,216
20,749
47,633
43,249
5,565
17.693
88,405
6,413
14,851
29,795
28,476
25,125
33,902
699
7,231
27,001
553
179
3,083
24,310
9,610
19,309
18,897
3,013
6,388
13,046
2,173
3,078
6,969
50,668
48,210
72,610
11,784
67,207
84,565
5,175
3,653
12,254
53,184
23,439
47,460
47,317
4,288
21,423
80,220
7,264
14,145
28,598
5,208
5,332
10,747
966
6,186
13,446
867
979
1,231
5.740
2,672
6,809
4,729
588
2,424
12,401
1,181
1,695
1,398
2,559
3,002
2,668
317
2,505
6,449
760
695
1,579
6,274
2,527
0,438
13,386
4.131
826
4,746
475
4,544
3,278
8,607
15,154
17,522
2,199
19,729
28,072
2,311
1,456
6,465
14,542
6,328
12,564
10,382
2,317
4,495
22,704
1,534
5,356
9,737
78,538 38,685 16,017 51,844
191,474
5,825
5,465
8,725
1,150
5,350
11,662
500
400
1,000
7,026
2,115
6,540
3,400
600
2,565
12,240
750
1,400
1,825
2,715
1,943
4,639
460
3,475
6,169
477
220
600
3,088
1,356
3.245
2,950
520
1,368
3.749
276
735
700
655
843
1,825
301
1,781
2,696
71
59
126
1,725
572
1,313
1,145
168
329
1,538
37
239
594
177,299
571,440
233,042
683,463
84,599
70,159
780 2,335
687 1,421
234 2,215
100
669
834 3,523
475 2,538
5,485 17,126
3,930 4,593
6,310 19,036
497 3,011
88
502
214
571
338 2,172
91 1,211
461
811
11
1,664
12,445
5,994
746
1,386
12,255
15,705
23,799
88,329
3,711
125
2,012
5,836
1,086
845
46
32,754
32,674
11,769
6,596
35,599
27,601
146,317
51,473
157,322
28,042
2,345
4,967
14,241
8,392
12,614
164
17,119
14,065
11,090
3,152
10,801
15,070
46,764
18,910
1,8527
9,564
2,432
1,874
6,224
2,576
2,668
33,012
32,696
19,686
5,334
32,267
34,524
146,055
69,561
170,296
29,253
4,323
6,532
18,739
7,295
9,782
85
4,767
2,566
3,401
1,121
5,899
4,294
25,504
7,424
23,344
5,141
638
1,046
2,822
1,700
1,484
7,277 11,200
3,330
1,614
4,140
8,818
31,466
5,334
27,797
2,921
349
620
2,691
1,425
1,658
11
91,249 43,753 20,535 61,734
4,260 2,468
4,100 1,240
2,450
500
1,000
145
5,091 2,471
5,000 2,300
23,626 9,841
7,400 2,745
28,500 17,720
3,781 1,618
631
241
575
355
2,200 1,080
1,435
331
1,195
698
25
4
8,640
10,614
3,524
2,336
9,183
7,462
31,434
14,447
68,170
7,459
528
1,343
4,537
2,784
3,389
106
175,984
572,870
180,836
610,440
91,151
110,651
175,956
100
550
75
300
68
82
62
475
7
122
1,494
1,757
321
17
581
1,848
383
516
124
453
824
644
650
375
150
537
129
3,251
338
2,429
899
577
1,468
Total U. S._ 7.638 1.090.318 769.080 354.02R Rf15.t142 3.044.703 7.1179.370 2.205.982 9.055,248 I
$
$
3,242
183
2,079
202
1,445
117
11,513
654
28,536 1,049
2,492
105
8,510
397
$
138
163
88
756
941
136
498
$
$
1,410 1,731
1,519 1,884
997
792
8,996 10,408
9,433 11,423
1,443 1,684
6,418 7,313
57,817 2,707 2,720 30,011 35,440
31,401
4,251
2,711
348,307
18,707
39,666
39,098
31,442
842
2,911
10,194
78
4,531
2,196 1,536 16,983 21,050
63
48 1,327 1,438
63
128 1,068 1,259
3,283 1,741 64,421 72,845
1,249 1,094 12,207 14,550
6,002 2,560 24,415 32,977
1,925 1,037 12,988 16,725
1,614
745 12,061 14,420
69
83
486
638
270
174 1,403 1,847
627
351 4,408 5,736
2
62
75
11
143
130 3,403 3,676
534,139 17,515 9,629 155,232 187,236
6,740
501
487
4,725
100
102
344
5,638
410
3,398
228
318
218
2,001
76
633
17
28
2,515
240
423
3,378
230
228
18
235
4
'3,271
219
364
2,926
375
448
1,545
75
82
1,526
82
178
2,133
328
115
3,569
650
48
14,473 1,756 2,038
197
39
3,704
1,927
56
295
56
483
110
282
4,674
167
2,199
388
195
112
724
37
2,253
353
173
4,171
458
308
3,799
131
176
3,939
654
349
1,198
38
47
1,988
42
151
3,765 4,753
906 1,108
3,235 3,989
2,392 2,938
1,358 1,652
416
371
1,996 2,659
1,234 1,692
190
168
2,082 2,665
2,741 3,562
661
504
696
956
892 1,335
1,842 2,540
7,670 11,464
1,045 1,281
753 1,104
485
651
2,397 2,846
1,651 2,234
561
710
1,829 2,355
2,164 2,030
1,990 2,297
2,304 3,307
970 1,055
593
786
89,763 7,187 8,355 48,594 64,136
---- -=.•__- =
.====2,326 1,315 11,750 15,528
492
221 7,118 7.831
271 5,387 6,164
496
169
178 2,248 2,593
833 5,599 8,238
1,806
243 3,275 4,661
1,143
2,814 1,478 9,671 13,963
1,649 1,181 21,475 24,305
997
489 4,125 5,591
362
109 2,660 3,131
515 3,210 4,976
1,251
115
207 2,115 2,437
1,392
693 3,071 5,156
696
382 2,035 3,113
152 1,493 2,678
1,033
814 3,843 6,231
1,574
276
219
20
37
765 1,029
203
61
207
138
45
24
688
548
77
63
412
302 1,361 2,075
432 3,471 4,643
740
777
530
143
104
70
223 4,243 4,536
20,175
8,876
13,047
3,349
11,028
4,592
18,667
67,243
6,302
6,917
6,200
5,697
8,151
8,561
6,245
9,862
1,970
2,257
261
1,982
2,847
10,716
1,746
16,606
243,297 20,025 10,307 100,348 130,827
3,056
3,437
5,369
1,181
7,339
6,834
616
532
1,529
4,283
1,953
4,246
5,504
752
1,628
7,256
721
1,936
3,093
242
• 417
768
37
684
1,088
14
57
57
1,098
334
939
1,873
187
172
554
37
91
75
313
285
374
116
238
683
25
34
68
425
137
316
169
28
127
781
103
144
138
1,666
1,823
2,569
484
2,896
4,613
205
286
557
4,249
1,341
3,061
4,191
484
1,024
3,895
461
739
906
1,011
1,121
1,427
331
1,974
2,842
166
195
414
2,726
870
1,806
2,149
269
725
2,560
321
504
693
61,265 8,824 4,502 22.104 35,430
3,35.
1 1,186
259
4,327 2,052
260
1,563
189
172
752
212
41
3,019 1,680
248
3,652 1,878
161
12.559 5,974 1,212
6,933 2,677
400
17,179 4,748
535
2,370
645
203
258
93
22
523
92
28
1,535
365
80
784
321
67
1,001
430
165
12
20
8
675
1,032
313
370
523
705
2,438
1,310
2,295
544
25
106
215
316
538
11
2,120
3,344
674
867
2,449
3,636
9,624
4,387
8,006
1,517
140
226
660
704
1,133
39
59,821 22,562 3,859 11,416 39,525
185
544
16
57
72973
=
=
337
678
136
77
213
_
1,015
1
.551 OW, 1 RA/ A91 I AI/ ems 1 rug In') 70 nin 30 AAK 35.7 010 A01 A00
•Banks and bankers other than Federal Reserve Bank. b Demand deposits are made up of: Individual deposits subject to check, $6,915,933,000: certificate
of deposit due in less than 30 days, $412,560,000; certified checks, $99,716,000; cashier's cheeks outstanding, $110,655,000; State and municipal deposits, $66,225,000,
and deposits with notice of less than 30 days, $44,945,000: other, $29,338,000.
$1.000
State and Railroad Bonds.-No sales of State bonds
have been reported at the Board this week. The market
for railway and industrial bonds has been strong and more
active. Of a list of twenty prominent issues, all have advanced. Of the exceptional features St. Loui9 & San
Franciscos are conspicuous. The 4s close 23/i points higher
than last week and the 4s A 132. Inter. Mere. Mar. 6s and
'Third Ave. adj. 5s are 2 points higher; U. S. Rubber 1st
ref. 5s 1%, and Southern Pacifies, Missouri Pacifies, and
Brooklyn Rapid Transits have advanced from 1 to 2 points.
In addition to the above, the active list includes Amer.
Tel. & Tel., Atchison, Bait. & Ohio, Ches. & Ohio, Burlington, Rock Island, Northern Pacific and New York Centrals.
United States Bonds.-In addition to Liberty Loan
33's at 97.26 to 98.30, Liberty Loan 1st 4s at 96.50 to 97,
and Liberty Loan 2d 4s at 95.76 to 96.30, sales of Government bonds at the Board include $2,000 2s reg. at 97 and
.$1,000 4s reg. at 105. For to-day's prices for all the different
issues and for week's range see third page following.
Railroad and Miscellaneous Stocks.-The stock market was without special feature durirtg the early part of the
week. Prices were unusually steady and the volume of
business was limited until Thursday, when a wave of optimistic sentiment, inspired chiefly by news from the Central
European countries, caused the short interest to hastily
cover contracts. The demand thus created was supplemented by brokerage house orders with the result that nearly a
million shares were traded in and a long list of shares moved
up from 4 to 10 points.
To-day's market was somewhat less active and at times
,reactionary. A few stocks added to yesterday's advance,
Week.
Range Since Jan. 1.
Lowest.
Highest.
b3
X
3134
AXAA
.
h..
1.
Par.Shares $ per share. $ per share. $ per share.
Nov
Jan 31 70
Jan 31 77
100 77
100
Adams Express
Dec
Jan 29 90 Jan 20 80
200 90
100
American Snuff
Oct
Jan 29 80
100 86
Jan 29 86
Am Sumatra Tob pf _100
Aug
100 3634 Jan 30 3634 Jan 30 35
Assoc Dry G 26 pref _100
Jan 30 523.4 Nov
Feb 1 59
400 58
100
Associated Oil
83.4 Dec
Jan 31
300 834 Jan 30 9
Atlanta Birm & At'_ _100
/s Jan 29 10034 Jan 31 98% Dec
400 1007
100
Barrett pref
% June
Jan 26
Jan 26 1
500 1
13atopilas Mining_ _ _ _20
Booth Flsheries„no par 6,900 2234 Jan 26 2334 Jan 29
Nov
200 834 Jan 29 734 Feb 1 5
Bnmswick Terminal_100
Feb 1 10934 Jan
Feb 1 105
10105
100
Burns Bros pref
3354
Nov
29
Jan
30
38
Jan
700
3834
par
....no
_
Packing_
Calif
Jan 30 5534 Dec
300 65 Jan 29 66
1'
Calumet & Arizona
Nov
Jan 29 100
Jan 29 104
5104
Cent & So Am Teleg _100
100 3434 Jan 31 3434 Jan 31 2454 Nov
Central Foundry__ _ _100
Dec
100 4334 Jan 31 4334 Jan 31 35
100
Preferred
200 834 Jan 26 834 Jan 26 734 Dec
Chicago & Alton_ _ .i00
Nov
Jan 31 45
100 51
Jan 31 51
Cluett Peabody & Co 100
Dec
100 3154 Jan 31 3154 Jan 31 24
Computing-Tab-Rec 100
Jan 31 12654 Dec
Jan 31 152
100 152
Cuban-Amer Sugar_..100
Nov
100 234 Feb 1 234 Feb 1 2
Duluth S S Sr Atlan _ -100
Dec
Jan 30 7 Jan 30 5
10 7
Del 88 & Atl pref__ _100
Feb 1 83.4 Dec
Feb 1 13
100 13
Federal Mg & Smeltg 100
Dec
Feb 1 3154 Feb 1 28
100
100
Preferred
Nov
Jan 31 73
Jan 31 77
100 77
Fisher Body pref_ .._..100
Dec
Jan 31 153
Jan 21 174
General Chemical_ _ _100 407165
1,000 354 Jan 31 331 Jan 31
Gen Electric rights
600 4134 Feb 1 4254 Jan 30 3134 Dec
Hartman Corp'n_._ _100
Haskell & Barker_no par 5,369 35 Jan 26 40 Feb 1 2734 Nov
Dec
100 8134 Jan 30 8134 Jan 30 x89
Homestake Mining__100
Oct
Int nary N J, pref _ _100
10010834 Jan 3010834 Jan 30 110
Dec
Feb 1 50
Int Harvester Corp_ _100 1,100 6734 Jan 29 72
Nov
Jan 30 95 Jan 30 92
Int Nickel pf v t c__ -100 . 100 95
Nov
Jan 29 973.4 Jan 30 90
400 97
100
Jewel Tea, pref
Feb 1 95 1Nov
Jan 29 96
30 95
Kings Co El L & P_ _100
Dec
43
31
Jan
50
Jan
31
50
100
100
Co
(S
H)
Kress
Oct
52 8334 Feb 1 8334 Feb 1 80
100
Laclede Gas
Feb 1 9734 Dec
Liggett & Myers, pf _100 45010234 Jan 26 104
100 1834 Jan 31 1834 Jan 31 1254 Nov
Loose-Wiles Biscuit _100
100 9734 Feb 1 9734 Feb 1 9334 Dec
Manhattan(Elev)Ry100
Feb 1 4334 Dec
Feb 1 52
200 52
May Dept Stores_ _ ..100
Feb 1 2534 Dec
Jan 30 32
50 400 30
National Acme
Nov
Feb 1 98
Feb 1 100
Nat Cloak & Suit pf_100 300100
Jan 29 1534 June
Jan 29 20
N 0Tex & Mex v t 0.100 300 19
Nov
Jan 30 10
Jan 29 14
200 14
N Y Chic & St Louls_100
Jan 29 1254 Mar
Jan 29 19
100 19
New York Dock_ _ __I
Dec
Nova Scotia S & C_ _100 2,300 6334 Jan 29 6834 Feb 1 59
700 4254 Jan 29 4334 Jan 31 4234 Nov
Ohio Fuel Supply.. _25
Feb 1 5134 Dec
Feb 1 82
100 62
Owens Bottle-Mach_ _25
Nov
Jan 30 8934 Feb 1 87
700 89
Pan-Am Pet & T, pf _100
Jan 29 9134 Sept
Jan 29 98
100 98
Pettibone-Mull 1st p1100
Dec
Pierce-Arrow Mot.no par 1,750 35 Jan 3 3634 Feb 1 25
Nov
600 8934 Jan 26 9034 Jan 30 88
100
Preferred
Nov
100 1954 Jan 30 1954 Jan 30 17
10
Pond Creek Coal
Jan 31 4934 Dec
Jan 26 67
Savage Arms Corp_ _100 1,000 61
Dec
Jan 30 100
Jan 30 106
25 106
So Porto Rico Sug p1.100
Stutz Motor Car_no par 9,100 4134 Jan 26 4734 Feb 1 3154 June
Nov
100 3934 Jan 29 3934 Jan 29 37
Transue&Wili'ms.no par
Nov
Jan 31 64
100 70 Jan 31 70
100
United Drug
Dec
Jan 26 48
400 4674 Jan 31 47
50
First preferred
Jan 31 7034 Dec
100 83 Jan 31 83
Wells, Fargo Express 100
Jan 311 1034 Dec
Jan 31 15
100 1,600 14
Western Pacific
Jan 21' RAIA nee
Jan 311 52
Inn 1.4511, 511
Preform!
'.
...60
Highest.
XX SA X 4 =
Range for
Lowest,
8gMlogt=ggr= .'z',L1Vot2ttti
q
Sales
for
Week.
X
" (cf,..R'
4
.........R.......... ..,V-.....›.s....
J4,,41..,m'a›.).M.......1,-o...›..c4X ,
34g1g.rag4AVAOMA;40411;;WINgigt;mg il4faElgtiilnIgMr4 11(6.73ragl,
exchange were 4 7134®4 72
To-day's (Friday's) actual rates for sterling7-16
for cables. Commercial
for sixty days, 4 75 5-16 for checks and 4 76 4 71%04
71X, ninety days
days
sixty
75,
on banks, sight 4 75®4
(sixty
payment
days) 4 71®4 713(.
4 693'i ®4 6931 and documents for
grain for payment 4 75®4 7534.
Cotton for payment 4 75®4 75X and Paris
bankers francs
To-day's (Friday's) actual rates for short. Germany were 5 784 ®
bankers' marks
5 78% for long and 5 7234@5 72X for
were 43 5-16 for long and
guilders
bankers'
Amsterdam
quoted.
not
43 7-16 for short.
week's
fr.;
range, 27.15 fr. high
Exchange at Paris on London, 27.15
and 27.16 fr. low.
Exchange at Berlin on London, nottquotable'
follows.
week
The range for foreign exchange for h Checks.
•
Cables,
e
Sterling Actual- Sixty Days.
4 7645
4 7532X
High for the week___ 4 72
476 7-16
475 5-16
Low for the week___ 4 7134
Paris Bankers' Francs5 6934
5 71%
High for the week__ 5 7834
5 72%
5 7034
Low for the week__, _ 5 7834
Marks
Germany Bankers'
High for the week..__
Low for the week__
Amsterdam Bankers' Guilders4331
4434
439-16
High for the week___
44
4334
43 5-16
Low for the week___
Boston, par. St. Louis,
market.
Domestic Exchange.--Ohicago, no
asked. San Francisco, par. Mont10c. per $1,000 discount bid and par
premium.
premium. Minneapolis, 10c. per
real, $10 per
Cincinnati, par.
STOCKS.
Week ending Feb. 1.
XSXAAXXXX
Wall Street, Friday Night, Feb. 1 1918.
. The Money Market and Financial Situation.-The
more hopeful feeling noted last week, as apparent in Stock
Exchange circles, has further developed, has caused an
almost sensational advance in security values and has
largely increased the volume of business. Several factors
have contributed to these results. Among the most immediate of these is assurance from official sources that the
military situation is not as bad as it has been pictured and is
improving-less apprehension as to the possibility of a real
coal famine-the release of a considerable number of ships
which have been held up awaiting a supply of coal-and some
relief from the congested condition at practically all railway
terminals. But most potent, undoubtedly, of all the factors mentioned are reports of strikes and other Socialistic
demonstrations in Germany and Austria. These demonstrations, if reports are true, are steadily increasing in force
and importance and becoming more and more a menace to
the authorities and everywhere the wonder is growing as to
•
what will be the outcome.
•
Among matters of relative unimportance was the announceof
dividend;
the
Steel
regular
Steel's
ment of Bethlehem
Corporation's distribution to stockholders for the last quarter of 1917 corresponding with those of earlier periods; of
Mr. McAdoo's plan to organize or create a "War Finance
Corporation" with a capital of $500,000,000 and authority
to borrow $4,000,000,000, and the easy condition of the local
money market. Call loan rates have averaged between 33/i
and 4% throughout the week, until to-day, when as high as
6% was quoted.
Foreign Exchange.-Sterling exchange has ruled quiet.
but steady. Lire have been weak and the Continental exchanges as a whole are easier.
but a large portion of the active list shows a drop averaging
about a point. When at the highest Canadian Pacific was
83 points above last week's closing price, St. Paul pfd. 334,
Union Pacific 3, and a considerable list of railways from
2 to 3 points up.
Industrial issues, of course, covered a nuch wider range,
General Motors leading with a sweep of nearly 19 points.
Chandler Motor covered 10 points, Peoples Gas 932, General
Electric 9, U. S. Steel 7, Texas Co. 7%, and many others
from 3 to 5. and all have retained a large part if not the
whole of the gain.
For daily volume of business see page 488.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
XAX AXA
Vaulters? Gazette.
$1,000
479
THE CHRONICLE
'" OIZNZSOZZ500t7'4.
,
.410
WWW0OC7g
=:Mt4ranitSanNngZig0
FEB. 2 1918.]
Outside Market.-There was an active market on the
"curb" this week and prices made substantial advances.
Heavy buying in a number of leading issues featured the
session. Motor stocks as usual were the leading factors.
Chevrolet Motor moved up from 1113/i to 122 and closed
to-day at 120. United Motors on extensive dealings rose
from 22% to 26% with the final figure to-day 25%. There
was fair inquiry also for Standard Motors and Peerless
Truck & Motor at fractional advances. Aeroplane issues
developed strength and activity, led by Curtiss Aeroplane &
%, reacting finally to
M., which advanced from 273 to 323
293/2. Wright-Martin Aire. corn. sold up from 67' to 7%
and ended the week at 7. The preferred gained a point to
46. Aetna Explosives corn. was down to 63/2, a loss of
almost a point. The close to-day was at 6%. Submarine
Boat after early loss of half a point to 12 improved to 13
but reacted finally to 123. Oil stocks were also prominent.
Houston Oil con. after an advance from 50 to 51% dropped
to 483/2, but moved upward again, resting finally at 493..
Merritt Oil also after a loss of over a point to 20% recovered
%. Midwest Oil corn. sold
to 233/ and ended the week at 223
down from $1 19 to $1 10 and up finally to $1 13. Midwest
Refining weakened from 106 to 1043/2, advanced to 115 and
closed to-day at 113. Okmulgee Prod. & Ref. rose over a
point to 3% and ends the week at 33.. Two recently introduced issues, Queen Oil and Central Oil, broke sharply
the former from 62c. to 170. and the latter from 65e. to 45o.
Mining stocks were quiet. Bonds firm.
A complete record of "curb" market transactions for the
week will be found on page 488.
480
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
Poe r•oord of ••1•• duet., tb• ...At of stooks usually In•etlys. 1,•• ortmsdina oars.
BICE AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Jan 26
Monday I
Jan. 28. 1
Tuesday
Jan 29
Wednesday
Jan 30
Thursday
Jan. 31
Friday
Feb. 1
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1917.
011 basis of 100-share tots
•
PER SH AKE
Range for Previous
Year 1916
!,,":
-.
STOCK EXCHANGE CLOSED
-
- --
—
————
ta
Lowest
Highest
Lowest
Highest
Railroads
$ Per share $ per share $ per share $ per share
Par $ Per share $ per share $ per share $ per Share
4,900 Atch Topeka & Santa Fe--100
8414 8478 8434 8514 z8334 85
8412 85
75 Dec 20 10712 Jan 8 10014 Apr 10878 Oct
81
81
3,400
82
8031 8012 8034 81
Do pref
80
75 Dec 20 10012 Feb 1 20812 Dec
100
*90
00
91
1,400 Atlantic Coast Line RR__ _100 x7978 Deo 20 119 Jan 4 10812 Apr 102 Feb
91
9012 91
9078 91
126 Nov
5214 51
51
5112 5218 14,800 Baltimore & Ohio
52
5112 51
100
3814 Dec 28 85 Jan 18
8112 Dec 96 Jan
5578 5578 *55
200
5613 *55
Do prof
5612 55711 5578
4814 Dee 26 7678Jan 17
100
7212 Aug 80 Jan
4312 4534 4312 4438 44
46
45721 4612 4,900 Brooklyn Rapid Transit_ _100
36 Dec 26 82 Jan 4
81 Dec 887s June
142 145
14253 14334 144 14934 14734 14934 23,600 Canadian Pacific
100 126 Dee 12 16733M ar23 216213 Mar 18334 Jan
5314 5378 5278 5314 5318 5438 538 5434 14,700 Chesapeake & Ohio
6534Jan
42
100
Nov
1
3
58
Apr 71
Oct
7
7
*7
*612 7
712
*612 7
200 Chicago Great Western
6 Dec 20 141* Jan 10
100
1184 Apr 1614 Dee
*20
22
*20
21
21
*20
21
22
Do prof
600
1712 Dec 20 4134Jan 2
100
33 Apr 4713 Oct
4334 4612 4312 45
4312 46
4158 4414 24,240 Chicago Milw & St Paul-100
35 Nov14 92 Jan 4
89 Dec 10212 Jan
7412 7818 7612 7814 7718 79
7634 9,300
Do prof
75
64 Dec 24 12512Jan 29 123 Dec 13818 Jan
100
9312 931
21 921
800 Chicago & Northwestern.._ 100
9234 9338 9312 9334
85 Dec 20 12414Jan 19 123 Dec 13478 Jan
---------------------------100
137 137
_
Do pref
100 13712 Dec 22 17212Feb 16 1165 Apr 176 Dee
2038 2058 2014 2038 1978 2118 2013 2 -2
00 Chic Rock Isi & Pac temp ate_
16 Deo 19 3812 June26
62
63
*61
2,530
6312 6334 6358 64
64
7% preferred temp °Us._ _
44 Dec 19 8414 Apr 14
5212 5312 5218 5218 5212 5312 5334 5414 3,600
6% preferred temp Ws_ _ _
3534 Deo 20 71 Apr 14
30
30
*28
1,000 Clev Cin Chic & St Louis_ _ 10()
30
*28
30
30
30
24 Nov 3 51 Jan 16
38 Apr 6258 Oct
61
61
*61
72
150
*61
Do pref
6434 *61
72
6134 Oct 31 80 Jan 29
100
70 Feb 86 June
2034 2034 21
21
*21
23
*21
500 Colorado & Southern
23
18 Nov 7 30 Jan 4
100
2434 Apr 37 Oct
*45
50
*45
*45
50
*45
50
Do let pref
50
4478 Nov10 5712Jan 9
100
46 Apr 6213 Oet
*40
50
*40
Do 2d pref
50
51
*40
50
*40
41 Sept25 46 M ar17
100
40 Mar 15
57
034 June
t
11034 111 *10812 11012 11012 113
114 11518 3,400 Delaware & Hudson
87 Nov19 15178Jan 19 14878 Dec
100
17934 17934 179 179
300 Delaware Lack & Western_ _50 16712 Dec 20 238 M ar24 216 Mar
17712 17712 *175 179
242 Nov
*3
612 *314 6
200 Denver & Rio Grande__ _ _100
*3
*314 6
6
5 Dee 26 17 Jan 6
873 Mar 2314 Oct
812 7
612 612
1,900
634 7
Do pref
*634 8
978 Dee 20 41 Jan 2
100
15 Mar 5212 Oct
1518 1558 15
1538 1514 1558 1538 1534 9,600 Erie
1318 Dee 20 3434Jan 3
100
32 Apr 453s Jan
2434 2618 2538 2558 2578 2638 26
2612 3,900
Do 1st pref
1834 Dec 20 49' Jan 2
100
46 Dec
1912 1912 *18
2012 1912 1912 *1712 2012
Do 2d pref
200
1518 Dec 21 3934Jan 3
100
40 Dec
8918 9012 8938 90
5,400 Great Northern pref
92
8978 0034 91
7914 Dec 20 11814Jan 4 115 Dec 155
100
249
7111 jJjan
aann
2678 2738 27
2714 2714 2814 2753 2812 14,000
Iron Ore properties-No par
2238 Nov 5 3818 Mar 4
32 Dec 5034 Jan
9512 9512 9538 95 ; 9578 96
1,000 Illinois Central
96
x06
8534Deo 21 10638Jan 2
100
993
Apr
4
1097
8 Oct
*712 8
8
8
8
812 878 2,700 Interbor Con Corp. vte No par
814
534 Deo 19 171 Jan 2
1512
Dee
2118 Jan
4412 4412 *4412 47
2,900
4514 4658 4512 46
Do pref
3912 Dec 12 7214 Jan 2
100
69 Dec
1734 1778 *1712 18
1712 18
1734 1818 1,900 Kansas City Southern-A00
1312 Nov 5 267s Jan 2
2318 Apr 3
727:
Jan
1 j
*4878 5034 *50
51
51
*50
51
100
51
Do prof
40 Nov 8 5813 Jan 30
100
5653
Dec 6478 Jan
*012 11
*912 11
*912 11
*912 11
Lake Erie & Western
812 Nov 7 2514 Jan 3
100
10
May
Dec
30
25
*17
*18
*17
25
*17
25
25
Do prat
23 Oct 16 6334 Jan 3
10C
32 Apr 8513 Nov
57
*57
57
58
5814 59
58
5912
700 Lehigh Valley
5033 Dec 20 7912Jan 2
5C
741s Jan
113 113
113 113
114 114 *11512 120
400 Louisville & Nashville_ _ _ _10C 103 Dec 20 13334Jan 4 12118
Mar 14
80
712 001
014
014
10
10
914 912
500 Minneap & St L (new)__ 100
858 858
678 Dec 21 3214 Jan 29
26 Oct 36 Oct
8638 *83
85
8712 8612 89
8912 8912
665 Minn St Paul & S S M_ _ _ _ 100
75503ee 26 119 Jan 3 116 Dec 130 Oct
__-- _
*100 115
__ _ _ _ -- - - _ ___ --_
Do prof
100 114 Aug 2 127 Apr 13 12812 Sep 137 Jan
.8
-8.
L
-5434 43.1
900 Missouri Kansas & Texas_10(
5
5
31z Dec 19 11 Jan 2
313 Sep 134 Dee
612 612
634 718 *758 912 *8
814
300
Do pref
7 Nov 7 2012 Jan 4
100
10 Apr 2414 Dee
2134 2212 2134 2218 2134 2314 22
11,800 Missouri Pacific tr 008_10(
23
197g Nov 7 34 Jan 2
2218 Sep 3812 Dec
4414 4414 44
45
44
46
4534 4614 1,900
Do pref tr etfs
3712 Deo 19 61 Jan 3
10(
4734 Sep 6478 Dec
7014 7078 70
7012 70
7258 7112 7234 8,400 New York Central
6212 Dee 20 10358Jan 4 10014 Apr 11414 Ooi
10(
29
2912 2834 29
3112 2978 3012 3,200 N Y N H & Hartford , 100
29
2112 Septl 1 5278Jan 2
4912 Dec
1814 1834 19
20
1914 20
2014 2038 1,250 N Y Ontario & W Meru _ _ _10(
17 Nov 3 2914Jan 2
26 May 3
78
jan
7: Dec
74
10338 10-3-li
*102 104
103 10314 10338 10438 10478 106313 7,000 Norfolk & Western
9258 Dec 20 13858 Jan 24 114 Mar 14718 Oct
10(
*78
85
*78
85
*78
85
*78
- -,, ... _ _
85
Do adjustment pref.._ _10(
71 Dec 28 8912 Feb 3
8411, Feb 8918May
*83
8418
84
8418 8414 8418 8578 8578 -863-4 5,800 Northern Pacific,
85
75 Dec 20 11014 Jan 3 108 Dec 11878 Jan
10(
46
46
4578 46
4638 4618 4658 x46
46
4638 8,000 Pennsylvania
4014 Dec 19 5738Jan 25
5(
55 Sep 0130018
1278 1278 1178 1213 12
1214 1214 1212 1,300 Pere Marquette v t o
12 Dec 18 3634Jan 2
101
3634 Dec
Dee
55
--_- ____
55
100
Do prior pref v t o__10(
45 Nov15 7312Jan 17
72 Dec 731k Dec'
Do prof v t e_
37 Oct 4 57 Jan 8
10(
i
• 3:,174 -213-8 2712 2812 2734 -2812 2712 28. 13,566 Pittsb & w va interim We 101
7-27
1834 Dec 20 3584 June 1
6534 66
66
6714 67
6712 67
6714 6678 6714 2,700
Preferred interim ctfe_ -10(
5358 Apr 17 68 June15 -_
7234 7333
7314 7438 7318 7418 7334 7534 7512 77
67,900 Reading
6018 Nov 5 1041 Jan 3
Si
Ws Jan 1161k Sep
•35
40
*35
40
*35
40
*35
__
_ _ _ ___
37
Do 1st pref
34 Nov 8 45 Jan 20
Si
4178
Feb
46 Feb
*3478 38
*36
38
*36
38
*36
38
37 -37
700
Do 28 pref
3378 Dee 20 4512Jan 16
51
4114 Feb 52 May
4'1158 12
12
1214 1134 1178 12
1212 12
1238 1,800 St Louis-San Fran tr 006.101
12 Dec 17 2638Jan 2
15l May 3012 Dec
*20
25
20
*18
20
25
*18
25
25
*18
100 St Louis Southwestern_ _ _101
22 Dee 11 32 June20
16 May 3212 Dec
*28
36
*28
36
*28
36
*28
48
*28
Do prof
48
34 Deo 10 53 Jan 4
101
3713 Sep 57 Dee
*712 814 *712 814 *712 8
*713 8
8
818
600 Seaboard Air Line
714 Dee 31 18 Jan 3
101
14 Apr 1914 Dec
18
*16
*16
1814 *16
1734 1712 1712 1712 1734
600
Do pref
1678 Dec 20 3912Jan 3
101
3418 Apr 4218 Oct
8238 8212
83
8314 8273 8312 8314 84
13,200 Southern Pacific Co
8334 85
7584 Dee 20 9812M ar24
101
9414 Apr 10418 Jar.
2314
23
2318 2312 2318 2314 2358 2418 2334 2412 12,200 Southern Railway
2112 Deo 12 3338Jan 3
101
18 Apr 3654 Dee
58
58
58
5831 58
5814 5812 5878 59
5,400
60
Do prof
5158 May15 7012Jan 30
101
56 Apr 7313 Dee
*1712 1812
*17
1838 18
1838 1818 1834 18
18
3,600 Texas & Pacific
1158 Nov 7 1934Jan 4
101
612 Feb 2184 Dec
19
*17
*15
20
18
1034 *19
21
*1912 2012
700 Third Avenue(New York) 101
14 Dec 19 4834 Jan 2
48 Nov 6812 June
73
*65
*65
73
*65
73
6514 6514 *65
73
100 Twin City Rapid Transit_ 101
62 Dec 17 95 Jan 20
94 Mar 09 June
11311 11434
11412 11514 114 115
11414 116
11538 117
29,500 Union Pacific
10114 Deo 20 14918Jan 2 12984 Apr 15338 Oct
10,
73
*70
*70
73
*70
75
7033 7038 *7014 7513
Do pref
100
6914 Deo 31 85 Jan 24 z80 Sep 8413 Sep
19
*5
6
*5
6
*5
6
*4
6
*5
6
United Railways Inveet__ _10,
414 Dec 13 1188Jan 2
734May 2114 Jan
14
*12
*12
14 .12
14
*11
131 *1112 1312
Do pref
1114 Dee 19 2384Jan 2
10
17 Sep 3934 Jan
812 812
*833 878 *838 878 *83g 878
300 Wabash
812 812
7
Nov
8
1584Jan
19
5
1318
Sep 17 Jan
4112
•41
4114 4112 4112 4112 42
4218 4112 42
2,000
Do pre! A
3614 Dec 14 58 Jan 2
19
4112 Mar 6013 Dec
2213 2212
*2214 23
22
2234 2212 2234 *2212 23
Do prof B
800
18 Dec 20 3012 Jan 2
10
25
Apr
3278 Dec
*1314 133
1338 1334 1338 1338 1312 14
(
14
1434 2,200 Western Maryland (new). 10
12 Deo 13 23 Apr 3
*20
28
20
20
*20
*20
30
30
*23
200
30
Do 2d pref
20 Dec 17 41 M ar27
10
9
9
*9
10
*9
912
93t 1014
Wheeling
1,100
958 938
& Lake E Ry_
712 Dec 20 227s Jan 2
21 Dec 2738 Dec
*1R
20
*17
20
20
*18
4.18
2012 20
2012
200 _Do preferred
1658 Nov 5 5058Jan 2
10
46 Dec 5812 Dee
_
*34
38
*35
38
38
*35
8
scone n en ra _
33 Deo 12 5414Jan 2
33 Apr 5612 July
Industrial & Miscellaneous
*1112 12
1414 1312 1112 1313 1312 *1238 14
12
2,110 Advance Rurnely
713 Nov14 1812Jan 9
100
14 Aug 2114 Dee
2613
*25
2718 2912 2812 2834 *2813 283 *2838 2834 1100
Do pref
19 Oct 29 37's Jan 5
100
3038 Oct 43 Apr
*46
55
4.46
55
*46
50
50 - -------50
- 100 Ajax Rubber Inc
4518
Dec
13
Jan
80
50
5
63
July 8918 Dec
212 258
212 258
212 258
212 212
212 258 2,300 Alaska Gold Mines
1 Dec 20 1112Jan 4
10
1014 Dec 2613 Jan
212 212
*23g
278
212 212
278
278 4,100 Alaska Juneau Gold NIin'g..10
234 3
134 Dec 19
818
ar26
M
Oct 1014 Jan
65
4
191g
19
1912 2014 1938 1978 1934, 2053 203.1 2212 13,500 Allis-Chalmers Mfg v
15 Dec 17 3258 May31
t(3_100
19 July 38 llov
7412
*72
73
7438 74
74
*7212 7512 7514 7512
600
Do preferred v t a_ _ _ 100
65 Deo 13 8678 ar10
7012
July
92 Nov
*80
85
85
85
85
85
86
86
8712 8712
900 Amer Agricultural Chem_ _ 100
72 Dec 12 9612May 2
63 Apr 102 Nov
92
*90
*90
92
*90
9118 9118
02
92
*90
100
DProf
91 Dec 4 10312Jan 24
100
96 Mar 10314 Dec
77
7718
7712 78
7734 7812 78
787s 7778 7912 6,100 American Beet Sugar
63 Dec 13 10218 Feb 15
100
8184 Feb 10813 Nov
*7918 92
85
85
*85
92
*80
92
*80
88
100
Do pref
7812 Dec 29 98 Jan 24
100
93 Apr 102 June
3612 3718
3714 3814 3778 3812 38
3914 3834 3912 26,500 American Can
2912 Nov 8 53 May28
100
44 Dec 6812 Sep
.4.89
90
*8912 90
90
90
90
90
9018 9012
Do pref
725
87 Dec 21 11112June 6 10778 Dec 11553
100
7012 7112
7134 73
Sep
7138 721
17 731
7178 7312 15,300 American Car & Foundry_100
67 Feb 3 8038 June26
52 July 7812 Dec
109 109
1110 110 - ---- ---_ 110 11012
412
Do pref
100 100 Nov18 11834 May28 115811 Aug 11912 Mat
28
28
29 -3-04 2912 3058 30- 3234 3138 3212 13,100 American Cotton Oil
21 Dec 20 5012Jan 5
100
4818
Dec
5818
Oct
81
*70
*74
80
4.74
80
80
80
*75
82
200
Do pref
80 Dee 3 1011s Jan 9
100
98 Jan 102 Maz
12
12
4.12
13
*12
123.1 13
13
1233 1278
700 American Hide & Leather 100
10 Feb 2 1714 M ar29
834
June
Oct
2013
5312 5312
5334 55
5434 55
5538 56
56
5638 3,500
Do prof
4314 Dee 20 75 Jan 4
100
45 Mar 847s Dee
1212
*11
*1012 1212 *1012 1212 *11
1212 1212 1212
100 American Tee(new)
87/ July 9 1678 Aug 6
100
41
*39
*39
40
*39
40
40
40
•39
41
100
Do pref(new)
35 Dec 17 55 Julyll
100
5578 5578
56
57
*56
57
5634 5838 5738 5812 8,900 Amer International Corp _100
46 Oct 11 6234 Aug 9
3238 3234
3212 3314 3212 3358 3338 3378 33
3373 13,200 American Linseed
1534Feb 3 2918 Aug 7
100
17 Dec 2778 Nov
7414 7414
7312 7414 74
7434 7412 7412 7412 7434 2,300
Do pref
48 Feb 3 75 Nov22
100
3814 Mar 6234 Nov
5678 5778 5634 573
56
1
5612
93
58. 5012 21,625 American LOCOMOthie.
4658
Deo 20 82i Jan 4
....
100
68 July 9814 Nov
96
96
*0512 97 - ----- ----- 0612 0612
200
Do pref
93
Dec 27 10678Jan 20
100
9912 July 109 Nov
*912 1014
;10- -ii9
10
934 I01-4 *9
11
700 American Malting
814 Deo 14 1034M ar30
100
*51
55
*5012 53
5212 53
5214 5214 52
52
600
Do pref _
50 Dec 17 7112 July28
100
*8234 95
*8234 95
*8234 89
*8234 95
*86
00
American Shipbuilding__ _100
88 Nov 5 93 Nov28
Amer Smelters Sec pref B_100
9034 May25 9914 Jan 31
98411842July
Nov
i6112 -Iiii; ;61i1 -651-2 ;91i2 -66.1-2 ;Oii
.
.
1 -6E11
Do pref Ser A stamped_ _
9012Dee 17 10214 Mar10
_1/
521-4 Nov
82
838
8214 8338 8034 8214 8134 85
8312 8514 67,650 Amer Smelting & Refining..100
6758 Dec 12 11234June 2
8813 Apr 122723 Nov
*105 10512
10512 10512 *105 106 *105 106
105 105
500
Do pref
100 29918 Nov14 11718Jan 19 10914 Apr 11818 Oct
60
60
6012 61
60
6078 6034 6212 8112 6234 4,200 American Steel Foundry.. 100
5018 Dec 13 75 June 7
44 Apr 73 Dec
105 105
106 10618 10578 10578 106 10634 10718 10778 4,900 American Sugar
8918 Nov 8 12688 June 9 104 Dec 12558 Oct
Refin:ng_
100
*10934 112
10978 10978 *100 111
110 110
11012 11012
400
Do prof
106 Dec 5 12113 Jan 25
May 12313 Oct
6512 66
66
6612 6534 66
6612 6634 6634 6912 7,400 Am Sumatra Tobaecsa.. 100
30 May26 6212 Dec 31
--100
10414 10414
10478 105
10412 10514 105 108
10812 10914 9,400 Amer Telephone & Teleg_100
9534 Dec 18 12812Jan 24 x12318 Dec x1343s Sep
16012 16012
162 162
161 162
16134 16412 164 166
4,015 American Tobacco
123
Mar12
Deo
20 220
100
188 Feb 22978 Nov
*90
97
.92
9712 9514 9514 98
98
07
98
400
Do pref (new)
89 Dec 12 1004 Jan 18 10514 Apr 113 Sep
100
4712 4712
4758 4838 48
4814 48
4938 49
4934 6,000 Am Woolen of Maas
371 Feb 3 5834 June 9
100
37 Dec 58711 Nov
*9214 94
*9214 94
*9214 94
*9214 94
9258 9258
100
pref
Do
87 Nov16 100 June 9
92 Jan 102 Mar
100
*21
*201.1 2212 22
25
2314 23
247s 25
2612 4,100 Am Writing Paper prof.
17
Nov15
5412
Mar10
.....100
Jan 7614 Nov
11
*1414 15
1412 15
1412 1478 1412 1613 15
1578 3,500 Am 7.1ne Lead & S
1012000 26 4138Jan 20
25
2938 July 977a Apr
*4312 46
*42
*4212 4412 4412 4412 46
45
46
100
Do pref
3912 Dec 28 7218 Jan 26
25
5912 July 87 Nov
6113 6134
6112 6212 6134 6234 6238 6412 6312 6434 74,400 Anaconda
Copper
5118 Nov 8 87 MaY26
50
77 Apr 10538 Nov
10212 10234
103 105
10312 10512 10434 10534 10534 11018 30,200 Atl Gulf & W I SS Line
8758 Sept13 12112Jan 22
etre 100
56 July 14784 Dee
*60
6012
16012 6012 6012 6012 *60
61
6034 61
440
Do prof certfs_______100
54 Feb 8 66 Jan 4
Dec 7314 Nov
6012
6114 6234
5934 6114
6012 62
613 641
631 651 64100 Ban
43 Feb 3 7812July 2
ielowinprLoo
feemotive.___100
97
----- ---- ----- ----97
100100 03 Dee 21 10212Jan 15
9
58278 Dec
pec 11852
0 M
ja
an
y
'84
87
-41-3 - -ii- *85
87
86
86
87
011-4 2,000 Barrett Co (The _
82 Dec 28 1311 ise 2 a1271, Dee 18713 Dec
1(10
•Bid and asked prices: no sales on this day. 2 Ex-rights. i Less than 100 shares. a
Ex-div. and mots. a Ha-dividend. b Before payment of first installment.
$ per share
8438
84
8138
81
*8934 91
5034 51
*52
57
4234 43
14134 143
53
5358
*612 7
20
20
43
4334
7318 74
*9212 9312
*137 150
2014 2038
62
61
5112 5212
28
28
*
_ 72
22
i;ii
*45
50
.40
50
10918 1101e
*173 182
3
314
612 8
1434 1514
2412 2412
*1734 20
8834 8834
2658 2713
95
95
734 734
*4312 4412
17
1714
*4812 501,
*els 11
25
4'17
*56
58
11334 11334
*9
10
*82
88
_--_ ____
*434 5
*712 814
2218
22
4418
44
70
7014
*2812 29
481
2
New York Stock Record-Concluded-Page
page preceding.
For record of sales during the week of stocks usually inactive, see second
HIGH AND LOW SALR PRICES-PER SHARE, NOT PER CENT.
Friday
Thursday
Wednesday
Tuesday
.11 onda y
Saturday
Feb 1
Jan 31
Jan 30
Jan 29
Jan. 28
Jan 26
Sales/or
the
ll'eek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1917.
On basis of 100-share tots
Lowest
Highest
PER SHARR
Rouge for Previous
Year 1916
Lowest
Highest
$ per share $ per share.
Per share $ per share
Industrlai&hlisc.(Con.) Par
$ Per share $ per share $ per share $ per share
6014 Dec 20 515 Jan 4 415 Jan 700 Nov
100
8014 8012 3,200 Bethlehem Steel
7038 81
79
7733 7938 79
1
Junel
156
14
Dec
x6618
100
Do class 11 counnon
7434 VE7514 7738 7578 7714 7678 7978 7834 8012 134,400
0-8
84 Oct 5 135 Jan 5 _ 11.2(i _ -J-u-li _ 1-81i _Nov
100
Do prof
•
93 Dec 20 10112 Oct 22
Do cum pref sub rects__ _ _
8,400
9812 9933 -0918 1)938 9934 10012 102 10:1
9812 9812
8 15;O
66 Aug "Iiii
89 Jan 3 12514 Apr 19
100
800 Burns Bros
112 11212 z110 110
111 111
112 112
•110 113
4178 Dec 10514 Mar
1234 Dec 20 5214 Jan 26
.A0
Superior
&
Butte
Copper2012
5,100
8
197
1858
2034
1812
1812
1858 1918
1878 1878
4258 Jan
June
15
25
3012Jan
20
Dec
1014
0_100
t
v
California
Petroleum
1512
1578
1,200
1512
15
15
15
15
15
15
15
40 June 808, Jan
2912 Nov 5 6214Jan 25
100
Do pref
43
400
4412 43
*42
4314 *42
43
43
43
*42
49 Apr 123 Nov
55 Dec 20 10112 Junel 1
100
6878 31,400 Central Leather
6518 6638 . 6512 6678 6614 6812 68
6412 6518
25
Jan
8 Jan 11712 Nov
1087
19
8
1157
Dec
97
100
Do pref
*103 105 *10278 105 *10273 105 *10278 105
•103 105
25 Dec 20 41 Feb 20
3318 2,300 Cerro de Pasco Cop__ _No par
3212
3212
3112
3112
3112
3112 3112
*3012 3112
10434231 ar20
8812 Apr 131 June
5
Nov
56
100
Car
Motor
Chandler
5,900
82
84
8414
7812
7634 7812
73
74
7338 7312
3914 Nov
1953 July
1114 Nov 5 2733 M ar12
25
1634 1714 1678 1738 10,700 Chile Copper
1614
1638 1658 1618 17
16
4618 July 74 Nov
3512 Nov 8 6334 Mar 7
5
4418 4512 8,600 Chino Copper
44
4234 4314 4234 4314 43
4234 4234
Sep
6314
Apr
3813
7
June
58
8
Nov
2934
100
Iron
&
Fuel
Colorado
3814 39
4,000
3434 3714 *3612 3734 3814 39
35
35
3014 Sep 5378 Dee
2578 Nov 5 4778 Apr 4
100
3412 8,400 Columbia Gas &Flee
23353 3438 34
35
3318 3412 34
33
33
8Jan 18 12934 Dec 14434 Jan
1345
17
Dec
7612
100
Y)
(N
Gas
Consolidated
92
90
9238
4,500
88
88
9012 8812 8978
*8712 89
Sep
7514 Jan x111
76 Nov 8 10314 June30
100
500 Continental Can
90
9018 9114 9114 9233 9233 9334 9334
90
*86
97 Nov 5 11212Feb 7 106 Feb 114 Nov
100
Do pref
*97 110
*97 110
*97 110
*97 110
*97 110
Dee
2984
1314
Aug
1
July1
3714
2
18
Feb
_100
Refining_
Products
Corn
29,641
3278
33
8
335
3334
3214 3234 3214 3314
3233 331s
85 June 11312 Dec
8812 Nov 7 11238Jan 2
100
Do pref
9312 9312
9278 93
800
93
9212 9318 93
94
*92
5014 Dec 9912 Mar
4534 Dec 17 917 July 2
5612 5838 5714 5918 45,500 Crucible Steel of America_ 100
57
5578 5712 56
5412 5634
Jan 12478 Dec
3
10814
4Jan
1173
21
Dec
83
100
Do pref
86
89
89
200
86
88
*85
88
*85
88
*85
43 Dec 7638 Oct
2478 Nov 7 5514 Jan 4
No par
Su4ar
Cane
313.1
Cuba
3118
31
19,400
3218
8
307
3114
4
313
4
303
3133 3134
10012 Oct
Dec
4
913
3
9112Jan
17
Dec
8
747
100
pref
Do
82
4
2,400
8014
*793
8012
80
8014 80
80
80
80
24 Dec 5412 Apr
1134 May10 4414 Oct 1
4118 39
4038 81,100 Distillers' Securities Corp_100
381s 391s 3834 4014 4038
371s 3814
18 Dec 2912 Feb
94,
9
612 Nov17 241 Jan 9
10
Dome Mines, Ltd
918
4,700
9
918
918
878
3
87
933
*9
35 Dec 5112 Oct
28 Feb 3 4112 Aug 25
3514 2,200 Gaston W dr W Ino__No par
3412 3478 3514 3512 3538 3578 235
3414 3414
100 118 Dec 13 17134 Jan 26 159 Apr 18714 Oct
137 13978 19,700 General Electric
12914 13234 13012 13112 131 140
129 13034
4 120 Dec 135 Dec
14613
Jan
137
7.112
Nov10
13212
_109
ctfs_
tern
12478
General
Motors
13913
81,100
125
12112
11712
120
116 11833
8813 Dec 93 Dec
7234 Dec 20 93 Jan 4
100
Do pref tern ctfs
1,800
8218 8214 8314 8338 8638 88
82
82
*81
8114
4912 Dec 80 Apr
3214 Dec 20 6114 Jan 19
100
49
45
11,100 Goodrich Co (B F)
4812 50
45
4534 45
45
4338 45
Jan 4 11012 Dec 11634 Mar
112
22
Dec
29138
9914
100
pref
Do
98.
500
8
*975
100
98
*93
93
*93
97
9778
July 120 Nov
80
17
Jan
9233
5
Nov
65
77
76
7678 77
700 Granby Cons MS & P_ __ _100
75
75
75
*72
*7212 76
34 June 5612 Nov
34 Nov16 47 Jan 26
41
4114 4214 4212 2,100 Greene Cananea Copper..100
4058 *4012 41
40
*3912 40
193 Nov
May
71
3
Jan
137
7
77
Nov
tr
States
Steel
Gulf
ctfs......100
93
92
90
92
900
89
89
91
90
*8712 90
87 May 115 Nov
100 10112 Nov10 110 June13
Do 1st pref tr ctifs
____ *98
*98
- *98
*98
*98 -- 72 May 190 Nov
Do 2d prof tr airs
100 117 Feb 10 11712Feb 2
425a Apr 7484 Nov
38 Nov 8 8612 Junel 1
4612 46- -4-73-8 -1-7-,,-106 Inspiration Cons Copper _20
4578 46
45- 4512 45
45 16.4
2978 Jai,
11 Aug
734 Nov 8 2178 May22
1412 1434 1478 1473 2,500 Internat Agricul Corp... .100
1473 1434 1511
14
14
*12
Jan
37 Dec 74
2614 Nov 8 6012 July23
100
pref
Do
4814
1,500
4814
4818
4812
47
4814
4512
4818
43
43
Non
12678
Jan
10813
2
Jan
123
Nov15
1003
4
N
of
J...100
Harvester
122
12012
121 122
1,400 Intern
120 12012 119 121
•116 120
Sep
3
0507
Feb
3
ar23
v133
1718 Dec 13 367s M
2434 2578 53,100 lot Mercantile Marine_.._100
2458 2514 2438 2473 2412 2514
2438 2478
625 Feb 8 10612 Oct 29 06114 Mar 012553 Set/
100
Do pref
9138 9334 9212 96 177,000
9038 9218 8978 02
9114
90
Jan
56%
Dec
3
ar21
387
M
4738
13
2412De0
2834 2938 2812 2918 0,200 Intern Nickel (The) v t n__25
2834 29
2878 29
2834 29
918 Mar 7512 Nov
1812 Nov 8 4958Jan 4
100
2938 31
2712 2834 2734 2831 2812 30
15,000 International Paper
2714 2714
6
June
7712
7
Nov
5014
_..100
pref
stamped
Do
*61
63
62
200
62
*60
62
60
60
62
*58
50 Dec 8514 Sep
3678 Dee 20 6413 Jan 4
25
4412 45
46
4714 2,300 Kelly-Springfield Tire
*44
45
4414 45
44
44
40 Dec 6414 Nov
26 Nov 5 5018 May26
3318 333.1
3:114 3378 17,300 Kennecott Copper____No par
3278 3318 3258 3314
3214 3278
May 107 Nov
64
June13
10378
5
68
Nov
100
77
79
76
7634 7614 77
7734 7911 7,550 Lackawanna Steel
7512 7512
2513 Dec 5612 June
1038 Nov16 30 Jan 2
14
14
14
13
*13
14
13
400 Lee Rubber & Tire__ No par
*1312 14
1412
Feb
78 Apr 91
Feb 17
894
Nov10
70
7412
100
Mackay
Companies
7412
75
600
7412
*73
75
75
745
8
*7412 75
6478 Dec 6834 June
5714 Dec 29 6713 Jan 15
Do pref
100
*58
59
59
*58
59
59
*58
*58
59
*58
Sep
44 Dec 99
1918 Nov 5 6184Jan 17
2712 30
27
2678 2734 26
2858 3018 7,200 Maxwell Motor Inc tr ctfs_100
27
26
Jan
65 Dee 93
49 Dec 12 7118Jan 18
Do 1st pref stk tr ctfs_100
5814 5814 60
60
*5612 5812 *57
1,900
61
57
57
June
8
607
Dec
32
20
1:3 Nov 3 40 Jan
22
2278 24
Do 2d prof stk tr ctfs..100
2258 22
22
2273 24
4,100
2153 22
12953 Jan
Jan 10
/June
8S5
106(2
17
67
Dec
9412
Petroleum
Mexican
100
9034
9214
78,500
9273
9218
91
9012
8
893
8912 91
8912June 10558 Jan
8473 Nov15 9778 June 8
100
Do pref
200
88
92
90
88
92
*87
33 Aug 4938 Nov
c x53
53142 npNeeoccv 5 4314 Apr 30
289
3218 3212 3214 3234 3212 33(3 23034 3212 4,700 Warn! Copper
32
32
Juno
&
_50
Steel
Midvale
Ordnance_
4512
4414
4312
4478
14,200
4434
4378 4412
4533
4378 4373
5
7
Mar 1147815;0
6814
J
2
114
7
9
4 10
106
2
100
800 Montana Power
70
71
71
70
6934 70
71
71
frI
*6712 70
Jan 11714 Nov
95.2 flex 18 11712 Mar28 109
Do pref
100
_ _ *99
__ _ _
*99
*99
*99
Sep 13112 Oct
118
5
12212Jan
0
Nov19
7973
100
Biscuit
96
99-9514 9512
400 National
*99_ --24
12933
100 104 Del 17 127 Jan 5
Do prof
5May
1312 Dee 26 39 June14 -----------------1614 1612 1612 -1-6-3.-1 - 161.4 -1-7
2,500 Nat Conduit & Cable No par
1634 17
-1133.4 -1-5-3-4
Dec
1934 -A-pi
24 Feb 3 4634 Oct 2
111
4312 44
4334 4412 441g 4512 18,400 Nat Enam'g & Stanap'ii_ _ _100
4338 44
4334 44
9018 Dec 100 Nov
0
9012 May 9 9934 July12
100
Do pref
*94 100
*95 100
*94 100
*95 100
99
*95
74513 Sep
Dec
ar23
57
M
6314
3778
20
Dec
100
Lead
National
*44
*44
*4418
4973
50
4978
*46
49
*4412 48
-4
09 Dec 5 114 Jan 6 1114 Dec 11718 Oct
100
Do pref
*99 104
*99 104
*99 104
*99 104
*99 101
3418 Nov
:=1
Jan
15
16 Nov 5 2638 Junel 1
5
1812 1853 1878 1878
1914
19
1914 3,800 Nevada Consol Copper
19
1834 1834
93
Nov 1 156 M ar21 118 July 186 Nov
Air
100
York
Brake
124
New
*120
124
125
125
900
125
12612 127
122 122
X
Apr
7578 Dec
6512
Mar21
8
723
27
39
Dec
100
*42
*42
45
45
45
200 North American Co
45
45
45
45
.42
12
Oct 12414 Dec
75
3178 Oct 10 14378 Apr 19
37
3838 3712 3918 3914 4014 3834 3934 46,600 Ohio Cities Gas (The)_ _ _ 25
3618 3673
1153 Jan
Nov
584
Sept21
734
8
Nov
8
35
14
..100
Ontario
Silver
Mining_
458
438
*414 518
412 412 *412 518
400
518
*418
31 Aug
1134 Jan
18 Feb 3 3012June27
0
5
2412 *24
2412 2412 *24
2412 2412 25
600 Pacific Mall
2412
•24
Oct
10614Jan 18 10018'May 118
35
Dec
20
100
(Chic)._
0
C
&
I5218
People's
5414
52
46
5314
9,400
5312
55
5178
46
*4514
38 June 48 Dec
2412 Dec 12 42 Jan 4
26
26
26
26
2612 2612 2512 26
1,300 Philadelphia Co (Pitt3b)_ _50
26
26
3712 Dec 20 5412 Sept26
46
4678 40
4634 4658 4712 47
4858 13,000 Pittsburgh Coal of Pa.....100
*4512 46
74 Deo 12 90 Aug 16
100
Do pref
82
*80
*80
83
400
*80
82
*81
8212
8214
82
4212 July 8814 Nov
49 Dec 14 83'4 Jan26
100
6112 6212 6214 6214 6212 6312 63
6412 2,300 Pressed Steel Car
62
*61
97 July 108 Nov
100 x90 Nov 5 x107 Jan 31
Do pref
98
*97
*9712 9812 *9712 99
*9712 100
98
*96
Jan 137 Sep
114
Jan
6
131
22
99
Dec
_100
J__
Corp
N
of
Serv
Public
109
*99
*99 109
*90 109
*99 102
*99 109
Sep
100 10614 Dec 20 16712Jan 26 15978 May 177
115 115
11612 11712 1,725 Pullman Company
11518 11518 x115 116
112 112
32 Apr 614 Nov
5 58 Junel 1
Nov
3614
100
5314
Railway
5238
Steel
Spring
12,900
5234
5114
5314
5218
5112
5112
5112
5012
10314 Nov
Mar
Jan
22
101
9514
20
Dec
8812
'00
pref
Do
98
98 • *91
*91
*91
98
*92
98
98
*00
20 June 37 Nov
1913 Nov 7 3214 Apr 3
2312 2334 2358 2334 2334 2413 24
2412 7,500 Ray Consolidated Copper..10
2312 235s
42 June 93 Nov
9412 June 7
60 Feb 1
100
76
7612 7534 7612 7638 79
7714 7938 26,025 Republic Iron tfe Steel
7538
75
Dec 117 Nov
8
101
May25
1057
20
Dec
89
100
Do pref
95
9418 95
1,500
94
9412 9534 9534
94
9513
95
59 May 9 7314 Nov20
7512 7612
300 Royal Dutch Co ctts den*7512 7634 7518 7534 *75
76
*7534 77
Dec 8434 Sep
3
Jan
4
68
637
478
7
Nov
_100
Corp__
Car
Motor
Saxon
11
3,000
9
*10
878 873
9
11
9
*734 9
100 12312 Dec 20 238'4 Jan 22 16814 Mar 233 Nov
151 15134 15138 15112 x151 15512 15312 15538 3,400 Sears, Roebuck & Co
150 150
22 Dee 4014 Feb
9
Mar
2934
20
Dec
15
10
An:
Copper
Shattuck
17
400
17
18
17
*17
1712
1712
*17
17
*16
- - - -2514 Dec 20 5934 Mar29 ___
3338 33
33
3258 33
3338 23214 3318 3:318 3314 9,400 Sinclair 011 A Ref'g...No par
9314 Nov
37 July
3312 Nov 7 7434 M ar30
1,000 Sloss-Sheffield Steel & Iron 100
4214 43
4112 42
*40
42
3912 3912
Jan
167
Dec
17
Jan
10018
1101
8
!
Nov
3358
_100
__
Studebaker
(The)
Corp
49,600
4978
5478
51
5034 52
5178 551s 53
5018 51
14 Mar
Sep
20
10814
10858.Ian
85 Nov22
100
Do pref
*9112 97
*9112 97
*9112 97
*9112 97
*9112 97
3014 Nov 8 5131 June27
*3378 3478
35
3738 3,200 Superior Steel Corp'n_ _100
35
3612 37
3478 35
35
96 Deo 18 10212 July25
100
Do 1st prof
9812 594
9812 *94
9812
9812 *94
*94
9812
*94
--e-o
2 -D
1911534 Dec
11 Nov 9 1912June20
21,100 Tenn Copp & C tr ctfs_No par
1612 17
1512 16
1634 1714
1612 1734
1514
15
Dec 20 213 Jan 10 17714 June 241 13 Nov
11434
_100
__
Texas
(The)
Company
17,700
152
15512
15412
150
1573
4
14912 15114 15112
149 150
5933
Aug
8
21
805
4814
Sep
1:3
Dec
4212
25414 5533 32,750 Tobacco Products Corp.-100
55
54
5453
54
5412 5512 5514 5(3
99 July 109% Mar
100 x86 Dec 17 105 Mar12
Do prof
500
9112 9112 *8873 93
91
*89
91
9314
9114
91
Oct
Jan 110
86
Underwood Typewriter_ . _100 283 Dec 14 107 Aug 20
*96 102
*96 103
*96 103
*90 103
*95 103
Jan
22
8712 Oct 129 Nov
112
5938 Dec 27
Union Bag & Paper(new)_100
73
*65
73
*64
73
*65
73
*64
*65
73
-----------3412 Dec 20 4938 June 2 _. _
No
par
Alloy
Steel
United
600
39
39
*38
3812
538
3712 38
3712
*36
3812
59 Feb 1054 Aug
8113 Nov 5 12778 Aug 14
100
9578 9514 9612 12,400 United Cigar Stores
95
9412 95
94
9438 9518 95
9814 Dec 11 12054 Mar14 51112 Feb 120 Aug
100
Do [ref
*101 115 *105 115 *105 115 1105 115
•105 115
100 x105 Dec 20 15433Jan 22 13618 Jan 16912June
12512 12812 3,910 United Fruit
12112 12112 12112 12212 123 126
120 120
2818 Nov
1513 Jan
10 Nov 5 2412 June26
100
80() US Cast I Pipe & Fdy_
1412
1412 1453
14
1258 1238
1312 1334 *12
14
4812 Feb 6712 Nov
42 Dec 26 63 Jan 29
100
Do pref..
100
4734 4734 4734
*40
*40
4734
4734 *42
4734 *40
17112 June13
9412 Dee 17012 Apr
Nov15
9818
_100
Alcohol_
_
Industrial
S
U
31,900
12234
11912
1253
121
4
11941, 121
12014 12114
11834 11918
Jan
9912 July 114
88 Nov 9 106 June14
100
Do prof
97
*93
97
*93
97
*93
97
*93
*93
97
4734 Mar 7034 Dec
45 Dee 12 67 Aug 14
14,100 United States Rubber_ _100
5578 5678 5614 58
5678 5512 56
56
5512 56'4
11514 Deo
Feb
10618
3
11431Jan
20
Dec
91
9612
100
1st
9612
preferred
Do
300
9912 9912
*9534 9512
*96 100
9633 963s
57 Dec 8112 Nov
40 Dec 20 6784 Jan 4
50
1,700 U S Smelting Ref & 14.1
48
4531 4634 47
4538 4534 46
4534 457s
46
50 June 5312 June
4333 Nov 9 5214Jan 3
50
Do prof
700
45
43
43
45
*43
4514 4512 4512 4534 4534
May31
Mar 12934 Nov
17934
13858
29
Dec
7912
100
Steel
United
States
9638 9812 832,700
9134 9378 9258 9378 9314 98
9038 915s
May 123 Nov
115
Jan
19
12114
.100 10234 Dec 21)
Do prof
11018 11014 110 11012 11012 11258 211112 11214 4,700
110 110
7434 July 130 Nov
11834 May25
17
Dec
7014
10
Copper
Utah
16,300
85
8312
8334
8214,
8112 82
823.1
8114
81
8214
1614 June 2733 Dec
918 Dee 20 2484 Jan 22
100
1,800 Utah Securities v t c
1438 1412 1413 1478
14
;13
1434
14
1334 1334
Jan
Apr 51
36
26 Nov 8 46 Nlay31
4134 4238 4212 4212 3,400 Virginia-Carolina Chem__ _190
4012 4212 4112 42
4018 4013
11214 Jan 26 108 Apr 11412 Dec
24
Dec
97
100
pref.
Do
1,700
10?
10034
10034
4
100 10112 10038 10038 1003
*99 100
Nov
7234
July
ar30
41
NI
77
3
Feb
46
100
600 Virginia Iron C A C
56
55
56
54
53
53
55
53
53
*52
87 Mar 10512 Oct
2,300 Western Union Telegraph _100 x76 Dee 20 9934 Jan 19
91
91
91
9138 90
9012 0012 92
9012 9012
5114 Dec 7158 Mar
333i Dec 17 56 May2S
4138 4212 16,300 Westinghouse F.lee A Mfg_ _50
3934 40'4
4012 4078 4018 4034 4014 42
Apr 79 Mar
4
70
Jan
24
70's
5214 Dec
50
Do 1s1 preferred
69
*55
69
*55
*55
*55
69
69
69
*56
45 Dec 5938 Oct
5212 Jan 18
2
Nov
3334
50
Motor
White
2,000
4112
40
4013
3912
3918 3914 3933 3958
3818 381s
n325 June
Dec
24
Jan
18
3812
8
Nov
15
25
Willy-a-Overland
(The)
1778 1914
1814 1914 38,400
1712 1753 1758 177s
1714
17
04 Dec 117 June
69 Nov16 100 Marl()
Do pref sub reels full VI 100
600
7812 79
7778 781 1
7631 7631
7634 7634
Mar30
8414
8
Nov
42
t
Co,
v
100
&
Inc,
c.
1,800
Wilson
*52
55
5678
55
55
-5-4- 5311 54
53
*51
Jan 14134 Oct
9978 Dec 12 151 Jan 22 118
100
400 Woolworth (F W)
118 120 *118 120
*117 120 *117 120
11614 11614
100 113 Dec 18 12613Jan 17 123 June 126 Nov
Do pref
*114 121 *114 121 *114 121 *114 121
•114 121
3638 Sep
July
25
Juneli
9
3753
Feb
2312
1
v
M
&
P
c_100
200
Worthington
35
35
35
*34
*3312 35
35
35
*3312 35
Sep
95 July 100
88 Nov27 9714June1 1
100
Do pref A v t c
100
88
*86
8612 8612
88
*86
88
8712 *36
*80
6617 Sep
July
52
Junel
8
63
9
May
50
c
inn
t
prof
v
B
Do
200
3
60
597
8
597
*58
60
60
*59
60
60
*59
n Par 8100 per share.
a Ex-div. and rights.
b Par $10 per share.
t Ex-rights.
I Le39 than 100 shares.
* Bid an!asIted prim; no sales on this day.
CertIfIcate:i of deposit. n Ex-dlvliend.
$ Per share $ per share
r
483
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
/n Jan. 1909 the Ezchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and
defaulted bonds.
BONGS
N. Y. STOOK EXCHANGE:
Week ending Feb. 1
Price
Friday
Feb. 1.
Bid
U. S. Government.
13 8 344e Liberty Loan __1947 .1 U S 4s converted from 181 Liberty Loan
-_1932-47
08 45 26 Liberty Loan _ __1942 M- N
U S 2.3 consol registered__ A1930 Q U 8 28 °onset coupon
61930 Q - J
U S 39 registered
k1918 Q F
U S 38 coupon
k1918 (3U S 4s registered
1925 (3 - F
S 4s coupon
192.i (3- F
U 8 Pan Canal 10-30-yr 2s_k1936 Q U iS Pan Canal 10-30-yr 2s reg '33
U 8 Panama Canal 3s g _ _196 Q -M
13 8 Philippine Island 4.3_1914-34
-F
Foreign Government.
Amer Foreign Seem' Os.
1919 F • A
Anglo-French 5-yr 59 Ester loan. A Argentine-Internal Sc of 1900-. NIBordeaux (City of) 3-yr 69_1919 M- N
Chinese (Hukuang Ry)-5sof II
-D
Cuba-External debt 5s of 1904_ • Ester dt 59 of'14 ger A.__1949 F - A
External loan 44413
19/0 F - A
Dominion of Canada g 5s
1921 A -o
Do
do
1921 A -0
Do
do
1931 A -0
Vreneb Repub 554s secured loan_
-laDanese Govt-sloan 4449_1925 F
klecond series 4549
1925 J - J
Do do "German stamp"_
Sterling loan 48
1931
Lyons (City of) 3-yr 89
1919 M- N
Marseilles(City of) 3-yr 6.3_1919 M- N
Mexico-Ester loan -C Is of 1899 (3Gold debt 4s 01 11)04-------1054 J -13
rads, City of, 5-year 6s___1921 A
Tokyo City-Is loan of 1912____ M- S
K of Gt Brit & I 2-yr 5,3_1918 M- S
3-year 554% notes
1919 M- N
1921 M- N
5-Year 5)5% notes
Convertible 554% note:3_1918 F - A
Convertible 5j.4% notes_1919 F- A
(These are prices on the basis of 3510
State and City Securitlee.
N Y City-442s Corp stock_ 1089 54-S
4 U9 Corporate stock__ _1964 54- S
she Corporate etock
1966 A - 0
444s Corporate 9U)ck
1905 J -D
4449 Corporate stock
1963 M4% Corporate stock
19.59 M-N
4% Corporate stock
1958 M- N
4% Corporate stock
1957 M -N
4% Corporate stock reg .1956 M-N
New 4549
1957 M- N
454% Corporate stock._ 1957 -N
354% Corporate stock_1954 54-N
N Y State-49
1001
Canal Improvement 48.__1981 2-2
J
Canal Improvement 49._1062 J - J
Canal Improvement 49_ _1960• J
• Canal Improvernent 4549_1964
Canal Improvement 4348_1965 - J
Highway Improv't 4548_1963 M- $
Highway Improv't 4449_1905 M Virginia funded debt 2-39
1991 J -,
Os deferred Brown Bros Ws-._
W eek's
Ranye or
Last Sale
Ask Low
93.26 Sale
97.26
Range
Year
1917.
High No. bow
E/101
98.30 3120 93.08 1110.31
98.60 Sale 96.50 97.00 311
96.06 Sale 95.76 98.30 6420
9713 98
97
97
2
9713
9634 Nor 17
93
9934 99 Nov'17
90
9034 15) Nov'17
105 Sale 10.i
105
1
10412 106 104 Dec '17
9634 -.- 9734 Oct '17
9634 -- 13734 Oct '17
80 ---- 84 Dos '17
____--- 100 Feb '15
96.90 97.46
98.70 100.02
9612 9934
9634 9973
93/8 9912
0358 10178
104 110
101 11113
9734 98
9734 9734
84 10234
9714 Salo 9578
9712 370
8938 Sale 8878
90 1901
80
80 Jan '18
88 Salo Si
8333 861
00
65 Oct '17
83
9113 Jan '18
9.334 97
95
91
9014 Jan '18
32
8718 80 Oct '17
9,514 9512 9538
9512
9233 Sale 9214
9278 25
9212
97)2 1.1
9238 91
9612 Sale 9618
9718 396
9214 Sale 9218
9212 10
9214 -- 9214
9278
14
8034 dale 7934
81
138
7412
74
7478 7412
2
88 Sale 8634
90
297
83 Salo 87
8934 233
3612 45
40 Jan '18
3178 '38
3318 Dee '17 83 Sale 8614
8912 121
70
7012 7012
4
7012
983,4 Sale 98
99 1101
9738 462
9678 Sale 9614
9412 Sale 9312
9434 389
-- 99% 99% 20
9914 Sale 08%
9912 1470
9012 95
8178 95
8014 93
74
9678
65
7214
9112 100
9218 97
86
8058
00 10038
89 100
8712 10014
9112 101
81
9038
8018 9018
7414 82
73
7612
74
9712
74
97
4012 50
3318 397s
7312 97
8012
70
9512 0878
9314 9878
8412 9812
98 10038
9514 10112
97
00
9014 Jan '18 --90 101) 9038 Jan '18
00
901s 90
90
1
9618 Sale 90
9618 72
98 Sale 96
0018 32
88
87
87
87
21
.86 ---- 8812 Jan '18 _-_.
8634
8634 8714 8834
4
8512 87
8518 Jan '18 ---.
9612 96 Jan '18 -96
96
9612 98
9614
3
7318
4 8312 7818
77,
5
191 July'17 ---_
9612 _
10034 July'17
9614 6114 100 Nov'17 - --- 96 Jan '18 --__
155 11012 10512 Jan '18
_ 107 103 Sept'17
TOE
- 10412 Jan '18
___ 102 10312 Oct '17
79
74 Dec '17 ---40
25
5014 June'17 ----
82 10412
90 10531
973t( 106
9334 111
9412 1103.1
8634 1./213
89 10213
87 10214
98 102
9512 11072
97 11012
7578 91 12
191 105
10034 10612
100 10212
9978 10812
104 11718
103 103
10418 11718
10312 110
8712
74
611.i
50
12,
BONDS
Price
Week's
Range
-11721
N. Y. STOCK EXCHANGE
Friday
Range or
Year
Week ending Feb. 1.
Feb. 1.
Last Sale
1917,
------Chesapeake A Ohio (CoalBid
Ask Low
['Joh No Low High
Jetiig valley let g 68
1940 J 9634 Feb '16
Potte Crest Br 1st -19
1916 J -J
63
70
8434 Jan '13
_R d co
1st con
:_
4 481989 J • J
6833
73 Nov'17
7.3
8812
2d consul
1989
J
6212 82
8212 71 Oct '17
71
8134
Greenbrier HY 1st go g 4s-1940 M- N
8812 Sept'16
Warm Springs V 1st g 5s__1941 54- S _-__ ---9612 11314 Feb '15
Chic & Alton RR rot g 39_1949 A -o
5878 Oct '17
-g78 -5F4
Itaii.nay let lieu 354s
-1-2 5
19)50 J -J -68
-12
4% 3658 Jan '18
35
5312
Chic B A Q Denver Div 49_1922 F - A
0812 101
9738
0834
9,9 100
Illinola 1)1v 354s
(Isle 7312
1919 J -J
7512 15 76
89
Illinois Div 4s
87511'
14 414
1919 .1 - J
84
84
1 83
9734
Iowa Div sinking fund 58_1919 A - 0 9912
9912 Jan '18
0858 10212
SInkIng fund 4s
1910 A - 0 95)8
97 Jan '18
98
997(1
Joint bonds. See Great North
Nebraeka Extension 48_1977 M-N
9114 02
9114 Jan '18
01)14 99
Registered
98 July'le
1927 54-N
General Is.
8
2°
6
418 Sale
-3-012 83
1958 M 10 81
84
9718
Chic & 16 III ref (it Imp 48 g_ _1955 J 30 Jan '18
3012 35
(35 Mtg A Tr Co ctf9 of dep__ -- -- .
2
.
9575
057
. 81105
2
0a9
2i 0:91072
8 2912 Nov'17
2712 35
let consol gold 13s
98 101
1931 A 9812 Deo '17
97 10712
General consol 1st 5s
1937 M- N --- 8412 87 June'17
8034 90
US aim A Tr Co ctfs of dee 70
70
I 75
90
Guar Tr Co ate of dep _____
76 July'17
76
90
Porch money 1st coal 53_1942
51
. _
9734 Feb '13
__-Chic A Ind Ofty 1st 59_1936 J - J
8
16
32 Mar'17
41
Chicago Great West 1st Is. _1959 N4- S
5812
80
2 52
7312
Chic Ind A Lottiriv-Ref 85_1947 J - J
95 Dec '17
9478 11518
Refunding gold Sc
10012 Apr '17
1947 J -J
10012 10034
Refunding 41 Series C
8412 Apr '17
_1947 J • J
8412 8514
Ind A Louisv 1st gu 4.3
70 Nov'16
1956 J - J
Chic Ind & Sou 50-yr 43
0612 Jan '17
1956 3-i "7'6'1; 80
90
9812
Chic L S & East 1st 4449_ _ _1969 J -I)
973t. Deo '16
Chicago Milwaukee & St PaulGeri'l gold Is Series A
7013 86
78 Jan '18 ---- 77
e1989 - J
96
Registered
9258 Feb '113
QPermanent 19
'
192
1985
14 -7
9 J -D 7712 Sale 7718
7778
i
7.i:
:2
1:0
5
978
651:14
2
Gen & ref Ser A 4)-5s,,. a2014 A -0 63 Sale 6714
8-1 62
63
Gen ref cony Ser B 59...A2014 - A
80 Sale 7814,
80
21
0
0 8
Gine'gold 350 Ser B____e19811 7778 7212 Aug '17
General 4448 Series C_ __e1980 .1 - J
t74,12 85
83
8412
25-year debenture 48
1931 J - J ---- 7378 74 Dec '17
Convertible 4449
7414 Sale 74
J -D
75
66 8512 10234
-.1 7894942:
Chit, & L Sup Div g 5g__ _1
9418
97
97
1°
921
32 J - J
0803452'8448
Chin & Nio Mir Div 5o ..A920 J-.1 8112 5494 Nov'17 -- -- 94 10812
Chic & P W 1st g 50
1921 J - J 0778 9918 98 Jan '18 --- 9612 10418
& puvt Sd let gu 41.1194
O
- 84
79 Dee '17 ---- 7712 9514
29
1J - J •
Dubuque Der lets f 89_1920 J iTh4 10812 100 Oct '17
-- 100 105
Fargo dr Sou &mum g fie_ _1924 2- J
9753 108 10478 Sopt'17
10478 10478
La Crosse & D Ist 5s
9712 10034 98
1 10018 10114
1919 J - J
98
Wls & Minn Div g 5m
9314 101 1001s Sept'17
1921 J - .1
100
10458
Wig Valley Div let 6.3____1920 J - J
11718
107 Dec '16
Milw A No 1st ext 4449_1934 .1 -D 85 __ 81 Dec '17
-51- 16112
Cons extended 15491934 -D
8114 .)
8114 Jan '18
8
86
8
88
Cate & Nor West Es 49 1886-1026 F - A
8873 ____ 89 Jan '18
0814
Registered
8534
_
_
8012 Oct '17 --- 8812 9712
1386-1926 F - A
General gold 344.3
71
7818 7134 Jan '18
1987 M- N
Registered
Q- F
8114 Oct '16
General Is
8418 85
551
8514
P11098877 Ni- N
Stamped is
86 Sept'll
1987 M-N --_- 90
General 59 stamped
1987 M- N 102 14)212 101 Jan '18
1784
015311-2 5811;3851:i
Slaking fund 85
10414 Dee '17
1879-1929 A - 0 104
1.. I5
oi
%4
4it_4
2 .i5
_
Reglstered
10912 Apr '16
1879-1929 A - 0
Sinking fund 513
1879-1929 A -0 95 100 104 Sept'17
33
Registereel
10312 Apr '16
1879-1029 A - 0 92.8
Debenture 55_
95 Nov'17
1921 A - 0 9514 102
0313 10233
Registered
1921 A -0 91 100 190 Jan '18
Sinking fund deb 59
9314 14734 9412 Nov'17
1933 M-N
1 Toi8
Registered
9753 10114 2u0e'1(1
M-N 90
Des PialneeVel lot gu 4543193
7638 ____ 11)112 Oct '16
1943
7 MFrom Elk A Mo V 181 Os_ _1933 A - 0 10112 ---- 101 Jan '18
Man GBANW 1st 3349_1941 J • .1
52
8812 88 Jan '17
13411w & S L 1st gu 354s
- J
1941
Mil L S & West 1st g Os...1921 M
166;
3 -_-_-_-_ 11311- Oct '17
Eat A imps f gold 55_1929 F - A
951
_ _ 9778 Deo '17
8
"5
9
:
i68
71-4-2 1
6
0 11
Ashland Div let g Oti- -1925 M
11178 Dec '15
--_S
Mich 131v let gold 6s_1924 J
- 11112 Nov'16 ____
- .1 9934
Mil Spar & N W lst gu 49_1947 54-s 71
84
8638 Sept'17
-5F4
St L Poo N W let gu 59_1948 J - J ____ 93
98 Oct '17
- 93 10838
Chicago Rock 1st & Pac77 Sale 7612
RaNIDW general gold
1983 J - J
77
73
07
8512 8
0
Registered
87 Mar'17
Refunding gold 11
.)638 Salo 6512
6612 87 59t4 7818
20-year debenture 5s____ 71
66
66
A2 0
38
4
2J
.1
3 61
.19
9°38
8472
t8
0
7054
)
7
Coll trust Series P 49_ ._1918 M- N
9734 Oct '17
9734 R I Ark & 2.01118 let 4449_1931 M _ _ _ 646273
63 __2 5412 )02
747
12
Burl C R& N-1st R 55._1934 A • 0 11014 9612 9612 Sept'17
CRT FA NW 1st
9712 June'17 ---- 971z 9712
59._1921 A • 0 • - 100
Choc Okla A(3 gen g 5s_e1919 J - J
9034 Oat '16
11--.
--; 3
_
Con,o1 gold 58
9758 July'15
Keok & Des NIolnes let 5s.1192:3
55 Oct '17
N _ _ _ - 60
A :O
952 M
St Paul At K C Sh L let 4149'41 F - A
59
59
-1 -;;
75
Chic St P NI At 0 cons 64._ _1930 J -D 10312 112 102 Jan '18
102555
94 0
6
18
3
2A
Cons 1.19 reduced to 31.4s..1930 J -D
7838 -- 8618 Nov'17 --- 8618 9118
Debenture 59.
8518 96
9534 Oct '17
10014
Ch St P Minn let g 69_112
111 June'17 ---- Ill 11814
8° °M1:13
S
1
North Wisconsin let 85
1930 J - J 10014
- 118 Nov'16
St P & S City 1st g 69_ _ . _1919 A - 0 10018 103 100 Dec '17
-- - 100 104
Supertor Snort L let 5s g.o1930 M8412 _
_ 10518 Nov'10
Chic T If A 'So-East 1st 5s_ _1960 J - D
_ go82 Jan '17
82
Mile A Wait Ind gen g ._e1932 Q -M 10313 104 10:312 Jul '18 --104 108
Consul 59-year Is
6614 Sale 6614
6614
1
13178
77
CM If
D 2d gold 440._1
90 May'17 --.. 99
J :2
937
52 .1
.8
... 10
904
let A refunding 45
1st guaranteed 41
---- 90 May 17
-id 90
Cin D A I 1st
___
25 July'15
g
M
1
°9:545°
1 :I
._ _1119
..
C Find & Ft W 1st gu log 1923 N1- N
88 Mar II
Day A Mich 1st cons 4 143.1931 2 0(1 Jan '17
90
Cle
26
v.C
ye
lCdneb
& 48H
-6.i- 51) Jan '18
t IL gen 45_1993 J - D
8112
7032 7312 8812 Jan '18
117
Oeneral As Serb's B
70
80 101 Feb '17
101
0
85ii
0
366
t
Cairo Div let gold
6834 804 8378 Mar'17 8378 87
Cln W A NI Div 1st g 4s...1991 J .5518 6373 79 Feb '17 ---- 79
81
St I. Div let coil tr g 4e_1990 M- N
62
67
60 Jan '18
747s 83319
Spr A Cot Div letg 46_1940 M- S 6712 ---- 7312 June'17 ___ 7312
7312
W Val Div 1st g 4e
84 Nov'16
1940 .1 •
() 1St LA C conmol 61_ _1920 Al • N i6678 Mgt; 10218 Oct '17 _ _ _ _ 10033 l02I
let gold Is....
871*
87 Dec '17
k1936 (3 - F
88
Regitstered
8813 May'15
A Cl cons let 19
Oln_
8212
.1
3(31 (4
-- 10218 Jan '17
g 5s_ k1°2
i(832
452
C C & I gen cons g 1.1..1934 J -3 ------ 10718 Aug '17
0_2
6
.1142 II6
I .7 3
4.
Ind B A W 1st pref
94 July'08
_1040 A • 0 61
0 Ind A W Ist pref 5e ...11933
_
_---1913 51 18 Jan 18 ____ 4
Peoria A East let cons 48.1910 A - 0 47
3
70
15
514
0
Ineelne 4s.
1212 20
1212 Dec '17
1990 Ao
Dr
A.
8712 89
Cleve :Mort L 1st go 4 .1 40._ _1981
88 Jan '18 ___ 8312 10234
Col Midland let gold 4s.._ _1947 J
614 10
8 Jan '18
I
5(2 712 712 Jan '18
Trust Co cord fs of depoilt_ 2
1134
8:173 Sale 8234
Colored', & Sou 1st g1929
8378 _2
.
.
9 0
85
96
518
1 1,
6901 Sale 6378
Refitud A Ext 414e----- - 1935
N
6934 79 6104 8734
Ft W A Den C let g
98
96 Jan '18
_1921 3 • 0 95
Conn A Pam Rive let g 1.9_(943 A - 0 84 Coba RR let SO-year be g_1952 J
04 FoCiii
D91 La..k A Western-Morris A Ess 1st gu 3344_2000 .1 -13 7312 75
7318 Jan '18
7712 8814
N Y Lack Jr W let
J - J 10112 10212 10058 Jan '18
10114 10714
9558 99
Conetruatton 5s
9.8 Nov'17
98 10258
Term & Improve 48_-_ 1923
9:1
0334 9334 Jan '18
93
9912
Warren Ifit ref gu g 84e-2000 F 10218 Feb '03
11.72
Railroad.
Aso Arbor 1st g 4e
63
59
59
58
51095 (3- J
51
7312
Atoll Top A S Fe gen g 43._ 1995 A 8538 41 80.2 97
8434 Salo 8413
Registered
83 ---- 83 Sept'17
1995 A 83
0:3
Adjustment gold 48
75
7212 Jan '18
51995 Nov
72
881 1
Registered
8512 Nov'16
51995 Nov
7734
74.2
Stamped
7413
79,5
7 7212 89
51995 M-N
2.onv gold 45
86
J
84
8612
Dec
-D
'17
1955
84 10(113
Any 4.3 issue of 1910
86
85
85
15 79 107
1960 J -D 84
East Okla Div 1st g 49._ _1928 FM 9112 Oct '17
8434 96
91
99
Rocky Mtn Div let 49_1905 J - J
68
7334 78 Aug '17
78
88
Trans Con Short L let 49_1958 J 797s 80 Jan '18
8012 9334
Cal-Aria 1st & ref 434e 'A"1962 M- S 79
8512 8231 Jan '18
91 100
Fe Free & Pb 1st g
M- S 82 100
993.4 July'17
0934 10458
ASICoast L let gold 4s____731952 M- S 8158 8-1i2 83
83
7912 0838
Gen unified 4449
Jan
82
8212
'18
J
-D
1964
8034 9512
Ala Mid let gu gold 59_1928 M- N
9318 ---- 9934 Oct '17
9934 10712
Bruns A W let go gold 44_1938 J - J
85 Stipt'll
75
83
9331
85
Charles & Say 1st gold 71_1930 J - J 100
- 129/8 Aug '15
7112 Sale 71
L & N coil gold 4s
7112
/1952 M-N
88
89
Sae FA W 1st gold 8s.___ 1931 A •0 105 -- 115 July'17
115 11811
lot gold 5a
1934 A 9214 -- 105 July'15
93(2 ____ 99
8118p Oca &0fel g 49
99
1
1918 J • J
8712
87.
2
Belt & Ohio prior 3541(
Sale
37
8
1925 J - J
- -5638
____ 89
Registered
90.12 Sept'17
51925 Q.
9012 9513
let 50-year gold 49
61 7112 9438
51948 A -0 78 Sale 7714
78
Registered
92..
4 Mar '17
51948 Q • J
91
9214
40-yr cone
7713
7812 43 6912 9718
_1933
Refund A gen 55 Series A _1995 J -D 8158Sale 8073
8158 42 7312 10112
Pitts June 1st gold fls_ _ _ _1922 J - I
- 112 Jan '12
gals 8918 83 Oct '17
PJuno A M Div let g 354s 1925 M- N
7') 49412
PLEA W Va Sys ref 48..1941 M- N ____ 74
75 Jan '18
7178 90
8outhw Inv let gold 334s 1925 .1 _ 8412 8333 Jul '13
84
9418
,:ent Ohio R let e g 4448..1930 M.
-1112 - - 100 Apr '17
100 11)0
Cl Lor A W eon 1st g 5s_ _1933 A - 0 90 ---- 9938 June'17
9938 9938
Monon River 1st go g 58 1919 F - A -10114 Nov'16
---- -.Ohio River RR 1st g
J -D 9112-- 991., oct 17
9914 10/12
.79
General gold 58._
90
8314 Dec '17
1937 A 8814 90
Pitts (glee A ('al let g 5,1922 A -o 10012 ---- 107 Feb '17
107 107
Buffalo ft A P ;ten g
9919 10012 Nov'17
_1937 M- S 95
10012 11133
Consol 444s.
9312 9912 Oct '17
1957 M -N 85
99 102,2
All A %Vest 1st g 4s gu____1998 A - 0 75
97 Nov'16
Clear & Mali let gu g 51._1943 J - J
1.03.8 Feb '16
Roch & Pitte 1st gold 64_1921 F - A 103 Sale 103
3
103
_
Coasol let g (is
_ _1922 J -o 99.8 107 104 Nov'17
10358 10931
Canada Sou cone go A 55_ ...1962 A-0 83
9118 87 Jan 'IS
97 1051s
Car Clinch & Ohio let 30-yr 5e'38 • -D __
84
84 Deo '17
81
92
Central of (3e. 1st gold Ss p1915 F - A
97
'J7
100 110
Coneol gold 5e......
N
_1945
8512 8912 90 Jan '18
8358 103
Chatt Div our money g 4,31911
-D ____ 79
78 Aug '17
78
78
Mac A Nor 131v 1st g 59_1946 J - .1
8712 ---- 103 Mar'17
103 103
_ 10118 9738 June'17
Mid Oa A Atl Div 5s_ ._ _1947 - J
9758 9758
Mobile Div 1st Sc----- _1910 • J -8814 94 10412 Aor '17
10438 10412
Con RR & B of Ga col g 53_1937 54-N
9(3 Aug '17
8434 93
90
9713
Cent of NJ gen'l gold As. _1987
10211
103 10634 102
:3 100 12012
Registered
104 10212
10212
51987 Q • J
1 MO 118
Am Dock A Imp go 5s.._ _1021 3-i -99 104
9912 Jan '1.8
0612 10414
Leh A flud Itiv gen gu g 5s_'20
91 100 101) June'1:3
J
N Y A Long Br gen g 4s__1941 M- S 92 ---- 10912 Jan '13
Cent Vermont tel gu g 44..41920 Q • F 65
75'78 65 Jan '18
-5i- 7113,,
Chesa A 0 fund A !mot iSs_ _1929 2- J
91 Aug '17
77
87
90
9678
let consol gold 55__1939 54-N 9318
101) Jan '18
91-8 108
Registered
_19:30• N
1041: Jan '17
1011t 101,2
General gold 434e
1992 f41 - 11
73 -5371 7:331
7'334
15 70
94
Regletered
1992 al- 5
--- 8034 Mar'17
8634 92
6934 Sale 0712
29-year convertible 4149..1930 F - A
69311 107 0512 8612
30-year cone secured 58_ _1948 A Sale
7838
7733
79
225' 7138 9434
Big Sandy let 49
1944
- D 65
84 Apr '17 78
84
87
Coat River Itv lot go 4. 104/5 /
8512 NOV. 1 n
(14
_
*No price Friday:latest this week. a Duo Jan. 4 Due April. a Due May. g Due June. 5 Due July. k Due Aug.
0 Duo Oct. p Due Nov. g Due Dee, 301)11011 sale.
Sale
FEB. 2 1918.]
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 1.
483
New York Bond Record-Continued-Page 2
Price
Friday
Feb. 1.
Week's
Range or
Last Sale
,53
Range
Year
1917.
High No. Low High
Ask Low
Bid
Delaware & Hudson--- 9512 10114
9534 9534 Oct '17
03
1922 J
1st lion equip g 45
1 85
83
8312 8512 83
9912
1913
1st & ref 40
-8712
'18
8912 107
89
Jan
8713
A
1935
10-year cony Is
893s
7412 7734 7412 Jan '18 -- 69
1916 A Alb & gust' cony 34s
Renee & Saratoga 1st 7s_ _1921 M-N 10018- 11278 Des '16 ---61
65
23 6218 86
°env & R Or 1st C0128 g 4s...1936 J - J 6 p2 g66612 70
68 Jan '18
1936 J - J
Consoi gold 41419
6
712 9
72
76
1
00
76
76
1928 J -D 73
Improvement gold 5s
51
18 4712 68
50 Sale 50
1955 F - A
tot A refunding 58
37 Aug '17 ---95
Rio Or June 1st gu g Is__ _1939 -D
6114 Apr '11
50
Rio Or Sou lot gold 4s__ _1940 _ 33 July'17
-58-- -551940 J - J
Guaranteed.
orri,
61
64
64
•2 8hz
____
J
1939
lot
gold 4s
Rio Or West
55 Jan '18 ---- 49
56
53
7412
Mtge dr coil tru3t 48 A_ _1949 A 9812 Mar'17 ---- 9812 9812
Des Moines tin Ry let g 58_1917 M- N
82 Deo '16 -Het & Mack-let lien g 4s 1995 J -D
---.16
July
7512
1995 J -D - ---Gold 4s.
84 Aug '17 ---- 84
93
81
77
Vet Rio Tun-Ter Tun 43is 1961 M - N
9934 Deo '17 ---- 9934 10518
9518 103
1./u1 Missahe A Nor gen Is_.1941 J -J
90 Nov'17 ---- 90 101
8918 101
Oul A Ironitange lot 5s_ _ _j937 A 10512 Mar'08
1937 A -0
Registered
-41-- -54'Oul Sou Shore & Atl g 5o.._ _1937 J -J 87 ____ 85 Jan '18
86 102 104 Jan '17 ---- 104 104
Etgin Joliet & East 1st g 58..1041 41-N
Jan
101
'18
105
---99
9978 10912
MS
1920
Vrie let consol gold 78
7212 981:, 9812 Mar'17 --- 9812 9912
N
N Y & Erie 1st ext g 4s_ _1947
9312 99
1919 M- S 9618 _-_- 9812 Oct '17
25 ext gold Is
9312 Jan '18 ---- 9712 10012
1923 M- 8 9312 100
3d ext gold 430
9514 ---- 0912 July'17 ---- 0912 10212
1920 A 6th ext gold Is
0434 Nov'15
6th ext gold 45
1928 J -D
10712 Doe '16
Y LE& W 1st g fd 7s 1920 M- S
687 Sale 6878
69
-ii14
Erie lot cons g 4s prlor__ _1996 .1- J
84 Dee '16
5,13_4
1996 • -J
Registered..
531321 4712 7312
Sale 1018
lot consul gen lien g 4e_1996 - J
73
73 June'16
1996 J - J
Registered
86
8834 Sept•17
-gg- -56 Penn coil trust gold 4s_ _1961 F - A
49 37
45
-45 Sale 4212
6814
50-year cony 45 Series A 1953 A 46
40 37,2 6878
46 Sale 4312
1953 Series B
do
5934 Sale 4912
51
59 4178 84
Gen cony 4e Series D__ _1953 A -0
Jail
9112
-'18
85 109
Ohle & Erie 1st gold Is .__1982 M-N 92 100
10678 Jan '17 --__ 10078 10678
Cloy & Mahon Vail g fis_ _1938 J - J
103 103 July'17
103 109
Erie & Jersey 1st a f Os__ _1955 J - J
103 10812
Genessee River 1st s f Os _1957 J -J 16212 10358 10334 Aug '17 109 11012 Nov'17 -- 11012 11238
Long Dock consol g es_ _ _1035 A 103 Jan '18
100 100
Coal Se Ell lot cur go 63_1022 -N
95 10212 July'17 --__ 10212 106(4
Dock & Inapt 1st eat Is._1943 85 Jan '18 ---- 101 10212
NY A Green L gu g 5s_ _1946 M - N
75
78
Jew
'18
- 74 10012
72
N Y Sus(' & W 1st ref 53_1037 1937 F - A ____ 62 10014 Deo '06 --- 26 gold 4Lo
_ 62
74 Nov'17 --1940 - A _
General gold Is
108
Jan '17 -- -- 10613 108
Terminal lot gold 51.. _ _1943 Pil -N
94 108 Jan '17 -- 107 108
Mid of N J 1st ext 5s.._1040 A -0 75
60 Oct '17
70
81
60
Wilk & East tot gu g Is. _ 1942 J -D 61
2812 Jan '17 ---- 2812 2812
& Ind let cons gu g(13..._1926 3-3
97
Nov'17
-J
192
97
J
_1921
11 lot cons Os_
/&
vans,
8512 June'17
8618 8518
1942 A
let general gold 5t)
108 Nov'11 - - Mt Vernon 19t gold Os__ _1923 A -0
95 June.12
A
Bull Co Branch 1st g 58._ _1930
85 Deo '17 96
85
/eforida E Coast let 4s _1959 J -I)
92 Aug '10 -;Ion St TJ D Co 1st g 4 qe._1941 3- J
5612 Oct '17
2 -561-4
-5131It Worth A Rio Or 1st* 43_1028 J J
8512 June'16 --gi- 87
1933 A tlely HOU8 & Hen 1st 5s
9358 Sale 1)312
04
116 -611:
1 -561,
rireat Nor C 13 & Q coil 4s_ _1021 J -J
9212 Jan '18
9178 99
51921 Q- J .9212 Registered .
-4 8612 Jan '18 ---- 8714 10134
.
3
1st & ref 4 Its Series A.._ _1961 -J 88% 55
96 June'16 -- -1961 .1 - J
Registered .. _ _ .
8314
_ 87 Dee'17-- 87 -59 1933 J - J
St Paul M & Man 4e
Ill 121
1933 j - j 105 113 111 Aug '17
lot consol gold 63
- 118 Apr '17
901s
118 118
1933 .1 -J
Registered
96
9:33.4 Jan '18
90 10512
Reduced to gold 4140.1933 J - -1 9312
8518 99 10212 May'16
J
1933
Registered
8112 Jan '18
82
981s
Mont eat let gold 4s_...1937 J -D 8178 89
9512 Mar'16
1937 J -D 8018 89
Registered
id_ 8512 Nov'15
Pacific oat guar 4s L _ _1910 8018
4
Deo
'17
-7618018 98
E Minn Nor Div let g 48_1948 A 10838 Jan '17
6613
10838 10838
1922 Minn Union lot g Os
113 June'17
100
113 12478
1937 Mont C let gu g So
13614
May'06
1937 - J
Registered
-- 9912 Oct '17
-613
-60.1; 1i.
1937 -J 92
lot guar gold Is
9112
10934 Aug '16
Will A S F let gold 53_1938 -D
f612
6934 Dee '16
.
_
Green (Jay & W deb ate "A"- - -- Feb --1;13 918 878 Deo '17
Feb
6
1512
Debenture Ws"B"
78 Sale 78
1 7258 8612
78
Gulf & 101 1st ref & t g 5s_81952 J - J
7512 7611 7512
101 7538 9334
7512
Rocking Val lot cone g 430_ 1990 9812 Jan '14
1999 j - J
Registered __ .
_
8214 Aug '17
Col A UI V 1st eat g 4o....1948 A 6712 Jan '18 ----'
1955 F - A
Col & Tol 1st ext 4s
0018 Apr '17
-do- -661-3
Houston Belt A Term 1st 5e_1937 J - 11
95 Jan '18
95
gi
9614 9634
Illinois Central 1st gold 48_ -1951 J 03
92
Sept'17
92
92
J
J
1951
Registered
90
5318
7818 Dee '17
78
8512
1951 J - J
1st gold 334s
5618 81
81
Nov'15
J
J
1951
Registered
581s ---- 80 ..June.17
-id - -56Extended 1st gold 33.s._ _1951 A 561s ---_
1951 A Reglotered
-gd - July",55
1951 51- S
1st gold 38 sterling
1951 - 8
Registered
-7i- -if - 92
74
Collateral trust gold 4s_ _10.52 A Ms ,.- 9514 Sep '12
1952 A Regletered
80Ig
80%
6
-55
tot refunding 45_
1955 M- N 8018 83
1052 J -.1 6178 7434 855s Jan '17
Purchased Utica 335s
7412 Sale 7112
7412 19 8%
5
72
s
575s
89
L N 0& Texas gold 45_j953 M- N
84
84 May'14
70
1953 M- N
Registered
Si)
Apr
3
7114
'17
---D
J
b -643Cairo Bridge gold 4e
1950
74
Feb
'14
55 - Litchfield Div let gold :18_1951
7618 May'17
1.011181,Div A Term g 3 .1953 3-i -- if
Regletered
11153 j - J ---- -- 83 Aug '12
192
June'16
Middle Div reg Is
1921 F - A 6613 - 60 -- 7212 Jan '17
-i21-2 2
727
Omaha Div 1st gold 3s_ _ 1051 F - A
el
6612 65 Sept'17
71
65
it Louis Div & Term g 3s_ 1951 • -J
6213 ____ 7778 Aug '17
61)
8612
Gold 3
1951 J - .1
_ 80 June'16
6113
Registered
1951
8058 Nov'16
Spring( Div 1st g 3145-1951
.
7918 Oct '17
-(45-8
F- A
,veatern lines let g 4s_ __1951 •
92 Nov'10
Registered
-- • ._19.51 - A
10734 11712 May'Li)
Bellev de Car 1st fie
1923 -D
-90 Jan '17
00
90
(Serb A Shaw 1st gold 48._1932 IVI- S
90- 12 ---- 9878 Nov'17
9878 100
Ohio St LA NO gold 58 1951 -D
114
Feb '11
Registered
1951 -D
90 Oct '01
Gold 314s
1951 • • n
Registered
. _ 1951 -D
W:34 -g51ioir,
2 90
-66"
Joint lot ref 58 Series A _1963 -D
8814 90
7018 Nov'17
8 88
Wong) Div 1st g 4s__1951 65 Nov'17
65
65
D
Regletered _ .......1951
81 June'17
9513
81
M- S 7938 80
St Louis Sou 1st gu g 4a.1931
_
7112 93
89 Apr '17
9412
89
Ind III & Iowa 1st g ,Is.....1050 0412 100
9012 9434 90 Jan '18
lot & Great Nor lot g Os__ _1919 M- N
77
8212 June'17
79
8213 93
James Frank A Clear let 4s_ 1959 J -D
5934 60
59
Kansas City Sou lot gold 319_1950 A 63 Oct'
3904
21
4 59t. 71)2
Registered
1950 A 7334
7512 110 -.F4-78 -51.
Ref A (mut Is
Apr 1950 3-,
7538 Sale 7533
7538 12 77
9014
Kansas City Term lot 4s._ _1960 1 -J
78 Jan '18
8178 101
Lake Erie A West let g 5s__1937 .1-3 7812 85
8038 Feb '17
_ 76
8058 83
2d gold 5s
1941 J 9118 3978 Mar'17
8978 00
North Ohio Int guar g 54_1945 A 9434 Jan '18
94
92 102
89
Lou Val N Y let gu g 4;0_1940 J - J
89 Oct '17
8318 93
34 10114
Registered
1940 J - J
80 Oct '17
80
9112
00
78
Lehigh Val (Pa) eene g 4(1_2003 Ibi- N
871s 9712 9013 Jan '18
00 102
General cons 4340
2003 FA-N
gjr
8712_
_
-
5;1-0-
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 1.
120
Price
Friday
Feb. 1.
Week's
Range or
Last Sale
High No. Low High
Ask Low
Bid
Leh V Term Ry 1st RU g 53_ _1941 A -0 102 110 1013s Dec '17 ---- 10018 114
100 106 113 Mar'17 ---- 113 113
Registered
9 1
9633 101 10014 Jan '18 ---- 102 10612
Leh Val Coal Co lot gu 558.1933119343
_
105 Oct '13
J - J
Registered
3112
4s
to
1933
J lot lot reduced
-if LOhANY lot guar g 4s__ ._1945 M- S
Registered
90 i5ii66
031
45
Long Isld let cons gold 5s_ ../1119
9414 June'16
77
51931 Q 1st consol gold 4s
89
8514 Feb '17 ---- 85
1938 J -D
General gold 45
00
s --__ 0834 90 July'17 ---- 90
-S
511922 61
Ferry gold 434s
-9914 Oct '06 ---Gold 4s
89 May'17 ---- 8512 89
78
2 .1 -D
939
194
Unified gold 4s
97 Jan '18 ---- 9578 9812
--_- 97
1193374
9
Debenture gold 55
20 7734 81
72
75
72
72
deb 51
20-year p
7912 Jan '13 ---- '7912 901s
87
s 72
9
,
194
Guar refunding gold 4s_...194
95 Jan '11
Registered
10314 Apr '17
i15i14
N Y13& M l3lstcollg5slOSl A-0
218 9612 Aug '17 ____
154
N Y & RB lot gold Is.._ _1927 M- S 8414 i0
100 Aug '16 -------- ----Nor Sh B 1st con g gu 53_019:32 Q - J
9412
8613 90
8714 Jan '18 ____ 83
Louisiana & Ark tot g 58-1927 M- S
Louisville & Nasbv gen 6s 193() J -D 109 10934 10934 Jan '18 ---- 10614 11314
9212 10934 9334 Jan '18 ---- 10258 107
1937 M-N
Gold Is
5 8418 9734
8812
88(2 Sale 8733
1940 J - J
Unified gold 48
9638 Jan '17 ---- 9218 0668
_
Registered
10012 10673
---'18
Jan
99
4
15211
_
trust
3
N
5e__
M3
1
gold
930
94
Collateral
9058 _-_- 10333 July'17 ---- 10338 10312
Etl&Nashistgfis
9812 98 Sept'17 --- 94 103
83
M- N
193-D
& Lea gold 41-0-1
L
931
19
1930 J - J 101 112 106 Aug '17 ---- 106 11418
N 0& M Ist gold 6o
9112 ____ 10418 Feb '17 ---- 10418 1041s
2(1 gold Os
9012 Apr '12 ---- 8918 9012
82
j 71
Paducah & Mom Div 4s 194
0 3:A
36F
isld1)
100 ____ 10018 Jan '18 ---- 9938 106
3 1st gold 63._1921 5117
3
uo
6og
St2L
5912 5912 Nov'17 ____ 5912 6312
1980 M- S 50
91 18
79 Jan '18 -- - 75
7712 82
Atl Knox di Cin Div 45
1955 M-N
Atl Knox A Nor 1st g 5s_ _1946 J - 0 9518 ---- 10834 Jan '17 ---- 10834 10834
10518 Aug '17 --- 104 10512
Header Bdge lots f g 6s 1031 M- S 10018
8533
7658 74 Oct '17 ---- 74
71 ---Kentucky Central gold 4s_1987 3 - J
93 Jan '18 __-- 92 10334
93
Lea & East 1st 50-yr 58 gu 1965 A -0
94
94 Aug '17 _--- 94
L & N 1/M di NI 1st g 41451945 M- S 76)8 96
6714 8138 May'17---- 8012 813s
3 66
.1
L & N-South M joint 4s .1952
52
95 Feb '05
Registered
-6-5- -571-2 9634 Jan '18 ____ 98 100
N Fla & S 1st gu g 59
8138 ____ 9778 Nlay'16
NAC Bilge gen gu g 4!4s..1193
J
7F
945
10378
8
99531 --- 10378 Oct '17 ----, 1637
Pensac & Atl 1st gu g 6o_1921 F - A
99 Oct '17 __-_1 9814 109
90 100
& N Ala COW
g 5s_ _ _1936 F - A
Gen cons gu 50-year 50_1963 A -0 8512 10214 9312 Jan '18 ---- 95 10312
Apr'17 __-- 79
8113
L dc Jeff Bdge Co Ru g 4s
1945 rd- 8 8712 ____ 79
Manila RR-Sou lines 4s_ _ _1936 M - N
77 Mar 10
Mint Internet 1st cons g 40._1977 M- S
75 Nov'10
Stamped guaranteed
9112 9134
9112 June'17
Midland Term-lots f g 58_1102
S
M D
7 J:
975
Minneapolis dr St Louis106 108
101 108 106 Nov'17
let gold 75
10333 Oct '16
O
-D
APacific Ext let gold Os__ _ 1921
927 3
74
9112
74 Nov'17
80
73
let consol gold Is
64
39
_ __ 473_4 41 Jan '18
1st & refunding gold 1s_ _19
S _4378
M-- P4
9 111
44
193
45
617s
46
46
46
B.of tut 50-yr 50 Ser A_ _1962 Q - F
_ - -60 Feb '15
Des M & Ft D 1st gu 4(3_1935 J - J
95
79
4 -id 7878 Jan '18
ita
Iow
dtmragl glo
nn
ue
erC
stidglIsd 53..1938 J - D "ii363
38
4312 43 Jan '18
42
97
83
8412 8578 8412 Jan '18
J
M- S
1 J
58
93
MStPASSNIcong4sintgu_19
92
92
92 Jan '17
lot Chic Term of 4s
851s 9884
J
-9112 851s Nov'17
M- N
1 J26
NISSM&A 1st 48 int guill4
____ 94
95 Dec '10
Mississippi Central lot 5s_ _ _1949 J Missouri Kansas & Texas-.
16 5618 7813
6218
6213 Sale 6114
1st gold 48
1990 -D
5414
35 Jan '18
30
2d gold 4s.
2014 325g
134 3238 Nov'17
1st eat geld 59
38
4
24
38
45% 6912
303
4518 Dec '17
3
4
2_8__
0
let A refunding 48_ _ _ _ °
S _4
-- A
MF4° M
69494
1100
_2
2 25
:32
45
32
Gen sinking fund 4 qe
1936 J - J
40 Nov'16
Fit Louis Div lot ref g 49_ _2001 A -0
6912 Apr '17
69-2 6912
Dell dr Waco 1st gu g 58_ _1940 M- N
7014 71
58 Jan '18
Kan City A Pee 1st g 4s_1990 F - A
79
4018 Nov'17
40
Mo K A E let gu g 5s_ _ _ _1942 A -0
5518 Dec '17
5212 85
M K & l)kla 1st guar 1s._1942 111 -N
80
3r 5618 Jan '18
66-60
6
5
50
M
dr T of T 1st gu g 58_1942 M- S :5551 Dec '16
_ --60
gher Sh & So 1st gu g 58_ _1942 J 40 Jan '18
4514 49
Texas & Okla 1st go g 5s._ 1943 M- S ____ 44
Minouri Pacific (reorg Co)
4 85
85
85
85
96
1965 -- -1st & refunding 58
2 8912 9934
le 91
a0
91
1 12 S9
99
8
lot & refunding Is
5 8514 9812
90
90
_ _ -_ -_
3 -1926
lot di refunding 55
404 5212 6814
59
59 Sale 5738
General 40
9912 9812
6 9858 10614
99
9812
M'seouri Par 1st cons g 6s_.1920
5512 60
60 July'17
40-year gold loan 4s
6012
'17
Apr
61
60
Ist & ref cony 5s
83
82 Apr '17
80
82
SS
N
1
5
8
549
5
3sdoo7nsv endnal
993
1111)
L
tor
5s_iu 19
100 Feb '13
F-A
- - --St
1948 J -D 60 -- .- 9712 Dec '13
Cent Br U P Ist g 4s.
7718 80
80 Jan '18
7. - -id Pac R of Mo let ext g 4s..1938 F A
913 10034 Apr '17
10034 10112
92
2d extended gold As__ . _1938 J - J
90 10334
941i Salo 93%
9414
St L Ir M & S gen con g 58 1931 A 102 July'14
Gen con stamp Ru g 5e. _ 1931 A 4 -if - 86
7414
7414 ---- 7414
Unified & ref gold 4s..._1929 J 8078 Oct '17 _
____
Regfitered _
9 04
84
70
7012 70
70
41
26 .1
Rly & G Div 1st g 43.__119
933
78 Sept'15
g
Verdi VIAW Ist g Ss__ _192ti
10-10.1 11411
Mob & Ohlo now gold es_ _ _11)27 J - 0 102 10533 10434 Aug '17
1st ext gold 69?.1927 Q- J __ 106 109 Feb '16
(15
6.6
_ _ 68 July'17
General gold 45
93
93
S 80 _- 03 July'17
A
7
38
94
Montgomery Div 1st g 5s_119
90
90
- - 90 Aug '17
8514
St Louts Div 59_ ____ ._1927 J 77
9134
77 Dee '17
7118 85
St L & Cairo guar g 4s__ _1931 J - J
9812 108
98 Jan '18
Na9hy Chatt fe St L let 59_1928 A -0 9514 102
9718 10214 11014 Mar'17
Jasper Branch 1st g 65. _ _1923 3 - J
30 May'17
25
18
-30 Nat Rys of Mex pr lien 4349_1957 J 35 Aug '16
Guaranteed general 4a. _.j977 A - 0
26 ---- 96% Feb '13
Nat of Max prior lien 4 ge 102t3 J - J
30 Oct '16
--__
lot consul 48
59 Dec '16
NT 0 Mob & Chic Ist ref 59 _1
.1
A:0
0J
9;11
19
2
6212
55
60 -E3-4 6212
New Orleans Term 1st 4s_ _1953 J - J
3 93
9112 92
92
92
9914
NO Tex dr Mesh%) 1st (Is..,. 11)25 J
121 34
501s
46
Non-coin Income Is A._ _ _1935 A - 0 4534 Sale 45
New York Central RR9378 213 37 11353
9338 Sale 93
__ _1935 M -N
Cony deb
1 .7614 8834
74
74
70
74
Canso! 4e Series A_1998 F - A
8218
26 7712 9834
Ref & Imp 434s "A". _ _2013 A - 0 8218 Sale 8118
New York Cent & !Ind Illy5 6818 867s
7318
71
7234 7318
Guar 314e .
8578
74
_
Registered
97
99
._ 119
7 3:3 _7312 71 Sept'17
7812
941.4
:3
ig
8
29
78
Salo
77
ril-N
e
D benture gold 4s_ _ _ _ _1934
Registered
-- 92 Dec '16
61
6414
2 -66- -if 6411 67
4
38
Lake Shore coil g
_ _1199
80
65
_ 6518 6734 Sept'17
Registered ___.___ _ _ _1993 F - A
69 Sept'17
8912
69
6365
Mich Cent coil gold 3149_ _ 1998 I - A
Mar'17
SO
7.5
75
A
F
_1998
__
_
Registered
Battle Cr A gtur 1st gu 38_1989 J s AlIt '17
-6678 97
7812 9512 -561Beech Creek lot au g 48_1936 J - J
9534 Nov'16
1936 J - J
Registered _______
104 May'16
____
8718
1936 J - J
24 guar gold 5s_
____
- ---1936 3 - 1
Regletered
Beech Cr Ext 1st g 3349_51951 A -0 ____
Cart & Ad let gu g 4s_ _ _ _ 1941 J .0 09 ---- "gi
(3ouv & Oswe let go g 56.1942 J -D ---- -Mob & Mal lot go g 48_1991 M- S 7634 - - - - 94 Mar'10
65 -- 8914 Feb '16
N J June R guar 1st 46_1986 F - A
6218 ---- 80 May'17
N Y A Harlem g 34s.20O0 14-N
101 June'17
101 10214
N Y A Northern iota 88.1923 A -0 ----
r:NA
sale.
• No price Friday: latest bid and asked this week. a Due Jan. b Duo Feb. g Duo June. h Due July. 0 Due Oct. 8 Option
Range
Year
1917.
484
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOOK. EXCHANGE
Week ending Feb. 1.
Price
Friday
Feb. 1.
Week's
Range or
Last Sate
Range
Year
1917.
N / Cent &
High
R RR (Con.)Lew
Low High
7334 Jan '18
N Y & Pu 1st cons gu g 4s 1993 1. - 0 7-1
7612 94
Pine Creek reg guar(iff_ _ _1932 1 -0 Bl
i0
d 034
113 May'15
R W &0con let eat 6s_A1022 A -0 9834 9914 97 Deo '17
if- 10424
RW&OTRlatgug 59_1918 11-N 9512 -- 9812 Nov'll
934 10014
Rutland 1st con g 438-1911 J J 67 ---- 804 Aug '17
804 90
Og & L Cham 1st gu 48 g1948 - J -------- 70% Apr '17
70% 70%
Rut-Canada 1st au g 44_1949 J - J
70 Jan '18
St Lawr & Adir 1st g 58- -1998 J -1
-_- 101 Nov.18
1990 A - 0
2d gold (3s
103 Nov.16
Utica & Bik lIly gu g 49._1922 J - J
gf
9712 July'16
7314 873
Lake Shore gold 3;44._ _ 1997 J -D 72 Sale 72
7314
74
Registered
79 July'17
78
87
1997 J -D
Debenture gold 4e
86
1928 NI- S 8512 8734 85
6 82 9714
8514 8812 8412
5 8214 9634
85
25-year gold -1.8
1931 311-N
8312 Nov'17
Registered
8312 8312
.
1931 3.1-N
Ka A & it 1st gu 5s_1938 J
Mahon (YI BR 1st 59
1934 J - J 85 ---- 10-112 Dec '15
103 May'17
Pitta & L Erie 2d g 58a1928 A 103 10334
Pitts MeK & Y 1st gu 68_1932 J - J ig6
13018 Jan '09
26 guaranteed es
12314 Mar'12
1934 J - .1 loo
MoKees & 13 V let g 83_1918 J - J
_
-661; Aug '17
Michigan Central as
1031 91- S 88
9912 991.
Registered
1931 Q -M 8514 92 105 July'16
46
SO Nov'17
77
75
1940 1 80 84l
Registered
87 Feb '14
1940 J - J
J L & S lat gold 3;48_ 195i M- S ---- -- 90 June'08
let gold 334a
797 -id
798 July'17
1952 NI -N 6418 75
20-year debenture 41
77
1929 A -0 77 Sale 77
8012 913.1
IV Y Chic & St L 1st g 48_ _1937 A -0 SO
- 82 Jan '13
82 9512
85 Nov'17
Registered
1937 A -0 80
814 89
Debenture 48
1931 P4 -N 62
0334 61 Jan '18
8212
80
7734 Sale 7712
West Shore 1st 4s guar._ _2361 J J
3 79
7734
94
Registered
74% 78
78 Dec '17
2361 .1 9318
75
NYC Lines ea tr 58_ _1916-22 M- N
10012 Jan '17
10012 10012
Equip trust 434s_ _1917-1925 J - I
933 July'17
983s 10034
NY Connect 1st go 434a A 1953 F - A
87 86%
88
8 9018 994
N Y N U & Hartford56 Sept'17
Non-cony deben Is
56
56
1947 M- 8
50 Oct '17
Non-cony deben 345._ 1947 M- 8
50
50
5212 Nov'17
Non-cony deben 354s
1954 A -0__ 55
5212 5212
Non-cony deben 48
54
1955 J - J --_- -- 51 Sept'17
88
Non-cony deben 4a __ -1956 M-N 50 -- 564 Nov'17
5612 7514
Cony debenture 3341
548 46 Deo '17
04
1958 - J
46
Cony debenture 63
81
1948 J - J 84 Sale 84
5 SO 11012
Cons By non-cony 4s.._ _1930 F - A
50 Oct '17
79
50
9112 Jan '12
Non-cony deben 4a
1954 J 7912 Apr '16
deben 4s
1955 J -Non-cony deben 4s
......
1955 A - 0
----.
Non-cony deben 4a
1959 - J
-.
Harlem R-Pt Ches let 49_1954 he -N
6812 ---- 77l4 Aug '17
7714 92
& N Y Air Line let 4s._1955 F - A 68 -- 794 Dec '17
7918 881s
74 Apr '17
Cent New hog 1st gu 48._1961 3 - .1 ___ 74
7812
74
Hartford St Ry let 4s......_1930 M- S
i6E12
Housatonic R. cons 5s_ 1937 M-N
-87 July'14
Naugatuck RR let 4s__. _1954 MA -N
N Y Prov & Boston 4s
-,E12 83 Aug •13
1942 A -0 _ _
49 Jan '18
NYW'ches&B let ser 1414e'46 J - J 4612
378 7512
107 Aug '09
N U dr Derby cons ey
_1918 M-N
Boaton Terminal 1st 49._ _1939 A-0
New England cons 58__._1945 J - J
-id- Sept'17
Consol 4s
1945 J - J
'id - 70Providence &cur deb 48..1957 M-N
-66 57 Apr '16
57
57
Prey & Springfield lot 59_1922 J - J
_ 998 Dec '13
8318 Feb '14
Providence Term 1st
_ _1956 P4-S 68 W & Con East let 440_1943 - J 80 --__
N YO&W ref let 4s..._41992 M-S 664 ---- 66's Jan'18
6412 83
Registered $5,000 only __o1992 NI- 13
_ 9212 June'12
-General 48
59% 79 Mar'17
1955 -D
77 80
Norfolk Sou lst & ref A 58_1981 F - A 6334 64
0318 Jan '18
82%
74
965
Norf &Sou 1st gold Esi
Aug
'17
1941 M -N 88
9612 101
Nor!& West gen gold Us__ _1931 MI-A 1051s ---- 10712 Deo '17
10712 122
Improvement & est g 611_1934 F - A 10212 ....-- 122 Ney'18
New River let gold 68
1932 A.0 10212 10612 1074 Oct '17
igfrs 1071
;
715;1e
N& W Ry lat cons 46-1996 j
_.
.
2 8312
_4
8
.412 851
84
Ak
11 SO
9714
9412 Deo '18
Registered
1998
7412
Di v'l let lien es gen g 48.1941
7412
1 ii;
10-25-year cony 48 __ _1932 -D
;_ 12378 May'17
11834 134
10-20-year conY46...
11714 May'17
1932 M.S 101
11714 13834
10-25-year cony 430-1938 14-S 105 ---- 10514 Jan 'IS
105 135
85 Jan '18
Perth C & C Joint 48...1941
94
84
103 Sept'16
00& T let guar gold 5a 1922
79 Nov'17
Salo V & NE 1st
g 48.._1989 3
-El;
-idQ
M 0
1 857
Nor Pacific prior lien g 48...._1997 j307585
84% 44 80 9534
74179
4
- 83%
'
Registered
1997 Q -J ---- ---- 83 Oot '17
83 9212
6112
General lien gold 38
. 3 6118
8 57 694
a2047 Q - F 8012 6;
6114 June'17
F 5218
Registered .. _
a2047
6714
61
St Paul-Duluth Div g 4o__1996 -D 7112 8934 9158 May'17
91% 91%
St P& N P gen gold 6s___1923 F - A 10278 10612 10278 Jan '18
102 11012
10312
Sept'17
Registered certificates.,i923 Q-A
10318 10318
107 Oct '16
St Paul & Duluth let 58_1931 - F 9318
let oonsol gold 48
1068 -D 6318 7978 3878 Mar'17
8878 8872
Wash Cent let gold 4a___ _1948 Q -M 61
3612 Deo '16
76
Nor Pao Term Co 1st g 8E3_1933 J - J 10612 109 11018 Oct '17
10912 11018
73
Oregon-Wash let & ref 4s
73
73
1981 J - J 72
12 7314 87%
Pacific Coast Co let g 5s
90 Jan '18
1948 1-I)____ 92
9312 99%
Paducah & Ills 1st s f 4348_1955 J - 1 ____100• 1004 Feb '17
9912 191
Pennsylvania RR 1st g 48_ _1923 m-N 9014 ---- 9912 July'17
9912 9912
Cense! gold 53
1919 NI- S 9612 ---- 10112 July'17
1011. 10214
Consol gold 45
1913 M -N 954 -- 88 Jan '18
90
0912.
Consol gold 45
88
1918 NI -N 8712 Sale 8712
89 101
Consol 434s
9812 41 95% 10734
1960 F - A 9812 Sale 97%
General 434s
277 86 10112
00
1965 -D 8934 Sale 8912
Alleg Val gen guar g 48
1912 JAI- 8 8578 895 8912 Nov'17
8912 9758
DRRIIAB'gelstgu4sg _1936 F - A 75
-- 8412 Sep '16
Vilna Bait & W 1st g 40....1943 NI- N 8318 -- 92 Aug '17
.sig" 100Sodas Bay & Sou Ist g 58_1924 I - J
102 Jan '93
.._
Sufibury & Lewis 1st g 48-1936 75
IINJ Rft&Cangen48 _1914 P4-S 8312 ---- 92 Dec '17
92 -564
Pennsylvania Co9812 9714 Jan '13
Guar 1st gold 4343
9534 10214
1921 - J 96
Registered
9434
Nov'17
1921 3_i 9434
9434 10214
Guar 3341 coil trust reg A_1937 14- S 7214
87 Feb '17
87
97
Guar 334s coil trust ser B_1941 F - A
70 Jan '18
7214 78
8631
80
Guar 31,4s trust ctts C
8114 July'17
1942 J -D 7114
8114 8114
Guar 330 trust ars D
3734 Dec '16
1941 3-0 7014 88
Guar 15-25-year gold 4s_ A931 A
Aug
89
'17
82% 91
89
97
40-year guar 45 ctfs Ser E.1952 91-N 84
80 Dec '17
93
80
Cin Leb & Nor gu 4s g..1942
N
- 8734 86 Oct '17
844 01
Cl & Mar 1st gu g 434s
9113
9014 May'17
19:35 -N
9614 10012
Ci & P gen gu 430 ser A..1912 9234 Dec '17
94
9234 102
Series B
101 Dec '15
1912 A - 0 9212
Int reduced to 34s_ A942 A - 0
9614, Feb '12
Series C 35s
1948 11- N -803;
004 Oct '12
Series D 330
8812 Feb '17
1950 E' - A 80%
8812 8914
Erie & Pitts gu g 334s B 1940 J - J 75
88 Apr '17
88
88
7312
Series C
904 July'12
1910 J - J
Gr R & I ex 1st gu g 4348_1941 .1 • 1
96% 99 Mar'17
99
99
Ohio Connect 1st gu'PL.-1913 NI- S 89
93 May'14
--_Pitts Y & Ash 1st cons 5s_1927 NI- N 9112
03 May'10
..- --Tol
V&0 gu 430 A1931 J - J 76
9834 Apr '17
98
9834 98%
Series B 4348
1933
J 76
92 92 Dec '17
92
9912
Series C 4s
8818 Sept'17
1942 M- S 8218
8318 8'318
P C C & St L gu 4;48 A 1940 A - 0 9114
92 Nov'17
92 108%
Series 13 guar
92 Deo '17
1942 A 9114
91% 10114
Series C guar
99 June'17
1942 MN 9114 99
9912
99
Series D 4s guar
9514 Oct '16
1945 M- N 8618
Series 143 qe guar gold _1949 F - A 87
89% Oct '17
95
89% 96
Series F guar 49 gold _1953 J -D 868
9512 May'17
9512 95 12
Q
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 1.
[Vol.. 106.
Price
Friday
Feb. 1.
Week's
Range or
Last Safe
P 0 C & St L (Con.)
Low
High No. Low High
Series CI 45 guar
1957 1%1- N "3
8618 __A!
3 91 Nov'17
9014 97
Series I cons gu 4;48_ -1963 F - A
9218 103%
9114 ---- 9218 Oct '17
0St L & P lat cons g 5s 1932 A - 0 100 -- 10138 Dec '17
10012 10314
Peoria & Pekin Un let 8s g_ _1921 Q- F
100 June'17
100 100
24 gold 430
87 Mar'16
Pero Marquette let Ser A Se 1956
_ ....
9 1 34-N
46 -77-180
81
2 -561st Series 13 4s
85 Jan '18
1958
(35
7734
Philippine By lot 30-yr s 1 48 1937 I -i
42 Feb '17
42
42
Pitts Sh & L E let g 5s
99 Jan '18
1940 A - 0
93 109
let consol gold 58
1943 J - J
9714 Deo '17
9714 9714
Reading Co gen gold 4s
8414 Sale 84
1997 1 - J
8434 36 8012 9612
Registered
8812 Oct '17
1997 J - J
8812 95
Jersey Central coll g 4s_ _ A951 A -0 8318 85
86 Jan '18
80
97
Atlantic City guar 4s g
1951 J - 1
St Jos & Or tel 1st g 48
63
60 Dee '17
60
82
St Louis & San Fran (reorg Cc)47j - j
Prior Lien ser A 4s
59% 154 5314 7118
1950 J - 1 59 Sale 5712
Prior lien ser B 5s
7212 75 (3378 8834
1950 J - J 7212 Salo 7012
Cum adjust ser A 68-__51955 A -0 65% Sale 6234
65% 51 54
76
Income series A 6s
OctI 49 Sale 4812
3..
26 39
49
56
St Louis & San Fran gen 835_1996391
102 110 10112 Nov'17
10112 112
General gold 58
93
9812 9518 Jan '18
9612 104
St L & S F RR.cons g 49-19
78 May'16
99
36
1j
J:1
Southw Div let g 5s__ _1947 A - 0
90 May'17
-56- -66.K C Ft 8 & M cons g 68._1928 M - N 115.613 10214 10212 Jan '18
10118 11158
6818 6812
9 A ..- 0 67
3 60
:1192
,36
g 53
4s
Ryiarteftiru
a, B
8&
RM
ei
F5m
7918
0812
K
IC CD
80
90
88 July'17
88
90
St LS W let g 48 bond ctts_1989 M- N
8612 69
6012
6612
1 8434 80
2d g 4s Income bond ctfs_p1989 J - J 51
54
5012 Jan '18
57
65
Cense! gold Is
58
62
7 58
62
62
72
let torml dr nail 5s
5812 59
3
1 ::
58
7.
2 54
19
9
1)11
5814
7114
Gray's Pt Ter let gu g 54_1
9812 Jan '14
---S A & A Pass 1st gu g 4s___ _1
59% 6012 5912
1
1 59
0412
5912
SF&NPIstskidg58
10018
1010 J - J
Feb '17
10013 10018
Seaboard Air Line g 4:
0A _- 70
..-0
1950 AF
A.
78 May'17
8212
78
ld 48 stamped
74
d
7012 Jan '18
.15 Go
7014 82%
Adjustment 5s
5112 55
54%
23 4214 68
55
Refunding 4s
5512 _ 5514 Jan '18
5312 7012
Atl 131rm 30-yr let g 48....e
74 Jan '18
ig
1
1 f:
8614 87
: 70
Car Cent let con g 4s
77 Jan '18
_1949 J - J
80
88
Fla Cent & Pon 1st g 58_ _1918 J - J -971; "963-4 9914 June'17
9914 991
let land gr ext g 58
1930 1 - J 90 - 101 Deo '15
__-Consul gold 59
1943 1 - J 9218 --- 10334 Dec '16
Oa & Ala By let con 58__o1945 J - J 83 1001-8 97 Aug '17
97 11)2
(la Car & No lat gu g 58_ _1029 J - J
8018 97 Sept'17 - 97 10238
Seab & Roan 1st 58
9012 ;id
95 Oct '17
95 10012
Southern Pacific CoGoa
ldeg
4isste
i 757
J -- D
(Cre
ed
2 66
92
46
9j
nt Pao OHL._k119
88
/1919 J - D
70
412 Feb'
8
-3
-1_6- 0
76
20-year cony 4s.
7712 Sale 7812
7712
14--67 73
g34
20-year cony 58.
89 Sale 8712
8914 100 85 10412
Cent Pac Jet ref gu g 49._ g_1119
:
-D
8
A 80 Sale 7812
F
M
91 3
81
329
19 78
9
94
93%
Registered
8712 Sept'16 ---Mort guar gold 33,4s_k1
A 8618 88
J:D
8612 Jan '18 49 F
92
19
34-1 9112
-£74
.
Through St L let gu 411_1954 A - 0 70
70
2 70
71
71
8712
0 H & 9 A M & P let 53_1931 111 -N _-_- 101 100 Oct '17 -100 102
2d eaten 5s guar
---- 97
9634 Jan '18
9812
95
Gila V 0& N 1st gu g 58_1
Jan
91:4 -_- 95 10014
'16
13
24
93
19
Flom E& WT let g 5s
78
95
0912 Apr '17 -- -661-2 RUG
1933 111 - N
let guar 55 red
7714 95 100 Oct '16 ---El &T C lstg 58 Int gu_1
19
937
3J
M - 11 9113 104 10312 Aug '17
15i- 10812
Gen gold 48 int guar_ _ _1921 A -0 ---- 99
87 Jan .13 ---- 9114 9618
Waco & N W div let g 68.30 111-N
--- 10912 Nov.15
A & isr vi' let gu g 58
1941 J - J
10
00
54 10112 Dec'16 -_
Louisiana West let 68
1921 J - J
18 10014 Oct '17 1691
4 16014
Morgan's La & T let 7a....1918 A -0 100 10434 10018 Dec '17.
loo lows
lat gold 6s
.1 --- 10518 105 Jan '16
A ..-- 0
87 J
93
20
58.58_ 109
No of Cal guar g
9212 ____ 10218 Oct '17
i02r8 1.52.1-8
Ore & Cal 1st guar g
9078 9614 933
7
18
2 Jang .18
9018 101%
So Pao of Cal-Gu g 5s
1937 M- N 98 -_-_ 10712 Sept'16 _So Pao Coast let gu 45 g 1937 J - J 8812 _
93 2 56San Fran Tenni lift 48_ A950 A -0
8112 7712 Jan '18 _
7978 8934
Tex & N 0 con gold 53_1943 J - J
95 Nov'16
RO Pao RR let ref 4:
8212 "ioi 77 -5E1955 J - J 82 Sale 8178
Southern-let cons g 6e,, 1994 J - J 93 Sale 9014
13 89 10234
93
Registered
10014 Aug '16
Develop & gen 4s Ser A...219
3 6012 Sale 60
A:0
54
6j
6012 182 5634 77
99
Mob & Ohio coil Ira 48._ _1938 M- 11 66
68
68 Jan '18
58
7812
Mem Div 1st g 4348-56.._1996 .1 - J 83
87 Jan '18 _- 85 1011s
91
St Louis dly let g 4s
7 06
8912
1951 J - J 8912 Sale 6912
84
Ala Cen 1st g 68*
12 A
Sepprt:117
08
2%
6 _111183 - J 941s 101 19
_
Ala Gt Sou let cons A 5s. A943 J - 0
9812 9812
_
Atl & Char A L 1st A 434s 1944 J - 1 ____ 89
90 July'17
90
9814
1st 30-yr 5a ser B
9:3
9:314 96
5 89 10334
95
Atl & Daily lat g 4s
8312 Jan '17 1948 J - J 70 80
8314 84
2d 4a....
8112 Mar'16
80
Atl & Yad let g guar 4s
j
8
93
A 03
443
94
111994
75
75
-- 75 Feb '17
E T Va & Gs Div g 58_1930 J - J 96
9918 964 Dec '17 ---_ 95 105
Con 1st gold 58.
9212 Deo '17 -- 92 108
8912 100
E Ten reo lien 58
99 July'17
09 10114
Ga Midland tel
g8
11199
935168
8M
A:
-O
63 Jan '18 :::: 64
N
3s.
65
Ga Pac By let g (Is
100 106 10:3 Deo '17 -- 10138 107
Knox & Ohio 1st g es • _1192
5 .. :1
3 9858 10212 100 Jan '18 ____ 102 10934
922
Mo
mbo&
rtgBalg
repg
ro
lold
r lieng as.1945 J - J
95 106 Sept'16 __ _63
63
72
63
2 70
74
RIch & Dan deb 5s stmpd_1
A:0
95 Taonto:
3 9212 103
27
33
194
100 104%
Rich Sr Mock let gu 48....1948 M- N
"
El
4
So Car & Ga 1st g 59
.
6 97 Dee '17
-1716I4 -6
-di- lSlIs
Virginia Mid ser D 4-58_ A19
1961M-8
N ------- 10212 June'll
921
Series E 58
1926 NI- 8
10318 Aug '16
Series F Se
10412
1931 NI- 8
Dec
_
'16
General 58.
91 Salo 94
1 9712 108
91
Va &So'w'n let gu 5s_ _2
•J
AI:N
J 95 100 105 Mar'17
36
3
10
90
_ 105 10612
1st cons50-year 58.._ _1958 A - 0 7018 78
7212 Jan '18 __ _- 9012 9112
W 0& W let cy gu 4s_1924 F - A 7812-_ 937 Mar'17
9378 93%
Spokane Internal let g 5s._1955 J - J
0534 Mia'17
05
95
98
Ter A of St L let g 414s_ _1939 A - 0
9912 9314 Sept'17
9314 101%
1st con gold 5a
9014 95
9112 Oct '17
9112 102
Gen refunds f g 49
82
8211
8214 9812
St L M Brldge Ter gu1g
A
3
110
3 1A'5' ---• 0
9512 100
115112 9512 July'17
93
89
518 19
Tex & Pao let gold rgi
81
2000 1 -11 81
95
86
3 80 102
24 gold Inc 55_
70
50 Deo '17
/2000 Mar 40
64
50
La Div B L lat g 5a
93
80 Apr '17
89
8914
W Min W & N W let gu 551
I
F
I:A
1'
1930
_13i _ 10612 Nov.01
Tol &0C Ist gu 58_.
1)0
93 Jan '13
-56- 1041
;
Western Div let g lie.
3
A:0
9818 100 Jan '17
9:3
3.5 3
19
100 100
General gold As
1935 -I - D
90 Feb '17
90
87
8512
75
Kan & M let gu g 49
70 Nov'17 _- 70
1990 A - 0
84
24 20-year 5s
9134 Deo '17
1927 J - 1
93
9131 9734
Tol P & W 1st gold 4a
50
35
52 Aug '17
62
52
Tol St L& W pr lien g 3 HOI _19
.1 ____ 81) 80
2 77% 8312
80
1.
7
5 3:3
92
n
50-year gold 4s
18% mae
2 42
1950 A - 0 s:iSale 52
80
Coil tr 48 g Ser A
Tor Ham & 13aff 1st g 4s...519
87
1. 3:1• A
80 Anr '17
1;
94
16
80
8712
Ulster & Del let eon g 5s_...1928 .1 - D
90 Nov'17
95
90 10012
1st refund g 4s
03
58 Sept'17
1952 A - 0
58
58
Union Pacific let g 4e.
8814 88
83
89
1917 J - J
10 8.5 100
88
Registered
86 Jan '18
1947 J - 1
90
9814
8
612 11 8112 9512
20-year cony 48..
8612 Sale 86
7812 33 7612 9515
Let & ref 4s.
g2
10
90
28
73
1%4; 4 7812 Sale 7714
80 Jan '18
85
re RR & Nav con g 45_1948 J O• D 82
7918 95
Ore Short Line let a Os.,..1922 F - A ,
712 10
0
89584114 Jpi
,
3
100
55
4 10
Jantet1'
:11
408 1178
8
2
10012 10812
1st comsat g Se
1946 J - J
9534 108%
8
9
8
112
912
Guar refund 48
1929 J - 0 82
22 8012 94%
Utah & Norgold 5a____1926 J -3
9714 98
92 90 Apr '16
let extended 4s ___1933 J - J 89
Vandalla cons g 4s ger ok ___1955 F - A
7914 - - 80 Jan '18
8111 92
Consols 4 Series B
92
818 June'17
1057 M• N 80
8138 92
"6E7;
)13
• No price Friday;latest bid and asked. a Due Jan. 5 Due Feb. e May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. q Due Deo. s Option sale.
Range
Year
1917.
Hom,8
N. Y. STOCK EXCHANGE
Week ending Feb. 1.
485
New York Bond Record -Concluded -Page 4
FEB. 2 1918.]
,,3
,
,.,
la
....,e7
Price
Friday
Feb. 1.
Week's
Range or
Last Sale
, CI
,
c
Range
Year
1917.
High No. Low High
Ask Low
35
35
J - J --------35 Sept'17
34
Vera Crux & P let gu 4e__1934
9212 10 87 10012
9114 917; 9178
Virginian lot Is Series A____1962 M -N
2 93 10678
9512
95 Sale 95
1939 151-N
Wabash let gold 58
8612 10 81 101
86 Salo 8534
1939 F - A
2(1 gold Ii1939 J - .1 ___- 90 105 Oot '15 --__
Debenture Series B
-66- 10053
Sept'17
99
---98
5
M_1921
Id
let lien equips g 50-80
78
5 ---- 78 May'17 -let lien 50-yr g term 49_1954 J - J
9912 10512
Sept'17
Dot & Ch Eat 1st g 5s_ _1941 J - J --------9912 Aug '12
80
76
72
J
J
Des Moines Div let g 48_ _1939
77
73
1941 A- 0 ____ 7412 75 Apr '17
Om Div let g 3 i11
8414 8414
8414 Jan '17
Tol &Ch Div let g 48_1941 M- S _-__ 80
8)114
534
-'17
Dec
76
7512
6512
A
1945 F
Wash Term' lot gu 3A8
85
85
85 Dec '17
7514 85
1945 F - A
let 40-yr guar 48
7534
11 56
60
60
Sale
60
0
A'
1952
49
g
West Maryland let
1 99 10534
99
99
99 102
West N Y de Pa 1st g 5o___ _1937 J - J
8514 86
80 Mar'17
1943 A -0 ____ 80
Gen gold 4s
40 --- 36 Oct '17 __
V1943 Nov
Income 513
877o
8134 V 78
Western Pao 1st ger A 58_1946 M - S 7912 Stile 7912 Apr '17
10012 103
98 10034
---_
0
A59-___1926
g
Wheeling & L S let
100
'17
100
Feb
100
9:334
-_-_
J
Wheel Div let gold 5s____1928 J
9953 9058
9953 Mar'17
Eaten et Impt gold 6s____1930 F - A ---- 9834
77
77
76
Refunding 4128 aeries A_1066 M- S 56
___
July'17
82
76
76
6312
1949 M- S ---RR let consol 4s
____ 80
___
Trust co etre of deposit__
May'17 ____ 85
8812
Winston-Salem 8 B let 49_1960 J - i 6018 8518 85 Jan '18 _ __ 71
8878
7433 72
71
Wit Cent 5(1-yr let gen 4e.__1949 J - J
72 Jan '18 ___. 8314 91
7612
68
-N
M
48'36
de
dly
ntil
term
lot
de
Sup
Street Railway
t 8112 10153
80
80
Brooklyn Rapid Tran g 50.1945 A - 0 8018 85
67
7714
6818 67 Oct '17
let refund cony gold 4o_.2002 J - J 68
9Q7
71
90 10118
9534,
Sale
9614
1
J
6-year secured notes 59_ _ _191s
94 10178
94 Oct '17
Bk City let con 48_1916-1941 J - .1 _-__ 94
80
80 May'12
80
Bk Q Co A S eon gu g 58_1911 tYl-N ____ 90 101 May'13
- 9912
Bklyn (3 Co & 8 let 5e.-1941 J 4
85 Jan '18 _ _ _ _ 8812 i61180.18 85
1950 F - A
Bklyn Un El let g 4-5e
8514 Jan-'18 _ _ _ 89 10114
1950 F - A _-__ 85
Stamped guar 4-5s
4
803
73
Sept'17
73
73
___
A
Kings County F. lot g 4s 1949 F
78 July'17
7712 87
1949 F - A -.... 77
Stamped guar 4s
70 Aug '17
70
7412
69
--J
1
48_1951
Nassau Flee guar gold
84
82
9734
84 Sale 81
1927 F - A
Chicago Rys let 53
10138 10138
85 _-__ 10038 Feb '17
Conn Ity & L 1st & ref g 43481951 J - J __------10018
100 10153
'17
Apr
J
J
1951
Stamped guar 4-3s
70
1 6712 8614
70
J -J ' 1 74
Bet United let cons g 4 Yes 1932
- -84 Jan '14 _
-Ft8mith Lt & Tr let g 59-1936 M- 8 --- Sale
51
5312 15( 477 6914
5312
A
F
1957
Bud & Mauhat Is Sec A
1714 101 11
2512
1634 Sale 15
-1957
Adjust income 5s
100 10012
_ 100 100 Feb '17
_--A
1932 F
N Y & Jersey let 5s
,7 Sale 5514
_50
9:
557a
7312
5.314
0
Interboro-Metrop coil 4348_1956 A
61 7614 9958
84
84 Sale 8078
Interboro Rap Tran 1st 5.3 1966 1 - J
79 Jan '18 ___, 8118 94
?danhat fly (N Y) cons g 481990 A -0 7514 80
79 Jan '18 ___ 81
9412
83
1990 A -0 79
Stamped tax-exempt
Metropolitan Street Ity___.
7614
Jan
'18
7614
100
85
7614
El
J
581943
Bway & 7th Av tile g
8212 95 May'17 ___. 95 100
Col A 9th Av 1st gu g 5s 1993 M- S ____
80 Sept'17
80
80
9914
Lex Av A P F lilt gu g 58 1993 M- 8____ ____
30 Mar'14
_
___
A
Met W 8 El(Chic) let g 4s_ _1938 F
__. itio.); 1E------10012
Milw Elm Ely & Lt Cons g 5e 1926 F - A _-------93 June'17
Nov'16
Refunding & eaten 4t.58...1931 J - J
1919 J - J _-------9834 Aug '17 ___. 9834 9834
Minneap St let cone g 5s
8912 9712
July'17
Montreal Tram let de ref 5)11941 I - J ____ 8712 9712 Aug
'17
79
79
7914
New Or, Ry A Lt gen 450_ .1935 J - J---- 86
May'17 ---• 99
1)934
NY Municip Sty 1st e I to A 1966 1 - -1 -7 - - --...,- 99
50
50
1 4712 7131
4912
4812
J
J
_1942
4s_
ref
A
E
R
let
N Y Rye
18
19
Sale
3:
8
157
19
4753
-0
a1942 A N
30-year ad) Inc Ss
M_
...... _ 7512 7733 Aug '17
75
8714
N Y State Rye 1s1 cone 4tie_1962
Nov'16 ___.
Portland fly lot & ref 5s__ _ 1930 NI- N ____ _-_- 8812
7273 July'17
727 7812
Portld fly la & P lot ref 58_1942 F - A ____ 68
90,,
9013
_.
0012
Portland Oen Flee lot 1.41935 J - --------- 95 Feb '17
95 100
0
July'17
St Joe Ry I. H & P 1st g 58_1937 M- N..___
.._. 19212 10212
St Paul City Cab cons g 58_ _1937 J - J __ . _ ----102'z Mar'17
56
f 52
55
8034
1960 J - 1 5612 59
Third Ave let ref 4a
3712 3512
3712 51 27
7312
alga() A - 0 35
Ad) Inc Si
95 Jan '18
90 108
9212 101
19:871 - J
Third Ave fly let g 58
93'12
11 02 101
Tri-City By & Lt let of 58.. _1923 A - 0 93 ___- 9314
90
77 --__ 82 Sept'17 .._ . 82
Undergr of London 4345_ _ 1933 1 - J
60 Jan '18
60
62
6358
1948 -- 53
Income Si
Oct '08 ___,
Union Elov (Chic) let g 5o_ _1049 11;0 ------84
60 Jan '13
60
60
70
53
United Rye Inc es Pitts 198. 1926 M -N
58 Oot '17
5734 61 12
United Rya Eit L let g 4a. _1934 J - 1 -_.._ 60
50 June'17
30
6912
53
----o
A
5s.....1924
St Louis Transit gu
37 Sept'17 ._ .
29
3114 42
United RIto San Fri f 4e_ _ 1927 A - 0 ____
. 78
9312
Va Ry & Pow let A ref 58.._ 1934 J • 1 ____ 8018 80 Jan '18
Gag and Electric Light
Sept'15
Atlanta G I. Co 1st g 5e___ 1917 J -1---------103
95
95
1 9)1 10753
41 97
Bklyn Un Om lit Cone g 58_1945 111-N
54 JUne'13 ___.
Buffalo City Gas lit g be...1917 A -0 ------.
-6•11; ioi
Cincin Gas & Flee let&rei tie 195(8 A -0 __ ... 9912 9714 Seer 17
7512 Jan '13 __ _ 75
80
75
91
1927 .1 - J
Columbia 0& E lot as
__ _ 97 Feb '15
Columbus Gas let geld Is 1032 -1 - 1 ._
100
101
81110
8.!
4
_129
-5)111
1003
F
Q.
1920
Coneol Gas cony deb tie_
Cone0asE LAP of Bait 5-yr53'21 M- N __ _ - 100 102 Aug '17 .__ 10112 10314
9512 97 97 Oct '17 --...- 97 101 14
Detroit City Gas gold 52_ 1923 J - J
Detroit Gas Co cone 1st g Is 1918 r - A -- - ---- 10112 Oct
92 Jan '1696
'18 _-_-_
92 i05'o
Detroit Ellison let coil tr 158_1933 J - 1 92
9214 Dee '17
. 9214 102
al940 M- El -___ 100
lot & ref Is ser A
10012
.
10018
____
May'15
8
WIEq a L N Y lot eons tir 58_1032
_Gad & Flee Berg Co a g 5.1.. _5949 1 -D ____ -___ 100 Feb '13 __
Havana Flee 000801 14 58____1952 F - A _-__ --__ 9213 Nov'17... -. 9012 9518
9613 [)ea '17
_. 9618 10312
1949 M -N ____ 96
Hudson Co Oas lot g 58.
581922 A -0 _-_ _ 8312 9078 Dc'16
Ran City(Mu) Gas let fit 90 10513
1937 A - 0 8512 ___ 90 Dec '17
Kings Co El J. A P it 5s
105 June'17
10
• 105 11612
1997 A
Purcbarie money Se
-0---110
110
8 --__ ----110 J00017 _
1925 MConvertible deb Os.
8914
73 -77 _ 76 Nov'17 __- 78
Ed El 111Bku lot eon g 46_1939 J - J
98
98
1( 9712 10213
9712 98
Lao Gas L of Ht L lot g 53....e191 9 Q - F
9478 10238
Ref and eat let g 5s
1934 A - 0 ____ 9353 9.118 Jan '18
9334
90 Juue'17 _ _
00
Milwaukee Ws I. lot 48_ _.1927 M -N ..___ 88
10312 10478
Newark Con Oaa g he
1948 J - D ____ 7- .. 10412 Apr '17
1 9712 10534
8714
1048 J - D 8714 Sale 8714
I.g YGELHAPit Sc
70
'7112 70
'70
I 7712 88
Purehaee money g 4a
1941) F • A
10512 10512
Ed Elea Ill Int cone g 58_ _1995 J - J __ __ _ 10512 June'17 ..
- 9612 106
9612 Aug '17 ....
84 101
NY&Q El L& P let Cone 581930 F - A
Pacific0 et El Co-Cal0 & It)
913.,
9112 9212 9134
9012 101
Corp unifying & ref 5e_ .1937 M- t4
7912 8212 7912 Jan '18 _ _ _ 7914 9315
Pacific 0 & E gen & ref 50 1942 1 - .1
Pee Pow & 14 1st & ref 207yr
95 Jan '17 _..
95
95
se International Series__ _ 1930 F - A ._ ._ 90
100 100
Pat & Passaic GA El Se_ _1919 M- 8 98 100 100 July'17
96 115
Poop Gas A C lot cone g 8e_1943 A -0 99 ____ 9'312 Jan '18
81
I, 8978 10212
Refunding gold 5,
1947 51- S 81.18 _-_- 8013
99 Sent'03 ._
Registered
1947 M- S --r-- -7 ' -66- fail;
Ch G-L & Coke let gu g be 1937 J - J ---- 9073 96 Sept'17
- D __ _ 98 100 Apr '17
100 toi38
(-) Coot C11 let gu g 54936 J
'
Gm
89 Mar '17 .
89 92
Ind Nat Gels A Olt 30-yr 581936 M- N -- _ 89
94 July'17 _....- 94 10118
Mu Fuel (Sae lot gu g 5s....1947 51- N -___ 94
Philadelphia Co eons. 5e1919 F - A -- - - 927s 9914 Nov'15 .-.
8178 82 Jan '18
9414
87
75
Cony deben gold 50
1922 Si- N
Stand (his & El cony a I tle 1926 .1 - D -__ - 9831 93 Dee '17 __- 93 102
8112 ____ 9712 May'17 ._: 9712 101
Syracuse Lighting let O.: SR- -1951 .1 -D
- 84
84 July'17
8714
Syracuse Ugly & Power 5o...1954 J - J __ ._ 90
9838 Oct '17 __." 981a 10112
Trenton GA El let grit. .1919 lel- S 95
8 9234 Sept'17 _ - 9234 93
Union flee Lt & P let g 58_1932 M- S ____ 027Refunding & extendon 50_1933 el- N --------10153 Nov'16 ....9712 Jan '18 _ _ - 98 10115
1936 J - J ____ 98
United Fuel OR8 let of 6e
0613
8018 Jan '18
- 85
801 82
Utah Power A Lt let 58_1944 F A
10513 1 • .1 ---- ----101 June'17 2..- 101 103
Utica Elec L A P let g 5.e
96 101
19571 - 1 ____ 9938 96 Aug '17
Utica Gas & Flee ref Si
10.50 1 • 0 ____ 91 105 Mar'17 . - 102 108
weeteheeter Ltg gold he_
-- --
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 1.
Price
Friday
Feb. 1.
z
Bid
Miscellaneous
Adams Ex coil tr g 48
1948 MAlaska Gold M deb Os A..
1925 M1926 MCony deb 68 series B
Armour & Co let real eel 454o'39 J -D
Booth Fisheries debef Os_ 1926 A Braden Cop NI coil tr e t 6)3_1931 F - A
Bush Terminal let 4s
1952 A 1955 J - J
Consol Is
1960 A Bldgs 50 guar tax ex
Cerro (.10 P1.18C0 Copp env Si 1925 151- N
Chic UnStat'n let gu 43es A 1963 J - J
Chile Copper 10-yr cony 781923 M-N
Coll tr &cony Os ser A part pd A.0
Ado do full paid
Computing-Tab-Roe o f 68_1941 J -J
Granby Cons M SA P coned A '28 M-N
1928 M-N
Stamped
Great Falls Pow lot o f 58_1940 M- N
1941 A- 0
Int Mercan Marine e f 6s
1943 J - J
Montana Power lit 5s A
Morrie de Co lot of 454o_ 1939 J - J
Mtge Bond IN Y) 40 ser 2_1966 A - 0
1932 J - J
10-20-yr 5.3 series 3.
N Y Dock 513-yr lit g 4s1951 F - A
Niagara Falls Power let 5s 1932 1- J
Ref & gen 69
a1932 A Niag Lock A 0 Pow lot 58__1954 M- N
Nor States Power 25-yr 5s A 1941 A Ontario Power N F let 543___1943 F - A
Ontario Transmission 5s__1945 ti-N
Pub Serv Corp N J gen 58_1959 A - 0
Tennessee Cop lot cony 68..1925 NI- N
Wash Water Power lot 58_1939 J - J
Wilson & Co 1st 25-yr a f 68_1941 A Manufacturing A Industrial
Am Ag Chem lot o 5.
1923 A -0
Cony deben 50
1924 F -A
Am Cot Oil debenture 5a
1931 M-N
Am Hide et L lat a I g 6a
1919 M Am Sm & R let 30-yr 50eerA d'47
Am Thread 15t coil tr 4s
1919 J Am Tobacco 40-year g 6a_ .1044 A - 0
Gold 48
1951 F - A
Am Writ Paper lit if 5a_
1919 J - J
Baldw Loco Works let 59_1910 M-N
Cent Foundry let 8 f 68_1931 F - A
Cent Leather 20-year g 59_1925 A -0
Coneol Tobacco g 48
1951 F - A
Corn Prod Ref 8 f g 5e
1931 M-N
let 25-year e f 58
1934 M-N
Cuban-Am Sugar coil tr 6s_ _1918 A Distil Sec Cor cony let g 581927 A - 0
E I du Pont Powder 454o__ _1936 J -D
General Baking let 25-yr (30_1936 -D
Oen Electric deb g 3Ies
1942 F - A
1952 M- S
Debenture Si
Ingersoll-Rand let 511
1935 J - J
Int Agricul Corp let 20 yr 5s 1932 M-N
Int Paper Co ist con g (18. _1918 F - A
Consol cony f g be
1935 1- J
Liggett & Myers Tot's' 70_1944 A - 0
58_
1951 F- A
1944 A - 0
Lorillard Co (P) 714
50.
1951 F- A
Mexican Petrol Ltd con 6s A 1921 A0
lot lieu et ref 68 series C_ .1921 A - 0
Nat Enam & Stpg lot 58._ 1929 J -D
Nat Starch 20-yr deb 68_ _ _ _1930 J .J
National Tube lot 58
1952 /11-N
N Y Air Breee let cony 06.1928 M- N
Railway Steel Spring- J
Latrobe Plant let if 5e. _1921
Interocean P let of 58_1931 A - 0
Sinclair 011 A Refininglot e f 7e 1920 warento emelt
do without warrants attach)
Standard Milling let 59
1931)
The Texas Co cony deb 60_1931
Union Bag & Paper let S.1930
1930
Stamped
US Realty & I cony deb g Se 1924
TJ 8 Rubber 10-yr col tr (is 1918
'1st & ref fie serieti A
1947
U S Smelt Ref A M cony 601926
V-Car Chem let I5-yr 59_1923 J - D
e1924 A - 0
Cony deb 68
Wed Electric let 5e Dee_ 1922 J - J
Westinglese SASS notee5e19i7 A -0
Range
Year
1917.
Week's
Flange or
Last Sale
Ask Low
Higk
High No. Low
6412 8411
6412 Dec '17
85
14
21 Jan '18
8478
4 14
2214
2478
9478
8414
8412 51 81
94
92
94 Apr '17
98
1 81
92
90
9114
9114
89
82
83 Jan '18
75
77
8634 9312
- - 8478 8412 Jan '18
75
74
9014
75 Jan '18
75
10314 113 105
105
7 10012 118
92 10114
4 8978 Jan '18
,
8612 89
10712 Sale 104
10712 38 96 132
7712 53 70
7612 Sale 7512
8814
87 101
--_- 87 Oct '17
____ 7912 7812 Jan '18
83
8712
19912
____ 97
9414
91 Jan '18
9512
5 9612 10984
9512 Sale 9512
5 9112 10278
94
9312
9218 95
9412 485 87
9634
94 Sale 9211
4 86 10034
8734
88
8718 88
9372
90
90 July'17
--__ 87
83 Apr '14
94 June'16
73
7512
62 _ _ _ _ 73 Dec '17
9678 103
9978 9673 Nov'17
93
--__ 100 10512 Oct '16
-g61;., 9412
9314 8912 Oct '17
99
87
8612 8712 8712 Jan '18
90
871e 91 Aug '17
9412
85
84
84
84 June'17
3 6978 92
76 Sale 75
76
4 8712 9414
9112
90
92
9112
88_ 10312 Jan '14
9518 20 -E9518 Sale 95
____ 6638
2538 30
2478 30
8413 Sale
9412 Jan '18
9478 100
9212
94
9212 95
82
82 Sale 82
9812
9812 Sale 9812
8812
8812 Sale 8812
9733 Sale 973s
9738
113
119 Dec '17
7812 8312 Apr '17
70
S4
83 Sale 8114
100 10512 10014
10014
85 Aug '17
75
85
9578
9612 9512
96
81 Mar'17
---- 81
95
9758
99
975)3
902 981., 97 Jan '18
100
100 10014 100
82 Sale 8012
8234
- 9978 104 May'17
_
8512 Mar'16
---- 777 7812 Aug '17
9612 Sale 95
9612
---- 109 100 Oct '1:3
7312
7312 Sale 72
9934 Jan '18
*9358 100
99
99
11414 116 115 Jan '18
92
92 Sale 92
11312
1 1258 115 11312
89
90
89
87
105 10614 104 Dec •17
1031s 105 103 Dec '17
9912 June'17
94
98
9114 Jan '18
9114
90
9412 9412 Jan '18
9934 99
99
9934
10478 Dec '17
9612 --__ 90 Dee '17
8938 Sale
88 Sale
8815 9314
9912 Sale
8918
--_- 94
40
49
100 Sale
79 Sale
9612 09
91 Sale
0114 96
9712 Sale
8
5
33
5
88
16
3
76
90 10412
91-3 105
82
4
87,
97 10418
9258
84
9912
95
119 11912
8312 85
92
77
9812 10412
85
85
91 103
81 81
9053 9912
99
95
100 102
7612
59
103 10512
8112
1061e
-6614 7912
9958 102
9758 10012
110 129
86 10418
10712 128
85 103
100 Ill
100 11012
98 102
92
90
94 103
99 106
78
30 95
_
7
2
3
5
4
10018 1047s
9978
96
8914
8934 851 77 102
99
18, 77
8734
88
1 88 101
8313
8518
99
9912 16 94 10618
8234 Aug '17
8134 9312
88.2 May'17
8213 9033
64
.50 Nov'17 -- -- 49
100
9 9912 10438
100
9234
7612
7912 572 74
6 943s 109
97
9112
9314
94
2 0478 10034
9.114
9414
4 95 103
4 9514 10234
9712
9012
100 July'17 --__ 100 10118
Coal Iron & $teel
9871 29 937g 104
9812 9934 9818
Betts Steel 1st eat f 50
1928
8712
88
11 8612 102
89
85
1942
lot & ref 5s guar A
8014
Sale
8
805
8053 13 7678 82
J
20-year p met Imp a 1 5.1936
9688
95 July'17
95
80
96
1932 1 -D
Buff A Susq Iron e f be
9318
91
aI926 M- S ---- 91.2 85 Jan '18
Debenture Si
101 Dec '14
Caliaba CM Co let gu 6o_ ...1922 1-13
_ 8138 Dec '17
8218
-4N -6.11-2
Col F & I Co gen t 5a_ __ .1943 F - A
7278 Si
7358 7478 7334 Jan '18
Co)Indus lit & coil 1,8 gu_ _1934 F - A
95
83 Jan '18
80
83
90
Cone Coal of MO st&.ref 5s. 1950 J -D
0812 9812
9812 Sept'17
Elk Horn Coal cony 6e _ _1925 J - D
9812 Aug '17
9812 9812
Elk Horn Fuel 1st cony 56.1918• N
9414 Mar'16
-- 04
Or Illy Coal & C lots 6e
A1919 A -0
8212
2 81
83
94
8212
84
III Steel deb 454s
1940 A 0612 36 94 10312
9614 Sale 95
19.52 IVI- N
Indiana Steel let 5a
11 9488 10188
9578
9512 Sale 9512
Laekaw Steel lit g Si
1923 A 89
5 8378 10714
9034 89
let cons 59 Series A
1950• S 39
8311 22 8078 95
8212 Sale 8178
Midvale Steel &0cony.f 551936 M8512
1 8412 9534
8512 Sale 8512
Focal) Con Collier let a f 58_1957 96 Jan '18
9714 98
93 10114
Repel) I & S 10-30-yr Soit L 1940 A 781i Dec '17
78
86
87
80
St L Rock Mt & P ha etrupd 1955 J - J
9512 9712 9712 Jan 'le
95 10318
Tenn Coal I & RR gen 58_.1951 • 179 9314 10713
100
9938 Sale 9914
U Ft Steel Corp-)coup_ _d1963 al-N
--- 94 Dec '17 - 9214 107
S F 10-60-yr 581 re
_(11983 M- N
80 Dee '16
inciter Fuel lets 15.1953
83 Jan '18 - -IS.- -56"
Va Iron Coal&Coke lit g 5919441 MS 8312 86
Telegraph & Tslephone
26 8012 9234
82
82 Sale 82
Am -Mee & Tel coil tr 40__ _1929 J _ 8134 Jan '18
86 101
1936 ret- 9 8278
Convertible is.
88
1 86 10673
88
91
20-yr convertible 454s,.1933 M- S 88
199 89 10178
94
94 Sale 93
1946 J 30-yr temp coil In 5e
2 9712 103
99
Cent Diet Tel let 30-yr So..1943 J 0 9812 10018 99
-_ 73 Nov'17
Commercial Cable lot g 4...2:497• 1
69
69
6813 Jan '18
9318 95
"397 Q • J
Registered
90 1011g
9318
93 Sale 93
J
Curet)TAT let & gen re...1937
98 Apr '18
Keystone Telephone let 5e.1935 I - I
2
8 1011-5631)1)12 -663; 9938 Deo '17
Metropol Tel A Tel let of Si 1918 M - N
8634 Jan '18
86 10118
91
86
1924 F - A
Mleh State Teieph lit 5a
98 10112
97 - 97 Jan '18
NI/A/NJ Telephone 543g. _1920 - N
8658
8.538 10014
8658 Sale 8618
NY Telep ist & gen e f 4 Ae..1939 M- N
9218
92
90 102
9214 93
1937 J - J
Pao Tel & Tel let be
9112
9112 101.34
9018 Sale 9018
South Bell Tel & T iota f 58 1941
91 10353
92
92 Sale 92
West Union con tr cur be_ 19:18
9934
90
87 Jan '18
19.50 M -N -__- 88
FA and real est g 4 t.ia
10112 10112
10112 10112 .4ept'17
Slut Uri Tel gu eat 59. _ _1941 it N
94 Nov'16
Northwest Tel gu 454e g 1934 .1 •
Nov. g Due Dec. a Option sale.
•No price Friday; latest bid and asked. a Duo Jan. d Duo April, e Duo May. g Due June. 5 Due July. k Due Aug. 0 Due Oct. p Due
'1486
BOSTON STOCK EXCHANGE-Stock Record See=sp.
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Jan. 26.
Monday
Jan. 28.
Tuesday
Jan. 29.
Wednesday
Jan. 30.
Thursday
Jan. 31
Friday
Feb. 1
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1917.
[VOL. 106.
Range for Previous
Year 1916
Lowest
Highest
Highest
Lowest
-Railroads
124 124
124 121
124 124
66 Boston & Albany
125 125
100 120 Dec 19 175 Jan 11 172 Dec 198 Feb
42
46
45
4512 4558 4812 47
4812 1,056 Boston Elevated
0512 Apr
100 27 Deo 26 79 Jan 19
88l Jan
*80
89
*75
*78
88
88
13 Boston & Lowell
88
88
100 7012 Dec 26 133 Mar22 119 Dec 145 Fob
2134 23
*21
22
22
23
180 Boston dc Maine
15
Dec
100
19
45
34
Mar16
Aug
52 Feb
•_ _18712 *...._ 16712
Last Sale I68i2
- -11a-n118
Boston & Providence
100 150 Dec 12 213 Jan 30 200 Aug 23512 May
212
5
90 Boston Suburban Eleo__no par
*112 212 '2
2 July 3
413 Feb
3 July 3
5 Jan
*i12
*1014 30
*1014 30
*1014 30
11 1-1"
Do pre:
25
no par
9 June28 30 July 2
4013 Feb
3 Dec
Last Sale 412 Nov'16
Boston at Wore Eleo ....no par
518 Jan
4 Mar
Last Sale 30 Aug'17
Do pref
no par 30 Aug 31 38 Feb 6
451k July
42 Feb
▪
15012
*148 15012 '148 15012
Last Sale 148 Nov'17
Chic) June Ry & U S Y....100 148 Nov30 150 Jan 5 150 Oct 154' July
'84*84
85
*8412 85
*84
85
85
85
84
84
80 Do pref
100 8312 Dec 17 108 Jan 27 10213 Apr 110 July
+104 119
*104 119 *104 119
Last Sale 125 Nov'17
Connecticut River
100 10213 Nov12 140 Mar28 123 Sept 162 Feb
55
55
55
*50
*50
*50
55
55
55
55
16 Fitchburg pref
100 44 Dec 13 7812 Mar22
6914 Sept 87 Feb
115 115
'115 11712 *115 11712 *115 11712 *115 11712
10 Georgia Ry dr Else stampd100 116 Dee 28 133 Jan 17 122 Jan 13184 Dec
'79
8312
8312 *79
*79
Last Sale 8314 Nov'17
8312
Do pref
100 83 June 2 92123an 9 z86 Jan
94 Dec
80
80
.79
*80
*80
83
83
83
39 Maine Central
80
80
100 78 Dec 27 10018 Mar 7
98 Sept 102 Jan
*112 2
3
2
312
212 314
2
*218 3
825 Mass Electric Cos
100
1 Dec 21
413 Dec
854 Aug
638 June26
*824 ____
1212 1112 1112 12
12
1478 1312 15
914 Do pref stamped
100
6 Dec 19 3114 July 3
44 Aug
26 Dec
+2812 2912
*29
2812 2912 29
30
30
3012 31
214 N YN Li & Hartford
77s4 Jan
100 2134 Septll 5214Jan 2
50 Dec
Last Sale 90
Jan'18
---- -Northern New Hampshire.100 9012 Oct 30 105 Apr 3
107 Sept
97 Jan
;9-5i2 97 ;952 27.- 49512 97
*9512 97
95
95
4 Old Colony
100 85 Dec 27 135 Jan 6 13114 Dec 157 Feb
+20
25
.2014 25
*2014 25
Last Sale 24
Jan'18
Rutland, pref
1612 Dec 18 8412 Feb 13
100
3512 Dec
May
20
+82
84
*81
Last Sale 83
*81
87
90
Jan'18
Vermont & Massachusetts_ 100 83 Dec 20 110 Jan 15 10012 Aug 125 Mat
38
38
40
41
41
42
41
4212 4212
43
365 West End Street
Dec
34
50
27
Jan
z55
Mar17
5612
Sept
671*
*17
49
48
50
50
51
51
51
50
51
151 Do pref
50 245 Dec 20 74 Jan 8
60 July 86 Feb
Miscellaneous
+81
85
*83
8512 *8212 8512
Last Sale 8073 Jan'18
Amer Agrioul Chemical._ _100 73 Dec 12 9414 May 2
64 Apr 102 Nov
9034 91
8978 9012 9012 91
*9012 9112 9012 91
91 Do pref
9513 Mar 105 Dec
100 88 Dec 28 10313 Jan 27
*34 118
*34 118 '.80
Last Sale .76 Jan'18
113
Amer Pneumatic Service__ 25
1 Dec 5
233Jan 9
314 Apr
34 Dec
*8
10
8
8
*814 10
*812 10
5 Do pref
50
713 Dec 22 14 Mar 8
16 May
7 Dec
+10434 10514
*106 10612 *10512 10814
Last Sale 107 Jan'18
Amer Sugar Refining
100 00 Nov 8 12614 June 9 106 Apr 12514 Oct
109 109
100 10912 109 109
109 10912 109 109
208 Do pre
105
100
Dec 19 12113 Jan 24 11412 Mar 124 Oct
104 10112
10412 10514 10112 10514 10412 10712 108 10878 2,111 Amer Telep & Teleg
100 96 Dec 18 12814Jan 25 123 Dee 13413 Sept
*47
48
*4712 4812 *4734 4812 *49
4934 4938 4938
5 American Woolen of Mass.100 3874 Nov 8 58 June 8
504 Nov
42 Aug
92
93
92
9212 92
9212 9212 9312 92
93
206 Do pref
100 28714 Dec 13 10014June 9
10158 Mar
92 Jan
.61
____
*61
__ *61
___ *61
____ 61
61
4 Amoskeag Manufacturing__ 60 Dec 17 75 July17
79 Nov
Jan
68
+76 __
*76
_ *76 ____ *76
____
7714 80
24 Do prof
75 Dec 29 97i Jan 5
98 July 10114 Feb
*11
fi
*11 13
+11
13
1314 1314 1314
13
100 Art Metal Construe Inc....10
6 Dec 27 1434 Dec 29 ..... -- _
10234 103
104 10434 10312 10534 105 10514 10534 11014 1,645 Atl Gulf & W I 55 Lines-100 88 Sept13 12l1 Jan 22
27 Jan 147 Dec
*60
61
+60
63
*6034 6112 61
61
45 Do pref
61
61
7212 Nov
100 5512 Feb 9 66 Jan 4
42 Jan
+1012 12
12
*12
13
13
13
13
13
13
275 Cuban Port Cement
9 Dec 5 2018 June22
10
257 July
w818 Apr
*4
412
*4
414 *4
414
414
4
438 438 1,800 East Boston Land
1338Jan
378 Dec 3 10 Jan 22
10
Dee
814
*
_
139 139
13912 13912 13912 140
140 141
259 Edison Electric Blum
100 13318 Dec 22 226 Jan 4 225 Dec 250 Mar
138129 13012
129 132
130 13118 131 13812 136 140
348 General Electric
100 11834 Dec 20 17014Jan 16 15914 Apr 186 Oct
*6
618
*6
618 *6
613
0
6
6
614
700 Internal Port Cement____ 10
4 Dec 20 1812 Jan 4
23 Dee
1614 Dec
+12
1212
1212 1212 .12
14
*12
14
1212 13
220
80 10 Dec 21 3312 Jan 2
Do pref.
30 Dec
3534 Dec
91
.
'91 ____ *91
____
Last Sale 9212 Jan'18
McElwain(W ED 1st pref-100 9212 Dec 22 102 Jan 18
Sept
10212
95
June
*77 -7812
7812 7812 7812 79
79
7914 7914 8014
307 Massachusetts Gas Cos....10071 Dec 20 10012 Mar23
79 Sept 100$4 Nov
__
65
65
65
6512 6613 6618 65
73 Do pref
6518
100 63 Dee 12 81 Mar30
Feb
78
Sept
89
+65123 123
*122 125 *121 125
124 124
15 Mergenthaler Linotype_100 110 Dee 21 169 Jan 31 155 May 181 Nov
*34 212
Last Sale 1
*34 212
Sept'17
*34 212
Mexican Telephone
10
1 Marl() . 154 July16
214 Jan
14 Nov
4.
'88 -_
+88 ____ +88
Last Sale 88
Jan'18
New Eng Cotton Yarn....100
_100 35 Jan 9 95 Mar26
2312 July 42 Dec
Last Sale 9212 Aug'17
Do pref
100 60 Jan 10 9213 Aug 7
66 Dec
50 Jan
9513 -6-6" 9513 16
-61 1618
96
97
96
237 New England Telephone_100 93 Dee 22 12414 Mario 12034 Dec 140 Mar
98
Last Sale 115 Nov'17
Nipe Bay Company
100 110 Nov12 147 Jan 19 10218 Jan 165 Nov
;61 88
*62
66 :4-30- 68
Last Sale 6512 Jan'18
Nova Scotia Steel & C_ _ _100 259 Nov20 112 Jan II 102 Dec 15514 Nov
115 115 41151401514 11714 11714
100 Pullman Company
100 107 Dee 18 16614 Jan 25 15812 Apr 175 Oot
'33
35
*32
*32
35
35
Last Sale 32
Jan'18
Punta Allegro Sugar
384 Dec
50 29 Dec 14 46 Jan 3
59 Oct
.11 -11
+11
11
12 '11
30 Reece Button-Hole
10 10 Dec 10 16 Mar29
15 Feb
1614 May
126 1-2618
12512 12614 126 12612 126 12714
1-16.412 Swift & Co
100 116 Nov 8 16278 Apr 16 125 Feb 177 Oct
*4412 45
45 46 .46 4612 45 45 4612 4658
49 Torrington
25 40 Nov 2 68 June 7
70 Nov
35 Jan
Last
Sale 28 Dee'17
Do pref
25 27 Dec 11 35 May28
33 Mar
28 Jan
120 121
12012 121
12112 1221; 12212 125
125 128
1,362 United Fruit
100 z105 Dec 20 15512 Jan 22 13612 Jan 16834 Aug
*4214 43
42
4318 4212 43
4214 43
4234 43
1,056 United Shoe Metal Corp_ 25 3714 Dec 18 5814 Jan 3
50 June 6312 May
*2518 2512
*2514 2512 2533 2512 2512 2512 2512 2512
240 Do pref
25 25 Oct 29 3018 Mar 8
31 Sept
2812 Jan
9034 9112
9134 9358 9234 9334 9338 9712 9612 9838 8,189 11 S Steel Corporation
100 7954 Dee 20 135 May28
7934 Mar 12958 Nov
+10934 11014
*10934 11012 11012 11012 i1018 11012 x112 112
38 Do pref
100 10334 Dec 17 121 Jan 27 11514 Feb 12214 Nov
818
3
4
7
8
814
734 818
778 8
712 8
6,660 Ventura Como'011 Fields_ 5
414 Dec 20
658 Sept 13 Jan
8s Jan 26
Mining
114 114
*118
138 *118
138 *118
138 *1
5 Adventure Con
138
184 Feb
25
574 Dec
1 Oct 20
414 Jan 2
•78
79
80
80
*78
80
80
79
120 Ahmeek
80
79
25 70 Dec 22 108 Jan 2
91 Aug 12513 Nov
*212 3
212 252
212 212
212 252
212 234
205 Alaska Gold
10
1 Dec 20 1112Jan 2
Dee
261k Jan
10
•.30
.50
4..30
.50 '5.30
.50
Last Sale .25 Jan'18
Algomah Mining
25
14 SeptI2
212 Nov
114 Jan 2
54 May
52
.51
5212 5212 *50
5212 *50
5212 5212
53
110 Allouez
25 45 Dec 19 70 Mar 6
8312 Nov
56 Dec
1412
14
1412 15
1412 1478 1434 16
15
16
1,495 (met Zino, Lead dc Smelt_ 25 11 Dec 27 4114 Jan 26
2912 July 9753 Apr
+43
46
*41
*42
46
45
46
48
100 Do prof
25 40 Nov 5 73 Jan 3
00 July 8618 Nov
13
13
13
13
1258 1258 1258 1338 -13- -1.
5
818 Nov 5 1514 JunelI
3.1-4 1,250 Arizona Commercial
18 Now
758 July
'
.30
.40
'.30
.40 '5.30
.50
.31 .31
.25 .32
800 Butte-Balaklava Copper__ 10 .25 Dec 24
lig Aug
512 Feb
214 Jan 26
*1712 19
1834 1834 *18
1913 '51934 21
100 Butte & Sup Cop (Ltd)
10 1258 Dec 20 52 Jan 26
42
Dec
10514
Mar
65
6518 9512 66
67
65
6712 6612 -6/1-2
67
913 Calumet & Arizona
10 55 Dec 19 8514 Jan 26
66 June 101 Nov
•436 440
439 440 440 440
445 450
450 455
51 Calumet & Recta
25 411 Dec 20 590 Feb 20 510 Dec 640 Nov
•1334
1312 1312
*1312 14
*1312 14
*1334 1418
14
10 Centennial
25 11 Dec 13 2714 Jan 16
14 July 27 Nov
+4214 43
4412 4412
43
*4212 43
*4312 44
43
82 Chino Copper
5 3614 Dec 19 63 Mar 7
46 July 7354 Nov
4612 4612
4612 47
4612 47
4712 4712 48
47
785 Copper Range Co
541k July 8784 Nov
25 3914 Dec 13 68 Jan 17
2
2
*13,, 2
*134 2
*134 2
*134 2
10 Daly-West
20
112 Apr 23
2 July
3 Jan 12
378 Mar
511 512
514 514
514 534
514 538
512 512 1,325 Davis-Daly Copper
10
714 Jan 16
314 Nov 5
714 Dec
484 Dec
912 912
912 912
914 914
934 978
934 10
412 East Butte Copper Min_ 10
it2 July 20 Nov
814 Dee 12 16 Jan 3
4
4
*414 5
518
5
*434 5
512
5
315 Franklin
25
4 Dec 24
9 Mar 6
6 June 1314 Nov
*74
78
7414 7414 *74
77
75
41 Granby Consolidated
75
7714 7714
100 63 Dec 21 92 Jan 17
79 July 120 Nov
*39
40
'39
4013 *40
41
Last Sale 39
Jan'18
Greene Cananea
100
35
Nov
7
4012
3434
3
Jan
June 5514 Nov
*812 912
*812 912 *812 912
Last Sale 8
Jan'18
Hancock Consolidated__ 25
7 Dec 20 2012 Jan 19
1012 June 2312 Nov
*34 1
*34
*34 1
1
.85 .85
*34 1
50 Indiana Mining
25
34 Dec 18
4 Mar22
2 July
612 Nov
53
53
5418 54
0412 5412 56
52
56
56
1,380 Island Creek Coal.
1 52 Nov 7 7612 Junel8
42 Sept 7334 Dec
+82
84
*8112 84
82
82
*8212 84
*82
84
5 Do pref
1 80 Nov19 94 Apr 28
9312 Dec
88 Jan
*21
22
2212
2112 2112 *2112 22
2178 22
22
355 Isle Royale Copper
25 20 Dec 13 36 Jan 18
25 July 43 Nov
512 512
512 558 .512 558 *512 534
*512 558
405 Kerr Lake
414 Apr 9
6
6 Aug 22
538 May
312 Mar
'
.88
1
•.87
.95 '5.85
.95
Last Sale .99 Jan'18
Keweenaw Copper
25
114.1000 8
234 Feb
Jan
434
27
8 Apr
*6
7
*6
*6
7
Last Sale 634 Jan'18
634
Lake Copper Co
25
5 Oct 31 18 Jan 2
July
Feb
1912
9I
*212 3
3212 3
*212 3
*212 3
3
3
50 La Salle Copper
25
114 Dec 26
5 Jan 16
612 Nov
314 July
• _
5
5
5
*514 534 *574 614
210 Mason Valley Mine
558 534
5
414 Nov 0
638 Aug 2
112 Aug
9 Nov
;a
*614 834
160 Mass Consol_
612 612
612 614
25
614 612
5 Nov 1 1512 Jan 17
10 July 1912 Nov
*1
112
*1
112 *1
112 *1
112
114
114
100 Mayflower-Old Colony_ 25
1 Nov 7
3 May23
*158 2
*152 2
2
2
2
214
185 Michigan
218 214
25
158 Aug 20
512
Mar24
118 Jan
454 Nov
•59
60
5834 5834 60
60
6112 6112 6112
61
77 Mohawk.
25 57 Dec 4 98 Jan 3
77'2 July 108 Nov
O1814 19.
*1814 19
1812 1812 *19
20 Nevada Consolidated
1912
5 16 Nov 9 2612 Mar 7
15 Jan
3312 Nov
'134 214
*2
214
2
2
2
2
250 New Arcadian Copper__ '25
434 July
112 Dec 14
6 Jan 2
10'4 Jan
+13
14
.13
14
*13
14
Last Sale 1312--Jan'18
New Idris Quicksilver__ 5 10 Nov 7 17.2 Aar 3
9 July 2454 Jan
*17
19
*17
*17
19
19
Last Sale 19
Jan'18
New River Company
100 22 Jan 25 30 Mar20
20 Dec
Nov
3134
*75
80
'78
+76
79
79
79
80
56 Do pref..
190 65 Dec 20 9214 Mar20
77 Dec
9314 Nov
838 812
812 812
814 812
812 812
812 814
725 Nipissing Mines
614 July 2
5
958 Sopt26
6 Mar
9,4 NOV
1414 1414
1414 1512 1430 15
15
1614 16
1,311
North
Butte
1614
15 1134 Oct 18 2414 Mar28
20 July 3212 Nov
'.37
.75
'.37
.75 *.50
bast Sale .60 Jan'18
.63
North Lake
25 .30 N'ov20
234Jan 3
41 Jan
.50 June
*44 112
112
+34 112 +1
Last Sale 34
Jan'18
01lbway Mining......_ ._ 25 .98 Dec 27
278 Jan' 12
27$ Ape
118 July
+4212 4312
43
43
43
43
4312 41
43
44
365 Old Dominion Co__.__ 25 33 Nov 7 6734 Mar12
59
Nov
Dec
83
5813 59
59
59
59
59
*59
60
60
60 ' 115 Osceola
25 5312 Dec 20 95 Mar12
70 July 105 Nov
•1812 19
19
1958 .1938 1912 19
1914 19
1938 1,770 Pond Creek Coal
10 16 Nov 1 2834 Junel8
1112 Mar 2334 Dec
73
73
74
7412 *73
7412 7412 7412 *73
75 ,
65 Quincy
25 60 Nov 7 94's Feb 21
81 July 10912 Nov
•23
*2314 24
2334
*2314 21
Last Sale 23 Jan'18
Ray Consolidated Copper_ 10 20 Nov 5 3218 Apr 3
2014 June 3654 Nov
*52
54
*52
55
*52
55
53
55
54
56
61 St Mary's Mineral Land__ 25 43 Dee 11 8934 Mar 6
110 Nov
Jan
61's
.65
.65
*.70
.80 *.70
.80 *.70 .80 *.70 .80
200 Santa Fe Gold & Copper__ 10 .58 Dec 28
114 July
Jan
2
378 Jan
2
518 514
534 53s *518 538
518 518
518 518
320 Shannon
10
514 Oct 18 10 Jan 5
1212 Feb
7 July
*1512 17
*15
*16
17
1712
Last Sale 16
Jan'18
Shattuck-Arizona
10 19 Oct 31 3014 Mar10
Feb
4018
July
2414
*112 2
*112 2
*112 2
Last Sale 1.12 Jan'18
South Lake
25 .89 Dec 28
812 Jan
4 Aug
6's Jan 2
*Al
.15
.14
.11 '5.13
.15 *.14 .16
500 South Utah M & S
5
.10 Dee 17
.59 Dec
.19 July
.31 Jan 26
*4
'412
*4
414 *4
414
414 414 *44 5
110 SuperlOr
25
314 Dec 17 1654 Mar 6
12's July 2813 Jan
*3
314
318 318
31
4 318
3
318
318 314 1,245 Superior & Boston Copper- 10
113 Jan
214 Dec 12
834 Oct
8',Jan 6
*314 378
4
4
*314 314
312 358
312 4
610 Trinity
414 July
25
3 Nov19
812 Julyll
1254 Jan
...95
1
1
1
11
4 11
4
118
118
1
118
765 Tuolumne Copper
1
1 May12 234Jan 9
Jan
.15
213
Dee
45'12 46
4534 4534 4614 4614 4612 47
47
48
660 U S Smelt Relic & Min.__ 50 4014 Dec 20 6734 Jan 4
5413 Jan
8114 Nov
4434
44
4414 4358 4458 45
44
45
45
4512
417 Do pref
50 4312 Nov12 521k Jan 4
49
Fob
Apr
4
533
218 25
4
*178 2
2 • 2
214 214
485 Utah-Apex Mining
218 214
5
174 Mar28
374 Sept27
278 Dec
518 Apr
11
11
ii
11
11
11
1114 1112 1 112 1134
725 Utah Consolidated
912 Dec 14 2112 Feb 20
5
1212 Jan
3012 Nov
*8134 8214
*81
8112 *8114 8134 8354 8358 '58114 82
10 Utah Copper Co
10 71 Dec 17 11838 May26
75 June 12734 Nov
214
'2
*2
214
2
2
214 214
430 Utah &fetal dc Tunnel
214 214
1
218 Dec 29
654Jan 16
514 Dec
1114 Mar
212 212
*214 3
*214 238 *214 3
*2
3
50 Vlotoria
25
2 Oct 22
6 Jan 2
214 Jan
814 Nov
*112
*112 2
2
*112 2
Last Sale 2
Jan'18
Winona
25
2 Oct 8
5'8 Jan 25
Mar
814 Nov
35
4
35
+33
34 • 3512 3412 35
*34
351 *35
36
108 Wolverine
25 31 Dec 18 5312 Mar 3
Feb
45 Oct
6713
+.60
.90
*.60
.90 •.60
.90
Last Sale 34
Jan'18
Wyandott
25 15 Aug 23
218Jan 3
284 Feb
118 Au
•Bid and asked prices, a Ex-dividend and Mena. • AddlIdSLUt1111 Wad,
Es-rights.
Ex-dividend. tolHaLf-pald.
123 123
42
41
*80
90
*21
2112
+____ 170
2
2
*10
--
487
THE CHRONICLE
FEB. 2 1918.1
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 26
to Feb. 1, both inclusive, compiled from the official sales
Boston Bond Record.-Transactions in bonds at Bos- lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange Jan. 26 to Feb. 1, both inclusive:
share, not per cent. For bonds the quotations are per cent
of par value.
Outside Stock Exchanges
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Bonds-
U 6 Lib Loan 330_1932-47 97.50 96.52 98.08 $60,800
24,850
97
96
1st Lib Loan 45..1932-47 96
95.50 96.30 128,050
2d Lib Loan 45_ _1927-42 06
2,000
95
95
Am Agric Chem 5s_ _ _1928
3,000
83
82
Am Tel & Tel coil 4s_ _1929 82
10,000
7754 79
Atl0& W I SS L 5s._1959 78
1,000
Gt Nor-C B & Q 4s ._ _1921 9354 9354 9354
1,000
68
68
Miss River Power 5s_ _1951 68
2,000
90
90
N Eng Telephone 58_1932
9031 9051 9,000
Pond Creek Coal 6s..1923
7,000
79
79
Punta Alegre Sugar 6s.1931 79
1944
943( 9434 6,000
Swift & Co 1st 5s
7,000
9734
97
Ils
cony
M
&
R
U 8 Smelt,
20,000
88
87
Ventura Oil cony 7s._1922 88
6.000
R77,4 88
Wootarn Tal .6.'Val go 10'2n
Range for Year 1017.
Low.
97.90 Dec
95.80 Dec
Dec
96
91
Nov
Dec
81
75
Dec
93
Dec
87
Nov
8734 Dec
92
Dec
7934 Nov
9254 Nov
9631 Dec
9254 Oct
Dec
88
10051 Sept
97.20 Dec
100
Oct
10454 Jan
9254 Jan
8534 Jan
9954 Jan
78
Mar
10051 Mar
11254 June
Jan
06
10231 Jan
109
Jan
9254 Oct
10034 Jar
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Jan. 26
to Feb. 1, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
owes
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
American Radiator.-..100
American Shipbuilding_100
100
Preferred
Booth Fisheries, common
(no par) 2254
new
100
Preferred
Chic City&C Ry pt sh pref
Chic Pneumatia Tool_ _100
______
Chic Rys part ctf "2".
Chicago Title & Trust_100
Commwealth-Edison ..100 106
Cudahy Pack Co com_100 110
100 97
Deere & Co pref
100 111
Diamond Match
Hartman Corporation_100
Hart,Schaff&Marx,con3100 135
Haskell & Barker Car Co__ __ __ __
100 56
Illinois Brick
10 2454
Lindsay Light
10
Preferred
Middle West Util com_100 25
100 61
Preferred
People's Gas Lt& Coke 100 51
Pub Serv of No III, corn 100
100
Preferred
100
Quaker Oats Co
100 9834
Preferred
Sears-Roebuck com__ _100 15351
100
Preferred
Shaw W W common_ _100 65
Stewart-Warner Sp com100 52
100 12854
Swift & Co
UnionCarbidedeCarbonCo. 5151
Ward, Montg, & Co, pref_ 10754
100 55
Wilson & Co,com
100
Preferred
250 255
8931 893.4
85
85
2234 2354
84
8434
15
14
4834 4934
8% 834
170 170
10434 107
10754 110
9634 97
107 112
42
42
65
62
35% 37
56
56
27
24
11
11
28
25
64
61
4431 5454
7334 75
87
87
255 275
9854 100
14954 156
120 120
65
60
53
z49
125 129
5131 5254
108 108
56
53
98
96
Bonds89
Booth Fisheries s 1 d 601926
chlcago City RY 511-1927 86)i 8554
52
Chic City de Con Rys 58'27 52
83
1927 84
Chicago Rys 55.
58
58
Chic Rye 49 series "B"_ _
96
Chicago Telephone 55.1923 06
94
Commonw-Edison 55_1943 94
______ 97
Liberty Loan 335s
96.50 96.40
Liberty Loan 1st 4s
95.90 95.90
Liberty Loan 2d 4s
Peo Gas L & C ref g 5s 1947 8151 8054
9434
Swift & Co 1st g 5s._ _1944
05
10/11
•itrilann .... On if Ra
89
8634
5434
84
5931
96
94
97.50
96.80
96.20
8131
9454
9554
Range for Year 1917.
Low.
High,
35 b250
Dec 445
Feb
10 39
Feb 95% Aug
46 8654 Dec 96
Jan
5,152 17
85 8051
84 12
225 3954
120
854
5 164
528 100
952 108
20 9434
473 92
150 33
125 45
200
50 55
268 1634
10 10
229 25
45 57
1,27(1 3534
30 70
35 85
110 225
25 9434
3,639 e12331
5 120
30 50
1,018 43
887 11554
5,696 4051
504 105
385 45
78 9334
$6,000
5,000
19,000
3,000
6,000
5,000
11,000
2,150
1,950
11.600.
10,000
9,000
14.000
Nov
Dec
Nov
Dec
Nov
Dec
Dec
Feb
Dec
Dec
Dec
Dec
25
94
3534
78
25
22034
14231
12931
10034
13254
7831
90
July
Apr
Jan
June
Jan
Feb
Jan
Apr
Aug
Mar
Jan
Jan
Dec
Feb
Jan
Dec
Nov
Dec
Dec
Dec
Nov
Dec
Dee
Nov
Feb
Dec
Nov
Nov
Dec
Nov
Dec
8851
35
12
59
78
106
114
10234
340
115
239
12751
74
101
16554
58
11754
8454
10751
Jan
June
June
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Mar
July
Jan
May
Oct
Jan
May
May
8851 Oct
8454 Dec
55
Dec
8054 Dec
55
Dec
9534 Nov
9054 Nov
93
Dec
97
Dec
96.80 Dec
7854 Deo
92
Nov
ox 14 Tan
9434 Apr
9951 Mar
Jan
80
9714 Jan
7054 Jan
10251 Feb
10354 Jan
100 10June
97.10 Dec
Nov
100
Jan
102
Jan
102
mite Tar
x Ex-dividend. b Ex-50% stock div. c Ex-25% stock div. a Ex-rights.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Jan. 26
to Feb. 1, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
American Sewer Pipe. 100 1534
Am Wind Glass Mach_100 43
Amer Wind Glass pref_ _ _ _ 100
Carnegie Lead & Zino
7%
Columbia Gas & Elec_ _100
Fayette County Gas_ 100
Indep Brew Ina-pref.._ _ _50
931
110
La Belle Iron Works
Lone Star Gas
100
Mfrs Light & Heat
50 52
Nat Fireproofing, pret_50
9
Ohio Fuel 011
1
Ohio Fuel Supply
25 4334
Oklahoma Natural Gas_25
Pittsburgh Brewing,com50
Pittsburgh Coal, corn_ _100 48
Pittsb Cons M M de T _1
Pittsburgh-Jerome Cop_ _1 600
Pittsb & Mt Shasta Copp.1 35c
Pittsburgh Oil & Gas-100
Plttsb Plate Glass,com-100
San Toy Mining
1
S Steel Corp, corn.. _100 97%
West'house Air Brake_ -50 96
Westinghouse Electric &50
Mfg, corn
4154
Range since Jan. 1.
Low.
15% 15%
115 1234
42% 4334
455 40
15 100
100 100
734 7%
ao 7
35
3'3
90 32
90 110
110 110
9% 9%
145
9%
110 110
10 107
96
96
75 95
51% 52
440 51
9
9
20
834
16
16
50 15%
42% 44
1,062 41%
25
157 25
25
2%
2
2
150
48
47
1,100 45
50
Sc
40
4o
550 700 58,500 400
300 370 50,100 21c
200
534
5% 5%
100 116
116 116
000 11c
120 120
335 89%
97
92
392 95
9534 96%
40
4231
1,465
39
r utay
,baies
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
P
High.
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15%
44%
100
751
35
110
9%
110
96
53
9
16
45
25
234
48
50
700
370
5%
117
140
9734
9631
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
43
Jan
Stocks-
60
57
100 60
Alabama Co
81
80
100 81
First preferred
60
57
Second preferred_ _ _ _100 60
3434 3634
Arundel Sand & Gravel 100
7934 7934
100
Baltimore Tube
Consol Gas,E L & Pow 100 9931 9734 100
10551 106
Consolidation Coal_..100
7
5
634 734
Cosden & Co
334 354
5
Preferred
Davison Chemical_.no par 3534 3534 3734
2251 2234
50
Elkhorn Coal Corp
52
50
Houston Oil trust Ws_ _100
Preferred trust ctfs_ _100 6734 6734 6851
7634 81
Mer & Miners Trans_ _ _100 80
79
77
VT
do do
23
23
Monon Vall 'Frac pref..25
15
1534
Mt V-Woodb Mills v 1 r100
69
100 6834 68
Preferred v t r
50 71
7034 71
Northern Central
64
63
Penrusyl Wat & Power_100 63
Public Service Bldg. Pref-- ____
95
95
2351 2434
50
United Ry & Elec
27
27
Wash B & Annap corn_ _50 27
334 334
5
Wayland Oil& Gas
Range for Year 1917.
High.
Low.
60 44
54 75
78 47
65 31
50 79
171 87
94 8834
2,117
6
134
334
590 22
15 2151
150 12
39 55
250 55
96
19 23
33 13
86 6034
79 72
98 58
2 100
296 2154
20 15
234
325
Oct
Jan
Sept
Nov
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Oct
July
67
10754
65
3951
12334
127
114
1834
534
4451
3851
4434
6734
91
June
June
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Dec
Jan
Aug
Dec 23
Dec
Mar 19
Jan
Mar 73
July
Dec 89
Jan
Dec 84
Jan
Aug 10231 Feb
Dec 3531 Jan
June 24
Dec
Nov
Jan
5
BondsAlabama co gen Os.. _1933
Anacostia de Potom 58 1949
Atlanta Con.sol St 5s_ _1939
Charles & W Car 1st 55 '46
Chicago Ry 1st 55....1927
Cons Gas,EL&P 434s 1935
6% notes
5% notes
Consol Coal refund 5s 1950
Cosden de Co A 6s
B 6s
Elkhorn Coal Corp 6s 1925
Elkhorn Fuel 55
1918
Houston Oil div ctfs '23-'25
Kirby Lumb Contr 6s 1923
Md Electric Ry 1st 5s 1931
Seaboard A L 40 stpd 1950
United Ry & E 4s_ _ _ _1949
1949
Income 4s
Notes as
Va Ry & Power 58_ _ _1934
10.1k
WI, A IIITe.1,1e.ss Ka
82
86
82
86
98
92
83
83
9534
93
8334
8134 8134
8234 8134
9731
100
94
9734 9634
89
70
74
5634
95
95
79
00
82
86
98
92
83
83
96
9334
8334
8134
83
9734
100
95
9754
89
70
75
5634
95
79
00
Feb
$1,300 79
1,000 9634 Oct
2,000 9934 Nov
Feb
2,000 101
1,000 8134 Dec
Dec
3,000 75
Dec
2,000 96
Dec
10,000 88
1,000 SO% Dec
Dec
10,000 71
Dec
18,000 72
5,000 9034 Dec
Dec
5,000 99
8,000 8334 May
Nov
18,000 95
1,000 8934 Dec
1,000 74 [Oct
Dec
10,000 72
Dec
1,000 52
4,500
Jan
92
Nino
A AAA 111/1
1,000
86
101
10454
101
97
9334
9831
10734
9534
95
9734
10131
10754
9034
100
100
74
8454
6731
May
Jan
Jan
Feb
Jan
Jan
Aug
Jan
Mar
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Oct
Jan
Jan
Jan
93
1012 Le Mar
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Jan. 26 to Feb. 1, both inclusive, compiled from the official sales lists, is given below. Prices for stooks are all dollars per share, not per cent. For bonds the quotations are
per cent of par value.
Stocks-
sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
8054
American Gas of N J_ _100 82
61
Baldwin Locomotive_ _100
46
Buff & SusqCorp pf no 100
50 4051 4031
Cambria Iron
Elec Storage Battery_ _100 5054 50
49
General Asphalt, pref._100 50
Insurance Co of NA_ __ _10 2534 2534
18
100
J G BrillCo
1334
Lake Superior Corp.._100 14
6234
50 64
Lehigh Navigation
50 5934 5631
Lehigh Valley
Midvale Steel & Ord_ __ _50 4534 45
50
5134
Minehill & S H
84
50
Pennsylv Salt Mfg
50 z4631 4554
Pennsylvania
26
Philadelphia Co (Pitts)_50
Philadelphia Electric...25 2534 25
2734
Phila Rap Tran v t r__50 28
7131
Philadelphia Traction_ 50
7234
50 76
Reading
3534
50
Second preferred
3
Tono-Belmont Devel_ _1
4
1
334
Tonopah-Mining
50 4134 41
Union Traction
190
United Cos of N J._ _ _100
United Gas Improvt.._ _50 6934 6934
U S Steel Corporation_100 9634 91
851
834
Warwick Iron de Steel__ _10
42
WestJersey& Sea Shore.50 42
76
50
Westmoreland Coal_
85
old stock _50
do
7534
Wm Cramp & Sons_ _ _ _100 7534
834
50
York Railways
Range for Year 1917.
Low.
High.
Feb
Dec 121
106 78
83
Feb 76
135 49
July
6334
Jan
May 58
7 49
46
Mar
11 42
Dec 46
41
1,083 4434 Dec 6734 Jan
5054
120 4934 Dec 7034 Jan
50
125 2334 Dec 2734 Feb
2536
Jan
Nov 33
10 10
18
Mar
10,040
1054 Nov 24
1434
Jan
283 5534 Nov 85
6435
72 5034 Dec 7954 Jan
5954
Nov 6734 June
235 40
4534
25 51
Nov 5834 May
5134
June
Dec 100
26 77
84
4634 2,737 4034 Dec 5734 Jan
Nov 4134 Jan
100 25
26
886 2234 Dec 3454 Jan
2551
1,762 2234 Oct 3434 Jan
2834
Jan
Nov 84
2 67
7131
1,177 6034 Nov 10334 Jan
7631
Jan
8 3651 Oct 45
3534
Aug
5
23.4 Dec
525
334
734 Mar
735
4
33.4 Dec
209 3734 Dec 4731 Jan
42
46 20434 Dec 226
Jan
190
1.091 6234 Dec 9134 Mar
7034
9854 25,711 7934 Dec 13434 May
934 Jan
80 z731 Nov
834
111 42
42
Dec 5334 Jan
76
40
100 7334 Sept 80
Feb
P5
Feb 92
Apr
10 68
7531
50
83-1 Nov
834
153-4 Mar
BondsNov
98.20$13,500 98
U S Liberty Loan 314s_ ___ 97.80 97
96.60 5,200 96.80 Dec
96
Converted into 4s
9534 95.7096.30 46,250 96.88 Dec
2d Liberty Loan 4s
Dec
81
81
1,000 80
Amer Gas & Elec 55_ _2007
200 7931 Dec
8134 8154
2007
small
do
3,000 7734 Dec
Bethlehem Steel p m 55'36 8034 SO% 8054
12,000 71
Dec
73
73
Elec dr Peep tr ctfs 4s_1945 73
Aug
Lake Superior Corp 5s 1924 4834 4834 4834 3,000 43
Lehigh Coal & NayNov
28,000 95
94
94
1954
Consol 430
Lehigh Valley4,000 80
Nov
80
80
2003
Gen consol 48
Dec
2,000 89
Gen consol 4 Ms_ _ _ _2003 9054 9034 903.4
Lehigh Vail TransitDec
1,000 80
85
85
1960 _
Ref & impt 55
2,000 9034 Oct
83
83
Midvale Steel de Ord 5s_
Pennsylvania RR18,000 8934 Dec
8931 90
1965 90
General 4345
Dec
98
1960
9834 2,000 97
Consol 434s
Dec
37,000 100
10234 103
Pa & Md Steel cons 6s1925
Oct
1,000 99
8734 8734
Philadelphia Co 1st 5s 1949
Dec
Phila Elec 1st 55(new)1966 9531 9434 9551 60,000 91
Dec
400 93
1966
95
9554
small
do
1997
8434 8434 3,000 8231 Dec
Reading gen 4s
Dec
1,000 60
58
58
United Rys Invest 58_1926
100.5 June
97.10 Dec
Oct
100
9734 Jan
9734 Mar
Nov
82
Jan
84
5834 Max
103
Jan
9134 Jan
Jan
102
9431 Feb
9034 Oct
10431
10734
108
10234
102
10234
9634
74
Jan
Jan
Jan
Mar
Apt
May
Jan
Jan
488
THE CHRONICLE
Volume of Business at Stock Exchanges
Former Standard Oil
Subsidiaries.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Feb. 1 1918.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
dcc.,
Bonds.
Par Value.
215,600 $19,927,000
527,300
469,400
914,182
1,023,446
50,531,000
44,102,000
84,793,700
96,863,100
$705,000
HOLIDAY
1,490,000
1,478,000
1,404,500
1,972,500
3,149,928 $296,016,800
Sales at
New York Sloe*
Exchange.
State, Mun.
& Foreign
Bonds.
$705,000 $1.033,000
1,627,000
611,000
3,096,500
1,709,500
2,675,000
2,186,000
2,390,000
1,532,500
$7,057,000 $7,749,000 $9,816,500
Week ending Feb. 1.
1918.
United
States
Bonds.
Jan. 1 to Feb. 1.
1917.
1918.
1917.
Stocks-No. shares.._ _
3,149,928k
5,190,711
14,639.803
20,172,726
Par value
$296,016,800 $460,240,100 $1,376,403,800 $1,824,231,030
Bank shares, Dar
$1,000
$2,500
$7,2.00
314.700
Bonds.
Government bonds_ _ _
$9,816,500
815,000
$51,130,000
$20,000
State,mun.,&o.,bonds.
7,749,000
6,143,000
23,816,000
38,101,000
RR.and misc. bonds
7,057,000 22,190,500
35,065,000
98,571,000
Total bonds
$24,622,500 $28,348,500
$112,011,000
$136,692,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Boston.
Week ending
Feb. 1 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. 'Bond Sales. Shams. Bond Sales
7,839,
$48,850
12,3741
8,403,
18,355'
15,258'
79,200
39,050
73,700
47,500
62.232
$238.300
Shares. Bond Sales.
3,335
$21,800
HOLI DAY
7,649
72,550
6,212
50,100
19,303
46,750
12,690
53,450
769
$20,000
617
1,501
903
1,356
35,000
11,600
32,000
12,300
49.194
5,146
$110,900
$244,650
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Jan. 26
to Feb. 1, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
Is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week
Par. Price. Low. High. Shares.
Week ending Feb. 1.
Stocks-
Aetna Explos_r___(no par)
636
6% 736 13,600
Preferred _ r
100
42
4236
250
Air Reduction _ r_ _(no par)
70
70
20
Amer & Brit Mfg, pref _100'
30
17
17
Amer Writ Paper corn_ 100
236
2
231
600
Brit-Am Tob ordinary E1
16
16%
700
Ordinary bearer
E1
1736 1731
100
Canadian Car & Ftly_r.100
20
20
25
Preferred _ r •
100'
51
100
51
Car Ltg & Power_ r
251
600
2% 234
Carwen Steel Tool
10
8X
300
834 831
Chalmers Motor,com-r(t)
436 43.4
500
Chevrolet Motor
100 120
110 122
11,650
Cities Service. com_r_ _100 215
211 215
425
Cuprite Sulphur_ r
1
131
10,500
1% 2
Curtiss Aerop & M,coin(t) 2931 27% 3231 4,500
Electric Gun r
1
X, 5-16 2,100
Emerson Phonograph---5
4
4
932
454
Intercontinental Rubb_100 10
9% 1036
700
Int Trading Corp, com.r_1
1% 1%
500
Keyst Tire & Rubb com_10 1434
700
1234 1436
Kresge(3 8), com_r_ _100 73
71
75
1,100
Lake Torp
com.r_ _100
3
100
3
Manhattan Transit_ -20
9-16 9-16
500
Marconi Wirel Tel of Am_5
394
7,715
3% 331
Maxim Munitions.r_ _ _10 11-16
% 11-16 27,000
Nat Mot Car &
(t) 18
13
18
1,100
NY Transportation.. _10 1834 17% 19
1,300
North Am Pulp & Paper(t)1
294
2% 234
1,800
Peerless Truck & Motor 50
16
300
1631
Prudential Pictures.r. _ _51
531 654 4,530
634
Pyrene Mfg.r
101
1031 11
515
St Joseph Lead.r
10, 17
1531 1734
1,000
Smith Motor Truck.r._ _10 1 11-16
131 218,000
134
Standard Motor Constr r 10
9
936
535
Submarine Boat__(no par) 1256 12
13
4,300
Triangle Film Corp v t e_5 15-16
% 15-16 3,800
United Motors.r._(no par) 25% 2234 2634 51,100
US Steamship
10
5
4% 531 6,700
World Film Corp v t o_ --5
%
1,700
36
Wright-Martin Airc.r (t)
7
634 736 12,900
Preferred
100 46
45
46
300
Range since Jan. 1.
Low.
6%
4131
70
15
2
16
1631
19
44
2
.834
3
100
210
134
25
3-16
331
9
34
1234
6936
3
3-6
3%
9-16
1031
16
234
14
536
93%
1434
1
83,6
1134
3-1
19%
4X
6%
45
High.
Jan
8
Jan 47
Jan 76%
Jan 20
Jan
231
Jan 1651
Jan 1734
Jan 20
Jan 51
Jan
294
Jan
9
Jan
446
Jan 122
Jan 21934
Jan
134
Jan 3234
Jan
Jan
43-1
Jan
11
Jan
1%
Jan 14%
Jan 75
Jan
334
Jan
31
Jan
331
Jan
1
Jan 18
Jan 19
Jan
331
Jan 17
Jan
636
Jan 11
Jan
1731
Jan
13,4
Jan 11%
Jan 1431
Jan
1
Jan 2634
Jan
531
Jan
34
Jan
731
Feb 46
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jun
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
[VOL. 106.
Friday
Sales
Last Week's Range for
Sale.
of Prices
Week.
Price. Low. High. Shares.
Anglo-Amer 011
El
1136
Rights
2
Galena Signal Oil com_100
Illinois Pipe Line
100
Ohio 011
25
Prairie Oil& Gas
100 500
South Penn Oil
100
Standard 011 (Calif)._ _100
Standard 011 of N J...100
Standard Oil of N Y....100 285
Vacuum Oil
355
Other 011 Stocks
Allen 011_r
Amer Ventura Oil.r
1
Barnett 011 & Gas.r
1
Boston-Wyoming 011.r_..1
Central 011_ r
1
Cosden & Co,com r
5
Crown 011.r
1
Cumberland Prod & Ref r 1
Duthie Oil_r
1
Elk Basin Petroleum_ r.. _ _ 5
Elkiand Oil & Gas.r
1
Esmeralda 011 Corp_r__ A
Federal 011.r
5
Glenrock Oil_ r
10
Hanover Oil & Ref.r._ _ _5
Houston 011 coin_ r _ _ _100
Internat Petrol_ r
E1
Island 011 & Trans_ r- _10
Kenova 011
1
Lost City 011
1
Merritt Oil Corp _ r
10
Metropolitan Petroleum 25
Midwest 011 com_r
1
Preferred r
1
Midwest Refining_ r_ _ _ _50
Mineral Wells Pet
1
N Y-Oklahoma Oil_ r_ _ _ _1
Northwestern 011.r
1
Oklahoma Oil corn_ r_ _ 1
Preferred r
1
Oklahoma Prod & Ref_ _ _5
Okmulgee Prod & Ref_ _ _ 5
Omar 011 & Gas com
_1
Overland Petroleum_ r _100
Pan-Amer Petrol com_ r_50
Penn-Kentucky 011.r _ _ _ _5
Pennsylvania Gasoline_..I
Queen 011_ r
Red Rock Oil & Gas_r_._1
Rice Oli_r
1
Sapulpa Refining.r
5
Sequoyah Oil & Ref
1
Sinclair Gulf Corp r--(t)
Stanton 011_ r
United Western 011_ r_ _ _ _1
Victoria 011
50
Range since Jan. 1.
Low.
11% 1331 8,500 1136
1% 236 38,500
1%
135 135
20 135
192 192
10 192
330 332
55 300
450 500
387 418
288 288
10 275
236 236
20 225
563 563
10 520
275 285
330 252
355 357
20 355
7-16 7-16
36
110
100 110
1 1-16 11-16 1%
230 250
450 65e
7
6% 754
34
31
1
1 13-16
560
54e 570
631
631 636
5-32
31 3-16
3-16
M 3-16
2%
231 3
331
3% 4
431
4% 5X
4931 4836 51%
12%
1231 1336
331
3
336
34 3-32 5-32
5-16
5i '5-16
2231 2031 23%
7-16
3'6
35
1.13
1.10 1.19
1 5-16 1 5-16 13,6
110
10436 113
131
1% 1%
34
31
31
65c
610 65c
30
30 336c
12c
1036c 12c
7
734
736
336
236 331
29c 30c
230
220 25c
46
48
5%
5
531
7-16 5-16 7-16
250
17e 62c
34
I
36
3-16
31 3-16
8%
831 834
11-16
31
X
17%
1636 18
131
1% 2
7-16
336 *4
331
2,900
57,650
7,200
28,000
79,500
3,800
2,000
2,900
18,100
900
14,500
11,100
4,100
24,000
9,700
7,500
1,700
17,300
17,300
2,275
3,400
13,500
35,000
2,500
2,927
3,500
2,900
33,000
34,000
6,500
6,500
12,460
2,000
18,650
400
2,750
2,500
67,000
9,600
31,935
900
13.000
5,100
8,160
23,000
1.970
Mining Stocks
Alaska-Brit Col Metals_.1
7-16
%
36 8,370
Atlanta Mines
10c
gc 934e 8,000
1
131g Ledge Copper
5
134
% 131 11,100
Booth .r
1 336c
30
3e
2,000
Boston & Montana Dev_ _5 450
43c 47e 35,300
Bradshaw Copper_ r
1
36
• Y3
31 5,100
Butte Copper & Zinc v to 5
836
731 8% 11,200
Butte-Detroit Copper__ _1
6,100
31 3-16
X
Butte-Ramsdell Cop_ r _ _ _5
6
1,900
554 6
Caledonia Mining
470 530 13,500
1 53c
Caltunet & Jerome Cop r 1
I 15-16 25,000
134
Canada Copper Co Ltd_.5
2 115-16 2
5,500
Cash Boy
40 160 228,700
1 1531e
Cerbat Silver M&M _r__ _1
960
I% 9,500
Cerro Gordo Mines
134
600
1'/4
1
Coco River Mining _ r _ __ _1
236
2% 2%
900
Consol Arizona Smelt_ _ _ _5
2
4,900
1% 2
Consol Copper Mines_ _ _ _5
61-1
5% 631 5,500
Consol-Homestead _ r__
250
230 250
- _1
3,400
Copper Valley Mining.r.1
1,265
X
36
1
Cresson Cons Gold M&M 1
5
531 5,900
5
Dundee-Arizona Copper_l
36
31
1,500
Emma Copper.r
1 7-16 9-32 7-16 22,525
Fortuna Cons'd_r
1 39c
380 390
6,000
Gibson Con Copper_ r _ _ _1
234 2 1-16 2% 6,975
Globe-Dominion Copper_ I
1
% 131 36,100
Goldfield Consolidated_ _10 13-32
36 7-16 2,900
Oold Veld Merger_ r
40
30
7,000
I
Great Bend r
50
5c
I
1.000
50
Green Monster _ r
50c 11-16 9-16
31 7,300
Hecia Mining
250311-16 35-16 331 6,840
International Mines_ r _ _ _ 1
I50
80 15c 15,975
Iron Blossom_r
10c 17-32 15-32
1,360
35
Jerome Prescott Cop_ r_ _1
1% 23/4
234
7,800
Jerome Verde Copper _.1
34
%
X 13,200
Jim Butler r
I 64e
590 65c 12,500
Josevig-Kennecott Cop_ _ I
1,500
X
X
Jumbo Extension
17o 18o
1
180
2,600
Kerr Lake
1,300
5
534 531
531
Kewanus r
Sc
Sc
1,000
1
Kirk! Porphyry 0 M r__ _1 50
50
50
2,400
Louisiana Consol
1
34
56 1,100
5 42
Magma Copper
40
42
2,000
Marsh Mining r
40
Sc 13.300
1 434c
Mason Valley
5
5
591
654 7,200
McKinlev-Darragh-Sav- A
55e 58e
5,800
Mogul Mining..r
200 280
1
600
Mohican Copper r
1
34
31
31 10,400
Monster Chief r
1-16
36 T13,150
Si
1
Mother Lode r
1 2(
c
43e
280 26e
5,500
National Leasing r
3o
4c 21,400
Nat Zinc & Lead r
I 250
15c 25c 27,000
Nevada Ophir r
18c Do
10e
700
New Cornelia r
5 1631
1636 17
4,885
Nleldas Mining
35c 390
1,000
1
Nipissing Mines
8% 8% 3,000
834
5
Nixon Nevada
I% 1 3-18 6,700
1 1 3-16
Onondago Mines_ r
2
2
1
2
200
Pole Star Copper r
1 27c
25c 270 13,700
Portland Cons Copper_ _ _1 340
320 340 10.900
Provincial Mining
1 490
460 490 15,700
Rawley Mines r
234
1
2
234 4,200
Ray Hercules Mining r..5
434 4% 26,400
431
Rex Consolidated
90 100
1
2,500
Rochester Mines
32e 380 13,400
1 370
St Nicholas Zino r
4e
40
4,500
I
San Toy Mining
11c 120
1
2,500
Senortto Copper
1
31
X
36 2,800
Silver Pick Cons r
50
5c
1,000
I
Standard Silver-Lead._ _1 13-32
34 13-32 2,300
Stewart
3-16
X
2,500
1
Success Mining
1 936c
70 954c 15,500
Superior Cop (prosp't) (t)
236 236
234
1,800
Tonopah Extension
136 111-18 1,850
1
13-4
Trt-Bullion S & D
3-16 5-16 2,500
5
1
4 315-16 4
United Eastern.
1,220
United Verde Exten_ r _50c 3734 37
38
3,000
Unity Gold Mines
331 4
334
3,000
5
Wear, End Consolidated._5 840
730 840 10,700
White Cons Evten_ _ _.10e
110 12c
4,000
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
7-16 Jan
Jan
6c
Jan
1
220
Jan
Jan
45c
631 Jan
X Jan
136 Jan
530
Jan
631 Jan
36 Jan
36 Jan
2% Jan
3% Jan
3
Jan
3931 Jan
1231 Feb
131 Jan
3-32 Jan
36 Jan
2031 Jan
36 Jan
950
Jan
1 3-16 Jan
Jan
103
1% Jan
36 Jan
560
Jan
30
Jan
1036e Jan
6% Jan
2% Jan
280
Jan
150
Jan
40
Jan
Jan
5
5-18 Feb
170 Feb
36 Jan
34 Jan
834 Jan
% Jan
Jail
15
1 7-16 Jan
31 Jan
3% Jan'
High.
1731 Jan
3
Jan
145
Jan
192
Jan
365
Jan
500
Feb
290
Jan237
Jan
563
Jan
285
Feb.
357
Feb,
11-16 Jan
12o
Jan
1 3-16 Jan
300
Jan
65c
Jan
856 Jan
1 5-16 Jan
136 Jan
(300
Jan
631 Jan
X Jan
5-16 Jan
336 .Jan
5
Jan
736 Jan
5334 Jan
13% Jan
4
Jan
5-32 Jan
*5-16 Jan
2436 Jan
i'f3 Jan
1.24 Jan
1% Jan
114
Jan
I% Feb
31 Jan
70e
Jan
5o
Jan
15c
Jan
731 Jan
336 Jan
40o
Jan
25o
Jan
48
Jan
*534 Jan
7-16 Feb
86o
Jan
1
Jan
X Jan
10
Jan
31 Jan
18
Jan
2
Jan
34 Jan
4
Jan
36 Jan
9-16 Jan
8c
Jan
12o
Jan
X Jan
134 Jan
3c
Jan 544036o
n
410
Jan
Jan
1% Jan
36 Jan
634 Jan
9
Jan
36 Jan
X Jan
6
594 Jan
Jan
Jan 56o
44o
Jan
*1
Jan
JaJann
1 15-16 Jr.,11
3310 Jan
12
(13el
236b
a
en
Jan
42o
136 Jan
134 Jan
136 Jan
2% Jan
234 Jan
136 Jan
236 Jan
5
Jan
7
Jan
230
Jan
Jan 280
36 Jun
1% Jan
,4 Jan
434 Jan
594
36 Jan
31 Jan
Jan
Jun "
40c
350
Jan
2
Jan 2 3-16 Jan
11-16 Jan
36 Jan
146 j
Jan
3o
Jan
4o
Jan
Sc
Jail 536c Jan
9-16 Jan
11
236 Jan
5
Jan
n
8c
Ito
Jan
Jan
11-32 Jan
11-16 Jan
131 Jan
331 Jan
% Jan
Jan
55e
Jan 900'
3-16 Jan
14e
Jan 92:51
2
Jan
aaann
5
Jan
53j Jan
Jan 536o Jan
de
Jan
50
50
Jan
9-16 Jan
36
37
Jan 42
j
Jan
4o
Jan
80
Jan
43/4 Jan
634 Jan
52e
Jan 60e
Jan
Jai
20c
35c
Jan
34 Jan
1-16 Jan 5-16
(3 j
Jan
Jan 27o
25c
Jan
30
Jan
13o
Jan
15o
Jan 28o
Jan
,180
Jan 21e
Jan
1536 Jan 17% Jan
28c
Jan 46o
Jan
8
Jan
836 Jan
36 Jan
134 Jan
2
Jan
2
Jan
20c
Jan 23,8too
310
Jan
Jan
43o
Jan 510
Jan
ul Jan
231 Jan
336 Jan
4% Jan
go
Jan 10310 Jan
Jan 380 Feb
27c
Jan
7o
4o
Jan
Ile
Jan
130
Jan
Jan
X Jan
Co
434e Jan
7-Co138 Jan
% Jan
aann
3-16 Jai
Jan
70
9%El
° j
J:n
n
2
Jan
2% Jan
131 Jan
1
Jan
3-16 Jai
54
4
336 Jan 38
j
Jan
36% Jan
336 Jan
4 'Jan
135o
Jan 840 CFeb
be
Jan 14e
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining Stocks (Cont'd). Price. Low. High. Shares.
White Caps Mining__ _10e
1
Wilbert Mining
5
Yukon Gold
BondsAm Tel & Tel 1-yr 68w l._ 99%
Beth Steel 5% notes_ _1919
Canada (Dom of) 5s_1919 951
Gen'l Elec 6% notes_ _1920 100
6% notes (2-year)_ _1919 99%
Russ'n Govt 5%s_r_ _1921
Westinghouse Elec & Mfg
99
1-year 6% notes..w
%
7-16
10e 12c
1% 2
Low,
6,200 11-32 Jan
Jan
2,700 10c
1)4 Jan
500
99% 218,000
99
97% 97% 48,000
95% 95% 255,000
99% 100% 53,000
33,000
99y, 100
40% 10,000
40
98% 99
Range since Jan. 1.
80,000
High.
18 Jan
/
Jan
140
Jan
2
Jan 99% Jan
99
96M Jan 97% Jan
94% Jan 95% Jan
98/ Jan 100)4 Jan
Feb
Jan 100
99
Jan
Jan 52
40
98% Jan
99
New York City Realty and Surety Companies
Bid
Alliance Wty 65
Arner Surety 107
Bond ex M G 180
Casualty Co
City Invev's 13
Preferred.. 60
Jan
* Odd lots. t No par value. I Listed as a prospect. / Listed on the Stock Exchange this week, where additional transactions will be found. o New stock. r Unlisted. u Ex-cash and stock dividends. to When issued. x Ex-dividend. y Exrights. z Ex-stock dividend.
CURRENT NOTICE.
-The 74th annual statement of the New England Mutual Life Insurance
Co. of Boston is a record of steady development for tho year ending Dec. 31
1917. Nearly fifty-five millions of now insurance were paid for, an increase
of more than ten millions over the preceding year, which was itself the highwater mark in the company's long history. There are forty-two general
agencies, located in thirty-two States. The assets are now $84,549,287,
an increase of $5,453,786; the policy reserves, and other liabilities are
$79,129,280, an increase of $5,400,232; the surplus by the Massachusetts standard is $5,420,007, an increase of $53,554. During the
year premiums received amounted to $12,340,506,an increase of $1,272,which was $1,379,118 more
669, and the total income was $16,141,149,
than last year. The net increase in insurance in force was $38,089,954,
is a record, rarely equalled
This
insurance.
new
the
equal to about 70% of
by any company. The policies now in force number 153,538, insuring
$375,494,658. Death claims of $3,562,483 were paid. On the declaration
of war, April 6, the company issued to all its then policyholders a general
extra premium, any conditions in
permit to engage in war service without
waived. Since April 6 a moderate
their policies to the contrary being
members who enter military srevice,
extra premium has been charged now
is President, D. F. Appel,
to cover the war hazard. Alfred D. Foster
Vice-President, and Jacob A. Barbey, Secretary.
-The Fidelity Mutual Life Insurance Co. of Philadelphia announces
that it has just closed the most successful year of its history. The company's 39th annual statement as of Dec. 31 1917 filed with forty States,
indicates that the Fidelity increased its insurance in force to $142,022,569.
The income, assets and contingency reserve (surplus) all show marked
annual gains. The company has paid to policyholders and beneficiaries since
organization $47,179,964 and paid to and held in trust for policy-holders
$81,450,661. Assets were $34,450,303. The Fidelity is a purely mutual
company, operated solely in the interests of policyholders. It does no
foreign business and all its investments are confined to American soil.
Detailed report will be sent upon request.
-The 58th annual financial statement of the Homo Life Insurance Company of this city, George E. Ide, President, shows substantial growth.
Amount paid to policyholders during year $3,468,000; insurance reserves
show an increase of $1,665,000; the assets now amount to $34,542,000, an
increase for the year of $1,721,000. The increase of insurance in force
for the year was $12,500,000 and now amounts to $146,000,000. It is
noteworthy that the company had no mortgages under foreclosure and that
no interest remained unpaid at the close of the year.
-The Wall Street Division of New York University announces a number
of courses in banking and financial subjects to be offered during the second
terra which begins Tuesday, Feb. 5. Due to the Monday holidays the
schedule has been rearranged so that students may attend Saturday
afternoon classes. The second term program includes bookkeeping,
accounting, investments, railroad bonds, practical economic problems, law
of agency, law of bankruptcy and receiverships, banking practice and
commercial Spanish.
-"American Finance in War Time," an interesting digest of financial
news and important happenings during 1917, has been issued by Knauth,
'this city. A copy of this booklet will
Nachod & Kuhn°, 120 Broadway,
be mailed to inquirers writing for A. B.'
Ladd & Co., 43 Exchange Place, this
Tilnoy,
interest,
and
-At 78%
city, are offering and advertising $500,000 Union Pacific It. R. Co. refunding mortgage 4% bonds duo June 1 2008. These bonds are legal
savings bank investments in Now York, Massachusetts and Connecticut.
it , are advertising elsowl=
, 30 Broad .,
_Hanson & Doyle"
the "Chronicle" a list of bonds, notes and stocks in which they have
Telephone
4684 Broad.
invited.
are
orders. Inquiries
W. C. Langley & Co., members Now York Stock Exchange, have
issued the third of a series of special letters to investors regarding the
present abnormal situation of securities markets.
-Gilman & Clucas announce the opening of a branch at 304 Madison
Avenue in charge of Charles W. Fisk.
a Arliare
--
New York City Banks and Trust Companies
Ask
Banks-N.Y. Bid
Amertea*._ 490
510
Amer Exch.. 210
220
Atlantic _ 170
180
Battery Park 180
Bowery•
400
Bronx Bore* 150 2-66
Bronx Nat_ _ 150
BryantPark* 145
160
Butch & Dr_ 00
100
Chase
320
330
Chat & Phen 205 220
Chelsea Ex • 100
110
Chemical
370 380
Citizens
205
215
City
400 405
Coal & Iron_ 205 215
Colonial*_ _ 8400
Columbia... 315 330 Commerce.. t175 t180
Corn Exch._ 305
Cosmopor n• 85
95
East River_ _ 60
65
Fifth Ave.__ 3400 3800
215 230
Fifth
First
850 875
165
180
Germ-Amer' 135
145
German Ex* 395
Germania*
180
1-66.
Gotham _ _ _ 200
Greenwich' 335 350
Hanover
640 660
Harriman
240 250
Imp & TraiL 470
490
210 215
Irving
Liberty
375 390
Lincoln
280 300
Bid
Banks.
Manhattan• 295
Mark & Fult 250
Mech & Met 285
Merchants__ 250
Metropolis*_ 290
Motropern * 165
Mutual'.._ 375
Now Neths_ 200
New York Co 125
Now York_ 415
Pacific •____ 270
490
Park
_ 200
People's
Prod Exch. 200
210
Public
430
Seaboard
400
Second
120
Sherman
100
State.
23d Ward'_ 110
Union Each_ 145
Unit States* 500
Wash nets._ 350
Weetch Ave. 175
West Stde*_ 100
540
Yorkville•
Brooklyn.
Coney IVO 125
255
First
140
Flatbush
Greenpoint - 150
Hillside *- 110
Homestead •
Mechanics'• 110
'
Montauk
1-61Nassau
Nation'ICIty 265
North Side_ 175
People's _ _ 130
Ask
305
260
300
265
300
175
220
150
505
220
220
425
130
110
125
155
200;
200
565
135
270
150
165
120
115
120
95
205
275
200
140
Trust Co's.
New York
Bankers Tr_
ContralTrust
Columbia _Commercial_
Empire
Equitable Tr
Farm L & Tr
Fidelity
_
Fulton
Guaranty Tr
Hudson _ _ - _
Irving Trust
Law Tit & Tr
Lincoln Tr_ Mercantile
Tr & Dep.
Metropolitan
Mut'l(Westchester)- N Y Life Ins
de Trust_ _
N Y Trust
Scand Inavfn
TitleGu &Tr
Transatlan'0
Union Trust
USMtg&Tr
UnitedStates
Weetcheater _
Brooklyn.
Brooklyn Tr
Franklin
Hamilton _
Kings Co__ _
Manufact'rs.
People's __ _ _
Queens Co
•Banks marked with a (*) are State banks. f Sale at auction or
change this week. I New stook. y Ex-rights.
489
THE CHRONICLE
FEB. 2 1018.]
Bid
Ask
400
710
250
100
200
330
385
195
250
:340
135
165
97
410
720
260
3-66:340
400
205
265
347
142
1-6E100
190
330
115
125
900
585
260
265
175
350
395
900
130
950
600
275
275
410
925
140
550
525
245
235
265 275
625 650
140
265 iig
70
85
at Stook Ex-
•
Ask
75
115
190
100
16
68
Bid
Lawyers Mtg 85
80
Mtge Bond_
Nat Surety_ 173
N Y Tit1e
Mtge . - . 50
Ask
90
90
176
57
Bid
Realty Ascoe
(Brooklyn) 67
U S Casualty 190
USTitleGIA I 55
Wes & Bronx
Title AM 13 160
Ask
77
205
65
175
Quotations for Sundry Securities
All bond prices are -and Interest" except where marked "I".
RR. Egoipmen ts-PerCi Basis
Bid. Ask
6.00 5.75
Baltimore & Ohio 4%s
Buff Roch de Pittsburgh 4%* 6.00 5.50
6.00 5.50
Equipment 4s
6.50 6.00
Canadian Pacific 4%s
Caro Clinchfield de Ohio 5s....1 7.00 6.00
6.25 6.00
Central of Georgia 5s
6.25 6.00
Equipment 4%s
7.00 6.00
Chicago & Alton 4s
Chicago & Eastern Ill 5
7.50 6.50
7.50 6.50
Equipment 434s
6.50 6.00
Chic Ind & Louisv.434s
5.75 5.00
Chic St Louis & N 0.5s
5.50 5.00
Chicago & N W 434e
6.75 6.00
Chicago R I & Pao 4
Colorado de Southern 5s_ _ _ _ 6.50 6.00
6.50 6.00
Erie 55
6.50 6.00
Equipment 4%s
6.50 6.00
Equipment 4s
8.2' 5.75
Hocking Valley 49
6.2 5.75
Equipment 5s
5.90 5.20
Illinois Central 5s
5.90 5.20
Equipment 434s
Kanawha & Michigan 434s._ 6.30 5.70
5.90 5.20
Louisville de Nashville 5s
6.00 5.50
Michigan Central 55
5.90 5.00
Minn St P&SSM 415e
Missouri Kansas Sr Texas 5s_ 6.75 6.00
6.75 6.00
Missouri Pacific 5s
6.50 6.00
Mobile & Ohio 55
6.50 6.00
Equipment 4345
New York Central Lines 5s.._ 6.25 5.50
6.25 5.50
Equipment 4%8
N Y Ontario & West 4 34w... 6.60 6.00
5.90 5.00
Norfolk & Western 4%s_
5.90 5.00
Equipment 45
5.65 5.00
Pennsylvania RR 434*
5.65 5.00
Equipment 48
St Louis Iron Mt & Sou 55.. 6.60 6.00
St Louis & San Francisco 5s_ 7.00 6.00
7.00 6.00
Seaboard Air Line 5s
7.00 6.00
Equipment 434e
Per Cent.
Bonds.
Pierce Oil Corp cony 6s_1924 73 75 Southern Pacific Co 4)4e. 5 91 5.00
6.50 6.00
Southern Railway 434s
Toledo & Ohio Central 48.. 6.40 6.00
Ordnance Stocks--Per Share.
5
2 45
Tobacco Stocks-Per Share.
Aetna Explosives pref..-100 41
Par Bid. Ask.
American & British Mfg_100
100 15 20 American Cigar common_100 90 95
Preferred
100 85 95
Preferred
Atlas Powder common_.10() 170 175
100 95 98 Amer Machine & Fdry_100 70 80
Preferred
100 109 111 British-Amer Tobao ord_ _ £1 •16 17
Babcock & Wilcox
£1. •1612 18
Ordinary. bearer
Miss(E W)Co common.. 110 *370 425
100 200 250
50 .65 75 Conley Foil
Preferred
100 130
&
Foil
Met-100
Tin
Johnson
120
150
Forgings-100
&
Fdys
Canada
Carbon Steel common_..100 78 82 MacAndrews & Forbes-100 170 190
100 93 98
Preferred
100 85 95
1st preferred
100 56 60 Reynolds(R J) Tobacco_100 375 425
2d preferred
100 100 104
Preferred
Colt's Patent Fire Arms
100 125 150
25 •57 60 Young (J 5) Co
Mfg
100 100 106
Preferred
duPont(E I) de Nemours
Short-Term Notes-Per Cent.
100 260 263
& Co common
100 93 95 Amer Tel&Tel 65 1919_ _F&A 9938 995a
Debenture stock
100 90 94 Balto & Ohio 5s 1918 J&J 9912 9954
Eastern Steel
4
Jex.1 9518 6812
75
2 3
79
Empire Steel & Iron oom _100 2
Be5t,5111S9t1e,e9 1 5s 1919_ _ FAA 15 9738 9758
100
Preferred
246
Canadian Pao Os 1924_M&S 2 98 9812
Hercules Powder corn_ 100 242
100 114 117 Chic & West Ind 68' 18.M&S 9814 9858
Preferred
Del. A Hudson 58 1920 F&A 9714 9758
116
113
com_100
Niles-Bement-Pond
A-0 9312 0414
100 97 102 Erie RR 5* 1919
Preferred
Penn Seaboard Steel (no par) •40 45 General Rubber 5s 1918.J&D 98 9814
285
Jda 9978 10018
270
1920
Gen Elm 6s
100
Phelps-Dodge Corp
6% notes (2-yr) '19_ J&D 9934 100
Soovill Manufaeturing_..100 420 440
9678 9718
MSeS
35
Nor
*25
581920
Great
50
Thomas Iron
Winchester Repeat Arrne.100 700 800 Hocking Valley 6s 1918 MAN 99 9938
100 35 55 Int Hay, 55 Feb 15 '18_F-A 9978
Woodward Iron
Jda 9812 99
K C Rys 5%s 1918
K C Term By 434s'18_MAN 97 9812
Public Utilities
OS
J&J
4%s 1921
Amer.Gas de Elea corn__ 50 *86 88
50 .40 41 Laclede Gas L 5s 1919__F&A 96 98
Preferred
9938 9953
Amer Lt & Tree corn.....i00 208 212 Mich Cent 5s 1918
100 92 95 Morgan&Wright 5s Dec 1 '18 9812
Preferred
Amer Power & Lt corn_ _ _100 44 48 N Y Central 4M81918_111&N 9938 -665;
97 9714
5s 1919
100 70 72
Preferred
Amer Public, Utilities com100 26 28 N YNH &H 5s_Apr 15 1918 94 95
100 57 59 Penn Co 4;4s 1921_ _ J&D 15 98 9812
Preferred
Cities Service Co corn_ _ _100 212 215 Pub Ser Corp NJ 58'19.M&S 9512 9612
100 74 76 Rem Arms U.M.C.5s'19F&A 90 92
Preferred
Com'w'Ith Pow fly & L-100 20 24 Southern fly 5e 1919__M-S 2 967s 9718
48 52 United Fruit 55 1918___M-N 9978 100
100
Preferred
Elco Bond & Share pref..100 88 91 Utah See Corp Os'22.M-S 15 8312 85
4
8 Winches RepArms5s'18.M&S 9812 9911
Federal Light & Traction.100
Industrial
100 27 32
Preferred
Miscellaneous
Great West Pow 50 1946.J&J 7012 7114
100 215 223
Brass
Niissfssfppi fly Pow corn.100 10 _--- American Brs
100 35 40 American Chicle corn__ 100 3:3 36
Preferred
100 63 6711
Preferred
First Mtge 5s 1951_ Ada 68 70
North'n States Pow com_100 60 62 Am Graphophone coin-100 72 74
100 7312 7612
Preferred
100 87 89
Preferred
100 120 123
North Texas Mee Co corn 100 55 60 American Hardware
32 36
com-100
Typefounders
72
Amer
67
100
Preferred
100 80 85
Preferred
Pacific Gas & Eleo com_ _100 3312 3412
100 81 83 Borden's Cond Milk oom-100 102 105
let preferred
912
100 96 99
Preferred
Puget Sd Tr L & P com_100
100 145 155
100 37 42 Celluloid Company
Preferred
12
112
Republic fly & Light_ ....100 24 25 Havana Tobacco Co_ - 100
5
2
100
Preferred
57
59
100
Preferred
let g 5s June 1 1922_J-D 145 50
South Calif Edison com..A00 78 80
9 11
100 94 97 Intercontinen Bubb com _100
Preferred
Standard Gas & El (Del)_ 50 *512 712 Internet Banking Co_ _ _ _100 160
100 55 60
50 .22 23 International Salt
Preferred
A-0 70 73
2
3
1st gold 5s 1951
Tennessee fly L & P com 100
100 10 12 International Silver pref..100 78 82
Preferred
4
10 .2
5 10 Iron Steamboat
United Gas & Elee Corp_100
A&O n90 100
let 5s 1932
100 45 50
1st preferred
A&O 5125 40
7 10
Genl 45 1932
100
2d preferred
United Lt & Rye oom_ _ _ _100 26 29 Lehigh Valley Coal Sales_ 50 *75 80
100 62 6312 Otis Elevator common.--100 37 40
let preferred
100 67 70
Preferred
Western Power common_100 10 12
100 46 50 Remington TypewriterPreferred
100 1312 15
Common
100 61 64
let preferred
100 4212 44
2d preferred
Royal Baking Pow com 100 123 130
;174
100 87 f9
Preferred
;‘, •Per share. S Basis. d Purchaser also pays accrued dividend. s Newlfscook.
I Flat price. n Nominal. x Ex-dividend. y Ex-rights.
Standard Oil Stocks PerShare
Par Bid Ask.
Anglo-American 011 new.. £1 1112 1212
100 925 950
Atlantic Refining
100 450 470
Borne-Scrymser Co
Buckeye Pipe Line Co__ _ 5Q •96 90
Chesebrough Mfg new.._100' 315 340
100 10 40
Colonial 011
100 485 515
Continental Oil
Crescent Pipe Line Co.._ 50 *30 33
Cumberland Pipe Line. 100 125 135
Eureka Pipe Line Co.. _100 200 210
Galena-Signal Oil corn__ _100 135 140
100 120 130
Preferred
100 185 195
Illinois Pipe Line
Indiana Pipe Line Co_ _ _ _ 50 *94 98
international Petroleum_ LI .1234 1314
National Transit Co.. 12.50 .1212 1312
New York Transit Co__ _100 185 195
Northern Pipe Line Co 100 98 103
25 *333 338
Ohio 011 Co
8,4
10
.4434 4
Ponn-Mex Fuel Co
Pierce 011 Corporation_ _ _ 25
100 495 505
Prairie 011 dc Gas
100 255 260
Prairie Pipe Line
100 295 310
Solar Refining
Southern Pipe Line Co. 100 190 195
100 285 295
South Penn 011
Southwest Pa Pipe Lines_100 95 100
Standard 011 (California) 100 232 237
Standard 011 (Indiana)-100 x645 655
Standard 011 (Kansas) 100 475 500
Standard Oil (Kentucky)100 320 330
Standard 011 (Nebraska) 100 485 515
Standard 011 of New Jer_100 565 572
Standard Oil of New Y'k 100 232 287
100 415 430
Standard Oil (Ohio)
5
88
5 10
80
10
Swan& Pirch
00
Union Tank Line Co ._1100
100 350 360
Vacuum 011
10 .27 32
Washington Oil
490
THE CHRONICLE
givatstment anti SM.troati
[vol.. 1 06.
nfrUinr
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various
roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the STEAM
gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including
the latest week or month. We add a supplementary.statement to show fiscal year totals of those roads whose fiscal year does
begin with January, but covers some other period.
It should be noted that our running totals (or year-to-datenot
figures) are now all made to begin with the first of
January instead of with the 1st of July. This is because the Interrequired returns for the 12 months ending June 30, now requires State Commerce Commission, which previously
reports for the calendar year. In accordance
with this new order of the Commission, practically all the
steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have leading
gly also been altered to conform to the new
practice. The returns of the electric railways are brought together accordin
separately on a subsequent page.
..
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
Ala & Vicksburg-- December
208.326 186,743 2,164,390 1,847,604
Ann Arbor
2d wk Jan
36,799
55,066
81,802
115,279
Atch Topeka & S Fe November 14784 159 13069214 150988
453 131156 372
Atlanta Birm & Atl 2d wk Jan
75,007
64,405
150.019
129,094
Atlanta & West PLINovember
170,374 140,859 1,603,311 1,328,610
Atlantic Coast Line November 3.765,412 3,346,206 39.455.235
33.428,561
Chariest & W Car November
238.187 197,144 2,157,930 1,828,988
Lou Hend & St L November
192,608 172,493 2 034,737 1,596,337
a Baltimore & Ohio_ November 11778 278 10760224
122945271 111482536
B & 0 Ch Ter RR November
148,966 158,335 1,818,865 1,710,605
Bangor & Aroostook November
345,390 368,415 4,045,182 3,675,194
Bessemer & L Erie.. November 1.168,726 880,917
11,682,313 10,450.826
Birmingham South_ December
113,856
94,755 1.201,530 1,096,415
Boston St Maine
November 5,132,278
54,759,015 50,645,521
Buff Roch & Pitts.._ 3d wk Jan 279,449 4,533,915
259.240
776,4291 777,720
Buffalo & Susq RR.. December
155,778 138,492 1,785,701 1,678,686
Canadian Nor Syst_ 3d wk Jan 607,800 658,200 1,767.100
1,903,000
Canadian Pacific 3d wk Jan 2,324,000 2,215,000
7,035,0001 6,870,000
Caro Clinchf & Ohio November
402,278 330,979 3,952,995 2,949,897
Central of Georgia.. November 1,625,069 1,394.146
14,387,634 12,370,369
Cent of New Jersey November 3,254,539 2,922,954 34,323,286
31,539,490
Cent New England_ November
469,380 455,344 5,050,632 4,779,073
Central Vermont November
379,314 371,328 4,120,500 4,096,812
Ches & Ohio Lines.. November 4,924,537 4,289,055
Chicago & Alton.. _ November 1,716,182 1,685,715 49,902,850 45,683,793
16,228,709
Chic Burl & Quincy November 10380641 9,886,661 18,887,283
b Chicago & East III November 1,864,414 1,514,467 111954304 99,441,789
15,289.651
c Chic Great West_ 2d wk Jan 244,398 363,573 19,329,842
502,640
640,690
Chic Ind & Louisv_ d wk Jan
94,975 161,088 315,460
512,023
Chicago June RR__ November
282,702 254,377 3,000,066 2.576,147
Chic Milw & St P.... December 9,188,421 9,165,801
113739202
110609689
dChic & North West November._ 9,717,297 8,922,667 101985776 92,283,082
Chic Peoria & St L.. November
219,995 152,682
1,654,668
Chic Rock Isl & Pac November 7,781,794 6,925.2491782,016,410
,204,333 70.521.469
Chic R I & Gulf- November
383,851 321,546 3,500,979 3,062,433
d Chic St P M & Om December 1,939,688 1,869,302 22,015,696 21,333,356
Cinc Ind & Western November
219,177 204,959 2,435,274 2,168.332
Chic Terre H & S E November
360.730 259,359
2,516,739
Colorado Midland_ November.. 165,583 191,997 3,440,634
1,473,290 1,540,438
e Colorado & South.. 3d wk Jan 352,539 363,252 1.051.933
1,077.958
Cuba Railroad...... November
646,826501,175
,. 6,933.172
Delaware & Hudson November_ 2,497,349 2,269,292 27,71
9
4
24.463,241
1
0
Del Lack & West.... November 4.880,755 4,648.868 52,925.160 47,284.680
Deny & Rio Qrande 3d wk Jan 475,900 501,000 1,466,900
1,538,600
Denver & Salt Lake November
187,160 178,427 1.934.878 1,753.318
Detroit & Mackinac 3d wk Jan
13,069
19,868
49,469
59,910
Detroit Tol & trout November
214,448 198,539 2,465,944 2,142,109
Det & Tol Shore L.. November
141,115 146.380 1,680.180 1,607,246
Dui & Iron Range_ _INovember
791,999 551,815 7,214,207 6,964,823
Dui Missabe & Nor November 1,761,215 1,236.173 14,961,584 14.022.742
Dul Sou Shore & Atl 3d wk Jan
62,290
63.082
183,633
193,422
Duluth Winn & Pac November
143,086 171,587 1,889,416 1,736,183
Elgin Joliet & East_ November 1,397,306 1.194,010
14.621,784
13.057,439
El Paso & So West.. November 1,019,468 1,163,387 12,459,001 11,475,855
Erie
November 7,213,206 6,357.854 73,767,041 68,534.687
Florida East Coast_ November
617.608 747,847 7,483,634 7,861.733
Fonda Johns & Glov November
81,602
79,393
974,279
922,879
Georgia Rai
November
475,478
3,829,503 3,095.717
Grand Trunk Pac 1st wk Jan 111,624 341.256
63,370
111,624
63,370
Grand Trunk Syst_ 3d wk Jan 798,895 1,026,907 2.780,717
3.112,728
Grand Trunk Ry let wk Jan 838,925 803,478
835,925
803,478
Grand Trk West.. 1st wk Jan 175,191 156,692
175,194
156,692
Det G H & Milw_ 1st wk Jan
62,447
52.699
62,447
52,699
Great North System December 6,587,576 7,000,292 88,236,896
83,152.017
Gulf Mobile & Nor_ November
199,673 172,120 2,142,442 1,891,025
Gulf & Ship Island_ November
211,630 156,406 2,126,157 1.820,551
Hocking Valley
November
958,551 726.888 9,948,828 7.537,529
Illinois Central
December 7,119,676 6.703,348
73,740,266
Internet & Grt Nor November 1,249,476 1,121.954 86,865,679
11,327,359 9.712,933
Kansas City South.. December 1,187,234 1,003,878 13,547,487
11,289,324
Lehigh & Bud Riv. November
184,564 174,984 2,089.302 1,994,408
Lt.bigh & Nnw Eng November
326,994 282,854 3.412,530 2,777,486
Lehigh Valley
November 4,559,628 4.391,091
45,020,300
Los Angeles & S L November 1.065,086 950,896 49,495,607
11,632,863 10.594.710
Louisiana & Arkan_ November
152,350 123,321 1,502,284 1,444,470
Louisiana Ry & Nay November
254,540 217,410 2,246,001 1,929,744
ILouisville & Nashv November 7,287,165 5,933.296 70,040,802 58,971,086
Maine Central
December 1,125,183 1,025,528 14,125,577 12,824,676
Maryland & Penn.._ November
46,273
42,481
494,217
450,257
Midland Valley
November
290,776 202.071 2,670,125 1,918.040
Mineral Range........ 3d wk Jan
19,878
23,145
55,143
66.469
Minneap & StLouis 3d wk Jan 219,429 228,279
621,076
663,057
Minn St P & S S M.. 3d wk Jan 459,412 554.427 1,434,285
1.610,780
Mississippi Central_ November
109.232
57,713
862,493
762.356
g Mo Kan & Texas.. 3d wk Jan 667,983 694,114 2,276,201
Mo Okla & Gulf__ November.. 192.452 157.150 1,761.689 2,219.565
1.439.954
S Missouri Pacific_ November 6,851,449 6,696,481
63,475,064
Nashv Chat & St L.. November 1,429,990 1,250,449 71,539.999
13,840,863 12.335.677
Nevada-Cal-Oregon 3d wk Jan
4,923
6,279
14,267
16,004
New On Great Nor_ November
158,880 118.458 1,750,535 1,611,901
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
NO Tex&Mex Lines November
625,173 641,192 5,945,679 5,742,371
New York Central November_ 18464447 10796
118 196941 130 185425 100
Boston & Albany November_ 1.659,117 1.883,716
19,783.053
n Lake Erie & W.. November.. 705,356 647,096 20,799,812
7,499,910 6,766,321
Michigan Central November.. 4,756,058 4.074.302 48.152.040
42,265,005
Cleve C C & St L November_ 4.525.298 4,022,823
42,720,082
Cincinnati North. November_ 220.464 146,221 48,406,492
2,263,840 1,753,515
Pitts & Lake Erie November.. 2,246,246 2,077.878 23,681,336
Tol & Ohio Cent.. November_ 769,949 58.1.539 7,504.984 22,157.758
5,680,713
Kanawha & Mich November.. 306,827 261,697 3.306,442 3,264,293
Tot all lines above November.. 33853 762 30493395 360555980
329835842
N Y Chic & St Louis November 1,403,156 1,300.267
15,607,415 14,128,353
NYNH& Partf_ November 7,179,338 6,840,778 78,823,276
73.639,985
N Y Ont & Western December
688,248 621,376 9.164,878 8,794,166
N Y Susq & West_ November
330,711 299,273 3,856.958 3,649,799
Norfolk Southern__ November
415,445 449 578 4,883.652 4,506,398
Norfolk & Western_ December 5,354,765 4,799,592
65,910,242 59,449.981
Northern Pacific___ November 7,835,401 7,684,315 80,856,976 73,255.727
Northwest'n Pacific November
399,307 342,665 4,465,379 4,185,878
Pacific Coast Co...... November
570.133 505.264 4,644,491 6,751,459
p Pennsylvania RR.. December 19135878 18725511 255093494 230278533
Bait Ches & Atl__ December
80,999
80,430 1,281,364 1,232,020
Cumberland Vail December
378.752 307,300 4,838,904 3,684,644
Long Island
December 1,326,522 1,120,544 17,286,178 14,971,839
Mary'd Del & Va December
76,228
71,874 1,011,519
924,287
N Y Phil & Nod_ December
431,468 393,320 5,516,810 5,194,158
Phil Bait & Wash December 3,172,748 2,257,339 33,212,403 25.546,425
W Jersey & Seash December
546,577 495,914 8,555,047 7,829,320
West'n N Y & Pa December 1,067,361 1,051,300 14,710,397 13,682,410
Pennsylvania Co...... December 5.749,1,52 5,716,886 78,595,298
75,569,026
Grand Rap .St Ind December
504,377 479,887 6,491,358 5,897,565
1Pitts C C & St L.. December 5,840,224 5,468,635 73,507,623
64,036,493
Total linesEast Pitts & Erie December 25431190 23763798 330665071 293690057
West Pitts & Erie December 12256836 11817311 160729673 147320359
All East & West_ December 37688026 35581109 491394745 441010417
Pere Marquette..._ December 1,979,154 1,942,231 23.507,854
22,559,254
Pitts Shaw & Nor.... November
108,774
96,059 1,141,804 1,925,598
Reading CoPhilo & Reading.. November 5,934,063 5,521,568 62,474,397 56,194,011
Coal & Iron Co.._ November 4,577,812 4,877,019 45,291,358 38,561,863
Total both cos...... November 10511875 10398587 107765755 94,755,874
Rich Fred & Potom November
443,009 299,609 4,451.580 3.380,881
Rio Grande South'n 2d wk Jan
13,580
10.833
22,896
20,953
Rutland
November
350,685 328,933 3,909,773 3.691.336
St Jos & Grand Isl_ November
198.422 196,696 2,146,121 1,947,027
St L Brownsv & M_ November
320,802 399,198 3,525,583 3.515,054
St Louis-San Fran.. November 5.280,712 4,855.394
48,351,831
St Louis Southwest_ 3d wk Jan 266,000 297,000 54,490.362
960,000
904,000
Seaboard Air Line.._ November 2,727.558 2.477,315 27,507,652
Southern Pacific.._.. November 16733516 15134505 176642996 23.513,174
148030594
k Southern Ry Syst_ 3d wk Jan 1,981,827 1,930,058 5,961.939 5,780,592
Ala Great South._ November
648.146 529.176 6,474,148 5.423,998
Cin N 0& Tex P.. November 1,088,937 1,095,605 12,017.865
10,896,262
New On & Nor E November
472,498 383.934 4,457.357 3,609,517
Mobile & Ohio...... 3d wk Jan 201,774 231,968
653,354
753,611
Georgia So &
3d wk Jan
58,549
57,695
175,720
173,085
Spok l'ort & Seattle November
575,398 470,294 6,212,945 4,779,083
Tenn Ala & Georgia 2d wk Jan
1,308
2,338
2,854
4,125
Tennessee Central.. November
162,997 150,301 1 655,360 1,559,154
Term RR Assn,St L November
294.224 307,715 3.462,237 3,281,899
St L M B Term.... November
288,466 235,787
2,317.541
Texas & Pacific..___ 3d wk Jan 379,881 376,130 2,917,551
1.253,485 1,246,639
Toledo Poor & West December
104,224 105,484 1,286.175 1,217,695
Toledo St L & West 3d wk Jan
94,264 116,346
307.049
381,130
Trin & Brazos Vail_ November
142,100 132.990
976,528
929,173
Union Pacific Syst_ November 12286861 10750681 118300 340 104438
924
Vicks Shrev & P.._ December
223.157 200.383 2,228,438 1,831,599
Virginian
November
934.439 809,668 10.079,179 8,143,005
Wabash
December 3,282 329 3,313,770
37,721,102
Western Maryland_ 1st wk Jan 195,125 203,400 40,471,995
195,125
203,400
Western Pacific
November
797.157 823,323 9,019.646 7,554.292
Western Ry of Ala_ November
162,378 132,260 1,538,558 1,234,244
Wheel & Lake Erie_ November 1,040,170 785.688 10,285,124
9.330,739
Yazoo & Miss Vail_ December 1,759,111 1,697.264 18,101.181 15,135,124
Various Fiscal Years.
Canadian Northern
July
Pacific Coast
July
St Louis-San F,
•ancisco
Juiy
Southerp Railway System
July
Alabama Great Southern _ July
Clue New Orleans & Tex Pac July
New Orleans & North Eastern July
Mobile & Ohio
July
Georgia Southern &
July
Period.
1 to Jan
to Nov
to Nov
to Jan
to Nov
to Nov
1 to N av
1 to Jan
1 to Jan
Current
Year.
Previous
Year.
21 23,623.900 23,534,500
30 2.544,235 3.386,736
30 26.358.512 23 937.381
21 68,367,179 57,466,118
30 3,193,285 2,493,231
30 5704,378 5.030 239
30 2,162,483 1,706,821
21 7,578,779 6,971.192
21 1,780,682 1,610.333
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
,:urrent
Previous
Increase or
• Monthly Summaries
Year.
Year.
Decrease.
Mileage.
Cur.
Yr. Prev. Yr.
2d week'Nov i25 roads)____ 15.466,995 13,821,685 +1.645,310 11.91
March
248.185 247.317 321.317.560 291,068,345 +27.249,215 9.27
3d week Nov 25 roads)___ 15,112,670 13,270,115 +1.842.555 13.96 April
248.723 248.120 326,560.287 288.740,653 +37.819,63 13.10
4th week Nov 30 roads)____ 19,956,475 17,927,429 +2,029.046 11.32 May _
248,312 247.842 353.825.032 308.132.969 +45,602.064
let week Dec 27 roads)___ 14.439.935 13,731.889
3 14.82
+708.046
5.16
June
242.111
241.550 351.001,045 301.304.803 +49.696,242 16.49
2d week Dec (29 roads)....... 13.335.921 13,897.457
-561.536 4.05 July
245.699 244.921 353,219.982 306.891.957 46.328.025 1549
3d week Dec 26 roads)____ 13 545,719 12.952.033
+593.686 4.62 August
247.099 246.190 373,326.711 333.555,136 39.771,575 11.92
4th week Dec 27 roads)___ 17,165,428 14.973.905 +2,191.523
15.01 September 245.148 243.027 364,880,086
1st week Jan 25 mai__ 10.187.842 10,037.190
33.901.638 10.24
+150.652 1.05 October _-_ -247,048 245,967 389.017,309 330.978.448
345,079.977 +43.937.332 12.73
2d week Jan (26 roads
9,952,137 10,665.500
-713,363 6.69 November....242,407 241,621 360,062,052 326.757.147
3d week Jan (23 roads _ ___ 9,362,837 9,783,078
+33,304,905 10.19
-420.241 4.29 December
80,618 80,252 75.144,823 72,1 4. •
+2,930,483 4.13
a Includes tileveiaud Lora n & Wneeling Kg.and
Hamilton & Dayton. b Includes Evansville & Terre Haute. c Includes
Fort Dodge and the Wisconsin Minnesota & Pacific. Cincinnati
Mason City &
d Includes not only operating revenue, but also all other receipts.
e Does not include earnings of
Colorado Springs & Cripple Creek District Ry. f Includes Louisville
& Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central
Wichita Falls lines. h Includes the St. Louis Iron Mountain & Southern.
and the
j
Includes
the Lake Shore & Michigan Southern Ry.. Chicago Indiana
Southern RR.. and Dunkirk Allegheny Valley & Pittsburgh RR. k Includes
&
the Alabama Great Southern, Cincinnati New Orleans
New Orleans & Northeastern and the Northern Alabama. 1 Includes Vandalia
& Texas Pacific.
RR.
n
Includes
Nortkern
Ohio RR. LI Includes Northern Central
•Te no longer include Mexican roads In any of our totals
Weekly Summaries.
%
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of January. The table covers 23 roads and shows
4.29% decrease in the aggregate under the same week last
year.
Third Week of January.
1918.
1917.
279,449 • 259,240
Buffalo Rochester & Pittsburgh
658,200
607,800
Canadian Northern
2,324,000 2,215,000
Canadian Pacific
161,088
94,975
Chicago Ind & Louisville
363,252
352,539
Colorado & Southern
501,000
475,900
Denver & Rio Grande
19,868
13,069
Detroit & Mackinac
63,082
62,290
Duluth South Shore & Atlantic..
57,695
58,549
Georgia Southern & Florida._
Grand Trunk of Canada
798,895 1,026,907
Grand Trunk Western
Detroit Gr Hay & Maw_ I
)
Canada Atlantic
23,145
19,878
Mineral Range
228,279
219,429
Minneapolis & St Louis
Iowa Central
554,427
459,412
Minneapolis St Paul & S S M_ _
694,114
667,983
Missouri Kansas & Texas
231,968
201,774
Mobile & Ohio
6,279
4,923
Nevada-California-Oregon
297,000
266,000
St Louis Southwestern
1,981,827 1,930,058
Southern Railway System
376,130
379,881
Texas & Pacific
116,346
94,264
Toledo St Louis &
9,362,837 9,783,078
Total (23 roads)
Net decrease (4.29%)
Increase. Decrease.
3
20,209
$
50,400
109,000
66,113
10,713
25,100
6,799
792
854
228,012
3,267
8,850
95,015
26,131
30,194
1,356
31,000
51.769
3,751
22,082
185,583
605,824
420.241
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and not earnings with charges and
surplus of STEAM railroads reported this week:
Net after
Gross
Earnings. Taxes, dec.
$
S
Other
Income.
$
Gross
Income.
$
Fixed
Charges.
$
Balance,
Surplus.
$
Buff Reels & PIM-
139,266
237,380
98,114
163,618
73,762
Dec '17 1,184,635
142,731
321,908
179,177
169,096
152,812
'16 1,029,417
12 mos '17 14,975,000 2,590,075 1,316,001 3,906,076 2,166,256 1,739,820
'16 12,761,755 3,108,518 1,125,274 4,233,792 2,104,253 2,129,539
Buffalo & Susquehanna42,660
54,892
97,552
155,778
21,918
75,631
Dee '17
48,308
93,221
44,913
138,492
24,608
'16
311,367
674,508
985,875
279,357
71116
,M
3,
12 mos'17 1,785,701
507,540
910,077
402,537
291,152
'16 1,578,686
618,925
Gross
Earnings.
491
THE CHRONICLE
FEB. 2 1918.]
Net after
Taxes.
Other
Income.
Gross
Income,
Fixed
Charges,
$
Balance,
Surplus.
$
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Dec13,070,882 12,426,867 3,911,279 5,021,429
Canadian Pacifica
152,389,335 139729,687 46.546,019 50,476,499
Jan 1 to. Dec 31
892,283 2,610,598
Chic Milw & St Paul_a_ _Dec 9,188.421 9.165,801
113,739.202 110609,689 22,026,026 31,364,518
Jan 1 to Dec 31
Grand Trunk of Canada419,482 1,045,314
Nov 4,366,954 4,317,072
Grand Trunk Ry
47,717,491 43,415,991 9,281,864 12,337.537
Jan 1 to Nov 30
66,671
76,161
759,660
881,565
__Nov
_
West
Grand Trunk
172,516 1,936.134
8,880.385 8,535.352
Jan 1 to Nov 30
5,353
266,684
Det Or Hay & Milw_ _Nov 300,263
156,701
3,087,230 3,027,129 def329,462
Jan 1 to Nov 30
154,724
54,447
Dec 1,125,183 1,025,528
Maine Central a
14,125,577 12,824,676 2,722,379 3,402,597
Jan 1 to Dec 31
705,167 1.127,835
Dec 3,282,329 3,313,770
Wabash_ b
40,471,995 37,721,102 12,003.101 12,846,689
Jan 1 to Dec 31
Roads.
a Net earnings hero given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
Balance,
Surplus.
$
284,259
220,579
63,680
Chic St P M & Ona Dec '17 1,939,688
654,732
252.850
401,882
'16 1,869,302
12 mos '17 22,015,696 4,846,388 2,727.799 2,118,589
'16 21,333,356 6,671,084 2,956,109 3,714,975
110,548
88.549
688,248
21.999
N Y Ont & West___Dec '17
136,229
104.938
621,376
31.291
'16
977,467
12 mos '17 0,164,878 2,227,676 1,250,209
839,582
'16 8,794,166 2,324,736 1,485,154
Total
Charges & Balance,
Other
Nct
Gross
Income.
Taxes.
Surplus.
Income.
Earnings.
Earnings.
Norfolk & western805,239 1,255,257
305,690 2,060,496
Dee '17 5,354,765 1,754,806
595,043 1,745,652
386,197 2,340,695
'16 4,799,592 1,054,498
12 mos '17 65,910,242 24,748,739 3,292,142 28,040,881 9,094,744 18,946,137
'16 59,449,981 25,941,249 2,476,052 88,417,301 6,617,227 21,800,074
Pere Marquette452,508
291,896
160,612
11,664
440,844
Dee '17 1,979,154
938,101
649,256
35,012 1,587,357
3 mos '17 6,115,560 1,552,315
1,136,435
732,132
1,868,567
53,563
1,814,999
6,081,081
'16
110,236 5,661,436 3,017,598 2,643,838
9 mos '17 18,232,648 5,551,200
159,479 5,552,673 3,015,626 2,537,047
'16 17,356,691 5,393,194
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or ' Current
Year.
Month.
Previous
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
Adirond El Pow Corp September 137,693 124,725 1.185,666 1.102.134
231,756
12,451 21,935
351,215
Atlantic Shore Ry___ December
eAur Elgin & Chic Ry November 175,788 168,132 1,995,777 1,879,790
2,331,396
407,898 Bangor By & Electric November
802,329
76,081 73,298
756,246
2,175,906 3,115,180
231.965
21,585 20,204
211,694
Rouge Elec Co December
28,867,346 37,112,004 Baton
513,100
53,508 29.405
547,027
LRyCorp(NYC) September
28,083,329 50,137,544 Belt
999.813
912,405%
80,856 80,136
Berkshire Street Ry_ November
Brazilian Trac, 14 .Sr P November!7695,000j7160000 f84131.000f77573,000
Bait Ches & Ati124,316
1,472 def36,059
80,999 def37,531
8,788
122,614
8,910
Dcc '17
19,361 de155,420 Brock & Plym St Ry_ December
def9,606
686
80,430
'16
def8,920
19,924 def28,844 Bklyn Rap Tran Syst September 2512,154 2474,878 23,168.136 21,998.158
79,837
464,081
8,093
46,120 40,284
393.667
87,930
12 mos '17 1,281,364
222,587 def134,657 Cape Breton Elec Co December
311,630
11,514
174,518
29,258 26,954
294.893
'16 1,232,020
186,032
262,215 def76,183 Cent Miss V El Prop.. December
Chattanooga By & Lt November 111,216 103,536 1.229,558 1,124.864
Cumberland Valley19.252.493 10,110.343
1570,820
December
1712,684
_
Co_
Service
Cities
378,752
161,480
41,201
Dec '17
202,681
44,231
158,450 Cleve Painesy & East November
496.164
426,105
35.940
41,784
307,300
def6,241
14,161
'16
7,920
6,840 g Columbia Gas & EL December 1124,562 1012,566 10.861.840 9,058.252
1,080
143,624 1,969,919
12 mos '17 4,838,001 1,826,295
367,411 1,602,508 Columbus (Ga) El Co December
1.096,066
84,384
•
103,821
881,354
'16 3,684,644 1,529,884
117,742 1,647,626
238,108 1,409,518 Col= (0) Ry, P & L November 359,990 316.468 3,638,914 3,200,443
By & Lt November 1822.283 1510.666 17.727,448 15.229.328
Long IslandCom'w'th
20,503
85,151
November 788,828 759,717 9,185,515 8.758,237
Dec '17 1,326,522
106,654
321,626 def214,072 Connecticut Co
'16 1,120,514
204,883
139,006
343,889
365,949 def22,060 Con.sum Pow (Mich)_ November 546,399 456.322 5,201.926 4.247.916
659,469 5,039,276 4,169,976
12 mos '17 17,286,178 4,379,807
869,300 Cumb Co(Me)P & L November 243,036 229,986 2.832.318 2,621.091
680,191 4,837,036 4,595,364
December 207,144 170,104 1,881,087 1.613,921
'16 14,971,839 4,150,845
241,472 Dayton Pow & LL
g Detroit Edison_ _ .._ December.. 1296,186 1112.433 12.279,925 10,066,786
Maryland Del & VaSeptember
1515,231 1462,388 13.418,589 12,107.552
Lines
United
Detroit
76,228
det32,356
71 def32,285
Dee '17
13,976 def46,261 DDEB& Batt(Rec) September
338,116
342,224
38.580 20,989
71,874 def20,129
80 def20,049
'16
14,305 def34,354 Duluth-Superior Trac November 138,967 123,667 1,458,087 1.268.342
59,354
1,011,519
1,719
'17
mos
12
61,073
158,512 def07.439 East St Louis & Sub.. November 329 267 278,467 3,334,485 2,731,122
924,287
33,424
1,424
'16
34,848
166,905 def132,057 Eastern Texas Elec
December
938,074
826,314
85.478 75,472
108,471 117,342 1,283.525 1.110,718
El Paso Electric Co December
N Y Phila & Norfolk1.339.960
September
431,468
1.345.393
77,855
def1,765
148,081
Ave
N
St
6,941
&
M
St
Dec '17
42d
5,176
35,182 def30,006
393,320
105,175
November 268.643 209.936 2,559.445 2.271.968
6,024
'16
111,199
57,192
54,007 gFederal Lt & Trac
209,590 176,496 2,088,122 1,944,840
78,084 1,229,487
12 mos '17 5,516,810 1,151,403
869,8:37 Galv-Hous Rice Co._ December
359,650
November 100,702 102.921 1,186.624 1.178,402
Co
Ry
'16 5,191,158 1,598.343
Rapids
Grand
72,408 1,670,751
427,753 1,242,998
West Pow Syst December 363,042 331,211 4,008.553 3,743.346
Great
Wash
&
Bait
Phila
112,829 100,699 1.186,731 1,021,665
Harrisburg Railways December
622,788
Dec '17 3,172,748
112,069
326,133
408,724 Havana El By, L & P November 643,403 517,627 6,315,811 5,457.438
734,857
527,239
'16 2,257.339
117,962
645,201
287,330
357,871 Honolulu R T & Land September
527,494
62.793 58,620
483.517
12 mos '17 33,212,403 7,271,153 1,345,644. 8,616,797 3,747,191 4,869,606 Houghton Co Trac Co December
343,134
31,193 29,778
326.398
'16 25,546,425 6,125,228 1,397,557 7,522,785 3,501,247 4,021,538 S Hudson & Manhat_ November 538.573 512,904 5,706,818 5,358.223
Illinois Traction_ _ _ _ November 1243,066 1104.912 12 275,726 11,063.284
Phlia & Camden Ferry77,708
38,950
6,524
Dec '17
45,474
1,881
43,593 I nterboro Rap Tran_ December 3740,928 3634.246 40,512,136 38,081.510
698,123
627,194
69,590 62,300
36,882
73,294
'16
6,520
43,402
1,243
42,159 Jacksonville Trac Co December
248,546
240,182
22,955 21.457
371,031
989,924
77,777
'17
12 mos
448,908
22,295
426,613 Keokuk Electric Co., December
146.087
116,372
14,067 11.709
897,138
462,898
70,818
'16
633,816
15,351
518,465 Key West Electric Co December
142,814 125,610 1,618.440 1.468.736
November
By..
Elec
Shore
Lake
West Jersey & SeashoreOctober_ _ _ '265,775 229,800 2.414.214 2,090,353
Transit
Valley
Lehigh
546,577 def105,912
26,067 det79,845
Dec '17
51,244 def131,089 Lewist Aug & Watery November_
836,042
740,390
71,307 61 871
495,914 def56,109
10,124 det46,075
'16
44,845 def90,920 Long Island Electric.. September
200 910
192.340
23.479 24,568
166,088 1,206,890
625,308
581,582 Louisville Railway
12 mos '17 8,555,047 1,010,802
November 289,154 250,172 2,989.550 2,808,166
117,592 1,529,775
'16 7,829,320 1,412,184
851,430 Milw El By & Lt Co_ December
678,346
787,972 673,276 7,968.192 6.961,152
207,985 170,352 2,232,387 1,852,071
Milw Lt, lit & Tr Co December
Western N Y & Pa2,166.127
2,405 det200,181
292,549 det492,730 Nashville By & Light November 212.264 199,981 2,235,205
Dec '17 1,067,361 def202,586
868.077
142.310 87,252 1,081.411
21,500
3,258
24,758
'16 1,051,300
227,828 def203,070 Newp N & II ItyG&E October
559,546
491.496
24,028
September
61,905
Interboro„
701,688
City
)(
N
14,710,397
37,759
739,447 2,739,506dt2,000,059
12 mos '17
350,058
313,327
September
58,224 41.043
47,166 2,630,843 2,549,961
80,882 N Y & Long Island
'16 13,682,410 2,583,677
128,745
121,367
17,897 14,947
N Y & North Shore September
Pennsylvania Co874.656 1.070.800
84,268 103 809
Queens Co...... September
&
Y
N
939,589 1,527,214 def587,625 New York Railways.. November 998.423 837.383 11.487,873 11,216.136
Dec '17 5,749,152 def144,350 1,383,939
768,127 1,086,148 1,844,275 4,037,9:37df2,193,662 N Y & Stamford Ry_ November
369,882
332.520
'16 5,716.886
24,889 22,651
509,570
515,499
12 mos '17 78,595,298 11 317,769 13,058,723 24,376,492 18,990,724 5,385,768 N V Westches & Bost November
44,345 52,415
197,940
'16 75,569,026 20,320,734 12,280,928 32,601,662 22,956,800 9,644,362 Northampton Trac
15,731
November
17,701
181,953
5.884,383
4.748,336
464.327
November
538,799
Corp
Elec
Ohio
North
Grand Rapids & Indiana294,208 182,357 2,582,113 1,930,321
163,506
5,923
504,377
169,429
114,069
55,360 North Texas Electric December
Dec '17
133,790
137,512
17.302 19.207
135,672
5,919
479,887
64,504 Ocean Electric (L 1).. September
'16
77,087
141,591
17.343.277
67,177 1,152,575
12 mos '17 6,491,358 1.085,398
253,482 Pacific Gas & Elec_.... November 1791,396 1655.903 18,535,280
899,093
304,682
310,963
29.303 28,282
63,106 1,264,405
'16 5,897,565 1,201,299
399,003 g Paducah Tr & Lt Co December
865,402
350,459
35,082 26,844
280.101
Pensacola Electric Co December
Pitts C C & St I,
Phila Rapid Transit_ December 2622,429 2487,288 29,726,925 27.279,514
377,162
45,550
422,712
Dee '17 5,840,224
883,178 det460,466 Port(Ore)ity.L&PCo. November 525,811 479.367 5,429,490 4.970.515
49,370 1,380,871
'16 5,468,635 1,331,501
592,161 g Puget Sd Tr, L & P November 899.903 731,631 8,483,730 7,318.491
788,710
766,667 14,713,615 10,134,021 4,579,594 g Republic By & Light November 464.296 344,942 4.387.002 3,614,203
12 mos '17 73,507,628 13,946,948
730,167 15,769,035 8,003,545 6,865,491 Rhode Island Co_
'16 64,036,498 15,038,869
November 466.604 450 652 5,502,349 5,330.358
350,705
310.159
37,818 36.873
Richmond Lt & RR. September
-Total East P. & B.--Total West P. & E.- -Total All Lines- St Jos By, L, II & P_ November_ 132.033 125.091 1,373,6:10 1.235,944
Gross
after
Net after
Gross
Net after
Net
Gross
527,135
4.95.775
47,315
November
Tr_
53,300
&
Lt
El
Santiago
Whole Penn, Earnings. Taxes, &c. Earnings. Tares, dec. Earnings. Taxes, .tc. Savannah Electric Co December
826,069
968.174
92,611 80,096
RR.System
$
$
$
$
652,828
626,565
80,737 43,956
Second Avenue (Rec) September
Dee '17 25,4:31,190 1,915,021 12,256,836
167,032
148,166
6.553
95,010 37,688,026 2,010,031 Southern Boulevard_ September
18,557
'16 23.763,708 4,262,223 11,817,311 2,240,512 35,581,109 6,502,736 Southern Cal Edison_ November 533,589 674,833 6,809.950 7,466,887
12 mos '17 330665071 61,946,954 160729,67:3 26,502,028 491394,745 88,449,883 Staten IsI'd Midland. September
282,152
258.329
31.277 32.527
'16 293690057 72,531,578 147320,359 36,810,427 441010,417 109342,005 Tampa Electric Co__ December
967,084
87,953 91,444 1,001,311
September 3:31.568 167.852 3,099.638 2.839,764
The return on property investment for the system East & West was 4.52% for Third Avenue
10.181,866
10.188,054
December
836,233
Rap
897.653
Tran_
City
Twin
against 6.12% for the same
12 months ending
Pennsylvania RR952,121 1,787,173 2,739,294
Dec '17 19,135,878
'16 18,725,511 3,332,924 1,958,252 5,291,176
12 mos'17 255093494 44,264,407 21,714,943 65,979,350
'16 230278533 55,056,010 23,164,863 78,220,873
the
Dec. 31 1917,
period in 1916.
492
Name of Road
or Company.
Latest Gross Earnings.
Week or
Month.
Union Ry Co of NYC September
Virginia Ry & Power.. December
Wash Bait & Annap_ November
Westchester Electric_ September
Westchester St RR- November
g West Penn Power_ _ November
g West Penn Rys Co_ November
Yonkers Railroad__ _ September
York Railways
December
Youngstown & Ohio_ November
Jan. 1 to latest date.
Current
Year.
Previous
Year.
249,346
638,058
239,469
48,752
18,669
365,238
672,612
76,868
103,707
30,870
106,109
526,315
112,763
17,416
14,063
297,012
568,381
20,782
95,317
27,650
Current
Year.
Previous
Year.
$ •
2,235,569
6,651,142
1,377,705
423,400
228,459
3,576,572
6,984,869
619,493
2,018,249
5,836.871
869,462
374,106
210,971
2,706,802
5,705,741
509,490
323,934
307,515
S Represents income from all sources. C These f gures are for consolidated company. f Earnings now given in milrels. g Includes consitutent
companies.
Electric Railway and Other Public Utility Net Earnings.-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--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Atlantic Shore Ry_b___Dec
12,451
21,935 def.10,800 def.10,918
Jan 1 to Dec 31
231,756
351,215
33,317
59,837
Bell Telephone (Pa)_ _ Dec 1,163.439 1,134,703
178,473
342,333
Jan 1 to Dec 31
13,790,045 12,664,398 3,187,176 3,786,863
Ohio State Telephone_ _ _Dec 335,441
313,700
82,377
110,008
Jan 1 to Dec 31
3,955,523 3,545,955 1,469,741 1,300,112
Philadelphia Co.
Natural Gas Dept__ _ _Dec 1,011,641
855,250
470,544
523,950
Apr 1 to Dec 31
7,273,680 5,930,839 3,428,898 3,128,491
Dec
Oil Dept
93,534
31,263
58,342
16,784
Apr 1 to Dec 31
565,500
240,498
394,015
153,647
Coal Dept
Dec 113,086
10,152
Apr 1 to Dec 31
1,297,870
638,748
Elec Lt & Pow Dept__Dec 974,298
799,218
287,275
381,456
Apr 1 to Dec 31
7,073,276 5,175,789 1,897,013 2.161,984
St Ry Dept
Dec 1,134,793 1,221.814
240,760
306,099
Apr 1 to Dec 31
10,718,120 10,402,954 2,900,050 3,405,139
Southern Canada Pow__Dec
39,380
30,046
17,352
14,684
Oct 1 to Dec 31
112,595
87,643
49,791
45,223
Southern New Eng Tel__Dec 399,393
106,241
96,479
377,155
• Jan 1 to Dec 31
4,787,864 4,369,415 1,254,889 1,173,091
Companies.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Gross
Earnings.
Abington & Rock- Dec.'17
19,504
land Elect Lt & Pow '16
17,782
12 mos. '17
210,123
'16
192,047
Baton Rouge Elect_Dec '17
21,585
'16
20,204
12 mos '17
231,965
'16
211,694
Blackstone Valley Dec '17
188,557
Gas & Electric
'16
160,779
12 mos '17 1,991,844
'16 1,744,928
Brockton & PlyDec '17
8,910
mouth St By
'16
8,788
12 mos '17
124,316
122,614
'16
Cape Breton Elect.. Dec '17
46,120
'16
40,284
12 mos '17
464,081
'16
393,667
Central Miss Vail Dec '17
29,258
Elect Properties
26,954
'16
12 mos '17
311,630
294,893
'16
Cleveland Elect Ill Dec '17
774,598
Co
'16
546,571
12 mos '17 6,863,886
'16 5,109,738
Columbia Gas & El12 mos to Dec 31'17_.._ 10,861,840
'11 9,058,252
Columbus (Ga)
Dec '17
103,821
Electric
'16
84,384
12 mos '17 1,096.066
'16
881,354
Connecticut Power Dec '17
81,592
Co
'16
70,923
12 mos '17
870,621
'16
742,686
Eastern Texas Elec Dec '17
85,478
tric
'16
75,472
12 mos '17
938,074
'16
826,314
El Paso Electric___ _Dec '17
108,471
'16
117,342
12 mos '17 1,283,525
'16 1.110.718
Edison Elect Ilium Dec '17
70,575
(Brockton)
'16
62,402
12 mos '17
729,448
'16
635,597
Fall River Ga.,Wks.Dec '17
48,836
'16
48,563
12 mos 17
582,753
'16
553,638
Galveston-Houston Dec '17
209,590
Electric
'16
176,496
12 mos '17 2,088,122
'16 1,944,840
Great Western Pow Dec '17
363.042
System
'16
331,211
12 mos '17 4,008,563
'16 3.743,346
Haverhill Gas Lt
Dec '17
24,841
'16
26,417
12 mos '17
304,308
'16
284,995
Houghton Co Elec Dec '17
40.633
Light
'16
41,426
12 mos '17
420,553
'16
300,402
Houghton Co Tract Dec '17
31,193
'16
29,778
12 mos '17
343,134
'16
326,398
[VOL. 106.
THE CHRONICLE
Net after
Taxes.
6,025
3,306
46,551
46,990
10,805
13,121
112,551
110,836
48,324
59,658
641,669
762,578
def.1,129
def.398
def.463
13,501
18,764
17,938
165,835
162,402
9,352
8,995
90,671
96,899
236,155
137,535
2,023,661
2,110,534
5,222,073
4,434,475
61,666
54,218
676,605
530,121
35,214
36,567
397,450
373,356
41,363
35,761
421,082
381,892
37,256
58,140
481,755
462,154
35,323
25,936
276,629
235,126
11,694
22.141
213,040
231,056
79.941
66,640
703,250
708,732
212,629
212,234
2,515,828
2,404,865
2,253
7,954
60,877
92.821
16,786
23,191
178,315
194,656
10,881
14.698
126,682
139,939
Fixed
Charges.
Gross
Earnings.
$
Interborough Rap Dec '17 3.740,,28
Transit
'16 3,634,246
6 Enos '17 19,669,016
'16 19,023,024
Jacksonville Tiact Dec '17
69,590
'16
62,300
12 Enos '17
698,123
'16
621.194
Keokuk Elect
Dec '1/
22,955
'16
21,457
12 Enos '17
248,646
'16
240,182
i(oy West Elec
Dec '17
14.067
'16
11,709
12 mos '17
146,087
'16
116,372
Lowell Elec IA Corp Dec '17
71,507
'16
62,910
12 mos '17
723,632
'16
644,640
Miss River Power_ _Dec '17
158,989
'16
154,948
12 mos '17 1,976,461
'16 1.737.547
Nor Texas illec
Dec '17
294,208
'10
182,357
12 mos '17 2,582,113
'16 1,930,321
nmlucaLL Tr & IA_ _ _Dec '17
29,303
'16
28,282
12 mos '17
304,682
'16
310,963
Pensacola Mee
Dec '17
35,082
'16
26,844
12 Enos '17
350,459
'16
280,101
Savannah Elec Co.._Dec '17
92,611
'16
80,096
12 mos '17
968,174
'16
826,094
Sierra Pacific Elec Dec '17
58,817
'16
57,400
12 mos '17
681,132
'16
584,961
Tampa Elect
Dec '17
87,953
'16
91,444
12 mos '17 1.001,311
'16
967,086
United :Lt & Rye (sub cos)12 mos to Nov 30 '17 7,535,430
'16 6,817,449
Gross
Earnings.
3
112.829
100,699
1,186,731
1,021,665
289,154
250,172
2,989,550
2,808,166
435,685
391,394
4,866,777
3,632,148
Balance,
Surilus.
Net after
Fixed
Taxes.
Charges.
$
$
1,664,85 c,o49,896
1,893,645 c985,228
8,574,303 c5,301,073
9,844,545 c5,880,457
24,671
15,866
24,151
15,551
228,411
188,895
203,487
183.908
2,427
7,377
7,046
2,063
72,762
26,991
79,326
23,625
:.,,287
5,541
4,483
2,527
50.829
29,635
29,219
38,825
1,372
33,996
27,491757
10,726
284,522
259,471
4,947
126,794
125,496
105,394
117,910
1,612,066 1,371,557
1,376,152 1,278,486
155.920
28,951
28,597
81.137
348,745
1.165,200
773,243
346,930
7,990
8,126
7,268
7,623
72,604
90,201
97,362
86,675
7,830
14,800
7,664
12,187
93,668
146,778
92,675
122,764
34,294
24,832
- 30,448
23.987
290,548
322,581
262,756
272,398
7,194
31,415
37,234
6,769
81,949
363,437
84.512
235,951
37,934
5,085
4,367
45,940
56,119
437,772
52,415
439,368
2,754,585 1,479,856
2,660.123 1,402,517
Net
Fixed Chgs.
Earnings. & Taxes.
$
32,877
55,632
2,
6,185
390,721
561,368
386,263
550,597
81,813
135,631
78,813
121,274
1,418,061
861,939
846.939
1,368,864
94,749
188,979
76.399
213,711
2,342,670 1,160,663
1.688,902
906,385
Balance,
Surplus.
$
x768,434
x059,027
x3,534,232
x4,220,832
8,805
8,600
39,516
19,579
4,950
4,983
45,771
• 55.701
3,254
1,958
21,194
8.606
32,624
26,734
273,796
254,524
5,298
12,516
240,509
97.666
126,969
52,540
816,455
426,313
136
355
derf17,597
10,687
6,970
4,523
53.110
30,089
9,462
6,461
32,033
dtf10,358
24,221
30,463
281,488
251,439
32,849
41,573
381,653
386,953
1,274,729
1,257,606
Balance.
Surplus.
22,755
Harrisburg Itys
Dec :17
23,974
16
466
5,559
170,647
mos
'17
1i
190
3,116
164,334
'16
3,615
42,936
2,258
44,732 Louisville By
Nov '17
x68,749
z59,456
'16
3,630
7,175
z717,810
11 mos '17
3,556
9,565
'16
z683,377
42,736
69,815
42,003
68,833 New York Dock Co_Dec'17
94,230
26,124
22,200
137,312
'16
25,098
34,560
1.181,907
12 mos '17
304,166
337,503
782,517
'16
301,859
460,719
1,317 dtf.2,446
c After allowing for accruals under provisions of contract No. 3 and re
1,120 dtf.1,518 lated certificates, which, under agreements with city, are payable from
14,755 dtf.15,218 future earnings.
13,285
216
z After allowing for other income received.
6,535
12,229
6,551
11,387
78,652
87,183
78,328
84,074
ANNUAL REPORTS.
2,582
6,770
2,072
6,923
27,522
63,149
23,827
73,072
Annual, &c., Reports.-The following is an index to all
73,630 z177,392
41,823 z102,005 annual and other reports of steam railroads, street railways
643,898 z1,419,727
464,102 z1,662,582 and miscellaneous companies published since Dec. 22 1917.
4,236,202 z2,934,485
4,104,602 z1,157,476
31,782
29,884
28,527
25,691
359,102
316,503
343,675
186.546
18,514
16,700
16,503
20,064
14,189
207,261
195.466
177,890
9.322
32,041
9,625
26,136
117,202
303,780
107,699
274,193
6,508
30,748
5.335
52.805
67.008
414,747
59,128
393,026
5,348
29,975
1.446
24,490
42,174
234,445
17.100
218,026
3
11,691
2
22,139
42
212,998
274
230,782
38,574
41,367
36,860
29,780
450,880
252.370
438.993
269.739
139.172
z76.793
140,704
z80,581
1,678,158 z855,775
1,664,676 z1,078,029
225
2,028
12
7,942
1,232
59.645
601
92,220
6,919
9,867
6,224
16,967
75,601
102,714
67,239
127.417
7,083
3,798
7,124
7,574
84,974
41,708
78,553
61,386
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Page. Miscellaneous Cos.(Cent.)Page
Steam Roads391
396 Intercontinental Rubber Co
Louisville & Nashville RR
International
Milling
Co
*2541
Electric Roads301
394 Interstate Electric Corporation
Brooklyn Rapid Transit
& Supply Co_*2547
394 Kellogg Switchboard
Cities Service Co
(balance
Laconia
Car
sheet)
Co.
..2547
Lehigh Valley Transit
396
Mortgage Co., N. Y
293
Phila. & West Chester Traction__ _ 397 Lawyers'
Shirt Co., N. Y
292
West Penn. Rye.(11 mos.)
298 Manhattan
Marconi Wireless Telegraph Co__ _ 194
Rubber
Miscellaneous CompaniesCo.(bal.sh.) 91
Mason Tire &
Acme White Lead & Color Works__ 84 Massachusetts Gas Cos.(5 mos.)
195
Mexican Eagle 011 Co
393
Aetna Explosives Co., Inc. (8 and
*2544 Mortgage Bond Co., N.Y
11 months)
293
392 Narragansett Electric Lighting Co_ 187
Alaska Packers' Association
292
American Hide & Leather
398 National Biscuit Co., N. Y
398 Naumkeag Steam Cotton Co
American Ice Co
402
American International Corp
84 New England Cotton Yarn Co.._ _*2541
294
American Seeding-Machine Co.._ _ _ 391 Northern Securities Co., N. Y
American Sewer Pipe Co
*2541
192 Owens Bottle Machine Co
Amer.Telep.& Tel. Co.(11 mos.)_ 298 Peerless Truck & Motor Corpora92
Bush Terminal Co.(10 mos.)
Mon (balance sheet)
193
196, 403
Central & South Amer.Teleg. Co.._*2545 Portage Rubber Co
292
299 Republic Iron & Steel Co
Chicago Breweries Co.,Ltd
191
299 San Joaquin Light & Power Corp
Chicago Title & Trust Co
Chile Copper Co.(9 mos.)
*2545 Sherwin-Williams Co. of Can.,Ltd. 294
391
Colorado Power Co
300 Southern Canada Power Co
392
Consolidated Gas Co.of New York 392 Stutz Motor Car Co
Superior California Farm Lands Co. 187
Consolidated Mining & Smelting
186, 292
300 Swift & Co., Chicago
Co. of Canada, Ltd
186
Consumers' Gas Co. of Toronto_ 188 Texas Co., Houston
293
391 Union 011 Co. of California
Creamery Package Mfg. Co
Cuba Cane Sugar Corporation ......2540 Union Stock Yards Co. of Omaha.
300 Ltd
Detroit Edison Co
*2542,322
294 United States Smelting, Refining &
Dominion Bridge Co
*2549
Firestone Tire & Rubber Co
187 .'Mining Co. (11 mos)
General Chemical Co.(10 mos.) *2547 United States SS. Co.(5 mos.)__.._*2549
*2549
General Electric Co
401 Wamsutta Mills
General Electrio Co.(6 mos.)
194 West Penn Power Co.(11 mos.)__. 299
304
General Motors Corp. (4 mos.)... 90 Western Union Telegraph Co
293 Western Milted Clash& Electric Co.
Goodyear Tire & Rubber Co
*2549
Gulf States Steel, Ala.(11 mos.).._*2547 (91 mos.)
*2540
Houston Oil Co
* Indicates Volume 105.
THE CHRONICLE
FEB. 2 1918.]
493
Interborough Consolidated Corporation, New York. ,Twin City Rap. Tran. Co.(of N.J.), Minn., St. Paul, &c.
(Report for Fiscal Year ending Dec. 31 1917.)
(Annual Report for the Fiscal Year ending Dec. 31 1917.)
INCOME ACCOUNT FOR CALENDAR YEARS.
President Horace Lowry, Jan. 22, wrote in substance:
• 1916.
1917.
Calendar YearsDivs. on I. R. T. $33,912,800 capital stock (20%)-$6,782,560 $6,782,560
84,643
138,403
Interest and dividends on securities owned
38,233
34,903
Interest on loans, bank balances, &c
Profit on purchase for retirement of $2,500,000
25,920
It-Met. 10-year 6% collateral notes
$6,955,866 $6,931,357
Total
Deduct-Int. on $67,825,000 Inter.-Met.4%% coll.
$3,052,125
$3,052,125
trust bonds
Int. to July 1 1916 on $2,500,000 Inter.-Met. 10 yr.
75,000
6% collateral notes of Jan. 1 1915
65,563
46,000
Int. at 4% on advances from Bankers Trust Co..
2,964
Interest on bills payable
300,000
300,000
Sinking fund on Int.-Met. 4%% coll. trust bonds.._
Sinking fund to July 1 1916 on Int.-Met. 10-year
150,000
6% collateral notes
41,810
43619
Administration and general expenses
229,494
128,395
Taxes
$3,691,956 $3,795,139
$3,263,910 $3,136,218
1,875,877
1,834,090
Total deductions
Surplus available for dividends
Previous surplus carried forward
$5,139,787 $4,970,308
Total
Divs. on pref. stock (paid quar. April, July, Oct.
$2,744,430 $2,744,430
and Jan.) 6V per annum
Appropriation for retirement of Later.-Met. 10-year
350,000
6% coll. notes in excess of sinking fund accruals_
Appropriation for reduction of amount advanced by
750,000
-- -Bankers Trust Co. June 29 1916
$1,645,357 $1,875,878
Total surplus as per balance sheet below
GENERAL BALANCE SHEET DECEMBER 31.
1917.
1916.
Asstts$120,370,053 $120,359,136
Property and securities
Interboro-Metrop. 4%% collateral trust bonds
2,041,000
2,041,000
for sinking fund-June 1 1915
Purchase of Int.-Met.4%% coll, trust bonds for
840,559
358,434
sinking fund subsequent to June 1 1915
603,735
1,907,550
Cash
1,000,244
206
Bills ($1,000,000) and acc'ts rec. ($244) in 1917600,000
U. S. 4% Liberty bonds
Accrued interest and dividends (1917). $48,594,
60,157
39,970
prepaid taxes, $11,563; total
Special deposits-To meet uncollected dividends
on pref.stock to and incl. Oct. 11917,$72,735:
767,629
758,842
div. due Jan. 2 1918, $686,107-all in 1917....
$126,274,591 $125,473,926
Total
LiabilitiesDeclared capital for carrying on the business of
Consolidation
the corporation as provided in
$50,403,635 $50,403,635
agreement of April 23 1915
$45,740,500
Preferred stock
Common stock, 932,626.92 shares
without par value stated under
4,663,135
N. Y.law at $5 per share
Interboro-Met. collateral trust 43 % bonds._ _ _ _ 67,825,000 67,825,000
1,250,000
Bankers Trust Co
2,000,000
763,031
Accr. int. on Int.-Met. coll. 43 % bds., not due
763,031
758,842
Preferred dividends (see contra)
767,629
int.
on
loans
$125,439;
accrued
accrued,
Taxes
142,778
$17,339-all in 1917
117,050
680,964
2,169
Bills ($580,000) & accts.($964) payable in 1917..
Reserves-Sinking fund on Int.-Met. coll. 43 %
bonds
1,154,983
719,534
Reserve from income used for (a) the retirement
of Int.-Met. 10-year 6% coll. notes of Jan. 1
1,000,000
1915
1,000,000
(b) used for reduction of amount advanced by
Bankers Trust Co. June 29 1916
750,000
Surplus balance as per income account above.. _ _
1,645,357
1,875,878
$126,274,591 $125,473,926
Total
Compare V. 106, P. 395.
Your company, like all other public utilities, has suffered from the increased cost of taxes, materials, wages,fuel and all other expenses.
In September last outside influences attempted to force a union organization upon your company's trainmen, and although not to exceed 20%
of the men joined the union, a strike was declared, the only demand being
the recognition of the newly formed union. The remaining 80% of the
employees remained loyal and operated the service, and those employees
who were dissatisfied are no longer in the company's employ. The splendid
loyalty of the employees was clearly shown by the fact that 80% of the
men strongly objected to a union organization promoted by outside influences being forced upon them, and continued to operate the service
During the year the City of Minneapolis completed the valuation of
your Minneapolis property, and later had this valuation reviewed by another expert, but on account of the generally disturbed conditions the city
is moving slowly with the franchise negotiations. We feel that progress is
being made which will ultimately work out so as to protect your property.
During the year 6.87 miles of track was constructed and put in operation.
During the year 36 new passenger cars were put in service. These cars
were authorized for construction during the year 1916; but were not completed until the spring of 1917.
Regular quarterly dividends have been declared and paid, aggregating
$1,530.000, being at the rate of 7% on the pref. stock and 6% on the corn.
stock.
19
N
17.
T FOR CALENDAR19
7
5.ARS.
INCOME ACCOU
184,31592,9.63
1914.
1916.
Rev, passengers carried_199,621,160 199,848,096 185,654,985
Rev.from transport'n_ _$10,119,755 $10,130,113 $9,401,233 $9,227,602
56,618
52,731
Other revenue
62,111
57,941
Total income
$10,181,867 $10,188,054 $9,453,964 $9,284,220
$995.556
$964,239
Maint. of way & struc
$1,031,215 $1,057,234
685,526
728,085
Maint. of equipment......
780,236
781,664
847,275
Power
839,673
1,047,485
880,081
'46,579
49,297
Traffic expenses
57.138
45,550
2,582,226
2,506,351
Conducting transport'n_ 3,031,123
2,725,760
782,212
869,791
Gen'l & misc. exp., &c
774,895
765,781
Total oper. expenses_ $6,723,520 $6,254,643 $6,064,628 $5,832,183
Net earnings
$3,458,347 $3,933,411 $3,389,336 $3,452,037
15,425
Other income
23,927
25,846
26,425
Gross income
$3,484,193 $3,959,836 $3,413,263 $3.467,462
Taxes
$593,078
$708,098
$687,455
$916,196
Interest, rents, &c
986,743
1,014,191
1,013,534
1,029,947
Dividends on pref.(7%)
210,000
210,000
210,000
210,000
1,250,514
Dividends on corn.(6%) 1,320,000
1,319,916
1,320,000
Total
$33,476,143 $3,252,288 $3,230,904 43,040,335
$427,127
Balance, surplus
3182,359
$8,050
$707,548
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1914.
1915.
Resources1916.
1917.
Roadway,&c.,including
securities in treasury-$52,436,790 $51,550,776 $50,535,342 $49,872,354
Miscell. physical prop.._ 1,124,923
1,124,923
1,124,573
Other investments
164,937
22,500
23,800
Loans & notes receivable
203,497
91,396
100,636
71,991
1,255,621
Cash
890,002
560,358
1,165,140
Materials and supplies
618.814
540,037
983,577
759,817
Unpaid balance on corn.
182,660
stock subscrip. ctfs_ _ _
8,129
Miscellaneous
8,497
5,740
Total
$55,379,717 $54,700,887 $53,292.056 $52,054,169
LiabilitiesCommon stock
1322,000,000 $22,000,000 $22,000,000f$21,672,100
Corn. stk. subscr. ctfs_ I
I
327,900
Preferred stock
3,000,0(10
3,000,000
3,000,000
3,000,000
Funded debt
20,263,000 20.263,000 20,263,000 19,888,000
47,137
68,435
Unpaid wages, &c
221,729
67,615
699,526
599;740
Taxes accrued
905,696
730,780
347,032
343,282
Interest accrued, not due
347,032
347,032
15,724
Miscellaneous
68,571
20,450
11,936
Depreciation reserve..
7,103,747
6,643,903
5,879,733
5,246,554
259,344
275,013
213,691
Other reserves
184,137
Income account, surplus *1,285,805
1,368,763
764,890
682,531
Total
$55,379,717 $54,700,887 $53,292,056 $52.054.169
* After deducting miscellaneous items aggregating (net) $91,008.-V.
105, p. 2367, 2185.
HudsonCompanies, New York.
(Report for Fiscal Year ending Dec. 31 1917.)
United States Steel Corporation.
President W.G. Oakman,Jan.8 1918, wrote in substance: (Earnings for Quarter and Twelve Months end. Dec. 311917.)
During the past year the plan formulated by Your directors for payment
The financial statement of the Corporation and its subof the issue of notes of Hudson Companies maturing Aug. 1 1918 has been
carried into effect. By that plan, all the securities of the Greeley Square sidiaries in tabular form for the quarter ending Dec. 31 was
Realty Co. owned by this company were sold to the Greeley-Hudson given out on Tuesday after the regular monthly meeting of
Securities Corperation. Of the $2,000,000 stock of that company, $1,000,000 goes to the subscribers to the $2,000,000 of its notes, the remaining directors. Judge Gary declined to comment on the condi$1,000,000 of stock is held in our treasury with the expectation that it will tion of business, saying that every one familiar with present
be distributed to our preferred stockholders after the company's notes due
manufacturing conditions knew as much as he did about
Aug. 1 1918 are paid. (See plan V. 104, p. 18001 V. 105, p. 1208.)
The plan involved the extension to April 1924 of the First Mortgage of production.
the Greeley Square Realty Co., amounting to $5750,000, and in view of
The "net earnings" for the late quarter, as reported,
the financial condidons which have prevailed during the year, your directors are gratified at the result of their efforts which would be extremely "were arrived at after deducting all expenses incident to
difficult of accomplishment at the present time.
The circular letter mentioned above stated the expectation that the operations, comprising those for ordinary repairs and maincommon stock of this company would be surrendered and canceled, and tenance of plants, allowances for estimated proportion of
while this has not yet been completed, we are advised by our counsel that extraordinary cost of facilities installed by reason of war resatisfactory progress has been made in that matter.
quirements, also taxes (including $60,950,364 for war income
BALANCE SHEET DEC. 31.
and excess profits taxes), and also interest on bonds of the
1916.
1917.
1917.
1916.
subsidiary companies."
AssetsPreferred stock ___16,000,000
H.&M.RR.(par)On the other hand, the company now adds to its net sur130 Common stock _ 5,000,000 16,000,000
130
lst mtge. scrip_
5,000,000
plus for the nine months ending Sept. 30 1917 ($80,962,547),
Preferred stock_ 2,307,614 2,307,614 6% gold notes due
Aug. 1 1918_ _ .. 1,500,000 1,500,000 $10,545,202 "for adjustment of provisions made for the first
Common stock_25,171,209 25,171,209
Accrued interest....
35,217
Gr.Sq.Rty.Co.(par)37,500 nine months of 1917 for estimated excess profits taxes."
2,877,000 Audited vouchers
Bonds
1,000.000
The present statement charges the surplus earnings of
payable
Preferred stock..
74
1,000,000 Subscrip. rec'ts of
Common stock..
the year with an item of $55,000,000, being the amount
Gr.-1Iud. Scour.
xGreel.-Hud. Sec.
appropriated "for account of expenditures made and to be
Corp. 6% notes 230,750
1,459,500
Corp.
Subscrip. to Gr.-11.
Gr.H.Sec.Corp.stk. 1,000,000
made on authorized appropriations for additional property
182,008
Sec. Corp. 6%
Real estate
new plants and construction."
41,053 notes
y31,038
1,228,750
Cash
• 500 Rental of fence,
500
Chairman E. H. Gary estimated after the directors' meetSuspense account..
36,046 collected in ad36,488
Accrued interest....
ing that the full charges against the earnings of the year 1917
482
vance
481
104
Accts. receivable_
10,000 Balance, tentative
for the war taxes would prove to be about $235,000,000 when
Mtge. Investment.
surplus, on basis
Gold notes due
the account was fully made up. The items entering into
of
par
of
securiAug.1918 mirth. 299,000
110,000 ties owned
7,539,992 10,198,363 this total apparently include:
Loan to G.Sq.R.Co
Sub. acct. contra_ 1,228,750
War Income and Excess Profits Taxes for 1917.
(1) Deducted before arriving at net earnings of the several quars.:
(a) First quarter, end. Mar. 31 1917, amount not reported;
understood to be about
x Greeley-Hudson Securities Corp. notes and stock, held by Guaranty
$10.000,000
(b) 2d quarter, $53,918,872; 3d quarter. $63.733,013; 4th
Trust Co. as trustee for account of subscribers to notes and stock under
quarter, $60,950.364
178,602,249
plan of May 1 1917; notes, $1,459,500, and stock, $729,750. y)Includes
In 1917 cash in office $200, cash (Guaranty Trust Co.) for'purchase of (2) Additional allowances on account of first two quar. of year:
(a) Shown in statement for quar. & 6 mos. end. June 30 1917 33,865.000
notes $22,520 and cash account, American Exchange National Bank $8,588.
(b) Shown in statement for guar. & 9 mos.end. Sept. 30 1917 12,716,724
Part collateral to $1,500,000 Aug. 1 1918 6% notes, 250,000 shares common stock of Hudson Sr Manhattan RR. at par 825,000,000.-V. 105,
Total (subject to $10,545,202 adjustment above noted).... $235.183.973
IL 1801, 1208.
Total
31,534,709 32,736,041
Total
31,534,709 32,738,041
494
The company on Jan. 28 1918 declared, as for the three
quarters just preceding, in addition to the regular quarterly
dividend of WI% on common stock, an extra 3%, payable
March 30 1918 to holders of record March 1 1918.
Extra Dividends Paid with Regular IX% Quarterly on Common Shares.
Mar. '18. Dec. '17. Sept. '17. June 17. Mar.'17. Dec. '16. Sept. '16.
3%
3%
3%
3%
1 Vi,%
1%
1%
A special extra 1% dividend was also paid July 28 1917,
amounting to $5,083,025, for Red Cross (V. 104, p. 2457).
Unfilled orders on hand Dec. 31 1917 amounted to
9,381,718 tons, against 11,547,286 tons Dec. 31 1916. See
"Trade and Traffic Movements," Jan. 12 1918 (page 165).
INCOME ACCOUNT FOR THREE MONTHS ENDING DEC. 31.
1917.
1916.
1915.
1914.
Unfilled ordersDec.31,tons9,381,718 11,547,286
7,806,220
3,836,643
S
$
$
$
Net earnings (see text)_a59,724,125 105,917,437 51,277,504 10,935,635
DeductSink, fund on bonds of
subsidiary cos.,deprec.
and res. funds
9,843,041
7,963,579
3,030,726
8,700,869
Int. on U. S. Steel Corp.
bonds
5,280,137
5,530,948
5,368,970
5,451,876
Prem. on bonds redeem_
189,966
269,951
235,901
246,133
Sink.fds. U.S. St. Corp. 1,845,740
1,728,483
1,650,622
1,560,468
Total deductions..___ 17.158,884 15,330,983 16,039,268
Balance
42,565,241 90,586,454 35,238,236
Add-Net bal. of sundry
chgs. & receipts, incl.
adjust. in acc'ts. Inventories, &c
1.600,808
124,969
765,814
Total
Prof. divs.(1(%)
Common dividends__
Per cent
44,166,049 90,711,423 36,004,050
6,304,920 6,304,920 6,304,920
21,602,857 15,249,076
6,353.781
(43j%)
(13(%)
(3%)
10,368,275
567,360
124,978
692,338
6,304,920
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
$
$
$
Total net earns, for yr_y331,668,131 333.574,178 130,396,012
DeductSink,funds, depreciation
& reserve funds
50,632,163 39,547,612 32,428,049
Interest
21,256,303 21,602,853 21,928,634
Prem. on bonds redeem_
863.803
1,016,951
971,310
For expends. made & to
be made for additional
property, new plants
and construction
55,000,000
Add-Net bal. of sundry
chgs. & receipts, Inc.
adjust. in inventories,
&c., accounts
Cr.1,600,808 Cr.124,969 Cr.765,814
Total
s.107,766,021s.201835,585 s.44,260,374d.16,971,984
For expends. made & to
be made for additional
property, new plants
& construction
55,000,000
Bal., surp., for year _s.52,766,021s.201835,585 s.44,260,374d.16,971 ,984
a The net earnings are in all cases reported by the company after deducting "all expenses incident to operations, comprising those for ordinary
repairs and maintenance of plants and interest on bonds of the sub. cos.'
Allowance is also made before showing the net earnings for the quarter
ending Dec. 31 1917 for estimated proportion of extraordinary cost of
facilities installed by reason of war requirements. Also in all four quarters in 1917 allowances are made, prior to stating the earnings, for taxes,
Including an estimated allowance for war income and excess profits taxes,
this allowance for the last quarter amounting to $60,950,364, contrasting
with $63.733,013 for the third quarter of 1917 and $53,918,872 for the second quarter of 1917 and it, is understood with about $10,000,000 for first
quarter.
From the income for the 6 months ending June 30 1917, as a supplementary charge, there was deducted during the quarter ending June 30
1917 $33,865,000, and during the quarter ending Sept. 30 a further $12,716,724, on account of allowances for war income and excess profits taxes
upon the earnings of the quarter ending March 311917. These allowances
are additional to the charges, amount not stated, originally made on this
account, before stating the net earnings.
In the statement for the quarter ending Dec. 311917, the company adds
to its final net surplus for the 9 mos. of 1917 $10,545.202, as adjustments
of provisions made for first nine months for estimated excess profits tax.
The amount may be slightly changed on completion of audit of accounts
for the year. The complete annual report will be submitted at the annual
,„
meeting in April 1918 or earlier. tahia yiA,„.4 41;,61
NET EARNS. (after Int. on Sub. Co. Bonds) FOR CAL. YEARS (see below).
1917.
1916.
1914.
1915.
$
$
$
$
January
36,074,425 18,794,912
1,687,150 4,941,337
February
33,416,171 19,196,396
3,638,578
5,655,611
March
43,630,422 22,722,316
7,132,081
7,397,433
60,713,624 12,457,809
25,423,676
7,286,409
27,554,899
9,320,576
28,147,473 11,343,070
25,143,207
22,239,087
909,531
Cr.124,978
Total deductions____126,151,461 62,042,448 54,562,179 48,166,847
Balance
205,516,670 271,531,730 75,833,833 23,496,768
Dividends on StocksPreferred (7%)
25,219,677 25,219,677 25,219,677 25,219,677
Common
86.411,425 44,476,468 6,353,782 15,249 075
Per cent
(17%)
(8Yi%)
(%)
(1X%)
Total dividends
111,631,102 6n,696,145 31,573,459 40,468,752
Balance
s.93,885,568s.201835.585 s.44,260,374d.16,971 ,984
Deducted Acct. Mar. 31 QuarterExtra com. div. (Red
Cross),1%,pd.July 28 5,083.025
Add'i allowances for war
taxes of 1st quar.: viz.:
Made during 2d quar_ 33,865,000
Made during 3d quar_ 12,716,724
Balance
s.42,220,819s.201,835,585 s.44,260,374d.16,971,984
Add-For adjust. of provisions made for 1st 9
mos. of 1917 for excess
profits taxes
Cr.10,545,202
y After deducting allowances for war income and excess profits taxes
(estimated). See introductory remarks above.-V. 106, p. 404, 303.
Sears, Roebuck & Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1917.)
Total
s.97,220,819s.201835,585 s.44,260,374d.16.971 ,984
Add-Adjust. of provis'n
made for 1st 9 mos. of
1917 for est. excess
Cr10,545,202
profits taxes
x113,121,018
28,521,091
30,773,551
31,284,562
1914.
$
71,663,615
Surplus for cal. years s.52,766,021s.201,835.585 s.44,260,374d.16,971.984
Balance for quarter_ _s.16,258,272 s.69,157,427 s.23,315,349 d.5,612,582
Bal. from prey. 9 mos.
Cr80,962,547Cr132678158Cr20,915,025Deb11359402
(to Sept. 30)
First quarter
April
May
June
[voL. 106.
THE CHRONICLE
17,994,381
6,920,879
6,845.823
6,690,894
Second quarter
July
August
September
x90,579,204
22,760,668
23,548,725
21,934.391
81,126,048 27,950.055 20,457,596
25,650,006 12,048,218
7,475,993
29,746,903 12,869,099
7,584,926
30,420.158 13,793.327
7.215,083
Third quarter
October
November
December
x68,243,784
*21,835,991
*19,902,862
*17.985,272
85,817,067 38,710,644 22,276,002
35,177,393 16,563,854
5,580,533
36,443,543 16,990,968
2,798,388
34,296,503 17,722,682
2,556,714
Fourth quarter
x59,724,125 105,917.439 51,277,504 10,935,635
Total for the year_ __*331,668,131 333,574,178 130,396,012 71,663,615
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1915.
1916.
1914.
Gross sales
178,268,223 146,838,511 112,665,728 101,121,658
Returns, allowances, discounts, &c
12,460.615
9,637,708
6,437,307
5,096,904
Net sales
Other income
165,807,608 137,200,803 106,228,421 96,024,754
298,853
221,105
153,734
199,166
Total income
166,106,461 137,421,908 106,382,155 96,223,020
Purchases, all expenses..145,019,492 119,661,111 94,258,285 86,247,960
Balance
21,086,969 17,760,797 12,123,870
9,975,060
Repairs and renewals
610,698
412,793
230,212
263,932
Depreciation reserve...._
792,292
605,024
544,383
473,510
Other reserves
681,168
315,000
288,246
156,998
Profit-sharing, &c.,fund
905,484
412,216
Res. for Federal Income
& Excess Profits tax_ _ _ 3,977,398
Common dividend__(7X)5,549,009 (7)4,199,874(7)3,849,759(7)2,799,965
Preferred dividend (7%)
559,188
559,204
559,188
559,190
Balance surplus
8,011,731 11,317,344
6,691,439
5,722,351
BALANCE SHEETS DECEMBER 31.
1917.
1916.
1915.
1914.
Assets$
$
$
$
Real estate, buildings,
machinery, &c
11,328,731 11,049,202
9,778,904
9,771,675
Patents, good will, &c 30,000,000 30,000,000 30,000,000 30,000,000
Supplies & merchandise_ 36,873,214 25,370,055 14,837,661 13,273,927
Adv. to & invest, in factories owned
20,107,714 13,552,056
8,181,064
8,447,136
Adv. & invest, branch
houses
11,313,359
7.439,476
5.012,284
5,269,067
Adv. & invest. In factories whose output is
chiefly taken
4,204,322
4,441,873
5,527,298
5,373,480
Sundry persons
1,053,867
566,484
568,411
683,044
Due from customers_ _ _ _ 8,879,560 6,711,370
2,905,371
2,543,577
Due from RRs,claims,&c
196,97n
101,726
39,575
45,308
Insur. & int. in advance
484,799
202,183
217,771
128,880
Cash
3,501,188
3,538,119
6,798,240
2,188,984
Liberty bonds
2,287,529
Total
130,468,809
LiabilitiesCommon stock
75,000,000
Preferred stock 7% cum. 8,000,000
Notes payable
19,795,000
Mdse.& 0th. open acc'ts 9,086,109
Divs. on preferred stock
139,797
Res. for Federal Income
cf. Excess Profits tax_
3,977,398
Surplus
x14A70,505
102,734,992 83,866,578 77,725.078
60,000,000 60,000,000 40,000,000
8,000,000
,000,
,000.000
3,000,000 ------1,000,000
10,136,422
6,535,352
5,135,290
139,797
139,797
139,799
21,458,773
10,141,429 23,449,989
Total
130,468,809 102,734,992 83,866,,i78 77,726,078
x After deducting from previous p. & I. surplus $15,000,000 as a 25%
common stock dividend paid April 1 1917.-V. 106, p. 93.
Armour & Co. (Meat Packers), Chicago.
x After deducting amounts required for taxes, including war income and
(Report for Fiscal Year ending Oct. 27 1917.)
excess profits taxes (estimated), namely, for the 1st quar. in 1917, an
amount not stated; for the 2d quar., $53,918,872; for the 3d quar., $63,Pres. J. Ogden Armour Jan. 15 wrote in 'substance:
733,013, and for the 4th quar. $60.950,364. In the six months ending
The company for the late fiscal year earned $21,293,563 net (before
Sept. 30 1917 additional allowances, aggregating $46,581,724, were made deducting
equivalent to 21% on the $100,000,000 capital stock,
on account of these taxes as applied to the earnings of the first quarter. In and 14.5%dividends),
on the average net capital investment. The usual 2% dividend
for
the
3
months
statement
ending
the
company
credits
the
Dec. 31 1917
been
declared
and
the balance has been re-invested in the business.
has
$10.545,202 adjustments of provisions made for first nine months of 1917
The company's gross volume of business during the year was $575,000,000
for excess profits taxes.
(against
1915-16). The ratio of profit on meat and other
$525,000,000
in
* These amounts may be slightly changed on completion of audit of
products was 2.21 cents on each $1 of sales. The cost of live stock.
accounts for the year. The complete annual report will be submitted at food
clue to abnormal economic conditions, increased 37%, and that we paid
the annual meeting in April 1918 or earlier. See foot note "a" above.
$93,000,000 nore than the same weight of live stock would have cost at
INTERESTrECHARGES OF SUBSIDIARY COMPANIES DEDUCTED 1916 prices. of "meatless clay," which we favored, has proved most beneInitiation
MBEFORELARRIVING AT NET EARNINGS AS ABOVE.
ficial, enabling us to meet the unusual demand made upon our facilities.
1917.
1916.
1915.
1914.
Our sales department reports an estimate of the decrease in consumption
January_
$745,853
$819,372 of meat due to meatless days at 25%, which saving was more than con$805,462
$880,026
February
745,522
796,408
872,480
819,129 sumed in caring for the men in training for the army and navy and for
March
746,977
795,226
872,055
818,106 orders received from the Allies.
April
744,648
792,541
863,526
820.036
During the year the Federal Government has assumed control of our
May
742,835
863,445
790,558
838,607 operations under the bill creating the U. S. Food Administration, and
June
742,738
791,918
859,441
840.175 giving it authority to license packing-house operations. Incidental thereto
July
739,795
783,717
784,672
836,749 we are now operating under regulations prescribed and limiting our profits
August
739,119
780,413
778,792
836,778 for the future. We welcome Government supervision and regulation under
September
739,397
778,535
776,325
843,075 existing war conditions.
October
729,847
768,475
771,893
854,006
Because of the great expansion of its South American business, which
November
727,566
768,302
769,342
881,142 necessitated new plants at Sao Paulo and Santa Anna do Libramento.
December
725,842
762.058
875,728 Brazil, and Santa Cruz, Argentina, and the operation of the plants already
771,358
In service at Buenos Aires and La Plata, Argentina, the company has
Total 12 months
$8,870,139 39,422,915 $9,854,054 $10,082,903 found it advisable to segregate the foreign and South American firms from
THE CHRONICLE
FEB. 2 1918d
properthe North American interests, local corporations now operating these
ties. Each of these corporations retained the year's earnings to assist in
financing the cost of the new plants.
The company has 57,546 employees with a yearly payroll of $49,519,952.
Employees of the company subscribed to $2,000,000 Liberty bonds in
addition to the $3,000,000 subscribed for by the company.
of
The company in its entirety, every facility it possesses, every bit
each
product and every employee, is at the disposal of the Government, for
bit
our
do
to
muscle
every
and
nerve
one and all of us are straining every
in aiding the Government in the world conflict.
INCOME ACCOUNT.
Oct. 27 '17. Oct. 28 '16. Oct. 30 '15. Oct. 31 '14.
Year ending-
yfr
495
CONSOLIDATED BALANCE SHEET.
Dec.31 '17 Mar.3117
Dec.31'17 Mar.31'17
Liabilities$
AssetsProperty account_47,792,420 45,169,973 Common stock.. _41,834,600 41,834,60 )
2,380,811 1,046,235 Preferred stock.. _ _ 8,912,600 8,912,600
Investments
Inventories at cost 7,176,182 5,356,701 Acc'ts pay'le, tax
reserves,&c_ _ _ _ 5,845,602 3,234,503
Acc'ts receivable-1
1 2,688,693
133,689
61,519 Prof. div., due_ _ _ 133,689
Interest receivable}2,900,7321
2,510,076
div., due_
Corn.
40,048
Sundry advances..1
23,357
515.000 Divs. unclaimed_
15,000
Loans on call (sec.)
Certif. of deposit_ 2,030,000 2,030,000 Accident and in209,252
232,609
funds__
surance
6,227,012
2,527,816
Cash
Profit & loss surp_ 7,863,861 6,277,105
64,822,961 63,135,181
Total
64,822,961 63,135,181
Total
Gross business (over)_ _ _575,000,000 525,000,000 425,000,000 375,000,000
-V. 106, p. 194.
Net profits on manufac15,653,972
11,148,654
tures and sales
2,455,046
General Chemical Co., New York.
Net from allied cos.,&c. 1x30,628,156 27,162,1641 2,319,528
75,194
103,931
Miscellaneous
(Report for Fiscal Year ended Dec. 31 1917.)
Total net income_ _ _ -x30,628,156 27,162,164 18,048,694 13,707,631
Chairman William H.Nichols, N. Y., Jan.30 said in subst:
Expenditures2,608,069 2,213,066
1,925,425
During the past year our plants were operated at full capacity until
Int. on borrowed money. 3,509,055
1,346,301
1,346,301
1,809,783
when transportation difficulties caused a curtailment which has
2,240,422
December,
bonds.
Interest on
1,578,361 become intensified since that time. We have omitted no step necessary'
1,745,192
1,960,602
Administrative expenses 2,072,549
1,349.132
1,366,354
1,059,996 to render as efficient service to the country as possible. This has led to
Taxes, insurance, &c_ _- 1,512,566
Divs. (see below)._ _ __(2%)2,000,000 (2)2,000,000(10)2,000,000(10)2,000,000 an expenditure of $4,412,252 on extensions and new constructions of the
.most modern type.
9,000,000
5,509,907
Our research staff has been working since 1911 on the important problem
Surplus for the years.. 19,293,563 18,100,000
of the fixation of atmospheric nitrogen in the forms of ammonia and nitric
and reserve for income tax.
acid. A year ago the process was considered sufficiently worked out to
x After deducting repairs, depreciation
plant, and this work
The capital stock was increased in December 1916 through the distribu- warrant a large expenditure for the construction of a
experts, having made a careful
tion of a portion of the accumulated surplus from $20,000,000 to $100,000,- was begun. A committee of Government
to the Government
it
recommended
processes,
other
and
this
of
examination
1414.)
p.
V.
103,
000. (See
for adoption, and after careful investigation their recommendation was
BALANCE SHEET OCTOBER 27.
favorably, resulting in a request from the Government for the
upon
acted
Oct. 27 '17. Oct. 28 '18. right to employ our processes and patents. We considered it clearly our
Oct. 27'17. Oct. 28 '16.
Liabilities-$
duty to respond to this call and therefore tendered their use for
AssetsCapital stock_ _100,000,000 100,000,000 patriotic
war purposes without compensation. This offer was accepted by the War
Lands, buildings
Bonds
50,000,000 50,000,000 Department
with grateful appreciation, and a large appropriation was made
inach'Y, &c,.. 60,845,595 54,116,063
payable... _ 83,404,000 27,865,600
the construction of an initial plant. With the aid of our technical
Refrig.&oth.cars 9,143,694 8,762,093 Bills
Acc'ts payable_ 18,099,210 13,155,831 for
is 3eing pushed to completion, and it is hoped that
construction
this
staff
Inv.in allied cos. 33,812,355 28,152,522 Res've
for bond
ultimately, through these processes, our country will be freed from dependMat'is. & supp-101,622,878 57,120,918
interest
909,246
918,824 ency
on foreign supplies. Our own construction was temporarily abanMisc,mark.inv. 11,243,754 11,091,430
for
Res.
Income
doned.
Bills receivable_ 8,103,3S6 5,354,017
taxes
5,635,000
Several important concerns, including our own, working along different
Mats.receivable 75,496,202 56,282,920
13,906,271 7,893,409 Profit and loss__ 56,126,679 36,833,116 but supplementary lines, joined in the organization of a comprehensive
Cash
tar dye industry capable of meeting all the urgent needs of our industries
coal
314,174,136 228,773,372 created by the war. The result is the National Aniline & Chemical Co.,
314,174,136 228,773,372 Total
Total
Inc., in which we are largely interested. (V. 105, p. 2369, 2277, 2188.)
--V. 106, p. 193.
The balance sheet, as below, shows that the invested capital actually
American Ice Company.
in use in the conduct of our business exceeds $50,000.000.
CONSOLIDATED INCOME ACCOUNT FOR CAL. YEARS(INCLUDING
(Report for Fiscal Year ending Oct. 31 1917)
SUBSIDIARY COMPANIES).
CONSOL. EARNINGS FOR YEARS ENDING OCT. 31, INCL. SUB. COS.
1914.
1915.
1916.
1917.
1915-16.
1914-15.
1913-14.
1916-17.
profits for year__ _$11,694,686 $12,481,826 $6,153,796 $2.857,898
$9,840,529 $9,172,962 $8,639,984 $8,826,881 Gross
Gross receipts
Deduct
Income from investm'ts,
$825,000
$912,498
$912,498
dividend (67
0) $912,498
56,149
174,403
10,444
10,245 Preferred
int., disct.. &e
Common dividend__(8%)1,258,608 (6)786,636 (6)684,030 (6)651,480
corn. div. Feb. 1
Total10,014,932 $9,229,111 $8,650,428 $8,837,126 Extra
542,870
570,025
655,500
*786.610
(5%)
$3,099,870
Less cost of merchandise,
div. Feb. 1.(2)393,305(15)1,966,5O0(10)1140,050
7,097,103
6,797,0131 3,934,773 Spec. corn,of
Less operating expenses_ 7,404,764
sundry inReduction
195,133
98,572
vestment accounts
$2,610,168 $2,132,008 $1,853,415 $1,802,483
Balance
452,509
405,197
Chgd.off plant,&c.,acct.
4396,012
$410,958
$362,286
$337,246 Profit-sharing,
Bond interest, &c
139,336
724,276
1,547,275
905,433
&c
144,077
146,367
153,565
167,849
Rents.
1,800,000
taxes
for
Reserve
167,093
242,495
144,074
140,210 Res've for plant deprec'n
Taxes
750,000
849,230
919,499
131,806
86,903
129,534
132,858 Reserve for insurance
Insurance
195,060
196,000
300,000
588,459
623,854
537,774
615,454
Maintenance & improv't
Dissolution exp. (Amer.
Total deductions_ _ _ _ $7,374,526 $7;107,772 $5.381,120 $2.611,195
31,512
Co.)__..
Securities
Ice
$246,703
$772,670
$4,320,160 $5,374,054
Balance, surplus
84,768
Adj. or gen. prop. values
$702,549
Exp. on new constr., &c. $4,412,252 $3,697,549 $3,504,925
on repairs & reconExp.
$1,427,447
$1.626,857
$1,327,233
$1,393.617
Total
617,856
732,331
1,352,014
1,834,167
exp.acct
struc.chgd.to
$704,561
$983,311
$526,182
$408,866
Net gain
Preferred dividends_ _ x(3%)563,267(1 Yt)186,502(1%)223,803(1 Yi)186 502
* Payable in stock Feb. 1 1918.
Since the formation of the company in 1899 the total repairs and recon$518,058
$420,044
$302,379
$222,364 structions
Balance,surplus
char,;ed to expense, together witn the annual reductions for
aggregate $17,760,638.
dismantlements.
the
non
on
paid
-cumulative
pref.
stock,
of
3Yi %
x Includes dividend
$568,644, and dividends on 6% cum. pref. stock, $4,623.
CONSOL. BALANCE SHEET (INCL. SUB. COMPANIES) DEC. 31.
1917.
1916.
1916.
CONSOL. BALANCE SHEET OCT. 31 (INCL. SUBSIDIARY COS.).
1917.
Liabilities1916.
1917.
1916.
Assets$
1917.
LiabilitiesPreferred stock...15,207,300 15,207,300
Manufacturing in$
AssetsPref. stock (turn.
vest't at cost_ _a36,917,048a33,671,600 Common stock__ A5,732,600 13,110,600
Land, buildings,
in 1916, nonCurrent accounts
Miscell. invest. &
machinery, &cb15,039,646 15,024,549
cum. in 1917)_14,920,200 14,920,200
2,512,561 2,502,932
476,436 payable
2,712.109
assets
Good-will, water &
228,125
patent rights.._17,020,463 17,018,227 Common stock_ _ _ 7,161,330 7,161,330 Miscell.securities_ 196,105 2,609,730 Div. pay. Jan. 2.. 228,125
275,514 Underlying bonds_ e394,600
Extra div. Feb. 1_ 393,305
655,500
415,030 Merchandise on
Invest't securities_ a252,454
Colkit,
420,492
trust
1_
786,610
Feb.
5,900,612
1,966,500
Spec.
div.
bonds
9,169,906
_
_
(cost)._
hand
451,788
Cash
952,456
Amer. Ice Co__ f1,291,000 1,369,000 Active customers
924,161
Fire in.sur. reserve 1,023,236
Notes & accts. rec. 1,029,703
14,800 Real estate 1st &
accts.& bills rec. 4,700,586 3,198,461 Plant, &c., depree.,
16,900
Bonds and mtges_
gen.
3,034,771
5,391,523
taxes
for
mtge.
Os
reserve
2,247,898
2,275,441
4,520,000
4,617,000
Cash
316,224
Liberty bonds
15,719,171 11,399,010
9,446 Real estate mtges_ 247,410
952,456 Surplus
309,790 Fire,insur. reserve 1,023,236
14,107
Insur. premiums__
609,278 Accounts payable_ 548,099
606,000
Inv. of mdse., &c_ c755,257
56,994,430 49,057,194
449,420 Accr.bond int.,&e. 105,904
56,994,430 49,057,194 Total
Total
99,047
Insurance fund_ -.1
4% Liberty bond
Workmen's com-} d358,538
111,647 subscription
255,250
a The manufacturing investment, taken at cost less the annual reductions
pensation fund- I
Insurance reserve.
1 449,419 for dismantlements, as above is figured after deducting mortgages not due
Workman's -corn-4 593,0721
on properties purchased, amounting to $50.000.-V. 105. p. 2546.4*.11a
pensatlon res'vel
1 111,647
Profit & loss (sur.) 5,218,215 4,708,171
Co., Inc.,
Total
35,255,079 34,857,534
Total
35,255,079 34,857,534
a Includes in 1917 American Ice Co. treasury stock (792 shares pref.
and 551 shares of common),$74,121; Independent Ice Co. stock (509 shares
pref., 237 shares common), $125,000, and sundry stocks and bonds (outside cos.), $53,332. b After deducting $100,000 reserve. c Includes in
1917 $316,225 merchandise inventories and $419,548 inventory of supplies.
d Consists of $319,000 (par) American Ice Co. real estate 1st & Gen. M.
bonds; N. Y. City bonds, $ 1,134 (par value $35,000); cash with commission, $706: sinking fund cash, $1,592, and release funds cash, $6,107.
e After deducting in 1917 $557,500 owned by American Ice Co. f After
deducting in 1917 $94,000 in treasury.-V. 106, p. 398.
International Nickel Co., New York.
(Results for Nine Months ending Dec. 31 1917.)
Chicago.
Montgomery- Wit-idle(Report for Fiscal Year ending Dec. 31 1917.)
The chartered accountants say: "In compliance with the terms of the
preferred stock the company has added to the sinking fund_ $125.000 to
retire the preferred stock at $112 50 Per share.'
EARNINGS FOR YEARS ENDING DECEMBER 31.
1915.
1914.
1917.
6
14:336
04
673,512,645 $621,9
$49,308,587 $41,042,486
Sales
Net, after depreciation_ $5,419,688 $4,550,791 $2,472,658 $2,010,094
Res.for 1917 War Excess
Profits & Income taxes 1,289,594
350,090
350,000
350,000
350.000
Prof. dividends (7%)....
Common dividends.... See below ($5)1575,000($3 50)1050000($3)90000u
$3,780,094 $2,625,791 $1,072,658 • $760,094
Balance, surplus
Common dividend from the earnings of the year 1916 will not be declared
-Ed.
1918.
Feb.
about
until
916.
DING DEC. 31.
CONSOL. INCOME ACCOUNT FOR 9 MONTHS1EN
BALANCE SHEET DECEMBER 31.
1917.
1915.
9 Mos. to Dec. 311917.
1916.
1916.
1917.
Earnings of constituent companies
x$11,797,235 $12,628,496 $10,209,531
•
$
after mfg., &c., expenses
Assets324,228
168,449 Real est.,b1dgs.,&c.x9,577,417 6,528.982 Preferred stock... 5,000,000 5,000,000
216,324
Other income
482,957 Corn.stk.,300,000
528,395
Investments
$12.121,463 $12,844,820 $10,377,980 Accts. receivable_ 2,318,633 1,025.138 shs. of no par val.
Total income
452,755
984,239 represented by.. 8,186,396 8,188,398
y941,511
General, &c., expenses
994,895
636,153 Notes receivable
3,680,741
Reserved for U. S. taxes (est.)
Mdse., supp., &c_17,171,113 13,797,462 Accounts payable_ 3,560,852 3,633,301
2,956,959 2,188,069 Notes payable_ _ _ _ 4,985,000 1,300,000
Cash
Accrued taxes__ _ _ 154,772
207,810
$7,987,967 $11,849,925 $9,741,827 Sinking fund dep.
Net income
203,592
1,761,355
125,219 Reserves
Deduct(pref. stock)... 250,000
z10,095,655 6,600,966
Surplus
Deprec. of plants & mineral exhaust'n $1,398,337 $1,405,448 $1,215,867
401,067
401,067
401,067
Preferred dividends (45%)
33,744,028 25,132,068
33,744,028 25,132,066 Total
Total
Common dividends
(11)4,601,806(12)5,020,152*(10)3993305
Total deductions
Balance, surplus
36,401,210 $6,916,667 $5,610,239
$1,586,757 $4,933,258 $4,131,588
x After deducting also reserve for Canadian taxes.
* Also 10% stock dividend on the common stock, calling for $3,803,150
common stock, paid Nov. 1 1915 out of accumulated surplus. The total
surplus Dec. 31 1917 was $7,863,861.
x Real estate, buildings, &c., include in 1917 $7,695,482 for land and
buildings and $1,881,935 for machinery and equipment. y Of the $941,511
notes receivable in 1917, $928,500 were secured by mortgages on real estate.
z Of the $10,095,654 "surplus" in 1917, $2,100.000 was reserved as provided
in company's charter., $250.000 for sinking fund preferred stock, $1,289,594
reserved for 1917 War Excess Profits and Income taxes and $6.456,061
remainder available for common stock dividends.-V. 105, p. 2003.
496
THE CHRONICLE
(Vol,. 106.
Hart, Schaffner & Marx (Mfrs. Men's Clothing), Chicago
(Report for Fiscal Year ending Nov. 30 1917.)
President Harry Hart, N. Y., Jan. 28, wrote in substance:
The company
constitute a part of the annual income of the distribute° for the year in
which received, and shad be taxed to the distributee at the rates prescribed
by law for the years in which such profits or surplus were accumulated by
the corporation.
(b) Any distribution made to the shareholders or members of a corporahas had a satisfactory year. Higher inventories and ad- tion,
joint-stock company or association, or Insurance company.
vance contracts have been necessitated by market conditions and
the
year 1917, or subsequent tax years, shall be deemed to have beeninmade
contributed to the strength of the company's merchandising position. have
The from the most recently accumulated undivided profits or surplus, and
affairs of the company are in excellent condition. The volume of sales
shall
constitute
a
part
of
the
annual
income
of
the distributee for the year in
shows a continued gain.
(During the year $173,000 of the preferred stock was retired, leaving which received, and shall be taxed to the distributes at the rates prescribed
by law for the years in which such profits or surplus were accumulated by
the amount of preferred outstanding $3,396,100. The quarterly dividend
the
corporation,
joint-stock
company,
association, or insurance company,
of 1% was declared on the common stock, payable Feo. 28 1918 to holders
but nothing herein shall be construed as taxing any earnings or profits
of record Feb. 18 1918.]
accrued prior to March 1 1913, but such earnings or profits may
be disINCOME ACCOUNT FOR NOV. 30 AND DEC. 31 PERIODS.
tributed in stock dividends or otherwise, exempt from the tax, after
the
Year end.
Year end.
Year end. 11 mos. end. distribution of earnings and profits accrued since March 1 1913 has been
Nov. 30 '17. Nov. 30 '16. Nov. 30 '15. Nov. 30 '14. made. This sub-division shall not apply to any distribution made prior to
Net profits
Aug.
6
of
out
1916
earnings or profits accrued prior to March 1 1913.
$1,955,0411
Depreciation
47,343J $1,752,424 $1,235,436 *1,159,766
In view of this provision, it is of much importance for all
Interest (net)
deb.33,935
Cr.39,578
0%52,069
C.14,367
Reserve for Federal Instockholders when compiling their income tax returns to
come (ye War Excess
know which if any of the dividends received by them during
Profits taxes
270,000
Balance
$1,603,762 $1,792.002 $1,287,505 $1,174,133 the year 1917 were paid from the earnings or 1916 or earlier
Pref. dividends(7%)--- $240,843
$260,539
$286,110
$305,715 years when the tax levy was far less severe than it is at present.
Common dividends(4%)
600,000
600,000
The time in which to get this information is short--only
Redemption pref. stock_
173,400
317,000
413,500
300,000 three
Prem.on stock purchased
weeks. We desire to publish promptly as much as
25,109
51.893
40.663
10,486
Balance, surplus
$564,411
$562,571
547,233
$557,932 we can conveniently gather. Officials and individual stockBALANCE SHEET NOVEMBER 30.
holders can co-operate by sending us the facts for the various
1917.
1916.
1917
1916.
investment .properties-steam railroad, electric railway,
Assets,
Liabilities-Good-will, trade
Preferred stock___d3,396,100 3,569.500 public utilities, industrial, &c.-as to which they happen
names, &c
15,000,000 15,000,000 Common stock_ _ _15,000,000 15,000,000 to be informed.
Maeh.,furn.&fixt. a242,143
262,063 Bills payable
2,500,000
Please address "Railroad Department," Box 3, Wall St.
Inventories _b_ _ _ _ 6,335,023 3,350,789 Accts., &c., pay
901,714
467,936
Lib. Ln. bds (less
Accrued taxes, salStation, and accept the Editor's thanks in advance.
pay. by empl'ees) 272,795
aries, &e
581,095
379,413
In issue of Jan. 12 will be found the statements issued by.
Accounts and bills
Pref. div. Dec.3E
59,1:34
62,466
receivable (net)_ 3,708,413 3,575,442 Reserve funds_ _ _ _c1,753,900 1,580,500
International Nickel Co.
United States Rubber Co.
Cash
1,320,847 1,014,453 Profit and loss_ 2,720,125 2,155,714
In issue of Jan. 19 will be found those obtained from:
Prepaid ins. prem.
32,849
12,777
xAlabama Great Southern RR.
I American Can Co.
Total
26,912,069 23,215,529 Total
I American Car & Foundry Co.
26,912,069 23,215,529 yCanadian Pacific By.
xCleveland & Pittsburgh RR.
American Smelting & Refining Co.
a After deducting $242,495 depreciation reserve. b Denotes inventories xFitchburg RR.
American Smelters Securities Co.
of materials and finished and partly finished merchandise on hand at
Great Northern By.
American Telep. & Teleg. Co.
cost
less reserves. c Reserve funds include pref. stock redemption fund, $1,- xIllinois Central RR.
Central Leather Co.
603,900, and reserve for contingencies, $150,000. d Pref. stock,7% cum., xMaine Central RR.
yNational Biscuit Co.
originally authorized and issued, $5,000,000, less $1,430,500 redeemed and Southern Pacific Co.
New York Air Brake Co.
canceled and $173,400 purchased during the year and held in treasury for xSouthern Railway.
U. S. Steel Corporation.
cancellation; balance as above, $3,396,100.-V. 106, p. 90.
Union Pacific RR.
Western Union Telegraph Co.
Paragon Refining Co., Toledo, Ohio.
x Special statement obtained by the "Chronicle" from an officer of the
company. The other statements cited were issued officially in printed or
(Report for Fiscal Year ending Oct. 31 1917.)
typewritten form for distribution among the shareholders.
y Omitted from this index last week.
On a subsequent page will be found the remarks of Presi-
dent C. A. Ulsh, along with the consolidated income account
for the year ending Oct. 31 1917 and the balance sheet of
Oct. 31 1917, embracing the Paragon Refining Co., Paragon
Oil Co. and subsidiary companies.-V. 105, p. 77.
National Cloak & Suit Co., New York.
(Report for Fiscal Year ending Dec. 311917.)
Pres. S. G.Rosenbaum,N.Y., Jan. 31 1918, wrote in subst.
During the past year we have purchased
$150,000 of the preferred stock
for retirement and cancellation, making the total amount so
purchased to
date $450,000. This takes care of all amortization requirements
to Oct. 15
1919.
The number of Vice-Presidents was increased from two to four, and
W.L. Brann and Frank Bokor were elected to fill the new offices. Artnur
Sachs of Goldman, Sachs & Co., N. Y., has been elected a director to
succeed Henry Goldman.
Your company has no Londed debt and there are no mortgages on any
of its ;property. Our stocks are clean and our inventories have been conservatively valued.
In view of abnormal merchandise conditions, the directors have set aside
out of the surplus at the end of the year 1917 $500,000 as a special reserve
for contingencies, in order to take care of a possible readjustment of values
in the future.
We have purchased during the past year in the open market common
stock at a cost of $102,250 for resale on easy terms of payment
to employees
holding responsible posibions.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
Net sales
152/,649,538 :21,554,231 $17,371,650 $15,164,728
Net profits
82,5/0,640 $2,082,053 $1,015,431 $1,013,196
Preferred dividends .(7%)326,375(7%)336,700(7%)344.318(3%)175.000
Common dividends...-(5%)600,000
Special reserve for future
contingencies
500,000
Prem.on 1,500 shs. pref.
stock canceled
3,287
14,688
9.164
Federal taxes
x524,157
41.000
9,995
10,000
Balance. surplus
1616,821 $1,689,665
4t651,955
$828,196
x The amount in 1917 is only estimated.
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
AssetsLiabilitiesLands, buildings,
Preferred stock_ _ 4,550,000 4,700,000
plant, &e
.4,303,431 4,355,962 Common stock - 12,000,000 12,000,000
Good-will
12,000,000 12,000,000 Notes payable to
Marketable securbankers
500,000
ities (at cost)._ _ c230,078
119,335 Acc'ts payable
1,895,905 1,732,586
Cash
1,399,817 1,508,057 Unfilled orders,&c.
b Merchandise _ _ _ 5,756,859 3,603,741
(due customers) 658,323
516,448
Ace'ts receivable
Corn. div. Pay.
drc
y272,208
170,371
Jan. 14 1918
150,000
Prep'd catalogs,&c. a465,729
416,916 Reserve for red'i
Prep'd exp.,&c.._ _ 191,569
139,101
taxes (est.).. _ 524,157
Corn, stk. purch.
Special reserve for
for resale to emfuture conting's 500,000
ployees
102,250
Miseell. reserves
17,070
53,783
Surplus reserve_ _
154,452
154,452
Profit and loss... d3,772,035 3,155,214
24,721,942 22,312,483
Total
Total
24,721,942 22,312,483
* Includes in 1917 real estate, $4,075,998; plant and equipment,$217,433.
and capital stock Franmor Shoe Co., $10,000. a Includes in 1917
postage
inventory, $65,474, and prepaid catalogs, &c., $400,255. b Including
goods in transit. c Including in 1917 Liberty Lcan bonds at market value.
d Embraces unappropriated current surplus, $3,322.035, and appropriaated surplus (par value of pref. stock canceled or acquired for cancellation),
$450,000. Y Less reserve.-V. 105, p. 503.
ION
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Dividends in Relation to Income Tax.-Notice to Stockholders-Assistance Desired to Complete Information.-Section 31 of the Federal Income Tax Law, as amended Oct. 3
1917, provides (compare ruling V. 106, p. 365):
(a) Any distribution made to the stockholders... of a corporation...
In
the year 1917, or subsequent tax years, shall be deemed to have been made
from the most recently accumulated undivided profits or surplus,
and shall
In the issue of Feb. 26 we gave the following:
(1) Steam Railroads.
Allegheny & Western By.
Illinois Central RR. "Leased Line',
Belt RR. & Stock Yards of Ind.
stock certfs. (see V. 106, p. 296)•
Buffalo Rochester & Pittsburgh Ry. International Rys. of Central
Amer.
Chicago Indianapolis & Louisv. By. New York Central RR.
Conn. & Passumpsic Rivers RR. Pennsylvania RR.
Erie & Pittsburgh RR.
Rome & Clinton BR.
Green Bay & Western RR.
Tonopah & Goldfield RR.
Wabash Railway.
(2) Public Utilities.
American District Telegraph Co.
xHoughton County Traction Co.
xBaton Rouge Electric Co.
Interborough Consolidated Corp.
xBlackstone Valley Gas & Elec. Co. xKeokuk Electric Co.
Brooklyn Rapid Transit Co.
Kings County El. Lt. & Power Co.
Central States Electric Co.
icLowell Electric Light Corporation.
xColumbus (Ga.) Electric Co.
Manchester Trac., Lt. & Power Co.
Commonwealth Pow., Ry.& Lt. Co. Northern Ohio Electric Corp.
xConnecticut Power Co.
Nor. Ohio Trac. & Lt. Co.
Consumers Pow. Co.of Me.(Mich.) xNorthern Texas Electric Co.
Dayton Power & Light Co.
Northwestern Power Co.
xEastern Texas Electric Co.
Pacific Gas & Electric Co.
Edison Electric Ill. Co., Boston.
xPen,
acola (Fla.) Electric Co.
xEdison Elec. Ilium. of Brockton.
Pine Bluff Co.
xElectric Light & Power of Abington xPuget Sound Trac., Lt. & Pow. Co.
and Rockland.
Republic Railway & Light Co.
xEl Paso Electric Co.
San Joaquin Lt. & Power Corp.
xFall River Gas Works Co.
Sierra & Pacific Electric Co.
xGalveston-Houston Electric Co.
Springfield (0.) Lt., Ht. & Pow. Co..
Grand Rapids Ry.
x Tampa Electric Co.
xHaverhill Gas Light Co.
Washington Water Power Co.
xlioughton County Elec. Light Co.
(3) Industrial e% Miscellaneous Companies.
American Bank Note Co.
S. H. Kress & Co.
American Coal Co.
Lanston Monotype Machine Co.
Amer. La France Fire Engine Co.
Lukens Steel Co.
American Linseed Co.
Miami Copper Co.
American Locomotive Co.
Midvale Steel & Ordnance Co.
American Sugar Refining Co.
National Transit Co.
American Type Founders Co.
N. Y. Transportation Co.
Amoskeag Mfg. Co.
Northern Pipe Line Co.
Arizona Commercial Mining Co.
Old Dominion Copper, M. & S.
Atlantic Refining Co.
Pacific Coast Co.
Baldwin Locomotive Works.
Pacific Mail Steamship Co.
Bell Telephone of Canada.
Pacolet Manufacturing Co.
Borne-Scrymser Co.
Pierce-Arrow Motor Car Co.
Buckeye Pipe Line Co.
Pittsburgh Steel Co.
Chicago Pneumatic Tool Co.
Pressed Steel Car Co.
xChicago Wilm. & Franklin Coal Co. Pullman Company.
Continental Insurance Co.
Reynolds Tobacco Co.
Corn Products Refining Co.
Royal Baking Powder Co.
Distillers Securities Cororpation.
South Porto Rico Sugar Co.
Eastman Kodak Co.
Standard Oil Co. of Indiana.
Electric Boat Co.
Submarine Boat Co.
Fidelity-Phenix Insurance Co.
Swan & Finch Co.
General Electric Co.
Swift & Co.
Goldschmidt Detinning Co.
Texas Company.
Great Northern Iron Ore Properties. Tonopah Extension Mining.
Greeno-Cananea Copper Co.
United Alloy Steel Corporation.
Hamilton Woolen Co.
United Fruit Co.
Haskell & Barker Car Co.
United Shoe Machinery Corporation,
Indiana Pipe Line Co.
U. S. Smelt., Ref. & Mining.
Inspiration Consol. Copper Co.
United States Trust Co.(seep. 368)•
Jeff. & Clearfield Coal & Iron Co Virginia-Carolina Chemical (Jo.
ulius) Kayser & Co.
(F. W.) Woolworth & Co.
x See caption Stone & Webster Management Association below.
In the present issue will be found statements issued by:
(1) Steam Railroads.
Atchison Topeka & Santa Fe By.
Delaware Lackawanna & West. R R
Baltimore & Ohio RR.
Erie & Kalamazoo RR.
Beech Creek RR.
Hocking Valley By.
Boston & Lowell RR.
Kansas City Southern Ry.
Boston Revere Beach & Lynn RR. Louisville & Nashville RR,
Buffalo & Susquehanna RR.
Michigan Central RR.
Canadian Pacific By.
Minn. St. Paul & S. S. M. By.
Cayuga & Susquehanna RR.
New York & Harlem RR.
Central RR. of New Jersey.
Norfolk & Western By.
Chicago Burlington & Quincy RR. Northern Pacific Ry.
Chicago Milwaukee & St. Paul fly. Pittsb. Gin. Chic. & St. Louis RR.
Chicago & North Western By.
Pittsburgh & Lake Erie RR.
Chic. St. Paul Minn. & Omaha Ry. Reading Company.
Cleve. Gino. Chic. & St. Louis By. Vandal% RR.
Delaware & Hudson Co.
FEB. 2 1918.]
THE CHRONICLE
(2) Public Utilities.
American Dist. Toleg. Co. of N. Y. Lewiston Augusta & Watery. St. By
American Public Utilities Co.
Manhattan Ry., N. Y.
Amer. Water Works & Electric Co. Massachusetts Gas Companies.
Bangor (Me.) Ry. & Electric Co.
Mexican Telegraph Co.
Broadway & 7th Ave. RR., N. Y. Middle West Utilities Co.
Brooklyn City RR., N. Y.
yNewark Consolidated Gas Co.
Buffalo General Electric Co.
Y Now Jersey & Bud. Riv. R. & F.Co.
Capital Traction Co., Washington. New York State Railways.
Central & Sou. Amer. Telegraph Co. Niagara Falls Power Co.
Chartiers Valley Water Co.
Ninth Ave. RR., N. Y.
Christopher & 10th St. RR., N. Y. yOrange & Passaic Valley Ry.
Cities Service Co., N. Y.
y Paterson & Passaic Gas & Elec. Co.
Columbus By., Power & Light Co. Portland (Me.) Ry.
yConsolidated Trac. Co. of N. J. Public Service Corp. of N. J.
Cumberland County Power & Lt. Co. By. & Light Securities Co.
East St. Louis & Suburban Co.
YRapid Transit Street By.
Eighth Ave. RR., N. Y.
yRidgewood Gas Co.
yElizabeth & Trenton RR.
yRiverside Traction Co.
YEssex & Hudson Gas Co.
yShore Lighting Co.
42d St. & Grand St. Ferry RR., N.Y. Sixth Ave. RR., N. Y.
yGas & Elec. Co. of Bergen County. ySomerset Un.& Middlesex Ltg. Co.
Grand Rapids Ry.
YSouth Jersey Gas Co.
Hackensack Water Co.
South Pittsburgh Water Co.
Havana Electric By.. Lt. & Pow. Co. Twenty-third St. By., N. Y.
ylludson County Gas Co.
y United Electric Co. of N. J.
Interborough Rap. Tran. Co., N. Y. Virginia Ry. & Power Co.
Laclede Gas Light Co.
(3) Industrial and MIscellaneaus Companies.
Liggett & Myers Tobacco Co.
Acceptance Corporation.
Ajax Rubber Co.
Loose-Wiles Biscuit Co.
American Agricultural Chemical Co. (W. H.) McElwain Co.
Mathieson Alkali Works (Inc.).
American Beet Sugar Co.
Maxwell Motor Co., Inc.
American Brass Co.
May Department Stores Co.
American Malting Co.
Miami Copper Co.
American Pneumatic Service Co.
National Acme Co.
American Radiator Co.
National Lead Co.
American Snuff Co.
Northern Securities Co.
American Steel Foundries Co.
Phelps Dodge Corp.
American Tobacco Co.
American Zinc, Lead & Smelting Co. Prairie Pipe Line Co.
Pratt & Whitney Co.
Anaconda Copper Mining Co.
Atl.. Gulf & west Indies SS. Lines. Procter & Gamble Co.
Republic Iron & Steel Co.
Atlantic Steel Co.
St. Joseph Lead Co.
Babcock & Wilcox Co.
Savage Arms Corp.
Brooklyn Trust Co.
Sears, Roebuck & Co.
Bucyrus Co.
Semet-SolvayCo.
Calumet & Arizona Mining Co.
(J. I.) Case Threshing Machine Co. Shattuck Arizona Copper Co.
Singer Manufacturing Co.
Celluloid Co.
Solar Refining Co.
Chevrolet Motor Co.
Spartan Mills.
Colorado Fuel & Iron Co.
Standard Milling Co.
Continental Motors Corporation.
Standard Oil Co. of Kansas.
Crucible Steel Co. of America.
Standard Oil Co. of Kentucky.
Cuban-American Sugar Co.
Standard Oil Co. of N. Y.
Deere & Co.
Standard Oil Co. of Ohio.
Fajardo Sugar Co.
Swift & Co.
Federal Sugar Refining Co.
Tide Water Oil Co.
Fisher Body Corporation.
Union Bag & Paper Corp.
General Chemical Co.
U. S. Cast Iron Pipe & Foundry Co.
General Motors Corp.
Vacuum Oil Co.
Great Lakes Towing Co.
Wells Fargo & Co.
Gulf States Steel Co.
Westinghouse Air Brake Co. ,
Hart, Schaffner & Marx.
Westinghouse Elec. & Mfg. Co.
Hercules Powder Co.
Hotel Somerset Trust..
Weyman-Bruton Co.
White Motor Co.
Inland Steel Co.
International Mercantile Marine Co. Willys-Overland Co.
Kansas City Stock Yards of Maine. Worthington Pump & Mach'y Corp.
Yale & Towne Mfg. Co.
Kelsey Wheel Co.
Zenith Furnace Co.
Lanston Monotype Machine Co.
Lawyers Title & Trust Co.
y See Public Service Corp. of N. J.
In the statement issued by the New York Central RR.
(see last week's issue) will be found a special ruling by the
Commissioner of Internal Revenue, received by a wellknown trust company, which is of general importance since
it applies to all dividend-paying companies.--V.106, p.294.
Atchison Topeka & Santa Fe Ry.-1917 Dividends.-
Comptroller D. L. Gallup has been sending the following to inquiring
shareholders:
The dividends paid during the calendar year 1917 were made payable,
were declared and attached to stock at close of business as follows:
On Preferred Stock- On Corn. Stk. (all dates in 1917)•
Feb. 1 1917 Aug. 1 1917 Mar. 1 June 1 Sept. 1 Dec. 1
Payable..
Dec. 5 1916 June 5 1917 Jan. 9 April 3 July 3 Oct. 2
Declared
Dec. 29 1916 Juno 29 1917 Jan .31 Apr.30 July31 Nov. 2
Attached
The directors authorized the payment of such dividends "out of surplus
net income," and did not specify that such dividends be paid out of income
of any particular period.
Such dividends were charged against income in the months in which
they were declared, but they were not charged against income for any particular period. The earnings and expense accounts are closed by book entries into profit and loss at the close of the company's fiscal year. The
30th of June 1917 marked the close of one fiscal year, and as of that date
the surplus earnings for the first six months of 1917 were closed on the
books into profit and loss. The company's fiscal year was changed in
Oct. 1917 to close on Dec. 31. The surplus earnings for the last six months
of 1917 will therefore be closed into profit and lass as of Dec. 31 1917.
The company cannot, of course, undertake to advise its stockholders on
the question of law as to how such dividends should be treated in income
tax returns.-V. 105, p. 2271, 1623.
Baltimore & Ohio RR.-Six Months' Loan.-This company has placed a loan of ,000,000 for six months through
Kuhn, Loeb & Co. and Speyer & Co. The loan has been
taken up privately, no public offering being contemplated.
The loan is secured by Reading Co. stock held by the B.& 0.
The borrowing is understood to be in the nature of a time
bank loan with the rate about the same as six months time
money, or about 6%.
Source of 1917 Dividends.The dividend on the preferred and common stocks paid March 1 1917
were charged to 1916 income. The dividend on pref. paid Sept. 1 1917 was
charged to 1917 income and dividend ott common paid Sept. 11917,58 cents
charged to 1916 income and 31 92 charged to 1917 income.-V.106, p. 394.
Bangor(Me.),Railway & Electric Co.-1917 Dividends.
E. W. Clark & Co. of Philadelphia, bankers, who manage the property.
report the source of the 1917 dividends as follows:
Common
1916
Preferred
1917
1917
1916
Dividend.
Dividend.
Earns. Earns.
Earns. Earns.
Feb.
1 1917
75
Jan. 1 1917
$1
$_0_5_0
_
---8
.
6
$0
-May 1 1917
April 1 1917
0 86
$0 89
Aug. 1 1917
0 27
July 1 1917
1 48
0 31
0 19
Nov. 1 1917
Oct. 1 1917
1 75
- -- 0 50
---___Ir. 104, p. 1263.
Bay State Street Ry.-Interest Payments, &c.-Judge
Dodge in the U. S. District Court has authorized Receiver
Wallace B. Donham as follows:
(a) To pay $30,000 principal of mortgage of 13rockton & East Bridgewater Street By. Co., maturing Feb. 11918;
k MiTe pay $39,240 interest due on car trust notes of the company maturing Feb. 11918;
497
(c) To execute permanent equipment 67 notes in exchange for the temporary receipts aggregating $1,308,000 which are dated Aug. 29 1917; and
(d) To settle suits and claims for personal injuries and damages to property arising prior to the appointment of the receiver to an aggregate sum
of $50,000.
Advance of January Interest.The committee representing the holders of 4% Refunding bonds due
1954 of the Boston & Northern St. By. and the Old Colony Street By.
have completed arrangements whereby the amount due on the Jan. 1 1918
coupons will be advanced by the depositary to depositing bondholders.
Although receiver's certificates have been authorized for payment of this
interest the sale of these has been held up, and it has been deemed advisable
to make the foregoing arrangement. Compare V. 106, p. 85.
Wage Agreement.Street car employees of the company have agreed by vote to accept the
'co-operative wage plan settlement' offered oy the receiver, thus averting
a threatened strike.-V. 106, D. 85.
Beech Creek RR.-Source of 1917 Dividends.-
An official circular says:"Under the terms of the lease by the Beech Creek
RR. Co. to the N. Y. Central & Hudson River RR. Co., of which the N. Y.
Central RR. Co. is the successor, certain rental payments are provided.
One of these payments is the guaranty of quarterly dividends at the rate of
4% per annum upon the stock of the Beech Creek Co. The dividend which
was paid in January 1917, was paid by the N. Y. Central RR. Co., direct
to the stockholders of the Beech Creek RR. Co., out of moneys which had
accrued for this purpose during the previous qparter. Therefore, if a payment of rental in the form of a guarantee of dividend is the kind of dividend
covered by the provisions of the Income Tax Law, to which you refer, the
dividend paid in January 1917 was earned in the year 1916. The dividends
paid in April, July and October were paid from moneys accrued during the
first nine months of 1917 and were, therefore, earned during that year.
-V.75, p. 1398.
•
Boston & Lowell RR.-Source of 1917 Dividends.-
The dividend paid Jan. 2 1917 was derived from 1916 earnings, the July
dividend from 1917 earnings. ("Boston News Bureau.")-V.105, p. 1417.
Boston Revere Beach & Lynn RR.-Source 1917 Divs.-
The Jan. 1 1917 dividend was paid out of 1916 earnings, the other 1917
dividends out of 1917 earnings. ("Boston News Bureau.").-V.98,p.1844.
Broadway & 7th Ave. RR. N. Y.-Source of 1917 Divs.The same data applies as for Manhattan By. below.-V. 101, p. 212.
Brooklyn City RR.-Source 1917 Divs.-
Sec.-Treas. Z. E. Watson on Jan. 29 wrote: "The dividend paid on
Jan. 15 1917 was declared on Jan. 2 1917 from the profits or surplus accumulated and derived from the rents accrued under the lease during the
quarter ending Dec. 31 1916. Subsequent dividends paid during 1917
were paid out of 1917 earnings."-V. 105, p. 72.
Buffalo & Susquehanna RR Corp.-1917 Divs.Bankers closely associated with the property inform us that all 1917
dividends on both classes of stock were paid out of 1917 earnings.
New Director.A. A. Jackson, Vice-President Girard Trust Co. of Phila., has been
elected director succeeding the late Edward B. Smith.-V. 104, p. 2183.
Canadian Northern Ry.-Valuation Arbitration.In order to determine the value of the $60,000,000 of common stock
acquired by the Canadian Govt. by recent act of legislature the following
have been appointed a board of arbitrators: Chief Justice Sir William
Meredith of Toronto, representing the Government; Hon. Wallace Nesbitt.
representing the owners and pledgees of the stock; and Mr. Justice Harris of
Halifax, selected by the other two arbitrators. Sittings of the board
commenced in Toronto on Jan. 29. Compare V. 105, p. 2271; V. 106.
p. 188.
Canadian Pacific Ry.-Source of 1917 Dividends.The Jan. and March 1917 dividends were paid out of 1916 earnings and
the three other dividends paid in 1917 were out of 1917 earnings. (Bank
of Montreal.).-V. 106, p. 295.
Capital Traction Co., Washington, D. C.-1917 Divs.
Secretary H. D. Crampton writing Jan. 24 1918 says: The following
dividends were declared and paid during 1917:
Paid onEarnings of- Paid onEarnings ofyear 1916 Oct. 1 1917-13,i%
year 1917
Jan. 1 1917-1j%
April 1 l917-13%
year 1917 Dec. 20 1917-151%
year 1917
July 1 I917-14%
year 19171
One-fifth, therefore, of the amount of the dividends paid during the year
1917 was from profits earned during the year 1916.-V. 105, p. 2183. 1897.
Cayuga & Susquehanna RR.-Source of 1917 Dividends.
Henry R. Taylor, Secret= y, in circular dated Jan. 2 1918 states: "Dividends paid on capital stock Jan. 1 1917 were declared out of earnings for
year ending Dec. 31 1916 and are taxable to stockholders under Federal
income tax law at rates prescribed by Act of Sept.8 1916, but not at rates
prescribed by Act of Oct. 4 1917,. Dividends paid July 1 were declared
out of earnings since Jan. 1 1917.'
Central California Traction Co., San Francisco.Announcement is made in San Francisco that the directors have imposed
an assessment of $5 a share on the 1,000,000 of preferred and 2,675,300
shares of common stock outstanding. This assessment is payable immediately, becomes delinquent Feb. 25, with Mar. 20 as the sale day.
A letter to the shareholders says: "After years of unprofitable uperaton,
due to unjust jitney competition and other reasons, the business has taken
a turn for the better. Jitneys have been regulated, and an agreement between our company and its bondholders has become effective, which reduces their interest demands. Our freight tonnage alone has increased
about 35% over previous years. As a result, for the first 11 months of the
last calendar year, instead of a loss of $88,101 during a corresponding period
in 1916, we show a profit of $6,011.
"We must further increase our earnings. The Government has asked
our assistance in moving freight to and relieving traffic on trunk lines
now under its control. To do this we must increase our equipment, improve our trackage and restore our credit by paying some of the floating
indebtedness. The-e are the reasons that have actuated the board of
directors in levying the 85 assessment."-V. 104. p. 1263.
Central Illinois Public Service Co.-Bonds.This company has petitioned the Illinois P. U. Commission for authority
to issue $500,000 in bonds.-V. 105, p. 72.
Central RR. Co. of N. J.-Source of 1917 Dividends.W. G. Beater, President, in letter to stockholders Feb. 1, says: "Dividends paid as of Feb. 2 1914, Feb. 1 1915, Feb. 1 1916. Feb. 1 1917 and
Feb. 1 1918 were paid out of net income of each of the prior respective
calendar years, and all other dividends paid in the years 1913. 1914, 195,
1916 and 1917 were paid out of net income of the respecitve years."V. 105, p. 2455.
Chattanooga Railway & Light Co.-Strike Off.The strike of the street car employees, in progress for over three months,
failed and on Jan. 25 was declared off.-V. 105, p. 1707. 1522.
Chicago City & Connecting Rys. Collateral Trust.Calendar Years1917.
1916.
1915.
1914.
Dividends received_ _ _ $1,916,831 $1,979,751 $1,704.352 $1,964,771
Interest received, &c__ _
124,020
120,919
110,811
87,255
Gross income
52.040,851 $2,100,670 $1,815,163 $2,052,026
Bond interest
$1.078,315 $1,087,209 $1,094,750 $1.100,000
Bond redemption
105,000
105,000
105,000
General expense,
58,114
61.114
81,347
71,939
Divs. on pref. participation shares (In $)- -($3)750,000(3Yi)812,500 (2)500,000(3 M)875,000
Total deductions_ _ _ _ $2,014,662 52.076.648
Balance, surpins
$26.189
$24.022
$1,757,864
$57,299
$2,036,114
$15.912
498
[VOL. 106.
THE CHRONICLE
Financial Statement Dec. 31 1917.
Sinking fund 5% gold bonds outstanding, 321,677,000 (see list of securities pledged, page 26,"Elec. Ry. Sec.") pref. participation shares, 250,000,
and common participation shares, 150,000 having no par value.
Assets (all pledged to secure bonds)—Stocks (par). Total Issue. Bonds (par).
None
Chicago City Ry
$16,971,900 $18,000,000
None
Calumet & South Chicago By
10,000,000 10,000,000
None
Southern Street Ry
2,400,000
2,400,000
Hammond Whiting & East Chic. Ry_ 1,000,000
1,000,000(a11)1000,000
None
Chicago & Western
72,000
72,000
The current assets were: Cash, $604,240; bills receivable, $267,000; other
investments (at cost), $521,917; accrued int. receivable, $37,844; total,
$1,431,002. Current liabilities: Div. pref. part sh. Jan. 1918 ($1 50).
$375,000; bills payable, $595,000; accrued int. payable, $278,863; reserves,
$23,071; excess current assets over current liabilities, $159,067.—V. 106,
p. 188.
Chicago Burlington & Quincy RR.—Source Extra Divs.
Pres. E. T. Nichols as of Jan. 10 1918 stated that "the company during
the past year paid its regular dividend of 8%, and in addition thereto
paid an extra dividend of 10% in Sept. last from earnings accumulated
prior to March 1 1913."—V. 106, p. 394.
Other Excessive Costs.—Substantial or excessive price increases have also
taken place in costs of freight, taxes, steel, copper, lubricants etc.
Rates.—The rate of fare on the street railways of Columbus, fixed by
ordinance in 1901 and placed in effect April 1 1912, is eight tickets for 25
cents, too low when it went into effect. It now is ruinously low and must
be raised.
Finances.—The financial needs of the Federal Government have destroyed the market for public utility bonds and stocks, and even for short
time notes. The floating debts of the public utilities therefore have increased far above normal levels. We are convinced that all the resources
of the company must be conserved to the utmost in order to restrict and
reduce its floating debt, and provide for its inevitable requirements.
1917 Dividends.—An official circular, dated Feb. 1, says:
The following dividends were declared and paid entirely out of profits
accrued during the year 1916:
Pref. stock, Ser."A', paid Jan.1 1917 Pref. stock, ser."B," paid Feb.1 1917
Prior pref. stock, paid Jan.1 1917 Common stock_ _ _ _paid Feb.1 1917
Subsequent dividends paid in 1917 on all classes of stock were declared
and paid out of profits accrued during the year 1917.—V. 105, p. 2271.
I
I
Commonwealth Power Railway & Light Co.—Dividends Earned, but Because of Abnormal Conditions Paid in
Chicago Milwaukee & St. Paul Ry.—Action on Divi- Scrip on Pref. Stock—None on Common.—President Anton
dends Postponed.—The directors on Thursday postponed G. Hodenpyl in circular dated Jan. 25 says:
indefinitely action on semi-annual dividends due March 1,
The board of directors at meeting held to-day declared a dividend of
usually taken at this time for both classes of stock. Presi% on the preferred stock of record at the close of business Jan. 28 1918.
payable in scrip dated Feb. 1 1918, due on or before Feb. 1 1924, with
dent H.E.Byram is quoted as saying that this does not mean. interest
at 6% per annum, and decided to omit for the present the declarthat the dividend would be passed, but simply that the direc- ation of dividend on the common stock.
construction of necessary extensions and additions to the properties
tors considered it advisable to give the matter further con- of The
the subsidiary companies during the year 1917, all of which were authorsideration, in the light of more complete information regard- ized in the latter part of 1916, contracts entered into and work commenced
to the declaration of war, all of which were made necessary by deing the effect of Government control. There will be another prior
mends for increased facilities, and none of which could thereafter be curmeeting some time in February to take up the matter.
tailed without serious loss to the company, have cost approximately
The payments six months ago were 3%% on the $115,845,800 pref. stock
and 2% on the $117,406,000 common.
Dividend Record of Common Shares Since 1891.
1892. 1893. 1894. '95. '96.1897-1900. '01. '02-'11. '12-'14.'15-16. '17.
6 7 y'ly 5 y'ly 4% 5 4%
4
2
4
4 5 Y'13r
2
The New York "Tribune" yesterday quoted President
Byram as saying in substance:
$11,000,000.
Owing to Government financing and general market conditions the usual
avenues have not been open to the company for financing the cost of such
improvements through the sale of securities, a large amount of which are
available, and while some long time securities have been sold and some
short time securities placed, the company is carrying as current obligations
a large part of the expenditures. The improvements which have been made
during the year will greatly increase the earning capacity of the company.
particularly the installation of two hydro-electric generating stations on
the Au Sable and Manistee Rivers, in Michigan, having 35.000 h. p. capaccity, part of which is now and the remainder of which will presently be
available.
While the earnings are sufficient to pay the usual dividends, nevertheless,
because of the present abnormally high cost of operation and the inadvisability if not impossibility of marketing long time securities, your directors
have felt that the company's net earnings should for the present be conserved and used in place of the moneys usually derived from the sale of'
securities. The usual annual statement is being prepared and will be sent
to stockholders as soon as possible.—V. 106, p. 395.
Government Control.—If the present program for Government control
goes through the company should receive enough to meet dividend requirements. The Government program is not as good as we would wish, but
we shall abide by whatever the Government decides. The figures for 1917
[published to-day; see Earnings Department—Ed. "Chronicle"] will show
that the preferred dividend was barely earned.
Crop Conditions.—While refusing to enter into detailed discussion regarding postponement of dividends, Mr. Dynan talked freely of conditions
in the West. He said this year's corn crop was in great danger of serious
damage unless measures were soon taken to ship the grain to large terminals, where it can be dried out and put in condition for consumption.
Approximately 65% of the 1917 corn crop of the country is still in the
Danbury (Conn.) & Bethel Street Ry.—Committee.—
hands of the farmers and the country dealers. It is in a frozen condition
The below named committee has been formed to represent the interests
and unless steps are taken to have it dried out a warm spell of weather will of the First & Refunding 5% bonds ($339,500 outstanding) due May 11943.
cause much of it to rot. If enough railroad equipment were available the Committee: John McCarthy (Chairman), Danbury, Conn.; Charles E.
situation would not seem so bad.
Graham, New Haven, Conn., and P. LeRoy Harwood, New London.
Rolling Stock.—The recent blizzards in the West has done much toward Conn. See V. 105, p. 2272.
creating tne unfavorable situation in which the road finds itself at the
handicapped
in
the
handling
of
present time. The company is greatly
Delaware & Hudson Co.—Source 1917 Dividends.—
the large volume of business offered it because of the lack of cars and
A circular signed by Treasurer Charles A. Walker Jan. 23 1918 says:
locomotives. This situation s being remedied to some extent by the com- "In accordance with its practice of long standing this company in Decempany's construction program, providing for the construction of about 1,000 ber 1916 declared dividends payable quarterly in 1917. Such dividends
box cars and 2,000 coal cars. Fifteen electric locomotives now in course were declared out of undivided profits or surplus accumulated prior to
of construction will release 15 steam locomotives for that part of the system 1917 and were paid in 1917 without regard to the earnings of 1917. It is
which is not yet electrified. See also "Railroad Earnings" Department impossible, however, to allocate any particular portion of such profits or
on a previous page.
surplus to years prior to 1916, and the net income of the company in 1916
was sufficient in itself for such dividends."—V. 105, p. 2542, 2183.
Source 1917 Divs.
V.-Pres. C. B. Ferry on Jan. 29 wrote:
Delaware Lackawanna & Western RR.-1917 Divs.—
comstock
at
$3
50
a
share
and
on
the
"The dividends on the preferred
A. D. Chambers, Secretary-Treasurer, Jan. 31 writes: "The net cormon stock at $2 50 a share paid Mar. 1 1917, and also on the common stock
for the years 1916 and 1917 was sufficient to pay all dividends
at $2 a share paid Sept. 1 1917, were paid wholly out of the accumulated porate income
which were declared by the company during those years. The dividend
earnings of the year 1916.
declared in Dec. 1916. While it is impossible to
"The preferred dividend at $3 50 a share paid Sept. 1 1917 was $1.143 paid Jan. 20 1917 was earned
which was paid out in dividends in 1917—
a share out of accumulated earnings of 1916, and $2.357 a share out of say when the cash was
whether
partly
wholly in 1916 or partly in the preceding years—
in
1917,
earnings of 1917."—V. 106. p. 394.
it is thought that under the facts stated a stockholder could not be subjected
Chicago & North Western Ry.—Source of 1917 Divs.— to criticism were he to assign dividends to the earnings of the year in which
A. S. Pierce, Treas., advises the "Chronicle" that the Jan. 1917 dividend they were declared.' —V. 105, p. 2542.
was charged to 1916 income and the other quarterly dividends paid in 1917
Denver & Rio Grande 'M.—Receivers Named.—Judge
were charged to 1917 income.
Walter H. Sanborn of St. Paul, presiding Judge of the U. S.
Circuit Court of Appeals, sitting in the Colorado Division
of the U. S. District Court at Denver for Judge Lewis,on
Chicago St. Paul Minn. & Omaha Ry.-1917 Divs.—
L. Brown, Denver, Pres. of the
A. S. Pierce, Treas., advises the "Chronicle" that the Feb. 1917 dividend Jan. 25 appointed Edward
was charged to 1916 income and the Aug. 1917 dividend was charged to D.& R. G. RR., and Alexander R. Baldwin, San Francisco,
income.—V.
104,
p.
2451.
1917
attorney and V.-Pres. of the Western Pacific RR., to serve
Christopher & 10th St. RR., N. Y.—Source of 1917 Divs. as receivers for the Denver & Rio Grande RR.
Reported Loan.—
See Pennsylvania RR. below.—V. 104, p. 1701, 1263, 1257.
The same data applies as for Manhattan By. below.—V. 67, p. 370.
Cities Service Co., N. Y.-1917 Divs.—
L. R. Warren, office manager of bond department of Henry L. Doherty
& Co. fiscal agents for the company, writes on Jan. 25: "The dividends
on the
'Cities Service Co. stock, payable Jan. 1 1917, were paid out of the
earnings of December 1916. All other dividends paid by Cities Service
Co. during 1917 were paid out of the earnings of 1917.—V. 106, p. 394.
Citizens' Street Ry., Muncie, Ind.—Bonds Called.—
Six First,Mtge.6% gold bonds of 1897 of$1,000 each and one of $500, an
aggregate of $6,500, have been called for payment on or before March 1
at 105 and interest.—V. 105, p. 497.
Cleve. Cin. Chicago & St. L. Ry.—Source 1917 Dies.
D. W.Pardee, Sec., as of Jan. 21 1918 writes: "We consider the dividend
paid on Jan. 20 1917 declared Dec. 13 1916 was payable,out of net earnings
for the previous quarter, or for the las. quarter in 1916.'—V. 11,5, p. 2365.
Judge Sanborn on Jan. 24 denied the application of the Equitable Trust
Co. of N. Y. for a dismissal of the application for a receiver by the Elliot
Frog & Switch Co. of East St. Louis, but granted permission to the trust
co. to enter an intervening petition which made it a party to the receivership proceedings. Compare V. 106, p. 395, 295, 188, 85.
The order naming the receivers declared: "The possession, control.
ilcon
R
B.
tiv13h cI
A
'icies
ooldergiro
meirtatiorAtves
d
ef
ettolr
William
11
bar
ed
General of Railroads, is not by this order in any way interfered with or
intended to be interfered with, but all the provisions and directions thereof
are, and are intended to be, subject thereto."
e
uatnirvteimxci.filihethDD.
Appointment of Sub-Depositary in London.—
Dunn, Fisher & Co. announce that they have been appointed a subdepositary for the United Kingdom under the bondholders' deposit agreement dated May 1 1917 for the First Mtge. 30-year gold bonds. A copy
of the circular issued to bondholders by the bondholders' committee can be
obtained from Dunn, Fisher & Co.. 41 Threadneedle St.. E. C. 2.
Columbus (0.) Railway, Power & Light Co.—No
Default—Bondholders' Committee.—Default having been
Dividend on Common Stock at Present due to War Conditions.— made in the Feb. 1 interest on the First Mtge. 5% gold
dividend
of
1
Yi
on
the
The directors have declared the usual quarterly
%
bonds of 1908, the below named committee requests bond"B" pref. stock, payable on Feb. 1, but determined that the conditions do holders to promptly deposit their bonds with the depositary,
not warrant the declaration of a dividend on the common stock.
the Bankers Trust Co., N. Y., or the sub-depositary, the
Digest of Statement by Pres. Samuel G. McMeen, Jan. 23.
The main cause of our inability to continue the usual dividend on the First Trust & Savings Bank, Chicago. See advertisement
common stock was the war and its results, notably:
Fuel—Toe cost of fuel in 1917 was greater than in 1916 by over on another page.
Committee.—Seward Prosser (Chairman), C. Ledyard Blair, E. K.
$600,000, due to three main causes: (1) War prices; (2) greatly increased
freight rates; (3) wide variations in quality, including at times coal of the Boisot, Bertram Cutler, John Henry Hammond, Andrew J. Miller, William
poorest quality, at other times of a good quality entirely unsuited to our Salomon, Joseph H. Seaman, Frederick Strauss. P. W. Jones, Secrestoker equipment. More electricity was generated than in 1916, but it is tary, 16 Wall St., N. Y. Cadwalader, Wickersham & Taft, counsel.
The committee says: "Default has been made in the payment of the
not possible to determine how far the excess cost was due to increased load
and how far to the coal market. There seems to be no prospect of an early interest due Feb. 1 1918, although a surplus over all fixed charges was
earned during the calendar year 1917 and notwithstanding the fact that,
return to the coal conditions prevalent before the war.
In June 1917 action was taken to insure an adequate supply of coal at a other than the Western Pacific judgment which is junior to said bonds, the
reasonable price by purchasing a 25% incerest in certain coal mines in company had no unusual floating debt and its voucher account was not
West Virginia, the other 75% interest being owned by another public beyond the normal amount incident to its going business. It is possible
utility company. The production of good coal at reasonable cost has been that this default may be cured before the expiration of the period of grace
favorable but the Federal Government has commandeered much of the provided in the mortgage, and the committee is using every effort to bring
output of the mines at the fixed Government price for that region,and for about this result. It must, however, be evident to all bondholders that,
coal not so commandeered, it has been difficult to obtain freight cars for if under such circumstances a default is permitted to take place, immediate
delivery to Columbus. In consequence we obtained some good coal at a co-operation for their protection is necessary.
[A press dispatch from San Francisco Jan. 24 said: In order to prMc
high price (though lower than the general market) and received cash for
coal commandeered, with the necessity at times of buying at a still higher its claim against the Denver & Rio Grande Ry., the Western Pacific Co.
price no better coal. By energetic search we have secured supplies of has offered to advance $600,000 to the Rio Grande to enable it to pay the
slack and other coal at favorable prices, but freight cars were wanting to interest on its bonds, due Feb. 1. The offer was made through Directorbring such coal to Columbus in the quantity required.
General of Railroads McAdoo.]—V. 106, p. 395, 295.
C.77
FEB. 2 1918.]
THE CHRONICLE
Duluth Superior Traction Co.-Earnings.
116.
1917.
Cal. Yrs.1917.
1916. I
Tot. oper. rev.$1,621,952 $1,407,511 Gross income_ _ _ _$462,409 $440,342
176,611 172,341
Net, aft. taxes $439,965 $423,425 Interest, &c
60,000
Other income._
22,434
16,917 Pref. divs.(4%) - 60,000
Gross income_ $462,409 $440,342 I Corn. divs. (1%)_ 35,000
'Balance, surplus_$190,798 $208,001
-V. 105, p. 1103.
East St. Louis & Suburban Co.-1917 Dividend.
An official circular dated Feb. 1 says: "Preferred stock dividend No. 12,
paid Feb. 1 1917, was deciarea and paid entirely out of profits accrued
during the year 1916. Preferred dividends Nos. 13 14, and 15, paid May
1, Aug. 1 and Nov. 1 1917, respectively, were declared and paid out of
profits accrued during the year 1917."-V. 104, p. 2338.
Eighth Avenue RR., N. Y.-Source of 1917 Divs.The company informs us that the distribution of dividend rental made
Jan. 1917 was out of the 1916 earnings or rentals and the three other payments of 1917 were out of 1917 earnings.-V. 97, p. 1503.
Erie & Kalamazoo RR.-Source of 1917 Dividends.
C. E. Warren, President, Feb. 1 writes: "For guidance in the preparation of their returns of annual net income, our shareholders are informed
that the sole source of income of this company is the rental from the lessee
company-$30,000 a year (10% of the total capitalization of $300,000).
The income, lass deductions for Federal income and capital stock taxes
and expenses for maintenance of organization, is distributed among the
shareholders each year, the dividends in any one year being derived alone
from the income for that year."-V. 79, p. 1641.
*
499
Interstate Rys., Phila.-Control Co.
See United Power & Transportation Co. below.-V. 106, p. 189. 86.
Kansas City Southern Ry.-Source of 1917 Dividends.
The Jan. 1917 dividend on the pref. stock was paid out of 1916 earnings
and the other quarterly dividends paid in 1917 were from earnings accumulated during that year. (G. C. Hand, Secretary.)-V. 104, p. 1793.
Lewiston Augusta & Waterville St. Ry.-1917 Divis.E. W. Clark & Co., Philadelphia, managers of the property, report the
source of 1917 dividends as follows:
Preferred
Preferred
1917
1916
1917
1916
Earns. Earns.
DividendEarns, Earns.
Dividends
Jan. 31 1917
July 31 1917
$1 50
April 31 1917
Oct. 31 1917
8150
- -'
1 50
-V. 100, P. 1918.
Long Island RR.-Freight Terminals.
The statement published in these columns last week,sent out for revision,
has been returned with the final paragraph deleted. See V. 106, p. 396.
Louisville & Nashville RR.-Source 1917 Divs.E. L. Smithers, Second Vice-Pres., Jan. 30, wrote: "The dividend of
3ii% paid on Feb. 10 1917, was declared at board meeting held Dec. 21
1916; and the dividend, also 33%, paid Aug. 10 1917, was declared at
board meeting held June 21 1917. The dividends above referred to were
charged to profit and loss account, to which account the income is annually
credited."-V. 106, p. 396.
Lynchburg (Va.) Traction & Light Co.-Fares.
42nd St. & Grand St. Ferry RR., N. Y.-1917 Divs.This company has applied to the Virginia authorities for authority to
The same data applies as for Manhattan By. below.-V.55, p. 215. discontinue the sale of six tickets for 25 cents and 16 school tickets for 50
cents and to establish a straight five cent fare.-V.92, p. 1500.
Gary Street Ry.-Approval of Stocks and Bonds.
Manhattan Ry., N. Y.-Source of 1917 Dividends.
The Indiana P. S. Commission has authorized this company, successor
by reorganization (V. 106, p. 295) of the Gary & Interurban By. and the
An officer of the Interborough Rapia Transit Co. informs us that the
East Chicago Street By. to issue $365,000 6% non-cumulative pref. stock distribution of dividend rental made for Jan. 1 1917 was out of 1916 earnings
at 90, $365,500 common stock at 75, $125,000 5% First Mtge. bonds at or rental and the three other payments of 1917 were distributions from
85 and $800,000 5% Debenture gold bonds at 75-all in payment for the earnings of 1917.-V. 133, p. 1210.
33-mile line and equipment of the predecessor companies operating in the
Massachusetts Electric Cos.-Bond Interest.
cities of Gary, East Chicago and Hammond, Ind.
In its petition the company sought permission to issue $375,000 of First
See Bay State Street Ry. above.-V. 106, p. 86.
Mtge. bonds, $800,000 of debentures, $437,500 pref. stock and $1,500,000
Michigan Central RR.-Source of 1917 Dividends.
common.-V. 105, p. 1309.
H. G. Snelling as of Jan. 21 1918 writes: 'The dividend of 2% paid
Grand Rapids Ry.-Source 1917 Dividends.
Jan. 29 1917 was disbursed from profits earned during fiscal year ended
An official circular dated Feb. 1 says: "Preferred stock dividend No.65
Dec. 311916. The dividend of 2% payable July 28 1917 was paid out of
paid Feb. 1 1917, was declared and paid entirely out of profits accrued 1917 earnings."-V. 104, p. 1899.
during the year 1916, preferred stock dividends Nos. 66, 67 and 68 paid
May 1, Aug. 1 and Nov. 1 1917, respectively, were declared and paid out
Middle West Utilities Co.-1917 Dividends.
of profits accrued during the year 1917. -V. 106, p. 395.
Treasurer R. W. Waite Jan. 24 wrote: "When these various dividends
were authorized by our board of directors they were ordered paid out of
Green Bay & Western RR.-Distribution on Class B the
suplus earnings of the company, and without any reference as to the
Debentures Reduced.-The directors have declared a distri- year from which these earnings were accumulated."-V. 105. p. 1313.
bution of Xi of 1% on the $7,000,000 Class B debentures
Minneapolis St. Paul & Sault Ste. Marie.-1917 Divs.
(comparing with 1%in Feb. 1917 and 5/ of 1% in Feb. 1916),
The company's advertisement published at the time announcing the
payable out of the net earnings for the year 1917, at 40 Wall semi-annual dividends of 3
each, Nos. 28 and 29, paid April 16 1917
and Oct. 15 1917 on both the preferred and common stocks, stated that
St., Feb. 8, to holders of record Feb. 5.
board March 13 and Aug. 29 1917, respectively,
they
were
declared
by
the
Div. Rec.'01.-02-'04. '05-'07. '08.'09.'10.'11.'12.'13.'14.'15.'16.'17.'18 "out of the surplus earnings of the calendar year 1916."-V. 104, p. 1899.
"A" deb. 3 4 y'lY. 5 Y.IY. 5 5 5 5 5 5 5 5 5 5 5
3 4 y'ly. 5 y'ly. 5 5 5 5 5 5 5 5 5 5 5
Stock
New Mexico Central RR.-Foreclosure Sale.
%MIX
"B" deb.
Special Master Lorin C. Collins will sell at public auction at the Santa
The usual 5% on the $2,500,000 stock and $600,000 'A" debentures Fe County (N. Mex.) court house on Feb. 5 the property of this company
was also declared.-V.106, P. 395.
in one parcel. Upset price $150,000. See New Mexico Central Railway
below.-V. 106, p. 189.
Greenville & Western RR.-Sale Postponed.
The sale of this property, extending 23 miles from Greenville to River
New Mexico Central Ry.-Stock Increase.
Falls, S. C., has been postponed until Feb. 4 at Greenville. Upset price,
This company,successor of the railroad company,oflike name, incorpo$100,000.-V. 105. p. 997.
rated in Dela. Jan. 3 1918 with $500,000 authorized capital stock, has
notice of an increase in its stock to $2,500,000. See New Mexico
Havana Electric Ry., Light & Power Co.-1917 Divs.- filed
Central RR. above. See V. 106, p. 189.
Secretary-Treasurer 11. ICraemer, Jan. 25, writes in substance:
The following dividends were paid in the calendar year 1917:
New York & Harlem RR.-Source of 1917 Dividends.
(1) Out of the net profits as of March 31 1917, declared April 12 1917,
An official circular says:" The N. Y. & Harlem RR. consists of two
payable May 15 1917, to stockholders of record at the close of business
or street car
on April 25 1917; (a) a semi-annual dividend of 3% on the preferred stock; parts; one, the steam line, so-called, and the other the city line and
the city
line. The steam line is leased to the N. Y. Central RR. Co.
(b) a dividend of 3% on the common stock.
St. Ry.Co. Under the
(2) Out of the net profits as of Sept. 30 1917, earned from April 1 1917 line is leased to what was formerly the Metropolitan
N. Y. Central RR., certain rental payments are
to Sept. 30 declared on Oct. 11 1917, payable on Nov. 15 1917 to stock- terms of the lease to the payments
is the guaranty of a dividend of 10%
holders of record at the close of business on Oct. 25 1917; (a) A semi-an- provided. One of these
company.
nual dividend of $3 a share on the preferred stock; (b) A dividend of $3 a upon the stock of the Harlem
paid
in
Jan.
1917, was paid by the N. Y. Central
dividend
which
was
The
-V.
104,
p.
2452.
stock.
common
the
share on
RR. Co. direct to the stockholders of the Harlem Co. out of moneys which
had accrued for this purpose during the previous six months. Therefore,
Hocking Valley Ry.-Source 1917 Dividends.
in the form of a guaranty of dividend is the kind of
An officer of the company states that none of the dividends paid during if a payment of rental
by the provisions of the Income Tax Law, to which you
the calendar year 1917 came from earnings of previous years.-V. 105. dividend covered
refer, the dividend paid in Jan. 1917, was earned during 1916. The divi2542.
dend paid in July 1917 was paid from moneys accrued during the first six
months of 1917, and was, therefore, earned during that year.
Illinois Central RR.-Redemption of Excess Fares.As to the street car lease, we are unable to give you any information as
below.
Fares"
"Passenger
See
to how the street car company gets the money to pay its rent. It sends a
Treasurer.
New
check every six months to the Harlem Co. for the payment of the rent.
R. E. Connolly has been appointed Treasurer, succeeding A. J. Wykes, The dividend which was paid in April 1917, of 2%, was paid from the prodeceased. II. M. Risely succeeds Mr. Connolly as A.ssistant Treasurer. ceeds of a check received from the street car company covering the six
months ended March 31 1917."-V. 100, p. 734.
-V. 106, p. 395, 296.
Indianapolis Traction & Terminal Co.-Appeal.
New York New Haven & Hartford RR.-Fuel Saving.
This company on Jan. 22 filed its appeal from the judgment of the Marion
The "Railway Age," in its issue of Jan. 25, describes the company's;
County (Ind.) Circuit Court denying it a writ of thandate against the pub- estimated saving of over $1,000.000 in fuel per annum by economies eflic Service Commission of Indiana, to require the Commission to hear fected through supervision of locomotives on the road and at the terminals.
the company's petition for an increase in its rate of fares in the operation -V. 106, p. 396, 189.
of its railroad in the City of Indianapolis. Compare V. 106. D. 189.
-Source of 1917 Dividends.
New York State Railways.
Interborough Rapid Transit Co.
-Earnings, dec.The dividend paid Jan. 2 1917 was paid from earnings accumulated
-Month of December.- Six Mos. Ended Dec. 31. prior to Dec. 31 1916. Dividends paid April 2, July 2 and Oct. 1 1917 were
1917.
1916.
from 1917 earnings. (M. S. Barger, Treasurer.)-V. 105, p. 1708.
1917.
1916.
Gross oper. revenues_ _ _ $3,740,928 $3,634,246 $19,669,016 $19,323,024
Operating expenses_ _ _ _ 1,726,897
1,496,234
9,200,950
New York Transit Co.-New Director.
7,801,551
D. M.Sachs has been elected a director to succeed James M.Sloan. At
$2,014,031 $2,138,012 $10,468,066 $11,221,473 a meeting of the board Mr.Sloan was elected Gen. Mgr.-V.105, p. 2189.
Net earnings
349,135
Taxes
244,367
1,893,763
1,376,928
Ninth Avenue RR., N. Y.-Source of 1917 Divs.Operating income__ _ _ $1,664,895 $1,893,645 $8,574,303 $9,844,545
The same applies as for Eighth Avenue RR. above.-V. 55, p. 255.
-operating
income__
53,435
Non
50,610
261,002
256,744
Norfolk & Western Ry.-Source 1917 Dividends.
Gross income
$1,718,330 $1,944,255 $8,835,305 $10,101,2e9
Treasurer E. H. Alden in circular of Jan. 29 1918 says:
xCredit under Contract
Dividends on the adjustment preferred stock are paid quarterly in
152,135
No. 3
13,904
1,181,012
93,316
February May. August and November to stockholders of record on the
day of the preceding months, and with the exception of the
$1,870,465 $1,958,159 $10,316,317 $10,194,605 last business
Total
February dividend are paid out of earnings of the then current year. The
Int., rentals, &c., incl.
is charged to the income of the preceding calendar
dividend
Manhattan guarantee 1,102,031
February
999,132
6,482,085
5,973,773
year, because it is declared in December out of earnings accumulated to
that time.
Net income (incl. ac8768,434
cruals)
Dividends on the company's common stock are paid quarterly in March.
$959,027 $3,534,232 $4,220.832
Operating per cent
46.16%
41.17%
46.78%
41.01% June, September and December to stockholders of record on the last busiRev, passengers carried_ 70,925,644 69,722,910 374,653,402 365,177,698 ness day of the preceding months. The act of incorporation provides
that: "Dividends on the common stock may be declared and paid out of
x This item consists of "accruals under the provisions of contract No. 3 any surplus net profits remaining from any previous fiscal year or years,
and related certificates which under these agreements with the city are for which the full dividends at the rate of 4% per annum shall have been
paid on the adjustment preferred stock, but no dividends shall be paid on
payable from future earnings."
the common stock out of surplus net profits of any year for which the full
Source of 1917 Dividends.dividends shall not have been paid on the adjustment preferred stock."
The company informs us that the dividend of Jan. 1917 was paid out
The undivided profits or surplus accumulated in the calendar year 1916
of 1916 receipts, the other 1917 payments out or 1917 earnings.
were more than sufficient to pay the common stock dividends paid in the
A snore detailed official statement says: "The declaration of the several calendar year 1917, and, under Section 31 (b) of the Federal Income Tax
dividends paid during the year 1917 do not disclose the particular source Law of Sept. 8 1916, as amended, such dividends are deemed to have been
from which the payment was made other than that the disbursement was paid from the surplus of the year 1916.
from 'accumulated surplus earnings. As a matter of fact, the first diviTenders.from earnings received by
dend paid to stockholders on Jan. 2 1917 wasm
The Girard Trust Co., Phila., as trustee, will until Feb. 5 receive tenders
the corporation during the year 1916 ,and it may 'properly be assumed that
dividend
payments
of
other
1917
for
the sale of $335,986 Pocahontas Joint 4% bonds (Pocahontas Coa)
were
three
from
the
earnings of the
the
Lands Purchase Money First Mtge.).-V. 106, p. 190.
year 1917."-V. 106, p. 395, 296.
500
THE CHRONICLE
[VoL. 106.
Northern Electric Ry., California.—New Plan.—Judge
Public Service Corporation of N. J.—Source of 1917
M. T. Dooling in the U. S. Court at San Francisco Jan. 24 Dividends Paid by the Corporation and Its Underlying Co's.—
decided against the contention of two holders of the underAn official circular which is being issued to-day, we are informed, states
that there was paid (a) from earnings of 1916 the March 30 dividend of
lying bonds that they should be allowed better terms than $2
(2%), the June 30 $2 and $1 99 of the $2 paid Sept. 29. (b) From the
were accorded them by the new reorganization plan, and earnings
of 1917 the remaining one cent of the $2 distribution on Sept. 29
and the December dividend $2.
thus upheld the validity of the "underlying" issue.
Treasurer T. W.Middlesworth, writing Jan. 31, favors the "Chronicle"
The 'San Francisco Chronicle" said in substance:
with the following table showing dividends paid per share during 1917
Proceeds from the sale are planned to be distributed as follows: 16% to
the holders of $6.000,000 of overlying bonds; 59% to the holders of $3,800,000 of underlying bonds on the main line; 123 % to the holders of
$750,000 in bonds on the Sacramento & Woodland branch, and 12%%
to the holders of the $750,000 bonds on the Marysville & Colusa branch.
Receiver John P. Coghlan. Pres. C. M. Levey of the Western Pacific RR.,
and John S. Drum, Vice-Chairman of the reorganization committee, were
the principal witnesses. Although the property is reported to have cost in
excess of $12,000,000, Levey testified he offered the reorganization committee $3,200,000 for the property recently, but said he did not know whether
his company would be a bidder at the sale. The committee, he said, had
no authority to accept his offer.
Receiver Coghlan testified that the gross earnings of 1917 were $1,000,500,
compared with $801,000 in 1914, when he first took charge, and the
physical condition of the road has been put in first-class order. When a
receiver was appointed the physical property was described as badly in
need of repairs. The fact that much of the earnings of 1914 has had to go
in making repairs that should have been made years previous accounts for
the fact that the net earnings of 1914 were only $7,000, compared to more
than $200,000 in 1917, Coglalan added. The receipts from freight hauled
Increased 70% in 1917 over 1914, he testified. He added that the stiffest
kind of competition exists from other railroads, as well as from river steamboat companies.—V. 105, p. 1420. 1618.
by the underlying companies, together with proportion paid from surplus
accrued during the years 1916 and 1917:
Divs. per Share Paid During 1917. Dividend. Earns. 1916. Earns. 1917.
Consolidated Traction Co. of N. J_ _ _ _34.00
$21:38070755
$2 00
Eliz.& Trenton
re
RR.Co. pref. shares__ 2.50
.625
Common shares
1.75
.375
Essex & Hudson Gas Co
7.33
8.00
.67
Gas & Electric Co.of Bergen County
2.50
5.00
2.50
Hudson County Gas Co
7.33
8.00
.67
Newark Consolidated Gas Co
5.00
2.50
2.50
N. J. & Hudson River'pref. shares.._ 6.00
3.50
2.50
R.& F. Co
(common shares 6.00
3.00
.3
.1...
.0
60
6
Orge
an & Passaic Valley Ry. Co
1.80
1.50
.30
Paterson & Passaic Gas & Elec. Co__ _ 5.00
4.58
.42
Rapid Transit
ra
St. Ry. Co
11.75
Ridgewood Gas Co
111..7005
2.00
Riverside Traction Co., pref. shares__ 2.50
1.875
.625
Common shares
.946
1.25
.304
Shore Lighting Co
3.75
5.00
1.25
Somerset Union & Middlesex Ltg. Co_ 4.00
.33
3.67
South Jersey Gas, Elec. & Trac. Co..
8.00
.67
7.33
United Electric Co. of N. J
2.50
5.00
2.50
Reduction in Standard of Gas in Leading Cities.—
Northern Pacific Ry.—Source of 1917 Dividends.—
An official circular dated Feb. 1 1918 says: "Dividend No. 77, paid
Feb. 1 1917, was declared on Dec. 11 1916, from net revenues which accrued in the calendar year 1916 and were the most recently accumulated
undivided profits and surplus. The other three quarterly dividends
paid during 1917 were declared from net revenues accrued in the year 1917."
V. 106. p. 190.
Northern Pacific Term. Co. of Oregon.—Bonds Called.
Forty-four ($44,000) 1st Mtge. 6% gold bonds, due Jan. 1 1933, have
been drawn for redemption at 110 and int. on Feb. 7 at the Farmers Loan
& Trust Co., Now York. The outstanding amount on this issue in Jan.
1918 was $2,737,000.—V. 105, p. 294.
Northern Securities Co.—Source of 1917 Dividends.—
N. Terhune, Sec.-Treas., in Jan. 1918 stated tnat the dividend of 3%%
paid Jan. 10 1917 on the capital stock was declared on Dec. 15 1916 out
of the net revenue to holders of record Dec. 30 1C16.—V. 106, p. 294.
Old Colony Street Ry.—Jan. 1 Bond Interest.—
See Bay State Street; Ry. above.—V. 105, p. 1105.
Orleans-Kenner Electric Ry.—Sold.—
This property, extending 16 miles from New Orleans to Kenner, La., was
purchased at foreclosure sale on Jan. 15 for $225,000 by J. Blanc Monroe
on behalf of the bondholders. See V. 106, p. 86.
Passenger Fares.—Redemption by Illinois RR. Cos.—
As a consequence of the recent decision (V. 106, p. 296) of the United
States Supreme Court establishing a maximum rate of 2 cents per mile,
the following has been announced: "Commencing at midnight Jan. 26
the railroads will receive for redemption the coupons evidencing the payment of excess fare." See V. 106, p. 296.
See Public Service Gas Co. under "Industrials" below.—V. 106, p.190,87.
Quebec Ry., Light, Heat & Power Co.—New Director.—
Thomas J. Stewart has been elected a director, representing Ontario
interests.—V. 105, p. 1705.
Railway & Light Securities Co., Boston.-1917 Divs.—
Official circular to shareholders says: "The preferred dividend of this
company paid Feb. 1 1917 was from net undivided profits, 2-5 accumulated in the calendar year 1916, 3-5 from 1917 earnings. The common
dividend paid Feb. 1 1917 was from net undivided profits accumulated in
the calendar year 1916. Subsequent dividends on both kinds of stock,paid
during 1917 were from accumulated earnings of the year 1917.' —V.
102, p. 1061.
Rites.—Canadian Rate Increase Indefinitely Postponed.—
The general increase of 15% in railway rates ordered by the Board of
Railway Commissioners to go into effect on Feb. 1 has been indefinLely
postponed as the outcome of the protests made by the representatives of
the Governments of Manitoba, Saskatchewan and Alberta. The advanced
rate was to have been 3.45 cents per mile.—V. 106,. p. 397.
Reading Company.—Source of 1917 Dividends.—
H. E. Paisley, Treasurer, states that
paid between July 1
1917 and Dec. 31 1917 were from the surplus for the six months endine
Dec. 31 1916 and the dividends paid between Jan. 1 1917 and June 30 191w
were from the surplus for the year ending June 30 1916."—V. 105, p. 2543.
Savannah Hinesville & Western RR.—Sold.—
Press reports state that this company,operating five miles of line between Hinesville and McIntosh, Ga.. has been sold to the Hunlevie Lumber Co. which has been operating the line.
Sixth Avenue RR., N. Y.—Source of 1917 Divs.—
The same applies as for Eighth Ave. RR.above.—V.88, p. 946.
Pennsylvania RR.—Line to Indianapolis—Loan.—
This company is completing a new 41 mile line entering Indianapolis
at a cost of over $4,500,000 thus giving the Pennsylvania System a complete line from Chicago to Indianapolis. A separate corporation, The
Indianapolis & Frankfort Railroad is building the road. A description
of the new facilities appears in the Jan. 25 issue of the "Railway Age."
Philadelphia advices state that the shareholders will be asked at the
annual meeting on March 12 to repeat their action of a year ago by giving
their approval to an increase in the authorized indebtedness of the company to the extent of $75,000,000 (compare V. 104, p. 164). This will
enable the management, with the consent of the Director-General of Railroads, to provide as may be necessary for capital requirements, including
maturing obligations. It was currently reported this week that the company had arranged, or was negotiating, for a short-term loan, but the
statement that the amount was or would be $5,000,000 and the basis about
5%% was pronounced incorrect in details. The Chicago & North Western
was also reported to have obtained a similar loan, but in this case, to ono,
definite announcement was forthcoming.
Subsidiary Company Stock Increase—Plan.—
Spokane & Inland Empire RR.—Fare Increases.—
This company and the Washington Water Power Co. have filed with
the Washington P. S. Commission a new fare schedule providing that
school tickets shall be four cents each and that the general sale of 11 tickets
for 50 cents and 110 tickets for $5 shall be discontinued.—V. 105, p. 1999.
Toledo Traction Light & Power Co.—Sub. Co. Stock.—
See Acme Power Co. under "Industrials" below.—V. 106, p: 397, 297.
•
Twenty-Third St. Ry. N. Y.—Source 1917 Divs.—
The same data apples as to Manhattan Ry. above.—V. 100, p. 2168.
United Power & Transportation Co.—Dividend.—
The directors have declared a semi-annual dividend of $1 32 per share,
payable Jan. 30 on stock of record Jan. 15. This compares with $1 23
a share paid six months ago.—V. 106, p. 87.
United Rys. Co., St. Louis.—Receivership—Litigation.—
Motion for the dismissal of the suit seeking receivership for the company
filed by J. W. Seaman, has been asked for in the U. S. District Court at
St. Louis by the company and other defendants. The company mainPhiladelphia Rapid Transit Co.—
The voting trustees have notified stockholders that they are requested tains that Seaman alleges no valid cause for naming a receiver.—V.
to indicate how they desire their shares to be voted at the meeting Feb. 8. 106. p. 191.
for approval of the transit lease agreement. In the notification, the voting
Vandalia RR.—Source of 1917 Dividends.—
trustees—Arthur S. Newbold, George II. McFadden and William P. Oust—
See Pittsburgh Cincinnati Chicago & St.Louls RR.above.—V.104,p.1892
say: "In a matter which is to affect your interest so vitally and for so long
a period, we wish from you an expression of your desires."
Virginia Railway & Power Co.—Source 1917 Divs.—
Wurts, Dulles & Co., Philadelphia, have sent a letter to the holders of
Treasurer G. B. Williams on Jan. 28 wrote: "Dividends on the prevoting trust certificates opposing the adoption of the proposed agreement ferred
and common stock paid during the year 1917 were not paid from the
on the ground that it is detrimental to the interests of the certificate earnings
of any particular period but were paid from the net surplus of the
holders—V. 106, p. 296.
company."—V. 106, p. 191.
See Pittsburgh Fort Wayne & Chicago Ry. below.—V. 106, p. 397, 190.
Philadelphia & Western Ry.—New Directors.—
W. Barklie Henry, Edward F. Beale and Charles H. Bean have been
elected directors to succeed Edward B. Smith, deceased, and George R.
Sheldon and 0. Trowbridge Hollister of New York,resigned.—V.105,p.1202.
Pittsb. Cin. Chicago & St. L. RR.—Source 1917 Divs.—
T. H. B. McKnight, Treas., in letter to stockholders Jan. 2 1918 says:
"Dividends paid Jan. lb on pref. and common stock of the Railway company and on Vandal's RR. stock were declared from not profits accumulated in 1916. Dividend No. 1 of 2;-6% on stock of present company,
paid Aug. 30 1017, was declared from 1917 surplus."—V. 105, p. 2543.
Pittsburgh Fort Wayne & Chicago Ry.—Stock Increase.
—This company has filed a certificate with the Secretary of
State for Illinois increasing the authorized capital stock
from $72,150,000 to $100,000,000. See plan for capital readjustment, &c., in V. 105, p. 716, 2095.
The plan, duly approved Oct. 17 last, provided for (1) the renaming of
the $52,436,300 "Guaranteed Special Stock" as "common stock" and the
$19,714,286 "Original" (or "General") 7% guaranteed stock as "preferred stock"; (2) increasing the limit of capital stock to 3100.000.000,
thus permitting the issuance from time to time as required for future improvements and additions of $27,849,414 additional common stock, with
dividends payable under lease at such rate as shall be fixed at time of issue;
(3) the distribution of fund of $1,300,000, after meeting expenses of recapitalization, to all stockholders other than Pennsylvania RR. and Pennsylvania Co.—V. 105, p. 2095.
Wages.—Appointment of Railroad Wage Commission.—
See general news page 365 in last week's issue.—V. 106, p. 191.
Washington Water Power Co.—Fare Increase.—
See Spokane & Inland Empire RR.above.—V. 106, p. 398.
Western Pacific RR.—
See Denver & Rio Grande RR. above.—V. 106, p. 192, 88.
Wisconsin Central Ry.—Notes Paid Off.—
The $1,000,000 3-year 5% gold notes dated Feb. 1 1915 and guaranteed
by the Minn. St. Paul & Sault Ste. Marie Ry., which were offered by Wm. A.
Read & Co. in 1915, were paid off yesterday at par and Int.—V.104.p. 1900
INDUSTRIAL AND MISCELLANEOUS.
Acceptance Corporation.—Source of 1917 Dividends, ctc.
Assistant Treasurer Robert II. Montgomery in circular of Dec. 24 1917
says: "The stock dividend declared on May 14 1917 was paid entirely
out of 1916 earnings; also two-thirds, $1 16 2-3 per share, of the cash dividend paid on Feb. 15 1917 is applicable to the earnings of 1916, and onethird 58 1-3% per share to earnings of 1917."
Capital, $800,000. R. A. Rainey is President; R. M. Owen, VicePresident; Henry Bennett Leary, Secretary and Counsel, and John Farson,
Treasurer. Office, 55 Liberty Street, N. Y.
Acme Power Co., Toledo, 0.—Stock Increase.—
Pittsburgh & Lake Erie RR.—Source of 1917 Dividends.
This company operating the new power plant of the Toledo Traction
Light & Power Co. has increased the authorized capital stock from $500,000
to $3,200,000. See V. 106, p. 298.
Portland(Me.),Railway Co.—Source of 1917 Dividend.—
Treasurer Harold W. Stimpson Jan. 26 writes: "We consider all dividends paid during the year 1917, were earned during the calendar year of
1917. In order words, they, were paid out of the profits of the year in
which they were distributed.'—V. 105, P. 291.
Pottstown & Phoenixville Traction Co.—Rates.—
Treasurer Thomas A. Doe, Jan. 30, wrote: "The quarterly dividends on
the stock paid in Jan.'and April 1917, were paid out of surplus. The
quarterly dividends paid in July and Oct. 1917, were paid out of the profits
of the calendar year 1917."—V. 105, p. 1899.
W. M. Doulin, Treasurer, writes the "Chronicle" that the dividend paid
Feb. 1 1917 was from earnings of the last 6 months of 1916 and the dividend
paid Aug. I 1917 was from earnings of the first 6 months of 1917.—V.
105, p. 1105.
E. W. Clark &
Philadelphia, who manage the property, report that
the dividend paid Co..
Feb. 11917, was paid 5-6th from earnings accrued during
1916 and 1-6th from 1917 earnings. The Aug. 1 1917 dividend was paid
entirely from 1917 earnings.—V. 104, p. 2236.
This company has filed notice with the Penna. P. S. Commission of an
Increase to six cents for fares, effective Feb. 4.—V. 105, p. 1105.
Ajax Rubber Co.—Source 1917 Dividends.—
American Agricultural Chemical Co.-1917 Divs.—
•
American Beet Sugar Co.An official circular, dated Jan. 31, says:
Of the extra common stock dividend of $12 per share, paid Mar. 1 1917,
$1 24 per share was from surplus earnings accumulated in 1917, and $10 76
per share was from stirplus earnings accumulated in 1916. The four
quarterly dividends on the common stock, of $2 each per share, payable on
April 30 1917, July 31 1917, Oct. 31 1917 and Jan. 31 1918, were from
surplus earnings accumulated in 1916.
The four quarterly dividends on the preferred stock, of $1 50 each per
share, payable on April 2 1917, July 2 1917, Oct. 1 191/ and Dec. 31 1917,
were from surplus earnings accumulated in 1917.-V. 106. D. 398.
American Brass Co.-Source of 1917 Divs.-Report.-
John T. Elton, Treasurer, in circular dated Jan. 25 says that dividend
paid Fob. 15 1917 was paid out of net profits accumulated in 1916 and the
other dividends paid in 1917 were from 1917 earnings.
1914.
1915.
1916.
Calendar Years1917.
Net earnings
$7,109,177 $10,991,670 $6,128,453 $1,450,347
Dividends paid_ -(443,i%)6,675,000(25)3750,000(13)1950,000 (6)900,000
$434,177 $7,241,670 $4,178,453
Balance Sheet Dec. 31.
1917.
1916.
1917.
Liabilities$
AssetsCapital stock_15,000,000
Real est., machinery,&c518,936,878 13,640,869 Current accts.
payable__ _ _ 1,705,694
Cash
1,750,165 6,213,914
Bills&accts.ree 8,278,476 9,423,610 Res've for contingencles__ 4,000,000
Wood Land.._
184,638
202,768
Res.for taxes_ 5,000,000
Stocks & bonds
13,344,676
owned
2,083,032 1,343,021 Surplus
Patents
1,000 Net earnings
1,000
for year.. __ 7,109,177
Merchandise _14.907,227 10,118,515
Total
46,159,546
Total
46.159,546 40,925,568
$550,347
Balance, surplus
1916.
$
15,000,000
1,905,893
4,000,000
O.:ca.:668
10,991,670
40,925,568
* Includes in 1917 real estate, nrichinery and tools, 313,640,869 and
amount expended for permanent improvements, including all real estate
and Buffalo property 38,796,008, less $3,500,000 charged off for depreciation.-V. 106, p. 398.
American District Telegraph Co., of N. Y.-1917 Divs.
Auditor J. L. Hamar on Jan. 28 wrote to the "Chronicle:" "Regarding
the payment of dividends during the year 1917, I beg to advise you that
two payments of 1% each were made as follows: Jan. 15 1917 from net
income for the year ended Dec. 31 1916, $38,391; Jul 16 1917 from net
income for the six months ended June 30 1917, $38.391."-V. 104, p. 2229.
American Druggists' Syndicate, Long Island City,
N. Y.-Earnings for Calendar Years.-Press reports show:
Calendar YearsNet profits
Dividends & other charges
501
THE CHRONICLE
FEB. 2 1918.]
1917.
$416,748
501,052
1916. Inc. or Dec.
$414,369
+$2,379
303,225
+197,827
def.$84,304sur.$111,144 -$195,448
Balance, surplus or deficit
The net surplus, Dec. 31 1917, was $701,536, against $785,840, as of
Dec. 31 1916.
American Gas & Electric Co.-Correction.--
6.83%, a block of this company's First Lien 6% gold bonds.
due Dec. 1 1942, the total outstanding amount being $2,171,100. Int. J. & D. Red. at 105 and int. A circular shows:
The bonds are secured by first lien (through pledge of entire capita
stocks, bonds and notes) on .all the properties of constituent companies.
The company has gas, electric light and other public utility properties in
16 cities and towns in Texas and Oklahoma. These communities are
situated in rapidly growing sections and have a present total population,
of 85,000.
Earnings for the Calendar Year 1917 (2 Months Estimated).
Gross earnings
$882,136Net earnings
314,361
Annual interest on first lien bonds requires
130,266'
-V. 104, p. 1491. 1389.
American Public Utilities Co.-1917 Dividends.Secretary Blaine Gavett writes: "1917 dividends were paid out of current earnings."-V. 105, p. 2270.
American Radiator Co.-Source of 1917 Dividends.R. J. Hamilton, Secretary, Jan. 26 1918, in letter to stockholders, says
in substance: "The cash dividends paid Feb. 15 1917 on the pref. stock
and March 31 1917 on the common stock were declared from net profits
accumulated in 1916. The other cash dividends paid in 1917 may be considered as having been paid from earnings accumulated in 1917.
Dividend in Liberty Bonds.The directors have declared an extra dividend of $4 a share on the common stock, payable in Second Liberty Loan bonds, in addition to the.
regular quarterly dividend of $3 a share, both payable March 30 to holdersof recent March 21.
The company also declared the regular quarterly dividend of 1 % on
its preferred stock, payable Feb. 15 to holders of record Feb. 6.
The Liberty bond dividend is payable at par and will include interest.
Such adjustment as may be necessary to perfect payment in proper amounts
will be made in war savings certificates and thrift stamps.-V.105. p.911
American Snuff Co.-Source 1917 Dividends.An official circular dated Jan. 12 says in substance:
"The dividends paid on the preferred and common stock Jan. 2 1917 were
paid from undivided profits or surplus on hand Dec. 31 1916 without any
specific direction for their payment out of earnings of any particular period.
The earnings of 1916 were sufficient for these dividenes as well as all other*
dividends declared in 1916.
"The dividends paid on the preferred stock on April 2. July 2 and Oct.
1 1917 and on the common stock cn Oct. 1 1917 were paid from undivided
profits or surplus on hand at the times those dividends were paid respectively without any specific direction by the board of directors for their
payment out of earnings of any particular period. The earnings or profits
of 1917 were sufficient at the times those dividends were paid for them Ur
have been paid from such earnings.
"The dividends paid on April 2 and July 2 1917 on the common stock
were paid by specific order of the board ofdirectotrs of the company from
earnings or profits accrued prior to March 1 1913 and the books of this company show these payments to have been so made."-V. 105, p. 2274.
American Steel Foundries.-Source 1917 Divs.An officer of the company writes that all 1917 dividends were paid from
1917 earnings.-V. 105. p. 1803.
Statistics regarding the subsidiary properties of the American Gas Co.
American Tobacco Co.-Source 1917 Dividends.of Phila. were published last week in error under the heading of the American Gas & Electric Co.
A circular signed by the Treasurer says in brief:
Wm. A. Read & Co. are making an offering of American Gas & Electric
The resolutions of our board of directors declaring dividends do not
6% Secured gold notes and a description of that issue appeared in these designate the particular surplus from which the dividend is declared. Our
columns in V. 106, p. 298, 192.
izpilcighe
txlshting
ti_notpLting to $37,081,533. was more than
sufficient
6 nitliay 1 % ovniutehneusprme-n
fe
irsa
red
wesre
tocakeep
ia
aid
ea between Jan.
American Gas Company.-Offering of Convertible Gold
Bonds.-Bonbright & Co., Inc., Bioren & Co. and E. B.
Smith & Co., Phila., are offering a new issue of $3,122,000
10-year 7% convertible gold bonds, dated Jan. 15 1918,
due Jan. 15 1928. A circular shows:
The bonds are convertible at any time prior to ten days before any redemption or maturity date, into capital stock at par. Red, on or after
Jan. 15 1920, and before Jan. 15 1924 at 105 and int., and on or after Jan. 15
1924 and before maturity at 102 and int. on 60 days' notice. Interest
J. & J. 15 at the Commercial Trust Co.,Phila., trustee. Denom.$100,$500
and $1,000 c*. The company will pay the Federal income tax not in excess
of 2% and will refund Massachusetts and Pennsylvania State taxes.
Combined Capitalization (upon Completion of Present Financing) Outstanding
In the Hands of the Public.
$7,804,100 2-yr.6% Scour. notes,'19 $2,000,000
Capital stock
5% coll. Tr. bonds, 1920_*1,570,000 10-year 7% Cony. bonds
(this issue)
100-year 6% bonds, Series
3,122,000
3,000,000 Bonds of subsidiary cos_ _23,157,500
"A," 2016
*$70,000 convertible at option of holders into capital stock at par.
Company.-Operates, through ownership of all the capital stock, public
utility properties serving a population of approximately 680,000 in 117
cities and towns in N.Y. Pa., Iowa, Maine. Vt., Ill., Va. and Wis. Operations include a large portion of the gas and electric business in Phila. suburbs.
Purpose of Issue.-Will be used to complete two new gas plants and three
new electric plants required. It is estimated that it will also provide
working capital for 1918.
Consolidated Earnings for 12 Months ended Oct. 31 1917.
Grass of subsidiary cos _ _ _$5,085,789 Net to American Gas Co_ $593,701
$1,694,000 Other income, Am. G. Co_
Net, after taxes
433,303
226,456
Other income
Total to Amer. Gas Co_31,027,004
$1,920,457 Int., taxes, &c.,incl. (since
Gross income
issue) 2-year notes..___
1,190,911
Fixed charges
509,090
135,844
Depreciation
Net income
$517,914
Ann.charge on 7% bonds_
Not income accruing to
218,540
$593,701
American Gas Co
Balance
$299,374
Equity.-The bonds are followed by 37,804,100 of capital stock on which
dividends have been paid regularly since 1893, the present rate being 8% p.a.
[Important statistics regarding the various subsidiary companies were
published in error last week under the heading of the American Gas &
Electric Co.I Compare subscription rights of shareholders, &c., V.
106, p. 192, 88.
American Light & Traction Co.-Earnings.Cal. Years- 1917.
1916. I
1917.
1916.
Grass earns_ _35,392,615 $5,859,938 Com. divs.paid
Net earnings_$5,023,381 $5,648,027 in cash(10%)31,986,968 $1,801,798
854,172 Balance, surp.$2,182,241 $2992,056
Pf. divs.(6%) 804,172
There was also deducted in 1917 $1,986,968 (10) for stock dividends
on conunon stock, against $1,801,798 (10%) in 1916, leaving $195,275 In
1917, against 81,190,259.-V. 105, p. 2096, 1800.
American Malting Co.-Source of 1917 Dividends.-
ach
. year,
j
ean
Jan.
The dividend of
of course must have been earned prior to that date.
On Feb. 7 1917, before the earnings for January 1917 had been ascertained, our board of directors declared the following dividends: 5% on
common stock, payable March 1 1917, $2,012,120 and 134% on pref.
stock payable April 2 1917, $790.496, making a total of $2,802,618, all
of which could not have been earned in 1917 up to Feb. 7.
The amount of the net earnings for 1916 applicable to dividends was
$12,298,058, equivalent to a little less than $1.025.000 per month, and
the earnings for January 1917 did not exceed the latter amount.
I cannot, though, venture an opinion as to the bearing of this information on the income tax return of a stockholder.-V. 106, p. 298. 192.
American Water Works & Elec. Co.-1917 Dividends.
President Hobart Porter, in circular letter, says in substance: "On
June 21 1917 the board of directors adopted a resolution in accordance with
which the company, on July 27 1917 paid some cash and issued a certain
amount of its capital stock in satisfaction of the dividends accumulated on
its 1st pref. stock to April 27 1917 amounting to 21%. Of this amount
3% was paid in cash and 18% was satisfied with stock.
'We are at present advised that under the provisions of the law the
allocation of this distribution is as follows:
"Percentage of Dividend Accumulated in Each Year.
Total.
Year 1915.
Year 1914.
Year 1917.
Year 1916.
47.217%
1.54%
100%
8.805%
42.438%
"We are similarly advised that the current dividends paid on Aug. 25
1917 and Nov. 26 1917 were paid wholly out of 1917 profits."
As to the Chartiers Valley Water Co. and South Pittsburgh Water Co..
see below.-V. 106. p. 298.
American Zinc, Lead & Smelting Co.-Source 1917 Divs.
The Feb. 1 1917 dividends on both common and preferred were paid
from 1916 earnings, the other 1917 dividends came from 1917 earnings.
("Boston News Bureau.")-V. 105, p. 1900.
Anaconda Copper Mining Co.-Source of 1917 Divs.A. II. Melin, Treasurer, in an official circular, says: "The dividend paid
by this company on Feb. 26 1917. was declared on Dec. 26 1916, on the
basis of surplus accumulated up to that date, and that all other dividends
paid in 1917 were from surplus accumulated in 1917.-V. 106, p.398. 193.
Arlington Mills, Boston.-Sales for Calendar Years.-Years ending- Increase or
Decrease.
Dec. 1 '17. Dec. 2 '16.
Worsted Sales$27,824,562 $15,745,788 +$12.078,774
Of manufactured product
1,280,638
+652.199
Of raw materials and by-products_ _ 1,932,837
-2,421,488
3,915,725
By cotton dept. to March 3 1917_ _ 1,494,237
$31,251,636 $20,942,151 +$10.309,485
Total worsted sales
William Whitman Jr. was elected a director to succeed Richard S. Russell.-V. 105, p. 2545.
.
' Associated Oil Co.-Preliminary Report.Calendar YearNet earnings
Int., taxes, &c
Depreciation
Bond discounts
Dividends
1914.
1915.
1916.
1917.
$7,598,220 $6,625,886 $5,040.197 14,395,687
l,067,278 $1,022.033
$1,009.248
$990,679
1,984,805
2,052,774
2,619.217
2,359,107
70.109
56,127
74.041
77,720
(5)1,987,834 (4)1,590,287(4%)1789095(3)1,200,000
II, Eggerking, Treasurer, Jan. 30, wrote to stockholders of American
Malt Corporation and American' Malting Co.: "You are hereby advised
that all dividends paid to the holders of preferred stock of American Malt
Corporation during 1917 were paid from the profits of 1917. You are
$64,753
Balance, surplus
$128,909
$1,907,880 $1.608,102
further advised that the dividend of $1 12 per share paid Feb. 1 1917 on
the first and second preferred stocks of American Malting Co. was declared -V. 105, p. 2545, 500.
Dec. 27 1916 and is held to have been paid out of the profits of 1916. All
Lines.Steamship
Indies
Atlantic Gulf & West
other dividends paid during 1916 are deemed to have been paid out of
Treas. A. R. Nicol Jan. 25 wrote: Our preferred dividend paid Jail. 2
the 1917 profits.'-V. 105, p. 1798.
1917, and common dividend paid Feb. 1 1917, were paid from earnings
American Pneumatic Service Co.-Source 1917 Divs.- of calendar year 1916. All other dividends paid by us on either our preTreasurer Gilmer Clapp writing Jan. 25 1918 says: "In accerdance ferred or common stock during 1917 were paid from earnings of the year
with a vote of the board of directors, the dividends on the first preferred and 1917.-V. 105, p. 2096.
preferred stocks paid March 31 1917 to stockholderd on March 17 1917
Atlantic Mutual Insurance Co.-Earnings.-The report
were paid out of the earnings and surplus as of Dec. 31 1916. The dividends paid Sept. 29 1917 to stockholders of record Sept. 14 1917 were paid of the trustees for the year ending Dec. 31 1917 will be found
out of the earnings of the year 1917."-V. 105, p. 2457.
in our advertising columns.
The company now has assets aggregating $18,041,890, of which $6.223,American Public Service Co.-Offering of Bonds.-The 090
is in United State.s and State of New York stocks, city bank and other
National City Co. is offeringat90%andint., to yield about securities,
$2,785.874 is cash (including $598,676 on deposit abroad agains
502
[VOL. 106.
THE CHRONICLE
foreign losses), $3,000,000 special deposits in banks and trust companies,
$2,053,161 premium notes and bills receivable, $3,975,000 in real estate
and $4,765 sundries.
Interest Payments-Interest Certificates Called.-The total
marine premiums for the year were $12,241,405, incl. $1,135,785 not marked off Jan. 1 1917. A dividend of interest of
6% on the outstanding certificates of profits will be paid to
the holders thereof, or their legal representatives, on and
after Feb. 5 1918. The outstanding certificates of the issues
of 1915 and of 1916 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Feb. 5
next, from which date all interest thereon will cease. The
certificates to be produced at the time of payment and canceled. A dividend of 40% is declared on the earned premiums for the year ending Dec. 31 1917, which are entitled to
participate in the dividend, for which, upon application, certificates will be issued on and after May 7 next.-V. 105, p.
1619.
Atlantic Steel Co.-Source of 1917 Dividends.Treasurer Robert Gregg, in a circular dated Jan. 17 1918, wrote: "The
dividend on the common stock paid Jan. 10 1917 and the dividend on the
preferred stock paid May 1 1917 were paid out of net profits accumulated
in the calendar year 1916. Subsequent dividends paid during 1917 have
been made from accumulated profits of the year 1917."-V. 106, p. 89.
Babcock & Wilcox Co.-Source of 1917 Dividends.A circular signed by Treasurer J. G. Ward says: "The quarterly dividend installments of 13% paid on Jan. 5 1917 and April 5 1917, respectively, were declared on April 5 1916, and paid out of profits accumulated
on and prior to Dec. 31 1915. The quarterly dividend installments of
2% paid by it on July 3 1917 and Oct. 3 1917, respectively, were declared
on April 6 1917, and paid out of profits accumulated on and prior to Dec.
31 1916. The 'Red Cross' dividend of 1% was declared on June 20 1917
and said July 29 1917 out of the profits or net surplus existing on March
31 117.
"It is our opinion that under the above quoted provision of the Income
Tax Law as amended Oct. 3 1917 these dividends are to be considered as
income for 1917, but that the tax on the dividend installments paid in
January and April 1917 Ls to be computed according to the rates prevailing
in 1915; on the dividend installments paid in July and October 1917, according to the rates prevailing in 1916 and on the 'Red Cross' dividend according to the rates prevailing in 1917.
"If between now and the time fixed for the filing of returns a ruling
iemade by the Commissioner of Internal Revenue contrary to this opinion
notice thereof will be sent to stockholders promptly."-V. 105, p. 292.
Mr. Schwab was asked whether he was optimistic on the outlook for
1918 to which he replied: "The figures in the statement of estimated
value of orders on hand at the end of last year, amounting to $450,500,000,
compared with only $193,374,249 in 1916, should answer that question to
some extent. However, we are facing uncertain conditions and no one can
estimate what the showing for the year will be."
Mr. Schwab admitted that practically all the corporation's business this
year will be done at fixed prices, and this, with the difficult railroad situation and the scarcity of labor would necessarily have to be taken into
consideration in attempting to make any forecast.-V. 106, p. 399, 89.
Booth Fisheries Co.-Listed in Boston-Stock Offered.The Boston Stock Exchange has admitted for trading the 250,000 outstanding common shares (of no par value) out of the total of 500,000 shares
authorized.
Offering of Preferred Stock.-Richardson, Hill & Co.,
Boston, are offering the 7% cumulative preferred (a. & d.)
stock of this company; a Delaware corporation, the largest
distributor of lake and sea food products in the United
States. Divs. Q.-J. Red. on any dividend date at $110
per share and dividend. Authorized $10,000,000, outstanding, $3,500,000. The bankers report:
The business of the company includes the marketing of all kinds of fresh
and frozen fish, oysters, clams, lobsters, &c., in addition to which the
company has a capacity of 1,000,000 cases of salmon and 500,000 cases of
sardines each year. Net earnings for 1917, less bond interest, and after
setting aside $500,000 to cover excess profit taxes, are estimated at $2,500,000, or over ten times preferred stock dividend requirements. For
full particulars regarding this Issue see V. 105, p. 2000, 912.
Brier Hill Steel Co., Youngstown, 0.-Bal. Sheet Dec.31
1916.
1917.
Assets.5
3
Real estate, plants
•
and equiprnent_17,551,084 12,735,777
Inv. in other co's_ 3,849,037 4,582.338
Accts. receivable_ 2,492,1411 3,198,420
Bills receiv., U. S.
bonds, ece
12,648,534)
6,719,734 3,805,344
Inventories
Cash
2,595,247 5,968,089
Suspense and de107,951
ferred charges_ _
35.772
1917.
Common stock_ _ A2,254,635
Preferred stock__ _ 5,000,000
Cur'nt liabil's, incl.
res've for Income,
&c., neer. taxes_ 10,383,102
Relining, renewals
& extra repairs_ 732,631
Contingent fund_
Div. canting. fd__ 1,087,592
Surplus, balance_ _16,454,441
1916.
16,484,404
1,843,000
1,692,400
462,223
1,000,000
1,087,592
7,823,300
45.912,450 30,397,919
Total
Total
45,912,450 30,397,910
As to estimated results for the calendar year 1917 and dividends paid
on the preferred for the year 1918. see V. 106, p. 399.
Bucyrus Company.-Source of 1917 Dividends.-
i,---Ba7
r
netr-4511 & Go
-7rCo., Wheeling, W. Va., and New
York.-Earnings for 6 Months to Nov. 30 1917.-
An official circular says: "Preferred dividend of 1% paid Jan. 2 1917
paid wholly out of 1916 profits, and preferred dividends of 1% paid Apr. 2,
July 2 and Oct. 10 paid out of 1917 profits.-V.105, p. 284.
Gross sales
Net income
Cost of sales
Gross profits
-V. 105, p. 1900.
Treasurer Horace L. Mann, Jan. 28, wrote* "Our dividends were paid
on March 31, June 30, Sept. 30 and Dec. 31. All these dividends were
paid from earnings during that year."-V. 105, p. 2545, 1000.
$1,021,135
$1,016,632
632,074
$384,558
Net profits (after exp.)_ _ _ _$346,549
Gross in (Incl."0th. inc.") $351,806
Total deductions
113,858
Balance, surplus
$237,948
Beatrice Creamery Co. of Iowa, Chicago -Earnings.-The net income after all depreciation charges and reserves set aside for
Income and War taxes, for the year ended Dec. 31 1917, was $596,674,
against $616,292 in 1916, and $468,736 in 1915. In 1916 and 1915, however, there were no charges for War taxes.-V. 104, p. 2013.
Bethlehem Steel Corporation.-Dividends.-The directors on Jan. 29 declared the regular quarterly dividend of
23/2% a share on Class "A" and Class "B" common stock,
payable April 1 to stock of record March 13.
The quarterly preferred dividends for the entire year were also declared
both on the $30,000,000 new 8% cum. pref. stock and the old $14,908,000 7% pref., payable as follows:
Date of quarterly pavm. ent_ _ _ Apr. 1 July 1 Oct. 1 Jan. 2 1919
On Preferred stock of record_ _Mar. 13 June 15 Sept. 16 Dec. 16 1918
Unfilled Orders-Annual Earnings-Annual Meetings.At the annual meeting on Jan. 29, Chairman Charles M.
Schwab stated that on Dec. 31 last the value of orders on
hand are estimated to have been $450,500,000, compared
with $193,274,249 on Dec. 31 1916.
The preliminary figures of operations for the calendar
year 1917, given out following the meeting, compare, with
the preceding years as follows:
1917.
1916.
1915.
1914.
Gross sales
296,000,000 216,284,555 Not stated 47,500,000
Total net earnings
52,651,431 61,717,309 24,821,408
9,649,668
Interest, on bonds. notes 7,419,054
2,342,596
3,772,556
2,212,374
Depreciation & depletion 17,911,641 14,350,786
4,716,000
1,847,273
Balance
27,320,736 43,593,968 17,762,812
5,590,020
Per cent. of gross bus_
20.16%
9.25%
11.77%
The "net earnings" in 1917 are the total net earnings from operations
of the corporation and its subsidiary companies after deducting for all
taxes (estimated) and expenditures for ordinary and extraordinary repairs
and maintenance.
Dividends on the $14,908,000 old 7% pref. call for $1,043,560 p. a.,
and on the $30,000,000 of new 8% cum. pref. (dividends on which began to
accrue Oct. 1 1917) require $2,400,000 annually. Deducting the full
pref. dividend charges, $3,443,560, from the surplus of $27,320,736,
as shown above for 1917. would leave $23,877,176 available for the two
classes of common stock, or equal to 40% on the total of $59,448,000.
In its report of the meeting "Financial America" says:
When asked about recent rumors about new financing for the corporation,
Mr. Schwab stated that there was "no likelihood of any new financing
during 1918." He admitted that the present shipbuilding activities
of the corporation with the United States Government called for a "cost
plus" basis, and added that the amortization of the new plants which were
constructed under instructions from the Government was being taken care
of by the Government, whereas the old plants would be taken care of by
the company.
Pressed for a statement with regard to the excess profits tax deduction
which was made before net earnings, Mr. Schwab steadfastly declined to
name any amount. He said the matter was still uncertain and, therefore,
the figures at best were only estimates. This deduction for the excess
profits tax naturally caused the drop of more than $9,000,000 in the net
earnings. [Another report of the meeting quotes Mr. Schwab as saying:
"The corporation has not made any report in the foregoing statement as
to exact Federal taxes, and we are not going to publish them.")
The increase of $3,550,000 in the provision for depreciation and depletion Mr. Schwab explained as due to the fact that properties were enlarged
and new plants constructed during the year.
In connection with the sharp reduction of net income, or profits, in proportion to the gross business done by the company in 1017, it is explained by
interests close to the management this was the result of the fact that last
year the company did a great amount of business with the United States
Government at practically fixed prices, while in 1916, the corporation was
enjoying large profits from its contracts with European Governments.
As the entire business of the corporation this year will be at fixed prices
for its products It is considered likely that the percentage of net income to
gross business will be smaller than the 9.25% reported for 1917, although
the total sales should be considerably in excess of last year in view of the
many additions which have been constructed and are still being built, and
the resultant increased facilities of the corporation. However, in this
connection, attention is called to the uncertainties over production as a
result of the railroad situation and the shortage of labor.
Buffalo General Electric Co.-Source of 1917 Dividends.
Butler Brothers, Chicago.-Dividend, &c.The directors have declared an extra dividend of 3M % in addition to the
regular quarterly 2 Y,%, payable Feb. 1 to stockholders of record Jan. 23.
-See V. 106, p. 399.
Calumet & Arizona Mining Co.-1917 Dividends.Secretary Gordon R. Campbell in circular of Jan. 22 says:
Dividend No. 53, $3 a share, paid March 19 1917, was paid out of earnings of 1916.
Special dividend No. 1, $1 a share, paid Sept. 24 1917, was out of reserves for depreciaaon and depletion of ores set aside in 1915 and 1916.
Dividend No. 54, $3 a share, paid June 18 1917; dividend No. 55, 42 a
share, paid Sept. 24 1917 and dividend No. 56, $2 a share, paid Dec. 24
1917, were paid out of earnings of 1917.-V. 106, p. 299.
Calumet & Hecla Mining Co.-Output (also of Sub. Cos.).
December
Year ending Dec. 31(All in lbs.)1917.
1916.
1917.
1916.
Ahmeek Min.Co.of Mich 1,627,041
2,439,833 27,919,812 24,142,158
Allouez Mining Co
606,563
689,965
8,892,915 10,219,290
Calumet&HeclaMin.Co. 6,041,051
5,849,838 *78,697,878 83,370,747
Centennial Copper Min.
178,641
153,116
2,002,857
2,367,400
Isle Royale Copper Co_ _
882,576
958,510 13,480,921 12,412,111
La Salle Copper Co__ _ _
140,210
130,574
1,919,775
1,380,352
Osceola Consol. Min.Co. 1,152,582
1,374,130 16,084,958 19,596,501
Superior Copper Co_ _ _ _
164,157
229,678
2,201,672
3,034,1156
White Pine Copper Co_ _
259,492
398,945
4,067,529
4,207,449
Total (all cos.)
11,052,313
12,224,589 155,268,317 160,730,664
* Includes production of Tamarack Mining Co.-V. 105, p. 2458.
(J. I.) Case Threshing Machine Co.-Source of 1917 Div.
A circular signed by President Warren J. Davis says in substance:
Four quarter-yearly dividends of 1%% each were paid in 1917 on the
company's preferred stock, as follows:
Declared.
{Declared.
Paid.
Paid.
July 1 1917
Dec. 6 1916
Jan. 1 1917 May 9 1917
Feb. 5 1917
April 1 1917 Aug. 1 1917
Oct. 1 1917
The profits of 1916 were not ascertained and did not appear as such on
the company's books of account until Feb. 12 1917, when the entry was
made as of Dec. 31 1916,.transferring to surplus account the 1916 profits
of $1,647,721. Accordingly, the dividend paid Jan. 1 1917 was declared
and paid before the profits of 1916 were ascertained and carried to surplus
account, out of which it was declared and paid. The dividend paid Apr. 1
1917 was declared before and paid after the profits of 1916 were ascertained
and carried to surplus account, out of which said dividend was paid. The
dividends paid July 1 and Oct. 1 1917 were both declared and pald after
the profits of 1916 were ascertained and carried to surplus account.-V. 105,
p. 2545.
Celluloid Co.-Source of 1917 Dividends.Treasurer C. Montgomery in circular of Jan. 29 says: "The dividend
paid on March 31 1917 (2%) was declared from profits which accrued in
the calendar year 1916. The subsequent dividends, being those paid
June 30 1917 (2%); Sept. 30 1917 (2%), and Dec. 31 1917 (4%) were paid
from profits which accrued during 1917."-V. 104, p. 1266.
' Central District Telephone Co., Pittsburgh.-Earns.
Calendar Years"
Gross earnings
Net, after interest, taxes, &c
Dividends (7%)
Balance, surplus
-V. 105, p. 391.
1917.
1916.
1915.
$7,856,233 $7,794,588 $6,949,496
$1,109,743 $1,382,209 $1,222,375
1,050,000
1,050,000
1,050,000
$59,743
$332,209
$172,375
Central & South American Telegraph Co.-1917 Divs.Clarence Rapkin in a letter to stockholders, Jan. 26, says: "Of the cash
dividends paid in 1917 $1 50 per share was paid from profits of the year
1916 and should be so reported; the balance from the profits of the year 1917.
As to the stock dividend of 46% declared Feb. 5 1917, 68.63% was declared out of surplus profits earned prior to Mar. 11913, and should not be
included in the income tax return to be made this year. Of said stock
dividend 31.37% was declared out of surplus profits earned subsequent
to Mar. 1 1913, and should be included in this year's income tax return as
declared from profits of the year 1916."-V. 106, p. 89.
Chartiers Valley Water Co.-1917 Dividends.An official circular says: "On June 15 1917 this company paid a dividend
of 13i% upon its outstanding stock of the par value of $50 per share. We
are at present advised that under the provisions of the law above sot forth
the allocation of this dividend is as follows: From profits earned in year
1917, $.260 per share; year 1916, $.365 per share."-V. 79, p. 788.
FEB. 2 1918.1
503
THE CHRONICLE
Chevrolet Motor Co.,—Sales.—Pres. Durant reports:
Increase.
1916.
1917.
Calendar Years—
55,482
69,522
125,004
Cars sold
$62,638,303 $32,306,295 $30,332,008
Cash value
Sales for the year ending Dec. 31 1917 show an increase of 94% over the
previous twelve months.
The Chevrolet Motor Co. owns a controlling interest in the General
Motors Corp., which see below.
Eureka Pipe Line Co., Oil City, Pa.—Earnings.—
1915.
$992.247
1,200,005
Cal. Years—
Net profits
Dividends (24%)
1916.
1917.
$1,111,883 $1,322,069
1,200,004
1,200,003
Balance,sur. or del
—V. 104, p. 2556.
def.$88,120 sur.3122.065 def.$207.758
Fajardo Sugar Co.—Source of 1917 Divs.—
1917 Dividends.—A circular dated Jan. 31 says:
This company's fiscal year ends July 31 and no earnings were carried to
The dividends paid during the year 1917 were paid out of the earnings surplus during the grinding of the sugar cane in the first half of the year.
The company's counsel, therefore, Armstrong & Keith, have advised the
of 1916 and 1917 in the following proportions:
1917 Earns. 1916 Earns. officials that all dividends paid in 1917 up to but not including that paid
Number. Date Paid.
in Nov. 1917 were paid out of the surplus accrued prior to Jan. 1 1917
40%
60%
No. 1—May 1 1917
[and should be returned accordingly in the income tax returns of the
14%
86%
1917
1
2—Aug.
No.
stockholders. The stockholders have been so notified.]—V. 105. p. 1996.
12%
88%
No. 3—Nov. 1 1917
—V. 105, p. 2001.
Federal Sugar Refining Co.—Source of 1917 Dividends.
Reginald D. Smith, Asst. Sec., Feb. 1 1918, writes: "The dividend paid
Chicoutimi (Que.) Pulp Co.—Redemption of Bonds.—
All the remaining outstanding First Mtge. bonds dated Aug. 11 1902 on the pref. stock of this company Feb. 1 1917 was declared out of the
All subsequent dividends paid
(total issue $400,000) have been called for redemption at 105 and int. earnings during the calendar year 1916.
during the year 1917 on the pref. and common stock were paid out of
May 1 1918 at the Royal Trust Co., trustee, Montreal.—V. 103, p. 143.
earnings cf that year."—V. 106, p. 400.
Coastwise Transportation Co.—Bonds Called.—
Two hundred and seventy ($270,000) First Mtge. 5% bonds on the
steamer "Plymouth," dated Oct. 11915. numbered from 1 to 270, inclusive.
have been called for payment Apr. 1 1918 at Union Trust Co., Pittsburgh.
One hundred and forty ($140,000) First Mtge. 5% bonds on the steamer
"Middlesex," numbered 61 to 200 inclusive, have been called for payment
at par and int. Apr. 1 at the Union Trust Co. of Pittsburgh. See other
bonds called, V. 106, p. 89.
Colorado Fuel & Iron Co.-1917 Dividends.—
Jan.
25 1918. says:
A circular signed by Treasurer J. A. Writer, dated
"At a directors' meeting held June 28 1917 it was resolved that a dividend
for
surplus
year
the
beginning
from
declared
be
the
stock
on
of3%
common
July 1 1917, to be paid at the rate of 34 of 1% quarterly July 25 1917,
Oct. 25 1917 Jan. 25 1918 and April 25 1918, to folders of record July 10
1917. Oct. '
10 1917, Jan. 10 1918 and April 10 1918, respectively." —
V. 105, 13. 2275.
-1917 Dividends.—
Continental Motors Corporation.
says: "All
dividends paid during
A. H. Zimmerman writing Jan. 24
the year 1917 were from earned surplus subsequent to Jan. 24 1917, the
date the present corporation commenced operations."
Balance Sheet.—The company reports as of Oct. 31 1917:
Assets (total $14,117,912)—
Land, $619,881; buildings, $1,873,997; machinery, $3,379,337,
equipments, $2,225,922; total, $8,099,137; less reserve for
$7,201,808
depreciation, 3897,329; balance
6,756
Investments
369,421
Cash on hand and in banks
Accounts receivable, $1,363,336; notes receivable, 392,756; total,
_ 1,428,092
$1,456,092; lass res. for bad and doubtful accts., $2,800;
supbal_Inventories of raw and worked materials, finished parts and
5,068,956
plies on hand
42,879
Prepaid insurance, taxes, interest, &c
Liabilities (total 314,117,912)issued
anu
(auth.
par
sh.,
stock
$35,000
pref.
cumulative
77
$3,500,000
%100)
Common stock (auth. 1,500,000 sh. par $10) issued under Virginia laws, 1,452.858 shares of the par of $14528,580. Net
assets (exclusive of special tools, dies, jigs, designs, drawings,
patents and goodwill), valued at
7,220,070
1,025,000
Notes payable—Bank loans, $1,000,000; special, $25,000; total
Trade accounts payable
855,179
Accrued payrolls, taxes, interest, &c
517,083
Surplus
1,000,580
—V. 105, p. 2458, 2275.
Crucible Steel Co. of America.—Source 1917 Dividends
—Circular of Jan. 25 1918 Giving Latest Opinion.—The official circular of Jan. 25 says:
All dividends, both regular and deferred, paid during 1917, commencing
with dividend No. 51, which was paid Jan. 31 1917, up to and including
dividend No. 60, which was paid Sept. 29 1917, were, by resolution of our
board of directors, declared and paid out of surplus earned prior to March 1
1913.
Our legal counsel advise us that under the Income Tax Law they consider
that dividends which were distributed prior to Aug. 6 1917 out of earnings
prior to Mar. 1 1913 are free from income tax for the year 1917.
Dates on Which the Dividends Were Paid During the Year 1917.
Jan31.Feb28.Mar31Apr28.May19J'ne12.J'ne30.July 31Aug31.Sept29Dec20.
2% 3%
2%
3%
4
2% 134% 134%
2%
M
2% 2% 3%
Fisher Body Corporation.—Source 1917 Divs.—
Secretary A. Mendelsohn wrote Jan. 24: "The Fisher Body Corporation was incorporated Aug. 21 1916. As the earnings from Aug. 21 1916
to Jan. 1 1917 were more than twice the amount of dividends paid during
the year 1917, we take it that the dividends accrued previous to Jan. 1
1917."—V. 105, p. 2369.
General Chemical Co.—Source of 1917 Divs.—
A circular signed by See'y James L. Morgan says: "On Jan. 2 1917, a
dividend of 1%% was paid on the preferred stock and on Feb. 1 1917 an
extra dividend of 5% and a special dividend of 15% were paid on the common stock. These three dividends were paid out of the earnings of the
calendar year 1916; all other dividends paid during the year 19i7 werefrom
the current profits of that year."
Government Adopts Company's Method for the Fixation of
Atmospheric Nitrogen in Ammonia and Nitric Acid.—
See "Annual Reports" on a preceding page.—V. 105, p. 2546.
General Motors Corp.—Sales, &c.—The co. reports:
Increase.
1916.
1917.
For 5 Months end. Dec. 31—
65,893
21,008
86,901
Cars and trucks sold
$94,500,000 $60,731,130 $33,768,870
Net sales
3,761,016
15,000.000 11,238.984
Undivided profits
The cash in banks and in sight drafts with documents attached on Dec.
31 1917 amounts to approximately $24,275,000.
1917 Dividends.—Compt.Prensky on Jan. 23 also reported:
The dividends paid by the corporation since Feb. 1 1917 were paid out
of earnings accumulated in 1917 or thereafter. (Compare earnings, &c.,
of the Chevrolet Motor Co. above.—V. 106, p. 90.
(B. F.) Goodrich & Co., Akron, 0., and New York.Earnings (Estimated in 1917).—
1917.
Calendar Years—
Net profits after providing for maint.
charges, deprec'll, bad and doubtful
debts and other items deemed wise
to take out of the year's earnings_ _$12,675,000
Provision for war income and excess
2,250,000
profits taxes (estimated)
1916.
1915.
$9,568,765 $12,265,680
Net earnings available for divs_ _ _310,425,000 $9,568,765 $12,265,680
1,900,000
1,960,000
about 1,848,000
I'referred dividends (7%)
2,400,000
2,400,000
Common dividends (4%)
$6,177,000 $5,257,765 $10,305,680
Balance, surplus for year
The company has declared the regular quarterly dividend of 1% on the
common stock, payable May 15. Regular quarterly dividends of 134%
were also declared on the preferred stock, payable April 1 and July 1 1918.
B. Hough has been elected a director. F. C. Van Cleaf has been elected
Secretary, succeeding Guy Norwood, recently elected President of Republic
Rubber Co.
Provision, it is announced, has been made for the retirement of an additional $900,000 preferred stock.—V. 105, p. 2276, 1713.
Grasselli Chemical Co., Cleveland.—Earnings.—
Calendar Years—
Net earnings
—V. 106, p. 401.
1917.
$4,300,000
1916.
$9,935,000
1914.
1915.
154,859,000 $1,680.000
Great Lakes Towing Co.—Source 1917 Dividends.—
Cuban-American Sugar Co.—Source of 1917 Dividends.
Sec.-Treas. M. H. Wardwell Jan. 24 wrote: "Jan. 1917 dividend on
preferred from 1916 earnings; April, July and October 1917 dividends from
earnings 1917."—V. 104, p. 667.
•
Cumberland County Power & Light Co.-1917 Divs.—
This company, the City Electric Co. and the Great Western Power Co.
of California have filed wi.12 the California RR. Commission an application to increase its electric rates by 20% to all consumers except railroads
and other public utilities. Government departments, &c.—V. 105, p. 2459.
The company in a circular dated Jan. 23 1918 says: "The dividends on
preferred and common stock paid in 1917 are deemed to have been declared
and paid out of the surplus ascertained at the close of the fiscal year ending
Sept. 30 1916."—V. 105, P. 2545.
E. W. Clark & Co., Philadelphia, managers of the property, report the
source of 1917 dividends as follows:
1916
1917
Common
Preferred
1917
1916
Earns. Earns.
vidend
Dividend
Earns. Earns.
$1 50
Feb. 28 1917
$0 61
Jan. 31 1917
$0 39
111
May 31 1917
301)
-April 30 1917
0 34
0 66
1 50
Aug. 31 1917
July 31 1017
1 00
_-----Oct. 31 1917
—V. 105, p. 1617.
I.86
Deere & Co.—Source of 1917 Dividends.—
Secretary T. F. Wharton writes: "All dividends paid out of 1917 earnings."—V. 104, P. 253.
Denver Gas & Electric Co.—Gas Rates Raised.—
This company has filed with the Colorado P. S. Commission a petition
to temporarily reduce the monthly discount on gas bills fron 15% to 10%
owing to tile increased cost of production.—V. 97, p. 1665.
Diamond Match Co.—Dividend.—
The directors have declared the regular quarterly dividend of 2% on the
$16,965,100 outstanding stock, payable Mar. 15 to shareholders of record
Feb. 28. Dividends in 1917 were: Mar.,!2% andll% extra; June and Sept.,
2%.—V. 104. p. 2230.
Elder Manufacturing Co., St. Louis.—Offering of 7%
Cumulative Pref. Stock.—Whitaker & Co., St. Louis, are
offering at 95 and divs. this company's 7% Cumulative Pref.
(a. & d.) stock par $100, of which there is authorized and
issued $450,000. Divs. Q-J. Red. on any div. date at 110
and dividend. Tax exempt in Mo. A circular says:
Great Western Power Co.—Increase in Rates.—
Greeley-Hudson Securities Corp.—Status.—
see Hudson Cos. under "Reports" above.—V. 105, p. 1806.
Gulf Consolidated Oil Corporation.—Stock Increase.—
This company has filed notice in Delaware of an increase in the authorized
capital stock from $1,000,000 to $6,000,000.
Gulf States Steel Co.—Source 1917 Divs.—
A. R. Forsyth, Vice-Pres. wilting Jan. 24 says:
The dividends paid Jan. 1 1917 were necessarily paid from the earnings
then on band which were chiefly for 1916, and resolutions declaring same
expressly so stated.
The dividends for 1917 on first preferred and second preferred stocks
were declared from 1916 earnings by resolution of Feb. 14 1917, as was the
common dividend, payable April 1 1917.
No such resolution has been passed since, but we have made out our
accounts from month to month showing the dividends as being paid from
surplus previously accumulated and continuing to bring forward undivided
and untouched the earnings for the current year.
It would therefore be our judgment that all dividends paid in 1917 should
be assumed to have been paid from the earnings of 1916. We cannot go
back of 1916. We cannot say whether the money brought forward out
of 1915 into 1916 was paid out in dividends or in construction, because it
was merged and lost its identity.—V. 106, p. 401.
Hackensack Water Co.—Source 1917 Dividends.—
Secretary Earle Talbot Jan. 29 wrote: "The two dividends distributed
during the calendar year of 1917 were paid out of earnings of that year."105, p. 2547.
Hart Schaffner & Marx.-1917 Dividends.—RePort.—
An official circular, Jan. 30, says: "In the absence of a definitive interCapitalization.-7% cumulative preferred stock (authorized and issued),
pretation of the words 'shall be deemed to have been made from the Most
$450.000; common stock, $900,000.
profits or surplus,' we are advised by
The Company.—A Missouri .corporation, manufactures shirts, overalls, recently accumulated undivided
no authoritative opinion on the matter. Howunderwear, neckwear, &c., having acquired in April 1916 the established counsel that we can give
reference to the other dividends paid
business, good-will, trade-marks, leases, machinery, &c., of the Ferguson- ever, whatever may be held with
during the calendar year 1917, under the interpretation of the law which
McKinney Mfg. Co. In these lines.
dividend No. 5, which was payable on
stock
common
us,
to
given
Earnings.—Net earnings for the 13 months ended April 30 1917 were has been
Mar. 11917, but declared on Jan. 22 1917, was made from surplus profits
at rate of 4.3 times the annual pref. dividend requirements.
See "Reports" above.—V. 106, p.90.
the
year
1916."
during
arose
assets
that
net
are
the
liquid,
cash,
consisting of
Assets.—About 88% of
merchandise and accounts receivable. The total assets April 30 1917,
Hercules Powder Co.—Source of 1917 Dividends.—
equaled $215 for each $100 pref. stock, of which $190 is represented by net
An official circular signed by Treas. Geo. H. Markell, dated Jan. 24
current assets.
was in
Sinking Fund.—For retirement of pref. stock at not over $110 and divi- 1918 says: "The dividend paid March 25 1917 on the common stock
of the accrued earnings during the calendar year 1917 to that date.
excess
beginning
May
3%,
of
1918.
annual
An
payment
dend.
or
profits
undivided
accumulated
the
of
out
paid
was
it
Management.—This is under George S. Elder, formerly with the Fergu- and to that extent
paid
son-McKinney Dry Goods Co. The men who compose the management surplus of the preceding calendar year 1916. Of the total dividend
was
paid
out
stock,
common
284%
the
on
amounting
51%
to
25,
March
stock.
have large ownership of common
504
THE CHRONICLE
of earnings of the calendar year 1017 and 22%% out of the earnings of the
calendar year 1916. All other dividends on common stock
and all dividends
on preferred stock paid during 1917 were paid out of
earnings of the year
1917."-V. 105, P. 2276.
Honolulu Gas Co.-Extra Dividend.-
An extra dividend of % of 1% has been declared, making 63.' % for the
entire year. The usual dividend is % of 1% per month, so the
entire
dends for the year amount to $29,250. In November the employees ofdivithe
gas company became owners of $5,000 worth of stock in the company and
participated in the two dividends, the extra one amounting to $2,250.
-V.93, p. 289.
Hotel Somerset Trust, Boston.-1917 Dividends.-
The trustees, Francis Peabody and Henry M. Williams. report to the
shareholders: "Both of the two dividends, each of 1%% declared
by the
trustees and paid on June 15,and Dec. 15 1917, were declared out of profits
or surplus for the year 1917.'
Hydro-Electric Commission of Ontario.-Acquisition.
Negotiations are under way looking to the acquisition of the properties,
etc., of the Essex County (Mich.) Light & Power Co., the
price asked,it
is understood, being $250,000.-V. 105, P• 611.
Inland Steel Co., Chicago.-Earnings.----
Calendar YearsNet earnings
Other income
Total income
Depreciation, &c
Bond interest
Federal taxes (est.)
Dividends
Balance surplus
1917.
1916.
$21,240,783 $11,241,046
124,431
1915.
$4,414,139
78,885
$21,240,783 $11,365,477 $4,493,024
$1,769,166
$539,241
5356,090
436,549
375,450
381,690
8,500,000
(11 %)1 ,999,820 (8)799,908 (6)599,886
$8,535,248 $9,650,878
Source of 1917 Dividends.-
$3,155,358
An officer writes: "The $5 (5%) per share cash dividend paid March 1
1917 was from 1916 earnings; balance dividends in 1917 from
1917 earnings."4--V. 104, p. 1707, 1493.
International Cotton Mills.-Offering of Two-Year
Notes.-Refunding.-Lee, Higginson & Co. are offering at
983/ and int., yielding about 7.80%, a new issue of $3,000,000 Two-year 7% coupon gold notes dated Feb. 1 1918, due
Feb. 1 1920, but callable all or part at any time at 101 and
int., up to and including Aug. 1 1919, and thereafter at
1003/ and int. on thirty days' notice.
Interest P. & A. at the offices of Lee, Higginson & Co., in
N. Y.
and Chicago. Denom. $1,000 and $5000. The company Boston,
agrees to pay
any normal Federal income tax which it may lawfully pay to
amount
not exceeding 2%. Trustee Old Colony Trust Co., Boston. an
Company
has no mortgage debt and will agree neither to mortgage
its properties nor issue, guarantee or indorse any bonds, or any ofsecurities
(except for the acquisition of additional property or for similar
the
retirement
an equal amount of these notes) while any of these notes are outstanding. of
Data From Letter of S. Harold Greene. dated January 25 1918.
Organization.-A Mass, corporation organized on
6 1913. (V. 96.
p. 1232, 1705), and then acquired substantially allFeb.
the properties and
securities formerly owned by the International Cotton
Mills Corp. (of
N. Y.) It now owns or controls 8 mills, containing 189,176
spindles and
3.185 looms, manufacturing all grades of cotton duck,
and
is one of the
largest producers of these fabrics in this country.
Cotton duck is vitally necessary in the conduct of the war. This company sold last year to the U. S. Govt. a great part of its product and
has
large Government orders for the next year.
Capitalization on Completion of the Present Financing.
Authorized. Outstandg.
Two-year 7% gold notes (this issue)
$4,000,000 $3,000,000
Preferred, 7% cumulative stock
10,000,000
3,735,400
Common stock
4,834,300
Dividends on the pref. stock have been fully paid5,000,000
and the stock is now
receiving regularly 7% p. a. No dividends as yet on the
common stock.
Purpose of Issue.-Tbe only funded debt of this company
is an issue of
$4,000,000 5-year 6% notes, which mature June 11918. The
of
this new issue of $3,000.000 2-year notes, together with other cashproceeds
will be used to retire the 5-year notes at or before maturity on Juneresources,
1 next.
Earnings for Cal. Year 1917, incl., Proportion of Net Profits of Sub. Cos.
Operating profits, after deducting reserves for depreciation_ _ _ _
$4,000,580
Deduct-Reserves for U. S. excess profits and income taxes
(maximum estimate), $1,096,000: similar Canadian taxes,
$146,661; and contingencies, $25,000
1,267,661
Balance, net profit (1915. $753,802; 1916, 81,376,120)
$2,732,919
Proportion of International Cotton Mills
$2,595,779
The above profits include: International Cotton Mills Bay State
Cotton
Corp., Boston Yarn Co., Cosmos Cotton Co., and Imperial Cotton
Co.
Mills Owned in Fee and Through Controlled Companies-Spindles.
Owned in fee-Manchester, N. H., 107,496; La Grange, Ga.,
9,984;
Hogansville, Ga., 10,368
Bay State Cotton Corp. ($712,100 out of $1,212,100 stock owned;127,848
no bonds)-Warner Cot. Nowburyport, Mass. 21,624; Le Roy
Cotton, Le Roy, N. Y., 10,080: and Lowell Weaving,
'
372 looms_ 32,076
Imperial Cotton Co., Hamilton, Ont. ($357,500 out of
$600,000
stocks owned)
Cosmos Cotton Co. Ltd., Yarmouth, N. S. 4470,000 out of MO,- 11,220
000 stock owned;
'
funded debt is $282,000)
18,404
Also owns a minority interest ($2,000,000 out of $4,511,900 common)
of
the Mt. Vernon-Woodberry Mills, Inc., Baltimore, incorporated
Jan.
30
1915, to take over the Mt. Vernon-Woodberry Cotton Duck properties,
per plan V. 99, p. 898, which is independently controlled.(SeeV.105
P.2369).
Also owns all the capital stock ($100,000) of Boston Yarn Co. (no
bonds
outstanding) the selling agent for Bay State Cotton Corp's.
Mills; also
all the common stock ($175,000) and $189,700 pref. stock
(out of $990,800)
of the J. Spencer Turner Co. of N Y. an old established sales
organization,
and acts as selling agent for all the alied
mills, except the Bay State Corp.
It has outstanding $346,000 debentures which are guaranteed
by International Cotton Mills.
Production and Sales of Finished Goods by International, Bay State,
Cosmos
and Imperial Companies.
1915.
1916.
1917.
Production,pounds
29,519,500 32.923,000 38,575,000
Sales, pounds
31,215,500 35,071,000 38,587,000
There is every reason to expect that this year's output
will at least equal
that of 1917.
[Vol,. 106.
The above includes only the assets and liabilities of the Internationa]
Cotton Mills and two of its subsidiaries, viz. the Bay State
Cotton Corp..
and the Boston Yarn Co. Its other subsidiary companies, viz.,
the Cosmos
Cotton Co., Ltd., Imperial Cotton Co., Ltd., and J. Spencer Turner
Co.
are all prosperous concerns and having a substantial excess of current
assets over liabilities.
Management.-Under the direction of Messrs. Lockwood, Greene & Co..
Officers and Directors.-Robert F. Herrick (Chairman), Boston, F. P.
Carpenter, Manchester, N. H.; John B. Dennis, N. Y.; Edwin
Greene, S. Harold Greene (Pres.), Frank J. Hale, J. Devereux Farnham
(Treas.), Rodman P. Snelling. and F. L. Higginson Jr., all of Winslow
Boston:
John E. Rousmaniere, N. Y.; S. Davies Warfield, and J. H. Wheelwright
.
of Baltimore. Md.-V. 106, p. 401.
International Mercantile Marine Co.-1917 Dividends.
The company reports the following regarding the sources of 1917 dividends: "The net earnings of this company for the year
wore in excess
of the amount of dividends which were paid on April 14, 1917
Aug.1 and Dec. 31,
respectively, and we are advised that under the construction
which the
Treasury Dept. places on the Income Tax Law as amended by the
Act of
Oct. 3 1917, all these dividends are to be considered as disbursed out
of
1917 earnings and are subject to the additional or super-taxes imposed by
the Income Tax Law as so amended."-V. 106, p. 90.
Kansas City Stock Yards Co.(of Maine).-1917 Divs.Secretary 0. L. Waite writes: "The 1917 dividends were all paid from
1917 earnings."-V. 105, p. 2098.
Kelsey Wheel Co., Inc.-Source 1917 Dividends.-
Secretary L. C. Brooks Jan. 25 wrote: "The preferred dividend has
been paid out of the earnings of the year 1917."-V. 105, p. 2547.
Laclede Gas Light Co.-Source of 1917 Dividends.-
C. L. Holman, Pres., Jan. 22 1918, in circular to shareholders, says:
"All regular pref. and common stock dividends paid during
were
paid out of earnings accumulated during that year. The 10% 1917
dividend paid Jan. 2 1917 on common was accumulated as follows:cash
13.12%.
1911; 11.99%, 1912; 3.16%, 1st 2 months 1913; 7.70%, last 10 months
1913;
11.19%, 1914; 20.37%, 1915; 32.47%, 1916.-V. 105, p. 2098.
Lanston Monotype Machine Co.-Source of 1917 Divs.-
Sec'y W. Arthur Sellman informs us that none of the dividends paid
during the calendar year 1917 was paid from the earnings
of previous
years.-V. 101, p. 2008.
Lawyers Title & Trust Co.-1917 Dividends.-
The company states that the dividend paid Jan. 1
was from earnings of the year 1916. Dividends paid April 2, July1917
2 and Oct. 1 1917
were from earnings for the year 1917.-V. 89, p. 1545.
Lehigh Coal & Navigation Co.-Shipments of Coal.-
An official statement reports the company's shipments to Philadelphia
for the calendar years 1915, 1916 and 1917 were 251,937 tons,
346,442'
tons and 370,532 tons, respectively.
Shipments from April 1 1917 to Dec. 311917, Compared with 1916.
Last 9 Months1917.
1916.
Increase
Pea and larger
184,881 Ups 149,147 tons
s 35,734 tons
, 23.965
Buckwheat and smaller
90,677 ' 71,680 ' 18,997
26.5070
-V. 105, p. 2547.
Liggett & Myers Tobacco Co.-Source of 1917 Dividends.
An official circular dated Jan. 28 says: "In declaring dividends upon our
preferred and common stock for the year 1917 no reference
was made to
the earnings of any particular period from which such declaration
was
made, but the dividend of 134% paid Jan. 1 1917 on the pref. stock and
the extra dividend of 4% paid April 2 1917 on the common stock
were
paid from the earnings accrued in 1916."-V. 105, p. 1108.
Loose-Wiles Biscuit Co.-Source 1917 Divs.-
Treas. John H. W
@FedFRASER