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financial
The
VOL.106
romde
NO.2746
FEBRUARY 9 1918
Published every Saturday morning by WILLIAM B. DANA COMPANY;
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana,Sec. Addresses of all, Office of the Company.
CLEARINGS-FOR JANUARY FOR FOUR YEARS AND FOR WEEK ENDING FERUARY 2.
January.
Clearings at1918.
1917.
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-13arre
Wheeling
Harrisburg
Trenton
Lancaster
York
Erie
Chester
Binghamton
Greensburg
Beaver County,Pa
Altoona
Frederick
Franklin
Norristown
Montclair
Oranges
11agerstown
$
$
14,719,067,530 15,127,365,615
1,522,827,616 1,397,691,175
334,332,715
319,679,349
188,485,259
183,311,122
87,340,317
90,465,034
44,042,663
53,170,285
22,012,317
22,285,952
32,225,764
31,486,500
16,902,139
16,884,687
19,273,160
19,124,183
11,999,667
10,739,456
13,274,054
13,107,451
9,190,533
8,777,503
15,242,382
16,900,000
9,432,429
10,414,698
11,226,019
9,935,621
10,530,430
9,798,913
4,937,442
5,001,037
8,151,140
7,271,735
6,223,203
5,858,170
4,333,800
4,147,500
3,404,709
4,682,165
3,053,460
2,891,693
2,835,282
2,855,516
2,250,242
2,053,207
2,168,821
1,970,102
2,471,549
2,766,507
2,374,153
2,618,779
4,287,648
4,540,550
2,423,066
2,687,895
Total Middle
17,109,665,704 17,397,145,161
Inc. Or
Dec.
Week ending February 2.
1916.
1915.
1918.
1917.
--2.7 12,326,802,227 7,287,692,533 3,149,289,161 3,566,960,627
A-9.0 1,014,899,191
314,567,091 346,825,337
661,545,778
---4.4
260,172,102
205,071,605
61,643.105
77,180,043
---2.7
150,944,317
191,284,552
40,829,811
48,938,370
+3.6
62,289,232
52,693,661
20,688,571
16,083,670
AH20.7
38,540,628
32,648,807
9,950,821
11,042,194
+1.2
22,941,421
26,293,009
4,675,133
4,845,183
-2.3
25,565,621
19,969,131
6,185,044
7,011,296
-0.1
13,452,259
15,033,144
3,543,819
3,679,927
-0.8
15,258,618
12,963,591
3,697,204
4,198,956
--10.5
9,802,184
7,281,783
2,178,133
2,615,788
-1.3
12,405,289
6,612,862
2,730,817
3,395,113
-4.5
7,489,107
7,225,519
1,797,601
1,751,238
+10.9
11,161,577
7,665,910
3,750,000
3,851,054
4.10.4
7,904,152
6,901,231
d- 13.0
6,864,761
8,632,673
2,063,651
2,174,957
+7.6
7,861,259
5,532,795
2,060,990
2,194,775
+1.3
3,273,672
3,684,941
951,064
1,095,841
+12.1
4,083,146
5,421,527
1,669,498
1,545,194
---5.9
1,15:3,:356
4,551,927
1,131,003
2,688,571
-4.3
3,471,100
3,021,500
948,400
1,077,700
AH 37.4
2,824,609
3,275,029
• 813,081
950,000
--5.3
2,299,650
2,479,208
+0.7
2,228,223
2,383,981
+9.6
1,885,088
1,716,788
-6.8
1,505,217
923.107
+11.9
1,865,444
2,692,593
---9.3
1,790,534
2,321,691
535,862
470,046
---5.6
:3,485,412
3,833,843
---9.8
1,978,846
Inc.or
Dec.
1916.
1915.
-11.7 2,950,429,870 1,848,079,256
-9.3 239,873,395 168,439,651
-20.1
63,541,888
47,514,555
42,696,944
-16.6
38,509,929
13,102,964
+28.0
11,175,011
9,321,425
8,077,499
+11.0
--3.5
6,082,384
4,287,500
6,979,314
--11.8
5,443,250
3,405,451
---3.7
3,650,427
3,726,294
--11.9
3,432,537
2,024,914
--16.7
1,555,568
1,674,690
2,650,900
--19.6
1,825,248
+2.6
2,044,875
--2.6
1,876,139
2,616,617
-5.1
-6.1
-13.1
+8.0
-1.9
-12.0
+18.1
2,111,292
1,823,936
806,270
1,213,856
883,962
916,000
696,761
2,146,915
1,487,628
751,057
972,840
610,334
809,000
1,019,371
-12.3
369,642
417,653
-1.7 14,074,656,226 8,544,431,950 3,636,763,236 4,107,878,189 ---11.5 3.355,304,443 2,155,800,569
1,158,899,360 1,031,292,377 A-12.4
52,886,600
50,777,600
+4.2
35,402,206
39,283,536 -9.9
20,235,243
23,065,061 --12.3
16,930,823
19,293,056 --12.2
10,800,000
12,641,204 --14.6
15,083,880
18,345,416 --12.9
8,493,719
8,729,356 --2.7
7,437,985
7,846,258 ---5.2
3,295,587
4,728,494 -3.0
5,207,146
4,897,880
+6.3
3,298,193
3.394,559
+2.8
8,789,000
11,174,700 -21.3
2,110,889
2,452,528 -14.0
153,309,413
7,496,000
6,279,887
3,610,528
2,697,098
2,111,846
2,468,048
1,405,912
889,394
783,721
853,890
419,121
868,934,146
44,671,700
33,375,976
19,046,663
17,048,763
10,383,187
15,188,264
7,006,046
5,792,545
3,963,402
4,442,892
1,946,451
8,424,900
1,720,602
645,432,657
34,444,700
24,912,436
15,968,735
11,5:30,662
8,297,836
10,607,179
4,993,390
4,505,288
3,388,638
3,153,398
1,778,336
4,995,700
1,556,642
+9.0 2,760,945,537
775,665,597
268,030,193
269,604,729
--0.6
229,401,291
182,324,858
2,024,542,219 2,083,813,393 --2.8 1,528,426,407 1,311,826,388
Chicago
189,713,002
181,703,582
A-4.4
140,878,450
112,557,300
Cincinnati
340,100,301
286,069,259 +18.9
108,491,795
172,118,897
Cleveland
225,611,757
232,618,706 -3.0
153,075,827
96,997,059
Detroit
112,109,431
103,047,628
73,834,295
77,886,560
A-8.8
Milwaukee
59,558,000
60,600,297 --1.7
44,048,422
35,790,823
Indianapolis
41,948,000
26,311,300
44,594,700
--5.9
33,574,000
Columbus
40,561,078
47,664,553 --14.9
26,016,092
35,718,33:3
Toledo
19,709,248
22,219,983 --11.3
14,073,441
15,909,039
Peoria
21,000,050
22,419,769 --6.3
13,793,255
18,164,140
Grand Rapids
16,174,803
17,947,196 ---9.9
9,219,119
12,585,172
Dayton
14,402,673
5,331,403
8,303,101
11,817,258 •+21.9
Evansville
7,887,861
8,344,219
4,954,951
5,552,340
Springfield, Ill
15,439,203
17,097,468 -9.7
5,815,861
8,3:34,759
Youngstown
5,232,242
7,806,333
-33.0
5,758,863
5,578,476
Fort Wayne
6,200,791 , 5,674,528
+9.:3
4,485,111
4,438,447
Lexington
-- 23,253,000 _20,227,000 +15.0
12,677,000
7,235,000
Akren
6,924,155
3,500,680
4,232,493
6,046,639 +12.9
Rockford
4,534,034
4,520,713
+0.3
2,758,083,
Bend
3,584,818
South
14,409,465 +13.4
16,339,025
9,424,3:33
8,084,436
Canton
4,555,152 +12.5
5,124,905
3,423,193
3,710,019
Quincy
6,009,873 -12.0
5,937,681
Springfield, Ohio
3,753,452
4,301,791
Bloomington
4,556,889 -8.0
4,190,800
:3,354,511
3,074,078
4,237,205
2,101,948
Mansfield
3,839,667 +10.4
2,737,915
3,750,528
+0.2
3,474,121
2,639,634
2,005,818
Decatur
4,945,316 -18.7
4,020,067
2,230,067
3,154,285
Jackson
Jacksonville, Ili
+9.2
1,746,032
1,113,371
1,906,800
1,222,951
+1.8
2,375,063
2,417,138
1,821,861
2,066,345
Danville
3,533,861 +10.2
3,895,376
1,911,589
2,717,281
Lima _ _
5,153,151 -31.5
3,531,900
2,177,746
3,658,435
Lansing
Owensboro
5,175,280 -20.9
3,577,336
2,015,350
2,009,881
1,585,513
1,107,341
1,693,646
+6.8
1,300,382
Ann Arbor
3,351,367
2,846,907 +17.0
1,031,517
1,885,417
Gary
6,935,919 -19.6
1,004,425
5,570,863
3,577,476
Flint ---------------------833,415 +16.0
1,016,209
546,355
Lorain
427,230
:366,562 -17.:3
303,200
Adrian
280,623
188,638
696,500 -15.8
586,789
530,277
567,976
New Albany
---------------5,081,564 -20.3
Paducah
4,049,870
3,934,378
4,559,218
Hamilton
1,736,887 +11.7
1,495,343
2,010,129
+3.2
2,405,367
2,48:3,284
1,921,552
Aurora
3,254,002,956 3,246,495,628
Total Middle Western
+0.3 2,341,798,846 1,911,987,092
422,583,600
44,473,948
70,023,996
44,230,824
23,289,578
12,051,000
8,170,500
8,248,023
4,470,000
4,208,117
3,102,494
3,275,150
1,523,298
2,830,887
1,123,973
1,400,000
4,949,000
1,459,120
856,881
3,500,000
1,100,000
1,208,529
970,336
824,884
763,611
466,394,813
40,244,565
63,424,918
49,651,578
23,759,650
11,057,387
10,214,700
9,272,413
4,800,000
5,070,577
3,181,416
2,356,248
1,629,158
2,787,481
1,778,997
1,450,000
5,460,000
1,233,167
854,503
2,898,194
994,431
1,214,734
1,034,101
767,851
856,751
---9.4
A-10.5
*-1-10.4
--10.9
---2.0
AH9.0
---20.0
-11.0
---6.9
---17.0
---2.5
AH39.0
---6.5
A-1.9
-36.8
-3.5
---9.3
A-18.3
AH0.3
AH20.8
+10.7
--0.5
--6.2
A-7.4
--10.9
355,708,935
30,986,200
42,071,934
33,064,687
20,315,867
9,348,953
8,025,400
1,995,650
4,200,000
3,789,092
2,521,897
1,789,680
1,335,168
1,854,619
1,300,178
1,055,109
2,738,000
927,429
718,172
2,021,001
922,628
825,506
753,593
497,298
599,669
298,516,300
25,168,050
26,181,407
22,137,230
18,135,973
8,510,717
6,324,400
5,796,268
3,338,904
3,300,627
1,960,461
1,143,505
1,093,274
1,371,273
1,250,002
946,772
1,225,000
725,595
676,047
1,500,000
961,127
688,966
793,661
455,047
483,719
299,595 A-17.7
630,282 --9.7
648,833
AH2.5
900,000 ---27.8
975,992 -23.1
--7.4
404,833
260,441
577,550
494,743
631,931
427,624
253,348
231,007
490.191
407,960
594,829
464,398
301,758
Boston
Providence
Hartford
New Haven
Springfield
Portland
NVorcester
Fall River
New Bedford
Holyoke
Lowell
Bangor
Waterbury
Stamford
Total New England
San Francisco
Los Angeles
----------------Seattle
------------- - Portland
-Salt Lake City
Spokane
'rucoma
Oakland Sacramento
San Diego
Stockton
Fresno
- - - - - ---Pasadena - San Jose
Boise- --North akima
Ogden ------------------Rem)Santa Rosa-- - - - - - Long Beach
Bakersfield
1,349,779,631 1,237,922,025
433,852,611
132,187,000
20,631,562
80,417,178
63,297,179
33,972,201
16,869,200
25,857,057;
15,935,111,
10,061,733!
9,026,075
10,040,076
4,674,285
5,084,779
6,837,927
2,952,270
6,755,766,
2,500,000
1,150,000
4,255,134
3,690,615
376,218,502
134,244,000
76,838,619
61,975,187
63,906,893
25,175,786
10,883,745
2:3,198,004
10,008,723
12,192,866
6,939,387
8,435,318
5,253,402
:3,835,559
5,514,656
2,415,101
6,669,161
2,108,695
1,105,7:38
3,256,885
3,111,515
+15.3
--1.5
+57.0
A-29.8
-1.0
A- 34.9
A- 55.0
4-11.5
A- 59.2
--17.5
A- 30.1
4- 19.0
--11.0
+32.6
A- 24.0
.F 22.2
A- 12.9
A- 18.6
+4.0
+30.7
+18.6
Total all
2,153,403,830 1,6:30,571,274
26,534,627,19925,621.505.405
216,324,858
86,625,062
47,330,084
44,603,844
27,644,226
15,745,376
7,860,810
15,324,258
8,021,879
8,647,910
3,866,852
3,948,809
3,802,117
2,880,536
4,016,000
1,407,723
3,618,797
1,192,255
1,025,990
2,332,414
1,788,501
352,249
569,233
665,000,
650,000
750,924
375,000
227,777,491
10,810,800
9,170,936
4,600,000
4,337,452
2,787,634
4,453,021
1,676,862
1,407,959
1,053,836
943,105
585,633
191,517,035
10,618,400
8,500,085
4,074,300
3,756,754
2,298,407
3,363,585
1,576,064
1,303,442
973,019
971,135
449,065
67,000
71,508
-6.3
40,982
45,881
674,067,155
716,318,676
---5.9
538,694,284
435,220,369
90,925,340
28,842,000
16,780,789
12,559,564
14,974,771
4,874,306
2,174,204
5,187,832
2,249,004
2,556,940
1,407,000
2,132,630
1,266,347
910,000
AH3.3
---5.7
+46.8
+49.4
AH28.7
+29.5
A-59.7
AH9.4
4-32.8
-27.7
A-14.7
--18.2
--20.0
AH20.9
56,164,495
22,094,069
9,040,025
8,066,282
6,974,365
3,833,523
1,442,824
4,421,794
1,775,631
2,013,207
1038,464
858,163
912,123
699,019
50,099,083
16,705,022
10,660,980
11,232,562
5,961,276
3,755,672
1,841,295
3,655,316
1,640,591
1,808,768
920,281
905,065
805,028
593,052
93,947,668
27,191,000,
24,630,212
18,758,458
10,683,529
6,312,674
3,473,328
5,677,734
2,987,069
1,848,368
1,614,433
1,743,162
1.013,669
1,100,000
602,400
410,994 +22.7
300,000
324,854
425,000
375,000 +13.3
236,283
262,153
+8.8
554,017
552,511
111,723,509
1E0,890,435
790,801
860.264
1
567,297,088
508,008,301
202,868,9681
-1-7.6
905,096,407
790,974,791
345,371,296, 249,991,838, +38.2
182,425,369
+32.1 1,207,89:3,440
954,022,784
414,198,8271 327,055,8231 +26.7, 254,916,5741 214,352,753
188,497,522
+3.6 20,138,687,544 13,484,990,515 5,541,299,675 5,859,346,777, -3.4 4,681,136,2453,280,380,503
11,815,559,66910,494,139,700 +12.6 7,811.885,317 6,197,297.0821 2,392,010,5142,292.386,150
Outside New York
Clearings by Telegrapa and Canadian Clearings on page Sio.
+2.4
--13.8
--20.0
--14.9
---12.9
-24.7
---30.4
---4.6
--13.1
-35.8
+14.2
AH11.8
120,394,284
843,287,742 +17.4
990,047,7591
Total Pacific
Details of Other Western and So uthern on page 576
Western
1,676,822,269
+32.4
1,266,083,074
Other
Total
Total Southern
241,397,635
97,919,023
50,097,533
4:3,261,038
39,116,453
17,768,571
7,638,139
16,658,233
9,929,433
8,643,303
6,121,272
4,410,966
4,142,645
2,891,082
4,524,188
1,496,392
4,572,390
1,297,157
801,651
2,230,820
1,478,264
233,245,253
9,322,000
7,340,392
3,916,151
3,779,407
2,100,000
3,098,420
1,598,004
1,222,606
676,772
1,076,989
654,199
+4.3 1,730.706.375 1.432.301.247
THE CHRONICLE
524
THE FINANCIAL SITUATION.
The President's latest bill, prepared and sent to
Congress "for immediate passage," is a complete
expression of the "full power" during the recess
suggested on his behalf during the late special ses3ion. It would authorize him, until a year after he
taas proclaimed the end of the war, "to make such
redistribution of functions, duties, and powers
hitherto conferred by law" as he pleases; "to make
such regulations and to issue such orders as he may
deem necessary;" to "co-ordinate or consolidate
any executive commissions, bureaus, agencies, offices
or officers;" to use at his pleasure "any moneys heretofore or hereafter appropriated;" and it would suspend "all restrictions in any existing law creating any
executive department, commission, bureau, agency,
office, or officer, or defining the duties thereof."
This has the merit of brevity, and it would make
any further legislation unnecessary. It may naturally be taken as his response to the pending bills
intended to increase efficiency in the conduct of
the war, and seems to indicate that his intention
to be absolute in autocracy is immovable—unless,
possibly, he receives from the country an unmistakable negative.
A still more brief preposition, and one hardly less
sweeping although possibly a little more startling in
bluntness of expression, would be a three-line Act
constituting him, during the war and one year after,
absolute dictator over all persons and property of
whatever nature within the jurisdiction of the
United States.
It is time to speak plainly, for not even a state of
war can justify a complete overturning of the form
of Government under which the country has grown
from feebleness to strength. On the contrary, it is
in war time that we need to keep especially on our
guard as to what we do and how swiftly we permit
ourselves to be borne along, since it is in war that
subversive attempts are most easy, under the plea
of emergency. All such propositions as this are not
merely revolutionary but lack any shred of occasion.
What the country needs is not more laws and more
powers for Mr. Wilson, but a more.efficient exercise
of those already existing and—most especially—larger
and stronger men. He has been asking, and receiving, grant after grant until he has such powers as
none of his predecessors dreamed of having and such
as no sane man anywhere would have once ventured
to suggest. We have gone the downward road towards absolutism and a virtual although not openly
declared expunging of our Constitution, step by
step, each successive step further deadening our sensibility and preparing the way for the next.
We are now engaged in a struggle "to make the
world safe for democracy." Well, let us grant, if
anybody wishes, that it is a debatable and still
undetermined question whether democracy, interpreted as the untrammeled choice of their Governmental form by the people, is best put into a representative structure or into a limited or even an absolute
monarchy. Concede, if you wish, that democracy
is best carried out when the people choose their own
form and discover its merits and demerits by its
results; concede any academic proposition which
pleases you, this remains: it is no time now to overturn old institutions. We are now contending for
the right to live; secure that, and take up any
reconstructions afterwards.
[VOL. 106.
This latest offering of the President to Congress
struck some of his own supporters almost breathless,
and a sponsor to present it in the Senate was found
with difficulty. It is justly characterized in that
body as asking Congress to virtually abdicate.
After consenting to it, Congress might better adjourn
sine die and cut off a large expense. What will be
done with it, and whether it will give the country
the reactionary shock which unhappily seems to be
needed, we are yet to see. That such a proposition
can go through Congress or make any progress there
should be inconceivable, and it should be buried
promptly in committee. Yet, if it strikes a final
blow at the "rubber stamp" notion of the functions
of Congress and awakens that body to a just conception of its duties and responsibilities as an inseparable part of the Government, in war as in peace,
it will work an unintended good.
When the particular demand for wage increase by
the railroad brotherhoods at that time pending Nyas
taken to Washington, in August of 1916, and when
the railway executives were once more urged to yield,
for the sake of peace and the country, they offered to
put the amount in dispute into a trust; under control
of the Inter-State Commerce Commission, to be held
pending the decision of arbitrators to be named by
Mr. Wilson himself. They offered to refer the pending dispute to arbitrators, to be virtually selected
by the other side, meanwhile putting and holding the
money in trust; not at all, replied the brotherhoods,
we demand the money now, and then you can go
ahead and arbitrate. The contest was ended,and
the perpetual issue was once more settled by the
roads yielding; the Adamson Law was pushed
through Congress, under threat of a country-wide
strike, and a special commission was created to
investigate the subject.
It was distinctly pointed out at the time, and
was abvious enough, that the demand for an eighthour day was really for an eight-hour basis and a,
consequent increase of pay. The men were not satisfied, after they got the Adamson Law, for they were
suspicious that it might prove in practice a boomerang and decrease instead of increasing wages. They
are no better satisfied now that the Goethals commission has made its report, and they are already
grumbling anew. The report says that while there
have been many instances of operative changes, a
general eight-hour day has not been brought in; but
the law has produced an increase of burden to the
roads, amounting to about a 25% increase in pay.
This substantiates all that was said at the time concerning the effect of the pretense of bringing in a
shorter working day, and it also strikingly substantiates the estimate of the railway executives that the
burden upon the roads would be increased by about
60 millions a year, which must come upon the consumer throughout the country. Per contra, the
brotherhoods contended that the executives overestimated the cost, and that it would be possible to
so speed up the trains that as much could be accomplished in eight hours as in ten. This seemed to
have some plausibility as a theory, and to get more
pay for a shorter working time would be a very
pleasant consummation; but the consummation has
not come.
We were not at that time quite committed to
open war, although too plainly moving towards it
80 plainly thatIthelbrotherhoods said they would not
S
FEB. 91918.]
THE CHRONICLE
be able to strike after war began and therefore they
must make haste to secure their eight-hour day while
they could. How things have not been speeded up
in even pace with increasing demands upon transportation we know now, and the men are as dissatisfied as ever, retaining their old willingness to have
patriotic sacrifices made—by others, but not any
for them. The brotherhood heads now tell the Railroad Wage Commission that the congestion which
has produced such dire results has come from recent
"rotten railroading"; specifically, that locomotives
have been permitted to freeze up, rolling stock has
been misused, and crews have been delayed and
shifted about; most specifically, that this has been
purposely done in order to discredit the Adamson
Law and cause a failure of Government control.
One brotherhood head even insinuated that several
banks in this city could be named which are at the
bottom of this alleged plot.
Of course, such impudent talk deserves only contempt, yet it illustrates the impenetrable selfishness
of this branch of organized labor, which has been
yielded to until it seems capable of almost anything
but straightforward hard work and an acceptance
of a proper share in the sacrifices which the situation demands of all the people. The long course of
cowardly retreating before the threat of strikes,
because strikes would certainly be inconvenient, has
produced its natural and predicted fruit. Still the
old question remains, what are we going to do
about it, and when are we going to find our backbones?
Bank clearings for the opening month of the year,
as given on the first page of this issue, although
reflecting in some sections of the country a let-up
from the extreme and phenomenal activity in commercial and industrial lines that has been so long a
feature in the United States, nevertheless furnish an
aggregate a little in excess of the record total for
the period established a year ago, and of stupendous
size when compared with results attained before the
European war became such a stimulating factor
to business here. It is perhaps not improper to
infer that the virtual cessation of work in the closing
days of the month under the edict of the Fuel Administration had a contracting effect upon clearings;
on the other hand, however, high prices have been
more instrumental in swelling totals this year than
last, so that, probably, one influence has served to
offset the other and made the comparison an equitable one. The situation in January 1918 is indicated
by the fact that of the 176 cities reporting 57 exhibit
declines- from 1917. The decreases are small or
moderate as a rule, however, and, therefore, not in
any sense significant, especially as, after the high
tension under which business has been conducted
for so long, a pause for breath is no more than
natural. Any real check is hardly to be expected
until there is some tangible evidence that the conflict abroad is approaching its finish. Gains of
noticeable proportion are not lacking in our compilation, but they are to be found quite generally
in the far_West or at the South. The total at New
York, while not the heaviest on record for the period,
is not much below it, and the same is true of a majority of the other cities where losses are shown.
Moreover, in 80 instances new records for January
are established and in 10 cases the aggregates for
any preceding months have been overtopped.
525
The total of clearings for the 176 cities from which
we have returns at $26,534,627,199 is greater by
nearly 1 billion dollars, or 3.6%, than that for 1917;
contrasted with 1916 an augmentation of 31.8% is
recorded and with 1915 of 96.8%. At New York
the loss from January a year ago is 2.7%, but compared with the two preceding years there are gains
of 19.4% and 101.9%, respectively. Outside of
this city the month's aggregate at $11,815,559,669 is
12.6% over last year, 51.3% above 1916 and 90.7%
in excess of 1915. Among the cities recording percentages of gain running over 25% are included
many of more or less prominence, such as Kansas
City, New Orleans, Richmond, Atlanta, Omaha,
Denver, Seattle, Portland, Ore., Fort Worth,
Savannah, Nashville, Norfolk, St. Joseph, Sioux
City, Spokane,Tacoma, Sacramento, Houston,Oklahoma, Tulsa, Dallas and Little Rock. On the other
hand, while 57 cities in all show losses, in only 23
cases do these losses run above 10%, and they invariably follow conspicuously heavy gains in 1917
over 1916.
Transactions on the New York Stock Exchange
during January, while of slightly greater volume than
for December, were below those of the corresponding
period of either 1917 or 1916. Some recovery in
values from the level ruling in the closing days of
December is to be noted, but at the same time quotations quite generally were under those of January
of last year. The dealings in stocks reached 13,616,357 shares, against 16,939,440 shares in 1917
and 15,956,944 shares and 5,076,210 shares, respectively, one and two years earlier. Railroad and
industrial bonds were traded in much less freely
than a year ago, and the same is true but in lesser
degree of foreign Government securities. United
States bonds (Liberty Loan 3Ms and 4s), however,
were actively dealt in, the sales exceeding 51 million
dollars. Altogether, therefore, operations in bonds
as a whole reached a fairly large aggregate, total
transactions of 1063
% million dollars par value comparing with 1243/ millions in 1917 and 118 millions
in 1916. Boston transactions aggregated 327,889
shares, against 737,676 shares in 1917 and 1,165,252
shares in 1916, and $1,757,250 bonds against $1,910,400 and $1,088,000.
Distinct improvement compared with last year
is indicated by the compilation of clearings for cities
in the Dominion of Canada. Specifically of the
25 cities from which we have received returns, only
two fail to show increases, and the grand aggregate
sets a new high water mark for the period. The
total for all of the cities for the month this year
reaches $1,021,723,784, or 9.8% more than in 1917,
nearly 35% heavier than in the preceding year,
over 76% in excess of 1915 and some 27% greater
than the pre-war record total of 1913.
On Wednesday King George prorogued Parliament until Feb. 12. In his speech he referred to the
entry of the United States into the war, which
action he said had "united practically the whole
civilized world in a league of nations against unscrupulous aggression" and inspired fresh confidence
in the ultimate triumph of the Allies despite the
defection of Russia. The King also declared that
the successful prosecution of the war was Great
Britain's first aim and endeavor. He expressed
hope for a solution of the Irish problem. Russia,
distracted by .internal dissensions, had not been
526
THE CHRONICLE
able to persevere in the struggle until the fruits of
her great sacrifices could be reaped and for the
present had ceased to bear her part in the Allied
task. The negotiations opened by her with the
enemy had, however, served to prove that the ambitions which provoked this unhappy war as yet are
unabated. These tragic events had added to the
burdens of the other Allies but had not impaired
the vigor and loyalty with which one and all continued to pursue the common aim.
As to the military operations, there seems to
be very little attempt at large things by either
side. Press dispatches from The Hague quote
travelers from Berlin as bringing an account
of an alleged conference at Berlin at which Field
Marshal von Hindenburg is said to have received
the editors of 30 German newspapers and discussed
the food situation with them. The editors, it is
alleged, told von Hindenburg that by next May
there will be no food in Germany. "My reply is,"
the Field Marshall is quoted as saying "that by next
April I shall be in Paris." One of our own Government officials at Washington, commenting on this
statement, drew attention to the fact. that April 1
would be "All Fools Day." It was considered significant that violent boasting of what Germany is
planning to do on the Western front before American military power can be put into the conflict,
continues to be a conspicuous feature of the German
newspapers—a fact which suggests a regular official
propaganda by the press censors. It is at least
comforting that Germany's boasts in the past—
notably of her submarine frightfulness—have fallen
short of their goal. Major General Maurice, chief
director of military operations of the British War
Office, has resumed his weekly interviews with the
press after a month abroad. He was in Paris at
the time of the recent air raid and said that the air
defenses of London were far more effective than those
of Paris. "The chief event of military importance
in the last month," he said, "has been the continued movements of German troops to the west
front. We long ago calculated the rate at which
this movement could be carried on and it is not going
on any faster than expected. The Germans are
now stronger on the west front than at any time
during the war, but they are not yet numerically
equal to the Franco-British forces. That being
so, I do not know that the situation need at present
cause us any great anxiety." British naval forces
this week have bombarded Ostend, where it is stated
the shipyards were severely damaged.
American troops now are occupying a sector of
the Lorraine front in France. This announcement
has been permitted by the military censor. The
fact that American troops were in the trenches at
Lorraine was revealed by the German War Office
some three months ago. At that time of course
General Pershing had not taken over the entire defense of the sector, but was merely giving his troops
experience of actual fighting on the French-held front.
Now he has assumed responsibility for a portion
of the line held against the Germans. Since the
battle of Verdun, there has been no fighting of great
importance along this front. For the most part
it runs through high and broken country. Since
the present battle line was restablished earlier in
the war there has been comparatively little activity
on the front to the east of the Verdun sector, the
[VoL. 106.
nature of the country making large operations impracticable. Venice and a number of towns in the
Venetian plain were bombed early in the week
by enemy airmen, though it does not appear that
extensive damage was done. Five hostile machines
were brought down, three by British aviators and
the remaining two by Italians.
So far 0,s the shipping losses of the week are concerned, the sensational event has, of course, been the
torpedoing off the Irish coast of the Anchor Line
steamship Tuscania, which was acting as a transport
for American troops. About 125 American lives
were lost, according to the latest report. She
carried 2,397 souls, including 2,179 United States
army foresters, engineers, supply train men, military
police and aero units. The Tuscania floated for
several hours after she was torpedoed. "The sinking
of the Tuscania," to quote Secretary of War Baker,
"leaves us face to face with the losses of war in its
most relentless form. It is the first challenge to the
civilized world by an adversary who has refined but
made more deadly the stealth of the savage in warfare." The Tuscania makes the thirteenth transport
that the Germans have succeeded in sinking, eight
of which were British, two French and two Italian.
The largest reported loss of life on any British transport was 970 men who went down with the Royal
Edward of the British Transport service on Aug. 14
1915. The American transport Antilles was sunk
by a German submarine on Oct. 17 of last year on
her return trip from France with a loss of 67 men.
The French transport Provence was sunk in the
Mediterranean on Feb. 27 1916 with a loss of 3,100
men. The British Admiralty reported for the week
ending Feb. 3, fifteen British merchantmen as
having been sunk by mine or submarine. Ten were
1,600 tons or over and five were smaller. Four
fishing vessels were also sunk.
Last week's British losses were aliproximately the
same as the preceding week, when nine merchantmen
of more than 1,600 tons and six of lesser tonnage
were destroyed. Another big Cunard liner has
been torpedoed by a German U-boat. This is the
Aurania, a craft of 13,400 tons, and one of the finest
in the company's fleet. Only meagre advices have
been received at the company's offices in this city,
where it was said the only definite information on hand was to the effect that the
Aurania had been attacked and was still afloat,
making her way to a British port. The vessel was
westbound, having recently unloaded a cargo carried
from this country, and started on her return trip.
The torpedoing occurred either Tuesday or Wednesday.
Italian shipping losses last week were light, only
one steamer being sunk, and that under 1,600 tons.
A cable dispatch to the Norwegian Legation at
Washington from Chr'stiania states that during the
month of Jan. 12 Norwegian vessels aggregating
18,805 gross tons were lost "by the war" and eight
Norwegian seamen lost their lives.
A summary of the official report of the Supreme
War Council, which met at Versailles last week, was
published on Sunday. It contains a distinct suggestion that we must expect the war to continue for
another severe military campaign. A similar interpretation also may be given the supression of the
labor uprisings in Germany. On the one hand is
FEB. 9 1918.]
THE CHRONICLE
the decision of the Allies to accept no compromise;
on the other is . the absence of what at one time
appeared evidence of a new crisis in Germany.
The Report of the War Council states that it found
no approximation in the German Chancellor's and
the Austro-Hungarian Foreign Minister's speeches
to the terms of the Entente Powers; hence it has
decided to continue the vigorous prosecution of the
war. The summary of the report as officially issued
follows:
The Council was unable to find in von Hertling's
and Czernin's recent utterances any real approximation to the moderate conditions laid down by the
Allies' Governments. Under the circumstances,
the Council decided that the only task before it to
meet was the vigorous and effective prosecution of
the war until the pressure of that effort produced a,
change of temper in the enemy Governments justifying the hope of the conclusion of a peace based on
the principles of freedom, justice and respect for
international law.
The Council arrived at a complete unanimity of
policy on measures for the prosecution of the war.
We referred last week to the probability that too
great importance was being attached to the labor
troubles in Germany. Events seem to have fully
justified this view. If advices that have been permitted to come forward from Berlin are accurate,
the strikers have been completely cowed by the
military. Still, the vigorous efforts which were
found necessary to restore order indicate that there
must have been some substantial basis for the recent
reports of uprisings. It is not impossible that as
time progresses evidences of the discontent and war
weariness may again crop out and assume such
importance as will be embarrassing to the military
clique. The absolute power of the military authorities however could hardly be better illustrated than
by the sudden return to work of the dissatisfied
laborers. General von Kessel, military Commandant
of Brandenburg Province, in which Berlin is
located,issued a proclamation on Sunday threatening
summary punishment of strikers who failed to obey
his order to resume work on Monday morning.
Seven o'clock was set as the hour at which they must
return to work, and the proclamation added: "Employees failing to resume work will be tried by courtmarshal, which is authorized to impose sentence of
death, execution to take place within 24 hours of
the time the sentence is imposed."
A -dispatch from Amsterdam interprets the disturbed situation as likely to be resumed in more
acute form. "Once more," the correspondent says,
"it has been impressed on the German workers that
they live under a system that is little better than a
military dictatorship. They will not fail to note the
difference between the action of the German Government and that • of the Austrian authorities. In
Germany, the Government clamped down all freedom, refused to have anything to do with the
workers and left the military to put down the movement by force. Not for a minute did justice to the
workers' demands influence the Government." The
Berliner "Tageblatt" thinks that the failure of all
negotiations with the Government to bring about a
conference with the strikers will arouse grave doubts
in the great mass of the people, and that this close
adhesion to formalities will not be calculated to
promote tranquility, all the more so when the
highest local authorities in Cologne and other places
527
negotiated with the strikers and reached an agreement. The "Tageblatt" condemns the Government
for its attitude in wishing to negotiate only with
those who had no direct influence with the strikers,
and says the difference in the attitude of the Government and the local authorities in some of the big
cities is a very bad sign. It is significant that
advices from Austria leave us completely in the dark
as to the condition of the labor unrest there. Undoubtedly there must have been some compromise
or troubles of an acute character would have been
reported ere this.
A Petrograd dispatch under Wednesday's date
announces that the Russian delegates to the BrestLitovsk Conference have refused to accede to the
Teutonic delegates' demands that a separate peace
be signed officially. Negotiations, however, were
on that date continuing, though later dispatches,
which are entirely unofficial, declare that a complete
rupture has occurred. Statements in many German
newspapers indicate a probable breach between the
Germans and the Bolsheviki, and the conclusion of
a separate arrangement between the Central Powers
and the Ukraine. No light on the ituation comes
from Russian sources. Foreign Minister Trotzky
is reported to be at Brest-Litovsk, but nothing has
been heard from him. Meanwhile the Bolsheviki
continue to circulate by means of the wireless statements regarding the triumph of the Bolshevik Rada in
the Ukraine. A statement on Wednesday declares
agreements had been reached between the Bolshevik
Government in Russia and the Rada, regarding
Federal union with Russia and the complete unity
of foreign and internal affairs. It was added that
representatives of all the army fronts have recognized
the Bolshevik leader as the sole authority in the
Ukraine and an all-Urkainian Congress will be held
at Kiev in the next few days. Prospects seem to indicate that whatever may be the ultimate solution,
the immediate tendency is the disintegration of the
Russian Empire and the segregation of the various
divisions into independent governments. Meanwhile internal dissentions are not unlikely to increase.
In evidence of this is the fact that the All Russian
Congress of Workmen's and Soldiers' Delegates,
which has just been in session, adjourned without
adopting the plans of the Minister of Agriculture
for the apportionment of the land. Consequently
no definite legislation has been established for the
method of division. The land-owning peasants,
as well as the bourgeois are to be deprived of their
estates. Premier Lenine addressed on Wednesday
a large gathering of agitators who are to depart soon
for the Provinces to lead the confiscation campaign.
He urged them to make war on all village exploiters
and rich peasants as they did on- the wealthy landowners.. "We have taken the land to give it to
the poor peasants," the Premier said. "Do not let
the rich peasants or exploiters get the agricultural
implements. Pit ten poor peasants against every
rich one. The police are dead and buried and. the
masses must take affairs in their own hands., External war is finished 'or is being finished now.
Internal war begins, but not a war with arms. This
is an economic war. The masses must take back
what kias been stolen from them. The rich, who
have hidden their wealth, think the masses will pull
them through. Somehow we must uncover ithe
hidden wealth or otherwise the Bolshevik Govern-
528
THE CHRONICLE
[VoL. 106.
ment is bankrupt. The republic needs twenty-eight inculcating in Entente labor circles the idea that
billion rubles annually. Its prospective income is German labor is making a strong move for peace on
only eight billion rubles. The hidden wealth must German terms and ought to be supported elsewhere.
be uncovered and placed at the disposal of the
British revenue returns for the week ended Feb. 2
Government."
were slightly in excess of those of a week ago, but
Bank consolidations still are the feature in London, were overbalanced to a considerable extent by a
the latest amalgamation being one of the most im- heavy increase in expenditures. The amount of
portant of all, namely, the absorbing by the London Treasury bills sold was again exceeded by the
County & Westminster Bank of Parr's Bank. These amount of those repaid. Treasury bills outstanding
mergers are reported by cable correspondents to be have shown a reduction of £12,000,000 for the week.
arousing severe criticism as to the desirability of the The week's expenditures reached a total of £53,316,continued concentration of financial resources and 000 (against £37,485,000 for the week ended Jan. 26),
power. The reason advanced for the latest consoli- while the total outflow, including repayment of
dation is that the Westminster Bank, having already Treasury bills, advances and other items, was £155,absorbed the Ulster Bank, required a Lancashire 162,000, comparing with £139,061,000 a week ago.
connection. This now has been obtained by ab- Repayments of Treasury bills were £97,212,000,
sorbing Parr's Bank which has many branches in against £73,520,000, and of advances £1,000,000,
the North of England. The deposits of the combined against £22,000,000. Receipts from all sources
concerns now run to nearly £226,000,000, this com- equaled £153,841,000, in comparison with £138,937,paring with London City & Midland (including the 000 the preceding week. Of this total, revenues conBelfast Banking Co.) deposits of about £230,000,000. tributed £23,815,000, against £21,447,000. TreasAdditional mergers are understood to be under nego- ury bills were issued to the amount of £84,828,000,
tiation. The Government has appointed a commit- as against £73,298,000 a week ago; war savings certee of bankers, merchants and manufacturers to tificates total £1,500,000, compared with £2,500,000,
report whether (and if in the affirmative to what and other debts incurred £4,304,000, against £4,extent) it is desirable to interfere with the recent 125,000. Advances this week amount to £16,000,bank mergers. It is intimated that there is a possi- 000. There were none last week. Treasury bills
bility that the two largest of these mergers which outstanding total £1,072,751,000. The amount a
have been announced, but not thus far sanctioned by week ago was £1,084,865,000. The Treasury balthe respective group of shareholders, will in the mean- ance stands at £15,196,000, as contrasted with
time be postponed. It is beginning to look as £16,517,000 the week previous.
though the recent appeal of Sir Edward Holden,
Chairman of the London City & Midland Bank, for
The French Minister of Finance, M. Klotz, anthe repeal of the Bank Charter Act, will bear fruit. nounced on Wednesday that large additional taxes
A. Bonar Law, Chancellor of the Exchequer, has must be levied in order to meet war exannounced that the existing committee on currency penditures for 1918. The Paris Bourse has
and foreign exchanges presided over by Lord Cun- been quiet with price changes unimportant this
liffe; Governor of the Bank of England, will consider week. During the recent discussion in the Chamber
Sir Edward's plea.
of Deputies of a bill authorizing advances to allied
and friendly nations, Deputy Albert Grodet pointed
The London markets for securities have ruled out that these advances, amounting to 408,000,000
steady. Shipping shares have continued in demand, francs, bringing the total advances to 6,421,000,000
chiefly on account of additional consolidations, while francs. He asked the Government's intention rebank shares have proved in better supply as a result garding the Russian coupons. The French G rnof the Government's determination referred to above ment, he said, already had paid 2,000,000,030
to investigate the desirability of permitting recent francs to French holders of Russian bonds, thus favormergers to be consummated. The latest shipping ing them over the holders of other countries of bonds
transaction of importance is the reported sale of 19 whose coupons had not been paid since the beginning
steamers, totaling 121,000 tons dead weight, from of the war. M. Klotz, the Finance7Minister, reRunciman's Moor Line fleet to Arthur Capel Co. plied that the financial actions taken in the name of
at nearly £17 per ton, representing a deal of slightly Russia were independent of any changes in the
more than £2,000,000 sterling. The new war bonds regime there. The Allies were discussing the quesare in steady demand. Sales by the banks for the tion of the Russian coupons. Meanwhile, he said,
week ending Feb. 2 amounted to £19,498,000, com- France would pay the February coupons in the same
paring with £24,097,000 in the week preceding. way as it had paid those falling due in January.
Total sales of the new bonds to Feb. 2 are £328,258,- The bill was passed by a vote of 360 to 117, the
000. Sales by post offices for the week ending Socialists opposing the matter. The London "Times"
Jan. 26 were £1,049,000, compared with £1,067,000 early in the week published a cable dispatch from
in the week preceding. The aggregate sold by post Petrograd to the effect that in order to acquire
offices to Jan. 26 is £15,677,000. War savings cer- money from foreign bankers Petrograd is refusing to
tificates of £1 each sold in the week of Jan. 26 aggre- permit foreign diplomats and consuls to withdraw
gated , £2,371,000, compared with £2,335,000 in the any funds from Russian banks.
week preceding, and the aggregate of certificates sold
up to Jan. 26 was £146,523,000. The collapse of the
There has been no change in official bank rates at
labor troubles in Berlin was not a surprise in financial leading European centres from 5% in London, Paris,
circles in London, the view having been widely enter- Berlin, Vienna and Copenhagen; 532% in Italy and
tained in the city that the uprising was being used Portugal; 6% in Petrograd and Norway; 432% in
as a trap for labor in the Allied countries. The pur- Switzerland, Holland and Spain, and 7% in Sweden.
pose ascribed to the German authorities was that of In London the private Bank rate continues to be
THE CHRONICLE
FEB. 9 1918.]
quoted at 4 1-32% for sixty days and 4 1-16% for
ninety days. Call money in London has been reduced to WI% from 33/2% last week. No reports
'have been received by cable of open market rates at
other European centres, as far as we have been able
to discover.
The Bank of England this week announced a
small gain in its gold item, namely £2,549, as against
a fairly substantial decline the previous week.
Total reserves, however, showed a decrease of £232,000, there having been a gain in notes in circulation
of £235,000. The proportion of reserve to liabilities
declined to 18.56%, against 19.37% last week and
13.33% a year ago. Public deposits were expanded
£2,906,000; other deposits increased £2,806,000,
and Government securities gained £1,014,000. Loans
(other securities) showed an expansion of £5,004,000.
The Bank's stock of gold on hand now stands at
£58,609,501, against £56,954,414 in 1917 and £54,279,564 the year before. Reserves aggregate £30,928,000. This compares with £35,839,089 last
year and £39,864,024 in 1916. Loans total £96,893,000, as against £38,579,538 and £108,531,260
one and two years ago, respectively. Threadneedle
Street reports, as of Feb. 2, the amount of currency
notes outstanding as £190,955,296, compared with
£188,992,981 last week. The amount of gold held
for the redemption of such notes is still reported as
£28,500,000. Clearings through the London banks
for the week were £440,560,000, against £413,090,000 a week ago and £430,220,000 in the corresponding week last year. 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:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
1918.
1916.
1917.
Feb. 6.
Feb. 11.
Feb. 10.
Feb. 9.
Feb. 7.
Circulation
46,131,000
41,143,000
Public deposits
deposits
Other
125,501,000
56,889,000
Gov't securities
Other securities
96,893,000
Reserve notes Az coin 30,928,000
bullion_
and
Coin
58,609,501
Proportion of reserve
to liabilities
18.56%
Dank rate
5%
39,5:35,325
42,262,099
226,469,910
212,396,597
38,579,538
35,830,089
56,954,414
32,865,540
62,640,675
100,487,283
32,838,520
108,531,260
30,864,024
54,279,564
34,415,270
46,446,042
115,830,190
2%,578,738
104,615,640
51,239,215
67,204,485
28,100,560
12,446,227
50,196,141
11,255,998
35,995,885
33,494,742
43,154,292
13.33%
534%
24.45%
5%
31.63%
5%
53.50%
3%
The Bank of France continues to show gains in
its gold items, the increase this week amounting to
1,640,334 francs. Total gold holdings (both at
home and abroad) now stand at 5,363,847,450 francs,
against 5,128,711,670 francs in 1917(of which amount
3,284,152,384 francs were held in vault and 1,844,559,286 francs abroad) and 5,024,554,840 francs (all
in vault) in 1916. Silver holdings during the week
increased 2,075,000 francs. Note circulation expanded 205,781,000 francs. Bills discounted increased 331,332,000 francs. General deposits declined 370,486,000 francs. Treasury deposits registered an increase of 247,049,000 francs and the Bank's
advances shaved a gain of 2,075,000 francs. Notes
in circulation are now 23,740,218,810 francs. At
this time last year the total was 17,699,750,690
francs, and in 1916 the amount was 14,144,738,640
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 1917 are as follows:
529
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Slams as of
Changes
Feb. 8 1917. Feb. 10 1916.
Feb. 7 1918.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings.
1,640,334 3,326,738,966 3,284,152,384 5,024,554,840
Inc.
In France
2,037,108,484 1,844,559,286
No change.
Abroad
1,640,334 5,363,847,450 5,128,711,670 5,024,554,840
Inc.
Total
354,415,091
276,789.656
250,567,857
2,075,000
Inc.
Silver
439,139,177
628,318,251
Bills discounted_ _Inc. 331,332,000 1,441,628,684
2,075,000 1,228,950,510 1,268,132,547 1,267,278,861
Inc.
Advances
14,144,738,640
17,699,750,690
Note circulation Inc. 205,781,000 23,740,218,810
83,856,317
56,054,306
264,162,246
Treasury deposits_Inc. 247,049,000
General deposits_.Dec. 370,486,000 3,343,589,952 2,341,462,817 1,933,225,423
In its statement, issued as of Jan. 31, the Imperial
Bank of Germany shows the following changes:
Total coin and bullion increased 445,000 marks;
gold coin increased 63,000 marks; Treasury notes
expanded 57;592,000 marks; bills discounted registered the huge expansion of 687,488,000 marks;
advances were increased 2,994,000 marks; investments gained 7,520,000 marks; notes in circulation
were heavily increased, viz.; 220,102,000 marks,
as also were deposits, which gained no less than
325,616,000 marks. Liabilities gained 17,669,000
marks; notes were reduced 4,408,000 marks; other
securities decreased 88,244,000 marks. The Bank's
totals of gold holdings, note circulation, loans and
discounts, &c., are not available.
Last week's statement of New York Associated
banks and trust companies, issued last Saturday,
reflected not only the regular month-end dividend
and interest disbursements, but also the payment
by J. P. Morgan & Co. of over $100,000,000 United
Kingdom notes which matured last Friday. In
consequence there was a considerable reduction in
reserves, while loans registered an increase of no less
than $111,378,000.. Net demand deposits expanded
$17,540,000, to $3,684,253,000 (Government deposits of $302,891,000 deducted). Net time deposits,
however, declined $3,055,000. Cash in own vaults
(members of the Federal Reserve Bank) showed a
further reduction of $5,888,000, to $98,730,000
(not counted as reserve). Reserves in the Federal
Reserve Bank of members banks decreased $31,047,000, to $526,984,000. Reserves in own vaults
(State banks and trust companies) declined $600,000,
to $17,914,000, and reserves in other depositories
(State banks and trust companies) were reduced
$513,000, to $8,642,000. The aggregate reserve
registered a contraction of $32,160,000, and the total
now stands at $553,540,000, as against $788,383,000
at the same time in 1917. Reserve requirements
were expanded $2,214,450; hence surplus reserves
were reduced $34,374,450, which brought the total
down to $62,307,300, that is on the basis of only
13% reserves for member banks of the Federal Reserve system (but not counting $98,730,000 cash
in vault held by these banks). This contrasts
with $165,469,540, the amount on hand last year,
on the basis then ruling of 18% reserves, including
cash in vault. The bank statement is given in fuller
detail in a subsequent section of the "Chronicle."
Neither the demand for nor the supply available
of money is large. Rates are more or less nominal
and are subject to negotiation. The banks are
confining their transactions to routine proportions.
The month-end payments are returning to the
banks and producing a somewhat easier feeling
among lenders as a whole. But as already noted
large transactions are not very frequent. J. P.
Morgan & Co. paid off the $100,000,000 United
530
[VoL. 106.
THE CHRONICLE
Richmond.
Philadelphia.
New York.
Kingdom notes beginning on Friday last, which 8, which were offered for competitive bids on Thursnot unnaturally caused some readjustment of loans. day. Of the total, $10,000,000 mature May 10
Saturday's bank statement (the actual figures) and the remainder on May 20. The May 10 mashowed a decline of no less than $34,374,450 in turity was awarded on a 4.31% basis and the later
, surplus reserves as noted above. Call money loans maturity on a 4.32% basis. There were in all 46
have ranged as low as 3%. It is to be expected that bids, including 4 "all or none." The subscriptions
efforts will be made to maintain a condition of ease received totaled $146,488,000. ,One effect of the
in the general money situation as soon as the ques- Treasury's new policy concerning new capital istion of arranging for the new war loan assumes sues has been the announcement by the Committee
practical form. No greater handicap could be ex- on Stock List of the New York Stock Exchange
perienced during the period of subscription than to requiring as a condition precedent to the listing
have evidence of difficulty in obtaining funds on of new corporate issues, the presentation of the
favoring terms. But the banks will be compelled certificate of approval of the same from the Capital
to use the utmost caution in handling their funds, Issues Committee which is working into operation
and will begin clearing decks for the new loan if with the Federal Reserve Board.
Dealing with specific rates for money, call loans
they have not already begun to do so. Secretary
4%, comparing
McAdoo's plan to raise $3,000,000,000 in advance this week ranged between 3 and 51
of the payments on account of the third Liberty with 33'@6% last week. Monday the range was
loan which probably will be launched in April will nominally 33'@4% and 39% for renewals. As a
prove a source of constant drain upon the resources a result of the heatless Monday holiday, there was
of the banks. This huge sum will be provided by no market, and Friday's rates carried over. On
the sale by the Treasury of certificates of indebted- Tuesday the high was advanced to 53'%; 3% was
ness, the first $500,000,000 of which were offered the lowest and 4% the renewal basis. Wednesday's
on Wednesday bearing date of Feb. 8 and maturing range was 3@4% and renewals at 33'%. On
on May 9. Subscription books are to be closed Thursday the maximum was again advanced to 5%,
for this first offering on Feb. 15 and the certificates while the minimum was 4% with 432% the ruling
of this and future issues will be received eventually rate. Friday 5% was still the high, the low 414%,
in payment of Liberty loan subscriptions. One and 43'% the basis for renewals. Time money is
purpose is to disturb as little as possible the money still on a practically nominal basis. No increase was
situation when the war loan payments become due, shown in the supply of available funds, and rates
but the plan has the additional advantage of pro- continue to be quoted at 53'@6% for sixty and ninety
viding the Treasury with the necessary funds well days. and four months money, and 5%@6% for
in advance of the loan. The Secretary provides five and six months; with very little business being
for the issuance of $500,000,000 or more of these done. Last year sixty and ninety days and four
certificates every fortnight until the total of $3,000,- months was quoted at 3@4%, and five and six
000,000 is reached by the middle of March. Every months at 4%.
Commercial paper was in better demand, but dealnational bank, State bank and trust company is
asked to set aside each week about 1% of its gross ings were still restricted by inadequate offerings.
resources for investment in certificates. If the Quotations for sixty and ninety days' endorsed bills
total $3,000,000,000 is made available by the mid- receivable and six months' names of choice character
dle of March it will mean virtually a guarantee of were not changed from 5M@59%, while names not
that amount of subscriptions to the new loan. so well known remained at 59'@6%.
Banks' and bankers' acceptances have been moderLatest reports from Washington suggest that the
Secretary will appeal for $6,000,000,000 in the next ately active. Both local and out-of-town instituwar loan. Already $400,000,000 worth of certifi- tions were among the buyers and transactions were
cates of indebtedness have been sold in anticipa- larger than for some time. The tone was steady
tion of this loan and about $1,145,000,000 certifi- and quotations were practically unchanged. Decates are outstanding to be received in payment of tailed rates follow:
Delivery
Spot Delivery
income and excess profits taxes by next June. Mr.
within
Ninety
Sixty
Thirty
Days.
Days.
30
Days.
Days.
McAdoo in his explanation of the offering of cer- Eligible bills of member
banks_ _.4;4©3% 44(434 4(4)3M 43( bid 4 offered
tificates of indebtedness announces that he desires Eligible bills of non-memb.banks_43( ©4 4h@4 4@4 4% bid 434 offered
5@434
5@434 5@434 6 bid 5 offered
"to postpone the next Liberty loan until condi- Ineligible bills
No changes in rates, so far as our knowledge goes,
tions will insure a wide distribution of the bonds
throughout the country." The huge volume of have been made the past week by the Federal
funds to be gathered for Government account will Reserve banks. Prevailing rates for various classes
not pile up in the Treasury but will remain largely of paper at the different Reserve banks are shown in
in banks designated as Government depositaries the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
subject to draft by the Treasury. In this way the
Treasury figures that the $3,000,000,000 can be
i
4
-R. a 1
accumulated ready for use as needed for big war
AND LOANS g:
CLASSES.
expenditures which are now more than $1,000,000,- DISCOUNTS
v.
000 per month without great disturbance of the
Member Banks. Coll. Loans
*
banking business.
1 to 15 days' maturity
4
334 4 4 4 4
4 4 4 4 4 4
Discounts,—
J. P. Morgan & Co. resumed offering British 1 to 15 days' maturity
4 334 4 4 4
4
4 4 4 4 4 Pi
4
16 to 30
"
5 434 434 434 434 434 436 43,4 434 434 434 434
Treasury ninety day bills for subscription this week. 31
to 60 "
"
5 434 434 43,4 434 434 434 434 434 434 434 434
"
to 90 "
5 434 434 434 434 434 5 434 5 434 434 434
The amount was not stated, but a new discount 61Agricultural
and
Live-Stock Paper—
rate, namely 5%%, was named which is WI% lower B1 days to 6 months maturity 5 5 5 5 434 5 53-i 534 53-.5 ill5 5 53-i
Trade Acceptances—
it
than the last several weekly offerings. The same 1 to 30 days' maturity
4
334 4 334 4
43I 4 4 4 4
334 41
31 to 60 '
334 4 334 4
"
43.4 4 4 4 4
33-i4
4
4 4 4
bankers were the successful bidders for the $20,- 31 to 00 " "
444 4
4 4
4
4
4
of 3 to 4H% for 1-clay discounts In 0 onnection with the loan operation
000,000 New York City revenue bills, dated Feb. of*Rate
the Government.
tsu
FEB. 9 1918.1
THE CHRONICLE
Note.—Rate for acceptances purchased in open market, 3 to 43%, except for
Boston, Chicago and Minneapolis, whose rates range from 3 to 5%. In the case
of San Francisco the rates range from 2Y6 to 454%•
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.
If possible sterling exchange may be described as
duller than ever. As we noted last week the licensing of dealers need not be completed until Feb. 15.
However, the entire situation is so completely arbitrary and exports represent so largely the operations
of the Government that there is no free market in
any direction. Fred I. Kent, Director of Foreign
Exchange of the Federal Reserve Bank, has issued
a statement concerning the effect of the new regulations which were announced last week regarding
funds held abroad. Merchants, industrial houses,
Stock Exchange brokers and others who carry balances in foreign countries with foreign correspondents
or agents or others or who buy or sell securities for
foreign account or who carry balances in this country
for foreign correspondents are obliged to take out
registration certificates under the executive order of
the President signed Jan: 26. While the executive
order was published early last week, it was not
generally realized that institutions other than banks
or bankers and those buying or selling foreign exchange were especially concerned with it.
Another authoritative statement from Washington
explains, that the registration of dealers in foreign
exchange has two essential purposes. First, such
registration and the plan of control provided for
will furnish the various authorities with a general
birds-eye view of conditions in the exchange market
and in the foreign trade of the United States generally.
In the second place, the system of special reports
required practically lays upon dealers in foreign
exchange the duty of reporting any transaction that
they have reason to believe involves the payment
of funds or delivery of securities to, or the transfer
of securities or stocks for, enemies. The plan
applies also to so-called "arbitrage transactions,"
made at the request of foreign correspondents by
foreign persons carrying accounts with dealers in
exchange. Such accounts are to be scrutinized
carefully and, if there is anything suspicious about
them, the information is to be transmitted to the
foreign exchange division of the Federal Reserve
Board.
One explanation of the almost absolute stagnation
in the sterling market may be found in the fact
that the granting from time to time of liberal credits
by .this Government to its British ally has largely
obviated the necessity for the creation of exchange;
operators here look for even greater dulness and a
more arbitrary control of rates, if that be possible,
when the Treasury Department's new regulations
are put into effect. A total of $107,500 gold has
been shipped to Mexico this week.
Referring to quotations in greater detail, sterling
exchange on Saturday, in comparison with Friday
of the preceding week, was quiet but steady, with
demand still quoted at 4 75 5-16, cable transfers
at 4 767-16 and sixty days at 47114@4 72. Monday's
market was a nominal affair with trading almost at
a complete standstill, owing to the enforcement of
the Fuel Administrator's closing order; Saturday's
rates were still in effect, namely, 4 75 5-16 for demand, 4 76 7-16 for cable transfers and 4 713/2@4 72
for sixty days. Very little improvement was noted
in the volume of transactions on Tuesday; dulness
531
was still in evidence and quotations ruled at the
levels of the previous day. On Wednesday no change
was recorded, from 4 75 5-16 for demand, 4 76 7-16
2@4 72 for sixty days;
for cable transfers and 4 71/
the undertone was steady. Thursday's dealings
proved more than usually dull and uninteresting;
demand bills were still pegged at 4 75 5-16, cable
2@
transfers at 4 76 7-16 and sixty days at 4 713/
4 72; on Friday the market ruled firm, but still
2@4 72 for
unchanged. Closing quotations were 4 713/
sixty days, 4 75 5-16 for demand and 4 76 7-16 for
cable transfers. Commercial sight finished at 4 75@
4 751A, sixty days at 4 7114@4 71k, ninety days
/
8; documents for payment (sixty
at, 4 6931@4 693
days) at 4 71@4 7114, and seven-day grain bills at
4 74Y1@4 74%.Cotton and grain for payment
closed at 4 75@ZI 75W3.
Dulness has continued to mark operations in the
Continental exchanges this week, with trading at
times almost at a standstill. Disappointment over
the less favorable outlook for an early peace settlement owing to the decision of the Supreme
Allied Council at Versailles to continue the war
without abatement and the reported failure of the
labor uprisings in both Germany and Austria, resulted in nervousness and hesitancy. Lire continue
to show •extreme weakness with a further recession
in the quotation for the week. The absence of
definite announcement as to the granting of a new
loan to Italy by the Washington authorities is held
in some quarters to be largely responsible for the
persistent selling on the Part of foreign holders
of exchange on Rome. An important factor in the
present lack of activity is the gradual widening of
Government control of exchange at nearly all of the
belligerent centres, the tendency of which is to materially curtail operations of speculative interests.
On the other hand, the current arrangement whereby
abundant credit is extended by the United States
to its principal allies in the war whenever needed,
naturally does away to a considerable extent with
the necessity for exchange. French francs have
been well maintained throughout, while rubles remain at previously pegged rates, with practically
no business being done. No dealings are being put
through in German and Austrian exchange and quotations for reichsmarks and kronen are not available. The unofficial check rate on, Paris finished at
27.173, as compared with 27.15 last week. In
New York sight bills on the French centre closed
at 5 723., against 5 71%; cables at 5 70%, against
%,
5 69%; commercial sight at 5 73, against 5 725
4, against 5 785
and commercial sixty days at 5 787
%
on Friday of the previous week. Lire finished at
8 63 for bankers' sight bills and 8 62 for cables.
This compares with 8 59 and 8 58 a week ago.
Rubles closed at 13 for sight bills and 133. for cables
(unchanged). Greek exchange finished at 5 14 for
checks, against 5 133', and 5 123 for cables.
In the neutral exchanges no new features have developed. Trading is as dull as ever, being in fact reduced to almost nominal proportions. Much of,
this is necessarily due to the diminution of imports
and exports consequent upon the Government embargoes; thus lessening the demand for exchange,
The difficulty in obtaining adequate mail facilities
with any degree of regularity is still an important
factor in the general dulness. Scandinavian rates
showed further slight declines. Swiss exchange
532
THE CHRONICLE
was barely steady, while Spanish pesetas were
materially lower early in the week, but closed at
recoveries.
Guilders remained without important change. Bankers' sight on Amsterdam closed at 4332, against 433/2; cables
at 44, against 44; commercial sight at 43 7-16,
against 43 7-16, and commercial sixty days at 43 5-16,
against 43 5-16 last week. Swiss exchange finished
at 4 5114for bankers' sight bills and 4 493' for cables.
A week ago the close was 4 53 and 4 51, respectively.
Copenhagen checks finished at 31 and cables at
313/
2,against 31 and 313/
2. Checks on Sweden closed
at 33 and cables at 3332, against 333'1 and 334
3,
while checks on Norway finished at 313
4 and cables
at 323i, against 32 and 321
/
2 the week preceding.
Spanish pesetas closed at 24.20 for checks and 24.30
for cables, in comparison with 24.20 and 24.30
last week.
As to the South American quotations, the check
rate on Argentina finished at 43.77 and cables 43.87,
against 43.90 and 44. For Brazil the check rate is
26.08 and cables at 26.18, comparing with 26.57
and 26.67 a week ago. Far Eastern rates are as
follows: Hong Kong, 72@7231, against 73@733;
Shanghai, 108@109, against 108@109; Yokohama,
513/
2@51%. against 51.60@51.75; Manila, 49%@50
(unchanged); Singapore, 56%@57 (unchanged), and
Bombay, 35@3532 (unchanged).
[VoL. 106.
ducted,and especially the huge scale of army operations, render virtually impossible the conducting of
such campaigns as that by which Napoleon suddenly
humbled Austria at Austerlitz in the wintry December
of 1805. The German attack at Verdun in 1916 did
indeed begin in a snow-bound February, but the
experience was not such as to invite repetition. All
plans accordingly seem for the present to stand in
abeyance.
When one endeavors to look ahead, he is confronted
on all sides with perplexities and conflicting influences. Withdrawal of Russia from the Entente
coalition had seemed to foreshadow certain definite
and formidable consequences. But they have not
followed, at least in the degree anticipated. The
rupture of the peace negotiations between Germany
and the Bolsheviki has given a curiously different
turn from what had been commonly anticipated.
On the other hand, Austria's avowed eagerness for
peace, the signs of disagrement between her people
and the Germans, and the labor uprising in Germany
(which, though apparently now suppressed, remains
as a potential menace to the Government's plans)
create a situation within the enemy's lines which
is even harder to read. If no one can guess what will
happen next in Russia, he is now equally at sea as
to Austria and Germany. The submarine campaign
is losing force, yet this is offset by the diminished
power of the United States, during this unprecedently
The New York Clearing House banks, in their severe winter, to forward munitions and food to its
operations with interior banking institutions, have allies on the previous scale.
gained $1,666,000 net in cash as a result of the curCount Czernin, speaking for Austria, has outlined
rency movements for the week ending Feb. 8 1918.
tentative
plans for peace negotiations which went
Their receipts from the interior have aggregated
$6,111,000, while the shipments have reached $4,445;- further than any German proposal. But they fell
000. Adding the Sub-Treasury and Federal Reserve far short of an admissible basis for discussion, and
operations and the gold exports, which together oc- last week's War Council of the Entente Powers at
casioned a loss of $88,814,000, the combined result Versailles peremptorily rejected them; announcing
of the flow of money into and out of the New York that, in default of'acceptance by the Central Powers
banks for the week appears to have been a loss of of the Entente's much larger stipulations, the war
$87,148,000, as follows.
must go on. Yet here again comes an attack in
Week ending Feb. 8.
Into
Out of
Net Change in
Parliament
on the War Council itself, for assuming
Banks.
Banks.
Bank Holciings.
too large powers in not referring such decisions to
Banks' interior movement
$6,111,000
$4,445,000 Gain $1,666,000
Sub.-Treas. and Fed. Reserve operEconomic pressure
ations and gold exports_
34,571,000 123,385,000 LOS8 88,814,000 the respective Governments.
Total
$10,682,000 $127,830,000 Loss $87,148,000 continues severe beyond that of any previous period
of the war; even America is struggling with it. A
The following table indicates the amount of bullion
delegation of German newspaper editors warns
in the principal European banks:
Hindenburg that Germany will be faced with starvaFeb. 7 1918.
Feb. 8 1917
tion
by May, and Hindenburg, according to the
Banks of
Gold.
Total.
Gold.
Total.
I SUrer.
account, has nothing to answer except the easy
„C
retort that he expects to be in Paris by April.
England_ _ 58,609,501
58609,501 56,921,414
56,921,414
France a. 133,059,55, 10,000,000 141,059,558 131,366,080 11,071,600 142,437,6S0
The gist of this whole confused situation would
Germany. 120,304.750 5,716.35 126,051,100 126,274,450
839,100 127,11:3,550
R118813
_ 129,650,00 12.375,000 112,025,000 147,486,000 11,017,000 159,403,000
seem
to be that the belligerent nations have drifted
Aus-liun r 51,578,00 12,140,0011 63,718.0
51.578,000 12,140,000 63,718.000
Spain ___ _ 78,711,00 28,356,000 107,067,000 59,390,000 29,901,000 81.291,000
Italy
3,411,000 38,110,000 35,978,000 2,944,000 38,922.000 into a state of things where no one, even of the fight33,401.00
Netherrds 58,917,00
598.001 59.515.000 49,132,000
567,100 49,699,100
Nat.Bel.h 15,380,00
600.000 16,980.0
15,380,000
600,000 15,980,000 ing Governments and general staffs, can see clearly
Swita'land 14,421,00
14,422.000 13,760.900
13,760.900
It may,
Sweden _ _ 13,580,00
13,580,000 10,364,000
10,364,000 enough ahead to frame coherent plans.
Denmark _ 9,612,00
137,000 9,759,000 8,822,00
93,000 8,915,000
Norway _ . 6,413,00(
6,413,000 6,901,000
6,904,000 no doubt, be taken for granted that Hindenburg
Tot week.723,665,80 73,383,35 797,049.159 705,359,844 70,072,800775,432,644 and Ludendorff are mapping out tentatively next
Prev.week 722,754,492 73,205.05 795,959,549 706,713.604 70,037,57 776,751,174
season's military campaign. There is evidence that
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad
German troops are still being transferred from the
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 Eastern to the Western front, and Austria must
latest reported date (Oct. 19 1917) the amount so held was £230,860,000.
c July 30 1914 in both years. h Aug. 6 1914 in both years.
certainly be at work on a scheme for re-enforcing her
armies in Northern Italy when winter breaks.
CURRENT EVENTS AND THE WAR OUTLOOK. Similarly, the Entente countries have evidently
The war situation, and the position of the opposing been strengthening the Italian lines, as has been
alliances regarding purposes, policies and terms of shown by the recent reverses of the Austrians.
peace, have passed into a stage in which all predic- The silence about Sir Douglas Haig's program is,
tion is rendered difficult. It is true, this same obscur- perhaps, itself good evidence that concerted plans of
ity is apt to descend on the situation whenever the offense or defense are being carefully worked out.
Yet the only point on which inference can be safely
winter season has brought active military operations
to a halt. The manner in which this war has been con- drawn from the visible facts is that the economic
FEB. 91918.]
THE CHRONICLE
533
strain has increased during this winter season in have learned to be less outspoken, but are none the
such degree as to become the dominating influence. less mischievous. German secret agencies are apparIt would seem, at least on the face of things, unbe- ently still at work, and hyphenated Americans are
lievable that the European belligerents will pass not yet adequately under restraint. The pressure
through another winter of war after emerging from of the war begins to be felt in the increased cost of
the experiences of this winter.
living, in the enlistment of the multitude of fathers
But what is to prevent it? How, the circum- and sons, and in the growing anxiety as the number
stances being what they are, is the war to be ended? of. American soldiers at the front now rapidly in- .
Hindenburg is quoted as saying that the next season creases, with its inevitable peril. The effect of all
will be the crucial period of the war. But we heard this is to dampen the enthusiasm, if not to take the
the same prediction from both sides and with refer- edge off the patriotism, even of those who a while
ence to the approaching spring and summer at this ago were eager to have the country throw its whole
time in 1916 and 1917. No one ventures now-a-days strength into the contest.
after the long succession of shattered forecasts, to
Meanwhile Germany is pushing her non-military
set a term to the possible economic endurance of the schemes. When her military program was blocked
belligerent states and peoples. And yet some limit at the Marne and she was forced to dig herself in
there must be, and there have at least been strong on the eastern ridges of France, the prolonged and
indications this winter that Europe was approach- costly contest which has since followed made clear
ing it.
that a new advance was going to be difficult while
The only certainty in the matter is, that if the the Allies were steadily gaining in military strength.
conflict is to be decided purely by staying power, A defensive warfare, however successful, cannot
then the entry of the United States into the war, suffice. Consequently she inaugurated a propaganda
and her placing of her man power, wealth and eco- of peace "offensives" to supplement the work of
nomic resources at the disposal of her allies, renders her army and hasten its final success.
the relative capacity for endurance so unequal as
The first move was to stir up pacifists among the
reasonably to insure actual breakdown first of the Allies by emissaries, plausible and well supplied with
Central Powers. The submarine campaign was to money, working in the Allied countries. We have
avert such an outcome by isolating England; it has had our full share of experience with them. Then
failed. The separate peace with Russia was to followed the attempt to spread unrest among work'obtain the requisite food and materials from that men and Socialists by securing conferences like that
country for Germany; but the Brest-Litovsk nego- 'which was tried at Stockholm. As this move was
tiations have gone wrong. Short of acceptance in defeated, and perhaps never was more than halfthe main of the terms of the Entente, there is left hearted, and as she had reason to fear the back
apparently only the one possibility of a decisive action of its effect at home, the next step was the
German victory on the Western front. As to the proposition of peace without annexation or indemprobability of any such result, we have the whole nity, in the line of the appeal of the Pope. That
experience of the war to testify. Hitherto it has also proved ineffective,and the Russian negotiations
been commonly assumed that since economic dis- showed it was not sincere. Nevertheless, she has
tress, if it is to force any one nation to withdraw secured her first real success in Russia, and the
from the war, would naturally operate through social present condition of that country, with its falling
and political demonstrations among the people of away from the Allies, is its immediate result.
that country, therefore the Teutonic Empires,•GerMeanwhile the war has dragged on into the fourth
many in particular, would be less subject to that year with little definite advantage. Time, however,
influence than the Western democracies. The is working in Germany's favor, and the Russian•
common people of Austria and Germany, it has been debacle is sure to lead to new and more dangerous
argued, are held down by the iron hand of military propositions. Their terms cannot be certainly foreautocracies, whereas the common people of Italy, cast; but they will be sure to go beyond any previous
France and England have a full voice in the national ones in the plausibility of their. proposals. When the
legislatures. But recent events at Berlin and plot is sprung it is too late to deal with it. In view
Vienna, not less than the firm pronouncements of of the growing stress of the situation they will probthe labor organizations at Paris and London, have ably go to the limit. It is quite possible, for examat least suggested that this part of the situation ple, that use may be made of the idea which has been
may be changing, and that predictions based on of late much advocated by German writers and speakconditions earlier in the war may go astray.
ers, that the real cause of the war was the protection
and expansion of German economic interests. SupTIM SPIRIT OF THE AMERICAN PEOPLE AND pose that Grmany should now suggest
that she is
THE SITUATION TO-DAY.
ready to forego certain apparent advantages and to
The peril of a democracy is in the waning of its do this would perhaps agree to -curtail
her military
enthusiasms. At the opening of the war a retired acquisitions and define her European
English general callecl attention to the fact that with regard to her nearer neighbors or boundaries
some similar
victory does not lie with the largest army nor the proposition, it is not difficult to see
what an uprising
heaviest battalions, nor even in the spirit of the there would be of the people who
are chiefly eager
soldiers; but in the spirit of the nation behind the for peace.
army. The great problem to-day is how to maintain
It would appear to a multitude of worthy folk that
that spirit. It is abundantly threatened, more there was no real reason for fighting,
when, in fact,
seriously, indeed, than the country is aware of. behind this seemingly
generous proposition was
War-weariness is growing. Under the conditions concealed the real purpose of Germany in
inauguratof the present war this is inevitable. It already is ing the war, a purpose which, with all its
cruel and
reported to threaten the Central Powers. With us remorseless selfishness, would then
stand as it is
pacifists and objectors of one kind and another to-day practically accomplished.
4
534
THE CHRONICLE
[VoL. 106.
To guard against this danger and sustain the irreparable. No succession of bloody victories
spirit of the nation, it is necessary to interpret the would deliver German industry from the continual
people to themselves by reminding them of their nightmare of the struggle for existence, nor would
own feelings as they were aroused months ago by they render her undisputed mistress of the markets
the President's call to war, and before that by the of the world.
We translate his conclusion as follows:
news of the sinking of the Lusitania, and the terrible
sufferings of the Belgians.
"The war without mercy which now the soldiers
To this end it is indispensable that the real under- of the Kaiser wage is, above all, in my humble
lying motives of Germany be clearly understood and opinion, a political war. Economic causes, if we
have really played
everywhere proclaimed. Doubt has been persist- would get at the primary cause,
in Berlin,
conceived
purposes,
The
role.
minor
a
ently thrown upon them. The Kaiser and his appear to-day with a clearness that pierces all the
friends have from the first sought popular approval clouds which have obscured our vision. What was
by presenting other reasons for the war than those their aim when they hurled two millions of men
which are known to be true. Fortunately we have upon France while the Russian forces were held in
just now accurate inside account of the original facts. check, and they could proceed with the execution
Baron Beyens, since 1912 Belgian Ambassador at of Serbia? To crush once for all the military power
of German imperialism; to
Berlin, who, as representing a State militarily negli- which stood in the wayout
of European affairs; to
entirely
Russia
drive
gible; but obviously useful, was permitted to know secure for Germany the entire littoral of the North
and hear so much of what was going on, and who Sea; to make her a Mediterranean power by the
continually was to see the ruthless overrunning of annexation of French Africa; to break up Balkan
his country and the massacre of his fellow-country- alliances and to put an end to the hopes of the Slays;
men while powerless to prevent it, has written a to turn over to Austria-Hungary the policing of the
narrative of the events whichiled up to the final Balkan Peninsula; finally to control Constantinople
of Turkey , down to the Persian
outbreak, which may be accepted as • authentic and theToterritory
make Central Africa a territory worth
Gulf.
("L'Allenaagne et la Guerre"). His position brought while, because of the capital it would require would
him into close touch with the men in authority, and be an economic task of much time, to be reserved for
•as persona grata and as politically neutral, he was a not distant future; as would be the completion and
freely talked with. His estimate of underlying development of the railway to Bagdad. A few
motives and of the aims which govern the course decisive battles would suffice to reduce continental
Federation,
,of the war, and will govern it to the end, has excep- Europe, to establish a Central European
intellectuals talk freely, and the
German
the
which
of
tional value.
political hegemony of Germany, leaving England isoIn a luminous chapter he reviews and describes lated and easy to reduce in a subsequent campaign."
the idea of industrial supremacy and universal. Here we have not simply as definite and authoridominion as lying at the foundation of the great
tative a German program of the war as we are likely
outbreak, and its long and thorough preparation,
to get, but also the material for an appraisal of the
which he had followed and now recounts. He
real motives that are back of it. It should enable
points out the utter inadequacy of economic causes
us to appreciate the worthlessness and dangerous
as explaining the war, still less justifying it.
subtlety of much that from time to time is advanced
German commerce was already too well established
as good reason for discussing an inconclusive peace.
and far too rapidly growing to need any such aid.
With this as the true account of the situation, any
It required only to be undisturbed and to continue
peace along lines such as Germany will offer would
to enjoy access to markets which war would effecmean the substantial gain by Germany of all she
tually destroy. An indemnity of thirty billions of
has planned, including early opportunity for further
francs from France, which was the sum suggested in
aggression at her own choice of time. Germany has
Berlin, added to the projected devastation of French fought the war with unquestioned bravery in the
territory, could not but be disastrous to German
field, but with endless duplicity and plausible pretrade. The plan to transfer German factories to
tense in every other relation. There is new confirFrench soil would only increase the over-production
mation of what the great Bishop Butler said in the
from which Germany had already begun to suffer.
House of Lords a century and a half ago, as quoted
Equally true would this be for Russia. An im- lately by Mr. John Morley:
poverished nation would hardly furnish a better
"Tyranny and faction and unjust wars and persemarket than Germany already found, while terriwhich the earth has been laid waste, all
cution
torial acquisition from either Russia or France would .this hasbybeen
carried on all along with pretense of
not be likely to show increase of production, or of Truth, Right and General Good. So it is men canconsumption, merely by a change of masters. The not find in their hearts to join in such things without
desire for economic advantage did unite with a such honest words to be the bond of union, though
desire for colonial expansion which was prevalent in they know among themselves that they are only
Germany for the preceding twenty-five years, and words, and often although they know that everyplans of conquest were always in evidence. Certain body else knows it too."
The final word is that of Augustine, fifteen cenraw materials, such as phosphates, minerals, rubber,
etc., were needed. French Africa also was producing turies ago: "Put Justice away, and what is your
markets which might be won. But for all this, the empire but brigandage and rapine."
men foremost in commerce and industry were far
THE PRESIDENT AND CONGRESS.
from desiring such assistance as would come from a
Last week Friday a Washington correspondent of
great European war. The competition of other
nations was to be met by her own development. It one of the morning journals of this city reported that
might be costly, but they would never declare war on that day the President had "summoned" eleven
Democratic Senators of the group generally conon that account.
most ready to follow him and in a two-hour
It
sidered
a
contest.
is
pacific
its
in
forms
all
Business
causes at times failures, but at least these are not conference "laid down the law to them on what he
FEB. 9 1918.]
THE CHRONICLE
expects them to do to smother as far as possible all
open discussion of the two Chamberlain bills."
These bills, so objectionable to him, "must be
beaten, the Senators were told." His expressed
opinion was that both bills "contain a serious
menace to the unity and efficiency of the Executive
branch of the Government." This summoning and
what was said were viewed with amazement by many
Congressmen, according to the same dispatch, some
saying that the action "was an open and unprecedented attempt to control Congress. . . . It
was the plain intimation by the President that even
discussion of the measures was objectionable that
led to most of the resentment."
The headline of this dispatch was: "Wilson Orders
Chamberlain's Bills Defeated; Summons 11 Senators
to White House and Asks for Their Aid." Headlines, the reader should understand, are customarily
written in the newspaper offices, under the pressure
of haste inseparable from getting out morning journals; but the.wording of this one is apparently justified by the text and by considerable which had already occurred; the habit of sending bills, prepared
by the Executive department and asking immediate
passage is so fixed that such a positive attempt to
smother other bills which arise originally in Congress
cannot be regarded as "unprecedented." The correspondent of another New York journal which has
stood firmly by Mr. Wilson since he first became a
candidate for the Presidency confirms the substantial
text of this dispatch. Both dispatches concur with
others in showing that he disapproves the bills in
question, which lies within his constitutional right
and duty; but he is unhappily in error in assuming
that their object is an interference with him. He is
more in error in deeming them a partisan interference,
for the propositions he dislikes come from his own
firm supporters, and have no other object than to
aid him and strengthen his hands.
One of these dispatches represents him as urging
that any prolonged discussion would make it appear
to Germany that we are divided and would also make
a bad impression on our allies. But no weight can
be given to such an objection. Attempts to smother
the bills and confine discussion to the two speeches
which could not be prevented can be made to wear
as bad an appearance as the most prolonged discussion; a fragment of the truth can be misrepresented
as easily as can the whole truth.
It is most unfortunate that the President persists
not merely in his belief that matters are going on as
well as could be, but in his expectation that Congress
and the country must feel satisfied in any event.
His critics in Congress admit his sincerity and good
intentions, but say he is misled and does not know
all the facts. Whether he does know; whether in
all the enormous demands upon him he may not be
or has been misled.by others; whether a Minister of
Munitions and some such plan as a War Cabinet
would not aid him and increase the speed and
efficiency of our part in the war—this is the question, and it towers in importance far above the
comfort or the reputation of any one man. The
President has a right to his opinion; but, with all
respect to him, he has no right to stifle either inquiry
or discussion; he makes a serious and unhappy error
in trying to do either; and it will be impossible for
him to do either. The country and its allies in the
war are entitled to have the truth, and the truth
cannot be kept back.
535
Saying this is not to prejudge the case. We are
blundering along, says Senator Wadsworth, stumbling and groping. He tells of one contract for 2,500
motor-train trucks, but within six weeks after the
maker began on them thirty-six changes were ordered
in so simple a thing as the truck frame. The recent
announcement of the appointment of a business man
of thoroughly proved ability as a purchasing agent
seemed a promise of efficiency; but this was immediately qualified by saying that he is to be only an
"assistant to" somebody else, and Senator Wadsworth cannot see how he can "help out the military
operations of supply without having authority
definite and absolute."
It should not be assumed that either of the pending
bills is necessary and would be helpful; equally, it
should not and must not be assumed they would
not be. The question is of such paramount importance that it must not be "begged" by assuming the
one thing which we need to find out; nor must it
be assumed that danger lies in open discussion and
that any cutting-off or smothering is proper. There
are collateral incidents in plenty which show an
apparent lack of method and of co-ordination. • That
much has been accomplished is admitted; but that
there has been much confusion and waste of both
time and force seems clear. The newspapers have
told of one car reaching a terminal just as the men
were stopping work; it bore the "priority' mark
and was pushed in quickly and unloaded, when the
load thus hurriedly arrived at an Atlantic port was
found to be anchors. A newspaper story, possibly,
yet it may be true; for with a multitude of bureaus
and officials, each intent upon his own part and filled
with its importance, and each ignorant of and not
thinking of what others were doing, a tangling of
effort was certain. That a confusion of priority
orders and movements did occur we know, and
this unregulated and unco-ordinated priority has
been one of the chief causes in the transportation
trouble.
The first of the ordered "Mondays" in this city
gave another example of confusion; the first object
was to save fuel, but the second was to work at
clearing up the congestion; everybody obeyed literally the general order to stop work and close up, and
therefore the places to receive the congested materials
were not open and the men and vehicles to move
them had gone home. "The blame rests" says
Senator Wadsworth "with our failure to systematize
effort; we have made and shipped millions of tons
of goods to the seaboard, helter-skelter, pellmell, with
little or no thought how we would find the dockage
or the ships to transport them across."
Certainly the presumption does not lie against the
efficacy of these proposed measures, provided the
President will bring himself to view them as an intended and a possible aid, and rid himself of the
notion that anybody, of any party or anywhere, has
any thought of hampering him. The reasonable
presumption lies the other way. About two weeks
ago, Mr. Isaac F. Marcosson, speaking here after a
prolonged experience as a war reporter in Europe
and certainly an unprejudiced witness, said England's great lesson had been that "the most stupendous business" of war must have its provision and
equipment in the hands of a few trained business
men. It was only when Lloyd George (said Mr.
Marcosson) stepped into power, slashed away red
tape, put the politicians out and surrounded himself
536
THE CHRONICLE
with a few practical men of affairs, that England's
real offensive began; "it was only when he set up a
Ministry of Munitions that there was an adequate
shell output and the British guns that had stood
impotent replied, not shell for shell, but five for
one." The Merchants' Association is now reported
as actively moving for both the pending propositions,
declaring that "the big business of war cannot
effectively be carried on except by adopting the
method of centralized control which prevails in every
big business in the world and by entrusting that
control to men of business genius and proved experience in business management."
No; the paramount work is to prosecute the war
most swiftly and least wastefully to a just and lasting
peace, recognizing that only a just peace can be
lasting. If these measures will help, the country
and the world must have them. Only a thorough
and unsparing inquiry, can reach a rational determination whether they will. No trace of partisanship or of desire to make campaign capital can be
tolerated; but neither can be any smothering of the
subject.
DYNAMICS VS. ECONOMICS IN WAR.
An interesting writer, whose serial articles have
afforded an accurate and analytic view of the progress
of thd war, under the signature "Military Expert,"
sums up the present condition and outlook as follows:
‘,. . . Now, however, the situation is vitally
changed and we are reduced to the point where this
incident of the West is the only incident for consideration—it is the whole war. Attrition, therefore, is
the only answer to the problem. We must, in plain
words kill more Germans than the Germans can
kill of us, and the more of them we kill, and the
quicker we kill them, the better for all concerned.
It is not possible to analyze the situation in a military
way and come to any other conclusion. There are
other factors, of course—economic, industrial, socialistic. But, in a military sense, the game is simply
and brutally a killing match."
Alongside thin expert testimony, from another
source, let us place the following:
"This war," said one of these engineering experts
the other day in commenting on what he had seen
from the inside, "should be a matter of quantity
production, perfected as to the assembling of parts
and not an accomplished fact until the finished
product is delivered at the point where it is to be
used. The finished product we have in mind is an
American army equipped for this sort of a war and
delivered for use in France. The wide diversity
of the industries and activities entering into the
enterprise should not blind us to the fact that they
are all vital parts of the same undertaking and that
they should be in tune with each other as to time of
delivery and putting together." Then the speaker
continues, later adding this: "To be more specific,
we need, literally, a quantity production chart in
the War Department that will enable some man to
see every day an every hour just where we are in
every activity, and that man must have authority
to say 'hold back there,' speed up here.' We have
no such chart anywhere in the War Department or
any other department."
Readers of the daily press are aware of the disclosures made recently by the various Congressional
committees of investigation. We have not the
reports. There are volumes of testimony; and there
are lawyers on the committees trained in sifting down
[VoL. 106.
evidence. The average citizen has neither the time
nor ability. Care should be given to eliminate from
criticism any direct censure born of personal opinion.
Congress itself should remember the haste with
which the war and war measures were brought into
being. The position of a neutral looking on is far
from that of a participant. The whole attitude was
suddenly assumed. No one was ready. The scheme
in its central purpose had to be projected upon the
screen of reality. There was the existent army as
a nucleus. And there was the War Department and
Executive, at once President in a civil capacity and
Commander-in-Chief in a military. We have no
especial words of blame. It is clear that there have
been delays, mistakes, circumlocution, the jealousies
of position and prerogative, and, of course, a measure
of incompetence. We feel in justice bound to
record our belief that a great and rapid progress has
been made in the year, notwithstanding. Once the
plan is conceived, the difficulties of execution are
barely surmountable. Assembling an. army out of
the raw, to send over an infested sea, to fight in a
foreign land, in a modern war, having a three years'
momentum, and changing its methods and means
constantly, cannot be considered a light task even
for masters in the craft. Yet this is what Congress
last April in its wisdom and foresight decided upon,
and we should all be charitable in our judgments.
We think, however, and especially in view of the
opinions we have quoted, that a certain line of questioning is justified. Have we not fought the war,
so far, too much behind the lines? Making all
allowances for the general assembling necessary,
have we not focused our attention upon the socalled economic features—over-emphasized the part
that "industry plays in modern war"? Have we
not entangled ourselves in a web of our own weaving,
a web of administrative boards that not only were
not properly co-ordinated, but could not be, and
which so interfered with the natural functioning of
"industry" that it impeded the progress of the
actual army and retarded rather than hastened its
growth and efficiency? In a word, have we not
relied too much upon our civil powers, and not enough
upon our potential military powers? Let us put
the question in another way, for the thought is not
easy to express in a few words. Have we not too
much subordinated the "army" to the "War Department;" and in doing so mistakenly adopted extreme
measures of so-called "conservation" in production
and distribution (all this intricate and ill-adjusted
food and fuel program), that have actually prevented
the real military forces from exerting their inherent
military strength and acumen? Suppose, the "army"
through its constituted divisional powers had been
given carte blanche to buy in an open market all its
stores, equipment, and munitions, what would have
been the result? No one could say that prices would
not have enormously risen. But have they not
first been placed relatively "high," and have they
not under a projected system of "control," interfered
with each other, and prevented a full and adequate
production? No one could say that there would
have been no congestion in transportation, no delay
in fulfillment of contracts. But has there not been
a deadening measure of this as it is? Let these questions be answered as they may—the fact remains
that the army should command the army—and, as
pointed out by the expert, its sole objective is the
t-f
FEB. 9 1918.]
THE CHRONICLE
fighting line in France. The war will never be won
by red tape in a lot of bureaus in Washington.
The President has indicated that this year is to be
the test. The last great crash of the opposing forces
is yet to come. What hangs in the balance no man
can measure. The direction of the energy of the
nation is right; will it accumulate fast enough?
Give the "army" a chance! Do not smother its
activities by doubtful economic theories and expedients. There is no way to measure the power of a
company of soldiers in the field. When the great
floods come on the Lower Mississippi, sentinels pace
the dikes watching for the slightest sign of seepage,
that no opening be made for the sweeping waters.
On that far line in France a river of blood is rushing—
who can say that the resistance of American arms,
at some danger spot,may not save the day,and save
the world? There is but one duty on this side the
ocean. It is to give the "army" what it wants when
and where it wants it. Its voice in this discussion
that is upon us is silent. But it is the only voice that
should command. !And when it ;does issue orders
they are in terms of war and not in terms of "business
control" and "economic co-ordination behind the
lines." We are far from saying the end sought by
many of these laws is not necessary, but the question is, would, not other means be more effective?
At any rate, concentration of thought and purpose
on the means does not always conduce to the end.
When an army must cross a stream, it builds a pontoon bridge, when there is no other, and it does not
waste time on blue prints or contracts.
THE PATRIOTISM OF "LABOR."
It transpires that a high official of the South
Bethlehem Shipbuilding Co., Ltd., testifying before
the Senate Commerce Committee on the extensive
contracts in steel construction his company has with
the navy, suggests, as a correspondent reports,
that winning the war depends now on the patriotism
of "labor," which,in his judgment,needs education.
He thinks that if President Wilson, the women of
the country, the picture shows, and all similar
agencies are set to work together in a nation-wide
campaign, labor can be inspired with the same spirit
of patriotism which now inspires him and his associates. We pass by the irony of the writer; but
here is a text for serious consideration by every
citizen.
While labor leaders generally are reiterating the
loyalty of labor, it happens that, unorganized as
well as organized, labor is "representing" to the
committee having in charge the increase in wages
of railway employees the necessity of relief; that the
clerks at Washington are besieging Congress to
grant an increase in salaries to all Federal employees;
that in the midst of the coal famine and stoppage
of industry President Gompers suggests a shorter
day as a means of conservation, and that there are
in many parts of the country strikes for "increased
pay" of more or less magnitude, but all insistent
upon a selfish aim. In fact, it will scarcely be controverted that since the great war began, and not
diminishing since our own entrance therein, there
have been more strikes and covering a wider range
of industries than ever before for a like period in the
history of the country.
The course that organized labor has taken since
the United States declared a "state of war" to exist
537
has been somewhat puzzling to the thoughtful observer. No one, be it said, suspected the loyalty
of workingmen to this country. We speak not of
aliens, of course. Why should the toiler love this
our wonderful free nation less than any other citizen?
Was labor ever so free and so fruitful before, was it
anywhere else so respected, so recognized in its
essential nobility? The very traditionary teaching
of our Puritan ancestry answers no! For a hundred
and forty years of constitutional government work
and worth have carved their way to success. Many
men risen from poverty to wealth, and a continent
developed—these,too,answer. What has been done
in one century under our laws and institutions may
be repeated in another. Labor, in its all-embracing
sense, had reason to be proud, devoted, loyal.
Considered in this light, we believe it was, and is,
to-day. Labor is the means of life. We are all
laborers together.
The nation's rights trampled upon, its perpetuity
endangered, its progress impeded, its freedom imperilled, one would expect absolute loyalty on the
part of "labor." One might have conjectured, since
the ultimate cost of war falls on labor, since industry
and its rewards are the components of a peaceful
life, that there would be a rigid scrutiny of causes;
that, perhaps, a war for defense would receive the
strict interpretation of armed resistance to actual
invasion, but opposition in thought or act to the
Government would not appear. Nor has it am
peared, save for the promulgations of theorists and
the isolated instances of overt opposition to conscription, "labor" has been a part of the body politic, acquiescent to all the demands of the Government and ready to do its part. But for some reason
it appears to be the fact that while "leaders" have
been constant in avowing their loyalty all the time
and overtime, there has been an unprecedented
number of strikes, and the "unions" and other bodies
or workers have been insistent that wages be raised.
More, this lip-loyalty (we use the word in no opprobrious sense), this talking patriotism has been
so zealous, has been so quick to adopt every viewpoint of the Government,that when the ruling powers
that be are constrained to oppose "peace without
victory," labor has been carried to a point where it
finds itself in some degree opposed to the position of
labor in other parts of the world, that is now struggling, both by peaceful and warlike means, to bring
about an end of the awful struggle under the slogan
of "no indemnities and no annexations."
This may or may not be consistent with the principles and interests of "labor," since peace, whatever
be the best means of its attainment, is the end in
view, and is more precious, if possible, to the workingman, the daily toiler with hands and strength,
than to any other man. Nor, be it said in justice, is
a desire and a rightful demand for more compensation to meet changed conditions incompatible
with a loyal devotion to the nation in its new and
magnanimous undertaking. To bring democracy
to the world can harm no man who works for a
living. But when we interpret the spirit of loyalty
as the giving of self for the good of a cause, and a
nation's cause, we are compelled to construe it as
a feeling that would quickly yield all controverted
questions to arbitration; that would be willing to
work more hours rather than less,atthe same ratio of
pay, and that would hesitate long before resorting
to a strike when paramount necessity is for more
538
[VoL. 106.
THE CHRONICLE
production and more speed in order that the war
and
Current
may be won.
We might admit that the enactment of a legal
800 MILLION OF CORPORATE OBLIGATIONS
MATURING IN 1918.
power to commandeer industrial plants may have
A statement showing the corporate obligations in the
had the effect in some instances to induce a specious
form of patriotism, a willingness to accede to all de- United States, Canada, Cuba and Mexico which mature
during the calendar year 1918 has been compiled by L. F.
mands in the making of contracts, to escape more Loree, President of the Delaware & Hudson Company, and
vigorous measures and loss of control, but this reveals the interesting fact that the grand total of such sewould not excuse "labor" from increased energy, curities is only a trifle less than 800 million dollars, or in
States is
and a tolerance for "things as they are" that would exact figures $799,847,383. So far as the United
concerned, the total is $741,631,853, while in the case of
supplies
insure the nation the munitions, ships and
Canada, Cuba and Mexico it is $58,215,530. Of the United
needed in a constant and increasing volume. We States securities maturing this year, $214,191,439 represent
cannot think that labor needs any education in this railroad securities, $224,128,683 public utilities, $182,637,industrials and $120,673,971 State, county and municibehalf. It is a very simple proposition. When a 760
palities. All or a portion of the securities, Mr. Loree says,
man's home is threatened by a flood his neighbors were originally placed in this country. Of the railroad seon the hills know what rescue means. It is not curities, $55,522,632, it is stated, in a foot note, are equipnecessary that labor must adjust contracts in the ment trust obligations, all or a substantial portion of which
will presumably be taken care of by sinking funds. We give
midst of peril. If it really fears for the country, Mr.
Loree's statement herewith:
as its leaders indicate, then it can afford to wait. SECURITIES OF RAILROADS, PUBLIC UTILITIES, INDUSTRIALS AND
And the speedy coming of peace would bring closer MUNICIPALITIES MATURING FROM JAN. 1 1918 TO DEC. 31 1918.
State. County Total for
the period of readjustment. Surely the pull of
United
and
Industrial
Public
States.
Properties. Municipal.
Utilities.
Railroads.
United States
progress on wages will come into full force in the
$
Only—
$
7,663,688 15,792,723 28,149,987 69,059,275
17,452,877
January
3,201,191 97,153,198
9,421,167 59,301,065 25,229,775
February
constructive era that is to follow!
6,480,620 42,884,935
9,247,750 22,554,325
4,602,240
March
57,205,820 11,875,400 17,436,692 6,535,934 93,053,846
Wo do not look upon patriotism as a prerogative April
30,102,248 21,879,150 21,114,092 13,189,688 86,285,178
May
9,102,781 11,406,250 10,037,942 11,752,481 42,299,454
of class distinction. In a government where the June
24,750,813 79,061,000 8,285,442 19,822,057 131,919,312
July
7,371,291 31,578,342
7,143,400 10,072,942
6,990,709
August
citizen is sovereign it is an element and a principle September
5,658,731 36,770,559
6,162,167
4,450,930
20,498,711
3,645,061 25,505,747
8,385,442
7,386,000
6,088,344
October
of individualism. The old phrase that government November
3,290,729 37,037,083
7,124,656
2,409,750
24,211,948
2,304,280 30,441,562 11,575,301 48,084,924
3,763,781
December
"expects every man to do his duty" comes into play.
Totals for U.S214,191,439 224,128,683 182,637,760 120,673,971 741,631,853
The worker owes his allegiance first to his govern- Companies in Canada, Cuba and Mexico.
Grand Total of AU Maturities.
$75,890,775
$6,831,500 January
ment, then to his "union," if at all. No heroics January
97,796,108
643,000 February
February
43,604,435
719,500 March
March
93,487,845
in language can equal the day-by-day building of April
434,000 April
86,981,178
696,000 May
May
42,389,454
90,000 June
common toil. Government might "conscript" labor, June
139,480,842
7,561,530 July
July
44,081,342
August
12,503,000
August
but it can never conscript the human heart; it can September
47,361,059
10,590,500 September
36,134,747
October
10,629,000
October
never energize the willing hands. And labor is November
41,057,083
4,020,000 November
51,532,424
3,497,503 December
December
moulding its future now for it is moulding a force
$799,847,383
Grand total
for Canada, Cuba,
and an influence which holds politics, economics, Total
$58,215,530
and Mexico
society and government in its keeping—the power Note.—Figures for Railroads, Public Utilities and Industrials were obtained from
.'Moody's Manual of Securities, Maturing Jan. 1 1918-Dec. 31 1919."
of public opinion. Democracy, as so often iterated, Figures for Municipalities were obtained from the "Commercial and Financial
State and City Section, Part 1, comprising New England, Middle and
is not socialism. Men cannot acclaim fidelity of Chronicle,"
Central States, dated May 26 1917; and Part 2, the Western, Pacific and Southern
service to the nation in its dire emergency and in States and Island Possessions, dated Nov.24 1917; these being the latest compilations available.
the same breath by action asseverate the right to Of the Railroad Securities, $55,522,634 are equipment trust bonds, all or a subportion of which will presumably be taken care of through sinking funds
strike under any and all circumstances. Individual- stantial
created under the equipment trusts.
ism is not a form of personal autocracy. It is not
the rule of others by the gratification of self. Its
.1. P. MORGAN & CO. RESUME BRITISH TREASURY
principle is the inalienable right of consent; its pracCERTIFICATE OFFERINGS.
tice, the sovereignty of service, and the contract
The offering by J.P. Morgan & Co. of ninety-day Treasury
of co-operation.
bills was resumed this week. The weekly offerings had been
Is labor, proving its patriotism in deeds? Is it suspended on Jan. 26. The amount available this week
demonstrating its dignity? Is it showing forth man was considerably less than the $15,000,000 which had usually
offerings heretofore. This week's
in his relation to his government—that nothing shall figured in the weekly
sale was effected on a discount basis of 5%%. The discount
come between them? The conscript-soldier lays basis had originally been 53%; later it Was increased to
down every affiliation of life to follow the fortunes 53/2% and in recent weeks it had been 6%; there had, howof the fight. Does the laborer, when he allows the ever, been sales in the open market recently on a 53/2% basis.
influence of "leaders" and orders of a "society" to Approximately $15,000,000 of bills dated Nov. 20 will
cause him to lay down his tools for any reason, while mature Feb. 18.
ships are needed to feed starving and war-encompassed peoples,while guns are needed by men who
ADDITIONAL CREDITS BY U. S. TO BELGIUM
AND FRANCE.
must now fight for us all? Education is needed less
Two credits of $3,500,000 each were granted to the
than introspection. It is not wise or worthy to
question the patriotism of the other man. It is Belgian Government by the United States this week, making
the total credits advanced to Belgium $93,400,000. On
wise and wholesome to question one's self. And the
6th inst., it was announced that an additional credit of
this only "labor" needs to do—for it is broader, $155,000,000 has been extended by the United States to
stronger, higher than any class. It is the eloquent France, bringing the total amount credited to that country
spokesman of every citizen who sees in the agencies up to $1,440,000,000. The total credits, advanced to all
by the United States since the latter's
that are at hand the furtherance of his country's the Allied Governments
entrance into the war is $4,684,400,000, made up as follows:
progress and in his own increased energy and un- Great Britain, $2,320,000,000; France, $1,440,000,000;
interrupted toil his own personal contribution to Italy, $500,000,000; Russia, $325,000,000; Belgium, $93,400,000; and Serbia, $6,000,000.
success.
goents
ptscussians
•
FEB. 91918.]
THE CHRONICLE
NEW YORK FEDERAL RESERVE BANK STOPS SALES
OF RUPEES.
The New York "Tribune" of Feb. 2 in reporting that the
New York Federal Reserve Bank had ceased selling rupee
exchange to local merchants, said:
Simultaneously with an announcement yesterday that the Federal
Reserve Bank of New York had obtained a credit of 20,000,000 rupees in
connection with the arrangement made between the United States and the
Indian Government several weeks ago, it was stated in banking circles
that the local Reserve institution had ceased selling rupee exchange to local
merchants. Officials of the Reserve bank refused to talk about the matter.
In other quarters it was asserted that the bank had probably run short of
rupee exchange and had been compelled to stop offerings. It was hinted
In foreign exchange circles that the arrangement whereby the local Reserve
bank was to sell rupee exchange to American firms which had payments
to make in India had not proven very successful. One of the difficulties,
it was said, was the fact that the whole procedure in buying rupee exchange
from this source was bound round with red tape.
Under the arrangement as originally entered into between the United
States and the Government of India the latter created a credit of 10,000,000
rupees in favor of the Federal Reserve Bank of New York, and importers
having obligations in India were to obtain the exchange by paying the
Reserve bank 345. cents per rupee. The first credit was granted Dec. 1
and a second of 10,000,000 rupees was recently made available. The
whole credit of 20,000,000 rupees is said to have been exhausted and the
open market for rupees has risen to 35% cents. No information has been
available at the Reserve bank,owing to the curtain of secrecy' that has been
thrown about the whole transaction. In the exchange market there was
a report yesterday that the Reserve bank might soon have another supply
of rupees for which the rate might be advanced to 353 cents, an increase
of 1 cent.
In exchange circles it is asserted that the problem of the American manufacturer who needs exchange to make payment in India for jute, hides and
other raw materials imported from that country is as serious as before the
Federal Reserve Bank undertook to ease the situation. Normally, gold
or silver would be shipped to India as a means of making payment, but the
United States Government embargo has stopped such a movement.
REPORT OF REFUSAL OF BOLSHEVIST GOVERNMENT
TO PERMIT PAYMENT TO FOREIGN EMB1SSIES.
As a further move to compel foreign Governments to
recognize it, the Russian Bolshevist Government, so the
Petrograd correspondent of the London "Times" reported
on Feb. 2, is refusing to permit British and other foreign
embassies and consulates to draw on sums deposited in Russian banks until the Bolshevist Government is allowed to
have the complete disposal of Russian funds in the Bank
of England.
Washington press dispatches of the 2nd in stating that no
new order like that indicated above had been received there,
said:
Ambassador Francis and members of his staff in Petrograd are assured
of 150 rubles per person a week, according to information which has reached
the State Department. The ruble is now valued at approximately 10
cents. The Ambassador reported to the State Department at the time
the banks were closed in Petrograd the difficulty he was having in drawing
money that had been placed in one of the banks to his credit, and said
that he was attempting to establish a credit at Vladivostok.
No report of any new order by the liolshevist Government closing credits
to Ambassador Francis and other diplomats at the local banks has been reported to the department.
539
time for offering the next Liberty Loan, Secretary of
the Treasury McAdoo asked the co-operation of the
bankers and requested that there be reserved weekly
by the banks and trust companies of the country out
of their loanable funds 1% of their gross resources (but
not to exceed in the aggregate 10%) for investment in
the certificates. Under Secretary McAdoo's plan, it
is stated, is planned to raise approximately $3,000,000,000 through the issuance of these certificaes from now
until the middle of March. Details of the first offering of
$500,000,000 made in accordance with the Secretary's
announcement were made known on the 6th. The certificates will bear interest at 4%; they will be dated Feb. 8
and are due May 9 1918. They will be issued in denominations of $1,000, $5,000, $10,000 and $100,000. Subscriptions will be received up to Feb. 15 through the Federal
Reserve banks at par and accrued interest. Like the $400,000,000 Treasury certificates dated Jan. 22 and payable
April 22, the new issue will be received in payment of the
Third Liberty Loan subscriptions. We give below Secretary McAdoo's telegram to the banking institutions throughout the country urging them to make provision for participating in the offerings:
Washington, D. C., Feb. 6 1918.
Between now and the time for making the next Liberty Loan,I shall offer
for subscription Treasury certificates of indebtedness in amounts of 500
million dollars or more every two weeks.
I desire to postpone the next Liberty Loan issue until conditions will
insure a wide distribution of the bonds throughout the country.
In order successfully to carry through this program and provide for the
expenditures for the military operations of the United States and the
Allies, I must have the whole-hearted co-operation of the bankers of the
United States, and to that end I request the board of directors or trustees
of each bank and trust company to reserve each week out of its loanable
funds for the use of the Government of the United States about 1% of
the grcss resources of their institution not to exceed in the aggregate 10%
and to invest that amount in Treasury certificates of indebtedness.
The exact amount of interest rate, date and maturity (not exceeding
ninety days) of each issue of certificates will be announced from time to
time by me through the Federal Reserve banks.
There is a steady growth in the movement for economy. Banks should
be able by participating in the campaign for economy which means economy
of ciedit as well as of expenditure to teach their customers to save and
accumulate the means to buy the Government's certificates and bonds.
By this method a distribution of Treasury certificates of indebtedness
should become possible which will relieve the subscribing banks of at least
a part of their purchases and furnish the means of making payments for
the next issue of Liberty bonds without undue strain.
The needs of the Government for the war are great and imperative.
The resources of the country are ample to meet these needs if every bank
will do its share. I know that, once it is realized that by complete cooperation all around and by every one doing his part this vital and patriotic
service can be performed, every bank will do its share.
We are approaching a critical test on the battle fronts in Europe.
America's sons are now actually shedding their blood in the trenches. If
the banks which are the first line of financial defense fail to support the
Government fully in its necessary operations, we shall imperil America's
army and America's safety. I know that I have only to state the case to
command the support of every patriotic bank and banker. This is a
supreme duty of patriotism. May I count upon you to do your part and
telegraph me immediately at my expense that you will? I am sending
this telegram to every bank and trust company in the United States.
(Signed) W. G. McADOO, Secretary of the Treasury.
SEIZURE OF RUMANIAN GOLD BY RUSSIA.
According to a dispatch from The Hague on Feb. 2 the
The following is the offering of the New York Federal
Vienna "Neue Freie Presse" reports that the amount of Reserve Bank:
gold belonging to Rumania that was seized by the BolsheFEDERAL RESERVE BANK OF NEW YORK.
viki was valued at 500,000,000 francs ($100,000,000). The
newspaper adds that the authorities in Vienna and Berlin Offering of $500,000,000 United States Treasury 4% Certificates of Indebtedness, Dated Feb. 8 1918, Due May 9 1918.
attach great importance to the confiscation because the RuDear Sirs: The Secretary of the Treasury, under authority of Act apmanian State gold reserve is the chief guarantee for the proved Sept.
24 1917, offers for subscription through the Federal Reserve
Rumanian debt owed to the Central Powers.
banks at par and accrued interest from Feb.8 1918 an offering of $500,000,PAYMENT OF RUSSIAN COUPONS BY FRENCH GOVERNMENT.
The following concerning the payment of Russian coupons
by the French Government was contained in a Paris dispatch of the 1st inst.:
During the discussion in the Chamber of Deputies yesterday of a bill
authorizing advances to allied and friendly nations, Deputy Albert Grodot
pointed out that these advances amounted to 408,000,900 francs, bringing
the total advances to 6,421,000,000 francs, and asked the Government's
intention regarding the Russian coupons. He said that the French Government already had paid 2,000,000.000 francs to French holders of Russian bonds, thus favoring them over the holders in other countries of
bonds whose coupons had not been paid since the beginning of the war.
Finance Minister Klotz replied that the financial actions taken in the
name of Russia wore independent of any changes in regime there. The
Allies were discussing the question of the Russian coupons. Meanwhile,
he said. France would pay the February coupons as it had paid those
failing due in January.
The bill was passed by a vote of 360 to 117, the Socialists opposing the
measure.
NEW $500,000,000 ISSUE OF TREASURY CERTIFICATES OF INDEBTEDNESS IN FURTHERANCE OF NEW LIBERTY LOAN.
In making known his intention to offer for subscription
Treasury certificates 43f indebtedness in amounts of $500,000,000 or more every two weeks between now,and the
000 United States Treasury certificates of indebtedness dated Feb. 8 1918.
payable May 9 1918 with interest at the rate of 4% per annum.
Upon ten days' public notice given in such manner as may be determined
by the Secretary of the Treasury, the series of $500,000,000 certificates now
offered may be redeemed as a whole at par and accrued interest, on and after
any date occurring before maturity of such certificates set for the payment
of the first installment of the subscription price of any bonds offered for
subscription by the United States hereafter and before the maturity of
such certificates, but the certificates of this series, whether or not called
for redemption, will be accepted at par with adjustment of accrued interest
if tendered on such installment date in payment on the subscription price
then payable of any such bonds subscribed for by and allotted to holders
of such certificates.
The certificates will be issued in denominations of $1,000, $5,000,$10,000
and $100,000, payable to bearer.
They will be payable with accrued interest at maturity at the Treasury
Department, Washington, D. C., or optional with holders, at the Federal
Reserve banks.
Interest will be computed for the exact number of days elapsed, on the
basis of 365 days to the year.
Subscriptions will be received by the Federal Reserve Bank of New York
up to the close of business on Friday, Feb. 15 1918, and certificates may be
allotted in full in the order of receipt of applications, but the right is reserved
to reject any subscriptions and to allot less than the amount applied for
and to close the subscriptions at any time without notice.
Payments for certificates allotted must be made to the Federal Reserve
Bank of New York at par and accrued interest on and after Feb. 8 1918,
the date of issue, until Feb. 15 1918, inclusive, and must reach the bank
before 3 o'clock p. m. on Feb. 15 1918.
They 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
Possessions of the United States, or by any local taxing authority, except:
(a) Estate or inheritance taxes, and
540
THE CHRONICLE
(b) Graduated additional income taxes commonly known as sur-t.,xes,
and excess profits and war profits taxes now or hereafter imposed by the
United States upon the income or profits of individuals, parterships, associations or corporations.
However, the interest on an amount of bonds and certificates authorized
In said Act, the principal of which does not esceed in the aggregate $5,000,
owned by any individual, partnership, association or corporation, shall
be exempt from the taxes provided for in clause "b" above.
The certificates of this series will not be accepted in payment of taxes.
Interim receipts will be issued if necessary pending delivery of definitive
certificates.
In connection with the foregoing offering of certificates of indebtedness
of the United States, the Secretary of the Treasury announces that qualified depositaries will be permitted to make payment by credit for certificates allotted to them for themselves and their customers up to the amount
for which each shall have qualified when so notified by Federal Reserve
bank.
Please note that payment may be made at par and accrued interest to
date of payment either by book credit or by check on this bank or other
funds available in New York on the day of receipt. If, however, payment is made in funds not available on the day of receipt, remittance should
include interest to the date when such funds will become available.
The Federal Reserve Bank of New York,if desired by subscribing banks,
will receive and hold in custody for their account, subject to their order,
their certificates of indebtedness of this and future issues.
We print on opposite page copy of telegram sent by /the Secretary of the
Treasury under date of Feb. 6 1918 to every national bank, State bank and
trust company in the United States in regard to this and future issues of
certificates of indebtedness.
Respectfully,
BENJ. STRONG, Governor.
Feb. 7 1918.
LIBERTY LOAN LOSSES SUFFERED THROUGH ELMER
DWIGGINS TO BE MADE GOOD.
A statement announcing that those who had subscribed
for Liberty Loan bonds through Elmer Dwiggins, formerly
New York representative of the Bankers' Life Insurance
Co. of Des Moines, would be taken care of through an arrangement with the company was made by 'James F. Curtis
of the Federal Reserve Bank of New York on Jan. 31.
Dwiggins was indicted by the Federal Grand Jury in this
city on Nov. 21 charged with the fraudulent use of the mails
in the handling of Liberty Loan bonds, his arrest on this
charge having occurred at Montgomery, Ala., on Nov. 15.
An involuntary petition in bankruptcy was filed against
Dwiggins on Nov. 16 in this city by Archibald M. Palmer,
a lawyer representing several creditors. Judge Augustus
N. Hand appointed Francis W. Kohlman receiver in bankruptcy for Dwiggins and fixed his bond at $1,000. Dwiggins
became New York agent of the Bankers' Life Insurance Co.
last February, and as soon as the Government announced
the floatation of the first Liberty Loan he began to handle
subscriptions under an installment plan he himself devised.
It was noted on the card given to subscribers that payment
was to be made at the Bankers' Life office at 165 Broadway
and that the by-laws of the club termed the "purpose and
object of the Liberty Loan Extension Club," were signed
Elmer Dwiggins, General Agency Manager. Dwiggins was
said to have bought about $350,000 of bonds of the first
Liberty Loan and considerably more of the second. The
irregularities were reported to have been in the neighborhood
of $100,000. Some of the money is said to have been recovered, but a shortage of between $50,000 and $75,000 is
still thought to exist. Dwiggins is now serving a three-year
sentence in the Atlanta, Ga., penitentiary, imposed by
Judge Hand in the Criminal Branch of the U. S. District
Court in this city on Dec. 28. The statement issued by
Mr. Curtis of the Federal Reserve Bank concerning the
arrangements made on behalf of those suffering losses through
the irregularities said:
I am glad to announce that the thousands of patriotic citizens who subscribed to Liberty bonds through Elmer Dwiggins will be fully taken care
of by an arrangement with the Bankers' Life Co. and others, which has
just been consummated through an order made by the United States Court.
This arrangement covers and protects subscribers both to the first and
second series of Liberty bonds and includes all members of the Liberty
Loan clubs and extension clubs organized by Dwiggins.
The carrying out of the obligations entered into by Dwiggins will be
undertaken by the Bankers' Life Co., one of the large life insurance companies of this country, licensed to do business in over thirty States, including New York. There can be no dotibt of its absolute solvency and
ability to carry out these obligations.
I am anxious for the sake of the subscribers that publicity be given to
the fact that the Bankers' Life Co. will maintain an office at 165 Broadway,
New York City, where the clerical details will be fully attended to. All
persons who subscribed for Liberty bonds through Dwiggins should communicate with the Bankers' Life Co. at the above address. The Bankers'
Life Co. will promptly and fully advise all subscribers by mail of the details of the plan, which it is not necessary to give in detail in this statement.
This arrangement was consummated this afternoon by an order made
on the application of Francis L. Kohlman, receiver, to United States District Judge Martin T. Manton, whereby the bankruptcy proceedings have
been dismissed, and the assets in Mr. Kohlman's hands as receiver have
been turned over to the Bankers' Life Co. The disposition of this matter
has been made possible by the co-operation with the Bankers' Life Co. of
various other parties interested in the proceedings.
Great credit for the winding up of the Dwiggins failure in such a satisfactory manner, without prolonged litigation, is due to the Bankers' Life
Co.. as well as to Mr. Kohlman, the receiver, and his counsel, James N.
[VoL. 106.
Rosenberg, all of whom have contributed many weeks of their time and
effort to achieve this result. Thanks are also due to Archibald Palmer,
counsel for the petitioning creditors.
In signing the order Judge Manton handed down the following memorandum:
"The services performed by Francis L. Kohlman, appointed receiver, and
by his attorney,.James N. Rosenberg, together with that of James F. Curtis, representing the Federal Reserve Bank of New York, have been so
genuine and successful that it requires notice by the court on signing this
order dismissing this bankruptcy proceeding.
"Through the untiring efforts of these gentlemen and alert attention and
efficient service to the interests of some 6,000 bond subscribers, whose
patriotism led them to invest in Liberty bonds and who were unfortunate
enough to make their investments through the bankrupt, they are now
assured that they will receive 100 cents on the dollar, and be permitted
to carry on their contracts of subscriptions with the assurance that their
investments will be safe.
"The receiver has performed his services for a nominal fee, and Mr.
Rosenberg has graciously and patriotically contributed his services without charge, and has secured from the institutions sums of money which
now guarantee to the investors this payment in full. Services of this
character require public notice, and the court extends its thanks to these
gentlemen."
BILL CREATING WAR FINANCE CORPORATION INTRODUCED IN CONGRESS—SECRETARY
McADOO'S STATEMENT.
The Administration bill creating a War Finance Corporation was introduced in the Senate and House on Feb. 4.
The bill, given in these columns last week, was recommended for Congressional enactment by Secretary of the
Treasury McAdoo on Jan. 28. It was sunbmitted to the
Senate this week by Senator Simmons, Chairman of the
Finance Committee, while in the House it was presented
by Representative Kitchin, Chairman of the Ways and
Means Committee. It was referred to the latter, following
its introduction in the House. The War Finance Corpora,
tion to be created under the bill would, tinder the present
provisions, have a capital of $500,000,000 and would be
empoweredc to issue $4,000,000,000 in short-term notes to
afford "financial assistance either directly or indirectly
to persons, firms, corporations and associations whose
operations are necessary or contributory to the promotion
of the war." The bill would furthermore make subject to
the jurisdiction of the corporation all private security issues
of more than $100,000. The operations of the corporation
would be limited to six months after the declaration of peace.
Secretary of the Treasury McAdoo in a statement, issued
on Feb. 1 with regard to the pending legislation, stated
that the proposed Act should be regarded primarily as a
measure to enable the banks, both national and State, to
continue to furnish essential credits for industries and enterprises necessary or contributory to the prosecution of
the war. His statement in full follows:
The proposed Act to incorporate a War Finance Corporation should be
regarded primarily as a measure to enable the banks, both national banks
and State banks and trust companies, to continue to furnish sessential
credits for industries and enterprise; which are necessary or contributory
to the prosecution of the war.
The Government's borrowings, particularly during the period immediately preceding and following each Liberty loan, have tended to preempt the credit facilities of the banks and often to prevent them from giving needed and customary help to quasi-public and private enterprises.
Many instances have been brought to the attention of the Secretary of the
Treasury and of the Federal Reserve Board, where railroads, public utilities, power plants, &c., have been prevented from obtaining the necessary
advances to enable them to perform vital service in comnnection with the
war because the bank credits, ordinarily available to them, are being absorbed by the Government itself.
In Europe central banks are permitted to grant to banks and bankers
loans upon stocks and bonds upon certain well-defined terms. The Federal
Reserve Act does not provide for these, and the War Finance Corporation
is designed to fill this gap as a war emergency. The provisions of the
Federal Reserve law which permit member banks to rediscount and purchase paper secured by the Governtment's obligations and commercial
paper have had the effect of driving the banks to discriminate against
loans on ineligible paper even where such loans were vitally necessary for
war purposes, and in favor of commercial paper even though of companies whose activities were not related to the war and which might well
be curtailed during the period of the war.
It is believed that the proposed bill has been wisely and conservatively
conceived as a war measure to give relief from this condition during the
period of the war. The banks of the country would, no doubt, scrutinize
with the utmost care both the loans themselves and the security therefor,
and would exercise their individual judgment upon the borrower's credit
before assuming a liability for the amount of the loan, and also because
they would be under the necessity of advancing, out of their own resources.
25% of the amount loaned. The bill would authorize advances to a bank
of only 75% of the amount loaned by the bank to a war industry.
It is confidently believed that the mere existence of the machinery which
this Act would establish would of itself maintain confidence to such an
extent that the aid of the corporation would only in relatively few cases
be called for, and that the banks would be able to take care of the requirements of this class of borrowers and be ready to do it, knowing that in case
of need loans of that character would be available for rediscount.
The provision permitting direct loans by the corporation in exceptional
cases Is intended to provide for those rare cases where it may be made to
appear to the corporation that a meritorious borrower is being unwisely
discriminated against by the banks.
Under the terms of the bill as drafted, the rediscount and purchase of
member banks' paper secured by the notes and obligations of the corpora.
tion would be subject to the regulations of the Federal Reserve Board and
the issue of Federal Reserve notes against the security of member banks,
paper so rediscounted would be subject to the approval of the Federal Reserve Board and to its special or general regulat,lons and all the provisions
of law in respect to the purchase or discount of such paper, and the use of
such paper as collateral for the issue of Federal Reserve notes would ex-
FEB. 9 1918.]
THE CHRONICLE
tend in so far as applicable, including, of course, the requirement of at
least 40% gold reserve and the requirement of a gold redemption fund, the
minimum amount of which is 5%. It must be borne in mind that the
Federal Reserve banks can acquire paper secured by those notes only
when indorsed by member banks and presented by the latter for rediscount at such rates as the Federal Reserve Board may approve.
As a corollary to the provision for the extension of credits, the bill provides for approval by the corporation, through a system of licenses, of
Issues of securities with a view to preventing the use of capital in unnecessary expenditures during the period of the war. This is of great importance
to the country in order to conserve the supply of new capital and make it
available for Government loans and essential war purposes.
The Secretary of the Treasury has already asked the voluntary submission to the Federal Reserve Board of any projected capital issues and has
asked the Federal Reserve Board to pass upon such issues. The Federal
Reserve Board is already performing this patriotic service. The work
which the Board has taken on this line should be regarded as preliminary
to and laying the basis and furnishing in no small part the organization for
the work which the corporation will have to do.
It is believed that the proposed license system is wise and fair, since the
voluntary system now set in motion will tend to restrict the activities of
those patriotic people who have the public interest most at heart and to
discriminate against them in favor of those unpatriotic people who ignore
the war necessities by refusing to co-operate. The proposed license system is in line with the Act which established the selective draft in lieu of
a voluntary system of creating an army to win the war. The sacrifices
which must be made if the war is to be won should be made by all alike
and not merely by those whose patriotism impels them to volunteer and
who have to carry the entire burden unless the slackers are compelled to do
their part.
541
and sell securities, including Government bonds. This might be construed
as opening the way for the use of funds of the corporation for the support
of the market for the outstanding war bonds. No support of this kind
could be made effective if exerted openly. Announcement of an appropriation for that object would defeat the very purpose for which it was intended.
and any sum that could be made available would be only a drop in the
bucket compared with what would be required. The best and only practicable way to adjust the war bond market situation, in my opinion,is to make
the terms of the new issue such that conditions and prices will be righted
naturally.
C. E. MITCHELL FAVORS 43/2% SHORT TERM OBLIGATION AS NEXT LIBERTY LOAN OFFERING.
In expressing the hope that the next Liberty Loan issue
would be a short term obligation of 43/2%, Charles E.
Mitchell, President of the National City Company of New
York during a business trip to Chicago on Feb. 1 was quoted
in the Chicago "Herald" as saying;
I would very much like to see the next Liberty Loan put out in the form
of 4M % bonds of short maturity. Five years would be best, I think.
and I would like to see the outstanding bonds convertible into the five-year
43,
6% bonds, both as to interest rate and maturity.
This would strengthen the general market for Government bonds. I
believe that such an issue would be eagerly absorbed, and in any amount
the Government thinks necessary for its purposes.
The advantage of such an issue as an investment and its acceptability
to the public would render it an effective means of stabilizing the market
In introducing the bill in the:House, Representative Kitehin for Government war securities. This plan would offer the treasury an
dpportunity to finance itself on a much better basis. The public at present
said:
seems to favor the shorter maturity. A good investment demand is being
To
-day Senator Simmons introduced in the Senate and I in the House, experienced; all that is necessary is to find the little accumulations of capital
the bill known as the War Finance Corporation bill. It was introduced that are being made in the shifting process brought about by the war.
as an Administration measure, just as it was prepared by the Treasury
Department. The wisdom and necessity of amendments will be duly
considered by the proper committees of the House and Senate, and by the TREASURY DEPARTMENT'S STATEMENT REGARDHouse and Senate. The main idea of the bill I consider wise and, perING ORDER REGULATING CONTROL
haps. essential. as a means of a more effectual prosecution of the war.
OF FOREIGN EXCHANE.
The sweeping powers conferred on the Secretary of the
Last
week
in
referring to the Executive order, issued by
Treasury under the bill are expected to meet with considerPresident Wilson, setting out rules and regulations for the
able opposition from the Republican forces.
control of foreign exchange by the Federal Reserve Board,
COMMITTEE IN CHICAGO FEDERAL RESERVE DIS- we alluded to the Treasury Department's statement as to
the purpose of the order. Below we give this statement
TRICT TO CO-OPERATE WITH FEDERAL
in
full:
CAPITAL ISSUES COMMITTEE.
TREASURY DEPARTMENT.
Jan. 29 1918.
Following the action taken by the Federal Reserve Board
Upon
the
recommendation
of Secretary McAdoo the President has
in naming a committee to pass on security issues, W. A. signed an Executive Order prescribing
orders, rules and regulations for
Heath, Chairman of the Federal Reserve Bank of Chicago the Executive administration of certain powers vested in him under the
on Feb. 1 announced the appointment of a committee, repre- Espionage Act and the Trading with the Enemy Actin relation to the export
coin, bullion and currency, transfers of credit and transfers of evidences
senting the Chicago Federal Reserve District to co-operate of
of indebtedness or the ownership of property between the United States
with the National Committee. The Chicago Committee and any foreign country, or between residents of one or more foreiga
by any person within the United States, and has as recommended
is composed of James B. MacDougal, Governor of the Fed- countries
by the Secretary vested in the Federal Reserve Board the necessary aueral Reserve Bank of Chicago; E. D. Hulbert, President of thority to act as the agency of the Secretary in the administration of these
the Merchants' Loan & Trust Company of Chicago; Rufus powers.
purpose of the Order is to place dealers in foreign exchange and in
C. Dawes, and Joy Morton, with Mr. Heath as Chairman theThe
sale of securities or foreign account under such control as will prevent
.
Committee.
of the
the use of the banking facilities and markets of the United States for the
PURCHASE BY U. S. TREASURY OF FEDERAL FARM
LOAN BONDS.
The purchase by the U. S. Treasury of its first parcel of
$3,000,000 Federal Farm Loan bonds out of the $100,000,000 fund recently appropriated under the bill which became
a law on Jan. 18, was announced on Jan. 31.
LISTING OF NEW CAPITAL ISSUES ON STOCK EXCHANGE CONDITIONAL UPON APPROVAL BY
CAPITAL ISSUES COMMITTEE.
The Governors of the New York Stock Exchange adopted
a resolution this week stating that as a condition to the list
of new capital issues it will be required that such issues be
approved by the Capital Issues Committee, appointed by
the Federal Reserve Board. The resolution follows:
Whereas, The Federal Reserve Board has, upon the request of the Hon.
Wm. G. McAdoo, Secretary of the Treasury, appointed a committee of its
members to act as a Capital Issues Committee, authorized to pass upon
such proposals as may be submitted to them in respect to capital expenditures or issues of now securities.
Resolved, That the Committee on Stock List will require as a condition
to the listing of such now capital issues the presentation of the approval
of such Committee of the Federal Reserve Board.
WAR FINANCE CORPORATION BILL WOULD PERMIT
DEALINGS IN GOVERNMENT BONDS.
While not inclined to pass judgment on the Administration
bill providing for the creation of a War Finance Corporation,
Charles E. Mitchell, President of the National City Company of New York had something to say regarding the
provision in the bill empowering the corporation to buy and
sell securities including Government bonds. The New
York "Times" in a dispatch on the 1st inst. from Chicago
where Mr. Mitchell had gone on a business trip, quoted him
as saying:
There is one section of the measure as published which has not attracted
much attention, but which seems to me to be the raison d'etre of the legislation. That is the section empowering the proposed corporation to buy
benefit of its enemies. This is accomplished by requiring all persons that
deal in foreign exchange, or in securities for or through foreign correspondents, or who carry the securities with or for foreign correspondents to
take out registration certificates through the Federal Reserve banks of
,their district. These certificates will be issued by the Federal Reserve
Board, but may be revoked at any time by direction of the Secretary of
the Treasury or of the Board. Dealers are classified as Class A, Class
B, Class 0, depending upon the nature of their business. The customers
of dealers when they purchase or sell foreign exchange are required to sign
a statement showing .the purpose of the purchase or sale in such detail as
the Federal Reserve Board may require,including a declaration to the effect
that no enemy or ally of enemy of the United States has any interest
directly or indirectly in the purchase or sale. These statements will be
retained by the banks, but their production may be required by the Federal
Reserve Board in the case of any transactions which the Board thinks it
necessary to investigate. All dealers must render weekly statements of
their transactions to the Board on blanks to be furnished by the Board.
These statements will deal only with totals but will convey to the Board
Information as to the general trend of transactions in the exchange market.
Coupons and dividends collected, or securities sold for foreign account
must be accompanied by declarations in prescribed form to 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 enemy or 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 by 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
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, or 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 connections with such
account will not be made available to any enemy or ally of enemy, and
also that they will not transmit for collection or credit any negotiable instrument bearing the signature or indorsement 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
542
THE CHRONICLE
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 is issuing instructions to the Federal Reserve banks as to the manner in which the Order
Is to be carried out, and all applications for information should be addressed to the Federal Reserve banks or to the Federal Reserve Board in
Washington.
It will be observed that this Order will put into the hands of the Secretary and the Federal Reserve Board full information as to the manner in
which the credit facilities of the United States are being used. Through
the power vested in the Secretary and the Federal Reserve Board to prohibit any bank or banker in the United States from doing business with
any foreign correspondent suspected of acts incompatible with the interests of the United States, a weapon is furnished to the Government
which will be used te. control any misuse of our credit facilities, and which
can be wielded with the necessary amount of vigor to accomplish the results sought. The procedure established has been carefully devised so as
to preserve the confidential relation existing between the bank and its
customers, except in those cases where suspicions point to the advisability
of a detailed examination.
TEXT OF EXECUTIVE ORDER REGULATING FOREIGN
EXCHANGE BY FEDERAL RESERVE BOARD.
Statements regarding the scope of President Wilson's
executive order of last week restricting foreign exchange
dealings have been issued by both the Federal Reserve
Board, and Frederick I. Kent, Director of the Division of
Foreign Exchange of the Reserve Board. The issuance of
the order regulating control of foreign exchange by the Reserve Board was referred to in these columns last Saturday,
page 438. The executive order is designed to stop foreign
exchange transactions originating in the United States
which result in aid or profit to enemy countries. The Reserve Board's statement sets out that it prohibits "all transactions in foreign exchange, export or ear marking of gold
or silver coin or currency, transfers of credit in any form
unless wholly within the United States and transfers of evi.dences of indebtedness or ownership of property between
the United States, and any foreign country, whether enemy,
ally of an enemy or otherwise, or residents of one or more
foreign countries by any person within the United States,
except under the regulations of the Board." Mr. Kent in
his statement points out that the President's order applies
to "merchants, industrial houses, Stock Exchange brokers
and all others who carry balances in foreign countries with
foreign correspondents or agents or others, or who buy or
sell securities for foreign account or who carry balances in
this country for foreign correspondents." The President's
Order prohibits dealers from engaging in foreign exchange
transactions after Feb. 10 unless they possess a certificate
issued by the Federal Reserve Board. The latter has,
however, extended the requirement five days, thus making
the effective date Feb. 15. The time within which applications for certificates must be filed was fixed by the President as Jan. 31, but the Board likewise extended this period
five days, or to Feb. 5. The following is the statement
issued by the Reserve Board on Feb. 1 with regard to the
new regulations:
Regulations covering the business of buying, selling or dealing in foreign
exchange of securities for or through foreign correspondents and of carrying
accounts or securities with foreign correspondents were distributed by the
Federal Reserve Board to-day. The regulations are issued under the order
of the President dated Jan. 18, which expressly prohibits all transactions
In foreign exchange, export or earmarking of gold or silver coin, or currency,
transfers of credit in any form unless wholly within the United States and
transfers of evidences of indebtedness or ownership of property between
the United States and any foreign country, whether enemy,ally or an enemy
or otherwise, or residents of one or more foreign countries by any person
within the United States, except under the regulations of the Board.
The purpose of the order of the President is to stop transactions originating in the United States which result in aid or profit to our enemies. It is
important that all those having any foreign transactions of any nature
Investigate and ascertain whether the business in which they are engaged is
such as to require them to obtain registration certificates. In general
persons persons as defined under the executive order, who are required to
make application for registration certificates, are those who carry on a
foreign exchange business, such as banks, bankers and others; those who
carry business abroad, such as certain classes of merchants, industrial
houses and others, and those who carry accounts in the United States for
foreign interests and or who hold or deal in securities for foreign interests,
such as stock exchange brokers and others.
Banks and bankers or others who buy and sell foreign exchange for account
of their customers through domestic correspondents must make applications for registration certificates through the Federal Reserve banks of
their districts, but reports required by the Federal Reserve Board must be
made through their domestic correspondents.
Mr. Kent's statement issued on Feb. 4 said:
[VOL. 106.
who have a foreign business of any kind, should familiarize themselves with
the provisions of the Executive Order. Information can be obtained from
the Fedei:aI Reser!se.Banks.
Nitk
te ilk
The Executive Order of the President bears date Jan. 26,
but it was not made public until Jan. 29. We give it in full
herewith:
EXECUTIVE ORDER.'
Executive Order Prescribing Rules and Regulations under Section 5 of the
Trading-with-the-Enemy Act and Supplementing Rules and Regulations Heretofore Prescribed under Title 7 of the Espionage Act.
Whereas, by virtue of the authority vested in me by the Act approved
June 15 1917, known as the Espionage Act, I directed by Executive order,
dated September 7 1917, that the regulations, orders, limitations, and
exceptions prescribed by me in relation to the export of coin, bullion and
currency should be administered by the Secretary of the Treasury, and
upon his recommendation prescribed certain regulations in relation thereto
and
Whereas, by Executive order, dated October 12 1917, made under
authority of the Act aforesaid and of the Act approved October 6 1917.
known as the Trading-with-the-Enemy Act, I vested in the Secretary of
the Treasury the executive administration of any investigation, regulation
or prohibition of any transactions in foreign exchange, export, or earmarking of gold or silver coin or bullion or currency, transfers of credit in
any form (other than credits relating solely to transactions to be executed
wholly within the United States) and transfers of evidences of indebtedness
or of the ownership of property between the United States and any foreign
country or between residents of one or more foreign countries by any person
within the United States, and I further vested in the Secretary of the
Treasury the authority and power to require any person engaged in any
such transaction to furnish, under oath, complete information relative
thereto, including the production of any books of account, contracts,
letters, or other papers in connection therewith in the custody or control
of such person, either before or after such transaction is completed; and
Whereas, by said Executive order, dated October 12 1917, I authorized
and directed the Secretary of the Treasury for the purpose of such executive
administration to take such measures, adopt such administrative procedure,
and use such agency or agencies as he may from time to time deem necessary and proper for that purpose; and
Whereas, the Secretary of the Treasury, with the approval of the President, by order dated November 23 1917, adopted certain administrative
procedure for the executive administration, authority and power vested in
the Secretary of the Treasury by said Executive order, dated October 12
1917, and designated the Federal Reserve Board to act as the agency of
the Secretary of the Treasury, subject to the approval of the Secretary of
the Treasury, to carry out such executive administration, authority and
power vested in the Secretary of the Treasury as hereinbefore recited;
Now, therefore, upon the recommendation of the Secretary of the
Treasury, and in order to vest all necessary authority in the Federal
Reserve Board to act as the agency of the Secretary of the Treasury, in
the performance of the duties hereby imposed upon it, I hereby prescribe
the following orders, rules and regulations in respect of such executive
administration, authority and power, and I hereby amend the regulations
heretofore prescribed by said Executive order dated September 7 1917, as
herein provided.
DEFINITIONS.
Person.—The term "person" as used herein shall be deemed to mean
an individual, partnership, association, company, or other unincorporated
body of individuals, or corporatgin or body politic.
Dealer.—The term "dealer" as used herein shall be deemed to mean any
person engaged primarily or incidentally in the business (1) of buying,
selling, or dealing in foreign exchange; or (2) of buying, selling, or dealing
In securities for or through foreign correspondents, or (3) any person who
carries accounts or securities with or for foreign correspondents.
Dealers of Class A.—Dealers who engage in the business of buying,
selling, or dealing in foreign exchange, or of buying, selling, or dealing in
securities for or through foreign correspondents, and who may or may not
carry accounts or securities with or for foreign correspondents shall be
known as dealers of Class A.
Dealers of Class B.—Dealers who carry accounts or securities with foreign
correspondents or who buy, sell, or deal in securities through such correspondents but who do not carry accounts or securities for foreign correspondents and who do not engage in the business of buying,selling, or dealing
In foreign exchange or of buying, selling, or dealing in securities for foreign
correspondents shall be known as dealers of Class B.
Dealers in Class C.—Dealers who carry accounts or securities for foreign
correspondents or who buy,sell, or deal in securities for such correspondents
but who do not carry accounts or securities with foreign correspondents
and who do not engage in the business of buying, selling, or dealing In
foreign exchange or of buying, selling, or dealing in securities through
foreign correspondents shall be known as dealers of Class C.
Foreign Exchange.—The term "foreign exchange" as used herein shall be
deemed to mean checks, drafts, bills of exchange, cable transfers, or any
form of negotiable or assignable instrument, or order used (a) to transfer
credit or to order the payment of funds in any foreign country, or (b) to
transfer credit or to order the payment of funds within the United States
for foreign account.
Securities.—The term "securities" as used herein shall be deemed to
mean all evidences of ownership of property not included in the foregoing
definition of foreign exchange.
Correspondent.—The term "correspondent" as used herein shall be
deemed to mean any person who acts as the agent of or for, or on behalf of,
or as the depositary of another person, or any person who is the principal
for, or on behalf of whom another person acts as agent.
Customer.—The term "customer" as used herein shall be deemed to mean
any person other than a dealer who buys foreign exchange from a dealer
or sells foreign exchange to a dealer.
TRANSACTIONS IN FOREIGNEEXCHANGE AND' CERTAIN
OTHER TRANSACTIONS PROHIBITED EXCEPT AS
HEREIN AUTHORIZED.
All transactions in foreign exchange, export, or earmarking of gold or
bullion
or currency, transfers of credit in any form (other
silver coin or
than credits relating solely to transactions to be executed wholly within
the United States) and transfers of evidences of indebtedness or of the
ownership of property between the United States and any foreign country,
whether enemy, ally or enemy, or otherwise, or between residents of one
or more foreign countries ,by any person within the United States, except
any such transactions or transfers conducted in conformity herewith, are
hereby prohibited.
Merchants, industrial houses, Stock Exchange brokers and all others who
carry balances in foreign countries with foreign correspondents or agents or
others, or who buy or sell securities for foreign account, or who carry
balances in this country for foreign correspondents, are obliged to take out
registration certificates under the Executive Order of the President signed
Jan. 26. Applications must be made with the Federal Reserve Bank of
their district on or before Feb. 5.
While the Executive Order was published early last week, it was not
generally realized that institutions other than banks and bankers, and those TRANSACTIONS INIFOREIGN;EXCHANGE OR INISECURITIES
FOR OR THROUGH FOREIGN ACCOUNT.
buying and selling foreign exchange, were especially concerned with it.
But the requirements of the Executive Order are positive, and all those
Certain Persons Requp ed to Obtain Registration Certificates.—No person,
having foreign correspondents or who act for foreign correspondents or other than a custompe', shall, afterlFebruary 10 1918, engage in any trans-
FEB. 9 1918.]
THE CHRONICLE
action or make any transfer described in the next preceding subdivision
hereof who shall not have obtained, on or before that date, a registration
certificate, as hereinafter provided.
Every person who is a dealer upon the date hereof, as promptly as possible and in any event on or before January 31 1918, shall file, with the
Federal Reserve Board, through the Federal Reserve bank of his district,
an application for a registration certificate. Such application shall be in
form approved by the Federal Reserve Board and shall show the character
of business engaged in and whether or an not enemy or ally of enemy
of the United States or any subject or citizen of an enemy or ally of enemy,
wherever resident or domiciled, has any interest directly or indirectly in
such business. Such application shall embody an agreement on the part
of the applicant to comply with the regulations of the Federal Reserve
Board, and to permit the inspection at any time of his books and accounts
and to make reports as and when required on forms to be approved by
the Federal Reserve Board.
The Federal Reserve Board may issue to such applicant the appropriate
registration certificate in form approved by it, entitling the holder to
engage in the class or classes of foreign exchange or other transactions
specified in such certificate, subject to all applicable provisions of law and
to such Executive orders of the President and administrative regulations
as shall have been issued or may from time to time be issued by the Federal
Reserve Board.
Any person who is not a dealer at the date hereof, but who hereafter
desires to become a dealer, must first obtain a registration certificate.
Any person, other than a customer, who does not desire to become a
dealer, but who nevertheless desires to engage in one or several transactions
or to make one or several transfers described in the next preceding subdivision hereof, may be permitted by the Federal Reserve Board, in its discretion, to engage in any such transaction or to make any such transfer
without first obtaining a registration certificate, and the Federal Reserve
Board may likewise waive any requirement hereof, other than any which
relates to trading with an enemy or ally of enemy, whenever it is satisfied
that such waiver is not incompatible with the best interests of the United
States.
Nothing herein shall be construed to abrogate or modify any existing
requirement that licenses shall be obtained from the War Trade Board in
respect of any transaction with, or for account of, an enemy or ally of enemy,
or any person acting for, or on behalf of, or for the benefit of, an enemy or
ally of enemy.
Revocation of Registration Certificates.—Any or all such registration
certificates may be revoked at any time by direction of the Secretary of the
Treasury or of the Federal Reserve Board.
Books and Accounts.—Each Federal Reserve bank through which any
such registration certificate shall be issued shall furnish to the applicant
copies of all forms of reports required, and the books and records of such
applicant shall thereafter be kept in a manner which will make it possible
to furnish information called for in such reports without delay.
General Reports.—After obtaining a registration certificate, each holder
thereof shall file with the Federal Reserve bank through which such certificate shall be issued a report on forms to be furnished by the Federal Reserve
Board, showing all accounts or securities carried with or for foreign correspondents as of the close of business on January 30 1918, or on such other
date as the Federal Reserve Board may require, and such other information
as may be called for on such forms and shall thereafter file with the Federal
Reserve Board, through such Federal Reserve bank, on dates specified by
the Federal Reserve Board, reports whowing all changes in such accounts
and all purchases, sales and other transactions in foreign exchange or securities for or through foreign correspondents.
Customers' Statements.--A dealer shall require every customer purchasing
foreign exchange from him or selling foreign exchange to him, to file a
statement showing the purpose of such purchase or sale with such details
as the Federal Reserve Board may require, including a declaration to the
effect that no enemy or ally of enemy of the United States has any interest
directly or indirectly in such purchase or sale. The Federal Reserve Board
shall prescribe the form of such declaration. Copies of such statements
shall be furnished by such dealer upon request to the Federal Reserve Board
through the several Federal Reserve banks.
Reports Made through Domestic Correspondents.—Dealers to whom regist
tration certificates have been issued, and who buy, sell, or deal in foreign
exchange through domestic correspondents (for example, banking or other
institutions located in the United States), unless otherwise directed by the
Federal Reserve Board, shall arrange with such correspondents to include
such transactions in the reports of such correspondents.
Such dealers will be required to report to the Federal Reserve Board only
those foreign exchange transactions which are not included in the reports
of such correspondents, but may be called upon for any information in
regard thereto desired by the Federal Reserve Board, and shall keep all
books and records in a manner which will make it possible to furnish
such information.
Special Reports.—Whenever any holder of a registration certificate shall
have reason to believe that any transaction within his knowledge involves
or may involve directly or indirectly the payment of funds or delivery of
securities to or the transfer of credit or securities for the benefit of an enemy
or ally of enemy, or which may involve any other transaction with an enemy
or ally of enemy, he shall immediately report the facts and circumstances
to the Federal Reserve Board through a Federal Reserve bank.
Filing and Verification of Reports.—All reports, statements, and declarations herein required, unless otherwise specified, shall be filed with the
Federal Reserve Board through the Federal Reserve banks.
Any or all such reports, statements, or declarations shall, in the discretion of the Federal Reserve Board, be verified by oath of the person
making same.
Examinations.—The books and records of all dealers must at all times be
open to inspection by examiners designated by the Federal Reserve Board.
543
ent for collection or credit any negotiable instrument bearing the signature
or endorsement of an enemy or ally of enemy of the United States.
The words "enemy" and "ally of enemy" are used herein as now or
hereafter defined by laws of the United States or by Proclamation of the
President of the United States.
Note.—If foreign correspondent is Incorporated this certificate must be
executed by a duly authorized officer of such corporation.
SUSPENSION OF RELATI ONS WITH FOREIGN
CORRESPON
If any foreign correspondent of a dealer in the United States or any
person proposing to become the foreign correspondent of a dealer in the
United States, shall refuse or fail to make the foregoing declaration as,
herein required, or if the Federal Reserve Board shall have reason to
believe that any such foreign correspondent or any such person is dealing
or trading with an enemy or ally of enemy of the United States, contrary
to the provisions of the declaration of non-interest of enemies, herein
required, or if in the judgment of the Federal Reserve Board the best
interest of the United States requires such action, it may prohibit any
dealer or dealers in the United States from engagingin any transaction
with, through, for, or on behalf of such correspondent or such person.
SUSPENSION OF TRANSACTIONS.
Whenever the Federal Reserve Board shall have reason to believe that
any transaction in foreign exchange or any transfer of securities carried
with or for a foreign correspondent involves or may involve trading with
an enemy, or ally of enemy, or in its judgment is incompatible with the
best interest of the United States, it may cause notice to be served on
the parties in interest to postpone the consummation of such transaction
for a period of ninety days pending investigation of the facts, and upon
investigation if the Federal Reserve Board is of the opinion that the best
interests of the United States require such action it may prohibit the
consummation of such transaction.
The Secretary of the Treasury may likewise prohibit the consummation
of any such transaction by notice served on the parties in interest (either
directly or through the Federal Reserve Board) in any case in which in
his judgment the best interests of the United States require such action.
SPECIAL PROVISIONS AS TO COLLECTION OF DIVIDENDS„
INTEREST, OR MATURING OBLIGATIONS FOR FOREIGN
ACCOUNT.
Every person presenting for collection maturing obligations, or coupons
checks, or drafts issued for dividends or interest, for account of any foreign
Government or person resident in any foreign country, shall make a declaration in form approved by the Federal Reserve Board, to the effect
that such collections are not made for, or on behalf of, or for the benefit
of, any enemy or ally of enemy; that the proceeds of such collections will
not be made available for any enemy or ally of enemy; and that the
maturing obligations, or the obligations and stocks upon which dividends
or interest are to be paid, are not the property of any enemy or ally of
enemy; have not been owned by, or held for the account of, any enemy
or ally of enemy since
1918, and were not purchased by the
present owner from any enemy or ally of enemy, or from any person
acting for or on behalf of or for the benefit of an enemy or ally of enemy
since February 3 1917.
Provided, however, that any holder of a Class A or Class 0 registration
certificate may collect maturing obligations and coupons, checks, or drafts
Issued for dividends or interest for account of a person resident in a foreign
country, without making such declaration, is such holder has filed with the
Federal Reserve Board a similar declaration executed by the person for
whom collection is made.
Interest or Dividend Checks Payable for Foreign Account.—Every person
issuing checks or drafts for interest or dividends after Jan. 26 1918, pay.
able to any foreign Government or to any person resident in a foreign country shall attach to or shall print on the back of such check or draft the fol.
lowing statement:
This check or draft will not be paid unless the following declaration is
executed by the person to whom it is sent for collection by the payee, or his
agent, or by the person who acts as the agent in the United States for the
payee.
From actual personal knowledge, or in reliance upon declarations or
affidavits furnished the undersigned by the parties in interest, I—we do
hereby expressly declare that no enemy or ally of enemy of the United
States is directly or indirectly interested in the proceeds of this check or
draft and that such proceeds will net be made available for the use of an
enemy or ally of enemy of the United States; that the stock upon which
this dividend is paid (or the obligation upon which this interest is paid)
is not and has not been owned by or held for account of an enemy or ally
of enemy of the United States since Jan. 26 1918, and has not been purchased by the present owner from an enemy or ally of enemy or from a person acting for or on behalf of or for the benefit of an enemy or ally of enemy
since Feb. 3 1917.
DEALINGS IN SECURITIES FOR OR THROUGH FOREIGN
ACCOUNT.
No person shall purchase, sell, or deliver any securities for account of any
foreign Government, or for account of any person resident in a foreign
country, unless such Government or such person, as the case may be, shall
have made a declaration, in form approved by the Federal Reserve Board,
similar in effect to that required in the case of the collection of maturing
obligations, for account of a foreign Government or person resident in a
foreign country.
%11
PROCEDURE WHERE DECLARATION OF NON-INTEREST OF
ENEMY OR ALLY OF ENEMY CAN NOT BE MADE.
Any person who is unable to make a declaration of non-interest of enemy
or ally of enemy required hereunder may apply to the Federal Reserve
Board for a waiver of such declaration, submitting to such board all facts
and circumstances relating to the transaction involved which are in the
possession of the applicant. If upon investigation the Federal Reserve
DECLARATION OF FOREIGN CORRESPONDENT TO DE OBBoard shall determine that there is no reason to believe that any enemy or
TAINED BY HOLDERS OF REGISTRATION CERTIFICATES.
ally of enemy is directly or indirectly interested in the transaction involved.
After dates to be fixed by the Federal Reserve Board in respect of each and that its consummation will not be incompatible with the best interests
foreign country, respectively, no holder of a registration certificate shall of the United States, it may permit the transaction to be consummated
engage in transactions with, through, or for any foreign correspondent in without the declaration herein required. If the Federal Reserve Board
such foreign country unless he shall have obtained from such correspondent shall have reason to believe that an enemy or ally of enemy is or may be
a declaration to the following effect:
directly or indirectly interested in the transaction, it shall transmit to the
(Holder of registration certificate) War Trade Board all records in the case for such action as that Board may
Having arranged with
to act as the agent or correspondent in the United States for, or on determine to be necessary.
behalf of, the undersigned, under regulations issued by the appropriate
EXPORT AND EARMARKING OF COIN, BULLION. OR
authorities of the United States Government and—or the undersigned
CURRENCY.
hiving agreed to act as the foreign correspondent of the said
The following regulations prescribed by Executive order, dated Sept.
I—we do hereby declare that I—we will not deal or attempt to deal,
in
force
as herein amended:
directly or indirectly, with said agent or correspondent in any transaction 7 1917, shall continue
Any person desiring to export from the United States or any of its terfor or on account of, or for the benefit of, an enemy or ally of enemy of the
United States, and will not make available for the use of an enemy or ally ritorial possessions to any foreign country named in the proclamation,
of enemy of the United States any funds or property received or credits dated Sept. 7 1917. any coin, bullion, or currency, shall first file an appliestablished as a result of any transaction engaged in with or through said cation in triplicate with the Federal Reserve Bank of the district in which
agent or correspondent, and will not transmit to said agent or correspond- such person is located for a special or general iicense. Applications filed
544
THE CHRONICLE
must contain statements under oath and showing in detail the nature of the
transaction, the amount involved, the parties directly and indirectly interested, and such other information as may be of assistance to the proper
authorities in determining whether the exportation for which a license is
desired will be compatible with the public interest. All such applications
should be made on the standard form prescribed by the Federal Reserve
Board.
Each Federal Reserve Bank shall keep a record copy of each application
filed with it under the provisions of this regulation and shall forward the
original application and a duplicate to the Federal Reserve Board at Washington, together with such information or suggestions as it may believe
proper in the circumstances, and shall in addition make a formal recommendation as to whether or not, in its opinion, the exportation should be
permitted.
The Federal Reserve Board, subject to the approval of the Secretary
of the Treasury, is hereby authorized and empowered, upon receipt of such
application and the recommendation of the Federal Reserve Bank, to make
such ruling as it may deem proper in the circumstances; and if, in its opinion the exportation should be permitted.
The Federal Reserve Board, subject to the approval of the Secretary of
the Treasury, is hereby authorized and empowered upon receipt of such
application and the recommendation of the Federal Reserve bank, to make
such ruling as it may deem proper in the circumstances; and if, in its
opinion, the exportation in question be compatible with the public interest,to
permit said exportation to be made; otherwise to refuse it.
No gold or silver coin, or bullion, or currency shall be set aside and earmarked for safe-keeping for any person without the written approval of
the Federal Reserve Board.
LICENSES FROM WAR TRADE BOARD IN TRANSACTIONS
INVOLVING TRADING WITH AN ENEMY OR
ALLY OF ENEMY.
Applications to the Federal Reserve Board for permission to export or
earmark gold or silver coin or bullion or currency shall be accompanied
by a certified copy of a license issued by the War Trade Board, whenever
any such transactions involve or may involve trading directly or indirectly
with an enemy or ally of enemy or with any person acting for, or on behalf
of, or for the benefit of, an enemy or ally of enemy.
APPLICATIONS FOR REGISTRATION CERTIFICATES AND
EXPORT LICENSES, PROVIDED FOR HEREUNDER,
BY PERSONS RESIDING IN ANY DEPENDENCY OF THE UNITED STATES.
Applications to the Federal Reserve Board either for registration certificates or for licenses to export coin, bullion or currency may be made
by persons residing in any dependency of the United States (including the
Philippine Islands, Alaska, Guam, Hawaii, Porto Rico, Virgin Islands,
and Canal Zone) through such agency located in any such dependency as
may be hereafter designated by the Federal Reserve Board, instead of
through a Federal Reserve Bank; but until an agency has been so designated in any such dependency, persons residing therein may make such
applications through any Federal Reserve Bank. The Federal Reserve
Board may from time to time postpone, in respect of any one or more of
such dependencies, the date on and after which persons residing therein
shall be prohibited from engaging in any of the transactions or making any
transfer hereinbefore prohibited without having obtained registration certificates, in case such registration certificates can not be obtained on or
before the date hereinbefore specified.
WOODROW WILSON.
Jan. 26 1918.
[Vol,. 106.
the question of a service charge and other matters of common interest to,
bankers.
G. M. Mosler, Cashier of the Brighton German Bank
of Cincinnati is President of the new association. The
other officers are: Vice-President, E. F. Romer, President
of the Cosmopolitan Bank & Savings Co., Cincinnati;
Secretary J. M. Fisher, Cashier of the Courthouse Savings.
Bank, and Treasurer, R. Ruzicka, Cashier of the Oakley
Bank of Cincinnati. These officers with six others are said
to form the administrative council of the organization.
BILL TO PERMIT BRANCHES OF FEDERAL RESERVE
MEMBERS IN CITIES OF 100,000.
An amendment to the Federal Reserve Act which would
permit any members bank in a city or town of 100,000'
inhabitants and having a capital and surplus of 81,000,000'
or more to establish branches, not exceeding ten in numberin the place in which it is located, was introduced in the
House by Representative Bankhead on Jan. 26. We give
the bill herewith:
H. R. 9283.
In the House of Representatives Jan. 26 1918.
A BILL.
To amend Section 25 of the Act of Dec. 23, 1913, known as the Federal
Reserve Act, as amended by the Act of Sept. 7 1916.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That Section 25 of the Act approved
Dec. 23 1913, known as the Federal Reserve Act, as amended by the Act
of Sept. 7 1916, be amended by adding a subsection (a) to read as follows:
"Sec. 25a. That any member bank located in a city or incorporated town
of more than 100,000 inhabitants and possessing a capital and surplus of
$1,000,000, or more may, under such rules and regulations as the Federal
Board may prescribe, establish branches, not to exceed ten in number,
within the corporate limits of the city or town in which it is located: Provided, That no such branch shall be established in any State in which
neither State banks nor trust companies may lawfully establish branches.
JAMES F. CURTIS BECOMES DEPUTY GOVERNOR OF
THE FEDERAL RESERVE BANK OF NEW YORK.
James F. Curtis, Secretary and Counsel for the Federal
Reserve Bank of New York has been appointed a Deputy
Governor of the bank.
E. P. PASSMORE ELECTED GOVERNOR FEDERAL
RESERVE BANK OF PHILADELPHIA.
E. P. Pa,ssmore, Vice-President of the Franklin National
Bank of Philadelphia, was yesterday elected Governor of
the Philadelphia Federal Reserve Bank to succeed C. J.
PAMPHLET ON HOW TO ORGANIZE WAR SAVINGS Rhoades. Mr. Rhoades resigned, as he announced last
week, to take up Y. M. C. A. work.
SOCIETIES.
A pamphlet on "War Savings Societies, What They are
and How to Organize Them," has come to us from Jerome EFFECT OF DR. GARFIELD'S SHUTDOWN ORDER IN
Thralls, Assistant to President Hinsch, of the American
PHILADELPHIA FEDERAL RESERVE DISTRICT.
Bankers' Association, who is working in co-operation with
Referring to the shutdown of business in the Philadelphia
the National War Savings Committee. The purpose of the Federal Reserve District as a result of Fuel Administrator
War Savings Societies, to quote from the pamphlet, is to Garfield's recent order, the Philadelphia Federal Reserve
awaken a realization among the people of the country "that Bank in its monthly report issued on Feb. 2 says:
in their hands lies the key to the successful prosecution of
The shutting down of industry throughout the district for several days
the war; that they can render the most far-reaching patriotic this month,for the purpose of relieving the freight congestion and expediting
distribution of coal, has disturbed general business, the full effects of •
service through refraining from the purchase of unnecessary the
which have not yet been ascertained. The industrial loss resulting from
articles, confining themselves to the use of such things as are this shutdown, however, is expected to be more than offset by the benefit
necessary for health and efficiency, thus releasing labor and the district will experience through the improvement in the railroad
materials for the support of our armies in the field." The situation.
societies are also designed to obtain for the Government a NEW YORK CITY MAKES CHASE NATIONAL BANK
large amount of money through the sale of Thrift Stamps
A CITY DEPOSITORY.
and War Savings Stamps. Ten or more persons may
Alfred J. Johnson, New York City's new Chamberlain,
organize a War Savings Society. Suggested forms for the
after a consultation with Mayor Hylan and Comptroller
organization of a War Savings Society are contained in the
Craig, on Feb. 1, transferred to the Chase National Bank
pamphlet along with various suggestions relative to their
half of the city's accounts held with the National City Bank,
formation.
which for a great many years has hold the honor of being
the city's principal depository. The amount on deposit in
BANKS IN OHIO VALLEY TO PROMOTE
the National City Bank at the time the transfer was made
GOVERNMENT FINANCING.
A new association, the purpose of which is to look after is said to have been $5,090,000. The deposits fluctuate
the mutual interests of the banks and to plan concerted continually, so that the amount on hand in either bank will
action in matters where they can do effective work such as not be the same day by day.
On Feb. 4 the balance sheet kept by the City Chamberin Government financing campaigns, was formed at a meeting
lain
showed that the city had on deposit in the National City
in Cincinnati on Dec. 6 of representatives from 54 banks in
Hamilton County, Ohio, and Kenton and Campbell Counties, Bank approximately $775,000, while in the Chase National
Kentucky. The organization is styled the Ohio Valley Bank the amount was about $4,500,000. Against this sum,
Bankers Association, and membership is open to every however, there were outstanding warrants amounting to .
national bank, State and trust company in the three counties. $3,900,000. The Chamberlain said that the city would
try to keep its balance in the National City Bank around
The Cincinnati "Enquirer" said:
$1,000,000.
Last year the city's daily balance in the •
The main purposes of organizing are described as securing uniform action
In so far as possible, especially with reference to matters of public interest, National City Bank ran about $5,000,000, while about
to provide the opportunity of meeting one another after business hours and 87,000,000 more was kept distributed in over 100 financial
discussing the various questions all have to contend with, and through an
organization be in a position to render to the Government the most efficient institutions. The banks paid the city 2% interest on daily
assistance possible, the question of re-establishing an examining department, balances.
r-•
FEB. 9 1918.]
THE CHRONICLE
Mr. Johnson said that the Chase National had agreed to
pay an additional 1% interest on certain of the inactive
accounts', aggregating about $500,000. He thought it might
be a good idea to get banks educated up to paying more than
the customary 2%.
When the transfer was made on Feb. 1 the following accounts were taken from the National City Bank and deposited with the Chase National Bank: City treasury,
sinking fund redemption, sinking fund interest, redemption
of bearer bonds, bills and notes, registered interest, unclaimed interest and coupon interest. The accounts left
with the National City Bank were: Sinking fund of the
City of New York, water sinking fund of the City of New
York, sinking fund of the City of Brooklyn, water sinking
fund of the City of Brooklyn, sinking fund of Long Island
City for the redemption of fire bonds, jury fees, witness
fees.
During the long period that the National City Bank has
represented the City of Now York, it is estimated that it
has disbursed for it billions of dollars. The city paid all
its bills through the National City Bank, which at times
has cleared for it as much as $20,000,000 in a single day.
It is also estimated that in the last few years the National
.City Bank has cleared for New York City as high as 25,000
.or 30,000 checks a month, a special force being maintained
to handle the city account.
Concerning the gossip in the Street that the Hylan Administration had taken this action of transferring the city's
accounts from one bank to another because of the Rockefeller interests in the National City Bank, the Chamberlain said:
545
A fine of $2 will be imposed for failure of settling or delivery clerks to
attend punctually with packages and receipt sheets.
Tickets for the amounts delivered to the respective members must be
included in the 10 o'clock clearing of the same day.
You will be duly advised of any changes in the list of exchanging members.
By order,
WALTER E. FREW,
WILLIAM J. GILPIN,
Chairman Clearing House Committee.
Manager.
RESULTS OF EFFORTS TO OVERCOME CONCENTRATION OF DEPOSITS IN MONEY CENTRES.
The efforts to effect a wider distribution of money throughout the banks of the country and thereby overcome concentration in money centres is the subject of a statement
issued by the Comptroller's office on Feb. 6 in which it is
stated that on Dec. 31 1917 100 banks throughout the
country reported resources of $22,663,000 and over, scattered
through 23 States and the District of Columbia. In Aug.
1913, just before the enactment of the Federal Reserve Act,
it is pointed out, only 64 national banks had resources reaching that figure, and they were located in eleven States. The
following is the circular issued in the matter:
The reports to the Comptroller of the Currency for Dec. 31 1917 show
clearly the progress which under the Federal Reserve system is being made
in dispelling the congestion of money, and in distributing more widely the
banking resources of the people.
This is indicated in part, in the returns of the one hundred largest
national banks in the United States, Just compiled.
On Dec. 31 1917 there were 100 national banks throughout the country
whose resources were $22,663,000 and upwards; and they were scattered
through 23 States and the District of Columbia.
At the time of the call of Aug. 9 1913, shortly before the passage of the
Federal Reserve Act, there were only 64 national banks in the United
States whose resources amounted to $22,660,000 or more, and these 64
banks were concentrated in eleven States.
Among the States in which were located the 100 largest banks as shown
by the reports of Dec. 311917, there were seven Southern States, including
a
was
It
simply
it.
matter
in
of
politics
policy.
no
absolutely
There was
Maryland, Virginia, Georgia, Alabama, Louisiana, Texas and Oklahoma.
We decided it was better to have two than only one large depository. Among the Eastern and New England States were Massachusetts, New
The National City Bank had fourteen city accounts and we transferred half York, New Jersey and Pennsylvania; in the Central West were Ohio,
Indiana, Illinois, Minnesota, Wisconsin, Michigan, Missouri and Nebraska;
•of them to the Chase.
and in the Far West, Washington, Oregon, California and Colorado.
In Aug. 1913 the 64 national banks whose resources were $22,660,000
or more, were confined to eleven States, which included in the North and
NEW YORK CLEARING HOUSE—PLAN FOR
East, Massachusetts, New York and Pennsylvania and in the Central
PRELIMINARY CLEARINGS INAUGURATED.
West, Ohio, Illinois, Minnesota, Wisconsin, Michigan and Missouri. In
The plan for preliminary clearing of items on the New the South, the only national bank included in the list of the hundred largest
was one in Maryland, and on the Pacific Coast, the only State containing
York Clearing House, authorized to take place at 9 a. m., banks
of the size indicated was California.
prior to the regular session of the Clearing House at 10 a. m.
'under an amendment to the constitution of the Association
• adopted on Jan. 21, was formally inaugurated on Feb. 5.
On Jan. 30 the Clearing House made public a list of 44 members who had indicated their intention to participate in the
early clearing plan. The newly adopted amendment was
given in these columns Jan. 26. The following is the cir• cular issued by the Association setting out the names of the
institutions which have made known their intention to avail
• of the early clearing arrangements:
•
NEW YORK CLEARING HOUSE.
77-83 Cedar Street.
New York, January 30, 1918.
Dear Sin—Referring to the recent amendment of Section 1, Article X
of the Clearing House constitution, providing for an exchange prior to the
regular clearing at 10 o'clock a. m., we beg to advise you that the initial
exchange will be made on Tuesday morning, February 5, at 9 o'clock
promptly.
The following members, having filed copies of the prescribed agreement,
will participate, and items on such members only should be sent to the
Clearing House:
No. 1 Bank of Now York, N.B.A. No. 78 Germania Dank
80 Lincoln National Bank
2 Bank of the Manhattan Co.
82 Fifth National Bank
4 Mech. & Metals Nat. Bank
83 Bank of the Metropolis
8 National City Bank
5 Seaboard National Bank
12 Chemical National Dank
91 Liberty National Bank
17 Greenwich Bank
92
New York Produce Exchange
National
21 American Exchange
Bank
Bank
96 State Bank
23 National Bank of Commerce
102
Brooklyn
Trust Co.
28 Pacific Bank
103 Bankers Trust Co.
30 Chat. & Phenix Nat. Dank
104 U. S. Mortgage & Trust Co.
33 Hanover National Bank
106 Title Guarantee & Trust Co.
36 Citizens National Bank
107 Guaranty Trust Co.
42 Market & Fulton Nat. Bank
111 Columbia Trust Co.
44 Metropolitan Bank
114 New York Trust Co.
45 Corn Exchange Bank
116 Franklin Trust Co.
54 National Park Bank
116 Lincoln Trust Co.
Second
63
National Bank
117 Metropolitan Trust Co.
65 First National Bank
118 Nassau National Bank
67 Irving National Bank
119 Irving Trust Co.
71 N. Y. County Nat. Bank
120 Federal Reserve Ban
Chase
74
National Bank
(75) Post Office (Asst. Treasurer
77 Gorman Exchange Bank
The procedure at the 9 o'clock exchange will be approximately the same
as at the 10 o'clock clearing:
Members that have filed agreements will each send a settling and a
delivery clerk.
The settling clerks will deposit with the Manager on arrival at the Clearing House tickets showing the amount brought. (This data is desired
for Clearing House records.)
The delivery clerks will deliver the packages of items at the respective
desks in numerical order, taking receipts for the same on a prepared sheet,
as at the 10 o'clock clearing.
As it is not intended to strike a proof, the Manager will dismiss the clerks
as soon as deliveries have been completed.
CAPITAL INCREASES, ETC., OF NATIONAL BANKS
IN JANUARY.
During the month of January 1918 the application for
charters for new national banks made to the Comptroller
of the Currency numbered sixteen, with a capital of $1,340,000, as compared with 40 applications received during the
corresponding period in 1917 with capital of $3,555,000.
The Comptroller also furnishes under date of Feb. 1 the
following information concerning capital increases, liquidations, &c.:
Capital Increases.
In the month of January 1918 22 national banks increased their capital
stock in the sum of $2,595.000, against 24 banks increasing their capital
by $1,875,000 during the same month in 1917.
Capital Reductions.
In the month of January 1918 one national bank reduced its capital in
the sum of $25.000. During the same month last year one bank reduced
its capital $50,000.
Charters Granted.
In the month of January 1918 11 charters were granted, capital $525.000,
as compared with 13 charters granted during the corresponding month in
1917, with capital of $1,005,000.
Liquidations.
Seven national banks went into voluntary liquidation (exclusive of those
consolidating with other national banks) during January 1918, their
aggregate capital being $305,000, as compared with 9such banks liquidating
during the same month in 1917, with an aggregate capital of $625,000.
Charters Refused.
During the month of January 1918 the Comptroller of the Currency
refused one application for charter for new national bank. Previous
year, none.
Receivers.
In January 1918 one national bank with a capital of $50.000 was placed
in charge of a receiver. During the same month last year 2 national banks
were placed in charge of receivers with an aggregate capital of $1,050,000.
BILL AUTHORIZING PRESIDENT TO CO-ORDINATE
AND CONSOLIDATE GOVERN MENT AGENCIES.
A bill giving President Wilson wide powers in the matter of
the co-ordination and consolidation of Government bureaus,
commissions, agencies, &c., was introduced in the Senate
on Feb. 6 by Senator Overman of North Carolina. The
bill emanated from the President himself and was transmitted from the White House to Congress by PostmasterGeneral Burleson. Before Senator Overman consented to
stand sponsor for it, Senator Martin, an Administration
supporter, is said to have declined the request to steer it
546
THE CHRONICLE
through the Senate, his decision on the ground that the bill
gave the President too great powers having been announced
following a conference with Senator Simmons, also an Administration adherent. After the bill was reported to the
Senate it was referred to the Judiciary Committee. The
following is the text of the bill:
A BILL Authorizing the President to Co-Ordinate and Consolidate the Executive Bureaus, Agencies, Offices and Officers, and for Other Purposes
in the Interest of Economy and the More Effective Administration
of the Government:
Section 1. That for the national security and defense, for the successful
prosecution of the war, for the support and maintenance of the army
and navy,and for the better utilization of resources and industries and for the
more effective exercise and more efficient administration by the President
of his powers as Commander-in-Chief of the land and naval forces, the
President is hereby authorized, and empowered to make such redistribution of functions among executive agencies as he may deem necessary,
including any functions, duties and powers hitherto by law conferred
upon any executive department, commission, bureau, agency, office or
officer, in such manner as in his judgment shall seem best fitted to carry
out the purposes of this Act and to this end is authorized to make such
regulations and to issue such orders as he may deem necessary; provided
that this Act shall remain in force during the continuance of the present
war and for one year after the termination of the war by the proclamation
of the treaty of peace or at such earlier time during the said year as the
President may designate; and provided, further, that the termination of
this Act shall not affect any acts done or any right or obligation accruing
or accrued pursuant to this Act, and during the time that this Act is in
force.
Section 2. That in carrying out the purposes of this Act, the President
is authorized in such manner as he may deem most appropriate, to coordinate or consolidate any executive commissions, bureaus, agencies,
offices, or officers, to transfer any duties or powers from one existing department, commission, bureau, agency, office or officer to another, to
transfer the personnel thereof or any part of it, either by detail or assignment, together with the whole or any part of therecords and public property belonging thereto, and to employ by Executive order any additional
agency or agencies and to vest therein the performance of such functions
as he may deem appropriate.
Section 3. That for the purpose of carrying out the provisions of this
Act any moneys heretofore and hereafter appropriated for the use of any
executive department, commission, bureau, agency, office or officer, shall
be available for the purposes for which it was appropriated under the direction of such other agency as may be directed by the President hereunder
to perform and execute said function.
/.21
Section 4. That during the time this Act is in force all restrictions in
any existing law creating any executive department, commission, bureau,
agency, office or officer, or defining the duties thereof shall be deemed to be
suspended to the extent that they may be inconsistent with the exercise
of the authority herein conferred.
[VOL. 106.
The "Times" adds:
The Overman amendment, while defeated in tho Senate, later was altered so as to give the President authority to abolish any bureaus that he
might find to be in conflict. This amendment, which became a part of
the Appropriations bill when it was passed on Jan. 28 1917, read:
"The Bureau of Efficiency shall investigate duplication of service in
the various executive departments and establishments of the Government,
including bureaus and divisions, and make a report to the President thereon; and the President is hereby authorized after such report shall have been
made to him, whenever he finds such duplication to exist, to abolish the
same. Report of the action taken hereunder shall be made to Congress
at its next regular session."
No report ever came to Congress, the President failing to take advantage
of the power the amendment conferred upon him.
HEATLESS MONDAYS CONTINUED.
While the indications at the close of last week were that
the Monday closing order of the Fuel Administration would
be rescinded, the decision was reached on Tuesday of this
week to continue the order in effect next week at least.
The severe .weather conditions have served to cause the
continuance of the heatless Mondays.
As a result of improved weather and traffic conditions
a modification of the order was issued yesterday (Feb. 8)
by the Fuel Administration to the extent of suspending the
heatless Monday order so far as all the States South of Virginia are concerned. It was stated at the same time that
the Administration officials were hopeful that continued
warmer weather and improved railroad traffic would permit the relaxation of the order in all the other States, after
Monday next. The States in which the shut-down order
is removed are North and South Carolina, Tennessee,
Georgia, Florida, Alabama, Mississippi and Louisiana.
The first section of the closing order establishing a preferential list in coal distribution and the section providing a
penalty for non-compliance will continue in force. The
order originally announced applied to all the territory east
of the Mississippi River, including the whole of the States
of Louisiana and Minnesota. Fuel Administrator Garfield
in making official announcement on Wednesday of the
decision not to rescind the Monday closing order at this
One of the criticisms made by members of the Senate time stated that it would remain in effect "until such time
against the bill came from Senator Hitchcock, whose com- as the change in weather and resulting improved transportaments, as printed in the New York "Times," of the 7th tion conditions warrant its suspension. A close watch will
be kept upon conditions and further consideration will be
inst., are reproduced herewith:
It would mean nothing but an abdication by Congress of its law-making given to the subject as soon as there is reasonable assurance
power. It is the most astounding piece of legislation I've ever heard of. of relief." The issuance of this statement followed a conferCongress, if it passed this bill, would have only one thing left for it to do,
ence on that day between Director-General of Railroads Mcand that would be to wait for the Executive to say what money he wanted
and give it to him. It would shut Congress off entirely from its law-making Adoo, Dr. Garfield and various State fuel administrators.
prerogatives. Every legislative function would be handed over to the Dr. Garfield stated that "the next two weeks will mark
the
President.
crucial period of winter. Four or five days of good weather,"
No doubt exists in my mind that thistis a direct outcome of the investigation of the Military Affairs Committee. The Executive evidently has he added, "will make it possible to somewhat clear the
been impressed that something must be done in the way of drastic reorgani- situation because it must be remembered that
many of the
zation, and he has taken this way to bring it about. He evidently expects
that this bill will supersede the War Cabinet and Munitions bills now rivers are flooding their banks. These floods must be taken
into account." Dr. Garfield's statement in part follows:
before Congress.
There isn't a ghost of chance for the measure to pass, not at all. I
doubt if it ever gets out of the Judiciary Committee, but if it does Congress
may be depended upon to kill it.
If this bill were passed the President would have autocratic powers such
as no other man on the face of the earth has to-day. His will would be
absolute. No such power ought to be given any executive. It's too
drastic and entirely contrary to American ideas.
In referring to what Senator Simmons had to say regarding
the bill, the "Times" said:
Senator Simmons felt reluctant about discussing the measure.
"It goes pretty far and requires some study," he commented. He admitted that the bill appeared to give the President unrestricted power to
run the war without regard to any interference by Congress or any other
authority.
Senator Dillingham of Vermont called the bill an "astonishing assumption
of the rights of Congress."
"It's inconceivable that such a measure can be passed by Congress,"
said Senator Dillingham. "It seeks to repeal the laws that Congress has
passed and to give the Executive authority, in effect, to make new ones.
Legislative prerogative would be delegated to the President. Congress
might as well abdicate as to pass it. It would, indeed, be most surprising
if it were passed, and I do not see that it has any chance whatever. The
President has been given about all the power now that Congress has felt
like giving him. I fail to see how he can expect more, unless Congress
felt like abandoning its own functions and turning them over to the Execut ye."
It is also noted in the paper referred to that Senator Overman stated that he had offered an amendment to the Appropriation bill on Jan. 24 1917, which sought to give powers
to the President similar to those embraced in the measure
offered on the 6th inst. That amendment, which was defeated by four votes, read:
The President is hereby authorized, during the vacation of the Congress,
to take action looking to a proper and scientific co-ordination of the work
of the various executive departments of the Government, and he is hereby
empowered to transfer and, if deemed advisable, to consolidate bureaus,
divisions, offices and other Governmental activities in order that duplication of service may be abolished and extravagance and unnecessary expenditures eliminated. A report shall be made to the Congress on the first
day of the next session thereof of any such action taken under the provisions
of this section.
The fuel situation was considered in connection with the existing weather
and transportation conditions, inquiry being directed particularly to the
results of the continuance a the Monday closing order.
Without exception, the Fuel Administrators present bore witness to the
uniform and patriotic observance of the closing order on the part of all
classes of the community.
The effect of the closing order is not easily measured statistically, the
more so because of extraordinary weather conditions, but the State Fuel
Administrators report that substantial savings had been effected. The
most exact estimates were submitted by the Secretary of the National
Committee on Gas and Electric Service. These figures were furnished by
electric light, power, and gas companies of 29 of the largest cities of the
country. The average of the saving during the five days from Jan. 17
to the 22d, inclusive, was 21.2%, while the saving for Monday, Jan. 28,
was 25.5% of the amounts usually consumed.
In response to an inquiry made during the conference, Mr. Garfield is
informed by the Secretary of the National Committee on Gas and Electric
Service, Mr. Elliott, that the public utilities concerned did not consume
on other days appreciable more than the normal amount of coal as a result
of the shutdown.
It is estimated that the public utilities reporting furnish a fair index of
the general saving in the communities involved.
The testimony of the State Fuel Administrators was substantially unanimous that in view of the continued,severity of weather conditions and the
acute shortage of coal, particularly for domestic use, throughout the entire
northeastern section of the country, it would be unsafe as yet to suspend
either the Monday closing order or the embargo.
The 'United States Fuel Administrator, in the light of this tetimony and
of the information submitted to him by the State Fuel Administrators, has
decided to continue the Monday closing order until such time as the change
in weather and resulting improved transportation conditions warrantlits
suspension. A close watch will be kept upon conditions and further consideration will be given to the subject as soon as there is reasonable assurance of relief. So long as present weather conditions continue, however,
the possibility of human suffering is too imminent to permit any relaxation
in the present effort to conserve and increase the existing supply of coal.
It is hoped that with the shutdown on Monday, Feb. 11, and the closing
in many States on the day following, Lincoln's Birthday, it will be possible
thenceforth to rely upon embargoes and the preference in movement, of
food and fuel ordered by the Director-General of Railroads.
The apprehension of widespread financial loss which was creatediby„the
Issuance of the order has been dissipated by the realization that only,a very
small percentage of the industries of the nation were vitally affectedibylits
enforcement.
Akins
FEB. 9 1918.]
THE CHRONICLE
547
In addition to excepting all public utilities and manufacturers having were advertised before Feb. 1; it is also provided that
contracts with the Government from the operation of the order, every during the months of February and March all golf, country,
sub-contractor whose products were being used by Government contractors
clubs must be closed except on Wedneswas exempted also. The proportions of the list of such plants and factories yacht, canoe or hunt
are almost beyond belief, but it requires little knowledge of industrial days and Saturdays. We quote the regulations below: •
conditions to trace the finished commodities of food, clothing, munitions
Ottawa, Feb. 4.—The fuel regulations announced to-night are as follows:
and other supplies essential to the conduct of the war back through the
1. These regulations shall apply to all of that portion of the Dominion
various industries to their original condition as raw materials.
of Canada lying east of and including Fort William, and lying west of
shortage
increasing
the
is
coal
of
shortage
Second only in importance to the
Riviere du Loup in the Province of Quebec.
in labor at the mines, due to the desertion of miners because of their inability
2. These regulations shall not affect railways, public utilities, telephone
to get steady employment in that industry at the present time.
and telegraph plants and premises, domestic consumers, hospitals, churches,
The immediate cause of such desertions is the shortage of cars at the charitable institutions, military and naval barracks or posts, premises and
mines. That cause cannot be removed, according to railroad experts, plants of coal dealers. Consular and other officials of foreign Governuntil the railroad congestion is relieved. The mines of the country have ments, mines and plants directly engaged in the manufaeture of war supfallen millions of tons below their production capacity during the last six plies which may have received special permit from the Fuel Controller.
months, and the greatest percentage of loss has occurred during the last
3. On the following days, namely, Feb. 9, 10 and 111918, no manufacsix weeks. This means that the miners have been in enforced idleness turer or manufacturing plant shall, except to such an extent as is essential
during a season when it was most essential they should be earning wages to prevent injury to property from freezing, burn coal or use power derived
every day.
from coal, for any purposes, with the following exceptions:
(a) Plants which necessarily must be continuously operated seven days
The first announcement stating that the question of susto avoid serious injury to the product in process of manufacture.
pending the Monday closing order was under consideration a week
(b) Plants manufacturing perishable foods or foods necessary for immediwas issued on Feb. 1, the statement coming jointly from ate consumption.
(c) Plants devoted to the printing and publication of daily newspapers.
Dr. Garfield and Director-General McAdoo, and saying:
4. For the period mentioned in paragraph 3, no coal shall be burned
We have had under consideration the question of suspending after Monday next the Monday closing order. We have not reached a final con- (except to such an extent as is essential to prevent injury to property from
for the purpose of supplying heat for:
freezing)
conference
on
another
next,
Tuesday
clusion about it. We shall have
(a) Any business or professional offices, except offices used by the
when the results of the Monday closings and of the railroad embargoes up
to that time can be fully considered, and shall be able to make an announce- Dominion, Provincial, county or municipal Governments, public utilities
ment next week as to whether or not a suspension of the Monday closing companies, physicians and dentists, banks, insurance and other financial
Institutions (except for the purpose of accepting payment for obligations
order may be made.
provided, however, that the exemption of one or more offices in any
On Monday the 4th inst. following a meeting between due);
building shall not exempt other offices in such building.
Dr. Garfield and Fuel Administrators from ten States and
(b) Warehouses, wholesale or retail stores, other than drug stores and
the District of Columbia, an indication that the heatless bona fide news stands, premises where intoxicating liquor is sold or served,
business houses or business buildings whatsoever; provided that for the
Mondays would be continued in force was given in the purposes
of selling food only, stores may maintain necessary heat until
following statement issued by the Fuel Administration:
twelve o'clock noon on the 9th and 11th of February; provided also that
The State Administrators reported that the continued adverse weather wholesale stores and warehouses may remain open solely for receiving
conditions throughout the Eastern part of the country had prevented the freight, but shall only provide such heat as will prevent perishable goods
accumulation of any considerable stocks of coal in the consuming centres. from damage.
Several State Administrators declared that as a result of the continued
5. Nothing in these regulations shall be construed to forbid the heating
interference of the weather with their coal supply, their communities had of restaurants, hotels or other places in which meals are regularly served.
on hand only from one to three days'supply of coal and were almost entirely but in which no intoxicating liquor is sold or served during the days specified.
dependent upon the day by day supply reaching them. The local adminis6. During the months of February and March 1918, no golf, country,
trator for New York City reported that both apartment houses and tene- yacht, canoe or hunt clubs shall remain open, except on Wednesdays and
ment houses in the metropolis were exhausting their supplies and that coal Saturdays. On other days of the week the coal consumption at such
was not available in New York to fill the demand. The New Hampshire clubs shall be restricted to the quantity necessary to prevent damage
Representative, with a three days'supply of coal, made the most favorable through freezing.
report.
7. Theatres, moving picture houses, bowling alleys, billiard rooms.
, The Pennsylvania Administrator reported a one-day supply on hand, private or public dance halls, and all other places of public amusement
and the Delaware and Maryland Administrators said they were dependent shall remain closed on each. and every Monday, beginning on Feb.18 1918
upon day to day shipments. Both the Ohio and Michigan Administrators and extending to Monday, March 25, both days inclusive; provided, howreported a similar condition.
ever, that entertainments or special functions which have been advertised
The State representatives of the Fuel Administration at the conference on or before Feb. 1 1918 to the extent that tickets have been sold or inviwere J. C. Hamlen, Maine; Richard II. Jenkinson, New Jersey; William tations issued, either public or written, or which have been otherwise
Potter, Pennsylvania; Ferdinand A. Meyer, Maryland; George H. Holmes, advertised through printed public notice, may be held as arranged.
Rhode Island; H. J. M.Jones, Vermont; Charles H. Ten Weeges, Delaware;
8. Any person and any member of a firm or partnership and any manager
E. E. Calladay, District of Columbia; Clark Williams, representing Albert or director of any corporation violating any of these regulations shall,on
Reeve
York;
New
Schley,
New
Wiggin,
H.
York; John Tinney, representing summary conviction, be liable to a penalty not exceeding $5,000 and to
Charles M.Floyd, New Hompshire, and William H. Prudden, Michigan.
imprisonment for a term not exceeding six months, or to both fine and
The conclusion to continue the closing order was reached imprisonment.
9. Municipal authorities and officers throughout the portion of Canada
on Tuesday the 5th at a conference between Dr. Garfield affected
by these regulations are requested to co-operate in the enforcement
and Director-General McAdoo, but official announcement of thereof, and report any infractions to the Fuel Controller.
the decision was delayed until after the further configence
on Wednesday. As a result of the continuance of the order
there will be a shut down of business to-day (Saturday)
until Wednesday in many of the States affected by the order,
since Tuesday, Lincoln's Birthday, is a holiday in some of
these. The Board of Education announced on the 7th that
the public schools of the city would be closed from yesterday
(Friday) afternoon until Wednesday morning next, this
action being taken as a conservation measure, because of the
meagre supply of fuel in the schools.
PRESIDENT'S PROCLAMATION REQUIRING LICENSING OF MANUFACTURERS AND
DISTRIBUTERS OF FUEL OIL.
Government control over fuel oil'is made effective in a
proclamation, issued by President Wilson on Feb. 4. The
proclamation calls upon. all persons, firms, corporations,
and associations engaged in the business of both manufacturing and distributing fuel oil (including gas oil) whose
gross sales amount to more than 100,000 barrels a year to
obtain a license by Feb. 11. Authority under the proclamaMAGAZINES NOT AFFECTED BY MONDAY
tion is vested in Mark L. Requa, whose appointment as
head of the Oil Division of the U. S. Fuel Administration,
CLOSING ORDER.
A modification of the fuel conservation order affecting was noted in our issue of Jan. 12. According to a statemagazines and other periodicals was issued by the Fuel ment, issued by the Fuel Administration, "there is at the
present time ample oil available for all possible needs, but
Administration as follows on Feb.1:
A study of the results of closing work on magazines and other periodical there is not sufficient transportation available to carry it
publications on Mondays has convinced the United States Fuel Administra- from the source of production to consumers."
tor that the order of Jan. 17 should be modified in that respect. The
A list of preferential consumers whose demands for oil
complications both in the publishing of magazines and in the handling of
the great volume of mail matter at the post offices were especially potent will be granted priority in the distribution of the supply
arguments in bringing about this decision.
under Government regulation has.been issued. Railroads
and • ships head the list. We give herewith the President's
THREE HEATLESS DAYS IN CANADA CALL FOR proclamation:
By the President of the United States of America:
SHUTTING DOWN OF MANUFACTURING PLANTS.
A PROCLAMATION.
of
the
suspension
operation
of
manufacturing
plants
The
Whereas, Under and by virtue of an Act of Congress. entitled "An Act to
in Canada for three days, namely, Feb. 9, 10 and 11, is provide further for the national security and defense by encouraging the
the supply and controlling the distribution of food
called for in an Order-in-Council passed by the Cabinet on production, conserving
products and fuel," approved by the President on Aug. 10 1917, it is proFeb. 4 upon recommendation of C. A. Magrath, the Domin- vided among other things as follows:
ion Fuel Controller. The Order, issued as a fuel conservaThat, by reason of the existence of a state of war, it is essential to the
national security and defense, for the successful prosecution of the war and
tion measure, follows along the lines of the recent five-day for
the support and maintenance of the Army and Navy, to assure an adequate supply and equitable distribution, and to facilitate the movement of
order in the United States, and grants virtually the same foods,
feeds, fuel, including fuel oil and natural gas, and fertilizer and
exemptions. It does not apply to Western Canada or to fertilizer ingredients, tools, utensils, implements, machinery, and equipment required for the actual production of foods, feeds, and fuel, hereinthe Maritime Provinces. Theatres, moving picture houses, after
in this Act called necessaries; to prevent, locally or generally, scarcity,
monopolization, hoarding, injurious speculation, manipulations, and
bowling alleys, billiard rooms, dance halls and other places private
controls, affecting such supply, distribution, and movement; and
maintain Governmental control of such necessaries during
of public amusement, are required to close every Monday to establish and such
purposes the instrumentalities, means, methodst
the war. For
from Feb. 18 to March 25, except where special functions powers, authorities, duties, obligations and prohibitions hereinafter set
548
THE CHRONICLE
woL. 106.
forth are created, established, conferred, and prescribed. The President
is authorized to make such regulations and to issue such orders as are essential effectively to carry out the provisions of this Act.
we face a possible temporary shortage of sufficient tonnage to care properly
for the requirements of the industry.
Movement of o 1 tank cars has also been greatly interfered with of late
And whereas, It is further provided in said Act as follows:
so that the problem of oil distribution is at the moment not an easy one to
That, from time to time, whenever the President shall find it essential solve. It is, of course, obvious that in the event of insufficient transporto license the importation, manufacture, storage, mining, or distribution tation facilities it is highly desirable that the vital industries connected with
of any necessaries, in order to carry into effect any of the purposes of this the national welfare shall receive first consideration. Our railways must
Act, and shall publicly so announce, no person shall, after a date fixed
in the announcement, engage in or carry on any such business, specified be supplied with oil, not only for the operation of the locomotives using
in the announcement, of importation, manufacture, storage, mining, or fuel oil, but for plants dependent on fuel oil, building locomotives and
distribution of any necessaries, as set forth in such announcement, unless cars. Army and Navy requirements must also be cared for, as well as
he shall secure and hold a license issued pursuant to this section. The public utilities and domestic consumers.
President is authorized to issue such licenses and to prescribe regulations
When there is sufficient oil for all this priority list of course will not be
for the issuance of licenses and requirements for system of accounts and
auditing of accounts to be kept by licensees, submission of reports by them, operative. If, however, there is a shortage, the priority immediately
with or without oath or affirmation, and the entry and inspection by begins to operate as to Class 12, and in rotation each class of less number
the President's duly authorized agents of the places of business of licensees. will be affected; and the priority will continue to operate so long as the
And, whereas, It is not possible to move promptly our abundant supplies shortage exists.
of fuel oil by reason of the traffic congestion on our railways and the transThere is at the present time ample oil available for all possible needs, but
fer to transatlantic service of a large number of tank steamers ordinarily there is not sufficient transportation available to carry it from the source of
engaged in coastwise trade, and it therefore seems desirable that a plan production to consumer.
of control be made effective in case the distributing companies are unable
to transport as required fuel oil to all consumers now being served.
FUEL OIL EXEMPT FROM CURTAILING USE OF COAL.
And, whereas, It is essential in order to carry into effect the provisions
of the said Act, that the powers conferred upon the President by said Act
The United States Fuel Administrator has issued the
be at this time exercised, to the extent hereinafter set forth.
following regulation defining fuel for the purpose of interpretNow, therefore, I, Woodrow Wilson, President of the United States of
America, by virtue of the powers conferred upon me by said Act of Con- ing the regulation of the United States Fuel Administration
gress, hereby find and determine, and by this proclamation do announce, of Jan. 17, making provision for a more adquate supply
that it is essential, in order to carry into effect the purposes of said Act to of fuel for railroads, domestic consumers, public utilities,
license the importation, manufacture, storage, and distribution of fuel oil
and other uses necessary to national security:
to the extent hereinafter specified.
All persons, firms, corporations, and associations engaged in the busines
It appearing to the United States Fuel Administrator that in view of the
of both manufacturing and distributing fuel oil (including gas oil) whose finding and determination by the President of the United States that it is
gross sales offuel oil (including gas oil) amount to more than 100,000 barrels essential to license the importation, manufacture, storage, and distribuper annum are hereby required to secure, on or before Feb. 11 1918, a li- tion of fuel oil, and of the President's announcement to that effect, the
cense, which license will be issued under such rules and regulations govern- prohibition against the use of fuel set forth in the order of Jan. 17 1918.
ing the conduct of the business as may be prescribed. Application for li- entitled "Regulation making provision for a more adequate supply of fuel
cense must be made to the United States Fuel Administration, Washing- for railroads, domestic consumers, public utilities, and other uses necessary
ton, D. C., License Division.
to national security," should not apply to fuel oil (including gas oil), in
Any person, firm, corporation, or association, other than those herein- any of its various forms.
before excepted, who shall engage in or carry on any business hereinbefore
The United States Fuel Administrator hereby orders and directs that,
specified on and after Feb. 11 1918, without first securing such license until further or other order of the said United States Fuel Administrator,
will be liable to the penalty prescribed by said Act of Congress.
the said regulation of Jan. 17, restricting the burning of fuel or the use of
In witness whereof, I have hereunto set my hand and caused the seal power derived from fuel, shall in no way, manner, or form apply to petroof the United States to be affixed.
leum or its products on or after the effective date hereof.
Done in the District of Columbia this 31st day of January, in the year
Effective Feb. 11, 1918.
H. A. GARFIELD,
.of our Lord one thousand nine hundred and eighteen, and of the Indepenforty-second.
dence of the United States of America the one hundred and
United States Fuel Administrator.
WOODROW WILSON.
Washington, D. C., Jan. 31 1918.
By the President:
ROBERT LANSING,
SERIOUS LOSS OF COAL OUTPUT IN JANUARY.
Secretary of State.
The following rules governing oil licensees were,issued by
According to the National Coal Association, the output of
U. S. Fuel Administrator Garfield:
coal during January was cut to the extent of 16,000,000 tons
Rules and regulations governing licensees engaged in the business of dis- by car shortage, accentuated by severe weather conditions.
tributing fuel oil promulgated by the President under the power conferred
The following is the statement issued by the National Coal
on him by the Act of Congress, approved Aug. 10 1917, entitled "An Act to
Provide Further For National Security and Defense by Encouraging the Association under date of Jan. 31:
Car shortage and congestion caused primarily and aggravated by extremely severe weather conditions during virtually the entire month of
January, curtailed the production of bituminous coal throughout the country to an extent unequaled in many years.
A conservative estimate of the lost production due to these causes, based
upon returns to the Government and reports to the National Coal Association from many producing districts, places the lost production for the
month at not less than 16,000,000 tons.
Weather conditions generally became increasingly severe during the
month. This was reflected in progressively higher figures week by week
covering lost coal production. Thus for the week ended Jan. 5 coal production lost because of car shortage, accentuated by severe weather, totaled
2,350,000 tons; the week of Jan. 12 showed a loss due to these causes of
3,875,000 tons. These returns were made to the United States Geological
Survey and are official.
Estimates for the remainder of the month, based upon returns made to
the National Coal Association, place the loss in production during the week
ended Jan. 19 at 4,000,000 tons; during the week ended Jan. 26 at 4,250,000
tons, and for the four days of Jan. 28 to 31, inclusive, at 2,500,000 tons.
Reports to the National Coal Association from producing districts, selected at random, during the last half of the month, show the extent to
which production has thus been curtailed.
On Jan. 19 8,100 men were idle, and the lost production was more than
50,000 tons in the Kanawha fields of West Virginia alone; in eastern Ohio
production was 41,950 tons for that day, and in Saline County, Ill.
The classes referred to and the order of their preference the losttons.
17,500
are as follows:
On Jan. 21 operators in the Fairmont-Clarksburg field of West Vir1. Railroads and bunker fuel.
ginia lost 13,830 tons; in the southern Indiana fields, 24,400 tons; in the
2. Export deliveries or shipments for the United States Army or Navy.
southern Illinois field, 19,610 tons.
3. Export shipments for the navies and other war purposes of the Allies.
On Jan. 22 in the Pittsburgh section the lost production on account of
4. Hospitals where oil is now being used as fuel .
shortage was 39,700 tons; in the Guyan Valley field of West Virginia, 42,350
5. Public utilities and domestic consumers now using fuel oil (including tons; in the eastern Ohio field, 38,000 tons; in the Fairmont-Clarksburg
gas oil).
field. 33.750 tons.
6. Shipyards engaged in Government work.
On Jan. 29 Fairmont-Clarksburg operators lost 43,300 tons; southern
7. Navy yards.
Indiana operators lost 17,300 tons; Guyan Valley (West Virginia) oper8. Arsenals.
ators lost 27,000 tons.
9. Plants engaged in manufacture, production, and storage of food
On Jan. 29 Fairmont-Clarksburg operators lost 31.600 tons; Somerset
products.
County, Pa., operators lost 16,000 tons; central Illinois operators lost
10. Army and Navy cantonments where oil is now used as fuel.
6,000 tons; southern Illinois operators lost 13,000 tons.
11. Industrial consumers engaged in the manufacture of munitions and
This message was received on Jan. 29 from tho Guyan Valley Operators'
other articles under Government orders.
Association: "High water caused serious damage, especially in coal fields
12. All other classes.
of Guyan Valley, New River and Kanawha. Will not be able to run for
H. A. GARFIELD,
several days."
United States Fuel Administrator.
This means that virtually all the mines in these three important producApproved.
ing fields are closed down. A telegram received to-day from operators at
WOODROW WILSON.
Charleston, W. Va., says: "On account of interrupted railroad and power
Washington, D. C., Jan. 311918.
service, caused by high water, normal working conditions are not likely to
In explanation of the President's proclamation providing be resotred before the first of next week at mines producing large majorof tonnage in the Kanawha district."
for Government control of fuel oil distribution, the Fuel ityAt
many mines throughout the country cars loaded with coal have not
Administration issued the following statement:
been moved for ten days to two weeks, and tons of thousands of miners
The Presidential proclamation puts certain oil distributors under licenses have been idle every day. More than 5,900 coal miners wore idle yesterfor the purpose of exercising a definite control in view of the fact that trans- day in the Fairmont-Clarksburg district of West Virginia. alone.
This serious condition emphasizes tho need of the embargoes already laid
portation facilities are becoming inadequate to supply promptly and satisfactorily all consumers now having contracts for fuel oil. The oil supply by the railroads to insure better movement of fuel and food, and, unless
is abundant, but the Army, the Navy and the Shipping Board have found conditions improve, it may be necessary to have an extension of these emneed for so many tank ships ordinarily employed in coastwise service that bargoes.
Production, Conserving the Supply, and Controlling the Distribution of
Food Products and Fuel."
These rules and regulations are promulgated by the President for the
purpose of assuring an adequate supply and equitable distribution of fuel
oil, for purposes vitally essential to the national security and defense, and
to the successful prosecution of the war.
The shortage in the amount of fuel oil which can be delivered, because of
transportation conditions, is such that it is clearly a wasteful and unreasonable practice to deliver such fuel oil for uses which are not intimately
and directly connected with the prosecution of the war.
Rule 1. The licensee engaged in the distribution of fuel oil, in that part of
the United States east of the Rocky Mountains, shall not, without the consent of the United States Fuel Administrator, make any deliveries of fuel
oil to any customer of any one of the classes mentioned below, until he
shall have delivered to customers of every class designated by a lower number, with whom he may have a contract, all fuel oil for which deliveries
shall be then due upon such contract. Differentials as between members
of the same class may be made only with the consent and under the direction of the United States Fuel Administrator.
This rule shall apply to all deliveries, regardless 'of the dates of the contracts therefor and whether heretofore or hereafter made.
Provided, that this rule shall not prevent the delivery of fuel oil by any
licensee to any jobber or distributer if it is to be used for a purpose for
which the licensee could deliver such oil direct.
ilartaifigt4
FEB. 9 1918.1
THE CHRONICLE
PROCLAMATION REQUIRING LICENSING OF ALL
BAKERS AND GREEN COFFEE IMPORTERS AND
DISTRIBUTERS.
As indicated in these columns last week, page 444, a
proclamation requiring the licensing by Feb. 4 of all persons,
firms, corporations and associations whomanufacture for
sale bread in any form, cake, crackers, biscuits, pastry or
other bakery products, excepting those already licensed
and those whose consumption of flour and meal is less than
three barrels a month, was issued by President Wilson last
week. Hotels, restaurants, public eating places and clubs
which serve bread or bakery products of their own baking
are included in the order, which also called upon all persons,
firms, corporations and associations engaged in the business
of importing or distributing green coffee to procure licenses
by Feb. 4. The previous regulations bearing on the licensing
of bakers applied to those using not less than ten barrels of
flour a month. We give herewith the President's proclamation under which the limit is placed at three barrels a month
and which affects importers and distributers of green coffee:
549
price without regard to market or replacement value at the
time of such sale. Resales of green coffee within the same
trade are forbidden, according to the Food Administration's
announcement which we print in full herewith:
All importers and distributers of green coffee are required to procure a
license on or before Feb. 4 1918, according to the President's proclamation of Jan. 30. The United States Food Administration requested this
action, which power is granted the President under the Food Control Act,
owing to the largo increase of outside speculation in green coffee futures
which has occurred the past few weeks. Roasted coffee is regarded as
perishable, and for that reason dealings in futures are in green coffee.
By this proclamation importers and distributers of green coffee come
under the license regulations and are required to sell such goods at not more
than a reasonable advance over the actual purchase price of the particular
goods sold, without regard to market or replacement value at the time of
such sale.
The Food Administration forbids resales of green coffee within the same
trade. The licensee, in selling food commodities, is required to keep such
commodities moving to the consumer in as direct a line as practicable and
without unreasonable delay. Resales within the same trade without resonable justification, especially if tending to resale in a higher market price
to the retailer or consumer, will be dealt with as an unfair practice. License
will be revoked if dealers violate this rule.
Importers and distributers of green coffee who fail to obtain licenses may
be punished by a fine not to exceed $5,000. by imprisonment for not more
than two years, or by both fine and imprisonment. Applications for
license should be sent to the United States Food Administration, License
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA. Division, Washington, D. C.
A PROCLAMATION.
The trade is notified through the press of this action, as it will take several
Whereas, Under and by virtue of an Act of Congress, entitled "An Act days to send copies of the proclamation and the regulations to each importer
to provide further for the national security and defense by encouraging and distributer.
the production, conserving the supply, and controlling the distribution of
food products and fuel," approved by the President on Aug. 10 1917, it is FOOD ADMINISTRATION'S ANNOUNCEMENT REprovided among other things as follows:
GARDING BAKING RULES UNDER NEW LICENSE
That by reason of the existence of a state of war, It is essential to the
national security and defense, for the successful prosecution of the war, and
REGULATIONS.
for the support and maintenance of the Army and Navy, to assure an adeAlong with the issuance of President Wilson's proclamation
quate supply and equitable distribution, and to facilitate the movement
of foods, feed, fuel (Including fuel oil and natural gas), and fertilizer and
fertilizer ingredients, tools, utensils, Implements, machinery, and equip- extending the license requirements of bakers to those whose
ment required for the actual production of foods, feeds, and fuel, hereafter consumption of flour and meal amounts to at least three
in this Act called necessaries; to prevent, locally or generally, scarcity,
monopolization, hoarding, injurious speculation, manipulations, and barrels a month, the U. S. Food Administration made public
private controls, affecting such supply, distribution, and movement;
and to establish and maintain Governmental control of such necessaries a statement relative to the regulations which will apply
during the war. For such purposes the instrumentalities, means, methods, under
the new order. These regulations limit the amount
powers, authorities, duties, obligations, and prohibitions hereinafter set
forth are created, established, conferred, and prescribed. The Presi- of flour bakers may purchase, make changes in the quantity
authorized
to make such regulations and to issue such orders as
dent is
are essential effectively to carry out the provisions of this Act.
of ingredients other than flour used in bread manufacture,
And, whereas, It is further provided in said Act as follows:
That, from time to time, whenever the President shall find it essential
to license the importation, manufacture, storage, mining, or distribution
of any necessaries, in order to carry into effect any of the purposes of
this Act, and shall publicly so announce, no person shall, after a date fixed in
the announcement engage in or carry on any such business specified in the
announcement of importation, manufacture, storage, mining, or distribution of any necessaries as set forth in such announcement, unless he shall
secure and hold a license issued pursuant to this section. The President
is authorized to issue such licenses and to prescribe regulations for the issuance of licenses and requirements for systems of accounts and auditing of
accounts to be kept by licensees, submission of reports by them, with or
without oath or affirmation, and the entry and inspection by the President's duly authorized agents of the places of business of licensees.
And, whereas, it is essential, in order to carry into effect the provisions
of the said Act, that the powers conferred upon the President by said Act
be at this time exercised, to the extent hereinafter set forth.
Now, therefore, I. Woodrow Wilson, President of the United States of
America, by virtue of the powers conferred upon me by said Act of Congress, hereby find and determine and by this proclamation do announce
that it is essential, in order to carry into effect the purpose of said Act, to
license the importation, manufacture, and distribution of necessaries, to
the extent hereinafter specified.
All persons, firms, corporations, and associations, who manufacture for
sale bread in any form, cake, crackers, biscuits, pastry, •or other bakery
products (excepting, however, those already licensed and those whose
consumption of any flour and meal in the manufacture of such products is,
in the aggregate, loss than three barrels a month), aro hereby required to
procure a license on or before Feb. 4 1918. This includes hotels, restaurants, other public eating places, and clubs, which serve bread or other
bakery products of their own baking.
All persons, firms, corporations, and associations engaged in the business of importing or distributing green coffee are hereby required to procure a license on or before Feb. 4 1918.
Application for license must be made to the United States Food Administration, Washington, D. C., license division, on forms prepared by it
for that purpose, which may be obtained on request.
Any person, firm, corporation, or association, other than those hereinbefore excepted, who shall engage in or carry on any business hereinbefore
specified after Feb. 4 1918, without first procuring such license, will be
liable to the penalty prescribed by said Act of Congress.
In witness whereof I have hereunto sot my hand and caused the seal of
the United States to be affixed.
Done in the District of Columbia, this 30th day of January, lot he year
of our Lord one thousand nine hundred and eighteen and of the Independence of the United States of America the one hundred and forty-second.
WOODROW WILSON.
By the President:
ROBERT LANSING,
Secretary of State.
LICENSING OF GREEN COFFEE IMPORTERS AND DISTRIBUTERS DESIGNED TO PREVENT OUTSIDE
• SPECULATION.
With regard to President Wilson's proclamation of Jan.
30 requiring importers and distributers of coffee to procure
a license by Feb. 4 (published in another item in to-day's
issue of our paper) the United States Food Administrator
has issued a statement in which it indicates that the action is
aimed to stop outside speculation in green coffee futures.
The Food Administration states that importers and distributers of green coffee are required to sell such goods at not
more than a reasonable advance over the actual purchase
and prescribe other changes in bakers' practices. Bakers
of bread and rolls are limited in their wheat flour purchases
to 80% of their requirements from Feb. 1 to July 31, and
bakers of other products, including crackers, biscuits, cookies
cakes, pies, fried cakes, pastry and sweet yeast doughs, to
70% for the same period. Beginning Feb 3 bakers of breads
and rolls must use at least5% of wheat flour substitutes and
the amount must be increased until they are using 20% by
Feb. 24. More sugar may be used by bakers, but as the
necessity for sugar conservation still exists, the Food Administration express the hope that they will find it unnecessary to increase their consumption of cane and beet
sugar. Milk may be used in any form or in any quantity
provided the bread containing milk is sold at the same price
as that in which no milk is used. Such bread shall not be
advertised or sold as milk bread. Bakers of bread and rolls
are permitted to apply the name "Victory Bread" to their
product when it contains a 20% substitution for wheat flour,
and bakers of other products may use the name when onethird of their content consists of wheat flour substitutes.
The most important features of the now rules which became effective Feb. 1 and supersede all previous regulations,
are summarized by the Food Administration as follows:
All bakers who have not heretofore secured licenses, and who use three
barrels or more of flour and meals per month, are required to secure licenses
before Feb. 4. These licenses may be had by applying to the U. S. Food
Administration, License Division, Washington, D. C.
From Feb. 1 to July 31, bakers of crackers, biscuits (cookies), cakes, pies,
fried cakes, pastry, and sweet yeast dough goods are limited in their use
of wheat flour to 70% of the amount they used in the corresponding period
of 1917. They, however, need not reduce their output correspondingly,
as it will be found possible by most bakers to use wheat flour substitutes
in a large number of these products.
Bakers of bread and rolls are limited in their wheat-flour purchases to
80% of their total flour requirements. Beginning Feb. 3, bakers must use
at least 5% of wheat-flour substitutes in all the bread and rolls baked by
them, and this amount must be increased as rapidly as possible until by
Feb. 24 they are using at least 20% of these substitutes in all their output.
The list of substitutes has been made as wide as possible. It includes
bran, shorts and middlings, corn flour, corn-meal, edible cornstarch,
hominy, corn grits, barley flour, rolled oats, outmeal, rice, rice flour, buckwheat flour, potato flour, sweet potato flour, milo flours, and similar flours
and meals, bean meal, peanut meal,casava,taro and banana flours,and other
products of a similar nature. Bread.made of Graham flour or so-called
whole-wheat flour complies with the wheat substitute rule on account of
the high percentage of wheat grains utilized in milling. Potatoes may be
used as a wheat flour substitute, but 4 pounds of potatoes must be used
where 1 pound of other substitutes would be required, since three-quarters
of the potato is water.
It is expected that bakers will use substitutes locally produ C((-wherever
possible in order to secure them at the lowest price and with least transportation. If bakers find it impossible to secure the allowed substitutes
through their ordinary trade channels they should take the matter up with
the Federal Food Administrators for their respective States, who will,
through the various departments of the Food Administration at Washington, aid them in securing these substitutes.
Bakers are authorized to apply the name of Victory Bread to all bread
baked by them which contains 20% or more of wheat flour substitutes.
550
THE CHRONICLE
and this bread will become the universal and the standard bread of the
country. Every baker should make it his patriotic duty to exert his skill
to the utmost in producing Victory Bread and he will find ready response
to his efforts on the part of consumers.
The name Victory may also be given by bakers to sweet yeast dough
goods, crackers, biscuits, cakes, pies, fried cakes, and pastry, provided onethird of their flour or meal content consists of wheat-flour substitutes.
Bakers are forbidden to use the name Victory in advertising or selling any
of their products unless they contain at least the required percentages
of substitues.
Victory bread may be sold for consumption on the two wheatless days
the President has proclaimed, but bakers will find it to their advantage to
develop special breads containing more than 20% of wheat-flour substitutes
for sale at such time, the Food Administrator believes.
Other bakery products such as sweet yeast dough goods,crackers, pies,
cakes, pastry, and fried cakes which bear the name Victory or contain more
than one-third of wheat-flour substitutes may also be sold for consumption
on wheatless days in public eating places. Skillful bakers are now making
these products successfully with only enough wheat flour to serve as a
binder.
MODIFICATION OF FOOD ADMINISTRATION'S ORDER
CALLING FOR SALE OF WHEAT FLOUR WITH
EQUAL WEIGHT OF OTHER CEREALS.
Under the food regulations issued on Jan. 26 by U.S. Food
Administrator Hoover, retailers were permitted to sell wheat
flour only with an equal weight of other cereals—corn meal,
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. On Feb. 1 a modification of this requirement was announced, the Federal Food Board having
decided to delay the enforcement of this requirement until
March 1; in the meantime, from Feb. 1 to Feb. 14, wholesalers are called upon to sell retailers not less than three
pounds of cereal with seven pounds of wheat flour, the
retailers selling one pound of cereal with three pounds of
wheat flour; from Feb. 15 to Feb. 28 the ratio, so far as the
sale by wholesalers to retailers is concerned, is four pounds
of cereals to six pounds of wheat flour, and in the case of
retailers to consumers two pounds of cereals to three pounds
of wheat flour. The shortage of substitutes, it is said,
served to bring about the modification, announcement of
which was made as follows:
•• From Feb. 1 to Feb. 14, inclusive, wholesale dealers shall sell to rteail
dealers not less than three pounds of cereal with seven pounds of wheat
flour. Retail dealers for the same period shall sell to the consumer not less
than one pound of cereal with three pounds of wheat flour.
From Feb. 15 to Feb. 28, inclusive, wholesale dealers shall sell to retail
dealers not less than four pounds of cereal with six pounds of wheat flour.
Retail dealers for the same period shall sell to the consumer not less than
two pounds of cereal with three pounds of wheat flour.
During February retail dealers shall not sell wheat flour to individual
consumers residing in towns or cities in quantities in excess of one-eighth
barrel of wheat flour, or to individual consumers in rural or farm communities in quantities in excess of one-fourth barrel.
From and including March 1 the full regulations of the United States
Food Administration requiring that an equal quantity of cereal be sold with
wheat flour by wholesale dealers to retail dealers, and by retail dealers to
consumers, will apply.
The cereal substitutes for the purpose of this rule include hominy, corn
grits, corn meal, corn flour, edible corn starch, barley flour, rolled oats.
oatmeal, rice, rice flour, buckwheat flour, potato flour, sweet potato flour
soya bean flour and feterita flour and meals.
WARNING BY FOOD ADMINISTRATION AGAINST
RAISING OF PRICE OF WHEAT
FLOUR SUBSTITUTES.
A warning that unwarranted increases in the price of
wheat flour substitutes will not be permitted was issued by
the U. S. Food Administration on Feb. 1. The Board's
announcement followed the receipt of complaints that
dealers in the substitutes were taking advantage of the new
wheat conservation program to raise prices. In his warning
Mr. Hoover states that the selling of food commodiies by
licensed food dealers at more than a reasonable profit will
result in the revoking of their licenses, while similar action
by unlicensed retailers will cause their food supplies to be
cut off. Food Administrator Hoover's announcement said:
Mills of the country are prepared to meet the greater demand by housewives and bakers for other cereals during the next few months. Lack of
transportation Is the only factor that will stand in the way of proper distribution throughout the country.
At least one of the substitutes is produced in quantity in almost every
part of the country. If any shortages occur they will be local and not
due so much to lack of supplies as difficulty in transporting them. The
supply of substitutes is ample to meet our needs, and it is confidently
expected that with the freer movement of grains to the mills and of the
finished product to the consumer, lower prices than those now prevailing
will result.
The normal tendency of local scarcities would be to advance prices out
of line with cost of production and distribution. Under the Food Control
Act this will not happen. All licensees dealing in food commodities who
do not give their customers the benefit of fair and moderate prices, selling
at no more than a reasonable profit above cost, will have their licenses
revoked. Unlicensed food retailers who sell at more than a reasonable
profit will have their supplies cut off through the notification of all licensees
by the Food Administration forbidding them to receive orders for food
from such retailers.
[VOL. 106.
U. S. FOOD ADMINISTRATION APPOINTS COMMISSION TO INVESTIGATE COST
OF PRODUCING SUGAR BEETS.
The United States Food Administration has appointed
P. F. Cogswell, of El Monte; Judge Merle J. Rogers, of
Ventura; and John Perry, of Stockton, Cal., as a Commission to determine the cost of producing sugar beets in California and a fair profit thereon. The Commission will be
organized at once by Ralph Merritt, Federal Food Administrator of California, who early in the season suggested
that the cost of beet production be determined in this manner. According to the "Official Bulletin" of Jan. 31 the
Commission will be authorized to hold public hearings, take
the testimony of the producers who may voluntarily appear
before it, and the testimony of producers who may be called
by the Commission, after which it will make a finding, based
on the testimony. The power of the Commission, it is
said, does not extend to the fixing of a price which shall be
paid to the producers by the refiners. It is limited to the
determination of the cost of beet production and a fair
profit thereon. The Food Administration is vitally interested in the production of the maximum quantity of sugar
beets in California. There has been an active discussion
regarding the cost of producing sugar beets there. The
Commission is appointed by the Food Administration at
the suggestion of Mr. Merritt, and at the request of the
sugar-beet producers to determine these facts.
SPECULATION IN GREEN COFFEE PROHIBITED BY
FOOD ADMINISTRATION.
A ruling which serves to prohibit speculation in green
coffee on the New York Coffee and Sugar Exchange was
issued by the U. S. Food Administration on Feb. 6. This
prohibition is effected by forbidding dealing in green coffee
on the Exchange at a price above 8M cents a pound for type
No. 7 on the spot months. The Food Administration's
action followed a conference of members of the New York
Coffee and Sugar Exchange with the Food Administration
in Washington in which the Exchange members volunteered
to take the necessary steps to eliminate speculation in
coffee.
The Exchange was represented at the conference by
George W. Lawrence, President; S. H. Dodd, Vice-President; W. A. Jamison, Henry Schaefer, William Bayne,
Leopold S. Bache, W. L. Johnson and R. W. Weir. The
ruling, which was mutually agreed on, is as follows:
All purchases and sales of green coffee on the Now York Coffee and
Sugar Exchange, Inc., for delivery during the current month at prices exceeding 8%c. (eight and one-half cents) per pound for type No. 7, New
York Coffee and Sugar Exchange standard, with the customary allowances for other grades, as provided by the rules of the said Exchange, are
hereby prohibited, and all purchases and sales of green coffee, for delivery
in months other than the current month, at prices which exceed the price
aforesaid by more than $.0015 per pound for each and every succeeding
month up to and including the month specified for delivery, are hereby
prohibited. The said prices shall be subject to modification, from time to
time, by the United States Food Administration.
,Effective Feb. 6 1918.
It is pointed out that while the order does not prohibit
business below the prices mentioned, it was considered that
the restriction would practically eliminate speculation.
The order resulted on the 6th in much confusion and uncertainty among traders. Prices being below the maximum
figure fixed, the market opened at an advance of from four
to eleven points, but soon weakened under the heavy liquidation of the late months.
A special ruling was issued by the Food Administrator
also prohibiting dealers in green coffee bean from having
on hand or under control in this country supplies more than
necessary for the reasonable requirements for ninety days.
The stocks the dealers may have on hand are in addition,
however, to those which may be en route from or which
they may have under contract in foreign countries.
Dealers will be restricted to profits no greater than those
normally made in pre-war times and from taking on speculative profits of any nature.
It is further provided that green coffee dealers must keep
the commodity moving in as direct a line as practicable and
without reasonable delay and that resales within the same
trade without reasonable justification, particularly if tending to result in a higher market price to the retailer or consumer, shall be regarded as unfair practices. President
Lawrence is quoted as follows in the "Journal of Commerce" of the 7th inst. relative to new ruling:
The intent of the order is to check undue speculation and at the same
time to provide the trade with the necessary hedging opportunity in the
market.
FEB. 9 1918
THE CHRONICLE
551
may consist of butter and margarine. The weekly allowance for each guest is: Meat, 30 ounces; bread, 4
pounds; flour, 14 ounces; sugar for cooking, 2 ounces; butter
or fats, 89( ounces. In weighing, 23' ounces of poultry or
game are reckoned the same as one ounce of meat;four ounces
of bread are reckoned as three ounces of flour. It is stated
BREAD RATION IN FRANCE.
that public eating places, which do not serve meals exceedA bread ration in France of 300 grammes (slightly less ing 14 pence in price, exclusive of beverages, are exempted
than 11 ounces) per day per person was approved by the from observing meatless tlays.
Chamber of Deputies on Jan. 29 by a vote of 385 to 92,
after an interpellation by the Socialists, who held that the
A London dispatch of Feb. 5 stated that Lord Rhondda
quantity is insufficient for a laborer. The Associated
that day met more than 100 members of the House
on
Press, in reporting this, states that Victor Borst, Minister
of Commons in the committee room of the House and gave
of Provisions, explained that the present bread cards were
confidential information on the food situation and the
provisional and that through the efforts of the Agricultural
existing
stocks in the country and discussed with them
Commissioners the grain production would be increased.
the question of extending compulsory rationing to the
whole country. The proceedings were private, but by an
SUPPLY OF BARLEY FOR GERMAN BREWERIES official report, stated as having been issued, Lord Rhondda
is said to have expressed the view that the food situation
STOPPED.
would be in its most difficult stage during the coming two
Announcement that the supply of barley for German
months, and asked the members to give him all possible
breweries would be stopped, thus bringing the whole brewing
help.
standstill,
was
a
Germany
to
contained in the
industry in
"Allgemeine Zeitung fur Brauerein" ("General Gazette for FARMERS'
NON-PARTISAN LEAGUE TO ELIMINATE
Breweries"). According to a Zurich dispatch of Jan. 30
MIDDLEMAN.
adds:
the dispatch
A Farmers' Nonpartisan League in the State of New York
Not oven beer for the army will be produced, the periodical declares.
The measure is said by the publication to be duo to the exceedingly bad similar to the League in North Dakota was organized
at
harvest of oats, necessitating the use of barley for fodder for the army's
conferences in Cooper Union and the Hotel McAlpin, this
horses.
city, on Nov. 26. The conferences were attended by farmers
and representatives of farmers' associations from many
• CEREALS THAT MAY BE USED IN MAKING
parts of the State, and were presided over by Chairman John
"VICTORY BREAD."
Mitchell of the State Food Commission. A temporary comIn answer to inquiries received by the Federal Food mittee of five grange representatives and five labor men was
Administration with regard to the new "Victory Bread," it appointed to call a State convention and
establish a permais announced that any baker will be permitted to use the nent organization for the benefit of both farmers and ultiname and to advertise his product as "Victory Bread," mate consumers, and with the view to eliminating the middleprovided it contains no more than 80% wheat flour. No men. A.C.Townley,President of the Farmers'Nonpartisan
stipulation is made as to what shall be the exact ingredients League of North Dakota, and Congressman John
Baer, the
included in the other 20% so long as they are selected from representative of the League in Congress, addressed the
extensive list of other cereals recommended by the gathering at both meetings. The conference voted
1 the
to ask
Food Administration, which includes corn flour, corn meal, the New York Grange, the Dairymen's League,the New York
barley flour, oat meal, rolled oats, rye flour, rice and rice State Fruit Growers' Association, the New York
State
flour, potato flour, and other similar flours and meals. The Vegetable Association, the State Agricultural Association
"Official Bulletin" of Jan. 30 from which the above is taken and the State Agricultural Society each to elect one delegate
also says:
to represent the farmers on the joint committee. A resoluUntil March 3 rye flour may be used in making victory bread. After tion also was passed to have labor represented by one delethat date it will be placed upon the same basis as wheat, because rye flour gate chosen by
the New York City office of the American
Is now being shipped to the Allies.
Bread made of graham flour or wholewheat flour may be called victory Federation of Labor, two delegates by the State branch of
bread, as this flour effects more than a 20% saving over ordinary wheat the American Federation of Labor and two by the Labor
flour.
Food Conference. John J. Dillon, Chief of the New York
Beginning Feb. 3, bakers must use at least 5% of other cereals in all
bread baked by them, and this amount must be increased as rapidly as State Bureau of Foods and Markets, will be the eleventh
Possible until, by Feb. 24, they are using at least 20% of other cereals to 'man on the committee. A resolution adopted at the con80% of wheat flour. No baker, however, will be entitled to advertise his
ference pledging co-operation between producers and conproduct as Victory Bread until he has reached the 20% ratio.
The list of creels to be used in baking Victory Bread has been made as sumers, read as follows:
Personally, I think the order a very fair proposition, and I don't believe
it will do any harm to any legitimate operation. It will bring about the
aim the Government has in view—conservation.
The committee of the Exchange that went to Washington was glad of
the fair reception that the Food Board gave to its ideas.
varied as possible in order that each baker may be able to obtain a sufficient
supply of one or more of them in his own locality at reasonable prices. It
is hoped that whenever possible, cereals locally produced will be used in
order to reduce transportation. Any baker who finds it impossible to
secure these cereals through ordinary trade channels is asked to appeal
to the Federal Food Administrator in his own State, who, through the
various departments of the Food Administration in Washington, will aid
in obtaining a supply.
That the producers and consumers of this conference who in the past have
been kept apart by cunning middlemen, politicians, and their agents,
bring their influence to bear on all citizens' food counids in which they
participate toward representation of some kind from both the producers
and consumers.
Mr. Townley of the North Dakota Farmers' Nonpartisan
League, who had been East attending the convention of the
American Federation of Labor at Buffalo, stopped off in
New York City to be present at the meetings. In addressing
NEW MEATLESS DAY RESTRICTIONS IN GREAT
the mass meeting at Cooper Union on Nov. 26 he said:
BRITAIN.
"The first purpose of my visit is to bring about an arrangement whereby
surplus of the farm will go to the city, and the surplus of the city
Drastic measures to deal with the meat shortage situation the
worker will go to the farm. If we can establish conditions whereby you
in Great Britain were taken on Jan. 22, when Lord Rhondda of the city buy from the farmers the things you need, giving no man an
issued an official order specifying two meatless days weekly, illegal profit, and we of the farm buy from the city the things we need
without giving an illegitimate profit—and we will and must do that—no
Tuesdays and Fridays in the London district and Wednesdays sacrifice
will be too great."
Fridays
in other parts of the kingdom. Between the
and
In an interview with New York City newspaper men on
hours of 5 and 10.30 o'clock in the morning no meat, poul- Nov. 25 Mr. Townley told of the workings and success of
try or game may be consumed on any day, and no milk may the Nonpartisan League in the West. Asked whether the
be consumed as a beverage, except by children under ten League was a political party and if they put a political ticket
years of age. A guest must provide his own sugar for sweet- into the field, he said:
ening beverages, except that residents of hotels, clubs and
"League men are only put up for office when the men put up by the
boarding houses may be supplied with not exceeding six existing parties are not acceptable to either the League or the labor movement. When election time is approaching the League calls meetings in
ounces of sugar weekly for this purpose, if they do not the precincts and these elect delegates to county
conventions and the county
conventions elect delegates to the State convention. The record of candipossess ordinary sugar rations.
dates
carefully,
is
into
gone
though
it
is
usually
known beforehand, and
The order, which applies to all hotels, restaurants and the League agrees to endorse certain
men for office. It makes no difference
public places, gives a table indicating minutely, even to whether the man wanted is Democrat, Republican
or Socialist. If he is a
fractions, the exact amount of meat, sugar, bread, flour, man who will stand by labor and the producers rather than give his time
to
privilege,
guarding
he
special
is
endorsed.
This
done, the members
butter or other fats allowed each guest for each meal for the of his party in the League go out and vote
for him at the primary. Where
guidance of hotel and restaurant proprietors in their weekly the League is strong that man is usually elected. The League and organdietary. Of fats only one and one-quarter ounces may be ized labor co-operate and there are meetings at which representatives of
both discuss candidates and agree upon a program. It has been found that
allowed each guest daily, of which not exceeding one-half the
desires of labor run along the same lines as do those of the Leagde."
552
THE CHRONICLE
[VOL. 106.
According to the Canadian official "Gazette" of Nov. 17,
CANADIAN EMBARGO ON FOOD EXPORTS—FOOD
the Order-in-Council granting the Food Controller extensive
CONTROLLER HAS WIDE POWERS.
powers of control reads as follows:
In an effort to bring down the high cost of living in Canada At the Government House at Ottawa, Thursday,the 15th day of Nov. 1917
Present: His Excellency the Governor-General in Council.
and to be able to furnish to Great Britain a greater amount
Excellency the Governor-General in Council, under and in virtue
of foodstuffs, the Canadian Government, under an Order-in- ofHis
the provisions of The War Measures Act, 1914, is pleased to make and
Council signed by the Governor-General on Nov. 15, enact the following regulations Mad the same are hereby made and enacted
prohibited the exportation from Canada, except to Great accordingly:
Regulations.
Britain, her possessions and protec.torates, of four classes
1. The Food Controller may, by written order, from time to time prois
it
which,
of
some
products,
food
These
foodstuffs.
of
hibit every manufacturer, wholesale dealer, commission merchant, broker
said, are not indigenous to Canada, are animal and vegatable retailer or other person (or any or all such classes of persons) dealing
wholesale or retail in any food or foods or food product or food products
fats; oils and greases, edible and inedible; fertlizers, which designated
by the Food Controller, from manufacturing, selling or offering
production
agricultural
of
augmentation
are required for the
for sale in Canada or in any part or parts of Canada that the Food Conin Canada, and feed of various kinds necessary to the cattle, troller may designate, any such food or foods or food product or food
who has not obtained a license from the Food Controller, and the
sheep and hog breeders of the Dominion, if they are to products,
Food Controller may from time to time withdraw or change or modify
animals.
food
respond effectively to the larger output of
any such prohibition. The fee payable for such license shall not in any
Licenses may be issued by the Minister of Customs, under case exceed the sum of six hundred dollars.
Any such license may be canceled or suspended by the Food Controller
regulations framed by the Food Controller, approved by and for2.the
violation of any of the provisions of these regulatoins or of any
is
it
if
Governor-in-Council,
the
of
issued under the authority
amendment thereof, or of any order or regulation made by the Food Condesired to export the restricted goods "to countries in alliance troller hereunder.
3. Subject to the provisions of any law now in force in Canada, the Food
with the British Empire and having armies in the European Controller
may from time to time, by written order, prescribe the unit or
extending
Order-in-Council
the
is
following
field." The
units of measure or weight to be used in Canada, or in any part or parts
designated by the Food Controller, in the selling of any food
Canada
of
Canada's control of exports, according to the Canadian
or foods or of any food product or food products.
official "Gazette" of Nov. 17:
4. Subject to the provisions of any law now in force in Canada, the Food
At the Government House at Ottawa, Thursday, the 15th day of Nov. 1917. Controller may prescribe the manner in which and the classes into which
Present: His Excellency the Governor-General in Council;
any food or food product offered for sale is to be designated, marked,
His Excellency the Governor-General in Council, under and by virtue branded or graded.
5. The Food Controller may, from time to time, by written order, preof the powers In that behalf conferred by The War Measures Act, 1914.
or otherwise vested In the Governor-General In Council, and notwithstand- scribe the maximum amount of any food or food product that may from
ing anything contained in previous Orders-in-Councll prohibiting the ex- time to time be bought or sold by any person or persons.
portation of goods, is pleased to order, and it is hereby ordered, that the
6. The Food Controller may, by written order, from time to time proexportation of the following goods shall be and the same is hereby prohibited scribe the maximum amount of profit pr the maximum price (or both) to
Kingdom,
other
United
British
the
abroad,
than
Possesdestinations
be charged on the sale in Canada, or within any part or parts of Canada
to all
designated by the Food Controller, of any food or foods or of any food
sions and Protectorates. namely;
product or food products designated by the Food Controller.
Hoof oil.
Corn meal.
Animal fats.
7. In these regulations and in all regulations heretofore and hereafter
Hulls fodder.
Cottonseed meal.
Butter.
made relating to the Food Controller or any matter or subject within the
Lard.
Corn oil.
Castor oil.
scope of the Food Controller s duties or powers, and in all rules, regulations
Lard compound.
Cottonseed oil.
Castor beans.
and orders made by the Food Controller, unless the context otherwise
Linseed oil.
Criscoe.
Cocoanut. dessicated.
requires "person" includes any partnersh,p, syndicate, association and
Linseed.
Dry blood.
Cheese.
body corporate.
Dry paste flour.
Livestock.
Cod liver oil.
8. Any person violating any of the provisions of these regulations shall
Malt.
Fats, all.
Condensed milk.
be guilty of an offense and liable on summary conviction to a fine not
Meats, all.
Glycerine.
Copra.
exceeding one thousand dollars, or to imprisonment for a term not exMeat juice.
Glucose.
Corn (maize).
ceeding three months, or to both fine and imprisonment.
Grease of animal or
Corn flour.
RODOLPHE BOUDREAU,
vegetable origin.
Clerk of the Privy Council.
Meats and fats including poultry, cottonseed oil, corn oil, copra, dessicated cocoanut, butter, fish (fresh, dried and canned), edible or inedible
grease of animal or vegetable origin, linseed, oil, lard, tinned milk, peanut CANADA ASSUMES CONTROL OF IMPORTATION,
oil, peanut butter. rapeseed oil, tallow, tallow candles, stearfc acid. pigtails.
MANUFACTURE AND SALE OF OLEOMARGARINE.
Fertilizers, including cattle and sheep manure, nitrate of soda, poudrette,
The Canadian Government has undertaken the regulation
potato manure, potassium salts, land plaster, potash, cyanide, phosphoric
acid, phosphate rock. superphosphate, chlorate of potash, bone meal, bone and control of the importation into the Dominion of oleoflour, ground bond, dried blood, ammonia and ammonia salts, acid phosmargarine, margarine, butterine or any other substitute for
phates, guano, humus, hardwood ashes, soot, anyhydrous ammonia.
butter, and its manufacture, sale and distribution throughPeanut oil.
Sago flour.
Fish.
Soap, soap powder.
Samp, Indian corn.
out the country. All importers (effective Nov. 1) must be
Flax.
Stearin°.
Syrup.
Flour.
licensed, and the manufacture of oleomargarine is to be conStearine acid.
Milk, tinned and powFood grains,flour and
ducted under the supervision of the Minister of Agriculture.
Stearin° acid candles.
dered, not fresh.
meal therefrom.
Sugar.
Molasses.
Fodder and feeds.
Licenses, under an Order-in-Council signed by the GovernorSugar of milk
Pigeons, carriers&others Neat's-foot oil.
General on Nov. 15, must be secured from the Veterinary
Nestle's Food (infants). Sulphurated castor oil.
Pilchards, canned.
Director-General. This Order-in-Council is supplemental
Tallow.
Oats.
Poultry.
Tallow candies.
Oatmeal.
Rapeseed oil.
to one signed by the Governor-General on Oct. 25, which is
Oil cake.
Rice.
Vegetable oils.
given further below. The order of Nov. 15 was published
Oil-meal cake.
Rice flour.
Wheat, wheat flour.
in the Canadian official "Gazette" as follows:
Rolled oats.
Peanuts.
Peanut butter.
Eye.
IMPORTATION AND MANUFACTURE OF OLEOMARGARINE.
Provided that licenses permitting the exportation of the goods herein
Whereas by Order-in-Council No. 3044 passed the 25th day of October
described, may be issued by the Minister of Customs under regulations 1917, it was provided that licenses may be issued for the importation of
framed by the Food Controller of Canada, approved by and issued under oleomargarine and may be canceled for the violation of any provisions
the authority of the Governor in Council, to countries in alliance with the of the regulations respecting same made or to be made by the Food CompBritish Empire and having armies in the European field.
troller;
This Order-in-Council shall be proclaimed by publication in the "Canada
And whereas it is advisable to give publicity as to the nature of the reguGazette."
lations respecting the importation of oleomargarine—
RODOLPHE BOUDREAU,
Therefore, I do hereby order that all importers of oleomargarine into
Clerk of the_Privy Council.
Canada shall observe and keep the following regulations:
Regulations.
1. No substance intended for the coloring of oleomargarine shall be imCANADIAN FOOD CONTROLLER MAY REGULATE
ported into Canada in packages containing oleomargarine, and no manuSALES PROFITS AND PRICES.
facturer, wholesale dealer or retailer dealing in oleomargarine shall deal in,
The Canadian Government, having taken steps to con- sell or give away any substance intended for coloring oleomargarine.
Licenses for the importation or manufacture of oleomargarine shall
trol exportation of foods, vested in the Food Controller be2.
issued from the office of and through the Veterinary Director-General,
wide powers to regulate the sale of such commodities in and shall be countersigned by such officer or officers under the Veterinary
Canada with a view to carrying out its pledge to "prevent Director-General as the Food Comptroller for Canada may thereto
hoarding and combinations, and so to reduce the cost of authorize.
3. Oleomargarine imported into Canada shall bo accompanied by the
living." The Food Controller may, by written order, "pre- export certificate of inspection of the country of production, and every
scribe the maximum amount of profit or the maximum price importer shall at the time that the importation is made produce to the
of Customs such Importer's license, and deliver to the Collector
(or both) to be charged on the sale in Canada, or within Collector
the certificate of inspection of the country of origin. Import licenses will
any part or parts of Canada, of any good or foods or of any be issued in duplicate, one copy to be deposited with the Customs when
food product or food products." He may, subject to the the first entry is made.
4. Licenses to manufacture oleomargarine shall only be issued to such
existing law, prescribe the unit or units of measure or weights applicants
as have satisfied the Veterinary Director-General that the buildto be used in the selling of such commodities, may declare ing or buildings in which the applicant proposes to manufacture the oleois or are well lighted and ventilated, constructed of suitable
the manner in which products offered for sale, shall be desig- margarineand
provided with sanitary conveniences for the employees,
material
nated, marked, branded or graded, and, finally, may fix that there is no danger of contamination from objectionable odors from
the maximum amount of any food or food product that may packing houses, fertilizer houses or other sources, that the machinery and
is modern and capable of easy and efficient cleaning, and that
from time to time be bought or sold by any person or equipment
the probable output of the proposed establishment will be sufficiently large
persons.
to justify the employment of an inspector.
FEB. 9 1918.1
THE CHRONICLE
553
5. No oleomargarine shall be manufactured in Canada except under the
supervision of inspectors appointed by the Minister of Agriculture.
6. All material entering into the composition of oleomargarine shall be
subject to inspection, and if not approved by the inspector shall not be
used. The inspector shall have power at any time to take samples of any
such material for analysis. No oleo oil or neutral lard shall be used in the
manufacture of oleomargarine unless it is the production of an abattoir
under tho inspection of the Minister of Agriculture of Canada and bears
the Government inspection mark, or has been manufactured in the country
of origin under inspection satisfactory to the Minister, and at the time of
importation bears the official markings and is accompanied by the export
inspection certificate of the country of origin. No milk shall be used in
the manufacture of oleomargarine unless it is from tuberculin tested cows
or else has been pasteurized before using, and no butter shall be used in
such manufacture unless it is free from rancidity or any objectionable odor.
7. Inspectors appointed by the Minister of Agriculture shall have access
at all reasonable hours to any promises in Canada in which oleomargarine
Ls manufactured or stored.
8. No oleomargarine shall be sold in Canada unless it is in
(a) the original package, marked and labelled as required by these
regulations;
(b) each small package shall be wrapped separately, and on the label or
wrapper the word "Oleomargarine" shall be printed or marked so as to form
the most conspicuous word on the label or wrapper;
(c) all labels, wrappers and packages shall bear the .official inspection
mark of the country of origin, together with the name and address of the
manufacturer.
9. Any person violating any of the provisions of those regulations shall
be guilty of an offense and liable on summary conviction to a fine of not
less than fifty dollars nor exceeding five hundred dollars, or to imprisonment for a term not exceeding six months, or to both fine and imprisonment.
W. J. HANNA,Food Comptroller.
Dated at Ottawa, this 15th day of November 1917,
in a paper wrapper on which is printed in capital block letters not less than
half an inch long and distinctly legible the word "Oleomargarine." No
other printed matter shall apear on the label.
(3) In all hotels, restaurants and public eating houses where oleomargarine is served there shall be prominently displayed in some conspicuous
place a placard containing the words: "Oleomargarine served here," in
capital block letters, not less than one and one-half inches long.
(4) No label, placard or brand shall be used until it has been approved
of by the Food Comptroller.
11. There shall be no customs duty charged on the importation of any
oleomargarine into Canada that complies with the above regulations.
12. Any person violating any of the above regulations shall be guilty
of an offense and shall be liable on summary conviction to a fine not exreeding five hundred dollars, or to imprisonment for a term not exceeding
six months, or to both fine and imprisonment.
RODOLPHE BOUDREAU, Clerk of the Privy Council.
Statutes of 1914, chapter 7, shall be suspended in so far as it provides
that, no person shall manufacture, import into Canada, or offer, sell or
have in his possession for sale, any oleomargarine as hereinafter defined,
and the importation, manufacture, offering for sale and having in possession
for sale of any such oleomargarine shall be permitted, subject, hov(ever.
to the rules and regulations hereinafter set out.
2. For the purposes of these regulations "oleomargarine" shall moan
and include oleomargarine, margarine, butterine or any other substitute
for butter which is manufactured wholly or in part from any fat other than
that from milk and cream, which contains no foreign coloring matter and
which does not contain more than 16% of water.
3. No person shall import or manufacture oleomargarine without having
first obtained a license from the Food Comptroller for Canada, such license
may at any time be canceled by the Food Comptroller for the violation
of any of the provisions of these regulations or of any other regulation made
by His Excellency the Governor-General in Council or by the Food Comptroller.
4. No oleomargarine shall be manufactured in Canada unless it has been
manufactured under the supervision of the Minister of Agriculture of
Canada, and no oleomargarine shall be imported into Canada unless it
has been manufactured under Government supervision in the country of
production and is accompanied by satisfactory evidence of such supervision.
5. Oleomargarine shall not be manufactured in any premises used as or
connected with a butter factory, and no butter manufacturer or any person
who handles butter for the purpose of reworking or mixing it shall be given
a license to import or to manufacture oleomargarine.
6. No preservative shall be used for or in oleomargarine except salt
without written permission of the Food Comptroller.
7. No person other than a manufacturer of oleomargarine shall mix
oleomargarine and butter.
8. Every person who either imports or manufactures oleomargarine
shall keep a book in which is entered the date of each importation, purchase, sale and shipment of oleomargarine, and the quantity so imoprted,
sold or shipped, the person from or to whom it has been purchased, sold
or shipped, the place from, in or to which it was imported, sold or shipped.
and the name of the railway or steamship company by which'such oleomargarine was transported, and such book shall be at all times open for
inspection by the Food Comptroller or any person authorized by the
Food Comptroller to examine the same.
9. The Food Comptroller shall have power from time to time to regulate
the price of all oleomargarine sold in Canada, and may determine the price
with respect not only to the quality of the oleomargarine but also to the
place in which it is sold.
10. Every package open or closed and containing oleomargarine must be
durably and clearly marked "Oleomargarine" on the top, bottom and sides
of the package itself in printed letters not less than throe-quarters of an
inch square; and if such oleomargarine Ls exposed for sale by retail there
must be attached to each parcel thereof exposed, in such manner as to be
clearly visible to purchasers, a label marked "oleomargarine" in printed
capital letters not less than one-half inch square.
(2) Every person selling oleomargarine by retail in packages other than
packages so marked shall in every case deliver the same to the purchaser
You may accept and forward at current rates by way of Brunswick.
Savannah or Charleston 50,000 to 100,000 bales of cotton for domestic
consumption in New York or vicinity or New England points. The Shipping Board will provide ships, which will be operated in the regular lines.
There may be some delay at ports awaiting ships, but nothing serious.
It might be well to arrange to unload cars at ports on arrival. I assume
there is sufficient storage to take care of this amount should it all accumu
late before the ships arrive.
It should be routed by way of either of these Southern ports in amounts
to make full cargo for New York or New England ports. You may use
any desirable rail route to the Southern ports, regardless of tariff applications at the rate in effect by way of any route from the same point of origin,
advising me of the unauthorized route used so that special authority may
be issued.
RELAXATION ,OF EMBARGO ON FOOD E XPORTS
TO MEXICO.
Press dispatches from Washington, under date of Jan.
29, reported partial relaxation of the embargo on the exportation of corn and other foodstuffs to Mexico, saying this had
been effected as the result of conferences between Food
Administrator Hoover and Ambassador Bonillas and Rafael
Nieto, special Mexican Commissioner. Under the terms of
the proposed agreement, Mexico would be required to give
assurances of equitable distribution of the supplies and a
reciprocal attitude would be taken by Mexico regarding
imports
into the United States.
-Council
signed
on
Oct.
25
read
as follows,
The Order-in
according to the Canadian official "Gazette":
IMMEDIATE SHIPMENT OF COTTON FROM SOUTH
13044.1
TO RELIEVE NEW ENGLAND NEEDS.
At the Government House at Ottawa,
view, it is said, to relieving the shortage of cotton
With
a
Tuesday, the 23rd day of October 1917.
at New England mills, instructions to ship immediately
Present: His Excellency the Governor-General in Council.
Whereas, attention is drawn to the abnormal demand for butter due
between 50,000 and 100,000 bales of cotton to Brunswick,
to war conditions and to the very great probability that such abnormal
demand and consequent high prices will prevail for this product for some Savannah, Charleston and other Southern ports for transtime to come;
shipment by water to New York and New England were
And whereas, it is in the public interest, under the special conditions
Markham, regional railroad diabove named, that other fats should be available in Canada under strict issued on Feb. 1 to C. H.
rector for the South, by Director-General McAdoo. The
and reasonable conditions as a substitute for butter-Therefore, His Excellency the Governor-General in Council, under and action followed a conference between Mr. McAdoo and
in virtue of the provisions of the War Measures Act, 1914, is pleased to
make and enact and doth hereby make and enact the following regulations representatives of the National Association of Cotton Manuproviding for the importation to Canada and the permitting of the manu- facturers and New England commercial interests, who exfacture, sale and possession within Canada of oleomargarine and establish- plained that many cotton mills recently have shut down
ing the conditions of such importation, manufacture, sale and possession,
such regulations to be in force and to have effect for the period during which because they could not get sufficient raw material. Mr.
the present abnormal conditions continue, the conclusion of such period Markham was told to ship the cotton by any route in order
to be determined by His Excellency the Governor-General in Council, as
to make the most speed. The Shipping Board also has
provided in the said regulations, and as a war measure only:
agreed, Mr. McAdoo announced, to furnish additiona
Regulations.
vessels to carry cotton now accumulated at Galveston,
1. On and after the first day of November 1917, and until the Governor
Orleans and other Gulf ports to the Northeast. The
in Council has by order declared that the present abnormal conditions have New
ceased, paragraph (a) of section 5 of the Dairy and Industry Act, 1914. Director-General's instructions were:
DENIAL OF COTTON PRICE FIXING MOVEMENT.
The New York Cotton Exchange took occasion on Feb.
1 to make public advices received from Senator Hoke Smith
denying any movement toward price fixing of cotton, Sena-.
tor Smith's statement being given out as follows:
I have no idea that any price fixing will be done on last year's cotton
crop—that is, the cotton crop of 1917 and 1918 gathered this fall. If any
effort is made to interfere in the way of price fixing, every other commodity.
and certainly every manufactured product of cotton, will be subject to
price fixing. Price fixing also should, if applied to cotton, be extended to
the pay of all laborers.
When price fixing they should not single out cotton unless they go all
the way down the line. There has been no caucus to fix the price of cotton,
but there has been a conference of determined men to protect cotton. I
really believe the country is overdosed with price fixing.
NEW PRIORITY ORDERS AFFECTING COPPER. IRON,
STEEL, COTTON, WOOL, ETC.
In order to expedite the production of war supplies the
War Industries Board put into operation on Feb. 4 new
priority regulations applying to all individuals, firms, associations and corporations engaged in the production of
copper, iron and steel and in the manufacture of their
products; chemicals, cotton duck and woolen cloth and all
such other raw materials and manufactured products as
may be deemed necessary later. While it is pointed out
that the priority in the production of coal and coke, or food
and feeds, is not administered by the Priorities Committee
ofithe„War Industries Board, but comes under the fuel or
554
THE CHRONICLE
food administrations, it is stated that the committee will
consider applications for priority assistance to procure tools,
equipment or supplies for the production of these commodities. Under the new regulations, all orders and work are
divided into four general classes instead of three, as heretofore: Class AA, Class A, Class B and Class C, with such
subdivisions as Class AA-1, Class AA-2, &c., Class A-1,
Class B-1, &c. The announcement with regard thereto
says:
Class AA comprise only emergency war work of a special urgent nature.
Class A comprises all other war work; that is to say, orders and work
necessary to carry on the war such as arms, ammunition, destroyers, submarines, airplanes, locomotives, &c., and the materials or commodities
required in their production or manufacture.
Class B comprises orders and work which, while not primarily designed
for the prosecution of the war, yet are of public•interest and essential to
the national welfare or otherwise of special importance.
Class C comprises all orders and work not embraced in Class AA, Class
A, Class B and no certificates will be issued therefor. All orders for work
or materials not covered by priority certificates will fall within Class C,
save such orders as fall within the provisions of paragraph 6 hereof.
The new regulations, it is stated, in no way change or
modify any priority orders previously issued. The rule of
procedure from now on is that orders and work in Class AA
shall take precedence of those in all ()tiler classes; orders
and work in Class A preceding those in Class B,and those, in
turn, orders and work in Class C, irrespective of the dates
the orders were placed. The following is also taken from
the circular:
The classification of an order simply means that it shall be given such
precedence over orders of a lower classification as may be necessary (and
only such as may be necessary) to insure delivery on the date specified in
the order. It does not mean that work should cease on orders of a lower
classification or that the order should be completed and delivery made in
advance of orders taking a lower classification if this is not necessary to
effect delivery within the date specified. The one to whom a priority
certificate is directed should make his own production plans so as to get
the maximum of efficiency out of his operations, making all deliveries at
the times contracted for, if possible, and where this is not possible, giving
precedence to the orders taking the highest classification.
As a-general rule, where an application for priority certificate is necessary,
it should be made by the one placing the order on which the application
is based, in the name of the department or official for whose account the
order has been placed, whether of the United States Government or one
of the Allied Governments. In the latter case the application must be
made through and with the written approval of the War Mission which is
representing that particular government in this country. Government
contractors or sub-contractors, however, may make application for priority
direct to the committee if their need is urgent. The committee does not
administer priority on coal and coke, or foods and feed, which are handled
by the Fuel and Food Administrations. The committee will, however,
consider applications for priority assistance to procure tools, equipment,
or supplies for the production of these commodities. The committee's
work does not cover transportation and it does not attempt to expedite
transportation.
No industry, plant, material or commodity will be classified as such.
Only specific orders for materials, commodities, or work are classified
according to their importance in war preparation or in work necessary to
the public interest and essential to our national welfare, or otherwise of
exceptional importance.
The paramount purpose of priorities is the selective mobilization of the
products of the soil, the mines and the factories, for direct and indirect
war needs, in such a way as will most effectually contribute toward winning
the war. In requesting priority the petitioner should join with the committee in applying the test: "To what extent, if at all, will the granting
of this application contribute, directly or indirectly, toward winning the
war; and, if at all, how urgent is the need"?
SECRETARY MCADOO ADVISES AGAINST THE ERECTION 01? HOMES AT THIS TIME.
A statement advising against the erection of buildings for
home use was issued by Secretary of the Treasury McAdoo on
Feb. 4, because of the need for materials, labor and credit
for war purposes. The Secretary's statement follows:
Because of the interests of the Treasury Department in the conservation
of capital and credit during the period of the war, I have received several
Inquiries as to whether building operations of one kind and another should
be discouraged. With regard to plans for public buildings under the control of this Department, I have stopped letting contracts except in cases
where they were absolutely necessary.
Home building is an excellent thing in normal times, but at present,
unless there is a real shortage of houses for war-workers, I strongly advise
that materials, valuable labor and credit be not utilized for this purpose.
Whether homes should be built should be determined strictly by the
urgency of the need.
Secretary McAdoo's order curtailing work on public
buildings was referred to in the "Chronicle" of Jan. 12.
EXTENSION OF BRITISH STEEL REGULATIONS BY
GREAT BRITAIN.
The "Official Bulletin" of Jan. 29 gives details of the further extension of the British steel regulation as contained
in advices from Consul Savage at Sheffield, Eng., as follows:
A recent further British Government regulation regarding the use of steel
will have considerable effect upon Sheffield manufacturers, particularly
those engaged in the manufacture of table cutlery. After the former regulations went into force commandeering the ouput of steel except under
Government license, the only steel for which there was a free market, and
on which manufacturers depended for material to supply other than Government orders, was what was known as shell-discard steel.
[VOL. 106.
This was steel which was originally intended for shell making, but which
was rejected for this purpose, as it did not come up to specification, and as
the quantity was considerable it enabled manufacturers to maintain a
hold on their private trade. It has now been found that this, shell-discard
steel is suitable for shipbuilding and other war purposes, and it has therefore been brought under the war-material regulations.
Because shell-discard steel could be dealt with in the open market it has
commanded higher prices than the official maximum prices of steel without
defect.
TURPENTINE UNDER CONTROL OF BRITISH
GOVERNMENT.
Turpentine has now been placed under British Government control, according to a dispatch to the "Journal of
Commerce" on Jan. 27. Licenses are required for all dealings exceeding an aggregate of five gallons during any one
calendar month. The order covers all substitutes capable
of being used as a substitute for spirits of turpentine, except
motor spirit and benzine.
PRESIDENT'S MEDIATION COMMISSION DEPLORES
BISBEE, ARIZONA, DEPORTATIONS
In a report to the President, made public at Washington
on Nov. 24, the Mediation Commission created by the
Chief Executive to adjust labor disputes in the West, denounced the deportation of the 1,186 striking copper miners
from Bisbee, Arizona, and the Warren copper district last
July, as unnecessary to the peace of the community and
without authority in law. The Commission, of which
Secretary of Labor William B. Wilson is Chairman, found
that the deportations (referred to at length in our issue of
Aug. 11, page 562) were planned by Bisbee citizens, including officials of the Phelps-Dodge and Calumet & Arizona Mining interests, although no disorder or violence
had been threatened. Inasmuch as the deportations interfered with the operation of the selective draft law, the
Commission suggested that the President refer the evidence
to Attorney-General Gregory. This the President has done.
It was also found that the leaders in the enterprise used the
local office of the Bell Telephone Company and attempted
to exercise a censorship over parts of inter-State telephone
and telegraph lines in order to prevent knowledge of the
deportations reaching the outside world. This matter has,
at the suggestion of the Commission, been referred by the
President to the Inter-State Commerce Commission for
action. The deportations and the usurpation of judicial
functions by a self-delegated body of citizens for more than
a month afterward, says the Commission's report, "have
even been mpdde the basis of an attempt to affect adversely
public opinion among some of the people of the Allies."
This statement, it is said, is believed to refer to criticism of
American anti-labor methods by Russian workmen. The
following is the report of the Commission, as it appeared
in the "Official Bulletin" of Nov. 27, the Government's
daily newspaper:
The Committee on Public Information is authorized to make public
herewith the report of the President's Mediation Commission on the Bisbee
(Ariz.) deportations:
The President has acted on the recommendation that certain features
of the report be referred to the Attorney-General and to the Inter-State
Commerce Commission.
Following is the report in full:
Bisbee, Ariz., Nov. 6 1917.
The President:
The deportations on the 12th of July last from the Warren district of
Arizona, as well as the practices that followed such deportations, have
deeply affected the opinions of laboring men, as well as tho general public,
throughout the country. These events have even been made the basis
of an attempt to affect adversely public opinion among some of the people
of the Allies. Their memory still embarasses the establishment of industrial peace throughout the country for the period of the war, and it is
indispensable to obtain and maintain industrial peace if the war is to be
brought to the quickest possible successful conclusion and if lives are not
to be needlessly sacrificed.
The President's Mediation Commission is charged rather with helping
to secure peaceful industrial relations for the future than to sit in judgment
upon the errors of the past. But it is not possible to make for peace in the
future unless the recurrences of such instances as the Bisbee deportations
are avoided. The future cannot be safeguarded against such recurrences
unless a candid and just statement is made of the facts surrounding the
Bisbee deportation and an understanding is had of the conditions which
brought it about. Such candor is necessary for the guidance of all in their
future conduct. Such candor is also neessary because if the truth be authoritatively set forth there will be no basis for any misrepresentation of
the facts either through ignorance or design.
The President's Mediation Commission has therefore deemed it a duty
which it could not avoid to undertake a thorough and impartial consideration of the facts surrounding the deportations of the 12th of July and the
practices which have been pursued since the deportation by officials and
citizens of Cochin County.
After hearing the representatives of the different elements involved in
the deportation, both official and private, the President's Mediation Commission makes these findings:
(1) A strike was called in the Warren district on Juno 26 1917, to be
effective the following day. While undoubtedly the men sincezely felt
that several grievances called for rectification by the companies, having
regard to the conditions in this district and the Government's need for its
FEB. 9 1918.]
THE CHRONICLE
copper production, the grievances were not of such a nature as to have
justified the strike. Here, as elsewhere, there was, however, no machinery for the adjustment of difficulties between the companies and the
men which provided for the determination of alleged grievances by some
authoritative and disinterested tribunal in which both the companies and
the men had confidence and before which they had an equal opportunity
of urging their respective claims. This is a fundamental difficulty in the
settlement of grievances that may arise in thfs district, and here, as in the
other mining camps in Arizona visited by the President's Mediation Commission, a plan has been worked out establishing such machinery whereby
in the future, at least during the period of the •war, grievances will be
settled by an orderly,impartial process, and the resort to strike or lockout
will be wholly without foundation.
(2) Many of those who went out did not in fact believe in the justice of
the strike, but supported it, as is common among workingmen, because
of their general loyalty to the cause represented by the strikers and their
refusal to be regarded in their own estimation, as well as in the minds of
fellow workers, as "scabs."
(3) Shortly after the strike was called the sheriff of the county, through
the Governor of Arizona, requested the aid of Federal troops. The request
was based on the fact that the State militia had been drafted into the Federal service and the State, therefore, was without its normal militia protection. Gov. Campbell recommended to the Secretary of War that an immediate investigation of the situation at Bisbee be made by a Regular
Army officer in order to ascertain the need of troops. The Governor s
recommendation was followed and an investigation of the situation in
Bisbee was made by an experienced officer. Such investigation was made
on June 30 and again on July 2, and after both investigations the officer
reported that everything was peaceable and that troops were neither
needed nor warranted under existing conditions.
(4) That the conditions in Bisbee were, in fact, peaceful and free from
any manifestations of disorder or violence is the testimony of reputable
citizens, as well as officials of the city and county, who are in a position
to report accurately and speak without bias.
(5) Early on the morning of July 12 the sheriff and a large armed force
presuming to act as deputies under the sheriff's authority, comprising about
2,000 men, rounded up 1,186 men in the Warren district, put them aboard
a train, and carried them to Columbus,N.Mex. The authorities at Columbus refused to permit those in charge of the deportation to leave the men
there, and the train carried them back to the desert town of Harmanas,
N. Mex., a nearby station. The deportees were wholly without adequate
supply of food and water and shelter for two days. At Hermanas the
deported men were abandoned by the guards who had brought them and
they were left to shift for themselves. The situation was brought to the
attention of the War Department, and on July 14 the deportees were
escorted by troops to Columbus, N. Mex., where they were maintained
by the Government until the middle of September.
(6) According to an Army census, of the deported men 199 were nativeborn Americans, 468 were citizens, 472 were registered under the selectivedraft law, and 433 were married. Of the foreign born, over 20 nationalities
were represented, including 141 British, 82 Serbians and 179 Slays. Germans and Austro-Hungarians (other than Slays) were comparatively few.
(7) The deportation was carried out under the sheriff of Cochise County.
It was formally decided upon at a meeting of citizens on the night of July
11, participated in by the managers and other officials of the Copper Queen
Consolidated Mining Co. (Phelps-Dodge Corporation, Copper Queen division) and the Calumet & Arizona Mining Co. Those who planned and
directed the deportation purposely abstained from consulting about their
plans either with the United States attorney in Arizona, or the law officers
of the State or county, or their own legal advisers.
(8) In order to carry the plans for the deportation into successful execution, the leaders in the enterprise utilized the local offices of the Bell Telephone Co., and exercised or attempted to exercise a censorship over parte
of inter-State connections of both the telephone and telegraph lines in
order to prevent any knowledge of the deportation reaching the outside
world.
(9) The plan for the deportation and its execution are attributable to the
belief in the minds of those who engineered it that violence was contemplated by the strikers and sympathizers with the strikers who had come
into the district from without, that life and property would be insecure
unless such deportation was undertaken, and that the State was without
the necessary armed forces to prevent such anticipated violence and to
safeguard life and property within the district. This belief has no justification in the evidence in support of it presented by the parties who harbored it.
(10) Neither such fear on the part of the leaders of the deportation as to
anticipated violence nor evidence justifying such fear was ever communicated to the Governor of the State of Arizona with a view to renewing the
request for Federal troops, based upon changing conditions, nor were the
Federal authorities in fact ever apprised that a change of conditions had
taken place in the district from that found by the investigating Army
officer to call for or warrant the interposition of Federal troops.
(11) The deportation was wholly illegal and without authority in law
either State of Federal.
(12) Following the deportation of the 12th, in the language of Gov.
Campbell, of Arizona, "the constitutional rights of citizens and others
have been ignored by processes not provided by law, viz., by deputy
sheriffs who refused persons admittance into the district and the passing
of judgment by a tribunal without legal jurisdiction resulting in further
deportations."
(13) Immediately after the first deportation, and until late in August, the
function of the local judiciary was usurped by a body which to all intents
and purposes was a vigilance committee, having no authority whatever in
law. It caused the deportation of large numbers of others. So far as this
Committee is concerned, its activities were abandoned at the request of
Governor of Arizona late in August.
(14) Among those who were deported from the district and who thereafter were arrested in seeking entrance into it were several who were registered under the selective-draft law and sought to return or remain in the
district in order to discharge their legal duty of reporting for physical
examination under the draft.
These findings of facts make certain recommendations by the President's Mediation Commission inevitable:
1. All illegal practices and the denial of rights safeguarded by the Constitution and statutes must at once cease. The right of unimpeded admittance into the Warren district of all who seek entrance into it in a lawful
and peaceable manner must be respected. The right of all persons freely
to move about in the Warren district or to continue to reside within it must
be scrupulously observed except in so far as such right is restricted by the
orderly process of the law. To this end we have directed letters to Gov.
Campbell and Sheriff Wheeler, of Cochise County.
2. In so far as the deportation of July 12 and the events following constitute violations of the laws of Arizona, we join in the recommendation
of Gov. Campbell that the responsible law officers of the State and county
pursue appropriate remedies for the vindication of such laws.
555
3. In so far as the evidence before the Commission indicates interference
with the enforcement of the selcetive draft law, the facts should be brought
to the attention of the Attorney-General of the United States.
5. In so far as the evidence before the Commission indicates an inter'ference with inter-State lines of communication, the facts should be submitted for approm late attention by the Inter-State Commerce Commission.
5. In so far as deportations such as we have set forth have not yet been
made a Federal offense, it is our duty to report to the President the wisdom
of recommend ng to the Congress that such occurrences hereafter be made
criminal under the Federal law to the full extent of the constitutional authority of the Federal Government.
Respectfully submitted,
THE PRESIDENT'S MEDIATION COMMISSION,
W. B. WILSON, Chairman.
J. L. SPANGLER,
E. P. MARSH,
J. H. WALKER.
FELIX FRANKFURTER,
Counsel to the Commission.
PRESIDENT'S MEDIATION COMMISSION ENDS
STRIKE IN CALIFORNIA OIL FIELDS.
The President's Mediation Commission, headed by Secretary of Labor Wilson, was successful in amicably adjusting the California oil field labor dispute, affecting large
quantities of oil used by the army and navy. Announcement to this effect was made in a report to the President on
Nov. 28 by the Commission. The agreement under which
the oil strike was settled provides for the establishment of
an eight-hour day, but stipulates that where the oil operators
are unable to maintain necessary output with an eighthour day the men shall work that period for their employers
and "as many more hours as the President of the United
States or his representatives may request." The oil operators have also agreed to give their employees increased pay
on a $4-a-day minimum scale effective Dec. 1, and union
recognition. The employees on the other hand agreed not
to bring the open shop question up during the period of the
war. The strike in the California oil fields, which has just
been settled, affected about 10,000 men, and the agreement
covers all refineries and pipe lines ill:southern California,
except those of the Standard Oil Company. The following
are the terms of the agreement upon which the strike was
settled:
First. That the eight-hour day already in effect with various California
oil companies shall be put into effect by all California oil operators as of
Jan. 1 1918 with the following proviso:
(a) If the oil operators whose good faith in this entire matter is absolutely
beyond question are not able, owing to labor and other conditions, to put
the eight-hour day into effect by that date, the workingmen affected will,
upon request by the Government of the United States, beginning Jan. 1 1918
work eight hours per day for their present employers, and upon the request
of the Federal Government will work as many more hours as the President
of the United States or his representatives may request.
(b) To insure to the workers the good faith of the employers,a committee
of three Federal Inspectors shall be appointed by the Secretary of Labor of
the United States, who shall have full access and full authority to inspect
all the activities of the oil operators and shall render reports to the United
States Government and the State Executive Board of the Oil and Gas Well
Workers' Union and any company affected as to progress being made.
Second. The minimum wage scale for oil workers shall be $4 for eight
hours' work, which wage scale shall apply as from Dec. 1 1917.
Third. No man shall be discriminated against or intimidated because ot
membership in any union affiliated with the American Federation of Labor,
and the officers of such union shall agree that neither they nor the members
thereof will discriminate against nor intimidate any non-union man because of his failure to belong to a union.
Fourth. In case of disputes or disagreements between the employers and
employees or on any matter affecting the findings of the Presidents' Mediation Commission which cannot be settled through the existing channels
the machinery of the United States Government shall be used with the
Secretary of Labor as the final arbitrator.
OPENING IN NEW YORK OF NETHERLAND INDIAN
GOVERNMENT INTELLIGENCE AND
PRODUCE SAMPLE ROOM.
The ConsulatelGeneral of the Netherlands at New York
announces the opening at 11 South William Street, New
York, of the Netherland Indian Government intelligence
office and produce sample room. The announcement
says:
Although in recent years the Netherland East India Archipelago has been
attracting growing attention all over the world for the richness of its
natural resources, there remains still a wide scope for extending its commercial relations with various countries, especially with the United States
of America.
The Netherland Colonial Government is anxious to promote such extension as much as possible and considers that propagation of a fuller and
better knowledge of the articles produced in those islands may serve a
useful purpose in this respect.
It is in view thereof that the above bureau has been established.
Samples will be on exhibition of some of the more important export articles and Mr. J. H. Muurling, who is in charge, will be glad to furnish
information with regard thereto, free of charge to anyone interested either
by letter or orally.
The bureau will, needless to say, abstain rigorously from all commercial
dealings and from all interest in such dealings, direct or indirect.
556
[VOL. 106.
THE CHRONICLE
,1===offe=••••
INDUSTRIAL UNREST IN GREAT BRITAIN.
The full report of the British Commission of Inquiry into
industrial unrest has been reproduced in a bulletin (No.
237) of the Bureau of Labor Statistics of the U. S. Department of Labor. The report is presented in eight
sections, showing the results of inquiries in eight separate
districts of Great Britain. The commission was appointed
June 12 1917, and the completed report was submitted
July 17 1917. The Bureau of Labor statistics furnishes the
following outline of its bulletin:
The reports for all the districts emphasize as the leading cause of industrial
unrest the fact that the cost of living has increased disproportionately to
the advance in wages and that food distribution is unequal. Another cause
regarded as particularly serious is the restriction of personal freedom under
the Munitions of War Acts, by which workmen have been tied up to particular factories and have been unable to obtain wages in proportion to their
skill; in many cases the skilled man's wages were less than those of the
unskilled. The requirement of leaving certificates was reported as one of
the chief causes of dissatisfaction, but this restriction has been abolished
by an order of the Minister of Munitions, effective Oct. 15 1917, under
which any munitions worker may leave his present employment for other
war work by giving a week's notice, or such longer notice as is provided
for in his existing contract of service.
Dilution of labor and lack of confidence in the Government growing out
of the surrender of trade-union customs and the fear that promises regarding
the restoration of pre-war conditions will not be kept, are given special
attention. It is stated that the irritation caused by the withdrawal of
the trade card scheme under the Military Service Acts has subsided,
but there remains much anxiety regarding the working of the schedule of
protected occupations. All the reports refer to the lack of co-ordination
between Government departments in dealing with labor, and considerable
complaint on account of the delay in dealing with disputes and the difficulty
of securing prompt awards is reported.
Besides the more general causes of industrial unrest certain causes, such
as inadequate housing, liquor restrictions, and industrial fatigue are
mentioned as acute in some districts. Mention is also made of lack of
proper organization among the unions, inconsiderate treatment of women
as regards wages, delay in granting pensions to soldiers, and inadequacy
of compensation under the Workmen's Compensation Act.
A number of recommendations are made by the commissioners. Of
these the first is that there should be an immediate reduction in food prices,
the increased cost of food to be borne by some extent by the Government,
and that there should be a better system of distribution. The necessity
of reducing hours, readjusting wages to a fairer basis for skilled as against
unskilled workmen, the fuller use of trade-union machinery, and renewal
by the Government of the declaration that trade-union rights-and privileges
which have been interfered with on account of the war shall be restored
after the war, are insisted upon. The commissioners strongly urge the
adoption of the principle of the Whitley report for the establishment of
Industrial councils for each of the organized trades, such councils to be
composed equally of employers and employees. This report, otherwise
known as the interim report of the reconstruction committee on joint standing industrial councils, is reproduced in full in the bulletin under review.
Regarding the settlement of disputes various suggestions are offered, to
the effect that one central authority should be constituted, that local arbitration tribunals should be formed,that local commissioners with technical
knowledge to settle disputes should be appointed, and that workshop
committees should be established.
Other recommendations are that compensation under the Workmen's
Compensation Act should be increased, that announcement should be
made of the Government's policy as regards housing, that pensions committees should have larger discretion in their treatment of men discharged
from the army, that the recruiting system should have most careful handling, that the work of Government departments dealing with labor should
be more thoroughly co-ordinated, and that when an agreement is drawn
up between representatives of employers' federations and trade-unions it
should be binding on all in the trade concerned.
While the report shows very clearly the prevalence and the nature of
industrial unrest in Great Britain, it at the same:i me indicates "that
there is a strong feeling of patriotism on the part of employers and employed throughout the country and they are determined to help the State
in its present crisis."
WAGE-PAYMENT LEGISLATION IN THE UNITED
STATES.
A study of "Wage-payment Legislation in the United
States," by Robert Gildersleeve Paterson, has just been
issued as Bulletin 229 by the Bureau of Labor Statistics of
the U. S. Department of Labor. In this study the author
notes that during the past few years comparatively rapid
progress has been made in social legislation and that there
is an especial tendency on the part of the courts to uphold
as Constitutional more advanced legislation for the benefit
of the wage-earner.
In the discussion, wage legislation is divided into four
classes, to each of which a chapter is devoted. Under the
first class, "rates of wages," are included minimum wages
and wages on public works, and under minimum wages are
considered not only minimum wage laws for women and
children by the Adamson railroad eight-hour law and the
Supreme Court decision upon it. The second class, "period
of payment," naturally suggests as sub-heads weekly, biweekly and monthly payments. The third class, "mode of
wage payment," refers to the prohibition of payment in
scrip or orders redeemable in goods, which made possible
the evils of the company store; and to the closely related
requirement of payment in lawful money. The final class,
"restrictions in the employment contract," covers those as
to payment to discharged and deceased employees; deducions from wages, as for imperfect work; refusal to pay
wages, or reduction of the rate without notice; place of payment; weighing and screening of coal in mines, where payment is by the ton mined; and on the other hand, repayment
to employers of advances on contracts for the performance
of services—a class of. laws some of which, if upheld and
enforced, might have resulted in virtual slavery for the
debtors. With reference to each class the laws of foreign
countries, particularly England, are reviewed, then those of
the United States, with especial attention to the decisions of
courts as to constitutionality and construction, which decisions are tabulated and summarized.
Previous to the consideration of the laws in detail, the
labor contract is taken up from the standpoint of freedom of
contract and its limitations and restrictions. In comparing
the progress of such legislation in England and in this country, the reasons for our backwardness are found in conditions inherent in American jurisprudence not flattering to
our system. The limitations of a written constitution, the
lack of co-ordination between State and Federal Courts,
and the necessity, in order that the Constitutionality of a
statute may be unquestioned, that it should have the sanction of both State and Federal Court, are commented upon.
Emphasis is placed upon the persistence of a natural-law or
individualistic philosophy in the reasoning of the courts,
their adherence to formalism and legal precedent, and finally
the rigid and illogical separation of law and fact, so that,
for example, a court must decide the question of tho "reasonableness" of a law as a legal question, without any machinery
for investigation of the facts. In the concluding chapters
the "conflict between individualism and social control," or
between theoretical and actual equality is reverted to, and
here it is shown that the courts have gradually adopted a
more liberal policy of interpretation, and that, especially
since the beginning of the present century, decisions have to
a much greater extent recognized the prorpioty of the regulation by the legislatures of labor contracts in the interest
of the employee. Recent decisions of the Supremo Court in
the case upholding the Adamson law and the Oregon tenhour and minimum wage laws "evidence a clear perception
of the rights of the employer, the employee and the public.
A new basis for the legal interpretation of social legislation
is being constructed that will keep in view the mutual interests of the individual and of society."
It is pointed out that should there be a reaction from the
movement toward public control of wage conditions, which
is not considered probable, the result would be a strengthening of the labor organizations and such a struggle on their
part to enforce more favorable conditions as would make the
unions themselves a factor in the nation's life "affected with
a public interest." This, the author points out, would
eventuate in "a degree of public control over the labor contract quite as great as that we may see by direct regulation
through the legislature and the courts." At any rate, in
his opinion, "the old freedom of contract is a concept which
in its extreme form will prove but a passing phase in our
Constitutional interpretation."
REGISTRATION OF GERMAN ALIEN ENEMIES.
The registration of unnaturalized German alien enemies
in the continental United States was begun throughout the
country on the 4th inst. under the direction of the Department of Justice. The rules and regulations governing the
registration, issued by the Department on Dec. 30, were
published in our issuo of Jan. 5. The registration does not
apply to subjects of Austria-Hungary in this country, or to
German women or German enemy aliens under 14 years
of age. U. S. Attorney-General Gregory in a statement
issued on Feb. 2 with regard to the registration states that
"the mere fact that a man is registered as an alien enemy
should not be taken as a reason for discrimination against
him by his employer or by the community in which he lives."
We annex the statement herewith:
The week of Feb. 4 1918 will be registration week for German alien
enemies. Every male person 14 years of ago and upward who is a native,
citizen, denizen, or subject of Germany, who is now in the United States
and has not become a naturalized citizen of the United States is required
to register.
The United States is at war and for the proper protection of the country
in the present great emergency, it is plainly necessary that such registration
be had. This does not mean that the loyalty of every one of such alien
enemies is under suspicion. The majority of Germans who have taken
up their residence in this country, but who, for one reason or another, have
neglected or failed to become American citizens, are undoubtedly willing
to be loyal and law-abiding. Many of them have shown their desire to
assist the United States in this war. In the interest of public safety, however, they must be registered and must obey the alien enemy regulations.
All such persons who are really loyal to the United States will appreciate
i,his_and will assist the United States, by their own choice the country of
FEB. 9 1918.1
THE CHRONICLE
557
their residence, by promptly registering themselves and advising all others
of their acquaintance fully to obey all alien enemy regulations.
The more fact that a man is registered as an alien enemy should not be
taken as a reason for discrimination against him by his employer or by the
community in which he lives. The President of the United States in his
proclamation of April 6 1917 proclaiming war with Germany, expressly
stated as to the conduct of citizens toward alien enemies and the conduct
of alien enemies themselves, that so long as alien enemies "shall conduct
themselves in accordance with law they shall be undisturbed In the peaceful
pursuit of their lives and occupations and be accorded the consideration
due all peaceful and law-abiding persons, except so far as restrictions may
be necessary for their own protection and for the safety of the United
States; and toward such alien enemies as conduct themselves in accordance
with law all citizens of the United States are enjoined to preserve the peace
and to treat them with all such friendliness as may be compatible with
loyalty and allegiance to the United States."
The alien enemy laws and regulations will be rigidly and aggressively
enforced and the penalties prescribed for their violation Imposed without
exception. But no possible good will come from any unnecessary hardships
or discriminations inflicted by private citizens upon those alien enemies
who remain law-abiding and loyal. As long as such persons remain lawabiding and loyal their work contributes to the resources of the country
and, therefore, to the strength of the country in this war.
food ships leaving this port for France and England, and
sentenced to eighteen months' imprisonment and a fine of
$2,000 each. The specific offense charged was that of placing
incendiary bombs on the British freight steamer Birk
Oswald, on which they were found after the vessel reached a
French port in 1915. Sentence was passed under an old law,
the Espionage Act not applying to offenses committed before
the United States entered the war.
Most of the men convicted, to whose hands the Government lays many of the mysterious fires which have destroyed
numerous Allied vessels, are already under sentences for
complicity in other plots. Rintelen, the leader of the conspiracy, now serving a one-year term in the Westchester
County jail, will begin an eighteen months' term for fomenting strikes in munitions plants as soon as his present sentence expires. It will be the spring of 1921 before he can
begin to serve the sentence imposed yesterday. Before that
The following statement was also authorized by the the Government, it is said, expects to obtain indictments
Department of Justice relative to the registration of German against him on several other charges which, if sustained,
will add years to his stay in jail.
alien enemies:
Details incident to the registration of German alien enemies as prescribed
by the President's proclamation of Nov. 16 have been completed and
assurances of co-operation have been obtained from all of the various SOLDIERS AND SAILORS CIVIL RIGHTS BILL PASSED
agencies which have been requested to aid in the work. The registration,
BY U. S. SENATE.
as has been previously announced, will begin on Feb. 4 and be continued
The Administration's Soldiers and Sailors Civil Rights
through Feb. 9.
Article I, paragraph 1, of the regulations prepared by the Department Bill, was unanimously passed by the U. S. Senate on Feb.
of Justice, stipulating those who will be required to register, reads:
6 virtually in the form it was adopted by the House on
"All natives, citizens, denizens, or subjects of the German Empire or of
the Imperial German Government, being males of the age of fourteen Oct. 4 last. The bill, to which we referred at length in
years and upward, who are within the United States and not actually
these columns on Oct. 13 1917 (pages 1483 and 1484) exnaturalized as American citizens, are required to register as alien enemies.
The definition of alien enemy, as given in Article II-A, of the regulations empts members of the military and naval forces of the
is:
United States from various kinds of legal actions against
"The term 'alien enemy' as at present defined by statute (U. S. Rev,
Stat. 4067), includes all natives, citizens, denizens, or subjects of a foreign them, and, in effect, provides a moratorium for the duration
nation or government with which war has been declared, being males of the of the war in behalf of men who are serving their country
age of fourteen years and upward, who shall be within the United States
and not actually naturalized as American citizens."
on the firing line.
The following applications of this definition have been made by the
Department of Justice:
1. Females are not alien enemies within the present statutory definition. STATE AID IS PROPOSED FOR NEW YORK'S SOLDIERS'
2. A male, irrespective of the citizenship of his parents, born or natuDEPENDENTS.
ralized in the United States, and subject to the jurisdiction thereof, is not
A bill has been introduced in the New York Legislature
an alien enemy unless—
(a) Such a male born in the United States has become naturalized In or by Senator Slater providing State aid to those in the militaken an oath of allegiance to any foreign country against which war has
tary or naval service of the United States. The Act probeen declared.
(b) A male so naturalized has subsequent to his naturalization in the vides for monthly aid beginning Jan. 1 1918, as follows: to
United States, become naturalized in or sworn allegiance to a country a wife or parent not to exceed $10; to a child, grandchild,
against which war has been declared.
brother or sister, not to exceed $5 each. Children over
3. A male native, citizen, denizen or subject of a foreign nation or
the age of 17 years are not allowed any aid, unless such child
government with which war has been declared is an alien enemy, even
though he has declared his intention to become a citizen of the United is mentally or physically incapable of earning a living, in
States by taking out first papers of naturalization or has been partly or
which case the amount allowed is determinable by the
completely naturalized in any country other than the United States.
4. Naturalization of alien enemies cannot be completed during the period Adjutant-General, and may be continued until such child is
of the war (U. S. Rev. Stat., 2171) unless possibly where (courts here 21 years old.
differing) application for second or final paperl of naturalization was made
Such allowances are to continue for the duration of the
or accepted prior to the declaration of war.
(Note.—Proclamation of war against Germany April 6 1917.)
war and be paid from the State Treasury under the direction
5. A male child born in a country against which war has been declared of the Adjutant-General, to whom application
therefor
of a father who was at the time of such child's birth a native, citizen,
denizen, or subject of such hostile nation or government is not an alien should be made.
enemy if his father was naturalized as an American catizen while such child
The provisions of the Act do not apply to the dependents
was a minor; provided that such minor child began permanently to reside of
State and city officers and employees who receive comwithin the United States before reaching his majority.
6. A male child born in a country against which war has been declared, pensation under Section 245 of the Military Law, as amended
of a father who was at the time of such child's birth an American citizen by Chapter 435, Laws of 1917.
and there temporarily residing, is not an alien enemy.
7. The marriage of an alien widow to an American citizen during the
minority of her children naturalizes as American citizens such of her minor
children as are dwelling In the United States at the time of said marriage. TEMPORARY PROHIBITION FOR NEW YORK STATE.
8. If the second or subsequent husband of an alien widow becomes
The bill introduced in the Legislature at Albany by
naturalized as an American citizen, the minor children of such widow
residing permanently in the United States at the time of the naturalization Assemblyman McNab and to which we referred briefly in
our issue of Jan. 26, prohibits the manufacture and sale of
of such husband are thereby naturalized as American citizens.
9. The naturalization as an American citizen of the widow of an alien alcoholic liquors for beverage purposes during
the period of
naturalizes as American citizens her minor children residing permanently
the war and one year thereafter.
within the United States at the time of her naturalization.
10. Males born in or residing as German subjects in Alsace-Lorraine
The Act is declared to be a "war emergency" exercise of
subsequent to May 10 1871 and now dwelling within the United States the police powers
of the State and that its provisions are to
are alien enemies unless naturalized as American citizens.
11. Males born in or residing as German subjects in Schleswig-Holstein be liberally construed to accomplish the desired purposes.
subsequent to Aug. 23 1866 and now dwelling within the United States are
It makes it unlawful, on and after Oct. 1 1918, for the
alien enemies unless naturalized as American citizens.
period of the present war and for one year thereafter, to use
The Department has refused to grant exemption from registration to
any person who is a German alien enemy within the meaning of the law, any grain or grains, such as wheat, corn, barley, rye, oats
the President's proclamation, or its own regulations.
or any other food grain or any product thereof or any edible
The regulations provide that registration in municipalities which had
by the Federal census of 1910 a population of 5,000 or over will be conducted cereal, or to use any edible or other fruit or fruits or proby the local police departments and take place in the various police pre- ducts thereof for the manufacture of alcoholic liquor for
cincts or station-houses in those municipalities. Registration in communi- beverage purposes or to manufacture any such liquor
or
ties which had a population of less than 5,000 in the Federal census of 1910
will be conducted through the Post Office Department, and the places of alcohol. The Act also provides that during the same period
registration will be the various post offices.
all certificating provisions of the State liquor law are to be
No fees or gratuities are to be paid on given to any registration officer for suspended, except those applicable
to the sale of liquors by
administering the oath or for any other service performed in connection
with the registration. The persons required to register are, by so doing, duly licensed pharmacists.
giving proof of their peaceful dispositions, and of their intention to conform
The proposed law defines "alcoholic liquors" to include
to the laws of the United States.
whiskey, brandy, rum, gin, wine, ale, porter,
beer, hard or
fermented cider, ethyl alcohol and all malt and other alcoholic
CONVICTION OF GERMAN PLOTTERS FOR PLACING liquors or combinations thereof.
BOMBS ON SHIPS.
No prohibition is made against the manufacture, importaFranz Rintelen, and ten of his aides, were convicted in the tion, exportation or sale of denatured or methyl alcohol,
Federal Court on Feb. 5 of conspiracies to place bombs on or of ethyl alcohol or other alcoholic liquors for medicinal,
558
THE CHRONICLE
[VoL. 106.
pharmaceutical, scientific, mechanical or sacramental purposes; but persons who pospose to manufacture alcoholic
liquors for such purposes are required to obtain from the
Commissioner of Excise a license at a cost of $10 per month.
vacancies occurring from time to time by the employment of other men on
the same terms and that defendants could not be permitted to interfere with
these rights without some just cause or excuse.
"By way of justification or excuse, defendants set up the right of workingmen to form unions and to enlarge their membership by inviting other
workingmen to join. The opinion of the Court freely coincides this ,:ight,
provided the objects of the union be proper and legitimate, which is
CIVIC LEAGUE IN NEW YORK CITY ASKS SUSPEN- assumed to be true in a general sense with respect to the United Mine Workers of America.
SION OF SALE OF TAX LIENS FOR PERIOD OF WAR.
"But the Court holds that it is erroneous to assume that this right is so
absolute that it may be exercised under any circumstances and without any
Civic
State
Island
the
Dr. L. A. Dreyfus, President of
qualification; that, in truth, like other rights that exist in civilized society,
League, has written the following letter to Comptroller It
must always be exercised with resaonable regard for the conflicting rights
on
liens
of
tax
sale
the
of
suspension
the
Craig suggesting
of others.
were exercising the right to invite
realty for the period of the war. In making this request -*Hence, assuming that the defendants
men to join their union, nevertheless, since they had notice that plaintiff's
Dr. Dreyfus says:
mine was run non-union,that none of the men had a right to remain at work
Many of our men (2,800 from Staten Island) now in the national service there after joining the union and that the observance of this agreement
have bought homes or have aided their parents to buy homes. As some was of much importance and value, both to plaintiff and to its men,who had
are delinquent in the payment of the taxes on such homes, by reason of voluntarily made the agreement and desired to continue working under it,
their service to their country, the Staten Island Civic League has requested the defendants were under a duty to exercise care to refrain from unnecesthat you suspend the sale of tax liens during the period of the war and for sarily injuring plaintiff; yet, they deliberately and advisedly selected that
a reasonable time thereafter. This, we feel, would prevent hardship method of enlarging the union membership, which would inflict injury upon
in a number of cases, and would work no real injury to the city. Moreover, plaintiff and its loyal employees, by persuading man after man to join the
during such intermission in the sale of tax liens, you might work out a union, and having done so, to remain at work, keeping the employer in
more sane method of dealing with delinquent taxpayers, for it is a public Ignorance of their number and identity, until so many should have joined
scandal that the present method of selling tax liens enables a lot of despic- that by stopping work in a body they could coerce the employer and the reable sharks to collect usury from negligent or unfortunate property owners. maining miners to organize the mine; and that the conduct of defendants
In so doing was unlawful and malicious.
"To the suggestion that under the existing contract an employee was not
called upon to leave the mine until he actually joined the union,and that the
SUPREME COURT UPHOLDS "OPEN SHOPS."
organizer only tried to get the men to agree to join, and did not attempt to
Decisions upholding the right of employers to operate Induce them to break their contracts by remaining at work after actually
their plants as "open shops" and to restrain conspiracies joining, the Supreme Court holds that in a court of equity, which looks to
and essence of things and disregards matters ofform and techdesigned to bring their non-union employees into labor the substance
nical nicety, to induce men to agree to join the union for the purpose of
organizations were handed down by the United States shutting down the mine was the same for practical purposes as if they actuSupreme Court on Dec. 10. At the same time the Court ally became members of the union. That it needed no formal ritual or
of an oath of membership to constitute them such; their uniting with
reaffirmed the right of workmen to organize for lawful pur- taking
the union in the plan to subvert the system of employment at the Hitchposes. The opinions were given in proceedings brought man mine, to which they had voluntarily agreed and upon which their
by the Hitchman Coal & Coke Company of West Virginia employer and their fellow employees were relying was sufficient to con.stithem members for practical purposes.
against officers of the United Mine Workers Association tiate
"But the Court further holds that what the defendants were endeavoring
of America and the Eagle Glass Manufacturing Company to do at the Hitchman mine and neighboring mines was not a bona fide
were
also of West Virginia against the officers of the American effort to enlarge the membership of the union,since the new members
desired or sought except as a moans to the end of compelling the owners
Flint Glass Workers Union. An injunction sought by the not
of the mines to change their methods of operation.
coal company restraining the defendants from interfering
"The Court further holds that defendants were not pursuing their object
fide intention entered into
with it and its employees was granted by the Fourth Federal by lawful means; that the question of their bona
question of malice; that the intentional infliction of damage upon anCircuit Court; the Court of Appeals set aside the injunc- the
other without justification or excuse is malicious in the law, and that the
tion, but the original findings are sustained by the Supreme excuse set up by defendants could not be regarded as a just cause or excuse
upon the assertion of a conflicting right that was sought
Court, which likewise upholds the injunction in the case because it was based
to be obtained by unfair methods and for the very purpose of interfering
of the glass company restraining union officials from at- with plaintiffs' rights, of which defendants had full notice.
"The Court also declares that it is erroneous to assume that all measures
tempting to organize their employees. Lower Court demay be resorted to in the effort to unionize a mine are lawful if they
crees holding that the United Mine Workers of America which
are peaceable; that is, if they stop short of physical violence or coercion
and the American Flint Glass Workers Union were illegal through fear of it; the Court holding that any violation of plaintiff's legal
organizations and that under the Sherman law they were rights contrived by defendants for the purpose of inflicting damage or havthat as its necessary effect, is as plainly contrary to law as if it involved
secret conspiracies in restraint of trade were, it is stated, aing
breach of the peace; and that a combination to procure concerted breaches
ignored by the Supreme Court opinion. The Court divided of contract by plaintiff's employees constituted such a violation.
"That defendants' acts cannot be justified by analogy to competition in
in the Hitchman case 6 to 3, Justices Brandeis, Holmes and
trade; that if a competing trader would endeavor to draw custom from his
Clark, dissenting. No formal dissenting opinion was ren- rival
not by offering better or cheaper goods, employing more competent
dered, except a brief statement made by Justice Bran- salesmen, or displaying more attractive advertisements, but by persuadrendering it difficult
deis, who said he believed the union had a right to do the ing the rival clerks to desert him under circumstances
or embarrassing for him to fill their places, a court of equity would grant an
things to which the other members of the Court objected. injunction
to restrain this as unfair competition.
Summing up the matter, the Court holds that the purpose of defendants
Contempt proceedings, instituted last month by the Hitcha strike at the mine in order to compel plaintiff through fear
about
bring
to
man Coal & Coke Company, against President Frank J
of financial loss to consent to the unionization of the mine as the lesser
Hayes, of the miners' union and 15 other officials and mem- evil, was an unlawful purpose and that the methods resorted to by the
bers, for alleged violation of the injunction are still pending organizer, the inducing of employees to unite with the union in an effort
subvert the system of employment at the mine by concerted breaches
and, according to the company's counsel, will be pressed. to
of the contracts of employment known to be in force there, were unlawful
The Court on Dec. 10 granted the defendants 60 days in and malicious methods, not to be justified as a fair exercise of the right to
was threat'which to present their case. In its findings in the Hitch- increase the membership of the union. And that since plaintiff
with danger as the result of defendant's efforts, it was entitled to be
man case the majority of the Court held that the officials ened
protected by an injunction and for that reason the decree of the Circuit
of the miners' union "deliberately and advisedly selected Court of Appeals must be reversed.
that method of enlarging the union membership which would
inflict injury" upon the company and its loyal employees
and declared that the "conduct in so doing was unlawful
and malicious." The Court also declared that "it is erroneous to assume that all measures which may be resorted
to in the effort to unionize a mine are lawful if they are peaceable—that is, if they stop short of physical violence or
coercion through fear of it." It added that "the purpose
of the defendants to bring about a strike at the mine in
order to compel plaintiff through fear of finacial loss to consent to the unionization of the mine as the lesser evil was an
unlawful purpose." The conclusions of the U. S. Supreme
Court are set out as follows:
"The Court holds that the plaintiff was acting within its lawful rights in
employing its men upon the terms that they should not be members of the
United Mine Workers; that, having established this working agreement between it and its employees with the free assent of the latter, the plaintiff is
entitled to be protected in the enjoyment of the resulting status as in any
other legal right; that the fact that the employment was terminable by
either party at any time made no difference, since the right of the employee
toNtrike or to leave the work gave no right to defendants to instigate a
strike; that plaintiff was and is entitled to the good will of its employees
precisely as a merchant is entitled to the good will of his customers, although they are under no obligation to deal with him; that the value
of the relation lies in the reasonable probability that by properly treating
its employees,and paying them fair wages and avoiding reasonable grounds
of complaint, plaintiff will be able to retain them in its employ and to fill
Similar finding were made in the case of the Eagle Glass
Manufacturing Company against the Glass Workers'
Union and its officers.
Samuel Gompers, President of the American Federation
of Labor, in a statement issued with the announcement of
the court's findings characterized the decision as "far-reaching and unwarrantable." He said:
To hold that the United Mine Workers of America is an unlawful organization or that it is a conspiracy is to hark back to the days when employers
were monarchs of all they surveyed and their employees were servants or
slaves. The miners' union undertook by perfectly lawful methods and
means to reach the unorganized and underpaid miners of West Virginia
so that they might be treated as men and as citizens, with the responsibility
of maintaining families upon an American standard.
In its petition the Hitchman Coal & Coke Co. did not have the temerity
to claim that there was any violence or unlawful conduct on the part of
the representatives of the union to organize the coal minors.
The scale of wages paid the miners in many of the mines of West Virginia is far below that prevailing in the entire competitive field, and the
Mtchman company pays the lowest of them all, and yet in its petition the
company said that the miners union aimed to have that company "pay
such scale of wages as said United Mine Workers of America arbitrarily"
fixed.
At the time when the injunction was issued John Mitchel was President
and William B. Wilson Secretary-Treasurer of the United Mine Workers
of America. The former is now the Food Administrator of the State of
New York. The latter is a member of the President's Cabinet, and
FEB. 9 1918.]
THE CHRONICLE •
these men with others of equal standing and character are stigmatized by
the court as conspirators.
President Wilson has justly declared that society has given its sanction
that the eight-hour workday is justified. It is to bring light and hope
and patriotism into the lives of the workers for which we are organized
and are organizing and federating the toilers of America. And we shall go
on to reach our goal for a better concept of not only political but industrial
democracy.
PROPOSED CHANGES IN NEW YORK STATE'S CORPORATION INCOME TAX LAW.
There is now pending in the Legislature at Albany a bill
to amend Sections 209,211,214 and 219d of the law adopted
by the 1917 Legislature imposing a 3% annual franchise tax
on net incomes of manufacturing and mercantile corporations. The provision that the annual franchise tax on net
incomes of manufacturing and mercantile corporations shall
be computed upon the basis of the corporation's return for
the Federal income tax is stricken out, and provision is made
that the income subject to the State tax shall be determined
by the State Tax Commission.
In the annual reports required to be made to the State Tax
Commission by Section 211, corporations must continue to
include a statement of the annual net income for the preceding
fiscal or calendar year reported to the U.S. Treasury Department; corrections or changes made in the amount of the net
income, by U. S. Government officials, for any year of any
corporation, must be reported to the Tax Commission within
ten days, and the corporation must either concede the
accuracy of such determination or state wherein it is erroneous. Where a change or correction is thus made, authority
is given for the reaudit and restatement by the Tax Commission of the account of such corporation for taxes based
upon its annual net income as ascertained by the Commission. If an excessive tax has been collected by the State,
proper credit is to be given the corporation; if additional
taxes are found to be due they must be paid by the corporation within thirty days after notice by the Commission.
Should the proposed changes be approved by the Legislature the sections amended are to be construed as having
been in effect as of the date of the original enactment of the
i. e., June 4 1917.
The full text of the law as it passed in 1917 will be found in
our issue of July 14 1917, pages 124 to 126, inclusive.
U. S. SUPREME COURT DECIDES TWO "BONE-DRY"
LIQUOR CASES.
Two "bone-dry" decisions were handed down by the
U. S. Supreme Court on Dec. 10. The more important of
these was a decision upholding the Idaho prohibition law
which provides that "it shall be unlawful for any person to
import, ship, sell, transport, deliver or receive, or have in
his possession any intoxicating liquors except in the cases
where a permit is allowed." In deciding the Idaho case,
Justice McReynolds, who gave the Court's opinion, said:
It must now ho regarded as settled that on account of their well-known
noxious qualities and the extraordinary evils shown by experience commonly to be consequent upon their use, a State has power absolutely to
prohibit the manufacture, gift, purchase, sale or transportation of intoxicating liquors within its borders without violating the guarantees of the
Fourteenth Amendment.
As tile State has the power above indicated to prohibit, it may adopt
such measures as are reasonably appropriate or needful to render the exercise of that power effective, and, considering the notorious difficulties
always attendant upon efforts to suppress traffic in liquors, we are unable
to say that the challenged inhibition of their possession was arbitrary and
unreasonable or without proper relation to the legitimate legislative
purpose.
We further think it clearly follows from our numerous decisions upholding prohibition legislation that the right to hold intoxicating liquors for
personal use is not one of the fundamental privileges of a citizen of the
United States which no State may abridge. A contrary view would be
incompatible with the Undoubted power to prevent the manufacture, gift,
sale, purchase or transportation of such articles—the only feasible ways of
getting them. An assured right of possession would necessarily imply
some adequate method to obtain not subject to destruction at the will of
the State.
The other decision of the Codit sustains the North Carolina law requiring railroads and other common carriers to
keep a separate book in which to record the names ofipersons
to whom liquor is shipped, the amount, the date:of delivery
and the receipt by the consignee. It appears that for the
purpose of enforcing the law R. L. Davis, a citizen, asked
an agent of the Seaboard Air Line about a certain shipment
and was refused, the agent claiming the protection ()Who
Federal Inter-State Commerce Act, which protects shippers
from divulgence of their shipments. The railroad was
prosecuted and found guilty, the State Supreme Courtilater
affirming the verdict.
On a writ of error to the U.S. Supreme Court the:company
sought to reverse the State Court on the ground that-We
State was trying to regulate commerce between1States when
559
it required carriers to keep a book of record as to shipments
from without the State; that inspection of the records of
the carrier "by a mere citizen" having no official status and
no legal process for the purpose was a violation of the InterState Commerce Law, and that the Webb-Kenyon Federal
law could not prohibit shipments in Wake County, N. C.,
because that law did not make it unlawful there to possess
or receive liquors.
The U. S. Supreme Court, in the decision delivered by
Justice McReynolds, holds that the case of the Clark Distillery Co. vs. the Western Maryland Ry., decided by the
U. S. Supreme Court in January last and referred to in these
columns on the 20th of that month, upholding the WebbKenyon Act as to shipping liquor from one State into another against the statutes of the latter, is decisive of the
North Carolina case. The Court in its opinion said:
It is not open to serious question that the Webb-Kenyon Act is a valid
enactment. Its purpose was to prevent the immunity character of interState commerce from being used to permit the receipt fo liquor through
such commerce in States contrary to their laws and thus in effect afford
a means by subterfuge and indirection to set such laws at naught.
The State may inhibit shipments therein of intoxicating liquors by a
common carrier, although intended for the consignee's personal use,
where such use is not actually forbidden. The Act does not forbid the
use of liquor, but permits it with publicity of the fact. The greater power
includes the less.
The fact that the Webb-Kenyon Act was enacted at a
date subsequent to the provision of the Inter-State Commerce Act safeguarding the details as to shipments in interState commerce from the knowledge of "mere citizens,'
without any official status or legal process, is held to supersede the immunity afforded by the Inter-State Commerce
Act.
In the Idaho case the Court was unanimous, but in deciding the North Carolina case, Justice Vandevanter dissented.
DEMANDS BEFORE RAILROAD WAGE COMMISSION.
It was stated on Jan. 31 that the demands for wage increases pending before the new Railroad Wage Commission
appointed by Director-General of Railroads McAdoo on
Jan. 4 are for an aggregate average of 40%, and represent
a total of nearly $500,000,000 this year, or about half of the
railway operating income of last year. In nearly every
case, it is said, the labor representatives seek to represent
all members of the particular trade, whether organized or
unorganized, and the wage commission, it is said, is prepared
to accept this principle. Many of the demands are said
to be for much more than 40%. It is reported that they
ask in some cases an increase to place certain trades on a
parity with employees of other industries, and in addition
a flat increase to provide for higher cost of living within the
last year. Less than half of the 1,800,000 railway employees are organized. Within the last few weeks, however,
the unorganized men have met in groups and sent petitions
to the Railroad Administration or Wage Commission asking
definite increases. With the aid of statisticians and examiners the Wage Commission expects, it is said, to determine certain rates, of increase considered just for various
classes of railway labor and probably will scale down, it is
thought, the demands in many instances. An attempt
also will be made to make the wage grants proportional to
pay in other industries. The Commission on Jan. 31 classified hundreds of complaints of railway labor organizations.
against local practices of railroad employers. These will
be investigated by the Commission's examiners, together
with the Labor Supervisor, whom Director-General McAdoo
plans to name on his permanent executive staff. The first
hearing of the labor interests before the Commission was
held on Jan. 29; the _Commission, as indicated in our issue
of Jan. 26, page 365, is made up of Franklin K. Lane, Secretary of the Interior; Charles C. McChord, of the InterState Commerce Commission; J. Harry Covington, Chief
Justice of the Supreme Court of the District of Columbia,
and William R. Wilcox, formerly Chairman of the Republican National Committee. Coincident with the opening
of the hearings, the Commission, through its Chairman,
Secretary Lane, issued the following statement regarding
its scope and duties:
In opening the public hearings of this Commission it may be well to incorporate in the record the authority under which we are acting:
DIRECTOR-GENERAL OF RAILROADS,
Washington, Jan. 18 1918.
General Order No. 5.
Pursuant to the authority vested in me as Director-General of Railroads
by the President of the United States in his proclamation of Dec.26 1917, I
hereby create a Railroad Wage Commission and name as the members
thereof Franklin K. Lane, Secretary of the Interior; Charles C. McChord,
member of the Inter-State Commerce Commission; J. Harry Covington,
Chief Justice of the Supreme Court of the Duistrict of Coumbia, and
William R. Wilcox, of New York.
560
THE CHRONICLE
0T is ordered and directed that: The Commission shall make a general
investigation of the compensation of persons in the railroad service, the
relation of railroad wages to wages in other industries, the conditions respecting wages in different parts of the country, the special emergency
respecting wages which exists at this time owing to war conditions and the
high cost of living, as well as the relation between different classes of railroad labor.
The Commission shall begin its labors at once, and make report to the
Director-General, giving its recommendations in general terms as to
changes in existing compensations that should be made.
Officers, agents and employees of the railroads are directed to furnish
to the Railroad Wage Commission upon request all information it may
require in the course of its investigations.
•W. G. McADOO,
Director-General of Railroads.
[VoL. 106.
believes a majority of the railroads will accept "these terms
as a just and fair measure of their constitutional rights." A
minority report was filed by Senator Poindexter, Republican,
of Washington. As presented to the Senate the bill provides
that the President may initiate rates, subject to review and
alteration by the Inter-State Commerce Commission, upon
complaint either of shippers or the carriers. Government
control of the railroads is extended in the Senate bill to
eighteen months after the war, and the compensation is to
This Commission understands that its'duty is not to sit as a body of be based on the annual railway operating income for the
judges to determine a contested case as between the railroads and their three years ended June 30 1917. The Senate Committee
employees. The Government has taken over the control of the railroads
for the period of the war and to meet war needs. It is a matter of necessity agreement on the question of limiting the period of Governthat we secure from the roads their fullest usefulness. They must be ment control and the rate-fixing power of the President was
made to play their part to the limit in the making of war, the carriage of reached on Feb. 1. The agreement was prepared by a
goods and men. To this end it is fundamental that the employees shall
feel that a spirit of justice animates the Government. We should seek to sub-committee consisting of Senators Robinson and Towngive not what may be forced by contest, struggle, intimidation, and coer- send. Following a White House conference on the 1st inst.,
cion, but what is fair, all things considered. This is our attitude. We when members of the Senate Committee were advised that
look at the problem before us as not "what does organized labor or unorganized labor demand," but what, with war upon us and living costs as President Wilson did not desire that the Inter-State Comthey are, should be the compensation given for the services rendered. We merce Commission be deprived of its rate-making powers
seek for no counsel of perfection. The status of labor for all time is not to under
Government control of the railroads, the two provibe determined by our studies. We shall not expect to give all that under
pressure the workman might compel any more than we shall ask him to sions indicated were adopted by the Committee by a vote
accept the wage that our soldiers receive for their unequaled sacrifice.
of 11 to 4. Those voting in favor of the compromise were
But a working basis must be arrived at between the Government and
Senator Smith, Chairman, of South Carolina; Pomerene,
those who are employed on the roads by which good feeling shall be maintained and the fullest service obtained, for this is the prime need of the Myers, Robinson, Saulsbury, Thompson, Lewis and Underhour that each man's hand and brains shall serve the nation now as never wood. Democrats, and Townsend, Watson and Kellogg,
before. We wish,in short,to stimulate production by doing what is just.
Republicans. Those opposed were Senator Gore, DemoThis being a Government inquiry we shall hear those who wish to contribute anything that is helpful, but it is mandatory that we shall reach a crat, and Cummins,Poindexter and La Follette, Republicans.
quick conclusion. Therefore the greater part of the data upon which we
As finally approved, the bill will provide that Government
must act will be gathered for ourselves. There are 1,800,000 employees
on our railroads. Some are organized and have great power for self-help. control of transportation shall continue for eighteen months
The great majority, more than two-thirds, are, however, not organized. after the war terminates instead of "until Congress shall
We shall consider both classes, and upon an equal footing, so far as that thereafter order otherwise," as originally drawn, or
for one
may be practicable. This very statement of the number employed makes
evident the unparalleled size of the task that is before us. If with this fact year as provided by Senator Watson's amendment adopted
is considered the extent of the territory covered and the significance of the Jan. 29. It gives the President authority to initiate rates,
different conditions obtaining in the varying sections of the country it as the railroads are empowered to do under the existing
laws,
will at once be realized that no such hearing as this has been held before,
nor one that carries su&la possibilities in affecting for good or ill the mass but if either the carriers or shippers object, an appeal can be
of our workers in all innustries and the part they will play in carrying on taken to the Commission which will make the final decision.
the pressing duty of making war with characteristic American energy, This
power to initiate rates under the bill continues during
enthusiasm, and masterfulness.
We wish first of all to know what present conditions are. What data the period of Federal control instead of during the war as had
has already been gathered as to the number of employees, their classifica- been suggested. The House Committee on Inter-State
tion in groups according to their duties, their compensation in money and
Commerce reached an agreement on the bill on the 6th, and
that compensation converted into terms of support for themselves and
their families. This leads into a study of the present cost of living as con- a final vote on it by this committee was scheduled for yestertrasted with the cost at other periods. The various Governmental agen- day. The House bill fixes the period of Government control
cies, the railroads themselves, the larger organizations of labor and individual studies will doubtless prove to have already gathered the greater to two years after peace is declared, and leaves final rate fixing
authority in the hands of the President. The House draft
part of these facts.
Wherever there is a shortage this must be supplemented, and to this end provides that he shall initiate rates, which shall be reviewed
we shall feel free to call upon railroads and employees, the Government
departments, and other agencies for such facts as they can furnish. We by the Inter-State Commerce Commission on complaint.
shall also seek from foreign Governments and from the industries of the The Commission then may make recommendations to the
country for the presentation of methods by which conditions such as we President, who may take such action as he may "deem
must meet have been met.
In a word, we shall make this inquiry upon the broadest possible lines required in the public interests." This provision was
consistent with an early closing of our research,and the great body of the adopted by the House Committee on Feb. 5 by a vote of
material we shall gather will, we trust, come to us in compact written or 10 to 8. A provision similar to that in the Senate bill was
printed form, rather than by oral statement. Each one who appears in
person or otherwise shall be regarded as being animated by the same pur- lost in the House on the 5th by a tie vote, 9 to 9. One propose that animates the Government itself. No selfish or narrow ends are vision not embodied in the Senate bill, but contained in the
to be served by this hearing. We are looking to the greater welfare of the
House draft, protects short line railroads not taken over by
nation, and through service to the nation we seek the welfare of mankind.
Our end is not to justify a theory or to reach or approximate an ideal but the Government by providing that, where it is found necesrather as practical men to deal with a situation present in a spirit of fair- sary to divert traffic from those roads in the national interminedness.&1
est, the President may as far as practicable route sufficient
On Jan. 30 the Commission announced the appointment .unimportant freight over those roads to compensate them in
of three of the four members of its Board of Examiners to revenue. The amendment was drawn by Representatives
hear minor wage complaints. They are Edward J. Bar- Kitchin and Britten, who'are not members of the Committee,
cab, Buffalo manufacturer and leader of the Labor Legisla- and it is reported as having the approval of Director-General
tive movement in New York State; Riley Redpath, Kansas McAdoo.
City business man, and Lathrop Brown, New York, former
Another amendment approved by the House Committee
member of Congress and now special assistant to the Secre- provides that, until otherwise ordered by the President,
tary of the Interior. The examiners will act virtually as operating revenues may be received by the carriers as before
Deputy Commissioners and will hear a large portion of the the Government took control, but that any net revenue
wage demands presented to the Commission. A Board of above the standard return based on the average operating
Statistics to gather information bearing on wages was pre- income during the three years period ending June 30 1917
viously appointed by the Commission; it consists of Dr. must be paid into the Federal Treasury and placed in the
Charles P. Neill, ex-United States Labor Commissioner; $500,000,000 revolving fund, provided for in both committee
A. 0. Wharton, head of the Railway Employees Depart- drafts of the bill. Both committees agreed to the standard
ment of the American Federation of Labor and Fred A. return feature, but the House Committee adopted an amendBurgess of the Brotherhood of Locomotive Engineers.
ment requiring the President to make annual reports on
receipts and disbursements of the roads. The House Committee also approved amendments retaining for the States
SENATE AND HOUSE COMMITTEES' REVISION OF power to tax railroad property during Federal. control, and
ADMINISTRATION RAILROAD BILL.
retaining the States' police powers, including the "Jim
The Administration railroad bill, as agreed on by the Crow" laws. The adoption by the House Committee of
Senate Committee on Inter-State Commerce, was formally the provision providing fgr the termination of Government
reported to the Senate on Feb. 7. The majority report, control two years after peace occurred on Feb. 2, the provifiled by Senator Smith, Chairman of the Committee, esti- sion being accepted by a vote of 15 to 6. Four amendments
mated that under the bill's provisions the Government will to limit the time of Government control were offered in the
guarantee annually to the railroads of the country $945,- House Committee. One by Representative Esch fixed the
000,000, representing a return of 5.32%. "This," he says, time at one year after the war, another by Representative
'reflects neither poverty nor riches." but the Committee Barclay at three years, a third by Representative Parker
L.
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FEB. 9 1918.]
THE CHRONICLE
561
at 18 months, and the fourth by Representative Montague
at two years.
On the 5th inst. the House Committee decided to eliminate
the section granting disability compensation to railroad
employees.
Clifford Thorne, attorney for the shippers, in statements
recently made before the Senate and House Committees,
advocated the proposition that all companies earning more
than 5% (not 3%, as previously reported) on their capital
stock should be guaranteed their current rates of interest
and dividends, the surplus not to be capitalized. Two
amendments to the original bill have been proposed by the
Senate Committee in recognition, partially, of the principles; first, that additions and betterments built out of surplus during the period of Federal control should not be
capitalized; and second, that the Inter-State Commerce
Commission should have final jurisdiction over rates.
These amendments are as follows:
for a reasonable period. During the last three years new investment in
the properties now under Federal control has been at the rate of approximately $375,000,000 a year.
The year ended June 30 1915 was one of the poorest in recent railroad
history. The other two years have been prosperous years. The average
of the three years therefore reflects neither poverty nor riches. The
purchasing power of the dollar accruing to the stockholder, as well as to the
wage-earner, has decreased. Dividends in industrial companies have
largely increased. The rate of return upon Government bonds, both
abroad and in the United States, has largely increased.
The percentage of return upon the value of the railroad property taken
under Federal control cannot be accurately stated; for, until the Federal
valuation, now in process, is completed, no one knows the value of that
property. The book value may be taken,for certain comparative purposes,
as of some significance; it must not be regarded as accurate. The proposed
standard return, figured upon the book value of all the companies, will
give a return not far from 5.32%. Comparing this return to that which
accrues to the purchaser of Government bonds, it seems large, but Government bonds run for a period of 25 or 30 years. The proposed guaranty to
the owners of railroad securities may run for only a few months. The
Government is practically a tenant at will.
After the most careful consideration, your committee are of the opinion
that the owners of these properties would not be unlikely to receive an
award from a court at least equal to the proposed offer; that it is therefore
the duty of Congress to cuthorize the President to make such offers as will
Amend Section 4 by adding thereto the following:
prevent patriotic and fair-minded American citizens from resorting to HUProvided that there shall be no increase of compensation for any addiagainst their Govtions, improvements or betterments constructed out of, or purchased by, tlon in time of war in order to determine their rights
ernment.
the earnings or surplus earned during the period of Federal control. .
interest
requires the President may
Whenever, in his opinion, the public
Initiate rates by filing the same with the Inter-State Commerce Commis- REPORTS ON DEPOSIT BALANCES OF RAILROADS
eon. Said rates shall be fair, reasonable and just, and shall take effect
ASKED FOR BY INTER-STATE COMMERCE
at such time and upon such notice as he may direct; but the Inter-State
COMMISSION.
Commerce Commission shall, upon complaint, enter upon a hearing concerning the justness and reasonableness of so much of any order of the
upon the railroads of the country
calling
A
communication,
President as establishes or changes any rate, fare, charge or classification
for information relative to the deposit balances to the credit
of any carrier under Federal control, and may consider all the facts and
circumstances existing at the time of the making of the rate. After full of their systems and subsidiary companies, has been adhearing the Commission may make such findings and orders as are author- dressed to the Presidents of the roads by the Inter-State
ized by the Act to Regulate Commerce as amended.
The House Committee has declined to accept these amendments.
During the discussion of the bill by the House Committee
on Feb. 1, one member is said to have declared that financiers
interested in railroad securities were now opposed to fixing
a time limit as to the Government control. He is reported
to have informed his associates that he had it on the authority of a noted New York financier that the men dominating
the finances of railroads wanted the bill to remain unchanged.
The position of this financier was that the situation after
the war might be in such a condition that it would be better
for the railroad stockholders to have the Government to
continuo control for a long period. The Washington dispatches reporting this said:
Railroad presidents, however, are reported as favoring the fixing of a
time limit, while the security holders and financiers, according to those
familiar with the situation, rather favor indefinite Government control
and the guaranteeing of present dividends.
Chairman Smith in the majority report concerning the
provision in the Senate bill limiting Government control
to 18 months after the issuance of the peace proclamation
said:
"It is possible that certain conditions may arise from Federal control
which will need adjustment before the properties are returned'to their
owners, and a reasonable period should intervene in which these conditions
may be met and adjusted. It may be that the nation will be unwilling to
return to tho conditions obtaining before the assumption of Federal control.
Legislation may be demanded radically changing the relation of the Government to the railroads from that now existing in the Inter-State Commerce
Act as amended. Your Committee has suggested a period of eighteen
months, and they believe it will be found adequate for that purpose.
"There is also a provision to the effect that the President may, prior to
July 1 next, relinquish control of such transportation systems as he may
deem not needful or desirable, and may thereafter, on agreement, relinquish
all or any part of any system of transportation.
"The section also contains a general provision that the President may
relinquish all railroads at any time when he shall deem such action needful
or desirable."
Taking up the compensation question, the report said in
part:
About seventy-five great operating railroads do over 00% of the railroad
business. The Committee believes that most of these great railroad
carriers will accept these terms as a just and fair measure of their constitutional rights. Section 1 further provides that ordinary taxes, national and
State, shall, as now, be paid out of operating revenue; but war taxes
accruing under the Act of Oct. 3 1917 are to be paid by the companies out
of their own funds, or charged against the standard return. In other
words, the holders of railroad securities are to bear their own just portion
of the war burden. Section 1 also requires that each agreement shall contain adequate and appropriate provisions for the maintenance and depreciation of the property and the creation of reserves so that the properties may
at the end of Federal control.be returned to the owners in a condition substantially equivalent to their condition when taken over by the Government.
There has, of course, been much discussion as to the fairness and justice
of the proposed amount of the standard return. It should not be overlooked that the gist of the question is, What would the companies be likely
to receive from the courts as just compensation?
The amount of just compensation is not a letislative question—it is a
judicial question. It follows, in the opinion of your Committee, that much
of the evidence and discussion concerning the so-called surplus is irrelevant.
It Is plainly in the public interest—and, indeed, a war need—that the
President be authorized to offer to settle with the owners of the properties
on a basis approximately equivalent to that which sound-thinking men
would advise the owners they would be likely to receive by court decision.
Questions of value are always difficult questions. It is highly probable,
if not certain, if the whole question were remitted to the courts, they would
take, as the basis for determining just compensation, the actual net earnings
Commerce Commssion. The amount of cash on hand,
together with information regarding interest and dividend
maturities due Jan. 1 1918, are also among the data sought.
A previous financial statement, asked for by the Commission,
as a preliminary toward the financing of the railroads by the
Government, was referred to in these columns Jan. 12.
The following is the request now made by the Commission:
Dear Sir—In accordance with the request of the Director-General, you
are required to furnish promptly to the Inter-State Commerce Commission
the following information as to the deposit balances to the credit of your
company and of all subsidiary companies of your system and also as to cash
on hand:
(1) State as at close of business Dec. 31 1917 all cash in the hands of the
financial officers and financial agents of your company and of each subsidiary controlled by it and the amount of each company's deposits with
banks and trust companies subject to check. Returns should be summarized as follows:
In New York. In other cities and
Chicago and
towns.
St. Louis.
Name of Company—
A. Deposit balances on hand in national banks $
B. Deposit balances on hand in State banks, trust
companies, and with private bankers
C. Cash with Treasurer and agents in addition to
bank balances
The amount to be recorded as on deposit in banks and trust companies
are the balances actually on deposit less the amount of any outstanding
checks.
(2) State as at close of business Dec. 31 1917, the amount of demand
loans, demand deposits, time drafts receivable, and time deposits belonging
to your company and each subsidiary controlled by it held by banks and
trust companies.
(3) State as at close of business Dec.31 1917 the amount offunds specially
deposited by your company and each subsidiary controlled by it for the
payment of dividends and interest.
Returns for (2) and (3) should be classified in accordance with the form
submitted under (1) for Items A and B.
Are any bank accounts being carried in the names of agents and trustees
or otherwise than in the name of the main road or the subsidiary lines?
If so, give particulars and amounts.
Please state total amount of interest and dividend maturities which fell
due Jan. 11918, which were to be paid out of the balances reported as of
Dec. 311917.
It is assumed, unless you state otherwise, that from balances reported as
of Dec. 311917, the dividend checks and interest coupons due Jan. 1 1918
have not been deducted.
By the term "subsidiary" company is meant any steam railroad solely
controlled by the parent company in the manner described in the text of
account No.706,"investments in affiliated companies," in the classification
of general balance sheet accounts.
Yours very truly,
GEORGE B. McGINTY, Secretary.
ORGANIZATION OF STAFF OF DIRECTOR-GENERAL OF
RAILROADS.
Director-General of Railroads William G. McAdoo announced on Feb. 6 the organization of his railroad staff, as
follows:
Assistant to the Director-General—Walker D. Hines.
General Counsel—John Barton Payne.
Director, Division of Transportation—Carl R. Gray.
Director, Division of Traffic—Edward Chambers.
Director, Division of Finance and Purchases—John Skelton Williams.
Director, Division of Labor—W. S. Carter.
Director, Division of Public Service and Accounting—Charles A.Prouty'
Frank McManamy has been appointed Manager of the
Locomotive Section and is attached to the Division of
Transportation. He has long been connected with the
Inter-State Commerce Commission and holds the office of
562
THE CHRONICLE
[Vol,. 106.
Chief Inspector of Locomotives and will continue in that
HALE HOLDEN'S RESIGNATION FROM DIRECTORwork. W. S. Carter, who is President of the Brotherhood
GENERAL McADOO'S STAFF.
of Enginemen and Firemen, has been granted a leave of
It was announced on Feb. 2 that Hale Holden, President
absence by his organization to enable him to take charge
of the Division of Labor. Mr. Carter will represent all of the Chicago Burlington & Quincy RR., had resigned from
the staff of Director-General of Railroads McAdoo to devote
railroad labor, organized and unorganized.
Mr. Prouty, as Director of the Division of Public Service his whole time to the Burlington. He has been succeeded
and Accounting, will have charge of questions raised by any by Carl R. Gray, formerly President of the Great Northern.
portion of the public as to the adequacy of the service
rendered shippers and consignees and as to the safety of railINCREASE IN TRANS-CONTINENTAL RATES.
road operation, and will also supervise the inventories and
Authority to increase railroad commodity rates from Eastproperties of which the Government has possession and
ern defined territories to the Pacific and intermediate points
control, together with receipts and expenditures in connecCommission on
• tion with their operation. Mr. Prouty will represent the was granted by the Inter-State Commerce
interest of farmers, manufacturers, producers, shippers and Jan. 21, its conclusions however not being filed until Jan.
30. On June 30 1917, when the tentative findings of the
consumers generally.
Commission in the trans-Continental and so-called interMr. Hines of New York City, is Chairman of the Board
Mountain rate cases were adopted, the Commission denied
of the Atchison Topeka, & Santa Fe Ry. He represented
the application of the rail lines to maintain rates on comhis road before the Inter-State Commerce Commission in the
modities from Eastern defined territory to Pacific Coast ports
Five Per Cent Cases, the anthracite carriers in the Comlower than the rates contemporaneously in effect on like
mission's investigation into anthracite coal rates and aptraffic to intermediate points. A summary of its conclupeared before the Commission in the New Haven investisions on Jan. 21 is furnished in the decision as follows:
gation inibehalf of stockholders of the New York New Haven
1. Authority to file increased carload commodity rates from Eastern
& HartfordiRR. Mr. Hines summed up for the railroads in defined
territories to Pacific Coast and points intermediate thereto granted.
the celebrated case before the Supreme Court of the United
2. Authority to cancel all less-than-carload commodity rates from
States whichitested the validity of the Adamson Eight-Hour Eastern defined territories to Pacific Coast and points intermediate thereto
Law. HeTalso has represented express companies and is denied.
3. Authority to file increased less-than-carload commodity rates from
conversant withYpractically all phases of railroad operation. Eastern
defined territories to Pacific Coast points not higher than the presMr. Payne islthe head of the law firm of Winston,IPa,yne, ent rates on the same items to points intermediate to the Pacific Coast
granted.
1
Strawn & ShawZof Chicago. For many years he has repro4.. Authority sought by the Southern Pacific Company via water-and-ra
sentedfAmerican railroads in cases before the courts and
routes through Galveston to file proposed increased rates from its New
variousTregulatory, bodies and is regarded as an expert in York piers on items as to which it concurs in higher rates via all-rail routes
railroadrandlcorporation law. Recently he was associated to Pacific Coast points denied.
5. Authority to file increased export commodity rates from Eastern
iiiillthiViaded5t-a7tes• Shipping
Board in a legal capacity,
.
territories to Pacific Coast ports applicable on traffic destined to
Mr. Chambers of Chicago and California,is First Vice-Presi- defined
points in Japan,kustralia, New Zealand, Fiji Islands, the Phillipine Islands.
dent of the Atchison Topeka & Santa Fe By. He is credited and Asiatic countries granted.
6. Authority to file increased import commodity rates from Pacific
with having done as much as any other individual in solving
Coast Ports to points in eastern defined territories applicable on traffic
transcontinental traffic problems. Last summer he was from
points in Japan, New Zealand, Australia, Fiji Islands, the Philippine
drafted by the U. S. Food Administration to manage the Islands and Asiatic countries granted.
traffic department of that branch of the Government service.
7. Authority sought by rail-and-water lines through Galveston to increase
John Skelton Williams of Richmond, one of the leading rates on barley, beans, canned goods, asphaltum, dried fruits, and wine
from Pacific Coast ports in California to the Atlantic seaboard to the level
bankers of the south, was associated with the banking house of the all-rail rates on the same commodities granted.
of John L. Williams 8c Co. of Richmond. President Wilson
8. Authority sought under the fourth section by the all-rail lines to meet'
appointed him Comptroller of the Currency, a position via their routes the rates proposed by the Southern Pacific Company
and to New York via its route through Galveston to and from Pacific
which he will continue to hold while serving on the Director- from
Coast ports denied.
General's organization. In his capacity as Comptroller
The decision just handed down by the Commission will,
Mr. Williams is, ex officio, a member of the Federal Reserve
it is said, make through rates to the Coast equal to higher
Board. He has had expericene in railroad operation and
maintained to Spokane, Denver, Salt Lake City,
finance, having organized the Seaboard Air Line. Mr. rates
Reno and other intermediate cities, and remove the rate
Gray of Baltimore has been President of the Western Maryland RR.for the last four years, previous to which he served discrimination against which commercial interests to those
cities have long protested. The order becomes effective
as an executive on various other important railroads. His
The decision, it is said, will mean many thouwide experience in transportation matters and his familiarity March 15.
sands of dollars added revenue to the railroads and will
with operating conditions are expected to prove valuable to
remove a long-standing source of complaint by interior
the Government.
Western cities. Partial decisions of the Western InterWith the announcement of the above appointments it was
Mountain case have been rendered by the Commission several
also stated that additional divisions would be created from
times previously, but new elements developing from time to
time to time as conditions might justify. One of the divisions
time prevented the final decision now given. The increases
which the Director-General has in contemplation is a Diresulting from the Commission's action range from 5 to 30%
vision on Capital Expenditures and Improvements.
from existing rates to the coast, and are generally estimated
at an average of a little less than 15%. In its decision of
TRAFFIC INVESTIGATION CO1KMITTEE NAMED BY last June the Commission established the general rule that
DIRECTOR-GENERAL McADOO.
the abandonmentof water competition required a re-alignment
The appointment of a Traffic Investigation Committee of rates to the Pacific Coast. The roads were ordered
as a further step looking toward the diversion of railroad either to raise the through rates or reduce rates to the intertraffic from the congested Eastern territories was made mediate points. They chose the former course and on Oct.
known by Director-General of Railroads McAdoo on Feb. 6. 15 filed new tariffs containing increases in the through rates.
The committee consists of B. L. Winchell of Chicago, Traffic It was on this application that the Commission's decision
Director of the Union Pacific;1G. F. Randolph of New York, was given. Hearings were bold within the last two months
head of a number of trunk line committees and T. C. Powell on the case at New York, Chicago, Portland, Ore., and
of Cincinnati, Vice-President of the Southern Railway. Washington. Big shippers in Eastern territory appeared
Director-General McAdoo's announcement said:
at these hearings to protest against raising the through rates.
"This committee is to make a study of the great traffic currents of the Steel interests particularly were affected on account of the
country with a view to seeing what steps can profitably be taken in order
large consumption of iron and steel in Pacific coast shipto shift traffic from the most seriously congested gateways to less congested gateways and from the more congested ports to the less congested yards. California fruit growers and canning industries
ports.
also entered vigorous protest. Cities throughout the West
Mr. McAdoo is said to have explained to the committee were represented in support of the re-alignment of rates.
that in view of Government operation the railroads should be Commercial organizations of Spokane, Kansas Ctiy, Chicago
surveyed as a national system and traffic routed over the and Boise took an especially active part. Commissioner
most economical lines regardless of ownership. The com- Aitchison dissented in part from the majority opinion,
mittee will deal with the larger questions affecting traffic holding that, although it was necessary to remove the rate
movements between the West, East and South and will not discrimination against inter-mountain cities, the result
interfere with similar studies to be conducted by each of the might have been obtained by reducing the intermediate
three regional1 irttors for local territories.
charges.
FEB. 9 1918.]
THE CHRONICLE
SUPREME WAR COUNCIL SEES NO HOPE OF PEACE.
The third 'session of the Inter-Allied Supreme War Council, which met at Versailles last week, under the Chairmanship of Premier Clemenceau of France, reached the conclusion that the recent speeches of the German Chancellor
and the Austro-Hungarian Foreign Minister contained no
basis for a durable peace and decided, therefore, to continue
the vigorous prosecution of the war. The complete text of
the official summary as given out at Paris on Feb. 3, of the
work of the Council, was reported as follows in the New
York "Tribune" on Feb. 5:
held at VerMeetings of the third session of the Supreme War Council,
sailles, Jan. 30 and 31, Feb. 1 and 2:
Council itself, namely,
In addition to the members of the Supreme War
Monsieurs Clemenceau and Pichon for France, Mr. Lloyd George and Lord
Baron
Sonnino for Italy,
Milner for Great Britain, Professor Orlando and
Court Council, Generals
and the military representatives of the Supreme
also
for the greater
present
were
there
Bliss,
Weygand, Wilson, Cadorna and
and British Chiefs of
part of the purely military discussions the French
Italian
the
Minister of War,
General Staff, Generals Foch and Robertson;
General Alfieri, and the commanders in chief of the Western front, Petain,
of the United
secretary
first
Frazier,
H.
A.
Mr.
Haig and Pershing.
political discussions.
States Embassy at Paris, was present during the
in
Council
of this
pursuance
War
The decisions taken by the Supreme
policy to be carried out by
contingent embrace not only a general military
but, more particularly, a
the Allies in all the principal theatres of the war,
the Council, of all the efforts
closer and more effective co-ordination, under
the
Central Empires.
against
of the Powers engaged in the struggle
enlarged and the principles of
The functions of the Council itself were
Rapallo in November last received
unity of policy and action initiated at
development. On all these questions
still further concerete and practiep.1
the fullest discussion to be purafter
at
arrived
a complete agreement was
sued and to the measures for its execution.
Council decided that the only
Under the circumstances the Supreme War
prosecution of the war with the utimmediate task before them lay in the
effective
co-operation of the military
most
and
closest
most vigor and the
of that effort shall have
effort of the Allies until such time as the pressure
and peoples a change of temper
brought about in the enemy governments
of
peace on terms which
conclusion
which would justify the hope of the
face of an aggressive and unwould not involve the abandonment, in the
repentant militarism, of all the principles of freedom, justice and respect
for the law of nations which the Allies are resolved to vindicate.
The Supreme War Council gave the most careful consideration to the
recent utterances of the German Chancellor and the Austro-Hungarian
to find in them any real apMinister of Foreign Affairs, but was unable
proximation to the moderate conditions laid down by all the Allied govby the impression made by
deepened
only
ernments. This conviction was
aims with which the Central
the contrast between the professed idealistic
at Brest-Litovsk and their
Powers entered upon the present negotiations
and spoliation.
now openly disclosed plans of conquest
by
any hidden designs, but by
not
will,
and
The Allies are united in heart
against an unscrupulous and brutal
their open resolve to defend civilization
is confirmed by a unanimity
attempt at domination. This unanimity
no less complete both as regards the military policy to be pursued and as
will enable them to meet
which
execution
its
for
regards measures needed
firm and quiet confidence, with the
the violence of the enemy's onset with
that neither their strength nor
utmost energy and with the knowledge
their steadfastness can be shaken.
have won their place instilsdemocracies
free
our
of
The splendid soldiers
and their magnificent heroism, and the no
tory by their immeasurable valor,
less noble endurance with which our civilian populations are bearing their
testify to the strength of those principles
daily burden of trial and suffering
success of the Allies with the glory
of freedom which will crown the military
of a great moral triumph.
London dispatches of Feb. 5 quoted Andrew Bonar Law
Government spokesman in the House of Commons, as announcing that a Generalissimo would not be appointed as
a result of the recent conference at Versailles. The dispatch in part was given as follows in the New York "Sun:"
Replying to ex-Premier Asquith, he (Bonar Law)said that in view of the
Important military considerations involved it was not considered possible
at present, without giving valuable information to the enemy, to publish
further details or information regarding the enlargement of the functions
of the Supreme War Council decided upon at the conference.
Arthur Lynch, Nationalist, asked: "Has unity of command been obtained?"
To this the reply was: "If that question means has a Generalissimo
been appointed, the answer is no."
CREATION OF INTER-ALLIED NAVAL COUNCIL—
AGREEMENT CONCLUDED AT INTERALLIED WAR CONFERENCES.
In another item we refer to the return of the United States
of Col. House and others who represented the United States
at the recent Inter-Allied Conference abroad. On Dec. 14
Secretary of the Navy Daniels made known details regarding
the creation of an Inter-Allied Naval Council, one of the
outgrowths of the Inter-Allied Conference. Secretary Daniels in announcing this, made public the following cablegram from Admiral William S. Benson, which said:
The conference hold at the Ministry of Marine at Paris on Thursday and
Friday, Nov. 29 and 30, was presided over by M. Leygues, Minister of
Marine, and the following delegates being present:
"For France, M. Jules Cels, Sous Secretaire d'Etat de la Marine; ViceAdmiral De Bon, Chief of the Genreal Staff.
"For England, Sir Eric Geddes, First Lord of the Admiralty; Admiral Sir
John Jellicoe, First Sea Lord.
"For the United States, Admiral Benson, Director of the Bureau of Operations; Vico-Admiral Sims, commanding the American naval forces in
European waters.
"For Italy, Vice-Admiral Cusan1 Visconti, Sous Chef d'Etat-Major
General.
"For Japan, Rear AdmirallFunakoshil
563
"It has been decided to create a Naval Allied Council in order to insure
the closest touch and complete co-operation between the Allied fleets.
The task of the Council will be to watch over the general conduct of the
naval war and to insure co-ordination of effort at sea as well as the development of all scientific operations connected with the conduct of the war.
"The Council will make all the necessary recommendations to enable the
Government to make decisions. It will keep itself informed as to the execution of plans decided upon. The members of the Council will report
to their respective Governments as may be necessary. The individual responsibility of the Chiefs of Staffs and of the Commander in Chief at sea
toward their Governments as regards operations, as well as the strategical
and tactical disposition of the forces placed under their command, remains
unchanged. It has been decided that the Council should consist of the
Ministers of Marine of the nations represented and of the Chiefs of the
Naval Staffs.
"As the meeting of the Council will of necessity be held in Europe, the
Chiefs of the General Naval Staffs of the United States and Japan will be
represented by flag officers nominated by their respective Governments.
The Allied Naval Council will be provided with a permanent Secretary,
whose business it will be to collect and collate all necessary information, &c.
"The Council will meet as often as may be thought necessary, under the
Presidency of the Minister of Marine of the country in which the meeting Is
held. The various Admiralties will furnish the Council with the information which is necessary for the work to be carried on."
Announcement of the decision to create an Inter-Allied
Naval Committee was contained in an official statement
made by the Foreign Office at Paris on Dec. 4, in which. it
was also made known that one of the results of the conference
had been the conclusion of agreements "upon the basis of a
complete understanding and close solidarity among the Allies
for the solution of the questions in which they have a common interest in the war." It was also stated that the InterAllied General Staff was working upon a definite military
program which was placing unity of military action in the
way of certain realization. The announcement regarding
the results of the conference was made in the following official statement:
The Minister of Foreign Affairs reported to the Cabinet Council to-day
the results of the conference of the Allies. The reading of communications
from the Presidents of each section of the Allied Conference, at which were
present for the first time representatives of all the countries taking part
with us in this war, has given felicitous results from every point of view.
They give assurance of practical unity of action, economically, financially
and militarily.
The agreements have been concluded upon the basis of a complete
understanding and close solidarity among the Allies for the solution of the
questions in which they have a common interest in the war. The financial
needs of each of them,the requirements of their armament, their transport.
their food, have been the subject of profound study which guarantees
perfect satisfaction.
The creation of a Supreme Inter-Allied Naval Committee has been
determined upon. Military unity of action has been placed upon the course
of certain realization by the Inter-Allied General Staff, which is at work
upon an established program of all military questions.
From a diplomatic point of view entire accord resulted from the discussions among the representatives of the Powers upon all the business
which has been arranged together, to assure the common victory of their
countries.
A more detailed statement regarding the Paris Conference
was issued on Dec. 5 in which the work of the various
'committees was summarized. In the report of the financial
section it was stated that a resolution had been adopted
setting out that the delegates of the Allied Powers in that
section "consider it desirable with a view to co-ordinating
their efforts, to meet generally in order to draw plans for the
payment of liabilities and the settlement of loans and rates
of exchange and thus assure concerted action." The statement in full follows:
The various committees constituted by the Inter-Allied Conference
dealt as a whole with the technical question of the conduct of the war,
the details of which cannot be published. However, at the conclusion of
their deliberations, the committees decided to publish the following
resolutions:
The financial section, meeting under the presidency of Louis Klotz,
French Minister of Finance, held numerous sittings, in the course of which
the various financial questions interesting to the Allies were successively
examined. At the end of its labors this section unanimously adopted the
following resultions:
The delegates of the Allied Powers in the Financial Section consider it
desirable, with a view to co-ordinating their efforts, to meet regularly
In order to draw plans for the payment of liabilities and the settlement of
loans and rates of exchange, and thus assure concerted action.
Oscar T. Crosby (Assistant Secretary of the Treasury of the United
States), and M. Klotz told the section that in their opinion this regular
meeting ought to be a permanent organization. Other resolutions were
adopted to the effect that, although the dispositions manifested by all the
delegates evidenced sentiments of the financial solidarity of the Allies,
this solidarity ought to be affirmed in practice by the methodical coordination of efforts, which alone should determine the judicious utilization
of the resources of the Allies and the best distribution of their strength.
Armament and Avitation Section.—The representatives of the Allied
nations examined the condition of their various war manufactures and considered practical means of avoiding all duplication and directing the effort
of each nation to the production of the things for which it was best fitted.
In matters of first importance, an Inter-Allied Committee was formed for
carrying out the common programs, and decisions were arrived at.
Sections of Imports, Maritime Transports and Supplies.—The Allies,
considering that the means of maritime transport at their disposal, as well
as the supplies at their command, ought to be utilized in common for the
conduct of the war, decided to create an Inter-Allied organization with a
view to co-ordinating action in this direction towards establishing the common program, constantly kept in mind, and enabling them, while utilizing
their resources to the full, to restrict their imports in order to release as
much tonnage as possible for the transport of American troops.
Blockade Section.—The blockade section examined, in the first place,
thelconventiontof thelAilieslwith Switzerland regarding the questions of
564
THE CHRONICLE
blockade. The draft of an arrangement between the United States and
Switzerland was approved, and the United States will appoint delegates
to take part in the deliberations of the permanent international appointments committee as well as those of the Inter-Allied Commission at Berne.
The section decided to make the dispositiohs necessary to enable the
Commission In regard to the food supply in Belgium and Northern France
to accomplish its program as to provisions and transport. The section
submitted to the Conference a declaration to the effect that, the prolongation of the war having led to the consumption of products of all sorts out
of proportion to production, it was evident that the available resources,
whether in Allied or neutral countries, were unequal to actual needs, and
that it would be necessary to extend the general principles laid down by
the American Government.
Naval Section.—A conference was held at the Ministry of Marine in
Paris Nov. 19. M. Leygues, Minister of Marine, presided. The conference comprised representatives of the naval powers. It was decided to
create an Inter-Allied Council in order to assure close contact and more
complete co-operation between the navies of the Allies.
The mission of the Council will be to watch over the general conduct of
the war and assure co-ordination of effort on the sea. The Council will
make all suggestions necessary to assist the decisions of the Governments,
and will hold itself cognizant of their execution. The members of the
Council will address to their respective Governments all reports they deem
necessary on the subject.
The individual responsibility of the Headquarters Staff and the commanders at sea to their Governments concerning immediate operations, as
well as the employment of strategical and tactical forces placed under their
command, will remain without change. The Council will be composed of
the Ministers of Marine of the nations represented and the Admiralty
chiefs. As the meetings of the Council will be held in Europe, the United
States and Japan will be represented by officers appointed by their respective Governments.
The Inter-Allied Naval Council will be provided with a special Secretariat.
which will take charge of all documents, &c., and will meet as often as
desirable under the presidency of the Ministry of Marine of the country
where the meetings take place. The different Ministers of Marine will be
willing to furnish the Council with every information of a nature that would
require to be submitted to and examined by the Financial Section.
The Inter-Allied Conference, which opened at Paris on
Nov. 29, closed on December 3. A brief address was made
atithe closing session by Col. E. M.House, Chairman of the
American Mission. Col. House, who spoke at the request
of the French Premier, M. Clemenceau, stated that the
Conference had effected "co-ordination and a unity of purpose which promise great results for the future." His
remarks were as follows:
[Vol.. 106.
"What is being realized at Versailles? Why,united military action o
the Allies. The Committee has to draw up plans and replies to a whole
series of questions concerning all the Allied fronts and it will devote itself
to this with zeal."
RETURN OF COL. HOUSE FROM INTER-ALLIED WAR
CONFERENCE AND REPORT OF RESULTS.
A statement bearing on the results of the recent InterAllied War Conference held at Paris in November was issued
on Jan. 2 by the State Department at Washington, along
with a summary as to what had been accomplished. The
announcements were based on the report filed by Col. E. M.
House, head of the American Mission to the Conference, who
returned to New York on Dec. 15 accompanied by some
of the others who represented the United States at the Conference. The principal recommendation made to the Government by the American delegates is for the constant and
speedy dispatch of United States troops to the European
battlefront. The speeding up of the shipbuilding program
and closer co-operation with the co-belligerents are among
the other important recommendations. The principal
recommendations are set out as follows:
That the United States exert all their influence to secure the entire unity
of effort, military, naval and economic, between themselves and the countries associated with them in the war.
Inasmuch as the successful termination of the war by the United States
and the Allies can be greatly hastened by the extension of the United States
shipping program,that the Government and the people of the United States
bend every effort toward accomplishing this result by systematic co-ordi
nation of resources of men and materials.
That the fighting forces of the United States be dispatched to Europe
with the least possible delay, incident to training and equipment.
Through the creation, as a result of the Conference, of
an inter-Allied organization for the purpose of eo-ordinating
shipping resources, it is proposed to liberate "the greatest
amount of tonnage possible for the transportation of American troops." Arrangements were perfected for more active
utilization of American naval forces and an agreement was
made with the British Admiralty for the putting into effect
of certain plans relating to the prosecution of the naval warfare against the submarines. The contribution of the United
States to a pooling of resources was agreed upon, this arrangement guaranteeing that full equipment of every kind
will be available to all American troops sent to Europe during 1918. Plans were also worked out whereby, in order to
permit the United States to visualize the problem of food control at home, Great Britain, France and Italy agreed to put
in effect a legalized and compulsory control of foodstuffs in
their countries. In making public the summary of the
accomplishments of the Conference, the State Department's
announcement said:
M. Clemenceau, the President of the French Council, in welcoming the
delegates to this Conference, declared that we had met to work. His
words were prophetic. There has been co-ordination and a unity of pun
pose which promise great results for the future. It is my deep conviction
that by this unity and by concentrated effort we shall be able to arrive at
the goal which we have set out to reach.
In behalf of my colleagues I want to avail myself of this occasion to thank
the officials of the French Government. and through them the French
people, for the warm welcome and great consideration they have shown us.
In coming to France we have felt that we coming to the house of our friends.
Ever since our Government was founded there has been a bond of interest
and sympathy between us—a sympathy which this war has fanned into a
passionate admiration.
The history of France is a history of courage and sacrifice. Therefore,
the great deeds which have illuminated the last three years have come as
no surprise to us of America. We knew that when called upon France
A review of the report filed with the Department of State by Col. House,
would rise to a splendid achievement and would add lustre to her name. •
the head of the Special War Mission which visited Great Britain and France
America salutes France and her heroic sons, and feels honored to fight in
November, shows that it succeeded in its purpose of reaching a definite
by the side of so gallant a comrade.
working plan for the prosecution of the war through the co-operation of
Premier Clemenceau spoke after Colonel House, saying: the Governments represented at the conferences held at Paris in the various
Since it is my duty to pronounce the closure of this Conference, allow fields of activity and through marshalling the resources of the nations at
me to add some words to those you have just heard. I had come here war with the Central Powers and co-ordinating their uses under a common
with the formal intention of preserving silence, in order to leave you under authority, thus avoiding the waste and uncertainties that arise from inthe impression made by the fine speech which my friend, the eminent dependent action.
The results of the conferences as shown in the report are most gratifying
Colonel House, who represents so worthily the noble American people, has
to this Government, first because they indicate that the conferees were
just delivered.
In listening to him I could not help thinking that if there is a lesson to be inspired by the desire to be mutually helpful, and,second, because the agreedrawn from the historic friendships, which reunite to-day, in the glorious ments which were reached, when in full operation, will greatly increase
past of the French and American nations there is no less a lesson in the total the effectiveness of the efforts now being put forth by the United States
and the Allies in the conflict against Germany and Austria-Hungary.
abolition of old enmities.
A summary of the results accomplished at their conferences, and the
It is stated that while the work of the Conference Com- recommendations made by the American Mission,
will indicate the value
mittees has been completed, the members will continue of the work done and the practical methods which were considered by the
conferences and which are racommended in the report.
to keep in close touch with
each other. At the session of
The summary of results accomplished is divided under the
the Conference on the 3rd inst. each of the French Ministers
presented a report of the work done in the section over which following heads—Naval, Military, Diplomatic, Finance,
Shipping, War Trade, War Industries and Food. We give
he presided.
herewith the summary under these different heads as follows:
The Supreme War Council began its sessions at Versailles
on Dec. 1. Those participating in the meeting were Premier
Lloyd George and General Wilson for Great Britain; Premier
Clemenceau and General Foch for France; Premier Orlando
and General Cadorna for Italy, and Col. House and General
Bliss for the United States. Nothing has as yet been divulged
as to the results of the deliberations of the Council.
Announcement that General Foch was no longer a member
of the Supreme War Council was made by Premier Clemenceau on the 5th inst., in the course of an interview with
Marcel Hutin, Editor of the "Echo de Paris." Asked the
reason for this, the Premier replied:
"Because I want General Foch near me, and as,however diligent he may
be, he cannot be at Versailles and Paris at the same time, I am going to
keep him and have agreed with him to replace him at Versailles by General
Weygand, who was recently promoted to General of Division."
Questioned as to what was being accomplished at the
Versailles Council, M.Clemenceau said:
NAVAL.
(1) The formation of an inter-Allied naval council to co-ordinate the
operation of the naval forces of the United States and her associates In
the war, so that these forces may in the future be operated as one in the
prosecution of the war on the sea and in conjunction with the land forces.
(2) An agreement between the British Admiralty and the Navy Department putting into effect certain plans relating to the prosecution of the naval
war against the submarines.
(3) The formation of a definite plan for the more active utilization of
American naval forces in conjunction with those of nations engaged in the
war against the Central Powers.
(4) An agreement with the British Admiralty making it possible for American naval officers to keep fully informed of the operations and policy
of the British Admiralty, so that perfect co-operation between the Navy
Department and that body is assured.
(6) Reorganization of American naval forces at French ports.
(6) The securing of a full and detailed picture of the naval problem in
European waters.
MILITARY.
(1) After conferences extending over approximately thirty days with the
chiefs of staff, members of the general staffs and commanders in chief of
the Allied armies on the western front, as well as with the highest civil
officials of the respective Governments, the extent of the military effort
to be aimed at by the United States was clearly determined.
FEB. 9 1918.]
THE CHRONICLE
(2) With this determination in mind, negotiations were carried on looking to the pooling of resources for the mutual advantage of all of the countries engaged in the war against Germany. The contribution of the United
States to this pooling arrangement was agreed upon. The contributions,
likewise, of the countries associated with the United States were determined. This pooling arrangement guaranteed that full equipment of every
kind would be available to all American troops sent to Europe during the
year 1918.
(3) Unqualified support to the resolution adopted by the inter-Allied
conferences looking to the creation of an Allied advisory board charged
with the duty of advising the shipping authorities of each nation concerning
the allocation of tonnage so as to permit the American military effort to be
realized.
(4) Full survey made of problem of debarkation in Europe of American
military forces and transportation of such forces and supplies to the bases
of military operation.
(5) Arrangements made for fullest co-operation between the United
States, Groat Britain and France in the production of military instruments
and supplies of all kinds.
(6) Plans made for the proper organization under naval and military
control of ports of debarkation of troops and discharge of cargoes, looking to the most economical utilization of tonnage.
(7) Participation in military deliberations of the Supreme War Council,
as a stop toward efficient and centralized unity of control of military operations.
DIPLOMATIC.
(1) Full and frank discussion between Colonel House as special representative of the Government of the United States and the heads of the British, French and Italian Governments with regard to the war policy of the
United States and her associates in the war.
(2) Participation by the members of the Mission in a meeting of the British War Cabinet, at which conference a general and useful discussion
was had concerning the needs of the Allies and the extent of the assistance
to be expected from the United States.
(3) Participation by the United States in an inter-Allied war conference,
held in Paris on Nov. 29. At this conference all preliminary speeches
were dispensed with and within half an hour after the conference had been
called to order by M. Clomenceau it had split into committees for work.
(4) Participation by the United States in a meeting of the Supremo
War Council hold at Versailles Dec. 1. Representatives of England,
Franco, Italy and the United States there mot as a first step toward securing unity of control of the armies on the western front. This meeting,
the first of its kind, assures for the future unity of support on the part of
the United States and the Allies.
(5) First stops taken in the establishment of a more perfect liaison between the commanding Generals of the United States and the
FINANCE.
(1) Full detailed conferences with the financial representatives of Great
Britain, France, Italy, Japan, Greece, Rumania and Russia for the purpose
of ascertaining the extent of the financial effort necessary on the part of the
United States in order properly to co-operate with those Governments in
making financial arrangements for the prosecution of the war against the
Central Powers.
(2) Conferences with the representatives of the above mentioned countries for the purpose of perfecting the organization of an inter-Allied council which is a priority board, whose duty it should be to consider the relative importance and urgency of the financial demands to be made by the
concerted effort of the countries waging war against the Central Powers.
(3) Arrangements begun for the proper financing of purchases by the
countries at war with Germany of supplies from neutral countries.
(4) Participation in the financial discussions of the inter-Allied conference.
SHIPPING.
(1) Full and detailed reports were secured showing total loss of tonnage
duo to war risks and marine risks from Aug. 1 1914 to Sept. 30 1917. .
(2) The estimated output of new tonnage by the Allies during the year
1918 was ascertained.
(3) The proper employment of existing tonnage so that the maximum
utilization of such tonnage could be effected, was provided for in a resolution adopted by the inter-Allied conference:
"The Allies, considering that the moans of maritime transport at their
disposal as well as the provisions which they dispose of should be utilized
in common for the pursuit of the war, have decided to create an inter-Allied
organization for the purpose of co-ordinating their action to this effect,
and of establishing a common program constantly kept up to date, enabling
them by the maximum utilization of their resources to restrict their importations, with a view of liberating the greatest amount of tonnage possible
for the transportation of American troops."
(4) The whole question of the employment of neutral tonnage in line
with the proposals made by neutral countries with respect to this tonnage
was exhaustively discussed, and plans looking to the favorable result of
tonnage negotiations with neutral countries were substantially agreed upon.
(5) A survey was completed of the ports of debarkation of American
troops and supplies, and plans were made looking to the more expeditious
discharge of troops and cargoes so as to permit the return of vessels to their
home ports with the least possible delay.
WAR TRADE.
(1) Full and detailed conferences were held with the British, French,
and Italian representatives upon blockade matters, and a complete understanding was obtained of the principles under which these countries
were proceeding.
(2) A mass of information was obtained with reference to rationing requirements of Switzerland, Norway, Sweden, Denmark and Holland.
(3) An agreement between the War Trade Board and the Swiss Society
Surveillance was agreed to and executed by the Swiss delegates and Mr.
McCormick, the Chairman of the War Trade Board.
(4) Arrangements were made for the participation of the United States
In the deliberations of the Permanent International Commission on Contingents, sitting in Paris, and on the Inter-Allied Commission of Berne,
Switzerland.
(5) Tentative plans subject to the approval of the War Trade Board
were made for the appointment of representatives and staffs of the War
Trade Board in London and Paris.
WAR INDUSTRIES.
(1) A detailed study was made of the organization of the British Ministry of Munitions and the supply departments of the British Admiralty
and the British War Office, and a complete analysis of the facts and figures
In possession of those departments of the British Government was made.
The report embodying the results of those investigations contains a full
statement of the methods in vogue in England for supplying the army and
navy with munitions and other materials, and also statistics relating to the
mutual co-operation necessary to be effected for the proper supplying of the
armed forces of the countries waging war on the Central Powers.
565
(2) A survey was made of the system in practice in Great Britain re
lating to the letting of Government contracts and the organization of in
dustrios throughout Great Britain.
(3) Attendance at the inter-Allied conference in Paris, and in particular
at the meetings of the representatives of the several Allied nations having
to do with munitions questions.
(4) Full conferences with representatives of the United States Ordnance Department in France and representatives of British and French
munitions departments stationed there resulting in the embodying of conclusions in memoranda submitted to the War Department.
FOOD.
(1) A comprehensive and accurate estimate was obtained of the food in
the possession of the Allied nations and of the amounts that must be supplied by North America during the year ending Oct. 1 1918. Cabled information had not been of a satisfactory nature, and personal contact
with the statistical boards and food administrations of the countries concerned was necessary in order that the necessary data could be made available.
(2) The curve of shipments of foodstuffs required from North America
for the United Kingdom, France and Italy was fixed for the year ending
Oct. 11918. It is believed that the program worked out in the confernece
with the several inter-Allied executives, dealing with supplies of foodstuffs.
will grant greater facilities for the distribution of foodstuffs at a lower
cost in terms of tonnage and transportation.
(3) In order to permit the United States to visualize the problem of food
control in North America, plans were worked out whereby the Governments of Great Btitain, France and Italy agreed to put into effect a legalized
and compulsory control of foodstuffs in these countries.
(4) The creation by the inter-Allied conference in Paris of an international scientific committee on alimentation, to consist of two representatives
each of the United States, Great Britain, France and Italy. This committee to be in continuous session in Europe for the purpose of studying
the alimentation of the Allies. This committee to stand in an advisory
capacity to the food administrations of the aforenamed countries.
(5) Dr. Taylor, the representative of the Food Administration on the
Mission, represented the United States Department of Agriculture in a conference hold in Paris to consider the problems of food production in the Allied countries during the year 1918. At this conference, an Inter-Allied
agricultural committee was established to consist of one delegate each from
the United States, Great Britain, France and Italy. to sit continuously in
Europe and to act in an advisory capacity to the Governments named.
With his return to New York from abroad last month, Col.
House was accompanied by General Tasker H. Bliss, Chief
of the General Staff; Admiral William S. Benson, Chief of
Naval Operations; Vance C. McCormick, Chairman of the
War Trade Board; Bainbridge Colby of the U. S. Shipping
Board, and Thomas Nelson Perkins of the Priority Board,
all of whom represented the United States at the Conference.
Col. House before going to Paris spent a few weeks in London and also participated in the deliberations of the Supreme
War Council at Versailles. Following his arrival in New
York, Col. House gave out a statement saying:
I wish to express my appreciation of the individual work of the members
of this mission. Whatever success it has had as a force for good is due to
them. In all my experience of men I have never known better or more
intelligent team work. There has been no confusion of purpose, no slacking the pursuit of the objects to be attained, and there has been absolutely
no personal differences or friction to retard their work. They have been
amenable to both advice and suggestion and have left the impression in
England and France of men of great ability and of equally great modesty.
The New York "Times" of Sunday, Dec. 16, quoted Co
House as saying:
Our mission was a success, a great success. When we left Paris the
efforts of all the Allies were focused. Up to the time of the Allied conferences they were not focused. They were not working together. They
are working together now, and the promises are that they will continue to do
SO.
In declaring that he had taken no part in any peace discussions, he said, according to the "Times:"
I didn't talk peace with a soul in Europe. I didn't discuss war aims. I
wouldn't discuss war aims so far as this country was concerned. I didn't
talk about our peace wishes or war aims with any one at all. As for peace
perhaps what was accomplished was a great peace step, because it was a
stop toward winning the war. That is the best peace step to take, I belove. Please don't let any one get the idea that we discussed peace.
COLLAPSE OF GERMAN STRIKES.
The general strike of German workmen, after attaining
serious proportions for a few days, appears to be about over.
Estimates as to the number of workers involved have varied
so greatly that no close approximation can be made, but the
early estimates were evidently very much exaggerated. A
London dispatch on Feb. 1 said that German newspapers
generally estimated the number of strikers at 180,000.
Neither the Socialist Party nor the trade union organizations
gave the strike their official sanction, and the trade unions
appear to have refused to pay strike benefits. Added to
this was the fact that the Government from the first turned
the handling of the strike over to the military authorities,
and that these latter resorted at once to the sternest measures
of repression. The Council of Five Hundred appointed by
the strikers to guide the strike was dissolved by order of
General von Kessel, commander-in-chief of the Brandenburg
District, in which Berlin is situated, and the following warning proclamation issued:
Having now introduced a more drastic state of siege, I shall not have the
population in doubt that I intend to suppress every attempt to disturb
peace and order with all means at my disposal. I, therefore, warn every
orderly citizen not to take part in any way in public meetings. Every one
must quietly carry out his duties and keep away from crowds. If arms
566
THE CHRONICLE
[VOL. 106.
The German barred zone was extended around the Azores
late last November, at which time the channel to Greece
The General commanding the Leipzig District posted left open in the Mediterranean also was closed. Reference
placards in that city threatening to send all the strikers to to this barred zone declaration of Germany was made in
these columns Nov. 24 and Dec. 22.
the fighting front.
On Feb. 3 dispatches from Amsterdam reported that General von Kessel had set 7 o'clock on Monday morning; Feb. 4, .GOVERNMENT INSURANCE FOR U. S. CREWS EXas the hour when the strikers must resume work or face
TENDED TO COVER NEW BARRED ZONE.
trial before a court-martial. His order added:
of the extension of the submarine war zone
result
a
As
Employees failing to resume work will be tried by courts-martial, which
Secretary of the Treasury McAdoo on Jan. 15 ordered
are authorized to impose sentence of death, execution to take place within
Government life insurance in force for officers and crews of
twenty-four hours of the time the sentence is imposed.
obeyed,
American merchantmen travelling between American ports
generally
pretty
been
have
to
seems
order
The
as no reports of serious clashes between the workmen and and the Cape Verde Islands and points on the west coast of
the soldiers have since been received; but that such severe Africa north of Sierra Leone. Sailing vessels, it is stated,
measures of repression should have been necessary to put will not be insured.
down the strike is perhaps a point worth noting. Another
significant feature of the strike was the nature of the de- SOUTHERN HONDURAS CUTS OFF GERMAN SHIPPING
FACILITIES.
mands put forth by the strikers. It seems to have been
According to a dispatch from San Juan Del Sur, Nicaragua,
distinctly a political strike, having nothing to do with wages
or hours of labor, but designed to bring pressure to bear on Feb. 3, German commission houses of Amapala„ a Pacific
the Government to force it to make peace. On this point port of Honduras, have been cut off from maritime shipping
a special dispatch in the New York "Times" on Jan. 31 said' facilities. President Bertrand of Honduras, the dispatch
From authoritative sources it was learned to-day that the strikers' de- says, has placed an embargo on all lighters belonging to
mands appear to be following these significant lines:
Germans and has interned their owners in the interior of
First. Equal suffrage in Prussia.
the republic. The dispatch further says:
Second. Peace.
have to be used, no distinction can be made between disturbers of order
and those who are not taking part in such disturbances.
Third. The reform of the provisioning system.
Fourth. The release of the arrested labor leaders.
The directors of the Krupp works reported, according to
the "Cologne Gazette," that only 400 out of 110,000 workmen went on strike and that these were fined or dismissed.
Dispatches from Berlin on Feb. 4 (via London) report
that Wilhelm Dittmann, the Radical Socialist Deputy, who
was tried by an extraordinary court-martial on the charge
of inciting to high treason, resistance to public authority,
and transgression of the prohibition against participating in
the direction of the general strike, was sentenced to five
year's confinement in a fortress. Dittman was also sentenced to two months' imprisonment for resisting public
authority. Mitigating circumstances and the absence of
dishonorable intentions were admitted.
•
FURTHER EXTENSION OF GERMANY'S BARRED
ZONE.
The further extension of the submarine barred zone by
Germany was announced in an Associated Press dispatch
from London on Jan. 8. It became operative on Jan. 11.
The Swiss Legation formally advised the United States
Government of the new barred zone on Jan. 29, when it
transmitted to the State Department a communication in
the matter from the German Government. The extensions
affect "the enemy point of support in Cape Verde Islands
•and Dakar and the adjoining coasts." Notice was also contained in the communication of the extension of the barred
zone around the Azores. We give below the communication
from the German Government:
Supplement to the German declaration of Jan. 31 1917. concerning the
blockaded zone.
On and after Jan. 11 1918 a new zone of sea Is declared, blockaded
around the enemy point of support in Cape Verde Islands and Dakar and
the adjoining coasts. That zone is bounded as follows: from the Cape
Palmas lighthouse toward the point 10 degrees zero minute north, 29 degrees 30 minutes west to the point 17 degrees zero minute north, 29 degrees
30 minutes west, to the point 20 degrees 30 minutes north, to the point 25
degrees 30 minutes west; there the line follows the parallel 20 degrees 30
minutes latitude northeastwardly as far as the point where that parallel
strikes the western coast of Africa.
On the same date the zone blockaded around the Azores will be extended
eastward as far as Madero Island, which is used by our enemies as a point
of support, so that the zone will be bounded as follows: From point 44
degrees zero minute north, 34 degrees zero minute west to point 42 degrees
30 minutes north, 37 degrees zero minute west, to the point 37 degrees zero
minute north, 37 degrees zero minute west, to point 30 degrees zero minute
north, 27 degrees zero minute west, to point 30 degrees zero minute north.
17 degrees zero minute west, to the point 34 degrees zero minute north,
12 degrees zero minute west, to the point 36 degrees 45 minutes north,
12 degrees zero minute west, and back to the starting point.
Neutral vessels which at the time of publication of this declaration happen to be in ports within the new blockaded zone may yet leave those
ports without coming under the military measures ordered for that zone
If they can leave before or on Jan. 18 1918, and take the shortest route to
the free regions. Sufficient time has been allowed so that neutral vessels
that may enter the new blockaded zone without having a knowledge of tho
present declaration or unable to gain such knowledge be spared.
It is earnestly recommended that neutral shipping be cautioned and
warned off the blockaded zone.
Berlin, Jan. 5 1918.
The Cape Verde Islands are off the western coast of Africa
and Dakar is near Cape Verde on the African coast. The
Madere Island (or Island of Madeira) is 440 miles from the
coast of Morocco, and lies southeast of the Azores, and on
the direct ship routes to the Cape Verde Islands. The
Cape Verde Islands and Madeira belong to Portugal.
Thus ends a German trade monopoly in Southern Honduras which has
lasted for more than thirty years.
ARGENTINA RECALLS MILITARY ATTACHES FROM
BERLIN AND VIENNA.
It was reported from Buenos Aires on Feb. 1 that the
Minister. of War had recalled Argentina's Military Attaches
from Berlin and Vienna. Following so soon after the sinking on Jan. 26 by a mine or submarine of the Argentine
steamship Ministro Irriendo, this was interpreted as indicating the possible approach of a final break in diplomatic
relations between Argentina and Germany, especially in
view of the fact that, after an unusually long lapse of time
the Foreign Office replied to the notes of Peru and Uruguay, which notified Argentina of their rupture of relations
with Germany, and to the note of Brazil, informing Argentina of her sister country's state of war with the Central
Powers. Argentina, according to the press dispatches, in
the three notes sent in reply, expressed her approbation and
warmest sympathy with the three other South American
countries. The note to Brazil, which was the most significant, says that the Argentina Government has followed all
the phases of the causes which led to "this just resolution,"
and closes with an expression of homage to the Brazilian
nation.
On Feb. 5 a dispatch from Buenos Aires reported that
Argentina's Consul at Barcelona, Spain, had telegraphed a
report to the Foreign Office on an interview with the Captain
of the Argentine steamship Ministro Irriendo. The captain's statement indicated that his vessel collided with a
mine. The Consul's report was said to be indefinite and
the Argentine Foreign Office has asked for details, in the
meantime maintaining silence on the subject.
Relations between Argentina and Germany have been
tense ever since Sept. 8, when our State Department published the infamous "spurlos versenkt" dispatches sent by
Count Luxburg, the German Minister at Buenos Aires,
through Swedish diplomatic channels (and printed in our
issue of Sept. 15). As a result of this incident the Argentine
Senate (on Sept. 19) and the Chamber of Deputies (on
Sept. 25) voted to sever diplomatic relations with Germany.
No further action was taken, however,'until Oct. 9, when
Foreign Minister Pueyrredon declared that relations with.
Germany would be broken off "if sufficient cause should
arise," but added: "As long as Germany recognizes the
Argentine flag and respects the nation, and the people,
there probably will be no break."
GERMANY ALLEGED TO HAVE DISTORTED COUNT
CZERNIN'S SPEECH.
That the most important passage in the-spoechiwhioh
Count Czernin, the Austro-Hungarian Foreign Minister,
delivered before the Reichsrath on Jan. 24, and which is
now creating a storm of anti-Austrian agitation in Germany
and Bulgaria, had been cleverly distorted, so as to change
its meaning, in the version which the German Wolff I3ureau
permitted to go to England and America, was chargedlin a
dispatchfrom London dated Feb.5. The dispatch as printed
in_the:daily press_oniFeb. 6;was in:part:as follows:
FEB. 9 1918.]
THE CHRONICLE
Foreign
Referring to President Wilson's proposals, the Austro-Hungarian
Minister was quoted as saying:
of
proposals
recent
the
regard
I
that
"I think there is no harm in stating
point
President Wilson as an appreciable approach to the Austro-Hungarian
give
could
of view, and that to some of them Austria-Hungary joyfully
far as
her approval. But she must first lay down this principle—that in so
posGermany's
of
case
the
in
whether
allies,
these propositions concern her
ry, faithful to
session of Belgium or in the case of Turkey—Austria-Hunga
the
defend
will
her engagements to fight to the end in defence of her allies,
of
possessions of her allies as she would her own. That is the standpoint
"
our allies, in regard to which there is perfect reciprocity.
in
The correct text of this section of County Czernin's speech as printed
the Vienna newspapers, follows:
of
"So far as these propositions concern her allies, whether in the case
German possessions, Belgium or Turkey—Austria-Hungary, faithful to her
engagements, will go to the extreme in defence of her allies. She will
her own."
defend the pre-war possessions of her allies as she would
"
By removing the comma between "German possessions and "Belgium"
was
and by dropping the important adjective "pre-war" Count Czernin
of Belgium. Wills
made to say that he would defend Germany's possession
Ho
definitely dissociated
is the very thing he emphatically disclaimed.
Belgium from German possessions and declared that Austria would defend
allies.
her
of
only the pre-war possessions
In this declaration, obviously opposed to the German militarist program
which is causing such a stir
and to Bulgaria's avowed war aims program,
in Berlin and Sofia.
On Thursday, according to a special dispatCh from Washington to the "New York Sun," the State Department made
public the text of Count Czernin.'s speech as translated from
the Austrian press and cabled to the Department by the
American Legation at Berne, Switzerland. In this version,
the paragraph alleged to have been distorted by the German
authorities is given as follows:
these proposals in greater detail I
"If I shall not be allowed to discuss
As far as those proposals relate to our
must say two things in advance:
the
German holding of Belgium and
of
Allies, and In them there is mention
declare that faithful to the duties of the alliance
of the Turkish Empire, I
to go to every extreme in defence
sthich I have accepted I am determined
property of our allies before the war we shall defend
of our Allies. The state of
Allies in complete reciprocity."
the
of view of
as our own. This is the point
MM.
TEXT OF GERMANY'S SHIP SUBSIDY BILL.
The text of a bill recently passed by tho Reichstag whereby
Germany hopes to effect the restoration of its merchant
marine has recently become available, says the "Journal of
Commerce." in its issue of Dec. 4, and prints the bill as
follows:
be authorized to pay subsidies to the
1. The Imperial Chancellor shall
or lost, or considerably damaged
owners of ships and property destroyed
s since July 311914; to pay subthrough the action of foreign Government
or
up
interning ships, including harbor
sidies to cover the expenses of laying
that such interned ships
crews,
provided
of
e
maintenanc
dues, wages and
or
foreign
country, or prevented from
colony
German
a
in
seized
have been
fulfilling their normal voyage.
Considerable damage shall mean damage the repairing of which will cost
ship.
50% of the pre-war value of the
be authorized to recompense the loss
2. The Imperial Chancellor shall
of private property.
on the proved claims of owners and
calculated
be
3. The subsidies shall
on Commission.
crows before the Shipping Compensati
presented with regard to whether and in
An imperial law shall be later
in the profits of ships constructed under
what degree the State shall share
which may be imposed on the operatibn
this law, and as to the restrictions
of these ships.
shall be appointed to hear and adjudge the
4. A special commission
there shall be no appeal.
claims, from whose decision
of the ship receiving a subsidy, and subowner
the
5. In the event of
on under an insurance contract, the insursequently being paid compensati
State; should compensation be received from a
ance shall be paid to the
of the subsidy shall be reimbursed to the
foreign country, then the amount
State therefrom.
a subsidy has been paid be eventually restored
6. Should a ship for which
of the subsidy shall be repaid, or the owner
to the owner, then the amount
5%,and amortise the total within a period
shall pay an annual interest of
to be fixed.
which a subsidy has been paid shall be trans7. No ship on account of
or to Germans residing or
mitted to foreigners or to foreign companies,
within ton years after registration
having their place of business abroad,
can
nor
the ship ho chartered to
Chancellor;
without the consent of the
space, nor any portion of the space so
to foreigners either on time or cargo
far as regards voyages between fore ign ports. Permission may be given
for such sale or charter only after repayment of the subsidy received. The
penalty for breach of this clause shall be three years' imprisonnisnt, and,
or a fine of Rmks 50.000, provided that no more severe punishment can
be inflicted under another Act. An attempt to contravene this clause is
equally penal.
4
8. The commission appointed under Clause shall consist of seven members and seven deputies, of whom one member and one deputy shall have
held high legal office. They shall be nominated by the Chancellor and
approved by the Bundesrath, which shall nominate the President and
Vice-President. A quorum shall consist of five, of whom one shall be the
legal member or his deputy. Decisions shall be by a majority, and the
President than have a casting vote. Each member shall vote independently.
The method of procedure shall be that the commission shall take evidence
on oath and shall have power to call any witnesses, experts or other persons
whom it may consider necessary, as also to order the production of any
documents. The legal members of the commission shall act as legal
assessors to the same.
9. All costs and expenses of appearing before the commission shall be
borne by the State, except in the event of a false claim being made.
10. The proceedings before the commission shall be strictly secret, and
all witnesses and other persons shall take oath of secrecy.
11. Further regulations for the application of the law may be added by
the Bundesrath or the Chancellor.
12. The annual expenses caused by this law shall be estimated In the
Imperial budget.
For the financial year 1917 a sum not exceeding Rink 300,000.000 may be
expended from the funds to the credit of extraordinaryXwarIexpenses
account.
567
Schedule or Regulations.
1. The subsidies payable under Clause 1, Section 1 of this Act shall b e
used for the obtaining of ships, which shall serve for the carriage of cerr3
The subsidies may only be used for the construction of passenger steanasrs
if such steamers be provided with a considerable amount of cargo room.
Shipowners shall be allowed to divide the total amount of tonnage of all
their lost ships among the new ships, according to their own wishes. If
new ships have, since July 31 1914, been bought or built to replace ships
affected under the terms of this law, they shall be subject to the same
conditions as replacement vessels to be constructed for considerable damage
to ships shall be devoted to the repair of such ships, unless the ship shall
as the result of such damage be irretrievably injured.
2. The scale of compensation shall be the value of the ship lost as at
July 31 1914.
In the event of the cost of the replacement tonnage exceeding the building
price which would have been paid at July 25 1914 (peace construction price),
additional grants shall be made to meet the extra cost. These grants will
be dependent on the construction and economy of the ship; on the financial
conditions of the owners; the age of the ship lost; and on approval of the
contract price. They shall be paid, either at the delivery of the ship or
on its transfer to German registry. The proportion of this excess cost
payable by the State shall be:
(a) From 50 to 70% for ships delivered In from 1 to 4 years after peace.
(b) From 20 to 55% for ships delivered in from 5 to 9 years after peace.
In case of vessels of special construction the above periods may be extended. In calculating the compensation subsidy for ships lost, regard
shall be had to the amount received under insurance policies. In the event
of the cost of building being less than the amount estimated, a proportionate
amount shall be refunded.
(3) and (4) refer to compensation to crews and for ship stores and
property.
(5) Half the pre-war value of the ship, costs of internment and value of
property shall be payable forthwith on decision of the commission.
If the first half of the pre-war value compensation of the ship be not
33/i years of
devoted to a contract for the purchase of new tonnage within
payment, the sammhall be repaid, and owners shall deposit security to
cover the same.
The second half of the pre-war value shall be paid at the time of the
approval of the new building contract, and the settlement of the excess cost
payments. No grant whatsoever shall be allowed in any cases in which
the price of the substitution ship shall have been fixed at too high a figure,
for the purpose of obtaining a larger grant, or for any other ignoble cause.
The additional excess cost grants shall be paid at the time of registration
new
under German flag in the case of purchase abroad; in the case of
now construction, payments may be made, with, the consent of the Chancellor, as the work of building progresses.
may
Two-thirds of the approximate cost of internment and other claims
final
be payable by consent of the commission, before settlement of the
amount to be paid.
e dam6. The calculation and payment of compensation for considerabl
2 of
age(Clause 1, Secs. 1 and 21 shall be made in accordance with Sec.
same
the
in
paid
and
Schedule of Regulations, and shall be calculated
manner as for vessels totally lost.
by neglect
7. The State shall not pay compensation for damage caused
of the owner or his servants.
a voyage
during
incurred
ship,
a
to
8.sIn the event of loss or damage
of hosmade after the outbreak of war, and in knowledge of the existence
tilities, compensation shall be assessed under the law of 1873.
the
Chancellor.
by
9. The date of peace shall be the date proclaimed
bill
-; In'addition to the law following were passed and tacked on to the
in the form of resolutions:
(a) To request the Imperial Chancellor to institute suitable measures
a correspondwhereby the South German industries shall be considered in
ing manner to the present law for the restoration of the German mercantile
marine.
the
(b) To request the Imperial Chancellor to endeavor to influence
of the new
proper authorities to promote to the utmost the laying out
to the
installations and extensions of yards, and particularly in regard
new construction of
existing prohibition of the military authorities against
the
and
the present
yards, to point out the great national importance, for
future of a speedy restoration of the German mercantile marine.
to arrange that
(c) To request the Imperial Chancellor to endeavor
be hygienic
officers' and crews' quarters on the new subsidized ships shall
andimeet all proper.requirements.
THE WEEK'S DEVELOPMENTS IN RUSSIA.
The confusion in Russian affairs continues and very little
authentic news from there has been received this week.
The Russo-German peace conference at Brest-Litovsk is
dragging along, but slowly, to the evident annoyance of the
Teutonic delegates. Dr. von Kuhlmann, the German Foreign Minister, Count Czernin, the Austro-Hungarian Foreign
Minister, and General von Ludendorff, the German Chief
Quartermaster-General, on Feb. 4 left Brest-Litovsk for a
hurried conference in Berlin, returning on the 6th to continuo the negotiations. Leon Trotzky, who has been conducting the negotiations for the Bolsheviki, was reported
on Fob. 3 to have arrived in Helsingfors, Finland.
The German report of the first session of the reconvened
peace conference says it was occupied mainly with discussion
of the standing of the Ukrainian and Finnish delegates.
In both those regions civil war is raging and the Bolsheviki,
claiming to have overthrown the former governments, deny
the right of the present delegates to speak 'for those countries. The Finnish delegates, however, insisted upon their
rights, claiming that the revolutionists had been able to
seize power only in a small section of Southern Finland.
Gorman wireless dispatches bring the Brest-Litovsk negotiations up to Feb. 3, when long discussions on the question of representatives of the Russian western border states
and Poland joining in the negotiations failed to bring any
result. Leon Trotzky, the Bolshevik Foreign Minister,
while declaring his readiness to recognize the independence
568
THE CHRONICLE
and right of self-government of the Polish state, contended
that the fact of foreign occupation prevented him from
recognizing representatives of that state under existing conditions, and he argued that a state without either boundaries
or king could be neither a state nor a kingdom. Dr. von
Kuehlmann, German Secretary of Foreign Affairs, observed
that the negotiations would be facilitated if Trotzky would
recognize the independence of the other border states.
Count Czernin, Austro-Hungarian Foreign Minister, noted
with satisfaction that by Trotzky's recognition of the independence of the Polish state the standpoints of each side
appeared to have been brought into greater unison. But he
was unable to admit that the question whether the existing
Polish Government was authorized to represent the Polish
state could be submitted for arbitration to a third government.
Both Count Czernin and Dr. von Kuehlmann protested
that they had not come to engage in an intellectual wrestling
match, and, at the close, the German Secretary explained
that he was obliged. by unavoidable duties to depart for a
short time, but said that during his absence the political
and economic commissions could continue the negotiations.
Reports from Brest-Litovsk in the last few days indicated
that a deadlock had been reached on the question of Ukraine.
After the Ukrainian delegates had almost completed an agreement with the Germans and Austrians for a separate peace
the Bolsheviki sent to Brest-Litovsk new delegates who, they
said, were the real representatives of Ukraine. The representatives of the Central Powers, anxious to make peace
with Ukraine and obtain food supplies there, refused to
recognize the new delegates, who represent the Soldiers' and
Workmen's Deputies of Ukraine, whereas the first delegation
was selected by the Ukrainian Rada. On this point Count
Czernin, speaking for the Central Powers,is quoted as saying:
[VOL. 106.
special dispatch to the New York "Times," will be composed
entirely of selected volunteers, who must have recommendations showing that they are actually convinced of the justice
of the revolution and prepared to risk their lives for the
Soviet Government. The volunteers are to be paid 50
rubles a month.
A special dispatch from Washington to the New York
"Tribune"on Feb.5reported that the Stevens mission, comprising American railroad men who volunteered to rehabilitate the Russian transportation system and who recently
quitted that country, owing to internal disturbances, and
went to Japan,is expected soon to return to Siberia to resume
work. The railway experts, numbering about 300, have
been' awaiting, it is stated, the improvement of conditions
in Siberia.
SEPARATION OF RUSSIAN CHURCH AND STATE.
It was reported from Petrograd on Feb. 5 that the Soviet
on Feb. 3 had issued a decree, signed by Nikolai Lenine and
other members of the de facto Government, absolutely
separating the Church and the State, eliminating church
income from the State and confiscating all church realty,
furnishings and paraphernalia. The decree stipulates, it is
stated, that religious societies may continue to use the property exclusively for religious services, although the title is
vested in the State. Religious freedom is guaranteed so
long as religious societies do not interfere with social ordiar,
limit the rights of individuals or hinder the Republic. No.
religious scruples are to exempt persons from their duties as'
citizens. The religious oath is cancelled and replaced by
promise. Marriage ceremonies and birth registrations are
to be performed by the civil authorities. Religious teaching
is
abolished in State schools and in private schools with a
We find ourselves rather induced to recognize the Ukrainian People's
Republic as an independent, free and sovereign state which is in a posi- similar curriculum. No state assistance will be given to
tion to make independent international agreements.
any church society or religious agent. No religious society
Leon Trotzky, however, the Bolshevik Foreign Minister, will be permitted to own any property, but will merely be
replied, the account adds, that he was unaltered in his con- permitted to borrow it from the State for church services.
ception of the character of the Ukrainian state, and exBecause of the seizure of the Alexander Nevsky Monastery
pressed the opinion that it would be difficult for the Central
Powers to define the geographical frontiers of the Republic and other attacks on church property elsewhere, taken in conjunction with other circumstances attending the latest revojust recognized by them.
As to the civil war in Russia, the press- reports have been lution, the most Rev. Dr. Tikhon, Patriarch of all Russia
very contradictory, but it would seem as though the Bolshe- and Metropolitan of Moscow,issued at Moscow an anathema
viki were still enlarging the sphere of their control. Kiev threatening the participants with excommunication and callwas captured by their forces, according to Petrograd dis- ing on the faithful to defend the sacredness of the church.
patches of Jan. 31, as also the city of Orenburg, capital of The clash of the church with the Bolshevik Government is
the province of the same name, and the important seaport said to be approaching an acute stage. A special dispatch
of Odessa, on the Black Sea. Kishinev, the capital of the from Petrograd to the "New York Times" on Feb. 3 comRussian Province of Bessarabia, has been occupied by mented as follows:
Rumanian troops, and dispatches from Jassy, the temporary
The Bolshevik' are now up against the Russian Orthodox Church.
Until about last October the revolution and church paid one another little
capital of Rumania (via London, Feb. 4), say that the attention.
The church then elected a Patriarch to replace as Its nominal
greater part of the Rumanian army is engaged in fighting head the Emperor and his representative,
the Procurator of the Holy
Synod.
The dignitary appointed to the Patriarchate was Tikhon,formerly
with Russian troops who are overrunning Moldavia and
Metropolitan
of
Moscow.
Bessarabia.
At the same time the Bolshevik' began to carry on a propaganda which
The break in diplomatic relations between the Bolshevik must have for its ultimate effect the complete extinction of the church.
The
anti-religious agitation was started in villages nominally to counteract
Government and Rumania has been followed by the seizure
anti-revolutionary activities of priests. Church lands• were declared
at Odessa and other Black Sea ports of about forty Ru- common
property immediately after the November revolution. Since
manian steamers and several warships.
then, however, direct action and hostilities had practically not occurred.
The revolution in Finland is still active, the struggle being
between the Red Guard, or Bolsheviki, and the White Guard,
organized by the Finnish Government to enforce the authority of the Finnish Diet. Associated Press dispatches via
Stockholm on Feb. 6 reported the capture by Government
forces of the important city of Uleaborg and of Tammerfors,
about 100 miles north of Helsingfors. Helsingfors itself is
in the possession of the revolutionists. As to the nature of
the struggle in Finland, the Petrograd correspondent of the
"London Daily News" is quoted as follows:
Finland is going through the throes of a social revolution similar in alms
to November revolution in Petrograd. The forces opposed to each other
in Finland, however, are very equally balanced and a comparatively painless revolution, like that pushed through by the Russian Bolsheviki, is
unlikely.
FINNISH RED GUARD DEFEATED BY GOVERNMENT
TROOPS.
An Associated Press dispatch from Stockholm under date
of Feb. 8 reported that Gen. Mannerheim, commander of
the forces which are supporting the Finnish Provisional Government, had defeated the revolutionary Red Guard. The
Red Guards are said to have suffered a loss of 3,000 killed.
The battle occurred at Korkeshkosi, near Ta,mmerfors.
It is also reported that the White Guards have captured
Viborg and are planning to cut the railroad to Petrograd and
then march on Helsingfors, held by the Red Guard or revolutionists.
RUSSIA RELEASES PERSIA FROM ANGLO-RUSSIAN
AGREEMENT.
It was announced in Petrograd on Jan. 30 by the Russian
semi-official news agency, that Foreign Minister Trotzky had
London dispatches dated Jan. 31 reported the publication sent a letter
to the Persian Minister at Petrograd, whom he
of a Bolshevik decree establishing an "All Russian Collegium" addressed as "Citizen
Ambassador," informing him that the
for organizing a "Workmen's and Peasants' Red Army of Government of
the Russian Republic makes this declaration:
the Russian Councils' Republic." The official statement
The Anglo-Russian agreement of 1907 was directed against the liberty
says the new army "will serve to support the coming social and independence of the Persian people, and is null and void for all time.
revolution in Europe." Twenty million rubles are assigned Moreover, the Government denounces all agreements preceding and folJowing the said agreement which may restrict the rights of the Persian
for organization purposes. The new army, according to a people to a free and independent existence.
The Bank of Finland's gold reserve is reported to be safe
in the hands of the Government forces.
FEB. 9 1918d
THE CHRONICLE_
REPORTS CONCERNING DETENTION OF SPANISH
LINERS IN U. S. PORTS—EXCHANGE
RATES ON SPAIN.
Reports last week that Spanish ships in United States
ports ready to sail were being held up as a result of Spain's
interference with the shipment of goods across her frontier
into France brought from the War Trade Board the following
denial on Jan. 31:
The attention of the War Trade Board having been called to a report
that a general measure was being enforced to prevent Spanish ships from
clearing from United States ports by withholding bunker licenses, the
following statement was authorized by the War Trade Board:
"It is not correct that Spanish ships are being generally held up by means
11 Spanish ships have
of refusing bunkers, or otherwise. During January
cleared from United States ports with cargoes. Two of them cleared
will
be granted. Each
clearances
yesterday, and it is expected that further
case is dealt with on its own facts, and in a few cases bunker licenses have
or in part with
been withheld as where a ship has been loaded in whole
be allowed under the
commodities as to which export licenses could not
policy of the War Trade Board."
The report of Jan. 31 had it that the steamships of the
Campania Trasatlantica (known as the Spanish Line)
detained in port by the U. S. Government were: the Alfonso
XII, 12,192 tons; the Manuel Calvo, 11,275; the Antonio
Lopez, 10,912; the P. de Satrustegui, 9,246; the C. Lopez y
Lopez, 8,468 tons and the Alicante, 6,401 tons. These
vessels, with the Isla de Panay, due here Jan. 31, represent
a total of 66,297 tons. On Jan. 31, J. Zaragoza, agent of
the line, was quoted as follows regarding the reports:
effect that this company
There has been circulated to-day a report to the
this erroneous impression
has suspended all services. We beg to correct
will continue its service
and state that so far as we are advised this company
is loaded and ready to sail
as usual. The steamship C. Lopez y Lopez
is the usual prowhich
Washington,
from
and only awaits her clearance
will be ready to sail in a
cedure. The passenger steamship Alfonso XII.
in obtaining clearance. This
few days and no difficulties are expected
and notice was posted in
vessel was originally scheduled to sail to-morrow
had been postponed. This
sailing
the
that
passengers
this office advising
remain ashore, as the Governwas to afford passengers an opportunity to
go ashore after once embarking.
ment regulations do not permit passengers to
to-day and will sail as soon
released
been
Our steamship Manuel Calvo has
and loading their cargoes
as laden. Three other vessels are discharging
as customary.
The rumors relative to the detention of Spanish ships by
the War Trade Board stated that the United States was
particularly concerned in the Spanish situation because of
large orders placed in that country by Gen. Pershing for
supplies for the United States Army. According to one report
recently, when General Pershing was authorized to buy 200,000 blankets in Spain for American troops, and attempted
to buy other' merchandise, some influence intervened. The
Associated Press dispatches from Washington on Jan. 31
had the following to say concerning the United States and
its concern regarding Spain:
Spain has given allied officials no end of perplexity. Although not so
situated geographically as to ship supplies readily into Germany, charges
have been made that goods from Spanish Morocco have gone through the
and thence into Germany.
Swiss port of entry in France into Switzerland
German spy system has used
Charges also have been made that the
wireless equipment in Spain to communicate with the Central Powers, I
A considerable element in the Spanish Government, it is well known, is
German in its leanings, and officials in Washington express no hesitation
in intimating that this element is in a large measure responsible for then
present trouble. The official reason given for the blocking of General
Persing's orders is said to be that the Spanish railroad system has broken
down and that it Is impossible to handle goods destined for France.
Through their control of bunker coal the Allies are in a position to skip
not only the shipment of goods to Spain from the allied countries, but from
neutral countries, as well, consequently they can bring powerful pressure
to bear to insure fair treatment in the Spanish markets.
Adjustment of foreign exchange rates with Spain, to remove the premium
which American business men are paying now in commercial transactions
with that country, is another problem waiting to be solved. It will be one
of the financial questions to be considered by Secretary McAdoo and Lord
Beat:ling when the new British Ambassador reaches Washington.
Treasury Department officials have been worried lately by the failure
of the Spanish exchange rate to decrease in spite of the fact that the balance
of trade amounts to $150,920,705 in America's favor for the first 11 months
of 1917, the latest figures available. On Nov. 30 the peseta, ordinarily
worth $.193, cost $.2428 in New York for transfer by cable to Spain.
In searching for a reason, it was found that the trade between Spain and
the allied countries was largely in favor of Spain, and that this difference
was being paid through New York from the Allies' credits in this country,
in order to take advantage of the more favorable exchange rate. This has
caused the rate to advance to America's disadvantage, although it still
remains less than the rate in European countries.
THE TRIAL OF BOLO PASHA—GERMAN DIPLOMATIC
DUPLICITY.
The trial for treason of Bolo Pasha, the French adventurer,
who is charged with having obtained large sums of money
from the German Government to be used in buying up French
newspapers and bribing French Deputies in the interest of
a peace favorable to Germany, was begun in Paris on Feb. 4
before the High Court. The most important testimony so
far adduced has to do with Bob's financial operations here
in New York about two years ago. The evidence on which
this testimony is very largely based was secured during the
569
course of a secret investigation made by Attorney-General
Lewis of New York State at the request of the French Ambassador. Incidentally, it was during the course of this investigation that Attorney-General Lewis seized all the papers
in the safe of Hugo Schmidt, an agent in this country of
the Deutsche Bank, at present interned in a Southern detention camp, and in so doing, according to an article in the
New York "Times" on Feb. 4, secured evidence not only of
the pro-German activities of Bolo Pasha, but also of the workings of a far-reaching scheme by which Germany had been
securing much-needed raw materials from neutral and even
enemy countries.
Testifying at the trial of Bolo Pasha on the 7th inst., M.
Bauer, Director of the Perier Bank, told of the transfer of
funds from New York and Bob's proposal to found a bank
in Cuba in 1914. He said, according to Paris dispatches,
that he and Bolo saw J. P. Morgan in New York in 1914
and prevailed upon him to subscribe 60,000,000 francs to the
capital of the bank to be established. The Perier Bank,
he said, was to subscribe 40,000,000 francs. The "Financial
America" of yesterday, in reporting a denial by a member
of the firm of J.P. Morgan & Co.of the part of this testimony
relating to their firm, quoted that individual as saying:
There is absolutely no truth whatever in• this statement as no member
of the Morgan firm is acquainted with Bolo Pasha nor did this man ever
have any conversation with either Mr. Morgan or anyone else connected
with our firm. The story is ridiculous.
Bolo Pasha was arrested in Paris on Sept. 29 last, charged
with laving relations with the enemy,in that he endeavored,
with the aid of unlimited financial support from Germany, to
establish a pacifist press in France, and in that he attempted
to bribe French Deputies in the interests of an early peace
without the restoration of Belgium or the return of Alsace and
Lorraine to France. Bob, the dispatches from Paris say,
was born in Marseilles and is a brother of Monsignor Bob,a
high church dignitary in France. In June, 1914, it is said,
Bolo became acquainted with Abbas Hilmi, then Khedive of
Egypt, who later conferred on him the title of "Pasha."
He at once became a trusted agent in an enterprise for the
exploitation of real estate owned by the Khedive and for the
protection of the Khedive's interest in the Suez Canal, and in
Egypt, in the event that circumstances might compel Great
Britain to repudiate the Khedive. In March 1915, it is
stated, Bolo met the former Khedive (now a resident of
Switzerland) in Zurich, and there concluded an arrangement
approved by Gottlieb von Jagow,then German Foreign Minister, under which he would seek to influence the French
press. Prior to the arrest of Bolo in Paris, a judicial investigation had been made by the French authorities into his
alleged relations with the enemy. After his arrest, it became
known that Bob, in his campaign to influence the French
newspapers toward an early German peace, had bought an
interest in "Le Journal," one of the most influential Parisian
dailies, for 5,500,000 francs. Senator Charles Humbert,
owner of "Le Journal," in making known the activities of
Bolo to the French authorities, stated that Bolo had had him
sign a promise that Fernand Mother should be appointed a
director of "Le Journal" on his retirement as President of the
Paris Court of Appeals. Senator Humbert also stated that
at the time of the transaction he felt reassured as to the
wisdom of having such a man as Judge Mother on the board
of "Le Journal." As the result of Senator Humbert's revelations, the French Ministry of Justice decided to send
Judge Monier before the Court of Cessation on account of
his association with Bob. The French Secret Service, it
is said, had been aware for some time of Bob's pro-German
activities, but had delayed his arrest until they secured positive evidence regarding the sources of large sums known to
have passed through his hands during the war. They also
knew that these sums were being paid through banks outside
of France, and that Bolo had opened accounts in Switzerland
and the United States totaling several millions. Just how
much, however, Bolo had in Switzerland is problematical,for
the Swiss Government, when asked by the French authorities
for a statement of Bolo's accounts with Swiss banks, replied
that the investigation was a political affair, and it would have
to refuse. Several weeks before the French Ambassador to the
• United States sought the assistance of Governor Whitman
of New York in an effort to obtain information as. to the
activities of Bolo during his visit to this city in February,
1916. The Governor requested Attorney-General Lewis to
render such assistance as might be possible, and the Attorney-General immediately began an investigation. He directed Perley Morse, the certified public accountant of this
city, to make an examination of the accounts of Bolo Pasha
570
THE CHRONICLE
[VOL. 106.
in the banks of G. Amsinck & Co., the New York agency of
In carrying out Bolo Pasha's instructions, the Royal Bank
the Royal Bank of Canada and J. P. Morgan & Co. Mr. of Canada placed at the disposal of Jules
Bois a credit of
Morse made an examination, as directed, and reported to the $5,000 and transferred $524,000 to the Comptoire National
Attorney-General, who first sent the information obtained d'Escompte of Paris to the credit of Mme. Bob.
The balto Secretary of State Lansing and later to the French Am- ance of $1,000,000 was later transferred from the Royal
Bank
bassador at Washington. The latter forwarded the report to J. P. Morgan & Co., who on instructions from Bolo
to the authorities in Paris, and it was upon the evidence col- transferred it to his account with Perrier et Cie., bankers, of
lected by the New York State Attorney-General that the Paris.
arrest of Bolo Pasha was made.
Secretary of State Lansing on OA.5 last made publicinterAttorney-General Lewis made public the results of his in- cepted secret code telegrams exchanged between
Count
vestigation on Oct.3 1917. Mr.Lewis's report, which was for- von Bernstorff and Herr von Jagow, German Minister
for
warded to the French Ambassador at Washington, revealed Foreign Affairs, furnishing conclusive proof that Count
von
that Bolo Pasha had by making use of several of the best Bernstorff while German Ambassador at Washington
engibanking institutions in this city, transferred $1,683,500 of neered the deal with the Berlin Foreign Office for
the $1,700,German money to France for the purpose of influencing the 000 furnished to Bolo Pasha to "buy up" French
newspapers.
French press. The report showed that the money had passed Secretary Lansing's announcement then read:
to Bolo in a way to conceal its origin, on direct orders from
The Department of State communicates to the press the following teleAmbassador von Bernstorff to Hugo Schmidt, director in grams bearing upon the case of Bolo Pasha, exchanged between Count von
this country of. the Deutsche Bank, the official bank of the Bernstorff and Herr von Jagow, German Minister of Foreign Affairs:
"Number 679, Feb. 26th. I have received direct information from an
German Government. The bankers and banking institu- entirely trustworthy source
concerning a political action in one of the enemy
tions in this city who acted as intermediaries were without countries which would bring peace. One of the leading political personof the country in question is seeking a loan of one million seven hunthe slightest knowledge of the source of the funds or the pur- alities
dred thousand dollars in New York, for which
will be given. I
pose of the transactions. The method pursued was to use was forbidden to give his name in writing. Thesecurity
affair seems to me to be
cashier's checks drawn on the Guaranty Trust Co. and the of the greatest possible importance. Can the money be provided at once
New York? That the intermediary will keep the matter secret is enNational Park Bank, in which institutions the Deutsche in
tirely certain. Request answer by telegram. A verbal report will follow
Bank had accounts, and transfer the money to G.Amsinck & as soon as a trustworthy person can be found to bring it to Germany.
Co., a banking house of Hanover Square. The transaction
BERNSTORFF.
at this stage was a paper one, and was known only to Adolph the"Number 150,Feb.29th. Answer to telegram Number 679. Agree to
loan, but only if peace action seems to you a really serious project, as
Pavenstedt, then senior member of Amsinck & Co., but since the provision of money in New York
is for us at present extraordinarily difeliminated from the firm because, it is said, of his German ficult. If the enemy country is Russia, have nothing to do with the business,
as
the
sum
of
money
is
too
small
to have any serious effect in that
affiliations. From .Pavenstedt the Attorney-General ob- country. So, too,
in the case of Italy, where it would not be worth while
tained much of the information concerning Bolo Pasha's to spend so much.
JAGOW.
"Number 685, March 5th. Please instruct Deutsche Bank to hold nine
activities in this country. By means of cashier's checks
million marks at disposal of Hugo Schmidt. The affair is very promising.
drawn on Amsinck & Co. and signed by Mr. Pavenstedt Further particulars follow.
BERNSTORFF.
with the firm name, the money was then sent to the Royal
-Number 692, March 20th. With reference to telegram Number 685,
please
advise
our
Minister
in
Berne
that
some
one
will
call on him who will
Bank of Canada, where it was deposited to Bolo Pasha's acgive him the passport Sanct Regis and who wishes to establish relations
count. From the Deutsche Bank accounts to Bolo Pasha's with the
Foreign Office. Intermediary further requests that influence may
account, the trail of the money had been so carefully con- be brought to bear upon our press to pass over the change in the inner
political
situation
in France so far as possible in silence, in order that things
cealed that no suspicion arose that it was other than the
may not be spoiled by German approval.
BERNSTORFF.
property of a patriotic Frenchman, the role Bolo Pasha as"Number 206, May 31st. The person announced in Telegram 692 of
March 20th has not yet reported himself at the Legation at Berne. Is
sumed when he came to this country.
JAGOW."
Bolo Pasha arrived in New York on a French liner on there any more news on your side of Bob?
Not only did the telegrams establish beyond a doubt Bolo
Washington's Birthday (Fob. 22), 1916, and sailed for
Pash's treachery to France, but, it was pointed out, they also
France on the 17th of the following month. Upon his arshed light on the systematic methods pursued in Berlin to
rival here, he immediately sought out Mr. Pavenstedt, and
influence public opinion in enemy countries.
%
is said to have outlined to that banker his scheme for creating
a favorable opinion to Germany in France by influencing the
French press. Mr. Pavenstedt, it is stated, informed Bolo EARL READING APPOINTED BRITISH HIGH COMthat his own resources were limited, but that he would
MISSIONER AND SPECIAL AMBASSADOR TO
take the matter up with Count von Bernstorff, which he did.
UNITED STATES—SPRING-RICE RECALLED.
Von Bernstorff told Pavenstedt that he would consider the
The appointment of Earl Reading, Lord Chief Justice of
proposition and let him know his decision in a few days. England, as British High Commissioner to the United States
His decision was that the scheme was a splendid one for Ger- in the character of Ambassador Plenipotentiary on a special
many, and Bolo Pasha was informed that Von Bernstorff mission, to succeed Sir Arthur Cecil Spring-Rice, who has
would back him. Von Bernstorff then instructed Hugo been recalled, was officially announced at London on Jan. 7.
Schmidt, the director of the Deutsche Bank in this country, Earl Reading will take over the work of the British Embassy
to give Bolo Pasha the money needed to carry out the lat- at Washington, and he will also assume charge of the acter's plan to "buy up" the French press. Schmidt trans- tivities of the various British war mission in this country,
ferred $1,683,500 in six payments, all by cashier's checks of in the latter capacity relieving Viscount Northcliffe, who
the National Park Bank, and the Guaranty Trust Co., to will remain in London as Chairman of the London headG. Amsinck & Co. Mr. Pavenstedt for G. Amsinck & Co. quarters of the British war missions in the United States.
then transferred the money to the New York agency of the The following is the official announcement in the matter:
Royal Bank of Canada to the credit of Bolo Pasha. As soon
On the departure on leave of Sir Cecil Spring-Rico the King has been
as the money reached the Canadian bank, Bolo began to graciously pleased to appoint Earl Reading, Lord Chief Justice of England,
to be his High Commissioner in the United States in the character °Van
check it out and make preparations to leave the country. Ambassador Plenipotentiary on a special mission.
Three days before he left New York for France, he wrote a
Lord Reading as High Commissioner and Special Ambassador will have
letter to the Royal Bank Of Canada, according to the New • full authority over the members of all British missions sent to the United
States in connection with the active prosecution of the war and the labors
York "Sun," giving these instructions for the disposition of of such missions will be completely under his direction and control.
Lord Northchffe will remain in London as Chairman of the London
his account:
"Gentlemen—You will receive from Messrs. G. Amsinck & Co. deposits
for the credit of my account with you, which deposits will reach the aggregate amount of about $1,700,000, which I wish you to utilize in the following manner:
First—Immediately on receipt of the first amount on account of this sum
pay totlessrs. J. P. Morgan & Co., New York City, the sum of $170,000,
to be placed to the credit of the account with them of Senator Charles
Humbert, Paris.
Second—Establish on your books a credit of $5,000, good until May 31,
in favor of Jules Bois, Biltmore Hotel, this account to be utilized by him
at the debit of my account according to his needs and the unused balance
to be returned to me.
Third—Transfer to the credit of my wife, Mme. Bob, with agency T
of Comptoire National d'Escompte de Paris, a sum of about $524,000, to
be debited to my account as such transfers are made by you at best rate
and by small amounts.
Fourth—You will hold subject to my instructions when all payments are
completed a balance of not less than $1,000,000.
Yours truly.
BOLO PASHA.
Headquarters of the British Mirion to the United States.
The retirement of Sir Arthur Cecil Spring-Rice from his
post in Washington had been reported in the London papers
a week before the official announcement was made. The
appointment of Earl Reading as Ambassador to Washington
is primarily for war purposes, and, will not, it is understood,
necessitate his retirement as Lord Chief Justice. His duties
in this country, according to London dispatches, will deal
mainly with financial and general business matters, and he
will be relieved of the ordinary ambassadorial functions of
handling numerous minor diplomatic negotiations which
constitute a large part of the activities,of the British Embassy
Colonel E. D. Swinton, Assistant Secretary of Great Britain
War Cabinet, and one of the originators of the British
"tank," will, it is stated, accompany the Lord Chief Justice
to the United States as an attache.
FEB. 9 1918.]
THE CHRONICLE
571
(d) "tax-free securities and stock in foreign corporations to the extent
authorized in Articles 45 and 46."
(2) Patents and copyrights acquired for stock or shares.
(a) value when acquired twhicherer is lower (Art. 56)•
(b) par value of stock'
(3) Intangible assets-(a) acquired for stock or shares:
up
20% of stock outstanding on March 3 19171
Tho nation is indebted to Earl Reading for taking
War Mission to the
British
(whichever is lowest
the
Cabinet,
actual value when acquired
War
the
g
task of representin
Board,
Air
the
t (Arts. 53. 57. 58).
Munitions,
par value of stock issued
United States, the Treasury, the Ministry of
the
when
time
a
at
States
tangible
United
property—"amounts expended" al(b) acquired for cash or
and, in fact, all British interests in the
each
on
" (Arts.60,p4).
Kingdom
United
n
the
oblescence
and
depreciatio
,
and
"depletion
States
less
lowed,
nterdependence of the United
imagined by the public. The
other's war efforts has assumed a scale little
Note.—The foregoing cover the specified classes required to be valued in
by
in
past
the
been impaired
speed of the Anglo-American war effort has
accordance with specific regulations. No other provisions being made,
affairs in the United States.
it is assumed that there may be added as "admissible assets" the following:
the need of one controlling head of all British
precious
and
equally
ence
correspond
or obsoin
wasted
Precious weeks have been
(4) All other property at cost, less "depletion, depreciation
lescence."
hours in cabling.
by
in
be
will
touch
Reading
From the Embassy at Washington Earl
V. Reduce invested capital determined under I to III to an amount equal
s of the Mission in New York.
to the sum of the "admissible assets" under IV.
private telegraph wires with all department
doubtless
but
Cabinet,
the
from
s
instruction
Note.—Result: Invested capital is determined under I to III or under
I am not in the secret of his
act promptly and on his own
IV, "whichever is lower."
he has been given the same full authority to
to
the
visit
United
momentous
judgment as he possessed during his last
Returns must be made under Article 53 (Art. 24); in "exceptional eases
States and Canada.
(Arts. 52, 59) a claim for assessment under Section 210 may be made, and
it.
of
only
are
part
mission
his
of
aspects
The diplomatic and financial
the invested capital will then be determined on "representative" basis
.organization. While I was in New
He will be in charge of an enormous
(Art. 18).
cable.
its
fifty
thousandth
celebrated
York the purchasing department alone
task will be mitigated by the
The daily difficulties of Lord Reading's
t
and
people of the TIME FOR FILING RETURNS OF INCOME AND EXCESS
Governmen
the
by
him
to
great good-will extended
Ills knowledge of languages
PROFITS RETURNS EXTENDED.
United States and by the President himself.
rs
and
fo tho Allied
heads
will facilitate the discussion with the Ambassado
Collector William H. Edwards of the Second District of
war missions at Washington.
in London, which I willingly New York, announces that on account of the delay in furnishmission
war
the
supervising
The task of
constant arrival of heads of the Ameri- ing the income and excess profits tax forms, numerous reaccepted, is growing daily with tho
others requiring information and ascan Government departments and
beyond March 1
to keep Crowe House open night quests have been made for an extension
sistance. We have found it necessary
order that there may be no delay in 1918 to file the returns. Any one desiring an extension, not
in
week
the
in
days
seven
and day
States.
to exceed 30 days, may procure same from Collector Edour communications with the United
Viscount Northcliffe, head of the London headquarters
of the British War Mission to the United States, and owner
and editor of several London newspapers, on Jan. 7 issued
the following statement regarding the appointment of Earl
Reading:
the tremendous
Earl Reading, who was elevated to his present rank on
Nov. 23 last, the same time when Lord Northcliffe was made
a Viscount, is well known in banking and financial circles
in this country, having served as Chairman of the Allies'
financial commission from Great Britain and France, which
negotiated a $500,000,000 loan in the United States in the fall
of 1915. In September last he returned to the United States on
a special mission from the British War Cabinet to convoy information, particularly regarding financial affairs, to the
Washington Government. He was created Viscount Reading
of Erloigh in 1916; ho had previously (in 1914) been raised to
the Peerage with the title of Baron Reading, and before that,
in 1910, had been made a Knight. Ho was born in 1860,
Rufus Daniel Isaacs, second son of the late Joseph M.
Isaacs, a merchant in the City of London.
wards, Custom House, if written application is made therefor. Collector Edwards is endeavoring to arrange with the
Commissioner of Internal Revenue at Washington for a
general extension, without the necessity of even making
application therefor.
DECLARATION OF WAR ON AUSTRIA BY PANAMA.
The Government of Panama on Dec. 10 declared war
against Austria-Hungary. The Canal Zone, in accordance
with President Wilson's recent order, has been cleared of
Germans and Austrians.
EXCESS PROFITS TAX—DETERMINATION OF INVESTED CAPITAL OF CORPORATIONS AND
PARTNERSHIPS.
•
has been prepared by Reed, McCook
chart
following
The
& Hoyt, attorneys, of Now York City, for the determination of invested capital at the beginning of the taxable year,
under Article 53 of Treasury Regulations No. 41, of corporations and partnerships:
of
I. Determine Capital and Surplus, as shown on books at beginning
taxable year (Art. 53):
(1) Paid in capital;
(2) Paid in surplus;
and undivided profits.
(3) Earned surplus
II. Add (if not shown on books):
tangible property:
(1) Additional value of
1 9114 (Art. 55):
(a) appreciation to Jan.
as "paid in
(b) acquired for stock in excess of par value, allowed
surplus" (Art. 63);
and not,
expense
but
current
earnings
as
charged
(c) acquired out of
deducted on income tax return (Art. 64).
(2) Intangible property paid for (Art. 64).
not deductible under
(3) "Permanent indebtedness" interest on which is
Income tax (Art. 44).
III. Deduct—
55).
(1) Over-valuation or depreciation in tangible property (Art.
(2) Over-valuation in patents or copyrights (Art. 56).
value
book
of
excess
(3) Over-valuation in intangible property or any
above 20% of stock outstanding on March 3 1917 (Arts.53,57,58,59).
(4) Depletion, depreciation and obsolescense generally (Art. 42)•
(5) Amounts representing appreciation not allowed by Act (Art. 42).
(6) Stock returned to cOrporation, less price realized on re-sale (Art. 54).
(7) Adjustment if any due to reorganization (Art. 50)•
and capital
Note,—Tho foregoing is the "adjusted total of surplus
folaccount," and is the "invested capital" under the Act, subject to the
lowing:
"
IV. Valuation of "admissible assets" "in accordance with these regulations
(Art. 53):
(1) Tangible property—
(a) acquired for stocker shares before Jan. 1 1914:
Cash value Jan. 1 1914lwlachever is lower (Art. 55)•
Par value of stock
(b) acquired for stock or shares after Jan. 11914, value when acquired.
(c) acquired "by gift or at value" in excess of cash or par stock "paid
therefor"; value or excess allowed.
CHANGE IN RULING REGARDING ALLOCATION OF
DIVIDENDS.
It was announced yesterday that officials of the Internal
Revenue Bureau had reversed the ruling given by Commissioner Roper in December and sustained the instructions
of Paragraph F on Form 1040, which holds that dividends
declared out of earnings made prior to 1917 shall be added
to 1917 income but are taxable at 1916 rates. The ruling
reads:
Dividends declared in 1917 from earnings wholly accumulated in 1916
should be reported in 1917 return. That is they are income for 1917 but
are taxable at 1916 rates. Such dividends, therefore, should be added to
the net income of 1917 to determine the rates at which to be taxed.
DIVIDENDS IN RELATION TO INCOME TAX.
Last week we referred to announcements made by some
of the financial institutions with regard to dividend payments in 1917 as an aid to their stockholders in the preparation of their income tax returns; to-day we give additional
announcements as follows:
(Similar information in a very extended form with reference
to railroad and industrial companies will be found to-day on
pages 599 to 606.)
The American Exchange National Bank, New York:
New York, Feb. 1 1918.
To Our Stockholders:
Section 31 (b) of the War Revenue Act as amended October 3 1917
provides that any distribution made to the shareholders of a corporation
shall be deemed to have been made from the most recently accumulated
undivided profits or surplus. Such dividends are taxable in the hands
of the stockholders at the tax rates in force during the year in which such
dividends were earned by the corporation.
From Jan. 1 1917 to Nov. 1 1917 this bank earned an amount more
than sufficient to pay the entire amount of its dividends declared during
the year 1917. Therefore, our counsel advises us that the entire amount
of our dividends paid during the year 1917 is taxable at the 1917 rates
and should be included in Column 6 of Block F of Form 1040.
The Columbia Trust Co. of this city sends us the following
information in the matter:
In response to your request for statement to be published regarding the
quote
period during which dividends paid by us in 1917 were earned, we
herewith a letter which we have been sending to our stockhciders, who have
made inquiries:
000) was
"As reflected by our books, the entire dividend for 1917($700.
written down to
earned. If, however, our securities had been entirely
of
profits
in
undivided
shrinkage
a
market value, we would have shown
shrinkage had been shown
approximately $200,000. Even if this entire for
the
purposes
tax
income
that
think
to
are
inclined
we
upon our books,
dividends would have been considered as earned during 1917."
The Equitable Trust Co. of New York:
Referring to Section 31, Parabraph (b) of the Income Tax Act of Sept. 8
1916, as amended by the Act of Oct. 3 1917, we wish to advise you that
the year
all dividends paid by this company on its capital stock during
1917 were paid from the earnings accumulated during the year 1917.
Guaranty Trust Co. of New York:
Dividend checks dated Dec. 311916. representing the dividend declared
Dec. 6 1916 for the quarter ending Dec. 311916, wer paid out of earnings
572
THE CHRONICLE
for the year 1916. All subsequent dividends declared during the
year
1917 were paid out of earnings for that year.
The Kings County Trust Co. of Brooklyn states that
on the assumption that the statutory provision requires the
computation of the "most recently accumulated undivided
profits" up to the vesting date of the dividend, the dividend
of $6 per share paid Feb. 1 1917 should be allocated $4.42242
per share to 1916 earnings and $1.57758 to 1917 earnings.
All subsequent dividends paid to shareholders during the
year 1917 were paid wholly from earnings of that year.
The Manufacturers Trust Co. of Brooklyn, N. Y., says
that the dividends paid by it during the year 1917 were
made from earnings as follows:
Dividend of Jan. 2 1917 from earnings accumulated in 1916. Dividends
of April 2, July 2 and Oct. 1 1917 from earnings accumulated in 1917.
The Nassau National Bank of Brooklyn announces that
the dividend paid by it on Jan. 2 1917 was made from net
profits accumulated in the calendar year 1916. Subsequent
dividends paid during 1917 and the latest dividend paid on
Jan. 2 1918 were made from accumulated profits of the year
1917.
The Old Colony Trust Co. of Boston informs us that the
dividends paid on its stock during 1917 were paid from
earnings during that year.
[VOL. 106.
registration ever achieved in the history of the Chapter.
The outlook for the second term which is just commencing,
is equally bright, it is said, and New York Chapter looks
forward with pride to the closing months of its banner year.
The courses offered were many and varied, but all of them
tended directly to increase the efficiency and knowledge of
the bank men and imbue him with the thoughts necessary
to make him appreciate the opportunities of his profession.
One feature has been the successful introduction of extension
courses in some of the city banks under the auspices of the
Chapter. This is a field which offers, it is thought, large
opportunities for future development and will undoubtedly
increase the influence of the Chapter in many directions.
The announcement has just been made of the appointment
of B. P. Gooden as Assistant Secretary of the Mercantile
Bank of the Americas, Inc., of New York. Mr. Gooden
has been with this institution since last spring, going there
from the New Netherland Bank where he held the title of
Assistant to the President. Mr. Gooden is a graduate of
New .York Chapter of the American Institute of Banking,
with which organization he has been an active member for
several years. He was the First Vice-President of the
Chapter last year, and also Chairman of the Educational
Committee. At the present time he is a member of the
Chapter's Board of Governors.
BANKING AND FINANCIAL NEWS.
The National Bank of Commerce of this city has issued
No bank or trust company stocks were sold this week
for general distribution a booklet—"The Excess Profits Tax
either at the Stock Exchange or at auction.
Manual," a copy of which the bank will mail on request to
inquirers. The manual contains the text of the Excess
More than one thousand reservations, it is stated, have
Profits Law, as enacted on Oct. 3 1917. It also presents the
been made for the War Rally Dinner of New York Chapter
text of the official regulations of the Commissioner of
of the American Institute of Banking, which is to be held
Internal Revenue, under which the excess profits taxes are
at the Hotel Astor on Saturday evening, Feb. 16. This
to be assessed and collected. The book is issued as one of
dinner will be the only formal gathering of bankers in New
a series presenting the texts of important legislation and
York City this winter, as the annual banquets of the National Bank and Trust Co.groups were cancelled some time official regulations promulgated by the Government. It is
ago. The War Rally Dinner of the Chapter is expected of convenient size, and ample marginal notes make it suitto take on the nature of a convention, as following the dinner able for constant desk use. The National Bank of Commerce is endeavoring to assist the Government by the
there will be held on Sunday, Feb. 17, a luncheon at which
publication of the official tests of important legislative
two or three hundred out-of-town bankers will be brought
enactments.
together for a discussion of war-time finance. Myron T.
Herrick, former Governor of Ohio and ex-President of the
A. T. Allison has been elected Vice-President of the ExAmerica'. Bankers Association, will be a speaker at the War change National Bank
of Tulsa, Okla. The capital stock of
Rally dinner. Two of the other speakers will be Newton this institution has been
increased from $750,000 to $1,000,W. Gilbert, former Vice-Governor of the Philippine Islands, 000. The new capital
became effective Feb. 1 1918. The
and Almet F. Jenks, Presiding Justice of the Appellate stock was issued to existing
stockholders at par, $100.
Division, New York Supreme Court. All the discussions at
the banquet, as well as it the luncheon of the following day,
The Empire Trust Co., 120 Broadway, and 580 Fifth
will deal with the banking and economic problems which Avenue, this city, has
issued a pamphlet, "Taxable
have been imposed upon the American people since the Status of Corporation
Dividends Paid in the Year 1917."
entrance of America into the war. It is expected that par- This booklet contains
information to show which dividends
ticular attention will be devoted to the forthcoming third received in 1917 are
taxable at the lower rates of 1916 or
Liberty Loan, in the sale of which members of the American 1913 or are exempt from
income tax. The leading railroad,
Institute of Banking expect to play a prominent part.
industrial and miscellaneous corporations are listed in the
pamphlet. The trust company will be glad to furnish
Frank C. Mortimer, who has been identified with banking a copy to any reader of this
paper.
interests in California for the past twenty years, and whose
appointment as Assistant Cashier of the National City Bank
The Reorganization Committee of the Eagle Savings &
of New York was referred to in our issue of Jan. 12 has been Loan Co. of Brooklyn has
this week declared operative the
assigned to duty at the main bank. His successor in the plan under which they
have been receiving the assent of
San Francisco office of the National City Bank is S. E. shareholders since the
closing days of November last. The
Albeck, Assistant Vice-President.
plan contemplates the converting of the company into a
business corporation and will, it is expected, enable those
When alterations to the premises are completed, the Corn interested to realize on
their holdings within a reasonable
Exchange Bank of this city will open a branch at Fulton & period. Those who
have elected to take cash—on the basis
Pearl Streets.
of 66 2-3%—will first be paid off, while the remaining shareholders, who have expressed a preference for bonds and
Henry Block was elected a Vice-President of the German preferred stdck in the
new company to cover their interests
American Bank, corner of Broad and Exchange Place, this in full (50% of each),
will receive 4% per annum on the forcity, on the 5th inst.
mer and will be entitled to a return up to 4% on the latter,
pending their gradual retirement.
Victor A. Lersner was this week elected a director of the
Atlantic National Bank of this city. Mr. Lersner is CompThe election of Leslie W.Burdick as President of the First
troller of the Williamsburg Savings Bank.
National Bank of Gouverneur, N. Y., occurred on Jan. 30.
Mr. Burdick becomes head of the institution after serving
The New York Chapter of the American Institute of Bank- the bank in the
capacity of Cashier for ten years. He
ing has just completed the first half of its 1917-1918 edu- started his banking
career with the Fifth Avenue Bank of
cational program, which was one of the strongest ever pre- New York. In
1901 he entered the First National of Gousented to its membership. With about ten per cent of its verneur as
Clerk, and in 1908 became Cashier. During
active membership in the service of the nation, the Chapter his ten years
in that office the bank's resources have inis still able to announce that at the beginning of its winter creased from
$461,005 to $2,497,352. Mr. Burdick, who
tern last October there were over eight hundred enrollments succeeds Fred
H. Haile, retired, as President, is a son
in its various educational courses. This is the highest of the late
Frank M. Burdick, who also officiated as Presi-
FEB. 9 1918.]
THE CHRONICLE
573
At the annual election of officers of the York Trust Comdent. The new Cashier is Burton W. Aldrich, previously
Assistant Cashier. Wallace A. Streeter and Arthur P. pany of York, Pa., on Jan. 15 the following officers were
Mason have been elected Assistant Cashiers. Nelson R. elected:
Ellis S. Lewis, President.
Caswell and Hugh Abbott have been made directors to take
Smyser Williams, Vice-President.
the places of Fred H. Haile.and George M. Holmes, retired.
C. H. Moore, Secretary and Treasurer.
Carl S. Wittmer, Assistant Secretary and Treasurer.
Charles H. Sheldon,formerly Secretary of the Union Trust
Co., of Providence, has been elected a Vice-President of the
institution, and Clinton F. Stevens, formerly Assistant
Treasurer and Assistant Secretary, has been elected Secretary.
The election of Mr. Wittmer as Assistant Secretary and
Treasurer was the only change of importance at the election. Mr. Lewis became President a year ago following
the death on March 2 1917 of John W.Steacy. At the time
of Mr. Lewis's election to the presidency Mr. Moore was
made Treasurer, retaining tho office of Assistant Secretary.
Stockholders of the Essex County National Bank of New- The death of F. G. Metzer, Secretary, occurred on Dee.
ark this week received a dividend of 40% on the par value 27 1917, and Mr. Moore now holds the dual office of Secreof the $1,000,000 capital. The bank was consolidated with tary and Treasurer.
the National Newark Banking Co. (capital $1,000,000),
Newark, on Jan. 2, as noted in our issue of Jan. 12, forming
At the annual meeting of the West Side Trust Co. of Inthe National Newark & Essex Banking Co. (capital $2,- dianapolis, held on Jan. 21, Carl A. Ploch was elected
000,000). The dividend is paid from assets held out from the Assistant Secretary. Before his election to his new post
consolidation for distribution among the stockholders. Mr. Ploch had been Receiving Teller of the Continental
Further dividends will be paid shareholders of the bank, as National Bank since 1909. He is an active member of the
they are collected from its segregated assets. Holders of Indianapolis Chapter-American Institute of Banking.
stock in the National Newark Banking Co. will also receive
dividends from that bank's assets which were set aside at
At the annual election of officers of the Pacific National
the consolidation.
Bank of Boise, Idaho, held on Jan. 8, Douglas A. Swan,
formerly National Bank Examiner for Utah and Idaho, was
Robert Turner, Chairman of the financial board of the elected Cashier to succeed E. H. Parsons, retired. The
Burlington,
N.
J.,
has
been
of
Mechanics' National Bank
plans for the taking over of the Idaho National Bank by
appointed to succeed James H. Birch Jr. as Cashier of the the Pacific National have not as yet been carried into effect.
bank. Mr. Birch retires from the Cashiership in order to
devote his time to the re-establishment of the export carriage
Summing up the progress of the Old National Bank of
business of his father, which had temporarily shut down on
over a period of ten years, the accompanying twoincidental
ocean
Spokane
freight
conthe
and
the
war
of
account
year figures indicate a substantial, continuous growth that is
ditions.
worthy of special comment:
Average Deposits doerage Total
Average
Average Capital,
Initial steps have been taken toward combining the
Resources.
(Gross).
Loans.
Surplus & Profits.
Year—
Guarantee Trust & Safe Deposit Co. of Philadelphia (capi- 1908
$722,000 00 $3,600,000 00 $6,561,000 00 $7.600,000 00
1,306,000 00 6,020,000 00 8,826,000 00 11.122,000 00
tal $1,000,000) and the Real Estate Trust Co. into 1910
5,992,000 00 8.970,00000 11.415,00000
1,446,000 00
1912
one company. The capital of the latter is divided into 1914
1,485,000 00 6.493,00000 10,107,000 00 12,587.000 00
two classes—common and preferred; the outstanding com- 1916
'1,556.00000 8,656,000 00 14,246,000 00 16,793,000 00
1,591,000 00 11,221,000 00 17,365,000 00 20,020,00000
mon capital is now $1,319,600 and the preferred $2,410,300. 1917
have
institutions
1908 this expansion has made enlarged quarapproved
the
prosince
Twice
The directors of the two
posed consolidation and the matter will come up for the ters necessary. First, in 1911, when the bank moved from
approval of the stockholders of the Guarantee Trust & Safe the historic "Marble Bank Building" into the new skyDeposit Co. at their annual meeting on Feb. 12. If the scraper of 15 storeis which bears the bank's name. Again,
plan is approved at that meeting there will then be called a during the past year, when its quarters in the Old National
meeting of the stockholders of the Real Estate Trust Co. Bank Building were practically doubled to accommodate
Under the present plans the consolidated institutions will increased business and the trust company activities of its
be known as the Guarantee Trust Co. It is proposed .to allied institution, the Union Trust Co. of Spokane, both
retain the headquarters of the Real Estate Trust Co. as the institutions now being housed under one roof, although
main office of the enlarged institution, a part at least of the retaining their separate identities. At the last call of the
principal offices of the Guarantee being continued as a down- Comptroller, on Dec. 311917, the Old National had deposits
town office. George H. Earle Jr., President of the Real of more than eighteen millions, or 37% of the total bank
Estate Trust Co., was quoted in the "Philadelphia Press" of deposits of Spokane itself. This represents a gain during
Feb. 2 as having the following to say regarding the move- the past year of 33/ millions, after deducting the deposits
transferred by the Union Trust Co. at the time it took up
ment:
Announcement of a merger of the Guarantee Trust Co. and the Real joint occpuancy with the parent institution. The present
Estate Trust Co. is, of course, premature. There has been no merger, officers of the Old National Bank are: D. W. Twohy,
simply a negotiation; but since publication has been made, I suppose it is
President; T. J. Humbird and W. D. Vincent, Vioe-Presias well to give the facts.
Of course, the gentlemen interested in both companies are to some extent dents; J. A. Yeomans, Cashier; W. J. Smithson. G. H.
Identical, and, consequently, upon the lamented death of Mr. Cook, who Greenwood, J. W.Bradley, B. L. Jenkins and E.P. Randall,
was President of the Guarantee, I was urged to take the presidency of
elected to the official
that company. I declined, because I felt it would not be best for them. Assistant Cashiers. Mr. Randall was
I do not think it will be injurious to any of the existing companies that there staff of the bank at the annual shareholders' meeting of
should be one less, by a merger; and when that was suggested, I felt I
Jan. 8 1918 and his elevation to Assistant Cashiership comes
should help because I can do so hopefully if the Guarantee Trust Co. is
to have, in addition to its fine downtown office, a first-class uptown loca- in recognition of twelve years of service in the bank% emtion. Besides, a good deal of economic loss can be avoided by not un- ploy.
I, therefore, felt that
help
I should
necessarily duplicating expenses.
along this line, and am more than gratified by the universal public spirit
shown in both companies so far as I am informed.
Directors of both companies hive unanimously approved this step, and I
am informed, in addition, that the Guarantee Trust Co. has already received a handsome measure of proxies from its stockholders. Of course
our stockholders must also be consulted, and approve; but every one knows
that they always act in the most public-spirited manner. And that is the
whole story, so far as it is written.
Ray Dorney, for the past six years Teller of the Citizens
Trust & Deposit Company of Allentown, Pa., has been
appointed Assistant Secretary and Treasurer of the Penn
Counties Trust Co. of that city.
At the annual meeting of the Peoples bank oi Erie, Pa.,
Byron A. Walker was elected President to succeed the late
John W. Little. Those identified with Mr. Walker in the
executive management of the bank are C. F. Reitzell,
Vice-President; • H. G. Selkregg, Cashier, and Geo. C.
Flickinger and William W. Smith, Assistant Cashiers.
As indicating the growth of the Morris Plan of industrial
loans and investments, it is pointed out, that in 1916 the
number of borrowers on this plan was 104,080; while in 1917
it was 202,828. In 1916 the amount loaned in small gums
was $14,096,627; in 1917 it was over $26,000,000. The
number of borrowers from the start March 1910 to Dee. 31
1917 was nearly 390,000, and loans aggregated $53,000,000.
There were 59 companies operating at the end of 1916 and
93 at the end of 1917. Four more have since begun business,
and to-day 97 Morris Plan companies are making loans in
100 American cities, from Boston to Los Angeles, and from
New Orleans to Duluth. Their combined capital is $12,000,000 and they are lending at the rate of $30,000,000
a year. On their directorates are some 2,000 bankers and
other business men. The population of the cities and
suburbs served directly by the Morris Plan is about 30;000,000. Late in 1917 the Morris Plan Insurance Society
began business, under the presidency of Arthus J. Morris,
574
THE CHRONICLE
founder of the system; and for a small fee a borrower can now
arrange for the cancellation of his debt in the event of death,
and the return to his family of the amount previously paid
toward the liquidation of his loan. The name of "The
Morris Plan Bulletin" has been changed to "Thrift" and
the scope of the monthly has been broactened accordingly.
The magazine L. issued by the Industrial Finance Corporation, 52 William StreetiNew York, which has organized
nearly all of the 97 companies now operating The Morris
Plan throughout the country.
An offer to buy controlling interest in the Market & Fulton
National Bank of this city nas been made by the Irvini.
Trust Co. According to a letter addressed by theibankito
its shareholders, the price ofiered is
a share. The
Market & Fulton National has a capital of $1,000,000 and
surplus and profits or a iittie over 52.000,000. its stock,
which had been selling at a bid to 255 asked, immediately
advanced with the news of the merger negotiations, to 260@
270. Frederic G. Lee, President of the Irving Trust Co.,
in a statement issued on Thursday, announces that Alexander Gilbert, Chairman of the Board of the bank, and Robert
A. Parker, President, will become, respectively, Chairman
of the Board and Vice-President of the trust company. We
annex the statement herewith;
OSAn offer has been made for the coitrolI ng interest ;n the Market & Fulton
National Bank, with the idea of consolidating it with the Irving Trust Co.
The directors of the Market & Fulton National Bank have recommended
to the stockholders the acceptance of the offer and have deposited their
own stock under the agreement to sell.
A considerable amount of other stock has also been deposited.
The business of the Market & Fulton National Bank will be continued
In its present location and there will be no change in the policy or management of the bank.
Mr. Alexander Gilbert, Chairman of the Board of Directors, and Mr.
Robert A. Parker, President of the Market & Fulton National Bank, will
become, respectively, Chairman of the Baord and Vice-President of the
Irving Trust Co.
It is believed that the proposed plan of consolidation will be to the
advantage of both institutions' and result in increasedAfacilities for the
accommodation of their customers.
[Voati. 106.
wickets. The working space is excellently and efficiently
arranged to meet the demands of the staff. The Ottawa
Banking & Trust Co. was incorporated in 1903 with a capital
of $100,000. All of the old officers were re-elected at the
last annual meeting recently held. H. W. Johnson is President; W. E. Pritchard, Vice-President; George 0. Grover,
Cashier; W. A. Johnson, Assistant Cashier, and H. L. Arnold, Secretary.
Richard T. Crane Jr., President of the Crane Co., was
elected a director of the Merchants' Loan & Trust Co. of
Chicago at the board meeting held on the 5th inst.
The name of the National German American Bank of
Wausau, Wis., has been changed to the American National
Bank of Wausau.
Plans to increase the capital of the Exchange National Bank
of Tulsa, Okla., from 8750,000 to $1,000,000 have been approved by the Comptroller of the Currency.
Gerald Parker, Manager of the bond department of the
Commerce Trust Co. of Kansas City, Mo., has been elected
a Vice-President. The capital stock of the Commerce Trust
Co. has been acquired by the Southwest National Bank of
Commerce, whose combined resources of ninety million dollars make it the largest banking institution in the United
States west of the Mississippi River.
A charter for the Liberty National Bank of Waco, Tex.,
has been issued by the Comptroller of the Currency. The
application for a charter was referred to in these items
Dec. 1. The capital is fixed at $300,000.
The Security Trust & Savings Bank of Los Angeles, Cal.,
announces the appointment of Clarence A. Lyman as Manager of the department of publicity of both the main office
and the Equitable branch. Mr. Lyman has had several
years' experience as city editor of a large Western newspaper and has also conducted various advertising campaigns
in Los Angeles. Arthur C. Hoffman, formerly in charge
of the publicity department of the bank, has been transferred,
at his own suggestion, to the banking department so that
he may apply in practical banking the experience gained
in the advertising department.
The Irving Trust Co. (formerly the Broadway Tru-s-t Co.)
has a capital of $1,500,000. Besides its main 'office in the
Woolworth Building, the company has five branches. The
Market & Fulton Nationat bank was organized in 1852.
Mr. Gilbert, the Chairman of its Board, has been with the
institution for sixty years. He is one of the oldest bankers
in the city, and has held all the important and honorary
positions in the New York clearing House. He became
Cashier and Vice-President of the bank in 1863, and in 1897
Several changes were made in the executive staff of the
was elected President. At the annual meeting last rear he
retired from the Presidency to become Chairman of the Citizens National Bank of Los Angeles, Cal., at the annual
meeting. E. T. Pettigrew, heretofore Cashier, was elected
Board.
a Vice-President and H. D. Ivey, Assistant Cashier, was
made Cashier. Sam S. Parsons was appointed Auditor
The proposed merger of the Bank of the Metropolis with
and two new Assistant Cashiers, L. 0. Ivey and Frank R.
the Bank of the Manhattan Company. both of this city,
Alvord, were added to the staff.
will go into effect Monday next, Feb. 11 The plans to
merge were referred to in these columns Jan. 19. The
At the annual meeting of the First National Bank and First
proposal was ratified by the stockholders of the respective
institutions at special meetings on Feb. 6; it had previously Savings Bank of Oakland, Cal., 0. D.;Jacoby was appointed
been approved by the State Superintendent of Banks. The Vice-President of the First National to succeed E. A. Heron,
stockholders of the Bank of the Manhattan Company, deceased, and A. J. Anderson was made an Assistant Cashier.
besides ratifying the merger plans, also authorized an addi- The two banks elected the following new members to their
tional capital issue, inct,i1ig Lae amount from $2,050,000 directorates. Frank Leach Jr., local amanager of the Pacific
to $2,500,000. The Bank of the Manhattan Company will Gas & Electric Co., and Ben F. Woolner, a former city
be the name of the enlarged organization; the Bank of the attorney of Oakland. The officers of the bank are: Russell
Metropolis will be operated'as the Metropolitan Branch of Lowry, President; 0. D. Jacoby, Vice-President; G. H.
Bank of the Manhattan Co. George MoNeir of4W. & J. Kitto, Cashier; C. N. Walter, N. B. Campbell and A. J.
Sloane; John C. Moore, President of Tiffany & Co., and Anderson, Assistant Cashiers. The directors are: P. E.
Michael F. Friedsam, President of B. Altman & Co., who Bowles, Harmon Bell, E. L. Dow, F. A. Leach Jr., Russell
have been directors of the Bank of the Metropolis for a num- Lowry, John G. Mattos Jr., H. C. Morris, W. II. Taylor,
ber of years, will become directors of the Bank of the Man- B. F. Woolner and 0. D. Jacoby.
hattan Company. Stephen Baker is President of both institutions.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
At a meeting this week of the directors of the Scandinavian
Samuel Montagu & Co. of London, written under date of
Trust Company of this city C. M. MacNeill, President of
Jan. 17 1918:
the Utah Copper Company, and A. R. Nicol, Treasurer
Gold.
of the Atlantic Gulf and West Indies S. S. Company, were
The Bank of England gold reserve against its note issue shows a decrease
added to the board.
of £283,120, as compared with last week's return.
The Ottawa Banking & Trust Co. of Ottawa, Ill., opened
for business this week in its former banking room, which has
been thoroughly modernized 'and equipped by Hoggson
Brothers. The new bank!-v mom is spacious and attractive.
The public space is enclosed by a rich mahogany counterscreen with solid carved columns, metal grills and telescopic
The Transvaal gold output for December 1917 amounted to £3,068,639.
as compared with £3,289,705 for December 1916 and £3,070,426 for
November 1917. The total output for 1017 amounted to £38,323,921, as
compared with £39,484,934 for 1916. a decrease of £1,161,013.
The Director of the United States Mint estimates that the amountiof
gold consumed in the industrial arts of that country during 1916 was
$51,061,187, of which $41,120,149 was new material. As the United
States production of gold during that period was $92,590,300, the industrial
consumption of fresh material amounted to 44% of the production. This
seems a very large proportion to be applied to such a purpose.
A
575
THE CHRONICLE
FEB. 91918.]
Silver.
The market has been somewhat easier in tone. Supplies have been
more plentiful, and the keenness of the New Year trade demand seems to
have abated for the moment. The price remained at 45Md. until the
15th inst., when it fell to 443/3d. To-day it receded to 44Md.
The Shanghai exchange has eased slightly during the week. No fresh
news has been published as to Governmental purchases in America. No
alteration has been cabled as to the stock in Bombay, which, on the 2d
inst., consisted of 3,700 bars. The stock in Shanghai on Jan. 12 consisted
of about 25,500,000 ounces In sycee and $13,000,000, as compared with
24,500,000 ounces in sycee and $13,200,000 on the 5th inst.
The following is the amount of Imperial silver coin held by the banks of
the United Kingdom, including the Bank of England, on the last week day
in June in each year from 1909 to 1916, inclusive.
Amount.
Amount. Year. Day of the Week.
Year. Day of the Week.
£7,198,102
£7,089,288 1913 Monday
1909 Wednesday
8,246,555
7,045,031 1914 Tuesday
1910 Thursday
9,950,279
6,022,365 1915 Wednesday
1911 Friday
Friday
9,800,038
5,968,989 1916
1912 Saturday
Quotations for bar silver per ounce standard:
443
%d.cash
45Md.cash Jan. 17
Jan. 11
44.979d.
45Md. " Average
" 12
rate
Bank'
5%
"
45Md.
" 14
15
11
44Md. " Bar gold, per oz. standard__77s. 9d.
44 -id. "
" 16
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is Md. below that fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, 860., at London,
as reported by cable, have been as follows the past week:
Feb. 2. Feb. 4. Feb. 5. Feb. 6. Feb. 7. Feb. 8.
London,
Tues.
Wed.
Thurs. Fri.
Mon.
Sat.
Week ruling Feb. 8.
43
43 y,
43
433.1,
43
d 433j
Silver, per oz
Holiday 543
543543-i
543-i
543-i
Consols, 23- per cents
933/
933
9314
Holiday
933-i
933-i
British,5 per cents
100
100
100
Holiday 100
100
-British, 43-i per cents
57.50
57.50
57.50
57.50
French Rentes (in Parts) fr. ____
French War Loan (in
87.55
fr.
87.55
87.55
87.60
Paris)
The price of silver in New York on the same days has been:
Silver in N.Y., per oz_ --cts- 8634
8634
8634
8631,
8634
86%
MONTHLY CLEARINGS.
Clearings Outside A-CU) York.
Clearings, Total All.
Month.
1917.
1916.
%
1916.
1917.
%
$
$
$
$
July-- 25,665,860,039 19,426,430,703 +32.1 10,480,566,253 7,987,687,828 +31.2
Aug _ _ 25,095,593,770 19,814,028,024 +26.7 10,416,272,241 8,046,711,218 +29.5
Sept _ _ 24,029,814,500 22,854,901,746 +5.1 10,145,913,544 8,498,960,561 +19.3
3d (AL 74,791,268,309 62,095,360,473 +20.4 31,042,752,038 24,533,359,607 +26.5
Oct- _ _ 28,258,604,345 25,726,597,413 +9.8 12,535,210,707 10,015,401,478 +25.1
Nov _ _ 27,225,955,580 26,814,813,751 +1.5 12,391,780,718 10,161,439,107 +21.9
Dec _ _ 26,530,548,755 27,293,700,999 -2.8 11,917,005,633 10,358,093,748 +15.1
4th qr. 82,015,109,080 79,835,112,163 +2.7 36,843,997,048 30,534,934,333 +20.6
%
1917.
1918.
1918.
%
1917.
Jan. _ _ 26.534.627.199 25.621.505.405 +3.6 11.815.559.669 10.494.139.790 +12.6
The course of bank clearings at leading cities of the country for the month of January in each of the last eight years is
shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN
1918. 1917. 1916. 1915. 1914.
(000,000s
$
$
omitted.)
$
$
$
14,719 15,127 12,327 7,288 9,372
New York
2,025 2,084 1,528 1,312 1,436
Chicago
777
645
869
1,159 1,031
Boston
762
662
1,523 1,398 1,015
Philadelphia
397
429
355
590
648
St. Louis
234
205
260
334
320
Pittsburgh
218
216
376
241
434
San Francisco
170
151
191
188
183
Baltimore
137
113
141
182
190
Cincinnati
252
326
350
584
847
Kansas City
123
108
172
286
340
Cleveland
108
127
121
127
141
Minneapolis
112
90
106
152
246
New Orleans
121
98
153
233
226
Detroit
74
56
83
106
90
Louisville
79
79
93
142
200
Omaha
40
34
45
51
53
Providence
74
74
78
112
103
Milwaukee
108
87
98
134
132
Los Angeles
54
53
62
87
90
Buffalo
46
49
74
58
63
St.Paul
37
39
47
63
84
Denver
37
36
44
61
60
Indianapolis
39
38
68
102
165
Richmond
45
36
40
54
62
Memphis
52
47
51
77
121
Seattle
30
38
39
64
63.
Salt Lake City
26
25
33
39
35
Hartford
JANUARY.
1913. 1912. 1911.
$
$
$
9,339 8,836 8,530
1,412 1,253 1,146
824
843
823
663
716
790
353
347
396
217
223
260
199
222
242
156
173
198
120
121
128
237
229
255
87
98
119
86
86
.117
98
106
,103
81
90
:112
65. 67
72
61
68
76
41
40
42
61
59
70
74
93
112
48
52
55
45
44
44
40
42
42
39
37
42
35
39
40
39
41
43
42
46
50
30
37
32
19
22
24
21,331 23,883 18.758 12,377 14,960 15,038 14,028 13,438
Total
994
Clearings by Telegraph-Sales of Stocks, Bonds, &c. Other
2,203 1,738 1,381 1,106 1,233 1,191 1,036
cities
-The subjoined table, covering clearings for the current
26,534 25,621 20,139 13,433 16,193 16,229 15,064 14,432
Total all
week, usually appears on the first page of each issue, but on Outside New York.... _ _11,815 10,494 7,812 6,195 6,821 6,890 6,228 5,902
account of the length of the other tables is crowded out once
Canadian Bank Clearings.-The clearings of the Canaa month. The figures are received by telegraph from other dian banks for the month of January 1918 show an increase
leading cities.
over the same month of 1917 of 9.8%.
1918.
1917.
Per
Cent.
New York
Chicago
Philadelphia
Boston
St. Louis
Kansas City
San Francisco
Detroit
Pittsburgh
Baltimore
New Orleans
$2,513,635,682
362,224,200
*226,201,404
178,945,223
106,188,967
153,256,033
70,400,360
33,279,404
48,418,299
32,187,648
50,423,179
$3,480,744,520
387,000,675
284,568,035
227,004,810
101,912,034
103,535,629
62,221,739
41,200,476
62,159,608
36,673,307
44,400,609
-27.8
-6.4
-20.5
-21.2
+1.2
+48.0
+13.3
-19.2
-22.1
-12.2
+13.6
Eleven cities, five days
Other cities, five days
$3,775,250,399
674,042,471
$4,834,487,442
580,246,782
-21.9
+16.2
Total all cities, five (lays
All cities, one day
81,449,292,870
861,741,218
$5,411,734,224
816,910,452
-17.8
+5.8
Total all cities for week
$5,314,034,088
511 221 074 1176
-14 7
Clearings-lleturns by Telegraph.
Week ending Feb. 0.
* One day estimated.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the month of January 1918 and 1917 are given below:
January 1918.
Descrip
lion.
I
Actual
Value.
Par Value
or Quantity.
January 1917.
Actual
Value.
Aver. Par Value
Price. or Quantity.
Aver.
Price.
Stock f Shs
13,616,357
16,939,4401
Val.. $1,279,740,700,31,175,427,682 91.8 $1,537,971,930 $1,465,687,290 95.3
80,885,468 90.1
RR.Stc.bds.
28,003.797 84.6
89,757,000
33,092,5001
20,618 103.9
b(is.1
20,000
50,095,198 97.1
51 597 5001,
20,642,903 93.4
33,529,165 96.3
Sta.Scc.bds.!
34,835,000
500
, '
22,106
12,640 175.6
Bank stks_l
36,645249.3
14,700
7,2001
Month of January.
Clearings at
1918.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Hamilton
Victoria
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Fort William_ _ _ _
Brandon
Brantford
New Westminster
Medicine Hat_ _ _
Peterborough __ _
Sherbrooke
Kitchener
'Tnts0 rqnarin. 1.021.723.784
SALES OF STOCKS AT THE NEW YORK STOCK EXCH AGE.
1916.
1917.
M'th.
Number
of
Shares.
Values.
Par.
Actual.
Number
of
Shares.
Values.
Par.
I
Actual.
July- 13,325,365 1,273,055,3001,197,403,416 9,187,868 802,658;015 754,216,904
Aug- 11,6:36,853 1,109.321,9501,053,240,109 14,626,082 1,266,413,1751,118,942,47:1
Sept. 13,822,775 1,298,464,450 1,158,262,09729,992,582 2,500,892,72512,404,488,976
3d qr 38,784,99:33,630,841,700 3,368,905,62253,806,5324,569,063,915114,277,648,353
Oct - 17,368,787 1.612,627,5501,322,479,68228,161,2772,499,772,225 2,352,948,447
Nov. 11,816,054 1,333,347,275 1,107,984,718 34,552,8602,888,279,470 2,712,098,475
Deo _ 12,767,723 1,172,798,000 92.5,462,419 31,735,6742,766,177,3002600,417,409
4th.gr 41,952,568 4,168,772,8253,355,926,81994,449,811 8,154,228,99517,665,464,331
1918.
1917.
1
Jan__ 13,616,357 1,279,740,700 1,175,427,632 16,939,440 1,537,971.930.1,485,687,290
Inc. or
Dec. 1
11
$'
1'4.3
320,446,690 +
+5.3
246,474,674
+9.8
160,752,399
28,757,111 +32.7
21,974,359 +16.2
21,066,862 +44.9
+2.3
16,350,128
+5.8
20,066,534
6,241,300 +20.4
11,199,511 +36.0
'12,992,959 +17.8
9,102,643 +4.3
9,537,107 +10.2
12,127,929 +15.0
+8.8
6,701,232
5,176,519 +1.0
3,116,732 -3.7
2,484,7.58 +38.0
2,216,315 +20.7
3,600,664 +0.6
1,190,503 +43.2
2,211,883 -2.5
2,475,068 +25.5
2,477,925 +24 8
2,247,133 +3.2
030.0RRA)38
-4-0.8
1916.
1915.
$
$
188,434,337
261,531.50
194,964,304 146,700,771
145,723,00. 102,143,672
24,842.677
21,924,5518,354,20
17,055367
11,892,944
15,296,71'
11,221,993
13,893,53'i
10,788,238
14,839,20
8,139,927
5,729,67
8,654,331
8,573,98
8,391,756
12,039,41..
6,444,659
6,725,02.'
7,945,433
7,860,80
5,823,527
8,857,691
5,214,947
4,790,67:
2,811,532
3,992,52
1,314,916
1,880,09.
1,758,673
2,010,46.'
1,800.094
2,157,26
2,117,412
2,785,76
1,010,702
844.29
838,721
1,334,40
1,773,303
2,234,81'
758 R02 C11
577-100_732
The clearings for the week ending Jan. 31. at Canadian
cities, in comparison with the same week in 1917, show an
increase in the aggregate of 10.3%.
Week ending January 31.
Clearings at
Total ___$1,386.544,400'$1,274,182,220 91.9 $1,662,598,630 $1,580,19,186 95.0
The volume of transactions in share properties on the
New York Stock Exchange each month since July 1 in 1917-18
and 1916-17 is indicated in the following:
$
343,925,558
259,470,999
176,539,246
38.174,171
25,528,300
30,514,776
16,732,685
21,228,508
7,518,345
15.235,468
15,311,960
9,497,410
10,506,756
13,946,416
7,302,290
5,182,860
3,001,0:39
3,429,562
2,675,515
3,623,852
1,704,615
2,155,540
3,106,791
3,091,228
2,318,894
1917.
1918.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort
New Westminster
Medicine Hat
Peterborough _ _ _
Sherbrooke
Kitchener
Total Canada_
1917.
Inc. or
Dec.
•
1916.
1915.
75,023,124
56,223,257
35,6:32,897
7,823971
5,185,180
3,310,179
3,225,856
4,186,938
1,927,169
1,649,293
6,029,227
1,581,391
2,879,390
2,494,980
442,068
492,673
1.402,27
672,440
893,593
595,423
303,023
418,123
600,000
624,963
446,770
$•
66,613,747
50,641,615
36,683,973
5,387,031
5,040,741
3,581,126
2,134,480
4,488,646
1,503,665
1,817,625
4,289,672
1,041,282
2,118,283
2,097,669
396,794
517,305
1,281,536
993,773
895,509
37'3,689
260,466
426,203
551,893
493,098
450,000
+12.6
+11.0
-2.9
+45.2
+2.9
-7 6
+51.1
-6.7
+27.7
-9.2
.+40.6
+52.8
+35.9
+16.8
+11.6
-4.8
+9.4
-32.3
-1.3
+59.4
+16.4
-1.9
+8.7
+26.5
-0.7
56,981,483
41,022,117
30,102,778
4,672,799
4,555,312
3,069,335
2,426,289
3,521,257
1,611.092
1,697,733
3,373,482
1,035,233
1,899,162
1,599,868
429,957
342,987
918,584
586,396
819,745
431,773
178,574
229,427
562,737
40,968,958
31,725,173
26,055.846
5,396,370
4,033,372
2.738,371
1,809,503
2,563.473
1,342,463
1,694,162
2,751,958
1,452.496
2,192,552
1,178,506
443,434
250,268
712,294
463,458
566,842
463,670
335,742
200,715
278,127
214.051.141
194.005.721
+10.3
162.048.620
129.617.753
Other Western and Southern Clearings brOught forThe following compilation covers the clearings by months
ward from first page.
since July 1 1917 and 1916:
•
576
THE CHRONICLE
Week ending February 2.
Clearings at
1918.
Inc. or
Dec.
1917.
1916.
Kansas City_ _
Minneapolis _ _
Omaha
St. Pau/
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Davenport
Topeka
Cedar Rapids_
Waterloo
Helena
Colorado Springs
Pueblo
Fargo
Aberdeen
Fremont
Billings
Hastings
182,869,011
26,655,665
42,526,209
12,309,283
19,000,000
17,593,775
7,064,721
7,447,937
3,559,321
6,200,000
3,968,421
2,241,854
3,471,580
1,700,307
1,904,096
1,528,473
450,000
638,350
1,321,816
820,704
759,825
814,950
524,998
$
118,788,164
25,871,832
29,056,064
12,118,436
13,040,335
12,406,491
6,690,507
6,150,055
4,255,884
4,400,000
3,148,533
1,850,000
2,335,454
1,714,853
2,073,083
1,559,839
471,907
517,045
1,287,699
561,465
519,335
765,664
409,193
4-53.9
4-3.0
4-46.4
4-1.6
1-46.5
4-41.7
4-5.6
4-21.1
---16.4
4-40.9
4-26.0
4-21.1
4-48.6
---0.9
--8.1
--2.0
--4.6
+23.4
+2.6
+46.1
+46.3
+6.4
+28.1
75,550,031
22,820,415
20,679,725
12,550,306
10,016,263
8,899,483
5,554,643
4,176,803
4,073,329
3,135,000
2,590,628
1,765,719
1,602,905
1,731,196
1,932,994
1,086,109
532,835
412,480
1,563,557
659,373
395,120
435,197
261,258
Tot.oth. West.
9115.
77,652,510
31,709,920
16,663,627
10,484,245
8,409,232
7,472,375
5,071,921
3,858,427
4,545,792
2,612,167
2,010,808
1,804,182
1,468,271
1,671,555
1,548,062
1,031,382
627,047
552,718
1,156,912
533,218
4 09,999
405,280
190,789
345,371,296
249.991,838 +38.2
182,425,369
180,890,435
St. Louis
New Orleans.. _ _
Louisville..
Houston
Galveston
Richmond
Atlanta
Memphis
Fort Worth
Savannah
Nashville
Norfolk
Birmingham
__
Augusta
Jacksonville _ _ _
Macon
Charleston
Oklahoma
Little Rook
Knoxville
Mobile
Chattanooga. _
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Dallas
129,175,907
53,798,380
18,495,176
14,732,023
4,900,000
36,900,000
42,010,453
12,000,000
10,090,003
5,463,549
12,456,075
6,329,173
3,663,585
2,903,976
4,354,858
2,100,000
2,938,575
9,231,178
4,000,000
2,397,977
1,200,437
4,295,647
5,000,000
383,284
619,404
6,385,596
2,373,571
16,000,000
116,820,503 +10.6
37,821,230 +42.2
22,706,956 --18.5
11,500,000 +28.1
5,680,218 -13.7
23,127,976 +59.6
21,468,835 +95.7
10,185,912 +17.8
9,887,265 +2.1
4,489,617 +21.7
8,801,503 +41.5
5,133,487 +23.4
2,969,702 +23.4
1,979,741 +46.7
3,736,329 +16.5
1,395,989 +50.4
2,154,189 +36.4
5,496,471 +63.0
3,137,335 +27.5
1,976,760 +21.3
1,408,873 -14.8
3,760,785 +14.2
2,500,000 +100.0
294,757 +30.2
469,178 +32.0
5,682,791 +12.4
1,364,209 +74.0
11,110,212 +44.0
88,451,231
26,679,093
19,420,008
9,486,861
3,986,973
18,047,944
17,867,923
7,668,553
8,429,689
5,565,506
7,038,494
4,203,014
2,708,239
1,632,384
3,200,000
3,453,165
2,157,522
2,936,781
2,082,071
2,217,023
1,130,000
2,654,526
2,200,000
471,409
673.433
2,429,222
935,372
7,190,138
80,868,032
19,647,262
12,885,957
9,720,521
4,802,344
9,730,509
14,294,517
7,982,240
9,397,827
5,932,885
5,938,203
4,444,519
2,653,361
1,732,233
2,550,000
3,182,783
2,211,317
2,992,600
2,357,967
1,575,271
1,180,147
2,336,902
2,880,898
410,834
462,234
1,189,176
890,224
Total Southern
414,198,827
327,055,823 +26.7
254,916,574
214,352,753
Month of January.
Clearings el-1918.
Kansas City_ _ _ _
Minneapolis ... _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth.
Sioux City
Lincoln
Davenport
Topeka
Cedar Rapids__ _
Waterloo
Helena
Sioux Falls
Colorado Springs
Pueblo
Fargo
Joplin
Aberdeen
Fremont
Billings
Hastings
Grand Forks....
Lawrence
Iowa City
Oshkosh
Springfield, 14°1
Kansas City,Ka
Lewistown
$
846,772,063
141,466,804
199,966,642
62,583,169
84,296,959
77,438,559
35,987,144
34.533,863
20,226,139
35,417,354
18,337,198
10,857,651
15,411,599
8,504,060
8,977,279
8,659,911
8,515,698
3,830,926
3,136,378
8,104,682
7,626,028
4,685,902
3,492,663
4,810,510
2,265,135
5,204,000
1,505,770
1,439,819
2,199,532
6,000,000
2,422,826
2,145,906
1917.
$
584,105,433
126,531,503
142,344,432
57,593,646
62,773,876
60,334,357
32,093,108
27,753,911
21,039,961
25,925,251
14,742,546
10,005,439
11,629,186
9,328,707
8,418,638
8,318,053
6,871,825
4,307,124
2,771,055
7,087,043
7,553,503
3,353,474
3,131,282
4,002,332
1,954,971
4,831,000
1,338,345
1,312,132
2,113,949
6,496,931
3,201,796
2,818,265
Tot.Oth.West_ 1,676,822,269 1,266,083,074
St. Louis
New Orleans_
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Fort Worth
Savannah
Nashville
Norfolk
Birmingham
Augusta
Jacksonville _
Macon
Charleston
Oklahoma
Little Rock
Knoxville
Mobile
Chattanooga__ _ _
Austin
Columbia
Wilmington,N.0
Beaumont
Columbus, Oa ....
Vicksburg
Jackson
Tulsa
Meridian
Muskogee
El Paso
Dallas
Newport News..
Montgomery...._
Tampa
Texarkana, Ark_
Raleigh
'r....1C,...,.... 5
Inc. or
Dec.
%
+45.0
+11.8
+40.5
+8.7
+34.3
+28.3
+12.1
+24.4
-3.9
+36.6
+24.4
+8.5
+32.5
-8.8
+6.6
+4.1
+23.9
-11.1
+13.2
+14 3
+1.0
+39.7
+11.5
+20.2
+15.9
+7.7
+12.5
+9.7
+4.1
-7.7
-24.3
-23.9
1916.
$
350,463,007
121,474,497
93,088,721
74,095,358
47,007,866
40,243,121
23,573,291
20,223,658
22,332,304
16,448,494
11,352,052
8,550,131
7,237,873
6,862,304
9,523,206
4,915,360
5,526,220
3,134,934
2,200,704
8,087,142
8,873,212
3,615,219
2,113,447
2,479,955
1,122,500
2,170,000
959,357
1,168,803
1,622,768
4,207,258
1,515,915
1,907,640
1915.
$
326,187,437
127,365,646
78,609,675
49,159,591
38,833,724
34,862,036
20,071,457
16,929,837
16,686,554
13,192,276
9,516,442
6,372,799
6,334,905
6,759,192
6,336,537
4,789,640
4,099,379
2,582,213
3,655,530
5,057,310
2,830,270
2,276,173
2,160,404
1,910,303
876,239
1;503,000
976,741
1,039,931
905,096,407
700,974,791
647,804,972 590,495,304 +9.7
245,938,751 151,838,803 +62.0
89,788,402 105,675,781 -15.0
74,537,252
59,198,157 +25.9
27,949,634
24,198,662 +15.5
164,650,009 101,752,554 +61.8
215,140,437 112,250,234 +91.7
62,354,992
53,839,569 +17.7
71,336,212
47,317,400 +50.8
33,497,657
21,967,701 +52.5
59,056,526
41,495,832 +42.3
33,912,135
25,113,998 +35.0
20,610,997
17,539,818 +17.5
16,895,932
9,253,874 +82.6
20,880,533
16,101,995 +29.7
11,851,572
6,092,259 +91.5
16,776,171 • 11,635.229 +14.2
42,068,264
25,332.571 +66.1
20,889,505
13,852,211 +50.4
11,620,182
9,771,845 +10.0
6,632,778
6,231,447
-1-6.4
20,280,540
16,775,552 +29.9
25,136,587
16,096,900 +56.8
8,795,516
5,794,741 +54.2
3,961.210
2,472,660 +60.2
5,80.764
5,374,770 +8.0
3,614,679
1,703,102 +112.4
2,523,299
1,286,272 +97.0
3,105,044
3,007,000 +0.1
33,406.727
25,832.555 +29.7
1,800,000
1.515,798 +18.8
13,110.546
6,442,854 +103.5
10.000.000
17.113,304 +11.9
05,000,000 58.906,815 +61.1
2.870.376
2.101,400 +21.4
7,442.824
4,460,142 +66.5
5,264,476 +10.1
5,800,000
3,441,874
2.114,509 +62.4
4,000,000
3,247,525 +23.2
429,456,675
106,453,413
83,194,033
42,178,400
16,630,434
67,981,008
76,631,751
40.157,170
36,884,088
23,321,479
33,890,963
19,390,982
16,631,583
8,520,179
14,512,895
16,236,256
10 419,161
13,067,850
11,513,748
9,733,342
4,705,745
12,440,717
16,967,487
4,848,781
2,120,890
4,282,828
2,024,030
1,466,090
2,968,785
10.518,000
1,676,000
5,351,723
9,394,339
36,404,233
1,646,931
5,220,651
4.615,072
1,443,892
2,071,026
355,499,105
89,891,720
56,013,665
40,133,416
19,775,481
34.444,939
61,317,791
35,815,850
41,422,868
23,546,250
25,654,443
17,996,721
14,789,973
8.260,884
11,431,731
15,049,237
9,534,048
11,662,089
9,782,981
7,195,393
4,881,303
10,542,792
11,417,645
3,999,443
2,037,376
3,427,340
2,005,848
1,432,484
2,463,915
5,646,101
1,325,370
3,437,392
8,092,190
1,2 AAO OqA 1 ROA MTI
n.re
t_on t 1 0A7 Onq AAn
TREASURY CASH AND CURRENT'LIABILITIES.
The cash holdings of the Government as the items stood
Jan. 31 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Jan. 31.
CURRENT ASSETS AND LIABILITIES.
AssetsGold coin
Gold bullion
GOLD.
Liabilities706,289,202 91 Gold certfs. outstand.g..1,283,558.100 00
1,687,961,892 37 Gold settlement fund.
Fed. Reserve Board__ 878,451,332 50
Gold reserve
152,979,025 63
Avail, gold in gen'i fund
79,232,637 15
Total
2,394,221,095 28
Total
2,394,221,095 28
Note.-Reserved against $346,681,016 of U. S. notes and $1,900,498 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars in
the Treasury.
SILVER DOLLARS.
AssetsLiabilities-$
Silver dollars
491,247,038 00 Sliver certfs. outstand'g 400,985,559 00
Treasury notes of 1890
outstanding
1,900,498 00
Available sliver dollars
in general fund
28,360,981 00
Total
491,247,038 00
Total
491,247,038 00
GENERAL FUND.
AsietsLiabilitiesAvail. gold (see above)_
79,232,637 15 Treasurer's checks outAvail, silver dollars (see
standing
1•4175,534 69
above)
28,360,981 00 Deposits of Government
United States notes_ _
13,849,48800
officers:
Federal Reserve notes
27,961,82000
Post Office Dept
24,693,231 31
Fed. Res. bank notes__ _
Board of Trustees,
113,71000
National bank notes_ _ _ 23,612,876 10
Postal Savings SysCert. cheeks on banks
32,24103
tem (5% reserve)..6,988,432 59
Subsidiary silver coins_
6,465,587 31
Comptroller of the
Minor coin
Currency, agent for
1,300,086 55
Silver bullion (available
creditors of insolfor subsid'y coinage).
9,932,159 48
vent banks
Unclassified (unsorted
Postmasters, clerks of
1,152,021 51
currency, &c.)
3,192,086 46
courts, ear
30,877,035 46
Deposits in Fed'i Land
Deposits for:
banks
6,000,000 00
Redemption of FedDeposits in Fed. Reserve
eral Reserve notes
banks
68,873,592 35
(5% fund)
04,028,712 02
Deposits in special deRedemption of Fed'i
positaries:
Reserve bank notes
Acct. of sales of certfs.
(5% fund)
236,700 00
of indebtedness_ _ _ 423,986,176 88
Redemption of naLiberty Loan deposits 336,045,291 17
tional bank notes
Deposits in nat. banks:
(5% fund)
20,341,973 50
To credit Treas. U.S. 33,797,959 38
Retirement of addiTo credit other Govtional circulating
ernment officers__ _
9,637,342 00
notes, Act May 30
Deposits in Philippine
1908
1;407,200 00
treasury:
Exchanges of currenTo credit Treas. U.S.
2,847,521 98
cy, coin, &a
98,983,622 05
To credit other Government officers...
2,203,97909
185,484,463 13
Net balance
891,961,052 80
Total
1,077,445,515 93
Total
1,077,445,515 93
All reports from Treasury offices received before 11 a. m. are proved on the
same day. All reports from depositary banks are proved on the day of receipt
or the day following.
f The amount to the credit of disbursing officers to-day was 1593,579,371 01
This is a book credit and represents the maximum amount for which disbursing
officers are authorized to draw on the Treasurer of the United States to pay Government obligations as they become due. The net balance stated is the amount
available to pay Treasury warrants, disbursing officers' checks and matured publicdebt obligations.
Under the Acts of July 14 1890 and Dee. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was 536.573,404 50.
TREASURY CURRENCY HOLDINGS.-The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of November and December 1917 and January and February 1918.
Holdings in
Sub-Treasuries.
+32.4
[VoL. 106.
Nov. 1 1917. Dec. 1 1917. Jan. 1 1918. Pet. 1 1918.
$
$
0
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes..
Net Fed. Reserve notes__
Net Fed. Res. bank notes
Net subsidiary silver__ __
Minor coin, &o
197,533,851
21,310,677
6,706,982
14,670,870
7,355,240
59,320
1,980,121
1,421,000
192,279,247
22,357,840
6,828,891
14,374,836
17,560,005
86,480
1,962,947
898,839
212,230,998
23,474,997
8,781,228
14,292,455
23,577,065
69,240
1,791,849
1,853,188
232,211,663
38,293,140
13,849,488
23,612,876
27,961,820
113,710
0,465,587
4,524,394
Total cash in Sub-Treas
Less gold reserve fund__ _
251,038,061
152,979,026
256,349,085
152,979,026
286,071,020
152,979,026
347,032,678
152,079,026
Cash balance in Sub-Treas
Dep. in special depos'ries:
Account certs. of indebt
Liberty Loan deposits_
Cash in Fed. Res. banks_
Cash in Fed. Land banks
Cash in national banks:
To credit Treas. U.S__
To credit disb. officers_
Total
Cash in Philippine Isi'ds.
98,059,035 *103,370,059
848,521,024
5,430,465
39,910,762 1,697,708,227
128,148,888 118,917,811
930,000
133,091,994 .194,053,652
251,091,015
438,420,910
108,467,680
2,180,000
423,986,177
336,045,291
68,873,592
6,000,000
36,972,855
7,699,793
37,006,592
7,177,160
37,745,706
8,268,832
93,797,960
9,637,342
44,672,648
4,279,127
44,183,752
6,000,909
• 46,014,538
3,720,176
43,435,302
5,051,501
Net cash in banks,Sub1,163,591,484 1,976,541,223
Treasuries
Deduct current liabilities_ 132,774,079 139,121,336
Available cash balance. 1.030.817.405 1.837.410.887
982,986,313 1,077,445,515
159,924,344 185,484,463
823.061.969
891.061.952
• Includes Feb. 1, $9,932,159 48 sliver bullion and $4,524,394 04 minor coin
9ro., not included in statement "Stock of Money."
grimmexciat avoInItsceittvieonsflews
281,781
net nnn
.104
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &e.-We give below tables'which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Circulation Afloat Under-
Bonds and Legal Tenders
on Deposit for1917-18.
Legal
Tenders.
Bonds.
Legal
Tenders.
Bonds.
Total.
$
$
717,833,215
Jan. 31 1018_ 684,508,260 36,311,670 681,521,545 36,311,670
37,397,649 719,212,630
Dec.31 1917.... 683,581,260 37,397,649 681,814,981
38,103,287
Nov.30 1917.. 681,565.810 38,103,287 678,948,778 39,573,272 717,052,065
716,276,375
Oct. 31 1917-- 879,440,210 39,573,272 676,703,103 41,398,305 716,578,382
675,182,077
41,396,305
678,134,370
Sept.29 1917._
674,514,656 43,223,059 717,737,715
Aug. 31 1917_. 677,818,430 43,223,059 670,367,175
45,416,747 715,783,922
July31 1917_ 673,121,730 45,416,747
47,749,577 715,420,010
June 30 1917_ 671,333,060 47,749,577 667,670,433 50,241.202 716,585,975
May 811017.. 669.392,710 50,241,202 666,344,773 53,245,374 717,490,822
Apr. 30 1917_ 667.587,120 53,245,374 664,245,448 56,191,132 717,562,600
Mar.31 1917.... 664,526,370 50,191,132 661,371,468
47,118,057 718,119,915
Feb. 28 1917.. 674,992,080 47,118,057 671,001,858 50,540,476 721,258,091
Jan. 311917.. 675.415,840 50,540.476 670,717,615
Feb. 1, of which $10,732,403
outstanding
notes
bank
Reserve
Federal
$12,333,485
covered by bonds and $1,601,085 by lawful money.
The following show the amount of each class of U. S.
to secure
bonds held against national bank circulation Sand
public moneys held in national bank depositaries on Jan. 31.
U. S. Bonds Held Jan. 31 to SecureOn deposit to On deposit to
secure
secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Jan. 311918.
825,000
146,500
155,000
557,448,100
18,361,320
37,242,400
46,614,820
24,841,620
10,732,400
684,508,260
9,605,900
2% U. S. Consols of 1930
3% U. S. Loan of 1908-1918
4% U. S. Loan of 1925
2% U. S. Panama of 1936
2% U. S. Panama of 1938
Total
GOVERNMENT REVENUE AND EXPENDITURES.
ents for
-The details of Government receipts and disbursem
months of the fiscal
January 1918 and 1917 and for the seven
ears 1917-18 and 1916-17 are as follows:
.,
Receipts.
OrdinaryCustoms
Internal revenue:
Corporation income...
Individual income
Excess profits
Miscellaneous
Miscellaneous revenue
January
1917.
$
12,163,216
$
18,419,059
7 Months
1917-18.
$
95,902,540
3,594,897 1 4,381,615 1
1
2,510,232 j
4,597,014
32,438,109
62,391,766
5,824,615
17,796,190
7 Months
1916-17.
$
121,213,563
28,924,194 1 24,618,393
15,950,186 j
12,741,967
391,029,492 236,679,617
125,615,717
41,057,133
103,053,315
-
61,063,398
670,164,096
423,568,706
302,895
383,452
2,733,782
2,918,871
523,404,639
3,801,817,670
4,197,687,500
34,796,173
887,960
1,020,940
1,794,660
Panama CanalTolls, &c
Public Debt54,446
'First Liberty Loan bds_ _
*Second Liberty Loan bds 400,143,053
735,572,500
Certfs. of Indebtedness
24,559,722
War-Savings& Thrift stpa
302,140
Postal savings bonds....
purchase
the
Deposits for
one-year Treasury notes
(sec. 18, Fed. Res. Act,
9,301,000
appr. Dec. 23 1913)._
Deposits for retirement of
national bank notes and
Federal Res, bank notes
(Acts of July 14 1890
692,300
and Dec.23 1913)
Grand total receipts
19,150,000
3,390,605
2,977,160
23,045,925
1,170,625,161
4,278,565 8,580,854,082
24,840,585
1,273,981,371
65,725,415 9,253,751,960
Total
Disbursements.
OrdinaryChecks and warrants paid
(less bilis. repaid, &c.).
Int. on public debt paid__
Total
SpecialPanama Canal: Checks
paid (less balances repaid,&c.)
Purchase of obligations of
foreign governments..__
Purchase of Farm Loan
bonds:
Principal
Accrued interest
Total
Public Debtt13onds, interest-bearing
notes and ctfs. retired_
One-year Treasury notes
redeemed (sec. 18, Federal Reserve Act, approved Dee. 23 1913)
National bank notes and
Federal Reserve bank
notes retired (Acts of
july 14 1890 and Dec.
23 1913)
451,328,162
701,615,471
13,686,569
76,437,056 3,094,733,110
3,473,658
41,614,088
548,006,505
15,003,763
715,302,040
79,910,714 3,136,347,198
563,010,268
1,315,910
1,681,045
10,949,917
10,821,744
370,200,000
3,141,329,750
3,500,000
38,096
3,500,000
38,096
375,054,006
1,681,045 3,155,817,763
10,821,744
103,623,179
3,510 3,173,376,702
14,157
19,130,000
4,408,356
14,638,922
23,675,982
23,690,139
86,003,625 9,499,310,585
Grand total disbursements 1,205,082,287
Excess of total receipts
68,899,083
over total disbursem'ts_
Excess of total disburse20,278,210 245,558,625
• assents over total rec'pts
*Includes accrued interest receipts. t Includes interest paid.
597,522,150
114,726,241
$500,000
...
ISSUED.
'CHARTERS
Original organizations:
The First National Bank of Turkey, Texas.
•
'IMIggyalw•GIS
$42600,000
wwlik,
fiLICREASES OF CAPITAL APPROVED.
•
The First Naional Bilikiiiiiiiit7h-field7N:07-Cipital increased $25,000
from $50,000 to $75,000. Amount
The National Bank of Carlsbad, New Mexico. Capital increased 50,000
from $50,000 to 3100.000. Amount
The Shuford National Bank of Newton, N. C. Capital increased 10,000
from $50,000 to $60,000. Amount
.... -4
The First National Bank of Beach, N. Dak. Capital increased 25,000
from $25,000 to $50,000. Amount
h
inCapital
Oklahoma.
Tulsa,
of
Bank
National
The Exchange
250,000
creased from $750,000 to $1,000,000. Amount
The Farmers National Bank of Cherokee, Oklahoma. Capital 15,000
increased from $25,000 to $40,000. Amount
The Live Stock National Bank of South Omaha. Neb. Capital 100.000
increased from $400,000 to $500,000. Amount
The First National Bank of Mount Vernon, Wash. Capital in- 50;200
creased from $50.000 to $100,000. Amount
The First National Bank of San Diego, Cal. Capital increased 450,000
from $150,000 to $600,000. Amount
The Calhoun National Bank, Calhoun, Ga. Capital increased 25,000
from $50,000 to $75,000. Amount
The First National Bank of Columbus, Neb. Capital increased 30,000
from $70,000 to $100,000. Amount
The Citizens National Bank of Pawhuska, Okla. Capital in- 50.000
creased from $50,000 to $100,000 Amount
$1.080.000
Total amount!
Total canital
CHANGES OF TITLE.
to
The Farmers' and Merchants' National Bank of Opheim. Montana,
of Opheim."
Bank
National
"First
"Amerito
Wisconsin,
Wausau,
of
The National German American Bank
can National Bank of Wausau."
VOLUNTARY LIQUIDATIONS.
To consolidate with other national banks:
$2,000,000
Bank of Cleveland, Ohio. Capital
National
The Union
Liquidating agent: Walter C. Saunders, Cleveland. Succeeded
by the Union Commerce National Bank of Cleveland.
Capital 2,000,000
The Bank of Commerce Nat. Association of Cleveland,0.
biquidating agent: William C. Caine, Cleveland. Succeeded
by the Union Commerce National Bank of Cleveland.
Other liquidations:
75,000
The First National Bank of Gilroy, Cal. Capital
Liquidating agent: E. R. Green, Gilroy. Absorbed by the
Garden City Bank & Trust Co. of San Jose.
$50,000
The Farmers' National Bank of Virginia, Illinois. Capital_
Yaple, VirLiquidating agents: F. M. Robertson and MattVirginia.
ginia. Absorbed by Petefish Sidles & Co., of
The Farmers' and Merchants' National Bank of Comanche, 50,000
Texas. Capital
and E. E.
Liquidating committee: J. F. Tate, R. H. MooreFirst
State
Anthony Comanche. Consolidated with the
Comanche.
Bank of'
$4,175,000
Total capital
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:
Per cent.
Shares. Stocks.
10
25 Ilecia Coal & Coke
10
62 D. Appleton Co., corn
360 Scripps Booth Corp _ _ _ _$12 per sh.
300 Lufkin Salvage & Ship$100 lot
ping Corp
1,050 Sawyer Shipyards Corp.,
$100 lot
pref
Per cent
Shares. Stocks.
5,000 Western Steamship Corp.$100 lo
1,050 Sawyer Shipyards Corp.,
$100 lot
common
1,000 Scranton Fdry. & Engine
$100 lot
Works
150 Hillyer-Sperring-Dunn Co.$100 lot
Stocks.. s.S per sh.
$ per sh. Shares. Stock
Shares. Stocks.
74-77 •
7 Waltham Watch,
16 National Shawmut Bank_ _185-188
4 Waltham Watch, common__ _ 123i
2 Merrimac Nat. Bank, Haverhill 150
Light
Elec.
&
Gas
Bedford
N.
2
112
2 Arlington Mills
.56c.-62c.
rights
27 Naumkeag Steam Cotton rights.. 1534
_195
1 Plymouth Cordage
113
5 Draper Corporation
120
1 Columbian Life Insurance
Mr. Messrs. Millett, Roe & Hagen, Boston:
,4 +AS per sh
SE per sh. Shares. Stocks.
Shares. Stocks.
25 Gray & Davis, Inc., corn.,
400
15 First Nat. Bank, Boston
16
each
$25
Cotton
28 Naumkeag Steam
74
6 Waltham Watch, pref
15344634
rights
260 N. Bedford Gas & Edis. Lt.
182
1 Great Falls Mfg
60c
rights
2 Manchester & Lawrence RR_ A00
4,411,866 3,207,145,624
Total
Total capital
vt:...,.....=====. -
By Messrs. R. L. Day & Co., Boston:
9,281,000
1,822,065
_ _ _ $25,000
The Farmers National Bank of Beaver, Kansas. Capital_
To succeed the Farmers' State Bank of Redwing, The Penni- 25,000
Capital
Va.
Penniman,
Bank,
National
man
50,000
The First National Bank of Humeston, Iowa. Capital
To succeed the Home State Bank of Humeston.
25,000
Kan.
Capital
Elkhart,
of
Bank
The First National
25,000
The First National Bank of Robertsdale, Pa. Capital
200,000
Capital
Mass.
Lynn,
of
Bank
National
State
The
Six
Mile
0.
Pa.
(P.
of
Coaldale,
The Broad Top National Bank
25,000
Run). Capital
25,000
The First National Bank of Quinlan, Okla. Capital
25,000
Tho First National Bank of Brownfield, Tex. Capital
For conversionf Statebanks:
The First National Bank of Erskine, Minn. Capitalthe First 25,000
Erskine,
Conversion of the Scandia State Bank of Capital
25,000
National Bank of Petersburg, N. Dak.
Conversion of the Bank of Petersburg.
25,000
Dak. Capital_
The Citizens National Banklbf Streeter, N.
Conversion of the Citizens State Bank, Streeter.
695,240,660
National Bank Notes-Total Afloat$719,212,630
Amount afloat Jan. 11018
1,379,415
Net amount retired during January
$717,833,215
1918
1
Feb.
afloat
Amount of bank notes
Legal Tender Notes$37,397,649
bank notes Jan. 1 1918_
Amount on deposit to redeem nationalJanuary
1,085,979
Net amount of bank notes retired in
Feb. 1 1918.... $36,311,670
notes
bank
national
redeem
to
deposit
Amount on
January
1918.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
magat1rti,-401130111APPLICATIONS FOR CHARTER._"w
iie*mvazallif
For organization of national banks:
25,000
Capital
300,000
The Liberty National Bank of Waco. Texas. Capital
Hew.
Union Commerce National Bank of Cleveland, Ohio. Capital___4,000,000
„„,,, I
Succeeds the Union National Bank of Cleveland and the Bank
-of Commerce National Association of Cleveland.
S
25.000
Capital
Tex
Godley,
of
Bank
National
Citizens
The
567,054,000
Succeeds the Citizens Bank of Godley.
18,361,320
38,067,400 Conversion of State Banks:
50,000
First National Bank of Glendale. Arizona. Capital
The
46,761,320
1
Conversion of The Security State Bank of Glendale.
24,996,620
200,000
The Northwestern National Bank of Grand Forks, N.Dak. Capital
1
Forks.
Grand
of
Bank
American
Scandinavian
the
of
Conversion
Total
The following shows the amount of national bank 1notes
Jan. and
afloat and the amount of legal-tender deposits
Feb. 1 and their inc. or dec. during the month of January:
Total
577
THE CHRONICLE
FEB. 9 1918.]
146,193,988
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
7 Nat. Bank of Malvern, Pa_ _150
150
D
8.
&
30 Guarantee Trust
425
22 Provident Life St Trust
800
3 Girard Trust Co
1003.i
1 Real Estate Trust, pref
55
20 Rittenhouse Trust, $50 each
$10
eitch....
10%
Insur.,
25 Phila. Life
3 Second & Third Sta. Pass. Ry _217%
S per sh
Shares.Stocks.
2 German Theatre Realty,$10 ea 3A
40 United Gas & Elec., 1st pref._ 493i
5 Young, Smyth, Field, pref..._- 90
Percent.
Bonds.
$5,000 Montgomery Transit 1st &
10
ref. 58, 1946
$500 Phila. & Bristol Water 1st 5s,
40
1935
578
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
[Vol,. 106.
Per
When
pooks Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Concluded).
Hart,Schaffner & Marx, Inc., corn.(qua
1
Feb. 28 Holders of rec. Feb. 18a
Hartman Corporation (guar.)
1% Mar. 1 Holders of rec. Feb. 18
Hercules Powder, pref. (quar.)
Feb.
15 Holders of rec. Feb. Sa
154
Per
When
Books
Closed.
lioniestake Mining (monthly) (No. 522)._
Name of Company.
50c.
25 holders of rec. Feb. 20
Cent. Payable.
Days Inclusive.
Illuminating & Power Seely., prof. (qu.). 1% Feb.
Feb. 15 Model's of rec. Jan. 31
Indiana Pipe Line
Railroads (Steam).
52
Feb. 15 Holders pl rec. Jan. 26
Extras
Alabama Great Southern, preferred
53
Feb. 15 Holders of reo. Jan 25
$1.50 Feb. 21 Holders of reo. Jan. 210 Inland
Steel (quar.)
Preferred (extra)
2
Mar. 1 Holders of rec. Feb.
255. Feb. 21 Holders of reo. Jan. 2Ia Int. Harvest.of N.J.,
prof.(qu.)(No.41) 1% Mar, 1 Holders of rec. Feb. 7
Atch. Topeka & Santa Fe, corn. (guar.)._
9a
114 Mar. 1 Holders of reo. Jan. 31a Int. Harvest. Corp., pref.(qu.)
Baltimore & Oak), common
(No. 20).. 1% Mar. 1 Holders of rec. Feb. 9a
23.4 Mar. 1 Holders of ree. Jan. lea International Nickel, common (guar.)
Preferred
$1
Mar. 1 Holders of rec. Feb. 15
2
Mar. 1 Holders of reo. Jan. 100 Jefferson & Clearfield
Coal
Buffalo Rochester de Pitts., cam. and pref._
de
Iron,
pref_
_
24
Feb.
15 Holders o rec. Feb. 11
3
Feb. 15 Holders of rec. Feb. 11
Jewel Tea,Inc., preferred (quar.)
Canadian Pacific, corn. (qu.)(No.87)
1% Apr. 1 Holders of rec. Mar. 20a
24 April 1 Holders of rec. Mar. 1
Kaministiq
Power, Ltd.(quar.)
Chicago St. Paul Minn.& Omaha,corn_
2
Feb. 15 Holders of rec. Jan. 31
24 Feb. 20 Holders of reo. Feb. la Kerr Lake uia
Mines,
Ltd.
(quar.)
Preferred
(No.
1)...
25e. Mar. 15 Holders of rec. Mar. la
87120 Feb. 20 'folders of reo. Feb. la Kings Co. El. Lt.
& Pow. (qu.)(No. 72)_
Cleveland & Pittsb., reg. guar. (quar.)
2
Mar. 1 Holders of rec. Feb. 15
50c
Mar. 1 Holders of rec. Feb. 9a La Rose Mines, Ltd
Special guaranteed (quar.)
2e. April 20 Holders of rec. Mar. 30
.1
Mar. 1 Holders of reo. Feb. 9a Lanstoa Monotype Mach.
Cripple Creek Cent., corn. (qu.) (No. 33)._
(guar.)
14 Feb. 28 Holders of rec. Feb. 18
14 Mar. 1 Holders of rec. Feb. 15a Lehigh Coal
& Navigation ((Lu.)(No.157) $1 Feb. 28 Holders of reo.
Preferred (guar.) (No. 49)
1
Mar. 1 Holders of reo. Feb. 15a Liggett & Myers
Jan. 31a
Tobacco, corn. (quar.). 3
Delaware & Hudson Co. (quar.)
Mar. 1 Holders of rec. Feb. 15
23.( Filar. 20 Holders of rec. Feb. 260 Lindsay Light, corn.
Illinois Central (quar.)(No. 129)
(quar.)
5
Feb.
!folders
of
rec.
Feb. la
114 Mar. 1 Holders of reo. Feb. la
Extra
Louisville & Nashville
1504
28 Holders of rec. Feb. la
314 Feb. 11 Holders of'reo. Jan. 21a
Preferred
Norfolk & Western, corn. (quar.)
Fob,
Holders of rec. Feb. la
114 Mar. 19 Holders of rec. Feb. 28a Lit Brothers(quar.)
Norfolk & Western, pref.(quar.)
.50c. Feb. 20 Holders of rec. Jan. 29
1
Feb. 19 Holders of rec. Jan. 31a
Extra
Pennsylvania RR. (guar.)
25c. Feb. 20 Jan. 30 to Feb. 19
750.
28 Holders of rec. Feb. la Mationing Investmen
Pittsb. & West Virginia, pref. (guar.)... 14 Feb.
3
Mar. 1 Holders of rec. Feb. 23
Mar. 1 Holders of reo. Feb. 13a Matzen Sugar, commont
Reading Company, common (guar.)._ $1
24 Mar. 1 Holders of rec. Feb. 15
Feb. 14 Holders of reo. Jan. 25a Miami Copper (quar.) (guar.)
First pref. (guar.)
(No. 22).
$1.50 Feb. 15 Holders of rec. Feb. la
50c. Mar. 14 Holders of rec. Feb. 26a Middle West Utilities,
Utica Clinton & Binghamton
pref. Mara__
14 Mar. 1 Holders of reo. Feb. 15
134 5leeb.11 Feb. 1 to Feb.d11
Mobile Electric Co., preferred (quar.)__ _
Western Pacific RR. Corp., pref
1% Feb. 16 Holders of rec. Jan. 31
n134 Feb. 20 Holders of rec. Feb. 15
Montreal Light Heat & Power (guar.)._ 2
Street 8t Electric Railways.
Feb. 15 Holders of rec. Jan. 31
National
Acme
Co.
American Railways, pref. (quar.)
75c Mar. 1 Holders of rec. Feb. 15a
114 Feb. 15 Holders of reo. Jan. 31a National Biscuit, (guar.)
Central Arkansas Ry.de Lt., pref.(quar.)._
corn. (guar.)(No. 79). 1% Apr1115 Holders of rec. Mar. 30a
l'n Mar. 1 Holders of rec. Feb. 15a
Preferred
(quar.)
Cities Service, coin. & pref. (monthly)._
(No.
80)
1% Feb. 28 Holders of rec. Feb. 16a
!a Mar. 1 Holders of reo. Feb. 15a National Cloak
St Suit. preferred
Common (payable in common stook) ... / % Mar. 1 Holders
1% Mar. I Holders of rec. Feb. 20a
of rec. Feb. 15a National Grocer, common (guar.) (quar.)_
Civic Invest. & Industrial (qu.)(No.6I) 1
2
April 1
Feb. 15 Holders of rec. Jan. 31
Common (extra)
Connecticut Ry.& Ltg., coin. & pf. (qu.) 14 Feb. 15 Feb.
3
Feb. 20 Holders of rec. Feb. 9
1 to Feb. 15
National Lead, preferred (quar.)
Detroit United Ry. (guar.)(No. 55)
1% Mar. 15 Holders of rec. Feb. 21a
2
Mar. 1 Holders of rec. Feb. 13
National Refining, common
Illinois Traction, common (guar.)
f4
Feb. 15 Holders of rec. Feb. in
% Feb. 15 Holders of reo. Feb. 1
New Jersey Zino (quar.)
Lehigh Valley Transit, pref. (quar.)___.
4
Feb. 9 Holders of reo. Jan. 30
134 Feb. 9 Holders of rec. Jan. 3Ia New River
Pacific Gas & EL,1st pt.(qu.)(No. 14)._
$1.50 Feb. 26 Holders of rec. Feb. Pa
14 Feb. 15 [Solders of reo. Jan. Ole New York Co., pref. (No. 16)
Original pref. (guar.)(No.48)
3
Feb. 15 [Solders of reo. Feb. 5
14 Feb. 15 Holders of rec. Jan. 31a New York Dock, preferred
Rubber
(annual)
Philadelphia Co., 5% pref.
8
Feb. 1
$1.25 Mar. 1 Holders of reo. Feb. 9a
Extra
Tampa Electric Co.(guar.)(No. 53)
4
Feb. 1
_
234 Feb 15 Holders of rec. Feb.. 4
Niles-Bement-Pond,common (quar.)
West Penn Railways, pref. (quar.)
3
Mar. 20 Holders of rec. Mar. 2a
14 Mar. 15 Holders of rec. Mar. 2
Preferred (guar.)
Miscellaneous.
1% Feb. 20 Holders of rec. Feb. 7a
North American Co. (quar.)
Acceptance Corporation (guar.)
1% Apr, 1 Holders of rec. Mar.21a
194 Feb. 15 Holders of rec. Feb. 8a Ohio Cities Gas, common (guar.)
Alaska Packers Association (quar.).__
25 Mar.1
.. 15 Holders of rec. Feb. 15
544
2
Feb. 9 Holders of reo. Jan. 31
Ontario Steel Products, pref.(quar.)__
Extra
Holders of rec. Jan. 31
20 Feb. 9 Holders of reo. Jan. 31
Pacific Development Corp. (quar.)
Special (from insurance fund income). 2
1% Feb. 15 Holders of reo. Jan. 24a
Feb. 9 Holders of rec. Jan. 31
Pacific
Lighting
Corp., common (queer.).. 3
American Bank Note, common ((mar.). 750. Feb. 15
Feb.
Holders
15
of reo. Jan. 31
Holders
of
rec. Fob. is
Preferred (quar.)
Amer. Beet Sugar, common (guar.)
1% Feb. 15 Holders of rec. Jan. 31
k2
April 30 Holders of rec. April 13
Pacific Mall Steamship, pref. (quar.)__._
Preferred (guar.)(No. 75)
1% Mar. 1 Holders of rec. Feb. 15a
• 14 Apr. 1 Holders of rec. Mar. 16
Penmana, Limited,common (quar.)
American Brass (quar.)
1
Feb. 15 Holders of reo. Feb. 5
14 Feb. 15 Holders of reo. Jan. 31
Common (extra)
Extra
1
Feb. 15 Homers of rec. Feb. 5
34 Feb. 15 Holders of reo. Jan. 31
Pennsylvania Coal & Coke ((Mar.)
American Caramel, preferred (guar.)._ _ _
75e. Feb. 9 Holders of rec. Feb. 6
1
Feb. 9 Feb. 2 to Feb. 10
Pittsburgh Oil& Gas (guar.)(No.4)__ _ _ 2
American Colton Oil, common (quar.)
Feb. 15 Feb. 1 to
1
Mar. 1 Holders of rec. Feb. 15a Pittsburgh Steel,
Feb 15
pref.
Amer. Foreign Securities
(quar.)
1% Mar, I Holders of rec. Feb. 15a
3
Feb. 15
Pratt & Whitney, pref. (quar.) (No. 65).... 14 Feb. 20
Amer. Graphophone, pref. (qu.)(No.79) 194 Feb. 15
Holders of rec. Feb. 7a
Holders of reo. Feb. la Pressed Steel Car,corn. (quar.)
American Hide & Leather, prof
(No.
1%
Mar.
30).•
6 Holders of rec. Feb. 13a
24 April 1 Holders of rec. Mar. 9a
Preferred (quar.) (No. 76)
Amer.LaFranceFire Eng.,Inc.,com.(qu.) 14 Feb. 15
la( Feb. 26 Holders of rec. Feb. 5a
Holders of rec. Feb. 8
Price Bros. & Co., Ltd. (bonus)
American Radiator, common (quar.).__
Feb. 15 IIolders of rec. Feb. 1
2
3
Mar. 30 Holders of rec. Mar 21
Procter & Gamble, common ((luar.)
Common(payable in Liberty Loan bds.) 14
Feb. 15 Holders of rec. Jan. 25a
5
Mar.30 Holders of rec. Mar..21
Pullman Co. (quar.) (No. 204)
Preferred (quar.)
2
31134 Feb.
AAFeppbrr11 2
111855
5 Holders of rec. Jan. 31a
134 Feb. 15 Holders of rec. Feb. 6
Quaker Oats, Preferred (quar.)
American Sewer Pipe (quar.)
Holders of reo. Feb. la
a)14 Mar.
Quaker Oats, common (guar.)
Amer. Smelt. de Rely., corn.(guar.)
Holders of rec. April 1
114 Mar. 15 Holders of rec. Feb. 26
Common
(extra)
Preferred (guar.)
Holders
Mar. 1 Holders of rec. Feb. 13
of rec. April 1
134
Preferred (guar.)
American Soda Fountain (guar.)
14 Feb. 15 Holders of reo. Feb. 1
134 May 31 Holders of rec. May 1
Riordan Pulp & Paper, common (guar.).
Amer. Sugar Rely., corn. & pref. (guar.)._
114 Feb. 15 Holders of rec. Feb. 11
I% Apr. 2 Holders of rec. Mar. 1
Common
(extra)
Amer. Sumatra Tobacco, pref. (No. 16). 314 Mar,
1
Feb. 15 Holders of rec. Feb. 11
1 Holders of reo. Feb. 15a Santa Cecilia Sugar,
Amer. Tobacco, common (guar.)
pref
34 Mar. 1 Holders of rec. Jan. 31
g5
Mar. '1 Feb. 16 to Mar. 15
Savage Arms Corp., common (quota_
Preferred (guar.)
14 Mar. 15 Holders of rec. Feb. 28a
14 Apr. 1 Feb. 16 to Mar. 15
First
preferred (quar.)
American Utilities, pref. (quar.)
1% Mar. 15 Holders of roe. Feb. 28
134 Feb. 11 Holders of reo. Jan. 31a
Second preferred (quar.)
Amer. Water-Works & Elec., pref. (qu.)
134. Mar. 15 Holders of rec. Feb. 28
134 Feb. 26 Holders of rec. Feb. 20
Savoy Oil (guar.)
Amer. Window Glass Co., pref
15c. Mar. 25 Holders of rec. Mar. 15
Mar.
1
Holders
334
of
rec.
Feb.
18
Sears, Roebuck & Co.. common (guar.)._
Anaconda Copper Mining (guar.). ___. $2
2
Feb. 15 Holders of reo. Jan. 31a
Feb.
25 Holders of reo. Jan. 19a Semet-Solvay Co.(quar.)
Asbestos Corp. of Canada, pref. (quar.). 1
2
Feb. 15 Feb. 1 to Feb. 15
Feb.
15
Holders
of
reo.
Feb.
la
Sierra
Pacific
Associated Dry Goods Corp., lst pref
El. Co.. Of. (Qua (No. 34)
Feb.
2
15 Holders of reo. Jan. 31
154 Mar. 1 Holders of rec. Feb. 16
Silversmiths Co.. preferred (guar.)
Second preferred
1% Feb. 15 Holders of rec. Feb. 7
134 Mar. 1 Holders of rec. Feb. 16
Sinclair Oil & Refining (quar.)
Atlantic Steel, common (extra)
$11u.25 Feb. 2
18
5 Holders of reo. Jan. 310
/15
Feb.
15
Feb.
2
to
Feb.
15
Smith
(A.0.) Corp., pref. (qM.)
Beatrice Creamery, common (guar.)
5)
Feb.
Holders of reo. Feb. la
24 Feb. 13 Feb. 6 to Feb. 12
Southern Calif.Edison,corn.(qu.)(No.
Preferred (guar.)
(No.32) 1% Feb. 15 Holders of reo. Jan. 31a
14 Feb. 13 Feb. 6 to Feb. 12
Southern Pipe Line (quar.)
Bethlehem Steel, cam., Class B (guar.)
Mar.
6
Holders
1
of rec. Feb. 15
24 Apr. 1 Holders of rec. Mar. 13
Standard Milling, common (queer.)
Non-cumulative pref. (guar.)
1
Feb. 28 Holders of rec. Feb. 18a
m134 Apr. 1 Holders of rec. Mar. 13
Common (payable in common stock)._ /1
Cumulative cone. pref. (guar.)
Feb. 28 Holders of reo. Feb. 18a
m2
Apr.
1
Holders
of
rec.
Mar.
13
Preferred
Bond & Mortgage Guarantee (guar.)._ _ _
(guar.) (No. 33)
14 Feb. 28 Holders of rec. Feb. 18a
4
Feb. 15 Holders of rec. Feb. 8
Standard 011
Borden's Condensed Milk, corn.(No. 45) 4
a (quar.)(No. 37) 24 Mar. 15 [folders of rec. Feb 15
Feb. 15 Holders of rec. Feb. la Standard Oil(Californi
(Indiana) (guar.)
Preferred (quar.)(No. 65)
3
Fob. 28 Holders of reo. Feb. 4
Mar.
134
15
Holders
rec.
of
Mar.
1
Extra
Brier Hill Steel, common (quar.)
Fob. 28 Holders of rec. Feb. 4
rl4 Apr. 1 Holders of reo. Mar. 20
Standard 011 (Kansas)(guar.)(No.41)_ _ 3
Preferred (quar.)
3
Feb. 28 Feb. 15 to Feb. 28
Apr. 1 Holders of rec. Mar. 20
r134
Extra
Buckeye Pipe Line (quar.)
Feb. 15 to Feb. 28
$2 Mar. 15 Holders of rec. Feb. 23
Standard Oil of New York (quar.)
Extra
3
Mar. 15 lIolders of rec. Feb. 21a
21
Mar. 15 Holders of rec. Feb. 23
Standard Sanitary Mfg., corn. (quest.)....
Burns Bros., corn. (quar.)(No. 18).. __
' Holders of reo. Feb. 6
134 Feb.
14 Feb. 15 Holders of rec. Feb. la
Preferred (quar.)
Corn.(quar.)(payable In corn,stock).. fl
1% Feb. 9 Holders of reo. Feb. 6
Feb. 15 Holders of reo. Feb. la Stewart-Warner
By-Products Coke Corp. (quar.)
Speedometer (guar.).1% Feb. 15 Jan. 31 to Feb. 20
14 Feb. 15 Holders of reo. Jan. 28
Studebaker Corporation, common (guar.). - 1
Stook Dividend
Mar. 1 Holders of rec. Feb. 20
e2
Feb.
Holders
15
of
reo.
Jan.
28
Preferred (guar.)
Calumet & Arizona Mining (queer.)
1% Mar. 1 Holders of rec. Feb. 20
$2 Mar. 18 Holders of rec. Mar.
Canada Cement, Ltd.
Ltd., preferred (guar.). 1% Feb. 16 Feb. 1 to Feb. la Superior Steel Corp., 1st & 2(1 pref. (cal.)- 2
Feb. 15 Feb. 9 to Feb. 18
10
Symington
(T. II.) Co. pref.(guar.)._ _ _
Canada Foundries &
Feb. 15 Holders of tee. Feb. 5
2
corn.(qua 3
Feb. 15 Holders of rec. Jan. 31
Extra (on account of accum.
Preferred (quar.)
Feb. 15 Holders of reo. Feb. 5
2
154 Feb. Is Holders of rec. Jan. 31
Thompson-Starrett Co., preferred divs.)- Canadian Couverters, Ltd (queer.)
April 1 Holders of rec. Mar. 25
1
Feb. 15 Holders of reo. Jan. 31
Tobacco Products Corp..common (quar.) 4
Carbon Steel, first preferred
Holders of reo. Feb. 4a
z4
134
Mar. 30 Holders of rec. Mar. Via Union Carbide
& Carbon Corporation
Second preferred
Febril 12
6 Holders of reo. Mar. 9
6
July 30 Holders of reo. July 26a
Union 011 of Calif.(payable In stock)
Cedar Rapids Mfg. & Power (guar.)
31
e12
A
N
Feb..
l
0
r
Feb.
115
5
16 to Feb. 26
Feb.
al
IS
Holders
of
rec.
Jan.
31
UnIt.CigarStores.ofA m.,co (q u.)(No 21)
Chicago Railway Equipment (extra)
Holders of roe. Jan. 28a
5
Feb. 18 Feb. 8 to Feb. 20
United Drug and pref. (guar.)(No. 8)...
Extra (payable in stock).
Holders of rec. Feb. 15a
1 44
e20
Feb. 18 Feb. 8 to
Feb. 20
UnitedDyewood Corp.. pref. (guar.)._ 11
Columbia Gas & Electrlo (quar.)
Apr.
Holders of rec. Mar. 15a
1
Feb. 15 [Solders of rec. Jan. Ole 13.8. Cast iron Pipe & Fdy
Connecticut Power, pref.(quar.)(No.20) 134 Mar.
,pref.(qua _ 0134 Mar. 15 !folders of reo. Mar. la
1 Holders of roe. Feb. 15a U. S. Industrial
Consolidated Arizona Smelting
corn. (queer.)... 41
0 Holders of rec. Feb 20a
r :1,5
5. Mar. 1 Holders of rec. Feb. 15a U.S. Steel Corp.,Alcohol,
common
Consolidated Gas (quar.)
(queer.)
Mar. 2 to Mar. 4
34
13.4 Mar. 15 Holders of rec. Feb. Se
Common (extra)
Consolidation Coal, extra
3
Mar.30 Mar. 2 to Mar. 4
3
Feb. 11 Holders of reo. Feb. la
Preferred (quar.)
Consumers Co., preferred
1% Feb. 27 Feb. 3 to Feb. 5
34 Feb. 20 Holders of rec. Feb. 10
S.
U.
Steamship
Continental Can.com.(pay.in oom.stk.) /35
54
natrr..
Holders of reo. Feb. 7
Feb. 21 Feb. 9 to Feb. 20
Extra
Continental Motors Corporation,common.. _
Holdera of rec. Fob. 7
134 Feb. 15 Holders of rec. Feb. 5
Wheeling Steel az Iron (stock dividend).... e25
ContinentalPaperBaccom.(qu.)(No.50) 134 Feb. 15
Mar. 15 Holders of rec. Mar. 1
Holders
of
reo.
Feb.
8
White
(J. G.)& Co., Inc., pref. (queer.).... 1% Mar. 1 Holders
Preferred (queer.) (No. 70)
14 Feb. 15 Holders of reo. Feb. 8
White (J. G.) Engineering, pref. (queer.).. 1% Mar. 1 Holders of roe; Feb. 15
Continental Refining, corn.(monthly)._
of rec. Feb. 15
10o. Feb. 10 Holders of reo. Jan. 3In White (J. G.) M'g'm't,
Crescent Pipe Line (guar.)
pf.(qu.)(No.20) 1% Mar. 1 Holders of reo. Feb. 15
75c. Mar. 15 Feb. 22 to Mar. 15
Woolworth (F. W.) Co., common (guar.)
Cresson Cons. G., M.& M.(monthly)...
2
Mar. I [Solders of reo. Feb. 9a
100. Feb. 9 Holders of reo. Jan. 31
Deere & Co., preferred (guar.)
a Transfer books not closed for this divi lend. b Less British income
19-4 Mar. 1 Holders of rec. Feb. 15
tax. d CorDiamond Match (quar.)
2
Mar. 15 Holders of roo. Feb. 28a rection. e Payable in stock. /Payable in common stock. g Payable in scrip.
Dominion Bridge (quar.)
h On account of accumulated dividends. I Payable in Liberty Loan
2
Feb. 15 Holders of reo. Jan. 31
bonds.
k DeEastern Steel, common (quar.)
clared 8%, payable in quarterly installments, as follows: 2% as above;
234 April 15 Holders of reo. April 1
2% July 31
First and second preferred (guar.)._ _ _
to holders of record July 13; 2% Oct. 31 to holders of record Oct.
134 Mar. 15 Holders of rec. Mar 1
11; 2% Jan. 31
Eastman Kodak Co., common (guar.)
1919
to holders of record Jan. 111919. :Payable in Liberty Loan bonds
24 April 1 Holders of rec. Feb. 28
and War
Common (extra)
Savings certificates. m Declared 7% on non-cumulative pref.
754 April 1 Holders of rec. Feb. 28
stock and 8% on
Preferred (guar.)
cumulative cony. pref. stock, payable in quarterly installmen
134 April 1 Holders of rec. Feb. 28
ts of
and
%
2%,
Eisenlohr (Otto)& Bros., Inc.. COM.(qu.) 1
Feb. 15 Holders of reo. Feb. la respectively, as follows: April 1 to holders of record Mar. 13: July 1 to holders
o.
First National Copper
recordJune 15: Oct. 1 to holders of record Sept. 16, and Jan. 2
15o. Feb. 25 Holders of reo. Feb. 5
1919 to holders of
Foundation Co., pref. (quar.)
record
Dec.
16
1918.
n Declared 6%, payable In quarterly installments as follows:
2
Feb
Gaston,Williams & Wigmore (qU.)(No.7) 21 Feb. 15 Feb. 9 to Feb. 15
15 Holders of rec. Feb. la 1 4% as above: 14% April 1 to holders of record Mar. 20: 114% July 1 to holders
General Chemical, common (quar.)
2
Mar. 1 Holders of rec. Feb. 20a of record June 20 and 14% Oct. 1 to holders of record Sept. 20. a Declared 5%,
General Development (guar.)
$1
Mar. 1 Holders of rec. Feb. 15a payable:in quarterly Instalments beginning with March 15 1918. p Declared 2%,
Gillette Safety Razor (quar.)
payable in quarterly installments. r Declared 7% on pref.
19-4 Mar. 1 Holders of red. Jan. 30
and 7% on common
Goodrich (Ti. F.) Co.,common (guar.)... 1
Feb. 15 Holders of reo. Feb. lia stocks, payable quarterly April 1, July 1, Oct. 1 1918 and Jan. 1 1919 to holders
Goodrich (B. F.) Co.,common (quar.)
of record the 20th of the preceding month. t Declared 7% on pref., payable
1
May 15 Holders of rec. May 3
in
Preferred (guar.)
quar.installments as follows:
yl% April 1 Holders of rec. Mar: 22
% as above: 194% July 1 to holders of rec. June 14:
Greene-Cananea Copper Co (guar.)._ 2
Feb. 25 Holders of reo. reo. 8e 134% Oct. 1 to holders of rec. Sept. 14 and 194% payable Jan. 2 1019 to holders of
Harbison-Walker Refract., corn. (guar_
134 Mar. 10 Holders of reo. Feb. 18a rec. Dec.14 1918. x Declared 8%.payable 4% as above and 4% Sept. 30 to holders
Preferred (quar.)
114 Apr. 20 Holders of rec. Apr. lOs of record Sept. 26. y Declared also 134% on pref.. Payable July 1 to holders of
record June 21.
579
THE CHRONICLE
FEB. 91918.]
eighth of a new series of weekly
Member Banks. of the Federal Reserve System.-Following is the of the resources and liabilities of
l
items
the
principa
giving
Board
statements issued by the Federal Reserve
the
Definitions of the different items contained in the statement were given in
the Member Banks and dated Jan. 25.
was published in the "Chronicle" of Dec. 29 1917, page 2523.
weekly statement issued under date of Dec. 14 1917 and which
AND
OF
MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE
ITEMS
Y
E AND LIABILIT
STATEMENT SHOWING PRINCIPAL RESOURC
SELECTED CITIES AS AT CLOSE OF BUSINESS JANUARY 25. 1918.
OTHER
are indicated by the weekly reports of
largely U. S. certificates of indebtedness of the Jan. 22 issue,25
1918. Of the tocal increase of $133,Increased holdings of Government securities,
showing their condition as at the close of business on Jan.
country,
the
of
cities
100
about
in
671 member banks
is credited to the New York City banks.
nt
obligations, while members outside
600,000 under this head over $107,000,000 report
Governme
by
loans
secured
of
00
$1.5,400,0
n
of
liquidatio
net
for the week of 3182,900,000.
Member banks in central reserve cities
Total loans and investments of all reporting banks show an increase
loans.
such
in
0
$8,300,00
t of about 15 millions in loans
these cities report an increase of
increase under this head of about 92 millions as against curtailmen
Reporting New York City banks show an
the New York banks:
secured by Government obligations.
increased 158.7 millions, of which 154.3 millions represents the increase for
Total deposits, including Government deposits,nt deposits, about 117.3 millions is shown for the New York City banks. The latter, in addition
deposits on Gov10
additional
millions
about
Of the total increase of 121.3 millions in Governme
received
y
apparentl
for,
subscribed
amount of certificates
to crediting the Government account with the
while aggregate time deposits went up about 37.9 millions. For the
all reporting banks declined 9.6 millions,
shown.
are
ernment account. Demand deposits of
deposits
in
time
millions
18.2
of
and
deposits
demand
in
deposits credit with Federal
New York City banks increases of 18.7 millions
show a gain of about 52 millions, this gain representing largely additional
Reserves, all with Federal Reserve banks, Excess reserves of ail reporting banks were 142.8 millions, as against 90 millions the week before. For
in vault declined
cash
Aggregate
18.
Jan.
Reserve banks of rediscounting member banks.
on
millions
68.6
with
figure out at 94.7 millions, compared
other reserve cities a reduction of
the New York City members excess reserves
a reduction of 4.8 millions, and banks in Chicago, St. Louis and
19.9 millions, the New York City banks reporting
as against 98.0% for the
13.7 millions.
of total loans and investments to total deposits works out at 105.8%,
For all reporting member banks the ratio banks in the three central reserve cities. The ratio of combined vault cash and reserve to aggregate
the
remained unchanged. at
ratio
this
City
banks
York
banks in New York City and 100.4% for
New
the
For
14.6%.
to
from
14.5%
slight increase
deposits of all reporting banks shows a central
reserve cities at about 16%.
16.1%, and for the banks in the three
district.
each
in
1. Data for all reporting banks
Two ciphers (00) omitted.
Member Banks.
Boston.
New York.
97
Phila.
46
Cleveland, Richmond Atlanta.
76
68
31
Total.
St. Louts. Minneay. Kan.City. Dallas. San Fran.
671
46
41
68
31
31
$
$
$
1,069,395,0
55,581.0
31,752,0
31,250,0
16,957,0
75,253,0 37,180,0
43,121,0 9,025,0 2,405,0 2,642,0 3,708,0 6,210,0 374,276,0
142,900,0 386,510,0 243,167,0 433,426,0 197,290,0 479,385,0 9,953,571,0
134,998,0 33,803,0 18,915,0 41,386,0 19,166,0 44,950,0 1,199,201,0
61,851,0 13,705,0 9,281,0 17,103,0 12,839,0 25,284,0 374,968,0
Chicago.
91
37
30,612,0 551,992,0 31,832,0 128,301,0 43,352,0 32,215,0
U.S.securities owned
198,232,0 25,560,0 26,887,0 13,369,0 3,3613,0
Loans see. by 15.5. bonds & et! 39,771,0 4,084,180,0 615,270,0 883,337,0 328,301,0 270,877,0
All other loans & investments- 688,592,0 652,875,0 59,446,0 81,612,0 29,899,0 25,313,0
.51,808,0
Reserve with Fed. Res. Bank
22,725,0 121,192,0 22,490,0 34,697,0 17,208,0 13,588,0
Cash in vault
288,903,0 174,843,0 363,192,0 189,387,0 360,276,0 8,892,320,0
Net demand deposits on which
589,275,0 4,275,436,0 567,847,0 677,355,0 282,594,0 202,663,0 982,515,0
23,913,0 101,184,0 1,399,748,0
reserve is computed
314,633,0 15,505,0 202,383,0 4:3,807,0 70,079,0 341,512,0 88,734,0 43,489,0 40,719,0
485,086,0
78,759,0
Time deposits
41,314.0 11,288,0 13,159,0 11,030,0 8,620,0 10,322,0
272,300.0 28,535,0 :38.486,0 10,271,0 1,771,0
Government deposits..... - 32,919.0
Reserve cities and other reporting banks.
other
all
in
banks
city,
Central
each
in
Reserve
banks
for
2. Data
Total.
Country Banks.
Chicago. St. Louis. Total Central Res. Cities. Other Reserve Cities.
New York.
--------------------Jan. 13. Jan. 25. Jan. 18. Jan. 25. I Jan. 18.
Two ciphers omitted.
25.
Jan.
18.
Jan.
25.
Jan.
25.
Jan.
18.
Jan.
25.
Jan.
25.
Jan.
662
-671
144
146
410
415
108
110
15
56
38
57
$
$
$
$
Number of reporting banks__ __
$
I
$
$
$
$
$
$
$
i 935,794,0
1,069,395,O
81,612,0
83,951,0
404,061,0
424,918,0
511,865,0 401,898,0 24,258,0 24,103,0 5130,526,0 449,521,0
owned
U. S. securitiesby
381,310.0
U. S. bonds
21,644,0 21,505,0 374,276,
Loans secured
175,720,0 190,540,0 27,123,0 7,431,0 210,274,0 225,676,0 142,358,0 134,129,0 712,264,0 890,550,0 9,953,571,019,897,249,0
and certificates
4,851,971,0 4,394,627,0 4,415,706,0
857,644,0
4,801,680,0
3,661,945,0
279,401,0
3,664,635,0
s_
1,147,274,0
Investment
1,199,201,0
399,790,0 48,529,0 43,515,0
All other loans &
608,801,0 579,732,0 95,480,0 26,224,0 700,508,0 702,969,0 420,164.0 199,595,0 31,496,0 32,888,0 374,968,01 394,858,0
Reserve with Fed Res, Bank
108,241,0 113,011,0 09,203,0 8,141,0 155,585,0 182,373,0 187,887.0
Cash In vault
which
on
574,818,0 564,363.0 8,892,320.0I8,901.939.0
Net demand deposits
3,884,853,0 3,866,101,0 674,023,0 187,431,0 4,746,307,0 4,745,723.0 3.571,165,0 3.591,853,0
61.800.0
reserve is computed
737,577,0 147,994,0 142,325,0 1.399,748,011,3
302,585,0 284,356,0 136,857,0 69,932,0 509,374,0 481,898,0 742,380,0
354.734.0
Time deposits.
n 1(10 17n (1 17L159.O 170_740.0 17.951.0 14.515.0 405_0145.0
OM
205
10.301.0
137,911,0
30,423.0
255,242.0
_
__
__
_
novernment detiosivs
• Amended figures.
Number of reporting banks...-
on Feb. 2.
ing is the weekly statement issued by the Federal Reserve Board
The Federal Reserve Banks.-Follow
increased purchases of acceptances
including paper secured by Government obligations, offset in part bythe
the Reserve banks
of
condition
Liquidation in some volume of discounts,
nt securities, is indicated in the Federal Reserve Board's weekly bank statement showing
and short-termofGovernme
business on Feb. 1 1918.
larger decline, of
even
an
indicated
reported,
as
as at the close reserves
reserves,
on the face of the returns show a decrease of $7,300,000, while gold
bank, which had been de-
Total cash
the New York
however, represent telegraphic transfers through the Gold Settlement Fund to
$9,500,000. These decreases, of
time to be Included among the latter's gold
the transferring banks but which had not reached the New York bank inby
a change from an adverse balance of $7,for
ducted from the gold reserves
$10,600,001) in the cash reserves of the Boston bank is more than accounted
reserves shown for the San Francisco bank
reserve. A reduction of
of $8,400,000 in account with other banks, while a decrease of $I _L. 300.000 in
reports a gain of 12.3 millions in cash
bank
York
New
800.000 to a favorable balance
The
deposits.
of acceptances and a decrease in Government
net liquidation
is explained by larger holding
in Federal Reserve note circulation, also the
millions
in
1.5
6.6
about
net
millions
deposits,
of
gain
a
by
ed
in net deposits.
reserve, accompani
assets. Richmond's gain of $6,500,000 in reserve represents mainly a gain
under this head. Of the
increases
largest
the
reporting
of about $4,000,000 in earning
banks
show a reduction of $20,900,000, the Chicago and New York
notes or customers' paper secured
Total discounts on hand00,
as against $312,500,000 the week before, is represented by member banks' collateral $70,800,000 to $59,300,000. Acdecrease from
total paper held, 3305,700,0
s of indebtedness. Holdings of collateral notes otherwise show a larger
Francisco banks reporting the
San
and
York
New
the
by Liberty bonds and certificate
total of $289,800,000, an increase for the week of $15,900,000.
securities on hand are Shown,
ceptances on hand show a record
0 in U. S. bonds and of $8,400,000 in U. S. short-term
paper. Increases of over
accommodation of their
temporary
the
for
ss
Indebtedne
largest gains of this class of banks reporting purchases$1,000,00
of
s
certificate
in some volume of Treasury
the Cleveland and Chicago
week before. Total earning assets show
members.
the sale of about $1,000,000 of municipal and State warrants purchased the Of
the total, discounts constitute 5.6.7%;
The Chicago bank reportsconstitute at present
deposits, as against 69% the week before.
of
69.4%
net
and
0
$3,300,00
an increase of
securities, 12.8%; and other earning assets, 0.4%.
of 3181,000 in total paid-in capital.
increase
acceptances, 28.1%; U. S.
an
in
resulting
by
hanks,
four
stock by newly admitted members is reported
shown for "other deposits"
Payment for Federal Reserve
, while members' reserve deposits fell off about $2.100,000. The large increase
$2,900,000
decreased
Government.
Government deposits
credits placed with the New York bank for exchange account of the Argentine
$781,700,000 of gold
present
at
hold
they
issued
Is due largely to additional
total
the
Against
a
of $5,800,000 in notes outstanding.
of $1,200,000 for the week.
Federal Reserve Agents report decrease
banks report an actual Federal Reserve note circulation of $1,236,100,000, an increase
and $628,800,000 of paper. The Reserve
and in addition
are given in the following table,
The figures of the consolidated statement for the system as a whole
with those of the corresponding week of last year, thus
we present the results for each of the seven preceding weeks, together
by the
revised in order to conform with new form adopted
furnishing a useful comparison. The earlier figures have been
ly for each of the
separate
s
liabilitie
and
s
resource
the
show
we
22.
In
the
table
June
second
details
Federal Reserve Board as of
Agents' Accounts (the third table following) gives
twelve Federal Reserve banks. The statement of Federal Reserve
between the latter
and
Agents
Reserve
the
and
ler
Comptrol
the
between
Reserve
notes
regarding the transactions in Federal
and the Federal Reserve banks.
BANKS AT THE CLOSE OF BUSINESS FEB. 1, 1918.COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
23 1917. Dec. 211917. Dee. 14 1917. Feb. 2 1917.
Feb. 11918. Jan. 25 1918. Jan. 13 1918. Jan. 11 I918t Jan. 4 1918. Dec.
$
$
$
$
S
s
3
3
$
499,917,000 524,350,000 502,840,000 306,964,000
472,012,000 477,301,000 478,839,000 430.072,000 317,520,000 304,604,000 393,810,000 212.961,000
Gold coin and certificates In vault - - 469,759,000
338,687,000
361,522,000
383,232,000
0
388,210.000
52,500,000
52.500,000
52,500.000
001(1 settlement fund-F. It. Board-- 393,624,00
52,500,000
52,500,000
52.500,000
52,500,000
52,500,000
Gold with foreign agencies.
881,454,000 949.150,000 519,925,000
869.937,000
871,259.000
0
892,861,00
0
915,883,000 012,722,000 913,033,00
Total gold held by banks
781,851,000 746,307,000 683,378,01)0 . 274,074,000
1,835,000
793,829.000 796,727,000 784,326,000 797,191,000
17,710,000
17,782.000
19,345,000
Gold with Federal Reserve Agent-- 781,667,000
19,270,000
19,613,000
19,710,000
19,472,000
19,956,000
Gold redemption fund
795,834,000
00
1.650,238,0
00
00
1,645,513,0
1,671,133,0
00
12,185,000
1,717,022,000 1,726,507,000 1,720,470,000 1,696,830,000 1,687,720.0
50,146,000
48.127,000
49.635,000
Total gold reserves
45,310,000
51,201,000
54,837,000
58,435,000
56,252,000
Legal tender notes, silver, ac
0
808,019,00
00
1,700,384,0
00
00
1,693,670,0
1,720,768,0
1,733.030.000
14,707,000
1,775,457,000 1,782,759,000 1,784,307.000 1,748.031,000 625,813,000 680.706,000 693,509,000 713,431,000
Total reserves
93,112,000
606,778,000 627,682,000 603,488,000 570,665,000 271,338,000 275,366,000 277,943,000 254,428,000
Bills discounted-members
289,805,000 273,912,000 257.804,000 258.710,000
Bills bought in open market
107,819,000
956,072,000 971,452,000 967.859,000
30,550,000
896,583,000 901,574,000 861,292,000 829,375,000 897,151,000
53,774,000
50.438,000
48.350.000
Total bills on hand
51,167,000
49,506,000
18,647,000
45.911,000
48,046,000
t52.675,000
53,734,000
58,130,000
58.833.000
92,053,000
U.B. Government long-term securities12,832,000
78,898,000 t76,519,000 122,310,000 137,227,000
994,000
1.102,000
t4.990.000
short-term securities
U. S. Governmentassets
5,167.000
5,063,000
4,224,000
4,902,000
3,805,000
earning
All other
0
00 11068295.000 1,081.122,000 1,070,673,000 169,848,00
12,687,000
1,033,020,000 1,029,670,000 1.033,737.000 1,021,171.000 1.045.543.0
31.494.000
41.375.000
Total earning assets_
45,244,000 t11,976.000
28,229,000
0
35,818,000
126,611,00
32.505,000
44,456,000
0
319,656.00
t301.689,000 323,574,000
Due froin other F. R. banks-uct__-.
321,994,000 323,703,000 381,708.000 306,593,000 302,007.000
Uncollected items
0
139,298,00
351,150,000
364,949.000
334,822,000 347,251.000 313.043,000
400,000
537,000
537.000
Total deduens from gross deposits. 360,450,000 356,208,000 417,526,000
537,000
537.000
537,000
537.000
12,985,000
537,000
537,000
2,810,000
2,678,000
2.813,000
537,000
6% redeem.fund agst. F.R.bank notes
619.000
379,000
559,000
201,000
all other resources
00 f310211110.000 3.142.958.000 3.125.554.000 1.110.550.000
q ins nog non 3.1110 37s nen a 'yin dAR nun 3 Inc nan non 3.126.898.0
Total resources
t Amended figures.
580
THE CHRONICLE
[VOL. 106.
Feb. 1 1918. Jan. 25 1918 Jan. 18 1918. tJan.11
1918. Jan.4 1918. Dec. 28 1917. Dec. 21 1917. Dec.
14 1917. Feb. 2 1917.
LIABILITIES.
$
$
$
Capital paid in
$
$
$
72,621,000
$
72,439,000
$
$
71,938,000
71,603,000
Surplus
70,825,0
00
70,442,000
69,852,000
1,134,000
69,440,000
53,725,000
1,134,000
1,134,000
1,134,000
Government deposits
1,134,000
132,790,000 135,691,000 239,829,000
57,856,000 131,006,000 108,213,000 221.761,
Due to members-reserve account
000 129,285,
23,333,000
Due to non-members--olearing account 1,478,644,000 1.480,743,000 1,421,563,000 1,498,432,000 1,449,230,000 1,453,166,000 1,389.434,000 1,549,03 000
0,000
689,878,000
Collection items
191,283,000 191,955,000 221,728,000 203,073,
000
Other deposits, incl. for. Gov't credits._
192,619,
000 t191.639.000 205,819,000 196,767,000
51,789,000
37,697,000
101,232,000
30,779,000
20,315,000
20,594,000 t17.969,000
14,258,000
14,282,000
Total gross deposits.
1,851,436,000 1,819,086,000 1,913,899,000 1,779,72
P. R. notes In actual circulation
6,000
1,793,479,000 1,771,037,000 1,831.272,000 1,889.36
1,000 1,234.934,000 1,238,797,000 1,242,199,000 1,251,20
4,000
814,443,000
F. R. bank notes In circulation, net nab_ 1,236,10
5,000 1,246,488,000 1,227,642,000 1,153,385,000
8,000,000
260,030,000
8,000,000
8,000,000
All other liabilities
8,000,000
8,000,000
8,000,000
8,000,000
3,632,000
8,000,00
3,782,000
0
2,718,000
2,418,000
2,255,000
t6.722,000
6,190,000
5.365,000
352,000
Total liabllittes..
Gold reserve against net deposit nab__ 3,176,023,000 3,169,375,000 3,236,438,003 3,105,030,000 3.126,898,000 t3102689,000 3,142,95
6,000
3.125,55
4,000
1,130,55
0,000
81.5%
61.0%
Gold res. agst. F. R. notes In act. olra'n.
81.8%
60.2%
59.7%
80.1%
61.7%
65.9%
Ratio of gold reserves to net deposit and
65.9%
64.7% '
65.3%
64.3%
62.2%
60.8%
Fed. Res, note liabilities combined__
63.0%
63.3%
63.2%
Ratio of total reserves to net deposit and
63.1%
64.2%
61.8%
85.1%
.
Fed Res. note liabilities combined_ ._
61.1%
65.2%
61.3%
65.4%
65.2%
65.1%
62.5%
63.6%
62.9%
63.2%0
86.4%
Feb. 1 1918. Jan. 25 1918. Jan. 18 1918. Jan. 11
1918. Jan. 4 1918. Dec. 28 1917. Dec. 21
1917. Dec. 14 1917 Feb. 2 191
DIstrlOution bp Maturities$
$
$
1.15 days bills discounted and nought_
$
$
$
454,983,000 390,212,000 360,890,000 372,652,
$
$
$
1-15 d tys municipal warrants000
387,017.
000 395,697,000 403,671,000 471,689,
_
519,000
001
149,000
24,839,000
141,000
15-30 days bills discounted and nougat_
10,000
10.000
116,000
123,350,000 169,795,000 180,759,000
213,000
69,00
392,000
15-30 days municipal warrants.
88,375,000
96,322,0
00
118,545,
000
121,060,000
126,000
84,359,00
23,943,000
513,000
510,000
01-60 days bills discounted and bought.
141,000
141,000
10,000
10.000
142,000
1,225,000
01-60 days municipal warrants........ 170,840,000 203,437,000 188,712,000 267,641,000 239,444,000 280,136,000 273,339,
000 191,626,000
10,000
44,877,000
133,000
131,000
61-90 days bills discounted and bougnt
631,000
6'34.000
652,000
135,199,000 124,822,000
652,000
151,000
1,718,000
99,663,000 114,629,000 152,708,000 164,729,
81-90 days municipal warrants _
000 213,195.001
7,000
13,240,000
337,000 117,153,000
Over 90 days bills discounted and bought
123,000
123,000
10,231,000
632,00
13,303,000
696,000
13,778,000
Over 90 days municipal w
10,090,000
9,739,000
8,986,000
8,593,000
335,000
6,990,00
920,000
1,005,000
335,000
Federal Reserve Notes335,000
335,000
104,000
104,000
8,633,001
Issued to the banks
----1,387,858,000 1,373,622,000 1,373,105,000 1,169,54
llsid by banks_ _
5,000
5,000 1,341,752,000 1,295,069,000 1,229,007,000 290,577,
- 131,757,000 138,693,000 131,303,000 125,265,000 1,366,33
000
115,130,000
95,264,000
67,427,000
75,622,00
30,547,000
In circulation_ __
--Fed. Res. Notes r A'rents Accounttl- 1,236,101,000 1,234,924,000 1,238,797,000 1,244,280,000 1,251,205,000 1,246,488,000 1,227,642,000 1,153,38
5,000 260,577,000
Received from the Comptroller__
1,883,320,000 1,875,661,000 1,863,510,000 1,851,06
Returned to the Comptroller__ ._
0.000 1,825,700,000 1,796,340.000 1,747,760,000 1,693,82
268,362,000 261,001,000 257,975,000 254.905,
470,220,000
0,00
000 248,065,000 247,163,000 239,571,000 242,953,
000 106,394,000
Amount chargeable to Agent..... 1,614,958,000 1,614,65
7,000 1,605,565,000!1,599,155,000 1,577,635,000
ID hands of Agent
1,549,177,000 1,508,189,000 1,450,867,00
247,100,000 241,035,000 232,460,0001
363,826,000
229,010,000 211,300,000 207,425,000 213,120,
000 221,860.000
73,249,000
Issued to Federal Reserve banks.. 1,367,358,000 1
373,622,
000
1.373,10
5,000
'1.369,515,
000
1,366,33
low Secured5,000 1,341,752,000 1,295,069,000 1,229,007,000 290,577,000
87 gold coin and certifloates......_
269,862,000 276,894,000 374,000,000 265,759,
000 269,951,000 250,423,000 227,302,000 239,833,
By lawful money
000 166,374,000
By eligible paper ._
586.191,000 579,803,000 576,378,000 537.771,
000
569,144,000 559,901,000 548,962,000 545,629,000
Gold redemption fund._
44,872,000
16,503,000
45,536,000
46,182,000
42,4
)6,000
With Federal Reserve Board _
41,153,0
00
41,479,000
41,281,000
39,471,000
466,933,000 471,339,000 476,545,000 473,5l9,000
12,650,000
488,082 489,949,000 477,524,000 404,074,000
95,050,000
Total
1,367,858,000 1,373,622,000 1,373,105,000 1,369.51
5,000 1.366,335,000 1,341,752,000 1,295.069,000 1,229,00
7,000 290,577,000
Eligible payer delivered to F.11.Agt
623.792.000 634.363.000 609.056.000 618.678.
000 611.136.000 606.705.000 602.074.000 602,967,
a Net amount due to other Federal Reserve
000
19,692,000
banks. b This Item Includes foreign Gov't
credits.
t Revised figures.
WEEKLY S TATEMENT of RESOURCES and
LIABILITIES of EACH of the 12 FEDERAL RESER
VE BANKS at CLOSE of BUSINESS FEB.
1 1918.
TIso ciphers (00) aniitted.
Boston. New York. Phtladel. Cleodwid. Itichni'd. Attalla.
Chkago. Si. Louts. Minneap. Kan. City Dallas. San
Fran.
Total.
RESOURCES.
$
$
$
$
$
$
Gold join and certfs. In vault_ 11,401,0 328,174,
$
$
$
$
$
0 6,552,0 22,898,0 6,273,0 6,078,0 31,867,0
$
$
Gold settlement fund
4,838,0
15,373,0
412,0 9,128,0 26,715,0 469,759,0
25,840,0 102,024,0 47,786,0 42,412,0 18,760,0 15,195,0
Gold with foreign agencies
3,675,0
18,112,0 3,675,0 4,725,0 1.837,0 1,575,0 37,500,0 26,969,0 14,644,0 27,183,0 17,100,0 18,181,0 393,624,0
7,350,0 2,100,0 2,100,0 2,625.0 1,838,0 2,888,0
52,500,0
To al gold held by banks
40,916,0 448,310,
Gold with Federal Res. Agents. 44,334,0 231,802,0 58,013,0 70,065,0 26,870,0 22,813,0 78,717.0 33,957,0 32,117,0 30,220,0 28,066,0 47,784,0
0 61,469,0 62,025,0 26,259,0 48,127,0 120,012,
915,883,0
Gold redemption fund
0
34,490,0
37,439,0
48,334,0
22,303,0
2,000,0
42,043,0 781,667,0
10,000,0 1,500,0
19,0
205,0
966,0
828,0
882,0 1,262,0
458,0 1,264,0
88,0
19,472,0
To al gold reserves
87,250,0
Legal -tender notes, silver. dro..... 5,636,0 690,112,0 12'3,932,0 132,109,0 53,331,0 71,911,0 197,587,0 69,329,0 70,818,0 79,012,0 81,633,0 89,915,0
38,827,0 1,798,0 1,476,0
1,717,022,0
322,0 1,603,0 4,824,0 1,189,0
630,0
90,0 1,557,0
483,0
58,435,0
To al reserves................- 92,886,0
728,939,0 125,780,0 133,535,0 53,856,0 73,511,0
Bills:
202,411,0 70,518,0 71,448,0 79,102,0 53,190,0 90,398,0
1,775,45
7,0
Dieco.-Member &FM.banks 49,663,0 215,529,
Bo ight in open market....... 11,721,0 177,407, 0 33,619,0 47,193,0 30,321,0 9,158,0 100,662,0 32,024,0 12,607,0 35,302,0 10,638,0
30,047,0 606,778,0
0 13,860,0 10,689,0 14,363,0 7,076,0 10,039,0
5,727,0
1,937,0
29,0 12,445,0 24,504,0 289,805,0
To al bills on hand
61,387,0 392,936,0 47,489,0 57,887,0 44,639,0 16,234,0
U.S. long-term securities
110,701,
2,610,0
1,305,0 6,880,0 8,202,0 1,231,0 4,792,0 7,007,00 37,751,0 14,544,0 35,331,0 23,083,0 54,551,0 896,583,0
U.S. short-term securities-- 2,191,0
2,233,0 4,000,0 8,862,0 4,071,0
13,010,0 3,952,0 33,462,0 2,512,0 1,491.0
53,734,0
All other earning assets
8,155,0 1,411,0 2,305,0 5,083,0 2,830,0 2,481,0
1,500,0
511,0
78,088,0
10,0
31,0
446,0
610,0
183,0 1,078,0
874,0
62,0
3,805,0
To ,a1 earning assets______ 66,191,0
Duet!om other F.R.banks-Nei 6,356,0 407,792,0 58,331,0 99,611,0 48,493,0 22,963,0 126,473,0 41,611,0 21,927,0 50,176,0 30,858,0 58,594,0
1,424,0 4,865,0 8,119,0
1,033,020,0
805.0 1,551,0 13,381,0 1,290,0
Unoo looted items......--- -- 19,262,0
8,884,0
1,346,0 (a)44,456,0
83,010,0 38,769,0 18,630,0 17,871,0 17,935,0 53,582,0
17,182,0 7,396,0 19,207,0 18,437,0 10,713,0 321,994,
-0
To al dedue'rts from gross dep. 25,618,0
81,434,0 43,634,0 26,749,0 18,676,0 19,489,0 68,963,0
6% r dernption fund against Fed18,472,0 7,396,0 28,091,0 18,437,0 12,059,0
366,456,0
era i Reserve bank notes.
&II o ;her resources
400,0
137,0
385,0
537,0
85,0
89,0
559,0
To al resources__ _ ._ .
184,695,0 1,221,165,0 228,130,0 259,915,0 120,910,0 116,085,
0 395,817,0 130,601,0 100,771,0 157,769,0 102,022,0 161,051,
LIABILITIES.
0 3,176,023,0
Capital paid In..............___ 6,004,0
19,213,0
6,815,0
8,218,0 3,739.0 2,865,0 9,219,0 3,482,0 2,854,0
Burp'us
3,397,0 2,705,0 4,219,0
75,0
619.0
72,620,0
116,0
40.0
Gove'maim deposits__.-._ 4,038,0
218,0
38.0
25,637,0 8,826,0 24,803,0 7,217.0 5,914,0 13,895,0
1,134,0
Due .o members-Reserveaoot_ 83,383,0 670,652.
12,351,0
4,864,0
8,190,0
6,581,0 10,381,0 132,790,0
0 87,991,0 103,764,0 44,636,0 38,846,0 173,520,0 46,915,0
Celle Won items.
38,867,0
75,812,0
14,391,0 .57,905,0 30.281.0 13,875,0 12,890,0
07,687,0 1,478,644,0
9,907,0 16,537,0 11,158,0 3,109,0 6,767,0 41,571,0
Due o 0th. F. R. banks-Net.
5,826,0 8,631,0 191,283,0
Oth. leposits Incl. for Gov't ored.
2,076,0
1,492,0
45,958,0
341,0
2,0 2,736,0
38,0
14,0
--15,0
2,662,0
51,769,0
To al gross deposits
101,875,0 800,152,0 127,101,0 147,786,0 61,773,0 51,669,0
200,638,0 70,465,0 48,930,0 90,784,0 55,470,0 89,301,0
F. R. notes In actual circulation. 76,434,0 398,933,0 91,214,0
1,854,486,0
103,714,0 52,282,0 53,511,0 179,667,0 56,379,0 49,103,0
F. R. bank notes in ciro'n-Net.
55,196,0 44,251,0 67,417,0 1,236,101,0
All o tier liabilities......._____
8,000,0
307,0
2,218,0
8,000,0
227,0
57,0
275,0
46,0
392,0
106,0
54,0
3,682,0
..e••• .1.•••• ,•• • ,••••• •,,,.. es non
To _. ....._.....__
lion
,
•
.
•
.
.
n nen nar n inn nln n i la
nom 11 enx. ,o47 A Ion Ant A
.
.
• .
.
inn 7,71
•
n le, 7rtn n 1119 aeon 101
.
•
•
g
•
•
•
•
a Difference between net amounts due from and net amounts
g
g
due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOU
NTS AT CLOSE OF BUSINESS FEBRUARY 1 1918.
Two ciphers (00) omitted.
Boston.
New York. Phtladel. Cleveland. alchoiont Atlanta. Chtca Jo. St.Louts.
3
3
$
S
3
$
$
710,880,0 131,200,0 133,760,0 81,740,0 89,620,0 211,380,
0 73,860,0
127,938,0 20,771,0 9,995,0 16,146,0 11,456,0
8,173,0 9,288,0
90,514,0 582,742,0 113,429,0 123,765,0 65,594,0 78,161,0
9,780,0 109,800,0 15,210,0 15,410,0 5,495,0 15,090.0 233,207,0 61.572,0
42,220,0 6,275,0
80,734,0 472,912,0 98,189,0 108,325,0 60,099,0 63,074,0
190,987,0 58,297,0
ederal Reserve notes$
Received from Comptroller__ 111,960,0
Returned to Comptroller
21,446,0
;'hargeable to F. R. Agent
n hands of F. R. Agent_
Issued to F. It. Bank.
Ield by F. R. AontGold coin and certificates-- 33,109,0
Gold redemption fund
4,225,0
Gold Sett. Fd., F. It. Board._
7,000,0
Eligible paper, mm. ren'd____ 36,400,0
Total
80,734,0
1mount of eligible paper delivered to F. R. Agent.
36,705,0
r. R. notes outstanding-----
--r. R. notes held by banks____._
- -
__._.............., ........,
80,731,0
4,300.0
on vat o
nKI
no 17A AOO II
iftnneap. Kan. City
Dallas. San Fran.
Total.
_
$
$
$
il
$
67,980,0 82,740,0 68,500,0 86,900,0 1,883,32
0,0
10,715,0 12,736,0 12,945,0 6,753,0 268,362,0
57,265,0 70,001,0 55,555,0 80,147,0 1,614,958,0
6,230,0 10,660,0 10,870,0
247,100,0
51,035,0 59,344,0 44,685,0
179,750,0 4,220,0 21,497,0
3,601,0
13,102,0
14,580,0
12,053,0 5,120,0 5,528,0 1,259.0 2,853,0
381,0 2,367,0
1,837,0 2,474,0 2,399,0
40,000,0 55,129,0 35,000,0 25,000,0 41,670,0 119,631,
0
32,123,0
22,500,0
45,860,0 5,324,0
241,140,0 33,720,0 46,300,0 33,840,0 14,917,0 70,915,0
23,807,0 13,596,0 11,010,0 22,382,0
472,912,0 98,189,0 103,325,0 60,099,0 63,074,0 190,987,
0 58,297,0 51,035,0 59,344,0 44,685,0
80,147,0 1,367,858,0
4,377,0
37,666,0
38,104,0
269,862,0
44,872,0
466,933,0
586,191,0
80,147,0 1,387,858,0
246,362,0 33,747,0 57,887,0 44,720,0 15,067,0 71,821,0
29,223,0 13,835,0 12,442,0 23,083,0 43,900,0 628,792,
0
472,912.0 93,189.0 103.325,0 60,099,0 63,074,0 190,987,
58,297,0
0
51,035,0 59,344,0 44,685,0 80,147,0 1,367,858,0
74,001.0 3,975,0 4,611,0 7,817,0 4,563,0 11,320,0
1,90,0 1,932,0 4,148.0
434,0 12,730,0 131,757,0
RIR 0A1 0 01 911. 0 ins 7150 to
00)0 AR A11 n 170 11117 0 AR 270
11 4
,
1_1n:1n
0.11.100.0
44.251.0
07.417_11 1.230.101.0
581
THE CHRONICLE
FEB. 9 1918.]
following detailed statement
Statement of New York City Clearing House Banks and Trust Companies.-TheFeb.
2. The figures for the
shows the condition of the New York City Clearing House members for the week ending
the week are also given:
separate banks are the averages of the daily results. In the case of totals, actual figures at end of
RETURN.
HOUSE
CLEARING
WEEKLY
YORK
NEW
Additional
National
Deposits
Reserve
Bank
Loans,
with
with
and
Legal
Discounts,
Legal
Legal
Federal
Silver.
Tenders.
Gold.
Investments,
'Week Ending
DeposiDeposiReserve
dec.
Feb. 2 1918.
'Nat. Banks Dec. 31k
tories.
taries.
Notes.
kState Banks Nov. 141
Average.
Average.
Average. Average. Average. Average.
Average.
Members of Federal
$
$
$
$
Reserve Bank.
100,000 5,299,000
173,000
143,000
57,000
44,061,000
2,000,000 5,095,500
Bank of N Y,N B A_
372,000 8,212,000
336,000
272,000
1,317,000
40,467,000
5,221,200
2,050,000
Dank of Manhat Co_
95,000 2,122,000
469,000
132,000
128,000
20,087,000
2,000,000 2,381,000
Merchants' National_
386,000 30,623,000
300,000 1,948,000
6,000,000 10,510,000 164,605,000 8,629,000
Mech & Metals Nat_
203,000 4,751,000
424,000
305,000
482,000
32,187,000
6,572,500
1,500,000
Bank of America____
1,424,000 113,084,000
25,000,000 46,954,600 547,210,000 8,338,000 3,143,000 1,403,000
National City
610,000 10,064,000
548,000
217,000
265,000
73,900,000
3,000,000 8,636,200
Chemical National
138,000 2,359,000
365,000
161,000
90,000
15,164,000
847,00(
1,000,000
Atlantic NatIonal
373,000
8,000
26,000
29,000
49,000
2,508,000
73,400
300,000
Nat Butch &Drovers'
1,303,000 14,578,000
820,000
804,000
325,000
117,899,000
5,391,40
5,000,000
American Exch Nat_
35.801,000
684,000
836,000
187,000
1,099,000
316,867,000
Nat Bank of Comm_ 25,000,000 20,371,20
180,000 1,401,000
480,000
347,000
57,000
11,489,000
500,000 1,002,900
Pacific Bank
494,000 1,349,000 1.979,000 9,617,000
71,844,000 1,400,000
3,500,000 2,337,600
Chat & Phenix Nat
19,130,000
437,000
1,667,000
438,000
6,246,000
146,449,000
3,000,000 16,033,00
Hanover National
142,000 3,921,000
741,000
112,000
30,000
35,344,000
2,550,000 2,667,20
Citizens' National__ _
478,000 2,186,000
366,000
163,000
27,000
9,899,000
2,112,70
Market & Fulton Nat 1,000,000
483,000 2,590,000
569,000
630,000
264,000
20,874,000
2,000,000 2,128,60
Metropolitan Bank_ _
304,000 1,843,000 2,852,000 12,872,000
102,131,000 1,755,000
Corn Exchange Bank 3,500,000 7,510,200
134,000 4,300,000
40,000
70,000
698,000
36,469,000
7,513,800
Importers& Trad Nat 1,500,000
524,000 19,616,000
75,000
790,000• 780,000
5,000,000 17,536,200 181,731,000
National Park Bank_
508,000
16,000
162,000
12,000
17,000
2,700,000
65,600
2.50,000
East River National_
341,000 2,292,000
392,000
41,000
20,196,000
33,000
1,000,000 3,696,300
Second National_ _
49,000 24,748,000
290,000 1,022,000
40,000
10,000,000 28,949,300 201,453,000
First National
445,000 14,975,000
88,552,000 1,003,000
346,000 2,523,000
4,500,000 5,102,400
Irving National
307,000 1,267,000
190,000
100,000
40,000
8,566,000
144,400
500,000
N Y County National
783,000
45,000
18,000
16,000
5,964,000
24,000
885,900
750,000
German-American._ _
461,000 37,091,000
306,622,000 3,406,000 2,527,000 1,943,000
11,120,400
10,000,000
Chase National
952,000
80,000
192,000
37,000
5,976,000
54,000
816,400
400,000
Germania Bank
443.000 3,226,000
100.000
16,309,00(
206,000
372,000
1,000,000 2,008,300
Lincoln National_
1,416,000
140,000
251,000
10,813,000
67,000
31,000
1,324,90(3
1,000,000
Garfield National._ _
968,000
49,000
310,000
6,072,000
54.000
113,000
381,600
250,000
Fifth National
177,000 6,264,000
47,861,000
605,000
292,000
350,00(3
1,000,000 3,448,200
Seaboard National
8,836,000
459,000
81,111,000
162,000
127,000
28,000
3,979,900
3,000,000
Liberty National__ _
386,000 1,436,000
105,000
11,575,000
16,000
34,000
891,100
Coal & Iron National 1,000,000 1,091,500
187,000 1,550,000
12,640,000
228,000
8,000
43,000
Union Exch National 1,000,000
301,000 3,867,000
31,701,000
83,000
227,000
46,000
1,500,000 2.155,400
Brooklyn Trust Co
476,000 26,920,000
210,000
286,651,000
77,000
650,000
12,980,400
11,250,000
Co_
Trust
Bankers
258,000 7,093,000
345,000
63,964,000
104,000
77,000
2,000,000 4,691,500
U S Mtge & Tr Co
2,744,000
501,000 1,056,000 59,003,000
115,000
Guaranty Trust Co_ _ 25,000,000 26,125,400 465,185,00
119.000 1,376,000
11,175,00(
90,000
77,000
44,000
1,213,200
1,000,000
Co
Fidelity Trust
415,000 9,622,000
85,610,00
273,000
141,000
421,000
5,000,000 6,210,700
Columbia Trust Co
333,000 2,114,000
23,560,00(
51,000
254,000
86,000
1,000,000 1,331,800
Peoples Trust Co
14.000 9,813,000
89,954,00(
31,000
18,000
13,000
New York 'fruit Co 3,000,001 11,032,700
217,000 2,375,000
18,554,000
163,000
98,000
1,163,700
64,000
1,000,00
Franklin Trust Co
2,059,000
196,000
30,000
568,200
13,638,000
176,000
85,000
1,000,00
Trust
Lincoln
257,000 5,358,000
198,000
82,000
53,543,000
42,000
Metropolitan Tr Co_ 2,000,000 4,070,900
60,000 1,236,000
189,000
13,000
12,888,000
66,000
1,000,000 1,116,100
Nassau Nat, Bklyn
854.000 3,265,000
26,593,000
461,000
166,000
39,000
1,500,000 1,082,200
Irving Trust Co
20,728,000 543,317,000
Average for week _k 187,300,000 308,550,500 4,000,641,000 41,050,000 14,716,000 26,283,000-4,055,261,000 11,129,000 13,919,000 25,023,000 18,659,000 526,984,000
Totals, actual conditi on Feb. 2
3,945,368,000 41,074,000 15,357,000 26.829,000 21,358,000 558,031,000
Totals, actual conditi on Jan. 26
3,852,513,000 42,387,000 16,085,000 29,181,000 22,357,000 527,205,000
19
Jan.
on
Totals, actual conditi
3,883,082,000 42,674,000 18,550,000 31,498,000 24,568,000 548,771,000
Totals, actual conditi on Jan. 12
LEARING HOUSE
MEMBERS.
Net
Profits.
Capital.
State Banks.
Greenwich
People's
Bowery
Fifth Avenue
German Exchange_
Bk of the Metropolis.
%Vest Side
N Y Produce Exch._
State
Totals, avge for wk
Not Mem bets of Fed eral Reserve
13,778,000
500,000 1,372.700
503,400
3,265,000
200,000
812,900
4,239,000
250,000
17,198,000
100,000 2,300,200
863,300
5,727,000
200,000
14,221,000
1,000,000 2,353,600
54,000
4,011.000
326,600
20,244,000
1,000,000 1,014,100
654,100
24,066,000
1,500,000
5,0760(300
Totals, avge for wk
Net
Time
Deposits.
National
Bank
Circulation.
Average.
Average.
Average
786,000
35,206,000 1,581,000
40,457,000 2,000,000
650,000 1,839,000
15,579,000
149,096,000 21,237,000 3,773,000
29,502,000
551,314,000 11,508,000 1,750,000
444,000
63,775,000 3,134,000
145,000
599,000
14,057,000
93,000
2,168,000
98,613,000 6,632,000 4,952,000
262,506,000 5,271,000
10,656,000 1,185,000
69,014,000 6,996,000 1,884,000
290,000
142,827,000
311,000 1,018.000
28,947,000
86,000
11,119,000
21,186,000
100,759,000
51,000
28,656,000
149,657,000 3,635,000 4,120,000
50,000
3,220,000
927.000
16,042,000
153,956,000 8,240,000 6,716,000
640,000
478,000
93,085,000
199,000
9,327,000
5,044,000
247,316,000 19,339,000 1,300,000
6,082,000
897,000
1,000
15,548,000
399,000
20,000
9,855,000
248,000
316,000
6,027,000
70,000
45,970,000
555.000
68,967,000 2,456,000
413,000
441,000
10,590,000
397,000
450,000
11,700,000
27,401,000 3,945,000
229,216,000 31,411,000
53,962,000 7,519,000
392,014,000 35,090,000
8,528,000 1,080,000
71,614,000 11,285,000
21,073,000 1,556,000
69,212,000 7,096,000
16,129,000 1,353,000
13,377,000 1,000,000
41,113,000 1,515,000
50,000
534,000
9,408,000
23,706,000 1,190,000
3,504,576,000 201,054,000 34,098,000
3,533,686,000 199,199.000 34,162,000
3,517,156,000 202,278,000 34.109,000
3,502,301,000 195,571,000 34,070.000
3,579,922,000 193,647,000 34,114,000
470,000
214,000
159,000
492,000
190,000
482,000
37,000
412,000
347,000
730,000
408,000
214.000
462,000
233,000
676,000
314,000
791,000 2,989,000
178,000
245,000
427.000
1,202,000
27,000
1,549,000
14,182,000
3,560,000
3,870,000
17,956,000
5,674,000
13,176,000
4,072,000
20,249,000
26,998,000
10,000
15,000
106,779,000 6,962,000 1,716,000 3,179,000 2,803,000
5,954,000 4,491,000
109,737,000
99,000
4,413,000
4,679,000
4,193,000
4,574,000
109,750,000
109,536.000
109,907,000
111,819,000
107,000
101.000
57,000
81,000
375,000
196,000
103,000
47,000
34,000
12,000
112,000 1,142,000
153,000
.50,000
280,000
298,000
106,000
121,000
466,0(30
5:33,000
520,000
347,000
5,838,000
6,532,000
6.652,000
5,618,000
74,000
6,998,000
6,969,000
6,824,000
6,929,000
1,629,000
1,783,000
1,633,000
1,688,000
3,095,000
3,233,000
3,448,000
3,844,000
2,636,000
2,998,000
2,988,000
3,095,000
Bank.
Not Mon hers of Fed eral Reserve
39,881,000 1,759,000
5,000,000 11,706,300
606,000
24,095,000
4,000,0()0 5,184,000
167,000
196,000
164,000
53,000
335,000
155,000
1,233,000 1,599,000
214,000
1,378,000
24,652,000
15,416,000
1,382,000
545,000
63,976,000 2,365,000
363,000
217,000
490,000
2,611,000 1,813,000
40,068,000
1,927,000
2,550,000
2,310,000
:3,005,000
2,922,000
365,000
395,000
616,000
576,000
218,000
274,000
572,000
536,000
423,000
552,000
800,000
828,000
2,804,000 2,156,000
2,623,000 1,051,000
689,000
3,066,000
2,983,000 1,137.000
40,817,000
40,021.000
51,555,000
52.602,000
1,942,000
1,924,000
3,102,000
3,166,000
Totals, actual condlti on
Totals, actual conditi on
Totals, actual conditi on
Totals, actual condlt1 on
Trust Companies.
Title Guar & TrustLawyers Title & Tr__
9,933,300
Bank.
998,000
48,000
285,000
1,073,000
371,000
593,000
219,000
1,11:1,000
2,262,000
Net
Demand
Deposits.
Feb.
Jan.
Jan.
Jan.
2
26
19
12
9,000,000 16,890,300
Totals, actual conditi on
Totals, actual condlti on
Totals, actual conditi on
Totals, actual conditi on
Feb.
Jan.
Jan.
Jan.
2
26
19
12
105,393,000
105,341,000
104,282,000
107,018,000
64,606,000
63,173,000
78,124,000
77,362,000
-0 29,679,000 24,021,000 551,882,000
7-95,00
-0 16,Grand aggrogate,avge 201,376,600 335,374,100 4.171,396,000 50,-3-7-7700
+95,880,000 -1,217,000 -666,000 -2,622,000 -1,599,000 +4,841,000
Comparison prey wk.
28,336,000 21,718,000 535,626,000
Grand ag'gate, actual condition Feb. 2... 4,225,260,000 50,677,000 15,913,000 -2.000,000
-3,190,000 -31,560,000
+111378,000 +324,000 -1,622,000
Comparison prey wk..
9-87000
6,301,000 a3,654,381,000 203,080,000 34,0+1271000 +12,855,000 +2,332,000 +67,000
6,569,000 b3,684,253,000 201,248,000 34,162,000
+839,000 +17,540,000 -3,055,000 +53,000
3.666,713000 204,303.000 34.109,00
Jan. 26___ 4,113,882,000 50,353,000 17,535,000 30,338,000 24,908,000 567,186,000 5,730,000 3,666,763,000 198,730,000 34,070,000
Jan. 19... 4,034,919,000 52,216,001) 18,334,000 33,201,000 26,145,000 536,923,000 4,882,000 3,744,343,000 196,894,000 3,411,000
Jan. 12... 4,067,462,000 52,525,000 20,814.000 35,878,000 28,491,000 557,372,000 5,712,000 3,648,444,000 191,161,000 34,016,000
Jan. 5___ 4,117,433,000 51,970,000 20,082,000 33,323,000 27,724.000 527.555,000 9.898,000
capital set aside for foreign branches, $6,000,000.
a U.S.deposits deducted, $291,420,000. h U. S. deposits deducted. $302,891,000. c Includes
were formerly included In the Trust Company group, were transferre6
Note.-In the statement for week ending Jan. 26 the aggregates of the Lincoln Trust Co., which
to the group composed of members of the Federal Reserve Bank.
Grand
Grand
Grand
Grand
ag'gatc, actual
megate, actual
Negate, actual
ag'gate, actual
condition
condition
condition
condition
STATEMENTS OF RESERVE POSITION.
ACCUIII
Averages.
r mu EC,
b
a
Reserve
Cash
Reserve
Total
Surplus
Reserve
Total
in
Reserve
Requtred.
Reserve.
Reserve.
Required.
Os Vault. Depositaries Reserve.
-s
s
s
$
$
$
$
$
s
Members Federal
s
526,984,000 526,984,000 465,355,150
d
543,317,000 543,317,000 161,626,500 81,600,500 +3,233,350
Reserve Bank.
c
14,358,000 5,838,000 20,196,000 19,755,000
-512,780
861,340
19,752,660
20,614,000
5,954,000
banks
State
14,600,000
-62,800 3,556,000 2,801,000 6,360,000 6,122,550
35,800
TrustCompanles• 3,435,000 2,611,000 6,016,000 6,010,200
17,914,000 535,626,000 553,510,000 491,232,700
+2,657,770
82,587,640
487,389,360
569,977,000
551,882,000
Total Feb. 2_ 18,095,000
18,514,000 567,186,000 585,700,000 489,018,250
Total Jan. 26_ 18,525,000 547,041,000 565,564,000 485.634,130 79,929,870 +13,664,740 19,866,000 536,923,000556,809,000 489,132,770
06,265.130 -2,990.250
Total Jan. 19_ 20,310,000 513,470,000 563,789.000 497,523,870
-9 WV) um 29418.000 557 279 nnn .c77790000 409.216.990
'ARO
9cR
no
non
no,
ins
nnn
am
ices
non
floe
A
KA
AAA
'UM
90
Total Jan. 12_
Reserve
Cash
Inc. or Dec.
in
Reserve
from
PreciousiVee,k in Vault. Depositaries
Surplus
Reserve.
Inc. or Dee.
from
PreviousWeek
$
$
61,628.850-33.103.530
441,000 -1,357,520
+86,600
237,450
62,307,300 -34,374,450
96,681,750 +29,005,520
67,676,230-10,898,780
78.573.010 +17.302.490
• Not members of Federal Reserve Bank.
and trust companies, but in the ca-se of members of the Federal Reserve Bank includes
a This is the reserve required on net demand deposits in the case of State banks
Feb. 2, $6,031,620; Jan. 28, 85.962,230; Jan. 19, $5,827,500: Jan. 12. 55.836,890.
includes
also amount of reserve required on net time deposits, which was as follows:
and trust companies, but in the case of members of the Federal Reserve Bank
banks
State
of
case
the
in
deposits
demand
net
on
b This 13 the reserve required
follows: Feb. 2, $5,975,970; Jan. 26, $8,084.340; Jan. 19. $5.867,130; Jan. 12, $5,809,410.
also amount of reserve required on net time deposits, which was as
Federal Reserve Bank, was as follows:
c Amount of cash In vault, which is no longer counted as reserve for members of the
12, $116,674,000.
Feb. 2, $102,777,000; Jan. 26, $108,453,000; Jan. 19, $113,531,000; Jan.
of the Federal Reserve Bank, was as follows:
d Amount of cash in vaults, which is no longer counted as reserve for members
12,$117,290,000.
Feb. 2, $98,730,000; Jan. 26, 8104,618,000; Jan. 19, 5110,010,000: Jan.
582
THE CHRONICLE
[VoL. 106.
The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies
in New York City not in the Clearing House," furnished
la New York City not in the Clearing House. and these are by the State
Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES
IN GREATER in the whole State. The figures are compiled SO as to distinNEW YORK, Not' INCLUDED IN CLEARING HOUSE STATEME
NT.
guish between the results for Now York City (Greater Now
(Figures F'urnished by State Banking Department.) Differences
from
York)and those for the rest of the State, as por the following;
Feb. 2,
Previous week.
Loans and investments
$334,611,000
Ino.311,027,500
For definitions and rules under which the various items,
specie
17,773,700
Inc.
197,700
Currency and bank notes
are made up, 800 "Chronicle," V. 98, p. 1661,
12,039,200
Dec.
492,30()
Deposits with the F. It. Batik of New York
63,103,600
The provisions of the law governing the reserve requireDec.
963,900
Total deposits
912,553,800
Inc. 14,713,600 ments of State
Deposits, eliminating amounts duo from reserve debanking institutions as amended May
1917
positaries and from other banks and trust comwere published in the "Chronicle" May 19 1917 (V.22
panies in N. Y.City,exchanges and U.S.deposits 832,125,500
104, p.
Dec.
5,907,100
1975).
The
Reserve on deposits
regulati
ons
relating
to
calculat
ing the amount
168,560,300
Inc. 2,281,000
Percentage of _reserve, 22.5%.
of deposits and what deductions are permitted in the
comRESERVE.
putation
of
the
reserves
were
given
-State Banks
in
the "Chronicle" April 4
- -Trust Companies
Cash in vaults
812,331,000 10.93%
$80,632,500 12.72% 1914 (V. 98, p. 1045).
Deposits in banks and trust cos__
13,880,700
Total
12.31%
$26,214,700 23.24%
61,713,600
9.73%
STATE BANKS AND TRUST COMPANIES.
$142,346,100 22.45%
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
sad trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
State Banks
Trust Cos.
State Banks
Trust Cos.
In
in
outside of
outside of
Greater N. F. Greater N. F. Greater N. F. Greater
'N. Y.
Week ended Feb. 2.
COMBINED RESULTS OF BANKS AND TRUST COMPANI
ES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans
Total
Reserse in
Week
and
Demand
Legal
Cash in
Deposirnded- Investments Deposits.
Specie.
Tenders.
Vault.
tarles.
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
428,554,900 1,937,362,400
+9,482,000 +36.313,200
192,860,000
-1,131,600
318,262,300
-4,280,100
Loans and investments_
Change from last week_
$
$
Nov. l0
5,491,930,2 4,473,207.0 133,626,2 85,904,7 224,530,9
625,012,3
Nov. 17._ _ 5,557,891,9 4,477,113,2 137.330,8 84,363,2 221,694.0
623,908,6
Nov. 24_._ 5,619,230,7 4,252,162,1 124.803.8 83,834,2 208.038,0
611,381,8
Dec. 1___ 5,559,742,4 4,297,610,1 113,749,3 96,122,9 209,872,2
Dee. 8._ 5,827,062,0 4,353,272,1 112.093,5 96,747,7 203,811,2 (150.784,6
682,360,1
Dec. 15___ 5,575,672,8 4,417,314,1 110,725,3 96,692,9 207,418,2
071,117,1
Dec. 22.__ 5,011,186,0 4,357,133,8 108,501,8 95,878,3 204,383,1
602,178,4
Dee. 29___ 4,952,579,3 4,352,163,0 101,273,2 98,864,9
603,984,8
Jan. b.__ 5,945,390,8 4,443,769,4 101,006,5 100,321,2 203,138,1
204,327,7
617,798,8
Jan. 12...... 4,893,792,4 4,526,391,9 101.736,0 102,483,2 207,219,2
613,402,6
Jan. 19._ 4,892,797,1 4,578,900,7 101,678,7 98,375,5
612,272,4
Jan. 26_ 4,899,129,5 4,479,553,6 101.471,0 97,599,0 203,051,2
619,095,8
Feb. 2___ 5,006,037,0 4,486,506,5 97,829,7 95,280,8 199,070,0
193,110,5
627,476,3
• Included with "Legal Tenders" are national bank notes and Fed.
Reserve, notes
Mid by State banks and trust cos. but not those held by Fed. Reserve
members.
Specie_
Change from last week_
18,871,000
+42,500
19,667,300
-270,200
Currency and bank notes_
Change from last week_
21,578,300
-926.300
13,857,200
-1,033,700
$25,938,709
Deposits with the F. R.
Bank of New York__ _ _
Change from last week_
32,437,100 196,854,000
-731,600 -8,099,300
Deposits
535,991„500 2,151,902,300 .201,950,800
Change from last week_ +12,300,600 +41,695,200
+266,200
Reserve on deposits
101,170,600 329,425,900
32,905,300
Change from last week_
-706,600 -2,708,100 +2,725,600
P. C. reserve to deposits_
23.5%
19.8%
19.7%
Percentage last week_
23.8%
20.8%
18.9%
+ Increase over last week. -Decrease from last week.
309,680,500
+242,100
40,610,400
+2,833,500
18%
16.6%
Non-Member Banks and Trust Cornpanies.-Pollowing is the report
made to the Clearing House by clearing
ion-member institutions which are not included in the "Clearing
House return" on tile preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING ROUSE.
CLEARING
NON-MEMBERS.
Net
Loans,
Capital. I Profits. Discounts,
------- Investments,
Week Ending Feb. 2 1918. 'Nat.banks Dec.311
&c.
1State banks Nov.141
Members of
Federal Reserve Bank
Battery Park Nat. Bank
NV. R. Grace & Co.'s Bank...
First Nat. Bank, Brooklyn...
Nat. City Bank, Brooklyn
First Nat. Bank, Jersey City_
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken_ _
aecend Nat. Bank. Hoboken.
Total
Average
400,000
423,000
500,000
599,500
300,000
673,400
300,000
584,400
400,000 1,307,600
250,000
767,800
220,000
684,300
125,000
310,900
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
Average.
Silver.
Average.
National
Bank
& Federal
Reserve.
Notes.
Additional
Deposits
with Legal
Deposilarks.
Average. Average. Average.
Aver,ige.
$
5,000
193,000
818,000
133,000
2,000
500.000
110,000
62,000
502,000
579,000
92,000
53,000
525,000
638,000
90,000
184,000 1,000,000 4,099,000
78,000
115,000
239,000
987,000
50,000
113,000
327,000
821,000
44,000
52,000
277,000
521,000
Net
Demand
Deposits.
Net
Time
Deposits.
Average.
Average.
National
Bank
Circulalion.
-Average.
27,000
1,000
17,000
21,000
251,000
85,000
14,000
38,000
12,000
35,000
308,000
3,030
8,000
43,000
2,495,000 5,350,900 47,158,000
451,000
425,000
469,000
779,000 4,238,000 7,778,000
34,153,000 8,271,000 1,520,000
167,000 2,615,000
87,000
970,800 9,057,000
582,000
748,900 11,732,000
638,000
142,800 4,748,000
155,000
491,500 8,626,000
471,000
201,100 3,899,000' 180,000
637,900 6,957,000
446,000
829,100 20,715,000
564,000
210,600 4,537,0001
161,000
1,000
172,000
56,000
352,000
352,000
83,000
194,000
171,000
300,000
81:3,000
129,000
92,000
123,000
5,000
133,000
576,000
506,000
317,000
725,000
71,000
268,000
270,000
13,01)0
382,000
519,000
80,000
56,000
254,000
225,000
110,000
451.000
178,000
425,000 1,274,000 1,296,000
195,000
250,000
279,000
2,052,000
9,596,000
12,077,000
4,487,000
8,582,000
4,218,000
7,513,000
21,235,000
4,316,000
3,700,000 4,749,700 72,886,000 3,281,000
500,000 1,002,900
200,000
338,500
16,000
25,00+)
70,000
136,000
80,000
302,000
32,000
818,000 2,453,000 1,978,000 4,442,000 2,653,000
9,095,000
7,482,000
381,000
29,000
50,000
46,000
32,000
97,000
115,000
98,000
700,000 1,341,400 16,577,000
410,000
96,000
129,000
213,000
6,895,000 11,442,000 136,621,000
+221,000
315,050 increase
6,895,000 11,442,000 136,400,000
6,895,000 11,616.700 130,733.000
6.895.000 11.616,700 134,594.000
6,893,000 11,616,70 132,937,000
6.795,000 11.375,300 133.154,000
a U. S. deposits deducted. $4,478,000.
4,143,000
-25,000
-4,173,000
4,184,000
4,256,0011
4,289,000
4,283,000
Total
Reserve
with
Legal
Depositaries.
6,318,000
3,953,000
6,528,000
6,140,000
6,954,000
4,691,000
7,039,000
5,535,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights_
100,000
Colonial Bank
500,000
Columbia Bank.
300,000
International Bank
500,000
Mutual Bank
200,000
New Netherland Bank
200,000
Yorkville Bank
100,000
Mechanics' Bank, Brooklyn.. 1,600,000
North Side Bank, Brooklyn
200,000
Total
Legal
Tenders
Gold.
Grand aggregate
Comparison previous week_
Excess reserve
Grand aggregate Jan. 26_
Grand aggregate Jan. 19
Grand aggregate Jan. 12
Grand aggregate Jan. 5____
Grand aggregate Dec. 29 ____
1,339,000 3,051,000 2,970,000
-92,000 -51.000 -37,000
------ --- •--3,102,000 3,007,000
1,426.000 3,200,000 2,852,000
1.559,000 3,297,000 2,896,000
1,622,000 3,333,000 2,837,000
1,602.000 3,550.000 2,883.000
174-31:66-6
6,001,000
69,000
1,506,000
750,000
5,140,000
662,000
5,099,000
389,000
6,884,000
3,751,000
463,000
2,986,000 3,443,000
2,783,000 2,495,000
194,000
298,000
120,000
39:3,000
198,000
218,000
99,000
382,000
221,000
175,000
92,000
149,001)
400,000
74,106,000 1,419,00(1
362,000
453,000
528,000
157,000
7,255,000
790,000
4,532,000 3,003,000
815,000
685,000
11,787,000 3,703,000
9,495,000 11,116,000 a120,016,000 13,483,000 1,520,000
-30,000 +200,000
-344,000
+7,000 -11,000
9,525.000 10,916,000 a120.390,000 133-73700
0 1,531,000
9,407,000 11,845,000 a121,599,000 13,466,000 1,521,000
9,576.000 12,428,000 119,577.000 13,289,000 1,523,000
9,463,000 15,093,000 117,984,000 13,113,000 1,520,000
8.610.000 11,682,000 117307.000 13,017,000 1,520,000
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
BOSTON CLEARING ROUSE MEMBERS.
with legal depositaries" and "Cash in vaults."
Feb. 2
1918.
Change from
preolou.s week.
Circulation
$5,377,000 Dec.
Loans,dise'ts & investments_ 476,817,000 Dec.
Individual deposits, inal.U.S. 385,194,000 Dec.
Due to banks
122,217,000 Inc.
Time deposits
25,031,000 Inc.
Exchanges for Clear. House_ 14,972,000 Inc.
Due from other banks
85,131,000 Dec.
Cash In bank & in F. It. Bank 55,323,000 Dec.
Reserve excess In bank and
Federal Reserve Bank__ ._ 13,841,000 Dec.
Jan.26
1918.
Jan. 19
1018.
67,000 $5,444,000 $5,451,000
4,813,000 481,630,000 482,062,000
1,355,000 386,549,000 403,700,000
2,252,000 119,965,000 130,745,000
2,041,000 22,090,000 22,254,000
2,026,000 12,946,000 19,900.000
1,449,000 86,540,000 95,685,000
1,616,000 56,939,000 60,873,000
2,324,000 16,169,000 18,921,000
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
Two ciphers (00) omitted.
Week ending Feb. 2 1918.
21/em. of
F. R. Spot.
Capital
Surplus and profits
Loans,
& invest'ts_
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits.
U.S.depoalts(not included)
Res've with Fed. Rest. Bk_
Reeve with legal deposles
Cash in vault
Total reserve & cash held_
Reserve required
Exec:3+411*es. & (rash in vault
Mist
Cos.
Total.
Jan.20
1918.
Jan. 19
1918.
525,975,0 55,500,0 331,475,0 $31,475,0 $31,475,0
65,859,0 13,981,0 79,840,0 79,846,0 79,852,0
530,534,0 45,055,0 575,589,0 579,246,0 585,073,0
21,545,0
466,0 22,011,0 20,436,0 23,242,0
120,971,0 137,000,0 121,105,0 116,928,0 128,105,0
159,938,0
1,053,0 160.991,0 164,861,0 173,078,0
427,010,0 31,974,0 453,934,0 453,385,0 466,883,0
3,461,0
3,464,0
3,421,0
3,377,0
590,412,0 33,027,0 623,439,0 621,667.0 643,338,0
23,182,0 25,344,0 25,124,0
53,123,0
53,123,0 50,559,0 47,525,0
5,030,0
5,030,0
4,875,0
4,739,0
18,084,0
1,820,0 19,904,0 20,735,0 22,045,0
71,207,0
6,850,0 78,057,0'76,169,0 74,309,0
44,546,0
4,863,0 49,409,0 49,797.0 50,618,0
26,661,0
1,987,0 23,648,0 26.372,0 23,691,0
• Cash In vault Is not oounted as reserve for B.R.Bank members
FEB. 9 1918.]
(ittaulltrs'
583
THE• CHRONICLE
azette.
Wall Street, Friday Night, Feb.8 1918.
The Money Market and Financial Situation.—The
news and developments of the week have not been of a
character to stimulate activity or enhance values at the
Stock Exchange. As is now well known, that the recent
advance in security prices was based on a hope that the labor
strikes, the food'shortage and the social unrest in Central
Europe would somehow lead to a modification of the peace
terms of those countries and ultimately to a cessation of
hostilities. As is now seen, this hope, like r‘any others,
was built on nothing more substantial than "shifting sand,"
and the realization thereof has caused a sharp reaction from
the previous two weeks' advance. Other influences have
contributed somewh-at to the same end, among which are
reports from the iron and steel industry showing that be
cause of a shortage of coal and transportation facilities the
output is only 50%, or even less in some cases, of capacity,
and that at an increased percentage of cost—the enforced
shutdown of all productive activities on each successive
Monday, which in thousands of cases is a very great hardship
and loss—a return of zero weather in this locality with
little, if any, relief in the fuel shortage, and last, but by no
means least, the cable dispatches telling of a large British
transport ship torpedoed and the loss of a hundred, more or
less, United States troops en route for France.
to and practically all have declined. Northern Pacific,
when at the lowest, was down 3 points, Reading 2, and Union
%. To-day's market has been irregular. The
Pacific 23
tendency was strong during a part of the morning hours, and
fractional recovery was made.
The industrial group has been more irregular than railways,
with varying results. Gen. Motors shows a net gain of 53.4,
points, Max. Motors 1st pref. 4, Am. Woolen 33, Am. G.
1,. This
& W. I. 5%, Baldwin Loc. 33', and Dist. Sec. 2Y
movement is largely offset by declines in Am. Smelt. & Ref.,
Beth. Steel B, Gen. Elect., Mex. Pet. and U. S. Steel.
For daily volume of business see page 592.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Feb. 8. for
Week.
Range for
Lowest.
Week.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.$ per share.
Jan
100
100 75% Feb 5 75% Feb 5 753 Fe. 80
Adams Express
Feb
Feb 6 89% Ja 94
Feb 6 94
100
100 94
American Snuff
Jan 534 Jan
Feb 2 51
Feb 2 55
10 55
Amer Teleg & Cable_100
100 54% Feb 8 543 Feb 8 54% Fe. 5434 Feb
AssooDry Gdslst pf.100
Jan 5934 Jan
100
300 5834 Feb 5 5834 Feb 6 56
Associated Oil
Jan
Feb 5 834 Jan 9
100 9 Feb 5 9
Atlanta Bir & Atl_ _ _100
Jan
Jan 101
200 10034 Feb 5 10034 Feb 6 100
Barrett, preferred_ _ _100
134
Jan
Jan
6
1
Feb
6
1
Feb
1
_
_20
200
_
Mining_
Batopilas
Jan 2434 Feb
Feb 5 2434 Feb 8 21
Booth Fisheries_no par 7,100 22
Feb
Feb 85
Feb 7, 85
Feb 7 85
100 85
Bklyn Union Gas ...100
300 6334 Feb 6 6314 Feb 7 6234 Ja. 6334 Feb
Brown Shoe, Inc_ _ _ _100
100
100 1034 Feb 6 1034 Feb 6 1034 Fe. 1034 Feb
Butterick
900 3834 Feb 2 3934 Feb 6 3634 Jan 3934 Feb
California Pack'g_no par
Jan
100 6534 Feb 8 6534 Feb 8 6334 Jan 66
Calumet & Arizona _10
Feb
Ja. 82
Feb 5 73
Feb 5 82
100
100 82
Case (J I) pret
100 3334 Feb 6 3334 Feb 6 30 • Ja. 3534 Jan
Central Foundry-- —100
Jan
Jan 46
Feb 5 4534 Feb 6 41
300 45
100
Preferred
Jan
Feb 45
Feb 5 44
Feb 5 44
100 44
Continental Insur____25
Feb
Fe. 28
Feb 8 28
Feb 8 28
100 28
Crip Creek Cent, pf _100
Jan
Feb 5 14634 Jan 152
Feb 5150
150
100
100
sugar.
Cuban-Amer
exchange
remains
at
the
erling
Foreign Exchange.—St
Jan
Jan 98
Feb 8 98
2510234 Feb 5 103
100
Detroit Edison
270 11V5 Feb 7 1134 Feb 7 934 Ja 13% Jan
Mg & Smelt_100
recent pegged prices with no new feature of importance. Federal
Jan
Jan 36
100
500 3234 Feb 7 33% Feb 5 27
Preferred
Jan 3834 Feb
100
200 3734 Feb 5 3834 Feb 6 34
Cigar Inc
The Continental exchanges have ruled quiet. and irregular. General
Jan
100
200 4134 Feb 5 4134 Feb 7 4134 Feb 44
Hartman Corp
Feb
Jan 40
Haskell & Barker.no par 2,700 38% Feb 8 3934 Feb 2j 34
Lire were weak and pesetas rather firmer.
Feb 2 10934 Feb 6 10634 Jan 10934 Feb
Int Harvest of NJ pf 100
300 109
were
sterling
exchange
4
for
71%@
rates
actual
Feb
To-day's (Friday's)
Jan 72
Feb 5 59
Feb 5 70
100 70
Int Harvester Corp_100
and 4 76 7-16 for cables. Commer- Jewel Tea, prof
Feb 9734 Jan
Feb 8 95
Feb 8 95
100 95
100
4 72 for sixty days,4 75 5-16 for checks
Feb
Ja. 104
Feb 2 95
Feb 2104
100 104
cial on banks, sight 4 75©4 75%, sixty days 4 71%©4 71I. ninety days Kayser (Julius) & Co 100
Feb
Fe. 94
Feb 2 94
Feb 2 94
212 94
(sixty days) 4 71©4 713j. Kings Co Elec L & P_100
4 6O©4 69%, and documents for payment
Jan
Jan 185
Feb 2 165
Feb 2182
100 182
Liggett & Myers__ _ _100
for
grain
4
payment
and
75%.
75%,
75@)4
75©4
4
Cotton for payment
Feb 7 104% Feb 5 10134 Jan 10434 Jan
100 - 900104
Preferred
7
%
100 1734 Feb 2 1734 Feb 2 1734 .Tan 1934 Jan
Loose-Wiles Biscult_100
To-day's (Friday's) actual rates for Paris bankers' francs were 5 75
Feb
Jan 185
Feb 6 160
Feb 6 185
200 185
100
for long and 5 73©5 73% for short. Germany bankers' marks not quoted. Lorillard (P)
Jan
Jan 98
Feb 5 96
Feb 5 98
150 98
Manhattan (El) Ry-100
Amsterdam bankers' guilders were 43 5-16 for long and 43 7-16 for short.
Feb
Feb 2 2634 Ja 32
32
8
Feb
200
50
Acme
National
3134
Feb
Fe. 21
Feb 5 20
Exchange at Paris on London, 27.17%; week's range, 27.16 high and Norfolk Southern___100
Feb 5 21
300 20
Jan
Feb 5 6334 Jan 89
Feb 5 69
200 68
Nova Scotia S & C_100
27.17M low.
Ohio Fuel Supply25 1,000 4234 Feb 8 4334 Feb 6 4231 Fe. 443( Jan
Exchange at Berlin on London, not quotable.
Feb
Feb 5 5534 Jan 65
300 6234 Feb 8 65
Owens Bottle-Mach..25
week
the
for
follows:
exchange
foreign
The range for
100 4534 Feb 7 453-4 Feb 7 4534 Feb 4534 Feb
Pacific Coast Co____100
Checks.
Sixty days.
Cables.
Pacific Tel & Tel___ A00 400 1834 Feb 2 1934 Feb 6 18% Feb 1934 Feb
Sterling, Actual—
Jan
Jan 90
4 75 5-16
Feb 5 86
4 76 7-16
900 89 Feb 7 90
Pan-Am Pet &T pref 100
High for the week___4 72
Feb
Jan 99
4 75 5-16
Feb 6 98
4 76 7-16
Feb 6 99
100 99
Pettibone Mill 1st pf_100
Low for the week_ _ _4 713,6
Feb
Jan
34
8
Feb
2
3934
Feb
3934
36
par
4,600
Pierce-Arc Motor_no
Paris Bankers' Francs—
Jan
Feb 8 8934 Jan 92
300 9034 Feb 2 92
100
Preferred
5 71 Yi
5 69M
High for the week_ _ _5 783
Jan
Jan 30
Feb 7 23
Feb 7 25
100 25
St L-San Fran prof A 100
5 72%
5 70%
Low for the week_ _ _5 78%
Feb
69
Jan
53
2
Feb
69
5
Feb
500 67
Savage Arms Corp.. 100
Feb
Germany Bankers'Mrks—
Jan 105
Feb 7 102
Feb 7105
100 105
So Porto Rico Sug pf_100
_ _
High for the week_ ----100 9134 Feb 8 9134 Feb 8 84 'Jan 9134 Feb
100
Standard Milling
---week
the
for
Low
Feb 5 4734 Feb 8 3894 Jan 4734 Feb
Stutz Motor Car_no par 1,900 46
Feb 6 3974 Jan 4034 Jan
Feb 6 40
100 40
Amsterdam Bankers' Guilders—
Transue & Will'ms no par
Feb
433
44
Feb 8 10894 Jan 112
Feb 8 112
100 112
Underwood, pref. _100
High for the week_ _ _ 43 5-16
43x
Jan
43
Feb 2 6934 Jan 70
300 6934 Feb 5 70
100
United Drug
Low for the week___ 43 1-16
Jan
48
46
Jan/
2
Feb
47
2
Feb
47
100
50
preferred
First
Domestic Exchange.--Chicago, no market. Boston, par. St. Louis,
Jan
80
79
Feb
5
Feb
79
5
Feb
100 79
Second preterred__100
Jan 833-4 Jan
Feb 7 75
100. per $1,000 discount bid and par asked. San Francisco, par. Mont- Wells,Fargo Express100
Feb 7 81
6 Si
Feb
premium.
16
13
Jan
Minneapolis,
6
10c.
Feb
18
2
Feb
$1,000
per
1434
per
2,6043,
25
discount.
100
$1.000
Pacific
Western
$13
real,
I...
AA
A
Veas
111A 2 2,1 C0 1.. We.. 0 KQ
Prnenprgul
1.•.11 IJO
Cincinnati, par.
State and Railroad Bonds.—No sales of State bonds
have been reported at the Board this w.eek.
The market for railway and industrial bonds has lapsed
again into a state of dulness and shows few exceptional
features. Of the latter Hudson & Manhattan A 5s are conspicuous for an advance of 3 points. A list of other strong
issues includes Am. Tel. & Tel., Ches. & Ohio 43's, Midway
Steel, Sinclair Oil, So. Pao. 5s and Union Pacific bonds.
In the case of those which declined fluctuations have generally been narrower, and in a list of 20 prominent, for one
reason or another, 9 have declined, 8 advanced and 3 are
unchanged from last week. This list includes New York
Cent., Balt. & Ohio, Ches. & Ohio, Burlington, U.S. Rubber
and U. S. Steel.
United States Bonds.—Sales of Government bonds at
the Board include $1,000 4s; coup., at 105; $1,000 4s;reg.,
at 104%, $1,000 2s, reg., at 973/s; L. L. 3s at 97.68 to
98.46; L. L. 1st 4s at 96.28 to 96.60, and L. L. 2d 4s at
95.28 to 96. For to-day's prices of all the different issues and
for weekly range see third page following.
Railway and Miscellaneous Stocks.—As noted above
the stook market has been adversely affected by the news
and incidents of the week. There have been, however,
several notable exceptions to the general trend of the market,
mostly of those issues whose value depends upon a continuation of the war. Railway stocks, not being of this class,
have felt the full force of the depressing influences referred
Outside Market.—Business in the "curb" market this
week was irregular with the oil stocks most prominent in the
trading. Price changes were without definite trend. Houston Oil com., after a slump of some 10 points to 3932, re4 and ends the week at 44. Sinclair Gulf
covered to 453
Corp. advanced more than 53 points to 233/i in the early
part of the week, but reacted to 193-i, with the close to-day
4.
at 199-i. Merritt Oil sold down over 2 points to 203
Midwest Refining advanced from 110 to 112, then dropped
to 106, closing to-day at 107. In motor stocks Peerless
Truck & Motor was conspicuous for an advance from 163.
to 20, the final figure to-day being 193.. Chevrolet Motor,
after early improvement from 120 to 122, moved down to
117 and sold finally back to 120. United Motors declined
over 1% points to 24, but sold back to 25% to-day, with the
close at 25%. Curtiss Aeropl. & Motor advanced from 2934
to 323 and finished to-day at 32. Wright-Martin Aire.
corn. fluctuated -between 6% and 7% and ends the week
at VA. Keystone Tire & Rubber corn. rose from 14 to 16%
4. Submarine Boat moved up
and reacted finally to 153
from 123/i to 14 and down to 13, with the close to-day at
133/2. Principal activity in mines was in the low-priced
issues. Butte Copper & Zinc in view of the application for
listing on the Exchange advanced over 2 points to 10k,
resting finally at 105'. Bonds were fairly active and about
steady.
A complete record of transactions in the "curb" market
for the week will be found on page 592.
581
New York Stock Exchange Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
Per record of sal.. during th• w..k or 'Rocks u.n•Ily insicti••, .•• pr.c.dInr p.g..
BAH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Feb 2
Monday
Feb. 4.
Tuesaay
Feb 5
iv eanesuuy
Feb 6
.i n/47,Utiv
Feb. 7
Friday
Feb. 8
Sates/at
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1917
Lowest.
Highest.
Lowest
Highest
8438
Railroads
$ Per share $ per share 4 per share $ per share $ per share i 4er share
Par $ per share. $ per share. $ per share $ per share
843,1 85
8458 85
8358 8414 84
8414 85
3,600 Atoll Topeka& Santa Fe_ _100
8212
Jan
24
8714
Jan
3
75 Dec 107'z Jan
8112 8112 8158 82
82
8038 8112 *80
82
2,600
82
Do pref
100
80 Jan 30 8212Jan 2
75 Dec 10012Feb
91
92
*90
91
91
90
90
91
90
9014 1.400 Atlantic. Coast Line RR-100
8912Jan 8 92 Jan 2 x797/1 Deo 119 Jan
51
5134 51
5118 5058 51
5058 5078 8,000 Baltimore & OM
5112 5178
100
Jan 24 5514 Jan 4
49
3814 Dec
85 Jan
*55
5612 *55
56
5612
*54
*55
5512 55
104
55
Do prof
100
55 Feb 8 5712 Jan 5
4814 Deo
767it Jan
45
4512 4434 4434 44
44
46
46
4418 4414 1,100 Brooklyn Rapid Transit_ 100
41 Jan 17 4814 Jan 2
36 Deo
82 Jan
14612 14734 14618 14714 14512 14734 146 14714 11,050 Canadian Pacific
14734 14834
100 13558Jan 5 14934Jan 31 126 Dec 16738 Mar
5314 5334
5278 53513 5234 53
5218 5234 5234 5312 5,300 Chesapeake & Ohio
4934Jan 15 5434Jan 4
100
42 Nov 6534 Jan
*7
712
*7
734 *64 7
100 Chicago Great Western_ _100
.678 7
7
7
678 Jan 23
834 Jan 2
6 Dec
1418 Jan
*2012 22
*2012 2112 *2012 2112 2118 2118
*2012 2112
200
Do pre:
100
1978 Jan 15 25 Jan 3
1712 Deo
41h Jan
4212
43
4212 43
4212
42
4112 4234 42
4278 5,200 Chicago Mllw 4c St Paul_100
41 Jan 24 4714 Jan 2
35 Nov 92 Jan
7414 75
7438 7438 73
75
73
75
7314 3,300
74
Do pref
72 Jan 24 7914 Jan 5
100
64 Deo 12512Jan
*9212 94
9312 9312 *9212 9312 925 9234
94
.93
500 Chicag
Do op
&
reN
f orthwestern-100
9212Jan 21 95 Jan 3
85 Deo 12414 Jan
*130 150
- _ __ ---100 137 Jan 29 137 Jan 29 13712 Dec 17212Feb
20 2012 1934 20
2038 2053
1938 20
.4 -201-19
4 - i6,500 Chic Rook Isl & Pac temp otfs_
1818 Jan 15 23 Jan 3
16 Deo
3812 June
63
*6112 6312 6112 6278 6234 6234
563
63/
1
4 6334
510
7% preferred temp Ws.___
5634Jan 15 67 Jan 3
44 Dee
8414 Apr
55312 53'12 5212 53
*5212 5312
5112 52
53
5338
910
6% preferred temp °tie__ _ _
46 Jan 15 5714Jan 3
3534 Dec
71 Apr
.25
30
30
*24
30
30 .
25
30
100 Clev CM Chic & St Louis- 100
28 Jan 11 30 Jan 5
24 Nov 51 Jan
*60
72
____ ____ *61
72
*61
72
*61
72
Do pref
61 Jan 11 61 Jan 29
100
6134 Oct
*21
23
80 Jan
*21
*21
22
23
*21
2234 *21
22
Colorado & Southern
20 Jan 22 23 Jan 2
100
18 Nov 30 Jan
*46
50 .45
*46
50
50
*45
50
*45
50
Do 1st pref
50 Jan 2 5018 Jan 4
100
447
8
Jan
Nov
*40
51
5712
*40
.43
51
47
*40
50
Do 2d pref
100
41 Sept 46 Mar
*112 116
113 113
114 114
1103411-1-1400 Delaware & Hudson
100 10534Jan 12 11518 Feb 1
87 Nov 15178Jan
*173 179
__- -__ - *175 179
*173 180
(
177712 fi
i
2
200 Delaware Lack & Weetern_50 170 Jan 7 x180 Jan 4 16712
Deo 238 Mar
*3
7_.__ _ --_
*3
6
*3
6
*3
6
Denver
Do dtRio
pref Grande___-100
2'* Jan 4
6 Jan 3
5 Dec
17 Jan
7
7 -------7
*678 7
7
7
400
7
100
612Jan 30 1358Jan 2
978 Dec
41 Jan
15
1518 1434 478 1458 1434 1434 1434 3,500 Erie
1538 1512
1418 Jan 15 1718 Jan 2
100
1318 Deo
3434Jan
2512 2512 *25
2512 25
*2412 2614
25
25
500
2514
Do 151 pref
2318 Jan 16 2814Jan 4
100
18,
4014 Jan
4 Deo
*1712 20
*17,2 2012 *17/2 20
*18
20
Do 2d pref
1812Jan 25 2114Jan 4
100
1518 Deo
3934Jan
92
92
9112 92
9034 9112 8934 -903-4 8978 9012 3,800 Great Northern pref
86 Jan 15 92 Jan 2
100
7914 Dec 11814Jan
27313 28
2758 2734 2634 2714 27
2712 2778
2738 5,700
Iron Ore properties. No par
Jan 15 2834Jan 3
251g
2238 Nov 3818 Mar
*92
98
9458 9458 9414 9414 9414 9414
96
*93
400 Illinois Central
92 Jan 7 96 Jan 31
100
8534Deo 10638Jan
84 814
814 814 *8
838 88
811
814 814
712Jan 25
900 Interbor Con Corp. vto No par
912Jan 3
1718Jan
534 Deo
*4312 4512 4434 4434 *4312 4511
4512 4512
4512 4512
430
Do pref
4358Jan 25 4712Jan 3
100
3912 Deo
7214 Jan
*16
1712 17
18
*17
17
*1614 1714
17
150 Kansas City Southern--100
17
Jan
15
157
8
Jan
7
1834
1312
Nov
257
8 Jan
5012 5012 5018 5018 50
53
*50
50
*50 52300
Do prof
45 Jan 5 5012Feb 5
100
40 Nov 5812Jan
*912 1012 *912 11
*912 11
912 91: *934 1012
100 Lake Erie & Western
9 Jan 14 10 Jan 5
100
Jan
812
Nov
2514
*18
25
*18
25
*18
25
*18
25
*18
25
Do pref
100
23 Oct
5384 Jan
5712 58
59
5634 5634 *5634 58
59
*5612 58
500 Lehigh Valley
55 Jan 115 59l Feb 1
50
791k
50
Jan
311
Dec
-------11412 1144 *113 117
11312 11312
113 11378
400 Louisville & Nashville__109 110 Jan 2 115 Jan 19 103 Dec 133114 Jan
814 812
*814 912 *84 914
600 Minneap & St L (new)-100
84 934
814 8; .
814 Feb 2 1012Jan 3
678 Dec
3214 Jan
*87
90
89
8612 8712 *82
*84
89
200 Minn St Paul & S S M__100
*85
90
8018Jan 15 8912Feb 1
7558 Doc 119 Jan
_-__
-.,...
.100
110
*100
110
Do pref
100
114 Aug 127 Apr
*4,2 5
*412 5
*412 5
434 43; -;ii2 -i100 Missouri Kansas &Texas-100
Jan
5
612
43s
Jan 2
312 Deo
11 Jan
*74 814 *712 812 *7.2 81: *712 812
• *74 84
Do pref
100
612Jan 29
912Jan 7
7 Nov 2012Jan
22
2214 224 2214 2112 22
2218 22,4
2218 2238 3,800 Missouri Pacific tr otfs
20 Jan 15 2478Jan 2
100
197s Nov 34 Jan
45
45
4414 4412 434 441, 45
45
45
1,900
45
Do pref tr otfs41
Jan 15 4614 Feb 1
100
3712 Deo
61 Jan
7034 7112 7012 71
7114 7134
7018 70; 70
7034 6,100 New York Central
6712Jan 15 7358Jan 4
100
6212 Deo 10358Jan
2912 3012
30
291: 2978 30
3012 30
30
29
2,800 NY N H & Hartford
2712 Jan 24 327 Jan 2
100
2112 Sept 5278 Jan
52012 2012 *1912 2012 *19
20
201: *19-2 20
20
120 N Y Ontario dr Western
1814 Jan 22 2112Jan 3
100
17 Nov 2914 Jan
10534 10614 10518 10518 10312 105
106 10014
3,000 Norfolk & Western
100 102 Jan 24 10638 Feb 1
9258 Deo 13
Ja
an3
,914
58 j
*78
118
85
*78
---- ---85
*78
85
Do adjustment pref.._ _100
8912Feb
DecDee
8638 8514 8578 8312 85
864 8614
86
-85i2 833* --4-,-5
100
.613 Northern Pacific
8118 Jan 24 8812Jan 3
7
75
1
457
e
46
8 4614 46
464
46
4578 461
45
46
7,760 Pennsylvania
50
45 Feb 8 4714Jan 2
4014 Dec
1212
---- ---12
300 Pere Marquette v to
---- ---1178 Jan 30 14 Jan 4
100
12 Deo
363* Jan
54
---- --100
Do prior pre v t o----100
---- ---54 Feb 5 55 Jan 11
54
45 Nov 731k Jan
--- --Do pref v to-.100 36 Jan 10 37 Jan 11
37 Oct
57 Jan
2714 2712
fi- iiii "His ii- "ifii4 -262 "2412 ii- Pittsb & W Va interim otfs 100
2258Jan 2 2812 Jan 30
1884 Dec
3534 June
67
67
67
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67
87
6734 67
6714
941
Preferred interim 'Kis_ _100
61 Jan 10 6734 Feb 7
5353 Apr
68 June
7578 77
755a 7612 7434 7534 7358 7518 74
62,300 Reading
76
7018 Jan 15 77 Feb j 1
50
6018 Nov 10414Jan
*35
42
35
--- _ --_
35
35
35
300
Do let pref
---- ---50
35 Jan 12 36 Jan 9
34 Nov 45 Jan
41
*36
37
37
37
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*36
40
100
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m
36 Jan 2 37 Jan 22
50
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1012Jan 15 14 Jan 2
12 Dec
2638Jan
25
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*18
25
*18
25
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A
25 .18
25
St Louis Southwestern____100
Jan
20
29
23
Jan
7
22
June
32
Dec
0
*25
*28
48
48
*28
40
3978 3918 35
35
200
Do prof
35 Feb 8 4012 Jan 3
100
34 Deo
*734 814
53 Jan
,,
833 838 *734 814
712 744 1712 712
460 Seaboard Air Line
100
812Jan 4
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714
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*17
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.
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4
1734 *1612 18
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Do pref
1614 Jan 21 1914 Jan 3
100
1678 Dec
3912Jan
8378 8478 8312 8414 8258 83,
8414 8412
8312 8312 6,500 Southern Pacific Co
Z
100
8012Jan 24 85 Jan 3
7534 Dec
9812 Mar
2314 2358 234 2312 23
2334 24
23418 2318 2312 6,500 Southern Railway
*I
213* Jan 24 24s Jan 4
100
211
2
8Jan •
333
,
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60
5934 6014 5914 5914 58
60
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59
5812 59
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Do pref
67 Jan 21 6014 Feb 5
100
5158 May 7018 Jan
*17
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.1712 1814
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1734 1734 18
18
1734 1734
600 Texas & Pacific
16 Jan 8 184 Jan 31
100
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100 Third Avenue(New York) 100
173* Jan 9 214 Jan 3
14 Dec
4884 Jan
654 6514 6518 6518 *65
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66
200 Twin City Rapid Transit-100
65 Jan 3 6514 Jan 31
62 Dec
95 Jan
116 11612
115 116
11412 115
w
11312 1141
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100 10934Jan 15 118 Jan 3 10114 Deo 14918Jan
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69 Jan 3 7034 Feb 5
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6914 Dec
*44 512 *458 512
85 Jan
434 5
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478 478
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0
900 United Railways Invest-_100
434Jan 15
65aJan 3
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1138Jan
11
*11
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Do prof
11 Feb 2 1434Jan 3
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2334Jan
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100
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1534Jan
42
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Do Prof A
3914 Jan 15 4412Jan 2
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58 Jan
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2014 Jan 15 23 Jan 2
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18 Dec
3012Jan
*1334 1412
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13 Jan 15 16 Feb 8
12 Dec
23 Apr
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*23
30
*24
30
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30
2912 1,200
Do 2d prat
20 Jan 29 2912 Feb 8
100
20
41
Mar
Dec
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.9
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934
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8* Jan 15 1014 Jan 2
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227s Jan
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21
*1912 23
*1834 22
Do preferred
100
20 Feb 1 2112 Jan 2
1658 Nov 5058Jan
*35
38
'35
38
37
37
*36
38
3614 3614 • 300 Wisconsin Central
3614 Feb 8 3912Jan 3
100
33 Dec
5414Jan
Industrial & allseellansous
*1338 1312
*133* 1358 *1238 13
*1238 13
1238 13
700 Advance Rumely
11 Jan 19 1414 Jan 29
100
712
2838 2833 *27
1818 Jan
Nov
*283g 2812
2812 *27
28
2614 28
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Do prei
257a Jan 15 2912Jan 29
100
19
550
50
51
51
51
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250 Ajax Rubber Ino
49 Jan 2 51 Jan 22
50
4518 geto
212 258
258 2,
8
238 212
27
018 ran
914 914 -;iT8 --112 3,700 Alaska Gold Mines
134Jan 2
10
278Jan 22
1 Dec
254 234
212 234
212 258
1112Jan
214
238
212 212
700 Alaska Juneau Gold Ming-10
214 Feb 7
312Jan 11
2134 2338 22,2 2312 2258 2334 23
2158 2214
1,
4 Deo
818 Mar
2334 18,300 Allis-Chalmers Mfg v t o-100
4Jan
15
173
2384Feb 7
15 Dec
74
75
75
75
7434 75
32's May
*75
7812 75
7518
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Do preferred v t o____100
7214 Jan 4 76 Jan 7
65 Dec
*85
88
*86
88
*86
88
8678 Mar
*83
88
*82
8
200 Amer Agricultural Chem_ _100
8712
Jan
2
78
Feb
72
1
92
92
*89
91
95
91
Dec
*89
9512 May
92
*89
94
8918Jan 17 92 Feb 2
100
7784 78
91 Dec 10312Jan
77
73
7712 8112 7738 7842 78
7812 10,600 Amerio
D canBeet Sugar
7012Jan 5 8112Feb 6
100
92
63 Dec 10212Feb
*80
*80
88
*80
92 .80
92
*80
92
prof
84
100
Jan
9
86
Jan
2
7812 Dec
3758 3834 3734 3814 377g 3934 3878 4058 34,300 America
3853 39
98 Jan
n Can
3458Jan 15 4158Jan 3
100
2912 Nov 53 May
903* 903s
9012 9012 *90
90
90
92
*91
92
400
Do pref
8914Jan 23 9012Jan 3
87 Dec 11112 June
72
7134 72
7218
72
7314 7134 7212 7212 7324 5,800 American Car & Foundry 100
_100
6814Jan
733
14
4
Feb
8
57 Feb
*108
803
*108 - ___ *108
Do prof
100 106 Jan 3 11012Feb 1 100 Nov 1183s June
32
32
314 -3
.
.1 - 3114 323* 30
3112 31 . 3158 3,100 American Cotton 011
4MaY
100
25 Jan 16 324 Jan 31
21 D
*7712 81
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80
• 80
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81
58012 8012 *76
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150
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pref
80
100
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80
31
Jan 31
1234 134 1212 1234 1212 1278 *12
80 Dec 1011:
1234 1312
1212 3,400 American Hide & Leather_100
1178Jan 10 1312Jan 3
10 Feb
57
5512 5814
5812 5714 5778 5612 57
174 Mar
57
57
4,900
Do pref
Jan
50
100
2
5812
Feb
5
431
*10
4 Dec
*1012 1212
1212
1212 1212 *11
75 Jan
123*
100 American Ice(new)
100
1112Jan 2 1212Jan 3
*39
878July
39
.
41
41
1678 Aug
*39
4112 *39
4112Do pref(new)
3834 Jan 16 43 Jan 3
100
36 Dec
5634 5712 5634 08
5712 5734
5558 57
55 July
56
5612 5.600 Amer International Corp -100
5812
Jan
64
14
Feb
1
46 Oct
3318 3414 3314 3412 3312 34
6234 Aug
33
3314
3312 3412 17,000 American Linseed
27 Jan 2 3412Feb 6
100
1584Feb
2918 Aug
7434 7514 75
7478 7478
7538 75
75
75
753* 1,800
Do prof
6914 Jan 7 708 Feb 6
100
48 Feb
5814 5834
75 Nov
575s 5812 58
5834 5758 5834 5818 6058 21,300 American Locomotive
531 Jan 15 6058 Feb 8
100
465
82*
Jan
97
97
8
Dec
*96
97
97
97
9812
*97
200
Do pref
100 x95 Jan 4 97 Feb 7
93 Dec 1067* Jan
973 11
11
131
1218 1312 .10
12
12
1218 7,700 American Malting
100
9 Jan 30 1312 Feb 6
51
53
54
814 Dec
19,
4 Mar
5634 5614 5818 5514 5512 5512 5512 3,900
Do
.
prof
51 Jan 24 58'8 Feb 6
100
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50 Dec
*86
83
7112July
90
*86
90
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90
Amerioan Shipbuilding-100
No
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9258Jan 24 9318 Jan 2
0012 Dec 10214 Mar
83.2 8414
8258 8334 825s 833* 8058 8212 8118 8218 32,000 Amer Smeltin
g & Refining_100
7612Jan 5 8514 Feb 1
675s Deo 11234 June
*106 107
*106 10612
106 106
106 106 *10512 10612
200
Do pre
100 104 Jan 5 106 Feb 1 z0018 Nov 117's Jan
6118 62
60
61
60
6012 61
60
6118 63
2,600 American Steel Foundry__100
58 Jan 15 64 Jan 3
5018 Dec
107 107
75 June
10512 10512 105 10678 10112 105 *105 107
2,300 American Sugar Refining_100
98 Jan 16 10778 Feb 1
*110 112
8918 Nov 12638 June
*110 112 *108 112 *110 112
10978 10978
200
Do pref
100 109 Jan 21 11012Jan 3 106 Dec 12112,15n
6712 6712
6634 67
661s 6754 6612 67
67
67
3,700 Am Sumatra Tobaoco
100
6034Jan 5 6912 Feb 1
30 May 6212Deo
108,2 10812
108 10914 10718 10734 106 10718 1057/1 106
3,600 Amer Telephone & Telee-100
9934 Jan 4 10914 Feb 1
163 163,2
9534 Dec 12812Jan
162 164
16612 16878 165 167
16412 16412 2,600 American Tobacco
100 14012Jan 5 16878 Feb 6 123 Dec 220 Mar
*96
*96 100
93
98
98
*97 105
*96 106
300
Do pref(new)
94 Jan 24 9812Jan 15
100
5114 5312 5214 5378 5112 5258 5212 5278
89 Dec 10934Ja3i
4934 5214
13,350 Am Woolen of Mass
4458Jan 15 5378 Feb 6
100
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5834 June
9314 9314 *9314 94
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100
26
87
2934 3112 2912 2978 28
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2834 28
28
11,800 Am Writing Paper pref---100
2038Jan 18 3112Feb 5
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1412 1412 14
17 Nov 5412 Mar
14
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1512 *14
15200 Am Zino Lead & S
127 Jan 18 1714 Jan 3
25
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1012 Dec
4412 44
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4138Jan
4612 *42
46100
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25
41 Jan 2 47 Jan 3
634 64
6258 6358 6234 6358 6112 6258 6218 6234 38,700 Anacon pref
3912 Deo
7212Jan
50 25918 Jan 18 6434 Feb 1
10812 110
10812 1104 10812 11434 11218 11478 11238 11434 66.700 Atl Gulfda Copper
5118
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&
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9734Jan 5 11434 Feb 8
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.6034 62
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62
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58 Jan 5 6212 Feb 6
100
6358 64,2
63
54 Feb
6414 6338 64's 6234 6512 6578 6834 80,900 Baldwinpref
66 Jan
Locomot
ive
100
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561s
15 6834 Feb 8
9612 9612
43 Feb
7612 July
100
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93 Jan 2 98 Jan 18
100
9014 9012
;8ii2 9011 :iiri2 11- - 701 IC "kft iili
93 Dec 10212Jan
800 Barrett Co (The).
85 Jan 4 9114 Febl
100
82 Dec 136 Jan
•Bid and asked prices; no sales on this day. t Ex-rights. 5 Less than 100 shares.
a Ex-div. and rights.
Bx-dividend. b Before payment of first installm
ent.
-2;200
New York Stock Record-Concluded-Page 2
585
A
STOCK' EXCHANGE CLOSED
4.•
usually inactive, see second page preceding.
For record of sales during the week of stooks
PER SHARE
PER SIIARE
Range for Preitous
Range Since Jan. 1.
STOCKS
CENT. Salesfor
Year 1917
1210H AND LOW SALE PRICES-PER SHARE, NOT PER
On basis of 100-share lots.
NEW YORK STOCK
the
EXCHANGE
Week
Frtday
Thursday
Wednesday
Tuesday
Highest
Lowest
Monday
Saturday
Highest.
Lowest.
Shares
Feb 8
Feb 7
Feb 6
Feb 5
Feb. 4
Feb 2
share $ per share
per
$
share.
per
$
share.
per
Par
$
Industrial&Misc.(Con.)
per share
S per share $ per share $ per share $ 7812
6614 Deo oth Jan
7414Jan 15 8314Jan 3
$ Per Share
10C
400 Bethlehem Steel
7812
77
77
78
78
_
___ --7238Jan 15 8338Jan 3 36618 Dee 156 June
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7618 7534 7738 84,200
-76i.4 -781-2 7578 7758 75
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775s 7834
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96i2Jan 15 103 Feb 1
-- -- -- -Do cum pref sub roots_
10012 4,500
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89 Jan
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102 10234
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lot
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1914 *19
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1014
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1012 1958
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2912 Nov 6214Jan
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36
pref
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200
105 105 *105 110 *105 110
41 Feb
105 105
25 Dec
2934Jan 15 3318 Feb I
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700 Cerro de Pasco Cop___No pa,
--------3114 3114 3178 3178
32
3214
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56 Nov 10434 Mar
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8378 8312 8312 8214 8234 83
2758 Mar
81
1114 Nov
1758Jan 2
19
81.2 8112
Jan
15
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Copper
Chile
4,100
1614
11318
1612 1634 1613 1612
6334 Mar
1638 1678
3512 Nov
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4118Jan 15 4512Feb 1
t
Chino Copper
4112 4412 4478 4418 4318 4312 435a 4334 4,300 Colorado Fuel dr Iron
3424 Jan 29 3914 Jan 3
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4358 4414
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373
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34
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3338 3414 34
7612 Dec 13458Jan
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84 Jan 5 9212Feb 7
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9014 9014 91
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187 Feb
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2973 Jan 15 3414 Jan 3
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5514 Jan
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14,100 Cuba Cane Sugar
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6i1 Jan
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3214 Dec
38 Jan 2 35014 Feb 5
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Goodrich Co (B F)
4912 4714 4858 ---------6,000
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9818 9812 *97 100
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85 Nov
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_
_
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Copper_101
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77 Nov 137 Jan
86 Jan 15 0612Jan 3
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____ ______
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11112Jan 2 122 Jan 31 10034 Nov 123 Jan 1
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3678 Mar
171s Deo
21 Jan 15 27 Feb 6
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27 Jan 15 3078Jan 3, 2412 Dec
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8,000
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8
283
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2814 2812
405s Jan
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3012 3134 28,900 International Paper
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6412Jan
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1338
&
Lee
13
200
Tire___No
Rubber
15
.14
16
*14
8934 Feb
70 Nov
7412 Jan 29 7513 Jan 3
79
*73
10o
70
*73
79
Mackay Companies
*74
79
*73
79
*74
n
74 Dec12 Nov6671814
1,
2 Jsa.n
5
57 Jan 4 59 Feb 6
60
10O
*58
*58
500
60
59
Do pref
59
*58 • 59
59
*58
3134Feb5
1
15
2Jan
231
29
3034 6,300 Maxwell Motor Inc tr etfs_10O
2834 30
2812 3134 3012 31
2878 2878
7413
Jan
8
Feb
49
Dec
5578 Jan 15 6434
64
6434 2,400
64
6412 64
Do 1st pref stk tr ctfs_10O
6412 64
60
61
61
13 Nov 40 Jan
1934Jan 15 20 Feb 5
24
2514 8,700
Do 2d pref stk tr etfs_10
2512 2534 2338 25
2314 26
2312 2312
67 Dee 10611 Jan
79 Jan 5 9412"Feb 1
10O
9134 9312 9114 9212 8918 9112 8912 9112 55,500 Mexican Petroleum
9134 9314
9778 June
847.8 Nov
87 Jan 15 92 Feb 1
pref
O
10
Do
______
---------------- ---25 Nov 4314 Apr
2934Jan 2 3318 Jan,31
5
1,800 Miami Copper
3034 3073 3014 305s 303g 3012
307s 31
3114
31
6712 June
4
4812Jan_
Dec
3912
23
43s Jan
4514 4412 4538 4434 4512 13,600 Midvale Steel & Ordnance_5
44
4418 45
45
45
672 Jan 24 73 Jan 4 35834 Dec 10914 Jan
6912 6912 *70
10O
7112
700 Montana Power
____ ____ *6912 72
7118 72
n
JMar
3
8Jan,,
1001
2
Jan
3
997
10O
Do pref
____ ___ _ __
- - *99
- - *99
__ __
-_ - *99
___*99
2
5V3
797
9
Ne
4 1
93 Jan 18 100 Jan 3
10O
98 -9-8
98
00 National Biscuit
98 -*98 100
Jan
Jan
127
,J4
110
Dec
104
2
Jan
10814
-------pref
O
10
Do
00
-------------------1
110 110
39 June
1312 Dee
177s Jan,,2
1518 Jan 22
718 1714 1-7-14
1712 17
17
2,100 Nat Conduit de Cable No Po ✓
17
17
i1634 17
4634 Oct
24 Feb
3714 Jan 7 4512Feb 1
44
10O
4514 43
4358 4412 15,300 Nat Enam'g & Stamp•g
4438 4538 44
4412 4478
9984 July
2
,
Jan
9012May
96
2
Jan
96
*94
O
10
100
598
Do pref
98
10
*94 100
*94 100
*94 100
6314 Mar
3778 Dec
4314 Jan 7 48 Feb 8
10O
48
48
48
600 National Lead
47
477s 4712 4773 *46
48
.45
99 Dec 114 Jan
100
10O 103 Feb 3 401 Jan 11
Do pref
103 103
.10018 105 *10018 103 *10018 103
.99 104
2638June
16 Nov
18 Jan 15 1914Jan 31
5
1834 1878 1858 1834
1,300 Nevada Congo' Copper
1878 1878
1858 1834
.1834 19
Feb
6
98 Nov 156 Mar
133
12
10O 11718 Jan
12812 132
3,500 New York Air Brake
12912 130
128 13112 130 133
.125 128
7238 Mar
39 Dec
4514 Jan 5
2
Jan
43
O
10
Co
*45
American
46
40
*45
North
46
*44
46
.44
46
.45
3178 Oct 14378 Apr
25 33513 Jan 15 42 Feb 8
63,580 Ohio Cities Gas (The)
3814 4078 3914 405s 3912 4112 4012 42
3812 39
53
2
Feb
414 Jan 22
100
5
5
512
*434 512 1,500 Ontario Silver Mining
512 *5
.434
534
5
t
pe
en
8u
4J
7812
2838 Feb 6
18358 F
bv 30
Neo
2312Jan 21
5
2714 26 , 213, 3,800 Pacific Mail
*2514 2512 2512 2838 26
2538 2538
35 Dec 10614Jan
3958 Jan 2 55 Jan 31
52
4978 50
6112 5112 1,800 People's 0 L & C (Chic)_10O
52.3 52
52
5134 53
42 Jan
2412Deo
2518 Feb 6 30 Jan 3
__
_
2578 2578
200 Philadelphia Co (Pitt.sb)___5O
2518 2518
26
*25
.25
26
5412 Sept
3712 Dec
42 Jan 15 4858Feb 1
47
4818 *40 -47
4678 4818 4,500 Pittsburgh Coal of Pa_ __ _ 10O
48
47
4714 4778
90 Aug
74 Dec
7934Jan 2 8214Jan 17
10O
82
Do pref
8118 8118 8118 8118
*81
600
82
82
8118 8118
8313 Jan
49 Dec
Jan 5 6412 Feb 1
59
10
O
Car
Steel
63
62
6314
6212
6314
Pressed
8
625
1,000
63
63
63
63
95 Jan 2 95 Jan 2 z90 Nov z107 Jan
10O
Do pref
*9534 98
*9534 98
*9534 98
*9534 98
*9712 99
99 Dee 131 Jan
Public Serv Corp of N J_ _ _ 10O 10112Jan 2 10112Jan 2
*99 109
*99 109
*99 109
*99 109
.99 109
7 11712 Feb 1 10614 Dec 1671080
10018Jan
O
10
Company
100
117
Pullman
*115
117
117
117
*115
119
*116
.11612 120
1
Feb
5334
3614 Nov 58 June
Jan
7
45'2
O
10
5212 5314 523s 5234 5158 5238 52 , 5314 5,700 Railway Steel Spring
5234 5314
,,0O
8812 Dec 101 Jan
95 Jan 2 96 Jan 14
98
Do pref
*92
*92
98
98
*95
98
*92
*96
98
Aupnr
4j
34212
1
Feb
bv 9
Neo
912 F
2412
15
1,
6
8Jan
223
O
1
Copper__
2312
8
Consolidated
237
Ray
3,000
4
2312
233
2358 2338
2378 24
2414 2414
10O 3725s Jan 15 8238 Jan 3
7612 77't 75
76
7534 7534 10,500 Republic Iron & Steel
7078 78
7718 7712
89 Dec 10578 MaY
9250an 2 96 Feb 6
10O
96
300
06
Do pref
*94
9712
98
96
*95
.95
9534 9534
7314 Nov
59 May
7058Jan 3 7738Jan 21
75
7414 7412 7412 7412 1,050 Royal Dutch Co Ws dela- _
75
76
76
7518 7514
68 Jan
478 Nov
673 Jan 2 11 Jan 31
10O
934 10
1,100 Saxon Motor Car Corp
1012
10
933 934 10
10
10
*9
315512Jan 31 12312 Dec 238* Jan
5
13934Jan
O
10
Co
&
Roebuck
Sears,
300
157
15018
153
*150
15018
*151
15112
15112
*150 157
29343.Iar
1712Jan 3
15 Dee
1558Jan 17
1O
*1634 1734 *17
17
200 Shattuck Ariz Copper
17
18
*1612 18
17.2 1712
5934 Mar
251* Dec
2914Jan 2 39 Feb 5
3612 3714 3558 367s 3578 3612 33,500 Sinclair Oil de Reg_ No pc ✓
33
3734
3514 39
7434 Mar
0
Nov
4512Feb
24
3312
Jan
39
10
Iron
&
O
Steel
Sloss-Sbeffield
4512
2,900
42
42.2
4314
4212
4212 42.2 4212
4212 4212
2Jan
1101
Jan
31
Nov
3358
55's
17
46 Jan
5112 5312 5158 5214 4958 5112 5073 52
30,000 Studebaker Corp (The)__IC O
5134 5278
85 Nov 10858 Jan
94 Jan 10 95 Feb 6
ICto
Do pref
200
95
94
95
94
*9212 95
*9112 98
Juno
5134
3
Nov
3014
Jan
33412
Jan
40
15
O
1(
Corp'n
3534 3512 -3-512 1,800 Superior Steel
3612 3612 3578 3578 35
3612 3634
96 Dec 10212 July
9812
9812 *93
*95
9812 *95
9812 *95
1( O
Do 1st pref
9812
*95
1912 June
1734Jan
Nov
30
11
2
8Jan
127
✓
p(
ctfs_No
tr
C
Tenn
1618
&
1612
163
Copp
1612
6,200
1634
8
16
1714
1658 17
1634
243 Jan
157 158
15212 15612 153 15514 21,800 Texas Company (The)__.1C O 13612 Jan 7 16034 Feb 2 11434 Dec
15612 16034
15018 159
8058 Aug
4212Deo
49 Jan 5 56 Jan 31
54
5538 53
5338 5414 21,800 Tobacco Products Corp __ _1(O
54
' 5514 5558
5334 55
105 Mar
2
Dec
Feb
386
93
19
Jan
90
it
O
pref
Do
400
95
*88 , 9414
*88
93
*90
95
93
9212 93
Aug
107
6
Dec
Feb
z83
400 Underwood Typewriter_ _ _ IC O 10012 Feb 7 102
10112 102
10012 10012 .100.2 103
*97 102
*97 102
5938 Deo 112 Jan
65 Jan 24 6712Jan 11
*6512 7412 .6512 7412 .66
Union Bag & Paper(new)AC O
75
73
*65
*6512 75
June
4938
397
3412
4
Jan
Dec
2
Jan
37
✓
pt
No
700 United Alloy Steel
*3812 3918 3878 3878 3858 3853 39
3918
39
39
8112 Nov 12778 Aug
89 Jan 5 99 Jan 23
IC O
953.1 0612
9478 9612 9434 9634 9312 9514 9414 9578 14,000 United Cigar Stores
9814 Dec 12084 M ar
IC O 10114 Jan 5 10114Jan 5
Do pref
.105 115
.105 115 *105 115 *105 115 *105 115
1
12812Feb
Dee 1543,8Jan
16
x105
Jan
14
116
IC O
127 12812 125 12514 *124 127
1,700 United Fruit
12612 127
12134 126
2412 June
10 Nov
1134Jan 9 15 Feb 5
700 US Cast I Pipe & Fdy_ _ _ _16 O
15
15
*1312 15
15
15
*1312 15
1478 15
63 Jan I
42 Dee
44 Jan 2 4734Feb 1
IC O
49
Do pref
*40
49
49
*43
49
*40
.43
49
*40
17112June
Feb
5
12912
Nov
9818
5
Jan
114
it O
43,400 U S Industrial Alcohol_
125 12812
1213 12912 12534 12812 12112 12614 12312 125
88 Nov 106 June
95 Jan 22 97 Feb 2
1( O
Do pref
100
*93 100
*92 100
97
07
*92 100
*94 100
67 Aug
45 Dec
51 Jan 15 5858 Feb 2
It O
5634 56
5734 16,200 United States Rubber
581s 56
5712 5858
57
5812 57
91 Dec 11484Jan
6
Feb
10014
15
Jan
I( O x95
300
_
Do 1st preferred
9934 9934
10018 10014 *9912 10118 _____
•100 102
6734 Jan
40 Dec
4278Jan 16 48 Feb 1
IO
100 US Smelting Ref & M
41
4712 4712
5.2
4612 45,2 451
47
46
47
6214 Jan
4338 Nov
43 Jan 29 4534 Feb 1
tO
44
Do pref
4558 *4418 47 - ---- -------100
*44
.4358 46
44
May
Dee
7912
1
1365s
9812Feb
15
8Jan
885
1( O
907,3
96
95
9612 9458 9558 9278 9418 9334 943-4 513,600 United States Steel
11 O 10818 Jan 7 11258Jan 31 10284 Deo 12114Jan
Do pref
10914 10978 16,700
11112 11112
1 1 1 III
11012 11012 10914 110
Dec
May
11884
1
Feb
85
15
7014
Jan
78
O
I
8258 10,100 Utah Copper
8334 8412
8214 8234 8112 823s 82
8234 84
24114Jan
918 Deo
1112Jan 2 1478 Feb 1
1411
It O
300 Utah Securities v t c
1378 1378 *1312 1414
14
.1312 15
--46 May
3334 Jan 2 4212 Jan 29
26 Nov
42
4038 1,400 Virginia-Carolina Chem_ _ -1( O
42
40
42
.40
4134 -423;
42
-*40
97 Dec 11214Jan
98 Jan 16 102 Feb 1
It O
100
Do pref
*101 105
10178 10178 *101 105 .100 105 *10018 105
77 Mar
46 Feb
50 Jan 5 56 Feb 1
itto
65
200 Virginia Iron C &C
55
55
*54
*54
65
57
*54
9984 Jan
Dee
31
Jan
z76
92
2
Jan
8573
Union
O
ViTelegraph_1(
1,100
Western
9112 895s 9014
9018 9014 .90
9034 91
;or
May
56
Dee
3334
3
8Jan
3812Jan 17 433
4112 4,900 Westinghouse Elee & Mfg_..1 O
4112 41
4112 4112
4114 4178 4034 4112 41
7018 Jan
5214 Dec
59 Jan 11 59 Jan 11
69
iO
Do 1st preferred
69
.60
*57
.55
70
70
70
*55
*60
Jan
5212
Nov
5
4
333
Feb
43
2
Jan
4
363
1O
42
900 White Motor
43
43
42
*41
42
44
_
--3812Jan
15 Nov
1512Jan 15 22 Jan 3
:5
1838 431812 19
19
1734 1812 1818 1812 21,800 Willys-Overland (The)
1812 181
2
69 Nov 100 Mar
75 Jan 3 7912 Feb 2
900
Do pref sub recta full pa 1( O
7914 7914
7912
79
79
79
79
7914 7812 79
8414 Mar
Nov
42
19
Jan
59
2
4514 Jan
600 Wilson dr Co, Inc, v t 0_1( O
56
55
*53
*53
5114 5112 *50
56
53
53
9978 Dec 151 Jan
1( O 114 Jan 7 12012Jan 3
300 Woolworth (F W)
.118 123
120 120
11958 11958 *118 120 3116 116
Jan
12618
113
Dec
It
*114 121 *114 121 *114 121 *114 121
O
Do pref
.114 121
3788 June
2312 Feb
34 Jan 4 35 Jan 18
35
100 Worthington P & M v t o_1( O
35
*3312 55
•34
351.1 *3312 35
*3312 35
88 Nov 9714 Juno
8538 Feb 5 552 Feb 5
11 O
80
8538 853g *84
8712
200
Do prof A v t o
8712 *84
8712 *80
86
10 May 63 Juno
11 O
Tin nrpf 11 v. t n
59 Jan 18 60 Jan 2
(In
*55
*581* iln
60
60 .58
*58
.5812 60
b Par $10 per share. n Par $100 per share.
•Illd and asked prices; no sales on this day.
a Ex-div. and rights.
t Ex-rights.
I Lass than 100 shares.
CCertifIcates of deposit. z Ex-dividend.
1212%
586
New York Stock Exchange-Bond Record, Friday, Weekly
and Yearly
In Jan. 1909 the Exchange method of quoting bonds
was changed and prices are now-"and interest"
-except for interest and defaulted bonds.
%3
BONDS
Price
Week's
h
3
Range
BONDS
N. Y.STOCK EXCHANGE
Pries
5
Friday
Week's
Range or
h
Range
Since
N. Y. STOCK EXCHANGE
Week ending Feb. 8.
Friday
Feb. 8.
Range or
Last Sate
Since
Jan. 1.
Week ending Feb. 8.
to
Feb. 8.
Last Sale
Jan. 1.
Bid
Ask Low
High
Low
No.
High
Chesapea
ke
&
Ohio
U. S. Government.
(Con)Bid
Ask Low
High No. Low High
Craig Valley let g be
0 8 3)4o Liberty Loan __ _1947 .1 -D 97.74 Sale 97.63
1940 j
9634 Feb '16
98.46 2380 97.20 93.38
Potts Creek Br 1st 44__1946 .8-i
U S 48 converted from let Lib-id- 8434 Jan '13
R
&
A
Div lot con g 48_1989• J ____ 82
erty Loan
1932-47
96.32 Sale 96.28
73 Nov'17
213 consol gold 48
U 8 48 2d Liberty Loan__1942 14--N 95.34 Sale 95.23 96.60 307 96.28 98.40
1939 J J __-- 8212 71 Oct '17
96.00 6860 95.23 97.20
Greenbrier Ry let gu g 48_1940• N
U 43 2e consol registered _ __a1930 Q- J 9718 98
---- 8812 Sept'16
97 Jan '18
97
97
Warm
Springs V 1st g bs._1941 PA- s
U 8 25 consol coupon
41930 Q- J 9713 _
9612 11314 Feb '15
9634 Nov'17
---- --Chic dr Alton RR ref g 38...A949 A -O ---U S 3r; registered
50
11913 Q- F 99
5433 5873 Oct '17
9934 99 Nov'17
Railway 1st lien 310
S 35 coupon
1950 J -.8 39
11918 Q - F 99
42
99 Nov'17
993
4
-561; -471;
Chic B & Q Denver Dly 48_1922 F - A 9972 Sale 3658 Jan '18
118 48 registered
1925 Q- F 10138 10512 105 Feb 'IS
9834
9972
9758 8978
103 105
Illinois Div 330
U S 4s coupon
1949 J - J
7514 Sale 7514
1925 Q- F 10453 106 105
2
105
7514
105
105
7314 7512
Illinois
Div
48
S Pan Canal 10-30-yr 23_11936 Q- F 9634 -- 9734 Oct
1919 J -.8 84 Sale 84
84
'17
1 83
84
Iowa Div sinking fund 5s..1919 A U S Pan Canal 10-30-yr 28 rag '38 Q -N 9634 --- 9734 Oct
9612
____
9912 Jan '18
'17
9912 9912
Sinking fund 48
U E3 Panama Canal 3s g_ .._1961 Q -M
1919 A -0 9532
SO
97 Jan '18
84 Dec '17
97
97
Joint bonds. See Great North
U S Philippine Island 43_1914-34 - F
100 Feb '15
Nebraska Extension 48
1927 M-N 91
92
9114 Jan '18
9114
9114
Registere
d
Foreign Government.
1927 WI-N *8613
98 July'16
Cloneral 4s
Amer Foreign Secur 58
1953• S 8334 Sale 8334
1919 F - A 9612 Sale 9612
8412 21 81
9714 203 9134 9712
8412
Chic dr E Ill ref a. Imp 4s gAnglo-French 5-yr 58 Eater loan _ A J - J
26
3013 30 Jan '18
8958 Sale 8932
-1955
897
2
30
30
8814
1162
90
US
Mtg & Tr Co ars of dep..
Argentine-Internal 58 of 1909_ _ NI- S -_- 80
26
2912 28
80 Jan '18
28
5 28
23
78
80
lot consol gold 6s
Bordeaux (City of) 3-yr 68_1919 Ni- N
98
A
1934
101
0
8712 Sale 87
9812
Dec '17
89
147 34
90
General consol 1st 58
Chinese(Hukuang Ry)-5s of 11 -D 60
NI- N
8412 87 June'17
68
65 Oct '17
--- - - - -US Mfg & Tr Co Ws of1d
Cuba-External debt 58 of 1904_ M - 8 9113 96
---9
3
ep
747
7
8
70
Feb
'18
9118 Jan '18
70
70
0012 9112
Guar Tr Co ctfs of dep _____
Ester dl 55 of'14 ser A
- 00
1949 F - A 90
76 July'17
95
9014 Jan '13
---9014 9212
Purch money lot coal 58_ _1942
External loan 414e
51 _ _ 9734 Feb '13
82
1949 F 8718 86 Oct '17
---Chic & Ind C Ry lot 5s_ _A936 J - J
Dominion of Canada g 5s.._ _1921 A iE
32
9438 Sale 94
Mar'17
95
4 91
9512
Chicago Great West lot 40_ _1959 NI- S 56 Sale 56
Do
do
1924 A 9214 Sale 9214
9272 22 9078 95
5812 12 50 -C61-4
Chic Ind & Loutsv-Ref 68_1947 J - J 9538 103
Do
do
1931 -0 93
95 Deo '17
91
9312
94
7 8878 94
---Refunding gold be
Wrench Repub 510 secured loan_
1947 J -.8 ---- 9978 10012 Apr 17
97 Sale 9658
9718 331 91
---- ---9718
Refunding
4s
Japanese Govt-£ loan 4348_1925
Series
C.
.8-i
..1947
91
9212 9214 Feb '18
90
9212
---- ---Ind & Loulay lot gu 4s__ _1956 - J ---- ---- 3412 Apr '17
Second series 4hs
1925 J - J 91
92
---70
Nov'16
91
9212
____
90
9273
Chic Ind & Sou 50-yr 4s__._1956 J Do do "German stamp".
---- 80
7978 Sale 7972
9612 Jan '17
8014 33 77
81
Chic L S & East 1s1 434e..
Sterling loan 4s......1931 1-Tr 7512
_1969 J -D
9733 Dee '16
7412 Jan '13
_ 7412 7412
Chicago Milwaukee & St PaulLyons(City of) 3-yr 6s
1919 NI- N 87 Sale 87
883
4
84
79
90
Gen'i gold 45 Series A__ .e1989 J - J 7018 73 78 Jan
Marseille;(City of) 3-yr 6(1_1919
87 Sale 8612
'13
8812 117 84
7678 79
8334
Registered
Mexico--Exter loan £ 5e of 1899 Q - J 4014 Sale 4014
---- -- 9253 Feb '16 -Q4014
40
4258
Permanent Is
Gold debt 4s of 1904
el1925
1954 J -D 3173 35
49 J -D 7712 Sale 7712 • 7712 10 -7612 -80
3318 Dec '17
Gen dr ref Ser A 410
rade. City of. 5-year 8s
68
Sale
A
a2014
-0
85 Sale 85
1021 A 6778
69
51 643f 70
88
234 -gii; -86C2
Gen ref cony Ser B 58....a2014 - A 7914 80
Tokyo City-5s loan of 1912..... Ni- S 71 Sale 7012
79
7934
71
7
7714
SO
63
26
7012
Gen'i gold 334s Ser B
K of at Brit de 12-yr 5a._1918 Ni- S 9812 Sale 9812
e1989 J J 6912 _ _ 7212 Aug '17 - 99 1354 97 99%
General 434s Series C_ e1989 J - J 84 Sale 81
3-year 514% notes
1919 Ni- N
9712 Sale 9634
8412
9712 366 9514 9712
84I
3 83
25-year debenture 48
5-year 5h% notes
1931 J - J 65
7372 74 Dec '17
1921 M- N 9412 Sale 9138
9158
943
4
496
9434
Convertible 4148
Convertible 534% notes_1919 F- A 9918 Said 987g
-D 7312 7412 74
7412 35 73
9933 977 9778 9912
7512
Chic & L Sup 131v g bs_ _ _11921
These are prices on the Oasis af ibto£
32 J - J 9412
97 Jan '18 ---- 07 97
Chic & Mo Illy Div 5s.... l926 J - J
-67 94 Nov'17 -Chic & P W lot g 58
State and City Securities.
1921 .8-3 98 Sale 93
9812
3
9812
CM dr Puget Ad let gu 48_1949 1 - J
N Y City-43.(800m stook_1960 NI-8958 Sale 8958
8312 79 Deo '171-- 07
90
5 89
9014
Dubuque Div let s f 6s
430 Corporate stock.._1964
S 8934 90
1920 J - J ___9714 10612 100
9014
'17 -9014
2 90 0038
Fargo & Sou assum g 6a_1924 J - J 9713 108 10478 Oct
She Corporate stock ._1966 A -0 8934 9118 90
Sept'17 -9018
4 8858 9012
La Crosse & D 1st 58
434s Corporate atock ._ 1965 .1 -D 96 Sale 96
1919 J J 9758 10034 98 Jan '18 -- 98
9614 19 9.134 9632
98
Wis & Minn Div g 58
4148 Corporate stock_ _1963 M- S 9534 96
9314 101 10018 Sept'17 -1921 J - J
96
9618 13 0412 0014
-- - - - - _
Wig
4% Corporate stock
Valley
Div
let 6s.._ _1920 J
9718
_ 107 Dec '16 - 1959 - N 87 Sale 87
87
7 8612 87
Mliw de No 1st ext 430_1934 J -D 35
4% Corporate stock
1958 NI- N 87 8734 8714
81
Dec
'17
8714
2 8638 8714
Cons extended 4348
4% Corporate etock.. _ _ _..1957 Ill- N 87
1934 J -D 8114 85
8114
90
81.14
8714
2 -511-1 8114
5 8612 8712
Chic &Nor West Ex 4s 1886-1926 F A 8873 -- 80
4% Corporate stook rag _1956 M-N 8512 37 8518 Jan8712
Jan '18 ---- 89
'18
89
85
8512
Registered
New 430
8534
1886-1926
F
_
A
1957 M- N 96 Sale 96
8612
Oct
'17
-96
1 95
9612
General gold 334s
434% Corporate stock
71
7812 7134 Jan '18 -- 7134 7134
M- N
1957 M-N 96 Sale 9534
963
8
6612
95
39
Registered
314% Corporate stook_1954 M-N 7734 8312 7812 Jan '18
8114 Oct '16-Q- F
7818 7812
General 45
N Y State-48
85
P119
S
998
8418
887
1961
77 M- N 84
- -- 101 July'17
8413
5
Stamped 48
Canal Improvement 4s
86 Sept'17
1987 DI- N ___- 90
1961 .8.,) 9612
10034 July'17
General
be stamped
Canal Improvement 48.__1962 .8- J 9612
_ 100 Nov'17
1937• N 10012 10178 102
103
101 103
Sinking fund 8e
Canal Improvement 4s_ 1960 J - J
104
__1879-1929
A
10414
0
Dec
'17 -- - - - 96 Jan '18
96
96
Registered,
Canal Improvement 4148_1984 - J 10512 1101
____ 10912 Apr '16 -1879-1929 A 10512 Jan '18
105
10512
Sinking fund be
Canal Improvement 430.1965 J - J 100 1041 103 Sept'17
9912 100 104 Sept'17 --1879-1929 A Registered
Highway Improv't 434s 1963 111- S 105
9412 -1879-1929 A 10312 Apr '16-7
- 10412 Jan '18
10412 10112
Debenture be
Highway linprov't 430_1965 M- S 100
9612 99
11992211 A 9612
10312 Oct '17
9612
2 9612 9617
Reglotered
flrginla funded debt 2-38
91 -- 100 Jan '18 -- too too
A__
79
1991 J 74 Deo '17
Sinking
;18 deferred Brown Bros offs- -_
fund
deb
9514
be
9734
M-N
1933
9412 Nov'17 --25
40
5014 June'17
Reg stered
9732 10114 June'113 -- -WI-N *96
Des Pliainee 'al let gu 4301
Railroad.
19
94
33
7• S 7632 ____ 10112 Oct '16 -Frees Elk & Mo V 1s1 68....1933 A - 0 10112 Ann Arbor let g 45
81995 Q- J 56
60
101 Jan '18 -- ioi 101
59
56
59
Man GB&NW let 330_1941 .8-i
itch Top & S Fe gen g 4s___1995 A - 0 84 Sale 84 Jan '18
88 Jan '17 --85
55 827s 8533
Milw & S L 1st gu 3348.....1941 '-.8
Registered
1995 A - 0 83 --_ - 83 Sept'17
_
Mil
L
S
Adjustment gold 4s
de
West
1st
6:10
IOU
- 101
g 6e 1921 al61995 Nov
73 --- 7212 Jan '18
tot
ioi" 101
-i212
73
Ext & irupe f gold 58_1929 F - A 98
Registered
61995 Nov
977s Deo '17
-- 3512 Nov'16
Ashland Div 1st g Os _.A925 M- S 9934
Stamped
81995 M-N 7412 78
11178 Deo '15
76
7734
7412 7734
Mich
3onv gold 48
Div
lot gold 68_1924 J 9934 -_- 11112 Nov'16
1955 J -D 8114 Sale 8418
8434 18 8418 8434
Mu Spar & N W lot gu 48..1947 WI- J 78
/my 43 Issue of 1910......1960 -D 81
84
85
8658 Sept'17
85
13
'18
84
86
St L Peo & NW 1st gu 58_1918 .8-i
East Okla Div let g 48.._ _1928 NI- 8 8434 93 9112 Jan
_-__ 98
98 Oct '17
Oct '17
Chicago
Rocky Mtn Div let 4e_ _.1965.8. J 68
Rock fel & Pao-7334 78 Aug '17
_
Railway general gold 4s.._ _1988 .1 - J 7718 Sale 7612
Trans Con Short L let 40_1958 J - J
82
80 Jan '18
7718
74
80
7718
8012
Cal-Ar12 lot & ref 410"A"1962 NI- S 79
Registered
1984 J - J
- 87 Mar'17 ---8512 8234 Jan '18
823,4 8234
Refunding gold 4s
13 Fe Pres & Ph lat g 5s.._ _1942
-1-0 6667
S
1934 A -0 -6i33 Sa
100
993
4_8
.
5 65
4
July'17
6818
20-year debenture 58
All Coast L lot gold 48......81952 M- S 8312 8414 8312
66
707
8
71
8334 27 81
71
66
8134
Coll trust Series P48. _ _ 193
Gen unified 130
1984 .1 -D
13
2 .1
M:NI 9734 ---- 9734 Oot'1
8212 82 Jan '18
7 1.7 -8114 82
R I Ark & Louts let 4348_1934 Al- S
Ala Mid lot gu gold 5s
62
64
64
_ 9934 Oct '17
1928 M- N 9312
61
1 -jils -di __--•
Burl
Bruns & W let gu gold 4s_1938 J - J 75
C
Et&
N-lst
9014
96
g 58._I934 A 9612 Sept'17
8112 85 Sept'17
_
--- _ -_
Charles & Say 1st gold 78_1936 CRIF&NW Istgu 5.1_1921 A - 0
100
100 - 12978 Aug '15
9712 June'17
Choc Okla & G gen g 58_01919 J L & N coil gold 48
00
95
01952 M-N 72 Sale 72
9934 Oct '16 --_731° 15 70
7312
Consul
Say F & Wilt gold 6s___1934 A gold
___
58
90
10512 - - - - 115 July'17
9753 July'15
66
63
Keok & Des Moines lot 54.19
let gold 5s
_ 60
1934 A 92
A :O
53
2M
55 Oot '17 ---N
9214 -- 105 July'15
St Paul & K 0Sh L 1st 430'41 F - A 5i 59
Sil Sp Oca & gu g
J - J 9852- 99 Jan '18
59
59
5
09
59
99
Milo
Bait & Ohio prior 330
St
P
M & 0 cons 88_ _ _1930 J -D 102 112 102 Jan '13 --- 59
1925 J - J 88 Sale 87
8814
102 102
15
87
8912
Cons (Is reduced to 330_ _1930 J -0 7838_
Registered
___ Si) 9012 Sept'17
61925 Q- J
861s Nov'17
Debentur
let 50-year gold 4s
e
58_
61948 A 78 Sale 7714
Oct
78
47 77
---78
Ch St P Minn Ist g 8s._193
Registered
918
°e
Mi:
SN
61948 Q- J
-- 9234 Mar'17
---North Wisconsin lot 6s
20-yr cony 434e
0°114
2 :::: 11 18 j
1930 J - J 100
1933
N
ii(nwe:116
7812 Salo 7814
7
7812 36 7634 7917
---St
P
&
S
Refund & gem 58 Series A1905
City
1st g 6s
10018 103 100 Deo '17
1919 A 8114 3158 8114
82
10 80
---8312
Superior Short L let 58 g-g1930 hl- S 8412 _--- 1051s Nov'16
Pitts Juno lot gold 6s.._....1922 J -.8
112
'12
Chic T H & So-East Ist 158_1960 J D ---- SO
PJuno & NI Div let g 330 1925 Ni- N 8153 86' 83 Jan
82 Jan • 17 ____
Oct '17
Chic & West Ind gen a 68-g1932
eLE&W Va Sys ref 4s.._1911 NI- N _72 75 Jan
10312
,5 104
6
10
,
312
512 Jan, 2
Q
-M
'18
10312
70
75
Consul 50-year 48
ionthw Div let gold 3348_1925 8 8138 8333 Jan '18
i3 514 64
6612
8338 85
H &D
rent Ohio R isle g 410_1930 IN- 5
gold 410_ _ _1193
90 May'17 --52
J
7 .J1:j
- - - 100 Apr '17
---lot
&
CI Lor & W eon 1st g 5s
- -refunding 48
1959 J - J
1933 A 90 - - - 9933 June'17 - ---let guaranteed 4s
Monon River Sot gu g 5(1_1919 F - A
::::00 M,sy537
- - - - 10114 Nov'16
---Cin D & I let FM g 5s
Ohio River RR let g bs... _1936 J -D 9112 _ _ _ _ 9914 Oct
._ _ _119
591M:
9.4
25 July'15 3 N
i
'17
-- _
---- ---0 Find dc Ft W let gu 44 g.1923 Ni- N ____
General gold ba
85 Mar'll -_1937 A 79
- 8314 Dec '17
---- ---Day & hitch 1st cons 430.1931 .1 - J
Pitts Ciev & Tol lot g 6s...1922 A 94 Jan '17 -10012
107
Feb '17
_
Cloy
80falo R & P gee g 58
---Cin
Ch
&
St
73
605
c
L
-6
2
-7
8
gee 48_1993 J -D
59 Jan '18 _1937 M- S 99
9912 10012 Nov'17
59
20-year deb 430..
Congo, 430
034
1931 J - J
0812 Jan '18 _ - 68'12 6314
1957 M-N 85 99
9912 Oct '17
7012
General 5s Series B
All & West let g 4e gu-.._1998 A - 0 75 70
80 101 Feb '17
97 Nov'16
Cairo
Clear tic Mah lot gu g 5s_ _1943 J - J
Div
lot
gold 4s__ 199
33
9 .11
-1 :D
J 8334 8114 8378 Mar'17
10318 Feb '16
CIn W & M Div let g 4s_ _1991 J - J 551s 6378 79 Feb '17
Root)& Pitts let gold 6g._1921 F - A 16712 102 103 Feb
'18
103 103
Corml let g 68
St L Div 1st coil tr g 48_ A990 NI- N
Sale 6434
1922 J -D 99,8 102 104 Nov'17
6434
-643-4 -66
Canada Sou cons gu A 58_1962 A Star & Col Div lag 48... _1940 MI- S °
6741324 ---- 7312 June'17
90,
90
_
9013
5
9012
Car Clinch & Ohlo lot 30-yr 58'38 .1 -D __ 84
W W Val Div 1st g 4s.._ _1910 J - J
- 84 Nov'16
84 Dec '17
Central of Ga lot gold 58....01915 F - A
C
St
I
L
&
10O1
C
consol
105's 10218 Oct .17
_1920 -N
97 Jan '18
- -97 Consol gold 5s
let gold 4s.
8712 87 Deo '17 _-_11936 C) - F
1915 M- N
90 Jan 'IS
8812 00
Chatt Div par money g Is 1951 -D
Registered
_-_- ---- 8812 May'15
79
78 Aug '17
Mao & Nor Div let g 58_1946 .1 - J
Cin
S
&
01 eons 1st g 5s_ k_193
gi12
_ 103 Mar'17
3Q
J:F
26
J 8712 ---- 10218 Jan '17
---Mid Ga & Ati Div be
C CC& Igen consg 6s 1934 J • J 103 ---- 10718 Aug '17
1947 J - J
1.0
. 18 9738 June'17
---Mobile Div lot g 5s
Ind B & W let pref 4o...1940 A 64 ---- 94 July'08
1946
J 8534 94
Apr '17
Cen RR & B of Ga col g 5s__1937 ill- N 8434 93 10112
0 Ind & W lat pret
Q J
90
Aug
17
Cent of N J gen'i gold be._ _1987 J - J 10314 1063 102
Peoria
&
East
let
47
cone
48_1910
A
0
Jan:;18
4
Jan '13
102 103
47 -5153
Regletered
Income 48
12
20
.61917
1212 Deo '17 -_J 102 104 101
101
10212 104
Am Dock & Imp en bi _1921 QCleve Short L let go 4 Xs_
8712 90
.
6
9
A
J - J 99 104 99
A1
°
_
1
°O
9
9
r
88
Jan
'18
99
88
99
90
9912
Leh & Hud Illy gem gu g 58.'20.8-, 94 100 100
Col Midland let gold 4s___ _1917 J • J
57
s
7
8 Jan '18 _
6
8
N Y & Long Br gem g 4s. _1911 34- S 92 --- 10012 June'13
Trust Co collie of deposit-- _ 512 7
712 Jan '18 -Jan '13
712 712
_
Cent Vermont let en g 4s_ _e1920 - F 65
Colorado & Sou 1st g 40__ _1929
841s 3778 8378
757
; 65 Jan '18
84'
4 8234 84
65 65
Chem &0fund & Impt 52..1929 J - J 77
Refund
&
Est
434s
69
Sale
69
87
91 Aug '17
6058 32 66
73
let consol gold 55
Ft W & Den 0 1st g 6e_ _1
95
11
M :1
1 .1
9612 96 Jan '18 ____ 96
192
1939
935
N 100 Sale 9818
100
17 9514 i661;
00
Conn & Pits ittini let g Is...1943 A -0 84 - Registered
A939
N
10411 Jan '17
General gold 464e
Cuba
RR
let
50-year So g 1952 J - J
1992 Ii 7338 Sale 73
Fel);-111
7334 22 72
- - --7.334
Registered
Del Lack & Western-1992 8634 Mar'17
----20-year convertible 434s_ _1930 F - A
Morris & E.ss Jot gu 330_2000 J 75
83
7318 Jan '18
70 Sale 6912
70
7318
81 6512 7012
7318
39-year cony secured 50_1916 A N
Y
Lack
1st (is__ _ _1921 J - J 10138 102 10058 Jan 'Ig
7734 Sale 771.I
7312 102 76
10058 10212
7812
Big Sandy let 48.
Construction Se
1923 F - A 9553 99
1944 J -D 85
98 Nov'17 -78
84
'17
---- -- - -Coal River Ry let gu 48_ _1945 J -D 64 - - 8512 Apr
Term
&
Improve
_1923
93
4m._
111-N
---- 9334 Jan '18 _-__ 0331 9334
Nov'16
- - Warren let ref au g 334e..2000 F - A
1024; Feb '03 _-_- - - - -'
,No price Friday; latest this week. a Due Jan. 4 Due
April. e Due May. g Due June.
6 Due July. 1 Due Aug. o Due Oct. p Due Nov. q Due Dec. s Option
sale.
-as-
g;12
85is 6E-1 9534
ag1- ,_
8517 g1712
_
-4912 518
.17
587
New York Bond Record-Continued-Page 2
FEB. 9 1918.]
tv
.
BONDS0
.
N. Y,8700K EXCHANGE
-.15..
Week ending Feb. 8.
,1
Range
Since
S§3
41
Jan, 1.
High No. Low High
Ask Low
Bid
High No. Low High
-- _ - - -Ask Low
Bid
Lab V Term Ry let gu g 5s__1941 A -0 102 112 1013s Dec '17
•
'17
Mar
113
106
100
0
A
&
Hudson1941
Delaware
Registered
--'17
Oct
4
953
4
933
10014 101
93
'18
J
Jan
10014
J
101
1922
1st lien equip g 414s
Leh Val Coal Co let gu g 5e.1933 .J - J 10014
88
'18 -- 83
---- 105 Oct '13
1943 M-N ___ _ 8312 83 Jan '18
1933.8 - J
1st & ref 45
Registered
- 8712 90
8712 Jan
89
____
8712
_
-0
.____
L
-_..
A
8112
1935
J
J
1933
30-year cony 59
7412
lit lot reduced to 413
7734 7412 Jan '18 -- 74
87 Apr '17
Alb dc Susq cony 3;is_ _1946 A -0 72 _-_- 11278 Dee '16 ---Leh & N Y 1st guar g 4s_ _ 1945 M- S --__
1945 M- S
Hansa & Saratoga lit 7e 1921 MI-N 10018 6512 6412
7 6012 69
Registered
65
9414 9414
6412
.1-4 Jan '18
-64
.
.
J
i:i_g_J
-661936
J
Deny & R Or let cons g 4s
Long Isid 1st cons gold 5s__h1931 Q 71
68 Jan '18 -- 68
70
944 June'16
1936 J - J 67
.1 77
1 -- D
Q
1.
h11938
Oonsol gold 4As
lit consol gold 45
7634
76 Jan '18 -- 76
76
72
8514
Feb
'17
77
-D
J
1928
5s
gold
Improvement
26 4814 5112
General gold 49
50
1955 F - A 4814 Sale 4814 Aug '17 ---- 1922 IN- S ---- 9834 99,014
1st ac refunding 58
Ferry gold 434s
--37
Oct '06
_- __
1939 J -D_ 95
Rio Gr Juno let gu g 59
Gold 4s
----------6114 Apr '11 ---- - - 89 May'17
J
-J
___- 78
48_1940
Ng
Rio Or Sou 1st gold
Unified gold 4.5
------38 July'17 -97
97
97 Jan '18
____ 97
1940 J - J
Guaranteed
-di (3712
Debenture gold 543
9 72
75
73
7734 73
( 52
'18 ---7
72
61 Jan53
64
Rio Or West let gold 4s 1939 J - J 63 5312
.,
20-year p m deb 5s
55
53
7912
7912
52
n
1
418
7912
-0
A
87
'
Mtge &coil trust 43 A_ J949
ernedding gold M1949 PII - £3
aergriesttu
GuR
--------9812 Mar'17 ---- _ - -Jan
Die Moiety; Un Ry lit g 59_1917 M- N --------82 Dec '16 .--_
------ --1
r :1
pg
Au
, J -D --------7513 July'16 ---- ---- ---Del 06 Maek-let llen g 411 1995
N Y fl & M B lst con g 5t3_131g
-- --4 lairs
1995 J -D
1927 M- S -1741Gold 4s
N Y& R B let gold 5s
---- - - -'16
Aug
100
392
'17
84
Aug
84
QDot Rly Tun-Ter Tun 41491961 M-N 17
g
gu
con
B
5s_o1932
lat
filli
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--- _
9934 Dec '17 -103
88
8714
9518
'18
8714
Jan
J
90
J
2
86I
Out Missabe & Nor gen 5e_1941
1927 M- S
Louisiana & Ark let g 5s
90 Nov'17 -1 109 10934
891 101
109
Dui& Ironaange lot 5s__:_1937 A -0 --------1051
G
Nashv gee Si..1930 J -D 108 110 109
Louisville
2 Mar'08 --9334 9334
.
'18
Jan
4
933
10934
9212
1937 A -0
M-N
1937
Registered
85
Se
82
8512 8812
2
""85 Jan
7r 7- 104
3:.J1 _82_ 8678 98865812 n88117
1937 J - J 8, 102
Out Sou Shore & Atl g 5s
1940 .1
Unified gold Is
'17 ----Jan '18
86
Jan
gismo Joliet az East lot g 511_1941 111-N 100
101 - iof
Registered
..--- 101 Jan '18
99
99
Jan
'18
S
99
M4
i5i3
1920
Eerie let consol gold 78
Collateral trust gold 5s_1931 M- N ---9812 9812 Mar'17 ---1919 J -D 995____ 10338 July'17
NY & Erie let ext g 4s... J947 111-N 7212 ---- 9812 Oct '17 --E H & Nash Ist g 6s
98
Sept'17
9812
83
1919 M- S 9614
N
M24 ext gold fie
95
9312
---_
Lox
Cin
4%8_1931
az
L
gold
9312 Jan '18
--- _ -717
bg:
1923 111- 9 9312 ---3d ext gold 4345
1930 J - J 101 112 110064,8
NO & M let gold 65
July'17 --951 ---- 9912
Feb
1920 A - 0 ---------94
4th ext gold 50
1930 2 - J 9212 --__
34 Nov'15 -2d gold Os
'12
9012
Apr
82
1028 J -D
71
A
F
5th ext gold 48
1946
Div
Mem
4e
de
-Paducah
--- 074 Dec '16
9914
8
-11150
S
lOOla
MJan
10018
'18
._1920
100
5
if Y L E & W lot g fd 78
1 emi: 8
20
9,
lv let gold 69_19
isidDu
uo
dog
Eit2L
- 6878 Feb '18 --- 67 69
6712
5912 Nov'17
J - .3 661_ ---84
50
Brie let cons g 48 prior_ _ _1996
Dec '16 ---_
,j _ .8 ---199
79
77
g
n
8
177
1
1
:
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82
7712
8
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111
4
523
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All
&
Knox Cin Div 48
4912 5714
14 gale 5214
- - -- J - J
5142
9
083
7
let consol gen lien g 48_1990
Atl Knox & Nor let g 5s 1946 J -0 9518 ---- 10
73 June'16 ---, - -- 1996 j _ j ___. 73
-2 754 754
Registered
Minder Edge let s f g Sc.. _1931 M- S 1004
7514
7514
- 86
74
Oct
- - - --'17
71
8
iii5.1
J
_ 1951 P - A -Penn coil trust geld 4s_
8 42
4818
Kentucky Central gold 46.1987
46
4458 4512 4514
9134 93
93 Jan '18
-0 9234 95
50-year cony(lefties A 1953 A -0
A
4
East
Lex
1965
&
gu
1st
59
50-yr
49
4212
46
46
47
4458
1953 A - o
94 Aug '17
- do
Series!!.
3 494 58
L & N &M & M 1st g 4to 1915 M- S 7618 96
5034
5()
4912 50
138 F
5
95
8
17
Mer:0
Gen cony 48 Series D_ _1953 A -0 90 100
1 90
th M Joint 4,3_1952 J - .1 6714 80
ied
93
92
92
Chic & Erie let gold 59_1982 111-N --------10678 Jan '17 ---L
Q
N
J
te
l
/11952
gisler
-- -5f1-2 9634 Jan '18
-5
Cloy & Mallon Vail g 59_1938 1 - J -_ 103 103 July'17 -- - -- - - _
1937 F - A -9
N Fla & 9 1st gu g Sc
J
Erie & Jersey let s f 69_1955 J - J
N &0 Bdge gen gu g 4349_1945 J - .1 8138----_ 977s May'16
--____ 1034 10334 Aug '17
10378 Oct '17
10034
A
Genoese° River LEHI Os_ _1957 J -0
F
--__
&
Pensac
All
Nov'17
g
let
gu
69_
11012
109
1021
99 Oct '17
Long Dock COW101 g 6s.... _1935 A
S & N Ala eons gu g 3s.....1938 F - A 90 100
---- ----103 Jan '18 -_ 103 103
Coal & RR let cur gu 68_1922 M-N *--- 95 10212 July'17
-0 8512 10214 9312 Jan '18 ---A
Gen
eons
gu
50
58_1963
-year
J
79
Apr'17 --5712
Dock & It let Ott 5s. _1943 J 9
NI&
--__
L
Jeff
g
Co
Edge
gu
43_1945
85
85
'18
Jan
--------85
NY & Green L gag 53....1946 M-N 741 78
Manila RR-Sou lines 49.....1936 M-N
75
75 Jan '18 -- 74
J -J
Mar'10 ----if-_--S
M--N Y Susq & W let ref 58_1937
-Mex
1977
'06
Internet
let
Dec
-__cons
g
4s
---100'4
---1937 F - A
26 gold 4 e--------75 Nov.10 ---_
Stamper! guaranteed
1940 F - A ____ 6178 74 Nov'17 -- --_9112 June'17 ---General gold 5s
S -_:-__
:D
M
7J
75
Midland Term-let s f g 56..1192
---80 --_- 103 Jan '17
Terminal let gold 58_ _ _1943 NI -N 75
--dr
St
Louts
'17
Minneapolis
Jan
108
---94
1910 A -0
Nov'17
:107 I;-__ :-..
OctNov
1170043638
108
104
Mid of N J let cat 5s_
-D
1st gold 711
19272
---70 60 Oct '17 --__
61
Wilk & East let gu g 5e_1942 J -D
D ____
-O
11992271 Pacific Ext let gold 6e
-- 2812 Jan '17 .-- ----i6BY & Ind let cone gli g 6s _1926 J - J ---- 97let
-gold
5s.
consol
97
Nov'17
44 ---5 -if 44
4712 44
73
Amoy & T H let cons 68_1921 .3 - J
S 4
:N
M
let & refunding gold 4s._ _1194
4 111
939
---46
46
1942 A -0 -------- 512 June'17 --8
b ;15
Taen
6 .F
,30
4
let general gold 58
Ref & eat 50-yr 5s Ser A_ _1962 Q - F ---- 46
-- 1.08 Nov'll --- ---- ---..--Mt Vernon let gold 6e__ _1923 A -0 -__ -____
J
J
M
&
Des
Ft D 1st gu 48.._1935
---- ---753
---i6June'12
-1
95
-7534
--.7----0
7534
A
_1930
_
90
5s_
g
Branch
1st
Sufi Co
Iow
na
ofC
dtra
en
tin
hgl glo
stldge
ld 5s....1938 J -D 75
o
--__ 9412 85 Dee '17 --- ---848312 98424412
1, _2! 4158 4614
Florida E Coast 1st 1;0_1959 J -D
‘ija,rin44
.8 -------- 92 Aug '10 -.---,17
8312 8412
Fort St U D Co lot g 4 kis_ _1941 2J 4861
I S
S:
1J
58
93
g4sintgu_119
Oct '17
5612
---MStP&SSMcon
--J---J
48_1928
---hi Worill & Rlo Or 1st g
let Chic Term s f 4s
8 8512 June'16
79768
-__Nov'17
8518
2
7
61
474
.
Oily Hous & Hen let 5s_ _1933 A -0
-8
247
J
N
8
:
937
M
J
1
6
M
SS
4
M
az
g02
9338
A
-9138
lug 49!nt
0258
931 Salo
-___
Great Nor C B az Q cod 4$_ _1921 j - 2 ---- ---9212 Jan '18 --- 9212 931,
_1949 J - .1 ---- 94 95 Dee '16 ---_
5s_
let
Central
Mississippi
J
h1921 Q Registered
1 8612 8714
89
Missouri Kansas & Texas-J 8714 8812 89
6012 6214
6218
gg12 6178
1st & ref 43j8 Series A___1961
a. li
1,,,14, _-_ D
1990 2
1981„. J8 _ .8 _
___ 96 June'16 --goldgold
35
35 Jan '18 , 35
Registered
it
L
44s"
.
.
87 Dec '17
4134 3258 Nov'17
St Paul M az Man 45
'17
let
Aug
ext
gold
511
111
113
j9333 -J 105
0
4
'17
18
5
45
Dec
:
:
:
:
let consol gold OS
let
az refunding 4s
1933 j _ j 9918 ____ 118 Apr '17 .......
34
32 Jan '18 --- - 27
Registered
Gen sinking fund 448_1936 J - J 28 . 31
9334 Jan '18
9334 91
J -J 9314 95
Reduced to gold 4 8.1933
St Louis Div 1st ref g 48 2001 A -0 ____ 33
1933 .1 _ .8 8518 99 10212 May'16 --6912
Apr
'17
Registered
N
MDalt & Waco lit gu g 59 1940
8112 Jan '18 -- 8112 8112
58
817s 89
58
Moat ext 1st gold 49_ _1937 J -D 8018
_-- -(ii.- 58 Jan '18
Kan City & Pac let g 4s 1990 F - A ---89 9512 Mar'16
---1937 J -D
404 Nov'17 -------Registered
1942 A -0 35
Mo K az 12 1st gu g 5s_
____
---- 8512 Nov'15
-_-_-_-_
'17
5518
Dec
-di
59
Pacific ext guar 49 B._ _1910 J - J ---111-N
M IC & Okla let guar 56_1942
804 Dec '17
89
49
561s
5618 Jan '18
60
(2 Minn Nor Div let g 48_1948 A -0 7914 -_- 10838 Jan '17
M K & T of T 1st gu g 59_1942 M- S 51
---8 -_-_-_-_ - - - - - - - 46
1 i
40
1922 J - J 9918 ---- 113
'aim Union 1st g Se
Sher Sh & So let gu g 59_1942 J - I, ____ 60 5
June'17 -- ____
40
40
1937 J - J 101
Jan
'18
---44
---'lent C let gu g (le
Texas & Okla 1st gu g 5s 1943 M- S
__-- .- 13614 May'06 __1937 J Registered
9912 Oct .17
Missouri Pacific (reerg Co)
99
861
2 84
84
1937 J - J 92 ---1st guar gold .5e
1965
let & refunding Si
10934 Aug '16
9112
-D
8 98
1e34 9841
9.4
-6f19114 11 9012 92 1
J
1938
Will & S F let gold 5s
let & refunding 5e
--7912 6934 Dec '16 _ _ _ _
8912 10 8912 90's
8912 Sale 8912
Cells Bay & W deb ars"A"---- Feb --614 94 878 Dec '17 __3
1926
1st
&
58
refunding
Feb
5878 133 5518 5934
58 Sale 5712
Debenture ctfs"B"
General 4s
83
78
8512 78 Feb .18 __
78
7 9812 99'12
9912
9912
Clult dr S I lst ret & t g 5/1_ _0952 J -2
Missouri Pac let cons g 60_1920 t4--P-4 992 Sale 60
3 7518 78
7614
_ .1 7612 7634 7614
July'17 _--- - ; ---_ ---docking Val let cone g 4%9_1
111:
999
19
9 51
3_j
9 .1
955
194
____ 9812 Jan '14 -- __
10-year gold loan 45
6012
____
'17
Apr
Registered
1st & ref cony 5s
8712 8214 Aug '17
1948 A -0
-- 83 82 Apr '17 ---Col& H V let ext g 4
N
M._1933
3d
Ts
4%__
at
extended
6712
Jan
6712
'18
-6712
6734
-___ 100 Feb '13
Col * Tol let ext 4m
1955 F - A ___eny9tLazS
ent
ble
g45s gu_1951 F - A
02up iet lst8
,.0._ 95
9018 Apr '17
Houston Belt & Term let 53_1931 3 - i
19482 -D 60 --_- 9712 Dec '13 _--93 Jan '18 ---- 95
93
95
80 Jan '18-- -der 80
80
7718
A
Illinois Central lot gold 4s 1951 J -. _./.
F
48_1933
g
P.01
Mo
ext
Pao
let
Sept'17 --- - - - - - 98 10034 Apr '17 --1951 2 - J --_,- 93 92
Registered
_1938 J - J 92
2d extended gold Ss
7818 Deo '17 -- - - 5 9012 9414
9314
1951 J - J 5818 90
int gold 3;i9
St L Ir M & S gen eon g 58.1931 A -0 92( 941 9314
_81
81
Nov'15
564
j
---- 102 July'14 --1951 2
Registered
Gen con stamp gu g 5s.. _ 1931 A0 ---- ------- 80 June'17 ---- --- 7212 75
Sale
75
Extended let gold 3qe__ _1951 A -0 5818 --------J
:_ __ - - - - - Unified &
561s
_
70
8
1951A
517 _ __8
s Oct7
'
3374
Registered
d gold "-.-1929 j
1951
,_-0
s ____ ___ 81 Jury-'55 gistderreef
ed
3 6912 71
70'12
2 -776Let gold 38 sterlIng
111 1.4 -ii133
29
193
Riv & G Div 1st g 4a
___ ___
--,78 Sept'15 --1951 M- 8 -,..- ---Registered
Verdi V I & W 1st g 5s__ _1926 M- 8
7i Jan '18 _ _ 74
77
80
--10434 Aug '17 ---- 3
-D jai- ii565Collateral trust gold 15_1952 A -0 77 ---- 9514 Sep '12
J
_1927
&
Ohio
new
gold
Os
Mob
-- -- 1952 A -0 704
Registered
h1927 Q- J -.... 106 109 Feb '16 -let ext gold Os
1 79
8234
8234
8234
1955 M- N 8014 83
lit refunding 48
S 60 ____ 68 July'17
M1933
.
gold
45
General
7434
6178
8553 Jan'17
19.52 J - J
Purchased lines 345
M2 Lonotga8mery D
S
5,1 v 1st g 58_1917 F - A 80 ____ 93 July'17 ---75
56 74
76
76
L NO & Texas gold 49._ _1953 M- N 7014 7578 84
1927 J -0 8514 _-_ 90 Aug.17
may•14
Div
34
-- - 1953 M- N 70
214 77 Dec '17 ---05
Registered
St
L
g 41...... _1931 J - J 7118 18
&
guar
Cairo
-89 Apr '17
--98 - idfCairo Bridge gold 4$
1950 J -0 7114 79
A -0 9514 102
59._1928
Nashv Chatt & St L let
74 Feb '14 -- --7 -_-_-_-_ ____
n 18
;
la
11Va1
1910814 .
Litchfield Div 1st gold 39_1951 J - J 55 -„.es _1923 J - i 9718
g
let
Jasper
Branch
71
7615 Mar 11 ----_
Louts(' Div az Terns g 3%9.1953 J - 1 --30
May'17
30
_
___
J
.1
410_1957
pr
ot
lien
Mex
Nat
Rye
83 Aug '12 -----Registered
19533 - ---- --- Guaranteed general 45_ _.1977 A -0 --------35 Aug'16
.......
____
Nilddle Div reg 89.
1921 F - A 951; --- 92 June'16
Nat of Met prior lien 410..1928 J - J 26 _-_- 9878 Feb '13
0
6
Omaha Div 1st gold 3,__ _1951 F - A 60 ..„-- 7212 Jan '17
1
:1
o
t
e
c
O
D
--------30
0
A
1951
4s
let
consol
.- _
8912 65 Sept'17 .-4 Louis Div & Term g 39_1951 J - 1 61
N 0 Mob & Chic 1st ref 59_1980 1 - J
1 63
63
63
1951 .1 - .1 6218 ---- 63
63
Gold 3to
6234
6234 -1 60
Now Orleans Term lit 45_ _1953 J - J - - - - 596
- --9214
1951 J - J 6118 -- _- 80 June'16
9412 39 92
Registered
N 0Tex & Mexico lit 6s__ J925 J -D 9314 9114 94
46
40
lpringf Div let g 3%8_1951 J - J -.,... 794 8058 Nov'16 - - - 45
Sale
45
5
4
3
45
crukme
ineenotrael 5a
wony-o
A::_1935 A - 0
NoN
RR
Western lines let g 4s___ _1951 ir - A 79 ---- 794 Oct '17 ---.....-02
Nov
.1.0
94'12
--- -- - 92$8
187
9358
93
Sale
1951 F - A ------Registered
93
1111-N
1933
Cony deb Os
-- 7434
Bellev &Car lot Os
74 Jan '18 _--- 74
1923 .1 -D --- 10734 1712 May'10
1998 F - A ---- 74
Como!4s Series A
83
13 80
• 83
Carb & Shaw 1st gold 48_1932 MI- 9 -------- 90 Jan '17 -- - - - - - Sale 8218
83
0
A
_2013
"A"..__
imp
434m
A
Ref
Ws
Nov'17 -_
- -- - Ohio St L & N 0 gold 59_ _ 1951 .1 -D 9012 ---New York Cent & Hud Riv7418
30 71
72
Registered ..........1951 J -D _____ ......_ 114 Feb '11 --19973 - J 72 Sale 72
Guar 3;18
____ 90 Oct '09 .--- gold 3t15.
. 1951 1 -D
1997 J - J ____ 7312 74 Sept'17 _ _ _ ,.:,
Registered
.7,7._
-,.,... _‘
-,,,,.79
4
78
79
.13
78
Sale
J
'
1951
111-N
.
Debenture gold 4m___ _ _1934
.:-....._
-uu - ---1
Rcgistemd
518 9012
_ -- -let ref Si oerces A..1963 .1 -0 8o34 c',12 mi
Joint
1934 111-N --------92 Dec '16
Registered
704 Nov'17 --._ - - - - - 90
6414
4 61
6414
6414
Sale
Memph Div let g 48.....1951 J - D
6414
A
•
F
93
3
-----Nov'17 _-__
Lake Shore rol
Registered
1951 J - 0 ----- ---65
F - A ____ (354 6734 Sept'17 -_ _ 198_
Registered
81 June'17 ..6378
1
s 80
6378
St Louis Sou lot gu g 4s. _1931 S/1- S 7936378 Sale 6378
A
F
310._1998
coil
gold
Cent
Mich
Apr '17 -----Intl Ill & Iowa let g 4e1950 J - J 714 98 4 89
1998 F - A -__- ---- 75 Mar'17 _-_Registered
90
90
90
-:
943
Jan
'18
9118
_
_
_
N
ridwig
Nor
let g 6,_
lint & Great
---Battle Cr &SW 1st gu 3s..1989 J .0 -- --8212 June'17 -- - - - - - - - ---8 Ap-r-'1.7
8-1.
lames Frank A Clear lit 41_1959 J -D 7534 90
Beech Creek in gu g 40_1936 J - J 7812 -- -9
5938
59 Jan '18 ---- 58
69
Kansas City Sou let gold 39_1950 A -0 60
1936 J - 1 _- __ _ -__ 9534 Nov.18 -_- ---- ---Registered
63
Oct
'00
____
Registered
--_- 104 May'16
---- ---1950 A 0
8718
.1
J
1936
gold
guar
5a
24
40
77
7334
77
Ref & impt 5s
---- __ _ _ ---- ---Apr 1950 J J 7512 Sale 7512
1938 J - J ---_ --_- -..-Registered
17 7514 78
76
---- ---- ---Kansas City Term let 4s...,..1960 J - J 7533 7534 754
Beech Cr Ext let g 3)0_81951 A -0 ---- -88
19 78
88
8112
____
,1-6
- NO4
-RI
Lake Erie & West let g 58_1937 .1 - j 7812 94
-__69
-0
J
1981
4r,
g
lit
gu
&
Ad
Cart
8053 Feb '17
---- ---2d gold 55
1941 J - J ---- 76
------D
J
uouv& Oswe let gu g 58_1942 M- S 7634 __ -ii" mf:17.1;
North Ohio let gusr g 59_1945 A -o ____ 9118 897s Mar'17
48-1991
g
dc
gu
1st
Moh
Mal
4
913
1
94
94
94
94
tab Val NY t
1940 J - J 89
1986 F - A 65 _--_ 8914 Feb '16
NJ June 12 guar lit 41
89 Oct '17
8318 93
--'Registered
1940 ./ _ .11
2000 111-N 62 __-- 80
N Y & Harlem g 34i
90 80 Oct '17 ---tatitgh Val (Pa) eons i.0_2003 111-N 78
A -0 ---- ----101 June'17
151-1923
let
g
&
Y
N
Northern
9012 9012
General coos 4%e,,,2003111-N 8713 9712 9012 Jan '18
-4
BONDStI
N. Y.STOOK EXCHANGE z
'-...
Week ending Feb. S.
Week's
Range or
Last Sate
Plied
Friday
Feb. 8.
S.
44
Range
Since
Jan, 1.
Week's
Range or
Last Sale
P7iCd
Friday
Feb. 8.
4,=',
211 4,:g
963142
- .
r-- os ---------95
--iii;
_192
--
--
4208
ini i _, gir, ____
°,108.44
-
sale.
Due Feb. g Due June. 1 Due July. e Due Oat, a Option
•No price Friday; latest bid and asked this week. a Due Jan. b
J
AJan
588
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 8.
New York Bond Record-Continued-Page 3
t
...a..
Price
Friday
Feb. 8.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 8.
••
Price
Friday
Feb. 8.
[Vol,. 106.
Week's
Range or
Last Sale
I"
Range
Since
Jan. 1.
N Y Cent & H It RR (Con.)Bid
Ask Low
High No, Low fifgh
P 0 C & St L (Con.)
Mc,
Ask Low
Y & Pu 1st cons gu g 45 1993 A -0 7218
High No. Low High.
_ 7334 Jan '18
7218 7334
Series 04s guar
.4957 M- N
8(318
Pine Creek mg guar 60.,_ _ _1032 J -13 10034 ____ 113 May'15
- 91 Nov'17
Series I cons gu 43is___1963 F - A
9114
9218 Oct '17
U W &0con let ext 5s_b1922 A -0 97
_9914 97 Dec '17
C St L & P 1st cons g 5s__1932 A -0 100 ---- 10138
---Dee '17
R W dcOTIt letgutc5s....1018 111-N 9512 ____ 9812 Nov'17
Peoria & Pekin Un 1st Os g__1921 Q- F
Rutland 1st con g 4 As_ _1941 J - J 6718 --__ 8018 Aug '17
---- 100 June'17
2d
gold
430
81921 M-N --__
87 Mar'16
Og & L Chain 1st gu 40 g1948 J - J
7058 Apr '17
Pere Marquette let Ser A Si 1956
8012 Salo 8038
Rut-Canada 1st gu g 40_1949 J - J
81
53 80
82
-__ 70 Jan '18
70
70
1st Series B 4s
1956
6234 65
6212
6212
St Lawr & Adlr let g 58-1996 J - J
1 6212 65
101 N ov'16
Philippine
Ry
1st 30-yr if 401937
- _ 50
42 Feb '17
2d gold 6s
1996 A - 0
103 N met()
Pitts Sh & L E 1st g 58
1940 A 6i1s ---- 99 Jan '18
Utica & Bik Riv gu g 4s._1922 J - J 8918 97
99
99
9712 July'16
---1st consol gold 5s
1943 J - J
Lake Shore gold 330_ _1997 -D 72
9714 Dee '17
7312
73
72
72
Reading
757
s
Co gen gold 4s_ _ _ _1997 J - J 8413 8478 8414
Registered
8412 12 83
1997 J -D
74
86
78 July'17
- Registered
1997 J - J 751s -- 8812 Oct '17
Debenture gold 4s
1928 M- S 8612 Sale 8612
-84
- - -8612
8612
Jersey Central colt g 4s__ _1951 A 8318 8572 86 Jan '18 --__ 86
25-year gold 4s
1931 rd - N 8612 Salo 86
86
8612 11 84
8612
Atlantic City guar 4s g....-1951 J - J
Registered
1931 - N
8312 Nov'17
--St Jos & Or Isl let g 4s
1947 J - J -63- -657
Ka A &0It lst gu o 5s-__1938 J J
; 60 Dcc '17
St Louis de San Fran (reorg Co)Mahon Cl RR let 5s____1934 J - J -ig
15412 Deo '15
- Prior Lien ser A 4s
J - J 58 Sale 58
1050
Pitts & L Erie 2d g 5s___a1928 A -0
123
5512 61
5912
103 May'17
Prior lien ser B Si
1950.7-i 7112 Sale 7112
73
Pitts 3.1cK & Y 1st gu fis_ _1932 J - J TOO-- :::: 13018 Jan '09
28 66
74%
Cum adjust ser A 0s.._.. 8l055 A -0 6534 Sale 65
2d guaranteed (is
68
119 60
6712
1934 J - J 100
12314 Mar'12
Income
series
A
(is
47
Oct
51960
50
48
51
McKees & B V 1st g 68..1018.7-i
89 46
51
-St
Louis
&
San Fran gen 63_1931 J - J 102 110 10112 Nov'17
Michigan Central 55
__
1931 M- S 88
-991; Aug '17
General gold Si
9812 9518 Jan '18
1931 J - J 03
Registered
9518 9518
1931 Q -P1 8514 92 105 July'16
St L dr S F RR cons g 48_ _1996.7-i
45
78 May'16
_ 80 Nov'17
1940 J J 75 _
Southw
Div let g 5s._ _1947 A -0
90 May'17
Registered
1940 J - J
87 Feb '14
K C Ft S dr M cons g 6s_ _1928 P1-N 1.15(74---- --3
10212 Jan '18
J L & 5 1st gold 33-0
1.021; 1-021;
1951 M- S ---- -- 90 June'08
K C Ft S dc M Ry ref g 45..1936
A -0 67
let gold 334s
6812 6812 Jan '18
1952 M-N 6418 75
6838 69
797 July'17
K
C
& M R & B 1st gu 50_1929 A -(3 __-- 90
20-year debenture 4s_ _1929 A -0
75
77 Feb '18
8012
77
St LS W 1st g 4s bond ctfs__1989 M- N 67 Sale 88 July'17
N Y Chic & St L 1st g 40_1937 A -0 80
67
6712
6 -601-2 -031;
82
8012
8012 82
8012
2d
g
4s
Income
bond ctfs-P1989 - J 51
62
5012 Jan '18
Registered
1937 A -0 80 -85 Nov'17
5012 5012
COI1801 gold 4s
1932 J -D 58
6012 62 Jan '18
Debenture 4s
1931 - N 6234 6334 61 Jan '18
62 64
61 - -E1-2
let terml & unit 5s
1952 J - J _-- 58
West Shore 1st Is guar__2361 J • J
58
58
77
5734 5912
79
7712
7712
77
80
Gray's
Pt
Ter
1st gu g 56_1947 J - D ---- -- 9812 Jan '14
Registered
2361 J - J 7478 78
78 Dec '17
-S A & A Pass 1st g-u g 48_
---_1943 J - J 5934 Salo 5934
Y C Lines eq tr 58.1916-22 M- N
5934 10 5914 8012
10012 Jan '17
SF&NP lstskfrIg 5s
1919 J - J
Equip trust 434s_ _1917-1925 J - J
•- 10018 Feb '17
9838 July'17
Seaboard
Air
Line g Is
NY Connect 1st gu 430 A...1953 F - A
1950 A -0 ____ 7012 78 May'17
87
867s Jan '18
867g 88
Gold 45 stamped
7018 74
NYNH & Hartford1950 A 70% Jan '18
70
7012
Adjustment 5s
5072 Salo 5078
5212 148 5073 5534
01949 F - A
Non-cony deben 4s
S 56 Sept'17
1947
Refunding
4s
1959 A - 0 55 Sale 55
Non-cony deben 3
5514 40 5312 5614
-- 50 Oct '17
_1947 M- S
At! Birm 30-yr 1st g 4s__01933 M. 8 70
76
74
Jan
Non-cony deben 330____1954 A '18
____ 55
74
5212 Nov'17
74
Car Cent lit con g 4s
77 Jan '18
Non-cony deben 4s
1949 J - J
77
54 Sept'17
1951 J - J
77
Fla Cent & Pon Ist g 58._ _1918 J - J -47;
Non-cony deben di
1 -563-4 9914 June'17
1950 M - N 50 ---- 5612 Nov'17
1st land gr ext g 50
J
90
101
-_Dee
1930
Cony debenture 330
'15
_ 5478 46 Deo '17
1956 J - J
Consol
gold
Si
- 10334 Dec '16
1943 i-.7 9212
Cony debenture(Is
1948 J - J 8513 8612 85
---85
8 81 86
Cla & Ala Ity let con 50_01945 J - J 98 10058 97 Aug '17
Cons Ry non-cony 4s____1930 F - A
---50 Oct '17
Cla Car & No let gu g 5s_ _1929 J
90 ___ _ 07 Sept'17
Non-cony deben 4s_ _1954 J - J
9112 Jan '12
Scab
& Roan let 5s
91
96
1926 95 Oct '17
Non-cony deben 4s_ ___1055 J - J
7912 Apr '16
Southern Pacific CoNon-cony deben 4s_ __ _1955 A-0
Gold 4s(Cent Pac coil).. _1c1049 J - D 75 Salo 75
Non-cony deben 4s____1956 .1 J
18 7212 76
76
Registered
11949.7-0
9
70
7 Feb778
'174
Harlem It-Pt Chea lit 40_1954 M-N
6812 ---_ 7714 Aug '17
20-year cony 4s
7714 Salo
51929 MB & N Y Air Line let 45_ _1955 F - A 68 ---- 7918 Dec '17
32 7512 79
20
-year
cony Si
1934 J -D 8912 Salo 89
Cent New Eng lit gu 4s_ _1961 J - J
52 63 Ms 895s
74
74 Apr '17
Cent Pao let ref gu g 4s
1941) F - A
8012 80
89712
Hartford St Ry lit 45_ _ _1930 M- S ___- ---7:
17 sop8
7 78
t.lio
82
Registered
1949 F - A ---Housatonic It cons g 5s___1937 M-N
15E1; May'
Mort guar gold 30_11929 J - D 88 ____ 8612 Jan '18
Naugatuck RR let 4s_... _1954 M-N ---- ---- 87 July'14
8612 8612
Through
St
71
L
A
0
1st
0_1954
9
7::
gu
7
0906
J811
A
1314
p11
'
:8
J
2
'18
17
8
N Y Prov & Boston 4s___1942 A -0
71
83 Aug '13
71
GII&S A M dr P 1st 50_1931 11I-N ---- 101 100 Oct'17
NYW'ches&B let tier I 43is'46 J - J
49 Jan '18
46
4912
2d eaten 5s guar
1931 .7-i
N H & Derby cons cy 5s_ _1918 M-N -_-- ---- 107 Aug '09
-9.634 -9.63-4
Gila
V
0
&
N
M-N
1st
50_1924
gu
g
95
10014 Jan '16
Boston Terminal 1st 48.._ _1939 A ____ ---- ---__-Hous E & W T 1st g 5s__ _1933 M-N
78
New England cons 55____1945 .7-i
let guar 5s red
1933 Pd-N
Oct
A g 416
C011801 4s
7
7151945.7-i
H
&
T
C
1st
g
9
7
7
58
int
1
11‘si 10
gu_1937 J - J
95
-1 10112
Providence Secur deb 0.._1957 M-N
60
57 Apr '16
Gen gold 4s int guar_ _1921 A ---- 99
Prov & Springfield let 55..1922 J - J
87 Jan '18
87
9978 Dec '13
87
Waco & N W div 1st a 6s'30 rd - N
Providence Term let 4s___1956 P1- 8 68 --_- 8338 Feb '14
10912 Nov'15
-A & N W 1st gu g 58
-- 10034 10112 Dec '16
W & Con East let 45s__ _1943 J - J 80 ---1041 J - J
Louletana West 1st (Ss_
N YO&W ref lst g 45____51992 M.8 665s ---- -5E1s Jan 1921 J - J -96r8 10518 loot. Oct .17
18
64
6618
Morgan's La dr T 1st 7e_1918 A -0 100 10434 10018 Deo '17
Registered $5,000 only.._g1992 M- 8
_ 9212 Juno'12
1st gold (Ss
1920.7-i ---- 10518 105 J• '16
General 4s
507 79 Mar'17
1955 .1 -D _
--No of Cal guar g Si
9212
A
____
1038
10218
Norfolk Sou let & ref A 5s_ _1961 F -A
Oct
'17
631; 64
61
64
61
64
Ore & Cal 1st guar g 50_1927 J - J 9078 9614 93:
Nor!at Sou 1st gold .5s
3
1 Jang :118
933 -63-3
7
93
1941 - N 81
0658 Aug '17
;
Bo
Pac
of
Cal-Clu g 5s___1937 M- N 08 ____ 10712 Sept'16
tiorit & West gen gold Os__ 1931 RI- A 10518 ____ 10712 Deo '17
---So Pao Coast 1st gu 48
8834
Improvement & ext g 65 1934 F - A 10212 ____ 122 Nov'16
11-1937 J
San
Fran
Terml
A
let
4s......1950
7
8
New River 1st gold Os_ ......1932 A 10212 10612 10718 Oct .17
7712 -8171-2
Tex & N 0 con gold 5s___1943 J - J
N & W fly 1st cone g 40_1996 A 84
85
84
84
5 83
85
So Pao RR 1st ref 4s
1955 .7- J 82
Registered
59 -7I378 -8
_ 9412 Deo '16
.25;
1996 A 0
Southern
-let
-(0212
J
50____1994
cons
J
g
Div') 1st lien & gen g 45..1044 26 9014 9314
75 ____ 7412 Feb '18
7418 7412
Registered
1994 J - J
10
6
9780
0
25711114: j
10-26-year cony 45
A
Nau°11g6
v98"
0
221
:
1:
10
684
1932 J -D 105 110 1237s May'17
--- -Develop & gen 4s Ser A.._ _1956 A - 0 311;
3
§;1-e10-20-year cony 45
-144 59
1032 M- S 105 110 11714 May'17
6112
Mob & Ohio coil tr g 4s___1938 M136
68
68 Jan '18
10-25-year cony 43.e_ _1038 M- S 105 -___ 10512 10512 50 10514 i6E1-2
68
6812
Mem Div 1st g 430-58_1996 - J 87 01
87 Jan '18
Pocah C & C joint 4s
87 87
1941 J -D 8338 ---- 8518
8518
2 8314 8518
St
Louis
div
6912
.7-i
1st
Salo
g
1951
0
6912
69%
o C &T 1st guar gold 58_ _1922 .7.. J
971,1 ____ 103 Soon°
675s 6912
Ala Con let g Os
1918 J - J
10238 Sept'11.1
Selo V Lk N E 1st gu g 0_1989 M- N
7434 79
79 Nov'17
Ala (It Sou let cons A 5s 1943 J -D
6811 Apr '17
Nor Pacific prior lien g
8478 8378
84
843.1 42 8312 84%
QAll
&
Char
J
A
j
L
85
1st A 430 1944
8
08aa9
:11171e:; 90 July'17
Registered
---- 83 Oct '17 _-1997 Qlet 30-yr Si ser B
1944 J - J 9412 Salo 9412
General lien gold 30
95
01
02047 Q- F 6012 _-_- 6034
05
607s
5 5912 6112
Atl & Deny let g 45
1048.7-i 70 80
8312 Jan '17
Registered
6114 June'17
a2047 Q- F
2d
Is
---- 80
1948 8112 Mar'16
St Paul-Duluth Div g 4s_ _1996.7-0 52187112 8934 915a May'17
&a & Yad let g guar 45
1940 A -0
75 Feb '17
St P & N P gen gold Os.....1923 F - A 10278 Salo 10278
3 10278 10278
1027
E T Va & Ga Div g 53
06
9918 9618 Dee '17
1930 j
Registered certificates_ _1923 Q- A
10312 Sept'17
Con 1st gold Si
8912 100
1956 M- N
9212 Dec '17
St Paul & Duluth let 55_1031 F- F 93 ____ 107 Oct '16
E Ten reo lien g 58
rd1938
let consol gold 4s
6318
8478 3878 Mar'17
1968 J -D
Cla Midland let 3s
-_------ 6
1946 A -0
99
3 Jjaunir
'
Wash Cent let gold 0...._1948 Q -M 61
17
8
63 63
76
3612 Dee '16
Ga Pao Ry 1st g (is
100 106 103 Dec '17
1922
Nor Pao Term Co 1st g 6s...1933 J - J 10658 109 11018 Oct '17
Knox
& Ohio let g Os__ _1925 J - J
9853 10212 100 Jan '18
Oregon-Wash 1st & ref 4s__ _1961 J - J 73 Sale 72
100 100 73
71
75
Mob
&
13Ir
prior lien g 5s_1945 J - J ---- 95 106 Sept'16
Pacific Coast Co lit g 5s_ __1946 J -D
88
____
90 Jan '18
90 00
Mortgage gold 4s
63 72
1045 j
68 Jan '18
Paducah & Ills 1st s f 430.._1955 J - J
68 68
100 10018 Feb '17
Rich & Dan deb 5s stmpd..1927 A 9212 103
95 Jan '18
Pennsylvania RR lit g 4s_ _1923 M-N 6(114 ---- 9912 July'17
95
05
Rich
& Meek let gu 40_1048 M- N
73 Sept'12
Consol gold 5s
1919 M- S 0612 ____ 10112 July'17
So
Car
&
Oa
0611
1st
M-N
g
1019
58
99
97
Consol gold 4s
Dec
'17
1913 M-N 8514 ___88 Jan '18
88
88
Virginia
Mid
ser D4-58___1921 MI- 8
10212 June'l 1
Consol gold Is
877; 8712 Feb '18
1048 M-N
--8712 90
Series E 5s
1926 M- S
10318 Aug '16
Consol 430
1960 F - A 98 9818 9818
- 0814
6 97 99
Series F 58
1931 M- 8
10412 Dee '10
General 430
1965 J -D 897 Sale 893t
-- - - -808 52 8912 92
General
58
1936 M-N -56- -5i 94 Feb '18
Alleg Val gen guar g 4s__ _1942 M87
9814 8912 Nov'17
94
94
Va & So'w'n 1st gu 5s.,_2003 J 05 100 105 Mar'17
DRRR&B'golstgu4sg __1936 F - A 75 -- - - 8412 Sep '16
1st cons50-year 58_ _1958 A -0 7018 78
Phlia Bait & W 1st g 45-1943 M- N
7212 Jan '18
8318 ____ 92 Aug '17
7212
7213
W
0
&
W 1st cy gu 15__ _1924 F - A
7812 ---- 9378 Mar'17
Sodus Bay & Sou 1st g 5s_1924.7--I --_- --- 102 Jan '93
Spokane Internet 1st g 5s
1955
95
Sunbury & Lewis 1st g 0_1936.7-i 75
0534 Mar'17
Ter
01St
A
9912
L
let
g
430___
A
_1939 -0
9314 Sept'17
11 NJ RR & Can gen 48 _ _ ..1944 M- S 8318 ____ 92 Dec 17
let con gold 5e
1894-1944 F - A 95 Sale 95
Pennsylvania Co95
2 95
95
Gen refunds f g 4s
Guar 1st gold 430
1953 J 82 Jan '18
1921 .1 - J 9813 9313 97
82
0 07
8214
9712
9712
St
L
M
Bridge
A
Tor gu g 56 1930 - 0
10112 9512 July'17
Registered
1921 .1 - J
9434 Nov'17
9518 97
Tex at Pao let gold 50
2000 J -D 85 Sale 85
Guar 334s coil trust reg A.1937 M- S 7212 --- 87 Feb '17
8514
2 83
86
2d gold Inc 55
52000 Mar 40
Guar 3s coll trust ser B_194I F - A
70
50 Dec '17
7212 --_ 70 Jan '18
- - ---70
70
La Div B L 1st g 5s
1931 J - J
93
89 Apr '17
Guar 330 trust ctfs C__1942 J -D 7212 --__ 8114 July'17
____
---W Mtn W & N W lst gu 591930 - A
Guar 3s trust otfs D___I944 J -D
10613
Nov'04
7212 88
3734 Deo '16
---Tol &00 let gu Si
1935 J - J 00 -543-1 93 Jan '18
Guar 15-25-year gold 4s_ _1931 A 8258 91
89 Aug '17
oo
93
---Western Div 1st g 51,
1935 A - 0 ---- 9618 100 Jan '17
40-year guar 4s ctfs Ser E_1952 M-N 8480 Dec '17
---- ---General gold Si
J -D
1935
---- 90 Feb '17
Uri Leb & Nor gu 45 g.._.,1942 M- N
86 Oct '17
---Kan
de
M
let
tin
A
6512
it
1990
4s
75
70 Nov'17
Cl & Mar 1st gu g 430_1935 M-N
gat;
9614 May'17
---2c1 20-year 55
1927 J - J
93
9134 Dee '17
Cl & P gen gu 430 ser A_1942 J - J
94 -._ 9234 Dee '17
---- ---Tol P & W 1st gold 48
1917 J - J 36
50
52 Aug '17
Series B
1942 A -0 9212 ____ 104 Deo '15
---Tol
St
L&
W
pr ilen g 30_1925 J - J
80
80 Jan '18
Int reduced to 3301942 A -0 ---- -- 9614 Feb '12
80)
SO
50-yoar gold 4s
50
52
1950 A 53 Feb '18
Series C 330
1948 M- N
52
8058 ---- 0018 Oct '12
521
Coll tr 4s g Ser A
1017 F - A
1858 Mar'06
Series D 330
1950 F - A 8058 ____ 8812 Feb '17
Tor
Ham & Buff 1st g 411.._b1946.7-0
87
Erie & Pitts go g 330 B_1940 J - J 75 --__ 88 Apr '17
80 Apr '17
Ulster & Del let con g 5s.....1928 J 95
00
Series C
Nov'17
1940 .7 - J 7312
9018 July'12
let refund g 4s
63
Or It & I exist go g 430_1941.7-i 8453 _-_1952 A -0
58 Sept'17
0678 99 Mar'17
Union Pacific 1st g 40
Ohio Connect 1st gu 4s.._ _1943 M- S 89 ____ 93 May'14
1947.7-i 8612 8712 8712
88
-31 87 89
Registered
88
1947 j
Pitts Y & Ash lit cons 55_1927 M- N 9418 _ 93 May'10
86 Jan '18
86
86
20
-year
cony de
Tol W V &0 gu 430 A_1931 1927 .7-i 861281110 8012
8712 42 84
76
98
9834 Apr '17
8712
1st & ref 4s
781z Sale 7814
' 52008
Series B 43.6s
7812 28 7513 7013
1933.7-i 76
92 92 Doe '17
Ore
RR
&
Nay
.7
82
-D
10eon g 4e-- I6
8712 8218
Series C 4s
8218
1 80
1942 M- 3
881 Sept'17
8218
Ore Short Line let g 0e___1922 F - A 102 103 104 Jan '18
P C C & St L gu 430 A 1940 -0 9114 ---- 92 Nov'17
104 104
131 consol g 5s
1946 .7-i 9518 9712 9712
Series B guar
9712
1942 A 95
9114 10114 92 Deo '17
9712
Guar
refund 45
8414 18 8214 8412
8414
1029 J -0 8212 85
Series C guar
1942 MN 9114 99
99 June'17
Utah & Norgold 58...._1026 .7-i 8612 08
08 Dec '17
Series D 4s guar
1945 M- N 861
_ 9514 Oct '11
1st extended 0....._1933.7-i 89
781-1
9
80 J
Series E 33is guar gold_1940 F - A 87
Aapnr 48
6
95
8958 Oct '17
Vandalla
cons g 4s Ger A____1955 F - A
Series F guar 4s gold.. 1953.7 -D 8618 ____ 9512 May'17
-80
80Consols 4 Series B
92
1957 M- N 80
813s June'17
• No price Friday; latest bid and asked. a Duo Jan. b Dtle Feb. o May. g Due
June, 11 Duo July. lc Due Aug. 0 Duo Oct. p Due Nov. q Duo Dec.
a Option sale.
15
-467-3 -,igi,
-
gi3-4
BONDS
N. Y. srocK EXCHANGE
Week ending Feb. 8.
, 3
441,
)
t.
Price
Friday
Fcb. 8.
Week's
Range or
Last Sale •
1g
BONDS
N. Y. STOCK EXCHANOE
Week ending Feb. 8.
Range
Since
Jan. 1.
High No, Low High
Ask Low
Bid
35 Sept'17
Vera Cruz & P 1st gu 43is._1934 j - J
9178
93
01
9i Sale 91
Virginian let 59 Series A___1962 M-N
9558 14 93
9558
1939 M-N 9134 Salo 9134
Wabash let gold 5s
2 85
8612
8534
8512 Sale 8512
1939 F - A
26 gold 55
---- - - 1939 J - J ____ 90 105 Oct '15
Debenture Sertee 13
-- -- S 9814 ____ 99 Sept'17
1921
let lien equip 5 fd g 5s
- -- - -65 ---- 78 May'17
1951 J - J
let lien 50-yr g term 4s
9912 Sept'17
--- -- 1941 J .J ____
Dot & Ch Est let g 5s
80 Aug '12
76
--- - -72
Des Moines Div let g 4s 1939 J - J
7412 75 Apr '17
1941 A Ow Div 1st g 3%8
'17
Jan
8114
80
70
S
NIA941
Tol & Cl, Div 1st g 4s___
6512 7512 76 Dec '17
F-A
Wash Terml let gu
_
85 Dec '17
7514 85
1945 F - A
let 40-yr guar 4e
6112
6112 14 58
Sale 5918
594
A
1952
West Maryland let g •18
99
99
1)9 1014 99 Jan '18
1937 J J
West N Y & Pa let g 52
_
86 Mar'17
-- -- ____ 70
Gen gold 4s
1943 A _ - - - - - -40 -- 36 Oct '17
Income .5s
p1943 Nov
8012 175 7914 81
Western Poe let acr A 55_ _1946 M - S 7958 8012 7914
--- - -- ____ 98 10034 Apr '17
Wheeling & L E 1st g 59____1926 A9834 100 Feb '17
--- ---Wheel Div let gold 5s__.._1928 J Eaten & !rapt gold 53____1930 F - A ___- 9834 9958 Mar'17
70
56
S
NiRefunding 412e series A_ _1966
1949 Ni- S ____ 6312 -id RR let cense' 49
80
Trust co ate of depoalt--854 85 May'17
Wlneton-Salem S 13 let 4s 1960 J
72
72
7438 72 Jan '18
1949 .3-, 72
W18 Cent 50-yr 1st gen 4s
72
761s
7618
7618 7618
8
757
es-N
Sup & Dul dly it term 1st 4s'36
Street Railway
_ 797s 8134
80 Jan '18
85
Brooklyn Rapid 'Fran g 5s 1945 A- 0 81
67 Oct '17
68
05
2002 J - J
let refund cony gold le
9614 -51 9134 7-14
6-year secured notes 55_ _ -1018 J -.1 9534 Sale 9534
94 Oct '17
94
Bk City 1st eon 4s__1916-1911 J - J
May'12
80
90
M-N
Bk Q Co it i3 con gu g 58_1941
____ 9912 101 May'13
1941 Bklyn Q Co& fe 1st 58
_ 85
85 Jan '18
8712
1950 F - A 8018 82
Bklyn Un El 1st g 4-5s
8514 Jan '18
8514 8514
83
A
F
1950
Stamped guar 4-58
73 Sept'17
73
Kings County E 1st g 49._1949 F - A
78 July'17
70
1919 F - A
Stamped guar 48
70 Aug '17
Nassau Flee guar gold 48_1951 - ..1
844
8112 8458
6le 84
5 Sa6
1927 F - A -81;
Chicago Rye lot 58
Feb '17
Conn Ry & L lot it ref g 4481951 J - J 85 ____ 10038
'17
Apr
10018
_
_
J
J
1951
Stamped guar 43es
3 69
72
70
Oct United let cons g 43is._1932 J -J 6318 70
84 Jan '14
1213mith Lt & Tr let g 58.....1936 M 57
5612 Sale 53
243, 4878 57
1957 F -A
land it Mauhat 5eSer A
1734 80 1434 1734
1714 Sale 1634
1957
Adjust Income
--__ 100 100 Feb '17
1932
N Y it Jersey lot 58
5312 5712
5512 5412
55
5512
interboro•Metrop cola 4%s-1956 A 381
85
56 8012 85
8478 Sale 84
Interboro Rap Tran lot 55 1966 J - J
80
5 79
8012 80
80
78
Maahat Ry(N Y) eons g 48_1990 A 80
3 78
80 Sale 79
80
1990 A Stamped tax-exempt
Metropolitan Street Ry3 7614 85
85
85
7614 85
Sway & 7th Av let o g 58_1943 J -D
8212 95 May'17
- --- - - Col it 9th Av 1st go g 5s._1993 M- S
80 Sept'17
80
Lex Av it P F let gu g 5s 1093 M30 Mar'14
---- - Met W S El(Chic) 1st g 4s._1938 F - A
10012 June'17
---- --Milw Elea Ry it Lt cons g 58 1926 F - A
93 Nov'16
---Refunding it exten 430._1931 J - J
---- 9834 Aug '17
- - -- --Minneap St 1st cons g 58_ _ _1919 J - J
- - - - - -Montreal Tram let it ref 5s_1941 J -j ---- 8712 9712 July'17
79 Aug '17
86
-- -- - - New On Ry it Lt gems 4 Wg....1935 J - J
99 May'17
- -- - - - - NY Muniolp Ry let s f 58 A 1966 J - J
51
5012 21 49
1942 J - J "ai" Alio" 50
NY Rye let It Fit ref 4s
184 _2_0
. 1734 214
1834 Salo 1734
30-year ad) Inc 5e
a1942 A 7512 7738 Aug.17
N Y State Rye let cons 4348_1962 M- N
8812 Nov'16
Portland Ry let it ref 5s____1930 M- N
7278 July'17
Portid Ry Lt it P let ref 58_1912 F - A ____ 63
- --- - -9012 Feb '17
Portland Oen Flee 1st 58_1935 J -J
-- -- - - 95 July'17
100
Mt Joe Ri LII&P let g 58...1937 Ni- N
---- --10212 Mar'17
St Paul City Cab cons g 55._1937 J - J
- --- - - -56.12 "FA.- 56 Jan '18
53
56
Third Ave lit ref 48
1960 J 4
353
35
Sale
3614
3812
15 34
Adj Inc 158 _
at960 A 95 Jan '18
95
95
Third Ave Ity let g Se
1937 J - J 95 104
96
96 Sale 95
96
19 92
Tr -City Hy it Lt let et 5s...1923 A 80
5 80
80 Sale 80
80
Undergr of London 4 M__....1933 J - J
60 Jan '18 ____ 60
62
60
58
Income (3/1
1948
84 Oat '08
Union Eley (Chic) let g 5e I919
60 Jan '18 ____ 60
69
60
58
N
United Rye Itiv 5e Pitts 188.1926
58 Oct '17
60
55
1934 J -J
United Rye Ht L 1st g 4s
0912 50 June'17
St Louis Transit gu 58._ _1924 A - 0
_ 25
37 Sept'17
United RRe San Fr e I 4s__ A927 A 80
8018
Va Ry it Pow 1st & ref 15e_ _1934 J -J ____ 8018 80 Jan '18
--
--_-
_-_-
:-
Geo and Electric Light
Atlanta 0 L Co let g Se__ _1947 J -D
Bklyn Un Gas 1st eons g 56_1945 M -N
Buffalo City Gas 1st g 15e.__1947 A - 0
Gincin Gas it Flee let&ref 5s 1956 A 1927 J - J
Columbia0it E let 55
Columbus Gas let gold 58_1932 J - J
Consol Gas cony deb 6s_
1920 Q- F
ConeGasE L&P of Bait 5-Yr53.21 Ni- N
Detroit City Gas gold 53_ _ _1923 J - J
Detroit Gas Co cons let g 5e 1918 F - A
Detroit Edison let coil tr 58_1933 J - J
let it ref Sneer A.
51940 Ni- S
Eq 0 LN Y 1st cons g 58_ _1932 M- 8
Gas it Eleo Berg Co a g Is 1949 J -D
Havana Elea consul g 53
1952 F - A
Hudson Co Gas let q Se-- -1949 M-N
Kan City(Mo) Gas let g 58_1922 A -0
Biagi; Co El Lit P g 5g
1937 A - 0
Purchase money fie
1997 A S
Convertible deb Cis
1925
Ed El III Bkn 1st con g 49_1939 j - J
Lao Gas L 01St L lift g 5e._e1019 Q - F
Ref and eat let g 5s
1934 A -0
Milwaukee Gam L let 4s...._1927 M -N
Newark Con Gas g 5e.
1948 J -D
eiTGELI-i&Pg 58
1948 J .0
Purchase money g 4s
1949 F - A
Ed Flee 111 let cons g 5e....1995 NyAQ El I. it P let eon g 58 1930 F - A
nettle 0 it El Co-Cal G it E
Corp unifying it ref Sc. _1937 M- N
J
Pacific G A E gee it ref 5e...1942
Pita Pow it Lt let it ref 20-Yr
58 International Series _1930 F - A
Pat A Passaic 0 A El 5s_ _ _1949 Ni- S
Peep Gag it C let cowl g t3e _1943 A -0
Refunding gold 150.._._._1947 M- S
Registered
.1947 M- S
Ch G-L A Coke let gu g 581937 J -J
Con G Cool CA let gu a 541936 J
Ind Nat Gan it 01130-yr 5e193f3
N
Mu Fuel Gas let an g 58_1947 M- N
Philadelphia Co cony 15e___1919 F - A
Cony deben gold .5e
N
1922
Stand Gas it El cony s ICc _1926 -D
Syracuse Light1113 let g 58..1951 J -D
Syracuse Light it Power Is ...1954 J - J
Trenton 0 et El let a 5e....1949 NI- S
Union Flee Lt it P let g 5e__1932 M- S
Refunding it extension 58_1933 M -N
United Fuel Gag let if18___1936 I - J
Utah Power it Lt let Is.___1944 F - A
Utica Else L it P let ir 58.-1950 J - J
Utica Gas it Flee ref Is_ ._1957 J - J
Weetehemter Ltg gold Its
I1110 3-0
103 Sept'15
9534
91
_di
91
51 June'13
9714
Sept'17
9912
7512 Jan '18 ___ 7512 7534
____ 80
97 Feb '15
51 100 102
.;1.-e- 10058
;8
1.695
101
9412 100 102 Aug '17 _-_-___
9512
2 9512 9512 •
9512 Sale 9512
10112 Oct '16
- - ---92
96
92 Jan '18 T.::: 92
92
_ _ 100
9214 Dee '17
10(P4 10012 May'15
100 Feb '1:3
924 Nov'17
_ 96
9618 Deo '17
---- 8312 9078 Dee '16
8512 ____ 90 Dee '17
_--- 100 105 June'17
110 June'17
73 --_ _ 76 Nov'17
9712 981,
9712 9934 9812
9812
2 92
____ 92
92
92
944
90 Juno'17
____ 88
---- -- 10112 Apr '17
8714 8712
8712
8712
8712 91
5 69
7012
73
70 Sale 70
---- -- 10511 June'17
9612 Aug '17
_-84 101
II?
'
t..*
Price
Friday
Fcb. 8.
-... t
4; e.
111.1
Miscellaneous
1948 al- 8
Adams Ex coil tr g 4e
1928 M- S
Alaska Gold M deb es A
1926 NI- S
Cony deb Os serhge B
Armour & Co 1st real eat 43.is'39 J -D
1926 A -0
Booth Fisheries deb e 1 es
Braden Cop M coil tr s f 68_1931 F - A
1952 A -0
Bush Terminal let 4s
1955 J - J
Coneol .58
1960 A -0
Bldgs 5s guar tax ex
Cerro do Pasco Copp env 65 1925 M- N
Chic UnStat'n let gu 434s A 19333 J - J
Chile Copper 10-yr cony 78_1923 M-N
Coll tr &cony On set A part pd A - 0
A.0
do do full paid
Computing-Tab-Re° s f Gs.,1941 J - J
Granby Cons MS& Pconds A'28 M-N
1928 M -N
Stamped
Great Falls Pow let it I 5s 1940 NI- N
Int Merest, Marine s(6s...._1941 A - 0
1943 J - J
Montana Power let Is A
Morris it Co lets 1 43.4n._ 1939 J - J
Mtge Bond (NY)46 ser 2_19136 A- 0
1932 J - J
10-20-yr 5a series 3
1951 F - A
N Y Dock .50-yr let g 4e
Niagara Falls Power let 5s._1932 J - J
Ref & gen 68
.a1932 A -O
Niag Lock it 0 Pow let 5s 1954 Ni- N
Nor States Power 25-yr 6s A 1941 A -O
1943 F - A
Ontario Power NI F let 5s
1945 M-N
Ontario Transmission 5s
Pub Sere Corp N J geu 58 1959 A - 0
Tennessee Cop let cone 65_1925 Ni- N
Waeh Water Power let 58..1939 J - J
Wilson it Co 1st 25-yr s f 0_1941 A -0
Manufacturing it Industrial
1928 A.0
Am Ag Chem let c 53
1924 F - A
Cony deben Is
Am Cot 011 debenture 55__ _1931 M - N
Am Hide it L let s f g(4_ _1919 M- 8
Am Sal & It let 30-yr 5ii serA
_- 447 --Arts Thread let coll tr 4s
1919 J - J
Am Tobacco 413-year g 65
1944 A - 0
1951 F - A
Gold cle_ •
Am Writ Paper let 9159.
1919 J - 1
13aldw Loco Works let 54_1940 M-N
Cent Foundry let a f 6s
1931 F. A
Cent Leather 20-year g 5s 1925 A -0
1951 F - A
Coneol Tobacco g 4e
1931 M -N
Corn Prod Ref 8 f g 5s
let 25-year s 1 5e
1934 M-N
Cuban-Am Sugar colt In 63._1918 A -0
Distil Sec Cor cony 1st g 58_1927 A -0
Et du Pont Powder 4 ).e,g
1936 J -1)
General Baking let 25-yr 68_1936 J -D
Gen Electric deb g 33is
1942 F - A
1952 M- S
Debenture 58_
Ingersoll-Rand let Is
1935 1 - J
lot Agricul Corp let 20-yr 581932 M-N
Int Paper Co let con g 6e
1918 F - A
Censel cony s 1 g 59
1935 J - J
Liggett it Myers Tobao 7s 1941 A -0
1951 F - A
58
1944 A -0
Lorillard Co (P) 7e
1951 F - A
58 Mexican Petrol Ltd con 6,3 A 1921 A -0
let lien it ref Os series C 1921 A -0
1929 J -D
Nat Enam it Stpg 1st 5s
Nat Starch 20-yr deb 5e
1930 J - J
1952 M-N
National Tube let 5s
N Y Air Brake let cony 68..1923 M -N
Railway Steel SpringLatrobe Plant let et 5t.._1921 I - J
193t A -0
Interocean P let s f 6s
Sinclair 011 it Refininglet a f 78 1920 warents Batch ---do without warrants attach
1930 NI--N
Standard Milling tel 5s
The Texas Co cony deb 8s..1931 J - .1
Union Bag it Paper let 5s 1930 J - 1
_1930 J - 1
Stamoed
US Realty & I cony deb g 581924 J - 1
US Rubber 10-yr col tr Os..1918 J - D
1947 J - J
let it ref 5e series A
IT S Smelt Ref it Ni cony 65_1926 F - A
V-Car Chem let 15-yr 55_ ..1923 J - D
81924 A -0
Cony deb 6s _
Weed Electric let 58 Deo___ _1922 J - J
Westingh'se Fit Ni notes 58.1917 A - 0
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan. 1.
3
i4
2
-4
High No. Low
____ 6638
23 Sale
2314 29
85 Sale
6412 Dec '17 _--,
8
2618
23
3
26
25
23
86
8412
--------94 Apr '17 _-9212 34
921 Sale 92
83 Jan '18
7738 82
1
80
80 Sale 80
1
74
74
75
74
25
107
10534 Sale 10534
1
8934
8612 8934 8914
10712 30
10678 Sale 10612
7712 59
7612 Sale 761:
76 ____ 87 Oct '17
____ 7912 7812 Jan '18 ____
91 Jan '18 -____
_-__ 96
9512 Feb '18
95
96
9312 Jan '18 _ _ _ _
96
93
9438 384
94 Sale 9312
13
9012
9012 Sale 8878
i1 90 July'17
-_
___ 83 Apr '14
---- ---94 June'16
73 Dec '17
.62 ___
8 9678 Nov'17 ____
997-.
93
---- 100 10512 Oct '16
____. 9314 8912 Oct '17 ____
8712
6
8712 86
86
1
86
8712 86
85
84 June'17
__-- 95
76
6
76
7618 79
9112 Jan '18 __
92
91
84 __ _ 10312 Jan '14
9
9514
9514 Sale 9514
High
1934 2618
26
19
86
84
8
-84783
80
74
103
89
10238
73
03
83
8412
79
107
90
10712
7712
7S13
91
91
9312
9014
8634
7812
97
9512
94
95
9012
33
97
97
97 100
3
9234
9234 95
9234
-8112 8378 82 Feb '18
2
9878
9818 101
9812
8858 52
8858 Sale 8814
9634 9714 9738 Feb .18
117 ____ 119 Dee '17 -71
7812 8332 Apr '17 ___-I
8478 36
8478 Sale 83
5
100
10012 10512 100
85 Aug '17 ___85
75
9638 34
9514 Sale 9514
81 Mar'17 -_---- 81
9758 Jan '18
9512 99
1
94
9812 93
97
1
100
100 10018 100
8112 79
80 Sale 80
--_- 100 104 May'17
75 ___
8512 Mar'16
---- 777; 7812 Aug '17
97
9714 102
9
9714
---- 99 100 Oct '13
7312
1
731 ale 7312
9934 Jan '18 -_
-------9758 ___ 99 Jan '18
11418 116 115 Jan '18
31
93
92 Sale 92
11338 115 11312 Jan '18
91
91
9012 92
10512 10614 104 Dee '17 __...
1034 105 103 Dec '17
9912 June'17
98
94
914 ____ 9114 Jan '18 ____
21
93
9312 9614 93
15
9934
9934 Sale 9934
-- -
-id - -gill
86
86
7313 mid"
9112
88
. -7;0514
93
9212
91
82
9814
8612
9678
97
94
82
9878
89
973
847e
79
9912 100334
"di3-4 9638
-6i5-2978
98
95
9978 10012
8234
75
-_
_ -9434 -6i14
6.81 732
9934 9934
99
98
114 115
93
86
111 11312
91
85
- - -- - - -- - - --911; -6117,
9412
93
99 100
____ ____ 1047s Dee '17
96 ____ 96 Dee '17
9012 Sale
8738 Sale
93
89
9958 Sale
---- 89
--_- 85
49
40
10018 101
7878 Sale
93
97
9714 Sale
9.114 9634
9714 Sale
---- ____
8914
9114 518
87
8818 51
8518 Jan '18 _ __ _
99
9934 31
8234 Aug '17 - 1
8812 May'17 ---I
-50 Nov'17
31
10018
10018
7834
7934 2241
97
6
98
97
3
9714
9414 Jan '18
97
16
0714
100 July'17 --__
8
12
881:4
0
2 6
4112
86
9
90
88
- -100
7612
94
90
9414
95
----
10018
7934
98
9714
95
98
- - --
-
9112 9212 92
81
80
8012
92
80,2
95 Jan '17
.__ 90
98 100 100 July'17
- 9812 Jan 'Is
101
81
8214 81 Jan '18
99 Sept.0:3
9078 96 Sept'17
98 100 Apr '17
89 Mar'17
89
94 July'17
___ 91
___ 9278 9914 Nov'15
814 82 Jan '18
75
_-_- 9834 93 Deo 'I.7
8112 ---- 9712 May'17
81 July'17
_ __ 90
9338 Oct '17
9278 9234 Sept'17
10158 Nov.16
94
9712 Jan '18
8312
8:1
84
-g3101 June'17
____ 9938 96 Aug '17
.___ 94 105 Mar'17
• No price Friday; taunt bid and asked.
589
New York Bond Record-Concluded-Page 4
FEB. 9 1918.]
2 9058 9212
2 7912 8012
82
81
9712 9712
9 8018 8312
a Due Jan, 4 Due April. o Due May,
Coal Iron & Steel
1926 J - J
Beth Steel 1st extol 5s
let de ref .5s guar A_ __ _ _1942 M -N
20-year p na A imp s I 58_1936 J - J
1932 J -D
Buff it Sus() Iron s f 5e
al926 Ni- 8
Debenture 58
Cahaba C Ni Co let gu tie _1922 J - D
Col Fit IC° gene f 5e..._ _1943 F - A
Col Indus let it coil Is go- __1931 F - A
Cons Coal of Ned let&ref 51_1950 J -0
__1925 J - 0
Elk Horn Coal eons,
Elk Horn Fuel let cony
6s_50.1918 61- N
Or Itiv Coal AC let g 63...A1919 A -0
1940 A -0
Ill Steel deb 454e.
Indiana Steel let 5e
1952 61- N
Lackaw Steel let g es.
1923 A -0
let cone .5e Series A.
1950 M- S
Midvale Steel.40 cony a f 561938 M- S
Poeah Con Collier let s f 5e.1957 J - J
Repel) I & (3 10-30-yr See f_1940 A -0
St L Raelt Nit it P .5e stmpd_1955 J - .1
Tenn Coal 1 A RR gems .53_ _1951 J - J
U 8 Steel Corp-lcoup _41963 MN
8 F 10-60-yr 5efreg ......41983 M- N
Victor Fuel 1st e 15a .._ _ _1053 J • 1
Va Iron Coal&Coke let g 58_1949 111 8
99
9934 9812
3
98
9
8914 Sale 89
8978
20
81 Sale 8012
81
____ 96
95 July'17 ___1
---- 91,2 85 Jan '18 ___1
____ ____ 101 Dec '14
8112
8138 Dec '17 __ _ _1
17
7478
744 7478
74
83 Jan '18
9i3
82
---- ____ 9812 Sept'17
9812 Aug.17
---..
3
91
____ 9334 94
16
84
82 Sale 82
31
9612
9614 97
994
96
16
95 Sale 95
89 Jan '18
8918 91
8314 27
83 Salo 8212
8478 ____ 8512 Feb '18 _- _ _
98
5
9778 Sale 9734
7814 Dec '17
87
80
9512 9712 9712 Jan '18
9934 196
991 Sale 9914
---- ----94 Dee '17
80 Deo '16 ___- 75
2
85
85 Sale 85
Telegraph & Telephone
8218 34
Am Felep & Tel coil tr It.. _1929 J • 1 8114 Side 8114
8134 Jan '18 __ __I
Convertible 4e---------.1936 M- 13 _-_- 95
8
91
91
92
20-yr convertible 449_ _ 1933 el- S 90
9518 145
30-yr temp eon tr be_ 194t3 J - 0 9412 Sale 9414
10
9914
Cent Dist Tel let 30-yr 58_1943 J • 0 99 10018 9914
73 Nov'17
Commercial Cable let g 4a 2397 Q - 1 __
613 18 Jan '18
9158 93
2397 Q J
Registered
9012
91
3
Cumb T it 1' let it gee 5e.....1937 J - J
Keystone Telephone let 5s_ _1935 J - J ........93 Apr '16 .....
2
9912
9912 9934 9912
Metropol Tel it Tel let a f 5s 1918 M -N
8634 Jan '14
91
80
Mich Itaug Teleph let Is. _ _1924 F - A
NYANJ Telephone Se g _1920 M -N 97 ___ 97 Jan '18
45
87
864
8612 89
N Y Telep let A gen 914 48_1939 M- N
9212 14
9214 Sale 9214
Pee Tel it Tel let .58. -._1937 J • 1
3
9118
9118 Sale 91
South Bell Tel & T let 81-5e 1941 J - .1
4
924
West Union coil tr cur 51...1938 1 - J 92 Sale 92
87 Jan '18
1950 MN ____ 88
Fd and real eels 448
Met tin Tel gu ext res- -1941 M-N---- 10112 10112 Sept'17
Northweet Tel gu 4 qs g_1934 J • J ____ ___ 94 Nov.16
Due June. it Due July. k Due Aus. o Due
96 . 99
90
87
8134
80
-
-ig-
-ig73'2 747
83
83
-91
81
95
9478
88
8058
8512
93
04 84
97
96
9032
8314
8512
98
05
98
98
07z
100
98
83
8511
8114
8134
86
90
9818
8318
8134
91
954
9914
6818 6818
90
9318
9912
8634
97
8534
9034
9018
90
87
9912
8634
97
8718
9212
92
93
88
Oct. p Dae Nov. q Due Dee. a Option sale.
C590
BOSTON STOCK EXCHANGE-Stock Record,..BttlxirPage
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Feb.2.
Monday
Feb. 4.
1
Tuesday
Feb.5.
IVelnescley 1 Thursday 1
Feb.6.
Feb. 7
I
Friday
Feb. 8
STOCKS
BOSTON SPOOK
EXCEIANGE
ofv'aceillktd
Shares
Range Since Jan. 1.
Lowest.
-
Highest.
[VOL. 106.
Range for Previous
Year 1917
Lowest
Highest
Railroads
125 125
125 125
126 126 *126 128
128 128
45 Boston & Albany__ ._ ._ ._100 123 Jan 26 129 Jan 3 120 !Deo 175 Jan
*45
47
4612 4712 48
46
45
46
41
355 Boston Elevated_ _ _ _ ......1.00 37 Jan 2 4822 Jan 31
4114
27 liana
79 Jan
*83
93
92
92
*92
51 Boston & Lowell_ ._ ._ ._ ._1(10 88 Feb 1 100 Jan 2
92
____
9314 91
_ _
7012 Deo 133 Mar
2212 2212
2112 2212 2218 2218 21
2112 2112 -2112
215 Boston & 'Maine_ __ _ _100 19 Jan 23 24 Jan .2
15 :Doe
45 Mar
*_--- 170 *__- 170
Lest Sale 16812 Jan'18
Boston & Providence_
100 159 Jan 14 16812 Jan 17 150 Dec 213 Jan
-7412 -21-2
*112 212 *112 212
Lest Sale 2
Jan'18
Boston Suburban Eleo__no par
2 Jan 26
2 Jan 26
2 July
3 July
*1012 ---*1012 -- *1012 ____
Lest Sale 11
Do prof
Jan'18
no par
1012 Jan 9 11 Feb 1
9 June 30 July
-__
Lest Sale 412 Nov'16
Boston & Woro Elea _no par
last Sale 30 Aug'17
Do prat
30 Aug
38 Feb
.iii- 1E61;.148- 1561;i61-2
2
Lest Sale 148 Nov'17
Chi() Juno Hy & US Y.. no_100
ar
148 Nov 150 Jan
84
81
*___- 85 *____ 83 *___- 8510 Do pref..
100 81 Jan 17 85 Jan 30
8312
Dec
108
Jan
•101 119
*101 119 *101 119
Lest Silt 1ti3--NoVii
Conneotiout River_
_100
10212 Nov 140 Mar
*5557
59 *____ 60
*56
60
23 Fitchburg pref..__100 53 Jan 22 65 Jan 3
44 Deo
7812
Mar
*115 1
17.12
-*11478 ____ *11478 117 *11473 117
Ha- 11650 Georgia Ely & Elea stampd100 115 Jan 26 11614Jan 9 116 Dec 133 Jan
*79
8312
8312 *79
*79
8312
Lau Sale 8314 Nov'17
Do prat_
100
83 June 9212 Jan
*80
83
80
80
*30
83
*80
83
40 Amine Central
100 80 Jan 26 85 Jan 3
78 Dec 10018 Mar
*3
312
234 3
212 212
212 212 -*214 -212
215 Masa Electric Coo----100
2 Jan 2
312Feb 1
1 Dec
638 June
12
1234
14
14
11
14
*1212 1312 *13
14
159 Do Prof stamped_ __
812Jan 22 15 Feb 1
100
6 Dec
3114 July
*2912 30
30
3012 2914 3012 2914 2914126N '1''7 Ii & Hartford
100 28 Jan 23 33 Jan 2
2184 Sept 5234Jan
Last 8113 95---Ja-n;i8
Northern New Elampshlre.100 90 Jan 10 90 Jan 10
9012 Oct 105 Apr
;91 97
*93
93
-iii" -16-- *9314 95
___ __
2 Old Colony
100 95 Jan 17 98 Jan 2
85 Dec 135 Jan
2014 2014
*2014 25
*2014 25
*2014 255Rutland. met.
Jan
20
-100
25
2
Jan
1612 Dec
8
8412 Feb
*82
93
*83 _ _ .
*83 _ _
_
Lest Sale 83
-ja-n
Vermont & Massachusetts_ 100 83 Jan 24 85 Jan 9
'
-i8
83 Deo HO Jan
4112 4112
*40
4112 *40
41 *10
41
40
40
50 West End Street_ _.--- 50 38 Jan 26 4338 Jan 3
31
Deo
5612
Mar
*49
51
*49
51
*49
51
Lest Sale 51
Jan'18
Do prof
50 47 Jan 16 51 Jan 2 245 Dec
74 Jan
Miscellaneous
*85
8712
*85
8712 *85
8712 *81
81
84
85
10 Amer Agrloul Chemical.._100 7812Jan 2 85 Feb 8
73 Dec
9414 May
91
9214
92
9212 92
92
91
91
9012 91
222 Do prof
100 883s Jan 2 0212 Feb 5
88 Deo 103i2 Jan
*.80
118
118 14
114
114 *114 138
114
415 Amer Pneumatic Service_ 25
138
.76Jan 24
13s Feb 8
1 Deo
242.1an
*812 10
878 878 *9
10
-__ ____
*3
10
50 Do pret...
8 Jan 29
50
878 Fob 5
712 Deo
14 Mar
*10612 10714
10312 10312 *10534 10514 10538 1051
815Amer Sugar R3fining
100 99 Jan 2 107 Jan 24
90 Nov 1284 June
*109 111
11014 11014 110 111 *109 11012 1.05 r2 1691
29 Do pref..
2
100 108 Jan 19 111 Feb 6 105 Deo 12122 Jan
10814 10834
103 103
107 103
103 10714 108 107
1,652 Amer Telep & Teleg_.-100 100 Jan 4 109 Feb 5
96 Dec 1284 Jan
*5114 52
5178 52
5278 5278 5134 5134 *52
260 Amarican Woolen of Mass.100 4512Jan 8 5278 Feb 6
5214
3878 Nov
58 June
9212 9314
9312 94
94
94
93
04
9312 9334
296 Do prof
100 90 Jill 3 94 Feb 5 £8714 Dec 10014 June
*61
-61
61
6112 6112 *61
110 Am askeag Manufacturing__ 6012 Jan 2 63 Jan
60
Dec
75 July
.77 _ _ _
*77
7712 7712 7712 -ii12 _.,„
110 Do prof.
76
Jan
1
Feb
7
80
75 Deo
97's Jan
*1214 1212
12 -1-2 - *1134 12
1112 1112 -114 -1-1-1210 Art Metal Construe Ino-10 1114 Feb 8 1334Jan 4
4
6 Dec
1434 Deo
1084 11018
109 110
10334 11434 11214 115
11234 11434 3,580 AU Gulf & W I S S Lines_100 98 Jan 15 115 Feb 7
83 Sept 12112Jan
6114 6114
6114 6112 62
62
*61
62
*61
62130 Do prof.
Jan
100 5812
17 62 Feb 6
5512 Feb
68 Jan
*2214 2234
2218 2212 2214 2212 22
2214 2238 2434 4,083 Booth Fisheries
no put 21 Jan 25 2434Feb 8
*1414 16
13
15
*1314 1114 14
14
13
133
745 Cuban Port Cement
_ 10 12 Jan 29 15 Feb 5
9 Deo
2018 June
414 414
418 413
414 412
4
43 -------- 1,325 East Boston Land_
4 Jan 31
483 Jan 2
10
37s Deo
10 Jan
143 145
148 14912 14712 14712 145 147 -------_
--131 Edison Electric Illum........100 x137 Jan 15 15412 Jan 2 13318 Deo 228 Jan
137 139
13714 138
136 13634 13478 13512 135- 116 General Electric
332
128
Jan
100
140
Feb
16
1
11834
Deo 17014Jan
632 612
612 612
813 612
612 61
1
1
Internat
745
Port Cement_
10
4 Dec
612Feb 2
512Jan 2
1813 Jan
13
13
14
14 '313
15
*13
14 - ----- ----530
17 mcD
sotwai
Paret1 -50 1212 Jan 29 14 Feb 5
10 Dee
3312 Jan
*91_
*91
91
91
91
91
W El) 1st prof .100 91 Feb 6 91 Feb 6
9212 Dec 102 Jan
80 -8(.i
80 -861-4 8012 81
80
- iiiii2 If"
246 Massachusetts Gas Cos....100 3774 Jan 15 8112Jan 3
71 Doe 10012 Mar
*6512 66
66
66
68
6612 86
66
6612 6612
101 Do prat
100 65 Jan 29 70 Jan 3
63 Dec
81 Mar
*121 125
121 121
121 121
120 12012 120 120
52 Mergenthaler Linotype -100 115 Jan 2 124 Jan 31 110 Deo 169 Jan
*34 212
*34 112
*34 212
Last Sale 1
Mexican Telephone
Set'17
10
I Mar
134 July
*88
*88 ____ 88
88
*88 -------- -----1 New Eng Cotton Yarn_ _ _100 88 Jan 15 89 Jan 10
35 Jan
95 Mar
_
Lest Sale 9212Aug' T
Do prof
100
60
9212
Jan
Aug
*98
9812
98 -9834 -98- -981-2 98
98
98
244 New England Telephono_100 95 Jan 26 100 Jan 3
98
93 Deo 12412 Mar
Last Sale 115 Nov'17 '
Nine Bay Company.
100
110 Nov 147 Jan
*66
89
;iio- li- ;58" 76Last Sale!6512 Jan'18
Nova Scotia Steel & C._ _100 64 Jan 23 69 Jan 2 Z59 Nov 112 Jan
---- ---Last Sale 11714 Jan'18
Pullman Company
100 102 Jan 7 11714 Feb 1 107 Dec 1664Jan
*32
35
33
33
iii" ii" 33
33__ ___
10 Punta Allegro Sugar
29 Deo
50 29 Jan 3 33 Feb 7
48 Jan
*1112
'
311
_ - __
12
12
*1112 __
- __30 Reece Button-Hole
10 Deo
10 11 Jan 29 12 Feb 6
18 Mar
127 11712
A
127 12712 12534 12678 125 12612 12618 1264
242 Swift & Co
100 12414 Jan 7 132 Jan 11 116 Nov 18278 Apr '
*4612 47
47
47
48
48
50
50
30 Torrington
'4'45 Jan 29 5012 Jan 4
25
40
Nov
88
June
12634 12712
126 12614 12514 128 1 125 12612 1215- 12!;1-2
957 United Fruit
100 11512Jan 17 128 Feb 1 2105 Dec 15512 Jan
43
43
43
43
a
4212 43 • 4212 4238 4212 43
701 United Shoe Mach Corp
25 41 Jan 2 444 Jan 3
3712 Dec
Jan
5814
2512 2512
2512 2512 2534 26
26
28
2512 26
122 Do prof
25 25 Jan 19 26 Feb 6
25 Oct
3018 Mar
9613 9634
9514 9638 9434 9512 9313 9413 933 943
6 355 U S Steel Corporatloa_.-100 887 Jan 15 9838Feb 1
81
7938 Dec 135 May
112 112
*11034 11114 11014 11014 11014 11014 ----- -----341
Do prat
00 10318 Jan 15 x112 Feb 1 10334 Deo 121 Jan
712 732
714 712
712
712
732
732
714
712 2,070 Ventura Como!011 Fields_ 5
5 Jan 2
83e Jan 24
414 Dec
8s Jan
'
Mining
*1
138
/13
*1
138 *1
138 *IL
138
1
1
105 Adventure Con__......._ 23
1 Jan 10
134Jan 25
1 Oct
414 Jam
80
80
80
80
8012 8134 *80
8112 *80
mek
a
25 78 Jan 21 83 Jan 3
70 Dec 108 Jan
*214 234
238 212
214 238
214 231i
Alhaske Gold
238 1,7
105 A
112 Jan 19
234Jan 22
214 8280
10
1 Dec
1112Jan
*.30
.50
*.30
1,4
.45 *.40
.45
Last Sale .25 Jan'18
Algomah Mining
.25Jan 7
25
.25 Jan .7
14 Sept
14Jan
*51
5314 5314
52
*5112 53
w
*51
52
*51
52
6 Allouez
25 50 Jan 15 5314 Feb. 2
45 Dec
70 Mar
*1414 15
1414 15
14
14
14
14
*14
160 Amer Zino, Lead & Small. 25 13 Jan 17 1714 Jan 3
15
11 Dec
414Jan
•42
46
4612
4612
*42
45
___ 2 Do prat..........._ _ 25 41 Jan 2 4612 MI 6
0
_
40 Nov 73 Jan
1278 13
1212 1212, 1278 13
1234 13
*1212 13 850 Arizona Commerltl__
5 11 Jan 5 1312 Jan.22
812 Nov
1514 June
(fl
*.30
.40
*.20
.50 .30
.30
.28 .28 *.25 .28
600 Butte-Balaklava Copper_ 10
.25 Feb 1
.25 Dec
.45 Jan a7
214 Jan
*19
2012
1934 1934 *1812 20
1912 1913 *1812 20
115 Butte & Sup Cop (Ltd)..... 10 1738Jan 3 1034 Feb1 5
1238
Dee
52
Jan
66
66
6534 66
68
67 *66
67
6634 68
302 Calumet & Arizona....._ _ 1.0 6212 Jan 15 68 Feb] 8
55 Dec
8514 Jan
480 460
480 , 460 '3457 460
454 455
450 450
22 Calumet & Heels......_ 25 431 Jan 2 464 Jan , 4 411 Dec 590 Feb
14
14
*14
1412 *1312 1412 1312 14
17 Centennial_
*1312 1414
25 12 Jan 14 14 Jan .3
11 Dec
2714 Jan
*4334 4412
*44
4434 *44
4434
Last Sale 4412 Jan'18
Chino Copper
3614 Deo
5 4112Jan 15 4413 Feb 1
63 Mar
4714 48
4714 43
47
48
47
4712 47
47
607 Copper
25 4412Jan 16 48118Jan 3
Co
3914
Deo
68
Jan
*134 2
*134 2
*134 2
Last Site 2
Jan'18
Daly-West
178Jan 19
20
2 Jan 26
112 Apr
3 Jan
512 512
538 538
5
54
513 514
520 Davis-Daly Copper
14 Nov
514 514
5 Jan 2
10
714 Jan
534Jan 3
3
934 934
934 934
912 934 *912 934
210 East Bette Copper Min._ 10
934 934
9 Jan 16 1012 Jan 2
814 Dec
18 Jan
*518 6
*5
538 *5
612
5
514 *5
120 Franklin__ _ _ _ _ 25
514
4 Jan 29
512Feb 1
4 Deo
9 Mar
7712 7712 *76
*75
80
80
*74
80
*74
80
5 Granby Consolidated _ _ _ .. _ 100 7414 Jan 29 7712 Feb 5
66 Dec
92
Jan
*4112 43
*4214 4338 4412 44121 *42
4412, *4212 45
50 Greene Cananea
100 39 Jan 17 4412 Feb 6
35 Nov 4612Jan
*812 912
*812 912 *312 912,
Last Sate 8
Jan'18
Hancock Consolidated__ ... 25
25
Jan
8
Jan
2
7 Dec
10'8
Jan
2018
*.85
1
*.85
..85
1
Last Sale .85 Jan'18
1
Indiana Mining
.80 Jan 2
25
1 Jan 3
%Deo
4 Mar
55
55
51
55
54
55
51
55
5512 56,
760 Island Creek Coal.
1 50 Jan 14 56 Jan 31
52 Nov 764 June.
83
83
8312 8312 *3118 84
8118 8118 8l12 8112
44 Do prof
1 80 Jan 24 8312 Feb 5
80 Nov 94 Apr
*22
2234
2112 2112 2212 2212 22
22
22
122 Isle Royale Copper
22 4
25 1912 Jan 14 26 Jan 2
20 Deo
38 Jan
*512 534
534 534
534 534 *512 534 *512 534
165 Kerr Lake
534 Feb 5
5 Jan 2
414 Apr
e Aug
..99
1,4
14
114 *1
114 *I
114 *I
20 Keweenaw Copper__.__ 25
.99 Jan 24
114
112Jan 2
434 Jan
114
June
*614 7
*6
612 *6
60
50 L
uaksealC
614 *6
634
leoc
6
6
pp
6 Feb 8
aeprC
peep
.......__ 25
712Jan 3
5 Oct
18 Jan
278 278
*278 314 *278 314 *278 314
3
:1
25
2 Jan 2
3 Feb 1
114 Deo
5 Jan
534 534
*512 6
534 534 *514 6
*5
6
35 Macon Valley Mine.
534 Fob 1
5
5 Jan 29
118 Nov
Pe Aug
*614 634
*614 634 *614 634
614 5,4
121 Mass Consol_
614 614
25
6 Jan 16
7 Jan 2
5 Nov
1512 Jan
112
*I
*114
138 *114
14
100
112 *1
112
Mayflower-Old
Colony__
114
1 Jan 17
25
112Jan 3
1 Nov
3 May
*214 212
218
212 *2
212 *2
212 *2
212
130 Mlealgan .__ ._.__.__
25
1 ifa Jan 4
212 Feb 5
1311 Aug
512 Mar
6134 6134
6178 6178 6114 6114 6114 62
*61
6134
80 Mohawk....__ _ _ .._._ 25 x58 Jan 9 66 Jan 2
57 Dec
98 Jan
*19
1933
*1818 19
*1812 19
Last Sale 1312 Jan'18
Nevada Consolidated
5 1812 Jan 30 19 Jan 3
16
Nov
2612
Mar
*2
*2
24
218 *2
24 *2
218
218 2,8
50 New Arcadian Copper__ 25
134 Jan 21
218 Feb 8
112 Deo
6 Jan
*13
14
*13
14
*1314 14
Lest Sale 1312 Jan'18
New Idris Quicksilver..... 5 1314 Jan 2 1312 Jail 3
10 Nov
17,2 Apr
*17
19
*17
19
*17
19
Lest Safe.19 .Jan'18
New River Company__ ._100 17 Jan 2 20 Jan 2
22 Jan
30 Mar
*78
'
378
8012
8012 *78
83
Last Sale1 SO
Jan'18 ......Do prof...........,,L00
._ ._ _100 75 Jan 2 80 Jan 31
6.5 Deo
9214 Mar
*8,4 812
818 812
814 812
812 812
'
,
Palming Mines.
818 818
5 81
4Jan 11
812Jan 31
64 July
938 Sept
1512 1512
1518 1514 *15
1512 1518 1511 1514 154
270 North Butte._ ___ _ _ _ 13 1414 Jan 26 1612Jan 3
1134 Oct
2414 Mar
*.62
.75
+.62
.75 ..62
.75 +.62 .751 .50 .50
203 North Laka23 .40 Jan 9
.30 Nov
.60 Jan 3
234 Jan
*1
112
*1
112 *1
112
Last Safe 34
011bwty MinIng__ 23
Jan'18
4
4Jan
34Jan 4
3
OF Deo
278Jan
4312 4312
4312 4312 4312 4312 *13
41
43
41
95 Old 13=talon 0)...._ .___ 25 4212 Jan 16 4512 Jail 3
33 Nov 6734 Mar
*59
61
*59
61
61) 60
60
60
*59
60
10 Oveolla...._ .___ .__ ...._ ._ 25 x57 Jan 18 65 Jan 9
5112 Dec
95 Mar
*1812 1012
*114 1914 19
19
18
13
1818 1834 1,095 Pond Creek(Jo ti____ _ 10 1712 Jan 12 t98 Jan 29
16 Nov 2834 June
*73
75
75
75
*73
75
74
7112 *73
75
40 Quinoy
25 70 Jan 19 75 Jan 12
60 Nov 941k Feb
*24
2434
2414 2414 *2314 21
*2311 21
*2334 21
25 Ray Cons)11date I Cooper. 10 2278 Jan 12 2414 Feb 5
20 Nov 3212 Apr
*54
55
55
55
53
5314 51
51
*53
51
Sr
60
al tri's Mineral Land_ 25 52 Jan 12 57 Jan 2
48 Dec
8934 Mar
*.70
.80
*.70
.30 *.70
.80
Lad S
Sale 65 Jan'18
"Was Fe G )id A Omar_ 10
.65Jan 26
.90 Jan 18
.58 Deo
2 Jan
*5
512
518 54 *5
518
511 514 *5
160 3hinnoa.,_ _._ ............ 10
514
518Jan 31
534Jan 2
518 Oct•
10 Jan
*17
18
*16
IS
*17
18
test Sale 16
Jan'18
3hattuoz-Arizon a_ .._ _ 10 16 Jan 15 16 Jan 15
19
Oct
3012
Mar
*138 2
*138 2
*11g 2
Lest Sall 112 Jan'13
South (WM _ -------23
112.Tan 2
2 Jan 3
.89 Deo
614 Jan
*.11
.16
*.15
.16 *.11
.1*
Lase S as. .11 Jan'19
South Utah ME & S
5
.11 -Jan 23
.20 Jan 8
.10 Dec
.31
Jan
*414 412
*114 4'12
414
411 *114 412
412 412 -1.6 iaperior...... _ ...._ _ .. ... 23
'1(4 Jan 31
512 Jan 2
314 Deo
We Mar
318 318
3
3
3
3
3
3
3
525 a zaerior A Boslo I 00.)D It. 10
3
3 Jan 31
213 Dec
814 Jan
334Jan 3
4
44
*1
44
4
4
4
4
3.34', 4
....„ _ ._ ...,._ _ 25
711 reinity.
314Jan 11
Feb
44
3
2
Nov
I ix. 14',
812 July
1
*1 144 118
118 *1
112 *1
112
650 r 1 gamine0maer _ _ _ 1
.95Jan 21
112 Jan 31
Mae 23
4Jan
4714 4712
4712 4712 46
47
4512 47
4514 4531
353 11 4 alallt Rena A Min_ 59 .1318 Jan 15 48 Feb 1
4018 Deo
6734 Jan
45
45
4514 4514 4514 454 4512 4512 45
452
211
1)) pref.._ _ _ _ 11 43 Jan 3 46 Jan 2
4312
Nov
524
Jan
214 24
*23
,4 214
24 214 *218 214
259 at4PIADiC Nfiula4....- - 5
234'8 1,
8
2 Jan 30
218 Feb 8
112 Mar
372 Sept.
11
Ills
*11
1114 11
1114 11
11
1014 lin
615 Ut sta Coasolliatel. _ ..._3 10 Jan 2 12 Jan 16
Dec
913
Feb
214
*3334 8414
+3212 83
*8212 83
TAU Site 33a'
18 h li ..___ ... (Jun 0)aper 0). ... ..... ... 10 30 Jan 23 8318Jan 31
71 Dec 11818 May
*213 214
214 114
2%', 214
24 214
214 II i
415 Utah Metal A Tomei.._ .. I,
2 Jan 30
214 Jan 4
213 Deo
632Jan
*2
3
*2
3
*212 3
212 212 *212 3
5 Vluoria ------ -- -- ----85
212 Jan 26
3 Jan 3
2 Oct
6 Jan
*112 2
*112 2
*112 2
bast Sa!e. 2
Jaa'18 ____ _ Ala Eis ............
...
23
2 Jan 3
1 Jan 10
2 Oct
S's Jan
*35
36
3112 3112 *35
3512 35
31
*36
35
20 A ,hterins
23 31 Jan 29 36 Jan 3
31 Dec
534
Mar
*AO
.91)
*.60
.90 '3.80
.90
hall Safe 34
Jan'13
Afaalott ....... ..
.- 23
34Jan 4
34Jan 4
15 /lag
2'g Jan
• Bid and asked prices. a Ex- liviaanl cal riguta • amass wont of, d. ils eights.
s Ex-alvlden I. w
THE CHRONICLE
FEB. 9 1918.]
591
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Feb. 2
Boston Bond Record.-Transactions in bonds at Bos- to Feb. 8, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange Feb. 2 to Feb. 8, both inclusive:
share, not per cent. For bonds the quotations are per cent
•
Friday
Range since Jan. A.
Last Week's Range Sales
of par value.
for
Prices.
of
Sale
Outside Stock Exchanges
Bonds-
Price. Low.
US Lib Loan 3A s _1932-47 97.34
1st Lib Loan 4s_1932-47 95.64
2d Lib Loan 4s_ _1927-42 95.12
Am Tel & Tel coll 4s_ _1929 81%
5s temporary receipts_
Atch Top & 5 Fe 4s..1995
Atl G& W IS 5 L 5s__1959 76
Gt Nor-C B & Q 4s_ _ _1921
K C Mom & B 5s_ _ _ _1934 60
Mass Gas 434s
1929 89
NE Telephone 5s_ _ _ _1932
Punta Alegre Sugar 6s 1931
Swift & Co 1st 58_ _ _ _1944 95
United Fruit 434s._ _1923
U S Smelt R & M cony 65_
117oatarn er•I A. 'T'al Ka lose
go
High. Week.
Low.
97.34 98.20 $87,150 96.52
38,450 95.64
95.64 97
95.12 96.10 187,000 95.12
10,000 81%
81% 83
95% 9534 1,000 91
1,000 84%
84% 843
21,000 75%
78
76
1,000 9234
93% 93%
1,000 60
60
60
3 000 88
89
89
90A 11,000 89
90
7,000 79
80
79
2,000 93
95
95
953, 95% 1,000 93
1,000 9434
97
97
RA
59
2.000 87t6
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
High.
98.80
98
97.22
83
954
84%
79
94%
60
89
9034
80%
95
95%
9734
59
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jfin
• Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Feb. 2
to Feb. 8, 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
Week
of Prices.
Sale
Par. Price. Low. High. Shares.
American Radiator_ ..100
Amer Shipbuilding_ _100
Booth Fisheries, common,
(no par)
new
100
Preferred
Chic C'y & C Ry pt sh pref
Chic Pneumatic Tool_ _100
Chic Rys part ctf "2"
Chicago Title & Trust_100
Commonwealth-Edison 100
Cudahy Pack Co, corn 100
100
Deere & Co., pref
100
Diamond Match
100
Hartman Corp
Hart Shall & M,COM--100
Haskell & Barker Car Co_ _
100
Illinois Brick
10
Lindsay Light
10
Preferred
Middle West Util, com_100
100
Preferred
Mitchell Motor Co
Page Woven Wire Fence.20
Peoples G L & Coke_..100
Pub Serv of N Ill, corn_100,
100
Preferred
100
Quaker Oats Co
Preferred
100
Sears-Roebuck, coin_ _ _100
100
Shaw W W corn
100
Preferred
Stew Warn Speed com_100
100
Swift & Co
Un Carbide & Carbon Co_
Ward, Montg Sz Co, pref_
Wilson & Co, common_100
100
Preferred
Bonds.
Booth Fish s Id 68_ _1926
Chic City & Con Rys 5s'27
Chic Pneu Tool 1st 55_1921
1927
Chicago Rys 5s
1923
Chicago Telep 58
Commonw-Edison 55_1043
Liberty Loan 3348
Liberty Loan let 48
Liberty Loan 2548
Metr W Side El lst 45_1938
Pub Serv Co 1st ref g 55'56
South Side Elev 430_1924
Swift & Co 1st gold 58_1944
Wilson & Co 1st 6s._ _1941
255
87
24
85
14
5034
9
10734
4134
22
-10
100
15234
52
12634
51
5234
96
255
87
21% 24%
85
85
1434
14
49
5034
9
9
170 170
106% 108
110 114
9634 97
109% 110%
41% 42
67
67
38% 3834
5434 56
21% 23
10
10
26% 26%
61
61
30
30
6% 6%
4934 53
75
75
8888
280 280
100 100
150% 154
67% 6734
9134 91%
51
52%
125 128%
5034 52%
108 108%
51
55
96
98
89
52
96%
84
96
94
94
98 97.90
96.10 96.10
95.50 95.50
5834 58%
80
80%
94
95
95% 95%
9634
Range since Jan. 1.
Low.
36 250
100 87
4,783
20
85
685
62
5
338
417
22
128
215
25
30
92
695
200
20
50
50
50
326
7
43
25
10
950
45
15
852
660
3,143
80
195
263
89% $11,000
53% 8,000
9634 1,000
8434 2,000
96
1,000
94% 14,000
98.30 10,150
96.50 2,400
95.95 8,550
58% 2,000
80
2,000
80% 3,000
9534 11,000
95% 19,000
18%
83
14
4734
8
165
103
107%
95%
102
40
53
34
5434
21%
10
25
57
30
6%
41
72
x87
250
95
139
53%
91%
47
124
4814
106
46
95
89
52
9634
82
96
9114
07
96
95.50
56%
80
7834
93
94%
High.
Jan 255
Jan 9134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
24% Feb
85
Jan
17% Jan
51% Jan
10
Jan
175
Jan
108
Feb
114
Feb
97
Jan
112
Jan
44
Jan
67
Feb
38% Feb
58
Jan
28
Jan
11
Jan
28
Jan
65
Jan
30
Feb
6% Feb
55
Jan
76
Jan
90
Jan
280
Feb
100
Jan
156
Feb
67% Feb
91% Feb
53% Jan
133
Jan
53
Jan
108% Feb
Jan
59
98
Jan
•
8934 Feb
56
Jan
96% Feb
84% Feb
98% Jan
9434 Feb
98.62 Jan
97.50 Jan
97.10 Jan
58% Feb
8134 Jan
Jan
81
95% Jan
9514 Feb
Ex-dividend.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Feb. 2
to Feb. 8, 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-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
15%
American Sewer Pipe_ _100
Am Wind Glass Mach_100 5034 43
101
Am Wind Glass pref.._100
7%
Carnegie Lead & Zinc_ _5
2
2
Indep Brew common
111
La Belle Iron Works_ _ _100
100 11934 119
Preferred
96
100
Lone Star Gas
51%
Mfrs' Light & Heat_ _ _50 52
9
9
Nat Fireproofing pref. 50
Ohio Fuel 011
1 1534 15%
Ohio Fuel Supply
25 43% 42%
25
Oklahoma Natural Gas_25 25
2%
Pittsburgh Brewing corn 50
11%
Preferred'
50
Pittsburgh Coal corn..100 4514 47%
42c
Pittsburgh-Jerome Cop..
51c
32e
Pittsb & Mt Shasta Cop....1 36c
Pittsb 011 & Gas
5%
6
100
Pure Oil, common
24%
25
Ross Mining & Milling_ _1
10c
San Toy Mining
14o
1
93%
U S Steel Corp corn_ _ _100 94
Westinghouse Air Brake 50 96
95%
W'houso El & Mfg com_50 41% 41
BondsFed St & Pleas Val 5s (old)
82
Range since Jan. 1.
Low.
High.
1534
30 1234
52%
1,145 40
101
100 100
7%
175
7
2
1%
120
112
210 107
119%
21 118%
96
25 05
52
195 51
9
265
8%
16
397 15%
43%
828 41%
25
30 25
2%
135
2
12
110 11
48%
65 45
53c 29,700 40e
40e 54,800 21c
1,545
6
534
2434
20 24%
10c
200
80
14c
6,100 11e
170 89%
96
225 95
98
125 39
41%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
15%
52%
101
7%
2
112
119%
96
53
9
18
45
25
234
13
• 4834
70c
40c
6
2414
10c
14c
9734
96%
43
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
$5,000
Feb
82
Feb
82
82
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Consol GasE L & Pow 100 10114 9914
Consolidation Coal----100 104
103
6%
Cosden & Co
5
7%
Preferred
5
3%
334
35
Davison Chemical_.no par 35
2334
Elkhorn Coal Corp
50
40
Houston Oil trust ctfs..100
Preferred trust.ctfs_ _100 66
65
78%
Mer & Miners Trans--100 82
do VT
78
do
Monon Vail Trac
16
25 16
1531
Mt V-W'b'y Mills v t r_100
Preferred v t r
6834
100
Northern Central
50 72
71
63
Penns Wat& Power_..b00
115
Symington (T H) pref _100
United Ry & Elec
23%
50
Wash B & Annap corn. 50 2714 27
Wayland Oil ex Gas
5
314
3
102
104
7%
3%
35%
23%
47
66
82
80
16
15%
68%
72
63
115
24%
2734
3%
.
Range since Jan. 1.
Low.
456 94
207 91
3,175
634
225
334
320 30
100 22%
848 40
305 64%
259 56
118 77
31 15%
30 15
12 68
62 70
55 60
5 115
127 2351
4
30
2,535
334
High.
Jan 102
Jan 106
Jan
8%
Jan
4
Jan 3834
Jan 2534
Jan 53
Jan 74
Jan 82
Jan 80
Jan
1634
Jan 16%
Jan 73%
Jan 7214
Jan 64
Feb 115
Jan 2434
Jan 28%
Jan
3%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
94%
93
9334
99
8334
Feb
Feb
Jan
Jan
Feb
BondsAtlan dz Charlotte 1st 58'44
Bait Elec stamped 55_1947
Ball Spar Pt& C 434s 1953
Ball Traction 1st 5s_ _1929
Chicago Ry 1st 58. _ _ _1927
City & Sub (Wash)
1948
1st 5s
Coal &Iron 1st 5s_ _ _ _1920
Cons GEL&P 430_1935
6% notes
5% notes
Consolidation Coal1950
Refunding 5s
1922
Convertible 6a
Cosden A 65
B Os
Elkhorn Coal Corp6s_1925
Fairmont Coal 5s
1931
Ga Car &Nor 1st 5s _ _1929
Houston 011div ctfs '23-'25
Kirby Lum Contr 68_1923
Norf & Carolina 1st 5s 1939
Nonf & Portsm Trac 5s '36
Norfolk St Ry 5s_ _ _ _1944
South Bound 58
1941
United Ry & E 4s_ _ _ _1949
Income 4s
1949
Funding 55 small _1936
6% notes
Va Ry & Power 5s_ _1934
Wash CA & A 5s
1941
9434
98%
83%
9634
94%
93
93
98%
8334
94% $1,000
93
2,000
93
10,000
98% 1,000
83% 2,000
8734
97
83%
9611
93
87%
97
8335
9634
9314
1,000
1,000
5,000
1,000
9,000
84
8434 4,000
101 101% 8,000
81% 81% 6,000
82
82
22,000
97
97% 2,000
97
93
931.1 9,000
93% 9334 1,000
95
9434 94
7,500
4.000
97% 98
1,000
99
99
99
80
.80
6,000
97
97
4,000
97
1,000
96
96
76
16,000
76
74
57
57
5,000
79
79
600
95
95
7.500
1.000
80
80
8334 83% 83% 9,000
84
8194
9434
93
93
9834
82
Feb
Feb
Jan
Feb
Jan
87% Feb
96
Jan
81
Jan
9434 Jan
91% Jan
81
99
80
80%
97
93
93%
88
96%
99
80
97
96
73
5534
79
9434
79
80
8734 Feb
97
Feb
8334 Feb
9634 Jan
95
Jan
Jan 8434 Feb
Jan 103% Jan
Jan 81% Feb
Jan 83% Jan
Jan 9834 Jan
Feb 93% Feb
Feb 9334 Feb
Jan
Jan 99
Feb
Jan 98
Jan
Jan 99
Feb
Feb 80
Feb
Feb 97
Feb
Feb 96
Feb
Jan 76
Jan 58% Jan
Jan
Jan 80
Jan
Jan 95
Feb
Jan 80
Jan 83% Feb
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Feb. 2 to Feb. 8, 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-
Friday
,saa4
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares
Range since Jan. 1.
Low.
84 35 79
84
American Gas of N J_ _100 84
720 5854
Baldwin Locomotive_ _100 6794 6331 67%
13 4034
50
Cambria Iron
4034 4034
10 6434
6634 6634
100
Consol Trac of N J
506 49
Elec Storage Battery.. _ 100 4934 4956 50
7 47
49% 49%
General Asphalt pref_ _100
140 24
Insurance Co of N A__ _10 2534 2534 2534
50 18
20
20
100
J G Brill Co
Lake Superior Corp.._100 14
1354 1434 3,505 12
64
268 6134
Lehigh Navigation
50 6334 63
28 55
5734 59%
Lehigh Valley
50
5 4334
Midvale Steel & Ord 55_ _ _
4534 4534 45%
35 5031
Minehill & S H
50
5134 5114
4 85
85
85
North Pennsylvania.
50
50 4534 4534 46%
1,846 4534
Pennsylvania
22 25
26
25
Philadelphia Co (Pitts).50 25
664 25
Philadelphia Electric__ _25 2534 2534 2534
865 2534
2534 25%
Phila Electric of Pa
1,359 2754
2734 28
Phil Rap Tr vot tr rcts_50 28
15 70
71
7114
Philadelphia Traction_ 50
1,050 71
7434 77
Reading
50 75
545
334 334
3
334
Tono-Belmont Devel_ _ _ _1
3% 3%
3%
1
345
Tonopah Mining
331
123 41
on 4134 4134 4134
Union Traction
27 190
195 195
United Cos of NJ
100 195
653 6834
60 6834 6834 6951
United Gas Impt
96% 19,984 8854
U S Steel Corporation_100 9334 93
25
8% 814
8
Warwick Iron dz 5
10
7 42
42
42
West Jersey & Sea Sh. 50
310 74
7534
Wm Cramp dr Sons_...b00 7534 75
250 31
32
31
York Railways pref__ _ _ 50 32
High.
Jan 89
Jan 6734
Jan 42
Jan 6654
Jan 5034
Jan 51
Jan 2554
Jan 20
Jan 1454
Jan 6454
Jan 5914
Jan 4754
Jan 5134
Feb 85
Jan 4734
Feb 27
Jan 2634
Feb 25%
Feb 30
Jan 71%
Jan 77
Jan
334
Jan
4
Jan 4214
Jan 195
Feb 7234
Jan 9834
Jan
834
Feb 44
Jan 80
Feb 33
•
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
BondsUS Liberty Loan 3145____
Converted into 4s
2d Liberty Loan 4s
Amer Gas & Elec 5s..2007
2007
Small
Beth'm Steel pur m 5s 1936
Elec & Peop tr ctfs 4s_1945
Inter-State Rys coil 4s 1943
Keystone Tel 1st 58..1935
Lake Superior Corp 5s 1924
Leh C & N cons 4%8_1954
Leh Vali gen eons 434s 2003
Nat'l Properties 4-6s small
Philadelphia CompanyCons & coil tr 5s_ _ _1951
Phila Elec bat 58 new_1966
1966
Small
1997
Reading gen 45
73
94
7454
95
97.80 98.30 $13,500
96
96.50 5,500
32,950
95.70 96
4,000
80
80
82
900
82
1,000
8034 8051
73
16,000
73
41
4134 7,000
2,000
89
89
48
4834 14,500
8,000
94
94
91
9134 14,000
100
42
42
7454
95
9534
84%
7454 2,000
9534 21,000
900
9534
8434 2,000
97
96
95.70
80
80
8014
72
41
89
4734
9334
8934
42
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
98.76
97.90
97.20
82
82
8051
73
42
90
4834
95
9134
42
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
7434 Feb 7434 Feb
Jan
9454 Jan 96
94
Jan 96
Jan
Jan
833.4 Jan '85
592
THE CHRONICLE
Volume of Business at Stock Exchanges
Week ending
Feb. 8 1918.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
354,810 $33,633,500
Railroad,
doe..
Bonds.
State, Mun.
& Foreign
Bonds.
$734,000
HOLIDAY
1,099,000
1,202,000
1,693,000
1,203,000
United
States
Bonds.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Ohio 011
25 330
Prairie Pipe Line
100
Standard 011 (Calif)__ _100 220
Standard 011 of N J._ _100
Standard 01101 N Y_ _100
Vacuum Oil
100
330
255
229
558
275
355
330
255
229
575
282
355
$961,000 $1,265,000
51,392,000
49,314,500
62,433,000
44,770,500
1,246,000
1,301,000
1,014,000
899,600
2,247,000
1,566,000
1,498,000
2,489,000
000000N00000t.-00.0
.co66.t.6 v66.Nvi6
.
..
.
a .
88888888888888888882§888S8888888888888888888.98&,888888826"g8S8M8888g888888888E8
88g888
NN
1134 12
2,150
134 23i 13,000
OR
OR
in
6. m6 6..64a r:o ci
M.
11%
134
02
t.h..r-MOEN06
N
634 634 9,000
.42 .4234
325
50
70
70
234 334 2,500
11
1134
400
1731 18
500
834 831
100
43i
431
1,500
120
117 122
6,800
208
208 210
195
2
134 231 12,100
32
3031 3234 2,400
Si
300
34
331 434
.4
1,640
10
10
10
600
1
1
1% 1,700
14
15'%
1634
1,925
72
75
500
3
3
334
75
336 39.4
1,800
11-16
34 11-16 14,000
11
8
500
1734 1831
1731
400
234
23.4 234
1,550
7,600
1834 20
1934
6
534 634 4,550
1034 1031
1031
400
17
1734
600
16
16
20
1 7-16 1 15-16 147,000
1
9
10
1,300
1234 14
1334
6,500
Si 15-16 1,100
2534 24
259-4 17,900
431 534 9,500
5
834 734 7,600
734
40.;(0..C16.a.DiN4t-QC:NWN
.. 11¢11
.
M
Former Standard Oil
ir Subsidiaries.
Anglo-Amer 011
£1
Rights
Timarn.t. -011,1 T Olt%
CO
631
.
,
(5.040M
...M .N
Stocks-
Aetna Explos_r__ _(no par)
Preferred r
100
Air Reduction _ r_ _(no par)
Amer Writ Paper corn_ 100
Atlantic Fruit r
100
Brit-Am Tob ord bear_£1
Carwen Steel Tool
10
Chalmers Motor,com-r(t)
Chevrolet Motor
100
Cities Service corn r_ _ _100
Cuprite Sulphur r
1
Curtiss Aerop & M,com(f)
Electric Gun r
1
Emerson Phonograph_ .. _5
Intercontinental Rubb _100
Int Trading Corp, pre:.r_l
Keyst Tire & Rubb com_10
Kresge (3 5), com_r_ _ _100
Lake Torpedo B't com r100
Marconi Wirel Tel of Am.5
Maxim MunItion.s.r_ _ _ _10
Nat Mot Car & Yoh_ r_ _(t)
N Y Transportation_ _._10
North Am Pulp dr Paper(f)
Peerless Truck dr Motor 50
Prudential Pictures.r_ _ _5
Pyrene Mfg.r
10
St Joseph Lead.r
10
Smith (A 0) Corp com-(t)
Smith Motor Truck.r_ _10
Standard Motor Constr r 10
Submarine Boat_ _(no par)
Triangle Film Corp v t c_5
United Motors.r._(no par)
U 8Steamship
10
Wright-Martin A Ire.r _ _(t)
b.CN
.eqep
...
Friday
Sales
Last Week's Range for
Sale. of Prices.
Week
Par. Price. Low. High, Shares.
.ermNwN
*0 *0
N
Minim/ Stocks
Alaska-Brit Col Metals_ _1 7-16
34 7-16
Atlanta Mines
llo
I
93-40 lle
Big Ledge Copper
5 1 3-1 6
1
131
Booth _r
331 Sc
1
50
Boston & Montana Dev_ _5 440
420 46c
Bradshaw Copper_ r
34
1
31
%
Butte Copper & Zino v t o 5 1034
834 1034
Butte-Detroit Copper.._ _ I 6-16
X
511
Butte & New York Cop_ _1
34
31
Butte-Ramsdell Cop_r__ _5
5%
534 53-6
Caledonia Mining
52c 550
1 54e
Calumet & Jerome Cop r 1
134 134
134
Canada Copper Co Ltd..5
2 1-16- 254
1 13340 110 19e
Cash Boy
134
Cerro Gordo Mines
134
1
134
Coco River Mining_r___j 234
29-4 234
Consol Arizona Smelt__ _ _5 115-16 115-16 2
Consol Copper Mines_ _ _ _5
534 631
24e 250
24e
..1
Consol-Homestead
Copper
Valley Mining_
_r_. r_l
Si
4
%
5
534
Cresson Cons Gold M&M 1
5
234 3
Darwin Lead S M & D__ _5
3
1
34 5-16 7-16
Emma Copper_ r
1 39c
38e 39e
Fortuna Cons'd_r
Gibson Con Copper_r_ _j
2
234
234
Globe-Dominion Copper_l
1 15-16 11-16
% 13-32
Goldfield Consolidate& _10
334c So
Goldfield Merger-r
1 434o
Great Bend r
1 53.4c 534c 534c
15-16 11-16
Green Monster_r
50c
Heola Mining
4 3 11-16 4
250
12e 17e
International Mines_ r_ _j 140
500 510
Iron Blossom _ r
100
234
Jerome Prescott Cori-r _1
134 231
% 11-16
Jerome Verde Copper__ ,,1
%
I 62c
620 690
Jim Butler r
Josevig-Kennecott Cop_ _1 3-16 3-16
X
1
18c
160 180
Jumbo Extension
5
534 531
534
Kerr Lake
Range since Jan. 1.
1 734c
7o
90
Kewanus r
50
Kirkl Porphyry0 M r---1
50
Low.
High.
350 350
La Rose Consol Mines_ _ _5
280 300
Liberty Silver r (prosp't)j 30c
8
Jan Louisiana Consol
634 Feb
34
1
H
3i
Jan Magma Copper
4134 Jan 47
38
40
5
70
Jan 7634 Jan Marsh Mining r
1 434c
40 43.4o
2
Jan
Feb
334
Mason Valley
536
5
554 6
1034 Jan
1134 Feb McKinley-Darragh-Sav_ _1
530 540
Feb Mohican Copper r
1634 Jan 18
,i
54
1
834 Jan
9
1 3-32 1-16
Jan Monster Chief r
Si
3
Jan
1 260
253.03 270
434 Jan Mother Lode r
100
Jan 122
Feb Mutual Min & Leas pref.1
1
1
208
Feb 21931 Jan National Leasing r
40
80
70
I
231 Feb Nat Zinc & Lead r
134 Jan
210
300
1 250
25
Jan 3231 Jan Nevada Ophir r
18e 18c
10c 18e
3-16 Jan
% Jan New Cornelia r
1634 163-4
5 163-4
331 Jan
434 Jan NIcklas Mining
360 360
I
Jan 11
9
Jan NiptssIng Mines
831 83.4
5
1
Feb
131 Feb Nixon Nevada
131 1 1-16 1 5-16
1
1251 Jan 1634 Feb Ohio Copper r
15-16 15-16
1
6934 Jan 75
Jan Onondago Mines _ r
2
23-4
23-4
1
3
Jan
334 Jan Pole Star Copper r
260 280
1 26e
334 Jan
334 Jan Portland Cons Copper_ r_l
320 340
33e
9-16 Jan
Jan Provincial Mining
1
460 49c
1 480
8
Jan 18
Feb Rawley Mines r
23•4
2
234
1
16
Jan 19
Feb Ray Hercules Mining r.,5
49-4
414 494
334 Jan Red Warrior Mining r._1
23-4 Jan
X
34
34
14
Jan 20
Feb Rex Consolidated
0340 10c
1
534 Jan
634 Jan Rochester Mines
340 400
1 350
934 Jan 11
Jan Silver King of Arizona_ _1
X 5-16
1734 Feb Silver Pick
1431 Jan
70
70
Cons r
1
16
Feb 16
Feb Standard Silver-Lead,._ _ _1 13-32 13-32 13-32
1
Jan
1% Feb Stewart
1
X 3-16
X
83-4 Jan 1134 Jan Success Mining
90 93-4c
90
1
1134 Jan 1431 Jan Superior Cop (prosp't) (t)
336 334
336
Si Jan
1
Jan Tonopah Extension
1 1 9-16 1 9-16 194
1934 Jan 2634 Jan Trl-Buillon S & D
5-16 5-16
5
434 Jan
534 Feb United Eastern.
4
1
454
43-6
634 Jan
731 Jan United Verde Exten_r_50c
3734 38
334 43-4
4
5
Unity Gold Mines
74o 86e
West End Consolidated..5
100 120
White Caps Exten_ _ _10o 100
1131 Feb 1731 Jan White Cane Mining_ _10c
34
34 15-32
131 Feb
Jan Wilbert Mining
3
10e 100
1
On
Tan
OR
T.'Ph ‘,..Anmtnn TA. Onn
1
100
90
100
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.
Week ending Feb. 8.
.0M.000..M=1
.
..h eMM..tO.Nertst.mmmN0
.
N.. .
.
er. ..
.
M..
Other Oil Stocks
Allen 011.r
1 7-16
%
34
Amer Ventura 011.r
1 13e
100 13c
Barnett 011 & Gas.r
1 1 1-1 6
1
134
Boston-Wyoming 011.r_ _ _1 240
23e 250
Cosden & Co,com.r
5
731
7
734
Crown
011.r
1
H
% 15-16
Total
2.524.850 3241.543.500 35.931.000 35.421.500 $9.065,000 Cumberland
Prod dr Ref r 1
1
1
Duthie 011.r
55c 58c
1 57c
Elk Basin Petroleum_r__ _5
Sales at
634
Week ending Feb. 8.
631 6%
Jan. 1 to Feb. 8.
Elkland Oil & Gas r
New York Stoak
1
A
34
A
Esmeralda Oil Corp_ r_ I 5-32
A 3-16
Exchange.
1918.
1917.
1918.
1917.
Federal 011_ r
5
3
234 33.4
Glenrook
011_ r
Stocks-No.shares_ _ _
10
2,524,850
5,044,219
334
354 33-1
17,164,653
25,216,945
431
Par value
4
$241,543,500 $457,404,150 $1,617,947,300 $2,281,635,180 Hanover 011 & Ref _r_ _ _ _5
43-6
Bank shares, par
3934 49
$7,200
$14,700 Houston Oil corn_ r_ _ _ _100 44
Internat Petrol_ r
Bonds.
£1
1231 123-4
Government bonds_ _ _
$9,065,000
334
331 334
$38,500
$62,195,000
$58,500 Island Oil dr Tmns_ r_ _10
State,mun.,&e.,bonds.
1
34 3-32 5-32
5,421,500
6,651,000
29,237,500
44,752,000 Kenova 011
2031 23
RR.and misc. bonds
10
5,931,000 16,503,500
40,996,000
115,074,500 Merritt 011_ r
Metropolitan Petroleum 25
34
3-4
34
1.08 1.14
Total bonds
1.11
1
$20,417,500 $23,193,000
$132,428,500
$159,885,000 Midwest Oil corn_ r
Preferred r
131
1
13-4 15-16
Midwest Refining_ r_ __ _50 107
106 112
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Mineral Wells Pet
1
134
134
BALTIMORE STOCK EXCHANGES.
N Y-Oklahoma 011_ r _ _ _ _1
34 7-16 9-16
Northwestern 011.r
600 650
1 620
_40
Oklahoma
30
4c
Oil nom_ r_ _
Boston.
Philadelphia.
Baltimore.
Oklahoma Prod dr Ref __ _5
734
Week ending
734
7
4'
33-6
Feb. 8 1918.
336
Shares. BondSales. Shafts. Bond Sales. Shares. Bond Sales. Okmulgee Prod & Ref_ _ _5
Omar Oil & Gas com
260 280
1 270
230 250
Saturday
5,621
$28,750
4,635
$10,150
1,251
$17,600 Overland Petroleum_ r_10o 24e
Pan-Amer Petrol com_ r _50
48
50
Monday
HOLI DAY
5
534
5
Tuesday
8,846
38,300
6,939
28,750
2,182
50,000 Penn-Kentucky Oil _ r_ _ _ _5
Pennsylvania
7-16
Gasoline__
34
j
34
Wednesday
10,381
70,750
5,160
51,350
1,334
27,100
250 37c
1 30e
Thursday
10,145
71,600
10,544
47,350
1,069
46,000 Queen 011.r
31 11-16 13-16
Friday
8,655
147,000
6,419
37,000
3,476
18,000 Red Rock Oil & Gas_r__ _1
Rice 011.r
34 3-16
1 5-32
5
Total
834
43.6481 3356.400
83.4 834
33.697 3174.600
9.312 $158.700 Sapulpa Refining_r
Savoy 011
9
9
5
Sequoyah Oil & Ref
1
31 11-16 13-16
Sinclair Gulf Corp r._ _(t) 1931 18
2334
New York "Curb" Market.-Below we give a record of Stanton
13.4
1
134 234
011.r
United Petroleum r
17e 170
1
the transactions in the outside security market from Feb. 2 United
Western 011_ r_ _ _ _1
% 7-16
34
to Feb. 8, both inclusive. It covers the week ending Victoria 011.r
334 33-4
331
10
Wayland Oil & Gas com_5
334
334
3
Friday afternoon.
545,850
516,340
649,565
458,285
.0.0
........-00.00000000000...............000.
N...0.
0000.000C-00000W0000000W000000
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Former Standard 011
Subsidiaries (Con.).
[VoL. 106.
Range since Jan. 1.
Low.
300
255
225
520
252
355
34
6o
1
220
634
%
1
530
634
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
A Jan
H Jan
234 Jan
334 Jan
Jan
3
3931 Jan
123-4 Feb
131 Jan
3-32 Jan
2031 Jan
34 Jan
95o
Jan
1 3-16 Jan
103
Jan
134 Jan
34 Jan
560
Jan
Jan
3o
634 Jan
234 Jan
26e Feb
15o
Jan
40
Jan
Jan
5
5-16 Feb
170 Fob
34 Jan
34 Jan
854 Feb
734 Jan
% Jan
15
Jan
1 7-16 Jan
170 Feb
34 Jan
3H Jan
3
Feb
High.
365
265
237
575
285
357
Jan
Jan
Jan
Feb
Feb
Feb
11-16 Jan
13e Fob
1 3-16 Jan
Jan
30o
834 Jan
1 5-16 Jan
134 Jan
600
Jan
631 Jan
31 Jan
5-16 Jan
331 Feb
5
Jan
734 Jan
5331 Jan
1334 Jan
Jan
4
5-32 Jan
2434 Jan
H Jan
1.24 Jan
13-4 Jan
114
Jan
134 Fob
3f. Feb
70o
Jan
Jan
50
734 Jan
Feb
4
40e
Jan
250
Jan
50
Feb
.534 Jan
34 Feb
860
Jan
Jan
1
34 Jan
10
Jan
03,4 Jan
31 Jan
2334 Feb
234 Feb
17e Feb
34 Jan
Jan
4
331 Feb
9-16 Jan
Jan
Jan 12o
Jan
Jan
134 Jan
Jan
So Feb
Jan 540
Jan
Jan
134 Jan
Jan 1031 Feb
A Jan
34 Feb
11-16 Jan
SiJan
534 Jan
8 • Jan
44o
Jan 56o
Jan
Jan
1
134 Jan
254 Jan
1 15-16 Jan
354c Jan 190 Feb
131 Jan
134 Jan
234 Jan
234 Jan
234 Jan
19-4 Jan
Jan
Jan
5
7
Jan
230
Jan 28o
Si Jan
13-4 Jan
531 Jan
431 Jan
Feb
234 Feb
3
•34 Jan
31 Jan
Jam
35o
Jan 40o
Jan 2 3-16 Jan
2
11-16 Jan
136 Jan
7-16 Jan
Si Jan
Jan
So Feb
3o
Sc
Jan
5Hc Jan
9-16 Jan
SI Jan
Jan
5
23-4 Jan
Jan 170 Feb
8o
11-32 Jan
11-16 Jan
331 Jan
131 Jan
34 Jan
Si Jan
55o
Jan 900
Jan
3-16 Jan
% Jan
14o
Jan 24o
Jan
Jan
5
534 Jan
Jan 90
Feb
6o
50
Jan 50
Jan
25c
Jan 35o Feb
280 Feb 300 Feb
7-16 Jan
3i Jan
37
Jan 42
Jan
Jan
4o
Jan
8o
631 Jan
434 Jan
520
Jan 600
Jan
34 Jan
H Jan
1-16 Jan 5-16 Jan
25o
Jan 27o
Jan
Feb
1
1
Feb
Jan
3o
80 Feb
15e
Jan 300 Feb
180
Jan 21e
Jan
1534 Jan 1734 Jan
280
Jan 460
Jan
Jan
8
834 Jan
Si Jan 15-16 Feb
15-16 Jan 1 1-16 Jan
Jan
2
234 Feb
200
Jan 280
Jan
310
Jan 34o
Jan
430
Jan Sic
Jan
234 Jan
131 Jan
33,4 Jan
43-4 Jan
34 Jan
31 Feb
90
Jan1 103.4o Jan
270
Jan 400 Feb
34 Feb 7-16 Jan
434e Jan
7o Feb
% Jan 7-16 Jan
3-16 Jan
g Jan
7o
Jan 9340 Jan
2
Jan
254 Jan
13-4 Jan
134 Jan
3-16 Jan
3i Jan
434 Feb
331 Jan
3634 Jan 38
Jan
334 Jan
434 Feb
65o
Jan 860 Feb
10e
Jan 14o
Jan
11-32 Jan
Si Jan
10o
Jan 14e
Jan
00 Feb 100 Feb
%
8o
%
3o
410
54
63-6
Friday
Last Week's Range Sales
for
of Prices.
Sale.
Price. Low. High. Week.
Range since Jan. 1.
High.
Low.
BondsJan 99% Jan
99% 306,000 99
Am Tel & Tel I-yr Os w L.. 99% 99
97)4 97% 46,000 96% Jan 97% Feb
Beth Steel 5% notes_ A919
94% Jan 95% Jan
Canada(Dom of) 5s.._1919 95% 95% 95% 247,000 98% Feb 98% Feb
98% 98% 98% 10,000
Canadian Pacific Os
98% Jan 100% Jan
Gen'l Elea 6% notes_ _1920 99% 99% 100% 77,000 99
Jan 10034 Feb
100 100% 34,000
6% notes(2-Year)._1919 100
Jan
451,6 Jan 58
12,000
49
49
49
Russian Govt 634s r1919
Westinghouse Elea & Mfg
9911 170,000 98% Jan 99% Feb
99
1-year 6% notes_to
I Listed on t se Stock Ex* Odd lots. t No par value. i Listed as a prospect.found. o Now stock. r Unbe
change this week, where additional transactions will issued.
z Ex-dividend. y Exlisted. u Ex-cash and stock dividends. w When
rights. z Ex-stock dividend.
New York City Realty and Surety Companies
Bid
Alliance RIP 85
Amer Surety 107
Bond & M 0 180
Casualty Co
City Inveot.g 13
60
Preferred
CURRENT NOTICE.
Aetna Life Insurance Corn
-The sixty-eighth annual statement of the
Casualty & Surety Company
pany and its affiliated companies, the Aetna
printed elsewhere
Hartford,
of
Company
and the Automobile Insurance
showing the remarkable growth of
in the "Chronicle," presents figures
The Aetna Life did the largest business in its
the company during
new life insurance to the amount of 8202,history, writing during
was paid for or in process of collection on
of which
in premium inGains were made along all lines, the increase
Dec.
and in life insurance in force
in assets
come being
to
the
paid
policyholders
company
During the year the
Since
or an average daily payment of over
sum of
the Aetna Life has paid policyholders the vast sum
organization in
the company's history
The year has been the biggest in
of
three-quarters of the year this country
notwithstanding the fact that for
war. The total income of the
has been actively engaged in the world
The
year was over
combined Aetna companies in the
premium income of
in
Casualty Company shows an increase
Company
The
Automobile
of
assets
and an increase in
and an increase in
of
shows an increase in premium income
of which $1,000,000 was added to the capital stock,
assets of
the
subsidiaries
Aetna
these
making the capital of each
Company having been increased the year
capital of.the Casualty & Surety
Aetna Life still remains at
before. The capital stock of the
the Aetna companies.
Morgan G. Bulkeley is President of
Wall St., this city, have issued the
-Remick, Hodges & Co.,
Investments in New York State, as comedition of their booklet on Legal
Banks. This booklet presents the official
piled by the Superintendent of
comply with the requirements of thelaw,
list of bonds which are believed to
defining what securities constitute a legal investment for savings banks
is also reprinted in the booklet.
and trust funds in this State. The law
list are the addition of the State
They note the only changes from the
Cal. bonds and the omission
of Arkansas, Peoria, Ill., and San Francisco,
that Newark, N. J., bonds are
of matured railroad bonds, and also state
Banking
Department's books. A copy
legal although not included in the
of the booklet will be sent on request to trustees and investors asking for
"Booklet No. 0 103."
Milk St., Boston,have favored the "Chronicle'
-Stone & Webster,
with an advance copy of their Electrical Railway, Electric Lighting, Gas
(now in hands of printer)
& Water Power Properties Manual for
which gives brief descriptions of the various companies under the manageof capitalization,
with
statements
together
orgaization,
their
ment of
particulars regarding the securities and earnings and expenses for the year
1917.
1917
$193,817,781
664,856.
31.
$9,285,820;
$6,768,123;
$105,370,625.
$19,875,699,
1850
$318,710,609.
$54,450.
$2,939,794.
$3,714,787
$4,517,706,
$53,000,000.
$3,208,630
or
$2,000,000,
$5,000,000.
14
1918
1917
147
1918
1917.
-P. W. Chapman & Company Chicago and New York, announce that
in their firm. Mr.
Mr. R. P. Minton has been admitted to membership
Stuart & Company, has for
Minton until recently a partner of Halsey,
the investment business in Chimany years been actively identified withof their
Chicago offices to larger
cago. They also announce the removal
South La Salle Street, ground floor, telephone Frankto
quarters at
lin
Tax of
Gordon Brownell,
-In an article entitled, "The WarCo.,
has undertaken to clear a way in
Assistant Treasurer of Cities Service
by a commonsense condensation
legislation
tax
war
new
the
of
the mazes
been reprinted by request in 'circular
of facts. The article in question has
form from the "Doherty News" of Nov.
the managers of the bond departof
one
-M. II. Grossman, formerly
of Milwaukee, announces that
ment of the Wisconsin Trust Company
the financing of public utility
and
business
bond
he has engaged in the
First National Bank Buildand industrial corporations, with offices at
ing, Milwaukee.
-"What Bankers, Brokers and Corporations Can Do to Create New
distribution by Rudolph Guenther,
Business," has been issued for free Now
York City.
Broad Street.
financial publicist.
2770.
593
THE CHRONICLE
FEB. 9 1918d
112 116
1917," G.
1917.
204
25
New Yore City Banks and Trust Companies
Ask
Bid
5l0
490
220
210
180
170
180_ _
_
400
150 '100
150
1-66145
75
90
335
:320
220
210
110
100
370
380
215
205
400
405
215
Ciotayi & Iron- 205
__
Colonials._.1400
310
290
Columbia*
180
Commerce
176
315
Corn Exch•_ 305
95
Costuoporn* 85
65
East River.. 60
Fifth Ave_ 3400 3800
215
230
Fifth
851) 875
First
180
Garfield-- 1(35
145
Germ-Amer* 135
German Ex* 395._.
Germanla•. 180
195 200
-_
Gotham
350 Greenwich' 335
600
Hanover-- 810
250
Harriman__ '240
490
Imp & Teed_ 470
215
210
Irving-375
390
Liberty
Linocin
280
300
Banks-N.Y.
America•-__
Amer ExchAtlantic ___
Battery Park
Bowery•-__
Bore'
Bronx Nat__
BryantPark•
Butch & Dr_
Chase
Chat & Phen
Chelsea Ex •
Chemical..
Citizens--
Bid
Banks.
Manhattan * 300
Mark & Fult 305
Mech & Met '285
Merchants- 245
Metropolis.- u250
Metroporn • 165
Mutual•...... 375
New Nett)._ 200
New YorkCo 125
415
New York_
Pacific •____ 270
490
Park
People's•_ ._ 200
Prod Exch._ 200
210
Public
Seaboard- 420
400
Second
120
Sherman
100
State
23d Ward* 110
145
Union Exch
Unit litates* 500
Wash H'ts*. 350
Westch Ave* 175
West Side*. 190
Yorkville__ 540
Brooklyn.
Coney Isi'd* 135
255
First
140
Flatbush
150
Greenpoint
Hillside •_._ 110
_
Homestead •
Mechanics'• 1--1--0 Montauk •__
195-Nassau
Nation'ICity 265
NorthSide. 175
130
People s
Ask
310
diiii"
255
600
176
-220
150
ii
bi220
ECT 450
425
130
110
l'25
155
-_
-200
200
565
150
270
150
105
120
115
120
95
205
275
200
140
Trust Co's.
New York
Bankers Tr _
CentralTrust
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(West
cheater) _.
N Y Life Ins
& Trust
N Y Trust._
Scandlnavrn
TItleGu&Tr
Transatlan 'c
Union Trust
US Mtg &Tr
UnItedStates
Westchester.
--
Brooklyn.
Brooklyn Tr
Franklin
Hamilton_ _
Kings Co
Manufact'rs.
People's....
Queens Co.-
Bid
Ask-
395
725
255
103
2
,
Bronx
3390
385
195
240
335
135
1
.
97
-5-0
405
750
265
__
300
190
330
iii5'202
255
340
142
lib100
345
115
125
875
585
260
205
175
MO
400
900
130
900
000
275
275
525
2:35
205
625
140
205
70
550
245
275
650
41-0 925
140
iff
Ask
75
115
190
100
16
66
Bid
Lawyers MU! 85
80
Mtge Bond_
Nat Surety.. 173
N Y Title &
50
Mtge
Ask
90
90
176
57
Bid
Realty Assoc;
(Brooklyn) 67
US Casualty 190
55
USTitleG&
Wee & Bronx
Title &M (1 180
Ask
77
205
65
175
Quotations for Sundry Securities
All bond prices ars "and Interest" except where marked "V'.
RR. EquIpments-PerC8,Basis
Bid. Ask
6.00 5.50
Baltimore & Ohio 434e
Buff Rooh & Pittsburgh 430 6.00 5.50
6.00 5.50
Equipment 45
6.40 6.00
Canadian Pacific 434s
7.50 6.50
Caro Clinchfield & Ohio 5/16.5 5.50
Central of Georgia 511
6.50 5.50
Equipment 434s
7.00 6.00
Chicago & Alton 48
7.50 6.50
Chicago & Eastern Ill 5%s
7.50 6.50
Equipment 43'Ss
6.50 6.00
Chlo Ind & Loulsv 434s
6.00 5.00
Chic St Louis & N 0 5s
5.65 5.00
Chicago & N W 434s
7.00 6.00
Chicago R I & Pao 43ls
6.50 5.75
Colorado & Southern 556.00
6.70
5s
Erie
6.70 6.00
Equipment 4345
6.70 6.00
Equipment 4s
6.2 5.75
Hooking Valley 4s
6.25 5.75
Equipment 58
6.00 5.25
Illinois Central 58
6.00 5.25
Equipment 434*
Kanawha & Michigan 434s.. 6.30 5.70
Louisville & Nashville 5s-- -- 5.70 5.00
6.20 5.60
Michigan Central 5e
5.90 5.00
Minn St P&SSM 4
7.00 6.00
Missouri Kansas & Texas 55
7.00 6.00
Missouri Pacific 5s
6.50 6.00
'Mobile & Ohio bs
6.50 6.00
Equipment 4345
New York Central Lines 5s- 6.25 6.00
6.2 6.00
Equipment 434e
N Y Ontario & West 434e....- 6.50 5.75
5.6 5.00
Norfolk & Western
5.6 5.00
Equipment 48
Pennsylvania RR 4%0-.- 5.50 5.00
5.50 5.00
Equipment 48
St Louis Iron Mt & Sou 58.. 7.00 6.00
St Louis & San Francisco 5s. 7.00 6.00
7.0 6.00
Seaboard Air Line 58
7.00 6.00
Equipment 44e
Per CenS.
Bonds,
6.00 5.00
4
Co
Pacific,
Southern
75
73
cony
63_1924
Pierce Oil Corp
6.50 5.75
Southern Railway 4348
Toledo & Ohio Central 4s-.. 6.40 6.00
Ordnance Stocks-Per S hare.
Share
-Per
45
Stocks
41
Tobacco
Aetna Explosives pref._ _100
Par Bid Ask,
6
3
American & British l‘lfg_100
100 15 20 American Cigar common_100 90 95
Preferred
100 85 95
168
Preferred
Atlas Powder common_ 100 163
100 95 98 Amer Machine & Fdry_100 70 80
Preferred
ord.i
*18 17
Tobao
111
British-Amer
109
100
Babcock & Wilcox
El *181 18
Ordinary, bearer
1311se (E W)Co common_ 50.370 425
100 200 250
50 *05 76 Conley Foil
Preferred
Canada Fdys Si Forgings_100 140 160 Johnson Tin Foil & Met.100 100 130
Carbon Steel common_ _ _100 80 85 MacAndrews & Forbes..101) 170 190
100 93 98
Preferred
100 85 95
let. preferred
100 56 60 Reynolds(R J) Tobacco..100 375 425
2d preferred
100 100 104
Preferred
Colt's Patent Fire Arms
06
25 150
100 100
25 •57 60 Young (J 5) Co
Mfg
Preferred
duPont(E I) de Nemours
Short-Term Notes-Per Cent.
100 260 266
& Co common
100 93 95 Amer Tel&Tel 6s 1919__F&A 99 9914
Debenture stock
100 90 94 13alto & Ohio 5s 1918 .....J&J 9912 99%
Eastern Steel
5
74
J12.1 9812 98%
2 3
79
Empire Steel & Iron com_100 2
91 5s 1919__F&A 1- 97% 9778
9tlee
th IS
Be5s
100
Preferred
9815
Hercules Powder corn....100 240 245 Canadian Pao 631924..M&S 2 9814
100 114 117 Chic & West Ind 6s' 18.M&S 9814 985
Preferred
9814
9734
F&A
1920
be
Hudson
Del.
Si
117
114
100
Niles-Bement-Pond corn
A-0 9334 9414
100 97 102 Erie RR bs 1919
Preferred
1918.J&D 98 9812
Penn Seaboard Steel (no par) •40 45 General Rubber
J&J 997410018
100 270 285 Gen Elea Os 1920
Phelps-Dodge Corp
6% notes (2-yr) '19_ J&D 997 10018
Soovill Manufacturing---100 420 440
967 971s
M&S
bs
1920....
Nor
Great
35
.25
50
Thome Iron
993
Winchester Repeat Arme.100 700 800 Hocking Valley 581918 M&N 9872
997_....,.
100 35 55 tat Harv bs Feb 15 '18.17-A
Woodward Iron
J&J 9S12 -ir
K C Rys 5%s 1918
K C Term Ry 4Ss'ULM& N 97 981s
Public Utilities
J&J --__ 98
434e 1921
Amer Gas dr Eieo oom___ 50 *88 91
50 .40 42 Laclede Gas L 58 1919_ _F&A 96 98
Preferred
Amer Lt & Trite oom___ _100 215 218 Mich Cent 5s 1918
912 9918
98
100 94 96 Morgall&Wright 56 Dec 1 '18 9%
Preferred
995
Amer Power & Lt corn. 100 44 48 N Y Central 434131918.M&N
3a
9712
1
Preferred
97&
4 1st 58
75
Y N191119 H 5e-Apr 15 1918 94 95
1 2
22
Amer Public Utilities com100 7
100 53 50 Penn Co 434e 1921_ _ J&D 15 96 9612
Preferred
Cities Service Co corn_ - -100 210 212 Pub Ser Corp N J 52'19.M&S 95 97
100 74 75 Rem Arms U.M.C.58'19F&A 90 92
Preferred
Com'w'Ith Pow Ry & L.100 19 21 Southern Ry Ss 1919__M-8 2 97 9714
100 50 53 United Fruit bs 1918.._M-N 99%100
Preferred
Eleo Bond & Share I:wet-100 91 93 Utah Sec Corp Os'22.M-S 15 8:3 85
8
4
Winches RepArms.58'18.M&8 99%100
Federal Light & Traction.100
Industrial
100 25 30
Preferred
and Miscellaneous
Great West Pow bs 1946.J&J 7012 7114
100 218 223
Mississippi lily Pow oom_100 1134 15 American Brass
100 38 43 American Chicle corn_ _ _ _ 100 35 40
Preferred
100 64 67
Preferred
First Mtge 5s 1951_ _J&J 6812 70
100 84 88
North'n States Pow coat _100 61 63 Am Graphophone oom
100 88 92
Preferred
100 87 89
Preferred
100 120 125
North Texas Elea Co eons 100 55 60 American Hardware
34 37
100
oom
Typefounders
Amer
76
70
100
Preferred
100 80 85
Preferred
Pacific Gas & Elee cora_ _100 33 g:34
82 Borden's Cond Milk oom_100 102 105
100 81
let preferred
912
100 98 102
Preferred
Puget 8d Tr L & P oom_ 100
100 145 155
100 38 42 Celluloid Company
Preferred
12 lit
Republic Ry dr Light_ _ _100 23 24 Havana Tobacco Co___ _100
5
2
100
.
Preferred
58
57
100
Preferred
1st g bs June I 1922__J-D /45 50
South Calif Edison corn_ _100 77 80
1011
912
com_100
Bubb
Interrontinen
101
97
100
Preferred
•6
8 Internat Banking Co__ _100 160
Standard Gas & El (Del). 50
100 55 60
50 •22 24 International Salt
Preferred
A-0 70 73
let gold bs 1951
3
2
100
oom
Tennessee Ry L & P
International Silver pref-100 78 82
9 11
100
Preferred
4
1 •u2
1
4 Iron Steamboat
United Gas & Elea Corp-100
A&O n90 100
let 58 1932
100 35 49
let preferred
A& n25 40
Gent 4s,1932
8
3
100
2d preferred
Lehigh Valley Coal Sales. 50 .75 80
United Lt& RYs com---100 27 29
100 61 62 Otis Elevator common_ _100 37 40
let preferred
100 67 70
Preferred
12
Western Power oommon_100 11
100 46 4812 Remington TypewriterPreferred
100 16 1634
Common
100 67 70
1st preferred
100 45 47
26 preferred
Royal Baking Pow corn 100 123 130
100 92 97
Preferred
Standard 011 Stocks Pe rSisare
Par Bid. Ask
Anglo-American Oil new El 1114 1134
100 900 925
Atlantic Refining
100 440 470
Borbe-Scrymser Co
50 *96 99
Co..Line
Pipe
Buckeye
-100 315 340
Chesebrough Mfg new..
100 10 40
Colonial Oil
100 475 495
Continental 011
Crescent Pipe Line Co__ - 50 *30 33
Cumberland Pipe Line_ 100 130 140
Eureka Pipe Line Co__ --100 190 200
Galena-t3igiaal Oil oom_..i00 135 140
100 120 130
Preferred
100 185 195
Illinois Pipe Line
Indiana Pipe Line Co_ _ _ _ 50 *94 98
£1 *1212 13
Petroleum_
International
National Transit Co_...12.50 *12% 1312
New York Transit Co__ _100 190 195
Northern Pipe Line Co__100 100 103
25.325 330
Ohio 011 Co
25 •43 48
Penn-Mex Fuel Co
Pierce 011 Corporation__ 25 *912 10
100 465 470
Prairie 011 & Gas
100 250 255
Prairie Pipe Line
100 300 310
Solar Refining
Southern Pipe Line Co_ _100 185 190
100 285 295
Oil
Penn
South
Southwest Pa Pipe Lines_100 95 100
Standard 011 (California)100 226 230
Standard 011 (Indiana)..100 645 655
Standard Oil (ICansas)....100s400 485
Standard Oil (Kentucky)100 315 325
Standard 011 (Nebraska) 100 485 515
Standard 011 of New Jer_100 555 560
Standard 011 of New )rk 100 273 277
100 415 430
Standard 011 (Ohio)
100 100 105
Swank Finch
Union Tank Line Co ..100 85 88
100 347 353
Vacuum 011
10 *25 30
Washington Oil
85
•Per share. b Basis. d Purchaser also pays accrued dividend. e New stook.
0 Banks marked with a (.) are State banks. t Sale at auction or at Stook Ex/Flat Prim. a Nominal x Ex-dividend. y Ex-rights.
Ex-rights.
y
of
50%.
Change this week 8 New stook. uEx-divIdend
594
THE CHRONICLE
[VOL. 106.
Anoesintent and 11ailreati tutellignce.
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
It should be noted that our running totals (or year-to-datenot begin with January, but covers some other period.
figures) are now all made to begin with the first of
January instead of with the 1st of July. This is because
Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, nowthe
with this new order of the Commission, practically all therequires reports for the calendar year. In accordance
steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have leading
ly also been altered to conform to the new
practice. The returns of the electric railways are brought together according
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
150988453 131156372
Atlanta Birm & Atl 3d wk Jan
71,014
69,360
221,034
198,454
Atlanta & West Pt_ November
170,374 140,859 1,603,311 1,328,610
Atlantic Coast Line December 4,608,096 3,893,524
44,063,331 37,322,085
Charlest & W Car December
243,514 196,382 2,401,443 2,025,370
Lou Hand & St L November
192,608 172,493 2 034,737 1.596,337
a Baltimore & Ohio_ December 10668050 10311 307 133613321 121793843
B& 0 Ch Ter RR December
121,138 151,751 1,940,003 1,862,366
Bangor & Aroostook November
345,390 368,415 4,045,182 3,675.194
Bessemer & L Erie_ December
690,306 659,859 12,372,619 11,110,685
Birmingham South_ December
113,856
94,755 1,201,530 1,096,415
Boston & Maine_
November 5,132,278
54,759,015 50,645,521
Buff Roch & Pitts 4th wk Jan 373,599 4.533,915
370,343
1,150,028 1,148,063
Buffalo & Susq RR_ December
155,778 138,492 1,785,701 1.678,686
Canadian Nor Syst_ 4th wk Jan 948,200 929,600
2,715,300 2,832,600
Canadian Pacific_ _ 4th wk Jan 3,535,000 3,071,000 10,570,000
9,941.000
Caro Clinchf & Ohio December
332,395 326,590 4,285,390 3,276,488
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
71,328 4,120,500 4,096,812
Ches & Ohio Lines_ November 4,924,537 4,289,055
Chicago & Alton_ _ _ December _ 1,638,406 1,552,570 40,902,850 45,683,793
17,781,279
Chic Burl & Quincy November 10380641 9,886,661 20,525,689
111954304 99,441,789
b Chicago & East III November 1,864.414
19,329,842 15,289,651
C Chic Great West_ _ 3d wk Jan 247,214 1,514.467
335,284
749,854
975,974
Chic Ind & Louisv_ 4th wk Jan 172,644 250,517
488,104
762,540
Chicago Junc HR.._ November
282,702 254,377 3,000,065 2.576.147
Chic Milw & St P_ _ December 9,188,421 9,165,801
110609689
dChic & North West December 9,804,152 8,683,647 113739202
111761 028 100938017
Chic Peoria & St L.. November
219,995 152.682 2,016,410 1,654,668
Chic Rock Isl & Pac November 7,781,794 6,925.249
78,204.333 70,521.469
Chic R I & Gulf_ __ _ December
398,193 340.488 3,899,173 3,402,921
d Chic St P M & Om December 1,939,688 1,869,302
22,015,696 21.333,356
Cinc Ind & Western December
204,263 203,798 2,639,537 2,372,130
Chic Terre H & S E November
360,780
3,440,634 2,516,739
Colorado Midland.. November_ 165,583 259,359
191.997 1,473,290 1,540,438
e Colorado & South_ 4th wk Jan 542,632 579,486
1,594,565 1,657,444
Cuba Railroad_ _ _ _ November
646,826 501,175 6,794.613 6,933,172
Delaware & Hudson December 2,216,512 2,132,733 29,935,653
26,595,975
Del Lack & West_ _ December 4,286,064
57,211,224 51,580,899
Deny & Rio Grande 4th wk Jan 679,800 4,296,219
658,900 2,146,700 2,197,500
Denver & Salt Lake December
130,339 159,760 2,065,217 1,913,078
Detroit & Mackinac 4th wk Jan
27,931
28,800
77,401
88,711
Detroit Tol & Iront November
214,448 198,539 2,465,944 2,142,109
Det & Tol Shore
November
141,115 146.380 1,680,180 1,607,246
Dul & Iron Range_ _ December_ 157,191 206,041 7,371,399
7,170,864
Dul Missabe & Nor December
345,035 366,535 15,306,600 14,389,278
Dul Sou Shore & Atl 4th wk Jan
93,654 111,500
277,287
304,922
Duluth Winn & Pac November
143,086 171,587 1,889,416 1,736,183
Elgin Joliet & East_ December 1,194,688 1,080,884 15.816,473
14,138,323
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 December
90,040
77,088 1,064,318
999,967
Georgia Railroad 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_ 4th wk Jan 1,302,645 1,564,660
Grand Trunk Ry 2d wk Jan 710,042 872,286 4,083,362 4,677,388
1,675,764
Grand Trk West.. 2d wk Jan 149,191 151,892 1,548,967
324,385
308,584
Det G H & Milw_ 2d wk Jan
45,949
48,699
108,396
101,398
Great North System January
5,784,231 5,680,931 5,784,231 5,680,931
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
December
747,606 662,891 10,696,434 8,200,420
Illinois Central........December 7.119,676 6.703,348
73.740,266
Internet & Grt Nor. December 1,260,865 1,054,012 46,865,679
12,588,224 10,766,944
Kansas City South.. December 1,187,234 1,003,878 13.547,487
11,289,324
Lehigh & Hud Riv_ December
158,314 159,128 2,247,617 2,143,597
Lehigh & New Eng.. December
254,037 268,846 3,666,567 3,046,332
Lehigh Valley
November 4,559,628
49,495,607 45,020,300
Los Angeles & S L.. _ November 1,065,086 4.391,991
950,896 11,632,863 10,594,710
Louisiana & Arkan_ November
152,350 123,321 1,602,284 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
BAttine Central
December 1,125,183 1.025.528 14,125,577 12,824,676
Maryland & Penna.. December
40,382
39,637
534,599
489,894
Midland Valley_
November
290,776 202,071 2,670,125 1,918.040
Mineral Range. _ 4th wk Jan
34,241
40,264
89,384
106,733
Minneap & St Louis 4th wk Jan 230,871 210,501
851,947
873,558
Minn St P & S SM..4th wk Jan 652,873 756,816 2,087,158
2,367,596
Mississippi Central.. November
109.232
57.713
862,493
762,356
g Mo Kan & Texas.. 4th wk Jan 1,199,763 1,189.612 3,475,964
Mo Okla & Gulf___ November.. 192.452 157.150 1.761,689 3,409,177
1,439,954
Missouri a c November 6,851,449 6,696,481 71,539,999 63.475,064
Nashv Chat & St L.. December 1.353,892 1,183,911 15,194,755
13,519,588
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.
Previous
Year.
Increase or
Decrease.
Current
Year.
Previous
Year.
$
$
NO Tex&Mex Lines November
625.173 641,192 5,945,679 5,742,371
New York Central November_ 18464447 16796 118 198941
130 184210O
Boston & Albany November_ 1,859,117 1,883,716 20,799,812
n Lake Erie & W_ November.. 705,356 647.096 7,499,910 19,783,053
6,786,321
Michigan Central November.. 4,756,058 4.074,302 48,152,040 42,265,005
Cleve 00 & St L November_ 4,525,298 4,022,823 48.406,492 42.720,082
Cincinnati North. November.. 220.464 146,221 2,263,840 1,753,515
Pitts & Lake Erie November_ 2,246,246 2.077,878 23,681,336 22,157.758
Tel & Ohio Cent_ November.. 769,949 583,539 7,504,984 5,680.713
Kanawha & Mich November.. 306,827 261,697 3,306,442 3,264,293
Tot all lines above November.. 33853762 30493395 360555980 329835842
N Y Chic & St L _ _ December 1,293,790 1,259,575 16,901,206 15,387,928
NYNH & Partf_ _ November 7.179,318(4,840,778 78,821,276 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
Balt 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 & Norf. 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 5,749,152 5,716,886 78,595,298 75,569,026
Grand Rap & Ind December
504,377 479,887 6,491,358 5,897,565
Wins C0& St L_ December 5,840,224 5,468,635 73,507,628 64,036,493
Total linesEast Pitts & Erie December 25431190 23763798 330665071 293690057
West Pitts & Erie December 12256836 11817311 160729673 147320359
All East dc West_ December 37688026 35581109 491394746 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 Op-Phila & 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
December.. 325,595 344,319 4,325,369 4,035,656
St Jos & Grand 1st.. November
198,4,22 196,696 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 54,490,362 48,351,831
St Louis Southwest.. 4th wk Jan 468,000 495,000 1,428,000 1.399,000
Seaboard Air Line November 2,727,558 2,477.315 27,507,652 23,513,174
Southern Pacific_ November 16733516 15134505 176642996 148030594
k Southern Ry Syst_ 4th wk Jan 3,136,479 3,086,510 9,098,418 8,867,102
Ala Great South_ December
676,906 563,829 7,151,054 5,987,827
Cin N O& Tex P.. December 1,033,955 1,123,135 13,051,820 12,019,397
New On & Nor E December
511,904 401,924 4,069,261 4,011,441
Mobile & Ohio...._ 4th wk Jan 322,473 390,270
975,827 1,143,882
Georgia So &
4th wk Jan
82,512
84,645
258,232
257,730
Spok Port & Seattle November .575,398 470,294 6,212,945 4,779.083
Tenn Ala & Georgia 3d wk Jan
1,707
2,084
4,562
6,211
Tennessee Central.. December.. 141,892 148,368 1,797,252 1,707.522
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 2,917,551 2,317,541
Texas & Pacific_ _ _ _ 4th wk Jan 617,189 610,287 1,870.674 1,856,926
Toledo Peon & West December
107,482 105,484 1,289.432 1,217,695
Toledo St L & West 4th wk Jan
85,719 140,176
392,768
521,306
Trin & Brazes Vail_ November
142,100 132,990
976,528
929,173
Union Pacific Svst_ November 12286861 10750681 118300 340 104438924
Vicks Slimy &
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 40,471,995 37,721,102
Western Maryland.. December 1,082,167 1,023,563 13,443,734
Western Pacific_ _ _ _ December.. 878,837 715,969 9,898,483 11,967,982
8,270,261
Western Ry of Ala.. November
162,378 132,260 1,538,558 1,234,244
Wheel & Lake Erie_ December
743,779 672,869 11,028,904 10,003,608
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 Francisco
July
Southern Railway System
July
Alabama Great Southern........ July
Chic New Orleans & Tex Pac_ July
New Orleans & North Eastern July
Mobile & Ohio
July
Georgia Southern & Florida July
Period.
1 to
1 ,to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Jan
Nov
Nov
Jan
Dec
Dec
Dec
Jan
Jan
Current
Year.
Previous
Year.
31 24,572,100 24,464,100
30 2,544,235 3,388,736
30 26.858,542 23 987.381
31 72,203,522 60,552,628
31 3,870,191 3,057,061
31 6,738,333 6,153,373
31 2,674,387 2,188,745
31 7,938,0497,361,463
31 1,881,345 1,694,97
8
Uurrent
Previous
increase or
• Monthly Summarie,
Year.
Year.
Decrease.
$
$
$Mileage. Cur. Yr. Prey. Yr.
$
3d week Nov (25 roads)____ 15,112,670 13,270,115 +1,842.5551
$
$
13.96
March
248.185
247.317
321,317,560
294.068,345
4th week Nov (30 roads)--- 19,956.475 17.927,429 +2,029.046.
9.27
11.32 April._ _ _248.723 248.120 326.560,287 288,740.653 +27,249,215
1st week Dec (27 roads)_-.... 14.439.935 13.731.889
+37.819.634
+708.046i 5.16 May
248,312 247.842 353,825.032 308,132.969 +45.692.063 13.10
2d week Dec (29 roads)........ 13,335,921 13,897.457
14.82
-561,5361
4.05
June
242.111
241.550 351,001,045 301.304.803 +49.696,242 16.49
3d week Dec (26 roads)___. 13 545,719 12.952,033
+593,6861 4.62 July
245.699 244.921 353,219.982 306.891.957 +46,328,025 15.09
4th week Dec (27 roads)........ 17,165.428 14.973.905 +2,191,523.1
5.01 August
247.099 246.190 373,326.711 333.555.136 +39,771,575 11.92
let week Jan (25 roads)........ 10.187.842 10.037.190
+150,652
1.05
September
245.148 243.027 364,880,086
+33,901,638 10.24
2d week Jan (26 roads)........ 9,952,137 10,665,500
-713,363 6.69 October ......-247,048 245.967 389.017.309 330,978.448
345,079,977 +43,937.332 12.73
3d week Jan (23 roads)____ 9,362,8379,783,078
-420,241 4.29 November 242.407 241,621 360,062,052 326,757,147
4th
week
w
+33
Jan (22 roads)..... 14,506,225
:3131:4:9r la
,
-62,662
.
-- 0.43 December _ 80,618 80,252 „
72,l84,310
a Includes ClevelandLora n dc Wheeling Ry. and CincinnatiHamilton Dayton.
&
b Includes Evansville & Terre Haute. c Includes Mason City &
Fort Dodge and the Wisconsin Minnesota & Pacific.
d Includes not only operating revenue, but also all other receipts. e Does
not include earning" of
Colorado Springs & Cripple Creek District Ry.
. f Includes Louisville & Atlantic and the Frankfort
& Cincinnati. g
the Texas Central and the
Wichita Falls lines. h Includes the St. Louis Iron Mountain
& Southern. 5 Includes the Lake Shore & Michigan Includes
Southern ay., Chicago Indiana &
Southern RR., and Dunkirk Allegheny Valley & Pittsburgh RR.
k
Includes
Alabama
the
Great
Southern.
Cincinnati
New
New Orleans & Northeastern and the Northern Alabama. 1 Includes Vandalia
Orleans & Texas Pacific.
RR. n Includes Nort4ern Ohio RR. 12 Includes Northern
•^Ve no longer Include Mexican roads in any of our
Central.
totals
• Weekly Summaries.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the foui-til
week of January. The table covers 22 roads and shows 0.43%
decrease in the aggregate under the same week last year.
Fourth Week of January.
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida_ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
Mineral Range
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M.
Missouri Kansas & Texas
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Texas & Pacific
Toledo St Louis & WesternTotal (22 roads)
Net decrease (0.43%)
1918.
1917.
Increase. Decrease.
370,343
373,599
929,600
948,200
3,535,000 3,071,000
250,517
172,644
579,486
542,632
658,900
679,800
28,800
27,931
111,500
93,654
84,645
82,512
3,256
18,600
464,000
20,900
40,264
210,501
756,816
652,873
1,199,763 1,189,612
390,270
322,473
495,000
468,000
3,136,479 3,086,510
610,287
617,189
140,176
85,719
14,506,225 14,568,887
77,873
36,854
869
17,846
2,133
1,302,645 1,564,660
34,241
230,871
$
262,015
6,023
20,370
10,151
49,969
6,902
103,943
67,797
27,000
54,457
594,148
656,810
62,662
For the month of January the returns of 27 roads show
as follows:
Month of January.
Gross earnings (27 roads)
1918.
1917.
$ •
50,405,067 51,290,752
Decrease.
885,685
1.73
It will be seen that there is a loss on the roads reporting
in the amount of $885,685, or 1.73%.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
Atlantic Coast Line_ a _ _Dec 4,608,096 3,893,524 2,035,807 1,615,581
37,322,085
44,063,331
12,025,336 11,418,070
31
Dec
to
Jan 1
Baltimore & Ohio _ b_ _ _ _Dec 10,668,050 10.311,307 1,851,931 3,016,650
121793,843
133,613,321
30,589,108
34,013,689
31
Dec
Jan 1 to
Dec 3,273 200 3,485,400
65,300
823,800
Canadian Northern
21,631,500
21,856,800
3,335,100
6,296,100
July 1 to Dec 31
15,284
329,679
Chicago & Alton_a__Dec 1,638,406 1,552,570
20,525,689 17,781.279 4.644,002 4,686,355
Jan 1 to Dec 31
340,488
398,193
126,721
146,086
Chic Rock Isl & Gulf_ b.Dec
3,899.173 3,402,921 1,342,159 1,111,572
Jan 1 to Dec 31
2.132,733
2,216,512
Dec
_
82,716
b_
Hudson_
592,088
&
Delaware
29,935,653 26,595,975 6,560,898 8,537,020
Jan 1 to Dec 31
4,296,219
4,286,064
_Dec
763,342
West_b__
1,241,894
Del Lacka &
57,211,224 51,580,899 19,534,736 19,639,925
Jan 1 to Dec 31
96,789
def 133
19,193
Detroit & Mackinac_a_Dec 103,140
1,340,450 1,254,102
169,734
313,189
Jan 1 to Dec 31
Dec 6,884,843 7,000,291 1,946,940 3,108,529
Great Northern_b
88,534,163 83,152,017 29,290,378 34,636,726
Jan 1 to Dec 30
427,068
282,884
Internat & Gt Nor_b__Dec 1,260.865 1.054,012
12,588.224
10,766,944 3,938,230 2,980,895
31
Dec
Jan 1 to
925,650 c382,227 c299,315
Minneap & St Louls_a_ _Dec 1.033,697
11.005.063 10,995,223 c2,589,818 c3.196,079
Jan 1 to Dec 31
167,872
382,047
Minneap St P& 5$ M.a.Dec 1,533,425 1,495,090
20,726,280
21,576,320 5,086,313 8,036,763
Jan 1 to Dec 31
951,366
1,046,661
189,265
Dec
272,018
ivision_a
Chicago D
13,814,211 12,895,764 4,244,999 4,941,995
Jan 1 to Dec 31
1,353,892
1,183,911
280,815
_Dec
355,529
Nashv Chatt & St L_b_
15.194,755 13,519,588 3,644,723 3,769,778
Jan 1 to Dec 31
325,595
344,319
43,928
Dec
113,455
Rutland_ b
4,325,369 4,035,056 1,049.647 1,312,466
Jan 1 to Dec 31
Southern Railway_a_ _ _ _Dec 8,399,507 7,093,112 2,958,059 2,716,712
49,262,013 39,933,769 14.753,287 12,654,778
July 1 to Dec 31
107,732
Dec 1,047.352 1,115,820
Mobile & Ohio_ a
277,655
0,962,221 6,217,580 1,042,459 1,234,903
July 1 to Dec 31
319,536
359,247
Cin New On & T P_a_Dec 1,033,955 1,123,135
6,738,333 6,153,373 1,785,128 2.133,514
July 1 to Dec 31
563,829
215,882
216,535
Ala Groat South'n_a_ _ Dec 676.906
3,870,191 3,057,060 1,140,245 1,072,975
July 1 to Dec 31
401,924
154,870
142,791
Now Orleans & N E_a_Dec 511,904
2.674,387 2,188,745
582,896
650,513
July 1 to Doc 31
872,869
222,943
63,654
Wheeling & Lake Erie _ b _Dec 743,779
11,028,904 10,003,608 3,659,819 3,638,708
Jan 1 to Dec 31
a Net earnings here given aro after dedueting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for additional income for the month of December 1917,
total not earnings were $414,303, against $283.194 last year, and for the
period from July 1 to Dec. 31 were $2,765,522 this year, against $2,842,623.
Other
Net
Gross
Earnings, Earnings. Income.
$
$
Boston Revere Beach & Lynn3 mos to Dec 31
'17
5,898
223,270
'16
24,397
224,176
Carolina Clinchf & Ohio83,893
Dec '17
125,192
332,395
27,797
'16
168,036
326,590
067,436
12 mos '17 4,285,390 1,835,080
398,684
'16 3,276,486 1,5:34,208
Fonda Johnstown dr Gloversville1,420
90,040
Dec '17
38,77:3
4,712
'16
77,088
33,059
30,272
12 mos '17 1,064,318
402,100
35,097
'10
999,967
478,962
Hocking Valley47,333
747,606
Dec '17
42,221
76,138
'16
662,891
186,070
843,169
12 mos '17 10,696,434 3,287,311
'16 8,200,420 2,602,531 1,224,051
Toledo Peoria & Western17,557
107,482
Dec '17
def2,206
9,840
'16
105,484
42,820
218,953
104,657
12 mos '17 1,289,432
146,776
197,994
'16 1,217,695
595
THE CHRONICLE
FEB. 9 1918.1
Total
Income.
$
Charges
& Taxes.
$
Balance,
Surplus.
$
def12,174
6,541
209,085
177,302
195,833
113,915
2,402,516 1,502,722
1,932,892 1,345,174
40,193
37,771
492,372
514,059
37,302
35,430
439,757
439,842
31,783
81,918
899,794
587,718
2,891
2,341
52,615
74,217
149,066 def59,509
89,557
262,208
56,510
205,698
4,130,480 2,196,508 1,933,912
3,826,583 2,450,458 1,376,127
15,351
52,666
323,610
344,770
22,356
34,835
228,715
328,249
def7,005
17,831
94,895
10,521
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
S
3
3
1,664,459
Chic & North West..Dec '17 9,804,152 2,710,731 1,046,272 1,721,772
978,720
'16 8,683,647 2,700,492
12 mos '17 111.761,028 27,324,559 10,370,410 16,954,149
'16 100,938,017 30,800,663 10,631,313 20,169,350
Balance,
Fixed
Gross
Other
Net
Gross
Surplus.
Charges.
Income.
Earnings. After Taxes. Income.
$
$
$
$
$
$
N Y Chic & St Louis287,046 def131,472
155,574
31,481
124,093
Dec '17 1,293,790
90,275
214,380
304,655
12,309
292,346
'16 1,259,575
850.639
355,875 3,367,634 2,516,995
12 mos '17 16,901,206 3,011,759
195,703 3,586,680 2,029,150 1,557,530
'16 15,387,928 3,390,977
EXPRESS COMPANIES.
-Month of October- -Jan. 1 to Oct. 301916.
1917.
1916.
1917.
S
3
Great Northern Express Co.- $
338,303 3,196,319 2,931,462
Total from transportation_ _ _ 332,676
206,686 1,940,229 1,790,241
202,034
Express privileges-Dr
131,617 1,256,090 1,141,220
Revenue from transport'n_ _ - 130,642
51.211
60,307
6,221
6,514
Operations other than transp.
Total operating revenues..
Operating expenses
137,156
106,914
Net operating revenue- _
Uncollectible rev.from trans.
Express taxes
30,242
8
9,841
137,839 1,316,397 1,192,432
50.521
103,732 1,025,320
34,107
6
4,273
291,077
156
56,802
937,801
254.630
101
50,483
234,118
29,826
20,392
-Month of November- -Jan. 1 to Nov. 301916.
1917.
1916.
1917.
$
$
$
$
Northern Express Co.288,809 3,347,431 2.954,261
283,729
Total from transportation
156,084 1,819,907 1,603,873
154,607
Express privileges-Dr
132,725 1,527,524 1,350,388
129,121
Revenue from transport'n_
45,043
48,418
4,483
4,319
°peens other than transp'n_
Operating income
Total operating revenues..
Operating expenses
133,441
115,457
Net operating revenue.._ _ _
Uncollectible rev.from trans.
Express taxes
17,984
160
6,000
137,209 1,575,943 1,395,431
99,542 1,219,392 1,035,576
37,666
31
5,500
356,550
597
66,000
359,855
362
59,930
299,563
289,952
32,134
11,824
-Month of October- ---,Ian. 1 00(1.31
1916.
1917.
1916.
1917.
$
$
$
$
Southern Express Co.Total from transportation_ _ _ 1,707,702 1,592,073 15,610,351 14.252,127
808,451 8,021,199 7,350,354
851,749
Express privileges-Dr
Operating income
Revenue from transport'n_
Oper'ns other than trans_ _ _ -
855,952
36,936
783,621 7,589,151 8,901,773
313,279
324,795
42,845
Total operating revenues..
Operating expenses
892,889
705,148
826,467 7,913,947 7,215,053
605,153 6,525,572 5,695.980
Net operating revenue_ __ Uncollectible rev.from trans.
Express taxes
187,740
90
75,006
221,314 1,388,374 1,519,072
1,210
1,993
246
149,798
497,181
14,750
889,199 1.368,063
206,317
112.643
Jan. 1 to Oct. 31-October
1916.
1917.
1916.
1917.
$
$
$
Western Express Co.132,909 1,433,808 1,262,264
151,955
Total from transportation__
620,446
693,759
65,022
72,599
Dr
Express privileges
641,818
740,049
67,887
79,356
Rev. from transportation_
36,863
38,922
4,339
4,331
Open. other than transporta_
Operating income
Total open. revenues
Operating expenses
83,688
72,185
72,226 - 778,972
668.042
60.410
678,681
583,677
Net operating revenue_ .. _ _
Uncoliec. rev, from trans__ _
Express table
11,503
12
1.850
11,816
1
1.598
110,929
129
19,209
95,004
68
12,220
9.640
10.215
91.590
82,715
Operating income
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Current
Year.
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
351,215
231,756
12,451 21.935
Atlantic Shore Ry__ _ December
cAur Elgin & Chic Ry November 175,788 168,132 1.995,777 1,879,790
756,246
802,329
76,081 73,298
Bangor By & Electric November
211,694
231.965
21.585 20,204
Baton Rouge Elec Co December
579,898
571.969
58,869 32,871
BeltL Ry Corp(NYC) October
912,408
999,813
80,856 80,136
Berkshire Street Ry_ November
Brazilian Trac, L & P November1 7695.00017160000 184131,000 177573,000
122.614
124.316
8,788
8.910
Brock & Plym St Ry_ December
2552,117 2472,446 25,720,253 24,470,604
Bklyn Rap Tran Syst October
46.120 40,284
393,667
464.081
Cape Breton Elec Co December
294,893
311,630
29,258 26.954
Cent Miss V El Prop.. December
Chattanooga By & Lt November 111,216 103,536 1,229,558 1,124,864
Cities Service Co.. _ _ December 1712,684 1570,820 19,252,493 10,110,343
426,105
496.164
41,784 35.940
Cleve Painesv & East November
g Columbia Gas & EL December 1124,562 1012,566 10,861,840 9,058.252
881.354
Columbus (Ga) El Co December 103,821 84,384 1,096,066
Colum (0) Ry,P & L November 359.990 316,468 3,638,914 3,200,443
Com'w'th P Ry & Lt December 1996,288 1733,278 19,723,736 16,962,607
November 788.828 759,717 9,185,515 8,758,237
Connecticut Co
Consum Pow (Mich)_ November 546.399 456,322 5,201,926 4.247,916
Cumb Co(Me)P & L November 243,036 229,986 2,832,318 2,621,091
Dayton Pow & Lt__ _ December 207,144 170,104 1.881,087 1.613,921
g Detroit Edison__ _ _ December_ 1296,186 1112,433 12.279,925 10.066,786
17,427,939 16,036,669
Detroit United Lines December
360,382
378,896
40,780 18,158
DDEB& Batt(Rec) October
Duluth-Superior Trac November 138,967 123,667 1,458,087 1,268,342
East St Louis & Sub_ November 329.267 278,467 3,334,485 2,731,122
826,314
938,074
85,478 75,472
Eastern Texas Elec.._ December
El Paso Electric Co_ _ December 108,471 117,342 1,283,525 1,110.718
151,893 84,583 1,491,853 1,429,976
42d St M & St N Ave October
g Federal Lt & Trac_ _ December 307,865 230,174 2,867,310 2,502,142
Galv-Hous Elec Co_ _ December 209.590 176,496 2,088,122 1,944,840
Grand Rapids Ry Co November 100,702 102.921 1.186,624 1,178,402
Great West Pow SVst December 363,042 331,211 4,008,553 3.743.346
Harrisburg Railways December 112,829 100,699 1.186.731 1.021,665
Havana El Ry,L & P November 643,403 517,627 6,315,811 5,457.438
527,494
483,517
62.793 58,620
Honolulu R T & Land September
326.398
343,134
31,193 29,778
Houghton Co Trac Co December
b 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
Interboro Rap Tran_ December 3740.928 3634,246 40.512.136 38.081,510
627.194
698.123
69,590 62,300
Jacksonville Trac Co December
240,182
248,546
22,955 21.457
Keokuk Electric Co_ December
116,372
146,087
December
11,709
Co
14.067
Electric
West
Key
Lake Shore Bloc By.. November 142.814 125,610 1,618,440 1.468.736
Lehigh Valley Transit October___ 265,775 229,800 2.414,214 2,090,363
740,390
836,042
Lewist Aug & Watery November.. 71,307 61 871
211,293
219,104
18,194 18,953
Long Island Electric_ October
Louisville Railway__ November 289,154 250,172 2,989.550 2.808,166
596
Name of Road
or Company.
THE CHRONICLE
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Milw El Ry & Lt Co.. December 787,972 673,276 7,968,192 6,961.152
Milw Lt, Ht & Tr Co December 207,985 170.352 2,232,387 1,852,071
Nashville Ry & Light November 212,264 199,981 2,235,205 2,166,127
Newp N & 11 RyG&E October -- 142,310 87,252 1,081,411
868,077
N Y City Interboro__ October
60,805 33,037
620,351
524,533
N Y & Long Island__ October
47,519 35,999
397,577
349,326
N Y & North Shore__ October
14,910 14,283
135,650
143,655
N Y & Queens Co__ _ October
77,764 100,217
952,420 1,171,017
New York Railways.. November 998,423 837,383 11,487,873 11,216,136
N Y & Stamford Ry_ November
24.889 22,651
369,882
332,520
N Y Westches & Bost November
44,345 52,415
509,570
515,499
Northampton Tree__ November
17,701 15,734
197,940
181,953
North Ohio Elec Corp November 538,799 464.327 5,884.383 4.748,336
North Texas Electric December 294,208 182.357 2.582,113 1,930,321
Ocean Electric (L I). October
7,503
7,930
145,015
141,720
Pacific Gas St Elec.__ November 1791,396 1655,903 18,535,280 17,343,277
g Paducah Tr & Lt Co December
29.303 28,282
304,682
310.963
Pensacola Electric Co December
35,082 26,844
350,459
280,101
Phila Rapid Transit.. December 2622.429 2487,288 29,726,925
27,279.514
Port(Ore)Ry.L&PCo. November 525,811 479,367 5.429,490 4,970,515
g Puget Sd Tr, L & P November 899,903 731,631 8,483,730 7,318,491
pRepublic Ry & Light November 464,296 344,942 4,387,002 3,614,203
Rhode Island Co_ ___ November 466,604 450,652 5,502,349 5,330.358
Richmond Lt & RR.. October
34,256 33,993
384,961
344,152
St Jos Ry, L, H & P. November.. 132,033 125,091 1,373,630
1,235,944
Santiago El Lt & Tr_ November
53,300 47.315
527,135
495,775
Savannah Electric Co December
92,611 80.096
968,174
826,094
Second Avenue (Rec) October
75,545 34,817
728,373
661.382
Southern Boulevard_ October
18,338
7,499
185,370
155,665
Southern Cal Edison_ November 533,589 674,833 6,809.950 7,466,887
Staten Isi'd Midland.. October
23,834 26,219
305,986
284,548
Tampa Electric Co__ December
87,953 91,444 1,001,311
967,084
Third Avenue
October
344,645 169,231 3,444,283 3,008,995
Twin City Rap Tran.. December 836,233 897,653 10,181,866 10,188,054
Union Ry Co of NYC October
239,669 120,261 2,475,238 2,138,510
Virginia Ry & Power.. December 638,058 520,315 6,651.142
Wash Bait & Annap_ November 239,469 112,763 1,377,705 5,836,871
869.462
Westchester Electric_ October
44,908
6.097
468,308
380,203
Westchester St RR.._ November
18,669 14,063
228,459
210,971
g West Penn Power November 365,238 297,012 3.570,572 2,706,802
g West Penn Rys Co_ November 672,612 568,381 6,984,869 5,705,741
Yonkers Railroad_ October
71,868
2,130
691,361
511,620
York Railways
December 103.707 95,317
Youngstown & Ohio_ November
30.870 27,650
323,934
307.515
b Represents income from all sources. e These figures are for consolidated company. f Earnings now given in milreis. 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:
(Vol, 106.
-Gross Earnings-- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
42d St Man & St N Av_a Oct 151,893
84,583
45,289 def29.194
Jan 1 to Oct 31
1,491.853 1,429,976
501,098
494,952
N Y City Interboro_a___Oct
60,805
33,037
12,298 def16,736
Jan 1 to Oct 31
620,351
524,533
143,095
132,10G
Southern Boulevard_ a_ _ Oct
18,338
7,499
3,267 def16,474
Jan 1 to Oct 31
185,370
155,665
63,596
15,341
Union Ry of NY C_a___Oct 239,669
120,261
49.597 def81,775
Jan I to Oct 31
2,475,238 2.138,510
606,411
405,035
Westchester Electric_ a_ _Oct
44,908
6,097
7,744 def16,082
Jan 1 to Oct 31
468,308
380,203
81,407
58,166
Yonkers_a
Oct
71,868
2,130
13,194 def23,883
Jan 1 to Oct 31
691,361
511,620
159,653
94,497
Long Island Electric_ a_ _ Oct
18,194
18,953 def1,468
155
Jan 1 to Oct 31
219,104
211,293
27,332
12,326
N Y & Long Isl Trac_a__Oct
47,519
35,999
11,712
3,184
Jan 1 to Oct 31
397,577
349,326
68,162
39,574
N Y & North Shore_a__ _Oct
14,910
14,283
3.230
3,512
Jan 1 to Oct 31
143,655
135,650
34,876
40,887
N Y & Queens Co_a____Oct
77,764
100,217 def32 620
7,315
Jan 1 to Oct 31
952,420 1,171,017 def120,384
7,114
Ocean Elect (L I)_a____Oct
7,503
7,930
def1.175
def 485
Jan I to Oct 31
145,015
141,720
57,242
49,400
Richmond Lt & RR_a__Oct
34,256
33,993
2,750
10,101
Jan 1 to Oct 31
384,961
344,152
67,863
99.901
Staten Isl Midland_a___Oct
23,834
26,219
def1,424
2,472
Jan 1 to Oct 31
305,986
284,548
10,212
24,829
a Net earnings here given are after deducting taxes.
c Other inc. amounted to $73,561 in Oct. 1917, agst. $84.397 in 1916.
The General Gas & Electric Company.
Estimated Gross Revenues.
January
Inc. orDec.
System1918.
Amount.
1917.
Rutland System
$42,000
$38,023
+$3,977
Northwestern Ohio
19,939
21,328
-1,389
Sandusky System
48,937
49,085
-148
Binghamton System
35,823
29,916
+5,907
Sayre System
10,665
8,531
+2,134
Interurban Gas System
741
763
-22
New Jersey System
21,976
18,275
+3,701
Companies.
Total
$180,081
$165,922
Eastern Power & Light Corporation.
Estimated Gross Revenues.
January
System1918.
1917.
Reading System
$284,451
$239,980
Pennsylvania Utilities
135,820
97,250
West Virginia System
98,851
92,266
Claremont System
27,490 .
24,212
+314,159
Increase.
Amount.
$44,465
38,570
6,585
3,278
Total
$546,612
$453,713
$92,899
-Gross Earnings--Net Earnings
- Vincennes Lystern
$12,789
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
Alabama Power Co_a_Dec
197,062
155,251
120,303
97,510
Jan 1 to Dec 31
2,101,958 1,515,953 1,300,624
949,601
Chicago Telephone____Dec 1.825,760 1,740,709
Annual Reports.-An index to annual reports of steam
432,946
506,482
Jan 1 to Dec 31
21,543,913 19,672,718 4,991,088 5,641,170 railroads, street railways and miscellaneous companies which
Cleveland Telephone__Dec
263,242
236.536
32,275
59,109 have been published during the preceding month will be given
Jan 1 to Dec 31
3,105,016 2,605,941
467,004
678,988
Michigan State Telep__Dec
669,787
645,437
181,107
119,282 on the last Saturday of each month. This index will not
Jan 1 to Dec 31
7,991,342 7,360,690 1,058,677 1,572,555 include reports in the issue of the "Chronicle" in which it is
Mountain States Telep_Dec
834,713
755.675
304,491
251,794 published. The latest index will be found in the issue of
Jan 1 to Dec 31
9,948,710 8,548,648 3,342,092 2,851,108
Feb. 2. The next will appear in that of Feb. 23.
Wisconsin Telephone....Dec
420,043
398,609
106,035
135,904
Jan 1 to Doc 31
5,060,161 4,683,536 1,447,747 1,607,190
Pennsylvania Railroad.
a Net earnings here given are after deducting taxes.
(Preliminary Results for Year ending December 311917.)
b Not earnings here given are before deducting taxes.
Gross
The company reports the following data for the late fiscal
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
year in comparison with the years 1916, 1915 and 1914:
Federal Light &
Dec '17
1917.
307,865
1916.
95,611
1915.
1914.
50,970
44,641
Traction
miles operated_
'16
4,543
230,174
4,536
4,531
96.789
4,512
49,795
46,994 Average
Operating Revenues12 mos '17 2,867,310
$
$
856,846
$
594,454
$
262,392 Freight
176,927,084 164,206,702 140,654,857 131,158,930
'16 2,502,142
864,249
586,046
278,203 Passenger
52,938,945
44,907,477
38,611,086
Kings Co El Lt & Pow and Edison El Ill Co of Bklyn38,977,848
14,066,709 13,109,296 11,383,588 11,900,021
12 mos to Dec 31 '17 8,304,412 2,792,429 1,399,414 z1,469,658 Mail. express, &c
11,161,208 8,054,968
5,978,639
5,215,052
'16 8,130,199 3,116,149 1,330,803 z1,859,955 Incidental, &c
Toronto RailwayTotal oper. revenue 255,093,946 230,278,533 196,628,170 187,251,851
12 mos to Dec 31 '17 6,291,759 2,476,481
146,887 2,329,594
Operating Expenses'16 5,973,161 2,622,504
156,122 2,466,382 Maint. of way & struc
20,610,653 28,819,322 25,328,513 25,019,606
Virginia Power Co_Nov '17
53,963
25,601
21,193
4,408 Maint. of equipment... 52,612,430 45,805,126 38,641,078 37,143,533
'16
39,230
20,090
17,465
2,850,787
2,625 Traffic expenses
2,534,360
2,386,064
2,316,127
Transportation
Gross
104,934,728 80,394,314 68,650,005 72,234,108
Net
Fixed Chgs. Balance,
Miscellaneous operations 4,237,592 3,147,328
Earnings. Earnings, & Taxes. Surplus.
2,653,146
2,624,137
General expenses
6,409,932
5,509,430
5,077,755
4,954,732
Commonwealth Pow, Ry & Lt and sub cosTransp. for investment.. Cr.68,035
Cr.45,298
12 mos to Dec 31 '17 19,723,730 8,645,104 6,495,479 2,149,625
Total oper. exponses_200,588,086 166,164,582 142,736,561 144,292,243
'16 16,962,607 8,587,086 5,936,243 2,651,743
Net earnings
Detroit United Lines54,505,410 64,113,951 53,891,609 42,959,608
10,241,002
12 mos to Dec 31 '17 17,427,930 4,168,149 2,404,355 z2,175,531 Accrued taxes, &c
9,057,940
7,640,684
7,700,836
'16 16,036.069 4,820,867 2,291,409 z2,880,792
Operating income..
44,264,408 55,056,011 46,250,925 35.258,772
New York State RysOther
income
21,714,943
23,164,885
20,375,320 16,697,279
12 mos to Dec 31 '17 8,460.001 2,701,002 1,980,468 z824,988
'16 8,256,470 3,103,270 1.887,736 z1,361.748
Gross income
65,979,351 78,220,896 66,626,245 51,956,051
Nor Ohio Elec Corp Dec '17
584,651
239,491
170,520
28,867,346 28,083,330 26,147,264 19,650,528
68.971 Fixed charges
12 mos '17 6,469,035 2,444.760 1,522,919
29,952,252 29,952,252 29,952,219 29,952,186
921,841 *Dividends(6%)
Schenectady- Ry12 mos to Dec 31 '17 1,447,151
Net income
7,159,753 20,185,293 10,526,762
460,917
2,353,337
236,900 z225,160
'16 1,329,583
462,430
226,139 z239,069
* The dividends as above are deducted in above statement by Editor.
z After allowing for other income received.
-Pennsylvania Company- -P. C. C. & St. L. Ry.New York Street Railways.
1917.
1916.
1917.
1916.
-Gross Earnings--Net Earnings
1,755
1,755
2,399
- Average miles operated..
2,399
Operating RevenuesCurrent
Previous
Current
$
$
Previous
$
Companies.
Freight
Year.
56,199,623
Year.
56,182,956 51,423,799 44,716,358
Year.
Year.
Passenger
13,792,899 12,034,779 14,053,621 12,084,924
$
46
3
$
Hudson & Manhattan_a _Oct 393,500
5,751,967
361,386 c198,102 c184,739 Mail, express, &c
5,180,650 6,276,085
5,938,867
Jan 1 to Oct 31
3,617,214 3,326,921 1.816,668 1,755,167 Incidental, &c
2,850,809
2,170,641
1,754,124
1,296,349
Interboro R T (Sub)_a_ _ Oct 1,929,711 1,862,698
999,502 1,168,447
Total
oper.
revenues..
Jan 1 to Oct 31
78,595,298
75,569,026 73,507,629 64,036,498
18,098,696 16,459,436 9,868,143 10,048,877
Operating ExpensesInterboro R T (Elev)_a_Oct 1,633,880 1,684,235
647,509
798,133 Maint. of way & struc
9,960,415 8,988,306
8,160,800
Jan 1 to Oct 31
8,393,477
15,217,825 14,536,074 6,063,559 6,552,934 Maint. of equipment......
14,751,752 13,088,372 14,900,162 12,528,975
Total Interboro It T_a Oct 3,563,592 3,546,933 1,647,011 1,966,580 Traffic expenses
1,099,816
1,037,590
1,270,563
1,136,386
Jan 1 to Oct 31
33,316,521 31,995,512 15,921,711 16,601,812 Transportation expenses 34,474,710 25,877,532 29,708,708 22,182,324
Brooklyn Rap Trans_a_ _ Oct 2,552,117 2,472,446
Misc. operations, &c
557,392
413,869
583,938
815,477
386,24$
844,698
Jan 1 to Oct 31
25,720,253 24,470,604 8,651,242 8,413,634 General expenses
1,903,815
1,725,654
1,737,778
1,544,128
New York Railways_ a_ _ Oct 1,103.615
780,263
284,529
132,705
Total oper. expenses.. 62,747,899 51,131,323 56,361,950 46,171,538
Jan 1 to Oct 31
10,489,450 10,378,753 2,585,132 2.931,763 Net
earnings
15,847,399 24,437,703 17,145,679 17,864,960
Belt Line-a
Oct
58,869
32,871
11,230 def10,745 Accrued taxes, &c
4,116,968
4,529,630
3,198,731
2,826,091
Jan 1 to Oct 31
571,969
579,898
66,535
90,759
Second Avenue-a
Oct
75,545
Operating income.- 11,317,769 20,320,735 13,946,948 15,038,869
34,817
15,563 def7,631
Jan 1 to Oct 31
Other
728,373
income
661,382
13,058,723 12,280,928
138,783
110,905
766,667
730,167
Third Avenue_a
Oct 344.645
169.231
122,850 def22,651
Gross income
Jan 1 to Oct 31
24,376,492 32,601,663 14,713,615 15,769,036
3,444,283 3,008,995 1,222,448 1,047,133
Fixed
charges
18,990,724 22,956,800 10,134,021
Dry Dock E B & Batt _a _Oct
8,903,545
40,780
18,158
5.097 def14,560
Jan 1 to Oct 31
378,896
360,382
28,714
12.976
Net income
5,385,768
9,644,863
4,579,594
6,865,491
ANNUAL REPORTS. •
FEB. 9 1918.]
THE CHRONICLE
597
S. RR.Lehigh Valley Transit Co., Allentown, Pa.
-Long Island Railroad- -W. Jersey de. S.1916.
1917.
1916.
1917.
for Fiscal Year ended Nov. 30 1917.)
(Report
359
360
397
398
Average miles operated_
President H. R. Fehr, Allentown, Pa., Jan. 14 1918, wrote
$
Operating Revenues2,507,190
4,623,578 4,317,210 2,730,912
Freight
4,697,408 in substance:
5,116,018
8,541,876
without parallel. Pub..
10,652,091
Passenger
Unusual Conditions.-The year just ended was
470,043
512,322
1,278,791
to meet the extraorninary
1,183,654
&c
express,
Mail,
lie utilities were called upon as never before
154,680
195,795
753,961
at the same time
826,856
Incidental, &c
demands made upon them for increased service, while
in all labor and material
they were confronted with unprecedented increases
7,829,320
8,555.048
9
14,971,83
funds for new
securing
of
ity
0
impossibil
17,286,18
labor,
Total oper. revenues..
costs, shortage of skilled
notes at very high interest rates.
financing, except by issuing short-term very
Operating Expensesbe advanced
must
soon,
rates
better
the
for
change
conditions
1,331,025 Unless
1,496,111
1,656,155
Maint. of way & struc__ 1,757,344
1,188,079 to continue to give that high-grade service which is especially demanded
1,315,978
1,662,202
Maint. of equipment..__ 2,101,485
time.
this
151,687
136,947
at
137,619
149.798
of both the
Traffic expenses
Amalgamation.-During the year a substantial majority
3,053,451
5,991,499 3,786,947
Power Securities
Transportation expenses 7,412,158
33,057 common and preferred stock was acquired by the,Lehigh
54,931
63.677
95,172
the stock of
purchased
your
Company
to
Misc. operations, &c
addition
in
who,
on,
Corporati
200,183
211,217
416,055
444,578
the assets of the Northern Central
General expenses
the Lehign Navigation Electric Co. and
Share Company of New York, to
&
Bond
Electric
the
employed
and
5,957,483
7,002,130
Co.,
9,927,208
Total oper. expenses.... 11,960,536 5,044,631
1,552,918
1,871,837 direct and promote the development of the business. [Compare V. 105.
5,325,644
Net earnings
512,114
459,654 p. 290, 498, 716, 818. 1208, 2365.
887,786
Power Securities
945,837
Accrued taxes, &c
The ten voting trustees for the stock of the Lehigh
& Co., Inc.; G. M.
Corporation are: I. W. Bonbright. of Bonbright
1,040.804
1,412,183
4,156,845
4,379,807
_
Operating income___
Chase National Bank, New York; George H. Frazier,'
-President
V.
117,592
Dahl,
166,086
680,191
659,469
Guaranty
Other income
of Brown Brothers & Co.; Alexander J. Hemphill Chairman
Bond & Share Co.,
1,529,775 Trust Co., N. Y.; S. Z. Mitchell, President Electric
1,206,890
4,837,036
5,039,277
Edward B. Smith & Co. (died Jan.
Gross income
of
President
Smith,
B.
Edward
Y.;
625,308
678,345
N.
N. Y.; Daniel E.
4,169,976 4,595,565
Fixed charges
7 1918); L. E. Pierson, Chairman Irving National Bank,
S. D). Warriner, Presi851,430 Pomero. V.-President Bankers Trust Co., N. Y.*
581,582
241,471
of
869,300
Net income
Lehigh Coal & Navigation Co., Philadelphia,and William West,
dent
Y. Phito. & N. RR.- West & o.
-Phila. Bait. ec. W. RR.- -N.
or
$304,847.
increased
tion
transporta
1916.
1917.
Financial Results.-Revenue from
1916.
1917.
112
112 15.4%; power sales gained $97,411, or 19.7%:and total operating revenue
718
746
or
$416,806,
Average miles operated..
increases
expenses
Operating
16.3%.
or
increased $403,201,
$
or 23.3%. As a result of maintaining
Operating Revenues4,238,697
4,331,865 29%, and taxes advanced $19,728,
anding the increased
16,057,194 13,082,012
notwithst
standard,
high
usual
Freight
the
at
property
801,272
the
494,829
of $14,14,036,541 10,036,587
Passenger
281,420
230,686 labor and material costs, there was a slight decrease in net income
1,938,450
2,372,577
Mail, express, &c
195,421
136,778 939, or 3.1V.
489,376
746,093
each year to
Incidental, &c
Reserve.-Beginning with 1911, there has been credited
an amount equal to 22% of the
5,516,810
5,194,159 maintenance, renewals and depreciationitems
25,546,425
of maintenance and renewals
Total oper. revenues.. 33,212,404
gross earnings of the railway lines. All
set up to accrued depreciabeing
balance
the
this
account;
to
are charged
Operating Expenses484,491
410,122 tion reserve, which showed a credit of $312.279 as of Nov. 30 1917.
3,256,124
ted Electric Co., referred
Maint. of way & struc- 3.754,757 4,743,870
Consolida
Easton
the
1,042,864
ve
of
985,444
-Exclusi
Trackage.
Maint, of equipment___ 6,129,797
61,994
56,508 to later, the company operates 163.65 miles of railway, of which 151.47
348,273
383,810
Traffic expenses
miles leased, extending from Allentown to
2,228,869
12.18
and
1.802,559
owned
are
9,690,490
miles
6
13,636,66
Transportation expenses
270,045
188,439 Philadelphia (Chestnut Hill), Norristown, Macungie, SlatIngton, Egypt,
621,527
683,217
n.
General expenses, &c..
Northampton, Nazareth, Bethlehem and Heliertow
$557,683 for the year,
4,088,262
4
3,443,073
18,660,28
Cost of Power.-Of the total power operating cost ofto
7,
the cost of coal per
Total oper. expenses.. 24,588,24
addition
in
and
total,
the
of
1,428,548
1,751,086
88%
d
6,886,141
fuel constitute
'
8.624,157
there was a marked
earnings
84.875,
Net
277,145
152,743 gross ton delivered, increasing from $3.334 to
760,913
1,353,003
in an increase in
Accrued taxes, &c
decrease in the quality of the coal, all of which resulted
on of 9.000
1,151,403
1,598,343 production cost per k.w. of 54%. With a monthly consumpti
7,271,154 6,125,228
the daily reand
Operating income
tons
78,084
72,408 tons, there is a reserve supply on hand of 12.000
1,397,557
1,345,643
existing conng
Consideri
.
Other income
deliveries
contract
by
covered
are
s
quirement
public
1,229,487
1,670.751 ditions, the company is in a fortunate position compared with many
7,522,785
8,616,797
Gross income
359,649
427,752 utility companies, as practically no spot coal is obtainable at the prices
3,501,246
3,747.191
Fixed charges
nt.
Governme
fixed by the
, in addition to the
869,837
1,242,999
Easton Consolidated Electric Co.-This subsidiaryEaston,
4,869.606 4,021.539
owns and conNet income
ownership of the Edison Illuminating Company. ofto
me.
Op.
Total
Exp.
Rev.
Oper.Inco
Op.
Total
and through BethleEaston
from
31extending
54 miles of railway,
Years end. Dec.
trols
118
55
$268,718,
$61,946,9
gives your
which
0,665,072
J.,
rg, N.
11917-$33
hem, Nazareth and and the town of Phillipsbu
Lines east of
221,158,480
72,531,578 company
from Slatingcontrol of all the trolley roads in the Lehigh Valley
Pittsburgh & Erie___11916__ 293,690,058
two of
rent
will
Co
28
Transit
745
,674
Easton
$26,502,9
$134,226,
The
f 1917_ ..$160,729
ton, Pa., to Phillips burg, N. J.
Lines west of
110,509,932
36,810,427 our new cars. Summary of equipment: Total passenger cars, 93; total
Pittsburgh & Erie__ 11916- 147,320,359
862
83
12.
,746
$402,944,
$88,449,8
service cars,
Co. for the
Lines east and west Off 1917_ -$491,394
331,668,412
The surplus earnings of the Easton Consolidated Electric
109,342,005
Pittsburgh & Erie___11916.... 441,010.417
charges on the
year ending Nov. 30 1917, were $159,709. The interest
bonds repewhich
ng,
outstandi
now
Bonds
Trust
-V. 106. p. 500.
Collateral
Lehigh Valley
of the acquisition of the
sent the cost to the Lehigh Valley Transit Co.
resulting in a profit for the Transit
$55,452,
to
amounts
system,
Easton
Norfolk & Western Railway.
Co. of $104,257 on this investment.
and the Taylor-Wharton
The new cut-off between 20th St., Easton
was placed in operation April 19 1917.
(Results for December and Calendar Year end. Dec. 31 1917.) plant in Palmer Township
freight service is operated
reliable
and
fast
-A
Freight and Express Service.
-Month of December- -12 Mos. to Dec. 31hia Rapid Transit Co. at
by your company connecting with the Philadelp
1916.
1917.
1916.
1917
of twelve motor and
consists
t
equipmen
The
ia.
Philadelph
Hill,
$4,313,068 $3,997,690 $56,381.036 $51.114,186 Siaestnut cars. The surplus from the freight business decreased $3.206. or
Freight revenue
801.902
9.529,206
8,335,796 two trail
1.041,697
Passenger, mall, &c
17.5%.
Co., whereby they operThe five-year contract with the Adams Express
765 $4,799,592 $65.910,242 $59,449,982
t furnished by your company, expired
Total oper. revenue..-_$5,354,
$443,536 $6.176.369 $6,771.473 ated over your lines, using equipmen
$463,103
days, in order to deter90
extended
been
has
contract
Maint. of way, &c
the
and
1917,
12
Dec.
883.025 12,051.912 10,342%501
929,039
our best interests to renew the contract.
Maint. of equipment..
61,987
809,723
739,052 mine whether or not it is to -Your
71,443
company does the entire lighting and
Traffic expenses
Business.
Power
and
Light
0
0
1,363,845
14.778,08
20,808,29
1,995,811
, Bethlehem, Slatington, Catasauqua, Emaus
Transportation
92,701
877,620 power business in Allentown
1,315,209
140,562
n of over 200,000.
General, &c
and territory adjacent thereto, serving a populatio
Macungie, Coopersnurg, Sellersville, Souderto
d
wholesale
also
is
Power
4
32
58 $2,845,09 $41,161,503 $33,508,7
Total oper. expenses_ -$3,599,9
Wales.
North
$1.754,806 $1,954,49b $24,748,739 $25,941,249 tonAsand
lighting companies
Net earnings
a result of the merger of the various subsidiary
Light & Power Co. in 1916, the only other lighting
Taxes (Incl. in 1917 excess 473,000
255,000
2,480,000 into the Lehigh Valleyhaving
5.095,000
are the Bethleexistence
corporate
separate
tax)
profits
companies at present
& Power
Light Co. and the South Bethlehem Electric Light
$1,281,806 $1,699,498 $19,653,739 $23.461,249 hem Electric
the year was the Indusduring
chartered
company
lighting
Operating income
only
The
Co.
2,476,052
380,198
3,292,142
305,690
charter
the
perfect
to
organized
was
which
Other income
trial Electric Light & Power Co.,
.
the Lehigh Valley Light & Power Co. in upper Milford Township
$1,587,496 $2,085,696 $22,945,881 $25.937,301 rights of-As
obtain
to
difficult
more
became
g
electricity
Gross income
generatin
for
coal
Halts
4,137,227
340.043
3,999,744
332,239
,
especially
numerous
Interest, rents, &c
the demands for power became
(4)919,672 (4)919,672 and increased inofprice,
Preferred dividends
the year. Due to the difficulty of obtaining new capital
(8)9,601.973(7%)9094184 in the last part
res, the customer
Common dividends
on all future new installations requiring large expenditu
will pay a fair interest
must furnish the money, upon which the company
$1,255,257 $1,745,652 $8,424,492 $11,786,218 rate,
s improve. The
condition
when
later,
Balance, surlus
to
purchase
option
an
with
rates to large concompany is also planning to incorporate in its power
-V.106, p. 499, 190.
of coal.
sumers a sliding scale of rates, based on the price 24
new centre entrance
Improvements and Additions.-These include
1918, the installation of a
steel passenger cars, to be del;vered in January
Pere Marquette Railway.
the purchase of two 1,000-h.p.
10,000-k. w. steam-driven turbo-generator,
addition of two new sub-stations
Stirling boilers for the power house, the and
(Results for Three and Nine Months ending Dec. 31 1917.)
'Quakertown, the completion
with tee necessary apparatus at Emaus
the Easton city line. [Including
of
g:
he
west
1918
29
affords
cut-off
followin
Jan.
-Easton
Bethlehem
the
of
dated
An official circular
have 188 passenger cars,
will
company
the
mentioned
31- -9 Mos. end. Dec. 31- the 24 cars above
-3 Mos. end. Dec.
of which 141 have double tracks, 14 freight cars, 37 sweepers, snow plows.
1916.
1917.
1916.
1917.
Ste.]
2,249
2,248
2,249
the patriotic
2,247
Aver. miles operated_ _Postponed Expenditures.-For the period of the war it will beres,
both for
$
$
duty of your company to eliminate all unnecessary expenditu
Operating Revenuesry, those which may
4
58
by
unnecessa
03.152
13.1
4,418,472
12,2,11
meaning
ce;
and
4,615,826
maintenan
on
constructi
Freight
1,044,957
3,434,096
3,281,498
939,625
be safely postponed.
Passenger
547,652
1,847,998
1,664,48A
530.109
Mail. express, &c
INCOME ACCOUNT FOR YEARS ENDED NOV. 30.
1914-15.
1915-16.
1916-17.
8
1
6,081,081
18,232.64
17,356,69
Total oper. revenues.. 6,115,560
$2,131,597 $1,852.506 $1,550,125
529,787
2,048,689
1,781,073 Passenger revenue
615,016
Maint. of way & struc
27,408
30.930
34,351
1,049,796
2,888,548
&c
2,204.940
express,
Mali
927,073
Maint. of equipment....
71,889
84,072
106,408
159.761
481,983 Freight revenue
315.465
116,403
do
(deprec'n)397,582
494,056
591.467
107,850
318,729
335.803
sales
Power
95,137
Traffic
9,871
10,307
11,251
2,268.517
6,067,072
7.251,030
Miscellaneous
2,618.808
Transportation
10,200
37,313
35,565
10,256
Miscell. oper., &c
2 $2,056,875
$2,471,87
4
$2.875,07
revenue
388,779
140,170
489,955
operating
Total
179,952
General
Operating expenses:
964,436
1,709,326 1,283,339
Actually incurred
Total oper. expenses.. 4,563,245 4,266,082 12,681,448 11,963,497
5,393,194
1,814,999
5,551,200
Provision made for equalization and
1,552,315
Net earnings
166,399
150,326
141,146
on
159,479
110,236
53,568
for accrued depreciati
35,042
Non-oper. income
7
$926.040
$1,038,20
2
$1,024,60
5,552.673
1,868,567
5,661,436
Net earnings
1,587,357
Gross income
73,552
84,446
104,174
452,760 Taxes
152,557
526,620
191,732
Taxes
6,735
3,821
2.005
$920,428 $953,761 $852.488
57
Miscellaneous
income
Operating
118,986
778.098 Dividend income
386,112
698,288
126,452
132.294
152.317
Hire of equipment
509,353
17,160
169,489
524,347
18,758
12.462
171,925
Rentals
on notes, bank balances, &c
1,265,820 Interest
421,940
1.205,820
421,940
1 $988.634
*Interest on bonds
4
$1,098,97
*1,065,18
income
Gross
518
2,860
2,515
130
$66.207
*Other interest
$58.561
836,465
Deduct rents, &c
326,667
550.279
140,000
550.566
Divs. on prior pref. stk_
554,602
Interest on funded debt
20,441
20,466
20,579
Amortiz'n of discount on funded debt
3,015,626 Legal Expenses-Arbogast & Bastian VS.
3,344,265
1,136,435
Total deductions.-- 1,078,100
28,319
2,537.047
732,132
2,317,171
Co
Transit
Valley
Lehigh
surplus
509,257
Balance,
(5)248.983(5)248.9R3(335)174.288
are stated Preferred dividends
For the purpose of comparison, the figures for previous year P.
$204,555 $219,494 $149,100
2273.
Balance Surplus
on the basis of the interest charges of the new company.-V.105.
598
THE CHRONICLE
COMPARATIVE BALANCE SHEET NOV. 30.
GENERAL BALANCE SHEET.
1917.
1916.
1917.
1916.
Nov.3'17. Nov.4'16.
Nov. 3' 17. Nov.4'16.
AssetsLiabilities
AssetsRoad & equipment18,542,689 17,817,633 Preferred stock__ 4,979,687 4,979,687 Pack
.h'se,real est. 652,127
652,127 Capital stock_ _ _ _ 3,000,000 3,000,000
Invest'nt in affil.,
Common stock___ 2,097,350 2,997,350
do
bldgs.,
maBonds
10,900,000 11,100,000
&c., cos. at cost 1,838,960 1,896,437 Funded debt
11,724,009 11,531,509
chinery, &c_ _14,420,909 13,134,838 Bills payable
25,990,209
Adv. to affil., &c.,
Adv'es from Mill.,
Br.mkts.,bidgs.,&c. 3,411,945 3,240,152 Acc'ts payable__ _ 2,989,583 9,249,135
companies
2,611,785
55,852
228,070
&c. cos
15,673
Car
equipment__
3,301,160 2,676,699 Pen. & ben. fund_ 100,000
Miscellaneous_
200,000
37,443
35,872 Audited acets, acCash
4,653,520 3,254,957 Bond In,accrued_ 167,588
Cash, bills, &c.,
172,050
cr'd int., &e_ _ _ _ 594,624
216,068
Products
&
sum).
A2,254,641
26,224,105
Res.for depr., &c_ 8,641,721 6,605,223
ree.R.E.M.&o 256,392
77,688 Acer'd taxes, reMarketable invest. 6,299,759 5,755,050 Reserve for taxes_ 2,094,861
Material & suppl_ 453,270
154,426
262,119 serves, &c
210,947
157,893
Acc'ts
(3,
bills
16,178,455
rec...
10,297,177
Surplus
37,293,555 32,142,483
Discount on fundAccrued depreo'n. 312,279
293,241
ed debt, &c
414,719
420,129 Surplus
764,755
560,200
Taal
91,177,518 85,235,103 Total
91,177,516 65,235,103
V.
104,
p.
1149.
Total
21,599,324 20.735,949
Total
21,599,324 20,735,949
-V. 106, p. 296, 86.
Continental Can Co., Inc. (of New York).
(Fifth Annual Report-Year ending Dec. 31 1917.)
President T. G. Cranwell says in substance:
Stewart-Warner Speedometer Corporation, Chicago.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. C. B. Smith, Chicago, Feb. 1, wrote in substance:
The growth of the business of the company, noted in our last annual
report, continues in a marked degree. The figures for 1917 show
an increase of at least 33 1-3% in the number of cans produced over 1916.
The cost of all materials comprising our products has
to advance; also labor and every other item as well, and therecontinued
is at present no
indication of any reduction along these lines. We continue,
however, to
price our inventories upon a reasonable basis, so that when the
period of
readjustment arrives, we hope not to have drastic losses to absorb.
During 1917 we built and equipped a largo machine shop
Syracuse,
N. Y.. thus doubling our facilities for the manufacture of ourat
can-making
machinery and of our closing machines. We have also built and
equipped
what is probably the largest and best appointed can factory
America
at Clearing, Ill., a suburb of Chicago, and this factory will be inin
full operation during the spring of 1918.
The problem of the supply of raw material, fuel and transportation
a
rather serious one. The fact that nearly 98% of our entire output ofis
tin
cans is used for food products should assure to us such help from
the Food
Administration as is necessary to enable us to operate our factories
in 1918
to fulfill our obligations to the food packers.
The outlook for 1918 is most gratifying and despite our large increases in
manufacturing capacities we have practically our est. output for 1918 sold.
RESULTS FOR YEARS ENDING DEC. 31.
1917.
1916.
1915.
1914.
Net earnings
$4,531,370 $2,510,665 $1,457,965 $1,339,434
Res.for taxes & conting.
850,000
44,000
Depreciation
400,392
323,111
132,126
116,819
Pref. dividends (7%)_ _ _
344,575
353,237
361,725
367,535
Common dividend.. _ _ _(5%)450,000 (5)400,000(2%)200,000
Profits amount to $2,200,774. after making liberal reserves for depreciation on plants. &c., but before deducting Federal Income
Tax and War
Excess Profits Tax, for which a reserve of $340,000 has been sot
aside. The
net profit is therefore equal to approximately 19% on our capital
Our net assets are now $6,321.408 exclusive of patents and goodstock.
will.
Considerable new machinery has been added to the
of the
Chicago plant, enabling us to make prompt deliveries on equipment
all our contracts.
Last spring we completed at Beloit a foundry building 480
ft.x120
ft.,
of the best equipped foundries in the country, enabling us to make one
our
own castings and to guarantee deliveries. We have included
facilities at
this foundry permitting us to take on outside contracts for castings
we expect during 1918 to do a profitable business in that department. and
The outlook for 1918 is very promising. While recognizing
possibility
of a reduction in the output of automobiles we believe this the
will be offset
by an increase in sales on several new Stewart Products incorporated
in our
line too late in the year 1917 to become known,such as the Stewart searchlight, Stewart lens, and Stewart autoguard; and substantial contracts with
the Government. on which we will begin deliveries immediately and which
will absorb all facilities not required for automobile products. Our new
Beloit foundry will aid materially on these contracts.
We may also be able to announce In the near future one or more new
Stewart products. We are now testing some interesting devices
that we
hope wilt prove popular and profitable additions to the line.
INCOME ACCOUNT FOR THE CALENDAR YEARS.
•
1916.
Profits and income, after deducting all manufactur- 1917.
ing, selling & administrative expenses, incl. adequate provision for discounts and losses on customers acc'ts, deprec. on plant and equipment,&c.32,200,774
Provision for Federal Excess Profits and Income taxes_ 340,000 $2,215,043
Common dividends(6%)
600,000 *638,556
Balance,surplus
$2,486,402 $1,390,317
$764,114
$855,080
%
CONSOLIDATED BALANCE SHEET DEC. 31.
Surplus net income for years ending Dec. 31
1917.
1916.
1917.
1916.
Add-Annual sinking fund appropriations for re-$1,260,774 $1,576,487
Assets-'
$
Liabilitiesdemption
of pref. stock, now written back, $241,Real estate,
Common stock __10,000,000
500;less net premiums paid on original issue of pref.
plant, &c bldg..,*8,370,979 5,783,830 Pref. stock, 7% _ _x4,840,000 8,000,000
5,005,000
stock, retired, $70,691
Patents and goodNotes, accts. pay170,809
arising from re-valuation of properties and
will
8,035,000 8,035,000
able, &c
3,223,955 1,902,659 Surplus
plant by Manufacturers' Appraisal Co
Investm'ts in other
Pf div. pay.Jan. 1
358,672
84,700
87,588
companies
277,903
74,568 Com.div.pay.Jan.1 125,000
100,000
Net surplus for the calendar years
Inventories
6,277,939 2,928,303 Surp. for redemp.
$1,260,774 $2,105,968
Accts.& bills rec 2,032,787 1,157,505
4,195,441 2,089,473
of pref. stock _
660,000
495,000 Balance of surplus carried forward
Cash
915,392 1,028,930 Res. for depreen_ 969,404
589,011
Tot.
unapprop.
surplus
at
Prepaid insurance
Dec.
31,
per
as
bal. sheet$5,456,215 $4,195,441
69,300
75,961 Res. for taxes and
contingencies
850,000
* Includes 338.556 preferred dividends.
Profit and loss y5,226,241 2,904,839
BALANCE SHEET, DEC. 31.
Total
25,979.300 19,064,096 Total
25,979,300 19,084,098
1917.
1916.
1917.
1916.
Assets
Liabilities* Real estate, buildings, plant, machinery, &c., includes $2,607,149 net
$
Com.stk.(par$100)10,000,000 10,000,000
expenditures on additions and betterments during year to date. x After Land, buildings,
equipment, &c_a2,855,200 2,574,165 Notes payable_ _ _ - 400,000
deducting $165,000 retired under provision of charter. y After deducting
700,000
Pat'ts,good-w.,&c. 9,134,807 9,132,968 Accts., &c., pay'le 242,565
$165,000 applied in redemption of pref. stock.
301,860
200,435
91,183 Accrued items-- 137,325
As to increase in common stock from $10,000,000 to $15,000,000, see Cash
192,975
Notes
&
accts.
rec.b1,267,847
1,388,658
Prov.
Fed.
for
war,
V. 106, p. 90.
Finished goods_c_ 221,735
172,138 excess profits &
Materials, &c_c 2,840,268 1,994,707 Income taxes__ 340,000
Inland Steel Co., Chicago.
Deferred charges_
47,814
58,480 Surplus
5,456,215 4,195,441
(Report for Year ending Dec. 31 1917.)
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
Net earnings
I*321,240,784{*311,241,046
$4,414,139
Other income
124,431
78.885
Total income
*321,240,784 $11,365,477
Provision for depreciation
31,457,8671
Provision for exhaustion of min'Is_
539,241
311,3001
Net profits
$19,471,616 $10,826,237
Bond intrest
$436,550
$375,450
Provision for Federal taxes
8,500,000
Dividends
(11)1,999,820
(8)799,908
Discount, &c., on mortgages
$4,493,024
323,920
$4,169,104
$381,690
(6)599.886
32,170
Balance, surplus
$8,535,247
$9,650,879
$3,155,358
*After deducting maintenance and repairs.
BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
1916.
AssetsLiabilities$
Land, plants, &&33,312,755 25,186,984 Capital stock_ _ _ _24,997,000 9,924,665
U. S. Liberty bds.
Bonded debt
6,030,000 6,180,000
& Treasury ctfs_ 7,250,000
103,000 Acc'ts payable
2,062.713 1,036,925
Inventories
9,720,002 4,848,586 Pay-rolls
410,229
314,027
Bills receivable__ _ 186,525
90,062 Taxesaccrued__
340,385
369,328
Ace'ts receivable_ 4,886,570 3,481,427 Interest accrued
24,750
27,000
Insur.unexpired_ _
35,808
7,927 Prov.forFed.tax._ 8.500.000
Cash
1,867,361 2,440,105 Reserves
5,154,156 2,141,245
Deferred charges_ 154,870
188,629 Surplus
9,894,657 16,359,410
Total
57,413,890 36,352,599
Total
57,413,890 36,352,599
-V. 106, p. 504.
Morris & Co. (Packers,) Chicago, Ill.
(Report for the Fiscal Year ending Nov. 3 1917.)
Vice-Pres. and Treas. C. M. Macfarlane calls attention to the fact that
the increase in the fixed assets is offset by the amount set aside for reserves,
and that, while on account of high cost of products, the liabilities are higher,
there is more than a corresponding increase in the quick assets of inventories, accounts receivable, &c.
INCOME ACCOUNT.
Years endingNov. 3 '17. Nov. 4 '16. Oct. 30 '15. Oct. 31' 14.
Net profits on manufactures and sales
$10,358,489 $5,694,589 $4,710,974 $4,289,347
Miscellaneous earnings_
810,588
977,734
358,343
345,238
Total income
$11,169,077 $6,672,323 $5,069,317 $4,634,585
DeductInterest on bonds
$496,500
$505,500
514,500
$523,500
Administrative expenses 1,394,406
1,280,224
1,058,078
924,518
Int. on borrowed money,
Fed. taxes, insur., &c_ 3,877,100
1,054,386
1,175,324
980,894
Total deductions__ _ _ $5,768,006 $2,840,110 $2,747,902 $2,428,912
Net earnings
$5,401,071 $3,832,213 $2,321,415 $2,205,673
Dividends
(5)150,000 (334)1,000,000 (25)750,000 (15)450,000
Pension & benefit funds_
100,000
200,000
Balance, surplus
$5,151,071
Total
16,576,106 15,390,277 Total
16,578,1013
a After deducting in 1917 3200,151 reserve for depreciation. 15,390,277
b Includes in 1917 notes and accounts receivable, due from customers,
$1,217,406 and miscellaneous, $119,240; total, $1,336,647; loss reserve for
doubtful accounts, cash discounts, &c., $68,800; balance, as above, $1,26',847. $jec At cost.-V' 105, p. 1809.
$2,632,213 $1,571,415 $1,755,673
ITheiNash Motors Co. (of Md.), Kenosha, Wisc.
(Reportfor Period Aug. 16 1916 to Dec.1 1917);
President Charles W. Nash Jan. 9 wrote in substance:
The business was taken over from the Thomas B. Jeffery Co. on Aug. 16
1916. The first year's report covers the period from Aug. 16
1916 to
Nov. 30 1917, tho close of the fiscal year.
To provide for a larger volume of business, it was necessary to construct
additional buildings and install new machinery; and to increase plant
efficiency, it appeared advisable to make a decided rearrangement of equipment. During the period from Aug. 16 1916 to Dec. 1 1917 there has been
expended for the above items, approximately $878,000.
The company,is now making passenger cars, and one-ton, two-ton and
Quad trucks. The business on our books at the present time
assures a
maximum capacity of the plant for many months. Our distributors
and
dealers are among the most desirable in the industry.
After setting up reserves, which seem ample, for depreciation of fixed
assets and for all regular and special taxes, including Federal income and
excess profits taxes, the condition of the company is as shown upon the
statement hereto appended.
RESULTS FOR PERIOD FROM AUG. 16 1916 TO DEC. 1 1917.
Net profits
$2,027,783 Balance, surplus
$1,590,283
Pref. (cash) divs
437,500 Previous surp. Aug. 16 1918_ 825,851
Balance, surplus
$1,590,283 Total surp. Dec. 11917...-$2,416,134
BALANCE SHEET NOV.30 1917(TOTAL EACH SIDE $10,111,255).
Real estate, plant & equipm't
Preferred stock
(less depreen, $370,785)_ _ _$3,261,175 Common stook (Issued, 50,000$5,000,000
Miscellaneous Investment& _ _ 117,241
shares, no par val.)
50,000
Cash
1,039,352 Accounts payable
1,311,126
Accounts receivable
1,081,383 Acer'd taxes, payrolls, &e._ _ 355,109
Inventories
4,607,830 Reserves
978,887
Prepaid expenses
4,275 Surplus
2,416,134
-V. 106, p. 195.
American Light & Traction Co.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. Alanson P. Lathrop, Feb. 1 1918 wrote in subst.:
The companies for the year 1917 have experienced the following large
increase in gross business.
Gas sales cubic feet
1,893,603,700 or 11.50
Electric sales, k. w. h
10,127,442 or 17.94
Street raiway passengers, number
9,430,662 or 33.52
Gas meters in use, number
31,144 or 7.55
Electric meters in use, number
6,291 or 14.89 c,
Total gross business
$2,307,138 or
The normal increase in net, which would ba expected to follow this large
increase in gross, has been offset by large increases in operating costs, aggregating $2,010,000, as follows;
Coal and oil •
$981,7001Taxes-federal
$818,000
Operating labor
320,300iTaxes-other taxes
87,000
THE CHRONICLE
FEB. 9 1918.]
The directors on Jan. 2 1918 declared the regular quarterly cash dividend
% to
of 1%% to holders of pref. stock; a quarterly cash dividend of
holders of common stock, and a stock dividend to holders of common stock,
at the rate of 2% shares of common stock on every 100 shares of common
stock outstanding; all payable Feb. 1 1918 to stockholders of record at
Jan. 10 1918.
RESULTS FOR CALENDAR YEARS.
1915.
1914.
1916.
1917.
Earns. on stk. ofsub. cos. $4,345,215 $5,295,233 $4,555,156 $3,714,960
623,231
717,421
564,705
Miscellaneous earnings_ 1,047,400
r.Gross earnings
Expenses
$5,392,615 $5,859,938 $5,178,387 $4,432,381
156,623
211,911
157,293
369,234
599
amount brought forward per last balance sheet, £2,092,938. less final
dividend of 5% for the year ended Sept. 30 1916, paid Jan. 31 1917,
£312,716. and amount transferred to special reserve. £257,229, there
remained a balance available for dividends on ordinary shares. £4.402,996.
Four interim dividends have been paid on the ordinary shares (aggregating 24%), viz.: 6% each on Jan. 31, Mar. 31 June 30 and Sept. 30 1917.
calling for £1,501,037 and leaving now available a balance (subject to
Excess Profits Duty for the year 1916-17) of 22,901,959, out of which the
directors recommend the distribution, on Jan. 31 1918, of a final dividend
(free of British income tax) on the ordinary shares of 6%, amounting to
£375,259. making 30% for the year and leaving E2,526,700 to be carried
forward subject to Excess Profits Duty for the year.
The net profits, as stated above, do not include the company's proportion of the undivided profits of the associated companies, and which they
have not thought fit to declare as dividends.
INCOME ACCOUNT YEARS ENDING SEPTEMBER 30.
1916-17.
1915-16.
1914-5
x£3,105.002
£2,733,361
41,850.059
Net profit after charges
£225,000
£225,000
£225.000
Preferred dividends (5%)
(30%)1,876,296 (30)1,876,296(22%)1407222
Ordinary dividend
$5,023,381 $5,648,027 $5,021,764 $4,275,088
ilvNet earnings
$854,172
$854,172
$854,172
Div. on pref. stock (6%) $854,172
1,632,645
1,801,798
1,478,880
Cash div. on corn.(10%) 1,986,968
$2,841,140 $2,655,970 $2,486,817 $2,333,052
Total dividends
$2,182,241 $2,992,057 $2,534,947 $1,942,036
Balance, surplus
There was also deducted in 1917, $1,986,968 (10%) for stock dividends
on common stock, against $1,801,798 (10%) in 1916, leaving $195,273 in
Surplus, subject to Excess
1917, against $1,190,259.
£632,065
£217,837
Profits Duty in 1916-17__-- £1,003,706
1,148,157
1,780.222
930,320
surplus
Previous
CONDENSED BALANCE SHEET DECEMBER 31.
1917.
1916.
1916.
1917.
£1,780,222
£2,783,928
Total
£1,148,157
$
Liabilities$
Assets257,228
Transferred to special reserve__
Investment aco't.34,384,752 33,946,416 Preferred stock___14,236,200 14,236,200
Temporary invest_ 5,838,856 1,522,649 Common stock20,588,900 18,681,200
to
subject
surplus,
L.
&
P.
90,000
Bills payable
Int.& dive, receiv£1.780,222
£1,148,157
Excess Profits Dutyfor 1916-17 £2,526,700
12,184
66,403
16,180 Acc'ts payable__ _
57,135
ed on same__ __
Dividends accrued:1,171,807 1,076,422
Undivided profits
management.
for
expenses
and
charges
all
deducting
1916-17
in
xAfter
842,607
887,397 &c., and providing for Income tax for the year 1916-17 and Excess Profits
subsidiary cos_ _ 1'5,637,880 6,328,791 Contingent fund
84.,373
52,798 Duty for the year ending Sept. 30 1916.
1,564,395 2,705,266 warrants
Cash
125,697 Deposits on mgrs.'
180,510
Acc'ts receivable
The dividends on the ordinary shares in 1916-17 include the four interim
6,368
4,925
Bills receivable__ _ 1,723,932 2,470,007 stock contracts..
77,912 distributions of6% each, paid Jan'. 31, Mar.31, June 30 and Sept. 30 1917,
19,850 Taxes in adv.,&c_ 124,247
16,100
Managers'stk.con.
the final payment of (6%) (free from British Income tax) £375,259
and
12,246,873 12,051,599
Surplus
to be made Jan. 31 1918, reducing the amount to be carried forward from
as shown in the balance sheet below, to £2,526,700, as given
£2,901,959,
49,403,560
Taal
47,134,855
49,403,560 47,134,855
Taal
above.
BALANCE SHEET.
and
$2,259,673
reconstruction
receivable,
earnings
1917
* Includes in
1917.
1916.
x Includes in 1917 cash, $657,085 and common
1916.
1917.
reserve, $3,378,207.
E
Liabilities£
E
£
Assetsstock, $514,722.-V. 106, p. 501.
630,520 Preferred stock _ _ _ 4,500,000 4,500,000
Real estate & bldg. 654,918
437,952 Ordinary stock.. __ 6,254,320 6,254,320
Plant, mach'y,&c. 495,270
Cred.& cred. bale. 5,465,657 2,692,301
Good-will, tradePacific Lighting Corporation, Los Angeles, Calif.
267,292
879,065 Res. for bldgs.,20. 358,320
879,065
marks, &c
224,864
Inv. in assoc. cos_ 5,081,185 5,092,524 Prem.on ord.she. 224,864
(Report for Fiscal Year ending Dec. 31 1917).
61,058
40,077
13,099 Redemp. of coups_
13,229
Other investments
Special reserve__ _ 286,335
Loans, associated
Pres. C.0. G. Miller, San Fran., Feb. 1, wrote in subst.:
General
_
reserve__
&c_
1,500,000
companies,
1,500,000
4,455,501
2,630,565
revenue of your
Los Angeles Gas & Electric Co.-The gross operating and
and loss beabout 4.8% Materials & supp_ 5,561,487 4,516,554 Profit
Los Angeles Co. for 1917 was the largest in its history,
fore deducting
other expenses of the Debtors & deb.bal.
larger than the 1916 revenue. The operating and
final dividend &
loss reserve_ ___ 2,723,118 2,309,886
the cost of practically everyyear increased4in a much greater percentage,
Excess Prof. duty 2,901,959 2,092,938
•1,688,740 1,061,628
of gas and electricity Cash
thing entering into the manufacture and distribution
year.
having advanced largely, in price during thehad
Total
21,552,514 17,571,793
Total
21,552,514 17,571,793
installed
company
1,431
miles
of
Angeles
Los
your
1918
1
Jan.
On
and had 185,652 meters set,
There is a contingent liability on shares not fully paid, £170,590, and also
gas street mains, 2,982 miles of main line wire,
net cost of its betterments made for premiums payable on redemption of shares in associated companies
a gain for the year of 2,736 meters. The
during the year was $463,284 for the gas department, $207,587 for the allocated to employees.-V. 106, p. 193.
electric department, and $25,832 for other betterments for general purposes;
the total aggregating $696,704.
Rates.-In November last the rates for gas in Los Angeles were finally
fixed on a block system which is calculated to average a small increase over
the old rate of 68 cents per M. but which has not been in effect long DIVIDENDS OF 1917 UNDER INCOME TAX.
enough for your officers to be able to state more closely than this what the
average rate will be during the year 1918. These new rates are based upon
for the past few years.
gas of the same quality as furnished by youCorp.
had neither a floating,
Rate of Surtax on Dividends Dependent on Year in
Financial Status.-The Pacific Lighting
nor a bonded debt. The Los Angeles Gas & Electric Corp. had on Dec. 31 Which These Were Earned.-Assistance Desired to Complete
1917, a bonded debt of $8,366,000, a decrease for the year of $101,000.
which
of
all
was
practically
for
current items, of Information.-Section 31 of the Federal Income Tax Law, as
It had a floating debt,
$558,173, an increase of $80,982. There were $654,735 in bonds and cash amended Oct. 3 1917, provides (compare rulingV.106,p.365).
for
$66,640
year.
the
of
increase
an
funds,
sinking
in its
(a) Any distribution made to the stockholders...of a corporation...in
Results.-Adding to the gross operating revenue of the Los Angeles Gas
& Electric Corp. the other income receipts of the Pacific Lighting Corp. the year 1917, or subsequent tax years, shall be deemed to have been made
the total gross income for the year was $5,118,516. Deducting all oper- from the most recently accumulated undivided profits or surplus, and shall
ating expenses, taxes, interest, office expenses in San Francisco, and constitute a part of the annual income of the distributee for the year in
amortization of bond discount, there remained a gross profit of $1,650,896. which received, and shall be taxed to the distributee at the rates prescribed
There was written off for depreciation $773,384, leaving a net profit for by law for the years in which such profits or surplus were accumulated by
the corporation.
the year of $877,512.
(b) Any distribution made to the shareholders or members of a corporaDuring the year this corporation paid dividends quarterly. Upon the
preferred stock at the regular rate of $5 per annum,amounting to $208,100, tion, joint-stock company or association, or insurance company. in the
anf t ltasret3ccluaageerrilydtreennddws we
geonratheejr2r7.0onpesrtylakreth, e
s art3 each at year 1917, or subsequent tax years, shall be deemed to have been made
d thet
was
from the most recently accumulated undivided profits or surplus, and shall
of $3 per share, amounting on the common to 1504,000, and making the constitute a part of the annual income of the distributee for the year in
$712,100.
which received, and shall be taxed to the distributee at the rates prescribed
paid
dividends
total of
On Feb. 1 1918 there were registered 331 holders of the corporation's by law for the years in which such profits or surplus were accumulated by
common stock, and 400 holders of preferred stock, against 324 and 389 the corporation, joint-stock company, association, or insurance company,
but nothing herein shall be construed as taxing any earnings or profits
respectively one year earlier.
accrued prior to March 1 1913, but such earnings or profits may be disRESULTS FOR CALENDAR YEARS.
tributed in stock dividends or otherwise, exempt from the tax, after the
distribution of earnings and profits accrued since March 1 1913 has been
1917.
1916.
1915.
$5,118,516 $4,387,207 $4,443,665 made. This sub-division shall not apply to any distribution made prior to
Total gross income
&cinterest,
3,467,620
3,028,307 Aug. 6 1916 out of earnings or profits accrued prior to March 1 1913.
2,975,475
Oper. expenses, taxes,
Balance
Depreciation
Preferred dividends (5%)
Common dividends
$1,650,896 $1,411,732 $1,415,358
$773,384
$842,158
$730,863
208,100
208,100
208,100
(10ii)504,000 (8)384,000 (8)384,000
sur.3165,412 sur.$88,769 def.$18,900
Balance, surplus or deficit
BALANCE SHEET JANUARY 1.
1917.
1918.
1917.
1918.
Liabilittes$
Assets. stoactk$1(00 20
26,20019,267,386 Pref.
Stocks-Miscel
shares
.)4
41,e6.,162,000
4,162,000
do Gas & elec. cos.9,271.018r
Common stock (48.Bonds-Los Aug. G.
000 shares at $100
& Elec. Co. & Rs
57,438 each)
4,800,000 4,800,000
underlying cos__ _ 104,541
Bonds-Other cos__ 455,647 433,558 Dividend accrued on
preferred stock_ _ _ 34,683
34,683
U.S. Liberty bonds_ 30,000
Cash
43,103 177,735 Profit & loss account
and undistributed
6,921
Sundry debtors
74,153
profits
1,008,880 946,355
Total
10,005,563 9,943,033
-V. 105. p. 1903.
•
Total
10,005,563 9,943,038
British-American Tobacco Co., Ltd., London, Eng.
(Report for Fiscal Year ending Sept. 30 1917.)
Directors Joseph Hood and A. G. Jeffress, with A. M.
Rickards, Secretary; London, Jan.10, report in substance:
In view of this provision it is of the first importance for
all stockholders whose total net income in 1917 exceeded
$5,000 and who are for that reason subject to the surtax,
to know which if any of the dividends received by them
during the year 1917 were paid from the earnings of 1916 or
earlier years when the tax levy was much less severe than it
is at present.
The time in which to get this information is short; it is
needed at once. Officials and individual stockholders can
co-operate by sending us the facts for the various investment
properties-steam railroad, electric railway, public utilities,
industrial, &c.-as to which they happen to be informed.
Please address "Railroad Department," Box 3, Wall St.
Station, and accept the Editor's thanks in advance: The
favors already received have been of much assistance.
A new regulation with respect to dividends in general and
also a further ruling as to dividends paid by mining companies
was announced from Washington on Feb. 1. These have
yet to be distributed in official form. The memorandum
appearing in the press dispatches on Feb. 2 says:
The ruling on dividends in substance is that dividends paid during 1917
will be deemed to have been paid from 1917 earnings, if such earnings
during the year were greater than the dividends distributed, unless the
Results.-During the year the factories In England have been largely corporations show that at the time of distribution of any particular diviemployed in supplies for the troops abroad at a reduced rate of profit. dend the earnings were not sufficient to cover.
A new ruling as an alternative to the existing one has been provided for
Anticipating the possibility of a prolonged war, the directors early arranged
for a large increase in output at the American factories. Such output computing the amount necessary to return capital invested in oil and gas
has during the past year been over three times that of the pre-war year, wells, the rule being based upon an estimate of the units contained in the
and has enabled our sales to be substantially increased over those ofthe year property and fee owners and lessees are placed upon the same basis in so
1915-16. Nevertheless we are unable to fill all the orders. In con- far as bonuses have actually been paid for leases.
With regard to mining corporations, it is stated that in passing on values
sequence of the substantially increased cost of leaf and other materials it is
necessary to employ a much larger working capital. Supplies of many set up as of March 1 1913 as a basis for depletion, the department will
materials are difficult to obtain and transport facilities are much more give duo weight to market quotations of capital stock as of that date, and
of values stated by the corporations in their capital stock returns.
limited.
It is held that dividends paid out of depletion or depreciation reserves
- Earnings -The net profits for the year after deducting all charges and expenses for management, &c., and providing for Income tax for the year are in the nature of a liquidation dividend, and are a return of capital to
and Excess Profits Duty for the year ended Sept. 30 1916, are £3,105,002. the stockholder and not taxable as income. Such dividends will not be
Deducting preference dividend for the Year or 5%. £225,000, and adding so regarded, however, unless the income and surplus have been first die-
600
THE CHRONICLE
tributed, and the fact that their capital has been reduced or partly returned
is made public in their published statements.
[A press report from Washington yesterday said: "Officials of the Internal Revenue Bureau have reversed the ruling given by Commissioner
Roper in December and sustain the instructions of paragraph F on Form
1040, which holds that dividends declared out of earnings made prior to
1917 shall be added to 1917 income. The ruling reads: 'Dividends declared in 1917 from earnings wholly accumulated in 1916 should be reported in 1917 return. That is, they are income for 1917 but are taxable
at 1916 rates. Such dividends, therefore, should be added to the net
income of 1917 to determine the rates at which to be taxed.'"—Ed.]
[vol.,. 106.
Ind. & Mlac.—(Continued)—
lad. & Misc.—(Concluded)—
Pgae
Pace.
Allis-Chalmers Mfg. Co
603 Kelly-Springfield Motor Truck
604
Amer. Alliance Insurance Co
603 Kelsey Wheel Co
504
American Agricultural Chem
500 Kerr Lake Mines, Ltd
604
American Bank Note Co
398 Kirschbaum Co
604
American Beet Sugar Co
501 (S. H.) Kress & Co
401
American Brass Co
501 Lackawanna Steel Co
605
American Can Co
298 Lanston-Monotype Mach,Co
504
American Car dr Foundry
298 Lehigh Coal & Nay. Co
605
American Cigar Co
603 Lehigh Valley Coal Sales Co
605
American Coal Co
398 Liggett & Myers Tobacco Co
504
These new regulations would seem likely to modify the Amer.
Cotton 011 Co
603 Loose-Wiles Biscuit Co
504
allocation of dividends in a number of cases in which com- Amer.
Foreign Securities Co
603 Lorillard (P.) Co
605
American Graphophone Co
603 Lukens Steel Co
panies have reported the source of 1917 distributions.
402
American Ice Co
e03 (W. H.) McElwain Co
504
The "Chronicle" will be particularly gratefulfor notification of American
La France Fire Engine
398 Mahoning Investment Co
605
American Linseed Co
any changes that will enable it to keep its record accurate.
398 NIaniti Sugar Co
605
American Locomotive Co
398 Manhattan Shirt Co
605
501 Mathieson Alkali Works.
INDEX TO ALL STATEMENTS RECEIVED TO DATE REGARDING American Malting Co
504
American Pneumatic Service Co..— 501 Maxwell Motor Co., Inc
504
ALLOCATION OF 1917 DIVIDENDS.
American Radiator Co
501 May Dep't Stores Co
505
American Smelters Securities Co
298 Mexican Petroleum Co
605
Steam Railroads—
Public Utilities (Concluded)—
American Smelting & Refining Co.._ 298 Miami Copper Co
505
Page.
Pope. American Snuff
Co
501 Midvale Steel & Ordnance Co
Alabama Great Southern RR__ __ 295 xEastem Texas Electric Co
402
395 American Steel Foundries
Co
501 Midwest Refining Co
605
Allegheny & Western Ry____ 394-600 Edison Elec. Ill. Co. of Boston
601 American Sugar
Refining
Co
398 Missouri Portland Cement Co
Atchison Topeka & Santa Fe ____ 497 xEdison Elec. Ill. Co. of Brockton_ 397
605
American
Tobacco Co_ _.
.603 Moline Plow Co.,Inc
Atlantic Coast Line Co
605
600 Eighth Ave. RR., N. Y
499 American Sumatra
Tobacco Co
501 Nashawena Mills
Atlantic Coast Line RR
605
601 :Electric Light & Pwr. of Abington
American
Type
Founders Co
398 National Acme Co
Baltimore & Ohio RR
505
497
& Rockland
397 American
Co
603 National Biscuit Co
Bangor & Aroostook RR
302
601 yElizabeth dr Trenton RR
500 American Woolen
Lead & Smelt. Co
501 Nat. Cloak & Suit Co
Beech Creek RR
605
497 Elmira Water, Lt. & RR Co
601 AmoskeagZinc,
Mfg. Co
398 National Lead Co
Belt RR & Stock Yards of Ind
505
394 xEl Paso Electric Co
397 Anaconda Copper
Min. Co
501 National Transit Co
Boston & Lowell RR
402
497 yEssex & Hudson Gas Co
500 Anglo-Amer.
011 Co., Ltd
603 Nevada Wonder Mining Co
Boston Revere Beach dr Lynn
605
497 xFall River Gas Works Co
397 Ansco Co
603 New York Air Brake Co
Buffalo, Rochester & Pittsburgh
302
394 Forty-Second St. & Grand St. RR
499
603 New York Transit Co
Buffalo dr Susquehanna RR. Corp_ 497 :Galveston-Houston Electric Co.... 395 Argonaut Cons. Mining Co
605
399 New York Transportation Co
Canadian Pacific Ry
402
497 yGas dr Electric Co. of Bergen Co- 500 Arizona Corn. Copper Co
Arizona Corn. Mining Co
399 Niles-Bement-Pond Co
Cayuga & Susquehanna
605
497 Grand Rapids Ry
499
603 North American Co
Central RR of N J
602
497 Habirshaw Elec. Cable Co., Inc..... 604 Associated Dry Goods Corp
Atl. Gulf & West Indies 5.8.Co.... 501 Northern Pipe Line Co
Chesapeake & Ohio Ry
402
601 Hackensack Water Co
503 Atlantic Refining
Co
399 Ohio 011 Co
Chicago Burl. & Quincy_498 and 601 Havana Elec. Ry, Lt. & Pwr. Co..- 601
605
Atlantic Steel Co
502 Old Dominion Copper M.& El
Chicago Ind. & Loulsv
402
394 zflaverhill Gas Light Co
397
603 Pacific Coast Co
Chicago Mil. & St. Paul
402
498 xlIoughton County Elec. Light Co_ 397 Audit Co. of New York
Babcock & Wilcox Co
502
Pacific
Mall
S.
S.
Co
Chicago North Western
402
498 :Houghton County Traction Co_
397 Baldwin Locomotive
Works
399 Pacolet Manufacturing Co
Chicago St. Paul, Minn.& Omaha - 498 ylludson County Gas Co
402
500 Barrett Co
603 Pan-American Petroleum
Cleveland One. Chic. & St. Louis -- 498 Interborough Consol. Corporation— 395
605
Beacon Chambers Trust
603 Phelps Dodge Corp
Cleveland a: Pittsburgh RR
505
295 Interborough Rapid Transit Co
499 Beaver Coal Co
603 Pierce-Arrow Motor Car Co
Conn. & Passumpsic RR
403
395 Iowa Ry.& Light Co
602 Bethlehem Steel
603 Pittsburgh Steel Co
Cripple Creek Central
403
601 :Keokuk Electric Co
396 Bingham Mines Corp
603 Prairie Pipe Line Co
Cuba RR
506
601 Kings County El. Lt. & Pwr. Co
401 Borden's Cond. Co
Co
603 Pratt & Whitney Co
Delaware & Hudson Co
498 Laclede Gas Light Co
506
504 Borne-Scrymser Milk
Co
399 Pressed Steel Car Co
Delaware Lack. & West RR __ 498-601 Lancaster County Ry & Lt. Co
403
602 British-Amer.
Tobacco
Co
603
Procter & Gamble Co
Det. Hillsdale & S. W
506
601 Lewiston Aug. & Watery. St Ry
499 Buckeye Pipe Line
Co
399 Pullman Company
403-605
Erie dc Kalamazoo RR
499 :Lowell Elec. Lt. Corp
397 Bucyrus Co
502 Republic Iron & Steel Co
Erie & Pittsburg RR
395 Mackay Cos
506
602 Cal.Petroleum
Corp
603 Reynolds Tobacco Co
Fitchburg RR
403
295 Manchester Trac. Lt. & Pwr. Co_ 396
Calumet & Arizona
502 Royal Baking Powder Co
Ft. Wayne & Jackson RR
601 Manhattan Ry, N. Y
403
499 Carbon Steel Co Mtn. Co
603
St.
Joseph
Lead Co
Great Northern Ry
296 Mass Gas Cos
606
504 (J. I.) Case Threshing
Mach. Co_ ... 502 Safety Car Heating Co
Green Bay & Western RR
395 Massachusetts Lighting Cos
605
605 Celluloid Co
502 Savage Arms Corp
zGreene RR
601 Mexican Telegraph Co
506
505 Central Foundry Co
604 Sears Roebuck & Co
Hocking Valley By
499-601 Michigan Light Co
506
402 Central Leather
Co
299 Bernet-Solvay Co
Illinois Central RR
296 Michigan State Telephone Co
506
602 Central Petroleum
604 Shattuck Arizona Copper Co
Ill. Cen."Leased Lines" stock certf.
. 395 Middle West Utilities Co
506
499 Chevrolet Motor Co
Co
503 Sinclair 011 & Refining Co
Kanawha & Michigan Ry
601 Isallw. Elec. Ry & Light
605
602 Chicago Pneumatic
399 Singer Manufacturing Co
Kansas City Southern Ry
499 Milwaukee Gas Light Co
507
602 xChicago Wilm. Tool Co
& Frank. Coal Co- 397 Sloss Sheffield Steel & Iron Co
z Lackawanna RR. of New Jersey
601 Minnesota & Ontario Power Co
605
602 Childs Company
604 Solar Refining Co
Lehigh Valley RR
601 Mohawk Valley Co
507
602 Colorado Fuel
dr Iron Co
503 South Porto Rico Sugar Co
Louisville & Nashville RR
499 Montana Power Co
403
602
604 Southern Calif. Edison Co
Mationing Coal RR
601 Mountain States Tel. & Tel. Co.._ _ _ 602 Consol. Arizona Smelting Co
602
Consumers
604 Southern Pipe Line Co
Maine Central
601 Nashville Ry & Light
605
602 ContinentalCo
Co
399 Spartan Mills
Michigan Central RR
499 National Fuel Gas Co
507
605 Continental Insurance
Oil Co
604 Splitdorf Electric Co
Minn.St. Paul & 5.5. M
499 yNewark Cons. Gas Co
605
'500 Continental Motors
503 Standard Coupler Co
:Morris & Essex RR
601 New England Telephone Co
605
602 Copper Range Co Corp
604 Standard Milling Co
zNewark & Bloomfield RR
601 Newport News & Hamp. RR
507
602
400-604 Standard 011 of California
New York Central RR
605
396 yNew Jersey dr Hud.Ely,RAF.Co. 500 Corn Products Ref Co
Crucible Steel Co. of Amer
503 Standard 011 of Indiana
New York & Harlem RR
499 New York State Rys
403
499 Cuba Cane
Sugar
Co
604
Standard
Oil
zN. Y. Lack. & West. RR
of
Kansas
601 Niagara Falls Power Co
507
505 Cuban-American Sugar
Co
503 Standard Oil of Kentucky
Norfolk & Western fly
499 Ninth Ave. RR, N. Y
507
499 Deere dr Co
503 Standard Oil of Nebraska
Northern Pacific Ry
605
500 Northern Ohio Elec. Corp
396 Diamond Match
Co
604 Standard Oil Co. of N. J
zOswego & Syracuse RR
601 Northern Ohio Trac.& Lt. Co
605
396 Distillers Securities Corp
400 Standard Oil of N. Y
zPassalc dr Delaware Ry
507-605
601 Northern Securities Co
500 Dome Mines Co
601 Standard Oil of Ohio
Pennsylvania RR
397 xNorthern Texas Electric Co
507
396 Draper Corp
604 Standard Sanitary Mfg. Co
Pere Marquette Ry
601 Northwestern Power Co
606
402 (E.
du Pont de Nemours & Co
604 Standard Screw Co
Pitta. Cin. Chic.& St. Louis
500 Ohio Cities Gas Co
606
602 EastI.)
Butte Copper
604 Submarine Boat Co
Pitts. Ft. Wayne dc Chic. Ry
403
601 YOrange & Passaic Valley Ry
500 Eastman Kodak CoMin. Co
400 Swan & Finch Co
Pittsburgh & Lake Erie RR
403
500 Pacific Gas dr Elec. Co
396 Eisenlohr &
Bros.
Co
604
Swift & Co
Pitts. dr West Va. RR
404-507
601 Pacific Lighting Corp
602 Electric Boat Co
400
Company
Texas
Reading Co
404
500 Pacific Tel.& Tel. Co
602
604 Thompson-Starrett Co
Rome dr Clinton RR
397 yPaterson & Passaic Gas & Elea. Co. 500 Electric Cable Co
606
604 Tide Water Oil Co
Southern Pacific Co
297 Pennsylvania Water & Pwr. Co....602 Eureka Pipe Line Co
507
Fajardo
Sugar
Co
503 Tonopah Belmont Devel. Co
Southern Ry
297 'Pensacola (Fla.) Electric Co
606
397 Federal Sugar Refining
Co
503 Tonopah Extension Mining
zSyracuse Bingham. & N. Y. RR 601 Philadelphia Co
404
602 Fidelity-Phen
ix Fire Ins. Co
400 Tonopah Mining Co. of Nevada
Tonopah & Goldfield RR
397 Pine Bluff Co
606
397 Fisher
Body
503 Trenton Potteries Co
Union Pacific RR
298 Portland (Me.) fly
606
500 Fisk Rubber Corp
604 Union Bag & Paper Corp
:Utica Chenango & Sus. Vail. Ry_ 601 Prairie 011 & Gas Co
507
605 Galena-SignalCo
Oil Co
604 United Alloy Steel Corp
:Valley RR
601 Public Service Corp.of N.J
404
500 General
Chemical Co
503 United Cigar Stores of Amer
Vandalia RR
606
500 Public Utilities Co
397 General Electric
Co
400 United Drug Co
Wabash Ry
398 xpuget Sound Trac.,Lt.& Pwr.Co- 397
606
General Motors Corp
503 United Dyewood Corp
zWarren RR
601 By & Light Securities Co
606
500 Gillette Safety
Razor
Co
604
United Fruit Co
West Jersey dr Seashore RR
601 yRapid Transit St. Ry
404
500 Goldschmidt Detinning
401
Co
United
Shoe Machinery Corp
404
Republic Ry de Lt. Co
397 (IL F.) Goodrich Co
604 U.S. Cast Iron Pipe & Foundry
Public Utilities—
507
yRidgewood Gas Co
500 Goodyear Tire ac Rubber
Co
604 United States Envelope Co
American Cities Co
601 YRiverside Traction Co
606
500 Gra.sselli Chemical Co
(30-i United States Fire Ins. Co
American District Tel. Co., N. J
398 Rochester Ry & Lt. Co
606
602
604 U. S. Rubber Co
American District Tel. Co., N. Y
501 St. Joseph Ry. Lt. Ht.& Pow.Co 602 Great Amer. Insurance Co
197
Great Lakes Towing Co
American Gas & Electric Co
503 U. S. Smelt., Refining & Mining
601 San Joaquin Lt. & Pwr. Corp
404
403 Great Northern
Ore
401 U. S. Steel Corporation
American Light dc Traction Co..— 601 Shawinigan Water & Pwr. Co
303
602 Greene-Cananea Iron
401 Utah Apex Mining Co
American Public Utilities Co
501 yShore Lighting Co
606
500 Gulf States Steel Copper Co
Co
503 Vacuum Oil Co
American Tel. & Tel. Co
298 xSierra Pao. Elec. Co
507
403 Hamilton Production
604 Virginia-Carolina Chem. Co
Amer. Water Works & Elec. Co.._
501 Sixth Ave. RR,N.Y
404
500 Hamilton Woolen CoCo
401 Washington 011 Co
Bangor (Me.) Ry dr Elec. Co
497 ySomerset Un.& Middlesex Ltg. Co. 500
606
Harbison-Walker
Refractories
Wells-Fargo
604
xBaton Rouge Electric Co
&
Co
397 Southern New England Teleph. Co_ 602
507
Hart,
Schaffner
& Marx
503 Westinghouse Air Brake Co
Bell Tel. of Canada
399 YSouth Jersey Gas,Elec.& Trac.Co. 500
509
Haskell &
Car Co
401 Westinghouse Elec. de Mfg. Co_ ...._ 509
zBlaokstone Valley Gas & Elec. Co- 399 South Pittsburgh Water Co
507 (Geo. W.)Barker
Heime
Co
604
Weyman-Bruton
Broadway dc 7th Ave. RR
Co
497 Springfield Lt. Xt.& Power Co_
507
403 Hercules Powder Co
503 (J. 0.) White Engineering Co
Brooklyn City RR, N. Y
497 Stone dc Webster Mgt. Assoo'n_
606
397 Hotel Somerset
Trust
504 White Motor Co
Brooklyn Rapid Transit Co
394 xTampa Electric Co
509
397 Indiana Pipe Line
401
Co
Mica
Buffalo General Electric Co
-Overland Co
502 Twenty-third St. Ry
509
500 Inland Steel Co
501 Wilson & Co
California Elec. Generating Co..... 601 Twin City Rapid Transit
606
602 Inspiration Cons.
401 Wisconsin Edison Co
Capital Traction Co
497 United Gas & Electric Corp
603
602 Inter. Mercantile Copper Co
504
Marine Co
(F. W.) Woolworth & Co
Central & South. Amer. Tel
404
502 United Gas Improvement Co
602 International Nickel
Co
194 Worthington Pump & Mach Corp- 509
Central States Electric Corp
399 yUnited Electric Co. of N. J
500 International
604 Yale dr Towne Mfg. Co
Co
Chartiers Valley Water Co
502 Virginia Ry & Pwr. Co.
509
500 International Paper
Salt Co
604 Zenith Furnace Co
Chicago City Ry Co
601 Washington (D.C.) Gas Light Co_ 602
509
Iron Cap Copper Co
'604
Chicago Railways
601 Washington Ry.& Elec. Co
602 Jeff. & Clearfield
Coal
&
Co...
Iron
401
x See Stone & Webster Management
Chicago Telephone Co
601 Washington Water Power Co
398 Jewel Tea Co.,
604 Association on page 397.
Christopher & 10th St. RR
498 Western Power Corp
603 Jones Bros. TeaInc
Cinch). dr Sub.Bell Telephone
604
3' See Public Service Corp. on page 500.
601 Western Union Tel. Co
304 Kansas City StockCo
Yards of Me
504
Cities Service Co., N. Y
z See Delaware Lackawanna & West498 York County Power Co
603 (Julius) Kayser
& Co
401 ern RR. on page 601.
Citizens Gas Co., Indianapolis
601 York Railways
603
Colorado Springs Lt. Ht.& Pow. Co. 601
—
:Columbus Electric Co
395
Banks and Trust Companies—
(I) RAILROADS
Columbus Ry. Power & Light Co _ 498 Bankers Trust Co
469
ALLOCATION OF 1917 DIVIDENDS.
Commonwealth Gas & Elec. Co._ _ _ 601 Brooklyn Trust C
469
Commonwealth Pwr.By dr Lt. Co.._ 395 Central Trust Co
469
Allegheny & Western Ry.—Source 1917 Dividends.—
'Connecticut Power Co
399 Coal dr Iron National Bank
469
A. Iselin & Co.,fiscal agents,in a circular of Jan. 22 say: "The dividends
Connecticut Ry.& Lighting Co
601 Lawyers' Title & Trust Co____ 469-504 paid Jan. 2 1917
and July 2 1917 were out of rentals received for the preConsol. Gas Co. of New York
601 Title Guarantee & Trust Co
469 cedinif six month periods ending Dec. 31 1916 and June
30 1917, respectyConsolidated Trac. Co.of N.J___ _ 500 United States Trust Co
368 ively.'—V. 106, p. 394.
Consumers Pow. Co. of Me
399
Cosdcn Oil & Gas Co
604
Industrial and Miscellaneous—
Atlantic Coast Line Co.—Source of 1917 Dividends.—
Cumberland County Pwr. dr Lt. Co_ 503 Acceptance Corp
Asst. Treas. 3. B. Kirby, Feb. 7, wrote to the "Chronicle": "The divi500
Dayton Pwr.& Lt. Co
1400 Adams Express Co
603 dends paid by this company during the year 1917 were paid from income
East St. Louis & Sub. Co
499 Ajax Rubber Co
1300 accumulated by this company during the year 1917."—V. 105, P• 1613!
FEB. 9 1918.1
60
THE CHRONICLE
Morris & Essex RR.—Source of 1917 Dividends.—
Atlantic Coast Line RR.-1917 Dividends.—
An official statement received yesterday says in substance: The following cash dividends were paid in 1917 on the stock:
"Preferred 1 234% May 10: to holders of record April 301917.
stock__ 2% cq Nov. 10; to holders of record Oct. 291917.
Common 334 .,'' Jan. 10; to holders of record Dec. 19 1916.
stock__ 3% ,, July 10; to holders of record June 19 1917.
"Each of the dividends erumerated above, with the exception of the
• ono of 334% on the common stock paid Jan. 10 1917, was debited profit
and loss in 1917. The net income credited profit and loss in 1917 was in
excess of debits for dividends declared during said year.
"The dividend of 334% on the common stock paid Jan. 10 1917, was
debited profit and loss in Dec. 1916. The net income credited profit and
loss in 1916 was in excess of debits for dividends declared in that year."
—V. 105, p. 2454.
,
See Dela. Lackawanna & Western RR. above.—V. 105, p. 2272.
Pere Marquette Ry.—Source of 1917 Dividends.—
E. M. Heberd, Asst. Sec., Jan. 26 1918 writes: "The dividends paid
Aug. 1 and Nov. 1 1917 on this company's prior preference stock were
paid out of earnings accumulated subsequent to April 1 1917."—V. 105.
p. 2273.
Bangor & Aroostook RR.—Source 1917 Dividends.—
Treas. Wingate P. Kram, writing Feb. 5,says:
"The only preferred stock dividend declared during the year was paid
from earnings accumulated during the year 1917. As none of the common
stock Is in the hands of the public, information concerning it would have
no public value."--V. 105, p. 1998.
Pittsburgh &-West Virginia RR.-1917 Dividends.—
The 1917 dividends were all paid out of 1917 earnings, as the company
was not organized till April 1917.—V. 106, p. 296.
West Jersey & Seashore RR.—Source of 1917 Dividends.
J. F. Fahnestock. Treas., Jan. 30 1918, writes: "Of the dividends paid
April 1 1917, one-half was paid from earnings accrued during 1917 and
the other half from earnings accrued prior to Jan. 1917. As to the dividend
paid Oct. 1 1917, the same was paid out of earnings between April 1 and
Oct. 1 1917."—V. 104, p. 2226.
(2) PUBLIC UTILITY COMPANIES.
ALLOCATION OF 1917 DIVIDENDS.
Chesapeake & Ohio Ry.—Source 1917 Dividends.—
J. S. Mackie, Treas., in circular dated Feb. 1 says: "The dividends
of 2% each paid by this company June 30 and Dec. 311017 were in each
case less in amount than the then undividend profits or surplus of the company accumulated from Jan. 1 1917 to the respective dates of distribution.
We are therefore advised that those distributions are, under the provision
mentioned, to be deemed to have been made from surplus accumulated
in 1917."—V. 106, p. 188.
American Cities Co.—Source of 1917 Dividends.—
M. D. Evans, Asst. Sec. & A.sst. Treas., writing Feb. 5, says: "All dividends of the company are declared payable out of its surplus profits. The
dividend on the preferred stock. payable Jan. 1 1917, was declared Dec. 14
1916 to stockholders of record Dec. 26 1916; therefore, no part of this
dividend should be considered as paid out of the earnings of the year
1917."—V. 104, p. 2552.
Chicago Burlington & Quincy RR.-1917 Dividends.—
P. M. Benedict, Asst. Treas., Feb. 2 1918, writes: "The dividends paid
by this company during the year 1917 were paid out of earnings accumulated during that year, and will therefore have to be returned as such."
—V. 106, p. 498, 394.
American Gas & Electric Co.—Source of 1917 Divs.—
Treasurer F. B. Ball, New York. in Feb. 1918 wrote: "The common
stock dividend paid Jan.'2 1917 was paid (nit of the earnings of the last
three months of 1916. The balance of the dividends on both common and
pref.stock was paid out of the earnings of the year 1917.—V.106, p.501.
Cripple Creek Central Ry.—Source of 1917 Dividends.—
E. S. Hartwell, Auditor, on or about Jan. 30, writes: "Surplus for year
1917 was $62,821 15. All dividends paid during year ($270,000) were
declared from surplus and charged to profit and loss after surplus for year
had been taken into profit and loss."—V. 105, p. 997.
Cuba RR.—Source of 1917 Dividends.—
H. W. Snyder, Treas., Jan. 26 1918, writes: "The dividend paid ,by
this company on Feb. 1 1917 was declared on Nov. 23 1916 from surplus.' —
V. 106, p. 295.
Delaware Lackawanna & Western RR.—Source of
Leased Lines.—
1917 Dividends Paid by Company's
Feb. 1, advises the "Chronicle:"
American Light & Traction Co.-1917 Dividends.—
Walter G. de Berg, Asst. Sec.-Treas., writing Feb. 5 1918, says: "In
declaring dividends the directors have never indicated in any way the
year in which the earnings were accumulated out of which the dividend
was being paid. The first dividend of 1917 was declared on Jan. 2 1917.
It is, therefore, probably safe to say that the said dividend was not declared
out of 1917 earnings."—V. 106, p. 501.
•
California Electric Generating Co.—Source 1917 Divs.
F. M. Tompkins, Treas., advises us (as of Feb. 5) that the Jan. 1917
dividend came out of 1916 earnings and the April, July and Oct. 1917 and
Jan. 1918 dividends were paid out of 1917 earnings.—V. 93, p. 668.
Chicago City Railway.—Source of 1917 Dividends.—
"The
A. D. Chambers, Sec. & Treas.,
F. D. Hoffmann. Sec. & Treas., as of Feb. 4 1918 furnished the following
railroad of each of the following named railroad companies is under lease,
RR. Co., statement showing record of cash dividends paid in 1917 and source:
either directly to the Delaware Lackawanna and Western
is, in turn, under
Paid in Cash on
or to a subsidiary of that company, which subsidiaryCo.
Amount.
The Delaware
Dates Paid.
Rate.
$18,000,000 Stock—
lease to the 1)elaware Lackawanna & Western RR.
Regular 8% 31,440,000 2% quar. Mar. 30, &c.
Lackawanna & Western RR. operates the railroad of each of these com- From 1917 income
Extra 3./,%
Dec. 30
45,000
panies, pays all operating extenses and receives all income. Under the From 1916 income
terms of the various leases, the lessee agrees to pay as rental for the property From accum. surp. as of
the
of
lessor
company,
a
Extra
stockholders
certain
34%
Dec.
90,000
30
Jan.
31
the
1917
to
directly
demised,
percentage on the par value of their stock. The payments thus provided —V. 105, p. 2455.
for are those which you have received during the year 1917. None of such
Chicago Railways.—Source of 1917 Dividends.—
lessor companies has any earnings or income other than the payments so
Comptroller I. E. Smith informs us: "'Dividend on Feb. 5 1917 paid on
provided for in such leases."
No.2 participation certificates was paid out of earnings of 1916. On
Series
Delaware
RR.
Utica, Chen. & Susqu. Valley RR. Passaic &
Series 1 paid Aug. 11917. paid 5-12 out of earnings of 1916 and 7-12 out
Syracuse Binghamton & N. Y. RR. Oswego & Syracuse RR.
earnings
of
of 1917."—V. 105, p. 1801.
RR.
Essex
&
RR.
Morris
West.
&
Lackaw.
New York
Valley RR. Co.
Passaic & Delaware Exton. RR.
Chicago Telephone Co.—Source of 1917 Dividends.—
Morris & Essex Extension RR. Co. Greene RR. Co.
B. S. Garvey, General Auditor, Feb. 1, writes: "The company paid
Warren RR. Co.
Lackawanna RR. Co. of N. J.
quarterly dividends of $2 per share during the year 1917. The first three
Newark & Bloomfield RR. Co.
dividends were paid out of the earnings of the year 1917. Of the last
was
itself
dividends
for
given
the
W.RR.
D. L.&
last dividend, $2 per share, $1 80 was paid out of the income of the year 1917
[The source of
week.—V. 106, p. 498.
and 20 cents out of the income of 1916." [The earnings of the final quarter
of.1917 fell this amount short of meeting the last dividend paid during the
RR.
-1917
&
Western
Hillsdale
South
Divid.
Detroit
year.--Ed.1—V. 104, p. 1804.
A. V. Freely, Treas., writes to the "Chronicle" as follows: "We would
Cincinnati & Suburban Bell Telep. Co.-1917 Divs.—
state that the railroad of this company, being leased to the Lake Shore
The Jan. 2 1917 dividends, we are informed, was charged against 1916
& Michigan Southern RR.(now the New York Central RR.), in perpetuity,
certain
rental,
terms
the
payable
a
of
under
semilease,
such
earnings.—V. 106, )7• 89.
we receive,
annually, namely, Jan. 1 and July 1, which is distributed by us in the form
Citizens Gas Co. of Indianapolis.-1917 Dividends.—
of dividends to the stockholders out of the rentals thus received, payable
would
We
5
Jan.
on
add
5.
that we are
and 2% on July
Secretary J. D. Forrest, in advertisement published Feb. 5, says:
at the rate of 2%
"Dividend No. 15—Regular semi-annual dividend of 5%, was paid
advised by the lessee company, that it is their practice to accrue out of the
earnings of each month, the proportion of that month of the rental which March 27 1917, out of earnings to Dec. 311916.
"Special Dividend—At rate of 10% per annum on accruals from Jan. 1
it pays us semi-annually."—V. 33, p. 225.
1910 to Dec.31 1911. was paid May 1 1917, out of earns. prior to Jan.1 1917.
of
1917
RR.—Source
&
Wayne
Jackson
Dividends.
"Dividend No. 16—Regular semi-annual dividend of 5%. was paid
Fort
A. V. Heely, Treas., writes to the "Chronicle" as follows: "We would Sept. 28 1917, out of earnings to June 30 1917."—V. 105. p. 1423.
to
of
leased
railroad
the
this
Lake
being
company,
&
the
Shore
that
state
Colorado Springs Light, Heat & PowerCo.-1917Divs.
Michigan Southern RR. (now the N. Z. Central RR.), in perpetuity, we
Asst. Sec. & Asst. Treas. J. A. McKenna, writing Feb. 6,says:"All divireceive, under the terms of such lease a certain rental, payable seminamely,
is
March
1
by
which
of the company are paid out of the surplus profits. Of the dividends,
in
us
distributed
dends
and
the
1,
Sept.
annually,
form of dividends to the stockholders of the preferred stock out of the amounting to $6 per share, paid on the pref. stock during the year 1917, on
rentals thus received, payable at the rate of 234% on March 1 and 234% the asumption that the statutory provision requires that the computation
on Sept. 1. We would add that we are advised by the lessee company, be made on the basis of 'the most recently accumulated undivided profits,'
that it is their practice to accrue out of the earnings of each month, the $1 81 per share should be allocated to 1917, and $4 19 per share to surplus
us
accumulated prior to 1913."—V.103, p. 846.
month of the rental which it payslly."—
proportion
1semi-annua
p29
V.
Commonwealth Gas & Electric Cos.-1917 Divs.—
Hocking Valley Ry.—Source 1917 Dividends.—
Paul B. Webber. Treas., in circular issued about Feb. 4 1918, states:
50c. per share
j. S. Mackie, Treas., in circular dated Feb. 1, says: "The dividends of "The dividend of SI 50 per share on the pref. shares, and prior
to Dec.31
shares, both paid Jan. 15 1917, were declared
2% each paid by this company June 30 and Dec. 31 1917 wore in each case on the common
less in amount than the then undivided profits or surplus of the company 1916 out of earnings accumulated prior to that date. [See news item on a
accumulated from Jan. 1 1917 to the respective dates of distribution. We subsequent page.—Ed.—V. 95, p. 113.
are therefore advised that those distribuions are, under the provision menConnecticut Ry. & Lighting Co.—Source of 1917 Divs.
tioned, to be deeined to have been made from surplus accumulated in
1917."—V. 106, p. 499.
I. W. Morris, Asst. Treas., Jan. 29 1918 writes: "The 1917 dividends
were earned and paid as follows:
Kanawha & Michigan Ry.—Source 1917 Dividends.—
Common Stock.
Preferred Stock.
Treasurer Milton S. Barger writing to the "Chronicle" Fob. 5 says:
Date—
—Earned-—Earned—
Date—
"Four dividends of 134% each were paid on Mar. 31, June 30. Sept. 29,
And. 1916.
Paid
1917.
1916.
Amt.
1917.
Paid.
and Dec. 31 1917, all of which were charged out of surplus earnings accu- Feb. 15- --41 00 $0 2644 $0 7356 Feb. 15_ _ -$1 00 $1 00
mulated in the year 1917."—V. 105, p. 1522.
____ gl 00
May 15_ ___ 1 00
1 00
1 00
May 15_ __-- 1 125 Aug. 15____ 1 125 80 0240 1 1010 •
Aug. 15-- 1 125
Lackawanna RR. of N. J.—Source of 1917 Dividends.— Nov.
__-- 1 125 Nov. 15_.1 125 0 0785 1 0465
1 125
15- see Del. Lackawanna & Western RR. above.—V. 93, p. 1786.
—V.86, p. 228.
Lehigh Valley RR.—Source of 1917 Dividends..—
(:). J. Kulp, Treas., in circular dated Jan. 24 says in substance: "While
this company earned more than its full dividends during the'year 1917, in
view of the provisions of the Federal income tax law, as amended Oct. 3
1917, stockholders are advised that the dividends paid Jan. 13 and April 14
should be returned as having been paid out of the company's undivided
profits accumulated prior to Jan. 1 1917; and that the dividends paid
July 15 and Oct. 13 should be returned as having been paid out of the
accumulated undivided profits for the year 1917.' —V. 106, p. 296.
Mahoning Coal RR.—Source 1917 Dividends.—
Treasurer Milton S. Barger writing Feb. 5 says: "The dividend of $1.25
per share on the prof. stock payable Jan. 2 1917 was paid out of earnings
accumulated during the year ended Dec. 311916. The dividend of $1.25
per share payable July 2 was disbursed out of 1917 earnings.
"The dividend of $5 per share on the common stock payable Feb. 1
1917 was disbursed out of earnings accumulated during the calendar year
1916. The dividends of $15 per share due July 2, and $5 per share due
Aug. 1 were disbursed out of 1917 earnings."—V. 104, p. 2452.
Maine Central RR.—Source of 1917 Dividends.—
Frank W. York, Treas., Feb. 4 writes to the "Chronicle": "The common stock dividend of tubs company paid Jan. 1 1917 was from the earnings for 1916. The common stock dividends paid April 1, July 1 and
Oct. 1 1917 and Jan. 1 1918, as well as the pref. stock dividends paid
Mar. 1, Juno 1, Sept. 1 and Doc. 1 1917, were from the earnings of the
year 1917.. —V. 106, P. 296.
•
Consolidated Gas Co. of New York.-1917 Divid.—
Benjamin Whitely, Asst. Treas.,in circular dated Feb. 2,says:"Replying
to your recent letter, you are advised that with reference to dividends paid
by this conipany to its stockholders during the year 1917, no attempt was
made to declare the dividends from the profits of any particular period.
The undivided profits of the company, earned during the year 1917, were
sufficient, at the date of payment of each dividend, to pay such dividend."
—V. 106, p. 392, 90.
Edison Electric Ilium. Co., Boston.-1917 Dividends.—
T. K. Cummins, Treas., in circular dated Feb. 1 1918. says: "The
dividend on stock of this company declared in Jan. 1917, and paid On
Feb. 1 1917, was from net earnings of the calendar year 1916. The remaining dividends paid during 1917 and the dividend payable Feb. 11918.
were from net earnings of the calendar year 1917."—V. 106, P. 400.
Elmira Water, Light & RR. Co.-1917 Dividends.—
Asst. Sec. J. A. McKenna on Feb. 4 1918 wrote in substance: All dividends of the company are declared payable out of its surplus profits. The
not earnings for each of the four quarters of the calendar year 1917 applicable to the first pref. dividends exceeded the 1 3 % dividend paid therefrom on Mar. 31, June 30. Sept. 30 and Dec. 31 1917. respectively.—
V. 104, p. 2641.
Havana Electric Ry. Light & Power Co.—Source of
Statement.—
1917 Dividends—Revised'
602
THE CHRONICLE
Sec.-Treas. H. Kraemer Jan. 25 writes in substance:
(1) Pref. Dividend 3% Paid May 15 1917.—Declared April 12 1917, payable May 15 1917 to stockholders of record at the close
of business on
April 25 1917. A semi-annual dividend of 3% on the pref.
stock out of
the net profits as of March 31 1917.
(2) Common Dividend 3% Paid May 15 1917.—A dividend of 3% on the
common stock out of the surplus and net profits over and above those
set apart for the payment of the aforesaid dividend of 3%
on pref. stock.
(3) Pref. Dividend 3% Paid Nov. 15 1917.—Declared
Oct. 11 1917,
payable on Nov. 15 1917 to stockholders of record at. theon
close of business
on Oct. 25 1917. A semi-annual dividend of $3 per share on
the
pref. stock
out of the net profits earned in the period from .Apr. 1 to Sept. 30
1917.
(4) Common Dividend 3% Paid Nov. 15 1917.—A dividend of $3 per
share
on the common stock out of the net profits earned in the period
from
1
to Sept. 30 1917 over and above those set apart for the payment Jan.
of the
aforesaid dividend of $3 per share on the pref. stock.—V. 104, p. 2452.
[VOL. 106.
Pennsylvania Water & Power Co.-1917 Dividends.
J. L. Rintoul, Treasurer, in letter Jan. 30, says: "Dividends paid on
the capital stocks of this company Jan. 1 1917 were declared out of earnings for the quarter ended Dec. 31 1916 and are taxable to stockholders of
this company under the Federal Income Tax Law at the rates prescribed
by the Act of Sept. 8 1916, but not at the rates prescribed by the Act of
Oct. 3 1917. Subsequent dividends paid in 1917 on such capital stocks
were declared out of earnings since Jan. 1 1917, and are so taxable to stockholders of this company at the rates prescribed by the Act of Se)t. 8 1916,.
and in addition thereto, at the rates prescribed by the Act of Oct. 3 1917.
The annual report appears on a preceding page.—V. 105. P. 825.
Philadelphia Company.—Source of 1917 Dividends.—
C. S. Mitchell, Controller, Jan. 29 1918 writes: "Dividends on the
common stock are declared quarterly, about Jan. April, July and Oct. 1
of each year. Said declaration of dividends is made out of the earnings for
Iowa Ry. & Light Co.—Source of 1917 Dividends.—
the quarter ended Dec. 31, March 31, June 30 and Sept. 30 immediately
preceding the date on which the dividends are declared. Therefore, the
C. S. Woodward, Secretary, Jan. 28 1918, writes: "The
divi- dividend
dend paid Dec. 31 1916, but received by stockholders Jan.preferred
received by stockholders on Feb. 1 is declared out of surplus
1
1917,
was
a
dividend on the 1916 earnings. The other three dividends were paid on earnings for the quarter ended Dec. 31 of the preceding year.
Dividends are paid on the 5% preferred stock March 1 and Sept. 1 of
the 1917 earnings."—V. 105, p. 2272.
each year out of the earnings for the six months ended Feb. 28 and Aug. 31
Lancaster County Ry. & Light Co.-1917 Dividends.— immediately preceding
the date on which the dividends are paid.
Treasurer A. L. Linn Jr., writing us on Feb. 4, says in brief: "All divi- Therefore, the dividend received by stockholders on March 1 1917 was
paid out of surplus earnings for the six months ended Feb. 28 1917, of
dends of the company are declared payable out of its surplus profits.
"The net earnings applicable to pref. dividend from Jan. 1 1917 to Mar.31 which one-third would be applicable to the year 1917 and two-thirds to
1916.
1917 exceeded the quarterly dividend of 13i% paid Mar. 31 1917.
Dividends are paid on the 6% cumulative preferred stock May 1 and
"The net earnings applicable to pref. dividends for the quarters ending
respectively June 30, Sept. 30 and Dec. 31 1917 respectively exceeded the Nov. 1 of each year out of the earnings for the six months ended April
quarterly dividends of 1 3 % each paid therefrom on June 30, Sept. 29 30 and Oct. 31 immediately preceding the date on which the dividends
are paid. Therefore, the dividend received by stockholders on May 1
and Dec. 31 1917.—V. 106. p. 396.
1917 was declared and paid out of surplus earnings for the six months ended
Mackay Companies.—Source of 1917 Dividends.—
April 30 1917, of which one-third would be applicable to the year 1916
Wm. J. Deegan, Secretary, writes the 'Chronicle" Feb. 2, as follows: and two-thirds to 1917."—V. 106, p. 296.
"We beg to say that the Jan. 2 1917 preferred and common dividends of
Rochester Railway & Light Co.-1917 Dividends.—
The Mackay Companies were paid from net profits accumulated
the
calendar year 1916. All other dividends declared and paid in theinyear
Treasurer M. S. Barger, Feb. 5, wrote the "Chronicle":
"It is the practice to pay quarterly dividends of 134% on the pref. stock
1917 were paid out of 1917 earnings."—V. 104, p. 867.
on or about the first days of March, June, September and December, which
Michigan State Telephone Co.-1917 Dividends.—
are.payable out of earnings of the preceding quarter.
B. S. Garvey, General Auditor, Feb. 1, writes: "The company paid
In the case of the dividend paid March 1 1917, one-third of the amount
dividends on preferred stock during the year 1917 in March, June, Sept. and was charged out of earnings of December 1916 and the balance out of 1917.
Dec. These dividends were paid out of the income of the year 1916.- The dividends payable June 1, Sept. 1 and Dec. 1 were all paid out of
-V.105, p. 824.
1917 earnings.
"In regard to the common stock, quarterly dividends of
% were paid
Milwaukee Electric Ry & Light Co.-1917 Divid.—
Mar.31, June 30, Sept. 29 and Dec. 31 1917, all payable out134
of 1917 earns."
J. F. Fogarty, Asst. Treas. in circular dated Jan. 31. says: "We wish
St.
Joseph
Ry.,
Lt.,
Ht.
&
Power
Co.
-1917 Divs.—
to advise that in accordance'
with the company's long standing practice,
L. R. Warren of H. L. Doherty & Co. informed us on Feb. 7 that the
the board in Jan. 1916, declared dividends payable quarterly on the last
days of the months of April, July and Oct. 1916 and Jan. 1917; and in Jan. 1 1917 dividend was paid out of 1916 earnings; subsequent 1917 dividends
out
of 1917 earnings.—V. 103, p. 1593.
Jan. 1917 similarly declared dividends payable quarterly on the last days
of April. July and Oct. 1917 and Jan. 1918. We are advised that the
Shawinigan Water & Power Co.—Source of 1917 Divs.—
dividend paid on Jan. 31 1917 may be deemed under the provisions of the
A circular signed by Treasurer W. S. Hart, dated Jan. 23, says: "Our
war revenue law, to have been paid from net profits accumulated in
dividends were paid as follows for the year 1917 For the quarter ending
calendar year 1915 and the remainder three quarterly dividends paidthe
in
1917 from the net profits accumulated in the year 1916."—V. 106, P. 396. March 31, paid April 10 out of earnings for the current quarter. For the
quarter ending June 30, raid July 10; for quarter ending Sept. 30, paid
Oct. 10; for quarter ending Dec. 31, paid Jan. 10. All of the dividends
Milwaukee Gas Light Co.—Source of,1917 Dividends.— paid
were declared from profits of the business in the year 1917, although.
Ewald Haase, Secretary, Jan. 29 1918, writes: 'In the year 1917 the as you will
note, one payment occurred in January of this year, but it
company declared four dividends as follows:
applies on last year."—V. 106, p. 303.
Profit of
Profit of
Declared.
Southern
Paid. Rate %. Year. Declared.
California Edison Co.-1917 Dividends.—
Paid. Rate %. Year.
Mar. 19
Mar.30
2%
1917 Sept. 24
A. N. Kemp, Comptroller, on Feb. 1 wrote to the "Chronicle": "We
Sept. 27
23
1917
June 18
June 28
have issued a notice to the effect that dividends have been paid out
1917 Dec. 17
Dec. 22
234
23
1917
of
All dividends paid in 1917 were chus made from net profits accumulated surplus earnings during the period immediately
the payment of
in 1917, the surplus existing on Dec. 31 1916 having been carried on the such dividend; that is to say, all dividends paid preceding
in the calendar year 1917
books through the year and over into the present year. .' —V.103, p. 1122.
awe out of that year's earnings, excepting the Jan. 15 dividend to pref.
as of Dec. 31 1916, which was paid from 1916 earnings, and
Minnesota & Ontario Power Co.—Source of 1917 Divs.— stockholders
excepting the Feb. 15 dividend to common stockholders as of Jan. 31 1917,
Thomas McLaren, Comptroller, Jan. 29, writes:"The quarterly preferred which was paid from surplus earnings,
two-thirds in 1916 and one-third
dividends of 1 g% each, paid Jan. 10, April 10, July 10 and respectively..
Oct. 10 1917, in 1917.' —V. 106, p. 507.
were payable from the earnings of the previous quarters
Southern New England Telephone Co.-1917 Divs.—
—V. 92, p. 600.
H. Blair-Smith, acting Comptroller of Am. Telephone & Telegraph Co.,
on Feb.7informed us that the dividend paid on Jan. 15 1917 was charged
Mohawk Valley Co.—Source of 1917 Dividends.—
Treasurer Milton S. Barger, Feb. 5 1918, wrote: "It is the practice to against 1916 net income.—V. 105, p. 1315.
pay quarterly dividends on or about the first days of January, .April, July
Twin City Rapid Transit Co.—Source of 1917 Dividends.
and October out of profits accumulated in the preceding quarter. For the
A. M. Robertson, Secretary, has issued to stockholders the following
year 1917 the dividend paid Jan. 2 was paid out of profits accumulated
during the year ended Dec. 311916. while the dividends payable April 2, notice, as of record, Jan. 2 1918: "For your information in connetion with
July 2 and Oct. 1 were paid out of earnings accumulated in the year 1917." making your income tax return, we beg to advise that the quarterly dividend, payable Jan. 2 1917, as authorized by the directors on Dec. 4 1916,
—V. 104, p. 555.
was paid from surplus earnings accumulated during the year 1916. Subsequent
quarterly dividends payable April 2, July 2 and Oct. 11917, were
Montana Power Co.—Source of 1917 Dividends.—
Walter Dutton, Treasurer, in circular dated Feb. 2, says in substance: paid out of the earnings accumulated during the year 1917."—V.106, p.493.
"We are advised that the dividends (both preferred and common) paid
United Gas & Electric Corporation.-1917 Dividends.
(in Jan. 2 1917, were paid from the net profits accumulated in the calendar
Treasurer A. L. Linn Jr., writing to the "Chronicle" Feb. 6 1918, says:
year 1916, and that all other dividends (both preferred and common) paid
"All
during the year 1917, were paid from net pfroits accumulated in the calendar profits dividends of the corporation are declared payable out of the surplus
of the corporation.
year 1917."—V. 104, P. 2645.
"The quarterly dividend on the 1st pref. stock paid Jan. 2 1917 was
declared
Dec. 21 1919 to stockholders of record Dec. 211916. Therefore,
Mountain States Telep. & Teleg. Co.-1917 Divs.— no part of
this dividend should be considered as paid out of the earnings
Same as for Southern New England Telephone Co. below.—V. 105, p.1109. for
the year 1917.
quarterly dividend on the 1st pref. stock paid April 2 1917, amountRy & Light Co.—Source of 1917 Dividends.— ing"The
to $1 75 per share, exceeded the net earnings during the first quarter
E. W. Clark & Co., Jan. 31, advise us that the dividend paid Jan. 31 ended March 31
by $.514 per share. Therefore to this extent the
1917 on the preferred stock was paid out of earnings of 1916. The other dividend was paid1917
from the surplus accumulated to Dec. 31 1916.
dividends on preferred stock (none were paid on the common stock) paid
"The net earnings applicable to the dividend on the 1st pref,
stock for
during 1917 were paid out of 1917 earnings.—V. 104, p. 1899.
the second quarter, from April 1 1917 to June 30 1917, exceeded the diviof $1 75 per share paid July 2 1017.
New England Telep. & Teleg. Co.-1917 Dividends.— dend
"The net earnings of the corporation applicable to the dividend on the
H. Blair-Smith, Acting Comptroller of American Telephone & Telegraph 1st pref. stock for the third quarter, from
July 1 1917 to Sept. 30 1917,
Co.,on Feb.7 informed the "Chronicle" that all the 1917 dividends were exceeded the dividend of $1 per share
paid Oct. 1 1917. —V.105. P.
charged against 1017 earnings.—V. 106, p. 92.
2544, 2457.
Newport News & Hampton Ry., Gas & Electric Co.—
Richard M. Booker, Secretary, writes the "Chronicle" Jan. 31 as follows:
"During the calendar year 1917, 5% was paid on the common stock of this
company from the earnings of the calendar year 1916, and 6% was paid
on the 6% cumulative pref. stock from the earnings of 1916. On July 1
1917, a semi-annual dividend of 3% was paid on the 67
0 cumulative
preferred stock from the earnings for the six months ended June 30 1917.
On Jan. 1 1918, a semi-annual dividend of 3g% was paid on the 7%
.cum. pref. stock from the earnings of the six months ended Dec. 31 1917.
In Aug. 1917, the 6% cum. pref. stock was converted into 7% cum. pref.
stock.' -I-V. 105, p. 2272.
North American Co.—Source of 1917 Dividends.—
Robert Sealy, Asst. Treas., in circular dated Jan. 31 says: "We wish to
advise that under our interpretation of the law, the dividend paid on Jan. 2
1917 was paid from net profits accumulated in the calendar year 1916 and
that all other dividends paid during the year 1917 may be deemed under
the provisions of the war revenue law to have been paid from the net protits
accumulated in the calendar year 1917.' —V. 106. P. 195.
United Gas Improvement Co.—Source of 1917 Dividends.
I. W. Morris, Treasurer, in circular of Feb. 6 1918, says: "The regular
quarterly dividend of 2% (31 per share) declared Dec. 13
to holders
of record Dec. 30 1916, and paid Jan. 15 1917, was paid1916
out of current
earnings of 1916. The regular quer. 2% paid on April 14, July
14 and
Oct. 15 were paid out of current earnings of 1917.
"The extra dividend of 2% declared Mar. 14 1917 to holders of record
Mar. 31 1917 and paid April 14 1917, was paid out of profits received
from
the sales of securities, and the amount so paid should be allocated as follows:
3.0873 per share to 1916, 8.002 per share to 1915, 3.0004 per share to 1914,
3.0006 per share to 1913, and $.9097 per share prior to 1913."7-V. 106,p.93.
Washington (D. C.) Gas Light Co.—Source of 1917 Div.
H. S. Reeside, President, in January issued a circular as follows: "Dividends paid May 1 and Aug. 11917, $1 20 per share each, and
Nov. 1 1917,
3.90 per share, were paid wholly out of 1917 profits. Dividend
Feb. 11917,$1 20 per share, was paid wholly out of 1916 profits."—V.paid
105,
p. 2100.
Washington Ry. & Electric Co.-1917 Dividends.—
W. F. Ham in letter of Feb. 4 1918 addressed to Washington Stock Exchange, Eugene E. Thompson,Chairman Special Taxation Committee,says:
Official circular dated Feb. 1 1918 says: "The preferred dividend paid
"Our 1917 dividends were declared as usual out of the net earnings or
on Jan. 1 1917 and the common dividend on Mar. 1 1917 were paid out of net profits of the company. Upon the
assumption that the dividends of
profits accumulated in the year 1916."—V. 106, p. 402, 302.
1917 were'paid 'from the most recently accumulated undivided profits
or surplus, a calculation has been made showing that said dividends
were
Pacific Lighting Corporation, Los Angeles.—Alloca- paid out of the following years' earnings:
Preferred Mar. 1 From earnings of 1917.
Lion of 1917 Dividend—Annual Report.—
Stock
June
1
from
39%
earnings
of
and
1915
61%
from
earns.
of 1014.
"By resolution of the board of directors it was provided that the divi1 From earnings of 1917.
dends paid May 15 1917 were paid from the surplus profits of the corpora- Dividend Sept.
Dec. 1 From earnings of 1917.
tion earned prior to March 11913. The attorneys of the corporation have
Mar.
1
44%
earnings
from
of
51%
1917,
from
earnings of 1916
advised that this dividend is not required to be incluaed by stockholders
and 5% from earnings of 1915.
in their income tax returns for 1917, and stockholders were so notified in Common June 1 27%
from earnings of 1914, 69% from earnings between
Nov. 1917." (Excerpt from annual report dated Feb. 1.1 See "ReStock
March
1
and
Dec. 31 1913, 4% from earnings prior
ports" above.—V. 105, p. 1903.
ividend
to March 11913.
Sept. 1 43% from earnings of 1917, 57% from earnings prio r
Pacific Telephone & Telegraph Co.-1917 Dividends.
to March 1 1913.
Same as for Southern New England Teiepbt. Co. below.—V. 105, p. 2278.
Dec. 1 From earnings of 1917.
Ohio Cities Gas Co.—Source of 1917 Dividends.—
FEB. 9 1918.]
TIIE CHRONICLE
•
603
and as
paid from surplus or undivided profits accrued prior to Jan. 1 1917,
paid from
the Collector of Internal Revenue has ruled that dividends areyou
to conthe latest surplus or undivided profits, it would be proper for 2368,
2096
clude that our 1917 dividends were earned in 1916."—V. 105, p.
and on
The surplus of the company on Dec. 31 1916 was $1,071.923
by the losses
Dec. 31 19,17 $772,856, the reduction being partly caused
by the
partly
and
1917
March
in
occurred
which
•on account of the strike
greatly increased costs of labor and materials."—V. 104, P. 2120.
Beacon Chambers Trust.-1917 Dividends.—
Western Power Corp., N. Y.—Source bf 1917 Dividends.
on the
We are officially advised (about Jan. 23) that the 1% dividend
and the other
pref. stock paid Jan. 15 1917 came out of 1916 earnings,
earnout
1917
of
came
Oct.
and
July
quarterly 1% dividends paid in April,
ings.—V. 105, p. 494.
A. P. Loring, Francis Peabody and R. F. Herrick, trustees, in circular
dated Jan. 29 1918 say: "All the dividends paid in 1917—except the dividend of Jan. 8, which was earned in 1916—were earned in 1917."
1917 Dividends.—
Wisconsin Edison Co.—Source ofJan.
31 says: "We wish to
• Official circular dated Feb. 2 1918 says in substance: "The resolution
declaring the dividends of Feb. 8 1917 was as follows: 'Resolved, that a
dividend of 3% and an extra dividend of 7%, the latter out of undivided
profits of the previous years, be declared on the 10,213 shares of stock.
payable March 15 1917 to stockholders of record Feb. 8 1917.'
"The extra 7% dividend, therefore, may be considered as from earnings
accumulated prior to Jan. 11917. and that the regular 3% and subsequent
dividends paid during the year 1917 were from earnings accumulated in
year.th
"
IMarch 15
Feb. 8
I
and 7% extra
Dividends3%
Pay- June 15
May 10
De3% And 2% extra
Paid
able Sept. 15
dared Aug. 9
3% and 2% extra
in
December 1
Nov. 8
3% and 2% extra
1917
In circular dated
Robert Sealy, Asst.
paid by this company during the year 1917 may be
Treas..
advise thal all dividends
-deemed under the provisions of the war revenue law to have been paid from
the net profits accumulated in the year 1917."—V. 105. p. 1809.
York County Power Co.—Source of 1917 Dividends.—
Official circular dated Jan 31 1918 says in substance: "The quarterly
Mar. 31,
dividends of Si 50 per share on the preferred stock, payable
earnings of 1917
June 30, Sept. 30 and Dec. 31 1917, were all paid from03
from
was
1917
which
$1
of
dividend,
30
June
the
of
with the exception
earnings and 47 cents was paid from accumulated surplus at Dec. 31 1916.-V.99, p. 1604.
York Railways Co.—Source of 1917 Dividends.—
of 1 X%
Pres. Gordon Campbell.Jan.1918,wrote:"The regular dividend
were paid out of
and the deferred dividend of 2%% paid on Jan. 30 1917April
30 1917 was
the earnings of the year 1916. The regular 13.i% paid
1negasrn
oin1g917
from earnings
0
1
1gliy6 nadntdw
fj
aid
earnings
e
rvfiriennids
d,rone-third
rile
Oct. 30 were
30
30; 2%% accumulated Jan.s30;
1917. Dividends paid in 1917: 1 % Jan.
% April 30; 14% July 30; and 1% Oct. 30.—V. 104,p. 165.
(3) INDUSTRIAL AND MISCELLANEOUS COS.
ALLOCATION OF 1917 DIVIDENDS.
of 1917 Dividends.—
Adams Express Co.—Source
Feb. 5 reports:
Treasurer C. S. Spencer as of
in
Mar. 1 1917-51 50 per share out of earnings accumulated
accumulated in
June 1 1917—$1 50 per share out of earnings
accumulated in
Sept. 1 1917-51 50 per share out of earnings
Dec. 1 1917--$1 00 per share out of earnings accumulated in
105, p. 1999.
1916.
1916.
1916.
1915.—
V.
Allis-Chalmers Mfg. Co.—Source of 1917 Dividends.—
"Our directors declared 1917
L. F. Bower, Sec., Jan. 28 1918, writes:
the particular earnings from which
•dividends without specifying in any way
preceding all dividends
quarter
the
for
earnings
The
paid.
be
they should
to cover the dividends declared.
paid by us in 1917 were more than sufficient
June and Oct. were fully earned in the
That is, the dividends paid in April,dividend
paid Jan. 15 1917 was not all
respective quarters of 1917, but the
•earned in 1917."—V. 105, p. 2274.
American Alliance Insurance Co., N Y.-1917 Divs.—
Secretary E. M. Cragin on Feb. 5 wrote: "The German Alliance divithe year 1917; the dividend
dend of July 16 last year was earned during
paid Jan. 15 1917 was declared on the basis of the earnings of the company
during 1916.
American Cigar Co., N. Y.—Source of 1917 Dividends.—
Geo. G. Finch, Sec. & Treas., Feb. 3 advised the "Chronicle" that all
•dividends paid in 1917 were out of most recently earned surplus.—V. 105,
p. 2544.
American Cotton Oil Co.—Source of 1917 Dividends.—
The Assistant Secretary, Jan..26, writes: "The dividend on the pref.
stock paid June 1 1917 was declared out of the net profits earned and accumulated up to Feb. 28 1917. The dividend on the pref. stock paid
Dec. 1 1917 was declared out of the net profits earned and accumulated up
to Aug. 31 1917. Dividends on common stock paid Mar. 1, June 1 and
Sept. 1 were all declared out of net profits earned up to Aug. 31 1916.
The common dividend paid Dec. 1 1817 was declared out of net profits
earned up to Aug. 31 19I7.—V. 106, p. 88.
American Foreign Securities Co.—Source of 1917 Divs.
W.G. Vermilye, Sec., Jan. 30, writes: "The first dividend was declared
by resolution of the company adopted Feb. 6 1917 to be paid Feb. 15 1917
out of the net profits for the 6 months ending Feb. 1 1917. No money
available for payment of such dividend was received by the company
prior to Feb. 11817, but the moneys then received represented interest for
the preceding 6 months on obligations payable to the company.' —V. 103,
p. 240.
American Graphophone Co.—Source of 1917 Dividends.
0. W. Woddrop, Treas., in circular dated Feb. 1, says in substance:
The dividends paid during 1917 from the earnings of 1917 were as follows:
I
On Common Stock.
On Preferred Stock.
% 1Apr11 1
1
Feb. 15
1
13
14
May 15July
Oct.
Aug. 15
Dec. 31
o
Nov. 15
—V. 105, p. 2457.
1 0a
l
14
American Ice Co.—Source of 1917 Dividends.—
H. C. Harrison, Sec., Jan. 26, writes in substance: "The dividends of
out of surplus profits for 1916.
P4% paid Apr. 26 and July 25 1917 were
The 1X % paid Oct. 25 1917 was out of 1917 net profits."—y. 106, p. 495.
American Sumatra Tobacco Co.-1917 Dividends,—.
We were officially advised on Feb. 6 that the dividends are declared out
of accumulated net earnings and are not applicable to any particular year.
—V.106, p. 298.
American Woolen Co.—Source of 1917 Dividends.—
Wm. H. Dwelly, Treas., in circular dated Jan. 25, says: "The dividend
of this company paid on Jan. 15 1917 declared in Dec. 1916, was made from
net profits accumulated in the calendar year 1916. Subsequent dividends
joaid during 1917 and the dividend paid Jan. 15 1918 have been made
from accumulated profits of the year 1917."—V. 106, p. 192.
Anglo-American Oil Co., Ltd.—Source 1917 Dividends.
C. A. Eames, N. Y. agent, Jan. 25 1918 says: "A cable received from
London states that dividends paid in 1917 were from profits earned in
1916."—V. 105, p. 2457, 2368.
Ansco Company.—Source 1917 Dividends.—
Treasurer Geo. \V. Topliff by circular dated Jan. 30 1918 announces that
"the dividend of $2 50 per share paid April 1 1917 by Ansco Co. was paid
from profits of the 3,ear 1916." [President T. W. Stephens has also advised stockholders that both the Jan. 1 and April 1 1917 dividends came
out of 1916 earnings.1—y. 105, p. 2545.
Argonaut Consolidated Mining Co., N.Y.-1917 Divs.
J. T. Smith, President, Jan. 26 1918, writes: "The 1917 dividends paid
by this company were from 1917 income.
Associated Dry Goods Corp.—Source of 1917 Divs.—
Beaver Coal Co., Philadelphia.—Source 1917 Dividends.
Bethlehem Steel Corporation.—Source of 1917 Dividends.—Sec. B. H. Jones in circular of Jan. 30 says in subst.:
Cash Dividends.—The Corp. paid the following cash dividends in 1917:
On Common Stock (Concluded).
On 7% Non-cum. Preferred Stock.
Rate.
Rate. Date Declared, Date Paid.
Date Declared. Date Paid.
21
May
3 1917 July 2 1917
1
1917
2
Jan.
Jan. 20 1916
June 22 1917 Aug. 1 1917
13
Jan. 23 1917 April 2 1917
2%•
Aug. 14 1917 Oct. 1 1917
1%
Jan. 23 1917 July 2 1917
On Class "B" Common Stock.
14
Jan. 23 1917 Oct. 1 1917
2N,
May 3 1917 July 2 1917
On Common Stock.
7%% June 22 1917 Aug. 1 1917
Jan. 20 1916 Jan. 2 1917
2%4,
10% Aug. 14 1917 Oct. 1 1917
Jan. 23 1917 Apri12 1917
The 1'%% that was paid on the pref. stock on Jan. 2 1917 and the 734%
or
installments
fourth
the
were
paid on the same day on the common stock
dividends that were declared on Jan. 20 1916, the resolution stating that
they were out of earnings of the corporation and its subsidiaries during
the year 1915. The board on Jan. 20 1916 also voted to recommend to
the directors of certain of the subsidiaries that they declare specified dividends payable during 1916, the aggregate amount of which equalled or
exceeded the dividends declared at that meeting. The boards of such
subsidiaries accordingly within a few days after Jan. 20 1916 declared
dividends out of the earnings of the respective subsidiaries during the year
1915. All such dividends were paid to the corporation in 1916.
The other payments that were made in 1917 on the pref. stock were three
installments of a 7% dividend. The fourth installment was paid on
Jan. 2 1918. This 7% dividend and the 10% dividend on the common
stock that was paid on April 2 1917 were expressly declared out of earnings
of the corporation and its subsidiaries during the year 1916. At the meeting on Jan. 23 1917, when these last-mentioned dividends on the pref.
and common stock were declared, the board voted to recommend to the
directors of Bethlehem Steel Co. that it declare specified dividends, payable
during 1917, the amount of which equalled or exceeded the dividends declared by the directors of the corporation at that meeting. The board of
directors of Bethlehem Steel Co. accordingly on Feb. 10 1917 declared
the specified dividends out of its earnings during the year 1916. All such
dividends were paid to the corporation in the year 1917.
In declaring the other cash dividends listed above no reference was made
as to when the profits or surplus out of which they were declared were
earned or accumulated, but there were accumlated undivided profits
earned in 1917 out of which such dividends could have been paid. This
latter statement is also true as to all the other dividends listed above
.
except those paid on Jan. 2 1917.
200% Stock Dividend.—The directors on Jan. 23 1917 also declared a
200% dividend upon the common stock, payable Feb. 17 1917. in Class"B"
common stock at par. Some doubt having been raised as to the application of the recent decision of the U. S. Supreme Court in the case of Towne
vs. Eisner to stock dividends declared in 1917 (V. 106, p. 197.404), we
give the following information:
The basis of this dividend was a surplus of $30,863.639. The books of
the corporation show that its surplus (as distinguished from the consolidated surplus of the corporation and its subsidiaris) on Jan. 1 1913 was
$8,517,954; on Dec. 31 1913, $12,195,965: on Dec. 31 1914, $12,814,390,
and on Dec. 31 1915 stood at $12,807,257. In determining the surplus
at the end of each year all dividends declared and paid during the year
and the dividend that was payable Jan. 2 in the following year were deducted. Of the remainder of the surplus (of $30,863,6391 upon which this
stock dividend was based $56,382 was the amount by which the income
received by the corporation in 1916 exceeded expenses and dividends paid
or accrued during that year, and $18,000,000 represents an increase on
the books of the corporation as directed by the board of directors, in the
value at which the corporation carried the stock of Bethlehem Steel Co.
owned by it.
The resolution which directed this increase in value on the books of the
corporation did not specify when the accumulated earnings or surplus of
Bethlehem Steel Co. that undoubtedly were the basis of this increase were
accumulated. The books of Bethlehem Steel Co., however, show:
Surplus on Dec. 31 1914 (all added during year end. that date)- $5,524,203
13,102,210
Added to surplus in 1915 after deducting dividends paid
35,848.861
Added to surplus in 1916 after deducting dividends paid
$54,475,274
Surplus on Dec. 31 1916
Of the surplus thus accumulated,by Bethlehem Steel Co. only $2,734,645.
which was a part of the surplus added in 1914, had been taken up on the
books of Bethlehem Steel Corporation prior to Jan. 23 1917, in showing
Mal
the value on such books of the stock of Bethlehem Steel Co.
The resolution adopted declaring this stock dividend states "that said
dividend as to $8,517,954 is declared out of the accumulated surplus of
the corporation on Jan. 1 1913."—V. 106, p. 502, 399, 89.
- Bingham Mines Co.—Source of 1917 Divs.—
Myron K. Biding, Asst. Clerk, on Feb.6 1918 reported in substance:
Stock of Record.
Payable.
Amount.
Dividend—
50c. per share June 20 1917 July 2 1917
No. 1
25c. per share June 20 1917 July 2 1917
Red Cross
50c. per share Sept. 20 1917 Oct. 1 1917
No. 2
All of the above dividends were paid out of the 1917 earnings.
was declared Dec. 20 1917 and paid
share,
per
50c.
3,
No.
Dividend
Jan. 1 1918; this will come out of 1918 income.—V. 104, p. 2345.
Borden's Condensed Milk Co.—Source of 1917 Divs.—
Treasurer Franklin D.Shore in circular issued Feb.6 says: "(a) The cernmon stock dividend paid on Feb. 15 1917 and the preferred stock dividends
paid on Mar. 15 and June 15 1917 were declared on Jan. 9 1917, and were
paid out of the earnings prior to Dec. 31 1916. (b) The Common stcck
dividend paid on Aug. 15 1917 and the preferred stock dividends paid on
Sept. 15 and Dec. 15 1917 were declared on July 10 1917 and were paid out
of the earnings during the year 1917."—V. 106, p. 193.
British-American Tobacco Co.—Source 1917 Dividends.
H.H.Thompson, Transfer Dept., Jan. 29 1918, writes: "On Jan. 31 1917
this company paid a final dividend of 5% on the ordinary shares for the
year ended Sept. 30 1916, and on the same date an interim dividend of
6% was paid on the ordinary shares for the year 1916-1917."—V.106,p.193
Treas. T. S. Atwater, Feb. 7, wrote: "The resolution declaring this diviCalifornia Petroleum Corp.—Source o 1917 Dividends.
dend [paid Dec. 1 19171 simply providedIthat 'a dividend out of the surplus
W. D. Stewart, V.-Pres., writes the "Chronicle' Jan. 28 as follows:
of the corporation of 1%% be and it hereby Is declared on the first pref.
stock.' The corporation was formed May'24 1916, and the dividend was "In reply to your circular asking us to advise you from what earnings
the 1917 dividends were declared, wish to state that the dividend paid
paid from earnings accumulated since that time. —V. 105, p. 1421.
Jan. 2 1917 was paid from earnings accrued during year 1916. All other
dividends paid during year 1917 were declared from current earnings."—
Audit Co. of New York.—Source of 1917 Dividends.—
"The only dividend paid by this company in 1917 was in January. Of V. 105, p. 1997.
this, about 74.22% was paid out of 1916 net earnings and the remaining
Carbon Steel Co.—Source of 1917 Dividends.—
25.78% was earned and accumulated as surplus prior to Mar. 1 1913."
Pres. Charles McKnight, in circluar dated Jan. 29 1918, says: "The
(11. I. Lundquist, Sec., Jan. 26 1918.I—V. 70, P. 127.
second semi-annual dividend of 4% on the first pref. stock paid Jan. 5
(The) Barrett Co.—Source of 1917 Dividends.—
1917, and the extra 2% on the common stock paid May 22 1917 were paid
F. M. Stearns, Asst. Treas., under date of Feb. 2, says in substance: out of earnings accumulated prior to Sept. 30 1916. All other dividends
"Subject to any contrary ruling by the Treasury Department at Washing- paid during 1917 were paid out of surplus and net earnings for the fiscal
ton, the dividends paid on the stock of The Barrett Co. during 1917 were year ending Sept. 30 1917."—V. 105, p. 2545.
604
THE CHRONICLE
Central Foundry Co.—Source of 191,7 Dividends.—
Pres. de Courcey Cleveland,
[VOL. 106.
Fisk
Rubber Co.—Source of 1917 Dividend
Feb. 1918, writes: "The following diviAssistant Treas. K. B. McGane wrote on Feb. 5: "All s.—
dends paid during 1917 and Jan. 15 5
1918 were from the net revenue ac- upon the stock
dividends paid
of this company in the year
crued in 1917:
were paid from the accumulated earnings of the same year."—V. 105,1917
First Preferred Stock.
p. 719.
Ordinary Preferred Stock.
Declared. As of Record.
Paid.
Declared.
As of Record. Paid.
Galena-Signal Oil Co.—Source of 1917 Dividends.—
Mar. 15
Mar. 31
April 15
June 7
June 30
July 16
J. French Miller, Sec., in circular of Jan. 24 says: "The
June 7
June 30
July 16
dividends of the
Aug. 2
Aug. 31
Sept.
14
company
when declared have been out of the accumulated earnings
Sept. 6
Sept. 29
Oct. 15
Oct. 4
without
Oct. 31
Nov. 15
specific reference to the period in which such
Nov. 22
Dec. 31
earnings wore made."
Jan. 15 1918 Nov. 22
Dec. 31
Jan. 15 1918 1917 Div.Record—
—V. 106, P. 399.
Declared.
Paid.
Preferred, 2% _ _Feb. 9, May 21 Mar,31, June 20 Shares. Amount.
20,000 $40,000
Common, 3
Central Petroleum
_ _Aug. 21, Nov. 19 Sept. 29, Dec. 31 120,000
rce of 1917 Dividends.—
360,000
—V. 104, p. 866.
w. W. Bruce, Asst. Sec.,Co.—Sou
Jan. 29 1918, writes: "This company paid
dividends in 1917 on its pref. stock aggregating $5 per
share. Of this
Gillette Safety Razor Co.—Source of 1917 Dividends.—
amount $1 25 per share was paid out of 1916 earnings
and the balance was
Secretary F. J. Sullivan,
paid out of 1917 earnings. The dividends were paid on
to the "Chronicle" Fob. 6, says: "We
April 1 and Oct. 1 paid a dividend of 1%% on writing
1917. the first named being paid one-half
our preferred stock and 1%% on our common
of 1916 earnings and one-half stock, Jan. 15 1917,
out of 1917 earnings, and the balance of $2out
which was out of the earnings for the year 1916. AIL
50
per
share
being
paid
on
Oct.
other
1
dividends paid in 1917 were paid out of the earnings for the
entirely out of 1917 earnings."—V. 105, p. 1106.
year 1917."
—V. 106, p. 301.
Childs Company.—Source of 1917 Dividends.—
Treas. S. Willard Smith, writing Feb. 6, said: "The dividends
on the
pref. and common stock of this company
which were paid during the
calendar year 1917, were all earned during that
year."—V. 104, p. 2643.
Consolidated Arizona Smelting Co.—Sou
rce 1917 Divs.
F. W. Thompson, Treas., Jan. 29
says in substance: "The dividends paid Aug. 15 and Nov. 15 19171918,
of 5 cents per share each were paid
out of surplus earnings accumulated during
1916.r—V. 105, p. 1806.
Consumers Co. Chicago.—Source of 1917 Dividends.—
F.H.Pearson, Sec. 8:Treas.,
Jan. 281918. writes: "Of the total dividend
of $138,208 paid Feb. 28 $99,816 93
paid from earnings during the
year 1916. The balance ($38,391 07)was
was paid from earnings of 1917.
'The entire dividend of Aug. 20 1917
was paid from earnings of 1917."
—V. 105, p. 1620.
Continental Oil Co., Denver.—Source of 1917
Dividends.
C. E. Strong, Sec. & Treas., as of Jan. 26 1918 says in
substance: "All
dividends paid by this company during 1917 were
paid
from
1917
earnings."
—V. 105, p. 2368.
Copper Range Co.—Source of 1917 Dividend
(B. F.) Goodrich Co., Akron, 0.—Source 1917
Divs.—
B. G. Work, President, in circular dated Jan. 28 1918,
says: "The dividends on the pref. stock which were paid Jan.
April
2,
2
and
July
2 1917,
and on the common stock which were paid Fob. 15 and
May 15 1917, were
declared from the net profits accumulated in 1916, which
were
the
most
recently accumulated undivided profits and surplus."
—V. 106, p. 503.
Goodyear Tire & Rubber Co.—Source of 1917 Dividends.
The "Chronicle" was officially advised about Feb. 1 that
"the dividend
of 13
4% on the pref. stock paid Jan. 1 1917 was paid from earnings
of 1916.1'
—V. 106, p. 293. 301.
Grasselli Chemical Co.-1917 Dividend
An official circular announces: "You have already s.—
been notified that the
stock dividend received during Jan.
1917 was declared out of earnings
accumulated prior to Mar. 1 1913. Hence
it should not be included in
your income tax return. If you received the cash
of Dec. 30 1916.
in Jan. 1917 and failed to include it in your incomedividend
tax return for 1916, you
may include it in your 1917 return so that it will be taxable
at the 1916 rate.
The dividends of March 31 1917 and
June 30 1917, both common and preferred, were paid out of earnings accumulate
d prior to Dec. 31 1916 and
may be returned accordingly."—V. 106, p. 503.
s.—
Treasurer F. W. Paine, in circular of Feb. 1, says:
Great American Insurance Co., N. Y.-1917
"The dividend disbursement of Mar. 15 1917
was
declared
Feb. 12 1917.
Secretary E. M. Cragin on Feb. 5 wrote: "The German-AmDivs.—
The form of declaration used by the directors was as.follows:
erican divi'voted: that dends of July 16 and
a quarterly dividend of $1 50 per share, being dividend
No. 37, and extra and the dividend paid Aug. 1 last year were earned during the year 1917
dividend of $I per share, being dividend No. 38, be paid
Jan. 15 1917 was declared on the basis of the earnings
on
Thursday,
during 1916."
Mar. 15 1917, to stockholders of record at the close of business
on Saturday,
Feb. 24 1917.'
Habirshaw Electric Cable Co. Inc.-1917 Dividends.—
'All the dividends paid by this company during the year ended
Dec.
31
Counsel for the company inform us that the company's dividends,
1917, were charged against the not income of the company
both
for the year common and preferred,
1917."—V. 105, p. 2458.
from surplus account and that in as much as the
surplus earnings of a
are not carried to this account until the year
Corn Products Refining Co.—Source of 1917 Dividends. ends, it follows that allyear
the 1917 dividends were paid from the earnings of
previous years
Sec.-Treas. Frederick T. Fisher, in circular
not from the earnings of year ended
this week to stock- ['There is about and
31 1917.
holders, says: "The regular dividend of 1j% sent
$395,000 pref. stock in hands of public.] V.Dec.
on the pref. stock paid
105, p.824
Jan. 15 1617, was declared and paid out of
profits earned in the quarter
Hamilto
n
enaed Dec. 31 1916, and the regular dividends
Production Co., Cincinnati.-1917 Dividends.
1%% paid April 16,
July 16 and Oct. 15 1917 were declared and paid of
A circular dated Feb. 2 1918, signed by the Treasurer,
out of profits earned in
says: "All the
1917.
dividends paid by the company during the year 1917
were out of earnings
"The accumulated dividends of 19 1-6% on
pref. stock, which were of the year 1917, with the exception of the extra dividend paid Feb, 28
paid in installments of 5% each on Jan. 15,the
1917,
one
half
of
which was paid out of earnings of the year 1916.'
April 16 and July 16, and
4 1-6% on Oct. 15 1917, wer all declared
paid out of surplus accumulated prior to March 1 1913."—V. 106, p.and
Harbison-Walker Refractories Co.—Source 1917 Divs.
400.
Official circular dated Dec. 31 1017 says in substance: "Pref.
dividend
Cosden Oil & Gas Co.—Source of 1917
No. 58 (1 h %) paid Jan. 20 1917 and common dividend
s.—
No. 33 (13.%)
B. W. Grant, Asst. Treas., Jan. 29 1918, writes: Dividend
"Dividends paid by paid March 11917 were both paid from surplus of 1916. The extra
comthis company in 1917 were out of earnings
mon
dividends, Nos. 32 and 34, of
of 1917."—V. 105, p. 183.
paid respectively Feb. 20
and May 29 1917, were from surplus 6% each,
prior to March 1 1913. The
Cuba Cane Sugar Corporation.-1917 Dividends.—
extra common dividend No. 36 paid earned
Aug. 25 1917 of 6%, paid from surSec'y and Treas. H. F. Kroyer writing Feb. 6 says: '"The
dividends of plus prior to March 1 1913, should be reported under 1917 income.
this corporation have been declared and paid out
of its accumulated sur- other dividens paid during 1917 not mentioned above are returnable All
as
plus and net profits, so that they are not earmarked
1917
income."—
V.
as to earnings. This
105, p. 2454.
corporation was organized Dec. 31 1915.
"'The dividend of Jan. 2 1917 was of course paid out of the surplus
(Geo.
W.)
Helme
Co.—Sou
rce
of
1917
Dividends.—
and
profits accumulated and made prior thereto. The earnings for
We were advised on Feb. 2 that E. D.Christian, Sec.-Treas., is answering.
current
year up to Apr. 1 1917 were sufficient for the dividend paid onthe
that date, stockholders to the effect that all dividends paid in 1917 are to be conand those up to the periods upon which subsequent
strued
as
having
come
dividends
from
were Raid
1917 earnings.—V. 105, p. 2276.
quarterly during the year were likewise ample for such disburseme
nts."—
V. 106, p. 300.
International Paper Co., N. Y.—Source of 1917 Divs.—
Owen Shepherd, Treas., in circular of Jan. 311918,says:"The [preferred]
dividend of 1j.% declared Dec. 27 1916, and paid Jan.
15 1917, was deH. F. Holman as of Feb. 6 advises us that all dividends paid clared and paid
out of earnings accumulated prior to Dec. 31 1916. The
in 1917 came from 1917 earnings.—V. 106, p. 503.
remainder of the regular dividends paid during the
year
1917 were paid
out of the current earnings of said year.
Dome Mines Co., Ltd.-1917 Dividends.— '
"The preferred stockholders were advised by notice dated July 16
1917
A letter from the N. Y. office dated Feb. 5 and signed by L. S: G.
that of the deferred dividends amounting to 3334% on the preferred stock
reported: "The dividends paid during 1917 on stock were paid out of Lane, paid on or after June
1 1917, in pursuance of the readjustment plan dated
profits as follows: Div. No. 7, paid Mar. 1 1917, 50c. per share, earned Jan. 31 1917 to the stockholder
s who accepted the settlement, 26% payout of profits eanred during 1916. Div. No. 8, paid June 11917,was paid able in stock was declared
25c. per
and paid out of surplus earnings and profits
share, was paid out of profits earned during 1917."—V.
accumulated prior to Mar. 1 1913, and the
105, p. 2187.
% payable in cash was
declared and paid out of surplus earnings and73
profits accrued subsequent
Draper Corporation.—Sources of 1917 Dividends.—
to Mar. 1 1913.
"Dividend paid Jan. 1 1917 was declared out of profits of 1916 and
"The
net
earnings
available for the purpose,accrued subsequent to Mar.1
deducted from these profits before books were closed. On Jan. 1
1917 we 1913, and prior to Dec. 31 1915, were sufficient for the payment of the
had a surplus balance of about $800,000. Our dividends of April,
% in cash; the net earnings available for the purpose, accrued subseJuly
and October were charged against this account. We earned
quent
to
Dec. 311915, and prior to Dec. 311916, were sufficient for such
during the
year and during each quarter of the year an amount probably larger
than payment, as were the net earnings available for the purpose, accrued
the dividends declared and paid, but we had no exact
of these subsequent to Jan. 11917. and prior to June 1 1917."—V. 106, p. 194, 90.
earnings until we closed our books Dec. 31 1917." [As knowledge
quoted by "Boston
News Bureau."1—V. 104, p. 167.
International Salt Co.—Source of 1917 Dividends.—
w. II. Barnard, Trans., Feb. 1, says: "Dividends
paid by this company
(E. I.) du Pont de Nemours & Co.-1917 Dividends.— on April 1,
July 1, Oct. 1 and Dec. 31 1917 were declared and paid out o'
John J. Raskob, Treas., in circular dated Jan. 24 1918, says: "Dividend profits earned during that year."—V. 105, p. 2188.
No. 5 on the company's debenture stock, declared
in Nov. 1916 and paid
Iron Cap Copper Co.-1917 Dividends.—
Jan. 25 1917, was declared and paid from net profits
accumulated in 1916,
being the most recently accumulated undivided
An official statement received Feb. 7 shows:
and surplus. All
other dividends paid during 1917 must be deemedprofits
Dividend Paid—
to
have
been
distributed
Source.
from net profits accumulated in 1917."—V. 106, p. 300.
Jan. 1 1917
35 cts, on preferred
1916 earnings
July 1 1917
35 cts, on preferred
1917 earnings
Jan.
1 1917
East Butte Copper Mining Co.-1917 Dividends.—
20 cts. on common
1916 earnings
July 1 1917
An official circular announces that"the dividend
1 00
on common
1917 earnings
on Jan. 29 1917 Nov. 1 1917
was from earnings of the year 1916. Dividend paid paid
50 cts. on common
1017
earnings
on
Dec.
1917
24
was
Dec. 1 1917
ftom earnings of 1917."—V. 106, p. 90.
50 cts. on common
1917
There are practically no outstanding preferred shares as nearly earnings
all were
converted
into
common
under the conversion privilege.—V. 105, p. 1902.
(Otto) Eisenlohr & Bros., Inc.—Source of 1917 Divs.—
Treasurer Harry Dietsch, in circular of Jan. 31, says:
Jewel
Tea
Inc.—Sou
Co.,
rce
of
1917
Dividend
s.—
"While this company earned more than its full dividend
F. P. Ross, Sic. & Treas., Feb. 2 1918 writes: "The dividend received
ts
during the year 191.7, in view of the provisions of the Federalrequiremen
Income Tax Jan. 1 1917 was paid from the surplus accumulated during
1916, and all
Law, as amended Oct. 3 1917, you are advised that the dividends
paid
subsequent
on
dividends paid during 1917 were paid from the surplus of the
Feb. 15 1917 on our common stock, and on April 1 1917 on our pref. stock. current
year 1917.' —V. 106, p. 194.
should be returned [In your income tax return] as having
been
out of
the company's undivided profits, accumulated prior to Jan. 1paid
Jones Bros. Tea Co.—Source of 1917 Dividends.—
1917; and
that the quarterly dividends paid subsequent to April 1 1917
both pref.
The "Chronicle" was officially advised on or about Feb. 1 that all 1917
and common stocks should be returned as having been paidonout
of
dividends
the
were paid from the earnings of that year.—V. 106, p. 301.
accumulated undivided profits for the year 1917."—V. 106. p. 301.
Diamond Match Co.—Source of 1917 Dividends.—
Secretary
Electric Cable Co.—Source of 1917 Dividends.—
Same as for IIabirshaw Electric Cable Co. below. [There is some
000 pref. stock of Electric Cable Co. in hands of public.]—V. 95, p.$750,1405.
Eureka Pipe Line Co.-1917 Dividends.—
President Forrest M. Towl in circular of Jan. 31 says in substance: "The
following table shows the year in which each dividend paid during 1917
made, the amount paid in each period and the approximate amount paid was
per
share of stock from each period. See Sec. 31(b) Income Tax Act.
Paid.
When Made. Per Share. Paid.
When Made. Per Share.
Feb. 1
1916
$6 00
Aug. 1
1916
30 90
May 1
1917
3 51
Nov. 1
1917
5 81
May 1
1916
249
Nov. 1
1916
19
Aug 1
1917
5 10
These dividends aggregated $1,200,003, or $24 per share.—V. 106,
p.503
Kelly-Springfield Motor Truck Co.-1917 Divs.—
P. H. Diehl, Sec., Jan. 31 1918 writes: "The four dividends paid in 1917'
were paid out of 1917 earnings."—V. 106. P. 301.
Kerr Lake Mines, Ltd.-1917 Dividends.—
E. H. Westlake, Secretary & Treasurer, on Feb. 4, reported: "All the
1917
were paid by the New York company out of earnings for
the year
dividends"
1917.
No. 46_ _ _ _25c. per share Mar. 15 No. 48----25c. per share Sept. 15
No. 47_ __ _25c. per share June 15 No. 49-- -..25c. per share Dec. 15
Red Cross_15c. per share Aug. 10
—V. 106, p. 194.
(A. B.) Kirschbaum Co.—Source of 1917 Dividends.—
Official circular (undated) says: "The dividend paid on Jan. 1917 was
declared from the earnings of 1916 and the dividends of April 1,1July
1 and
Oct. 1 1917, respectively, were from 1917 earnings."—V. 102. p. 804.
FEB. 9 1918.1
THE CHRONICLE
Lackawanna Steel Co.—Source of 1917 Dividends.—
Fred F. Graham, Sec., in circular dated Jan. 31 1918, says: "The two
installments of dividends of 1%% each on the common stock which were
respectively, were paid from surplus
paid March 31 1917 and June 30
1917'dividend of 234% paid June 30 1917,
of the year 1916. The extraordinary
and all the dividends paid in 1917, subsequent to Juno 30 on the common
stock, were paid from surplus of the year 1917."—V. 105, p. 2098.
Lehigh Coal & Navigation Co.-1917 Dividends.—
Treasurer lienry H. Pease in circular dated Jan. 31 says: "For many
years it has been the practice of the board of managers to declare dividends
•out of surplus earnings without specifying the period in which same accrued.
However,in view of the provisions of the Federal Income Tax law as amended Oct. :31917, you are advised that the dividend declared on Jan. 24 1917
.and paid on 14'eb. 28 of that year was based uipon the earnings for the three
months ending Dec. 31 1916."—V. 106, p. 504.
Lehigh Valley Coal Sales Co.—Source of 1917 Dividends.
605
paid Feb. 20 1917, common dividends paid March 20 1917. Subsequent
dividends, paid in 1917, were from profits accumulated in 1917."—V. 105,
p. 2370.
Ohio Oil Co., Findlay, Ohio.—Source of 1917 Divs.—
Secretary F. E. Hurley in circular dated Feb. 2 says: "Of the dividend
paid Mar. 20 1917, 28.75% was earned in 1916 and 71.25% was earned in
1915. The dividends paid June 20, Sept. 20 and Dec. 20 1917 were earned
in 1917."—V. 104, p. 1149.
Pan-American Petroleum & Transport Co.-1917 Divs.
William Salomon & Co. report:
Dividend— Amount.
Earned.
Dividend— Amount.
Pref.—Oct. 1 __$1 75
1916
Pref.—Jan. 2---$1 75
Com.—Oct. 10 1917..874
1917
do April 1 ___ 1 75
1917
do July 1 ___ 1 75
—V. 105. p. 2278.
Darned.
1917
1917
Prairie Oil & Gas Co.—Source of 1917 Dividends.—
W. J. Burton, Sec.-Treas., in circular dated Jan. 30, says in substance:
J. A. Hollihan, Sec'y, in circular dated Jan. 31 1918 says in substance:
"The dividends paid in 1917 by this company are deemed to have "The dividend of $5 per share paid Jan. 31 1917 was declared out of 1916
19, paid Jan. 20, earnings. All other dividends paid during 1917 were declared out of the
been declared and paid out of the profits as renews: No.paid
21,
No.
June
27, and earnings of 1917, as was also the dividend paid this day."—V. 106, p.302.
out of the profits of 1916; No. 20, paid April 5,
No. 23, paid Oct. 13, out of 1917 profits. The special dividend (No. 22)
The Pullman Company.-1917 Dividends.—
paid July 14 1917: 2.36% out of the profits of 1915; 58.97% out of 1916
Comptroller L. S. Taylor, in circular of Jan. 31, announces that: "It is
profits, and 38.67% out of 1917 profits.—V. 105, p. 1424.
the opinion of the company that, under the Act of Congress approved
1917 Dividends.—
• (P.) Lorillard Company.—Source of
Oct. 3 1917, the dividend distributions made Feb. 15 1917 and May 15
Wm. B. Rhett Secretary, in circular of Feb. 2, says in substance: 1917, are taxable at the 1916 rate, and that those made Aug. 15 1917, and
"With one exception the several resolutions of the directors pursuant to Nov. 15 1917, are taxable at the 1917 rate."—V. 106, p. 403.
the
declared
dividends
which dividends were paid during the year merely
and made no reference as to whether they were payable out of earnings or
St. Joseph Lead Co.—Source of 1917 Dividends.—
surplus accumulated during any particular period. The exception referred
An official circular dated Feb. 2 1918 says:
5 1917, which declared
to was a resolution adopted by the board on Sept.
"The dividend paid on March 20 1917 was declared and paid entirely ,
and a dividend of $3
a dividend of $1 75 per share on the preferred stock
out of profits accrued during the year 1916. The dividends paid on
per share on the common stock out or the surplus of the company earned June 20 1917, Sept. 20 1917 and Dec. 20 1917 were paid entirely from
however, in this
and existing prior to Mar. 1 1913. It must be recalled,
by the board Congress earnings for the year 1917.
connection that after the adoption of this resolution
"With regard to the 'distributions from the reserve for amortization,'
Ed.]
passed the Act of Oct. 3 1917 [which Act is cited above
beg to say
the action of the made on March 20 1917, June 20 1917 and Sept. 20 1917, we
"In view of this provision of the law it would appear that
that the whole matter has men involved in the greatest confusion by
is
without
1917,
1
effect
in
Oct.
on
paid
dividends
the
board in declaring
of Internal Revenue and of the
the
Department
of
rulings
the
of
reason
the
of
out
surplus
payable
of
the
•
so far as it declared such dividends to be
Income Tax Law.
and that such dividends provisions of the above Section 31 (b) of the Federal
company earned and existing prior to Mar. 1 1913,
"The Income Tax Law permits the company to deduct annually from its
recently accumulated
must be deemed to have been paid from the most
for depletion in order to make good the
allowance
reasonable
a
Income
year
the
Ily
1917.
during
virtue
earnings, that is, earnings accumulated
exhaustion of its ore reserves. The special distributions above noted were
of the provision of the law above referred to, we feel justified in making the from the reserve for amortization so set up. The thecry of the company
following statement with respect to the allocation of dividends paid during is that these distributions were distributions of money realized from the
the year 1917:"
sale of capital assets (cre reserves) in existerce on March 1 1913. Such
Per
Out of
Common
Out of
Per
would, therefore, represent a return of capital and not income.
Share. Earnings. distributions
Dividend—
"In fact, the Commissioner of Internal Revenue so ruled last July, but
Pref. Dividend— Share. Earnings.
00
____
33
1917
2
1916
Jan.
1916
75
mcdified his decision on Oct. 10, stating, however, that all 'such dividends
Jan. 2 1917 ---- $1
6 00
April 2 1917 _-__
1916
1917
1 75
received by stockholders cut of such reserves accumulated subsequent to
April 2 1917 ---3 00
April 2 1917 -___
1917
March 1 1913 constitute income.' This ruling implies that if our tbeou
3 00
July 2 1917 ____
1917
1917
1 75
as above stated is correct, then such distributions are not income. It
July 2 1917 ____
1917
3 00
Oct. 1 1917 -1917
1 75
may be claimed, however, that Section 31 (b) prohibits the distribution
Oct. 1 1917 ---1042.
p.
after Aug. 6 1917 of the proceeds of the sale of such capital assets until
104,
—V.
the disaibution of earnings and profits accrued since March 1 1913';
'after
of
1917
Divs.—
Mahoning Investment Co.—Source says:
that, in other words, such distributions are of 'earnings and profits.'
1918
on
15
"ividends
paid
Jan.
of
circular
in
Sec'y,
Iselin,
Lewis
Whether Section 31(b) does really prohibit such a distribution, and whether,
the stock during 1917 were declared out of 1917 earnings."—V. 103, p.1030. if it does, such a prohibition is constitutional, may have to be settled by
courts. This prohibition, however, does not seem even in terms to
the
. Y.—Source of 1917 Dividends.-Manati Sugar
to the two distributions before Aug. 6 1917, viz.: those on March 20
Co,,In circular dated Jan. 29 1918, says: "The pref. apply
M. E. Rionda, Treas.,
and June 20 1917."—V. 106, p. 506.
1917
common stock dividends paid
stock dividend paid Jan. 1 1917 and thefrom
the net profits accumulated
Safety Car Heating & Lighting Co.-1917 Dividends.—
Mar. 1, June 1 and Sept. 1 1917 were paid
in 1916, and the other dividends paid during 1917 were paid from net profits
Treas. C. W. Walton, writing Feb. 5, said: "All dividends paid during
1305.
p.
103,
1917."—V.
in
accumulated
the year 1917, were from the earnings of that year alone."—V. 105, p.2461.
Manhattan Shirt Co.—Source of 1917 Dividends.—
M.Petschek, Credit Manager, Jan. 29 1918 writes:"The Jan. 1917 dividend on preferred stock and March 1917 dividend on common stcck was
paid from profits of 1916. The Apr., July and Oct. 1917 dividends on
the pref. and the June, Sept. and Dec. 1917 dividends on the common
stock were paid from profits of 1917."—V. 106. p. 292.
Massachusetts Lighting Cos.—Source of 1917 Divs.—
Official circular received by us Feb. 5 1918 says: "The dividends paid
on Jan. 15 1917 on both pref. and com. shares were declared prior to Dec. 31
1916 from earnings accumulated prior to that date."—V. 105, p. 1706.
Mexican Petroleum Co., Ltd.—Source of 1917 Divs.-
0. D.Bennett, Sec'y, Jan 31 1918 says in substance: "The dividend of
2 1917 was earned in 1916.
$2 per share on tho preferred stock paid1Jan.
Subsequent dividends paid Apr. 1, July and Oct. 1 1917 of $2 per share
of $1 50 per share on the common stock
were earned in 1917. The dividend
paid Oct. 15 1917 was earned in 1917."—V. 105, p. 2277.
Midwest Refining Co.—Source of 1917 Dividends.--
A statement dated at Denver, Colo., Feb. 2, says:"In rendering income
tax returns, stockholders should report all dividends paid by us in 1917 as
from 1917 earnings. (Signed) H. M. Blackmer, President; and Clarence
Titus, Secretary."—V. 105, p. 2369.
Missouri Portland Cement Co.-1917 Dividends.—
An official circular dated Jan. 31 1918 says: "Dividend No. 64, paid
Jan. 31 1917, was declared and paid entirely out of profits earned during
the year 1916, and all subsequent dividends paid during the year 1917
were paid out of 1917 earnings." [Dividend No. 68, 1% %. was paid
Jan. 31 1918.]
Moline Plow Co., Inc.—Source of 1917 Dividends.—
L. (). 'Handing, Asst. Sec. Feb. 11918, writes: "The March and June
our pref. stock were declared from the 1916
1917 cash dividends paid on'
earnings. The Sept. and Dec. 1917 cash dividends were declared from the
Our fiscal year ends July 31 each
company.
current year earnings of the
year."—V. 105, p. 2003, 1995.
of 1917 Dividends.—
Nashawena Mills.—Source Bedford,
Sinclair Oil & Refining Co.—Source of 1917 Dividends.—
J. F. Farrell, Treas., in circular dated Jan. 311918,says: "The quarterly
dividend paid Feb. 20 1917 to holders of record Jan. 311917, was paid from
surplus accumulated during 1916. The three rrmaining dividends paid
during 1917 were from surplus accumulated during the eyar 1917."—V. 106,
p. 506.
Sloss-Sheffield Steel & Iron Co.—Source of 1917 Divs.—
Russell Hunt, Sec. & Treas., in circular letter dated Jan. 15. says:
Class of Stock— Dividend Paid. Per Share. 1916 Profits. 1917 Profits.
$1 50
$1 50
Feb. 1 1917
Common
1 75
Jan. 2 1917
Preferred
_5
_17
_
8
_5
1 75
April 1 1917
Preferred
it
17
41 75
July 1 1917
Preferred
1 75
75
1
1917
1
Oct.
Preferred
1 75
1 75
Jan. 2 1918
Preferred
—V. 106, p. 303.
Southern Pipe Line Co.—Source of 1917 Dividends.—
Pres. Forrest M.Towl,in circular dated Jan. 31, gives the following table:
Amount Paid. Approx.$ per Sh.
When Made.
Paid—
35
$583,246 18
1916
M aDividendrce1
17
16,753 58
Prior to 1913
March 1
5 44
544,433 49
1917
June 1
58
55,566 28
Prior to 1913
June 1
599,9997500
1917
Sept. 1
599.999 75
1917
Dec. 1
—V. 104, p. 458.
8 01
Splitdorf Electrical Co.—Source of 1917 Dividends.—
Official circular dated Jan. 30 1918 says: "The dividend paid by this
company Mar. 1 1917 was from surplus accumulated in 1916, and all other
dividends paid in 1917 were from surplus accumulated in 1917."—V. 105,
p. 1100.
Standard Coupler Co.—Source of 1917 Dividends.—
A. P. Dennis, Treas., Feb. 2, advised us "that the dividend paid June 30
1917 came from 1916 earnings and the Dec. 24 dividend from 1917 earnings."—V. 101, p. 2078.
Feb. 5, says:
An official statement dated at New
"Paid Wholly Out of 1916 Profits.—Div. of $2 per share paid Feb. 6 1917.
"Paid Wholly Out of 1917 Profits.—Div. of $2 per share paid May 11917.
Standard Oil Co. (of California).-1917 Dividends.—
Div. of $2 per share paid Aug. 7 1917. Div. of $2 per share paid Nov. 6
Secretary H. M.Storey in circular of Jan. 28 1918 says in substance:
1917."—V. 104, p. 457.
Cash dividends declared on April 24 1917, Aug. 1 1917 and Nov. 6 1917
to current earnings during the year 1917. The company conNational Cloak & Suit Co.—Source of 1917 Dividends.— are charged
that the cash dividend declared on Jan. 16 1917, paid on Mar. 15
F Official circular dated Jan. 7 1918 says: "The following dividends were siders
be charged to current earnings during the year 1916.
should
1917,
a distribution of the undivided profits and surplus accumulated to Dec. 31
The stock dividend of $24,843,328 declared Jan. 16 1917, issued on Apr.
1916: Prof. div. No. 11, $1 75 per share, declared Jan. 29 1917 paid 16 1917, is charged to surplus profits earned during the following years:
March 1 1917. Common (By. No. 1, $1 25 per share. declared Jan. 29
1913.
1914.
1915.
1916.
1917, paid April 14 1917. All subsequent dividends both on corn, and
$6,169.669
$5,202,239
$4.561,280
$8,910,139
prof. stock must be deemed as paid from 1917 earnings."—V. 106, p. 496.
(see below)
20.9402%
18.3602%
35.8653%
The undistributed surplus for 1913, included $8,474,659 for sppreciation
National Fuel Gas Co.—Source of 1917 Dividends.—
capital assets entered on the books on Dec. 31 1913, and $1,770,756
r W. J. Judge, Sec., in official circular, says in substance: "Dividend of
of
surplus from income during the year. The Commissioner of Internal
was
from surplus accumulated
declared Dec. 15 1916 (paid Jan. 15 1917)
stated informally that $6,169,669 10, being the portion of
Revenue
during 1916. Dividend declared March 15 1917 (paid April 16 1917) was the stockhas
dividend chargeable to 1913 surplus shall be charged first to
from surplus accumulated prior to March 1 1913. Dividend declared the undistributed income for that year, to wit.. $1,770,756, or 7.1277%
Juno 15 1917 (paid July 16 1917) was to the extent of 50% from surplus
the total dividend, and the balance of $4.398.913. or 17.7066%. to the
accumulated prior to March 1 1913; the remainder (50%) from 1917 sur- of
surplus from appreciation. The Commissioner states that
plus. Dividends declared Sept. 17 1917 (paid Oct. 15 1917) and declared undistributed
17.7066% of the stock dividend is not taxable.—V. 106. p. 403.
this
Dec. 17 1917 were from surplus accumulated during 1917.—V.105, p.2278.
Standard Oil Co. of Nebraska.—Source of 1917 Dirs.—
Nevada Wonder Mining Co.-1917 Dividends.—
T. A. Gilmore, Asst. Sec., Jan. 28 1918 writes: "The dividends paid by
F Pres. C. A. Higbee, Feb. 6, writes to stockholders: "As far as we are
able to determine, it Is our opinion that the dividend of this company paid this company in 1917 were paid from earnings during the same year."—
on May 21 1917 was from earnings made in the calendar year of 1916, and V. 106, p. 196.
that the diyidend.paid on Nov. 21 1917 was from earnings made in the
Standard Oil Co. (of New Jersey).—Source of 1917 Divs,
year11917.
Secretary Charles T. White, in circular letter of Feb. 4, says: "For inNew York Transit Co.—Source of 1917 Dividends.—
come tax purposes, you are advised that all dividends paid during the year
George Chesobro, Sec'y, in circular dated Jan. 15 1918 says: "Of the 1917 were paid from earnings of said year."—V. 106, p. 196.
dividends paid in year 1917, $6 per share was paid from profits of year 1916.
Balance of dividends from profits of year 1917."—V. 106, p. 499.
Standard Oil Co. of N. Y.—Source of 1917 Dividends.—
A. T. Doremus, Asst. Sec., Jan. 26 1918, writes:"The dividends paid by
Niles-Bement-Pond Co.—Source of 1917 Dividends.—
company during the year 1917 were declared out of 1917 earnings."—
our
paid
"The
dividends
following
says:
Official circular dated Jan. 26 1918
were made from the profits accumulated in the year 1916; the pref. dividend V. 106, p. 507.
k
606
THE CHRONICLE
Standard Sanitary Mfg. Co.-1917 Dividends.An official circular dated
Jan. 5 says: Dividend No.61 on the pref. stock,
paid Feb. 10 1917, and Dividend No.59 on the common
stock, paid Feb. 10
1917, both declared Jan. 27 1917, were declared flora net profits
accumulated in the calendar year 1916, which were the most recently accumulated
undivided profits and surplus.-V. 105, p. 1715.
Standard Screw Co.-Source of 1917
s. C. Kelley, Treasurer, in circular of Jan. 31 1915,Dividends.
says: "As we under-
stand the income tax law, the dividends paid by this company
1917
should for tax purposes, be allocated as follows: all dividends during
during
1917 on both preferred Class "A" and "B" stock were paid paid
out of net
earnings accumulated prior to Jan. 1 1917.
"Dividends paid during 1917 on the common stock were as follows:"
Dividend Paid1916 Surplus.
1917 Earnings.
January 2
$23 00 per share
February 15
47 98 per share
$2 02 per share
March
31
45 99 per share
4 01 per share
July
2
6 00 per share
July
2 (Red Cross)
1 00 per share
October 1
5 57 per share
0 43 per share
-V. 105, p. 1110.
Thompson-Starrett Co.-1917 Dividend, &c.-
An official circular dated Feb. 6, says:
"The dividends paid in 1917 were from surplus accumulated in 1916.
"The income distributed in 1917 to the holders of shares in
the two
trusts established in 1910 and 1912 by the Thompson-Starrett Co.
was
derived from interest received on mortgages and notes, and would therefore seem to be income from fiduciaries to be reported under Schedule H
in United States Internal Revenue Form No. 1040, or Schedule E in Form
No. 1040-A.-V. 103, p. 2348.
Tonopah-Belmont Development Co.-1917 Dividends.
Robt. G. Wilson, Asst. Sec. & Treas., Feb. 5, wrote
substance:
Dividends paid in 1917 were declared in each case out in
of accumulated
profits, the several dividend payments and the actual profits
for the three
months ended one month prior to the payment being as follows:
Dividends PaidProfits for Quarter endedNo. 30-Jan. 1 1917
12%% Nov. 30 1916
$308,340
No. 31-Apr. 2 1917
1234% Feb 28 1917
316,538
No. 32-July 2 1917
12%% May 31 1917
246,568
No. 33-Oct. 1 1917
123% Aug 31 1917
321,613
The surplus, or undivided profits, on March 1 1913 was $1,761,175.
Our directors have never specified any particular period of earnings to
apply to dividends.-V. 104, p. 1904.
Tonopah Mining Co. of Nevada.-1917 Dividends.President J. S. Austin,
writing Feb. 6 to stockholders, says:
far as
we are able to determine, it is our opinion that the dividend paid "As
on Jan. 20
1917 was from earnings made in the calendar year 1916, and that
all
other
dividends paid by this company during the year 1917 was from earnings
made in 1917."-V. 104, p. 1708.
Trenton Potteries Co.-Source of 1917 Dividends.-
0. E. Lawton, Treas., in circular issued in January, stated that the
January dividend of each year, when paid, is chargeable to
profits of
the preceding year; all other dividends are chargeable to the the
profits of the
year when paid.-V. 105, p. 1626.
United Cigar Stores Co. of America.-1917 Divs.-
Sec. & Treas. George Wattley, writing Feb. 5, said: "The dividend on
the common stock, paid Feb. 15 1917, was declared
of accumulated
undivided profits or surplus shown on the books on Dec.out
31 1916."-V.105,
p. 2190.
United Drug Company.-Source of 1917 Dividends.J. 0. McCormick, Treas.,
on Feb. 2 wrote us the following: "Answering
your inquiry regarding the allocation of dividends
paid by our company in
1917, would advise that all of our dividends paid during
1917 came from
1917 earnings."-V. 105, p. 2462.
United Dyewood Corporation.-1917 Dividends.-
[VOL. 106.
Boston & Northern Street Ry and Old Colony Street Ry
4% bonds, due July 1 1954, under date of Jan. 12, advised'
the depositors of bonds, under the protective agreement,
dated Dec. 8 1917, as amended Dec. 26 1917,as follows:
The committee has made arrangements to advance through•the Boston
Safe Deposit & Trust Co. the depositary, the Jan. 1 1918 interest on
above bonds by purchasing the coupons at their face value from such the
depositing bondholders as may wish to take advantage of the opportunity thus
created. To obtain money for this purpose the committee will be obliged
to borrow at current rates, at the present time 6%. In the final adjustment it is quite possible, but not certain, that this rate of interest will be
obtained upon the overdue coupons.-V. 106, p. 407.
Depositors to whom these advances are made will, therefore, provided
the matter is not otherwise adjusted, be charged in any final accounting
with the amount advanced, together with interest and will be credited with
the proceeds of the coupons, including such interest as may be received'
thereon. This accounting will be additional to the apportionment of other
charges provided for by the amended protective agreement.
If any depositor withdraws his bonds, or they are returned to him before
the committee realizes on these coupons, the depositor will be
required to.
redeem his coupons at the price paid by the committee plus the interest
charges thereon.
Facing the committee in December last at the time the receiver was
appointed was the initial question of the payment of the coupons, due Jan.
1 1918. In order to provide adequate funds to enable the Bay State Street
Ry to meet this interest, it was necessary for the receiver to secure auth.ority to issue $297,520 receiver's certificates, having precedence
over
the lien of the bonds. The committee decided to assent to the issue
of
certificates for this purpose, being largely influenced by the fact that the
bonds were owned primarily by fiduciary institutions for whom the uninterrupted flow of income was a matter of practical importance, affecting
the interests of a very large number of people.
The committee did not, however, regard it advisable
consent to the
issue of certificates for the payment of taxes and certain to
other items which.
were presented for their consideration. Owing to the difficulty
of reconciling these claims, the receiver was not in a position to proceed with
the
sale of receiver's certificates to pay the bond interest, which is at the present
writing still unpaid and overdue.
Return of Leased Property to Stockholders.-
See Nashua Street Ry below.-V. 106, p. 497, 85.
Buffalo Rochester & Pittsburgh Ry.-Earnings.-Month of December- -12 Mos. end. Dec. 311917.
1916.
1917.
1918.
Operating revenue
$1,184,635 $1,029,418 $14,975,000 $12,761,755
Operating expenses...._.. 1,011,521 . 827,710 11,878,566
9,389,793
Taxes
75,000
22,000
506,000
262,000
Uncollec. revenue
531
359
1,444
Operating income_ _ _ _
$98,114
$179,177 $2,590,075 $3,108,518
Other income
139,266
142,731
1,316,001
1,125,274
Gross income
$237,380
$321,908 $3,906,076 $4,233,792
Deductions
163,618
169,096
2,166,256
2,104,253
Pref. diviends (6%)
360,000
360,000
Conn. dividends
(6%)600,000 (5)525,000
Balance, surplus
-V. 106, p. 394.
$73,762
$152,812
$689,820 $1,244,539
Buffalo & Susquehanna RR. Corp.-Earnings.-Month of December- -12 Mos. end. Dec. 311917.
1916.
1917.
1916.
$155,778
$138,492 $1,785,701 $1,678,686
$48,660
$47,513
$373,373
$433,741
6,000
2,600
62,000
31,200
Operating income
$42,660
$44,913
$311,373
$402,541
Other income
54,892
48,308
674,508
507,540
Grass income
$97,552
$93,221
$985,881
$910,081
Int. rents, &c
$23,400
$25,742
$294,341
$301,530
Preferred dividends_..__
(47)160,000 (4)160,000
Common dividends_ _ _ _
(g)15o,000 (5)150.0eo
Operating revenues__ _ _
Net earnings
Taxes
Secretary Ernest W. Picker, in circular dated Dec. 1917, says: The
board of directors declared during the year 1916 out of the
profits for the
year 1916 the following dividends:
On Pref. Stock.
Stock of Record.
On Pref. Stock.
Stock of Record.
1 1-6% Jan. 2 1917 Dec. 14 1916 P4%
Jan. 2 1918 Dec. 14 1917
Balance, surplus
$74,152
$67,479
$381,541
$298,551
1%
April 2 1917 Mar. 14 1917
On Common Stock.
-V. 106, p. 497.
11%
July 2 1917 June 14 1917 1%%
April 2 1917 Mar. 14 1917
Carolina
Oct. 1 1917 Sept. 14 1917
Clinchfield & Ohio Rys.-Earnings.131%
It would seem that this income is taxable at the rates prescribed for the
Cal. Years1917.
1916.
Cal. Years1917.
1916.
year 1916.-V. 105, p. 395.
3
Total oper. rev_4,285,390 3,276,487 Gross income_ _ _2,402,517 1,94892'
United States Envelope Co.-1917 Dividends.Net earnings_ _ -1,835,080 1,534,208 Fixed charges_ _1,275,846 1,189,893
Asst. Treas. W.M.Wharfield, writing to the "Chronicle" Feb. 5,reports: Other income_ _ _ 567,436
398,684 Taxes
226,877 155,280
Mar. 11917. common and preferred dividends from earnings
during 1916
Sept. 11917,
do
do
do
do
Gross income_2,402,517 1,932,892
do
1917
Bal., surplus_ 899,794 587,719'
-V. 104, p. 769, 669.
-V. 105, p. 1707.
United States Fire Insurance Co., N. Y.-1917 Divs.-
Secretary David G. Wakeman, in circular dated Jan.
1918, says:
"The dividends paid on Feb. 1 1917 and Aug. 1 1917 may29
be deemed tei
have been paid from the net profits accumulated in the calendar
year 1916.'
Central of Georgia Ry.-New Assistant General Manager.
H. D.Pollard has been appointed Asst. Gen. Manager.-V.105, p. 2542.
Charlottesville (Va.) & Albemarle Ry.-Earnings.-
Calendar
Gross
Net
Other
Fixed Pf.Divs. Balance,
Utah Apex Mining Co.-1917 Dividends.YearsEarnings. Earns. Income. Chgs. (75'). Surplus.
An officer of the company writing Feb. 7, says: "As to 1917 dividends, 1917
$120,120
$60,279 $264 $29,236 $8,589 $22,710
would say that the dividend paid on Jan. 2 was from 1916 earnings, and the 1916
114,819 63,600 495
28,071
8,589
27,434
one paid on Oct. 15 was from 1917 earnings,"-V. 105, p. 2100.
-V. 103, p. 2428.
Washington Oil Co., Pittsburgh.-Source of 1917 Divs.
The dividend paid by this company in Dec.
was out of the profits
earned in 1917. [J. G. Burford, Treas., Jan. 251917
1918.1-V.104, p.1505.
(J. G.) White Engineering Corp.-Source 1917
Chicago, Aurora (Ill.) & De Kalb Ry.-Receiver.-
D. Harvey, Master-in-Chancery of Kano County, Ill.,
been named
receiver of this company upon a petition filed in the Kanehas
Circuit
Court by the Continental & Commercial Trust & Savings County
Bank,Chicago
,
as trustee, representing certain bondholders.
A press report states that the bondholders charge that while the interest
is being paid on the bonds, the company is not living up to the terms of
the indenture securing the bonds which provides for a Finking
fund for the
redemption of these bonds.
Divs.C. F. Conn, Sec., in circular dated Jan. 31 1918 writes: "Since
the formation of the Corporation in 1913 dividends
on its pref. stock have been
declared quarterly and paid from profits earned
during
the
calendar
of which that quarter was a part. These payments and the date of year
corrwponding periods are:
Dividend Paid.
For Div. Period.' Dividend Paid.
Chicago & Eastern Illinois RR.-Sale Postponed.For
Div.
Period.
Mar. 1 1917
Dec. 31 1916 Sept. 1 1917
The sale of this property scheduled for Feb. 5 has been again postponed
June 30 1917
June 1 1917
Mar.31 1917 Dec. 1 1917
Sept. 30 1917 for sixty days. Compare V. 105, p. 1897.-V. 106, p. 85.
-V. 105, p. 296.
Wilson & Co., New York.-Source of 1917
Dividends.W. Eckhardt, Office Manager and Chief Clerk, writing
Feb. 4. said:
"Dividends paid by us during the year 1917 were made
out of earnings for
the year 1917 except the dividend paid on Jan. 2 1917, which
was made
out of earnings of the year 1916."-V. 106, p. 404.
GENERAL INVESTMENT NEWS.
Chicago & North Western Ry.-Earnings.-
Calendar
1917.
1916.
1917.
Years$
$
Gross earns_108,264,983 97,978,844 Interest, &c_ 10,370,410
Net,aft. tax. 23,828,514 27,841,489 Pref.divs. (8%)1,791,600
Other income 3,496,045 2,959,173 Com.divs.(7%)9,108,015
Tot. inc__ 27,324,559 30,800,663
Bal., sur__ 6,054,534
-V. 106, p. 498.
1916.
$
10,631,313
1,791,600
9,108,015
9,269,735
Chicago Milw. & St. Paul Ry.-Vice-President Resigns.-
RAILROADS, INCLUDING ELECTRIC ROADS.
Baltimore & Ohio RR.-Six Months Secured Notes.Bernhard, Scholle & Co. own and offer subject to prior sale,
$850,000 of the company's $8,000,000 issue of six months
secured notes, due July 29 1918, at 6% discount. Denominations of $25,000. The notes are secured by deposit of
Reading Co. common and 2nd pref. stock with 20% margin.
The syndicate purchasing this issue, noted last week in these columns
Is headed by Kuhn, Loeb & Co. and Speyer & Co.
Compare V. 106, 1),
497, 394.
Bay State Street Ry.-Arrangement For Advancing
Interest, Due Jan. 1 on Sub. Co. Bonds.-W. E. McGregor,
Secretary of the Bondholders Protective Committee for
Vice-President H. R. Williams has resigned to become associated with the
Milwaukee Land Co., which Is owned by the Railway Co.-V.
106.
p. 498, 394.
Chicago St. Paul Minneapolis & Omaha Ry.-Earn's.
-Month of December- -12 Mos. end. Dec. 311917.
1916.
1917.
1916. 111
Operating revenues_ ___ $1,856,397 $1,803,520 $21,476,509
$20,855,285
Operating expenses__ 1,655,429
1,214,570 17,169,308 14,662,272
Net earnings
$200,968
$588,950 $4 307,201 $6,193,014
Other income
83,291
65,782
539,187
478,070
Gross income
$284,259
$654,732 $:1,846,388 $6,671,084
Int., rents, taxes, &c.._ _
220,579
252,850
2,727,799
2,956,109
Pref. dividends (7%)--788,235
788,235
Common dividends..
(6%)1113402 (7)1,298,987
Balance, surplus
-V. 106, p. 408.
$63,080
$401,882
$216,952 $1,6277753
11111
607
THE CHRONICLE
FEB. 9 1918.]
Cleveland (Electric) Railway.-Earnings for Cal. Year.
Missouri Oklahoma & Gulf Ry.-Earnings.-
Balance,
Interest,
Other
Net, after
Gross
Years
1017.
1916.
Income. Rents, 8:c. Deficit.
Taxes.
Earnings.
EndingInt. & taxes_82,571,964 $2,492,238
Gross (incl.
$296,017 $52,365
def.$10,870
$254,523
0th. inc.)..$10.256,513 $9,597,306 Bal.. surplus_ $122,212
$60,635 Dec. 31 1917.$1,935.962
727.056
671.567
cr.33,237
Juno 30 1916. 1,416,301 loss88,726
Net income_ $2,694,176 $2,552,874
From the above surplus in 1917 there was deducted $524,000 for obsolete -V. 101, p. 923.
property,leaving a net deficit for the year of $401,788.
Montreal Tramways Co.-New Franchise Agreement.1917.
1916.
Stock Offered to Shareholders.-
It is announced in Cleveland that shareholders of record Mar. 1 will
shortly be offered the right to subscribe, until Mar. 15, at par pro rata, for
$2,700,000 new stock, subscriptions to be payable one-quarter or more on
or before Apr. 1 one-quarter or more on or before July 1, and the balance
In one or more installments on 60 days' notice. The proceeds are to be
used "to reduce the company's bonded and floating debt, to pay for extensions, betterments and permanent improvments. The new stock will
be about 10% of the total outstanding amount, which at last accounts
was $27,055,200.-V. 106, p. 85.
Cleveland Southw. & Col. (Electric) Ry.-Earnings.1917.
1916.
Cal. Year- 1917.
1916.
Gross earns_ _$1,407,768 $1,337,156 lint. & charges $340,995 $332,284
Net income__ $276,177 $469,803 Balance__ _ _ def.364,817sur.$137,519,
-V. 105, p. 2455.
Commonwealth Power, Ry. & Light Co.-Report.Consolidated Income Account for Calendar Years (Incl. Sub. Companies).
1916.
1917.
Calendar
1917.
1916.
Years$
$
Gross recelpts.19,723,736 16,962,607 Prof. divs. (6%)1,077,010 1,019,170
Gross income_ 8,645,104 8,587,985 Cora. div. (4%) 743,334 728,811
Fixed charges_ 6,495,479 5,936,243 Bal. for deprec_ 329,281 904,361
_-..V. 106, p. 498, 395.
Denver & Rio Grande RR.-Bondholders' Committee.
See Rio Grande Western Ry. below.-V. 106, p. 498, 395.
Detroit United Ry.-Earnings for Calendar Years.Other Inc. Charges. Dividends. Bal., Sur.
Gross.
Year.
Net.
1917.$17,427,940 $4,168,149 $411,737 $2,404,356(7%)$1,118,750$1,056,781
1916. 16,036,669 4,820,867 351,334 2,291,409(63i) 843,750 2,037,042
From the above surplus in 1917 $800,000 was credited to depreciation reserve and $150,000 to reserve for taxes, leaving $106,781 transferred to
profit and loss account.-V. 105, p. 2365.
Fonda Johnstown & Gloversville RR.
Cal. Years1917.
Gross earnings__ .$1,064,318
Net after taxes__ $421,687
23,780
Other income_ _ _ _
-V. 105, p. 818.
1917.
1916.
$999,967 Gross income.._ _ _ $445,467
$437,985 Interest,rents,&c. 392,852
32,231 Balance,surplus__ $52,615
1916.
$470,216
395,999
$74,216
Grand Trunk Pacific Ry.-Possible Joint Operation.-
The Montreal "Financial Times" on Feb. 2 contained the
following (much condensed) resume of the new franchise
agreement between the city'and the company which is to
run thirty-five years:
The new agreement provides for the creation of a permanent Tramways
Commission of three persons with very complete powers over the service,
the finances, extensions and maintenance; together with the valuation a
the existing system at $3,686,295 for the physical property, plus an unnamed amount to be specified by the commission as "working capital,"
and a practical guarantee that the company shall be allowed at all times
to make a profit of6% on the total investment thus arrived at and on such
new capital as may from time to time be put in.
In addition the company is allowed a further remuneration of 3 of 1%
in each year in which it does not exceed by more than 2%% the estimated
operation charges allowed by the Commission. In effect, the company
can calculate upon 6%% on its total investment as a guaranteed minimum
earning power so long as it is efficiently administered.
This 6%% appears to correspond closely with the earnings (after the
city percentage is deducted) in its last fiscal year. The company can also
look forward to a share of all surplus profits arising after the annual payment to the city of $500,000 and the upkeep of certain maintenance and
guarantee funds, neither of which funds should be at all burdensome.
The surplus after these charges is to be divided, 20% to the company,30%
to the city treasury, and 50% to a fund for reduction of fares, which may
take place uben the fund accumulates to $1,000,000, and must take place
whenever it contains $2,500,000.
Dividend distribution is limited to 10%, the present rate on the company's capital.
The Commission has complete control of fares, but these must be uniform
within a certain district, comprising the present cities of Maisonneuve.
Outremont, Verdun, St. Laurent, Mount Royal and the Snowdon-Cartierville line in Cote St. Luc and the parish of St. Laurent.
No new line can be constructed without the permission of the Commission, and the Commission may order new lines even when not applied for
by the municipality.
An appeal from the Commission lies to the P. U. Commission of Quebec.
Nothing is said about subways.-V. 105, p. 906.
Nashua (N. H.) Street Ry.-Interest Under Lease Not
Received.-Property to Be Turned Back to Shareholders.Pres. John A. Fisher on Jan. 15 addressed the stockholders
as follows (in substance):
In 1900 the company conveyed, by lease, all its property, &c., to the
Lowell & Suburban Street Ry for 99 years; the lessee agreed to pay as a
operating and general expenses, interest on debt and the present
rental
Grand Trunk Ry.-Possible Government Operation.-The 3% netallsemi-annual
dividends. This lease for some time has been owned'
by the Bay State Street Ry, which on Jan. 1 defaulted in the payment
"Financial Post" of Toronto on Feb.2 said in substance:
of
dividend.
the
In railway circles at Montreal it is expected that the Dominion Gov, will
I have been notified by Receiver Donham of the Bay State company that
take over the Grand Trunk as well as the Grand Trunk Pacific and operate
adopt the lease but will turn the property back to its stockthese with the Canadian Northern and other Government railways through he will not
I am informed by counsel that a receiver has this power, but I
holders.
the Railway War Board. The Grand Trunk, so far as the "Financial am likewise
informed that your company will have a claim for damages.
Post" can learn, seems resigned to this action, as the probable arrangement I
expect shortly to receive more definite information and then I propose to.
will be a Government guaranty of dividend payments, all of which will call
a
special
meeting of the stockholders for their consideration and action.
have to be passed for 1917.
The Canadian Pacific will retain its identity but an extra tax will [or -V. 106, p. 86.
may] take all excess earnings resulting from the increased passenger and
New York Central RR.-Realty Holdings in N. Y. City.freight rates, which, it is believed here, will be imposed.-V. 106, p. 395.
published the followSee Grand Trunk Ry. below.-V. 105, p. 2183, 1708.
Hocking Valley Ry.-Earnings.-
1917.
1917.
1916.
1916.
$
s
$
Cal. YearsGross earnings__ _10,696,434 8,200,420 Gross income____ 3,297,733 3,236,115
1,207,105 1,212,288
Operating expenses 7,409,123 5,597,889 Interest
156,625
590,470 Rentals, &c
832,748
647,700
Taxes
439,980
Dividends (4%)
439,980
2,454,564 2,012,061
Operating Income_ 843,169 1,224,054
The New York "Tribune" on Feb. 4
ing data regarding the company's realty holdings in New
York City, aggregating in value about $141,000,000:
The New York Central pays taxes, as shown by the 1918 tax books, on
real estate proper amounting in round numbers to 3118,000,000, and on
special franchise assessed valuations of $23,000,000, making an aggregate
of $141,000,000.
Partial List of Holdings Chiefly Adjacent to Grand Central Terminal.
Grand Central Station_ _$20,750,000 Transit Office Building__ $1,075,000
1,200,000
8,700,000 Yale Club Building
Hotel
Biltmore
Balance,surplus 1,439,932
Other income_ 3,297,733 3,236,115
936,147 Commodore Hotel Site__ 2,390,000 East side Park Ave.,47th
-V. 106, p. 499.
1,860,000
and 48th
Madison and Park, bet.
3,490,000 East Side Park Ave., bet.
46th and 47th
Interborough Rapid Transit Co.-Decision.
1,250,000
49th
and
48th
bet.
Park,
Madison and
The Court of Appeals at Albany, N. Y., on Feb. 5 affirmed the decision
2,960,000 Realty & Terminal Bldg. 1,060,000
45th and 46th
Of the Appellate Division dismissing the suit brought In the name of the Madison and Park, bet.
Apartment,50th & 51st.. _ 1,550,000
company versus August Belmont. The decision in effect holds that Mr.
1,345,000 Park Ave.,bet.51st & 52d 1,430,000
47th and 48th
Belmont and others did not enter into a conspiracy with the original Lexington and Park, bet.
Park and Lexington, bet.
directors of the company to issue $1,250.000 stock in order toldivide the
4,240,000
49th & 50th St
2,040,000
48th
and
47th
same among themselves.-V. 106, p. 499.
ifart IN Block 1280, Lot 60
1,380,000 Bet. 48th and 49th, Park
1,975,000
side
west
Ave.,
Madison,
&
Park
33,
Lot
Intel•nationforthern ER.-Barnings.bet. 48th and 49th..___ 1,424,000 Bet. 46th and 47th, Mad1917,
1916.
ison Ave., east side__ _ 3,645,000
Calendar
1916.
1917
Lot 1, bet. Lexington and
$
$
YearS
$
Park and 47th & 48th_ 2,040,000 Bet. 45th and 46th, Madison Ave. to Park Ave.. 2,940,000
Gross earnings 12,588,224 10,766,945 Gross income__ 4,636,182 3,206,067 Vanderbilt Building_ _ _ _ 1,650,000
Hire of equipment 1,381,711 1,139.136
Lexington to Grand CenNet earnings, after
3,100,000•
1,557,332 1,502,801
tral, 44th to 45th
taxes
3,577,307 2,559,440Interest
1,697,139
646,627 Balance,surplus
Other income__ _ _ 1,058,815
564,040
The remainder of the $118,000,000 is made up of holdings on the west
r-V. 10,5, p.2272.
Me"
side of the city, rights of way, bridges, buildings, &c., both in Manhattan
the Bronx.
Kan. City(Mo.) Clay Co. & St. Jos. Ry.-New Director. andVice-Pros.
Ira A. Place is quoted as saying recently: "The taxes accruAllen G. Hoyt of New York has been elected Chairman of the executive ing to the city have increased on the premises bounded by 41st and 57th.
A.
Thomas
- Streets, the east side of Lexington Ave. and the west side of Madison Ave.
ReYnolds, resigned.
committee and a director to succeed
V. 105, p. 2184.
from approximately $750,000 in 1903 to over $3,000,000 in 1917. While
this increase may,in some part, be attributed to increase in taxes generally,
Kansas City Southern Ry.-BondsV Offered
that undoubtedly is more than offset by the increased assessible value outthe _parallelogram above described, which certainly extends to or beand
side
int.
netting about
National City Co. is offering at 763
yond Fifth Ave., and which I have not taken into consideration."-V.
6.85 a block of this company's Refunding & Improvement 106,
p. 396.
iiir P101100110011111W.
.7---Tre
5%bonds,
duo 1950.-V. 106, p.e499./-.
- .
Lehigh Valley EL-New Vice-President.-
New York New Haven & Hartford RR.-Redemption.-
Two hundred forty-one thousand dollars one-year 5% collateral gold
April 15 1918, 66 of $1,000 denominations, 27 of $5,000 and 4 of
M. P. Blauvelt, Comptroller, has been elected a Vice-President.
- notes, duo
each, have been drawn for redemption at 101 and int. on April 12
$10,000
V. 106, p. 296.
at the Bankers Trust Co.. N. Y. trustee.
that the railroad company has bought in
It has been confirmed officially'
London (Canada) Street Ry.-Bond Redemption.$1,000,000 par value of its issue of $45,000,000 notes since their issuabout
bonds,
due Mar. 8 1925, have
Thirty-five ($35,000) 5% First Mtge.
been drawn for redemption (at par) on Jan. 14 and will be paid at the ance last year.-V. 106, p. 499. 396.
Canadian Bank of Commerce, Toronto, Ont. Amount outstanding at
New York Philadelphia & Norfolk RE.-Earnings.last accounts, $595,000.-V. 104, p. 1489, 764.
See Pennsylvania RR. under "Reports" above.-V. 104, p. 1702.
Long Island RR.-Preliminary Earnings.-
See Pennsylvania RR. under "Reports" above.-V. 106, p. 499.
Metropolitan Street Ry.-Payment on Bonds.-
By a decree in the U. S. District Court at N. Y. on Jan. 18 the Guaranty
Trust Co. trustee of the General & Collateral Trust Mtge., dated Feb. 1
distribute upon presentation to the holders of the outstanding
1897, will'
bonds tho sum of $736 per bond in full of all amounts payable thereon. Coupons maturing Feb. and Aug. 1908, if presented separately, will be paid
at the rate of $16 98 for each coupon.-'V. 104, P. 2118.
Middle West Utilities Co.-Sub. Co. Notes Offered.-
See Twin State Gas & Electric Co. below.-V. 106. p. 499.
New York State Railways.-Earnings.1916.
1917.
1916.
1917.
Cal. YearsGross earnings_ _$8,460,001 $8,256,470 Interest,rents,&c_$1,438,587 $1,377,774
193,125
Pref. diva.(5%)__ 193,125
Net after taxes -dr
eepreciation ___$2,152,911 $2,593,308 Common diva.,...(2)398,94O(4)947483
146,214 Propor'n to N. Y.
Other income__ 110,664
Cr.37,221 Cr.25,124
State Rys
Total income__ _$2,263,575 $2,739,522
-V. 106, p. 499.
Balance, surplus $270,144
$246,264
Norfolk Southern RR.-Sub. (Coal) Co. Incorporated.-
The management of the road has incorporated the Predmont-Cumnock
Coal Co. with $500,000 capital stock to open a coal mine in Lee County,
disC. on the Raleigh-Charlotte division. Coal deposits have been fuel
N.
This company has applied to the Wisconsin RR. Commission for authoris believed, can be developed to furnish locomotive
ity to purchase the property, &c. of the Milwaukee Light, Heat & Trac- coverea which, itand
for the marproduced
be
may
tonnage
some
possibly
company
the
to
set
price
by
a
figure
for
the
State
valustated to be '
312,271,321,
tion Co.
will be undertaken at once, it is stated.
ation in 1914 plus $2,100681 since spent on improvements. An applica- ket. Developments
Marsden J. Perry, Chairman of the board; J. H. Young, President, and
tion was also filed seeking authority to issue $4,000,000 in bonds.of the Norfolk Southern, also hold similar
Secretary,
Hawkins,
S.
M.
.
kit
&Its
1.1 0(42..013,_
positions with the new company. There has been no coal mined in North
as a coal producer
-Traction Co.-Merger Proposed. Carolina in recent years, and the State never fgured
-Milwaukee Lt., Ht.-&
except in a very small way.("Coal Trade Journal," Jan. 23.).-V.10543.819,
See Milwaukee Electric Ry. & Light Co. above.-V. 104, P. 1801.
Milwaukee Electric Ry. & Light Co.-Proposed Merger.
LA,*
608
THE CHRONICLE
Northern Ohio Trac. & Light Co.-Earns.-Decision.
Cal. Years1917.
1916.
1917.
1916.
Gross earnings. $6,389,608 $5,170,441 Depreciation
$235,000
Net earnings
$2,396,918 $2,507,604 Preferred divs___ 200,196
271,106
Fixed charges
981,860
887,660 Balance,surplus__ $889,881 $1,113,836
The United States Supreme Court on Jan. 28 handed down a decision
In favor of the company in the ouster proceedings brought by the Commissioners of Stark County, Ohio, to compel the removal of tracks from
a highway connecting Massillon and Canton. The suit has been in progress since 1913.-V. 106, p. 396, 86.
Pacific Gas & Electric Co., San Fran.-Earnings.1917.
1916.
1917.
1916.
Gal. Years$
Gross earnings___19,813,381 18,615,498 Total incatne
7,467,037 8,316,502
Net after taxes, deBond., &c., int_ _ _ 4,100,907 3,814,934
preciatlan, &c__ 6,958,691 7,806,616 Discount, &c
185,050
173,186
.Other ins. (net)__ 508,347
509,886 Preferred divs
1,484,341 1,390,257
Total Income__S7,467,037 $8,316,502
Balance
1,696,738 2,908,125
Unite to Conserve Fuel.This company, the Great Western Power Co. and the Sierra & San
Francisco Power Co., serving 38 counties in Northern and Central California, have entered upon an agreement for the conservation of fuel oil by
which the operation of the companies' steam and electric plants will be
carried on as a single unit. This plan is to go into effect at once and to
continue for the duration of the war and during such further time as may
be deemed in the best interests of the public. B. M. Downing, Chief
Engineer of the electric department of the Pacific company, will have full
charge of all plants.
A report to A. E. Schwabacher, Federal Fuel Administrator for Calif.,
contains the following announcement: "We beg to advise in respect to
this arrangement that we can not at the present time, due to climatic
conditions and lack of water for the full and efficient operation of our
hydro-electric plants, determine the actual saving in [fuel] oil that would
be accomplished by the unit operation of the plants of the undersigned
companies. We shall be glad, however, to advise you weekly from this
date as to the actual savings effected, and we sincerely trust that with
the coming of the winter storms we may be able to make a very satisfactory showing to you."-V. 106, p. 396, 190.
[Vol,. 106
the normal Federal income tax of 2%. Denom. $1,000, $500, $100 c*.
Red., all or part, at 100 and int. on any int. date. Trustee, Metropolitan
Trust Co. of N. Y. Further particulars should appear another week.
V. 105, p. 295.
Union Ry, Gas & Electric Co.-Proposed Merger.-
See Springfield By. & Light Co. above.-V. 104, p. 74.
United Power & Transportation Co.-Earnings.Calendar
Divs. &c. Expenses,
Intenst
Dividends
Yea:Received. Taxes, &c. Payments.
Paid. Balance.
1917
$742,242
$45,831
$329,613
$366,563
$236
1916
821,564
35,593
356,676
428.375
920
Tho profit and loss surplus Dec. 31 1917 was $1,023,152, after deducting
adjustments, amounting to $362,202.-V. 106, p. 500, 87.
United Rys. Co. of St. Louis.-Strike Ends.-
Representatives of the company and of the men have reached a basis
for settlement of their differences and the strike has been halted.-V. 106,
p. 500, 191.
Wages.-Report of 8 Hour Commission Investigating
Operations of Adamson Law.See page 459 in last week's issue.-V. 106, p. 500, 191.
War Regulations.-Govern't. Control Matters-Amendment to RR Bill..
See general news on a previous page. See general news, page 459 in last
week's issue.-V. 106, p. 398, 191.
West Jersey & Seashore RE.-Prelim. Earnings.-
See Pennsylvania RR. under "Reports" above.-V. 104, p. 2226.
West Penn Rys.-Sub. Co. Notes-New Bonds Pledged.-
See West Penn Power Co. under "Industrials" beLow.-V. 106, p. 298.
Western Pacific RR. Corp.-Initial Pref. Stock Dividend.
-The directors have declared a dividend of 6% on the
$27,500,000 outstanding 6% non-cumulative preferred stock,
each on Fob. 20 1918 to
Parkersburg (W. Va.) & Ohio Valley Electric Ry.- payable in installments of 1
Special Commissioner V. B.* Archer will sell for cash at public auction holders of record Feb. 15, April 1 to holders of record Mar.20,
on Feb. 28, at the Federal Court House at Parkersburg, all the property July 1 to holders of record June 20, and Oct. 1 to holders of
of this 414 mile line. Compare V. 105. p. 2994.
record Sept. 20.
The directors of the Western Pacific Railroad Co. of Calif. (the operating
Pennsylvania Co.-Preliminary Earnings.company) in Dec. 1917 declared an initial dividend of
on the
See Pennsylvania RR. under "Reports" above.-V. 106, p. 86.
Philadelphia Baltimore & Washington RR.-Earns.
See Pennyslvania RR. under "Reports" above.-V. 105, p. 2543.
Philadelphia Rapid Transit Co.-Lease Adopted.-
The shareholders by a vote of 332,077 against 47,271 have approved the
transit lease agreement with the city of Philadelphia.-V. 106, p. 500, 296.
Pittsburgh Cin. Chic. & St. Louis Ry.-Earnings.-
114%
$27.500,000 pref. stock of the operating company, payable fot the quarter
ending Dec. 1916, and four additional dividends for the years 1917, each
134% payable on the preferred stock during the year 1918 in quarterly
instalfments, amounting to 6% for that year, thus making a total of
%.
-V. 106, p. 500. 192.
Wrightsville & Tennille RR.-New President.-
Charles Molony has been elected President to succeed H. D. Pollard.
-V. 102. p. 155.
See Pennsylvania RR. under "Reports" above.-V. 106, p. 500.
Public Service Corp. (N. J.).-Sub. Co. Rates.-
See Public Service Electric Co. under "Industrials" below.-V. 106,
p. 500, 190.
Rates.-Freight Rates to Pacific Raised 15%.-_
The I. S. C. Commission on Jan. JO authorized increases in railroad
commodity rates from the East and interior points to the Pacific coast,
effective Mar. 15, thus deciding the Intermountain rate case which has
been pending for a number of years.-V. 106, p. 500, 397.
• Rio Grande Western Ry.-Protective Measures.-Spencer Trask & Co. announce that bondholders of this company will wisely advise them of their holdings, in view of the
receivership of the Denver & Rio Grande R. Co. and the
default in interest payment upon a junior mortgage bond.
The two issues of bonds of the Rio Grande Western Co. were largely
placed by Spencer Trask & Co., and should protective measures be necessary they will be taken by them in co-operation with other interests.V. 86, p. 1530.
Springfield Railway & Light Co.-Proposed Merger.-
INDUSTRIAL AND MISCELLANEOUS.
American Beet Sugar Co.-Dividends.-
The directors have declared a dividend of $8 per share on the common
stock, payable in four $2 installments, as follows: (1) April 30 1918 to
stockholders of record April 13,• (2) July 31 to holders of record July 13;
(3) Oct. 31 to holders of record Oct. 11;(4) Jan. 31 1919 to holders of record
Jan. 11 1919.
The regular quarterly dividend (No. 75) of $1 50,per share on the preferred stock was declared, payable on April 1 1918.-V. 106, p. 501, 398.
American 'Can Co.-Advance in Prices.See page 448 in last week's issue.-V. 106, P. 298, 192.
American Cotton Oil Co.-New Director.John R. Morron has been elected a director to succeed Henry 0. Pierce,
resigned. Mr. Morron is President of Atlas Portland Cement Co.-V.
106, p. 88.
American Gas Co.-Sub. Co. Acquisition.-
Kingston Gas & Electric Co.below.-V. 106, p. 192.
American Gas & Electric Co.-Notes Sold.-
The $3,000,000 6% secured gold notes recently offered by Wm. A. Read
The New Jersey P. U. Commission has handed down a decision withholding approval of a proposed merger of the Springfield company and the & Co. on a basis to yield 714% have all been sold. See offering and deUnion By. Gas & Electric Co., both incorporated under New Jersey laws, scription of issue.
pending further evidence respecting the assets, &c., of the proposed merger
Sub. Co. Acquisition.-Joint Power Plant.-company.-V. 105, p. 2367.
See Indiana General Service Co. below.
See West Penn Power Co. below.-V. 106, p. 501, 298, 192.
Tennessee Central RR.-Earnings.Years
Gross
Net, after Other
Interest,
Balance,
American La France Fire Engine Co., Inc.-Earnings.
EndingEarnings.
Taxes.
Income. Rents, &c.
Deficit.
Calendar Years1916.
1917.
Dec. 31 1917_ _.$1,797,252
1915.
$361,525
1914.
$6,080
$786,956
$419,351
Net profits
$596,289
$353,570
June 30 1916_ 1.619,238
$269,132
341,392
$350,645
5,645
803,528
512.249 Income
& IVar Excess
-V. 105, p. 1899.
Profits. *c.taxes(est.).
160,934
Toledo Traction Light & Power Co.--Offering of Preferred dividend (7%) 140,000
140,000
140,000
140,000
(414)65,250
(4)58,000
(4)58,000
Second Lien Three-Year Bonds.-Henry L. Doherty & Co. Common divs
are offering at 97 and int. to yield about8 WI%this company's
Second Lien 7% (convertible) Three-Year gold bonds, dated
Jan. 1 1918, due Jan. 1 1921. Authorize and outstanding
$1,200,000. A circular shows:
Balance, surplus
-V. 106, p. 398.
$230,105
$155,570
$71,132
$210,645
American Malting Co.-Status.The fact that a number of the company's plants have been obliged to
close down temporarily for lack of coal was perhaps the basis for a story
printed this week to the effect that the company was preparing to liquidate.
An officer of the company denied the report emphatically.-V. 106, p. 501.
Interest IS payable J. & J. in N. Y. without deduction for any Federal
income tax not exceeding 4% which may lawfully be deducted at the
.source. Pennsylvania 4 mills tax refundable. Redeemable on four week's
notice at 101 and int. prior to Jan. 1 1919; 10014 and int. prior to Jan. 1
American Public Utilities Co.-Sub. Co. Receiver.1920; and 100 and int. thereafter. Trustee, Bankers.Trust Co., N. Y.
See Holland City Gas Co. below.-V. 106, p. 501.
Denom.,$1,000,$500 and $100c.*
These bonds may be converted at any time from July 1 1920 to Dec. 1
American Smelting & Refining Co.-New Director.1920, both incl., into $85 par value of pref. stock and $15 par value of
Frank R. Raiff has succeeded the late S. W. Eccles as a director.common stock of Cities Service Co., for each $100 principal amount of V. 106, p. 298.
bonds, with adjustment for interest. In the event these bonds are called
for redemption prior to maturity, the holders thereof shall be entitled to
American Steel Foundries, Chicago.-Earnings.the conversion privilege, after notice by advertisement.
aft. Years-1917.
1916.
1917.
1916.
Security.-Subject to the First Lien bonds, see V. 106, p. 297, this issue
Operating earnings18,718,290, 54,842.037 Debenture retire_is secured by the pledge of the following:
Depreciation
917,616
739,414
ment reserve_
$100,918
(a) All the $5,999,000 5% Consolidated gold bonds of Toledo Tract. Co.;
Int. charges, &c
$219,235 *506,835
(b) $5,997,000 of the $6,000,000 4% Consol. 1st M. gold bonds of the
Balance
$7,800,650 $4,102,823 War taxes (cit.). 2,287,600
Toledo Rys. & Light Co.: (C) all the $3,200,000 7% 1st M. gold bonds
2313,024
122,987 Dividends ___(6%)1,031,040(1k)21.isoo
of the Acme Power Co.; (d) over 92% of the $13,875,000 of capital stock Other income
a Toledo Rys. & Light Co.; (e) all the $3,200,000 capital stock (excepting
Total income___$8,038,674 $4,225,810
Balance, surplus$4,500,799 33,203,257
directors' shares) of the Acme Power Co. All the capital stocks (excepting
'directors' shares) and certain bonds of the Toledo & Western RR., the -V. 106, p. 501.
Maumee Valley Rys. & Light Co., the Adrian St. By., and the Toledo
American Telephone & Telegraph Co.-Syndicate.Ottawa Beach & Northern Ry.
The syndicate which underwrote the issue of $40,000,000 One-year 6%
A complete description of the company's First Lien issue and an account
of the business, plants, earnings, capitalization, &c., may be found in our notes has been dissolved. The bankers associated in the offering were
J. P. Morgan & Co., Kuhn Loeb & Co., Kidder, Peabody & Co.. First
issue of Jan. 19, p. 297.-V. 106, p. 500, 397, 297.
National Bank, N. Y., National City Co., N. Y., Harris, Forbes & Co.
and Lee. Higginson & Co. See offering, V. 106, p. 298, 192, 89.
Toronto (Can.) Railway.-Earnings.cal. Year1917.
1916.
1917.
American Tobacco Co.-Scrip Dividend of 5%.-In
1916.
Gross earnings___$6,291,759 $5,973,161 Payments to City
Net earnings
2,476,481 2,622,504
of Toronto, &c_$1,234,785 $1,125,588 accordance with the plan recently announced (V. 106, p. 298)
Interest
146,887
156,122 Dividends (8%).- 960,000
958,826 providing for the payment of dividends on common stock
Balance,surplus__
134,809
381,968 for a limited period in scrip, the directors on Feb. 6
declared
-V. 106, p. 397.
•
Twin State Gas & Electric Co.-Offering of Notes.-
A. H. Bickmore & Co. are offering at a price to yield 7%% an issue
• (total authorized, $300,000) of 6% Bond-Secured gold notes, dated Jan. 28
1918, due Jan. 28 1919. Int. J. & J. 28 in N. Y. without deduction for
a quarterly dividend of 5% so payable on March 1. An
official announcement says:
A dividend of 5% on the common stock has been declared, payable
March 1 to common stockholders of record Feb. 15 in the scrip or certificates of the company, due March 1 1921 and at that time payable in cash
609
THE CHRONICLE
FEB. 9 1918.]
Sept. 1 1920 and
or at the election of the holder, expressed not earlierofthan
the company at par;
not later than Dec. 1 1920 in common stock "B"
in making
scrip certificates for whatever amount may be considered together
but no fracunits of $100 or multiples thereof for the issuance of stock,
be paid in cash.
tional shares will be issued and amounts less than $100 will
the election
In case the holder of the scrip certificates does not make
cash at par. Interest
as aforesaid, the scrip certificate is to be paid in cash
the rate of 6%
on scrip to maturity will be paid semi-annually in firstat
interest payment
per annum on March 1 and Sept. 1 of each year,
on scrip now issuing being payable Sept. 11918. The privilege of converting into common stock "B" pertains only to principal and not interest.
See V. 106, p. 501, 298, 192.
American Wringer Co.--Earnings.Previous
Net
Gross
Calendar
Earns. Surplus.
Year- Earns.
$263,936 $145,523 $165,000
1917
262,086 147.582 140.000
1916
-V: 104, p. 1799.
Pf. Div. Coin. Div. Depre- Total
(6%) ciation. Surplus.
(7%)
$59,500 $54,000 $17,023 $180,000
9,082 165,000
59,500 54,000
Anaconda CoppeT Mining Co.-Production (in Lbs.).-
1917.
Decreave.
1918.
24,984.000 28,250.000 3.266,000
JanuaryCopper production (lbs.)
-V. 106, p. 501, 398.
4%
Associated Dry Goods Corp.-Initial Dividend of 13
on 2nd Pref. Stock.-
the [513,818,7001
Along with the second quarterly dividend of 1% c:A on
declared an initial
6% cum. first pref. stock, the &meters on Feb.'6,
cum. 2nd pref. stock, both
"dividend of 1 4%" on the [$6,72.5.500] 7%
dividends being payable Mar. 1 1918, to holders of record at 12 o'clock
noon Feb. 16 1918.-V. 105, p. 1421.
Atlantic Gulf & West Indies S. S. Lines.-Sale of
gave out the following:
Ships.-An officer of the company
its entire fleet and other physical
The Mexican Navigation Co. has sold
generally understood to be
property to Mexican financiers at a price development
has particular
This
between $4,000,000 and $5,000,000. 4,500.shares
of capital stock of the
interest in this country because of the
system owns 3,400 shares.
Mexican Navigation Co., the Atlantic-Gulf the
laws of Mexicii with a
Mexican Navigation Co. is organized under
capital stock of 4,500 shares, par value 500 pesos, or $225, or a total of
$1.012,500.
of an aggregate tonnage
The company owned until this sale seven ships
has been almost exclusively
of between 15,000 and 20,000 tons. This fleet
ports and in part in
Mexican
between
service
coastwise
tho
in
employed
of Yucatan. Negotiations for
the transportation of the huge sisal crop months
and possibly have been
this sale have been under way for several
g of these ships by the
somewhat expedited by the fact of the requisitionin
Mexican Government in the latter part of last year, practically putting
the company out of active steamship business.-V. 106, P. 501.
Carbon Steel Co. of Pittsburgh.-Quarterly Earnings.-
Year end.
3 Mos. to
Dec. 31 '17 Sept. 30'17'
$2,234,545
$871,604
Net profits (after deducting adjustments)
10,2(X)
Dividend-Kittanning Iron & Steel Mfg. Co. stock
Total income
First preferred dividend
Second preferred dividend
Common dividends
$871,604
*(8 ,,)40,000
'(67)90.000
a(4 0)120,000
$2244,745.
(8%)40,00()
(6%)90,000
(10)300.0(X)
$621,604 $1,814,745
2,397,2732,979,563
Balance, surplus
l'revious surplus
$3,601,167 $4,212,018
Total
6,032
188,071
Depreciation of plant and equipment
611,424
_
taxes_
349,723
profits
war
and
income
Reserve for Federal
600,000
Reserve for replacements and improvements
15.000.
144.741
Miscellaneous deductions
Total profit and loss surplus
$2,918,633 $2.979.563
* Includes 4% payable March 30 1918 and 4% payable Sept. 30 1918.
a Payable July 30 1918.
in substance:
Pres. Charles McKnight, Pittsburgh, Jan. 29, 'wrote
s, were very satis"While these earnings, in view of all the circumstance
few weeks,
past
the
during
conditions
operating
unfavorable
factory, the
severe winter weather.
which may continue for some time to come,due to the continued
curtailment
freight embargoes and shortage of fuel, indicate the
should bear
of the production of your company's plant, and stockholders
for the present.
this in mind in anticipation of the statement of earnings
2545.
p.
105,
-V.
1918."
April
during
be
issued
will
which
quarter.
Motor Corporation.-Stock Reduced.-
Chalmers
stock
The sharelicIders cn Feb. 6 voted to reduce the authorized capitalshare
from 532,000 shares to 400,000 shares of no par value. The 132,000
thus removed bad been held uniisued in the treasury.
Horace
The following have been elected directors' Jules S. Bache, J.
Tuyl Jr..
Harding, Hugh Chalmers, Henry E. Butler, George C. Van
Joseph H. Clark an W. P. Kiser. Compare V. 106, P. 399.
Chandler Motor Car Co., Cleveland.-Est. Earnings.-
1916.
1917.
1916.
1917.
*$1,925,000 $1,716,166 Balance, surplus_ _81,015,000 $1,016,166.
Net profits
(13)910,000(10)700,000 Total surplus_ __$2,205,786 $1,190,786
Dividends
* After deducting $490,000 (est.) for war taxes.
The following is reported to be cot rect: In 1917 an output of about 15.000
8,000 cars
cars was attained, compared with 13,000 cars in 1916 and
in 1915. The outlook in 1918 is for a production curtailed to about 10.000
output.
automobile
in
reduction
cars in line with the general
the Govern• While the company has no Government orders at present,
capacity, and the
ment has made an investigation of the company's plantamount
of Governsubstantial
a
of the company confidently expect
Atlantic Steel Co.-Extra Dividend.- out of accumulated officials
ment work.
1918, after
1
of
Jan.
as
and
debt,
floating
or
no
bonded
An extra common div. of 15% has been declared
has
The company
15 to holders of record Feb. 1,
had over $1,100,000 cash on hand.-V. 105.
earnings of 1917, which will be paid Feb.
Liberty 4% bonds with Nov. 1918 cleaning up current accounts,
will consist of the second issue of U. S.Adjustment
2001.
p.
of fractional amounts
and subsequent coupons attached.
and interest from Feb. 15 to May 15 will be made in cash.-V. 106, p. 502.
Chicago Pneumatic Tool Co.-Earnings.1916.
Deduc's(Cond.) 1917.
Stock-Special Div.1916.
1917.
Cal. YearsBeatrice Creamery Co.-New
the right until Net profits
$2,006,372 81,577,980 Depreciation, &c_ $437.582 6455,182
Common shareholders of record Jan. 23 have been givento
50,000
50,000
fund
Sinking
the
stock
common
extent of Ites, for income &
Feb. 20 to subscribe at par pro rata to now
257,952
Dividends (4%)__ 257,952
excess prof. tax_ _ 227,674
40% of common shares held, making the total outstanding common stock
5011.438 $695,471
12.1^nce,
119.375
_
121,725
_
interest
Bond
$2,500,000.
$3,648,063, after deducting
of 5% on the common
The profit and loss surplus Dec. 31 1917 wassnrnIns_Directors have declared a special cash dividend
Mar. 12. The new stock $100,224 profits of sub. cos. retained for working capital.-V. 106, P. 399.
stock, payable Mar. 20 to stockholders of record
502.
p.
106,
receives the special dividend.-V.
Div., &c.Chicago Railway Equipment Co.-Stock
on Denied.authorized capital stock
Bethlehem Steel Corp.-Injuncti
The shareholders having voted to increase theweek
a dividend
at
declared
Court
J.,
District
N.
Trenton,
this
States
United
directors
the
the
in
Rellstab
$3,000,000,
Judge
$2,500,000 to
payable
Investment Co. for a tem- from
on Feb. 7 denied the application of the General
20%, payable in stock and an extra cash disbursement of 5%
company from guaranteeing the of
of record Feb. 7.
holders
to
18
porary injunction restraining the steelcompanies
Feb.
but
dividend,
by
stock
of
its
mortgaging
payment
propin
subsidiary
issued
its
of
be
will
No fractional shares
bonds and obligations
to such fractional share
erty.each stockholder who would otherwise be entitled
in cash
of receiving the amount of the fractional share
option
the
have
shall
Dividends.a full share by paying the com8% Cumulative at the rate of $100 a share or may receive
such fractional share and the par value.
The directors have declared a dividend of 8% upon the
7% Non-Cumula- pany in cash the difference between
be made in writing on or before
must
Convertible Pref. stock, and a dividend of 7% upon the
stock
of
share
full
receive
to
of2% and 14% each, Election
tive Pref.stock, payable in four quarterly installments
to be payable April 1 1918 to March 2.-V. 104. p. 1261.
respectively, the first installment of each
on March 13 1918; the 2d on
holders of record of the two classes of stock
Chicago Telephone Co.-Earnings.
Oct. 1 to holders of record Sept.
1616.
1917.
1916.
July 1 to holders of record June 15; the 3d on
1917.
holders of record Dec. 16 1918.
Int., rents, &a-31,218,220 $1,095,380'
$
16 1918, and the 4th on Jan. 2 1919 toof 2%% upon the common
$
Year--Cal.
1,000
1,000
stock Gross earnings_ _ _21,543,913 19,672,718 Miscellaneous.___
The board has also declared a dividend
holders of record of the two
2,220.000
and class B common stock, payable April 1 to
Net after taxes.... 3,558,637 4,413,115 Dividends (8%)__ 2,520,000
96,850
classes of stock on March 13.-V. 106, p. 502, 399.
107,581
income___
Otter
on.-def.S73,001sr.1,193.585.
Balance
Braden Copper Mines Co.-Producti
Gross income $3,666.2l8 $4,509,965
1918.
1917.
Increase.
Januaryp.
1804.
104,
-V.
6,200,000
4,798,000
1,402,000
Copper production (lbs.)
Tenders Asked.-
Chino Copper Co.-Production (in Lbs.).-
Increase.
1,138,090
The Bankers Trust Co., N. Y., as trustee, under an agreement, dated
Feb. 1 1916 will receive tenders until Feb. 19 for the sale to it at not exceeding 105 and interest of sufficient bonds to exhaust the sum of $500,121.V. 106, p. 193.
JanuaryCopper production (lbs.)
-V. 105, p. 2274.
Balance, sur. or def_sur.$480,083sur.$482,068 def.$76,199 def.$382,843
1917.
1916.
1916.
1917.
$
Liabilities$
Assets$
Pipe lines_ ---15,507,753 15,479,981 Capital stock-10,000,000 10,000,000
330,647
43,707 Acc'ts payable 244,722
Mater. St supp
71,065
Deprec. res've 4,831,949 4,414,136
Cash invest. &
47,656
20,573
acc'ts receiv 9,366,502 8,672,578 Insur. reserve.
P.& L. Burp- - 9.910,994 9,430,910
Flat. for
Fixed. &e., DepreNet
Oper. Exv.
Calendar *Gross
Dirs.
Years- Earnings. & Taxes. Earnings. Charges. dation. Corn.
$881,730
$537,996
5.898
$6A'
-4
$2,063,6*
$4,800,262
1917_ _ _56,863.886
1.151.609
510,973
102
464
1916_ _ _ _ 5,10'2,738 2.983,053 2,126,684
me 4
adjustment*The earnings subsequent to April 25 1914 WO subjectoftowhich
cannot
result
mist
the
after decision in pending rate proceedings,
d.NM
now be determine
"Fixed, &c., charges" include interest charges, preferred dividends and
amortization of bond discount -V. 105. p. 2275; V. 104, p. 562.
1918.
7,590,244
1917.
6,452,154
i 86 Suburban Bell Telephone • Co.-
Cincinnat
capital
Brooklyn Union Gas Co.-Rate Cut in Flatbush.The shareholders will vote on Feb. 20 on increasing the authorized
The Now York P. S. Commission has ordered the Flatbush Gas Co. (all stock from $12,000,000 to 516000,000. There is at present outstanding
to
Co.)
Union
its
reduce
the
maximum
by
owned
of whose $200,000 stock is
asked, it is stated, is merely to increaseaction
The
stock.
of
$10,095,300
from
Brooklyn
12
cts. per k. w,
issue any more
rates for electricity in the 29th Ward in
the authorized capital, there being no present intention to
hour to 10 cts. for the six months beginning March 1 1918, 9 cts. for the stock.-V. 106, p. 89.
succeeding six months, and 8 cents thereafter-that IS, beginning March 1
1919. The order is to take effect on March 1 1018. The order affects
Cities Fuel & Power Co.-Tenders of Bonds.- 'Trust
only the rate for electricity.-V.105, p. 2545.
Proposals are invited to be made prior to Feb. 18 to the Bankers'
N. Y., as trustee, for the sale on Mar. 1, on account of theSinking
Co.
nol to.
Buckeye Pipe Line Co.-Annual Report Dec. 31.Fund, of two-year 7% secured gold bonds, dated Dec. 1 1917 at
1916.
1915.
1914.
1917.
exceed 102% and int. to exhuast the sum of $644,750 of the Issue.-V.105.
$2,380,083 $2,082,068 $1,523,801 $2,417,157 p. 2458.
Net profits
Dividends
(19)1,900,000(16)1600,000(16)1600,000(28)2800,000
..
Total
25,035,321 24,196,266
-V. 106. P. 399.
Total
25,035,321 24,196,266
Butte & Superior Mining co.-Production:1917.
Inc. or Dec.
1918.
JanuaryZinc (lbs.)
Silver (oz.)
-V. 106, p. 89.
14,300.000
256,000
13,000,000 Inc. 1,300,000
24,000
280,000 Dec.
(J. I.) Case Threshing Machine Co.-Bonds.-
Tho "Chronicle" is informed officially that in 1917 First Mtge. serial
gold bonds not yet due were bought and canceled, so that the total of
bonds outstanding_ Dec. 31 1917 was $6,012,000 (as against $9,000,000 on
Dec. 31 1916). Under the mortgage the company is required to keep on
deposit with the trustee, bills receivable acquired in the course of business
to an amount $2,500,000 in excess of the bonds outstanding.-V.106,p.502.
(The) Cleveland Electric Illuminating Co.-Earnings
Colorado Power Co.-Power Contracts.-
aggregated
This company reports that power contracts signed up in 1917
The net•gain10,497 h. p., with an estimated annual revenue of $350,912.
reveannual
estimated
an
with
p.,
h.
in now business for the year was 7,024
not yetTconnue of $242,235. On Dec. 31 new business under contract
of
$152,400,
earnings
annual
estimated
with
p.,
h.
nected, aggregated 4,130
all probably productive by Sept. 30 1918.-V. 106, p. 300.
Commonwealth Gas & Electric Companies,w Cleveland.-Dividend on Common Stock Omitted-Earnings.-
Treas. Paul B. Webber, by circular, announces:
from
The dividends on common shares have been paid since July 1912
garland
income received by the trustees for services rendered to several
by the Commonwealth
owned
not
were
shares
whose
companies
electric
Cerro de Pasco Copper Corp.-Bond Redemption.Gas & Electric Companies. •
All the ten-year convertible 6% gold bonds, due Nov. 1 1925, have been
Since July 1917 the trustees have discontinued their services to these
called for redemption at 105 on May 1 1918 at the Columbia Trust Co. companies and are not receiving the income which has been used to providecompanies
trustee, N. Y.
this common share dividend. While the net earnings of the Companies
whose shares are owned by the Commonwealth Gas & Electric
Production (in Lbs.).do not
trustees
the
year.
past
the
during
increases
excellent
1917.
Increase. have shown
1918.
Januarvand have decideda.to.
626,000 consider it wise at this time to utilizelotherkfunds.
6,172,000
6,798,000
Copper production (lbs.)
omit this common share dividend.
610
THE CHRONICLE
The demands for gas and electricity are steadily increasing and the trustees feel that the general co-operative policy of conserving resources should.
insure the permanent stability of the companies owned by the Commonwealth Gas & Electric Companies.
Summary of Combined Earnings Showing Growth of Companies Whose Shares
Are Owned.
Income from sale of gas and electricity for 5 mos. end. Dec. 1 '17_4128,209
Income from sale of gas and electricity (not including residuals)
for 5 mos. ending Dec. 1 1916
110,853
Increase
$17,355
The number of customers connected Dec. 1 1917
7,658, an increase
for the year of 378; number of h. p. connected Dec:1was
1917, 3,233; increase,
1,716.-V. 95, p. 113.
[VOL. 106.
bonded indebtedness was reduced to $8,000,000. By March of this year'
will be reduced by another 31,000,000, so that the condhion of your
company in the reduction of indebtedness alone will have improved from
October 1913 to March 1918 by about $18,000,000.
"Considerable point is made of a defalcation on the part of an officer
of one of your subsidiary companies. There was a defalcation amounting
to some $432,000 by an individual who had enjoyed the trust and confidence of your company for many years even during the Rice regime. We
have already succeeded in recovering more than $400,000 of this amount
and there is a fair chance that the balance will be realized.
"The financial condition of your company is very much better and its
operations have been much more successful than ever before in its history.
Notwithstanding the large amounts applied out of net earnings to the
purchase of bonds and the considerable sums that will be required for the
payment of Federal taxes, the present value of the assets of the company
Consol. Arizona Smelting Co.-Income Bond Interest. would, even
in liquidation, be more than sufficient to pay all
outThe directors have authorized the payment of interest on the outstand- standing indebtedness of the company, including bonds, and of the
for the
ing Convertible Income bonds for the fiscal year 1917 at the rate of 5% stockholders a sum in excess of the present market price of theleave
stock."
at Equitable Trust Co. of N. Y. on April 15.-V. 105, P. 1806.
I have just been advised that James F. McNamara, Vice-President of
the Metropolitan Trust Co., whose name was used in the form of proxy
Continental Gas & Electric Corp.-Earnings.sent out by Mr. Stoll as one of the proxies, has refused to act in that
capacity.-V. 106, p. 400.
Calendar Years1917.
1916.
1915.
1914.
Gross earnings
$1,302,704 $714,203 $566,590 $550,330
(E. I.) du Pont de Nemours & Co.-Shell Loading Plant.
Operating expenses, taxes, &c_ _ _ _
930,697 $473,751 $361,996 $352,868
Int. on outstand. bds. of sub. cos-Construction has been started on a shell-loading plant near Williamsburg,
32,910
5,790
5,790
5,790 Va.,
to cost, according to press report, about $10,000,000. Employees
Balance, surplus
$339,097 $234,662 $198,804 $191,672 will number 3,000 or 4,000. The entire output has, it is stated, been conInt. on outstanding bonds of Cont.
tracted for by the United States Government.-V. 106, p. 300.
Gas & Electric Corporation_ __ _ $118,836 $88,630 $79,540 $64,525
East Bay Water Co.-Bonds Authorized.The company has paid regular quarterly dividends on its corn. and pref.
stock at the rate of 2% and 6% per annum, respectively.-V.
The California RR. Commission has authorized this company to issue
105, p. 1423. $462,000
5%% bonds at not less than 94, and to use the proceeds to
Continental Motors Corp.-Earnings for 93 Months reimburseof
the treasury for money expended in the San Pablo Dam project.
Compare V. 105, p. 75.
ending Oct. 31 1917.Earnings.-For years ending Dec. 31:
Profits
$2,052,068 Net income
$1,396,814
Interest
25,106 Preferred dividend
Cal. Years1917.
178,305
1916.
1917.
1916.
Depreciation
390,147 Common dividend
217,928 Gross earnings $1,763,074 $1,689,301 Taxes
$199,069 $197,732
Reserve for Federal tax.... 240,000 Balance, surplus
Net earnings
$1,186,737 $1,184,506 Depreciation
1,000,579
192,336
'-V. 106, p. 503.
Other Income_ _ _ _
30,955
49,159 Fixed charges, &c_ 546,471
Crescent Pipe Line Co.-Results for Caleindar Years.Total income._ _$1,217,692 $1,233,665 Surplus
$279,816
1917.
-V.
1916.
106, p. 400.
1915.
1914.
Net (all sources)
$167,129
$193,092
$187,269
$269,658
Dividends
East Butte Copper
(6%)180,000 (6)180,000 (6)180,000 (9)270,000
i
Mining Co.-Production.January1918.
1917.
Increase.
Balance, stir, or def._ _def.$12,871 sur.$13,072 sur.$7,269
def.$342 Copper production (lbs.)
2,574,140
1,479,520 1,094,620
1917.
-V. 106, p. 90.
1916.
1917.
1916.
AssetsLiabilitiesInvest.(lessdep.) 895,784 913,987 Capital stock_ __3,000,000 3,000,000
Eastman Kodak Co., Rochester, N. Y.-Extra Div.Mat'ls& supplies
9,792
An extra dividend of 7%% has been declared on the common stock,
5,224 Accts. payable_ _
23,615
66,721
Cash,acctsrec.&c2,467,853 2,510,195!Profit and loss__ 349,814 362,685 payable Apr. 1 to holders of record Feb. 28.
The regular quarterly dividends of 1%% on the preferred and of 2%% on the common stocks were
Total
3,373,429 3,429,405
Total
3,373,429 3.429,405 also declared, payable Apr. 1 to holders of record Feb. 28.
-V.104, p. 667.
Extra Dividends on Common Stock (Additional to 109' per an., 2%%
Year. 1905. 1906. 1907. 1908. 1909. 1910-13. 1914. 1915. 1916. 1917.
Cumberland Pipe Line Co., Inc.-Report for Cal. Years. Extra
% 2
7%
10
15
20
30 y'ly 20
50
40
40
1917.
-V. 1016, P. 400,90.
1916.
1915.
1914.
Profits for the year
$487,758
$179,366
4032,001
*31,687
Dividends
Eureka Pipe Line Co.-Report for Calendar Years.(10%)148,879 (5)50,000
(5)50,000
(5)50,000
1917
1916..191
1915.
4.
Balance,sur. or def__sur.$338,879sur.$129,366 def.$17,999 def.$18,313 Profits for
year
$1,111,883 $1,322,069
$992,247 $1,416,134
Assets1917.
1916.
Liabilities- 1917.
Dividends paid_ _ _ _(24%)1,200,003(24)1200,004(24)1200,005(32)1599,997
1916.
Plant
$2,032,903 $1,529,812 Capital stock41,488,851 $1,000,000
Accounts reAcc'ts payable
Balance,sur. or clef_ _ _def.$88,120sur.$122,065 def.$207,758 def.$183,863
40,788
63,618
ceivable
72,339
61,954 Bills payable_
125,000
Balance Sheet December 31.
Other investDeprec. res've 354,084
232,773
ments
1917.
1916.
350,000
1917.
60,930 Oil purch. and
1916.
AssetsCash
Liabilities$
$
79,284
25,655
sale conting.
54,964
Plant
0,674,284 Capital stock.. 5,000,000 5,000,000
Profit & loss_.. 595,839
256,960 Other invest't. 9,871,602
1,648,413 1,124,412 Acc'ts payable 321,354
309,306
reTotal
Depreciation _ 2,012,442 1,738,189
$2,534,527 $1,678,351
Total
$2,534,527 $1,678,351 Accounts
ceivable
185,278
-V. 105, p. 2275.
693,935 Oil purch. and
Cash
326,820
446,550 sale conting. 232,549
337,800
Cumberland Telephone & Telegraph Co.-Earnings.Profit and loss 4,465,767 4,553,887
Cal. Years1917.
1916.
1917.
1916.
12,032,113 11,939,182 Total
12,032,113 11,939,182
Gross earnings__ J9,219,954 $8,485,199 Gross income_ _ _.$2,379,936 $2,263,264 • Total
Oper. exp., &c__ _ 6,246,131 5,677,080 Int., rents, acc___ 1,345,041 1,272,518 -V. 106, p. 503.
Taxes, &c
668,941
618,815 Other chgs. (net).
17,125
190,313
Galena
Signal Oil Co.-Expansion.Dividends (6%)... 664,809
664,809
Touching the press report of plans to increase the common stock from
Oper. Income..82,304,882 $2,189,303
$12,000,000
$30,000,000 for purpose of acquiring additional properties
Other income__ _
75,054
73,661
Bal., surplus..__ $352,961 $135,624 In Texas andtoshipping
facilities, an officer of the company writes: "The
-V.105, p. 2275.
matter of increase of capitalization and expansion by taking over certain
properties is only under consideration. No action yet taken."-V. 104.
Davison Chemical Corp.-Earnings.p. 866.
Cal. Years1917.
1916.
1917.
1916.
Gross profits__ _$1,062,392 $691,098 Admin. expenses_$190,403 $143,404
Glidden Co., Cleveland, Ohio.-New Control.Other income.._
124,395 74,648 Interest
Purchase for $2,500,000 of the properties of the Glidden Varnish Co., by
120,222 22,984
Adrian D. Joyce and associates formerly connected with the SherwinTotal
$1,186,787 $765,746 Net income
Williams Co., of Cleveland, is announced in that city, and plans are under
a$876,162
a The above "net income," $876,162,for 1917 is appropriated as$501,358
follows: way to extend the activities of the acquired company to embrace new fields,
Reserve for depreciation, $150,000; reserve for Federal income and
excess particularly the manufacture of paints. It is stated that the new interests
profits tax and contingencies, $117,032; reserve for items applicable to in control have no connection with any other concern. The now company
prior period, $35,759, and transferred to surplus account, $573,370.- was incorporated under the laws of Ohio Dec. 12 with nominal ($10,000)
capital stock.
V. 106, p. 400.
On Dec.
the company filed a celificate increasing its authorized
Distillers Securities Corporation.-Official Statement capital stock22
from $10,000 to $2,500,000.
The present factory covers 17 acres on Madison Ave., N. W. The com,as to Anti-Merger Suit-Improved Financial Condition.- pany
has another factory in Toronto, which is owned by the subsidiary,
President Julius Kessler on Feb. 4 authorized the following: Glidden
Co., Ltd., of Canada, and branches in New York and Chicago.
The board of directors to-day replied to charges of mismanagement The proposed extension will, it is said, make the plant the largest varnish
made by Charles H. Stoll-the owner of one share of stock-in a letter factory in the world.
The Glidden Varnish Co. was incorporated in March 1883 to take over
which he has sent to all stockholders asking for their proxies for the annual
the business founded in 1875 by F. H. Glidden. The company manufacmeeting in March. The reply of the directors, a copy of which
has just tures
"Jap-a-lac,' varnishes, enamels, paints and stains.
been sent to each shareholder, in part, follows:
The Glidden Varnish Co. has outstanding $1,000,600 capital stock, all
"It is claimed that your directors have been negligent of your interests in
one
acquiring pref. stock of the Distilling Co.of Amer.from its General
class
(par $100). At last accounts it had outstanding $275,000 First 6s,
Counsel due 1922.
at an exorbitant price. In 1916 your board appointed a committee
to
In
acquire all of the then outstanding preferred stock of the Distilling
addition
to Mr. Joyce in the new management are 0. A. Hasse
Company of America. The committee itself fixed the price
be paid for the Vice-President, and R. H. Horsburgh, Sec.-Treas.
stock in question at $70 per share, less $2, an accruingtodividend.
[Mr. Joyce writes: "The information given in the clipping attached to
That
price was much less than had actually been paid for preferred stock of that your inquiry is quite complete. We are not planning on marketing
any
•company while Samuel M. Rice was President, and a great deal
less than securities and our proposition is fully financed. There are no bankers inwas paid by your board for stock bought from others.
terested in our company and all of the common stockholders will be actively
"This company decided by the unanimous vote of its stockholders at the engaged in the business."1
annual meeting in October 1916 to dissolve the Distilling Company of
America for the purpose of effecting a saving in expenses and taxes of conGiant Portland Cement Co., Phila.-Earnings.siderably more than $100.000 per year, and its purpose in acquiring
Cal. Year1917.
1916.
the
1917.
1916.
pref. stock was to enable it to utilize this stock in paying for the property.
Gross earns_ _$1,833,757 $1,388,677 Bond interest
$39,750 $42,750
"It is charged that the sale by the Distilling Company of America of Net earnings_
178,703
227,153 Depreciation, &c...111,662 120,872
its holdings of U. S. Industrial Alcohol Company stock was a discredit
Balance, surplus_ _ _$27,291 $63,531
to -V. 105, p. 288.
your present management. Samuel M. Rice, during bia regime, repeatedly
Great Northern Paper Co:-New Stock.tried, but in vain, to sell this stock at $25 per share, and even when he was
no longer President, endeavored to persuade the present management to
Subject to ratification by stockholders on Feb. 21, the shareholders will
sell the stock at that price. When, therefore, your management was able shortly be given the right to subscribe to $2,000,000 new stock in the ratio
to obtain $38 per share, it justly felt the sale was for the best interests
of of one new share for each three shares held.-V. 104, p. 2121.
the company and should be consummated. The U. S. Industrial
Great Western Power Co.-Operations Combined.Company later was obliged to secure more than $10,000,000 of nowAlcohol
money
See Pacific Gas & Electric Co. under "RRs" above.-V. 106, p. 503.
by the use of which in its development it was able greatly to increase
its
-earning capacity, but the Distilling Company of America would have been
Greene-Cananea Copper . Co.-Production.utterly unable to obtain such a sum.
January1918.
1917.
Decrease.
"As a result of our efforts, we have succeeded in reducing the outstand- Production of copper (pounds)
3,130,000
5,700,000
2,570,000
ing preferred stock of the Distilling Company o f America, originally 312,- Production
silver (ounces)
96,970
156,690
59,720
500 shares, to 84 shares, or about 1-40th of 1%, and in so dcing your di- -V. 106, p.of
401, 90.
rectors feel that they deserve the commendation of every stockholder.
k "The policy of your directors Is criticised for cancelling and redeeming
Hamilton Woolen Co., Boston.-Balance Sheet Nov. 30.
its outstanding 5% bonds, upon the theory that as the bonds are not due
AssetsLiabilities1917.
1916.
1917.
1916.
unti111927, the company in the meantime should either distribute its funds Plant
$1,886,235 $1,008,857 Capital stock_$1,000,000 $1,000,000
as dividends or keep the same in its treasury
to pay the bonds when due. Wool & mater. 2,940,123 2,301,207 Notes & acc'ts
"When Samuel M. Rice was retired from the presidency in October
bonds,
payable,&c. 2,881,867 2,518,507
1915 and your present management took charge, your company owed in Cash,
receivable
974,281
926,851 Depr.,&c.,res. 101,167
81,784
outstanding loans and notes a total of $10,000,000, and in bonds nearly
Insurance,&c_
40,021
Surplus
92,925
1,857,628
729,549
$15,000,000.
@FedFRASER